MIRA
INFORM REPORT
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Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
WESTERN MARINE SHIPYARD LIMITED |
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Registered Office : |
H. B. F. C. Building (GR. Floor), 1/D Agrabad C/A, Chittagong-4100 |
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Country : |
Bangladesh |
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Date of Incorporation : |
11.07.2000 |
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Com. Reg. No.: |
CH-C-3686 |
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Legal Form : |
Private Limited |
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Line of Business : |
Builders, Repairers and Exporters of Ships and other
Aquatic Vessels |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 35,000.00 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Bangladesh |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
COMPANY DETAILS
|
Name |
Western Marine
Shipyard Limited |
|
Address |
H. B. F. C. Building (GR. Floor), 1/D Agrabad C/A, Chittagong-4100 |
|
Country |
Bangladesh |
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Telephone No |
880-31-712 177,
726 579 |
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Fax No |
880-31-720 248 |
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E-Mail |
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|
Website |
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Established |
July 2000 |
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Company Registration No |
CH-C-3686 |
|
Registration date |
11th
July 2000 |
|
Legal Status |
Private Limited |
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Issuing Authority |
The Registrar of joint Stock Companies & Firms, Chittagong |
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Business Type |
Builders,
Repairers and Exporters |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from local
suppliers or banks. |
LOCATIONS
|
Head Office |
H. B. F. C. Building (GR. Floor), 1/D Agrabad C/A, Chittagong-4100 |
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Telephone No |
880-31-712 177,
726 579 |
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Fax No |
880-31-720 248 |
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E-Mail |
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Website |
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|
Branch |
Singapore
Liaison Office: 10 # Anson Road Internaational Plaza # 25-09 Singapore 079903 Tel: 62200773 Fax: 62200024 E-mail: sohail@nobpac.com PIC: Capt. Sohail Hasan Denmark Liaison
Office: Otersovej 4 5960 Marstal Denmark Tel: +45 6253 1140 Fax: +45 6253 1137 E-mail: jan@seaconsult.dk Germany Liaison
Office: EST WIND Ship and Shipyard Supplies Import-Export GmbH Mattenwiete 8, 20457 Hamburg Tel: +49-40-78850-50 Fax: +49-40-78850-25 Email: lbr@east-wind.de www.east-wind.de PIC: Mr. Lars Brenneke |
|
Workshop |
Saltgola,
Bandar, South Halishar, Chittagong, Bangladesh |
|
Shipyard |
Kolagaon,
# 4 Kolagaon Union, Patiya, Chittagong, Bangladesh |
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Shipyard Telephone No |
+880 171304161 |
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Factory Fax No |
N/A |
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Warehouse |
BSCIC Industrial
Estate, Block # B, Fouzdarhat, Sagarika Road, Chittagong, Bangladesh |
DIRECTORS
|
Name |
Mr. Saiful Islam |
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Designation |
Chairman |
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Nationality |
Bangladeshi |
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Name |
Mr. Mohammad Sakhawat Hossain |
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Designation |
Managing
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Arifur
Rahman Khan |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. A. B. M. Fazle Rabbi |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Capt. Sohail Hasan |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Abu. Md. Fazle Rashid |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Monzur Morshed Chowdhury |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Saeedul Islam |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Mohammed Abdul Mobin |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. A. K. M. Rezaur Rahman |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Shah Alam |
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Designation |
Director |
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Nationality |
Bangladeshi |
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|
Name |
Al-Haz Abul Bashar |
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Designation |
Director |
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Nationality |
Bangladeshi |
BUSINESS DETAILS
|
Line of Business |
Builders,
Repairers and Exporters |
|
Items Dealing In |
Ships and other
Aquatic Vessels |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
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Terms of Sale |
Local: Cash or credit Export: Against L/C |
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Production
Capacity |
3 x 10,000 M ton
per year |
BANKERS
|
Name |
Southeast Bank
Limited |
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Branch |
Agrabad Branch |
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Address |
Agrabad Commercial Area, Chittagong |
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SWIFT |
N/A |
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Name |
Standard
Chartered Bank |
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Branch |
Agrabad Branch |
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Address |
Agrabad Commercial Area, Chittagong |
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SWIFT |
N/A |
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Name |
Bank Asia
Limited |
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Branch |
Agrabad Branch |
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Address |
Agrabad Commercial Area, Chittagong |
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SWIFT |
N/A |
FINANCIAL INFORMATION
|
Year |
2009 |
2008 |
2007 |
|
Investment |
Tk.3 billion |
Tk.3 billion |
Tk.2.7 billion |
|
Turnover |
Tk.7.8 billion |
Tk.7.3 billion |
Tk.7.1 billion |
|
Liability |
Tk.0.6 billion |
Tk.1 billion |
Tk.1.3 billion |
|
Assets |
Tk.5.2 billion |
Tk.5 billion |
Tk.5 billion |
*The subject has refused to reveal any financial information. Whatever
shown here is collected unofficially and as such its authenticity could not be
verified
CAPITAL STRUCTURE
|
Authorized
Capital |
Tk.2 billion |
|
Paid Up Capital |
Tk.50 million |
|
Each Share Value |
Tk.100.00 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
121.2075 |
|
U.S Dollar |
1 |
73.7900 |
|
European Euro |
1 |
107.9917 |
ADVERSE DATA MONITORING
|
Dishonored
Checks |
No Found |
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Debt |
No Records Found |
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Litigation |
No Records Found |
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Performance
Defaults |
No Records Found |
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Adverse Press
Coverage |
No Records Found |
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Money Laundering |
No Records Found |
MAXIMUM RECOMMENDED CREDIT
|
Amount |
Based On |
|
US$ 35,000.00 |
90 Days |
GENERAL INFORMATION
|
Employees |
2,500 |
|
Office Area (Sq.
Ft) |
3,510 sq.ft (rented) |
|
Yard Area (Sq.
Ft) |
32 acres of Land (leased) |
|
Warehouse Area
(Sq. Ft) |
25,500 sq.ft.(leased) |
|
Range of
Products |
4 Passenger Vessel 4 Multi Purpose Cargo Vessel 4 Cargo Vessel 4 Tug Boat 4 Tanker 4 Ferry & Pontoon 4 Waste Collection Vessel |
|
Current Project |
Passenger
Vessel Project name : 2 X Passenger boat for KPT Owner : Karachi Port Trust (KPT), Pakistan Hull : WMShL 77-78 Dimension : 30.00M X 6.18M X 1.8M Classification : Bureau Verities (BV) MPC
Vessels Project name : 10 X 5200 DWT Ice Class Ocean Going MPC Vessel Owner : Grona Shipping GmbH & Co. KG (Germany) Hull : WMShL 61~72 Dimension : 99.99M X 13.50M X 9.10M Classification : Germanischer Lloyd(GL) Multi
Purpose Cargo Vessels Project name : 5 X 4100 DWT Multi Purpose Cargo Vessel Owner : Stella Shipping A/S (Denmark) Hull : WMShL 055A - WMShL 055E Dimension : 88.60M X 15.00M X 7.50M Classification : Germanischer Lloyd(GL) Pilot
Vessel Project name : Service-Cum-Pilot Vessel 1700BHP (2x850 BHP) Owner : Chittagong Port Authority(CPA) (Bangladesh) Hull : WMShL N9-49 Dimension : 32.63M X 30.10M X 6.00M National load line : Germanischer Lloyd(GL) Ro-ro
Ferry Project name : Construction & delivery of one Passenger Ferry Owner : Hundested-Roerving Faergefart, (Denmark) Hull : WMShL 80 Dimension : 49.80M X 11.60M X
3.40M National load line : Bureau Verities (BV) Tanker Project name : Construction & delivery of one 1350DWT Tankers Owner : Carbon Holdings, Dhaka, (Bangladesh) Coastal Gas Dhaka,
Bangladesh. Hull : WMShLN 81 Dimension : 63.8M X 10.10M X
4.0M Classification : Germanischer Lloyd (GL) Ro-ro
Ferry Project name : Construction of one Ro-ro Ferry for BIWTC Owner : Bangladesh Inland Water Transport Corporation (BIWTC) Hull : WMShL N 76 Dimension : 60.00M X 12.19M X 2.90M National load line : Germanischer Lloyd (GL) Catamaran-Boat Project name : Catamaran Passengers Vessel for CBC & WMS Owner : Chittagong Boat Club & Western Marine Service Ltd.
(Bangladesh) Hull : WMShL 84 Dimension : 30.0M X 7.8M X 7.0M Capacity : 150 Persons Ingine : 2ME(250hp)appx. Speed : 12 Knots Reg : Markentile Marine Department/Bangladesh Delivery : Jan'2012 |
|
Major Clients |
Domestic: 4 Bangladesh Inland Water Transport
Corporation (BIWIC) 4 Brave Royal
Shipping Lines. 4 Carbon Holdings
Ltd. 4 Chittagong Port
Authority (CPA) 4 Chittagong Boat
Club 4 Coastal Gas Ltd 4 Hotel Sarina
Ltd. 4 Kanta Group 4 Keari Ltd. 4 Local
Government Engineering Deportment (LGED) 4 Minhaj Shipping 4 SA Oil Refinery
Lid Overseas: 4 Bakri
Navigation - Saudi Arabia 4 Grona Shipping
GmbH & Co. KG - Germany 4 Hundested-Roervig
Faergefart A/S, Denmark 4 Karachi Port
Trust (KPT), Pakistan 4 LAMOR
Corporation AB, Finland 4 Marine Services
Co. Ltd. - Saudi Arabia 4 Noble Pacific
Worldwide Ltd. (B. V. I.) - Singapore 4 Stella Shipping
- Denmark |
|
Certification |
NIL |
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Group Name |
4 Western Marine Group |
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Subsidiaries /
Affiliates |
4 Western Marine Services
Limited 4 Western
Maritime Institute Limited |
|
Member |
4 Chittagong Chamber of Commerce
& Industries, Chittagong 4 Bangladesh Ship Builders
Association, Chittagong |
COMMENTS
The subject is a family owned private limited company engaged in
building, repairing and exporting of Ships and other water based vessels. The
subject is a one of the leading shipyards in Bangladesh.
The directors are well conversant in their line of trade and
they are also experienced businessman. They are reported to be financially
solvent and are strong in their business commitments, it is reported.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.65.47 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.