fu-*= effi - profullcrack€¦ · conducted our audit in accordance with bangladesh standards on...
TRANSCRIPT
Malek Siddiqui WaliCHARTERED ACCOUNTANTSPartners: Md. Waliullah, FCA
Mr. Swadesh Ranjan Saha, FCAMd. Habibur Rahman Sarker, FCAMr. Anjan Mallik, FCA
PHONE: OFF: +88029513471
PABX: 957 6128: 957 6718-9FAX: 880-2-9576236Email: [email protected], MOTUHEEL C/A,Dhaka-1000, Bangladesh
AUDITORS'REPORTto tbe shareho)ders ol Gp'D Power timited
We have audited the accompanying Statement of Financial Position of GBB Power Limited as at 30thJune 2016 and the related Statement of Comprehensive Income, Statement of Cash Flow, Statement ofChange in Equity and Notes for the year then ended, and a summary of significant accounting policiesand other explanatory notes.
Management's Responsibility for the Financia! Statements:The Management is responsible for the preparation and fair presentation of these financial statements inaccordance with Bangladesh Accounting Standard (BAS)/Bangladesh Financial Reporting Standards(BFRS), the companies Act 1994, Bangladesh Securities Exchanges Commission Rules 1987 and otherapplicable laws and regulation and for such internal control as management determines is necessary toenable the preparation of financial statements that are free from material misstatement, whether due tofraud or error.
Auditor's Responsibi lity:Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standardsrequire that we comply with ethical requirements and plan and perform the audit to obtain reasonableassurance where the financial statements are free from material misstatement
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements, The procedures selected depend on the auditor's judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments the auditor consider internal control relevant to the entity'spreparation and fair presentation of the financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing and opinion on the effectivenessof the entity's internal control. An audit also includes evaluation the appropriateness of accountingpolicies used and the reasonableness of accounting estimates made by management, as well asevaluating the overall presentation of the financial statements. .
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.
Opinion:In our opinion, the financial statements prepared in accordance with Bangladesh AccountingStandard/Bangladesh Financial Reporting Standards (BFRS), give a true and fair view of the state of thecompany's affairs as of 30th June 2016 and of the results of its operations and its cash flows for theperiod then ended and comply with the Companies Act 1994, relevant schedule of Bangladesh SecuritiesExchanges Commission 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 purpose of our audit and made due verification thereof ;
b) In our opinion, proper books of accounts as required by law have been kept by the company sofar as it appeared from our examination of those books ;
c) The Company's Statement of Financial Position and Statement of Comprehensive Income dealtwith by the report are in agreement with the books of accounts ;
d) The expenditures incurred and payments made were for the purpose of the company's business..
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Dated: Dhaka21 August, 2016
fltu(rfel-et< SiAAiqui Wali
Chartered Accountants
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Malek SiddiquiWaliChartered Accountants
GBB POWER LIMITED
STATEMENT OF FINANCIAT POSITION
AS AT 30 JUNE 2016
30Jun-16 31-Dec-15PARTICULARS
NET ASSETS :
Non-Current Assets
Property, Plant and EquipmentLeasehold Land Development
Current Assets, Loan & Advances
lnvestment
lnventoriesAdvance, Deposit & PrepaymentsAccounts Receivables
Sundry DebtorsCash and Cash Equivalents
Total Assets
EQUIW & LIABILITIES:
Shareholders' EquityShare CapitalShare PremiumRetained Earnings
Current Liabilities and Provisions
Accounts Payables
Sundry CreditorsAccrued ExpensesWorkers Profit Participation and Welfare Fund
Provision for lncome Tax
Unclaimed DividendShort Term Bank Loan
Total Equity and Liabilities
Net Asset Value (NAV) Per Share (Restated
for 20L41
Managing Director
Dated: Dhaka
August 2L,?OLG
(Amount in Taka)
31-Dec-14
L7.00
18.00
19.00
20.002 L.00
22.0023.0024.00
1,336,281,506
5,199,824
1,338,766,8s3 1,359,744,1635,575,7L5 6,327,497
L0,743,367
82,2t8,775L70,526,77593,378,760
3.593,750422,466,303
782,927,729
t2,577,008
98,769,891146,516,1 11
92,549,2741,534,833
417,185,?33
769,L3+,049
1,3+L,481,337 L,344,342,568 L,366,07L,659
27,047,400
42,80s,6001L3,079,275129,L68,694
52,28L,67628L,447,746
6+s,830,392
2,L24,409,060 2,1L3,476,6t7
969,557,600856,550,000
r42,28L,932
969,s57,600
866,ss0,000162,051,851
_2pLL902,0sL
843,093,s70866,ss0,000
202,543,743
25.0026.00
27.00
1,978,389,533 L,998,L59,457 L,gLZ,LB7,3L3
28.0029.00
30.0031.0038.0032.00
33.00
45,700,060445,965
3,557,26213,642,0041-9,037,868
27,385,98L36,250,387
37,942,209434,757
5,093,93stL,791,28716,682,100
399,98042,972,897
2r,832,238525,515
t2,669,54812,620,773
1,2,128,95t25L,206
39,686,506
The accounting policies and other notes from 01 to 44 form an integral part ofthe Financial Statements.
The Financial Statements were approved by the Board of directors on 21 August, 2016 & were signed on its behalf by:
L46,0r9,527 115,317,765 99,7L4,737
2,124,409,060 _2,1t3,4? 6 W_ ___3{11902CE9*
20.41 20.67 19.72
Company Secretary
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Chartered Accountants
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PARTICUTARSORDINARY
SHARE CAPITAT
SHARE
PREMIUM
SHARE MONEY
DEPOSITS
RETAINED
EARNINGSTOTAL
Lst January 2015
;tock Dividend
nterim Cash Dividend
{et Profit during the Year
843,093,570 866,s50,00( 80,000 202,s43,743 t,9L2,?67,3t4
126.464,030 (126,464,0301
(96,955,760) (96,9ss,760
L63,157,975 163,L57,979
l0 th June 2016 969,557,60( 856,s50,000 80,00( L42,28L,932 1,978,469,53:
GBB POWER LIMITED
STATEMENTS OF CHANGE IN EqUITY
FOR THE 18 MONTH PERIOD ENDED ON 30 JUNE 2016
TheFinancial StatementswereapprovedbytheBoardof directorson2lAugust,2016 &weresignedonitsbehalf by:
'Z zl\--.--_Managing Director
Dated: Dhaka
August 21, 2016
%m***
Malek Siddiqui WaliChartered Accountants
iltulMalek Siddiqui Wali
PARTICULARSORDINARY
SHARE CAPITAL
SHARE
PREMIUM
SHARE MONEY
DEPOSITS
RETAINED
EARNINGSTOTAI-
Lst January 2016
nterim Cash Dividend
\et Profit durins the Year
969,5s7,60( 866.550.000 80,00( 162,051,851 L,998,239,45L
(96,9s5,760 (96,9ss,7601
77,L85,84i 77,L85,842
l0 th June 2016 969,557,60( 866,s50,000 80,00( t42.28t.931 L,978,469,534
PARTICULARSORDINARY
SHARE CAPITAL
SHARE
PREMIUM
SHARE MONEY
DEPOSITS
RETAINED
EARNINGSTOTAL
1st January 2015
Stock Dividend
Net Profit durins the Year
843,093,57( 866,ss0,00( 80,00( 202,543,74i 1,9t2,267,3t4
126,464,O3( 1726,464,O3O
85.972,L37.8i 85,912,L38
llst December 2015 969,557,600 866.550.00( 80,000 162,051,851 1,998,239,4s1
PARTICUTARSORDINARY
SHARE CAPITAL
SHARE
PREMIUMSHARE MONEY
oEPOStTS
RETAINED
EARNINGSTOTAL
lst January 2015
Prior years adjustment
Adjusted opening balance
Stock Dividend
Net Profit during the Year
843,093,570 866,550,00( 80,000 202,543,743
( 1,737,889)
L,9L2,267,3L4
11,737,889
843,093,57( 856,ss0,00( 80,00( 200,805,854 L,9L0,529,425
L26,464,O3( (L26,464,03O
73,999.99( 73,999,996
10th June 2015 969.557.60( 865,550,000 80,00( 148,341,82( L,984,529,42O
PARTICULARSORDINARY
SHARE CAPITAL
SHARE
PREMIUM
SHARE MONEY
DEPOSITS
RETAINED
EARNINGSTOTAL
lst January 2014
)rior years adjustment
\djusted opening balance
ihare Money Deposit
;tock Dividend
let Profit durinp the Year
733,L24,854 866,550,000 88,000 191,633,813
(6,701,8821
L,79L,396,663
(6,701,882
733,t24,850 866,ss0,00( 88,000 184,931,93r t,784,694,781
(8,000) (8,000
L09,968,77C (109,968,720)
L27,580.532 L27,580,532
llst December 2014 843,093,57( 866.ss0.000 80,00( 202,543,743 L,9t2,267,3t3
Chartered Accountants
A.
Malek Siddiqui WaliChartered Accountants
GBB POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTSFOR THE 18 MONTH PERIOD ENDED ON 30 JUNE 2016
FORMING AN INTEGRAT PART OF THE FINANCIAL STATEMENTS
Compliance with the requirements of notification of the Securities and Exchange Commission dated04.06.2008 under reference f SEC/CMMRpC/2008-181 I 531 Adminl03 lZg.
1.. Notes to the financial statements marked from C-1 to C-16 outlining the policies areunambiguous with respect to the reporting framework on which the accounting policies arebased.
The accounting policies on all material areas have been stated clearly in the notes markedfrom C-1 to C-l6.
The accounting standards that underpin the policies adopted by the company can be found in
the following places of the notes to the financial statements:
The financial statements are in compliance with the Bangladesh Financial Reporting Standards(BFRS) which are adapted from the lnternational Financial Reporting Standards (IFRS) issued bythe lnternational Accounting Standards Board (IASB).
AND
5. The Standards and reporting framework used in the financial statements do not differ fromtFRS (BFRS).
B. Legal status and nature of the company - Disclosure under IAS 1 as adopted by The lnstitute ofChartered Accountants of Bangladesh as BAS 1 "Presentation of Financial Statements"
Domicile, Legol Form ond Country ol lncorporotionThe Company was incorporated on LTth 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, Thecompany implemented the Joint Venture Agreement executed between GBB Limited and CaladonianPower Limited and has done all that was necessary as per notification of award of "supply lnstallationand Putting in Commercial Operation of 20MW +l- t0% Trailer/ Skid Mounted Power Plant at Bogra onrental basis for a tenure of L5 year Project" issued by Bangladesh Power Development Board videMemo No. 108-8PDB (CS.)/(Contract)/Bogra Rental /06 dated 03.08.2006 and 15.08.2006 respectively.
2.
SL. No, Applicable Accountins Standards Note reference01. IAS/BAS - 1 4.0002. IAS/BAS - 2 5.0003. |AS/BAS - 7 7.00 & 8.0004. |AS/BAS - 10 42.OO
05. rAs/BAS - 12 9.0006. |AS/BAS - 16 5.0007. rAs/BAS * 18 10.0008. rAs/BAS - 19 14.0009. IAS/BAS - 21 11.0010. AS/BAS - 24 L6.02
11. AS/BAS - 33 12.00t2. AS/BAS - 36 13.0013. A5/BAS - 37 40.00
Malek Siddiqui WaliChartered Accountants
The company has installed and utilized the following capacity:
Address of Registered Office ond Principol Ploce of Business
The principal place of the business is in the Registered office at GBB Power Complex, BPDB Compound,
Puran Bogra, Bogra- 5800 and the Corporate Office is at Momtaz Plaza (5th Floor), House # 07, Road #
04, Dhanmondi R/A, Dhaka-1205 .
Principol Activities qnd Nqture of Operotions
Supply lnstallation and putting in commercial operation of 20MW +/- tO%Trailer/ Skid Mounted Power
Pla nt.
Number of Employees
On the payroll of the Company, there were 38 officers, 32 staff and workers /technicians apart from many
casual / contract technicians /workers.Taka
43,056,697
276,16043,332,857
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.
Compliance 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 preparotion ond presentation offinonciol stotements" lssued by the lnternotionol Accounting Stondords Committee (IASC).
i) 65 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
,o
Significant Accou nting Policies-Disclosures
Compliance with lnternational Accounting Standards (lASs)
c.
1.00
2.00
3.00
Licensed Capacityby BERC (Net)
Saleable Rental
Capacity by PPA (Net)lnstalled Capacity Commissioned Capacity
22.80 MW 20(+/-) 10% MW 23.26 MW (100%l 19.38 MW (Upto t6/07109) and
23.26 MW after 171Q7/09
Capacity Rented Total Electricity Generated llKV(Gross)
Total Electricity Sold 33 KV(Net)
21..91.3 MW(Up to1,1/09/20tsl & 21.479(From 1.2/09/2Qt5l
27s,5Q3 MWH (100%) 262,884 MWH (96.00%)
4.00
Malek Siddiqui WaliChartered Accountants
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 2016;(ii) Statement of Comprehensive lncome for the 1.8 month period ended on 30 June 2016;(iii) Statement of Cash Flows for the 18 month period ended on 30 June 2016;(iv) StatementofChangesinEquityforthel8monthperiodendedon30June20l6;and(v) Accounting policies and explanatory notes.
5.00 Specific accounting policies selected and applied for significant transactions and events.
Recognition of Property, Plont & Equipment ond Depreciotion.
Property, Plant and Equipment are stated at their cost less accumulated depreciation in accordance
with IAS 16 as adopted by ICAB as BAS 16 "Property, Plont ond Equipment'. 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 ready
for 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.
Plant and Machinery....
Tools & Equipment
Furniture & Fixtures.....
Fabrication Work
Shuttering Materials....
Office Equipment ....
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.
6.00 lnventories
lnventories comprise mainly of Lubricants, spare parts, consumable etc. They are stated at the lower ofcost 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 Cosh 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 L as adopted by ICAB as BAS 1 "Presentotion of Finonciol 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.
5%
5%
5%
20%
5%
20%
20%
20%
9.00
8.00
Malek Siddiqui WaliChartered Accountants
Statement of Cash FlowsStatement of Cash Flows is prepared principally in accordance with IAS 7 as adopted by ICAB as BAS 7"Statement 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 provisionof paragraph 19 of IAS 7 which provides that "enterprises are encouraged to report cash flow fromoperating activities using the direct method"
Taxation
Transactions relating to lncome Tax have been disclosed in conventional manner. There appears nodeferred tax liability arising out of taxable temporary differences as per BAS-12 for that the taxdeducted at source by customer of Tk. 51,111,172 is the final liability u/s.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-38.00.
10.00 RevenueRecognitionRevenue arising from the sale of power at end of the each month is recognized when deliveries aremade to National Grid of Bangladesh Power Development Board (BPDB) compliance with all theconditions for revenue recognition as provided in IAS 18 as adopted by ICAB as BAS !8 "RevenueRecognition" The controctuol ogreement with BPDB provides os under os per clause 13.i(a)(i):
"lnvoice sholl be on o monthly basis. lnvoice shall be prepored by the company ond submitted to BPDBno sooner then 7 (seven) days after the end of the month for which such invoice is opplicable ond shollshow the due dote of poyment of the invoice to be 4s(forty five) doys ofter dote of issuonce of therelevont invoice. Such invoices sholl present all informotion including schedule 9, 1"0 & L1 ondcalculotion, any other informotion required by BPDB to confirm the consistency of the invoice with theprovision of the section li,i. BPDB shall poy to the company by A/C poyee cheque or Poy Order orthrough Bank Tronsfer oll omount due under this ogreement, less ony omount thot are subject todispute."
11.00 Foreigncurrencytranslation
Transactions denominated in foreign currencies are translated into Bangladesh Taka and recorded atrates of exchange ruling on the date of transaction in accordance with IAS 21 as adopted by ICAB as BAS
21 "The Effects of Changes 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 andthe computation of EPS is stated in Note -39.00.
Basic EarningsThis represents earnings for the period attributable to ordinary shareholders. As there was nopreference 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 ShareThis 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 dilutionduring 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 845-36 arein physical existence and valued not more than their recoverable amount following lnternationalAccounting Standards adopted in Bangladesh, disclosures with regard to "lmpairment of Assets" as per845-36 have not been considered necessary.
Malek Siddiqui WaliChartered Accountants
Employee Benefit Obligations
The Company hos implemented following employees benefit plan:
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 2008
Trade Creditors and Other Current Liabilities
Liabilities are recognised for amount to be paid in the future for goods and services received, whetheror not billed by the supplier.
15.00 Additionallnformation
16.01 Responsibility for preparation and presentation of Financial Statements
The Management is responsible for the preparation and presentation of Financial Statements underSection 183 of the Companies Act, 1994 and as per the provision of "the f ramework for the preparationand presentation of financial statements" issued by the lnternational Accounting Standards Committee(IASC).
Transactions with Related Parties / Associated Undertakings
The company carried transactions with related parties in the arms'length basis and there is notransaction during the period with related parties.
14.00
15.00
16.02
15.03 Risk and uncertainties for use of estimates in preparation of financial statements
The 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.
16.04 Reporting Currency and level of precision
The figures in the financial statements represent Bangladesh currency (Taka), which have been roundedoff to the nearest integer.
16.05 Comparativelnformation
Comparative information have been disclosed in respect of the six month period ended on 30th June,2015 and the year ended on 3 1'r December 2014 for all numerical infbrmation in the flnancial statementsand also the narrative and descriptive intbrmation when it is relevant tbr understanding the currentperiod's tlnancial statements.
15.06 Turnover
Turnover comprises energy sales of the company, excluding VAT, supplementary duty, etc.
L6.07 Commission
No commission has been paid during the year under review.16.08 Brokerage or Discount
The company did not pay any brokerage or discount during the period under review.
Malek Siddiqui WaliChartered Accountants
16.09 Payment to Directors
During the period the company has paid to its Directors as follows:
15.10
16.11
L6.L2
The Directors were not paid for any other facilities from the company.
Miscellaneous Expenses
Miscellaneous 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 Claims
There was no claim against the company acknowledged as debt as on 30 June 2016.
16.13 Coing ConcernThere is no significant doubt upon the company's ability to continue as a going concern.
L6,14 Reporting Period
Financial statements of the company cover one financial period from 01 January 2015 to 30 June 2016.
16.15 Rearrange of FigureComparative figures have been rearranged, if necessary.
16.16 Loans, Advances and Deposits
This is considered good and collectible and therefore, no amount was written off as bad debt and nodebt was considered doubtful to provide for.
SL Name Designation Period Remuneration(BDT)
FestivalBonus(BDT)
Total(BDT)
1 Mrs. Shamim Ara lslam Chairman January 2015to June 2015
3,500,000 360,000 3,960,000
2 M. Taifur Hossain Managing Director January 2015to June 2015
5,400,000 540,000 5,940,000
4 Mrs. Rezina Akbar Director(Procurement)
January 2015to June 2016
4,050,000 405,000 4,455,000
Total 13,050,000 1305,000 14,355,000
ll
Malek SiddiquiWaliChartered Accountants
17.00 PROPERW, PLANT AND EqUIPMENT : TK. 1,335,281,506
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 LAND DEVELOPMENT COST: TK. 5,199,824
The figures have been arrived at as under:
Balance as per last account
Less: Amortization during the year
19.00 INVESTMENT AT COST: lK. L0,743,367
lnvestment at Opening
lnvestment During the Year
Sale/Buy During the Year
Changes in Gain/Loss
Total lnvestment at Marketable value
The break-up of the above amount is as under :
L,865,357,373 L,834,125,011 L,784,571,932
529,075,867 495,358,L58 424,827,769
1,336,281,s06 1,338,766,853 L,359,744,163
30 Jun 2016
30 Jun 2016
6,327,497
1,127,673
s,tgg,g24 5,575,715 6,327,497
30 Jun 2016
27,O47,400
12,473,445
(26,073,310)
(2,704,168)
l- 31 il rols I fl1 p". ro14 I27,047,400
( 13,231,034)
(1,239,3s9)
29,92L,96L
(2,874,551
L2,05L,28L
L0,74t,367 t2,s77,008 27,047,400
t0,743,367
UnrealizedProfit/(Loss) for
30 June 2016
(2,134,368
( 181.,446.s5
406,327.74
513,238.93
(8s0,169.93
(239,463.61
l2r7,4t5.36
(866
(2,704,t681
20.00 INVENTORIES: TK. 82,218,775
The break up of the above amount is as under :
Stock of Spare Parts
Stock of Spare Parts E-70
Stock of Lubricants
21.00 ADVANCE, DEPOSIT & PREPAYMENTS: TK. u0,526,775The break up ofthe above amount is as under :
Other Advances (Note-21.01)
Bank Guarantee Margin (Bank Asia Ltd)
L/C Margin ( Note-21.02)
Advance lncome Tax Deducted at Source
Tax Deducted at Source on other income
30 Jun 2015
34,175,240
36,456,51.5
1L,587,020
37,325,240
49,297,631
12,147,020
l- 31 p". roil l- 31 p* ro14l29,546,450
13,259,150
82,2L8,775 98,769,89L 42,805,500
f 31 D". rolsl tlt p". rox4 It,41,6,8L2
t,783,298
567,643
141,023,831
t,724,527
30 Jun 2016
4,423,049
1,933,298
5,050,226
t56,4t6,262
2,703,940
1,000,294
7,783,298
2,286,653
108,009,030
l- 31 oe. ro1s ll- 31 pfi014 IL,784,57t,932 L,784,57L,932
80,785,44t 49,553,079
t,744,883,874
39,688,0s8
I- 3 1 p; ro1 sl tlrc*- ro 14-l6,327,497
75L,782
7,079,279
751,782
Name of SharesOpening Cost
1 January 2015Quantity
Cost Value
as at30.06.2015
Market Value as
at 30.05.2016
\ctive Fine Chemical Ltd. 27,047,400
lahintex lndustries Ltd
;inger Bangladesh Ltd.
lD Lamps Ltd
ar East Life lnsurance 72,758 s,841.369 4,991,198.80
-afarge Surma Cement 55,000 4,589,964 4,350,500.00
)opuler Life lnsurance 20,000 L,597,415 1,380,000.00
:entral lnsurance r,407 22,534 2L,667.80
L70,526,775 145,516,111 1L3,079,275
Malek SiddiquiWaliChartered Accountants
2L.0L OTHER ADVANCES: TK. 4,423,O49
The break up ofthe above amount is as under:Advance Rent (Office Rent)
Advance Rent (Office Car Parking)
Advance to Staff (Against Office Work)
Advance to Staff (Against Salary)
Prepaid lnsurance Premium
30 Jun 2016
854,080
L87,920
40,089
802, L30
2,538,830
445,175
234,900
L41,369
L78,250
L,012,246 1,084,037
21.02 L/C Margin:TK. 5,050,226
The break up of the above amount is as underL/C Margin & Document Value
L/C Commission
L/C Bank Charges
L/C Customs & OthersL/C lnsurance Premiun
22.OO ACCOUNTS RECEIVABLES: TK. 93,378,76(
The break up of the above amount is as under
Bangladesh Power Development BoardT-30rr" roG--l T 31 p"c rols-l |_rt p". rol4 I
93,378,760 92,549,274 t29,168,694
93,378,760 92,549,274 L29,L68,694
30 Jun 2016 T 31 De. rols I l-1rc-- 1014 I791,t30L49,953
500,000
93,750
3,593,750 1,534,833 52,287,676
30 Jun 2016 f 31 D". rots I fll D". ro14 I5L,687,925
(s1,687,92s)
543,322
L2,375
2,L26,373
t27,58t31,288
23.00 SUNDRY DEBTORS: TK. 3,593,750
The break up of the above amount is as under :
Alam Brothers (C & F Agent)
Kaltimex Energy BD Pvt Ltd.
Central Depository Bangladesh Limited
IDLC Finance Limited
Trade lnternational Oriental Autos
Liquidated Damage (Deducted at source
while making payment of rent by BPDB,XNote-23.01-)
Liquidated Damage
The break up of the above amount is as under :
Opening Balance
*Write Off
s00,000
93,750
3,000,000
500,000
93,7s0
5t,687,925
23.01
51,687,925
____j1,6Wpzs._
*Taka 5L,687,925 as "Liquldated Damage" accounted as receivable from BPDB in current asset section since 2012 financial year.
These balances are arisen by reduce payment of electricity bill from government due to short supply of electricity. The
management of GBB Power Ltd. has decided to write off this balance as the amount is no longer recoverable and the arbitration
case has been withdrawn by GBB Power Ltd.
l- 3r p; ro1s_l f 31 p* ro14l52s,963
2s0,s60
75.089
565,200
________1,423 p49_ _____l, rcEn_ ______1,000 2r4
L,465,775 860,992
t- 30lr"rma-lT 31firols_lt 31pecro14 IL,831,547
27,887
3,178,130
1,2,662
5,05O,226
LL,946 t,41,0
567,643 2,286,652
Other Advances- 30 June 2016 :
Particu lars 00-03 Month 03-05 Month 06-09 Month 09-12 MonthAdvance office Rent 32 1,359 532,722Advance Rent office car parking 20,880 4L,760 62,640 62,640Advance to staff ( Against office work) 40,089Advance to staff ( Against salarv) 105.000 196,000 235.500 26s,630Prepaid lnsurance Premium 846,277 846,277 846,277
Age Analysis Accounts Receivables- 30 June 2016:
Particul ars 00-03 Month 03-06 Month 05-09 Month 09-12 Month
Bangladesh Power Development Board 93,378,760
93,378,760
Particulars 00-03 Month 03-06 Month 06-09 Month 09-12 Month
Central Depository Bangladesh Limited s00,000
IDLC Finance Limited 93,750
Trade lnternational Oriental Autos 3,000,000
Age Analysis Sundry Debtors- 30 June 20161
3,000,000
24.00 CASH AND CASH EQUIVALENTS: TK. 422,466,303
The break up of the above amount is as under :
Cash in Hand at Head Office
Cash in Hand at Branch Office
Cash at Banks (Note-24.01)
Fixed deposit at Bank (Note-24.02)
24.0t CASH AT BANKS : fK. t42,842,223
The break up ofthe above amount is as under:
AB Bank Ltd.-4006-757891"-000, New Elephant Road Branch
Bank Asia Ltd. A/C 00733003080, Scotia Branch
Bank Asia Ltd. A/C 00733003201, Scotia Branch
Bank Asia Ltd. A/C 00733001252, Dhanmondi Branch
Bank Asia Ltd, A/C 002136000275, Dhanmondi Branch
Brac Bank Ltd. A/C 1501201917699001",
Dhaka Bank Ltd. A/C-205-100-7210, Dhanmondi Branch
Dutch Bangla Bank Ltd. A/C 1101200002301, Dhanmondi
Eastern bank Ltd. A/C 1061.360160874, Dhanmondi Branch
Janata Bank Ltd., Foreign Exchange Corporate Branch
Prime Bank Ltd. A/C 14511020018121, Dhanmondi Branch
Shahjalal lslami Bank Ltd.A/C 400312400000022, Dhanmondi
Shahjalal lslami Bank Ltd.A/C:40031"3100001649 Dividend A/C
BRAC EPL lnvestment Ltd. R0447 BO lD # 1604550052163888
Sharp Securities Ltd. 28999 BO A/C # 1203180052163888
Trust Bank Ltd. A/C 00170320000996, Dilkusha Corporate
24.02 FIXED DEPOSIT AT BANK: TK. 278,950,765
The break up of the above amount is as under :
Bank Asia Ltd, ,Scotia Branch
Bank Asia Ltd., Dhanmondi Branch
AB Bank Ltd. (ABBL)
IDLC Finance Ltd.
Shahjalal lslami Bank Ltd.
NCC Bank Ltd., Dhanmondi Branch
422,466,303 4t7,186,933 281,447,746
Malek SiddiquiWaliChartered Accountants
593,750
30 Jun 2016
69,676
603,638
142,842,223
278,950,765
30 Jun 2016
375,332
140,695
L
1
68,354,996
L62,785
1t9,075
66,464
242,637
45,91t,t79
26,986,464
19,202
403,392
L42,842,223 185,829,337 L15,738,232
3,295,65s
65,343,901
83,L67,617
62,523,4L4
14,859,981
3,062,887
58,763,806
32,007,38615,312,188
36,909,069
L4,t42,594
Flp".ro1slflffiro14 l1,819,368
347,660
185,829,337
229,L90,568
5,066,756
444,828
L15,738,232
160,197,930
Ft D". ro$-l t 3t D". roral375,907
47,520
t27,092,730
1,6t,976
tL3,708
65,836
2t,113,7L7
t23,725
33,102,498
2,884
3,277,37r
401,466
L2,404
49,L7t
5,522
t,648
21,669,305
L59,737
805
861,789
851,957
21,1L3,7t7
125,345
70,558,659
77,039
251,136
I- 3fi;ro{il f:1D..rorsl tlm*-ror4l3,383,3s3
66,976,630
85,7 18,188
95,196,70612,500,000
15,175,888
278,9s0,76s 229,190,568 160,197,930
Malek SiddiquiWaliChartered Accountants
Age Analysis Other Advances- 30 June 2015 :
25.00 SHAREHOLDERS' EQUITY:TK. 1,978,509,832
Authorized Capital : Tk. 2,000,000,000
The company has an authorized capital of Tk. 2,000,000,000 dividedinto 180,000,000 Ordinary and 20,000,000 Preference Shares ofTk. 10
30 Jun 2016 I 31 p". rorsl I-lm*-CAol I1,978,459,533 1,998,239,451 t,972,267,3t3
Particulars 00-03 Month 03-06 Month 06-09 Month 09-12 MonthBank Asia Ltd. ,Scotia Branch 3,383,3s3Bank Asia Ltd. , Dhanmondi Branch 66.976.530AB Bank Ltd. (ABBL) 85.7r.8,188IDLC Finance Ltd. 95,t96,706Shahialal lslami Bank Ltd, 12,500,000NCC Bank Ltd., Dhanmondi Branch 15.175.888
278,950,765
Malek SiddiquiWaliChartered Accountants
26.00 SHARE CAPITAL:TK. 969,557,600The breakup of the above amount is as
84,309,357 Ordinary Shares of Taka 10 each
96,955,760 Ordinary Shares of Taka 10 each
26,01 The percentage of shareholding by different categories of shareholders is as follows:
26.02
ho rr, ,oGl ll1 p". ro1s--l Fl pec rol4 I- 843,093,570
_9q9dsr,999_ _999fr1999_ __US49UZ9_
No. ofHolder
Holdings Total Holdings %
1-3,069 Less then 500 shares 3.s25,104 s01 to 5000 sha res 9.44784 5,001 to 10,000 shares 5.9s505 10,001 to 20,000 shares 7.59165 20,001 to 30,000 shares 4.2L64 30,001 to 40,000 shares 2.3348 40,001 to 50,000 shares 2.3079 50,001 to 100,000 shares 5.7775 100,001 to 1,000,000 shares L6.74
11 1,000,001 to Over shares 42.t519,904 100.00
of the Shareholders:
Sl. No. Particulars30Jun-16 31-Dec-14
No. of Shares Value of% No. of Shares Value of shares %
1
M. Taifur Hossain
(Managing
Director)9,680,000 96,800,000 9.98 1,690,400 16,904,000 2.00
2Mrs. Shamim Aralslam (Chairman)
6.458. L08 64,581,080 6.66 1,690,400 16,904,000 2.00
3Mrs. Rezina Akbar( Di rector)
5,947,LI& 59,471,,L80 6.L4 1,690,400 16,904,000 2.00
4Mrs. Morzianal.lecan
397,s36 3,975,360 0.41 345,684 3,456,840 0.41
5Mrs. Rintia Nazim
( Director)4,275,58s 42,755,850 4.4r. 1,690,400 15,904,000 2.00
5Mrs. Rafsana
Rafioue4,275,585 42,75s,850 4.4L 4,t31, 41,,31,0 0.00
7Dr. MustafizurRahman
1 L6,541 1,165.410 0.12 101,340 1,0L3,400 0.12
I I nstitutions 1"5,932,586 159,325,860 15.43 10,654,827 106,548,270 12.64
9ot hers
(lndivid ual)49,872,70L 498,727,070 5L.44 40,074,47A 400,144,100 47.s3
10 3BB Limited 14,602,69A 146,026,900 17.32
11,Sk. Md. Rafiqul
5,6L1,616 56,116,160 6.66
t2 Engr. Fauzul Akbar 6,1.52,999 61,529,990 7.30
Total 96,955,76C 969,5s7,60C 100.00 84,309,357 843,093,s70 100.00
27.0O RETAINED EARNINGS: Tk, L42,28L,933
The Break up of the above amount is as under:
Balance as per Statement of changes in equity
ACCOUNTS PAYABLES: TK. 45,700,060The break up of the above amount is as under :
Fuchs Lubricants Bansladesh Ltd.Pashchimanchal Gas Co. Ltd.Kaltimex Bangladesh
SUNDRY CREDITORS: TK. 445,955
The break up of the above amount is as under :
Agility Limited
Alam Brothers
Share Money Deposit *
Tax Deducted at Source from salary,suppliers,office rent etc.
_______ir-942209_ _________4332238-
29.00
50,000
80,000
3 15,965
80,000
354,757
445,965 434,757 525,515
30 Jun 2016
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
80,000
30.00 ACCRUED EXPENSES: TK.3,557,262The break up of the above amount is as under :
Remuneration & Salary
Employees Fringe Benefits (Note-30.0L)
Liabilities for Various Expenses
Office Rent
Audit Fees
2,736,100t,33,4,077
578,242
65,5 16
400,000
31 Dec 2014
1,662,9s0
8,s16,683
2,091,,945
47,970
3s0,000
3,557,262 5,093,935 L2,669,548
Fo r,l ,ors I Fl p". rors-lL42,28t,932 162,051,851
L42,28L,933 162,051,851
f;;,ro,slt-3*..,0"--l391,629
45.L28.43L180.000
-____!lsJlt0-050_
391,62937,550,580
31 Dec 2014
202,543,743
202,543,743
31 Dec 2014
397,6292t,440,609
31 Dec 2014
tt4,zLO
80,000
33 1,305
Malek Siddiqui WaliChartered Accountants
Fo;ro16l[EilAs-l
Sl. No. Name of Depositor's 30 Jun 2016
1 MD RUHUL AMIN 8,000
2 MAHBUBA UMME RAIHAN 8,000
3 SHAHINARA NESAR 8,000
4 AMANUL HOQUE 8,000
5 MD.IMDADUL HOQUE 8.000
5 HURE ZANNATH 8,000
7 QAZI URFI AHMED 8,000
8 RAYHANA ZANNATH 8,000
9 MUHAMMED MERAJ 8,000
10 TANIA SIDDIQUA 8,000
Total Tk.
31 Dec 2014
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
80,000
I30rr" 1016-l f1G;roG_lz,an,zal
685,899
200,000
Malek SiddiquiWaliChartered Accountants
EMPTOYEES FRINGE BENEFITS: TK. 2,671,363
The break up of the above amount is as under :
Opening Balance
Payable During the year
Total
Disburse during the year
Less: Transfer to Gratuity A/C During the period
3X.00 WORKERS PROFIT PERTICIPATION FUND: TK. 13,642,004
The break up of the above amount is as under :
Opening Balance
Addition During the Year
Total
Less: Disburse Ourint the Period
Participation Fund
Welfare Fund (Stiphfen & Family Assistance)
32.00 UNCLAIM DIVIDEND: TK. 27,385,981
The break up of the above amount is as under :
Opening Balance
Addition During the Year
Cash Dividend
Fractional Dividend
Total
Less: Disburse during the year
Cash Dividend
Fractional Dividend
SHORT TERM BANK IOAN : TK. 36,250,387
The breakup of the above amount is as under:
Short Term Loan Bank Asia Ltd. (STL)-02135001106
short Term Loan Bank Asia Ltd. (STL)-02135001129
Short Term Loan Bank Asia Ltd. (STL) - 02135001288
short Term Loan Bank Asia Ltd. (STL) - 02135001298
Shahjalal lslam i Ba nk Ltd. A/C:4003 12400000022
Bank Asia Ltd. OD A/C 02133001382
13,642,004 1!,791,287 t2,620,773
8,516,683
3,O43,975
6,654,985
2,903,718
13,358,466
7,266,273
11,560,658
7,266,273
9,558,703
t,042,020
12,092,193
9,420,830
10,294,385
8,980,308
8,515,583
2,671,363 t,314,077 9,516,693
L3,984,079
7.0t8,245
2Ltt24,tL8
3,743,250
3,738,865
L7,L47,037
3,743,250
1,612,500
2L,002,264
7,458,L62
923,328
25t,206
161,001
244,375
95,983
97,367,967
(69,968,847)
(13,140)
4t2,207
1.2,227
340,357
89,151
27,385,981 399,980 251,205
t 30 r.',n ,0161 I-11 p". ,oil T 3r p"fi141L1.,344,545
L5,320,438
26,495,689
16,869,099
(3e1,892) L3,02L,522
36,250,387
18,939,500
74,037,894
3,006,250
266,743
42,972,997 39,696,506
F,.,"ro"lt rrfi;l f,,*.dl8,516,683
4,841.,783
f;,,,"r0,5'ltl*".ro,s -l f 3r*.,o*l
t2,620,774
8,503,34s
12,620,773
4,526,264
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Malek SiddiquiWaliChartered Accountants
4O.OO TAX ASSESSMENT STATUS:
Accounting Year Assessment YearLiabilities as per
Assessment OrderAdvance lncome Tax
Paid/Collected
2007 2008-2009 Assessment Completed Ni
2008 2009-2010 Assessment Completed 9,291,277
2009 201,0-201,1, Assessment Completed 10,327,545
2010 201,1-2012 Assessment Completed L7,376,752
201\ 2012-2013 Assessment Completed L3,272,708
2012 2013-201_4 Assessment Completed 20,498,509
2013 201.4-2015 Assessment Completed L9,824,004
2074 201,s-2016 Return Submitted 22,594,337
2015 2016-2077 Return Not Submitted 34,739,328
2076 20L6-2017 Return Not Submitted 1.6,371,844
Total L64,296,244
NBR. Now the income tax return submission and assessment under process,
41.00 SOME INFORMATION WITH REGARD TO INCOME AND EXPENDITURE IN FOREIGN CURRENCY ETC.:
30 Jun 2016
(a) Value of lmports on C & F basis
(l) Raw Materials
(ii) Packing Materials
(iii) Components and Spare Parts
(iv) Capital Goods
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
Nit
usD 25,112.50
Nil
62,2t7,286
30 Jun 2016
Nit
Nil
Nil
Euro 429,000
& SGD
9 417.?q
NilNit(b)
(c)
Nil
Nil
Nit
Nil
(d)
(e)
lmported
Loca I
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.
100
I 31 pec rol4l
Nil
Nil
Nil
Nil
Nil
Amount Amount Amount
Raw
Materials%
Packing
Materialso/o Stores & Spares %
24
42.00 coNTINGENT LlABlLtTy (BAS-37):
* Demand Against Gas Bill** lncome Tax
30 June 2016
152,697,641
164,296,244
_____il6,99%88s_* ln contravention to certain provisions of the Gas Act, 2010 the Gas supplier has been demandingcharges 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 ofBangladesh 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 (tPP/ license on 10/Ot/2013 by theBangladesh Energy Regulatory Commission (BERC) as per direction by the Honorable SupremeCourt 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/ L999 dated26.05.1999 of NBR.
The Taxes Appellate Tribunal, Division Bench-2, Dhaka has, in its order dated 30/11/20\5, alreadydirected the Deputy Commissioner of Taxes to allow the said exemption and consider the above
amount as income of the company.
43.00 There was no claim against the Company which is to be acknowledged as debt as on 30-06-2016.
44.00 Subsequent Event:
(a)The board of Directors recommended 5% final cash Dividend (interim cash dividend of taka
1.00 per share (i.e. 1,0%) for the period from 01 January to 3L December 2015 has already been
disbursed) for the period ended on 30 June 2016 to all shareholders subject to the approval ofthe shareholders in the Annual General Meeting.
(b) There is no other significant event that has occurred between the Balance Sheet Date and thedate when the financial statements were authorized for issue by the board of directors.
h. zi1--Managing Director Director Company Secretary
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