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Annual Report 2019-2020 Western Marine Shipyard Limited ANNUAL REPORT 19 20 20 ANNUAL REPORT Corporate Office Amin Future Park (7th Floor) 1440/A Strand Road, Chittagong, Bangladesh. Tel: (+880) 31-2530035-7, 2513056 Fax: (+880) 31-2530038 Email: [email protected] 2019 Registered Office & Shipyard - Kolagaon, No.4 2020 Kolagaon Union www.wms.com.bd Patiya, Chittagong, Bangladesh. (On the north side of Sikalbaha Power Plant) Photo Credit: 1. Samiul Wares 2. Md. Shah Newaz Hossain Design & Print: 01819281434, [email protected] Key Highlights of the operations Western Marine Shipyard Limited 2019-2020 Gross Turnover Contribution to Gross Profit National Exchequer BDT BDT 911 2280 BDT million 1.98 million million Net Profit (AT) EPS NAV BDT 198 BDT 0.86 BDT 24.06 million Net Operating Cash Net Assets Value Dividend Payout Flow Per Share (NAV) at the end of period (NOCFPS) BDT. (Bonus) 2.5% 5,520,829,152 & .50% Cash BDT 0.52 Western Marine Shipyard Limited Integrated Management System (IMS) Certified Shipyard Annual Report 2019-2020 One Shipyard One Standard Content Introduction 4 Management Apparatus 5 Corporate Vision & Mission 6 Our Values 7 Recognition 8 Our Progress 11 Transmittal Letter 14 Notice of the 19th Annual General Meeting 15 Board of Directors 16 Executive Committee 22 Photo Gallery 23 Corporate Social Responsibility 29 Press & Media 30 Message from the Chairman 34 Message from the Managing Director 35 Directors’ Report to the Shareholders 36 The Role & Activities of Audit Committee 68 Auditors Report & Financial Statement 72 Our Products 108 Proxy Form 110 Annual Report 2019-2020 Western Marine Shipyard Limited Introduction Western marine Shipyard Limited (WMShL) is the only Export Oriented and one of the biggest shipyards in Bangladesh. The company was founded with its own slipways in 2000. Later due to increase of foreign order WMShL increased its slipways and its building area. Since then the company gradually attained prominence as a major shipbuilding company with quality based motivation till today. We are specialized in new building of multi-purpose cargo ships, Inland container ships, Inland tankers, Passenger ships, Ro-ro ferries, Port utility ships, Tugs, Offshore petrol vessels, specialized fishing trawler, barge, Dredger, Landing crafts etc. Apart from our goodwill as a dependable company for high quality, competitive pricing and adhering to deadlines, the following are some of our competitive advantages: a) An ideal location: Western marine Shipyard Limited is located in Chattogram the major port city of the country. In other words Chattogram is the hub of all export and import taking place within the nation. b) A dedicated workforce: At Western marine Shipyard Limited we have sufficient number of professionals, skilled and semi-skilled labors to ensure world class shipbuilding standards. We also have a modern ship design section using internationally reputed software, experts and experienced naval architects who are constantly fulfilling the needs of ship design parameters. We provide in-house and foreign trainings to our employees to enable them to upgrade their skills constantly. c) Abundance of Land: Currently at Western marine Shipyard Limited we have five yards. We are always on the move for acquiring new lands so that large number of orders can be dealt with at the same time. d) Modern Machineries: A wide range of machineries and equipment such as automatic shot blasting machine, CNC machine Bending machine, automatic welding arm set, gantry crane, lifting equipment & many other are available at the shipyard which is constantly reviewed by professionals and experts for possible ways of improvement. e) Recently the yard has CO2 & MIG welding for higher productivity & better efficiency. Building world class vessels and advancing the development of Bangladesh is a key objective of WMShL. We assure the commitment and professionalism of our workforce in serving the customers thereby keeping us at the forefront as a quality shipbuilder. 04 Annual Report 2019-2020 One Shipyard One Standard Management Apparatus Company Name: Western Marine Shipyard Limited Constitution of the Firm: Public Limited Company Registration Number: CH-C 3686 of 2000 Website: www.wms.com.bd E-mail: [email protected] Board of Directors Listing: 1. Mr. Md. Saiful Islam Chairman Dhaka Stock Exchange Limited 2. Capt. Sohail Hasan Managing Director Chittagong Stock Exchange Limited 3. Mr. Mohammed Abdul Mobin Director 4. Capt. ABM Fazle Rabbi Director 5. Mr. Shah Alam Director Bankers: 6. Mr. Md. Sakhawat Hossain Director 7. Mr. Abu Md. Fazle Rashid Director Bank Asia Limited 8. Mr. Arifur Rahman Khan Director National Bank Limited. 9. Mr. Monzur Morshed Chowdhury Director Mutual Trust Bank Limited 10. Mr. Md. Saeedul Islam Director One Bank Limited 11. Mr. A.K.M. Rezaur Rahman Director First Security Islami Bank Limited. 12. Mr. Md. Azfar Ali Independent Director NCC Bank Limited. 13. Mr. Capt. Anam Chowdhury Independent Director Sonali Bank Limited. 14. Engr.Mostafizur Rahman Independent Director Dhaka Bank Limited. BRAC Bank Limited. Pubali Bank Limited. IFIC Bank Limited. Audit Committee 1. Engr.Mostafizur Rahman : Chairman 2. Mr. Arifur Rahman Khan : Member 3. Mr. Monzur Morshed Chowdhury : Member Non- Bank Financial Institution-nbfi: Islamic Finance & Investment Ltd. Reliance Finance Ltd. Nomination and Remuneration Committee Midas Financing Ltd. 1. Mr. Capt. Anam Chowdhury : Chairman National Housing Finance & Investment Ltd. 2. Capt. ABM Fazle Rabbi : Member Union Capital Ltd. Premier Leasing & Finance Ltd. 3. Mr. Mohammed Abdul Mobin : Member Uttara Finance and Investment Ltd. National Finance Ltd. Chief Financial Officer Mr. Manash Chowdhury, CA.(CC),LL.B,ITP. Company Secretary Insurer: Mr. Abul Khair, B.Com (Hons), M.Com, CA. (CC), LL.B, ITP. Eastern Insurance Company Ltd. Statutory Auditors Rupali Insurance Company Ltd. PINAKI & CO. Pioneer Insurance Company Ltd. Chartered Accountants Karnafully Insurance Company Ltd. Nitol Insurance Company Ltd. Corporate Governance Auditor Asia Pacific Insurance Company Ltd. Ahmed Zaker & Co. Chartered Accountants Prime Insurance Company Ltd. Head of Internal Audit Mr. Tapas Kumar Das Credit Rating Agency: Credit Rating Information and services limited (CRISL) Annual Report 2019-2020 05 Western Marine Shipyard Limited Vision We shall be the benchmark company in the shipbuilding industry through superior performance, demonstrated by quality, timely delivery and customer satisfaction. We value addition to the shareholders. Mission The mission of Western Marine Shipyard Limited is to improve continually our products and services by being the best at meeting our customer’s needs, allowing us to prosper as a business while maintaining an effective Quality Management System (QMS) relevant to ship design, shipbuilding and repair. 06 Annual Report 2019-2020 One Shipyard One Standard Our Values Quality Western Marine Shipyard Limited is committed to achieving customer satisfaction by delivering quality products & services consistent with international shipbuilding standards by using environmentally Environment sustainable technologies through timely delivery & safe working environment. Western Marine Shipyard Limited is also ISO 14001:2004 certified for safe working environment. We are determined to ensure effectiveness of our Quality Health and safety are considered as an essential part Management System (ISO 9001:2008 Standard) by of the company’s performance to success. Thus providing appropriate training to advance professional keeping this in mind, we comply with the health and competence & operational excellence through continual safety standards according to the OHASA improvement in all fields of our business with the help of 18001:2007. This has made Western Marine skilled & dedicated workforce. Shipyard Limited the only Integrated Management System (IMS) complying shipyard in Bangladesh. Annual Report 2019-2020 07 Western Marine Shipyard Limited Recognition A British delegation headed by High Commissioner H.E. Mr. Robert Chatterton Dickson along with other senior Government officials of the British Government visited the Shipyard on 06 October 2019 focusing on future business with Western Marine Shipyard Ltd. The delegation was accompanied by Shipyard Chairman Mr. Saiful Islam, Managing Director Capt. Sohail Hasan, Deputy Managing Director Mr. Mohammed Abdul Mobin & Operation Director Capt. ABM Fazle Rabbi. 08 Annual Report 2019-2020 One Shipyard One Standard Recognition For contribution in National Export For Industrial Development in Bangladesh For Industrial Development in Bangladesh Annual Report 2019-2020 09 Western Marine Shipyard Limited Recognition For contribution in Maritime Sector 10 Annual Report 2019-2020 One Shipyard One Standard Our Progress Establishment. Concentrated on domestic shipbuilding & ship repair. 2009 2007 Laid keel for building one Oily Expanded yard facility. Waste Collection A large volume of manpower Vessels for 2000 recruited including marine LAMOR Corp AB, engineers, mechanical engineers, Finland. Establishment. electrical engineers, naval Concentrated architects and other Transformed from on domestic professionals. Private Limited to shipbuilding & Went into new building for the Public Limited ship repair. international market. Company. 2000-2006 2008 2010 Built 52 vessels Laid Keels for Increased Paid-up Capital from for inland & building 12X5200 BDT 5,355,600 to BDT coastal use. DWT MPC ships for 405,519,000. German owner, Grona Shipping. Increased Paid-up Capital from
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