3decades

MIRA INFORM REPORT

Report No. :	490886
Report Date :	13.02.2018

IDENTIFICATION DETAILS

Name :	EASTERN BANK LTD

Registered Office :	Jiban Bima Bhaban, 10, Dilkusha Commercial Area, Dhaka-1000

Country :	Bangladesh

Financials (as on) :	30.09.2017

Date of Incorporation :	08.08.1992

Com. Reg. No.:	C-22554

Legal Form :	Public Listed Co

Line of Business :	Commercial Banking Services.

No. of Employees :	1343

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

(30.06.2017)

Current Rating

(30.09.2017)

Bangladesh

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	:	EASTERN BANK LTD
Head Office	:	Jiban Bima Bhaban, 10, Dilkusha C/A, Dhaka-1000, Bangladesh.
Tel No	:	88-02-9556360, 9554610
Fax No	:	88-02-9562364, 95546105
E-mail	:	info@ebl.com.bd
Website	:	www.ebl.com.bd
Date/ Year of Incorporation	:	08.08.1992
Incorporation No.	:	C-22554
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

FINANCIALS- SUMMARY
Year	Turnover/ Sales	Assets	Income
31^st Dec’2016	BDT 8787073685 (01 Jan 2016 to 30 Sep2016)	BDT 211185458156	BDT 2024482710 (01 Jan 2016 to 30Sep2016)
30^th Sep’2017	BDT 9022486976 (01 Jan 2017 to 30 Sep 2017)	BDT 233590481551	BDT 2309070218 (01 Jan 2017 to 30 Sep 2017)

FULLCHECK REPORT DETAILS
*Information Parted By*
Name	:	Mr. Safiar Rahman
Designation	:	DMD & Company Secretary
Contract No	:	N/A

*Locations Details*
Operating Address	:	Jiban Bima Bhaban, 10, Dilkusha C/A, Dhaka-1000, Bangladesh.
Tel No	:	88-02-9556360, 9554610
Fax No	:	88-02-9562364, 95546105
E-mail	:	info@ebl.com.bd
Website	:	www.ebl.com.bd

Location :

: Owned

Rented

Leased

Area

135,000

Sq. ft.

Type of Office :	: Commercial Office Bldg.	Ö		Semi-commercial office Bldg.
Retail shop			Industrial Park
Business Center			Home Office
Residential Bldg.

Registered office:
Address	:	Jiban Bima Bhaban, 10, Dilkusha Commercial Area, Dhaka-1000, Bangladesh.
Tel No	:	Nil
Fax No	:	Nil

Corporate Banking:

Number of Branches	:	Uday Tower (1st Floor), Plot# 57 & 57/A, Gulshan Avenue (South), Dhaka-1212, Bangladesh
Tel No	:	88-02-8834328, 8833607
Fax No	:	88-02-8835420

Gulshan Cards Center:

Number of Branches	:	Sabera Tower (5^th Floor ), House# 42, Road# 52, Gulshan North C/A, Dhaka-1212, Bangladesh
Tel No	:	88-02-8332232
Fax No	:	88-02-9882316

Total Branch:

Number of Branches	:	67 Nos.

Employee:

No. of Employees	In Office	:	1343		In Factory		:	N/A
	In Branch:	:	N/A		Total		:	1343
Details:

OWNERSHIP/SHAREHOLDERS
Names of Shareholders				No. of Share		Country
Mr. M. Ghaziul Haque				22569438		Bangladesh.
Mr. Mir Nasir Hossain				35047671		Bangladesh.
Mr. A. M. Shaukat Ali				14396264		Bangladesh.
Mr. Md. Showkat Ali Chowdhury & Mr. Mufakkharul Islam Khasru				70044522		Bangladesh.
Salina Ali				33713313		Bangladesh.
Mr. Anis Ahmed				14336815		Bangladesh.
Mr. Gazi Md. Shakhawat Hossain				31712041		Bangladesh.
General Public				516179525		Bangladesh.

DIRECTORS
1.

Name	:	Mr. M. Ghaziul Haque
Designation	:	Chairman
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

2.

Name	:	Mr. Ali Reza Iftekhar
Designation	:	Managing Director and CEO
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

3.

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

4.

Name	:	Mr. A.M. Shaukat Ali
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

5.

Name	:	Mr. Md. Showkat Ali Chowdhury
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

6.

Name	:	Salina Ali
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

7.

Name	:	Mr. Anis Ahmed
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

8.

Name	:	Mr. Mufakkharul Islam Khasru
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

9.

Name	:	Mr. Gazi Md. Shakhawat Hossain
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

10.

Name	:	Mr. Meah Mohammed Abdur Rahim
Designation	:	Independent Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

11.

Name	:	Mr. Ormaan Rafay Nizam
Designation	:	Independent Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

MANAGEMENT
Name	:	Mr. Ali Reza Iftekhar
Job Description	:	Managing Director & CEO
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Hassan O. Rashid
Job Description	:	Additional Managing Director
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Masudul Hoque Sardar
Job Description	:	SVP & Head of Finance
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Monjurul Alam
Job Description	:	SVP & Head of Human Resources
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Safiar Rahman
Job Description	:	DMD & Company Secretary
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS
Nature of Activity :	Commercial Banking services.	Ö	Trader	Dealer	Distributor

	Exporter		Importer	Services	Others

Item dealing In:

Products	:	Banking Services.
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

Rahman Rahman Huq

Chartered Accountants

Operation Status

Active

CAPITAL STRUCTURE

Authorized Capital	:	BDT 12000 Million

Paid-up Capital	:	BDT 7379995890

No. of Shares	:	737999589

Share Value	:	BDT 10.00 Each

Main Assets	:	BDT 233590481551

FINANCIAL STATEMENT- DETAILED

Summary Information Given.

Balance Sheet :
	Currency	BDT
	Denomination	: 1
	Financial Year Ending	: 30^th Sep’2017
Financial Highlights	30-09-2017	31-12-2016
PROPERTY AND ASSETS
Cash
Cash in hand (including foreign currencies)	2,437,773,999	2,034,945,887
Balances with Bangladesh Bank and its agent bank(s) (including foreign currencies)	11,706,671,721	10,164,025,705
	14,144,445,720	12,198,971,592
Balances with other Banks and Financial Institutions
In Bangladesh	7,951,233,424	9,021,366,991
Outside Bangladesh	6,010,355,537	4,550,920,216
	13,961,588,961	13,572,287,207
Money at call and short notice	-	100,000,000
Investments
Government	18,360,134,893	18,320,613,148
Others	4,738,851,976	3,128,020,635
	23,098,986,869	21,448,633,783
Loans and advances
Loans, Cash Credits, Overdraft etc.	150,792,724,525	137,051,246,091
Bills discounted and purchased	18,691,621,476	15,032,441,445
	169,484,346,000	152,083,687,536
Fixed assets including land, building, furniture and fixtures	5,946,226,061	5,940,093,948
Other assets	6,820,871,443	5,687,733,590
Non-Banking assets	134,016,495	154,050,500
TOTAL ASSETS	233,590,481,551	211,185,458,156
LIABILITIES AND SHAREHOLDER'S EQUITY
Liabilities
Borrowing from other banks, financial institutions and agents	47,761,506,623	39,061,159,749
Deposits and other accounts
Current deposits & other accounts, etc.	16,533,463,977	16,659,952,664
Savings bank deposits	41,602,634,509	38,426,476,123
Fixed deposits	92,147,386,080	84,400,727,353
Bills payable	710,822,086	797,002,510
	150,994,306,653	140,284,158,650
Other liabilities	13,356,852,621	11,268,497,352
TOTAL LIABILITIES	212,112,665,897	190,613,815,751
SHAREHOLDERS' EQUITY
Share Capital-Paid up capital	7,379,995,890	7,028,567,520
Statutory reserve	6,991,700,268	6,991,700,268
General reserve	130,000,000	130,000,000
Dividend equalization reserve	356,040,000	356,040,000
Excess of reserve over pre take over loss –BCCI	642,857,893	617,792,231
Asset revaluation reserve	2,534,874,738	2,534,874,738
Reserve for non-banking assets	121,671,165	141,288,665
Reserve for amortization of treasury securities (HTM)	6,193,150	6,200,987
Reserve for revaluation of treasury securities (HFT)	157,277	12,145,508
Foreign currency translation difference	2,209,775	1,125,580
Profit & loss account -retained earnings	3,312,115,498	2,751,906,907
TOTAL SHAREHOLDERS' EQUITY	21,477,815,654	20,571,642,404
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	233,590,481,551	211,185,458,156
OFF BALANCE SHEET ITEMS
Contingent liabilities
Acceptances and endorsements	34,953,416,100	32,666,382,402
Letters of guarantees	16,279,664,118	15,905,357,265
Irrevocable letters of credit	24,199,825,168	17,720,419,522
Bills for collection	5,914,052,360	5,836,991,295
Other contingent liabilities	-	-
	81,346,957,747	72,129,150,484
Other commitments
Documentary credits and short term trade- related transactions	-	-
Forward assets purchased and forward deposits placed	2,562,801,200	3,447,156,360
Undrawn note issuance and revolving facilities	-	-
Undrawn formal standby facilities, credit lines and other commitments	-	-
Claims against the Bank not acknowledged as debt	2,562,801,200	3,447,156,360
TOTAL OFF-BALANCE SHEET ITEMS	83,909,758,947	75,576,306,844

Income Statement :

Currency		:	BDT
Denomination		:	1
Financial Year Ending		:	30^th Sep’2017

Financial Highlights	01 Jan’2017 to 30 Sep’2017	01 Jan 2016 to 30 Sep’2016
Particulars
Interest Income	10,478,902,202	10,100,628,008
Less: Interest paid on deposits and borrowings	6,187,510,097	6,061,117,004
Net Interest Income	4,291,392,105	4,039,511,004
Income from investments	2,484,112,169	2,860,349,245
Commission, exchange and brokerage	2,121,713,182	1,769,892,046
Other operating income	125,269,520	117,321,390
	4,731,094,871	4,747,562,681
Total operating income	9,022,486,976	8,787,073,685
	9,022,486,976
Salary & allowances (excluding those of MD)	2,129,646,484	1,947,631,433
Rent, taxes, insurance, utilities etc.	535,601,992	470,627,508
Legal & professional expenses	95,157,136	73,944,145
Postage, stamp, telecommunication etc.	98,206,291	95,898,670
Stationery, printing, advertisement, BP, etc.	237,897,210	214,621,934
Managing Director's salary and allowances (Bank only)	15,720,646	14,913,194
Directors' Fees & Expenses	3,015,661	2,550,589
Repairs, maintenance and depreciation	357,770,140	375,274,476
Other operating expenses	459,831,018	399,691,837
Total operating expenses	3,932,846,578	3,595,153,785
Profit before provisions	5,089,640,398	5,191,919,900
Provision for loans and off-balance sheet exposure:
General provision (loans and OBS exposures)	134,717,858	256,490,010
Specific provision (net off w/off recovery)	1,243,563,449	1,356,119,021
Other Provisions	(76,551,062)	(47,353,504)
Total provisions	1,301,730,245	1,565,255,528
Profit before tax for the period	3,787,910,153	3,626,664,372
Current tax expense	1,627,847,172	1,713,361,837
Deferred tax (income)-net	(149,007,237)	(111,180,175)
Provision for tax made for the period	1,478,839,935	1,602,181,662
Profit after tax for the period	2,309,070,218	2,024,482,710
Earnings per share (EPS)	3.13	2.74

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
Subsidiaries	:	Nil
Subsidiary	:	EBL Securities Ltd EBL Finance (HK) Ltd EBL Investments Limited' EBL Asset Management Company Ltd.
Name of The Group	:	Nil

BANKING

Bank Name

ONE Bank Limited

Janata Bank Limited

Dhaka Bank Limited

Rupali Bank Limited

National Bank Limited

Standard Bank Limited

Southeast Bank Limited

Mercantile Bank Limited

Al-Arafah Islami 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 Jiban Bima Bhaban, 10, Dilkusha C/A, Dhaka-1000, Bangladesh. It is Situated at a Commercial Area.

GENERAL COMMENTS

The subject company is engaged in Commercial banking services. It is reputed company in this line of business.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.93
BDT	1	INR 0.78

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

INFORMATION DETAILS

Analysis Done by :	NIS

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.

MIRA INFORM REPORT

IDENTIFICATION DETAILS

FINANCIALS- SUMMARY

FULLCHECK REPORT DETAILS

OWNERSHIP/SHAREHOLDERS

DIRECTORS

MANAGEMENT

BUSINESS OPERATIONS

DETAILED DATA

CAPITAL STRUCTURE

FINANCIAL STATEMENT- DETAILED

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

BANKING

ADVERSE DATA MONITORING

SITE VISIT COMMENTARY

GENERAL COMMENTS

Unit