MIRA INFORM REPORT

 

 

Report No. :

490892

Report Date :

08.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

JAMUNA BANK LTD.

 

 

Registered Office :

Hadi Mension (3rd-5th, 7th-10th Floor), 2, Dilkusha, C/A, Dhaka-1000           

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.09.2017

 

 

Date of Incorporation :

02.04.2001

 

 

Com. Reg. No.:

C-42780 

 

 

Legal Form :

Public Listed Co      

 

 

Line of Business :

Banking Service.     

 

 

No. of Employees :

2006

 

 

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 :

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

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 surpassed $25 billion in 2016. The sector continues to grow, despite a series of high-profile factory accidents that have killed more than 1,000 workers and crippling strikes, including a nationwide transportation blockade orchestrated by the political opposition during the first several months of 2015. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $15 billion and 8% of GDP in 2015 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Jamuna Bank Ltd.

Head Office

:

Hadi Mension (3rd-5th, 7th-10th Floor), 2, Dilkusha, C/A, Dhaka-1000, Bangladesh.                                      

Tel No

:

88-02-9570912, 9555141, 9588397

Fax No

:

880-2-9565762, 9570936, 47118671

E-mail

:

info@jamunabank.com.bd

Website

:

www.jamunabankbd.com

Date/ Year of Incorporation

:

02.04.2001

Incorporation No.

:

C-42780 

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

30th Sept’2016

BDT 5519751961

BDT 168418302882

BDT 820324741

30th Sept’2017

BDT 5858709395

BDT 180412434626

BDT 1007403370

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Shafiqul Alam

Designation

:

Company Secretary.

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

Hadi Mension (3rd, 4th, 5th, 7th, 8th, 9th & 10th Floor), 2, Dilkusha, C/A, Dhaka-1000, Bangladesh.                                               

Tel No

:

88-02-9570912, 9555141, 9588397

Fax No

:

880-2-9565762, 9570936, 47118671

E-mail

:

info@jamunabank.com.bd

Website

:

www.jamunabankbd.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

18500

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:

 

 

Address

:

Printers Building (3rd & 8thFloor), 5, Rajuk Avenue, Dhaka-1000, Bangladesh.

Tel No

:

88-02-9570912-16, 9555141

Fax No

:

88-02-9565762

Email

:

jamunabk@bdcom.com

 

Mohakhali Branch:

Address

:

Ismail Mansion, 32, Mohakhali C/A, Dhaka

Tel No

:

88-02-9887269, 9899455, 9889273-4

Fax No

:

Nil

Email

:

manager.mohakhali@jamunabank.com.bd

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

2006

In Factory

:

-

In Branch:

:

-

Total

:

2006

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

No. of Share

Country

Mr. Gazi Golam Murtoza

15659388

Bangladesh.

Engr. A. K. M. Mosharraf Hussain

12282385

Bangladesh.

Engr. Md. Atiqur Rahman

23720549

Bangladesh.

Mr. Golam Dastagir Gazi, Bir Protik

12283590

Bangladesh.

Mr. Fazlur Rahman

12283138

Bangladesh.

Mr. Al-Haj Nur Mohammed

18147679

Bangladesh.

Mr. Md. Tajul Islam

13877590

Bangladesh.

Mr. Sakhawat, Abu Khair

Mohammad

12317277

Bangladesh.

Mr. Md. Belal Hossain

12283590

Bangladesh.

Mr. Md. Mahmudul Hoque

12287256

Bangladesh.

Mr. Shaheen Mahmud

29106763

Bangladesh.

Mr. Md. Sirajul Islam Varosha

12282655

Bangladesh.

Mr. Kanutosh Majumder

12314456

Bangladesh.

Mr. Md. Ismail Hossain Siraji

12282729

Bangladesh.

Mrs. Tasmin Mahmud

30869438

Bangladesh.

Mr. Md. Hasan

30705911

Bangladesh.

Mr. Redwan-ul Karim Ansari

12855307

Bangladesh.

General Public

328559685

 

 

 

DIRECTORS

 

Name

:

Mr. Md. Ismail Hossain Siraji

Designation

:

Chairman

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

 

 

Name

:

Mr. Shafiqul Alam

Designation

:

Managing Director & CEO

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

 

 

Name

:

Engr. A. K. M. Mosharraf Hussain

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

 

 

Name

:

Engr. Md. Atiqur Rahman

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

 

 

Name

:

Mr. Golam Dastagir Gazi, Bir Protik

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

6.

 

 

 

Name

:

Mr. Fazlur Rahman

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

7.

 

 

 

Name

:

Mr. Al-Haj Nur Mohammed

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

8.

 

 

 

Name

:

Mr. Md. Tazul Islam

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

9.

 

 

 

Name

:

Mr. Sakhawat, Abu Khair Mohammad

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

10.

 

 

 

Name

:

Mr. Md. Belal Hossain

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

11.

 

 

 

Name

:

Mr. Md. Mahmudul Hoque

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

12.

 

 

 

Name

:

Mr. Shaheen Mahmud

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

13.

 

 

 

Name

:

Mr. Md. Sirajul Islam Varosha

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

14.

 

 

 

Name

:

Mr. Kanutosh Majumder

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

15.

 

 

 

Name

:

Mr. Gazi Golam Murtoza

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

16.

 

 

 

Name

:

Mrs. Tasmin Mahmud

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

17.

 

 

 

Name

:

Mr. Md. Hasan

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

18.

 

 

 

Name

:

Mr. Redwan-ul Karim Ansari

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

19.

 

 

 

Name

:

Mr. Narayan Chandra Saha

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

20.

 

 

 

Name

:

Mr. Chowdhury Mohammad Mohsin

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

21.

 

 

 

Name

:

Mr. Md. Rafiqul Islam

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

MANAGEMENT

 

 

Name

:

Mr. Shafiqul Alam

Job Description

:

Managing Director & CEO

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. A. K. M. Saifuddin Ahamed

Job Description

:

Deputy Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Mirza Elias Uddin Ahmed

Job Description

:

Additional Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Faisal Ahsan Chowdhury

Job Description

:

Head of Corporate Banking Division

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Muhammad Shahidul Islam

Job Description

:

Head of Business

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Ashim Kumer Biswas

Job Description

:

Head of Financial Administration Division

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Mamun Mahmud

Job Description

:

Head of Human Resources Division

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. S.M. Ashafuddoullah

Job Description

:

Head of General & Common Services Division

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Ahmed Nawaz

Job Description

:

Head of Information & Communication Technology Division

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Yasin Siddiqui

Job Description

:

Vice President

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Shahidul Islam

Job Description

:

Executive Vice President

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Syed Shakir Uddin Md. Munir

Job Description

:

Senior Vice President

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. M. A. Rouf

Job Description

:

Senior Assistant Vice President

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

 

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(Country)

:

N/A

 

Imports(Country)

:

N/A

 

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

Shafiq Basak & Co.

Chartered Accountants

Shatabdi Centre (6th Floor), 292, Inner Circular Road, Fakirapool, Motijheel, Dhaka-1000, Bangladesh

Operation Status

:

Active

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 10,000 Million

 

Paid-up Capital

:

BDT 6141193860

 

No. of Shares

:

614119386

 

Share Value

:

BDT 10.00 Each

 

Main Assets

:

BDT 180412434626

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

  Currency

: BDT

 

       Denomination

: 1

 

         Financial Year Ending

:  30th Sep’2017

     Financial Highlights

30th Sep’2017

    31st Dec’2016

Property and Assets

 

 

Cash

11,107,479,106

10,460,727,273

Cash in hand

1,901,591,697

1,679,470,638

Balance with Bangladesh Bank and its agent

banks

9,205,887,410

8,781,256,635

Balance with other banks and financial

institutions

6,835,024,349

5,701,915,057

In Bangladesh

5,815,986,778

4,644,129,389

Outside Bangladesh

1,019,037,571

1,057,785,668

Money at call on short notice

-

-

Investments :

25,316,396,093

30,113,968,184

Government

24,900,361,008

29,636,168,180

Others

416,035,085

477,800,004

Loans, Advances & Lease, etc:

131,492,017,829

117,099,608,428

Loans, Cash Credit, Overdrafts, Etc.

120,912,661,593

105,414,215,481

Bills Purchased & Discounted

10,579,356,236

11,685,392,946

Fixed Assets Including Premises,

Furniture and Fixtures

2,470,083,446

2,231,612,797

Other Assets

3,191,433,802

2,810,471,144

Non-Banking Assets

-

-

Total Property & Assets:

180,412,434,626

168,418,302,882

Liabilities And Capital

 

 

Liabilities:

 

 

Borrowings From Bangladesh Bank,

Other Banks,

3,010,955,414

2,727,513,390

Financial Institutions And Agents

 

 

Deposits And Other Accounts:

150,468,371,002

141,550,956,381

Current Accounts and other Accounts

24,046,577,338

19,739,425,306

Bills Payable

3,351,596,847

10,914,338,305

Savings/Mudaraba savings bank deposits

14,549,239,057

12,729,966,705

Fixed/Mudaraba fixed Deposits

60,226,202,269

51,600,389,749

Short Term Deposits

9,135,015,810

7,578,909,132

Deposit Under Special Scheme

38,564,754,509

38,402,419,319

Foreign Currency Deposit

594,985,172

585,507,866

Other liabilities

6,835,969,056

6,291,192,881

Subordinated Bond

5,000,000,000

2,000,000,000

Total Liabilities:

165,315,295,472

152,569,662,652

Capital/Shareholders' Equity

 

 

Paid up Capital ( Ordinary shares of Tk. 10

each)

6,141,193,860

6,141,193,860

Statutory Reserve

4,414,445,498

3,998,297,071

Dividend equalization fund

30,705,969

30,705,969

Other reserve

3,916,866,304

4,416,826,009

Retained earnings

593,927,523

1,261,617,320

Total Shareholders' Equity

15,097,139,155

15,848,640,230

Total Liabilities and Shareholders' Equity

180,412,434,626

168,418,302,882

Contingent Liabilities :

 

 

Acceptance & Endorsements

20,967,310,137

20,190,652,767

Letters of Guarantee

17,863,104,264

14,083,198,100

Irrevocable Letters of Credit

21,170,440,489

14,201,676,615

Bills for Collection

10,262,390,405

7,944,289,697

Other Contingent Liabilities

475,429,024

390,533,907

Total

70,738,674,318

56,810,351,086

Other Commitments:

 

 

Documentary credits and short term trade

related transactions

-

-

Forward assets purchased and

forward deposits placed

-

-

Indrawn note issuance and revolving

underwriting facilities

-

-

Indrawn formal standby facilities, credit

lines and other commitments

-

-

Total

-

-

Total Off-Balance Sheet items including

contingent liabilities

70,738,674,318

56,810,351,086

           

 

Income Statement :

 

  Currency

: BDT

 

       Denomination

: 1

 

         Financial Year Ending

: 30th Sep’2017

     Financial Highlights

Jan to Sep’2017

    Jan to Sep’2016

Interest/profit income

8,288,058,526

7,245,148,377

Interest/profit paid on deposits and

 borrowings, etc.

6,090,142,965

5,352,813,179

Net interest income

2,197,915,561

1,892,335,198

Investment income

2,045,381,127

2,343,790,969

Commission, exchange and

 brokerage

1,282,975,952

994,838,853

Other operating income

332,436,753

288,786,942

Total operating income (A)      

5,858,709,395

5,519,751,961

Salary and allowances

1,902,979,449

1,682,165,407

Rent, taxes, insurance, electricity,

 etc.

461,668,379

394,860,512

Legal expenses

5,391,400

3,387,060

Postage, stamps, telecommunication,

 etc.

72,937,930

81,139,106

Stationery, Printings,

Advertisements, etc.

103,838,961

102,482,212

Directors' fees & other expenses

5,887,592

5,980,938

Auditors' fees

-

-

Managing Director's salary &

 allowances

10,300,000

7,650,000

Depreciation and repairs and

 maintenance of bank's assets

166,355,236

149,736,145

Other expenses

379,784,546

331,740,157

Total operating expenses (B)

3,109,143,495

2,759,141,536

Profit before provisions (C=A-B)

2,749,565,900

2,760,610,425

Provision for loans, advances and

 others

520,031,071

918,926,400

Provision for off balance Sheet

139,283,473

137,694,266

Provision for others

54,227,747

3,564,300

Provision for diminutionvalue in

investments

(44,718,529)

(10,990,679)

Total provision (D)

668,823,762

1,049,194,287

Profit before taxation (C-D)

2,080,742,137

1,711,416,137

Contribution to Foundation @3% of

pre-tax profit

62,422,264

51,342,484

Provision for taxation for the period

1,010,916,503

839,748,913

Net profit after taxation

1,007,403,370

820,324,741

Earnings Per Share (EPS)

1.64

1.34

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Nil

Name of Mother Company

:

Nil

Subsidiary

:

Nil

Sister Concerns

:

Jamuna Bank Capital management Ltd.

Jamuna Bank Securities Limited.

Jamuna Bank Foundation

 

 

BANKING

 

Bank Name  

:

AB Bank Ltd.

Janata Bank Ltd.

Sonali Bank Ltd.

National bank Ltd.

Social Islami Bank Ltd.

Standard Chartered Bank

The City 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

 

Our Representative Visited the subject company Head office which is situated at Hadi Mension (3rd, 4th, 5th, 7th, 8th, 9th, & 10th Floor) 2, Dilkusha, C/A, 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 Bangladesh.  Their services popular to the local people.   So day by day the subject companies increase their goodwill. As well as its financial condition

 

  

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.14

UK Pound

1

INR 89.50

Euro

1

INR 79.43

BDT

1

INR 0.77

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

SYL

                                                


 

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.