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


Page II of XI

Letter of Certification

02 December 2013

This is to certify that Md. Hussainul Islam Sajib, ID # 51019039, a student of EMBA 19th 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


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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,

_____________________


ID: 51019039

Major: Banking

Program: EMBA

University of Dhaka


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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 I’ve 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,

________________________


EMBA Program

19th Batch

Roll no: 51019039


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Table of Contents

Acknowledgement ........................................................................................................................... IX

Executive Summary ........................................................................................................................... X

Chapter 1: Introduction ......................................................................................................................1

1.1 Background of the Report ............................................................................................................. 1

1.2 Objectives of the study ................................................................................................................. 1

1.3 Methodology ................................................................................................................................. 2

1.4 Research Design ............................................................................................................................ 2

1.5 Sources of Data ............................................................................................................................. 2

1.6 Sample Design ............................................................................................................................... 2

1.7 Limitations of the study ................................................................................................................ 2

Chapter 2: Literature Review ..............................................................................................................3

Chapter 3: Credit Rating .....................................................................................................................5

3.1 Credit Rating Definition................................................................................................................. 5

3.2 Types of Credit Rating ................................................................................................................... 5

3.2.1 Classification based on Subject-matter of Rating ................................................................. 5

3.2.2 Classification based on the Tenure ....................................................................................... 6

3.2.3 Other types of Credit Rating ................................................................................................. 7

3.3 The Importance of Credit Rating Agencies ................................................................................... 8

3.3.1 Development of Financial Markets ....................................................................................... 8

3.3.2 Credit Rating Agencies Help Regulate Financial Markets ..................................................... 8

3.3.3 Estimation of Risk Premiums ................................................................................................ 9

3.3.4 Enhanced Transparency in the Credit Markets ..................................................................... 9

3.3.5 Standardization of the Evaluation Process ........................................................................... 9

3.4 Limitations of Credit Rating .......................................................................................................... 9

3.5 History of Credit Rating ............................................................................................................... 10

3.6 Profiles of Top 5 Credit Rating Agencies ..................................................................................... 11

3.6.1 Moody’s Investor Service .................................................................................................... 11

3.6.2 Standard & Poor’s ............................................................................................................... 12

3.6.3 Fitch ..................................................................................................................................... 12


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3.6.4 Dominion Bond Rating Service (DBRS) ................................................................................ 13

3.6.5 Egan-Jones Ratings Company ............................................................................................. 13

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

Chapter 4: Credit Rating in Bangladesh ............................................................................................. 15

4.1 Credit Rating in Bangladesh ........................................................................................................ 15

4.2 Laws and Guidelines Regulating CRAs ........................................................................................ 17

4.3 The Business Model .................................................................................................................... 18

4.4 Credit Rating Process .................................................................................................................. 19

4.4.1 Rating Request: ................................................................................................................... 19

4.4.2 Rating Team ........................................................................................................................ 19

4.4.3 Information Requirements: ................................................................................................ 19

4.4.4 Secondary Information: ...................................................................................................... 19

4.4.5 Management Meetings and plant visits: ............................................................................ 19

4.4.6 Other Meetings: .................................................................................................................. 20

4.4.7 Meeting with the Issuers’ CEO /CFO: .................................................................................. 20

4.4.8 Internal Review Committee Meeting .................................................................................. 20

4.4.9 Rating Committee Meeting: ................................................................................................ 20

4.4.10 Surveillance: ........................................................................................................................ 20

4.5 Profiles of CRAs in Bangladesh .................................................................................................... 21

4.5.1 Credit Rating Information and Services Ltd (CRISL) ............................................................ 21

4.5.2 Credit Rating Agency of Bangladesh Ltd (CRAB) ................................................................. 21

4.5.3 National Credit Ratings Ltd (NCRL) ..................................................................................... 22

4.5.4 Emerging Credit Rating Ltd (ECRL) ...................................................................................... 22

4.5.5 ARGUS Credit Rating Services Ltd. (ACRSL) ........................................................................ 22

4.5.6 WASO Credit Rating Company (BD) Limited (WCRCL) ........................................................ 23

4.5.7 Alpha Credit Rating Limited (ACRL) ..................................................................................... 23

4.5.8 The Bangladesh Rating Agency Limited (BDRAL) ................................................................ 23

4.6 Importance of Credit Rating: Bangladesh ................................................................................... 24

4.6.1 Market access ..................................................................................................................... 24

4.6.2 Build up market reputation ................................................................................................. 24

4.6.3 Lower cost of funding ......................................................................................................... 24

4.6.4 Distinguish oneself from the competition .......................................................................... 25


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4.6.5 Regulatory Requirement ..................................................................................................... 25

4.6.6 Implementation of BASEL II ................................................................................................ 25

4.7 What is Basel II ............................................................................................................................ 25

4.7.1 Basel Accord ........................................................................................................................ 25

4.7.2 Basel Committee ................................................................................................................. 26

4.7.3 Basel II and Credit Rating .................................................................................................... 26

4.7.4 Bank Loan Rating ................................................................................................................. 27

4.8 Impact of Credit Rating on Banking Sector ................................................................................. 27

4.8.1 Impact while Bank is a Borrower ........................................................................................ 28

4.8.2 Impact while Bank is a Lender ............................................................................................ 29

4.9 Corporate Sector of Bangladesh ................................................................................................. 29

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

Chapter 5: Qualitative Analysis - Effectiveness of Rating ................................................................... 32

Chapter 6: Quantitative Analysis - Effectiveness of Rating ................................................................. 34

6.1 Analysis across CRAs ................................................................................................................... 35

6.1.1 CRAB and CRISL ................................................................................................................... 36

6.1.2 CRAB and WASO.................................................................................................................. 36

6.1.3 CRAB and ECRL .................................................................................................................... 37

6.1.4 CRISL and WASO ................................................................................................................. 37

6.1.5 CRISL and ECRL .................................................................................................................... 38

6.1.6 ECRL and WASO .................................................................................................................. 38

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


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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


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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 Organization

Shahed Rayhan CRISL

Mavin Ahmed CRAB

Monira Islam WASO

Sindy D. Costa ECRL


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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


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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 bank’s 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.


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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 & Poor’s, Moody’s 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.


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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


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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 issuer’s

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


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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-the-

cycle 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

Moody’s 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.


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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


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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 Poor’s,

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 internal-

ratings-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


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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.


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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 Moody’s, Standard & Poor’s 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


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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


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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 today’s world are Fitch Ratings, Moody’s 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 Moody’s 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


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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 Moody’s Investor Service

Moody’s 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.


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3.6.2 Standard & Poor’s

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.


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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 agency’s 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 & Poor’s, 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


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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 Moody's S&P Fitch

Maximum Safety Aaa AAA AAA

High Grade Aa AA AA

Higher Medium Grade A A A

Lower Medium Grade Baa BBB BBB

Speculative Ba BB BB

Highly Speculative B B B

Substantially Risky Caa CCC CCC

May be in Default Ca CC CC

Extremely Speculative C C C

Default D D D


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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 country’s 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


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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 Date of Issuance of

Registration Certificate

Credit Rating Information and Services Ltd (CRISL) 21 August, 2002

Credit Rating Agency of Bangladesh Ltd (CRAB) 24 October, 2004

National Credit Ratings Ltd 22 June, 2010

Emerging Credit Rating Ltd 22 June, 2010

ARGUS Credit Rating Services Ltd. 21 July, 2011

WASO Credit Rating Company (BD) Limited 15 February, 2012

Alpha Credit Rating Limited 20 February, 2012

The Bangladesh Rating Agency Limited 7 March, 2012


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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 It is incorporated as a public company under the Companies Act, 1994

o It must have a paid-up capital of at least Tk. 5.00 million

o 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.


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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.


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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.


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4.4.6 Other Meetings:

The CRA’s 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


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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 Credit Rating Information & Services Limited (CRISL) 2013, accessed 25 Nov. 2013, <http://www.crislbd.com>

2 Credit Rating Agency of Bangladesh Limited (CRAB) 2013, accessed 25 Nov. 2013, <http://www.crab.com.bd>


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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

Bangladesh’s 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

3National Credit Rating Limited (NCRL) 2013, accessed 25 November 2013, <http://www.ncrbd.com>

4 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>


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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. BDRAL’s

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 à vis the other peers in

the industry in the same line of business and size criteria. The company strives for analytic excellence at

6 WASO Credit Rating Co. (BD) Limited (WCRCL) 2013, accessed 25 Nov. 2013, <http://www.wasocreditrating.com>

7Alpha Credit Rating Limited (ACRL) 2013, accessed 25 November 2013, <http://www.alpharating.com.bd>

8The Bangladesh Rating Agency Ltd (BDRAL) 2013, accessed 25 November 2013, <http://www.bdral.com>


Page 24 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 Bangladesh’s 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 entity’s 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 company’s 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 entity’s 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.


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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.


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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. Standardized approach for calculating RWA against credit risk

ii. Standardized approach for calculating RWA against Market Risk; and

iii. Basic indicator approach for calculating RWA against Operational Risk


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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 bank’s 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-fund-

based 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.


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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:

Bank as borrower.

Bank as lender.

4.8.1 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.


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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


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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.


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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.


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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.


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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.


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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. CRA’s Name BRPD Circular no: 31 ECRL

BRPD Circular no: 5 CRAB and CRISL BRPD Circular no: 16 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 CRAB CRISL ECRL WASO

1 AAA AAA AAA AAA, AA1, AA2, AA3

2 AA1, AA2 AA+, AA AA+, AA, AA- A1,A2,A3

3 AA3,A1,A2,A3 AA-,A+,A,A- A+,A BBB1,BBB2,BBB3

4 BBB1,BBB2,BBB3 BBB+,BBB,BBB- A-,BBB+,BBB,BBB-,BB+ BB1,BB2,BB3

5 BB1,BB2,BB3,B1,B2,

B3,CCC1,CCC2

BB+,BB,BB-,B+,B, B-

,CCC+,CCC,CCC-

BB,BB- B1,B2, B3,CCC

6 CCC3,CC,C,D CC+,CC,CC-,C+,C,C-,D B+,B, B-,C,D CC1,CC2,CC3,C,D


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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

(%)

1 1 20%

2 2 50%

3 3, 4 100%

4 5, 6 150%

N/A Unrated 125%

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 CRAB CRISL WASO ECRL Total

1 5 4 1 6 16

2 48 20 10 30 108

3 559 418 148 881 2,006

4 306 15 0 64 385

Total 918 457 159 981 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


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hypothesis testing. The relationships that we need to test can be depicted thorough the following

diagram:

Exhibit 7: Diagram of relationships to be tested

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.

CRAB CRISL

ECRLWASO


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H3 = There is significant difference between ratings provided by CRAB and WASO


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,


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


However, the calculated value of chi-square, from data of CRAB and ECRL, is 355.12. This means that 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


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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,


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


However, the calculated value of chi-square, from data of CRISL and ECRL, is 36.38. This means that 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,


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


However, the calculated value of chi-square, from data of ECRL and WASO, is 15.17. This means that the


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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

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:

CRAB CRISL

ECRLWASO


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Exhibit 9: Sample distribution across time

Criteria 2011 2012 2013 Total

1 5 6 4 15

2 48 19 20 87

3 609 809 525 1943

4 306 137 27 470

Total 968 971 576 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

Criteria 2011 2012 2013

1 1% 1% 1%

2 5% 2% 3%

3 63% 83% 91%

4 32% 14% 5%

Total 100% 100% 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:


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Exhibit 11: Table of Expected values for Chi-square

Criteria 2012 2013

1 5.02 2.98

2 48.15 28.56

3 610.89 362.38

4 306.95 182.08

Total 971.00 576.00

From this table, we calculated the summation of (O-E)2/E values, which is the calculated value of chi-

square. 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.


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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.


CRAB and WASO.


CRAB and ECRL.

H6 is accepted which means there are NO significant difference between credit ratings provided

by CRISL and WASO.


CRISL and ECRL.


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.


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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.


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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 , 43-

95.

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>


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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 46 of 63

Chapter 10: Appendix (Elements of the Sample)

Name Ratin

g Name Ratin

g Name Ratin

g

South Asia Insurance Co. Ltd. BBB2 Unitrend Ltd. BBB1 M/S Asha Fish BBB3

Joint Iron Mart BB2 M/S Unique Auto Rice Mill BB1 M/s Asian Trading CO. BBB2

Masafi Bread and Biscuit Ind. Ltd. BBB1 Active Ind. Ltd. A3 M/S Asian Trading Co. BBB3

M/S Lata Ent. BBB1 Advance Textile Mills Ltd. BB2 M/s Asir Uddin Rice Mill BBB2

Zaman Traders BBB3 M/S Olympia Auto Rice Mill BB1 M/s Asma Ent. BBB2

Gazaria Builders & Engineering Associates A3 Quality Feeds Ltd. AA2 M/S Ataur Rahman Khan BBB1

Kohinoor Apparels Ltd. BB1 Ayubpur Textile Mills Ltd. BBB3 M/S Atiar Traders BBB2

Paramount Apparels Ltd. BBB1 Razmoni Film City Ltd. B1 M/S Azad Art Hall BBB2

Total Agro & Aqua Culture Ltd. BB1 Lovely Food Ind. (Pvt) Ltd. BB1 M/S Azmir Vandar BBB2

Aman Spinning Mills Ltd. BBB1 Sakura Steel Ltd. B1 M/S Azmir Vander BBB3

Mosharraf Composite Textile Mills Ltd. A1 M H International BB1 M/S B.P. Ent. BBB2

Concrete & Steel Technologies Ltd. BB2 F.M. Knitwear Ltd. B1 M/s Baia Trade Syndicate BBB3

Sami Chawl Kal BB2 GSP Finance Co. (Bangladesh) Ltd. BBB2 M/S Baishakhi Ent. BBB2

Natore Cold Storage Ltd. BBB1 Oasis Services (Agro) Ltd. BBB2 M/S Bangladesh Agricultural Ind. BBB2

Aman Seed Storage Ltd. A3 Zannath Ent. BBB3 M/s Banoful & Co. A3

Alam & Co. Pvt. Ltd. BBB3 Abul Khair Steel Ltd. AA2 M/S Bari Rice Mill BBB2

Global Beverage Co. Ltd. BBB2 IFAD Autos Ltd. A1 M/S Bashundhara Bricks BBB3

Surma Petroleum BBB3 Tara Spinning Mills Ltd. BBB2 M/S Bazal And Brothers BBB3

Unnayan International Engineers & Build. BB2

National Bank of Pakistan Ltd.-Bangladesh BBB3 M/S Bazlur Rahman Trading Co. BBB3

Fu-Wang Ceramic Industry Ltd. BBB2 Active Ind. Ltd. A3 M/S Bazlur Rahman Trading Co. BBB3

Ratul Collection BB2 Reedisha Spinning Ltd. A3 M/S Begum Auto Rice Mills BBB2

Associate Tubes Ltd. BBB1 Lucky Star Apparels Ltd. BB2 M/S Bhai Bhai Auto Rice Mill BBB3

Danish Condensed Milk Bangladesh Ltd. AA2 Karnaphuly Filling Station BB1 M/S Bhai Bhai Auto Rice Mill BBB3

Unicom Textile Mills Ltd. BBB2 Power Trade Building Ltd. BB2 M/S Bhuiyan Brothers BBB3

MKS Human Skill Development Ltd. A3 Blue Ocean Footwear Ltd. A3 M/S Bichitra BBB2

J K Spinning Mills Ltd. BBB2 IDLC Finance Ltd. AAA M/S Billal Hossain BBB3

EJAB Distribution Co. Ltd. A2 MRS Ind. Ltd. AA3 M/S Bismillah Motors BBB2

Orion Power Meghnaghat Ltd. / IEL A1 Euro Label Ltd. BBB2 M/S Biswas Agro BBB3

Prince High Design Ltd. BB3 Shaheen Garments BB3 M/S Biswas Flour Mill BBB2

Ershad Brothers Corporation A3 Crown Wool Wear Ltd. A2 M/S Bitoroni Rice Mill BBB3

Hamida Plastic Ltd. AA2 M/S Narsingdi Jute Traders BB1 M/S Brothers Auto Rice Mill BBB3

Jamal Ent. BB1 Max Power Ltd. BB1 M/S Brothers Auto Rice Mill BBB3

IFIC Bank Ltd. AA2 Pintu Dutta BB1 M/S Carrefamily BBB3

S. S. Business Line BB1 Hwa Well Textiles (BD) Ltd. A2 M/S Chamak Ent. BBB2

Jannath Medico BBB1 B A Corporation BB1 M/S Chhanda Auto Rice & Charcoal Ind. BBB2

Everest Ent. BB1 Siraj & Brothers BB1 M/S China Machineries BBB3

Fraternity Accessories Ltd. BB3 Hossain International BBB2 M/s Colour and Fashion Ind. Ltd. BBB2

Republic Insurance Co. Ltd. BBB1 Confidence Trade Ltd. BBB1 M/s D.K. Auto Rice Mill BBB2

Aman Cotton Fibrous Ltd. A2 Sumon Traders BBB3 M/S Daud & Co. BBB3

Aman Cold Storage Ltd. A3 M N Huda Construction Ltd. BBB3 M/S Deen Impex BBB2

Power Trade Engineering Ltd. BB2 Pacific Marine Service BBB3 M/S Desh Agro Ind. BBB3

Rahat Ind. BBB3 Abir Ent. BB1 M/S Dhaka Ent. BBB2

Nipa Oil & Flour Mill BBB3 CEL Telecom Ltd. BB2 M/S Dhaka Machineries BBB2

Jupiter Ent. A3 Ispahani Foods Ltd. BBB3 M/S Dulal & Brothers BBB3

A&A Trade Centre B1 Noboudoy Housing Ltd. BBB2 M/S Ekram Traders and Sister Concerns BBB2


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Anwer Khan Modern Hospital Ltd. BBB1 Walton Hi-Tech Ind. Ltd. A1 M/S Emon Fashion BBB2

Fakir Knitwears Ltd. AA3 Dong Bang Dyeing Ltd A1 M/S Euro Marble & Granite BBB2

Harbis Converting Ltd. BB3 Sonargaon Textiles Ltd. BBB2 M/S Extra Pace Logistics BBB3

Rupali Life Insurance Co. Ltd. BBB1 M/S Fancy Crockery House BB1 M/S Faieza Textile BBB3

Amin Tannery Ltd. BBB1 Energy+ Electric & Electronics (Pvt.) Ltd. BB1 M/S Fair Trade BBB3

Ruhul Amin Automatic Rice Mill BBB3 Shah Sultan Bij Himagar BB1 M/S Faizuddin & Co. BBB1

Amio Water Treatment Ltd. BB3 Beats Fashion Ltd. BBB3 M/S Fazlur Rahman Paiker & Sister Concerns BBB3

M/S Daihan Exim BB2 Refat Garments Ltd. AA2 M/S Feroz International BBB2

M/S Shantano Cold Storage BB2 Knit Concept Ltd. BB3 M/S Fizu Store BBB3

M/S Nazrul Super Rice Mill BB2 Resource Planning & Management Consultants (Pvt) Ltd. A3 M/S Fresh Agro Food Products BBB2

Mosharraf Composite Textile Mills Ltd. A2 Habiganj Agro Ltd. AA3 M/S Gazi Auto Rice Mill BBB2

M/S Selim Auto Rice Mill BB1 Prome Agro Foods Ltd BBB1 M/s GL Shipping Lines BBB3

Azad Syndicate BB1 Crown Fashion & Sweater Ind. Ltd. A2 M/s Global Sea Services BBB3

Younus Offset Paper Mills Ltd. AA3 Permess South East Asia Ltd. BB1 M/S Gold Star Electronics BBB3

United Traders AA3 Desh Traders BB2 M/s Golden Jute supply BBB1

Lub House Ltd. A3 Janata Jute Mills Ltd. AA3 M/S Gourab Auto Rice Mill BBB3

Cosmopolitan Ind. Pvt. Ltd. AA3 M/S Khairul Ent. BBB1 M/S Gram Sarkar Rice Mills BBB2

Y B Garments Ltd. A3 M/S Shahjadpur Travels & It’s Sister Concerns BBB1 M/S Grey Textile Mills BBB2

New Zealand Dairy Products Bangladesh Ltd. A2 Mohammadi Steel Works Ltd. BBB1 M/s H.K Jute Trading BBB2

Bangladesh Industrial Gases Ltd. BBB3 Lexicon Merchandise A2 M/S Habib & Hai Traders BBB3

Sanzi Textile Mills Ltd. BBB2 SAR & Co. Ltd. B1 M/S Haider Machineries BBB3

Singer Bangladesh Ltd. AA1 M/S A.G. Traders & M/S Jamuna Bricks BBB1 M/S Haider Machinery Store BBB3

Empire Dyeing Ltd. A3 Zahid Ent. Ltd. A3 M/S Haji Abdul Majid BBB2

Haque & Co. (Dry Cell) Ltd. BBB3 MRS Ind. Ltd. A1 M/S Haji Abdul Mannaf Boiler & Auto Rice Mill BBB3

Ruslan Corporation BBB2 Viyellatex Spinning Ltd. AA1 M/S Haji Abdul Mannaf Boiler & Auto Rice Mill BBB3

Mohubar Rahman Cold Storage Ltd. BB2 Sajida Foundation A1 M/S Haji Lutfar Rahman & Sons BBB3

M/S Momotaz Corporation BB1 EM Power Ltd. A3 M/S Haji Zanu Miah Flour & BBB3

AB Investment Ltd. A3 A & B Outwear Ltd. BBB2 M/S Hakkani Ent. BBB2

Sarker Printing & Publishing BBB1 Adex Engineering Ltd. AA3 M/S Haque Auto Rice Mill BBB3

M/S Shohag Trading Co. BB2 Fair Distribution Ltd. BBB2 M/S Haque Chaul Kall BBB3

Renata Agro Ind. Ltd. BBB3 Fabian Thread Ltd. BBB1 M/S Haque Krishi Vander BBB2

BRB Energy Ltd. A2 New Barawlia Store BB2 M/s Haque Traders BBB2

Ideal Spinning Mills Ltd. BBB3 ONE Bank Ltd. AA3 M/s Hasan Ent. BBB3

Chittagong Asian Paper Mills (Pvt.) Ltd. BBB3 Luna Polymer Industry Ltd. BBB3 M/s Hawa Flour Mill BBB2

Ased Corporation BBB3 Tithi Textile Mills (Pvt) Ltd. A3 M/S Hawlader Bricks & Manufacturing BBB2

Khandaker Store BBB3 North South Seed Ltd. BBB2 M/s Helal and Brothers A3

Nurul Islam Spinning Mills Ltd. BBB3 Piticon Ind. BBB2 M/S Hello Faridpur BBB2

Rupali Agencies BBB3 Al Amin Plywood Ind. Ltd. BBB3 M/S Holy Trade BBB2

Label Tex Ltd. BB3 Shahnaj Print Sharee BBB1 M/S Hossain Trading BBB2

Family Living Ltd. A2 New Wave Bottoms Ltd. BB1 M/s Humayra Associates BBB3

Rummon & Brothers BBB3 Akbar Cotton Mills Ltd. BB1 M/S Humayun Kabir BBB2

Cosmo Synthetic Ind. Ltd. BB1 Adhunik Paper Mills Ltd. BB2 M/S Humayun Timber Merchant & Saw Mill BBB3

Walton Micro Tech Corporation A2 Mediastar Ltd. AA2 M/S Ibrahim & Brothers Bricks BBB3

Abed Textile Processing Mills Ltd. BB1 Alfis Ltd. BBB3 M/S Ideal Products & Its Sister Concerns BBB2

Crymson Glory BBB3 Himalaya Ltd. BB2 M/S Imran Rice, Flour & Dal Mill BBB3


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Sundarban Industrial Complex Ltd. BBB1 Al Amin Export Ltd BBB1 M/S Imtiaz Traders BBB3

Salma Trade International Ltd. BBB2 J N Ind. Ltd. BBB2 M/S Islam Brothers BBB3

Agro Equipments Ltd. BBB3 Laila Food Products Ltd. BBB2 M/S Islam Stone Crusher Ind. BBB3

Jeans Express Ltd. BBB1 Have International A3 M/S Islamia Ent. & Active Telecom Ltd. BBB3

M/S Kushtia Ent. BBB1 Good Rich Sweaters Ltd. BBB3 M/S J.N. Corporation BBB3

Partex Furniture Ind. Ltd. AA3 Loqman Steel & Re-Rolling Mills BBB3 M/S J.R.K. International BBB2

Rashid Agro Food Products Ltd. A1 Anowara Fashions Ltd. BBB2 M/S Jalal & Sons BBB2

Lodestar Fashions Ltd. BB1 Global Specialized Garments Ltd. A3 M/s Janani Ball Pen Ind. BBB2

Orascom Telecom Bangladesh Ltd. A3 Danish Foods Ltd. A1 M/S Janani Ent. BBB2

Buro Bangladesh AA3 Radiance Fashion Ltd. BBB1 M/s Janani Stationary Products & Books BBB3

Lotus Corporation BB1 Globe Foundrical Works B1 M/S Japani Motors BBB3

Raj Steel Corporation BBB1 Abul Khair Steel Products Ltd. AA1 M/S Jashim Trading Corporation BBB3

M/S The New Bhowmick Jewellers BB1 Mars Textile Ltd A2 M/S Jewel Ent. BBB2

H S Ent. Ltd. BBB1 Well Foods Ltd. BBB1 M/S Jony Rice Mill BBB3

Techno Drugs Ltd. BB2 Globe Soft Drinks Ltd. AA3 M/s K R Steel A3

Partex Laminates Ltd. AA3 Advance Ready Mix Concrete Ind. Ltd. BBB2 M/S K.B. Jute Trading BBB3

Grace Packaging Ltd. BB1 Ishaque & Sons BB3 M/S K.S. Ent. BBB2

Tanima Knit Composite Ltd. BBB2 Raquef Apparel Washing & Packaging Ind. Ltd. BBB3 M/s Kafil & Brothers BBB2

First Security Islami Bank Ltd. – (Bond) A2 Nice Trade Liners BBB3

M/S Kafil Uddin And Its Allied Sister Concern A3

New Tara Ent. BBB3 Bappy Ent. BBB3 M/S Kalaikuri Rice Mill BBB3

Joynab Steel A3 Bluetex Knitwear Ltd. BB3 M/s Kanak Tex International BBB3

Silver Style & Design Ltd. BBB3 Dui Bhai Weaving Factory BBB3 M/S Kandapara Marine Shipyard BBB3

M/S Hafiz Store BBB1 Barkatullah Electro Dynamics Ltd. AA2 M/S Kazi Haider Hossain BBB3

Asset Development & Holdings Ltd. AA3 B B Textile BB1 M/s Keya Motors BBB1

EJAB Developers Ltd. BBB2 Sarder Auto Rice Agro Ind. Ltd. BB3 M/s Keya Paribahan BBB1

Crazy Fashions Ltd. BBB2 Dysin-Chem Ltd. BBB3 M/S Khalequzzaman BBB3

Dresden Textile Ltd. BBB3 SP Knit Wear Ltd. BBB1 M/s Khalid Jute Trading BB3

Chemimole Chemicals (Pvt.) Ltd. CCC1 Abdul Monem Sugar Refinery Ltd. A2 M/S Khan & Brothers BBB2

D S Fashion Ltd. BBB3 Apartment Properties Ltd. BBB1 M/S Khan Hardware BBB1

Brothers Fashion Ltd. BBB1 M/S Hossain Ent. BB2 M/S Khan Traders BBB2

Newtex Design Ltd. BBB3 Prime Specialized Hospital and Research Institute Ltd. A3 M/S Khan Trading BBB3

Rahman Brothers BBB3 Tamanna Ltd. BBB2 M/S Khawja Electronics BBB2

Fame Design Ltd. BBB3 Bengal Pacific (Pvt.) Ltd. BBB3 M/S Krishi Bitan BBB2

Bhuiyan & Co. B1 Interfab Shirt Manufacturing Ltd. AA1 M/S Laskar Traders BBB2

Globe Biscuits & Dairy Milk Ltd. A3 Orchid Sweater Ltd. BBB2 M/S Laxmi Narayan Saha BBB2

Fashion Skirt & Trousers Ltd. BB1 M/S Shahin Ind. BB1 M/S Limon Corporation & Sister Concerns BBB2

Al Amin Printing & Packages BBB3 Abdul Gaffar & Co. (Pvt) Ltd. BB3 M/s Lovely Sanitary and Hardware Store BBB2

Ananta Paper Mills Ltd. AA3 Saki Auto Rice Mills (Pvt) Ltd and Its Sister Concerns BBB1 M/S M. J. A. Ent. BBB3

M/S International Jute Traders BB2 Rhymer Chemical Ind. Ltd. A1 M/S M.A. Mannan and Others BBB3

Five Star Saw Mill BB2 Infinity Data & Power Ltd. BBB3 M/s M.B.Hossain BBB3

Anik Composite Mills Ltd. BBB3 Innstyle Fashion Ltd. BB3 M/S Madani Ent. BBB3

Popular Life Insurance Co. Ltd. A2 Bismillah Moshari Store BBB3 M/S Madina Hardware Store BBB2

M/S Hiron Traders BB1 Bismillah Automatic Rice Mills BBB3 M/s Maf International BBB1

S.B. Agro Fertilizer Ind. Ltd. BBB1 Petromax Refinery Ltd. BBB3 M/S Mahbub Bricks BBB3

Purabi General Insurance Co. Ltd. BB3 Beacon Pharmaceuticals Ltd. BBB2 M/S Maimuna Ent. BBB3

Younus Fine Paper Mills Ltd. AA3 Karnafuly Shipyard (Pvt.) Ltd. B2 M/S Mama Vagina Husking Mill BBB3

Abul Kalam & Brothers BB3 Rupsha Trading Corporation BBB1 M/s Masu and Sons BBB1


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Woodland Plywood & Particle Board Ltd. BBB1 Hayet Trading BBB1 M/S Masum Trade International BBB3

M/S Kazi Sobhan Auto Rice Mill & Co BBB1 Imperial Embroidery Ltd. BB2 M/s Md. Abdul Wadud BBB3

Bhai Bhai Agency BB1 Bangladesh National Insurance Co. Ltd. BBB3 M/S Md. Abul Kalam BBB3

Universal Paper & Board Mills Ltd. AA3

Standard Collection Manufacturing Co. BBB3 M/s Md. Aynul Haque BBB1

CP Bangladesh Co. Ltd. AA3 Abed Holdings Ltd. BBB3 M/S MD. Delowar Hossain BBB1

Radiance Packaging & Accessories Ltd. BBB1 Golden Traders BBB3 M/S Md. Momtaz BBB1

Quest Accessories (BD) Ltd. BBB2 Corolla Corporation (BD) Ltd. BBB3 M/s Meem Ent. BBB3

M/S Needs Trading International BB3 Unifill Textile Mills Ltd. BBB3 M/S Meem Ent. BBB3

Fakir Apparels Ltd. A1 Transonic Communications Ltd. BBB3 M/S Meghna Traders BBB2

Afrin Jute Spinners Ltd. BBB3 Esack Brothers Ind. Ltd. BBB2 M/S Mehedi Traders BBB2

Patriot Packaging Industry BB2 Gold Mart Apparels (Pvt.) Ltd. BB1 M/S Mintu Datta BBB2

Shahjahan Spinning Mills Ltd. BBB3 Nilufa Automatic Rice Mill BB1 M/S Mishu Ent. BBB1

Versatile Apparel (PVT) Ltd BBB3 Unilliance Textiles Ltd. A3 M/S Mithi Rice Mill BBB3

Swan Jeans Ltd. BBB3 Global Trousers Ltd. A3 M/S Mitul Iron & Engineering Works BBB3

Kallandi Textile BB2 Grameenphone Ltd. AAA M/S Mobile Zone BBB2

Swiss Tex Ltd. BBB1 Rubel Dyeing Screen Printing Works (Pvt) Ltd. A3 M/S Mobin Auto Rice Mill BBB2

Dody Exportwear Ltd. BB1 Brothers Fabrication Engineering Ltd A3 M/S Modern Food Industry BBB3

Tushin Emporium BB1 Golden Containers Ltd. BBB3 M/S MODINA SANITARY BBB2

Fakhruddin Textile Mills Ltd. BBB1 Silver Fabrics BBB3 M/S Modina Trading Corporation BBB3

M/S Masim Flour Mill & Its Sister Concern BB2 Samannaz Super Oil Ltd. BBB2 M/S Mofiz Uddin BBB2

Azadi Printers Ltd. B1 Chittagong Waste Treatment Plants Ltd. BBB2 M/S Moktar Husking Mill BBB3

AST Knitwear Ltd. A3 Quasem Food Products Ltd. BBB3 M/S Mollah Bricks BBB3

Blue Bell Auto Rice Mill BBB3 Purabi Agro Ind. Ltd. BBB3 M/S Mollah Chal Kol BBB3

Apex Yarn Dyeing Ltd. AA3 General Pharmaceuticals Ltd. A1 M/S Mollah Hardware Store BBB2

AA Synthetic Fibers Mills Ltd. BBB2 M/S Shahidul Traders BB1 M/S Mona Ent. BBB3

Mosharraf Composite Textiles Mills Ltd. A1 Haque Traders BBB3 M/S Monihar Jewellers BBB1

BRB Cable Ind. Ltd AA3 Syed Grand Centre A3 M/S Monir Oil Agency BBB2

R M Seed Cold Storage BBB3 Afrin Cold Storage Ltd. BBB3 M/S Monjur Auto rice Mill BBB3

Satkhira Ice & Cold Storage BB1 Techven Properties Ltd. BBB2 M/S Monjur Auto Rice Mills BBB2

ARL Ship Breaking Ltd. BBB3 Rubel Steel Mills Ltd. BBB2 M/S Monjur Traders BBB2

M/S Paul & Co. BB2 M/S Barnamala Prokashoni and Its Sister Concerns BB2

M/s Mostafiz & Brothers and Its Sister Concern BBB3

BRB Cable Ind. Ltd AA2 Joardar Rice Mills BBB3 M/S Mostak Motors BBB3

Southern Renewable Energy Ltd. BBB1 Juvenile Trade Int’l Ltd. BBB3 M/S Mostak Motors BBB3

Unique Footwear Ind. BBB3 Crystal Insurance Co. Ltd. BBB2 M/S Motor Cycle Emporium BBB2

Mustafa Cold Storage (Pvt.) Ltd. BB1 Crossline Factory (Pvt.) Ltd. BBB2 M/S Mridha Ent. BBB3

Ayman Ent. BBB3 Southern Posak Shilpa Ltd. BB3 M/S Mukles Ent. BBB2

Shawon Fish Product (Pvt) Ltd. BBB3 R.K.Fashion Ltd. BB1 M/S Multibis International BBB3

Button Tex Ltd. BB3 Kalam Brothers Tannery Ltd. BBB1 M/S Murad & Brothers BBB3

ACME Specialized Pharmaceuticals Ltd. AA2 Jalalabad Steel Building Ltd. BBB1 M/S Murad & Brothers BBB2

J M Steel BB1 Central Depository Bangladesh Ltd. (CDBL) AAA M/s Musa & Sons A3

J B Cylinder Ltd. BBB1 Fashion Suit & Trousers Ltd. BB1 M/S Muselina Textile Mills BBB3

Purbani Rotor Spinning Ltd. A2 Hasmotullah Knitwear Ltd. BB2 M/S N. N. Telecom & Sister Concern BBB2

Enayetpur Spinning Mills Ltd. BBB3 Supti Sweater Ltd. BB2 M/S N.B. Auto Rice Mills BBB2

Fularin Ind. Ltd. BB2 Runner Automobiles Ltd. A3 M/S Nabina Fruits International BBB2

E B Solutions Ltd. BBB3 Logistics Management Services Ltd. AA1 M/S Nahar Trading BBB3

Global Apparels Ltd. BBB3 Salman Khurshid BB2 M/S Nakkhatra BBB2


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Fashion Point Ltd. BB1 Gelco Steel (Bangladesh) Ltd. A1 M/S Nandigram Auto Rice Mill BBB2

Saif Powertec Ltd. BBB1 SAK Knit & Textile Mills Ltd. B2 M/S Narsingdi Steel BBB2

Jamuna Traders BBB2 Organic Shrimps Export Ltd. BBB1 M/S Nasim Trading BBB3

Electrical & Electronics Co. Ltd. BBB3 Renata Ltd. AA1 M/S National Machinery BBB3

Standard Finis Oil Co. BBB3 Amin Trading Corporation BBB3 M/S Nawab Auto Rice & Feed Mills (Pvt) Ltd BBB3

Hannan Knit & Textiles Ltd. BB1 Kazi Md. Shoyeb BBB3 M/S Nawab Food Products BBB2

Vai Vai & Mama Automatic Rice Ind. BBB3 Rumana Fashion Ltd. BB1 M/S Nazrul Super Rice Mills BBB3

S K Motors BBB2 Smart Accumulator Pvt. Ltd. BB2 M/S New Asha Traders BBB2

Ruby Food Products Ltd. BBB3 First Security Islami Bank Ltd A3 M/S New Biswas Sons & Co. BBB3

M/S Noor Ent. BB1 Akhtar Furnishers Ltd. A3 M/s Nippon Motors BBB3

Garland Fashions Ltd. BB1 R B Rice & Flour Mill BBB3 M/S Nirmata BBB2

M N Traders BB1 Bashundhara LP Gas Ltd. A3 M/S Nisha Trade International BBB2

BRB Polymer Ltd. A1 M/S New Meghna Mosaic Agency BB1 M/s Nobab & Co. BBB2

Padma Traders BBB2 Hot Dress Ltd. BBB1 M/S Nobi Brothers BBB3

Globex Marketing Co. Ltd. A3 Arshad Ent. BB1 M/S Northern Paddy Bi Product BBB3

Toma Concrete Ltd. BBB2 Techno Venture Ltd. A3 M/s Nurul Islam & Brothers BBB2

JMS Garments Ltd. BBB1 Trust Bank Ltd. AA3 M/s Nurul Islam Brothers & its Sister Concern BBB2

Ratanpur Steel Re-Rolling Mills Ltd. AA3 Creative Sweater Pvt. Ltd. A3 M/s Ocean Fuels International BBB2

Younus Paper Mills Ltd. AA3 MRS Ind. Ltd. A2 M/S Opal Trade BBB3

Bangal Cold Storage Ltd. BB2 International Shirt Line Ltd. BBB2 M/S Pahan Trading BBB3

Amana Knittex Ltd. BBB3 Borak Trading & Carrier BBB3 M/S Parbata Agency BBB2

Solar Television Mfg. Ltd. BBB3 SP Fashions Ltd. BBB1 M/s Parvez Jute Trading BB2

Al Amin Ent. (UCBL) BBB3 Protein House Ltd BBB1 M/S Phool Mohammad Traders BBB2

HNS Automobiles A3 Spark Poly Ltd. BBB1 M/S Pioneer Ent. & Its Sister Concerns BBB2

Bonny Designers Ltd. BB1 Alvi & Co. BB3 M/S Pipa Rice Mills BBB3

Kamal & Brothers BBB3 Shadhin Dyeing (Pvt.) Ltd. BB3 M/S Pita-Mata Furniture BBB2

Al Madina Traders BBB3 Sobuz Flour Mill BBB3 M/S Polash and Brothers BBB2

Jamuna Seeds Storage (Pvt.) Ltd. BB2 Ram Automatic Rice Mill BB2 M/S Popular Ent. BBB3

Quality Feeds Ltd. AA2 M/S Robin Ent. BBB1 M/S Powerpac Engineering Co. BBB3

Globe Textile B1 Cedar Bangladesh Ltd. BBB1 M/S Pradip Chandra Shaha BBB3

Global Garments Ltd. BBB3 Fatema Ent. BB3 M/S Prime International BBB3

Impress Newtex Composite Textile Ltd. BBB2 Dhaka Trading House BBB3 M/S Priyanka Printing and Publication BBB2

Kibria Agro Ind. BBB3 That’s It Sports Wear Ltd. AA2 M/S Progoti Rice Mill BBB2

Bonny Designers Ltd. BB1 Jagorani Chakra Foundation A1 M/S Purnima BBB2

Sonali Concrete Products (Pvt.) Ltd. BBB3 Bilkis Auto Rice Mill BB2 M/S R M Co. BBB3

Shirat Chemicals Ltd. BBB2 Kohinoor Automatic Rice Mill BBB3 M/S Rafi Ent. BBB2

Central Depository Bangladesh Ltd. (CDBL) AAA Orion Pharmaceuticals Ltd. A1 M/S Rahim Trading BBB3

Nourish Poultry and Hatchery Ltd. AA2 SAM Pack Ltd. BB2 M/S Rahima Traders BBB2

JIZ Textile Ltd. BB1 Falguni Traders BB1 M/S Rahman Ent. BBB2

Chittagong Electric Manfg. Co. Ltd. BB2

Association for Development Activity (ADAMS) BBB3 M/S Rahman Mill Store BBB3

Tung Hai Sweaters Ltd. A3 Kurigram Spinning Mills Ltd. C M/S Rahmat Store BBB3

Celluler Mobile Pte Ltd. BBB2 Vulua Tannery Ltd. BBB1 M/S Raj Ent. BBB2

Papri Traders BBB3 Gram Bangla Tubes Ltd. BBB3 M/s Raja Ent. BBB3

F.M. Knitwear Ltd. B1 Urmi Garments Ltd. BBB1 M/S Rajbadhu Sharee Ghar BBB2

Fashion Trousers Ltd. BB1 Combined Food & Cold Storage Ltd. A2 M/S Raju Traders BBB2

Suvastu Development Ltd. A3 Annyasha Trading Agency BB2 M/S Ramisha Ent. BBB3

Cutting Edge Garments Ltd. A2 R S Machineries BB1 M/S Rana Ent. BBB2

Fariha Spinning Mills Ltd. BBB2 Dutch-Bangla Bank Ltd. AA1 M/S Ratna Ent. BBB3


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Yeakin Polymer Ltd BBB2 Haque Rice Mill Ltd. BB1 M/S Rechi Ent. BBB2

Panasia Clothing Ltd. BBB2 New Bogdad Rice Mill BB2 M/S Rensco Rice Mill BBB3

Chakda Steel & Re-Rolling Mills Ltd. BBB3 North South Packaging Ind. Ltd. BB1 M/S Rezvi Construction BBB3

Star Line Food Products Ltd. BBB3 Sunlife Insurance Co. Ltd. BBB3 M/S Ripon Perfumery & Chemicals BBB3

Sujan Textile BBB3 Ranks FC Properties Ltd. BBB2 M/S Rony Bricks BBB3

Bright Sea Food Ltd. BBB3 Islamic Finance & Investment Ltd. A3 M/S Roy Traders BBB3

Sunflower Life Insurance Co. Ltd. BB1 Rudmila Knitwear Ltd. BB1 M/S Runa Ent. BBB3

OK Ent. Pvt. Ltd. BB3 Akther Hassan Traders BB1 M/S RUNIA Ent. BBB3

Meek Sweaters Ltd. BB1 M/S Haider Machineries BB3 M/s S K Ship Breaker BB2

Design & Source Ltd. BBB2 Pole Star Apparels (Pvt.) Ltd. C M/s S K Steel BB2

SAMP Ltd. BBB1 Smart Technologies (BD) Ltd A3 M/s S. Trading Corporation BBB1

Arian Chemicals Ltd. BBB3 Azmir Rice Mill BB1 M/S S.K. Traders BBB2

Ferdaus Jute Mills Ltd. BBB3 Base Textile Ltd. BBB2 M/S Sadman Bricks BBB2

BRB Polymer Ltd. A3 Al-Arafah Islami Bank Ltd. AA3 M/S Safi Ind. BBB3

Social Islami Bank Ltd. AA3 ASM Chemical Indusreies Ltd. A1 M/S Sagar Fish Export BBB2

LankaBangla Finance Ltd. A2 New Foods Ltd. BB2 M/s Sagir & Brothers BBB2

Karnafully Fish Products BB2 Kiam Metal Ind. Ltd. AA3 M/S Sahana Textile BBB2

Zaheen Knitwears Ltd. BBB1 BFL-HCL-JV A2 M/S Saiful Hoque & Brothers BBB3

Green Housing & Energy Ltd. BBB3 Rangs Motors Ltd. BBB1 M/S Sajani Ent. and Its Sister Concerns BBB3

Panorama Apparels Ltd. BBB1 Aru-Ato Properties Management Ltd. BB3 M/S Saki Auto Rice Mill and Its Sister Concerns BBB1

Global Fabrics (Pvt.) Ltd. BB3 M/S Emon Fashion BB2 M/S Salif International BBB2

Weavers Furnishing Ltd. A3 Hydroxide Knitwear Ltd. BBB1 M/S Salim Impex BBB3

Tip Top Fashions Ltd. BBB2 M/S Abdul Latif Molla Husking Mill BB1 M/S Sami Ent. BBB1

M/S N.S. Auto Rice Mills & M/S Nobibul Traders BBB1 Epcot Apparels Ltd. BBB3 M/S Samin Poultry Breeders BBB3

Haji Dana Miah and Sons BB1 Krishan Ent. BBB3 M/S Sar Bitan BBB2

TSN International BBB2 M B T Trade International BBB1 M/S Sarker Agro Food Products BBB3

Cherry Knitwear Ltd. BBB1 Hashem Paper Mills Ltd. BBB1 M/S Sat Tara Matsha Babosaye BBB3

Unicorn Ind. Ltd. BBB1 Impex Trade International BB1 M/S Sathi & Brothers BBB3

New Auto Galaxy BBB3 Ali Hossain Traders BB2 M/S Sathi & Brothers BBB3

Akther Hassan Traders BB1 Rashil & Brothers BBB1 M/S Sawon Bricks BBB3

Farid Uddin & Sons BB2 Shehab Knitwear Ltd. BB2 M/S Sazzad Ahmed & Sons BBB2

DBH Finance Corporation Ltd. AAA Kafil Agro Indutries Ltd. BBB3 M/s Seema Trading BBB1

Fiat Fashion Ltd. BB1 Kotalipara Maida Kal BBB3 M/S Shabuj Auto Rice Mill & M/S Shabuj Ent. BBB2

T R Textile Mills (Pvt) Ltd. A3 Impressive Garments Ltd BB1 M/S Shafi Trading Corporation BBB2

Raghunath Kundu & Kalachand Kundu BB1 Sonali Super Food Varities BB2 M/S Shafique Traders BBB3

Star Sea Food Ind. Ltd. BB2 Mercantile Insurance Co. Ltd. A2 M/s Shah Amanat Marine Service BBB2

Pailac Chemicals Co. A3 Advance Animal Science Co. Ltd. BBB3 M/S Shah Sultan Bij Himagar BBB2

The Immaculate Exports Ltd. BB3 Gulf Oil Bangladesh Ltd. BBB3 M/S Shahadat Hossain Cold Storage BBB3

Bright Green Energy Foundation A1 SB Tel Ent.s Ltd. AA2 M/S Shahan Trade International BBB2

Khan & Sons Auto Rice Mill BB2 Advance EPS Technologies Ltd. BBB2 M/S Shaheen Traders BBB2

Dallas Filling Station BB1 Jharna Ent. BB3 M/S Shahjadpur Travels and Its Sister Concerns BBB1

Kushtia Rice Mill BBB3 M/S Kafil Uddin and its Allied Sister Concern A2

M/S Shamota Feeds & Its Sister Concern M/S Shamota Traders BBB2

Fabitex Ind. Ltd. BBB3 Doreen Power House & Technologies Ltd. AA2

M/S Shamota Feeds & Its Sister Concern M/S Shamota Traders BBB2

Quality Can Ind. Ltd. BBB2 Star Line Auto Rice Foods & Beverage Ltd. BBB3 M/S Shamsu Saw Mills BBB3

Star Line Special Ltd. BBB2 Jahangir & Others Ltd. BBB1 M/S Shanto CNG Re-Fuelling Station BBB1

Blue North Fisheries BBB3 Subashati Properties Ltd. BB1 M/S Shapla Poultry Feed Mills BBB2

Purbachal Paper Mills Ltd. BBB2 Impex Traders BBB1 M/S Shawn Machineries BBB2

Ahmed & Brothers Re-Rolling Mills Ltd. BBB3 M/S Moazzem Hossain BBB1 M/S Shelly Traders BBB3


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Gulf Travels BB3 M.H & Co. Ltd. BBB1 M/S Shemul Ent. BBB3

RR Trading & Co A2 Farr Ceramics Ltd. A3 M/S Shewly Chaul Kal BBB3

Dody Trims Ltd. BB3 S.S. Steel (Pvt) Ltd. A3 M/S Shewly Ent. BBB2

Provati Insurance Co. Ltd. A2 Electro Mart Ltd. BBB3 M/S Shimul Auto Rice Mill BBB3

Sirina Garments & Textiles Ltd. BBB3 Empire Dying Ltd. A3 M/S Shimul Auto Rice Mill BBB3

Chittagong Udaion Corporation Ltd. B1 Fiza & Co. BBB3 M/S Shohag Trading Co. BBB3

Sea Power Fishing Ltd. BBB2 Ahmmodia Rice & Flour Mills BBB3 M/S Shohel & Brothers BBB1

Trisha Flour Mill BB2 Asian Electronics BB1 M/S Shoyeb Boulders Crushing Industry BBB2

Shotodol Associates BB1 STS Holdings Ltd. A1 M/S Shoyeb Boulders Crushing Industry BBB2

Eurotex Knitwear Ltd. BBB1 M/S Awlad Machineries BBB1 M/S Shuhan Textile BBB3

SB TEL Ent. Ltd AA3 Biswas Traders & VIP Rice Mills BBB3 M/S Shuvo Auto Bricks Manufacturing Co BBB3

Credenz International Ltd. B2 Haque & Co. Ltd. BBB3 M/S Shuvo Auto Bricks Manufacturing Co BBB3

ONE Bank Ltd. – Subordinated Bond A1 S A Salt Ind. Ltd. BBB2 M/S Shuvro Ent. BBB2

Akco Ind. and Cold Storage Ltd. A2 Kibria Traders BBB3 M/S Siddique Traders BBB3

Trust Bank Investment Ltd. A3 Kabir Securities Ltd. BBB3 M/S Siraj & Co. BBB2

Central Insurance Co. Ltd. A3 Banga Dredgers Ltd. BBB3 M/S Siraj Agro International BBB3

Grace Accessories Ltd. BB1 RS & T International BBB2 M/S Siraj Traders BBB2

S H Trading Co. BB2 New Generation Trading Ltd. BB2 M/s Sohel & Brothers BBB2

Gobindaganj Cold Storage Ltd. BB1 Taj Trading BB1 M/S Sohel Motso Khamar BBB3

Nextgen Style Ltd. BB1 China Bangla Ceramic Ind. Ltd. BBB1 M/S Solar Ceramics Ltd. BBB2

S L Steel BB2 Rahbar Ent. BBB3 M/S Sonali Automatic Rice Mill & M/S Sonali Traders BBB3

Haque Chemicals Ent. BB3 ASM Chemical Indusreies Ltd. A1 M/S Sonali Fish BBB3

Arbab Poly Pack Ltd. A2 Five Star Tex International Ltd. BBB1 M/S Sonargaon Tata Bricks BBB2

Eurozone Fashion Ltd. BBB3 Wear Mag Ltd. AA2 M/S Sufi Steel BBB3

BASIC Bank Ltd. AA2 Saiham Cotton Mills Ltd. A3 M/S Suma Tube Well Agency BBB3

Pearls & Pouce Ltd. BBB1 Anowara Apparels Ltd. BBB3 M/S Sumaya Ent. BBB1

Sopura Silk Mills Ltd. BBB1 First Security Islami Bank Ltd. A2 M/S Sunny Auto Rice Mills Ltd BBB3

Goldstar Steel House BBB3 Niribili Fisheries Ltd. BB2 M/S Surovi Carriers and Its Sister Concerns BBB2

Jeans Manufacturing Co. Ltd. BBB3 Orion Infusion Ltd. BBB3 M/S Talukder Jute Trading BBB3

Anannya Traders BBB3 M/S Rana Ent. BBB1 M/S Tara Miah BBB2

Newtex Knit Fashions Ltd. BBB3 Electro Mechanical Service Ltd. A3 M/S Tawakkal Store BBB3

Sungarh Tex Ltd. BB3 Julfikar Re-Rolling Steel Mills Ltd. BBB3 M/S Tazan Agro Ent. BBB2

BRAC Bank Ltd. AA3 Khan Brothers BBB3 M/S Tazan Agro Ent. BBB2

Palli Bandhu Unnayan Sangstha BB3 Seven One Tex Ltd. BB1 M/S Tazim Vehicles Industry & Sister concerns BBB3

Golden Food Processing Industry BB1 Hua Thai Ceramics Industry Ltd. BBB1 M/S Tazin Bricks Manufacturer BBB1

Standard Group Ltd. AA3 Radisson Apparels Ltd. BBB3 M/S Tazin Bricks Manufacturer BBB3

Alim Ind. Ltd. BBB2 SKB Stainless Steel Mills Ltd. A3 M/S The Champion Cottage Ind. BBB2

Abul Khair Ltd. AA1 Shabbir Ent. BBB3 M/S Three Brothers Bricks Manufacturing Co. BBB2

Bonafide Knitting Mills Ltd. A2 East West Suiting Mills Ltd. BBB3 M/S Three Star Flour Mill BBB2

Hasan Flour Mills Ltd. AA2 East Asia Maritime BBB3 M/S Toriqul Islam BBB2

SS Steel (PVT) Ltd. A3 BHT Ind. Ltd. A3 M/s Trade Consortium BBB3

Nordic Woods Ltd. A3 Green Granite & Marble Ltd. BBB2 M/s Trade Overseas BBB3

Premier Style Ltd. BB1 Lolit Mohon Shaha BBB2 M/S Tuhin Bricks Traders BBB3

Peninsula Steel Mills Ltd. BBB2 Panasia Sweaters Ltd. BBB2 M/s Unique Traders BBB3

Atlas Bangladesh Ltd. AA2 Jes Motors BBB3 M/S United Seed Store BBB3

Grameen Knitwear Ltd. A3 Karotoa Spinning Mills Ltd. BBB3 M/S Uttam Kumar Kundu BBB2

BRB Cable Ind. Ltd AA1 Best Steel Ind. Ltd. BBB2 M/S V.I.P. Trading BBB1

Natore Cold Storage Ltd. A3 Kron Sweater Ltd. BBB3 M/S Vicar International BBB2

Skyline Garments Ltd. BBB3 J K Synthetic Mills Ltd. BBB2 M/S Wahab Husking Mill BBB3


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Siam's Superior Ltd. BBB2 Shantano Cold Storage BB3 M/S Wahedul Traders BBB2

Dui Bhai Husking Mills B1 North Bengal Plastic Bag Ind. BB2 M/S Waz Ent. BBB3

RR Trading & Co A2 Hamid Fabrics Ltd. AA3 M/S Western Trading BBB2

United Ashuganj Power Ltd. AA2 Salam & Kalam Daul Mill BB3 M/s Wood Electrics BBB3

Karim Textiles Ltd. A2 Basher Spinning Mills Ltd. BBB1 M/S Yousuf Ali Textile BBB2

Naila Fashion Pvt Ltd. BB1 IFAD Multi Products Ltd. BBB1 M/S Yousuf Ent. BBB2

M K Steel Box & Pipe Mills BBB3 F Rahman Tea Co. Ltd. BBB3 M/S Zahurul Haque Dulal BBB2

Golden Son Ltd. AA3 Perfect Fashions Ltd. BBB3 M/S Zakir Ent. BBB2

Delhi Aluminum Factory Ltd. A3 Sinha Fabrics Ltd. BBB1 M/S Zaman Traders BBB3

Al Amin Garment Inds. Ltd. BB1 Fakir Flour & Daul Mill BB2 M/S Zia Guest Inn BBB2

Nourish Poultry and Hatchery Ltd. AA2 Tempaco Foils Ltd. A1 M/S Zianagar Rice Mill BBB3

BRAC Bank Ltd.-Bond A1 R.K. Spinning Mills Ltd BBB1 M/S Zikrullah Trading BBB2

Standard Bank Ltd. AA3 Crown Knitwear Ltd. BBB2 M/S Zikrullah Trading BBB2

Fortune Apparels Ltd. A3 Razzaque Steel House BB1 M/s. A.B Trade International BBB3

Shahadat Husking Mills BB1 Earth Footwear Ltd. BBB3 M/s. A.R Transport BBB3

Dye-Tex International A3 Globe Drugs Ltd. A3 M/s. Abdul Wahab BBB2

BRB Polymer Ltd A3 Asia Ind. (Pvt) Ltd. BBB3 M/s. Agrani Garments BBB3

Provati Insurance A3 P L Coconut Oil Mill BB2

M/s. Ahmed & Sons Ent. BBB3

Shohagpur Textile Mills Ltd. A2 S M Steel Re-Rolling Mills Ltd. A2 M/s. Alal Ent. A3

Blue Water Shopping City BBB3 Rabeya Automatic Rice Mill BBB3 M/s. Alam Auto Atop Rice Mill BBB3

J K Fabrics Ltd. BBB2 J K Knit Composite Ltd. BBB2 M/s. Al-Amin Traders BBB2

J K Cotton Mills Ltd. BBB2 Shahidul Bhander BBB3 M/s. Aleya International BBB3

Krishan Auto Rice Mill BBB3 Mango Teleservice Ltd. AA1 M/S. Amena Auto Flour Mills BBB1

Transcom Beverage Ltd AAA Universal Poultry Hatcheries Ltd A3 M/s. Ananna Foods BB1

Skyline Apparels Ltd. BBB3 Bismillah Ent. BB1 M/s. Anisur Rahman BBB2

M/S Zinat Rice Ind. BB1 First Security Islami Bank Ltd. A2 M/s. Arafah Rice Mill BBB3

DESHA BBB2 Hamdard Laboratories (WAQF) Bangladesh A1

M/s. Arafat Trading BBB3

Apex Spinning & Knitting Mills Ltd. A1 Fatima Alyaf Tala-E Jute Ind. Ltd. BBB1

M/s. Arif Electronics BBB3

Dekko Knitwears Ltd. A2 Pacific Impex BB2 M/s. Badhan Garments BBB3

Abul Khair Milk Products Ltd. AA1 Toma Construction & Co. Ltd. A3 M/s. Basak Auto Rice & Agro Food Ind. BBB3

Air Trip International Ltd. BBB3 Shampa Flour Mills Ltd. AA2 M/s. Business Media BBB3

S B Traders BBB2 APS Design Works Ltd. BBB1 M/s. China International BBB2

H K Steel Ltd. BBB2 Shahjibazar Power Co. Ltd. AA2 M/s. chitra International BBB3

Crossline Knit Fabrics Ltd. BBB2 Advance Development & Tech. Ltd. A1 M/S. Choudhury Auto Rice Mill BBB3

Chens Crop Science Bangladesh Ltd. BBB2 Al Noor Steel Complex Ltd. A3 M/S. Dulari Ent. BBB3

Siraz Cycle Ind. Ltd. BBB3 North’s Egg Ltd. BBB3 M/s. Expo Traders BBB3

Comfit Composite Knit Ltd. BBB2 Shovessa Electronics & Motors BBB3 M/s. Fashion Palace BBB1

J & J Fabrics and Textile Ltd. B1 Impex Trading Co. & Sister Concerns A3 M/s. Fashion Palace BBB1

PEB Steel Alliance Ltd. A3 M/S Ramzan Ent. A3 M/s. Fatullah Apprels BBB2

Dhaka Insurance Ltd. A3 Fashion Makers BBB3 M/s. Faysal Traders BBB2

M I Cement Factory Ltd. AA2 Shah Ent. BBB3 M/s. Habib Traders BBB3

Export Pack Ltd. B1 Herok Jute International B1 M/s. Halim Corporation BBB3

The City Bank Ltd. AA3 Disari Ind. (Pvt.) Ltd BBB1 M/s. Harun Enterprize BBB3

Cathweld Construction Co. Ltd. BBB1 First Security Islami Bank Ltd. – (Bond) A2

M/s. Islam Engineering BBB3

Thakral Information System Pvt. Ltd. BBB3 Executive Technologies Ltd. BBB2

M/s. Jalal Traders BB1

Nezam Uddin & Brothers BB1 BSB Spinning Mills Ltd. BBB2 M/s. Janani Stationary Products & Books BBB1

H&W Apparels Ltd. BB2 Plastic Concern (Pvt) Ltd. BBB3 M/s. Janata Chaul Kal BBB3

International Leasing and Financial Services Ltd A3 Fatullah Fabrics Ltd BBB2

M/s. Janata Traders BBB3


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Ershad Builders Ltd. (Ershad & Sons) A3 Q N Queue Accessories Ltd. BBB3 M/s. K.R Jute trading BBB2

Sam Ree Dyeing (BD) Ltd. BB3 Didarul Alam & Brothers BBB2 M/s. M. R Trade International BBB3

Globe Engineering Works B1 Jalalabad Steel building Ltd. BB1 M/s. M.H Jute Traders BBB3

Billah Resources Ltd. BB2 R.K.Fashion Ltd. BB1 M/s. Maa –Babar Doa Ent. BBB3

M/S Able Shipping Line BB2 Sterling Designs Ltd. BBB2

M/s. Maruf & Brothers BBB3

Feaz Ent. B1 M/S Japan Steel Engineering BB2 M/s. Md. Rabiul Islam BBB2

Osmanli Trade Ltd. BBB2 Kores Bangladesh Ltd. BBB3 M/s. Midland Crusher BBB3

Pearl Garments Co. Ltd. AA3 Karooni Knit Composite Ltd. BBB3 M/s. Millennium Publications BBB3

Renaissance Hospital & Research Ins. Ltd. BB3 Bank Asia Ltd. AA3

M/s. Mim Ent. BBB3

Prime Corporation A3 Eastern Medical College & Hospital Ltd. BBB3

M/s. Minar Fashion BBB3

Jamuna Auto Rice Mill BB1 Ha-Meem Denim Mills Ltd. AA2 M/S. Modern Food Ind. BBB3

Radiance Jeans Ltd. BBB1 Lodestar Packaging Ltd. BB1 M/s. Modhumoti Steel Engineering BBB3

Tusuka Jeans Ltd. A3 Star Padding Ind. Ltd. BB2 M/s. Monir Sikder Textile and Sizing Mills BBB2

Karnaphuli Ent. B1 Salam Jute Mills (Pvt) Ltd. BBB3 M/s. Munshi Filling Station & CNG BBB2

The Cox Today Ltd. BBB1 Enam Medical College & Hospital A2 M/s. N.C Jute Trading BBB3

C & A Fashion Ltd. BB3 Runner Bricks Ltd. BBB3 M/s. Naba Puthighar BBB3

Jalalabad Ragib Rabeya Medical College A1 Empire Dying Ltd. A3 M/s. Nahar Commercial Agency BBB1

MP Spinning Mills Ltd. A1 Ratanpur Ship Re-Cycling Ind. Ltd BBB3 M/s. Network BBB1

Lifestyle Fashions Maker Ltd. B1 Progressive Shipping Lines Ltd. BBB1 M/s. Nippon Textile Mills BBB2

ABL Specialized Cold Storage Pvt. Ltd. B1 Shadhin Garments (Pvt.) Ltd. BB1

M/s. Nofor Traders BB1

Khan Auto Rice Mill Ltd. BB2 HSBC Bangladesh AAA M/s. Nurjahan Husking Mill BBB3

Mahmud Denims Ltd. AA3 Satkhira Feed Ind. Ltd BBB3 M/s. Padma Publishers BB1

Priyam Garments Ltd. A3 M/S Sheikh Traders A3 M/s. Perfect Engineering and Technology Ltd.

BBB3

Bashundhara Industrial Complex Ltd. A3 Transcom Foods Ltd. A2 M/S. Phool Mohammad Traders BBB2

Setara Fish Farm Ltd. BBB3 M/S Jamuna Motors & Engineering Works A3 M/s. Popy Library BBB2

Shadow BB1 Helal Electric Co. BBB3 M/s. Progati Traders BBB3

R.K. Spinning Mills Ltd. A3 M/S Mahtab Flexible Printing Press & Sister Concern BBB1 M/s. R.M. International BBB3

National Housing Finance & Investments Ltd. A2 M/S Katha Ent. BB2

M/s. Rahmania Offset Press BBB3

R M Carton Ltd. BB1 Les Pulls D'Alex Ltd. BB1 M/s. Rifat Trade International BBB2

Bangla Trac Ltd. A1 Jahangir Iron Mart BB3 M/s. Rony Ent. BBB2

Amex Ltd. AA2 Tamanna Sweaters Ltd. BB2 M/s. S. S Ent. BBB3

M/S Akhter & Brothers BB1 TNTS Ent. BBB3 M/s. Sad Ent. BBB3

S A Pulp & Paper Products Ltd. A2 Badar Spinning Mills Ltd. BBB3 M/s. Saikat Ent. BBB1

Prime Bank Ltd. AA2 Surma Oil Mills BB1 M/s. Saikat Trading BBB1

Novelta Bestway Pharmaceuticals Ltd. BB3 Funka Ind. Ltd. BB3

M/s. Sanitary World BBB3

Chittagong Padding Mills Ltd. BB2 Padma Cold Storage (Pvt.) Ltd. BB2 M/s. Sarder Trading BBB3

Zarjis Composite Knit Ind. Ltd. BB1 Building Technology & Ideas Ltd. AA3 M/s. Sathi Traders BBB2

VOTT Oil Refineries Ltd. AA2 Gold Star Garments Ltd. BBB3 M/s. Shafi Trade International BBB3

R M Interlinings Ltd. AA3 Anwara Mannan Textile Mills BBB1 M/s. Shafiqul Islam BBB3

United Ship Recycling BB1 M M Spinning Mills Ltd. BBB2 M/s. Shamim & Brothers BBB3

Gothic Design Ltd. AA1 Khaza Ent. BB1 M/s. Shohag Ent. BBB3

Ridwan Textile BB1 Jahanabad Sea Foods Ltd. BBB1 M/s. Spectra Dye-Chem (PVT) Ltd. BBB3

Prime Specialized Hospital & Research Institute Ltd. A3 Transcom Distribution Co. Ltd. A1

M/s. Suruchi Ent. BBB3

Taj Plastic Ind. BB1 Aswad Composite Mills Ltd. A1 M/s. Tamanna Petro Trading Co. BBB3


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BRB Energy Ltd. A2 M/S Aminul Momin and its sister concern M/S A.M. Bricks BBB1

M/s. Travel International BBB2

Al-Haj Karim Textiles Ltd. A2 10% Convertible Zero Coupon Bonds A2 M/s. VIP Trading BBB1

Building For Future Ltd. A1 4A Yarn Dyeing Ltd. BBB3 M/s. Yasmin Chemical Works BBB2

Savar Sweater Ltd. A3 4s-Park style Ltd. BBB2 M/s. Youfa Trading BBB3

DAF Ctg. Accessories Ltd. A3 7 One Properties Ltfd. BBB1 M/s. Zahura Auto Rice Mill BBB3

M J Construction B1 7B Associates BBB1 Madina Oil Suppliers BBB2

Based & Sons Steel and Re-Rolling Mills Ltd. BBB2 A & A Trousers Ltd. BBB2 Mahdeen Sweaters Ltd. A3

Uttara Bank Ltd. AA3 A K Fish and Poultry Feed Private Ltd. BBB2 Mahmud Jeans Ltd. BBB2

M/S Hi-Tech Electronics BB1 A. Rahman Parash Auto Rice Mills Ltd. BBB3 Mahmud Jeans Ltd. BBB2

Aman Agro Ind. Ltd. A3 A. Rahman Parash Auto Rice Mills Ltd. BBB3 Mahmud Washing Plant Ltd. BBB2

Green Delta Insurance Co. Ltd. AA1 A.E. Knitwear Ltd. BBB3 Mahmud Washing Plant Ltd. BBB2

Boishakhi Automatic Rice Mills BBB3 A.G. Automobiles Ltd. BBB1 Maisha Property Development Ltd. BBB3

ATS Apparels Ltd. A3 A.H Ent. BBB3 Majumder Traders Ltd. A2

Ali Steel Ent. BB3 A.H. International Ltd. BBB3 Malek Spinning Mills Ltd. A1

SF Sweaters Ltd. BB1 A.R Steel Corporation BBB3 Manama Developments Ltd. BBB1

Arif Traders BBB2 A3 Color Chem Ltd. BBB2 Manik Atta Dal and Tel Mill BBB2

The Immaculate (Pvt.) Ltd. BB3 Aamra Technologies Ltd. A2 Mannan & Son's Beez Himagar Ltd BBB1

Bank Alfalah Ltd. A2 Abanti Colour Tex Ltd. A1 Marium Textile Mills Ltd. A2

Satata Garments BB2 ABC Building Products Ltd. BBB1 Mars Apparels Ltd. BBB1

The Rani Re-Rolling Mills Ltd. BBB1 Abdul Steel Mills Ltd. BBB3 Mars Sportswear Ltd. BBB2

Alauddin Trading Co. Ltd. BB3 Abdullah Battery Co. (Pvt.) Ltd. A1 Masafi Flour Mill Ltd. BBB2

Fakir Fashion Ltd. A3 Abed Textile Processing Mills Ltd. BBB3 Masafi Trade International BBB3

Pintu Motors BB1 Abhijat Tiles & Sanitary BBB3 Mashud Fish Processing and Ice Complex Ltd. BBB2

Everest Sweaters Ltd. BB1 Abir Ent. BBB2 Master Accessories (Pvt.) Ltd. BBB3

Pacific Spinning Mills Ltd. BB1 Aboni Knitwear Ltd. A2 Master Textile Mills Ltd. BBB2

DAF Knitwears Ltd. A3 ACE Autos (Pvt.) Ltd. BBB2 Masud Apparels Ltd. BBB3

FN Fan Ind. Ltd. BB3 ACME Laboratories Ltd. A1 Masud Apparels Ltd. BBB2

Sea Tex Ltd. BB2 Active Zipper Ltd. BBB1 Matin Spinning Mills Ltd. A1

Tongi Oil Mill & Co. BBB1 Active Zipper Ltd. BBB1 Mazeda Fabrics Ltd. BBB3

Khan Complex BB2 AD-Din Exim Ltd. BBB3 Mazeda Fabrics Ltd BBB1

LankaBangla Securities Ltd. AA2 ADN Technologies Ltd. BBB2 McDonald Bangladesh (PVT.) Ltd. BBB1

Ahmed Agro Agency BB1 Adobe Builders Ltd. BBB2 McDonald Steel Building Products Ltd. BBB2

Nizamia Trade International BB1 Adobe Builders Ltd. BBB2 Md Towhid Hossain BBB3

Nourish Poultry & Hatchery Ltd. AA2 Advance Power Electric Co. BBB2 Md. Enamul Haque BBB2

Computer Source Ltd. A2 Aerial Properties Ltd. BBB3 Meeazee Housing Co. BBB2

Shuvo Knit Ltd. BB3 Aesthete Ltd. BBB3 Meeazee Housing Co. BBB3

Five Star Ice & Clod Storage Ltd. A2 AFA Steel Ind. Ltd. BBB2 Meenhar Sea Foods Ltd. A1

Khulna Frozen Food Export Ltd. BB2 Afaku Cold Storage Ltd. BBB3 Megapower Engineering Ltd. BBB3

People's Leasing & Fin. Services Ltd. A2 Afaku Cold Storage Ltd. BBB3 Mehmud Ind. (Pvt.) Ltd. BBB1

Energy Meter Co. Ltd. A3 Aftabunnesa Textiles Ltd. BBB1 Mercantile Bank Ltd. AA3

BENZ Ind. (Bangladesh) Ltd. BBB1 AG Agro Ind. Ltd. BBB2 Mercantile Bank Ltd. AA3

Sifa Husking Mills B1 Agomony Cold Storage Ltd. BBB3 Meridien Washing Plant (Pvt.) Ltd. BBB2

Green Power Electrical & Electronics BB1 Agrani Bank Ltd. A1 Metro Steel Re-Rolling Mill Ltd. BBB3

Globe Pharmaceuticals Ltd. A2 Agricultural Marketing Co. Ltd. AA3 Mir Cement Ltd. A3

Rupali Garments BB3 Agro Resources Co. Ltd. BBB2 Mir Ceramic Ltd. A1

C & A Textiles Ltd. BB3 AGS International Ltd. BBB2 Mir Concrete Products Ltd. BBB1

M/s Abdul Mozid Khan B2 Ahmed Trade International BBB3 Mir Real Estate Ltd. BBB1

Shasha Denims Ltd. A1 Ahyan Jute Mills Ltd. BBB2 Mission Developers Ltd. A2

AMC Knit Composite Ltd. BBB1 Akbor Agro Auto Rice Mill BBB2 Mission Fashion Ltd. BBB2


Page 56 of 63

Epic Garments & Manufacturing Co. Ltd. AA2 Akboria Bread and Biscuit Factory BBB3

Mission Food and Beverage Ltd. BBB3

Cotton Textile & Apparels Ltd. BB2 Al Amin Ent. BBB3 Mission Trade International Ltd. BBB3

Shah Fatehullah Textile Mills Ltd. A3 Al- Falah Steel & Re-Rolling Mills Ltd. BB1 MM Builders & Engineers Ltd. A3

Global Knitwear Ltd. A3 Alal Agro Food Products BBB3 Mobile Center BBB2

Jahara Fashion Ltd. BB1 Alam & Brothers BBB2 Modern Electrical Works BBB3

A-One Bread & Biscuit Factory BB1 Alauddin & Sons (Pvt.) Ltd BBB2 Modern Erection Ltd. BBB2

Oriental Services A.V. (BD) Ltd. BB1 Alauddin Garments Ltd. BBB1 Modern Structures Ltd. BBB2

Sonali Aansh Ind. Ltd. A2 Al-Falah Aam Unnayan Sangstha BBB2 Mohammad Ent. Auto Rice Mills Ltd. BBB3

Risda Bangladesh BB3 Al-haj Abdul Quddus Ltd. BBB2 Mohammadi Steel Works Ltd. BBB1

Ha Mim Footwear Ltd. B1 Al-Haj Abul Kashem Himagar Ltd. BBB2 Mohammadia Poly Printers Ltd. BBB3

DAF Accessories Ltd. A3 Alif Apparels Ltd BBB2 Mokhter & Sons Ltd. BBB3

Eskayef Bangladesh Ltd. AA1 Alif Garments Ltd BBB2 Mondal Agro Ind. Ltd. BBB2

Novimoda Knitwear Ltd. BB1 Alif Outwears Ltd. BBB2 Monjil Electrical and Electronics Ltd. BBB1

QNS Container Services Ltd. BBB1 Alif Textiles Ltd BBB2 Monjil Housing Development Ltd. BB1

Rabab Fashion Ind. Ltd. BBB1 Alif Textiles Ltd BBB2 Monowara Apparels Ltd. BBB2

Siddeswari Clod Storage Ltd. A2 Alin Food Products Ltd. BBB2 Moon Bangladesh Ltd. BBB1

Aryan Stone and Marble Ltd. BBB2 Aliza Fashion Ltd. A3 Mosharraf & Brothers & Abir Ent. BBB2

The Immaculate Accessories Ltd. BB3 Allplast Bangladesh Ltd. A2 Mostafa Oil Products Ltd. AA3

Pratik Apparels Ltd. BB2 All-Trans Cargo Services Ltd. BBB2 Mouchak Knit Composite Ltd. BBB2

Teco Electronics BB1 Al-Paca Sweater (pvt) Ltd. BBB2 Moulana & Sons BBB1

Global Shirts Ltd. A3 Amanat Shah Weaving Processing Ltd. A3 Moyna Noor Textile Mills Ltd. BBB2

Korotowa Bohomukhi Khamar BB2 Amanat Shah Weaving Processing Ltd. A2 Mozart Knit Ltd. BBB1

Appollo Engineering and Construction Ltd. BB2

Amanot Cold Storage BBB3 MS Ahmed Trade International BBB2

Sobhan Ice & Clod Storage Ltd. A2 Ambia Apparels Ltd. BBB3 Mukta Himagar (Pvt) Ltd. BBB3

Kiam Metal Ind. Ltd. AA3 Amena (Pvt.) Ltd. BBB2 Mukta Himagar (Pvt) Ltd BBB2

M/S MSC Real Estate BB1 Anew Apparel Ltd. BBB3 Multifabs Ltd. A1

Plummy Fashion Ltd. A2 Anika Apparels (Pvt.) Ltd. BBB3 Multiplus Ind. Ltd. BBB3

Sonali Paper & Board Mills Ltd. A2 Annesha Styles Ltd BB1 Mustafa Cold Storage (Pvt.) Ltd. BBB3

Hasan Book Depot BBB3 Anwar Integrated Steel Plant Ltd. BBB1 Mutual Concern Corporation Ltd. BBB2

GETCO Telecommunications Ltd. A3 Anwar Jute Spinning Mills Ltd. A3 Mutual Trust Bank Ltd. AA3

New Wave Style Ltd. BB1 A-One Polymer Ltd. A3 M-Yew Fashion Ltd. BBB2

Bengal Windsor Thermoplastics Ltd. AA1

Apartment Design & Development Ltd A3 Mymensingh Agro Ltd. A1

M/S Rupali Iron Ent. BB1 Apex Adelchi Footwear Ltd. AA2 Mymun Textiles Ltd. A2

City Sugar Ind. Ltd. AA1 Apex Tannery Ltd. AA3 Mymun Textiles Ltd. A2

Joty Plastic Co. BBB1 Apparel Concept Ltd. BB1 MyOne Electronics Ind. Ltd. BBB3

Shah Perfumery Products Ltd. BB1 Apparel Today Ltd. BBB3 N A Bag Ind. Ltd BBB2

Dushtha Shasthya Kendra A3 Apple Homes Ltd. BBB2 N. A. Bags Ind. Ltd BBB2

Well Mart Ltd. BB1 AR Real Estate Ltd. BB1 N.S Ent. and Its Sister Concerns BBB3

Electro Battery Co. Ltd. BBB1 Arabi Fashion Ltd. BBB2 Nabarun Jute Mills Ltd. BBB2

Shanta Trading Corporation BB2 Arefin Textile Mills Ltd. BBB1 Nafa Apparels Ltd. A2

Harun Flour Mills Ltd. BB2 ARH Knit Composite Ltd. BBB2 Nafisa Ent. BBB3

Unifill Composite Dyeing Mills Ltd. BB2 ARK Sea Foods Ltd. A3

Nahar & Brothers BBB3

Socio Economic Health Education Organization BB1 Arman Textile BBB3 Naheed Composite Textile Mills Ltd. A1

Gallant Fashion Ltd. A3 Armana Fashions Ltd. A2 Naheed Cotton Mills Ltd. A1

Grameen Knitwear Ltd. A3 Artex Fabrics ltd. A2 Naheed Ind. Ltd. BBB2

M/S Afzal Brothers & M/S Afzal Auto Rice Mills A3

Asha Ind. BBB3 NAM Corporation A3

Deepa Food Products Ltd. AA2 Asha Ind. BBB3 National Bank Ltd. AA3

Md. Khairul Basher BB1 Ashraf Rubber & Plastic Ind. BBB2 National Grain Products Ltd BBB3


Page 57 of 63

Nurani Poultry & Fishery Feeds Ltd. BB1 Associated Oxygen Ltd. BBB1 National Sea Food Ind. Ltd. BBB2

The Immaculate Textiles Ltd. BB3 Atlas Food and Beverage Ltd. BBB2 Natore Cold Storage Ltd. BBB1

Rabeya Flour Mills Ltd. A2 Atlas Shipping Lines Ltd BBB2 Nawab Auto Rice & Feed Mills (Pvt.) Ltd. BBB3

Drick ICT Ltd. BB3 Attires Manufacturing Co. Ltd. BBB2 New Eastern Cold Storage Ltd. BBB2

Bhawal Steel House BBB3 Attires Manufacturing Co. Ltd. BBB2 New Grameen Motors BBB2

North Bengal Grain Ind. Ltd. BBB1 Avesta Aluminum Industry Ltd. BBB3 New Islamia Borka House & Garments BBB2

Radial International Ltd. A2 Azharul Spinning Mills Ltd. BBB3 New Line Clothing's Ltd. BBB3

M/S Sheikh Brothers & M/S Hafizur Rahman Babu A3

Azizul Haque Auto Rice Mills (Pvt) Ltd. BBB3 Newtex Dyeing & Printing Ltd. BBB2

Haque Trading BBB3 Azmiri Timber Depot & Saw Mill BBB3 Newtown knitwear Co. ltd BBB3

Aysha Jute Fibres Ltd. BB3 B. R. Spinning Mills Ltd. BBB2 Nexus Securities Ltd. BBB3

Mahmud Denims Ltd AA3 B2B Excellence Ltd. BBB2 Nishong Jute Mills Ltd. B1

Layla Iron BB3 Babylon Garments Ltd. A2 Nitol Motors Ltd. AA3

United Fashion Trousers Ltd. BB1 Babylon Trims Ltd. BBB2 NITS Service (PVT.) Ltd. A3

Well Dresses Ltd. BBB3 Badsha Textiles Ltd. AA3 NOFS Garments Ltd. BBB2

Well Accessories Ltd. BBB3 Baishali Hatchery Ltd. BBB2 Noman Fabrics Ltd. A3

Premier Knitting & Trading Ltd. BB3 Baizid Steel Ind. Ltd. BBB1 Noor Business Ent. Ltd. BBB2

Sentu Auto Rice Mills BBB3 Bakul Powertech BBB3 Nordic Woods Ltd. BBB2

City Feed Products Ltd. AA2 Balaka Stitch (Pvt) Ltd. BBB2 North Bengal Cement Ind. Ltd. BBB3

Four H Fashion Ltd. A1 Banga Building Materials Ltd. A1 North East Medical (PVT.) Ltd. A3

City Navigations Ltd. AA2 Bangla Trac Communications Ltd. A1 Northern Fashion Ltd. BBB3

Arif Garments BB3 Bangladesh Commerce Bank Ltd. A3 Nova Holdings Ltd. BBB2

Apparel-21 Ltd. A3 Bangladesh Eye Hospital Ltd. BBB1 Nova Trread & packagers Ltd. BBB3

Niribili Poultry & Livestock Ltd. B1 Bangladesh Finance and Investment Co. Ltd. A3

Novelta BestWay Pharmaceuticals Ltd. BBB3

Younus Specialized Cold Storage Ltd. A2

Bangladesh Petroleum & Lubricants BBB1 Nur-E- Alahee & Brothers (Pvt.) Ltd. BBB2

Adex Corporation Ltd. AA3 Bangladesh Steel Re-Rolling Mills Ltd. AA3 Nurjahan Super Oil Ltd. A2

Esquire Knit Composite Ltd. A2 Bangladesh Submarine Cable Co. Ltd. AAA Nuvista Consumer Healthcare Ltd. A3

Landmark Fabrics Ltd. A3 Banoful & Co. Ltd. A3 Ocean Accessories Ltd. BBB2

Progati Electronics BB2 Base Fashions Ltd. BBB2 Ocean Containers Ltd. A1

Crystal Fisheries Ltd. BB3 Bayazid Match Ind. Ltd. BBB2 Ocean Pride (BD) Ltd. BBB3

Md. Badrul Iqbal BB1 Bayazid Match Ind. Ltd. BBB2 Olympic Accessories Ltd. BBB3

Progati Agro Food Ind. Ltd. BB1 BCL 18% CONVERTIBLE ZERO COUPON BONDS A2

Orchid Garments Ltd. A3

Bikrampur Potato Flakes Ind. Ltd. A3 Bengal Food Ind. BBB2 Organic Health Care Ltd. BBB1

Enam Medical Hospital (PVT) Ltd. A2

Bengal Leather Complex Ltd. BBB3 Oshin Spinning Mills Ltd. A3

Graphics Textiles Ltd. BB2 Bengal Plastics Ltd. BBB3 Osin Ent. BBB3

Sheema Spinning Mills (Pvt.) Ltd. BB1 Bengal Poly and Paper Sack Ltd. A3 Osman Interlinings Ltd. A3

S S Fabrics Ltd. BB3 Bepari Agro Food Products Ltd BBB2 OTL-Doublegull Manufacturing Co. Ltd. A3

Rashid Agro Food Products Ltd A1 Bhatiyari Ship Breakers Ltd. BBB3 OTOBI Ltd. AA3

Sadia Traders BB1 Bhuiyan & Brothers BBB3 Otto Spinning Mills Ltd BBB3

Star Associates Ltd. B2 Biopharma Agrovet Ltd BBB3 Otto Spinning Mills Ltd BBB2

Pantaloon Fashion Ltd. BB1 Bismillah Feed Mills Ltd BBB2 P.P S. Plastic Pipe Ind. BBB3

ADN Telecom Ltd. A2 Biswas Agro Food Ltd. BBB3 Padma Diagnostic Centre Ltd. BBB3

Samannaz Dairy & Food Products Ltd. A1 Biswas Agro Food Ltd BBB3 Padma Rubber Ind. BBB3

Sharija Oil Refinery Ltd. A1 BKC Sweater Ltd. BBB2 Pan Pacific Sweaters Ltd. BBB1

M/S Kibria Husking Mills BB1 BLP Warm Fashions Ltd. BBB2 Panigram Resort Ltd. BBB1

Sefat Trade International BB2 Bounty Food & Beverage Ltd BBB2 Panna Battery Ltd. A2

Apex Lingerie Ltd. AA3 Brilliance Sweater Ltd BBB2 Panna Distribution Ltd. A3

The ACME Laboratories Ltd. AA2 BSB Foundation BBB3 Panwin Designs Ltd. A3

Nowapara Clod Storage Ltd. A2 BSRM Steel Mills Ltd. A2 Panwin Fashions Ltd. BBB1


Page 58 of 63

S A Oil Refinery Ltd. A1 BST Auto Bricks Ltd. BBB3 Panwin Garments Ltd. BBB1

Sharp Kargo Kare Ltd. BB3 BT Ltd. BBB1 Paramount Textile Ltd. A1

Wahed Steel Corporation BB1 Campex (BD) Ltd. A2 Parity Fashion Ltd. BBB2

Quasem Drycells Ltd. A3 Century Apparels Ltd. BBB3 Parity fashion Ltd. BBB2

Jalal Ahmed Spinning Mills Ltd. A3 Century Leather Works (PVT.) Ltd. BBB1 Parity Fashion Ltd. BBB2

Al Sahera & Sons BB3 Century Leather Works (PVT.) Ltd. BBB1 Parvin Properties & Technologies Ltd. BBB2

Northern Agriculture & Ind. Ltd. A2 Charka SPC Poles Ltd. BBB1 Patakuri Society BBB2

SARC Ent. BB3 Chashi Cold Storage (Pvt.) Ltd. BBB3 PB Birganj Automatic Rice Mill BBB2

Olympic Cement Ltd. A2 Chashi Cold Storage (Pvt.) Ltd. BBB3 Peak Apparels Ltd. BBB2

Habib Clinic & Diagnostic Centre BB2 China Bangla Ceramic Ind. Ltd. BBB2 Peoples Insurance Co. Ltd. A3

Zakir Textile BB1 China Palace BBB3 Perfect Sweaters Ltd. BBB1

Sea Food Corporation Ltd. BB3 Chittagong Denim Mills Ltd. BBB3 Phoenix Finance and Investments Ltd. A2

Esquire Accessories Ltd. A3 Chowdhury Leather & Co. Ltd. BBB3 Phoenix Insurance Co. Ltd. A1

S A Beverage Ltd. BBB1 CHP Chemical Ind. Ltd. BBB2 PHP Nof Continuous Galvanizing Mills Ltd. AA3

GQ Ball Pen Ind. Ltd. A1 CITEX Sweater Ltd. BBB2 Pioneer Sweaters Ltd. AA3

Rahat Corporation A3 City General Insurance Co. Ltd. A3 Polybag Manufacturing Co. Ltd.. BBB1

Bay Leasing & Investment Ltd. BBB1 Civic Apparels Ltd. BBB2 Polymer Agro Ind. Ltd. BBB2

Abul Khair Tobacco Co. Ltd. AA2 Civic Apparels Ltd BBB3 Popular Export & Import Co. (PVT.) Ltd A3

The Rose Dresses Ltd. A3 Claxton Apparels & Textiles Ltd. BBB1 Power Vantage Wear Ltd. BBB2

Motahar Hossain Chowdhury Jute Mills Ltd. BB1 COAST Trust BBB2 Pragati Life Insurance Ltd. A2

Geo Agro Ind. Ltd. BB3 Commercial Bank of Ceylon PLC (Bangladesh Operation) AAA PRAN Exports Ltd. A2

Takaful Islami Insurance Ltd. BBB1 Concept Knitting Ltd. BBB3 PRAN Foods Ltd. A2

Star Partical Board Mills Ltd. AA3 Confidence Steel Ltd. A3 Premier Steel Re-rolling Mills (Pvt) Ltd BBB1

Kismot Trading Corporation BBB1 Coral Reef Properties Ltd. BBB3 Prime Bank Ltd. AA1

Robi Axiata Ltd. AA3 Cortz Apparels Ltd. BBB2 Prime Bank Ltd. AA2

South Bengal Fertilizer Mills Ltd. BB1 Creative Designers Ltd. BB3 Prime Insurance Co. Ltd. A2

United Airways (Bangladesh) Ltd. BBB1 Creative Shirts Ltd. BBB1 Prime Islami Life Insurance Ltd. A1

Younus Spinning Mills Ltd. A3 Crescent Hospital & Diagonstic Ltd. BBB3 Primordial Ltd. BBB3

Deepshikha International BBB3 Crescent Leather Products Ltd. A3

Probashi Knitwears Ltd. BBB1

Daeyu Bangladesh Ltd. BB3 Crescent Tanneries Ltd. BBB1 Progati Steel Mills Ltd. BBB3

Doreen Power Generations & Systems Ltd. AA2 Crossline Woven Garments Ltd. BBB3

Progati Traders BBB3

American Life Insurance Co. Bangladesh AAA Crosswear Ind. Ltd. BBB2 Projectehsan Paper Products (Pvt.) Ltd. BBB3

Ibn Sina Trust A2 Crosswear Ind. Ltd. BBB2 Protein House Ltd. BBB2

OK Properties Ltd. BB3 Crown Cotton Ltd. BBB3 Purabi Salt Ind. Ltd. BBB3

Samannaz Condensed Milk Ltd. A2 Crown Cotton Ltd. BBB2 R. B. Steel Mills Pvt. Ltd. BBB3

Global Brand (Pvt) Ltd. A3 D & S Pretty Fashions Ltd. A3 R.B.P Woven Industry BBB2

Akbar Composite Mills Ltd. BB1 Dacca Gas Services Ltd. BBB3 R.K. Accessories Ind. BBB2

M/S Md. Abul Kalam Azad BB1 Dana Engineers International Ltd. A3 R.K. Fashion Ltd. BBB3

Sarna Auto Rice Mill BB1 Dana Sweater Ind. Ltd. A3 R.K. Spinning Ltd. BBB1

Best Shirts Ltd. BBB2 Daniel Corporation Ltd. BBB2 R.M.R Poultry and Hatchery Ltd. BBB3

Classic Fabrics BB1 Daniel Logistics Ltd. BBB3 R.R Marble & Granite Ltd. BBB3

Electro Solar Power Ltd. BBB1 Delsey Cotton Spinning Mills Ltd. A1 R.R. Packaging Ind. BBB2

G R Traders A3 Delta Hospital Ltd. A3 Rahim Textile Mills Ltd. A2

Sirajganj Iron & Steel House BB3 Delta Pharma Ltd. BBB1 Rahimafrooz Renewable Energy Ltd. AA2

KIAM Metal Ind. Ltd AA3 Delta Spinners Ltd. BBB1 Rahman Cycle Store BBB3

BD Foods Ltd. A3 Denim Art Ltd. BBB1 Raj Ent. Ltd BBB3

Blue Metal BB1 Denimach Washing Ltd. A2 Rajbari Jute Mills Ltd BBB2

The Delta Accessories Ltd. A3 Desh General Insurance Co. Ltd. BB1 Ran Power Engineering BBB2

Valuka Feeds BB1 Design Makers Ltd. BBB3 Rangpur Foundry Ltd. AA3


Page 59 of 63

Karnafuly Sea Fishers Ltd. BB3 Designer Jeans Ltd. BBB2 Rangpur Jute Mills Ltd. BBB2

M/S Jamuna Motors & Engineering Works A3 Dhaka Hide and Skins Ltd. BBB2 RANL Designers Ltd. BBB3

Himadri Ltd. A2 Dhaka Ice Creame Ind. Ltd. BBB1 RAR Holdings Ltd. BBB2

The Delta Composite Knitting Ind. Ltd. A3 Dhaka Regency Hotel & Resort Ltd. A1 Rashid Oil Mills Ltd. BBB2

S R Jute Processing BB1 DHS Motors Ltd. BBB2 Raven Agro Chemical Ltd. BBB2

Tex Win Spinning Ltd. B2 Diamond Cement Ltd. A2 Rayhan Packaging Industry Ltd. BBB2

Universal Poultry Hatcheries Ltd. A3 Diamond Particle Board Mill Ltd BBB3 Real Fibre Glass Ind. BBB2

S Ahmed Trading Corporation BBB3 Didar and Brothers BBB2 Redwan Packaging Ind. Ltd. BBB2

Asahi Knit Apparels B1 Dipa Sweater Ltd. BBB2 Regent Power Ltd. A1

IDLC Finance Ltd. – Zero Coupon Bond AA1 Dolphin Sea Food Ind. BBB3 Reliance Finance Ltd. A3

Noor Hossain BB1 Dragon Sweater & Spinning Ltd. A2 Resource Dvelopment Foundation BBB3

City Dal Mills Ltd. AA2 Dubai Bangladesh Bag Factory Ltd. BBB1 Reza Fabrics Ltd. BB3

Aman Feeds Ltd. A3 Durable Plastic Ltd. A2 Reza Fashion Ltd. BBB1

Gemini Fashions (PVT) Ltd. BB3 Dynamic Fashions Ltd. BBB2 Reza Telecom Bangladesh Ltd. BBB3

S N Corporation BBB1 East Man Steel Ltd. BBB3 Rifa Plastic & Manufacture Ltd. BBB3

DAL Knitwear Ltd. BBB1 Eastern Bank Ltd. AA2 RIMSO Foundation BBB1

Aman Associates Ltd. BBB1 Eastern Insurance Co. Ltd. A2 Riverview Steel & Trading Ltd. BBB3

Farzana Oil Refineries Ltd. AA2 Ehsan Fashions Ltd BBB3 RMT Textile Ltd. BBB2

Fabian Ind. Ltd. A3 Ekhlas Spinning Mills Ltd. BBB2 Romo fashion Todat Ltd. BBB3

Europa Cold Storage Ltd. A2 Electro Venture Ltd. BBB2 Roots Properties Ltd BBB3

Rahman Jute Mills (Pvt.) Ltd. BB1 Enam Medical College & Hospital A3 Royal Capital Ltd. A3

GPH Ispat Ltd. AA3 Energypac Power Generation Ltd. A1 Royal Denim Ltd. BBB2

Pearl Prince Apparels Ltd. BB2 Energypac Power Generation Ltd. AA2 Ruhama Properties Ltd. BBB1

Envoy Textiles Ltd. AA3

Engineers Consortium and Construction Co. Ltd.

BBB2

Runner Properties Ltd BBB3

Purbani Synthetic Spinning Ltd. A2 Etasia Interlinings Ltd. BBB1 Rupali Insurance Co. Ltd. AA2

Shah Amanat Iron Mart BB2 Everest Power Generation Co. Ltd. A2 Rupali Sea Foods Ltd BBB1

Chittagong Marine & Machinery BB2 Evergreen Sweaters Ltd. BBB3 Rupali trading Agency & Noore Madina Oversees BBB3

Karim Spinning Mills Ltd. A2 Evergreen Sweaters Ltd. BBB2 Rupayan Housing Estate Ltd. BBB2

Color Woven Bag Ind. Ltd. BB1 Evitex Polycot Ltd. BBB3 S. Alam Steels Ltd. BBB1

Dress Shirts Ltd. A3 Excellent Ceramic Ind. Ltd. BBB3 S. Alam Trading Co. (Pvt.) Ltd. BBB1

Shanta Properties Ltd. A3 Excellent Motors Ltd. BBB2 S. Jute Ind. Ltd. BBB3

Amity Design Ltd. BB3 Export Import Bank of Bangladesh Ltd. A1 S. Suhi Industrial Park Ltd. A3

Shah Cement Ind. Ltd. AA1 Export Import Bank of Bangladesh Ltd. AA3

S.B Designs Ltd. BBB3

Zihan Auto Rice Mills Ltd. BB2 F.R.Jute Mills Ltd. BBB3 S.B. Agro Fertilizer Ind. Ltd. BBB1

Viyellatex Ltd. AA1 Faizun Nahar Himagar Ltd. BBB2 S.B. Traders BBB3

Al Madina Ent. BB2 Faizun Nahar Himagar Ltd. BBB2 S.E.C. Fan BBB3

Desh Cold Storage (Pvt.) Ltd. BB2 Fakhruddin Textile Mills Ltd. BBB1 S.H.B. Garments Ltd. BBB2

On Line Properties Ltd. BB3 Far East Knitting and Dyeing Ind. Ltd. A1 S.H.B. Garments Ltd. BBB2

A K Khan Jute Mills Ltd. BB3 Fareast Finance & Investment Ltd. A2 S.R.P Automatic Flour Mill BBB3

Goribay Nawaj Ent. BB3 Fareast Islami Life Insurance Co. Ltd. A1 S.R.S Ship Breakers BBB3

Sonali Ent. BB3 Farid Fiver and Weaving Ltd. A3 S.S Dredgers & Engineers Co. Ltd. BBB1

Noor Alam EXIM Ind. Ltd. BB1 Farid Ind. Ltd. BBB1 Saad Saan Apparels Ltd. A2

Sea Blue Textile Ltd. BBB3 Farid Nets Ltd. BBB1 Sadma Fashion Wear Ltd. BBB2

Sakib Textiles BBB3 Farid Twine and Rope Ind. Ltd. A3 Safa Electronic Ltd. BBB3

Royal Engineering Works C Faridpur Al-Madina Pvt. Hospital & Diagnostic Centre Ltd BBB3 Sagufta City Developers Ltd. BBB2

Fakhor Uddin Ali Ahmed BB1 Fariha Apparels Ltd. BBB3 Sakib Ent. BBB3

Lubnan Trade Consortium Ltd A3 FAS Finance and Investments Ltd. BBB3 Salta Capital Ltd. BBB1

Amana Super Shop & Products (Pvt.) Ltd. BB2 Fashion Forum Ltd. A1 Salta Fishing Ltd. BBB2


Page 60 of 63

Pragati Insurance Ltd. AA1 Fatuallah Apparela BBB3 Samsul Haque Auto Rice Mills (Pvt) Ltd BBB2

Singer Bangladesh Ltd. AA1 Federal Insurance Co. Ltd. A3 Sanita Ceramics (Pvt) Ltd. BBB3

Purbani Fabrics Ltd. A2 First Lease Finance and Investment Ltd. A3 Sanita Ceramics (Pvt.) Ltd. BBB2

Karnaphuli Fabrics Ltd. BB3 First Printing & Accessories Ltd. BBB2 Sanowara Drinks and Beverage Ind. Ltd. BBB1

Liza Garments BB2 FMC Dockyard Ltd. BBB2 Sapco Paints Bangladesh Ltd. BBB3

Hamid Weaving Ltd. A1 FnF Pharmaceuticals Ltd. BBB2 Sarah Composite Mills Ltd. BBB2

Apex Textile Printing Mills Ltd. AA3 Fountain Garments Manufacturing Ltd. BBB3 Sarkar Steels Ltd. BBB1

M/S Wahedul Islam BB1 Fuad Yarn & Trading BBB3 SAS Fashion Wear Ltd. BBB3

Aman Tex Ltd. A2 G.K.Builders BBB1 Sathi Fresh Fruits Ltd. BBB3

Zihan & Co. (Pvt.) Ltd. BB3 Galaxy Publications & its sister concerns BBB3

SB Agro Ind. Ltd. BB2

Jupiter Button Ind. Ltd. B2 Galpex Ltd. BBB3 SB Cold Storage (Pvt.) Ltd. BBB3

Rowa Knitwear Ltd. BB1 Gasko Industrial Services Co. BBB2 Sears Accessories Ltd. BBB3

Lal Teer Seed Ltd. BBB1 Genuity Systems Ltd. A2 Section Seven Apparels Ltd. A3

Polo Composite Knit Industry Ltd. BBB1

Glare Fashion Ltd. BBB2 Section Seven Ltd. AA2

Turjo Apparels Ltd. BB1 Global Concept BBB2 Sepal Garments Ltd. A3

D-Water Tech Ltd. BB3 Global Heavy Chemicals Ltd. A2 Sepal Washing plant Ltd. BBB2

Poly Point Ltd. B2 Global Trims Ind. Ltd. BBB3 Shadhin Garments (Pvt.) Ltd. BBB2

Ziska Pharmaceuticals Ltd. BBB3 Glory Fashion Wear Ltd. BBB2 Shahan Himagar Ltd. BBB3

A Kashem Timber & S'Mill BB1 GMS Composite Knitting Ind. Ltd. AA3 Shahan Himagar Ltd. BBB3

Younus Cold Storage Ltd. A2 Gold Air Ent. Ltd. BBB2 Shahi Himagar Ltd. BBB2

A Tex International Ltd. BBB1 Gold Bricks Ltd. BBB3 Shahjalal Islami Bank Ltd. AA2

Bright Geen Energy Foundation A2 Gold Land International Ltd. BBB2 Shahjalal Islami Bank Ltd. AA2

Jayson Pharmaceuticals Ltd. BB1 Golden Beez Himagar Ltd. BBB2 Shalbahan Firms Ltd. BBB3

Padakhep Manabik Unnayan Kendra BB1 Golden Beez Himagar Ltd. BBB2

Shampur Chemical Works & Rifat Chemical Works BBB3

Abdul Malek Mondol & Son's BB1 Golden Line Accessories Ltd BBB3 Shamsuddin Spinning Mills Ltd BBB2

Raya Spinning Mills Ltd. B3 Grameen Motors BBB3 Shamsul Alamin Real Estate Ltd. A2

Aman Cement Mills Ltd. A2 Gramtech Knit Dyeing Finishing & Garments Ltd. BBB2 Sharifa Printers & Packagers (Pvt.) LTD. A3

Ahmed & Sons Auto Rice Mill BB1 Green Bangla Agrovet Ltd. BBB3 Sharmin Steel Ltd. BBB2

Epyllion Fabrics Ltd. A2 Greystone Sweater Ltd. BBB1 Shawan Himagar Ltd. BBB3

S&S Poultry Farm BB1 H.I Apparels Ltd. BBB3 Shawan Himagar Ltd. BBB3

Apex Foods Ltd. A2 H.I Technology and Properties Ltd. BBB2 Sheema Steel Mills Ltd. BBB1

Esquire Electronics Ltd. AA3 Habib Bank Ltd. AA3 Sherwani Electrical Ind. BBB2

Friends Multi Trade Co. A3 Hajj Finance Co. Ltd. A3 Shetu Agro Ind. Ltd. BBB1

Appollo Ispat Complex Ltd. BBB1 HAMKO Corporation Ltd. A2 Shila Ent. Ltd BBB3

Al Mostafa Printing & Packaging Ltd. BBB1 HAMKO Corporation Ltd. A2 Shirts Mine Ltd. BBB3

Bengal NFK Textile Ltd. BBB2 HAMKO Ind. Ltd. A3 Shomahar Paper Converting Ltd. BBB3

Garib-E-Newaz Clod Storage Ltd. A2 Hamza Textiles Ltd. A2 Shova Advance Technology BBB2

Cosmos Ent. BB2 Hamza Textiles Ltd. A2 Shova Ent. BBB3

Sayeman Beach Resort Ltd. BBB1 Hannan Knit & Textiles Ltd. BBB3 Shovon Labels Ltd. BBB2

The Immaculate Apparels Ltd. BB3 Harrods Garments Ltd. BBB2 Shovon Packaging & Accessories Ltd. BBB2

Yasir Ent. BBB3 Hasher Mohammad Automatic Rice Mills Ltd. BBB3 Shovon Silk & Knitting Mills Ltd. A3

Fashion Plastic & Packaging Ltd. AA1 Helpline Resources Ltd. BBB2 Shovon yarn Dyeing Ltd. BBB2

Green Power Transformer Co. BB1 Hilful Fuzul Samaj Kallyan Sangstha BBB1 Shovon Zipper Ltd. A3

Hafiz Chaul Kal BB2 Home Pest Control BBB2 Shun Shing Power Ltd. A2

Southern Clothings Ltd. BB2 Hossain Dyeing & Printing Mills Ltd. A2 Shuvo Progati Agro Food Products Ltd BBB2

Wasco Biscuit & Bread Factory BBB1 Hotel Arena BBB3 Siam Computerized Elastic Ind. Ltd BBB1

East West Fashion Garments Ltd. BB1 Hudson Pharmaceuticals Ltd. BBB3

Siddique & Sons BBB3

Tanveer Ent. BB1 I Mart Computer Ltd. BB2 Simtex Ind. Ltd. A3


Page 61 of 63

Younus Newsprint Mill Ltd. AA3 I&A Travels Ltd BBB3 Simtex Ind. Ltd. A3

AJ Fashions Ltd. BB2 Ibrahim Consortium Ltd. BBB2 Sitalpur Steel Mills Ltd. A2

ARS Properties Ltd. BB1 ICEL Private Ltd. BBB1 SK. Akijuddin Ltd. AA2

Dhaka Bank Ltd. AA3 Ideal Fiber Ind. Ltd. BBB1 Sky Touch Apartments Ltd. BBB1

Shiv Textile BB1 Ideal Fiber Ind. Ltd. BBB2 SM Knitting Ind. Ltd. A3

BRAC AAA Ideal Publications BBB2 SM Knitwears Ltd. A2

Super Thai Plastic Ltd. BB1 Ideal Publications BBB2 Sobhan Agro Complex Ltd. BBB3

Emerald Oil and Poultry Ind. Ltd. BBB1 Iffat Ind. Ltd. BBB3 Sobi Fish Processing Ind. Ltd. BBB3

That's It Knit Ltd. AA2 Iffat Ind. Ltd. BBB2 Solaiman & Brothers Trading Corporation

BBB3

Legacy Fashion Ltd. BBB1 Iffat Ind. Ltd. BBB2 Sonali Bank Ltd. A3

Udyoug Jute Mills (Pvt) Ltd. BB1 Impex International BBB3 Sonali Steel Ent. Ltd. BBB1

Jamuna Bank Ltd. A1 Impressive Garments Ltd BBB3 Sonet Garments BBB3

Four H Dyeing & Printing Ltd. BBB1 Index Development Ltd. BBB2 Sonia & Sweaters Ltd. BBB2

Starling Rinse Effect Ltd. A3 Information Technology Consultants Ltd. A3 Sono Diagnostic Centre Ltd. BBB2

Pinaki & Co. BB3 InnStar Ltd. BBB2 South East Textile A3

National Bank Ltd.-Bond AA3 International Agencies Bangladesh Ltd. BBB3 South East Textile (Pvt.) Ltd. BBB1

M/S Shapla Agro Food Ind. BB1 Intraco Fashion Ltd BBB3 South End Sweater Co. Ltd. BBB3

Jamuna Automatic Rice Mill BB1 Iqbal Texware Ltd. A3 Southeast Bank Ltd. AA3

Kazipur Fashions Ltd. AA3 Islami Bank Bangladesh Ltd. AA1 Southern Image Ltd. BBB3

Southern Services Ltd. BB2 J. M. Fabrics Ltd. A3 Sparrow Apparels Ltd. BBB2

Sadat Jute Ind. Ltd. A1 J.M. Fabrics Ltd. BBB1 Square Pharmaceutical Ltd. AA1

Sizda Motors BB1 J.S Auto Rice Mill BB1 Square Textiles Ltd. AA2

Abul Khair Steel Ind. Ltd. AA1 Jabbar & Co. Ltd. BBB2 Sreeja Gold Palace (Pvt.) Ltd BBB3

Purbani Yarn Dyeing Ltd. A2 Jabber Feed Ind. BBB3 Sristy Ent. BBB3

City Seed Crushing Ind. Ltd. AA2 Jalalabad Steel Building Ltd. BBB2 Standard Chartered Bank AAA

Liz Fashion Ind. Ltd. A2 Jamaluddin Textiles (Pvt.) Ltd. BBB2 Step Three Apparels Ltd. BBB2

Delicate Knitwears Ltd. BB1 Jamaluddin Textiles (Pvt.) Ltd. BBB3 Sterling Apparels Ltd. BBB1

M/S Planet International BB1 Janata Mill Store Ltd. BBB2 Sterling Creations Ltd. A3

Idris & Co. (Pvt.) Ltd. BB3 Jeacon Garments Ltd. BBB1 Sterling Styles Ltd. A3

M/S Zelema Rahman Cold Storage (Pvt) Ltd. BB1 Jeacon Garments Ltd. BBB2 Stitch Tone Apparels Ltd. BBB2

Bismillah Marine Store BB2 Jeans Plus Ltd. BBB2 Sufia Cotton Mills Ltd. A1

Sharif Clod Storage Ltd. A2 Jedda Dyeing and Printing Ltd. BBB2 Sufia Fabrics Ltd. A1

Dhaka Bank Ltd. -Bond A1 Jibon Consumer Products Ltd BBB3 Summit Alliance Port Ltd. A1

Esquire Dyeing Ind. Ltd. AA1 Jinnat Knitwears Ltd. A2 Summit Industrial & Mercantile Corporation (Pvt.) Ltd. AA1

Haque Oil and Flour Mill BB2 Jobeda Textiles Mills Ltd. BBB2 Summit Narayanganj Power Ltd. AA2

ATS Pearls Ltd. A3 Johan Agro Food Products Ltd. BBB2 Summit Oil & Shipping Co. Ltd. A1

Snowtex Apparels Ltd. BB1 Joint Garments Ltd. BBB2 Summit Purbanchol Power Co. Ltd. AA2

Abdullah Rice Mill BB1 Joint Trading Corporation Ltd. BBB2 Summit Shipping Ltd. A1

M/S Khan Agro Food Ind. BB1 Joytun Developers Ltd. BBB1 Sumon steel and wooden furniture BBB3

BIDCO A3 Junior Laboratory (Pvt.) Ltd. A2 Sun Steel Re-Rolling Mills Ltd. BBB3

TMSS AA3 Jupiter Publication BBB2 Sundarban Shrimp BBB2

Tulagaon Fashions Ltd. AA3 Jute Spinners Ltd. BBB2 Sunny Trade International BBB3

Bhai Bhai Ent. BB1 Jute Spinners Ltd. BBB2 Super Jute Mills Ltd. A1

Bismillah Aluminum Works BBB1 Jyoti Biscuit Ind. Ltd BBB2 Super Property Development Co. Ltd. BBB3

AST Beverage Ltd. AA3 Kachua Motors(Appeal) BBB3 T.K. Paper Products Ltd. A3

Shangu Tex Ltd. BB2 Kamal Yarn Ltd. AA3 Talha Fabrics Ltd. AA3

AB Securities Ltd. A2 Kapotakhkho Properties & Builders Ltd. BBB2 Tamanna Tiles & Sanitery BBB3

Crown Metal Merchandising BB1 Kapotakkha Builders Ltd. BBB2 Tamanna Tiles and Sanitary BBB3

M/S Selim Auto Rice Mill BB3 Karim Trading BBB2 Tamim Agro Ind. Ltd. BBB1

Mozafor Textile Mills Ltd. B2 Karim Trading Corporation Ltd. BBB2 Tanni Autos BBB3


Page 62 of 63

The Delta Composite Knitting Ind. Ltd. A3 Karishma Residence and Suites BBB1 Tanveer Oils Ltd. A1

M/S Bismillah Auto Rice Mill BB3 Karupannya Rangpur Ltd. BBB2 Tasniah Fabrics Ltd. BBB3

Motahar Hossain Chowdhury Jute Mills Ltd. BB1 Kashba Housing (Pvt) Ltd. BBB2 Taufiq Sweater Ltd. A3

Sungarh Tex Ltd. BB3 Katha Ent. Ltd. BBB3 Techno Design & Development Ltd. BBB2

Krishikal Himagar Ltd BB2 Kaveri Sweaters BBB2 Techno Spinning Mills Ltd. A3

Concrete & Steel Technologies Ltd BB2 Kazi Air International Private Ltd. BBB2 Teco Electronics Ltd. BBB3

M/S Shanto CNG Re-Fuelling Station BBB1

Kazi Md. Mofizur Rahman Bricks Manufacturing Ind. BBB2 Tejgaon Textile Mills Ltd. BBB1

Dutch Bangla Power & Associates Ltd. A1 Kazla Woolen Mills Ltd. BBB2 Teletalk Bangladesh Ltd. AAA

M/S Sagar Auto Rice Mill BB2 KBC Agro Products Private Ltd. A3 The ACME Laboratories Ltd. A1

Active Ind. Ltd. A3 KDS Apparels Ltd. A1 The Bengal One Creation Ltd. BBB1

Integra International Ltd. BB1 KDS Fashion Ltd. A1 The Builders Engineers Associate Ltd. BBB2

M/S Bristi Ent. BBB1 KDS Garment Ind. Ltd. AA2 The Cloth & Fashion Ltd. BBB2

Apex Ent.s Ltd. BB3 Khansons Jutex Ltd. BBB3 The Dacca Dyeing & Manufacturing Co. Ltd. BBB2

A B S Carton & Accessories Ltd. BB3 Khansons Textiles Ltd. BBB1 The Engineers & Architects Ltd. BBB2

The Delta Spinning Mills Ltd. BB1 Knit & Knitwears Ltd. BBB1 The Golden Fibre Trade Centre Ltd BBB1

Shadhin Dyeing (Pvt.) Ltd. BB2 Knit Asia Ltd. A2 The Miracle Accessories Ltd. BBB3

S. M. Steel Re-Rolling Mills Ltd. A2 Knit Cotton Composite Mills Ltd. BBB1 Three Angle Marine Ltd. BBB3

Ultra Embroidery Ltd. BB3 Knit Cotton Composite Mills Ltd. BBB1 Three Eye Merchandise BBB2

ARMAC Services Ltd. BBB1 Koba Electronics Ltd. BBB2 T-International & Sister Concerns BBB2

Well Trade BB3 Kohinoor Chemical Co. Ltd. A2 Tour Planners Ltd. BBB3

Popular Jute Exchange Ltd. BB2 Kohinoor Chemical Co. Ltd. A2 Toyoo Pump Marketing BBB2

Shahsultan Feed Mills (Pvt.) Ltd. BBB3 KSRM Steel Plant Ltd. A1 Trade Venture Ltd. BBB1

Shajalal Motors BBB3 Labaid Cardiac Hospital Ltd. A1 TravelPro TRS Ltd. BBB2

International Leasing & Financial Services Ltd. A3 Labaid Medical Center Gulshan Ltd. A1 Trust Bank Ltd. AA3

Apparel Gallery Ltd. AA2 Labaid Pharmaceuticals Ltd. BBB1 TS Sweaters Ltd. BBB1

M/S Shyamoli Paribahan BBB1 Labaid Specialized Hospital Ltd. A1 TSF Corporation BBB2

M/S Sakib Ent. BB2 Laketouch Corporation BBB2 Tusuka Processing Ltd. BBB2

M/S Sagar Auto Rice Mill BB1 Landmark Design Wear Ltd. BBB2 Tusuka Trousers Ltd. A3

Master Accessories (Pvt) Ltd. BB1 Landmark Dyeing and Washing Ind. Ltd. BBB2 Unicorn Sweaters Ltd. BBB1

Nissho Koeki Tissue Papers Co. Ltd. BB1 Landmark Fashion Wear (Pvt.) Ltd. BBB2 Union Insurance Co. Ltd. BBB2

Shajalal Ent. BBB3 Landmark Printing & Packaging Ind. Ltd. BBB2

Union Insurance Ltd. A3

Educare Ind. Ltd. BB2 Landmark Yarn Dyeing Ltd BBB2 Unique poly Ind. Ltd. BBB2

M/S Highway Filling Station BBB1 Living Stone Ltd. BBB3 Unique Power Plant Ltd. A1

Mango Teleservices Ltd. AA1 LP Gas Ltd. BBB1 United Commercial Bank Ltd. A1

M/S Khan Ent. BB2 Lucky Steel Corporation BBB2 United Commercial Bank Ltd. AA3

M/S JB Ent. BB1 Luminux Image Transfer Ltd. BBB3 United Development Initiatives for Programmed Actions A1

M/S Ovi Trading BB1 Luna Agro Ind. (Pvt.) Ltd. BBB2 United Insurance Co. Ltd. AA3

The Delta Spinning Mills Ltd. BB1 Luxury Poly Ind. Ltd. BBB2 United International University A1

Al -hajj Karim Taxtile Ltd. A2 M M Jute Fibers & Ind. Ltd. BBB3 United Leather Ind. (Pvt) Ltd. A1

M/S Shabuj Auto Rice Mill & M/S Shabuj Ent. BB1

M. A. Wahab & Sons (Real Estate) Ltd. BBB2

United Melamine Ind. (Pvt) Ltd. A3

Sungarh Tex Ltd. BB3 M. Hossain Spinning Cotton Mills A2 United Mineral Water & Pet Ind. Ltd. A2

Jalalabad Steel Ltd. BB1 M. Hossain Spinning Mills Ltd. A1 United Plastic Wood Ind. (Pvt) Ltd. A3

M/S Friends Traders BB2 M.I.M Dresses Ltd BBB2 United Power Generation and Distribution AA2

Islami Insurance Bangladesh Ltd. BBB1 M.M. Vegetable Oil Products Ltd. A1 United Power Generation and Distribution Co. Ltd. AA2

M/S Sajeda Auto Rice Mill BB1 M.N. Clothing Ltd. BBB2 Unity Accessories (Pvt.) Ltd. BBB2


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Popular Life Insurance Co. Ltd. A2 M.N. Knitwear Ltd. BBB3 Univogue Garments Co. Ltd. A3

Dong Bang Textile Ltd A2 M/S A. Rahman Saw & Auto Rice Mill BBB2 Uosan Knit Bangladesh BBB2

Transcom Beverages Ltd. AAA M/S A.G. Traders & M/S Jamuna Bricks BBB2 Urmi Garments Ltd BBB2

Titas Knitwear BB3 M/S Abdul Hakim BBB3 Uttar Banga Himagar Ltd. BBB3

Srizony Bangladesh BBB3 M/S Abdul Halim & Brothers BBB2 Uttara Acrylic Mills Ltd. BB2

Robel Agro Ind. Ltd BB2 M/S Abdur Razzaque & Sons BBB2 Uttara Jute Fibers & Ind. Ltd. BBB1

Taci Gold Agro Ltd BB1 M/S Abdus Samad & Sons Filling Station, BBB3 Uttara Rotors Yarn Mills Ltd. BB1

M/S Rasel Ent. BB1 M/S Abir Electronics & Sister Concern BBB3 Uttara Spinning Mills Ltd. BBB2

Soul Apparels Ltd. BB2 M/S Abir Fashions BBB1 Uttara Traders (Pvt.) Ltd. B2

M/S Musa Textile Mills BB1 M/s Abu Bakar & Brothers BBB1 V Knitwear ltd. BBB2

Talon Corporation Ltd. BB1 M/S Abu Bakar Khan & Co. BBB2 Valent Tech Ltd. BBB1

Lotus Ent. BB1 M/S Adarsha Brothers Vander BBB2 Venerable Export Ind. Ltd. BBB2

Siam Computerized Elastic Ind. Ltd A3

M/S Ador & Momota Automatic Rice Mill BBB3 Victory Cables Ind. Ltd. BB2

Paiker Jute Mills Ltd. BB3 M/s Agrani Traders BBB2 Victory Travels Ltd. BBB2

IDLC Finance Ltd. AAA M/S Ahona Auto Rice Mill BBB2 Victory Travels Ltd. BBB2

Prime Plus Diversified Jutex Ltd. BB1 M/S Aimpex International BBB2 Vikrampur Steel Ltd. BBB2

MP Spinning Mills Ltd. A2 M/s Ajad Brothers (MAB) BB3 Vintage Denim Ltd. A3

Opal Trading House BB3 M/S Al Modina Traders BBB3 Virgo Attires Ltd. BB2

M/S Uttara Rice Mill BB2 M/s Alam & Brothers BBB2 Virgo Media Ltd. BBB1

M/S Md. Faruk Miah BBB1 M/S Alam Store BBB2 Vision Batteries Ind. Ltd. BBB2

M/S Star International BBB1 M/S Alam Store BBB3 Vision Marketing BBB3

M/S Sami Ent. BBB1 M/s Al-Barakha Ent. BBB1 Walford International BBB3

M/S Saker Husking Mill BB2 M/S Al-Habib Ent. BBB2 Western Fishers Shipyard Ltd. BBB1

Lumina Textile Mills BB2 M/s AL-Hera Trade International BBB3 Western Marine Shipyard Ltd. A3

The Delta Accessories Ltd. A3 M/S Al-Koba Cloth Store BBB2 Wims Bricks Ltd. BBB3

Designer Jeans Ltd. BBB1 M/S Al-Madina Auto Rice Mills BBB2 Winner Packagers & Accessories Ltd. BBB3

Abed Textiles Processing Mills Ltd. BB1 M/S Al-Mahbub and Sister Concern BBB3 Winsome Knit Composite Ltd. BBB3

Bio-Stimulant Ind. Ltd. BB2 M/S Altaf & Brothers BBB3 Yoko Food & Agro Ltd. BBB2

M/S Md. Kamruzzaman BB2 M/S Amin Traders BBB3 Youth Spinning Mills Ltd. A3

Saiham Jute Mills Ltd. BB1 M/S Anjum Traders BBB2 Yusuf Flour Mills Ltd. BBB3

BSB Foundation BBB1 M/S Anu Electric & Co. BBB2 Zaber & Zubair Accessories Ltd. A1

DASF Feed Ingredients, DASF Equipment & Spares BB1 M/S Anupam Printers BBB3 Zaheen Knitwear Ltd. BBB2

Zayantex Ltd. BBB1 M/S Aqeel Ahmed BBB2 Zalo Knitting Ltd. BB1

Zarreen Farms Ltd. BBB1

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