|
|
|
MIRA
INFORM REPORT
|
Report No. : |
490890 |
|
Report Date : |
12.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ISLAMI BANK BANGLADESH LTD. |
|
|
|
|
Registered Office : |
Islamic Bank Tower, 40, Dilkusha C/A, Dhaka-1000 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
30.09.2017 (Condensed) |
|
|
|
|
Date of Incorporation : |
13.03.1983 |
|
|
|
|
Com. Reg. No.: |
C-10589 |
|
|
|
|
Legal Form : |
Public Listed Co |
|
|
|
|
Line of Business : |
Banking service. |
|
|
|
|
No. of Employees : |
11400 |
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 (30.06.2017) |
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 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 |
: |
Islami Bank Bangladesh Ltd. |
|
Head Office |
: |
Islamic Bank Tower, 40, Dilkusha C/A, Dhaka-1000,
Bangladesh. |
|
Tel No |
: |
880-2-9563040, 9560099, 9567161,
9567162, 9569417 |
|
Fax No |
: |
880-2-9564532, 9568634 |
|
E-mail |
: |
shamsuzzuha@islamibankbd.com ibbllofx@aitlbd.net info@islamibankbd.com |
|
Website |
: |
www.islamibankbd.com |
|
Date/ Year of Incorporation |
: |
13.03.1983 |
|
Incorporation No. |
: |
C-10589 |
|
Tax Payer Identification Number
(TIN) |
: |
210-200-0887 |
|
VAT Registration Number |
: |
9015000857 |
|
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
|
Organization
Name |
: |
Dhaka Chamber of Commerce &
Industry. |
|
Membership
No |
: |
Nil |
FINANCIALS- SUMMARY
|
Year |
Turnover/ Sales |
Assets |
Income |
|
31st
December, 2016 |
BDT 23045002553 (01.01.2016-30.09.2016) |
BDT 797699656178 |
BDT 2981945867 (01.01.2016-30.09.2016) |
|
30th
September, 2017 |
BDT 25673883445 (01.01.2017-30.09.2017) |
BDT 849716204680 |
BDT 3942721623 (01.01.2017-30.09.2017) |
FULLCHECK REPORT DETAILS
|
Information Parted By |
||
|
|
|
|
|
Name |
: |
Mr.
J. Q. M. Habibullah, FCS |
|
Designation |
: |
Deputy
Managing Director & Company Secretary |
|
Contract No |
: |
Nil |
|
Locations Details |
||
|
|
||
|
Operating Address |
: |
Islamic Bank Tower, 40, Dilkusha C/A, Dhaka-1000,
Bangladesh. |
|
Tel No |
: |
880-2-9563040, 9560099, 9567161,
9567162, 9569417 |
|
Fax No |
: |
880-2-9564532, 9568634 |
|
E-mail |
: |
shamsuzzuha@islamibankbd.com, ibbllofx@aitlbd.net info@islamibankbd.com |
|
Website |
: |
www.islamibankbd.com |
|
Location : |
:
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
20500 |
Sq. ft. |
|
Type of Office : |
:
Commercial Office Bldg. |
Ö |
|
Semi-commercial
office Bldg. |
|
|
|
Retail shop |
|
|
Industrial
Park |
|
|
|
|
Business Center |
|
|
Home
Office |
|
|
|
|
Residential Bldg. |
|
|
|
|
|
|
Branches: |
|
|
|
|
|
|
|
No. of Branch |
: |
286 Nos. |
|
Employee: |
|
|||||||
|
|
|
|||||||
|
No. of Employees |
In Office |
: |
11400 |
In Factory |
: |
- |
||
|
In Branch: |
: |
- |
Total
|
: |
11400 |
|||
|
Details: |
|
|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of
Share |
|
Mr. Arastoo Khan |
32408339 |
|
Mr. Yousif Abdullah Al-Rajhi, K.S.A. & Mr. Abdullah
Abdul Aziz Al-Rajhi |
122106875 |
|
Mr. yousif Abdullah Al-rajhi, KSA |
99935 |
|
Jmc Builders Ltd. |
32360812 |
|
Major General (Retd.) Engr. Abdul Matin |
32360000 |
|
Dr. Areef Suleman |
33848625 |
|
Mr. Md Syful Islam, FCA, FCMA |
32360000 |
|
Professor Dr. Md. Sirajul Karim |
54693914 |
|
Mr. Md. Joynal Abedin |
32301030 |
|
Mr. Md. Mizanur Rahman |
32547335 |
|
Professor (Dr.)Qazi Shahidul Alam |
32285000 |
|
Mr. Md. Mosaddake-Ul-Alam |
43831497 |
|
Musaid Abdullah A. Al-Rajhi, KSA |
160996668 |
|
Mr. Syed Abu Asad |
32200334 |
|
Dr. Tanveer Ahmad |
32200000 |
|
The IBN Sina Trust |
36077391 |
|
Engr. Mustafa Anwar |
226332 |
|
Bangladesh Islamic Center |
3600000 |
|
Late Mohammad Mosharraf Hussain |
21508 |
|
Mr. Zakiuddin Ahmed |
2605 |
|
Mr. Mohammad Abdullah |
1500000 |
|
Islamic Economics Research Bureau |
1861078 |
|
Late Barrister Tamizul Haque |
110 |
|
General Public |
860101280 |
DIRECTORS
|
Name |
Designation |
|
Mr. Arastoo Khan |
Chairman |
|
Mr. Yousif Abdullah Al-Rajhi |
Vice Chairman |
|
Mr. Md. Shahabuddin |
Vice Chairman |
|
Mr. Md. Abdul Hamid Miah |
Managing Director & CEO |
|
Major General (Retd.) Engr. Abdul Matin |
Director |
|
Md. Mizanur Rahman |
Director |
|
Professor (Dr.) Qazi Shahidul
Alam |
Director |
|
Mr. Musaid Abdullah A Al-Rajhi |
Director |
|
Mr. Md. Mosaddake-Ul-Alam |
Director |
|
Mr. Syed Abu Asad |
Director |
|
Prof. Dr. Md. Sirajul Karim |
Director |
|
Helal Ahmed Chowdhury |
Independent Director |
|
Prof. Md. Kamal Uddin, Ph. D |
Independent Director |
|
Dr. Md. Zillur Rahman |
Independent Director |
|
Shamim Mohammad Afzal |
Independent Director |
|
Prof. Md. Nazmul hassan, Ph. D |
Independent Director |
|
Mohammed Humayun Kabir, FCA |
Independent Director |
MANAGEMENT
|
Name |
: |
Mr.
Md. Abdul Hamid Miah |
|
Job Description |
: |
Managing
Director & CEO |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Md. Mahbub-Ul-Alam |
|
Job Description |
: |
Additional Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Md. Habibur Rahman Bhuiyan, Fca |
|
Job Description |
: |
Deputy Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Abdus Sadeque Bhuiyan |
|
Job Description |
: |
Deputy Managing Director &
Camelco |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr.
Md. Shamsuzzaman |
|
Job Description |
: |
Deputy
Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Mohd. Mohon Miah |
|
Job Description |
: |
Deputy Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Mohammed Monirul Moula |
|
Job Description |
: |
Deputy Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Mohammad Ali |
|
Job Description |
: |
Deputy Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr.
Abu Reza Mohd. Yeahia |
|
Job Description |
: |
Deputy
Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. J. Q. M. Habibullah, Fcs |
|
Job Description |
: |
Deputy Managing Director &
Company Secretary |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Taher Ahmed Chowdhury |
|
Job Description |
: |
Deputy Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Md. Mostafizur Rahman Siddiquee |
|
Job Description |
: |
Executive Vice President & Senior
Executive 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 |
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 |
: |
N/A |
|
|||||
|
Imports |
: |
N/A |
|
|||||||
|
|
|
|||||||||
|
Brand Name |
: |
N/A |
||||||||
|
Certified |
: |
N/A |
||||||||
|
Auditors |
: |
1) Khan Wahab Shafique Rahman & Co. Chartered Accountants 2) Hussain Farhad & Co. Chartered
Accountants 3) S. F. Ahmed & Co. Chartered
Accountants |
||||||||
|
Operation Status |
: |
Active. |
||||||||
CAPITAL STRUCTURE
|
||
|
Authorized Capital |
: |
BDT 20,000.00 Million |
|
|
||
|
Paid-up Capital |
: |
BDT 16099906680 |
|
|
||
|
No.
of Shares |
: |
1609990668 |
|
|
||
|
Share
Value |
: |
BDT 10.00 Each |
|
|
||
|
Main Assets |
: |
BDT 849716204680 |
FINANCIAL STATEMENT- DETAILED
|
Condensed Balance Sheet : |
||
|
|
Currency |
:
BDT |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 30th
September |
|
|
|
|
|
Financial Highlights |
30.09.2017 |
31.12.2016 |
|
Property
and assets |
|
|
|
Cash
in hand |
76358650859 |
71455041556 |
|
Cash in hand (including foreign currency) |
12316152075 |
10119944725 |
|
Balance with Bangladesh bank & its agent bank (s)
(including foreign currency) |
64042498784 |
61335096831 |
|
|
|
|
|
Balance
with other banks & financial institution |
24703269056 |
27969527234 |
|
In Bangladesh |
24673285500 |
26548241217 |
|
Outside Bangladesh |
29983556 |
1421286017 |
|
|
|
|
|
Placement with banks & other financial institutions |
2000000000 |
3000000000 |
|
|
|
|
|
Investments
in shares & securities |
36787952537 |
60328886791 |
|
Government |
30109677770 |
53750317770 |
|
Others |
6678274767 |
6578569021 |
|
|
|
|
|
Investments |
688297104665 |
616418912766 |
|
General Investments etc. |
649393847292 |
578072166109 |
|
Bills Purchased & Discounted |
38903257373 |
38346746657 |
|
|
|
|
|
Fixed
assets including premises |
15123656930 |
15586914329 |
|
Other assets |
6445570633 |
2940373502 |
|
Non-banking
assets |
- |
- |
|
Total
property and assets |
849716204680 |
797699656178 |
|
|
|
|
|
Liabilities and capital |
|
|
|
Liabilities |
|
|
|
Placement
from banks & other financial institutions |
22624000000 |
16920973000 |
|
Deposits
& Other Accounts |
716929933045 |
681352249392 |
|
Mudaraba Savings Deposits |
249573977827 |
239163357296 |
|
Mudaraba Term Deposits |
220567045330 |
201544652601 |
|
Other Mudaraba Deposits |
171983266259 |
171101256416 |
|
Al-wadeeah current and other deposit accounts |
71094862073 |
64019389322 |
|
Bills payable |
3710781556 |
5523593757 |
|
Mudaraba
Perpetual Bond |
3000000000 |
3000000000 |
|
Mudaraba
Redeemable Subordinated Bond |
5000000000 |
- |
|
Other Liabilities |
51805205246 |
47440682596 |
|
Differed Tax Liabilities |
246802968 |
246802967 |
|
|
|
|
|
Total
Liabilities |
799605941259 |
748960707955 |
|
|
|
|
|
Capital/Shareholders’ Equity |
50110263421 |
48738948223 |
|
Paid-Up Capital |
16099906680 |
16099906680 |
|
Statutory Reserves |
16099906680 |
16099906680 |
|
Other reserves |
14928504194 |
14929144195 |
|
Retained Earnings |
2981945867 |
1609990668 |
|
Total
Liabilities & Shareholders’ Equity |
849716204680 |
797699656178 |
|
|
|
|
|
Off-balance
sheet items |
|
|
|
Contingent liabilities |
|
|
|
Acceptance & endorsements |
- |
- |
|
Letters of guarantee |
12139892419 |
11756790629 |
|
Irrevocable letters of credit (including back to back
bills) |
135436021002 |
119051089946 |
|
Bills for collection |
6824452699 |
8433816934 |
|
Other contingent liabilities |
4331687 |
4331687 |
|
Total |
154404697807 |
139246029196 |
|
|
|
|
|
Other
commitments |
|
|
|
Documentary credits, short term and trade related
transactions |
- |
- |
|
Forward assets purchased and forward deposit placed |
- |
- |
|
Undrawn note issuance, revolving and underwriting
facilities |
- |
- |
|
Undrawn formal standby facilities, credit lines and other
commitments |
- |
- |
|
Total |
- |
- |
|
|
|
|
|
Total
Off-Balance Sheet Items Including Contingent
Liabilities |
154404697807 |
139246029196 |
|
|
|
|
|
Net
asset value (NAV) per share |
31.12 |
30.27 |
|
Condensed Profit & Cash Account : |
||
|
|
Currency |
:
BDT |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 30th
September |
|
|
|
|
|
Financial Highlights |
(01.01.2017-30.09.2017) |
(01.01.2016-30.09.2016) |
|
Operating
income |
|
|
|
Investment income |
41995040484 |
39667095647 |
|
Profit paid on Mudaraba deposit |
(23112955677) |
(22312434637) |
|
Net
investment income |
18882084807 |
17354661010 |
|
Income from investments in shares & securities |
404904208 |
384453297 |
|
Commission, exchange & brokerage income |
4634695958 |
4141017739 |
|
Other operating income |
1752198472 |
1164870507 |
|
Total
operating income |
25673883445 |
23045002553 |
|
Operating
expenses |
|
|
|
Salary & allowance |
8922336229 |
7978479138 |
|
Rent, taxes, insurances, electricity, etc. |
960361769 |
868925182 |
|
Legal expenses |
11673301 |
27865472 |
|
Postage, stamps and telecommunication, etc. |
75643552 |
85249883 |
|
Stationary, printing and advertisement, etc. |
125886585 |
163003269 |
|
Chief executive’s salary & fees |
8400968 |
8555806 |
|
Directors fees & expenses |
8353710 |
5423160 |
|
Shari’ah supervisory committee’s fees & expenses |
1756186 |
1442718 |
|
Auditors’ fees |
1875000 |
1860000 |
|
Charges on investment losses |
- |
- |
|
Depreciation and repair to bank’s assets |
1015270978 |
806840209 |
|
Zakat expenses |
389678360 |
315984705 |
|
Other expenses |
1463062454 |
1447692676 |
|
Total
operating expenses |
12984299091 |
11711322218 |
|
Profit/(loss)
before provision |
12689584354 |
11333680335 |
|
Provision for investments & off-balance sheet items |
4526075000 |
2938640000 |
|
Provision for diminution in value of investments in share |
45888649 |
- |
|
Other provisions |
- |
- |
|
Total
provision |
4571963649 |
2938640000 |
|
Total
profit / (loss) before taxes |
8117620704 |
8395040335 |
|
Provision
for taxation for the period |
5135674838 |
4452318712 |
|
Current tax |
5135674838 |
4452318712 |
|
Deferred tax |
- |
- |
|
Net
profit/ (loss) after tax |
2981945867 |
3942721623 |
|
Retained earnings from previous year/period |
1609990668 |
4485783865 |
|
Add:
net profit after tax |
2981945867 |
3942721623 |
|
Profit available for appropriation |
4591936535 |
8428505488 |
|
Appropriation: |
4591936535 |
8428505488 |
|
Statutory reserve |
- |
- |
|
General reserve |
- |
- |
|
Dividend |
1609990668 |
3219981336 |
|
Retained earnings |
2981945867 |
5208524152 |
|
|
|
|
|
Earnings
per share (EPS) |
1.85 |
2.45 |
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
Name of The Group |
: |
N/A |
|
Sister Concerns |
: |
N/A |
|
Subsidiary |
: |
IBBL Exchange Singapore Pte. Ltd. Islami Bank Securities Limited (IBSL) Islami Bank Capital Management Limited (IBCML) |
BANKING
|
Bank Name |
: |
Dhaka
Bank Ltd. Eastern
Bank Ltd. Prime
Bank Ltd. Sonali
Bank Ltd. Rupali
Bank Ltd. Janata
Bank Ltd. Bank
Asia Ltd. Agrani
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 Islamic Bank Tower, 40, Dilkusha C/A, Dhaka-1000,
Bangladesh. Is situated at commercial area which is a well decorated modern
office. |
GENERAL COMMENTS
|
The subject company is a well-known reputed Bank in
Bangladesh. It is reputed company in this line of business. We recommend that
Credit can proceed with favorable terms in Large amount. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.37 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 78.89 |
|
BDT |
1 |
INR 0.78 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.