RATING UPD ATE DECEMBER 2013 DA

AAA AA2 A3 BBB1 BB2 CCC1

Credit Rating Agency of Bangladesh Ltd

TABLE OF CONTENT Page # 01-33 34-34 34-34 35-35 35-35

List of Corporate and SME List of Banks and Financial Institutions List of Merchant Banks and Securities Firms List of Insurances List of Micro Finance Institutions (MFIs) Appendices: CRAB Rating Scales and Definitions Appendix 01: Long Term Credit Rating: Corporate (Entity) Appendix 02: Long Term Credit Rating: Corporate (Long Term Loan) Appendix 03: Short Term Credit Rating: Corporate (Short Term Loan) Appendix 04: Long Term Credit Rating: Bank Appendix 05: Short Term Credit Rating: Bank Appendix 06: Long Term Credit Rating: Financial Institutions Appendix 07: Short Term Credit Rating: Financial Institutions Appendix 08: Long Term Credit Rating: Insurance Appendix 09: Short Term Credit Rating: Insurance Appendix 10: Long Term Credit Rating: Debt Instruments Appendix 11: Long Term Credit Rating: Project Finance

36-36 37-37 38-38 39-39 40-40 41-41 42-42 43-43 44-44 45-45 46-46

(i)

Rating Update - December 2013

(Update up to 31 December 2013)
Sl No. Name of Client/Company (Alphabetical order) Industry Rating Type Entity Rating Loan Ratings Long Term Short Term* Outlook Rating Validity**

Corporate and SME

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38
A & B Outwear Ltd. A K Traders A Kashem Timber & S'Mill A M Cold Storage Ltd. A Plus Industries Ltd. A R S S Enterprise A S P Enterprise A Tex International Ltd. AA Accessories Ind. Ltd. AA Synthetic Fibers Mills Ltd. AB Trade Link Abbas Steel House ABC Garments Ltd. Abdul Baten & Brothers Abdul Gaffar & Co. (Pvt) Ltd. Abdul Malek Mondol & Son's Abdul Mozid Biswas Abdullah Rice Mill Abid Dyeing Mills Ltd. Abid Textile Abir Enterprise Abir Paribahan Sangstha ABL Specialized Cold Storage Pvt. Ltd. Abul Hossain Chaul Kal Abul Kalam & Brothers Abul Khair & Others Abul Khair Ceramic Industries Ltd. Abul Khair Tannery Add Valley Adex Corporation Ltd. Adex Engineering Ltd. Adhunik Poshak Shilpa Ltd. Advance Animal Science Co. Ltd. Advance Development & Tech. Ltd. Advance EPS Technologies Ltd. Advance Ready Mix Concrete Ind. Ltd. Advance Technology & Ideas Ltd. Afia Enterprise Textile Trading Timber & Furniture Cold Storage Textile Trading Trading Textile RMG Accessories Textile Trading Trading Textile Trading Trading Trading Trading Rice Mill Dyeing & Printing Textile Trading Miscellaneous Cold Storage Rice Mill Trading Trading Ceramic Tennery Miscellaneous Engineering Engineering Textile Miscellaneous Real Estate Engineering Engineering Engineering Trading Surveillance Initial Rating Surveillance Initial Rating Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating BBB2 BBB1 BBB3 BBB1 BB2 BBB1 A2 AA3 AA3 BBB1 BBB3 A1 BBB2 BBB2 BBB2(Lr) BB2(Lr) BB1(Lr) BBB1(Lr) BBB3(Lr) BBB1(Lr) BB2(Lr) BBB1(Lr) D BBB3(Lr) BB3(Lr) B2(Lr) BB3(Lr) BB1(Lr) B3(Lr) BB1(Lr) BB1(Lr) CCC1(Lr) BB2(Lr) BB3(Lr) A2(Lr) BB1(Lr) BB1(Lr) AA3(Lr) AA3(Lr) BBB1(Lr) BBB3(Lr) A1(Lr) BBB2(Lr) BBB2(Lr) BBB3(Lr) BB1(Lr) ST-3 ST-4 ST-3 ST-3 ST-6 ST-3 ST-3 ST-4 ST-3 ST-6 ST-3 ST-4 ST-3 ST-4 ST-5 ST-3 ST-5 ST-3 ST-4 ST-3 ST-4 ST-4 ST-3 ST-2 ST-4 ST-2 ST-2 ST-3 ST-4 ST-2 ST-3 ST-3 ST-4 ST-4 Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable 30-Jun-14 30-Nov-14 22-Oct-14 30-Jun-14 15-Dec-14 21-Jul-14 31-Mar-14 10-May-14 30-Jun-14 30-Dec-14 21-Jul-14 30-Jun-14 30-Dec-14 11-Dec-14 28-Feb-14 30-Dec-14 6-Nov-14 12-Jun-14 13-Nov-14 20-Nov-14 29-Jun-14 20-Jun-14 12-Aug-14 30-Sep-14 15-Nov-14 15-Feb-14 30-Sep-14 21-Jul-14 15-Dec-14 30-Jun-14 30-Jun-14 18-Apr-14 30-Jun-14 21-Nov-14 1-Dec-14 1-Dec-14 1-Dec-14 17-Dec-14

Lr-Loan rating, Pr-Project rating, SO-Structured Obligation * Short Term loans include both funded and non-funded limits. ** Entity ratings are valid till mentioned date; Loan ratings are valid up to limit expiry date of respective credit facilities or till mentioned date, whichever is earlier.

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81
Afrin Cold Storage Ltd. Afrin Jute Spinners Ltd. Aftab Automobiles Ltd. Aftor Ali Agro Equipments Ltd. Ahad Trading Ahmed & Sons Auto Rice Mill Ahmed Agro Agency Ahmed Store Ahmmodia Rice & Flour Mills AirBell Development Technologies Ltd. AJ Fashions Ltd. Akbar Composite Mills Ltd. Akbar Cotton Mills Ltd. Akbar Textile Mills Ltd. Akco Industries and Cold Storage Ltd. Akon Traders Akram & Sons Akther Hassan Traders Al Amin Enterprise (IBBL) Al Amin Enterprise (UCBL) Al Amin Garment Inds. Ltd. Al Amin Plywood Industries Ltd. Al Amin Printing & Packages Al Barakat Rice Mill Al Madina Pharmaceuticals Ltd. Al Madina Rice & Flour Mill Al Madina Traders Al Marjan International Al Modina Traders (IBBL) Al Monsur Oil Mill Al Mostafa Printing & Packaging Ltd. Al Mukaram Enterprise Al Musafa Enterprise Al Noor Paper & Board Mills Ltd. Al Noor Steel Complex Ltd. Al Sahera & Sons Alam & Brothers Bricks Alam & Brothers Rice Mill Alam Store Alcove Ltd. Alfis Limited Ali Ahmed Re-Rolling Mills (Pvt) Ltd. Cold Storage Jute Automotive Trading Agro Inputs Trading Rice Mill Agro Inputs Trading Rice Mill Real Estate Textile Textile Textile Textile Cold Storage Trading Trading Trading Trading Trading Textile Partical Board Printing & Packaging Rice Mill Pharmaceuticals Rice Mill Trading Trading Trading Food & Allied Printing & Packaging Trading Trading Paper Steel Trading Bricks Rice Mill Trading Real Estate Trading Steel Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating

Industry

Rating Type

Entity Rating
AA3 BBB3 BBB3 BBB3 BB1 BB1 BBB3 BBB1 -

Loan Ratings Long Term Short Term* Outlook

BBB3(Lr) BBB3(Lr) AA3(Lr) BB1(Lr) BBB3(Lr) BB3(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) BB1(Lr) BB2(Lr) BBB3(Lr) BBB3(Lr) BB1(Lr) A2(Lr) BBB3(Lr) BB1(Lr) BBB3(Lr) BB1(Lr) BBB3(Lr) BBB3(Lr) BBB2(Lr) BB2(Lr) BBB3(Lr) BB3(Lr) BB3(Lr) BBB1(Lr) BBB2(Lr) A3(Lr) BB3(Lr) BB3(Lr) BBB3(Lr) BB3(Lr) BBB3(Lr) ST-4 ST-3 ST-4 ST-4 ST-4 ST-3 ST-3 ST-4 ST-4 ST-4 ST-4 ST-4 ST-3 ST-3 ST-3 ST-4 ST-3 ST-3 ST-4 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-4 Stable Stable Stable Stable Stable Stable Stable Stable -

Rating Validity**
29-Dec-14 29-Dec-14 28-Feb-14 27-Sep-14 17-Apr-14 14-Dec-14 21-Jul-14 29-Jun-14 14-Dec-14 29-Jun-14 5-Aug-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 31-Mar-14 28-Dec-14 29-Jun-14 19-Mar-14 31-Dec-13 17-Oct-14 30-Jun-14 21-Jul-14 30-Nov-14 30-Sep-14 4-Sep-14 31-Mar-14 15-Dec-14 28-Aug-14 6-Nov-14 30-Nov-14 30-Nov-14 31-Jul-14 20-Nov-14 31-Dec-14 29-May-14 6-Nov-14 29-Sep-14 28-Sep-14 29-Dec-14 31-Dec-14 12-Jun-14

Lr-Loan rating, Pr-Project rating, SO-Structured Obligation

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99
Ali Akbar & Sons Ali Enterprise (EXIM) Ali Enterprise (IBBL) Ali Hossain Traders Ali Steel Enterprise Alif Enterprise Alif Tiles & Sanitary Alim Industries Ltd. Alkara Metal Industries Alliance Holdings Ltd. Aman Agro Industries Ltd. Aman Associates Ltd. Aman Cement Mills Ltd. Aman Cold Storage Ltd. Aman Cotton Fibrous Ltd. Aman Feed Ltd. Aman Knitting Ltd. Aman Poultry & Hatchery Ltd. Trading Trading Trading Trading Trading Trading Trading Trading Trading Miscellaneous Agro Inputs Trading Cement Cold Storage Textile Feed Mill Textile Poultry & Fisheries Cold Storage Textile Textile Trading Trading Steel Textile Textile Trading Textile Textile Textile Trading Textile Textile Textile Paper RMG Accessories Textile Trading Textile RMG Accessories Trading Trading Food & Allied Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating

Industry

Rating Type

Entity Rating
BBB2 A2 A3 A2 A3 A2 A3 BBB2 BBB1 A3 BBB1 A2 BB2 BB1 BBB1 AA2 BB3 BBB1 AA3 AA3 AA3 AA3 BBB3 BB2 -

Loan Ratings Long Term Short Term* Outlook

ST-3 ST-3 ST-4 ST-4 ST-4 ST-3 ST-3 ST-4 Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable

Rating Validity**
30-Dec-14 28-Dec-14 21-Dec-14 30-May-14 29-May-14 29-Jun-14 30-Aug-14 31-May-14 31-Dec-13 30-Oct-14 30-Jun-14 29-Sep-14 31-Dec-14 30-Jun-14 13-Nov-14 31-Dec-14 1-Dec-14 29-Dec-14 30-Jun-14 30-Jun-14 30-Sep-14 30-Sep-14 30-Jun-14 11-Sep-14 25-Jul-14 31-Mar-14 29-Jun-14 28-Dec-14

BB1(Lr) BB2(Lr) BB3(Lr) BBB2(Lr) -

A1(Lr), A2(Lr) ST-1, ST-3 A3(Lr) BBB1(Lr) A2(Lr) A3(Lr) A2(Lr) A3(Lr) BBB2(Lr) BBB1(Lr) A3(Lr) BBB1(Lr) A2(Lr) BB2(Lr) BB1(Lr) BBB1(Lr) AA2(Lr) BBB3(Lr) BB3(Lr) BBB1(Lr) B3(Lr) BBB3(Lr) AA3(Lr) AA3(Lr) AA3(Lr) AA3(Lr) BB1(Lr) BBB3(Lr) BB2(Lr) BBB3(Lr) BB2(Lr) BB2(Lr) BB3(Lr) ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-4 ST-3 ST-2 ST-3 ST-4 ST-3 ST-5 ST-3 ST-3 ST-3 ST-3 ST-2 ST-3 ST-3 ST-4 ST-4 ST-3 -

100 Aman Seed Storage Ltd. 101 Aman Spinning Mills Ltd. 102 Aman Tex Ltd. 103 Aman Trading Corporation 104 Amana Super Shop & Products (Pvt.) Ltd. 105 Ambient Steel (BD) Ltd. 106 AMC Knit Composite Ltd. 107 Amex Limited 108 Amin Trading Corporation 109 Amity Design Ltd. 110 Amotex Ltd. 111 Anan Socks Ltd. 112 Anannya Traders 113 Ananta Apparels Ltd. 114 Ananta Casul Wear Ltd. 115 Ananta Denim Technology Ltd. 116 Ananta Paper Mills Ltd. 117 Angel Button Ltd. 118 Angelic Print Sharee 119 Angoshova Bastrolaya 120 Anik Composite Mills Ltd. 121 Anmon Garments Accessories Ind. Ltd. 122 Annyasha Trading Agency 123 Anonda Bipony 124 Ansar Ali Biswas Dal Mill Lr-Loan rating, Pr-Project rating, SO-Structured Obligation

Negative 23-May-14 Stable Stable Stable Stable Stable Stable 13-Nov-14 20-Jun-14 2-May-14 2-May-14 2-May-14 31-Dec-14 30-Apr-14 30-Dec-14 23-Sep-14 30-Dec-14 30-Dec-14 30-Dec-14 29-Jun-14 6-Nov-14

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 125 Anupam Fashion Wear Ltd. 126 Anwar Enterprise 127 Anwar Trading (IBBL) 128 Anwara Mannan Textile Mills 129 Anwer Khan Modern Hospital Ltd. 130 Apex Foods Ltd. 131 Apex Lingerie Ltd. 132 Apex Spinning & Knitting Mills Ltd. 133 Apex Textile Printing Mills Ltd. 134 Apex Yarn Dyeing Ltd. 135 Apparel-21 Limited 136 Appollo Engineering and Construction Ltd. 137 Appollo Ispat Complex Ltd. 138 Arco Cold Storage Ltd. 139 Arian Chemicals Ltd. 140 Arif Garments 141 Arif Traders 142 ARL Ship Breaking Ltd. 143 ARMAC Services Ltd. 144 Arrow Jeans (Pvt.) Ltd. 145 ARS Properties Ltd. 146 Arshad Enterprise 147 Articulation Development Ltd. 148 Aryan Stone and Marble Ltd. 149 Asahi Knit Apparels 150 Ased Corporation 151 Ashiyan Homes Ltd. 152 Ashiyan Lands Development Ltd. 153 Asia Electronics 154 Asia Enterprise 155 Asia Industries (Pvt) Ltd. 156 Asian Apparels Ltd. 157 Asian Dredgers Ltd. 158 Asian Sea Food Ltd. 159 ASS Knitwear Ltd. 160 Asset Development & Holdings Ltd. 161 Associate Tubes Ltd. 162 AST Beverage Ltd. 163 Aswad Composite Mills Ltd. 164 Ataur Traders 165 Atherton Imbros Company Ltd. 166 Atlantic Enterprise 167 Awal Store Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Textile Trading Trading Textile Healthcare Food & Allied Textile Textile RMG Accessories Dyeing & Printing Textile Construction Steel Cold Storage Chemical Textile Trading Shipbreaking Services Textile Real Estate Trading Real Estate Trading Textile Trading Real Estate Real Estate Trading Trading Miscellaneous Textile Miscellaneous Food & Allied Textile Restaurant Plastics Food & Allied Textile Trading Miscellaneous Trading Trading Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Surveillance

Industry

Rating Type

Entity Rating
A3 A2 AA3 AA3 AA3 AA3 A2 BBB3 BBB3 BBB2 B1 B1 B1 BBB3 A3 B2 BB2 AA3 BBB1 AA3 A1 -

Loan Ratings Long Term Short Term* Outlook

BB3(Lr), B1(Lr) A3(Lr) BBB1(Lr) A2(Lr) AA3(Lr) AA3(Lr) AA3(Lr) AA3(Lr) A2(Lr) BB2(Lr) B1(Lr) BB3(Lr) BBB3(Lr) BB3(Lr) BBB2(Lr) BB1(Lr) BBB2(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) BBB2(Lr) B1(Lr) BBB3(Lr) B1(Lr) B1(Lr) BBB3(Lr) A3(Lr) B2(Lr) BB2(Lr) BB3(Lr) AA3(Lr) BBB1(Lr) AA3(Lr) A1(Lr) BB1(Lr) B1(Lr) B1(Lr) ST-4 ST-4 ST-4 ST-3 ST-3 ST-3 ST-2 ST-2 ST-2 ST-2 ST-3 ST-4 ST-5 ST-4 ST-4 ST-5 ST-4 ST-4 ST-3 ST-3 ST-5 ST-4 ST-5 ST-5 ST-4 ST-3 ST-3 ST-3 ST-5 ST-4 ST-4 ST-2 ST-3 ST-2 ST-3 ST-3 ST-5 ST-5 ST-4 Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Negative Negative Stable Stable Negative Stable Stable Stable Stable Stable -

Rating Validity**
30-Dec-14 30-Jun-14 29-Jun-14 31-Dec-14 30-Dec-14 31-Dec-13 31-Dec-14 30-Sep-14 30-Jun-14 30-Jun-14 30-Jun-14 20-Jun-14 30-Jun-14 29-Dec-14 30-Jun-14 27-Apr-14 10-May-14 15-Dec-14 19-Sep-14 7-Feb-14 30-Dec-14 15-May-14 27-Sep-14 31-Mar-14 2-Dec-14 31-Dec-13 29-Sep-14 29-Sep-14 30-Nov-14 30-Sep-14 28-Feb-14 15-Sep-14 30-Jun-14 3-Jan-14 30-Dec-14 30-Oct-14 30-Mar-14 17-Oct-14 30-Jun-14 30-Oct-14 4-Sep-14 21-Jul-14 30-Jun-14

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 168 Axiom Technologies Ltd. 169 Ayesha Jute Fibres Ltd. 170 Ayez Uddin Chaul Kal 171 Ayman Enterprise 172 Ayubpur Textile Mills Ltd. 173 Azad Syndicate 174 Azad Traders 175 Azadi Printers Ltd. 176 Azmi Foods Ltd. 177 Azmir Rice Mill 178 B A Corporation 179 B B Textile 180 B R Bricks 181 B S Enterprise 182 Babu Enterprise 183 Babul Hardware Store 184 Bandar Steel Industries Ltd. 185 Bangladesh Chaul Kal 186 Bangladesh Footwear Industries Ltd. 187 Bangladesh Industrial Gases Ltd. 188 Bangladesh Melamine Industries Ltd. 189 Bappy Enterprise 190 Barakatullah Electro Dynamics Ltd. 191 Base Textile Ltd. 192 Bashundhara Dredging Company Ltd. 193 Bashundhara Food & Beverage Ind. Ltd. 194 Bashundhara Industrial Complex Ltd. 195 Bashundhara LP Gas Ltd. 196 Bashundhara Multi Paper Industries Ltd. 197 Bata Shoe Company (Bangladesh) Ltd. 198 Bay Developments Ltd. 199 BD Corporation 200 BD Foods Ltd. 201 BD Knit Design Ltd. 202 BD Sea Food Ltd. 203 BD Thai Food & Beverage Ltd. 204 Beacon Pharmaceuticals Ltd. 205 Beats Fashion Ltd. 206 Bemisal Enterprise 207 Bengal Corporation 208 Bengal Huricane Dyeing & Printing Ltd. 209 Bengal Meat Processing Ind. Ltd. 210 Bengal Pacific (Pvt.) Ltd. Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
ICT Jute Rice Mill Trading Textile Trading Trading Printing & Packaging Food & Allied Rice Mill Trading Textile Bricks Trading Trading Trading Steel Rice Mill Footwear Gas Melamine Trading Fuel & Power Textile Miscellaneous Food & Allied Cement Miscellaneous Paper Footwear Real Estate Trading Food & Allied Textile Food & Allied Food & Allied Pharmaceuticals Textile Trading Trading Dyeing & Printing Food & Allied RMG Accessories Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Initial Rating Initial Rating Surveillance Surveillance Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance

Industry

Rating Type

Entity Rating
BBB3 BB3 BBB3 BB1 BBB1 AA2 BBB3 AA2 AA2 BBB1 BBB1(Pr) A3 A3 BBB1(Pr) AAA AA3 A3 BBB1 BBB2 BB2 BBB3

Loan Ratings Long Term Short Term* Outlook

BBB3(Lr) BB3(Lr) BB1(Lr) BBB3(Lr) BBB3(Lr) BB1(Lr) BB2(Lr) B1(Lr) BB1(Lr) BB1(Lr) BB1(Lr) BB1(Lr) BB2(Lr) BB2(Lr) BBB3(Lr) BB1(Lr) BBB1(Lr) BB1(Lr) AA2(Lr) BBB3(Lr) AA2(Lr) BB1(Lr) AA2(Lr) BBB1(Lr) BBB1(Lr) A3(Lr) A3(Lr) AA3(Lr) BB2(Lr) A3(Lr) BB2(Lr) BBB1(Lr) BB2(Lr) BBB2(Lr) BB1(Lr) BB2(Lr) BBB2(Lr) BB2(Lr) BBB3(Lr) ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-2 ST-3 ST-2 ST-4 ST-3 ST-3 ST-4 ST-3 ST-3 ST-1 ST-3 ST-4 ST-3 ST-4 ST-3 ST-4 ST-4 ST-3 ST-3 ST-4 ST-3 Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable

Rating Validity**
29-Jun-14 14-Nov-14 29-Sep-14 31-Dec-13 30-Jun-14 30-Jun-14 23-Dec-14 13-Jun-14 13-Nov-14 21-Nov-14 10-Jul-14 10-May-14 30-Oct-14 31-Aug-14 28-Nov-14 4-Aug-14 31-Dec-13 29-Sep-14 31-Dec-13 28-Dec-14 31-Dec-13 15-Dec-14 30-Dec-14 28-Jun-14 31-Mar-14 11-Mar-14 30-Jun-14 29-Jun-14 11-Mar-14 31-Mar-14 30-Dec-14 20-Jun-14 30-Jun-14 30-Dec-14 31-Mar-14 30-Sep-14 31-Dec-13 30-Jun-14 30-Jun-14 30-Dec-14 30-Dec-14 29-Dec-14 14-Dec-14

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 211 Bengal Technological Corporation Ltd. 212 Best Shirts Ltd. 213 Best Steel Industries Ltd. 214 BFL-HCL-JV 215 Bhai Bhai Corporation 216 Bhai Bhai Enterprise 217 Bhuiyan & Company 218 Bhuyan Textile Mills 219 BIDCO 220 Big Bazar Super Shop 221 Bikrampur Potato Flakes Ind. Ltd. 222 Bilkis Auto Rice Mill 223 Binimoy Enterprise 224 Bismillah Aluminum Works 225 Bismillah Automatic Rice Mills 226 Bismillah Business Service 227 Bismillah Enterprise 228 Bismillah Matsha Supplies 229 Bismillah Moshari Store 230 Bismillah Trading 231 Biswas Traders & VIP Rice Mills 232 Blue North Fisheries 233 Bogra Bhander 234 Bogra Bhander Auto Rice Flour Mill 235 Bogra Bhander Himagar 236 Bogra Bhander Jute & Twine Industries 237 Boishakhi Automatic Rice Mills 238 Bonafide Knitting Mills Ltd. 239 Bonded Fashion Ltd. 240 Bookman Printers & Publications 241 Borak Trading & Carrier 242 Bright Sea Food Ltd. 243 Bristi Enterprise 244 Brothers Enterprise 245 BSB Spinning Mills Ltd. 246 Building Construction Ltd. 247 Building Technology & Ideas Ltd. 248 Butterfly Marketing Ltd. 249 Button Tex Ltd. 250 C & A Fashion Ltd. 251 C & A Textiles Ltd. 252 Caco Chemical Industries Ltd. 253 Car Selection Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Trading Textile Steel Construction Trading Trading Trading Textile Construction Trading Food & Allied Rice Mill Trading Aluminum Rice Mill Trading Trading Poultry & Fisheries Trading Trading Rice Mill Poultry & Fisheries Cold Storage Cold Storage Cold Storage Jute Rice Mill Textile Textile Printing & Packaging Trading Food & Allied Trading Trading Textile Construction Real Estate Trading RMG Accessories Textile Textile Chemicals Trading Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Initial Rating

Industry

Rating Type

Entity Rating
BBB2 BBB2 A2 BBB3 BBB2 AA3 A3 BB2 BB3 BB3 BB1(Pr) -

Loan Ratings Long Term Short Term* Outlook

BB2(Lr) BBB2(Lr) BBB2(Lr) A2(Lr) BB3(Lr) BB1(Lr) CCC1(Lr) B1(Lr) A3(Lr) A3(Lr) BB2(Lr) BB2(Lr) BBB1(Lr) BBB3(Lr) BB3(Lr) BB1(Lr) BB3(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) BB3(Lr), B1(Lr) BB3(Lr), B1(Lr) BB2(Lr) BB3(Lr), B1(Lr) BBB3(Lr) A2(Lr) BB3(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) BB1(Lr) BBB2(Lr) BB3(Lr) AA3(Lr) A3(Lr) BB2(Lr) BB3(Lr) BB3(Lr) ST-4 ST-3 ST-3 ST-3 ST-3 ST-4 ST-5 ST-5 ST-1, ST-3 ST-3 ST-4 ST-4 ST-4 ST-3 ST-3 ST-4 ST-3 ST-3 ST-4 ST-3 ST-4 ST-6 ST-3 ST-4 ST-2 ST-3 ST-4 ST-4 ST-4 ST-3 Stable Stable Stable Stable Stable Stable Stable Stable Negative Negative -

Rating Validity**
1-Dec-14 29-Jun-14 14-Dec-14 28-Dec-14 30-Oct-14 17-Apr-14 2-Dec-14 13-Nov-14 18-Feb-14 7-Feb-14 31-Dec-14 25-Jul-14 30-Nov-14 30-Sep-14 19-Sep-14 30-Dec-14 30-Mar-14 30-Dec-14 30-Mar-14 31-Oct-14 30-Nov-14 27-Jun-14 4-Dec-14 4-Dec-14 30-Nov-14 4-Dec-14 18-Feb-14 29-Jun-14 30-Dec-14 30-Jul-14 10-May-14 28-Nov-14 30-Nov-14 21-Jul-14 14-Nov-14 23-Dec-14 31-May-14 24-Sep-14 30-Dec-14 30-Jun-14 28-Dec-14 11-Jun-14 5-Mar-14

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 254 Cardiac Care Ltd. 255 CBN Bricks Ltd. 256 CEL Telecom Ltd. 257 Celluler Mobile Pte Ltd. 258 Centro Tex Ltd. 259 Century Spinning Mills Ltd. 260 Century Trade Syndicate 261 Chakda Steel & Re-Rolling Mills Ltd. 262 Chancellor Publishers 263 Cherry Knitwear Ltd. 264 Chistia Brick Manufacturing Ltd. 265 Chittagong Asian Paper Mills (Pvt.) Ltd. 266 Chittagong Electric Manfg. Co. Ltd. 267 Chittagong Marine & Machinery 268 Chittagong Padding Mills Ltd. 269 Chittagong Tiles Trading Ltd. 270 Chittagong Udaion Corporation Ltd. 271 Chittagong Waste Treatment Plants Ltd. 272 City Dal Mills Ltd. 273 City Feed Products Ltd. 274 City Navigations Ltd. 275 City Seed Crushing Industries Ltd. 276 City Sugar Industries Ltd. 277 City Traders 278 Clamoon Garments Ltd. 279 Classic Fabrics 280 Combined Food & Cold Storage Ltd. 281 Comfit Composite Knit Ltd. 282 Confidence Power Ltd. 283 Confidence Trade Ltd. 284 Consolidated Trading & Manu. Co. (Pvt) Ltd. 285 Continental Garments Industries (Pvt.) Ltd. 286 Corolla Corporation (BD) Ltd. 287 Cosmo Synthetic Ind. Ltd. 288 Cosmopolitan Industries Pvt. Ltd. 289 Cosmos Enterprise 290 Cotton Textile & Apparels Ltd. 291 CP Bangladesh Co. Ltd. 292 Crazy Fashions Ltd. 293 Creative Sweater Pvt. Ltd. 294 Cresent Rice Mills Ltd. 295 Crossline Factory (Pvt.) Ltd. 296 Crossline Knit Fabrics Ltd. Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Trading Bricks Telecommunication ICT Textile Textile Trading Steel Printing & Packaging Textile Bricks Paper Electrical & Electronics Trading Textile Trading Construction Miscellaneous Food & Allied Feed Mill Miscellaneous Agro Inputs Sugar Trading Textile Textile Cold Storage Textile Construction Trading Trading Textile Miscellaneous Textile Textile Trading Textile Miscellaneous Textile Textile Rice Mill Textile Textile Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance

Industry

Rating Type

Entity Rating
BBB2 BB1 BB2 BBB3 BB2 BB2 BBB3 AA2 AA2 AA2 AA2 AA2 BBB3 BBB2 A3 A3 BBB3 AA3 BB2 AA3 BBB2 A3 B1(Pr) BBB2 BBB2

Loan Ratings Long Term Short Term* Outlook

BB1(Lr) C(Lr) BB2(Lr) BBB2(Lr) BB1(Lr) BB2(Lr) BB2(Lr) BBB3(Lr) BBB3(Lr) BBB1(Lr) BB3(Lr) BBB3(Lr) BB2(Lr) BB2(Lr) BB2(Lr) BBB3(Lr) AA2(Lr) AA2(Lr) AA2(Lr) AA2(Lr) AA2(Lr) BBB3(Lr) BBB3(Lr) BB1(Lr) A2(Lr) BBB2(Lr) A3(Lr) BBB1(Lr) A3(Lr) BBB3(Lr) BB1(Lr) AA3(Lr) BB2(Lr) BB2(Lr) AA3(Lr) BBB2(Lr) A3(Lr) BBB2(Lr) BBB2(Lr) ST-4 ST-6 ST-4 ST-3 ST-1 ST-4 ST-4 ST-3 ST-3 ST-4 ST-3 ST-4 ST-3 ST-4 ST-3 ST-4 ST-4 ST-2 ST-2 ST-2 ST-2 ST-2 ST-3 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-1 ST-3 ST-3 ST-4 ST-2 ST-4 ST-1, ST-4 ST-2 ST-3 ST-3 ST-3 ST-3 Stable Stable Stable Stable Stable Stable -

Rating Validity**
13-Nov-14 17-Dec-14 21-Dec-14 30-Dec-14 23-Dec-14 2-Jun-14 30-Jun-14 15-Dec-14 27-Dec-14 14-Dec-14 27-Dec-14 29-Jun-14 18-May-14 14-Dec-14 30-Nov-14 29-Mar-14 25-Nov-14

Negative 30-Nov-14 Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive Stable Stable Negative Stable Stable Stable 31-Dec-14 31-Dec-14 31-Dec-14 31-Dec-14 31-Dec-14 6-Nov-14 31-Jul-14 14-Nov-14 30-Jun-14 29-Jun-14 30-Jun-14 30-Sep-14 12-Apr-14 30-Nov-14 14-Dec-14 26-Oct-14 31-Dec-14 15-Nov-14 31-Dec-13 30-Jun-14 18-Apr-14 30-Jun-14 27-Jun-14 30-Apr-14 30-Apr-14

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 297 Crown Fashion & Sweater Ind. Ltd. 298 Crown Knitwear Ltd. 299 Crown Metal Merchandising 300 Crown Wool Wear Ltd. 301 Crymson Glory 302 Crystal Steel & Ship Breaking Ltd. 303 Cutting Edge Garments Ltd. 304 D S Fashion Ltd. 305 Dada Steel Mills Ltd. 306 Daeyu Bangladesh Ltd. 307 DAF Accessories Ltd. 308 DAF Ctg. Accessories Ltd. 309 DAL Knitwear Ltd. 310 Dallas Filling Station 311 Danish Condensed Milk Bangladesh Ltd. 312 Danish Foods Limited 313 Decent Pharma Laboratories 314 Deepa Food Products Ltd. 315 Deepshikha International 316 Dekko Knitwears Ltd. 317 Delhi Aluminum Factory Ltd. 318 Deluxe Hardware 319 Deluxe Traders 320 Denim Expert Ltd. 321 Desh Cold Storage (Pvt.) Ltd. 322 Desh Cotton Mills 323 Desh Traders 324 Design & Source Ltd. 325 Devine Design Ltd. 326 Dewan CNG Station 327 Dhaka Pet Enterprise 328 Dhaka Trading House 329 Dhrubo Construction 330 Dia Feed Mill 331 Digilab Medical Service Ltd. 332 Digital Power and Associates Ltd. 333 Dip Knitwear Ltd. 334 Discovery Trading Company Ltd. 335 Dody Exportwear Ltd. 336 Dody Trims Ltd. 337 Dolphin Bangladesh 338 Doreen Power Generations & Sys. Ltd. 339 Doreen Power House & Technologies Ltd. Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Textile Textile Trading Textile Trading Shipbreaking Textile Textile Steel Textile RMG Accessories RMG Accessories Textile Filling Station Food & Allied Food & Allied Pharmaceuticals Food & Allied Printing & Packaging Textile Aluminum Trading Trading Textile Cold Storage Textile Trading Textile Textile Filling Station Trading Trading Contractor Feed Mill Healthcare Fuel & Power Textile Trading Textile Textile Trading Fuel & Power Fuel & Power Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance

Industry

Rating Type

Entity Rating
A2 BBB2 A2 A2 BB2 BB3 A3 A3 AA2 A2 A3 BBB3 BBB2 BBB1 BB2 A2(Pr) BB1(Pr) BB1 BB3 AA2 AA2

Loan Ratings Long Term Short Term* Outlook

A2(Lr) BBB2(Lr) BB1(Lr) A2(Lr) BBB3(Lr) A2(Lr) BBB3(Lr) BB2(Lr) BB3(Lr) A3(Lr) A3(Lr) BBB1(Lr) BB1(Lr) AA2(Lr) BBB1(Lr) B1(Lr) AA2(Lr) BBB3(Lr) A2(Lr) A3(Lr) BB1(Lr) BBB3(Lr) BB2(Lr) BB1(Lr) BB2(Lr) BBB2(Lr) BBB1(Lr) BBB3(Lr) D BBB3(Lr) BB2(Lr) BB1(Lr) BB1(Lr) BB3(Lr) AA2(Lr) AA2(Lr) ST-3 ST-1, ST-3 ST-3 ST-3 ST-3 ST-5 ST-3 ST-3 ST-4 ST-4 ST-3 ST-3 ST-3 ST-2 ST-3 ST-5 ST-2 ST-3 ST-3 ST-3 ST-4 ST-3 ST-3 ST-4 ST-1,ST-3 ST-3 ST-3 ST-6 ST-1, ST-3 ST-3 ST-4 ST-4 ST-4 ST-4 ST-1 ST-1 Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable Stable Stable Stable

Rating Validity**
29-Jun-14 30-Jun-14 21-Jul-14 29-Jun-14 17-Sep-14 12-Sep-14 29-Dec-14 14-Dec-14 30-Jun-14 5-Jun-14 5-Dec-14 5-Dec-14 30-Jun-14 10-Jul-14 14-Dec-14 11-Jul-14 30-Jul-14 31-Dec-14 15-Dec-14 30-Jun-14 30-Dec-14 15-Dec-14 29-Jun-14 15-Dec-14 30-Dec-14 28-Aug-14 29-Mar-14 31-Dec-13 29-Sep-14 30-Oct-14 29-Jun-14 18-Jul-14 1-Dec-14 6-Feb-14 1-Dec-14 31-Jan-14 6-Nov-14 21-Jan-14 14-Mar-14 31-May-14 31-Mar-14 21-Dec-14 30-Dec-14

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 340 Doud Corporation 341 Dream Integrated Agro Complex Ltd. 342 Dresden Textile Ltd. 343 Dress Shirts Ltd. 344 Dui Bhai Weaving Factory 345 Dui Vai Auto Rice Mill 346 Dulal Miah 347 Dulal Shikder 348 E B Solutions Ltd. 349 Earth Footwear Ltd. 350 East Asia Maritime 351 East West Fashion Garments Ltd. 352 Eastern Medical College & Hospital Ltd. 353 ECPV Chittagong Ltd. 354 Ekushey Crusing Plant 355 Electrical & Electronics Company Ltd. 356 Electro Battery Company Ltd. 357 Electro Mart Ltd. 358 Electro Mechanical Service Ltd. 359 Electro Solar Power Ltd. 360 EM Power Ltd. 361 Emdad Banijjaloy 362 Enayetpur Spinning Mills Ltd. 363 Energis Power Corporation Ltd. 364 Energy Meter Company Ltd. 365 Envoy Textiles Ltd. 366 Epcot Apparels Ltd. 367 Epic Garments & Manufacturing Co. Ltd. 368 Epyllion Fabrics Ltd. 369 Epyllion Knitex Ltd. 370 Epyllion Knitwears Ltd. 371 Epyllion Limited 372 Epyllion Style Ltd. 373 Ershad Brothers Corporation 374 Ershad Builders Ltd. (Ershad & Sons) 375 Esack Brothers Industries Ltd. 376 Esquire Accessories Ltd. 377 Esquire Dyeing Industries Ltd. 378 Esquire Electronics Ltd. 379 Esquire Knit Composite Ltd. 380 Etco Car Centre 381 Ethical Garments Ltd. 382 Euro Bangla Ceramics Ltd. Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Trading Agro Inputs Textile Textile Textile Rice Mill Trading Trading Miscellaneous Footwear Shipbreaking Textile Healthcare Fuel & Power Trading Electrical & Electronics Engineering Electrical & Electronics Engineering Engineering Engineering Trading Textile Fuel & Power Engineering Textile Textile Textile Textile Textile Textile Textile Textile Construction Real Estate Miscellaneous RMG Accessories Dyeing & Printing Electrical & Electronics Textile Trading Textile Ceramic Initial Rating Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance

Industry

Rating Type

Entity Rating
BBB3 A3 BBB3 BB1 BB1 BBB3 A2(Pr) BBB3 BBB1 A3 BBB1 A3 BBB3 BBB3 A3 AA2 AA3 A2 A2 A2 A3 A2 BBB2 A3 AA2 AA3 A2 BBB3 BB3(Pr)

Loan Ratings Long Term Short Term* Outlook

BB1(Lr) BBB3(Lr) A3(Lr) BBB3(Lr) BB2(Lr) BBB3(Lr) BB1(Lr) BBB3(Lr) BB1(Lr) BBB3(Lr) BB3(Lr) BBB3(Lr) BBB1(Lr) BBB3(Lr) A3(Lr) BBB1(Lr) A3(Lr) BB3(Lr) BBB3(Lr) BBB3(Lr) A3(Lr) AA2(Lr) BBB3(Lr) AA3(Lr) A2(Lr) A2(Lr) A2(Lr) A3(Lr) A2(Lr) A3(Lr) A3(Lr) BBB2(Lr) A3(Lr) AA2(Lr) AA3(Lr) A2(Lr) BBB3(Lr) ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-3 ST-4 ST-3 ST-3 ST-3 ST-4 ST-3 ST-3 ST-3 ST-4 ST-3 ST-2 ST-3 ST-2 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-3 ST-2 ST-2 ST-2 ST-4 ST-3 Stable Stable Stable Negative Stable Stable Negative Stable Negative Negative Negative Negative Stable Stable Negative Stable Positive Positive Positive Positive Positive Positive Stable Stable Stable Stable Stable Stable -

Rating Validity**
30-Oct-14 17-Dec-14 30-Jun-14 30-Jun-14 10-May-14 30-Oct-14 30-Jun-14 20-Jun-14 30-Jun-14 28-Dec-14 27-Dec-14 29-Jun-14 12-Aug-14 2-Jun-14 15-Dec-14 30-Nov-14 31-Dec-13 28-Feb-14 31-Dec-13 31-Dec-13 31-Dec-13 28-Aug-14 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 30-Jun-14 31-Dec-14 30-Jun-14 31-Dec-14 31-Dec-14 31-Dec-14 31-Dec-14 30-Jun-14 30-Jun-14 30-Apr-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 28-Sep-14 4-Sep-14 2-Jun-14

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 383 Euro Label Ltd. 384 Europa Cold Storage Ltd. 385 Eurozone Fashion Ltd. 386 Everest Enterprise 387 Everest Sweaters Ltd. 388 Excel Telecom Pvt Ltd. 389 Executive Technologies Ltd. 390 Export Pack Ltd. 391 F A C Eastern Enterprise Ltd. 392 F A C Holdings Ltd. 393 F K Steel Corporation 394 F Rahman Tea Co. Ltd. 395 Fab-Con Textile Mills Ltd. 396 Fabian Industries Ltd. 397 Fabian Thread Ltd. 398 Fabitex Industries Ltd. 399 Fahim Traders 400 Fair Apparels Ltd. 401 Faisal Enterprise 402 Fakir Fashion Ltd. 403 Fakir Flour & Daul Mill 404 Fakir Knitwears Ltd. 405 Fame Design Ltd. 406 Farid Ahmed 407 Farid Uddin & Sons 408 Fariha Spinning Mills Ltd. 409 Farzana Oil Refineries Ltd. 410 Fashion Flash Ltd. 411 Fashion Makers 412 Fashion Plastic & Packaging Ltd. 413 Fashion Skirt & Trousers Ltd. 414 Fashion Suit & Trousers Ltd. 415 Fashion Trousers Ltd. 416 Fatema Enterprise 417 Fatema Traders 418 Fatima Alyaf Tala-E Jute Industries Ltd. 419 Ferdaous Steel Corporation 420 Ferdaus Jute Mills Ltd. 421 Fiat Fashion Ltd. 422 Five Star Ice & Clod Storage Ltd. 423 Fiza & Co. 424 Flora Limited 425 Florence Fashions Ltd. Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
RMG Accessories Cold Storage Textile Trading Textile Trading Trading Textile Trading Real Estate Trading Tea Textile Textile RMG Accessories Textile Trading Textile Trading Textile Food & Allied Textile Cold Storage Trading Trading Textile Food & Allied Textile Textile Plastics Textile Textile Textile Trading Trading Jute Shipbreaking Jute Textile Cold Storage Trading ICT Textile Initial Rating Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating

Industry

Rating Type

Entity Rating
BBB2 BBB3 BB1 BBB1 BBB2 B1 BB2 BBB3 A3 BBB1 BBB3 A3 AA3 BBB3 BBB2 AA2 BBB1 AA1 BB1 BB1 BB1 BBB1 BBB3 BB1 A3 BBB3

Loan Ratings Long Term Short Term* Outlook

BBB2(Lr) A2(Lr) BBB3(Lr) BB1(Lr) BB1(Lr) BBB1(Lr) BBB2(Lr) B1(Lr) A2(Lr) A3(Lr) BBB1(Lr) BBB3(Lr) BBB2(Lr) BB1(Lr) A3(Lr) BB1(Lr) AA3(Lr) BBB3(Lr) BB2(Lr) BBB2(Lr) AA2(Lr) BBB1(Lr) BBB3(Lr) AA1(Lr) BB1(Lr) BB1(Lr) BB1(Lr) BB3(Lr) BBB1(Lr) BB1(Lr) BBB3(Lr) BB1(Lr) A2(Lr) BBB3(Lr) A3(Lr) BBB3(Lr) ST-3 ST-3 ST-3 ST-4 ST-4 ST-4 ST-3 ST-5 ST-1 ST-6 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-1, ST-2 ST-3 ST-3 ST-4 ST-4 ST-2 ST-1, ST-3 ST-1 ST-4 ST-4 ST-4 ST-3 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-3 Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable

Rating Validity**
31-Dec-13 30-Jun-14 31-Dec-13 15-Mar-14 13-Jun-14 26-Apr-14 28-Feb-14 30-Jun-14 18-May-14 18-May-14 30-Jun-14 30-Dec-14 27-Dec-14 19-Mar-14 30-Dec-14 25-Jul-14 30-Jun-14 23-Sep-14 23-Sep-14 30-Jun-14 14-Nov-14 31-Jan-14 24-Mar-14 25-Jul-14 2-Dec-14 29-Jun-14 31-Dec-14 1-Dec-14 30-Jun-14 30-Dec-14 29-Jun-14 29-Jun-14 29-Jun-14 30-Jun-14 30-Sep-14 31-Dec-13 1-Dec-14 29-May-14 15-Dec-14 30-Jun-14 29-Sep-14 30-Dec-14 8-Jan-15

10

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 426 FN Fan Industries Ltd. 427 Fortune Apparels Ltd. 428 Four H Dyeing & Printing Ltd. 429 Four H Fashion Ltd. 430 Fresco Steel Mills Ltd. 431 Friends & Friends Apparels (Pvt) Ltd. 432 Fu-Wang Ceramic Industry Ltd. 433 G M Trading 434 G R Traders 435 Gallant Fashion Ltd. 436 Gani Flour Mills & Industries 437 Garib-E-Newaz Clod Storage Ltd. 438 Garland Fashions Ltd. 439 Gateway Real Estate Development 440 Gazi Trading 441 Gelco Steel (Bangladesh) Ltd. 442 General Computer Embroidery Ltd. 443 General Pharmaceuticals Ltd. 444 General Trading Company 445 Genetic Limited 446 Geo Agro Industries Ltd. 447 GETCO Agro Vision Ltd. 448 GETCO Limited 449 Ghatail Green Tech Bricks Ltd. 450 Ghulam Mortaza Biswas 451 Glasstech Ltd. 452 Global Beverage Company Ltd. 453 Global Brand (Pvt) Ltd. 454 Global Fabrics (Pvt.) Ltd. 455 Global Garments Ltd. 456 Global Knitwear Ltd. 457 Global Shirts Ltd. 458 Global Specialized Garments Ltd. 459 Global Trousers Ltd. 460 Globe Agrovet Ltd. 461 Globe Biscuits & Dairy Milk Ltd. 462 Globe Drugs Ltd. 463 Globe Engineering Works 464 Globe Foundrical Works 465 Globe Pharmaceuticals Ltd. 466 Globe Soft Drinks Ltd. 467 Globe Textile 468 Globex Marketing Company Ltd. Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Electrical & Electronics Textile Dyeing & Printing Textile Steel Textile Ceramic Trading Trading Textile Food & Allied Cold Storage Textile Real Estate Trading Steel RMG Accessories Pharmaceuticals Trading Real Estate Agro Inputs Agro Inputs Contractor Bricks Trading Textile Food & Allied ICT Textile Textile Textile Textile Textile Textile Miscellaneous Food & Allied Pharmaceuticals Construction Construction Pharmaceuticals Food & Allied Textile Miscellaneous Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance

Industry

Rating Type

Entity Rating
B1 A3 BBB1 A1 BBB2 A3 BB1 BBB3 A1 BBB3 BB3(Pr) BB3(Pr) BBB2 BBB2 A3 BB3 BBB3 A3 A3 A3 A3 BBB3 A3 A3 A2 AA3 A3

Loan Ratings Long Term Short Term* Outlook

B1(Lr) A3(Lr) BBB1(Lr) A1(Lr) BB3(Lr) BB2(Lr) BBB2(Lr) BB1(Lr) A3(Lr) A3(Lr) A2(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) BB3(Lr) A1(Lr) BBB3(Lr) BBB3(Lr) BBB2(Lr) BBB2(Lr) A3(Lr) BB3(Lr) BBB3(Lr) A3(Lr) A3(Lr) A3(Lr) A3(Lr) BBB3(Lr) A3(Lr) A3(Lr) B1(Lr) B1(Lr) A2(Lr) AA3(Lr) B1(Lr) A3(Lr) ST-5 ST-3 ST-3 ST-2 ST-4 ST-4 ST-3 ST-4 ST-3 ST-4 ST-3 ST-3 ST-1, ST-4 ST-4 ST-4 ST-3 ST-4 ST-4 ST-3 ST-3 ST-5 ST-3 ST-4 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-2 ST-1, ST-3 Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable

Rating Validity**
26-Jun-14 30-Dec-14 31-Mar-14 30-Jun-14 29-Dec-14 11-Sep-14 2-Dec-14 30-Jun-14 30-Dec-14 29-Jun-14 29-Sep-14 30-Jun-14 15-Apr-14 30-Nov-14 29-Jun-14 30-Dec-14 30-Jun-14 31-Dec-13 30-Dec-14 30-Nov-14 28-Jan-14 30-Dec-14 30-Dec-14 2-Apr-14 5-Dec-14 30-Dec-14 31-Jan-14 31-Dec-14 31-Dec-13 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 19-Sep-14 11-Dec-14 17-Oct-14 17-Oct-14 29-Jun-14 29-Jun-14 17-Oct-14 17-Oct-14 29-Jun-14 30-Sep-14

11

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 469 GM Textile Dyeing & Printing Mills Ltd. 470 Gobindaganj Cold Storage Ltd. 471 GokalDas Images (BD) Pvt. Ltd. 472 Gold Mart Apparels (Pvt.) Ltd. 473 Gold Star Garments Ltd. 474 Golden Containers Ltd. 475 Golden Food Processing Industry 476 Golden Son Ltd. 477 Golden Traders 478 Goldstar Steel House 479 Good Luck Flour Mills 480 Good Rich Sweaters Ltd. 481 Gopal Krishna Banik 482 Goribay Nawaj Enterprise 483 Gothic Design Ltd. 484 Gous Garments Industries Ltd. 485 GPH Ispat Ltd. 486 GQ Ball Pen Industries Ltd. 487 Grace Accessories Ltd. 488 Grace Packaging Ltd. 489 Gram Bangla Tubes Ltd. 490 Grameenphone Ltd. 491 Graphics Ltd. 492 Graphics Textiles Ltd. 493 Great Wall Ceramics Industries Ltd. 494 Green Granite & Marble Ltd. 495 Green Power Electrical & Electronics 496 Green Power Transformer Company 497 Green View Filling Station 498 Gulf Knitting & Textile Ltd. 499 Gulf Oil Bangladesh Ltd. 500 Gulf Travels 501 Gunjan Engineering Works Ltd. 502 Gunjan Metal Works Ltd. 503 H & H Digital Equipment 504 H K Steel Ltd. 505 H S Enterprise Ltd. 506 H&W Apparels Ltd. 507 Ha Mim Footwear Ltd. 508 Habib Clinic & Diagnostic Centre 509 Habib Enterprise 510 Hafiz Chaul Kal 511 Haji Dana Miah and Sons Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Dyeing & Printing Cold Storage Textile Textile Textile Container Food & Allied Miscellaneous Trading Trading Food & Allied Textile Trading Trading Textile Textile Steel Miscellaneous RMG Accessories Printing & Packaging Plastics Telecommunication Textile Textile Ceramic Trading Engineering Engineering Filling Station Textile Lubricant Miscellaneous Engineering Engineering Trading Steel Engineering Textile Footwear Healthcare Trading Rice Mill Trading Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance

Industry

Rating Type

Entity Rating
BBB3 BB1 BBB3 BB3 AA3 BBB3 AA1 AA2 A1 BB1 BB1 BBB3 AAA BB2 A3 BBB2 BB1 BB1 BBB3 BB3 BB3 BBB2 BBB1 BB2 B1 -

Loan Ratings Long Term Short Term* Outlook

BBB3(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) BB1(Lr) BBB3(Lr) AA3(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) BB1(Lr) BB3(Lr) AA1(Lr) B1(Lr) AA2(Lr) A1(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) AAA(Lr) BB2(Lr) A3(Lr) BBB2(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) BB2(Lr) BBB3(Lr) BB3(Lr) BB3(Lr) BB3(Lr) BB1(Lr) BBB2(Lr) BBB1(Lr) BB2(Lr) B1(Lr) BB2(Lr) BB2(Lr) BB1(Lr) ST-3 ST-3 ST-1, ST-3 ST-3 ST-1 ST-2 ST-4 ST-3 ST-3 ST-1 ST-4 ST-2 ST-2 ST-3 ST-4 ST-4 ST-1 ST-3 ST-4 ST-3 ST-3 ST-4 ST-4 ST-4 ST-3 ST-4 ST-3 ST-3 ST-4 ST-4 ST-3 ST-4 ST-3 Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable -

Rating Validity**
31-May-14 30-Dec-14 31-Dec-13 15-Dec-14 18-Feb-14 5-Dec-14 30-Jun-14 30-Jun-14 28-Sep-14 22-Jan-14 15-Dec-14 30-Jun-14 4-Sep-14 20-May-14 30-Dec-14 15-Dec-14 28-Aug-14 30-Jun-14 1-Aug-14 30-Jun-14 6-Jun-14 31-Dec-14 11-Dec-14 27-Mar-14 29-Jun-14 31-Mar-14 31-May-14 31-May-14 17-Dec-14 30-Dec-14 30-Sep-14 10-May-14 20-Nov-14 20-Nov-14 4-Sep-14 14-Dec-14 31-Jan-14 4-Jul-14 30-Jun-14 26-Jun-14 30-Oct-14 14-Dec-14 20-Jun-14

12

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 512 Haji Kabir Ahmed 513 Haji Nurul Islam Auto Rice Mills 514 Hakim & Sons 515 Hakim Foods (Pvt.) Ltd. 516 Hakim Jute Mill 517 Halda Accessories Ind. Ltd. 518 Halda Enterprise Ltd. 519 Hamdard Laboratories (WAQF) Bangladesh 520 Ha-Meem Denim Mills Ltd. 521 Hamid Fabrics Ltd. 522 Hamid Weaving Ltd. 523 Hamida Plastic Ltd. 524 Hanifi Auto Board Mills Ltd. 525 Haque & Co. (Dry Cell) Ltd. 526 Haque & Company Ltd. 527 Haque Brothers (Industries) Ltd. 528 Haque Chemicals Enterprise 529 Haque Enterprise 530 Haque Oil and Flour Mill 531 Haque Traders 532 Harrods Knit Wear Ltd. 533 Harun Flour Mills Ltd. 534 Hasan Book Depot 535 Hasan Flour Mills Ltd. 536 Hasan Pulp & Paper Mills Ltd. 537 Hasan Trade 538 Hasanjan Hardware Store 539 Hasib Electric 540 Hasmotullah Knitwear Ltd. 541 Hassan Brothers 542 Hazi Amir Hossain Mollah 543 Hazi Rice Mill 544 Hedayet & Brothers 545 Himalaya Ltd. 546 Homeland Chemical Industries Ltd. 547 Horizon Fashion Wear Ltd. 548 Hossain Ahmed 549 Hossain Electronics 550 Hossain International 551 Hossain Traders 552 Hotel Sea Place Ltd. 553 HTMS Packaging Ind. Ltd. 554 Hwa Well Textiles (BD) Ltd. Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Trading Rice Mill Trading Food & Allied Jute RMG Accessories Trading Pharmaceuticals Textile Textile Textile Plastics Paper Engineering FMCG Food & Allied Trading Trading Food & Allied Trading Textile Food & Allied Trading Food & Allied Paper Trading Trading Trading Textile Trading Trading Rice Mill Trading Trading Chemicals Textile Contractor Trading Trading Trading Tourism & Hospitality Packaging Textile Surveillance Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance

Industry

Rating Type

Entity Rating
BB2 BB2 A1 AA2 AA3 A1 AA2 BBB2 BBB2 A3 AA2 BB3(Pr) BB3 BB2 BBB2 BBB3 A2 -

Loan Ratings Long Term Short Term* Outlook

ST-3 ST-4 ST-4 ST-4 ST-3 ST-2 ST-2 ST-3 ST-2 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-3 ST-2 ST-3 ST-3 ST-4 ST-3 ST-3 ST-4 ST-3 ST-3 ST-4 ST-3 ST-3 Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable

Rating Validity**
13-Dec-14 29-Sep-14 13-Mar-14 2-Jun-14 1-Dec-14 30-Jun-14 11-Dec-14 15-Dec-14 30-Sep-14 30-Dec-14 30-Jun-14 31-Dec-14 27-Sep-14 15-Dec-14 30-Sep-14 18-May-14 15-May-14 26-Jun-14 19-May-14 31-May-14 31-Dec-13 2-Apr-15 14-Nov-14 31-Dec-14 17-May-14 28-Sep-14 30-Nov-14 30-Jun-14 28-Feb-14 14-Nov-14 14-Nov-14 20-Nov-14 11-Dec-14 31-Mar-14 1-Dec-14 30-Dec-14 11-Dec-14 28-Aug-14 22-Jan-14 4-Sep-14 17-Dec-14 30-Jun-14 31-Dec-13

BB1(Lr) BB3(Lr) BB2(Lr) BB2(Lr) BB2(Lr) A1(Lr) AA2(Lr) AA3(Lr) A1(Lr) AA2(Lr) BBB3(Lr) BBB2(Lr) BBB2(Lr) A3(Lr) BB3(Lr) BB2(Lr) BBB3(Lr) BB2(Lr) BBB3(Lr) AA2(Lr) BBB3(Lr) BBB3(Lr) BB3(Lr) BB2(Lr) BB3(Lr) BBB3(Lr) BB2(Lr) BBB3(Lr) BBB2(Lr) BB2(Lr) BB2(Lr) BBB2(Lr) BBB1(Lr) BBB3(Lr) A2(Lr)

13

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 555 Hydroxide Knitwear Ltd. 556 Ibn Sina Trust 557 Ideal Enterprise 558 Ideal Spinning Mills Ltd. 559 Idris & Company (Pvt.) Ltd. 560 IFAD Autos Ltd. 561 Imperial Embroidery Ltd. 562 Imperial Poly Products Ltd. 563 Impex Trade International 564 Imroz Traders 565 Index Housing Ltd. 566 Innstyle Fashion Ltd. 567 INTEFA 568 Interfab Shirt Manufacturing Ltd. 569 International Shirt Line Ltd. 570 International Trading Services Ltd. 571 Iqbal Kalim 572 IRIS Fabrics Ltd. 573 Islam Brothers 574 Islam Brothers & Co. 575 Islam Pack & Accessories Ltd. 576 Islamia Filament Industries 577 Ispahani Foods Ltd. 578 J & J Fabrics and Textile Ltd. 579 J A Traders 580 J B Cylinder Ltd. 581 J B Oil Mills 582 J B Refinery Ltd. 583 J K Cotton Mills Ltd. 584 J K Fabrics Ltd. 585 J K International 586 J K Knit Composite Ltd. 587 J K Shirt & Fabrics Ltd. 588 J K Spinning Mills Ltd. 589 J K Synthetic Mills Ltd. 590 J M Steel 591 J N Industries Ltd. 592 Jahangir & Others Ltd. 593 Jalal & Sons 594 Jalal Ahmed Spinning Mills Ltd. 595 Jalalabad Ragib Rabeya Medical College 596 Jamal Enterprise 597 Jamuna Auto Rice Mill (Naogaon) Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Textile Healthcare Trading Textile Rice Mill Automotive Miscellaneous Polymers Trading Trading Real Estate Textile Trading Textile Textile Trading Trading Textile Trading Trading RMG Accessories Miscellaneous Food & Allied Textile Trading Miscellaneous Food & Allied Miscellaneous Textile Textile Trading Textile Textile Textile Textile Trading Rice Mill Trading Trading Textile Healthcare Trading Rice Mill Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance

Industry

Rating Type

Entity Rating
BBB1 A2 BB3 A1 BB2 BB2 BB3 AA1 BBB2 BBB1 BB3 BBB1 BBB3 BBB1 BB3 BBB2 BBB2 BBB2 BBB2 BBB2 BBB1 BBB1 A1 -

Loan Ratings Long Term Short Term* Outlook

BBB1(Lr) A2(Lr) BBB3(Lr) BB3(Lr) A1(Lr) BB2(Lr) BB2(Lr) BB1(Lr) BBB3(Lr) BB3(Lr) BB2(Lr) AA1(Lr) BBB2(Lr) BBB1(Lr) BB3(Lr) BB3(Lr) BBB1(Lr) BBB3(Lr) B1(Lr) BB3(Lr) BBB1(Lr) BB1(Lr) BB3(Lr) BBB2(Lr) BBB2(Lr) BBB2(Lr) BBB2(Lr) BBB2(Lr) BB1(Lr) BBB2(Lr) BBB1(Lr) BB3(Lr) A3(Lr) A1(Lr) BB1(Lr) BB1(Lr) ST-3 ST-3 ST-1, ST-2 ST-4 ST-3 ST-4 ST-4 ST-3 ST-4 ST-3 ST-1 ST-3 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-5 ST-4 ST-3 ST-4 ST-3 ST-3 ST-4 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-4 ST-3 ST-3 ST-3 Stable Stable Stable Stable Stable Stable Stable Stable Stable

Rating Validity**
31-Mar-14 13-Aug-14 31-Dec-13 31-Dec-13 29-Dec-14 30-Dec-14 29-Jun-14 30-Jun-14 30-Apr-14 30-Nov-14 30-Oct-14 30-Nov-14 30-Jun-14 30-Dec-14 21-Nov-14

Negative 23-May-14 Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable 30-Jul-14 29-Jun-14 22-Feb-14 29-Sep-14 30-Sep-14 30-Jun-14 15-Dec-14 20-Jun-14 27-Dec-14 7-Nov-14 30-Dec-14 2-Jun-14 31-Dec-13 31-Dec-13 30-Jun-14 31-Dec-13 18-May-14 31-Dec-13 31-Dec-13 30-Jun-14 10-May-14 6-Dec-14 14-Dec-14 31-Dec-14 15-Dec-14 10-May-14 10-Oct-14

14

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 598 Jamuna Automatic Rice Mill 599 Jamuna Jute Industries Ltd. 600 Jamuna Seeds Storage (Pvt.) Ltd. 601 Janata Machineries 602 Janata Steel & Iron House 603 Jannat Flour Mills 604 Jannath Medico 605 Jans Elastica Ltd. 606 Jashim & Brothers 607 Jayson Pharmaceuticals Ltd. 608 Jes Motors 609 Jharna Enterprise 610 Jhorna Trading House Ltd. 611 JMS Garments Ltd. 612 Joardar Rice Mills 613 Joty Plastic Company 614 Julfikar Fashion's Ltd. 615 Jumara Enterprise 616 Juvenile Construction 617 Juvenile Trade Intl Ltd. 618 K G N Automatic Rice Mill 619 K M Trading 620 K S International 621 Kajal Traders 622 Kallandi Textile 623 Kamal Iron Mart 624 Kamal Vegetable Oil Ltd. 625 Kangaroo Foot Wear Inds. Ltd. 626 Karim Spinning Mills Ltd. 627 Karim Textiles Ltd. 628 Karnaphuli Enterprise 629 Karnaphuly Filling Station 630 Karooni Knit Composite Ltd. 631 Karotoa Spinning Mills Ltd. 632 Kazi Arfanur Rahman 633 Kazi Md. Shoyeb 634 Kazipur Fashions Ltd. 635 Khalil Traders 636 Khan & Sons 637 Khan & Sons Auto Rice Mill 638 Khan Auto Rice Mill Ltd. 639 Khan Brothers 640 Khan Complex Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Rice Mill Jute Agro Inputs Trading Trading Food & Allied Trading RMG Accessories Trading Pharmaceuticals Trading Trading Trading Textile Rice Mill Plastics Textile Trading Construction Trading Rice Mill Trading Trading Trading Textile Trading Food & Allied Footwear Textile Textile Trading Filling Station Textile Textile Contractor Trading Textile Trading Trading Rice Mill Rice Mill Trading Construction Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Initial Rating Initial Rating Surveillance Surveillance Surveillance

Industry

Rating Type

Entity Rating
BB1 BB1 BB1 BBB1 B1(Pr) BBB2 A2 A2 BBB3 BBB3 AA3 -

Loan Ratings Long Term Short Term* Outlook

BB1(Lr) BB2(Lr) BB2(Lr) BB1(Lr) BBB1(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) B1(Lr) BB3(Lr) BBB1(Lr) BBB3(Lr) BBB1(Lr) BBB2(Lr) BBB2(Lr) BB1(Lr) BB2(Lr) BB1(Lr) B1(Lr) BBB2(Lr) A2(Lr) A2(Lr) B1(Lr) BB1(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) AA3(Lr) BB1(Lr) BB2(Lr) BB2(Lr) BBB3(Lr) BB2(Lr) ST-4 ST-3 ST-3 ST-3 ST-4 ST-3 ST-4 ST-4 ST-1, ST-3 ST-3 ST-4 ST-3 ST-3 ST-4 ST-3 ST-3 ST-4 ST-5 ST-3 ST-3 ST-3 ST-5 ST-4 ST-4 ST-4 ST-2 ST-3 ST-4 ST-4 ST-4 Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative -

Rating Validity**
20-Jun-14 5-Dec-14 21-Dec-14 31-Oct-14 29-May-14 30-Jun-14 31-May-14 1-Dec-14 13-Dec-14 5-Jun-14 31-Mar-14 6-Nov-14 30-Mar-14 15-Dec-14 28-Feb-14 30-Dec-14 23-Dec-14 15-Dec-14 29-Sep-14 29-Sep-14 27-Jun-14 29-Jun-14 23-Sep-14 12-Jun-14 30-Jun-14 29-Sep-14 30-Jun-14 13-Jun-14 18-May-14 18-May-14 15-May-14 25-Apr-14 30-Dec-14 31-Dec-14 17-Dec-14 29-Jun-14 18-Apr-14 29-Dec-14 14-Nov-14 12-Jun-14 14-Nov-14 31-May-14 31-May-14

15

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 641 Khandaker Store 642 Khawja Azmier 643 Khaza Moinuddin Chisti Enterprise 644 KHWAJA Enterprise (IBBL) 645 Kibria Agro Industries 646 Kibria Traders 647 Kingwon Jute Traders. 648 Knit & Knittex (Pvt) Ltd. 649 Knit Concept Ltd. 650 Knit Lustre 651 Knit Plus Ltd. 652 Knitexpo Ltd. 653 Knittex Industries Ltd. 654 Kores Bangladesh Ltd. 655 Kotalipara Maida Kal 656 Krishan Auto Rice Mill 657 Krishan Enterprise 658 Kron Sweater Ltd. 659 Kuakata Sea Foods Ltd. 660 Kurigram Spinning Mills Ltd. 661 Kushiara International 662 Kushtia Rice Mill 663 Label Tex Ltd. 664 Laila Food Products Ltd. 665 Lakdhanavi Limited 666 Lake Shore Service Apart. (Pvt.) Ltd. 667 Lantus Holdings Ltd. 668 Layla Iron 669 Leisure Bangladesh Ltd. 670 Les Pulls D'Alex Ltd. 671 Lifestyle Fashions Maker Ltd. 672 Lighting Zone 673 Liz Fashion Industries Ltd. 674 Liza Garments 675 Lodestar Fashions Ltd. 676 Lodestar Packaging Ltd. 677 Logistics Management Services Ltd. 678 Lolit Mohon Shaha 679 Lotus Corporation 680 Lotus Enterprise 681 Lub House Ltd. 682 Lucky Star Apparels Ltd. 683 Lucky Traders Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Trading Trading Trading Trading Agro Inputs Trading Jute Textile Textile Textile Textile Textile Textile Textile Food & Allied Rice Mill Trading Textile Food & Allied Textile Trading Rice Mill RMG Accessories Food & Allied Fuel & Power Tourism & Hospitality Real Estate Trading Tourism & Hospitality Textile Textile Trading Textile Textile Textile Textile Services Trading Trading Trading Lubricant Textile Trading Surveillance Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating

Industry

Rating Type

Entity Rating
BBB3 BB3 BBB3 BBB3 BBB3 BB1 BB3(Pr) C BB2 BBB2 AA3(Pr) A3 BB3(Pr) BB1 B1 A2 AA1 A3 -

Loan Ratings Long Term Short Term* Outlook

BBB3(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) BB3(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) BB1(Lr) BB3(Lr) C(Lr) BBB3(Lr) BB2(Lr) BBB2(Lr) A3(Lr) BB2(Lr) BB3(Lr) BB1(Lr) B1(Lr) BB1(Lr) A2(Lr) BB2(Lr) BB1(Lr) BB1(Lr) AA1(Lr) BBB2(Lr) BB1(Lr) BB1(Lr) A3(Lr) BB2(Lr) BB2(Lr) ST-3 ST-4 ST-3 ST-1, ST-3 ST-1, ST-3 ST-3 ST-3 ST-5 ST-3 ST-3 ST-3 ST-4 ST-3 ST-3 ST-6 ST-3 ST-3 ST-4 ST-3 ST-3 ST-4 ST-4 ST-4 ST-4 ST-4 ST-2 ST-4 ST-4 ST-1 ST-4 ST-3 ST-4 Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable -

Rating Validity**
31-Dec-13 20-Mar-14 10-Oct-14 10-Jul-14 18-Feb-14 5-Mar-14 30-Dec-14 30-Jun-14 30-Mar-14 30-Dec-14 11-Dec-14 12-Sep-14 30-Dec-14 30-Mar-14 29-Mar-14 1-Dec-14 1-Dec-14 15-Dec-14 17-Jun-14 31-Dec-13 25-Mar-14 30-Sep-14 30-Dec-14 6-Feb-14 31-Dec-13 23-Sep-14 30-Dec-14 15-May-14 14-Jun-14 30-Jun-14 31-Dec-13 28-Sep-14 15-Dec-14 4-Dec-14 28-Dec-14 28-Dec-14 30-Dec-14 15-May-14 9-Oct-14 29-Jun-14 31-Dec-14 30-Jun-14 30-Dec-14

16

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 684 M A Zaher 685 M Ali Textile 686 M I Cement Factory Ltd. 687 M J Construction 688 M K Enterprise 689 M M Enterprise 690 M M Ispahani Ltd. 691 M N Fishing Ltd. 692 M N Huda Construction Ltd. 693 M N Traders 694 M R Brothers 695 M R Rice & Flour Mill 696 M Rahman Steel Mills Ltd. 697 M S Attires Ltd. 698 Maa Bhandary Rice Mill 699 Maa Enterprise 700 Madina Cement Ltd. 701 Madina Cement Mills Ltd. 702 Madina Oxyzen & Steel Ltd. 703 Madina Polymer Industries Ltd. 704 MAF Newsprint Mills Ltd. 705 MAF Shoes Ltd. 706 Magnum Marketing Ltd. 707 Magnum Steel Industries Ltd. 708 Mahbub Brothers 709 Mahbub Enterprise 710 Maheen Enterprise 711 Mahek Enterprise 712 Mahfuz & Brothers 713 Mahmudul Hussain Tufa 714 Mahmudun Nabi 715 Majumder Products Ltd 716 MAK Corporation 717 Mak Hatchery Ltd. 718 Makka Foods & Confectionary 719 Makka Paper & Board Mills Ltd. 720 Maliha Chaul Kal 721 Mamun Agro Products Ltd. 722 Mamun Machineries Store 723 Mamun Machinery & Hardware Store 724 Mamun PVC Factory 725 Manik Bastralaya 726 Maps Steel Corporation Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Contractor Textile Cement Construction Trading Trading Miscellaneous Fisheries Construction Trading Trading Rice Mill Steel Trading Rice Mill Trading Cement Cement Steel Polymers Paper Footwear Trading Steel Trading Trading Trading Trading Trading Trading Trading Rice Mill Trading Fisheries Food & Allied Paper Rice Mill Agro Inputs Trading Trading Plastics Trading Steel Initial Rating Initial Rating Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Surveillance

Industry

Rating Type

Entity Rating
AA2 AA1 BB1(Pr) BBB3 BBB2 BB1 A1 A3 BBB2 BB1 A3 BBB1 BBB3 -

Loan Ratings Long Term Short Term* Outlook

BB2(Lr) BBB2(Lr) AA2(Lr) B1(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) BB1(Lr) A3(Lr) BBB3(Lr) BBB2(Lr) BB1(Lr) BBB3(Lr) BB1(Lr) A1(Lr) A1(Lr) ST-4 ST-3 ST-2 ST-5 ST-3 ST-4 ST-1 ST-3 ST-4 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-4 ST-3 ST-4 ST-4 ST-3 ST-3 ST-5 ST-4 ST-3 ST-3 ST-4 ST-3 ST-3 ST-4 ST-4 ST-4 ST-4 ST-5 Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive Negative Stable -

Rating Validity**
20-Nov-14 1-Dec-14 1-Dec-14 29-May-14 5-Mar-14 17-Dec-14 30-Jun-14 15-Jan-14 30-Jul-14 3-May-14 30-Dec-14 30-Oct-14 19-Mar-14 6-Feb-14 30-Nov-14 15-May-14 15-May-14 30-Dec-14 31-Mar-14 30-Dec-14 20-Mar-14 6-Jun-14 31-Dec-13 30-Jun-14 11-Sep-14 27-Dec-14 15-Dec-14 29-Dec-14 30-Mar-14 15-Dec-14 31-May-14 30-Nov-14 30-Mar-14 31-Dec-13 30-Jul-14 20-Nov-14 30-Sep-14 30-Oct-14 31-Mar-14 30-Nov-14 23-Sep-14 29-May-14 31-Mar-14

BBB3(Lr), BB1 (Lr) A3(Lr) BBB2(Lr) BB1(Lr) A3(Lr) BBB1(Lr) BB1(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) BBB3(Lr) BB2(Lr) BBB1(Lr) BBB3(Lr) BBB1(Lr) BB1(Lr) BBB3(Lr) BBB3(Lr) BB3(Lr) BB1(Lr) -

17

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 727 Marino Hotel 728 Mark Mode Ltd. 729 Marshal Agrovet Chemical Industries Ltd. 730 Mashrifa Food Products Ltd. 731 Masihata Sweaters Ltd. 732 Maspo Flour Mill 733 Master & Brothers 734 Master Steel Re-Rolling Mills 735 Masud & Brothers 736 Matador Ball Pen Industries 737 Matador Toothbrush Industries Ltd. 738 Matex Bangladesh Ltd. 739 Matexport (Bangladesh) Ltd. 740 Matrix Styles Ltd. 741 Max Automobile Products Ltd. 742 Mayer Doa Matsho Khamar 743 MBM Garments Ltd. 744 Md Nizam Uddin (Pvt) Ltd 745 Md Rezaul Karim 746 Md Sirajul Islam 747 Md Zahid Miah 748 MEB Industrial Complex Ltd. 749 Mecca Multilayer Ltd. 750 Media Electronics Industries Ltd. 751 Medinova Medical Services Ltd. 752 Meek Knit Ltd. 753 Meem Food & Consumer Products 754 Meem Trade International 755 Meghna Cement Mills Ltd. 756 Meghna Food Industries 757 Meghna Knit Composite Ltd. 758 Meicoba Industries Ltd. 759 Men's Fashion Ltd. 760 Mercury Knitwear (Pvt.) Ltd. 761 Merlin Knitwear Limited 762 Mesh Export House (Pvt.) Ltd. 763 Metro Homes Ltd. 764 Metro Spinning Ltd. 765 Metro Trading 766 Metrocem Cement Ltd. 767 MID Asia Fashion Ltd. 768 Milan Cold Storage Ltd. 769 Millennium Trade International Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Tourism & Hospitality Textile Chemicals Food & Allied Textile Food & Allied Trading Steel Trading Miscellaneous Miscellaneous Textile Textile Textile Automotive Fisheries Textile Trading Trading Trading Contractor Food & Allied Miscellaneous Electrical & Electronics Healthcare Textile Trading Trading Cement Food & Allied Textile Trading Textile Textile Textile Textile Real Estate Textile Trading Cement Textile Cold Storage Trading Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance

Industry

Rating Type

Entity Rating
BB3 BB2(Pr) A2 A3 A3 A1 AA3 BB2 A1 A2 BBB1 BB2 A3 A3 A3 BBB2 BBB3 BBB3 A3 BBB1 -

Loan Ratings Long Term Short Term* Outlook

ST-3 ST-4 ST-4 ST-3 ST-4 ST-3 ST-1, ST-3 ST-3 ST-3 ST-2 ST-2 ST-4 ST-1, ST-2 ST-3 ST-4 ST-3 ST-4 ST-4 ST-5 ST-4 ST-3 ST-3 ST-1, ST-3 ST-4 ST-3 ST-4 ST-3 ST-3 ST-3 ST-4 ST-1, ST-3 ST-3 ST-3 ST-4 ST-4 ST-3 ST-4 ST-3 ST-3 Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable -

Rating Validity**
30-Oct-14 5-Jun-14 17-Dec-14 13-May-14 30-Sep-14 6-Nov-14 15-May-14 29-Aug-14 15-Dec-14 30-Nov-14 27-Dec-14 31-Dec-14 27-Jun-14 31-May-14 30-Dec-14 5-Dec-14 31-Mar-14 13-Nov-14 14-Dec-14 29-Jun-14 11-Dec-14 30-Dec-14 30-Jun-14 14-Nov-14 19-Jun-14 30-Jun-14 15-Dec-14 27-Dec-14 30-Jun-14 30-Jun-14 28-Feb-14 30-Jun-14 30-Jun-14 30-Mar-14 30-Jun-14 15-Feb-14 31-Mar-14 31-Dec-13 30-Sep-14 31-Dec-14 28-Dec-14 30-Jun-14 31-Mar-14

BB3(Lr) A2(Lr) BB3(Lr) BB3(Lr) A3(Lr) A3(Lr) A3(Lr) A1(Lr) AA3(Lr) BB2(Lr) A1(Lr) BB1(Lr) A2(Lr) BB3(Lr) BB3(Lr) BB3(Lr) BBB1(Lr) BB2(Lr) BBB3(Lr) BB2(Lr) BB3(Lr) BB3(Lr) A3(Lr) BB1(Lr) A3(Lr) BBB3(Lr) A3(Lr) BB1(Lr) BBB2(Lr) BBB3(Lr) BBB3(Lr) A3(Lr) BB1(Lr) BBB1(Lr) -

18

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 770 Milon Traders 771 Minar Auto Rice Mill 772 Mirpur Diagnostic Centre Ltd. 773 Mirpur Fashion Ltd. 774 Misham Agro Industries Ltd. 775 Mitali Stone Pvt. Ltd. 776 Mithela Textile Industry 777 Mithu Carpets 778 Mitu Fruit International 779 MM Ship Breaking Industries 780 Mobarak Ali Spinning Mills Ltd. 781 Modern Diagnostic Centre Ltd. 782 Modern Poly Industries Ltd. 783 Modern Sea Food Ind. Ltd. 784 Modern Steel Mills Ltd. 785 Modhuban Bread & Biscuits Ind. (Pvt.) Ltd. 786 Modiste (Bangladesh) Ltd. 787 Modiste (CEPZ) Ltd. 788 Modris Ali & Co. 789 Mofa Fish Processing (Pvt) Ltd. 790 Mofiz Auto Rice Mill 791 Mohammed Sons 792 Mohanagar Motors & its Sister Concern 793 Mohara Asian Apparels Ltd. 794 Mohsin Tubewell Agency 795 Moinuddin Paper Mills Ltd. 796 Mokbul Enterprise 797 Mokka Traders 798 Molla & Sons 799 Mollah Glass House 800 Momin Spinning Mills 801 Momin Textile 802 Momtaz Hossain 803 Mona Food Industries 804 Mona Wire Industry 805 Monarch Engineers 806 Mondol Auto Rice Mill & Food Ind. Ltd 807 Mongla Engineering & Ship Repairs Ltd. 808 Monica Button & Garments Accessories (Pvt.) Ltd. 809 Monica Trading International 810 Monira Knit Apparels Ltd. 811 Monowara Traders & Industries 812 Moon Enterprise Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Trading Rice Mill Healthcare Textile Poultry & Fisheries Trading Textile Trading Trading Shipbreaking Textile Healthcare Polymers Food & Allied Steel Food & Allied Textile Textile Trading Food & Allied Rice Mill Trading Trading Textile Engineering Paper Trading Trading Trading Trading Textile Textile Trading Food & Allied Trading Trading Rice Mill Engineering RMG Accessories Trading Textile Trading Trading Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Surveillance Surveillance

Industry

Rating Type

Entity Rating
BBB2 BB1 BBB3 A1 BBB2 BBB2 BBB2 BB2 A3 BBB2 -

Loan Ratings Long Term Short Term* Outlook

BB1(Lr) BBB3(Lr) BB1(Lr) BB3(Lr), B1(Lr) BBB2(Lr) BB1(Lr) BB2(Lr) BBB3(Lr) A3(Lr) B1(Lr) BBB1(Lr) BBB3(Lr) A1(Lr) BBB2(Lr) BBB2(Lr) BBB2(Lr) BB2(Lr) BBB3(Lr) A3(Lr) BB3(Lr) BB3(Lr) BB3(Lr) BBB3(Lr) BBB2(Lr) BB1(Lr) BBB3(Lr) BBB3(Lr) BB1(Lr) BBB1(Lr) BBB3(Lr) BB2(Lr) BBB3(Lr) BBB2(Lr) BB3(Lr) D BB3(Lr) BB1(Lr) BB2(Lr) ST-4 ST-4 ST-3 ST-3 ST-3 ST-3 ST-4 ST-1, ST-4 ST-5 ST-3 ST-4 ST-4 ST-2 ST-3 ST-3 ST-3 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-4 ST-4 ST-4 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-3 ST-3 ST-4 ST-6 ST-4 ST-4 Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable -

Rating Validity**
30-Dec-14 12-Mar-14 30-Jun-14 30-Dec-14 5-Dec-14 23-Oct-14 29-Sep-14 23-Dec-14 21-Dec-14 30-Jun-14 20-Jun-14 31-Dec-13 20-Nov-14 28-Nov-14 31-Mar-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Sep-14 31-Mar-14 5-Dec-14 5-Jun-14 31-Aug-14 30-Sep-14 21-Nov-14 21-Jul-14 15-Dec-14 29-Sep-14 19-Sep-14 30-Dec-14 31-Mar-14 31-Mar-14 29-Sep-14 28-Sep-14 5-Jun-14 11-Sep-14 5-Mar-14 31-Dec-14 30-Dec-14 21-Jul-14 6-Nov-14 30-Dec-14 31-Dec-13

19

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 813 Moon Knitwear & Composite Dyeing 814 Morium Spinning Mills Ltd. 815 Moshiur Traders 816 Mostofa Communications 817 Mostofa Construction 818 Motaleb Monowara Composite (Pvt.) Ltd. 819 Mother Steel Ltd. 820 Mouren Enterprise 821 Mousumi Chaul Kal 822 Moyeenuddin Bashi 823 Mozammel & Brothers 824 MRF Trade House Ltd. 825 MSA Spinning Ltd. 826 Muhibur Rahman 827 Muksood Ahmed 828 Mukta Store 829 Mukter General Store 830 Multi Safh Bags Ltd. 831 Multi Trade Enterprise Ltd. 832 Munayem Khan Babul 833 Munshigonj Fiber & Agro Industries Ltd. 834 Musa & Issa Enterprise 835 Muslim Garments 836 MZM (CEPZ) Ltd. 837 N H Enterprise 838 N Islam Steel 839 N K M Knit Composite Ltd. 840 N N Enterprise 841 N R Amin Trading 842 Nafi International 843 Nafisa Apparels Ltd. 844 Nafiz Traders 845 Nahar Trading Corporation Ltd. 846 Nahid Motors 847 Nahid Plastic (BD) Ltd. 848 Naj Enterprise 849 Nannu Spinning Mills Ltd. 850 Nannu Textile Mills Ltd. 851 Nasim Brothers Automatic Rice Mill 852 Nasir & Co. 853 Nasir Glass Industries Ltd. 854 Nasir Glassware & Tubes Ltd. 855 Nasir Textile Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Textile Textile Trading Construction Construction Cold Storage Steel Trading Rice Mill Trading Trading Trading Textile Contractor Trading Trading Trading Textile Construction Trading Agro Inputs Trading Textile Textile Trading Trading Textile Trading Trading Trading Textile Trading Trading Trading Plastics Trading Textile Textile Rice Mill Trading Glass Miscellaneous Textile Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Initial Rating Initial Rating

Industry

Rating Type

Entity Rating
BB2 B1 BBB1 BBB2 BBB3 BB1 BBB3 BB3 BBB3 BBB2 BBB2 AA1 A2 -

Loan Ratings Long Term Short Term* Outlook

BB2(Lr) B1(Lr) B1(Lr) BB1(Lr) BBB3(Lr) BB2(Lr) BBB3(Lr) BB2(Lr) B1(Lr) BBB1(Lr) BB2(Lr) BBB3(Lr) BB1(Lr) BBB2(Lr) A3(Lr) BBB3(Lr) BBB3(Lr) BB1(Lr) BB3(Lr) BB1(Lr) BB3(Lr) B1(Lr) BBB3(Lr) BBB3(Lr) BB2(Lr) BB3(Lr) BBB3(Lr) BBB3(Lr) BBB2(Lr) BBB2(Lr) B1(Lr) AA1(Lr) A2(Lr) BB2(Lr) ST-4 ST-5 ST-5 ST-3 ST-4 ST-5 ST-3 ST-4 ST-4 ST-3 ST-3 ST-3 ST-4 ST-3 ST-3 ST-3 ST-4 ST-4 ST-4 ST-4 ST-4 ST-5 ST-4 ST-3 ST-5 ST-3 ST-3 ST-3 ST-3 ST-3 ST-5 ST-3 ST-1 ST-3 ST-4 Stable Stable Stable Stable Stable Positive Stable Negative Stable Stable Stable Stable Stable -

Rating Validity**
7-Jul-14 31-Dec-13 27-Jun-14 29-May-14 29-May-14 30-Jun-14 30-Nov-14 11-Dec-14 30-Sep-14 17-May-14 13-Mar-14 30-Jun-14 30-Dec-14 30-Nov-14 30-Jun-14 29-Jun-14 5-Jun-14 30-Jun-14 3-Apr-14 30-Sep-14 31-Dec-13 17-Dec-14 4-Dec-14 18-Oct-14 30-May-14 30-Sep-14 13-Mar-14 30-Dec-14 17-Dec-14 29-Dec-14 15-Dec-14 23-Sep-14 30-Jun-14 28-Nov-14 31-Jul-14 21-Dec-14 30-Jan-14 30-Jan-14 30-Jun-14 20-Jun-14 31-Dec-13 13-Feb-14 4-Sep-14

20

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 856 NASSA Design & Development Ltd. 857 NASSA Holdings Ltd. 858 National Auto Rice Mill 859 National Feed Mill Ltd. 860 National Trade Syndicate 861 Navana Limited 862 Navana Poly Packaging Ltd. 863 Navana Real Estate Ltd. 864 NDR Corporation 865 Needle Work Ltd. 866 Neo Zipper Company Ltd. 867 Nesa Trading Company 868 New Amin Jewellers 869 New Auto Galaxy 870 New Bogdad Rice Mill 871 New Foods Ltd. 872 New Generation Fashion Ltd. 873 New Generation Trading Ltd. 874 New Progati Traders 875 New S H International 876 New Sawdagar Pharmacy 877 New Sea Fish Sales Centre 878 Newtex Knit Fashions Ltd. 879 Nextgen Style Ltd. 880 Nexus Trade Centre 881 Nezam Uddin & Brothers 882 Niagara Textiles Ltd. 883 Nikhil Alongkar 884 Nilufa Automatic Rice Mill 885 Nina Holdings Ltd. 886 Nipa Oil & Flour Mill 887 Niribili Fisheries Ltd. 888 Niribili Poultry & Livestock Ltd. 889 Nirman Enterprise 890 Nizamia Trade International 891 Noapara Trading 892 Noboudoy Housing Ltd. 893 Nofel Agro Fisheries Ltd. 894 Noor Enterprise 895 Noor Hossain 896 North Bengal Flour Mill & Md Yakub Ali 897 North Bengal Grain Industries Ltd. 898 North Bengal Plastic Bag Industries Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Real Estate Real Estate Rice Mill Feed Mill Trading Automotive Polymers Real Estate Trading Textile RMG Accessories Trading Miscellaneous Trading Rice Mill Food & Allied Textile Trading Trading Trading Trading Trading Textile Textile Trading Trading Textile Trading Rice Mill Real Estate Food & Allied Fisheries Poultry & Fisheries Trading Trading Trading Real Estate Poultry & Fisheries Trading Contractor Food & Allied Rice Mill Plastics Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance

Industry

Rating Type

Entity Rating
BBB2 BBB3 BBB3 AA3 AA3 A1 -

Loan Ratings Long Term Short Term* Outlook

BBB2(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) AA3(Lr) BB3(Lr) AA3(Lr) BB1(Lr) BB1(Lr) A1(Lr) BBB3(Lr) BBB2(Lr) BB2(Lr) BB2(Lr) BB1(Lr) BB2(Lr) BB2(Lr) BB1(Lr) BBB3(Lr) BB1(Lr) ST-3 ST-3 ST-3 ST-4 ST-3 ST-3 ST-4 ST-2 ST-3 ST-2 ST-3 ST-4 ST-4 ST-3 ST-4 ST-4 ST-3 ST-3 ST-4 ST-1 ST-3 ST-3 ST-4 ST-5 ST-4 ST-4 ST-3 ST-3 ST-3 ST-4 Stable Stable Stable Stable Stable Positive Stable Stable Stable Negative Stable Stable -

Rating Validity**
30-Jun-14 30-Jun-14 5-Dec-14 22-Dec-14 30-Jun-14 31-Jan-14 30-Dec-14 15-Nov-14 10-May-14 30-Jun-14 30-Jun-14 27-Apr-14 31-Dec-13 21-Dec-14 30-Jun-14 30-Dec-14 20-Nov-14 31-Aug-14 23-Dec-14 28-Aug-14 29-Sep-14 17-Dec-14 30-Dec-14 30-Jun-14 28-Feb-14 13-Nov-14 29-Sep-14 4-Sep-14 20-Jun-14 31-Dec-14 6-Feb-14 30-Jun-14 31-Dec-13 28-Sep-14 11-Oct-14 28-Dec-14 12-Sep-14 30-Dec-14 31-Dec-13 15-Dec-14 28-Nov-14 1-Aug-14 30-Jun-14

BBB3 BBB2(Lr), A1(Lr) BBB1 A3 BB2 B1 BBB2 BB1(Lr) BB1(Lr) BBB1(Lr) BB3(Lr) BB1(Lr) A3(Lr) BBB3(Lr) BB2(Lr) B1(Lr) BB2(Lr) BB1(Lr) BBB3(Lr) BBB2(Lr) BB3(Lr) BBB3(Lr) BBB1(Lr) BB2(Lr)

21

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 899 Norths Egg Ltd. 900 Novel Huricane Knit Garments Ltd. 901 Novelta Bestway Pharmaceuticals Ltd. 902 Novimoda Knitwear Ltd. 903 Novo Auto Bricks 904 Nowapara Clod Storage Ltd. 905 Nurani Poultry & Fishery Feeds Ltd. 906 Nuruddin Enterprise 907 Nurul Huda 908 Nurul Islam Spinning Mills Ltd. 909 Oasis Services (Agro) Ltd. 910 Obaidullah Textile 911 Ocean Apparels 912 OK Enterprise Pvt. Ltd. 913 OK Properties Ltd. 914 Olympic Accessories Ltd. 915 Olympic Cement Ltd. 916 Orascom Telecom Bangladesh Ltd. 917 Orascom Telecom Bangladesh Ltd.-Bond 918 Orchid Sweater Ltd. 919 Orchid Towels (BD) Ltd. 920 Oriental Oil Company Ltd. 921 Orion Gas Ltd. 922 Orion Pharmaceuticals Ltd. 923 Osanian Style & Fashion Wear 924 Osman Auto Rice Mills 925 Osmanli Trade Ltd. 926 Pacific Impex 927 Pacific Marine Service 928 Pacific Spinning Mills Ltd. 929 Packmart Industries Ltd. 930 Padma Cold Storage (Pvt.) Ltd. 931 Padma Traders 932 Pailac Chemicals Company 933 Pan Mark Apparels (Pvt.) Ltd. 934 Panasia Clothing Ltd. 935 Panasia Sweaters Ltd. 936 Panorama Apparels Ltd. 937 Pantaloon Fashion Ltd. 938 Papri Traders 939 Paramount Apparels Ltd. 940 Parity Garments (Pvt) Ltd. 941 Partex Furniture Industries Ltd. Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Poultry & Fisheries Textile Pharmaceuticals Textile Bricks Cold Storage Feed Mill Trading Trading Textile Agro Inputs Jute Textile Trading Real Estate RMG Accessories Cement Telecommunication Telecommunication Textile Textile Lubricant Gas Pharmaceuticals Textile Rice Mill Trading Trading Miscellaneous Textile Packaging Cold Storage Trading Chemicals Textile Textile Textile Textile Textile Trading Textile Textile Timber & Furniture Surveillance Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance

Industry

Rating Type

Entity Rating
BBB3 BB3 BB1 BB1 BBB3 BBB2 A2 A3 A1(SO) BBB2 B2 BBB2(Pr) A1 BBB2 AA2 BB2 A3 A3 BBB2 BBB2 BBB1 BB1 BBB1 BBB3 AA3

Loan Ratings Long Term Short Term* Outlook

BBB3(Lr) BBB2(Lr) BB3(Lr) BB1(Lr) B1(Lr) A2(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) BBB2(Lr) BB2(Lr) BB1(Lr) BB3(Lr) BB3(Lr) BB3(Lr) A2(Lr) A3(Lr) BBB2(Lr) BB3(Lr) B2(Lr) A1(Lr) BB2(Lr) BB2(Lr) BBB2(Lr) BB2(Lr) BBB3(Lr) BB1(Lr) AA2(Lr) BB2(Lr) BBB2(Lr) A3(Lr) A3(Lr) BBB2(Lr) BBB2(Lr) BBB1(Lr) BB1(Lr) BBB3(Lr) BBB1(Lr) BBB3(Lr) AA3(Lr) ST-3 ST-3 ST-4 ST-3 ST-5 ST-3 ST-4 ST-3 ST-3 ST-3 ST-4 ST-4 ST-3 ST-3 ST-3 ST-5 ST-3 ST-4 ST-3 ST-4 ST-3 ST-4 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-3 ST-3 ST-3 ST-2 Stable Stable Stable Stable Stable Stable Positive Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable

Rating Validity**
30-Dec-14 30-Dec-14 30-Jun-14 20-Nov-14 4-Aug-14 30-Jun-14 31-Dec-13 23-Sep-14 27-Mar-14 30-Dec-14 14-Dec-14 30-Dec-14 20-Jun-14 28-Dec-14 28-Dec-14 30-Dec-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 12-Dec-14 29-Dec-14 22-Jun-14 30-Jun-14 29-Dec-14 6-Nov-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 31-Dec-13 31-Mar-14 28-Feb-14 25-Sep-14 30-Sep-14 31-Mar-14 31-Mar-14 31-Mar-14 29-Jun-14 29-Jun-14 25-Jul-14 30-Jun-14 30-Jun-14

22

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 942 Partex Laminates Ltd. 943 Parul Enterprise 944 Passion Apparels & Wears Ltd. 945 Pathan Bricks 946 Pathan Matsaya Khamer 947 Pearl Garments Company Ltd. 948 Pearl Prince Apparels Ltd. 949 Pearls & Pouce Ltd. 950 PEB Steel Alliance Ltd. 951 Perfect Fashions Ltd. 952 Photolab Trading 953 Pintu Dutta 954 Pintu Motors 955 Pitstop Foods Ltd. 956 Plastic Concern (Pvt) Ltd. 957 Podder Chaul Kal 958 Pole Star Apparels (Pvt.) Ltd. 959 Polo Composite Knit Industry Ltd. 960 Port Land International 961 Portcity Poly & Accessories Industry Ltd. 962 Power Trade Building Ltd. 963 Power Trade Engineering Ltd. 964 Pragati Steel 965 Pragoti Industries Ltd. 966 Pratik Apparels Ltd. 967 Premier Knitting & Trading Ltd. 968 Prime Corporation 969 Prime Enterprise 970 Prince High Design Ltd. 971 Priyam Garments Ltd. 972 Progati Electronics 973 Progressive Fishing Ltd. 974 Prome Agro Foods Ltd. 975 Purabi Agro Industries Ltd. 976 Purbachal Paper Mills Ltd. 977 Purbani Fabrics Ltd. 978 Purbani Rotor Spinning Ltd. 979 Purbani Synthetic Spinning Ltd. 980 Purbani Yarn Dyeing Ltd. 981 Q N Queue Accessories Ltd. 982 QNS Container Services Ltd. 983 Quality Trade International 984 Quasem Drycells Ltd. Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Miscellaneous Trading Textile Bricks Poultry & Fisheries Textile Textile Textile Steel Textile Trading Trading Trading Food & Allied Plastics Rice Mill Textile Textile Miscellaneous RMG Accessories Engineering Engineering Trading Automotive Textile Textile Trading Trading Textile Textile Trading Fisheries Food & Allied Agro Inputs Paper Textile Textile Textile Textile RMG Accessories Container Trading Miscellaneous Surveillance Surveillance Initial Rating Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance

Industry

Rating Type

Entity Rating
AA3 AA3 BB2 A3 BBB3 BBB3 C BBB1 BB3 BB3 BBB2 BB2 BB3 A3 BB1(Pr) BBB1 BBB3 BBB2 A2 A2 A2 A2 BBB3 BBB1 A3

Loan Ratings Long Term Short Term* Outlook

AA3(Lr) BBB3(Lr) AA3(Lr) BB2(Lr) BBB1(Lr) A3(Lr) BBB3(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) BBB3(Lr) BB1(Lr) C(Lr) BBB1(Lr) BB2(Lr) BB3(Lr) BB3(Lr) BBB2(Lr) BB2(Lr) BB3(Lr) A3(Lr) A3(Lr) BB3(Lr) A3(Lr) BB2(Lr) BB1(Lr) BBB1(Lr) BBB3(Lr) BBB2(Lr) A2(Lr) A2(Lr) A2(Lr) A2(Lr) BBB3(Lr) BBB1(Lr) BB1(Lr) A3(Lr) ST-2 ST-4 ST-4 ST-4 ST-3 ST-2 ST-4 ST-3 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-6 ST-3 ST-4 ST-4 ST-4 ST-4 ST-3 ST-3 ST-4 ST-3 ST-4 ST-3 ST-4 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-3 Stable Positive Negative Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable

Rating Validity**
30-Jun-14 31-May-14 30-Dec-14 6-Feb-14 6-Feb-14 31-Dec-14 19-Sep-14 14-Dec-14 11-Jul-14 30-Dec-14 4-Aug-14 29-Mar-14 29-Mar-14 15-Dec-14 31-Jul-14 29-Sep-14 13-Jun-14 31-Mar-14 15-Dec-14 30-Jun-14 15-Dec-14 15-Dec-14 29-Mar-14 30-Jun-14 14-Mar-14 31-Dec-13 25-Jul-14 15-Dec-14 30-Dec-14 30-Dec-14 29-Mar-14 15-Jan-14 30-Dec-14 30-Mar-14 31-Dec-13 18-May-14 18-May-14 18-May-14 18-May-14 31-Jul-14 14-Nov-14 29-Dec-14 15-Dec-14

23

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 985 Quasem Food Products Ltd. 986 Quasem Zinc Ltd. 987 Quest Accessories (BD) Ltd. 988 R M Fabitech Ltd. 989 R M Interlinings Ltd. 990 R M Seed Cold Storage 991 R S Machineries 992 Rabab Fashion Industries Ltd. 993 Rabeya Automatic Rice Mill 994 Radial International Ltd. 995 Radiance Fashion Ltd. 996 Radiance Jeans Ltd. 997 Radiance Packaging & Accessories Ltd. 998 Radisson Apparels Ltd. 999 Rafi Computer 1000 Rafia Paper Converting & Coating Inds. Ltd. 1001 Raghunath Kundu & Kalachand Kundu 1002 Rahat Corporation 1003 Rahbar Agro Complex (Pvt) Ltd. 1004 Rahbar Himagar (Pvt) Ltd. 1005 Rahman Brothers 1006 Rahman Jute Mills (Pvt.) Ltd. 1007 Rahman Knit Wear 1008 Rahman Steel House 1009 Rahmania Cloth Store 1010 Rahmat Traders 1011 Rainbow Associates 1012 Rainbow Jute Mills Ltd. 1013 Raj Steel Corporation 1014 Rakib Brothers 1015 Raks Fashion Ltd. 1016 Rana Flour Mill 1017 Rana Rice Mill 1018 Rangs Motors Ltd. 1019 Ranu Agro Industries Ltd. 1020 Raquef Apparel Washing & Packaging Ind. Ltd. 1021 Rashid Enterprise 1022 Rasid Agro Food Products Ltd. 1023 Ratanpur Ship Re-Cycling Ind. Ltd. 1024 Ratanpur Steel Re-Rolling Mills Ltd. 1025 Ratna Auto Rice Mills & Poultry 1026 Raya Spinning Mills Ltd. 1027 Rayan Trade International Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Food & Allied Miscellaneous RMG Accessories Textile Textile Cold Storage Trading Textile Rice Mill Textile Textile Textile Textile Textile Trading Paper Trading Trading Agro Inputs Cold Storage Trading Jute Textile Trading Trading Trading Trading Jute Construction Trading Textile Food & Allied Rice Mill Automotive Agro Inputs Textile Trading Food & Allied Shipbreaking Steel Rice Mill Textile Trading Surveillance Initial Rating Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Initial Rating

Industry

Rating Type

Entity Rating
BBB3 BBB3 BBB2 BBB2 AA3 BBB1 BBB2 BBB3 BB1 BBB3 A3 BBB3 AA3 -

Loan Ratings Long Term Short Term* Outlook

BBB3(Lr) BBB3(Lr) BBB2(Lr) BBB2(Lr) AA3(Lr) BBB3(Lr) BB1(Lr) BBB1(Lr) BBB3(Lr) A2(Lr) BBB1(Lr) BBB1(Lr) BBB1(Lr) BBB2(Lr) BB1(Lr) BB1(Lr) A3(Lr) BBB3(Lr) BB1(Lr) BBB3(Lr) BB1(Lr) BB1(Lr) BB2(Lr) BBB3(Lr) BBB3(Lr) BBB1(Lr) BB2(Lr) BB3(Lr) BB1(Lr) BBB1(Lr) BB1(Lr) BBB3(Lr) A3(Lr) BBB3(Lr) AA3(Lr) BB3(Lr) B3(Lr) ST-4 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-3 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-4 ST-3 ST-4 ST-4 ST-3 ST-3 ST-4 ST-2 ST-5 ST-1, ST-3 Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable -

Rating Validity**
19-Sep-14 4-Dec-14 31-Jul-14 30-Dec-14 22-Jan-14 29-Mar-14 30-Jun-14 29-Mar-14 19-Sep-14 14-Dec-14 14-Dec-14 14-Dec-14 14-Dec-14 29-Jun-14 3-Apr-14 31-Dec-14 5-Mar-14 29-May-14 30-Nov-14 30-Nov-14 28-Jun-14 21-Dec-14 1-Dec-14 20-Nov-14 28-Jun-14 28-Nov-14 30-Dec-14 30-Dec-14 26-Jun-14 5-Jun-14 30-Dec-14 6-Nov-14 29-Sep-14 31-Dec-13 6-Nov-14 2-Apr-14 14-Mar-14 31-Dec-14 18-Apr-14 31-Dec-14 19-Apr-14 31-Dec-14 4-Aug-14

24

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 1028 Razu Enterprise 1029 Razzak Motors 1030 Razzaque Steel House 1031 Refat Garments Ltd. 1032 Renaissance Development Ltd. 1033 Renaissance Hospital & Research Ins. Ltd. 1034 Renata Limited - Bond 1035 Renata Limited Entity
Trading Trading Trading Textile Real Estate Healthcare Pharmaceuticals Pharmaceuticals Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Initial Rating

Industry

Rating Type

Entity Rating
AA2 BB3 AA2(SO) AA1 A3 BB3 BB3 BB3 AA3 BB1 A3 BBB2 BB1 A3 BBB3 BBB1 A2 -

Loan Ratings Long Term Short Term* Outlook

ST-3 ST-2 ST-4 ST-2 ST-4 ST-1 ST-3 ST-4 ST-4 ST-4 ST-3 ST-1 ST-4 ST-4 ST-3 ST-3 ST-4 ST-1, ST-3 ST-1, ST-3 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-4 ST-4 ST-3 ST-5 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-4 ST-3 Stable Stable Stable Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable Stable Stable

Rating Validity**
29-Mar-14 17-Jun-14 3-Apr-14 30-Sep-14 23-Dec-14 30-Dec-14 20-Nov-14 30-Jun-14 29-May-14 30-Dec-14 30-Dec-14 30-Dec-14 27-Apr-14 29-Jun-14 22-Jul-14 30-Jun-14 31-May-14 8-May-14 30-Dec-14 29-Jun-14 30-Dec-14 11-Sep-14 11-Sep-14 30-Sep-14 10-May-14 30-Sep-14 13-Jun-14 30-Dec-14 28-Sep-14 10-Oct-14 29-Jun-14 5-Mar-14 29-Jun-14 29-Jun-14 29-Jun-14 29-Jun-14 30-Nov-14 13-Mar-14 4-Sep-14 15-Dec-14 10-Dec-14 5-Sep-14 7-Feb-14

BB1(Lr) AA2(Lr) BBB3(Lr) BB3(Lr) AA1(Lr) A3(Lr) BB3(Lr) BB3(Lr) BB3(Lr) BB1(Lr) BB2(Lr) BB2(Lr) AA3(Lr) BB1(Lr) BB1(Lr) BB3(Lr) A3(Lr) BBB2(Lr) BBB3(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) B1(Lr) A3(Lr) BBB3(Lr) BBB1(Lr) BBB3(Lr) BB3(Lr) BB1(Lr) BBB2(Lr) BB2(Lr) BB2(Lr) A2(Lr)

Miscellaneous 1036 Resource Planning & Management Consultants (Pvt) Ltd.

1037 Rhythm Apparels Ltd. 1038 Rhythm Fashion Ltd. 1039 Rhythm Garments Ltd. 1040 Ridwan Textile 1041 Rinku Rimon Auto Rice Mill 1042 Riyadh Salt Industries 1043 Robi Axiata Ltd. 1044 Roity Enterprise 1045 Rony Enterprise 1046 Roto Smart Ltd. 1047 Rowa Knitwear Ltd. 1048 Royal Fashions Ltd. 1049 Royal Gold 1050 Royal International 1051 Royal Shoes 1052 RS & Brothers 1053 RS & T International 1054 Rubel Dyeing Screen Printing Works (Pvt) Ltd. 1055 Rubel Steel Mills Ltd. 1056 Ruby Food Products Ltd. 1057 Ruhul Amin Automatic Rice Mill 1058 Rumana Fashion Ltd. 1059 Rummon & Brothers 1060 Rumpa Enterprise 1061 Runner Automobiles Ltd. 1062 Runner Bricks Ltd. 1063 Runner Motors Ltd. 1064 Rupali Agencies 1065 Rupali Garments 1066 Rupam Packages & Printing (Pvt) Ltd. 1067 Ruslan Corporation 1068 S & A Bay of Bengal 1069 S A Consumer Products Ltd. 1070 S A Pulp & Paper Products Ltd. Lr-Loan rating, Pr-Project rating, SO-Structured Obligation

Textile Textile Textile Textile Rice Mill Salt Telecommunication Trading Trading Miscellaneous Textile Textile Trading Trading Footwear Trading Trading Dyeing & Printing Steel Food & Allied Rice Mill Textile Trading Trading Automotive Bricks Automotive Trading Trading Printing & Packaging Trading Fisheries Food & Allied Paper

25

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 1071 S A Traders 1072 S Ahmed Trading Corporation 1073 S B Traders 1074 S H Trading Co. 1075 S K Motors 1076 S N Builders 1077 S N Corporation 1078 S N Sanitary & Tiles 1079 S R Jute Processing 1080 S Rahman & Brothers 1081 S S Enterprise 1082 S S Fabrics Ltd. 1083 S S Food Industry 1084 S S Traders 1085 S&S Poultry Farm 1086 Sabjiana Ltd. 1087 Sadip Enterprise 1088 Saif Powertec Ltd. 1089 Saiful & Co. 1090 Saiham Cotton Mills Ltd. 1091 Sakib Textiles 1092 Salahuddin Trading Company 1093 Salam & Kalam Daul Mill 1094 Salima Machineries 1095 Salma Trade International Ltd. 1096 Sam As Bricks 1097 SAM Pack Ltd. 1098 Sam Ree Dyeing (BD) Ltd. 1099 Samannaz Condensed Milk Ltd. 1100 Samata Enterprise & It's Sister Concern 1101 Sameer Enterprise 1102 Sami Chawl Kal 1103 Samrat Industries 1104 Sanitary World 1105 Sanjay Trading 1106 Sanzi Textile Mills Ltd. 1107 SAR & Co. Ltd. 1108 Sarada Knitwear Ltd. 1109 SARC Enterprise 1110 Sarker Hardware Store 1111 Sarker Printing & Publishing 1112 Satata Garments 1113 Satkhira Ice & Cold Storage Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Trading Trading Trading Trading Trading Construction Shipbreaking Trading Jute Trading Trading Textile Food & Allied Trading Poultry & Fisheries Food & Allied Trading Engineering Trading Textile Textile Trading Food & Allied Trading Trading Bricks Printing & Packaging Dyeing & Printing Food & Allied Trading Trading Rice Mill Plastics Trading Trading Textile Trading Textile Trading Trading Printing & Packaging Textile Cold Storage Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance

Industry

Rating Type

Entity Rating
BBB3 BBB1 A3 BBB2 BB2 BB3 A2 BBB2 BB1 -

Loan Ratings Long Term Short Term* Outlook

ST-6 ST-3 ST-4 ST-3 ST-4 ST-4 ST-4 ST-3 ST-4 ST-3 ST-3 ST-3 ST-1, ST-3 ST-3 ST-3 ST-4 ST-4 ST-4 ST-3 ST-4 ST-4 ST-4 ST-3 ST-4 ST-3 ST-4 ST-4 ST-3 ST-4 Stable Stable Stable Stable Negative Stable Stable Stable Stable

Rating Validity**
30-Jul-14 30-Dec-14 19-Mar-14 31-Jul-14 20-Jun-14 31-May-14 12-Jun-14 15-Dec-14 30-Jun-14 6-Nov-14 23-Dec-14 14-Dec-14 23-Sep-14 29-May-14 30-Dec-14 20-Jun-14 29-Dec-14 15-Dec-14 29-Jun-14 20-Aug-14 18-Apr-14 2-Aug-14 7-Nov-14 10-May-14 14-Nov-14 30-Dec-14 30-Mar-14 5-Jun-14 7-Feb-14 30-Nov-14 29-Jun-14 20-Dec-14 20-Nov-14 29-Sep-14 30-Dec-14 31-Mar-14 30-Jun-14 3-May-14 15-Dec-14 20-Nov-14 12-Aug-14 29-Mar-14 29-Jun-14

BBB3(Lr) BBB2(Lr) BB2(Lr) BBB2(Lr) BBB1(Lr) BB3(Lr) BB1(Lr) BBB3(Lr) BB3(Lr) BB1(Lr) BBB3(Lr) BBB3(Lr) BBB1(Lr) A3(Lr) BBB3(Lr) BB3(Lr) BBB2(Lr) BB2(Lr) BB3(Lr) A2(Lr) BBB3(Lr) BB2(Lr) BBB3(Lr) BBB2(Lr) BB2(Lr) BBB2(Lr) BB3(Lr) BB3(Lr) BB3(Lr) BB2(Lr) BBB1(Lr) BB2(Lr) BB1(Lr)

26

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 1114 Satter & Brothers 1115 Saturn Textiles Ltd. 1116 Savar Sweater Ltd. 1117 Sayeman Beach Resort Ltd. 1118 Sea Blue Textile Ltd. 1119 Sea Food Corporation Ltd. 1120 Sea Power Fishing Ltd. 1121 Sea Shell Hotel Restaurant & Party Palace 1122 Sea Tex Ltd. 1123 Sefat Trade International 1124 Sensible Fashion (Pvt.) Ltd. 1125 Senu Miah Textile 1126 Setara Fish Farm Ltd. 1127 Setu Enterprise 1128 Seven One Tex Ltd. 1129 Seven Seas Shipping 1130 SF Sweaters Ltd. 1131 Shabbir Enterprise 1132 Shadow 1133 Shafi Traders 1134 Shah Amanat Traders 1135 Shah Enterprise 1136 Shah Fatehullah Textile Mills Ltd. 1137 Shah Nur Traders 1138 Shah Perfumery Products Ltd. 1139 Shahadat Husking Mills 1140 Shaheen Garments 1141 Shahidul Bhander 1142 Shahinoor Alam 1143 Shahjahan Spinning Mills Ltd. 1144 Shahjania Traders 1145 Shahjibazar Power Company Ltd. 1146 Shahnaj Print Sharee 1147 Shajalal Enterprise 1148 Shajalal Motors 1149 Shakti Engineering Ltd. 1150 Shampa Flour Mills Ltd. 1151 Shams Styling Wear Ltd. 1152 Shangu Tex Ltd. 1153 Shankar Bostralaya 1154 Shanta Properties Ltd. 1155 Shanta Trading Corporation 1156 Shapla Auto Rice Mill Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Trading Textile Textile Tourism & Hospitality Textile Food & Allied Fisheries Restaurant Textile Trading Textile Textile Fisheries Construction Textile Transport Textile Trading Trading Trading Trading Trading Textile Trading Miscellaneous Rice Mill Textile Trading Trading Textile Trading Fuel & Power Textile Trading Trading Engineering Food & Allied Textile Textile Textile Real Estate Trading Rice Mill Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance

Industry

Rating Type

Entity Rating
BBB1 A3 BBB3(Pr) BBB3 BB3 BBB2 BB2 BB2 BB1 BB1 BB1 BBB1 BB1(Pr) BBB3 AA2 BBB3 AA1 BBB1 BB2 A3 -

Loan Ratings Long Term Short Term* Outlook

ST-3 ST-3 ST-3 ST-3 ST-4 ST-4 ST-3 ST-3 ST-4, ST-5 ST-4 ST-4 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-3 ST-4 ST-3 ST-4 ST-4 ST-3 ST-2 ST-3 ST-3 ST-3 Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable

Rating Validity**
8-Mar-14 29-Jun-14 30-Jun-14 20-Jun-14 30-Jun-14 30-Jun-14 28-Feb-14 27-Dec-14 30-Mar-14 5-Jun-14 23-Dec-14 29-Jun-14 4-Dec-14 5-Sep-14 29-Mar-14 15-Dec-14 29-Mar-14 29-May-14 3-Apr-14 22-Oct-14 27-Dec-14 30-Apr-14 31-Dec-14 23-Sep-14 2-Jun-14 21-Jul-14 4-Dec-14 29-Mar-14 29-Dec-14 30-Mar-14 30-Jun-14 15-Jan-14 27-Apr-14 30-Apr-14 30-Apr-14 30-Oct-14 31-Dec-14

BBB1(Lr) A3(Lr) BBB3(Lr) BBB3(Lr) BB3(Lr) BBB2(Lr) BBB2(Lr) BB2(Lr) BB2(Lr) BB2(Lr) BB1(Lr) BBB3(Lr) BB1(Lr) BB1(Lr) BB3(Lr) BB1(Lr) BBB3(Lr) BB1(Lr) BB3(Lr) BBB3(Lr) A3(Lr) BB2(Lr) BB1(Lr) BB3(Lr) BBB3(Lr) BBB1(Lr) BBB3(Lr) AA2(Lr) BBB1(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) AA1(Lr) BBB1(Lr) BB2(Lr) BBB3(Lr) A3(Lr) BB2(Lr) BB2(Lr)

Negative 23-May-14 Stable Stable 30-Jun-14 29-Sep-14 31-May-14 29-May-14 6-Jun-14

27

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 1157 Sharif Clod Storage Ltd. 1158 Sharija Oil Refinery Ltd. 1159 Sharp Kargo Kare Ltd. 1160 Shasha Denims Ltd. 1161 Shasha Garments Ltd. 1162 Shawon Fish Product (Pvt) Ltd. 1163 Shawon Textile 1164 Sheikh Agency 1165 Shiv Textile 1166 Shohagpur Textile Mills Ltd. 1167 Shohel & Brothers 1168 Shohel Trading Corporation Ltd. 1169 Shohorab & Brothers 1170 Shovessa Electronics & Motors 1171 Show Motion Ltd. 1172 Shuvo Knit Ltd. 1173 Sibah Enterprise 1174 SIC Syndicate 1175 Siddeswari Clod Storage Ltd. 1176 Sign Media Ltd. 1177 Sikder Construction 1178 Silkways Card & Printing Ltd. 1179 Silver Fabrics 1180 Silver Style & Design Ltd. 1181 Sinha Fabrics Ltd. 1182 Siraj & Brothers 1183 Siraz Cycle Industries Ltd. 1184 Sirina Garments & Textiles Ltd. 1185 Siyan Corporation 1186 Sizda Motors 1187 Skyline Apparels Ltd. 1188 Skyline Garments Ltd. 1189 Smart Accumulator Pvt. Ltd. 1190 Snowtex Apparels Ltd. 1191 Sobhan Ice & Clod Storage Ltd. 1192 Sohel Sanitary 1193 Sohel Traders 1194 Sohel Trading Corporation 1195 Solar Television Mfg. Ltd. 1196 Solid Feeds Ltd. 1197 Sonali Concrete Products (Pvt.) Ltd. 1198 Sonali Paper & Board Mills Ltd. 1199 Sonali Taranga International Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Cold Storage Food & Allied Logistics Textile Textile Fisheries Textile Trading Textile Textile Trading Trading Trading Electrical & Electronics Textile Textile Trading Trading Cold Storage Trading Construction Printing & Packaging Textile Textile Textile Trading Miscellaneous Textile Trading Trading Textile Textile Engineering Textile Cold Storage Trading Trading Trading Miscellaneous Food & Allied Construction Paper Trading Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance

Industry

Rating Type

Entity Rating
BB3 A1 BBB1 A2 BBB2 BBB1 BBB3 BBB3 BBB3 BBB3 BB1 BBB3 A3 -

Loan Ratings Long Term Short Term* Outlook

A2(Lr) B1(Lr) BB3(Lr) A1(Lr) BBB1(Lr) BBB3(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) A2(Lr) BB1(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) A3(Lr) BB3(Lr) BB1(Lr) A2(Lr) BB1(Lr) BB1(Lr) BBB2(Lr) BBB3(Lr) BBB3(Lr) BBB1(Lr) BB1(Lr) BBB3(Lr) BBB3(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) BBB3(Lr) BB2(Lr) BB1(Lr) A2(Lr) BB1(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) A3(Lr) BBB3(Lr) ST-3 ST-5 ST-4 ST-3 ST-3 ST-4 ST-3 ST-4 ST-3 ST-3 ST-4 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-3 ST-3 ST-4 ST-4 ST-3 ST-4 ST-3 ST-3 ST-4 ST-3 ST-3 Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable -

Rating Validity**
30-Jun-14 30-Jun-14 31-Mar-14 30-Jun-14 13-Nov-14 4-Dec-14 30-Jul-14 29-Jun-14 28-Nov-14 18-May-14 30-Oct-14 11-Mar-14 23-Dec-14 30-Jun-14 27-Dec-14 29-Jun-14 30-Oct-14 10-May-14 30-Jun-14 20-Nov-14 5-Sep-14 30-Jun-14 29-May-14 29-May-14 29-Jun-14 25-Apr-14 30-Jun-14 13-Mar-14 30-Jun-14 29-Jun-14 30-Jun-14 30-Jun-14 5-Mar-14 31-Mar-14 30-Jun-14 29-Sep-14 29-May-14 30-Jun-14 28-Nov-14 30-Oct-14 31-Mar-14 31-Dec-14 30-Apr-14

28

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 1200 Sonargaon Textiles Ltd. 1201 Sonica Agri Foods 1202 Sony Electronics 1203 Sopura Silk Mills Ltd. 1204 South Bengal Fertilizer Mills Ltd. 1205 South Eastern Paper Mills Ltd. 1206 South West Printing & Packaging Ltd. 1207 Soya Protein Marketing Company 1208 SP Fashions Ltd. 1209 Standard Collection Manufacturing Co. 1210 Standard Finis Oil Co. 1211 Standard Stitches Ltd. 1212 Star Bread & Biscuit Factory Ltd. 1213 Star Line Auto Major Flour Mills Ltd. 1214 Star Line Auto Rice Foods & Beverage Ltd. 1215 Star Line Food Products Ltd. 1216 Star Line Special Ltd. 1217 Star Partical Board Mills Ltd. 1218 Star Sea Food Industries Ltd. 1219 Starling Rinse Effect Ltd. 1220 Steam & Diesel International Ltd. 1221 Steel & Cement Corporation 1222 STS Holdings Ltd. 1223 Sujan Textile 1224 Suman Enterprise 1225 Sumi Printing & Weaving Industries (Pvt) Ltd. 1226 Summit Alliance Port Ltd. 1227 Sumon Traders 1228 Sunny Enterprise 1229 Super Thai Plastic Ltd. 1230 Supershine Apparel Ltd. 1231 Supti Sweater Ltd. 1232 Suravi Traders 1233 Surma Enterprise 1234 Surma Oil Mills 1235 Surma Petroleum 1236 Suvastu Development Ltd. 1237 Suvechcha Banijya 1238 Swan Jeans Ltd. 1239 T M Auto Rice Mill 1240 T P C Bricks 1241 T R Textile Mills (Pvt) Ltd. 1242 Taher Food Industries Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Textile Trading Trading Textile Fertilizer Paper Printing & Packaging Trading Textile RMG Accessories Miscellaneous Textile Food & Allied Food & Allied Food & Allied Food & Allied Logistics Partical Board Food & Allied Textile Miscellaneous Trading Healthcare Textile Trading Printing & Packaging Container Trading Trading Plastics Textile Textile Trading Trading Food & Allied Lubricant Real Estate Trading Textile Rice Mill Bricks Textile Food & Allied Surveillance Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Surveillance Initial Rating Surveillance Initial Rating Initial Rating Surveillance Surveillance

Industry

Rating Type

Entity Rating
BBB3 BBB1 BBB3 BBB1 AA3 BB3(Pr) AA3 A3 A1 A1 BB1 BB2 A3 BBB3 A3 -

Loan Ratings Long Term Short Term* Outlook

BBB3(Lr) BBB3(Lr) BB1(Lr) BBB1(Lr) BBB3(Lr) BB2(Lr) BB3(Lr) BB2(Lr) BBB1(Lr) BBB3(Lr) BBB3(Lr) AA3(Lr) BBB3(Lr) BBB3(Lr) BBB3(Lr) BBB2(Lr) AA3(Lr) BB2(Lr) A3(Lr) BB2(Lr) A1(Lr) BBB3(Lr) BB1(Lr) BB3(Lr) A1(Lr) BBB3(Lr) BB1(Lr) BB2(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) A3(Lr) BBB3(Lr) BB2(Lr) BB1(Lr) A3(Lr) ST-4 ST-4 ST-3 ST-3 ST-3 ST-4 ST-4 ST-3 ST-4 ST-3 ST-2 ST-4 ST-4 ST-4 ST-3 ST-2 ST-4 ST-3 ST-4 ST-3 ST-3 ST-4 ST-3 ST-1 ST-3 ST-4 ST-1, ST-4 ST-4 ST-3 ST-3 ST-4 ST-3 ST-4 ST-3 ST-4 Negative Stable Stable Stable -

Rating Validity**
30-Jun-14 29-Dec-14 31-Aug-14 31-Mar-14 28-Dec-14 5-Sep-14 31-Mar-14 30-Dec-14 25-Jul-14 5-Mar-14 19-Sep-14

Negative 23-May-14 Stable Stable Positive Stable Stable Stable Stable Stable Stable 27-Jun-14 29-Sep-14 31-Dec-14 29-Sep-14 29-Sep-14 30-Jun-14 31-Dec-14 31-Jan-14 31-Mar-14 13-Sep-14 31-Mar-14 27-Mar-14 30-Dec-14 4-Dec-14 30-Dec-14 27-Apr-14 10-May-14 30-Jun-14 11-Sep-14 17-Jun-14 1-Dec-14 30-Jun-14 30-Apr-14 30-Nov-14 1-Apr-14 29-May-14 31-Mar-14 30-Dec-14 30-Oct-14 13-Jun-14 22-May-14

29

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 1243 Tahmid Auto Rice Mills 1244 Taj Plastic Industries 1245 Taj Trading 1246 Talukder Plastic Industries Ltd. 1247 Talukder uPVC Fittings Ltd. 1248 Tamanna Ltd. 1249 Tamanna Sweaters Ltd. 1250 Tampaco Foils Ltd. 1251 Tanima Knit Composite Ltd. 1252 Tanveer Enterprise 1253 Tapash Traders 1254 Tara Spinning Mills Ltd. 1255 Tarasima Apparels Ltd. 1256 Taratex (BD) Ltd. 1257 Tarif Auto Flour Mills 1258 Tasnim Properties Ltd. 1259 Tawheed Plastic Industries 1260 Tazul Islam 1261 Tech Squad 1262 Techven Properties Ltd. 1263 Teco Electronics 1264 Teen Tara Enterprise 1265 Tex Tailor Export (BD) Ltd. 1266 Texcomm Exports Ltd. 1267 Textile Horizon Ltd. 1268 Thakral Information System Pvt. Ltd. 1269 That's It Knit Ltd. 1270 The AB Marketing & Distribution 1271 The ACME Laboratories Ltd. 1272 The Aristocrat Agro Ltd. - Auto Rice Mill 1273 The Civil Engineers Ltd. 1274 The Electric View 1275 The Immaculate (Pvt.) Ltd. 1276 The Immaculate Accessories Ltd. 1277 The Immaculate Apparels Ltd. 1278 The Immaculate Exports Ltd. 1279 The Immaculate Textiles Ltd. 1280 The Metal (Pvt.) Ltd. 1281 The New Abul Stone Crushing Industries 1282 The Peninsula Chittagong Ltd. 1283 The Rani Re-Rolling Mills Ltd. 1284 The Rose Dresses Ltd. 1285 The Well Tex Ltd. Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Rice Mill Plastics Trading Plastics Plastics Trading Textile Paper Textile Trading Trading Textile Textile Textile Food & Allied Real Estate Plastics Construction Trading Real Estate Trading Trading Textile Textile Textile ICT Textile Trading Pharmaceuticals Rice Mill Engineering Trading Textile Textile Textile Textile Textile Trading Stone Crushing Tourism & Hospitality Steel Textile Textile Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating

Industry

Rating Type

Entity Rating
BB3 BB3 A1 BBB2 BBB2 BB1 BBB2 BBB2 BBB3 AA2 AA2 BBB1 B1 B1 B1 B1 B1 BBB3 AA3 BBB2 A3 -

Loan Ratings Long Term Short Term* Outlook

BB1(Lr) BB1(Lr) BB1(Lr) BB3(Lr) BB3(Lr) BBB2(Lr) BB2(Lr) A1(Lr) BBB2(Lr) BB1(Lr) BBB3(Lr) BBB2(Lr) A3(Lr) BBB3(Lr) BB1(Lr) BB3(Lr) BB3(Lr) BBB2(Lr) BB1(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) BBB2(Lr) BBB3(Lr) AA2(Lr) BB1(Lr) AA2(Lr) BB3(Lr) BBB1(Lr) B1(Lr) B1(Lr) B1(Lr) B1(Lr) B1(Lr) BBB3(Lr) AA3(Lr) BBB2(Lr) A3(Lr) B3(Lr) ST-4 ST-4 ST-4 ST-4 ST-4 ST-4 ST-3 ST-3 ST-3 ST-4 ST-3 ST-3 ST-4 ST-4 ST-3 ST-3 ST-3 ST-3 ST-3 ST-2 ST-3 ST-1 ST-3 ST-3 ST-5 ST-5 ST-5 ST-5 ST-5 ST-4 ST-3 ST-1 ST-4 ST-3 ST-5 Stable Stable Stable Stable Stable Stable Stable Stable Positive Negative Negative -

Rating Validity**
30-Oct-14 30-Jun-14 30-Jun-14 23-Dec-14 23-Dec-14 31-May-14 10-Apr-14 30-Sep-14 31-Dec-13 29-May-14 23-Sep-14 28-Nov-14 30-Nov-14 6-Nov-14 17-Dec-14 31-May-14 29-Dec-14 30-Jul-14 30-Sep-14 15-Dec-14 26-Jun-14 6-Nov-14 11-Dec-14 13-Nov-14 30-Dec-14 30-Sep-14 30-Sep-14 30-Apr-14 30-Jun-14 11-Jul-14

Negative 23-May-14 Stable Stable Stable Stable Stable Negative Positive Stable Stable 30-Jun-14 14-Dec-14 14-Dec-14 14-Dec-14 14-Dec-14 14-Dec-14 30-Jun-14 30-Nov-14 30-Jun-14 28-Dec-14 31-Jan-14 13-Nov-14

30

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 1286 Time Power Engineering Ltd. 1287 Tip Top Fashions Ltd. 1288 Tithi Textile Mills (Pvt) Ltd. 1289 TNTS Enterprise 1290 Tofazzal & Brothers 1291 Tofazzal Cosmetic & Gift Shop 1292 Tokai Power Products Ltd. 1293 Toma Concrete Ltd. 1294 Toma Construction & Co. Ltd. 1295 Tongi Oil Mill & Company 1296 Top Jeans Ltd. 1297 Top Star Fashions Ltd. 1298 Total Agro & Aqua Culture Ltd. 1299 Toyota Auto Advance 1300 Trade International Marketing Ltd. 1301 Transonic Communications Ltd. 1302 Trisha Flour Mill 1303 Trouser World (Pvt.) Ltd. 1304 TSF Corporation 1305 TSN International 1306 TSN Online 1307 Tulip Enterprise 1308 Tulshi Industries 1309 Tung Hai Sweaters Ltd. 1310 Turag Garments & Hosiery Mills Ltd. 1311 Turjo Apparels Ltd. 1312 Turna Enterprise 1313 Tushin Emporium 1314 Tusuka Fashions Ltd. 1315 Tusuka Jeans Ltd. 1316 Ultra Design & Fashion Ltd. 1317 Unicom Textile Mills Ltd. 1318 Unifill Composite Dyeing Mills Ltd. 1319 Unifill Textile Mills Ltd. 1320 Unilliance Textiles Ltd. 1321 Unimex Textile Mills Ltd. 1322 Unipex Trade Corporation Ltd. 1323 Unique Construction Pvt Ltd. 1324 Unique Footwear Industries 1325 Unique Steel 1326 United Fashion Trousers Ltd. 1327 United Ship Recycling 1328 United Traders Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Engineering Textile Textile Trading Trading Trading Engineering Construction Construction Food & Allied Textile Textile Agro Inputs Automotive Trading ICT Food & Allied Textile Trading Trading IGW Trading Rice Mill Textile Textile Textile Trading Trading Textile Textile Textile Textile Textile Textile Textile Textile Food & Allied Textile Footwear Trading Textile Shipbreaking Trading Surveillance Surveillance Surveillance Initial Rating Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Surveillance Initial Rating Surveillance Initial Rating Initial Rating Initial Rating Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance

Industry

Rating Type

Entity Rating
BBB3 BBB2 A3 BB1 A3 BB3(Pr) BB1 BBB3 BB1 A3 A3 BB2 BBB2 BB2 BBB3 A3 BB1 -

Loan Ratings Long Term Short Term* Outlook

ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-4 ST-5 ST-4 ST-3 ST-4 ST-5 ST-5 ST-3 ST-3 ST-3 ST-3 ST-3 ST-4 ST-4 ST-3 ST-3 ST-4 ST-3 ST-4 ST-4 ST-3 ST-4 ST-4 ST-3 ST-3 ST-4 ST-4 ST-4 ST-2 Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable -

Rating Validity**
5-Jun-14 18-Apr-14 13-Jun-14 20-Mar-14 4-Sep-14 14-Mar-14 29-Jun-14 30-Dec-14 14-Aug-14 30-Dec-14 23-Jun-14 26-Jun-14 30-Jun-14 15-May-14 29-Dec-14 18-Apr-14 31-May-14 23-Dec-14 17-Dec-14 5-Mar-14 30-Dec-14 30-Jun-14 30-Nov-14 30-Dec-14 30-Nov-14 30-Dec-14 29-Dec-14 17-Apr-14 30-Oct-14 18-Feb-14 30-Jun-14 29-Jun-14 29-Jun-14 18-Feb-14 27-Jun-14 29-Sep-14 30-Sep-14 29-Sep-14 30-Jun-14 7-Mar-14 29-Jun-14 2-Oct-14 31-Dec-14

BBB2(Lr) A3(Lr) BBB3(Lr) BB1(Lr) BBB2(Lr) A3(Lr) BBB1(Lr) BB1(Lr) BB3(Lr) BBB3(Lr) BB2(Lr) B1(Lr) B1(Lr) BBB2(Lr) BB3(Lr) BB1(Lr) A3(Lr) BBB3(Lr) BB1(Lr) BB1(Lr) A3(Lr) A3(Lr) BB2(Lr) BBB2(Lr) BB2(Lr) BBB3(Lr) A3(Lr) BB3(Lr) BBB3(Lr) BB1(Lr) BB1(Lr) AA3(Lr)

31

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 1329 Universal Menswear Ltd. 1330 Universal Paper & Board Mills Ltd. 1331 Unnayan International Engineers & Build. 1332 Usha Jute Spinners Ltd. 1333 Vai Vai & Mama Automatic Rice Industries 1334 Vai Vai Rice Mill 1335 Valuka Feeds 1336 Vastech Ltd. 1337 Venus Telecom Ltd. 1338 Vitalac Diary & Food Industries Ltd. 1339 Viyellatex Limited 1340 Viyellatex Spinning Ltd. 1341 VOTT Oil Refineries Ltd. 1342 Wahed Steel Corporation 1343 Wasco Biscuit & Bread Factory 1344 Wear Mag Ltd. 1345 Well Accessories Ltd. 1346 Well Dresses Ltd. 1347 Well Foods Ltd. 1348 Well Mart Ltd. 1349 Well Trade 1350 Widespread Solutions Ltd. 1351 William Agencies 1352 Woodland Plywood & Particle Board Ltd. 1353 Woolsey Knit Wear Ltd. 1354 World Trade 1355 Y B Garments Ltd. 1356 Yakub Food Industries 1357 Yasir Enterprise 1358 Younus Cold Storage Ltd. 1359 Younus Fine Paper Mills Ltd. 1360 Younus Newsprint Mill Ltd. 1361 Younus Offset Paper Mills Ltd. 1362 Younus Paper Mills Ltd. 1363 Younus Specialized Cold Storage Ltd. 1364 Younus Spinning Mills Ltd. 1365 Yusuf Chemicals Industries 1366 Zaber & Brothers 1367 Zahed Motors & Electronics 1368 Zaheen Spinning Mills Ltd. 1369 Zahid Enterprise Ltd. 1370 Zakir Textile 1371 Zakmars Fashion Ltd. Lr-Loan rating, Pr-Project rating, SO-Structured Obligation
Textile Paper Construction Jute Rice Mill Rice Mill Food & Allied Trading Telecommunication Food & Allied Textile Textile Food & Allied Trading Food & Allied Textile RMG Accessories Textile Food & Allied Textile Trading Miscellaneous Trading Partical Board Textile Trading Textile Food & Allied Trading Cold Storage Paper Paper Paper Paper Cold Storage Textile Chemicals Trading Electrical & Electronics Textile Trading Textile Textile Initial Rating Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Initial Rating Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Initial Rating Surveillance Surveillance Surveillance Initial Rating

Industry

Rating Type

Entity Rating
BBB1 AA3 BBB2 BBB2 AA1 AA1 AA2 AA2 BBB3 BBB3 BBB1 BB1 BBB1 A3 AA3 AA3 A3 A3 BBB3

Loan Ratings Long Term Short Term* Outlook

BBB1(Lr) AA3(Lr) BB2(Lr) BBB2(Lr) BBB3(Lr) BB1(Lr) BB1(Lr) BB1(Lr) BBB3(Lr) BBB2(Lr) AA1(Lr) AA1(Lr) AA2(Lr) BB1(Lr) BBB1(Lr) AA2(Lr) BBB3(Lr) BBB3(Lr) BBB1(Lr) BB1(Lr) BB2(Lr) BBB3(Lr) BBB1(Lr) BB3(Lr) A3(Lr) BBB3(Lr) B1(Lr) A2(Lr) AA3(Lr) AA3(Lr) AA3(Lr) AA3(Lr) A2(Lr) A3(Lr) BB2(Lr) BBB3(Lr) A3(Lr) BB1(Lr) BBB3(Lr) ST-3 ST-2 ST-4 ST-4 ST-3 ST-3 ST-1 ST-1 ST-2 ST-4 ST-3 ST-2 ST-3 ST-3 ST-3 ST-4 ST-4 ST-3 ST-3 ST-3 ST-4 ST-4 ST-3 ST-5 ST-3 ST-2 ST-2 ST-2 ST-2 ST-3 ST-3 ST-3 ST-3 ST-3 ST-1, ST-3 ST-4 ST-3 Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable

Rating Validity**
14-Jan-15 31-Dec-14 31-Dec-13 31-Mar-14 30-Dec-14 29-Sep-14 5-Dec-14 13-Nov-14 21-Jul-14 30-Dec-14 30-Dec-14 30-Dec-14 31-Dec-14 30-Jun-14 15-Dec-14 22-Feb-14 30-Jun-14 15-Dec-14 26-Jun-14 13-Mar-14 15-Dec-14 30-Dec-14 15-May-14 30-Dec-14 13-Nov-14 30-Jun-14 30-Sep-14 30-Nov-14 18-Jun-14 30-Jun-14 31-Dec-14 30-Jun-14 31-Dec-14 30-Jun-14 30-Jun-14 31-Dec-14 25-Jul-14 30-Jul-14 30-Dec-14 30-Jun-14 15-Dec-14 30-Jun-14 30-Nov-14

32

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Client/Company (Alphabetical order) 1372 Zaman Enterprise 1373 Zaman Traders 1374 Zenith Fabrics Ltd. 1375 Zihan & Company (Pvt.) Ltd. 1376 Zihan Auto Rice Mills Ltd. 1377 Zillur Rahman 1378 Ziri Subedar Steel Re-Rolling Mills 1379 Ziska Pharmaceuticals Ltd. 1380 Zuma Enterprise
Trading Trading Textile Rice Mill Rice Mill Trading Shipbreaking Pharmaceuticals Shipbreaking Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating Initial Rating Surveillance Initial Rating

Industry

Rating Type

Entity Rating
BB1(Pr) BB3 BB3 BBB3 -

Loan Ratings Long Term Short Term* Outlook

BBB3(Lr) BBB3(Lr) BB1(Lr) BB3(Lr) BB3(Lr) BB1(Lr) BBB3(Lr) BB1(Lr) ST-3 ST-3 ST-4 ST-3 ST-4 Stable Stable Stable -

Rating Validity**
28-Sep-14 31-Mar-14 4-Feb-14 29-Dec-14 29-Dec-14 30-Apr-14 1-Dec-14 31-Dec-13 17-Dec-14

Lr-Loan rating, Pr-Project rating, SO-Structured Obligation * Short Term loans include both funded and non-funded limits. ** Entity ratings are valid till mentioned date; Loan ratings are valid up to limit expiry date of respective credit facilities or till mentioned date, whichever is earlier.

For any clarification please contact: H S Sohrawardhi, Executive Vice President Cell: 01713 032807, E-mail: info@crab.com.bd Mohammed Tajul Islam, Senior Vice President & Chief Rating Officer Cell: 01713 002320, E-mail: tajul@crab.com.bd Ehsanul Kabir, Vice President Cell: 01715 064775, E-mail: ehsan.kabir@crab.com.bd Mohammed Nazrul Islam Bhuiyan, Senior Analyst, Rating Administration Cell: 01938 001099, E-mail: nazrul@crab.com.bd

Lr-Loan rating, Pr-Project rating, SO-Structured Obligation

33

Rating Update - December 2013 (Update up to 31 December 2013)

Sl No. Name of Bank/ Financial Institution (Alphabetical order) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27
AB Bank Ltd. Al-Arafah Islami Bank Ltd. Bank Alfalah Ltd. Bank Asia Ltd. BASIC Bank Ltd. BRAC Bank Ltd. Dutch-Bangla Bank Ltd. HSBC Bangladesh IFIC Bank Ltd. Jamuna Bank Ltd. National Bank of Pakistan Ltd.-Bangladesh Prime Bank Ltd. Standard Bank Ltd. The City Bank Ltd. Trust Bank Ltd. Uttara Bank Ltd. BRAC Bank Ltd. Bond Dhaka Bank Ltd. -Bond National Bank Ltd.- Bond The City Bank Ltd. - Bond Bay Leasing & Investment Ltd. DBH Finance Corporation Ltd. Infrastructure Development Company Ltd. Islamic Finance & Investment Ltd. LankaBangla Finance Ltd. National Housing Finance & Investments Ltd. People's Leasing & Fin. Services Ltd. Bank Bank Bank Bank Bank Bank Bank Bank Bank Bank Bank Bank Bank Bank Bank Bank Bank-Bond Bank-Bond Bank-Bond Bank-Bond Financial Institution Financial Institution Financial Institution Financial Institution Financial Institution Financial Institution Financial Institution Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance

Industry

Rating Type
AA3 AA3 A2 AA3 A2, BBB1 AA3 AA1 AAA AA2 A1 BB1 AA2 AA3 AA3 AA3 AA3 A1 A1 A2 A1 BBB1 AAA AA1 A3 A2 A2 A2

Entity Ratings Long Term Short Term

ST-2 ST-2 ST-2 ST-2 ST-3 ST-2 ST-1 ST-1 ST-2 ST-2 ST-3 ST-2 ST-2 ST-2 ST-2 ST-2 ST-3 ST-1 ST-1 ST-3 ST-3 ST-3 ST-3

Validity Outlook
Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Oct-14 22-Jan-14 30-Jun-14 30-Jun-14 30-Jun-14 31-Dec-14 31-Dec-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14

Sl No. Name of Merchant Bank/ Securities Firm (Alphabetical order) 1 2 3 4

AB Investment Ltd. Trust Bank Investment Ltd. AB Securities Ltd. LankaBangla Securities Ltd.

Industry

Rating Type

Entity Ratings Long Term Short Term Outlook

Stable Stable Negative Negative

Validity

Merchant Bank Merchant Bank Securities Firm Securities Firm

Surveillance Surveillance Surveillance Surveillance

A3 A3 A2 AA2

30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14

For any clarification please contact: H S Sohrawardhi, Executive Vice President Cell: 01713 032807, E-mail: info@crab.com.bd Mohammed Tajul Islam, Senior Vice President & Chief Rating Officer Cell: 01713 002320, E-mail: tajul@crab.com.bd Ehsanul Kabir, Vice President Cell: 01715 064775, E-mail: ehsan.kabir@crab.com.bd Mohammed Nazrul Islam Bhuiyan, Senior Analyst, Rating Administration Cell: 01938 001099, E-mail: nazrul@crab.com.bd

34

Rating Update - December 2013

(Updated up to 31 December 2013)
Sl No. Name of Insurance (Alphabetical order) 1 2 3 4 5 6 7 8 9 10 11 12 13
Bangladesh National Insurance Co. Ltd. Central Insurance Company Ltd. Crystal Insurance Company Ltd. Dhaka Insurance Ltd. Green Delta Insurance Company Ltd. Islami Insurance Bangladesh Ltd. Pragati Insurance Ltd. Republic Insurance Company Ltd. Rupali Life Insurance Company Ltd. Sandhani Life Insurance Co. Ltd. Sunflower Life Insurance Co. Ltd. Sunlife Insurance Company Ltd. Takaful Islami Insurance Ltd. Insurance Insurance Insurance Insurance Insurance Insurance Insurance Insurance Insurance Insurance Insurance Insurance Insurance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance

Industry

Rating Type Long Term

BBB3 A3 BBB2 A3 AA1 BBB1 AA1 BBB1 BBB1 A1 BB1 BBB3 BBB1

Entity Ratings Short Term Outlook

ST-3 ST-3 ST-3 ST-3 ST-1 ST-3 ST-1 ST-3 ST-3 Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable

Validity
30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14 30-Jun-14

Sl No. Name of Micro Finance Institution (Alphabetical order) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Association for Development Activity (ADAMS) BRAC Buro Bangladesh

Industry Name Type of Rating Long Term

MFI MFI MFI Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Surveillance Initial Rating Surveillance Initial Rating Surveillance Surveillance Initial Rating BBB3 AAA AA3 BBB2 A3 BBB3 A1 BB1 BB1 BB3 A1 BB1 BB1 AA2 AA3

Entity Ratings Short Term Outlook

ST-1 ST-2 ST-2 Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable

Validity
22-Jun-14 30-Jun-14 22-Dec-14 22-Dec-14 22-Dec-14 31-Dec-13 22-Dec-14 22-Dec-14 17-Dec-14 31-Dec-13 22-Dec-14 22-Dec-14 22-Dec-14 22-Dec-14 22-Dec-14

DESHA Shechsashebi Artho-Samajik Unnyan O Manobik Kallyan MFI Sangstha Dushtha Shasthya Kendra Green Housing & Energy Ltd. Jagorani Chakra Foundation Padakhep Manabik Unnayan Kendra People's Oriented Program Implementation (POPI) Risda Bangladesh Sajida Foundation Samajik Seba Shanghathan Socio Economic Health Education Organization TMSS MFI MFI MFI MFI MFI MFI MFI MFI MFI MFI

United Development Initiatives for Programmed Action (UDDIPON) MFI

For any clarification please contact: H S Sohrawardhi, Executive Vice President Cell: 01713 032807, E-mail: info@crab.com.bd Mohammed Tajul Islam, Senior Vice President & Chief Rating Officer Cell: 01713 002320, E-mail: tajul@crab.com.bd Ehsanul Kabir, Vice President Cell: 01715 064775, E-mail: ehsan.kabir@crab.com.bd Mohammed Nazrul Islam Bhuiyan, Senior Analyst, Rating Administration Cell: 01938 001099, E-mail: nazrul@crab.com.bd

35

CRAB Rating Scales and Definitions

Appendix 01: CRAB Rating Scales and Definitions Corporate (Entity)

LONG TERM CREDIT RATING: CORPORATE (ENTITY) Long Term Rating AAA Extremely Strong Capacity & Minimal Credit Risk (Double A) AA1, AA2, AA3* Very Strong Capacity & Very Low Credit Risk A1, A2, A3 Strong Capacity & Low Credit Risk BBB1, BBB2, BBB3 Adequate Capacity & Moderate Credit Risk BB1, BB2, BB3 Inadequate Capacity & Substantial Credit Risk B1, B2, B3 Weak Capacity & High Credit Risk CCC1, CCC2, CCC3 Very Weak Capacity & Very High Credit Risk CC Extremely Weak Capacity & Extremely High Credit Risk C (Double C) Companies rated in this category have extremely weak capacity to meet financial default, with some prospect of recovery of principal and interest. Companies rated in this category are highly vulnerable to non-payment, have payment (Single C) Near to Default D arrearages allowed by the terms of the documents, or subject of bankruptcy petition, but have not experienced a payment default. Payments may have been suspended in little prospect for recovery of principal or interest. payments on an obligation are jeopardized. accordance with the instrument's terms. These companies are typically in default, with D rating will also be used upon the filing of a bankruptcy petition or similar action if obligations. These companies are highly speculative and are likely in, or very near, (Triple C) Companies rated in this category have very weak capacity to meet financial credit risk. obligations. These companies have very weak standing and are subject to very high (Single B) Companies rated in this category have weak capacity to meet financial commitments. These companies have speculative elements, subject to high credit risk. (Double B) (Triple B) (Single A) (Triple A) Companies rated in this category have extremely strong capacity to meet financial credit risk. Companies rated in this category have very strong capacity to meet financial low credit risk. Companies rated in this category have strong capacity to meet financial commitments, but are susceptible to the adverse effects of changes in circumstances and economic risk. Companies rated in this category have adequate capacity to meet financial commitments but more susceptible to adverse economic conditions or changing possess certain speculative characteristics. Companies rated in this category have inadequate capacity to meet financial commitments. Have major ongoing uncertainties and exposure to adverse business, subject to substantial credit risk. financial, or economic conditions. These companies have speculative elements, circumstances. These companies are subject to moderate credit risk. Such companies conditions. These companies are judged to be of high quality, subject to low credit commitments. These companies are judged to be of the highest quality, with minimal Definition

commitments. These companies are judged to be of very high quality, subject to very

Default

* Note: CRAB appends numerical modifiers 1, 2, and 3 to each generic rating classification from AA through CCC.

The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

36

CRAB Rating Scales and Definitions

Appendix 02: CRAB Rating Scales and Definitions Corporate (Long Term Loan)
LONG TERM CREDIT RATING: LOANS/FACILITIES FROM BANK/FI

(All loans/facilities with original maturity exceeding one year)

Definition

Long Term Ratings (Triple A) Highest Safety AA (Lr)* High Safety (Single A) BBB (Lr) (Triple B) Moderate Safety BB (Lr) Inadequate Safety B (Lr) High Risk (Triple C) Very High Risk CC (Lr) Extremely High Risk C (Lr) (Double C) CCC (Lr) (Single B) (Double B) A (Lr) (Double A) AAA (Lr)

regard to timely payment of financial obligations. Any adverse changes in circumstances are unlikely to affect the payments on the loan facility. Loans/facilities rated AA (Lr) are judged to offer a high degree of safety, with regard to timely payment of financial obligations. They differ only marginally in safety from AAA (Lr) rated facilities. Loan/facilities rated A (Lr) are judged to offer an adequate degree of safety, with regard to timely payment of financial obligations. However, changes in circumstances can adversely affect such issues more than those in the higher rating categories. timely payment of financial obligations for the present; however,

Loans/facilities rated AAA (Lr) are judged to offer the highest degree of safety, with

Adequate Safety

Loans/facilities rated BBB (Lr) are judged to offer moderate safety, with regard to circumstances are more likely to lead to a weakened capacity to pay interest and repay principal than for issues in higher rating categories. timely payment of financial obligations; they are less likely to default in the immediate future than instruments in lower rating categories, but an adverse change in obligations. Loans/facilities rated B (Lr) are judged to have high risk of default; while currently financial obligations are met, adverse business or economic conditions would lead to lack of ability or willingness to pay interest or principal. Loans/facilities rated CCC (Lr) are judged to have factors present that make them very highly vulnerable to default; timely payment of financial obligations is possible only if favorable circumstances continue. Loans/facilities rated CC (Lr) are judged to be extremely vulnerable to default; timely payment of financial obligations is possible only through external support. Loans/facilities rated C (Lr) are currently highly vulnerable to non-payment, having obligations with payment arrearages allowed by the terms of the documents, or Loans/facilities rated BB (Lr) are judged to carry inadequate safety, with regard to changing

circumstances could lead to inadequate capacity to make payment on financial

Near to Default D (Lr)

(Single C)

obligations that are subject of a bankruptcy petition or similar action but have not

experienced a payment default. C is typically in default, with little prospect for recovery of principal or interest. C (Lr) are typically in default, with little prospect for recovery of principal or interest. Loans/facilities rated D (Lr) are in default or are expected to default on scheduled payment dates.

* Note: CRAB appends numerical modifiers 1, 2, and 3 to each generic rating classification from AA through CCC. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Default

37

CRAB Rating Scales and Definitions

Appendix 03: CRAB Rating Scales and Definitions Corporate (Short Term Loan)
SHORT TERM CREDIT RATING: LOANS/FACILITIES OF BANK/FI

(All loans/facilities with original maturity within one year)

Definition

Short Term Ratings Highest Grade ST-2 High Grade ST-3 ST-1 loans/facilities is very strong.

This rating indicates that the degree of safety regarding timely payment on the This rating indicates that the degree of safety regarding timely payment on the loans/facilities is strong; however, the relative degree of safety is lower than that for issues rated higher. This rating indicates that the degree of safety regarding timely payment on the loans/facilities is adequate; however, the issues are more vulnerable to the adverse effects of changing circumstances than issues rated in the two higher categories.

Adequate Grade ST-4 Marginal ST-5 ST-6 Lowest Grade

This rating indicates that the degree of safety regarding timely payment on the loans/facilities is marginal; and the issues are quite vulnerable to the adverse effects of changing circumstances. This rating indicates that the degree of safety regarding timely payment on the loans/facilities is minimal, and it is likely to be adversely affected by short-term adversity or less favorable conditions. This rating indicates that the loans/facilities are expected to be in default on maturity or is in default.

Inadequate Grade

Copyright 2013, CREDIT RATING AGENCY OF BANGLADESH LIMITED ("CRAB"). All rights reserved. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT CRABS PRIOR WRITTEN CONSENT. All information contained herein is obtained by CRAB from sources believed by it to be accurate and COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED,

reliable. Because of the possibility of human or mechanical error as well as other factors, however, such information is provided as is without warranty of any kind and CRAB, in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such information. Under no circumstances shall CRAB have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of CRAB or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if CRAB is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The credit ratings and financial reporting analysis observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY CRAB IN ANY FORM OR MANNER WHATSOEVER. Each rating or other opinion must be weighed solely as one factor in any investment decision made by or on behalf of any user of the information each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding or selling. contained herein, and each such user must accordingly make its own study and evaluation of each security and of

38

CRAB Rating Scales and Definitions

Appendix 04: CRAB Rating Scales and Definitions Banks (Long Term)
LONG TERM CREDIT RATING: BANK Long Term Ratings AAA Extremely Strong Capacity & Highest Quality AA1, AA2, AA3* Very Strong Capacity & Very High Quality A1, A2, A3 (Single A) Double A Commercial Banks rated 'AA' have very strong capacity to meet their financial commitments. They differ from the highest-rated Commercial Banks only to a small degree. AA is judged to be of very high quality and is subject to very low credit risk. Commercial Banks rated 'A' have strong capacity to meet their financial commitments but are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than Commercial Banks in higher-rated categories. A is judged to be of high quality and are subject to low credit risk. Commercial Banks rated 'BBB' have adequate capacity to meet their financial (Triple A) Definition Commercial Banks rated 'AAA' have extremely strong capacity to meet their financial commitments. 'AAA' is the highest issuer credit rating assigned by CRAB. AAA is judged to be of the highest quality, with minimal credit risk.

(Strong Capacity & High Quality) BBB1, BBB2, BBB3 (Triple B) Adequate Capacity & Medium Quality BB1, BB2, BB3 Inadequate Capacity & Substantial Credit Risk B1, B2, B3 (Double B)

commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the Commercial Banks to meet their financial commitments. BBB is subject to moderate credit risk.

Commercial Banks rated 'BB' are less vulnerable in the near term than other lower-rated Commercial Banks. However, they faces major ongoing uncertainties and exposure to Banks inadequate capacity to meet their financial commitments. BB is judged to have speculative elements and is subject to substantial credit risk. Commercial Banks rated 'B' are more vulnerable than the Commercial Banks rated 'BB', but the Commercial Banks currently have the capacity to meet their financial commitments. Adverse business, financial, or economic conditions are likely to impair the Banks capacity or willingness to meet their financial commitments. B is considered speculative and weak capacity and is subject to high credit risk. Commercial Banks rated 'CCC' are currently vulnerable, and are dependent on favorable business, financial, and economic conditions to meet their financial commitments. CCC is judged to be of very weak standing and is subject to very high credit risk. adverse business, financial, or economic conditions, which may lead to the Commercial

(Single B) Weak Capacity & High Credit Risk CCC1, CCC2, CCC3 (Triple C) Very Weak Capacity & Very High Credit Risk (Double C) Capacity & Extremely High Credit Risk (Single C) C Extremely Weak CC

Commercial Banks rated 'CC' are currently highly vulnerable. CC is highly speculative and is likely in, or very near, default, with some prospect of recovery of principal and interest.

A 'C' rating is assigned to Banks that are currently highly vulnerable to non-payment of obligations, or in the verge of default or faced with insolvency petition or bankruptcy petition or similar actions, but have not yet experienced a payment default with external support. 'D' is in default. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.

Near to Default D

Default

*Note: CRAB appends numerical modifiers 1, 2, and 3 to each generic rating classification from AA through CCC. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 category. indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating

39

CRAB Rating Scales and Definitions

Appendix 05: CRAB Rating Scales and Definitions Banks (Short Term)
SHORT TERM CREDIT RATING: BANK Short Term Ratings ST-1 Highest Grade ST-2 High Grade Definition Commercial Banks rated in this category are considered to have the highest capacity for with excellent position in terms of liquidity, internal fund generation, and access to alternative sources of funds. Commercial Banks rated in this category are considered to have strong capacity for timely repayment. Commercial Banks rated in this category are characterised with commendable position in terms of liquidity, internal fund generation, and access to alternative sources of funds. Commercial Banks rated in this category are considered to average capacity for timely ST-3 Average Grade repayment of obligations, although such capacity may impair by adverse changes in characterised with satisfactory level of liquidity, internal fund generation, and access to alternative sources of funds. ST-4 Below Average Grade business, economic, or financial conditions. Commercial Banks rated in this category are timely repayment of obligations. Commercial Banks rated in this category are characterised

Commercial Banks rated in this category are considered to have below average capacity for timely repayment of obligations. Such capacity is highly susceptible to adverse changes in business, economic, or financial conditions than for obligations in higher categories. Commercial Banks rated in this category are characterised with average liquidity, internal fund generation, and access to alternative sources of funds. Commercial Banks rated in this category are considered to have inadequate capacity for timely repayment of obligations susceptible to adverse changes in business, economic, or

ST-5 Inadequate Grade

financial conditions. Commercial Banks rated in this category are characterised with risky position in terms of liquidity, internal fund generation, and access to alternative sources of funds. Commercial Banks rated in this category are considered to have obligations which have a

ST-6 Lowest Grade

high risk of default or which are currently in default. Commercial Banks rated in this category are characterised with risky position in terms of liquidity, internal fund generation, and access to alternative sources of funds.

Copyright 2013, CREDIT RATING AGENCY OF BANGLADESH LIMITED ("CRAB"). All rights reserved. ALL INFORMATION

CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT CRABS PRIOR WRITTEN CONSENT. All information contained herein is obtained by CRAB from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical

error as well as other factors, however, such information is provided as is without warranty of any kind and CRAB, in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such information. Under no circumstances shall CRAB have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any

error (negligent or otherwise) or other circumstance or contingency within or outside the control of CRAB or any of its

directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The credit ratings and financial reporting analysis observations, if any, constituting part of the information contained herein are, and compensatory or incidental damages whatsoever (including without limitation, lost profits), even if CRAB is advised in

must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY BY CRAB IN ANY FORM OR MANNER WHATSOEVER. Each rating or other opinion must be weighed solely as one factor in any OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE investment decision made by or on behalf of any user of the information contained herein, and each such user must accordingly make its own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding or selling.

40

CRAB Rating Scales and Definitions

Appendix 06: CRAB Rating Scales and Definitions Financial Institutions (Long Term)
LONG TERM CREDIT RATING: FINANCIAL INSTITUTIONS Long Term Ratings AAA Extremely Strong Capacity & Highest Quality AA1, AA2, AA3* Very Strong Capacity & Very High Quality A1, A2, A3 Strong Capacity & High Quality BBB1, BBB2, BBB3 (Triple B) Adequate Capacity & Medium Quality BB1, BB2, BB3 (Double B) Inadequate Capacity & (Single A) (Double A) Financial Institutions rated 'AA' have very strong capacity to meet their financial degree. AA is judged to be of very high quality and is subject to very low credit risk. Financial Institutions rated 'A' have strong capacity to meet their financial commitments but are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than Financial Institutions in higher-rated categories. A is judged to be of high quality and are subject to low credit risk. Financial Institutions rated 'BBB' have adequate capacity to meet their financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the Financial Institutions to meet their financial commitments. BBB rated FIs are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics. Financial Institutions rated 'BB' are less vulnerable in the near term than other lower-rated Financial Institutions. However, they face major ongoing uncertainties and exposure to adverse business, financial, or economic conditions, which might lead to inadequate and is subject to substantial credit risk. Financial Institutions rated 'B' are more vulnerable than the Financial Institutions rated 'BB', but the Financial Institutions currently have the capacity to meet their financial commitments. Adverse business, financial, or economic conditions are likely to impair the capacity or willingness to meet their financial commitments. B is considered speculative and weak capacity and is subject to high credit risk. Financial Institutions rated 'CCC' are currently vulnerable, and are dependent upon (Triple A) Definition Financial Institutions rated 'AAA' have extremely strong capacity to meet their financial commitments. 'AAA' is the highest issuer credit rating assigned by CRAB. AAA is judged to be of the highest quality, with minimal credit risk.

commitments. They differ from the highest-rated Financial Institutions only to a small

Substantial Credit Risk B1, B2, B3 Weak Capacity & High Credit Risk CCC1, CCC2, CCC3 Very Weak Capacity & Very High Credit Risk CC Extremely Weak Capacity & Extremely High Credit Risk C Near to Default D Default (Single C) (Double C) (Triple C) (Single B)

capacity to meet their financial commitments. BB is judged to have speculative elements

favourable business, financial, and economic conditions to meet their financial credit risk.

commitments. CCC is judged to be of very weak standing and is subject to very high

Financial Institutions rated 'CC' are currently highly vulnerable. CC is highly speculative interest.

and is likely in, or very near, default, with some prospect of recovery of principal and

A 'C' rating is assigned to Financial Institutions that are currently highly vulnerable to non-payment, having obligations with payment arrearages allowed by the terms of the have not experienced a payment default. C is typically in default, with little prospect for recovery of principal or interest. 'D' is in default. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized. documents, or obligations that are subject of a bankruptcy petition or similar action but

* Note: CRAB appends numerical modifiers 1, 2, and 3 to each generic rating classification from AA through CCC. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

41

CRAB Rating Scales and Definitions

Appendix 07: CRAB Rating Scales and Definitions Financial Institutions (Short Term)
SHORT TERM CREDIT RATING: FINANCIAL INSTITUTIONS Short Term Ratings ST-1 Highest Grade Definition Financial Institutions rated in this category are considered to have the highest capacity for timely repayment of obligations. Financial Institutions rated in this category are access to alternative sources of funds. ST-2 High Grade Financial Institutions rated in this category are considered to have strong capacity for timely repayment. Financial Institutions rated in this category are characterised with commendable position in terms of liquidity, internal fund generation, and access to alternative sources of funds. Financial Institutions rated in this category are considered to average capacity for timely ST-3 Average Grade repayment of obligations, although such capacity may impair by adverse changes in business, economic, or financial conditions. Financial Institutions rated in this category to alternative sources of funds. ST-4 Below Average Grade are characterised with satisfactory level of liquidity, internal fund generation, and access Financial Institutions rated in this category are considered to have below average capacity for timely repayment of obligations. Such capacity is highly susceptible to adverse changes in business, economic, or financial conditions than for obligations in average liquidity, internal fund generation, and access to alternative sources of funds. Financial Institutions rated in this category are considered to have inadequate capacity ST-5 Inadequate Grade for timely repayment of obligations susceptible to adverse changes in business, economic, or financial conditions. Financial Institutions rated in this category are characterised with risky position in terms of liquidity, internal fund generation, and access to alternative sources of funds. ST-6 Lowest Grade Financial Institutions rated in this category are considered to have obligations which have a high risk of default or which are currently in default. Financial Institutions rated in this generation, and access to alternative sources of funds. category are characterised with risky position in terms of liquidity, internal fund characterised with excellent position in terms of liquidity, internal fund generation, and

higher categories. Financial Institutions rated in this category are characterised with

Copyright 2013, CREDIT RATING AGENCY OF BANGLADESH LIMITED ("CRAB"). All rights reserved. ALL INFORMATION

CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT CRABS PRIOR WRITTEN CONSENT. All information contained herein is obtained by CRAB from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical

error as well as other factors, however, such information is provided as is without warranty of any kind and CRAB, in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such information. Under no circumstances shall CRAB have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any

error (negligent or otherwise) or other circumstance or contingency within or outside the control of CRAB or any of its

directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The credit ratings and financial reporting analysis observations, if any, constituting part of the information contained herein are, and compensatory or incidental damages whatsoever (including without limitation, lost profits), even if CRAB is advised in

must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY BY CRAB IN ANY FORM OR MANNER WHATSOEVER. Each rating or other opinion must be weighed solely as one factor in any OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE investment decision made by or on behalf of any user of the information contained herein, and each such user must accordingly make its own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding or selling.

42

CRAB Rating Scales and Definitions

Appendix 08: CRAB Rating Scales and Definitions Insurance (Long Term)
LONG TERM CREDIT RATING: INSURANCE Long Term Ratings AAA Extremely Strong Financial Security AA1, AA2, AA3* Very Strong Financial Security A1, A2, A3 (Double A) Insurance Companies rated AA has VERY STRONG financial security characteristics, differing only slightly from those rated higher. (Triple A) Insurance characteristics. AAA is the highest Insurer Financial Strength Rating assigned by CRAB. Companies rated AAA have EXTREMELY STRONG financial security Definition

(Single A) Strong Financial Security BBB1, BBB2, BBB3 (Triple B) Good Financial Security BB1, BB2, BB3 (Double B) Security Marginal Financial B1, B2, B3

Insurance Companies rated A have STRONG financial security characteristics, but are somewhat more likely to be affected by adverse business conditions than Insurers with higher ratings.

Insurance Companies rated BBB have GOOD financial security characteristics, but are more likely to be affected by adverse business conditions than higher rated insurers. Insurance Companies rated BB have MARGINAL financial security characteristics. Positive attributes exist, but adverse business conditions could lead to insufficient ability to meet financial commitments.

(Single B) Weak Financial Security CCC1, CCC2, CCC3 (Triple C) Security CC Very Weak Financial

Insurance Companies rated B have WEAK financial security characteristics. Adverse business conditions are likely to impair their ability to meet financial commitments.

Insurance Companies rated CCC have VERY WEAK financial security characteristics, and are dependent on favorable business conditions to meet financial commitments.

(Double C) Financial Security C Near to Default D Default (Single C) Extremely Weak

Insurance Companies rated CC have EXTREMELY WEAK financial security characteristics and are likely not to meet some of their financial commitments. A 'C' rating is assigned to insurance companies that are currently highly vulnerable to documents, or have obligations subject of a bankruptcy petition or similar action though meeting its financial commitments.

non-payment, having obligations with payment arrearages allowed by the terms of the have not experienced a payment default. C is typically in default, with little prospect for 'D' is assigned to insurance companies which are in DEFAULT. The 'D' rating also will be on an obligation are jeopardized.

used upon the filing of a bankruptcy petition or the taking of a similar action if payments

*Note: CRAB appends numerical modifiers 1, 2, and 3 to each generic rating classification from AA through CCC. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 category. indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating

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CRAB Rating Scales and Definitions

Appendix 09: CRAB Rating Scales and Definitions Insurance (Short Term)
SHORT TERM CREDIT RATING: INSURANCE Short Term Ratings ST-1 Definition Insurance companies rated ST 1 have STRONG ability to meet their financial commitments on short-term policy obligations. They are rated in the highest category by CRAB. Insurance companies rated ST 2 have a GOOD ability to meet their financial

ST-2

commitments on short-term policy obligations. However, they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than insurers in the highest rating category. Insurance Companies rated ST 3 have an ADEQUATE ability to meet their financial commitments on short-term policy obligations. However, adverse economic conditions to meet their financial obligations. or changing circumstances are more likely to lead to a weakened ability of the insurers Insurance Companies rated ST 4 are regarded as VULNERABLE and has significant

ST-3

speculative characteristics. The insurance companies currently have the ability to meet ST-4 their financial commitments on short-term policy obligations; however, they may be facing major ongoing uncertainties which can lead to the insurers inadequate ability to meet their financial obligations. Insurance Companies rated ST 5 are regarded as CURRENTLY VULNERABLE to nonST-5 payment and are dependent upon favorable business, financial, and economic obligations. ST -6 Insurance Companies rated ST 6 are considered to have Obligations which have a high risk of DEFAULT or which are currently in default. conditions for them to meet their financial commitments on short-term policy

Copyright 2013, CREDIT RATING AGENCY OF BANGLADESH LIMITED ("CRAB"). All rights reserved. ALL INFORMATION

CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT CRABS PRIOR WRITTEN CONSENT. All information contained herein is obtained by CRAB from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical

error as well as other factors, however, such information is provided as is without warranty of any kind and CRAB, in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such information. Under no circumstances shall CRAB have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any

error (negligent or otherwise) or other circumstance or contingency within or outside the control of CRAB or any of its

directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The credit ratings and financial reporting analysis observations, if any, constituting part of the information contained herein are, and compensatory or incidental damages whatsoever (including without limitation, lost profits), even if CRAB is advised in

must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY BY CRAB IN ANY FORM OR MANNER WHATSOEVER. Each rating or other opinion must be weighed solely as one factor in any OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE investment decision made by or on behalf of any user of the information contained herein, and each such user must accordingly make its own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding or selling.

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CRAB Rating Scales and Definitions

Appendix 10: CRAB Rating Scales and Definitions Debt Instruments (Long Term)
LONG TERM CREDIT RATING: DEBT INSTRUMENTS Long Term Ratings AAA Extremely Strong Capacity AA1, AA2, AA3* Very Strong Capacity A1, A2, A3 Strong Capacity BBB1, BBB2, BBB3 Adequate Capacity BB1, BB2, BB3 Inadequate Capacity B1, B2, B3 (Double B) (Triple B) (Single A) (Double A) Debt instruments rated 'AA' have very strong capacity to meet financial commitments. These are judged to be of very high quality, subject to very low credit risk. Debt instruments rated 'A' have strong capacity to meet financial commitments, but susceptible to the adverse effects of changes in circumstances and economic conditions. These are judged to be of high quality, subject to low credit risk. Debt instruments rated 'BBB' have adequate capacity to meet financial commitments but more susceptible to adverse economic conditions or changing circumstances. They are subject to moderate credit risk. Such rated projects possess certain speculative characteristics. (Triple A) Debt instruments rated 'AAA' have extremely strong capacity to meet financial commitments. These are judged to be of the highest quality, with minimal credit risk. Definition

Debt instruments rated 'BB' have inadequate capacity to meet financial commitments. They have major ongoing uncertainties and exposure to adverse business, financial, or economic conditions. Such projects have speculative elements, and are subject to substantial credit risk.

(Single B) Weak Capacity CCC1, CCC2, CCC3 (Triple C) CC Very Weak Capacity (Double C) Extremely Weak Capacity C (Single C) Near to Default D Default

Debt instruments rated 'B' have weak capacity to meet financial commitments. They have speculative elements and are subject to high credit risk. Debt instruments rated 'CCC' have very weak capacity to meet financial obligations. They have very weak standing and are subject to very high credit risk. Debt instruments rated 'CC' have extremely weak capacity to meet financial obligations. They are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

Debt instruments rated 'C' are highly vulnerable to non-payment, have payment but have not experienced a payment default. Payments may have been suspended in accordance with the instrument's terms. They are typically in default, with little prospect for recovery of principal or interest. 'D' rating will also be used upon the filing of a bankruptcy petition or similar action if payments on an obligation are jeopardized.

arrearages allowed by the terms of the documents, or subject of bankruptcy petition,

*Note: CRAB appends numerical modifiers 1, 2, and 3 to each generic rating classification from AA through CCC. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 category. indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating

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CRAB Rating Scales and Definitions

Appendix 11: CRAB Rating Scales and Definitions Project Finance (Long Term)
LONG TERM CREDIT RATING: PROJECT FINANCE Long Term Ratings AAA Extremely Strong Capacity & Minimal Credit Risk (Double A) AA1, AA2, AA3* Very Strong Capacity & Very Low Credit Risk A1, A2, A3 Projects rated 'AA' have very strong capacity to meet financial commitments. These are judged to be of very high quality, subject to very low credit risk. (Triple A) Projects rated 'AAA' have extremely strong capacity to meet financial commitments. These are judged to be of the highest quality, with minimal credit risk. Definition

(Single A) Strong Capacity & Low Credit Risk (Triple B) BBB1, BBB2, BBB3 Adequate Capacity & BB1, BB2, BB3 (Double B) Inadequate Capacity & Substantial Credit Risk B1, B2, B3 Weak Capacity & High Credit Risk CCC1, CCC2, CCC3 Very Weak Capacity & Very High Credit Risk (Double C) Capacity & Extremely High Credit Risk Extremely Weak CC (Triple C) (Single B)

Projects rated 'A' have strong capacity to meet financial commitments, but susceptible to the adverse effects of changes in circumstances and economic conditions. These are judged to be of high quality, subject to low credit risk.

Projects rated 'BBB' have adequate capacity to meet financial commitments but more susceptible to adverse economic conditions or changing circumstances. They are subject to moderate credit risk. Such rated projects possess certain speculative characteristics.

Moderate Credit Risk

Projects rated 'BB' have inadequate capacity to meet financial commitments. They have major ongoing uncertainties and exposure to adverse business, financial, or economic risk. conditions. Such projects have speculative elements, and are subject to substantial credit

Projects rated 'B' have weak capacity to meet financial commitments. They have speculative elements and are subject to high credit risk.

Projects rated 'CCC' have very weak capacity to meet financial obligations. They have very weak standing and are subject to very high credit risk.

Projects rated 'CC' have extremely weak capacity to meet financial obligations. They are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

Projects rated 'C' are highly vulnerable to non-payment, have payment arrearages allowed (Single C) Near to Default D C by the terms of the documents, or subject of bankruptcy petition, but have not the instrument's terms. They are typically in default, with little prospect for recovery of principal or interest. 'D' rating will also be used upon the filing of a bankruptcy petition or similar action if payments on an obligation are jeopardized. experienced a payment default. Payments may have been suspended in accordance with

Default

*Note: CRAB appends numerical modifiers 1, 2, and 3 to each generic rating classification from AA through CCC. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 category. indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating

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