Khulna Power Company Ltd.

Credit Rating Report

Valid From Valid Till Rating Long Term Short Term Outlook
Action Rating Rating
December 28, December 27, Initial AA+ ST-1 Stable
2018 2019
Date of Incorporation : October 15, 1997
Managing Director : Mr. Md. Abdur Rahim
Authorized Capital : BDT 7,000 Million
Paid up Capital : BDT 3,612.84 Million
Business Address : Landmark (3rd floor), 12-14 Gulshan North C/A Gulshan-2,
Dhaka 1212, Bangladseh.
Bank : Bank Alfalah Limited
Standard Chartered Bank
Citibank N.A.
BRAC Bank Limited.
Bank outstanding : BDT 4,551.28 million As on June 30, 2018
Contact Analysts : Mohammad Jasim Uddin jasim@emergingrating.com
Zenith Matin zenith@emergingrating.com

Credit
Analysis
Entity Rating
 Emerging Credit Rating Ltd
CREDIT ANALYSIS
Entity Rating

2018 Initial Review

Khulna Power Company Ltd.
Major Rating Factors
Strengths Extensive experience of the management.
Highly competent management with proven track record.
BPDB (nominated by government) is the customer of the company.
Challenge/ Qualified Audit opinion in relation to expiration of PPA with BPDB
Risks Ceased operation of KPCL-1
Lower percentage of plant factor.
Rationale Emerging Credit Rating Limited (ECRL) has assigned AA+ (Pronounced as double A
Plus) long term and ST-1 short term credit rating to Khulna Power Company Ltd
(from here on referred to as KPCL) for Bank Alfalah Limited, Standard Chartered
Bank, Citibank N.A. and BRAC Bank loan/investment facilities. The outlook on the
rating is Stable. ECRL considered financial performance, scale of business,
management quality, operational quality, group experience in power plant industry,
decreasing trend profitability, ceased operation of KPCL-I, qualified audit opinion
regarding expiration of Power Purchase Agreement (PPA) with Bangladesh Power
Development Board (BPDB), lower percentage of plant load factor in last two years
and the prospect of the industry which includes quantitative and qualitative
information up to the date of rating while assigning the rating.
Khulna Power Company Ltd. is a private limited company, operating as a private
based electricity generation unit since 1998. The company incorporated on October
15, 1997 as a private limited company. Initially the company has set up a nominally
rated 110 MW (KPCL-I) liquid fuel-fired, convertible to dual fuel-fired (liquid gas)
barge mounted power plant in Khulna, Bangladesh. Since inception the company
has been supplying electricity to the national grid of Bangladesh through selling to
BPDB under Power Purchase Agreement (PPA) between the company and BPDB.
The Company has two other units, KPCL-II and KPCL-III, which were awarded two
separate contracts by BPDB to supply electricity under the contract for supply of
electricity on rental basis. KPCL-II and KPCL-III have set up the nominally rated 115
MW and 40 MW liquid fuel-fired, rental power plants respectively in Khulna and
Jashore. The aforesaid three plants of KPCL i.e. KPCL 110 MW barge mounted plant
(KPCL-I), KPCL Unit II 115 MW plant (KPCL-II) and KPCL 40 MW Noapara plant
(KPCL-III) were being operated and maintained by the company itself and Khulna
Power Operations & Services Ltd. (KPOSL), a specialized company in power plant
operation and maintenance.
A qualified audit report was provided for the year ended June 30, 2018 due to The
Power Purchase Agreement (PPA) between the company and Bangladesh Power
Development Board (BPDB) relating to the KPCL-I plant expired on 12 October
2018. As per BPDB instruction, the plant ceased operation from that date. The
company has applied for an extension to the PPA; BPDB has not concluded on the
application nor has it instructed for the plant to resume operations in the meantime.
As per relevant Bangladesh Accounting Standard on impairment of assets, this is an
indication that property, plant and equipment amounting to BDT 2,213,495,104
relating to the plant may be impaired.
The chairman of the company Mr. Hasan Mahmood Raja is one of the most
renowned businessperson of the country. He is one of the founding directors of the

Khulna Power Company Ltd. Page 2 of 10

 country’s one of the leading business houses – ‘United Group’. Having extensive
experience of 37 years of his business career, he successfully managed to establish
many diversified business enterprises under the umbrella of United Group.
Commitment, integrity and sincerity are the key values of his various business
achievements.
United Mymensingh Power Ltd. (UMPL) own 35.28%, Summit Corporation Limited
own 17.64%, Summit Power Limited own 17.64% and 14 individual sponsor
shareholders own 0.02% of 361,284,709 shares of Khulna Power Company Ltd. The
rest of 29.41% shares are owned by the General Public investors.
The revenue stream of the company is entirely depends on single buyer (BPDB)
since its inception and therefore, might face strain on revenue growth in the future
for any disagreement between stipulated parties.
The company has recorded revenue of BDT 12,098.31 million in FY 2018 which was
moderately higher than FY 2017 with a growth rate of 20.60. The gross profit
margin witnessed a downward trend over the financial periods seems as oppose to
revenue growth.
Due to higher short term loan and timely repayment of trade payables compare to
inventory processing, augmented trade receivables and in last three years, liquidity
position always remains at concerning level. However, the current ratio seems fairly
good for servicing current liabilities during assessment periods.
The company heavily depends on equity finance which is reflected through its
leverage ratio and capital structure. The concern has availed BDT 8,288.50 million
loan facilities from respective banks to meet up its working capital requirements.
The firm has total principal outstanding liability of BDT 4,551.28 million as on June
30, 2018.
KPCL stable outlook is reflected by its bilateral agreement of electricity generation
for the BPDB, infrastructural adequacy, experience management and group support.
Exhibit 1: Financial Highlights: Khulna Power Company Ltd.
FYE 30 June **2018 2018 2017 *2016
Revenue (BDT in Millions ) 3,651.61 12,098.31 10,034.1 16,767.90
6
Cost of Sales (BDT in Millions ) 3,070.41 9,821.60 7,784.51 12,308.94
Gross Profit Margin (%) 15.92 18.82 22.42 26.59
Operating Profit Margin (%) 16.06 17.86 21.41 24.09
Net Profit Margin (%) 15.10 18.45 18.24 21.16
Current Ratio (x) 1.44 1.44 1.48 1.23
Cash Conversion Cycle (Days) 674 144 125 67
Debt to Equity Ratio (x) 0.59 0.47 0.32 0.38
ROA (%) 3.28 14.84 13.01 25.20
ROE (%) 5.37 22.99 19.34 39.87
CFO (BDT in Millions) 334.37 751.57 1,727.26 -
FY 2016-2018data obtained from Audited Financial Statements
*FY 2016 data obtained for the eighteen month period ended
**FY 2018 data obtained from quarterly Unaudited Financial Statements up to September

Khulna Power Company Ltd. Page 3 of 10

A. BUSINESS DESCRIPTION
A.1.Company Background
Khulna Power Company Ltd. is a heavy fuel oil (HPO) electricity generation facility, incorporated as a
private limited company on October 15, 1997. The company came into operation on October 13,
1998 for 15 years and after successful completion of that tenor the company was awarded
extension for another 5 years starting from October 12 2013. The address of the company’s
registered office is Landmark, 3rd floor, 12-14 Gulshan North C/A, Gulshan-2, Dhaka-1212
Bangladesh.
A.2.Company formation
Khulna Power Company Limited (KPCL) is the first Independent Power Producer (IPP) in the
country, established under the private sector power generation policy of Bangladesh. The formation
of KPCL project was initially sponsored by Summit Group and United Group along with their foreign
partner El Paso Corporation (El Paso), USA, one of the world largest and most diversified natural gas
exploration and pipeline companies and Wartsila Corporation, Finland, a leading power plant
manufacturer of the world. In 2008, El Paso, as part of its global repositioning strategy disposed of
its shares in KPCL to Summit Group and United Group. Later in 2009 Wartsila’s share was also
acquired by Summit Croup and United Group.
A.3.Infrastructural Review
The company has set up a nominally rated 110 MW
(KPCL-I) liquid fuel-fired, convertible to dual fuel- Power plant of KPCL Electricity
fired (liquid gas) barge mounted power plant in generation
Khulna, Bangladesh. Since inception the company (MW)
KPCL-1 110 MW
has been supplying electricity to the national grid
KPCL-2 115 MW
of Bangladesh through selling the same to BPDB
KPCL-3 40 MW
under Power Purchase Agreement (PPA) between
the company and BPDB. The company has two other units, KPCL-II and KPCL-III, which were
awarded two separate contracts by BPDB to supply electricity under the contract for supply of
electricity on rental basis. KPCL-II and KPCL-III have set up the nominally rated 115 MW and 40 MW
liquid fuel-fired, rental power plants respectively in Khulna and Jashore.

B. INDUSTRY ANALYSIS
Incessant supply of power and energy is the prerequisite for the progress of an economy. The
importance of power is even more supplementary in the context of Bangladesh, an emerging
economy that has been experiencing rapid economic growth but also has been experiencing
prolonged period of power crisis. Power is the main form of energy that is tapped on both private
and commercial scales in Bangladesh. However, the country is still at a very low level of
electrification. The government of Bangladesh (GOB) recognizes that the pace of power
Fuel Mix Proportion- Forecasted
Fuel Mix Proportion-September 2041 3%
2018 5%
1% 7% 0% 9% 38%
3%
10%
20%
58%
21% 25%

Natural Gas including LNG Furnace Oil Coal

Natural Gas Furnace oil Diesel
Coal Hydro Import Biofuel Nuclear Import
RE Page 4 of 10
Khulna Power Company Ltd.
development has to be accelerated in order to
achieve overall economic development targets of
the country and avoid looming power shortages.
To meet the increasing demand for power, the
government of Bangladesh has undertaken
massive steps towards increasing the power supply
in the short span of time by encouraging private

sector power production as well as import of power

from native countries. The government of Bangladesh has set a target to bring the whole country
under electricity coverage by 2021.
Public sector accounts for highest power generation of the country while the contribution from
private sector is also on the rise driven by the government policy toward increasing power producing
capacity at the earliest by encouraging more private investment in this sector. Out of the total
15,821 MW power generation capacity of the country as on 30 September 2017, public sectors
capacity stands at 7,476 MW, which is 47% of the total power generation capacity including captive
power plants (55% of total excluding captive power projects) and private sector capacity stands at
6,145 MW (including 660 MW power import), which is 39% of the total power generation capacity of
the country (45% of total excluding captive
power projects). Besides, power generation
capacity of the captive power projects now
stands at 2,200 MW (14% of total capacity).
Since the country’s overall economic progress
relies significantly on uninterrupted supply of
power, the sectors has always received
special attention from the government.
However, the country’s power capacity
increased significantly since the present
ruling party took charge of the government
in 2009 and last nine years the power sector
capacity was 10.6% (excluding captive power
capacity).
Up until 2016, the major consideration of energy source for power generation was natural gas,
which is now being shifted to coal and LNG, as the deposited amount of natural gas remains
uncertain. Due to no significant gas discovery in recent years, the country is facing shortage of gas
supply that ultimately discouraging gas based power supply; therefore the government is now
looking for big power plants to be run on coal or other types of energy in the near future. Furnace
oil, HFO and diesel based plants are the best available alternatives for producing electricity.
However, oil based power plants are highly expensive compared to gas based plants. So, oil based
plants are only short term solution to mitigate the supply shortage of power within the shortest
period of time. Coal is next available alternative. It can be a near term option and can be indigenous
or imported. However, coal based power projects are highly debated as they might be harmful for
environment. The government is encouraging coal based projects for mitigating looming electricity
shortage and to reduce dependency on gas based expensive fuel oil based plants. Nuclear power is
the safe technology; no pollution; expected to be future Base Load option (power stations which can
economically generate the electrical power needed to satisfy this minimum demand) but no
significant improvement has been observed to generate nuclear based power in Bangladesh.
To encourage private sector for investment in the power sector of the country, the government of
Bangladesh adopted several policies namely Private Sector Power Generation Policy of Bangladesh,
1996 (revised 2004) and policy guideline for enhancement of private participation in the power
sector, 2008. The government also took a pragmatic step to revise the Electricity Act 1910, which
has been renamed as Electricity Act 2016, where adequate provisions has been kept to facilitate
private companies to participate in developing the country’s power sector.
Presently Bangladesh generates 233MW of electricity from renewable energy sources. The
government plans to meet 10% of the total electricity generation from renewable energy sources by
2020. For instance, some of the solar projects include a 500 MW solar power energy project in Feni,

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100MW solar photo voltaic based grid-connected power generation plant which is also in Feni, 200
MW solar park in Tekhnaf, 200MW grid-tied solar power plant in Latshal, 60MW and 30MW windmill
energy project in Cox’s Bazar and a 1 MW garbage based power plant in Keraniganj and other
areas. Currently, there are several other renewable energy development projects running in
Bangladesh. If all the projects progress in accordance with their plan, there will be a total of 2,651
MW of electricity generation from the expansion into renewable energy. A number of fiscal
incentives are provided to the private power companies. Some of them are as follows:
 Exemption from corporate income tax for a period of 15 years.
 Allowed to import plant and equipment and spare parts up to a maximum of 10% of the
original value of total plant and equipment within a period of twelve (12) years of commercial
operation without payment of customs duties, VAT and any other surcharges as well as import
permit fee except for indigenously produced equipment manufactured according to
international standards.
 Repatriation of equity along with dividends allowed freely.
 Exemption from income tax for foreign lenders to such companies.
Demand for electricity in Bangladesh is projected to reach 34,000 megawatts (MW) by 2030 and the
government of Bangladesh has plans to increase power generation beyond expected demand to
help propel growth in the export-oriented economy and to meet the demands of a growing middle
class.  Total investment in the sector over the next 15 years is estimated at USD70.5 billion.   While
installed generation capacity is 13,179 MW as of February 2017, shortfalls exist due to poor
distribution infrastructure and a mismatch between the types of energy plants and fuel mix
available.  Private power production units are approaching half of total installed capacity. Only two-
thirds of Bangladesh’s population is currently connected to the electricity grid.  This indicates an
untapped potential market of up to 60 million people connecting to the national grid in coming years
as Bangladesh continues its growth trajectory.
In order to realize the government’s vision to provide electricity to most of the population at a
reasonable price and to achieve overall socio-economic development of the country, the government
of Bangladesh has initiated a power and energy sector development roadmap (2010-2021) which
targeted to produce 8,500 MW by 2013, 11,500 MW by 2015 and 20,000 MW by 2021. However, to
ensure overall and balanced development of this sector government has taken various plans in
terms of duration. The plans have been developed based on a techno-economic analysis and a
least-cost option. These plans include balanced development in generation, transmission and the
distribution system to achieve a desired level of reliability of supply.

C. BUSINESS RISK ANALYSIS

C.1. Operational Risk
Operational risk is measured against the ability of the company’s power projects to generate and
distribute stipulated electricity to its off-taker. Limitation of technology used, fuel supply
arrangement, operation and maintenance (O&M) arrangement, political or force majeure in the form
of natural disasters like floods, cyclone, tsunami and earthquake may hamper normal performance
of power generation. However, severe natural calamities which are unpredictable and unforeseen
have the potential to disrupt normal operations of KPCL. Being a highly specialized industry with
sophisticated infrastructure, proper periodical overhauling is inevitable which requires specialized
operatives, most of the time sourced from abroad as a part of technical support agreement with
installation suppliers which has high cost affiliation. Government authority has overlooked the
necessity of technical maintenance and related cost while financial support framework is necessary
while the process of overhauling is under progress. The management of the company believes that
prudent rehabilitation schemes and quality maintenance will lessen the damages caused by such
natural disasters.
C.2. Market Risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest
rates will affect the company’s income or the value of its holdings of financial instruments. The
objective of the company`s management is to manage and control market risk exposures within
acceptable parameters, while optimizing the return. Moreover, the distribution network has gone
through lack of investment and commitment of relative parties over the long period of time. Import

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obligation and tax exposure on the importation of capital machineries required to develop a power
plant is still in limbo.
C.3. Financial Risk
Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally from the company’s
receivables from customers and investment securities. Credit risk is mainly attributable to trade and
other receivables. Management has a credit policy in place and the exposure to credit risk is
monitored on an ongoing basis. The company’s receivables arise from a government entity,
Bangladesh Power Development Board (BPDB) to whom the company’s sales are made under the
conditions of the power purchase agreement and contract for supply of electricity on rental basis.
Sales made to this entity are fully secured by letters of credit issued by local scheduled banks.
Liquidity risk is the risk that the company will encounter difficulty in meeting the obligations
associated with its financial liabilities that are settled by delivering cash or another financial asset.
The company’s approach to managing liquidity is to ensure, as far as possible, that it will have
sufficient liquidity to meet its liabilities when they are due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the company’s reputation.
C.4. Government policy
Being capital intensive industry, change of procurement policy and of KPCL covenants can create
operational deform of operatives while inadequate core organizational structure of sub-divisions can
intensify the impact further. Rapid shifting nature of policy paradigm would be difficult to cope with
for operatives, followed by inconsistent pricing and initiative of alternative power sources generation
stimuli.

D. FINANCIAL RISK ANALYSIS

The rating process was based on qualitative aspects which are based on the company’s policies in
relation with the operating strategies, financial leverage, and ultimate financial goals of the
companies. For this purpose of the overall financial risk assessment of the company, ECRL divided
the financial portion into five different criteria which are Profitability Analysis, Liquidity Analysis,
Cash flow Analysis, Asset Management, Capital Structure, and overall Financial Flexibility. Detailed
analysis is presented below:
D.1. Profitability
Exhibit 2: Selected Indicators: Khulna Power Company Ltd.
FYE 30 June **2018 2018 2017 *2016
Revenue (BDT in millions ) 3,651.61 12,098.31 10,034.16 16,767.90
Cost of Sales (BDT in Millions ) 3,070.41 9,821.60 7,784.51 12,308.94
Gross Profit Margin (%) 15.92 18.82 22.42 26.59
Operating Profit Margin (%) 16.06 17.86 21.41 24.09
Net Profit Margin (%) 15.10 18.45 18.24 21.16
ROA (%) 3.28 14.84 13.01 25.20
ROE (%) 5.37 22.99 19.34 39.87
FY 2016-2018data obtained from Audited Financial Statement
*FY 2016 data obtained for the eighteen month period ended
**FY 2018 data obtained from quarterly Unaudited Financial Statements up to September
The revenue has increased moderately by 20.60% from prior year and stood at BDT 12,098.31
million in FY 2018. The revenue was mainly consisted of capacity, rental and energy payments from
BPDB as per power purchase agreement for supply of electricity. The surged of energy and rental
payments played as a key catalyst for revenue growth in FY 2018. The gross profit margin
witnessed a downward trend over the financial periods including quarterly unaudited financial
statement up to September 2018. This was due to higher cost of sales in consumption of heavy fuel
compared to revenue growth in FY 2018 and quarterly unaudited financial statement. The operating
profit margin followed the same trend as gross profit margin although, aforesaid profit margin
outweighed gross profit margin due to significant gained in other income in unaudited financial
statement. However, the net profit margin experienced a fluctuating trend and surged in FY 2018

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during the assessment periods due to significant reduction in business promotion, advertisement
and entertainment.
D.2. Liquidity and Cash-flow Coverage
Exhibit 3: Selected Indicators: Khulna Power Company Ltd.
FYE 30 June **2018 2018 2017 *2016
Cash Ratio (x) 0.37 0.49 0.41 0.34
Current Ratio (x) 1.44 1.44 1.48 1.23
Quick Assets Ratio (x) 1.19 1.25 1.20 0.94
Cash Conversion Cycle (days) 674 144 125 67
CFO (BDT in millions) 334.37 751.57 1,727.26 -
FY 2016-2018data obtained from Audited Financial Statement
*FY 2016 data obtained for the eighteen month period ended
**FY 2018 data obtained from quarterly Unaudited Financial Statements up to September
The liquidity position of the company has been witnessed a fluctuating trend over the financial
periods. Current assets are comprised of receivables from client, cash and cash equivalent, as well
as inventory etc. were 50.09%, 34.66% and 13.70% accordingly in FY 2018. However, the
aforementioned ratio appears fairly good for servicing any current liabilities for the company like
KPCL as a stable business. During the analysis period, the company was able to generated sufficient
cash from its operation in FY 2018 although, it was drastically lower than previous year due to lower
cash paid to suppliers and received cash from other sources.
D.3. Leverage & Capital Structure
Exhibit 4: Selected Indicators: Khulna Power Company Ltd.
FYE 30 June **2018 2018 2017 *2016
Debt-to-Equity (x) 0.59 0.47 0.32 0.38
OPBIT Interest Coverage ratio 8.05 10.29 15.97 22.06
Total Liabilities to Total Assets (x) 0.39 0.35 0.33 0.37
Debt to OPBITDA (x) 10.37 2.11 1.39 0.83
FY 2016-2018data obtained from Audited Financial Statement
*FY 2016 data obtained for the eighteen month period ended
**FY 2018 data obtained from quarterly Unaudited Financial Statements up to September
The concern heavily depends on equity finance which is reflected through its leverage ratio and
capital structure over the assessment period. The total liabilities to total assets which stand at 0.73
times in FY 2017 indicate that 73% of the concerns total assets are financed by total liabilities. The
interest coverage ratio witnessed a significant reduction in FY 2018 compared to last to financial
years due to higher finance cost on stipulated periods.
D.4. Bank Facilities & Credit History
Exhibit 5: Bank Loan of Khulna Power Company Ltd. (As on June 30, 2018)
Bank Mode Existing outstanding Loan Limit
(Amount BDT in millions) (Amount BDT in millions)
Bank Alfalah 607.08 1,300.00
Limited
Standard 1,949.57
Short Term Loan 3,476.00
Chartered Bank
Citibank N.A. 1,994.62 2,512.50
BRAC Bank
Nil 1,000.00
Limited
Grand total 4,551.28 8,288.50
Khulna Power Company Ltd. has availed loan facilities from Bank Alfalah Limited, Standard
Chartered Bank, Citibank N.A. and BRAC Bank Limited. Currently, the firm has availed loan limit of
BDT 8,288.50 million. As on June 30, 2018 outstanding liability position of the company stood at
BDT 4,551.28 million.

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D.5. Collateral and Security
D.5.1. Primary security
a) Hypothecation over all Machineries & Equipments for BDT 1,792.50 million
b) Pari passu security sharing agreement for BDT 2,400 million
c) Personal guarantee for BDT 1,820 million
d) Corporate guarantee for BDT 1,960 million
e) Demand promissory note and letter of continuing for BDT 3,476 million

D.5.2. Support securities

a) 1st ranking hypothecation charge on pari passi basis with Citibank N. A., Bank Alfalah Limited
and Standard Chartered, register with the Register over all present and future floating assets
of the company with irrecoverable general power of attorney for working capital facility.
b) 1st ranking hypothecation charge on pari passi basis with Citibank N. A., Bank Alfalah Limited
and Standard Chartered, register with the Register over plant and machineries of the
company with irrecoverable general power of attorney for working capital facility.

E. MANAGEMENT AND OTHER QUALITATIVE FACTORS

The overall management of the company would be vested with the board of directors. The board of
directors (BODs) of KPCL consists of nineteen members. The chairman along with eighteen other
directors is responsible to look after the day-to-day management and administration of the company
under the board policy/guidelines of the board of directors.
The chairman Mr. Hasan Mahmood Raja is one of the most renowned businessperson of the
country. Born in 1957, he completed his graduation in commerce and got passionately involved in
business. He is one of the Founding Directors of the country’s one of the leading business houses –
‘United Group’.
Mr. Raja had a keen interest and an innate aptitude for doing business and rendering service to the
nation for promoting economic development of Bangladesh. With a humble beginning in 1978, Mr.
Raja displayed his excellence in business entrepreneurship by building his business domain. The
biggest milestone of his success is the courage to embark into new business ventures based on
sound foresight, ingenuity and skillful execution. Within a span of 37 years of his business career, he
successfully managed to establish many diversified business enterprises under the umbrella of
United Group. Commitment, integrity and sincerity are the key values of his various business
achievements.
The managing director Mr. Md. Abdur Rahim obtained B.Sc in Marine Engineering from the Merchant
Marine University College of Rijeka, Yugoslavia. He worked on board various vessels of DDG “Hansa”
lines of West Germany. Afterwards, he worked in Bangladesh Steel & Engineering Corporation in
various capacities from 1976 to 1993 starting as deputy chief engineer. He was the general manager
of Khulna Shipyard Ltd from 1982 to 1987 and the managing director of Dockyard & Engineering
Works Ltd. Narayangonj from 1987 to 1993.
Mr. Md. Abdur Rahim also served on deputation as technical director in Bangladesh Shipping
Corporation and Bangladesh Inland Water Transport Corporation from 1993 to 1997. Thereafter,
then he joined in Khulna Power Company Ltd. in 1997 as a project director and prior to join as
managing director he was posted as chief operating officer of the company. He actively involved in
formation of the company and was pivotal to timely implementation of the projects.

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List of key personnel of Executive Committee
SL Name of Member Designation
No
01 Mr. Hasan Mahmood Raja Chairman
02 Mr. Md. Abdur Rahim Managing Director
03 Mr. Ahmed Ismail Hossain Director
04 Mr. K. M. Ahsan Shamim Director
05 Mr. Latif Khan Director
06 Mr. Muhammad Farid Khan Director
07 Mr. Jafer Ummeed Khan Director
08 Mr. Faridur Rahman Khan Director
09 Mr. Akhter Mahmud Rana Director
10 Mr. Abul Kalam Azad Director
11 Mr. Faisal Karim Khan Director
12 Mr. Azeeza Aziz Khan Director
13 Mr. Moinuddin Hasan Rashid Director
14 Mr. A. N. M. Tariqur Rashid Director
15 Lt Gen (Retd) Abdul Wadud Director
16 Lt Gen Sina Ibn Jamali, awc, psc (Retd) Independent Director
17 Karishma Jahan Independent Director
18 Professor Mohammad Musa Independent Director
19 Rear Admiral Riazuddin Ahmed Independent Director

List of Key Personnel of General Committee

Sl. Name of Members Designation
01. Mr. H. M. Nuruzzaman Miah Manager A&F
02. Mr. Md. Mozammel Hossain Manager Corporate Affairs
03. Mr. Md. Mamun Sarwar Manager accounts
04. Mr. A. F. M. Moshiur Rahman Manager IT and Admin

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