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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

491784

Report Date :

16.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

BANGLADESH POWER DEVELOPMENT BOARD

 

 

Registered Office :

WAPDA Building (1st Floor), 12,  Motijheel C/A, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2016

 

 

Date of Incorporation :

01.05.1972

 

 

Legal Form :

State-owned Company

 

 

Line of Business :

Manufacturer of Electricity

 

 

No. of Employees :

24,500

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

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.

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Bangladesh Power Development Board

Head Office

:

WAPDA Building (1st Floor), 12,  Motijheel C/A, Dhaka-1000,

Bangladesh.

Tel No

:

88-02-956 6170, 9562154, 9554209, 9567350

Fax No

:

88-02-9564765, 9551344

E-mail

:

chbpdb@bol-online.com

Website

:

www.bpdb.gov.bd

Date/ Year of Incorporation

:

01.05.1972

Incorporation No.

:

N/A

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  Board    

 others (please specify) ________________

Issuing Authority

:

Registrar of Joint Stock Companies & Firms     Presidential Order No. 59

 Municipal Administration                                Union Council

 Cantonment Board                                              Chief Controller of  Import & Export (CCIE)

 

 

FINANCIALS- SUMMARY

      Year

Turnover/ Sales

 Assets

Income/ (Loss)

2014-2015

BDT  204921270320

BDT 230959496521

(BDT 72829896671)

2015-2016

BDT  243759467959

BDT 248917015853

(BDT 38737503572)

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Sheikh Md. Alauddin     

Designation

:

Member

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

WAPDA Building (1st Floor), 12,  Motijheel C/A, Dhaka-1000,

Bangladesh.

Tel No

:

88-02-956 6170, 9562154, 9554209, 9567350

E-mail

:

88-02-9564765, 9551344

Fax No

:

chbpdb@bol-online.com

Website

:

www.bpdb.gov.bd

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

150, 000

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

Zonal office:

Address

:

Chittagong, Rajshahi, Sylhet, Rangpur, Mymensing, Comilla, Bangladesh

Tel No

:

N/A

Fax No

:

N/A

 

Branch:

 

 

Address

:

Biddyut Bhaban (8th Floor), 1, Abdul Gani Road, Dhaka,  Bangladesh

Tel No

:

N/A

Fax No

:

N/A

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

24,480

In Factory

:

N/A

In Branch:

:

20

Total

:

24,500

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

                      No. of Share     

State own

                                    100%

 

 

DIRECTORS

 

Name

Designation

Mr. Khaled Mahmood

Chairman

Mr. Md. Zahurul Haque

Member

Md. Mustafizur Rahman

Member

Selim Abed, MBA

Member

Sayeed Ahmed

Member

Mr. Md. Azharul Islam

Member

Engr. Md. Fakhruzzaman

Member

 

 

MANAGEMENT

 

Name

:

Mr. Khaled Mahmood   

Job Description

:

Chairman

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Zahurul Haque  

Job Description

:

Member (Administration)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Selim Abed, MBA

Job Description

:

Member (Finance)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Md. Mustafizur Rahman

Job Description

:

Member (Company Affairs)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Sayeed Ahmed

Job Description

:

Member (Generation)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Md. Azharul Islam

Job Description

:

Member (Planning & Development)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Engr. Md. Fakhruzzaman

Job Description

:

Member (Distribution)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Supplier

Ö

Dealer

 

Distributor

 

 

 

 

Exporter

 

Importer

 

Services

 

Others

 

 

Range Of Product:

 

Products

:

Electricity.     

Production Capacity

:

Public Sector-5271 MW

IPP-3226 MW

SIPP/Rental Power Plant-548MW

REB-226 MW

Last Year Production

:

Do

 

Trading Terms:

 

Purchasing Terms:

L/C

N/A

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

 

90 days

 

 

days

 

Selling Terms      :

L/C

N/A

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

 

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

Local Public

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

Trade Markets

:

 

Exports(Country)

:

N/A

Imports(Country)

:

N/A

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

A B Saha & Co.

Chartered Accountants

Marhk & Co.

Chartered Accountants

Operation Status

:

Active

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT  200,000,000,000

 

Paid-up Capital

:

BDT 150,443,838,475

 

No. of Shares

:

N/A

 

Share Value

:

N/A

 

Main Assets

:

BDT 248917015853

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

                                                                                               Currency

:

BDT

                                                                                     Denomination

:

1

                                                                         Financial Year Ending

:

30th June, 2016

 

     Financial Highlights

2015-2016

      2014-2015

Utility Plant In Service

468096193005

419203706433

Less: Accumulated Depreciation

208750513591

195360117102

 

 

 

Written Down Value

259345679414

223843589331

 

 

 

Project In Progress

60804785088

59298712710

Investment In Shares

20862113478

20094762718

 

 

 

Total Non-Current Assets

341012577979

303237064759

 

 

 

Current Assets

 

 

 

 

 

Investment

46701338353

37553379700

Cash In Hand And At Bank

66835315643

69421813471

Accounts Receivable-Trade

97067090270

89739593431

Accounts Receivable-Others

15204688709

17678119449

Provision For Bad And Doubtful Debts

(1236107585)

(1066431686)

Advance To Contractors And Suppliers

7036202311

340553663

Advance To Employees

1667272757

1579956806

Stock And Stores

12663115493

13401510391

Security Deposit To Other Utility

119154459

90350592

Income Tax Deduction At Source

2858945444

2220650705

Total Current Assets

248917015853

230959496521

 

 

 

Total Property And Assets

589929593832

534196561280

 

 

 

Capital And Liabilities

 

 

Authorized Capital

200000000000

200000000000

Equity And Reserve

 

 

Paid Up Capital

163627550900

155632244275

Retained Earnings

(450355305804)

(416481863930)

Appraisal Surplus

117057871482

117057871482

Government Equity Against Deco’s Share

2244887760

2244887760

Grants

5803755860

5103755860

Deposit Work Fund

3070960706

2551069570

Liquidity Damage Reserve

72053500

72053500

Maintenance And Development Fund

46395327096

33690360745

Assets Insurance Fund

345000000

330000000

 

(111737898501)

(99799620739)

Long Term  Liabilities

 

 

Government Loan

66026547979

63968368012

Budgetary Support As Subsidy From Govt.

(Difference Of Buying & Selling Rate)

356164200000

328215200000

Foreign Loan

53117903527

29334507671

 

475308651506

421518075683

 

 

 

Deposit And Provision Fund

 

 

Security Deposit (Consumers)

4743236482

4393169761

GPF And CPF

6207674120

5597397620

Gratuity And Pension Fund

12266119259

10764731348

 

23217029861

20755298729

 

 

 

Current Liabilities

 

 

Accounts Payable

34947084160

41604304952

Security Deposit(Contractors & Suppliers)

817028768

781958011

Current Portion Of Long Term Liabilities

4474339658

3532109213

Debt Servicing Liabilities(Interest)

57054354364

53744362376

Interest On Budgetary Support From Govt.(Fund)

33529595714

23583097892

Other Liabilities

890538199

561372970

 

203028938754

191803999576

Clearing Accounts

112872214

(81191967)

Total Equity And Liabilities

589929593832

534196561280

 

 

Income Statement :

 

                                                                                               Currency

:

BDT

                                                                                     Denomination

:

1

                                                                         Financial Year Ending

:

30th June, 2016

 

PARTICULARS

31.12.2016

      31.12.2015

Operating Revenue

 

 

 

 

 

Energy Sales

243759467959

204921270320

Other Operating Income

9463837317

6955065129

 

253223305276

211876335448

 

 

 

Operating Expenses

 

 

Generation Expenses

52159575296

51116440247

Electricity Purchase From IPP

75651799556

61313273341

Electricity Purchase From India

19668713252

19003732517

Electricity Purchase From Rental

64520102192

87747847923

Electricity Purchase From

Public Plant

39938266211

33655883399

Transmission Expenses For

Wheeling Charge

2718433370

2018151423

Distribution Expenses

8963415560

7450673423

General And Administrative Expenses

3209013629

2318140874

 

266829319065

264624143146

 

 

 

Operating Income / (Loss)

(13606013789)

(52747807698)

Budgetary Support From Govt.

9946497822

7806621978

Financing And Other Charges

2409899121

2465393274

Net Income/(Loss) Before

Exch. Rate Fluctuation

(25962410732)

(63019822950)

Assets Insurance Fund

15000000

15000000

Maintenance And Development

12704966351

10343470000

Gain/(Loss) Due To Exchange

Rate Fluctuation

(55126490)

548396279

Net Income/(Loss) For Year

(38737503572)

(72829896671)

 

 

 

Retained Earnings

 

 

Balance As At July 01,2015

(416481863930)

(340758443614)

Previous Year’s Adjustment

4864061698

(2893523645)

Net Income /(Loss) For The Year

(38737503572)

(72829896671)

Balance As At June 30, 2016

(450355305804)

(416481863930)

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Nil

 

Name of Mother Company

:

Nil

Subsidiary

:

Power Grid Company of Bangladesh

Ashuganj Power Station Company Ltd.

West Zone Power District Company Ltd.

Electricity General Company of Bangladesh

North West Power Generation Company Ltd.

Sister Concerns

:

Nil

BANKING

 

Bank Name  

:

Sonali Bank Ltd.

Bank Address

:

Motijheel, Dhaka, Bangladesh

Tel: 88-02-9558920, 9552683

 

Bank Name  

:

Janata Bank Ltd.

Bank Address

:

Motijheel Branch

48, Motijheel Commercial Area, Dhaka-1000, Bangladesh

Tel: 88-02-9566094, 9565003, 9566089, 9560219 

Fax: 88-02-7113233  

 

Bank Name  

:

Agrani Bank Ltd.

Bank Address

:

Motijheel C/A, Dhaka-1000, Bangladesh

Tel: 88- 02-9554283, 9554157

Fax: 88-02-9554157

 

 

Bank Name  

:

Rupali Bank Ltd.

Bank Address

:

Motijheel, Dhaka-1000, Bangladesh

 

 

 

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 address which is situated at WAPDA Building (1st Floor), 12, Motijheel C/A, Dhaka-1000, Bangladesh. It’s situated at a commercial area.

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer & Distributors of Electricity. The subject company is the state own company which we recommend that Credit can proceed promptly in Fairly large amount

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.92

UK Pound

1

INR 89.55

Euro

1

INR 79.68

BDT

1

INR 0.77 

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.