MIRA INFORM REPORT

Report No. :	507712
Report Date :	11.05.2018

IDENTIFICATION DETAILS

Name :	AFGHAN UNITED BANK
Registered Office :	P. O Box221, Park Plaza 1 St Floor Zarghona Medan, Shar-E-Naw, Kabul
Country :	Afghanistan
Financials (as on) :	31.12.2017
Date of Incorporation :	12.03.2012
Com. Reg. No.:	45787
Legal Form :	Privately Held
Line of Business :	The bank is offering financial products and services in both Conventional and Islamic Banking across these branches
No. of Employees :	200

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Maximum Credit Limit :	USD 4,693,033
Status :	Moderate
Payment Behaviour :	Slow
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 (30.09.2017)	Current Rating (31.12.2017)
Afghanistan	C2	C2

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

AFGHANISTAN - ECONOMIC OVERVIEW

Afghanistan is gradually recovering from decades of conflict. Before 2014, the economy had sustained nearly a decade of strong growth, largely because of international assistance. Since 2014, however, the economy has slowed, in large part because of the withdrawal of nearly 100,000 foreign troops that had artificially inflated the country’s economic growth. Despite improvements in life expectancy, incomes, and literacy since 2001, Afghanistan is extremely poor, landlocked, and highly dependent on foreign aid. Much of the population continues to suffer from shortages of housing, clean water, electricity, medical care, and jobs. Corruption, insecurity, weak governance, lack of infrastructure, and the Afghan Government's difficulty in extending rule of law to all parts of the country pose challenges to future economic growth. Afghanistan's living standards are among the lowest in the world.

The international community remains committed to Afghanistan's development, pledging over $83 billion at ten donors' conferences between 2003 and 2016. In October 2016, the donors at the Brussels conference pledged an additional $3.8 billion in development aid annually from 2017 to 2020. Despite this help, the Government of Afghanistan will need to overcome a number of challenges, including low revenue collection, anemic job creation, high levels of corruption, weak government capacity, and poor public infrastructure.

In 2017 Afghanistan's growth rate was only marginally above that of the 2014-2016 average. The drawdown of international security forces that started in 2012 has negatively affected economic growth, as a substantial portion of commerce, especially in the services sector, has catered to the ongoing international troop presence in the country. Afghan President Ashraf GHANI Ahmadzai is dedicated to instituting economic reforms to include improving revenue collection and fighting corruption. The government has implemented reforms to the budget process and in some other areas. However, many other reforms will take time to implement and Afghanistan will remain dependent on international donor support over the next several years.

Source : CIA

company name and SUMMERY

Company Name (legal name)	AFGHAN UNITED BANK
Other business name used	AUB
Business Address	P.O Box 221, Park plaza 1st Floor Zarghona Medan Shahr e Naw Kabul
Tel No	+93799062822 +93773333617 +93202203836	Fax No	+93202203837
E-mail	essa.bawer@afghanunitedbank.com mahmoodnbp65@yahoo.com info@afghanunitedbank.com info@aub.af	Website	www.aub.af

Location :

Owned

Rented

Leased

Area

Sq. ft.

Type of Office :	Commercial Office Bldg		Semi-commercial office Bldg
Bank		Industrial Park
Business Center		Home Office
Residential Bldg

Factory Address
Tel No	Fax No

Location :

Owned

Rented

Leased

Area

Sq. ft.

Type (M, I, T, E, S)	Service Provider		Industry		Banking
Date of Incorporation	12 Mar, 2012		Authorized Capital (local)				USD 14 million
Chairman’s name	MASRUR Ahmed SIDDIQUI			Sex			Male
Legal Form (General)	Public Listed Co Joint-stock company Public Company State-owned Co Sole Proprietorships Partnership Not Registered others (please specify) _Privately Held_______________
Legal Form (Specific)	CO LLC LTD others (please specify) ________________
Registered No. (License Number)	45787	AISA				D-27284
Issuing Authority	Ministry of Trade ________ Others

Trade Name Number: 210885 issued on 4 October 2007

No. of Employees :	In Office :	In Factory :
	In Branch :	Total :	200

Main Products & Services

Afghan United Bank is a leading Commercial Bank of Afghanistan started in October 2007 with a paid up capital of over USD 14 million. It is a fast growing bank with plans to grow multifold in the next couple of years.

Company Overview / Historical Events

Afghan United Bank is a full-fledged privately owned commercial bank incorporated on October 4, 2007. The Bank obtained its banking license under the Banking Laws of Afghanistan from the Central Bank of Afghanistan (DA Afghanistan Bank) and received incorporation license from  Afghanistan Investment Support Agency (AISA). The Bank is currently operating through 27 branches in Kabul, Nangarhar, Kandahar, Balkh, Herat, Kunduz, Parwan, Helmand, Nimroz, Khost and other big cities of the country. The bank is offering financial products and services in both Conventional and Islamic Banking across these branches.

SPECIFIC NAMES OF PRODUCTS /SERVICES

Activity (M, I, E, T, S)	Detailed Products
Service Provider	Commercial Bank

Note: (M) Manufacture; (T) Trader; (I) Importer; (E) Exporter; (S) Service

CAPITAL STRUCTURE

Authorized Capital

USD 14 million

No. of Shares

Share Value :

Paid-up Capital	USD 14 million	No. of Shares	Share Value :
Date of latest increase

MANAGEMENT

First name	Ahmad Javid	Last Name	Jeihoun	Age
Nationality	Afghan	Job Description	President	Sex	Male
Department		Email address

First name	Farzaneh	Last Name	Jeihoun	Age
Nationality	Afghan	Job Description	Vice President	Sex	Female
Department		Email address
Other details	M: +93 799 286 097

First name	Ashokkumar	Last Name	Valechha	Age
Nationality	Indian	Job Description	CEO	Sex	Male
Department		Email address
Other details

First name	Lutfullamin	Last Name	Hashimi	Age
Nationality	Afghan	Job Description	Chief Financial Officer	Sex	Male
Department		Email address

First name	Debapratim	Last Name	Das	Age
Nationality	Afghan	Job Description	Chief Credit Officer	Sex	Male
Department		Email address

First name	Ajmal	Last Name	khan	Age
Nationality	Indian	Job Description	Chief Risk Officer	Sex	Male
Department		Email address

First name	Mohammad	Last Name	Islam	Age
Nationality	Afghan	Job Description	Chief Information Officer	Sex	Male
Department		Email address

First name	Sadduddin	Last Name	Haziq	Age
Nationality	Afghan	Job Description	Chief Compliance Officer	Sex	Male
Department		Email address

First name	Mohammad Yahya	Last Name	Tanin	Age
Nationality	Afghan	Job Description	Chief Islamic Banking Officer	Sex	Male
Department		Email address

Board Of Supervisor:

Dennis Hurst

Chairman and Independent Director 

Mr. Muhammad Imran Gul

Member

Mr. Mian Muhammad Faisal Iqbal

Member

Mr. Muralidhar

Member

MAJOR SHAREHOLDERS

Names of Shareholders

Mr. HAJI Muhammad Jan 

Mr. HAJI Muhammad RAFI AZIMI

Mr. FAZAL Ahmad JOYA 

Mr. FARWAR KHUWAJA Musa

Mr. JAVID JAIHOON

Detailed Data

TRADE REFERENCE AND RELATED PARTIES

Affiliates (*)

1.Commerzbank / Germany 3.Islamic Banking / Afghanistan

IMPORT AGENCIES

--

FINANCIAL SUMMARY

Note:

If detailed balance sheet and income statement is available please scan the document and email as PDF.

.

BANK DETAILS

ADDITIONAL INFORMATION

Branches: SARAI SHAHZADA MAZARI Sharif Heart Kandahar HIRATAN Name/Title: Mr. FERDOWS, Secretary Subject has confirmed the general details provided in the report.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 6738
UK Pound	1	INR 91.39
Euro	1	INR 79.89
IFN	1	INR 0.95

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

INFORMATION DETAILS

Analysis Done by :	PRI
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)

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.