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Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
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Name : |
NOVO AIR LTD. |
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Registered Office : |
House # 50 (3rd Floor), Road # 11, Block # F, Banani,
Dhaka-1213 |
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Country : |
Bangladesh |
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Date of Incorporation : |
25.10.2007 |
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Com. Reg. No.: |
C-68812 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject is a Commercial Airline Company |
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No. of Employees : |
400 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Bangladesh |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
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IDENTIFICATION
DETAILS |
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Correct company Name |
: |
NOVO AIR LTD.
|
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Head Office |
: |
House # 50 (3rd Floor), Road # 11, Block # F, Banani,
Dhaka-1213, Bangladesh. |
|
Tel No |
: |
88-02-9871891-2; 9891881, 09666 722224, |
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Fax No |
: |
88-02-9890684 |
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E-mail |
: |
info@novoair-bd.com, mofijur@novoairbd.com |
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Website |
: |
www.novoair-bd.com |
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Date/ Year of Incorporation |
: |
25.10.2007 |
|
Incorporation No. |
: |
C-68812 |
|
Legal Form (General) |
: |
Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorships Partnership Not Registered others (please specify)
________________ |
|
Legal form (Specific) |
: |
LTD CORP INC CO others (please specify)
________________ |
|
Issuing Authority |
: |
Registrar of
Joint Stock Companies & Firms City Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import & Export (CCIE) |
|
Year |
Turnover/
Sales |
Assets |
Income |
|
July’ 11~June’ 12 |
Tk. 365 Million |
Tk. 375 Million |
Tk. 27.23 Million |
|
July’ 12~June’ 13 |
Tk. 390 Million |
Tk. 390 Million |
Tk. 38.70 Million |
|
Exchange
Rate |
USD1-Tk. 77.8200 EUR 1- Tk. 100.2711 GBP 1- Tk.118.5354 AUD 1 - Tk.82.8563 JPY 1 - Tk.0.9286 |
CAD 1 - Tk.80.1887 SEK 1 - Tk.12.2870 SGD 1 - Tk.65.3045 CNH 1 - Tk.12.8399 |
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Information Parted By |
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Name |
: |
Mr. Abu Nahid. |
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Designation |
: |
Executive. |
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Contract No |
: |
- |
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Locations Details |
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Operating Address |
: |
House # 50 (3rd Floor), Road # 11, Block # F, Banani,
Dhaka-1213, Bangladesh. |
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Tel No |
: |
88-02-9871891-2; 9891881, 09666 722224, |
|
Fax No |
: |
88-02-9890684 |
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E-mail |
: |
info@novoair-bd.com, mofijur@novoairbd.com |
|
Website |
: |
www.novoair-bd.com |
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Location : |
: Owned |
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Rented |
Ö |
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Leased |
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Area |
4500 |
Sq. ft. |
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Type of Office :
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: Commercial Office Bldg. |
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Semi-commercial office Bldg. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
Ö |
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Main Route: |
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Address |
: |
Dhaka, Chittagong, Jessore, Sylhet and Cox
Bazar. |
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Branches: |
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Address |
: |
Chandiwala Mansion (4th Floor),
House-32, Road-11, Block-G, Banani, Dhaka-1213, Bangladesh. |
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Tel No |
: |
88 02 9873202, 9873012, 9870662 |
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Fax No |
: |
88 02 9870892 |
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Employee: |
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No. of
Employees |
In Office |
: |
400 |
In Factory |
: |
- |
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In Branch: |
: |
- |
Total |
: |
400 |
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Details: |
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Names of Shareholders |
No. of Share |
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Mr. Faiz Mohammad Khan |
15000 |
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Mr. M. Mofizur Rahman |
5000 |
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Mr. Arshad Jamal |
15000 |
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Mr. Mashiuzzaman Chowdhury |
15000 |
|
Name |
Designation |
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Mr. Arshad Jamal |
Chairman |
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Mr. M. Mofizur Rahman |
Managing Director |
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Mr. Faiz Mohammad Khan |
Director |
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Mr. Mashiuzzaman Chowdhury |
Director |
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Name |
: |
Mr. Abu Nahid. |
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Job Description |
: |
Executive. |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Mr. Salam Khan. |
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Job Description |
: |
Executive Finance. |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Nature of
Activity : |
Commercial Airline Company |
Ö |
Trader |
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Dealer |
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Distributor |
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Exporter |
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Importer |
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Services |
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Others |
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Item Dealings
In: |
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Products |
: |
Passenger Air Ticket, Air Cargo Transportation. |
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Production
Capacity |
: |
N/A |
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Last Year
Production |
: |
N/A |
Trading Terms:
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Purchasing
Terms: |
L/C |
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Cash |
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Others |
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|||
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Credit : |
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30 days |
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60 days |
|
90 days |
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|
days |
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Selling
Terms : |
L/C |
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Cash |
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Others |
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|||
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Credit : |
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30 days |
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60 days |
|
90 days |
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|
days |
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Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade Markets |
: |
Exports |
: |
N/A |
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Imports |
: |
N/A |
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Brand Name |
: |
NOVOAIR. |
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Certified |
: |
N/A |
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Plane Model
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: |
EMB 145 Jets. |
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Auditors |
: |
N/A |
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Number of
Airplane
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: |
02 |
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General Sales
Agent (GSA) |
: |
Tiger Airways |
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Operation Status |
: |
Active. |
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Member |
: |
Dhaka Chamber of Commerce & Industry |
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Authorized
Capital |
: |
Tk. 50 Crore. |
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Paid-up
Capital |
: |
Tk.5, 00,00,000 |
No. of Shares |
: |
50, 000 |
Share
Value |
: |
Tk.1000.0Each |
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Main
Assets |
: |
Tk. 382 Million. |
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||||||
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The subject company don’t submit update full financial figure to local
registry office. |
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Sister Concerns |
: |
NOVO Com. NOVO Holy Tese. Tusuka. |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
NOVO Group. |
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Bank Name |
: |
Eastern Bank Ltd. |
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Bank Address |
: |
Banani Branch. House- 78, Block-D Road-11, Banani, Dhaka Phone: 02 9862669, 9862572, and 9860476 Fax: 02 9862903 Email: banani@ebl-bd.com |
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Dishonored
Checks |
: |
No Record Found |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
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Performance
Defaults |
: |
No Record Found |
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Adverse Local
Media Coverage/ Adverse Filling History |
: |
No Record Found |
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Our Representative Visited the subject company Head office which is
situated at House # 50 (3rd Floor), Road #11, Block # F, Banani, Dhaka-1213,
Bangladesh. The subject company Executive Mr. Abu Nahid welcome us &
given us all information. Its office is situated at Residential area which is
a well decorated. |
|
Repeated attempts to obtain and verify information from SC were
unsuccessful as they declined all information citing confidentiality. Please
note that our credit rating is based on information gathered from external
sources as well as information obtained from past interviews. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
|
1 |
Rs.103.44 |
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Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
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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.