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Annual Report 2016.Pdf SINGER BANGLADESH LIMITED SINGER BANGLADESH REALIZING SINGER’S POTENTIAL ANNUAL REPORT 2016 REPORT ANNUAL SINGER – The Trusted International Brand celebrities have drawn All these efforts have This brand positioning initiatives to promote 2016 was the year of attention of the people played a key role in has been properly other brands of revival for SINGER as a and thus uplifted the achieving good growth backed by quality products with an major brand in brand image. in a major product products and all forms objective to offer more Bangladesh. The categories along with of marketing activities. options to consumers. efforts ultimately led to Special efforts have successful These initiatives earning more mind been given to the development of a Company’s retail created awareness on share of consumers as Refrigerators produced number of product channels – SINGER availability of Samsung well as the market in International categories. To Mega and SINGER and Skyworth LED TVs; share. Appliances Limited strengthen the growth Plus have also been Beko Refrigerators and (IAL), a joint venture of SINGER Furniture promoted as Washing Machines; In addition to where SINGER has got Business, a good Consumer Electronics Panasonic and Haier SINGER's presence in major equity. number of Exclusive & Home Appliances ACs; Dell Laptops; print and outdoor Furniture Fairs have Retail Destination. Symphony and media, there has been There have been been conducted Videocon Air Coolers; extensive visibility of extensive activation across the country. Multi-brands Preethi, Prestige and the brand in the programs to reach the Galanz Kitchen electronic and digital consumers in remote During this period the Apart from Appliances; Lifestraw media. Television areas as well as create brand SINGER was strengthening the and PureIt water commercials casting awareness about the strongly positioned as brand SINGER, the purifiers; Huawei Smart world class cricket star brand, product or 'Trusted International company Phones and so on. like Sakib Al Hasan as consumer promotion. Brand'. simultaneously took well as other 08 COMPANY AT A GLANCE 374 Retail Outlets 425 Dealers 1084 Members 09 FINANCIAL HIGHLIGHTS Net Income increased by 48.2% compared to that of 10 last year CHAIRMAN’S STATMENT Record revenue for the year of Tk. 9.0 billion, an increase of 30.3% over 2015 14 BOARD OF DIRECTORS 12 The Board comprises Directors having diverse and professional COMPANY PROFILE expertiese and experiences Singer has been operating in this region (Bangladesh) since 1905 18 MANAGEMENT 41 TEAM 2016 RESULTS IN Leaders behind PERSPECTIVE company’s success Recorded profit after tax Tk 546.3m for 2016 compared to Tk 368.6m in 2015 546 24 490 DIRECTORS’ 382 362 369 REPORT Successfully able to drive meaningful volume growth in both retail and wholesale channels NET Profit NET Profit NET Profit NET Profit NET Profit 2012 2013 2014 2015 2016 46 38 MANAGING RISK CHIEF EXECUTIVE OFFICER’S REVIEW Risk management process is International Appliances Limited featured to estimate the likelihood started commercial production of of any uncertain events “SINGER” branded refrigerator in 2016 53 27 Auditors’ Report Corporate Governance 54 Statement of Financial Position 35 55 Statement of Value Added Statement of profit or loss and other comprehensive income 44 56 People in Singer Statement of Changes in Equity 57 48 Statement of Cash Flows Audit Committee Report 58 49 Notes to the Financial Statements Directors' Responsibilities 85 for Financial Statement Valuation Report 50 88 Share Information CEO & CFO's Certification 89 51 Glossary of Financial Terms Activity Calendar 90 Notice of Annual General Meeting 91 Form of Proxy VISION To be the most admired and respected family company in the country VALUES CONSUMERS SHAREHOLDERS EMPLOYEES We live up to the expectation We provide reasonable We respect each other as of a responsible organization return to shareholders individuals and encourage by contributing to the while safeguarding cross functional teamwork while improvement in the quality their investment. providing opportunities for of life of our customers career development. through outstanding product and services. SUPPLIERS COMPETITORS COMMUNITY ENVIRONMENT We develop our suppliers We respect our We conduct our business We make every effort to to be partners in progress competitors by conforming to the ensure that the environment and share our growth and recognize their ethics of our country and is protected and conserved with them. contribution to market share the social for future generations. value. responsibility of the less fortunate. 04 Annual Report 2016 MISSION Our mission is to improve the quality of life of people by providing comforts and conveniences at affordable prices OBJECTIVES 1.0 2.0 3.0 To be the market Provide our Provide our leader in our product consumers with consumers with range and the best service products of latest market segment. and shopping technology. experience in the country. 4.0 5.0 6.0 Develop our Provide our Grow our employees to achieve shareholders with revenue and their real potential. steady asset growth profits at a rate above and return on the industry norm. investment above the industry norm. Annual Report 2016 05 CORPORATE DIRECTORY BOARD OF DIRECTORS Chairman Gavin J. Walker Managing Director & CEO Chief Financial Officer Mohamed Haniffa Mohamed Fairoz Akram Uddin Ahmed Independent Director Head of Internal Audit Dr. Syed Ferhat Anwar Abu Zafor Md. Kibria Directors Auditors Stephen H. Goodman Rahman Rahman Huq Peter James O'Donnell Chartered Accountants Gelmart M. Gellecanao Nayana Jagath Kumar Dissanayake Legal Retainer Advocate Md. Motiur Rahman Company Secretary Mohammad Sanaullah Corporate Governance Compliance Auditor S. F. Ahmed & Co. Audit Committee Chartered Accountants Dr. Syed Ferhat Anwar (Chairman) Gelmart M. Gellecanao Bankers Mohamed Haniffa Mohamed Fairoz Trust Bank Limited Mohammad Sanaullah (Secretary) Pubali Bank Limited Dhaka Bank Limited Remuneration Committee Bank Alfalah Limited Gavin J. Walker (Chairman) Eastern Bank Limited Dr. Syed Ferhat Anwar The City Bank Limited Mohammad Sanaullah (Secretary) Mutual Trust Bank Limited Commercial Bank of Ceylon Plc. Nomination Committee Standard Chartered Bank Gavin J. Walker (Chairman) The Hongkong and Shanghai Banking Corporation Limited (HSBC) Dr. Syed Ferhat Anwar Mohammad Sanaullah (Secretary) Registered Office 39 Dilkusha Commercial Area Management Committee Dhaka-1000 Mohamed Haniffa Mohamed Fairoz (Chairman) Mohammad Sanaullah Corporate Office Akram Uddin Ahmed 5B, Road No. -126 Mokbulla Huda Chowdhury Gulshan-1, Dhaka-1212 Tennakoon Mudiyanselage Vajira Tennakoon Kazi Rafiqul Islam Audit and Wholesale Office Md. Anisur Rahman H. S. Bhaban M. M. Ferdous Cha-75/A, Bir Uttam Rafiqul Islam Avenue Abu Zafor Md. Kibria Pragati Sarani, Dhaka- 1212 Md. Ashgar Hossain Md. Monzur Murshed Singer Manufacturing Complex (SMC) Mokbul Ahmed (Member Secretary) Rajfulbaria, Jhamur, Savar, Dhaka-1347 06 Annual Report 2016 Year at a glance JANUARY MAY - Participated in the Dhaka - 36th Annual General Meeting held International Trade Fair MARCH - Renovated Singer Plus Shops in - The Annual Sales Conference Thakugaon, Sylhet, Mymensing, Shariatpur was held at Bashundhara - Renovated Singer Plus Shop & Moulavibazar Conventon Center in Bogra, Sirajgonj, Tangail, - Extension of Singer Plus Shop in - Singer Annual Dealers Faridpur & Khagrachari Thakurgaon Conferencer was held at - Board and Remuneration - Board and Audit Committee Meeting held Bashundhara Conventon Center Committee Meeting held - Introduced new Thailand Range of Beko - Furniture Fair held in Rajshahi - Extension of Singer Plus Brand Shops in Dhaka & Chittagong - Introduced locally manufactured - Introduced Singer Mattress & Refrigerators Dining Table Sets - Furniture Fair held in Brahman Baria - Furniture Fair held in Jassore & Mymenshing JUNE - Relocated Singer Plus FEBRUARY Shop Khulna & Chittagong - Extension Singer Plus - Renovated Singer Plus Shops APRIL Shops in Narayangonj & in Chittagong, Gaibandha, - Renovated Singer Plus Dhaka Gazipur (2 Shops) & Teknaf Shops in Madaripur, - Introduced Singer - Audit Committee Meeting held Chittagong, Bogra & Dhaka Pressure Cookers and - Introduced on Singer - Relocated Singer Plus Shops Cookery Items Low-Voltage Air Conditioners in Comilla & Dhaka - Furniture Fair held in Dhaka (Uttara) & Faridpur SEPTEMBER NOVEMBER - Renovated Singer Plus Shop in Dhaka - Conversion Singer Plus Shop - Relocated Singer Plus Shop in to Mega in Cox’s Bazaar Mymensing (2 Shops), Dhaka & Bogra - Furniture Fair held in - Extension Singer Plus Shop in Sylhet Dinajpur, Rangpur, JULY - Conversion plus to Mega Barisal Moulovibazar & Sylhet - Board, Remuneration and Nomination - Board, Audit Committee Committee Meeting held and Remuneration - Introduced Singer 32” Smart Television Committee Meeting held DECEMBER - Introduced new range of - Renovated Singer Plus Refrigerator and Chest Shops Hobigonj, Freezer OCTOBER Chapainawabgonj, Pabna, Rangpur & - Renovated Singer Plus Shops Noakhali in Chittagong, Chandpur & - Relocated Singer Plus AUGUST Naogaon Shops in Noakhali, - Relocated Singer Plus Shops Faridpur & Bogra - Renovated Singer Plus in Khulna, Rajshahi & Pirojpur - Extension Singer Plus Shop Norshngdi - Board and Audit Committee Shops in Bogra & Dhaka - Relocated Singer Plus Meeting held - Furniture Fair held in Shop Dhaka - Furniture Fair held in Chittagoang, Cox’s Chowmohony, Feni, Wari Bazaar & Rajshahi (Dhaka) and Mymenshing
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