1st April 2021

The Manager
NCC Bank Limited
Pragoti Sarani Branch,
Badda Tower, Dhaka-1212

Subject: Extending NO Objection Certificate for the Capacity Expansion of Food,

Packaging, Culinary, Confectionary & Beverage items against USD 25.00 Million in favor
of GUARANTCO, A/C — PRAN Agro Limited.
Dear Sir,
PRAN Agro Limited is the largest and Flagship Company of PRAN RFL Group. For last one
decade, we are processing many agricultural produce continuously which are well-known to
local household. Spices, tomato ketchup, mustard oil, pickle, drinks produced in this unit is
carrying the flag to 140 countries of the world. Due to high demand in home and abroad of the
culinary products, the management has decided to expand the production capacity.
Currently we are planning to take debt finance for the largest culinary business of the nation
through a Bond issuance by Bangladesh Securities Exchange Commission worth USD 25 million
(or TK210.00 Crore). A foreign entity is providing a guarantee to the investors to limit the risk
associated with the investment. In addition, since the guarantee is provided by a foreign entity
named GURANTCO Limited, our cost for the investment will be less than the local market rate.
This rate of the investment is making the finance very interesting!
National Credit and Commerce Bank Limited had invested 158 crore taka through the sanction
letter number NCCB/PSB/CR/PAL/2015 dated October 28, 2015. We have paid the entire
amount except 5.5 crore as of April, 2021 which is due in November, 2021. The security against
this investment was First Charge on the Fixed Assets (current and future). We had created
charge on Machinery and Equipment for the entire amount to secure the investment. Today we
require your kind consent to vacate charge on plant and machinery and continue the term loan for
next 6 months.
If for any reason you are not able to allow us to continue the loan without the security, we will
have to pay off the remaining amount and move ahead with our new investment plans. We are
obliged to you for all the assistance that you have provided us since the inception of our business
and we wait for your quick positive response.
Thanking you

Uzma Chowdhury
Director