MIRA
INFORM REPORT
|
Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
SOCIAL ISLAMI BANK LTD |
|
|
|
|
Registered Office : |
City center, 18th, 19th, 20th Floor, 103, Motijheel Commercial Area, Dhaka, 1000 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.11.1995 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Subject offer banking services through opening of various types of
deposit and investment accounts, financing trade, providing letters of
guarantee, opening letters of credit, collection of bills effecting domestic
and international transfer, leasing of equipment and consumer durables, hire
purchase and installment sale for capital goods, investment in low-cost
housing and management of real estates, participatory investment in various
industrial, agricultural, transport, educational and health projects. |
|
|
|
|
No. of Employees : |
1,625 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
Company name and address
SOCIAL ISLAMI BANK LTD
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Description
Social Islami Bank Limited (the Bank) is a Bangladesh-based bank. In the
corporate sector, the Bank would, among others, offer banking services through
opening of various types of deposit and investment accounts, financing trade,
providing letters of guarantee, opening letters of credit, collection of bills
effecting domestic and international transfer, leasing of equipment and
consumer durables, hire purchase and installment sale for capital goods,
investment in low-cost housing and management of real estates, participatory
investment in various industrial, agricultural, transport, educational and
health projects. In the Non-formal non-corporate sector, it would, among
others, engage in cash Waqf Certificate and development and management of WAQF
and MOSQUE properties, and Trust funds. On January 1, 2012, the Bank opened
76th Humna Branch. For the six months ended 30 June 2013, Social Islami Bank
Ltd interest income increased 32% to BDT6.67B. Net interest income after loan
loss provision increased 3% to BDT1.21B. Net income decreased 56% to BDT241M.
Net interest income after loan loss provision reflects increase in interest
earning assets and decrease in interest bearing liabilities. Net income was
offset by Profit paid on Deposits increase of 43% to BDT4.91B (expense).
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
|
|
NACE Rev 2: |
|
|
NAICS 2012: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
Key Executives
|
Name |
Title |
|
Managing Director, Director |
|
|
Executive Vice President, Company Secretary |
|
|
Yunus Ali |
Deputy Managing Director |
|
A N M Rashid Ahmad |
Secretary |
|
Chairman of the Board |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
2 |
15-May-2013 |
||
|
1 |
Emerging
Credit Rating Limited Rates Social Islami Bank Ltd With AA- |
30-May-2013 |
* number of significant developments within the last 12 months
News
|
Title |
Date |
|
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 |
|
World Stock
Reports: Chittagong Stock Exchange Ltd OddLot Trade: 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 |
||||||||||||||||||
|
Stock Snapshot
|
Traded: Dhaka Stock Exchange: SIBL |
|||||||||||||||||||||||||
|
As of 13-Feb-2014 Financials in: BDT |
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
|
1 - Profit & Loss Item Exchange Rate: USD
1 = BDT 81.86564
2 - Balance Sheet Item Exchange Rate: USD 1 =
BDT 81.2
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
|
ANZSIC 2006 Codes: |
||
|
6221 |
- |
Banking |
|
6720 |
- |
Real Estate Services |
|
6240 |
- |
Financial Asset Investing |
|
6419 |
- |
Other Auxiliary Finance and Investment Services |
|
6230 |
- |
Non-Depository Financing |
|
ISIC Rev 4 Codes: |
||
|
6419 |
- |
Other monetary intermediation |
|
6820 |
- |
Real estate activities on a fee or contract basis |
|
6492 |
- |
Other credit granting |
|
6619 |
- |
Other activities auxiliary to financial service activities |
|
6499 |
- |
Other financial service activities, except insurance and pension
funding activities, n.e.c. |
|
NACE Rev 2 Codes: |
||
|
6419 |
- |
Other monetary intermediation |
|
6492 |
- |
Other credit granting |
|
6831 |
- |
Real estate agencies |
|
6619 |
- |
Other activities auxiliary to financial services, except insurance and
pension funding |
|
6499 |
- |
Other financial service activities, except insurance and pension
funding, n.e.c. |
|
NAICS 2012 Codes: |
||
|
52211 |
- |
Commercial Banking |
|
531210 |
- |
Offices of Real Estate Agents and Brokers |
|
522293 |
- |
International Trade Financing |
|
525990 |
- |
Other Financial Vehicles |
|
523999 |
- |
Miscellaneous Financial Investment Activities |
|
522220 |
- |
Sales Financing |
|
US SIC 1987: |
||
|
6029 |
- |
Commercial Banks, Not Elsewhere Classified |
|
6726 |
- |
Unit Investment Trusts, Face-Amount Certificate offices, and
Closed-End Management Investment Offices |
|
6289 |
- |
Services Allied With the Exchange of Securities or Commodities, Not
Elsewhere Classified |
|
6082 |
- |
Foreign Trade and International Banking Institutions |
|
6531 |
- |
Real Estate Agents and Managers |
|
6159 |
- |
Miscellaneous Business Credit Institutions |
|
UK SIC 2007: |
||
|
64191 |
- |
Banks |
|
6492 |
- |
Other credit granting |
|
6831 |
- |
Real estate agencies |
|
6619 |
- |
Other activities auxiliary to financial services, except insurance and
pension funding |
|
6499 |
- |
Other financial service activities, except insurance and pension funding,
n.e.c. |
Social Islami Bank Limited (the Bank) is a Bangladesh-based bank. In the
corporate sector, the Bank would, among others, offer banking services through
opening of various types of deposit and investment accounts, financing trade,
providing letters of guarantee, opening letters of credit, collection of bills
effecting domestic and international transfer, leasing of equipment and
consumer durables, hire purchase and installment sale for capital goods,
investment in low-cost housing and management of real estates, participatory
investment in various industrial, agricultural, transport, educational and
health projects. In the Non-formal non-corporate sector, it would, among
others, engage in cash Waqf Certificate and development and management of WAQF
and MOSQUE properties, and Trust funds. On January 1, 2012, the Bank opened
76th Humna Branch. For the six months ended 30 June 2013, Social Islami Bank
Ltd interest income increased 32% to BDT6.67B. Net interest income after loan
loss provision increased 3% to BDT1.21B. Net income decreased 56% to BDT241M.
Net interest income after loan loss provision reflects increase in interest
earning assets and decrease in interest bearing liabilities. Net income was
offset by Profit paid on Deposits increase of 43% to BDT4.91B (expense).
More Business Descriptions
Commerical banking services operating under Islamic principles
Investment Banking Services
|
|
|
Executives Report
|
Board of
Directors |
|
|
|
|
|||
|
Chairman of the Board |
Chairman |
|
|||
|
||||||
|
Vice Chairman |
Chairman |
|
|||
|
Chairman |
Chairman |
|
|||
|
Vice Chairman of the Board |
Vice-Chairman |
|
|||
|
||||||
|
Vice Chairman |
Vice-Chairman |
|
|||
|
Vice Chairman of the Board |
Vice-Chairman |
|
|||
|
||||||
|
Director |
Director/Board Member |
||||
|
||||||
|
Director |
Director/Board Member |
|
|
||
|
||||||
|
Managing Director, Director |
Director/Board Member |
|
|
||
|
||||||
|
Director |
Director/Board Member |
|
|||
|
Director |
Director/Board Member |
|
|||
|
||||||
|
Director |
Director/Board Member |
||||
|
||||||
|
Director |
Director/Board Member |
|
|
||
|
||||||
|
Director |
Director/Board Member |
|
|
||
|
||||||
|
Director |
Director/Board Member |
|
|||
|
||||||
|
Director |
Director/Board Member |
|
|||
|
||||||
|
Director |
Director/Board Member |
|
|||
|
||||||
|
Member |
Director/Board Member |
|
|||
|
Director |
Director/Board Member |
|
|||
|
||||||
|
Director |
Director/Board Member |
|
|||
|
||||||
|
Director |
Director/Board Member |
||||
|
||||||
|
Director |
Director/Board Member |
||||
|
||||||
|
Member |
Director/Board Member |
|
|
||
|
Executives |
|
|
|
|
|||
|
Managing Director, Director |
Managing Director |
|
|||
|
||||||
|
Deputy Managing Director |
Managing Director |
|
|||
|
Deputy Managing Director |
Managing Director |
|
|||
|
||||||
|
Deputy Managing Director |
Managing Director |
|
|
||
|
||||||
|
Deputy Managing Director |
Managing Director |
|
|||
|
||||||
|
Executive Vice President |
Senior Management (General) |
|
|||
|
||||||
|
Executive Vice President |
Senior Management (General) |
|
|
||
|
||||||
|
Executive Vice President, Company Secretary |
Senior Management (General) |
|
|
||
|
||||||
|
Executive Vice President |
Senior Management (General) |
|
|||
|
||||||
|
Executive Vice President |
Senior Management (General) |
|
|||
|
||||||
|
Executive Vice President |
Senior Management (General) |
|
|||
|
||||||
|
Executive Vice President |
Senior Management (General) |
|
|||
|
||||||
|
Executive Vice President |
Senior Management (General) |
|
|||
|
||||||
|
Executive Vice President |
Senior Management (General) |
Reuters |
|||
|
||||||
|
Executive Vice President |
Senior Management (General) |
|
|||
|
||||||
|
Executive Vice President, Chief Financial Officer |
Senior Management (General) |
||||
|
||||||
|
Secretary |
Administration Executive |
||||
|
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 |
Updated 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 |
Syful Shamsul
Alam & Co |
||
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
||
|
|
|
|
|
|
|
|
Interest & Dividends on Investment
Securities |
138.3 |
93.5 |
55.8 |
44.6 |
39.8 |
|
Interest Income, Bank |
138.3 |
93.5 |
55.8 |
44.6 |
39.8 |
|
Interest on Deposit |
92.1 |
61.3 |
35.0 |
29.9 |
30.2 |
|
Total Interest Expense |
92.1 |
61.3 |
35.0 |
29.9 |
30.2 |
|
Net Interest Income |
46.2 |
32.2 |
20.8 |
14.7 |
9.6 |
|
|
|
|
|
|
|
|
Loan Loss Provision |
5.6 |
7.2 |
6.1 |
4.3 |
4.9 |
|
Net Interest Income after Loan Loss Provision |
40.6 |
25.0 |
14.7 |
10.4 |
4.8 |
|
|
|
|
|
|
|
|
Fees & Commissions from Operations |
14.6 |
16.3 |
9.4 |
7.5 |
6.6 |
|
Investment Securities Gains |
2.9 |
2.3 |
4.9 |
0.7 |
1.5 |
|
Other Revenue |
4.1 |
5.2 |
2.7 |
2.0 |
1.1 |
|
Non-Interest Income, Bank |
21.6 |
23.8 |
17.0 |
10.2 |
9.2 |
|
Labor & Related Expenses |
-13.2 |
-12.1 |
-9.1 |
-5.8 |
-4.7 |
|
Depreciation Expense |
-1.8 |
-1.1 |
-0.9 |
-0.5 |
-0.3 |
|
Other Expense |
-13.3 |
-10.7 |
-5.4 |
-3.8 |
-3.7 |
|
Non-Interest Expense, Bank |
-28.3 |
-23.9 |
-15.4 |
-10.1 |
-8.8 |
|
Income Before Tax |
33.9 |
25.0 |
16.3 |
10.5 |
5.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
16.0 |
11.0 |
7.1 |
4.3 |
2.2 |
|
Income After Tax |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.0 |
- |
- |
|
Net Income Before Extraord Items |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
Net Income |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
703.3 |
660.1 |
509.4 |
51.6 |
25.8 |
|
Basic EPS Excl Extraord Items |
0.03 |
0.02 |
0.02 |
0.12 |
0.11 |
|
Basic/Primary EPS Incl Extraord Items |
0.03 |
0.02 |
0.02 |
0.12 |
0.11 |
|
Diluted Net Income |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
Diluted Weighted Average Shares |
703.3 |
660.1 |
509.4 |
51.6 |
25.8 |
|
Diluted EPS Excl Extraord Items |
0.03 |
0.02 |
0.02 |
0.12 |
0.11 |
|
Diluted EPS Incl Extraord Items |
0.03 |
0.02 |
0.02 |
0.12 |
0.11 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
- |
- |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
- |
- |
|
Depreciation, Supplemental |
1.8 |
1.1 |
0.9 |
0.5 |
0.3 |
|
Normalized Income Before Tax |
33.9 |
25.0 |
16.3 |
10.5 |
5.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
16.0 |
11.0 |
7.1 |
4.3 |
2.2 |
|
Normalized Income After Tax |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.03 |
0.02 |
0.02 |
0.12 |
0.11 |
|
Diluted Normalized EPS |
0.03 |
0.02 |
0.02 |
0.12 |
0.11 |
|
Rental Expenses |
1.3 |
1.1 |
- |
- |
- |
|
Bank Total Revenue |
67.8 |
56.0 |
37.8 |
24.9 |
18.8 |
|
Current Tax - Domestic |
- |
- |
- |
4.0 |
2.2 |
|
Current Tax - Total |
- |
- |
- |
4.0 |
2.2 |
|
Deferred Tax - Domestic |
- |
- |
- |
0.2 |
0.0 |
|
Deferred Tax - Total |
- |
- |
- |
0.2 |
0.0 |
|
Income Tax - Total |
- |
- |
- |
4.3 |
2.2 |
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 |
Restated 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 |
Syful Shamsul
Alam & Co |
||
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
||
|
|
|
|
|
|
|
|
Cash & Due from Banks |
181.1 |
117.4 |
87.1 |
135.5 |
97.9 |
|
Interest-earning Deposits |
111.0 |
91.1 |
77.6 |
0.0 |
- |
|
Other Short Term Investments |
936.3 |
658.8 |
520.5 |
383.8 |
289.5 |
|
Securities for Sale |
57.4 |
46.0 |
36.2 |
18.9 |
12.4 |
|
Total Investment Securities |
57.4 |
46.0 |
36.2 |
18.9 |
12.4 |
|
Other Earning Assets, Total |
1,104.7 |
795.9 |
634.2 |
402.7 |
301.9 |
|
Property/Plant/Equipment - Net |
27.8 |
26.1 |
13.0 |
9.4 |
6.4 |
|
Other Assets |
100.6 |
86.7 |
41.4 |
29.6 |
26.3 |
|
Other Assets, Total |
100.6 |
86.7 |
41.4 |
29.6 |
26.3 |
|
Total Assets |
1,414.2 |
1,026.0 |
775.7 |
577.3 |
432.6 |
|
|
|
|
|
|
|
|
Interest Bearing Deposits |
885.1 |
615.0 |
457.1 |
282.9 |
293.3 |
|
Other Deposits |
302.6 |
230.7 |
209.3 |
163.7 |
50.6 |
|
Total Deposits |
1,187.7 |
845.7 |
666.5 |
446.6 |
344.0 |
|
Other Bearing Liabilities |
18.9 |
11.7 |
9.4 |
9.5 |
5.7 |
|
Other Bearing Liabilities, Total |
18.9 |
11.7 |
9.4 |
9.5 |
5.7 |
|
Other Short Term Borrowings |
- |
- |
- |
41.9 |
34.8 |
|
Total Short Term Borrowings |
- |
- |
- |
41.9 |
34.8 |
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Debt |
0.0 |
0.0 |
0.0 |
41.9 |
34.8 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.0 |
-0.1 |
-0.1 |
0.4 |
0.2 |
|
Deferred Income Tax |
0.0 |
-0.1 |
-0.1 |
0.4 |
0.2 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Liabilities |
82.5 |
54.3 |
40.4 |
27.6 |
20.8 |
|
Other Liabilities, Total |
82.5 |
54.3 |
40.4 |
27.6 |
20.8 |
|
Total Liabilities |
1,289.1 |
911.7 |
716.1 |
525.9 |
405.5 |
|
|
|
|
|
|
|
|
Common Stock |
78.7 |
78.1 |
42.4 |
38.9 |
19.0 |
|
Common Stock |
78.7 |
78.1 |
42.4 |
38.9 |
19.0 |
|
Retained Earnings (Accumulated Deficit) |
32.6 |
22.3 |
17.1 |
12.5 |
8.1 |
|
Unrealized Gain (Loss) |
13.7 |
13.9 |
0.0 |
- |
- |
|
Total Equity |
125.0 |
114.4 |
59.5 |
51.3 |
27.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,414.2 |
1,026.0 |
775.7 |
577.3 |
432.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
703.3 |
703.3 |
657.3 |
592.2 |
288.2 |
|
Total Common Shares Outstanding |
703.3 |
703.3 |
657.3 |
592.2 |
288.2 |
|
Number of Common Shareholders |
78,513 |
92,851 |
- |
- |
- |
|
Tier 1 Capital % |
11.55% |
13.07% |
- |
- |
- |
|
Total Capital % |
9.88% |
11.33% |
- |
- |
- |
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 |
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 |
Syful Shamsul
Alam & Co |
||
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
||
|
|
|
|
|
|
|
|
Cash Receipts |
138.3 |
93.5 |
55.8 |
44.6 |
39.8 |
|
Cash Payments |
-14.7 |
-13.3 |
-10.0 |
-6.6 |
-5.4 |
|
Cash Taxes Paid |
-11.4 |
-8.4 |
-4.4 |
-2.1 |
-2.0 |
|
Other Assets |
-1.7 |
-48.0 |
-8.0 |
-1.3 |
-8.3 |
|
Other Liabilities |
300.5 |
297.5 |
182.0 |
106.6 |
65.2 |
|
Other Operating Cash Flow |
-330.7 |
-304.9 |
-191.7 |
-124.8 |
-78.2 |
|
Changes in Working Capital |
-31.9 |
-55.4 |
-17.6 |
-19.5 |
-21.2 |
|
Cash from Operating Activities |
80.4 |
16.4 |
23.8 |
16.3 |
11.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-3.1 |
-2.1 |
-4.5 |
-3.4 |
-4.8 |
|
Capital Expenditures |
-3.1 |
-2.1 |
-4.5 |
-3.4 |
-4.8 |
|
Sale of Fixed Assets |
0.0 |
0.1 |
0.0 |
- |
- |
|
Other Investing Cash Flow Items, Total |
0.0 |
0.1 |
0.0 |
- |
- |
|
Cash from Investing Activities |
-3.1 |
-1.9 |
-4.5 |
-3.4 |
-4.8 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
-8.2 |
0.0 |
- |
- |
- |
|
Total Cash Dividends Paid |
-8.2 |
0.0 |
- |
- |
- |
|
Sale/Issuance of
Common |
0.0 |
53.6 |
7.2 |
18.1 |
0.0 |
|
Common Stock, Net |
0.0 |
53.6 |
7.2 |
18.1 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
53.6 |
7.2 |
18.1 |
0.0 |
|
Short Term Debt Issued |
12.2 |
5.7 |
5.5 |
7.2 |
0.0 |
|
Short Term Debt, Net |
12.2 |
5.7 |
5.5 |
7.2 |
0.0 |
|
Issuance (Retirement) of Debt, Net |
12.2 |
5.7 |
5.5 |
7.2 |
0.0 |
|
Cash from Financing Activities |
4.0 |
59.3 |
12.6 |
25.4 |
0.0 |
|
|
|
|
|
|
|
|
Net Change in Cash |
81.3 |
73.7 |
31.9 |
38.3 |
6.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
208.4 |
156.7 |
134.9 |
97.7 |
91.9 |
|
Net Cash - Ending Balance |
289.7 |
230.4 |
166.7 |
136.0 |
98.4 |
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 |
Updated 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 |
Syful Shamsul
Alam & Co |
||
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
||
|
|
|
|
|
|
|
|
Investment Income |
138.3 |
93.5 |
55.8 |
44.6 |
39.8 |
|
Total Revenue |
138.3 |
93.5 |
55.8 |
44.6 |
39.8 |
|
|
|
|
|
|
|
|
Profit paid on Deposits |
92.1 |
61.3 |
35.0 |
29.9 |
30.2 |
|
Specific Provision for Investment |
3.5 |
4.9 |
4.8 |
3.5 |
4.3 |
|
General Provision for Investment |
2.1 |
2.2 |
1.4 |
0.8 |
0.5 |
|
Total Operating Expense |
97.7 |
68.5 |
41.1 |
34.2 |
35.1 |
|
|
|
|
|
|
|
|
Other Operating Income |
4.1 |
5.2 |
2.7 |
2.0 |
1.1 |
|
Commission, Exchange & Brokerage |
14.6 |
16.3 |
9.4 |
7.5 |
6.6 |
|
Income from Investment in Shares & Secur |
2.9 |
2.3 |
4.9 |
0.7 |
1.5 |
|
Salaries and Allowance |
-13.2 |
-12.1 |
-9.1 |
-5.8 |
-4.7 |
|
Rent, Taxes, Insurance, Electricity |
-2.2 |
-1.7 |
-1.5 |
-1.0 |
-0.7 |
|
Legal Expenses |
-0.1 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Postage, Stamps, telecommunication etc |
-0.4 |
-0.3 |
-0.2 |
-0.2 |
-0.2 |
|
Stationery, Printing, Advertising etc |
-1.0 |
-0.7 |
-0.6 |
-0.5 |
-0.3 |
|
Managing Directors Salary & Allowan |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
|
Directors Fees & Expenses |
-0.1 |
-0.1 |
-0.1 |
0.0 |
0.0 |
|
Shariah Supervisory Committee Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Auditors Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation & Repair of Bank |
-1.8 |
-1.1 |
-0.9 |
-0.5 |
-0.3 |
|
Other Expenses |
-4.4 |
-3.0 |
-1.8 |
-1.3 |
-0.9 |
|
General Provision for off-Balance Sheet |
-1.3 |
-0.6 |
-0.3 |
-0.1 |
-0.9 |
|
Provision for other assets |
-2.7 |
-2.2 |
0.0 |
- |
- |
|
General Provisions for margin Investment |
0.0 |
0.0 |
- |
- |
- |
|
Provision for diminution in value of |
0.0 |
-0.8 |
0.0 |
- |
- |
|
Provision for Diminuation in Value of Sh |
- |
- |
- |
0.0 |
-0.1 |
|
Provision for Zakat Fund |
-0.4 |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
|
Provision for Gratuity |
-0.7 |
-0.6 |
-0.5 |
-0.3 |
-0.3 |
|
Total Non-Interest Revenue |
21.6 |
23.8 |
17.0 |
10.2 |
9.2 |
|
|
|
|
|
|
|
|
Total Non-Interest Expense |
-28.3 |
-23.9 |
-15.4 |
-10.1 |
-8.8 |
|
|
|
|
|
|
|
|
Net Income Before Taxes |
33.9 |
25.0 |
16.3 |
10.5 |
5.2 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
16.0 |
11.0 |
7.1 |
4.3 |
2.2 |
|
Net Income After Taxes |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.0 |
- |
- |
|
Net Income Before Extra. Items |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
Net Income |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
703.3 |
660.1 |
509.4 |
51.6 |
25.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.03 |
0.02 |
0.02 |
0.12 |
0.11 |
|
Basic EPS Including ExtraOrdinary Items |
0.03 |
0.02 |
0.02 |
0.12 |
0.11 |
|
Diluted Net Income |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
Diluted Weighted Average Shares |
703.3 |
660.1 |
509.4 |
51.6 |
25.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.03 |
0.02 |
0.02 |
0.12 |
0.11 |
|
Diluted EPS Including ExtraOrd Items |
0.03 |
0.02 |
0.02 |
0.12 |
0.11 |
|
DPS-Fully Paid Ord. Shrs |
0.00 |
0.00 |
0.00 |
- |
- |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
- |
- |
|
Normalized Income Before Taxes |
33.9 |
25.0 |
16.3 |
10.5 |
5.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
16.0 |
11.0 |
7.1 |
4.3 |
2.2 |
|
Normalized Income After Taxes |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
17.9 |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.03 |
0.02 |
0.02 |
0.12 |
0.11 |
|
Diluted Normalized EPS |
0.03 |
0.02 |
0.02 |
0.12 |
0.11 |
|
Depreciation, Supplemental |
1.8 |
1.1 |
0.9 |
0.5 |
0.3 |
|
Rental Expense, Supplemental |
1.3 |
1.1 |
- |
- |
- |
|
Current Tax |
- |
- |
- |
4.0 |
2.2 |
|
Current Tax - Total |
- |
- |
- |
4.0 |
2.2 |
|
Deferred tax |
- |
- |
- |
0.2 |
0.0 |
|
Deferred Tax - Total |
- |
- |
- |
0.2 |
0.0 |
|
Income Tax - Total |
- |
- |
- |
4.3 |
2.2 |
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 |
Restated 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 |
Syful Shamsul
Alam & Co |
||
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
||
|
|
|
|
|
|
|
|
Cash in Hand |
13.6 |
13.0 |
8.6 |
32.0 |
24.2 |
|
Balance with Bangladesh Bank & It's Agen |
123.4 |
56.2 |
54.5 |
0.0 |
- |
|
Balance with other Banks in Bangladesh |
33.6 |
40.5 |
15.3 |
98.5 |
67.6 |
|
Balance with other Banks in Outside Bang |
10.5 |
7.6 |
8.6 |
5.0 |
6.0 |
|
Placement with Banks & Other Financial |
111.0 |
91.1 |
77.6 |
0.0 |
- |
|
Investment in Shares & Securities Govt |
35.7 |
25.1 |
14.9 |
10.8 |
10.9 |
|
Investment in Shares & Securities Others |
21.7 |
20.9 |
21.3 |
8.1 |
1.5 |
|
General Investments |
818.5 |
597.9 |
434.7 |
0.0 |
- |
|
Musharaka, Mudaraba, Murabaha, Bai-Muazz |
- |
- |
- |
323.6 |
226.0 |
|
Bills Purchased & Discounted |
117.8 |
60.9 |
85.8 |
60.1 |
63.5 |
|
Fixed Assets |
27.8 |
26.1 |
13.0 |
9.4 |
6.4 |
|
Other Assets |
100.6 |
86.7 |
41.4 |
29.6 |
26.3 |
|
Total Assets |
1,414.2 |
1,026.0 |
775.7 |
577.3 |
432.6 |
|
|
|
|
|
|
|
|
Borrowing from Other Banks, Financial In |
- |
- |
- |
41.9 |
34.8 |
|
Placement from Banks & Other Financial |
57.9 |
45.2 |
46.5 |
0.0 |
- |
|
Mudaraba Savings Deposits |
60.4 |
48.0 |
52.4 |
49.6 |
25.2 |
|
Mudaraba Term Deposits |
766.8 |
521.8 |
358.2 |
233.3 |
182.9 |
|
Mudaraba Short Notice Deposits |
- |
- |
- |
0.0 |
22.7 |
|
Mudaraba Scheme Deposits |
- |
- |
- |
0.0 |
62.5 |
|
Other Mudaraba Deposits |
172.2 |
128.3 |
115.8 |
101.8 |
0.0 |
|
Al-Wadeeah Current & Other Deposits |
130.4 |
102.4 |
93.5 |
61.9 |
50.6 |
|
Bills Payable |
18.0 |
11.1 |
8.8 |
9.1 |
5.4 |
|
Cash Waqf Fund |
0.8 |
0.7 |
0.6 |
0.4 |
0.4 |
|
Other Liabilities |
82.5 |
54.3 |
40.4 |
27.6 |
20.8 |
|
Deferred Tax |
0.0 |
-0.1 |
-0.1 |
0.4 |
0.2 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Liabilities |
1,289.1 |
911.7 |
716.1 |
525.9 |
405.5 |
|
|
|
|
|
|
|
|
Paid-up Capital |
78.7 |
78.1 |
42.4 |
38.9 |
19.0 |
|
Statutory Reserves |
21.2 |
14.3 |
11.2 |
8.1 |
6.0 |
|
Revaluation Reserve |
13.7 |
13.9 |
0.0 |
- |
- |
|
Other Reserves |
- |
- |
- |
0.1 |
0.1 |
|
Retained earnings |
11.5 |
8.0 |
6.0 |
4.3 |
2.0 |
|
General reserve |
0.0 |
0.0 |
- |
- |
- |
|
Total Equity |
125.0 |
114.4 |
59.5 |
51.3 |
27.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,414.2 |
1,026.0 |
775.7 |
577.3 |
432.6 |
|
|
|
|
|
|
|
|
S/O-Fully Paid Ord. Shrs |
703.3 |
703.3 |
657.3 |
592.2 |
288.2 |
|
Total Common Shares Outstanding |
703.3 |
703.3 |
657.3 |
592.2 |
288.2 |
|
Total Capital % |
9.88% |
11.33% |
- |
- |
- |
|
Tier 1 Capital % |
11.55% |
13.07% |
- |
- |
- |
|
Number of Common Shareholders |
78,513 |
92,851 |
- |
- |
- |
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 |
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 |
Syful Shamsul
Alam & Co |
||
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
||
|
|
|
|
|
|
|
|
Cash Receipts |
138.3 |
93.5 |
55.8 |
44.6 |
39.8 |
|
Cash Payments |
-14.7 |
-13.3 |
-10.0 |
-6.6 |
-5.4 |
|
Cash Taxes Paid |
-11.4 |
-8.4 |
-4.4 |
-2.1 |
-2.0 |
|
Investment Income |
2.9 |
2.3 |
4.9 |
0.7 |
1.5 |
|
Fee & Commission |
7.4 |
7.5 |
5.0 |
3.3 |
3.0 |
|
Profit paid on Deposits |
-64.1 |
-61.3 |
-35.0 |
-29.9 |
-30.2 |
|
Receipts from other Operating Activities |
11.4 |
13.9 |
7.1 |
6.1 |
4.7 |
|
Payment from other Operating Activities |
-7.0 |
-5.0 |
-3.6 |
-2.4 |
-1.7 |
|
Trading Securities |
-11.0 |
-29.6 |
-25.0 |
0.0 |
- |
|
Investment to Other Bank |
- |
- |
- |
-6.6 |
-4.3 |
|
Investment to Customers |
-270.2 |
-232.7 |
-145.1 |
-96.0 |
-51.2 |
|
Other Assets |
-1.7 |
-48.0 |
-8.0 |
-1.3 |
-8.3 |
|
Deposits from other Banks |
28.2 |
69.9 |
15.7 |
27.4 |
14.4 |
|
Deposits received from Customers |
271.3 |
228.7 |
167.7 |
81.1 |
50.5 |
|
Other Liabilities |
1.0 |
-1.1 |
-1.3 |
-1.9 |
0.4 |
|
Cash from Operating Activities |
80.4 |
16.4 |
23.8 |
16.3 |
11.2 |
|
|
|
|
|
|
|
|
Proceeds from sale of fixed assets |
0.0 |
0.1 |
0.0 |
- |
- |
|
Capital Expenditure |
-3.1 |
-2.1 |
-4.5 |
-3.4 |
-4.8 |
|
Cash from Investing Activities |
-3.1 |
-1.9 |
-4.5 |
-3.4 |
-4.8 |
|
|
|
|
|
|
|
|
Receipts from Issue of Debt Instruments |
12.2 |
5.7 |
5.5 |
7.2 |
0.0 |
|
Dividend paid in cash |
-8.2 |
0.0 |
- |
- |
- |
|
Receipts from Issue of Rightshares/Ordin |
0.0 |
53.6 |
7.2 |
18.1 |
0.0 |
|
Cash from Financing Activities |
4.0 |
59.3 |
12.6 |
25.4 |
0.0 |
|
|
|
|
|
|
|
|
Net Change in Cash |
81.3 |
73.7 |
31.9 |
38.3 |
6.4 |
|
|
|
|
|
|
|
|
Cash at the Begining of the Period |
208.4 |
156.7 |
134.9 |
97.7 |
91.9 |
|
Cash at the End of the Period |
289.7 |
230.4 |
166.7 |
136.0 |
98.4 |
Financial Health
|
Financials in:
USD (mil) |
|
|
Except for share
items (millions) and per share items (actual units) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Ratios
|
Financials in:
USD (mil) |
|
|
Except for share
items (millions) and per share items (actual units) |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.86 |
|
|
1 |
Rs.103.52 |
|
Euro |
1 |
Rs.85.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.