MIRA INFORM REPORT

 

 

Report Date :

27.06.2012

 

IDENTIFICATION DETAILS

 

Name :

WESTERN MARINE SHIPYARD LIMITED

 

 

Registered Office :

Amin Future Park (7th Floor), 158 Goshaildanga, Strand Road, Chittagong-4100

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

11.07.2000

 

 

Com. Reg. No.:

CH-C-3686

 

 

Legal Form :

Public Limited

 

 

Line of Business :

Builders and Repairers of Ships

 

 

No. of Employees :

6000

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

Payment Behaviour :

No Complaints

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Bangladesh

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY DETAILS

 

Name

Western Marine Shipyard Limited

Address

Amin Future Park (7th Floor), 158 Goshaildanga, Strand Road, Chittagong-4100

Note: The subject operates from this address.

Country

Bangladesh

Telephone No

880-31-2530035

Fax No

880-31-2530038

E-Mail

wms@bbts.net

aris@wms.com.bd

Website

www.wms.com.bd

Established

July 2000

Company Registration No

CH-C-3686

Registration date

11th July 2000

Legal Status

Public Limited

Issuing Authority

The Registrar of joint Stock Companies & Firms, Chittagong

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

Amin Future Park (7th Floor), 158 Goshaildanga, Strand Road, Chittagong-4100

Telephone No

880-31-2530035

Fax No

880-31-2530038

E-Mail

wms@bbts.net

Website

www.wms.com.bd

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
Tel: +880 31 740 462

Shipyard

Kolagaon, # 4 Kolagaon Union, Patiya, Chittagong, Bangladesh

Shipyard Telephone No

+880 171304161

Factory Fax No

N/A

Warehouse

BSCIC Industrial Estate, Block # B, Fouzdarhat, Sagarika Road, Chittagong, Bangladesh
Tel: +880 31 751 122

 

 

DIRECTORS

 

Name

Mr. Saiful Islam

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Mr. Mohammad Sakhawat Hossain

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Arifur Rahman Khan

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. A. B. M. Fazle Rabbi

Designation

Director

Nationality

Bangladeshi

 

 

Name

Capt. Sohail Hasan

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Abu. Md. Fazle Rashid

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Monzur Morshed Chowdhury

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Saeedul Islam

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Mohammed Abdul Mobin

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. A. K. M. Rezaur Rahman

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Shah Alam

Designation

Director

Nationality

Bangladeshi

 

 

Name

Al-Haz Abul Bashar

Designation

Director

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

Terms of Sale

Local: Cash or credit

Export: Against L/C

Production Capacity

3 x 10,000 M ton per year

 

 

BANKERS

 

Name

Southeast Bank Limited

Branch

Agrabad Branch

Address

Agrabad Commercial Area, Chittagong

SWIFT

N/A

 

 

Name

Standard Chartered Bank

Branch

Agrabad Branch

Address

Agrabad Commercial Area, Chittagong

SWIFT

N/A

 

 

Name

Bank Asia Limited

Branch

Agrabad Branch

Address

Agrabad Commercial Area, Chittagong

SWIFT

N/A

 

 

FINANCIAL INFORMATION

 

Year

2011

2010

 

2009

Investment

Tk.5 billion

Tk.5 billion

Tk.3 billion

Turnover

Tk.10 billion

Tk.9.5 billion

Tk.7.8 billion

Liability

Tk.0.2 billion

Tk.0.4 billion

Tk.0.6 billion

Assets

Tk.7 billion

Tk.6.5 billion

Tk.5.2 billion

 

Note: 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

 

 

CURRENCY EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

128.6197

U.S Dollar

1

81.8400

European Euro

1

103.9695

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks

No Found

Debt

No Records Found

Litigation

No Records Found

Performance Defaults

No Records Found

Adverse Press Coverage

No Records Found

Money Laundering

No Records Found

 

 

Information parted by

 

Name                            : Mr. Atik

Designation                   : Finance Executive

Date                             : 27.06.2012

 

 

GENERAL INFORMATION

 

Employees

6000

Office Area (Sq. Ft)

3,510 sq.ft (Owned)

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 Oily Waste Collection Vessel

4 Pilot Vessel

Current Project

Multi Purpose Cargo Vessels

Project name : 5 X 4100 DWT MPC 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)

 

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

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

Group Name

4 Western Marine Group

Subsidiaries / Affiliates

4 Western Marine Services Limited

4 Western Maritime Institute Limited

4 New Western Marine Shipbuilders Limited

4 IHC-WMShL Limited

Member

4 Chittagong Chamber of Commerce & Industries, Chittagong

4 Bangladesh Ship Builders Association, Chittagong

 

 

BUSINESS TREND & PROSPECT

 

Business Scale           

Large

Business Trend

Growing

Management Capability

Good

Reputation

Good

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.57.07

UK Pound

1

Rs.88.96

Euro

1

Rs.71.40

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.