Credit Rating in Bangladesh

Internship Report on: Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Guide Teacher: Professor Abu Taleb Director, EMBA Program Department of Banking and Insurance Faculty of Business Studies University of Dhaka
Submitted by: Md. Hussainul Islam Sajib EMBA Program 19th Batch ID: 51019039
December 2013
Submitted to Department of Banking and Insurance to fulfill the partial requirement of EMBA Degree
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Letter of Certification
02 December 2013
This is to certify that Md. Hussainul Islam Sajib, ID # 51019039, a student of EMBA 19 th Batch, Department of Banking and Insurance, University of Dhaka has completed his internship report under my supervision. His internship report topic is Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO.
He is permitted to submit the report.
________________________ Professor Abu Taleb Guide Teacher Department of Banking and Insurance University of Dhaka
Page II of XI
DECLARATION
I do hereby declare that the work presented in this Internship Report has been carried out by me and has not been previously submitted to any other University/College/Organization for an academic qualification/certificate//diploma or degree.
The work I have presented does not breach any existing copyright and no portion of this report is copied from any work done earlier for degree or otherwise.
I further undertake to indemnify the Department against any loss or damage arising from breach of the foregoing obligations.
Sincerely,
_____________________ Md. Hussainul Islam Sajib ID: 51019039 Major: Banking Program: EMBA University of Dhaka
Page III of XI
Letter of Transmittal
02 December 2013
Mr. Abu Taleb Professor Department of Banking and Insurance Faculty of Business Studies University of Dhaka Subject: Submission of internship report on Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Dear Sir, It is our great pleasure to submit the internship report as part of the partial fulfillment of the EMBA program. This report focuses on the Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO. In this report Ive discussed brief background of the credit rating industry sector, both globally and locally in Bangladesh. Additionally, I have tried to find out whether the ratings issued by different credit rating agencies (CRAs) have been effective through hypothesis testing. I have also tried to find out whether the ratings assigned have been consistent over three years of time. While preparing this report I have learnt a lot about the credit rating industry of Bangladesh. I, therefore, hope that this report will provide necessary information about rating agencies in Bangladesh and their effectiveness. I will be available at any time convenient for further clarification on the report. Sincerely yours,
________________________ Md. Hussainul Islam Sajib EMBA Program 19th Batch Roll no: 51019039
Page IV of XI
Table of Contents
Acknowledgement ........................................................................................................................... IX Executive Summary........................................................................................................................... X Chapter 1: Introduction ......................................................................................................................1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 Background of the Report ............................................................................................................. 1 Objectives of the study ................................................................................................................. 1 Methodology................................................................................................................................. 2 Research Design ............................................................................................................................ 2 Sources of Data ............................................................................................................................. 2 Sample Design ............................................................................................................................... 2 Limitations of the study ................................................................................................................ 2
Chapter 2: Literature Review ..............................................................................................................3 Chapter 3: Credit Rating .....................................................................................................................5 3.1 3.2 Credit Rating Definition................................................................................................................. 5 Types of Credit Rating ................................................................................................................... 5 Classification based on Subject-matter of Rating ................................................................. 5 Classification based on the Tenure ....................................................................................... 6 Other types of Credit Rating ................................................................................................. 7
3.2.1 3.2.2 3.2.3 3.3
The Importance of Credit Rating Agencies ................................................................................... 8 Development of Financial Markets ....................................................................................... 8 Credit Rating Agencies Help Regulate Financial Markets ..................................................... 8 Estimation of Risk Premiums ................................................................................................ 9 Enhanced Transparency in the Credit Markets..................................................................... 9 Standardization of the Evaluation Process ........................................................................... 9
3.3.1 3.3.2 3.3.3 3.3.4 3.3.5 3.4 3.5 3.6
Limitations of Credit Rating .......................................................................................................... 9 History of Credit Rating ............................................................................................................... 10 Profiles of Top 5 Credit Rating Agencies ..................................................................................... 11 Moodys Investor Service .................................................................................................... 11 Standard & Poors ............................................................................................................... 12 Fitch ..................................................................................................................................... 12
3.6.1 3.6.2 3.6.3
Page V of XI
3.6.4 3.6.5 3.7
Dominion Bond Rating Service (DBRS) ................................................................................ 13 Egan-Jones Ratings Company ............................................................................................. 13
Rating Grades .............................................................................................................................. 14
Chapter 4: Credit Rating in Bangladesh ............................................................................................. 15 4.1 4.2 4.3 4.4 Credit Rating in Bangladesh ........................................................................................................ 15 Laws and Guidelines Regulating CRAs ........................................................................................ 17 The Business Model .................................................................................................................... 18 Credit Rating Process .................................................................................................................. 19 Rating Request: ................................................................................................................... 19 Rating Team ........................................................................................................................ 19 Information Requirements: ................................................................................................ 19 Secondary Information: ...................................................................................................... 19 Management Meetings and plant visits: ............................................................................ 19 Other Meetings: .................................................................................................................. 20 Meeting with the Issuers CEO /CFO: .................................................................................. 20 Internal Review Committee Meeting .................................................................................. 20 Rating Committee Meeting: ................................................................................................ 20 Surveillance: ........................................................................................................................ 20
4.4.1 4.4.2 4.4.3 4.4.4 4.4.5 4.4.6 4.4.7 4.4.8 4.4.9 4.4.10 4.5
Profiles of CRAs in Bangladesh .................................................................................................... 21 Credit Rating Information and Services Ltd (CRISL) ............................................................ 21 Credit Rating Agency of Bangladesh Ltd (CRAB) ................................................................. 21 National Credit Ratings Ltd (NCRL) ..................................................................................... 22 Emerging Credit Rating Ltd (ECRL) ...................................................................................... 22 ARGUS Credit Rating Services Ltd. (ACRSL) ........................................................................ 22 WASO Credit Rating Company (BD) Limited (WCRCL) ........................................................ 23 Alpha Credit Rating Limited (ACRL) ..................................................................................... 23 The Bangladesh Rating Agency Limited (BDRAL) ................................................................ 23
4.5.1 4.5.2 4.5.3 4.5.4 4.5.5 4.5.6 4.5.7 4.5.8 4.6
Importance of Credit Rating: Bangladesh ................................................................................... 24 Market access ..................................................................................................................... 24 Build up market reputation................................................................................................. 24 Lower cost of funding ......................................................................................................... 24 Distinguish oneself from the competition .......................................................................... 25
Page VI of XI
4.6.1 4.6.2 4.6.3 4.6.4
4.6.5 4.6.6 4.7
Regulatory Requirement ..................................................................................................... 25 Implementation of BASEL II ................................................................................................ 25
What is Basel II ............................................................................................................................ 25 Basel Accord ........................................................................................................................ 25 Basel Committee ................................................................................................................. 26 Basel II and Credit Rating .................................................................................................... 26 Bank Loan Rating ................................................................................................................. 27
4.7.1 4.7.2 4.7.3 4.7.4 4.8
Impact of Credit Rating on Banking Sector ................................................................................. 27 Impact while Bank is a Borrower ........................................................................................ 28 Impact while Bank is a Lender ............................................................................................ 29
4.8.1 4.8.2 4.9
Corporate Sector of Bangladesh ................................................................................................. 29 Impact of Credit Rating on Corporate Sector...................................................................... 29
4.9.1
Chapter 5: Qualitative Analysis - Effectiveness of Rating ................................................................... 32 Chapter 6: Quantitative Analysis - Effectiveness of Rating ................................................................. 34 6.1 Analysis across CRAs ................................................................................................................... 35 CRAB and CRISL ................................................................................................................... 36 CRAB and WASO.................................................................................................................. 36 CRAB and ECRL .................................................................................................................... 37 CRISL and WASO ................................................................................................................. 37 CRISL and ECRL .................................................................................................................... 38 ECRL and WASO .................................................................................................................. 38
6.1.1 6.1.2 6.1.3 6.1.4 6.1.5 6.1.6 6.2
Analysis across Time ................................................................................................................... 39
Chapter 7: Findings .......................................................................................................................... 42 Chapter 8: Recommendations .......................................................................................................... 43 Chapter 9: References ...................................................................................................................... 44 Chapter 10: Appendix (Elements of the Sample) ............................................................................... 46
Page VII of XI
List of Exhibits
Exhibit 1: Rating Notches of Moody's, S&P, and Fitch ................................................................................ 14 Exhibit 2: List of CRAs .................................................................................................................................. 16 Exhibit 3: Common business model of CRAs............................................................................................... 18 Exhibit 4: Rating mapping of CRAs with BB Grades .................................................................................... 34 Exhibit 5: Risk weights for BB grades .......................................................................................................... 35 Exhibit 6: Sample distribution across CRAs ................................................................................................. 35 Exhibit 7: Diagram of relationships to be tested ........................................................................................ 36 Exhibit 8: Relationship Status among CRAs ................................................................................................ 39 Exhibit 9: Sample distribution across time ................................................................................................. 40 Exhibit 10: Table of proportion for Chi-Square testing ............................................................................... 40 Exhibit 11: Table of Expected values for Chi-square................................................................................... 41
Page VIII of XI
Acknowledgement
First of all, I would like to thank all-mighty Allah for his blessings which enabled me to conduct the research and prepare this report in good health. Secondly, I would like to thank my honorable teacher and supervisor Mr. Abu Taleb for all his supports and guidelines throughout the preparation of this report. Without his cooperation and guidelines, it would not have been possible to prepare this report. Moreover, I would like to thanks the following people from their respective organizations for sharing their rating outstanding database with me. Name Shahed Rayhan Mavin Ahmed Monira Islam Sindy D. Costa Organization CRISL CRAB WASO ECRL
Page IX of XI
Executive Summary
Credit rating evaluates the credit worthiness of a debtor, especially an individual, a business or a government. It is an evaluation made by a credit rating agency of the debtor's ability to pay back the debt and the likelihood of default. Over the year 2012 and 2013, the number of credit rating agencies (CRA) has increased by several folds, from only two in 2009 to eight 2013. As a result, the competition among the CRAs for market share has become severe. As credit rating is very sensitive to quality, this increase competition may lead to deteriorated or inflation ratings by the CRAs to retain its clients and keep the cash-flow unharmed. There are several types of credit rating practiced all around the globe. Credit rating types based on the subject matter of rating includes issue rating, issuer rating, and sovereign rating. Credit rating types based on the tenure can be divided into short-term rating, and long term rating. Other types of credit rating include structure finance rating, mutual fund scheme rating, Corporate Governance and Stakeholder Value Addition Rating, Micro Finance Capacity Rating, and project finance rating. However, many of these types are not practiced in Bangladesh yet. Credit rating plays a vital role in developing the financial markets, regulating the financial markets, estimating risk premium, enhanced transparency in the credit and fixed income securities market, and standardization of credit evaluation process. However, there are also some drawbacks of the credit rating. These drawbacks include that credit rating can be biased, in absence of proper knowledge management by the credit rating companies changing the concerned analyst of a rating assignment may lead to discrepancies, and credit ratings cannot be treated as a standalone measure to invest. The history of credit rating in Bangladesh is very new. The first credit rating law was enforced in 1996, followed by establishment of CRISL. Subsequently, CRAB also started its operation two years later. In 2012, Bangladesh Securities and Exchange Commission permitted two more credit rating agencies. By 2012, there were eight credit rating agencies operating in Bangladesh. This is number is significantly high compared to the number of credit rating agencies operating all over the world. According the common business model followed by the credit rating agencies in Bangladesh, the main source of business is the commercial banks implementing the BASEL II guidelines. Other source of business is the client/issuer itself. This model of business is problematic in itself as the awareness of the
Page X of XI
credit rating is still at primitive stage and both the banks and clients want to inflate the credit rating for self-serving bias. However, this can be detrimental to the capital market, the money market, and the overall economy. Moreover, because of severe competition among the credit rating agencies, there is always a probability of rating shopping by the clients. Banks play a vital role in the business model of the credit rating agencies. From the banks perspective, credit rating is important both when bank is a borrower and when bank is a lender. Another important part of the business model of credit ratings is the corporate houses of Bangladesh. The analysis of effectiveness is segregated in two different parts. One part is concerned with the qualitative analysis of the business model of the credit rating agencies. The other part focuses on the quantitative analysis based on credit ratings assigned by CRAB, CRISL, ECRL, and WASO. There are about 2,515 samples collected from these CRAs. The quantitative analysis is further divided into two different segments. The first segment includes finding out whether any significant relationship/similarity exists among the credit rating agencies. About 6 (six) relationships were tested using hypothesis testing and Chi-Square. Among all six relationships, it was found that only WASO and CRISL reflected similar patterns in the credit rating. This indicates that there is a possibility for the clients to get benefits from the act of rating shopping. The other section focuses on the analysis of changes in the rating distribution over 3 (three) years of time. To analyze the changes in the rating assigned the rating distribution of 2011 was taken as a standard and subsequent changes have been compared. The statistical tool used for testing the significance was Chi-square. Through Chi-square testing, it was found that the rating distribution changed significantly during 2012 and 2013, which implies that the quality of the ratings has deteriorated. Finally, it was suggested that proper monitoring and supervision should be carried out by both Bangladesh Bank and Bangladesh Securities & Exchange Commission for a more effective credit rating system. Further, a dedicated body to supervise the CRAs can also be formed. Another recommendation is that the government can also reduce the competition by segregating or defining target markets for the CRAs.
Page XI of XI
Chapter 1: Introduction
1.1 Background of the Report
This report is prepared as a requirement for the completing the Masters in Business Administration (MBA) program of Department of Banking, University of Dhaka. Honorable guide-teacher, Mr. Abu Taleb, supervised during the preparation this report on Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO. Credit rating evaluates the credit worthiness of a debtor, especially an individual, a business or a country. It is an evaluation made by a credit rating agency of the debtor's ability to pay back the debt and the likelihood of default. The history of credit rating is almost 100 years old, which started with three companies Standard & Poors, Moodys Investor Service, and Fitch Ratings. Credit rating in Bangladesh is relatively new with the Credit Rating Companies Rules got approved in 1996. Since then up to very recently (2011) there have been two major players. However, in 2011 Bangladesh Securities & Exchange Commission (BSEC) awarded license to two new companies. Additionally, in the subsequent year (2012) BSEC awarded 4 (four) more companies with the license to rate companies. So there are eight rating companies currently operating in Bangladesh. This has led to tighter competition among the players and declining rating fees. By the definition of credit rating, it should reflect the credit worthiness of the debtor, taking into consideration both the capacity and the willingness of the borrower. However, the effectiveness of the ratings within Bangladesh has been questioned. This report will focus on the analysis of effectiveness of the credit ratings provided by Credit Rating Agency of Bangladesh (CRAB), Credit Rating Information Services Limited (CRISL), Emerging Credit Rating Limited (ECRL) and WASO Credit Rating Company Limited (WASO). The reason behind choosing these four companies was the availability of data and cooperation from their end.
1.2 Objectives of the study

The research is going to serve three particular objectives, which are Describe the current scenario of credit rating in Bangladesh Analyze the shifting of ratings and rating transitions over the years Find out any relationship, if exists, between the number of rating agencies and quality of rating, where quality is primarily indicated by fluctuations in rating.
Page 1 of 63
1.3 Methodology
The data accumulated from the rating agencies will be analyzed to attain the aforementioned objectives. The types of analyses to be run on the data are following Descriptive Analysis, and Inferential Analysis
The research will be based on the following analyses: Hypothesis testing, and Chi-square analysis.
1.4 Research Design

As the research is trying to find out whether there have been any deterioration in the quality of the credit rating assigned because of increased number of rating agencies, this implies to a Causal Research. In addition to that the research also tries to depict the current scenario of the credit rating industry, which involves Descriptive Research. As result, the research would follow a Holistic Approach. The research involves data that are of both qualitative and quantitative in nature. As a result, the methods followed would also be a mixed approach of qualitative and quantitative aspects.
1.5 Sources of Data

Only primary source of data was used. Data was collected from the rating companies directly.
1.6 Sample Design

The total number of elements collected was 2,515. The analysis is run on this data.
1.7 Limitations of the study

The research and report have some limitation, which are as following: Time was a real constraint for such a large scale research. All the rating agencies were not enthusiastic about providing their rating data. More statistical analyses could have been applied
Page 2 of 63
Chapter 2: Literature Review
Credit ratings aim to measure the creditworthiness of an entity, e.g. a corporation, or issue. They represent an opinion of a rating agency that evaluates the fundamental credit strength of an issuer and his ability to fully and punctually meet his debt obligations (Gonzalez, et al., 2004). Credit ratings are produced by professional rating agencies and in most of the countries it requires establishment of regulatory guidelines that permits and monitors the credit rating agencies. For example, in the USA, agencies must be approved as Nationally Recognized Statistical Rating Organizations (NRSRO) by the Securities and Exchange Commission (SEC) (Hill, 2004). In Bangladesh, credit rating agencies has to be approved by Bangladesh Securities and Exchange Commission (BSEC). Subsequently, for the CRAs to rate issues and issuers under the BASEL II guideline has to be approved by Bangladesh Bank (BB) as External Credit Assessment Institution (ECAI). In an economic sense, rating agencies function as financial intermediaries, the existence of which would not be justifiable under the hypothesis of efficient markets (Ramakrishnan & Thakor, 1984).
Ratings are placed on a discrete ordinal scale, where for example under the S&P scale an AAA (the so called `triple A') rating is the highest credit rating assigned to issuers with the highest credit-quality and a D rating is the lowest rating assigned to bonds or firms in default. Moreover, CRAs stress that ratings are just opinions. These opinions, which stem from fundamental credit analysis, are used to classify credit risk. In keeping with their status as opinions, ratings are determined by a rating committee. As such, ratings do not constitute a recommendation to buy, sell or hold a particular security, and do not address the suitability of an investment for a particular investor (Hilderman, 1999).
Empirical studies on credit ratings can be roughly divided into three lines of research (Blume, Lim, & MacKinlay, 1998). The first two measure the information content of credit ratings in different ways. The first line analyses whether credit ratings measure what they claim to measure, i.e. an issuers creditworthiness. More specifically, the relationship of ratings and corporate default is measured (Zhou, 2001). The second line measures the information content of ratings on capital markets. Here, capital market reactions around rating changes are analyzed to see if ratings contain additional information (Gonzalez, et al., 2004). The third line of research investigates the determinants of credit ratings. Here
Page 3 of 63
ratings as independent variables are modeled on a number of financial data (Ederington, 1985), corporate governance characteristics (Bhojraj & Sengupta, 2003), and macroeconomic factors (Amato & Furfine, 2004). These studies show that ratings can be replicated to a certain degree solely using publicly available data. Further studies in this context analyze the stability of credit ratings with respect to their 'through-the-cycle' approach and the determining factors of rating changes and transition probabilities.
The CRAs attempt to assess the long term quality of a corporation. They therefore, take a through-thecycle approach in contrast to a more point-in-time perspective. The through-the-cycle approach means that agencies try to form their opinion independently of short term business cycle effects (Amato & Furfine, 2004). The quality of credit rating has been criticized in many of the literatures done over the years. However, most of those literatures were primarily targeted to the bond market of the United States of America. According to some researches credit rating agency is likely to issue less accurate ratings in boom times and in high competition (Bar-Isaac & Shapiro 2013) (Doherty, Kartasheva & Phillips 2007). Moreover, Bo Becker, an Assistant Professor in Finance unit at Harvard Business School also argued the increased competition because of emergence of Fitch as a peer of Standard & Poor and Moodys has led to lower quality products in the US corporate bond rating (Becker & Milbourn 2010). Additionally, by definition rating should be monotonous and not affected by any kind of cyclicality or sudden surge in business activities (Bar-Isaac & Shapiro 2013).
Several academic studies have examined the behavior of credit ratings over time, for instance through the analysis of credit upgrades and downgrades. Altman and Kao (1992) for example analyze the stability of newly issued S&P ratings for two sub-periods (1970 to 1979 and 1980 to 1988). They show that for every rating and time horizon (one to five years) newly-rated issues from the earlier period exhibit greater stability.
Page 4 of 63
Chapter 3: Credit Rating

3.1 Credit Rating Definition
A credit rating evaluates the credit worthiness of a debtor, especially a business (company) or a government. It is an evaluation made by a credit rating agency of the debtor's ability to pay back the debt and the likelihood of default. Credit ratings are determined by credit ratings agencies. The credit rating represents the credit rating agency's evaluation of qualitative and quantitative information for a company or government; including non-public information obtained by the credit rating agencies analysts. Credit ratings are not based on mathematical formulas. Instead, credit rating agencies use their judgment and experience in determining what public and private information should be considered in giving a rating to a particular company or government. The credit rating is used by individuals and entities that purchase the bonds issued by companies and governments to determine the likelihood that the government will pay its bond obligations. A poor credit rating indicates a credit rating agency's opinion that the company or government has a high risk of defaulting, based on the agency's analysis of the entity's history and analysis of long-term economic prospects.
3.2 Types of Credit Rating

3.2.1 Classification based on Subject-matter of Rating
Based on the subject matter, credit ratings are divided into two categories. They are: Issue Rating: An issue credit rating is an opinion of the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program. It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. Most of the rating agencies claim that the issue credit rating is not a recommendation to purchase, sell, or hold a financial obligation. Similarly, it also does not comment as to market price or suitability for a particular investor. Issue credit ratings can be either long-term or short-term. Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the Bangladesh, for example, that means obligations with an original maturity of less than or equal to 365 days. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term
Page 5 of 63
obligations. The result is a dual rating, in which the short-term rating addresses the put feature, in addition to the usual long-term rating. Issuer Rating: Issuer Ratings also provide an opinion on the general creditworthiness of the rated entities in relation to their senior unsecured obligations. Before investors decide whether to invest into a debt security from a company or foreign country, they must determine whether the prospective entity will be able to meet its obligations. A ratings company can help you do this. Providing independent objective assessments of the credit worthiness of companies and countries, a credit ratings company helps investors decide how risky it is to invest money in a certain country and/or security. Sovereign Rating: The credit rating of a country or sovereign entity. Sovereign credit ratings give investors insight into the level of risk associated with investing in a particular country and also include political risks. At the request of the country, a credit rating agency will evaluate the country's economic and political environment to determine a representative credit rating. Obtaining a good sovereign credit rating is usually essential for developing countries in order to access funding in international bond markets. Another common reason for obtaining sovereign credit ratings, other than issuing bonds in external debt markets, is to attract foreign direct investment. To give investors confidence in investing in their country, many countries seek ratings from credit rating agencies like Standard and Poors, Moody's, and Fitch to provide financial transparency and demonstrate their credit standing. 3.2.2 Classification based on the Tenure
The credit ratings are classified into two categories based on the tenure. They are: Short-term rating: A short-term rating is a probability factor of an individual going into default within a year. This is in contrast to long-term rating which is evaluated over a long timeframe. In the past institutional investors preferred to consider long-term ratings. Nowadays, short-term ratings are commonly used. First, the Basel II agreement requires banks to report their one-year probability if they applied internalratings-based approach for capital requirements. Second, many institutional investors can easily manage their credit/bond portfolios with derivatives on monthly or quarterly basis. Therefore, some rating agencies simply report short-term ratings. Long-term rating: A long-term rating is a probability factor of an individual/issuer/issue going into default in the long run. This is in contrast to short-term rating, which is evaluated within one year of
Page 6 of 63
tenure. In the past institutional investors preferred to consider long-term ratings. Nowadays, short-term ratings are commonly used. 3.2.3 Other types of Credit Rating
Structured Finance Rating: Structured Finance Rating inducted under this category will be asset backed securitization, mortgage backed securitization, future flow transaction etc. Structured Finance ratings are opinions on the likelihood of the concerned structured instrument servicing its debt obligations in accordance with the terms. An SFR, which is generally different from the corporate credit rating of the originator, is based on the risk assessment of the individual components of the structured instrument: Assessment of issuer and/or originator/servicer Legal issues and documentation Originations, underwriting criteria and portfolio servicing Historical portfolio performance Portfolio characteristics and concentrations Obligor characteristics and concentrations Loan and lease features Manufacturer/vendor concentration Derivation of credit enhancement Cash flow analysis
Mutual Funds Schemes Rating: Mutual Funds Schemes rating is designed to provide investors, intermediaries and Fund Sponsors/Asset Management Companies with an Independent opinion on the performance record and risks associated with various Mutual Fund Schemes. Funds ratings incorporate various qualitative and quantitative factors affecting a fund's portfolio. Such analyses focus on the resilience of portfolio companies to economic changes, assessing asset quality, portfolio diversification and performance, and liquidity management. Corporate Governance and Stakeholder Value Addition Rating: Such rating assesses the level to which an organization accepts and follows the codes and guidelines of corporate governance practices. It is evaluated from the system of distribution of rights and responsibilities among different participants in the organization such as the board, management, shareholders and other financial stakeholders, and the rules and procedures lay down and followed for making decisions on corporate affairs.
Page 7 of 63
Micro Finance Capacity Rating: Micro Finance Capacity Assessment rating is intended as a service to lenders by providing informed opinion on the credit worthiness of the MFIs, This would facilitate flow of funds to MFIs by providing detailed information and analysis on the programs and performance of the organization. The rating would also provide suggestions for improvements in MFIs' performance strength facilitating the ability of more efficient utilization of funds. Project Finance: Credit rating of Project Finance provides opinion on the types of risks associated with the project and the relative ability of the project and its sponsors/executing agency to service the financial obligations. These ratings are useful for the project sponsors in raising funds, and for the lenders in designing and pricing their funds.
3.3 The Importance of Credit Rating Agencies

Credit rating agencies provide investors and debtors with important information regarding the creditworthiness of an individual, corporation, agency or even a sovereign government. The credit rating agencies help measure the quantitative and qualitative risks of these entities and allow investors to make wiser decisions by benefiting from the skills of professional risk assessment carried out by these agencies. The quantitative risk analysis carried out by credit rating agencies include comparison of certain financial ratios with chosen benchmarks and the qualitative analysis focuses on the management character, legal, political and economic environment in a jurisdiction. 3.3.1 Development of Financial Markets
Credit rating agencies help provide risk measures for various entities and make it easier for financial market participants to assess and understand the credit risk of the parties involved in the investing process. Individuals can get a credit score in order to be eligible for easy access to credit cards and other loans. Institutions can borrow money easily from banks without having to go through lengthy evaluations from each individual lender separately. Also corporations and governments can issue debt in the form of corporate bonds and treasuries to attract investors based on the credit ratings. 3.3.2 Credit Rating Agencies Help Regulate Financial Markets
The credit ratings provided by popular rating agencies including Moodys, Standard & Poors and Fitch, have become a benchmark for regulation of financial markets. Legal policies require certain institutions to hold investment graded bonds. Bonds are classified to be investment graded based on their ratings by
Page 8 of 63
these agencies, any corporate bond with a rating higher than BBB is considered to be investment graded bond. 3.3.3 Estimation of Risk Premiums
The credit ratings provided by these agencies are used by various banks and financial institutions in determining the risk premium they will charge on loans and corporate bonds. A poor credit rating implies a higher risk premium with an increase in the interest rate charged to corporations and individuals with a poor credit rating. Issuers with a good credit rating are able to raise funds at a lower interest rate. 3.3.4 Enhanced Transparency in the Credit Markets
The credit rating agencies provide improved efficiency in the credit markets and allow for more transparency in dealings. The ratings help monitor the credit soundness of various borrowers through a set of well-defined rules. 3.3.5 Standardization of the Evaluation Process
Most credit agencies use their own methodology for determining credit ratings, but since only a handful of popular credit rating providers exist, this adds a great deal of standardization in the rating process. The credit ratings of different borrowers can be easily compared using ratings provided by a credit rating company and the applications can be easily sorted.
3.4 Limitations of Credit Rating

Some limitations of credit rating are Rating could be biased depending on the relationship between the credit rating agency and rated company. The "Big Three" global credit rating agencies - U.S.-based Standard and Poor's, Moody's, and Fitch Ratings - have been under intense scrutiny since the 2007-2009 global financial crises. They were initially criticized for their favorable pre-crisis ratings of insolvent financial institutions like Lehman Brothers, as well as risky mortgage-related securities that contributed to the collapse of the U.S economy. Credit rating requires a fine knowledge about the rated company. Analyst needs to know about the company, its operation properly which is time consuming and requires a very good effort. Several meetings and conversations over phone are done to ensure that. Once a company is
Page 9 of 63
rated by a financial analyst of a credit rating agency and after that if that financial analyst switches his/her job, new analyst faces a lot of troubles while performing surveillance of the company. As ratings are designed exclusively for the purpose of grading obligations according to their credit quality, they should not be used alone as a basis for investment operations. For example, they have no value in forecasting the direction of future trends of market price. Market price movements in bonds are influenced not only by the credit quality of individual issues but also by changes in money rates and general economic trends, as well as by the length of maturity, etc.
3.5 History of Credit Rating

The three renowned rating companies of todays world are Fitch Ratings, Moodys and Standard & Poor (S&P). The history of credit rating is similar to the history of forming and adopting credit rating services by these companies. John Knowles Fitch founded the Fitch Publishing Company in 1913. Fitch published financial statistics for use in the investment industry via "The Fitch Stock and Bond Manual" and "The Fitch Bond Book." In 1924, Fitch introduced the AAA through D rating system that has become the basis for ratings throughout the industry. With plans to become a full-service global rating agency, in the late 1990s Fitch merged with IBCA of London, subsidiary of Fimalac, S.A., a French holding company. Fitch also acquired market competitors Thomson BankWatch and Duff & Phelps Credit Ratings Co. Beginning in 2004, Fitch Ratings began to develop operating subsidiaries specializing in enterprise risk management, data services and finance industry training with the acquisition of Canadian company, Algorithmic, and the creation of Fitch Solutions and Fitch Training. John Moody and Company first published "Moody's Manual" in 1900. The manual published basic statistics and general information about stocks and bonds of various industries. From 1903 until the stock market crash of 1907, "Moody's Manual" was a national publication. In 1909, Moody began publishing "Moody's Analyses of Railroad Investments", which added analytical information about the value of securities. Expanding this idea led to the 1914 creation of Moodys Investors Service, which, in the following 10 years, would provide ratings for nearly all of the government bond markets at the time. By the 1970s, Moody's began rating commercial paper and bank deposits, becoming the full-scale rating agency. Moody's ratings represent the opinion of Moody's Investors Service as to the relative
Page 10 of 63
creditworthiness of securities. As such, they should be used in conjunction with the descriptions and statistics appearing in Moody's publications. Reference should be made to these statements for information regarding the issuer. Moody's ratings are not commercial credit ratings. In no case is default or receivership to be imputed unless expressly stated. Henry Varnum Poor first published the "History of Railroads and Canals in the United States" in 1860, the forerunner of securities analysis and reporting to be developed over the next century. Standard Statistics formed in 1906, which published corporate bond, sovereign debt and municipal bond ratings. Standard Statistics merged with Poor's Publishing in 1941 to form Standard and Poor's Corporation, which was acquired by The McGraw-Hill Companies, Inc. in 1966. Standard and Poor's has become best known by indexes such as the S&P 500, a stock market index that is both a tool for investor analysis and decision making, and a U.S. economic indicator.
3.6 Profiles of Top 5 Credit Rating Agencies

Here is the list of Top 10 Credit Rating Agencies of the world. These agencies are Nationally Recognized Statistical Rating Organizations by the U.S. Securities and Exchange Commission. 3.6.1 Moodys Investor Service
Moodys is the oldest credit rating agency. Moody's was founded by John Moody in 1909 to produce manuals of statistics related to stocks and bonds and bond ratings. In 1975, the company was identified as a Nationally Recognized Statistical Rating Organization (NRSRO) by the U.S. Securities and Exchange Commission (SEC). Following several decades of ownership by Dun & Bradstreet, Moody's Investors Service became a separate company in 2000; Moody's Corporation was established as a holding company. The company ranks the creditworthiness of borrowers using a standardized ratings scale which measures expected investor loss in the event of default. Moody's Investors Service rates debt securities in several market segments related to public and commercial securities in the bond market. These include government, municipal and corporate bonds; managed investments such as money market funds, fixed-income funds and hedge funds; financial institutions including banks and non-bank finance companies; and asset classes in structured finance. In Moody's Investors Service's ratings system securities are assigned a rating from Aaa to C, with Aaa being the highest quality and C the lowest quality.
Page 11 of 63
3.6.2
Standard & Poors
Standard & Poor's (S&P) is an American financial services company. It is a division of McGraw Hill Financial that publishes financial research and analysis on stocks and bonds. S&P is known for its stock market indices such as the U.S.-based S&P 500, the Canadian S&P/TSX, the Australian S&P/ASX 200, and India's S&P CNX Nifty. The company traces its future back to 1860, with the publication by Henry Varnum Poor of History of Railroads and Canals in the United States. This book compiled comprehensive information about the financial and operational state of U.S. railroad companies. In 1868, Henry Varnum Poor established H.V. and H.W. Poor Co. with his son, Henry William Poor, and published an annually updated Manual of the Railroads of the United States. In 1906, Luther Lee Blake founded the Standard Statistics Bureau, with the view to providing financial information on non-railroad companies. Instead of an annually published book, Standard Statistics would use 5"x7" cards, allowing for more frequent updates. In 1941, Poor's Publishing and Standard Statistics merged to become Standard & Poor's Corp. In 1966, the company was acquired by The McGraw-Hill Companies, extending McGraw-Hill into the field of financial information services. 3.6.3 Fitch
Fitch Ratings Inc. is a jointly owned subsidiary of Hearst Corporation and FIMALAC SA. On April 12, 2012, Hearst increased their stake in the Fitch Group to 50%. Previously, Hearst owned a 40% stake in the company, while FIMALAC was the majority owner with 60% stake. Fitch Ratings and Fitch Solutions are part of the Fitch Group. Fitch Ratings is dual-headquartered in New York, USA, and London, UK. It was one of the three nationally recognized statistical rating organizations (NRSRO) designated by the U.S. Securities and Exchange Commission in 1975, together with Moody's and Standard & Poor's, and the three are commonly known as the "Big Three credit rating agencies". The firm was founded by John Knowles Fitch on December 24, 1913 in New York City as the Fitch Publishing Company. It merged with London-based IBCA Limited in December 1997. In 2000, Fitch acquired both Chicago-based Duff & Phelps Credit Rating Co. (April) and Thomson Financial BankWatch (December). Fitch Ratings is the smallest of the "big three" NRSROs, covering a more limited share of the market than S&P and Moody's, though it has grown with acquisitions and frequently positions itself as a "tie-breaker" when the other two agencies have ratings similar, but not equal, in scale.
Page 12 of 63
3.6.4
Dominion Bond Rating Service (DBRS)
DBRS is a credit rating agency founded in 1976 in Toronto, Canada by Mr. Walter Schroeder, who is currently chairman of the ratings agency. DBRS is the largest rating agency in Canada with other offices in New York, Chicago, and London. DBRS comprises three affiliated operating companies DBRS Limited; DBRS, Inc.; and DBRS Ratings Limited. David Schroeder is the agencys CEO. Dan Curry serves as president. DBRS is the fourth largest ratings agency in the world, with about a 2.5% global market share. DBRS is registered as a Nationally Recognized Statistical Rating Organization from the United States Securities and Exchange Commission (SEC). DBRS is also registered with the European Securities and Markets Authority (ESMA) and with the Ontario Securities Commission (OSC) in Canada. The company is one of only four CRAs, along with larger competitors Standard & Poors, Moody's Investors Service, and Fitch Ratings, to receive ECAI recognition from the European Central Bank (ECB). That designation indicates CRAs whose ratings can be used by the ECB to determine collateral requirements for borrowing from the ECB. 3.6.5 Egan-Jones Ratings Company
Egan-Jones Ratings Company, also known as EJR, was founded in 1995 and actively rates the credit worthiness of approximately 2,000+ high yield and high grade U.S. corporate debt issuers. EJR positions itself as unique among nationally recognized statistical rating organizations (NRSROs) for being wholly investor-supported, a structure designed to minimize the potential for conflicts of interest in assessing credit quality. The firm was granted NRSRO status on December 21, 2007, making it the ninth such organization to be recognized by the SEC. The effectiveness of Egan-Jones' investor-supported credit ratings has been measured by third parties, including Richard D. Johnson of the Kansas City Federal Reserve, the Stanford University Business School and the University of Michigan's Business School. Sean Egan, principal of Egan-Jones Rating, appeared before Congress on October 22, 2008 and argued that issuers of complex securities "shopped" for ratings which resulted in a race to the bottom in terms of credit transparency. Egan-Jones on July 16, 2011, became the first NRSRO to cut its rating on the United States from AAA to AA+. On April 5 2012, Egan-Jones downgraded the credit ranking of the United States for the second time from AA+ (Excellent) to AA (Very Good) assuming that the debt will reach $16.7 trillion by the end of 2012 while the GDP will not grow further $ 15,7 trillion dollar limit and the debt to the GDP ratio will reach 112% of the national GDP which is the highest level since the WW II. On September 14 2012, Egan-Jones downgraded the
Page 13 of 63
credit rating of the United States for the third time from AA to AA-, the lowest of what is considered "high grade", as a reaction to QE3. Egan-Jones was also the first to downgrade WorldCom and Enron.
3.7 Rating Grades

Each rating agency has developed its own system of rating sovereign and corporate borrowers. Fitch Ratings developed a rating system in 1924 that was adopted by Standard & Poor's. Moody's grading is slightly different. Moody's sometimes argues that their ratings embed a conceptually superior approach that directly considers not only the likelihood of default but also the severity of loss in the event of default.
Exhibit 1: Rating Notches of Moody's, S&P, and Fitch
Description Maximum Safety High Grade Higher Medium Grade Lower Medium Grade Speculative Highly Speculative Substantially Risky May be in Default Extremely Speculative Default
Moody's Aaa Aa A Baa Ba B Caa Ca C D
S&P AAA AA A BBB BB B CCC CC C D
Fitch AAA AA A BBB BB B CCC CC C D
Page 14 of 63
Chapter 4: Credit Rating in Bangladesh
4.1 Credit Rating in Bangladesh

Bangladesh credit rating industry started its journey with the mandatory requirement of having credit rating for all public debt instruments, right offer issues and shares issued at a premium before the same were offered to the public. In the year of 2002, Credit Rating Information & Service Limited (CRISL) started its operation as the first registered credit rating agency of Bangladesh. The second rating agency, Credit Rating Agency of Bangladesh Limited (CRAB) went to its operation on 2004, thus, making the sustainability more difficult for two rating agencies. Credit Risk Grading Manual of Bangladesh Bank was circulated by Bangladesh Bank vide BRPD Circular No. 18 dated December 11, 2005 on Implementation of Credit Risk Grading Manual which is primarily in use for assessing the credit risk grading before a bank lend to its borrowing clients. By that time CRISL rating reports were appearing to be very useful for the users; specially CRISL rating report on the then Al Baraka Bank convinced the Bangladesh Bank of the need of credit rating and it took the initiative to make mandatory for all banks to have credit rating before it goes for public offering. The banking regulator further decided to make it mandatory for all banks to submit credit rating reports to the regulator within six months after the finalization of accounts. Following the example of the central bank, the insurance regulator also came up with the requirement to make rating mandatory for all general insurance companies every year and for the life insurance companies bi-annually. The Dhaka Stock Exchange, while issuing the direct listing regulations, made the credit rating mandatory before a company apply for direct listing. The above regulations created an enabling environment for credit rating in the countrys capital and financial markets. The concept of client rating by the rating agencies to support capital adequacy of the banks came up in view of the need for implementation of Basel II capital adequacy framework by Bangladesh Bank. According to Basel II framework, BB adopted a standardized approach for credit risk in which the services of rating agencies were required under certain strict terms and conditions. Bank client rating is a very sensitive issue in view of the fact that most of the private sector companies, enjoying banking facilities, are not maintaining standard financials for appropriate evaluation. Unless and until all the above factors are properly evaluated through sector wise studies, the ratings are bound to give wrong signals. Security and Exchange Commission of Bangladesh (SECB) allows 2% default rate of the credit
Page 15 of 63
rating agencies. There are certain penalties in case default rate of more than 2% including cancellation of license of the defaulter rating agency as the highest penalty by BSEC. Other credit rating companies National Credit Ratings Ltd and Emerging Credit Rating Ltd started their journey on 2010. ARGUS Credit Rating Services Ltd. is on operation since 2011. Lastly, new four credit rating companies have come to operation on 2012, which are ARGUS Credit Rating Services Ltd., Alpha Credit Rating Limited, The Bangladesh Rating Agency Limited and WASO Credit Rating Company (BD) Limited. A list of credit rating companies operating in Bangladesh can be found in Exhibit 2: List of CRAs. According to Association of Credit Rating Agencies of Asia, Bangladesh has the highest number of credit rating companies. India, one of the largest economies of Asia has only two credit rating companies. On the other hand China, another largest economy is continuing its economic growth with a single credit rating company. The rating industry In Bangladesh is now considered to be a parentless industry. The behavior of the regulators towards nourishing this industry does not appear to be rational. The rating agencies are still defined by the SEC rules as an investment advisory company. This has not changed over a long time. The paid-up capital still remains at Tk. 5.0 million, to start a rating agency by any group of sponsors.
Exhibit 2: List of CRAs
Name of Company Credit Rating Information and Services Ltd (CRISL) Credit Rating Agency of Bangladesh Ltd (CRAB) National Credit Ratings Ltd Emerging Credit Rating Ltd ARGUS Credit Rating Services Ltd. WASO Credit Rating Company (BD) Limited Alpha Credit Rating Limited The Bangladesh Rating Agency Limited
Date of Issuance of Registration Certificate 21 August, 2002 24 October, 2004 22 June, 2010 22 June, 2010 21 July, 2011 15 February, 2012 20 February, 2012 7 March, 2012
Page 16 of 63
4.2 Laws and Guidelines Regulating CRAs

Credit rating agencies (CRA) in Bangladesh has been guided by the Credit Rating Companies Rules, 1996 enacted by Bangladesh Securities and Exchange Commission (BSEC) through notification of SEC/Section-7/117 on 24 June 1996. The basic snapshot of the law is provided below: Requirement for credit rating: No issue of debt security, or public issue of shares (including rights share) at a premium, shall be made by an issuer unless the issue is rated by a credit rating company and declaration about such rating is given in the offer document, prospectus or rights share offer document. Eligibility for registration: A company proposing to commence business as a credit rating company shall be eligible for registration under these rules if it fulfils or complies with the following conditions or requirements: o o o It is incorporated as a public company under the Companies Act, 1994 It must have a paid-up capital of at least Tk. 5.00 million It has professional competence, financial soundness and has entered into a joint venture or technical collaboration arrangement with a reputed credit rating company, o It has at least two professional staff having professional or post-graduation degree in finance, accountancy, business, economics and/or law and experience for at least two years in credit rating or investment advisory activities, Cancellation or Suspension of Registration: Where BSEC is of the opinion that a credit rating company has contravened any provision or has otherwise failed to comply with any requirement of the Ordinance or any rule or direction made or given there under the Commission may, if it considers necessary in the public interest, so to do by order in writing, cancel or suspend the registration of the credit rating company. Provided that no such order shall be made except after giving the credit rating company an opportunity of being heard. Submission of ratings report to the Commission: Every credit rating company shall submit to BSEC a report giving such details of credit rating for a quarter of the year in such form as may be required by the Commission by order in writing, within fifteen days of the close of the quarter.
Page 17 of 63
4.3 The Business Model

The business model used by the credit rating agencies in Bangladesh is primarily involves two parties apart from the CRAs. These parties are: 1. Issuers/clients of the credit rating agencies 2. The investors, usually the financial institutions including: banks, non-banking financial institutions, merchant banks, issue manager, donor organizations, and so on.
Exhibit 3: Common business model of CRAs
Usually, the CRAs receive their rating assignments directly from the clients. The purpose of the clients may vary depending on the benefits they expect to derive from getting themselves rated. However, because of implementation of BASEL II in Bangladesh, commercial banks have a great interest in getting their borrowers rated by ECAIs. So, the providers of business for a CRA are both the clients and the lenders. Although assignments can be received from both ends, the fees for such assignments are usually paid by the clients. On the other hand, the analysts of the credit rating agencies would require large amount of information regarding the business operation, financials, bank relation, and management of the issuer being rated. The information is regarding these are provided by both the peer parties. A qualitative analysis of the rating model and its impact on the effectiveness of the credit rating is reported in a later part.
Page 18 of 63
4.4 Credit Rating Process

Rating is an interactive process with a prospective approach. It involves a series of steps. The main steps are described as follows: 4.4.1 Rating Request:
Ratings in CRAs are usually initiated on formal request from the prospective Issuer. An undertaking is also obtained on a Taka 150 non-judicial stamp paper before commencement of a Rating assignment; which spells out the terms and conditions of the engagement of credit rating agency. 4.4.2 Rating Team
The Rating team usually comprises two members. The composition of the team is based on the expertise and skills required for evaluating the business of the Issuer. The team is usually led by the primary analyst with adequate knowledge of the relevant industry/instrument to be Rated. 4.4.3 Information Requirements:
Issuers are provided with a list of information requirements and broad framework for discussions. These requirements are derived from the experience of the Issuers business and broadly conform to all the aspects, which have a bearing on the Rating. 4.4.4 Secondary Information:
CRA draws on the secondary sources of information including its own in-house research and information obtained through meetings with the Issuers bankers, auditors, customers and suppliers among many other relevant market participants. CRA also has a panel of industry experts who provide guidance on specific issues to the Rating team. The secondary sources generally provide data and trends including changes in industry structure, sector outlook, global trends and government policies, etc. for the industry. 4.4.5 Management Meetings and plant visits:
Rating involves assessment of number of qualitative factors with a view to estimate the future earnings prospects of the Issuer. This requires intensive interactions with the Issuers management specifically with a view to understanding the business plans, future outlook, competitive position and funding policies, etc.
Page 19 of 63
4.4.6
Other Meetings:
The CRAs analyst team may also decide to meet the auditors (accounting policies followed, quality of internal controls, standard of disclosures, etc.), bankers/lenders (relationship, reputation, dealings in the past in respect of timeliness of servicing obligations), lawyers (if there are major litigations pending which may have serious impact on credit quality), trade union leaders (if industrial relations is a sensitive issue), key functional executives as well as a few investors, customers and suppliers, depending upon the circumstances to get a direct feedback from different stakeholder. 4.4.7 Meeting with the Issuers CEO /CFO:
This would be a very important meeting (usually, the last meeting) when the Rating team would discuss all the critical issues/findings that may impact the Rating decision with the CEO/CFO of the Issuer (in the absence of CEO/CFO, with a senior executive nominated by the Issuer for this purpose). 4.4.8 Internal Review Committee Meeting
Once the draft report is prepared by the Analyst team, it is placed before the Internal Review Committee (IRC) Meeting. The committee comprise of senior analysts. The committee reviews the draft rating report and analysis made by the analysts. Committee also reviews the due diligence, documents, meetings, site visits etc. 4.4.9 Rating Committee Meeting:
The authority for assigning Ratings is vested in the Rating Committee of individual CRA. The Rating reports are sent by the analyst team in advance to the Rating Committee members. A presentation about the Issuers business and the management is made by the Rating team to the Rating Committee at the meeting. All the key issues are identified and discussed at length during the meetings and all relevant issues, which influence the Rating, are considered. The differences if any arise during the discussion are taken note of. Finally, a Rating is assigned either by a consensus or by majority votes. 4.4.10 Surveillance: It is obligatory on the part of CRAs to monitor ratings over the tenure of the rated instrument or till any amount is outstanding under the program rated. The Issuer is bound by the agreement to provide information to CRAs to facilitate such monitoring. In case the Issuer do not co-operate by way of providing information, etc, for the purpose of surveillance, CRAs may on its own carry out the surveillance on best efforts basis based on the available information and possible interactions after giving the Issuer adequate notice requesting him to co-operate. The Ratings are generally reviewed
Page 20 of 63
every year, unless the circumstances of the case warrant an earlier review due to changes in circumstances or major developments that were not anticipated/factored in the Rating decision. The Ratings may be Upgraded, Downgraded or retained after the surveillance. The CEO, at his sole discretion, may give one opportunity to the Issuer to represent his case if he is not satisfied with the rating decision after the surveillance process. However, the Issuer would not have any option of not accepting the Rating after the surveillance.
4.5 Profiles of CRAs in Bangladesh

4.5.1 Credit Rating Information and Services Ltd (CRISL)1
CRISL is the first ever joint venture rating agency operating in Bangladesh since 1995. It is a joint venture of Malaysia Berhad (RAM), JCR-VIS Credit Rating Company of Pakistan, few financial institutions and a host of celebrated professionals of Bangladesh. The company got license from the Securities Exchange Commission (SEC) under Credit Rating Companies Rules 1996. CRISL is a founder member of the Association of Credit Rating Agencies in Asia (ACRAA) which is sponsored by the Asian Development Bank (ADB). CRISL is a public limited company dedicated for credit rating and related services and is being recognized by Bangladesh Bank as the External Credit Assessment Institution (ECAI) to offer its services to the banking community for banking client rating 4.5.2 Credit Rating Agency of Bangladesh Ltd (CRAB)2
CRAB was established in 2003 at the initiative of some leading personalities in private sector and institutions of the country with the commitment to contribute to the development of the capital market by providing quality ratings and comprehensive research services. CRAB was incorporated as a public limited company in 2003 and received its Certificate for Commencement of Business in the same year. In 2004, CRAB was granted license by the Securities & Exchange Commission (SEC) of Bangladesh (under the Credit Rating Companies Rules 1996) for operating as a Credit Rating Company. In 2009 CRAB has been accredited as an External Credit Assessment Institution (ECAI) by Bangladesh Bank, to provide rating of Bank Clients under Basel II regime. CRAB has established its reputation as a reliable source of independent opinion on risks based on systematic and standardized analysis done by professionals
1 2
Credit Rating Information & Services Limited (CRISL) 2013, accessed 25 Nov. 2013, <http://www.crislbd.com> Credit Rating Agency of Bangladesh Limited (CRAB) 2013, accessed 25 Nov. 2013, <http://www.crab.com.bd>
Page 21 of 63
4.5.3
National Credit Ratings Ltd (NCRL)3
NCR is a full service rating company that offers a wide range of services. The Securities and Exchange Commission granted the license to NCR in June 2010 under the Credit Rating Companies Rules 1996. The company is recognized by the Bangladesh Bank as an External Credit Assessment Institution (ECAI). NCR has technical collaboration agreement with The Pakistan Credit Rating Agency Ltd (PACRA), Pakistan. PACRA was set up in 1994 as the first credit rating agency in Pakistan as a joint venture between IFC of the World Bank and IBCA London (now known as Fitch Ratings). PACRA, while helping NCR in design and development of rating methodologies and programs, would support in training and development of human resources 4.5.4 Emerging Credit Rating Ltd (ECRL)4
Emerging Credit Rating Limited was incorporated in March 2009, with the view to providing Credit Rating Services in Bangladesh. ECRL is a licensed credit rating agency and is committed to providing Bangladeshs credit market with independent and prospective credit opinions, research and data. In addition to our core rating business, in the future we hope to branch out into providing research data and analytical tools for assessing credit risk, and publish market-leading credit opinions. The company has been built on a foundation of local market experience, which spans throughout the corporate sector of the country. The company is headquartered in Dhaka, Bangladesh, with a view to expand to other financial districts all over the nation. ECRL has established a technical collaboration with a Malaysian rating company known as Malaysian Rating Corporation Berhad (MARC). Under the technical agreement, ECRL obtained technical support in relation to rating procedures and methodologies from MARC. ECRL obtained credit rating license from Securities and Exchange Commission (SEC) in June 2010 as per Credit Rating Companies Rules 1996 and also received Bangladesh Bank Recognition as an External Credit Rating Institution (ECAI) in October 2010. ECRL has already started its operation and completed around 20 rating assignments 4.5.5 ARGUS Credit Rating Services Ltd. (ACRSL) 5
ARGUS Credit Rating Services Ltd. (ACRSL) is the next-generation Credit Rating Agency of Bangladesh. Founded as a joint-venture between global experts in credit & equity research and local sponsors with strong capital markets track record, ACRSL received its license from the SEC in 2011
3 4
National Credit Rating Limited (NCRL) 2013, accessed 25 November 2013, <http://www.ncrbd.com> Emerging Credit Rating Limited (ECRL) 2013, accessed 25 November 2013, <http://www.emergingrating.com> 5 ARGUS Credit Rating Services Limited (ACRSL) 2013, accessed 25 November 2013, <http://www.acrslbd.com>
Page 22 of 63
4.5.6
WASO Credit Rating Company (BD) Limited (WCRCL)6
WCRCL started its journey on 15th February, 2012 with acquiring license from Bangladesh Securities and Exchange Commission (BSEC) and finally been recognized by Bangladesh Bank as and ECAI in October 2012. WCRCL also has the technical collaboration with Financial Intelligence Services Ltd. (FISL), Hong Kong. FISL is the Hong Kong based rating wing of World Vest Base, USA which is renowned for its unsolicited rating approach and unique rating model. Its comprehensive financial database spans over 51,000 public companies in more than 130 countries from Asia, Africa, Australia, Europe, Latin America, and North America placed it in a unique position among the global financial intelligence service provider companies. WCRCL envisaged offering both rating and related services with a vision to establish a national risk management platform for the financial and non-financial sector 4.5.7 Alpha Credit Rating Limited (ACRL)7
ACRL was incorporated on the 24th of February 2011. a result of the initiative of a few distinguished and renowned professionals of Bangladesh and the with support and organizational assistance from SATCOM IT Ltd., Axis Resources Ltd., Equity Care Bangladesh Ltd., and TAN Equity and Investment Ltd. 4.5.8 The Bangladesh Rating Agency Limited (BDRAL)8
BDRAL is a subsidiary of Dun & Bradstreet South Asia Middle East Ltd., is the pioneer in rating the SME sectors in Bangladesh. SMEs are the power house of the developing economy of Bangladesh and so to turn Bangladesh into a middle-income nation, the SME sector is the only alternative which can help the country to achieve the feat. Having congruence with the mentioned pragmatic approach, BDRAL SME ratings aim to address the challenges faced by bank in SME lending and took the initiative to assist the financiers to provide a comfort level for increasing the financing in the SME sector. BDRAL has launched its SME ratings in Bangladesh following a successful pilot phase carried out in the year 2009. BDRALs rating framework considers a number of financial and non financial parameters of the enterprise and regulations and industry specific dynamics. BDRAL believes that the industry in which an SME operates has a direct bearing on the overall performance of the SME and therefore rates SMEs based on industry benchmarks. BDRAL Rating is a comprehensive assessment of the enterprise taking into consideration the overall financial and non financial performance of the subject company vis vis the other peers in the industry in the same line of business and size criteria. The company strives for analytic excellence at
6 7
WASO Credit Rating Co. (BD) Limited (WCRCL) 2013, accessed 25 Nov. 2013, <http://www.wasocreditrating.com> Alpha Credit Rating Limited (ACRL) 2013, accessed 25 November 2013, <http://www.alpharating.com.bd> 8 The Bangladesh Rating Agency Ltd (BDRAL) 2013, accessed 25 November 2013, <http://www.bdral.com>
Page 23 of 63
all times, evaluate its rating criteria, methodologies and procedures on a regular basis, and modify or enhance them as necessary to respond to the needs of the Bangladeshs markets
4.6 Importance of Credit Rating: Bangladesh

The motives act behind the entities paying fees to secure a credit rating depends on the surrounding regulatory environment and form of financial market. There are several reasons of getting a rating. The reasons are different in different markets and economies. The motives of getting a rating in Bangladesh are not identical as USA or UK. As same, the motives of American entities are not same as those of European or Australian entities. However, there are some common reasons for which the entities all over the world are spending money to get rating from the rating agencies. The identical reasons are enumerated here within the context of Bangladesh: 4.6.1 Market access
Any company that wishes to enter capital markets and issue debt in capital market is obliged to obtain a credit rating. Rating conveys the entitys ability and willingness to the market participants regarding repayment of its borrowed money or equity capital. In Bangladesh, as per Credit Rating Companies Rules 1996, all the companies are required to be rated before issuing its debt or floating its equity share at premium in the market. 4.6.2 Build up market reputation
New companies that seek to build a reputation in the international financial markets demand credit ratings to increase the exposure of their brand name. This brand exposure is important when companies for example initiate foreign direct investments. An entity with a higher rating is considered as a reputable organization. Recently, Delta BRAC Housing (DBH) has been awarded as an AAA rated company of the country, which excels the companys reputation that was reflected through the share price the company at DSE and CSE. 4.6.3 Lower cost of funding
A less known company can lower their cost of borrowing if they obtain a higher investment grade rating. Banks or financial institutions consider rating as an indication of an entitys performance measurement yardstick. Entities with a higher rating are sanctioned loan at a lower interest rate whereas a lower graded entity is charged at a higher interest rate. So, it is going to be a common practice of the country to require an entity to be rated itself before applying for a loan to the banks or financial institutions.
Page 24 of 63
4.6.4
Distinguish oneself from the competition
In sectors that are characterized by a limited number of competing companies such as the banking or insurance industry, a credit rating is a tool to distinguish them from the competition. Our banking sector is an example of this practice. In 2006, only Standard Chartered Bank was rated AAA by CRISL that makes the bank unique. But in 2007, both Standard Chartered Band and HSBC operation of Bangladesh has been awarded the highest rating AAA by CRISL and CRAB respectively that creates some competitive advantage for both the banks. 4.6.5 Regulatory Requirement
All over the world entities are rated for the regulatory bindings by the securities commissions and other authorities. In Bangladesh, SEC, Bangladesh Bank and Department of Insurance are the three regulators who issued regulations, circulars and notifications for the entities for rating. Our banks and insurances are now rated once in a year for these requirements of the regulatory authorities. 4.6.6 Implementation of BASEL II
Bangladesh Bank (BB) issued new guidelines on capital adequacy for Banks under the implementation process of Basel II framework. Under the guidelines, Banks require to link the minimum size of their capital to the credit risk in their portfolios. So far Banks were calculating required capital as proportion of the entire loan portfolio, regardless of the degree of credit risk. To determine credit risk in their loan portfolios, banks will need to use credit ratings assigned by approved External Credit Assessment Institutions (ECAIs).
4.7 What is Basel II

4.7.1 Basel Accord
The world financial market is an extremely complex system that involves many different participants from local banks to the central banks of each nation and even the investor. Due to its importance on the global economy and our everyday lives it is vital that it is functioning properly. One tool that helps the financial markets run smoothly is a set of international banking agreements called the Basel Accords. These accords coordinate the regulation of global banks, and are "an international framework for internationally active banks". The accords are obscure to people outside banking, but they are the backbone of the financial system; the Basel Accords were created to guard against financial shocks, which is when a faltering capital market hurts the real economy, as opposed to a mere disturbance.
Page 25 of 63
Basel II is recommendatory framework for banking supervision, issued by the Basel Committee on Banking Supervision in June 2004. The objective of Basel II is to bring about international convergence of capital measurement and standards in the banking system. The Basel Committee members who finalized the provisions are primarily representatives from the G10 countries, but several countries that are not represented on the committee have also stated their intention to adopt this framework. Basel II is the second accord of the Basel Committee on Bank Supervision's recommendations, and unlike the first accord, Basel I, where focus was mainly on credit risk, the purpose of Basel II was to create standards and regulations on how much capital financial institutions must have put aside. Banks need to put aside capital to reduce the risks associated with its investing and lending practices 4.7.2 Basel Committee
The Basel Committee on Banking Supervision (BCBS) is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten countries in 1974. It provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance understanding of key supervisory issues and improve the quality of banking supervision worldwide. The Committee also frames guidelines and standards in different areas - some of the better known among them are the international standards on capital adequacy, the Core Principles for Effective Banking Supervision and the Concordat on cross-border banking supervision. The Basel Committee formulates broad supervisory standards and guidelines and recommends statements of best practice in banking supervision (see bank regulation or "Basel III Accord", for example) in the expectation that member authorities and other nations' authorities will take steps to implement them through their own national systems, whether in statutory form or otherwise. 4.7.3 Basel II and Credit Rating
Basel II is recommendatory framework for banking supervision, issued by the Basel Committee on Banking Supervision in 2004. The objective of Basel II is to bring about international convergence of capital measurement and standards in the banking system. BB, in December 2008, issued guidelines on the New Capital Adequacy Framework (BRPD Circular 09, dated 31.12.08) to banks operating in Bangladesh, based on the Basel II framework. These guidelines inform that BB suggests implementation of Basel II with the following approaches: i. ii. iii. Standardized approach for calculating RWA against credit risk Standardized approach for calculating RWA against Market Risk; and Basic indicator approach for calculating RWA against Operational Risk
Page 26 of 63
Under standardized approach for measuring credit risks, the risk grades are determined on the basis of ratings assigned by ECAIs. Basel II is implemented from January 2009. In this regard a quantitative impact study (QIS) to assess the preparedness for implementing Basel II as well as the banks view on the optional approaches for calculating Minimum Capital Requirement (MCR) as stated in Basel II was carried out in April-May 2007. Study & subsequent discussion with few related banks revealed that bankers should be more acquainted with the New Capital Accord (Basel-II). To address this challenge capacity building of concerned implementing & supervisory officials were given first priority in the Action Plan/Roadmap. As of 20 November 2013, there are 7 (seven) ECAIs in Bangladesh. All these CRAs are accredited by the Bangladesh Bank (BB) to perform credit ratings of both issuers and issues, which can be considered by the commercial banks to calculate the Risk-Weighted Assets (RWA). 4.7.4 Bank Loan Rating
All ECAIs offer Bank Loan Ratings (BLR) to various types of facilities provided by banks, such as working capital demand loans, cash credit, project loans, loans for general corporate purposes, and non-fundbased facilities. Bank loan ratings indicate the degree of risk with regard to timely payment of interest and principal on the facility being rated. The Bank Loan Rating service from ECAIs entails evaluating the capability of an issuer (borrower of a bank) to timely meet its debt obligations against a specific line of credit, in the light of the relevant terms, conditions and covenants. ECAIs consider all relevant factors that have a bearing on the future cash generation and debt servicing ability of the issuer. The rating methodology and scale used are similar to that used for Debt Instrument Rating.
4.8 Impact of Credit Rating on Banking Sector

Bangladesh Bank has made credit rating mandatory to all scheduled banks and insurance companies on an annual basis. With a view to managing various risks in a prudent manner, scheduled banks are hereby instructed to follow the attached risk management guidelines. The document should be treated as Supplement to, and not a substitute for, existing core risks guidelines. Ratings of financial institutions focus on the risks that can possibly affect the operations of such a company - operating risks, financial risks and management risks.
Page 27 of 63
Banks have to prepare a risk management paper and must place the same in the monthly meeting of the Risk Management Unit. The minutes of the meetings should contain specific decisions based on the analyses/recommendations made in the risk management paper. Banks have to submit risk management papers along with the minutes of the meetings within 10 days of each quarter end to the Department of Off-site Supervision of Bangladesh bank. In case of banks clients who have loan exposure of 10 million or above are required to be rated. The eight credit rating companies are involved in the process. Banks can be rated by more than one credit rating Company. In that situation lowest rating should be considered as per rule of BB. The CRAs focus on the factors while rating a bank are- profitability, earnings & volatility, asset quality, capital adequacy, liquidity & funding, investment quality, asset quality & provisioning, controls & risk management, corporate governance, and earning diversification. Credit Rating has two types of impact on banks which are: 4.8.1 Bank as borrower. Bank as lender. Impact while Bank is a Borrower
According to a very general thought banks are here to lend money. But banks sometimes need to borrow money to meet its monetary necessity. Banks borrows this money either from other banks or from other financial institutions. When bank is a borrower bank is rated by credit rating agencies and bank can use that rating to get loans for its operation. The impact of credit rating on a bank while it is a borrower are The main advantage of a credit rating is being rewarded for managing budget and finances responsibly. This qualifies a bank for the best credit offers, including low interest. Good credit ratings allow borrowers to easily borrow money from financial institutions or public debt markets. A better rated company gets priority while applying for a loan to a bank or a financial institution. Pricing of fresh loans supposed to be effected by the rating of the borrower. Higher rated companies in particular will benefit from this. Good credit rating qualifies for insurance at preferred rates Good credit rating makes an organization look more attractive to employers as well.
Page 28 of 63
Risk grading would also be relevant for surveillance and monitoring, internal MIS and assessing the aggregate risk profile. It is also relevant for portfolio level analysis.
4.8.2
Impact while Bank is a Lender At the pre-sanction stage, credit rating helps the banks to decide whether to lend or not to lend, what should be the pricing for a particular exposure, what should be the extent of exposure, what should be the appropriate credit facility and the various risk mitigation tools.
At the post-sanction stage, the bank can decide about the depth of the review or renewal, frequency of review, periodicity of the grading, and other precautions to be taken.
Banks enjoy a facility while maintain capital reserve requirement of Bangladesh. Basel II accord allows banks to maintain capital reserve requirement according to the risk weight which saves capital of the bank and increase capital base of overall banking sector.
An illustration of capital-saving potential by banks on a loan of Tk. 1000 million is as following
4.9 Corporate Sector of Bangladesh

Corporate sector includes business entities which are Public Limited Companies and obtained consent from the Commission to raise its paid up capital of more than Tk. 10.00 million. Bangladesh corporate sectors are still in its initial stage. Most of the companies depend on the banks as their major source of financing. Capital market in Bangladesh is still at an emerging stage with market capitalization amounting to only 6.5% of GDP with low investor confidence on corporate governance and financial disclosure practices in many companies listed in the stock exchanges. The neighboring countries are well ahead vis-a-vis Bangladesh in terms of depth of capital market. For example, in India, Pakistan and Sri Lanka, the market capitalization is 56%, 30% and 18% of their GDP respectively. However, Awareness of the importance of corporate governance in Bangladesh is growing. Securities and Exchange Commission of Bangladesh (SECB) issued a notification on Corporate Governance Guidelines (CG Guidelines) for the publicly listed companies of Bangladesh under the power vested on the Commission by Section 2CC of the Securities and Exchange Ordinance, 1969. 4.9.1 Impact of Credit Rating on Corporate Sector
Rating assesses the level to which an organization accepts and follows the codes and guidelines of corporate governance practices. It is evaluated from the system of distribution of rights and
Page 29 of 63
responsibilities among different participants in the organization such as the board, management, shareholders and other financial stakeholders, and the rules and procedures have lay down and followed for making decisions on corporate affairs. Credit rating is not mandatory under Basel II. However banks are likely to save capital if they get their counterparties/ loan portfolios rated. If a bank chooses to keep some of its clients/ loans unrated, it may have to provide a risk weighted of 125% for credit risk on such loans. That is why banks push their clients to be rated by credit rating agencies. For the same reason credit rating agencies reach corporations or other business organizations through their banks. Credit rating methodology is developed for analysis of non-financial organizations operating in manufacturing, assembling, service sector etc. The generic factors are common for all entities/ issuers, while criterion specific for different industries are used for rating. The criterions used for corporate rating are Industry Risk Analysis, Business Risk Analysis, Operating Environment, Strategy & Financial Policies, Security Risk Analysis, Management Evaluation, Corporate Governance, Operating Performance, Financial Strength and Relationship Risk Analysis. Among these Security Risk Analysis and Relationship Risk Analysis are considered as generic risk factors, others are considers as corporate rating factors. A chart of corporate rating factors and rating definition are presented in the appendix part of the report. Impact on Bangladesh Bank has made credit rating mandatory to all the business entities who have bank loan exposure of BDT 10 million or more. The impacts of credit rating on the corporate sector of our country are as following Credit rating works as a reward for managing budget and finances responsibly. This qualifies a company for the best credit offers, including low interest. Good credit ratings allow the companies to easily borrow money from financial institutions or public debt markets. Credit rating may help in stabilizing issuers; access to the market even when the market price of listed equities is relatively unfavorable in the prevailing market conditions. Credit ratings of Entities would grant upon the companies a greater confidence of the market and enhance a greater access to the financing sources. Rating opinion would facilitate the investors to decide their portfolios by choosing investment options in the market according to their profiles and preferences which gradually help a corporation to raise capital from shareholders. A better rated company gets priority while applying for a loan to a bank or a financial institution.
Page 30 of 63
Pricing of fresh loans supposed to be effected by the rating of the borrower. Higher rated companies in particular will benefit from this. Good credit rating qualifies for insurance at preferred rates.
Good credit rating makes an organization look more attractive to employers as well. Credit rating would also be relevant for surveillance and monitoring, internal MIS and assessing the aggregate risk profile. It is also relevant for portfolio level analysis.
Credit ratings may facilitate the process of issuing and purchasing bonds and other debt issues by providing an efficient, widely recognized, and long-standing measure of relative credit risk.
Other market participants may use the ratings as a screening device to match the relative credit risk of an issuer or individual debt issue with their own risk tolerance or credit risk guidelines in making investment and business decisions.
Page 31 of 63
Chapter 5: Qualitative Analysis - Effectiveness of Rating
The qualitative analysis of the effectiveness is very important as it would define the restraining catalysts, which the quantitative analysis would not be able to identify. The qualitative analysis would focus on the probable discrepancies and self-serving biases. The qualitative analysis of the effectiveness of credit ratings in Bangladesh would include two different perspectives that are Analysis of business model Analysis of the Industry dynamics
Observing the business model that was presented in previous chapter, it can be identified that the client provides the fees for doing its own credit rating. This is the most vital point in the business model of the credit rating agencies. It may result in inflated credit rating as the CRAs may try to get new clients or may even try to retain the old ones. This scenario is worsened by the fact that there are about 8 (eight) credit rating companies operating in Bangladesh. This made the Rating industry highly competitive. So, the both client base creation and retention for CRAs have become very challenging with competition proliferating. So, the possibilities of the CRAs sacrificing the quality of the credit rating increase significantly. Another point in the analysis is that under the BASEL II guideline banks and financial institutions are the prime users of the credit rating assigned by the CRAs or ECAIs. If the credit rating of an issuer or issue is rated high, the lending financial institution would have to maintain a lower capital, calculated based on the risk-weighted assets (RWA). On the other hand, banks are also a significant source of rating assignments for the CRAs. So, banks may try to influence the CRAs by promising to be a source of business and in return expecting inflated ratings for its clients. This would also result in loss of effectiveness for the credit rating. Another possible source of discrepancies that can affect the effectiveness of the credit rating is the information provided by the clients or banks. Clients and banks, in most of the cases, wish to inflate their credit ratings. As a result, they may manipulate the information provided to the credit rating agencies to reflect a better position of their business operation and financial position. However, this is the duty of the analyst to find out such red flags and discount those in the credit rating report.
Page 32 of 63
The fourth point for loss of effectiveness can be the analysts themselves. If an analyst is not competent enough to analyze an issuer or issue properly the credit rating derived from his/her analysis would not reflect the actual scenario. However, this weakness can be ruled over by the seniors of the analysts by supervising properly.
Page 33 of 63
Chapter 6: Quantitative Analysis - Effectiveness of Rating

The effectiveness of credit rating means how consistently and precisely the ratings can represent the risk associated with the entity and/or issue. One of the significant signs of effective rating would be consistent pattern across all the rating agencies (CRAs). Another perspective would be to measure the consistency and monotonous-nature of the credit rating across the time line. That is, the credit ratings assigned must exhibit similar distribution pattern over a period of time. As a result, our quantitative analysis of effectiveness of credit rating would include two different segments. In the first segment, we would analyze the consistency of the credit rating assigned across different CRAs. For this purpose, we would consider 4 (four) CRAs, which are: Credit Rating Agency of Bangladesh (CRAB) Limited, Credit Rating Information and Services Limited (CRISL), WASO Credit Rating Company (BD) Limited (WASO), and Emerging Credit Rating Limited (ECRL). Secondly, we would analyze credit rating across three different years i.e. 2011, 2012, and 2013. As we know that CRAs assign different credit rating scales to different risk levels. As a result, the analysis of consistency in rating scales would not be possible unless they can be converted into common standardized scale/notches. To standardize the rating scales of these credit rating companies, we would use the mapping for BASEL II guideline provided by the Bangladesh Bank trough the following circulars: Circular Num. BRPD Circular no: 31 BRPD Circular no: 5 BRPD Circular no: 16 CRAs Name ECRL CRAB and CRISL WASO
Under these circulars, the standardized classification of the rating notches will be as following:
Exhibit 4: Rating mapping of CRAs with BB Grades
BB Grades 1 2 3 4 5
CRAB AAA AA1, AA2 AA3,A1,A2,A3 BBB1,BBB2,BBB3 BB1,BB2,BB3,B1,B2, B3,CCC1,CCC2
CRISL AAA AA+, AA AA-,A+,A,ABBB+,BBB,BBBBB+,BB,BB-,B+,B, B,CCC+,CCC,CCCCC+,CC,CC-,C+,C,C-,D
ECRL AAA AA+, AA, AAA+,A A-,BBB+,BBB,BBB-,BB+ BB,BB-
WASO AAA, AA1, AA2, AA3 A1,A2,A3 BBB1,BBB2,BBB3 BB1,BB2,BB3 B1,B2, B3,CCC
CCC3,CC,C,D
B+,B, B-,C,D
CC1,CC2,CC3,C,D
Page 34 of 63
Moreover, to represent the precise risk grades determined by the Bangladesh Bank, we need to follow the Basel II guideline for capital adequacy. Under which these BB grades, mentioned above, are further classified regarding their risk grades and weights. The risk grades and their respective risk weights are as following:
Exhibit 5: Risk weights for BB grades
Category
Bangladesh Bank Rating Grade
Risk Weight (%) 20% 50% 100% 150% 125%
1 2 3 4 N/A
1 2 3, 4 5, 6 Unrated
6.1 Analysis across CRAs

We would test the effectiveness of the credit ratings across 4 (four) different credit rating agencies (CRAs). Their names will be denoted as CRAB, CRISL, WASO, and ECRL. When we classify the data set according to this risk weight system, we get the following data table for analysis:
Exhibit 6: Sample distribution across CRAs
Category 1 2 3 4 Total
CRAB 5 48 559 306 918
CRISL 4 20 418 15 457
WASO 1 10 148 0 159
ECRL 6 30 881 64 981
Total 16 108 2,006 385 2,515
To test the consistency/effectiveness across the CRAs we need to evaluate them on pair-basis. That is, we need to test whether one pair of CRA is statistically different in assigning credit rating or not through
Page 35 of 63
hypothesis testing. The relationships that we need to test can be depicted thorough the following diagram:
Exhibit 7: Diagram of relationships to be tested
CRAB
CRISL
WASO
ECRL
6.1.1
CRAB and CRISL
The first relationship we would be testing is CRAB and CRISL. In analyzing so, we hold the values and proportions of CRAB as observed value and the based on that calculate the expected values of CRISL. So, the hypotheses for testing the significance are: H0 = There is no significant difference between ratings provided by CRAB and CRISL H1 = There is significant difference between ratings provided by CRAB and CRISL The table value of chi-square with degree of freedom of 3 and level of significance of 5% is 7.82. However, the calculated value of chi-square, from data of CRAB and CRISL, is 196.51. This means that the calculated value is more than the table value, which lead us to reject the H0 hypothesis and accept the H1 hypothesis. This implies that there is significant difference between credit ratings provided by CRAB and CRISL.
6.1.2
CRAB and WASO
The second relationship we would be testing is CRAB and WASO. In analyzing so, we hold the values and proportions of CRAB as observed value and the based on that calculate the expected values of WASO. So, the hypotheses for testing the significance are: H2 = There is no significant difference between ratings provided by CRAB and WASO.
Page 36 of 63
H3 = There is significant difference between ratings provided by CRAB and WASO The table value of chi-square with degree of freedom of 3 and level of significance of 5% is 7.82. However, the calculated value of chi-square, from data of CRAB and WASO, is 80.42. This means that the calculated value is more than the table value, which lead us to reject the H2 hypothesis and accept the H3 hypothesis. This implies that there is significant difference between credit ratings provided by CRAB and WASO.
6.1.3
CRAB and ECRL
The third relationship we would be testing is CRAB and ECRL. In analyzing so, we hold the values and proportions of CRAB as observed value and the based on that calculate the expected values of ECRL. So, the hypotheses for testing the significance are: H4 = There is no significant difference between ratings provided by CRAB and ECRL. H5 = There is significant difference between ratings provided by CRAB and ECRL The table value of chi-square with degree of freedom of 3 and level of significance of 5% is 7.82. However, the calculated value of chi-square, from data of CRAB and ECRL, is 355.12. This means that the calculated value is more than the table value, which lead us to reject the H4 hypothesis and accept the H5 hypothesis. This implies that there is significant difference between credit ratings provided by CRAB and ECRL.
6.1.4
CRISL and WASO
The fourth relationship we would be testing is CRISL and WASO. In analyzing so, we hold the values and proportions of CRISL as observed value and the based on that calculate the expected values of WASO. So, the hypotheses for testing the significance are: H6 = There is no significant difference between ratings provided by CRISL and WASO. H7 = There is significant difference between ratings provided by CRISL and WASO
Page 37 of 63
The table value of chi-square with degree of freedom of 3 and level of significance of 5% is 7.82. However, the calculated value of chi-square, from data of CRISL and WASO, is 6.70. This means that the calculated value is less than the table value, which leads us to accept the H6 hypothesis and reject the H7 hypothesis. This implies that there is NO significant difference between credit ratings provided by CRISL and WASO.
6.1.5
CRISL and ECRL
The fifth relationship we would be testing is CRISL and ECRL. In analyzing so, we hold the values and proportions of CRISL as observed value and the based on that calculate the expected values of ECRL. So, the hypotheses for testing the significance are: H8 = There is no significant difference between ratings provided by CRISL and ECRL. H9 = There is significant difference between ratings provided by CRISL and ECRL The table value of chi-square with degree of freedom of 3 and level of significance of 5% is 7.82. However, the calculated value of chi-square, from data of CRISL and ECRL, is 36.38. This means that the calculated value is more than the table value, which lead us to reject the H8 hypothesis and accept the H9 hypothesis. This implies that there is significant difference between credit ratings provided by CRISL and ECRL.
6.1.6
ECRL and WASO
The sixth relationship we would be testing is ECRL and WASO. In analyzing so, we hold the values and proportions of ECRL as observed value and the based on that calculate the expected values of WASO. So, the hypotheses for testing the significance are: H10 = There is no significant difference between ratings provided by ECRL and WASO. H11 = There is significant difference between ratings provided by ECRL and WASO The table value of chi-square with degree of freedom of 3 and level of significance of 5% is 7.82. However, the calculated value of chi-square, from data of ECRL and WASO, is 15.17. This means that the
Page 38 of 63
calculated value is more than the table value, which lead us to reject the H10 hypothesis and accept the H11 hypothesis. This implies that there is significant difference between credit ratings provided by ECRL and WASO. After all the relationships and hypothesis have been tested, the relationships should look like the following (green representing similarity and red representing difference):
Exhibit 8: Relationship Status among CRAs
CRAB
CRISL
WASO
ECRL
6.2 Analysis across Time

By definition rating should be monotonous and not affected by any kind of cyclicality or sudden surge in business activities (Bar-Isaac & Shapiro 2013). Moreover, as we are dealing with only three years of data, of which the later two years (2013 & 2012) would be compared to the initial year (2011), the effect of a longer lasting cycle is less likely to affect the ratings. As a result, the main factor affecting the affecting the ratings would be the deliberate increase in overall rating from the initial year (2011). So, it is assumed that the quality of the ratings is dependent on the monotonous nature of the ratings and rating distribution. We would test the effectiveness of the credit ratings across 3 (three) consecutive years, i.e. 2011, 2012, and 2013. Similar to the preceding analysis, we would classify the data set according to this risk weight assigned by Bangladesh Bank (BB) (Please refer to Exhibit 5: Risk weights for BB grades). We get the following data table for analysis:
Page 39 of 63
Exhibit 9: Sample distribution across time
Criteria 1 2 3 4 Total
2011 5 48 609 306 968
2012 6 19 809 137 971
2013 4 20 525 27 576
Total 15 87 1943 470 2515
The statistical level of significance is assumed to be 5% and the degree of freedom is (4-1) X (3-1) = 6. This implies a table value of chi-square of 12.592. Moreover, we would test the following hypotheses: H12 = There is no significant deviation in ratings of 2012 and 2013 from ratings of 2011, which implies the quality of the ratings have not changed. H13 = There is significant deviation in ratings of 2012 and 2013 from ratings of 2011, which implies the quality of the ratings have not changed. If the calculated value of chi-square is lower than the table value, we would accept the null hypothesis (H12). Otherwise, we would reject the null hypothesis and accept the alternative hypothesis (H13). The calculation of proportion is following:
Exhibit 10: Table of proportion for Chi-Square testing
2011 1% 5% 63% 32% 100%
2012 1% 2% 83% 14% 100%
2013 1% 3% 91% 5% 100%
From this, holding the 2011 proportion as base for calculating the expected values of 2012 and 2013, we get the following table of expected values:
Page 40 of 63
Exhibit 11: Table of Expected values for Chi-square
2012 5.02 48.15 610.89 306.95 971.00
2013 2.98 28.56 362.38 182.08 576.00
From this table, we calculated the summation of (O-E)2/E values, which is the calculated value of chisquare. The calculated value of the chi-square thus is 384.17. As a result, it is evident that the calculated value is higher than the table value of the chi-square. So, we should reject the null hypothesis (H12) and accept the alternative hypothesis (H13). This states that that there is significant deviation in the rating assigned of 2012 and 2013 from the rating assigned for 2011.
Page 41 of 63
Chapter 7: Findings
From the above mentioned qualitative and quantitative analyses we get the following findings: As the clients provide the rating fees for rating assignments, there is a possibility that the client would try to influence the credit ratings assigned. The CRAs to attain and retain new clients may try to inflate the credit ratings. The banks are the main users of credit rating under the BASEL II guideline, who also provide business to the CRAs. As a result, the banks may try to influence the CRAs to get a higher credit rating, which would result into lower capital reserve for the bank. H1 is accepted which means there are significant difference between credit ratings provided by CRAB and CRISL. H3 is accepted which means there are significant difference between credit ratings provided by CRAB and WASO. H5 is accepted which means there are significant difference between credit ratings provided by CRAB and ECRL. H6 is accepted which means there are NO significant difference between credit ratings provided by CRISL and WASO. H9 is accepted which means there are significant difference between credit ratings provided by CRISL and ECRL. H11 is accepted which means there are significant difference between credit ratings provided by CRISL and WASO. As significant proportion of the hypothesis testing resulted that there is significant difference between the ratings assigned by the credit rating agencies (CRAs), there is a potential scope for rating shopping. This implies that the actual effectiveness of the credit rating can be violated by switching among the CRAs. H13 is accepted, which means that there is significant deviation in the rating assigned of 2012 and 2013 from the rating assigned for 2011. This implies, according the assumption, that in the years 2012 and 2013 the overall rating distribution of Bangladesh has changed significantly. As per the previous assumptions, this mean that as the number of rating agencies increased, mainly in 2012, the rating distribution changed.
Page 42 of 63
Chapter 8: Recommendations
Based on the findings, above mentioned, the following recommendations can be suggested: As the ratings assigned by the credit rating agencies differed, proper synchronization of the methodologies and modus-operandi may result in similar rating assigned. Thus the effectiveness would increase and the benefits from rating shopping would decline drastically. Moreover, if the rating shopping declines, the tendency to get inflated credit ratings would also decline. Increase government supervision through both Bangladesh Bank (BB) and Bangladesh Securities & Exchange Commission (BSEC). This may abstain the CRAs from misconduct. A separate body for monitoring credit rating agencies can be formed. Government should provide clear and written Code of Conduct for the credit rating agencies. The government can try to reduce the severe competition in the credit rating industry by segregating their field of operation of clearly defining the rating fees to be charged.
Page 43 of 63
Chapter 9: References
Amato, J. D., & Furfine, C. H. (2004). Are credit ratings procyclical? Journal of Banking & Finance , 2641-2677. Bar-Isaac, H., & Shapiro, J. (2013). Ratings Quality over the Business Cycle. Journal of Financial Economics , 108 (1), 62-78. Becker, B., & Milbourn, T. (2010). How did increased competition affect credit ratings? Journal of Financial Economics , 101 (3), 493-514. Bhojraj, S., & Sengupta, P. (2003). Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors. Journal of Business , 455-475. Blume, M. E., Lim, F., & MacKinlay, A. C. (1998). The Declining Credit Quality of US Corporate Debt: Myth or Reality. Journal of Finance , 1389-1413. Doherty, N. A., Kartasheva, A. V., & Phillips, R. D. (2007). SSRN. Retrieved August 1, 2013, from http://ssrn.com/abstract=967551 Ederington, L. (1985). Classification Models and Bond Ratings. The Financial Review , 237-261. Gonzalez, F., Haas, F., Johannes, R., Persson, M., Toledo, L., Violi, R., et al. (2004). Market dynamics associated with credit ratings: a literature review. Banque de France Financial Stability Review , 53-76. Hilderman, M. (1999). Opening the Black Box: The Rating Committee Process at Moody's. New York: Moody's Investor Service. Hill, C. A. (2004). Regulating the Credit Rating Agencies. Washington University Law Review , 4395. Ramakrishnan, R. T., & Thakor, A. V. (1984). Information Reliability and a Theory of Financial Intermediation. Review of Economic Studies , 415-432. Zhou, C. (2001). Credit Rating and Corporate Defaults. Journal of Fixed Income , 30-40. Credit Rating Information & Services Limited (CRISL) 2013, accessed 25 November 2013, <http://www.crislbd.com> Credit Rating Agency of Bangladesh Limited (CRAB) 2013, accessed 25 November 2013, <http://www.crab.com.bd> National Credit Rating Limited (NCRL) 2013, accessed 25 November 2013,
<http://www.ncrbd.com> Emerging Credit Rating Limited (ECRL) 2013, accessed 25 November 2013,
<http://www.emergingrating.com>
Page 44 of 63
ARGUS Credit Rating Services Limited (ACRSL) 2013, accessed 25 November 2013, <http://www.acrslbd.com>
Alpha
Credit
Rating
Limited
(ACRL)
2013,
accessed
25
November
2013,
<http://www.alpharating.com.bd> WASO Credit Rating Company (BD) Limited (WCRCL) 2013, accessed 25 November 2013, <http://www.wasocreditrating.com> The Bangladesh Rating Agency Ltd (BDRAL) 2013, accessed 25 November 2013, <http://www.bdral.com>
Page 45 of 63
Chapter 10: Appendix (Elements of the Sample)

Name
South Asia Insurance Co. Ltd. Joint Iron Mart Masafi Bread and Biscuit Ind. Ltd. M/S Lata Ent. Zaman Traders Gazaria Builders & Engineering Associates Kohinoor Apparels Ltd. Paramount Apparels Ltd. Total Agro & Aqua Culture Ltd. Aman Spinning Mills Ltd. Mosharraf Composite Textile Mills Ltd. Concrete & Steel Technologies Ltd. Sami Chawl Kal Natore Cold Storage Ltd. Aman Seed Storage Ltd. Alam & Co. Pvt. Ltd. Global Beverage Co. Ltd. Surma Petroleum Unnayan International Engineers & Build. Fu-Wang Ceramic Industry Ltd. Ratul Collection Associate Tubes Ltd. Danish Condensed Milk Bangladesh Ltd. Unicom Textile Mills Ltd. MKS Human Skill Development Ltd. J K Spinning Mills Ltd. EJAB Distribution Co. Ltd. Orion Power Meghnaghat Ltd. / IEL Prince High Design Ltd. Ershad Brothers Corporation Hamida Plastic Ltd. Jamal Ent. IFIC Bank Ltd. S. S. Business Line Jannath Medico Everest Ent. Fraternity Accessories Ltd. Republic Insurance Co. Ltd. Aman Cotton Fibrous Ltd. Aman Cold Storage Ltd. Power Trade Engineering Ltd. Rahat Ind. Nipa Oil & Flour Mill Jupiter Ent. A&A Trade Centre
Ratin g
BBB2 BB2 BBB1 BBB1 BBB3 A3 BB1 BBB1 BB1 BBB1 A1 BB2 BB2 BBB1 A3 BBB3 BBB2 BBB3 BB2 BBB2 BB2 BBB1 AA2 BBB2 A3 BBB2 A2 A1 BB3 A3 AA2 BB1 AA2 BB1 BBB1 BB1 BB3 BBB1 A2 A3 BB2 BBB3 BBB3 A3 B1
Name
Unitrend Ltd. M/S Unique Auto Rice Mill Active Ind. Ltd. Advance Textile Mills Ltd. M/S Olympia Auto Rice Mill Quality Feeds Ltd. Ayubpur Textile Mills Ltd. Razmoni Film City Ltd. Lovely Food Ind. (Pvt) Ltd. Sakura Steel Ltd. M H International F.M. Knitwear Ltd. GSP Finance Co. (Bangladesh) Ltd. Oasis Services (Agro) Ltd. Zannath Ent. Abul Khair Steel Ltd. IFAD Autos Ltd. Tara Spinning Mills Ltd. National Bank of Pakistan Ltd.Bangladesh Active Ind. Ltd. Reedisha Spinning Ltd. Lucky Star Apparels Ltd. Karnaphuly Filling Station Power Trade Building Ltd. Blue Ocean Footwear Ltd. IDLC Finance Ltd. MRS Ind. Ltd. Euro Label Ltd. Shaheen Garments Crown Wool Wear Ltd. M/S Narsingdi Jute Traders Max Power Ltd. Pintu Dutta Hwa Well Textiles (BD) Ltd. B A Corporation Siraj & Brothers Hossain International Confidence Trade Ltd. Sumon Traders M N Huda Construction Ltd. Pacific Marine Service Abir Ent. CEL Telecom Ltd. Ispahani Foods Ltd. Noboudoy Housing Ltd.
Ratin g
BBB1 BB1 A3 BB2 BB1 AA2 BBB3 B1 BB1 B1 BB1 B1 BBB2 BBB2 BBB3 AA2 A1 BBB2 BBB3 A3 A3 BB2 BB1 BB2 A3 AAA AA3 BBB2 BB3 A2 BB1 BB1 BB1 A2 BB1 BB1 BBB2 BBB1 BBB3 BBB3 BBB3 BB1 BB2 BBB3 BBB2
Name
M/S Asha Fish M/s Asian Trading CO. M/S Asian Trading Co. M/s Asir Uddin Rice Mill M/s Asma Ent. M/S Ataur Rahman Khan M/S Atiar Traders M/S Azad Art Hall M/S Azmir Vandar M/S Azmir Vander M/S B.P. Ent. M/s Baia Trade Syndicate M/S Baishakhi Ent. M/S Bangladesh Agricultural Ind. M/s Banoful & Co. M/S Bari Rice Mill M/S Bashundhara Bricks M/S Bazal And Brothers M/S Bazlur Rahman Trading Co. M/S Bazlur Rahman Trading Co. M/S Begum Auto Rice Mills M/S Bhai Bhai Auto Rice Mill M/S Bhai Bhai Auto Rice Mill M/S Bhuiyan Brothers M/S Bichitra M/S Billal Hossain M/S Bismillah Motors M/S Biswas Agro M/S Biswas Flour Mill M/S Bitoroni Rice Mill M/S Brothers Auto Rice Mill M/S Brothers Auto Rice Mill M/S Carrefamily M/S Chamak Ent. M/S Chhanda Auto Rice & Charcoal Ind. M/S China Machineries M/s Colour and Fashion Ind. Ltd. M/s D.K. Auto Rice Mill M/S Daud & Co. M/S Deen Impex M/S Desh Agro Ind. M/S Dhaka Ent. M/S Dhaka Machineries M/S Dulal & Brothers M/S Ekram Traders and Sister Concerns
Ratin g
BBB3 BBB2 BBB3 BBB2 BBB2 BBB1 BBB2 BBB2 BBB2 BBB3 BBB2 BBB3 BBB2 BBB2 A3 BBB2 BBB3 BBB3 BBB3 BBB3 BBB2 BBB3 BBB3 BBB3 BBB2 BBB3 BBB2 BBB3 BBB2 BBB3 BBB3 BBB3 BBB3 BBB2 BBB2 BBB3 BBB2 BBB2 BBB3 BBB2 BBB3 BBB2 BBB2 BBB3 BBB2
Page 46 of 63
Anwer Khan Modern Hospital Ltd. Fakir Knitwears Ltd. Harbis Converting Ltd. Rupali Life Insurance Co. Ltd. Amin Tannery Ltd. Ruhul Amin Automatic Rice Mill Amio Water Treatment Ltd. M/S Daihan Exim M/S Shantano Cold Storage M/S Nazrul Super Rice Mill Mosharraf Composite Textile Mills Ltd. M/S Selim Auto Rice Mill Azad Syndicate Younus Offset Paper Mills Ltd. United Traders Lub House Ltd. Cosmopolitan Ind. Pvt. Ltd. Y B Garments Ltd. New Zealand Dairy Products Bangladesh Ltd. Bangladesh Industrial Gases Ltd. Sanzi Textile Mills Ltd. Singer Bangladesh Ltd. Empire Dyeing Ltd. Haque & Co. (Dry Cell) Ltd. Ruslan Corporation Mohubar Rahman Cold Storage Ltd. M/S Momotaz Corporation AB Investment Ltd. Sarker Printing & Publishing M/S Shohag Trading Co. Renata Agro Ind. Ltd. BRB Energy Ltd. Ideal Spinning Mills Ltd. Chittagong Asian Paper Mills (Pvt.) Ltd. Ased Corporation Khandaker Store Nurul Islam Spinning Mills Ltd. Rupali Agencies Label Tex Ltd. Family Living Ltd. Rummon & Brothers Cosmo Synthetic Ind. Ltd. Walton Micro Tech Corporation Abed Textile Processing Mills Ltd. Crymson Glory
BBB1 AA3 BB3 BBB1 BBB1 BBB3 BB3 BB2 BB2 BB2 A2 BB1 BB1 AA3 AA3 A3 AA3 A3 A2 BBB3 BBB2 AA1 A3 BBB3 BBB2 BB2 BB1 A3 BBB1 BB2 BBB3 A2 BBB3 BBB3 BBB3 BBB3 BBB3 BBB3 BB3 A2 BBB3 BB1 A2 BB1 BBB3
Walton Hi-Tech Ind. Ltd. Dong Bang Dyeing Ltd Sonargaon Textiles Ltd. M/S Fancy Crockery House Energy+ Electric & Electronics (Pvt.) Ltd. Shah Sultan Bij Himagar Beats Fashion Ltd. Refat Garments Ltd. Knit Concept Ltd. Resource Planning & Management Consultants (Pvt) Ltd. Habiganj Agro Ltd. Prome Agro Foods Ltd Crown Fashion & Sweater Ind. Ltd. Permess South East Asia Ltd. Desh Traders Janata Jute Mills Ltd. M/S Khairul Ent. M/S Shahjadpur Travels & Its Sister Concerns Mohammadi Steel Works Ltd. Lexicon Merchandise SAR & Co. Ltd. M/S A.G. Traders & M/S Jamuna Bricks Zahid Ent. Ltd. MRS Ind. Ltd. Viyellatex Spinning Ltd. Sajida Foundation EM Power Ltd. A & B Outwear Ltd. Adex Engineering Ltd. Fair Distribution Ltd. Fabian Thread Ltd. New Barawlia Store ONE Bank Ltd. Luna Polymer Industry Ltd. Tithi Textile Mills (Pvt) Ltd. North South Seed Ltd. Piticon Ind. Al Amin Plywood Ind. Ltd. Shahnaj Print Sharee New Wave Bottoms Ltd. Akbar Cotton Mills Ltd. Adhunik Paper Mills Ltd. Mediastar Ltd. Alfis Ltd. Himalaya Ltd.
A1 A1 BBB2 BB1 BB1 BB1 BBB3 AA2 BB3 A3 AA3 BBB1 A2 BB1 BB2 AA3 BBB1 BBB1 BBB1 A2 B1 BBB1 A3 A1 AA1 A1 A3 BBB2 AA3 BBB2 BBB1 BB2 AA3 BBB3 A3 BBB2 BBB2 BBB3 BBB1 BB1 BB1 BB2 AA2 BBB3 BB2
M/S Emon Fashion M/S Euro Marble & Granite M/S Extra Pace Logistics M/S Faieza Textile M/S Fair Trade M/S Faizuddin & Co. M/S Fazlur Rahman Paiker & Sister Concerns M/S Feroz International M/S Fizu Store M/S Fresh Agro Food Products M/S Gazi Auto Rice Mill M/s GL Shipping Lines M/s Global Sea Services M/S Gold Star Electronics M/s Golden Jute supply M/S Gourab Auto Rice Mill M/S Gram Sarkar Rice Mills M/S Grey Textile Mills M/s H.K Jute Trading M/S Habib & Hai Traders M/S Haider Machineries M/S Haider Machinery Store M/S Haji Abdul Majid M/S Haji Abdul Mannaf Boiler & Auto Rice Mill M/S Haji Abdul Mannaf Boiler & Auto Rice Mill M/S Haji Lutfar Rahman & Sons M/S Haji Zanu Miah Flour & M/S Hakkani Ent. M/S Haque Auto Rice Mill M/S Haque Chaul Kall M/S Haque Krishi Vander M/s Haque Traders M/s Hasan Ent. M/s Hawa Flour Mill M/S Hawlader Bricks & Manufacturing M/s Helal and Brothers M/S Hello Faridpur M/S Holy Trade M/S Hossain Trading M/s Humayra Associates M/S Humayun Kabir M/S Humayun Timber Merchant & Saw Mill M/S Ibrahim & Brothers Bricks M/S Ideal Products & Its Sister Concerns M/S Imran Rice, Flour & Dal Mill
BBB2 BBB2 BBB3 BBB3 BBB3 BBB1 BBB3 BBB2 BBB3 BBB2 BBB2 BBB3 BBB3 BBB3 BBB1 BBB3 BBB2 BBB2 BBB2 BBB3 BBB3 BBB3 BBB2 BBB3 BBB3 BBB3 BBB3 BBB2 BBB3 BBB3 BBB2 BBB2 BBB3 BBB2 BBB2 A3 BBB2 BBB2 BBB2 BBB3 BBB2 BBB3 BBB3 BBB2 BBB3
Page 47 of 63
Sundarban Industrial Complex Ltd. Salma Trade International Ltd. Agro Equipments Ltd. Jeans Express Ltd. M/S Kushtia Ent. Partex Furniture Ind. Ltd. Rashid Agro Food Products Ltd. Lodestar Fashions Ltd. Orascom Telecom Bangladesh Ltd. Buro Bangladesh Lotus Corporation Raj Steel Corporation M/S The New Bhowmick Jewellers H S Ent. Ltd. Techno Drugs Ltd. Partex Laminates Ltd. Grace Packaging Ltd. Tanima Knit Composite Ltd. First Security Islami Bank Ltd. (Bond) New Tara Ent. Joynab Steel Silver Style & Design Ltd. M/S Hafiz Store Asset Development & Holdings Ltd. EJAB Developers Ltd. Crazy Fashions Ltd. Dresden Textile Ltd. Chemimole Chemicals (Pvt.) Ltd. D S Fashion Ltd. Brothers Fashion Ltd. Newtex Design Ltd. Rahman Brothers Fame Design Ltd. Bhuiyan & Co. Globe Biscuits & Dairy Milk Ltd. Fashion Skirt & Trousers Ltd. Al Amin Printing & Packages Ananta Paper Mills Ltd. M/S International Jute Traders Five Star Saw Mill Anik Composite Mills Ltd. Popular Life Insurance Co. Ltd. M/S Hiron Traders S.B. Agro Fertilizer Ind. Ltd. Purabi General Insurance Co. Ltd. Younus Fine Paper Mills Ltd. Abul Kalam & Brothers
BBB1 BBB2 BBB3 BBB1 BBB1 AA3 A1 BB1 A3 AA3 BB1 BBB1 BB1 BBB1 BB2 AA3 BB1 BBB2 A2 BBB3 A3 BBB3 BBB1 AA3 BBB2 BBB2 BBB3 CCC1 BBB3 BBB1 BBB3 BBB3 BBB3 B1 A3 BB1 BBB3 AA3 BB2 BB2 BBB3 A2 BB1 BBB1 BB3 AA3 BB3
Al Amin Export Ltd J N Ind. Ltd. Laila Food Products Ltd. Have International Good Rich Sweaters Ltd. Loqman Steel & Re-Rolling Mills Anowara Fashions Ltd. Global Specialized Garments Ltd. Danish Foods Ltd. Radiance Fashion Ltd. Globe Foundrical Works Abul Khair Steel Products Ltd. Mars Textile Ltd Well Foods Ltd. Globe Soft Drinks Ltd. Advance Ready Mix Concrete Ind. Ltd. Ishaque & Sons Raquef Apparel Washing & Packaging Ind. Ltd. Nice Trade Liners Bappy Ent. Bluetex Knitwear Ltd. Dui Bhai Weaving Factory Barkatullah Electro Dynamics Ltd. B B Textile Sarder Auto Rice Agro Ind. Ltd. Dysin-Chem Ltd. SP Knit Wear Ltd. Abdul Monem Sugar Refinery Ltd. Apartment Properties Ltd. M/S Hossain Ent. Prime Specialized Hospital and Research Institute Ltd. Tamanna Ltd. Bengal Pacific (Pvt.) Ltd. Interfab Shirt Manufacturing Ltd. Orchid Sweater Ltd. M/S Shahin Ind. Abdul Gaffar & Co. (Pvt) Ltd. Saki Auto Rice Mills (Pvt) Ltd and Its Sister Concerns Rhymer Chemical Ind. Ltd. Infinity Data & Power Ltd. Innstyle Fashion Ltd. Bismillah Moshari Store Bismillah Automatic Rice Mills Petromax Refinery Ltd. Beacon Pharmaceuticals Ltd. Karnafuly Shipyard (Pvt.) Ltd. Rupsha Trading Corporation
BBB1 BBB2 BBB2 A3 BBB3 BBB3 BBB2 A3 A1 BBB1 B1 AA1 A2 BBB1 AA3 BBB2 BB3 BBB3 BBB3 BBB3 BB3 BBB3 AA2 BB1 BB3 BBB3 BBB1 A2 BBB1 BB2 A3 BBB2 BBB3 AA1 BBB2 BB1 BB3 BBB1 A1 BBB3 BB3 BBB3 BBB3 BBB3 BBB2 B2 BBB1
M/S Imtiaz Traders M/S Islam Brothers M/S Islam Stone Crusher Ind. M/S Islamia Ent. & Active Telecom Ltd. M/S J.N. Corporation M/S J.R.K. International M/S Jalal & Sons M/s Janani Ball Pen Ind. M/S Janani Ent. M/s Janani Stationary Products & Books M/S Japani Motors M/S Jashim Trading Corporation M/S Jewel Ent. M/S Jony Rice Mill M/s K R Steel M/S K.B. Jute Trading M/S K.S. Ent. M/s Kafil & Brothers M/S Kafil Uddin And Its Allied Sister Concern M/S Kalaikuri Rice Mill M/s Kanak Tex International M/S Kandapara Marine Shipyard M/S Kazi Haider Hossain M/s Keya Motors M/s Keya Paribahan M/S Khalequzzaman M/s Khalid Jute Trading M/S Khan & Brothers M/S Khan Hardware M/S Khan Traders M/S Khan Trading M/S Khawja Electronics M/S Krishi Bitan M/S Laskar Traders M/S Laxmi Narayan Saha M/S Limon Corporation & Sister Concerns M/s Lovely Sanitary and Hardware Store M/S M. J. A. Ent. M/S M.A. Mannan and Others M/s M.B.Hossain M/S Madani Ent. M/S Madina Hardware Store M/s Maf International M/S Mahbub Bricks M/S Maimuna Ent. M/S Mama Vagina Husking Mill M/s Masu and Sons
BBB3 BBB3 BBB3 BBB3 BBB3 BBB2 BBB2 BBB2 BBB2 BBB3 BBB3 BBB3 BBB2 BBB3 A3 BBB3 BBB2 BBB2 A3 BBB3 BBB3 BBB3 BBB3 BBB1 BBB1 BBB3 BB3 BBB2 BBB1 BBB2 BBB3 BBB2 BBB2 BBB2 BBB2 BBB2 BBB2 BBB3 BBB3 BBB3 BBB3 BBB2 BBB1 BBB3 BBB3 BBB3 BBB1
Page 48 of 63
Woodland Plywood & Particle Board Ltd. M/S Kazi Sobhan Auto Rice Mill & Co Bhai Bhai Agency Universal Paper & Board Mills Ltd. CP Bangladesh Co. Ltd. Radiance Packaging & Accessories Ltd. Quest Accessories (BD) Ltd. M/S Needs Trading International Fakir Apparels Ltd. Afrin Jute Spinners Ltd. Patriot Packaging Industry Shahjahan Spinning Mills Ltd. Versatile Apparel (PVT) Ltd Swan Jeans Ltd. Kallandi Textile Swiss Tex Ltd. Dody Exportwear Ltd. Tushin Emporium Fakhruddin Textile Mills Ltd. M/S Masim Flour Mill & Its Sister Concern Azadi Printers Ltd. AST Knitwear Ltd. Blue Bell Auto Rice Mill Apex Yarn Dyeing Ltd. AA Synthetic Fibers Mills Ltd. Mosharraf Composite Textiles Mills Ltd. BRB Cable Ind. Ltd R M Seed Cold Storage Satkhira Ice & Cold Storage ARL Ship Breaking Ltd. M/S Paul & Co. BRB Cable Ind. Ltd Southern Renewable Energy Ltd. Unique Footwear Ind. Mustafa Cold Storage (Pvt.) Ltd. Ayman Ent. Shawon Fish Product (Pvt) Ltd. Button Tex Ltd. ACME Specialized Pharmaceuticals Ltd. J M Steel J B Cylinder Ltd. Purbani Rotor Spinning Ltd. Enayetpur Spinning Mills Ltd. Fularin Ind. Ltd. E B Solutions Ltd. Global Apparels Ltd.
BBB1 BBB1 BB1 AA3 AA3 BBB1 BBB2 BB3 A1 BBB3 BB2 BBB3 BBB3 BBB3 BB2 BBB1 BB1 BB1 BBB1 BB2 B1 A3 BBB3 AA3 BBB2 A1 AA3 BBB3 BB1 BBB3 BB2 AA2 BBB1 BBB3 BB1 BBB3 BBB3 BB3 AA2 BB1 BBB1 A2 BBB3 BB2 BBB3 BBB3
Hayet Trading Imperial Embroidery Ltd. Bangladesh National Insurance Co. Ltd. Standard Collection Manufacturing Co. Abed Holdings Ltd. Golden Traders Corolla Corporation (BD) Ltd. Unifill Textile Mills Ltd. Transonic Communications Ltd. Esack Brothers Ind. Ltd. Gold Mart Apparels (Pvt.) Ltd. Nilufa Automatic Rice Mill Unilliance Textiles Ltd. Global Trousers Ltd. Grameenphone Ltd. Rubel Dyeing Screen Printing Works (Pvt) Ltd. Brothers Fabrication Engineering Ltd Golden Containers Ltd. Silver Fabrics Samannaz Super Oil Ltd. Chittagong Waste Treatment Plants Ltd. Quasem Food Products Ltd. Purabi Agro Ind. Ltd. General Pharmaceuticals Ltd. M/S Shahidul Traders Haque Traders Syed Grand Centre Afrin Cold Storage Ltd. Techven Properties Ltd. Rubel Steel Mills Ltd. M/S Barnamala Prokashoni and Its Sister Concerns Joardar Rice Mills Juvenile Trade Intl Ltd. Crystal Insurance Co. Ltd. Crossline Factory (Pvt.) Ltd. Southern Posak Shilpa Ltd. R.K.Fashion Ltd. Kalam Brothers Tannery Ltd. Jalalabad Steel Building Ltd. Central Depository Bangladesh Ltd. (CDBL) Fashion Suit & Trousers Ltd. Hasmotullah Knitwear Ltd. Supti Sweater Ltd. Runner Automobiles Ltd. Logistics Management Services Ltd. Salman Khurshid
BBB1 BB2 BBB3 BBB3 BBB3 BBB3 BBB3 BBB3 BBB3 BBB2 BB1 BB1 A3 A3 AAA A3 A3 BBB3 BBB3 BBB2 BBB2 BBB3 BBB3 A1 BB1 BBB3 A3 BBB3 BBB2 BBB2 BB2 BBB3 BBB3 BBB2 BBB2 BB3 BB1 BBB1 BBB1 AAA BB1 BB2 BB2 A3 AA1 BB2
M/S Masum Trade International M/s Md. Abdul Wadud M/S Md. Abul Kalam M/s Md. Aynul Haque M/S MD. Delowar Hossain M/S Md. Momtaz M/s Meem Ent. M/S Meem Ent. M/S Meghna Traders M/S Mehedi Traders M/S Mintu Datta M/S Mishu Ent. M/S Mithi Rice Mill M/S Mitul Iron & Engineering Works M/S Mobile Zone M/S Mobin Auto Rice Mill M/S Modern Food Industry M/S MODINA SANITARY M/S Modina Trading Corporation M/S Mofiz Uddin M/S Moktar Husking Mill M/S Mollah Bricks M/S Mollah Chal Kol M/S Mollah Hardware Store M/S Mona Ent. M/S Monihar Jewellers M/S Monir Oil Agency M/S Monjur Auto rice Mill M/S Monjur Auto Rice Mills M/S Monjur Traders M/s Mostafiz & Brothers and Its Sister Concern M/S Mostak Motors M/S Mostak Motors M/S Motor Cycle Emporium M/S Mridha Ent. M/S Mukles Ent. M/S Multibis International M/S Murad & Brothers M/S Murad & Brothers M/s Musa & Sons M/S Muselina Textile Mills M/S N. N. Telecom & Sister Concern M/S N.B. Auto Rice Mills M/S Nabina Fruits International M/S Nahar Trading M/S Nakkhatra
BBB3 BBB3 BBB3 BBB1 BBB1 BBB1 BBB3 BBB3 BBB2 BBB2 BBB2 BBB1 BBB3 BBB3 BBB2 BBB2 BBB3 BBB2 BBB3 BBB2 BBB3 BBB3 BBB3 BBB2 BBB3 BBB1 BBB2 BBB3 BBB2 BBB2 BBB3 BBB3 BBB3 BBB2 BBB3 BBB2 BBB3 BBB3 BBB2 A3 BBB3 BBB2 BBB2 BBB2 BBB3 BBB2
Page 49 of 63
Fashion Point Ltd. Saif Powertec Ltd. Jamuna Traders Electrical & Electronics Co. Ltd. Standard Finis Oil Co. Hannan Knit & Textiles Ltd. Vai Vai & Mama Automatic Rice Ind. S K Motors Ruby Food Products Ltd. M/S Noor Ent. Garland Fashions Ltd. M N Traders BRB Polymer Ltd. Padma Traders Globex Marketing Co. Ltd. Toma Concrete Ltd. JMS Garments Ltd. Ratanpur Steel Re-Rolling Mills Ltd. Younus Paper Mills Ltd. Bangal Cold Storage Ltd. Amana Knittex Ltd. Solar Television Mfg. Ltd. Al Amin Ent. (UCBL) HNS Automobiles Bonny Designers Ltd. Kamal & Brothers Al Madina Traders Jamuna Seeds Storage (Pvt.) Ltd. Quality Feeds Ltd. Globe Textile Global Garments Ltd. Impress Newtex Composite Textile Ltd. Kibria Agro Ind. Bonny Designers Ltd. Sonali Concrete Products (Pvt.) Ltd. Shirat Chemicals Ltd. Central Depository Bangladesh Ltd. (CDBL) Nourish Poultry and Hatchery Ltd. JIZ Textile Ltd. Chittagong Electric Manfg. Co. Ltd. Tung Hai Sweaters Ltd. Celluler Mobile Pte Ltd. Papri Traders F.M. Knitwear Ltd. Fashion Trousers Ltd. Suvastu Development Ltd. Cutting Edge Garments Ltd. Fariha Spinning Mills Ltd.
BB1 BBB1 BBB2 BBB3 BBB3 BB1 BBB3 BBB2 BBB3 BB1 BB1 BB1 A1 BBB2 A3 BBB2 BBB1 AA3 AA3 BB2 BBB3 BBB3 BBB3 A3 BB1 BBB3 BBB3 BB2 AA2 B1 BBB3 BBB2 BBB3 BB1 BBB3 BBB2 AAA AA2 BB1 BB2 A3 BBB2 BBB3 B1 BB1 A3 A2 BBB2
Gelco Steel (Bangladesh) Ltd. SAK Knit & Textile Mills Ltd. Organic Shrimps Export Ltd. Renata Ltd. Amin Trading Corporation Kazi Md. Shoyeb Rumana Fashion Ltd. Smart Accumulator Pvt. Ltd. First Security Islami Bank Ltd Akhtar Furnishers Ltd. R B Rice & Flour Mill Bashundhara LP Gas Ltd. M/S New Meghna Mosaic Agency Hot Dress Ltd. Arshad Ent. Techno Venture Ltd. Trust Bank Ltd. Creative Sweater Pvt. Ltd. MRS Ind. Ltd. International Shirt Line Ltd. Borak Trading & Carrier SP Fashions Ltd. Protein House Ltd Spark Poly Ltd. Alvi & Co. Shadhin Dyeing (Pvt.) Ltd. Sobuz Flour Mill Ram Automatic Rice Mill M/S Robin Ent. Cedar Bangladesh Ltd. Fatema Ent. Dhaka Trading House Thats It Sports Wear Ltd. Jagorani Chakra Foundation Bilkis Auto Rice Mill Kohinoor Automatic Rice Mill Orion Pharmaceuticals Ltd. SAM Pack Ltd. Falguni Traders Association for Development Activity (ADAMS) Kurigram Spinning Mills Ltd. Vulua Tannery Ltd. Gram Bangla Tubes Ltd. Urmi Garments Ltd. Combined Food & Cold Storage Ltd. Annyasha Trading Agency R S Machineries Dutch-Bangla Bank Ltd.
A1 B2 BBB1 AA1 BBB3 BBB3 BB1 BB2 A3 A3 BBB3 A3 BB1 BBB1 BB1 A3 AA3 A3 A2 BBB2 BBB3 BBB1 BBB1 BBB1 BB3 BB3 BBB3 BB2 BBB1 BBB1 BB3 BBB3 AA2 A1 BB2 BBB3 A1 BB2 BB1 BBB3 C BBB1 BBB3 BBB1 A2 BB2 BB1 AA1
M/S Nandigram Auto Rice Mill M/S Narsingdi Steel M/S Nasim Trading M/S National Machinery M/S Nawab Auto Rice & Feed Mills (Pvt) Ltd M/S Nawab Food Products M/S Nazrul Super Rice Mills M/S New Asha Traders M/S New Biswas Sons & Co. M/s Nippon Motors M/S Nirmata M/S Nisha Trade International M/s Nobab & Co. M/S Nobi Brothers M/S Northern Paddy Bi Product M/s Nurul Islam & Brothers M/s Nurul Islam Brothers & its Sister Concern M/s Ocean Fuels International M/S Opal Trade M/S Pahan Trading M/S Parbata Agency M/s Parvez Jute Trading M/S Phool Mohammad Traders M/S Pioneer Ent. & Its Sister Concerns M/S Pipa Rice Mills M/S Pita-Mata Furniture M/S Polash and Brothers M/S Popular Ent. M/S Powerpac Engineering Co. M/S Pradip Chandra Shaha M/S Prime International M/S Priyanka Printing and Publication M/S Progoti Rice Mill M/S Purnima M/S R M Co. M/S Rafi Ent. M/S Rahim Trading M/S Rahima Traders M/S Rahman Ent. M/S Rahman Mill Store M/S Rahmat Store M/S Raj Ent. M/s Raja Ent. M/S Rajbadhu Sharee Ghar M/S Raju Traders M/S Ramisha Ent. M/S Rana Ent. M/S Ratna Ent.
BBB2 BBB2 BBB3 BBB3 BBB3 BBB2 BBB3 BBB2 BBB3 BBB3 BBB2 BBB2 BBB2 BBB3 BBB3 BBB2 BBB2 BBB2 BBB3 BBB3 BBB2 BB2 BBB2 BBB2 BBB3 BBB2 BBB2 BBB3 BBB3 BBB3 BBB3 BBB2 BBB2 BBB2 BBB3 BBB2 BBB3 BBB2 BBB2 BBB3 BBB3 BBB2 BBB3 BBB2 BBB2 BBB3 BBB2 BBB3
Page 50 of 63
Yeakin Polymer Ltd Panasia Clothing Ltd. Chakda Steel & Re-Rolling Mills Ltd. Star Line Food Products Ltd. Sujan Textile Bright Sea Food Ltd. Sunflower Life Insurance Co. Ltd. OK Ent. Pvt. Ltd. Meek Sweaters Ltd. Design & Source Ltd. SAMP Ltd. Arian Chemicals Ltd. Ferdaus Jute Mills Ltd. BRB Polymer Ltd. Social Islami Bank Ltd. LankaBangla Finance Ltd. Karnafully Fish Products Zaheen Knitwears Ltd. Green Housing & Energy Ltd. Panorama Apparels Ltd. Global Fabrics (Pvt.) Ltd. Weavers Furnishing Ltd. Tip Top Fashions Ltd. M/S N.S. Auto Rice Mills & M/S Nobibul Traders Haji Dana Miah and Sons TSN International Cherry Knitwear Ltd. Unicorn Ind. Ltd. New Auto Galaxy Akther Hassan Traders Farid Uddin & Sons DBH Finance Corporation Ltd. Fiat Fashion Ltd. T R Textile Mills (Pvt) Ltd. Raghunath Kundu & Kalachand Kundu Star Sea Food Ind. Ltd. Pailac Chemicals Co. The Immaculate Exports Ltd. Bright Green Energy Foundation Khan & Sons Auto Rice Mill Dallas Filling Station Kushtia Rice Mill Fabitex Ind. Ltd. Quality Can Ind. Ltd. Star Line Special Ltd. Blue North Fisheries Purbachal Paper Mills Ltd. Ahmed & Brothers Re-Rolling Mills Ltd.
BBB2 BBB2 BBB3 BBB3 BBB3 BBB3 BB1 BB3 BB1 BBB2 BBB1 BBB3 BBB3 A3 AA3 A2 BB2 BBB1 BBB3 BBB1 BB3 A3 BBB2 BBB1 BB1 BBB2 BBB1 BBB1 BBB3 BB1 BB2 AAA BB1 A3 BB1 BB2 A3 BB3 A1 BB2 BB1 BBB3 BBB3 BBB2 BBB2 BBB3 BBB2 BBB3
Haque Rice Mill Ltd. New Bogdad Rice Mill North South Packaging Ind. Ltd. Sunlife Insurance Co. Ltd. Ranks FC Properties Ltd. Islamic Finance & Investment Ltd. Rudmila Knitwear Ltd. Akther Hassan Traders M/S Haider Machineries Pole Star Apparels (Pvt.) Ltd. Smart Technologies (BD) Ltd Azmir Rice Mill Base Textile Ltd. Al-Arafah Islami Bank Ltd. ASM Chemical Indusreies Ltd. New Foods Ltd. Kiam Metal Ind. Ltd. BFL-HCL-JV Rangs Motors Ltd. Aru-Ato Properties Management Ltd. M/S Emon Fashion Hydroxide Knitwear Ltd. M/S Abdul Latif Molla Husking Mill Epcot Apparels Ltd. Krishan Ent. M B T Trade International Hashem Paper Mills Ltd. Impex Trade International Ali Hossain Traders Rashil & Brothers Shehab Knitwear Ltd. Kafil Agro Indutries Ltd. Kotalipara Maida Kal Impressive Garments Ltd Sonali Super Food Varities Mercantile Insurance Co. Ltd. Advance Animal Science Co. Ltd. Gulf Oil Bangladesh Ltd. SB Tel Ent.s Ltd. Advance EPS Technologies Ltd. Jharna Ent. M/S Kafil Uddin and its Allied Sister Concern Doreen Power House & Technologies Ltd. Star Line Auto Rice Foods & Beverage Ltd. Jahangir & Others Ltd. Subashati Properties Ltd. Impex Traders M/S Moazzem Hossain
BB1 BB2 BB1 BBB3 BBB2 A3 BB1 BB1 BB3 C A3 BB1 BBB2 AA3 A1 BB2 AA3 A2 BBB1 BB3 BB2 BBB1 BB1 BBB3 BBB3 BBB1 BBB1 BB1 BB2 BBB1 BB2 BBB3 BBB3 BB1 BB2 A2 BBB3 BBB3 AA2 BBB2 BB3 A2 AA2 BBB3 BBB1 BB1 BBB1 BBB1
M/S Rechi Ent. M/S Rensco Rice Mill M/S Rezvi Construction M/S Ripon Perfumery & Chemicals M/S Rony Bricks M/S Roy Traders M/S Runa Ent. M/S RUNIA Ent. M/s S K Ship Breaker M/s S K Steel M/s S. Trading Corporation M/S S.K. Traders M/S Sadman Bricks M/S Safi Ind. M/S Sagar Fish Export M/s Sagir & Brothers M/S Sahana Textile M/S Saiful Hoque & Brothers M/S Sajani Ent. and Its Sister Concerns M/S Saki Auto Rice Mill and Its Sister Concerns M/S Salif International M/S Salim Impex M/S Sami Ent. M/S Samin Poultry Breeders M/S Sar Bitan M/S Sarker Agro Food Products M/S Sat Tara Matsha Babosaye M/S Sathi & Brothers M/S Sathi & Brothers M/S Sawon Bricks M/S Sazzad Ahmed & Sons M/s Seema Trading M/S Shabuj Auto Rice Mill & M/S Shabuj Ent. M/S Shafi Trading Corporation M/S Shafique Traders M/s Shah Amanat Marine Service M/S Shah Sultan Bij Himagar M/S Shahadat Hossain Cold Storage M/S Shahan Trade International M/S Shaheen Traders M/S Shahjadpur Travels and Its Sister Concerns M/S Shamota Feeds & Its Sister Concern M/S Shamota Traders M/S Shamota Feeds & Its Sister Concern M/S Shamota Traders M/S Shamsu Saw Mills M/S Shanto CNG Re-Fuelling Station M/S Shapla Poultry Feed Mills M/S Shawn Machineries M/S Shelly Traders
BBB2 BBB3 BBB3 BBB3 BBB3 BBB3 BBB3 BBB3 BB2 BB2 BBB1 BBB2 BBB2 BBB3 BBB2 BBB2 BBB2 BBB3 BBB3 BBB1 BBB2 BBB3 BBB1 BBB3 BBB2 BBB3 BBB3 BBB3 BBB3 BBB3 BBB2 BBB1 BBB2 BBB2 BBB3 BBB2 BBB2 BBB3 BBB2 BBB2 BBB1 BBB2 BBB2 BBB3 BBB1 BBB2 BBB2 BBB3
Page 51 of 63
Gulf Travels RR Trading & Co Dody Trims Ltd. Provati Insurance Co. Ltd. Sirina Garments & Textiles Ltd. Chittagong Udaion Corporation Ltd. Sea Power Fishing Ltd. Trisha Flour Mill Shotodol Associates Eurotex Knitwear Ltd. SB TEL Ent. Ltd Credenz International Ltd. ONE Bank Ltd. Subordinated Bond Akco Ind. and Cold Storage Ltd. Trust Bank Investment Ltd. Central Insurance Co. Ltd. Grace Accessories Ltd. S H Trading Co. Gobindaganj Cold Storage Ltd. Nextgen Style Ltd. S L Steel Haque Chemicals Ent. Arbab Poly Pack Ltd. Eurozone Fashion Ltd. BASIC Bank Ltd. Pearls & Pouce Ltd. Sopura Silk Mills Ltd. Goldstar Steel House Jeans Manufacturing Co. Ltd. Anannya Traders Newtex Knit Fashions Ltd. Sungarh Tex Ltd. BRAC Bank Ltd. Palli Bandhu Unnayan Sangstha Golden Food Processing Industry Standard Group Ltd. Alim Ind. Ltd. Abul Khair Ltd. Bonafide Knitting Mills Ltd. Hasan Flour Mills Ltd. SS Steel (PVT) Ltd. Nordic Woods Ltd. Premier Style Ltd. Peninsula Steel Mills Ltd. Atlas Bangladesh Ltd. Grameen Knitwear Ltd. BRB Cable Ind. Ltd Natore Cold Storage Ltd. Skyline Garments Ltd.
BB3 A2 BB3 A2 BBB3 B1 BBB2 BB2 BB1 BBB1 AA3 B2 A1 A2 A3 A3 BB1 BB2 BB1 BB1 BB2 BB3 A2 BBB3 AA2 BBB1 BBB1 BBB3 BBB3 BBB3 BBB3 BB3 AA3 BB3 BB1 AA3 BBB2 AA1 A2 AA2 A3 A3 BB1 BBB2 AA2 A3 AA1 A3 BBB3
M.H & Co. Ltd. Farr Ceramics Ltd. S.S. Steel (Pvt) Ltd. Electro Mart Ltd. Empire Dying Ltd. Fiza & Co. Ahmmodia Rice & Flour Mills Asian Electronics STS Holdings Ltd. M/S Awlad Machineries Biswas Traders & VIP Rice Mills Haque & Co. Ltd. S A Salt Ind. Ltd. Kibria Traders Kabir Securities Ltd. Banga Dredgers Ltd. RS & T International New Generation Trading Ltd. Taj Trading China Bangla Ceramic Ind. Ltd. Rahbar Ent. ASM Chemical Indusreies Ltd. Five Star Tex International Ltd. Wear Mag Ltd. Saiham Cotton Mills Ltd. Anowara Apparels Ltd. First Security Islami Bank Ltd. Niribili Fisheries Ltd. Orion Infusion Ltd. M/S Rana Ent. Electro Mechanical Service Ltd. Julfikar Re-Rolling Steel Mills Ltd. Khan Brothers Seven One Tex Ltd. Hua Thai Ceramics Industry Ltd. Radisson Apparels Ltd. SKB Stainless Steel Mills Ltd. Shabbir Ent. East West Suiting Mills Ltd. East Asia Maritime BHT Ind. Ltd. Green Granite & Marble Ltd. Lolit Mohon Shaha Panasia Sweaters Ltd. Jes Motors Karotoa Spinning Mills Ltd. Best Steel Ind. Ltd. Kron Sweater Ltd. J K Synthetic Mills Ltd.
BBB1 A3 A3 BBB3 A3 BBB3 BBB3 BB1 A1 BBB1 BBB3 BBB3 BBB2 BBB3 BBB3 BBB3 BBB2 BB2 BB1 BBB1 BBB3 A1 BBB1 AA2 A3 BBB3 A2 BB2 BBB3 BBB1 A3 BBB3 BBB3 BB1 BBB1 BBB3 A3 BBB3 BBB3 BBB3 A3 BBB2 BBB2 BBB2 BBB3 BBB3 BBB2 BBB3 BBB2
M/S Shemul Ent. M/S Shewly Chaul Kal M/S Shewly Ent. M/S Shimul Auto Rice Mill M/S Shimul Auto Rice Mill M/S Shohag Trading Co. M/S Shohel & Brothers M/S Shoyeb Boulders Crushing Industry M/S Shoyeb Boulders Crushing Industry M/S Shuhan Textile M/S Shuvo Auto Bricks Manufacturing Co M/S Shuvo Auto Bricks Manufacturing Co M/S Shuvro Ent. M/S Siddique Traders M/S Siraj & Co. M/S Siraj Agro International M/S Siraj Traders M/s Sohel & Brothers M/S Sohel Motso Khamar M/S Solar Ceramics Ltd. M/S Sonali Automatic Rice Mill & M/S Sonali Traders M/S Sonali Fish M/S Sonargaon Tata Bricks M/S Sufi Steel M/S Suma Tube Well Agency M/S Sumaya Ent. M/S Sunny Auto Rice Mills Ltd M/S Surovi Carriers and Its Sister Concerns M/S Talukder Jute Trading M/S Tara Miah M/S Tawakkal Store M/S Tazan Agro Ent. M/S Tazan Agro Ent. M/S Tazim Vehicles Industry & Sister concerns M/S Tazin Bricks Manufacturer M/S Tazin Bricks Manufacturer M/S The Champion Cottage Ind. M/S Three Brothers Bricks Manufacturing Co. M/S Three Star Flour Mill M/S Toriqul Islam M/s Trade Consortium M/s Trade Overseas M/S Tuhin Bricks Traders M/s Unique Traders M/S United Seed Store M/S Uttam Kumar Kundu M/S V.I.P. Trading M/S Vicar International M/S Wahab Husking Mill
BBB3 BBB3 BBB2 BBB3 BBB3 BBB3 BBB1 BBB2 BBB2 BBB3 BBB3 BBB3 BBB2 BBB3 BBB2 BBB3 BBB2 BBB2 BBB3 BBB2 BBB3 BBB3 BBB2 BBB3 BBB3 BBB1 BBB3 BBB2 BBB3 BBB2 BBB3 BBB2 BBB2 BBB3 BBB1 BBB3 BBB2 BBB2 BBB2 BBB2 BBB3 BBB3 BBB3 BBB3 BBB3 BBB2 BBB1 BBB2 BBB3
Page 52 of 63
Siam's Superior Ltd. Dui Bhai Husking Mills RR Trading & Co United Ashuganj Power Ltd. Karim Textiles Ltd. Naila Fashion Pvt Ltd. M K Steel Box & Pipe Mills Golden Son Ltd. Delhi Aluminum Factory Ltd. Al Amin Garment Inds. Ltd. Nourish Poultry and Hatchery Ltd. BRAC Bank Ltd.-Bond Standard Bank Ltd. Fortune Apparels Ltd. Shahadat Husking Mills Dye-Tex International BRB Polymer Ltd Provati Insurance Shohagpur Textile Mills Ltd. Blue Water Shopping City J K Fabrics Ltd. J K Cotton Mills Ltd. Krishan Auto Rice Mill Transcom Beverage Ltd Skyline Apparels Ltd. M/S Zinat Rice Ind. DESHA Apex Spinning & Knitting Mills Ltd. Dekko Knitwears Ltd. Abul Khair Milk Products Ltd. Air Trip International Ltd. S B Traders H K Steel Ltd. Crossline Knit Fabrics Ltd. Chens Crop Science Bangladesh Ltd. Siraz Cycle Ind. Ltd. Comfit Composite Knit Ltd. J & J Fabrics and Textile Ltd. PEB Steel Alliance Ltd. Dhaka Insurance Ltd. M I Cement Factory Ltd. Export Pack Ltd. The City Bank Ltd. Cathweld Construction Co. Ltd. Thakral Information System Pvt. Ltd. Nezam Uddin & Brothers H&W Apparels Ltd. International Leasing and Financial Services Ltd
BBB2 B1 A2 AA2 A2 BB1 BBB3 AA3 A3 BB1 AA2 A1 AA3 A3 BB1 A3 A3 A3 A2 BBB3 BBB2 BBB2 BBB3 AAA BBB3 BB1 BBB2 A1 A2 AA1 BBB3 BBB2 BBB2 BBB2 BBB2 BBB3 BBB2 B1 A3 A3 AA2 B1 AA3 BBB1 BBB3 BB1 BB2 A3
Shantano Cold Storage North Bengal Plastic Bag Ind. Hamid Fabrics Ltd. Salam & Kalam Daul Mill Basher Spinning Mills Ltd. IFAD Multi Products Ltd. F Rahman Tea Co. Ltd. Perfect Fashions Ltd. Sinha Fabrics Ltd. Fakir Flour & Daul Mill Tempaco Foils Ltd. R.K. Spinning Mills Ltd Crown Knitwear Ltd. Razzaque Steel House Earth Footwear Ltd. Globe Drugs Ltd. Asia Ind. (Pvt) Ltd. P L Coconut Oil Mill S M Steel Re-Rolling Mills Ltd. Rabeya Automatic Rice Mill J K Knit Composite Ltd. Shahidul Bhander Mango Teleservice Ltd. Universal Poultry Hatcheries Ltd Bismillah Ent. First Security Islami Bank Ltd. Hamdard Laboratories (WAQF) Bangladesh Fatima Alyaf Tala-E Jute Ind. Ltd. Pacific Impex Toma Construction & Co. Ltd. Shampa Flour Mills Ltd. APS Design Works Ltd. Shahjibazar Power Co. Ltd. Advance Development & Tech. Ltd. Al Noor Steel Complex Ltd. Norths Egg Ltd. Shovessa Electronics & Motors Impex Trading Co. & Sister Concerns M/S Ramzan Ent. Fashion Makers Shah Ent. Herok Jute International Disari Ind. (Pvt.) Ltd First Security Islami Bank Ltd. (Bond) Executive Technologies Ltd. BSB Spinning Mills Ltd. Plastic Concern (Pvt) Ltd. Fatullah Fabrics Ltd
BB3 BB2 AA3 BB3 BBB1 BBB1 BBB3 BBB3 BBB1 BB2 A1 BBB1 BBB2 BB1 BBB3 A3 BBB3 BB2 A2 BBB3 BBB2 BBB3 AA1 A3 BB1 A2 A1
M/S Wahedul Traders M/S Waz Ent. M/S Western Trading M/s Wood Electrics M/S Yousuf Ali Textile M/S Yousuf Ent. M/S Zahurul Haque Dulal M/S Zakir Ent. M/S Zaman Traders M/S Zia Guest Inn M/S Zianagar Rice Mill M/S Zikrullah Trading M/S Zikrullah Trading M/s. A.B Trade International M/s. A.R Transport M/s. Abdul Wahab M/s. Agrani Garments M/s. Ahmed & Sons Ent. M/s. Alal Ent. M/s. Alam Auto Atop Rice Mill M/s. Al-Amin Traders M/s. Aleya International M/S. Amena Auto Flour Mills M/s. Ananna Foods M/s. Anisur Rahman M/s. Arafah Rice Mill M/s. Arafat Trading M/s. Arif Electronics
BBB2 BBB3 BBB2 BBB3 BBB2 BBB2 BBB2 BBB2 BBB3 BBB2 BBB3 BBB2 BBB2 BBB3 BBB3 BBB2 BBB3 BBB3 A3 BBB3 BBB2 BBB3 BBB1 BB1 BBB2 BBB3 BBB3 BBB3 BBB3 BBB3 BBB3 BBB2 BBB3 BBB3 BBB3 BBB3 BBB1 BBB1 BBB2 BBB2 BBB3 BBB3 BBB3 BBB3 BB1
BBB1 BB2 A3 AA2 BBB1 AA2 A1 A3 BBB3 BBB3 A3 A3 BBB3 BBB3 B1 BBB1 A2
M/s. Badhan Garments M/s. Basak Auto Rice & Agro Food Ind. M/s. Business Media M/s. China International M/s. chitra International M/S. Choudhury Auto Rice Mill M/S. Dulari Ent. M/s. Expo Traders M/s. Fashion Palace M/s. Fashion Palace M/s. Fatullah Apprels M/s. Faysal Traders M/s. Habib Traders M/s. Halim Corporation M/s. Harun Enterprize M/s. Islam Engineering M/s. Jalal Traders
BBB2 BBB2 BBB3 BBB2 M/s. Janani Stationary Products & Books M/s. Janata Chaul Kal M/s. Janata Traders BBB1 BBB3 BBB3
Page 53 of 63
Ershad Builders Ltd. (Ershad & Sons) Sam Ree Dyeing (BD) Ltd. Globe Engineering Works Billah Resources Ltd. M/S Able Shipping Line Feaz Ent. Osmanli Trade Ltd. Pearl Garments Co. Ltd. Renaissance Hospital & Research Ins. Ltd. Prime Corporation Jamuna Auto Rice Mill Radiance Jeans Ltd. Tusuka Jeans Ltd. Karnaphuli Ent. The Cox Today Ltd. C & A Fashion Ltd. Jalalabad Ragib Rabeya Medical College MP Spinning Mills Ltd. Lifestyle Fashions Maker Ltd. ABL Specialized Cold Storage Pvt. Ltd. Khan Auto Rice Mill Ltd. Mahmud Denims Ltd. Priyam Garments Ltd. Bashundhara Industrial Complex Ltd. Setara Fish Farm Ltd. Shadow R.K. Spinning Mills Ltd. National Housing Finance & Investments Ltd. R M Carton Ltd. Bangla Trac Ltd. Amex Ltd. M/S Akhter & Brothers S A Pulp & Paper Products Ltd. Prime Bank Ltd. Novelta Bestway Pharmaceuticals Ltd. Chittagong Padding Mills Ltd. Zarjis Composite Knit Ind. Ltd. VOTT Oil Refineries Ltd. R M Interlinings Ltd. United Ship Recycling Gothic Design Ltd. Ridwan Textile Prime Specialized Hospital & Research Institute Ltd. Taj Plastic Ind.
A3 BB3 B1 BB2 BB2 B1 BBB2 AA3 BB3 A3 BB1 BBB1 A3 B1 BBB1 BB3 A1 A1 B1 B1 BB2 AA3 A3 A3 BBB3 BB1 A3 A2 BB1 A1 AA2 BB1 A2 AA2 BB3 BB2 BB1 AA2 AA3 BB1 AA1 BB1 A3 BB1
Q N Queue Accessories Ltd. Didarul Alam & Brothers Jalalabad Steel building Ltd. R.K.Fashion Ltd. Sterling Designs Ltd. M/S Japan Steel Engineering Kores Bangladesh Ltd. Karooni Knit Composite Ltd. Bank Asia Ltd. Eastern Medical College & Hospital Ltd. Ha-Meem Denim Mills Ltd. Lodestar Packaging Ltd. Star Padding Ind. Ltd. Salam Jute Mills (Pvt) Ltd. Enam Medical College & Hospital Runner Bricks Ltd. Empire Dying Ltd. Ratanpur Ship Re-Cycling Ind. Ltd Progressive Shipping Lines Ltd. Shadhin Garments (Pvt.) Ltd. HSBC Bangladesh Satkhira Feed Ind. Ltd M/S Sheikh Traders Transcom Foods Ltd. M/S Jamuna Motors & Engineering Works Helal Electric Co. M/S Mahtab Flexible Printing Press & Sister Concern M/S Katha Ent. Les Pulls D'Alex Ltd. Jahangir Iron Mart Tamanna Sweaters Ltd. TNTS Ent. Badar Spinning Mills Ltd. Surma Oil Mills Funka Ind. Ltd. Padma Cold Storage (Pvt.) Ltd. Building Technology & Ideas Ltd. Gold Star Garments Ltd. Anwara Mannan Textile Mills M M Spinning Mills Ltd. Khaza Ent. Jahanabad Sea Foods Ltd. Transcom Distribution Co. Ltd. Aswad Composite Mills Ltd.
BBB3 BBB2 BB1 BB1 BBB2 BB2 BBB3 BBB3 AA3
M/s. K.R Jute trading M/s. M. R Trade International M/s. M.H Jute Traders M/s. Maa Babar Doa Ent. M/s. Maruf & Brothers M/s. Md. Rabiul Islam M/s. Midland Crusher M/s. Millennium Publications M/s. Mim Ent. M/s. Minar Fashion
BBB2 BBB3 BBB3 BBB3 BBB3 BBB2 BBB3 BBB3 BBB3 BBB3 BBB3 BBB3 BBB2 BBB2 BBB3 BBB3 BBB1 BBB1 BBB2 BB1 BBB3 BB1 BBB3
BBB3 AA2 BB1 BB2 BBB3 A2 BBB3 A3 BBB3 BBB1 BB1 AAA BBB3 A3 A2 A3 BBB3 BBB1 BB2 BB1 BB3 BB2 BBB3 BBB3 BB1 BB3 BB2 AA3 BBB3 BBB1 BBB2 BB1 BBB1 A1 A1
M/S. Modern Food Ind. M/s. Modhumoti Steel Engineering M/s. Monir Sikder Textile and Sizing Mills M/s. Munshi Filling Station & CNG M/s. N.C Jute Trading M/s. Naba Puthighar M/s. Nahar Commercial Agency M/s. Network M/s. Nippon Textile Mills M/s. Nofor Traders M/s. Nurjahan Husking Mill M/s. Padma Publishers M/s. Perfect Engineering and Technology Ltd. M/S. Phool Mohammad Traders M/s. Popy Library M/s. Progati Traders M/s. R.M. International M/s. Rahmania Offset Press M/s. Rifat Trade International M/s. Rony Ent. M/s. S. S Ent. M/s. Sad Ent. M/s. Saikat Ent. M/s. Saikat Trading M/s. Sanitary World M/s. Sarder Trading M/s. Sathi Traders M/s. Shafi Trade International M/s. Shafiqul Islam M/s. Shamim & Brothers M/s. Shohag Ent. M/s. Spectra Dye-Chem (PVT) Ltd. M/s. Suruchi Ent. M/s. Tamanna Petro Trading Co.
BBB2 BBB2 BBB3 BBB3 BBB3 BBB2 BBB2 BBB3 BBB3 BBB1 BBB1 BBB3 BBB3 BBB2 BBB3 BBB3 BBB3 BBB3 BBB3 BBB3 BBB3
Page 54 of 63
BRB Energy Ltd. Al-Haj Karim Textiles Ltd. Building For Future Ltd. Savar Sweater Ltd. DAF Ctg. Accessories Ltd. M J Construction Based & Sons Steel and ReRolling Mills Ltd. Uttara Bank Ltd. M/S Hi-Tech Electronics Aman Agro Ind. Ltd. Green Delta Insurance Co. Ltd. Boishakhi Automatic Rice Mills ATS Apparels Ltd. Ali Steel Ent. SF Sweaters Ltd. Arif Traders The Immaculate (Pvt.) Ltd. Bank Alfalah Ltd. Satata Garments The Rani Re-Rolling Mills Ltd. Alauddin Trading Co. Ltd. Fakir Fashion Ltd. Pintu Motors Everest Sweaters Ltd. Pacific Spinning Mills Ltd. DAF Knitwears Ltd. FN Fan Ind. Ltd. Sea Tex Ltd. Tongi Oil Mill & Co. Khan Complex LankaBangla Securities Ltd. Ahmed Agro Agency Nizamia Trade International Nourish Poultry & Hatchery Ltd. Computer Source Ltd. Shuvo Knit Ltd. Five Star Ice & Clod Storage Ltd. Khulna Frozen Food Export Ltd. People's Leasing & Fin. Services Ltd. Energy Meter Co. Ltd. BENZ Ind. (Bangladesh) Ltd. Sifa Husking Mills Green Power Electrical & Electronics Globe Pharmaceuticals Ltd. Rupali Garments C & A Textiles Ltd. M/s Abdul Mozid Khan Shasha Denims Ltd. AMC Knit Composite Ltd.
A2 A2 A1 A3 A3 B1 BBB2 AA3 BB1 A3 AA1 BBB3 A3 BB3 BB1 BBB2 BB3 A2 BB2 BBB1 BB3 A3 BB1 BB1 BB1 A3 BB3 BB2 BBB1 BB2 AA2 BB1 BB1 AA2 A2 BB3 A2 BB2 A2 A3 BBB1 B1 BB1 A2 BB3 BB3 B2 A1 BBB1
M/S Aminul Momin and its sister concern M/S A.M. Bricks 10% Convertible Zero Coupon Bonds 4A Yarn Dyeing Ltd. 4s-Park style Ltd. 7 One Properties Ltfd. 7B Associates A & A Trousers Ltd. A K Fish and Poultry Feed Private Ltd. A. Rahman Parash Auto Rice Mills Ltd. A. Rahman Parash Auto Rice Mills Ltd. A.E. Knitwear Ltd. A.G. Automobiles Ltd. A.H Ent. A.H. International Ltd. A.R Steel Corporation A3 Color Chem Ltd. Aamra Technologies Ltd. Abanti Colour Tex Ltd. ABC Building Products Ltd. Abdul Steel Mills Ltd. Abdullah Battery Co. (Pvt.) Ltd. Abed Textile Processing Mills Ltd. Abhijat Tiles & Sanitary Abir Ent. Aboni Knitwear Ltd. ACE Autos (Pvt.) Ltd. ACME Laboratories Ltd. Active Zipper Ltd. Active Zipper Ltd. AD-Din Exim Ltd. ADN Technologies Ltd. Adobe Builders Ltd. Adobe Builders Ltd. Advance Power Electric Co. Aerial Properties Ltd. Aesthete Ltd. AFA Steel Ind. Ltd. Afaku Cold Storage Ltd. Afaku Cold Storage Ltd. Aftabunnesa Textiles Ltd. AG Agro Ind. Ltd. Agomony Cold Storage Ltd. Agrani Bank Ltd. Agricultural Marketing Co. Ltd. Agro Resources Co. Ltd. AGS International Ltd. Ahmed Trade International Ahyan Jute Mills Ltd. Akbor Agro Auto Rice Mill
M/s. Travel International BBB1 A2 BBB3 BBB2 BBB1 BBB1 BBB2 BBB2 BBB3 BBB3 BBB3 BBB1 BBB3 BBB3 BBB3 BBB2 A2 A1 BBB1 BBB3 A1 BBB3 BBB3 BBB2 A2 BBB2 A1 BBB1 BBB1 BBB3 BBB2 BBB2 BBB2 BBB2 BBB3 BBB3 BBB2 BBB3 BBB3 BBB1 BBB2 BBB3 A1 AA3 BBB2 BBB2 BBB3 BBB2 BBB2 M/s. VIP Trading M/s. Yasmin Chemical Works M/s. Youfa Trading M/s. Zahura Auto Rice Mill Madina Oil Suppliers Mahdeen Sweaters Ltd. Mahmud Jeans Ltd. Mahmud Jeans Ltd. Mahmud Washing Plant Ltd. Mahmud Washing Plant Ltd. Maisha Property Development Ltd. Majumder Traders Ltd. Malek Spinning Mills Ltd. Manama Developments Ltd. Manik Atta Dal and Tel Mill Mannan & Son's Beez Himagar Ltd Marium Textile Mills Ltd. Mars Apparels Ltd. Mars Sportswear Ltd. Masafi Flour Mill Ltd. Masafi Trade International Mashud Fish Processing and Ice Complex Ltd. Master Accessories (Pvt.) Ltd. Master Textile Mills Ltd. Masud Apparels Ltd. Masud Apparels Ltd. Matin Spinning Mills Ltd. Mazeda Fabrics Ltd. Mazeda Fabrics Ltd McDonald Bangladesh (PVT.) Ltd. McDonald Steel Building Products Ltd. Md Towhid Hossain Md. Enamul Haque Meeazee Housing Co. Meeazee Housing Co. Meenhar Sea Foods Ltd. Megapower Engineering Ltd. Mehmud Ind. (Pvt.) Ltd. Mercantile Bank Ltd. Mercantile Bank Ltd. Meridien Washing Plant (Pvt.) Ltd. Metro Steel Re-Rolling Mill Ltd. Mir Cement Ltd. Mir Ceramic Ltd. Mir Concrete Products Ltd. Mir Real Estate Ltd. Mission Developers Ltd. Mission Fashion Ltd.
BBB2 BBB1 BBB2 BBB3 BBB3 BBB2 A3 BBB2 BBB2 BBB2 BBB2 BBB3 A2 A1 BBB1 BBB2 BBB1 A2 BBB1 BBB2 BBB2 BBB3 BBB2 BBB3 BBB2 BBB3 BBB2 A1 BBB3 BBB1 BBB1 BBB2 BBB3 BBB2 BBB2 BBB3 A1 BBB3 BBB1 AA3 AA3 BBB2 BBB3 A3 A1 BBB1 BBB1 A2 BBB2
Page 55 of 63
Epic Garments & Manufacturing Co. Ltd. Cotton Textile & Apparels Ltd. Shah Fatehullah Textile Mills Ltd. Global Knitwear Ltd. Jahara Fashion Ltd. A-One Bread & Biscuit Factory Oriental Services A.V. (BD) Ltd. Sonali Aansh Ind. Ltd. Risda Bangladesh Ha Mim Footwear Ltd. DAF Accessories Ltd. Eskayef Bangladesh Ltd. Novimoda Knitwear Ltd. QNS Container Services Ltd. Rabab Fashion Ind. Ltd. Siddeswari Clod Storage Ltd. Aryan Stone and Marble Ltd. The Immaculate Accessories Ltd. Pratik Apparels Ltd. Teco Electronics Global Shirts Ltd. Korotowa Bohomukhi Khamar Appollo Engineering and Construction Ltd. Sobhan Ice & Clod Storage Ltd. Kiam Metal Ind. Ltd. M/S MSC Real Estate Plummy Fashion Ltd. Sonali Paper & Board Mills Ltd. Hasan Book Depot GETCO Telecommunications Ltd. New Wave Style Ltd. Bengal Windsor Thermoplastics Ltd. M/S Rupali Iron Ent. City Sugar Ind. Ltd. Joty Plastic Co. Shah Perfumery Products Ltd. Dushtha Shasthya Kendra Well Mart Ltd. Electro Battery Co. Ltd. Shanta Trading Corporation Harun Flour Mills Ltd. Unifill Composite Dyeing Mills Ltd. Socio Economic Health Education Organization Gallant Fashion Ltd. Grameen Knitwear Ltd. M/S Afzal Brothers & M/S Afzal Auto Rice Mills Deepa Food Products Ltd. Md. Khairul Basher
Mission Food and Beverage Ltd. AA2 BB2 A3 A3 BB1 BB1 BB1 A2 BB3 B1 A3 AA1 BB1 BBB1 BBB1 A2 BBB2 BB3 BB2 BB1 A3 BB2 BB2 A2 AA3 BB1 A2 A2 BBB3 A3 BB1 AA1 BB1 AA1 BBB1 BB1 A3 BB1 BBB1 BB2 BB2 BB2 BB1 A3 A3 A3 AA2 BB1 Akboria Bread and Biscuit Factory Al Amin Ent. Al- Falah Steel & Re-Rolling Mills Ltd. Alal Agro Food Products Alam & Brothers Alauddin & Sons (Pvt.) Ltd Alauddin Garments Ltd. Al-Falah Aam Unnayan Sangstha Al-haj Abdul Quddus Ltd. Al-Haj Abul Kashem Himagar Ltd. Alif Apparels Ltd Alif Garments Ltd Alif Outwears Ltd. Alif Textiles Ltd Alif Textiles Ltd Alin Food Products Ltd. Aliza Fashion Ltd. Allplast Bangladesh Ltd. All-Trans Cargo Services Ltd. Al-Paca Sweater (pvt) Ltd. Amanat Shah Weaving Processing Ltd. Amanat Shah Weaving Processing Ltd. Amanot Cold Storage Ambia Apparels Ltd. Amena (Pvt.) Ltd. Anew Apparel Ltd. Anika Apparels (Pvt.) Ltd. Annesha Styles Ltd Anwar Integrated Steel Plant Ltd. Anwar Jute Spinning Mills Ltd. A-One Polymer Ltd. Apartment Design & Development Ltd Apex Adelchi Footwear Ltd. Apex Tannery Ltd. Apparel Concept Ltd. Apparel Today Ltd. Apple Homes Ltd. AR Real Estate Ltd. Arabi Fashion Ltd. Arefin Textile Mills Ltd. ARH Knit Composite Ltd. ARK Sea Foods Ltd. Arman Textile Armana Fashions Ltd. Artex Fabrics ltd. Asha Ind. Asha Ind. Ashraf Rubber & Plastic Ind. BBB3 BBB3 BB1 BBB3 BBB2 BBB2 BBB1 BBB2 BBB2 BBB2 BBB2 BBB2 BBB2 BBB2 BBB2 BBB2 A3 A2 BBB2 BBB2 A3 A2 BBB3 BBB3 BBB2 BBB3 BBB3 BB1 BBB1 A3 A3 A3 AA2 AA3 BB1 BBB3 BBB2 BB1 BBB2 BBB1 BBB2 A3 BBB3 A2 A2 BBB3 BBB3 BBB2 Naheed Composite Textile Mills Ltd. Naheed Cotton Mills Ltd. Naheed Ind. Ltd. NAM Corporation National Bank Ltd. National Grain Products Ltd Mission Trade International Ltd. MM Builders & Engineers Ltd. Mobile Center Modern Electrical Works Modern Erection Ltd. Modern Structures Ltd. Mohammad Ent. Auto Rice Mills Ltd. Mohammadi Steel Works Ltd. Mohammadia Poly Printers Ltd. Mokhter & Sons Ltd. Mondal Agro Ind. Ltd. Monjil Electrical and Electronics Ltd. Monjil Housing Development Ltd. Monowara Apparels Ltd. Moon Bangladesh Ltd. Mosharraf & Brothers & Abir Ent. Mostafa Oil Products Ltd. Mouchak Knit Composite Ltd. Moulana & Sons Moyna Noor Textile Mills Ltd. Mozart Knit Ltd. MS Ahmed Trade International Mukta Himagar (Pvt) Ltd. Mukta Himagar (Pvt) Ltd Multifabs Ltd. Multiplus Ind. Ltd. Mustafa Cold Storage (Pvt.) Ltd. Mutual Concern Corporation Ltd. Mutual Trust Bank Ltd. M-Yew Fashion Ltd. Mymensingh Agro Ltd. Mymun Textiles Ltd. Mymun Textiles Ltd. MyOne Electronics Ind. Ltd. N A Bag Ind. Ltd N. A. Bags Ind. Ltd N.S Ent. and Its Sister Concerns Nabarun Jute Mills Ltd. Nafa Apparels Ltd. Nafisa Ent. Nahar & Brothers
BBB3 BBB3 A3 BBB2 BBB3 BBB2 BBB2 BBB3 BBB1 BBB3 BBB3 BBB2 BBB1 BB1 BBB2 BBB1 BBB2 AA3 BBB2 BBB1 BBB2 BBB1 BBB2 BBB3 BBB2 A1 BBB3 BBB3 BBB2 AA3 BBB2 A1 A2 A2 BBB3 BBB2 BBB2 BBB3 BBB2 A2 BBB3 BBB3
A1 A1 BBB2 A3 AA3 BBB3
Page 56 of 63
Nurani Poultry & Fishery Feeds Ltd. The Immaculate Textiles Ltd. Rabeya Flour Mills Ltd. Drick ICT Ltd. Bhawal Steel House North Bengal Grain Ind. Ltd. Radial International Ltd. M/S Sheikh Brothers & M/S Hafizur Rahman Babu Haque Trading Aysha Jute Fibres Ltd. Mahmud Denims Ltd Layla Iron United Fashion Trousers Ltd. Well Dresses Ltd. Well Accessories Ltd. Premier Knitting & Trading Ltd. Sentu Auto Rice Mills City Feed Products Ltd. Four H Fashion Ltd. City Navigations Ltd. Arif Garments Apparel-21 Ltd. Niribili Poultry & Livestock Ltd. Younus Specialized Cold Storage Ltd. Adex Corporation Ltd. Esquire Knit Composite Ltd. Landmark Fabrics Ltd. Progati Electronics Crystal Fisheries Ltd. Md. Badrul Iqbal Progati Agro Food Ind. Ltd. Bikrampur Potato Flakes Ind. Ltd. Enam Medical Hospital (PVT) Ltd. Graphics Textiles Ltd. Sheema Spinning Mills (Pvt.) Ltd. S S Fabrics Ltd. Rashid Agro Food Products Ltd Sadia Traders Star Associates Ltd. Pantaloon Fashion Ltd. ADN Telecom Ltd. Samannaz Dairy & Food Products Ltd. Sharija Oil Refinery Ltd. M/S Kibria Husking Mills Sefat Trade International Apex Lingerie Ltd. The ACME Laboratories Ltd. Nowapara Clod Storage Ltd.
BB1 BB3 A2 BB3 BBB3 BBB1 A2 A3 BBB3 BB3 AA3 BB3 BB1 BBB3 BBB3 BB3 BBB3 AA2 A1 AA2 BB3 A3 B1 A2 AA3 A2 A3 BB2 BB3 BB1 BB1 A3 A2 BB2 BB1 BB3 A1 BB1 B2 BB1 A2 A1 A1 BB1 BB2 AA3 AA2 A2
Associated Oxygen Ltd. Atlas Food and Beverage Ltd. Atlas Shipping Lines Ltd Attires Manufacturing Co. Ltd. Attires Manufacturing Co. Ltd. Avesta Aluminum Industry Ltd. Azharul Spinning Mills Ltd. Azizul Haque Auto Rice Mills (Pvt) Ltd. Azmiri Timber Depot & Saw Mill B. R. Spinning Mills Ltd. B2B Excellence Ltd. Babylon Garments Ltd. Babylon Trims Ltd. Badsha Textiles Ltd. Baishali Hatchery Ltd. Baizid Steel Ind. Ltd. Bakul Powertech Balaka Stitch (Pvt) Ltd. Banga Building Materials Ltd. Bangla Trac Communications Ltd. Bangladesh Commerce Bank Ltd. Bangladesh Eye Hospital Ltd. Bangladesh Finance and Investment Co. Ltd. Bangladesh Petroleum & Lubricants Bangladesh Steel Re-Rolling Mills Ltd. Bangladesh Submarine Cable Co. Ltd. Banoful & Co. Ltd. Base Fashions Ltd. Bayazid Match Ind. Ltd. Bayazid Match Ind. Ltd. BCL 18% CONVERTIBLE ZERO COUPON BONDS Bengal Food Ind. Bengal Leather Complex Ltd. Bengal Plastics Ltd. Bengal Poly and Paper Sack Ltd. Bepari Agro Food Products Ltd Bhatiyari Ship Breakers Ltd. Bhuiyan & Brothers Biopharma Agrovet Ltd Bismillah Feed Mills Ltd Biswas Agro Food Ltd. Biswas Agro Food Ltd BKC Sweater Ltd. BLP Warm Fashions Ltd. Bounty Food & Beverage Ltd Brilliance Sweater Ltd BSB Foundation BSRM Steel Mills Ltd.
BBB1 BBB2 BBB2 BBB2 BBB2 BBB3 BBB3 BBB3 BBB3 BBB2 BBB2 A2 BBB2 AA3 BBB2 BBB1 BBB3 BBB2 A1 A1 A3 BBB1 A3 BBB1
National Sea Food Ind. Ltd. Natore Cold Storage Ltd. Nawab Auto Rice & Feed Mills (Pvt.) Ltd. New Eastern Cold Storage Ltd. New Grameen Motors New Islamia Borka House & Garments New Line Clothing's Ltd. Newtex Dyeing & Printing Ltd. Newtown knitwear Co. ltd Nexus Securities Ltd. Nishong Jute Mills Ltd. Nitol Motors Ltd. NITS Service (PVT.) Ltd. NOFS Garments Ltd. Noman Fabrics Ltd. Noor Business Ent. Ltd. Nordic Woods Ltd. North Bengal Cement Ind. Ltd. North East Medical (PVT.) Ltd. Northern Fashion Ltd. Nova Holdings Ltd. Nova Trread & packagers Ltd. Novelta BestWay Pharmaceuticals Ltd.
BBB2 BBB1 BBB3 BBB2 BBB2 BBB2 BBB3 BBB2 BBB3 BBB3 B1 AA3 A3 BBB2 A3 BBB2 BBB2 BBB3 A3 BBB3 BBB2 BBB3 BBB3
Nur-E- Alahee & Brothers (Pvt.) Ltd. AA3 AAA A3 BBB2 BBB2 BBB2 A2 BBB2 BBB3 BBB3 A3 BBB2 BBB3 BBB3 BBB3 BBB2 BBB3 BBB3 BBB2 BBB2 BBB2 BBB2 BBB3 A2 Organic Health Care Ltd. Oshin Spinning Mills Ltd. Osin Ent. Osman Interlinings Ltd. OTL-Doublegull Manufacturing Co. Ltd. OTOBI Ltd. Otto Spinning Mills Ltd Otto Spinning Mills Ltd P.P S. Plastic Pipe Ind. Padma Diagnostic Centre Ltd. Padma Rubber Ind. Pan Pacific Sweaters Ltd. Panigram Resort Ltd. Panna Battery Ltd. Panna Distribution Ltd. Panwin Designs Ltd. Panwin Fashions Ltd. Nurjahan Super Oil Ltd. Nuvista Consumer Healthcare Ltd. Ocean Accessories Ltd. Ocean Containers Ltd. Ocean Pride (BD) Ltd. Olympic Accessories Ltd. Orchid Garments Ltd.
BBB2 A2 A3 BBB2 A1 BBB3 BBB3 A3
BBB1 A3 BBB3 A3 A3 AA3 BBB3 BBB2 BBB3 BBB3 BBB3 BBB1 BBB1 A2 A3 A3 BBB1
Page 57 of 63
S A Oil Refinery Ltd. Sharp Kargo Kare Ltd. Wahed Steel Corporation Quasem Drycells Ltd. Jalal Ahmed Spinning Mills Ltd. Al Sahera & Sons Northern Agriculture & Ind. Ltd. SARC Ent. Olympic Cement Ltd. Habib Clinic & Diagnostic Centre Zakir Textile Sea Food Corporation Ltd. Esquire Accessories Ltd. S A Beverage Ltd. GQ Ball Pen Ind. Ltd. Rahat Corporation Bay Leasing & Investment Ltd. Abul Khair Tobacco Co. Ltd. The Rose Dresses Ltd. Motahar Hossain Chowdhury Jute Mills Ltd. Geo Agro Ind. Ltd. Takaful Islami Insurance Ltd. Star Partical Board Mills Ltd. Kismot Trading Corporation Robi Axiata Ltd. South Bengal Fertilizer Mills Ltd. United Airways (Bangladesh) Ltd. Younus Spinning Mills Ltd. Deepshikha International Daeyu Bangladesh Ltd. Doreen Power Generations & Systems Ltd. American Life Insurance Co. Bangladesh Ibn Sina Trust OK Properties Ltd. Samannaz Condensed Milk Ltd. Global Brand (Pvt) Ltd. Akbar Composite Mills Ltd. M/S Md. Abul Kalam Azad Sarna Auto Rice Mill Best Shirts Ltd. Classic Fabrics Electro Solar Power Ltd. G R Traders Sirajganj Iron & Steel House KIAM Metal Ind. Ltd BD Foods Ltd. Blue Metal The Delta Accessories Ltd. Valuka Feeds
A1 BB3 BB1 A3 A3 BB3 A2 BB3 A2 BB2 BB1 BB3 A3 BBB1 A1 A3 BBB1 AA2 A3 BB1 BB3 BBB1 AA3 BBB1 AA3 BB1 BBB1 A3 BBB3 BB3 AA2 AAA A2 BB3 A2 A3 BB1 BB1 BB1 BBB2 BB1 BBB1 A3 BB3 AA3 A3 BB1 A3 BB1
BST Auto Bricks Ltd. BT Ltd. Campex (BD) Ltd. Century Apparels Ltd. Century Leather Works (PVT.) Ltd. Century Leather Works (PVT.) Ltd. Charka SPC Poles Ltd. Chashi Cold Storage (Pvt.) Ltd. Chashi Cold Storage (Pvt.) Ltd. China Bangla Ceramic Ind. Ltd. China Palace Chittagong Denim Mills Ltd. Chowdhury Leather & Co. Ltd. CHP Chemical Ind. Ltd. CITEX Sweater Ltd. City General Insurance Co. Ltd. Civic Apparels Ltd. Civic Apparels Ltd Claxton Apparels & Textiles Ltd. COAST Trust Commercial Bank of Ceylon PLC (Bangladesh Operation) Concept Knitting Ltd. Confidence Steel Ltd. Coral Reef Properties Ltd. Cortz Apparels Ltd. Creative Designers Ltd. Creative Shirts Ltd. Crescent Hospital & Diagonstic Ltd. Crescent Leather Products Ltd. Crescent Tanneries Ltd. Crossline Woven Garments Ltd. Crosswear Ind. Ltd. Crosswear Ind. Ltd. Crown Cotton Ltd. Crown Cotton Ltd. D & S Pretty Fashions Ltd. Dacca Gas Services Ltd. Dana Engineers International Ltd. Dana Sweater Ind. Ltd. Daniel Corporation Ltd. Daniel Logistics Ltd. Delsey Cotton Spinning Mills Ltd. Delta Hospital Ltd. Delta Pharma Ltd. Delta Spinners Ltd. Denim Art Ltd. Denimach Washing Ltd. Desh General Insurance Co. Ltd. Design Makers Ltd.
BBB3 BBB1 A2 BBB3 BBB1 BBB1 BBB1 BBB3 BBB3 BBB2 BBB3 BBB3 BBB3 BBB2 BBB2 A3 BBB2 BBB3 BBB1 BBB2 AAA BBB3 A3 BBB3 BBB2 BB3 BBB1 BBB3 A3 BBB1 BBB3 BBB2 BBB2 BBB3 BBB2 A3 BBB3 A3 A3 BBB2 BBB3 A1 A3 BBB1 BBB1 BBB1 A2 BB1 BBB3
Panwin Garments Ltd. Paramount Textile Ltd. Parity Fashion Ltd. Parity fashion Ltd. Parity Fashion Ltd. Parvin Properties & Technologies Ltd. Patakuri Society PB Birganj Automatic Rice Mill Peak Apparels Ltd. Peoples Insurance Co. Ltd. Perfect Sweaters Ltd. Phoenix Finance and Investments Ltd. Phoenix Insurance Co. Ltd. PHP Nof Continuous Galvanizing Mills Ltd. Pioneer Sweaters Ltd. Polybag Manufacturing Co. Ltd.. Polymer Agro Ind. Ltd. Popular Export & Import Co. (PVT.) Ltd Power Vantage Wear Ltd. Pragati Life Insurance Ltd. PRAN Exports Ltd. PRAN Foods Ltd. Premier Steel Re-rolling Mills (Pvt) Ltd Prime Bank Ltd. Prime Bank Ltd. Prime Insurance Co. Ltd. Prime Islami Life Insurance Ltd. Primordial Ltd. Probashi Knitwears Ltd. Progati Steel Mills Ltd. Progati Traders
BBB1 A1 BBB2 BBB2 BBB2 BBB2 BBB2 BBB2 BBB2 A3 BBB1 A2 A1 AA3 AA3 BBB1 BBB2 A3 BBB2 A2 A2 A2 BBB1 AA1 AA2 A2 A1 BBB3 BBB1 BBB3 BBB3
Projectehsan Paper Products (Pvt.) Ltd. Protein House Ltd. Purabi Salt Ind. Ltd. R. B. Steel Mills Pvt. Ltd. R.B.P Woven Industry R.K. Accessories Ind. R.K. Fashion Ltd. R.K. Spinning Ltd. R.M.R Poultry and Hatchery Ltd. R.R Marble & Granite Ltd. R.R. Packaging Ind. Rahim Textile Mills Ltd. Rahimafrooz Renewable Energy Ltd. Rahman Cycle Store Raj Ent. Ltd Rajbari Jute Mills Ltd Ran Power Engineering Rangpur Foundry Ltd.
BBB3 BBB2 BBB3 BBB3 BBB2 BBB2 BBB3 BBB1 BBB3 BBB3 BBB2 A2 AA2 BBB3 BBB3 BBB2 BBB2 AA3
Page 58 of 63
Karnafuly Sea Fishers Ltd. M/S Jamuna Motors & Engineering Works Himadri Ltd. The Delta Composite Knitting Ind. Ltd. S R Jute Processing Tex Win Spinning Ltd. Universal Poultry Hatcheries Ltd. S Ahmed Trading Corporation Asahi Knit Apparels IDLC Finance Ltd. Zero Coupon Bond Noor Hossain City Dal Mills Ltd. Aman Feeds Ltd. Gemini Fashions (PVT) Ltd. S N Corporation DAL Knitwear Ltd. Aman Associates Ltd. Farzana Oil Refineries Ltd. Fabian Ind. Ltd. Europa Cold Storage Ltd. Rahman Jute Mills (Pvt.) Ltd. GPH Ispat Ltd. Pearl Prince Apparels Ltd. Envoy Textiles Ltd. Purbani Synthetic Spinning Ltd. Shah Amanat Iron Mart Chittagong Marine & Machinery Karim Spinning Mills Ltd. Color Woven Bag Ind. Ltd. Dress Shirts Ltd. Shanta Properties Ltd. Amity Design Ltd. Shah Cement Ind. Ltd. Zihan Auto Rice Mills Ltd. Viyellatex Ltd. Al Madina Ent. Desh Cold Storage (Pvt.) Ltd. On Line Properties Ltd. A K Khan Jute Mills Ltd. Goribay Nawaj Ent. Sonali Ent. Noor Alam EXIM Ind. Ltd. Sea Blue Textile Ltd. Sakib Textiles Royal Engineering Works Fakhor Uddin Ali Ahmed Lubnan Trade Consortium Ltd Amana Super Shop & Products (Pvt.) Ltd.
BB3 A3 A2 A3 BB1 B2 A3 BBB3 B1 AA1 BB1 AA2 A3 BB3 BBB1 BBB1 BBB1 AA2 A3 A2 BB1 AA3 BB2 AA3 A2 BB2 BB2 A2 BB1 A3 A3 BB3 AA1 BB2 AA1 BB2 BB2 BB3 BB3 BB3 BB3 BB1 BBB3 BBB3 C BB1 A3 BB2
Designer Jeans Ltd. Dhaka Hide and Skins Ltd. Dhaka Ice Creame Ind. Ltd. Dhaka Regency Hotel & Resort Ltd. DHS Motors Ltd. Diamond Cement Ltd. Diamond Particle Board Mill Ltd Didar and Brothers Dipa Sweater Ltd. Dolphin Sea Food Ind. Dragon Sweater & Spinning Ltd. Dubai Bangladesh Bag Factory Ltd. Durable Plastic Ltd. Dynamic Fashions Ltd. East Man Steel Ltd. Eastern Bank Ltd. Eastern Insurance Co. Ltd. Ehsan Fashions Ltd Ekhlas Spinning Mills Ltd. Electro Venture Ltd. Enam Medical College & Hospital Energypac Power Generation Ltd. Energypac Power Generation Ltd. Engineers Consortium and Construction Co. Ltd. Etasia Interlinings Ltd. Everest Power Generation Co. Ltd. Evergreen Sweaters Ltd. Evergreen Sweaters Ltd. Evitex Polycot Ltd. Excellent Ceramic Ind. Ltd. Excellent Motors Ltd. Export Import Bank of Bangladesh Ltd. Export Import Bank of Bangladesh Ltd. F.R.Jute Mills Ltd. Faizun Nahar Himagar Ltd. Faizun Nahar Himagar Ltd. Fakhruddin Textile Mills Ltd. Far East Knitting and Dyeing Ind. Ltd. Fareast Finance & Investment Ltd. Fareast Islami Life Insurance Co. Ltd. Farid Fiver and Weaving Ltd. Farid Ind. Ltd. Farid Nets Ltd. Farid Twine and Rope Ind. Ltd. Faridpur Al-Madina Pvt. Hospital & Diagnostic Centre Ltd Fariha Apparels Ltd. FAS Finance and Investments Ltd. Fashion Forum Ltd.
BBB2 BBB2 BBB1 A1 BBB2 A2 BBB3 BBB2 BBB2 BBB3 A2 BBB1 A2 BBB2 BBB3 AA2 A2 BBB3 BBB2 BBB2 A3 A1 AA2 BBB2 BBB1 A2 BBB3 BBB2 BBB3 BBB3 BBB2 A1 AA3 BBB3 BBB2 BBB2 BBB1 A1 A2 A1 A3 BBB1 BBB1 A3 BBB3 BBB3 BBB3 A1
Rangpur Jute Mills Ltd. RANL Designers Ltd. RAR Holdings Ltd. Rashid Oil Mills Ltd. Raven Agro Chemical Ltd. Rayhan Packaging Industry Ltd. Real Fibre Glass Ind. Redwan Packaging Ind. Ltd. Regent Power Ltd. Reliance Finance Ltd. Resource Dvelopment Foundation Reza Fabrics Ltd. Reza Fashion Ltd. Reza Telecom Bangladesh Ltd. Rifa Plastic & Manufacture Ltd. RIMSO Foundation Riverview Steel & Trading Ltd. RMT Textile Ltd. Romo fashion Todat Ltd. Roots Properties Ltd Royal Capital Ltd. Royal Denim Ltd. Ruhama Properties Ltd. Runner Properties Ltd Rupali Insurance Co. Ltd. Rupali Sea Foods Ltd Rupali trading Agency & Noore Madina Oversees Rupayan Housing Estate Ltd. S. Alam Steels Ltd. S. Alam Trading Co. (Pvt.) Ltd. S. Jute Ind. Ltd. S. Suhi Industrial Park Ltd. S.B Designs Ltd. S.B. Agro Fertilizer Ind. Ltd. S.B. Traders S.E.C. Fan S.H.B. Garments Ltd. S.H.B. Garments Ltd. S.R.P Automatic Flour Mill S.R.S Ship Breakers S.S Dredgers & Engineers Co. Ltd. Saad Saan Apparels Ltd. Sadma Fashion Wear Ltd. Safa Electronic Ltd. Sagufta City Developers Ltd. Sakib Ent. Salta Capital Ltd. Salta Fishing Ltd.
BBB2 BBB3 BBB2 BBB2 BBB2 BBB2 BBB2 BBB2 A1 A3 BBB3 BB3 BBB1 BBB3 BBB3 BBB1 BBB3 BBB2 BBB3 BBB3 A3 BBB2 BBB1 BBB3 AA2 BBB1 BBB3 BBB2 BBB1 BBB1 BBB3 A3 BBB3 BBB1 BBB3 BBB3 BBB2 BBB2 BBB3 BBB3 BBB1 A2 BBB2 BBB3 BBB2 BBB3 BBB1 BBB2
Page 59 of 63
Pragati Insurance Ltd. Singer Bangladesh Ltd. Purbani Fabrics Ltd. Karnaphuli Fabrics Ltd. Liza Garments Hamid Weaving Ltd. Apex Textile Printing Mills Ltd. M/S Wahedul Islam Aman Tex Ltd. Zihan & Co. (Pvt.) Ltd. Jupiter Button Ind. Ltd. Rowa Knitwear Ltd. Lal Teer Seed Ltd. Polo Composite Knit Industry Ltd. Turjo Apparels Ltd. D-Water Tech Ltd. Poly Point Ltd. Ziska Pharmaceuticals Ltd. A Kashem Timber & S'Mill Younus Cold Storage Ltd. A Tex International Ltd. Bright Geen Energy Foundation Jayson Pharmaceuticals Ltd. Padakhep Manabik Unnayan Kendra Abdul Malek Mondol & Son's Raya Spinning Mills Ltd. Aman Cement Mills Ltd. Ahmed & Sons Auto Rice Mill Epyllion Fabrics Ltd. S&S Poultry Farm Apex Foods Ltd. Esquire Electronics Ltd. Friends Multi Trade Co. Appollo Ispat Complex Ltd. Al Mostafa Printing & Packaging Ltd. Bengal NFK Textile Ltd. Garib-E-Newaz Clod Storage Ltd. Cosmos Ent. Sayeman Beach Resort Ltd. The Immaculate Apparels Ltd. Yasir Ent. Fashion Plastic & Packaging Ltd. Green Power Transformer Co. Hafiz Chaul Kal Southern Clothings Ltd. Wasco Biscuit & Bread Factory East West Fashion Garments Ltd. Tanveer Ent.
AA1 AA1 A2 BB3 BB2 A1 AA3 BB1 A2 BB3 B2 BB1 BBB1 BBB1 BB1 BB3 B2 BBB3 BB1 A2 BBB1 A2 BB1 BB1 BB1 B3 A2 BB1 A2 BB1 A2 AA3 A3 BBB1 BBB1 BBB2 A2 BB2 BBB1 BB3 BBB3 AA1 BB1 BB2 BB2 BBB1 BB1 BB1
Fatuallah Apparela Federal Insurance Co. Ltd. First Lease Finance and Investment Ltd. First Printing & Accessories Ltd. FMC Dockyard Ltd. FnF Pharmaceuticals Ltd. Fountain Garments Manufacturing Ltd. Fuad Yarn & Trading G.K.Builders Galaxy Publications & its sister concerns Galpex Ltd. Gasko Industrial Services Co. Genuity Systems Ltd. Glare Fashion Ltd. Global Concept Global Heavy Chemicals Ltd. Global Trims Ind. Ltd. Glory Fashion Wear Ltd. GMS Composite Knitting Ind. Ltd. Gold Air Ent. Ltd. Gold Bricks Ltd. Gold Land International Ltd. Golden Beez Himagar Ltd. Golden Beez Himagar Ltd. Golden Line Accessories Ltd Grameen Motors Gramtech Knit Dyeing Finishing & Garments Ltd. Green Bangla Agrovet Ltd. Greystone Sweater Ltd. H.I Apparels Ltd. H.I Technology and Properties Ltd. Habib Bank Ltd. Hajj Finance Co. Ltd. HAMKO Corporation Ltd. HAMKO Corporation Ltd. HAMKO Ind. Ltd. Hamza Textiles Ltd. Hamza Textiles Ltd. Hannan Knit & Textiles Ltd. Harrods Garments Ltd. Hasher Mohammad Automatic Rice Mills Ltd. Helpline Resources Ltd. Hilful Fuzul Samaj Kallyan Sangstha Home Pest Control Hossain Dyeing & Printing Mills Ltd. Hotel Arena Hudson Pharmaceuticals Ltd. I Mart Computer Ltd.
BBB3 A3 A3 BBB2 BBB2 BBB2 BBB3 BBB3 BBB1 BBB3 BBB3 BBB2 A2 BBB2 BBB2 A2 BBB3 BBB2 AA3 BBB2 BBB3 BBB2 BBB2 BBB2 BBB3 BBB3 BBB2 BBB3 BBB1 BBB3 BBB2 AA3 A3 A2 A2 A3 A2 A2 BBB3 BBB2 BBB3 BBB2 BBB1 BBB2 A2 BBB3 BBB3 BB2
Samsul Haque Auto Rice Mills (Pvt) Ltd Sanita Ceramics (Pvt) Ltd. Sanita Ceramics (Pvt.) Ltd. Sanowara Drinks and Beverage Ind. Ltd. Sapco Paints Bangladesh Ltd. Sarah Composite Mills Ltd. Sarkar Steels Ltd. SAS Fashion Wear Ltd. Sathi Fresh Fruits Ltd. SB Agro Ind. Ltd. SB Cold Storage (Pvt.) Ltd. Sears Accessories Ltd. Section Seven Apparels Ltd. Section Seven Ltd. Sepal Garments Ltd. Sepal Washing plant Ltd. Shadhin Garments (Pvt.) Ltd. Shahan Himagar Ltd. Shahan Himagar Ltd. Shahi Himagar Ltd. Shahjalal Islami Bank Ltd. Shahjalal Islami Bank Ltd. Shalbahan Firms Ltd. Shampur Chemical Works & Rifat Chemical Works Shamsuddin Spinning Mills Ltd Shamsul Alamin Real Estate Ltd. Sharifa Printers & Packagers (Pvt.) LTD. Sharmin Steel Ltd. Shawan Himagar Ltd. Shawan Himagar Ltd. Sheema Steel Mills Ltd. Sherwani Electrical Ind. Shetu Agro Ind. Ltd. Shila Ent. Ltd Shirts Mine Ltd. Shomahar Paper Converting Ltd. Shova Advance Technology Shova Ent. Shovon Labels Ltd. Shovon Packaging & Accessories Ltd. Shovon Silk & Knitting Mills Ltd. Shovon yarn Dyeing Ltd. Shovon Zipper Ltd. Shun Shing Power Ltd. Shuvo Progati Agro Food Products Ltd Siam Computerized Elastic Ind. Ltd Siddique & Sons Simtex Ind. Ltd.
BBB2 BBB3 BBB2 BBB1 BBB3 BBB2 BBB1 BBB3 BBB3 BB2 BBB3 BBB3 A3 AA2 A3 BBB2 BBB2 BBB3 BBB3 BBB2 AA2 AA2 BBB3 BBB3 BBB2 A2 A3 BBB2 BBB3 BBB3 BBB1 BBB2 BBB1 BBB3 BBB3 BBB3 BBB2 BBB3 BBB2 BBB2 A3 BBB2 A3 A2 BBB2 BBB1 BBB3 A3
Page 60 of 63
Younus Newsprint Mill Ltd. AJ Fashions Ltd. ARS Properties Ltd. Dhaka Bank Ltd. Shiv Textile BRAC Super Thai Plastic Ltd. Emerald Oil and Poultry Ind. Ltd. That's It Knit Ltd. Legacy Fashion Ltd. Udyoug Jute Mills (Pvt) Ltd. Jamuna Bank Ltd. Four H Dyeing & Printing Ltd. Starling Rinse Effect Ltd. Pinaki & Co. National Bank Ltd.-Bond M/S Shapla Agro Food Ind. Jamuna Automatic Rice Mill Kazipur Fashions Ltd. Southern Services Ltd. Sadat Jute Ind. Ltd. Sizda Motors Abul Khair Steel Ind. Ltd. Purbani Yarn Dyeing Ltd. City Seed Crushing Ind. Ltd. Liz Fashion Ind. Ltd. Delicate Knitwears Ltd. M/S Planet International Idris & Co. (Pvt.) Ltd. M/S Zelema Rahman Cold Storage (Pvt) Ltd. Bismillah Marine Store Sharif Clod Storage Ltd. Dhaka Bank Ltd. -Bond Esquire Dyeing Ind. Ltd. Haque Oil and Flour Mill ATS Pearls Ltd. Snowtex Apparels Ltd. Abdullah Rice Mill M/S Khan Agro Food Ind. BIDCO TMSS Tulagaon Fashions Ltd. Bhai Bhai Ent. Bismillah Aluminum Works AST Beverage Ltd. Shangu Tex Ltd. AB Securities Ltd. Crown Metal Merchandising M/S Selim Auto Rice Mill Mozafor Textile Mills Ltd.
AA3 BB2 BB1 AA3 BB1 AAA BB1 BBB1 AA2 BBB1 BB1 A1 BBB1 A3 BB3 AA3 BB1 BB1 AA3 BB2 A1 BB1 AA1 A2 AA2 A2 BB1 BB1 BB3 BB1 BB2 A2 A1 AA1 BB2 A3 BB1 BB1 BB1 A3 AA3 AA3 BB1 BBB1 AA3 BB2 A2 BB1 BB3 B2
I&A Travels Ltd Ibrahim Consortium Ltd. ICEL Private Ltd. Ideal Fiber Ind. Ltd. Ideal Fiber Ind. Ltd. Ideal Publications Ideal Publications Iffat Ind. Ltd. Iffat Ind. Ltd. Iffat Ind. Ltd. Impex International Impressive Garments Ltd Index Development Ltd. Information Technology Consultants Ltd. InnStar Ltd. International Agencies Bangladesh Ltd. Intraco Fashion Ltd Iqbal Texware Ltd. Islami Bank Bangladesh Ltd. J. M. Fabrics Ltd. J.M. Fabrics Ltd. J.S Auto Rice Mill Jabbar & Co. Ltd. Jabber Feed Ind. Jalalabad Steel Building Ltd. Jamaluddin Textiles (Pvt.) Ltd. Jamaluddin Textiles (Pvt.) Ltd. Janata Mill Store Ltd. Jeacon Garments Ltd. Jeacon Garments Ltd. Jeans Plus Ltd. Jedda Dyeing and Printing Ltd. Jibon Consumer Products Ltd Jinnat Knitwears Ltd. Jobeda Textiles Mills Ltd. Johan Agro Food Products Ltd. Joint Garments Ltd. Joint Trading Corporation Ltd. Joytun Developers Ltd. Junior Laboratory (Pvt.) Ltd. Jupiter Publication Jute Spinners Ltd. Jute Spinners Ltd. Jyoti Biscuit Ind. Ltd Kachua Motors(Appeal) Kamal Yarn Ltd. Kapotakhkho Properties & Builders Ltd. Kapotakkha Builders Ltd. Karim Trading Karim Trading Corporation Ltd.
BBB3 BBB2 BBB1 BBB1 BBB2 BBB2 BBB2 BBB3 BBB2 BBB2 BBB3 BBB3 BBB2 A3 BBB2 BBB3 BBB3 A3 AA1 A3 BBB1 BB1 BBB2 BBB3 BBB2 BBB2 BBB3 BBB2 BBB1 BBB2 BBB2 BBB2 BBB3 A2 BBB2 BBB2 BBB2 BBB2 BBB1 A2 BBB2 BBB2 BBB2 BBB2 BBB3 AA3 BBB2 BBB2 BBB2 BBB2
Simtex Ind. Ltd. Sitalpur Steel Mills Ltd. SK. Akijuddin Ltd. Sky Touch Apartments Ltd. SM Knitting Ind. Ltd. SM Knitwears Ltd. Sobhan Agro Complex Ltd. Sobi Fish Processing Ind. Ltd. Solaiman & Brothers Trading Corporation Sonali Bank Ltd. Sonali Steel Ent. Ltd. Sonet Garments Sonia & Sweaters Ltd. Sono Diagnostic Centre Ltd. South East Textile South East Textile (Pvt.) Ltd. South End Sweater Co. Ltd. Southeast Bank Ltd. Southern Image Ltd. Sparrow Apparels Ltd. Square Pharmaceutical Ltd. Square Textiles Ltd. Sreeja Gold Palace (Pvt.) Ltd Sristy Ent. Standard Chartered Bank Step Three Apparels Ltd. Sterling Apparels Ltd. Sterling Creations Ltd. Sterling Styles Ltd. Stitch Tone Apparels Ltd. Sufia Cotton Mills Ltd. Sufia Fabrics Ltd. Summit Alliance Port Ltd. Summit Industrial & Mercantile Corporation (Pvt.) Ltd. Summit Narayanganj Power Ltd. Summit Oil & Shipping Co. Ltd. Summit Purbanchol Power Co. Ltd. Summit Shipping Ltd. Sumon steel and wooden furniture Sun Steel Re-Rolling Mills Ltd. Sundarban Shrimp Sunny Trade International Super Jute Mills Ltd. Super Property Development Co. Ltd. T.K. Paper Products Ltd. Talha Fabrics Ltd. Tamanna Tiles & Sanitery Tamanna Tiles and Sanitary Tamim Agro Ind. Ltd. Tanni Autos
A3 A2 AA2 BBB1 A3 A2 BBB3 BBB3 BBB3 A3 BBB1 BBB3 BBB2 BBB2 A3 BBB1 BBB3 AA3 BBB3 BBB2 AA1 AA2 BBB3 BBB3 AAA BBB2 BBB1 A3 A3 BBB2 A1 A1 A1 AA1 AA2 A1 AA2 A1 BBB3 BBB3 BBB2 BBB3 A1 BBB3 A3 AA3 BBB3 BBB3 BBB1 BBB3
Page 61 of 63
The Delta Composite Knitting Ind. Ltd. M/S Bismillah Auto Rice Mill Motahar Hossain Chowdhury Jute Mills Ltd. Sungarh Tex Ltd. Krishikal Himagar Ltd Concrete & Steel Technologies Ltd M/S Shanto CNG Re-Fuelling Station Dutch Bangla Power & Associates Ltd. M/S Sagar Auto Rice Mill Active Ind. Ltd. Integra International Ltd. M/S Bristi Ent. Apex Ent.s Ltd. A B S Carton & Accessories Ltd. The Delta Spinning Mills Ltd. Shadhin Dyeing (Pvt.) Ltd. S. M. Steel Re-Rolling Mills Ltd. Ultra Embroidery Ltd. ARMAC Services Ltd. Well Trade Popular Jute Exchange Ltd. Shahsultan Feed Mills (Pvt.) Ltd. Shajalal Motors International Leasing & Financial Services Ltd. Apparel Gallery Ltd. M/S Shyamoli Paribahan M/S Sakib Ent. M/S Sagar Auto Rice Mill Master Accessories (Pvt) Ltd. Nissho Koeki Tissue Papers Co. Ltd. Shajalal Ent. Educare Ind. Ltd. M/S Highway Filling Station Mango Teleservices Ltd. M/S Khan Ent. M/S JB Ent. M/S Ovi Trading The Delta Spinning Mills Ltd. Al -hajj Karim Taxtile Ltd. M/S Shabuj Auto Rice Mill & M/S Shabuj Ent. Sungarh Tex Ltd. Jalalabad Steel Ltd. M/S Friends Traders Islami Insurance Bangladesh Ltd. M/S Sajeda Auto Rice Mill
A3 BB3 BB1 BB3 BB2 BB2 BBB1 A1 BB2 A3 BB1 BBB1 BB3 BB3 BB1 BB2 A2 BB3 BBB1 BB3 BB2 BBB3 BBB3 A3 AA2 BBB1 BB2 BB1 BB1 BB1 BBB3 BB2 BBB1 AA1 BB2 BB1 BB1 BB1 A2 BB1 BB3 BB1 BB2 BBB1 BB1
Karishma Residence and Suites Karupannya Rangpur Ltd. Kashba Housing (Pvt) Ltd. Katha Ent. Ltd. Kaveri Sweaters Kazi Air International Private Ltd. Kazi Md. Mofizur Rahman Bricks Manufacturing Ind. Kazla Woolen Mills Ltd. KBC Agro Products Private Ltd. KDS Apparels Ltd. KDS Fashion Ltd. KDS Garment Ind. Ltd. Khansons Jutex Ltd. Khansons Textiles Ltd. Knit & Knitwears Ltd. Knit Asia Ltd. Knit Cotton Composite Mills Ltd. Knit Cotton Composite Mills Ltd. Koba Electronics Ltd. Kohinoor Chemical Co. Ltd. Kohinoor Chemical Co. Ltd. KSRM Steel Plant Ltd. Labaid Cardiac Hospital Ltd. Labaid Medical Center Gulshan Ltd. Labaid Pharmaceuticals Ltd. Labaid Specialized Hospital Ltd. Laketouch Corporation Landmark Design Wear Ltd. Landmark Dyeing and Washing Ind. Ltd. Landmark Fashion Wear (Pvt.) Ltd. Landmark Printing & Packaging Ind. Ltd. Landmark Yarn Dyeing Ltd Living Stone Ltd. LP Gas Ltd. Lucky Steel Corporation Luminux Image Transfer Ltd. Luna Agro Ind. (Pvt.) Ltd. Luxury Poly Ind. Ltd. M M Jute Fibers & Ind. Ltd. M. A. Wahab & Sons (Real Estate) Ltd. M. Hossain Spinning Cotton Mills M. Hossain Spinning Mills Ltd. M.I.M Dresses Ltd M.M. Vegetable Oil Products Ltd. M.N. Clothing Ltd.
BBB1 BBB2 BBB2 BBB3 BBB2 BBB2 BBB2 BBB2 A3 A1 A1 AA2 BBB3 BBB1 BBB1 A2 BBB1 BBB1 BBB2 A2 A2 A1 A1 A1 BBB1 A1 BBB2 BBB2 BBB2 BBB2 BBB2 BBB2 BBB3 BBB1 BBB2 BBB3 BBB2 BBB2 BBB3 BBB2 A2 A1 BBB2 A1 BBB2
Tanveer Oils Ltd. Tasniah Fabrics Ltd. Taufiq Sweater Ltd. Techno Design & Development Ltd. Techno Spinning Mills Ltd. Teco Electronics Ltd. Tejgaon Textile Mills Ltd. Teletalk Bangladesh Ltd. The ACME Laboratories Ltd. The Bengal One Creation Ltd. The Builders Engineers Associate Ltd. The Cloth & Fashion Ltd. The Dacca Dyeing & Manufacturing Co. Ltd. The Engineers & Architects Ltd. The Golden Fibre Trade Centre Ltd The Miracle Accessories Ltd. Three Angle Marine Ltd. Three Eye Merchandise T-International & Sister Concerns Tour Planners Ltd. Toyoo Pump Marketing Trade Venture Ltd. TravelPro TRS Ltd. Trust Bank Ltd. TS Sweaters Ltd. TSF Corporation Tusuka Processing Ltd. Tusuka Trousers Ltd. Unicorn Sweaters Ltd. Union Insurance Co. Ltd. Union Insurance Ltd. Unique poly Ind. Ltd. Unique Power Plant Ltd. United Commercial Bank Ltd. United Commercial Bank Ltd. United Development Initiatives for Programmed Actions United Insurance Co. Ltd. United International University United Leather Ind. (Pvt) Ltd. United Melamine Ind. (Pvt) Ltd. United Mineral Water & Pet Ind. Ltd. United Plastic Wood Ind. (Pvt) Ltd. United Power Generation and Distribution United Power Generation and Distribution Co. Ltd. Unity Accessories (Pvt.) Ltd.
A1 BBB3 A3 BBB2 A3 BBB3 BBB1 AAA A1 BBB1 BBB2 BBB2 BBB2 BBB2 BBB1 BBB3 BBB3 BBB2 BBB2 BBB3 BBB2 BBB1 BBB2 AA3 BBB1 BBB2 BBB2 A3 BBB1 BBB2 A3 BBB2 A1 A1 AA3 A1 AA3 A1 A1 A3 A2 A3 AA2 AA2 BBB2
Page 62 of 63
Popular Life Insurance Co. Ltd. Dong Bang Textile Ltd Transcom Beverages Ltd. Titas Knitwear Srizony Bangladesh Robel Agro Ind. Ltd Taci Gold Agro Ltd M/S Rasel Ent. Soul Apparels Ltd. M/S Musa Textile Mills Talon Corporation Ltd. Lotus Ent. Siam Computerized Elastic Ind. Ltd Paiker Jute Mills Ltd. IDLC Finance Ltd. Prime Plus Diversified Jutex Ltd. MP Spinning Mills Ltd. Opal Trading House M/S Uttara Rice Mill M/S Md. Faruk Miah M/S Star International M/S Sami Ent. M/S Saker Husking Mill Lumina Textile Mills The Delta Accessories Ltd. Designer Jeans Ltd. Abed Textiles Processing Mills Ltd. Bio-Stimulant Ind. Ltd. M/S Md. Kamruzzaman Saiham Jute Mills Ltd. BSB Foundation DASF Feed Ingredients, DASF Equipment & Spares Zayantex Ltd.
A2 A2 AAA BB3 BBB3 BB2 BB1 BB1 BB2 BB1 BB1 BB1 A3 BB3 AAA BB1 A2 BB3 BB2 BBB1 BBB1 BBB1 BB2 BB2 A3 BBB1 BB1 BB2 BB2 BB1 BBB1 BB1 BBB1
M.N. Knitwear Ltd. M/S A. Rahman Saw & Auto Rice Mill M/S A.G. Traders & M/S Jamuna Bricks M/S Abdul Hakim M/S Abdul Halim & Brothers M/S Abdur Razzaque & Sons M/S Abdus Samad & Sons Filling Station, M/S Abir Electronics & Sister Concern M/S Abir Fashions M/s Abu Bakar & Brothers M/S Abu Bakar Khan & Co. M/S Adarsha Brothers Vander M/S Ador & Momota Automatic Rice Mill M/s Agrani Traders M/S Ahona Auto Rice Mill M/S Aimpex International M/s Ajad Brothers (MAB) M/S Al Modina Traders M/s Alam & Brothers M/S Alam Store M/S Alam Store M/s Al-Barakha Ent. M/S Al-Habib Ent. M/s AL-Hera Trade International M/S Al-Koba Cloth Store M/S Al-Madina Auto Rice Mills M/S Al-Mahbub and Sister Concern M/S Altaf & Brothers M/S Amin Traders M/S Anjum Traders M/S Anu Electric & Co. M/S Anupam Printers M/S Aqeel Ahmed
BBB3 BBB2 BBB2 BBB3 BBB2 BBB2 BBB3 BBB3 BBB1 BBB1 BBB2 BBB2 BBB3 BBB2 BBB2 BBB2 BB3 BBB3 BBB2 BBB2 BBB3 BBB1 BBB2 BBB3 BBB2 BBB2 BBB3 BBB3 BBB3 BBB2 BBB2 BBB3 BBB2
Univogue Garments Co. Ltd. Uosan Knit Bangladesh Urmi Garments Ltd Uttar Banga Himagar Ltd. Uttara Acrylic Mills Ltd. Uttara Jute Fibers & Ind. Ltd. Uttara Rotors Yarn Mills Ltd. Uttara Spinning Mills Ltd. Uttara Traders (Pvt.) Ltd. V Knitwear ltd. Valent Tech Ltd. Venerable Export Ind. Ltd. Victory Cables Ind. Ltd. Victory Travels Ltd. Victory Travels Ltd. Vikrampur Steel Ltd. Vintage Denim Ltd. Virgo Attires Ltd. Virgo Media Ltd. Vision Batteries Ind. Ltd. Vision Marketing Walford International Western Fishers Shipyard Ltd. Western Marine Shipyard Ltd. Wims Bricks Ltd. Winner Packagers & Accessories Ltd. Winsome Knit Composite Ltd. Yoko Food & Agro Ltd. Youth Spinning Mills Ltd. Yusuf Flour Mills Ltd. Zaber & Zubair Accessories Ltd. Zaheen Knitwear Ltd. Zalo Knitting Ltd. Zarreen Farms Ltd.
A3 BBB2 BBB2 BBB3 BB2 BBB1 BB1 BBB2 B2 BBB2 BBB1 BBB2 BB2 BBB2 BBB2 BBB2 A3 BB2 BBB1 BBB2 BBB3 BBB3 BBB1 A3 BBB3 BBB3 BBB3 BBB2 A3 BBB3 A1 BBB2 BB1 BBB1
Page 63 of 63

Credit Rating in Bangladesh

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Credit Rating in Bangladesh

Uploaded by

Copyright:

Available Formats

Internship Report on: Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

He is permitted to submit the report.

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

3.2.1 3.2.2 3.2.3 3.3

3.3.1 3.3.2 3.3.3 3.3.4 3.3.5 3.4 3.5 3.6

3.6.1 3.6.2 3.6.3

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

3.6.4 3.6.5 3.7

Rating Grades .............................................................................................................................. 14

4.5.1 4.5.2 4.5.3 4.5.4 4.5.5 4.5.6 4.5.7 4.5.8 4.6

4.6.1 4.6.2 4.6.3 4.6.4

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

4.6.5 4.6.6 4.7

Regulatory Requirement ..................................................................................................... 25 Implementation of BASEL II ................................................................................................ 25

4.7.1 4.7.2 4.7.3 4.7.4 4.8

4.8.1 4.8.2 4.9

Corporate Sector of Bangladesh ................................................................................................. 29 Impact of Credit Rating on Corporate Sector...................................................................... 29

6.1.1 6.1.2 6.1.3 6.1.4 6.1.5 6.1.6 6.2

Analysis across Time ................................................................................................................... 39

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

1.2 Objectives of the study

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

1.4 Research Design

1.5 Sources of Data

1.6 Sample Design

1.7 Limitations of the study

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Chapter 2: Literature Review

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Chapter 3: Credit Rating

3.2 Types of Credit Rating

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

3.3 The Importance of Credit Rating Agencies

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

3.4 Limitations of Credit Rating

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

3.5 History of Credit Rating

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

3.6 Profiles of Top 5 Credit Rating Agencies

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Standard & Poors

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Dominion Bond Rating Service (DBRS)

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

3.7 Rating Grades

Moody's Aaa Aa A Baa Ba B Caa Ca C D

S&P AAA AA A BBB BB B CCC CC C D

Fitch AAA AA A BBB BB B CCC CC C D

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Chapter 4: Credit Rating in Bangladesh

4.1 Credit Rating in Bangladesh

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO

4.2 Laws and Guidelines Regulating CRAs