aamra annual report 2013 layout.indd

ANNUAL REPORT 2013

C O N T E N T S

4 Vision

6 Transmittal Letter

7 Notice of the 24th Annual General Meeting

8 Corporate Directory

9 Company at a Glance

10 Products and Services

13The Pattern of Shareholding by the Directors & Executives

14 Range of Shareholding

15 Last fi ve Years Financial Summary

16 Board of Directors

17 List of Senior Management

18 Chairman’s Message

22 Managing Director and CEO’s Message

26 Directors Report

42 Corporate Governance

45 Report of the Audit Committee

46 Picture Gallery

52 Auditor’s Report and Financial Statements

58 Notes to the Financial Statements

90 Notes

91 Proxy Form

VISIONRecognizing the fundamental need for eff ective systems integration is what distinguishes the companies of aamra.

Our vision is to empower companies and individuals to access personalized solutions, products and services when, where and how they may choose. We integrate all elements of a system, new and existing, into a single solution that addresses strategic growth, outstanding service, and community involvement.

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aamra technologies limited I ANNUAL REPORT 2013

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Performance is our passionThe motivation that drives us in all business area emerges delivering higher performance products and services to our customers. Combining technological, economic and personal aspects of performance make the diff erence at aamra.

Creating value with aamra recognizes the power that partnership and cooperation have in achieving any goal. We believe that by harnessing the strength of togetherness with all our stakeholders, we will be able to surmount any obstacle in our path and scale new height. Accordingly our products and services are meant to create value of unity in relations to our business partners, shareholders as well as to our employees and society in general.

hhhh that partnership and cooperatio

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Date: November 26, 2013

ToThe shareholders,Bangladesh Securities and Exchange Commission,Registrar of Joint Stock Companies & Firms,Dhaka Stock Exchange LimitedChittagong Stock Exchange Limited

Sub: Annual Report for the year ended June 30, 2013

Dear Sir:We are pleased to enclose a copy of the Annual Report together with the Audited Financial Statements for the year ended June 30, 2013 for your record/necessary action.

Sincerely Yours

Md. Anamul HaqueCompany Secretary

TRA NSMITT AL LETT ER

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NOTICE OF THE 24th

ANNUAL GENERA L MEETINGNotice is hereby given that the 24th Annual General Meeting of aamra technologies limited will be held at Bashundhara Convention Center 2, Bashundhara, Dhaka, on Sunday, December 22, 2013 at 10:00 a.m. to transact the following business:

1. To receive, consider and adopt the Audited Financial Statements of the Company for the year ended June 30, 2013 together with the Reports of the Directors and Auditors thereon.

2. To declare dividend for the year ended June 30, 2013.

3. To elect Directors of the Company as per its Articles of Association.

4. To appoint Auditors for the Financial Year 2014 and fi x their renumeration.

5. To transact any other business with the permission of the Chair.

By order of the Board

Md. Anamul Haque Company Secretary

Dated: November 24, 2013

Notes:

1. November 7, 2013 is scheduled as Record Date. Shareholders whose names will appear on the Register of Members or in the Depository Register on the Record Date will be eligible to attend the meeting and qualify for dividend.

2. A member entitled to attend and vote at the general meeting is also entitled to appoint a proxy to attend the meeting and vote on his/her behalf. The proxy form duly completed, must be affi xed with a revenue stamp of Tk. 10/- and deposited at the registered offi ce no later than 48 hours before the time of holding the meeting.

3. Admission into the meeting room will be allowed upon presenting the attendance slip duly signed by the member/proxy/attorney/representative, as the case may be.

4. Annual Report 2013 is available in the Company Website.

5. No gift or benefi t in cash or kind shall be paid to the holder of equity securities at the AGM as per Bangladesh Securities and Exchange Commission notifi cation No. SEC/SRMI/2000-953/1950 dates 24th October 2000 (c).

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CORPORA TE DIRECTORY

Registered Offi ceBTA Tower (10th Floor),29 Kemal Ataturk AvenueBanani C/A, Dhaka-1213

Business AddressF.R Tower (9th Floor),32 Kemal Ataturk AvenueBanani C/A, Dhaka-1213

Chittagong Offi ceSSFA Estate132 Panchlaish R/AChittagong

AuditorsMasih Muhith Haque & Co.Chartered AccountantsLevel # 13, UTC Building8 PanthopothDhaka-1215

Legal AdviserSyed Ishtiaq Ahmed & AssociatesConcord Ovilash (1st Floor)House – 62, Road – 11ADhanmondi, Dhaka-1205

BankersBank Asia LtdONE Bank LtdThe City Bank LtdDutch Bangla Bank LtdDhaka Bank Ltd

InsurerGreen Delta Insurance Co. Ltd

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COMPANYAT A GLANCE

Company Name : aamra technologies limited

Registered Offi ce : BTA Tower (10th Floor)29 Kemal Ataturk Avenue, Banani C/A, Dhaka-1213

Business Address :F.R Tower (9th Floor), 32 Kemal Ataturk Avenue Banani C/A, Dhaka-1213

Date of Incorporation : On March 14, 1990

Date of Commercial Operation : On March 14, 1990

Legal Status : Public Limited Company

Authorized Share Capital : BDT 1000 million

Paid-Up Share Capital : BDT 503 million

Number of Shareholder : 16,568 (as on 7 November, 2013)

Line of Business :

ATL provides high-tech and customized solutions to address a broad range of IT Business needs. As a complete service solutions company, we address all aspects of a product/project development life cycle, ranging from preliminary analysis and design to programming, hardware and soft ware specifi cation, project implementation, and training. Our team members have extensive experience in the Financial Industry, Manufacturing, and Internet based application services.

Number of Employee : 109 (One Hundred & Nine)

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PRODUCTS AND SERVICESWe are the authorized distributor of the world renowned brands that cater to the Financial Services Industry, Telecommunications Industry, Network Equipment Provider, Internet Service Provider, Independent Software Vendor and Small & Medium Business in Bangladesh. Not only we sell the products but also provide services and our Product & Service Portfolio is given below:

Brand Products Company Origin

Oracle

Servers, Soft ware & Storage Solution

Oracle Corporation U.S.A

VeriFone POS Terminals & NAC VeriFone U.S.A

Finacle

Core Banking Solution Infosys Technologies Ltd. India

NBS

Card Personalization Solutions

NBS Technologies Inc. U.S.A

Thales Host Security Module Thales E-Security Inc. U.S.A

Cisco Network Product Cisco Systems Inc. U.S.A

Juniper Network Product Juniper Networks U.S.A

Microsoft Software Microsoft Corporation U.S.A

CA

Network Management Software

CA Technologies Ltd. U.S.A

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Some of our Clients (by Products)

Diebold: Bank Asia Limited BRAC Bank Limited Cynergon IntelliSys Limited Commercial Bank of Ceylon Dutch Bangla Bank Limited Electronic Transactions Network (ETN) Limited Islami Bank Bangladesh Limited Mutual Trust Bank Limited Networld BD Limited Premier Bank Limited Prime Bank Limited Southeast Bank Limited The City Bank Limited

Oracle-Sun Systems:

Telecommunications Industry: Axiata Limited (Robi) Getco Communication Grameenphone Limited MIR Telecom MnH Telecom National Telecom Pacifi c Bangladesh Telecom Limited (Citycell) Banglalink Telecom Ventures Limited

(Previously Orascom Telecom Ventures Limited) S A Telecommunication System Limited Warid Telecom (Pvt.) Limited

Network Equipment Provider (NEP): Alcatel-Lucent Ericsson AB HUAWEI Motorola Inc, Nokia Siemens Networks (NSN)

Independent Software Vendor (ISV): Comviva Fundamo Interblocks Roamware Sysbase 365 Ushacomm

Financial Service Industry (FSI): Bank Alfalah Limited Bank Asia Limited BRAC Bank Limited Dhaka Bank Limited Dutch Bangla Bank Limited Islami Bank Bangladesh Limited

National Bank Limited Southeast Bank Limited Standard Chartered Bank The City Bank Limited United Commercial Bank Limited

Internet Service Provider (ISP): aamra Networks Limited BRAC BD Mail Network Limited Delta Soft Limited Delta Network Dominox Technologies Limited Global Access Limited Grameen Cyber Net Limited Grameen IT Park Limited System Limited

Education Industry: Independent University of Bangladesh North South University

Other Industries: Alliance TG-Supply Army Head Quarter Bangladesh Bureau of Statistics Bangladesh Petroleum Institute Bangladesh Space Research and Remote Sensing Organization (SPARRSO) Berger Paints Bangladesh Limited OTOBI Limited Proshika Computer System SAARC Meteorological Research Centre Shakti Foundation Shell Bangladesh Exploration and

Development B.V.

Network Solution (Cisco, Juniper, CA): AB Bank Limited Axiata Limited (Robi) BELST (Alap Communication Limited) Berger Paints Bangladesh Limited Citi Bank N.A Grameenphone Limited LankaBangla Securities Limited National Bank Limited Otto International Limited Banglalink Telecom Ventures Limited

(Previously Orascom Telecom Ventures Limited) Pacifi c Bangladesh Telecom Limited (Citycell) Prime Bank Limited Reckitt Benckiser Roamware Shahjalal Islami Bank Limited Southeast Bank Limited Transparency International Bangladesh (TIB) UNDP Bangladesh Unilever Bangladesh

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Finacle Core Banking Solution: BRAC Bank Limited The City Bank Limited

Interblocks Switching Solution: Islami Bank Bangladesh Limited United Commercial Bank Limited

Remittance Solution: BRAC Bank Limited (EL Dorado)

Payment Gateway Solution: BRAC Bank Limited (iPay and iMobile Solution)

Credit Card Management System: Dhaka Bank Limited Islami Bank Bangladesh Limited

Hypercom Point of Sale (POS): American Express Bank BRAC Bank Limited Dutch Bangla Bank Limited EXIM Bank Limited Islami Bank Bangladesh Limited LankaBangla Finance Limited Mutual Trust Bank Limited National Bank Limited Premier Bank Limited Prime Bank Limited The City Bank Limited

Network Access Control (NAC): American Express Bank Limited Bank Alfalah Limited BRAC Bank Limited Dutch Bangla Bank Limited ITCL LankaBangla Finance Limited National Bank Limited Premier Bank Limited Prime Bank Limited

Thales: Bank Alfalah Limited BRAC Bank Limited Electronic Transactions Network Islami Bank Bangladesh Limited LankaBangla Finance Limited Mutual Trust Bank Limited

Premier Bank Limited Prime Bank Limited Standard Chartered Bank Limited The City Bank Limited United Commercial Bank Limited

NBS: BRAC Bank Limited Dhaka Bank Limited Dutch Bangla Bank Limited Electronic Transactions Network IFIC Bank Limited. Islami Bank Bangladesh Limited LankaBangla Finance Limited Mutual Trust Bank Limited Southeast Bank Limited The City Bank Limited United Commercial Bank Limited

Oracle (Software): Islami Bank Bangladesh Limited National Bank Limited Novotel Limited Banglalink Telecom Ventures Limited

(Previously Orascom Telecom Ventures Limited) The City Bank Limited

Microsoft: A.B.S. Safdar & Co. Limited Harpoon Securities Limited SGS Bangladesh Limited

IIG: Accesstel Aftab IT Limited Angel Drops Limited Bangla Phone Limited Bangladesh Internet Exchange Ltd Chittagong Online Limited CTG TEL GramBangla Systems Limited IDS Bangladesh Information Services Network Limited New Generation Graphics Ltd Radiant Communication Ltd Royal Green Online Limited Sadiatec Limited Spark Systems Limited Teletalk Bangladesh Limited ZxOnline Limited aamra Networks Limited

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THE PATT ERN OF SHARE HOLDING BY THE DIRECTORS & EXECUTIVES

Sl No Shareholding Pattern Number of shares held as on 30.06.2013

i) Directors

1 Syed Faruque Ahmed 4,646,074

2 Syed Farhad Ahmed 4,646,074

3 Syeda Amina Ahmed 2,788,780

4 Syeda Farida Ahmed 1,008,201

5 Syeda Munia Ahmed 1,008,201

6 Fahmida Ahmed 1,008,201

7 K.M. Hasan (Independent Director) Nil

ii) Shareholding of Executives Nil

iii) Shareholders who are holding 10% or above shares: Nil

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RA NGE OFSHAREHOLDINGSummary of Shareholders

The distribution schedule of shareholding of aamra technologies limited as on 7th November, 2013 was as presented below.

On the Basis of Share Holders Type:

Group Name No. of Shareholders No. of Shares Ownership (%)

All Investors A/C 4 571,200 1.135%

Company 91 4,870,773 9.677%

General Public 16,064 29,578,960 58.763%

NRB [Non-Resident Bangladeshi] 403 209,350 0.416%

Sponsor/Director 6 15,105,531 30.010%

Total: 16,568 50,335,814 100%

On the Basis of Share Holding:

Share Holding Range No. of Shareholders No. of Shares Ownership (%)

0000000001-0000000499 9,847 2,351,697 4.672%

0000000500-0000005000 5,599 9,346,926 18.569%

0000005001-0000010000 576 4,426,510 8.794%

0000010001-0000020000 321 4,655,500 9.249%

0000020001-0000030000 91 2,311,500 4.592%

0000030001-0000040000 49 1,751,500 3.480%

0000040001-0000050000 17 795,300 1.580%

0000050001-0000100000 37 2,727,750 5.419%

0000100001-0001000000 24 5,820,350 11.563%

0001000001-1000000000 7 16,148,781 32.082%

Total: 16,568 50,335,814 100%

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Particulars 2013 2012 2011 2010 2009

Revenue (BDT) 717,863,483 668,400,734 512,566,960 690,846,042 643,449,490

Gross Profi t (BDT) 184,010,024 145,205,125 108,819,947 96,570,216 64,809,048

Net Profi t Before Tax (BDT) 86,294,991 70,825,211 58,577,479 57,859,325 36,079,790

Net Profi t After Tax (BDT) 73,593,961 58,854,779 48,622,772 48,432,759 25,484,808

Total Assets (BDT) 1,634,199,221 2,176,995,594 1,162,131,213 1,018,242,722 652,980,023

Capital & Reserve (BDT) 1,102,557,653 1,028,963,691 487,042,182 461,254,190 128,376,998

No. of Shares 50,335,814 41,946,512 18,522,284 18,522,284 4,779,402

Face Value (BDT) 10 10 10 10 10

EPS (BDT) 1.46 2.46 2.39 2.61 5.33

LAST FIVE YEARSFINANCIAL SUMMARY

RevenueMillions

2009 2010 2011 2012 2013

643.45690.85

512.50

668.40717.86

Gross ProfitMillions

2009 2010 2011 2012 2013

64.81

96.57108.80

145.20

184.01

Net Profit after TaxMillions

2009 2010 2011 2012 2013

25.48

48.43 48.64

58.85

73.59

Five Years at a GlanceMillions

0.00

100.00

200.00

300.00

400.00

500.00

600.00

700.00

800.00

2009 2010 2011 2012 2013Revenue Gross ProfitNet Profit before Tax Net Profit after Tax

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Syed Faruque AhmedChairman

K.M. Hasan, FCA Independent Director

Md. Anamul HaqueCompany Secretary

Syed Farhad AhmedManaging Director & CEO

Syeda Munia AhmedDirector

Fahmida AhmedDirector

BOARD OF DIRECTORS

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LIST OF SENIOR MANAGEMENT

Name of Employees Designation Wing

Sharful Alam Chief Operating Offi cer Administration

Zahrul Syed Bakht Group Chief Financial Offi cer Finance & Accounts

Md. Mosiur Rahman General Manager Operation

Md. Anamul Haque Company Secretary Finance & Accounts

Md. Mostofa Kamal Chowdhury Assistant General Manager Services

Serajul Alam Khan Assistant General Manager Sun Sales

Md. Mohiuddin Khan Senior Manager, Credit Recovery Finance & Accounts

Kazi Roman Ahmed Senior Manager Sales

Mashih-ul-Huq Manager Enterprise Solutions

Shariful Islam Manager Finance & Accounts

Sougata Karmakar Manager Financial Service Industries

Md. Alamgir Hossain Manager Oracle Sales

Abdullah Al Hossain Manager RnD & Pre-Sales

Mohammed Ziaul Hoque Zilani Manager RnD & Pre-Sales

Md. Monsur Rahman Chowdhury Deputy Manager Diebold Service

Rajib Uddin Khan Deputy Manager Diebold Service

Abu Hena Mostafa Kamal Deputy Manager Administration & Commercial

T.M. Abdullah-Al-Amin Deputy Manager Oracle Sun Service

Utpal Basak Deputy Manager Oracle Sales

Nazim Chowdhury Deputy Manager Share

Syed Akmal Hossain Assistant Manager Administration & Logistics

Wafi Aziz Sattar Assistant Manager Communication

Md. Abdul Wahed Assistant Manager Enterprise Solutions

Md. Ashikur Rahman Assistant Manager FSI Sales

A.S.M. Nasher Assistant Manager POS Service

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As-salāmu `alaykum

The projected rate for global growth estimate is that it will stay passive at a little over 3% in 2013. This is mostly due to the considerably frailer domestic demand in a number of key emerging market economies and the tenacious recession in the euro area.

The economy of Bangladesh has had the misfortune of experiencing a fl uctuating economy in FY 2013 with the economy heading towards a descending equipoise in the course of the ongoing fi scal year. While macroeconomic stability and rising infl ationary trends have been

CHAIRMAN’S MESSAGE

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somewhat balanced, for a second consecutive year the economic growth has slowed down. Events such as the Shahbag Movement, the extremely tragic and unfortunate Savar Tragedy, and the ongoing political rifts and tension have a lot to do with this as well.

Despite all this, aamra technologies limited (ATL), a trusted IT solutions provider to various sectors of the economy, especially the fi nancial sector for over two decades, not only saw the expansion of business, but witnessed the value propositions for our clients grow stronger. During this time of Bangladesh rebuilding, ATL’s performance for the FY 2013 remained sound and resilient, a noteworthy achievement given the continuing market turbulence.

As an established corporate all-rounder, ATL implements the best practices in technology and organizational transformation, process design and re-engineering, human resource management, strategic and business planning, supply chain management, globalization strategy, customer relationship management and corporate governance. ATL’s vision and striving towards being rated as a top company which sets the benchmark to be rivalled in this segment is slowly coming to fruition for the best processes and practices it has continuously shown over the years.

2014 will be a time of great change with the national election coming up. As such, there will be many new obstacles and challenges that Bangladesh will have to face. While the future maybe unpredictable, ATL is prepared to aptly tackle any uncertain situations, whether economic or regulatory, as the organization’s structure has been formed to draw on deep capacity to adapt and readjust as necessary to reallocate resources rapidly. As like every year since our inception, ATL

is even better prepared than ever before to face such challenges and capitalize on new market opportunities.

Not only is ATL striving to enhance the fortunes of ATL stakeholders and end users, but also putting its absolute eff ort to make the company a better place for both the employees at work and its customers to ensure everyone associated with ATL reaps rich dividends.

As always, I wish the very best for all of our stakeholders and hope for continued Blessings of The Almighty so we could meet and exceed the ambitious targets and programs set by the company for the upcoming years.


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Together with our customers we have continued to demonstrate thought leadership and have established ourselves as a trusted partner to defi ne their agenda for transformation of their business processes. For over the past two decades, aamra technologies limited has been fostering the profi ciency...

We are delighted to announce that the FY 2012-2013 was yet another outstanding year for aamra technologies limited (ATL). Together with our customers we have continued to demonstrate thought leadership and have established ourselves as a trusted partner to

defi ne their agenda for transformation of their business processes. For over the

MANAGING DIRECTOR & CEO’S MESSAGE

23

past two decades, aamra technologies limited has been fostering the profi ciency, expertise and acumen to become a strong, eff ective and trusted partner to our customers in the FSI, Telco and other industries. Our continuing investments in enriching and synergizing our wide portfolios of services have created strong value propositions for our clients, who are now leveraging our skill sets to drive their own transformation programs. As we have witnessed a tremendous growth in consulting, engineering services and package implementation of projects, services such as infrastructure management, business process management and managed services are now set to grow steadily in the years to come.

You will be pleased to know that the IIG project of the company is doing excellently and generating good revenue for us. The IIG license has generated profi table business opportunity for the company which will have a great impact on the revenue of the Company for years to come. Team leadership of the highest standards is always the major pillar to our success, and it is amongst our highest priorities to ensure its continuity. Amongst the aamra team leaders, we have a wealth of talent,

vision and far-sight, which enable us to ensure a long-term succession plan and allow us to plan for our next stage of growth.

With sincere gratitude and very best wishes to all of our investors, team members,customers and stakeholders, we look forward to your continuous support and prayers for aamra technologies limited (ATL), into the future.

Syed Farhad AhmedManaging Director & CEO

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ˆmq` dinv` Avn‡gèë¯’vcbv cwiPvjK I wmBI

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Dear Shareholders,

As-salāmu `alaykum

On behalf of the Board of Directors of aamra technologies limited (ATL), I take this opportunity to welcome you to the 24th Annual General Meeting of the company and take the privilege of presenting the Annual Report along with the Audited Financial Statements for the year ended June 30, 2013.

Global Economy

As like in 2012, the projected rate for the global growth is estimated to stay subdued at a little over 3% in 2013 mostly due to app substantially feebler domestic demand and slow growth in a number of key emerging market economies as well as a lingering recession in the euro area.

Downside risks to global growth prospects still dominate. While old risks remain, new risks have emerged, including the possibility of a slowing growth, slowing credit, and possibly tighter fi nancial conditions if the anticipated unwinding of monetary policy stimulus in the United States leads to sustained capital fl ow reversals. Additional policy action is required for stronger global growth.

The one way to counter this would be for the advanced economic states to maintain a supportive macroeconomic policy mix in conjunction with credible plans in order to achieve some sustainability and reforms to restore ledgers and credit channels. This is required primarily due to the fact that a good number of emerging markets and developing economies are facing a trade-off between macroeconomic policies to support weak activity and those to contain capital outfl ows. Macroprudential and structural reforms can also help lessen the harshness of this trade-off .

Financial market volatility has increased globally in May and June after a period of calm since last summer. Financial market instability and long-term interest have also risen in advanced economies. Peripheral euro area sovereign spreads have widened again after a period of sustained declines. However, the emerging market economies have taken the hardest hit as they have had decline in equity price, rising local yields, currency depreciation and some capital outfl ows due to weaker domestic activity, interest rates and price volatility in advanced economies.

Global growth has increased very slightly from an annualized rate of 2.5% in the second half of 2012 to only 2.75% in the fi rst quarter of 2013 (ref. Figure 1). This under performance was due to 3 vital factors:

1. Less growth in emerging markets:

Capacity restrictions Slow external growth demand Logjams in infrastructural development Lower commodity prices

DIRECTORS REPORT

27

Concerns over fi nancial stability Weaker policy support

2. Profound recession in the euro area:

Weak balance sheets Aff ected growth Impacted tight fi scal and fi nancial conditions Low demand

3. Slow expansion of the U.S. economy:

Due to stronger fi scal contraction weighed on improving private demand.

In stark contrast to all this, Japan had a robust growth primarily driven by net exports and consumption and later by the 20% depreciation of the Yen since 2012. In terms of forecasts, the growth in United States is estimated to rise by only 1% from 1.75% to 2.75% in 2014, assuming the sequestration will stay in place until 2014, despite the pace of fi scal consolidation being still slow.

Growth in Japan will average to about 2% in 2013, largely due to the positive eff ects of recent accommodative policies, confi dence and private demand, thus nullifying the previously projected growth. However, owing to the somewhat softer forecast for 2014 due to the weaker global environment, the growth is moderated to about 1.25% in 2014 for the region.

Recession will remain prevalent for the euro area in the remainder of 2013 with activity contracting by over 0.5%. Due to persistent eff ects of the constraints and expected delays in policy implementation in key areas and also due to base eff ect from the delayed recovery in 2013, growth will only rise by under 1% in 2014, which is weaker than was previously projected for the region.

At 5% in 2013 and about 5.5% in 2014, growth in the emerging market and developing economies is now expected to evolve at a more upbeat pace, approximately 0.25% slower than it was in April 2013 (according to IMF’s World Economic Outlook), thus representing the weaker prospects across all regions.

In terms of forecasts, the growth in United States is estimated to rise by only 1% from 1.75% to 2.75% in 2014, assuming the sequestration will stay in place until 2014...

876543210-1-2

13:Q4

2011 12

Advanced economies

World

Emerging market anddeveloping economies

Figure 1. Global GDP Growth(Percent; quaeter over quarter, annualized

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Growth in China will average 7.75% in 2013/2014, 0.25% lower in 2013 and 0.5% lower in 2014, contrary to the forecast originally made in April 2013. Forecast for the remaining BRICS have been revised down by 0.25% to 0.75% as well. The outlook has also deteriorated to lower commodity prices for many commodity exporters, including those among BRICS.

In Sub-Saharan Africa, growth will be weaker due to Nigeria and South Africa (some of their largest economies) struggling with weaker external demand and domestic problems.

Some economies in North Africa and the Middle East still remains weak in their growth because of diffi cult economic transitions and political situations.

All in all, global growth, though about 0.25% weaker than estimated projections in April 2013, is estimated to recover from slightly above 3% in 2013 to 3.75% in 2014,

The outlook is still dominated by disadvantageous risks. Despite diminished tail risks in advanced economies, to keep it at bay additional measures are required which include timely increase in the U.S. debt ceiling and further action by authorities in the euro area to do whatever is required to avoid a sharp deterioration in fi nancial conditions.

In contrast, risk for a longer growth slowdown in emerging market economies have now increased due to the prolonged eff ects of domestic capacity constraints, slowing credit growth and weak external conditions.

The forecasts assumes that the recent rise in fi nancial market volatility and the associated yield increases will partly reverse, as they largely refl ect a one-off reprising of risk due to the changing growth outlook for emerging market economies and temporary uncertainty about the exit from monetary policy stimulus in the United States. However, if underlying vulnerabilities lead to additional portfolio shifts, further yield increases, and continued higher volatility, the result could be sustained capital fl ow reversals and lower growth in emerging economies.

Policies to Generate Strong Growth

New challengers are brought to the table to global growth, global rebalancing and employment due to weaker growth prospect and new risks, therefore policy makers around the globe have to increase eff orts to ensure robust growth.

Key advanced economies urgently need to pursue a mixed strategy that will support a short-term growth, secured by credible plans for medium-term public debt sustainability. This will allow for a steadier near-term fi scal adjustment that will lead to low infl ation and sizable economic slack, and monetary policy stimulus which will continue until the recovery is well established.

Additionally, potential adverse side-eff ects should be contained with regulatory and macroprudential policies. Clear communication on the eventual exit from monetary stimulus will help reduce volatility in global fi nancial markets. Further progress in fi nancial sector restructuring and reform is also required to recapitalize and restructure bank balance sheets and improve monetary policy transmission.

In the euro area, a bank asset review should identify problem assets and quantify capital needs, supported by European Stability Mechanism direct recapitalization where appropriate. Building on recent agreements, policy makers should also make progress to a fuller banking union, including through a strong Single Resolution Mechanism. Policies to reduce fi nancial market fragmentation, support demand, and reform product and labor markets are also crucial for stronger growth and job creation.

29

Cyclical positions and vulnerabilities vary across emerging market and developing economies, but prospects of monetary policy normalization in the United States and a potential capital fl ow reversal have heightened some policy trade-off s. Risks of lower-than-expected potential output in some economies suggest that there may be less fi scal policy space than previously estimated.

Monetary easing can be the fi rst line of defense against downside risks, as infl ation is generally expected to moderate in most economies. However, real policy rates are low already, and capital outfl ows and price eff ects from exchange rate depreciation may also constrain further easing. With weaker growth prospects and potential legacy problems from a prolonged period of rapid credit growth, the policy framework must be ready to handle possible increases in fi nancial stability risks. While macroeconomic policies can support these eff orts, the main instruments should be regulatory oversight and macro prudential policies.

Finally, the above measures need to be supported by structural reforms across all major economies to lift global growth and support global rebalancing. As before, this implies measures to sustainably raise consumption (China) and investment (Germany) in surplus economies, as well as measures that improve competitiveness in defi cit economies.

Bangladesh Economy

Bangladesh economy experienced fl uctuating fortunes in FY 2013 with the economy moving towards a lower level equilibrium in the course of the ongoing fi scal year. On the one hand, the macroeconomic stability was partially restored and rising infl ationary trends somewhat tamed, while on the other, economic growth slowed down for a second consecutive year to remain below the target set out in Sixth Five Year Plan (SFYP).

The prevailing stagnation in private investment was further aggravated by uncertainties emanating from the ongoing violence and confrontational politics. Although both remittances and exports have posted robust performance inspite of adverse global scenario, it was the domestic factors which had impacted in an overriding manner on the macroeconomic performance in FY 2013. A number of weaknesses with regard to macroeconomic management including governance of the banking sector and the debate surrounding fi nancing options for the Padma Multipurpose Bridge Project (PMBP) were on the policy radar screen throughout the year.

The economic governance of the country’s power sector was also under the spotlight as the incumbent government approached towards the fi nishing line of its tenure. The external sector of the country also faces formidable challenges in the backdrop of global uncertainty and faltering image of country’s ready-made garments (RMG) sector. In the backdrop of these challenges, it appears that confrontational and uncertain political environment had direct and indirect implications for economic performance in FY 2013, particularly true for the second half of the fi scal year.

One is apprehensive that the ongoing political impasse and the resultant adverse implications will leave an unfavorable footprint for economic performance also over the upcoming fi scal year. Overall, Bangladesh economy is likely to remain in a diffi cult terrain in FY 2014. As it is, the forthcoming budget will be the last one to be presented by the present government. In the run up to the forthcoming national elections, the government may like to revisit its pledges in the manifesto and in the SFYP, but in view of the past record, the continuing fragility of the institutions and the looming political uncertainties, many of the objectives and the indicators will likely remain unattained.

Monetary easing can be the first line of defense against downside risks, as inflation is generally expected to moderate in most economies...

30


The macroeconomic performance in FY 2014 will critically hinge on the state of both economic and political governance. For the second consecutive year, GDP growth rate in FY 2013 has failed to attain the target. This is certainly a setback for the present government’s plan to move the economy towards a higher growth trajectory which is a necessary factor for attaining the middle income status by 2021. According to the provisional estimates from Bangladesh Bureau of Statistics (BBS), GDP growth for the current fi scal year is expected to be 6.0 per cent; i.e. 1.2% points lower than the target (7.2%) and 0.2% point lower from fi nal GDP growth estimate for FY 2012.1 One may recall that, early projections by analysts were in agreement that the growth rate in FY 2013 would remain below 6.0 per cent. 2 The SFYP planned to elevate the average GDP growth rate during FY 2011-FY 2015 period to 7.2%; thus, GDP growth rate was expected to be 8.0 per cent by FY 2015.

Indeed, successive failure to meet the target for GDP growth has made it diffi cult to attain the objectives of the medium term plan. For example, GDP growth rate would require to be 8.0 per cent in FY 2013 to meet SFYP target. To cover the present gap between SFYP target and record of GDP growth performance, it will be required to attain a 9.6 per cent GDP growth in FY 2014. This is a highly unlikely scenario. Consequently, the SFYP targets have by now lost their relevance in view of the track record. Setting a high target of 7.2% for FY 2014 is also not going to align trends with the SFYP targets.

FY 2013 has been one of worst years for private investment. The provisional estimate by BBS for FY 2013 anticipates a distinctive fall in the share of the private investment in GDP. It shows that private investment is expected to decline as a share of GDP to 19.0 per cent in FY 2013 from 20.0 per cent in FY 2012. This is an outlier because such a fall in private sector’s share has never been experienced in the history of Bangladesh (since FY 1981). This would mean that level of private investment would now move back to the level of FY 2007. This would also mean that, private investment in FY 2013 will be 3.7% points lower than the SFYP target. This will surely have a dampening consequence from the perspective of the expected acceleration of growth rates.

In contrast to the depressed private investment, public investment has increased steadily since FY 2009 and surpassed the SFYP target in FY 2013 (6.9 per cent of GDP) by about 1% point. According to provisional estimates of BBS, public investment is expected to be about 7.9% of GDP in FY 2013. This implies that public investment (as a share of GDP) will improve by 1.4% points in a single fi scal year – such an improvement had never happened before!

Indeed, public investment as a share of GDP will also be the highest in the history. 7 Public investment in FY 2013 increased by 36.6 per cent compared to the previous fi scal year. One may reckon that the provisional estimate of public investment has considered a fuller utilization of original ADP (to the tune of Tk. 55,000 crore). ADP was later downsized (revised ADP (RADP)) and hence, the fi nal expenditure fi gure should be lower. Nevertheless, it appears that public investment beyond ADP has also experienced a considerable rise. It appears that, the estimate for public investment in FY 2013 is somewhat on the high side.

The banking sector in Bangladesh has come under criticism in the recent past due to increased number of fi nancial scams and the rising size of loan default. Undoubtedly, the size of the industry has expanded in terms of total banks and their branches, deposits and credits which in turn have contributed to the economic development of the country. The performance of the banking sector has also improved over the years according to various indications such as capital to risk weighted asset, rate of non-performing

31

loan (NPL) to total loan, expenditure income ratio, return on asset, return on equity, and liquidity. This has been possible due to various reform measures and policy support of the consecutive governments. Unfortunately, the health check fails to conceal the problems suff ered by the sector from time to time. The current situation of large fi nancial frauds and high NPL of banks calls for a close scrutiny of the sector and necessitates taking required measures.

The power sector has undergone signifi cant changes over the last four years with a view to raising generation and supply capacities taking cognizance of the emerging urgency. As is known, the country suff ered from signifi cant power defi cit when the present government came to power in 2009 - total generation of electricity was only 3268 MW at the time with a per capita access to electricity being only 183KWh. In this backdrop, the government undertook short, medium and long term programs based on the national plan for power sector development. The major target of the plan was to ensure a moderate rise in access to electricity in the shortest possible time. This target has partly been attained over the last four years.

Bangladesh’s export earnings stood at USD 21.78 billion, registering a moderate growth rate of 10.14 per cent during July-April period of FY 2013 compared to the corresponding months of FY 2012. Indeed, whilst this growth performance was notable by any measure, exports would need to grow by 37.8 per cent over the remaining two months of the current fi scal to attain the growth target of 15.3 per cent set for FY 2013. It would thus be justifi ed to project that targets will remain unattained this year.

While Knit (8.9 per cent), woven (14.0 per cent), leather (19.6 per cent) experienced relatively high growth, raw jute (-11.4 per cent), home textile (-11.8 per cent) and frozen food (-14.4 per cent) posted negative growth rates during the July-April period of FY 2013 compared to the corresponding period of FY 2012. During the same period of FY 2013, non-RMG sector did not exhibit a promising trend for export earnings. As Table 6.3 shows, as a group export performance of RMG was better compared to that of non-RMG, although both the groups are likely to fail in attaining the respective growth targets.

Business Performance

The year 2013 is projected to be alike 2012 in that the global growth will remain subdued, slightly above 3%. The prime reason for this is the slow growth and considerably weaker domestic demand in most of the key emerging market economies as well as a more prolonged recession in the euro area.

Instability in the fi nancial market has increased globally in May and June after a dormant period since last summer. In advanced economies, long-term interest rate and fi nancial market volatility have risen. Fluctuating fortunes have plagued Bangladesh in the FY 2013 with the economy moving towards a lower level equipoise in the course of the ongoing fi scal year.

Despite both remittances and exports having posted strong performances in spite of adverse global scenario, the superseding manner on the macroeconomic performance in FY 2013 was completely due to domestic factors. Throughout the year the policy screen was plagued with a number of weaknesses with regards to macroeconomic management most of which include governance of the banking sector, and the debate surrounding fi nancing options for the Padma Multipurpose Bridge Project (PMBP). Irrespective of the political instability and economic recovery, aamra technologies limited (ATL) has posted a strong operational and fi nancial performance.

Bangladesh’s export earnings stood at USD 21.78 billion, registering a moderate growth rate of 10.14 per cent during July-April period of FY 2013 compared to the corresponding months of FY 2012...

32


ATL’s performance for FY 2013 remained sound and strong, a remarkable achievement given the market turbulence. This is due to the proper implementation of our focused and transparent strategy which realizes predictable business performance over time and in turn, helps create value for our shareholders, customers, employees and most importantly, the communities in which we operate. During the fi nancial year the company generated gross revenue of approximately BDT 717 million compared to last year’s BDT 668 million. Gross profi t was approximately BDT 186 million compared to BDT 145 million in last year. Our prudent and effi cient teams are always a step ahead in adopting to the ever changing business environment and are ever ready to accommodate the current need of the fi nancial and telecom sectors in Bangladesh. This along with our strong belief in “the power of WE”, have directly contributed to this excellent performance. ATL recorded an underlying net profi t after tax of BDT 73.3 million, up from BDT 62.5 million last year. Effi cient management and quick adoption of change environment have contributed to this great achievement.

The highlight of ATL’s business performance for the FY 2013 is most defi nitely the business expansion in the bandwidth market for which ATL acquired International Internet Gateway (IIG) license from Bangladesh Telecommunication Regulatory Commission (BTRC) and has started commercial operation on September 15, 2012. The IIG license has generated profi table business opportunities for the company which clearly had an impact on the revenue of ATL for the FY ended on June 30, 2013.

Along with being purpose driven, ATL considers itself as a socially responsive, respectful and an abiding company. Our innovative strategy enables us to invest in high quality assets and to construct disaster recovery services and other managed services for fi nancial institutions and for telecommunication industry. And we achieve this by implementing our strategy with integrity, strong moral ethics and in an environmentally sound manner. Through committed leadership and disciplined operations, we see our self-growing and thriving.

ATL’s focused driven business strategy remained constant during the past year and as a leading provider of high-tech and customized solutions to address a broad range of business IT needs in Bangladesh, we at ATL are confi dent in achieving continued success in the upcoming year.

Election/Re-election of Directors

As per Articles of Association, one third of the Directors shall retire from the offi ce every year and they are eligible for re-election by the shareholders of the company. As per Clause no. 91 of Article of Association of the Company, Syed Faruque Ahmed and Syeda Farida Ahmed are due to retire. They are however, eligible for re-election in the Annual General Meeting.

Audit Committee

The Audit Committee of the Company met four (4) times during the year and reviewed the following:

Audit and Inspection Report of the Internal Audit Team and External Auditor. The Financial Statements of the Company audited by the External Auditors. Stressing on the importance of the Compliance Culture within the Company.

33

Dividend

aamra technologies limited (ATL) has posted after tax profi t of BDT 73.59 million for the year 2013. Basic EPS stood at BDT 1.46, compared to the last year’s EPS of BDT 2.46 (reported) where restated EPS is BDT 1.17. Considering overall market, current fi nancial strength of the company and the prospect of further growth, the Board of ATL has recommended 5% cash and 10% stock dividend for the year 2013.

Auditors

M/s. Masih Muhith Hoque & Co., Chartered Accountants, have carried out the audit of the company for the fi scal year ending on June 30, 2013. As M/s. Masih Muhith Hoque & Co., Chartered Accountants are not eligible anymore, therefore as per eligible applications the Directors endorse recommendation for the appointment of Malek Siddiqui Wali & Co., Chartered Accountants, as the auditors of the company for the fi nancial year 2014. The recommendation will be placed in the 24th Annual General Meeting for approval.

Acknowledgement

We take this opportunity, on behalf of the Board of Directors, to express my heartfelt gratitude to, all of our valued clients, shareholders and well-wishers at home and aboard for their wholehearted cooperation and active support in discharging the responsibilities reposed on me and the Board during the year under review. We would like to express our sincere gratitude to the Registrar of Joint Stock Companies and Firms, Bangladesh Securities and Exchange Commission, Dhaka Stock Exchange Limited, Chittagong Stock Exchange Limited and all the scheduled banks and Leasing Companies for their sincere support and whole hearted cooperation. We would also put on record my deep appreciation for the services and loyalty of the executives, offi cers and employees of the company at all levels without which we could not have achieved this result.

We would like to thank and express gratitude on behalf of the Board of Directors to Mr. Syed Farhad Ahmed Managing Director & CEO for his hard work, commitment and dedication to the welfare of our company. The Board also acknowledges with thanks, the contribution made by the honorable Directors by guiding and giving proper directions from time to time which has made ATL a Hallmark in Hi-Tech IT solution provider in Bangladesh. Last but not the least certainly, we express our sincerest gratitude to all our clients for their loyalty and patronage over the period. With our very best regards to all our valuable shareholders, we promise to continue the growth with your support.

Thank you all.

On behalf of the Board


We would like to express our sincere gratitude to the Registrar of Joint Stock Companies and Firms, Bangladesh Securities and Exchange Commission, Dhaka Stock Exchange Ltd., Chittagong Stock Exchange Ltd...

34


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35

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876543210-1-2

13:Q4

2011 12

Advanced economies

World

Emerging market anddeveloping economies

Figure 1. Global GDP Growth(Percent; quaeter over quarter, annualized

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37

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39

mg‡q G‡¶‡Î we‡k lY¸‡jv †fvMKiv mgm¨v¸‡jv †X‡K ivL‡Z e¨_© n‡q‡Q| eo gvÎvi A_©‰bwZK `~b©xwZ Ges DuPz gvÎvi e¨vs‡Ki Awb®úbœ FY `vwe Rvbvq †h G‡¶‡Î Avf¨š—ixY hvPvB Ges cÖ‡qvRYxq eë¯’v MÖnY Kiv ìKvi|

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A_©eQie¨vcx †Kv¤úvwb evsjv‡`kx UvKvq cÖvq 717 wgwjqb wbU Avq AR©b K‡i‡Q hv weMZ eQ‡i evsjv‡`kx UvKvq 668 wgwjq‡bi RvqMvq| GeQi †gvU jvf n‡q‡Q evsjv‡`kx UvKvq cÖvq 186 wgwjqb hv MZ eQi wQj evsjv‡`kx UvKvq 145 wgwjqb| Avgv‡ì `~i`k©x Ges `¶ Rbej me©`v wbqZ cwieZ©bkxj cwi‡ek‡K MÖnY Ki‡Z GK avc GwM‡q _v‡K Ges me©`vB cÖ¯—yZ _v‡K eZ©gvb Avw_©K cÖwZôv‡bi cÖ‡qvRb Ges evsjv‡`‡ki †UwjKg RM‡Z RvqMv K‡i wb‡Z GB PgrKvi AR©‡bi †¶‡Î Ò`¨ cvIqvi Ad DBÓ-†Z Avgv‡ì k³ wek¦vm mivmwi Ae`vb †i‡L‡Q| GwUGj jvf K‡i‡Q D‡jø L‡hvM¨ wbU jvf hv evsjv‡`kx UvKvq 73.6 wgwjqb Ki †Ìqvi ci, hv wQj weMZ eQ‡i 58.85 wgwjqb UvKv| GB AR©‡bi †¶‡Î Ae`vb †i‡L‡Q `¶ eë¯’vcbv Ges cwi‡ekMZ cwieZ©‡bi mv‡_ `ª“Z gvwb‡q †bqv| 2013 A_©eQ‡i GwUGjÕi evwYwR¨K AR©‡bi g‡a¨ D‡jø L‡hvM¨ n‡”Q †h, e¨vÛDB_ evRv‡i eëmv m¤úÖmviY hvi Rb¨ GwUGj jvf K‡i‡Q evsjv‡`k †UwjKwgDwb‡Kkb wbqš¿Y Kwgkb (wewUAviwm)-Gi Avš—©RvwZK B›Uvi‡bU †MUI‡q jvB‡mÝ hv evwYwR¨K cwiPvjbv ïi“ K‡i‡Q 2012Õi 15 †m‡Þ¤î †_‡K| jvB‡mÝwU jv‡fi ci eëmvi †ÿÎ ˆZix Ki‡Z †c‡i‡Q hv †Kv¤úvwbi Av‡qi Dci 30 Ryb 2013-†Z cÖfve †i‡L‡Q|

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41

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42


Fairness, Transparency, Accountability and Responsibility are the minimum standards of acceptable corporate behavior today. At aamra technologies limited, corporate governance means increasing the shareholders’ value by being effi cient, transparent, professional and accountable to the organization, society and to the environment.

Board of Directors

There are 5 members in the Board of Directors. Out of the 5 members, one member is an Independent Director. All our board members include persons of high caliber, with academic and professional qualifi cation in the fi eld of business and professionals. This gives strength for eff ective discharge of duties and responsibilities by the Board. The Board approves the company’s budget and business plan and reviews those on a regular basis so as to give directions as per changing economic and market environment. The Board reviews the policies and manuals of the various segments of businesses in order to establish eff ective risk management in credit and other key areas of operations. The management operates within the policies, guidelines and limits approved by the Board.

COMPLIANCE REPORT ON CORPORATE GOVERNANCE

Status of compliance of the conditions described in SEC’s Notifi cation No. SEC/CMRRCD/2006-158/Admin/02-08 dated February 20, 2006 issued under Section 2CC of the Securities and Exchange Ordinance, 1969 (XVII of 1969) regarding Corporate Governance is given below in pursuance of condition No. 5.00 of the said notifi cation:

Condition no. Title

Compliance Status Explanation Non compliance with

the conditionCompiled Not Compiled

1.00 BOARD OF DIRECTORS

1.1 Board Size √

1.2 Appointment of Independent Director √

1.3Chairman of the Board and Chief Executive

√

1.4The Directors' Report to the Shareholders

√

1.4 (a) Fair presentation of the state of aff airs √

1.4 (b)Proper maintenance of books of accounts

√

1.4 ( c) Application of proper accounting policies in preparation of fi nancial statements

√

1.4 (d)Adherence to International Accounting Standards

√

CORPORA TE GOVERNANCE

43

Condition no. Title



1.4 (e) Sound Internal Control √

1.4 (f ) Ability to continue as a going concern √

1.4 (g)Deviations from operation of the previous year

√

1.4 (h)Presentation of key operating and fi nancial data of the last three years

√

1.4 (i) Declaration of Dividend √

1.4 (j) Number of Board Meetings Held √

1.4 (k) Pattern of shareholding √

2.00CHIEF FINANCIAL OFFICER (CFO), HEAD OF INTERNAL AUDIT AND COMPANY SECRETARY

2.1Appointment of CFO, Head of Internal Audit and Company Secretary

√

2.2Requirement of CFO and Company Secretary to attend Board Meeting

√

3.00 AUDIT COMMITTEE

3.1 (i) Constitution of Audit Committee √

3.1 (ii)Appointment of independent director in Audit Committee

√

3.1 (iii) Vacancy in the Audit Committee √

3.2 (i)Selection of Chairman of the Audit Committee

√

3.2 (ii)Qualifi cation of the Chairman of the Audit Committee

√

3.3 Reporting of the Audit Committee

3.3.1 (i)Reporting of the Audit Committee to the Board of Directors

√

3.3.1 (ii) (a) Report on confl ict of interest No such case arose

3.3.1 (ii) (b) Suspected fraud or irregularities √

3.3.1 (ii) ( c) Suspected infringement of laws √

44


Condition no. Title



3.3.1 (ii) (d) Any other matter No such case arose

3.3.2Reporting to the SEC by the Audit Committee

No such case arose

3.4Reporting to the shareholders and general investors

√

4.00 EXTERNAL / STATUTORY AUDITORS

4.00 (i)Appraisal or valuation services of fairness opinions

√

4.00 (ii)Financial information systems design and implementation

√

4.00 (iii)Book keeping or other services related to the accounting records

√

4.00 (iv) Broker-Dealer services N/A

4.00 (v) Actuarial services N/A

4.00 (vi) Internal audit services √

4.00 (vii)Any other services that the Audit Committee determines

√

The Audit Committee [3.00]

Sl Name Designation

1 Mr. K.M.Hasan, FCA Chairman

2 Syeda Munia Ahmed Member

3 Fahmida Ahmed Member

45

The audit committee makes recommendation on the reporting, control and compliance aspects of the Directors’ and the Company’s responsibilities, providing independent monitoring, guidance and challenge to executive management in these areas. The audit committee on behalf of the board strives to ensure eff ective implementation of the processes and procedures set out in the business plans and policies. Its aim is to ensure that high standards of corporate reporting, control and compliance are achieved, in the belief that excellence in these areas enhances the eff ectiveness and reduces the risks of the business.

The composition of the committee

In accordance with the currently accepted best practices and corporate governance guidelines, the board appointed audit committee comprises of the following non-executive and independent directors of the company:

Name of MembersPosition in the

CommitteePosition in the

Board

Mr. K.M. Hasan, FCA ChairmanIndependent

Director

Syeda Munia Ahmed Member Director

Fahmida Ahmed Member Director

Meetings of the Audit Committee

The Committee held four meetings during the year under review. The terms of reference of the audit committee clearly defi nes the roles and responsibilities of the audit committee. The terms of reference is periodically reviewed and revised with the concurrence of the board of directors. The roles and functions of the committee are further regulated by the rules governing the audit committee as specifi ed by the conditions/guidelines on corporate governance issued by the Bangladesh Securities and Exchange Commission.

Activities of the Audit Committee

The audit committee carried out the following activities during the year:

Reviewed the systems and procedures to ensure that all transactions are completely and accurately recorded in the books of account;

Reviewed the accounting policies and to determine the most appropriate accounting policies after consideration of all choices available;

Reviewed the eff ectiveness of the fi nancial reporting system in place to ensure reliability of the information provided to the stakeholders;

Reviewed and approved the Annual Financial Statements prepared for publication, prior to submission to the Board;

Reviewed the eff ectiveness and independence of the statutory auditors;

Recommended the re-appointment, remuneration and engagement letter of the statutory auditors;

Reviewed management reports together with the management’s response thereto and the audited fi nancial statements with the external auditors.

Acknowledgement

The Audit Committee expressed its sincere thanks to the members of the Board, management and the Auditors for their support in carrying out its duties and responsibilities eff ectively.

K.M. Hasan, FCAChairmanAudit Committee

REPORT OF THEAUDIT COMMITT EE

46


Board of Directors at the23th Annual GeneralMeeting (AGM) of aamra technologies limited

PICTURE GALLERY

Board of Directors & Shareholders at the23th Annual GeneralMeeting (AGM) of aamra technologies limited

Shareholders at the 23th Annual GeneralMeeting (AGM) of aamra technologies limited

47

Board of Directors 9th Extra Ordinary General Meeting (EGM) 2013aamra technologies limited

A shareholder speaks at the 9th Extra Ordinary General Meeting (EGM) 2013aamra technologies limited

Shareholders at the 9th Extra Ordinary General Meeting (EGM) 2013aamra technologies limited

48


aamra becomes a Gold Member of Bangladesh German Chamber of Commerce & Industry

PICTURE GALLERY

Mr. Syed Farhad Ahmed, Managing Director of aamra technologies limited speaks at the ‘Bangladesh Investment Summit, Europe’

aamra technologies limited Receives Recognition at ICMAB Best Corporate Award 2013

49

LankaBangla Securities signs purchasing deal of Oracle Database Appliance with aamra technologies limited

BCB and aamra renew Partnership Until 2015

aamra was the Offi cial IT Partner of Bangladesh Premier League 2013 - 2017

5151

aamratechnologieslimited

Audited Financial Statementsfor the year ended 30 June 2013

52


We have audited the accompanying fi nancial statements of aamra technologies limited which comprises the statement of fi nancial position as at June 30, 2013 and the statement of comprehensive income, statement of changes in equity and statement of cash fl ows for the year then ended, and a summary of signifi cant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these fi nancial statements in accordance with Bangladesh Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of fi nancial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amount and disclosures in the fi nancial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

eff ectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the fi nancial statements.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the fi nancial statements, prepared in accordance with Bangladesh Financial Reporting Standards (BFRS), give a true and fair view of the state of the company’s aff airs as at June 30, 2013 and of the results of its operations and cash fl ows for the year then ended and comply with the Companies Act 1994, the Securities and Exchanges Rules 1987 and other applicable laws and regulations.

We also report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and made due verifi cation thereof;

b) In our opinion, proper books of account as required by law have been kept by the company so far as it appeared from our examination of these books;

c) The statement of fi nancial position and statement of comprehensive income dealt with by the report are in agreement with the books of account and returns; and

d) The expenditure incurred was for the purposes of the company’s business.

AUDITORS’ REPORT TO THE SHAREHOLDERS OFaamra technologies limited

Dated: Dhaka (Masih Muhith Haque & Co.)October 07, 2013 Chartered Accountants

53

Amount in Taka

Assets Notes/Sch 30 June 2013 30 June 2012

Non-current assets

A. Property, plant & equipment, net 4.00 307,674,582 224,963,468 Intangible assets, net 5.00 1,275,000 -

B. Current assets:Inventory 6.00 717,930,635 706,743,520 Material in Transit 7.00 56,733,309 77,781,837 Trade receivables & Others 8.00 403,837,604 383,204,006 Advances, deposits & prepayments 9.00 128,450,600 110,609,581 Inter company current account 10.00 - 17,276,531 Cash & cash equivalents 11.00 18,297,492 656,416,650 Total current assets: 1,325,249,639 1,952,032,126 Total assets 1,634,199,221 2,176,995,594

Equity and liabilities

C. Equity attributable to shareholders

Authorized capital100,000,000 shares @ Tk. 10 each 1,000,000,000 1,000,000,000

Share capital 12.00 503,358,140 419,465,120 Share premium 13.00 502,608,496 502,608,496 Retained earnings 14.00 96,591,017 106,890,075

Total equity 1,102,557,653 1,028,963,691

D. Non-current liabilities

Long-term loan 16.00 - 35,884,671 Total long-term loan - 35,884,671

E. Current liabilities:

Short term loan 17.00 438,136,275 952,027,532 Liability against import of inventories 18.00 - 77,781,837 Trade payable & others 19.00 43,818,375 35,950,373 Advance against sale 20.00 19,206,935 21,145,212 Liability For Expenses 21.00 15,697,583 11,744,157 Provision for corporate tax 22.00 11,252,495 11,416,751 Deferred tax liability 23.00 3,529,905 2,081,370

531,641,568 1,112,147,232 Total liabilities 531,641,568 1,148,031,903 Total equity and liabilities 1,634,199,221 2,176,995,594

The annexed notes form integral parts of these fi nancial statements.

Syed Faruque Ahmed Md. Anamul Haque Syed Farhad Ahmed Chairman Company Secretary Managing Director

Masih Muhith Haque & Co. Chartered Accountants

aamra technologies limited

STATEMENT OF FINANCIAL POSITIONAs at June 30, 2013

54


Amount in Taka

Particulars Notes 1- July 12

To 30 June 13

1- July 11 To

30 June 12

Revenue 24 717,863,483 668,400,734

Cost of goods sold 25 533,853,458 523,195,609

Gross Profi t 184,010,024 145,205,125

Administrative expenses 26 95,044,256 82,933,223

Operating income 88,965,769 62,271,902

Non- Operating Income 27 8,870,238 21,243,129

97,836,006 83,515,031

Financial charges 28 11,141,228 12,685,002

PROFIT FOR THE PERIOD 86,694,778 70,830,029

Other comprehensive income:

Exchange gain/(loss) 29 (399,787) (4,818)

Other comprehensive income for the period (399,787) (4,818)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 86,294,991 70,825,211

Provision for corporate tax 30 11,252,495 11,416,751

Provision for deferred tax 23 1,448,535 553,681

TOTAL COMPREHENSIVE INCOME AFTER TAX 73,593,961 58,854,779

Earnings per share (Par Value Tk. 10.00) 34 1.46 2.46


Syed Faruque Ahmed Md. Anamul Haque Syed Farhad Ahmed

Chairman Company Secretary Managing Director

Masih Muhith Haque & Co.

Chartered Accountants


STATEMENT OF COMPREHENSIVE INCOMEFor the Year Ended 30 June, 2013

55

Att

ribu

tabl

e to

the

Equi

ty H

olde

rs o

f aam

ra te

chno

logi

es li

mit

ed

Part

icul

ars

Ord

inar

y Sh

are

Capi

tal

Sha

re P

rem

ium

P

ropo

sed

Div

iden

d R

etai

ned

Earn

ings

T

otal

Bala

nce

at 0

1 Ju

ly 2

012

419

,465

,120

5

02,6

08,4

96

- 1

06,8

90,0

76

1,0

28,9

63,6

92

Profi

t/(L

oss)

dur

ing

the

perio

d -

- -

73,

593,

961

73,

593,

961

Tran

sfer

Sto

ck d

ivid

ends

on

ordi

nary

sha

res

83,

893,

020

(83,

893,

020)

- Ba

lanc

e at

30

June

201

3 5

03,3

58,1

40

502

,608

,496

-

96,

591,

017

1,1

02,5

57,6

53

Bala

nce

at 0

1 Ju

ly 2

011

185

,222

,840

2

30,3

54,1

58

18,

522,

280

71,

465,

184

505

,564

,462

Is

sue

of S

hare

Cap

ital

215

,720

,000

-

215

,720

,000

Sh

are

Prem

ium

302

,008

,000

3

02,0

08,0

00

Profi

t/(L

oss)

dur

ing

the

perio

d -

- -

58,

854,

779

58,

854,

779

Capi

tal r

aisi

ng e

xpen

ses

- -

- (2

9,75

3,66

2) (2

9,75

3,66

2)

Expe

nse

of ra

isin

g of

cap

ital a

djus

tabl

e w

ith s

hare

pre

miu

m

- (2

9,75

3,66

2) -

29,

753,

662

- Tr

ansf

er S

tock

div

iden

ds o

n or

dina

ry s

hare

s 1

8,52

2,28

0 -

(18,

522,

280)

- -

Cash

div

iden

ds o

n or

dina

ry s

hare

s (2

0,37

4,51

2) (2

0,37

4,51

2)Ad

d : P

rior y

ear a

djus

tmen

t- D

efer

red

Tax

liabi

lity

(3,0

55,3

75)

(3,0

55,3

75)

Bala

nce

at 3

0 Ju

ne 2

012

419

,465

,120

5

02,6

08,4

96

- 1

06,8

90,0

76

1,0

28,9

63,6

92

The

anne

xed

note

s fo

rm in

tegr

al p

arts

of t

hese

fi na

ncia

l sta

tem

ents

.

Syed

Far

uque

Ahm

ed

M

d. A

nam

ul H

aque

S

yed

Farh

ad A

hmed

Chai

rman

Co

mpa

ny S

ecre

tary

M

anag

ing

Dire

ctor

Mas

ih M

uhit

h H

aque

& C

o.

Cha

rter

ed A

ccou

ntan

ts

aam

ra te

chno

logi

es li

mit

ed

STAT

EMEN

T O

F CH

AN

GES

IN E

QU

ITY

For t

he y

ear e

nded

30

June

, 201

3

56


Amount in Taka

Particulars 1- July 12

To 30 June 13

1- July 11 To

30 June 12

A. Cash fl ow from operating activities

Cash received from customers & other income 703,762,059 563,337,900

Cash paid to suppliers & others (551,867,222) (240,908,344)

Operating expenses paid (95,088,961) (125,694,442)

Income Tax paid (11,416,751) 11,416,751

Finance Charges (11,141,228) (12,685,002)

Net cash provided by/ (used in) operating activities 34,247,896 195,466,863

B. Cash fl ow from investing activities

Acquisition of fi xed assets (138,082,657) (1,340,216)

Intangible assets (1,785,000) -

Net cash used in investing activities (139,867,657) (1,340,216)

C. Cash fl ow from fi nancing activities

Paid up capital - 215,720,000

Share Premium - 272,254,338

Dividend Paid - (20,374,512)

Short-term loan (513,891,257) -

Inter Company loan 17,276,531 -

Long-term Loan (35,884,671) (5,831,223)

Net cash provided by/ (used in) fi nancing activities (532,499,397) 461,768,603

D. Net cash increase/ (decrease) (A+B+C) (638,119,158) 655,895,250

Cash & cash equivalent at the beginning of the period 656,416,650 521,400

Cash & cash equivalent at the end of the period 18,297,492 656,416,650


Syed Faruque Ahmed Md. Anamul Haque Syed Farhad Ahmed

Chairman Company Secretary Managing Director

Masih Muhith Haque & Co.

Chartered Accountants


STATEMENT OF CASH FLOWSFor the year ended 30 June, 2013

57

Part

icul

ars

Cost

Rate

of

D

ep.

(%)

Dep

reci

atio

n W

.D.V

.

Bal

ance

as

on 0

1-07

-11

Add

ition

/Ad

just

men

t du

ring

the

year

Dis

posa

l du

ring

th

e ye

ar

Bala

nce

as

on 3

0-06

-20

12

Bal

ance

as

on 0

1-07

-11

Char

ged

duri

ng th

e ye

ar

Dis

posa

l du

ring

th

e ye

ar

Bala

nce

as

on 3

0-06

-20

12

as

on 3

0-06

-201

2

Furn

iture

& F

ixtu

re 6

,679

,804

-

- 6

,679

,804

10

3,0

52,5

66

346

,552

-

3,3

99,1

18

3,2

80,6

86

Offi

ce E

quip

men

t 1

0,92

6,19

4 -

- 1

0,92

6,19

4 15

6,2

24,0

29

658

,798

-

6,8

82,8

27

4,0

43,3

67

Inte

rior D

ecor

atio

n 2

5,40

3,04

3 8

31,7

04

- 2

6,23

4,74

7 10

7,0

38,3

54

1,8

18,5

06

- 8

,856

,860

1

7,37

7,88

7

Com

pute

r & A

cces

sorie

s 3

3,71

5,98

6 -

- 3

3,71

5,98

6 30

13,

727,

905

5,2

36,9

10

- 1

8,96

4,81

5 1

4,75

1,17

1

Mot

or v

ehic

le 1

,574

,500

-

- 1

,574

,500

20

869

,714

1

28,7

29

- 9

98,4

43

576

,057

ERP

& In

vent

ory

Soft

war

e 1

16,7

70,3

29

- -

116,

770,

329

20 1

1,20

1,16

7 1

9,28

1,99

5 -

30,

483,

162

86,

287,

167

R &

D fo

r Ent

erpr

ise &

Net

wor

k 3

4,84

7,51

8 -

- 3

4,84

7,51

8 20

3,3

42,7

41

5,7

54,2

84

- 9

,097

,025

2

5,75

0,49

3

Dat

a Ce

nter

44,

800,

000

- -

44,

800,

000

20 4

,297

,430

7

,397

,713

-

11,

695,

143

33,

104,

857

IIG E

quip

men

t -

137

,250

,953

-

137,

250,

953

20 -

14,

748,

056

- 1

4,74

8,05

6 12

2,50

2,89

8

Tot

al

274

,717

,374

1

38,0

82,6

57

- 41

2,80

0,03

1 4

9,75

3,90

6 5

5,37

1,54

3 -

105

,125

,449

3

07,6

74,5

83

Bal

ance

as

on 3

0-06

-201

2 7

6,95

9,31

1 1

97,7

58,0

63

- 27

4,71

7,37

4 2

4,52

8,97

5 2

5,22

4,93

1 -

49,

753,

906

224

,963

,468

Not

e : T

otal

Dep

reci

atio

n ha

s be

en a

ppor

tione

d at

the

follo

win

g ra

tio :

Dire

ct E

xpen

ses

75%

41,

528,

657

Adm

inis

trat

ive

Expe

nses

25

% 1

3,84

2,88

6

100%

55,

371,

543

The

man

agem

ent h

as c

hang

ed D

epre

ciat

ion

rate

for C

ompu

ter A

cces

sorie

s and

Mot

or V

ehic

les f

rom

15%

eac

h to

20%

and

30%

resp

ectiv

ely

dur

ing

the

year

. Thi

s was

due

to

a c

hang

e in

est

imat

ed u

sefu

l life

whi

ch is

trea

ted

as a

cha

nge

in a

ccou

ntin

g es

timat

e an

d ac

coun

ted

for p

rosp

ectiv

ely

in a

ccor

danc

e w

ith B

AS-

8.

aam

ra te

chno

logi

es li

mit

ed

Sch

edul

e - A

SCH

EDU

LE O

F PR

OPE

RTY,

PLA

NT

& E

QU

IPM

ENT

58


1. ABOUT THE ORGANIZATION

aamra technologies limited was incorporated in Bangladesh under The Companies Act, 1913 on 14 March 1990 vide registered No. C 19428 (198) / 90 as a private limited company. The company was converted to a public limited company on November 30, 2009 under The Companies Act 1994.

aamra technologies limited provides comprehensive IT solutions and services including Systems Integration, Information Systems Outsourcing, Core Banking Software & Switching Solution supply, implementation & maintenance. The registered offi ce of the company is located at BTA Tower (10th fl oor), 29 Kemal Ataturk Avenue, Banani C/A, Dhaka.

The company became listed with Dhaka & Chittagong Stock Exchange during the year and subscription for IPO opened on April 04, 2012. The company’s shares were offi cially fl oated from July 04, 2012.

2.00 SIGNIFICANT ACCOUNTING POLICIES

These fi nancial statements have been prepared under historical cost convention in accordance with generally accepted accounting principles as laid down in the International Accounting Standards (IASs) / International Financial Reporting Standards (IFRSs), applicable to the Company so far adopted by the Institute of Chartered Accountants of Bangladesh as Bangladesh Accounting Standards (BASs) / Bangladesh Financial Reporting Standards. The disclosures of information are made in accordance with the requirements of the Companies Act 1994 and the Financial statements have been prepared in accordance with BAS-1/IAS-1 (presentation of fi nancial statements) using the accrual basis of accounting.In the preparation of these fi nancial statements, management used available information to make judgments, estimates and assumptions that aff ect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may diff er from those estimates.

2.01 PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are stated at historical cost less accumulated depreciation in compliance with the requirements of BAS 16: Property, Plant and Equipment. The cost of acquisition of an asset comprises its purchase price and any directly attributable cost of bringing the assets to its working condition for its intended use inclusive of inward freight, duties and non-refundable taxes.

Depreciation is provided to write-off the cost of property, plant & equipment less any residual value, over the year of their expected useful lives, in accordance with the provisions of BAS 16: Property, Plant and Equipment. Depreciation is provided for the year in use of the assets. Acquisitions during the year are depreciated on monthly basis .Depreciation is provided at the following rates on reducing balance basis. The management has changed Depreciation rate for Computer Accessories and Motor Vehicles from 15% each to 20% and 30% respectively during the year. This was due to a change in estimated useful life which is treated as a change in accounting estimate and accounted for prospectively in accordance with BAS-8.

Items Rate

Furniture & Fixture 10%

Offi ce Equipment 15%

Interior Decoration 10%

Computer & Accessories 30%

Motor Vehicle 20%

ERP & Inventory Software 20%

R & D for Enterprise & Network 20%

Data Center 20%

IIG Equipment 20%

aamra technologies limitedNOTES TO THE FINANCIAL STATEMENTSFor the year ended June30, 2013

59

2.02 Intangibles

Expenditure on intangibles are capitalised provided they meet the recognition criterion specifi ed by BAS-38. Amortisation on intangibles begin when it is evident that the asset will generate probable future economic benefi ts.

2.03 Components of Financial Statements:

a) Statement of Financial Position.

b) Statement of Comprehensive Income.

c) Statement of Cash Flows.

d) Statement of Changes in Equity.

e) Accounting policies and explanatory notes.

2.04 Other regulatory compliances

The Company is also required to comply with the following major legal provisions in addition to the Companies Act 1994 and other applicable laws and regulations:

The Income Tax Ordinance 1984

The Income Tax Rules 1984

The Value added Tax Act 1991

The Value added Tax Rules 1991

The Securities & Exchange Commission Rules 1987

The Customs Act 1969

The Bangladesh Telecommunication Act 2001

2.05 VALUATION OF INVENTORIES

Inventories are stated at lower of cost and net realizable value in compliance with the requirements of paras 21 and 25 of BAS-2 (Inventories).

2.06 RELATED PARTY DISCLOSURES

The company carried out a number of transactions with related parties in the normal course of business and on arm’s length basis. The information as required by BAS 24 : Related party Disclosures have been disclosed in note-33 to the fi nancial statements.

2.07 CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash in hand and with banks on current and deposit accounts which are held

and available for use by the company without any restriction.

2.08 PROVISION FOR CORPORATE TAX Provision for corporate tax is made @ 27.5% on estimated taxable income in accordance with income tax Ordinance

1984. The corporate income tax assessment of the company is completed up to assessment year 2012-2013.

2.09 DEFERRED TAX

Deferred tax on asset/liability is accounted for in accordance with BAS-12.

2.10 ACCRUED EXPENSES AND OTHER PAYABLES

Liabilities for the goods and services received have been accounted for whether paid or not for those goods & services. Payables are not interest bearing and are stated at their nominal value.

2.11 Trade and other receivables

Trade and other receivables are recognized at cost which is fair value of the consideration given for them.

60


2.12 ADVANCE, DEPOSITS & PREPAYMENTS

Advances are initially measured at cost. After initial recognition, advances are carried at cost less deduction, adjustment or charges to other account heads. Deposits are measured at payment value. Prepayments are initially measured at cost. After initial recognition prepayments are carried at cost less charges to Statement of Comprehensive Income.

2.13 REVENUE RECOGNITION

In compliance with the requirements of BAS 18 : Revenue, revenue from receipts from customers against sales and services are recognized when products and services are provided to customers, that is, when the signifi cant risk and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, and there is no continuing management involvement with the goods.

Revenue from sales is exclusive of VAT.

2.14 EARNINGS PER SHARE (EPS)

This has been calculated in compliance with the requirements of BAS 33 : Earnings Per Share by dividing the basic earnings by the number of ordinary shares in issue during the year. Disclosures are made in note-34 to the fi nancial statements.

2.15 FOREIGN CURRENCY TRANSACTIONS

Foreign currency transactions are recorded in BDT at applicable rates of exchange ruling at the dates of transactions in accordance with BAS-21/IAS-21 (the eff ects of changes in foreign exchange rates). Monetary assets and liabilities denominated in foreign currencies at reporting date are reconverted at rates ruling at the balance sheet date. All exchange diff erences are charged/ credited to statement of Comprehensive Income.

2.16 NUMBER OF EMPLOYEES

The number of employees engaged for the year who received a total remuneration of Taka 36,000 and above was 152. None of them were receiving below Taka 3,000 per month. The company has not maintained a worker’s profi t participation fund (WPPF) for the year ended June 30, 2013, as this is a service-based company and employment within the organisation do not fall within the defi nition of “worker” as per Bangladesh Labour Law 2006.

2.17 STATEMENT OF CASH FLOW

The Statement of Cash Flows has been prepared in accordance with the requirements of “BAS 7: Statement of Cash Flows” using direct method.

2.18 RISK AND UNCERTAINTY FOR USE OF ESTIMATES AND JUDGEMENTS

“The preparation of fi nancial statements in conformity with Bangladesh Accounting Standards requires management to make judgments, estimates and assumptions that aff ect the applicable of accounting policies and the reported amounts of assets, liabilities, income and expenses, and disclosure requirements for contingent assets and liabilities during and at the date of the fi nancial statements.Actual result may diff er from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of accounting estimates are recognized in the year in which the estimate is revised in any future years aff ected as required by BAS 8 : Accounting Policies, Changes in Accounting Estimates and Errors.”

2.19 GOING CONCERN

The Company has adequate resources to continue in operation for the foreseeable future. For this reason, the directors continue to adopt going concern basis in preparing the accounts.

61

2.20 FINANCIAL INSTRUMENTS

Non-derivative fi nancial instruments comprise accounts and other receivables, cash and cash equivalents, borrowings and other payables and are shown at transaction cost.

2.21 PROVISION FOR EXPENSES

The preparation of fi nancial statements in conformity with BAS-37 Provision, Contingent Liabilities and Contingent Assets, requires management to make estimates and assumptions that aff ect the reported amounts of revenues and expenses, assets and liabilities, and the disclosure requirements for contingent assets and liabilities during and at the date of the fi nancial statements. Due to the inherent uncertainty involved in making estimates, actual result reported could diff er from those estimates.

In accordance with the guidelines as prescribed by BAS-37 provisions were recognised in the following situations:

- When the company has a present obligation as a result of past event.

- When it is probable that an outfl ow of resources embodying economic benefi ts will be required to settle the obligation; and

- Reliable estimates can be made of the amount of the obligation.

2.23 EVENTS AFTER REPORTING PERIOD

(a) As per BAS 10: “ Events After Reporting Period” there was no adjusting event after reporting period of such importance that non-disclosure of which may aff ect the ability of the users of the fi nacial statements to make proper evaluations and decisions.

(b) aamra technologies limited has taken two orders for Exadata Machine from Orascom Bangladesh limited and NRB bank limited for BDT 43.40 miliion and 23.40 million respectively.

3.00 OTHERS

3.01 EMPLOYEE BENEFITS

The company has provided the following benefi ts for their employees:

(a) Defi ned Contribution Plan

This represents recognized contributory provident fund for all its permanent employees. Assets of provident fund are held in a separate trustee administered fund as per the relevant rules and is funded by contributions from both the employees and the company at pre-determined rates.

(b) Insurance Scheme

Employees of the company are covered under group life insurance scheme & Medical Insurance.

3.02 REPORTING PERIOD

The reporting period covers 01 July 2012 to 30 June 2013.

3.03 REPORTING CURRENCY

The fi nancial statements are prepared and presented in Bangladesh Currency (Taka), which is the company’s functional currency. All fi nancial information presented have been rounded off to the nearest Taka except where indicated otherwise.

3.04 COMPARATIVE INFORMATION AND REARRANGEMENT THEREOF

Comparative information has been disclosed in respect of the year for all numerical information in the fi nancial statements and also the narrative and descriptive information where it is relevant for understanding of the current year’s fi nancial statements.

Figures for the year have been re-arranged wherever considered necessary to ensure better comparability with the current year.

62


Amount in Taka

30-06-2013 30-06-2012

4.00 Property, plant & equipment: Tk. 307,674,583

This is arrived at as follows:

Opening balance 224,963,468 52,430,336

Add: Addition during the year 138,082,657 197,758,063

Less: Depreciation 55,371,543 25,224,931

Closing balance Sch-A 307,674,583 224,963,468

5.00 Intangible assets: Tk. 1,275,000

Opening balance - -

Add : Addition during the year 1,785,000 -

Less : Amortized during the year 510,000 -

Closing balance 1,275,000 -

The above represents one time installation cost for IIG project. The cost will be amortised in straight line basis over 21 months.

6.00 Inventory: Tk. 717,930,635

The break up is as follows:

Hardware & Equipment: Qty

Breezecom 62 1,595,724 1,595,724

Cash Deposit Machine 3 833,000 833,000

Cisco Products 123 12,646,247 23,679,262

Diebold ATM 11 6,592,226 14,934,547

Hypercom 167 8,789,834 3,822,056

Hypercom RMA 765 2,140,466 -

Sun Fire X2270 2 6,414,727 -

UPS 2 220,233 220,233

Sun - 3,322,711

Sub Total 39,232,458 48,407,533

63

Amount in Taka

30-06-2013 30-06-2012

Spare Parts:

Diebold Spare 21009 23,249,892 31,821,095

Juniper Networks 63 6,960,016 7,455,084

NAC spare - - 607,689

NBS spare parts 5000 17,064,253 14,073,817

Thales Spare 2 1,680,630 1,605,010

Software 180 282,150,995.00 -

Sun Spare 1709 347,592,391.69 602,773,291

Sub Total 678,698,177 658,335,987

Total 717,930,635 706,743,520

7.00 Material in transit: Tk. 56,733,309 56,733,309 77,781,837

The above represents payments made against L/C margin and insurance expenses for import against which products are yet to be received.

8.00 Trade receivables & others: Tk. 403,837,604


Opening balance 383,204,006 259,791,542

Add: Addition during the year 717,863,483 668,400,734

1,101,067,489 928,192,276

Less: Received during the year 697,229,885 544,993,088

Add: Exchange loss as at June 30,2013 - 4,818

Closing balance 403,837,604 383,204,006

This is made up as follows:

Local receivables 8.01 306,551,525 362,905,721

Receivable in foreign currency 8.02 38,528,967 338,250

Receivables of unbilled services 58,757,112 19,960,035

403,837,604 383,204,006

Quantity

64


Amount in Taka

30-06-2013 30-06-2012

8.01 Local receivables : Tk. 306,551,525

Aamra Networks Limited 920,440 222,527,841

Accesstel IIG 200,000 -

Aftab IT Limited 294,400 -

Alvaritech Bangladesh Limited 47,196,571 -

Angel Drop Limited 12,016 -

Asia Tel Networks Limited 258,565 -

Auchan International 77,000 -

Axiata Bangladesh Limited 353,934 -

Alcatel Lucent France Bangladesh - 1,200,000

Bangla Phone Limited 531,300 -

Bank Asia Limited 6,344,960 5,106,638

BCL Associates Limited - 125,000

Berger Paints Bangladesh Limited 3,502,526 -

BRAC Bank Limited 7,221,166 2,194,301

Bangla Trac Limited - 88,321

Bantel Limited 83,500 -

Chittagong Online Limited 292,500 -

Chittagong telecom Services Limited 125,000 -

Cynergon Intelisys Limited 15,714,000 15,714,000

Delta Infocom 1,199,354 -

Dhaka Bank Limited 1,769,970 -

Dutch-Bangla Bank Limited 56,678,060 28,996,576

Ezzy Communication Limited 883,125 -

Green Delta Insurance - 479,250

GPIT 3,158,432 7,350

IDS Bangladesh 17,600 -

IFIC Bank Limited 52,500 73,600

Islami Bank Bangladesh Limited 28,617,137 31,527,329

IIDFC 253,749 253,749

Information Services Network Limited 207,575 -

Innovative Online Limited 93,150 -

Kawmi Online 98,000 -

LankaBangla Finance Limited 17,443,340 980,055

LM Ericsson Bangladesh Limited 8,512,902 -

65

Amount in Taka

30-06-2013 30-06-2012

MIR Telecom Ltd 200,000 125,000

Maxnet Online 184,000 -

Mutual Trust Bank Limited 1,071,039 5,640,500

National Bank Limited 18,603,466 17,278,000

Network BD Limited 52,500 435

One Bank Limited 3,720,000 -

Optimax Communication Limited 90,327 -

Orascom Telecom Bangladesh Limited 49,716,687 13,629,827

Pacifi c Bangladesh Telecom Limited 2,978,821 3,088,517

Partex Star Group 2,250,000 -

Premier Bank Limited 982,895 1,080,000

Prime Bank Limited 9,616,448 4,340,698

Prisma Digital 60,000 -

Southeast Bank Limited 228,677 987,549

Standard Bank Limited 237,712 -

Tackyon Limited 160,000 -

Teletalk Bangladesh Limited 10,359,811 -

The City Bank Limited 3,679,115 5,889,186

ZX Online 247,258 -

United Commercial Bank Limited - 1,572,000

Total 306,551,525 362,905,721

8.02 Receivable in foreign currency : Tk. 38,528,967

Oracle Corporation Singapore Pte. Limited 36,475,467 -

Telecom Malaysia 1,987,500 -

Acision UK Ltd 66,000 338,250

Total 38,528,967 338,250

Aging Schedule of Trade Receivable:

1 - 30 days 31 - 60 days 61 - 90 days > 90 days TOTAL

167,768,602 47,814,186 8,866,787 120,630,918 345,080,492

The above schedule is in relation to All Trade receivables excluding Receivables of unbilled services.

66


Amount in Taka

30-06-2013 30-06-2012

9.00 Advances, Deposits & Prepayments: Tk. 128,450,600


Opening balance 110,609,581 76,828,672

Add : Addition during the year 205,046,449 286,697,234

315,656,029 363,525,906

Less : Advance Adjustment / Recovery during the year 187,205,429 252,671,151

Closing balance 128,450,600 110,609,581


Lease Rental Deposit-LBFL-2 - 1,225,280

Accrued Interest On FDR - 2,908,081

Advance & Deposit Against Offi ce Rent 9.01 3,727,200 3,967,200

Bank Guarantee, Performance Security & Tender Deposit 9.02 17,699,636 13,489,728

Telephone Deposit 2,288,560 2,288,560

Advance Income Tax ( AIT ) 9.03 52,002,189 50,629,340

VAT Current Account 8,298,164 7,502,799

VAT Deduction at Source 14,077,530 10,665,127

Advance Against Expenses 9.04 30,357,320 17,933,466

Total 128,450,599 110,609,581

All the above advances, deposits and prepayments are considered as good and secured by the company management.

9.01 Advance & Deposit Against Offi ce Rent: Tk. 3,727,200

Faruque Rupayan Tower -5th Floor 800,000 1,040,000

Faruque Rupayan Tower -9th Floor 2,827,200 2,827,200

Kazi Tower(Warehouse) 100,000 100,000

Total 3,727,200 3,967,200

67

Amount in Taka

30-06-2013 30-06-2012

9.02 Bank Guarantee, Performance Security & Tender Deposit: Tk. 17,699,636

This is arrived as follows:

Al-Arafa Islami Bank Limited - 1,269,000

Bangladesh Commerce Bank Ltd. - 22,250

Bangladesh Krishi Bank (BKB) 50,000 -

BTRC-IIG Project 50,000 50,000

DPDC 65,996 -

Dutch Bangla Bank Limited 261,500 -

GPIT 179,220 1,572,097

Islami Bank Bangladesh Limited 2,842,280 1,125,135

Southeast Bank Ltd. 211,000 211,000

Commissioner of Customs 2,911,871 2,911,871

Grameen Phone Limited 84,743 84,743

MTBF 68,000 -

GPO 320,000 -

BASIC Bank Ltd. 563,000 687,603

DGFI-SIB 420,557 420,557

UCBL 564,800 -

Jamuna Bank Limited 1,600,000 300,000

Bank Asia Limited 292,000 292,000

Banglaphone 185,000 -

BRAC 118,090 128,090

BSCCL 4,822,012 -

Brac Bank Limited - 735,913

CDBL 400,000 400,000

BTCL 402,317 70,000

HUAWEI Technologies (Bangladesh) - 369,528

Mutual Trust Bank Limited 1,078,250 388,000

National Credit Commerce Bank Limited - 982,500

Orascom Telecom Bangladesh Limited - 82,917

Prime Bank Limited 209,000 1,367,025

Standard Bank - 19,500

Total 17,699,636 13,489,729

68


Amount in Taka

30-06-2013 30-06-2012

9.03 Advance Income Tax ( AIT ): Tk. 52,002,189


Opening Balance 50,629,340 46,843,089

Advance Tax adjustment (11,416,751) (11,482,394)

Addition in the current year 12,789,600 15,268,645

Total 52,002,189 50,629,340

9.04 Advance Against Expenses: Tk. 30,357,320


Advance to Suppliers 9.04.01 25,918,105 16,488,011

Prepayments Expenses 9.04.02 4,039,543 937,504

Advance to Staff 399,672 507,951

Total 30,357,320 17,933,466

9.04.01 Advance to suppliers: Tk. 25,918,105


BMC Fund 200,000 148,400

aamra management solutions 50,090 231,800

Suman Refrigerators 113,050 85,188

Power Link (2,000) 649,800

BSCCL - IIG Project 2,508,355 100,000

Interblocks - Dhaka Bank Project 3,664,356 4,003,249

Kleen Towel 7,760 7,760

Oracle Corporation Singapore 19,197,804 11,083,124

Organic Auto 150,000 150,000

SM Telecom 19,990 19,990

Siemens Bangladesh 8,700 8,700

Total 25,918,105 16,488,011

69

Amount in Taka

30-06-2013 30-06-2012

9.04.02 Prepayments expenses: Tk. 4,039,543


Metlife Alico 152,960 94,476

GDIC 37,542 -

Interblock Expenses 3,130,997 773,500

Interblocks limited 718,044 -

Trade VAT - 69,528

Total 4,039,543 937,504

10.00 Inter Company Current Account: Tk. Nil


Opening balance 17,276,531 29,709,688


Add : Interest charged during the year 672,473 1,635,893

22,184,119 70,770,742

Less : Repayment during the year 22,184,119 53,494,211

Closing balance - 17,276,531

The above balance is as follows:

aamra holdings limited - 17,276,531

- 17,276,531

The above transactions were conducted with aamra holdings limited. Interest was charged at 14% on the outstanding amount on monthly basis.

11.00 Cash and cash equivalents: Tk. 18,297,492


Cash in hand 86,475 25,661

Cash at bank 11.01 18,211,017 58,157,138

FDR at bank 11.02 - 598,233,852

Total 18,297,492 656,416,650

70


Amount in Taka

30-06-2013 30-06-2012

11.01 Cash at bank: Tk. 18,211,017


BRAC Bank Limited

Branch Name : Banani Branch

A/C No: 1507200398915001 908,069 303,836

Sub Total 908,069 303,836

Dhaka Bank Limited


A/C No: 2061002742 446,236 462,731

A/C No: 2061004383 1,823 589,920

A/C No: 2061501872 42,369 31,152

A/C No: 0206-175-000000494 - -

Sub Total 490,428 1,083,803

Dutch Bangla Bank Limited


A/C No: 103110112051 15,455 24,999

Sub Total 15,455 24,999

The City Bank Limited

Branch Name : Principal Branch

A/C no.- 2921274263001(BDT) 309,404 6,574,270

A/C no.- 5121274263001(USD) 100,513 46,859,726

A/C no.- 5121274263002(GBP) 21,894 2,610,324

A/C no.- 5121274263003(EUR) 33,790 624,055

A/C No: 1101127576001 47,280 50,688

Sub Total 512,880 56,719,064

One bank Limited


A/C No: 0161028002 15,033,031 -

A/C No: 5161028004 6,171 7,318

Sub Total 15,039,202 7,318

Southeast Bank Limited


A/C No: 002413100001353 8,565 9,219

Sub Total 8,565 9,219

71

Amount in Taka

30-06-2013 30-06-2012

Eastern Bank Limited


A/C No: 1161350064323 18,413 -

Sub Total 18,413 -

Standard Chartered Bank Limited


A/C No: 01-6239188-01 2,514 2,514

Sub Total 2,514 2,514

Bank Asia Limited


A/C no- RQ- 0124200021 486 486

A/C no- 01233053048 221,925 -

A/C no-01236050613 986,119 -

Sub Total 1,208,529 486

United Commercial Bank Limited

Branch Name : Corporate Branch

A/C no - 11100000384 75 1,225

Sub Total 75 1,225

Mutual Trust Bank


A/C no- 0034-032 6,887 4,674

Sub Total 6,887 4,674

Total 18,211,017 58,157,138

11.02 FDR at bank: Tk. Nil


Bank Asia (Banani Branch) FDR no. - 01255056904 - 305,641,273

Dhaka Bank (Banani Branch) FDR no. - 165034/474/12 - 88,825,000

One Bank (Banani Branch) FDR no. - 0184110000202 - 203,767,578

Total - 598,233,852

In accordance with SEC consent letter dated March 4, 2012 with reference no. SEC/CI/IPO-151/2011-125, IPO proceeds were not utilized before the fi rst trading date in DSE/CSE, i.e. July 4, 2012. The total IPO proceeds of Tk. 51,77,28,009 was deposited to the above FDR’s and were utilized after the trading commencement date.

72


Amount in Taka

30-06-2013 30-06-2012

12.00 Share capital

Authorized capital

100,000,000 shares @ Tk. 10 each 1,000,000,000 1,000,000,000

Issued, subscribed & paid up capital: Tk. 503,358,140

Opening balance 419,465,120 419,465,120

Bonus share issued 83,893,020 -

Total 503,358,140 419,465,120

The detail of shareholding positions are as follows:

Percentage of shareholding positions:

Name of Shareholders% of Holders Number of Shares

2012-13 2011-12 2012-13 2011-12

Sponsor 30.00% 30.00% 15,100,744 12,583,954

Institutions 28.00% 20.40% 14,094,028 8,557,088

General public 42.00% 49.60% 21,141,042 20,805,470

Total 100.00% 100.00% 50,335,814 41,946,512

Classifi cation of shareholders by range of numbers held:

Class IntervalNo of Shareholders Number of Shares

2012-13 2011-12 2012-13 2011-12

00001 - 10,000 16,639 13198 17,457,104 10,494,800

10,001 - 20,000 345 246 4,971,740 2,954,750

20,001 - 30,000 99 78 2,520,420 1,742,500

30,001 - 40,000 45 25 1,495,400 813,870

40,001 - 50,000 17 27 786,500 1,237,500

50,001 - 60,000 13 15 713,750 826,750

60,001 - 70,000 15 11 991,600 697,750

70,001 - 80,000 4 - 217,000

80,001 - 90,000 8 0 635,600 -

90,001 and above 38 45 20,763,700 22,961,592

Total 17,219 13649 50,335,814 41,946,512

73

Amount in Taka

30-06-2013 30-06-2012

As per the consent letter of Securities and Exchange Commission Ref # SEC/CI/IPO-151/2011-1125 dated March 04, 2012 aamra technologies limited raised additional capital by issuing 21,572,000 share at a rate Tk. 24.00 each (Including Tk. 14.00 per share as premium) through Initial Public Off er (IPO).

13.00 Share premium: Tk. 502,608,496


Opening balance 502,608,496 230,354,158

Add : Addition during the year - 302,008,000

502,608,496 532,362,158

Less : Payment as IPO Expenses - 29,753,662

Closing balance 502,608,496 502,608,496

The Share Premium shall be utilized in accordance with the provisions of the Companies Act, 1994 and as directed by the Securities and Exchange Commission in this respect.

14.00 Proposed Stock dividend: Tk. NIL


Opening balance - 18,522,280

Add : Addition during the year 83,893,020 -

Less : Distributed during the year (83,893,020) 18,522,280

Closing balance - -

15.00 Retained earnings: Tk. 96,591,017


Opening balance 106,890,076 71,465,184

Add: Net profi t after tax during the year 73,593,961 58,854,779

Less: Stock dividend (83,893,020) -

Less : Capital Raising / IPO expenses - (29,753,662)

Less : Cash Dividend for 2011 - (20,374,512)

Add: Transferred from share premium (re: capital raising / IPO expenses ) - 29,753,662 -

Add : Prior year adjustment- Deferred tax liability - (3,055,375)

Closing balance 96,591,017 106,890,075

74


Amount in Taka

30-06-2013 30-06-2012

16.00 Long-term Loan : NIL


Opening balance 35,884,671 41,715,894

Add : Addition during the year - 40,000,000

Add : interest during the year - 17,537,708

35,884,671 99,253,602

Less : Repayment during the year 35,884,671 5,705,884

Less: Transfer to Short Term Liability (Payable within 12 months) - 57,663,047

Closing balance - 35,884,671

The break up is as follows:

Lanka Bangla Finance Limited 16.01 - 27,008,707

The City Bank Limited 16.02 - 8,875,964

Total - 35,884,671

16.01 Lanka Bangla Finance Limited: Tk. NIL

Loan LankaBangla Finance - LNME012011100003 - 23,505,288

Loan LankaBangla Finance - LEME012007120058 - 3,503,419

Total - 27,008,707

Note: The loan was taken to repay LTR in relation to import liability and is secured by Personal Guarantee of all Directors, Corporate Guarantee( ANL, ARL, AAL, AEML) and Ownership of the equipment. The interest rate was 18.00%.

16.02 The City Bank Limited: Tk. NIL

The above amount of loan was taken to repay LTR in relation to import liability and is secured by Personal Guarantee from all Directors, Corporate Guarantee (ANL, ARL), Registered First Charge with RJSC on All Fixed Floating Asset, Registered Mortgage of Land measuring 12.40 decimals with 6 storied commercial building (SFA Tower), Chittagong. The interest rate was 15.00%.

17.00 Short Term Loan: Tk. 438,136,275


Opening balance 952,027,532 507,914,533


Add : Interest during the year 82,507,746 100,517,470

Add: Transferred from Long Term Loan - 57,663,047

1,921,796,449 1,584,593,484

Less : Payment during the year 1,483,660,174 632,565,951

Closing balance as on 30.06.2013 438,136,275 952,027,532

75

Amount in Taka

30-06-2013 30-06-2012

The break up as follows:

Bank Loan 17.01 438,136,275 868,036,215

United Leasing Company Limited 17.02 - 26,328,270

Current portion of Long Term Loan 17.03 - 57,663,047

Total 438,136,275 952,027,532

17.01 ST Loan from Bank : Tk. 438,136,275


Bank Asia Limited-Overdraft 24,889,159 149,338,553

Bank Asia Demand Loan - 10,533,725

Bank Asia Ltd-LTR 144,972,475 182,511,032

The City Bank Ltd. Overdraft 20,271,414

The City Bank Ltd. Time loan 41,580,844 62,439,917

The City Bank Ltd. - LTR 92,479,714 63,430,468

One Bank Ltd Time loan 6,953,111 6,547,846

One Bank Ltd Time loan 14,984,368 14,266,978

One Bank SOD A/C #180161028002 - 140,869,648

One Bank Limited -LTR 92,005,190 172,678,166

Dhaka Bank Ltd - 21,139,300

The Dhaka Bank Ltd. - LTR - 44,280,582

Total 438,136,275 868,036,215

17.02 Loan from United Leasing Company Limited : Tk. NIL

The above loan was in relation to factoring of receivables. - 26,328,270

17.03 Current portion of Long Term Loan: Tk. NIL


Lanka Bangla Finance Limited - 24,669,871

Loan LankaBangla Finance - LNME012011100003 - 14,100,000



The City Bank Limited - 32,993,176

Total - 57,663,047

76


Amount in Taka

30-06-2013 30-06-2012

18.00 Liability against import of inventory: Tk. Nil

Liability against import of inventory - 77,781,837

19.00 Trade payable & Others:Tk. 43,818,375


Opening balance 35,950,373 10,553,337


765,726,148 485,722,283

Less : Payment during the year 721,907,772 449,771,910



Caucho Technology 185,171 185,171

Interblocks Pte. Limited 2,699,378 2,858,754

Oracle Corporation Singapore Pte Ltd 2,470,284 17,865,356

aamra Fitness Limited 125,000 -

aamra holdings limited - 3,400,000

aamra infotainment limited 827,000 108,000

aamra management solutions 277,273 383,050

aamra networks limited - 111,579

aamra resources limited 366,274 -

ACE IT networks limited 88,536 12,000

Apollo Trading Corporation - 49,355

ARRA Food & Beverages Limited 3,795 -

ARRA Technologies Limited 8,000 -

BSCCL 11,090,629 -

Bangla Phone 1,025,636 -

Bismillah Corporation 888,575 1,063,945

BTCL 4,131 -

BTRC (Payable against Profi t Sharing) 19.01 4,561,829 -

Captain Rent-A Car Service - 86,580

City Airlines - 369,144

Capital Market Courier Service 2,400 -

Computer Inside 42,000 -

Computer Services 1,167,840 -

Classic Rent-A-Car - 180,000

Dot Com Marketing & Communication - 60,000

77

Amount in Taka

30-06-2013 30-06-2012

DPEX Worldwide 63,711 6,447

Dristy Communication - 45,000

Daff odils Trade Agency - 67,803

Double M Interior 620,000 -

Dutch Bangla Bank Limited 50,000 -

Ecass Computers & Equipments - 240,000

Expeditor (Bangladesh) Limited 543,223 497,836

Fancy world 135,000 135,000

Fast Computer 246,500 42,826

Feather Touch - 49,577

Flora Limited - 103,000

Fons Bangladesh Limited 5,555 -

GrameenPhone Limited - 202,234

Green Delta Insurance( V) - 332,063

H L Motors 4,200 -

HMS Express 77,847 774,065

Home Made Interior & Furnishers - 6,000

Homebound Packers & Shippers Limited 10,500 28,700

International Acumen Limited 2,025,000 2,025,000

Intech Computer System 289,500 -

Kazi Abdul Aziz 23,517 42,204

LankaBangla Investments Limited (V) - 1,128,600

Leading Edge 3,456 3,456

L. B. Trading House 35,338 -

MAC Electronics 4,500 24,500

Mahbub Motors - 47,150

Marine Securities Service - 27,627

Md. Jahangir Alam 416,136 300,000

M/S Misu Enterprise 103,556 -

MEAW Limited 1,150 -

Nabila Enterprise 9,015 2,220

Ngen IT 72,800 72,800

Noor-E-Rahman 20,000 20,000

NHK International 455,648 -

Novocom Limited 4,576,640 -

Onegroup technology - 124,800

Orient Computer - 630,000

Power Link Electronics & Computer 18,528 165,800

78


Amount in Taka

30-06-2013 30-06-2012

Presstec Printers 19,111 8,640

Prime Maintenance - 7,464

Qubee - 14,863

RM SYSTEMS LIMITED - 87,000

RY Enterprise - 120,974

Sadaf Trading International - 1,076

Salim Refrigeration 10,975 45,000

SATCOM 110,000 584,238

Smart Technologies (BD) Limited 106,400 37,500

StockBangladesh LTD. - 40,000

SFA Estate 13,017 -

Sparkle Telecom Italia 5,670,826 -

Swarup Art and Advertising 19,074 -

Telecom Malaysia 1,216,500 -

Thakral Information Systems Private Ltd. 46,000 46,000

Total IT Solution - 3,000

Trade Bound 523,823 193,573

United Express 328,295 374,403

United Sysnet Limited 17,600 466,000

Wings Classic Tours & Travels Ltd. 91,685 43,000

Total 43,818,375 35,950,373

19.01 BTRC - Revenue Sharing: Tk. 4,561,829


Bandwidth sales during the year 83,317,786 -

Less : Value Added Tax (VAT) 10,867,537 -

Net Revenue during the year 72,450,249 -

Provision for 10 % revenue sharing with BTRC 7,245,025 -

Less : Payment made to BTRC 2,683,196 -

Closing balance 4,561,829 -

79

Amount in Taka

30-06-2013 30-06-2012

20.00 Advance against sale :Tk. 19,206,935

The above amount consists of the following balances:

BCL Associates LTD - 433,712

aamra networks limited 7,685,000 7,770,000

aamra networks limited (IIG) 3,500,000 -

Pubali Bank Limited 294,435 -

Dhaka Bank Limited - 8,850,000

Aftab IT Limited 96,000 -

Bangladesh Internet Exchange Ltd. 275,000 -

New Generation Graphics Ltd. 275,000 -

S.M. Telecom 313,500 313,500

Premier Bank Limited 1,800,000 1,800,000

AB Bank Ltd. 2,990,000 -

United Commercial Bank Limited 1,978,000 1,978,000

Total 19,206,935 21,145,212

21.00 Liability For Expenses : Tk. 15,697,583


Opening balance 11,744,157 4,131,555


257,923,373 815,869,841

Less : Adjustment during the year 242,254,486 803,880,510



Salary & Allowances 5,164,922 4,062,015

Provision for IIG Expense for BTCL 264,380 -

Provision for IIG Expense for Telecom Malaysia 3,074,500 -

Provision for IIG Expense for Sparkle telecom, italia 656,000 -

Provision for other expense 28,697 -

Provident Fund 366,996 316,508

Audit & Tax Consultancy Fee 185,997 200,000

Telephone & Mobile Bill 273,950 275,000

Tax Payable -Salary 247,366 764,283

Tax Payable -Suppliers 704,129 -

Liability for Expenses - 251,420

Provision for SEBL Trakral Project 59,200 -

80


Amount in Taka

30-06-2013 30-06-2012

Payable to IPO Applicant 1,031,911 5,139,931

VAT Payable (Rent & Suppliers) 531,022 -

VAT Provision against sales 2,282,733 -

Utilities Bill (Electric & Wasa) 85,000 85,000

Transport & Vehicle Expenses 290,780 -

Provision for Service Interruption 450,000 650,000

Total 15,697,583 11,744,157

22.00 Provision for Corporate Tax: Tk. 11,252,495


Opening balance 11,416,751 11,482,394


22,669,246 22,899,145

Less : Adjustment during the year 11,416,751 11,482,394

Closing balance 11,252,495 11,416,751

23.00 Deferred tax Liability : Tk. 3,529,905

Opening balance 2,081,370 -

Add : Prior year adjustment (Retained Earnings) - 1,527,687

Add : Addition during the year 1,448,535 553,681

3,529,905 1,527,687

Less: Adjustment during the year - -

Closing balance 3,529,905 2,081,370

23.01 Deferred tax liability : motor vehicle

Net book value 576,057 704,786

Tax written down value (at 20% tax allowable depreciation ) 493,699 617,124

Temporary diff erence 82,358 87,662

Closing Deferred tax liability(@27.5% of temporary diff erence) 22,648 24,107

Prior year adjustment (Opening Balance) - 18,080

Opening Balance 24,107 -

Charge during the year (1,459) 6,027

81

Amount in Taka

30-06-2013 30-06-2012

23.02 Deferred tax liability : Computer & accessories

Net book value 14,751,171 19,988,081

Tax written down value (at 30% tax allowable depreciation ) 8,754,992 12,507,132

Temporary diff erence 5,996,179 7,480,949

Closing Deferred tax liability(@27.5% of temporary diff erence) 1,648,949 2,057,261

Prior year adjustment (Opening Balance) - 1,509,607

Opening Balance 2,057,261 -

Charge during the year (408,312) 547,654

23.03 Deferred tax liability: IIG Equipment

Net book value 122,502,898 -

Tax written down value (at 30% tax allowable depreciation ) 115,745,424 -

Temporary diff erence 6,757,474 -

Closing Deferred tax liability(@27.5% of temporary diff erence) 1,858,305 -

Opening Balance -

Charge during the year 1,858,305 -

30-06-2013 (Amount In Taka) 30-06-2012 (Amount In

Taka) Non taxable for IT enable

Taxable Total

24.00 Revenue: Tk. 717,863,483


Sales of Equipment - 232,090,288 232,090,288 234,925,499

Sales of Service 26,206,740 192,182,764 218,389,505 222,129,826

Sales of Software 230,811,212 - 230,811,212 241,038,212

Sales of Spare Parts - 1,026,600 1,026,600 2,166,630

Sales Bandwidth (IIG) - 83,317,786 83,317,786 -

257,017,953 508,617,438 765,635,391 700,260,167

LESS: VAT 16,242,449 31,529,459 47,771,908 31,859,433

240,775,504 477,087,979 717,863,483 668,400,734

82




Taxable Total

Details of Sales of Equipment: Quantity in Sets

ESS Sale 169 -

ATM Sale 26 28

POS Sale 1,063 1,300

CPS Sale 60 -

HSM Sale 14 4

Cisco Sale 135 -

Juniper Sale 66 -

Oracle Sale 43 -

UPS Battery - 19

Sales of Equipment and Sales of Spare Parts revenue is allocated as Taxable revenue , Sales of Software revenue is allocated as Non-taxable revenue and Sales of Service is allocated to non-taxable and taxable proportions at 12:88 ratio as per management decision.



Taxable Total

25.00 Cost of goods sold: Tk. 533,853,458

Opening Inventory 240,292,797 466,450,723 706,743,520 486,533,003

Add: Purchase During the year 126,023,668 244,634,181 370,657,849 568,609,693

366,316,465 711,084,904 1,077,401,370 1,055,142,696

Less: Closing Inventory 244,096,416 473,834,219 717,930,635 706,743,520

122,220,049 237,250,685 359,470,735 348,399,176

Add: Direct Expenses 25.01 45,170,381 129,212,345 174,382,724 174,796,433

167,390,430 366,463,030 533,853,458 523,195,609

Opening Value of Inventory is allocated to non-taxable and taxable proportions at the ratio of 34:66. Purchase cost is allocated to non-taxable and taxable proportions at the ratio of 34:66. Closing Value of Inventory is allocated to non-taxable and taxable proportions at the ratio of 34:66 as per management decision.

83



Taxable Total

25.01 Direct Expenses: Tk. 174,382,724


Salary & Allowances & Festival Bonus 14,170,203 27,506,864 41,677,066 35,735,578

PF Contribution by Company 415,979 807,491 1,223,469 1,177,306

Offi ce Rent 1,129,351 2,192,273 3,321,623 3,681,550

Utilities Bill 310,643 603,014 913,657 786,614

Communication Expenses 856,301 1,662,232 2,518,532 2,360,630

Bank Interest - LTR & Others 26,347,849 51,145,825 77,493,674 106,138,034

Conveyance 628,604 1,220,231 1,848,835 2,437,697

Printing & Stationery Expenses 115,557 224,315 339,873 529,040

Entertainment 185,595 360,271 545,866 299,312

Medical Insurance 87,509 169,870 257,379 305,286

Other Insurance 439,869 853,865 1,293,733 810,864

Oil, Fuel & Lubricants 482,921 937,436 1,420,357 1,615,824

Depreciation Charges - 41,528,658 41,528,658 18,918,698

Total 45,170,381 129,212,345 174,382,724 174,796,433

Direct expenses are allocated to non-taxable and taxable proportions at the ratio of 34:66 as per management decision. Depreciation charges are allocated fully to taxable proportions by management.



Taxable Total

26.00 Administrative expenses: Tk. 95,044,256

Directors' Remuneration (Note 31.01) 1,836,000 3,564,000 5,400,000 7,800,000

Relationship & Management Expenses * 7,038,000 13,662,000 20,700,000 15,184,774

Royalty 179,322 348,096 527,418 3,663,020

Salary & Allowances & Festival Bonus 6,916,409 13,425,968 20,342,378 17,442,365

PF Contribution by Company 178,276 346,068 524,344 504,560

Offi ce Rent 247,905 481,233 729,137 808,144

Utilities bill 63,625 123,510 187,135 161,113

Communication Expenses 285,434 554,077 839,511 786,875

Conveyance 232,498 451,318 683,816 901,614

Printing & Stationery Expenses 42,741 82,966 125,706 195,672

84




Taxable Total

Entertainment 49,335 95,769 145,104 79,564

Medical Insurance 87,509 169,870 257,379 305,285

Other Insurance 439,869 853,865 1,293,733 810,863

Oil, Fuel & Lubricants 1,448,763 2,812,308 4,261,071 4,847,468

Regulatory Fee 146,876 285,113 431,989 684,000

Traveling expenses 747,707 1,451,431 2,199,138 2,471,016

Audit Fee 34,001 65,999 100,000 75,000

Consultancy Fee 2,178,233 4,228,334 6,406,567 3,319,250

Training & Development 462,532 897,856 1,360,388 1,104,328

Fees, Forms & Renewals 114,920 223,080 338,000 143,405

News Paper & periodicals 3,075 5,968 9,043 9,922

Offi ce Repair & Maintenance 1,519,780 2,950,161 4,469,939 2,197,787

Business Promotion Expenses 1,743,298 3,384,047 5,127,345 8,280,409

Tender Expenses 38,896 75,503 114,399 209,644

Service Interruption Expenses 406,377 788,848 1,195,225 3,642,020

AGM Expenses 1,167,086 2,265,521 3,432,607 998,892

Depreciation Charges - 13,842,887 13,842,886 6,306,233

Total 27,608,467 67,435,796 95,044,256 82,933,223

* Relationship & Management Expenses - aamra technologies limited receives Internal Audit services, Corporate and legal services, Secretarial services, Taxation advisory services, investment and fi nance related services etc. from aamra holdings limited (AHL) against which a relationship & management expenses is paid to AHL.



Taxable Total

27.00 Other Income: Tk. 8,870,238

Bank Interest 27.01 - 8,197,765 8,197,765 19,607,236

Interest (from receivable in inter-company current account)

- 672,473 672,473 1,635,893

Total - 8,870,237 8,870,238 21,243,129

aamra technologies limited have adopted a policy to charge 14% interest on intercompany current account balance in order to represent fair intercompany transactions. This policy was implemented from July 01, 2010.

85



Taxable Total

27.01 Bank Interest: Tk. 8,197,765

The above balance is as follows:

Southeast Bank Ltd. A/C no.-13100001353 - 551 551 6,086

One Bank Ltd. A/C no.- 018-5161028-004 - 142 142 329

One Bank Ltd. A/C no.- 018-0161028-002 - - - 9,737

One Bank FDR# 0184110000202 - 1,132,042 1,132,042 5,176,735

Bank Asia FDR# 01255056904 - 1,698,007 1,698,007 7,764,949

Dhaka Bank FDR# 165034/474/12 - 493,472 493,472 3,431,788

HVTA-City Bank A/C # 2921274263001 - 1,821,582 1,821,582 3,192,738

Dhaka Bank A/C# 2061501872 - 14,437 14,437 24,470

Eastern Bank Ltd. A/C 1350064323 - 17,293 17,293 -

Bank Asia STD # 01236050613 - 552,311 552,311 -

Bank Asia FDR# 01255057088 - 1,437,865 1,437,865 -

Bank Asia FDR# 01255007793 - 618,146 618,146 -

Langkabangla Finance TDR # 312073439 - 390,750 390,750 -

Mutual Trust Bank A/C# 0034-032 - 21,166 21,166 404

- 8,197,765 8,197,765 19,607,236

28.00 Finance Cost: Tk. 11,141,228

Bank Overdraft interest - 8,646,275 8,646,275 11,917,144

Bank Charges - 2,494,953 2,494,953 767,858

Total - 11,141,228 11,141,228 12,685,002

29.00 Exchange Gain/(Loss): Tk. (399,787)

Exchange Gain/ (Loss) for the year ended June 30,2013

- (399,787) (399,787) (4,818)

- (399,787) (399,787) (4,818)

86




Taxable Total

30.00 Provision of Corporate Tax: Tk. 11,252,495


Allowable revenue

Allowable cost of goods sold 477,087,979 411,222,186

Gross profi t (366,463,030) (330,280,977)

Allowable Administrative expense 110,624,949 80,941,209

Allowable Other income (67,435,796) (56,880,047)

Allowable Finance cost 8,870,237 21,243,129

Profi t before corporate Tax (11,141,228) (12,685,002)

Corporate Tax during the year @ 37.5% 40,918,162 32,619,289

Corporate Tax during the year @ 27.5% - 9,174,175

Total Corporate Tax payable 11,252,495 2,242,576

11,252,495 11,416,751

The tax liability is calculated on taxable profi t at 27.5% for the year.

31.00 Payments to directors and managers: Tk. 21,130,109

a) The aggregate amounts paid to/ provided for the Directors & Managers of the company are disclosed below :

Chairman and Managing Directors Remuneration (Note-32.01) 31.01 5,400,000 7,800,000

Managers' Salary & Allowances 14,223,346 14,856,812

Managers' Festival Bonus 1,073,995 1,442,182

Managers' Provident Fund 432,768 596,220

Total 21,130,109 24,695,214

31.01 Disclosure of Directors remuneration under Para 4 of Schedule XI PART II of the Companies Act 1994 :

Two director’s of aamra technologies limited namely Mr. Syed Faruque Ahmed & Mr. Syed Farhad Ahmed are holding the position of Chairman and Managing Director in the company respectively. Accordingly, both of them are taking remuneration. However, no other facilities were taken by them from the company for rendering their services. Details of remuneration paid to them during the year July 2012 to June 2013 is as follows:

Name Designation Monthly

RemunerationBonus during

the year

30-06-2013 (Amount In

Taka)

30-06-2012 (Amount In

Taka)

Mr. Syed Faruque Ahmed Chairman 300,000 300,000 1,500,000 3,900,000

Mr. Syed Farhad Ahmed Managing Director

300,000 300,000 3,900,000 3,900,000

Total: 5,400,000 7,800,000

87

Mr. Syed Faruque Ahmed, Chairman of the company did not take his remuneration from November 2013 as he will not perform his duty on regular basis.

32.00 Contingent Liability: Tk. 112,220,071

Against Bank Guarantee 15,481,574 19,604,434

Liability for import against inventory: 96,738,497 -

Total 112,220,071 19,604,434

32.01 The Company is holding a contingent liability by issuing bank guarantee to the extent of BDT 15,481,574 to various parties against Tender and clearance of customs relating to materials purchase. The break up is as follows:

Bank Guarantors' Name

Bank Asia Limited, Banani Br. 10,729,910 8,723,152

ONE Bank Limited, Banani Br. 2,822,363 10,881,282

Dhaka Bank Limited, Banani Br. 1,929,301

Total 15,481,574 19,604,434

32.02 The Company is also holding contingent liability by opening import L/C for procurement of various materials from various party. The break up is as follows:

Contingent Liability for import against inventory:

LC NO. ProductAmount in

USD Rate

30-06-2013 (Amount In

Taka)

30-06-2012 (Amount In

Taka)

L/C#072813010186 Software $140,000 78.50 10,990,000 9,663,975

L/C#072813010231 NBS Horizon $136,851 78.50 10,742,774 16,106,625

L/C#072813010235 Software $148,101 78.00 11,551,891 12,719,074

L/C#072813010268Automatic Data Processing Machine

$28,540 103.00 2,939,620 7,896,000

L/C#072813010273 Software $65,098 78.00 5,077,644 5,940,263

L/C#072813010284 Software $15,518 78.00 1,210,427 12,087,238

L/C#072813010289 Video conference software $230,157 78.00 17,952,246 4,198,149

L/C#072813010294 Software $200,355 78.00 15,627,719 4,519,556

L/C#209013010063 Software $260,004 79.00 20,540,316 1,574,808

L/C#209013010076 Rosenberger Hardware $1,340 79.00 105,860 3,076,150

Total $1,225,964 96,738,497 77,781,837

The above liability was not recognised in Financial statements as the risks and rewards of ownership are yet to pass on to the company.

88


33.00 Related party disclosures

The details of related party transaction during the year along with the relationship is illustrated below in accordance with BAS 24:

Name of the Company

Total transaction during the

year (Tk)

Relationship with

Company Nature of Transaction

Balance as on 30-06-2013 (Amount in

Tk.)


Tk.)

aamra networks limited

454,498,970

Concern under common management

Sale of Equipment & Services & correponding payments

920,440(Trade

Receivable)

222,527,841 (Trade

Receivable)

Prime Bank Limited 29,190,300 Share Holder


96,16,448 (Trade

Receivable)

4,340,698(Trade

Receivable)

Southeast Bank Limited 42,429,430 Share Holder


228,677 (Trade

Receivable)

987,549(Trade

Receivable)

Lankabangla Finance Limited 18,959,715 Share Holder


1,74,43,340 (Trade

Receivable)

980,055(Trade

Receivable)

aamra holdings limited 27,091,707

Shareholder and Concern under common management

Payment & receipts through inter-company current account and interest charged

- 17,276,531

aamra holdings limited 45,854,836

Shareholder and Concern under common management

Relationship & Management expenses (Internal Audit services, Corporate and legal services, Secretarial services, Taxation advisory services, investment and fi nance related services etc.) & corresponding payments

- 3,400,000

aamra infotainment limited

1,361,000


Web site Development & Maintenance Services and correponsing payments

827,000 108,000

aamra management solutions

1,201,823


Training service and space rent for training & correponsing payments

277,273 383,050

aamra networks limited 13,852,605


Internet service & equipment purchase & corresponding payments

- 111,579

aamra resources limited 249,790


For offi ce supplies & branding expenses & correponsing payments

249,790 Nil

89

Name of the Company

Total transaction during the

year (Tk)

Relationship with

Company Nature of Transaction


Tk.)


Tk.)

ACE IT networks limited 139,464


Internet service & correponsing payments 88,536 12,000

aamra networks limited 85,000


Advance received against future sales 7,685,000 7,770,000

Prime Bank Limited 6,700,000 Share Holder Advance received against

future sales - Nil

Lankabangla Finance Limited 59,917,626 Share Holder

Loan transaction including loan addition, interest charged and repayments during the year

- 51,678,578

Syed Faruque Ahmed 1,500,000

Chairman and shareholder

Directors remuneration - 239,896

Syed Farhad Ahmed 3,900,000

Managing Director and shareholder

Directors remuneration - 236,146

Amount in Taka

30-06-2013 30-06-2012

34.00 Earning per share

Profi t after tax 73,593,961 58,854,779

Number of ordinary shares 50,335,814 41,946,512

EPS 1.46 2.46

2012 restated for bonus shares - 1.17

EPS has been calculated in compliance with the requirements of BAS 33 : Earnings Per Share by dividing the profi t after tax by the weighted average number of ordinary shares outstanding during the year. The only issue of shares in the year relate to bonus shares. EPS for the prior year has accordingly been restated in compliance with BAS-33.

90


Notes

PROXY FORM

I/We .........................................................................................................................................................................................................................................................................................................................................................

of .................................................................................................................................................................................................................................................................................................................................................................

being a member of aamra technologies ltd. and a holder of ............................................................................................................. shares hereby appoint

Mr./Ms...................................................................................................................................................... of .................................................................................................................................... as my/proxy

to vote for me/us and on my/our behalf at the 24th Annual General Meeting of the Company to be held on Sunday,

December 22, 2013 and any adjournment thereof.

Signed this............................................................................................................. day of ...................................................................... 2013.

Signature ........................................................................................................... Signature ..................................................................................................

Name ........................................................................................................................ Name ..............................................................................................................

(Member) (Proxy)

BO A/C No:

NOTE:

1) This form of proxy, duly completed, must be deposited at least 48 hours before the meeting at the registered offi ce. Proxy is invalid if not duly signed and stamped.

2) Signature of the Shareholders should agree with the Specimen Signature registered with the Company and Depository Register.

ATTENDANCE SLIP

I hereby record my attendance at the 24th Annual General Meeting of aamra technologies limited at Bashundhara Convention Center-2, Block-C, Bashundhara R/A, Dhaka-1229 as a holder of ............................................................... shares of the Company.

Signature ..............................................................................................................................

Name .......................................................................................................................................................................................................................................................................................

(Member/Proxy)

BO A/C No.

Note: Shareholders attending the meeting in person or by proxy are requested to complete the Attendance Slip and hand it over at the entrance of the meeting hall.

No gift or benefi t in cash or kind shall be paid to the holder of equity securities at the AGM as per Bangladesh Securities and Exchange Commission notifi cation No. SEC/SRMI/2000-953/1950 dates 24th October 2000 (c).

RevenueStamp

aamra technologies limitedF. R. Tower (9th Floor)32 Kemal Ataturk Avenue, Banani C/A, Dhaka - 1213, BangladeshTel: 886 1111, Fax: 886 0044, Email: [email protected]

aamra technologies limitedF. R. Tower (9th Floor)32 Kemal Ataturk Avenue, Banani C/A, Dhaka - 1213, BangladeshTel: 886 1111, Fax: 886 0044, Email: [email protected]

aamra annual report 2013 layout.indd

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