MIRA INFORM REPORT

Report No. :	506045
Report Date :	26.04.2018

IDENTIFICATION DETAILS

Name :	BANK ASIA LTD.
Registered Office :	Rangs Tower (2^nd & 6^th Floor), 68, Purana Paltan, Dhaka-1000
Country :	Bangladesh
Financials (as on) :	30.09.2017
Date of Incorporation :	28.09.1999
Com. Reg. No.:	C-38694
Legal Form :	Public Listed Co
Line of Business :	Banking Service.
No. of Employees :	1970

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Bangladesh	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BANGLADESH - ECONOMIC OVERVIEW

Bangladesh's economy has grown roughly 6% per year since 1996 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services 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 were on track to again surpass $25 billion in 2017. The sector continues to grow, despite the need for improvements in factory working conditions to avert further high-profile accidents that have killed more than 1,000 workers in recent years. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $13 billion and 6% of GDP in 2016 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

The recent influx of hundreds of millions of additional refugees from Burma will place pressure on the Bangladeshi government’s budget and the country’s rice supplies, which declined in 2017 in part because of adverse weather.

Source : CIA

IDENTIFICATION DETAILS
Correct company Name	:	BANK ASIA LTD.
Head Office	:	Rangs Tower (2^nd & 6^th 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
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
31^st Dec’2016	BDT 7,541,688,822 (Jan to Sep’2016)	BDT 253,195,701,236	BDT 689,202,956 (Jan to Sep’2016)
30^th Sep’2017	BDT 8,658,175,193 (Jan to Sep’2017)	BDT 269,393,465,834	BDT 1,356,079,686 (Jan to Sep’2017)

FULLCHECK REPORT DETAILS
Information Parted By
Name	:	Mr. Imran Ahmed
Designation	:	Executive Vice President & CFO
Contract No	:	N/A

Locations Details
Operating Address	:	Rangs Tower (2^nd to 6^th 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.

Register Office:
Address	:	68, Purana Paltan, Dhaka-1000, Bangladesh
Tel No	:	Nil
Fax No	:	Nil

Principal Office Branch:
Address	:	Tea Board Building (1^st Floor), 111-113, Motijheel C/A, Dhaka-1000, Bangladesh
Tel No	:	88-02-9571450, 9571451
Fax No	:	88-02-9566223

Scotia Branch Address:
Address	:	Rangs Bhaban (1^st Floor), 117/A, Old Airport Road, Bijay Sarani, Dhaka-1215, 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	:	1970	In Factory	:	Nil
	In Branch:	:	Nil	Total	:	1970

OWNERSHIP/SHAREHOLDERS
Names of Shareholders	No. of Share	Country
Sponsor & Director	354538315	Bangladesh.
Foreign Investment	2424246	Bangladesh.
Investment Companies	28030782	Bangladesh.
Institutions	230714179	Bangladesh.
Non Resident Bangladesh	5392928	Bangladesh.
General Public	365910649	Bangladesh.

DIRECTORS
1.
Name	:	Mr. A Rouf Chowdhury
Designation	:	Chairman
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
2.
Name	:	Mr. Mohd. Safwan Choudhury
Designation	:	Vice Chairman
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
3.
Name	:	Mr. A M Nurul Islam
Designation	:	Vice Chairman
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
4.
Name	:	Mr. Md. Arfan Ali
Designation	:	President & Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
5.
Name	:	Mr. M. Shahjahan Bhuiyan
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

6.
Name	:	Mr. M Irfan Syed
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

7.
Name	:	Mr. Nazrul Huda
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

8.
Name	:	Ms. Farhana Haq Chowdhury
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

9.
Name	:	Ms. Hosneara Sinha
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

10.
Name	:	Ms. Naheed Akhter Sinha
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

11.
Name	:	Mr. Mir Shahjahan
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

12.
Name	:	Mr. Mashiur Rahman
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

13.
Name	:	Mr. Rumee A Hossain
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

MANAGEMENT
Name	:	Mr. Md. Arfan Ali
Job Description	:	President & Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mrs. Humaira Azam
Job Description	:	Deputy Managing Director & CRO
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Muhammed Zahirul Alam
Job Description	:	Deputy Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Mohammad Borhanuddin
Job Description	:	Deputy Managing Director & COO
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Imran Ahmed
Job Description	:	Executive Vice President & CFO
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Md. Kamrul Hasan
Job Description	:	Company Secretary
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS
Nature of Activity :	Banking Service	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(Country)			:	N/A
		Imports(Country)			:	N/A
Brand Name			:	N/A
Certified			:	N/A
Name of Auditors			:	Hoda Vasi Chowdhury & Co. Chartered Accountants BTMC Bhaban (7^th Floor, Level- 7-9), Karwan Bazar, Dhaka-1215, Bangladesh
Operation Status			:	Active
Member			:	N/A

CAPITAL STRUCTURE
Authorized Capital	:	BDT 15000 Million
Paid-up Capital	:	BDT 9870110990
No. of Shares	:	987011099
Share Value	:	BDT 10.00 Each
Main Assets	:	BDT 269,393,465,834

FINANCIAL STATEMENT- DETAILED

Balance Sheet :
	Currency	: BDT
	Denomination	: 1
	Financial Year Ending	: 30^th Sep’2017
Financial Highlights	30th Sep’2017	31^st Dec’2016
PROPERTY AND ASSETS
Cash	15,410,453,560	15,980,758,895
In hand (including foreign currencies)	2,031,481,406	2,076,938,257
Balance with Bangladesh Bank and its agent bank
(including foreign currencies)	13,378,972,154	13,903,820,638
Balance with other banks and financial institutions	23,407,791,345	13,273,233,476
In Bangladesh	21,528,065,259	10,702,481,995
Outside Bangladesh	1,879,726,086	2,570,751,481
Money at call and on short notice	-	4,870,000,000
Investments	26,941,617,954	39,365,212,025
Government	23,813,647,577	36,112,473,144
Others	3,127,970,377	3,252,738,881
Loans and advances/investments	187,270,640,418	163,609,782,739
Loans, cash credits, over daftest /investments	172,011,906,047	155,016,374,171
Bills purchased and discounted	15,258,734,371	8,593,408,568
Fixed assets including premises, furniture and fixtures	5,326,516,024	5,249,722,487
Other assets	11,036,446,533	10,846,991,614
Non - banking assets	-	-
Total assets	269,393,465,834	253,195,701,236
Liabilities And Capital
Liabilities
Borrowings from other banks, financial institutions and agents	26,010,807,484	18,822,423,424
Subordinated non-convertible bonds	8,092,588,885	3,197,214,016
Deposits and other accounts	192,357,582,024	191,272,582,777
Current/Al-wadeeah current accounts and other accounts	39,332,253,071	34,253,758,670
Bills payable	2,599,712,317	4,902,979,613
Savings bank/Mudaraba savings bank deposits	33,032,967,189	27,793,803,978
Fixed deposits/Mudaraba fixed deposits	117,392,649,447	124,322,040,516
Bearer certificates of deposit	-	-
Other deposits	-	-
Other liabilities	22,574,914,607	20,865,003,294
Total liabilities	249,035,893,000	234,157,223,511
Capital/shareholders' equity
Total shareholders' equity	20,357,572,834	19,038,477,725
Paid-up capital	9,870,110,990	8,812,599,100
Statutory reserve	7,070,447,967	6,533,632,030
Revaluation reserve	2,202,627,800	2,239,612,377
General reserve	8,166,144	8,166,144
Retained earnings	1,206,219,933	1,444,468,074
Total liabilities and shareholders' equity	269,393,465,834	253,195,701,236
Net Assets Value per Share	20.63	19.29
OFF-BALANCE SHEET ITEMS
Contingent liabilities	126,438,000,114	110,762,047,002
Acceptances and endorsements	41,997,962,192	35,098,107,666
Letters of guarantee	36,661,296,441	35,578,341,924
Irrevocable letters of credit	32,817,024,469	29,013,641,402
Bills for collection	14,961,717,012	11,071,956,010
Other contingent liabilities	-	-
Other commitments	185,671,739	-
Documentary credits and short term trade related transactions	-	-
Forward assets purchased and forward deposits placed	185,671,739	-
Undrawn note issuance and revolving underwriting facilities	-	-
Undrawn formal standby facilities, credit lines and other commitments	-	-
Total off-balance sheet items including contingent liabilities	126,623,671,853	110,762,047,002

Income Statement :
Currency		:	BDT
Denomination		:	1
Financial Year Ending		:	30^th Sep’2017
Financial Highlights	Jan to Sep’2017		Jan to Sep’2016
OPERATING INCOME
Interest income	11,917,415,959		10,706,321,266
Interest paid on deposits and borrowings, etc.	7,947,122,864		7,862,763,990
Net interest income	3,970,293,095		2,843,557,276
Investment income	1,953,039,787		2,477,848,408
Commission, exchange and brokerage	2,230,724,436		1,791,318,341
Other operating income	504,117,875		428,964,797
	4,687,882,098		4,698,131,546
Total operating income (A)	8,658,175,193		7,541,688,822
OPERATING EXPENSES
Salaries and allowances	1,919,871,208		1,787,819,632
Rent, taxes, insurance, electricity etc.	454,461,405		395,055,541
Legal expenses	14,440,610		10,837,689
Postage, stamp, telecommunication etc.	67,497,936		60,737,430
Stationery, printing, advertisements etc.	66,275,176		69,482,201
Managing Director's salary and fees	11,250,000		12,775,484
Directors' fees	1,720,000		2,504,000
Auditors' fees	4,600		148,000
Depreciation and repairs of Bank's assets	340,086,050		326,346,471
Other expenses	1,039,988,522		863,891,194
Total operating expenses (B)	3,915,595,507		3,529,597,642
Profit before provision (C=A-B)	4,742,579,686		4,012,091,180
General provision	725,800,000		(228,641,024)
Specific provision	1,174,000,000		2,273,895,342
Provision for loans and advances	1,899,800,000		2,045,254,318
Provision for off-balance sheet items	158,700,000		127,633,906
Provision for diminution in value of investments	-		-
Other provisions	-		-
Total provision (D)	2,058,500,000		2,172,888,224
Total profit before tax (C-D)	2,684,079,686		1,839,202,956
Provision for taxation
Current tax	1,300,000,000		1,093,637,975
Deferred tax	28,000,000		56,362,025
	1,328,000,000		1,150,000,000
Net profit after tax	1,356,079,686		689,202,956
Appropriations
Statutory reserve	536,815,937		367,840,591
General reserve	-		-
	536,815,937		367,840,591
Retained surplus	819,263,749		321,362,365
Earnings Per Share (EPS)	1.37		0.70

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 AB Bank Limited Trust Bank Limited Prime Bank Limited Janata Bank Limited Uttara Bank Limited Sonali Bank Limited Rupali Bank Limited Agrani Bank Limited BRAC Bank Limited Jamuna Bank Limited National Bank Limited Standard Chartered Bank 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 (2^nd & 6^th Floor), 68, Purana Paltan, Dhaka-1000, Bangladesh. It is situated at commercial area.

GENERAL COMMENTS

The subject company is engaged in Banking Service. It is reputed company in this line of business.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.70
UK Pound	1	INR 93.14
Euro	1	INR 81.43
BDT	1	INR 0.79

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.