|
|
|
MIRA
INFORM REPORT
|
Report No. : |
490882 |
|
Report Date : |
09.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
AL-ARAFAH ISLAMI
BANK LTD. |
|
|
|
|
Registered Office : |
Peoples
Insurance Building 36, Dilkusha Commercial Area, (6th-9th
Floor), Dhaka-1000 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
30.06.2017 |
|
|
|
|
Date of Incorporation : |
18.06.1995 |
|
|
|
|
Com. Reg. No.: |
C-28623 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Banking Services. |
|
|
|
|
No. of Employees : |
3070 |
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 |
Company name
AL-ARAFAH ISLAMI BANK
LTD.
EXECUTIVE SUMMARY
|
IDENTIFICATION DETAILS |
||
|
Correct company Name |
: |
Al-Arafah Islami Bank Ltd. |
|
Head Office |
: |
Peoples Insurance Building (6th -9th Floor), 36,
Dilkusha C/A, Dhaka-1000, Bangladesh. |
|
Tel No |
: |
88-02-9567885, 9567819, 9569353, 9568007,
9560198, 47119130-2 |
|
Fax No |
: |
88-02-9569351 |
|
E-mail |
: |
info@al-arafahbank.com |
|
Website |
: |
www.al-arafahbank.com |
|
Date/ Year of Incorporation |
: |
18.06.1995 |
|
Incorporation No. |
: |
C-28623 |
|
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/Loss |
|
31st
Dece’2016 |
BDT 272,900,048,477 (01-01-2016~30-06-2016) |
BDT 272,900,048,477 |
BDT 1,296,724,053 (01-01-2016~30-06-2016) |
|
30th
June’2017 |
BDT 303,047,087,664 (01-01-2017~30-06-2017) |
BDT 303,047,087,664 |
BDT 1,340,386,998 (01-01-2017~30-06-2017) |
FULLCHECK REPORT DETAILS
|
Information Parted By |
||
|
Name |
: |
Mr. Abdul Hannan
Khan |
|
Designation |
: |
Company Secretary |
|
Contract No |
: |
N/A |
|
Locations Details |
||
|
Operating Address |
: |
Peoples Insurance Building (6th -9th Floor), 36,
Dilkusha C/A, Dhaka-1000, Bangladesh. |
|
Tel No |
: |
88-02-9567885, 9567819, 9569353, 9568007,
9560198, 47119130-2 |
|
Fax No |
: |
88-02-9569351 |
|
E-mail |
: |
info@al-arafahbank.com,
aibl@al-arafahbank.com |
|
Website |
: |
www.al-arafahbank.com |
|
Location : |
: Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
28000 |
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 |
: |
Peoples Insurance Building 36, Dilkusha
Commercial Area, (6th-9th Floor), Dhaka-1000, Bangladesh. |
|
Tel No |
: |
88-02-9567885, 9567819, 9569353, 9568007, 9560198 |
|
Fax No |
: |
88-02-9569351 |
|
Branch: |
|
|
|
|
|
|
|
Address |
: |
96, Agrabad C/A, Chittagong, Bangladesh |
|
Tel No |
: |
88-031-713372-3, 711725, 01819-310770,
01711268387 |
|
Fax No |
: |
88-031-2514695 |
|
Total Branches: |
||
|
No. of Branch |
: |
140 Nos. |
|
Employee: |
|
|||||||
|
|
|
|||||||
|
No. of Employees |
In Office |
: |
3070 |
In Factory |
: |
Nil |
||
|
In Branch: |
: |
Nil |
Total |
: |
3070 |
|||
|
Details: |
|
|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of
Share |
|
Sponsors / Promoters |
417059441 |
|
Institution |
174154517 |
|
General Public |
403092470 |
DIRECTORS
|
Name |
Designation |
|
Mr. Alhajj Abdus Samad |
Chairman |
|
Mr. Alhajj Abdus Salam |
Vice Chairman |
|
Mr. Md. Habibur Rahman) |
Managing Director |
|
Mr. Alhajj Badiur Rahman |
Director |
|
Mr. Alhajj Md. Harun-Ar- Rashid Khan |
Director |
|
Mr. Alhajj Nazmul Ahsan Khaled |
Director |
|
Mr. Alhajj Abdul Malek Mollah |
Director |
|
Mr. Hafez Alhajj Md. Enayet Ullah |
Director |
|
Mr. Alhajj Ahamedul Haque |
Director |
|
Mr. Alhajj Abu Naser Mohammad Yeahea |
Director |
|
Mr. Alhajj Engr. Kh. Mesbahuddin Ahmed |
Director |
|
Mr. Alhajj Niaz Ahmed |
Director |
|
Mr. Alhajj Md. Anowar Hossain |
Director |
|
Mr. Alhajj Mohammed Emadur Rahman |
Director |
|
Mr. Alhajj Badsha Mea |
Director |
|
Mr. Alhajj Mohammed Haroon |
Director |
|
Mr. Alhajj Md. Liakat Ali Chowdhury |
Director |
|
Mr. Alhajj Salim Rahman |
Director |
|
Dr. Md. Shafiul Haider Chowdhury |
Alternative Director |
|
Mr. Alhajj Anwar Hossain |
Alternative Director |
|
Mr. Jb. Khalid Rahim |
Independent Director |
|
Mr. Jb. Faruq Ahmad Siddiqi |
Independent Director |
|
Mr. Jb. Amir Uddin PPM |
Independent Director |
MANAGEMENT
|
Name |
: |
Mr. Md. Habibur
Rahman) |
|
Job Description |
: |
Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Md. Nurul
Islam Khalifa |
|
Job Description |
: |
Principal |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Md. Rezaur
Rahman |
|
Job Description |
: |
Deputy Managing
Director |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Syed Masodul
Bari |
|
Job Description |
: |
Executive Vice
Presiden |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
88-01713403586 |
|
Name |
: |
Mohammed Nadim FCA |
|
Job Description |
: |
Chief Financial Officer |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
cto.aibl@al-arafahbank.com |
|
Other details |
: |
N/A |
|
Name |
: |
Md. Habibur
Rahman |
|
Job Description |
: |
Chief Executive
Officer |
|
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 : 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 |
|
Auditors |
: |
Khan Whabh
Shafique Rahman & Co. Chartered Accounts Rupali Bima Bhaban (5th Floor), 7, Rajuk Avenue, Motijheel, Dhaka-1000, Bangladesh Hoda Vasi
Chowdhury & Co. Chartered Accountants BTMC Bhaban (8th Level) 7-9 Kawran Bazar C/A, Dhaka-1000, Bangladesh. |
|
Operation Status |
: |
Active. |
|
Member |
: |
N/A. |
CAPITAL STRUCTURE
|
Authorized Capital |
: |
BDT 15,000 Million |
|
|
||
|
Paid-up Capital |
: |
BDT 9943064280 |
|
|
||
|
No. of Shares |
: |
994306428 |
|
|
||
|
Share Value |
: |
BDT10.00Each |
|
|
||
|
Main Assets |
: |
BDT 303,047,087,664 |
FINANCIAL STATEMENT- DETAILED
|
Balance Sheet : |
||
|
|
Currency |
BDT |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 30th June’2017 |
|
Financial Highlights |
30th June’2017 |
31st Dece’2016 |
|
PROPERTY AND ASSETS |
|
|
|
Cash in hand |
|
|
|
Cash in hand (including foreign currencies) |
2,771,542,674 |
2,033,960,977 |
|
Balance with Bangladesh Bank and its Agents Banks |
31,788,886,024 |
30,853,508,125 |
|
(including foreign currencies) |
34,560,428,698 |
32,887,469,102 |
|
Balance with
other Banks and Financial Institutions |
|
|
|
In Bangladesh |
1,465,892,094 |
3,426,434,934 |
|
Outside Bangladesh |
9,846,226,826 |
5,703,406,904 |
|
|
11,312,118,920 |
9,129,841,838 |
|
Placement with
Banks & Other Financial
Institutions |
1,500,000,000 |
3,333,450,160 |
|
Investment in
Share & Securities |
7,563,902,769 |
9,158,676,294 |
|
Government |
5,500,000,000 |
6,990,000,000 |
|
Others |
2,063,902,769 |
2,168,676,294 |
|
Investments |
|
|
|
General Investments etc. |
202,740,726,236 |
180,155,243,596 |
|
Bills purchased and discounted |
20,255,136,175 |
16,364,134,345 |
|
|
222,995,862,411 |
196,519,377,941 |
|
Fixed assets
less Accumulated Depreciation |
3,282,199,803 |
3,240,185,718 |
|
Other Assets |
21,832,575,063 |
18,631,047,423 |
|
Non-Banking
Assets |
- |
- |
|
Total Assets |
303,047,087,664 |
272,900,048,477 |
|
LIABILITIES AND
CAPITAL |
|
|
|
Liabilities |
|
|
|
Placement from
Banks & Other Financial Institutions |
30,538,832,180 |
25,084,653,806 |
|
Deposits and other Accounts |
28,732,481,837 |
26,053,949,961 |
|
Mudaraba Savings Deposits |
117,839,749,704 |
104,981,785,080 |
|
Mudaraba Term Deposits |
47,446,331,052 |
46,027,267,857 |
|
Other Mudaraba Deposits |
25,067,443,400 |
20,693,095,761 |
|
Al-wadeeah Current Accounts and Other Accounts etc. |
2,627,448,929 |
1,947,821,349 |
|
Bills Payable |
221,713,454,922 |
199,703,920,008 |
|
Other
Liabilities |
27,004,303,052 |
23,698,530,129 |
|
Deferred tax
Liabilities/ (Assets) |
79,297,980 |
75,456,597 |
|
Total
Liabilities |
279,335,888,134 |
248,562,560,539 |
|
AIBL Subordinate
Bond |
3,000,000,000 |
3,000,000,000 |
|
Capital/Shareholders
Equity |
|
|
|
Paid -up Capital |
9,943,064,280 |
9,943,064,280 |
|
Statutory Reserve |
6,921,969,723 |
6,490,088,540 |
|
Revaluation Reserve |
980,007,429 |
978,069,978 |
|
Retained Earnings |
969,727,691 |
2,199,578,985 |
|
Total Equity
attributable to equity holders of the
bank |
18,814,769,123 |
19,610,801,783 |
|
Non-Controlling Interest |
1,896,430,406 |
1,726,686,152 |
|
Total Equity |
20,711,199,529 |
21,337,487,935 |
|
Total Liability
and Shareholders’ equity |
303,047,087,664 |
272,900,048,477 |
|
Contingent Liabilities |
|
|
|
Acceptance and endorsement |
8,754,564,951 |
10,243,938,166 |
|
Letters of Guarantee |
6,256,666,090 |
4,981,342,733 |
|
Letters of Credit |
35,315,318,659 |
26,110,933,527 |
|
Bills for Collection |
4,705,277,796 |
3,652,427,592 |
|
Other Contingent
Liabilities |
- |
- |
|
Total |
55,031,827,496 |
44,988,642,018 |
|
Other Commitments : |
|
- |
|
Documentary Credits and other short term trade related transactions |
- |
- |
|
Forward Assets Purchased and forward Deposit placed |
- |
- |
|
Undrawn note issuance and Revolving underwriting Facilities |
- |
- |
|
Undrawn Formal standing Facilities, Credit lines and others commitments |
- |
- |
|
Total Off
Balance sheet items including Contingent
liabilities |
55,031,827,496 |
44,988,642,018 |
|
Income Statement : |
||
|
|
Currency |
:BDT |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 30th June’2017 |
|
Financial Highlights |
01-01-2017~30-06-2017 |
01-01-2016~30-06-2016 |
|
Investment Income |
10,119,649,496 |
9,758,477,563 |
|
Profit paid on deposits & Borrowing |
(5,572,109,256) |
(5,387,650,510) |
|
Net Investment
Income |
4,547,540,240 |
4,370,827,053 |
|
Income from Investment in Shares /Securities |
207,063,312 |
92,897,034 |
|
Commission, Exchange and Brokerage |
1,407,622,024 |
1,109,092,588 |
|
Other Operating Income |
140,155,632 |
128,403,096 |
|
|
1,754,840,968 |
1,330,392,718 |
|
Total operating
income |
6,302,381,208 |
5,701,219,771 |
|
Salaries and allowances & contribution to P.F |
1,552,832,508 |
1,127,157,518 |
|
Directors fees & expenses |
8,410,438 |
9,607,088 |
|
Shariah Supervisory Committee's fees & expenses |
317,377 |
108,477 |
|
Rent, taxes, insurance and lighting etc. |
277,571,188 |
239,738,294 |
|
Postage, telegram, telephone and stamp etc. |
49,132,629 |
44,223,506 |
|
Legal charges |
3,786,492 |
7,818,766 |
|
Auditors' fee |
216,500 |
113,000 |
|
Salary & Allowances to the Managing Director |
9,284,000 |
6,700,000 |
|
Depreciation and repairs to the bank's properties |
171,975,271 |
146,236,125 |
|
Stationery, printing & advertisement etc. |
75,660,641 |
56,168,655 |
|
Other expenses |
310,989,552 |
233,714,396 |
|
Total operating
expenses |
2,460,176,596 |
1,871,585,825 |
|
Profit/(Loss)
before Tax & provision |
3,842,204,612 |
3,829,633,946 |
|
Provision against Investments & Contingent Liabilities |
1,138,844,423 |
1,370,000,000 |
|
Provision for diminution in value of investment |
(56,249,228) |
(46,070,325) |
|
Other Provision |
- |
- |
|
Total provision |
1,082,595,195 |
1,323,929,675 |
|
Profit/(Loss)
before Tax |
2,759,609,417 |
2,505,704,271 |
|
Current tax |
1,415,381,035 |
1,208,980,218 |
|
Deferred tax |
3,841,383 |
- |
|
Provision for
Taxation |
1,419,222,419 |
1,208,980,218 |
|
Net
Profit/(Loss) after tax |
1,340,386,998 |
1,296,724,053 |
|
Net Profit
attributable to: |
|
|
|
Equity holders of the bank |
1,190,642,744 |
1,130,171,590 |
|
Non-controlling Interest |
149,744,254 |
166,552,463 |
|
Profit for the
year |
1,340,386,998 |
1,296,724,053 |
|
Appropriation |
|
|
|
Statutory Reserve |
431,881,183 |
360,563,639 |
|
Non-Controlling Interest |
149,744,254 |
166,552,463 |
|
|
581,625,437 |
527,116,102 |
|
Transfer to
Retained Earnings |
758,761,561 |
769,607,951 |
|
Earnings per
Ordinary Share |
1.20 |
1.14 |
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
Sister Concerns |
: |
Nil |
|
Subsidiary |
: |
AIBL Asset Management Co. Ltd. AIBL Capital Management Limited AIBL Capital Market Services Limited |
|
Name of The Group |
: |
Nil |
BANKING
|
Bank Name
|
: |
AB Bank Ltd. Exim Bank Ltd. Pubali Bank Ltd. Dhaka Bank Ltd. Agrani Bank Ltd. Jmauna Bank Ltd. National Bank
Ltd. Southeast Bank
Ltd. Social Islami
Bnak Ltd. Dutch Bangla Bank
Ltd. Shahajalal Islami
Bank Ltd. Islami Bank
Bangladesh 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 36, Dilkusha (6th -9th Floor) C/A, Dhaka-1000, Bangladesh. The subject
company secretary Mr. Md. Mofazzal Hossain Given us all information. |
GENERAL COMMENTS
|
The subject company is engaged in Banking Corporation. It is reputed
company in this line of business. We recommended that Credit can proceed with
favorable terms in Large amount. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.14 |
|
|
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
: |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.