MIRA INFORM REPORT

           

 

Report Date :

16.05.2013

 

IDENTIFICATION DETAILS

 

Name :

BIMAN BANGLADESH AIRLINES LIMITED

 

 

Registered Office :

Balaka Bhaban, Hazrat Shahjalal ® International Airport, Kurmitola, Dhaka-1229

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

January 1972

 

 

Com. Reg. No.:

C-67807

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

International and Domestic Airlines for Passenger & Cargo

 

 

No. of Employees :

5400

 

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

 

Status :

Good

 

 

Payment Behaviour :

Regular 

 

 

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 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Bangladesh

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

bangladesh ECONOMIC OVERVIEW

 

In real terms Bangladesh's economy has grown 5.8% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP.

 

Source : CIA

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

mdbiman@bdbiman.com

Website

www.biman-airlines.com

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

Mr. Kevin Steele

Designation

Managing Director & CEO

Nationality

British

 

 

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

Mr. Khurshed Alam Chowdhury

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Molla Waheeduzzaman

Designation

Director

Nationality

Bangladeshi

 

 

Name

Justice (Former) A. F. M. Meshbahuddin

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Fazle Kabir

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

 

 

SHAREHOLDERS

 

Name

Government of People’s Republic of Bangladesh

Share Percent

100%

Country

Bangladesh

 

 

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

2011

2010

 

2009

Investment

Tk.30 billion

Tk.28 billion

Tk.28 billion

Turnover

Tk.62.5 billion

Tk.61 billion

Tk.60.8 billion

Liability

Tk.18 million

Tk.20 million

Tk.20.9 million

Assets

Tk.70 billion

Tk.68 billion

Tk.67 billion

 

* Collected un-officially as the subject has flatly refused to reveal any financial information & no latest financial information is available.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.10 billion

Paid Up Capital

Tk.2 billion

Each Share Value

Tk.100.00

 

CURRENCY EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

119.0566

U.S Dollar

1

77.8300

European Euro

1

100.9611

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks

No Found

Debt

No Found

Litigation

No Records Found

Performance Defaults

No Records Found

Adverse Press Coverage

No Records Found

Money Laundering

No Records Found

 

 

GENERAL INFORMATION

 

Employees

5,400

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

 

bUSINESS TREND & PROSPECT

 

Business Scale           

Large

Business Trend

Growing

Management Capability

Good

Reputation

Good

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.78

UK Pound

1

Rs.83.38

Euro

1

Rs.70.72

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

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.