Singerbd 2010 Annual PDF
Singerbd 2010 Annual PDF
Singerbd 2010 Annual PDF
Limited Annual
Report 2010
Photo location:
Singer Plus
showroom at
Banglamotor,
Dhaka
Ethical
Committed
Determined
Fearless
Challenging
Successful
We,
the Singerians
Commit to
Our Shareholders
to be -
A Successful Year
for the Company
Page 8
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
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 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.
4,391
4,829
Our Mission
4,436
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.
3,556
05
08
10
13
16
24
27
29
31
35
38
41
44
45
46
47
48
49
50
51
78
79
80
82
84
85
Enclosed
2,548
Financial Highlights
Chairman's Statement
Board of Directors
Senior Management Team
Directors' Report
Chief Executive Officer's Review
Human Resources
Corporate Social Responsibility
Financial Review
Corporate Governance
Risk Management
Audit Committee Report
Statement of Directors' Responsibility
Financial Reports
Auditors' Report
Statement of Financial Position
Comprehensive Income Statement
Statement of Changes in Equity
Cash Flows Statement
Notes to Financial Statements
Statement of Value Added
A Decade in Perspective
Share Information
Distribution Network
Glossary of Financial Terms
AGM Notice
Attendance Slip
2006 2007
2008
2009
2010
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
01
Company's
Y
Total Revenue
Stood @ Tk. 4.83
billion, an
increase of 9.97%
in Turnover
www.singerbd.com
07
42
Financial Highlights
Company at a Glance
2010
2009
2008
2007
2006
Taka
Taka
Taka
Taka
Taka
Million
Million
Million
Million
Million
4,829.02
4,391.26
4,436.13
3,556.41
2,547.87
498.17
414.29
357.48
257.57
200.72
2,267.33
479.84
242.80
139.22
133.81
1,973.76
396.79
180.00
101.82
116.65
224.39
224.39
224.39
166.21
166.21
2,623.51
717.07
522.22
161.23
117.96
274.06
120.81
120.81
26.98
26.98
18.56
18.56
18.56
18.19
18.19
3,140.52
1,080.83
885.98
372.61
329.34
655.89
472.46
483.49
327.07
304.73
Investments
4.42
328.58
345.13
84.76
86.00
0.00
0.00
0.00
7.69
36.82
2,884.54
714.34
502.20
347.53
255.85
Gross Dividends
1,514.61
201.95
67.32
58.17
58.17
6752
90.00
30.00
35.001
35.00
879.63
176.83
80.22
61.26
70.18
8.15
15.79
24.71
31.02
11.04
1,399.58
481.67
394.84
224.18
198.15
7,169.00
2,792.00
1,982.25
1,900.00
774.50
40.87
9.04
4.06
2.86
4.58
55.68
26.18
13.53
13.27
17.07
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
8,518
4,257
5,973
5,095
5,006
799
756
736
681
613
Turnover
Operating Profit before Interest & Tax
20.15%
Sales
Increase
22.49%
Sales
Increase
Paid up Capital
Revenue Reserve
3 New
Branch
Opening
Revaluation Reserve
Capital Reserve
Shareholders' Equity
Property, Plant & Equipment
3,500
3,000
2,500
756
799
in 2009
in 2010
2,000
1,500
Sales Increased by
1000
9.97%
500
in 2010
2006
2007
2008
2009
2010
Shops
Number of Shareholders
271
2009
286
2010
Number of Employees
Stock dividend
Corporate Directory
Board of Directors
Chairman
Mahbub Jamil
Panchagar 2
Nilphamari 2
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
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)
Lalmonirhat 2
Dinajpur 8
Kurigram 2
Bogra 11
Gaibandha 3
Auditors
Rahman Rahman Huq
Chartered Accountants
Sherpur 1
Joypurhat 2
Legal Adviser
A. Imam and Associates
Baristers & Advocates
Netrokona 1
Jamalpur 2
Naogaon 4
Shirajgonj 4
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
Sunamgonj 2
Sylhet 8
Chapainawabgonj 3
Mymensingh 8
Kishoregonj 2
Moulavi Bazar 5
Habiganj 3
Tangail 4
Gazipur 11
Narshingdi 5
Brahmanbaria 3
Natore 2
Company Secretary
Mohammad Sanaullah
Rangpur 4
Thakurgaon 2
Rajshahi 8
Pabna 5
Kushtia 4
Manikgonj 2
Meherpur 1
Rajbari 1
Chuadanga 1
Jhinaidah 3
Magura 1
Faridpur
Narail
Jessore
Madaripur
Gopalgonj
Satkhira
Dhaka 52
Narayanganj 7
Munshigang 5
Comilla 7
Chandpur 2
Shariatpur 1
Khagrachari 1
4
1
5
2
1
2
Rangamati 1
Khulna 6
Barisal 3
Feni 3
Chittagong 30
Bandarban 1
Bagerhat 1
Corporate Office
5B, Road No. -126
Gulshan-1, Dhaka-1212
Noakhali 6
Pirojpur 2
Borguna 1
Cox's Bazar 5
Patuakhali 1
Bhola 1
Jhalokhati 1
Laxmipur 2
Dear Shareholders,
It is my pleasure and privilege
to place before you the Annual
Report along with the audited
financial statements of the
company for the year ended
2010.
Business Condition
Despite acute energy crisis and
aftermath of global economic
recession 2010 was again a
successful year for your
company. Most of the economic
indicators witnessed positive
trend except some volatility in
the money and capital markets
and high rate of inflation at the
end of the year.
During the year the Company
earned a remarkable profit
both in normal business
operation and disposal of its
investment in associate
company.
Mahbub Jamil
Chairman
March 15, 2011
Dhaka
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Mahbub Jamil
10
A. M. Hamim Rahmatullah
C. K. Hyder
Tobias Brown
Peter O'donnell
Gavin J. Walker
Gelmart Gellecanao
Mohammad Sanaullah
Akhtar Imam
Mahbub Jamil
Chairman (Non Executive)
Joined the Board of Singer Bangladesh
in September 1984.
Served as Managing Director of
Singer Bangladesh Limited for more
than 24 years. Has been serving as
Chairman since October 4, 1987.
Former Vice President, Singer Asia and
Retail Holdings N.V.
Joined the Board of International
Leasing and Financial Services Limited
(ILFSL) on March 5, 1996 and elected
Chairman of ILFSL on June 21, 2000.
He is also the Chairman of ICE
Technologies and ICE Retail Initiative
Limited.
Served as Special Assistant to the
Chief Adviser of the Caretaker
Government of Bangladesh in 2008, as
a Cabinet Minister. He was in charge of
Ministry of Industries, Ministry of Civil
Aviation & Tourism and Ministry of
Youth & Sports. Presently Mr. Jamil is
the Board Member of International
Chamber of Commerce Bangladesh,
Member of the Trustee Board of Bishwa
Sahittaya Kendro and Member of the
Academic Council, BRAC University.
Former Director of Micro Industries
Development Assistance Services
(MIDAS), President of the Foreign
Investors' Chamber of Commerce and
Industry for 3 terms. President of
Metropolitan Chamber of Commerce
and Industry, Committee Member of
Bangladesh Employers' Federation.
Founder member of American
Chamber of Commerce.
Mr. Jamil received Sir Jagadis
Chandra Bose Gold Medal in 1984 for
Business Management and in 1995
Bangladesh Education Management
Trust Gold Medal for Management
Excellence. Received the IndustrySoutheast Bank Award for
Management Excellence.
A. M. Hamim Rahmatullah
Managing Director & CEO
Joined the Board of Singer Bangladesh
Limited on August 1, 2004.
Mr. A. M. Hamim Rahmatullah has
been appointed as the Managing
Director of Singer Bangladesh Limited
on February 1, 2009. In July 10, 2009, he
was appointed as the Vice President of
Singer Asia Limited. Prior to that, he
served as Director & Chief Operating
Officer of Singer Bangladesh Limited.
Mr. Hamim is the President (20092011) of Foreign Investors Chamber of
Commerce and Industry (FICCI).
Holds an MBA specialized in
Marketing from the Institute of
Business Administration (IBA),
University of Dhaka. He started his
professional career in 1985 with Philips
Bangladesh Limited in their Consumer
Electronic Division. In 1988 he joined
Singer Bangladesh Limited. During his
23 years of service with the Company,
he held key management positions in
different capacities. Mr. Hamim has
been selected as the Commercially
Important Person (CIP) by the
Government of Bangladesh.
Mr. Hamim participated in a good
number of professional trainings and
workshops held in USA, Canada,
Europe, Australia and Asia.
C. K. Hyder
Director
Joined the Board of Singer Bangladesh
Limited on the March 31st 1998.
Mr. Hyder served the Metropolitan
Chamber of Commerce and Industry,
Dhaka (MCCI) and Bangladesh
Employers' Federation (BEF) for more
than 44 years as the Secretary-General.
Currently, he is the Adviser to the
Committee (Board) of the MCCI and
BEF, with the status of a member of the
Committee.
With his long experience on trade
and employment related issues, Mr.
Hyder represented many advisory/
implementation committees of the
Government relating to trade and
commerce and industrial relations. He
was a Member of successive Pay and
Service Commissions and Wages and
Productivity Commissions of the
Government of Bangladesh.
Educated in Kolkata and London, Mr.
Hyder holds postgraduate degrees in
Commerce and Law. He also obtained
postgraduate diplomas from several
renowned institutions like Harvard
Business School, Australian Graduate
School of Management, International
Institute for Labour Studies. Mr. Hyder
represented Bangladesh Employers in
over 22 annual conferences of the
International Labour Organization
(ILO) and headed several Technical
Committees of the same.
Akhtar Imam
Director
Joined the Board of Singer Bangladesh
Limited on January 14, 1997.
Chairman, Marie Stopes Clinic
Society, Marie Stopes Bangladesh Ltd.
and Integrated Health care Services
Ltd., Director, Agricultural Marketing
Company Ltd., Former President of
Barristers Association of Bangladesh.
Former President, Rotary Club of
Dhaka New City. Former President,
Lincoln's Inn Students Union, 1969-70.
Lecturer, LL.M (Master of Laws)
Course in The University of Dhaka for
a number of years and general law
subjects in various Colleges and
Institutes in London. B.A. (Hons) & M.
A. in English Literature. LL.B.,
Barrister-at-law (Hon'ble Society of
Lincoln's Inn, London), LL.M (Kings
College, University of London).
11
Tobias Brown
Director
Joined the Board of Singer Bangladesh
Limited on October 26, 2003.
Managing Director UCL Asia Ltd.,
Singer (Sri Lanka) PLC, Singer Asia
Ltd., Singer Thailand Public Co. Ltd.
He is a graduate of South Eugene High
School and attended Brandeis
University. Waltham, Massachusetts,
U.S.A.
Peter O'donnell
Director
Joined the Board of Singer Bangladesh
Limited on July 13, 2005.
Managing Director of UCL Asia Ltd.,
Director, Singer Asia Ltd. and Singer
(Sri Lanka) PLC. Mr. O'Donnell is an
alumnus of both Harvard College and
Harvard Business School.
Gelmart Gellecanao
Director
Joined the Board of Singer Bangladesh
Limited on October 21, 2010.
Mr. Gellecanao was appointed as a
Vice President of the Company in July
2009 and Head of Credit of the
Company in January 2009. He is also
responsible for the overall planning
and risk management for the Internal
Audit Department. He joined the old
Singer in May 1994 as an International
Auditor and was responsible for the
audits of various Singer companies and
affiliates in Americas, Europe, Asia,
Australia and Africa. He has also
worked as Controller in a number of
Singer locations and has conducted
several due diligence reviews for the
Company. Prior to this, Mr. Gellecanao
spent 10 years at a member firm of
Ernst & Young in the Philippines. He is
a Certified Public Accountant and a
Certified Internal Auditor. He has been
with the Company and old Singer for
over 15 years.
Gavin J. Walker
Director
Joined the Board of Singer Bangladesh
Limited on October 23, 2005.
Mr. Walker is the President and Chief
Executive Officer of Singer Asia
Limited and was appointed to this
position in August 2005. Prior to
joining the Company, Mr. Walker held
offices as Managing Director and Chief
Executive Officer of public quoted and
private companies in the United
Kingdom and South Africa.
Mr. Walker, served as Chief Executive
Officer of Profurn Limited, a multibrand retailer of electrical appliances
and furniture with operations in 16
African countries and Australia
(including SINGER brand electrical
appliances under licence).
Mr. Walker also serves as a director
of Singer Corporation Limited, Singer
Asia Sourcing Limited, Singer
Bangladesh Limited, Brand Trading
India Limited, Singer India Limited,
Zortmay Investments (Pty) Limited,
Dresden Property Investments (Pty)
Limited, Singer Pakistan Limited,
Singer (Sri Lanka) PLC, Singer
Industries (Ceylon) PLC, Regnis
(Lanka) PLC, Reality Lanka Limited,
Singer Finance (Lanka) Limited and
Singer Thailand PCL.
Mohammad Sanaullah
Director
Joined the Board of Singer Bangladesh
Limited on October 21, 2010.
Mr. Sanaullah is the Corporate
Affairs Director and Company
Secretary of Singer Bangladesh
Limited, with over 25 years' exposures
in business and corporate
management.
Mr. Sanaullah is the President of the
Institute of Chartered Secretaries of
Bangladesh (ICSB) and Director,
Bangladesh Institute of Capital Market
(BICM), Executive Member, Intellectual
Property Association of Bangladesh
(IPAB).
A Fellow and Founder Member of the
ICSB, Fellow Member of the Institute of
Personnel Management and Member of
the Institute of Internal Auditors, USA.
Holds B. Com (Hon's), M. Com in
Accounting from University of Dhaka.
MBA in Marketing and Post Graduate
Diploma in Personnel Management.
p
A.M. Hamim
Rahmatullah
Rahman Khan
t
Mokbul Ahmed
q
Mohammad Sanaullah
q
Akram Uddin Ahmed
t
Sajidur
t
Tanyeem
Quarrar
Huda Chowdhury
t
Md. Ashgar Hossain
t
Mokbulla
12
13
Management Team
t
Md. Anisur
t
Md. Samiul
Ahmed Muztaba u
Monzur Murshed u
t
R. E. Dias
t
Kazi Rafiqul
t
Sushil
Rahman
Islam
Islam
Ch. Sutradhar
Md. Syduzzaman
t
Abrarur Rahman u
M. M. Ferdous u
t
Md. Nurul
Kabir
t
A. F. M. Zahid
14
t
G.N.B.
Choudhury
Md. Kibria
t
Abu Zafor
15
Directors' Report
The Directors have the
pleasure in presenting to the
members their Report together
with the audited financial
statements of the Company
for the year ended December
31, 2010. This report has been
prepared in compliance with
section 184 of the Companies
Act 1994 and Securities and
Exchange Commission Order
No. SEC/CMRRCD/2006158/Admin/02-08 dated
February 20, 2006.
Principal Activities
The principal activities of the Company
continued to be manufacturing and
marketing of consumer electronic
products, motor cycles and domestic and
electric power cables. Besides these the
Company carried out marketing of
refrigerator & freezer, air-conditioners,
computer and instant power supply and
kitchen appliances and other allied
products.
Review of Business
The Chairman's Statement on page 8 and
Chief Executive Officer's Review on pages
24 to 26 state the Company's affairs and
highlight important events that occurred
during the year. The Financial Review on
pages 31 to 34 elaborates the financial
results of the Company. These reports
form an integral part of the Directors'
Report.
Property, Plant and Equipment
During the year under review, the
Company invested a sum of Tk 35.40
million in property, plant and equipment.
Movement in property, plant and
equipment during the year is disclosed
under note 3.3 and 4 of the financial
statements.
Market Value of Freehold Properties
All freehold land and buildings of the
company were re-valued by an
independent valuer and were reflected in
the accounts. Total appreciation in value
has been credited to Revaluation Reserve
after providing for withholding tax as
required by IFRS.
Investments in Associate Companies
During the year under review, the
Company sold out its entire Share
holdings of International Leasing and
Financial Services Limited (ILFSL).
Directors' Responsibilities for Financial
Statements
The Statement of the Directors'
Responsibilities for financial statements is
given on page 44 of this report.
16
(b)
(c)
(d)
2,267,333
293,572
479,839
83,049
1,973,761
396,790
647,439
2,080
684,040
-
Add: Un-appropriated
profit brought forward
Transfer
Profit available for
distribution
2,623,280
1,080,830
Less: Appropriations
Interim dividend paid
Cash dividend (600%)
1,346,317
134,632
67,316
(e)
(f)
(g)
(h)
(i)
168,290
Total Appropriation
1,514,607
Un-appropriated profit C/F 1,108,673
201,948
878,882
Reserves
Tax- holiday reserve of Tk. 2,079,756 has
been created on tax exempted income up
to 31 December 2006 of Company's taxholiday units in terms of section 45 and
46A of Income Tax Ordinance 1984.
During the year, the reserve has been
transferred to retained earnings as the
terms and conditions of the tax holiday
reserve have been fulfilled.
The total Reserves of the Company stood
at Tk. 292.85 million, details of which are
given in Notes 12 and in the Statement of
Changes in Equity in the Financial
Statements.
Events subsequent to Balance Sheet
No events have occurred since the balance
sheet date, which would require
adjustment or disclosure in the financial
statements.
Statutory Payments
The Directors, to the best of their
knowledge and belief, are satisfied that all
statutory payments in relation to
employees and the Government have been
made up to date.
Share Information
The distribution of shareholding, market
value of shares and record of scrip issues
are given on pages 80 and 81 of this report.
Earnings per share, dividend per share
and net assets per share are shown in the
financial highlights section on page 5 of
the annual report.
Directors
Name of the Directors of the Company
and their biographical details are shown
on pages 10 to 12.
Recommendations for Re-election
In accordance with Article 68 of Articles of
Association of the Company the Board of
Directors appointed Mr Gelmart M.
Gellecanao, Vice President, Singer Asia
Limited, Mohammad Sanaullah,
Corporate Affairs Director and Mr. Akram
Uddin Ahmed, Controller as Directors on
August 20, 2010, as such, they hold office
up to the next Annual General Meeting.
Approval of shareholders is sought for the
re-appointment of Mr Gelmart M.
Gellecanao, Mohammad Sanaullah and
Mr. Akram Uddin Ahmed as Director of
the Company.
17
Appointment of Auditors
Pursuant to section 210 of the Companies
Act 1994, the Company's Statutory
Auditors Messrs. Rahman Rahman Huq,
Chartered Accountants retires at the 31st
Annual General Meeting as auditors of the
Company.
The retiring Auditors are eligible for
reappointment and have expressed their
willingness to continue in office.
The Directors endorsed recommendation
of the Audit Committee for the reappointment of Messer's Rahman Rahman
and Huq, Chartered Accountants as the
Auditors of the Company for the year 2011
at a fee of Taka 225,000 plus VAT.
Human Resources
As a part of commitment to have a well
trained work force, the Company has
given more stress to develop management
skills to suit today's business environment.
Various training programs and workshops
were carried out during the year.
Industrial relations, an important
ingredient to productivity was also
excellent throughout the year.
Going Concern
The Board of Directors has reviewed the
Company's business plan and is satisfied
that the Company has adequate resources
to continue its operations in the
foreseeable future. Accordingly the
Financial Statements are prepared based
on the going concern concept.
Compliance with Laws and Regulations
The Company was not engaged in any
activities contravening the laws and
regulations. All those responsible for
ensuring compliance with the provisions
in various laws and regulations did so
within the stipulated time.
Environmental Protection
A. M. Hamim Rahmatullah
Managing Director
Mohammad Sanaullah
Company Secretary
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Status of compliance with the conditions imposed by the Commission's Notification No. SEC/CMRRCD/2006-158/Admin/02-08
dated 20th February 2006 issued under section 2CC of Securities and Exchange Ordinance 1969:
Explanation for
non-compliance
Condition
No
Title
1.1
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Complied
1.4(e)
Complied
1.4(d)
Complied
Books of Accounts
(maintenance of proper books of accounts)
1.4(c)
Complied
1.4(b)
Complied
1.4(a)
Complied
1.3
Complied
Complied
1.4(f)
Complied
1.4(g)
1.4(h)
Complied
Complied
1.4(i)
Declaration of Dividend
Complied
1.4(j)
1.4(k)
Complied
3.00
Complied
2.2
Complied
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(disclosing aggregate number of shares)
2.1
1.2(ii)
Compliance status
Boards Size
(number of Directors - minimum 5 and maximum 20)
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Complied
Audit Committee
(should have an audit committee as a
sub-committee of the Board of Directors)
20
Complied
21
Annexure-II
The pattern of shareholding
Status
Name of Shareholders
Shares Held
Shares Held
at 01 Jan 10
at 31 Dec 10
1,234,124
Explanation for
non-compliance
Condition
No
3.1(i)
Title
Composition of Audit Committee
(should be composed of at least three members)
3.1(ii)
Compliance status
Complied
3.1(iii)
3.3.1(i)
448,607
Chairman
62
62
Managing Director
10
10
Director
73
73
Mr. C. K. Hyder
Director
Director
Director
17
17
Director
283
283
43
43
13
13
14
14
120
40
40
1,234,124
Complied
iii) Executives
Mr. Mokbul Ahmed
Complied
Complied
Singer Bhold B. V.
55%
1,234,124
20%
448,607
3.3.1(ii)(a)
Not Applicable
3.3.1(ii)(b
Complied
3.3.1(ii)(c)
Not Applicable
Annexure -III
3.3.1(ii)(d
Not Applicable
person/alternates
12
12
12
12
12
11
Mr. C. K. Hyder
12
11
12
12
12
12
12
4.00(I)
4.00(ii)
Complied
Complied
4.00(vii)
Complied
Actuarial Services
(none by the external/statutory auditor)
4.00(vi)
Complied
Broker-dealer Services
(none by the external/statutory auditor)
4.00(v)
Complied
4.00(iv)
Complied
4.00(iii)
Not Applicable
Complied
448,607
Board Meeting and attendance during the year ended 31 December 2010
3.4
448,607
3.3.2
22
1,234,124
3.2(i)
Complied
Singer Bhold B. V.
Complied
Meeting held
No. of meetings
while a member
attended
Mr. C. K. Hyder
23
24
Market Performance
Singer Bangladesh always strives to
maintain the lead position in the market in
which it operates. The year under review
is no such exception. The Company
performed extremely well in the white and
brown goods categories particularly in the
Refrigerator, Color Television and Air
Conditioner market.
Distribution Channels
Singer Bangladesh markets products
through two distinct channels its own
retail chain shops SINGER PLUS and the
Dealer Channel. In the year under review
the Company opened 15 new Singer Plus
Shops in different parts of the country.
Brown Goods
Singer, Samsung and Haier are the three
main brands in the Brown Goods category
which the company offers to its consumers.
Color Televisions of all kinds, Audio, DVD
Players and Home Theatre Systems are the
main products under this category.
White Goods
Singer Bangladesh markets five brands,
Kitchen Appliance
Motorcycle
Emphasis was also given in the marketing
of LCD Television to grow market share in
the LCD segment.
The Company registered a growth of
18.56% in the Color Television in the year
under review.
In 2010 the company extended
its motor cycle line up by
introducing a stylish 125 cc
capacity motor bike.
Chief Executive Officer's Review | Singer Bangladesh Limited | Annual Report 2010
25
Sewing Machines
26
Singer Plus
Singer Shop was re-branded into Singer
Plus during the year 2006 as part of the
Company's on-going strategy. Singer
Bangladesh's goal is to transform Singer
Plus Shop as one of the leading electronic
and appliance retailer in the Asia-Pacific
region. For attainment of this goal
adequate trained manpower is required to
run the Singer Plus Shop.
Development of human resources at the
field level continued in 2010 under the
banner of Singer Retail Academy (SRA)
which is joint initiative with Graff Retail, a
Canadian human resource consultancy
company specializing in the retail
industry.
Dealers
The total number of dealers marketing
Singer Cables along with other Consumer
Electronics and Home Appliances was 310
in 2010.
Hello Singer Call Centre
Hello Singer, the first retail store customer
helpline in Bangladesh was set up by
Singer Bangladesh. The Hello Singer Call
Centre service is available from 9 am to 8
pm six days a week.
In 2010 the Singer Call Centre greeted
numerous customers who purchased
Singer and its multi brand and inquired
about level of satisfaction with the
product, service, and staff behavior. Their
feedback helped us in improving the
quality of services.
The company also provided information
on product, price, location special
promotion etc. to prospective customers
who rang at Hello Singer Call Centre.
Extended Warranty
Singer Bangladesh offers consumers the
option of extending the prevailing
warranty for almost all products by two
years. Consumers purchase this by paying
a nominal fee.
Customer Protection Plan
Annual Report 2010 | Singer Bangladesh Limited | Chief Executive Officer's Review
A. M. Hamim Rahmatullah
Managing Director & CEO
Our Resources
Singer is a heritage company
which blends with many
senior & junior employees in
term of age & experience.
Energetic & fresh bloods
match with wisdom of the
older employees' hence
strategic plan and its
operation gets a new phase in
acceleration. Our Management
is acting as bottom to the top
flow. Idea sharing is the most
common feature to the open
end Management. On the
other hand it can be
considered as consultation
with employees.
27
2009
10
33
54
702
799
12
32
57
655
756
Manufacturing
Production
Employees
Drivers
Other Staffs
Other Grades
Shop Manager
Total
13
36
63
624
736
2007
11
35
59
576
681
2006
11
32
54
516
613
2008
10
33
54
97
86
42
55
183
205
13
45
263
Employee's Development
Your company is committed to the
development of its employees for the
benefit of the Company and the
individual. A wide range of training and
development opportunities are made
available as Singer Management is very
much interested in training &
development of the employees. In case of
employee training and development,
employees are imparted proper training
and knowledge which in turn help them to
perform their task well and with
maximum efficiency. During the year of
2010 the company has arranged various inhouse & external trainings both at home
and abroad.
Training session and attendee of 2010 can
be summarized as follows:
256
799
Category
Training at abroad
External
Training at Home
In-house training
Training
session
Attendee
12
24
124
529
28
29
2500
2000
1500
1000
500
0
0
2006 2007 2008 2009 2010
Accounting Policies
Gross Profit
Non-operating Income
Revenue
After the year of slow growth in 2009 the
company recorded net revenue with a
growth of 9.97 % on year basis. The
revenue for the year was Taka 4,829.02
million as compared to Taka 4,391.26
million in 2009 reflecting a decent growth.
The revenue could have been recognized
more than what was reported. But due to a
recent change in method of payment of
VAT, sales from appliance, particularly
CBU units, were reduced by around 12%.
In compliance with latest VAT rules SBL
opted for rebate system resulting in
decrease in net sales value which in turn
reduced reported sales. If SBL had not
been subject to or affected by recent
changes the sales would have been
reported higher than the amount what was
reported. As a result, the sales growth has
been reported to be lower than actual
achievement.
Operating Profit
The operating profit was increased to Taka
498.17 million in 2010 from Taka 414.29
million in 2009. With the growth of gross
profit and efficiency through various costs
improvement measures, as implemented
by management, in managing operating
expenses the company achieved growth of
operating profit by 20.25% over previous
year 2009. Due to effective monitoring the
percentage of operating expenses
decreased to 15.19% in 2010 as opposed to
15.64% in 2009 which contributed to the
growth operating profit for the year under
review.
30
31
Operating Expenses
Operating expenses of the
Company increased from Taka
686.98 million in 2009 to Taka
733.36 million in 2010. The
increase in operating expenses
was 6.75% which is the below
the growth of revenue due to
constant efforts for efficiency
measures as put in place by
the management. The increase
was on account of rising
promotional expenses, shop
operating expenses and other
some operating expenses. The
management was always
vigilant to cling on to period
expenses' growth below the
prevailing inflation rate. In
addition, regular and effective
various control measures was
placed to effectively monitor
Trade and other receivables
which eventually helped to
reduce the exposure of
provision for bad and
doubtful debts by 19.7%. This
reduction in provision of bad
and doubtful debts has
contributed improvement in
operating expenses.
Income Tax
Interest Expenses
Tk. Million
200
150
100
50
0
2010
2006 2007 2008 2009
Interest Expenses
As a consequence of short term
investments and repayment of short &
long term borrowing there was significant
interest income which compensated fully
interest expenses for the year under
review. The short term investments and
liquidity for repayment of entire
borrowings was managed from the sales
proceeds of disposal of ILFSL shares. As a
result, interest expense significantly
decreased by 101.73% in 2010 and it came
down to appear as interest income of Taka
2.18 million in 2010 from interest expenses
of Taka 125.99 million in 2009. Lower
utilization of borrowing as a result of
better inventory management and sound
monitoring of Hire Receivable also
contributed to lower interest expenses in
2010 compared to 2009. The lower
utilization of borrowing was largely
contributed by significant cash flow from
disposal of shares of associate company. In
addition, better interest rates were
negotiated while arranging borrowing
facilities from banks.
2000
Current Assets
Non-Current Liabilities
Total Assets
The total assets of the Company increased
by Taka 1,929.69 million in a combination
of the current assets that increased
considerably by Taka 2,070.43 and noncurrent assets that decreased by Taka
140.74 million. The increase of total assets
was 88.13% in 2010 over the previous year.
This increase was mainly due to increase
in inventories, investment in short term
deposits and cash and cash equivalents.
Total Equity
Current Liabilities
Current liabilities of the
Company significantly
decreased from Taka 673.99
million in 2009 to Taka 574.23
million in 2010. The decrease
was mainly due to repayment
of borrowings and lower
utilization of the same.
Operating Cash Flow
Operating cash flow before
interest expenses and
payment of tax was
significantly decreased from
Taka 1,158.19 million in 2009
to Taka 128.60 million in 2010.
Net operating cash out inflow
of the Company was Taka
30.91 million in 2010 which is
significantly decreased as
compared with cash inflow of
Taka 970.26 million in 2009.
Non-Current Assets
1500
1000
500
0
2006 2007 2008 2009 2010
Shareholders' Equity
Tk. Million
3500
3000
2500
2000
1500
1000
500
0
2006 2007 2008 2009 2010
32
33
600
1500
400
1200
900
200
600
0
2006 2007 2008 2009 2010
300
0
2006 2007 2008 2009 2010
Dividend Paid
Tk. Million
1600
1200
60
800
48
400
36
24
2006 2007 2008 2009 2010
12
0
2006 2007 2008 2009 2010
34
Board Meetings
There is an annual cycle of Board meetings
which is designed to address, in a systematic
way, strategy, investment policy, borrowings,
treasury matters, marketing, revenue, dividend
matter and communication with shareholders.
The Board considers that it meets regularly to
discharge its duties effectively. The annexure-III
shows the attendance record for the Board
meeting held during the year.
There is extensive staff participation in decisionmaking at all levels of the Company and
strategic recommendations on material matters
flow to the Board for decision.
Board Independance
In selecting Directors, the Company always
looks for individuals who possess business
experience, strong inter personal skills and
independence of thought and perspective. Mr.
C. K. Hyder and Mr. Akhtar Imam, out of a
Board of eleven, are Independent Directors.
They are considered by the Board to be
independent of the Company and the
management and free of any business or other
relationship that could interfere with the
exercise of their independent judgment.
Throughout the year, both of them have
satisfied the criteria of independent thought and
judgment. The Board believes their experience
and knowledge enables them to provide both
effective and a constructive contribution to the
Board.
35
Board Committees
The Board has established
Committees to assist it in
exercising its authority; including
monitoring the performance of the
business to gain assurance that
progress is being made towards
the Corporate Objective within the
limits imposed by the Board. The
Board Committees are the Audit
Committee, the Remuneration
Committee and the Nomination
Committee.
Each of the Committees has Terms
of Reference under which
authority is delegated by the
Board. The Company Secretary
provides secretarial services for
each of the Committees.
Committee meeting agendas,
papers and minutes are made
available to all members.
Audit Committee
The company's control
mechanism is overseen by the
Board's Audit Committee which
comprises of one Executive
Director and two Non- Executive
Directors of the Company. The
Chairman of the Audit Committee
is a non-executive Independent
Director. Mr C. K. Hyder, member
of the Board, is Chairman of the
Audit Committee. His long career
with Metropolitan Chamber of
Commerce and Industry, Dhaka
(MCCI) and Bangladesh
Employers' Federation and
extensive experience which has
been of great benefit to the
Company over the years. His
presence on the Audit Committee
is seen as strength.
36
Nomination Committee
To adhere a good corporate governance
practice in the Company, during the year the
Board of Directors also established the
Nomination Committee with an objective to
discharge the responsibilities of the Board of
Directors for proposing candidates for
appointment to the Board, having regard to the
balance and structure of the Board. The
Committee comprises of three Directors,
majority of whom are independent. Mr Gavin J
Walker, member of the Board is the Chairman of
the Nomination Committee. Other members of
the Board who are not members of the
Committee, may be invited to attend the
meeting.
The Nomination Committee will meet as and
when required to consider candidates for
appointment as Directors.
Reporting by the Committees to the Board
Each committee regularly reports on their work
to the Board. The Company can internally
determine the reporting details and schedule.
As a minimum, the report shall include a
summary of the matters addressed and the
measures undertaken by the committee.
Other Committees
Besides the Board committees Management
established other functional committees in order
to operate and look after the day to day
operations. Those committees are:
Management Committee
The day-to-day Management of the Company is
entrusted with the Managing Director and the
Management Committee. The Management
Committee is chaired by the Managing Director
and comprises of eight key senior executives.
The Management Committee, as the Company's
management body, is committed to serving the
interests of the Company and achieving
sustainable growth in Company value. The
members of the Management Committee are
jointly accountable for the entire management
of the Company and decide on the basic issues
of business policy and corporate strategy. The
Committee meets at regular interval to review
the business performance of the Company and
take decisions as deemed appropriate.
Business Development Committee
The main objective of this committee is to
review and analyze the entire gamut of the
business activities and assist the Management
Committee in decision making process.
Inventory Monitoring Committee
Inventory Monitoring Committee monitors the
inventory position of the Company vis--vis
sales and recommends procurement in line with
the corporate plan, sales forecast and stock-intransit. Slow moving and obsolete items are
identified and speedy measures are initiated for
disposal of these inventories.
Responsibilities to Customers
The Company maintains a country wide
marketing network and provides a wide choice
of products and brands to its customers at
competitive prices. Easy payment options are
also available to the customers.
The products sold by the Company are of the
highest quality which is rigorously tested for
quality prior to introduction. The Company
extends a warranty on its products and has
made appropriate provisions to meet the
warranty expenses. It maintains countrywide
network of service centers and franchise agents
to facilitate product repairs. Customer
grievances, if any, are handled promptly and
solutions provided.
Financial Reporting and Transparency
Financial statements have been prepared in line
with the International Accounting
Standards/International applicable in
Bangladesh.
Financial data is circulated as appropriate
within and outside the organization.
Management accounts are distributed to all
Management Committee Members while
product, channel and divisional profitability
statements are distributed to all Key and Senior
Managers as well as Department Heads so that
their observations and comments can be
ascertained.
The timely publication of quarterly, half yearly
and annual financial statements, with
comprehensive details beyond the statutory
requirements, has been a salient feature of the
financial reporting system. The financial
statements included in this annual report have
been audited by Messrs. Rahman Rahman Haq,
Chartered Accountants.
Internal Controls
Directors are responsible for instituting a
system of internal controls to ensure the
effective implementation of all policies and
decisions of the Board.
The Board ensures that the Directors maintain
full and effective control of all significant
strategic, financial, and organizational and
compliance issues.
The Directors have delegated to Management
Committee the responsibility for establishment
and implementation of a system of internal
control appropriate to the business environment
in which it operates.
The Company's internal controls are
highlighted as follows:
.
The definition of the organizational
.
Accounting and financial reporting
Shareholders Relations
The Company encourages
communications with
shareholders throughout the year
and welcomes their participation
at shareholders' meeting. Four
times each year, Singer
Bangladesh Limited reports to its
shareholders regarding its
business, financial position and
earnings. An Annual General
Meeting normally takes place
within the first four months of
each fiscal year. Among other
things, the Annual General
Meeting decides on the
appropriation of net income,
election of the Board members
and the appointment of the
auditors. Amendments to the
Memorandum and Articles of
Association and change the
Company's paid up capital
structure are approved exclusively
at the Annual General Meeting
and are implemented by the
Board.
In addition to information, which
any company is under a legal or
regulatory requirement to publish,
the Company regularly publishes
through the newspapers. The
Company's website at
www.singerbd.com provides
additional Company information
which is updated regularly and
includes company's management,
marketing network, product range
and other information.
Going Concern
The Directors report that, after
making enquiries, they have a
reasonable expectation that the
Company has adequate resources
to continue in operational
existence for the foreseeable
future. For this reason they
continue to adopt the going
concern basis in preparing the
financial statements.
Risk Management
A properly functioning risk management
system is necessary for responsible governance.
The risk management system at Singer
Bangladesh Limited is geared towards meeting
the practical requirements of our business. It is
designed to highlight risks at an early stage and,
where they occur, to help avoid or limit them.
Details are provided in the section entitled
Risk Management on pages 38 to 40.
37
Reporting
Monthly and quarterly reports and other
analytical information are produced
comparing the previous year and with
predetermined performance indicators,
ensuring that the Management Committee
is fully alerted to any risks as promptly as
possible. The Company is implementing a
real time Enterprise Resource Planning
(ERP), system, which will ensure that
comprehensive information is available to
Company decision makers in timely and
assessable fashion. The system will
provide accurate information and also
alert management of possible risks as or
before they arise.
Continuity Assurance
Procedures to ensure business continuity
exist in all major operational units. These
procedures include continuity planning,
product testing and quality control and
provisions for disaster recovery. The
adequacy of these internal controls is
constantly reviewed by the management
of the company as well as Internal Audit
Department and Corporate Audit Team.
Assets Risk
Risks associated with the physical assets of
the Company include their destruction,
loss or theft as well as technical and other
defects. Every such tangible asset is
insured against identifiable risks and the
insurance policies in question reviewed
annually and modification made as
deemed necessary.
Management Information
Information collection and timely
reporting play key roles in risk
monitoring. If this information is
38
Labour Risk
The operational risk category includes
labor-related risks, which are managed
through the operations of a grievance
handling procedures.
Investment Risk
Capital expenditure risk the
risk that capital investments
will not realize the expected
returns and credit risk are
the two aspects of 'transaction
risk'. Capital investment risk is
inherent in regular
infrastructure improvements
as well as, more acutely, in
new product launches and the
creation or acquisition and
building-up of new brands.
Such activities are vital to the
continuance of Singer
Bangladesh Limited as a going
concern. So the Company
proceeds with careful
management of the risks
involved.
This is effected through due
diligence, which determines
whether forecasting is
accurate and budgets can be
met, and which financial,
technological or other factors
may affect a given outcome.
Information is gained through
market surveys. Another way
of dealing with capital
expenditure risk is through
the diversification on the
Company's business into a
number of areas, as at present.
39
Credit Risk
The extension of customer
credit is normal business
practice in the white goods
sector and the Company is no
exception to this rule. It
therefore faces credit risk in
the form of default or delay on
purchase and hire purchase
agreements. The exposure is
particularly high during a
significant economic
downturn or in the wake of
changes in local laws,
unexpected fiscal policy
changes, natural disasters,
security breakdowns and the
like.
This exposure is dealt within
several ways. Shop managers
act as del credere agents,
uudertaking a thorough
appraisal of the customer
before credit is extended.
Credit appraisals of dealers
are undertaken to ascertain
whether they have the
capacity to pay for product
ordered. Details of customers
who have defaulted on
payments are recorded in a
database and a list of those
customers sends to shop
managers whose duty is to
undertake credit evaluations
of customers.
Exchange Rate Risk
Exposure to exchange rate risk
arises from the Company's
transactions with parties
overseas and can impact
negatively on pricing policy.
Exchange rate fluctuations
also affect the translation of
the Company's financial
statements and hence its
results.
40
Other Risks
This final category covers risks arising
from large external factors such as socioeconomic changes, shifts of public opinion,
climate change and the like. Such factors
could impact Company earnings,
reputation and goodwill, affect the returns
from certain product categories or expose
the Company to government regulatory
action that could tarnish its image.
n
Reviewed the
Financial Results
n
Reviewed the quarterly, half yearly
performance of the
external auditors and
made recommendation to
the Board on their
appointment and fees.
n
Reviewed the annual financial
Internal Control
Based on review of the
effectiveness of the internal
controls and the procedures
established for identifying,
assessing and managing risks,
the Committee is of the view
that adequate controls and
procedures are in place to
provide reasonable assurance
that the company's assets are
safeguarded and that the
financial position of the
Companies is adequately
managed.
Recommendation
The Audit Committee
recommended to the Board of
Directors that M/s. Rahman
Rahman Huq, Chartered
Accountants be re-appointed
as auditors for the financial
year ending December 31,
2011 subject to the approval of
the members at the 31st
Annual General Meeting of
the Company.
On behalf of the Audit
Committee
C. K. Hyder
Chairman of the Audit
Committee
Dated, March 15, 2011
41
Financial Reports
Financial Calendar 2010
Annual Report 2009 - Published
10th April 2010
44
A. M . Hamim Rahmatullah
Managing Director
Mohammad Sanaullah
Company Secretary
Dhaka, March 15, 2011
Auditors Report
46
47
48
49
50
51
b)
c)
d)
Assets
Non-current assets:
Property, plant and equipment
Investments
Total non-current assets
2009
Taka
4
5
655,887,492
4,416,700
660,304,192
472,463,387
328,580,882
801,044,269
6
7
8
9
10
1,009,211,317
542,510,111
157,878,215
267,000,000
1,482,168,592
3,458,768,235
4,119,072,427
740,366,128
453,377,365
124,979,073
69,615,459
1,388,338,025
2,189,382,294
11
12
224,386,200
292,851,005
2,623,280,510
3,140,517,715
224,386,200
141,688,010
714,756,256
1,080,830,466
Non-current liabilities:
Term loan
Deferred tax liabilities
Retirement benefit obligations
Other liabilities
Total non-current liabilities
13
14
15
16
40,383,928
43,506,411
320,438,413
404,328,752
80,202,477
6,282,361
41,094,369
306,980,203
434,559,410
17
18
19
529,974,431
3,281,569
40,969,960
574,225,960
978,554,712
4,119,072,427
439,807,282
234,444,603
(259,467)
673,992,418
1,108,551,828
2,189,382,294
Current assets:
Inventories
Trade and other receivables
Advances, deposits and prepayments
Investment in short term deposit
Cash and cash equivalents
Total current assets
Total assets
Current liabilities:
Trade and other payables
Short-term borrowings (secured)
Income tax payable, net
Total current liabilities
Total liabilities
Total equity and liabilities
A. M. Hamim Rahmatullah
Managing Director
Akhtar Imam
Director
Mohammad Sanaullah
Company Secretary
46
2010
Taka
Auditors
Rahman Rahman Huq
Chartered Accountants
47
48
3,140,517,715
2,623,280,510
603,025
224,386,200
Balance as at 31 December 2010
(2,079,756)
Transfer
274,057,038
18,190,942
292,851,005
2,079,756
(2,079,756)
-
(67,315,860)
Payment of final dividend - 2009
(67,315,860)
153,242,751
Other comprehensive income
153,242,751
153,242,751
1,973,760,358
1,973,760,358
Total comprehensive income for the year
1,080,830,466
714,756,256
603,025
18,190,942
2,079,756
Balance as at 31 December 2009
224,386,200
120,814,287
141,688,010
(134,631,720)
(134,631,720)
Payment of interim dividend - 2009
(67,315,860)
(67,315,860)
Payment of final dividend - 2008
396,790,969
396,790,969
-
885,987,077
519,912,867
603,025
18,190,942
Total
Taka
Retained
earnings
Taka
Total
Taka
141,688,010
Auditors
Rahman Rahman Huq
Chartered Accountants
Mohammad Sanaullah
Company Secretary
Akhtar Imam
Director
A. M. Hamim Rahmatullah
Managing Director
120,814,287
176.83
Other
reserves
Taka
879.63
Capital
reserve
Taka
396,790,969
2,079,756
32
153,242,751
2,127,003,109
224,386,200
26
25
Revaluation
reserve
Taka
23
24
4,261,076,215
130,184,466
4,391,260,681
(3,289,986,387)
1,101,274,294
(686,981,460)
414,292,834
(125,988,258)
213,813,279
502,117,855
(22,278,286)
479,839,569
(83,048,600)
396,790,969
Tax holiday
reserve
Taka
22
4,693,875,115
135,142,526
4,829,017,641
(3,597,485,580)
1,231,532,061
(733,357,461)
498,174,600
2,181,148
1,886,310,272
2,386,666,020
(119,333,301)
2,267,332,719
(293,572,361)
1,973,760,358
Share
capital
Taka
20
21
2009
Taka
Particulars
Sales
Earned carrying charges
Turnover
Cost of sales
Gross profit
Operating expenses
Profit from operations
Interest income/(expense)
Non-operating income:
Profit for the year
Contribution to Workers' Profit Participation Fund (WPPF)
Profit before tax
Provision for tax
Net profit for the year
Other comprehensive income:
Gain on revaluation of property, plant and equipment
Total comprehensive income
2010
Taka
Reserves
Notes
49
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
1.
2010
2009
Taka
Taka
Reporting entity
1.1
Company profile
Singer Bangladesh Limited (the "Company") was incorporated as a private limited company on 4
September 1979 under Companies Act 1913. It was converted into a public limited company in 1983 when it
offered its shares to the public with the requisite permission from the Government. It has been a direct
subsidiary of The Singer Bhold BV, The Netherlands since 2003. The shares of the Company are publicly
traded in Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited. The address of the
registered office is 39 Dilkusha Commercial Area, Dhaka-1000, Bangladesh.
1.2
Nature of business
Principal activities of the Company throughout the year were manufacturing of colour television, motor
cycle, electric cables and marketing of televisions, motor cycles, refrigerators, air-conditioners, sewing
machines, electric cables and other consumer electronics and household appliances.
4,721,264,086
4,586,764,147
(4,570,384,567)
(3,417,214,975)
1,081,148
(128,909,434)
(22,278,286)
(11,361,849)
(98,775,903)
(59,012,992)
30,906,478
970,264,897
2.
Basis of preparation
2.1
The following Bangladesh Accounting Standards (BAS)/BFRS have been newly adopted while preparing
these financial statements to ensure compliance with standards which are effective from 2010.
(36,473,903)
(39,482,533)
(267,000,000)
100,000
17,077,500
2,048,607,518
208,157,870
1,565,459
1,062,212
1,746,799,074
186,815,049
(80,202,477)
(47,011,829)
(231,163,034)
(954,393,948)
(53,786,908)
(161,570,187)
(365,152,419)
(1,162,975,964)
Payment of dividend
Statement of compliance
These financial statements have been prepared on going concern basis in accordance with Bangladesh
Financial Reporting Standards (BFRS), the Companies Act 1994, the Securities and Exchange Rules 1987
and other applicable laws and regulations.
1,412,553,133
(5,896,018)
69,615,459
75,511,477
1,482,168,592
69,615,459
2.2
Date of authorisation
The board of directors has authorised these financial statements on 15 March, 2011.
2.3
Basis of measurement
These financial statements have been prepared on going concern basis under the historical cost convention
as modified to include the revaluation of land and building under property, plant and equipment, initial
recognition of financial instruments at fair value and the gratuity scheme which was measured based on
actuarial valuation.
2.4
2.5
50
51
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
Note 6
Note 7.2
Note 14
Note 17
Note 26
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
Inventory valuation
Bad debt provision
Deferred tax liabilities
Trade and other payables
Provision for tax
(a)
3.3
2.6
3.
Reporting period
The financial period of the Company covers one year from 1 January to 31 December.
3.3.2
Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying
amount of the item if it is probable that the future economic benefits embodied within the part will
flow to the Company and its cost can be measured reliably. The costs of the day-to-day servicing of
property, plant and equipment are recognised in the profit and loss account as incurred.
3.3.3
Depreciation
Singer Bangladesh Limited uses the reducing balance method to depreciate each item of property,
plant and equipment. Using this convention, full year depreciation is charged when the asset is
placed in service regardless of which month the asset is placed in service. In case of disposals, no
depreciation is charged during the year of its disposal.
3.2
Foreign currency
Foreign currencies are converted into Taka at the rates ruling on the transaction dates. Monetary assets and
liabilities are reconverted at the rates prevailing at the balance sheet date. Non-monetary assets and
liabilities are reported using the exchange rate at the date of transaction. Differences arising on conversion
are charged or credited to the profit and loss account.
Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability
or equity instrument of another entity.
3.2.1
Financial assets
The company initially recognises receivables and deposits on the date that they are originated. All
other financial assets are recognised initially on the date at which the company becomes a party to
the contractual provisions of the transaction.
No depreciation is charged on land and capital work in progress. The rates of depreciation,
applied on reducing balance method, for the current and comparative years are as follows:
The company derecognises a financial asset when the contractual rights or probabilities of
receiving the cash flows from the asset expire, or it transfers the rights to receive the contractual
cash flows on the financial asset in a transaction in which substantially all the risks and rewards of
ownership of the financial asset are transferred.
Building-Office
Building-Factory
Leasehold improvements
Plant and machinery
Motor vehicles
Furniture and fixtures
Equipment and tools
Financial assets include cash and cash equivalents, accounts receivable, and long term receivables
and deposits.
(a)
(b)
3.2.2
Payables
The company recognises a financial liability when its contractual obligations arising from past
events are certain and the settlement of which is expected to result in an outflow from the
company of resources embodying economic benefits.
3.4
2010
10%
20%
10%
20%
20%
10%
20%
2009
10%
20%
10%
20%
20%
10%
20%
Investments
Investments include both investment in associate, International Leasing and Financial Services Ltd. (ILFSL)
and investment in Central Depository Bangladesh Ltd. (CDBL).
Associate is an entity in which the entity has significant influence, but not control, over formulating the
financial and operating policies. Significant influence is presumed to exist when the entity holds between 20
and 50 percent of the voting power of another entity. Singer Bangladesh Ltd. was holding 35.57% of share
capital of ILFSL up to August 2010, ILFSL thus became an associate. The Company has disposed off all the
shares held in ILFSL as at 20 July 2010. Investment in associate was accounted for using equity method up
to the prior year and is recognised initially at cost. The carrying amount is increased or decreased to
recognise the investor's share of profit or loss of the investee after the date of acquisition. Parallaly, the
investor's share of profit and loss of the investee is recognised in the investor's profit or loss. Dividend
received from an investee reduce the carrying amount of the investment.
Investment in CDBL is recorded at cost which represents insignificant holding.
Financial liabilities include finance lease obligations, loans and borrowings, accounts payables and
other payables.
52
53
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
3.5
3.6
Inventories
Inventories are measured at lower of cost and estimated net realisable value. The cost of inventories is
measured by using weighted average cost formula and includes expenditure incurred for acquiring the
inventories, production or conversion costs and other costs in bringing them to their existing location and
condition. Net realisable value is the estimated selling price in the ordinary course of business less the
estimated cost of completion and selling expenses.
be applied to the temporary differences when they reverse, based on the laws that have been
enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset
if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to
income taxes levied by the same tax authority on the same taxable entity. The deferred tax
asset/income or liability/expense does not create a legal obligation to, or recoverability from, the
income tax authority.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be
available against which the deductible temporary difference can be utilised. Deferred tax assets are
reviewed at each reporting date and are reduced to the extent that it is no longer probable that the
related tax benefit will be realised.
Impairment
The carrying value of the Company's assets other than inventories, are reviewed at each balance sheet date
to determine whether there is any indication of impairment. If any such indication exists, the asset's
recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of the
asset or its cash-generating unit exceeds its recoverable amount. Impairment losses, if any, are recognised in
the profit and loss account.
3.7
Trade receivables
Trade and other receivables are initially recognised at nominal value which is the fair value of the
consideration given in return. After initial recognition these are carried at nominal value less impairment
losses due to uncollectibility of any amount so recognised.
3.8
3.9
3.10
Provisions
A provision is recognised in the balance sheet when the Company has a legal or constructive obligation as a
result of past event, it is probable that an outflow of economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation.
3.11
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
3.10.1
Royalty
Royalty is payable to the Singer Asia Limited @ 4% on the net invoice price of sale of audio-video
sets (television only), motor cycles and electric cables assembled and manufactured in Bangladesh.
3.10.2
Warranty costs
These are recognised based on actual units sold multiplied by standard unit cost worked out on
the average of last three years' actual warranty costs.
3.12
3.13
Employee benefit
The Company maintains both defined contribution plan (provident fund) and defined benefit plan (gratuity
fund) for its eligible permanent employees. The eligibility is determined according to the terms and
conditions set forth in the respective trust deeds.
3.13.1
3.13.3
3.11.2
54
Current tax
The Company qualifies as a Publicly Traded Company. The applicable tax rate for the company
is 27.5%. However, the effective rate of taxation is 24.75% considering 10% tax rebate for declaring
dividend of more than 20% of the paid up capital. Provision for taxation has been made on this
basis which is compliant with the Finance Act 2010.
Deferred tax
Deferred tax is recognised using the balance sheet method, providing for temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and
amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to
Income tax
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the profit and
loss account.
3.11.1
3.14
Revenue recognition
3.14.1
Hire sale
Revenue from the sale of goods is measured at the fair value of the consideration received or
receivable, net of returns and allowances and trade discounts. Revenue is recognised when
significant risks and rewards of ownership have been transferred to the buyer, recovery of
55
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
consideration is probable, the associated costs and possible return of goods can be estimated
reliably, there is no continuing management involvement with the goods, and the amount of
revenue can be measured reliably. This usually occurs at the time of delivery of goods along with
invoice.
Accordingly, revenue ordinarily is recognised at the time a transaction is completed. The charge to
cover interest on unrealised installments are taken to income as earned carrying charges after the
installments are received/collected.
3.14.2
3.14.3
3.15
Cable
Revenue from the sale of goods is measured at the fair value of the consideration received or
receivable, net of returns and allowances and trade discounts. Such revenue is recognised when
cables are delivered to dealers and customers.
Extended warranty
Revenue from the sale of separately priced extended warranty and product maintenance contracts
is deferred and generally recognised in income on a straight-line basis. Costs that are directly
related to the acquisition of those contracts are deferred and charged to expense in proportion to
the revenue recognised.
Finance expenses
Finance expenses comprise interest expense on term loan, overdraft, and bank charges. Interest income
from fixed deposit and from saving or current account is net off with finance expenses. All finance expenses
are recognised in the profit and loss account.
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
4
a)
3.17
3.18
3.19
Cost
Cost
Disposal/
Addition
transfer
As at
As at
during
during 31 December 1 January
the year
the year
2010
2010
Taka
Taka
Taka
Taka
As at
1 January
2010
Taka
Particulars
Land
Building-Office
Building-Factory
Leasehold improvements:
Office
Shops
b)
3.16
25,488,545
35,349,739
85,949,108
100,000
-
25,588,545
35,349,739
85,949,108
13,454,136
439,637
166,873,504 17,374,786
180,327,640 17,814,423
13,893,773
184,248,290
198,142,063
128,910,455
45,697,114 6,504,834 (3,075,000)
18,609,596
496,243
99,542,904 10,489,154 (799,312)
619,875,101 35,404,654 (3,874,312)
14,195,532
60,881,237
2,115,421
5,013,574
- 25,588,545
16,310,953 19,038,786
65,894,811 20,054,297
6,126,075
776,770
70,054,553 11,419,374
76,180,628 12,196,144
6,902,845 6,990,928
81,473,927 102,774,363
88,376,772 109,765,291
35,586,730
18,733,389
10,284,936
45,171,413
284,223,387
Revaluation
As at
1 January
2010
Taka
Particulars
Land
Addition
during
the year
Taka
Revaluation
Disposal/
transfer
As at
As at
during 31 December 1 January
the year
2010
2010
Taka
Taka
Taka
Depreciation
Written
Disposal/
down value
transfer
As at
as at
during 31 December 31 December
the year
2010
2010
Taka
Taka
Taka
Charged
during
the year
Taka
142,134,455
79,637,000
221,771,455
221,771,455
113,689,433
113,689,433
113,689,433
142,134,455
193,326,433
335,460,888
335,460,888
As at 31 December
2010 (a+b)
655,887,492
As at 31 December
2009 (note 4.2)
472,463,387
Building
Sub-total (b)
The revaluation in 2010 was performed by Asian Surveyors Ltd following current cost accounting method.
Property, plant and equipment at cost and revaluation:
Depreciation charged during the year has been allocated to cost of sales (Note 21) and operating expenses (Note 22) of Tk.
18,021,784 and Tk. 27,319,008 respectively.
4.1
Leasehold improvement
Equipment and tools
Enterprise resource planning (hardware portion)
56
Depreciation
Written
Disposal/
down value
Charged
transfer
As at
as at
during
during 31 December 31 December
the year
the year
2010
2010
Taka
Taka
Taka
Taka
Balance
as at
1 Jan 2010
Taka
Addition
during
the year
Taka
Transferred
to property,
plant and
equipment
Taka
Balance
as at
31 Dec 2010
Taka
6,572,383
28,561,584
35,133,967
12,294,501
3,435,784
6,589,172
22,319,457
(17,814,423)
(3,435,784)
(21,250,207)
1,052,461
35,150,756
36,203,217
57
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
5.
4.2
Investments
2010
Taka
Cost
Depreciation
Disposal/
Particulars
Investment in International Leasing and Financial Services Ltd (ILFSL) (Note 5.1)
Investment in Central Depository Bangladesh Ltd (CDBL)
Cost
Written
Disposal/
As at
Addition
transfer
1 January
during
during
As at
2009
the year
the year
2009
Taka
Taka
Taka
Taka
As at
down value
Charged
transfer
during
during
2009
the year
the year
2009
2009
Taka
Taka
Taka
Taka
Taka
31 December 1 January
As at
25,488,545
25,488,545
Building-Office
35,349,739
35,349,739
11,845,065
2,350,467
14,195,532 21,154,207
5.1
Building-Factory
85,949,108
85,949,108
54,614,269
6,266,968
60,881,237 25,067,871
12,696,342
1,020,230
(262,436)
13,454,136
5,561,432
814,229
(249,586)
145,512,736 21,360,768
70,054,553 96,818,951
(249,586)
76,180,628 104,147,012
6.
158,209,078 22,380,998
Plant and machinery
134,039,338
(262,436) 180,327,640
64,858,324 11,571,890
6,126,075
(5,128,883) 128,910,455
84,427,043 44,483,412
28,051,208 17,645,906
47,438,896
(1,741,782)
45,697,114
24,668,079
18,659,373
116,814
(166,591)
18,609,596
6,564,346
99,542,904
4,411,477 (1,028,348)
1,214,607
882,376,107
619,073,264
62,340,437
82,183,719
144,524,156
13,433,906
1,040,334,169
(31,122,852)
1,009,211,317
88,624,381
48,017,381
136,641,762
3,998,394
759,713,420
(19,347,292)
740,366,128
Inventories
7,328,061
Motor vehicles
327,580,882
1,000,000
328,580,882
During the year the entire investment has been disposed off.
Finished goods
Raw materials:
In hand
In transit
25,488,545
Leasehold improvements:
Office
4,416,700
4,416,700
As at
31 December 31 December
Land
Shops
2009
Taka
(100,821)
7,678,132 10,931,464
53,266,356 46,276,548
Work-in-process
Provision for obsolescence of inventories
In view of innumerable items of inventory and diversified units of measurement, it is not feasible to disclose
quantities against each item.
b)
35,133,967
- 35,133,967
Revaluation
Particulars
7.
As at
1 January
2009
Addition
during
the year
Taka
Taka
Revaluation
Disposal/
transfer
As at
As at
during 31 December 1 January
the year
2009
2009
Taka
Taka
Depreciation
Written
Disposal/
down value
transfer
As at
as at
during 31 December 31 December
the year
2009
2009
Charged
during
the year
Taka
Taka
Taka
Taka
Taka
Land
142,134,455
142,134,455
142,134,455
Sub-total (b)
142,134,455
142,134,455
142,134,455
472,463,387
716,824,382
(254,155,542)
462,668,840
(22,634,044)
440,034,796
70,555,149
14,595,997
(13,495,235)
71,655,911
5,589,687
27,129,717
(1,900,000)
542,510,111
684,280,919
(257,880,262)
426,400,657
(21,045,391)
405,355,266
42,979,452
10,800,690
(14,025,969)
39,754,173
8,267,926
453,377,365
As at 31 December
2009 (a+b)
4.2.1
7.1(a)
Transferred
Leaseholds improvement
Enterprise resource planning (hardware portion)
58
Balance
Addition
to property,
Balance
as at
during
plant and
as at
1 Jan 2009
the year
equipment
31 Dec 2009
Taka
Taka
Taka
Taka
8,783,279
4,219,103
(6,429,999)
6,572,383
20,589,761
11,880,861
(3,909,038)
28,561,584
29,373,040
16,099,964
(10,339,037)
35,133,967
2010
Taka
2009
Taka
293,082,959
232,928,588
141,806,395
46,686,110
2,320,330
716,824,382
285,938,552
220,338,151
132,034,451
42,551,873
3,417,892
684,280,919
59
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
2010
Taka
7.1(b)
Secured-considered doubtful:
i) Aggregate amount due by Managing and other Directors of the Company
ii) Aggregate amount due by managers and other staffs of the Company
iii) Aggregate amount due by associate undertakings
iv) Maximum amount of debts due by managers and other staff of the Company
7.2
8.1.
716,824,382
684,280,919
35,071,360
23,961,125
59,032,485
(21,003,206)
38,029,279
2009
Taka
400,000,000
400,000,000
256,700
1,025,800
223,103,700
224,386,200
256,700
1,025,800
223,103,700
224,386,200
1,234,124
448,607
561,131
2,243,862
1,234,124
448,607
561,131
2,243,862
Share capital
Authorised:
4,000,000 ordinary shares of Tk 100 each
Issued, subscribed and paid up:
2,567 ordinary shares of Tk 100 each issued for cash
10,258 ordinary shares of Tk 100 each issued for consideration other than cash
2,231,037 ordinary shares of Tk 100 each issued as fully paid-up bonus shares
26,561,468
29,847,884
56,409,352
(21,337,992)
35,071,360
12,830,469
320,000
523,991
26,892,037
40,566,497
11,528,251
105,783,467
157,878,215
8,045,988
440,000
106,136
1,815,642
10,407,766
10,505,251
104,066,056
124,979,073
Value in Taka
2010
2009
26,887,685
4,352
26,892,037
1,810,371
5,271
1,815,642
89,000,000
89,000,000
89,000,000
267,000,000
334,515
122,413,515
1,308,847,425
50,573,137
1,482,168,592
234,022
37,818,114
31,563,323
69,615,459
55
55
123,412,400
123,412,400
20
25
100
20
25
100
44,860,700
56,113,100
224,386,200
44,860,700
56,113,100
224,386,200
60
485,231,312
178,004,216
663,235,528
21,045,391
Advance to others
L/C margins, charges and insurance against traded goods
Postage franking machine
10.
503,377,503
190,812,835
694,190,338
22,634,044
2010
Taka
9.
11.
8.
2009
Taka
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
12.
Number of holders
2010
2009
8,371
135
5
3
1
1
1
1
8,518
4,169
72
2
7
2
3
1
1
4,257
5.60
4.35
0.70
3.89
2.22
8.24
20.00
55.00
100.00
370,178
232,847
274,057,038
18,190,942
292,851,005
2,079,756
370,178
232,847
120,814,287
18,190,942
141,688,010
Reserves
Tax holiday reserve (Note 12.1)
Non-remittable special capital reserve (Note 12.2)
Non-distributable special reserve (Note 12.3)
Revaluation reserve (Note 12.4)
Capital reserve (Note 12.5)
61
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
12.1.
12.2.
12.3.
12.4.
12.5.
13.
Capital reserve
This represents capital gain on disposal of factory land and building in Chittagong in 2003.
2009
Taka
Current account
Dividend account:
Opening balance
Addition during the year
Closing balance
Blocked account
(26,025,631)
32,307,992
6,282,361
(9,412,247)
(7,702,906)
(10,767,836)
(1,588,426)
(29,471,415)
(8,680,162)
(4,788,455)
(10,170,856)
(2,386,158)
(26,025,631)
8,451,490
61,403,853
69,855,343
10,987,824
21,320,168
32,307,992
The amounts of deferred tax assets and liabilities have been netted off as permitted by BAS 12.
Retirement benefit obligations
Opening balance
Provision for the year
Payments during the year
Closing balance
41,094,369
8,750,000
49,844,369
(6,337,958)
43,506,411
46,108,821
7,000,000
53,108,821
(12,014,452)
41,094,369
(78)
(78)
306,500,291
13,458,210
319,958,501
479,990
320,438,413
266,125,661
40,374,630
306,500,291
479,990
306,980,203
All the above balances are due to Singer Bhold B.V., The Netherlands-Bangladesh Management and not remittable as
per directives of Bangladesh Bank and will be utilised for such purposes as are considered appropriate and
authorised.
As per directive of Bangladesh Bank, the balance of Taka 479,990 against the capital gain on sale of land created in
the year 1990, is required to be shown under a blocked account.
Trade and other payables
Royalty (Note 3.10.1)
For supplies (Note 17.1)
For expenses (Note 17.2)
For other finance (Note 17.3)
17.1.
17.2.
37,526,906
67,026,625
245,507,239
179,913,661
529,974,431
40,331,708
66,456,235
152,200,209
180,819,130
439,807,282
58,945,227
2,521,750
5,559,648
67,026,625
59,338,638
2,927,822
4,189,775
66,456,235
28,642,759
119,333,301
14,681,482
6,417,882
2,200,000
37,738,522
2,907,535
1,078,459
7,527,687
1,637,000
2,625,000
225,000
5,161,769
61,865
15,268,978
245,507,239
43,149,939
22,278,286
52,001
21,248,954
9,641,044
3,300,000
23,287,815
2,707,535
661,259
8,869,225
1,327,831
2,250,000
225,000
1,249,673
91,640
11,860,007
152,200,209
For supplies
Accounts payable - trade
Construction of building/decoration etc.
Freight and carriage and technicians bills payable
14.2.
(29,471,415)
69,855,343
40,383,928
2009
Taka
Other liabilities
14.1.
62
16.
17.
Term loan
The term loan has been fully repaid during 2010.
15.
2010
Taka
Revaluation reserve
This represents the difference between book value and revalued value of land and building. In 2010, all the
freehold lands and building of the company were revalued by independent professional valuers.
2010
Taka
14.
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
For expenses
Advertisement and sales promotion
Workers' profit participation fund allocation
Reserve for allowable loss
Performance awards
Warranty expenses
Interest
Reserve for early closing of hire sales
Collecting commission
Car maintenance, telephone, etc
Selling commission
Professional and technical fees
Utilities
Audit fee - statutory
Salary and benefits
Postage and stationery
Shop rent
63
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
17.3
18.
2010
Taka
2009
Taka
88,542,116
22,643,626
55,874,610
4,944,543
5,589,670
500,469
1,780,226
38,401
179,913,661
81,344,244
19,392,662
39,896,435
4,468,489
8,025,778
26,838,845
820,336
32,341
180,819,130
3,281,569
3,281,569
191,375,652
43,068,951
234,444,603
These overdrafts are secured by collateralisation of hypothecation of Company's inventory, plant and machinery and
receivables.
19.
2010
Taka
21.
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
(259,467)
(258,325,052)
(258,584,519)
269,928,484
29,625,995
40,969,960
(22,921,795)
(59,012,992)
(81,934,787)
81,675,320
(259,467)
Cost of Sales
Opening stock of raw materials
Purchased during the year
Closing stock of raw materials
Raw materials consumption (Note 21.1)
Depreciation (Note 4)
Factory salaries and wages
Freight and carriage
Consumable stores
Repairs and maintenance
Bonus
Employee benefits and recreation
Gratuity
Utilities
Conveyance and travelling
Contribution to provident fund
Rates and taxes
Fuel and car maintenance
Insurance
Stationery
Postage
Miscellaneous expenses
The closing balance represents income tax payable, net of advance income tax (AIT) paid during the year.
20.
Refrigerator
Television
Motor cycle
Sewing machine
Air conditioner
Fan
Microwave and electric oven
IPS
Electric iron
Washing machine
Radio cassette recorder
DVD player
Kitchen appliances
Mobile phone
Rice cooker
Pressure cooker
Voltage stabilizer
Gas burner
Computer
Electric kettle
Emergency light
Vacuum cleaner
Water heater
Ceramic heater
Generator
Cables
Others
64
Turnover
2,375,955,495
1,041,584,915
60,256,501
155,770,153
371,560,754
64,954,273
48,321,079
179,849,598
11,292,395
17,205,734
251,676
12,755,753
9,834,245
95,991
10,739,486
244,895
5,696,596
1,959,955
122,818,585
4,048,681
36,484
109,714
1,462,375
384,586
186,049
320,317,802
11,323,871
4,829,017,641
2,265,500,626
878,522,601
123,849,922
103,385,754
329,693,842
18,337,828
41,404,722
93,799,544
13,213,468
18,890,472
822,764
15,296,493
8,909,908
35,099
35,810,102
6,560,057
2,898,895
87,936,609
3,884,739
583,385
121,020
1,440,208
1,074,583
4,400,665
313,453,087
21,434,288
4,391,260,681
2009
Taka
Opening work-in-process
Closing work-in-process
Cost of production
Opening stock of finished goods (Note 21.2)
Purchase/production of finished goods
Closing stock of finished goods (Note 21.2)
Cost of sales
21.1.
136,641,762
639,798,423
(144,524,156)
631,916,029
194,137,142
695,109,748
(136,641,762)
752,605,128
18,021,784
29,478,747
25,669,379
3,633,369
2,005,244
2,792,188
3,185,126
1,950,000
2,517,599
442,628
1,460,376
73,997
1,024,233
555,967
21,413
3,011
44,256
92,879,317
724,795,346
21,878,757
31,641,458
32,298,858
4,024,810
1,388,203
2,783,103
2,878,608
1,820,000
2,097,196
322,678
1,482,657
242,980
856,422
1,374,497
18,431
50,525
105,159,183
857,764,311
3,998,394
(13,433,906)
715,359,834
619,073,264
3,145,428,589
(882,376,107)
3,597,485,580
14,927,142
(3,998,394)
868,693,059
1,035,258,427
2,005,108,165
(619,073,264)
3,289,986,387
Imported
Television
Motor cycle
Cable
Others
Locally procured
Sewing machine
Television
Cable
Balance as at
1 January
2010
Taka
Purchase
during
2010
Taka
Balance as at
31 December
2010
Taka
Consumption
in 2010
Taka
7,516,375
697,224
62,957,013
48,017,381
119,187,993
300,003,476
25,680,507
173,491,115
68,332,676
567,507,774
27,536,146
71,403
15,410,135
82,183,719
125,201,403
279,983,705
26,306,328
221,037,993
34,166,338
561,494,364
3,924,644
11,943,927
1,585,198
17,453,769
136,641,762
59,196,417
8,205,292
4,888,940
72,290,649
639,798,423
714,387
15,472,502
3,135,864
19,322,753
144,524,156
62,406,674
4,676,717
3,338,274
70,421,665
631,916,029
65
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
2010
Taka
21.2.
22.1.
40,830,854
487,863,689
133,091,242
1,737,946
14,080,793
20,711,485
15,032,323
2,089,281
9,945,864
527,928
51,845,308
2,971,509
5,599,082
642,294
471,928
7,196,685
196,889
28,711,774
798,196
36,071,707
1,222,227
188,027
296,477
3,100,512
192,276
3,208,680
11,237,404
2,513,729
882,376,107
35,175,747
240,889,586
121,480,095
3,596,260
42,683,628
18,952,144
13,310,982
2,307,806
6,022,051
2,310,133
26,505,452
3,328,048
4,799,810
2,038,091
471,529
5,291,619
391,225
33,937,597
459,956
39,776,159
843,036
568,047
440,269
5,049,070
306,972
2,835,484
5,302,468
619,073,264
Operating expenses
Advertisement and sales promotion
Shop operating expenses
Salaries and wages
Rent, tax and occupancy
Depreciation (Note 4)
Provision for bad and doubtful debts
Office administration
Selling and collecting commission
Travelling
Royalty (Notes 3.10.1 and 22.2)
Warranty
Directors' fee and remuneration (Note 22.1)
Repairs and maintenance
Bank charge
Insurance
Professional and technical fees and expenses (Note 22.3)
Fuel and car maintenance
Entertainment
Dues and subscription
Audit fee-statutory
66
2009
Taka
22.
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
175,490,381
125,452,638
110,281,794
74,610,265
27,319,008
23,961,125
25,020,180
27,897,898
15,172,931
37,526,906
45,325,355
6,718,202
20,862,460
6,789,592
4,279,361
2,256,373
2,592,795
1,358,769
216,429
225,000
733,357,461
157,930,050
111,756,294
100,928,604
71,441,140
26,626,641
29,847,884
26,355,435
32,288,887
13,259,533
40,331,708
39,370,625
8,082,634
14,633,673
6,146,267
3,596,985
1,368,974
1,416,454
1,075,810
298,862
225,000
686,981,460
21,741,890
2,975,928
12,809,088
37,526,906
23,548,723
4,279,943
12,503,042
40,331,708
1,613,373
627,000
16,000
2,256,373
726,974
627,000
15,000
1,368,974
8,434,581
(5,613,680)
(639,753)
2,181,148
(120,122,562)
(6,632,813)
767,117
(125,988,258)
85,901,196
1,800,409,076
1,886,310,272
73,629
140,183,644
213,813,279
Interest income/(expense)
Interest income/(expense)
Interest on security deposits of shop managers, agents and others
Foreign exchange gain/(loss)
24.
3,204,775
2,591,063
1,112,207
1,025,939
148,650
8,082,634
23.
3,526,800
681,878
1,235,526
1,063,998
210,000
6,718,202
Royalty
Audio-video sets (Television)
Motor cycle
Cable
22.3.
2009
Taka
22.2.
2010
Taka
Non-operating Income
Share of income of associate company (Note 24.1)
Other income (Note 24.2)
24.1.
24.2.
Other income
This represents following items of income from other operations, not directly connected with principal
activities of the Company:
Sale of scrapped inventories, etc.
Gain from disposal of bonus shares of ILFSL
Gain from disposal of shares of ILFSL
Gain/(loss) on sale of discarded fixed assets (annexure 1)
5,340,302
1,794,538,752
530,022
1,800,409,076
6,171,435
134,960,035
(947,826)
140,183,644
67
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
25.
28.
26.
27.
269,928,484
29,625,995
(5,982,118)
293,572,361
Contingent Liabilities
Letters of credit
Particulars of contingent liabilities
81,675,320
1,373,280
83,048,600
Segment reporting
Segment information is presented in respect of company's business segments. The primary format, business
segments, is based on company's management and internal reporting structure. Singer Bangladesh Ltd comprises
the following main business segments:
Appliance/electronics
Taka
Consolidated
Taka
86,695,327
6,756,587
7,016,721
(ii)
(iii)
9,103,793
608,108,409
3,056,651
96,768,699
(v)
(vi)
No credit facilities of general nature (other than trade credit in ordinary course of business) under any contract were
obtained or made available to the Company.
Business Segments
Particulars
592,248,029
Letter of Credit
Cables:
It includes manufacturing of electric cables and marketing of various types of domestic and power cables.
2010
Cables
Taka
2009
Taka
(i)
(iv)
Appliance/electronics:
Principal activities of appliance/electronics segment are to assemble colour television and motor cycles and
marketing of colour television, motor cycles, refrigerators, air conditioners, sewing machines and other consumer
durables and household appliances.
2010
Taka
Appliance/electronics
Taka
2009
Cables
Taka
Consolidated
Taka
29.
Capacity utilisation
Production capacity of various industrial units of the Company for the year 2010 was as under:
Turnover:
Sales
Earned carrying charge
Total
4,373,557,313
135,142,526
4,508,699,839
320,317,802
320,317,802
4,693,875,115
135,142,526
4,829,017,641
3,947,623,128
130,184,466
4,077,807,594
313,453,087
313,453,087
4,261,076,215
130,184,466
4,391,260,681
Segment assets:
Inventories
948,519,638
Trade and other receivables 479,562,605
Other current assets
1,872,827,613
Total assets
3,300,909,856
60,691,679
60,697,617
33,187,514
154,576,810
1,009,211,317
540,260,222
1,906,015,127
3,455,486,666
635,849,206
430,039,573
161,353,313
1,227,242,092
104,516,922
23,337,792
33,500,686
161,355,400
740,366,128
453,377,365
194,853,999
1,388,597,492
Units
Unit
Colour television
Motorcycle
Cables
30.
Segment liabilities:
Term loan
Other non-current liabilities 376,190,617
Current liabilities
322,698,809
Total liabilities
698,889,426
248,246,151
248,246,151
376,190,617
570,944,960
947,135,577
59,119,477
354,356,933
359,913,351
773,389,761
21,083,000
314,338,534
335,421,534
80,202,477
354,356,933
674,251,885
1,108,811,295
826,665,629
171,834,139
998,499,768
649,487,448
147,656,075
797,143,523
(108,183,233)
(342,612,275)
655,887,493
(242,283,333)
407,204,115
(82,396,803)
65,259,272
(324,680,136)
472,463,387
592,236,587
63,650,906
35,000
7,000
44,670,000
43,346
555
10,666,127
(8,346)
6,445
34,003,873
Number of employees
68
Production
The number of employees engaged for the whole year or part thereof who received a total remuneration of Taka
36,000 and above were 799 (2009 : 756).
31.
Capital expenditure:
Property, plant and
equipment (at cost)
Number
Number
Meter
Capacity
Under/(over)
utilisation
Taka
36,298,537
33,321,348
Equivalent US$
520,409
479,237
69
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
2010
Taka
32.
2009
Taka
32.2.
Domestic
Other regions
1,973,760,358
2,243,862
879.63
396,790,969
2,243,862
176.83
Wholesale customers
Retail customers
Other
542,510,111
542,510,111
453,377,365
453,377,365
71,655,911
442,284,685
28,569,515
542,510,111
39,754,173
405,355,266
8,267,926
453,377,365
Credit risks
Liquidity risks
Market risk
Credit risk
Credit risk is the risk of a financial loss to the company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the company's receivables from direct customers, dealers
and other parties.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit
evaluations are performed for all customers requiring credit over a certain amount. The home appliance products
are sold under hire purchase agreements and the sale of cables is under the ordinary credit terms.
The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statement
of financial position.
34.1.
542,510,111
1,482,168,592
2,024,678,703
453,377,365
69,615,459
522,992,824
The maximum exposure to credit risk for loans and receivables at the reporting date by geographic region
was:
70
2009
Taka
The maximum exposure to credit risk for loans and receivables at the reporting date by type of
counterparty was:
34
2010
Taka
33
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
Impairment loss
Trade receivable is assessed at each date of statement of financial position to determine whether there is
objective evidence that it is impaired. Trade receivable is impaired if objective evidence indicates that a loss
event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on
the estimated future cash flows of that asset that can be estimated reliably.
Objective evidence that financial assets are impaired can include default or delinquency by a debtor,
indications that a debtor or issuer will enter bankruptcy, etc. Accordingly, 100% provision is made over the
amount outstanding (after considering security deposits) from customers, dealers and other debtors. For
receivables from customers, dealers and other debtors, bad debt provision is made after analyzing the
recoverability of the amount from the concerned parties. The provision for doubtful debts is written off
when it is prove that the debts is not recoverable at all.
The aging of receivables at the reporting date was:
Gross
Taka
2010
Impairment
Taka
Gross
Taka
2009
Impairment
Taka
712,825,196
34,367,589
53,016,055
29,254,716
5,231,376
834,694,931
(13,644,479)
(20,276,696)
(4,108,104)
(38,029,279)
421,520,475
14,532,302
27,775,072
15,563,039
9,057,837
488,448,725
(10,450,484)
(15,563,039)
(9,057,837)
(35,071,360)
The movement in the allowance for impairment in respect of receivables during the year was as follows:
Balance at 1 January
Allowance recognised for the period
Allowance written off for the period
Reversal of allowance for the period
Balance at 31 December
2010
Taka
2009
Taka
35,071,360
24,739,583
(21,781,664)
38,029,279
26,561,468
29,847,884
(21,337,992)
35,071,360
71
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
35.
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The
Company's approach to managing liquidity (cash and cash equivalents) is to ensure, as far as possible, that it will
always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without
incurring unacceptable losses or risking damage to the Company's reputation. Typically, the Company ensures that
it has sufficient cash and cash equivalents to meet expected operational expenses, including financial obligations
through preparation of the cash flow forecast prepared based on the basis of payment of the financial obligation and
accordingly arrange for sufficient liquidity/fund to make the expected payment within due date. Moreover, the
Company seeks to maintain short term lines of credit with scheduled commercial banks to ensure payment of
obligations in the event that there is insufficient cash to make the required payment. The requirement is determined
in advance through cash flow projections and credit lines with banks are negotiated accordingly.
Contractual
6 months
6-12
amount
cash flows
or less
months
1-2 years
2-5 years
5 years
Taka
Taka
Taka
Taka
Taka
Taka
Taka
More than
3,281,569
3,281,569
3,281,569
529,974,431 492,447,525
37,526,906
533,256,000 495,729,094
37,526,906
As at 31 December 2010
Non-derivative financial liabilities:
Bank overdraft
Secured bank loans
Trade and other payables
529,974,431
533,256,000
200,944,435 200,944,435
123,271,428
175,085,577
27,941,286
33,702,245
42,751,500
70,690,546
439,807,282
439,807,282 399,475,574
40,331,708
815,837,294 628,361,295
74,033,953
42,751,500
70,690,546
754,454,362
36.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the
company's income or the value of its holdings of financial instruments. The objective of market risk management is
to manage and control market risk exposures within acceptable parameters.
The Company is exposed to normal business risks from changes in market interest rates and currency rates and from
non-performance of contractual obligations by counterparties. The Company does not hold or issue derivative
financial instruments for speculative business.
36.1.
72
462,668,840
426,400,657
462,668,840
426,400,657
123,271,428
123,271,428
3,281,569
107,779,001
111,060,570
191,375,652
97,974,115
289,349,767
As at 31 December 2009
Bank overdraft
2009
Taka
The following are the contractual maturities of financial liabilities, including estimated interest payments:
Carrying
2010
Taka
36.1.1
31 December 2010
Other variable rate liabilities
Cash flow sensitivity
Profit or loss
10 bp increase
10 bp decrease
Taka
Taka
538,895
538,895
(538,895)
(538,895)
Equity
10 bp increase
10 bp decrease
Taka
Taka
538,895
538,895
(538,895)
(538,895)
489,870
489,870
(489,870)
(489,870)
10 bp increase
Taka
Equity
10 bp decrease
Taka
489,870
489,870
(489,870)
(489,870)
73
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
36.2.
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
As at 31 December, the Company was exposed to foreign currency risk in respect of financial liabilities
denominated in the following currencies:
2010
US Dollars
2009
US Dollars
619,385
553,770
Exchange rate as at
31 Dec 2010
31 Dec 2009
Taka
Taka
US Dollar
36.2.1
70.75
Profit or loss
10 bp increase
10 bp decrease
Taka
Taka
Expenditures denominated
in USD
Exchange rate sensitivity
31 December 2009
(43,821)
(43,821)
(43,821)
(43,821)
43,821
43,821
Profit or loss
10 bp increase
10 bp decrease
Taka
Taka
10 bp increase
Taka
Equity
10 bp decrease
Taka
(38,354)
(38,354)
38,354
38,354
(38,354)
(38,354)
The fair value of all financial assets and liabilities is taken to approximate the carrying value.
542,510,110
1,482,168,592
2,024,678,702
466,772,756
1,482,168,592
1,948,941,348
453,377,365
69,615,459
522,992,824
412,460,547
69,615,459
482,076,006
529,974,431
3,281,569
533,256,000
N/A*
3,281,569
3,281,569
123,271,428
439,807,282
191,375,652
754,454,362
123,271,428
N/A*
191,375,652
314,647,080
38,354
38,354
Equity
10 bp increase
10 bp decrease
Taka
Taka
43,821
43,821
Expenditures denominated
in USD
Exchange rate sensitivity
74
69.26
31 December 2010
37.
From %
-
2009
To %
-
From %
9%
-
To %
13.50%
-
* Determination of fair value is not required as per the requirements of IFRS 7: Financial Instruments: Disclosures
(ref: Para 29). However, fair value of such instruments is not however likely to be significantly different from the
carrying amounts of such instruments.
38.
Capital Management
Capital management refers to implementing policies and measures to maintain sufficient capital, assessing
company's internal capital adequacy to ensure company's operation as a going concern. Board of directors are
charged with the ultimate responsibility for maintaining a strong capital base so as to maintain investor, creditor and
market confidence and to sustain future development of the business. All major investment and operational
decisions with exposure to certain amount is evaluated and approved by the board. The Board of directors also
monitor the return on capital, which the company defines as result from operating activities divided by total
shareholders equity. The Board of directors also monitor the level of dividends to ordinary shareholders.
75
Notes to the Financial Statements as at and for the Year Ended 31 December 2010
39.
ANNEXURE -1
39.2.
Relationship
Nature of transaction
Parent company
Dividend payment
33,321,348
121,153,410
Subsidiary of
ultimate parent
Royalty payment
36,298,537
13,303,428
-do-
41.
Procurement of sewing
machine
7,365,479
-
42,056,869
22,116,465
Relationship
Nature of transaction
Subsidiary of
ultimate parent
Royalty payment
Procurement of products
Procurement of products
(37,526,906)
258,257
(40,331,708)
240,634
Year of
Original
Accumulated
Net book
Sale
Mode of
purchase
cost
depreciation
value
value
disposal
Taka
Taka
Taka
Taka
Equipment
Water Heaters (2 nos)
1995
15,000
13,908
1,092
1,092
Adjustment
2005
29,888
18,832
11,056
11,056
Adjustment
2007
33,094
16,150
16,944
16,944
Adjustment
2007
47,777
23,315
24,462
24,462
Adjustment
2007
24,984
12,192
12,792
12,792
Adjustment
2008
27,593
9,934
17,659
17,659
Adjustment
2000
34,457
28,801
5,656
5,656
Adjustment
Water Heater
2000
6,750
5,642
1,108
1,108
Adjustment
Water Heater
2006
3,471
1,960
1,511
1,511
Adjustment
2006
33,567
18,959
14,608
14,608
Adjustment
2009
30,078
6,016
24,062
24,062
Adjustment
2009
6,109
1,222
4,887
4,887
Adjustment
Split AC SAS-18L20DGA
2009
30,078
6,016
24,062
24,062
Adjustment
Split AC SAS-24L20DGA
2009
40,799
8,160
32,639
32,639
Adjustment
CE-1031LATB
2009
12,418
2,484
9,934
9,934
Adjustment
HRF0BTN-GD
2009
43,500
8,700
34,800
34,800
Adjustment
CTV SF 21U6
2005
11,117
7,005
4,112
4,112
Adjustment
2003
28,767
21,079
7,688
9,688
Negotiation
2005
23,860
15,034
8,826
10,826
Negotiation
1993
93,000
88,107
4,893
7,500
Negotiation
Split AC 18000BTU
2000
57,414
47,990
9,424
10,000
Negotiation
2001
37,109
29,943
7,166
7,166
Adjustment
Water Heater
2001
3,750
2,898
852
852
Adjustment
1999
38,740
33,335
5,405
5,405
Adjustment
Window AC
1986
51,718
50,839
879
6,400
Negotiation
CTV 21E09
2006
16,629
9,392
7,237
7,000
Negotiation
DVD SV225BVT
2006
3,843
2,171
1,672
2,450
Negotiation
SIPS - 500
2006
13,802
7,795
6,007
10,000
Negotiation
Met Ga 17-3687
2004
1,700,000
1,254,355
445,645
531,787
Quotation
2003
1,375,000
1,086,642
288,358
715,000
Quotation
3,874,312
2,838,876
1,035,436
1,565,458
Motor Vehicle
General
76
41.1.
Figures in these notes and in the annexed financial statements have been rounded off to the nearest Taka.
41.2.
These notes form an integral part of the annexed financial statements and accordingly are to be read in
conjunction therewith.
41.3.
1,035,436
530,022
77
A Decade in Perspective
Taka in Million
2010
2009
Taka
Taka
Turnover-Gross
4,829,017,641
Other Income
1,886,310,273
140,183,644
6,715,327,914
4,716,297,272
3,660,548,304
3,668,849,713
Value Added
3,054,779,610
1,047,447,559
4,576,113,628
208,784,511
208,261,386
20
767,398,597
25
267,901,547
26
5,708,442
125,988,258
12
53,786,908
134,631,720
13
To Government
Income Tax, Duties & Value Added Tax
To Banks and other Lenders
Interest & Bank Charges on Borrowings
To Suppliers of Capital
Dividends to Shareholders
Retained for Reinvestment and Future Growth
Depreciation
Retained Profits
45,340,793
48,505,399
1,973,760,359
65
262,159,249
25
3,054,779,610
100
1,047,447,559
100
2009
20
25
25
12
Dividends to Shareholders
13
Depreciation
65
25
2010
100
80
60
40
Retained Profits
20
0
2010
78
2009
2008
2007
2006
2005
2004
2003
2002
2001
4,829.02 4,391.26 4,436.13 3,556.41 2,547.87 1,708.74 1,396.22 1,269.80 1343.94 1243.33
2,267.33 414.29
357.48 255.62
200.72 100.57 106.77 156.44 173.54 177.16
2,267.33 479.84
242.80 139.22
133.81
76.37 101.91 165.51 155.87 161.65
293.57
83.05
62.80
37.40
17.16
27.90
22.54
36.22
22.13 44.94
1,973.76 396.79
180.00 101.82
116.65
48.41
79.37 129.28 136.87 116.71
167.01
34.84
0
26.44
228.29
130.79
34.84
0
19.02
184.65
118.12
33.84
0
18.86
170.82
140.82 147.24
33.84 33.84
0
0
0
0
174.66 181.08
Current Assets
Current Liabilities
Net Current Assets
659.89
397.53
262.36
579.83
267.87
311.96
518.86 545.23
217.18 282.65
301.68 262.58
767.03
78.11
266.41
0
683.40
53.08
256.97
0
566.49
47.29
253.65
0
447.01
0
231.71
0
482.78
0
208.5
0
476.34 443.66
0
0
189.30 156.07
0
0
43.51
41.09
3,140.52 1,080.83
46.11
885.98
49.53
372.98
44.01
329.34
36.24
229.31
28.14
187.16
22.06
252.22
20.12 16.26
266.92 271.33
224.39 224.39
18.79
18.56
274.06 120.81
2,623.28 717.07
3,140.52 1,080.83
224.39
18.56
120.81
522.22
885.98
166.21
18.19
26.98
161.60
372.98
166.21
18.19
26.98
117.96
329.34
166.21
18.19
26.98
17.93
229.31
166.21
18.19
0
2.76
187.16
166.21
18.19
0
67.82
252.22
166.21 166.21
19.32 19.32
0
0
81.39
85.8
266.92 271.33
Financial Analysis
Profitability
Operating Profit to Turnover (%)
Net Income to Turnover (%)
Annual Sales Growth (%)
Earning per Share - Taka
Net Assets per Share - Taka
Return on Average Net Assets (%)
Return on Shareholders' Equity (%)
46.95
40.87
9.97
879.63
1,399.58
55.68
62.85
9.43
9.04
-1.01
176.83
481.67
26.18
36.71
8.06
4.06
24.74
80.22
394.84
13.53
20.32
7.19
2.86
39.58
61.26
224.40
13.27
27.30
7.88
4.58
49.11
70.18
198.15
17.07
35.42
5.89
2.83
22.38
29.13
137.96
8.55
21.11
7.65
5.68
9.96
47.75
112.60
17.76
42.41
12.32
10.18
(5.52)
77.78
151.75
26.78
51.26
12.91 14.25
10.18
9.39
8.09 10.17
82.35 70.22
160.59 163.25
28.73 26.31
51.28 43.01
Dividends
Amount - Taka
Rate (%)
Effective Dividend Rate (%)
1,514.63
675.002
76.74
201.95
90.00
50.90
67.32
30.00
37.40
58.17
35.00
57.13
58.17
35.001
49.87
49.86
30.00
103.00
132.97
80.00
167.53
124.66
75.00
96.42
141.28 124.66
85.00 75.00
103.22 106.81
2010
Others
Market Price per Share at year end (Taka)
Market Citalization (Taka)
Price Earning Ratio (Times)
Current Ratio (Times)
Debt Equity Ratio (%)
655.89
4.42
0.00
0.00
660.31
472.46
328.58
0.00
0.00
801.04
483.49
345.13
0.00
0.00
828.62
327.07
84.75
7.69
0.00
419.51
304.73
86.00
10.18
26.64
427.55
2009
Stock dividend
79
Share Information
1. General
Authorised Share Capital
Tk. 400,000,000
Year ended
Tk. 224,386,200
31st December
1983
1983
256,700
Public Issue
10,258
1,025,800
Total Issue
12,825
1,282,500
1984
Bonus
1:1
12,825
1,282,500
1986
Bonus
5:3
15,390
1,539,000
1988
Bonus
1:1
41,040
4,104,000
1991
Bonus
1:1
82,080
8,208,000
1992
Bonus
1:1
164,160
16,416,000
1993
Bonus
2:1
164,160
16,416,000
31 December 2010
1994
Bonus
2:1
246,240
24,624,000
Non- Resident
1995
Bonus
2:1
369,360
36,936,000
1996
Bonus
2:1
554,040
55,404,000
2007
Bonus
20:7
581,742
58,174,200
2,243,862
224,386,200
No. of Shareholders : 31st December 2010 - 8,518 nos. (31st December 2009 - 4,257 nos.)
No. of
held
Share-
No. of
No. of
Shares
Share-
Share-
No. of
No. of
Shares
Share-
No. of
Shares
holders
holders
-
8,371
253,114
11.28
154,366
6.88
135
154,366
6.88
35,891
1.60
35,891
1.60
3.89
41,749
1.86
41,749
1.86
2.22
33,030
1.47
33,030
1.47
42,981
1.91
42,981
1.91
184,962
8.24
20.00
500
4,169
125,774
5.60
8,371
5000
72
97,645
4.35
135
5001
10000
15,644
0.70
10001
20000
87,224
20001
30000
49,882
30001
40000
40001
50000
50001
100000
Total
253,114 11.28
1
501
Over
Shares
No. of
holders
holders
100001
No. of
1000000
448,607
20.00
448,607
20.00
448,607
1000000
1,234,124
55.00
1,234,124
55.00
1,234,124
55.00
2,243,862 100.00
8,516
561,131 25.00
1,682,731
75.00
8,518
2,243,862
100.00
Total
4,257
31 December 2009
Categories of
No. of Shares
Taka
2,567
Resident
Share Capital
No. of Shares
The issued Ordinary Shares of Singer Bangladesh Limited are listed with the Dhaka and Chittagong Stock Exchanges Limited.
No. of Shares
Basis
01 January 2010
Issue
Brands
31 December 2010
No. of Shares
No. of Shareholders
4,140
380,388
8,238
No. of Shareholders
Shares
Individuals
307,076
Institutions
1,936,786
117
1,863,474
280
2,243,862
4,257
2,243,862
8,518
4.
Dividends
Cash Dividend (proposed)
600%
75%
2010
Taka
80
2009
Date
Taka
7,900.00
5th December
2,970.00
2,830.00
3rd January
1,590.00
7,169.00
30th December
2,792.00
81
Singer
Retail Distribution Network
Bagerhat
Jailkhana Road
Bandarban
Bandarban
Barisal
Bibir Pukurpar
Shahid Minar
Gournadi
Bhola
Sadar Road
Bogra
Cantonment
Dhupchachia
Fultola
Sonatola
Fulbari
Bogra
Sherpur
Gabtoli
Shantahar
Shatanibari
Nandigram
Borguna
Sadar Road
Brahmanbaria
Akhaura
Brahmanbaria
T. A. Road
Chandpur
Chandpur
Hajigonj
Chapainawabgonj
Chapainawabgonj
Shibgonj
Rohonpur
Chittagong
New Chaktai
Nashirabad
Halisahar
Baddarhat
Bandartila
Colnelhat
Chandraghona
Anwara
Chalk Bazar
Kalamia Bazar
Fatikchari
Hathazari
Sadarghat
Kulgaon
Bariarhat
Kazirhat
Laldighi
Shatkania
Mirrersharai
Bhatiary
Chandgaon
Raozan
82
Shitakunda
Momin Road
Patiya
Najumiahat
Sk. Mujib Road
Alanker More
Lohagora
Chuadanga
Alamdanga
Chuadanga
Comilla
Moghaltuly
Chaddagram
Laksham
Daudkandi
Paduar Bazar
Muradnagar
Chandina
Cox's Bazar
Chokoria
Cox's Bazar
Eidgaon Bazar
Chokoria
Teknaf
Dhaka
Doyagonj
Tanti Bazar
Ashulia
Zirabo Bazar
Azimpur Road
Badda
Bangla Motor
Bongshal
Manikdi
Demra
Dhamrai
Jhikatala
Dohar
Faridabad
Gulistan
Gulshan-1
Jatrabari
Shanirakra
Kalabagan
Keraniganj
Hasnabad
Abdullapur
Ruhitpur
Khilgaon
Khilkhet
Lalbagh
Malibagh
Middle Badda
Shaymoli
Sewrapara
Rupnagar
Ibrahimpur
Mirpur-10
Mirpur-1
Moghbazar
Mohakhali
Mohammadpur
Nikunjo
Nowabgonj
Pallabi
Kuril
Dogor Mora, Savar
Bazar Road, Savar
Baipail, Savar
Hemayetpur, Savar
Zirani, Savar
Bashabo
Mugdapara
Tejgaon
Dakkhinkhan
Uttara
Sonargaon Janapath
Dinajpur
Goneshtola
Birampur
Phulbari
Birgonj
Parbatipur
Suihari
Sujapur
Shetabgonj
Faridpur
Faridpur
Bhanga
Niltuli
Boalmari
Munshigang
Munshigang
Tungibari
Rampal
Shirajdikhan
Sreenagar
Patuakhali
Sadar Road
Jhinaidah
Jhinaidah
Kaligonj
Moheshpur
Mymensingh
Mymensingh
Fulpur
Kachi Jhuli
Fulbaria
Masterbari
Muktagacha
Valuka
Trishal
Rajbari
Sajjan Kanda
Joypurhat
Akkelpur
Joypurhat
Khagrachari
Khagrachari
Khulna
Khan-A-Sabur Road
Rupsha
Fultola
Paikgacha
Daulatpur
Shibbari More
Kishoregonj
Bhairab Bazar
Station Road
Naogaon
Mohadebpur
Chalkdeb
Potnitola
Niamatpur
Narail
Narail
Narayanganj
Bangabandhu Road
Fatulla
Bandor
Modonpur
Siddirgonj
Pagla
Sonargaon
Feni
Chagolnaiya
Dagonbhuiyan
Feni
Kurigram
Nageswari
Kurigram
Gaibandha
Gobindagonj
Gaibandha
Palasbari
Kushtia
Bheramara
Purbo Mojompur
Kushtia
Kumarkhali
Narshingdi
Rupganj
Monohordi
Madhabdi
Station Road
Palash
Lalmonirhat
Lalmonirhat
Patgram
Natore
Doyarampur
Kanaikhali
Laxmipur
Laxmipur
Raipur
Netrokona
Netrokona
Gazipur
Joydevpur
Mawna Chowrasta
Konabari
Joydebpur Chowrasta
Kaligong
Kapasia
Mirrerbazar
Shafipur
Kaliakore
Boardbazar
Tongi
Gopalgonj
Gopalgonj
Habiganj
Habiganj
Shayestagonj
Nabigonj
Jalokhati
Jalokhati
Jamalpur
Jamalpur
Bakshigonj
Madaripur
Shibchar
Madaripur
Magura
Magura
Manikgonj
Manikgonj
Singair
Meherpur
Meherpur
Maulavi Bazar
Srimangal
Sherpur
Kulaura
Borlekha
Moulavi Bazar
Madhabpur
Nilphamari
Nilphamari
Syedpur
Noakhali
Ramgonjr
Chowmuhoni
Senbagh
Maijdee
Companygonj
Sonaimuri
Pabna
Ataikula
Aurangazeb Road
Chatmohar
Kashinathpur
Bera
Panchagar
Panchagar
Boda
Pirojpur
Hospital Road
Indurhat
Rajshahi
Patiya
Motiher
Putia
Laxmipur
Mohanpur
Station Road
Shaheb Bazar
Shibgonj
Sirajgonj
Belkuchi
Khalifa Patty
Mukundogati
Patila Patty
S.S Road
Shahjadpur
Ullapara
Narayangong
Kalirbazar
2 No Rail Gate
Shirajgonj
Belkuchi
Shahid Sharawardi Rd.
Ullapara
Station Road
Dhaka
Uttara
Mohakhali
Khilgoan
Badda
Lalbag
Gulshan
Mirpur
Mohammadpur
D.O.H.S
Dhaka Cant.
Tejgoan
Green Road
Moghbazar
Lalbag
Green Road
Mirpur-7
Mohammmadpur
Savar
Jamgora
Nawabpur
Tangi
Sunamganj
Chatak Bazar
Sunamgonj
Munshigong
Pouro Market
Sadar Road
Rangamati
Bono Rupa
Rangpur
Jail Road
Shatibari
Badargonj
Station Road
Satkhira
Polashpole
Kaligonj
Shariatpur
Dakbangla More
Sherpur
Raghunath Bazar
Sylhet
Bishwanath
Modina Market
Darga Mohalla
Beani Bazar
Islampur
Golapgonj
Goalabazar
Biswa Road
Tangail
Victoria Road
Madhupur
Ghatail
Mirzapur
Thakurgaon
College Road
Pirgonj
Gaibandha
New Market
Chittagong
Baroiarhat
Boddarhat
CDA Market
Chawk Bazer
Gulshan Plaza
Jubilee Rd
Kader Plaza
Kaptai
Kassof Market
Keranir Hat
Lohagara
Mushafir Khana
Reajuddin Bazar
Sha Ali Market
United Market
Gazipur
Bhogra
Chowrasta
Natore
Nicha Bazar
Pabna
Hazi Mohashin Road
Shathia
Kashinathpur
Rajshahi
Bhodra
Meapara
Chapai N.Gonj
Madraha Market
Joypurhat
Moshjid Road
Main Road
Kalay
Sadar Road
Moshjid Road
Kalai
Sylhet
Amberkhana
Bishwanath
Bus Stand
College Road
Goalabazar
Hobiganj Rd
Nabiganj
Raza School
Shibganj
Shibganj Bazar
Tajpur
West Shibganj
Zindabazar
Bogra
Dupchachia
Khan Market
M.A.Khan Lane
Alim Mansion
Cantonment
Thana Road
Khan Market
Habib Mansion
Comilla
Mogholtuli
Burichong
Chalkbazar
Laksam
Stadiume Road
Feni
College Road
Mizan Road
Chagalnaya
Chandpur
Mohsin Rd
Stadiume Market
Noakhali
Choumohoni
Bosurhat
Mymensing
Mymensing
Moulvibazar
Kusumbagh
Srimongol Rd.
Kulaura
Somsernagar Road
Central Road
Court Road
West Bazar
Juri
Borolekha
Hobiganj
Nobiganj
Old hospital Rd
Brahmanbaria
Ashuganj
New Cenama Hall Road
Mosjid Market
Kushtia
Al-Amin Market
Rangpur
Lalkuthimore
Rangpur
Naogaon
Park Road
Main Road
Brizer More
Shahin Market
Sunamganj
Jagannathpur
Modhabazar
Sunamganj
83
Gearing
Borrowings
Gross Dividend
Portion of profits inclusive of tax withheld,
distributed to shareholders.
Contingents Liabilities
Market Capitalization
Current Ratio
Current Assets divided by Current Liabilities. A
measure of liquidity.
Deferred Taxation
84
AGENDA
1.
To receive and adopt the Directors' and Auditors' Report and the Audited Accounts of the Company
for the year ended December 31, 2010.
2.
3.
To elect Directors.
4.
Mohammad Sanaullah
Company Secretary
March 22, 2011
Registered Office
39, Dilkusha C/A
Dhaka-1000.
Notes:
l
March 28, 2011 is the record date. Shareholders whose names will appear in the Members' Register of the Company or in the
Revenue Reserves
Reserves considered as being available for
distributions and investments.
Depository Register on that date will be eligible to attend the Annual General Meeting and receive dividend.
l
A member entitled to attend and vote at the Annual General Meeting may appoint a proxy in his stead. The proxy form, duly
stamped with a revenue stamp of Tk. 10 must be deposited at the Registered Office of the Company not later than 48 hours
before the meeting.
Value addition
l
Admission to the hall will be only on production of the attendance slip sent with the notice.
85
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86
Achievements
Revenue
Stamp
of
Tk. 10.00
n
Annual Report for 2009 won the Second
I/We .......................................................................................................................................................................
of ...........................................................................................................................................................................
being a Member of Singer Bangladesh Limited, hereby appoint
Mr./Ms. ...................................................................................................................................................................
of ............................................................................................................................................................................
as my proxy in my/our absence to attend and vote for me/us and on my/our behalf at the 31st Annual General
Meeting of the Company to be held on April 27, 2011 and at any adjournment thereof.
Attendance Slip