MIRA
INFORM REPORT
|
Report Date : |
07.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
SOUTHEAST BANK LTD. |
|
|
|
|
Registered Office : |
Eunoos Trade Centre (2nd, 3rd & 16th Floor), 52-53 Dilkusha C/A, Dhaka 1000 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
12.03.1995 |
|
|
|
|
Com. Reg. No.: |
C-27985 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Subject is engaged in the Commercial Banking
Service. |
|
|
|
|
No. of Employees : |
2210 |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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
Bangladesh's economy has
grown roughly 6% per year since 1996 despite political instability, poor
infrastructure, corruption, insufficient power supplies, slow implementation of
economic reforms, and the 2008-09 global financial crisis and recession.
Although more than half of GDP is generated through the service sector, almost
half of Bangladeshis are employed in the agriculture sector with rice as the
single-most-important product. Garment exports, the backbone of Bangladesh’s
industrial sector and 80% of total exports, surpassed $21 billion last year,
18% of GDP. The sector has remained resilient in recent years amidst a series
of factory accidents that have killed over 1,000 workers and crippling strikes
that shut down virtually all economic activity. Steady garment export growth
combined with remittances from overseas Bangladeshis, which totaled almost $15
billion and 13% of GDP IN 2013, are the largest contributors to Bangladesh’s
current account surplus and record foreign exchange holdings.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
IDENTIFICATION DETAILS |
||
|
|
||
|
Correct company Name |
: |
SOUTHEAST BANK LTD. |
|
Head Office |
: |
Eunoos Trade Centre (2nd, 3rd & 16th
Floor), 52-53 Dilkusha C/A, Dhaka 1000, Bangladesh. |
|
Tel No |
: |
880-2-9571115, 7160866, 9555466, 7173793,
9551575 |
|
Fax No |
: |
880-2-9550093 |
|
E-mail |
: |
info@southeastbank.com.bd |
|
Website |
: |
www.southeastbank.com.bd |
|
Date/ Year of Incorporation |
: |
12.03.1995 |
|
Incorporation
No. |
: |
C-27985 |
|
Legal Form (General) |
: |
Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorships Partnership Not Registered others (please specify)
________________ |
|
Legal form (Specific) |
: |
LTD CORP INC CO others (please specify)
________________ |
|
Issuing Authority |
: |
Registrar of
Joint Stock Companies & Firms City Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import & Export (CCIE) |
FINANCIALS- SUMMARY
|
Year |
Turnover/
Sales |
Assets |
Income |
|
31st
December 2012 |
Tk. 17, 368,928,608 |
Tk. 189, 787,508,340 |
Tk. 7, 705,516,401 |
|
Jan 1 to 30
September 2013 (Un-Audited) |
Tk. 14, 162,825,314 |
Tk. 209, 933,219,706 |
Tk. 7, 029,322,896 |
|
Exchange Rate |
USD1-Tk. 77.8200 EUR 1- Tk. 100.2711 GBP 1- Tk.118.5354 AUD 1 - Tk.82.8563 JPY 1 - Tk.0.9286 |
CAD 1 - Tk.80.1887 SEK 1 - Tk.12.2870 SGD 1 - Tk.65.3045 CNH 1 - Tk.12.8399 |
|
FULLCHECK REPORT DETAILS
|
Information Parted By |
||
|
|
|
|
|
Name |
: |
Mr. Muhammad
Shahjahan. |
|
Designation |
: |
Company
Secretary. |
|
Contract No |
: |
- |
|
Locations Details |
||
|
|
||
|
Operating Address |
: |
Eunoos Trade Centre (2nd, 3rd & 16th
Floor), 52-53 Dilkusha C/A, Dhaka 1000, Bangladesh. |
|
Tel No |
: |
880-2-9571115, 7160866, 9555466, 7173793,
9551575 |
|
Fax No |
: |
880-2-9550093 |
|
E-mail |
: |
info@southeastbank.com.bd |
|
Website |
: |
www.southeastbank.com.bd |
|
Location : |
: Owned |
|
|
Rented |
Ö |
|
Leased |
|
Area |
55000 |
Sq. ft. |
|
Type of Office : |
: Commercial Office Bldg. |
Ö |
|
Semi-commercial office Bldg. |
|
|
|
Retail shop |
|
|
Industrial Park |
|
|
|
|
Business Center |
|
|
Home Office |
|
|
|
|
Residential Bldg. |
|
|
|
|
|
|
|
Factory: |
|
|
|
|
|
|
|
Address |
: |
N/A |
|
Tel No |
: |
N/A |
|
Fax No |
: |
N/A |
|
Branches: |
|
|
|
|
|
|
|
No. of Branch |
: |
94 |
|
Employee: |
|
|||||||
|
|
|
|||||||
|
No. of Employees |
In Office |
: |
2210 |
In Factory |
: |
- |
||
|
In Branch: |
: |
- |
Total |
: |
2210 |
|||
|
Details: |
|
|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of
Share |
|
Mr. Alamgir Kabir (FCA) |
1,74,71,117 |
|
Mr. Ragib Ali |
2,53,84,182 |
|
Mr. M. A. Kashem |
1,92,21,010 |
|
Mr. Azim Uddin Ahmed |
2,41,57,843 |
|
Mrs. Jusna Ara Kashem |
1,74,66,215 |
|
Mrs. Duluma Ahmed |
1,81,74,040 |
|
Mrs. Sirat Monira |
1,14,807 |
|
Mr. Md. Akikur Rahman |
1,74,70,221 |
|
Karnaphuli Tea Co. Limited- |
1,54,686 |
|
General Public |
73,36,71,761
|
DIRECTORS
|
Name |
Designation |
|
Mr. Alamgir Kabir |
Chairman |
|
Mr. Ragib Ali |
Vice Chairman |
|
Mr. M. A. Kashem |
Director |
|
Mr. Azim uddin Ahmed |
Director |
|
Mrs. Duluma Ahmed |
Director |
|
Mrs. Jusna Ara Kashem |
Director |
|
Mr. Md. Akikur Rahman |
Director |
|
Mrs. Sirat Monira |
Director |
|
M/S Karnafuli Tea Co. Ltd. Representative by
Mr. Abdul Hye |
Director |
|
Mr. Dr, Zaidi Sattar |
Director |
|
Mr. A. H. M. Moazzem Hossain |
Director |
|
Mr. Shahid Hossain |
Executive Director |
MANAGEMENT
|
Name |
: |
Mr. Shahid
Hossain |
|
Job Description |
: |
Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Mohammed
Gofran |
|
Job Description |
: |
Additional
Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. S.M.Mainuddin
Chowdhury |
|
Job Description |
: |
Deputy Managing
Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Muhammad
Shahjahan. |
|
Job Description |
: |
Company
Secretary. |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS OPERATIONS
|
Nature of Activity : |
Commercial Bank |
Ö |
Trader |
|
Dealer |
|
Distributor |
|
|
|
|
|||||||
|
|
Exporter |
|
Importer |
|
Services |
|
Others |
|
|
Item Dealings
In: |
||
|
|
||
|
Products |
: |
Commercial Banking Service. |
|
Production Capacity |
: |
N/A |
|
Last Year Production |
: |
N/A |
Trading Terms:
|
Purchasing Terms: |
L/C |
N/A |
Cash |
|
Others |
|
|
|||
|
|
Credit : |
|
30 days |
|
60 days |
|
90 days |
|
|
days |
|
Selling Terms : |
L/C |
N/A |
Cash |
|
Others |
|
|
|||
|
|
Credit : |
|
30 days |
|
60 days |
|
90 days |
|
|
days |
DETAILED DATA
|
Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
N/A |
|
||
|
Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
|
||||
|
Trade Markets |
: |
Exports |
: |
N/A |
|
|||||
|
Imports |
: |
N/A |
|
|||||||
|
|
|
|||||||||
|
Brand Name |
: |
N/A |
||||||||
|
Certified |
: |
N/A |
||||||||
|
Auditors |
: |
Rahman Rahman Huq Chartered Accountants |
||||||||
|
Operation Status |
: |
Active. |
||||||||
|
Member |
: |
N/A |
||||||||
CAPITAL STRUCTURE
|
Authorized
Capital |
: |
Tk. 1000 Crore. |
|
||||||
|
Paid-up Capital |
: |
Tk.8,73,28,58,820 |
No. of Shares |
: |
87, 32,85,882 |
Share
Value |
: |
Tk.10.0Each |
|
|
Main Assets |
: |
Tk. 209, 933,219,706 |
|
||||||
FINANCIAL STATEMENT- DETAILED
|
|
||
|
Balance Sheet : |
||
|
|
Currency |
: Tk |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
:31st
December |
|
|
||
|
Income Statement : |
||
|
|
Currency |
: Tk |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
:31st
December |
|
|
||
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
Sister Concerns |
: |
N/A |
|
Subsidiary |
: |
Southest Bank Foundation. Southest Bank Capital Services Limited. Southest Financial Services (UK) limited. |
|
Name of The Group |
: |
N/A |
BANKING
|
Bank Name
|
: |
Sonali Bank Ltd. Agrani Bank Ltd. AB Bank Ltd. The Commercial
Bank of Ceylon Limited. National Bank
Ltd. Janata Bank Ltd. Pubali Bank Ltd. Rupali Bank Ltd. United Commercial
Bank Ltd. Bangladesh Krishi
Bank. Al Arafa Islami
Bank Ltd. The ICB Islami
Bank Ltd. Islami Bank
Bangladesh Ltd. |
ADVERSE DATA MONITORING
|
Dishonored Checks |
:
|
No Record
Found |
|
Debt |
: |
No Record Found |
|
Litigation |
: |
Clear |
|
Performance Defaults |
: |
No Record
Found |
|
Adverse Local Media Coverage/ Adverse Filling History |
: |
No Record Found |
SITE VISIT COMMENTARY
|
Our representative visited the subject company Head Office which is situated
at Eunoos Trade Centre (2nd, 3rd & 16th Floor), 52-53 Dilkusha C/A,
Dhaka-1000, Bangladesh. |
GENERAL COMMENTS
Subject is
Bangladesh’s leading Commercial bank engaged in Commercial banking services.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.32 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.84.19 |
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.