MIRA INFORM REPORT

Report Date :

15.03.2014

IDENTIFICATION DETAILS

Name :	UNITED COMMERCIAL BANK LTD
Registered Office :	Bulus Center, Plot - CWS- (A)-1, Road No – 34, Gulshan Avenue, Dhaka, 1212
Country :	Bangladesh
Financials (as on) :	31.12.2012
Date of Incorporation :	26.06.1983
Legal Form :	Public Independent Company
Line of Business :	Subject is engaged in all kinds of commercial banking activities/services to its customers through its branches and electronic delivery channels in Bangladesh. Subject products and services includes UCB multi-millionaire, UCB money maximizer, UCB earning plus, UCB DPS plus, western union money transfer, short message service banking service, online service, credit card, one stop service, time deposit scheme, monthly savings scheme, deposit insurance scheme, inward and outward remittances, travelers cheques, import finance, export finance, working capital finance, loan syndication, and underwriting and bridge financing.
No. of Employees :	3,374

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Bangladesh	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
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

UNITED COMMERCIAL BANK LTD

Bulus Center
Plot - CWS- (A)-1, Road No - 34
Gulshan Avenue
Dhaka, 1212
Bangladesh
Tel:	880-2-8852500
Fax:	880-2-8852504
www.ucbl.com

Employees:

3,374

Company Type:

Public Independent

Traded:

Dhaka Stock Exchange:

UCBL

Incorporation Date:

26-Jun-1983

Auditor:

Syful Shamsul Alam & Co

Financials in:	USD (Millions)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Bangladesh Taka
Annual Sales:	124.3 ^1
Net Income:	19.4
Total Assets:	2,552.3 ^2
Market Value:	297.1
	(13-Feb-2014)

Business Description

United Commercial Bank Ltd (UCB) is engaged in all kinds of commercial banking activities/services to its customers through its branches and electronic delivery channels in Bangladesh. Its products and services includes UCB multi millionaire, UCB money maximizer, UCB earning plus, UCB DPS plus, western union money transfer, short message service banking service, online service, credit card, one stop service, time deposit scheme, monthly savings scheme, deposit insurance scheme, inward and outward remittances, travelers cheques, import finance, export finance, working capital finance, loan syndication, and underwriting and bridge financing. As of December 31, 2009, UCB had 98 branches, which includes Dhaka division has 38 branches, Chittagong division has 32 branches, Sylhet division has 11 branches, Rajshahi division has nine branches, Khulna division has seven branches and Barisal division has one branch. In October 2009, it launched its own automated teller machine and debit card. For the six months ended 30 June 2013, United Commercial Bank Ltd interest income increased 12% to BDT11.16B. Net interest income after loan loss provision decreased 3% to BDT2.44B. Net income increased 68% to BDT1.06B. Net interest income after loan loss provision reflects decrease in interest earning assets and increase in interest bearing liabilities.

Industry

Industry	Banking
ANZSIC 2006:	6221 - Banking
ISIC Rev 4:	6419 - Other monetary intermediation
NACE Rev 2:	6419 - Other monetary intermediation
NAICS 2012:	52211 - Commercial Banking
UK SIC 2007:	64191 - Banks
US SIC 1987:	6029 - Commercial Banks, Not Elsewhere Classified

Key Executives

Name	Title
Mohammad Shawkat Jamil	Deputy Managing Director
Mohammad Abdul Abdullah	Deputy Managing Director-HRM & Organization
Akhtaruzzaman Chowdhury	Chairman
Showkat Aziz Russell	Vice Chairman
Shabbir Ahmed	Director

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Debt to Equity (MRQ)	0.11
Sales 5 Year Growth	37.39	11.33
Net Profit Margin (TTM) %	17.44	42.82
Return on Assets (TTM) %	1.01	5.01
Return on Equity (TTM) %	11.87	3.28

Stock Snapshot

Traded: Dhaka Stock Exchange: UCBL

As of 13-Feb-2014

   Financials in: BDT

Recent Price	27.60	EPS	1.90
52 Week High	32.40	Price/Sales	2.27
52 Week Low	15.20	Dividend Rate	1.00
Avg. Volume (mil)	3.49	Price/Earnings	7.10
Market Value (mil)	23,090.48	Price/Book	1.27

	Price % Change	Rel S&P 500%
4 Week	-2.47%
13 Week	12.65%
52 Week	15.48%
Year to Date	9.96%

1 - Profit & Loss Item Exchange Rate: USD 1 = BDT 81.86564

2 - Balance Sheet Item Exchange Rate: USD 1 = BDT 81.2

Corporate Overview

Location
Bulus Center
Plot - CWS- (A)-1, Road No - 34
Gulshan Avenue
Dhaka, 1212
Bangladesh

Tel:	880-2-8852500
Fax:	880-2-8852504

www.ucbl.com

Quote Symbol - Exchange
UCBL - Dhaka Stock Exchange
Sales BDT(mil):	10,177.7
Assets BDT(mil):	207,244.4
Employees:	3,374
Fiscal Year End:	31-Dec-2012

Industry:	Commercial Banks

Incorporation Date:	26-Jun-1983
Company Type:	Public Independent
Quoted Status:	Quoted

Chairman:	Akhtaruzzaman Chowdhury

Industry Codes

ANZSIC 2006 Codes:
6221	-	Banking

ISIC Rev 4 Codes:
6419	-	Other monetary intermediation

NACE Rev 2 Codes:
6419	-	Other monetary intermediation

NAICS 2012 Codes:
52211	-	Commercial Banking

US SIC 1987:
6029	-	Commercial Banks, Not Elsewhere Classified

UK SIC 2007:
64191	-	Banks

Business Description

United Commercial Bank Ltd (UCB) is engaged in all kinds of commercial banking activities/services to its customers through its branches and electronic delivery channels in Bangladesh. Its products and services includes UCB multi millionaire, UCB money maximizer, UCB earning plus, UCB DPS plus, western union money transfer, short message service banking service, online service, credit card, one stop service, time deposit scheme, monthly savings scheme, deposit insurance scheme, inward and outward remittances, travelers cheques, import finance, export finance, working capital finance, loan syndication, and underwriting and bridge financing. As of December 31, 2009, UCB had 98 branches, which includes Dhaka division has 38 branches, Chittagong division has 32 branches, Sylhet division has 11 branches, Rajshahi division has nine branches, Khulna division has seven branches and Barisal division has one branch. In October 2009, it launched its own automated teller machine and debit card. For the six months ended 30 June 2013, United Commercial Bank Ltd interest income increased 12% to BDT11.16B. Net interest income after loan loss provision decreased 3% to BDT2.44B. Net income increased 68% to BDT1.06B. Net interest income after loan loss provision reflects decrease in interest earning assets and increase in interest bearing liabilities.

More Business Descriptions

Commercial banking services

Banking Services

Financial Data

Financials in:	BDT(mil)
Revenue:	10,177.7
Net Income:	1,585.2
Assets:	207,244.4
Long Term Debt:	1,200.0
Total Liabilities:	189,077.5
Date of Financial Data:	31-Dec-2012

1 Year Growth

9.5%

-46.2%

22.9%

Key Corporate Relationships

Auditor:	Syful Shamsul Alam & Co
Auditor:	Syful Shamsul Alam & Co, Syful Shamsul Alam & Co

Executives Report

Board of Directors

Name	Title	Function
Akhtaruzzaman Chowdhury	Chairman	Chairman
Showkat Aziz Russell	Vice Chairman	Vice-Chairman
Emran Ahmed	Director	Director/Board Member
Shabbir Ahmed	Director	Director/Board Member
Yunus Ahmed	Director	Director/Board Member
Bazal Ahmed	Director	Director/Board Member
Setara Begum	Director	Director/Board Member
Rezia Begum	Director	Director/Board Member
Ahmed Arif Billah	Director	Director/Board Member
Nurul Islam Chowdhury	Director	Director/Board Member
Saifuzzaman Chowdhury	Director	Director/Board Member
Riyadh Zafar Chowdhury	Director	Director/Board Member
M A Hashem	Director	Director/Board Member
Kazi Enamul Hoque	Director	Director/Board Member
Nur Uddin Javed	Director	Director/Board Member
M A Kalam	Director	Director/Board Member
Nasim Kalam	Director	Director/Board Member
Tanvir Khan	Director	Director/Board Member
Md Jahangir Alam Khan	Director	Director/Board Member
M A Sabur	Director	Director/Board Member
Sharif Zahir	Director	Director/Board Member
Education: University of Texas at Austin , USA, Finance Economics

Executives

Name	Title	Function
Mohammad Shahed Jalal Chowdhury	Deputy Managing Director-Internal Compliance & Control Division	Division Head Executive
Mohammad Abdul Abdullah	Deputy Managing Director-HRM & Organization	Managing Director
M. Shahjahan Bhuiyan	Managing Director	Managing Director
Mohammad Shawkat Jamil	Deputy Managing Director	Managing Director
AE Abdul Muhaimen	Additional Managing Director	Managing Director
Mirza Mahmud Rafiqur Rahman	Deputy Managing Director & Secretary	Managing Director
Mamun-Ur Rashid	Deputy Managing Director	Managing Director

Significant Developments

United Commercial Bank Ltd Announces Purchase Of Floor Space

Aug 14, 2013

United Commercial Bank Ltd announced that it has executed a registered BAINANAMA for purchase of floor space measuring about 6,710 sft. (Ground, 1st & 2nd floor) with 3 (Three) car parking space at the Basement of Aerial Legend Centre, 1080, CDA Avenue, East Nasirabad (G.E.C.), Chittagong along with undivided and undemarcated proportionate area of land measuring 0.78 Katha equivalent to 1.31 decimal (approx.) at Mouza, East Nasirabd, Panchiaish, Chittagong with all common right and facilities at a cost of BDT127,490,000 only excluding registration cost and other charges/fees for use of the bank.

Credit Rating Information and Services Limited Announces Rating A+ To United Commercial Bank Ltd

Jul 03, 2013

Credit Rating Information and Services Limited (CRISL) has rated United Commercial Bank Ltd as A+ in the long term and ST-2 in the short term in consideration of financials of the Company up to December 31, 2012 (audited) and other relevant quantitative as well as qualitative information up to the date of rating declaration.

United Commercial Bank Ltd Recommends Cash Dividend

May 02, 2013

United Commercial Bank Ltd announced that the Board of Directors has recommended cash dividend at 10% (i.e. BDT1.00 per share of BDT10.00 each) for the year ended on December 31, 2012. Record date on May 13, 2013.

United Commercial Bank Ltd Announces Acquisition Of Property

Mar 10, 2013

United Commercial Bank Ltd announced that it has executed a registered Bainanama for purchasing of floor space measuring about 7,000 sft. (aprox.) in the Ground and mezzanine floor with 4 car parking space at Basement along with proportionate undivided undemarcated share of proportionate land measuring 2.69 Decimal out of total land area of 26.91 Decimal at a cost of BDT112,900,000 only excluding the registration cost and other charges/fees for the use of the Bank at Mans Trade Center situated at Patarghata, Chittagong Collector, Kotowali ,Chittagong.

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 31-Dec-2012	Reclassified Normal 31-Dec-2012	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
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	M.J.Abedin & Co.	M.J.Abedin & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Interest & Fees on Loans	260.4	207.3	136.0	100.9	83.8
Interest Income, Bank	260.4	207.3	136.0	100.9	83.8
Interest on Deposit	179.3	135.7	77.8	62.1	53.8
Interest on Other Borrowings	0.3	2.1	3.2	0.9	0.7
Total Interest Expense	179.6	137.8	80.9	63.0	54.5
Net Interest Income	80.8	69.5	55.1	37.9	29.3
Loan Loss Provision	24.7	10.8	15.8	22.9	14.4
Net Interest Income after Loan Loss Provision	56.1	58.7	39.3	15.0	14.9
Fees & Commissions from Operations	17.5	21.0	19.5	16.2	16.6
Investment Securities Gains	17.3	24.8	28.3	14.0	9.8
Other Unusual Income	0.0	0.0	0.0	0.0	0.0
Other Revenue	8.7	10.2	9.9	7.1	4.3
Non-Interest Income, Bank	43.5	56.0	57.7	37.3	30.6
Labor & Related Expenses	-29.1	-24.3	-26.0	-19.2	-16.6
Depreciation Expense	-4.1	-3.2	-2.4	-1.6	-1.4
Other Unusual Expense	0.0	0.0	0.0	0.0	-0.1
Other Expense	-20.7	-17.3	-16.4	-9.2	-6.1
Non-Interest Expense, Bank	-53.9	-44.9	-44.9	-29.9	-24.2
Income Before Tax	45.7	69.9	52.2	22.3	21.3
Total Income Tax	26.3	30.1	20.8	8.8	10.2
Income After Tax	19.4	39.8	31.3	13.5	11.2
Net Income Before Extraord Items	19.4	39.8	31.3	13.5	11.2
Net Income	19.4	39.8	31.3	13.5	11.2
Income Available to Common Excl Extraord Items	19.4	39.8	31.3	13.5	11.2
Income Available to Common Incl Extraord Items	19.4	39.8	31.3	13.5	11.2
Basic/Primary Weighted Average Shares	836.6	836.6	759.3	7.8	7.8
Basic EPS Excl Extraord Items	0.02	0.05	0.04	1.73	1.43
Basic/Primary EPS Incl Extraord Items	0.02	0.05	0.04	1.73	1.43
Diluted Net Income	19.4	39.8	31.3	13.5	11.2
Diluted Weighted Average Shares	836.6	836.6	759.3	46.7	46.7
Diluted EPS Excl Extraord Items	0.02	0.05	0.04	0.29	0.24
Diluted EPS Incl Extraord Items	0.02	0.05	0.04	0.29	0.24
Dividends per Share - Common Stock Primary Issue	0.01	0.01	0.00	0.00	0.00
Gross Dividends - Common Stock	-	19.7	0.0	0.0	0.0
Depreciation, Supplemental	4.1	2.5	1.8	1.1	1.0
Total Special Items	0.0	-0.1	0.0	0.0	0.1
Normalized Income Before Tax	45.7	69.8	52.2	22.3	21.4
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	26.3	30.1	20.8	8.8	10.2
Normalized Income After Tax	19.4	39.7	31.3	13.5	11.2
Normalized Inc. Avail to Com.	19.4	39.7	31.3	13.5	11.2
Basic Normalized EPS	0.02	0.05	0.04	1.73	1.43
Diluted Normalized EPS	0.02	0.05	0.04	0.29	0.24
Amort of Intangibles, Supplemental	-	0.2	0.2	0.2	-
Rental Expenses	7.8	4.4	4.1	2.7	1.8
Advertising Expense, Supplemental	1.0	1.2	1.0	0.7	0.6
Bank Total Revenue	124.3	125.5	112.8	75.2	59.9
Current Tax - Domestic	26.3	30.1	18.5	8.7	10.1
Current Tax - Total	26.3	30.1	18.5	8.7	10.1
Deferred Tax - Domestic	0.0	0.0	2.3	0.1	0.1
Deferred Tax - Total	0.0	0.0	2.3	0.1	0.1
Income Tax - Total	26.3	30.1	20.8	8.8	10.2
Defined Contribution Expense - Domestic	-	0.9	0.9	0.7	-
Total Pension Expense	-	0.9	0.9	0.7	-

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 31-Dec-2012	Reclassified Normal 31-Dec-2012	Reclassified Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008
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	M.J.Abedin & Co.	M.J.Abedin & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Due from Banks	345.9	266.9	184.1	192.4	132.4
Other Short Term Investments	327.6	238.4	215.3	134.9	104.5
Other Earning Assets, Total	327.6	238.4	215.3	134.9	104.5
Net Loans	1,635.1	1,377.8	1,293.9	873.3	613.9
Buildings	14.5	7.5	8.3	4.2	1.5
Land/Improvements	27.2	20.8	9.6	9.8	9.1
Machinery/Equipment	26.3	20.2	17.5	10.7	9.0
Construction in Progress	7.4	0.0	-	-	-
Property/Plant/Equipment - Gross	75.4	48.5	35.4	24.7	19.6
Accumulated Depreciation	-12.5	-9.3	-8.3	-6.6	-5.6
Property/Plant/Equipment - Net	62.9	39.2	27.1	18.2	14.0
Intangibles - Gross	1.5	1.0	0.8	0.7	0.5
Intangibles, Net	1.5	1.0	0.8	0.7	0.5
Other Assets	179.4	138.2	120.3	86.9	75.0
Other Assets, Total	179.4	138.2	120.3	86.9	75.0
Total Assets	2,552.3	2,061.5	1,841.4	1,306.4	940.3
Accounts Payable	31.6	27.8	36.1	14.1	14.9
Accrued Expenses	39.9	30.9	19.1	16.6	20.1
Interest Bearing Deposits	1,643.0	1,293.4	1,137.4	794.9	545.8
Total Deposits	2,066.1	1,674.3	1,566.9	1,108.2	775.8
Dividends Payable	0.0	0.0	0.0	0.0	0.0
Income Taxes Payable	107.0	79.9	61.8	44.2	58.0
Other Current liabilities, Total	107.0	79.9	61.8	44.2	58.0
Long Term Debt	14.8	0.0	0.0	7.9	0.0
Total Long Term Debt	14.8	0.0	0.0	7.9	0.0
Total Debt	14.8	0.0	0.0	7.9	0.0
Deferred Income Tax - LT Liability	2.2	2.2	2.6	0.3	0.2
Deferred Income Tax	2.2	2.2	2.6	0.3	0.2
Minority Interest	0.0	0.0	0.0	0.0	-
Other Liabilities	66.9	51.2	44.1	32.7	7.7
Other Liabilities, Total	66.9	51.2	44.1	32.7	7.7
Total Liabilities	2,328.5	1,866.4	1,730.5	1,224.1	876.7
Common Stock	103.0	88.9	41.3	4.3	4.3
Common Stock	103.0	88.9	41.3	4.3	4.3
Additional Paid-In Capital	17.9	17.8	0.0	-	-
Retained Earnings (Accumulated Deficit)	64.2	68.4	58.2	65.5	52.3
Unrealized Gain (Loss)	38.5	20.0	11.4	12.6	7.0
Translation Adjustment	0.0	0.0	0.0	-	-
Other Equity, Total	0.0	0.0	0.0	-	-
Total Equity	223.7	195.1	110.9	82.4	63.6
Total Liabilities & Shareholders’ Equity	2,552.3	2,061.5	1,841.4	1,306.4	940.3
Shares Outstanding - Common Stock Primary Issue	836.6	836.6	759.3	7.8	7.8
Total Common Shares Outstanding	836.6	836.6	759.3	7.8	7.8
Employees	3,374	2,982	2,738	2,508	2,292
Number of Common Shareholders	133,754	130,175	72,793	10,337	10,337
Total Risk-Weighted Capital	-	0.2	0.1	0.1	0.1
Tier 1 Capital %	8.45%	9.20%	4.87%	7.39%	8.44%
Total Capital %	10.37%	10.87%	6.31%	9.22%	10.34%
Total Long Term Debt, Supplemental	14.8	-	-	7.9	0.0
Long Term Debt Maturing within 1 Year	14.8	-	-	7.9	0.0
Long Term Debt Maturing in Year 2	0.0	-	-	0.0	0.0
Long Term Debt Maturing in Year 3	0.0	-	-	0.0	0.0
Long Term Debt Maturing in Year 4	0.0	-	-	0.0	0.0
Long Term Debt Maturing in Year 5	0.0	-	-	0.0	0.0
Long Term Debt Maturing in 2-3 Years	0.0	-	-	0.0	0.0
Long Term Debt Maturing in 4-5 Years	0.0	-	-	0.0	0.0
Long Term Debt Matur. in Year 6 & Beyond	0.0	-	-	0.0	0.0

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 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
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	M.J.Abedin & Co.	M.J.Abedin & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	276.6	224.3	150.4	111.6	92.0
Cash Payments	-179.6	-137.8	-80.9	-63.0	-54.5
Other Assets	-344.3	-370.1	-545.1	-315.5	-141.4
Other Liabilities	403.3	385.9	512.8	340.7	194.4
Other Operating Cash Flow	-52.7	-22.1	-11.7	-13.4	-11.5
Changes in Working Capital	6.4	-6.4	-44.0	11.8	41.5
Cash from Operating Activities	103.4	80.1	25.4	60.3	78.9
Purchase of Fixed Assets	-26.9	-20.6	-11.5	-5.7	-9.5
Capital Expenditures	-26.9	-20.6	-11.5	-5.7	-9.5
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.1
Investment, Net	-4.2	1.3	-	0.0	0.0
Purchase of Investments	-	-	-11.1	-1.8	-2.6
Other Investing Cash Flow Items, Total	-4.2	1.3	-11.0	-1.8	-2.6
Cash from Investing Activities	-31.1	-19.3	-22.5	-7.5	-12.1
Total Cash Dividends Paid	-10.7	-	-	-	-
Sale/Issuance of Common	0.0	59.0	0.0	-	-
Common Stock, Net	0.0	59.0	0.0	-	-
Issuance (Retirement) of Stock, Net	0.0	59.0	0.0	-	-
Long Term Debt Issued	14.7	-	-	8.0	0.0
Long Term Debt Reduction	-	0.0	-7.9	0.0	-4.7
Long Term Debt, Net	14.7	0.0	-7.9	8.0	-4.7
Issuance (Retirement) of Debt, Net	14.7	0.0	-7.9	8.0	-4.7
Cash from Financing Activities	4.0	59.0	-7.9	8.0	-4.7
Foreign Exchange Effects	-	-	-	0.0	0.0
Net Change in Cash	76.2	119.8	-5.0	60.8	62.2
Net Cash - Beginning Balance	266.8	175.2	191.4	132.2	70.9
Net Cash - Ending Balance	343.1	295.0	186.4	193.0	133.0
Depreciation	-	-	-	1.2	1.0

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 31-Dec-2012	Reclassified Normal 31-Dec-2012	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
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	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Interest Income	260.4	207.3	136.0	100.9	83.8
Total Revenue	260.4	207.3	136.0	100.9	83.8
Interest on Deposits	179.3	135.7	77.8	62.1	53.8
Interest Paid on Borrowings	0.3	2.1	3.2	0.9	0.7
Loan Loss Provision	24.7	10.8	15.8	22.9	14.4
Total Operating Expense	204.3	148.6	96.7	85.9	68.9
Income from Investment	17.3	24.8	28.3	14.0	9.8
Commision, Exchange & Brokarage	17.5	21.0	19.5	16.2	16.6
Other Operating Income	8.7	10.2	9.9	7.1	4.3
Gain on Sale of Assets	0.0	0.1	0.0	0.0	0.0
Salary & Allowance	-28.9	-24.1	-25.8	-19.0	-16.5
Rent, Taxes, Insurance, Lighting, etc.	-7.8	-6.1	-5.4	-3.6	-1.8
Legal Expense	-0.1	-0.1	-0.2	-0.1	-0.2
Postage, Stamp, Telegram, Telephone etc.	-1.1	-0.9	-0.8	-0.7	-0.5
Stationary, Printing, Advertisement, etc	-2.6	-2.7	-2.3	-1.4	-1.2
Chief Executive's Salary & Fees	-0.1	-0.1	-0.1	-0.1	-0.1
Directors' Fees & Other Expense	-0.1	-0.1	-0.1	-0.1	-0.1
Auditors Fee	0.0	0.0	0.0	0.0	0.0
Depreciation & Repair of Fixed Assets	-4.1	-3.2	-2.4	-1.6	-1.4
Loss on Sale of Assets	0.0	0.0	0.0	0.0	0.0
Written off of Assets	0.0	0.0	0.0	0.0	-0.1
Other Expenses	-9.1	-7.6	-7.8	-3.3	-2.5
Total Non-Interest Revenue	43.5	56.0	57.7	37.3	30.6
Total Non-Interest Expense	-53.9	-44.9	-44.9	-29.9	-24.2
Net Income Before Taxes	45.7	69.9	52.2	22.3	21.3
Provision for Income Taxes	26.3	30.1	20.8	8.8	10.2
Net Income After Taxes	19.4	39.8	31.3	13.5	11.2
Net Income Before Extra. Items	19.4	39.8	31.3	13.5	11.2
Net Income	19.4	39.8	31.3	13.5	11.2
Income Available to Com Excl ExtraOrd	19.4	39.8	31.3	13.5	11.2
Income Available to Com Incl ExtraOrd	19.4	39.8	31.3	13.5	11.2
Basic Weighted Average Shares	836.6	836.6	759.3	7.8	7.8
Basic EPS Excluding ExtraOrdinary Items	0.02	0.05	0.04	1.73	1.43
Basic EPS Including ExtraOrdinary Items	0.02	0.05	0.04	1.73	1.43
Diluted Net Income	19.4	39.8	31.3	13.5	11.2
Diluted Weighted Average Shares	836.6	836.6	759.3	46.7	46.7
Diluted EPS Excluding ExtraOrd Items	0.02	0.05	0.04	0.29	0.24
Diluted EPS Including ExtraOrd Items	0.02	0.05	0.04	0.29	0.24
DPS-Fully Paid Ord. Shrs	0.01	0.01	0.00	0.00	0.00
Gross Dividends - Common Stock	-	19.7	0.0	0.0	0.0
Normalized Income Before Taxes	45.7	69.8	52.2	22.3	21.4
Inc Tax Ex Impact of Sp Items	26.3	30.1	20.8	8.8	10.2
Normalized Income After Taxes	19.4	39.7	31.3	13.5	11.2
Normalized Inc. Avail to Com.	19.4	39.7	31.3	13.5	11.2
Basic Normalized EPS	0.02	0.05	0.04	1.73	1.43
Diluted Normalized EPS	0.02	0.05	0.04	0.29	0.24
Depreciation, Supplemental	4.1	2.5	1.8	1.1	1.0
Amort of Intangibles, Supplemental	-	0.2	0.2	0.2	-
Rental Expense, Supplemental	7.8	4.4	4.1	2.7	1.8
Advertising Expense, Supplemental	1.0	1.2	1.0	0.7	0.6
Current Tax	26.3	30.1	18.5	8.7	10.1
Current Tax - Total	26.3	30.1	18.5	8.7	10.1
Deferred Tax	0.0	0.0	2.3	0.1	0.1
Deferred Tax - Total	0.0	0.0	2.3	0.1	0.1
Income Tax - Total	26.3	30.1	20.8	8.8	10.2
Provident fund	-	0.9	0.9	0.7	-
Total Pension Expense	-	0.9	0.9	0.7	-

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 31-Dec-2012	Reclassified Normal 31-Dec-2012	Reclassified Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008
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	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash in Hand	32.2	21.5	22.9	17.7	11.6
Balance with Balngladesh Bank & Sonali B	167.4	137.8	119.4	83.4	57.3
Balance with Other Banks & Fin Insti.- B	42.8	39.2	18.1	25.4	54.9
Balance with Other Banks & Fin Insti.- O	15.2	6.5	7.8	9.5	6.7
Money at Call & Short Notice	88.2	62.0	15.9	56.3	1.9
Investment- Government	266.7	199.2	176.1	113.8	89.3
Investment- Others	61.0	39.1	39.2	21.2	15.2
Loans, Cash Credit & Overdraft etc.	1,635.1	1,377.8	1,293.9	873.3	613.9
Bills Purchased & Discounted	40.7	33.8	33.7	17.4	31.1
Immovable Properties (Land)	27.2	20.8	9.6	9.8	9.1
Immovable Properties (Buildings)	14.5	7.5	8.3	4.2	1.5
Furniture & Fixture	9.3	6.9	5.4	3.1	2.7
Office Equipments	7.0	5.5	4.6	3.0	2.3
Computer & Equipments	5.6	4.8	5.0	3.1	2.6
Banks Car/ Scooter/ Vehicle	4.4	3.0	2.5	1.5	1.5
Capital expenditure WIP	7.4	0.0	-	-	-
Computer Software	1.5	1.0	0.8	0.7	0.5
Accumulated depreciation	-12.5	-9.3	-8.3	-6.6	-5.6
Other Assets	138.7	104.4	86.6	69.5	43.9
Total Assets	2,552.3	2,061.5	1,841.4	1,306.4	940.3
Current Deposit & Other Accounts	223.3	197.4	230.4	150.2	101.4
Bills Payable	31.6	27.8	36.1	14.1	14.9
Saving Bank Deposits	199.8	183.6	199.1	163.0	128.6
Term Deposit	1,643.0	1,293.4	1,137.4	794.9	545.8
Borrowings from Other Banks, Financial I	14.8	0.0	0.0	7.9	0.0
Total Long Term Debt	14.8	0.0	0.0	7.9	0.0
Provision for Taxation	107.0	79.9	61.8	44.2	58.0
Deferred Tax Liability	2.2	2.2	2.6	0.3	0.2
Dividend Payable	0.0	0.0	0.0	0.0	0.0
Interest Payable	39.9	30.9	19.1	16.6	20.1
Other Liabilities	66.9	51.2	44.1	32.7	7.7
Non controlling Interest	0.0	0.0	0.0	0.0	-
Total Liabilities	2,328.5	1,866.4	1,730.5	1,224.1	876.7
Paid up Capital	103.0	88.9	41.3	4.3	4.3
Share Premium	17.9	17.8	0.0	-	-
Statutory Reserve	53.5	43.9	36.3	26.5	22.1
General Reserve	0.3	0.3	1.3	5.2	5.3
Assets Revaluation Reserve	31.2	18.1	6.5	6.6	6.6
Currency Translation Reserve	0.0	0.0	0.0	-	-
Revaluation Reserve (HTM & HFT)	5.9	1.8	1.1	0.6	0.2
Revaluation Reserve - HFT	1.4	0.1	3.7	5.3	0.2
Retained Earnings- P/L Account	10.4	24.1	20.6	33.8	24.9
Total Equity	223.7	195.1	110.9	82.4	63.6
Total Liabilities & Shareholders' Equity	2,552.3	2,061.5	1,841.4	1,306.4	940.3
S/O-Fully Paid Ord. Shrs	836.6	836.6	759.3	7.8	7.8
Total Common Shares Outstanding	836.6	836.6	759.3	7.8	7.8
Tier 1 Capital %	8.45%	9.20%	4.87%	7.39%	8.44%
Total Capital %	10.37%	10.87%	6.31%	9.22%	10.34%
Total Risk-Weighted Capital	-	206.2	128.9	87.1	69.5
Full-Time Employees	3,374	2,982	2,738	2,508	2,292
Number of Common Shareholders	133,754	130,175	72,793	10,337	10,337
Long Term Debt Maturing within 1 Year	14.8	-	-	7.9	0.0
Long Term Debt Maturing in Year 5	0.0	-	-	0.0	0.0
Total Long Term Debt, Supplemental	14.8	-	-	7.9	0.0

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 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
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	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Interest Receipts	276.6	224.3	150.4	111.6	92.0
Interest Payments	-179.6	-137.8	-80.9	-63.0	-54.5
Dividend Receipts	1.5	2.2	1.1	0.1	0.5
Fees & Commision Receipts	12.0	14.4	12.2	9.3	9.2
Recoveries on Previously Written off Adv	1.2	2.0	2.0	1.0	0.1
Payment to Employees	-29.0	-24.2	-25.9	-19.2	-16.6
Payment to Suppliers	-11.5	-9.7	-8.4	-5.7	-3.5
Payment for Advance Income Tax	-29.4	-18.4	-12.2	-11.4	-11.0
Receipt from Other Activities	12.7	20.5	28.2	16.2	12.8
Payment for Other Activities	-10.2	-8.8	-8.6	-3.8	-3.1
Statutory Deposits	-80.4	-52.5	-65.4	-25.0	-18.0
Purchase/ Sales of Trading Securities	-2.1	-7.3	-5.4	-4.2	-3.9
Loans & Advances to Customers	-257.9	-298.8	-468.0	-271.6	-112.8
Other Assets	-3.8	-11.5	-6.3	-14.6	-6.7
Deposits from Banks	-25.1	-27.0	-29.0	31.5	0.0
Deposit from Customers	404.3	383.7	536.7	305.2	177.7
Other Liabilities	24.1	29.1	5.0	3.9	16.7
Cash from Operating Activities	103.4	80.1	25.4	60.3	78.9
Proceeds from sale of Securities	-4.2	1.3	-	0.0	0.0
Purchase of Securities	-	-	-11.1	-1.8	-2.6
Capital Expenditure	-26.9	-20.6	-11.5	-5.7	-9.5
Sales of Property, Plant & Equipment	0.0	0.0	0.0	0.0	0.1
Cash from Investing Activities	-31.1	-19.3	-22.5	-7.5	-12.1
Receipt from Borrowings & Issuance of D	14.7	-	-	8.0	0.0
Dividend paid	-10.7	-	-	-	-
Repayment of Borrowings & Release of Deb	-	0.0	-7.9	0.0	-4.7
Cash Received from Issuing of Right Shar	0.0	59.0	0.0	-	-
Cash from Financing Activities	4.0	59.0	-7.9	8.0	-4.7
Foreign Exchange Effects	-	-	-	0.0	0.0
Net Change in Cash	76.2	119.8	-5.0	60.8	62.2
Depreciation	-	-	-	1.2	1.0
Cash & Cash Equivalent at Beginning of Y	266.8	175.2	191.4	132.2	70.9
Cash & Cash Equivalent at Ending of Year	343.1	295.0	186.4	193.0	133.0

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Jun-2013	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	40.3	22.66%	124.3	9.50%	25.15%	25.08%
Income Available to Common Excl Extraord Items1	26.4	851.89%	19.4	-46.18%	19.33%	14.23%
Basic EPS Excl Extraord Items1	0.03	851.84%	0.02	-46.18%	-74.88%	-55.15%
Capital Expenditures2	12.6	540.53%	26.9	44.64%	77.57%	63.34%
Cash from Operating Activities2	-52.4	-	103.4	42.60%	26.64%	118.50%
Free Cash Flow	-65.5	-	77.1	41.90%	18.38%	-
Total Assets3	2,729.3	14.81%	2,552.3	22.86%	31.82%	32.80%
Total Liabilities3	2,496.2	14.82%	2,328.5	23.80%	30.65%	32.08%
Total Long Term Debt3	25.7	71.89%	14.8	-	29.70%	30.11%
Employees3	-	-	3374	13.15%	10.39%	10.14%
Total Common Shares Outstanding3	836.6	0.00%	836.6	0.00%	374.98%	154.69%
1-ExchangeRate: BDT to USD Average for Period	77.958751	Â	81.865640	Â	Â	Â
2-ExchangeRate: BDT to USD Average for Period	78.527953	Â	81.865640	Â	Â	Â
3-ExchangeRate: BDT to USD Period End Date	77.845936	Â	81.199997	Â	Â	Â

Banking Industry Specific USD (mil)
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Interest Income, Bank1	260.4	207.3	136.0	100.9	83.8
Total Interest Expense1	179.6	137.8	80.9	63.0	54.5
Loan Loss Provision1	24.7	10.8	15.8	22.9	14.4
Cash & Due from Banks3	345.9	266.9	184.1	192.4	132.4
Total Deposits3	2,066.1	1,674.3	1,566.9	1,108.2	775.8
1-ExchangeRate: BDT to USD Average for Period	81.865640	74.041708	69.602650	69.026932	68.582616
3-ExchangeRate: BDT to USD Period End Date	81.199997	81.830000	70.475000	69.260000	68.910000

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Pretax Margin	17.53%	33.69%	38.34%	22.14%	25.45%
Net Profit Margin	7.44%	19.19%	23.02%	13.39%	13.30%
Financial Strength
Long Term Debt/Equity	0.07	0.00	0.00	0.10	0.00
Total Debt/Equity	0.07	0.00	0.00	0.10	0.00
Management Effectiveness
Return on Assets	0.84%	1.97%	1.98%	1.20%	1.33%
Return on Equity	9.29%	24.77%	32.25%	18.49%	20.34%
Efficiency
Receivables Turnover	0.08	0.09	0.10	0.10	0.11
Asset Turnover	0.05	0.06	0.07	0.07	0.07

Market Valuation USD (mil)
P/E (TTM)	11.46	.	Enterprise Value2	32.6
Price/Sales (TTM)	2.00	.	Price/Book (MRQ)	1.27
Enterprise Value/EBITDA (TTM)	0.54	.	Market Cap1	297.1
1-ExchangeRate: BDT to USD on 13-Feb-2014	77.717322
2-ExchangeRate: BDT to USD on 30-Jun-2013	77.845936

Annual Ratios

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
Financial Strength
Long Term Debt/Equity	0.07	0.00	0.00	0.10	0.00
Total Debt/Equity	0.07	0.00	0.00	0.10	0.00
Long Term Debt/Total Capital	0.06	0.00	0.00	0.09	0.00
Total Debt/Total Capital	0.06	0.00	0.00	0.09	0.00
Payout Ratio	39.58%	22.23%	0.00%	0.00%	0.00%
Effective Tax Rate	57.59%	43.06%	39.95%	39.50%	47.73%
Total Capital1	238.5	195.1	110.9	90.3	63.6
Efficiency
Asset Turnover	0.05	0.06	0.07	0.07	0.07
Receivables Turnover	0.08	0.09	0.10	0.10	0.11
Days Receivables Outstanding	4,402.33	4,004.24	3,524.43	3,612.98	3,421.64
Revenue/Employee2	37,149	38,089	40,702	29,890	26,019
Profitability
Pretax Margin	17.53%	33.69%	38.34%	22.14%	25.45%
Net Profit Margin	7.44%	19.19%	23.02%	13.39%	13.30%
Management Effectiveness
Return on Assets	0.84%	1.97%	1.98%	1.20%	1.33%
Return on Equity	9.29%	24.77%	32.25%	18.49%	20.34%
Valuation
Free Cash Flow/Share2	0.09	0.06	0.02	6.98	8.85
Operating Cash Flow/Share 2	0.12	0.09	0.03	7.70	10.06
1-ExchangeRate: BDT to USD Period End Date	81.199997	81.83	70.475	69.26	68.91
2-ExchangeRate: BDT to USD Average for Period	81.199997	81.83	70.475	69.26	68.91

Current Market Multiples
Market Cap/Earnings (TTM)	11.46
Market Cap/Equity (MRQ)	1.27
Market Cap/Revenue (TTM)	1.03
Market Cap/EBIT (TTM)	5.34
Market Cap/EBITDA (TTM)	4.90
Enterprise Value/Earnings (TTM)	1.26
Enterprise Value/Equity (MRQ)	0.14
Enterprise Value/Revenue (TTM)	0.11
Enterprise Value/EBIT (TTM)	0.59
Enterprise Value/EBITDA (TTM)	0.54

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.52
UK Pound	1	Rs.102.22
Euro	1	Rs.85.23

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.