MIRA INFORM REPORT

Report Date :

02.09.2013

IDENTIFICATION DETAILS

Name :	BASIC BANK LTD
Registered Office :	Sena Kalyan Bhaban(5th,6th,7th&12th flr) 195, Motijheel Commercial Area Dhaka, 1000
Country :	Bangladesh
Financials (as on) :	31.12.2012
Date of Incorporation :	21.01.1989
Legal Form :	Private Independent
Line of Business :	BASIC Bank Limited also known as Bangladesh Small Industries and Commerce Bank Limited is a Bangladesh-based Company that provides commercial banking services
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Bangladesh	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

BANGLADESH - ECONOMIC OVERVIEW

In real terms Bangladesh's economy has grown 5.8% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP

Source : CIA

Company name and address

Basic Bank Ltd

Sena Kalyan Bhaban(5th,6th,7th&12th flr)
195, Motijheel Commercial Area
Dhaka, 1000
Bangladesh
Tel:	880-2-9568190
Fax:	880-2-9564829
www.basicbanklimited.com

Employees:	NA
Company Type:	Private Independent
Incorporation Date:	21-Jan-1989
Auditor:	Syful Shamsul Alam & Co

Fiscal Year End:	31-Dec-2012
Reporting Currency:	Bangladesh Taka
Annual Sales:	47.8 ^1
Net Income:	11.9
Total Assets:	961.0 ^2

Business Description

BASIC Bank Limited also known as Bangladesh Small Industries and Commerce Bank Limited is a Bangladesh-based Company that provides commercial banking services. The Company offers term loans to industries especially to small-scale enterprises. It provides full-fledged commercial banking services including collection of deposit, short term trade finance, working capital finance in processing and manufacturing units and financing and facilitating international trade and technical support to Small Scale Industries (SSls) in order to enable them to run their enterprises . In addition, the Company also offers micro credit to the urban poor through linkage with Non- Government Organizations. For the fiscal year ended 31 December 2011, Basic Bank Ltd interest income increased 64% to BDT7.1B. Net interest income after loan loss provision increased 82% to BDT1.78B. Net income increased 48% to BDT976.1M. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities.

Industry

Industry	Banking
ANZSIC 2006:	6221 - Banking
ISIC Rev 4:	6419 - Other monetary intermediation
NACE Rev 2:	6419 - Other monetary intermediation
NAICS 2012:	522190 - Other Depository Credit Intermediation
UK SIC 2007:	64191 - Banks
US SIC 1987:	6029 - Commercial Banks, Not Elsewhere Classified

Key Executives

Name	Title
Mohammed Shahabad Doza	Deputy Managing Director
Mohammed Shah Alam Bhuiyan	Company Secretary
Sheikh Abdul Hye Bacchu	Chairman of the Board
Neelufar Ahmed	Director
Shubhashish Bose	Director

Profit & Loss Item Exchange Rate: USD 1 = BDT 81.86564

Balance Sheet Item Exchange Rate: USD 1 = BDT 81.2

Corporate Overview

Location
Sena Kalyan Bhaban(5th,6th,7th&12th flr)
195, Motijheel Commercial Area
Dhaka, 1000
Bangladesh

Tel:	880-2-9568190
Fax:	880-2-9564829

www.basicbanklimited.com

Sales BDT(mil):	3,913.6
Assets BDT(mil):	78,031.7
Employees:	NA
Fiscal Year End:	31-Dec-2012

Industry:	Commercial Banks

Incorporation Date:	21-Jan-1989
Company Type:	Private Independent
Quoted Status:	Not Quoted

Company Secretary:	Mohammed Shah Alam Bhuiyan

Industry Codes

ANZSIC 2006 Codes:
6221	-	Banking

ISIC Rev 4 Codes:
6419	-	Other monetary intermediation

NACE Rev 2 Codes:
6419	-	Other monetary intermediation

NAICS 2012 Codes:
522190	-	Other Depository Credit Intermediation

US SIC 1987:
6029	-	Commercial Banks, Not Elsewhere Classified

UK SIC 2007:
64191	-	Banks

Business Description

BASIC Bank Limited also known as Bangladesh Small Industries and Commerce Bank Limited is a Bangladesh-based Company that provides commercial banking services. The Company offers term loans to industries especially to small-scale enterprises. It provides full-fledged commercial banking services including collection of deposit, short term trade finance, working capital finance in processing and manufacturing units and financing and facilitating international trade and technical support to Small Scale Industries (SSls) in order to enable them to run their enterprises . In addition, the Company also offers micro credit to the urban poor through linkage with Non- Government Organizations. For the fiscal year ended 31 December 2011, Basic Bank Ltd interest income increased 64% to BDT7.1B. Net interest income after loan loss provision increased 82% to BDT1.78B. Net income increased 48% to BDT976.1M. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities.

Financial Data

Financials in:	BDT(mil)
Revenue:	3,913.6
Net Income:	976.1
Assets:	78,031.7
Long Term Debt:	2,788.2
Total Liabilities:	72,550.0
Date of Financial Data:	31-Dec-2012

1 Year Growth

NA

NA

NA

Key Corporate Relationships

Auditor:	Syful Shamsul Alam & Co
Auditor:	Syful Shamsul Alam & Co

Executives Report

Board of Directors

Name	Title	Function
Sheikh Abdul Hye Bacchu	Chairman of the Board	Chairman
Neelufar Ahmed	Director	Director/Board Member
Shubhashish Bose	Director	Director/Board Member
Shahadat Hossain	General Manager	Director/Board Member
Kazi Akhtar Hossain	Director	Director/Board Member
Mohammed Anwarul Islam	Director	Director/Board Member
Fakhrul Islam	Director	Director/Board Member
Sk. Monzur Morshed	Managing Director - In-Charge, Director	Director/Board Member
Jahangir Akhand Salim	Director	Director/Board Member

Executives

Name	Title	Function
Mohammed Wahidul Alam	General Manager	Division Head Executive
Mohammed Zainul Abedin A Choudhury	General Manager	Division Head Executive
Kh. Shamim Hasan	General Manager	Division Head Executive
Mohammed Mozammel Hossain	General Manager	Division Head Executive
Shahadat Hossain	General Manager	Division Head Executive
A. Monaem Khan	General Manager	Division Head Executive
Abdul Qayum Mohammad Kibriya	General Manager	Division Head Executive
Mohammed Shahabad Doza	Deputy Managing Director	Managing Director
Sk. Monzur Morshed	Managing Director - In-Charge, Director	Managing Director
Kanak Kumar Purkayastha	Deputy Managing Director	Managing Director
Abdul Hadi Gholam Sanjari	Deputy Managing Director	Managing Director
Fazlus Sobhan	Deputy Managing Director	Managing Director
Mohammed Shah Alam Bhuiyan	Company Secretary	Company Secretary

News
	Confusion reigns about basic bank accounts Easier (410 Words)	28-Aug-2013
	Three quarters of Brits clueless over basic bank accounts Your Money (322 Words)	27-Aug-2013
	China Bank offers products for overseas Filipinos Philippine Daily Inquirer (427 Words)	27-Aug-2013
	ACC yet to make any progress in investigation The New Nation (474 Words)	25-Aug-2013
	BB asks banks to boost pvt sector credit flow Financial Express Bangladesh (634 Words)	25-Aug-2013
	BASIC Bank seeks go-ahead to raise paid-up capital Financial Express Bangladesh (377 Words)	22-Aug-2013
	Scams tarnishing image of state-owned banks New Age Bangladesh (528 Words)	17-Aug-2013
	Cyprus central banker says bailout should have come sooner Agence France-Presse (383 Words)	13-Aug-2013
	Kazi Faqurul Islam, Managing Director of BASIC Bank Limited was present at the concluding day of a five-day long training course on "Audit, Monitoring and Compliance" organized by the bank at its training institute recently. The New Nation (41 Words)	12-Aug-2013
	People's Kitchen legal advice; GIVING BACK The Journal (Newcastle, England) (529 Words)	12-Aug-2013
	Aadhaar card not mandatory for opening bank accounts ZeeNews.com (323 Words)	08-Aug-2013

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	81.86564	74.041708	69.60265	69.026932
Auditor		Syful Shamsul Alam & Co	Syful Shamsul Alam & Co	Syful Shamsul Alam & Co
Auditor Opinion		Unqualified	Unqualified	Unqualified
Interest & Fees on Loans	-	95.9	62.3	56.2
Interest Income, Bank	-	95.9	62.3	56.2
Interest on Deposit	-	66.3	43.6	41.6
Total Interest Expense	-	66.3	43.6	41.6
Net Interest Income	-	29.5	18.7	14.5
Loan Loss Provision	-	5.5	4.7	2.6
Net Interest Income after Loan Loss Provision	-	24.1	14.0	12.0
Commissions & Fees from Securities Activities	-	10.6	9.2	6.6
Investment Securities Gains	-	10.2	9.4	11.0
Other Unusual Income	-	0.0	0.0	-
Other Revenue	-	2.6	6.8	1.0
Non-Interest Income, Bank	-	23.3	25.4	18.6
Labor & Related Expenses	-	-13.4	-12.6	-6.6
Depreciation Expense	-	-1.1	-1.0	-0.9
Other Expense	-	-5.9	-6.9	-4.0
Non-Interest Expense, Bank	-	-20.4	-20.4	-11.4
Income Before Tax	-	27.0	19.0	19.2
Total Income Tax	-	13.8	9.5	9.8
Income After Tax	-	13.2	9.5	9.4
Net Income Before Extraord Items	-	13.2	9.5	9.4
Net Income	-	13.2	9.5	9.4
Income Available to Common Excl Extraord Items	-	13.2	9.5	9.4
Income Available to Common Incl Extraord Items	-	13.2	9.5	9.4
Basic/Primary Weighted Average Shares	-	23,575.9	23,575.9	-
Basic EPS Excl Extraord Items	-	0.00	0.00	-
Basic/Primary EPS Incl Extraord Items	-	0.00	0.00	-
Diluted Net Income	-	13.2	9.5	9.4
Diluted Weighted Average Shares	-	23,575.9	23,575.9	-
Diluted EPS Excl Extraord Items	-	0.00	0.00	-
Diluted EPS Incl Extraord Items	-	0.00	0.00	-
Dividends per Share - Common Stock Primary Issue	-	0.00	0.00	-
Gross Dividends - Common Stock	-	0.0	0.0	-
Depreciation, Supplemental	-	1.1	1.0	0.9
Total Special Items	-	0.0	-0.1	-
Normalized Income Before Tax	-	27.0	19.0	19.2
Effect of Special Items on Income Taxes	-	0.0	0.0	-
Inc Tax Ex Impact of Sp Items	-	13.8	9.5	9.8
Normalized Income After Tax	-	13.2	9.5	9.4
Normalized Inc. Avail to Com.	-	13.2	9.5	9.4
Basic Normalized EPS	-	0.00	0.00	-
Diluted Normalized EPS	-	0.00	0.00	-
Bank Total Revenue	-	52.9	44.2	33.2

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT	BDT	BDT
Exchange Rate	81.199997	81.83	70.475	69.26
Auditor		Syful Shamsul Alam & Co	Syful Shamsul Alam & Co	Syful Shamsul Alam & Co
Auditor Opinion		Unqualified	Unqualified	Unqualified
Cash & Due from Banks	-	82.0	80.9	120.3
Other Short Term Investments	-	116.0	94.7	91.5
Other Earning Assets, Total	-	116.0	94.7	91.5
Net Loans	-	695.2	657.6	422.5
Property/Plant/Equipment - Net	-	4.5	4.0	3.4
Other Assets	-	56.0	36.4	16.5
Other Assets, Total	-	56.0	36.4	16.5
Total Assets	-	953.6	873.6	654.2
Accounts Payable	-	7.2	8.5	4.9
Interest Bearing Deposits	-	758.4	690.5	493.2
Total Deposits	-	758.4	690.5	493.2
Long Term Debt	-	34.1	38.6	41.5
Total Long Term Debt	-	34.1	38.6	41.5
Total Debt	-	34.1	38.6	41.5
Other Liabilities	-	86.9	72.6	57.9
Other Liabilities, Total	-	86.9	72.6	57.9
Total Liabilities	-	886.6	810.1	597.5
Additional Paid-In Capital	-	28.8	27.9	21.0
Retained Earnings (Accumulated Deficit)	-	38.2	35.6	35.6
Total Equity	-	67.0	63.5	56.7
Total Liabilities & Shareholders’ Equity	-	953.6	873.6	654.2
Shares Outstanding - Common Stock Primary Issue	-	23.6	19.6	19.6
Total Common Shares Outstanding	-	0.0	0.0	0.0
Tier 1 Capital %	-	8.68%	7.90%	11.30%

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	81.86564	74.041708	69.60265	69.026932
Auditor		Syful Shamsul Alam & Co	Syful Shamsul Alam & Co	Syful Shamsul Alam & Co
Auditor Opinion		Unqualified	Unqualified	Unqualified
Cash Receipts	-	104.6	70.9	68.1
Cash Taxes Paid	-	-9.2	-8.7	-9.7
Cash Interest Paid	-	-50.5	-43.7	-41.8
Other Assets	-	2.5	-57.7	-103.2
Other Liabilities	-	-0.2	5.7	1.3
Other Operating Cash Flow	-	-6.6	0.6	-1.9
Sale of Loans	-	1.1	0.1	0.0
Changes in Working Capital	-	-3.2	-51.3	-103.7
Cash from Operating Activities	-	41.7	-32.9	-87.1
Purchase of Fixed Assets	-	-2.2	-1.7	-0.9
Capital Expenditures	-	-2.2	-1.7	-0.9
Sale of Fixed Assets	-	0.0	0.1	0.0
Sale/Maturity of Investment	-	0.0	0.0	24.0
Principal Payments from Securities	-	0.0	0.0	-12.2
Other Investing Cash Flow Items, Total	-	0.0	0.1	11.8
Cash from Investing Activities	-	-2.2	-1.6	10.8
Long Term Debt, Net	-	0.9	-2.3	16.9
Issuance (Retirement) of Debt, Net	-	0.9	-2.3	16.9
Cash from Financing Activities	-	0.9	-2.3	16.9
Net Change in Cash	-	40.5	-36.8	-59.3
Net Cash - Beginning Balance	-	80.4	122.3	182.6
Net Cash - Ending Balance	-	120.9	85.5	123.3
			Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932
Auditor	Syful Shamsul Alam & Co	Syful Shamsul Alam & Co	Syful Shamsul Alam & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified
Interest Income	95.9	62.3	56.2
Total Revenue	95.9	62.3	56.2
Interest paid on Deposits & Borrowings	66.3	43.6	41.6
Provision for Loan & Advances	5.5	4.7	2.6
Total Operating Expense	71.8	48.3	44.2
Income from Investment	10.2	9.4	11.0
Commission / Fees, Exchange Earnings & B	10.6	9.2	6.6
Profit on sale fo fixed asset	0.0	0.1	-
Extra ordinary gain	0.0	0.1	-
Other Operating Income	2.6	6.7	1.0
Salary & Allowances	-13.4	-12.6	-6.6
Rent, Taxes, Insurance, Electricity etc.	-1.5	-1.2	-1.0
Legal & Professional Expenses	-0.1	-0.1	0.0
Postage, Stamp, Telecommunication etc.	-0.4	-0.4	-0.2
Stationery, Printing, Advertisement etc.	-0.6	-0.4	-0.4
Managing Director's Salary	-0.1	-0.1	0.0
Directors' Fee	0.0	0.0	0.0
Audit Fee	0.0	0.0	0.0
Depreciation of Bank's Assets	-1.1	-1.0	-0.9
Repair & Maintenance of Bank's Assets	-0.3	-0.3	-0.2
Other Expenses	-3.6	-3.4	-1.1
Provision for Off Balance Sheet Exposure	0.8	-0.9	-0.8
Provision for Protested Bill	0.0	0.0	-0.2
Total Non-Interest Revenue	23.3	25.4	18.6
Total Non-Interest Expense	-20.4	-20.4	-11.4
Net Income Before Taxes	27.0	19.0	19.2
Provision for Income Taxes	13.8	9.5	9.8
Net Income After Taxes	13.2	9.5	9.4
Net Income Before Extra. Items	13.2	9.5	9.4
Net Income	13.2	9.5	9.4
Income Available to Com Excl ExtraOrd	13.2	9.5	9.4
Income Available to Com Incl ExtraOrd	13.2	9.5	9.4
Basic Weighted Average Shares	23,575.9	23,575.9	-
Basic EPS Excluding ExtraOrdinary Items	0.00	0.00	-
Basic EPS Including ExtraOrdinary Items	0.00	0.00	-
Diluted Net Income	13.2	9.5	9.4
Diluted Weighted Average Shares	23,575.9	23,575.9	-
Diluted EPS Excluding ExtraOrd Items	0.00	0.00	-
Diluted EPS Including ExtraOrd Items	0.00	0.00	-
DPS-Common Stock	0.00	0.00	-
Gross Dividends - Common Stock	0.0	0.0	-
Normalized Income Before Taxes	27.0	19.0	19.2
Inc Tax Ex Impact of Sp Items	13.8	9.5	9.8
Normalized Income After Taxes	13.2	9.5	9.4
Normalized Inc. Avail to Com.	13.2	9.5	9.4
Basic Normalized EPS	0.00	0.00	-
Diluted Normalized EPS	0.00	0.00	-
Depreciation, Supplemental	1.1	1.0	0.9

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT	BDT
Exchange Rate	81.83	70.475	69.26
Auditor	Syful Shamsul Alam & Co	Syful Shamsul Alam & Co	Syful Shamsul Alam & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified
Cash in Hand (including foreign currenci	5.1	4.9	3.2
Balance with Bangladesh Bank & Sonali Ba	52.1	38.8	31.8
Balance with other banks In Bangladesh	21.1	28.3	79.8
Balance with other banks Outside Bglsh.	3.7	9.0	5.5
Money at Call and Short Notice	27.4	3.5	2.6
Investments in Government	113.7	92.3	90.1
Investments Others	2.3	2.4	1.4
Loans, Cash Credit & Over Draft etc.	663.2	613.8	393.1
Bills Purchased and Discounted	32.0	43.8	29.4
Premises and Fixed Assets	4.5	4.0	3.4
Other Assets	28.6	32.9	13.9
Total Assets	953.6	873.6	654.2
Current Deposits and Other Accounts	41.5	69.3	36.2
Bills Payable	7.2	8.5	4.9
Savings Bank Deposits	18.3	18.8	16.8
Fixed Deposits	698.6	602.3	440.2
Other Liabilities	86.9	72.6	57.9
Borrowings from other banks / financial	34.1	38.6	41.5
Total Long Term Debt	34.1	38.6	41.5
Total Liabilities	886.6	810.1	597.5
Paid-up Capital	28.8	27.9	21.0
Statutory Reserve	27.2	25.9	22.5
Other Reserve	3.5	3.6	5.3
Surplus in Profit and Loss Account	7.5	6.1	7.8
Total Equity	67.0	63.5	56.7
Total Liabilities & Shareholders' Equity	953.6	873.6	654.2
S/O-Common Stock	23.6	19.6	19.6
Total Common Shares Outstanding	0.0	0.0	0.0
Tier 1 Capital %	8.68%	7.90%	11.30%

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932
Auditor	Syful Shamsul Alam & Co	Syful Shamsul Alam & Co	Syful Shamsul Alam & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified
Cash Receipts	104.6	70.9	68.1
Cash Interest Paid	-50.5	-43.7	-41.8
Cash Taxes Paid	-9.2	-8.7	-9.7
Dividend Received in Cash	0.0	0.1	0.0
Fees and Commission Received in Cash	10.6	9.4	6.6
Recovery of Loans Previously Written off	1.1	0.1	0.0
Cash Paid to Employees	-12.1	-9.6	-6.4
Cash Paid to Suppliers	-0.6	-0.4	-0.4
Received from Other Operating Activities	1.4	6.7	1.0
Paid for Other Operating Activities (Ite	-6.0	-5.6	-2.6
Statutory Deposit	37.0	35.7	-9.8
Purchase/sales of Trading Securities	-37.6	-6.4	-17.0
Loans and Advances to Customers	-142.4	-245.4	-28.9
Other Assets (Item-Wise)	1.6	-17.9	-1.3
Deposits from Other Bank	20.3	0.2	0.0
Deposits from Customers	123.6	176.1	-46.2
Other Liabilities (item-wise)	-0.2	5.7	1.3
Cash from Operating Activities	41.7	-32.9	-87.1
Proceeds from Sale of Securities	0.0	0.0	24.0
Cash Payments for Purchase of Securities	0.0	0.0	-12.2
Capital Expenditure	-2.2	-1.7	-0.9
Sales of Fixed Assets	0.0	0.1	0.0
Cash from Investing Activities	-2.2	-1.6	10.8
Increase/ (Decrease) of Long Term Borrow	0.9	-2.3	16.9
Cash from Financing Activities	0.9	-2.3	16.9
Net Change in Cash	40.5	-36.8	-59.3
Opening Cash and Cash Equivalent	80.4	122.3	182.6
Closing Cash and Cash Equivalent Analysi	120.9	85.5	123.3

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Financial Strength
Long Term Debt/Equity (?)	0.51	0.61	0.73
Total Debt/Equity (?)	0.51	0.61	0.73
Long Term Debt/Total Capital (?)	0.34	0.38	0.42
Total Debt/Total Capital (?)	0.34	0.38	0.42
Payout Ratio (?)	0.00%	0.00%	-
Effective Tax Rate (?)	51.19%	50.12%	50.92%
Total Capital1 (?)	101.1	102.1	98.2
Efficiency
Asset Turnover (?)	0.06	0.06	-
Receivables Turnover (?)	0.08	0.08	-
Days Receivables Outstanding (?)	4,813.72	4,488.10	-
Profitability
Pretax Margin (?)	28.17%	30.55%	34.10%
Net Profit Margin (?)	13.75%	15.24%	16.74%
Management Effectiveness
Return on Assets (?)	1.40%	1.24%	-
Return on Equity (?)	19.61%	15.74%	-
1-ExchangeRate: BDT to USD Period End Date	81.83	70.475	69.26

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.57
UK Pound	1	Rs.103.34
Euro	1	Rs.88.16

INFORMATION DETAILS

Report Prepared by :

PDT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.