MIRA INFORM REPORT
|
Report Date : |
07.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
BIMAN BANGLADESH AIRLINES LIMITED |
|
|
|
|
Registered Office : |
Balaka Bhaban, Hazrat Shahjalal ® International Airport,
Kurmitola, Dhaka-1229 |
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|
|
|
Country : |
Bangladesh |
|
|
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Date of Incorporation : |
17.07.2007 |
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|
|
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Com. Reg. No.: |
C-67807 |
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|
|
Legal Form : |
Public Limited Company |
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|
|
Line of Business : |
Providing International and Domestic Airline service for
Passenger & Cargo |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 50,000.00 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment
Behaviour : |
No Complaints |
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|
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Bangladesh |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
COMPANY DETAILS
|
Name |
Biman Bangladesh
Airlines Limited |
|
Address |
Balaka
Bhaban, Hazrat Shahjalal ® International Airport, Kurmitola, Dhaka-1229, |
|
Country |
Bangladesh |
|
Telephone No |
880-2-8901600-14,
8901680-94 |
|
Fax No |
880-2-8911471 |
|
E-Mail |
|
|
Website |
|
|
Established |
January 1972 |
|
Company Registration No |
C-67807 |
|
Registration date |
17th
July 2007 |
|
Legal Status |
Public Limited |
|
Issuing Authority |
The
Registrar of Joint Stock Companies & Firms, Dhaka |
|
Business Type |
International
and Domestic Airlines for Passenger & Cargo |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from
local suppliers or banks. |
LOCATIONS
|
Head Office |
Balaka Bhaban,
Hazrat Shahjalal ® International Airport, Kurmitola, Dhaka-1229 |
|
Telephone No |
880-2-8901600-14,
8901680-94 |
|
Fax No |
880-2-8911471 |
|
E-Mail |
mdbiman@bdbiman.com |
|
Website |
www.biman-airlines.com |
|
Branch |
INTERNATIONAL 4 London 4 Narita 4 Bangkok 4 Dubai 4 Singapore 4 Delhi 4 Kolkata 4 Kualalampur 4 Amsterdam 4 Brussels 4 Paris 4 Frankfurt DOMESTIC 4 Dhaka 4 Sylhet 4 Chittagong 4 Barishal 4 Jessore 4 Khulna 4 Syedpur 4 Cox’s Bazar |
|
Factory |
N/A |
|
Factory Telephone No |
N/A |
|
Factory Fax No |
N/A |
|
Warehouse |
Balaka Bhaban, Hazrat Shahjalal ® International Airport, Kurmitola,
Dhaka-1229 |
DIRECTORS
|
Name |
Air Marshal Jamal Uddin Ahmed, ndc, bems,
psc (Retd.) |
|
Designation |
Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Air Commodore Muhammad Zakiul Islam ndu acsc
(Retd) |
|
Designation |
Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Shah Md. Zakaria Bhuiyan, FCA |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Professor Iqbal
Ahmad |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Abul Kashem Ahmed |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Dr. Mohammad Tareque |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
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|
|
|
Name |
Mr. Molla Waheeduzzaman |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Justice (Former) A. F. M. Meshbahuddin |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad Atharul Islam |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Air Vice Marshal Abu Esrar, ndc, acsc |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Maj. Gen. Mohd. Habibur Rahman Khan, ndc,
psc |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
BUSINESS DETAILS
|
Line of Business |
International
and Domestic Airlines for Passenger & Cargo |
|
Items Dealing In |
N/A |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit |
BANKERS
|
Name |
Sonali Bank
Limited |
|
Branch |
Local Office
Branch |
|
Address |
Motijheel Commercial Area, Dhaka |
|
SWIFT |
N/A |
|
|
|
|
Name |
Sonali Bank
Limited |
|
Branch |
Airport Road
Branch |
|
Address |
Hazrat Shahjalal (R) International Airport, Dhaka |
|
SWIFT |
N/A |
FINANCIAL INFORMATION
|
Year |
2010 |
2009 |
2008 |
|
Investment |
Tk.28 billion |
Tk.28 billion |
Tk.27 billion |
|
Turnover |
Tk.61 billion |
Tk.60.8 billion |
Tk.60 billion |
|
Liability |
Tk.20 billion |
Tk.20.9 billion |
Tk.22 billion |
|
Assets |
Tk.68 billion |
Tk.67 billion |
Tk.66 billion |
*
Collected un-officially as the subject has flatly refused to reveal any
financial information.
CAPITAL STRUCTURE
|
Authorized
Capital |
Tk.10 billion |
|
Paid Up Capital |
Tk.2 billion |
|
Each Share Value |
Tk.100.00 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
118.3119 |
|
U.S Dollar |
1 |
74.2000 |
|
European Euro |
1 |
118.3119 |
ADVERSE DATA MONITORING
|
Dishonored
Checks |
No Found |
|
Debt |
No Records Found |
|
Litigation |
No Records Found |
|
Performance
Defaults |
No Records Found |
|
Adverse Press
Coverage |
No Records Found |
|
Money Laundering |
No Records Found |
MAXIMUM RECOMMENDED CREDIT
|
Amount |
Based On |
|
US$ 50,000.00 |
90 Days |
GENERAL INFORMATION
|
Employees |
5,210 |
|
Office Area (Sq.
Ft) |
15,300 sq.ft (own) |
|
Factory Area
(Sq. Ft) |
N/A |
|
Warehouse Area
(Sq. Ft) |
5,800 sq.ft (own) |
|
Fleet |
4 DC 10-30 – 4 4 Air Bus-A 310-300 - 3 4 F-28
----------------- 3 4
B747-200 ----------- 1 4 B747-306 ----------- 1 |
|
Number of Destinations |
4 25 (Domestic & International) |
|
Certifications |
NIL |
|
Group Name |
NIL |
|
Subsidiaries /
Affiliates |
4 Biman International Kitchen
Services Ltd 4 Biman Poultry Complex Limited 4 Biman
Flight Catering Centre 4 Biman Bangladesh Airlines Training
Center |
|
Member |
4 IATA--Geneva, Switzerland |
COMMENTS
The subject is a Public limited Company engaged in providing
International and Domestic Airline service for Passenger & Cargo. The
subject was established under the Bangladesh Biman Ordinance
(President Order no.126) in 4th January 1972 as a government
institution. But over the years it has suffered great loss due to
mismanagement, corruption and lack of quality service. Until July 2007 the airline was wholly owned and managed
by the Government of
Bangladesh; on 23 July 2007, it was transformed into Bangladesh's
largest Public Limited Company
by the Caretaker
Government of Bangladesh.
After becoming a public limited
company, Biman has trimmed the number of staff and turned its attention to
modernising the fleet. Biman struck a deal with US
aircraft
manufacturer Boeing for procurement of 10 new generation aircraft along
with options/purchase rights for another 10. The carrier is also in the process
of leasing some aircraft for the interim period to re-start flights to some of
the destinations in Asia, Europe and North America.
The directors are all well educated and
reputed persons of wonderful backgrounds.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.13 |
|
UK Pound |
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.88 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.