MIRA
INFORM REPORT
|
Report Date : |
13.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
WESTERN MARINE SHIPYARD LTD |
|
|
|
|
Registered Office : |
Amin Future Park (7th Floor),
1440/A-8, Strand Road, Chittagong-4100
|
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
11/07/2000 (As a Private Ltd.), Dated:
10.09.2009 (as a public Ltd.) |
|
|
|
|
Com. Reg. No.: |
CH-3686 |
|
|
|
|
Legal Form : |
Public Listed Co |
|
|
|
|
Line of Business : |
Ship Builders Company. |
|
|
|
|
No. of Employees : |
850 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Bangladesh |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BANGLADESH - ECONOMIC OVERVIEW
Bangladesh's economy has
grown roughly 6% per year since 1996 despite political instability, poor
infrastructure, corruption, insufficient power supplies, slow implementation of
economic reforms, and the 2008-09 global financial crisis and recession.
Although more than half of GDP is generated through the service sector, almost
half of Bangladeshis are employed in the agriculture sector with rice as the
single-most-important product. Garment exports, the backbone of Bangladesh’s
industrial sector and 80% of total exports, surpassed $21 billion last year,
18% of GDP. The sector has remained resilient in recent years amidst a series
of factory accidents that have killed over 1,000 workers and crippling strikes
that shut down virtually all economic activity. Steady garment export growth
combined with remittances from overseas Bangladeshis, which totaled almost $15
billion and 13% of GDP IN 2013, are the largest contributors to Bangladesh’s
current account surplus and record foreign exchange holdings.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
IDENTIFICATION DETAILS |
||
|
Correct company Name |
: |
Western Marine Shipyard Ltd |
|
Head Office |
: |
Amin Future Park (7th floor),
1440/A-8, Strand Road, Chittagong-4100, Bangladesh. |
|
Tel No |
: |
88-031-253 0035-7 |
|
Fax No |
: |
88-031-253
0038 |
|
E-mail |
: |
wms@wms.com.bd, arifuzzaman@wms.com.bd, s.bashar@wms.com.bd |
|
Website |
: |
www.wms.com.bd |
|
Date/ Year of Incorporation |
: |
11/07/2000(As
a Private Ltd.), Dated: 10.09.2009 (as a public Ltd.) |
|
Incorporation No. |
: |
CH-3686 |
|
Trade License No. |
: |
4538 |
|
TIN |
: |
347-2000-0125 |
|
VAT Registration No. |
: |
2051035493 |
|
Trading Code |
: |
WMSHIPYARD |
|
Legal Form (General) |
: |
Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorships Partnership Not Registered others (please specify)
________________ |
|
Legal form (Specific) |
: |
LTD CORP INC CO others (please specify)
________________ |
|
Issuing Authority |
: |
Registrar of
Joint Stock Companies & Firms City Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import & Export (CCIE) |
FINANCIALS- SUMMARY
|
Year |
Turnover/ Sales |
Assets |
Income |
|
July’ 11~June’ 12 |
Tk. 3,672,274,078 |
Tk. 6,792,152,385 |
Tk. 340,022,784 |
|
July’ 12~June’ 13 |
Tk. 2,441,103,180 |
Tk. 8,258,122,700 |
Tk. 134,889,330 |
|
Exchange Rate |
USD1-Tk. 77.8200 EUR 1- Tk. 100.2711 GBP 1- Tk.118.5354 AUD 1 - Tk.82.8563 JPY 1 - Tk.0.9286 |
CAD 1 - Tk.80.1887 SEK 1 - Tk.12.2870 SGD 1 - Tk.65.3045 CNH 1 - Tk.12.8399 |
|
FULLCHECK REPORT DETAILS
|
Information Parted By |
||
|
Name |
: |
Subash Chandra Chowdhury |
|
Designation |
: |
Chief Financial Officer & Company Secretary |
|
Contract No |
: |
-- |
|
Locations Details |
||
|
Operating Address |
: |
Amin Future Park (7th floor),
1440/A-8, Strand Road, Chittagong-4100, Bangladesh. |
|
Tel No |
: |
88-031-253 0035-7 |
|
Fax No |
: |
88-031-253
0038 |
|
E-mail |
: |
wms@wms.com.bd, arifuzzaman@wms.com.bd, s.bashar@wms.com.bd |
|
Website |
: |
www.wms.com.bd |
|
Location : |
: Owned |
|
Rented |
Ö |
|
Leased |
|
Area |
4500 |
Sq. ft. |
|
Type of Office :
|
: Commercial Office Bldg. |
Ö |
|
Semi-commercial
office Bldg. |
|
|
|
|
Retail shop |
|
|
Industrial Park |
|
|
||
|
Business Center |
|
|
Home Office |
|
|
||
|
Residential Bldg. |
|
|
|
|
|
||
|
Registered Address : |
||
|
Address |
: |
HBFC
Building (Ground Floor) I/D Agrabad, C/A, Chittagong-4100, Bangladesh. |
|
Tel No |
: |
88-031-2513056, 712177 |
|
Fax No |
: |
88-031-720 248 |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
35 Acres |
|
Dhaka Liaison Office: |
||
|
Address |
: |
10,
Arambagh, Dhaka -1000, Bangladesh. |
|
Tel No |
: |
N/A |
|
Fax No |
: |
N/A |
|
|
|
|
|
Shipyard: |
||
|
Address |
: |
Kolagaon,
No.4, Kolagaon Union, Patiya, Chittagong, Bangladesh. |
|
Tel No |
: |
88-00-607 430 1803 |
|
Fax No |
: |
N/A |
|
|
|
|
|
Singapore Liaison Office:: |
||
|
Address |
: |
10 # Anson
Road, International Plaza# 25-09 Singapore 079903 |
|
Tel No |
: |
62200773 |
|
Fax No |
: |
62200024 |
|
Employee: |
|
|||||||
|
|
|
|||||||
|
No. of
Employees |
In Office |
: |
150 |
Shipyard |
: |
700 |
||
|
In Branch: |
: |
- |
Total
|
: |
850 |
|||
|
Details: |
|
|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of Share |
|
Western Marine Services Limited |
4998084 |
|
Capt. Sohail Hasan |
3590081 |
|
Mr. Md. Saeedul Islam |
3252199 |
|
Mr. Arifur Rahman Khan |
3058180 |
|
Mr. Shah Alam |
2658283 |
|
Mr. Mohammed Abdul Mobin |
1497072 |
|
Capt. Abm Fazle Rabbi |
1475197 |
|
Mr. Md. Saiful Islam |
14334058 |
|
Mr. Md. Sakhawat Hossain |
5444907 |
|
Mr. Abu Md. Fazle Rashid |
2697658 |
|
Mr. Monzur Morshed Chowdhury |
2697658 |
|
Mr. Akm Rezaur Rahman |
1454572 |
|
General Public |
17393951 |
DIRECTORS
|
Name |
Designation |
|
Mr. Md. Saiful
Islam |
Chairman |
|
Mr. Md. Sakhawat
Hossain |
Managing
Director |
|
Capt. Sohail
Hasan |
Director |
|
Mr. Md. Saeedul
Islam |
Director |
|
Mr. Arifur
Rahman Khan |
Director |
|
Mr. Shah Alam |
Director |
|
Mr. Mohammed
Abdul Mobin |
Director |
|
A. B. M. Fazle
Rabbi |
Director |
|
Mr. Abu Md.
Fazle Rashid |
Director |
|
Mr. Monzur
Morshed Chowdhury |
Director |
|
Mr. AKM Rezaur
Rahman |
Director |
MANAGEMENT
|
Name |
: |
Mr. Md. Atikullah |
|
Job Description |
: |
Executive |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Md. Shahadat Hossain |
|
Job Description |
: |
Commercial Manager |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
88-01713240915 |
BUSINESS OPERATIONS
|
Nature of
Activity : |
Ship Builders Company. |
Ö |
Trader |
|
Dealer |
|
Distributor |
|
|
|
|
|||||||
|
|
Exporter |
|
Importer |
|
Services |
|
Others |
|
|
Item
Dealings In: |
||
|
|
||
|
Products |
: |
Ship
Builders |
|
Production
Capacity |
: |
N/A |
|
Last Year Production |
: |
N/A |
Trading Terms:
|
Purchasing
Terms: |
L/C |
Ö |
Cash |
|
Others |
|
|
|||
|
|
Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
|
Selling
Terms : |
L/C |
Ö |
Cash |
|
Others |
|
|
|||
|
|
Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
DETAILED DATA
|
Trade
Reference & Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
N/A |
|
||
|
Overseas Suppliers |
: |
Caterpillar- Germany Wartsila- France Barge –Germany LMG Hydro P. -India |
Local Suppliers |
: |
BOC-Bangladesh |
|
||||
|
Trade
Markets |
: |
Exports |
: |
N/A |
|
|||||
|
Imports |
: |
All over the world. |
|
|||||||
|
|
|
|||||||||
|
Brand Name |
: |
Nil |
||||||||
|
Certified |
: |
Nil |
||||||||
|
Auditors |
: |
Hoda Vasi Chowdhury & Co. (Chartered Accountants) Delwar Bhaban (4th Floor) Agrabad C/A, Chittagong-4100 |
||||||||
|
Operation Status |
: |
Active |
||||||||
|
Member |
: |
Chamber of Commerce & Industry,
Chittagong |
||||||||
CAPITAL STRUCTURE
|
Authorized Capital |
: |
Tk. 3,000,000,000 |
||||||
|
Paid-up Capital |
: Tk.64,55,19,000 |
No. of Shares |
:6,45,51,900 |
Share Value |
: |
Tk.10.00Each |
|
|
|
Main Assets |
: |
Tk. 8,258,122,700 |
||||||
FINANCIAL STATEMENT- DETAILED
|
Balance Sheet : |
||
|
|
Currency |
:
Tk |
|
|
Denomination |
:
1 |
|
|
Financial Year Ending |
:July,31~June,30 |
|
|
||
|
Income Statement
: |
||
|
|
Currency |
:
Tk |
|
|
Denomination |
:
1 |
|
|
Financial Year Ending |
:July,31~June,30 |
|
|
||
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
Sister Concerns |
: |
Western Marine Services Limited New Western Marine Ship Builders Ltd. Western Fishers Shipyard Ltd. IHC-WMShL Ltd. |
|
Subsidiary |
: |
Stella Shipping Limited |
|
Name of
The Group |
: |
Western Marine Group |
BANKING
|
Bank Name |
: |
AB Bank Ltd. The City Bank Ltd. Brac Bank Ltd. IFIC Bank Ltd. Mutual Trust Bank Ltd. One Bank Ltd. National Credit & Commerce Bank Ltd. Bank Asia Ltd. South East Bank Ltd. |
ADVERSE DATA MONITORING
|
Dishonored
Checks |
: |
No Record Found |
|
Debt |
: |
No Record Found |
|
Litigation |
: |
Clear |
|
Performance
Defaults |
: |
No Record Found |
|
Adverse Local
Media Coverage/ Adverse Filling History |
: |
No Record Found |
SITE VISIT COMMENTARY
|
Our Representative Visited the subject
company Head office which is situated at Amin Future Park (7th floor), 1440/A-8,
Strand Road, Chittagong -4100, Bangladesh. The subject company Executive Mr.
Atikullah given us all information. Is situated at commercial area which is a
well decorated modern office. |
GENERAL COMMENTS
|
Subject is mainly engaged in Ship Building
Company. The subject company maintains acceptable business volume. Based on the financial statements, SC’s
financial performance appears to be Above average. Having been in operation
for several years, Subject enjoys some recognition and impact in the line. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.48 |
|
|
1 |
Rs.97.92 |
|
Euro |
1 |
Rs.76.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.