|
Report Date : |
05.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRUST BANK LIMITED |
|
|
|
|
Registered Office : |
Peoples
Insurance Bhaban 36 Dilkusha C/A (17th Floor), Dhaka, 1000 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
17.07.1999 |
|
|
|
|
Legal Form : |
Public
Independent |
|
|
|
|
Line of Business : |
Subject is a
scheduled commercial bank. It offers a range of banking services, which include
deposit banking, loans and advances, export, import and financing national
and international remittance facilities |
|
|
|
|
No. of Employees : |
1,041 |
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 : |
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 |
TRUST BANK LIMITED
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Trust Bank Limited is a scheduled commercial bank. The Bank offers a range
of banking services, which include deposit banking, loans and advances,
export, import and financing national and international remittance
facilities. The Bank offered 11 retail products, such as home loan (Apon
Nibash), car loan, any purpose loan (APL), household durables loan (HHD),
doctors’ loan, marriage loan, travel loan, CNG conversion loan, advance
against salary, education loan and hospitalization loan. The Bank had 72
branches and seven small and medium enterprise (SME) Service Centers in Bangladesh.
For the nine months ended 30 September 2013, Trust Bank Limited interest
income increased 21% to BDT8.52B. Net interest income after loan loss
provision decreased 18% to BDT1.7B. Net income decreased 51% to BDT418.2M.
Net interest income after loan loss provision reflects decrease in interest
earning assets and increase in interest bearing liabilities. |
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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: |
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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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Bangladesh: Trust Bank Ltd Recommendation of
Dividend |
01-Mar-2014 |
||
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Bangladesh: Trust Bank Ltd Financial Information |
01-Mar-2014 |
||
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Bangladesh: Trust Bank Ltd CB Free |
01-Mar-2014 |
||
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Jail for bank manager and his cronies over £3m
loans scam |
01-Mar-2014 |
||
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'Complex and far-reaching' six-year probe |
01-Mar-2014 |
||
|
Russia political and economic calendar: March 1 -
March 27 |
28-Feb-2014 |
||
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Housing market upturn to increase demand for bridging
lending |
28-Feb-2014 |
||
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Trust Bank to invest 1 bln rubles in Priangarue
Timber Mill in 2014 |
28-Feb-2014 |
||
|
Over 60% of brokers expect housing upturn to boost
bridging lending |
28-Feb-2014 |
||
|
5 major Japanese banks lower housing loan rates for
March |
28-Feb-2014 |
||
|
Mart Resources to increase its existing secured term
loan credit facility |
28-Feb-2014 |
|
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 |
Reclassified 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 |
ACNABIN |
ACNABIN |
Howladar Yunus & Co. |
Howladar Yunus & Co. |
Howladar Yunus & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Interest & Fees on Loans |
106.2 |
91.4 |
68.1 |
58.3 |
53.0 |
|
Interest & Dividends on Investment
Securities |
11.2 |
18.6 |
13.8 |
11.4 |
5.7 |
|
Interest Income, Bank |
117.4 |
110.0 |
81.9 |
69.7 |
58.7 |
|
Interest on Deposit |
82.9 |
72.8 |
46.1 |
45.1 |
35.9 |
|
Total Interest Expense |
82.9 |
72.8 |
46.1 |
45.1 |
35.9 |
|
Net Interest Income |
34.5 |
37.2 |
35.8 |
24.6 |
22.8 |
|
|
|
|
|
|
|
|
Loan Loss Provision |
10.2 |
3.1 |
1.4 |
3.1 |
2.9 |
|
Net Interest Income after Loan Loss Provision |
24.3 |
34.1 |
34.4 |
21.5 |
20.0 |
|
|
|
|
|
|
|
|
Commissions & Fees from Securities
Activities |
7.0 |
8.2 |
6.7 |
5.2 |
4.5 |
|
Other Revenue |
4.4 |
6.0 |
11.7 |
6.0 |
1.9 |
|
Non-Interest Income, Bank |
11.4 |
14.2 |
18.4 |
11.1 |
6.4 |
|
Labor & Related Expenses |
-11.7 |
-10.7 |
-10.1 |
-8.6 |
-5.6 |
|
Depreciation Expense |
-1.6 |
-1.9 |
-1.7 |
-1.3 |
-1.0 |
|
Other Expense |
-10.7 |
-10.0 |
-9.4 |
-6.1 |
-5.4 |
|
Non-Interest Expense, Bank |
-24.0 |
-22.6 |
-21.3 |
-16.0 |
-12.0 |
|
Income Before Tax |
11.6 |
25.7 |
31.6 |
16.7 |
14.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
9.4 |
13.1 |
13.0 |
7.8 |
7.7 |
|
Income After Tax |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
Net Income |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
364.0 |
346.8 |
346.8 |
240.8 |
188.8 |
|
Basic EPS Excl Extraord Items |
0.01 |
0.04 |
0.05 |
0.04 |
0.04 |
|
Basic/Primary EPS Incl Extraord Items |
0.01 |
0.04 |
0.05 |
0.04 |
0.04 |
|
Diluted Net Income |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
Diluted Weighted Average Shares |
364.0 |
346.8 |
346.8 |
240.8 |
188.8 |
|
Diluted EPS Excl Extraord Items |
0.01 |
0.04 |
0.05 |
0.04 |
0.04 |
|
Diluted EPS Incl Extraord Items |
0.01 |
0.04 |
0.05 |
0.04 |
0.04 |
|
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 |
1.2 |
1.4 |
1.4 |
1.1 |
0.8 |
|
Total Special Items |
0.0 |
0.0 |
- |
- |
- |
|
Normalized Income Before Tax |
11.6 |
25.7 |
31.6 |
16.7 |
14.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
- |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
9.4 |
13.1 |
13.0 |
7.8 |
7.7 |
|
Normalized Income After Tax |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.01 |
0.04 |
0.05 |
0.04 |
0.04 |
|
Diluted Normalized EPS |
0.01 |
0.04 |
0.05 |
0.04 |
0.04 |
|
Amort of Intangibles, Supplemental |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Rental Expenses |
1.6 |
1.4 |
1.3 |
1.0 |
0.7 |
|
Advertising Expense, Supplemental |
0.8 |
0.5 |
0.4 |
0.3 |
0.1 |
|
Research & Development Exp, Supplemental |
0.6 |
0.4 |
0.1 |
0.2 |
0.1 |
|
Bank Total Revenue |
45.9 |
51.4 |
54.2 |
35.7 |
29.3 |
|
Current Tax - Domestic |
9.5 |
13.3 |
13.1 |
7.9 |
7.7 |
|
Current Tax - Total |
9.5 |
13.3 |
13.1 |
7.9 |
7.7 |
|
Deferred Tax - Domestic |
-0.1 |
-0.2 |
-0.1 |
0.0 |
-0.1 |
|
Deferred Tax - Total |
-0.1 |
-0.2 |
-0.1 |
0.0 |
-0.1 |
|
Income Tax - Total |
9.4 |
13.1 |
13.0 |
7.8 |
7.7 |
|
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 |
Updated 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 |
ACNABIN |
ACNABIN |
Howladar Yunus & Co. |
Howladar Yunus & Co. |
Howladar Yunus & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Due from Banks |
147.2 |
140.4 |
102.5 |
118.3 |
79.3 |
|
Other Short Term Investments |
144.7 |
17.6 |
0.0 |
51.3 |
4.6 |
|
Securities Held |
145.8 |
94.4 |
95.3 |
116.0 |
61.0 |
|
Total Investment Securities |
145.8 |
94.4 |
95.3 |
116.0 |
61.0 |
|
Other Earning Assets, Total |
290.5 |
112.0 |
95.3 |
167.2 |
65.6 |
|
Net Loans |
705.3 |
645.7 |
588.9 |
455.2 |
384.9 |
|
Buildings |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Machinery/Equipment |
11.1 |
9.4 |
10.2 |
8.7 |
7.1 |
|
Other
Property/Plant/Equipment |
0.2 |
0.2 |
0.3 |
- |
- |
|
Property/Plant/Equipment - Gross |
11.4 |
9.8 |
10.6 |
8.9 |
7.3 |
|
Accumulated Depreciation |
-5.6 |
-4.4 |
-4.5 |
-3.4 |
-2.4 |
|
Property/Plant/Equipment - Net |
5.8 |
5.4 |
6.1 |
5.5 |
5.0 |
|
Other Assets |
37.6 |
37.9 |
35.3 |
36.4 |
24.3 |
|
Other Assets, Total |
37.6 |
37.9 |
35.3 |
36.4 |
24.3 |
|
Total Assets |
1,186.4 |
941.4 |
828.1 |
782.7 |
559.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
11.4 |
6.8 |
9.3 |
9.6 |
8.3 |
|
Accrued Expenses |
- |
- |
- |
1.6 |
0.9 |
|
Interest Bearing Deposits |
1,011.5 |
798.9 |
705.2 |
691.0 |
470.2 |
|
Total Deposits |
1,011.5 |
798.9 |
705.2 |
691.0 |
470.2 |
|
Long Term Debt |
34.9 |
28.7 |
6.5 |
2.2 |
16.4 |
|
Total Long Term Debt |
34.9 |
28.7 |
6.5 |
2.2 |
16.4 |
|
Total Debt |
34.9 |
28.7 |
6.5 |
2.2 |
16.4 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Other Liabilities |
44.2 |
35.3 |
35.4 |
24.0 |
18.1 |
|
Other Liabilities, Total |
44.2 |
35.3 |
35.4 |
24.0 |
18.1 |
|
Total Liabilities |
1,102.1 |
869.8 |
756.5 |
728.4 |
513.9 |
|
|
|
|
|
|
|
|
Common Stock |
42.6 |
32.5 |
31.5 |
26.7 |
22.3 |
|
Common Stock |
42.6 |
32.5 |
31.5 |
26.7 |
22.3 |
|
Additional Paid-In Capital |
30.9 |
22.4 |
23.9 |
20.8 |
15.9 |
|
Retained Earnings (Accumulated Deficit) |
10.9 |
16.8 |
16.2 |
6.7 |
7.1 |
|
Total Equity |
84.4 |
71.7 |
71.6 |
54.2 |
45.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,186.4 |
941.4 |
828.1 |
782.7 |
559.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
345.9 |
346.8 |
289.0 |
240.8 |
200.7 |
|
Total Common Shares Outstanding |
345.9 |
346.8 |
289.0 |
240.8 |
200.7 |
|
Employees |
- |
- |
- |
1,041 |
979 |
|
Number of Common Shareholders |
31,091 |
29,449 |
30,621 |
28,662 |
32,422 |
|
Total Risk-Weighted Capital |
0.9 |
0.9 |
0.9 |
0.5 |
0.4 |
|
Tier 1 Capital % |
9.01% |
7.70% |
7.76% |
10.91% |
11.13% |
|
Total Capital % |
13.06% |
11.30% |
9.09% |
12.66% |
12.81% |
|
Total Long Term Debt, Supplemental |
34.9 |
28.6 |
6.6 |
2.2 |
16.4 |
|
Long Term Debt Maturing within 1 Year |
11.1 |
1.4 |
6.6 |
0.7 |
15.3 |
|
Long Term Debt Maturing in Year 2 |
6.0 |
5.3 |
0.0 |
0.3 |
0.2 |
|
Long Term Debt Maturing in Year 3 |
6.0 |
5.3 |
0.0 |
0.3 |
0.2 |
|
Long Term Debt Maturing in Year 4 |
6.0 |
5.3 |
0.0 |
0.3 |
0.2 |
|
Long Term Debt Maturing in Year 5 |
6.0 |
5.3 |
0.0 |
0.3 |
0.2 |
|
Long Term Debt Maturing in 2-3 Years |
11.9 |
10.6 |
0.0 |
0.5 |
0.4 |
|
Long Term Debt Maturing in 4-5 Years |
11.9 |
10.6 |
0.0 |
0.5 |
0.4 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
6.1 |
0.0 |
0.5 |
0.3 |
|
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 |
ACNABIN |
ACNABIN |
Howladar Yunus & Co. |
Howladar Yunus & Co. |
Howladar Yunus & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
106.4 |
91.1 |
68.6 |
59.0 |
54.5 |
|
Cash Payments |
-79.2 |
-64.2 |
-48.6 |
-41.7 |
-34.5 |
|
Cash Taxes Paid |
-14.3 |
-12.2 |
-9.7 |
-7.4 |
-6.7 |
|
Other Assets |
-42.5 |
-145.5 |
-158.3 |
-79.8 |
-134.2 |
|
Other Liabilities |
206.8 |
202.3 |
31.0 |
221.8 |
83.8 |
|
Other Operating Cash Flow |
0.1 |
9.4 |
14.0 |
6.1 |
2.4 |
|
Changes in Working Capital |
164.4 |
66.1 |
-113.3 |
148.2 |
-48.1 |
|
Cash from Operating Activities |
177.3 |
80.9 |
-103.0 |
158.2 |
-34.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1.7 |
-2.3 |
-2.5 |
-1.7 |
-3.0 |
|
Purchase/Acquisition of Intangibles |
-0.1 |
-0.6 |
-0.1 |
-0.1 |
0.0 |
|
Capital Expenditures |
-1.8 |
-2.8 |
-2.6 |
-1.8 |
-3.0 |
|
Sale of Fixed Assets |
0.1 |
0.7 |
0.5 |
0.1 |
0.0 |
|
Investment, Net |
-50.2 |
-15.2 |
18.9 |
-54.8 |
-10.4 |
|
Other Investing Cash Flow Items, Total |
-50.1 |
-14.5 |
19.4 |
-54.7 |
-10.4 |
|
Cash from Investing Activities |
-51.9 |
-17.3 |
16.8 |
-56.5 |
-13.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
0.0 |
- |
- |
0.0 |
|
Financing Cash Flow Items |
0.0 |
0.0 |
- |
- |
0.0 |
|
Cash Dividends Paid - Common |
-3.3 |
0.0 |
- |
- |
- |
|
Total Cash Dividends Paid |
-3.3 |
0.0 |
- |
- |
- |
|
Sale/Issuance of
Common |
13.0 |
0.0 |
0.0 |
0.0 |
7.5 |
|
Common Stock, Net |
13.0 |
0.0 |
0.0 |
0.0 |
7.5 |
|
Issuance (Retirement) of Stock, Net |
13.0 |
0.0 |
0.0 |
0.0 |
7.5 |
|
Long Term Debt, Net |
-1.9 |
10.3 |
4.4 |
-14.2 |
12.9 |
|
Issuance (Retirement) of Debt, Net |
-1.9 |
10.3 |
4.4 |
-14.2 |
12.9 |
|
Cash from Financing Activities |
7.8 |
10.3 |
4.4 |
-14.2 |
20.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
1.9 |
0.1 |
0.1 |
-0.4 |
|
Net Change in Cash |
133.0 |
75.7 |
-81.7 |
87.5 |
-28.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
134.2 |
72.7 |
159.1 |
72.9 |
101.5 |
|
Net Cash - Ending Balance |
267.2 |
148.4 |
77.3 |
160.4 |
73.3 |
|
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 |
Reclassified 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 |
ACNABIN |
ACNABIN |
ACNABIN |
Howladar Yunus & Co. |
Howladar Yunus & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Interest Income |
106.2 |
91.4 |
68.1 |
58.3 |
53.0 |
|
Income from Investments |
11.2 |
18.6 |
13.8 |
11.4 |
5.7 |
|
Total Revenue |
117.4 |
110.0 |
81.9 |
69.7 |
58.7 |
|
|
|
|
|
|
|
|
Interest Paid on Deposits and Borrowings |
82.9 |
72.8 |
46.1 |
45.1 |
35.9 |
|
Provision for loans and advances |
10.2 |
3.1 |
1.4 |
3.1 |
2.9 |
|
Total Operating Expense |
93.1 |
75.9 |
47.5 |
48.2 |
38.8 |
|
|
|
|
|
|
|
|
Commission, Exchange and Brokerage |
7.0 |
8.2 |
6.7 |
5.2 |
4.5 |
|
Other Operating Income |
4.4 |
6.0 |
11.7 |
6.0 |
1.9 |
|
Salaries and Allowances |
-11.6 |
-10.5 |
-9.9 |
-8.4 |
-5.5 |
|
Rent, Taxes, Insurance, Electricity, etc |
-2.9 |
-2.5 |
-2.2 |
-1.8 |
-1.2 |
|
Legal Expenses |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Postage, Stamps, Telecommunications, etc |
-1.1 |
-0.8 |
-0.6 |
-0.5 |
-0.5 |
|
Stationery, Printing, Advertisement etc. |
-1.5 |
-1.1 |
-0.9 |
-0.7 |
-0.3 |
|
Managing Director's salary and benefits |
-0.1 |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
|
Directors' Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Auditors' Fee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation on Fixed Assets |
-1.6 |
-1.9 |
-1.7 |
-1.3 |
-1.0 |
|
Other Expenses |
-4.7 |
-4.5 |
-4.5 |
-3.1 |
-2.3 |
|
Provision for Diminution in value of Inv |
-0.1 |
-0.9 |
-0.2 |
0.3 |
-0.3 |
|
Other provision |
-0.4 |
-0.1 |
-1.0 |
-0.2 |
-0.7 |
|
Total Non-Interest Revenue |
11.4 |
14.2 |
18.4 |
11.1 |
6.4 |
|
|
|
|
|
|
|
|
Total Non-Interest Expense |
-24.0 |
-22.6 |
-21.3 |
-16.0 |
-12.0 |
|
|
|
|
|
|
|
|
Net Income Before Taxes |
11.6 |
25.7 |
31.6 |
16.7 |
14.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
9.4 |
13.1 |
13.0 |
7.8 |
7.7 |
|
Net Income After Taxes |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
Net Income |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
364.0 |
346.8 |
346.8 |
240.8 |
188.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.01 |
0.04 |
0.05 |
0.04 |
0.04 |
|
Basic EPS Including ExtraOrdinary Items |
0.01 |
0.04 |
0.05 |
0.04 |
0.04 |
|
Diluted Net Income |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
Diluted Weighted Average Shares |
364.0 |
346.8 |
346.8 |
240.8 |
188.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.01 |
0.04 |
0.05 |
0.04 |
0.04 |
|
Diluted EPS Including ExtraOrd Items |
0.01 |
0.04 |
0.05 |
0.04 |
0.04 |
|
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 |
11.6 |
25.7 |
31.6 |
16.7 |
14.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
9.4 |
13.1 |
13.0 |
7.8 |
7.7 |
|
Normalized Income After Taxes |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
2.2 |
12.6 |
18.6 |
8.9 |
6.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.01 |
0.04 |
0.05 |
0.04 |
0.04 |
|
Diluted Normalized EPS |
0.01 |
0.04 |
0.05 |
0.04 |
0.04 |
|
Depreciation, Supplemental |
1.2 |
1.4 |
1.4 |
1.1 |
0.8 |
|
Amort of Intangibles, Supplemental |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Rental Expense, Supplemental |
1.6 |
1.4 |
1.3 |
1.0 |
0.7 |
|
Advertising Expense, Supplemental |
0.8 |
0.5 |
0.4 |
0.3 |
0.1 |
|
Research & Development Exp, Supplemental |
0.6 |
0.4 |
0.1 |
0.2 |
0.1 |
|
Current tax |
9.5 |
13.3 |
13.1 |
7.9 |
7.7 |
|
Current Tax - Total |
9.5 |
13.3 |
13.1 |
7.9 |
7.7 |
|
Deferred tax |
-0.1 |
-0.2 |
-0.1 |
0.0 |
-0.1 |
|
Deferred Tax - Total |
-0.1 |
-0.2 |
-0.1 |
0.0 |
-0.1 |
|
Income Tax - Total |
9.4 |
13.1 |
13.0 |
7.8 |
7.7 |
|
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 |
Updated 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 |
ACNABIN |
ACNABIN |
ACNABIN |
Howladar Yunus & Co. |
Howladar Yunus & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash in hand (including foreign currenci |
25.6 |
13.3 |
7.4 |
6.3 |
4.4 |
|
Balance with Bangladesh Bank and Sonali |
75.4 |
56.4 |
58.5 |
43.3 |
26.6 |
|
Balance with other banks and financial i |
6.9 |
33.8 |
4.5 |
56.8 |
34.8 |
|
Outside Bangladesh |
16.7 |
13.2 |
6.0 |
2.2 |
2.5 |
|
Money at call and short notice |
144.7 |
17.6 |
0.0 |
51.3 |
4.6 |
|
Investments - Government |
145.8 |
94.4 |
95.3 |
116.0 |
61.0 |
|
Investments - Others |
22.6 |
23.7 |
26.2 |
9.7 |
11.0 |
|
Loans, Cash Credit, Overdrafts, etc. |
705.3 |
645.7 |
588.9 |
455.2 |
384.9 |
|
Bills purchased and discounted |
16.4 |
20.9 |
17.9 |
16.4 |
14.5 |
|
Office Building |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Furniture and fixtures |
1.7 |
1.6 |
1.6 |
1.5 |
1.3 |
|
Office equipment |
5.3 |
4.4 |
3.9 |
3.3 |
2.5 |
|
Motor vehicles |
0.7 |
0.6 |
2.0 |
1.8 |
1.5 |
|
Office renovation |
3.4 |
2.9 |
2.7 |
2.1 |
1.9 |
|
Leasehold Land |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accumulated depreciation |
-5.6 |
-4.4 |
-4.5 |
-3.4 |
-2.4 |
|
Trust Bank Investment Limited |
0.2 |
0.2 |
0.3 |
- |
- |
|
Other assets |
21.2 |
17.0 |
17.4 |
20.0 |
9.8 |
|
Total Assets |
1,186.4 |
941.4 |
828.1 |
782.7 |
559.2 |
|
|
|
|
|
|
|
|
Current Deposits |
132.2 |
101.4 |
88.6 |
70.1 |
55.1 |
|
Bills Payable |
11.4 |
6.8 |
9.3 |
8.7 |
7.5 |
|
Savings Bank Deposits |
81.2 |
71.2 |
75.7 |
61.1 |
38.6 |
|
Fixed Deposits |
798.2 |
626.4 |
540.9 |
559.8 |
376.6 |
|
Other deposits |
0.0 |
0.0 |
- |
- |
- |
|
Other liabilities(1) |
44.2 |
35.3 |
35.4 |
24.0 |
18.1 |
|
Accrued Expenses |
- |
- |
- |
1.6 |
0.9 |
|
Audit Fees Payables |
- |
- |
- |
0.0 |
0.0 |
|
Sundry Creditors |
- |
- |
- |
0.9 |
0.8 |
|
Borrowings from other banks, financial i |
34.9 |
28.7 |
6.5 |
2.2 |
16.4 |
|
Total Long Term Debt |
34.9 |
28.7 |
6.5 |
2.2 |
16.4 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Total Liabilities |
1,102.1 |
869.8 |
756.5 |
728.4 |
513.9 |
|
|
|
|
|
|
|
|
Paid up Capital |
42.6 |
32.5 |
31.5 |
26.7 |
22.3 |
|
Share Premium Account |
6.6 |
0.0 |
0.0 |
2.6 |
7.1 |
|
Statutory Reserve |
24.2 |
22.3 |
22.2 |
16.4 |
7.7 |
|
Other Reserve |
0.1 |
0.0 |
1.7 |
1.8 |
1.1 |
|
Retained Earnings |
10.9 |
16.8 |
16.2 |
6.7 |
7.1 |
|
Total Equity |
84.4 |
71.7 |
71.6 |
54.2 |
45.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,186.4 |
941.4 |
828.1 |
782.7 |
559.2 |
|
|
|
|
|
|
|
|
S/O-Fully Paid Ord. Shrs |
345.9 |
346.8 |
289.0 |
240.8 |
200.7 |
|
Total Common Shares Outstanding |
345.9 |
346.8 |
289.0 |
240.8 |
200.7 |
|
Tier 1 Capital % |
9.01% |
7.70% |
7.76% |
10.91% |
11.13% |
|
Total Capital % |
13.06% |
11.30% |
9.09% |
12.66% |
12.81% |
|
Total Risk-Weighted Capital |
888.8 |
876.9 |
896.9 |
480.8 |
397.1 |
|
Full-Time Employees |
- |
- |
- |
1,041 |
979 |
|
Number of Common Shareholders |
31,091 |
29,449 |
30,621 |
28,662 |
32,422 |
|
Long Term Debt Maturing within 1 Year |
11.1 |
1.4 |
6.6 |
0.7 |
15.3 |
|
Long Term Debt Maturing in Year 1-5 |
23.9 |
21.1 |
0.0 |
1.1 |
0.9 |
|
Long Term Debt - Remaining Maturities |
0.0 |
6.1 |
0.0 |
0.5 |
0.3 |
|
Total Long Term Debt, Supplemental |
34.9 |
28.6 |
6.6 |
2.2 |
16.4 |
|
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 |
ACNABIN |
ACNABIN |
ACNABIN |
Howladar Yunus & Co. |
Howladar Yunus & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
106.4 |
91.1 |
68.6 |
59.0 |
54.5 |
|
Cash Payments |
-79.2 |
-64.2 |
-48.6 |
-41.7 |
-34.5 |
|
Dividend receipts |
0.5 |
1.3 |
0.5 |
0.4 |
0.2 |
|
Fees and commission received in cash |
7.3 |
6.3 |
6.7 |
5.0 |
4.8 |
|
Cash paid to employees |
-11.6 |
-11.0 |
-10.0 |
-7.2 |
-5.3 |
|
Cash paid to suppliers |
-0.6 |
-0.7 |
-0.6 |
-0.5 |
-0.3 |
|
Income Taxes paid |
-14.3 |
-12.2 |
-9.7 |
-7.4 |
-6.7 |
|
Income received from other operating act |
14.7 |
22.8 |
25.1 |
14.0 |
7.2 |
|
Expenses paid for other operating activi |
-10.3 |
-9.3 |
-7.7 |
-5.5 |
-4.2 |
|
Net Investment in trading securities |
1.3 |
-1.3 |
-16.9 |
1.3 |
-6.6 |
|
Changes in loan & advance to customers |
-40.0 |
-144.0 |
-143.6 |
-73.2 |
-128.6 |
|
Changes in other operating assets |
-3.7 |
-0.3 |
2.2 |
-7.8 |
1.0 |
|
Changes in deposits received from other |
2.6 |
2.3 |
1.8 |
1.0 |
0.5 |
|
Changes in deposits received from custom |
203.0 |
200.0 |
27.8 |
220.8 |
83.0 |
|
Changes in other liabilities |
1.1 |
-0.1 |
1.3 |
0.1 |
0.3 |
|
Cash from Operating Activities |
177.3 |
80.9 |
-103.0 |
158.2 |
-34.8 |
|
|
|
|
|
|
|
|
Purchase of fixed assets |
-1.7 |
-2.3 |
-2.5 |
-1.7 |
-3.0 |
|
Purchase of intangible assets |
-0.1 |
-0.6 |
-0.1 |
-0.1 |
0.0 |
|
Sale of fixed assets |
0.1 |
0.7 |
0.5 |
0.1 |
0.0 |
|
Decrease/(increase) in investments on go |
-50.2 |
-15.2 |
18.9 |
-54.8 |
-10.4 |
|
Cash from Investing Activities |
-51.9 |
-17.3 |
16.8 |
-56.5 |
-13.4 |
|
|
|
|
|
|
|
|
Call Loan |
0.0 |
0.0 |
0.0 |
-14.6 |
11.4 |
|
Re-purchase Offer (REPO) |
0.0 |
0.0 |
- |
- |
0.0 |
|
Other borrowings |
-1.9 |
10.3 |
4.4 |
0.5 |
1.6 |
|
Share Capital A/c |
6.5 |
0.0 |
0.0 |
0.0 |
3.7 |
|
Share Premium A/c |
6.5 |
- |
- |
0.0 |
3.7 |
|
Dividend paid in cash |
-3.3 |
0.0 |
- |
- |
- |
|
Cash from Financing Activities |
7.8 |
10.3 |
4.4 |
-14.2 |
20.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
1.9 |
0.1 |
0.1 |
-0.4 |
|
Net Change in Cash |
133.0 |
75.7 |
-81.7 |
87.5 |
-28.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
134.2 |
72.7 |
159.1 |
72.9 |
101.5 |
|
Net Cash - Ending Balance |
267.2 |
148.4 |
77.3 |
160.4 |
73.3 |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.90 |
|
UK Pound |
1 |
Rs.103.26 |
|
Euro |
1 |
Rs.85.14 |
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 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.