MIRA INFORM REPORT

 

 

Report No. :

504897

Report Date :

28.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

AGRANI BANK LIMITED

 

 

Registered Office :

9-D, Dilkusha Commercial Area, Motijheel, Dhaka-1000, Bangladesh

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

26.06.1972

 

 

Com. Reg. No.:

C-66888    

 

 

Legal Form :

Public (but not listed) 

 

 

Line of Business :

Banking Financial Services

 

 

No. of Employees :

12672

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd 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

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Agrani Bank Limited.

Head Office

:

9-D, Dilkusha Commercial Area, Motijheel, Dhaka-1000, Bangladesh.

Tel No

:

88-02-9566153-4, 9566160-9, 9566074-5

Fax No

:

88-02-9562346, 9563662, 9563658

E-mail

:

info@agranibank.org, agrani@agranibank.org

Website

:

www.agranibank.org

Date/ Year of Incorporation

:

26.06.1972

Incorporation No.

:

C-66888    

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)

 

 

Other Registry & Certification Details

 

Taxpayer’s Identification No (TIN)

:

0022001223

Date of Registration

:

N/A

Issuing Authority

:

National Board of Revenue

 

 

 

Value Added Tax(VAT) No

:

19011031730

Date of Registration

:

N/A

Issuing Authority

:

National Board of Revenue

 

 

 

Organization Name

:

Dhaka Chamber of Commerce & Industry

 

Membership No

:

N/A

 

 

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

Income/ (Loss)

31st Dec, 2015

BDT 19915605797

BDT 565351457288

BDT 653060647

31st Dec, 2016

BDT 20796434432

BDT 623567468862

(BDT 6970106854)

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. M. Ashiqul Hoque Chawdhury

Designation

:

Joint Secretary

Contract No

:

Nil

 

                                                               Locations Details

Operating Address

:

9-D, Dilkusha Commercial Area, Motijheel, Dhaka-1000, Bangladesh.

Tel No

:

88-02-9566153-4, 9566160-9, 9566074-5

Fax No

:

88-02-9562346, 9563662, 9563658

Email

:

info@agranibank.org, agrani@agranibank.org

Website

:

www.agranibank.org

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

20, 000

Sq. ft.

 

 

Type of Office :

  :       Commercial Office area

Ö

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

 

     

 

 

Business Center

 

 

Home Office

 

      

 

 

Residential Bldg.

 

 

 

 

 

 

Wasa Corporate Branch :

 

 

 

Address

:

WASA Bhaban, 98, Kazi Nazrul Islam Avenue, Kawran Bazar, Dhaka-1215, Bangladesh

Tel

:

88-02-9141377

 

Branches:

 

 

 

 

 

Branch No.

:

934

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

12672

In Factory

:

Nil

In Branch:

:

Nil

Total

:

12672

Details:

 

                     

 

 

 

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

No. of Share

County

Government of Bangladesh

207229395

Bangladesh.

Directors

9

Bangladesh.

 

 

DIRECTORS

 

1.        

 

 

 

Name

:

Dr. Zaid Bakht

Designation

:

Chairman

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

2.        

 

 

 

Name

:

Mr. Mohammad Shams-Ul Islam

Designation

:

Managing Director & CEO

Nationality

:

Bangladeshi.

Email address

:

mdagrani@agranibank.org

Other details

:

N/A

 

3.        

 

 

 

Name

:

Mr. Gokul Chand Das

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

4.        

 

 

 

Name

:

Sangita Ahmed

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

5.        

 

 

 

Name

:

Mr. Shameem Ahsan

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

6.

 

 

 

Name

:

Hasina Newaaz

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

7.

 

 

 

Name

:

Professor Dr. Nitai Chandra Nag

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

8.

 

 

 

Name

:

Mr. M. Ashiqul Hoque Chawdhury

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

9.

 

 

 

Name

:

Mr. Kashem Humayun

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

10

 

 

 

Name

:

Mr. Md. Ansar Ali Khan

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

MANAGEMENT

 

Name

:

Mr. Mohammad Shams-Ul Islam

Job Description

:

Managing Director & CEO

Nationality

:

Bangladeshi

Email address

:

mdagrani@agranibank.org

Other details

:

N/A

 

Name

:

Mr. Mohammed Ismail Hossain

Job Description

:

Deputy Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Anisur Rahman

Job Description

:

General Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. M. Ashiqul Hoque Chawdhury

Job Description

:

Joint Secretary

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Khandaker Sajedul Haque

Job Description

:

Company Secretary

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Commercial Banking

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

 

Importer

 

Services

 

Others

 

 

Item Dealings In:

 

Products

:

Banking Financial Services.  

Production Capacity

:

N/A

Last Year Production

:

N/A

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

DETAILED DATA

 

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

Nil

 

Local Clients

:

Nil

 

Overseas Suppliers

:

Nil

 

Local Suppliers

:

Nil

 

Trade Markets

:

 

Exports(Country)

:

Nil

 

Imports(Country)

:

Nil

 

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

MABS & J Partners

Chartered Accountants

Operation Status

:

Active

 

 

 

 

 

 

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 2500 Core

 

Paid-up Capital

:

BDT 20722940400

 

No. of Shares

:

207229404

 

Share Value

:

BDT 100.00 Each

 

Main Assets

:

BDT 623567468862

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

  Currency

: BDT

 

       Denomination

: 1

 

         Financial Year Ending

: 31st Dec, 2016

     Financial Highlights

31st Dec, 2016

31st Dec, 2015

PROPERTY & ASSETS

 

 

Cash:

35,812,986,615

33,737,533,977

Cash in hand (including foreign currencies)

3,853,518,982

4,055,674,293

Balance with Bangladesh Bank and its agent bank ((including foreign currencies)

31,959,467,633

29,681,859,684

Balance with other Banks and Financial Institutions:

27,747,160,042

20,923,298,810

In Bangladesh

25,823,211,481

17,985,710,914

Outside Bangladesh

1,923,948,561

2,937,587,896

Money at call and short Notice

890,000,000

1,592,226,706

Investments

227,535,131,879

205,697,485,859

Government

202,475,934,897

180,993,848,737

Others

25,059,196,982

24,703,637,122

Loans and advances

265,871,122,887

244,801,833,138

Loans, cash credit & overdraft etc.

262,204,703,659

240,103,222,675

Bills discounted and purchased

3,666,419,228

4,698,610,463

Fixed assets

15,779,340,372

15,949,477,952

Including land, building, furniture and

fixtures:

 

 

Other Assets:

49,928,037,150

42,646,889,330

Non-Banking assets

3,689,917

2,711,516

Total Assets

623,567,468,862

565,351,457,288

LIABILITIES & CAPITAL

 

 

Liabilities:

 

 

Borrowings From Other Banks, Financial

Institutions  And Agents

4,426,571,018

8,828,178,168

Deposit and other accounts

494,050,051,943

439,975,477,419

Current deposits & other accounts

107,751,562,753

96,906,448,874

Bills payable

6,353,439,053

4,842,152,720

Saving bank deposits

6,353,439,053

117,162,981,049

Fixed deposits

236,921,852,842

221,063,894,776

Other Liabilities

88,514,001,686

71,871,946,420

Total Liabilities

586,990,624,647

520,675,602,007

Capital /Shareholder Equity:

 

 

Paid up capital

20,722,940,400

20,722,940,400

 

 

 

Reserve

17,443,004,091

17,466,209,863

Statutory reserve

17,443,004,091

5,859,381,981

General Reserve

576,983,145

536,512,399

Assets revaluation reserve

11,006,638,965

11,070,315,483

Revaluation & amortization reserve

4,280,530,068

5,553,129,909

Retained surplus/(deficit)

(5,869,630,344)

933,575,109

Total shareholder equity

36,576,844,215

44,675,855,281

Total liabilities and shareholders’ equity

623,567,468,862

565,351,457,288

Contingent Liabilities

 

 

Acceptance and endorsements

83,902,294,663

90,068,815,036

Letters of guarantee

6,324,204,340

5,587,477,880

Letters of credit

36,516,961,325

43,971,567,281

Bills for collection

19,351,646,467

22,276,206,205

Other contingent liabilities

5,929,107,531

5,507,814,670

Claims against the bank not acknowledged as debt

15,780,375,000

12,725,749,000

Other commitments:

-

-

Documentary credit and short term trade –

related transaction

-

-

Liabilities on account of outstanding forward exchange contract

-

-

Forward assets purchased and forward deposits placed

-

-

Undrawn note issuance and revolving

underwriting facilities

-

-

Undrawn formal standby facilities, Credit lines and other commitments

-

-

Total Off-Balance Sheet Items

83,902,294,663

        90,068,815,036

 

Income Statement :

 

  Currency

: BDT

 

       Denomination

: 1

 

         Financial Year Ending

: 31st Dec, 2016

     Financial Highlights

31st Dec, 2016

31st Dec, 2015

Operating income

 

 

Interest and revenue income

21,446,185,391

23,635,351,099

Interest paid on deposits, borrowings etc.

(20,619,597,687)

(22,942,803,142)

Net interest income

826,587,704

692,547,957

Investment income

15,611,826,132

14,952,372,541

Commission, exchange earnings and

brokerage

3,089,128,312

3,255,413,507

Other operating income

1,268,892,284

1,015,271,792

 

19,969,846,728

19,223,057,840

Total Operating income

20,796,434,432

19,915,605,797

Operating expenses

 

 

Salary and allowance

10,065,083,886

6,952,667,148

Rent, taxes, issuance, electricity etc.

1,059,119,002

852,121,308

Legal expenses

37,122,036

24,588,226

Postage, Stamp, telecommunication etc.

346,820,326

249,328,769

Stationery, printing, advertisement etc.

206,984,501

280,203,490

Chief executive’s salary and

allowances

5,328,226

5,700,000

Director’s fees

3,633,284

3,513,105

Auditor’s fees

4,613,500

3,636,000

Depreciation, Amortization and repair of

bank’s assets

919,679,290

969,891,827

Other expenses

2,597,235,097

1,799,215,750

Total operating expenses

15,245,619,148

11,140,865,623

Profit/(loss) before amortization,

provision & tax

5,550,815,284

8,774,740,174

Amortization of valuation

adjustment

1,329,500,000

1,329,500,000

Profit/(loss) before provision & tax

4,221,315,284

7,445,240,174

Provision for loans and advances

8,165,683,497

5,557,860,137

Other Provision

3,566,121,442

2,486,269,846

Total provision

11,731,804,939

8,044,129,983

Net profit /(loss)before tax

(7,510,489,655)

(598,889,809)

Provision for tax

 

 

Current tax

2,322,989,078

131,000,000

Deferred tax

(2,863,371,879)

(1,382,950,456)

 

(540,382,801)

(1,251,950,456)

Net Profit /(loss)after tax

(6,970,106,854)

653,060,647

Retained earnings brought forward from

previous years

1,100,476,510

280,514,462

 

(5,869,630,344)

933,575,109

Appropriation:

 

 

Statutory reserve

-

-

General reserve.

-

-

 

-

-

Retained surplus/ (deficit)

(5,869,630,344)

933,575,109

Earnings per share (EPS)

(33.63)

3.15

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Nil

Name of Mother Company

:

Nil

Subsidiary Companies

in Bangladesh

:

Agrani Equity & Investment Limited

Agrani SME Financing Company Limited

Subsidiary Companies

in Overseas

:

Agrani Remittance House Canada Inc.

Agrani Exchange Company (Australia) Pty. Limited

Agrani Remittance House Sdn. Bhd., Malaysia (6 branches)

Agrani Exchange House Private Limited, Singapore (4 branches)

Sister Concerns

:

Nil

 

 

BANKING

 

Bank Name  

:

Bank Asia Ltd

Jamuna Bank ltd

Al-Arafa Bank ltd.

The City Bank Ltd.

The City Bank Ltd.

Southeast Bank Ltd.

ICB Islamic Bank Ltd.

National Bank of Pakistan

Islami Bank Bangladesh Ltd.

First Security Islami Bank Ltd.

Bangladesh Commerce 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 is a State Own company engaged in Banking. Its head office situated at 9-D, Dilkusha Commercial Area, Motijheel, Dhaka-1000, Bangladesh. The subject company is financially solvent & they get good support from their Banks. It is situated at commercial area

 

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be Strong Commercial Banking. SC has been in its line of business for about 16 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that Credit can proceed with favorable terms in Large amount.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

BDT

1

INR 0.80

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

KET

                                                


 

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.