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Auditor's Report & Financial StatementsOF

GBB POWER LTD.Momtaz Plaza, (Sth Floor), House # 7,

Road # 4, Dhanmondi R/A, Dhaka

FOR THE YEAR ENDED 30 JUNE 201 7

Table of Contents

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Sl No. Particulars Page No.

0l Audit Report 01-01

02. Statement of Financial Position 02-02

03.Statement of Profit or Loss and Other Comprehensivelncome

03-03

04. Statement of Changes in Equity 04-04

05. Statement of Cash Flows 05-05

06. Notes to the Financial Statements o6-23

07. Schedule of Property, Plant & Equipment, "Annexure-01" 24-24

{fr<'{ qE ffi rnffiMABS &J Partners

Chartered Accountants

AUDITORS, REPORT TO THE SHAREHOLDERS

OF

GBB POWER TIMITED

We have audited the accompanying financial statements of 688 POWER UMITED, which comprise the Statement ofFinancial Position as at 30 June 2017, and the Statement of Profit or Loss and Other Comprehensive lncome,

Statement of Changes in Equity and Statement of Cash Flows for the year ended 30 June 2017 and a summary ofsignificant accounting policies and other explanatory information.

Manatement's Responsibility for the Financial Statements

Management is responsible for the preparation and fair biesentation of these financial statements in accordance withBangladesh Financial Reporting Standards (BFRSs), and for such internal control as management determines is

necessary to enable the preparation of financial statements that are free from material misstatement, whether due tofraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit

in accordance with Bangladesh Standards on Auditing (BSAs). Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whether the financial statementsare free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial

statements. The procedures selected depend on the auditors' judgment including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. ln making those risk assessments,

the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial

statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness 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 financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

opinion.

Opinion

ln our opinion, the financial statements'present fairly, in all material respects, the financial position of GBB POWER

tlMlTED as at 30 June 2017 and its financial performance and its cash flows for the year then ended in accordance

with Bangladesh Financial Reporting Standards (BFRSs) & 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 purpose of our audit and made due verification thereof;

b) ln 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 those books;

c) The Company's financial position and comprehensive income statement dealt with by the report are inagreement with the books of account; and

d) The expenditure incurred was for the purpose ofthe Company's business.

Dated: Dhaka,24 October 2017

fu--Corporate Office:SMC Tower (7th Floor)33, Bahani C/A, Road 17

Dhaka-121 3, BangladeshPhone : +88-02-9821057 -58

: **-oz-gazt aos-ooE-mail : [email protected] :www.mabsj.com

AccountantsMotijheel Branch21, Purana Paltan th & 7th Floor)

Dhaka-1000,

Phone : +88-02.

Fax : +88-02

E-mail

Web : www.mabs.i.comSN"pii"i*

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MABS &J PartnersChartered Accountants

GBB POWER LIMITED

STATEMENT OF FINANCIAT POSITION

As at 30 JUNE 2017

PARTICULARS

ASSETS:

Non-Current Assets

Property, Plant and Equipment

Leasehold Land Development

Current Assets

lnvestment in marketable securities

lnventoriesAccounts Receivable

Sundry Debtors

Advance, Deposit & Prepayments

Cash and Cash Equivalents

Total Assets

EQUITY & LIABILITIES:

Shareholders' Equity

Share CapitalShare PremiumRetained Earnings

Current Liabilities and Provisions

Accounts Payable

Sundry Creditors

Accrued Expenses

Workers Profit Participation and Welfare Fund

Unclaimed Dividend

Short Term Bank Loan

Provision for lncome Tax

Total Equity and Liabilities

Net Asset Value (NAV) Per Share

30-Jun-17

(Amount in Taka)

f-tt-.,"r* I

t7.oo18.00

19.00

20.00

2t.oo22.00

23.00

24.OO

2,2O5,244,6LL 2,L24,409prq

-=:

20.41

The accounting policies and other notes from 01 to 43 form an integral part of the Financial tatements.The Financial

Statements were authorised for issue by the Board of Directors on 24 October 2017 and signed on its behalf by :

4'e.'V.--.-...---...-*rsl.'Jl*

Managing Director Director

2L.06

!,282,370,267 L,341,481,330

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2,2O5,244,611 2,113,655,692

2,041,538,83L 1,978,389,533

2s.oo I ,6rss?"6ool l-r6J-Js?,6od26.00 | ase,sso,oool I aes,sso,oool

I zos,qlt,zgtl | 142,287,9321

27.00

28.00

29.00

30.00

31.00

32.00

37.00

163,705,78L67,084,775

417,325

5,242,4O4

74,8O2,326

3,168,866

49,275,360

23,715,383

146,019,527

45,700,050

445,955

3,557,26273,642,OO3

27,385,98336,250,386

19,037,868

10,743,367

82,278,775

93,378,7603,593,750

17o,526,775

422,466,303

84,070,945136,005,698

500,000

799,139,292

s03.158,409

AUDITORS' REPORT TO THE SHAREHOLDERS:

This is the Statement of Financial Position referred to in our report of even date.

Dated: Dhaka,24 October 2017

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PARTICUTARS

Turnover

Cost of Goods Sold

Gross ProfitAdministrative, Financial & Other Expenses

Liquidated Damage (Deducted at Source)

Net Profit Before Other lncome & W.P.P.F

Other lncome

Realized Loss on Marketable Securities

Net Profit Before Charging lncome Tax

Contribution to WPP & Welfare Fund

Net Profit Before lncome Tax

Provision For lncome Tax

Net Profit After Tax

Earnings Per Share (EPS)

Director

Dated: Dhaka,

24Odober2Ot7

l July 2016 to30 June 2017

526,879,384

355,550,959

104,145,835

78,793,8tO(819,716)

t22,119,929

s,815,23s

(Amount in Taka)

l July 2015 to3o

5L7,249,053

325,790,665

191,458,388

59,455,184

5L,687,925

80,315,180

19,896,651

(1,393,

98,8L7,942

2L6

1.15 o.92

The accounting policies and other notes from 01 to 43 form an integral part of the Financial Statements. The

Financial Statements were authorised for issue by the Board of Directors on 24 October 2077 and signed on

its behalf by :

9^^Jt-2.7-ft--"--Managing Director

This is the Statement of Profit or Loss and Other Comprehensive lncome referred to in our report of even

date.

;WAccountants


GBB POWER LIMITED

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2017

l-^,"r*-lll33.00

34.00

3s.00

36.00

115,304,594 94,367,726

37.00 @_ffi,6n,fl2__89,1529!I_

38.00

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GBB POWER LIMITED

STATEMENTS OF CHANGE IN EQUITY


The accounting policies and other notes fromFinancial Statements were authorised for issue

behalf by :

q {-H--Managing Director

01 to 43 form an integral part of the Financial Statements. The

by the Board of Directors on 24 October 2Ot7 and signed on its

-+#Company Secretary

s'L"JLDirector

in Taka

PARTICUIARS

ORDINARY

SHARE

CAPITAL

SHARE

PREMIUM

SHARE

MONEY

DEPOSITS

RETAINED

EARNINGSTOTAL

lst July 2016 969,557,60C 865,550,000 80,000 142,291,932 1,978,469,533

lnterim Cash Dividend (48,477,8801 (48,477,88O)

Net Profit during the Year LL7,627,t79 L77,627,L79

l0 June 2017 969,557,600 866,550,000 80,00c 2O5,43t,23t 2,O41,618,832

in Taka

PARTICULARS

ORDINARY

SHARE

CAPITAL

SHARE

PREMIUM

SHARE

MONEY

DEPOSlTS

RETAINED

EARNINGSTOTAT

1st July 2015 959,557,600 866,550,000 80,000 148,341,82O 1,984,529,421

Prior years adjustment 1,737,887 7,737,887

Adjusted opening balance 969,557,600 866,550,000 80,000 L$O,O79,7O7 t,986,267,1O8

lnterim Cash Dividend 231,439,977 23t,439,9L7

Net Profit during the Year 89,157,985 89,157,985

30 June 2016 959,557,600 866,550,000 80,000 L42,281,932 2,305,865,209

AUDITORS' REPORT TO THE SHAREHOLDERS:

This is the Statement of Changes in Equity referred to in our report of even date'

Dated: Dhaka,

24October 2OL7

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GBB POWER LIMITED

STATEMENT OF CASH FTOWS


PARTICUIARS

Cash Flows from Operating ActivitiesCollections from Turnover and othersPayment for Cost and Expenses

Financial Expenses .:,

lncome Tax Deducted at Source l

Cash Flows from Investing ActivitiesAcquisition of Property, Plant and Equipmentlnvestment in Marketable Securities

Cash Flows from Financing ActivitiesCash Credit and Other short term loan

Fraction share dividendDividend /Fraction Share Dividend paid

lncrease/(Decrease) in Cash and Cash Equivalent

Cash and Cash Equivalents at Opening

Cash and Cash Equivalents at Closing

Net Operating Cash Flow Per Share

The accounting policies and other notes from 01 to 43 form an integral

Financial Statements were authorised for issue by the Board of Directors

behalf by :

lsg,67O,O22l 20,L7O,617

80,692,106 ll 150,969,201

42 271,497,LO3

503,158,409 422,466,303::

part of the Financial Statements. The

on 24 October 2077 and signed on its

@company secretary

1 July 2016 to30 June 2017

(Amount in Taka)

1 July 2015 to30 June 2016

(326,223,777

(5,77O,O83

(3L,OLL,L42

143,135,004

s29,668,O97(3O7,3O9,9711

(6,420,559

t2,257181,925,310

(72,696,526

9,923,65t

12,772,8751

(66,LgL,4271

15,064,675.00

lst,t26,746l

zr?'l\a-.--Managing Director Director

This is the Statement of Cash Flows refeired to in our report of even date.

Dated: Dhaka,

24 october 2017

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GBB POWER LIMITED

NOTES TO THE FINANCIAT STATEMENTSFOR THE YEAR ENDED 30 JUNE 2017

FORMING AN TNTEGRAL PART OF THE FINANCIAT STATEMENTS

Compliance with the requirements of notification of the Securities and Exchange Commission dated

04.06.2003 under reference # SEC/CMMRPC/2008-t8tl 531 AdmlOSl 28.

1. Notes to the financial statements marked from C-1 t9 C-16 outlining the policies are

unambiguous with respect to the reporting framework on'which the accounting policies are

based. ."

2. The accounting policies on all material areas have been stated clearly in the notes marked

from C-1 to C-16.

3. The accounting standards that underpin the policies adopted by the company can be found inthe following places of the notes to the financial statements:

SL. No. Aoollcable Accountinr Standards Note reference

01. rAs/BAS - 1 4.00

02. IAS/BAS. 2 6.00

03. IAS/BAS - 7 7.00 & 8.00

04. IAS/BAS - 10 42.OO

05. |AS/BAS - 12 9.00

05. rAs/BAS - 15 5.00

07. |AS/BAS - 18 10.00

08. rAs/BAS - 19 14.00

09. rAs/BAS - 21 11.00

10. |AS/BAS - 24 t6.o2

11. IAS/BAS - 33 12.00

L2. IAS/BAS - 35 13.00

13. IAS/BAS - 37 41.00

4. The financial statements are in compliance with the Bangladesh Financial Reporting Standards

(BFRS) which are adapted from the lnternational Financial Reporting Standards (IFRS) issued by

the lnternational Accounting Standards Board (IASB)'

AND

5. The Standards and reporting framework used in the financial statements do not differ from

tFRS (BFRS).

B. Legat status and nature of the company - Disclosure under IAS 1 as adopted by The lnstitute of

Chartered Accountants of Bangladesh as BAS 1 "Presentation of Financial Statements"

Domicile, Legol Form and Country ol lncorporationThe Company was incorporated on 17th October 2006 as a private company limited by shares and by a

resolution passed on 26 February 2008. lt was converted into a public company limited by shares. The

company implemented the Joint Venture Agreement executed between GBB Limited and Caladonian

Power Limited and has done all that was necessary as per notification of award of "supply lnstallation

and putting in Commercial Operation of ZOUW +/- tO% Trailer/ Skid Mounted Power Plant at Bogra on

rental basis for a tenure of 15 year Project" issued by Bangladesh Power Development Board vide

Memo No. 108-BPDB (CS.)/(Contract)/Bogra Rental/06 dated 03.08.2006 and 15.08.2006 respectively.

6

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The company has installed and utilized the following capacity:

Address ol Registered Olfice and Prlncipal Phce ol Business

The principal place of business is in the registered office at GBB Power Complex, BPDB Compound,Puran Bogra, Bogra-5800 and Corporate office at Momtaz Plaza (5th Floor), House # 07, Road f 04,

Dhanmondi R/A, Dhaka-1205.

Prlnclpal Actlvitles and Noture ol Operatlons

Supply lnstallation and putting in commercial operation of 20MW +/- tO%Trailer/ Skid Mounted Power

Plant.

Number of Employees

On the payroll of the Company, there were 37 officers, 30 staff and workers /technicians apart from many

casual / contract technicians /workers.Taka

i) 61 Staff / Officers / Employees drew yearly salary & allowances of Tk'

48,000 or moreii) 5 Staff / Officers / Technicians and many other casual workers drew

yearly salary / wages & allowances less than Tk. 48,000

65

Significant Accounting PoliciesDisclosures

Compliance with tnternationa! Accounting Standards (lASs)

32,O42,328

2,03,500

_32,245,928

c.

1.00

2.00

3.00

The financial Statements have been prepared in compliance with requirements of lASs as adopted by

the lnstitute of Chartered Accountants of Bangladesh (ICAB) and applicable in Bangladesh.

Compllance with local Laws

The financial statements have been prepared in compliance with requirements of the Companies Act,

1994, the Securities and Exchange Rules, 1987 and other relevant local laws and rules, including

compliance with lncome Tax Ordinance 1984, lncome Tax Rules 1984, VAT Act 1991 and VAT Rules

1991.

Measurement Bases used in preparing the Financial Statements.

The elements of financial statements have been measured on "Historical Cost" basis, which is one of the

most commonly adopted base as provided in "the frome-work for the preporation and presentotion of

finonciol statements" lssued by the tntemotional Accounting Standords Committee (IASC).

A member of

Nexialnternational

Licensed Capacitybv BERC (Net)

Saleable Rental

Caoacitv bv PPA (Net) lnstalled Capacity Commissioned Capacity

22.80 MW 20(+/-l10% MW 23.25 MW lLll%l 19.38 MW (Up to 16/07109) and23.26 MW after L7/O7lO9

Capacity Rented Tota! Electricity Generated llKVIGrossl

Total Electricity Sold 33 KV(Netl

21.720 MW(From 2Olo9l2oL7l

1.82,t49 MWH (100%) L73,5O4 MWH (95.25%)

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Components of the Financial Statements

According to the lnternational Accounting Standard (lAS) 1 as adopted by ICAB as BAS 1 "Presentationof Financial Statements", the complete set of Financial Statements includes the following components:

(i) Statement of Financial Position as at 30 June 2017;(ii) Statement of Profit or Loss and Other Comprehensive lncome for the year 30 June 2OL7;

(iii) Statement of Changes in Equity for the year 30 June 2OL7;(iv) Statement of Cash Flows for the year 30 June 2017; and(v) Accounting policies and explanatory notes.

Specific accounting policies selected and applied for significant transactions and events.

Recognition of Property, Plant & Equipment ohd Depreciotion...

Property, Plant and Equipment are stated at tt',eit. cost less accumulated depreciation in accordance

with IAS 16 as adopted by ICAB as BAS t6"Propefi, Plant ond Equipmenf'. Cost represents cost ofacquisition or construction and capitalization of pre-production expenditure including interest duringconstruction periods. Depreciation has been charged on additional fixed assets from the date of readyfor use. Depreciation on all other fixed assets is computed using the diminishing balance method in

amounts sufficient to write off depreciable assets over their estimated useful economic lives.

Expenditure of maintenance and repairs are expensed; major replacements, renewals and bettermentsare capitalized.

The depreciation rates applicable to the principal categories are:

Building and Premises 5%

Plant and Machinery 5%

Tools & Equipment 5%

Furniture & Fixtures 20%

Fabrication Work 5%

20%

20%

20%Office Car

The rent on leasehold land is being recognized as revenue expenses year to year, leasehold land

development has been shown under separate head. Please see Note 18.00 hereinafter.

lnventories

lnventories comprise mainly of Lubricants, spare parts, consumable etc. They are stated at the lower of

cost and net realizable value On consistent basis in accordance with IAS 2 as adopted by ICAB as BAS 2

"lnventories". Net realizable value is based on estimated selling price less any further costs expected tobe incurred for: completion and disposal.

7.00 Cash and Cash Equivalents

According to IAS 7 as adopted by ICAB as BAS 7 "stotement of Cash Flows ", cash comprises cash in

hand and demand deposit and cash equivalents are short term, highly liquid investments that are

readily convertible to known'amount of cash and which are subject to an insignificant risk of changes in

value. IAS 1 as adopted by ICAB as BAS ! "Presentotion of Finoncial Stotements" also provides that cash

and cash equivalents are those which have no restriction in use considering the provision of IAS 7 and

IAS 1. Cash in hand and bank balances have been considered as cash and cash equivalents.

Shuttering Materials

Office Equipment ....

ON"pJtjs

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10.00


Statement of Cash FlowsStatement of Cash Flows is prepared principally in accordance with IAS 7 as adopted by ICAB as BAS 7

'stotement of Cosh Flows" and the cash flow from the operating activities have been presented underdirect method as prescribed by the Securities and Exchange Rules, 1987 and considering the provision

of paragraph 19 of IAS 7 which provides that "enterprises are encouraged to report cash flow fromoperating activities using the direct method"

TaxationTransactions relating to lncome Tax have been disclosed in conventional manner. There appears no

deferred tax liability arising out of taxable temporary differences as per BAS-12 for that the taxdeducted at source by customer of Tk. 31,011,t42 is the final liability uls. 52 N of l.T Ordinance 1984 ifthe company is to pay tax which is dependent upon award of the',Court as has been stated in Note-41.00. .',"

Revenue RecognitionRevenue arising from the sale of power at end of the each month is recognized when deliveries are

made to National Grid sf Bangladesh Power Development Board (BPDB) compliance with all theconditions for revenue recognition as provided in IAS 18 as adopted by ICAB as BAS t8 "Revenue

Recognition" The controctuol ogreement with BPDB provides as under os per clause lj.j(a)(i):

"lnvoice shall be on o monthly bosis. lnvoice sholl be prepared by the compony ond submitted to BPDB

no sooner then 7 (seven) days ofter the end of the month for which such invoice is opplicable and sholl

show the due date of payment of the invoice to be 4i(forty five) days after date of issuance of therelevont invoice. Such invoices sholl present oll informotion including schedule 9, 70 & 77 ondcalculotion, ony other informotion required by BPDB to confirm the consistency of the invoice with theprovision of the section 73.3. BPDB sholl pay to the compony by A/C poyee cheque or Pay Order orthrough Bonk Tronsfer oll amount due under this ogreement, less any amount thdt ore subject todispute."

11.00 ForeigncurrencytranslationTransactions denominated in foreign currencies are translated into Bangladesh Taka and recorded at

rates of exchange ruling on the date of transaction in accordance with IAS 21 as adopted by ICAB as BAS

2l"The Eflects of Chonges in Foreign Currency Rotes".

12.00 Earning Per Share (EPS)

The company calculates Earnings per Share (EPS) in accordance with IAS 33 as adopted by ICAB as BAS

33 "Earnings per Share" which has been shown on the face of Comprehensive lncome Statement and

the computation of EPS is stated in Note -38.00.

Basic EarningsThis represents earnings for the period attributable to ordinary shareholders. As there was no

preference dividend, minority interest to extra ordinary items, the net profit for the period has

been considered as fully attributable to the ordinary shareholders.

Basic Earnings per Sh.are

This has been calculated by dividing the basic earnings by the weighted average number ofordinary shares outstanding during the period.

Diluted Earnings per ShareNo diluted EPS is required to be calculated for the period as there was no scope for dilution

during the period under review.

13.00 lmpairment of Assets

As all assets of the company shown in the financial statements that are within the scope of 8A5-36 are

in physical existence and valued not more than their recoverable amount following lnternational

Accounting Standards adopted in Bangladesh, disclosures with regard to "lmpairment of Assets" as per

8A5-36 have not been considered necessary.

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15.00

16.01

16.o2

16.04

16.05


Employee Benefit ObligationsThe Compony has implemented following employees benefit plon:

a) Annual leave with wage

b) Gratuity: this scheme is recognised by NBR.

c) Provident Fund: this scheme is recognised by NBR.

d) Festival bonus.

e) Workers profit participation and welfare fund at 5% of net profit. lt has been initiated from 20()8.

Trade Creditors and Other Current LiabilitiesLiabilities are recognised for amount to be paid in the future for goods and services received, whetheror not billed by the supplier.

Additionatlnformation j

Responsibllity for preparation and presentation of Financial StatementsThe Board of Directors is responsible for the preparation and presentation of Financial Statementsunder Section 183 of the Companies Act, 1994 and as per the provision of "the framework for thepreparation and presentation offinancial statements" issued by the lnternational Accounting StandardsCommittee (IASC).

Transactions with Related Parties / Associated UndertakingsThe company carried transactions with related parties in the arms' length basis and there is notransaction during the period with related parties.

Risk and uncertainties for use of estimates ln preparation of financlal statementsThe preparation of financial statements in conformity with the lnternational Accounting Standardsrequires management to make estimates and assumption that affect the report, amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date of the financial statements andrevenue and expenses during the period reported. Actual results could differ from those estimates.Estimates are used for accounting of certain terms such as long term contracts, provision for doubtfulaccounts, depreciation and amortization, employees benefit plan, tax reserves and contingencies.

Reporting Currency and level of precisionThe figures in the financial statements represent Bangladesh currency (Taka), which have been roundedoff to the nearest integer.

Comparative lnformationComparative information have been disclosed in respect of the year 30 June 2OL7 for all numericalinformation in the financial statements and also the narrative and descriptive information when it is

relevant for understanding the current period's financial statements.

TurnoverTurnover comprises energy sales of the company, excluding VAT, supplementary duty, etc.

CommissionNo commission has been paid during the year under review.

Brokerage or DiscountThe company did not pay any brokerage or discount during the period under review.

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16.09 Payment to DirectorsDuring the period the company has paid to its Directors as follows:

16.10

15.11

16.12

16.13

16.14

16.16 Loans, Advances and DepositsThis is considered good and collectible anddebt was considered doubtful to provide for.

A membdr of

Nexialnternational

The Directors were not paid for any other facilities from the company.

Miscellaneous ExpensesMiscellaneous expenses do not include any item exceeding 1% of total revenue.

Leases

Lease rentals against assets acquisition have been expensed as they incurred.

Acknowledgement of ClaimsThere was no claim against the company acknowledged as debt as on 01July 2016 to 30 June 2017.

Going Concern

There is no significant doubt upon the company's ability to continue as a going concern.

Reporting Period

Financial statements of the company cover one financial period from 01 July 2016 to 30 June 2017.

Rearrange of FigureComparative figures have been rearranged, if necessary.

1l

sr Name Designation Period RemunerationIBDTI

FestivalBonuslBDTl

TotalIBDTI

I Mr. M. Taifur Hossain Managing Director July-June 3,6o0,ooo 360,000 3,960,ooo

2 Mrs. Shamim Ara lslam Chairman July-June 2,400,000 240,000 2,640,OOO

3 Mrs. Rezina AkbarDirector

(Procurement) July-May 2,475,OOO 135,000 2,610,000

1 Mrs. Morziana HasanDirector

(Procurement) June 225,OOO 135,000 360,000

Total 9,700,000 870,000 g,57o,ooo


17.m PROPERTY, PLANTAND EQUIPMENT: TK. 1,277,922,225

The figures have been arrived at as under:

Cost as per last account

Add : Additions during the year

Less : Accumulated Depreciation

Written down value

Details have been shown in Annexure-'01'

18.00 LEASEHOLD IAND DEVETOPMENT COST: TK.4,44&042

The figures have been arrived at as under:

Balance as per last account

Less: Amortization during the year

19.00 INVESTMENT lN MARKETABTE SECURITIES: Nil

The brak-up ofthe above amount is as under:

lnvestment at Opening

lnvestment During the year

Sale/Buy During the year

Change in Gain/Loss Realized

Total lnvestment at realizable value

21.00

INVENTORI ES: TK. 84,070,945

The break up of the above amount is as under :

Stock of Spare Parts for General

Stock of Spare Parts for E-70

Stock of Lubricants

ACCOUNTS RECEIVABLE: TK. 136,005,698


Bangladesh Power Development Board

SUNDRY DEBTORS: TK. 500,000


7,865,357,373 L,798,238,O72

L2,695,526 67,LL9,30t

1,878,053,899 1,855,357,373

500,L37,674 529,075,857

1,277,922,225 1,336,281,506

3O June 2017 30 June 2015

5,L99,824

75L,782

5,951,506

757,782

4,448,042 5,199,824

1o,743,367

5,993,662

(15,817,312)

(819,7L5)

25,737,L2O

L2,473,445

(26,073,310)

(1,393,888)

- L0,743,367

29,690,545

48,558,880

6,82t,52O

84,O7O,945

34,t75,240

36,456,515

LL,587,O2O

82,218,775

50o,ooo

136,005,598 93,378,760

136,005,698 931313,760:-

93,750

500,000

3,000,000

Central Depository Bangladesh Limited

IDLC Finance Limited

Trade lnternational Oriental Autos

A member of

Nexialnternational

30 June 2017 30 June 2016

OverBelow Below Over

o500,000 93,750 3,5oo,ooo

Ebhr}.bb.bwbD,-t,wt,b)-bbbbAbbbbhbbbBbbbbbb),4bbbbbbbtsrl

ADVANCE, DEPOSIT & PREPAYMENTS: TK. 199,139,292

The break up ofthe above amount is as under:

Other Advances (Note-23.01)

Bank Guarantee Margin (Bank Asia Ltd)

UC Margin ( Note-23.02)

Tax Deducted at Source on Other lncome

Advance lncome Tax Deducted at Source


2,222,692t,668,974 3,290,553

- 4,O48,42L

o,uur,rrot3,?97,739 L72,L73,67t

2,200,357

1,933,298

5,O5O,226

2,703,94O

74L,O23,83tL5,392,43t

14,966,713 184,172,580 17,615,123 152,911,652

OTHER ADVANCES: TK. 4,959,527


Advance Rent (Office Rent)

Advance Rent (Office Car Parking)

Advance to Staff (Against Office Work)

Advance to Staff (Against Salary)

Advance to Haribhasa Enterprise (SPP)

Prepaid lnsurance Premium

t71,409104,400

67,888

479,OOO

846,277

1,5gg,ooo

1,692,553

L87,92O

40,089

302,130

L,692,553

854,080

500,000

846,277

24.00

t/C Margin: Nil


L/C Margin

L/C Bank Charges and Commission

L/C Customs & OthersL/C lnsurance Premiun

CASH AND CASH EQUIVALENTS: TK. 503,158,409


Cash in Hand at Head Office

Cash in Hand at Branch Office

cash at Banks (Note-24.01)

Fixed deposit ai Bank (Note-24.02)

A member of

Nexialnternational

L.668.974 3.290,553 2,222,692 2,2OO,357

L,83L,547

27,887

3,179,130

L2,662- 5,050,226

74,656

407,935

62,160,3tL

440,5L5,507

69,676

603,638

142,842,223

278,95O,765

503,158,409 422,466,3O3

30 June 2017 30 June 2016

Belowsix months

Oversix months

Belowciv manthc

Over<iv manthc

30 June 2017 30 June 2016

Below

six monthsOver

six monthsBelow

six monthsOver

six months

13

EhFbbb.b.bib-bb.b-b,9DDbDbbbbAbbbbbhbbb,.. ,bbbbbbbbfr)abbbbh1,

2/f-O1 Clstl AT BANKS : TK. 62,160,311

The break up ofthe above amount is as

AB Bank Ltd.-4005-75789 1-000

Bank Asia Ltd. A/C 00733003080

Bank Asia Ltd. A/C 00733003201 ESCROW

Bank Asia Ltd. A/C 02133001252

Dutch Bangla Bank Ltd. AIC LLO.LIO.23OL ,

Eastern Bank Ltd. HPAC-105135OL6O87 4

Prime Bank Limited Al c-t46LL02001812 1

Sha hja la I lsla mi Ba n k Ltd. A/C:4003 L24O0OOOO22

Shahjalal lslami Bank Ltd. A/C:400313100001549 Divident A/C

Sharp Securities Ltd. 28999 BO A/C fl 1203180052163888

Trust Bank Ltd. A/C 00170320000995, Dilkusha Corporate Branch

24.02 FIXED DEPOSIT AT BANK: TK.440,515,507

The break up ofthe above amount is as under :

Bank Asia Ltd. ,Scotia Branch

Bank Asia Ltd. , Dhanmondi Branch

Arab Bangladesh Bank Ltd. (ABBL)

IDLC Finance Ltd.

Shahjalal lslami Bank Ltd.

NCC Bank Ltd., Dhanmondi Branch


373,682

45,295

1

38,9L2,1t9

164,855

177,254

67,424

120,227

9,O52,r],g

3,234,98L

10,002,352

375,332

140,695

1

1

58,354,995

L62,785

119,075

66,464

242,637

45,97L,779

26,986,464

79,202

403,392

30 June 2017

lo,o+o,ocs90,5L7,68;4

25L,O73,542

13,129,935

15,753,7OL

_440,s11192_

62,160,311 142,8/.2,223

I 30Jr*1016

3,393,353

56,976,63085,718,188

95,196,70612,500,000

15,175,888

_n8,95O;t65_

ffi\qgz

SN"pii"ie14

MABS & J PartnersChartered Accountants

969,557,600

959,557,600

25.01 The percentage of shareholding by different catetories of shareholders is as follows:

25.O2

26.00 Share Premium: Tk. 866,550,000

Share Premium

25.q' SHARE CAPITAk TK. 969,557,600

The breakup ofthe above amount is as

95,955,750 Ordinary Shares ofTaka 10 each

96,955,760 Ordinary Shares ofTaka 10 each

A member of

Nexialnternational

of

30 June 2017 30 lune 2016969,557,600

969,557,600

No. ofl{nldarr

Holdings Tota! Holdings %

10,009 Less then 500 shares 2.68

5,677 501 to 5000 shares 11.50

1,o44 5,001 to 10,000 shares 8.47

606 10,001 to 20,000 shares 9.28

192 20,001 to 30,000 shares 5.O2

86 30,001 to 40,000 shares 3.2L

51 40.001 to 50.000 shares 2.44

91 50,001 to 100,000 shares 6.66

58 100,001 to 1,000,000 shares L4.L3

9 1,000,001 to Over shares 36.66

L7.817 100.00

the 5 hareholders:

Sl. No. Particulars30 June 2017 30 June 2015

No. of(harac

y'alue of sharer Yo No. of Shares Value of shares %

1M. Taifur Hossain(Manaeine Director)

g,6go,ooo 96,8oo,ooo 9.98% g,6go,ooo 96,800,000 9.98%

2Mrs. Shamim Ara

lslam (Chairman) 5,458,108 64,581,080 6.6601 6,458,108 64,581,080 6.6601

3Mrs. Morziana

Hasan(Director)4,4O5,454 44,O54,54O 4.54v, 397,535 3,975,360 o.4L%

4Mrs. Rintia Nazim(Director) 4,275,595 42,755,850 4.41% 4,275,585 42,755,850 4.4Lo/.

5Mrs. Rafsana Rafique(Director) 4,275,595 42,755,850 4.4Lo/ 4,275,585 42,755,850 4.47%

6 Mrs. Rezina Akbar 1,939,200 19,392,000 2.OOt 5,947,LLB 59,471,L80 6.1301

7 lnstitutions LL,666,577 1t6,665,7tO L2.03o/t 15,932,586 159,325,860 16.43'l

8 Others(lndividual) 54,255,257 542,552,570 55.96o/t 49,989,242 499,892,420 51.5601

Total 96,955,760 969,557,600 t00o/o 96,955,760 969,557,600 LOO%

15

__866,s50,999_ 866,ss0,000

27.OO ACCOUNTS PAYABLE: TK. 67,084115

The break up ofthe above amount is as under :


30June2017 ll 30June2016Fuchs Lubricants Bangladesh Ltd.

Pashchimanchal Gas Co. Ltd.

Kaltimex Energy BD Pvt. Ltd.

SUNDRY CREDITORS: TK. 4t7,325The break up ofthe above amount is as under: .'

:

Alam BrothersShare Money Deposit (Note 28.01)Tax Deducted at Source from salary, suppliers, office rent etc.

28.01 SHARE MONEY DEPOSITS: TK.80,000

417,325 45,965

391,629

66,692,486391,629

45,L28,43t180,000--------6at&rtfr-4r,70106r

80,000

337,325

50,000

80,000

315,965

Sl. No. Name of Depositor's

1 MD RUHUL AMIN 8,000 8,000

2 MAHBUBA UMME RAIHAN 8,000 8,000

3 SHAHINARA NESAR 8,000 8,000

4 AMANUL HOQUE 8,000 8,000

5 MD. IMDADUL HOQUE 8,000 8,000

6 HURE ZANNATH 8,000 8,000

7 QAZI URFIAHMED 8,000 8,000

8 RAYHANA ZANNATH 8,000 8,000

9 MUHAMMED MERAJ 8,000 8,ooo

10 TANIA SIDDIQUA 8,000 8,000

Total Tk. 80,000 80,000

^ A member of

$Nsr,is 16

29.00 ACCRUED EXPENSES: TK. 5,242,404


Remuneration & Salary

Employees Fringe Benefits (Note-29.01)

Office Rent

Liabilities for Verious Expenses

Audit Fees

EMPLOYEES FRTNGE BENEFTTS: TK. 1,821,438


Opening Balance

Payable During the yearTotalDisburse during the year

Transfer to Gratuty A/C During the year

30.00 WORKERS PROFTT pERTtCIpATtON FUND: TK. t4,812,t26The break up ofthe above amount is as under:

Opening Balance

Addition During the year

Total

Less: Disburse During the year

Participation Fund

Welfare Fund

31.00 UNCIAIM DIVIDEND: TK. 3,168,866


Opening Balance

Addition During the year

TotalDisburse during the yearLess: Paid During the year (Cash Dividend)Less: Paid During the year (Fractional Share)


30 June 2017

3,005,450

L,gz]-,43g

65,516

350,000

30 June 2016

2,67L,363

685,899

200,000

5,242,404 3,557,262

,]

2,677,3633,529,3205,199,693L,73g,Lgg4,461,4942,640,046

1,821.438

--

9,963,259

3,3L6,,514

L3,279,7731,197,590

t2,og2,lg3g,42O,g3O

2,671,363

73,642,OO3

5,815,235

16,673,9O2

4,450,216

19,457,239

4,534,912

120,000

21,124,119

3,743,25O

3,739,965

14,802,326 13,642,003

27,395,993

48,477,ggt75,963,963

{72,694,99_71

25t,L7896,955,75097,206,979

(69,969,946)

L47,g't

S,N"P#"i; 17

3,16!,966 27,395,993

EIabbbbbbbVbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb1,"

H

32.00

33.00

34.00

:!4.01.01

17,898,000

18,908,395

2,954,689

26,72t,96940,92O,5O4

504,000

7O,345,249

744,264

3,385,106

154,800

6,900,750

3,735,000

1,675,000

74,2O0

1,849,834

9,457,54O

SHORT TERM BANK LOAN : TK.49,275,360The breakup ofthe above amount is as under:

Short Term Loan Bank Asia Ltd. (STL) - 02135001288




Shahjalal lslami Bank Ltd. A/C:400312400000022

Bank Asia Ltd, OD A/C 02133001382

TURNOVER: Tk.526,879,384 iThe breakup ofthe above amount is as under:

Revenue from BPDB

*This turnover is from sale of energy to Bangladesh

National Grid.

COST OF ENERGY SOLD: TK. 356,650.959The breakup ofthe above amount is as under:

Gas Consumed

Direct Expenses (Note-34.01)

DIRECT EXPENSES: Tk. 206,059,300

The breakup ofthe above amount is as under:

Lubricants Consumed (Note-34.01. 1)

Salary & Allowances

Operating Expenses-Bogra Plant

spare Parts (Note-34.01.2)

Spare Parts for E-70 (Note-34,01.3)

Havoline

Depreciation Expenses

Amortization of leasehold land development cost

Plant All Risk lnsurance Premium

Testing Expenses

Cleaner Elements

Alternator Repair Expenses

Turbo Charger Repaier

Transformer Repair

Control Pannel Repair

Repair & Maintenance

LUBRICANTS CONSUMED: Tk. 17,898,000


Opening Stock

Add: Purchases

Less: Closing Stock


30June 2017 ll 30June 2016

49,275,360 36,250,386

__---t26,8?X9g!- _s17,249,O53-

Power Development Board, through PGCB

150,581,559 \47,471,922206,069,300 778,378,743

356,650,959 325,790,665::

7,577,858

77,721,404L7,340,739

6,645,225(9,867)

18,939,499

74,037,894

s,oos,2so266,743

13,099,150

14,896,000

27,995,75077,587,02O

34.01

205,059,300

16,408,130

16,680,734

1,011,010

24,024,4342L,385,546

504,000 .

68,982,67t744,264

2,539,830

87,O25

9,689,7502,008,550

825,908

2,687,30510,800,976

L78,378,743

LL,587,02O

13,132,500

24,7t9,52O6,827,520

^ A member of

S) Nsr,i"e18

17,898,000


34.01.02 SPARE PARTS : Tk. 26,721,969The breakup ofthe above amount is as under:

Opening Stock

Add: Purchase

Less: Closing Stock

34.01.03 SPARE PARTS E-70 : Tk.40,920,504The breakup ofthe above amount is as under:

35.00

35.01 ADMINISTRATIVE EXPENSES:TK. 34,807,099

The breakup of the above amount is as under:

Directors Remuneration & Bonus

Salary & Allowances

Festival Bonous

Director's Meeting Allowances

Employees Benefits (Note-35.01.01)

Contribution for PF

Advertising

Annual General Meeting

Electric Bill

Office Maintenance

Audit fee

Wasa Bill

Car Rental Expenses

Consultancy Fee-Finance

Deprecation Expenses

Amortization of leasehold land development cost

Miscellaneous Expenses

A member of

Nexialnternational

Opening StockAdd: Purchase

Less: Closing Stock

ADMINISTRATIVE, FINANCIAL & OTHER EXPENSES: TK. 56,082,590


Administrative Expenses (35.01)

Financial Expenses (35.02)

Other Expenses (35.03)

_40,920,191_ _E,O42,O46-

34,775,24027,237,274

55,4L2,5L429,590,545

26,72L,969

36,456,515

53,022,869

29,706,450

34,526,474il,232,92434,L75,240

30,057,694

38,671,353

22,827,20889,479,38448,558,880

61,498,561

36,456,515

34,807,O99

5,770,O83

25,505,409

34,334,40O

6,42O,559

L8,700,325

_-__9gg!&!99_ _: e,4s r3!t-

9,700,000

13,337,533

2,454,420

195,000

3,528,32O

252,697

567,765

2,757,O57

742,123

90,103

407,500

38,031

L,L32,865

Lgt,664

710,559

7,579

293,945

9,700,000

tt,o32,3422,924,O80

115,000

3,315,514

309,228

727,ztt2,679,055

295,8t4

748,625

777,978

57,356

888,705

L,6gg,L2g

696,795

7,5L8

36,050

19

34,807,099 34,334,400

35.01.01 EMPTOYEES FRINGE BENEFTTS: Tk. 3,528,320The breakup ofthe above amount is as under:

Annual Leave

Gratuity

:t5.02 FINANCIAL EXPENSES: TK. 5,720,083The breakup ofthe above amount is as under:

Bank Charges jBank Guarantee Commission

lnterest on Bank Loan

35.03 OTHER EXPENSES;TK. 25,505,408The breakup ofthe above amount is as under:

Office RentCourier Service ExpensesTelephone & Mobile Expenses

Fuel Expenses

Donation & SubscriptionEntertainmentFooding Bill for StaffMedical & Medicine Expenses

Newspaper BillsDependable Capacity Test Expenses

lnternet Line Expenses

lnsurance Premium ExpensesProfessional Expenses

Listing Expenses

Arbitration Expenses

Legal Expenses

TransportationTraveling Expenses

Printing & StationeryRepair, Maintenance & Registration ExpensesPromotional Expenses

Data Processing Expenses

License Expenses

Renewal Expenses

Tendering Expenses

Other Operational Expenses

Training & Welfare Expenses

Safety MaterialC & F Expenses

Utility Bills/Service Cha rges


7,261,962

2,266,459

!,tgo,4og

2,726,705

3,529,320 3,316,514

227,g0g

L,tt7,366

4,430,907

286,563

445,992

5,688,005

5,77O,O93 6,420,559

964,443759,96323L,577

7,263,375830,000

3,273,332538,259282,840

4,372t,2L4,97L

173,850547,771448,500959,558

35,000L,4O7,L-OO

374,O995,814,7491,221,7591,180,000

200,00048,400

777,6_07

662,6704L3,255

t,6t7,729577,OOO

791,,592199,987225,295933,69730,000

3,O42,984150,233

17,838966,767195,020183,957

1,033,089

L,5L8,26715,304

3,224,71049,458

L91,7272,353,493

t,oL7,24317,500

5L2,L40727,260

8,725899,88231,950

522,4L720,000

345,935 325,395

_35E95419. _UJqg,es.

- Amember of

S) N.gxi"*20

Ebbbbbb9DDDD


3Am OTHER INCOME: TK. 18,793,810The breakuo ofthe above amount is as under:

lnterest on SND, MMSA and FDR lnterestlnsurance ClaimOther lncome

37In PROVISION FOR INCOME TAX: TK. 4,677,5LsThe breakup ofthe above amount is as under:

Opening Balance ..,,

Add: During the year ;

On SND, MMSA & FDR

On lnsurance Claim

On Other lncome

Adjustment with TDS on FDR interest

_$z9ga10- _1!|€9€EEL

18,361,95413,100

4L8,756

19,037,858

4,590,4893,275

83,757

79,469,90229,200

397.549

t3,828,126

5,t22,9357,300

79,507

5,2O9,742

19,037,858

4,659,934 2,7O3,94O

__-__-l 9,05 5,449- _l 6, 333, 93g_

No provlslon for tax on lncome from energy sale has been made because of the reasons stated in

note # 9 above.

4,677,51523,7t5,381

t71,627,179

96,955,760

89,157,985

96,955,760

BASIC EARNINGS PER SHARE (EPS):

The Computation of EPS is given below:

(a) Earnings attributable to the Ordinary Shareholders

(b) Number of Ordinary Shares outstanding at the end ofthe year.

(c) Basic EPS

^ A member of

$Ns*.js 21

EbbbbbbbbbDbbbbtsEbbbb

E

EEtr

E

H

MABS & J PartnersChartered Accountants

39.00 TA)( ASSESSMENT STATUS:

4O.OO SOME INFORMATION WITH REGARD TO INCOME AND EXPENDITURE IN FOREIGN CURRENCY ETC.:

3O June 2017

(a) Value of lmports on C & F basis

(l) Raw Materials(ii) Packing Mater:ials

(iii)Components and Spare Parts

(iv) Capital Goods

Nil(b)

(c)

Expenditure in Foreign Currency for Royalty, Technical Fee,

Professional Advisory fee, lnterest and Others.

Value of Consumed Raw Materials, Packing Materials, Stores &

Spares consumed with percentage:

Nil

Nil

usD 3,31,174.57 &Euro 2,61,840

USD 2,500

40,920,5O4

26,72L,969

Nil

Nil

Nil

usD 25,112.50

Nil

lmported

Local

A member of

Nexialnternational

Nil

Nil

Nil

Nil

46

100

Nil(d) The amount remitted during the year in foreign currencies on

account of dividends with a specific mention of the number of non-

resident shareholders,

Earnings in foreign exchange classified under the following heads

namely:-(i) Export of goods calculated on F.O.B basis;

(ii) Royalty, know-how, professional and consultation fees :

(iii) lnterest and dividend ;(iv) Other income, indicating the nature thereof.

Nil

Nil

Nil

Nil

Accounting Year Assessment YearLiabilities as per

Assessment Order

Advance Income Tax

Paid/Collected

2007 2008-2009 Assessment Completed Ni

2008 2009-2010 Assessment Completed 9,29t,2L7

2009 2010-2011 Assessment Completed !0,327,541

2010 20L7-2072 Assessment Completed 77,376,752

20LL 2012-2073 Assessment Completed 13,272,708,

20t2 2013-2074 Assessment Completed 20,498,509,

20L3 20L4-2075 Assessment Completed 79,824,OO4

20L4 20L5-2016 Assessment Completed 22,624,837

2015-16 20L6-2077 Return Submitted 5L,ttl,L722076-2077 20L7-20L8 Return not Submitted 31,O7t,L42

Total 19s.337.886

NBR. Now the income tax return submission and assessment under process.

Amount Amount Amount

Raw

Materials%

Packing

Materials% Stores & Spares %

(e)

22


{r-0 (Itnxcsfr UABILITY (BAS-371:

tlemand Against Gas Bill

' lncome Tax

30-Jun-17

169,013,607

30-Jun-15

752,697,647

^ A member of

$ Nsrjs

D)Dbbbbbbbbbtrtr

E

EE

E

E

195,337,886 t64,326,744364.351.493 317,024385

* ln contravention to certain provisions of the Gds.Act,2010the Gas sqpplier has been demanding

charges on higher Heating Value (HHV) resulting in'dispute between the parties'

After exhausting all other legal efforts, the dispute has been referred to the Arbitral Tribunal of

Bangladesh Energy Regulatory Commission (BERC) as per section 40 of the BERC Act, 2003.

Currently the Tribunal proceedings are Sub-Judice'

** The company was awarded lndependent Power Producer (lPP) license on 7A(OU2O13 by the

Bangladesh Energy Regulatory Commission (BERC) as per direction by the Honorable Supreme Court

and as per issued license the company is supposed to enjoy tax holiday for 15 (fifteen) years from

its date of commercial production dated 17.06.2008 in light of SRO No' 114-AlN/ 1999 dated

26.0s.1999 0f NBR.

The Taxes Appellate Tribunal, Division Bench-2, Dhaka has, in its order dated 30/11/20t5, already

directed the Deputy Commissioner of Taxes to allow the said exemption and consider the above

amount as income of the comPanY.

42.fi) There was no claim against the Company which is to be acknowledged as debt as on 30-06-2017.

43.00 SubsequentEvent:

(a) The board of Directors recommended 5% Cash and 5% Stock Dividend to all shareholders

subject to the approval of the shareholders in the Annual General Meeting'

(b) There is no other significant event that has occurred between the Balance Sheet Date and the

date when the financial statements were authorized for issue by the board of directors'

zl . Zi-l t-=-=-Managing Director

-ch*SLDirector

#)Company Secretary

23

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