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MIRA
INFORM REPORT
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Report No. : |
495531 |
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Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
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Name : |
BIMAN BANGLADESH AIRLINES LIMITED |
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Registered Office : |
Balaka Biman Admin Building, Kurmitola, Dhaka-1229 |
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Country : |
Bangladesh |
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Financials (as on) : |
30.06.2017 (Summarized) |
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Date of Incorporation : |
04.01.1972 |
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Com. Reg. No.: |
C-67807 |
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Legal Form : |
State-owned
Co |
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Line of Business : |
Subject is Dealing In Passenger Sales & Services, Airport Services Flight Services, Flight Catering Centre, Cargo Export Service, Cargo Import Services, Training Services. |
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No. of Employees : |
8546 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Bangladesh |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
BANGLADESH - ECONOMIC
OVERVIEW
Bangladesh's economy has grown roughly 6% per year since 1996 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services 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, accounted for more than 80% of total exports and were on track to again surpass $25 billion in 2017. The sector continues to grow, despite the need for improvements in factory working conditions to avert further high-profile accidents that have killed more than 1,000 workers in recent years. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $13 billion and 6% of GDP in 2016 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.
The recent influx of hundreds of millions of additional refugees from Burma will place pressure on the Bangladeshi government’s budget and the country’s rice supplies, which declined in 2017 in part because of adverse weather.
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Source
: CIA |
EXECUTIVE SUMMARY
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IDENTIFICATION DETAILS |
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Correct company Name |
: |
Biman
Bangladesh Airlines Limited |
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Head Office |
: |
Balaka Biman Admin Building, Kurmitola, Dhaka-1229,
Bangladesh. |
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Tel No |
: |
88-02-8901600-14,
8901730-44 |
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Fax No |
: |
88-02-8901558 |
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E-mail |
: |
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Website |
: |
www.biman-airlines.com |
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Established date |
: |
04.01.1972 |
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Date/ Year of Incorporation |
: |
23.07.2007 |
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Incorporation
No. |
: |
C-67807 |
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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) ________________ |
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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 |
|
30th
June’2017 |
N/A |
N/A |
N/A |
FULLCHECK REPORT DETAILS
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Information Parted By |
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|
Name |
: |
Mr. Janangir Tokder |
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Designation |
: |
Officer
(Supervisor) |
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Contract No |
: |
N/A |
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Locations Details |
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Business Address |
: |
Balaka Biman Admin Building, Kurmitola, Dhaka-1229,
Bangladesh. |
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Tel No |
: |
88-02-8901600-14,
8901730-44 |
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E-mail |
: |
88-02-8901558 |
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Fax No |
: |
mdbiman@bdbiman.com, pi@bdbiman.com |
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Website |
: |
www.biman-airlines.com |
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Location
: |
: Owned |
Ö |
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Rented |
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Leased |
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Area |
120000 |
Sq. ft. |
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Type
of Office |
: Commercial Office Bldg. |
Ö |
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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. |
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Engineering & Stores Address: |
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Address |
: |
Biman
Engineering Hangar Complex, HSIA, Dhaka-1229, Bangladesh. |
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Tel No |
: |
88-02-8912700-19,
8914770-79 |
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Fax No |
: |
88-02-8913338,
8913353 |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
75000 |
Sq. ft. |
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Number of Branch: 6 |
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Employee: |
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No.
of Employees |
In Office |
: |
8546 |
In Factory |
: |
- |
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In Branch: |
: |
Nil |
Total
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: |
8546 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names of Shareholders |
No. of Share |
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GOB (Representative by the Secretary Ministry
of Civil Aviation & Tourism) |
1 |
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Cabinet VI vision, GOB (Representative by the Secretary) |
1 |
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Energy & Mineral Resources Division,
Ministry of Power, Energy & Mineral Resources, GOB,
(Representative by the Secretary) |
1 |
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Ministry of Defense, GOB, (Presented by the Assistant Chief of Air
Staff (Administration), Bangladesh Air Force) |
1 |
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Finance Division, Ministry of Finance, GOB, (Representative by the Secretary) |
1 |
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Ministry of Foreign Affairs, GOB, (Representative by the Secretary) |
1 |
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Ministry of Civil Aviation & Tourism,
GOB, (Representative by the Joint Secretary
Biman & CA) |
1 |
DIRECTORS
|
Name |
Designation |
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Air Marshal Muhammad Enamul Bari, BBP, ndu,
psc
(Former Chief of Air Staff) |
Chairman |
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Mr. A M Mosaddique Ahmed |
Managing
Director |
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Maj Gen Md. Siddiqur Rahman Sarker, SGP,
hdmc, psc |
Director |
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Mr. Sajjadul Hassan |
Director |
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Air Vice Marshal M Naim Hassan, BBP, OSP,
afwc, psc |
Director |
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Mr. Md. Mosha rraf Hossain Bhuiyan, NDC |
Director |
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Mr. Md. Siddiqur Rahman |
Director |
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Mr. S.M. Ghulam Farooque |
Director |
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Barrister Tanjib-ul Alam |
Director |
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Mr. Mohammad Muslim Chowdhury |
Director |
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Mr. Noor-E Khoda Abd ul Mobin, FCA, FCS |
Director |
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Rear Admiral Md. Khurshed Alam (Retd.),
ndc, psc |
Director |
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Air Vice Marshal Masihuzzaman Serniabat,
BBP, OSP, ndu, psc |
Director |
MANAGEMENT
|
Name |
: |
Mr. A M
Mosaddique Ahmed |
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Job Description |
: |
Managing
Director & CEO |
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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 |
: |
Capt. Farhat
Hassan Jamil |
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Job Description |
: |
Director (Flight Operations) |
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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. G. M.
Iqbal |
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Job Description |
: |
Director
(Engineering & Material Management) |
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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. Mohammad Mominul
Islam |
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Job Description |
: |
Director
(Procurement & Logistic Support) |
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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. Mohd. Ali
Ahsan |
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Job Description |
: |
Director (Marketing & Sales) |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
dmsbiman@bdbiman.com |
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Other details |
: |
N/A |
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Name |
: |
Mr. Mohammad
Mominul Islam |
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Job Description |
: |
Director
(Administration) |
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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. Mohd. Ali
Ahsan |
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Job Description |
: |
Director
(Customer Services) |
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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. Vineet
Sood |
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Job Description |
: |
Chief
Financial Officer |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
BUSINESS OPERATIONS
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Nature
of Activity : |
Domestic & International
Traveling |
Ö |
Trader |
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Dealer |
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Distributor |
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Air Services |
Ö |
Importer |
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Services |
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Others |
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Item
Dealings In: |
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Products |
: |
Passenger Sales &
Services, Airport Services Flight Services, Flight Catering Centre, Cargo Export
Service, Cargo Import Services, Training Services. |
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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 |
N/A |
Cash |
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Others |
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|||
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Credit : |
|
30 days |
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60 days |
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90 days |
|
|
days |
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Selling
Terms : |
L/C |
N/A |
Cash |
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Others |
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|||
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Credit : |
|
30 days |
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60 days |
|
90 days |
Ö |
0 |
days |
DETAILED DATA
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Trade Reference & Related Parties |
: |
Overseas Clients |
: |
N/A |
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Local Clients |
: |
Local People |
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Overseas Suppliers |
: |
Aviation Parts |
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Local Suppliers |
: |
N/A |
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Trade Markets |
: |
Exports(Country) |
: |
N/A |
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Imports(Country) |
: |
N/A |
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Brand Name |
: |
N/A |
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Certified |
: |
N/A |
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Name of Auditors |
: |
N/A |
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Operation Status |
: |
Active |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
BDT 150000 Million |
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Paid-up
Capital |
: |
BDT 700 |
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No.
of Shares |
: |
7 |
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Share
Value |
: |
BDT 100.00 Each |
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Main
Assets |
: |
N/A |
FINANCIAL STATEMENT- DETAILED
|
SC
didn’t submit any financial information. Bangladesh Government owns this
company. |
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
Sister Concerns |
: |
N/A |
|
Subsidiary |
: |
Biman Poultry Complex Biman Flight Catering Centre Biman Airlines Training Center |
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Name of The Group |
: |
Nil |
BANKING
|
Bank Name |
: |
Sonali Bank
Limited |
|
Bank Address |
: |
Corporate
office 35-44, Motijheel
C/A, Dhaka-1000, Bangladesh Tel:
88-02-9553382, 9551482, 9568002 |
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Bank Name |
: |
Mercentile
Bank Ltd. |
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Bank Address |
: |
Uttara Branch House# 10(A),
Road# 7/D, Sector# 9, Uttara Model Town Uttara,
Dhaka-1230, Bangladesh Tel: 88-02-8955879,
8958177, 8958244 Fax:
88-02-8955881 |
ADVERSE DATA MONITORING
|
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 |
SITE VISIT COMMENTARY
|
Our representative visited the subject company
Head Office is situated at Balaka, Biman Admin Building, Kurmitola,
Dhaka-1229, Bangladesh. It
is situated at Commercial Office Area. |
GENERAL COMMENTS
|
SC’s is Bangladesh government own company
which engaged in airlines |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.23 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.50 |
|
BDT |
1 |
INR 0.79 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
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|
Report Prepared
by : |
TRU |
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 |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.