MIRA
INFORM REPORT
|
Report Date : |
03.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
AL ARAFAH ISLAMI BANK LTD |
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Registered Office : |
36, Dilkusha(6-9 Floor) C/A, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.06.1995 |
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Legal Form : |
Public Independent |
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Line of Business : |
Subject is provide a comprehensive range of financial services including
commercial banking, consumer banking, trade finance and other related custody
and clearing services to the customers |
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No of Employees : |
2110 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Bangladesh |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
COMPANY DETAILS
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Al Arafah Islami Bank Ltd |
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Business Description |
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Al-Arafah Islami Bank Ltd (The Bank) is a Bangladesh-based Bank. The
principle activities of the Bank are to provide a comprehensive range of
financial services including commercial banking, consumer banking, trade
finance and other related custody and clearing services to the customers
following the provisions of Bank Companies Act, 1991, Bangladesh Banka’s
directives and the principles of Islamic Shariah. The Bank conducts its
business on the principles of Musharaka, Bai-Murabaha, Bai-Muazzal and Hire
Purchase transactions approved by Bangladesh Bank. Naturally, its modes and
operations are substantially different from those of other conventional
commercial banks. There is a Shariah Supervisory Committee in the bank who
maintains constant vigilance to ensure that the activities of the bank are
being conducted on the percepts of Islam. The Company has 100 Branches and two
Subsidiary Companies. For the six months ended 30 June 2013, Al Arafah Islami
Bank Ltd interest income remained flat at BDT2.74B. Net interest income after
loan loss provision decreased 1% to BDT2.23B. Net income decreased 39% to
BDT688.3M. Net interest income after loan loss provision reflects Profit paid
on Deposits & Borrowings decrease of 42% to -BDT6.05B. Net income also
reflects Other Operatings Income decrease of 68% to BDT130.2M (income).
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
Name |
Title |
|
Ekramul Hoque |
Managing Director |
|
Masodul Bari |
Executive VP |
|
Badiur Rahman |
Chairman |
|
Sarker Mohammad Shameem Iqbal |
Vice Chairman |
|
Niaz Ahmed |
Director |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
2 |
15-May-2013 |
||
|
2 |
14-May-2013 |
||
|
1 |
Credit Rating Agency
of Bangladesh Limited Announces Rating AA3To Al-Arafah Islami Bank Ltd |
30-Jun-2013 |
* number of significant developments within the last 12 months
News
|
Title |
Date |
|
Islamic Finance
Awards 2014 |
28-Feb-2014 |
|
World Stock Reports:
Chittagong Stock Exchange Ltd Securities Traded Statement: 27-02-2014 |
27-Feb-2014 |
|
World Stock Reports:
Chittagong Stock Exchange Ltd OddLot Trade: 27-02-2014 |
27-Feb-2014 |
|
World Stock
Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 26-02-2014 |
26-Feb-2014 |
|
Chittagong Stock
Exchange ODDLOT TRADE |
26-Feb-2014 |
|
Chittagong Stock
Exchange SECURITIES STATEMENT |
26-Feb-2014 |
Financial Summary
|
As of 30-Jun-2013 |
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Stock Snapshot |
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Traded: Dhaka Stock Exchange: ALARABANK
As of 13-Feb-2014 Financials in: BDT
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1 - Profit & Loss Item Exchange Rate: USD 1 = BDT 81.86564
2 - Balance Sheet Item Exchange Rate: USD 1 = BDT 81.2
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ANZSIC 2006 Codes: |
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|
6221 |
- |
Banking |
|
6230 |
- |
Non-Depository Financing |
|
6411 |
- |
Financial Asset Broking Services |
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ISIC Rev 4 Codes: |
||
|
6419 |
- |
Other monetary intermediation |
|
6612 |
- |
Security and commodity contracts brokerage |
|
6492 |
- |
Other credit granting |
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NACE Rev 2 Codes: |
||
|
6419 |
- |
Other monetary intermediation |
|
6612 |
- |
Security and commodity contracts brokerage |
|
6492 |
- |
Other credit granting |
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NAICS 2012 Codes: |
||
|
52211 |
- |
Commercial Banking |
|
522220 |
- |
Sales Financing |
|
523110 |
- |
Investment Banking and Securities Dealing |
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US SIC 1987: |
||
|
6029 |
- |
Commercial Banks, Not Elsewhere Classified |
|
6159 |
- |
Miscellaneous Business Credit Institutions |
|
6211 |
- |
Security Brokers, Dealers, and Flotation
Companies |
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UK SIC 2007: |
||
|
64191 |
- |
Banks |
|
6492 |
- |
Other credit granting |
|
6612 |
- |
Security and commodity contracts brokerage |
Al-Arafah Islami Bank Ltd (The Bank) is a Bangladesh-based Bank. The
principle activities of the Bank are to provide a comprehensive range of
financial services including commercial banking, consumer banking, trade
finance and other related custody and clearing services to the customers
following the provisions of Bank Companies Act, 1991, Bangladesh Banka’s
directives and the principles of Islamic Shariah. The Bank conducts its
business on the principles of Musharaka, Bai-Murabaha, Bai-Muazzal and Hire Purchase
transactions approved by Bangladesh Bank. Naturally, its modes and operations
are substantially different from those of other conventional commercial banks.
There is a Shariah Supervisory Committee in the bank who maintains constant
vigilance to ensure that the activities of the bank are being conducted on the
percepts of Islam. The Company has 100 Branches and two Subsidiary Companies.
For the six months ended 30 June 2013, Al Arafah Islami Bank Ltd interest
income remained flat at BDT2.74B. Net interest income after loan loss provision
decreased 1% to BDT2.23B. Net income decreased 39% to BDT688.3M. Net interest
income after loan loss provision reflects Profit paid on Deposits &
Borrowings decrease of 42% to -BDT6.05B. Net income also reflects Other Operatings
Income decrease of 68% to BDT130.2M (income).
More Business Descriptions
Commercial banking services operating under Islamic principles
Banking & Investment Services
Al-Arafah Islami Bank Ltd (AIBL) is a Bangladesh based Islami bank which
was incorporated as a private limited company. The bank is principally involved
in providing banking services to the citizens of Bangladesh. The bank aims at
providing financial services to the retail sector, small and medium scale
enterprises, as well as corporate clients. Its retail services include
different accounts, various investment schemes as per the customer’s needs,
personal financing. The bank also serves its corporate clients by it offering
services like trade finance, equity finance, corporate accounts and loans. In
addition, AIBL is also offering its valuable services in the agricultural
sector as well as transport sector. Further, the company is providing Micro
Finance, Mobile Banking and Locker services to the clients. The bank has a wide
network of 53 branches through which it renders its valuable services to their
clients. AIBL is headquartered in Dhaka, Bangladesh. The bank reported interest
income of (Bangladeshi Taka) BDT 4,014.89 million during the fiscal year ended
December 2011, an increase of 242.29% over 2010. The net interest income after
loan loss provision of the bank was BDT 3,634.73 million during the fiscal year
2011, an increase of 353.13% over 2010. The net profit of the bank was BDT
2,198.75 million during the fiscal year 2011, an increase of 12.24% over 2010.
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Auditor: |
Syful Shamsul Alam & Co |
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Auditor: |
Syful Shamsul Alam & Co |
Competitors
Report
|
Company Name |
Location |
Employees |
Ownership |
|
AB Bank Ltd |
Dhaka, Bangladesh |
1,952 |
Public |
|
Islami Bank Bangladesh Limited |
Dhaka, Bangladesh |
12,188 |
Public |
|
Sonali Bank Ltd |
Dhaka, Bangladesh |
21,839 |
Private |
Executives Report
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Board
of Directors |
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Chairman |
Chairman |
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Vice Chairman |
Vice-Chairman |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Member |
Director/Board Member |
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Member |
Director/Board Member |
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Member |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Member |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Deputy Managing Director |
Managing Director |
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Managing Director |
Managing Director |
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Deputy Managing Director & Secretary |
Managing Director |
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Deputy Managing Director |
Managing Director |
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Deputy Managing Director |
Managing Director |
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Executive VP |
Senior Management (General) |
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Executive VP |
Senior Management (General) |
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|
Credit Rating Agency of Bangladesh Limited Announces Rating AA3To
Al-Arafah Islami Bank Ltd Jun 30, 2013
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Al-Arafah Islami Bank Ltd Announces Acquisition Of Property May 15, 2013
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Al-Arafah Islami Bank Ltd Proposes Bonus Share May 14, 2013
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Al-Arafah Islami Bank Ltd Announces Acquisition Of Property Apr 29, 2013
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Al-Arafah Islami Bank Ltd Recommends Stock Dividend Apr 07, 2013
|
News
Annual Income
Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
68.582616 |
|
Auditor |
Syful Shamsul
Alam & Co |
Syful Shamsul
Alam & Co |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
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|
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|
Interest & Dividends on Investment
Securities |
183.2 |
128.0 |
61.9 |
58.0 |
50.4 |
|
Interest on Deposits |
-118.6 |
-73.8 |
-45.0 |
-38.6 |
-32.4 |
|
Interest Income, Bank |
64.6 |
54.2 |
16.9 |
19.4 |
18.0 |
|
Net Interest Income |
64.6 |
54.2 |
16.9 |
19.4 |
18.0 |
|
|
|
|
|
|
|
|
Loan Loss Provision |
9.9 |
5.1 |
5.3 |
2.0 |
3.9 |
|
Net Interest Income after Loan Loss Provision |
54.7 |
49.1 |
11.5 |
17.3 |
14.1 |
|
|
|
|
|
|
|
|
Commissions & Fees from Securities
Activities |
15.1 |
21.0 |
29.5 |
15.8 |
10.1 |
|
Investment Securities Gains |
3.1 |
1.4 |
0.5 |
0.2 |
1.7 |
|
Other Revenue |
2.5 |
2.6 |
18.6 |
2.8 |
1.9 |
|
Non-Interest Income, Bank |
20.7 |
25.0 |
48.5 |
18.8 |
13.7 |
|
Labor & Related Expenses |
-17.3 |
-12.4 |
-10.3 |
-8.0 |
-6.1 |
|
Depreciation Expense |
-2.1 |
-1.5 |
-1.1 |
-0.9 |
-0.6 |
|
Other Unusual Expense |
- |
- |
- |
0.0 |
0.0 |
|
Other Expense |
-7.7 |
-6.9 |
-7.7 |
-4.2 |
-2.6 |
|
Non-Interest Expense, Bank |
-27.2 |
-20.8 |
-19.1 |
-13.2 |
-9.4 |
|
Income Before Tax |
48.2 |
53.3 |
41.0 |
23.0 |
18.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
24.4 |
23.6 |
12.8 |
10.6 |
8.6 |
|
Income After Tax |
23.8 |
29.7 |
28.1 |
12.4 |
9.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-3.1 |
-2.8 |
- |
- |
- |
|
Net Income Before Extraord Items |
20.7 |
26.9 |
28.1 |
12.4 |
9.7 |
|
Net Income |
20.7 |
26.9 |
28.1 |
12.4 |
9.7 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
20.7 |
26.9 |
28.1 |
12.4 |
9.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
20.7 |
26.9 |
28.1 |
12.4 |
9.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
834.3 |
834.3 |
834.3 |
834.3 |
834.3 |
|
Basic EPS Excl Extraord Items |
0.02 |
0.03 |
0.03 |
0.01 |
0.01 |
|
Basic/Primary EPS Incl Extraord Items |
0.02 |
0.03 |
0.03 |
0.01 |
0.01 |
|
Diluted Net Income |
20.7 |
26.9 |
28.1 |
12.4 |
9.7 |
|
Diluted Weighted Average Shares |
834.3 |
834.3 |
834.3 |
834.3 |
834.3 |
|
Diluted EPS Excl Extraord Items |
0.02 |
0.03 |
0.03 |
0.01 |
0.01 |
|
Diluted EPS Incl Extraord Items |
0.02 |
0.03 |
0.03 |
0.01 |
0.01 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
2.1 |
1.5 |
1.1 |
0.9 |
0.6 |
|
Total Special Items |
- |
- |
- |
0.0 |
0.0 |
|
Normalized Income Before Tax |
48.2 |
53.3 |
41.0 |
23.0 |
18.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
- |
- |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
24.4 |
23.6 |
12.8 |
10.6 |
8.6 |
|
Normalized Income After Tax |
23.8 |
29.7 |
28.1 |
12.4 |
9.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
20.7 |
26.9 |
28.1 |
12.4 |
9.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.02 |
0.03 |
0.03 |
0.01 |
0.01 |
|
Diluted Normalized EPS |
0.02 |
0.03 |
0.03 |
0.01 |
0.01 |
|
Rental Expenses |
1.5 |
1.3 |
1.3 |
0.7 |
0.6 |
|
Advertising Expense, Supplemental |
0.2 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Bank Total Revenue |
85.3 |
79.2 |
65.4 |
38.2 |
31.7 |
|
Current Tax - Domestic |
24.2 |
23.4 |
12.5 |
8.6 |
9.0 |
|
Current Tax - Total |
24.2 |
23.4 |
12.5 |
8.6 |
9.0 |
|
Deferred Tax - Domestic |
0.2 |
0.2 |
0.3 |
2.0 |
-0.4 |
|
Deferred Tax - Total |
0.2 |
0.2 |
0.3 |
2.0 |
-0.4 |
|
Income Tax - Total |
24.4 |
23.6 |
12.8 |
10.6 |
8.6 |
Annual Balance
Sheet
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate |
81.199997 |
81.83 |
70.475 |
69.26 |
68.91 |
|
Auditor |
Syful Shamsul
Alam & Co |
Syful Shamsul
Alam & Co |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Due from Banks |
184.7 |
104.7 |
71.7 |
66.9 |
55.9 |
|
Fed Funds Sold/Securities Purch Under Resale
Agrmnt |
139.2 |
119.8 |
116.4 |
40.4 |
31.9 |
|
Other Short Term Investments |
1,313.4 |
949.7 |
760.3 |
521.7 |
402.6 |
|
Securities for Sale |
67.9 |
46.1 |
29.5 |
21.7 |
15.8 |
|
Total Investment Securities |
67.9 |
46.1 |
29.5 |
21.7 |
15.8 |
|
Other Earning Assets, Total |
1,520.5 |
1,115.6 |
906.2 |
583.8 |
450.3 |
|
Buildings |
1.3 |
1.3 |
0.3 |
0.5 |
0.3 |
|
Land/Improvements |
19.3 |
4.3 |
2.7 |
1.8 |
1.8 |
|
Machinery/Equipment |
9.6 |
3.7 |
3.6 |
2.8 |
2.2 |
|
Other
Property/Plant/Equipment |
17.3 |
2.4 |
2.4 |
1.5 |
1.3 |
|
Property/Plant/Equipment - Gross |
47.5 |
11.6 |
9.0 |
6.5 |
5.6 |
|
Accumulated Depreciation |
-5.6 |
- |
- |
- |
- |
|
Property/Plant/Equipment - Net |
42.0 |
11.6 |
9.0 |
6.5 |
5.6 |
|
Intangibles - Gross |
1.3 |
0.2 |
0.3 |
0.2 |
0.2 |
|
Accumulated Intangible Amortization |
-0.3 |
- |
- |
- |
- |
|
Intangibles, Net |
1.0 |
0.2 |
0.3 |
0.2 |
0.2 |
|
Deferred Income Tax - Long Term Asset |
72.6 |
48.6 |
42.8 |
32.2 |
22.3 |
|
Other Long Term Assets, Total |
72.6 |
48.6 |
42.8 |
32.2 |
22.3 |
|
Other Assets |
18.2 |
24.0 |
20.1 |
10.9 |
5.3 |
|
Other Assets, Total |
18.2 |
24.0 |
20.1 |
10.9 |
5.3 |
|
Total Assets |
1,838.9 |
1,304.8 |
1,050.1 |
700.5 |
539.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
11.8 |
9.2 |
11.5 |
7.3 |
5.8 |
|
Interest Bearing Deposits |
1,066.7 |
713.6 |
476.1 |
356.5 |
288.5 |
|
Other Deposits |
301.0 |
232.5 |
250.0 |
159.9 |
111.3 |
|
Total Deposits |
1,367.7 |
946.2 |
726.1 |
516.4 |
399.8 |
|
Dividends Payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Taxes Payable |
81.3 |
59.8 |
48.2 |
36.8 |
28.4 |
|
Other Current liabilities, Total |
81.3 |
59.8 |
48.2 |
36.8 |
28.4 |
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.6 |
0.4 |
0.2 |
-0.2 |
-2.1 |
|
Deferred Income Tax |
0.6 |
0.4 |
0.2 |
-0.2 |
-2.1 |
|
Minority Interest |
19.7 |
26.3 |
27.7 |
0.0 |
- |
|
Other Liabilities |
204.4 |
142.7 |
125.1 |
88.6 |
68.4 |
|
Other Liabilities, Total |
204.4 |
142.7 |
125.1 |
88.6 |
68.4 |
|
Total Liabilities |
1,685.6 |
1,184.6 |
938.8 |
649.0 |
500.2 |
|
|
|
|
|
|
|
|
Common Stock |
87.8 |
72.0 |
66.4 |
26.0 |
20.1 |
|
Common Stock |
87.8 |
72.0 |
66.4 |
26.0 |
20.1 |
|
Retained Earnings (Accumulated Deficit) |
53.5 |
47.4 |
44.0 |
24.6 |
18.2 |
|
Unrealized Gain (Loss) |
12.0 |
0.8 |
0.9 |
0.9 |
0.9 |
|
Total Equity |
153.3 |
120.2 |
111.3 |
51.5 |
39.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,838.9 |
1,304.8 |
1,050.1 |
700.5 |
539.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
834.3 |
834.3 |
834.3 |
834.3 |
834.3 |
|
Total Common Shares Outstanding |
834.3 |
834.3 |
834.3 |
834.3 |
834.3 |
|
Employees |
2,110 |
1,807 |
1,711 |
- |
- |
|
Number of Common Shareholders |
52,739 |
54,267 |
49,386 |
11,382 |
- |
|
Accumulated Intangible Amort, Suppl. |
0.3 |
- |
- |
- |
- |
|
Tier 1 Capital % |
11.75% |
13.47% |
14.49% |
11.25% |
11.21% |
|
Total Capital % |
11.75% |
13.47% |
- |
- |
- |
Annual Cash Flows
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
68.582616 |
|
Auditor |
Syful Shamsul
Alam & Co |
Syful Shamsul
Alam & Co |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash Receipts |
-17.0 |
-12.4 |
-9.8 |
-7.4 |
-6.3 |
|
Cash Payments |
-0.5 |
-0.4 |
-0.4 |
-0.2 |
-0.1 |
|
Other Operating Cash Flow |
124.5 |
79.2 |
-6.7 |
27.9 |
17.7 |
|
Changes in Working Capital |
124.5 |
79.2 |
-6.7 |
27.9 |
17.7 |
|
Cash from Operating Activities |
107.0 |
66.4 |
-16.8 |
20.3 |
11.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-8.2 |
-5.4 |
-3.6 |
-1.8 |
-1.9 |
|
Capital Expenditures |
-8.2 |
-5.4 |
-3.6 |
-1.8 |
-1.9 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Investing Cash Flow Items, Total |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-8.2 |
-5.4 |
-3.6 |
-1.7 |
-1.9 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
-5.7 |
0.0 |
- |
- |
- |
|
Total Cash Dividends Paid |
-5.7 |
0.0 |
- |
- |
- |
|
Sale/Issuance of
Common |
0.0 |
0.0 |
33.6 |
0.0 |
- |
|
Common Stock, Net |
0.0 |
0.0 |
33.6 |
0.0 |
- |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
33.6 |
0.0 |
- |
|
Cash from Financing Activities |
-5.6 |
0.0 |
33.6 |
0.0 |
- |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
93.2 |
61.0 |
13.2 |
18.5 |
9.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
141.3 |
95.2 |
88.1 |
70.3 |
61.3 |
|
Net Cash - Ending Balance |
234.5 |
156.2 |
101.3 |
88.8 |
70.8 |
Annual Income
Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
68.582616 |
|
Auditor |
Syful Shamsul
Alam & Co |
Syful Shamsul
Alam & Co |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Investment Income |
183.2 |
128.0 |
61.9 |
58.0 |
50.4 |
|
Profit paid on
Deposits & Borrowings |
-118.6 |
-73.8 |
-45.0 |
-38.6 |
-32.4 |
|
Total Revenue |
64.6 |
54.2 |
16.9 |
19.4 |
18.0 |
|
|
|
|
|
|
|
|
Provision against
Investments & Continge |
8.2 |
5.0 |
5.3 |
2.0 |
3.7 |
|
Provisions for
Diminution in Value of In |
1.7 |
0.1 |
0.0 |
0.0 |
0.2 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating
Expense |
9.9 |
5.1 |
5.3 |
2.0 |
3.9 |
|
|
|
|
|
|
|
|
Income from
Investment in Shares & Secur |
3.1 |
1.4 |
0.5 |
0.2 |
1.7 |
|
Commossion,Exchange
& Brokerage |
15.1 |
21.0 |
29.5 |
15.8 |
10.1 |
|
Other Operatings
Income |
2.5 |
2.6 |
18.6 |
2.8 |
1.9 |
|
Salaries &
Allowances & Contribution to |
-17.2 |
-12.3 |
-10.1 |
-7.9 |
-6.1 |
|
Directors Fees
& Expenses |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Shariah
Supervisory Committe's Fees & Ex |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Rent,Taxes,Insurance,Lighting
Etc |
-2.8 |
-2.3 |
-2.0 |
-1.3 |
-1.1 |
|
Postage,Telegram,Telephone
& Stamps Etc |
-0.9 |
-0.8 |
-0.7 |
-0.6 |
-0.4 |
|
Legal Charges |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Auditor's Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Salary &
Allowances to the managing Dire |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Depreciation &
Repairs to the Banks Prop |
-2.1 |
-1.5 |
-1.1 |
-0.9 |
-0.6 |
|
Stationery,Printing,Advertisement |
-0.7 |
-0.6 |
-0.6 |
-0.3 |
-0.2 |
|
Other Expenses |
-3.2 |
-3.1 |
-4.2 |
-1.9 |
-0.9 |
|
Staff Welfare |
- |
- |
- |
0.0 |
0.0 |
|
Loss on Fixed
Assets |
- |
- |
- |
0.0 |
0.0 |
|
Total
Non-Interest Revenue |
20.7 |
25.0 |
48.5 |
18.8 |
13.7 |
|
|
|
|
|
|
|
|
Total
Non-Interest Expense |
-27.2 |
-20.8 |
-19.1 |
-13.2 |
-9.4 |
|
|
|
|
|
|
|
|
Net Income
Before Taxes |
48.2 |
53.3 |
41.0 |
23.0 |
18.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
24.4 |
23.6 |
12.8 |
10.6 |
8.6 |
|
Net Income After
Taxes |
23.8 |
29.7 |
28.1 |
12.4 |
9.7 |
|
|
|
|
|
|
|
|
Non-controlling
interest |
-3.1 |
-2.8 |
- |
- |
- |
|
Net Income
Before Extra. Items |
20.7 |
26.9 |
28.1 |
12.4 |
9.7 |
|
Net Income |
20.7 |
26.9 |
28.1 |
12.4 |
9.7 |
|
|
|
|
|
|
|
|
Income Available
to Com Excl ExtraOrd |
20.7 |
26.9 |
28.1 |
12.4 |
9.7 |
|
|
|
|
|
|
|
|
Income Available
to Com Incl ExtraOrd |
20.7 |
26.9 |
28.1 |
12.4 |
9.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
834.3 |
834.3 |
834.3 |
834.3 |
834.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.02 |
0.03 |
0.03 |
0.01 |
0.01 |
|
Basic EPS Including ExtraOrdinary Items |
0.02 |
0.03 |
0.03 |
0.01 |
0.01 |
|
Diluted Net Income |
20.7 |
26.9 |
28.1 |
12.4 |
9.7 |
|
Diluted Weighted Average Shares |
834.3 |
834.3 |
834.3 |
834.3 |
834.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.02 |
0.03 |
0.03 |
0.01 |
0.01 |
|
Diluted EPS Including ExtraOrd Items |
0.02 |
0.03 |
0.03 |
0.01 |
0.01 |
|
DPS-Fully Paid Ord. Shrs |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized
Income Before Taxes |
48.2 |
53.3 |
41.0 |
23.0 |
18.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
24.4 |
23.6 |
12.8 |
10.6 |
8.6 |
|
Normalized
Income After Taxes |
23.8 |
29.7 |
28.1 |
12.4 |
9.7 |
|
|
|
|
|
|
|
|
Normalized Inc.
Avail to Com. |
20.7 |
26.9 |
28.1 |
12.4 |
9.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.02 |
0.03 |
0.03 |
0.01 |
0.01 |
|
Diluted Normalized EPS |
0.02 |
0.03 |
0.03 |
0.01 |
0.01 |
|
Depreciation, Supplemental |
2.1 |
1.5 |
1.1 |
0.9 |
0.6 |
|
Rental Expense, Supplemental |
1.5 |
1.3 |
1.3 |
0.7 |
0.6 |
|
Advertising Expense, Supplemental |
0.2 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Current Tax |
24.2 |
23.4 |
12.5 |
8.6 |
9.0 |
|
Current Tax - Total |
24.2 |
23.4 |
12.5 |
8.6 |
9.0 |
|
Deferred Tax |
0.2 |
0.2 |
0.3 |
2.0 |
-0.4 |
|
Deferred Tax - Total |
0.2 |
0.2 |
0.3 |
2.0 |
-0.4 |
|
Income Tax - Total |
24.4 |
23.6 |
12.8 |
10.6 |
8.6 |
Annual Balance
Sheet
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate |
81.199997 |
81.83 |
70.475 |
69.26 |
68.91 |
|
Auditor |
Syful Shamsul
Alam & Co |
Syful Shamsul
Alam & Co |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash in Hand |
13.3 |
9.9 |
8.1 |
5.7 |
4.1 |
|
Balance with
Bangladesh Bank & its Agent |
142.9 |
79.8 |
52.1 |
46.9 |
31.0 |
|
Balance with Other
banks & Financials In |
13.0 |
3.6 |
4.1 |
5.6 |
16.3 |
|
Balance with Other
banks-Outside Banglad |
15.5 |
11.4 |
7.3 |
8.7 |
4.5 |
|
Placement with
Banks & Other Financials |
139.2 |
119.8 |
116.4 |
40.4 |
31.9 |
|
Investment in
Shares & Securities |
51.7 |
36.7 |
28.4 |
21.7 |
14.5 |
|
Investment in
Shares & Securities- Other |
16.1 |
9.4 |
1.1 |
0.0 |
1.3 |
|
Investment-General
Investment |
1,180.1 |
844.9 |
669.1 |
474.4 |
365.8 |
|
Investment-Bills
Purchase & Discounted |
133.4 |
104.8 |
91.2 |
47.3 |
36.8 |
|
Land |
19.3 |
4.3 |
2.7 |
1.8 |
1.8 |
|
Buildings |
1.3 |
1.3 |
0.3 |
0.5 |
0.3 |
|
Furniture(Wood) |
1.7 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Furniture(Steel) |
0.7 |
0.3 |
0.3 |
0.2 |
0.2 |
|
Computer |
1.7 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Computer(Accossories) |
0.3 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Motor Car |
1.4 |
0.5 |
0.5 |
0.5 |
0.3 |
|
Machine Equipment
& Appliances |
3.8 |
1.7 |
1.7 |
1.1 |
0.7 |
|
Online Software |
1.3 |
0.2 |
0.3 |
0.2 |
0.2 |
|
Acc. Amortization |
-0.3 |
- |
- |
- |
- |
|
Online Hardware |
1.6 |
0.7 |
0.9 |
0.9 |
0.9 |
|
Interior
Decoration |
2.1 |
1.2 |
0.9 |
0.6 |
0.4 |
|
Books &
Library |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation |
-5.6 |
- |
- |
- |
- |
|
AIBL Capital
Market Services Ltd. |
13.5 |
0.4 |
0.5 |
0.0 |
- |
|
Other Assets |
18.2 |
24.0 |
20.1 |
10.9 |
5.3 |
|
Advance Income Tax |
72.6 |
48.6 |
42.8 |
32.2 |
22.3 |
|
Total Assets |
1,838.9 |
1,304.8 |
1,050.1 |
700.5 |
539.5 |
|
|
|
|
|
|
|
|
Placement with
Banks & Other Financials |
76.7 |
68.4 |
80.6 |
37.8 |
25.8 |
|
Mudaraba Savings
Deposits |
123.1 |
102.2 |
102.6 |
79.3 |
61.2 |
|
Mudaraba Term
Deposits |
943.6 |
611.4 |
373.5 |
277.3 |
227.4 |
|
Other Mudaraba
Deposits |
224.2 |
164.1 |
169.4 |
122.1 |
85.4 |
|
Al-Wadia Current
Accounts & Other Accoun |
158.9 |
117.4 |
107.5 |
67.9 |
51.1 |
|
Bills Payable |
11.8 |
9.2 |
11.5 |
7.3 |
5.8 |
|
Other Liabilities |
20.0 |
8.2 |
2.6 |
8.9 |
6.7 |
|
Dividend Payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Provisions |
25.6 |
17.1 |
15.1 |
11.8 |
10.7 |
|
Provision for
Income Tax |
81.3 |
59.8 |
48.2 |
36.8 |
28.4 |
|
Deferred Tax
Liability |
0.6 |
0.4 |
0.2 |
-0.2 |
-2.1 |
|
Minority interest |
19.7 |
26.3 |
27.7 |
0.0 |
- |
|
Total
Liabilities |
1,685.6 |
1,184.6 |
938.8 |
649.0 |
500.2 |
|
|
|
|
|
|
|
|
Paid Up Capital |
87.8 |
72.0 |
66.4 |
26.0 |
20.1 |
|
Statutory Reserve |
38.2 |
29.0 |
24.3 |
16.7 |
12.2 |
|
General other
reserves |
- |
- |
- |
0.0 |
0.0 |
|
Asset Revaluation
Reserves |
12.0 |
0.8 |
0.9 |
0.9 |
0.9 |
|
Retained Earnings |
15.3 |
18.4 |
19.7 |
7.8 |
6.0 |
|
Total Equity |
153.3 |
120.2 |
111.3 |
51.5 |
39.3 |
|
|
|
|
|
|
|
|
Total
Liabilities & Shareholders' Equity |
1,838.9 |
1,304.8 |
1,050.1 |
700.5 |
539.5 |
|
|
|
|
|
|
|
|
S/O-Fully Paid
Ord. Shrs |
834.3 |
834.3 |
834.3 |
834.3 |
834.3 |
|
Total Common
Shares Outstanding |
834.3 |
834.3 |
834.3 |
834.3 |
834.3 |
|
Accumulated Intangible Amort, Suppl. |
0.3 |
- |
- |
- |
- |
|
Tier 1 Capital % |
10.38% |
12.31% |
13.21% |
9.68% |
9.70% |
|
Total Capital % |
11.75% |
13.47% |
- |
- |
- |
|
Tier 2 Capital % |
1.37% |
1.16% |
1.28% |
1.57% |
1.51% |
|
Full-Time Employees |
2,110 |
1,807 |
1,711 |
- |
- |
|
Number of Common Shareholders |
52,739 |
54,267 |
49,386 |
11,382 |
- |
Annual Cash Flows
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
68.582616 |
|
Auditor |
Syful Shamsul
Alam & Co |
Syful Shamsul
Alam & Co |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash Receipts |
-17.0 |
-12.4 |
-9.8 |
-7.4 |
-6.3 |
|
Cash Payments |
-0.5 |
-0.4 |
-0.4 |
-0.2 |
-0.1 |
|
Investment Income
received in Cash |
177.1 |
125.4 |
73.2 |
58.9 |
50.2 |
|
Profit paid on
Deposits |
-96.6 |
-58.4 |
-40.6 |
-36.1 |
-26.6 |
|
Dividend received |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Fees &
Commission received in Cash |
14.4 |
21.0 |
29.5 |
15.8 |
10.1 |
|
Recoveries from
write off Investments |
0.2 |
0.6 |
0.3 |
0.2 |
0.4 |
|
Received from
other Operating Activities |
11.2 |
3.8 |
10.0 |
2.8 |
1.8 |
|
Paid for Other
Operating Activities |
-7.0 |
-6.8 |
-7.5 |
-4.2 |
-2.6 |
|
Advance Income tax |
-23.5 |
-14.8 |
-9.2 |
-9.1 |
-5.8 |
|
Increase of
Trading Securities |
-6.6 |
-9.4 |
-2.5 |
1.3 |
-0.3 |
|
Increase of
Inestment & Advances to othe |
-18.3 |
-21.6 |
-77.6 |
-8.7 |
-13.1 |
|
Increase of
Investment & Advances to Cus |
-358.7 |
-325.9 |
-275.2 |
-127.4 |
-100.3 |
|
Increase of Other
Assets |
-22.4 |
-4.8 |
4.2 |
-6.6 |
-1.8 |
|
Increase of
Deposits from Other Assets |
7.7 |
-1.1 |
44.0 |
12.2 |
6.7 |
|
Increase of
Deposits from Customers |
456.6 |
368.8 |
210.2 |
125.5 |
94.0 |
|
Increase of Trading
Liabilities |
-9.8 |
2.4 |
34.6 |
3.4 |
5.1 |
|
Cash from
Operating Activities |
107.0 |
66.4 |
-16.8 |
20.3 |
11.3 |
|
|
|
|
|
|
|
|
Capital
Expenditure |
-8.2 |
-5.4 |
-3.6 |
-1.8 |
-1.9 |
|
Sales Proceeds of
Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from
Investing Activities |
-8.2 |
-5.4 |
-3.6 |
-1.7 |
-1.9 |
|
|
|
|
|
|
|
|
Increase in share
capital |
0.0 |
0.0 |
33.6 |
0.0 |
- |
|
Dividend paid |
-5.7 |
0.0 |
- |
- |
- |
|
Cash from Financing
Activities |
-5.6 |
0.0 |
33.6 |
0.0 |
- |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in
Cash |
93.2 |
61.0 |
13.2 |
18.5 |
9.5 |
|
|
|
|
|
|
|
|
Cash,Begining of Year |
141.3 |
95.2 |
88.1 |
70.3 |
61.3 |
|
Cash,Ending of Year |
234.5 |
156.2 |
101.3 |
88.8 |
70.8 |
Financial Health
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Annual Ratios
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.07 |
|
|
1 |
Rs.103.61 |
|
Euro |
1 |
Rs.85.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.