MFI NCC Bank XL Reports

8/8/2019 MFI NCC Bank XL Reports

1/34

2005 2006

Property And Asets

Cash:

In hand

Local Currency 304,119,645 240,961,238

Forreign Currency 1,907,977 7,484,578

total 306027622 248445816

Local Currency 988,510,813 1,354,993,343

Forreign Currency 20,995,977 144,016,719

total 1009506790 1499010062

Local Currency at sonali Bank Ltd. 30,776,153 41,105,226

total 1040282943 1540115288

Balance with other banks and financial institutions:

In Bangladesh, Current Accounts with commercial Banks 37,060,808 26,728,163

Short term deposit Accounts with commercial banks 50,000,000 980,000,000

Fixed Deposits with others 445,000,000 280,000,000

total 532060808 1286728163

Out Side Bangladesh:

Current Account(non-interest bearing) with Foreign Bank 19,382,813 52,939,816

Current Account(interest bearing) with Foreign Bank 52,536,052 82,342,683

total 71918865 135282499

Monety at call and short notice 120,000,000 560,000,000

total 191,918,865 695,282,499

Investment:

investment in government securities:T-bills 2,331,437,098 1,088,952,753

BB bills (- ) (- )

T-bonds 492,985,613 2,221,538,214

Mergin (- ) (- )

Prize Bonds 7,860,900 (- )

15 Years debentures 32,681,848 301,433,063

Other investment 145,482,283 141,444,513

total 3010447742 3753368543

Balance with BB and its agent bank


2/34

Loan and advances:

Loans,Cash, credits,overdrafts etc in BD ### ###

Bill purchased and discounted 1,409,058,841 1,639,594,703

total 20533129129 24678356293

Total Current Assets 24573584166 30662181314

Fixed assets c\including premises, furniture & fixtures:

land 190,983,950 213,652,230structures(on land) 2,287,522 2,287,522

Furniture and fixtures 104,136,776 120,063,672

Machinery and equipments 102,989,109 119,987,602

vehicles 32,525,821 42,574,850

total cost 432923178 498565876

Less: Accumulated Depreciations 124,186,045 144,858,819

Net book value at the end of the year 308737133 353707057

Oters Assets 192,125,324 260,294,133

Non-banking Assets -

Total Assets 25994729566 32256297792

LIABILITIES & CAPITAL

LIABILITIES

Borrowing from other Banks, Financial Institutions & agg 1,256,179,954 155,555,365

Deposits & other accounts:

Ccurreny deposits & other accounts 3,070,684,540 3,603,928,441

Bills payable 333,013,172 371,294,841

Savings Bank Deposits 2,109,130,157 2,569,312,503Fixed Deposits ### ###

Term deposits 2,898,144,627 3,924,315,390

Bearer Certificates of Deposits 143,914,000 144,239,000

Other liabilities 1,722,391,116 2,177,300,913

Total Liabilities 24456787456 30480198613

Shareholder's Equity

Share Capital:

Issued,Subscribed & fully paid-up capital 975,039,810 1,201,788,566

Statutory Reserve 625,412,398 877,685,076

Other Reserve 46,577,688 47,508,557

Profit & loss account-Retained Earning 10,312,214 7,826,980

TOTAL SHAREHOLDER'S EQUITY 1657342110 2134809179

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 26114129566 32615007792


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2005 2006

Interest Income:

Interest on Loans & Advances 2,024,020,673 2,934,223,518

Interest on balances with banks & financial institutions 48,465,630 77,906,007

Total 2072486303 3012129525

less: 1,463,857,337 2,047,143,589

Net Interest income 608628966 964985936

Income from investment 240,735,656 265,168,893

Income from commission 226,478,385 248,353,446

Income from exchange 259,917,222 225,182,073

Income from Brokerage 8,757,822 15,495,893

Other operating Income 123,626,186 135,660,233

Total Operating Imcome 1468144237 1854846474

Salaries & allowances 258,782,718 367,663,793

Rent 24,053,655 31,267,579

Rates & Taxes 1,151,282 1,227,231

Insurance 10,833,019 14,099,329

Electricity 9,412,501 10,620,824

Legal Expenses 4,048,205 4,025,901

Postage,Stamp & telecommunication 17,530,028 20,727,648

Stationary,printing &advertisement 16,944,071 19,261,704

Managing Director's Salary & allowances 2,260,000 2,730,000

Director's Fees 827,500 1,185,500

Audit Fees 180,000 120,000

Depreciation & Repair of Bank's assets 50,059,352 63,733,131Other Expenses 53,669,380 61,808,842

Total Operating Expense 449751711 598471482

Profit before provisions 1018392526 1256374992

Provision for loan & advances:

Specific Provision 257,994,954 130,784,000

General Provision 63,239,680 79,957,086

Provision for off-balance sheet exposures (- ) (- )

Provision of Gratuity (- ) (- )


4/34

Provision for Investment Fluctuation in Shares 12,912,262 (- )

Provision for other Assets (3,404,821) 321,771

Total provisions 330742075 211062857

Profit after provision for Loans & Advances & othe 687650451 1045312135

Contribution to NCC Bank Foundation (- ) (- )

Profit Before tax 687650451 1045312135

Provision for tax 335,518,278 577,293,262

Profit after tax for the year 352132173 468018873Add: Balance of pprofit brought forward from last years 14,257,143 10,312,214

Total Profit available for distribution 366389316 478331087

Appropriations

Statutory reserve 20% of net profit before tax 137,520,090 211,302,614

General Reserve 218,507,012 270,402,427

356,027,102 481,705,041

Retained earnings carried forward 10,312,214 7,826,980

Weighted average number of outstanding shares ### ###

Earnings per share(EPS) 36.11 39.88

2005 2006

A) Cash flows from operating activities

Interest received in cash 2,295,921,649 3,282,837,515

Interest paid by cash 1,343,300,714 1,866,925,400

Dividend received 4,828,623 4,986,665

Fees & Commission received in cash 239,242,997 261,348,330

Receives of loans previously written off 16,333,837 7,086,252

Cash paid to employees (258,215,838) (370,348,353)Cash paid to suppliers (22,470,931) (23,797,279)

Income taxes paid (227,210,157) (618,908,571)

Received from other operating activities 379,624,923 358,795,292

Paid for other opeerating activities (149,497,041) (178,428,189)

Operating profit before changes in operating asse 3621858776 4590497062

Increase/(Decrease) in Operating Assets & Liabilities

Purchase-sale of trading securities 1,370,503,313 (486,068,256)

Loans & advances to other banks - -


5/34

Loans & advances to customers ### ###

Other assets 220,185,368 552,044,891

Deposits from other Bannks/Borrowings 895,000,000 (585,000,000)

Deposits from customers 4,513,982,406 7,254,125,949

Other liabilities account of customers (744,223,236) (632,896,075)

Trading liabilities - -

Other liabilities (95,243,266) 103,963,636

Net cash received from operating activities 4460086457 6651440043

B)Cash flows from investing activities

Proceeds from sale of securities 6,365,421 10,409,910

Purchase of property,plant & equipment (35,622,762) (71,780,835)

Sales proceeds of Fixed assets 4,296,885 2,408,349

Net cash used in investing activities -24960456 -58962576

C) Cash flows from financing activities

Received from issue of loan capital & debt securities ### ###

Payment for redemmption of loan capital & debt securit (- ) (- )Receipts from issue of right share 184,890,450 117,495,250

Dividend paid (- ) (109,253,500)

Net cash received from financing activities -1085053427 -1092382839

D) Net(decrease)/increase in cash(A+B+C) 3350072574 5500094628

Effects oof exchange rate changes on cash & cash-equivalents

E) Opening cash & cash-equivalents 1,414,679,992 2,078,151,138

F) Closing cash & cash-equivalents(D+E) 4764752566 7578245766


6/34

National Credit and commerce Bank Ltd.

Balance sheet

As at June 30 for following years

2007 2008 2009

435,851,910 4424012301 531073050

31,399,227 8806867 8551150

467251137 4432819168 539624200

1,694,669,371 2233477788 2772982393

63,995,252 73113221 58734025

1758664623 2306591009 2831716418

66,865,396 98682941 111157049

1825530019 2405273950 2942873467

72,034,648 24850479 30167168

80,268,101 188585265 24153167

196,100,000 149105074 948805074

348402749 362540818 1003125409

92,052,805 71173409 149361782

15,059,233 50398764 82687195

107112038 121572173 232048977

- - -

107112038 121572173 232048977

3,760,897,933 2333155169 2258365307

(- ) - 49958850

2,320,031,910 3598079880 6013802964

(- ) 241720240 3500000

(- ) 10341500 11153300

23,585,403 13431055 6568042

162,099,963 330090817 357416215

6266615209 6526818661 8700764678


7/34

30,616,557,011 44394497310 45875411248

2,071,196,154 1938191154 1918357019

32687753165 46332688464 47793768267

39877134298 57776439284 58269331531

359,656,957 528791599 5287915992,287,522 2287522 2287522

135,700,783 154983603 193177778

148,519,769 239358707 307250651

45,538,850 54332834 58817739

691703881 979754265 1090325289

169,708,280 204448771 233181837

521995601 775305494 857143452

298,194,075 578504998 2077921243

- - -

42522853993 61535523726 64147269693

1,917,516,640 2606034046 1911600449

4,365,185,051 4864150294 4709863820

669,649,754 692280856 416627979

3,248,236,813 3920781742 491931795921,608,793,301 30880912000 33267700069

4,963,395,284 6508949270 85370950631

46,514,000 37589000 37589000

2,744,966,287 3799528274 4751597411

39564257130 53310225482 135385247318

1,757,615,777 1757615000 2284900200

998,726,567 1356518531 1674147620

194,119,695 408543243 908906283

8,134,824 532620870 727923872

2958596863 4055297644 5595877975

42522853993 57365523126 140981125293


8/34


Income Statement

As at June 30 for following years

2007 2008 2009

3,734,409,102 3325743166 4282934437

1,273,973,382 18156051 40956142

5008382484 3343899217 4323890579

2,738,449,472 2567137607 3415986839

2269933012 776761610 907903740

519,684,376 380572804 588259885

331,182,016 321530853 259019805

2,985,575,859 224417239 169538184

78,113,932 135000000 203572000

179,680,977 143851124 533692586

6364170172 1982133630 2661986200

449,461,009 371152885 468009192

38,397,200 29691225 35156159

2,116,300 1140535 1406401

17,434,433 14362261 19687367

12,913,525 8610901 10715639

3,931,197 2005140 1967861

30,166,863 20922945 27110037

21,834,886 22301469 23816650

3,340,000 3448360 3071750

1,456,000 936000 1128000

120,000 - 80000

840,045,290 60985379 9434834785,116,287 67338082 98466319

1506332990 602895182 784963722

4857837182 1379238448 1877022478

207,934,561 312004200 129528035

106,686,414 43828800 80519000

51,688,967 20732000 6524724

30,000,000 30000000 34000000


9/34

23,607,932 20000000 9805275

(1,000,000) 1000000 28500000

418917874 427565000 288877034

4438919308 951673448 1588145444

5,000,000 - -

4438919308 951673448 1588145444

679,148,762 314405000 547928753

3759770546 637268448 10402166917,826,980 8135001 5336270

3767597526 645403449 1045552961

271,265,061 190334690 317629089

405,603,641 - -

676,868,702 190334690 317629089

8,134,824 455068759 727923872

20,000,000 18000302193 47604026314

50.09 28 46


Cash Flow StatementAs at June 30 for following years

2007 2008 2009

4,305,963,128 2659415500 4041248125

2,543,166,579 2025220960 2925581282

7,718,468 6427916 2341495

406,275,948 324917853 267856805

9,100,802 6965729 2003750

(452,801,009) -374601245 -471080942(49,642,465) -52346778 -74345011

(551,801,047) -349490812 -565173723

476,175,990 368268363 670730770

(218,877,897) -139546421 -204892824

6475278497 4475231065 6594269727

(1,779,014,512) -371658574 -2139496942

- - -


10/34

(8,009,396,872) -6987388874 -1461079803

527,332,549 -11100613 129967823

(130,000,000) -1030000000 -1510000000

6,884,431,868 5879467609 6493530696

(662,568,540) -385094042 -174970720

- - -

45,202,958 438929644 293520075

3351265948 2008386215 8225740856

42,700,963 -208386723 -2995927

(53,371,034) -69114586 -110571024

2,906,704 - -

-7763367 -277501309 -113566951

1,761,961,275 -732991529 -694433597

(- ) - -(- ) - -

(120,178,857) - -

1641782418 -732991529 -694433597

4985284999 997893377 7417740308

3,844,394,966 3743346807 3139542535

8829679965 4741240184 10557282843


11/34


12/34


13/34


14/34


15/34


16/34

2005

Liquidity Ratios

Current Ratio (Current Assets/Current Liabilities) 0.61

Quick Ratio (Current Assets-Inventory)/(Current Liabilities)

Net Working Capital to Sales Ratio (Current Assets-Current Liabilities/(Sales)

Profitability Ratios

Gross Profit Margin (Gross Income/Sales) 0.29

Operationg Profit Margin (Operating Income/Sales) 0.71

Net Profit Margin (Net Income/Sales) 0.17

Activity Ratios

Inventory Turnover (Cost of Goods Sold/Inventory)

Accounts Receivable Turnover (Sales on Credit/Accounts Receivable)

Total Asset Turnover (Sales/Total Assets) 0.08

Fixed Asset Turnover (Sales/Fixed Assets) 6.71

Financial Leverage Ratios

Total Debt to Assets Ratio (Total Debt/Total Assets) 0.94

Long Term Debt to Assets Ratio (Long Term Debt/Total Assets) 0.81

Total Debt to Equity Ratio (Total Debt/Total Shareholders Equity) 14.76

Coverage Financial Leverage Ratios

Times Interest Coverage Ratio (Earnings Before Interest and Tax/Interest) 0.76

Fixed Charge Coverage Ratios ( EBIT+Lease Payment)/(Interest+Lease Payment) 0.76

Share Holders Ratios

Earnings Per Share (Net Income to Share Holders/Number Of Share Outstanding) 36


17/34

Dividend Per Share (Dividend Paid to Shareholders / Number of Share Outstanding) (- )

Dividend Payout Ratio (Dividends/Earnings) -

Retention Ratio (Earnings- Dividends/Earnings) 1


18/34

Ratio Analysis of National Credit and commerce Bank Ltd.

2006 2007 2008 2009

0.66 0.65 0.67 -0.24

0.32 0.45 0.23 0.21

0.62 1.27 0.59 0.62

0.16 0.14 0.06 0.07

0.09 0.12 0.05 0.07

8.52 9.59 4.31 5.04

0.94 0.93 0.87 2.11

0.82 0.81 0.78 2.03

14.28 13.37 13.15 24.19

0.67 1.91 0.68 0.64

0.67 1.91 0.68 0.64

40 50 28 46


19/34

0.01 6.01 - -

0.23 0.03 - -

0.77 0.97 1 1


20/34

Valuation Assumptions

Valuation Date 22-Dec

Discount Rate 0.0%

Terminal Value

Terminal Switch 2

EBITDA Exit Multipl 6.0 x

Terminal Growth R 0.0%Tax Rate 200.0%

(Tk in thousands) 2005 2006

Total Revenue 608628966 964985936

Growth Rate 0.59

COGS 48465630 77906007

Gross Margin 560163336 887079929

% of Sales 92.04% 91.93%

Operating Expenses 449751711 598471482

% of Sales 73.90% 62.02%

Royalty, training and consultancy 0 0

% of Sales 0 0

General and Administrative 0 0

Total Operating Expenses 449751711 598471482

EBIT 1009915047 1485551411

% of Sales 165.93% 153.95%

Depreciation/Amortization 50,059,352 63,733,131

EBITDA

% of Sales

Income Taxes 335,518,278 577,293,262

Unlevered Net Income 674,396,769 908258149

Add: Depreciation/Amortization 50,059,352 63,733,131

Less: Changes in Working Capital

Less: Capital Expenditures

Net Cash Flow Before Debt


21/34

Present Value of Adjusted Cash Flows

Enterprise Value 6,881,210,761

Plus: Cash #REF!

Less: Interest Debt 6016

Equity Value: #VALUE!

No of shares outstanding 0

Equity value per share #VALUE!

Market value per share on 31th Augu 2885

Variance in compare to actual value #VALUE!

Cash Flow Timing (1=12 months from valuation)


22/34

Rrojected

2007 2008 2009E 2010E 2011E 2012E

2269933012 776761610 907903740 993422353 1086996261 1189384221

1.35 -0.66 9% 9% 9% 9%

1273973382 18156051 40956142 185,018,945 202,446,523 221,515,666

995959630 758605559 866,947,598 808,403,408 884,549,738 967,868,556

43.88% 97.66% 95% 81% 81% 81%

1506332990 602895182 784963722 695,125,663 760,601,968 832,245,715

66.36% 77.62% 86.46%

0 0 - - - -

0 0

0 0 - - - -

1506332990 602895182 784,963,722 695,125,663 760,601,968 832,245,715

2502292620 1361500741 81,983,876 113,277,744 123,947,769 135,622,841

110.24% 175.28% 9% 11% 11% 11%

840,045,290 60,985,379 94,348,347 1,263,652,760 1,382,680,611 1,512,920,109

176,332,223 1,376,930,504 1,506,628,380 1,648,542,950

19% 139% 139% 139%

679,148,762 314,405,000 547,928,753 Err:509 Err:509 Err:509

1823143858 1047095741 (465,944,877) Err:509 89,862,133 98,326,560

840,045,290 60985379 1,154,871,404 1,263,652,760 1,382,680,611 1,512,920,109

101385193 45,370 51,722 58,963 67,218

- - - -

688,881,157 Err:509 1,472,483,780 1,611,179,451


23/34

688,881,157 1,345,727,403 1,472,483,780 1,611,179,451


24/34

2013E Terminal Normalized Other assumptions

1301416460 $1,301,416,460 Weighted sales growth

9%

242,380,997 242,380,997 Average COGS/Sales

1,059,035,463 1,059,035,463

81% 1 Average Gross margin

910,637,835 910,637,835

1 Average as % of sales

-

Average as % of sales

-

910,637,835 910,637,835

148,397,628 148,397,628

11%

1,655,427,319 1,655,427,319

1,803,824,947 ( ) 1,803,824,947

139%

Err:509 -

107,588,281 148,397,628

1,655,427,319 1,655,427,319

76,628 76,628

- -

1,762,938,971 - 1,803,748,319

ac


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1,762,938,971 -


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Terminal growth rate

2005 2006 2007 2008 2009

Net Profit 0 0 0 0 0

Stockholders equity 0 0 0 0 0

ROE #DIV/0! ### #DIV/0! #DIV/0! #DIV/0!

Dividend ### ### ### ### ###

Percentage of Dividend on net profit #DIV/0! ### #DIV/0! #DIV/0! #DIV/0!

(1 - payout ratio) #DIV/0! ### #DIV/0! #DIV/0! #DIV/0!

Sustainable growth/Terminal growth ra #DIV/0! ### #DIV/0! #DIV/0! #DIV/0!


27/34

(Mean )

#DIV/0!


28/34

Terminal growth rate

2005 2006 2007

Net Profit 45448000 49916000 169363000

Stockholders equity 219585000 250751000 363855000

ROE 0.21 0.20 0.47

Dividend ### 18750000 ###

Percentage of Dividend on net profit 0.36 0.38 0.11

(1 - payout ratio) 0.64 0.62 0.89

Sustainable growth/Terminal growth ra 0.13 0.12 0.41


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2008 2009 (Mean )

189627000 211028000

562934000 735091000

0.34 0.29

### ###

0.18 0.19

0.82 0.81

0.28 0.23 23.61%


30/34

(TK. '000) 2005

Accounts: 2005

Current Assets

Current Liabilities

Net working capital

Net changes in working capital

Sales Growth Rate


31/34

Changes in Net Working Capital

206 2007 2008 2009E 2010E 2011E 2012E

### 0 #VALUE! #VALUE! #VALUE! #VALUE!

### 0 #VALUE! #VALUE! #VALUE! #VALUE!

101385193 0 #VALUE! #VALUE! #VALUE! #VALUE!

### #VALUE! #VALUE! #VALUE! #VALUE!


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2013E

#VALUE!

#VALUE!

#VALUE!

#VALUE!


33/34

Competitor in the Industry -0.01

Market Change 0.01

Customer Need 0.02Raw Material Market 0.02

Output Market 0.05

Government Regulation 0.01

Changes in other Situations 0.01

Influence of other factors 0.01

YearlySales Growth #DIV/0!

Predicted sales growth 0.12

Assume that all other factors are not affected by the external and internal influences

Average Gross profit margen #DIV/0!

Average Cost of goods sold #VALUE!

Average Operating Expenses 0.00%

Distribution and selling expenses 0.00%

Year 2008

Dep. For the gross PP&E 0

Tax Rate 27.50%


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Depriciation Calculation

2009E 2010E 2011E 2012E 2013E

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Date post:	09-Apr-2018
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MFI NCC Bank XL Reports

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