MIRA INFORM REPORT

 

 

Report Date :

06.009.2014

 

IDENTIFICATION DETAILS

 

Name :

SOCIAL ISLAMI BANK LTD. 

 

 

Registered Office :

City Center, Level: 19-22, 90/1, (Old 103) Motijheel Commercial Area, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

05.11.1995

 

 

Com. Reg. No.:

C-28763

 

 

Legal Form :

Public Listed Co      

 

 

Line of Business :

Banking Service.

 

 

No. of Employees

1802

 

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 :

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Bangladesh

A2

A2

 

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

:

SOCIAL ISLAMI BANK LTD. 

Head Office

:

City Center, Level: 19-22, 90/1, (Old 103) Motijheel Commercial Area,

Dhaka-1000, Bangladesh

Tel No

:

88-02-9559014, 09612001122

Fax No

:

nil 

E-mail

:

info@sibl-bd.com

ceo@sibl-bd.com

Website

:

www.siblbd.com

SWIFT

:

SOIVBDDH

Date/ Year of Incorporation

:

05.11.1995

Incorporation No.

:

C-28763

Tax Payer Identification No

:

035-200-4971

VAT Registration No 

:

9011046380 Area Code: 90101

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. 11,319,014,211

Tk. 115,165,953,013

Tk. 5,515,093,421

31st December’ 2013

Tk. 13,629,421,075

Tk. 126,616,564,745

Tk. 5,502,611,802

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

:

Md. Humayun Kabir

Designation

:

Company Secretary.

Contract No

:

-

 

                                                               Locations Details

 

Corporate Address

:

City Center, Level: 19-22, 90/1, (Old 103) Motijheel Commercial Area,

Dhaka-1000, Bangladesh.

Tel No

:

88-02-9559014, 09612001122.

SWIFT

:

SOIVBDDH

E-mail

:

info@sibl-bd.com, 

ceo@sibl-bd.com

Website

:

www.siblbd.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

20,500

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

 

 

 

 

No. of Branches

:

94 Nos.

 

International Division:

 

 

 

Address

:

City Centre (Level: 19) 90/1 (Old 103), Motijheel Commercial Area Dhaka-1000, Bangladesh.

Tel No

:

88-02-95622670, 9612001122 EXT 50201/ 50202

Fax No

:

Nil

E-mail

:

info@sibl-bd.com

SWIFT

:

SOIVBDDH

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

1802

In Factory

:

-

In Branch:

:

-

Total

:

1802

Details:

 

                     

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Sponsors & Placement

17,00,26,278

Sponsor-Foreign

39,39,914

Sponsor & Placement-Company

2,11,27,116

General Public

40,58,49,477

Institutions (Bank & Insurance)

2,03,06,314

Institutions (Others)

7,29,79,399

ICB

44,21,687

ICB Unit Fund

34,95,025

ICB Accounts Holders

4,71,973

Non-Resident Bangladeshi

2,61,726

ICB Mutual Fund

2,62,655

 

 

DIRECTORS

 

Name

Designation

Major (Retd.) Dr. Md. Rezaul Haque

Chairman

Mr. Mohammad Azam

Vice Chairman

Mr. Md. Sayedur Rahman

Vice Chairman

Mr. Md. Shafiqur Rahman

Managing Director

Mr. Abdul Awal Patwary

Director

Mr. Md. Anisul Hoque

Director

Alhaj Nasiruddin

Director

Alhaj Sk. Mohammad Rabban Ali

Director

Mr. Abdul Jabbar Mollah

Director

Mr. Md. Abdur Rahman

Independent Director

Mr. Abdul Mohit

Independent Director

 


MANAGEMENT

 

Name

:

Md. Humayun Kabir,

Job Description

:

Company Secretary.

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Banking Corporation

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

 

Importer

 

Services

 

Others

 

 

Item Dealings In:

 

Products

:

Banking Service.

Production Capacity

:

N/A

Last Year Production

:

N/A

 

Trading Terms:

 

Purchasing Terms:

L/C

 

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

 

90 days

 

 

days

 

Selling Terms      :

L/C

 

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

:

M/S Kazi Zahir Khan & Co.

Chartered Accountants, 67/4, Pioneer Road, Kakrail, Dhaka-1000

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 10,000,000,000

 

Paid-up Capital

:

Tk. 703,14,15,640

    No. of Shares

:

703141564

Share Value

:

Tk.10.00Each

Main Assets

:

Tk.126,616,564,745

 

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

The subject company don’t submit update financial figure to local registry office.

 

Balance Sheet :

 

  Currency

: Tk.

 

       Denomination

: 1

 

         Financial Year Ending

: 31st Dec’2013

 

Income Statement :

 

  Currency

: Tk.

 

       Denomination

: 1

 

         Financial Year Ending

: 31st Dec’2013

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Nil

Subsidiary

:

SIBL Securities Limited

SIBL Investment Limited

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

National Bank Ltd.

Al- Arafah Islami Bank Limited

ICB Islami Bank Limited

Shahjalal Islami Bank Limited

Prime Bank Limited

United Commercial Bank Limited

Bank Asia Limited

Islami Bank Bangladesh Limited

Jamuna Bank Limited

Pubali Bank Limited

Janata Bank Limited

 

 

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 City Center, Level: 19-22, 90/1, (Old 103) Motijheel Commercial Area, Dhaka-1000, Bangladesh. The subject company Secretary Md. Humayun Kabir given us all information. Is situated at commercial area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

The subject company is a well-known reputed company in Bangladesh.  Their products popular to the local customers.   So day by day the subject companies increase their goodwill.

As well as its financial condition, we recommend that credit may proceed in moderate amounts.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.44

UK Pound

1

Rs.98.64

Euro

1

Rs.78.20

                

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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