MIRA INFORM REPORT

 

 

Report No. :

313634

Report Date :

24.03.2015

 

IDENTIFICATION DETAILS

 

Name :

BANK ASIA LTD.

 

 

Registered Office :

Rangs Tower (2nd to 6th Floor) 68, Purana Paltan, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

28.09.1999

 

 

Com. Reg. No.:

C-38694 

 

 

Legal Form :

Public Listed Co      

 

 

Line of Business :

Providing Banking Service.    

 

 

No. of Employees :

1600

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

Large

 

 

Status :

Good 

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – 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

 

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

 

Correct company Name

:

Bank Asia Ltd.

Head Office

:

Rangs Tower (2nd to 6th Floor) 68, Purana Paltan, Dhaka-1000,

Bangladesh.

Tel No

:

88-02-7110042, 7110062, 7110147, 7110173, 7110177, 7110218

Fax No

:

88-02-7175524

E-mail

:

bankasia@bankasia.com.bd

Website

:

www.bankasia-bd.com,

Date/ Year of Incorporation

:

28.09.1999

Incorporation No.

:

C-38694 

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

BDT  13,296,056,631

BDT  140,361,374,568

BDT  7,820,675,848

31st December’2013

BDT  14,346,305,946

BDT  163,777,743,402

BDT  8,533,120,610

Exchange Rate

USD1-Tk. 77.8200

EUR 1- Tk. 100.2711

GBP 1- Tk.118.5354

AUD 1 - Tk.82.8563

JPY 1 - Tk.0.9286

CAD 1 - Tk.80.1887

SEK 1 - Tk.12.2870

SGD 1 - Tk.65.3045

CNH 1 - Tk.12.8399

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

 

 

 

Name

:

Mr. Aminul Islam

Designation

:

Deputy Managing Director & Chief Operating Officer & Company Secretary

Contract No

:

N/A

 

                                                               Locations Details

 

Operating Address

:

Rangs Tower (2nd to 6th Floor) 68, Purana Paltan, Dhaka-1000, Bangladesh.

Tel No

:

88-02-7110042, 7110062, 7110147, 7110173, 7110177, 7110218

Fax No

:

88-02-7175524

E-mail

:

bankasia@bankasia.com.bd

Website

:

www.bankasia-bd.com,

www.bankasia.net

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

24000

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Registered Address:

Address

:

Rangs Tower (2nd to 6th Floor) 68, Purana Paltan, Dhaka-1000, Bangladesh.

Tel No

:

88-02-7110042, 7110062, 7110147, 7110173, 7110177, 7110218

Fax No

:

88-02-7175524

 

 

Scotia Branch Address:

Address

:

Rangs Bhaban (1st Floor), 117/A, Old Airport Road, Bijay Sarani, Dhaka,

 Bangladesh

Tel No

:

88-02-9137512, 9137513, 9137514, 9137515, 8142290

Fax No

:

88-02-8155858

 

Number of Branches:

 

 

 

No of Branch.

:

86 Nos.

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

1600

In Factory

:

-

In Branch:

:

-

Total

:

1600

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Sponsor & Director

330,909,211

General Public

152,975,106

Foreign Investment

   2,203,860

Investment Companies

   21,468,345

Institutions

181,163,697

Non Resident Bangladesh

4,912,140

 

 

DIRECTORS

 

Name

Designation

Mr. A Rouf Chowdhury

Chairman

Mr. Mohammed Lakiotullah

Vice Chairman

Mr. A M Nurul Islam

Vice Chairman

Mr. Md. Mehmood Husain

Managing Director

Mr. M Irfan Syed

Director

Mr. Shah Md. Nurul Alam

Director

Mr. Rumee A Hossain

Director

Mr. Mashiur Rahman

Director

Ms. Sohana Rouf Chowdhury

Director

Ms. Sabrina Chowdhury

Director

Ms. Farhana Haq Chowdhury

Director

Mr. Mohd. Safwan Choudhury

Director

Ms. Hosneara Sinha

Director

Mr. Nafees Khundker

Director

Ms. Naheed Akhter Sinha

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Mehmood Husain

Job Description

:

President and Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

 

Name

:

Mr. Md. Arfan Ali

Job Description

:

Deputy Managing Director & Chief Business Officer (SMR)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Syed Nazimuddin

Job Description

:

Senior Executive Vice President & Head of Foreign Remittance

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

N/A

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

 

90 days

 

 

days

 

Selling Terms      :

L/C

N/A

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

 

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

N/A

 

Imports

:

N/A

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

S. F. Ahmed & Co. (SFACO)

Chartered Accountants

House: 25, Road: 13A, Block: D, Banani

Dhaka-1213, Bangladesh

Operation Status

:

Active.

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT  15,000,000,000

 

Paid-up Capital

:

BDT  6,93,63,23,590

    No. of Shares

:

693, 632,359

Share Value

:

BDT 10.0Each

Main Assets

:

BDT 163,777,743,402

 

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

  Currency

:BDT

 

       Denomination

: 1

 

         Financial Year Ending

: 31st Dec’2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement :

 

  Currency

:BDT

 

       Denomination

: 1

 

         Financial Year Ending

: 31st Dec’2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Bank Asia Securities Ltd.

BA Exchange Company (UK) Limited.

Subsidiary

:

Nil

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

AB Bank Limited

Agrani Bank Limited

National Bank Limited

Sonali Bank Limited

Standard Chartered Bank

Prime Bank Limited

Trust Bank Limited

BRAC Bank Limited

AB Bank Limited

Jamuna Bank Limited

Janata Bank Limited

Rupali Bank Limited

Uttara Bank Limited

Islami Bank Bangladesh Limited

United Commercial 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 Rangs Tower (2nd to 6th Floor) 68, Purana Paltan, Dhaka-1000, Bangladesh. It is situated at commercial area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.29

UK Pound

1

Rs.93.02

Euro

1

Rs.67.36

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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.