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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

490888

Report Date :

14.02.2018

 

 

IDENTIFICATION DETAILS

 

Name :

EXPORT IMPORT BANK OF BANGLADESH LTD.

 

 

Registered Office :

"SYMPHONY" Plot # SE (F): 9, Road# 142, Gulshan Avenue, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.09.2017

 

 

Date of Incorporation :

02.06.1999

 

 

Com. Reg. No.:

C-37864

 

 

Legal Form :

Public Listed Co

 

 

Line of Business :

Banking Corporation. 

 

 

No. of Employees :

1909

 

 

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

 

 

 

IDENTIFICATION DETAILS

Correct company Name

:

EXPORT IMPORT BANK OF BANGLADESH LTD.

Registered office

:

"SYMPHONY" Plot # SE (F): 9, Road# 142, Gulshan Avenue, Dhaka-1212, Bangladesh.

Tel No

:

88-02-9889363

Fax No

:

88-02-9889358 

E-mail

:

info@eximbankbd.com

Website

:

www.eximbankbd.com

Swift Co9de

:

EXBKBDDH

Date/ Year of Incorporation

:

C-37864

Registered No.

:

02.06.1999

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

31st Dec’2016

BDT 6775117362

(Jan-Sep’2016)

BDT 290645946055

BDT 1292773638

(Jan-Sep’2016)

30th Sep’2017

BDT 7333517985

(Jan-Sep’2017)

BDT 309553151561

BDT 1689880535

(Jan-Sep’2017)

 

 

 

 

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

 

                                                             Information Parted By

Name

:

Mr. Md. Mosharraf Hossain Mazumder

Designation

:

Company Secretary

Contract No

:

Nil

 

                                                               Locations Details

Operating Address

:

"SYMPHONY" Plot # SE (F): 9, Road# 142, Gulshan Avenue,

Dhaka-1212, Bangladesh.

Tel No

:

88-02-9889363

Fax No

:

88-02-9889358 

E-mail

:

info@eximbankbd.com

Website

:

www.eximbankbd.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

25000

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Number of Branch:

 

 

 

Number of Branch

:

113 Nos.

 

New Eskaton Branch:

 

 

 

Address

:

27/1, New Eskaton Road, Dhaka-1000,  Bangladesh

Tel No

:

88- 02-8314159, 8314435, 9352854

Fax No

:

880-2-9349196

Email

:

neweskaton@eximbankbd.com

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

1909

In Factory

:

Nil

In Branch:

:

Nil

Total

:

1909

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

 

Names of Shareholders

No. of Share

Country

Mr. Md. Nazrul Islam Mazumder

62172599

Bangladesh.

Mr. Md. Abdul Mannan

7782580

Bangladesh.

Mr. Md. Nazrul Islam Swapan

49920808

Bangladesh.

Mr. Mohammad Abdullah

53602301

Bangladesh.

Mrs. Nasreen Islam

50790947

Bangladesh.

Mr. Mohammad Shahidullah

28245846

Bangladesh.

Mr. Md. Nurul Amin

28245782

Bangladesh.

Mr. Anjan Kumar Saha

28245171

Bangladesh.

Mr. Md. Habib Ullah Dawn

28255846

Bangladesh.

Major Khandaker Nurul Afser (Retd)

35303521

Bangladesh.

Lt Col (Retd) Serajul Islam BP, (BAR)

801209

Bangladesh.

MR. Ranjan Chowdhury

879001

Bangladesh.

Mr. Khandaker Mohammed Saiful Alam

867063

Bangladesh.

General Public

1037138394

Bangladesh.

 

 

DIRECTORS

 

1.      

 

 

 

Name

:

Mr. Md. Nazrul Islam Mazumder

Designation

:

Chairman

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

2.      

 

 

 

Name

:

Mr. Md. Abdul Mannan

Designation

:

Vice Chairman

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

3.      

 

 

 

Name

:

Dr. Mohammed Haider Ali Miah

Designation

:

Managing Director & Ceo

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

4.      

 

 

 

Name

:

Mr. Md. Nazrul Islam Swapan

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

5.      

 

 

 

Name

:

Mr. Mohammad Abdullah

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

6.

 

 

 

Name

:

Mrs. Nasreen Islam

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

7.

 

 

 

Name

:

Mr. Mohammed Shahidullah

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

8.

 

 

 

Name

:

Mr. Al-haj Md. Nurul Amin

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

9.

 

 

 

Name

:

Mr. Anjan Kumar Saha

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

10.

 

 

 

Name

:

Mr. Md. Habib Ullah Dawn

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

11.

 

 

 

Name

:

Major Khandaker Nurul Afser (Retd.)

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

12.

 

 

 

Name

:

Mr. Muhammad Sekandar Khan

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

13.

 

 

 

Name

:

Mr. Ranjan Chowdhury

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

14.

 

 

 

Name

:

Mr. Khandakar Mohammed Saiful Alam

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

15.

 

 

 

Name

:

Lt. Col. (Retd) Serajul Islam BP (BAR)

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

MANAGEMENT

 

Name

:

Dr. Mohammed Haider Ali Miah

Job Description

:

Managing Director & Ceo

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

Name

:

Mr. Sirajul Haque Miah

Job Description

:

Deputy Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

Name

:

Mr. Khondoker Rumy Ehsanul Huq

Job Description

:

Deputy Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

Name

:

Mr. Md. Humayun Kabir

Job Description

:

Deputy Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Golam Mahbub

Job Description

:

Senior Executive Vice-President

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Sheikh Moyeen Uddin

Job Description

:

Senior Executive Vice-President

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Sk. Bashirul Islam

Job Description

:

Senior Executive Vice-President

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Mosharraf Hossain Mazumder

Job Description

:

Senior Executive Vice-President

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Anisul Alam

Job Description

:

Executive Vice-President

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Dr. S. M. Abu Zaker

Job Description

:

Executive Vice-President

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Moidul Islam

Job Description

:

Executive Vice-President

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Ms. Maksuda Khanom

Job Description

:

Executive Vice-President

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Mosharraf Hossain Mazumder

Job Description

:

Company Secretary

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

 

Importer

 

Services

 

Banking Services

Ö

 

Item Dealings In:

 

Products

:

Banking Corporation. 

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

 

 

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 Syful Shamsul Alam & Co.

Chartered Accountants

Paramount Heights (Level-6), 65/2/1, Box Culvent Road Purana Paltan Dhaka-1000, Bangladesh

Operation Status

:

Active

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

BDT 20,000 Million

 

Paid-up Capital

:

BDT 14122510680

 

No. of Shares

:

1412251068

 

Share Value

:

BDT 10.00 Each

 

Main Assets

:

BDT 309553151561

 

 

FINANCIAL STATEMENT- DETAILED

 

 

Balance Sheet :

 

  Currency

BDT

 

       Denomination

: 1

 

         Financial Year Ending

:30th Sep’2017

     Financial Highlights

          September’2017

            December’2016

PROPERTY & ASSETS

                Taka

              Taka

Cash

 

               

In hand (including foreign currency)

                1,562,768,808

                1,582,307,781

BalanccWith Bangladesh bank and its agent banks (including foreign currency)

               26,423,131,869

              30,896,993,307

 

               27,985,900,677

             32,479,301,088

Balance with other banks and financial institutions

 

 

In Bangladesh

                1,546,468,397

                   982,199,666

Outside Bangladesh

                 2,329,012,796

                1,977,487,895

 

                 3,875,481,193

                2,959,687,561

Placement with banks & other financial instruction

                   500,000,000

                   500,000,000

Investments in shares and securities

 

 

Governments

                 8,514,051,038

                9,404,051,038

Others

               10,216,507,751

               7,658,204,263

 

               18,730,558,789

              17,062,255,301

investments

 

 

General investments etc.

            230,995,231,752

             213,882,339,511

Bills purchased and discounted

               10,332,989,938

                8,273,008,092

 

             241,328,221,690

            222,155,347,603

Fixed assets including premises

                 5,586,570,341

                5,669,954,736

Other assets

               11,546,418,871

               9,819,399,766

Non-banking assets

 

 

Total Property & Assets

             309,553,151,561

            290,645,946,055

 

 

 

LIABILITIES & CAPITAL

 

 

Liabilities

 

 

Placement From Banks & Other Financial Instruction

                 1,700,922,611

-

 

 

 

Deposits And Other accounts

               19,545,337,083

              16,612,829,156

Moradaba saving deposits

             131,962,572,431

            130,292,735,281

Moradaba term deposits

               74,590,097,255

              69,392,210,291

Other Mudraba Deposits

               33,438,525,320

              30,413,838,851

Al wadeeah Current And Other Deposit

Accounts

                 1,478,761,688

                1,828,829,639

Bills payable

             261,015,293,777

            248,540,443,218

 

 

 

Mudaraba Subordinated Bond

                 6,500,000,000

                2,500,000,000

Other Liabilities

               14,227,233,008

              13,067,304,605

Total Liabilities

             283,443,449,396

            264,107,747,823

 

 

 

Capital/shareholder ‘equity

 

 

Paid up capital

               14,122,510,680

              14,122,510,680

Statutory reserve

                 8,354,792,507

                7,846,410,778

Other rescrves

                 2,130,546,666

                2,130,546,666

Rctained carnings

                 1,501,852,312

                2,438,730,108

Total shareholders’ equity

               26,109,702,165

              26,538,198,232

Total liabilities and shareholders’ equity

             309,553,151,561

            290,645,946,055

Off balance sheet items

 

 

Contingent liabilities:

 

 

Acceptance and cndorscments

               38,983,527,629

              34,155,382,601

Letters of guarantee

                 5,996,067,935

                4,704,818,180

Lrrevocable letters of credit

               35,277,828,505

              26,756,327,638

Bills for collection

                 4,014,078,541

               4,983,930,004

Other contingent liabilities

-

-

Total contingent liabilities

               84,271,532,610

              70,600,458,423

Other commitments

-

-

Total off balance sheet items

               84,271,532,610

              70,600,458,423

 

 

Income Statement :

 

  Currency

:BDT

 

       Denomination

: 1

 

         Financial Year Ending

: 30th Sep’2017

     Financial Highlights

Jan-Sep’2017

  Jan-Sep’2016

particulars

 

 

Investment income

                     15,901,755,113

                 16,006,734,933

Profit paid on deposits, borrowings, etc.

                  (11,503,240,538)

               (11,356,913,248)

Net investment income

                      4,398,514,575

                   4,649,821,685

Income from investment in shares/ securities

                          540,888,989

                      388,451,307

Commission, exchange and brokerage

                       1,671,140,724

                   1,246,398,711

Gain on sale of investment in shares

                          207,700,038

                        12,312,610

Other operating income

                          515,273,659

                      478,133,049

Total operating income (A)

                       7,333,517,985

                   6,775,117,362

 

 

 

Operating expenses

 

 

Salaries and allowances

                       2,194,348,644

                   2,067,537,744

Rent, taxes, insurance, electricity etc.

                          516,904,519

                      446,866,239

Legal expenses

                              5,091,249

                          6,641,781

Postage, stamp, telegram, telephone, etc.

                            61,458,351

                        57,935,120

Auditors fees

                                     5,000

-

Stationcry, printing, advertisement, etc.

                          117,583,868

                      146,262,171

Managing Director’s remuncration

                            13,008,526

                        11,927,387

Managing Director’s fees

-

-

Director’s fees and expenses

                              1,813,593

                          1,540,522

Shariah Sopervisory Committee’s Fees & Expenses

                                 322,840

                             389,390

Charges on Investment Losses

-

-

Depreciation on and repairs to Bank’s property

                          176,663,657

                      179,410,073

Zakat expenses

                          100,000,000

                      133,153,386

Other expenses

                          563,722,456

                      719,013,841

Total operating expenses (B)

                       3,750,922,703

                   3,770,657,654

Profit before provisions (C=A-B)

                       3,582,595,282

                   3,004,459,708

Provision forinvestments and Off-Balance Sheet

                       2,596,285,140

                      940,010,324

Provision for diminution in value of shares

                    (1,555,598,502)

                    (184,325,309)

Total Provision (D)

                       1,040,686,638

                      756,685,015

Profit before taxes (C-D)

                       2,541,908,644

                   2,247,774,693

Provision for taxation:

 

 

Current tax

                         848,916,009

                      825,294,592

Prcvious ycars, tax

-

                      129,706,463

Deferred tax expense/ (benefit)

                             3,112,100

-

 

                          852,028,109

                      955,001,055

Profit after tax

                       1,689,880,535

                   1,292,773,638

Retained earnings brought forword

                       2,438,730,108

                   2,175,063,525

Profit available for appropriation

                       4,128,610,643

                   3,467,837,163

 

 

 

Appropriations:

 

 

Statutory reserve

                          508,381,729

                      449,554,939

Cash Dividcnd

                       2,118,376,602

                   1,694,701,282

Lssue of bonus shares

-

-

 

                       2,626,758,331

                   2,144,256,221

Retained earnings carried forward

                       1,501,852,312

                   1,323,580,942

Earnings per ordinary share

                                       1.20

                                   0.92

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

N/A

Subsidiary

:

Exim Exchange Company (UK) Ltd.

Exim Islami Investment Ltd

Exim Exchange Company (Canada) Ltd.

Exim Rxchange (Australia) Pty. Ltd.

Exim (USa) Inc.

Name of  The Group

:

N/A

 

 

BANKING

 

 

 

Bank Name  

:

Sonali Bank Ltd.

 

Bank Address

:

Head Office Branch

Motijheel, Dhaka-1000, Bangladesh.

Tel: 88-02-9550655

 

 

 

 

Bank Name  

:

Dhaka Bank Ltd.

 

Bank Address

:

Motijheel Branch

Dhaka South City

Corporation (Ground Floor), 159 – 160, Toyenbee Road

Motijheel, Dhaka-1000, Bangladesh.

Tel: 88- 01755 693332

 

 

 

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 Bank Head office which is situated at "SYMPHONY" Plot # SE (F): 9, Road # 142, Gulshan Avenue, Dhaka- 1212, Bangladesh. The subject company Chief Financial Officer Mr. Md. Humayun Kabir welcome us & given us all information. Its office is decorated by western furniture.

 

 

GENERAL COMMENTS

SC’s is a public listed commercial bank which engaged in banking services.

 

 

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 0.77

 

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.