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Stock Exchange Analysis Part-A About SEC The Securities and Exchange Commission (SEC) The Securities and Exchange Commission (SEC) was established on 8th June, 1993 under the Securities and Exchange Commission Act, 1993. The Chairman and Members of the Commission are appointed by the government and have overall responsibility to administer securities legislation. The Commission is a statutory body and attached to the Ministry of Finance. Mission of the SEC is to: Protect the interests of securities investors. Develop and maintain fair, transparent and efficient securities markets. Ensure proper issuance of securities and compliance with securities laws. The Commission's main functions are: •

Regulating the business of the Stock Exchanges or any other securities market.

Registering, monitoring and regulating of collective investment scheme including all forms of mutual funds.

Monitoring and regulating all authorized self regulatory organizations in the securities market.

Prohibiting fraudulent and unfair trade practices relating to securities trading in any securities market.

Promoting investors’ education and providing training for intermediaries of the securities market.

Prohibiting insider trading in securities.

Regulating the substantial acquisition of shares and take-over of companies.

The commission ensures compliance of capital market related laws, rules and regulation etc, by the intermediaries, persons and institutions related with capital market. Basic laws of the capital market as follows: a. Securities Act, 1920


b. Securities and exchange ordinance, 1969 c. Securities and exchange commission Act, 1993 and d. Depository Act , 1999 Basic terms As an investor you should know some basic terms which are related to share business. Without realizing these terms, you may fall into confusion while trading. Some important terms have been illustrated in a very easy way below: BO Account: BO Account stands for Beneficiary Owners Account. This is the account that holds your shares like an inbox holding all your emails. All shares from new IPO’s and most of secondary market shares are in electronic form and a BO account, owned by the investor, hold the electronic shares IPO: An initial public offering (IPO), referred to simply as an "offering" or "flotation", is when a company (called the issuer) issues common stock or shares to the public for the first time. They are often issued by smaller, younger companies seeking capital to expand, but can also be done by large privately owned companies looking to become publicly traded. In an IPO the issuer obtains the assistance of an underwriting firm, which helps determine what type of security to issue (common or preferred), best offering price and time to bring it to market. The secondary market: The secondary market, also called aftermarket, is the financial market where previously issued securities and financial instruments such as stock, bonds, options, and futures are bought and sold. Over-the-counter (OTC) Over-the-counter (OTC) or off-exchange trading is to trade financial instruments such as stocks, bonds, commodities or derivatives directly between two parties. It is contrasted with exchange trading, which occurs via facilities constructed for the purpose of trading (i.e., exchanges), such as futures exchanges or stock exchanges. Part-B Chittagong Stock Exchange General Rules & Regulation of the Chittagong Stock Exchange – CSE The Chittagong Stock Exchange (CSE) began its journey in 10th October of 1995 from Chittagong City through the cry-out trading system with the promise to create a state-of-the art bourse in the country.


Founder members of the proposed Chittagong Stock Exchange approached the Bangladesh Government in January 1995 and obtained the permission of the Securities and Exchange Commission on February 12, 1995 for establishing the country's second stock exchange. The Exchange comprised of twelve Board members, presided by Mr. Amir Khosru Mahmud Chowdhury (MP) and run by an independent secretariat from the very first day of its inception. CSE was formally opened by then Hon'ble Prime Minister of Bangladesh on November 4, 1995. 1. RESIGNATION: A member may resign from the Exchanges by giving two month’s notice in writing to the Chief Executive of the Exchange of his intention so to resign. The Chief Executive on receipt of such notice shall forthwith post it on the Notice Board for a period not less than one month for any objections that may be raised and received by the Chief Executive in writing. On the expiration of this one month, the CEO shall place the resignation with any objections received before the Board who may accept the resignation at their discretion. The Board shall not be bound to give any reason for their refusal to accept any resignation. 2. EXPULSION & SUSPENSION OF MEMBERS: The Board may by a resolution expel any member of the Exchange – False Declaration Who has in the opinion of the said Board made a false declaration in his application for admission to the membership? Criminal Offence Who has been convicted of a criminal offence which in the opinion of the said Board renders him unfit to be a Member of the Exchange? Provided that such resolution shall be passed by a majority of three-fourth of the Members present at a meeting of the Board at which not less than one-half of all the Members of the Board shall have been present. 3. MEMBER OF AN ASSOCIATION: Who becomes Member of, or subscriber to, or becomes shareholder or debenture-holder in any institution, association, Company, or corporation, or is directly or indirectly interested in such an institution establishing and functioning within the territorial limits of Chittagong where dealings in stocks, shares, bonus vouchers and like securities are carried on. Explanation: For the purpose of this rule five or more members of the Exchange or their employees making any bid or offer or entering into any contract or transaction in stocks, shares and like securities before or after business hours or during holiday or at any place other than the floor of the Exchange shall be deemed to be members of an association other than the Exchange. 4. FINE AND PENALTIES: The Board shall by a resolution suspend any Members of the Exchange, who within fifteen days after notice in writing has been served upon him by the Chief Executive of the Exchange fails to pay any subscription or fine or penalty imposed upon him by the said Board in accordance with any Rule for the time being in force and the said Board shall expel any such member who within a further period of thirty days fails to pay any such subscription or fine or penalty or dues.


5. RECONSIDERATION OF RESOLUTION OF EXPULSION: The Board may on its own motion or on an application recommended bythree Members of the Board or at least 5% of the members of the Exchange reconsider and may cancel, revoke or modify such resolution. Such, resolution shall not be deemed valid or come into force unless it is passed by a majority of three-fourth of the members present at a meeting of the said Board specially summoned for the purpose at which not less than one-half of all the members of the said Board shall have been present and is confirmed by a majority of the Members of the said Board at subsequent meeting specially summoned. 6. CREDITORS OF EXPELLED OR SUSPENDED MEMBERS: The expulsion or suspension of a member shall not affect the right of his creditors. Dhaka Stock Exchange Dhaka Stock Exchange (Generally known as DSE) is the main stock exchange of Bangladesh. It is located in Motijheel at the heart of the Dhaka city. It was incorporated in 1954. Dhaka stock exchange is the first stock exchange of the country. As of 18 August 2010, the Dhaka Stock Exchange had over 750 listed companies with a combined market capitalization of $50.28 billion. General process of listing with DSE through IPO: The unlisted companies are required to complete certain procedures to get listing at DSE (Exchange). The present process/way of listing, in short, may describe as follows: 1. Every company intending to enlist its securities to DSE by issuing its securities through IPO is required to appoint Issue Manager to proceed with the listing process of the company in the Exchange; 2. The Issue Manager prepares the draft prospectus of the company as per Public Issue Rules of SEC and submit the same to the SEC and the Exchange(s) for necessary approval; 3. The Issuer is also required to make agreement with the Underwriter(s) and Bankers to the Issue for IPO purpose; 4. After receiving the draft prospectus, the Exchange examine and evaluate overall performance as well as financial features of the company which may have short term and long term impact on the market; 5. The Exchange send its opinion to SEC within 15 days of receipt of draft prospectus for SEC's consideration; After proper scrutiny, SEC gives it consent for floating IPO as per Public Issue Rule; 6. Having consent from SEC, the Issuer is required to file application to the Exchange for listing its securities within 5 days of issuance of its prospectus; 7. On successful subscription, the company is required to complete distribution of allotment/refund warrants within 42 days of closing of subscription;


8. After 100% distribution of shares/refund warrants and compliance of other requirements, the application for listing of the Issuer is placed to the Exchange's meeting for necessary decision of the Board of DSE; 9. The Board of DSE takes the decision regarding listing/non-listing of the company which must be completed within 75 days from the closure of the subscription. Part-C Company Analysis Export Import Bank of Bangladesh Limited (EXIM). Introduction of the Company: Bank is important financial organization to build the economy of a certain country. Globalization/Free market economy is now world’s major challenge. Banks are key financial institutions that play a vital role in the county’s economy and core of the payment system. The present economy of Bangladesh demands immediate development of financial institutions with this situation. This report has been prepared in the theoretical knowledge that is shared by our honorable executives of Export Import of Bangladesh Limited (EXIM). Export Import Bank of Bangladesh Limited was incorporated in Bangladesh on 2 June 1999 as a Banking Company under the Companies Act 1994. Statistical Technique: Bar chart and line graph were our representing technique to processes the data. Nature of Data: Data we used to prepare the report is the secondary data. Sources of Data: This report was prepared mainly based on the secondary data available in the market. The secondary data was collected from the internet, newspapers and the company’s annual reports. Primary data had been collected from the Dhaka Stock Exchange and is importance to the report. However these data have been helpful in providing us with some direction about how to approach with the analysis. Period under Consideration: Data for the last four financial years, starting from 2005 up to 2008, had been taken under consideration while preparing this report. Qualitative Analysis: SWOT Analysis: SWOT Analysis is the detailed study of an organization's exposure and potential in perspective of its strength, weakness, opportunity and threat. This facilitates the organization to make their existing line of performance and also foresee the future to improve their performance in comparison to their competitors.


Strengths • • • •

EXIM Bank introduced first specialist banking service in Export Import sector. In Foreign Exchange Business EXIM Bank provides their services successfully and have achieved goodwill among the shariah based banks. EXIM Bank Foreign Exchange department communicates with foreign banks frequently and quickly. The main activity of EXIM Bank is Foreign Exchange. So there facilities are much better then other department like skilled personnel and technical sector.

Weaknesses • They do not have any strong advertisement. • EXIM Bank has limited branches in rural area to deal with Foreign Exchange operation. • Charge of L/C is comparably higher than the other bank. • EXIM Bank Remittance investment so poor than other investment. • SWIFT Banking is not started in all branches. • They do not have research & development section. Opportunities • • • •

EXIM Bank has a chance to increase investment in remittance business. By hiring efficient employees may ensure better services. By opening branches in rural areas they can expand their business. They can attract more customer by using or spread online facilities.

Threats • • •

Sometimes Bangladesh Bank certainly gives some rules and regulations which are difficult to maintain by any department. As all the branches do not follow the SWIFT banking, market may be loosed. Government pressures to reduce investment and remittance rate so the income may be decreased.

Ratio Analysis Ratio analysis involves the methods of calculating and interpreting the financial ratios to analyze the firm's relative financial performance. The main purpose of this analysis is to analyze and monitor the firm's financial performance, so, that the interested parties (both the external and internal) can realize the firm's actual performance easily and conveniently, which is so much essential for the parties. Ratio calculated as: Import ratio = Import / total foreign exchange (Amount in %)


Particulars

Y2005

Y2006

Y2007

Y2008

Import Ratio Export Ratio Remittance Ratio

0.568029 0.428914 0.003057

0.514652 0.480734 0.003575

0.520775 0.473201 0.006025

0.502066 0.488802 0.009132

Import Ratio: Ratio calculated as: Import ratio = Import / total foreign exchange (Amount in %)

(Amount in %)

Import Ratio 60 55

56.8 52.08

51.47

50

50.21

45 2005

2006

2007

2008

Year

After observing the figure drawn above, we are able to say that, during the time period between the years 2005 to 2008, the Import Ratio of the EXIM Bank was not stable, because in 2005 import ratio was 56.8% but in 2006 it was down 51.47% and during 2007 it was 52.07%. In 2008 banks lose their performance because the ratio was 50.21% this is not a good sign. We hope that the EXIM Bank can increase their Import ratio in near future. Export Ratio Ratio calculated as: Export ratio = Export / total foreign exchange (Amount in %)

(Amount in %)

Export Ratio 50 48 46 44 42 40 38

48.07

47.32

48.88

42.89

2005

2006

2007

2008

Year

From the above figure, constantly increase of export since their inception but in the year 2008 is higher 48.88%. Because export ratio of 2005 was 42.89% but 2006 it was much higher 48.07% and during the year 2007 it was slightly down in 47.32%. Finally we can arrive at a


conclusion that every year export ratio is increasing. They should be holding the position of export business. Remittance Ratio Ratio calculated as: Remittance ratio = Remittance / total foreign exchange (Amount in %)

(Amount in %)

Remittance Ratio 1 0.8 0.6 0.4 0.2 0

0.9132 0.6025 0.3057 2005

0.3575

2006

2007

2008

Year

Here we can find that the remittance of EXIM Bank was stand with low 0.3057% in 2005 but it was consistently increasing up to 2008 which is really good sign. So we hope that the EXIM Bank can hold their performance and year by year it will be more. To evaluate a firm’s financial condition and performance, the financial analyst usually performs analysis on various aspects to find out the financial health of the firm. In this study various ratio analyses will be done to understand the financial condition of the company and to compare this condition with its rival firm. The financial ratios can be analyzed based on three criteria: •

Benchmark Analysis: A benchmark is a point of reference with which the financial ratios of the specific company can be compared. For example, the current ratio of 2:1 is considered to be ideal for a company and it is assumed to be the benchmark.

Time Series Analysis: It involves comparing a present ratio with past and expected future ratios for the company. For instance, the current ratio (the ratio of current assets to current liabilities) for the present year could be compared with the current ratio for the previous years. When financial ratios are arranged over a period of years, the analyst can study the composition of change and determine whether there has been an improvement or deterioration in the firm’s financial condition and performance over time.

Cross Section Analysis: The third method of comparison involves comparing the ratios of one with those of similar firms or with industry averages at the same point in time. Such a comparison gives insight into the relative financial condition and performance of the firm. It also helps us to identify any significant deviation from any applicable industry average.

Liquidity Ratio:


A liquid asset is one that can be easily converted to cash without significant loss of its original value. Liquidity or Short Term Solvency ratios are used to determine a company's ability to pay off its short-terms debts obligations. The higher the value of the ratios, the larger will be the margin of safety that the company possesses to cover short-term debts. It shows the relationship of a firm’s cash and other current assets to its current liabilities. Different types of liquidity ratios are discussed below. Current Ratio: Current Ratio is the ratio of current assets to current liabilities. The current ratio indicates the ability of a company to pay its current liabilities from current assets that shows the strength of the company’s working capital position. Current ratio of 2:1 is considered to be a healthy condition for most business organization. The ratio is calculated as follows: Current Ratio = Current Assets / Current Liabilities According to Benchmark analysis the current ratio of 2:1 is considered to be ideal for a company. Considering the operating year 2005-2009 the current ratio of EXIM Bank has gone down at 2007. This is not necessarily a bad news, the huge investment of working in progress reduces the current asset and the increase of liabilities in this year is liable for this decline of the ratio. Comparing with rival firm EXIM Bank is in far better position in terms of liquidity. Quick Ratio: The Quick ratio or acid-test measures a company's ability to meet its short-term obligations with its most liquid assets. Inventories typically are the least liquid of a firm’s current assets – they are the assets on which require more time to be sold and losses are most likely to occur in the event of liquidation. Therefore, it is important to measure the firm’s ability to pay off short term obligations without having to rely on the sale of inventories. Quick ratio of 1:1 is considered to be a healthy condition for most businesses. It is calculated as follows. Quick Ratio= (Current Assets- Inventories)/ Current Liabilities Asset Management Ratio: A set of ratios that measure how effectively a firm manages its assets compared to its sales. These ratios are designed to find out whether the total amount of each type of asset as reported on the balance sheet appear reasonable, too high, or too low considering current and projected sales levels. Asset Management Ratio is done based on inventory turnover ratio, day’s sales outstanding and fixed asset and total asset turnover ratio. Inventory Turnover Ratio: Inventory Turnover Ratio tells how often a business's inventory turns over during the course of the year. Inventories are the least liquid form of asset and a high inventory turnover ratio is generally positive. On the other hand, an unusually high ratio compared to the average for the industry could mean that the business is losing sales because of inadequate stock on hand.


The ratio is calculated as follows: Inventory turnover ratio= Cost of goods sold /Inventories The trend line of inventory ratio shows the ups and downs inventory turnover ratio from 2005 to 2009 but in 2009 it remains more or less same as 2005. This is a good news but comparing with rival it is not the healthy position. Considering the year 2006 to 2008 the inventories are increased about 47.69%.Due to holding excess inventories the ratio is poor and it’s not bad news because company will get the future benefit. If we consider the year 2009 the trend is coming upward from 2008 and continuing with this the company can achieve their landmark easily. Days Sales Outstanding: DSO is called the average collection period, is used to evaluate the firm’s ability to collect its credit sales in a timely manner. It is calculated by dividing accounts receivable by average sales per day which indicates the average length of time it takes the firm to collect its credit sales. DSO is calculated as follows: Days Sales Outstanding (DSO) =Receivables/Average sales per day = Receivables/ [Annual sales/360] Over the years DSO is decreasing, from 2005 to 2007. There is a little increase in DSO in 2008-2009 but it is not significant. Though the DSO ratio is increasing in 2007-2009, it is negligible. Considering the rival firm among the overall operating year 2005-2009 EXIM Bank is doing excellent which reflects better credit policy of the company. Fixed Asset Turnover Ratio: Fixed assets turnover ratio measures how effectively the firm uses its plant and equipment to help generate sales. So, fixed Asset Turnover ratio measures the amount of sales generated for every dollar's worth of fixed assets. The fixed asset turnover ratio is calculated by dividing sale by total fixed assets. It is calculated as follows: Fixed Assets Turnover Ratio = Sales/ Net Fixed Assets Total Asset Turnover Ratio: Total Asset Turnover ratio measures the amount of sales generated for every dollar's worth of total assets. The total asset turnover ratio is calculated by dividing sale by total assets. It is calculated as follows: Total Assets Turnover Ratio = Sales/ Total Assets Considering the rival, EXIM Bank is maintaining a higher total asset turnover ratio until 2008 but in 2009 rival cross the company. In 2009 total asset turnover ratio decreases although sales increases, is about 8.06 %. Because of, the huge investment in fixed asset like plant, machineries etc significantly increases the total asset. This is also a good news for the company, though they have lower total asset turnover ratio. But high investment in fixed asset will return a effective benefit in future.


Debt Management Ratio Debt Management ratios help to evaluate a company's long-term solvency measuring the extent to which the company is using long-term debt. This ratio reflects how effectively a firm is managing its debts. It helps the analyst to determine the extent to which borrowed funds have been used to finance assets and review how well operating profits can cover fixed charges such as interest. Debt Ratio: The debt ratio indicates how much of a company's assets are provided through debt or the percentage of the firm’s assets financed by creditors. Total debt includes both current liabilities and long term liabilities. Creditors prefer low debt ratios, because the lower the ratio, the greater the cushion against creditor’s losses in the event of liquidation. The owners on the other hand can benefit from leverage because it magnifies earnings, and thus the return to stockholder. But, too much debt often leads to financial difficulty, which eventually might cause bankruptcy. It is calculated as follows: Debt Ratio= Total Debt/ Total Assets Regarding the operating year 2005-2009 Debt ratio is decreasing for EXIM Bank, except the year 2007. More or less it is remaining same .On the other hand the rival is playing opposite role. But declining debt ratio is good news for company because lower the debt ratio, the greater the cushion against creditor’s losses in the event of liquidation. Debt ratio is increasing dramatically for rival rather than the company is remaining the steady growth rate that depicts the healthy financial strength of the company EXIM Bank Times Interest Earned (TIE) Ratio: The TIE ratio measures the extent to which earnings before interest and taxes (EBIT), also called operating income, can decline before the firm is unable to meet its annual interest cost. Failure to meet this obligation can bring legal action by the firm’s creditor, possibly resulting in bankruptcy. The TIE ratio is computed by dividing earning before interest and taxes (EBIT) by interest charges. It measures the ability of the firm to meet its annual interest payments. The TIE ratio is calculated as follows: Time interest earned ratio = EBIT/ Interest charges Over the years BATA has a strong position in TIE ratio compare to EXIM Bank. In 2005 to 2006 there is a sharp growth in TIE ratio of EXIM Bank after than the trend is declining until 2008, due to increase the amount of interest i.e. 94.40% considering the year 2006 to 2008. In 2009 it is increased again and so it’s a good news for the company. Considering the rival, Bata is doing excellent. Profitability Ratio A group of ratios that show the combined effect of liquidity, asset management, and debt management on operating results .It is the net result of a number of policies and decisions. Profit Margin on Sales:


Profit Margin is the ratio measures net income per dollar of sales and is calculated as net income divided by revenues, or net profits divided by sales. It measures how much out of every dollar of sales a company actually keeps in earnings. Profit margin is very useful when comparing companies in similar industries. A higher profit margin indicates a more profitable company that has better control over its costs compared to its competitors. Profit margin is displayed as a percentage; a 20% profit margin, for example, means the company has a net income of $0.20 for each dollar of sales. It is calculated as follows: Profit margin on sales = Net Income/ Sales Profit margin on sales is increasing over the time period of 2005 to 2007 slowly for EXIM Bank and 2008 there is a peak sale. In 2009 there is a little fall but still it is high above from the rival company EXIM Bank. This is good news for the companyReturn on Asset (ROA): Return on Asset (ROA) is an indicator of a company which deals with profit relative to its total assets. It gives an idea as to how efficient management is at using its assets to generate earnings. It is calculated by dividing a company's annual earnings by its total assets, ROA is displayed as a percentage. Sometimes this is referred to as "return on investment". The ROA after interest and taxes are computed as follows: Return on Asset (ROA) = Net Income / Total Assets Return on Equity (ROE): Return on Equity (ROE) measures the rate of return on common stockholders’ equity. It measures a company's profitability by revealing how much profit a company generates with the money shareholders have invested. The return on equity (ROE) is measured as follows: Return on Equity (ROE) = Net income / Total Shareholders’ Equity Market Value Ratio: A set of ratio that relates the firm’s stock price to its earningsand book value per share. These ratios give management an indication of what investors think of the company’s past performance and future prospect. If the firm’s liquidity, asset management, debt management, and profitability ratios are all good then market value ratios will be high which will lead to an increase in the stock price of the company. Earnings Per Share: Earnings per Share (EPS) are the portion of a company's profit allocated to each outstanding share of common stock. It serves as an indicator of a company's profitability. It is generally considered to be the single most important variable in determining a share's price. It is also a major component used to calculate the price-to-earnings valuation ratio. It is calculated as follows: EPS = Net Income/ Number of Shares Outstanding Price/Earning (P/E) Ratio: This is the ratio of the price per share to earnings per share. It shows how much investors are willing to pay per dollar of reported profit. It is calculated as follows: P/E Ratio = Market Price per Share/ Earnings per Share


Considering the year 2005 to 2006 the P/E ratio decreases and after than 2006 to 2009 it is transparent that EXIM Bank has a healthy growth in P/E ratio. In 2009 comparing to EXIM Bank (P/E ratio is 13.737) EXIM Bank is continuing with higher ratio. This indicates the demand and trust for this share is increasing respect to the investors. The investors willing to pay 16.08 taka for earning 1 taka profit from the company. Book Value per Share: Common stockholders' equity is determined on a per-share basis. Book value per share is calculated by subtracting liabilities and the par value of any outstanding preferred stock from assets and dividing the remainder by the number of outstanding shares of stock. It is calculated as follows: Book Value per Share=Equity/Number of Shares Outstanding The following table shows the Book value per share data of the 2 companiesThe book value per share is increasing over the year 2005 to 2009. On the other hand, rival is maintaining lower Book Value Per Share. But increasing trend of EXIM Bank in book value per share is a good indicator for the company. So, the level of equity is rising over the year which makes good sense for EXIM Bank Market/Book (M/B) Ratio: The ratio of a stock’s market price to its book value gives another suggestion of how investors regard the company. Companies with relatively high rates of return on equity generally sell at higher multiples of book value than those with low returns. The formula for Market/Book Value is given below: Market /Book Ratio = Market Price per Share / Book Value per Share After analyzing Foreign Exchange Operations of EXIM Bank Limited, it be said that overall performance of this department of EXIM bank is so good. From the comparative analysis and findings of the study following recommendation can be made:  Online facilities of the EXIM Bank should be available to all.  The bank should take the initiative to develop an effective research and development center to get innovative ideas to capture the competitive market.  They open their activities of SWIFT Banking in rural areas.  The bank should go for advertising about their bank what types of facility they are executing for the customer. As a result banking activities will expand.  Beside social work the bank have to be more serious to get better position in CAMEL rating  EXIM Bank has no Credit Card and Automated Teller Machine (ATM). To meet today's need of the customer, the bank should introduce above things.  The bank has the provision of internship program but there is no organized structure for the internship program. The bank can properly utilize the internees at minimum cost if they want.  They should be focused other departments too.


This report tries to figure out most of the indicators of problems and strengths of EXIM Bank Limited as a valid pretender in the competitive banking sector of Bangladesh. The main philosophy of EXIM Bank is to diminish interest and charge or pay fixed interest on loans or deposits and at the same time establish an egalitarian society based on the principle of social justice and equity Instead of predator mind interest on deposits. References:  http://en.wikipedia.org/wiki/Dhaka_Stock_Exchange  http://www.dsebd.org/index.php  http://www.financialinfobd  http://www.cse.com.bd/index2.php?option=Selected%20Companies    

Several Booklets from EXIM Bank. Several Newsletter s from EXIM Bank. Different types of brochures of EXIM Bank. EXIM Bank web site [www.eximbankbd.com].

 Annual report of Exim Bank 2005 to 2008


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