MIRA INFORM REPORT

Report Date :

02.06.2014

IDENTIFICATION DETAILS

Name :	ELECTRICITY GENERATION COMPANY OF BANGLADESH LIMITED.

Formerly Known As :	MEGHNAGHAT POWER COMPANY

Registered Office :	BTMC Bhaban 7-9, Kawran Bazar, Dhaka-1215

Country :	Bangladesh

Date of Incorporation :	23.11.1996

Com. Reg. No.:	C-31833

Legal Form :	Public Listed Company

Line of Business :	Manufacturer and Supplier of Electricity.

No. of Employees :	140

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

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 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Bangladesh

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BANGLADESH - ECONOMIC OVERVIEW

Bangladesh's economy has grown roughly 6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, slow implementation of economic reforms, and the 2008-09 global financial crisis and recession. Although more than half of GDP is generated through the service sector, almost half of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Garment exports, the backbone of Bangladesh’s industrial sector and 80% of total exports, surpassed $21 billion last year, 18% of GDP. The sector has remained resilient in recent years amidst a series of factory accidents that have killed over 1,000 workers and crippling strikes that shut down virtually all economic activity. Steady garment export growth combined with remittances from overseas Bangladeshis, which totaled almost $15 billion and 13% of GDP IN 2013, are the largest contributors to Bangladesh’s current account surplus and record foreign exchange holdings.

Source : CIA

EXECUTIVE SUMMARY

IDENTIFICATION DETAILS

Correct company Name	:	ELECTRICITY GENERATION COMPANY OF BANGLADESH LIMITED.
Company Previous Name	:	Meghnaghat Power Company. (Changed Date 16.02.2004)
Head Office	:	BTMC Bhaban 7-9, Kawran Bazar, Dhaka-1215, Bangladesh.
Tel No	:	88-02-9134029, 88-02-9134032
Fax No	:	88-02-9118345
E-mail	:	egcb_ltd@yahoo.com info@egcb.com.bd
Website	:	www.egcb.com.bd
Date/ Year of Incorporation	:	23.11.1996
Incorporation No.	:	C-31833
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)

FINANCIALS- SUMMARY

Year	Turnover/ Sales	Assets	Income
July’ 11~June’ 12	Tk. 672.2118 Million	Tk. 395, 51,23,952	Tk. 560 Million
July’ 12~June’ 13	Tk. 1450.20 Million	Tk. 399, 53,82,008	Tk. 850 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

FULLCHECK REPORT DETAILS

Information Parted By

Name	:	Mr. Md. Mostafa Kamal.
Designation	:	Managing Director.
Contract No	:	-

Locations Details

Operating Address	:	BTMC Bhaban 7-9, Kawran Bazar, Dhaka-1215, Bangladesh.
Tel No	:	88-02-9134029, 9134032
Fax No	:	88-02-9118345
E-mail	:	egcb_ltd@yahoo.com info@egcb.com.bd
Website	:	www.egcb.com.bd

Location :

: Owned

Rented

Leased

Area

10000

Sq. ft.

Type of Office :	: Commercial Office Bldg.	Ö		Semi-commercial office Bldg.
Retail shop			Industrial Park
Business Center			Home Office
Residential Bldg.

Plant Address:

Address	:	Siddhirganj, Narayanganj, Bangladesh.
Tel No	:	88-02-7694100
Fax No	:	88-02-7694100
Plant Address2:

Address	:	Haripur, Bandar, Narayanganj, Bangladesh.
Tel No	:	88-02-7647778
Fax No	:	88-02-7647775
Plant Address3:

Address	:	Charamsurs, Munshiganj, Bangladesh.
Tel No	:	Nil
Fax No	:	Nil

Location :

Owned

Rented

Leased

Area

45417

Sq. ft.

Branches:

Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:

No. of Employees	In Office	:	40	In Factory	:	100
	In Branch:	:	-	Total	:	140
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Bangladesh Power Development Board	17666
Mr. Foiz Ahmed	1
Mr. Sayed Mabinul Haque	1
Mrs. Shamima Akhter	1
Mr. Jalal Uddin Ahmed Chowdhury	1
Mr. Md. Farukuzzman	1
Mr. Md. Abduhu Ruhullah	1
Mr. Shah Mohammad Ashraful hoque George	1

DIRECTORS

Name	Designation
Foiz Ahamed, Addl.	Chairman
Md. Mostafa Kamal EGCB Ltd.	Managing Director
Shamima Akhtar - Director	Director
Obaidur Rahman, FBCCI	Director
Shah Mohammad Ashraful Hoque	Director
Neelufar Ahmed	Director
Tamal Chakraborty, BPDB	Director
Syed Mabinul Haque	Director
Md. Abduhu Ruhullah, BPDB	Director
Md. Farukuzzaman	Director
S.M. Monjurul Haque, IEB.	Director
Mr. brig. General Nazrul Hasan	Director

MANAGEMENT

Name	:	Mr. Md. Mostafa Kamal.
Job Description	:	Managing Director.
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Alim Uddin Ahmed.
Job Description	:	Director (Finance).
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer	Ö	Trader	Dealer	Distributor

	Supplier	Ö	Importer	Services	Others

Item Dealings In:

Products	:	Electricity.
Production Capacity	:	800 Mg.
Last Year Production	:	Do.

Trading Terms:

Purchasing Terms:	L/C	Ö	Cash		Others
	Credit :		30 days		60 days	Ö	90 days			days

Selling Terms :	L/C		Cash	Ö	Others
	Credit :	Ö	30 days		60 days		90 days			days

DETAILED DATA

Trade Reference & Related Parties	:	Overseas Clients			:	N/A	Local Clients	:	N/A
		Overseas Suppliers			:	N/A	Local Suppliers	:	N/A
Trade Markets	:	Exports			:	N/A
		Imports			:	N/A

Brand Name			:	N/A
Certified			:	N/A
Auditors			:	N/A
Operation Status			:	Active
Member			:	N/A

CAPITAL STRUCTURE

Authorized Capital	:	Tk. 300, 00,00,000
Paid-up Capital	:	Tk. 1,76,73,000	No. of Shares	:	17673	Share Value	:	Tk.1000.00Each
Main Assets	:	Tk. 399, 53,82,008

FINANCIAL STATEMENT- DETAILED

The subject company don’t submit update full financial figure to local registry office.

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns	:	N/A
Subsidiary	:	N/A
Name of The Mother Company	:	Bangladesh Power Development Board.

BANKING

Bank Name	:	Sonali Bank Ltd.
Bank Address	:	Kawan Bazar Branch. Kawran Bazar, Dhaka, Dhaka 88-02-8189171,9110891

Bank Name	:	Agrani bank Ltd.
Bank Address	:	Kawran Bazar Branch.

Bank Name	:	Rupali Bank Ltd.
Bank Address	:	Kawran Bazar Branch.
Bank Name	:	Janata Bank Ltd.
Bank Address	:	Kawran Bazar Branch.

ADVERSE DATA MONITORING

Dishonored Checks	:	No Record Found
Debt	:	No Record Found
Litigation	:	Clear
Performance Defaults	:	No Record Found
Adverse Local Media Coverage/ Adverse Filling History	:	No Record Found

SITE VISIT COMMENTARY

Our Representative Visited the subject company Head office which is situated at BTMC Bhaban 7-9, Kawran Bazar, Dhaka-1215, Bangladesh. The subject company Managing Director Mr. Md. Mostafa Kamal given us all information. Is situated at commercial area which is a well decorated modern office.

GENERAL COMMENTS

Established in Nov. 1996, Subject is mainly engaged in Manufacturer & Supplier of Electricity. Having been in operation for several years, Subject maintains acceptable business volume. Subject enjoys some recognition and impact in the line.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.34

INFORMATION DETAILS

Analysis Done by :	DIV

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
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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.