|
Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
MERCANTILE BANK LTD |
|
|
|
|
Registered Office : |
61, Dilkusha Commercial Area Dhaka, 1000 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
20.05.1999 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Subject is engaged in providing commercial banking services, including deposits mobilization, providing loans, discounting bills, foreign exchange business, off-shore banking, treasury function, card business and mobile banking |
|
|
|
|
No. of Employees : |
1,981 |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
MERCANTILE BANK LTD
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Mercantile Bank Limited is engaged in providing commercial banking services, including deposits mobilization, providing loans, discounting bills, foreign exchange business, off-shore banking, treasury function, card business and mobile banking. The Company performs other related services, such as safe keeping, collections, issuing guarantees, acceptances and letters of credit to its customers through its branches in Bangladesh. It caters card services to its customers by VISA dual prepaid card, VISA Dual Hajj Card, Credit Card and Debit card, and International/Dual cards with various up-to-date facilities. It has launched two new deposits products naming Super Benefit Deposits Scheme (SBDS) and Education Planning Deposits Scheme (EPDS). Its deposit products include Monthly Savings Scheme, Family Maintenance Deposit Scheme, Double Benefit Deposit Scheme, Quarterly Benefit Deposit Scheme, Advanced Benefit Deposits scheme, 1.5 Times Benefit Scheme and Special Savings Scheme. For the fiscal year ended 31 December 2012, Mercantile Bank Ltd interest income increased 28% to BDT12.52B. Net interest income after loan loss provision decreased 19% to BDT1.15B. Net income decreased 22% to BDT1.37B. Net interest income after loan loss provision reflects decrease in interest earning assets and increase in interest bearing liabilities. |
|
Industry |
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|
ANZSIC 2006: |
|
|
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: |
|
Significant Developments
|
|
|
|
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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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Dhaka |
Bangladesh |
Banking |
75.8 |
1,981 |
|
|
Subsidiary |
Small Heath |
United Kingdom |
Banking |
0.1 |
3 |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
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 |
Reclassified Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate (Period Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
Khan Wahab Shafique Rahman & Co. |
Khan Wahab Shafique Rahman & Co. |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
Interest & Fees on Loans |
152.9 |
131.8 |
98.2 |
87.9 |
|
Interest Income, Bank |
152.9 |
131.8 |
98.2 |
87.9 |
|
Interest on Deposit |
129.0 |
108.4 |
74.4 |
68.9 |
|
Total Interest Expense |
129.0 |
108.4 |
74.4 |
68.9 |
|
Net Interest Income |
24.0 |
23.5 |
23.9 |
19.0 |
|
|
|
|
|
|
|
Loan Loss Provision |
10.0 |
4.3 |
0.3 |
2.3 |
|
Net Interest Income after Loan Loss Provision |
14.0 |
19.2 |
23.6 |
16.7 |
|
|
|
|
|
|
|
Commissions & Fees from Securities Activities |
37.9 |
42.2 |
30.5 |
25.4 |
|
Other Revenue |
14.0 |
17.6 |
14.3 |
6.2 |
|
Non-Interest Income, Bank |
51.9 |
59.8 |
44.7 |
31.6 |
|
Labor & Related Expenses |
-17.3 |
-17.8 |
-13.5 |
-11.9 |
|
Depreciation Expense |
-2.4 |
-2.2 |
-1.7 |
-1.4 |
|
Other Expense |
-17.1 |
-18.0 |
-18.1 |
-10.9 |
|
Non-Interest Expense, Bank |
-36.8 |
-38.1 |
-33.3 |
-24.2 |
|
Income Before Tax |
29.0 |
41.0 |
35.0 |
24.1 |
|
|
|
|
|
|
|
Total Income Tax |
12.3 |
17.3 |
14.5 |
12.4 |
|
Income After Tax |
16.7 |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
|
Net Income Before Extraord Items |
16.7 |
23.7 |
20.5 |
11.7 |
|
Net Income |
16.7 |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
16.7 |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
16.7 |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
611.1 |
611.1 |
46.1 |
35.0 |
|
Basic EPS Excl Extraord Items |
0.03 |
0.04 |
0.44 |
0.33 |
|
Basic/Primary EPS Incl Extraord Items |
0.03 |
0.04 |
0.44 |
0.33 |
|
Diluted Net Income |
16.7 |
23.7 |
20.5 |
11.7 |
|
Diluted Weighted Average Shares |
611.1 |
611.1 |
46.1 |
35.0 |
|
Diluted EPS Excl Extraord Items |
0.03 |
0.04 |
0.44 |
0.33 |
|
Diluted EPS Incl Extraord Items |
0.03 |
0.04 |
0.44 |
0.33 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
2.4 |
2.2 |
1.4 |
1.2 |
|
Normalized Income Before Tax |
29.0 |
41.0 |
35.0 |
24.1 |
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
12.3 |
17.3 |
14.5 |
12.4 |
|
Normalized Income After Tax |
16.7 |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
16.7 |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
|
Basic Normalized EPS |
0.03 |
0.04 |
0.44 |
0.33 |
|
Diluted Normalized EPS |
0.03 |
0.04 |
0.44 |
0.33 |
|
Bank Total Revenue |
75.8 |
83.3 |
68.6 |
50.6 |
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate |
81.199997 |
81.83 |
70.475 |
69.26 |
|
Auditor |
Khan Wahab Shafique Rahman & Co. |
Khan Wahab Shafique Rahman & Co. |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
Cash & Due from Banks |
156.1 |
93.0 |
82.1 |
83.4 |
|
Other Short Term Investments |
18.6 |
18.7 |
19.5 |
7.1 |
|
Securities Held |
493.0 |
285.3 |
135.7 |
132.5 |
|
Total Investment Securities |
493.0 |
285.3 |
135.7 |
132.5 |
|
Other Earning Assets, Total |
511.6 |
304.0 |
155.2 |
139.5 |
|
Net Loans |
1,055.1 |
898.6 |
863.7 |
643.6 |
|
Property/Plant/Equipment - Net |
36.3 |
33.6 |
23.4 |
14.9 |
|
Other Assets |
139.2 |
96.3 |
112.1 |
73.9 |
|
Other Assets, Total |
139.2 |
96.3 |
112.1 |
73.9 |
|
Total Assets |
1,898.4 |
1,425.6 |
1,236.5 |
955.3 |
|
|
|
|
|
|
|
Non-Interest Bearing Deposits |
244.6 |
156.7 |
185.9 |
107.2 |
|
Interest Bearing Deposits |
1,209.1 |
992.7 |
860.4 |
694.9 |
|
Total Deposits |
1,453.8 |
1,149.4 |
1,046.3 |
802.1 |
|
Long Term Debt |
213.2 |
73.0 |
12.3 |
26.6 |
|
Total Long Term Debt |
213.2 |
73.0 |
12.3 |
26.6 |
|
Total Debt |
213.2 |
73.0 |
12.3 |
26.6 |
|
|
|
|
|
|
|
Minority Interest |
0.6 |
0.6 |
0.0 |
- |
|
Other Liabilities |
96.1 |
84.2 |
75.9 |
64.6 |
|
Other Liabilities, Total |
96.1 |
84.2 |
75.9 |
64.6 |
|
Total Liabilities |
1,763.7 |
1,307.3 |
1,134.5 |
893.3 |
|
|
|
|
|
|
|
Common Stock |
75.3 |
60.7 |
57.8 |
31.2 |
|
Common Stock |
75.3 |
60.7 |
57.8 |
31.2 |
|
Retained Earnings (Accumulated Deficit) |
59.4 |
57.6 |
44.2 |
30.9 |
|
Total Equity |
134.6 |
118.3 |
102.0 |
62.0 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,898.4 |
1,425.6 |
1,236.5 |
955.3 |
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
611.1 |
660.0 |
54.1 |
28.7 |
|
Total Common Shares Outstanding |
611.1 |
660.0 |
54.1 |
28.7 |
|
Total Risk-Weighted Capital |
- |
1.2 |
1.4 |
0.0 |
|
Tier 1 Capital % |
8.54% |
1.59% |
7.46% |
6.38% |
|
Total Capital % |
10.17% |
10.48% |
9.13% |
7.53% |
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
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 |
Reclassified Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate (Period Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
Khan Wahab Shafique Rahman & Co. |
Khan Wahab Shafique Rahman & Co. |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
Cash Receipts |
10.7 |
10.1 |
9.0 |
7.1 |
|
Cash Payments |
-19.1 |
-19.3 |
-15.1 |
-12.9 |
|
Cash Taxes Paid |
-16.9 |
-10.0 |
-13.7 |
-10.0 |
|
Cash Interest Paid |
-113.2 |
-81.3 |
-47.2 |
-60.2 |
|
Other Assets |
-6.5 |
0.2 |
-9.7 |
-5.4 |
|
Other Liabilities |
228.7 |
180.7 |
146.6 |
110.5 |
|
Other Operating Cash Flow |
148.8 |
121.9 |
97.4 |
100.5 |
|
Loans, Gains/Losses |
-166.8 |
-180.3 |
-153.6 |
-67.7 |
|
Changes in Working Capital |
204.2 |
122.5 |
80.7 |
137.8 |
|
Cash from Operating Activities |
65.8 |
21.8 |
13.8 |
61.9 |
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-4.1 |
-7.4 |
-10.3 |
-3.9 |
|
Capital Expenditures |
-4.1 |
-7.4 |
-10.3 |
-3.9 |
|
Purchase of Investments |
0.0 |
9.0 |
0.0 |
-40.3 |
|
Other Investing Cash Flow |
0.2 |
1.2 |
-24.1 |
-2.0 |
|
Other Investing Cash Flow Items, Total |
0.2 |
10.3 |
-24.1 |
-42.4 |
|
Cash from Investing Activities |
-3.9 |
2.8 |
-34.3 |
-46.3 |
|
|
|
|
|
|
|
Sale/Issuance of Common |
0.0 |
0.0 |
20.7 |
0.0 |
|
Common Stock, Net |
0.0 |
0.0 |
20.7 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
20.7 |
0.0 |
|
Cash from Financing Activities |
0.0 |
0.0 |
20.7 |
0.0 |
|
|
|
|
|
|
|
Net Change in Cash |
61.9 |
24.7 |
0.1 |
15.6 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
93.0 |
78.1 |
83.0 |
68.1 |
|
Net Cash - Ending Balance |
154.9 |
102.8 |
83.1 |
83.7 |
|
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 |
Reclassified Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate (Period Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
Khan Wahab Shafique Rahman & Co. |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
Interest income |
152.9 |
131.8 |
98.2 |
87.9 |
|
Total Revenue |
152.9 |
131.8 |
98.2 |
87.9 |
|
|
|
|
|
|
|
Interest/Profit paid on Deposits & borro |
129.0 |
108.4 |
74.4 |
68.9 |
|
Provision for loan |
10.0 |
4.3 |
0.3 |
2.3 |
|
Total Operating Expense |
138.9 |
112.6 |
74.7 |
71.2 |
|
|
|
|
|
|
|
Income from investment |
20.4 |
22.6 |
13.2 |
10.1 |
|
Commission/Fees, Exchange earnings & bro |
17.5 |
19.7 |
17.3 |
15.4 |
|
Other Operating income |
14.0 |
17.6 |
14.3 |
6.2 |
|
Salaries and Allowances |
-17.1 |
-17.7 |
-13.4 |
-11.7 |
|
Rent, taxes, insurance, lighting etc |
-4.3 |
-3.9 |
-3.3 |
-2.7 |
|
Legal expenses |
-0.2 |
-0.1 |
-0.2 |
-0.1 |
|
Postage, stamp, telecommunication etc |
-0.7 |
-0.8 |
-0.7 |
-0.4 |
|
Stationery, printing, advertisement etc |
-2.0 |
-1.7 |
-1.7 |
-1.2 |
|
Chief Executives salary & allowances |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Directors Fee |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Audit fees |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation & repair of fixed assets |
-2.4 |
-2.2 |
-1.7 |
-1.4 |
|
Other expenses |
-8.2 |
-9.1 |
-6.5 |
-5.3 |
|
Provision against un classified loans |
-0.9 |
-1.9 |
-3.3 |
-1.2 |
|
Other provisions |
-0.9 |
-0.5 |
-2.3 |
-0.1 |
|
Total Non-Interest Revenue |
51.9 |
59.8 |
44.7 |
31.6 |
|
|
|
|
|
|
|
Total Non-Interest Expense |
-36.8 |
-38.1 |
-33.3 |
-24.2 |
|
|
|
|
|
|
|
Net Income Before Taxes |
29.0 |
41.0 |
35.0 |
24.1 |
|
|
|
|
|
|
|
Provision for Income Taxes |
12.3 |
17.3 |
14.5 |
12.4 |
|
Net Income After Taxes |
16.7 |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
|
Net Income Before Extra. Items |
16.7 |
23.7 |
20.5 |
11.7 |
|
Net Income |
16.7 |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
16.7 |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
16.7 |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
|
Basic Weighted Average Shares |
611.1 |
611.1 |
46.1 |
35.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.03 |
0.04 |
0.44 |
0.33 |
|
Basic EPS Including ExtraOrdinary Items |
0.03 |
0.04 |
0.44 |
0.33 |
|
Diluted Net Income |
16.7 |
23.7 |
20.5 |
11.7 |
|
Diluted Weighted Average Shares |
611.1 |
611.1 |
46.1 |
35.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.03 |
0.04 |
0.44 |
0.33 |
|
Diluted EPS Including ExtraOrd Items |
0.03 |
0.04 |
0.44 |
0.33 |
|
DPS-Fully Paid Ord. Shrs |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
29.0 |
41.0 |
35.0 |
24.1 |
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
12.3 |
17.3 |
14.5 |
12.4 |
|
Normalized Income After Taxes |
16.7 |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
16.7 |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
|
Basic Normalized EPS |
0.03 |
0.04 |
0.44 |
0.33 |
|
Diluted Normalized EPS |
0.03 |
0.04 |
0.44 |
0.33 |
|
Depreciation, Supplemental |
2.4 |
2.2 |
1.4 |
1.2 |
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate |
81.199997 |
81.83 |
70.475 |
69.26 |
|
Auditor |
Khan Wahab Shafique Rahman & Co. |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
Cash In Hand (Including Foreign Currency |
18.1 |
10.0 |
10.3 |
7.2 |
|
Cash With Bangladesh Bank and its agent |
129.9 |
75.0 |
58.9 |
62.0 |
|
Balance with Other Banks In Bangladesh |
7.1 |
6.3 |
4.8 |
10.6 |
|
Balance with Other Banks Outside Bangl |
1.1 |
1.8 |
8.1 |
3.7 |
|
Investments Government |
493.0 |
285.3 |
135.7 |
132.5 |
|
Investments Others |
18.6 |
18.7 |
19.5 |
7.1 |
|
Loans, Cash Credit, Overdras, etc. |
1,055.1 |
898.6 |
863.7 |
643.6 |
|
Bills Purchased and Discounted |
94.9 |
75.7 |
78.2 |
53.7 |
|
Fixed assets |
36.3 |
33.6 |
23.4 |
14.9 |
|
Other Assets |
44.3 |
20.6 |
33.9 |
20.2 |
|
Total Assets |
1,898.4 |
1,425.6 |
1,236.5 |
955.3 |
|
|
|
|
|
|
|
Current & other accounts |
244.6 |
156.7 |
185.9 |
107.2 |
|
Bills Payable |
21.2 |
13.5 |
13.1 |
11.4 |
|
Saving deposits |
84.6 |
72.5 |
74.3 |
63.4 |
|
Fixed deposits |
569.6 |
475.1 |
367.0 |
277.4 |
|
Deposits under schemes |
533.7 |
431.6 |
406.0 |
342.6 |
|
Other Liabilities |
96.1 |
84.2 |
75.9 |
64.6 |
|
Borrowing from other Banks, Financial In |
213.2 |
73.0 |
12.3 |
26.6 |
|
Total Long Term Debt |
213.2 |
73.0 |
12.3 |
26.6 |
|
|
|
|
|
|
|
Minority Interest |
0.6 |
0.6 |
0.0 |
- |
|
Total Liabilities |
1,763.7 |
1,307.3 |
1,134.5 |
893.3 |
|
|
|
|
|
|
|
Paid up Capital |
75.3 |
60.7 |
57.8 |
31.2 |
|
Statutory Reserve |
38.4 |
32.3 |
29.0 |
22.5 |
|
Other reserves |
9.3 |
10.6 |
1.9 |
1.5 |
|
Surplus in P & L A/c |
11.7 |
14.6 |
13.3 |
6.9 |
|
Total Equity |
134.6 |
118.3 |
102.0 |
62.0 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,898.4 |
1,425.6 |
1,236.5 |
955.3 |
|
|
|
|
|
|
|
S/O-Fully Paid Ord. Shrs |
611.1 |
660.0 |
54.1 |
28.7 |
|
Total Common Shares Outstanding |
611.1 |
660.0 |
54.1 |
28.7 |
|
Total Capital % |
10.17% |
10.48% |
9.13% |
7.53% |
|
Tier 1 Capital % |
8.54% |
1.59% |
7.46% |
6.38% |
|
Total Risk-Weighted Capital |
- |
1,233.7 |
1,350.2 |
1.5 |
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
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 |
Reclassified Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate (Period Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
Khan Wahab Shafique Rahman & Co. |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
Cash Receipts |
10.7 |
10.1 |
9.0 |
7.1 |
|
Cash Payments |
-19.1 |
-19.3 |
-15.1 |
-12.9 |
|
Interest/Profit receipts |
142.1 |
100.2 |
85.0 |
94.7 |
|
Interest paid |
-113.2 |
-81.3 |
-47.2 |
-60.2 |
|
Income tax paid |
-16.9 |
-10.0 |
-13.7 |
-10.0 |
|
Exchagne gain |
6.8 |
9.4 |
8.2 |
8.3 |
|
Other operating income |
14.0 |
26.9 |
15.4 |
6.2 |
|
Rent, taxes, insurance, lighting etc |
-4.3 |
-3.9 |
-3.3 |
-2.6 |
|
Legal expenses |
-0.2 |
-0.1 |
-0.2 |
-0.1 |
|
Postage, stamp, telecommunication etc |
-0.7 |
-0.8 |
-0.7 |
-0.4 |
|
Auditors fees |
0.0 |
0.0 |
0.0 |
0.0 |
|
Repair & maintenance |
-0.5 |
-0.4 |
-0.3 |
-0.2 |
|
Chief Executives salary & allowances |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Directors Fee |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Other expenses |
-8.2 |
-9.1 |
-6.5 |
-5.3 |
|
Trading Securities (Treasury Bills & Bon |
-203.8 |
-183.5 |
-2.5 |
- |
|
Loans & advances to customers |
-166.8 |
-180.3 |
-153.6 |
-67.7 |
|
Other assets |
- |
- |
- |
-5.4 |
|
Suspense Account (Note 9.1) |
-3.4 |
0.1 |
-0.3 |
- |
|
Demand Draft paid without Advice |
0.0 |
0.0 |
0.1 |
- |
|
Advance Rent |
-0.8 |
-1.0 |
-0.4 |
- |
|
Advance Deposits |
0.0 |
0.0 |
0.0 |
- |
|
Stock of Stationery |
0.1 |
0.0 |
-0.2 |
- |
|
Stamps in Hand |
0.0 |
0.0 |
0.0 |
- |
|
Premium on Bond |
0.0 |
0.0 |
0.0 |
- |
|
Clearing Adjustment Account |
-0.2 |
-0.2 |
-1.5 |
- |
|
On Line Client Adjustment Account |
0.0 |
0.1 |
0.0 |
- |
|
Adjusting Account Debit (Note 9.2) |
-2.7 |
1.2 |
-7.3 |
- |
|
Others |
0.5 |
0.0 |
- |
- |
|
Deposits from other bank |
138.5 |
69.1 |
-14.1 |
-7.0 |
|
Deposits from customer |
293.1 |
274.4 |
168.2 |
141.7 |
|
Other liabilities |
1.0 |
20.8 |
-5.1 |
-24.1 |
|
Cash from Operating Activities |
65.8 |
21.8 |
13.8 |
61.9 |
|
|
|
|
|
|
|
Dividend received |
0.0 |
0.2 |
0.1 |
0.1 |
|
Capital Expenditure |
-4.1 |
-7.4 |
-10.3 |
-3.9 |
|
Purchase or slae of shares |
0.2 |
1.0 |
-24.2 |
-2.1 |
|
Other investment activities |
0.0 |
9.0 |
0.0 |
-40.3 |
|
Cash from Investing Activities |
-3.9 |
2.8 |
-34.3 |
-46.3 |
|
|
|
|
|
|
|
Received by issue of right share |
0.0 |
0.0 |
20.7 |
0.0 |
|
Cash from Financing Activities |
0.0 |
0.0 |
20.7 |
0.0 |
|
|
|
|
|
|
|
Net Change in Cash |
61.9 |
24.7 |
0.1 |
15.6 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
93.0 |
78.1 |
83.0 |
68.1 |
|
Net Cash - Ending Balance |
154.9 |
102.8 |
83.1 |
83.7 |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.07 |
|
UK Pound |
1 |
Rs.103.61 |
|
Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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
SCs 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.