Professional Documents
Culture Documents
Singer Plus
showroom at
Banglamotor,
Dhaka
Singer Bangladesh
Limited Annual
Report 2010
Singer Bangladesh
Performed Well
in 2010 Owing to
the Austerity Measures
Page 24
Company Believes
in Equal Employment
Opportunity in Workplace
Page 27
Grooming up the
Little Stars
Page 29
Financial Results
Improved with
Higher Profitability
Page 31
Follows the Principles
of Transparency and
Accountability
Page 35
Managing Risks
with Multiple
Management Processes
Page 38
A Successful Year
for the Company
Page 8
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We,
the Singerians
Commit to
Our Shareholders
to be -
Ethical
Committed
Determined
Fearless
Challenging
Successful
WE ARE PROUD TO BE SINGERIAN
Our Customers reflect Diversity. We serve all ages... from all social strata,
income segment and, geographic areas sans any gender bias. Our customer
base keeps growing!
Our Vision
Our Mission
Our Values
Consumers
We live up to the expectations of a
responsible organisation by contributing to
the improvement in the quality of life of
our customers through outstanding
product & services.
Employees
We respect each other as individuals and
encourage cross functional teamwork while
providing opportunities for career
development.
Shareholders
We provide a reasonable return to our shareholders
while safeguarding their investment.
Suppliers
We develop our suppliers to be partners in
progress and share our growth with them.
Competitors
We respect our competitors and recognise
their contribution to market value.
Community
We conduct our business by conforming to
the ethics of our country and share the social
responsibility of the less fortunate.
Our Objectives
To be the market leader in our product range and
market segment.
Provide our consumers with the best service
& shopping experience in the country.
Provide our consumers with products of
latest technology.
Develop our employees to achieve their
real potential.
Provide our shareholders with steady asset
growth and return on investment above the
industry norm.
To be the most admired and respected
family company in the country.
Our mission is o improve the quality of life of
people by providing comforts and
conveniences at affordable prices.
Grow our revenue and profits at a rate
above the industry norm.
Singer Bangladesh Limited Annual Report 2010 | 3 2 Annual Report 2010 Singer Bangladesh Limited |
Company's
Total Revenue
Stood @ Tk. 4.83
billion, an
increase of 9.97%
in Turnover
Y
We are
Singer Bangladesh Limited is a
diversified Company that has
been operating in Bangladesh
for the past 105 years when the
country was a part of Indian
Sub-continent.
Beginning with the sewing
machine Singer expanded its
own product portfolio and also
adopted a multi-brand
marketing strategy that saw
the Company retail premium
products of some of the
world's top marques.
The Singer distribution
network is Bangladesh's
largest, delivering
unmatched presence across
the length and breadth of
Bangladesh in its kind.
Singer is today the country's
No. 1 Retail Brand as well as
considered as most respected
company in Bangladesh.
Singer Bangladesh Limited
39, Dilkusha Commercial Area
Dhaka-1000
Bangladesh
www.singerbd.com
Financial Highlights 05
Chairman's Statement 08
Board of Directors 10
Senior Management Team 13
Directors' Report 16
Chief Executive Officer's Review 24
Human Resources 27
Corporate Social Responsibility 29
Financial Review 31
Corporate Governance 35
Risk Management 38
Audit Committee Report 41
Statement of Directors' Responsibility 44
Financial Reports 45
Auditors' Report 46
Statement of Financial Position 47
Comprehensive Income Statement 48
Statement of Changes in Equity 49
Cash Flows Statement 50
Notes to Financial Statements 51
Statement of Value Added 78
ADecade in Perspective 79
Share Information 80
Distribution Network 82
Glossary of Financial Terms 84
AGM Notice 85
Attendance Slip Enclosed
42 07
01
2006 2007 2008 2009 2010
4
,
8
2
9
4
,
3
9
1
4
,
4
3
6
3
,
5
5
6
,
5
2
4
8
Our cover this year
features one of the latest
panel televisions
marketed by Singer
Bangladesh Limited
today. It is symbolic
of a varied and substantial
portfolio of products,
all of premium quality and
value, that Singer offers
across a wide range of
applications to consumers
of every kind. We reach
corporate executives,
business people, housewives,
teenagers, students, families.
Just about everyone... with
products ranging from
HD TVs to computers,
refrigerators,
air-conditioners,
cookware, washing
machines, electrical
appliances, electric cables
and much more.
Financial Highlights
Singer Bangladesh Limited Annual Report 2010 | 5
2010 2009 2008 2007 2006
Taka Taka Taka Taka Taka
Million Million Million Million Million
Turnover 4,829.02 4,391.26 4,436.13 3,556.41 2,547.87
Operating Profit before Interest & Tax 498.17 414.29 357.48 257.57 200.72
Profit before Tax 2,267.33 479.84 242.80 139.22 133.81
Profit after Tax 1,973.76 396.79 180.00 101.82 116.65
Paid up Capital 224.39 224.39 224.39 166.21 166.21
Revenue Reserve 2,623.51 717.07 522.22 161.23 117.96
Revaluation Reserve 274.06 120.81 120.81 26.98 26.98
Capital Reserve 18.56 18.56 18.56 18.19 18.19
Shareholders' Equity 3,140.52 1,080.83 885.98 372.61 329.34
Property, Plant & Equipment 655.89 472.46 483.49 327.07 304.73
Investments 4.42 328.58 345.13 84.76 86.00
Non-current Assets (Except PPE & Investments) 0.00 0.00 0.00 7.69 36.82
Net Current Assets 2,884.54 714.34 502.20 347.53 255.85
Gross Dividends 1,514.61 201.95 67.32 58.17 58.17
2 1
Dividend per share (Taka) 675 90.00 30.00 35.00 35.00
Earning per Share (Taka) 879.63 176.83 80.22 61.26 70.18
Price Earning Ratio (Times) 8.15 15.79 24.71 31.02 11.04
Net Asset per Share (Taka) 1,399.58 481.67 394.84 224.18 198.15
Market Value per Share at year end (Taka) 7,169.00 2,792.00 1,982.25 1,900.00 774.50
Net Income to Net Turnover (%) 40.87 9.04 4.06 2.86 4.58
Return on Average Net Assets (%) 55.68 26.18 13.53 13.27 17.07
Debt Equity Ratio (%) 19.57 70.38 198.78 430.14 352.68
Interest Cover N/A 4.81 2.55 1.97 2.39
Current Ratio 6.02 2.06 1.30 1.23 1.23
Acid Ratio 4.27 0.96 0.55 0.51 0.55
Number of Shareholders 8,518 4,257 5,973 5,095 5,006
Number of Employees 799 756 736 681 613
1
Stock dividend
2
600% cash and 75% stock dividend
4
Company at a Glance
Growth in shareholders equity
is remarkable in the year 2010
2006
0
500
1000
1,500
2,000
2,500
3,000
3,500
2007 2008
Growth in Shareholders Equity
Sales Increased by
Shops
756
in 2009
271
.
in 2010
in 2010
2009 2010
2009 2010
Annual Report 2010 Singer Bangladesh Limited |
286
9 97
%
799
3 New
Branch
Opening
20.15%
Sales
Increase
22.49%
Sales
Increase
Corporate Directory
6 Annual Report 2010 Singer Bangladesh Limited |
Board of Directors
Chairman
Mahbub Jamil
Managing Director
A. M. Hamim Rahmatullah
Director
Akhtar Imam
C. K. Hyder
Tobias Brown
Peter James O'Donnell
Gavin J. Walker
Sajidur Rahman Khan
Gelmart M. Gellecanao
Mohammad Sanaullah
Akram Uddin Ahmed
Company Secretary
Mohammad Sanaullah
Audit Committee
C. K. Hyder (Chairman)
Akhtar Imam
A. M. Hamim Rahmatullah
Remuneration Committee
C. K. Hyder (Chairman)
Akhtar Imam
Gavin J. Walker
Nomination Committee
Gavin J. Walker (Chairman)
Akhtar Imam
C. K. Hyder
Management Committee
A. M. Hamim Rahmatullah (Chairman)
Sajidur Rahman Khan
Mohammad Sanaullah
Akram Uddin Ahmed
Tanyeem Quarrar
Mokbulla Huda Chowdhury
Md. Ashgar Hossain
Mokbul Ahmed (Member Secretary)
Chief Financial Officer
Akram Uddin Ahmed
Internal Audit Manager
Abu Zafor Md. Kibria
Auditors
Rahman Rahman Huq
Chartered Accountants
Legal Adviser
A. Imam and Associates
Baristers & Advocates
Bankers
Citibank N.A.
Trust Bank Ltd.
Pubali Bank Ltd.
Dhaka Bank Ltd.
Bank Alfalah Ltd.
Eastern Bank Ltd.
Mutual Trust Bank Ltd.
Commercial Bank of Ceylon Plc.
The City Bank Ltd.
The Premier Bank Ltd.
Registered Office
39 Dilkusha Commercial Area
Dhaka-1000
Corporate Office
5B, Road No. -126
Gulshan-1, Dhaka-1212
Audit and Wholesale Office
Wahab Complex, 55 Zoar Sahara
Nikunja-2, Dhaka-1219
Singer Manufacturing Complex (SMC)
Rajfulbaria, Jhamur, Savar, Dhaka-1340
Nilphamari 2
Pabna 5
Panchagar 2
Patuakhali 1
Pirojpur 2
Rajbari 1
Rajshahi 8
Rangpur 4
Satkhira 2
Shirajgonj 4
Thakurgaon 2
Bagerhat 1
Barisal 3
Bhola 1
Bogra 11
Borguna 1
Chapainawabgonj 3
Chuadanga 1
Dinajpur 8
Faridpur 4
Gaibandha 3
Gopalgonj 1
Jhalokhati 1
Jessore 5
Jhinaidah 3
Joypurhat 2
Khulna 6
Kushtia 4
Madaripur 2
Magura 1
Manikgonj 2
Meherpur 1
Naogaon 4
Narail 1
Natore 2
Noakhali 6
Shariatpur 1
Sherpur 1
Sunamgonj 2
Sylhet 8
Tangail 4
Bandarban 1
Rangamati 1
Chittagong 30
Brahmanbaria 3
Chandpur 2
Comilla 7
Cox's Bazar 5
Dhaka 52
Feni 3
Gazipur 11
Habiganj 3
Jamalpur 2
Khagrachari 1
Kishoregonj 2
Kurigram 2
Lalmonirhat 2
Laxmipur 2
Moulavi Bazar 5
Munshigang 5
Mymensingh 8
Narayanganj 7
Narshingdi 5
Netrokona 1
Singer Reaches Most of the Parts
of Bangladesh ........ and this is the
Power of the Singer Brand
Singer Bangladesh Limited Annual Report 2010 | 7
9 Singer Bangladesh Limited Annual Report 2010 | 8 Annual Report 2010 Singer Bangladesh Limited |
Equity and Shares:
Board Matters
Shareholders Equity increased from Tk. 1,080.83
million to Tk. 3,140.52 million in 2010 i.e. in
increase of 190.57%.
The highest share value of Singer Bangladesh
Limited was Tk. 7,900 in December and the
lowest was Tk. 2,830 in January 2010.
During the year under review, three new
Directors were inducted in the Board on
October 21, 2010. They are Gelmart Gellecanao,
Vice President, Singer Asia Limited,
Mohammad Sanaullah, Corporate Affairs
Director & Company Secretary and Akram
Uddin Ahmed, Controller of Singer Bangladesh
Limited.
I am sure their skill and expertise will definitely
help the Company to grow further.
To ensure good Corporate Governance practice
in the Company your Board has established two
board Committees namely Remuneration
Committee and Nomination Committee this
year.
Pqvigvbi cwZe`b
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