MIRA INFORM REPORT
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Report Date : |
20.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
BEST AVIATION LIMITED |
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Registered Office : |
House No 43, Road 1/A, Block J, Baridhara Diplomatic Area, Dhaka-1212 |
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Country : |
Bangladesh |
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Date of Incorporation : |
September 1999 |
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Com. Reg. No.: |
C-37934 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Service Provider of Aviation & Tourism |
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No. of Employees
: |
345 |
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 |
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Maximum Credit Limit : |
US$ 55,000.00 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Bangladesh |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
COMPANY DETAILS
|
Name |
Best Aviation Limited |
|
Address |
House No 43,
Road 1/A, Block J, Baridhara Diplomatic Area, Dhaka-1212 |
|
Country |
Bangladesh |
|
Telephone No |
880-2- 8832554,
8813242 |
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Fax No |
880-2- 8860248 |
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E-Mail |
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|
Website |
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Established |
1999 |
|
Company Registration No |
C-37934 |
|
Registration date |
September 1999 |
|
Legal Status |
Private Limited |
|
Issuing Authority |
The Registrar of Joint Stock Companies, Dhaka |
|
Business Type |
Service Provider |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from local
suppliers or banks. |
LOCATIONS
|
Head Office |
House No 43,
Road 1/A, Block J, Baridhara Diplomatic Area, Dhaka-1212 |
|
Telephone No |
880-2- 8832554,
8813242 |
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Fax No |
880-2- 8860248 |
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E-Mail |
|
|
Website |
|
|
Branch |
4 Chittagong City Office
(Nasirabad) The Peninsula Chittagong CDA Avenue, Chittagong. Bangladesh Tel: +880312850860 - 9 Cell: +8801195 061737 4 Best Aviation Bangkok Office Tel: +6622671230-4 Fax: +6622384521-2 4 Best Aviation Singapore Office GSA-GURU Travels Pte Ltd. #01-16/17/18 Serangoon Plaza Singapore-218108. Tel: +65 2979132 / 63928406. Fax: +65 62979129 4 CSA-Asia One Network Pte Ltd. 45 Airport Cargo Road #01-16/17/18 Serangoon Plaza Singapore-819478. Tel: +65 6543 2878 Fax: +65 6543 2877 4 Best Aviation Kuala Lumpur
Office Jalan Munshi Abdullah 50100 Kuala Lumpur Malaysia. Tel: +603 26911222 Fax: +603 26916222 4 CSA-Super Six Cargo Sdn. Bhd. Taman Tun Dr. Islmail, 60000 Kuala Lumpur Malaysia. Tel: +603 77280003. Fax: +603 77254003 |
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Factory |
N/A |
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Factory Telephone No |
N/A |
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Factory Fax No |
N/A |
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Warehouse |
N/A |
DIRECTORS
|
Name |
Mr. Mohammad
Rafiqul Amin |
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Designation |
Chairman |
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Nationality |
Bangladeshi |
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|
|
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Name |
Dr. M. Haider
Uzzaman |
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Designation |
Managing Director |
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Nationality |
Bangladeshi |
SHARE HOLDERS
|
Name |
Destiny
Multipurpose Co-Operative Society Limited |
|
Share Percent |
80% |
|
Country |
Bangladesh |
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|
|
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Name |
Others |
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Share Percent |
20% |
|
Country |
Bangladesh |
BUSINESS DETAILS
|
Line of Business |
Service Provider |
|
Items Dealing In |
Aviation & Tourism |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit |
BANKERS
|
Name |
Standard Chartered Bank |
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Branch |
Gulshan Branch |
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Address |
Gulshan, Dhaka |
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SWIFT |
N/A |
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|
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Name |
HSBC |
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Branch |
Gulshan Branch |
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Address |
Gulshan, Dhaka |
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SWIFT |
N/A |
FINANCIAL INFORMATION
|
Year |
2011 |
2010 |
2009 |
|
Investment |
Tk.6 billion |
Not in Operations |
Tk.5.7 billion |
|
Turnover |
Tk.3.2 million |
Not in Operations |
Tk.2.8 million |
|
Liability |
Tk.1 billion |
Not in Operations |
Tk.1.4 billion |
|
Assets |
Tk.14 billion |
Not in Operations |
Tk.12 billion |
* The subject has flatly refused to reveal any financial information whatever shown here are collected unofficially and as such its authenticity could not be verified.
CAPITAL STRUCTURE
|
Authorized
Capital |
Tk.3 billion |
|
Paid Up Capital |
Tk.1 billion |
|
Each Share Value |
Tk.100.00 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
129.8967 |
|
U.S Dollar |
1 |
84.1300 |
|
European Euro |
1 |
108.2164 |
ADVERSE DATA MONITORING
|
Dishonored
Checks |
No Found |
|
Debt |
No Records Found |
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Litigation |
No Records Found |
|
Performance
Defaults |
No Records Found |
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Adverse Press
Coverage |
No Records Found |
|
Money Laundering |
No Records Found |
MAXIMUM RECOMMENDED CREDIT
|
Amount |
Based On |
|
US$ 55,000.00 |
90 days |
GENERAL INFORMATION
|
Employees |
345 |
|
Office Area (Sq.
Ft) |
3,800 sq.ft (rented) |
|
Factory Area
(Sq. Ft) |
N/A |
|
Warehouse Area
(Sq. Ft) |
2,250 sq.ft (rented) |
|
Range of
Services |
4 Airline for
passengers & cargos 4 Tour Operator |
|
Fleet |
4 ATR-72 |
|
Routes |
Domestic Bangladesh 4 Dhaka - Shahjalal International Airport Base 4 Jessore - Jessore Airport 4 Chittagong - Shah Amanat International Airport 4 Sylhet - Osmani International Airport International 4 United Arab Emirates Dubai - Dubai International
Airport 4 India Kolkata - Netaji Subhash
Chandra Bose International Airport 4 Singapore Singapore - Changi
International Airport 4 Thailand Bangkok - Suvarnabhumi Airport 4 Malaysia Kuala Lumpur - Kuala Lumpur
International Airport |
|
Certifications |
NIL |
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Group Name |
4 Destiny Group |
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Subsidiaries /
Affiliates |
4 Destiny-2000
Ltd. 4 Destiny
Shopping Center Ltd. 4 Air Destiny
Ltd. 4 Destiny
Electric & Electronics Industries Ltd. 4 Destiny
Multipurpose Co-operative Society Ltd. 4 Destiny
Foundation Ltd 4 Destiny Tree
Plantation Ltd. 4 Destiny
Transport System Ltd. 4 Destiny-Diamond
Builders Ltd. 4 Destiny Media
& Publication Ltd. 4 Configure
Housing Ltd 4 Destiny Hitachi
Electric Industries Ltd. 4 Boishakhi Media
Ltd. 4 Destiny Medical
College & Hospital Ltd. 4 Destiny Agro
Industries Ltd. 4 Destiny
Printing & Packaging Ltd. 4 Destiny
Developers Ltd. 4 Destiny
Printing Press 4 Destiny SASSCO
Properties Ltd. 4 Destiny
Environment & Savings Energy Ltd. 4 Destiny Airways
System Ltd. 4 Destiny Life
Insurance Ltd.[Proposed] 4 Destiny
Consumer products Ltd. 4 Destiny Nihaj
Jute Spinners Ltd. 4 Destiny
Printing Press. 4 Diamond
Consortium Ltd |
|
Member |
4Dhaka Chamber of
Commerce & Industries, Dhaka 4 Bangladesh Package
Tour Operator Association, Dhaka |
COMMENTS
The subject is a private limited company engaged in
providing airlines services in domestic and international routes. The subject started
operations in 1999 as a Helicopter operator, pioneering this service in the
country. It started its journey as a Freighter Airline beginning 2000. Best Air
has been operating different types of freighter in the Domestic &
International Sectors.
The company obtained License in 2006 from Civil Aviation
Authority of Bangladesh to operate Passenger Service in the International &
Domestic Sectors. The company currently has routes such as Kolkata, Jaipur,
Bangkok and Kunming; Domestic Destinations like Chittagong and Sylhet. The
second phase will include Far-East, Middle-East, Europe and USA by using Wide
Bodied Aircraft.
Best Air suspended its operations in 2009, due to extra ordinarily high fuel costs. Destiny Group has bought off 80 percent stakes in the troubled Best Air for Tk.150 crore. The subject restarted their operations on the 26th of March, 2011.
The directors are well conversant in their line
of trade and they are also experienced businessman. They are reported to be
financially solvent and fair in their trade terms.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.29 |
|
UK Pound |
1 |
Rs.77.60 |
|
Euro |
1 |
Rs.64.67 |
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 |
|
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NB |
New Business |
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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.