PHOENIX FINANCE & INVESTMENTS LTD.

UTTARA BRANCH, UTTARA. DHAKA

Appraisal for the Board of Directors
Ref No: PFIL/UTTARA/ BTCL /VL-03/2008/ DATE: 27.10.08
Subject: Appraisal of proposal for Lease Finance of Tk.4,00,00,000.00 (Taka Four Crore)
only for purchasing 25 (Twenty Five) Units of Vehicles will procure within 2 (Two)
years favoring Bangla Trac Communications Limited, represented by Mr. Nazim
Asadul Haque, Chairman, 4 Mohakhali Commercial Area, 1 st Floor, Dhaka-1212,
Bangladesh. (New Party)
We are in receipt of an application vide letter # Nill dated 26.10.2008 approached us for availing a
Lease Finance amounting to Tk.4,00,00,000.00 for procuring 25(Twenty Five) Units of Vehicles within
2 (Two) years favoring Bangla Trac Communications Limited, 4 Mohakhali Commercial Area, 1st
Floor, Dhaka-1212, Bangladesh for official & business purpose.
The detailed particulars of the above proposal are furnished below for kind perusal and approval of the
Board of Directors:
1.0 Name of the Lease Applicant : Bangla Trac Communications Limited
Address with phone no. (Office) : 4 Mohakhali Commercial Area, 1st Floor,
Dhaka-1212, Bangladesh.,Tel.8859812-3,
8831646-8, FAX: 8857650.
1.1 Name of the Managing Director : Mr. Nazim Asadul Haque.
S/O M. A. Haque & Mrs. Nazma Haque.
1.2 Constitution : A Private Limited Company limited by Shares
(Incorporated with RJSC under Certificate of
incorporation no. C-68979(1491) /07 on 18th
November, 2007.
1.3 Nature of Finance : Lease Finance (Vehicle)
1.4 Purpose of the Lease Finance : For procuring 25(Twenty Five) Units of Vehicles
within 2 (Two) years.
1.5 Current Purpose : For purchasing 1 (One) No Reconditioned Vehicle –
TOYOTA PREMIO, Model: FLPAG, Year 2005, (1500
cc) and 1 (One) No Brand New Vehicle – New Nissan
Urvan 12- Seater Microbus, Model: Urvan VX, Year
2008 (2500 cc)
1.6 Current Requirement of Lease Finance : Tk.36,98,000.00 (Taka Thirty Six Lac Ninety
Eight Thousand) only.
1.7 Lease Period : 5 (Five) years from the date of disbursement.
1.8 Interest Rate : @ 17.00% p.a. “Reducing Rate”
1.9 Repayment of the Leased Fund : Rental shall be paid on monthly
Tk.9,94,103.00/month for Tk.4.00 Crore.
1.10 Grace Period : N/A
2.0 PARTICULAR OF DIRECTORS:
Sl. Name of Shareholders/ Address Designation No. of Shares Taken by
No Directors Each subscriber
1. Mr. Nazim Asadul Haque. House # 13, Road # 104 Chairman 1,000
S/O. Md. Aminul Haque & Gulshan Model Town, Dhaka-
Mrs. Nazma Haque. 1212.
2. Mr. Tarique Ekramul Haque House # 13, Road # 104 Managing Director & 1,000
CEO
S/O. Md. Aminul Haque & Gulshan Model Town, Dhaka-
Mrs. Nazma Haque 1212.
Total No. of Share 2,000
3.0 SPECIFICATION AND PARTICULARS OF THE VEHICLE PROPOSED TO BE LEASED OUT:
Particulars : RECONDITIONED TOYOTA PREMIO
FLPAG, Model / Year of Manufacture: 2005,

/conversion/tmp/activity_task_scratch/787082204.doc Page 1 of 8
 Manufacturer : (1500 cc)
Country of Origin : TOYOTA PREMIO FLPAG LTD.
Year of Manufacture: Japan.
Engine Type : 2005
Engine No : 1500 cc, Made in Japan
Engine Output : 1NZ-B647061
Chassis No : 1500 C.C.
Colour : NZT240-5036326
Type of Fuel : SILVER
Fittings/ Options : Petrol
Built In Air Conditioner, Power Window,
Power Steering, Power Mirror, Central
Lock, Auto Door Lock, Full Fabric Seat,
Supplier : Stereo Cassette/CD/MD/VCD, Changer/
NTV, Spare Wheel, Standard Tools.
Sal-Sabeel Trading
House # 94 (Ground Floor), Road # 05 ,Block # F,
Unit Price : Banani,
Dhaka – 1213, Bangladesh. Tel:
9861897,8827084,8826567.
Fax : 880-2-8826785, Email: sabeel@citech-
bd.com
Tk.17,73,000.00 ( Seventeen Lac Seventy Three
Thousand Taka Only)
4.0 SPECIFICATION AND PARTICULARS OF THE VEHICLE PROPOSED TO BE LEASED OUT:
Particulars : Brand New Vehicle – New Nissan Urvan VX
2500 cc Microbus, 12- Seater,4-Door,
Standard Roof, Right Hand Drive, Manual
Manufacturer : Gear, Year 2008 (2500 cc)
Country of Origin : NISSAN MOTOR CO. LTD., Japan.
Year of Manufacture : Japan.
Engine Type : 2008
Engine No : 4–Cycle,4-Cylinder in line, Petrol Engine,
Engine Output : DOHC, Water cooled.
Engine Displacement: QR25-635589A
Chassis No : 108 kw
Colour : 2488 cc
Type of Fuel : JN1TA4E25Z0- 001293
Fuel System : CARBON SILVER
Fittings/ Options : Petrol
4–Cycle,4-Cylinder in line, Petrol Engine
DOHC, Water cooled
Warranty : Power Steering, Front & Rear Air-
Conditioner, Radio & CD Player, Digital
Supplier : Clock, Fabric Seats, and with all other
standard accessories & tools.
Unit Price : 1 year or 40,000 Km whichever comes first.
Pacific Motors Limited
Pacific Motors Center – 1, 206/1 -207/1, Bir Uttam
Mir Shawkat Sharak
Tejgaon, Dhaka – 1208, Bangladesh.
Tk.19,25,000.00 (Nineteen Lac Twenty Five
Thousand Taka) only.
5.0 VERIFICATION OF THE PRICE OF THE VEHICLE
5.1 Verified by : Mr. Mohammad Shaheen Khandaker, Manager Operation

/conversion/tmp/activity_task_scratch/787082204.doc Page 2 of 8
 Uttara Branch, Uttara.
5.2 Mode of Verification : Over Telephone.
5.3 Comment (on price) : The quoted price is competitive, considering current market
price of all other similar Brands.
6.0 APPLICATION RELATED DOCUMENTS:
(a) Complete application form duly filled-in with 2 (two) copies passport size photo of the
Authorized Signatory;
(b) Quotation from Pacific Motors Limited;
(c) Bank Statement
(d) Memorandum and Article of Association of Bangla Trac Communications Limited;
(e) List of The Directors & Shareholders of Bangla Trac Communications Limited
(f) Copy of Board Resolution of Bangla Trac Communications Limited
(g) Photocopy of Trade License
(h) Certificate of Commencement of Business;
(i)Audited Account for the year ended on June 2006, 2007 and 2008 of Bangla Trac Limited
(j)Group Liability Position as on 27.10.2008
(k) Photocopy of Tax Identification Number
(l)Net Worth Statement of The Directors of Bangla Trac Communications Limited
(m) Projected Balance Sheet & Income Statement of Bangla Trac Communications Limited
(n) Photocopy of Passport Of all the Directors of Bangla Trac Communications Limited
(o) A short brief on Bangla Trac Communications Limited
(p) Copy of International Gateway Services Operator License issued by BTRC
(q) Business Plan & Feasibility Report on Bangla Trac Communications Limited
7.0 COST STRUCTURE FOR RECONDITIONED TOYOTA :
Procurement Cost for 1no. Reconditioned TOYOTA Tk.36,98,000.00
PREMIO FLPAG Car & 1no. Brand New Nissan Urvan
VX 2500 cc Microbus (Tk.17,73,000.00+ Tk.19,25,000.00)
Less: Down Payment Nil
Total Acquisition Cost Tk.36,98,000.00
Add: Interest @ 17.00% p.a. Reducing Rate for 60 months Tk.18,16,300.00
Total Lease Amount Tk.55,14,300.00
Lease Term / Period 60(Sixty) Months
Monthly Rental (Tk. 55,14,300.00 60 Months) Tk.91,905.00
Salvage Value (0.50% of Acquisition Cost) Tk.18,490.00
8.0 PAYMENTS OBLIGATION & OTHER CHARGES TO BE PROVIDED BY THE LESSEE:
Payment Head Amount
1. Service Charge (Including VAT) Tk.23,000.00
2. Lease Deposit (equivalent to 1 No. Rental) Tk.91,905.00
3. Lease Rental (1st Rental) Tk.91,905.00
4. Stamp Charge Tk.4,400.00
5. Notary Public Fee Tk.600.00
Total: Tk.2,11,810.00
9.0 SECURITY (offered by the borrower applicant):
I. Ownership of the Vehicle to be leased out valuing Tk.17,73,000.00 duly insured
(comprehensive) for the whole lease period will lie with PFIL on transferring the full
ownership of the vehicle in favor of PFIL through BRTA at the cost of the Lessee.
II. Corporate Guarantee of Bangla Trac Limited
III. Personal Guarantee of all the Directors of Bangla Trac Communications Limited.
IV. Personal Guarantee of Md. Aminul Haque, Chairman-Advisory Group.
V. 59 (Fifty Nine) nos. of undated Cheques @ Tk.91,905.00 covering monthly Lease Rentals.
VI. 1 (one) No. Cheque for total lease amount Tk.55,14,300.00

/conversion/tmp/activity_task_scratch/787082204.doc Page 3 of 8
10.0 BACKGROUND OF THE COMPANY :

10.1 Group Overview:

Bangla Trac Limited (Brand Name : ‘BANGLA CAT’) is the largest provider of independent power
generation solutions in Bangladesh, the largest Caterpillar Electric Power Generation Dealer in Asia-
Pacific region and also one of the top five Caterpillar gas engine dealers globally. BANGLA CAT offers all
Caterpillar solutions in Bangladesh including power generation, material handling, mining operations,
marine propulsion and earth moving. BANGLA CAT’s Turnover at the end of the first year of operation in
2005 (started operations in 2nd October 2004) was a total of 47 Crore. In subsequent years the revenue
increased to 84 Crore (un audited) in 2006 and projected to be approx. 108 crore (un audited) in 2007.
This figure is set to increase even further in 2008. The total asset value of BANGLA CAT currently stands
at 115 crore (un audited)
Other Business Venture of the Directors:
1. Bangla Trac Communications Limited.
2. Acorn Limited.
3. Asian Gate Limited.
4. Prime Islami Life Insurance.
5. Prime Bank Limited
6. PFI Securities Limited
7. Equitech Services Limited
8. Thane Equipment Limited
9. Bangla Trac Oil & Gas Limited
10. Bangla Trac Power Limited

10.2 Company Overview:

Bangla Trac Communications Limited is a sister concern of Bangla Trac Limited. The
company has been established with the aim of diversifying Bangla Trac Group’s business into
telecommunication sector.
The company is a Private Limited Company limited by shares incorporated on November
18,2007 under the Companies Act of 1994 with an authorized capital of Tk.10,00,00,000/- (Ten
crore) only divided into 10,00,000 only ordinary shares of tk.100 each. The Company is equally
owned and managed by its two directors Mr. Nazim Asadul Haque & Mr. Tarique Ekramul
Haque.
On February 25th 2008 Bangla Trac Communications Limited was awarded license for
establishing, maintaining and operating International Gateway Services in Bangladesh. Apart
from the 4 IGWs (including BTTB) no person or business entity shall be allowed to provide
International Gateway Services in Bangladesh
List of Services provided by Bangla Trac Communications Limited:
a. Provide International Voice Call Services both clear channel and VOIP origination;
b. Routing facilities to the ICX;
c. Arrange end-to-end service level agreements and negotiates fees with overseas careers for call
origination and termination by themselves.

/conversion/tmp/activity_task_scratch/787082204.doc Page 4 of 8
11.0 FINANCIAL VIABILITY/FEASIBILITY

11.1 Income from Bangla Trac Limited.

The following information has been furnished as per Audited Accounts provided by
the borrower applicant.
Income Statement for Last 3 Years: (As per Audit Report of Bangla Trac Limited audited by Atik
Khaled & Co. on 2008, Atikur Rahman & Co. on 2007and Mowla Mohammad & Co. on 2006)
(Amount in Taka)
Perticulers Year Ended 30th June 2008 Year Ended 30th June 2007 Year Ended 30th June 2006
Total Asset 1,22,30,82,121.00 1,16,42,04,830.00 58,23,55,940.00
Total Liabilities 1,06,11,01,168.00 1,04,16,18,775.00 53,27,65,105.00
Net Profit (EBIT) 6,30,31,837.00 12,16,58,700.00 6,89,11,066.00
11.2 Projected Income Statement from Bangla Trac Communications Limited
Particular 2008 2009 2010 2011 2012
Gross Revenue 70,08,12,000 4,93,36,32,000 5,78,14,54,000 6,35,46,79,200 6,77,08,96,000
Cost of Goods Sold 62,36,09,485 4,57,42,85,145 5,36,23,88,210 5,85,20,11,036 6,22,66,80,573
Gross Profit (a-b) 7,72,02,515 35,93,46,855 41,90,65,790 50,26,68,164 54,42,15,428
Total Operating Expenses 10,64,30,730 21,64,04,384 23,18,40,683 24,77,52,585 26,45,83,334
Operating Profit (2,92,28,215) 14,29,42,471 18,72,25,107 25,49,15,579 27,96,32,093
Financing Cost 1,12,36,980 2,10,89,694 1,90,78,438 1,70,02,039 1,48,60,499
Income Before Taxes (4,04,65,195) 7,31,11,666 10,08,88,002 14,27,48,124 15,88,62,957
Net Income (4,04,65,195) 7,31,11,666 10,08,88,002 14,27,48,124 15,88,62,957
11.3 Projected Balance Sheet from Bangla Trac Communications Limited
Particular 2008 2009 2010 2011 2012
Net Fixed Assets 47,71,09,400 41,12,51,670 33,98,35,968 26,54,55,614 18,82,40,277
Total Current Assets 13,21,81,408 1,07,17,07,927 1,33,81,83,772 1,71,20,94,416 1,91,93,98,203
Total Assets 60,92,90,808 1,48,29,59,597 1,67,80,19,739 1,97,75,50,030 2,10,76,38,480
Total Current Liabilities 14,39,18,303 1,01,38,73,640 1,19,24,17,861 1,31,14,70,222 1,39,82,26,670
Total Long Term Liabilities 35,58,37,700 32,29,95,319 28,90,67,239 25,40,53,461 21,79,53,984
Total Stakeholders Equity 10,95,34,805 14,60,90,638 19,65,34,639 41,20,26,348 49,14,57,826
Total Liabilities & Equity 60,92,90,808 1,48,29,59,597 1,67,80,19,739 1,97,75,50,030 2,10,76,38,480

11.4 Projected Cash Flow Statement from Bangla Trac Communications Limited
Particular 2008 2009 2010 2011 2012
Net Income (4,04,65,195) 7,31,11,666 10,08,88,002 14,27,48,124 1,58,862,957
Total Adjustments 12,12,93,703 52,92,59,368 17,94,47,899 15,02,57,462 13,64,91,230
Net Cash Flows from OA 8,08,28,508 60,23,71,033 28,03,35,900 29,30,05,586 29,53,54,186
Net Cash Flows from - (1,67,28,300) (1,42,70,175) (1,41,47,269) (1,41,41,123)
Investing Activities
Net Cash Flows from (1,87,28,300) (6,93,98,214) (8,43,72,080) 3,77,29,807 (11,55,30,955)
Financing Activities
Net Cash Flow 6,21,00,208 51,62,44,519 18,16,93,645 31,65,88,124 16,56,82,108

11.5 Statement of Bank Transaction

i. Name of the Bank & Branch : Merantile Bank Limited, Mohakhali Branch, Dhaka.
ii. Account Title : Bangla Trac Communications Limited
iii. Type of Account : Short Term Deposit
iv. Account No : 0113 1310000044 3
v. Transaction Period : From 01.01.2007 to 23.10.2008
vi. Total Debit Summation : Tk.13,98,15,625.68
vii. Total Credit Summation : Tk.24,27,80,080.67
viii. Total Credit Entry : 31
ix. Total Debit Entry : 44
x. Balance : Tk.10,29,64,454.99 Cr.

11.6 Statement of Bank Transaction

/conversion/tmp/activity_task_scratch/787082204.doc Page 5 of 8
 xi. Name of the Bank & Branch : Merantile Bank Limited, Mohakhali Branch, Dhaka.
xii. Account Title : Bangla Trac Limited
xiii. Type of Account : Short Term Deposit
xiv. Account No : 0113 1310000034 6
xv. Transaction Period : From 01.01.2007 to 23.10.2008
xvi. Opening Balance : 68,29,877.98 Cr.
xvii. Total Debit Summation : Tk.20,20,27,732.56
xviii. Total Credit Summation : Tk.20,11,32,803.64
xix. Total Credit Entry : 417
xx. Total Debit Entry : 191
xxi. Balance : Tk.59,34,948.96 cr.
12.0 GROUP LIABILITY POSITION OF THE LEASE APPLICANT as on 27.10.2008:
Bangla Trac Communications Limited As on 27th October, 2008
Bank / NBFI’s Name Nature of Facility Sanctioned Amount Present Outstanding
L/C LTR (Term Loan) 7,88,00,000 4,20,00,000
Merantile Bank Limited Term Loan 15,00,00,000 1,14,00,000
Lease 10,00,00,000 82,00,000
Sub Total 32,88,00,000 6,16,00,000
Brac Bank Limited L/C LTR (Term Loan) 20,00,00,000 11,50,76,500
Total 52,88,00,000 17,66,00,000
12.1 GROUP LIABILITY POSITION OF Bangla Trac Limited as on 27.10.2008:
Bangla Trac Limited As on 27th October, 2008
Bank / NBFI’s Name Nature of Facility Sanctioned Amount Present Outstanding
L/C LTR (Term Loan) 10,00,00,000 8,76,46,583
Merantile Bank Limited Over Draft 6,00,00,000 3,86,00,459
Bank Guarantee 10,00,00,000 2,10,00,000
Sub Total 26,00,00,000 14,72,47,042
L/C LTR (Term Loan) 15,00,00,000 8,52,94,297
Over Draft 1,00,00,000 45,60,850
Revolving Loan (Mobil 8,00,00,000 8,00,00,000
Standard Chartered Bank Purcahase)
Revolving Loan (Custom 3,00,00,000 2,99,99,997
Duty)
Term Loan 3,50,00,000 1,94,07,940
Sub Total 30,50,00,000 21,92,63,084
Over Draft 5,00,00,000 4,33,44,599
Bank Al Falah Limited
L/C LTR (Term Loan) 4,50,00,000 1,30,34,705
Sub Total 9,50,00,000 5,63,79,304
L/C LTR (Term Loan) 10,00,00,000 2,07,71,930
Brac Bank Limited Over Draft 10,00,00,000 9,19,68,856
Bank Guarantee 1,00,00,000 35,50,000
Sub Total 21,00,00,000 11,62,90,786
IPDC of Bangladesh Over Draft 5,00,00,000 5,00,00,000
Union Capital Over Draft 5,00,00,000 5,00,00,000
Total 97,00,00,000 63,91,80,216

/conversion/tmp/activity_task_scratch/787082204.doc Page 6 of 8
 *As declared by the Customer (the applicant)
*We sought CIB Report from Bangladesh Bank on Graphics Group, which is awaited.

13.0 EXISTING LIABILITY POSITION OF BANGLA TRAC COMMUNICATIONS LIMITED WITH

PFIL : NIL
14.0 CREDIT RISK GRADING FOR BANGLA TRAC COMMUNICATIONS LIMITED
Criteria Percenta Allocated Score
ge Score Obtained
A. FINANCIAL RISK 50%
1. Leverage 15 10.0
2. Liquidity 10 5
3. Profitability 20 11.25
4. Coverage 5 5
Total 50 31.25
B. BUSINESS/INDUSTRY RISK 18%
1. Size of Business 4 4
2. Age of Business 3 3
3. Business Outlook 2 2
4. Raw Material 2 2
5. Industry Growth 3 3
6. Market Competition 2 2
7. Entry/Exit Barriers 2 2
Total 18 18

C. MANAGEMENT RISK 12%

1. Experience 5 5
2. Second Line/ Succession 3 2
3. Track Record 2 3
4. Team Work 2 2
Total 12 12
D. SECURITY RISK 10%
1. Security Coverage (Primary) 4 3
2. Collateral Coverage (Property Location) 4 4
3. Support (Guarantee) 2 2
Total 10 9
E. RELATIONSHIP RISK 10%
1. Account Conduct (Loan /Lease) 5 0
2. Compliance of Covenants 2 2
3. Personal Deposits 3 0
Total 10 2
Grand Total 100% 100 72.25

Comments on CRG:
From the above Credit Risk Grading Score we found that Bangla Trac Communications Limited score
72.25 out of 100 which is in ‘Acceptable’ (Ranking-3) stage for considering the Lease Finance.
15.0 RENTAL PAYMENT CAPABILITY OF THE LEASE APPLICANT
Primary Source: Income from Bangla Trac Communication Limited.
Secondary Sources: Sister Concern of Bangla Trac Limited.
According to the existing income as well as projected income of the company, it is presumed that
Bangla Trac Communications Limited will be able to pay the monthly Rental of Tk.91,905.00
regularly.
Very Good Good Satisfactory Marginal Poor
√

/conversion/tmp/activity_task_scratch/787082204.doc Page 7 of 8
 16.0 DEVIATION:
No Cash Security offered in the form of TDR.
17.0 MODE OF DISBURSEMENT:
Tk.36,98,000.00 is going to be disbursed in a single phase and directly to the Suppliers,
Tk.17,73,000.00 to Sal – Sabeel Trading & Tk.19,25,000.00 to Pacific Motors Limited , through issuing
Purchase Orders followed by Cheques, after physical delivery of the vehicle in good condition by
the Supplier as per terms stipulated in the Quotation and Registration of the vehicle in the name
of Phoenix Finance & Investments Ltd. Subject to observation of clean CIB Report/if CIB Report
is delayed, the Lessee must execute an Undertaking to the effect they have no classified
loan/lease liability with any Bank/ NBFI’s.
18.0 OTHER TERMS AND CONDITIONS:
18.1 Registration cost, Insurance premium and other related incidental costs would be done and
borne by the Lessee.
18.2 An Irrevocable Power of Attorney duly notarised by a Notary Public shall be obtained from the
Lessee authorizing Phoenix Finance & Investments Ltd., the right to repossess the leased asset
in the event of default to make payment of three rentals and also take any other steps including
sale, re-lease, etc., of the leased assets.
18.3 Clean CIB Report from Bangladesh Bank on Bangla Trac Communications Limited must be
obtained.
18.4 All other usual terms and conditions of the sanction of Lease Finance shall be applicable.
19.0 RECOMMENDATIONS:
In view of the financial strength of BANGLA TRAC COMMUNICATIONS LIMITED, urgent
requirement of the Lessee for the Car and purpose of the Lease, we may approved a Limit of
Tk.4.00Crore for Lease Finance; of which at present Tk.36,98,000.00 for procuring 2(Two) Nos.
vehicles 1no. Reconditioned TOYOTA PREMIO FLPAG Car and 1no. Brand New Nissan
Urvan VX 2500 cc Microbus, for a period of 5(Five) years immediately favoring BANGLA
TRAC COMMUNICATIONS LIMITED under the terms and conditions as envisaged in the
appraisal.

Submitted for kind approval.

(K. M. Ashif Iqbual Chowdhury) (Mohammad Shaheen (Rebeka Akhter)

Probationary Officer Khandaker) VP & Head of Branch
Manager Operation

Ha

/conversion/tmp/activity_task_scratch/787082204.doc Page 8 of 8