statement of financial position amount in taka assets 30 june...

Half yearly Report 30 June 2013 Final posted to website.xls

ASSETS

Non-Current Assets 20,756,483,839 20,832,995,018 Property, Plant and Equipment (Cost/ Revaluation less Accumulated Depreciation) 5 18,655,454,809 18,751,970,988 Construction Work in Progress (Proposed Five Star Hotels) 6 2,101,029,030 2,081,024,030

Current Assets 7,843,179,922 7,083,882,108 Inventories 7 78,137,056 91,221,052 Investments 8 4,760,437,372 4,461,372,016 Accounts Receivable 9 59,450,074 74,220,234 Other Receivables 10 32,929,980 34,438,711 Advances, Deposits and Prepayments 11 995,291,143 645,788,107 Fixed Deposits with Banks 12 40,944,188 38,768,611 Cash and Cash Equivalents 13 1,875,990,109 1,738,073,377

TOTAL ASSETS 28,599,663,761 27,916,877,126

SHAREHOLDERS' EQUITY AND LIABILITIESShareholders' Equity 25,256,598,183 25,405,186,155 Ordinary Share Capital 14 2,944,000,000 2,944,000,000 Share Premium Account 15 6,181,931,836 6,181,931,836 Tax Holiday Reserve 16 944,219,701 944,219,701 Asset Reserve Fund 17 226,929,628 174,627,087 Revaluation Surplus 13,408,177,627 13,477,620,565 Retained Earnings 1,551,339,390 1,682,786,966

Non-Current Liabilities 574,091,830 672,859,486 Non-current portion of secured term loan 18 197,242,405 240,045,375 12% Redeemable Preference Share Capital 19 60,000,000 75,000,000 Deferred Tax Liability 20 316,849,425 357,814,111

Current Liabilities 2,768,973,748 1,838,831,485 Current portion of secured term loan 18 138,660,000 138,660,000 Current Portion of 12% Redeemable Preference Share Capital 19 15,000,000 15,000,000 Short term loan 21 148,686,850 238,684,506 Due to Operator and its affiliates 22 83,082,533 61,583,415 Accounts Payable 23 37,661,315 63,771,053 Unclaimed Dividend 24 741,015,967 10,678,835 Other Accruals and Payables 25 1,604,867,083 1,310,453,676

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 28,599,663,761 27,916,877,126

Net Asset Value Per Share (NAVPS) 85.79 86.29

Managing Director Director Company Secretary

Dated, Dhaka;28 July, 2013

Unique Hotel & Resorts Ltd.Statement of Financial Position

as at 30 June 2013

NotesAmount in Taka

31 December 201230 June 2013


Operating revenue 26 1,069,668,745 1,102,112,456 544,666,885 547,327,534

Costs of sales 27 (203,087,330) (213,624,652) (102,816,968) (104,842,552) Gross Profit 866,581,415 888,487,804 441,849,917 442,484,982

Administrative expenses 28 (253,479,417) (240,420,200) (135,540,163) (124,598,149) Operating Profit 613,101,998 648,067,604 306,309,754 317,886,833 Head office expenses 29 (138,701,161) (137,341,254) (71,299,556) (68,182,982) Interest Income/(Expenses) 30 275,327,123 311,859,181 119,961,130 181,938,155 Gain/(Loss) on disposal of shares 692,901 175,143 - (192,876) Other Income/(Expenses) 31 (18,988,006) (39,784,478) 7,271,003 (18,974,516) Provision for the period:Provision for bad & doubtful debts (600,000) - (300,000) - Provision for replacement,substitutions and additions to FF&E (40,377,382) - (20,514,476) - Profit before tax 690,455,473 782,976,195 341,427,855 412,474,612 Income Tax Expenses 32 (127,042,087) (130,886,559) (32,305,546) (142,127,370)

563,413,386 652,089,636 309,122,309 270,347,242

- - - 563,413,386 652,089,636 309,122,309 270,347,242

33 1.91 2.40 1.05 0.99


Dated, Dhaka;

Unique Hotel & Resorts Ltd.Statement of Comprehensive Income

Revaluation Surplus on fixed asset

Net Profit after tax

Basic Earning per share (EPS)

Half year endedAmount in Taka

for the period from 01 January 2013 to 30 June 2013

01 April 2012 to 30 June 2012

2nd quarter endedAmount in Taka

01 January 2012 to 30 June 2012


28 July, 2013

01 April 2013 to 30 June 2013

Total Comprehensive Income

Add: Other Comprehensive Income

Notes


Particulars Ordinary Share Capital

Share Premium

Tax Holiday Reserve

Retained Earnings

Revaluation Surplus Asset Reserve Fund Total

For 2012:Balance at 1st January 2012 2,300,000,000 4,494,008,924 944,219,701 1,397,019,126 13,619,213,312 - 22,754,461,063 Net Profit during the period - - - 652,089,636 - - 652,089,636 Sale proceeds from issue of shares (IPO) 260,000,000 1,639,300,000 - - - - 1,899,300,000 Share Issue Cost (IPO Regulatory Fees & Expenses) - - - (20,263,101) - - (20,263,101) Prior Year Adjustment (Interest & Fees Adjustment) - - - (14,610,276) - - (14,610,276) Depreciation on Revaluation Surplus transferred to Retained Earnings - - - 70,796,375 (70,796,375) - Balance at 30 June 2012 2,560,000,000 6,133,308,924 944,219,701 2,085,031,760 13,548,416,937 - 25,270,977,322 For 2013:Balance at 1st January 2013 2,944,000,000 6,181,931,836 944,219,701 1,682,786,966 13,477,620,565 174,627,087 25,405,186,155 Net Profit during the period - - - 563,413,386 - 563,413,386 Cash Dividend Payable @ 25% for 2012 on Ordinary Shares - - - (736,000,000) - (736,000,000) Income Tax paid for the year 2007 & 2008 - - - (27,450,356) - (27,450,356) Insurance Premium for The Westin Dhaka - - - (853,544) - (853,544) Provision for the period - - - - - 40,377,382 40,377,382 Interest earned on reserve fund net of replaced assets - - - - - 11,925,159 11,925,159 Depreciation on Revaluation Surplus transferred to Retained Earnings - - - 69,442,938 (69,442,938) - Balance at 30 June 2013 2,944,000,000 6,181,931,836 944,219,701 1,551,339,390 13,408,177,627 226,929,628 25,256,598,183



Unique Hotel & Resorts Ltd.

Statement of Changes in Equityfor the period from 01 January 2013 to 30 June 2013

Amount in Taka


Particulars

Cash Flow from Operating ActivitiesCollection from turnover & other receipts 1,342,979,654 1,310,470,238 692,652,892 692,652,892 Payment for operating costs & other expenses (385,948,892) (336,387,356) (188,571,620) (176,010,084) Income tax paid (178,513,252) (285,759,072) (138,513,252) (245,759,072) Cash generated from operation 778,517,510 688,323,810 365,568,020 270,883,736

Cash Flow from Investing ActivitiesPurchase of Property, Plant and Equipment (16,521,242) (2,432,233) (15,219,297) (1,130,288) (Increase)/Decrease in Investment (299,065,356) (757,147,306) 39,713,938 (418,368,012) (Increase)/Decrease in Construction Work in progress (20,005,000) (201,521,360) 181,516,360 - (Increase)/Decrease in Advance against land & others (149,370,109) (3,390,700) (37,000,000) (3,390,700) (Increase)/Decrease in Fixed Deposit Receipts (2,175,577) (1,875,010) (2,175,577) (1,875,010) Total Cash Flow from Investing Activities (B) (487,137,284) (966,366,609) 166,835,424 (424,764,010)

Cash Flow from Financing Activities

Increase/(Decrease) in Short term financing (89,997,657) 472,800,782 (250,111,111) 312,687,328 Sale proceedes of Share Capital (IPO) - 260,000,000 - 260,000,000 Share premium on Equity share net off taxes - 1,639,300,000 - 1,639,300,000 12% Redeemable Preference Share redeemed (15,000,000) (15,000,000) - - Increase/(Decrease) in Secured Term Loans-Non current portion (42,802,970) (8,655,452) (25,038,714) 9,108,804 Dividend paid (5,662,868) (21,271,613) (3,032,392) (18,641,137) Total Cash Flow from Financing Activities (C) (153,463,494) 2,327,173,717 (278,182,216) 2,202,454,995

Net cash inflow/(outflow) for the period (A+B+C) 137,916,732 2,049,130,918 254,221,228 2,048,574,721 Add: Cash & Cash Equivalents at the beginning of the year 1,738,073,377 505,446,686 506,002,883 506,002,883 Cash & Cash Equivalents at the end of the year 1,875,990,109 2,554,577,604 760,224,111 2,554,577,604 Operating cash inflow/(outflow) per share 2.64 2.69 1.59 1.18


Dated, Dhaka;

Amount in Taka01 January 2013 to

30 June 2013

28 July, 2013

01 April 2013 to 30 June 2013

01 April 2012 to 30 June 2012

Half year ended 2nd quarter ended


Unique Hotel & Resorts Ltd.Statement of Cash Flows

For the period ended 30 June 2013

Amount in Taka

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UNIQUE HOTEL & RESORTS LTD.

Notes to the Financial Statements For the year ended 30 June 2013

1. Legal Status of the Company Unique Hotel & Resorts Ltd. is a Public Limited Company incorporated in Bangladesh on 28

November 2000 under the Companies Act, 1994. The address of the registered office of the company is Plot # 01, CWN (B), Road # 45, Gulshan-2, Dhaka-1212.Head office of the Company is at 45 Kemal Ataturk Avenue, Banani, Dhaka-1213.

Borak Real Estate (Pvt.) Ltd. holds 21.50% share in the Company. The company is its associate company. The company has no subsidiary.

2. Nature of Business Activities Unique Hotel & Resorts Ltd, the owner of “The Westin Dhaka” a five star hotel in

Bangladesh, started its commercial operation from 1st July 2007. The principal activities of the Company throughout the period were carrying out hotel business. The business activities connected with the hotel business is carried out through a management Contract dated 17th December 1999 executed between Unique Hotel & Resorts Ltd (“the owning Company”) and Westin Asia Management Co. (“the operator”), a wholly-owned subsidiary of Starwood Hotels & Resorts Worldwide, Inc.

In terms of Management Contract, the Operator is entitled to receive base fee, license fee, incentive fee and institutional marketing fee from the Owning Company on account of operation of the Hotel only. In addition, under the agreement, the Operator is entitled to receive office base fee and office incentive fee from the Owning Company on account of office space rented out in the Hotel premises.

3. Risk Exposure 3.1 Interest Rate Risk Interest rate risk is that which the company faces due to unfavorable movements of the

interest rates. Changes in the government’s monetary policy, along with increased demand for loans/investments tend to increase the interest rates. Such rises in interest rates mostly affect companies having floating rate loans or companies investing in debt securities.

Management Perception: Since the Unique Hotel & Resorts Limited has not borrowed funds at flexible interest

rate, hence, not involved in the interest rate risk. The company has been repaying borrowed funds on a continuous basis.

3.2 Exchange Rate Risk Exchange rate risk arises due to changes in exchange rates. As the Company imports

equipment from abroad and also earns revenue in foreign currency, unfavorable volatility or currency fluctuation may affect the profitability of the Company. When exchange rate is increased against local currency opportunity is created for generating more profit.

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Management Perception: Unique Hotel & Resorts Limited management changes the price of their services to cope

with the change in exchange rate to mitigate the affect of unfavorable volatility in exchange rate on the company’s earnings.

3.3 Industry Risks Industry risk refers to the risk of increased competition from foreign and domestic

sources leading to lower prices, revenues, profit margins, market share etc which could have an adverse impact on the business, financial condition and results of operation.

Management Perception: The Company continuously carries out research and development (R&D) to keep pace

with the customer choices and fashions.

3.4 Market Risks Market risk refers to the risk of adverse market conditions affecting the sales and

profitability of the company. Mostly, the risk arises from falling demand for the product or service which would harm the performance of the company. On the other hand, strong marketing and brand management would help the company increase their customer base.

Management Perception: The company’s brand “Westin” has a very strong image in the local and international

market. Westin Asia Management Co. (a fully-owned subsidiary of Starwood Hotel and Resorts Worldwide Inc.) also has the reputation of providing quality hotel management services. Moreover, the demand for five star hotels in the country is increasing while there are very few five star hotels to meet the demand. Strong brand management and quality service has enabled the company to capture significant market share in the sector. And the company is continuously penetrating into the market and upgrading the quality of their service to minimize the risk.

3.5 Operational Risks Non-availabilities of materials/equipment/services may affect the smooth operational

activities of the Company. On the other hand, the equipment may face operational and mechanical failures due to natural disasters, terrorist attacks, unforeseen events, lack of supervision and negligence, leading to severe accidents and losses.

Management Perception: The Company is equipped with power backup and security (CCTV) systems, which

reduce operational risk. Besides, the equipment is under Insurance coverage in order to get reasonable compensation for any damages. Apart from these, routine security check and proper maintenance of the equipment also reduce/eliminate the operational risk.

4. Basis of preparation and significant accounting policies

4.1 Basis of Measurement of Elements of Financial Statements The financial statements have been prepared on the Historical Cost basis, and therefore,

do not take into consideration the effect of inflation except that arising from revaluation of lands, buildings & machinery as specified in note 5. The accounting policies, unless otherwise stated, have been consistently applied by the Company and are consistent with those of the previous year.

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4.2 Statement on Compliance with Local Laws The financial statements have been prepared in compliance with the requirements of the

Companies Act, 1994, Securities and Exchange Rules, 1987 and other relevant local laws as applicable.

4.3 Statement on Compliance of Bangladesh Accounting Standards The financial statements have been prepared in accordance with the applicable

Bangladesh Accounting Standard (BASs) and Bangladesh Financial Reporting Standard (BFRSs) adopted by the Institute of Chartered Accountants of Bangladesh (ICAB) based on International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs).

4.4 Going Concern As per BAS-1, a company is required to make assessment at the end of each year to

assess its capability to continue as going concern. Management of the company makes such assessment each year. The company has adequate resources to continue in operation for the foreseeable future and has wide coverage of its liabilities. For this reason, the Directors continue to adopt the going concern assumption while preparing the financial statements.

4.5 Accrual Basis The financial statements have been prepared, except cash flow information, using the

accrual basis of accounting. 4.6 Structure, Content and Presentation of Financial Statements Being the general purpose financial statements, the presentation of these financial

statements is in accordance with the guidelines provided by BAS 1: “Presentation of Financial Statements”. A complete set of financial statements comprise:

i) Statement of Financial Position as at June 30,2013

ii) Statement of Comprehensive Income for the period ended June 30,2013

iii) Statement of Changes in Equity for the period ended June 30,2013

іv) Statement of Cash Flow for the period ended June 30,2013

v) Notes comprising a summary of significant accounting policies and other explanatory information to the accounts for the period ended June 30, 2013.

4.7 Reporting Period

The Financial period of the company covers six (6) months from 1 January 2013 to 30 June 2013.

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4.8 Revenue Revenue (Room rent, Sales proceeds of beverage, income from laundry and shop rental)

is recognized at fair value of the consideration received or receivable in the period during which the services are provided. Revenue is recognized net of value added tax, supplementary duty and service charge collectible from clients as well as rebate and discount allowed to customers in compliance with the requirements of BAS 18: “Revenue”.

4.9 Property, Plant and Equipment

Initial Recognition and measurement Property, plant and equipment are capitalized at cost of acquisition and subsequently

stated at cost or valuation 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, non-refundable taxes and un-allocated expenditures etc. On 30 September 2011, the land and land developments & Building have been revalued by an independent valuer to reflect fair value (prevailing market price) thereof following “Current Cost Method”. As the fair value of the assets do not differ significantly from its carrying amount as of 31 December 2012, so no revaluation has been made on 30 June 2013.

Subsequent costs

The cost of replacing part of an item of property, plant and equipments is recognized in the carrying amount of an item if it is probable that the future economic benefits embodied within the part will flow to the company and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognized in the profit and loss account as `Repair & Maintenance ‘when it is incurred.

Depreciation on Fixed Assets

Depreciation is provided to amortize the cost or valuation of the assets after commissioning, over the period of their expected useful lives, in accordance with the provisions of BAS 16: Property, Plant & Equipment. Full year depreciation is charged regardless of the date of acquisition. No depreciation is charged in the year of disposal regardless of the date of disposal. Depreciation of assets begins when it is available for use. Depreciation is charged on all fixed assets except land and land developments on reducing balance method.

Particular of Assets Rate of Depreciation Buildings and Other Civil Constructions 1.25% Hotel Furniture 5% Office Furniture and Equipment 5% Motor Vehicles 5% Hotel Equipment 5%

The gain or losses on disposal or retirement of assets are included in profit or loss when

the item is disposed off/derecognized.

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Revaluation of fixed assets

The company made revaluation of company’s land and land developments in conformity with paragraphs 31 & 34 of IAS/BAS 16: Property, Plant & Equipment and to reflect fair value of the property in terms of the prevailing market price of the properties under Current Cost Method details of which follows:

Amount in Taka

Particulars of the assets

Name of the Valuer

Qualification of the Valuer

Date of Revaluation

The carrying amount of

Assets as on 30.09.2011

Value of Assets after

revaluation as on 30.09.2011

Revaluation Surplus

Land & Land Development

Ata Khan & Co. Chartered Accountants

30-Sept-11 3,388,296,912 5,664,596,600 2,276,299,688

Building Ata Khan & Co. Chartered Accountants

30 Sept-11 5,415,829,221 11,420,259,375 6,004,430,154

Total 8,804,126,133 17,084,855,975 8,280,729,842

The increase in the carrying amount of revalued assets is recognized in the separate component of equity under the head Revaluation Surplus. However, the increase is recognized in profit or loss account to the extent that it reverses a revaluation decrease of the same assets previously recognized in profit or loss account. A sum of revaluation surplus is transferred directly to equity each year in line with paragraph # 41 of `Bangladesh Accounting Standard 16: Property, Plant and Equipment’ as the asset is used by the company. The amount of the revaluation surplus transferred would be the differences between the depreciation based on the revalued carrying amount of the asset and the depreciation based on the asset’s original cost. Transfer from revaluation surplus to retained earnings is not made through profit or loss.

Other Fixed Assets were kept outside the scope of the revaluation works. These are expected to be realizable at written down value (WDV) as mentioned in the balance sheet of the company. As the fair value of the assets do not differ significantly from its carrying amount as of 31 December 2012, so no revaluation has been made on 30 June 2013.

4.10 Capital Works in-progress Property, plant and equipment under construction are accounted for as capital works in

progress until completion of construction and are measured at cost. In conformity with IAS/BAS 16 Property, Plant & Equipment no depreciation is charged on Capital Work In Progress as it is not ready for use.

4.11 Inventories Inventories (Stock and Stores) are measured at the lower of cost and net realizable

value. The Cost of Inventory is assigned by using average cost formula. The costs of inventories consist of purchase, costs of conversion, import duties and other non-refundable taxes and other costs incurred in bringing the inventories to their present location and condition.

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4.12 Cash and Cash Equivalents Cash and cash equivalents consists of cash in hand and with banks on current and

deposit accounts and short-term investments and with Brokerage house which are held and available for use by the company without any restriction. There is insignificant risk of change in value of the same.

4.13 Earnings Per Share (EPS) Basic Earnings:

Earnings per share (EPS) is calculated in accordance with Bangladesh Accounting Standard BAS–33 “Earnings per Share” by dividing the profit or loss attributable to ordinary equity holder of the entity by the number of ordinary shares outstanding during the period. For the purpose of basic earnings per share, the amount attributable to the ordinary equity holders of the entity in respect of profit or loss from continuing operations attributable to the entity is adjusted for the after tax amount of preference dividend.

Diluted Earnings per Share:

For the purpose of calculating diluted earnings per shares , an entity adjust profit or loss attributable to each ordinary equity holders of the entity, and weighted average number of shares outstanding, for the effects of all dilutive potential ordinary shares. As the company has no dilutive potential ordinary shares, so diluted earnings per shares was not calculated. Retrospective Adjustment in Earnings per Share:

The basic and diluted earnings per share for all periods presented is adjusted retrospectively for any increase in the number of ordinary or potential ordinary shares outstanding as a result of capitalization, bonus issues or share split. The par share calculations for those and any prior period financial statements presented is based on the new number of shares.

4.14 Foreign Currency Transactions Foreign currency transactions are recorded, on initial recognition in the functional

currency at the spot exchange rate ruling at the transaction date.

At the end of each reporting period in compliance with the provision of BAS 21: The Effects of Changes in Foreign Exchange Rates.

(a) Foreign currency monetary items are translated using the closing rate. (b) Non-monetary items that are measured in terms of historical costs in a foreign

currency are translated using the exchange rate at the date of the transaction. (c) Non-monetary items that are measured at fair value in a foreign currency are

translated using the exchange rate at the date when the fair value is determined. Exchange differences arising on the settlement of monetary items or on translating monetary items at rate different from those at which they were translated on initial recognition during the period or in previous financial statements is recognized in profit or loss in the period in which they arise.

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4.15 Employee’s benefits Confirmed employee’s of the company working at Westin Hotel Premises who have

completed the required length of services is paid gratuity which is calculated on the last basic salary of the outgoing employees, according to the existing policy.

4.16 Impairment of assets All assets except inventory, assets arising from construction contracts and financial

assets is assessed at the end of each reporting period to determine whether there is any indication that an assets may be impaired. If any such indication exists the company assesses the recoverable amount. If, and only if, the recoverable amount of an asset is less than its carrying amount, the carrying amount of the assets is reduced to its recoverable amount. The reduction is an impairment loss.

An impairment loss is recognized immediately in profit or loss, unless the asset is carried at revalued amount in accordance with another standard. Any impairment loss of a revalued asset is treated as a revaluation decrease. No such assets have been impaired during the year and for this reason no provision has been made for impairment of assets.

4.17 Borrowing cost Borrowing costs are interest and other costs that an entity incurs in connection with the

borrowing of funds.

Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are recognized as a part of the qualifying assets. Other borrowing costs are recognized as an expense in the period in which it incurs in accordance with IAS-23 “Borrowing Cost”.

4.18 Authorization date for issuing Financial Statements The financial statements were authorized by the Board of Directors on 28 July 2013 for

issue after completion of review.

4.19 Reporting Currency The financial statements are prepared and presented in Bangladesh Currency (Taka),

which is the company’s functional currency. A sizeable amount have however been received in foreign currency.

4.20 Risk and Uncertainty for use of Estimates and Judgments The preparation of financial statements in conformity with Bangladesh Accounting

Standards requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses and for contingent assets and liabilities that require disclosure, during and at the date of the financial statements.

Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected as required by BAS 8: “Accounting Policies, Changes in Accounting Estimates and Errors”.

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4.21 Provisions, Accrued Expenses and Other Payables Provisions and accrued expenses are recognized in the financial statements in line with

the Bangladesh Accounting Standard (BAS) 37 “Provisions, Contingent Liabilities and Contingent Assets” when

• the company has a legal or constructive obligation as a result of past event. • it is probable that an outflow of economic benefit will be required to settle the

obligation. • a reliable estimate can be made of the amount of the obligation.

Other Payables are not interest bearing and are stated at their nominal value 4.22 Financial Instruments Non-derivative financial instruments comprise accounts and other receivables, cash and

cash equivalents, fixed deposit with bank, borrowings and other payables and are shown at transaction cost

Initial recognition

An entity recognizes a financial assets or liabilities in its statement of financial position when, and only when, the entity becomes a party to the contractual provision of the instrument. Subsequent Measurement

Financial assets and the gain or loss thereof from changes in the fair value after initial recognition is treated as follows:

Asset Category Description Measurement

after initial recognition

Gains and losses

Financial Assets at fair value through profit or loss A/C: Investment in shares

Financial asset which is held for the purpose of selling in the short term held for trading or in limited circumstances, in designated under the heading.

Fair Value In profit or loss

Loans and receivables: 1.Accounts Receivable 2.Unquoted shares 3.Other Receivable

Non-derivative financial assets with fixed or determinable payments that are: * Not quoted in an active market * Not designated as at fair value through profit or loss * Not held for trading or designated as available for sale (i.e. loans and receivables are none of the above)

Amortized cost In profit or loss

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Asset Category Description

Measurement after initial recognition

Gains and losses

Held-to-maturity investments: 1. FDR

Non-derivative financial assets with fixed or determinable payments and fixed maturity that an entity has the positive intention and ability to hold the maturity and are not designated or classified under any of the other headings.

Amortized cost In profit or loss

4.23 Segment Reporting No segment reporting is applicable for the Company as required by BAS 14:”Segment

reporting”, as the Company operates in a single industry segment.

4.24 Statement of Cash Flow The Statement of Cash Flow has been prepared under `Direct Method’ in accordance

with the requirements of BAS 7: Statement of Cash Flow.

4.25 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 Disclosure” has been disclosed in a separate notes to the accounts (Note 34).

4.26 Taxation:

Current Tax Liability : Current Tax is the amount of income taxes payable (recoverable) in respect of the

taxable profit (tax loss) for a period. As per section 46 A (3) of the Income Tax Ordinance 1984, the Company has been enjoyed Tax Holiday for 4 (four) years from 1 July 2007 to 30 June 2011 vide NBR Order No. 11/(73) Anu-1/2007 dated 24th January 2008. The Provision for Current Tax on the profit for the period from 1 January 2013 to 30 June 2013 has been made in the Financial Statements (Note-32).

Deferred Tax Liability: Deferred Tax Liabilities is the amount of income taxes payable in future period in respect of taxable temporary difference. A deferred tax liability is recognized for all taxable temporary differences, except to the extent that the deferred tax liability arises from: (a) The initial recognition of goodwill; or (b) The initial recognition of an asset or liability in a transaction which;

(i) Is not a business combination; and (ii) at the time of the transaction, affects neither accounting profit nor taxable

profit( loss)

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Deferred tax liability is measured at the tax rates that are expected to apply to the period when the assets are realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

4.27 Contingent Assets and Liabilities A contingent asset is disclosed when it is a possible asset that arises from the past

events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

A contingent liability is disclosed when it is a possible obligation that arises from the past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

The company has no contingent assets or liabilities which require disclosure under BAS:37. Contingent assets and contingent liabilities are not recognized in the financial statements.

A contingent assets is disclosed as per BAS 37, where an inflow of or economic benefits is probable. A contingent liability is disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.

4.28 Comparative Information Comparative information has been disclosed as required by IAS 34 :‘Interim Financial

Reporting’ in respect of the previous period for all numerical information in the current financial statements as below:

• Statement of Financial Position as of the end of the preceding financial year. • Statement of Comprehensive Income for the comparable interim periods of

preceding financial year. • Statement of Changes in Equity for the comparable year to date period of

preceding financial year. • Cash flows Statement for the comparable year to date period of preceding

financial year.

Narrative and descriptive information for comparative information have also been disclosed whenever it is relevant for understanding of the current half year’s financial statement.


5. Property, Plant and Equipment (Cost/ Revaluation less Accumulated Depreciation)

Amount in Taka

1 Land and Land Developments 5,686,682,504 1,017,058 - 5,687,699,562 - - - - - 5,687,699,562

2 Building and Other Civil Constructions 11,622,427,420 98,119 - 11,622,525,539 1.25% 378,147,372 70,277,364 - 448,424,736 11,174,100,803

3 Office Furniture and Equipments 20,964,169 280,565 - 21,244,734 5% 4,178,756 426,649 - 4,605,405 16,639,329

4 Hotel Furniture's 327,298,322 - 327,298,322 5% 73,209,425 6,352,222 - 79,561,647 247,736,675

5 Motor Vehicles 82,426,257 2,735,000 - 85,161,257 5% 11,689,883 1,836,784 - 13,526,667 71,634,590

6 Hotel Equipments 1,840,646,604 12,390,500 - 1,853,037,104 5% 361,248,852 34,144,401 - 395,393,253 1,457,643,851

Total (As of 30 June 2013) 19,580,445,276 16,521,242 - 19,596,966,518 828,474,288 113,037,421 - 941,511,709 18,655,454,809

Total (As at 31 December 2012) 19,468,667,230 131,338,056 19,560,010 19,580,445,276 600,266,093 231,995,772 3,787,577 828,474,288 18,751,970,988

S. F. Ahmed & Co, Chartered Accountants, have revalued all property, plant and equipment of the company as of 30 June 2009 (When Ata Khan & Co, Chartered Accountants was the auditor) following Current Cost Method, showing Total Current Cost at

Tk.8,325,239,643, resulting in a Revaluation Surplus at Tk. 4,689,598,221. Thereafter Ata Khan & Co, Chartered Accountants,(When S.F. Ahmed & Co, Chartered Accountants was the auditors), have revalued the land of the company as of 30 June 2010

following "Current Cost Method" Showing Current Cost thereof at Tk. 1,687,000,000, resulting in a further Revaluation Surplus at Tk. 843,500,000. Fixed Assets to the extent of Tk.657,868,395 have been kept as mortgage against the short-term bank loan.

Written Down Value at cost or valuation as on

30.06.2013Charged during the period

Depreciation

Sl. No. Balance as on 30.06. 2013

Ata Khan & Co. have further revalued Land and Land Developments & Building as of 30 September 2011 following "Current Cost Method" showing total current cost Tk5,664,596,600 and Tk. 11,420,259,375 resulting in a revaluation surplus of Tk 2,276,299,688 and Tk.6,004,430,154 respectively.

Dep. Rate (%) Balance as at

01.01.2013

Additions or revaluation during

the period

Accumulated Depreciation for Disposal

Disposal during the period

Balance as at 30.06.2013

Assets

Cost or Valuation

Balance as on 01.01. 2013

6. Construction Work in Progress (Five Star Hotel) 2,101,029,030 2,081,024,030

A Proposed Five Star International Chain Hotel (Note-6.1) 2,079,336,030 2,071,076,030 Proposed Luxury Retail & Commercial Development 10,846,500 4,974,000 Proposed Hotel & Service Apartment 10,846,500 4,974,000

2,101,029,030 2,081,024,030

6.1 A Proposed Five Star International Chain Hotel 2,079,336,030 2,071,076,030

Basement-03 7501 56,257,500 56,257,500

Basement-04 1964 16,203,000 16,203,000

Level-01 4131 35,113,500 35,113,500

Level-02 3062 27,251,800 27,251,800

Level-06 21473 195,404,300 195,404,300

Level-07 43026 352,813,200 352,813,200

Construction Work in Progress represents structural costs of Hotel Projects ‘ A Five Star Hotel’ at 44 Kemal Ataturk Avenue,Banani, Dhaka-1213.The building is being constructed by Borak Real Estate Ltd. As per certification of the engineers totalcosts of structural works stands amounting to Tk. 2,079,336,030 up-to 30.06.2013 details of which are noted below:

Floor Area In Sqft

Food Court Area For Hotel

Electro mechanical floor

Usage

Amount in Taka

31 December 201230 June 2013As atAs at

Costs of Structural Work in Progress as

at 31.12.2012

Costs of Structural Work in Progress as at 30.06.2013

Service for Hotel

Hotel service

Hotel service

Hotel Parking

Level-08 43026 359,267,100 359,267,100

Level-10 (Part) 25815 201,521,360 201,521,360

Level-11 43026 303,780,000 303,780,000

Level-12 43026 383,442,612 383,442,612

Level-13 (Part) 16580 124,343,000 124,343,000

23,938,658 15,678,658

Total: 252630 2,079,336,030 2,071,076,030

7. Inventories 78,137,056 91,221,052 These consist of the following : -GENERAL 5,121,525 5,121,525 Marble 3,520,548 3,520,548 Construction Materials 932,471 932,471 Hardware Materials 239,334 239,334 Sanitary Materials 429,172 429,172

The WESTIN, Dhaka 73,015,531 86,099,527 Food 19,735,016 29,496,606

Hotel Maintanance

Main Lobby

Amount in TakaAs at As at

30 June 2013 31 December 2012

Main Lobby

Overhead

Main Lobby

Hotel Parking

Beverage 27,867,885 39,375,256 Guest Amenities 10,375,422 6,274,220 Linen & China 5,350,700 5,806,606 Store General 1,651,821 1,765,005 Utensils 6,811,745 3,381,834 Others 1,222,942 -

78,137,056 91,221,052

8. Investments 4,760,437,372 4,461,372,016 Investment in Shares (Note-8.1) 200,048,830 161,822,372 Interest Bearing Investment (Note-8.2) 4,560,388,542 4,299,549,644

4,760,437,372 4,461,372,016

8.1 Investment in Shares Investments in equity shares in different companies are classified as a financial assets at fair value through profit or loss as it

was held for trading (it was acquired or incurred principally for the purpose of selling or repurchasing it in the near future). The

investment has been measured at fair value except investments that do not have a quoted investment price in an active market

and whose fair value can not be reliably measured. Investments that do not have a quoted investment price has been measured

at cost. Gain or losses arising from a change in the fair value of the investments is recognised in the profit or loss.

Fair Value Book Value Fair Valueat 30.06.2013 at 30.06.2013 2012

Taka Taka Taka

Investment with quoted price: 125,726,930 244,193,352 137,323,022

AB Bank Limited 437,805 1,363,575 465,060 Bank Asia Ltd. 4,458,300 8,288,689 4,515,000 Brac Bank Limited 4,951,440 8,158,104 5,011,200 Eastern Bank Ltd. 4,647,375 8,153,960 5,456,363 Keya Detergent Ltd. 318,172 1,145,997 348,962 NCC Bank Ltd. 2,259,457 5,410,805 2,810,808 Power Grid Bangladesh Limited 10,442,575 14,974,603 9,143,420 Prime Bank Ltd. 3,350,160 5,921,001 3,996,000 R A K Ceramic Ltd. 555,826 1,660,190 549,824 Social Islami Bank Ltd. 21,186,000 35,704,137 24,909,600

863,100 - 685,650 Mutual Trust Bank Ltd. 20,314,800 62,476,920 23,652,000 Dutch Bangla Bank Ltd. 11,424,300 17,653,131 13,221,000 National Bank Ltd. 12,267,255 36,515,837 20,383,935 Al-Arafah Islami Bank Ltd. 4,501,926 6,784,034 6,074,200 PHP First Mutual Fund 6,800,000 10,000,000 6,700,000 EBL NRB Mutual Fund 9,600,000 10,000,000 9,400,000

Amount in Taka

30 June 2013 31 December 2012As at

Titas Gas Transmission & Distribution Co. Ltd. (Bonus Share)

As at

City Bank Ltd. 2,692,800 3,656,400 - One Bank Ltd. 2,398,440 3,151,368 - United Commercial Bank Ltd. 2,257,200 3,174,600 - Investment with Unquoted price: 75,185,000 75,185,000 25,185,000 Lanka Bangla Securities Limited 25,000,000 25,000,000 25,000,000 Eastern Industries Bangladesh Limited 185,000 185,000 185,000 Dacca Steel Ltd. 50,000,000 50,000,000 -

863,100.00 685,650.00 200,048,830 319,378,352 161,822,372

8.2 Interest Bearing Investment 4,560,388,542 4,299,549,644 Borak Real Estate (Pvt.) Ltd. 3,244,594,585 3,035,211,385 Unique Eastern (Pvt.) Ltd. - 1,457,491 Anannya Development Pvt. Ltd. 111,334,225 130,413,911 Unique Property Development Limited - 21,698,267

As at30 June 2013 31 December 2012

Amount in Taka

Less: Titas Gas Transmission & Distribution Co. Ltd. (Bonus Share)

As at

Purnima Construction Ltd. 1,104,132,944 1,018,776,636 Unique Refineries Ltd. 20,744,188 19,571,383 Unique Vocational Training Centre 5,978,196 5,640,209

18,960,666 17,888,696 41,708,979 36,688,194

Unique Share Management Ltd. 12,934,759 12,203,472 4,560,388,542 4,299,549,644

9. Accounts Receivable 59,450,074 74,220,234 Accounts receivable - trade 65,524,353 79,694,513 Less: Provision for bad and doubtfull debts (Note 9.1) 6,074,279 5,474,279

59,450,074 74,220,234

Sl.

No.

Amount in

Taka 2013

Amount in

Taka 2012I

59,450,074 74,220,234

II - -

III - -

IV - -

V - -

Accounts Receivable considered doubtful or bad

Accounts Receivable considered good in respect of which the company is fully secured

Accounts Receivable due by Common management

Unique Ceramic Industries Ltd.

Accounts Receivable due by any director or other officer of the company

*Interest has been charged @ 12.50% p.a from 1st January '13 to 31st March'13 & @11.00% p.a from 1st April'13 to 30th June'13.

This is considered good and is falling due within one year. Classification schedule as required by schedule XI of Companies

Act 1994 are as follows:

Particulars

Borak Shipping Ltd.

Accounts Receivable considered good in respect of which the company holds no security other than the debtor personal security

VI - -

59,450,074 74,220,234

9.1 Provision for bad and doubtful debtsOpening Balance 5,474,279 4,120,000 Add: Provision made during the year 600,000 1,354,279

6,074,279 5,474,279 Less: Bad debts written off - - Closing balance 6,074,279 5,474,279

10. Other Receivables 32,929,980 34,438,711

Accrued Interest on Fixed Deposits 32,929,980 34,438,711 32,929,980 34,438,711

11. Advances, Deposits and Prepayments 995,291,143 645,788,107 Advances (Note-11.1) 969,679,728 623,206,791 Deposits (Note-11.2) 19,481,799 18,914,387 Prepayments (Note-11.3) 6,129,615 3,666,929

995,291,143 645,788,107

11.1 Advances: 969,679,728 623,206,791 Income Tax 403,964,814 252,901,918

Amount in TakaAs at


TOTAL

The maximum amount of receivable due by any director or other officer of the company

As at

Advance to Govt. 175,500,000 175,500,000 Rent (Security) 2,400,000 2,400,000 Purchases 8,035,443 8,385,443 Parties 12,994,725 12,426,925 Salary 384,000 494,000 Consultancy Fees 293,150 293,150 Advance to Employees 1,290,929 1,390,929 Employees -Westin 600,008 - SEP ERP Software(M/s Agreeya Solution(Bd) Ltd. 3,963,002 3,963,002 Supplier WESTIN 51,072,678 3,987,306 Advance against land 270,703,916 154,505,649 Others-Westin 171,502 1,824,750 Others 38,305,561 5,133,719

969,679,728 623,206,791

11.2 Deposits: 19,481,799 18,914,387 Bank guarantee margin (BG) 6,505,810 6,038,398 Security Deposit- UNIQUE HOTEL 12,390,989 12,290,989 Security Deposit - WESTIN 585,000 585,000

19,481,799 18,914,387

11.3 Prepayments: 6,129,615 3,666,929 Insurance Premium 158,849 1,672,088 Prepaid Expenses WESTIN 5,970,766 1,994,841

6,129,615 3,666,929

12. Fixed Deposit Receipts (FDR's) with Banks 40,944,188 38,768,611 FDR No.

Prime Bank Ltd., Banani Branch 17567 40,944,188 38,768,611 40,944,188 38,768,611

13. Cash & Cash Equivalents 1,875,990,109 1,738,073,377 This consists of as follows -

A. GENERAL 1,207,878 1,443,170 Cash in hand 233,112 178,175 Cash at Brokerage House 974,766 1,264,995

1,207,878 1,443,170 With Banks- 51,579,234 143,082,405 Eastern Bank Ltd.-Gulshan Branch, Dhaka 1,061,939 1,033,266 The City Bank Ltd.-Kawran Bazaar Branch, Dhaka. 45,542 46,616 Janata Bank Ltd.-Corporate Branch, Dhaka. 28,289 28,864 Southeast Bank Ltd.-Gulshan Branch, Dhaka. 306,321 292,203 Dutch Bangla Bank Ltd.-Gulshan Branch, Dhaka. 1,053 1,715 Mercantile Bank Ltd.-Banani Branch, Dhaka. 49,149 48,407 Prime Bank Limited.-Banani Branch, Dhaka. 28,408,263 7,339,416 Sonali Bank Ltd, Gulshan. Branch, Dhaka 18,656 18,656 Janata Bank Ltd.-Local Office Branch, Dhaka 112 687

Fixed Deposit with maturity period more than three months are presented as Fixed Deposits with Banks and Fixed Deposit withmaturity period upto three months are included in cash & cash equivalent.

As at30 June 2013

As atAmount in Taka

31 December 2012

United Commercial Bank Ltd.-Banani Branch, Dhaka 465,290 299,752 National Bank Ltd.-Gulshan Branch, Dhaka 3,050 3,510 Shahjalal Islami Bank Ltd.-Banani Branch, Dhaka 13,948 3,064,523 Sonali Bank Ltd., Dhaka Reg. Complex Branch 12,069 12,069 Prime Bank Ltd., Banani Branch, Dividend Account 1 1 Eastern Bank Ltd.-Banani Branch, HPA Account 4,235,253 108,764,066 BRAC Bank Ltd., Gulshan Branch, SND Account 5,496,308 5,282,529 BRAC Bank Ltd., Gulshan Branch, FC Dollar Account 405,979 390,979 BRAC Bank Ltd., Gulshan Branch, FC Pound Account 3,382,834 3,382,834 BRAC Bank Ltd., Gulshan Branch, FC Euro Account 2,115,249 2,115,249 Standard Chartered Bank Ltd., Gulshan Branch, CD Account 47,240 47,360 Eastern Bank Ltd.-Banani Branch, Dividend Account 5,482,689 10,909,703

51,579,234 143,082,405 52,787,112 144,525,575

31 December 2012B. The WESTIN, Dhaka 405,957,614

Cash in hand:Local currency 1,141,241 1,055,000

Cash at bank: 263,184,672 202,451,307

(25,497,654) 2,446,673

130,690,771 102,262,515 The City Bank Limited- Gulshan Branch 128,863,388 1,177,742 Prime Bank Limited, Banani Branch-Replacement Reserve 27,219,402 53,149,165 Eastern Bank Ltd.-Gulshan Branch Dhaka, FC Account 1,908,765 43,415,212

30 June 2013As at As at

Deposit account (interest bearing ) with: Prime Bank Limited

Amount in Taka

In the name of Agency Account-The Westin Dhaka with Prime Bank Limited )

264,325,913 203,506,307

C. Fixed Deposit Receipts with Banks 1,558,877,085 1,390,041,496 City Bank Ltd.-Gulshan Branch 71,142,114 67,593,657 United Commercial Bank Ltd- Banani Branch 1,319,620,924 1,223,439,772 Prime Bank Ltd.-Banani Branch 168,114,046 99,008,067

1,558,877,085 1,390,041,496 Total : (A+B+C) 1,875,990,109 1,738,073,377

14. Ordinary Share Capital

a Authorized Share Capital1,000,000,000 Ordinary Shares of Tk. 10 each 10,000,000,000 10,000,000,000

10,000,000,000 10,000,000,000

b Issued, Subscribed and paid- up capital294,400,000 Ordinary shares of Tk. 10 each fully paid 2,944,000,000 2,944,000,000

2,944,000,000 2,944,000,000

c Shareholding 2,944,000,000 2,944,000,000

Sponsor/Director 49.28% 145,068,886 1,450,688,860 1,450,508,800 Companies and Institutions 28.95% 85,208,149 852,081,490 846,988,800 Foreign 0.25% 737,017 7,370,170 13,542,400 General Public 21.52% 63,385,948 633,859,480 632,960,000

100.00% 294,400,000 2,944,000,000 2,944,000,000

15. Share Premium Account 6,181,931,836 6,181,931,836Opening 6,181,931,836 4,494,008,924 Add: during the year - 1,690,000,000 Less: Bonus Share Issuing Cost - (2,077,088)

6,181,931,836 6,181,931,836

No. of sharesPercentage

16. Tax Holiday Reserve 944,219,701 944,219,701

944,219,701 944,219,701 Add: Addition during the period - -

944,219,701 944,219,701

Tax holiday period has been ended on 01.07.2011. So, no provosion has been made thereafter.

17. Asset Reserve Fund 226,929,628 174,627,087 This represents reserve fund created for replacements, substitutions andadditions to furniture, fixtures and equipmentOpening Balance 174,627,087 167,161,690 Amount charged to operation during the period 40,377,382 81,364,907 Interest earned on Reserve Fund Balance 28,626,653 16,552,243

243,631,122 265,078,840 Less: Amount utilized during the year 16,701,494 90,451,753

226,929,628 174,627,087

Net difference between (40,377,382+28,626,653-16,701,494)=BDT 52,302,541 reflects in the statement of changes in equity.

Opening Balance

31 December 2012As at

30 June 2013

Amount in TakaAs at

18. Non-current portion of secured term loan 197,242,405 240,045,375

Total Long term loan: 335,902,405 378,705,375 Prime Bank Ltd. Banani Branch, Dhaka-A/c No.-282 248,669,685 283,815,169 Prime Bank Ltd, Banani Branch, Dhaka-A/c No.-286 71,067,170 78,989,733 Southeast Bank Ltd. Gulshan Branch, Dhaka-A/c No.713-958 16,165,550 15,194,466 Southeast Bank Ltd. Gulshan Branch, Dhaka-A/c No.713-590 - 706,007

335,902,405 378,705,375

Current and non current distinction 335,902,405 378,705,375 Non Current Liabilities 197,242,405 240,045,375 Current Liabilities 138,660,000 138,660,000

335,902,405 378,705,375

19. 12% Redeemable Preference Share Capital 75,000,000 90,000,000 1,200,000 Preference Shares of Tk. 100 eachThe City Bank Ltd, Head office, Dilkusha, Dhaka. 75,000,000 90,000,000 Current and non current distinction Non Current Liabilities 60,000,000 75,000,000

As at30 June 2013 31 December 2012

The loan was taken from following banks.The fixed assets of the Company has been pledged as security alongwith Directorspersonal properties and guarantee.

Amount in TakaAs at

Current Liabilities 15,000,000 15,000,000 75,000,000 90,000,000

20 Deferred Tax Liability 316,849,425 357,814,111 Opening Balance 357,814,111 463,192,698 Deferred tax benefit during the period (40,964,686) (105,378,587)

316,849,425 357,814,111

21 Short term Loan 148,686,849 238,684,506 The loan were secured against mortgage and charge on the fixedassets, personal properties and guarantee of the Directors.Short term Prime Bank Ltd.Banani Branch.(CCH Account) 48,708,419 63,875,277 Prime Bank Ltd. Banani Branch, SOD Account 99,978,430 92,809,229 Dirrectors & Shareholders - 82,000,000

148,686,849 238,684,506

22 Due to Operator and its affiliates 83,082,532 61,583,415 The amount is payable to operator and arrived at as follows :Management fees:License fee 20,627,654 15,311,572 Incentive fee 37,888,834 28,041,841 Institutional marketing fee 19,596,270 14,545,993 Reservation fee 4,856,077 3,606,426 Office base fee 113,697 77,583

83,082,532 61,583,415

23 Accounts Payable 37,661,314 63,771,053 BRAC 240,537 344,872 Bengal Meat Processing Ind. Ltd. 1,068,534 1,238,239 Dada-Bhai Enterprise 1,865,259 2,650,261

Nature of the debt Securities: 12% Redeemable Preference ShareTotal No. of Securities: 15,00,000

The Company issued redeemable preference share amounting BDT 15.0 crore to The City Bank Limited (CBL) on May 25, 2006. The terms and conditions of the preference shares are as follows:

J. B. Trading 355,728 682,837 Tanro Limited 909,031 1,178,239 Islam Corporation - - R. M. Enterprise 1,929,104 1,374,338 Noor Trade House 2,418,099 7,442,621 Unity Services Ltd. 542,878 214,512 Bandbox Ltd. 2,072,487 1,634,781 Other creditors 26,259,657 47,010,353

37,661,314 63,771,053

24 741,015,967 10,678,835

741,015,967 10,678,835 10,678,835 32,763,606

736,000,000 - 5,662,868 22,084,771

741,015,967 10,678,835

25 Other Accruals and Payables 1,604,867,083 1,310,453,676 160,080,309 116,192,055

Accrued Expenses (25.02) 89,877,087 75,061,202 Provision for Gratuity 11,308,111 8,354,979

500,403,958 332,397,185 1,383,097 1,383,097

Others Payables 841,814,521 777,065,158 1,604,867,083 1,310,453,676

25.01 Taxes, deposits and other creditors- The Westin 160,080,309 116,192,055 Security deposits from suppliers 2,596,400 2,816,400 Security deposits from tenants 12,430,620 4,630,560 Service charge 17,894,942 2,426,641

As at

Opening balance

Amount in Taka


Taxes, deposits and other creditors- The Westin Dhaka (25.01)

Add: Current years dividend payableLess: Unclaimed Dividend paid for previous years

Provision for tax

Unclaimed Dividend

Provision for tax on capital gain on sale of share

As at

Tips payable and Employee fund 92,846,649 104,207,702 UNICEF donation received from guests 28,094 - Travel agents' commission 900,279 2,110,752 Others 33,383,325 -

160,080,309 116,192,055

25.02 Accrued Expenses 89,877,087 75,061,202 Salaries, wages, bonus and other benefits 3,083,921 7,992,167 Accruals for utility services 1,310,000 1,629,000 Legal fees 44,500 533,570 Audit fee 1,288,070 400,000 Expatriate benefits 5,190,244 4,041,109 Accrual for 'Starwood Preferred Guest Programme' 37,527,558 16,243,206 Accrual for employee survey and vacation 5,919,584 5,078,543 Accrual for Starwood-third party reservation 1,319,965 701,965 Accrual for Starwood GSI/GEI 887,605 528,869 Westin privilege card and SPP card selling 750,000 600,000 Advance Received Tower Rent & Workout 13,087,968 14,457,018 Accrual for data processing 3,028,897 590,113 Other payable-Westin 6,562,803 3,075,476 Accrued Liability for Goods 476,292 476,292 Accrued Expenses 9,399,680 18,713,874

89,877,087 75,061,202

26 Operating Revenues 1,069,668,745 1,102,112,456 Rooms 574,829,081 608,419,563 Food and beverage 365,560,424 374,401,309 Minor Operating Department (MOD) 34,489,882 30,458,982 Space rental 23,008,273 22,626,486 SPA, Limousine service revenue & others 71,781,085 66,206,116

1,069,668,745 1,102,112,456

Amount In Taka

27 Costs of sales01 January 2012 to

30 June 2012

Taka Taka Taka Taka Taka

9,215,592 25,549,064 1,696,619 36,461,275 34,876,677

- 108,510,713 495,557 109,006,270 109,937,939

6,183,479 9,452,959 687,949 16,324,387 14,593,338

7,933,638 3,674,434 161,540 11,769,612 10,845,902

13,075,580 39,375 32,437 13,147,392 21,141,421

(49,775) 701,078 - 651,303 1,261,497

894,999 3,374,223 - 4,269,222 888,903

300,000 - - 300,000 2,294,131

1,587,245 273,189 193,657 2,054,091 1,194,849

Salary, wages, bonus and benefits

Food & Beverage

Cost of materials & other related expenses

Operating supplies

Laundry, dry cleaning and uniforms

Rooms

Traveling and communication

Particulars

Linen, china, glass & silver

In-house TV , video, movies, music etc.

Complementary guest services

TotalTotalMinor

Operating dept. (MOD)




Travel agents commission

227,282 - - 227,282 183,602

7,377,482 145,381 9,520 7,532,383 8,104,577

198,470 220,700 - 419,170 1,951,730

- - - - 441,529 129,000 129,000 - 258,000 258,000

10,880 - - 10,880 74,750 400 139,816 - 140,216 4,654,474 - 386,435 - 386,435 283,824

61,116 62,030 6,266 129,412 637,509 47,145,388 152,658,397 3,283,545 203,087,330 213,624,652

28 Administrative and other expenses 253,479,417 240,420,200 Operators and its affiliated company fees (Note: 28.01) 80,456,836 84,336,387 Administrative and general expenses (28.02) 57,121,526 51,077,650 Repairs and maintenance (28.03) 79,509,398 69,876,754 Advertising, promotion and public relations (28.04) 36,391,657 35,129,409

253,479,417 240,420,200

28.01 Operators and its affiliated company fees-WESTIN 80,456,836 84,336,387 License fee (28.01.01) 20,188,691 20,852,919

Entertainment

Decoration & Training

Amount In Taka



Airport counter charge

Rent, Relocation & Lost, Damage etc.

Advertisement

Pest control

TotalOthers

Postage

Third party reservation & Amenities

Incentive fee (28.01.02) 36,539,776 38,863,023 Institutional marketing fee (28.01.03) 19,179,256 19,810,273 Reservation fee (28.01.04) 4,549,113 4,810,172

80,456,836 84,336,387 28.01.01 License fee

Payable to Westin Asia Management Co. 20,188,691 20,852,919

28.01.02 Incentive feePayable to Westin Asia Management Co:Adjusted gross operating profit 632,724,638 623,096,606 Less:

Marketing fee 19,179,256 19,810,273 Reservation fee 4,549,113 4,810,172

23,728,369 24,620,445 Gross operating profit for the purpose of incentive fee 608,996,269 647,717,051

Incentive fee @ 6% on gross operating profit of Tk. 608,996,269 36,539,776 38,863,023

28.01.03 Institutional marketing feePayable to Westin Asia Management Co:1.9% of gross operating revenue of Tk. 1,009,434,549 19,179,256 19,810,273

28.01.04 Reservation fee

4,549,113 4,810,172

Payable to Westin Asia Management Co: 0.6% of gross room revenue ofTk. 574,829,081 plus $ 10 per available room calculated on a monthly basisat the prevailing month end exchange rate

28.02 Administrative and general expenses 57,121,526 51,077,650 Salaries, wages, bonus & benefits 21,952,798 18,131,200 Operating supplies 1,515,022 1,303,104 Postage 79,642 189,490 Rent 596,645 221,129 Travel & communication 1,466,347 992,763 Entertainment 1,048,313 994,269 Security services 5,026,977 4,546,177 Audit fee 1,160,846 330,000 Legal & professional charges 565,188 196,285 Fee & purchased services 577,384 104,731 Uniforms 373,949 293,013 Subscriptions 56,976 141,192 Bank charges 193,983 54,272 Credit card commission 15,595,202 16,304,212 Recruitment & Training 1,435,877 1,408,592 Permits & license Fee 584,809 280,190 Other expenses 4,891,568 5,587,031 Total 57,121,526 51,077,650

28.03 Repairs and maintenance 79,509,398 69,876,754 Salaries, wages, bonus & benefits 4,175,755 3,820,775

Amount In Taka01 January 2013 to 30 June 2013


Electric bulbs 763,340 1,470,217 Painting & decorations 909,846 1,566,442 Travel & communication 144,150 116,072 Electricity expenses 48,052,017 43,140,554 Repair & maintenance 12,868,764 7,614,495 Laundry equipments 126,590 24,068 Locks & Keys 284,002 55,885 Operating supplies 2,578,603 2,306,193 Plumbing charge 1,207,231 617,257 Propine gas 4,154,299 5,214,375 Radio, television & signage - 123,576 Waste removal expenses 741,170 393,705 Water treatment 2,935,574 2,976,663 Fuel -Oil 152,100 - Uniforms 318,003 193,174 Other expenses 97,954 243,303 Total 79,509,398 69,876,754

28.04 Advertising, promotion and public relation 36,391,657 35,129,409 Salaries, wages, bonus & benefits 3,265,848 2,987,837 Operating supplies 550,389 1,356,677 Postage 7,913 17,479 Travel & communication 666,395 538,608 Entertainment 402,461 284,006


Amount In Taka


Advertising 437,476 217,782 Photography expenses 837,213 - Signs, events & functions 1,114,742 1,650 Starwood Preferred Guest' expenses 28,394,290 28,614,383 Uniforms 146,903 122,006 Complementary guest services 458,173 - Recruitment & training - 494 Other expenses 109,854 988,487

36,391,657 35,129,409

29 Head office expenses 138,701,161 137,341,254 Remuneration & other benefits(Managing Director) 3,000,000 3,000,000 Salary & Allowance 4,370,413 4,930,201 Master Roll Labour Wages - 5,220 Traveling & Conveyance 2,513,433 266,053 Printing & Stationary 102,577 88,572 Computer Expenses 30,250 33,220 Entertainment 795,330 1,244,798 Land Telephone & Mobile Bill 91,213 50,349 Advertisement & Publicity 1,464,744 220,000 Fooding Exp. 77,400 42,316 Internet Expenses 66,515 52,049 Duty, Tax & Others 9,282 13,991 Thana Project 3,775 - Electrical Expenses 39,629 39,433 Papers, books, periodicals 1,368 792 Donation & Subscription - 10,000 Trade License, Renewal Fees & Others 17,350 346,250 Postage & Courier 44,611 2,115

Overtime 74,933 23,639 Meeting Fees 27,250 2,500 Office Rent & Utility 1,297,260 14,800 Insurance Premium 1,731,818 1,711,800 Audit Fees 172,500 182,874 Car Repairs & Maintenance 49,249 102,421

Photostat 16,700 69,026

Office Repairs & Maintenance 400,806 216,975 Bank Charge 555,012 729,948 Consultancy Fees 57,500 1,232,089 AGM Expenses 2,145,010 - Regulatory Fees 200,000 - City Corporation Tax 1,527,924 - Legal Expenses 1,725 1,300,000 Depreciation 113,037,421 116,505,524 Other Expenses 4,778,163 4,904,299

138,701,161 137,341,254

30 Interest Income/ (Expense) 275,327,123 311,859,181 Interest Income from Interest bearing investment 257,185,784 282,841,988 Interest Income from FDR & Bank Deposits 60,359,840 77,432,120 Interest paid on Loan (42,218,501) (48,414,926)

275,327,123 311,859,181



Amount In Taka

31 Other Income/(Expenses) (18,988,006) (39,784,478) Fair value adjustment (21,753,676) (42,027,678) Dividend Income 2,765,670 2,243,200

(18,988,006) (39,784,478)

32 Provision for Income Tax 127,042,087 130,886,559 Current Tax Expenses 168,006,773 229,101,264 Deferred Tax Expenses/(Benefit) (40,964,686) (98,214,705)

127,042,087 130,886,559

33

1.91 2.40 (Par Value of Tk.10)

Earnings attributable to Ordinary Shares: A

563,413,386 652,089,636

Weighted Average Number of Shares: B 294,400,000 271,819,178

Basic Earning per share (EPS) on Net Profit after tax before Other Comprehensive Income:

Net Profit after tax as per Statement of Comprehensive Income

No. of shares WeightWeighted Average Number of shares as at 30.06.2013

WeightWeighted Average

Number of shares as at 30.06.2012

230,000,000 365 230,000,000 365 230,000,000

26,000,000 365 26,000,000 48 3,419,178

38,400,000 365 38,400,000 365 38,400,000

294,400,000 294,400,000 271,819,178

Earnings attributable to Ordinary

Shareholders

Earnings attributable to Ordinary

Shareholders

Number Ordinary shares as at 30.06.2013

Weighted Average Number of shares as at

30.06.2012

563,413,386 652,089,636

294,400,000 271,819,178 = 1.91 2.40

=

Basic Earnings Per Shares C=(A/B)(Par Value of Tk.10)

=

Shares Outstanding as on 01.01.2013

Newly issued shares through IPO on 14.05.2012

Weighted Average Number of shares:

Bonus Share issued on 18.10.2012

31

34. Related party disclosure

Opening balance Addition Adjustment Closing balance

Borak Real Estate (Pvt.) Ltd Common Chairperson Construction of A Proposed Five Star Hotel 2,081,024,030 20,005,000 - 2,101,029,030

Borak Real Estate (Pvt.) Ltd Common Chairperson Interest bearing investment* 3,035,211,385 209,383,200 - 3,244,594,585

Unique Eastern (Pvt.) Ltd. Common MD/ Chairperson Interest bearing investment* 1,457,491 53,354 (1,510,845) 0

Anannya Development (Pvt.) Ltd. Common Director Interest bearing investment* 130,413,911 7,220,314 (26,300,000) 111,334,225

Unique Property Development Limited Common MD Interest bearing investment* 21,698,267 - (21,698,267) -

Purnima Construction Ltd. Common Director Interest bearing investment* 1,018,776,636 85,356,308 - 1,104,132,944

Unique Refineries Ltd. Common MD/ Chairperson Interest bearing investment* 19,571,383 1,172,805 - 20,744,188

Unique Vocational Training Centre Ltd. Common MD Interest bearing investment* 5,640,209 337,987 - 5,978,196

Unique Ceramic Industries Ltd. Common MD/ Chairperson Interest bearing investment* 17,888,696 1,071,970 - 18,960,666

Borak Shipping Ltd. Common MD/ Chairperson Interest bearing investment* 36,688,194 5,020,785 - 41,708,979

Unique Share Management Ltd. Common MD/ Chairperson Interest bearing investment* 12,203,472 731,287 12,934,759

6,380,573,674 330,353,010 (49,509,112) 6,661,417,572

During the year the Company carried out a number of transactions with related parties on an arm's length basis. Name of those related parties, nature of those transaction and their total valuehas been shown in below table in accordance with the provisions of BAS-24- "Related Party Disclosure".

Amount in Taka

Name of the Party Relationship Nature of Transaction Transaction-30.06.2013

Total

*Interest has been charged @ 12.50% p.a from 1st January '13 to 31st March'13 & @11.00% p.a from 1st April'13 to 30th June '13.

32

No. Value in Tk.(a) 3,000,000.00

(b) Nil

(c) Nil

(d) Nil

(e) Nil

(f) Nil

(g) Nil

(h) Nil

Nil

Nil

Nil

(i) Nil

(iii)Payments from a provident funds, in excess of own subscription and interest thereon

Share Based payments

(ii) Gratuities

Transaction with Key Management Personnel of the entity:

Expenses reimbursed to Managing Agent

Commission or Remuneration payable separately to a managing agent or his associate

ParticularsManagerial Remuneration paid or payable during the half-year to the directors, including managing directors, a managing agent or manager

(i) Pensions

Commission received or receivable by the managing agent or his associate as selling or buying agent of other concerns in respect of contracts entered into by suchconcerns with the company

The money value of the contracts for the sale or purchase of goods and materials or supply of services, entered into by the company with the managing agent or hisassociate during the financial year.

Any other perquisite or benefits in cash or in kind stating, approximate money value where applicable.

Other allowances and commission including guarantee commission

Pensions etc.

33

35. Events After Reporting Period

36. Directors Responsibility Statements

37 General:37.01 Employee Details:

37.02 Rounding off

37.03 Rearrangement of last year figures

Managing Director


In compliance with the requirements of BAS 10 : “Events After Reporting Period”, post balance sheetadjusting events that provide additional information about the Company’s position at the balance sheetdate are reflected in the financial statements and events after the balance sheet date that are not adjustingevents are disclosed in the notes when material. The Company have no adjusting or non adjusting eventsafter reporting period.

The Board of Directors takes the responsibility for the preparation and presentation of these financialstatements.

ii) At the end of the reporting period, there were 489 employees in the company.

Amounts appearing in these financial statements have been rounded off to the nearest Taka and whereverconsidered necessary.

To facilitate comparison, certain relevant balances pertaining to the previous year have been rearranged or

reclassified whenever considered necessary to conform to current year presentation.

Director

i)Total number of employees at the end of the year was 489. Out of total employees, 434 numbers of employees employed throughout the year and 55 numbers of employees employed for a part of the year. None of the employees were in receipt of remuneration which in aggregate was less than Tk.36000 per annum or Tk.3000 per month.

Company Secretary

statement of financial position amount in taka assets 30 june...

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