TABLE Annual...05. Shareholders bearing BO ID are requested to update the particulars of Bank A/C, e-mail address, change of address and 12 digit Tax payers’ identification number

CORPORATE REVIEW

OVERVIEWNotice of the 39th Annual General Meeting 03

Corporate Vision, Corporate Mission & Corporate Values 05

Message from the Chairperson 06

Message from the Managing Director & CEO 09

Management Apparatus 13

Directors’ Report 17

Directors’ Report- Bengali 27

Declaration by CEO and CFO 31

Certificate on Corporate Governance 32

Compliance Status on Corporate Governance Code 33

Management’s Discussion and Analysis 41

Audit Committee Report for the FY 2019-20 42

Brief Resume of the Board of Directors 43

Directors Hold Directorship and Committee Membership 45

Pattern of Shareholdings 45

Category wise Shareholding Position 46

The Total Number of Board Meetings Held and Attendance 46

Nomination & Remuneration Committee 47

FINANCIAL REPORT Independent Auditor’s Report 50

Statement of Financial Position 56

Statement of Profit or Loss and Other Comprehensive Income 57

Statement of Changes in Equity 58

Statement of Cash Flows 59

Notes to the Financial Statements 60

OTHER INFORMATIONGraphical Presentation of Operational Performance 113

Album 114

Minutes for 38th Annual General Meeting 117

Proxy Form & Attendance Slip 120

TABLEOF

CONTENTS

3

AGENDA01. To receive, consider and adopt the Audited Accounts of the Company, the Directors’ and the Auditors’

Reports thereon for the year ended June 30, 2020.02. To declare Dividend for the year ended June 30, 2020 as recommended by the Board of Directors.03. To elect Directors.04. To re-appoint the Managing Director.05. To approve a new Independent Director.06. To appoint External/Statutory Auditor for the year 2020-21 and fix their remuneration.07. To appoint Corporate Governance Auditor for the year 2020-21 and fix their remuneration.

Notice is hereby given to all shareholders of Quasem Industries Ltd. that the 39th ANNUAL GENERAL MEETING of Quasem Industries Limited will be held on November 19, 2020 at 11:00 am at virtually by using Digital Platform as per BSEC order SEC/SRMRC/04/231/25 July 08, 2020 through the link http://www.digitalagmbd.net/quasemind.agm2020 to transact the following business:

NOTICE OF THE 39th ANNUAL GENERAL MEETING

By order of the BoardSd/-

A.T.M. Jahangir HasnatDirector, Company Affairs & Company Secretary

Dated: Dhaka. October 08, 2020

Notes:01. November 02, 2020 is scheduled as Record Date for the 39th AGM of the company. Shareholders whose

name will appear on the Register of Members/CDS record on the Record Date will be eligible to attend the meeting and entitled for dividend.

02. A member entitled to attend and vote at the 39th Annual General Meeting can appoint a proxy to attend the meeting and vote on his/her behalf. The proxy form duly stamped with revenue stamp of Taka 10.00 must be send at the share department of the company at Icon Centre (Level-6) 57/4, Progati Sarani, North Baridhara, Dhaka-1212 or through e-mail [email protected] or [email protected] not later than 48 hours before the appointed time of the meeting.

03. Written queries, if any, expected to be replied at the 39th Annual General Meeting on the Directors’ and Auditors’ Reports and Audited Accounts for the year ended June 30, 2020 should reach at the share department of the company at least 3 days before the meeting for the sake of convenience of appropriate explanation.

04. The shareholders will join the Virtual AGM of QIL through the link prior to 24 hours of the meeting. The shareholders will be able to registration, comments and vote before commencement of the AGM and during the AGM.

05. Shareholders bearing BO ID are requested to update the particulars of Bank A/C, e-mail address, change of address and 12 digit Tax payers’ identification number (e-Tin) through their depository participant (DP) before November 02, 2020. If the shareholders failed to upload their e-Tin before November 02, 2020 income tax at source will be deducted from payable dividend @15% instead of @10% as per amendment Income Tax Ordinance, 1984 under section 54. The Shareholders who are maintaining folio no. are also requested to submit their e-Tin before November 02, 2020 to the Share Department of QIL, Icon Centre (Level-6) 57/4, Progati Sarani, North Baridhara, Dhaka-1212.

06. As per notification of BSEC, the soft copy of Annual Report will be sent to the shareholders’ e-mail address available in their BO Accounts maintained by the Depository Participant (DP). The soft copy of Annual Report FY 2019-20 and Proxy Form will also be available in the company’s website at http://www.quasemindustries.com. The shareholders may also collect the printed copy of Annual Report FY 2019-20 from the share department of the company.

07. Depository Participants/Stock Brokers are requested to send the list of margin account holders based on record date i.e. 02/11/2020. If any, within the November 12, 2020 to the company through hard copy or e-mail [email protected] or [email protected], otherwise, the dividend will be paid to the shareholders whose names appeared in the Member/Depository Register on the “Record Date”.

CORPORATE MISSION

CORPORATE VALUES

Our business model is based on our vision of bringing new levels of manufacturing excellence to Bangladesh. We aim to provide high quality and innovative products that fulfill the needs of Bangladeshi citizens from all walks of life. We also look to provide our shareholders with a healthy dividend on a regular basis and plan to achieve financial success by following ethical business practices and by never compromising on the quality of the product we are delivering to our customers.

We value our commitment to setting and achieving the highest standards in manufacturing. In addition to setting high standards we are also committed to keeping in-line with the latest technological advancements in our field to ensure that we are delivering the best possible product to our customers.

We value our need to be price competitive while not sacrificing on product quality. We value the need to create an honest, open and enabling environment for our employees, making

sure our employees are happy with their jobs is of utmost importance, as is ensuring that we are consistently developing the capacity of our human resources.

We value the trust shown in us by our shareholders and strive to ensure they are rewarded for their loyalty to our company.

We value then needs of our customers; we are committed to building a relationship with them based on integrity, loyalty and trust.

We value the need to not just make a healthy profit for our shareholders, but also to be a socially responsible company that is dedicated to improving the lives of the people of Bangladesh through charitable projects.

The Mission of Quasem Industries Limited is to be the Premier Industrial manufacturer in Bangladesh through our commitment to maintaining high manufacturing standards and our dedication to honest and sustainable business practices. An important part of realizing our mission is to ensure the SUNLITE & WAVE brands in Bangladesh is a name that inspires trust from our citizens, to do this we must ensure that we adhere to strict procedures and standards of excellence both in our manufacturing and distribution sectors. In addition to providing our shareholders with consistent and healthy dividends, we also must ensure that our company is socially responsible, we are committed to ensuring that profits from our company not only go into further growing our business but also into developing our nation and improving the lives of its’ citizens.

CORPORATE VISION

5

VISION

8 6

Dr. Reyan Anis IslamIn December 2019, doctors in the Chinese city of Wuhan diagnosed a patient with a unique set of symptoms as having a severe acute respiratory syndrome. The disease, which we now know as COVID-19 or the ‘Coronavirus’, seemed mostly treatable but what struck experts is the ease at which it was transmitted between individuals. As 2019 turned into 2020, the virus began spreading throughout Wuhan like a wildfire, bringing into effect the first of what would be many ‘lockdowns across the globe. The lockdown in Wuhan however was not enough to stop the spread of this new virus, within months it had engulfed all of China and had started taking root in other Asian countries and in Europe as well. Now, under a year later, we look back on the virus first found in Wuhan that has become the greatest pandemic and perhaps struggle that this world has ever faced. According to the WHO, almost 1 billion people worldwide have contracted the virus and more important, 1 million have succumbed to it.

On March 8th, 2020, the first 3 cases of COVID-19 were diagnosed in Dhaka. By the end of the month, our nation was forced into the same kind of lockdown that had been started in Wuhan and now was commonplace throughout Asia and Europe. By the 6th of May 2020, there had been cases of COVID-19 reported in every district of Bangladesh. The lockdown that was initially declared for 10 days on March 26th, was officially extended until May 30th and in many ways is still unofficially playing a major role in the daily lives of the people of Bangladesh. This year, I write my Chairperson’s message to our shareholders in two capacities: first as a chairperson

MESSAGE FROMTHE CHAIRPERSON

7

of a company that like all others in Bangladesh, has faced unprecedented hardships as a result of COVID-19 and the national lockdown. And secondly in the capacity of a well-respected medical professional in Bangladesh, who has seen firsthand how this virus has ravaged our healthcare system. I hoped that only my second address to our shareholders as Chairperson would come during a time of greater certainty and prosperity, but unfortunately the prevailing global crisis has made this impossible.

There is no way to work around the fact that COVID-19 has had a massive impact on our performance this year. What primarily surfaced as a public health concern has rapidly transformed into a socio-economic and humanitarian catastrophe unlike any the world has ever faced before. On all levels-the individual, the collective, national, regional, international- the people of the world have never faced an issue that has attacked our way of living from almost every conceivable angle. From small businesses to the big corporate houses to national and international institutions- nobody has been spared of the hardships brought about by the COVID-19 pandemic.

While the domestic and global financial problems of the world are not under our control, Quasem Industries Limited is doing what it can to make sure we are able to survive these hardships and be able to flourish once the situation begins to improve. As we previously committed to, we have completed the launch our new brand of canned products, WAVE Deodorants, Air Fresheners, Butane gas and shaving foam all hit the market previously and we have recently we launched SUNLITE Branded Aerosol insect killing spray. I am very hopeful that shareholders will soon see the accumulated effect these new products in our future financial statements

WAVE is the first consumer brand established by Quasem Industries Limited since SUNLITE, establishing a brand in the 1980’s was a vastly different proposition than it is now in the digital age. Increased competition has caused the price of advertising to skyrocket in recent years making it difficult to complete with larger companies for visibility. However, we have adopted a slow and steady approach to the brand promotion of WAVE and we are hopeful that in time, this brand will become a household name and sales will go up. Establishing SUNLITE as a trusted brand took time and patience and same will be required to take WAVE to that level. We are constantly looking for new and innovative ways to market our brands and are hopeful that our efforts will soon bear fruit.

To stay on the top of the competition, Quasem Industries Limited always worked hard to launch new products in the market, improving our sales and securing our long-term future. You might be aware that Quasem Industries Limited diversified into exciting new business sectors which is giving us more opportunities to increase our turnover and profits. Our management team continues to strive to provide Quasem Industries with options to expand our business operations and a lot of hard work has been done over the last few years to be able to reach a position where our new products are ready to reach the consumer market. This year, we are happy to be launching the most significant development project that Quasem Industries has undertaken in many years. With some new international business partners by our side, we are starting work on an Artificial Quartz Manufacturing plant. Our Managing Director will provide more information in his report.

Bangladesh continues to face grave problems regarding the availability of resources such as gas and electricity and suffers from widespread lack of suitable infrastructure; while the rapidly growing GDP of the nation continues to offer hope to Quasem Industries Limited and other companies that our hard work will pay off, it has so far not had the desired effect on the national economy and the prevailing global pandemic has only served to make matters worse. We have always been hopeful that companies such as ours that have been able to adapt to doing business despite the shortage of critical resources will soon benefit from the positive factors of the Bangladeshi economy but in the face of issues like COVID-19, it is important for us to all recognize that the setbacks we are facing are not minor. Many businesses around the world will

ultimately not survive what has happened to them in the last year but we will not be one of them. Our commitment to good governance, high quality standards and socially responsible business practices also will never waiver; nor will our willingness to fight for our survival. Despite various challenges faced by the company, the Board of Directors and Management has ensured sustainable growth in the business and committed to deliver long term value with integrity to the shareholders and other stakeholders.

I would like to conclude by thanking the Management of the company and the Board of Directors for what has made me most proud during this COVID-19 pandemic. Around Bangladesh, many major companies have failed to pay their employees. As a result, many have been released from their jobs and many others are still employed but simply not being paid. It is a massive tribute to not just to the operational efficiency of the company but also to the integrity and loyalty of the management that Quasem Industries Limited has not laid off a single employee due to the pandemic. In fact, we have strived to even create several job opportunities when possible. Furthermore, every single employee of our company from top to bottom (and we always pay the bottom first) has been paid their wages in a timely fashion, nobody was every due more than one month at a time. This is truly a wonderful accomplishment, regardless of what our overall financial performance has been this year it should be a great sense of pride for our shareholders that Quasem Industries Limited is a company that puts its employees and their welfare first. I am confident that in the future, the company will be rewarded for its unwavering integrity and commitment to its staff.

Finally, I pray to the Almighty to spare not only our nation but also all over the world from any more hardships from the COVID -19 pandemic soon.

Thanking you,

8

ChairpersonDr. Reyan Anis Islam

9

Tasvir Ul Islam

It is an honor and a privilege to welcome you all to the 39th Annual General Meeting of Quasem Industries Limited.

The main objective of our company is to maximize shareholders’ wealth by making profit. From the very beginning, our management has been committed to maintaining sustainable growth and stable profit of the company. The management of the Company is committed to deliver a sustainable shareholders’ return vis-à-vis contribution to the national exchequer. Unfortunately, every year we are facing one and after unprecedented problems which hindered our objective. This year, we have faced a problem unlike any other in our past but unlike some of the other problems we have faced in the past- this is not one we face alone. The COVID-19 pandemic has wreaked havoc on both the national and global economy, it has led to a situation that will take the world years to fully recover from.

While the Bangladeshi economy will still show growth despite COVID -19, the pandemic has slowed down the rate significantly. Additionally, the months of lost revenue faced due to the lockdown have severely damaged the financial statements for companies such as ours for this year. Our turnover is significantly lower compared to previous year, but COVID is not the only reason for this. In the last year, Quasem Industries Limited has changed the nature of its trading relationship with Quasem Lamps Limited, we are now only getting service charges from these companies rather than trading on their behalf. If we compare the sales of products manufactured by Quasem Industries only, turnover has increased by approx 3% over last year. Had it not been for COVID, both the service charges

MESSAGE FROM THEMANAGING DIRECTOR & CEO

10

we collect from our sister concerns would have been much higher and additionally, sales of Wave products would have picked up much more. Although our net profit percentage increased, we could not increase our earning per share which is the most important for shareholder because we had to incur significant costs in order to continue doing business in a socially distant and safe manner following the onset of COVID-19. In addition of COVID we are victim to many other factors which have made doing business difficult like the devaluation of the taka against the dollar. This results in costs going up for manufacturers that are reliant on importing raw materials. The cost of utilities also continues to rise in Bangladesh as does the cost of distribution and transportation. These problems are further compounded by weak business and financial policies and an unstable banking system.

However, there are still reasons to be hopeful both for our country and our company. As a nation, while Bangladesh has suffered greatly from COVID-19, initial reports suggest that we have suffered far less than most countries around the world and less than other countries in our region also. While the population density of Bangladesh has led to a large number of COVID-19 cases, we have been relatively fortunate compared to other nations to have not suffered as high a death rate as many others, it seems that the strains of COVID that were most common in Bangladesh were not as dangerous as ones that prevailed elsewhere. Finally, Bangladesh is a country that is used to big disasters. We may not have faced anything like COVID before, but we are a country that has been ravaged with some of the worst floods and storms that the world has ever seen. Despite all this, the people of Bangladesh have shown to be extremely resilient. We are resourceful, we are determined, and we are resilient and together we will overcome this new obstacle as we have so many in the past.

From a company perspective, despite all the hardships our management stuck by its commitment to introduce new products under WAVE and endeavor to establish the WAVE brand as a household product. All of the initial products that we wanted to launch under WAVE are now on the market, we have also introduced the SUNLITE Aerosol, the anti-insect spray in the market which is a truly wonderful accomplishment in these times. In addition to this, we have also begun work on most significant development project that Quasem Industries has undertaken in many years- a project for manufacturing Artificial Quartz. Artificial Quartz is a building material with extensive uses in both residential and commercial settings and can be viewed as an alternative to either marble or granite. While marble and granite are well established and hugely popular materials, artificial quartz is a relative newcomer to the sector but considered by industry insiders to be a better material than either marble or granite given that it is much easier to maintain and far more sustainable given it is not a natural resource.

Quasem Industries Limited have teamed up with a partner from the USA, SUNSTONE International LLC in order to embark on this new project. The management team at SUNSTONE International LLC, USA have been involved in the artificial quartz business for over a decade. On both the technical side in terms of manufacturing as well as the distribution and marketing of the product, SUNSTONE International is very well versed in the artificial quartz industry due to their years of experience working in the sector. Presently SUNSTONE are sourcing artificial quartz and other natural stones from China and marketing them in the USA, where the demand for these products is highest. For last few years, artificial quartz importers in the USA have been facing problems importing the product from China (the main source for the US market) due to high import duty and the escalating trade war between the USA and China. For this reason, the management of SUNSTONE International started to look for new sources from which to procure artificial quartz and export it to the USA. Bangladesh is seen worldwide

11

Tasvir Ul IslamManaging Director & CEO

as a hotbed for manufacturing and for this reason, SUNSTONE International has proposed to Quasem Industries Limited to develop facilities to produce artificial quartz in their factory premises which they will then export to the USA. We have accepted their proposal and are delighted to be embarking on this new project which we feel will bring great rewards in the future to our company and its shareholders.

I would like to thank the Board of Directors of this company for their continued support and for recommending a dividend for 2019 – 2020 after considering present situation and the financial position of the company. We hope that the shareholders of this company are pleased with their decision and their commitment to providing higher dividends in the future. Finally, I would like to reiterate to our shareholders the commitment of the Board of Directors and employees of this company for securing a better and brighter future. Quasem Industries Limited is blessed with committed and talented staff at all levels and we are dedicated to working together for the sake of our valued shareholders. We have been working hard over the last few years to set up a strong foundation for the future expansion of this company and we believe we are now in an excellent position to move to the next level and usher in a new era of growth and prosperity for Quasem Industries Limited. We are continuously exploring options for new projects and we believe that the next period of this company’s history will be one of growth and see us expand our business interests far beyond the fields we are currently invested in. The management of Quasem Industries is excited about what the future holds in store for our company and our shareholders.

I will conclude by expressing my personal gratitude and appreciation to our Board of Directors, the management and all employees of Quasem Industries Limited for their hard work specially in COVID situation and dedication to achieve our objectives and ambitions. A special mention must go to our factory workers and our national sales team. While man others around And lastly, I would like to thank our honorable shareholders for their continued support and co-operation and safety life

Thank you all.

13

MANAGEMENT APPARATUS

Dr. Reyan Anis Islam Chairperson

Mr. Tasvir Ul Islam Managing Director & CEO

Ms. Nafisa Quasem Director

Mr. Sameed Quasem Director

Ms. Samira Rokaiya Quasem Director

Mr. Mir Mohammad Shahidullah Independent Director

BOARD OF DIRECTORS

NOMINATION & REMUNERATION COMMITTEE

Mr. Mir Mohammad Shahidullah Chairman, Independent Director

Dr. Reyan Anis Islam Member & Non-Executive Director

Ms. Nafisa Quasem Member & Non-Executive Director

Mr. A.T.M. Jahangir Hasnat Director, CA & Company Secretary Member Secretary

CFO, CS & HIAC

Mr. Mohammad Zakaria, FCA Chief Financial Officer

Mr. A.T.M. Jahangir Hasnat Director, CA & Company Secretary

Mr. S. G. Nandy Head of Internal Audit & Compliance

MANAGEMENT TEAM

Mr. Mahbubul Alam Director & Chief Operating Officer

Mr. Mirza Akter Maruf Director (Sales)

Mr. Md. Mustafa Kamal GM (Production, Unit 1& 2)

Mr. Mashuq Ul Alam GM (Marketing)

Mr. Taimur M. Arif DGM (Production, Unit-3)

AUDIT COMMITTEE

Mr. Mir Mohammad Shahidullah Chairman & Independent Director

Dr. Reyan Anis Islam Member & Non-Executive Director

Ms. Nafisa Quasem Member & Non-Executive Director

Mr. A.T.M. Jahangir Hasnat Director, CA & Company Secretary Member Secretary

14

AUDITORS

Statutory: Corporate Governance Compliance:

M/S Shiraz Khan Basak & Co. Ahsan Kamal Sadeq & Co.Chartered Accountants Chartered Accountants

R K Tower (Level-10) Dhaka Trade Centre 86, Bir Uttam C.R. Datta Road 99, Kazi Nazrul Islam Avenue312 Sonargaon Road, Hatirpool, Dhaka-1205. Dhaka, Bangladesh.

LEGAL ADVISER

Barrister Eva QuasemBarrister Abu Khaled Al Mamun

FACTORYUnit-1 & 2, Gorai, TangailUnit-3, Baimail, Gazipur.

SALES & DISTRIBUTIONKha-99/B/1 Khilkhet, Dhaka.

REGISTERED OFFICEA-1/6 Mohammadpur, Asad Avenue, Dhaka-1207.

HEAD OFFICEIcon Center (04th, 06th and 09th floor) Plot No. 57/4, Progoti SaraniNorth Baridhara, Dhaka - 1212Bangladesh.

BANKERS

Mutual Trust Bank Ltd.Gulshan Branch, Dhaka

Agrani Bank Ltd. Principal Branch, Motijheel C/A, Dhaka-1000.

Sonali Bank Ltd.NCTB Branch, 69/70, Motijheel C/A, Dhaka-1000.

Dutch Bangla Bank Ltd.Banani Branch, Dhaka.

16

DR. REYAN ANIS ISLAMChairperson

MR. TASVIR UL ISLAMManaging Director & CEO

MR. SAMEED QUASEMDirector

MS. SAMIRA ROKAIYA QUASEMDirector

MS. NAFISA QUASEMDirector

MR. MIR MOHAMMAD SHAHIDULLAHIndependent Director

17

DIRECTORS' REPORT 2020

Industry outlook & possible future developmentsYear of Establishment : 1980Initial Public Offering (IPO) : 1988Stock Exchange Listing : 1988Awarded ISO-9001 Certificate : 2000, 2015Business Line : Manufacturing & Marketing of UM-1 (D-Size), UM-3 (AA) UM-4 (AAA) Metal & Vinyl Jacket Batteries, Flash Lights, Air Freshener, Body Spray, Round Can & High Pressure Can and marketing & Distributing Sunlite gas lighter & sun chips. Authorized Capital : Tk. 2,000 MillionPaid up Capital : Tk. 629.67 MillionNo. of Shares Issued : 62.97 MillionThe Management of Quasem has continued their efforts to diversify and expand the business activities. The board of Directors has endorsed the management plans for current and possible future developments in the following areas.Current Development Programs:-a) Started construction works of Artificial Quartz Production Line in QIL Unit-1 & Completed all Legal Compliances.b) Developed and marketed one new product SUNLITE Aerosol (Flying Insect Killer).c) Introduction of other new products for WAVE & SUNLITE brand.Future Development Programs:-d) Build and operate a Modern Hospital in Dhaka city.e) Establishment anew Head Office and Distribution Hub in own commercial tower.

Dear Shareholders,It is the pleasure of the Board of Directors to submit our report to the shareholders for the year ended 30 June 2020 as follows:

Segment wise financial performance and product descriptionTurnoverWe are pleased to announce this year’s annual net turnover is Tk. 1,375.22 Million, compared to Tk. 1855.51 Million in the previous year. It appears turnover has been reduced compared to previous year. This was happened due to discontinuance of trading relationship with quasem lamps limited from September 2019. If we compared the sales only quasem industries products the sales has been increased by approx 3% under pandemic situation than previous year. The management team of Quasem Industries Limited is always working hard towards increasing the turnover of the company and will strive to continue our trend of improvement in the coming year. We have already marketing “WAVE” brand air freshener and body spray, and recently we have introduced shaving foam & SUNLITE aerosol which will boost up our turnover in coming years.

[ Ref: CG 1(5) (i) ]

[ Ref: CG 1(5) (ii) ]

TURNOVER - NET

Net TurnoverTaka in Million

1,855.51

2,015.56 1,975.541,851.56

1,375.22

2019-20 2018-19 2017-18 2016-17 2015-16

18

UM - 3 Battery:In 1993, the company began producing UM-3 batteries to satisfy the growing demand for the product in the country. Currently, we are producing four types of UM-3 batteries: UM - 3 (HD), UM-3 (HSBP), UM-3 (Green) & UM-3 (HD - Extra). This year we have recorded a turnover of Tk. 627.67 Million for UM-3 batteries, compared to Tk. 670.79 Million in the previous year. We have noticed the sales volume of UM-3 batteries continues its decreasing trend last couple of years. UM-3 is our major product which significantly contributes to our overall sales volume of our company. Management has given greater effort to maintain the increasing trend of sales growth of UM-3 batteries. We have made a considerable effort, hard work and innovative marketing strategies to increase the sales of UM-3 batteries. We have introduced UM-3 battery operated products to maintain the higher sales growth of UM-3 battery and are also continuously working on making our production process more efficient so more profits can be earned. We have been very encouraged by the success of such initiatives that influences the sales of our UM-3 Battery and hope, in coming years turnover of UM-3 will increase.

UM-1 Battery:UM-1 (R-20) 'D' is Hi Super Metal Jacket Batteries and was the first batteries Quasem Industries Limited began producing when founded in 1983. Initially the market demand of UM-1 battery was very high but gradually it has decreased over the time due to technological changes which resulted in UM-1 batteries becoming almost obsolete. This year, turnover for UM-1 batteries was Tk. 142.61 Million, compared Tk. 110.80 Million in the previous year, this increase in sales is to be expected given the nature of the product. Quasem Industries Limited has adopted a very proactive approach to increase the sales of UM-1 batteries over the years by introducing a number of products on the local market that operate on UM-1 batteries, directly increasing both sales and profits. In addition to new products, we have also been taking steps to reduce our manufacturing cost for UM-1 batteries; we have also introduced UM-1 vinyl jacket batteries to increase the turnover of UM-1 which also reduced the manufacturing cost. As for the technological changes and decreasing demand of UM-1 in the market, it is expected that the increasing trend of sales may not continue in future but our effort will continue to keep the increasing trend of sales of UM-1.

UM -1 BATTERY

Turnover - UM 1

110.80

142.61

106.7792.32 100.18

Taka in Million

2019-20 2018-19 2017-18 2016-17 2015-16

Turnover - UM 3

UM-3 BATTERY

670.79627.67724.60 751.79 717.22

2019-20 2018-19 2017-18 2016-17 2015-16

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Flash Lights:Quasem Industries has for many years been introducing various products to the market that make use of our batteries. We started off by launching our LED Flash Lights in September 2007 and since then we have observed a growing market for them. Since then we have brought many other types of flashlights into the market such as LED 2D, LED 3D (Metal), Econo, LED, ABS 3D & ABS 2D. Each of these products has contributed to our increasing battery sales in recent years and we are now established as one of the trusted flashlights brands in Bangladesh. The sales figures for flashlights is decreased due to the introduction of many alternative products such as rechargeable flashlights but we are hopeful that with some more marketing, we can still be a strong competitor in the market. In the coming year, we hope to increase our sales and considerably increase the contribution of battery-operated products to our profitability.

Metal Printing and Can Making UnitTo maximize the use of the metal printing machine (used to print the metal jackets for SUNLITE batteries and High pressure can) that we have, Quasem Industries decided to enter the can manufacturing sector. We currently manufacture 3 piece cans in many different shapes and sizes for a number of large companies such as Asian Paint, Lal Teer, BRAC Dairy and Quasem Food Products Limited. Companies are attracted to purchasing cans from us due to our superior printing technology. The metal printing machine used by Quasem Industries is still considered to be the best in Bangladesh.

UM-4 Battery:In 2006 Quasem Industries Limited started importing UM-4 batteries and marketed them under our own brand-name. By importing the batteries before having our own manufacturing facility, we could establish our brand name in this sector of the market so that by the time we set up our own UM-4 production line, SUNLITE was already the market leader. This year, turnover of UM-4 batteries was Tk. 242.88 Million; compared to Tk. 210.69 Million in previous year. The management of QIL is trying to introduce more new products that are operated by UM-4 battery to boost up our sales. We also have potential to increase our sales significantly in UM-4 batteries in the coming year due to the opportunities we have to increase our market share. While we are the market leaders in all industries battery segments in Bangladesh, our market share is lowest in UM-4 category and we are confident that this market share will increase as we continue to distance ourselves as the best industries manufacturer in Bangladesh. We are confident that the higher trend of turnover of UM-4 will continue in the next year.

196.77

Turnover - UM 4

UM-4 BATTERY

210.69

178.76159.62

Taka in Million

2019-20 2018-19 2017-18 2016-17 2015-16

242.88

FLASH LIGHTS

Turnover - FlashLights

85.1677.85

67.14

36.80

Taka in Million

19.36

2019-20 2018-19 2017-18 2016-17 2015-16

20

Sun Chips:We have sole rights of distribution of Quasem Food Products Limited through our distribution channel. During the year the company has earned Tk. 34.43 Million as distribution service charges and Tk. 11.46 million as turnover which contributed to increase our net profit. Since its inception in 2010, Sun Chips sales have been increasing at a very healthy rate, we are hopeful that the company will continue to prosper so that the earnings for Quasem Industries as their exclusive distributor will grow in coming years.

We are the first facility in Bangladesh that boasts both the ability to manufacture and fill pressurized cans in the same premises. In August of 2017, air fresheners under the brand name “WAVE” from our new can manufacturing plant made their first appearance on the Bangladesh market; since then we are receiving positive response from the market. We anticipate it will significantly contribute to our sales and profitability of our company for many years to come. We have launched shaving foam and lighter fluid to the market under our own brand name.During the year, our metal unit delivers the printed sheet and round can for our internal requirements as well as to other companies at equivalent amount Tk. 52.47 million.High Pressure Can Filling LineQuasem Industries Limited moving into new sector that we were committed to the shareholders. It was mentioned, we have established state of art factory with modern equipment for producing high pressure can and can filling line. We are now capable to produce various types of high pressure can also filling the same for our own marketing as well as contract manufacturing.We have already marketing the “WAVE” brand body spray and air freshener. Recently we have introduced new product like shaving foam and SUNLITE aerosol. We could not achieve our sales that we expected. Although,We have taken several strategic decision and innovative techniques to establish our brand name “WAVE” in the market.Our product quality proactive marketing strategy able to create positive response of our products which is very appreciating and we hope, these products will significantly contribute to increase our turnover in future. We also hope that, in recent future we will add more products from our existing filling line.This year, we have received the turnover of total Tk. 107.07 million by selling Air freshener, Body spray and butane gas.Gas Lighters:To add diversity to the list of products we distribute, we have an arrangement with Quasem Lamps Limited to sell their products. We are selling different types of Gas Lighters, and during the year from (July to august 19) the company earned Tk. 158.46 Million by selling gas lighters. Considering economic viability, the management discontinues the trading relationship with Quasem Lamps from September 2019. Instead of trading QIL distributing the products of Quasem Lamps . During the year the company earn Tk. 65.58 million as distribution service charge from Quasem Lamps Limited.

747.85

Turnover - Gas Lighters

Gas Lighters

668.20 686.93569.12

Taka in Million

158.46

2019-20 2018-19 2017-18 2016-17 2015-16

21

Name ofCompany

Relationship Nature of Transaction

Transactionvalue year

ended 30 June

Receivable /(Outstanding)as at 30 June

Quasem Zinc Ltd. Sister Concern Lease Rent ofFactory Premises

(205,000)1,200,000

Quasem Food Products Ltd. Sister Concern Distribution Service Charge 3,321,14834,431,073

Quasem Lamps Ltd. Sister Concern Distribution Service Charge 65,579,681 8,955,094Sunlite Trading & Servise Ltd. Sister Concern Distribution Service Charge 48,9501,090,711

Amount in Taka

[ Ref: CG 1(5) (iii) ]

[ Ref: CG 1(5) (iv)]

[ Ref: CG 1(5) (v)]

[ Ref: CG 1(5) (vi)]

Risks Factors :As with the nature of business in general, it is absolute that a company runs many risks which include, Operational Risk, Financial Risk, Market Risk, Legal Risks, Transaction Risks, and Governance Risks.The risks that a business faces cannot be fully eliminated by the management of the company. The management at QIL has tried to eliminate these risks by adopting sound policies with concentrated efforts to ensure that the quality of our products follows all relevant regulatory standards. Currently, QIL does not take significant risks that would hamper the operational activities or growth of the company as well as against the environment within which it operates.Market Exposure:Worldwide and national economic instabilities, raising inflation and unemployment associated with COVID pandemic have reduced the purchasing power of people which has in-turn reduced the consumption of non-essential items like us. But to regain control of the domestic market and maintain an increasing sales trend, we are consistently involved with the recruitment and training of qualified sales staff to ensure our products remain profitable. The sales team has also adopted innovative sales and promotional activities which we feel will benefit us greatly in the long run. We are confident that by expanding our marketing efforts to raise consumer awareness about our products, we will be able to increase sales and reach a larger market area.Cost of goods sold, gross profit margin and net profit margin analysisIt can be seen from the financial statement of the year under review that the gross margin on net turnover of the company was 20.88% compared to 18.32% in the previous year. The net profit percentage on net turnover after tax is 3.14, up from 2.63 in previous year. It has been seen in the Financial Statements of the reporting year, the gross profit margin percentage slightly increased as well as net profit percentage has been increased than previous year. Although our gross profit and net profit percentage on sales marginally increase but earning per share was not increased because we could not achieved the growth as we targeted under constrain circumstances. The management is confident to increase the profitability in future years.Extraordinary activities and their implicationsQuasem Industries Limited (QIL) has invested in shares of CDBL and also engaged to distribute the products of its sister concerns through own distribution channel. During the year, QIL earned Tk. 101,101,465 as distribution service charge from its sister concerns and also earned dividend Tk. 1,427,953 from CDBL Limited.Related party transactionsDuring the year the Company made transactions with its sister concern due to business purpose. The basis and nature of transactions are as follows:

Quasem Food Products Ltd. Sister Concern Deposit againstdistribution of product

- 10,000,000

Quasem Food Products Ltd. Sister Concern Purchase of Chips 11,156,720 (112,596)

Quasem Lamps Ltd. Sister Concern Purchase of Gas lighter 93,218,155 (7,407,976)

Total 206,676,340 14,599,620

22

The Board of Directors also report that – No fund raised through public issues, right issues and/or any other instruments

during the year. The company did not give any offer for IPO, RPO, Right Share Offer, Direct

Listing etc. during the year. There were no significant variance quarterly financial performances and

annual financial statements. Remuneration paid to directors and Managing Directors. Financial statements prepared, present fairly, its state of affairs, the result of its

operations, cash flows and changes in equity. Proper books of accounts have been maintained. Appropriate accounting policies have been consistently applied and

accounting estimates are based on reasonable and prudent judgment. Financial Statements prepared in compliance with IAS & IFRS. No minority shareholding associated with the company. There is no doubt about going concern threat in distant future. No significant deviations arises from the last year’s operational results. The company declared dividend which is mentioned in Annual report page

No. 24. No bonus share or stock dividend has been or shall be declared as interim

dividend. Detail information of no. of Board meeting held during the year has been

provided in Annexure – “I”. A report on pattern on shareholdings during the end of year has been provided

in Annexure – “H”. Brief resume of Directors and names of companies in which the person also

holds directorship has been provided in Annexure – “F”and “G”.

Internal Control

The company has implemented sound and effective internal control system which is very much capable to detect fraud, error and misstatement thereof. Some of the descriptions of control we attach herewith.

We give strong emphasis on Internal Control Systems to ensure strict corporate governance and accountability. The Board of Directors has formed an audit committee which is headed by an Independent Director in order to meet the requirements of the Securities and Exchange Commission (SEC).

The Audit Committee monitors the effectiveness of the “Internal Control” function on regular basis. The committee then makes recommendations based on the policies and procedures adopted by the Board for the Audit Committee. During the year, The Internal Audit Committee made recommendations on several issues to the Board & Management and those recommendations have been implemented effectively.

[Ref: CG 1(5) (vii)]

[Ref: CG 1(5) (viii)]

[ Ref: CG 1(5) (ix) ][ Ref: CG 1(5) (x) ]

[ Ref: CG 1(5) (xi) ][ Ref: CG 1(5) (xii) ]

[ Ref: CG 1(5) (xiii) ][ Ref: CG 1(5) (xiv) ][ Ref: CG 1(5) (xvi) ]

[ Ref: CG 1(5) (xvii) ][ Ref: CG 1(5) (xviii)]

[ Ref: CG 1(5) (xx) ]

[ Ref: CG 1(5) (xxi) ]

[ Ref: CG 1(5) (xxii)]

[ Ref: CG 1(5)(xxiii)]

[ Ref: CG 1(5)(xxiv)]

[ Ref: CG 1(5) (xv) ]

23

Key operating and financial data of preceding five yearsA statement of key operating and financial data for the last five financial years has been given below.

Particulars 2019-20 2018-19Turnover (Gross)Value Added TaxGross ProfitNet Profit before TaxNet Profit after TaxShareholders’ EquityTotal AssetFixed Assets (Net)Current AssetsLong Term LoanCurrent LiabilitiesCurrent Ratio (Times)Dividend Per Share (Cash & Stock)Shareholders’ Equity Per Share (Tk.)Earnings Per Share (Tk.)

1,542.06158.85287.1858.8944.19

1,952.903,014.212,201.93

786.20-

783.251.0010%

31.010.70

2045.71183.02339.8565.0448.78

1952.822983.602231.37729.26

4.27762.69

0.9612%

33.180.83

2017-182197.23177.26365.86105.7379.30

1904.672742.522041.74672.3212.77

659.641.0212%

36.251.51

2016-172158.37182.83375.28127.5695.68

1827.792635.151954.58644.1820.22

623.951.0618%

44.692.15

2015-162028.89177.33351.56106.0782.13

1921.682569.031883.92662.4624.57

622.771.0615%

47.472.03

Appointment or Reappointment of Directors’Persuant to section 110 of companies act 1994, the Managing Diractor Mr. Tasvir Ul Islam retires and has been reappointed as Managing Director and CEO for Quasem Industries Ltd.As per article 123 of the Articles of Association of the Company, in 2019-20, Director Dr. Reyan Anis Islam and Director Ms. Samira Rokaiya Quasem are set to retire in this meeting, and being eligible, offer for re-election.Brief resume of Board of Directors’ and a statement of shareholding position with other company are given in Annexure – “F” and “G” respectively.Customer SatisfactionCustomer Satisfaction is a major priority for QIL. We ensure optimal customer satisfaction by practicing professionalism, maintaining excellent product quality and ensuring the best possible value for money for our products.Corporate Governance and Corporate Social ResponsibilityQIL is governed by the Board of Directors who shares the accountability of the company with the shareholders and stakeholders. The company complies with most of the SEC requirements and follows the applicable International Accounting Standard for preparing financial statements. QIL also complies with the requirements

Quality Policy and ControlImproving and maintaining the quality of product is an issue of huge importance for QDL and its Board of Directors. The company strictly controls the quality of all products by using and maintaining high standard laboratories, using modern equipment and hiring of competent, qualified and dedicated personnel.It is the policy of Quasem Industries Limited (QIL) to manufacture and market high quality batteries to maximize customer satisfaction. To achieve that, QIL has adopted ISO 9001:2015 - Quality Management Systems model. Enhancement of knowledge and skill of company personnel through regular training programs is one of our top most priorities. In fact, all our efforts to achieve high standards are directed to optimize the interest of the shareholders and stakeholders.

[ Ref: CG 1(5) (xix)]

[ Ref: CG 1(5) (xxiv) ]

Taka Figures in Million

24

of other regulatory bodies. Quasem Industries Limited is also a leader when it comes to Corporate Social Responsibility. In addition to providing scholarships and incentives for family members of our employees, we are a major donor to our NGO, Quasem Foundation, who have been involved in charitable activities in North Bengal for over 50 years.

Our responsibility to ShareholdersAlthough there are some constrains still prevailing in our country which impact in the local markets has led to very difficult times for maintaining Business growth. However, through the leadership of our management team, we at Quasem Industries Limited are committed to maintaining a high level of performance for our shareholders.Contribution to the National ExchequerDuring the year 2019 – 2020, the Company’s contribution to the National Exchequer was Taka 242,389,137 The breakdown of which is as follows:

Appropriation of ProfitDirectors are pleased to recommend the appropriation of the profit as under:Proposed Dividend Tk. 62,966,703 [ 5% stock & 5% cash dividend] Income Tax Reserve NilDeclaration of DividendThe Management of Quasem Industries Limited understands that the payment of dividends is of utmost importance to our shareholders; as a result, we have always tried to ensure that a consistent and generous dividend is declared for their happiness. Board of Directors reviewed the financial performance of the company as reflected in the audited accounts for the year under review; considering the interest of the shareholders and the company’s present & future plan to expand the business activities, the Board of Directors has decided to recommend a 5% Stock Dividend (Bonus Share) @i.e. (05 shares against 100 shares) as well as 5% Cash Dividend for the year 2019-2020.Board of Directors has recommended stock dividend considering the present and future development program of the company. The Bonus share declared out of current year’s profit as well as accumulation retained earnings.The bonus shares is not declared from capital reserve or revaluation reserve or any unrealized gain or out of profit earned We are hopeful that the commitment of our management to the continued growth and development of our company will yield higher dividends in the future, ensuring the long term success of our shareholders.Human Resource DevelopmentQuasem Industries Limited is committed to employing a highly professional and competent staff, seeking only those who have the education, dedication and character to represent a company of our stature. As a result, it

Particulars Taka

Value Added Tax (VAT)Supplementary DutyImport DutyIncome TaxSurcharge & Others

158,849,6457,925,078

33,478,18422,982,30219,153,928

Contribution To National Exchequer2019-20

VATSDImport DutyIncome TaxSurcharge & Others

66%

9%

14%

3%

8%

25

is important for us to focus on a strong human resources department that is dedicated to fostering a competitive work environment for the hard-working employees. Our company believes that it is important to provide our employees with a learning experience while they are working for us in order to boost their professional development and enhance their capabilities. We offer regular training programs to our officers and workers by organizing workshops, seminars and demonstrations. In the past year we have arranged in-house training programs on "Time-management" for our employees as well as holding several workshops for our sales team to improve their performance in the markets. We have also worked hard to bring about the introduction of new Human Resource Management software that will extend over many departments of the company. This decision reflects our commitment to being technologically up-to-date as well as our dedication to ensuring our employees are efficiently and fairly administered. The introduction of the new software promises to streamline the running of our company significantly and represents an important development in our internal operations.Appointment of AuditorsExisting Auditors M/S Shiraj Khan Basak & Co.; Chartered Accountants, retire at this AGM and being eligible, have offered for reappointment for the FY 2020-2021.The Board of Directors recommended M/S Ahsan Kamal Sadeq & Co. Chartered Accountants to appoint as Corporate Governance Auditor and Fixed their remuneration for the FY 2020-2021.Information and Communication TechnologyIn the Global market as with QIL, information technology has been the driving force behind advancement. To keep in touch with the latest trends, QIL has a separate IT Department that focuses on faster communications, easing business transactions and sharing information within the company. We are trying to integrate our information system by using the latest software/VPN to strengthen MIS and quality of service. Every year Quasem Industries Limited invests considerable time and money to ensure that our company functions On the cutting-edge of global technology, a must for companies is wishing to stay competitive in the current global market. This year, we have significantly increased accessibility to computers amongst our employees and seen a significant growth in the size of our company’s email and internet infrastructure. It is our pleasure to inform you that all our production unit and sales office is under partial surveillance through use of CCTV and we will be looking to upgrade the system in coming months to ensure full coverage. The IT department is also looking for ways in which the company can be more environmentally-friendly by reducing our paper consumption by going for electronic alternatives.Management AppreciationThe Board of Directors of Quasem Industries Limited would like to express their great appreciation to the management team, officers, staff and all other employees of the company for their continued service and loyalty to our company. We believe that a motivated, capable and intellectual staff is a key component for successful company and we are proud to have such a staff in our service. The staff of our company has shown unflappable determination during harsh economic times, they have suffered when the company has suffered and now we are looking forward to times of prosperity and growth. We trust that our employees will continue to develop and maintain high standards of performance and continue to be committed to the greater good of the company The Board of Directors would like to also thank our shareholders for their support, the unwavering trust that they have shown in the management of this company has been a constant source of inspiration to us and we hope to serve them to the best of our abilities in the coming years.Finally, we the Directors humbly express our gratitude and acknowledge with keen interest the co-operation and unflinching support we have received from various agencies including Securities & Exchange Commission, Stock Exchanges, National Board of Revenue and other public and private sector agencies.We look forward to a brighter future for all of us.On behalf of the Board of Directors,

Dr. Reyan Anis IslamChairperson

31

The Board of DirectorsQuasem Industries LimitedIcon Center (04th, 06th and 09th floor) Plot No. 57/4, Progoti SaraniNorth Baridhara, Dhaka - 1212, Bangladesh.

Subject: Declaration on Financial Statements for the year ended on 30 June 2020.

Dear Sirs,Pursuant to the condition No. 1(5) (xxvi) imposed vide the Commission’s Notification No.

BSEC/CMRRCD/2006-158/207/Admin/80, Dated 03 June 2018 under section 2CC of the Securities and Exchange Ordinance, 1969, we do hereby declare that:

(1) The Financial Statements of Quasem Industries Limited for the year ended on 30 June 2020 have been prepared in compliance with International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS), as applicable in the Bangladesh and any departure there from has been adequately disclosed;

(2) The estimates and judgments related to the financial statements were made on a prudent and reasonable basis, in order for the financial statements to reveal a true and fair view;

(3) The form and substance of transactions and the Company’s state of affairs have been reasonably and fairly presented in its financial statements;

(4) To ensure above, the Company has taken proper and adequate care in installing a system of internal control and maintenance of accounting records;

(5) Our internal auditors have conducted periodic audits to provide reasonable assurance that the established policies and procedures of the Company were consistently followed; and

(6) The management’s use of the going concern basis of accounting in preparing the financial statements is appropriate and there exists no material uncertainty related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern.

In this regard, we also certify that: -(i) We have reviewed the financial statements for the year ended on 30 June 2020 and that to the best of

our knowledge and belief:(a) these statements do not contain any materially untrue statement or omit any material fact or

contain statements that might be misleading;(b) these statements collectively present true and fair view of the Company’s affairs and are in

compliance with existing accounting standards and applicable laws.(ii) There are, to the best of knowledge and belief, no transactions entered into by the Company during the

year which are fraudulent, illegal or in violation of the code of conduct for the company’s Board of Directors or its members.

Sincerely yours,

Tasvir Ul Islam Mohammad Zakaria FCAChief Executive Officer (CEO) Chief Financial Officer (CFO)

Date: 08 October 2020

Annexure – “A”[As per condition No. 1(5) (xxvi)]

Quasem Industries LimitedDeclaration by CEO and CFO

32

We have examined the compliance status to the Corporate Governance Code by Quasem Industries Limited for the year ended on 30 June 2020. This Code relates to the Notification No. BSEC/CMRRCD/2006-158/207/Admin/80 dated 03 June 2018 of the Bangladesh Securities and Exchange Commission.Such compliance with the Corporate Governance Code is the responsibility of the Company. Our examination was limited to the procedures and implementation thereof as adopted by the Management in ensuring compliance to the conditions of the Corporate Governance Code.This is a scrutiny and verification and an independent audit on compliance of the conditions of the Corporate Governance Code as well as the provisions of relevant Bangladesh Secretarial Standards (BSS) as adopted by Institute of Chartered Secretaries of Bangladesh (ICSB) in so far as those standards are not inconsistent with any condition of this Corporate Governance Code.We state that we have obtained all the information and explanations, which we have required, and after due scrutiny and verification thereof, we report that, in our opinion:(a) The Company has complied with the conditions of the Corporate Governance Code as stipulated in the

above mentioned Corporate Governance Code issued by the Commission;(b) The company has complied with the provisions of the relevant Bangladesh Secretarial Standards (BSS)

as adopted by the Institute of Chartered Secretaries of Bangladesh (ICSB) as required by this Code;(c) Proper books and records have been kept by the company as required under the Companies Act, 1994,

the securities laws and other relevant laws; and(d) The governance of the company is satisfactory.

Place: Dhaka, Bangladesh.Dated: 20 October 2020

For Ahsan Kamal Sadeq & Co.Chartered AccountantsMd. Fokrul Islam, FCAPartner

Annexure – “B”[Certificate as per condition No. 1(5) (xxvii)]

Report to the Shareholders of Quasem Industries Limited onCompliance on the Corporate Governance Code

33

Status of Compliance with the Conditions imposed by the BSEC

Annexure-“C”[As per Condition no. 1 (5) (xxvii)]

Status of compliance with the conditions imposed by the Bangladesh Securities and Exchange Commission's Notification No. SEC/CMRRCD/2006-158/207/Admin/80 dated 03 June 2018 issued under section 2CC of the Bangladesh Securities and Exchange Ordinance, 1969:

(Report under Condition no. 9.00)

Remarks

Compliance Status(Put in theappropriate)

Complied Not CompliedTitle

Condi-tionNo.

Board of DirectorsSize of the Board of Directorshe total number of members of a company's Board of Directors (hereinafter referred to as "Board") shall not be less than 5 (five) and more than 20 (twenty).Independent DirectorsAt least one fifth (1/5) of the total number of directors in the company's Board shall be Independent directors; any fraction shall be considered to the next integer or whole number for calculating number of independent director(s);For the purpose of this clause "Independent director" means a director- who either does not hold any share in the company or holds less than one percent (1 %) shares of the total paid-up shares of the company;who is not a sponsor of the company or is not connected with the company's any sponsor or director or nominated director or shareholder of the company or any of its associates, sister concerns, subsidiaries and parents or holding entities who holds one percent (1%) or more shares of the total paid-up shares of the company on the basis of family relationship and his or her family members also should not hold above mentioned shares in the company.who has not been an executive of the company in immediately preceding 2 (two) financial years;who does not have any other relationship, whether pecuniary or otherwise, with the company or its subsidiary or associated companies;who is not a member or TREC (Trading Right Entitlement Certificate) holder, director or officer of any stock exchange;who is not a shareholder, director excepting independent director or officer of any member or TREC holder of stock exchange or an intermediary of the capital market;who is not a partner or executive or was not a partner or an executive during the preceding 3 (three) years of the concerned company's statutory audit firm or audit firm engaged in internal audit services or audit firm conducting special audit or professional certifying compliance of this Code;who is not be an independent director in more than 05 (five) listed companies;who has not been convicted by a court of competent jurisdiction as a defaulter in payment of any loan or any advance to a Bank or a Non- Banking Financial Institution (NBFI); andwho has not been convicted for a criminal offence involving moral turpitude;The independent director(s) shall be appointed by the Board and approved by the shareholders in the Annual General Meeting (AGM);The post of independent director(s) cannot remain vacant for more than 90 (ninety) days; and The tenure of office of an independent director shall be for a period of 3 (three) years, which may be extended for 1 (one) term only.Qualification of Independent DirectorIndependent director shall be a knowledgeable individual with integrity who is able to ensure compliance with financial laws, regulatory requirements and corporate laws and can make meaningful contribution to the business;Independent directors shall have following qualifications:Business leader who is or was a promoter or director of an unlisted company having minimum paid-up capital of Tk. 100 million or any listed company or a member of any national or international chamber of commerce or business association; or

1.1.11 (1)

1.21(2) (a)

1(2) (b)1(2) (b) (i)

1(2) (b)(ii)

1(2)(b) (iii)

1(2)(b) (iv)

1(2)(b) (v)

1(2)(b) (vi)

1(2)(b) (vii)

1(2)(b) (viii)1(2)(b) (ix)

1(2) (b) x)1(2) (c)

1(2) (d)

1(2) (e)

1.31(3) (a)

1(3) (b)1(3) (b) (i)

Not similarqualifications.

The ID has submitteddeclarations about their

compliances.

34

Remarks(if any)

Compliance Status(Put in the

appropriate column)Complied Not Complied

TitleCondi-

tionNo.

Corporate leader who is or was a top level executive not lower than Chief Executive Officer or Managing Director or Deputy Managing Director or Chief Financial Officer or Head of Finance or Accounts or Company Secretary or Head of Internal Audit and Compliance or Head of Legal Service or a candidate with equivalent position of an unlisted company having minimum paid up capital of Tk. 100 million or of a listed company; orFormer official of government or statutory or autonomous or regulatory body in the position not below 5th Grade of the national pay scale, who has at least educational background of bachelor degree in economics or commerce or business or law; orUniversity Teacher who has educational background in Economics or Commerce or Business Studies or Law; orProfessional who is or was an advocate practicing at least in the High Court Division of Bangladesh Supreme Court or a Chartered Accountant or Cost and Management Accountant or Chartered Financial Analyst or Chartered Certified Accountant or Certified Public Accountant or Chartered Management Accountant or Chartered Secretary or equivalent qualification;The independent director shall have at least 10 (ten) years of experiences in any field mentioned in clause (b);In special cases, the above qualifications or experiences may be relaxed subject to prior approval of the Commission.

The positions of the Chairman of the Board and the Managing Director and/or Chief Executive Officer (CEO) of the company shall be filled by different individuals; The Managing Director (MD) and/or Chief Executive Officer (CEO) of a listed company shall not hold the same position in another listed company;The Chairperson of the Board shall be elected from among the non-executive directors of the company;The Board shall clearly define respective roles and responsibilities of the Chairperson and the Managing Director and/or the Chief Executive Officer;In the absence of the Chairperson of the Board, the remaining members may elect one of themselves from non-executive directors as Chairperson for that particular Board's meeting; the reason of absence of the regular Chairperson shall be duly recorded in minutes.The Director's Report to the ShareholdersIndustry outlook and possible future developments in the industry;

Segment-wise or product-wise performance;

Risk and concerns including internal and external risk factors, threat to sustainability and negative impact on environment, if any;

A discussion on Cost of Goods Sold, Gross Profit Margin and Net Profit Margin, where applicable;

Discussion on continuity of any Extra-Ordinary activities and their implications (gain or loss); A detailed discussion on related party transactions along with a statement showing amount, nature of related party, nature of transactions and basis of transactions of all related party transactions;A statement of utilization of proceeds raised through public issues, rights issues and/or any other instruments;An explanation if the financial results deteriorate after the company goes for initial Public Offering (IPO), Repeat Public Offerings (RPO), Rights Share Offer, Direct Listing, etc.;An explanation on any significant variance that occurs between Quarterly Financial performances and Annual Financial Statements;A statement of remuneration paid to directors including independent directors;

1(3)(b) (ii)

1(3)(b) (iii)

1(3)(b) (iv)

1(3)(b) (v)

1(3) (c)

1(3) (d)

1.41 (4) (a)

1 (4) (b)

1 (4) (c)

1 (4) (d)

1 (4) (e)

1.51 (5) (i)

1 (5) (ii)

1 (5) (iii)

1 (5) (iv)

1 (5) (v)

1 (5) (vi)

1 (5) (vii)

1 (5) (viii)

1 (5) (ix)

1 (5) (x)

No such issues arrived.


Not Applicable.



No Remuneration paidto independent

Director.

Duality of Chairperson of the Board of Directors and Managing Director or Chief Executive officer




35

Remarks(if any)



TitleCondi-

tionNo.

A statement that the financial statements prepared by the management of the issuer company present fairly its state of affairs, the result of its operations, cash flows and changes in equity;A statement of proper books of account of the issuer company have been maintained;

A statement that appropriate accounting policies have been consistently applied in preparation of the financial statements and that the accounting estimates are based on reasonable and prudent judgment;A statement that International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS) as applicable in Bangladesh, have been followed in preparation of the financial statements and any departure there from has been adequately disclosed;A statement that the system of internal control is sound in design and has been effectively implemented and monitored;

A statement that minority shareholders have been protected from abusive actions by, or in the interest of, controlling shareholders acting either directly or indirectly and have effective means of redress;A statement that there are no significant doubts upon the issuer company's ability to continue as a going concern, If the issuer company is not considered to be a going concern, the fact along with reasons there of should be disclosed;An explanation that significant deviations from the last year's operating results of the issuer company shall be highlighted and the reasons thereof should be explained;A statement where key operating and financial data of at least preceding 5 (five) years shall be summarized;

An explanation on the reasons if the issuer company has not declared dividend (cash or stock) for the year;Board's statement to the effect that no bonus share or stock dividend has been or shall be declared as interim dividend;The total number of Board meetings held during the year and attendance by each director;

1(5) (xi)

1(5) (xii)

1(5) (xiii)

1(5) (xiv)

1(5) (xv)

1(5) (xvi)

1(5) (xvii)

1(5) (xviii)

1(5) (xix)

1(5) (xx)

1(5) (xxi)

1(5) (xxii)

1(5)(xxiii)(a)

1(5)(xxiii) (b)

1(5)(xxiii) (c)1(5)(xxiii) (d)

1(5)(xxiv) (a)1(5)(xxiv) (b)1(5)(xxiv) (c)

Parent or Subsidiary or Associate Companies and other related parties (name wise details);Directors, Chief Executive Officer, Company Secretary, Chief Financial Officer, Head of Internal Audit and Compliance and their spouses and minor children (name wise details)Executives; andShareholders holding ten percent (10%) or more voting interest in the company (name wise details);

a brief resume of the director;nature of his or her expertise in specific functional areas; andnames of companies in which the person also holds the directorship and the membership of committees of the Board;

1(5)(xxv) (a)1(5)(xxv) (b)

1(5)(xxv) (c)

1(5)(xxv) (d)

1(5)(xxv) (e)

accounting policies and estimation for preparation of financial statements;changes in accounting policies and estimation, if any, clearly describing the effect on financial performance or results and financial position as well as cash flows in absolute figure for such changes;comparative analysis (including effects of inflation) of financial performance or results and financial position as well as cash flows for current financial year with immediate preceding five years explaining reason thereof;compare such financial performance or results and financial position as well as cash flows with the peer industry scenario;briefly explain the financial and economic scenario of the country and the globe;

Not applicable.


No interim dividenddeclared.

No doubt aboutgoing concern.

A report on the pattern of shareholding disclosing the aggregate number of shares (along with name wise details where stated below) held by:1(5) (xxiii)

In case of the appointment or reappointment of a director, a disclosure on the following information to the shareholders:1(5) (xxiv)

A management's Discussion and Analysis signed by CEO or MD presenting detailed analysis of the company's position and operations along with abrief discussion of changes in the financial statements, among others, focusing on:

1(5) (xxv)

36


The Board shall appoint a Managing Director (MD) or Chief Executive Officer (CEO), a Company Secretary (CS), a Chief Financial Officer (CFO) and Head of Internal Audit and Compliance (HIAC);The positions of the Managing Director or Chief Executive Officer (CEO), Company Secretary (CS), Chief Financial Officer (CFO) and Head of Internal Audit and Compliance (HIAC) shall be filled by different individuals; The MD or CEO, CS, CFO and HIAC of a listed company shall not hold any executive position in any other company at the same time;The Board shall clearly define respective roles, responsibilities and duties of the CFO, HIAC and the CS;The MD or CEO, CS, CFO and HIAC shall not be removed from their position without approval of the Board as well as immediate dissemination to the Commission and stock exchange(s).

3.1 Appointment

3.2 Requirement to attend the board meetings

3 (1) (a)

3 (1) (b)

3 (1) (c)

3 (1) (d)

3 (1) (e)

The MD or CEO, CS, CFO and HIAC of the company shall attend the meetings of the Board, provided that the CS, CFO and/or the HIAC shall not attend such part of a meeting of the Board of Directors which involves consideration of an agenda item relating to their personal matters.

3 (2)

Remarks(if any)



TitleCondi-

tionNo.

risks and concerns issues related to the financial statements, explaining such risk and concerns mitigation plan of the company; andfuture plan or projection or forecast for company's operation, performance and financial position, with justification thereof, i.e., actual position shall be explained to the shareholders in the next AGM;Declaration or certification by the CEO and CFO to the Board as required under condition no. 3(3) shall be disclosed as per Annexure - A; andThe report as well as certificate regarding compliance of conditions of this code as required under condition no. 9 shall be disclosed as per Annexure - B and Annexure - C.

The company shall conduct its Board meetings and record the minutes of the meetings as well as keep required books and records in line with the provisions of the relevant Bangladesh Secretarial Standards (BSS) as adopted by the Institute of Chartered Secretaries of Bangladesh (ICSB) in so far as those standards are not inconsistent with any condition of this Code.

The company conductsits Board meetings and

record the minutes of themeeting as well as kept

required Books andrecords as per provisionsof Bangladesh Secretarial

Standards (BSS) asadopted by ICSB.

1(5)(xxv) (f)

1(5)(xxv) (g)

1(5) (xxvi)

1(5) (xxvii)

Meeting of the Board of Directors1.6

Code of Conduct for the Chairperson, other Board members and Chief Executive Officer1.7

Governance of Board of Directors of Subsidiary Company2

Managing Director (MD) or Chief Executive Officer (CEO), Chief Financial Officer (CFO), Head of Internal Audit and Compliance(HIAC) and Company Secretary (CS)

3

1(6)

The Board shall lay down a code of conduct, based on the recommendation of the Nomination and Remuneration Committee (NRC) at condition no. 6, for the Chairperson of the Board, other board members and Chief Executive Officer of the company;The Code of conduct as determined by the NRC shall be posted on the website of the company including, among others, prudent conduct and behavior; confidentiality; conflict of interest; compliance with laws, rules and regulations; prohibition of insider trading; relationship with environment, employees, customers and suppliers; and independency.

1(7) (a)

1(7) (b)

Not applicable.

Not applicable.

Not applicable.

Not applicable.

Not applicable.

2 (a)

2 (b)

2 (c)

2 (d)

2 (e)

Provisions relating to the composition of the Board of the holding company shall be made applicable to the composition of the Board of the subsidiary company;At least 1 (one) independent director on the Board of the holding company shall be a director on the Board of the subsidiary company;The minutes of the Board meeting of the subsidiary company shall be placed for review at the following Board meeting of the holding company;The minutes of the respective Board meeting of the holding company shall state that they have reviewed the affairs of the subsidiary company also;The Audit Committee of the holding company shall also review the financial statements, in particular the investments made by the subsidiary company.

37

Remarks(if any)



TitleCondi-

tionNo.

Audit committee; andNomination and Remuneration Committee.

Board of Directors' CommitteeFor ensuring good governance in the company, the Board shall have at least following sub-committees:

4 (i)4 (ii)

The company shall have an Audit Committee as a sub-committee of the Board;The Audit Committee shall assist the Board in ensuring that the financial statements reflect true and fair view of the state of affairs of the company and in ensuring a good monitoring system within the business;The Audit Committee shall be responsible to the Board; the duties of the Audit Committee shall be clearly set forth in writing.

Audit CommitteeResponsibility to the Board of Directors

5 (1) (a)5 (1) (b)

5 (1) (c)


5 (2) (a)5 (2) (b)

5 (2) (c)

5 (2) (d)

5 (2) (e)5 (2) (f)

The Audit Committee shall composed of at least 3 (three) members;The Board shall appoint members of the Audit Committee who shall be non-executive directors of the company excepting Chairperson of the Board and shall include at least 1 (one) Independent Director;All members of the audit committee should be "financially literate" and at least 1 (one) member shall have accounting or related financial management background and 10 (ten) years of such experience;When the term of service of any Committee member expires or there is any circumstance causing any Committee member to be unable to hold office before expiration of the term of services, thus making the number of the Committee members to be lower than the prescribed number of 3 (three) persons, the Board shall appoint the new Committee member to fill up the vacancy immediately or not later than 1 (one) month from the date of vacancy in the Committee to ensure continuity of the performance of work of the Audit Committee;The Company Secretary shall act as the Secretary of the Committee;The quorum of the Audit Committee meeting shall not constitute without at least 1 (one) independent director.

Constitution of the Audit Committee

These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading; andThese statements together present a true and fair view of the company's affairs and are in compliance with existing accounting standards and applicable laws;The MD or CEO and CFO shall certify that there are, to the best of knowledge and belief, no transactions entered into by the company during the year which are fraudulent, illegal or violation of the company's code of conduct for the company's Board or its members;The certification of the MD or CEO and CFO shall be disclosed in the Annual Report.

Duties of Managing Director (MD) or Chief Executive Officer (CEO) and Chief Financial Officer (CFO)The MD or CEO and CFO shall certify to the Board that they have reviewed financial statements for the year and that to the best of theirknowledge and belief:

3 (3) (a) (i)

3 (3) (a) (ii)

3 (3) (b)

3 (3) (c)

3 (3) (a)3.3

4

55.1

5.2

5 (4) (a)

5 (4) (b)

The Audit Committee shall conduct at least 04 (Four) meetings in a financial year: provided that any emergency meeting in addition to regular meeting may be convened at the request of any one of the members of the Committee;The quorum of the meeting of the Audit Committee shall be constituted in presence of either two members or two third of the members of the Audit Committee, whichever is higher, where presence of an independent director is a must.

Meeting of the Audit Committee

5.4

5 (5) (a)5 (5) (b)5 (5) (c)

5 (5) (d)

Oversee the financial reporting process;monitor choice of accounting policies and principles;monitor Internal Audit and Compliance process to ensure that it is adequately resourced, including approval of the Internal Audit and Compliance Plan and review of the Internal Audit and Compliance Report;Oversee hiring and performance of external auditors;

Role of Audit Committee

5.5

38

Remarks(if any)



TitleCondi-

tionNo.

The Audit Committee shall report on its activities to the Board.

Reporting of the Audit Committee Reporting to the Board of Directors

5 (6) (a) (i)5(6) (a) (ii)5(6)(a)(ii) (a)5(6)(a)(ii) (b)

5(6)(a)(ii) (c)

5(6)(a)(ii) (d)

report on conflicts of interests;suspected or presumed fraud or irregularity or material defect identified in the internal audit and compliance process or in the financial statements;suspected infringement of laws, regulatory compliances including securities related laws, rules and regulations; andany other matter which the Audit Committee deems necessary shall be disclosed to the Board immediately.

The Audit Committee shall immediately report to the Board of Directors on the following findings, if any:No such issues arrived.No such issues arrived.



5 (6) (b) Reporting to the authorities: If the Audit Committee has reported to the Board about anything which has material impact on the financial condition and results of operation and has discussed with the Board and the management that any rectification is necessary and if the Audit Committee finds that such rectification has been unreasonably ignored, the Audit Committee shall report such finding to the Commission, upon reporting of such matters to the Board for three times or completion of a period of 6 (six) months from the date of first reporting to the Board, whichever is earlier.Reporting to the Shareholders and General Investors: Report on the activities carried out by the Audit Committee, including any report made to the Board under condition no. 5(6)(a)(ii) above during the year, shall be signed by the Chairperson of the Audit Committee and disclosed in the annual report of the issuer company.

No suchsituation arrived.

No suchrequirements arises.

5 (5) (a)5 (5) (b)5 (5) (c)

5 (5) (d)5 (5) (e)

5 (5) (f)

5 (5) (g)

5 (5) (h)5 (5) (i)

5 (5) (j)5 (5) (k)

5 (5) (l)

5 (5) (m)

Oversee the financial reporting process;monitor choice of accounting policies and principles;monitor Internal Audit and Compliance process to ensure that it is adequately resourced, including approval of the Internal Audit and Compliance Plan and review of the Internal Audit and Compliance Report;Oversee hiring and performance of external auditors;hold meeting with the external or statutory auditors for review the annual financial statements before submission to the Board for approval or adoption;review along with the management, the annual financial statements before submission to the board for approval;review along with the management, the quarterly and half yearly financial statements before submission to the board for approval;review the adequacy of internal audit function; review Management's Discussion and Analysis before disclosing in the Annual Report;Review statement of all related party transaction submitted by the management;Review Management Letters or Letter of Internal Control weakness issued by statutory auditors;oversee the determination of audit fees based on scope and magnitude, level of expertise developed and time required for effective audit and evaluate the performance of external auditors; andoversee whether the proceeds raised through Initial Public Offering (IPO) or Repeat Public Offering (RPO) or Right Share Offer have been utilized as per the purposes stated in relevant offer document or prospectus approved by the Commission; provided that the management shall disclose to the Audit Committee about the uses or applications of the proceeds by major category (capital expenditure, sales and marketing expenses, working capital, etc.), on a quarterly basis, as a part of their quarterly declaration of financial results. Provided further that on the annual basis, the company shall prepare a statement of the proceeds utilized for the purposes other than those stated in the offer document or prospectus for publication in the Annual Report along with the comments of the Audit Committee.

Role of Audit Committee

5.5

5.65.(6) (a)

6.16 (1) (a)

6 (1) (b)

Responsibility to the Board of DirectorsThe company shall have a Nomination an Remuneration Committee (NRC) as a sub-committee of the Board;The NRC shall assist the Board in formulation of the nomination criteria or policy for determining qualifications, positive attributes, experiences and independence of directors and top level executives as well as policy for formal process of considering remuneration of directors, top level executive;

Nomination and Remuneration Committee (NRC)

6

5.7

NRC is established asper BSEC guidelines.

39

Remarks(if any)



TitleCondi-

tionNo.

No suchrequirement arrived.

6 (4) (a)6 (4) (b)

6 (4) (c)

6 (4) (d)

6.56 (5) (a)

6 (5) (b)6(5)(b)(i)

6(5)(b)(i) (a)

6(5)(b)(i) (b)

6(5)(b)(i) (c)

6(5)(b) (ii)

6(5)(b) (iii)

The NRC shall conduct at least one meeting in a financial year;The Chairperson of the NRC may convene any emergency meeting upon request by any member of the NRC;The quorum of the meeting of the NRC shall be constituted in presence of either two members or two third of the members of the Committee, whichever is higher, where presence of an independent director is a must as required under condition no. 6(2)(h);The proceedings of each meeting of the NRC shall duly be recorded in the minutes and such minutes shall be confirmed in the next meeting of the NRC.Role of NRCNRC shall be independent and responsible or accountable to the Board and to the shareholders;NRC shall oversee, among others, the following matters and make report with recommendation to the Board:formulating the criteria for determining qualifications, positive attributes and independence of a director and recommend a policy to the Board, relating to the remuneration of the directors, top level executive, considering the following:the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate suitable directors to run the company successfully;the relationship of remuneration to performance is clear and meets appropriate performance benchmarks; andremuneration to directors, top level executive involves a balance between fixed and incentive pay reflecting short and long term performance objectives appropriate to the working of the company and its goals;devising a policy on Board's diversity taking into consideration age, gender, experience, ethnicity, educational background and nationality;identifying persons who are qualified to become directors and who may be appointed in top level executive position in accordance with the criteria laid down, and recommended their appointment and removal to the Board;

6.4 Meeting of the NRC

The Chairperson of the Committee may appoint or co-opt any external expert and/or member(s) of staff to the Committee as advisor who shall be non-voting member, if the Chairperson feels that advice or suggestion from such external expert and/or member(s) of staff shall be required or valuable for the Committee;The Company Secretary shall act as the Secretary of the Committee;The quorum of the NRC meeting shall not constitute without attendance of at least an independent director;No member of the NRC shall receive, either directly or indirectly, any remuneration for any advisory or consultancy role or otherwise, other than Director's fees or honorarium from the company.Chairperson of the NRCThe Board shall select 1 (one) member of the NRC to be Chairperson of the Committee, who shall be an independent director;In the absence of the Chairperson of the NRC, the remaining members may elect one of themselves as Chairperson for that particular meeting, the reason of absence of the regular Chairperson shall be duly recorded in the minutes;The chairperson of the NRC shall attend the annual general meeting (AGM) to answer the queries of the shareholders; provided that in absence of Chairperson of the NRC, any other member from the NRC shall be selected to be present in the annual general meeting (AGM) for answering the shareholder's queries and reason for absence of the Chairperson of the NRC shall be recorded in the minutes of the AGM.

No suchissues arrived.

No suchissues arrived.

6 (2) (f)

6 (2) (g)6 (2) (h)

6 (2) (i)

6.36 (3) (a)

6 (3) (b)

6 (3) (c)

Members of NRC arenot involved in any

such activities.

6 (1) (c) The Terms of Reference (ToR) of the NRC shall be clearly set forth in writing covering the areas stated at the condition no. 6 (5) (b).

6 (2) (a)

6 (2) (b)6 (2) (c)6 (2) (d)6 (2) (e)

The Committee shall compromise of at least three members including an independent director;All members of the Committee shall be non-executive directors;Members of the Committee shall be nominated and appointed by the Board;The Board shall have authority to remove and appoint any member of the committee;In case of death, resignation, disqualification, or removal of any member of the Committee or in any other cases of vacancies, the board shall fill the vacancy within 180 (one hundred eighty) days of occurring such vacancy in the Committee;

6.2 Constitution of the NRC

40

6(5)(b) (iv)

6(5)(b) (v)

6(5)(b) (vi)

6 (5) (c)

formulating the criteria for evaluation of performance of independent directors and the Board;identifying the company's needs for employees at different levels and determine their selection, transfer or replacement and promotion criteria; anddeveloping, recommending and reviewing annually the company's human resources and training policies;The company shall disclose the nomination and remuneration policy and the evaluation criteria and activities of NRC during the year at a glance in its annual report.

Remarks(if any)



TitleCondi-

tionNo.

appraisal or valuation services or fairness opinions; financial information systems design and implementation; book-keeping or other services related to the accounting records or financial statements;broker-dealer services; actuarial services; internal Audit services or special audit services;any service that the Audit Committee determines; audit or certification services on compliance of corporate governance as required under condition no. 9(1); andany other service that creates conflict of interest.No partner or employees of the external audit firms shall possess any share of the company they audit at least during the tenure of their audit assignment of that company; provided that spouse, son daughter, father, mother, brother, sister, son-in-law and daughter-in-law shall be considered as family members. Representative of external or statutory auditors shall remain present in the Shareholders' Meeting (Annual General Meeting or Extraordinary General Meeting) to answer the queries of the shareholders.

88 (1)

8 (2)

8 (3)99 (1)

9 (2)

9 (3)

Maintaining a website by the CompanyThe company shall have an official website linked with the website of the stock exchange.The company shall keep the website functional from the date of listing.The company shall make available the detailed disclosures on its website as required under the listing regulations of the concerned stock exchange(s).Reporting and Compliance of Corporate Governance The company shall obtain a certificate from a practicing Professional Accountant or Secretary (Chartered Accountant or Cost and Management Accountant or Chartered Secretary) other than its statutory auditors or audit firm on yearly basis regarding compliance of conditions of Corporate Governance Code of the Commission and shall such certificate shall be disclosed in the Annual Report.The professional who will provide the certificate on compliance of this Corporate Governance Code shall be appointed by the shareholders in the annual general meeting.The directors of the company shall state, in accordance with Annexure - C attached, in the directors' report whether the company has complied with these conditions or not.

77.17 (1) (i)7 (1) (ii)7 (1) (iii)

7 (1) (iv)7 (1) (v)7 (1) (vi)7 (1) (vii)7 (1) (viii)

7 (1) (ix)7.2

7.3

The issuer company shall not engage its external or statutory auditors to perform the following services of the company; namely:-External or Statutory Auditors

41

Annexure-“D”

The management of Quasem Industries Limited, continue the effort to run the business with high level of integrity, accountability & honesty. Quality of work, skilled human recourses is the main assets of the company. We have maintained the friendly work environment, good governance and comply all rules and regulations. The management also comply the all applicable rules and regulations for its financial information also preparing the financial statements. In additions to that the management states that-a) Appropriate accounting policies and estimation made for preparation of financial statements.b) There is no significant change in Accounting Policies and estimations that may impact on financial position and financial performance.c) Comparative analysis The comparative analysis of key components of Financial Statements given below.

d) Comparison of financial performance, financial position and cash flows with peer industries: Quasem Industries Limited is the manufacturing company in Bangladesh to produce different types of drycells batteries and High Pressure can and filling line for Body spray, Air freshener and other related products. Management analyze the financial performance and growth of the company with other related manufacturing company also analyze the domestic and international market scenario.

e) Financial and Economic scenario briefly explained in Managing Director’s message.f) Risks and concerns issues related to the financial statements given in the Directors’ report.

Particulars

Taka in Million

Turnover (Gross)Net Profit after taxEarnings Per Share Net Operating CashFlow per Share

2019-20

1,542.0644.19

0.70

0.86

2,045.71

2018-19

48.78 0.83

1.62

2017-18

2,197.2079.301.51

0.64

2016-17

2,158.3795.671.82

2.83

2015-16

2,028.8982.132.03

2.68

2014-15

1,853.8655.781.52

2.75

Tasvir Ul IslamManaging Director & CEO

Management’s Discussion and Analysis

[ Ref: CG 1(5) (xxv)]

42

Annexure – “E” Audit Committee Report for the Financial Year ended 2019-20In accordance to the best practices of Corporate Governance, the Board of Directors of Quasem Industries Limited (QIL) has re-constructed its Audit Committee on February 09, 2020 and as per notification of BSEC/CMRRCD/2006-158/207/Admin/80 the new Audit Committee supports the Board in fulfilling its responsibilities as per standard practice.Composition of the Audit Committee: The Audit Committee is now composed of the following Members:

Meeting: During the year ended June 30, 2020, 4 (four) Audit Committee Meetings was held. Proceeding of the Audit Committee Meetings was reported regularly to the Board of Directors. The Details of attendance of the Audit Committee Members have been shown as below:

Role of the audit committee: The Audit Committee assisted the Board of Directors in fulfilling its responsibilities regarding the Company’s Accounting and Financial Reporting Process by monitoring the following:• The Integrity of the Company’s Financial Statements;• Review the Annual Financial statement and recommended to approved for statutory purpose.• Review Internal Audit Systems, monitoring the function of internal Audit Department.• Review the implementation of significant issues as recommended to the Board.• Review the function of the management policy, system of governance.• Review any other internal and external function for the sake of safe guard of investor’s interest.FUNCTION/ACTIVITIES CARRIED OUT BY AUDIT COMMITTEE DURING THE YEAR:The committee discussed and reviewed:• The Draft of Annual Financial statements before approved by the Board.• The Quarterly unaudited financial statements be approved the Board.• The Internal Audit and Internal control & compliance regarding Annual Inventory and referred to the board/management for implementation the recommendation.• The day to day function of internal audit department analyzes the audit objections, procedural deficiency, and management system.• The Policies and Process for identifying and assessing Business Risks and the Management of those risks by the Company;• The improvement of the financial policy.

Mir Mohammad Shahidullah Chairman, Audit Committee

01. Mr. Mir Mohammad Shahidullah Chairman & Independent Director02. Dr. Reyan Anis Islam Member & Non-Executive Director03. Ms. Nafisa Quasem Member & Non-Executive Director04. Mr. ATM Jahangir Hasnat Company Secretary, Member Secretary

SlNo. Name Position

Mr. Mir Mohmmad Shahidullah Chairman 4 4Dr. Reyan Anis Islam Member 1 1 (Appointed on 09.02.2020)Mr. Sameed Quasem Member 3 3 (Resigned on 09.02.2020)Ms. Nafisa Quasem Member 4 4Mr. A.T.M. Jahangir Hasnat Secretary 4 4

Name Position No. ofMeeting held

No. of MeetingAttended

43

BRIEF RESUME OF THE BOARD OF DIRECTORS

Annexure – “F”[ Ref: CG 1(5) (xxiv) (a) & (b) ]

DR. REYAN ANIS ISLAMDr. Reyan Anis Islam, the Chairperson, is one of the leading cardiologists in Bangladesh and also an inspiration to young woman all over Bangladesh looking to succeed in the professional arena. She is currently working as consultant specialized in interventional cardiology at United Hospital of Bangladesh.In addition to her work as a doctor, she takes keen interest in business activities, particularly in ensuring that Quasem Industries Limited maintains it strong sense of corporate social responsibilities.

MS. NAFISA QUASEMMs. Nafisa Quasem, a Director of the company is the eldest daughter of Mr. A.K.M. Mayeedul Islam. Ms. Nafisa Quasem obtained her diploma in Business & Marketing from Oxford Brooks University (UK). After completion of her education she joined the family business and rendered commendable contribution in the development and growth of the different projects of the company.

MR. TASVIR UL ISLAMMr. Tasvir Ul Islam, the Managing Director & CEO of Quasem Industries Limited, is a respected member of the Bangladeshi business community and the current Honorary Consul of Austria to Bangladesh. After obtaining his B.S. (Business Studies) Degree from the United States (University of Wisconsin) and HND (Business Administration) from the UK, Mr. Islam returned to Bangladesh in 1978 to lunch his business career. Joining as a Director of Quasem Group, Mr. Islam was initially heavily involved in groups’ textile projects. As Quasem Group began to slowly move out of the textile industry, Mr. Islam became more involved in the project he had founded in 1983, Quasem Drycells Limited. Under his leadership, QDL grew from being the newest and smallest battery company in Bangladesh to the largest and most dominant, almost eliminating all local competitors. A dynamic and extremely honest businessman, Mr. Islam is well respected amongst his peers in Bangladesh for his business acumen and for his unyielding honesty.

Audit Committee Report for the Financial Year ended 2019-20In accordance to the best practices of Corporate Governance, the Board of Directors of Quasem Industries Limited (QIL) has re-constructed its Audit Committee on February 09, 2020 and as per notification of BSEC/CMRRCD/2006-158/207/Admin/80 the new Audit Committee supports the Board in fulfilling its responsibilities as per standard practice.Composition of the Audit Committee: The Audit Committee is now composed of the following Members:

Meeting: During the year ended June 30, 2020, 4 (four) Audit Committee Meetings was held. Proceeding of the Audit Committee Meetings was reported regularly to the Board of Directors. The Details of attendance of the Audit Committee Members have been shown as below:

Role of the audit committee: The Audit Committee assisted the Board of Directors in fulfilling its responsibilities regarding the Company’s Accounting and Financial Reporting Process by monitoring the following:• The Integrity of the Company’s Financial Statements;• Review the Annual Financial statement and recommended to approved for statutory purpose.• Review Internal Audit Systems, monitoring the function of internal Audit Department.• Review the implementation of significant issues as recommended to the Board.• Review the function of the management policy, system of governance.• Review any other internal and external function for the sake of safe guard of investor’s interest.FUNCTION/ACTIVITIES CARRIED OUT BY AUDIT COMMITTEE DURING THE YEAR:The committee discussed and reviewed:• The Draft of Annual Financial statements before approved by the Board.• The Quarterly unaudited financial statements be approved the Board.• The Internal Audit and Internal control & compliance regarding Annual Inventory and referred to the board/management for implementation the recommendation.• The day to day function of internal audit department analyzes the audit objections, procedural deficiency, and management system.• The Policies and Process for identifying and assessing Business Risks and the Management of those risks by the Company;• The improvement of the financial policy.

44

MR. SAMEED QUASEMMr. Sameed Quasem, a Director of the company is the eldest child and only son of Mr. Tasvir Ul Islam, the present Managing Director & CEO of Quasem Industries Limited.Mr. Quasem has been a member of the Board of Directors since 2007 and is presently working full time with the company in a number of capacities.Having obtained his Bachelor Arts in International Relations and Geography from Clark University, USA in 2009, Mr. Quasem returned to Bangladesh for three years during which he played important role in establishing Quasem Food Products Limited, a sister concern of Quasem Industries Limited. Mr. Quasem then returned to Clark University to pursue his MBA (Masters of Business Administration), which he completed in 2014.

MS. SAMIRA ROKAIYA QUASEMMs. Samira Rokaiya Quasem is the only daughter and youngest child of Mr. Tasvir Ul Islam, the current Managing Director and CEO of Quasem Industries Limited. Ms. Quasem completed her Bachelor of Arts in 2015 from the prestigious Macalester University in the USA; she studied Biochemistry and International Relations. Ms. Quasem has served on the Board of Directors since 2014 and is currently pursuing higher studies in the UK.

MR. MIR MOHAMMAD SHAHIDULLAHMir Mohammad Shahidullah is an Independent Director at Quasem Industries Limited. Now retired, he worked as Deputy Regional Director in a corporation before he joined the income tax department as Assistant Commissioner of Taxes in the year 1977. Mr. Shahidullah has almost three decades of experience working as a civil servant in the Tax Department of the National Board of Revenue. His distinguished career saw him serve as Assistant Commissioner of Taxes, Deputy Commissioner of Taxes, Joint Commissioner of Taxes and Additional Commissioner of Taxes between 1977 to 1997 before he was made Commissioner of Taxes. After serving for four years (1997 – 2001) as the Commissioner of Taxes, he continued as a member of Taxes Appellate Tribunal, under Ministry of Finance (Govt. of Bangladesh) until 2004 when he retired from service. Educated at Rajshahi University (Masters of Economics awarded in 1968), Mr. Shahidullah is a distinguished former civil servant and the presence, experience and knowledge he brings Board of Directors is a great honor and asset for the company.

45

Annexure – “G”[ Ref: CG 1(5) (xxiv) (c) ]

Companies other than Quasem Industries Limited in which QILDirectors Hold Directorship and Committee Membership

Dr. Reyan Anis Islam

Mr. Tasvir Ul Islam

Ms. Nafisa Quasem

Mr. Sameed Quasem

Ms. Samira Rokaiya Quasem

Mr. Mir Mohammad Shahidullah

Quasem Lamps Limited Quasem Food Products Limited Quasem Zinc Limited Sunlite Trading & Services LimitedAircraft Aviation & logistics LimitedQuasem Lamps Limited Quasem Food Products Limited Quasem Zinc Limited Sunlite Trading & Services LimitedAircraft Aviation & logistics LimitedQuasem Lamps Limited Quasem Food Products Limited Quasem Zinc Limited Quasem Lamps Limited Quasem Food Products Limited Quasem Zinc LimitedSunlite Trading & Services LimitedQuasem Lamps Limited Quasem Food Products LimitedQuasem Zinc LimitedNil

Member of AuditCommittee & NRC

N/A

Member of AuditCommittee & NRC

N/A

N/A

Chairman, AuditCommittee & NRC

Name of DirectorsSlNo.01.

02.

03.

04.

05.

06.

Directorship Member of the BoardCommittee

Annexure – “H”[ Ref: CG 1(5) (xxiii) ]

(a) Parent or subsidiary or associate companies and other related parties Quasem Industries Limited does not have any subsidiary companies. QIL only has invested in shares of Quasem Food Products Limited, which is its sister concern, as well as, associate company. The holding percentage of shares in QFPL is 21.67%. (b) Details of Directors, CEO, CS, CFO, HIAC; their Spouses and Minor Children

Report on Pattern of Shareholdings

Mr. Mir Mohammad ShahidullahDr. Reyan Anis IslamMr. Tasvir Ul IslamMs. Nafisa QuasemMr. Sameed QuasemMs. Samira Rokaiya QuasemMr. A.T.M. Jahangir HasnatMr. Mohammad Zakaria, FCA

Mr. Swapan Gobinda Nandy

Independent DirectorChairperson, Non-Executive DirectorManaging Director & CEO

Non-Executive DirectorDirector

Non-Executive DirectorDirector & Company Secretary

Chief Financial Officer

Head of Internal Audit and Compliance

Hasna BanuTasvir Ul Islam

Dr. Reyan Anis IslamN/AN/AN/A

Jobeda BegumFahmida Akter

Bela Rani Singha

N/AN/AN/AN/AN/AN/AN/A

N/A

NameSl01.02.03.04.05.06.07.08.

09.

Position Spouse Minor Children

i) Zaedur Rahman Zarifii) Zobaedur Rahman Zabidiii) Abedur Rahman Ayon

46

Pattern of shareholding

(b) Directors and their pattern of shareholding:Dr. Reyan Anis Islam Chairperson 1,260,788 2.00Mr. Tasvir Ul Islam MD & Chief Executive Officer 5,969,763 9.48Ms. Nafisa Quasem Director 1,279,172 2.03Mr. Sameed Quasem Director 1,259,422 2.00Ms. Samira Rokaiya Quasem Director 1,261,061 2.00Mr. Mahbubul Alam Director & COO 368 0.00Mr. Mir Mohammad Shahidullah Independent Director - -CFO, CS and HIAC:Mr. Mohammad Zakaria, FCA Chief Financial Officer Nil -Mr. A.T.M. Jahangir Hasnat Director, CA & Company Secretary Nil -Mr. Swapan Gobinda Nandy Head of Internal Audit and Compliance (HIAC) 13,236 0.02(c) Executives:Mr. Mahbubul Alam Director & COO 368 0.00Air Vice Marshal Mirza A.Maruf (Retd.) Director -Sales Nil -Mr. Md. Mustafa Kamal GM (Production, Unit 1& 2) 9,400 0.01Mr. Mashuq Ul Alam G.M. – Marketing & Institutional Sales 5,938 0.01Mr. Taimur M. Arif DGM (Production, Unit-3) Nil -(d) Shareholders Holding 10% More Interest: Mrs. Khadiza Shamim Sponsor 7,479,044 11.88

Category of Shareholders Designation No. ofShares

% ofHolding

Dr. Reyan Anis IslamMr. Tasvir Ul IslamMs. Nafisa QuasemMr. Sameed QuasemMs. Samira Rokaiya QuasemMr. Mir Mohammad Shahidullah

181818181818

171816181

18

Mr. Mahbubul Alam, COOMohammad Zakaria FCA, CFOMr. A.T.M. Jahangir Hasnat, CSMr. Sawapan Gobinda Nandy, HIAC

18181818

518189

Name of Directors No. of Meeting held No. of Meeting Attendance

Shareholding Information as on 30 June 2020

Sponsors/Directors 11 18,891,065 30.00General Public 12,701 28,521,666 45.30Institute 300 15,553,972 24.70Total 12,296 62,966,703 100.00

Category No. of Shareholders No. of Shares % of Holding

COO, CFO, CS & HIAC

The total number of Board meeting held during the year and the attendance thereof is given in below mentioned table.

Annexure – “I”

The Total Number of Board Meetings Held and Attendance[ Ref: CG 1(5) (xxii) ]

47

Annexure – “J”

[ Ref: CG 6(5) (c)]

Policy, evaluation criteria and activities of NRC (At a Glance)

• Identifying persons who are qualified to become directors and who may be appointed in top level executive position in accordance with the criteria laid down, and recommended their appointment and removal to the Board;

• Formulating the criteria for evaluation of performance of independent directors and the Board;• Identifying the company's needs for employees at different levels and determine their selection,

transfer or replacement and promotion criteria; and• Developing, recommending and reviewing annually the company's human resources and training

policies;

Nomination & Remuneration Committee

[ Ref: CG 6(4) (a), 6(4)(c) ]

The total number of NRC meeting held during the year and the attendance thereof is given in below mentioned table.

The Total Number of NRC Meetings Held and Attendance

Mr. Mir Mohmmad Shahidullah Chairman, Independent Director 1 1Dr. Reyan Anis Islam Member, Non-Executive Director N/A N/A (Appointed on 09.02.2020)Ms. Nafisa Quasem Member, Non-Executive Director N/A N/A (Appointed on 09.02.2020)Mr. Tasvir Ul Islam Member (Resigned on 09.02.2020) 1 1Mr. Sameed Quasem Member (Resigned on 09.02.2020) 1 1Mr. A.T.M. Jahangir Hasnat Secretary 1 1

Name Position No. ofMeeting held

No. of MeetingAttended

[ Ref: CG 6(1) (a), 6(2) (a,b), 6(3)(a)]

As per notification of BSEC/CMRRCD/2006-158/207/Admin/80 dated 03 June 2018, The Nomination & remuneration Committee (NRC) of Quasem Industries Limited was constituted as follows:

01. Mr. Mir Mohammad Shahidullah Chairman & Independent Director02. Dr. Reyan Anis Islam Member & Non-Executive Director03. Ms. Nafisa Quasem Member & Non-Executive Director04. Mr. ATM Jahangir Hasnat Company Secretary, Member Secretary

SlNo. Name Position

49

Independent Auditor's Report&

Audited Financial Statements

50

Independent Auditor’s ReportTo the Shareholders of Quasem Industries Limited

Report on the Audit of the Financial StatementsOpinionWe have audited the financial statements of Quasem Industries Limited (the ‘Company’), which comprises the statement of financial position as at 30 June 2020, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give true and fair view of the financial position of the Company as at 30 June 2020, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).

Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Key Audit MattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key Audit MattersRevenue Recognition criteria

Our Response to KAM

Revenue from the sale of goods is measured/recognized at the fair value of the consideration received or receivable, net of returns and discounts. Revenue is recognized when significant risks and ownership has been transferred which usually occurs at the time of delivery of goods along with invoice. Revenue for the year 2019-2020 is amounting Tk. 1,375,224,052.

In order to obtain the completeness, accuracy and correctness of the revenue, we have tested the following key control activities:• Calculating the completeness of total sales, return, discounts and VAT;• Segregation of duties in invoice creation and modification• Timing of revenue recognition; and• Recording system of revenue.• Verify the bank deposits cross checked with Challan on test basis.• Verify the respective Mushak Challan, VAT return to confirm the payment of VAT against sales and aggregated sales value.

51

Key Audit Matters Our Response to KAM

The Company had inventory of Tk. 574,171,556 at 30 June 2020, held in distribution centers, transit and factory premises. Weighted average method is used for inventory valuation.

Our substantive procedures is relating to the revenue recognition comprises the following: • Obtaining supporting documents for sales transactions• Verify the invoice with ledger as sampling basis and related accounting entries. • Verify the journals posted in the accounting system; and• Verify the appropriateness, correctness and presentation of disclosures against relevant accounting standards.

In order to obtained assurance over relevance and appropriateness in calculating the value of the inventory. We focused on the following key control activities:• Evaluating the design and implementation of key inventory controls operating across the Company.• Attending inventory counts and reconciling the count results to the inventory listings to test the completeness of data;• Attend the physical verification of inventory.• Reviewing the historical accuracy of inventory valuation.• Applying professional skepticism to the completeness of inventory recording, assessing actual and forecast sales of inventory and tested the slow moving/absolute inventory.

Our substantive procedure in relating to the inventory valuation are as follows:• Verify the recording system of inventory and confirm the opening balance of all items of inventory value.• Verify the receiving and consumption of inventory with Challan and MRR on test basis.• Test/verify the Sales Challan with finished goods stock register on test basis.• Test basis checking on accounting records relating to inventory purchase and finished goods sales.

See Note no. 3.15 and 26 of the Financial Statements.

Valuation of Inventory

See Note no. 3.10 and 12 of the Financial Statements.

52

Property, Plant and Equipment, excluding land are measures at cost less accumulated deprecia-tion and accumulated impairment losses. Land and building are measured at revaluated amount. The cost of an item of property, plant and equip-ment comprises its purchases price, import duties and non-refundable taxes (after deducting trade discount and rebates) and any costs direct-ly attributable to bring the assets to the location and condition necessary for it to be capable of operating in the intended manner. The Property, plant and equipment for the year 2019-2020 is Tk. 1,789,474,942.

In order to obtain the completeness and accuracy of the measurement of Property, plant & equipment, we have tested the following key control activities:• Attends the physical verification of fixed assets.• Checking fixed asset register for property, plant and equipment.• Assessed the legal right and obligations of plant & machinery.• Assessed the control activities of assets.Our substantive procedure in relating to the property, plant and equipment recognition and measurements are following:• Checked the purchase and adjustments with relevant bills and vouchers.• Verify the hard copy of fixed asset register.• Verify the calculation process of depreciation.• Checked the appropriateness of presentation and disclosure.

Deferred tax has been recognized due to temporary difference of taxable depreciation and accounting depreciation in compliance of IAS-12.

In order to obtain the completeness and correctness of the deferred tax, we have tested the following key control activities:• Assessed the completeness and accuracy of the data used for the estimations/calculation of future taxable expenses.• Assessed the key assumptions, controls, recognition andmeasurement of deferred tax.Our substantive procedure in relating to the deferred tax measurements are following:• Tested the calculation of tax based depreciation

and accounting based depreciation.• Verify the procedure of deferred tax calculation and recognition.• Assessed the appropriateness of presentation and disclosures against IAS 12.

Recognition and Measurement of Property, Plant & Equipment

Key Audit Matters Our Response ot KAM

See Note no. 3.3 and 04 of the Financial Statements. Measurement of Deferred Tax liability

See Note no. 3.20.2, 18 and 21 of the Financial Statements. Recognition and Measurement of Material PurchaseMaterial purchase is recognized when the material is received or MRR has been issued. Generally MRR has been issued after quality checked by Quality Control Department.

In order to obtain the completeness, accuracy and correctness of the material purchase, we have tested the following key control activities:• Assessed the procedure of material purchase requisition along with approval rate sheet and quotation.

53

See Note no. 35.02,27.01 of the Financial Statements. Employees’ Salary and Wages

• Checked procurement policy correctly followed or not.• Assessed determination of purchase order quantity effective or not.• Verify the recognized vendor for material purchase.

Salary and wages are measured on accrual basis and its allocation in accordance with cost center. Salary and wages costs are measured when it is paid or payable.

In order to obtain the accuracy, completeness and correctness of the recording of employee’s salary and wages, we have followed the following key control activities:• Assessed the provision of salary and wages. • Checking salary approval by authorized person.• Assessed the salary budget, requisition and calculation.• Assessed properly transfer with bank or cash compare to salary statement.• Assessed the allocation of salary and wages to the cost center appropriately or not.Our substantive procedure in relating to the total salary and wages cost are as follows:• Verify the provision and payment of total salary and wages.• Checked the salary calculation with salary scale and budget.• Tested the salary statement and voucher properly or advance payment of salary, if any. • Verify the deduction against salary, like Tax, Advance Salary etc.

Our substantive procedures is relating to the material purchase comprises following:• Verify all L/C related documents for imported purchase.• Verify the payment against bill.• Verify work order along with approved rate sheet.• Checked bill ,Challan and MRR with work order and accounting records.• Verify material quantity in MRR with stock register and Challan.• Verify Tax VAT issue when payment made.

See Note no. 3.24, 27, 29-30 of the Financial Statements. IT Systems and ControlsOur audit procedures have a focus on information technology systems and controls due to the pervasive nature and complexity of the IT environment, the large volume of transactions processed in numerous locations daily and the

We have tested the design and operating effectiveness of the Company’s IT access controls over the information systems that are critical to financial reporting. We tested IT general controls (logical access, changes management and aspects of IT operational controls). This included testing that


54

reliance on automated and IT dependent manual controls.

Information Other than the Financial Statements and Auditor’s Report ThereonManagement is responsible for the other information. The other information comprises theDirectors’ Report, Information relating to Corporate Governance Compliance which we could not obtain prior to the date of this auditor’s report and the company’s Annual Report, which is expected to be made available to us after that date.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements and Internal controlsManagement is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Those charged with governance are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

requests for access to systems were appropriately reviewed and authorized.Our areas of audit focus included user access management, developer access to the production environment and changes to the IT environment. These are key to ensuring IT dependent and application based controls are operating effectively.In addition, we understood where relevant, changes were made to the IT landscape during the auditperiod and tested those changes that had significant impact on financial reporting.


55

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclo-sures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other Legal and Regulatory RequirementsIn accordance with the Companies Act 1994 and the Securities and Exchange Rules 1987, we also report the following:

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

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

c) The Statement of financial position and statement of profit or loss and other comprehensive income dealt with by the report are in agreement with the books of accounts and returns; and

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

Dated: Dhaka.08 October 2020

Md. Shirazul Islam Khan, FCAManaging PartnerShiraz Khan Basak & Co.Chartered Accountants

56

Quasem Industries LimitedStatement of Financial Position

As at 30 June 2020

ASSETSNon-Current Assets 2,228,016,422 2,255,653,293 Property, Plant and Equipments 4.00 1,789,474,942 2,193,444,556 Capital Work in Progress 5.00 22,600,762 38,173,942 Intangible Assets 6.00 796,500 796,500 Investment Property 7.00 389,852,094 - Investments 8.00 18,988,078 17,581,602 Other Assets 9.00 586,675 651,861 Advances, Deposits and Prepayments - Non-current 10.00 5,717,371 5,004,832 Current Assets 786,202,039 724,770,446 Advances, Deposits and Prepayments - Current 11.00 60,145,853 77,498,596 Inventories 12.00 574,171,556 499,312,362 Trade & Other Receivables 13.00 40,027,453 67,083,812 Advance Income Tax 14.00 75,842,729 49,340,140 Cash and Cash Equivalents 15.00 36,014,448 31,535,536 TOTAL ASSETS 3,014,218,461 2,980,423,739 EQUITY AND LIABILITIES Shareholders' equity 1,952,906,552 1,953,909,129 Share Capital 16.00 629,667,030 588,473,860 Share Premium 17.00 198,000,000 198,000,000 Reserve and Surplus 18.00 222,421,557 252,892,206 Revaluation Surplus 19.00 902,817,965 914,543,063 Non-Current Liabilities 278,054,227 307,732,010 Term Loan 20.00 - 4,265,993 Deferred Tax Liability 21.00 173,661,207 169,320,881 Lease Liabilities 22.00 104,393,020 134,145,136 Current Liabilities 783,257,680 718,782,600 Trade and Other Payables 23.00 98,596,700 84,669,774 Accruals and Provisions 24.00 68,311,542 60,930,886 Short Term Loan & Bank Overdrafts 25.00 584,744,467 543,670,595 Current Portion of Long Term Loan 20.00 6,513,370 8,501,784 Current Portion of Lease Liabilities 22.00 25,091,601 21,009,561 TOTAL EQUITY AND LIABILITIES 3,014,218,461 2,980,423,739 Number of Share used to calculate NAV 62,966,703 62,966,703 Net Asset Value per Share 31.01 31.03

30-June-2020 30-June-2019Amount in BDT

The accompanying notes form an integral part of these Financial Statements.

Managing Director/CEO

Shiraz Khan Basak & Co.Chartered Accountants

Director

Notes

Director


Director, CA & Company Secretary

57

Notes

Quasem Industries Limited Statement of Profit or Loss and Other Comprehensive Income

For the the year ended 30 June 2020

Revenue 26.00 1,375,224,052 1,855,505,333Cost of Goods Sold 27.00 1,088,041,939 1,515,657,352 Gross profit 287,182,113 339,847,981 Distribution Service Income 28.00 101,101,465 30,345,525 Operating Expenses 262,719,891 248,597,251 Administrative Expenses 29.00 137,008,944 129,694,444 Selling and Distribution Expenses 30.00 125,710,946 118,902,807 Profit after Operating Expenses 125,563,688 121,596,256 Finance Costs 31.00 67,493,611 55,498,560 Net Profit from Operation 58,070,077 66,097,695

Share of Net Profit of Equity accounted investees 1,406,476 - Non Operating Income 2,362,164 2,236,616 Income from Dividend 1,427,953 2,177,953 Other Income 32.00 934,211 58,663 Net Profit before WPPF 61,838,717 68,334,311 Contribution to WPPF 2,944,701 3,254,015 Net Profit before Tax 58,894,016 65,080,296

Tax Expenses 33.00 14,699,061 16,270,074 Current Tax 6,450,369 8,339,861 Deferred Tax 8,248,692 7,930,213 Net Profit for the year 44,194,954 48,810,222

Other Comprehensive Income - - Total Comprehensive Income 44,194,954 48,810,222

Number of Shares used to calculate EPS 62,966,703 62,966,703 Basic/Diluted Earnings Per Share (EPS) 0.70 0.78

2019-2020 2018-2019Amount in BDT

The accompanying notes form an integral part of these Financial Statements.

Managing Director/CEODirector


Director



58

Quasem Industries LimitedStatement of Changes in Equity

For the the year ended 30 June 2020Amount in BDT

Particulars

Balance as at 01.07.2018 525,423,080 198,000,000 926,683,268 234,590,610 19,717,262 1,904,414,220

TotalReserve & Surplus

RetainedEarnings

OtherReserve

ShareCapital

SharePremium

RevaluationSurplus

Net Profit for the YearRestated Profit AdjustmentRevaluation Reserve RealizedDeferred Tax for RevaluationSurplus RealizedDividend (Stock )Balance as at 30.06.2019

- - -

-

63,050,770 588,473,860

- - -

- -

198,000,000

- -

(12,140,205)

- -

914,543,063

48,810,222 (3,362,059) 12,140,205

4,046,735 (63,050,770) 233,174,943

- - -

- -

19,717,262

48,810,222 (3,362,059)

-

4,046,735 -

1,953,909,129

Balance as at 01.07.2019 588,473,860 198,000,000 914,543,063 233,174,943 19,717,262 1,953,909,129Net Profit for the YearRestated Profit AdjustmentRevaluation Reserve RealizedDeferred Tax for RevaluationSurplus RealizedDividend (Stock ) Dividend (Cash ) Balance as at 30.06.2020

- - -

-

41,193,170 -

629,667,030

- - -

- - -

198,000,000

- - -

- - -

19,717,262

- -

(11,725,098)

- - -

902,817,965

44,194,954 (19,682,204) 11,725,098

3,908,366

(41,193,170) (29,423,693) 202,704,295

44,194,954 (19,682,204)

-

3,908,366 -

(29,423,693) 1,952,906,552





Director

59

Quasem Industries LimitedStatement of Cash Flows


A) Cash Flows from Operating Activities: Collection from Customers 1,563,582,469 2,024,385,426 Received from Operating Income : Distribution Service Income 106,639,820 21,826,104 Other Income 934,211 58,663 Payment to Suppliers & Employees (1,389,319,516) (1,689,977,089) Bank Interest and Charges Paid (44,092,261) (55,498,560) VAT and Supplementary Duty Paid (160,656,851) (184,594,153) Income Tax Paid or Deducted at Source (22,982,302) (20,661,321) Net cash flow from Operating Activities 54,105,570 95,539,070

B) Cash Flows from Investing Activities: Acquisition of Property, Plant & Equipment (14,977,125) (54,609,084) Acquisition of Capital Work in Progress (9,290,625) (29,073,240) Advance paid for Property, Plant & Equipment (712,539) (39,500) Dividend Received 1,427,953 1,427,953 Net cash flow used in Investing Activities (23,552,337) (82,293,871)

C) Cash flows from financing activities: Short Term and Bank Over Draft Received / (Refund) 41,073,872 12,541,020 Bank loan (Auto Loan) Received / (Refund) (4,265,993) (8,501,791) Dividend paid (29,545,698) - Lease payments (33,336,502) - Net cash flow from/(used in) Financing Activities (26,074,322) 4,039,229 Net Cash Surplus for the Year (a+b+c) 4,478,913 17,284,429 Cash & Bank Balances at the beginning of the Year 31,535,536 14,251,107 Cash & Bank Balances at the end of the Year 36,014,448 31,535,536 Net Cash Surplus for the Year 4,478,913 17,284,429

Number of Share Used to Calculate NOCFPS 62,966,703 62,966,703 Net Operating Cash Flow Per Share 0.86 1.52

2019-2020 2018-2019Amount in BDT





Director

60

Quasem Industries LimitedNotes to the Financial StatementsFor the year ended 30 June 2020

1. Reporting entity1.1 Company Profile:

Quasem Industries Limited, a public company limited by shares, was incorporated in Bangladesh on 14 June 1980 under the Companies Act 1913 and obtained the Certificate of Commencement of Business from the Registrar of Joint Stock Companies (RJSC) on the same date. Its shares are listed on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE).

1.2 Nature of Business Activities:The company owns and operates a modern Factory in Gorai Tangail and Baimail Gazipur and produces UM-1 and UM-3, UM-4 Metal Jacket, Vinyl Jacket Batteries, Flash Light, battery operated products, Air Fresheners, Shaving Foam, Aerosol etc. Quasem Industries Limited also engaged to distribute and promote the products of its sister concerns.

1.3 Investment in Associates:An entity in which an investor has significant influence but which is neither a subsidiary nor an interest in a joint venture is classified as Investment in Associates.Quasem Industries Limited acquired 21.67% of shares of Quasem Food Products Limited which was incorporated in 13 May 2005; vide Reg. No.-C-57311(3994)/05 under the Companies Act, 1994 as a Private Limited Company.

1.4 Date of Authorization:The financial statements of Quasem Industries Limited for the year ended 30 June 2020 were authorized for issue in accordance with a resolution of the Board of Directors on 08 October 2020.

1.5 Reporting Period:The reporting period of the company covers one year from 01 July 2019 to 30 June 2020.

2. Basis of presentation of Financial Statements2.1 Basis of Measurement of Elements of Financial Statements:

Measurement is the process of determining the monetary amounts at which the elements of the financial statements are to be recognized and carried in the statement of financial position and profit or loss and other comprehensive income. The measurement basis adopted by Quasem Industries Limitedat historical cost for land, building and plant and machinery which are stated at revalued amount, inventories are at the lower of cost and net realizable value. Liabilities are recorded at the amount of proceeds received in exchange for the obligation, or in some circumstances (for example, income taxes), at the amounts of cash or cash equivalents expected to be paid to satisfy the liability in the normal course of business.

2.2 Statement of Compliance with Laws:The Financial Statement have been prepared in accordance with the relevant laws and schedule of the Bangladesh Securities & Exchange Commission Rules 1987, the listing Regulation of the Dhaka Stock Exchange Limited 1996, Companies Act 1994 and other relevant local laws as applicable.

2.3 Statement on Compliance of Accounting Standards: The financial statements have been prepared and presented in accordance with the applicable

International Accounting Standards (IAS) and International Financial Reporting Standard (IFRS) adopted by the Institute of Chartered Accountants of Bangladesh (ICAB).

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2.4 Application of Standards:The following IFRSs and IASs are applicable for the financial statements of the company for the year under audit:IFRS 1 First time adoption of International Financial Reporting StandardsIFRS 9 Financial InstrumentsIFRS 15 Revenue from contracts with customersIFRS 16 LeasesIAS 1 Presentation of Financial StatementsIAS 2 InventoriesIAS 7 Statement of Cash FlowsIAS 8 Accounting Policies, Changes in Accounting Estimates and ErrorsIAS 10 Events after the reporting PeriodIAS 12 Income TaxesIAS 16 Property, Plant & EquipmentIAS 23 Borrowing CostsIAS 24 Related Party DisclosuresIAS 28 Investment in Associates and Joint VenturesIAS 33 Earnings per ShareIAS 36 Impairment of Assets IAS 37 Provisions, Contingent Liabilities and AssetsIAS 38 Intangible AssetsIAS 40 Investment Property

2.5 Going Concern:At each year end management of the Company makes assessment of going concern as required by IAS-1. The company has adequate resources to continue its operation for the foreseeable future and has wide coverage of its liabilities. The Board of Directors continue to adopt going concern assumption while preparing the financial statements.

2.6 Currency Presentation:2.6.1 Functional and Presentational Currency and Level of Precision:

The financial statements are prepared in Bangladesh Taka (Taka/Tk./BDT) which is the Company's both functional currency and presentation currency. All financial information presented in Taka and has been rounded off to the nearest Taka.

2.6.2 Foreign Currency Translation:Foreign currencies have been translated into Taka currency at the ruling rate on the transaction dates. Monetary assets and liabilities are reconverted at the rates prevailing at the reporting period. Non–monetary assets and liabilities are reported using the exchange rate at date of transaction. Differences arising on conversion are changed to the Statement of Profit or Loss and Other Comprehensive Income.

2.7 Materiality and AggregationEach material class of similar items is presented separately in the Financial Statements. Items of a dissimilar nature or function are presented separately unless they are immaterial.

2.8 Use of estimates and judgments:The preparation of financial statements in conformity with IAS/IFRSs 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. Actual results may differ from these estimates.

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Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.In Particular, Information about significant areas of estimation and judgments in applying accounting policies that have the most significant affects on the amount recognized in the financial statements are described in the following notes: Note 04 Property, Plant and Equipments Note 21 Deferred Tax-Liabilities Note 12 Inventories Valuation Note 13 Trade & Other Receivables Note 23 Trade & Other Payables Note 24 Accruals and Provisions

2.9 Presentation of Financial StatementsThe presentation of these financial statements is in accordance with the guidelines provided by IAS 1: “Presentation of Financial Statements”. A complete set of financial statements comprises:The financial statement comprises of:(a) Statement of Financial Position as at 30 June 2020;(b) Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2020;(c) Statement of Changes in Equity for the year ended 30 June 2020;(d) Statement of Cash Flows for the year ended 30 June 2020; and(e) Notes, comprising summary of significant accounting policies and explanatory information to the Financial Statements for the year ended 30 June 2020.

3. Summary of Significant Accounting Policies:The accounting policies set out below have been applied consistently (otherwise as stated) to all periods presented in these financial statements.

3.1 Accounting Convention and Basis:The financial statements have been prepared in accordance with International Accounting Standards (IAS), International Financial Reporting Standards (IFRS), Securities and Exchange Rules 1987, the Companies Act, 1994 and other laws and regulations applicable in Bangladesh.

3.2 Comparative Information:As required by the paragraph 38, 40, & 41 of IAS-1 “Presentation of Financial Statement”, comparative information in respect of the previous year has been presented in all numerical information in the financial statements. Previous year’s balances have been reclassified as and where applicable for the fair presentation of Financial Statements.

3.3 Property, Plant and Equipments3.3.1 Recognition and measurement:

Items of Property, Plant and Equipment, excluding land building, are measurements at cost less accumulated depreciation and accumulated impairment losses, if any. Land and building are measured at revaluated amount. The cost of an item of property, plant and equipment comprises its purchases price, import duties and non-refundable taxes (after deducting trade discount and rebates) and any costs directly attributable to bring the assets to the location and condition necessary for it to be capable of operating in the intended manner.

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3.3.2 Subsequent costs: The cost of replacing part of an item of property,plant and equipment is recognized in the carrying

amounts 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 equipment recognized in the Statement of Profit or Loss and Other Comprehensive Income as incurred.

3.3.3 Depreciation:Depreciation on fixed assets is charged using ‘reducing balance’ method at the rates varying from 2% to 15%. Depreciation was charged as when assets were acquisition and commercial uses of respective assets. Depreciation method, useful lives and residual values are reviewed at each year-end and adjusted if appropriate.No depreciation is charged on land, capital work in progress, also any cost of assets transferred from CWIP and inventories on 30 June 2020. The rates depreciation, applied on reducing balance method, for the comprehensive years are as follows:

Particulars: 2019-2020 2018-2019 Land & Land Developments 0% 0% Building office 2% 2% Plant & Machinery 5% 5% Building Factory 2.5% 2.5% Tools & Equipment 15% 15% Office equipment 15% 15% Vehicles 10% 10%

3.3.4 Revaluation of Property, Plant and Equipments:The company made revaluation of the company’s Land and Land Developments, Building, Plant and Machinery and Head Office Building as of 30 June 1996 and 30 June 1997 & 20 December 2010 to reflect fair value thereof. The latest revaluation has been conducted by G. K Adjusters Limited located at Motijheel, Dhaka. The entity is a licensed Certified Surveyor by Government of Bangladesh.

3.3.5 Capital Work-In-Progress:Property, Plant and Equipment under construction/acquisition have been accounted for as capital work-in-progress until construction/acquisition is completed and measured at cost.

3.3.6 Capitalized Borrowing Cost:Borrowing cost relating to acquisition of fixed asset, is capitalized as per International Accounting Standard (IAS-23) - Borrowing Cost at the weighted average cost of borrowing. However, capitalization of borrowing costs is ceased when acquisition of relevant asset is completed.

3.3.7 Investment Property:Investment property is initially measured at cost and subsequently at cost model with any change therein will be recognised in profit or loss.Any gain or loss on disposal of investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) will be recognised in profit or loss. When investment property that was previously classified as property, plant and equipment is sold, any related amount included in the revaluation reserve will be transferred to retained earnings.

3.4 Impairment of Assets:At each Statement of Financial Position date, the company reviews of its assets to determine whether

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there is any indication of impairment as per IAS -36: Impairment of Assets. During the year there was no indication of impairment of assets, as such no adjustment was given in the financial statement for impairment.

3.5 Investment:Investment represents investment in shares in Central Depository Bangladesh Ltd. (CDBL) and Quasem Food Products Ltd. All investments are measured at cost.

3.6 Lease:3.6.1 Finance Lease:

Leases are classified as Finance lease whenever the terms of the lease transfer substantially all the risk and reward of the ownership to the lessee. Upon initial recognition, the leased assets are measured at an amount equal to the lower of its fair value and the present value of minimum lease payment. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to the cost. All leasehold assets are recognized as per IFRS-16.

3.6.1.1 Depreciation: Depreciation is charged as per policy applicable for the owned assets of the Company.

3.6.1.2 Lease Payment:Minimum lease payments made under finance leases are apportioned between the finance expenses and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so to produce a constant periodic rate of interest on the remaining balance of the liability.

3.6.2 Operating Lease:All other leases are classified as operating lease. Payments made under operating leases are recognized in Statement of Profit or Loss and other comprehensive income on the straight line basis over the term of the lease.The company does not have any operating lease obligation.

3.7 Intangible assets:3.7.1 Goodwill:

Goodwill represents the excess of the cost of the acquisition over the group’s interest in the net value of the identifiable assets and liabilities of the acquirer on the date of acquisition.

3.7.2 Software:Software that acquire by Group, which have finite useful lives, are measured as cost less accumulated amortization and accumulated impairment losses, if any.Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific assets to which it relates.

3.7.3 Patents, Design and TrademarksIntangible assets that are acquired by the Company have measured at cost less accumulated amortization and accumulated impairment losses, if any, incompliance with International Accounting Standards 38 (Intangible assets). Measurement of costs involves purchase cost and any directly attributable costs of preparing the asset for its intended use. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates.Patents, Designs and Trademarks have indefinite useful life hence amortization did not take place. The intangibles are subject to under review annually to access whether there has been a fall in its value in accordance with IAS – 38.

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3.7.4 Amortization:Amortization is charged in the income statement on a straight-line basis over the estimated useful lives of intangible assets other than goodwill. Amortizations on additions are charged at 50% of normal rates only in the year of acquisition. Amortized is charged at the rates of 05-20% depending on the estimated useful lives of assets and no amortization is charged in the year of disposal except other assets.

3.8 Financial Instrument: A financial instrument is any contract that gives to a financial asset of one entity and a financial

liability or equity instrument of another entity.

3.8.1 Financial Assets:The company initially recognizes receivable and deposit on the date that they are originated. All other financial assets are recognized initially on the dated at whom the company becomes a party to the contractual provisions of the transaction.Financial assets include cash and cash equivalents, account receivables, and long term receivables and deposit.

3.8.1.1 Trade and other Receivables:Trade and other receivable represent the amount due from customers of credit sales and also include receivable from employees and others. Trade receivables are stated net of bad debt provision and unearned carrying charges, if there is any.

3.8.1.2 Cash and Cash Equivalent:Cash and cash equivalents comprise cash balances both in hand & at bank, cash in transit and fixed deposit with original maturities of three months or less.

3.8.2 Financial Liability:The company initially recognized debt securities when issued and subordinated liabilities at the date that they are originated. All other financial leases obligations, loans and borrowings, Trade and other payables also treated as Financial Liabilities.

3.8.2.1 Payables:The company recognizes a financial liability when its contractual obligations arising from the past events are certain and the settlement of which is expected to result and outflow from the company of resources embodying economic benefit.

3.9 Current versus non-current classificationThe company presents assets and liabilities in statement of financial position based on current/ non-current classification. An asset is current when it is:i) expected to be realized or intended to be sold or consumed in normal operating cycle, orii) expected to be realized within twelve months after the reporting perios, oriii) held primarily for the purpose of trading, oriv) cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.All other assets are classified as non-current assets.A liability occurs when it is:i) expected to be realized or intended to be sold or consumed in normal operating cycle, orii) expected to be realized within twelve months after the reporting perios, oriii) held primarily for the purpose of trading, oriv) there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period .

All other liabilities are classified as non-current liabilities. Deferred tax assets and liabilities are classified as non-current assets and liabilities.

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3.10 Inventories:Inventories have been shown at the value determined under the following basis: Items Basis of valuation Raw Materials Weighted Average Cost Packing Materials Weighted Average Cost Stores & Spares Weighted Average Cost Promotional Stock Weighted Average Cost Work-in-Process Raw & packing materials cost which includes all the materials issued to production floor. Finished Goods Weighted Average Cost Miscellaneous Stock Weighted Average Cost

3.11 Cash and Cash Equivalents: For the purpose of Statement of Financial Position and Statement of Cash Flows, Cash in hand and

Bank balances represent cash and cash equivalents considering the IAS-1 “Presentation of Financial Statements” and IAS-7 “Statement of Cash Flows”, which provide that Cash and Cash equivalents are readily convertible to known amounts of Cash and are subject to an insignificant risk of changes in value and are not restricted as to use.

3.12 Cash Flow Statement:Cash Flow Statement is prepared principally in accordance with IAS-7 “Cash Flow Statement” and the cash flow from the operating activities have been presented under direct method as prescribed by the Bangladesh Securities and Exchange Rules, 1987 and considering the provision of paragraph 19 of IAS-7 which provides that “Entities are Encouraged to Report Cash Flow from Operating Activities Using the Direct Method”.

3.13 Trade Receivables:Trade receivable is stated at nominal value which is the fair value of the consideration given in return. After initial recognition these are carried at nominal value less impairment losses due to non-collectability of any amount so recognized.

3.14 Provisions:A provision is recognized on the balance sheet date if, as a result of past events, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.

3.15 Revenue Recognition:Revenue from the transfer of goods and services measured at the value that reflects the consideration to which the company expects to be entitled in exchange for those goods and services.The company considers the term of the contract and its customary business practices to determine the transaction price. The transaction price is the amount of consideration to which the entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both.In the comparative period, revenue was measured at the fair value of the consideration received or receivable, net of discounts and sales related taxes. Revenue was recognized when goods or services rendered, to the extent it was probable that the economic benefits from the transactions would flow to the company and the revenue could be reliably measured.The amount of revenue can measured reliably and usually occurred at the time of delivery of goods and services along with invoices.

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3.15.1 Other IncomeOther income is recognized when the company's right to receive such income has been reasonably determined and all conditions precedent is satisfied.

3.16 Finance Cost:Finance expense comprises interest expense on working capital loan, overdraft, lease finance and bank charges. All finance expenses are recognized in the Statement of Profit or Loss and Other Comprehensive Income.

3.17 Earnings per Share:The Company presents basic and diluted (when applicable) earnings per share (EPS) data for its ordinary shares. The company calculates its earnings per share (EPS) “Net earnings during the period divided by number of shares outstanding at the Statement of Financial Position date.”

3.17.1 Basic Earnings per Share:Basic earnings per share are calculated by dividing the profit and loss attributable to the ordinary shareholders of the Company by the weighted average number ordinary share outstanding during the period.

3.17.2 Diluted Earnings Per Share:For purpose of calculating diluted earnings per share, the number of ordinary shares shall be the weighted average number of ordinary shares calculated in accordance with IAS-33 paragraphs 19 & 26 plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.

3.18 Dividend income: Dividend income on shares is recognized during the period in which it is declared and ascertained.

During the Year the company received Tk.1,427,953 as dividend from investment in shares of CDBL.

3.19 Commission / Brokerage to selling agent:No commission was incurred or paid to neither any sales agent nor any brokerage or discount other than conventional trade discount was incurred or paid against sales.

3.20 Income Tax: Income tax expenses comprise current and deferred tax. Income tax expenses are recognized in the

Statement of Profit or Loss and Other Comprehensive Income.

3.20.1 Current Tax:Current tax expenses are recognized in Statement of Profit or Loss and Other Comprehensive Income. Current tax is the expected tax payable except deferred tax on the taxable income for the year using tax rates. The company qualifies as a publicly traded company hence the applicable tax rate is 25% on taxable profit.

3.20.2 Deferred Tax:DeferredTax Assets/Liabilities is recognized as per International Accounting Standard (IAS-12). Deferred tax asset/ Liabilities is calculated considering temporary difference of accounting base and tax base depreciation.

3.21 Reclassification:During period figures, wherever considered necessary, have been rearranged/restated/reclassified, for the purpose of comparison with current year’s presentation without any impact on the profit and value of assets and liabilities as reported in the financial statements except mentioned in Note 3.26.

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3.22 Sources of Information:During our course of preparation and presentation of the financial statements it has been considered the relevant financial documents and collected information throughout the accounting period ended 2019-2020 after overlooking of the head of accounts.

3.23 Risk Exposure3.23.1 Financial Risk Management:

The management of company has overall responsibility for the establishment and oversight of the company’s risk management framework. Risk management policies, procedures and systems are reviewed regularly to reflect changes in market conditions and the company’s activities. The company has exposure to the following risks for its use of financial instruments. Credit risk Liquidity risk Market risk Industry risk Operational risk Currency risk Interest rate risk

3.23.1.1 Credit Risk: Credit risk is the risk of a financial loss to the company if a customer or counterparty to a financial

instrument fails to meet its contractual obligations and arises principally from the company’s receivables. Management has a credit policy in place and exposure to credit risk is monitored on an ongoing basis. As at 30 June 2020, substantial part of the receivables are those from its company related and subject to insignificant credit risk. Risk exposures from other financial assets i.e. Cash at bank and other external receivables are nominal.

3.23.1.2 Liquidity Risk:Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The company’s approach to managing liquidity (cash and cash equivalents) is to ensure as far as possible, that it will always have sufficient liquidity to meet its liabilities when due under both normal and stressed conditions without incurring unacceptable losses or risking damage to the company’s reputation. In extreme stressed conditions the company may get support from the related company in the form of short term financing.

3.23.1.3 Market Risk: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.The company has strong marketing and brand management would help the company to increase their customer base.

3.23.2 Industry Risks:Industry risk refers to the risk of increased competition from foreign and domestic sources leading to lower prices, revenues, profit margin, and market share which could have an adverse impact on the business, financial condition and results of operation.

3.23.3 Operational Risks:Operational risk summarizes the risks a company undertakes when it attempts to operate within a given field or industry. Operational risk is the risk not inherent in financial, systematic or market-wide risk. It is the risk remaining after determining financing and systematic risk and includes risks resulting from breakdowns in internal procedures, people and systems. The Management has built strong supply chain management to operate the business smoothly.

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3.23.4 Currency risk:The company is exposed to currency risk on certain revenues and purchases such as revenue from foreign customers and import of raw material, machineries and equipment. Majority of the company’s foreign currency transactions are denominated in USD and relate to procurement of raw materials, machineries and equipment from abroad. The management has procurement policy to purchase the Raw Material imported from abroad.

3.23.5 Interest rate risk:Interest rate risk is the risk that arises due to changes in interest rates on borrowing. There was no foreign currency loan which is subject to floating rates of interest. Local loans are, however, not significantly affected by fluctuations in interest rates. The company has not entered into any type of derivative instrument in order to hedge interest rate risk as at the reporting date.

3.24 Employee Benefits:The company maintains both defined contribution plan (Provident fund) and defined benefit plan (gratuity fund) for all its permanent employees. The eligibility is determined according to the terms and conditions set forth in the respective trust deeds.

3.24.1 Define contribution plan (Provident Fund): Defined contribution plan is cost employment benefit plan under which the company provides

benefits for all of its permanent employees. The recognized employees’ provident Fund is being considered as defined contribution plan as it meets the recognition criteria specified for this purpose. All permanent employees contribute 10% of their basic salary to the provident fund and the company also makes equal contribution. This fund is recognized by the National Board of Revenue (NBR).

3.24.2 Defined Benefit Plan (Gratuity):Defined benefit plan is a retirement plan under amounts to be paid as retirement benefits are determined by reference to employees’ earnings and/or years of service. The employees’ Gratuity Fund is being considered as defined benefit plan as it meets the recognition criteria. Company operates an unfunded gratuity scheme for its permanent employees, under which an employee is entitled to the benefits depending on the length of service and last drawn basic salary.Projected Unit Credit method is used to measure the present value of defined benefits obligations and related current and past services cost and mutually compatible actuarial assumptions about demographic and financial variables are used.

3.24.3 Short term employee benefits: This relates to leave encashment and is measured on an undisclosed basis and expensed as the

related service is provided. Provision is made for the annual leave encashment based on the latest basic salary. This benefit is applicable for employees as per services rule.

3.24.4 Workers' Profit Participation Fund:Contribution to Workers’ Profit Participation Fund has been made at 5% of the net profit in accordance with The Bangladesh Labor (Amendment) Act, 2013.

3.24.5 Festival bonusEach employee is entitled to get festival bonus as per terms of service rules.

3.25 Events after the Reporting Period:As per IAS-10 “Events after the reporting period” are those events favorable and unfavorable that occurred between the end of the reporting period and the date when the financial statements are authorized for the issue. There was no material event occurred within the date of authorization and after the reporting date which could affect the values in financial statements except disclosed in note 35.16.

3.26 Re-stated of Unappropriated surplus Brought Forward: Unappropriated surplus brought forward for the year ended 2019-2020 is re-stated as per IAS-8 under paragraph 40 & 41.

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5.00 Capital Work in Progress: Tk. 22,600,762 Opening Balance 38,173,942 105,515,253 Add: Addition during the Period 9,290,625 32,420,915 Less: Transferred/Adjustment (24,863,805) (99,762,226) 22,600,762 38,173,942

Amount in BDT

A. Cost: Balance as on 01-Jul-19 3,067,280,397 2,757,754,390 Add: Addition during the year 48,674,071 154,371,310 Less: Sale/Deletion/Transfer 471,847,330 - 2,644,107,138 2,912,125,700 Add: Transfer as Right of Use Assets - 155,154,697 Balance as on 30-June-20 2,644,107,138 3,067,280,397 B. Accumulated Depreciation: Balance as on 01-Jul-19 873,835,836 821,528,336 Less: Adjustments 81,995,236 - Add: Charged for the year 62,791,591 52,307,501 Balance as on 30-June-20 854,632,208 873,835,836 Carrying Amount (A-B) 1,789,474,942 2,193,444,556 Details are shown in Schedule-A

4.00 Property, Plant and Equipments: Tk. 1,789,474,942

Cost

Taka Taka TakaTakaTaka

Items 01-July-19 Addition/Transfer

Transfer/Adjustment

Total 30-June-20

Factory Plant and Machineries (Unit 1 & 2)Land & Land Development (Unit 1 & 2)Land & Land Development (Unit 3)Factory Building (Unit 1 & 2)Head Office (Icon Centre)Sales OfficeWork Shop Tools & Other StockLand & Land Dev. (New Project)High Pressure Can Machine (Unit-3)High Pressure Can Filling MachineFood Can MachinePrinting MachineFactory Building-Pressure Can (Unit-3)Total 30-06-2020Total 30-06-2019

2,662,569 13,943,750

8,018,118 4,417,709 1,763,371

- 5,161,086

- - -

2,207,340 - -

38,173,942 105,515,253

19,877 -

6,000 1,612,560 2,794,061

456,887 -

2,910,000 230,560 551,148

- 268,418 441,115

9,290,625 32,420,915

2,682,446 13,943,750 8,024,118 6,030,269 4,557,432

456,887 5,161,086 2,910,000

230,560 551,148

2,207,340 268,418 441,115

47,464,568 137,936,168

2,682,446 13,943,750

- 6,030,269

- - - - - -

2,207,340 - -

24,863,805 99,762,226

- -

8,024,118 -

4,557,432 456,887

5,161,086 2,910,000

230,560 551,148

- 268,418 441,115

22,600,762 38,173,942

30-June-2020 30-June-2019

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8.01 Investment in Associates - Quasem Food Products Limited

Opening Cost of Investment 16,064,258 15,000,000 Add: Share of Profit 1,406,476 1,064,258 Less: Share of Distributions/Impairment loss, if any - -

Carrying amount of interest in associates 17,470,734 16,064,258

Amount in BDT

7.00 Investment Property: Tk. 389,852,094 Cost including Revaluation Reserve 471,847,330 - Less: Accumulated Depreciation (81,995,236) - WDV reclassified as Investment Property from PPE 389,852,094 -

Three floors at FR Tower at Banani was purchased and developed for own Office purposes. After Fire incident in FR Tower in March 2019, the company had to relocate Head Office although there were no significant damages found. Management expected that very soon they will return to FR Tower offices but it was not possible due to legal complicacy. Management and the Owners' Association of FR Tower have taken steps to renovate/repair the building by minimizing all the legal complexity. Management is expected to use the property for rental income rather to use for own purpose or which is more economical to the company.

8.00 Investments: Tk. 18,988,078 Investment in Associates - QFPL (Note: 8.01) 17,470,734 16,064,258 Other Investment - Central Depository (BD) Ltd. 1,517,344 1,517,344 18,988,078 17,581,602

The above investments was in purchases of share of Central Depository (BD) Ltd. and share of Quasem Food Products Ltd. The investments shown at cost since the above shares are not traded in the active market.

10.00 Advance, Deposits and Prepayments - Non Current: Tk. 5,717,371 Consumer Gas Services 2,262,500 2,262,500 Security Deposit (Titas Gas) 680,232 680,232 Earnest Money (EPB) 20,000 20,000

9.00 Other Assets: Tk. 586,675 Opening Balance 651,861 2,822,574 Less: Written off during the period 65,186 2,170,713 586,675 651,861

The above balance represents the right share expenses, cost of hologram stickers and deferred revenue expenditures. The portion of miscellaneous assets of Unit 1 and 2 have been written off by 10% per annum.

6.00 Intangible Assets: Tk. 796,500 Opening balance 796,500 796,500 Less: Adjustments - - 796,500 796,500

30-June-2020 30-June-2019

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BRB Cable Industries Ltd. 175 175 Flora Ltd. 2,039 39,500 Industrial Technical Services Ltd. 480,000 480,000 Jamuna International 1,346,925 1,346,925 DARK Etp Ltd. 750,000 - Runner Bricks 175,500 175,500 5,717,371 5,004,832

Amount in BDT30-June-2020 30-June-2019

11.00 Advance, Deposits and Prepayments - Current : Tk. 60,145,853 A Advance: 16,772,633 37,575,953 Purchase & Others (Note: 11.01) 6,017,144 20,425,172 Salaries (Head Office) 1,724,385 1,874,347 Local Purchases (249,002) 958,585 Salaries (Factory) 6,000 - T.A & D.A 2,796,376 2,349,658 Advance to Employees (Factory) 6,366,314 11,862,000 Expenses-New Project 111,416 106,191

B Deposits: 28,924,014 29,174,472 Lease Deposits 7,911,076 8,315,914 Deposit Against Office Rent 1,772,480 1,651,240 Against Vehicles Bill (Asgar Hossain) 7,310 15,370 Deposit Against Gas Cylinder 1,687,000 1,687,000 Security & Other Deposit 391,407 391,407 Deposit against Appeal VAT 6,641,906 6,600,706 Bank Guarantee 512,834 512,834 Quasem Food Products Ltd. (Against Distribution) 10,000,000 10,000,000C Prepayments: 14,449,207 10,748,171 Prepaid Insurance 2,563,353 1,575,211 Prepaid Expenses 8,402,354 8,079,768 Advance VAT and AT 3,483,500 1,093,192 Grand Total (A+B+C) 60,145,853 77,498,596 i) This is unsecured and considered good. ii) No amount was due by the directors, managing agent, managers and other officers of the company and any of them severally or jointly with any other person. 11.01Advance against Purchase & Others: Tk. 6,017,144 Advance against Purchase: Barger Paints BD. Ltd. 54,544 1,559 Konabari Retail 143,754 137,886 Lanka Bangla Securities Ltd. 2,000 2,000 M.M Cargo Company 63,827 63,827 Purabi Chowdhury (Chittagong) 4,560 4,560 Sonali Centre Pvt. Ltd. 898,267 24,126 Sabuj Enterprise 3,103 3,103 VAT Receivable 475,087 475,087 Depak Das 142,709 118,275 S.M Rayhan Kabir 97,322 83,677

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Amount in BDT

12.00 Inventories: Tk. 574,171,556 Raw Material 191,249,741 146,065,436 Packing Material 12,801,268 14,436,422

Work in Process: 17,465,187 17,593,021 Work in Process-Battery 14,798,512 15,373,863 Work in Process-Flash Light 709,419 734,033 Work in Process-Zinc Calot 1,644,165 1,162,419 Work in Process-Injection Moulding Plant 313,091 322,706

Finished Goods: 61,371,167 86,640,142 Battery-Factory Unit 1 & 2 35,767,050 15,561,367 Injection Moulding Plant 200,892 257,784 Metal Jacket & Can-Factory Unit-3 7,837,453 18,334,310 Flash Light Imported-Factory 2,682,335 2,709,500 Flash Light Manufacturing-Factory 301,102 699,410 Zinc Calot 976,165 1,243,867 Battery-Sales Office, Khilkhet 9,034,144 28,837,625 Gas Lighter-Sales Office, Khilkhet 1,325,331 14,807,771 Flash Light Sales Office, Khilkhet 107,678 580,595 Imported-Sales Office, Khilkhet 403,897 392,719

Glossy International 565,885 17,435,428 Northern Gen. Insurance 14,435 - Provati Insurance 62,738 - Ogilvy & Mather Communication Pvt.Ltd 1,300,000 1,300,000 Metal Products Unit 84,843 - F.R Tower Owners Association 100,000 - Sun Yad Poly Vinyl Ind.Ltd. 75,000 - Staff Incone Tax 238,247 - Republic Insuracnce Company Ltd. 70,782 - Pragati Insurance Ltd. - 7,718 Central Depository (BD) Ltd. - 40,951 Global Online/Aamra Networks Ltd. - 66,656 BD Association of Pub.Listed Cos. - 50,000 Dhaka Stock Exchange Ltd. - 294,237 Chittagong Stock Exchange Ltd. - 294,237 R.M Motors - 9,005 New Globe Battery & Tyre - 10,040 BD.Association of Publicly Listed Cos. 50,000 - Reliance International 838,150 - Green House Auto Trading 309 - Green International 24,199 - Neat Printing & Packeging 1,200 - Mahbub Hossain 703,383 - Md.Nuruzzaman Sarker 2,800 2,800 6,017,144 20,425,172

30-June-201930-June-2020

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Amount in BDT

13.00 Trade and Other Receivables: Tk. 40,027,453 Trade Receivables (Note - 13.01) 26,952,261 48,470,265 Other Receivables (Note: 13.02) 13,075,192 18,613,547 40,027,453 67,083,812

Stock in Transit: 170,450,779 116,170,859 Materials 121,478,473 80,833,003 Spare Parts 48,972,306 35,337,856

Indirect Materials 17,671,420 17,562,700 Stock of Order Memo 661,520 31,855 Stores & Spares 102,500,474 100,811,927 574,171,556 499,312,362

Air Freshener & Butane Gas-Sales Office, Khilkhet 2,306,022 2,944,996 Sun Chips -Sales Office, Khilkhet 429,097 270,198

Party Names

13.01 Trade Receivables: Tk. 26,952,261Sl.No.

Aging Balance31-Dec-2019 30-06-2020 30-06-2019

1 A. IMAM (SALES PROMOTION) 21,347 (254) (253)2 A.B. ELECTRONICS (160,795) (609) 279,7903 A.H. ENTERPRISE (SHIBCHAR) 262,480 (103,164) 202,9424 AADOR STORE (SUBIDKHALI) 153,007 30,210 (2,428)5 AAMRA HOLDINGS LTD. 1 1 16 ABDUL BASER ENT (SAVAR) 93,592 (323) 903,3387 ABDUL KARIM (H/O) 2,459 2,459 2,4598 ABDUL RASHID (55,399) 141,036 131,6069 ABEER ENT (HAZIGONJ) (40,869) (40,869) 29,46010 ABHIJIT PAUL (MADHABPUR) 6,535 6,535 6,53511 ABID TRADERS (SHIBPUR) 56,494 81,562 (138,717)12 ABIR ENTERPRISE (POLASHBARI) 14,463 14,463 14,46313 ABU TAHER & BROTHERS 213,197 6,238 172,08114 ABUL KASHEM 142,266 148,886 272,04115 ACI LOGISTICS LTD. 770,081 2,862,892.75 1,102,44516 ACI LOGISTICS LTD. (CTG) 94,706 88,440 111,40517 AD. MOMENTS 27 28 2718 AD-DIN HOSPITAL (2) (2) 52,67819 ADFINE 127 127 12720 ADORA BD LIMITED (2) (2) (2)21 AERO-LINK INTERNATIONAL LTD. 5,760 5,760 5,76022 AFZAL STORE (DUPCHACHIA, BOGURA) (255,339) (104,394) - 23 AGORA (RAHIM AFROJ) 298,413 716,245 618,45124 AHANA DISTRIBUTION 14,289 14,289 14,28925 AHMED ENTERPRISE (BHALUKA) 71,679 (25,527) 95,16026 AJOY DATTA (MOULAVIBAZAR) 8,946 8,946 8,94627 AKHONI.COM LTD. (BAGDOOM.COM) (9,341) (9,341) 72928 AKKAS STORE (HALUAGHAT) 31,766 20,827 -

30-June-201930-June-2020

An amount of Tk. 45,889,210 has been realised as purchase upto 08 October 2020 from stock in Transit after the closing date of financial statements.

75

Amount in BDT

29 AKRAM ALI & SONS (G.GONJ, CHHATAK) (144,410) (383,834) - 30 ALAMGIR STORE (269,327) 170,588 (239,470)31 ALAMGIR TRADERS (KALIKACHHO) (257,978) (40,954) - 32 AL-AMIN ENTERPRISE (RANGPUR) - (191,447) - 33 AL-AMIN GEN.ST (CHHAGALNAIYA) (660,958) (941,483) (78,652)34 AL-AMIN STORE (MONIRAMPUR) 315,063 403,760 177,83735 ALAMPUR ENTERPRISE (21,706) (21,706) (21,706)36 ALIF TRADERS (NANGALKOAT) 10,944 - - 37 ALIM STORE 133,349 130,636 177,79138 AL-MADINA PHARMACEUTICALS LTD. 1 1 139 ALMAS VARITIES STORE (KASBA) (35,567) (41,095) (59,109)40 ALMAS (GULSHAN) 8 8 841 ALOK HEALTHCARE & HOSPITAL LTD. 1,720 - - 42 AL-ZIHAD ENTERPRISE (BANCHARAMPUR) (127,323) 37,807 (136,636)43 AMAN SPINNING MILLS LTD. 1 1 144 ANAS STORE (DHK.RTL:NORTH) (471,921) 3,022,245 - 45 ANIK STORE (RAMGAR) (438,678) (968,808) (160,590)46 ANIK STORE( KUSTIA) 199,203 (37,477) 293,02947 ANOWAR STORE (ANWARA, CTG) (467,100) 254,451 83,74748 ANWAR & BROTHERS (EIDGAON, COXS.B) (1,046,155) 650,412 (116,125)49 ARAFAT STORE 3,840 - - 50 ARAAZ RESTAURANT & BANQUET - 60 - 51 ARJUN PRASHAD AGARWALLA 3,698 3,698 3,69852 ARONNO FURNISHERS LTD. - - 3,72053 ARPITA ENTERPRISE (SHAAM NAGOR) (282,161) (282,610) (186,793)54 ASAD DEPT. STORE (NAGORPUR) 64,625 70,490 1,49755 ASGAR ALI HOSPITAL 39,514 (86) (86)56 ASIAN PAINTS (BD) LTD. 1,392,231 93,316 2,680,75457 ASIF ENTERPRISE (SHAKHIPUR) 59,500 (176,752) (46,745)58 ASTHA SHOPPING VILLAGE - 37,599 - 59 AVALON INTERNATIONAL 4,800 - 4,80060 AWAL STORE (NORSHINDI) (14,487) (14,487) (14,487)61 AYON ENTERPRISE (JESSORE) 293,782 141,908 602,25762 AYON TRADERS (ULIPUR) 71,557 (6,144) 134,45063 AZ ACCESSORIES (238) (238) (238)64 AZAD ENTERPRISE (SANDWIP) (21,776) 25,409 (38,968)65 AZMIR STORE (TEKNAF) (9,445) (1,926) 184,61966 B.H.S. TRADERS (FARIDGONJ) - (25,710) - 67 B.S. STORES (PATUAKHALI) (19,969) (35,794) 148,79168 B.S. TRADERS (NILPHAMARI) (65,427) 13,895 13,89569 BABUL STORE (PHULPUR) 13,895 (130,972) (1,592)70 BACKSTREET CAFE (62,764) 1 171 BADAL STORE (NETROKONA) 1 223,527 134,49672 BANANI CLINIC LTD. 298,221 - 1,80073 BANGAMATA ENTERPRISE 18,312 18,312 18,31274 BANGLADESH EYE HOSPITAL & INSTITUTE 40,299 18,622 57,95875 BANGLADESH STORE (NATORE) 13,549 13,549 13,54976 BANGLADESH STORE (VOJESSORE) 50,699 (97,362) (13,327)77 BANIK ENTERPRISE (9,149) (4,571) (4,066)78 BANNA TRADERS (MODHUKHALI) 180,973 (90,404) 163,56679 BANNA VARIETY STORE (NAZIPUR) 183,953 200,926 1

Party NamesSl.No. Aging Balance

31-Dec-2019 30-June-2020 30-June-2019

76

Amount in BDT

80 BASHUNDHARA EYE HOSPITAL 3,200 2,547 (2)81 BAY DEVELOPMENTS LTD. 5,759 - (1)82 BEACON PHARMACEUTICALS LTD. 84,689 - 693,47183 BEAUTY TRADERS (GOBINDAGONJ) (170,302) (32,409) (13,603)84 BELAL TRADERS (SINGRA,NATORE) (367,057) (394,226) (378)85 BELLAVISTA ITALIAN RESTAURANT (1) (1) (1)86 BENGAL INN HOTEL 11,280 11,280 3,36087 BEST BUY 13,705 13,705 13,70588 BEXIMCO LIMITED 3,308 3,308 16,97689 BHAI BHAI STORE (KULAURA) (99,192) (134,048) 768,66390 BHAI BHAI STORE (DEWANGONJ) (83,769) (676,088) (183,032)91 BIDDYUT 1,603 1,604 96192 BIG BAZAR 73,351 59,157 60,60393 BIMAN BANGLADESH AIRLINES LTD. 67,041 120 1,087,47194 BIN HAI COFFEE - - 3,72095 BINIMOY BITAN (NANGALKOAT) 257,337 (95,841) 427,37796 BIOPHARMA LTD. 1 1 197 BIPLOB STORE 1,783 1,783 1,78398 BISHWAS ENTERPRISE (NARAIL) 277,331 (38,912) 72,55399 BISHWO RANG 450 450 36,000100 BISMILLAH ENTERPRISE 140,410 (58,811) (9,362)101 BISMILLAH STORE (KACHUA) (311,517) (218,214) (76,214)102 BISMILLAH STORE (MULADI) 521,182 3,390 195,971103 BISMILLAH STORE (SONAGAZI) 504,860 751,212 (20,386)104 BISMILLAH STORE (TONGI) 160117 (10) (10) (10)105 BISMILLAH TRADERS 5,269 5,269 5,269106 BLUSH STUDIO 1,080 - 960107 BRAC BCDM (RAJENDRAPUR) - 3,960 - 108 BRAC BCDM (SAVAR) - 13,147 - 109 BRAC CENTRE INN 74,350 (600) 972110 BRAC DAIRY & FOOD 300,335 22 22111 C.S. TRADERS (FARIDPUR) 698,157 (28,870) 227,724112 C.S.D. 812,481 805,173 479,642113 CADET COLLEGE CLUB LTD. - 3,720 - 114 CANTEEN NORTH 430,914 411,132 216,761115 CANTEEN SOUTH 210,111 103,345 94,964116 CARREFAMILY 20,878 10,878 20,878117 CARREFAMILY (MOHAMMADPUR) 22,878 22,878 22,878118 CENTRAL HOSPITAL LTD. 37,920 18,580 18,960119 CENTRO 13,820 7,672 34,120120 CHAITALY ENTERPRISE 101,463 (255,644) 93,043121 CHALDAL.COM 90,004 402,775 72,373 122 CHEMIST LABORATORIES LTD. 3 3 100,003123 CHINA PARK CHINESE & THAI RESTAURANT 960 960 960124 CHITTA MASTER STORE 47,515 (30,398) 499,190125 CHOICE TRADERS (TANGAIL) (3,039,645) (2,332,489) (736,613)126 CHOITY TRADERS (GHATAIL) - 355,149 - 127 CHOWDHURY & SONS (15,938) (186,479) (26,802)128 CIVIC MEDIA LTD. (1) (1) (1)


31-Dec-2019 30-June-2020 30-June-2019

77


31-Dec-2019 30-June-2020 30-June-2019

Amount in BDT

129 COMBE RESTAURANT 1 - (60)130 CONCORD PHARMACEUTICALS LTD. 1,737,307 204,003 83,001131 CSD EXCLUSIVE SHOP - 1,215,695 - 132 DAILY SHOPPING 511,439 (17,015) 38,902133 DAILY SUN 104 - 5,472134 DAILY SUPER SHOP 38,833 8,833 38,833135 DAYS HOTEL DHAKA 9,295 3,842 3,840136 DELTA PHARMA LTD. - - 5,400137 DESH LOGISTICS CO. LTD. - 343,350 - 138 DHAKA COMMUNITY HOSPITAL - 22,320 10,800139 DHAKA STORE (MATLAB) 57,344 37,592 (643)140 DHAKA STORE (2,423) (2,423) (2,423)141 DHALI SUPER SHOP 94,786 24,648 62,308142 DIDAR ENTERPRISE (MAIJDEE) (1,060,239) (775,808) (21,186)143 DIPA STORE 201,672 14,441 113,572144 DIPLOMAT'S BAZAAR 8,784 17,382 168145 DIRD GROUP 4 4 4146 DISHA TRADERS 207,967 65,388 197,368147 DISHARI ENT (SHIBGONJ, CHAPAI) (16,790) 132,877 219,519148 DOREEN HOTEL & RESORTS LTD. 17 17 17149 DOZA ENTERPRISE (1) (1) (1)150 DR.AZMAL HOSPITAL LTD. - 5,760 - 151 DURJOY ENTERPRISE (BHANDARIA) 595,189 793,976 51,623152 EAST COAST GROUP 3,840 - - 153 EAST WEST MEDIA GROUP LTD. 7,296 7,296 7,296154 EDISON GROUP (SB TEL ENT.LTD) 992 992 5,472155 EKOTA STORE (PANCHDONA) 158,748 66,596 52,518156 ELECTRIC POINT 6,475 6,475 6,475157 EPSILON CNG & LPG CONVERSION 6 6 - 158 ES TECHNOLOGY LTD. - (1) - 159 ETCETERA BANGLADESH (PVT.) LTD. 14,290 850 15,250160 FAHIM ENTERPRISE (KULIARCHAR) (162,925) (59,928) - 161 FAIR PRICE VARITIES STORE (PANGSHA) 138,617 (5,601) (69,611)162 FAIRUZ ENTERPRISE (FENI) (2,346,955) (784,276) (1,246,485)163 FAMILY NEED LTD. 13,351 13,351 13,351164 FAMILY NEEDS LTD. (492) (492) (492)165 FAMILY NEEDS LTD.-2 (184) (184) (184)166 FAMILY WORLD PVT.LTD. 3,724 3,724 3,724167 FARAZY HOSPITAL LTD. - - 72,000168 FAST TAPES & CHEMICALS LTD. (1) (1) (1)169 FATEMA STORE 5,315 5,315 5,315170 FATEMA TRADERS (SONARGAON) 197,820 116,035 386,964171 FERDOUSI STORE (BAKERGANJ) 152,530 (18,912) 34,050172 FLOOR 6 RELOADED - - 1,595173 FOOD CHAIN ASIA LTD. 12,600 12,600 37,800174 FOOD LAND CAFE 1 1 1175 FOOD SQUARE (UTTARA) 960 960 960176 FOUR SEASONS 218,667 - - 177 FOUR STAR ENTERPRISE - 86,332 192,388

78


31-Dec-2019 30-June-2020 30-June-2019

Amount in BDT

178 FOYSAL TRADERS (12,281) (12,281) (12,281)179 FYI.COM LIMITED - 6,299 - 180 GAUSIA AHMEDIA ENT (MADUNAGHAT) 492,434 492,434 652,203 181 GAWRANGA BHANDAR 773,418 15,785 1,234,113 182 GAWRANGA STORE (73,453) (73,453) (73,453)183 GAZI INTERNATIONAL - 24,999 - 184 GEETA & SONS (SUNAMGONJ) (80,842) (466,303) 432,220 185 GLOBAL BRAND PVT. LTD. 19,828 27,582 (3)186 GLOBE PHARMACEUTICALS LTD. 1 1 1 187 GMART SUPER MARKET LTD. 62,186 62,186 62,186 188 GOPAL CHANDRA SAHA (C) 5,271 5,271 5,271 189 GOPAL CHANDRA SAHA (M) 16,160 16,160 16,160 190 GREENLINE PARIBAHAN (RAJARBAGH) - 97,499 - 191 GULSHAN CLUB 15,360 23,040 7,680 192 H.R.TRADERS (DOHAR) (521,774) 61,042 36,110 193 HAMEEM ENTERPRISE (NANGALKOAT) (131) - (17,950)194 HANIF PARIBAHAN 59,400 46,840 25,920 195 HANIF PARIBAHAN (ARAMBAG) - 22,320 - 196 HANNAN & SONS (ULIPUR) 11,160 - - 197 HANNAN STORE (BADARGONJ) 9,079 (93,415) 82,042 198 HAQUE & CO. (DRYCELL) LTD. (280,702) - (28,442)199 HAQUE & CO.(DRYCELL) LTD. - (28,442) - 200 HAQUE ENTERPRISE (BIANIBAZAR) - (166,181) - 201 HAQUE ENTERPRISE (GOAINGHAT) (39,811) (27,684) - 202 HAQUE STORE 38,433 71,496 38,433 203 HAREZ & SONS (GAFARGAON) 69,939 7,816 (42)204 HARUN & BROTHERS (KERANIHAT) (1,227) (293,532) (23,307)205 HASAN ENTERPRISE (AAKHAURA) (116,061) (193,535) 4,535 206 HAWLADER TRADERS (MOTHBARIA) 833,156 574,388 734,660 207 HAZI HELIMUDDIN (93,386) (477,938) 42,935 208 HAZI HURMUZ ALI 256,604 128,302 128,302 209 HAZI ISMAIL KHAN STORE (FAKIRHAT) (939,637) (724,237) (233,072)210 HAZI MOSTAFA ENTERPRISE (HATIA) (53,736) 261,552 (444)211 HAZI SAMIDUL ENT (SHERPUR) 188,420 238,460 (392,297)212 HAZI STORE (RANGAMATI) (1,244,067) 146,805 (306,063)213 HEALTH & HOPE HOSPITAL - 5,018 - 214 HEALTHCARE PHARMACEUTICALS LTD. 92 92 92 215 HEMEL COSMETICS (129) (129) (129)216 HOTEL ASHRAFEE 3,725 6,514 2 217 HOTEL GIVENCI INT'L 3,672 3,672 3,672 218 HOTEL GRACE 21 24,699 - - 219 HOTEL LE MERIDIAN 15,360 20,712 131,218 220 HOTEL ORCHARD SUITES 38,400 15,360 15,360 221 HOTEL PURBANI INT'L. 33,840 76,800 19,200 222 HOTEL RAZMONI ISHA KHA 1,680 33,840 32,400 223 HOTEL THE CAPITAL 7,751 7,751 7,751 224 HOTEL TROPICAL DAISY - - 9,300 225 HOTEL VICTORY LTD. 16,659 13,019 11,161 226 HRIDOY CONFECTIONERY (DOMAR) (22,595) (24,352) (79,822)

79


31-Dec-2019 30-June-2020 30-June-2019

Amount in BDT

227 HUMAYUN STORE 121,815 78,209 (3,342)228 IBN SINA DIAG & CONSL. (MALIBAG) 20,671 12,751 25,218 229 IBNI ZIA ENTERPRISE (500,193) (532,850) (532,850)230 IBRAHIM CARDIAC HOSPITAL & R.INST. 1,463,228 19,082 16,642 231 IBRAHIM STORE (MIRPUR) - 1,413,929 - 232 ICDDRB 1,299 1,299 1,299 233 IDEA TRADING (5) (5) (5)234 IKRA ENTERPRISE (1,812,216) 52,782 2,978,242 235 INCOS INDUSTRIES 844,928 844,928 844,928 236 INDEPENDENT24.TV (1) (1) (1)237 INNOTEL BUSINESS BOUTIQUE HOTEL - - 3,840 238 INSAF BARAKAH K & G HOSPITAL - - (0)239 INT.FED.OF RED CROSS & RED CRES. 7 7 7 240 INT'L CONVENTION CITY BASHUNDHARA 30,412 1,404 25,458 241 ISHAQUE STORE 224,000 120,249 4,090 242 ISLAM TRADING ZONE (FENCHUGONJ) - (132,344) - 243 ISPAHANI ISLAMIA EYE INSTITUTE & HOSPITAL - - 8,350 244 J.F.ENTERPRISE (FATIKCHARI) (3,706) (40,926) (3,290)245 J.M.T. ENTERPRISE 194,389 24,682 11,104 246 J.S. TRADING 4,075 4,075 4,075 247 JAHAN ENTERPRISE (MIRRERSHARAI) (119,036) (12,596) 82,919 248 JAHANARA CLINIC - - 960 249 JAHEDA ENTERPRISE (BEERGONJ) (107,120) (51,602) (37,516)250 JALIL & SONS (NARAYANGONJ) 325,296 80,789 (158,540)251 JANANI TRADERS (BEERGONJ) - (20,513) - 252 JANATA DISTRIBUTION (86,261) (164,102) 481,040 253 JANOPRIYA STORE (51,855) (40,563) 467,768 254 JAWAD ENTER MARK 46 46 44 255 JEEBAN KUMAR PAUL (DURGAPUR) (61,647) (132,750) 195,225 256 JENSON & NICOLSON BD. LTD. - 18,750 41,460 257 JEWEL STORE (MONIPUR, GAZIPUR) (93,849) (12,128) - 258 JEWEL STORE (GOURIPUR) (2,652) 114,912 - 259 JONONI FASHION & DIST (KANAIGHAT) (110,469) (223,598) (82,040)260 JONSON & NICHOLSON (BD) LTD. 41,460 - - 261 JOTY STORE (HALUAGHAT) (52,791) (791) 39,130 262 JOY ENTERPRISE (NATORE) 96,917 19,767 20,179 263 JOY ENTERPRISE (NORSHINGDI) 290,237 71,417 1,595 264 JOYANTA KUMAR SAHA (BHANGA) 141,160 (25,231) 126,231 265 JOYJEET ENTERPRISE (JURI) (14,294) 71,028 (141,355)266 JUDUL MUGNI ENT (JAMALPUR) 734,635 (400,279) (52,148)267 JULPHAR BANGLADESH LTD. 1 1 1 268 KABAB FACTORY 220 3,940 3,720 269 KABIR TRADERS (1,406,404) (536,572) 406,029 270 KAKOLI STORE (JIBONNAGAR) 33,380 (6,921) (224,373)271 KAMRUL ENTERPRISE (COAT BAZAR) (1,799,852) (471,248) (206,293)272 KASHINATH DHAR 6,400 6,400 6,400 273 KEFAYET & BROTHERS (134,740) 220,282 109,580 274 KHALEQUE ENTERPRISE (221,390) (452,138) (414,480)275 KHALID CORPORATION 384 383 (1)

80


31-Dec-2019 30-June-2020 30-June-2019

Amount in BDT

276 KHALID ENTERPRISE (BAGAACHRA) (64,463) 48,161 217,071 277 KHAN ENTERPRISE (BIANI BAZAR) (1,736) (1,736) (1,736)278 KHAN TRADERS 206,979 67,104 (146,399)279 KISHORE & BROTHERS 49,302 (762) (46,415)280 KISHORE & BROTHERS (KONABARI) 1,069,724 1,541,634 1,388,926 281 LABAID GROUP 56,002 282 56,002 282 LAKSHMAN CH.SAHA 35,416 161,425 283,713 283 LAL TEER SEED LTD. 3,443,640 1,048,597 811,601 284 LANKABANGLA FINANCE 229 6,965 4,800 285 LAVENDER SUPER STORES LTD. 87,074 142,788 115,917 286 LAXMI NARAYAN BHANDER (HABIGONJ) (45,019) (105,887) (273,607)287 LINK3 TECHNOLOGIES LTD. 16,960 7,052 26,376 288 LITON ENTERPRISE (COAT CHANDPUR) 76,198 77,858 108,578 289 LITON STORE (MOHANGONJ, NETROKONA) - (22,975) - 290 LOKNATH BHANDER 66,944 66,944 66,944 291 LOKNATH ENTERPRISE (MADHOBPUR) (72,615) (509,363) (28,887)292 LUCKY STORE (337,701) (701) (337,701)293 LUXMI BHANDER 77,656 196,237 (7,752)294 M.A. MAJID (KULAURA) 270217 (74,270) (74,270) (74,270)295 M.R. ENTERPRISE (SREEPUR) 45,758 365,368 323,716 296 M.S.TRADERS (NAOGAON) 106,279 106,279 106,279 297 MA BABA STORE 16,110 16,110 16,110 298 MAA ENTERPRISE (JAINTAPUR) 34,290 14,200 660,520 299 MAA ENTERPRISE (BAROLEKHA) (217,629) (122,234) (78,950)300 MAA ENTERPRISE (HAZIGONJ) (156,168) (242,241) - 301 MAA KALI STORE (BABUGANJ) 134,667 14,392 118,475 302 MABILA&SYED TRADING (PATIA) 34,371 202,034 14,187 303 MAHFUZ ENTERPRISE (JESSORE) (220,760) (220,760) (220,760)304 MAHI ENTERPRISE (ASHULIA) (79,664) (207) (76,745)305 MAHIMA TOURS & TRAVELS LTD. 960 960 960 306 MAJUMDER ENT (FULGAZI) (677,032) (447,542) (27,982)307 MAKKA STORE (CHOWMUHANI) (71,939) 175,571 262,979 308 MAKSUDUR RAHMAN (294,148) (362,976) 90,051 309 MALEK BAKERY (5,760) (5,760) - 310 MAMUN ENTERPRISE (MYMENSING) 72,089 623,233 217,236 311 MAMUN TRADING (NAJUMIAR HAT) (446,215) (652,000) - 312 MANNAN STORES 217,425 686,101 (8,407)313 MARICO BANGLADESH LTD. 15 15 15 314 MASUM STORE (JATRABARI) 3,353,893 2,799,545 4,432,176 315 MASUM STORE (JANGI SHIBPUR) 2,941 (39,014) (26,852)316 MAYA ENTERPRISE (7,197) (7,197) (7,197)317 MAYER DOA (CHUADANGA) (215,282) 13,424 97,939 318 MD ASHRAF ALI (12,737) (12,737) (12,737)319 MD.BADRUL ALAM MAZNU (SYLHET) 243,544 744,168 (1,496,318)320 ME TIME RESTAURANT - 960 - 321 MEDINOVA MEDICAL SERVICE 196 336 195 322 MEENA BAZAR 454,798 374,451 489,457 323 MEHEDI MART 511,001 345,701 642,101 324 MEHEDI STORE 682,446 (35,517) 814,286

81

Amount in BDT

325 MEHRUMAH CORPORARTION LTD. 197,002 197,002 197,002 326 MEMENTO INTERNATIONAL LTD. 900 900 900 327 METAL AGRO LTD. 16,207 - 10,848 328 MILLENNIUM INFORMATION SOLUTION LTD. 112 112 112 329 MILON BHANDER (PATAR HAT) 841,881 233,414 245,967 330 MILON STORE (BASHURHAT) 3,607 3,607 3,607 331 MIM ZIM ENTERPRISE (N.PUR, ASHULIA) (130,830) (247,786) - 332 MITHUN GEN.STORE (SATIHAT) 79,707 (55,236) (8,229)333 MIZAN STORE (GAZIPURA) 69,361 (173,937) (4,885)334 MIZAN TRADERS 94,630 100 (9,459)335 MOHAMMAD ALI & SONS (1,747,697) (620,625) (277,719)336 MOHAMMAD HOSSAIN 377,634 629,926 407,771 337 MOHAMMAD HOSSAIN (RETAIL) 3,598,032 3,983,240 3,908,417 338 MOHAMMAD ISMAIL 21,627 70,097 200,408 339 MOHANANDA KARMAKAR & SONS (TANGAIL) (377,608) (377,608) (377,608)340 MOHONA DISTRIBUTION NET. (188,190) 96,350 260,272 341 MOLLA ENTERPRISE (NAWABGONJ) - (41,302) - 342 MONDOL GROUP 60,115 - 2,200 343 MONICOPHARMA LTD. (3) (3) (3)344 MOSTAFA TRADERS (TONGI) (235,937) 165,809 230,456 345 MOTALEB STORE (HOMNA) 1,713 (172,198) (52,639)346 MUMTAJ MAHAL RESTAURANT & CONVENTION CENTR (36) (36) (36)347 MUMU ENTERPRISE (FATIKCHHARI) - (167,270) - 348 MUNSHI CONFECTIONERY (BARISAL) 27,827 27,827 372,221 349 MURAD STORE (GODAGARI) 72,161 (229,859) (8,286)350 MY TV (8) (8) (8)351 N.S. CORPORATION 182,570 182,570 182,570 352 N.S.ENTERPRISE (CHANDRAGHONA) 61,490 61,490 61,490 353 NABARUPA STORE (RAMGANJ) (148,432) (10) (17,247)354 NABILA BOUTIQUES LTD. 3,840 3,840 3,840 355 NAHIYAN TRADERS (SHATHIBARI) (19,276) (19,276) (19,276)356 NANDAN (DHANMONDI) 11,592 19,557 11,921 357 NANDAN (GULSHAN) 27,678 27,678 27,678 358 NANDAN (GULSHAN-2) 5,570 5,570 5,570 359 NANDAN (KAKRAIL) 10,244 10,244 10,244 360 NANDAN (UTTARA) 12,989 12,989 12,989 361 NASCENT GARDENIA 7,200 7,200 7,200 362 NASCENT GARDENIA MANDARIN 3,840 3,840 - 363 NASIR GROUP (1) (1) (1)364 NASRIN ENTERPRISE (NARAIL) (29,880) (29,880) (29,880)365 NAVANA PHARMACEUTICALS LTD 23,246 - - 366 NAVANA REAL ESTATE LTD. (112,025) - 21,274 367 NAZIR STORE (BARANGAIL, MANIKGONJ) - 205,905 - 368 NEELA ENTERPRISE (PAGLA BAZAR) 340,873 483,002 354,201 369 NEW O.K. ENTERPRISE 2,914 2,914 2,914 370 NEW SUPER SEEDS STORE (CHAKORIA) (2,544,460) (1,658,264) (104,385)371 NEW ZEALAND DAIRY PRODUCTS BD. LTD. 4,118 4,118 4,118 372 NEWS24 - - 9,120 373 NIBARAN CHANDRA SAHA 133,690 764,021 111,837

Aging Balance31-Dec-2019 30-June-2020 30-June-2019

Party NamesSl.No.

82

Amount in BDT

374 NIKHIL STORE (AARANI, RAJSHAHI) 113,169 14,151 571 375 NILOY COSMETICS (KALIHATI) (1,523,064) (1,062,168) (422,984)376 NITAI CHANDRA SAHA 134,526 54,437 404,048 377 NITOL MOTORS LTD. 2,251 2,251 823 378 NIYATY STORE (COMILLA) (505,190) - (47,445)379 NIZAM STORE (MONPURA) 85,281 109,366 (3,200)380 NOORJAHAN ENTERPRISE 102,010 102,010 102,010 381 NORANDRA LAL SAHA 409,058 675,287 550,060 382 NORTHERN UNIVERSITY BANGLADESH 3,438 7,013 10,118 383 NOVOAIR 46,773 32,661 73,464 384 NRB GLOBAL BANK LTD. 15,807 20,064 4,792 385 NTV 12,480 8,640 - 386 NUSRAT TRADERS 53,356 486,759 65,229 387 NUVISTA PHARMA LTD. (1) (1) (1)388 OCEAN PARADISE HOTEL & RESORT - 372,010 - 389 OCTAGON FIBERS & CHEMICALS LTD. 6 6 6 390 OCEAN PARADISE HOTEL & RESORT 37,200 - - 391 OLYMPIC INDUSTRIES LTD. 2,363,341 3,973,881 267,041 392 OMC GROUP 256 256 - 393 OMNI CONCEPT (3) (3) (3)394 ORBIS TRADE NETWORK 1 2 (0)395 ORION INFUSION LTD. 285,000 1 1 396 ORION PHARMA LTD. (150,000) 108,571 - 397 PACIFIC OFFICE EQUIPMENT 186,927 450,000 - 398 PACIFIC TRADERS - 222,477 1,292 399 PADMA CONFECTIONERY & GEN. STORE (50,810) (127,922) 162,471 400 PADMA ENTERPRISE (PEERGACHHA) (93,700) (17,291) 79,893 401 PANTAO THAI CUISINE 930 930 - 402 PAPRIKA RESTAURANT & CONVENTION CENTER - - 960 403 PARAMOUNT TEXTILE LTD. 8,663 22,164 11,372 404 PARTHA TRADERS (SREENAGAR) (55,634) (330,775) (315,244)405 PAUL & BROTHERS (GALACHIPA) 7,075 172,397 212,115 406 PAUL & BROTHERS (KALKINI) (16,435) (4,616) (728)407 PENINSULA CHITTAGONG LTD. 19,688 4,432 22,617 408 PERVEZ TAHMID & CO. (5,898) (5,898) (5,898)409 PETRA PRODUCTS 66,964 55,804 - 410 PICK & PAY SUPER MARKET 23,739 23,739 23,739 411 PICK & PAY-2 (UTTARA) 22,295 22,295 22,295 412 PLATINUM GRAND 38,396 - 7,680 413 POLASH STORE (MEHERPUR) 23,126 414,936 166,638 414 POLICE SHOPPING MALL 28,347 4,152 21,142 415 POPEYES PLUS RESTAURANT & CONVENTION HALL 1 1 1,920 416 POPULAR DISTRIBUTION MART (BASHURHAT) (1,763,132) (633,378) (534,001)417 POPULAR PHARMACEUTICALS LTD. 824,999 39,285 - 418 POPULAR STORE 55,956 467,837 441,389 419 PRAAVA HEALTH 3,841 7,681 1 420 PRAN-RFL GROUP 5 7 52,544 421 PRIANKA COMMUNITY CENTER - 900 - 422 PRICE CLUB WHOLESALE LTD. 16,777 16,777 16,777


Party NamesSl.No.

83

Amount in BDT

423 PRINCE BAZAR (MIRPUR) 51,238 63,285 14,577 424 PRINCE BAZAR (MOHAMMADPUR) 14,639 54,329 10,089 425 PRINCE BAZAR (POLLOBI) 60,618 43,943 43,486 426 PRINCE BAZAR (SHAMOLY) 21,094 58,643 51,999 427 PRIYANA ENT (SHERPUR, BOGRA) 19,194 198,695 311 428 PRODEEP SAHA STORE (MUKTAGACHHA) (55,299) (352,206) 88,392 429 PROGATI PROSHADHANI (52,854) - - 430 PROGATI STORE 28,355 66,706 (5,913)431 PROTAP STORE (NOWAPARA) 2 831,320 111,706 432 PROTTOYA ENTERPRISE - 2 - 433 PURNIMA TRADERS (HATHAZARI) (979,417) (443,682) 612,026 434 QDL SALES CENTER (KHILKHET) (1,484) (1,484) (1,484)435 QUALITY INN (PVT.) LTD. 3 3 3 436 QUASEM FOOD PRODUCTS LTD. 7,113,575 2,565,657 4,267,997 437 R.B.ENTERPRISE (SITAKUNDA) - - (30,533)438 R.K.TRADING (BHOLA) (121,675) (31,112) 220,996 439 R.N. ENTERPRISE (ATHAROBARI) 160,104 61,570 (66,168)440 R.P. CORPORATION 31,057 117,738 14,992 441 R.P.BROTHERS (KAPASIA) (62,793) (28,600) (71,563)442 RADIANT EXPORT IMPORT ENTERPRISE - 21,717 - 443 RADIANT NUTRACEUTICALS LTD. 139,153 110,820 (11)444 RADIANT PHARMACEUTICALS LTD. 162,666 78,483 (7)445 RADISSON WATER GARDEN HOTEL (18,767) (53,917) (6,395)446 RAFEZ ENTERPRISE (HATIA) (28,562) (28,562) (28,562)447 RAFIQUL ENTERPRISE (BONDAR N.GONJ) 20,699 528,439 22,494 448 RAJA TRADING (MOULAVIBAZAR) (218,072) (77,893) 107,814 449 RAJIB STORE (FATIKCHARI) (784,576) (291,178) - 450 RAJU STORE (SATKHIRA) (1,636,295) (366,606) 309,338 451 RANA TRADERS 84,459 110,146 92,113 452 RAZZAQUE TRADERS (NAOGAON) 149,357 90,854 (6,915)453 REGENT HOSPITAL LTD. 3,600 3,600 3,600 454 REHAN CORPORATION - 6,240 - 455 REKHA ENTERPRISE (KASHINATHPUR) 3,218 3,218 3,218 456 RENATA LTD. 48,673 1,573 82,500 457 REZA ENTERPRISE (432,099) (593,429) (113,942)458 REZA TRADERS (KUMARKHALI) 337,764 337,764 (74,058)459 RICHMOND HOTEL & SUITES 7,200 7,200 7,200 460 RIFAT ENTERPRISE (1) (1) (1)461 RIFAT TRADING CORPORATION 29,482 29,482 29,482 462 RIGS INNS 3,600 - 3,600 463 RON'S COSMETICS 26,012 26,012 (26,012)464 ROYAL PARK HOTEL 5,760 5,760 5,760 465 ROZY STORES 240,285 108,918 243,633 466 RUMA ENTERPRISE (BARISHAL) (162,738) 60,653 - 467 RUMPA ENTERPRISE (MIRZAPUR) 176,370 476,010 10,132 468 RUNNER GROUP 7,073 491 7,073 469 RUNNER MOTORS LTD. (41,462) (2,386) (28,214)470 RUNNER MOTORS LTD. (080119) 33,583 1,089 33,583 471 RURA ENTERPRISE (305,540) (305,540) (163,321)

Aging Balance31-Dec-2019 30-June-2020 30-June-2019Party NamesSl.

No.

84

Amount in BDT

472 S.M. TRADERS (BOGURA) (47,557) (512,420) - 473 S.S.ENTERPRISE (DIRAI) 5,494 40,795 (114,223)474 S.S.ENTERPRISE (LALMOHON) 66,557 353,832 186,548 475 SAAD MUSA CITY CENTER 15,417 15,417 15,417 476 SABUJ & BROTHERS (KASHINATHPUR) 141,837 12,154 (70)477 SABUJ TELECOM (SHARIATPUR) 95,819 92,250 174,245 478 SABUJ VARIETY STORE (186,071) - 1,579,691 479 SABUJ VARIETY STORE (BHABER BAZAR) - 222,797 - 480 SABUJ VARITIES STORE (ISHWARDI) 53,750 2,910 (100,314)481 SADEK STORE 173,794 353,914 281,425 482 SADIA FOOD PRODUCTS (DOULATPUR) (197,151) (458,814) 2,832 483 SAHA BROTHERS (9,729) (9,729) (9,729)484 SAHA STORE (BOALMARI) (104,591) 101,234 115,574 485 SAHA STORE (MAGURA) 314,250 5,647 237,803 486 SAIFUL STORE (CHARFASHON) (165,221) (39,456) 167,610 487 SAIRU HILL RESORT - 3,600 - 488 SAJEEB LOGISTICS LTD. (ONE STOP) 60,754 56,834 60,754 489 SALAUDDIN SPAECIALIZED HOSPITAL LTD. 3,840 3,840 3,840 490 SALMA TRADERS 1,005 1,005 1,005 491 SAMAR ENTERPRISE (BANSHKHALI) (611,767) (635,418) (2,535)492 SANAT STORE (ISHWARDI) 1,851 1,851 701 493 SANGJOG 288,278 (5,873) 414,472 494 SANKAR KUMAR SAHA 137,521 217,857 563 495 SARKAR COSMETICS & DIST (SREEPUR) (5,974) (5,974) (5,974)496 SARKAR ENTERPRISE (CHANDINA) 36,024 110,552 (78,114)497 SATATA ENTERPRISE (KESHORHAT) 176,257 (109,637) (7,289)498 SATHI ENTERPRISE (2,107,997) (1,025,186) 71,659 499 SATHI ENTERPRISE (KOLAKOPA) (313,514) - 202,126 500 SATHI ENTERPRISE (KOLAKOPA) - 486,486 - 501 SAWMENDRA NATH SAHA 53,333 441,143 200,087 502 SAYED ENTERPRISE (GABTOLI, BOGURA) (232,196) (481,798) - 503 SAYEMAN BEACH RESORT LTD. 92,794 158,229 139,200 504 SENA HOTEL DEVELOPMENTS LTD. 45,526 65,628 30,777 505 SHADHIN TRADERS 5,207 5,207 5,207 506 SHAH AMANAT TRADERS (SITAKUNDA) (754,950) (550,651) 51,559 507 SHAHABUDDIN MEDICAL COLLEGE HOSPITAL 3 3 3 508 SHAHADAT STORE 2,106 2,106 2,106 509 SHAHID STORE (FULBARIA) (25,389) 86,280 (13,426)510 SHAHIN & BROTHERS 283,833 160,393 (14,531)511 SHAHJALAL STORE (COMPANYGONJ, SYL) (14,629) 35,058 - 512 SHAKIL STORE (BOKSHIGONJ) - 365,011 - 513 SHAMSUL HAQUE STORE (AJMERIGONJ) - 210,429 - 514 SHAMSUL TRADERS (SHIBGONJ, BOGURA) (172,470) 557,752 - 515 SHAMUTSHUK ENTERPRISE 7 9 7 516 SHARMIN STORE (50,040) (308,788) (19,550)517 SHEIKH RAKIB UDDIN (GOPALGANJ) 393,029 656,526 160,443 518 SHISHIR TRADERS (AARAIHAZAR) (265,674) 41,985 1,104,900 519 SHOHAG STORE (KAZIRHAT) 29,907 391,085 37,606 520 SHOP N SAVE LTD. 39,462 12,461 48,731


Party NamesSl.No.

85

Amount in BDT

521 SHOPARU.COM - 1 - 522 SHOPUP.COM.BD - 2 - 523 SHOWROOM SALES - - 1,993 524 SHUBOD KR ROY (COLACOPA) (228,963) (93,963) (228,963)525 SHULOVE STORE 307,102 479,029 92,307 526 SHUTA GHAR (5,874) (5,874) (5,874)527 SHYAMAL KRISHNA SAHA - 369,329 - 528 SHYAMOLI PARIBAHAN (SHYAMOLI) 69 69 69 529 SIGHT SAVERS INTERNATIONAL (59) (59) (59)530 SKYLINK HOTEL LTD. - 1,860 - 531 SOHEL ENTERPRISE (BISHWAMVARPUR) (30,659) (208,285) (42,895)532 SOMA ENTERPRISE (3,086) 11,408 40,188 533 SONALI INTELLECTS (1) 1 - 534 SONALI POLARIS FT LTD. 4 4 1 535 SREE KRISNA STORE 353,477 154,657 (719)536 SREE PRODIP KUMAR KUNDU (CHATMOHOR) 59,674 109,967 29,445 537 SREEGURU ENTERPRISE (8,527) (8,527) (8,527)538 SU SAMPAD STORE (SARISABARI) (211,348) (344,292) (51,811)539 SUBARNA STORE (PATHARGHATA) 173,393 679,287 (2,189)540 SUCHEE ENTERPRISE (DHAMRAI) 321,365 457,051 101,547 541 SUFIA MOTORS (149,250) - - 542 SUJON STORE (PATGRAM) 25,323 78,982 27,664 543 SULTANS DINE 3,720 - - 544 SUMON TRADERS (DURGAPUR) 53,711 53,711 53,711 545 SUN TRADE INT'L (MUNSHIGONJ) 9,571 168,842 (154,174)546 SUNDARBAN HOTEL 7,752 8,064 1 547 SURAIYA MARKETING (NILPHAMARY) (6,221) (72,216) (145,588)548 SURAJIT TRADERS (RAJBARI) 374,653 72,234 138,750 549 SUNLITE TRADING AND SERVICES - 30,403 - 550 TAHER STORE 3,747,221 - 3,390,453 551 TAMIM ENTERPRISE (SINGAIER) (31,650) (274,332) 238,548 552 TANVIR TRADERS (HATIBANDHA) (7,567) 3,118 (105,456)553 THAKUR BUSINESS POINT (AAMTOLI) 42,187 22,221 295,756 554 THE ARTISAN 5,400 3,874 - 555 THE DAILY STAR 477 601 60 556 THE GOLDEN SUN RESTAURANT & PARTY CENTER 120 120 - 557 THE MIRAGE 1 1 1 558 THE OLIVES 14,880 7,440 11,623 559 THE PRANDIUM 900 900 1,860 560 THE STUBBORN GOAT 1,121 1,121 1,121 561 THE WAY DHAKA 208,387 - 8,160 562 TILAM ENTERPRISE (KUMARKHALI) - 167,837 - 563 TOKOYO SUPER SHOP 4,418 4,418 4,418 564 TOUFIQ&MAHI ENT(BANCHARAMPUR) (14,652) (14,652) (14,652)565 TRUST ENTERPRISE (LICHUBAGAN-CHANDROGHONA) (964,319) (1,030,290) 31,551 566 TRUST FAMILY NEEDS 143,240 135,073 149,682 567 TRUST FAMILY NEEDS-2 59,817 78,925 54,920 568 TUHA ENTERPRISE (SHATHIBARI) (134,486) (100,921) 20,931 569 TURKISH BAZAR - - 960


Party NamesSl.No.

86

Amount in BDT

570 TUSTI TULI ENTERPRISE (PANGSHA) (6,682) (6,682) (6,682)571 UNIMART 123,174 214,256 159,671 572 UNIQUE HOTEL & RESORTS LTD. 145,098 54,070 65,809 573 UNITED HOSPITAL LIMITED 69,496 70,444 101,600 574 UNITED TRADERS (CHHATAK) (1,909,246) (822,100) (1,152,436)575 UNIVERSAL MEDICAL COLLEGE & HOSPITAL LTD. 22,320 17,940 25,104 576 US-BANGLA AIRLINES 1,938 - 213,156 577 UZZAL TRADERS 48,440 48,440 48,443 588 VERITAS PHARMACEUTICALS LTD. 18,002 7,994 68,001 579 WATERFALL RESTAURANT CONVENTION HALL 6,819 10,539 3,099 580 WAZED COSMETICS (PANGSHA) (81,274) 5,726 (81,274)581 WHITE HALL & CATERS - 450 - 582 WHITE HALL CONVENTION CENTER - 240 - 583 WHOLESALE CLUB LTD. 217,180 33,925 - 584 Z SATOTA ENTERPRISE (MATHBARIA) 13,604 (47,490) (56,211)585 ZAARA HANDI CRAFT 811 811 - 586 ZAFOR STORE 19,165 7,801 (7,929)587 ZAKIR ENTERPRISE 32,483 32,483 32,483 588 ZAMAN HOTEL & BIRIYANI HOUSE (860) (860) - 589 ZERO GRAVITY (62) (62) (62)590 ZIA STORE (CHHENGARCHAR) (139,099) (60,889) 8,525 591 ZIPA TRADING (1,410) (1,410) - 13,494,835 26,952,261 48,470,265

13.02 Other Receivables: Tk. 13,075,192Inter company transaction 13,075,192 18,613,547

13,075,192 18,613,547 Inter Company Transaction: Dividend Receivable from QFPL 750,000 750,000QLL Distribution Service Charge 8,955,094 - STSL Distribution Service Charge 48,950 - QFPL Distribution Service Charge 3,321,148 17,863,547 13,075,192 18,613,547

i) This is unsecured and considered good. ii) No provision for doubtful debts has been made in the accounts since there is no doubtful debts. iii) No amount was due by Directors (including Managing Director), Manager and other officers of the company and any of them severally or jointly with any other person.

14.00 Advance Income Tax: Tk. 75,842,729 Year-wise Break-up of AIT: 2006-2007 1,141,019 1,141,019 2014-2015 1,589,088 1,589,088 2017-2018 25,948,712 25,948,712 2018-2019 20,661,321 20,661,321 2019-2020 26,502,589 - 75,842,729 49,340,140


Party NamesSl.No.

87

15.00 Cash and Cash Equivalents: Tk. 36,014,448 Cash in hand 7,911,684 2,806,597

Head office 868,801 1,287,527Factory office 5,751,480 675,773Chittagong office 8,492 15,984Sales office 628,941 707,247Transport office 653,970 120,066Fixed Deposits with Banks (Agrani Bank -A/C 0200012599846) 819,399 778,819Gratuity Fund (Agrani Bank -A/C 57265) 2,363,967 211,549Cash at bank (Note- 15.01) 24,919,399 27,738,570 36,014,448 31,535,536

15.01 Cash at Banks: Tk. 24,919,399

Sl. No. Bank name & Account No.1 Agrani Bank, Principal Branch, Dhaka-A/C # 10439-6 - 431,1972 Agrani Bank, Principal Branch, Dhaka-C/D A/C # 7620-1 11,478,245 6,491,8723 BRAC Bank Ltd. CD A/C # 1505200344824001 326,861 328,4714 BRAC Bank Ltd. STD A/C # 1505100344839001 2,391 2,3915 Dhaka Bank Ltd. A/C # 215-100-7225 70,026 463,0506 Dutch Bangla Bank Ltd. CD A/C # 103.110.14630 3,074,988 8,795,4837 Dutch Bangla Bank Ltd. CD A/C # 105.110.12534 418,923 422,4588 Dutch Bangla Bank Ltd. A/C # 151.110.0011570 583,811 1,437,8889 Dutch Bangla Bank Ltd. A/C # 144.110.0003160 565,719 550,08010 United Commercial Bank Ltd. A/C # 0392101000002768 69,531 8711 Mutual Trust Bank Ltd CD A/C # 7673 4,114,572 4,641,57512 Prime Bank Current A/C # 10411070007577 940 94013 Sonali Bank Current A/C # 33014133 3,692,733 3,813,48914 Sonali Bank Ltd.Gorai.Tangail Current A/C # 200000533 319,354 156,37415 Southeast Bank STD A/C # 000213100001525 13,763 14,60416 State Bank of India A/C # 05420170420001 187,542 188,612 24,919,399 27,738,570

30-June-201930-June-2020Amount in BDT

16.00 Share Capital:Tk. 629,667,030 Authorized Share Capital: 2,000,000,000 2,000,000,000 200,000,000 Ordinary Shares of BDT 10 each

Issued, subscribed and paid up capital:19,200,000 Ordinary Shares of Tk. 10 each fully paid in cash 192,000,000 192,000,0003,840,000 Ordinary Share of Tk. 10 each ( 20% Bonus) 38,400,000 38,400,0004,608,000 Ordinary Share of Tk. 10 each ( 20% Bonus ) 46,080,000 46,080,0002,764,800 Ordinary Share of Tk. 10 each ( 10% Bonus ) 27,648,000 27,648,0003,041,280 Ordinary Share of Tk. 10 each ( 10% Bonus ) 30,412,800 30,412,8003,345,408 Ordinary Share of Tk. 10 each ( 10% Bonus ) 33,454,080 33,454,0803,679,949 Ordinary Share of Tk. 10 each ( 10% Bonus ) 36,799,488 36,799,4884,047,943 Ordinary Share of Tk. 10 each ( 10% Bonus ) 40,479,422 40,479,422

88

Name

MD & ChiefExecutive OfficerDirectorDirectorDirectorDirectorSponsorSponsorSponsorSponsorSponsorSponsor

Mr. Tasvir Ul Islam Dr. Reyan Anis Islam Ms. Nafisa Quasem Mr. Sameed Quasem Ms. Samira Rokaiya Quasem Late Mainul Islam Late Saleena Begum Khadiza Shamim Late Begum Marium Late Ashraful Huda Ataur Rahaman

9.48

2.00 2.03 2.00 2.00 0.31 0.29

11.88 0.00 0.00 0.00

30.00

9.48

2.00 2.03 2.00 2.00 0.31 0.29

11.88 0.00 0.00 0.00

30.00

5,969,763

1,260,788 1,279,172 1,259,422 1,261,061

197,975 183,834

7,479,044 2 2 2

18,891,065

5,579,219

1,178,307 1,195,488 1,177,030 1,178,562

185,024 171,808

6,989,762 2 2 2

17,655,206

Designation% of Total Shares

30-06-2020 30-06-2019No. of Total Shares

30-06-2020 30-06-2019

Others: Institutions 24.70 22.16 15,553,972 13,039,227 General Shareholders 45.30 47.84 28,521,666 28,152,953 70.00 70.00 44,075,638 41,192,180

100.00 100.00 62,966,703 58,847,386

The above balance has been received from the following:

The Shares of the Company are listed on the Dhaka and Chittagong Stock Exchanges and quoted price at lowest Tk. 24.00 and highest Tk. 48.20 per share and lowest Tk. 24.00 and highest Tk. 45.00 per share respectively.

Range with shareholding position:

Holdings of Shares No. of shareholders % of shareholders Number of Total shares2020 2019 2020 2019 2020 2019

7,325 4,063

411 228 100

42 19 42 54 12

12,296

7,727 4,330

439 254 97 41 25 49 39 11

13,012

1.96 10.45 4.69 5.17 3.88 2.33 1.38 4.81

23.06 42.29 100.00

2.25 12.04 5.20 6.11 4.10 2.40 1.92 5.70

19.95 40.34

100.00

1,231,755 6,577,218 2,952,068 3,257,959 2,440,307 1,464,282

866,595 3,026,848

14,520,842 26,628,829 62,966,703

1,322,222 7,084,225 3,058,350 3,593,129 2,410,590 1,414,370 1,127,482 3,354,318

11,742,728 23,739,972 58,847,386

1 to 500 501 to 5,000 5,001 to 10,000 10,001 to 20,000 20,001 to 30,000 30,001 to 40,000 40,001 to 50,000 50,001 to 100,000 100,001 to 1,000,000 Over 1,000,000 Total


8,014,928 Ordinary Share of Tk. 10 each ( 18% Bonus ) 80,149,290 80,149,2906,305,077 Ordinary Share of Tk. 10 each ( 12% Bonus ) 63,050,770 63,050,7704,119,317 Ordinary Share of Tk. 10 each ( 7% Bonus ) 41,193,170 -

629,667,030 588,473,860

Directors/Sponsors

89


18.00 Reserve and Surplus: Tk. 222,421,557

17.00 Share Premium: Tk. 198,000,000

Type of Share Premiumper Share

Year ofIssue

No. ofShares

Right ShareRight ShareBonus Share*Right ShareRight Share

1996-971997-981997-981998-991999-00

Tk. 10 eachTk. 15 each

- Tk. 15 eachTk. 15 each

3,000,000 7,800,000

- 2,600,000 1,600,000

30,000,000 117,000,000 (12,000,000)

39,000,000 24,000,000

198,000,000

30,000,000 117,000,000 (12,000,000)

39,000,000 24,000,000

198,000,000

30-06-201930-06-2020

* Bonus shares were issued out of share premium under Section 52(2)(a) of the Companies Act, 1994.

Surplus Available for Appropriation 80,779,857 126,883,970 Dividend Equalisation Fund 7,500,000 7,500,000 General Reserve 8,500,000 8,500,000 Income Tax Reserve 3,717,262 3,717,262 Revaluation Reserve Realised 121,924,438 106,290,974 222,421,557 252,892,206 19.00 Revaluation Surplus: Tk. 902,817,965 The amount represents the revaluation surplus of fixed assets of the company. The movement of this account is shown below:

Opening Balance 914,543,063 926,683,268 Less: Deferred Tax Liability - - Less: Realised during the Year 11,725,098 12,140,205 902,817,965 914,543,063

Terms & Conditions of Term Loan:The Company is enjoying term loan facility against Auto Finance. Terms & Conditions of the loan is as below:

20.00 Term Loan: Tk. Nil Lanka Bangla Finance Ltd. 5,379,227 11,050,607 Bay Leasing & Investment Ltd. 1,134,143 1,717,170 6,513,370 12,767,777 Current maturity of Long term loan 6,513,370 8,501,784 Long term maturity of Term loan - 4,265,993

Name of theInstitutions

Lanka BanglaFinance Ltd.and A/C No.0009-704-00000002Lanka BanglaFinance Ltd.and A/C No.0009-704-00000002

14.25% 5 yearsMonthly (Starting

from 17February, 2015.)Monthly (Starting

from 15October, 2015.)

13.00% 5 years

Rate ofInterest

Tenor RepaymentTerm

Security

Monthly (Startingfrom 31

December, 2016.)12.50% 4 years

Bay Leasing &Investment Ltd.and Agr. No.102-201-00228

a. Registration and comprehensive Insurance of vehicle favoring Lanka Bangla Finance Ltd. jointly with QIL.

b. Personal guarantee of the following directors of Quasem Industries Ltd. (i) Mr. Tasvir Ul Islam, (ii) Ms. Reyan Anis Islam, (iii) Ms Nafisa Quasem, (iv) Mr. Sameed Quasem.

c. Post dated cheques.

90


23.01 Sundry Creditors for Goods and Service: Tk. 10,648,4291 Accounts Payable 4,763,701 836,889 2 Agrani Enterprise 3,565 3,565 3 Al - Sariat Co. 1,479,410 1,519,990 4 Al-Shariat Packaging 249,037 331,480 5 Andora Enterprise 33,323 33,323 6 C.B.C. Marketing 150,796 444,916 7 D.P.C. Industries Ltd. 336,691 363 8 Dohar Mill Stores 1,305,985 1,014,423 9 Karnaphully Transport Agency - 469,387 10 Nicon Advertising 186,839 121,074 11 Sincos Engineers Ltd. 231,125 357,645 12 United Leasing (A/C A R Plastic Ind.) 1,907,957 3,645,663 10,648,429 8,778,717

23.00 Trade and Other payables: Tk. 98,596,700

21.00 Deferred Tax-Liability: Tk. 173,661,207 Opening balance 169,320,881 165,437,403 Add : Deferred tax -Liability during the period 8,248,692 7,930,213 177,569,573 173,367,616 Less: Deferred tax Assets for revaluation surplus realised 3,908,366 4,046,735 173,661,207 169,320,881

Quasem Industries Limited obtained the lease finance facilities against its HPC machineries at Metal Products Unit & vehicles from IDLC, Uttara Finance & Investment Limited and National Finance Ltd. The detail of lease obligation is provided below.

There has been no expense incurred relating to short-term leases, leases relating to low-value assets, and variable lease payments as the entity has non of those.

Sundry Creditors for Goods and Service (Notes: 23.01) 10,648,429 8,778,717 Sundry Creditors -Others (Notes: 23.02) 53,441,745 23,677,533 Provision for Expenses (Notes: 23.03) 26,515,098 19,310,982 Security deposits 230,317 230,317 CBA Contribution 2,595 2,595 Dividend payable 350,540 472,545 Inter company payable (Notes: 23.04) 7,407,976 32,197,084 98,596,700 84,669,774

22.00 Lease Liabilities: Tk. 129,484,621

Opening balance 155,154,697 - Add: Transfer/ addition during the year 4,800,000 155,154,697 Less: Payments made during the year (30,470,076) - 129,484,621 155,154,697 Current portion of Lease liabilities 25,091,601 21,009,561 Non-current portion of lease liabilities 104,393,020 134,145,136 129,484,621 155,154,697

Detail Break-up of Deffered Tax Liability for the FY 2019-20 is given below:Accounting Depreciation Tax Depreciation Difference Applicable Rate Deferred Tax Liability

62,791,591 95,786,359 32,994,769 8,248,69225%

91


23.02 Sundry Creditors - Others: Tk. 53,441,745

1 Accounts Payable 899,652 1,048,177 2 Azmot Auto Electric 2,200 2,200 3 Bashundhara Motors 6,200 6,200 4 Dhaka Paper Products Ltd. 173,374 500,100 5 Digital Autocare 145 145 6 Electricity Expenses Payable (H/O) 123,698 134,759 7 Express Insurance Co. 39,984 18,173 8 Faruk Jute & Cotton Supplies 54,900 63,420 9 Global Online/Aamra Networks Ltd. 91,386 - 10 Gotia Printing & Publication 5,808 5,808 11 IDLC Bangladesh Ltd. 117,014 117,014 12 J.A.N Associates 14,400 18,000 13 Z.K Plastic Ltd. 19,286 20,001 14 J.K Stationery 157,080 186,423 15 Jamal Motors 108,248 73,310 16 Mercantile Insurance 173,395 173,395 17 Mohakhali Autos 694,459 278,124 18 Murad Automobiles 446,350 203,100 19 Olympic Industries (BCL) 5,374,020 464,015 20 P/F A/C 15,086,596 477,499 21 Ply Packeging Ltd 6,045,586 5,804,812 22 R K Enterprise 399,965 237,910 23 Republic Insurance Company Ltd. - 27,426 24 Sincos Automation Technologies Ltd. 73,452 113,800 25 Trade VAT Payable 9,628,236 3,248,274 26 VAT Payable on Distribution Service Charge 2,932,524 738,616 27 WASA Bill Payable (H/O) 6,878 6,878 28 Create Alternative Development For Eng. & Tech. 30,000 30,000 29 S.R Enterprise 49,773 49,773 30 Showroom ( Chittagong ) 4,583 4,583 31 New Noor Motors 60,736 25,270 32 United Agencies - 200 33 Zishan Enterprise 193,400 143,200 34 Mahbub Automobiles Establishment 40 40 35 Macaw Cargo Ltd. 2,796 2,796 36 Northern General Insurance Co. - 44,988 37 Rawshan Traders 34,200 34,200 38 New Desh Products 268,640 181,740 39 New Globe Battery & Tyre `11,018 - 40 Media House 47,301 146,301 41 B.L AD 66,380 59,005 42 Aim Advertising & Marketing 2 2 43 Titas Hardware Stores 231,800 168,000 44 Bengal Flexipac Ltd. 1,739,168 2,214,104

92


45 One World Printers 385,812 579,412 46 Singular 67,914 67,914 47 Brothers Motors 37,882 16,990 48 Multibrand Workshop Ltd. 180,228 125,363 49 A.M Automobiles 155,200 134,250 50 A.E.G Engineering 1,135,310 2,010,325 51 Nitol Motors Ltd. 914,068 4,358,068 52 New Light Corner 27 27 53 Bangladesh Monospole Paper Mfg. Co. 65,000 18,000 54 Graphic Trade House 1,475 1,475 55 Asha Motors 867 867 56 Akhter Furnitures Ltd. 20,586 23,562 57 Blue Polymer 800 800 58 Powerpac Engineering Co. - 12,700 59 Prabartana AD. 22,000 22,000 60 Bashundhara Auto Parts 82,856 63,760 61 Reflect Media 26,776 126,776 62 National Finance Ltd. 194,290 194,290 63 Ad Gerden 102,892 10,475 64 FNF Automation Works - 28,680 65 Jamuna Fire Fighting 13,150 12,932 66 Nitol Motors Ltd.(Service) 51,098 8,999 67 Level Crossing 4,858 4,858 68 Polite Advertising 103,700 101,200 69 MN Communication 112,000 112,000 70 Saturday Advertise 65,000 5,000 71 Jessore Tyre Retreading 3,000 46,700 72 R. B. Motors 48,432 35,234 73 Reliance International - 166,822 74 Sanji Automobiles 29,065 16,200 75 Dristy Communication 46,261 198,435 76 Sree Bikash Shutradhar 6,557 15,055 77 Pharhome Trading Ltd. 5,000 5,000 78 Active Environmental Technology - 48,200 79 Smart Technologies (BD.) Ltd. - 357,000 80 Webable Bangladesh Ltd. 30,000 81,700 81 Smart Printing Solutions Ltd. 77,036 47,897 82 Green International - 389,414 83 Butterfly Marketing Ltd. - 382,830 84 A-Cubed Ltd. 1 86,353 85 Colorplus Masterbatch Mfg. Ltd. - 19,750 86 Laugfs Gas (BD) Ltd. 519,811 1,199,922 87 Quasem Foods Products Limited 112,596 (4,531,480)

Party NamesSl.No.

93

23.03 Provision for Expenses: Tk. 26,515,0981 Managing Director/CEO's Salary & Benefits 573,100 561,550 2 Lease Rent (Car) - 1,204,934 3 Salary Factory (MPU-Can) 105,190 114,562 4 Salary Factory (MPU-Printing) 764,661 745,180 5 Wages (MPU-Can) 290,001 291,888 6 Wages (MPU-Printing) 68,641 26,694 7 Audit fees 437,500 460,018 8 BSTI Charges 1,984,020 1,515,749 9 Factory Electricity Bill 652,168 623,812 10 Factory Electricity Bill (MPU) 303,475 154,109 11 Gas Bill (MPU) 31,262 49,200 12 Generator Fuel MPU 39,000 84,500


88 Northern Islami Insurance Ltd. 8,803 - 89 Jantrajan Karigar Pvt. Ltd 1 - 90 Mumma Nursary 468 - 91 Shiblu Construction 50,400 - 92 Jhoti AD 152,174 - 93 Exelent Auto Ltd. 163,125 - 94 R.M Motors 76,335 - 95 Speed Power Electronics 15,500 - 96 Pest Guard 30,000 - 97 Fate 985,270 - 98 CRAB 188,125 - 99 Jaijaidin Publications Ltd 57,520 - 100 Media New Age Ltd. 57,200 - 101 Meem Motors 1 - 102 GM Construction 22,681 - 103 SQ Wire & Cable Co. Ltd. 455,000 - 104 H.S Traders 45,880 - 105 Monico Technologies Ltd. 500 - 106 Shafin Traders 7,250 - 107 Niloy International 1,050 - 108 Ad One 90,000 - 109 Al-Ham Printing & Can Mfg. 106,761 - 110 Hatil Complex 117,000 - 111 Millennium Service Centre Ltd. 200 - 112 Jonson & Nicholson (Bd) Ltd. 417,384 - 113 Global Brand Private Ltd. 336,400 - 114 Mohammadia Automoblle & Body Builders 4,800 - 115 Allahar Dan Motor Parts 15,700 - 53,441,745 23,677,533

Party NamesSl.No.

94

24.01 Income Tax: Tk. 54,463,784 Year-wise Break-up 2019-2020 6,450,369 - 2018-2019 8,339,861 8,339,861 2015-2018 (WPPF Over Charged) 259,554 259,554 2017-2018 19,991,879 19,991,879

23.04 Inter Company Payable: Tk. 7,407,976

Quasem Lamps Ltd. 7,407,976 32,197,084 7,407,976 32,197,084

24.00 Accruals and Provisions: Tk. 68,311,542

Income Tax (Note- 24.01) 54,463,784 44,493,128 Workers' Profit Participation Fund (Note- 24.02) 13,847,758 16,437,758 68,311,542 60,930,886

Quasem Lamps Ltd. is considered as related party and shown in supplier list as well as related party disclosure note.


13 Office Rent (Bogra) 21,600 - 14 Office Rent (Chittagong) 41,800 38,000 15 Office Rent (Mymensingh) 20,420 12,488 16 Garage Rent (Rangpur) 10,000 3,000 17 Office Rent (Rangpur) 22,400 33,600 18 Salary 10,952,114 11,447,865 19 Fuel Bill (Factory) QIL 363,944 191,816 20 Staff welfare H/O - 93,750 21 Gas Bill-Zinc Calot 167,292 206,621 22 Wages-H.P Can making 98,026 206,797 23 Salary-H.P Can making 114,429 111,750 24 Salary-H.P Can Filling 248,750 70,625 25 Wages-H.P Can Filling 195,989 225,668 26 Wages-H.P Component 30,762 - 27 Sales Incentive - 8,177 28 VDS Payable Agst.QFPL Dist.Service Charge - 290,207 29 Director's Salary & Benefits 220,375 215,000 30 Provision For Office Rent-H/O 684,400 - 31 Provision For Tour Exp 1,316 - 32 Provision For Lease Interest payable-HPC MPU 7,758,103 - 33 Provision For Lease Interest payable-Haval Vehicles 109,359 - 34 Lease Rent Quasem Zinc Limited Factory 205,000 323,420 26,515,098 19,310,982

Party NamesSl.No.

95

2015-2016 2,315,002 2,315,002 2012-2013 2,616,513 2,734,068 2011-2012 11,271,770 6,955,451 2010-2011 3,218,836 3,897,313 54,463,784 44,493,128


24.02 Workers' Profit Participation Fund (WPPF): Tk. 13,847,758 Opening balance 16,437,758 18,843,298 Charged during the period 2,944,701 3,254,015 Less : Excess Charged 2015-2018 - (1,038,217) Less : Paid during the period (5,534,701) (4,621,338) 13,847,758 16,437,758

26.00 Revenue: Tk. 1,375,224,052

Item Unit Qty.RateIncl.VAT

RevenueIncludingVAT & SD

RevenueIncludingVAT & SD

VATAmount

VATAmount

2019-2020 2018-2019

25.00 Short Term Loan & Bank Overdrafts: Tk. 584,744,467

CC Hypo A/C-MTBL 161,525,052 154,616,140 Loan General-MTBL 106,679,873 21,103,231 LTR-MTBL 16,103,974 4,871,617 Demand Loan-MTBL 67,796,940 - Term Loan-MTBL 55,864,290 267,451,680 UPAS-MTBL 176,774,337 95,627,927 584,744,467 543,670,595

These are secured by first charge mortgage on the inventories, investments and floating assets and second charge on the fixed assets of the company.

UM-1HS (VINYL) UM-3 (Green)UM-3 (HD)UM-3 (HD 2PC:Card)UM-3 (HSVJ)UM-3 Extra (HD)UM-4 BatteryUM-4 BatteryEcono 3AAL-Mnf.Super Econo TorchT.Light ABS 2D/TL-30T.Light ABS 3D/TL40F.Light 2D1LEDF.Light 3D1LEDPrinted Tin PlateMetal ProductsHigh Pressure Can

Ctn./120Ctn./480Ctn./480Ctn./480Ctn./480Ctn./480Ctn./480Ctn./960Ctn./120Ctn./120

Ctn/24Ctn/24

Ctn./120Ctn./120

SheetPcsPcs

51,863 25

96,815 432

20,978 852

53,642 3,727

736 134

20 92

5 - - - -

1,668 2,818 2,818 2,818 2,358 2,818 2,358 4,600

10,925 23,000

4,025 4,600 5,621 9,367

- - -

86,481,886 70,438

272,774,854 1,217,160

49,455,635 2,400,978

126,461,406 17,144,200

8,040,800 1,541,000

80,500 423,200

28,106 -

36,786,817 77,200,019 14,414,778

11,280,246 9,188

35,579,329 158,760

6,450,735 313,171

16,494,966 2,236,200 1,048,800

201,000 10,500 55,200

3,666 -

4,842,302 10,069,567

1,880,188

70,299,339 127,363

306,094,117 -

53,162,844 7,128,191

106,086,351 18,485,100 16,794,830

2,835,038 281,865 563,040

50,591 65,567

30,008,738 69,825,565

5,679,373

9,169,479 16,613

39,925,320 -

6,934,284 929,764

13,837,350 2,411,100 2,190,630

369,788 36,765 73,440

6,599 8,552

3,914,183 9,107,682

740,788

Manufacturing:

96

Item Unit Qty. RevenueIncluding

VAT

RevenueIncluding

VATVAT

AmountVAT

Amount

2019-2020 2018-2019

TradingBattery :UM-4 HD (STRIP)UM-1 (HS VJ)UM-3 (HD)UM-3 (HD) GreenUM-3 Extra (HD)UM-3HS (VJ)UM-3HD (CARD)UM-4 -2 B

Ctn./960Ctn./120Ctn./480Ctn./480Ctn./480Ctn./480Ctn./480Ctn/480

3,713 51,767

101,819 29

948 21,235

428 56,034

29,828,697 149,744,695 561,134,636

159,802 5,415,359

89,974,521 2,369,653

225,198,211

1,420,414 7,130,700

26,720,697 7,610

257,874 4,284,501

112,841 10,723,724

35,947,722 116,339,916 594,125,068

301,955 12,930,729 96,968,907

5,022 185,278,875

1,711,796 5,539,996

28,291,802 14,379

615,749 4,617,567

239 8,822,804

FLASH LIGHT-3D ABS (L)FLASH LIGHT-2D ABS (L)FLASH LIGHT- 2D 1 LED3D1LEDR. Lamp 3D 20LEDEcono 3AALECONO SUPER FL (L)

Ctn./120Ctn./120Ctn./120Ctn./120

Ctn./18Ctn./120Ctn./120

84 22 2 - 1

779 143

762,258 152,325 21,656

- 900

16,179,517 3,210,408

36,298 7,254 1,031

- 43

770,453 152,877

944,562 380,831 95,483 55,694 3,600

31,354,666 5,802,482

44,979 18,135 4,547 2,652

171 1,493,079

276,309

Flash Light :

Jasmine-300 mlRose-300 mlLemon Grass-300 ml

Ctn./24Ctn./24Ctn./24

4,550 710

3,946

16,178,102 2,522,313

14,164,527

770,386 120,110 674,501

14,227,796 3,065,648

11,088,475

677,514 145,983 528,023

Air Freshner

Item Unit Qty.RateIncl.VAT

RevenueIncluding

VAT

RevenueIncluding

VATVAT

AmountVAT

Amount

2019-2020 2018-2019

Round CanCarbon Rod UM-4Linning Compound (Food Grade)Linning Compound (Ind. Grade)Zinc OxideZinc Calot-UM-3(Olympic)Zinc Calot-UM-4(Olympic)Plastic Cap (Air Fresner)Plastic CapPilfer CapGhee Cap (dia- 52)Ghee Cap (dia- 65)Ghee Cap (dia- 99)

PcsPcsKg.Kg.Kg.Kg.Kg.PcsPcsPcsPcsPcsPcs

- 279 300 300

2,000 5,000 5,000

970,911 -

640,150 371,950 144,534

20,562

- 460 598 598 610 230 370

3 -

1.50 1.73 2.30 4.03

9,188,923 128,225 179,400 179,400

1,219,000 1,150,000 1,851,500 3,349,643

- 957,024 641,614 332,428

82,762 713,781,696

1,198,555 16,725 23,400 23,400

159,000 150,000 241,500 436,910

- 124,829

83,689 43,360 10,795

93,145,981

14,860,937 - - - -

2,962,400 2,221,800

- 2,594,993

- 347,415 338,273

40,733 710,854,463

1,938,383 - - - -

386,400 289,800

- 338,477

- 45,315 44,123

5,313 92,720,147

Amount in BDT

Sub Total

97

Amount in BDT

Item Unit Qty. RevenueIncluding

VAT

RevenueIncluding

VATVAT

AmountVAT

Amount

2019-2020 2018-2019

TradingRojonigondha-300 mlLemon -300 mlSeabreeze-300 mlJasmine-125 mlRose-125 mlLemon-125 mlRojonigondha-125 mlLemon Grass-125 mlSeabreeze-125 mlLavender - 300 mlAnti Tobacco - 300 mlHasna Hena - 300 ml

Ctn./24Ctn./24Ctn./24Ctn./48Ctn./48Ctn./48Ctn./48Ctn./48Ctn./48Ctn./24Ctn./24Ctn./24

3,488 5,815

127 287 16

468 179 396

4 1,285 1,838 1,892

12,423,423 20,669,255

447,109 1,143,262

56,258 1,700,341

689,102 1,543,508

12,666 4,635,319 6,575,266 6,723,810

591,592 984,250 21,291 54,441 2,679

80,969 32,814 73,500

603 220,729 313,108 320,181

11,183,694 13,540,022

380,900 1,017,459

318,840 1,703,978

683,826 1,198,239

27,010 4,783,386 6,290,116 6,566,032

532,557 644,763 18,138 48,450 15,183 81,142 32,563 57,059 1,286

227,780 299,529 312,668

Body Spray:Cool Water - 150 mlEmotion - 150 mlKiss - 150 mlSecret - 150 mlSignature - 150 mlWild - 150 ml

Ctn/24Ctn/24Ctn/24Ctn/24Ctn/24Ctn/24

1,102 23 23 23

1,437 718

4,060,332 84,673 85,310 85,116

5,307,316 2,627,551

193,349 4,032 4,062 4,053

252,729 125,121

4,313,491 273,767 280,091 186,895

5,681,275 3,262,953

205,404 13,037 13,338 8,900

270,537 155,379

Gas Lighter :1A-501A-251A-Color1L1M1SE-1

Ctn./1000Ctn./1000Ctn./1000Ctn./1000Ctn./1000

Ctn./600Ctn./300

12,937 285 726

4,114 76 13

144

107,383,914 2,365,499 6,025,799

49,367,994 630,800 76,830

528,768

5,113,520 112,643 286,943

2,350,857 30,038 3,659

25,179

446,039,524 7,376,800

27,560,549 214,326,034

2,704,286 502,164

3,101,176

21,239,977 351,276

1,312,407 10,206,002

128,776 23,913

147,675 Sun Chips :Tomato Tango - 80 gmTomato Tango - 38 gmTomato Tango-V Cut-22 gmMix Masala - 80 gmMix Masala - 38 gmMix Masala-V Cut- 22 gmGarlic & Chilli - 38 gmGarlic & Chilli-V Cut-22 gmWasabi -38 gmPrawn Crakers - 20 gmThin & Crispy - SP

Ctn./60Ctn./80Ctn./80Ctn./60Ctn./80Ctn./80Ctn./80Ctn./80Ctn./80Ctn./80Ctn./80

630 789

1,798 663

1,104 1,697

592 124 615 155

1,177

1,498,488 1,204,937 1,474,832 1,574,973 1,707,675 1,402,720

900,446 113,374 962,492 139,531

1,055,894

71,357 57,378 70,230 74,999 81,318 66,796 42,878 5,399

45,833 6,644

50,281

1,830,009 1,422,247 1,908,006 1,839,419 1,990,147 1,484,709 2,288,412

- 1,248,638

- 1,541,555

87,143 67,726 90,857 87,591 94,769 70,700

108,972 -

59,459 -

73,407 Shaving Foam:WAVE Shaving Foam - 200 ml Ctn./12 2,998 4,780,677 227,651 - -

98

Amount in BDT

Item Unit Qty. RevenueIncluding VAT

RevenueIncluding VAT

VATAmount

VATAmount

2019-2020 2018-2019

1,379,763,538 65,703,664 2,093,545,234 158,849,645 183,024,405

1,896,386,632 90,304,257 2,607,241,095

Sub TotalGrand Total

Butane Gas:Butane Gas Ctn./24 6,680 10,686,951 508,902 8,613,555 410,169

27.00 Cost of Goods Sold: Tk. 1,088,041,939 Opening finished goods 86,640,142 131,380,470 Add: Materials used in production (Note: 27.01) 764,698,406 1,190,989,305 Manufacturing Cost (Note: 27.02) 298,074,558 279,927,720 1,062,772,964 1,470,917,024 Less: Closing finished goods (61,371,167) (86,640,142) 1,088,041,939 1,515,657,352

Gross RevenueLess:Return

Less:Inter Departmental Sale/ Transfer

Less:Value Added TaxSupplimentary DutyDebit NoteAdd:Fractional DifferenceNet Revenue

2,093,545,234

- 2,093,545,234

551,480,769 1,542,064,464

158,849,645 7,925,078

65,690

1 1,375,224,052

2,607,241,095

1,929,046 2,605,312,049

559,607,031 2,045,705,018

183,024,405 7,175,439

159 1,855,505,333

Revenue Reconciliation:

27.01 Materials used in production: Tk. 764,698,406Opening Raw and packing materials 160,501,858 159,315,445 Purchase of raw and packing materials 1,359,600,493 1,747,203,137 Less: Inter Departmental Purchase/Transfer (551,480,769) (559,607,031)Net purchase 808,119,723 1,187,596,106 Raw and packing materials available 968,621,581 1,346,911,551 Less: Closing raw and packing materials (204,051,009) (160,501,858)Raw and packing materials consumption 764,570,572 1,186,409,693 Add: Opening Work In Process (WIP) 17,593,021 22,172,633 Less: Closing Work In Process (WIP) (17,465,187) (17,593,021) 127,834 4,579,612 764,698,406 1,190,989,305

2018-20192019-2020

It seems that, overall revenue has decreased compared to previous year. This was happen, because from September 2019, the management of Quasem Industries Limited and Quasem Lamps Limited decided to terminate their trading relationship, meaning that sales of Quasem Lamps products are no longer reflected in the revenue of Quasem Industries Limited.If we compare the standalone sales of Quasem Industries Limited, actual sales has been increased compared to previous year.

99

2019-2020 2018-2019Amount in BDT

27.02 Manufacturing Cost: Tk. 298,074,558Bonus 35,598,718 16,354,042 BSTI Fees 468,271 359,818 Spare & Maintenances (Vehicles) 1,606,435 1,697,718 Carriage Inward 91,470 58,470 Depreciation 45,218,539 34,156,376 Electricity Charges 10,891,863 11,449,305 Entertainment 1,139,771 1,130,928 Factory Office Maintenances 419,159 444,366Fuel & Oil 3,748,648 3,135,709 Gas Bill 1,838,114 2,900,840 General Expenses 1,353,668 1,479,614 Human Resources Development 21,307 34,543 Insurance 1,949,807 1,516,458 Lease Rent 1,200,000 40,153,634 Medical & Welfare 2,931,668 2,890,443 News Paper & Periodicals 14,508 14,204 Stationery Expenses 742,160 645,438 Postages & Telephone 69,609 197,241 Product Development 1,226,179 1,642,268 Registration & Renewals 111,112 47,450 Rent, Rates & Taxes 231,928 240,650 Repair & Maintenances 5,730,115 6,721,170 Repair & Maintenances (Computer) 39,908 21,240 Repair & Maintenances (Factory Building) 1,192,618 989,232 Wages 59,304,141 55,436,107 Salary 70,388,697 63,184,563 OT & Allowances 20,543,847 7,370,484 Gratuity Expenses 8,144,867 6,871,182 Earned Leave Expenses 695,299 214,217 Provident Fund Expenses 790,596 645,045 Stores & Spares 5,371,732 5,314,208 Daily Allowance 1,537,650 - Labour Charges 962,350 - Tour & Allowance 1,308,000 1,595,500 Travelling & Conveyance 2,984,110 2,078,695 Delivery Charges 6,170,420 7,495,130 Uniform 758,358 422,686 Fees & Charges 185,713 13,280 Bank Charge & Interest 19,100 43,829 VDS on Expenses 42,978 192,864 Indirect Materials Expenses 1,031,126 768,773 298,074,558 279,927,720

100

2019-2020 2018-2019Amount in BDT

29.00 Administration Expenses: Tk. 137,008,944

Salaries & Allowances 69,563,767 63,550,307 Gratuity 2,381,223 2,036,618 Earned Leave 1,590,515 1,047,811 Provident Fund Contribution 4,597,000 3,890,120 Bonus 16,366,915 15,738,170 Charity & Donation 39,320 40,950 Depreciation 11,853,621 12,385,770 Managing Director/CEO's Salary & Benefit 6,807,900 6,490,200 Managing Director/CEO's Bonus 496,650 452,550 Director's Salary & Benefit 2,832,625 2,665,500 Electricity Charges 541,221 1,174,299 Entertainment 330,482 709,497 Fees & Other Charges 1,330,770 1,428,150 Human Resources Development 64,129 86,938 Insurance Premium 262,779 276,542 Internet 514,284 786,015 Rent, Rates & Taxes 585,388 11,118 Meeting Expenses 531,210 578,207 General Expenses 473,014 618,703 News Papers & Periodicals 46,828 52,962 Office Maintenance 722,319 740,075 Postages & Telegram 102,884 31,363 Stationery Expenses 580,218 529,089 Registration & Renewals 47,382 71,645 Medical & Welfare 7,440 - Repair & Maintenances 125,500 2,750 Computer Maintenances 293,530 310,019 Right Share Written Off 65,186 69,499 Audit Fees 375,000 343,750 Bonus Share Transfer Fees 61,341 - Tour & Allowances 51,400 1,635,500 Staff Welfare 356,710 209,009 Telephone & Trunk Calls 574,554 595,633 Travelling & Conveyance 140,818 1,513,276 Uniform 137,302 115,865 Fuel, Oil & C.N.G 3,097,112 4,399,817

28.00 Net Distribution Service Income: Tk. 101,101,465

Quasem Food Products Ltd.Quasem Lamps Ltd.Sunlite Trading & Service Ltd.Total

Entity Name Net Dist.Service Income VAT Gross Total Gross Total 34,431,073 65,579,681 1,090,711

101,101,465

5,164,661 9,836,952

163,607 15,165,220

39,595,734 75,416,633 1,254,318

116,266,685

34,897,354 - -

34,897,354

101

2019-2020 2018-2019Spare & Maintenances (Vehicles) 1,414,631 2,471,872 WASA Bill - 131,424 B.S.E.C Complaince 114,480 176,920 Board Meeting Expenses - 662,500 Bank Charge & Interest 34,068 51,068 Legal Expenses 60,940 65,000 Office Rent 6,513,600 1,085,600 Trade Mark Exp. 266,800 - Travelling & Daily Allowance 656,084 462,343 137,008,944 129,694,444

30.00 Selling & Distribution Expenses: Tk. 125,710,946Advertisement 959,783 384,484 Delivery Charges 6,444,134 8,710,231 Depreciation 5,719,431 5,765,355 Electricity 439,242 508,427 Entertainment 504,495 571,680 Insurance Premium 208,983 233,314 Insurance Premium (Khilkhet Stock) 41,957 30,291 Miscellaneous 143,296 117,394 News Papers & Periodicals 18,226 19,679 Office Rent 168,668 237,526 Office Maintenances 852,654 580,101 Fuel, Oil & C.N.G 5,769,017 4,243,203 Postages & Telegram 138,285 167,815 Human Resource Development 6,809 - Stationery 685,818 784,193 Gas Bill 62,800 54,000 Sales Incentive & Promotional 3,972,563 222,385 Salaries 35,527,333 33,544,042 Salaries (JSR) 28,769,766 26,770,535 Bonus 5,975,756 4,797,145 Bonus (JSR) 3,854,811 3,771,448 Repair & Maintenances 185,138 275,806 Security Expenses 238,000 213,500 Telephone & Trunk calls 2,561,359 2,840,125 Gardening & Plantation - 600 Travelling & Conveyance 1,479,447 1,261,542 Travelling & Conveyance ( JSR ) 5,187,763 5,712,480 Spare & Maintenances (Vehicles) 847,237 1,192,884 Registration & Renewals 29,924 15,550 WASA Bill 149,142 150,689 Daily Allowance ( JSR ) 7,864,185 8,671,149 Internet Exp 124,893 114,047 Distribution Cost 2,818,581 3,865,526 Trading VAT Penalty 541,310 - Travelling & Daily Allowance ( Tour ) 2,255,989 2,095,061 Product Development 206,175 19,717 Medical Welfare 28,921 40,525

Amount in BDT

102

Repair & Maintenances (Computer) 62,330 92,850 Bank Charge & Interest (DD Com) 160,903 257,144 Dhaka Retail 545,679 315,457 Sales Conference (Internal) 160,145 254,907 125,710,946 118,902,807

31.00 Financial Costs: Tk. 67,493,611CC Hypo A/C-MTBL 16,477,443 18,445,771 Loan General-MTBL 8,619,077 10,612,908 LTR-MTBL 1,675,898 1,611,523CD-MTBL 89,324 70,958 Demand Loan-MTBL 4,453,477 12,366,175 Term Loan-MTBL 20,295,522 12,305,420 Lease Finance Costs 15,533,888 - Bank Charge & Others 348,982 85,805 67,493,611 55,498,560

2019-2020 2018-2019Amount in BDT

32.00 Other Income: Tk. 934,211Miscellaneous Income 934,211 58,663 934,211 58,663

33.00 Income Tax Expenses: Tk. 14,699,061Current tax 6,450,369 8,339,861 Deferred tax 8,248,692 7,930,213 14,699,061 16,270,073 Reconciliation of effective tax rate: Net profit before tax 58,894,016 65,080,296 Current Tax Expense 10.95% 6,450,369 8,339,861 Deferred tax expense 14.01% 8,248,692 7,930,213 Total Tax Expense 24.96% 14,699,061 16,270,074

Expected income tax using applicable tax rate 25.00% 14,723,504 16,270,074 Effective current tax 9.79% 5,766,205 8,339,861 Tax on non-deductible expenses 1.16% 684,165 - Effective Deferred tax 14.01% 8,248,692 7,930,213 24.96% 14,699,061 16,270,074

34.00 Unappropriated Surplus Brought Forward (Re-stated): Tk. 36,584,903

Unappropriated Surplus brought Forward 126,883,970 144,486,577 Less: Dividend - 2019 (70,616,863) (63,050,770)Less: Payment of Expenses for Previous Year (19,682,204) (3,362,059)

103

Gratuity Expenses-Factory (3,617,015) - Bonus-MPU Can (502,613) - Different Expenditure - HP Can (150,352) - Insurance-MPU 37,454 - VDS-Biman Bangladesh Airlines 18-19 (55,767) - Sundries 715,361 - Fractional Dividend (39,271) - Garage & Office Rent (11,460) - Trade VAT Adjustments (14,112,570) - Lease Rental -Car 1,204,934 - VDS Payable Agnst.QFPL Dist. Service Charge 290,207 - Dist. Service Charge Receivable 79,176 - Income Tax Liability Adjustment (3,520,287) Investee's share of profit - 1,064,258 WPPF Over charged (2015-2018) - 1,038,217 Provident Fund Expenses - (824,512)MPU-Deferred Revenue Expenses - (2,100,755)Spare Parts - (7,420)MPU-VAT & Misc. Expenses - (1,040,340)Bank Charges & Interest (Hypo-MTBL) - 1,511,339 Advertisement Expenses - (2,897,853)Other Expenses - (104,993) 36,584,903 78,073,748

2019-2020 2018-2019Amount in BDT

i) During the year under review, the company allowed no compensation to the Chief Executive Officer/Managing Director and Director HR & Administration of the company except remuneration from July'19-December'19 Tk. 561,550 and January'20-June'20 Tk. 573,100 and Tk.2,15,000 from July'19-December'19 & Tk.2,20,375 from January'20-June'20 per month respectivly.

ii) During the year, no amount of money was expended by the company for compensating any member of the Board for special service rendered.

35.00 Other Information

35.01 Payment/Perquisites To Directors:

i) Which may arise on the assessment of income taxes of the company.ii) An amount of Taka 33,758,414 claimed as VAT from the company by VAT authority on the differential

amount of sales value to the distributors and sales value as per MRP shown as commission during

2019-2020 2018-2019Amount/USD

35.02 Transaction in foreign currency

35.03 Contingent LiabilitiesThere are no claims against the company acknowledged as debts excepting claims, if any:

CFR value of import: Raw and Packing materials 3,718,764 3,211,242 Average Exchange Rate on June 30 Conversion rate 85.0300 84.5000

104

During the year, the Company carried out a number of transactions with related parties in the normal course of business. The names of the related parties and nature of these transactions have been set out in accordance with the provisions of International Accounting Standard-24. Related Party Disclosures:

35.04 Related Party Transactions

the year 1996-97, 1997-98, 1998-99.The company filed appeal to the Commissioner Appeal Customs, Excise & VAT by depositing Tk. 1,687,921 against the order of the DC Customs, Excise & VAT and subsequently the company filed appeal to the Appellate Tribunal by depositing Tk.3,375,842 against the order of the Commissioner, Appeal, Customs, Excise & VAT. Appellate Tribunal passed order keeping the order of Commissioner Appeal unaltered. As such the company has filed petition to High Court which is subjudice.The Honorable Court passed the order of stay till disposal of the case.

Amount in BDT30-June-2020ParticularsNo.

(a) Managerial remuneration paid or payable during the year to the directors including Managing directors/CEO and Director HR & Aministartion. 9,420,150 8,959,200 (b) Any other perquisite or benefits in cash or in kind stating, approximate money value where applicable. 717,025 649,050 (c) Other allowances and commission including guarantee commission - - (d) Others. - (i) Pensions - - (ii) Gratuities - - (iii) Payments from a provident funds, in excess of own subscription and interest thereon - - (e) Share Based payments - -

30-June-2019

35.05 Transaction with key Management Personals

Amount In Taka

Name of Company RelationshipNature of

Transaction 2020 2019 2020 2019

Transaction valueyear ended 30 June

Receivable/Outstandingas at 30 June

Quasem Zinc Ltd.

Quasem Zinc Ltd.

Quasem Food Products Ltd.

Quasem Lamps Ltd.

Sunlite Trading & Servise Ltd.



Quasem Lamps Ltd.

-

1,200,000

34,431,073

65,579,681

1,090,711

-

11,156,720

93,218,155

206,676,340

5,812,207

1,200,000

30,345,525

-

-

-

13,920,502

424,637,467

475,915,701

-

(205,000)

3,321,148

8,955,094

48,950

10,000,000

(112,596)

(7,407,976)

14,599,620

-

(323,420)

17,863,547

-

-

10,000,000

4,531,480

(32,197,084)

(125,477)

Sister Concern

Sister Concern

Sister Concern

Sister Concern

Sister Concern

Sister Concern

Sister Concern

Sister Concern

Purchase of Callot

Lease Rent of FactoryPremices

Distribution ServiceCharge



Deposit againstdistribution of product

Purchase of Chips

Purchase ofGas lighter

Total

105

660.15 467.86 53.57 377.47

660.15 467.86

90.39

87.12 49.43 380.74

18.41 14.84 2.90 162.19 11.94

18.41 14.73 2.68 141.90 12.05

Total 30-06-2020

Total 30-06-2019

Total 30-06-2019

Total 30-06-2020

3.02

2.421.81

3.62

4.35

3.19

2.90

3.48

2.55

0.13

0.16

0.55

4.55

4.59

21.43

2.77

3.32

2.00

2.42

1.931.56

0.17

0.331.56

7.04

17.25 99.75

2.25

1.60-

Printed Tin Plate

Semi Auto Can LineHigh Pressure Can

Can Filling:

125/150 ml

250 ml

300 ml

Unit- 3

Under capacity utilization due tolow demand.

Under capacity utilizationdue maintenance/upgradation.Due to new product and Marketdemand is not yet created uptothe mark.

Due to new product andMarket demand is not yetcreated upto the mark.

35.06 Production Capacity Utilization

527.52 379.94 56.32 14.82 323.62

UM-1 & UM-4 Battery

UM-3 Battery

Remarks

Unit - 1 & 2

Item

InstalledCapacity(Million

Pcs)

EffectiveCapacity(Million

Pcs)

Under/OverCapacity(Million

Pcs)

Actual Production% to

EffectiveCapacity

MillionPcs

53.85132.63 87.92 34.07 38.75

106

35.07 Quantitative details of Opening stock, Production/Purchases, Sales/Transfer and Closing stock of Finished/Trading goods:

ParticularsPcsPerCtn.

2019-2020 (Quantity in Cartons) 2018-2019 (Quantity in Cartons)Opening

StockProduction/Purchase

Sales/Transfer

ClosingStock

OpeningStock

Production/Purchase

Sales/Transfer

ClosingStock

48,543 95,658

317 -

20,936 432

- 52,092

3,372 -

715 - - - 20 77 -

120 - - -

170,201 1,889,185

- 838,450

16,218 3,181

24,786 6,637 3,190 3,110 1,310 3,679 1,186

48,618 88,269

852 58

19,128 388

- 49,242

3,427 -

720 - 5

- 20 73 -

116 - - -

201,969 1,987,474

- 864,696

18,295 3,326

25,001 6,680 2,998 3,100 1,292 3,619 1,177

57 7,491

4 -

3,294 44 -

6,215 526

11 15

170 157

3 5 9

30 20

6 23 - -

41,168 -

89,920 -

234 620 177 191 125

46 90 44

1,154 25,072

374 108

5,294 359

- 8,069

203 11

202 177 171

3 8

19 30 48

6 23 53

4,957 63,157

- 134,842

99 261 486

9 -

129 20 46 43

43,276 95,759

2,806 -

19,778 - -

42,643 4,843

- 1,599

- - - 54 88 -

254 - - -

336,914 1,554,533

3,000 790,972

88,319 4,200

22,854 5,595

- 4,483 1,566 3,869 1,765

44,297 120,729

2,641 50

23,586 359

- 47,347

4,465 -

1,781 7 9

- 57

102 -

285 - - 53

310,101 1,430,039

3,000 830,248

86,340 4,081

22,505 5,384

- 4,498 1,557 3,885 1,773

132 103 539

58 1,486

- -

3,365 581

11 20

170 162

3 5 5

30 16

6 23 -

31,768 187,651

- 95,566

2,077 379 835 220

- 115

29 31 35

120480480480480480480480960120120120120

242424

100120

247218

Sheet

24

241280608080

UM-1 (Vinyl)UM-3 (HD)UM-3 (HD-Extra)UM-3 (Green)UM-3 (Hi-Sup) -VinylUM-3 (H/D) -TwinUM-4 (Haque)UM-4 Batt (2 pcs - BP)UM-4 Batt (2 pcs - BP)Econo LED (Import-Factory)Econo LED (Factory Made)Flash Light 3D 1LEDFlash Light 2D 1LEDFlash Light 3D ABS (TL-40 Import)Flash Light 2D ABS (TL-30 Factory)Flash Light 3D ABS (TL-40 Factory)Flash Light ABS AAA (MINI-Remote)Super Eco Flash Light (TL-20)Flash Light ALU 3D1WLBi-Cycle LightReading LampPrinted Tin PlateRound/Pressure Can Lub CanPressure Can FillingGas LighterBody SprayAir FreshnerButane GasShaving FoamSun Chips 38 GmSun Chips 80 GmSun Chips 22 Gm (V.Cut)Thin & Crispy-SP(Poly)-22 Gm

132 103 539

58 1,486

- -

3,365 581

11 20

170 162

3 5 5

30 16

6 23 -

31,768 139,457

- 116,166

2,077 379 835 220

- 115

29 31 35

107

B. Basic Earning per Share (EPS): Net Profit 44,171,879 48,810,222 Number of Shares Outstanding 62,966,703 62,966,703 0.70 0.78 C. Net Operating Cash Flow per Share (NOCFPS): Net Cash Flow from Operating Activities 54,105,570 95,539,070 Number of Shares Outstanding 62,966,703 62,966,703 0.86 1.52 D. Reconciliation of Net Profit with cash flows from Operating Activities: Profit before tax 58,894,016 65,080,296 Finance cost 51,959,723 55,498,560 Investment Income (1,427,953) (2,177,953) Share of Net Profit of Equity accounted investees (1,406,476) - Non cash items 43,174,573 50,051,917 (Increase)/ Decrease in Current Assets (29,700,092) (13,749,849) Increase/(Decrease) in Current Liabilities (313,568) 16,995,979 Cash generated from Operations 121,180,134 171,698,951 Tax paid (22,982,302) (20,661,321) Interest paid (44,092,261) (55,498,560) Cash from/ (used in) operating activities 54,105,570 95,539,070

Un-availed credit facilities to the company as on 30 June 2020 are as under:Bank & Branch Name

Mutual Trust Bank ltd.(Gulshan branch, Dhaka)

CC-HypoLTRTerm LoanLoan GeneralUPAS

150,000,00014,600,000

200,300,000101,170,000101,850,000

161,525,05216,103,97455,864,290

106,679,873176,774,337

(11,525,052)(1,503,974)

144,435,710(5,509,873)

(74,924,337)

Nature of loan Credit limit Outstanding Unavailed limit

35.08 Un-availed Credit Facilities:

There are no credit facilities available to the company under any contract (other than credit available in ordinary course of business) at the Statement of Financial Position date.

For the purpose of company’s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the company. The primary objective of company’s capital management is to support long-term strategic ambitions of the company.In order to maintain or adjust the capital structure, the company may adjust the amount of dividend, issue new shares or obtain long-term debt. Company has capital structure and dividend policy approved by its Board of Directors.No changes have been made in the objectives, policies or processes for managing capital during the year ended 30 June 2020.

2019-2020 2018-2019Amount in BDT 35.10 Disclosure Under Requirement of BSEC Notification:

(BSEC/CMRRCD/2006-158/208/Admin/81 , Dated 20 June 2018 )

A. Net Assets Value per share (NAV) Net Asset 1,952,906,552 1,953,909,129 Number of Shares Outstanding 62,966,703 62,966,703 31.01 31.03

35.09 Capital Management:

108



35.16 Event After Reporting Period (IAS-10): i) The Board of Directors in their meeting held on 08 October 2020 have recommended 5% stock dividend (i.e. bonus share for 05 shares against 100 shares) as well as 5% cash dividend on record date for the year ended 30 June 2020 subject to approval of the shareholders' in the Annual General Meeting scheduled to be held on 19 November 2020. The financial statements for the year ended 30 June 2020 do not include the effects of the said dividend which will be accounted for in the period when shareholders' right to receive payments occure. ii) There are no other events identified after the date of the statement of financial position which requires adjustment or disclosure in the accompanying financial statements.

35.11 Commission, Brokerage or Discount: No brokerage and discount against sales was paid during the year.

35.12 Payment Made In Foreign Currency: No expenses including Royalty, Technical Experts & Professional Advisory Fees and Interest etc. were incurred or paid in foreign currencies during the financial year.

35.13 General Expenses: General expenses include the expenses on account of Canteen subsidy, Picnic, Ceremonial, Flowers and Plantation, which have not exceeded 1% of revenue.

35.14 Employee Details: i) Number of employees engaged for the whole year and drawing remuneration Tk. 60,000 and above per annum are 453. ii) Number of employees engaged for the part of the year and drawing remuneration @Tk. 5,000 or less per month are Nil.

35.15 Re-arrange of Last Year Figures: To facilitate comparison, certain relevant balances pertaining to the previous year have been rearranged or reclassified and restated whenever considered necessary to conform to current year presentation.

Director

109

UNIT

- 1 &

2 ( F

ACTO

RY )

Prop

erty

, Plan

t and

Equ

ipm

ents

: T

k. 1,7

89,47

4,942

Sche

dule-

A Fi

gure

in B

DT

HEAD

OFF

ICE

Land

& La

nd D

evelo

pmen

tBu

ilding

& O

ther C

onst.

Plan

t & M

achin

ery

Deep

Tub

e well

De

ep T

ube w

ell

Gene

rator

(Rev

alued

)La

b Equ

ipmen

t (Re

value

d)Of

fice E

quipm

ent

Furn

iture

Tools

and E

quipm

ent

Vehic

lesEl

ectric

al Eq

uipme

ntTe

lepho

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quipm

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Elec

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Insta

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nCo

mpute

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ipmen

tGa

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Insta

llatio

nFir

e Exti

nguis

her

Tota

l (Un

it-1 &

2 Fa

ctor

y)

13,94

3,750

6,

030,2

69

11,54

7,246

- - - - - 10

2,044

- 45

5,040

- - 35

,781 - - -

32,11

4,130

363,8

56,07

0 29

9,252

,347

725,9

35,04

7 31

5,821

69

3,069

3,

925,9

07

3,28

5,923

8,

591,8

59

8,22

3,134

4,

316,2

94

26,83

6,117

7,

277,5

02

4,36

9,288

7,

160,0

94

10,45

2,199

1,

066,7

68

103,9

20

1,47

5,661

,360

- 12

8,118

,725

376,5

91,83

7 26

6,120

59

8,117

2,

568,7

64

2,54

9,999

7,

817,6

92

6,15

4,883

3,

159,6

09

18,93

3,560

5,

200,5

21

3,19

0,806

5,

377,7

93

9,26

5,436

67

0,123

96

,637

570,5

60,62

2

-

4,08

9,049

16

,810,1

49

2,43

9 9,

145

66,59

5 36

,112

109,7

55

191,9

21

163,9

85

753,1

02

200,0

38

113,5

02

170,8

28

168,2

49

38,20

2 70

1 22

,923,7

72

- 13

2,207

,774

393,4

01,98

5 26

8,559

60

7,262

2,

635,3

60

2,58

6,111

7,

927,4

47

6,34

6,803

3,

323,5

94

19,68

6,662

5,

400,5

59

3,30

4,308

5,

548,6

21

9,43

3,685

70

8,325

97

,339

593,4

84,39

5

363,8

56,07

0 16

7,044

,573

332,5

33,06

2 47

,262

85,80

7 1,

290,5

47

699,8

12

664,4

12

1,87

6,331

99

2,701

7,

149,4

55

1,87

6,942

1,

064,9

80

1,61

1,473

1,

018,5

14

358,4

43

6,58

1 88

2,176

,965

- - - - - - - - - - - - - - - - - -

- 2.

5 5 5 10 5 5 15

10

15

10

10

10

10

15

10

10

- - - - - - - - - - - - - - - - - -

349,9

12,32

0 29

3,222

,078

714,3

87,80

1 31

5,821

69

3,069

3,

925,9

07

3,28

5,923

8,

591,8

59

8,12

1,090

4,

316,2

94

26,38

1,077

7,

277,5

02

4,36

9,288

7,

124,3

13

10,45

2,199

1,

066,7

68

103,9

20

1,44

3,547

,229

Buildin

g & Oth

er Cons

t. (F.R T

ower 20

th to 22nd Flo

or)Of

fice E

quipm

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Furn

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Vehic

lesEl

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lepho

ne In

stalla

tion

Comp

uter E

quipm

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111

Schedule-B

Quasem Industries LimitedValue Added Statement


Taka % Taka %2019-2020 2018-2019Particulars

Value Added :

Gross Revenue 1,542,064,465 2,045,705,177 Finished Stock Differential 25,268,975 44,740,328 Output 1,567,333,440 2,090,445,505 Less: Bought-in-Goods & Services 848,679,377 1,406,793,787 718,654,063 683,651,718

Value Distributed :

National Exchequer 215,017,658 29.92 237,690,893 34.77 Services 475,215,288 66.13 397,530,184 58.15 Shareholders' Dividend 70,616,863 9.83 63,050,770 9.22 Reserve & Surplus (42,195,747) (5.87) (14,620,129) (2.14) 718,654,063 100.00 683,651,718 100.00

113

GRAPHICAL PRESENTATION OFOPERATIONAL PERFORMANCE

500

1,000

1,500

2,000

2,500

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Gross Turnover

Fixed Assets

Reserve & Surplus

Total Equity

Taka

in

Mil

lion

Financial Year

114

1. Chairperson addressing 38th Annual General Meeting of the Company.2. Managing Director & CEO giving speech at 38th Annual General Meeting of the Company.3. Registration and receiption counter of last AGM.4. Greetings and receiption counter of last AGM.

5. Shareholders attending at the 38th AGM of the Company.6. Entrance of the Managing Director & CEO and receiving warm welcome from the shareholders.7. Shareholders attending at the 38th AGM of the Company.8. Shareholders attending at the 38th AGM of the Company.

1

3

5

7

2

4

6

8

115

ALBUM

9. Factory Premises of QIL (Unit-1 & 2).10. Partial View of Battery Manufacturing.11. Packing Machine of UM-3.12. Partial View of UM-3 Battery Manufacturing.

9

11

13

15

10

12

14

16

13. Packing Machine of UM-4.14. High Pressure Can Sheet Slitting.15. Quartz-Kitchen.16. Quartz-Marble Kitchen.

116

ALBUM

21. UM-1 Naked Line.22. HPC Food Can Line.23. High Pressure Can Filling Machine.24. SUN Water Premises.

17. Factory Priemises of Unit-3 (MPU).18. HPC Component Line.19. High Pressure Can Seaming.20. High Pressure Can Welding.

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PROXY FORM

Quasem Industries LimitedAl Amin Icon Center (04th, 06th and 09th Floor)

Plot No. 57/4, Progoti Sarani, North Baridhara, Dhaka-1212, Bangladesh.

Quasem Industries LimitedAl Amin Icon Center (04th, 06th and 09th Floor)

Plot No. 57/4, Progoti Sarani, North Baridhara, Dhaka-1212, Bangladesh.

ATTENDANCE SLIP

BO ID No._______________________

Folio No.________________________

No. of Shares held ________________

BO ID No.

Folio No.

I/We _________________________________________________________________________________ of ________________________________________________________________________________ being Shareholder(s) of Quasem Industries Limited, and entitled to vote hereby appoint Mr./Mrs. __________________________________ as my/our Proxy to attend and vote for me/us on my/our behalf at the 39th Annual General Meeting of the Company to be held on November 19, 2020 at 11.00 AM and at any adjournment thereof and the poll that may be taken consequence thereof.As witness my/our hand this ________________ day of ______________________ 2020.

I hereby record my attendance at the 39th Annual General Meeting of Quasem Industries Limited, held on November 19, 2020 at 11.00 AM.

Revenue StampTk. 10.00 ___________________

Signature

__________________Signature

Full Name(s) of the Shareholder(s)(in block letters) ______________________________

BO ID No.

Folio No.

__________________Signature

Full Name(s) of Proxy(in block letters) ______________________________

Shareholders attending the Meeting in person or by proxy are requested to complete the attendance slip and hand it over at the reception of 39th QIL.

No person shall be appointed proxy who is not member of the company. Children and non-members will not be allowed at the meeting.

Documents

TABLE Annual...05. Shareholders bearing BO ID are requested to update the particulars of Bank A/C, e-mail address, change of address and 12 digit Tax payers’ identification number