MIRA INFORM REPORT

 

 

Report No. :

306073

Report Date :

05.02.2015

 

IDENTIFICATION DETAILS

 

Name :

AB BANK LTD.

 

 

Registered Office :

BCIC Bhaban, 30-31 Dilkusha C/A, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

31.12.1981

 

 

Legal Form :

Public Listed Company

 

 

Line of Business :

Providing Commercial Banking Service.

 

 

No. of Employees :

2179

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

 

 

IDENTIFICATION DETAILS

 

Correct company Name

:

AB BANK LTD.

Head Office

:

BCIC Bhaban, 30-31 Dilkusha C/A, Dhaka-1000, Bangladesh.

Tel No

:

88-02-956 0312

Fax No

:

88-02-956 4122 – 23

E-mail

:

info@abbank.com.bd

Website

:

www.abbl.com

Date/ Year of Incorporation

:

31.12.1981

Incorporation No.

:

C-9692

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. 15, 714,006,609

Tk. 1, 73, 842,427,785

Tk. 8, 434,944,888

31st December’2013

Tk. 17, 953, 48,673

Tk. 208, 005, 543,738

Tk. 9, 755,135,835

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

:

Mahadev Sarker Sumon FCA

Designation

:

Company Secretary

Contract No

:

N/A

 

 

Locations Details

Operating Address

:

BCIC Bhaban, 30-31 Dilkusha C/A, Dhaka-1000, Bangladesh.

Tel No

:

88-02-956 0312

Fax No

:

88-02-956 4122 – 23

E-mail

:

info@abbank.com.bd

Website

:

www.abbl.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

30000

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

:

89 Nos.

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

2179

In Factory

:

-

In Branch:

:

-

Total

:

2179

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. M. Wahidul Haque,

     107,662

Mr. Salim Ahmed,

11,754,084

Mr. Feroz Ahmed

10,325,069

Mr. M. A. Awal

         3,118

Mr. Shishir Ranjan Bose, FCA

         2,214

Mr. Faheemul Huq,

     426,964

Mr. Sayed Afzal Hossain Uddin

         2,214

Mr. Golam Sarwar

        11,933

Mr. Md. Mesbahul Hoque

          2,214

Mr. Md. Anwar Jamil Siddiqui

          2,214

Mr. B.B. Saha Roy

          1,930

General public

 472133319

Goverment

    2,852,441

 

DIRECTORS

 

Name

Designation

Mr. M. Wahidul Haque

Chairman

Mr. Salim Ahmed

Vice Chairman

Mr. Fazlur Rahman

President & Managing Director

Mr. Feroz Ahmed

Director

Mr. M. A. Awal

Director

Mr. Faheemul Huq

Director

Mr. Syed Afzal Hasan Uddin

Director

Mr. Md. Mesbahul Hoque

Director

Mr. Md. Anwar Jamil Siddiqui

Director

Mr. Dr. M. Imtiaz Hossain

Director

Mr. Runa Zakia Shahrood Khan

Director

Mr. Bipad Bihary Saha Roy

Director

Mr. Shishir Ranjan Bose FCA

Independent Director

Mr. Prof. Dr. Imtiaz Hossain

Independent Director

 

MANAGEMENT

 

Name

:

Mr. Mahadev Sarker Sumon FCA

Job Description

:

Company Secretary

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Moshiur Rahman Chowdhury

Job Description

:

Deputy Managing Director

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

:

Commercial 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

:

N/A

Operation Status

:

Active

Member

:

Dhaka Chamber of Commerce & Industry

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

Tk. 600 Crore

 

Paid-up Capital

:

Tk. 4, 976,253,760

    No. of Shares

:

497,625,376

Share Value

:

Tk.10.0Each

Main Assets

:

Tk. 208, 005, 543,738

 

 

 

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

:

Nil

Subsidiary

:

AB International Finance Ltd.

AB Investment Limited

AB Securities Limited

Cashlink Bangladesh Limited

AB Exchange (UK) Limited

Arab Bangladesh Bank Foundation

Name of  The Group

:

Nil

 

BANKING

 

 

Bank Name  

:

Standard Chartered Bank

Islami Bank Bangladesh Ltd

Agrani Bank Ltd

Janata Bank Ltd

Bangladesh Krishi Bank

Sonali Bank Ltd

IFIC Bank Ltd

Janata Bank Ltd

Rupali Bank Ltd,

Trust Bank Ltd

Bank Asia Ltd

BRAC Bank Ltd

Rupali Bank Ltd,

Standard Bank Ltd,

Premier Bank 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

 

The subject company Head office is situated at “BCIC Bhaban, 30-31 Dilkusha C/A, Dhaka-1000, Bangladesh” which is commercial area and well decorated modern office.

 

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be strong. SC has been in its line of business for about 32 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that Credit can precede with favorable terms Large amount.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.68

UK Pound

1

Rs.93.53

Euro

1

Rs.70.75

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               


 

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.