MIRA INFORM REPORT

Report Date :

24.03.2014

IDENTIFICATION DETAILS

Name :	EASTERN BANK LTD
Registered Office :	Jiban Bima Bhaban, 10 Dilkusha Commercial Area, Dhaka, 1000
Country :	Bangladesh
Financials (as on) :	31.12.2012
Date of Incorporation :	08.08.1992
Legal Form :	Public Independent Company
Line of Business :	Engaged in Commercial banking services, including personal, corporate, international trade, foreign exchange, lease finance and capital market services Subject product ranges includes Savings and Current Accounts, Personal Loans, Debit Cards, Credit Cards, Pre-paid Cards, Internet Banking, Corporate Banking, small and medium sized enterprise (SME) Banking, Investment Banking, Treasury and Syndication services. Subject business segmented into flowing divisions:- · Corporate Division · Consumer Division · SME Banking Division
No. of Employees	1,343

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
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 & address

Eastern Bank Ltd

Jiban Bima Bhaban

10 Dilkusha Commercial Area

Dhaka, 1000

Bangladesh

Tel: 880-2-9556360

Fax: 880-2-9562364

Web: www.ebl.com.bd

synthesis

Employees: 1,343

Company Type: Public Independent Company

Traded: Dhaka Stock Exchange: EBL

Incorporation Date: 08-Aug-1992

Auditor: Hoda Vasi Chowdhury & Co

Financials in: usd (millions)

Fiscal Year End: 31-Dec-2012

Reporting Currency: Bangladesh Taka

Annual Sales: 110.4 1

Net Income: 29.2

Total Assets: 1,810.9 2

Market Value: 255.4 (27-Feb-2014)

Business Description

Eastern Bank Ltd (EBL) is a private commercial bank in Bangladesh. The Bank offers a range of depository, loan and card products. The Bank offers product, such as Savings and Current Accounts, Personal Loans, Debit Cards, Credit Cards, Pre-paid Cards, Internet Banking, Corporate Banking, small and medium sized enterprise (SME) Banking, Investment Banking, Treasury and Syndication services. The business of the Bank is segmented into three divisions: Corporate, Consumer and SME Banking. The Bank’s treasury product includes Money Market, Fixed Income and Investment and Foreign Exchange and Corporate Sales. The Bank’s Consumer banking includes consumer deposits, consumer loan and EBL deposits. The Bank’s subsidiaries include EBL Securities Limited, EBL Investments Limited, EBL Finance (HK) Limited and EBL Asset Management Limited. For the fiscal year ended 31 December 2012, Eastern Bank Ltd interest income increased 41% to BDT13.74B. Net interest income after loan loss provision increased 52% to BDT4.02B. Net income decreased 6% to BDT2.39B. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities. Net income was offset by Interest paid on deposits.

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
Ali Reza Iftekhar	Chief Executive Officer, Managing Director, Director
Md. Safiar Rahman	Senior Executive Vice President, Company Secretary
Md. Fakhrul Alam	Deputy Managing Director - Corporate, Treasury and Investment Banking
Omar F. Khandaker	IT Consultant
Asif Mahmood	Director - Representative of Aquamarine Distributions Ltd.

Key Executives

Name	Title
Ali Reza Iftekhar	Chief Executive Officer, Managing Director, Director
Md. Safiar Rahman	Senior Executive Vice President, Company Secretary
Md. Fakhrul Alam	Deputy Managing Director - Corporate, Treasury and Investment Banking
Omar F. Khandaker	IT Consultant
Asif Mahmood	Director - Representative of Aquamarine Distributions Ltd.

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

Jiban Bima Bhaban

10 Dilkusha Commercial Area

Dhaka, 1000

Bangladesh

Tel: 880-2-9556360

Fax: 880-2-9562364

Web: www.ebl.com.bd

Quote Symbol - Exchange

EBL - Dhaka Stock Exchange

Sales BDT(mil): 9,040.0

Assets BDT(mil): 147,044.4

Employees: 1,343

Fiscal Year End: 31-Dec-2012

Industry: Commercial Banks

Incorporation Date: 08-Aug-1992

Company Type: Public Independent

Quoted Status: Quoted

Chief Executive Officer, Managing Director, Director:

Ali Reza Iftekhar

Industry Codes

ANZSIC 2006 Codes:

6221 - Banking

6230 - Non-Depository Financing

6411 - Financial Asset Broking Services

ISIC Rev 4 Codes:

6419 - Other monetary intermediation

6612 - Security and commodity contracts brokerage

6492 - Other credit granting

NACE Rev 2 Codes:

6419 - Other monetary intermediation

6612 - Security and commodity contracts brokerage

6492 - Other credit granting

NAICS 2012 Codes:

52211 - Commercial Banking

523110 - Investment Banking and Securities Dealing

522291 - Consumer Lending

US SIC 1987:

6029 - Commercial Banks, Not Elsewhere Classified

6141 - Personal Credit Institutions

6211 - Security Brokers, Dealers, and Flotation Companies

UK SIC 2007:

64191 - Banks

6612 - Security and commodity contracts brokerage

6492 - Other credit granting

Business Description

Eastern Bank Ltd (EBL) is a private commercial bank in Bangladesh. The Bank offers a range of depository, loan and card products. The Bank offers product, such as Savings and Current Accounts, Personal Loans, Debit Cards, Credit Cards, Pre-paid Cards, Internet Banking, Corporate Banking, small and medium sized enterprise (SME) Banking, Investment Banking, Treasury and Syndication services. The business of the Bank is segmented into three divisions: Corporate, Consumer and SME Banking. The Bank’s treasury product includes Money Market, Fixed Income and Investment and Foreign Exchange and Corporate Sales. The Bank’s Consumer banking includes consumer deposits, consumer loan and EBL deposits. The Bank’s subsidiaries include EBL Securities Limited, EBL Investments Limited, EBL Finance (HK) Limited and EBL Asset Management Limited. For the fiscal year ended 31 December 2012, Eastern Bank Ltd interest income increased 41% to BDT13.74B. Net interest income after loan loss provision increased 52% to BDT4.02B. Net income decreased 6% to BDT2.39B. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities. Net income was offset by Interest paid on deposits.

More Business Descriptions

Commercial banking services, including personal, corporate, international trade, foreign exchange, lease finance and capital market services

Commercial Banking Services

Financial Data

Financials in:	BDT(mil)
Revenue:	9,040.0
Net Income:	2,392.7
Assets:	147,044.4
Long Term Debt:	31,158.1
Total Liabilities:	129,794.9
Date of Financial Data:	31-Dec-2012

1 Year Growth

14.3%

-6.3%

25.1%

Key Corporate Relationships

Auditor:	Hoda Vasi Chowdhury & Co
Auditor:	Rahman Rahman Huq, Hoda Vasi Chowdhury & Co

Executive report

Board of Directors

Name	Title	Function
Mohd. Noor Ali	Chairman of the Board	Chairman
Biography: Mr. Mohd. Noor Ali is a Chairman of the Board of Eastern Bank Ltd. He re-joined as Director of the Bank in May 2008 and subsequently the Board unanimously elected him as the chairman of the Board of Directors of Eastern Bank Limited on April 04, 2010. He is the Chairman & Managing Director of Unique Group, the business conglomerate in Bangladesh, having interest in Real Estate, Hotel Services, Ceramic Industry, Air Travel, Aviation Services, Electrical Power Plants, Tourism, Manpower Export, Banking Services, Housing Finance & Investment, Supply, Indenting, Commission Agents, Human Resources Development and many other. Mr. Ali is perhaps the only Bangladeshi who has ventured to set up a 5-Star Hotel in private sector. The Westin Dhaka is already popular amongst the local and foreign community. He accomplished his honors & Masters of Social Science in Sociology from the University of Dhaka. He is also involved in many social activities and member of various trade associations. Age: 60 Education: University of Dhaka, M (Sociology)
A. M. Shaukat Ali	Director	Director/Board Member
Biography: Mr. A. M Shaukat Ali is a Director of Eastern Bank Ltd. He is an Engineer having interest in the field of banking, hospital, construction etc. graduated in Civil Engineering from the University of Dhaka in 1961. In 1977, he received higher education in Japan in construction engineering. He held the position of Project Director of World Bank, Asian Development Bank (ADB) Projects under the Ministry of Health & Family Planning from the year 1987 to 1993. From 1993 to 1999, he was the Chairman of Project Builders Limited. He is the Chairman of Engineering Consultants & Associates Limited. He is also the sponsor Director of Samorita Hospital. Education: University of Dhaka, BS (Civil Engineering)
Md. Showkat Ali Chowdhury	Director	Director/Board Member
Biography: Md. Showkat Ali Chowdhury is a Director of Eastern Bank Ltd. He is a businessman of the country and involved in the businesses of Ship Recycling, Garments Industries, Real Estate, Power Generation & Engineering Services, Container Terminal & Handling, Insurance Company, Share Brokers, and Tea plantation & Production. Mr. Chowdhury accomplished his Bachelor of Arts Degree from the Chittagong University. He is a life member of SAARC Chamber of Commerce & Industry (SAARC CCI), Bhatiary Golf & Country Club Limited, Chittagong Press Club Limited, Chattagram Maa O Shisu General Hospital, Director of Chittagong Metropolitan Chamber of Commerce & Industry (CMCCI) and member of Chittagong Club Limited, Chittagong Senior’s Club Limited and Bangladesh Ship Breakers Association. He is also involved in many other social activities. He is a widely travelled person across the globe. Education: Chittagong University, BA
A. Q.I. Chowdhury	Director	Director/Board Member
Biography: Mr. A. Q. I. Chowdhury, OBE is a Director of Eastern Bank Ltd. He joined the Board of EBL, first on 21st May 2006 and subsequently on 30th March 2011. He also served as the Chairman of the Board of Directors of EBL from 2006 to 2008. At present, he is the Managing Director and CEO of JF (Bangladesh) Ltd - formerly, James Finlay Limited. He has been awarded the Order of British Empire (OBE) by her Majesty, the Queen of England for his contributions in the field of Trade and Commerce as a high-profile Business Executive. Under his aegis, James Finlay received National Export Trophy a number of times and won the prestigious British Monarchy accredited RIO Tinto Award. In his wide professional affiliations, he held a number of positions in different capacities during his 36 years tenure with James Finlay which also includes offices as Chairman of Eastern Bank Limited, Bangladesh Tea Association, Vice President of Bangladesh Employers' Federation. Member of Bangladesh Tea Board, Representative of the Tripartite Labour Consultative Committee & many others. He is the Chairman of Royal Capital Ltd. & also was the Vice President of Chittagong Stock Exchange (CSE). Besides being involved on various Chamber and Trade Bodies, he is also associated with World Forum like UN Private Sector Forum - Millennium Development Goals and Food sustainability & CEO Water Mandate of UN Global Compact. He is a member of the Steering Committee of the CEO Water Mandate of UN Global Compact. He also represented South Asia Region in International Labour Organization (ILO) in Geneva.
M. Ghaziul Haque	Director	Director/Board Member
Biography: Mr. M. Ghaziul Haque is a Director of Eastern Bank Ltd. He joined the EBL Board on 09.12.1993 with an interval between 21.05.2006 to 30.03.2011. In addition, Mr. Haque also served as the Chairman of the Board of Directors of EBL from 30 August 2000 to 21 May 2006. Mr. Haque graduated from the Chittagong Government College under Dhaka University in 1955 and started his career with the reputed British Company Bird & Co. Limited the same year and rose to the top to serve the organization as Managing Director in 1976. In 1980 he left Bird & Co. (Now Birds Bangladesh Agencies Limited) to venture into business and started off as a partner with Aquamarine Limited, a Chittagong-based Shipping Company. Ten years later, he along with his partner formed a joint venture company Maersk Bangladesh Limited with the world's Shipping Company Maersk Lines, Copenhagen, Denmark. He served as the Chairman of the company till 1997. Mr. Haque is the Chairman of MGH Group. He is also involved in many social activities and a widely travelled person across the Globe on business trips. Education: Dhaka University
Gazi Md. Shakhawat Hossain	Director - Representative of M/S Unique Eastern (Pvt) Ltd.	Director/Board Member
Biography: Mr. Gazi Md. Shakhawat Hossain is a Director - Representative of M/S Unique Eastern (Pvt) Ltd. of Eastern Bank Ltd. He is the Chairman of Bay Hill Hotel & Resorts Ltd, Managing Director of Purnima Construction (Pvt.) Ltd, Member of Policy Committee of Westin Hotel and also Director of Unique Hotel & Resorts Ltd. Mr. Hossain obtained Masters in Commerce (Accounting) from the University of Dhaka. Age: 44 Education: University of Dhaka, M (Commerce)
Mir Nasir Hossain	Director	Director/Board Member
Biography: Mr. Mir Nasir Hossain is a Director of Eastern Bank Ltd. He is a entrepreneur of the country and is involved in diverse area of businesses like Construction, Ceramic Tiles Manufacturing, Telecom, Bank, Insurance etc. Academically, he accomplished his post Graduation majored in Accounting from the University of Dhaka. Mr. Hossain is a Former President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the Apex Trade Body of Country. He was the Senior Vice President of SAARC Chamber of Commerce and Industry (SCCI), Vice President of Confederation of Asia Pacific Chambers of Commerce and Industry (CACCI). He is also deeply involved in many social activities. He is a widely travelled person across the globe on business trips on different occasions including attending conference, seminar, symposium etc. Education: University of Dhaka (Accounting)
Ali Reza Iftekhar	Chief Executive Officer, Managing Director, Director	Director/Board Member
Biography: Mr. Ali Reza Iftekhar is a Chief Executive Officer, Managing Director, Director of Eastern Bank Ltd. He has been in the banking industry for last 26 years in local and multinational banks in various capacities and started banking career in erstwhile (BCCI) Bank of Credit & Commerce International (Overseas) Ltd. He also worked in Banque Indosuez, Standard Chartered Bank (SCB) and Standard Chartered Grindlays' Bank in different senior positions. He was also posted abroad in Standard Chartered Bank, Dubai and worked in Regional Credit Management. Mr. Iftekhar joined EBL as Deputy Managing Director (DMD) on 1st July 2004 and was promoted to Additional Managing Director on May 27, 2006. Considering his contributions to Business Growth, Risk Management, Compliance and HRD etc. he was appointed as Managing Director and CEO of the Bank on August 29, 2007. He is certified as "Credit Professional" by Omega of UK and also certified as "Trade Professional" by Standard Chartered Bank, UK. He is also a Director of International Leasing and Financial Services Limited (ILFSL). Education: University of Dhaka (Marketing) Social:
Asif Mahmood	Director - Representative of Aquamarine Distributions Ltd.	Director/Board Member
Biography: Mr. Asif Mahmood is a Director - Representative of Aquamarine Distributions Ltd. of Eastern Bank Ltd. He is the Chairman of Advance Technology Computers Limited, Tech Valley Networks Limited, ADN Technologies Ltd, InGen Technology Limited, Bangladesh News 24 Hours Limited, InGen Industries Ltd, Vice-Chairman of InGen Motors Limited and Chairman & Managing Director of Advanced Data Networks System Ltd. He is also the Director of Tech Valley Computers Ltd. and Valley Power Solutions Ltd. Mr. Mahmood accomplished his Mechanical Engineering Degree from NIT, Durgapur, India. As well, he obtained various professional Trainings in IT & Telecommunication from abroad. He also represents world companies such as SingTel, CISCO and Oracle. Education: National Institutes of Technology,Durgapur (Mechanical Engineering)
Ormaan Rafay Nizam	Director from the Depositors	Director/Board Member
Biography: Mr. Ormaan Rafay Nizam is a Director from the Depositors of Eastern Bank Ltd., since November 29, 2008 as Director from the Depositors. He is also the Director of National Brokers Limited, the oldest tea Broking Company in Bangladesh. He obtained his Bachelor degree in Commerce from Chittagong University and completed higher education from London School of Education (LSE). Education: Chittagong University, B (Commerce)
Meah Mohammed Abdur Rahim	Independent Director & Director from the Depositors	Director/Board Member
Biography: Mr. Meah Mohammed Abdur Rahim is an Independent Director & Director from the Depositors of Eastern Bank Ltd. He is a businessman. Mr. Rahim is the Managing Director of Ancient Steamship Company Limited and Managing Director of Hudig & Meah (Bangladesh) Limited. Academically & professionally, Mr. Rahim obtained Bachelor of Commerce Degree, Diploma in Banking & Business Studies as well Diploma in Shipping, A.I.C.S etc. He is involved in many social activities and is also a widely travelled person across the globe on business trips.

Executives

Name	Title	Function
Ali Reza Iftekhar	Chief Executive Officer, Managing Director, Director	Chief Executive Officer
Biography: Mr. Ali Reza Iftekhar is a Chief Executive Officer, Managing Director, Director of Eastern Bank Ltd. He has been in the banking industry for last 26 years in local and multinational banks in various capacities and started banking career in erstwhile (BCCI) Bank of Credit & Commerce International (Overseas) Ltd. He also worked in Banque Indosuez, Standard Chartered Bank (SCB) and Standard Chartered Grindlays' Bank in different senior positions. He was also posted abroad in Standard Chartered Bank, Dubai and worked in Regional Credit Management. Mr. Iftekhar joined EBL as Deputy Managing Director (DMD) on 1st July 2004 and was promoted to Additional Managing Director on May 27, 2006. Considering his contributions to Business Growth, Risk Management, Compliance and HRD etc. he was appointed as Managing Director and CEO of the Bank on August 29, 2007. He is certified as "Credit Professional" by Omega of UK and also certified as "Trade Professional" by Standard Chartered Bank, UK. He is also a Director of International Leasing and Financial Services Limited (ILFSL). Education: University of Dhaka (Marketing) Social:
Md. Fakhrul Alam	Deputy Managing Director - Corporate, Treasury and Investment Banking	Managing Director
Muklesur Rahman	Deputy Managing Director - Consumer Banking	Managing Director
Social:
Hassan O. Rashid	Deputy Managing Director	Managing Director
S. M. Akhtaruzzaman Chowdhury	Senior Executive Vice President, Head - Operations	Senior Management (General)
Syed Rafiqul Haq	Senior Executive Vice President, Area Head - Corporate Banking, Dhaka	Senior Management (General)
Md. Sirajul Islam	Executive Vice President, Head - Human Resources	Senior Management (General)
Social:
Sami Karim	Senior Executive Vice President, Head - SAMD (SME-S & CNB)	Senior Management (General)
Abul Moqsud	Executive Vice President, Head - Credit Risk Management	Senior Management (General)
Md. Safiar Rahman	Senior Executive Vice President, Company Secretary	Senior Management (General)
Biography: Mr. Md. Safiar Rahman is the Senior Executive Vice President, Company Secretary of Eastern Bank Ltd. He holds FCS.
Malick Musfique Reza	Executive Vice President, Head - Finance	Senior Management (General)
Social:
Akhtar Kamal Talukder	Senior Executive Vice President, Head - SAMD (Corporate & SME-M)	Senior Management (General)
Mahbubul Alam Tayiab	Senior Executive Vice President, Head - Internal Control & Compliance	Senior Management (General)
A. M. M. Moyen Uddin	Executive Vice President, Head - Information Techonology	Senior Management (General)
S. M. Akhtaruzzaman Akhtaruzzaman	Senior Executive VP & Head-Operations	Operations Executive
Monjurul Alam	Head-HR	Human Resources Executive
Omar F. Khandaker	IT Consultant	Information Executive
Asif Mahmood	Director - Representative of Aquamarine Distributions Ltd.	Logistics Executive
Biography: Mr. Asif Mahmood is a Director - Representative of Aquamarine Distributions Ltd. of Eastern Bank Ltd. He is the Chairman of Advance Technology Computers Limited, Tech Valley Networks Limited, ADN Technologies Ltd, InGen Technology Limited, Bangladesh News 24 Hours Limited, InGen Industries Ltd, Vice-Chairman of InGen Motors Limited and Chairman & Managing Director of Advanced Data Networks System Ltd. He is also the Director of Tech Valley Computers Ltd. and Valley Power Solutions Ltd. Mr. Mahmood accomplished his Mechanical Engineering Degree from NIT, Durgapur, India. As well, he obtained various professional Trainings in IT & Telecommunication from abroad. He also represents world companies such as SingTel, CISCO and Oracle. Education: National Institutes of Technology,Durgapur (Mechanical Engineering)

Significant Developments

Eastern Bank Ltd recommends cash dividend Mar 03, 2014

Eastern Bank Ltd: Recommended 20 pct cash dividend for the year ended on Dec. 31, 2013.

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
Period Length	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Reclassified Normal 31-Dec-2011
Filed Currency	BDT	BDT	BDT
Exchange Rate (Period Average)	81.86564	74.041708	69.60265
Auditor	Hoda Vasi Chowdhury & Co	Rahman Rahman Huq	Rahman Rahman Huq
Auditor Opinion	Unqualified	Unqualified	Unqualified
Interest & Fees on Loans	167.9	131.6	100.5
Interest Income, Bank	167.9	131.6	100.5
Interest on Deposit	108.2	86.1	57.6
Total Interest Expense	108.2	86.1	57.6
Net Interest Income	59.7	45.5	42.9
Loan Loss Provision	10.6	9.8	5.5
Net Interest Income after Loan Loss Provision	49.1	35.7	37.4
Commissions & Fees from Securities Activities	46.6	55.6	48.8
Other Unusual Income	-	-	0.0
Other Revenue	4.2	5.6	3.3
Non-Interest Income, Bank	50.7	61.3	52.5
Labor & Related Expenses	-21.9	-20.3	-16.9
Other Unusual Expense	-	-	0.0
Other Expense	-24.6	-19.9	-13.9
Non-Interest Expense, Bank	-46.4	-40.3	-30.8
Income Before Tax	53.4	56.7	59.0
Total Income Tax	24.1	22.2	22.9
Income After Tax	29.2	34.5	36.1
Minority Interest	-	-	-0.4
Net Income Before Extraord Items	29.2	34.5	35.7
Net Income	29.2	34.5	35.7
Income Available to Common Excl Extraord Items	29.2	34.5	35.7
Income Available to Common Incl Extraord Items	29.2	34.5	35.7
Basic/Primary Weighted Average Shares	611.2	611.2	611.2
Basic EPS Excl Extraord Items	0.05	0.06	0.06
Basic/Primary EPS Incl Extraord Items	0.05	0.06	0.06
Dilution Adjustment	0.0	0.0	0.0
Diluted Net Income	29.2	34.5	35.7
Diluted Weighted Average Shares	611.2	611.2	611.2
Diluted EPS Excl Extraord Items	0.05	0.06	0.06
Diluted EPS Incl Extraord Items	0.05	0.06	0.06
Dividends per Share - Common Stock Primary Issue	0.02	0.04	0.08
Gross Dividends - Common Stock	14.9	21.4	2.3
Depreciation, Supplemental	2.4	1.9	1.5
Total Special Items	-	-	-0.4
Normalized Income Before Tax	53.4	56.7	58.7
Effect of Special Items on Income Taxes	-	-	-0.1
Inc Tax Ex Impact of Sp Items	24.1	22.2	22.8
Normalized Income After Tax	29.2	34.5	35.9
Normalized Inc. Avail to Com.	29.2	34.5	35.5
Basic Normalized EPS	0.05	0.06	0.06
Diluted Normalized EPS	0.05	0.06	0.06
Amort of Intangibles, Supplemental	0.1	0.2	0.1
Bank Total Revenue	110.4	106.8	95.3

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2012	Restated Normal 31-Dec-2012	Restated Normal 31-Dec-2011
Filed Currency	BDT	BDT	BDT
Exchange Rate	81.199997	81.83	70.475
Auditor	Hoda Vasi Chowdhury & Co	Rahman Rahman Huq	Rahman Rahman Huq
Auditor Opinion	Unqualified	Unqualified	Unqualified
Cash & Due from Banks	244.1	118.6	119.4
Other Short Term Investments	48.8	82.1	42.6
Securities Held	219.1	156.9	96.9
Total Investment Securities	219.1	156.9	96.9
Other Earning Assets	2.7	3.0	3.5
Other Earning Assets, Total	270.6	242.1	143.0
Net Loans	1,078.0	922.2	773.3
Property/Plant/Equipment - Net	71.2	54.6	51.5
Other Assets	147.0	99.5	84.0
Other Assets, Total	147.0	99.5	84.0
Total Assets	1,810.9	1,436.9	1,171.1
Non-Interest Bearing Deposits	120.8	88.8	78.3
Interest Bearing Deposits	994.6	817.8	702.5
Total Deposits	1,115.4	906.6	780.8
Long Term Debt	383.7	264.6	131.4
Total Long Term Debt	383.7	264.6	131.4
Total Debt	383.7	264.6	131.4
Minority Interest	0.0	1.8	2.1
Other Liabilities	99.4	87.4	85.0
Other Liabilities, Total	99.4	87.4	85.0
Total Liabilities	1,598.5	1,260.5	999.3
Common Stock	75.3	55.3	41.4
Common Stock	75.3	55.3	41.4
Retained Earnings (Accumulated Deficit)	149.0	130.6	144.4
Translation Adjustment	-0.1	0.2	0.0
Other Equity	-11.7	-9.6	-14.0
Other Equity, Total	-11.8	-9.4	-14.0
Total Equity	212.4	176.5	171.8
Total Liabilities & Shareholders’ Equity	1,810.9	1,436.9	1,171.1
Shares Outstanding - Common Stock Primary Issue	611.2	611.2	394.3
Total Common Shares Outstanding	611.2	611.2	394.3
Total Risk-Weighted Capital	-	-	1.5
Tier 1 Capital %	-	-	8.14%
Total Capital %	-	-	10.92%

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011
Filed Currency	BDT	BDT	BDT
Exchange Rate (Period Average)	81.86564	74.041708	69.60265
Auditor	Hoda Vasi Chowdhury & Co	Rahman Rahman Huq	Rahman Rahman Huq
Auditor Opinion	Unqualified	Unqualified	Unqualified
Cash Receipts	28.8	29.4	19.3
Cash Payments	-30.6	-28.3	-23.5
Cash Taxes Paid	-26.1	-18.8	-20.1
Cash Interest Paid	-103.2	-73.0	-60.5
Other Assets	-266.3	-401.3	-176.3
Other Liabilities	191.6	244.2	114.9
Other Operating Cash Flow	177.9	154.3	126.3
Changes in Working Capital	103.3	-2.8	64.9
Cash from Operating Activities	-27.9	-93.5	-19.7
Purchase of Fixed Assets	-5.9	-13.6	-2.8
Capital Expenditures	-5.9	-13.6	-2.8
Sale of Fixed Assets	0.1	0.0	0.0
Investment, Net	10.7	-7.2	-8.7
Other Investing Cash Flow	-0.7	0.0	2.2
Other Investing Cash Flow Items, Total	10.1	-7.1	-6.5
Cash from Investing Activities	4.2	-20.7	-9.3
Cash Dividends Paid - Common	-	0.0	-7.2
Total Cash Dividends Paid	-	0.0	-7.2
Long Term Debt Issued	116.1	167.4	6.1
Long Term Debt, Net	116.1	167.4	6.1
Issuance (Retirement) of Debt, Net	116.1	167.4	6.1
Cash from Financing Activities	116.1	167.4	-1.1
Net Change in Cash	92.4	53.2	-30.1
Net Cash - Beginning Balance	150.9	113.7	151.1
Net Cash - Ending Balance	243.4	166.9	120.9

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
Period Length	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Reclassified Normal 31-Dec-2011
Filed Currency	BDT	BDT	BDT
Exchange Rate (Period Average)	81.86564	74.041708	69.60265
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Rahman Rahman Huq
Auditor Opinion	Unqualified	Unqualified	Unqualified
Interest income	167.9	131.6	100.5
Total Revenue	167.9	131.6	100.5
Interest paid on deposits, borrowings et	108.2	86.1	57.6
Provision for loans & advances-Specific	10.3	4.3	1.9
Provision for loans & advances- General	0.3	5.4	3.6
Total Operating Expense	118.8	95.9	63.1
Income from investments	17.8	26.2	29.5
Fees, commission and brokerage	28.8	29.4	19.3
Other opearting income	2.9	5.6	3.2
Salary and allowances	-21.6	-20.1	-16.7
Rents, taxes, insurance, electricity etc	-4.4	-3.5	-2.8
Legal and professional expenses	-0.6	-0.6	-0.5
Postage, stamp, telecommunication etc	-1.2	-1.1	-0.9
Stationary, printing, advertisement etc	-2.6	-2.8	-2.4
Managing directors salary and allowances	-0.2	-0.2	-0.2
Directors' fees and expenses	0.0	0.0	0.0
Auditors fees	0.0	0.0	0.0
Charges on loan losses	0.0	0.0	0.0
Repairs, maintenance and depreciation	-5.2	-4.2	-3.4
Other non operating income	1.3	0.0	-
Loss on sale of fixed assets	-	-	0.0
Other office operating expenses	-4.6	-4.3	-3.4
Extraordinary income (exchange equalisat	-	-	0.3
Gain from bargain purchase	-	-	0.1
Other income of subsidiaries	-	-	0.1
Other provisions	-6.0	-3.4	-0.5
Total Non-Interest Revenue	50.7	61.3	52.5
Total Non-Interest Expense	-46.4	-40.3	-30.8
Net Income Before Taxes	53.4	56.7	59.0
Provision for Income Taxes	24.1	22.2	22.9
Net Income After Taxes	29.2	34.5	36.1
Non controlling Interest	-	-	-0.4
Net Income Before Extra. Items	29.2	34.5	35.7
Net Income	29.2	34.5	35.7
Income Available to Com Excl ExtraOrd	29.2	34.5	35.7
Income Available to Com Incl ExtraOrd	29.2	34.5	35.7
Basic Weighted Average Shares	611.2	611.2	611.2
Basic EPS Excluding ExtraOrdinary Items	0.05	0.06	0.06
Basic EPS Including ExtraOrdinary Items	0.05	0.06	0.06
Dilution Adjustment	0.0	0.0	0.0
Diluted Net Income	29.2	34.5	35.7
Diluted Weighted Average Shares	611.2	611.2	611.2
Diluted EPS Excluding ExtraOrd Items	0.05	0.06	0.06
Diluted EPS Including ExtraOrd Items	0.05	0.06	0.06
DPS-Fully Paid Ord. Shrs	0.02	0.04	0.08
Gross Dividends - Common Stock	14.9	21.4	2.3
Normalized Income Before Taxes	53.4	56.7	58.7
Inc Tax Ex Impact of Sp Items	24.1	22.2	22.8
Normalized Income After Taxes	29.2	34.5	35.9
Normalized Inc. Avail to Com.	29.2	34.5	35.5
Basic Normalized EPS	0.05	0.06	0.06
Diluted Normalized EPS	0.05	0.06	0.06
Depreciation, Supplemental	2.4	1.9	1.5
Amort of Intangibles, Supplemental	0.1	0.2	0.1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.05
UK Pound	1	Rs.100.80
Euro	1	Rs.84.18

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.