MIRA INFORM REPORT

 

 

Report No. :

340186

Report Date :

09.09.2015

 

IDENTIFICATION DETAILS

 

Name :

TRUST BANK LIMITED

 

 

Registered Office :

Peoples Insurance Bhaban, 36, Dilkusha C/A, (2nd, 16th, & 17th Floor), Dhaka-1000, Bangladesh.

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30-06-2015

 

 

Date of Incorporation :

17.06.1999

 

 

Com. Reg. No.:

C-37960

 

 

Legal Form :

Public Listed Co      

 

 

Line of Business :

Commercial Banking Services.

 

 

No. of Employees :

1477

 

 

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 :

Excellent

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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, accounted for more than 80% of total exports and surpassed $18 billion in 2014. 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 $14 billion and 8% of GDP in 2014 - are the largest contributors to Bangladesh’s current account surplus and rising foreign exchange holdings.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

 

Correct company Name

:

Trust Bank Limited

Head Office

:

Peoples Insurance Bhaban, 36, Dilkusha C/A, (2nd, 16th, & 17th Floor), Dhaka-1000, Bangladesh.

Tel No

:

880-2-9570261, 9570263, 9572012-3

Fax No

:

880-2-9572315

E-mail

:

info@trustbanklimited.com

Website

:

www.trustbank.com.bd

Date/ Year of Incorporation

:

17.06.1999

Incorporation No.

:

C-37960

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

30-06-2014

BDT 2,699,460,754

(01-01- 2014~ 30.06. 2014)

BDT 1 45,346,118,393

BDT 3 16,514,810

(01-01- 2014~ 30.06. 2014)

30-06-2015

BDT 3,724,246,577                  

(01-01-2015~30.06.2015)

BDT 1 68,080,966,433

BDT 9 34,917,982

(01-01-2015~30.06.2015)

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. Khaled Mahbub Morshed, FCA

Designation

:

Company Secretary

Contract No

:

N/A

 

                                                               Locations Details

 

Operating Address

:

Peoples Insurance Bhaban, 36, Dilkusha C/A, (2nd, 16th, & 17th Floor), Dhaka-1000, Bangladesh.

Tel No

:

880-2-9570261, 9570263, 9572012-3

Fax No

:

880-2-9572315

E-mail

:

info@trustbanklimited.com

Website

:

www.trustbank.com.bd

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

25,000

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Principal Branch:

 

 

 

Address

:

98, Shaheed Sarani, Dhaka Cantonment, Dhaka-1206, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

 

No. of Branches:

 

82 Nos.

 

 

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

1477

In Factory

:

-

In Branch:

:

-

Total

:

1477

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Army Welfare Trust

228321450

Financial Institutions

77604082

Foreign Investor

1022685

Non-residential Bangladeshi

1433113

Gen Ashraf Abdullah Yussuf, rcds, afwc, psc

715

Brig Gen Khan Abu Roushan Mohammad Mostafa Kamal, ndc, psc

228

Ms. Begum Rokeya Din

1229

Mr. Helal Uddin Ahmed

23795

General Public

160419485

 

 

DIRECTORS

 

Name

Designation

Gen Abu Belal Muhammad Shafiul Huq, ndc, psc

             Chairman

Maj Gen Md Mahfuzur Rahman, rcds, ndc, afwc, psc, PhD

             Vice Chairman

Brig Gen Abu Mohammad Munir Alim, BSP, psc, G

             Managing Director & CEO

Brig Gen Md Mehdi Hassan, ndc, afwc, psc

             Director

Brig Gen Kazi A S M Arif, afwc, psc

             Director

Brig Gen Md Zakir Hossain, psc, te

             Director

Mr. Shahedul Islam

             Independent Director

Mr. Ashrafuzzaman Khan

             Independent Director

Mr. M A Haider Hussain

             Independent Director

 

 

MANAGEMENT

 

Name

:

Mr. Ishtiaque Ahmed Chowdhury

Job Description

:

MD & CEO

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Khaled Mahbub Morshed, FCA

Job Description

:

Chief Financial Officer

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. M. M. Haikal Hashmi

Job Description

:

DMD

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Banking Services

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

 

Importer

 

Services

 

Others

 

 

Item Dealings In:

 

Products

:

Commercial Banking Services

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

:

Local People

 

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 ACNABIN, Chartered Accountants

BDBL Bhaban (13th Floor)

12 Kawran Bazar, Dhaka-1215

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 10,000,000,000

 

Paid-up Capital

:

BDT 4688267820

    No. of Shares

:

468826782

Share Value

:

BDT 10.00Each

Main Assets

:

BDT 1, 68,080,966,433

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

  Currency

: Tk.

 

       Denomination

: 1

 

         Financial Year Ending

: 30-06-2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement :

 

  Currency

: Tk.

 

       Denomination

: 1

 

         Financial Year Ending

: 30-06-2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

N/A

Subsidiary

:

Trust Bank Securities Limited

Trust Bank Investment Limited

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

Prime Bank Ltd

Bank Address

:

Motijheel Branch

Bank Name  

:

Dhaka Bank Ltd

Bank Address

:

Motijheel Branch

 

Bank Name  

:

National Bank Ltd

 

Bank Address

:

Motijheel Branch

Bank Name  

:

Mutual Trust Bank Ltd.

Bank Address

:

Motijheel Branch

 

 

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 Peoples Insurance Bhaban, 36, Dilkusha C/A, (2nd, 16th, & 17th Floor), 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 Banking Company 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.66.61

UK Pound

1

Rs.102.30

Euro

1

Rs.74.61

 

 

 

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.