|
|
|
MIRA
INFORM REPORT
|
Report No. : |
490895 |
|
Report Date : |
13.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHAHJALAL ISLAMI BANK LTD. |
|
|
|
|
Registered Office : |
Shahjalal
Islami Bank Tower, Plot# 4, CWN(C), Gulshan Avenue, Dhaka-1212, |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
30.09.2017 |
|
|
|
|
Date of Incorporation : |
03.04.2001 |
|
|
|
|
Com. Reg. No.: |
C-42778 |
|
|
|
|
Legal Form : |
Public Listed Co |
|
|
|
|
Line of Business : |
Banking Services |
|
|
|
|
No. of Employees : |
2,191 |
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 |
: |
Shahjalal Islami Bank Ltd. |
|
Head Office |
: |
Shahjalal Islami Bank Tower, Plot# 4, CWN(C),
Gulshan Avenue, Dhaka-1212, Bangladesh |
|
Tel No |
: |
88-02-9845457, 9849385, 9844736,
9846135, 9847461, 9847463, 9847512 |
|
Fax No |
: |
88-02-9844009 |
|
E-mail |
: |
sjiblho@sjiblbd.com |
|
Website |
: |
www.sjiblbd.com |
|
Date/ Year of Incorporation |
: |
03.04.2001 |
|
Incorporation No. |
: |
C-42778 |
|
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 4319893562 (Jan to Sept’2016) |
BDT 167244763598 |
BDT 893121152 (Jan to Sept’2016) |
|
30th
Sept’2017 |
BDT 4926121887 (Jan to Sept’2017) |
BDT 193228315894 |
BDT 909724477 (Jan to Sept’2017) |
FULLCHECK REPORT DETAILS |
||
|
Information Parted By |
||
|
Name |
: |
Mr.
Md. Abul Basher. |
|
Designation |
: |
Deputy
General Secretary. |
|
Contract No |
: |
N/A |
|
Locations Details |
||
|
Operating Address |
: |
Shahjalal Islami Bank Tower, Plot# 4, CWN(C),
Gulshan Avenue, Dhaka-1212, Bangladesh |
|
Tel No |
: |
88-02-9845457, 9849385, 9844736,
9846135, 9847461, 9847463, 9847512 |
|
Fax No |
: |
88-02-9844009 |
|
E-mail |
: |
sjiblho@sjiblbd.com |
|
Website |
: |
www.sjiblbd.com |
|
Location : |
:
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
50,000 |
Sq. ft. |
|
Type of Office : |
:
Commercial Office Bldg. |
|
|
Semi-commercial
office Bldg. |
|
|
|
Retail shop |
|
|
Industrial
Park |
|
|
|
|
Business Center |
|
|
Home
Office |
|
|
|
|
Residential Bldg. |
Ö |
|
|
|
|
|
Branch: |
|
|
||
|
|
|
|
||
|
No of Branch |
: |
103 |
||
|
Employee: |
|
|||||||
|
|
|
|||||||
|
No. of Employees |
In Office |
: |
2,191 |
In Factory |
: |
- |
||
|
In Branch: |
: |
- |
Total
|
: |
2,191 |
|||
|
Details:- |
|
|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
|
|
Names of Shareholders |
No.
of Share |
|
Mr. Abul Kalam Azad |
29409812 |
|
Mr. Mohammad Anwer Hossain Khan |
23060448 |
|
Mr. Mohammed Younus |
19691487 |
|
Mr. Mohammed Abdul Halim |
19071782 |
|
Mr. Mohammad Towhidur Rahman |
18765748 |
|
Mr. Mohiuddin Ahmed |
17334350 |
|
Mr. Khandaker Sakib Ahmed, MBA |
15468182 |
|
Mr. Akkas Uddin Mollah |
15436575 |
|
Electra International Ltd. |
15429126 |
|
Anwer Khan Modern Hospital Ltd. |
15429287 |
|
General public |
582325742 |
DIRECTORS
|
|
|
Name |
Designation |
|
Mr. Akkas Uddin Mollah |
Chairman |
|
Mr. Mohammed Golam Quddus |
Vice Chairman |
|
Mr. Khondoker Shakib Ahmed |
Vice Chairman |
|
Mr. Farman R. Chowdhury |
Managing Director |
|
Mr. Anwer Hossain Khan |
Director |
|
Engr. Md. Towhidur Rahman |
Director |
|
Mr. A.K. Azad |
Director |
|
Mr. Mohammed Younus |
Director |
|
Mr. Fakir Akhtaruzzaman |
Director |
|
Mr. Khorshed Alam Khan |
Director |
|
Mr. Md. Moshiur Rahman Chamak |
Director |
|
Mr. Mosharraf Hossain Chowdhury |
Independent Director |
|
Mrs. Farida Parvin Nuru |
Independent Director |
MANAGEMENT
|
||
|
Name |
: |
Mr.
Farman R. Chowdhury |
|
Job Description |
: |
Managing
Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. M. Shahidul Islam |
|
Job Description |
: |
Additional Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr.
Md. Shahjahan Shiraj |
|
Job Description |
: |
Deputy
Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr.
Md. Akhter Hossain |
|
Job Description |
: |
Deputy
Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr.
Md. Nazimuddoula |
|
Job Description |
: |
Senior
Executive Vice President & Member Secretary |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr.
Md. Mahmudul Haque |
|
Job Description |
: |
Senior
Executive Vice President |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr.
Md. Ashraful Azim |
|
Job Description |
: |
Senior
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 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 |
: |
M/s. Hoda Vasi Chowdhury & Co, Chartered Accountants BTMC Bhaban (7th & 8th Floor), 7-9 Kawran Bazar
Commercial Area, Dhaka-1215, Bangladesh Tel: 88-02-9120090 |
||||||
|
Operation Status |
: |
Active |
||||||
CAPITAL STRUCTURE |
||
|
Authorized Capital |
: |
BDT 1000 Million |
|
|
||
|
Paid-up Capital |
: |
BDT 7714225390 |
|
|
||
|
No.
of Shares |
: |
771422539 |
|
|
||
|
Share
Value |
: |
BDT 10.00 Each |
|
|
||
|
Main Assets |
: |
BDT 193228315894 |
FINANCIAL STATEMENT- DETAILED
|
Summary information has been
given. |
|
|||||||
|
|
|
|||||||
|
Balance Sheet : |
|
|||||||
|
|
|
|||||||
|
Currency |
: |
BDT |
||||||
|
Denomination |
: |
1 |
||||||
|
Financial Year Ending |
: |
30th
Sept’2017 |
||||||
|
|
|||||||
|
Property
and Assets |
|
|
|
|||||
|
Cash |
|
|
|
|||||
|
Cash in hand (Including Foreign Currencies) |
1610595401 |
1179754405 |
|
|||||
|
Balance with Bangladesh Bank & Sonali Bank Ltd
(Including Foreign Currencies) |
9278754661 |
8398144743 |
|
|||||
|
|
10889350062 |
9557899148 |
|
|||||
|
Balance
with other Banks and Financial Institutions |
|
|
|
|||||
|
Inside Bangladesh |
1225158618 |
1943033831 |
|
|||||
|
Outside Bangladesh |
232866296 |
472970179 |
|
|||||
|
|
992292322 |
2416004010 |
|
|||||
|
Placement
with other Banks & Financial Institutions |
6661710616 |
7861781566 |
|
|||||
|
Investments
in Shares & Securities |
|
|
|
|||||
|
Government |
6600000000 |
5500000000 |
|
|||||
|
Others |
3466937980 |
2093131998 |
|
|||||
|
|
10066937980 |
7593131998 |
|
|||||
|
Investments
|
|
|
|
|||||
|
General Investment etc. |
136745022809 |
112519695669 |
|
|||||
|
Bills Purchased and Discounted |
9909757303 |
10478684675 |
|
|||||
|
|
146654780112 |
122998380344 |
|
|||||
|
Fixed
Assets Including Premises |
3950854393 |
3433039043 |
|
|||||
|
Other
Assets |
13961311442 |
13313448521 |
|
|||||
|
Non-Banking
Assets |
51078968 |
51078968 |
|
|||||
|
Total
Property and Assets |
193228315894 |
167244763598 |
|
|||||
|
Liabilities
and Capital |
|
|
|
|||||
|
Liabilities |
|
|
|
|||||
|
Placement
from other Banks & Financial
Institutions |
23545031513 |
16235542799 |
|
|||||
|
Deposits
and other Accounts |
|
|
|
|||||
|
Mudaraba Savings Deposits |
18586573688 |
18510981952 |
|
|||||
|
Mudaraba Term Deposits |
55442247494 |
44923686220 |
|
|||||
|
Other Mudaraba Deposits |
43596460438 |
44769922395 |
|
|||||
|
Al-Wadeeah Current & Other Deposit Accounts |
17014108958 |
14492841209 |
|
|||||
|
Bills Payable |
1714081229 |
1712398926 |
|
|||||
|
|
136353171507 |
124409830702 |
|
|||||
|
Mudaraba
Subordinate Bond |
4000000000 |
- |
|
|||||
|
Other
Liabilities |
16211142197 |
13647349223 |
|
|||||
|
Deferred
Tax Liabilities |
87358422 |
95464963 |
|
|||||
|
Total
Liabilities |
180196703639 |
154388187687 |
|
|||||
|
Capital/
Shareholder’s Equity
|
|
|
|
|||||
|
Paid- up Capital |
7714225390 |
7346881330 |
|
|||||
|
Statutory Reserve |
4768730116 |
4403561679 |
|
|||||
|
Retained Earnings |
548656748 |
1106132902 |
|
|||||
|
Total
Shareholder’ Equity |
13031612255 |
12856575911 |
|
|||||
|
Total
Liabilities & Shareholder’s Equity |
193228315894 |
167244763598 |
|
|||||
|
Contingent
Liabilities |
|
|
|
|||||
|
Acceptances & endorsements |
25788518718 |
23719133589 |
|
|||||
|
Letters of guarantee |
20321881688 |
11956867945 |
|
|||||
|
Irrevocable letters of Credit |
24496020131 |
18421361635 |
|
|||||
|
Bills for Collection |
12454302210 |
9228367132 |
|
|||||
|
Other contingent liabilities |
- |
- |
|
|||||
|
Total |
83060722748 |
63325730301 |
|
|||||
|
Other
Commitments |
|
|
|
|||||
|
Documentary credits, short term and trade related
transactions |
- |
- |
|
|||||
|
Forward assets purchased and forward deposits
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 |
83060722748 |
63325730301 |
|
|||||
|
Income Statement : |
||||
|
|
||||
|
Currency |
: |
BDT |
||
|
Denomination |
: |
1 |
||
|
Financial Year Ending |
: |
30th
Sept’2017 |
||
|
|
||||
|
Financial Highlights |
Jan to Sept’2017 |
Jan to Sept’2016 |
||
|
Operating
income |
|
|
||
|
Investment Income |
9276958728 |
8248755294 |
||
|
Less: Profit paid on Deposits |
6060924412 |
5188863740 |
||
|
Net
Investment Income |
3216034316 |
3059891554 |
||
|
Income from Investment in Shares/Securities |
225221654 |
76277347 |
||
|
Commission, Exchange and Brokerage |
1142829030 |
875665512 |
||
|
Other Operating Income |
342036886 |
308059150 |
||
|
|
1710087571 |
1260002008 |
||
|
Total
Operating Income |
4926121887 |
4319893562 |
||
|
Operating
expenses |
|
|
||
|
Salaries and Allowances |
1545191821 |
1325872258 |
||
|
Rent, Taxes, Insurances, Electricity etc. |
318576896 |
272648658 |
||
|
Legal Expenses |
909877 |
501469 |
||
|
Postage, Stamps, Telecommunication etc. |
27260899 |
25387133 |
||
|
Stationery, Printings, Advertisements etc. |
58877861 |
61911183 |
||
|
Chief Executive’s salary & Fees |
11245500 |
10580000 |
||
|
Director’s Fees & Expenses |
5137728 |
4310730 |
||
|
Shariah Supervisory Committee’s Fees & Expenses |
657755 |
245650 |
||
|
Auditor’s Fees |
337500 |
- |
||
|
Depreciation & Repairs of Bank’s Assets |
108194484 |
102109248 |
||
|
Zakat Expenses |
- |
- |
||
|
Other Expenses |
281099379 |
217480626 |
||
|
Total
Operating Expenses |
2357489699 |
2021046955 |
||
|
Profit/
(Loss) before Provision |
2568632187 |
2298846607 |
||
|
Specific Provision for Classified Investment |
278000000 |
323000000 |
||
|
General Provision for Unclassified Investment |
218600000 |
107000000 |
||
|
General Provision for Off-Balance sheet Items |
197500000 |
153100000 |
||
|
Provision for Diminution in value of Investments in Shares |
48000000 |
36000000 |
||
|
Provision for Other Assets |
690000 |
1679519 |
||
|
Total
Provision |
742790000 |
620779519 |
||
|
Total
Profit/(Loss) before taxes |
1825842187 |
1678067088 |
||
|
Provision
for taxation for the year |
|
|
||
|
Deferred tax |
8106541 |
6560604 |
||
|
Current tax |
924224251 |
791506541 |
||
|
|
916117710 |
789945936 |
||
|
Net
Profit after Taxation |
909724477 |
893121152 |
||
|
Profit
available for distribution |
|
|
||
|
Retained Earnings from Previous year/period |
1106132902 |
965073508 |
||
|
Add: Retained Earnings of Current period |
909724477 |
893121152 |
||
|
|
2015857379 |
1858194660 |
||
|
Appropriations |
|
|
||
|
Statutory Reserve |
365168437 |
335613418 |
||
|
Dividend |
1102032193 |
955094573 |
||
|
Retained Earnings |
548656748 |
567486669 |
||
|
|
2015857379 |
1858194660 |
||
|
Earnings
Per Share (EPS) [Restated] |
1.18 |
1.16 |
||
|
Net Asset
value (NAV) Per Share as at 30 September[Restated} |
16.89 |
15.80 |
||
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
Sister Concerns |
: |
Nil |
|
Subsidiary |
: |
Shahjalal Islami Bank Securities Limited Jiban Bima Bhaban (4th Floor), 10 Dilkusha C/A,
Dhaka-1000, Bangladesh |
|
Name of The Group |
: |
Nil |
BANKING
|
|
|
|
Bank Name |
: |
Citi
Bank Ltd. Brac
Bank Ltd Prime
Bank Ltd. Uttara
Bank Ltd. Dhaka
Bank Ltd. Eastern
Bank Ltd. National
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 Shahjalal Islami Bank Tower, Plot# 4, CWN(C), Gulshan
Avenue, Dhaka-1212, Bangladesh. Its situated at a Residential Area. |
GENERAL COMMENTS |
|
SC’s financial performance appears to be Strong. 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 64.28 |
|
|
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
: |
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.