ATLAS BANGLADESH LIMITED · Provision for Taxation 13.00 583,119,420 ... Atlas Bangladesh Limited was incorporated as a private Limited Company in ... (ICAB) as Bangladesh Accounting

ATLAS BANGLADESH LIMITED

Auditor’s Report and Financial Statements

For the year ended 30 June 2012

Table of Contents

Sl # Particulars Page No.

1. Auditor’s Report 1

2. Statement of Financial Position 2

3. Statement of Comprehensive Income 3

4. Statement of Cash Flows 4

5. Statement of Changes in Equity 5

6. Notes to the Accounts 6-22

7. Annexure – 1 23-24

8. Annexure - 2 25

9. Annexure – 3 26

10. Annexure – 4 27-28

Auditor’s Report to the Shareholders of Atlas Bangladesh Limited

We have audited the accompanying financial statements of Atlas Bangladesh Limited which comprise the

statement of financial position as at 30 June 2012 and the statement of comprehensive income, the statement of

cash flows and the statement of changes in equity for the year then ended and a summary of significant accounting

policies and other explanatory notes.

Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance

with International Financial Reporting Standards (IFRS), Bangladesh Financial Reporting Standards (BFRS), the

Companies Act, 1994, the Securities and Exchange Rules 1987 and other applicable laws and regulations. This

responsibility includes, designing, implementing and maintaining internal control relevant to the preparation and

fair presentation of financial statements that are free from material misstatements, whether due to fraud or error;

selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the

circumstances.

Auditor’s responsibility

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

audit in accordance with International Standards on Auditing (ISA) and Bangladesh Standards on Auditing

(BSA). Those standards require that we comply with relevant ethical requirements and plan and perform the audit

to obtain reasonable assurance whether the financial statements are free from material misstatement.

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

financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the

risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk

assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the financial

statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of

expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the

appropriateness of accounting policies used and the reasonableness of accounting estimates made by management,

as well as evaluating the overall presentation of the financial statements.

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

opinion.

Opinion

In our opinion, the financial statements, prepared in accordance with International Financial Reporting Standards

(IFRS) and Bangladesh Financial Reporting Standards (BFRS), give a true and fair view of the state of the

company’s affairs as at 30 June 2012 and of the results of its operations and cash flows for the year then ended

and comply with the Companies Act 1994, the Securities and Exchange Ordinance 1969 and other applicable laws

and regulations.

We also report that:

a we have obtained all the information and explanations which to the best of our knowledge and belief were

necessary for the purposes of our audit and made due 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 (balance sheet) statement of comprehensive income (profit and loss

account) dealt with by the report are in agreement with the books of account and returns; and

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

Auditors

J.R. Chowdhury & Co.

Dhaka, October 07, 2012

1

Particulars Notes

30.06.2012 30.06.2011

A. FIXED ASSETS (At cost less depreciation) 3.00 3,823,484,386 3,826,567,367

B. CURRENT ASSETS : 1,977,873,084 1,747,517,980

Inventories 4.00 865,715,754 643,372,954

Accounts Receivable 5.00 22,742,189 18,104,898

BSEC Current Account 2,889,517 3,209,450

Inter Project Current Account 6.00 6,484,994 5,624,568

Advance, Deposits and Prepayments 7.00 90,112,223 81,103,554

Advance Income Tax 8.00 756,475,528 605,622,205

Cash and Bank Balances 9.00 233,452,879 390,480,351

C. LESS: CURRENT LIABILITIES & PROVISIONS : 842,529,660 777,082,872

Accounts Payable 10.00 187,992,269 177,017,799

Workers Profit Participation Fund and Welfare Fund 11.00 28,457,758 26,471,182

Inter.Project Current Account 12.00 76,309 76,309

Provision for Taxation 13.00 583,119,420 489,701,352

Unpaid Dividend 42,883,904 83,816,230

D. NET CURRENT ASSETS (B-C) 1,135,343,424 970,435,108

E. NET ASSETS (A + D) 4,958,827,810 4,797,002,475

FINANCED BY :

A. SHARE HOLDERS EQUITY : 4,882,029,192 4,731,750,384

Share Capital 14.00 237,037,020 177,777,770

Capital Reserve 5,215,219 5,215,219

General Reserve 18,000,000 18,000,000

Share Premium 158,182,500 158,182,500

Retained Earnings 15.00 666,703,201 575,683,643

Revaluation Reserve 16.00 3,796,891,252 3,796,891,252

B. LOAN AND LIABILITIES : 76,798,618 65,252,091

Long Term Loan 17.00 4,184,296 5,184,296

Deferred Liability 18.00 72,614,322 60,067,795

TOTAL LIABILITY AND EQUITY 4,958,827,810 4,797,002,475

DIRECTOR

& COMPANY SECRETARY

AMOUNT (IN TAKA)


Statement of Financial Position

as at 30 June 2012

Chartered Accountants


For Atlas Bangladesh Limited

J.R. CHOWDHURY & CO.

ASST. CHIEF ACCOUNTS OFFICER MANAGING DIRECTOR DIRECTOR

As per annexed report of even date

2

Particulars Notes

2011-2012 2010-2011

Sales 19.00 4,914,774,055 5,805,912,325

Less: Cost of Goods Sold 20.00 (4,456,439,161) (5,341,415,808)

Gross Profit for the year 458,334,894 464,496,517

Less : Operating Expenses: 21.00 70,851,079 69,102,846

Managing Directors Remuneration 21.01 873,000 896,500

Auditors Fees 21.02 66,000 66,000

Administrative Expenses 21.03 53,985,182 48,367,766

Selling Expenses 21.04 15,926,897 19,772,580

Operating Profit 387,483,815 395,393,671

Financial Expenses 22.00 (3,175,968) (1,631,891)

384,307,847 393,761,780

Add: Non Operating Income 23.00 13,004,511 23,158,809

397,312,358 416,920,589

Less: Contribution to Workers Profit

Participation & Welfare Fund 19,865,618 20,846,029

Net Profit before Tax 377,446,740 396,074,560

Less: Provision for Taxation 24.00 93,418,068 98,028,454

Net Profit after Tax 284,028,672 298,046,106

Add: Prior years Adjustment 25.00 (416,536) (1,203,824)

Balance Carried to the Statement of

Changes in Equity 283,612,136 296,842,282

Earning per Share 11.98 16.77

ASST. CHIEF ACCOUNTS OFFICER MANAGING DIRECTOR DIRECTOR DIRECTOR

& COMPANY SECRETARY




Statement of Comprehensive Income

for the year ended 30 June 2012

AMOUNT (IN TAKA)


As per annexed report of even date

J.R. CHOWDHURY & CO.

3

PARTICULARS

2011-2012 2010-2011

CASH FLOW FROM OPERATING ACTIVITIES:

Turnover and others 4,927,778,566 5,829,071,134

Payment for cost and expenses (4,755,607,018) (5,535,330,055)

Income tax paid and deducted at source (150,853,323) (153,618,634)

21,318,225 140,122,445

CASH FLOW FROM INVESTMENT ACTIVITIES:

Acquisition of fixed assets (4,080,043) (11,583,553)

Disposal of fixed assets - -

(4,080,043) (11,583,553)

CASH FLOW FROM FINANCING ACTIVITIES:

Dividend paid (174,265,654) (161,325,170)

(174,265,654) (161,325,170)

Increase/(Decrease) in cash and cash equivalents (157,027,472) (32,786,278)

Cash and cash equivalents at opening 390,480,351 423,266,629

Cash and cash equivalents at closing 233,452,879 390,480,351

Net Operating Cash Flow per Share (NOCFPS) 0.90 7.88

DIRECTOR


DIRECTORMANAGING DIRECTOR

Subject to our separate report of even date


J.R. CHOWHDURY & CO.

4


Statement of Cash Flows


& COMPANY SECRETARY

AMOUNT (IN TAKA)


ASST. CHIEF ACCOUNTS OFFICER

2011-2012

Particulars Share Capital General Share Undistributed Total

Capital Reserve Reserve Premium Surplus Taka

Taka Taka Taka Taka Taka

Balance at 1 July, 2011 177,777,770 5,215,219 18,000,000 158,182,500 575,683,643 934,859,132

Profit for the year (after

tax and adjustment) - - - - 283,612,136 283,612,136

Bonus share (2010-2011) 59,259,250 - - - (59,259,250) -

(3 : 1)

Cash dividend (2010-2011) - - - - (133,333,328) (133,333,328)

(75%)

Balance at 30 June, 2012 237,037,020 5,215,219 18,000,000 158,182,500 666,703,201 1,085,137,940

2010-2011

Particulars Share Capital General Share Undistributed Total

Capital Reserve Reserve Premium Surplus Taka

Taka Taka Taka Taka Taka

Balance at 1 July, 2010 133,333,333 5,215,219 18,000,000 158,182,500 456,619,128 771,350,180

Profit for the year (after

tax and adjustment) - - - - 296,842,282 296,842,282

Bonus share (2009-2010) 44,444,437 - - - (44,444,437) -

Cash dividend (2009-2010) - - - - (133,333,330) (133,333,330)

Balance at 30 June, 2011 177,777,770 5,215,219 18,000,000 158,182,500 575,683,643 934,859,132


Statement of Changes in Equity


5

1.00 (a) ABOUT THE COMPANY

(b) Components of the Financial Statements:

(i) Balance Sheet

(ii) Profit and Loss Account

(iii) Cash Flow Statement

(iv) Statement of Changes in Equity

(v) Accounting Policies and Notes to the Accounts.

2.00 SIGNIFICANT ACCOUNTING POLICIES:

(a) Basis of Accounting:

(b) Comparative Information:

(c) Compliance with International Accounting Standards:

(d) Compliance with Local Laws:

(e) Reporting currency and Level of Precision:

(f) Fixed Assets:

Fixed assets have been arrived at after deduction of accumulated depreciation.


Notes to the Accounts to 30 June 2012

The financial statements have been prepared in compliance with requirements of the Companies Act, 1994,

Securities and Exchange Ordinance 1969, Securities and Exchange Rules 1987, rules of Dhaka Stock Exchange

Limited for enlistment and other relevant local laws and regulations.

Atlas Bangladesh Limited was incorporated as a private Limited Company in 1966 and thereafter as per

Government's decision it was converted into a public limited company in 1987. The Company assembles motor

cycle and mishuk (three wheeler) and also imports spare parts. It also manufactures and markets some of these

parts locally. In Bangladesh, Atlas Bangladesh Limited is the sole distributor of Honda Motor Company

Limited. Japan, Hero Honda Motors Limited India, HMSI India and Atlas Honda Limited, Pakistan.

The shares of the Company are listed in the Dhaka Stock Exchange Limited, Bangladesh. The registered office

of the Company is situated at 265-267 Tongi Industrieal Area, Tongi, Gazipur.

The accounts have been prepared on a going concern basis under generally accepted accounting principles on

historical cost convention.

Comparative information have been disclosed in respect of the year 2011-2012 for all numerical information in

the financial statements and also the narrative and descriptive information when it is relevant for understanding

of the current year's financial statement. Figures of 2011-2012 have been re-arranged whenever considered

necessary to conform to current year's presentation.

The financial statements have been prepared in compliance with the requirements of the International

Accounting Standards (IAS) as adopted by The Institute of Chartered Accountants of Bangladesh (ICAB) as

Bangladesh Accounting Standards (BAS).

The figures in the financial statements have been presented in taka currency and have been rounded off to the

nearest taka where it found necessary.

6

(g) Depreciation:

Category of assets Rate

Building and other construction 18%

Machinery 18%

Furniture and fixtures 10%

Vehicles 20%

Office equipment 20%

Generator 10%

Other factory assets 10%

Other assets 20%

Gas line installation 5%

(h) Inventories:

(j) Cash and cash equivalents:

(k) Financial benefit to employees:

(l) Provision for taxation:

Current Tax:

Deferred Tax:

(m) Workers' profit participation fund and workers welfare fund:

(n) Foreign currency translation:

(o) Reporting period:

(p) General:

Figures have been rounded off to the nearest taka except where indicated otherwise.

Physical inventory of stocks at the year end at 30 June 2012 was taken by a team comprising of employees of

Atlas Bangladesh Limited and the auditors.

The stocks of spares and raw materials have been valued at average prices and the stock of finished goods have

been valued at cost or net realizable value whichever is lower.

Financial statements have been prepared by considering cash in hand and cash at banks and cash equivalents as

current assets which were held and available for use by the Company without any restriction and there was

insignificant risk of changes in value of these current assets.

Depreciation has been charged on all property, plant and equipment except land and land development on

reducing balance method. Full year's depreciation has been charged on additions irrespective of the date of

acquisition of assets. Rates of depreciation of different category of assets are as under:

7

Financial statements have been prepared covering one fiscal year from 1 July, 2011 to 30 June, 2012.

The Company operates a contributory provident fund scheme, an unfunded gratuity scheme and a group

insurance scheme for its permanent employees. Provisions have been made as per rules. The provident fund is

administered by Board of Trustees. The gratuity is calculated based on 2 (two) months of last basic pay

multiplied by the number of years served. Separate fund created for the gratuity.

No deferred tax has been calculated during the year under audit as per BAS-12.

Work-in-process have been valued at prices which include cost of materials plus all conversion costs.

The Company is a publicly traded company as per the Income Tax Laws. Therefore, provision for taxation has

been made at the rate of 27.5% which is applicable for publicly traded company. The tax law provides for a tax

rebate at 10% of the income tax if a publicly traded company declares dividend more than 20%.

Allocation to workers' profit participation fund has been made at 5% on net profit before tax in terms of chapter-

15 of the labour Law-2006. Of which 80% relates to Workers' Profit Participation Fund and 20% relates to

Welfare Fund.

Foreign currencies have been translated into taka currency at rates ruling on the dates the transactions were

effected.

3.00 FIXED ASSETS: TK. 3,823,484386

Sl. Particulars Written down Written

No. Balance Addition Adjustment Balance Balance Charged Adjustment Balance value down value

as at during during as at as at for the during as at as at as at

01.07.2011 the year the year 30.06.2012 01.07.2011 the year the year 30.06.2012 30.06.2012 30.06.2011

1 Land & Land Development 3,788,005,000 - - 3,788,005,000 - - - - 3,788,005,000 3,788,005,000

2 Tree Plant 1,303,140 - - 1,303,140 - - - - 1,303,140 1,303,140

3 Bldg. & Other Construction 59,002,427 2,444,342 - 61,446,769 48,083,888 2,405,319 - 50,489,207 10,957,562 10,918,539

4 Plant & Machineries 41,255,703 168,608 - 41,424,311 28,083,306 2,401,381 - 30,484,687 10,939,624 13,172,397

5 Office Equipments 4,093,756 479,227 - 4,572,983 2,776,317 359,333 - 3,135,650 1,437,333 1,317,439

6 Furniture & Fixtures 2,278,194 119,237 - 2,397,431 1,323,695 107,374 - 1,431,069 966,362 954,499

7 Transport & Vehicles 20,841,000 - - 20,841,000 13,917,220 1,384,756 - 15,301,976 5,539,024 6,923,780

8 Power Installation 485,000 751,050 - 1,236,050 311,667 92,438 - 404,105 831,945 173,333

9 Generator 3,070,000 - - 3,070,000 345,000 272,500 - 617,500 2,452,500 2,725,000

10 Water Line Installation(Tubewel) 784,000 - - 784,000 649,978 13,402 - 663,380 120,620 134,022

11 Dies. Jigs & Tools 1,135,500 34,000 - 1,169,500 346,600 82,290 - 428,890 740,610 788,900

12 Gas Line Installation 91,280 - - 91,280 72,962 916 - 73,878 17,402 18,318

13 Racks 81,720 - - 81,720 56,720 5,000 - 61,720 20,000 25,000

14 Books 83,300 2,250 - 85,550 82,300 650 - 82,950 2,600 1,000

15 Crockeries & Others 360,300 81,329 - 441,629 253,300 37,665 - 290,965 150,664 107,000

3,922,870,320 4,080,043 - 3,926,950,363 96,302,953 7,163,024 - 103,465,977 3,823,484,386 3,826,567,367

ALLOCATION OF DEPRECIATION

2011-2012 2010-2011

Administrative 55% 3,939,663 2,235,998

Factory 45% 3,223,361 1,829,453

7,163,024 4,065,451

COST DEPRECIATION

8

4.00 INVENTORIES: TK. 865,716,854

The above figure is comprises as under:

30.06.2012 30.06.2011

Raw materials 201,037,608 52,431,199

Work-in progress 1,516,176 14,881,658

Finished goods 527,551,771 568,282,054

Store & spares 1,312,579 1,200,459

Store -in-transit 134,297,620 6,577,584

865,715,754 643,372,954

The details break up of above inventory figure are shown in Annexure- 1.

5.00 ACCOUNTS RECEIVABLE : TK. 22,742,189

The break up of the above amounts is given below:

Trade Debtors (Note 5.01) 9,205,256 5,856,898

Other Debtors (Note 5.02) 11,066,487 9,285,480

Accrued Interest on fixed deposits (Note 5.03) 2,470,446 2,962,520

22,742,189 18,104,898

Less: Provision on bad and doubtful debts - -

22,742,189 18,104,898

5.01 Trade Debtors : Tk. 9,205,256

ABL Employees 2,239,381 2,207,597

Government Sector 3,711,224 2,646,128

NGO/Individuals 3,254,651 1,003,173

9,205,256 5,856,898

5.02 Other Debtors : Tk. 11,066,487

ABL - Workers, Staff & Officers 12,802 13,302

(1 day's Salaries to be realized subsequently from employees)

Custom Duty(2008-09) 1,579,025 1,579,025

Washing allowance claim 589,780 -

2,181,607 1,592,327

Debit Balance of Creditors for goods supply 10,011 10,011

Debit Balance of advance from customers 8,874,869 7,683,142

11,066,487 9,285,480

5.03 Accrued Interest on FDR: Tk. 2,470,446

This is made up as follows:

Sonali Bank Ltd., Tongi Branch, Gazipur 2,033,841 2,079,372

The Trust Bank Ltd., Tongi Branch , Gazipur 436,605 381,278

IFIC Bank Ltd., Santinagar Branch, Dhaka - 60,775

AB Bank Ltd., Kawran Bazar Branch, Dhaka - 441,095

2,470,446 2,962,520

AMOUNT (IN TAKA)

9

6.00 INTER-PROJECT:

CURRENT ACCOUNT (DEBIT): TK. 6,484,994

30.06.2012 30.06.2011


Inter Project:

Eastern Cables Limited 205,811 205,811

National Tubes Limited 144,954 93,554

Bangladesh Blade Factory 1,658,244 730,418

Eastern Tubes Limited 776,630 776,630

Dhaka Steel Works Ltd. 316,307 435,107

3,101,946 2,241,520

Disinvested Project:

B.M.T.F Limited 32,332 32,332

Dockyard and Engineering Works Limited 167,974 167,974

Bangladesh Cycle Industries Limited 2,307,164 2,307,164

Ispahani Marshal Limited 6,824 6,824

Omar Sons Limited 16,060 16,060

Metalex Corporation Limited 852,694 852,694

3,383,048 3,383,048

6,484,994 5,624,568

7.00 ADVANCES, DEPOSITS AND PREPAYMENTS: TK. 90,112,223


Advance against 5% H/R recovery 800 94,370

Advance against salary 55,826 113,306

Advance against TA/DA 259,705 125,043

Advance against Purchases/expenses 1,137,098 1,016,568

Advance to Suppliers/Contractors 785,893 873,892

Advance against canteen 357,671 -

Advance against VAT (Note 7.01) 73,160,062 3,054,995

Advance against wages 3,467,000 2,234,000

79,224,055 7,512,174

DEPOSITS:

L/C margin 1,442,048 69,708,000

Sundry deposits (Note 7.02) 9,495,620 3,932,880

10,937,668 73,640,880

Less: Provision for bad and doubtful debts 49,500 49,500

10,888,168 73,591,380

90,112,223 81,103,554

7.01 Advance against VAT : Tk. 73,160,062

VAT paid in advance as per sales department statement Taka 73,160,062 has subsequently been adjusted.

10

AMOUNT (IN TAKA)

7.02 Sundry Deposits: Tk. 9,495,620

30.06.2012 30.06.2011


D.I.T (Rajuk), Dhaka 2,000 2,000

Dhaka Electricity Supply Authority (DESA) 1,050 1,050

Customs and Excise Department 1,000 1,000

Bank Guarantee Margin 16,200 16,200

Titas Gas Transmission and Distribution Co. Ltd. 13,915 13,915

B.A.D.C 33,300 33,300

Project Director, Rural Maintenance Porgram 149,700 149,700

(Dhaka, Chittagong, Sylhet, Bogra, Khulna & Barisal)

Director General, Defence Purchase 130,000 130,000

GrameenPhone Ltd. 5,000 5,000

Integrated Communication Ltd. 5,000 5,000

Project Director, Aquaculture Development 80,000 80,000

F.C (DP), DGDP Bhaban, Tejgaon 288,700 288,700

Sr. Controller of Finance, Lalasarai Nabik Collony, Mirpur 114,825 114,825

Additional Director, DESA, Dhaka 8,250 8,250

Director General, DGDP, Tejgaon 57,000 57,000

Project Director, SESIP, Dhaka 750 750

CDBL, Dhaka 200,000 200,000

DGDP Office Bhaban, Tejgaon, Dhaka 495,800 495,800

Inspector General of Police (IGP) Head Quaters, Dhaka - 764,540

Director, PHC & Line Director, ESO, DGHS, Mohakhali, Dhaka. - 99,000

Inspector General Police (IGP) Head Quaters, Dhaka 1,466,850 1,466,850

Bangladesh Telephone and Telecommunications Ltd. 1,000 -

Inspector General of Police (IGP), Dhaka 6,425,280 -

9,495,620 3,932,880

8.00 ADVANCE INCOME TAX : TK. 756,475,528


Balance at 1 July, 2011 605,622,205 452,003,571

Advance taxes paid and taxes deducted at

source during the year 150,853,323 153,618,634

756,475,528 605,622,205

Advance income tax and provision for taxation have also been shown in Annexure-2.

11

AMOUNT (IN TAKA)

9.00 CASH AND BANK BALANCES: TK. 233,452,879

30.06.2012 30.06.2011

Cash in hand 92,728 119,168

Imprest account (Preliberation) 100 100

92,828 119,268

Current and short term deposits

Name and Branch

Sonali Bank Ltd., Tongi Bazar Branch, Gazipur SND # 79 21,560,839 68,748,600

Sonali Bank Ltd., Tongi Bazar Branch, Gazipur SB # 9171 325,279 310,779

Pubali Bank Limited, Tongi Branch,Gazipur SND # 367 416,277 2,192,422

Sonali Bank, Shilpa Bhaban Br.,Dhaka SND # 156 34,648,878 176,400,671

Prime Bank Ltd., Elephant Road Br. Dhaka SND # 3848 1,331,120 15,584,666

Standard Chartered Bank, Kawran Bazar

Branch, Dhaka SND # 500091-101 369,338 355,615

AB Bank Ltd. Kawran Bazar Br., Dhaka SND # 071676-430 3,293,920 1,538,539

Sonali Bank ltd., Shilpa Bhaban Br. Dhaka CC # 2606 (294,793) (93,870)

Sonali Bank ltd., Shilpa Bhaban Br. Dhaka CC # 2597 (147,399) (41,852)

The Trust Bank Ltd., Tongi Br, Gazipur SND # 57 97,938,399 12,257,252

The Trust Bank Ltd., Tongi Br, Gazipur SND # 66 6,258,048 1,963,649

National Bank Ltd. Tongi Bazar BN SND#144 11,774,992

Sub Total (A) 177,474,898 279,216,471

Fixed Deposits:

Sonali Bank Ltd., Tongi Bazar Br., Gazipur FDR #1205843 - 5,248,026

do FDR # 1205681 - 5,901,042

do FDR # 1205794 - 5,475,034

do FDR # 0076174 - 5,298,644

do FDR # 1205821 - 3,484,586

do FDR # 0076054 - 4,940,530

Sonali Band Ltd. Tongi Bazar Br, Gazipur

FDR # 0285186 10,242,487 -

FDR # 0285187 11,722,080 -

FDR # 0285194 11,058,307 -

Trust Bank Ltd. Tongi Branch. FDR # 77298 11,431,123 10,257,750

do FDR # 77401 11,431,156 10,269,000

IFIC Bank Ltd., Santi Nagor Br. Dhaka FDR'#1075276/369051 - 10,270,000

AB Bank Ltd., Kawran Bazar Br., Dhaka FDR#3327077/759/11 - 10,000,000

do FDR#3327078/760/11 - 10,000,000

do FDR#3327079/761/11 - 10,000,000

do FDR#3327080/762/11 - 10,000,000

do FDR#3327081/763/11 - 10,000,000

Sub Total (B) 55,885,153 111,144,612

Grand Total (A+B) 233,452,879 390,480,351

AMOUNT (IN TAKA)

12

A/c. No.

30.06.2012 30.06.2011

10.00 ACCOUNTS PAYABLE: TK. 187,992,269

This is made up as follows :

For goods supplied (Note-10.01) 24,938,457 11,028,013

For expenses (Note-10.02) 11,880,177 9,086,363

For other finance (Note-10.03) 21,353,464 19,522,528

Advance against sales (Note-10.04) 129,636,121 137,196,845

Advance against shares 184,050 184,050

187,992,269 177,017,799

10.01 For Goods Supplied: Tk. 24,938,457

Local goods 468,305 304,400

Provision for imported goods 24,470,152 10,723,613

24,938,457 11,028,013

10.02 For Expenses: Tk.11,880,177

Provision for wages 3,467,000 2,234,000

Provision for bonus 5,563,996 4,547,552

Provision for feasibility study 417,000 417,000

Provision for miscellaneous expenses (Note-10.02.1) 2,432,181 1,887,811

11,880,177 9,086,363

10.2.1 For miscellaneous expenses: Tk. 2,432,181

Electricity and gas 86,200 75,979

Fuel - vehicle 54,960 145,583

Dealers' conference, gift and foreign trip - 400,000

Repairs and maintenance of factory building - 70,000

Auditors' fees 157,000 136,000

Telephone 24,487 43,013

Legal fees 30,000 50,000

Games and sports, annual prize and Eid reunion etc. - 175,000

Overtime 625,607 336,808

Rent of hiring bus 227,327 264,510

Servicing against VAT - 29,514

Construction works 394,365 -

Contract labor bill 577,350 -

Others 254,885 161,404

2,432,181 1,887,811

AMOUNT (IN TAKA)

13

10.03 For other finance:Tk. 21,353,464

30.06.2012 30.06.2011


Creditors 3,333,905 3,333,905

Security deposits 12,341,895 11,441,895

Earnest money 513,246 548,685

Tax deducted at source from suppliers 802,995 45,874

ABL Officers Association subscription 4,205 1,216

Provident fund 10,132 9,825

VAT deduction from customers 1,183,671 88,853

Subscription (CBA) 4,447 8,208

Deduction of house rent 958,995 2,149,196

Others (Note 10.03.01) 2,199,973 1,894,871

21,353,464 19,522,528

10.3.1 Others : Tk. 2,199,973

Trade debtors (Credit balances) 109,370 160,701

Advances, deposits and prepayments (Credit balances) 143,669 93,919

Sale proceeds of fraction shares 1,946,934 1,640,251

2,199,973 1,894,871

10.04 Advance recived from customers against sales: Tk. 129,636,121

Dealers 30,182,495 6,535,894

Government agencies and NGOs 99,453,626 130,660,951

129,636,121 137,196,845

11.00 WORKERS' PROFIT PARTICIPATION FUND AND WELFARE FUND: TK. 28,457,758

This is made up follows:

Balance at 1 July 2011 26,471,182 22,517,962

Contribution during the year (Note - 11.01) 19,865,618 20,846,029

Paid during the year (17,879,042) (16,892,809)

Balance at 30 June, 2012 28,457,758 26,471,182

11.01 Contribution to Workers' Profit Participation Fund and Welfare Fund: Tk. 19,865,618

This is made up as follows :-

Workers' profit participation fund (80%) 15,892,494 16,676,823

Workers' welfare fund (20%) 3,973,124 4,169,206

19,865,618 20,846,029

14

AMOUNT (IN TAKA)

12.00 INTER PROJECT CURRENT ACCOUNT (CREDIT) : TK. 76,309

30.06.2012 30.06.2011


Progati Industries Ltd. 28,242 28,242

General Electric Manufacturing Co. Limited 5,119 5,119

Gazi Wires Limited 10,385 10,385

43,746 43,746

Disinvested project:

Rahim Group of Industries 21,588 21,588

Meher Industries Ltd. 6,830 6,830

Bangladesh Diesel Plant Ltd. 4,145 4,145

32,563 32,563

76,309 76,309

13.00 PROVISION FOR INCOME TAX: TK. 583,119,420

(a)

(b)

14.00 SHARE CAPITAL : TK. 237,037,020

Authorized

100,000,000 Ordinary Shares of Taka 10/= each 1,000,000,000 1,000,000,000

Issued, subscribed and paid up:

Group - A

12,088,888 Ordinary Shares of

Taka 10/- each 120,888,880 90,666,660

Group - B

11,614,814 Ordinary Shares of

TakaTaka 10/- each 116,148,140 87,111,110

237,037,020 177,777,770

Year wise provision for income tax liability showing the position up to accounting year 2011-2012 had been

accounted on the basis of accounting profit are shown at Annexure-2. Against above provision total sum of Tk.

756,475,528 has been paid and shown as advance income tax.

It transpires from statement that assessment from 2005-2006 and on wards are yet to be completed.

AMOUNT (IN TAKA)

15

Shareholding position of the Company at 30 June, 2012 was as follows:

Share Holders No. of % Face value

shares Taka

Group - A

Bangladesh Steel and

Engineering Corporation 12,088,888 51.00 120,888,880

Group - B

Investment Corporation of Bangladesh 2,395,230 10.10 23,952,300

Institutions 322,937 1.36 3,229,370

Officers and Employees of ABL 352,592 1.48 3,525,920

General Public 8,544,055 36.06 85,440,550

Sub-Total 11,614,814 49.00 116,148,140

Grand Total 23,703,702 100.00 237,037,020

Year Stock Ratio No. of Share

1991-1992 1 : 5 200,000

1995-1996 1 : 4 300,000

2001-2002 1 : 2 750,000

2002-2003 1 : 3 750,000

2003-2004 1 : 3 1,000,000

2004-2005 1 : 2 2,000,000

2005-2006 1 : 3 2,000,000

2006-2007 1 : 4 2,000,000

2008-2009 1 : 3 3,333,333

2009-2010 1 : 3 4,444,444

2010-2011 1 : 3 5,925,925

15.00 RETAINED EARNINGS : TK. 666,703,201


Particulars

30.06.2012 30.06.2011

Undistributed surplus

(As per statement of changes in equity) 666,703,201 575,683,643

666,703,201 575,683,643

16.00 REVALUATION RESERVE : TK. 3,796,891,252

During the year under audit the assets of the Company were revalued. The revaluation was done by another

firm of Chartered Accountants. Due to this revaluation the value of the assets have been increased/decreased

which are noted below :

Fixed assets 3,800,276,676 3,800,276,676

Current assets (Inventories) (3,385,464) (3,385,464)

Current liabilities (Inter-project current account) 40 40

3,796,891,252 3,796,891,252

AMOUNT (IN TAKA)

Issued, subscribed and paid up capital includes bonus share issued as follows:

16

30.06.2012 30.06.2011

17.00 LONG TERM LOAN : TK. 4,184,296

Quasi-equity loan (Note 17.01) 2,000,055 3,000,055

Interest free Government loan (Note 17.02) 2,184,241 2,184,241

4,184,296 5,184,296

17.01 Quasi-equity loan ; Tk. 2,000,055

17.02 Interest free government loan: Tk. 2,184,241

18.00 DEFERRED LIABILITY: TK. 72,614,,322


Deferred income (Note 18.01) 17,086 417,279

Leave pay and gratuity (Note 18.02) 72,597,236 59,650,516

72,614,322 60,067,795

18.01 Deferred Income: Tk. 17,086

Balance at 1 July, 2011 417,279 735,800

Interest on credit sale of mishuk - 34,172

417,279 769,972

Amount transferred to Profit and Loss Account (400,193) (352,693)

Balance at 30 June, 2012 17,086 417,279

18.02 Leave-pay and gratuity: Tk. 72,597,236

Balance at 1 July, 2011 59,650,516 54,395,421

Provided during the year 15,498,610 10,561,859

Paid during the year (2,551,890) (5,306,764)

Balance at 30 June, 2012 72,597,236 59,650,516

Employees of the Company who opted for voluntary retirement under manpower equalization scheme were paid the

requisite benefits by Bangladesh Steel and Engineering Corporation and the payments are treated as loan from the

government. The loan is interest free and there is no time limit for repayment of the loan.

17

Provision has been made equal to the amounts calculated for 2 (two) months basic pay multiplied by the number of

years served by the officers, staff and workers of the Company upto 30 June, 2012.

AMOUNT (IN TAKA)

This loan was obtained from Government of Bangladesh and is repayable in 20 (twenty) semi-annual installments

starting from the 6th year of sale of shares to the public i.e. from 1 January 1994. During the year under review an

amount of Taka 1,000,000 (ten lac) has been paid against Quasi-equity loan.

Interest accrued on outstanding installments against sale of mishuks has been accounted for as deferred income.

Interest accrued on the sale proceeds of mishuks which relates to the installemnts collected during the year under

audit has been taken to income.

19.00 SALES (NET) : TK. 4,914,774,055

30.06.2012 30.06.2011


Motor cycle 5,492,525,700 5,811,426,800

Mishuk 2,862,000 6,043,800

Spare parts 40,697,788 39,054,401

Sub-contracting job (Helmets) 52,800 69,300

Gross sales 5,536,138,288 5,856,594,301

VAT (595,042,233) (49,819,368)

Supplementary duty/ Dealer's target bonus (26,322,000) (862,608)

Net Sales 4,914,774,055 5,805,912,325

20.00 COST OF GOODS SOLD : TK. 4,456,439,161

Raw materials consumed (Note 20.01) 4,308,330,580 5,556,268,545

Stores and spares 42,911,005 39,715,460

Production overhead (Note 20.02) 51,101,811 33,590,951

Opening stock of work-in-process 14,881,658 8,920,800

4,417,225,054 5,638,495,756

Closing stock of work-in-process (1,516,176) (14,881,658)

Cost of production 4,415,708,878 5,623,614,098

Opening stock of finished goods 571,137,743 288,939,453

4,986,846,621 5,912,553,551

Closing stock of finished goods (530,407,460) (571,137,743)

Cost of goods sold 4,456,439,161 5,341,415,808

20.01 Raw materials consumed: Tk. 4,308,330,580

Opening stock 54,161,266 220,763,807

Purchased during the year 4,457,050,209 5,389,666,004

Closing stock (202,880,895) (54,161,266)

4,308,330,580 5,556,268,545

20.02 Production overhead: Tk. 51,101,811

Factory salary and wages 38,532,193 24,676,987

Power and fuel 956,187 893,063

Repairs and maintenance (factory) 1,439,928 925,262

Factory insurance 3,414,488 2,452,609

Factory overhead (Note 20.02.01) 3,535,654 2,813,577

Depreciation 3,223,361 1,829,453

51,101,811 33,590,951

20.2.01 Factory overhead: Tk. 3,535,654


Uniform and liveries 683,506 511,554

Group Insurance 185,763 108,820

Welfare expenses to workers 971,070 756,765

Canteen subsidy 1,590,903 1,021,548

Carriage 71,921 49,175

Medical expenses 32,491 15,215

TA/DA expenses (foreign) - 350,500

3,535,654 2,813,577

AMOUNT (IN TAKA)

18

30.06.2012 30.06.2011

21.00 OPERATING EXPENSES: TK. 70,851,079

Managing Directors' remuneration (Note-21.01) 873,000 896,500

Auditors' fees (Note - 21.02) 66,000 66,000

Administrative expenses (Note - 21.03) 55,159,807 48,367,766

Selling expenses (Note - 21.04) 14,752,272 19,772,580

70,851,079 69,102,846

21.01 Managing Directors' remuneration TK. 873,000

Basic 446,700 459,600

Other allowances 426,300 436,900

873,000 896,500

21.02 Auditors' fees: Tk. 66,000

Statutory audit 55,000 55,000

Employees' provident fund audit 5,000 5,000

Welfare fund audit 3,000 3,000

Workers' profit participation fund audit 3,000 3,000

66,000 66,000

21.03 Administrative expenses: Tk. 53,985,182

Salary (Officers) 14,256,314 12,748,917

Salary (Staff) 14,064,581 12,480,445

Legal expenses 66,650 26,500

Headoffice overhead 6,000,000 6,000,000

Games and sports 125,950 204,360

Directors Fee 1,402,030 1,613,200

Honorarium 104,000 88,500

Printing and stationery 1,219,127 1,276,059

A.G.M expenses 1,815,220 1,740,667

Postage, telegram and telephone 273,968 288,631

Maintenance of vehicle 1,193,168 790,002

Fuel - vehicle and CNG 1,614,465 1,017,472

Transport hiring charge 2,715,661 2,015,861

Travelling and conveyance 498,383 368,436

Insurance 362,880 588,701

Rent, rates and taxes 472,557 488,557

Repairs and maintenance 120,178 179,701

Newspaper and periodicals 42,573 44,321

Subscription and donation - 61,583

Training expenses 18,400 34,800

Employees' income tax 785,641 482,498

CDBL, Dhaka Stock Exchange & bonus share demet fee 467,487 627,011


Canteen subsidy 772,306 539,119

Credit rating expenses 104,500 -

Scholarship 103,200 89,400

Advertisement 621,588 520,377

EGM expenses - 360,206

Computer software - 98,800

Electricity & Gas 465,218 380,080

Depreciation 3,939,663 2,235,998

Miscellaneous expenses (cleaning sanitation, plantation etc.) 79,892 844,062 53,985,182 48,367,766

19

AMOUNT (IN TAKA)

21.04 Selling expenses : Tk. 15,926,897

30.06.2012 30.06.2011

Display & exibition 584,623 -

TA/DA (Foreign) expenses 1,410,442 1,132,986

Salary (Officers) 4,398,337 5,499,398

Salary (Staff) 1,154,109 3,699,926

Advertisement 2,500,676 4,172,231

Sales promotion 2,846,060 2,729,466

Tender form purchase 2,000 1,750

After sales services 1,107,478 1,244,986

Canteen subsidy 138,432 328,775

Travelling and conveyance 54,800 70,590

Postage and telephone 27,842 34,613


Group Term Insurance Premium 24,000 14,400

Survey of motor cycle 113,827 646,039

Carriage outward 334,612 152,920

Motor cycle testing fee (BUET) 1,174,625 -

15,926,897 19,772,580

22.00 FINANCIAL EXPENSES: TK. 3,175,968

Bank charges and others 3,175,968 1,631,891

3,175,968 1,631,891

23.00 NON OPERATING INCOME: TK. 13,004,511


Sale of tender forms 102,900 87,700

Servicing 726,731 637,294

Interest on credit sales 1,403,996 741,462

Interest on FDR & Others 10,176,217 16,565,393

Realization on customs and sales taxes - 4,551,828

Realization on trade creditors - 158,713

Others 594,667 416,419

13,004,511 23,158,809

24.00 PROVISION FOR TAXATION : Tk. 93,418,068

Provision for income tax has been calculated as under:

Net profit before tax 377,446,740 396,074,560

Tax @ 27.5% on net profit 103,797,853 108,920,504

Less: 10% rebate (10,379,785) 10,892,050

93,418,068 98,028,454

AMOUNT (IN TAKA)

20

25.00 PRIOR YEARS ADJUSTMENT (DEBIT) : TK. 416,536

30.06.2012 30.06.2011

Amount deducted from final settlement bill of Mr.

Reazuddin, S/ Habildar, drawing washing allowance

beyond his entillement - (4,585)

Ms. Saleha Khatun, Computer programmer arrearsalary bill for June 2010 - 6,096

Mr. A.K.M Fazlul Haque, Ex-DGM (purchase) paid to arrear

bill against freedom fighter. 851,053 -

The amount deducted as a financial tax for 2009-2010 - 10,000

The amount paid to previous year's annual picnic bill - 1,790

The amount deducted as washing allowance against

audit objecting for 1989-2006 (589,780) -

The amount paid to previous year's repairs and maintenance bill - 12,780

The amount paid to government as a VAT against

previous years' according to audit objection - 58,743

The amount paid to previous year display & exhibition

electricity bill (BSEC) 42,950 -

The amount paid to worker as an advance wages

against office order - 1,119,000

Mr. Gazi Golam Rahman, Ex- Deputy Chief Eng. Paid to arrear

bill against freedom fighter benefit. 671,460 -

The amount adjusted to previous year software arrear bill. 88,000 -

The amount adjusted arrear expenses bill. 17,853 -

The amount realization against provisional expenses (665,000) -

416,536 1,203,824

26.00 CONTRIBUTION TO NATIONAL EXCHEQUER: TK. 25,042.72 (Figure in Lac)


Customs duty 6,755.08 6,806.38

Supplimentary duty 10,127.64 10,662.77

Regulatory Duty - 1,395.07

Value Added Tax (VAT) 6,651.47 8,466.37

Income Tax 1,508.53 1,536.19 25,042.72 28,866.78

21

AMOUNT (IN TAKA)

27.00 PRODUCTION CAPACITY (SINGLE SHIFT) AND ACTUAL PRODUCTION:

Production capacity and actual production of the company for 2011-2012 are as under:

2012 2011

Production Actual Excess/ Production Actual Eccess/(Shortage)

capacity production (Shortage) capacity production

Motor cycle 7,000 42,111 501.59% 7,000 52,087 644.10%

Mishuk - 13 - - 38 -

28.00 PRODUCTION TARGET AND UTILIZATION :

Production target and utilization of the Copmpany for 2011-2012 are as under:

2012 2011

Production Utilization Excess/ Production Utilization Excess/

target (Shortage) target (Shortage)

Motor cycle 43,554 42,111 (3.31%) 52,000 52,087 0.17%

Mishuk - 13 - - 38 -

28.01 Sales target and achievement (In Qty.)

Sales target and achievement of the Company for the year 2011-2012 are as under:

2010-2011 2011

Sales Achieve- Excess/ Sales Achieve- Excess/

target ment (Shortage) target ment (Shortage)

Motor cycle 43,554 41,961 (3.66%) 52,000 50,190 (3.48%)

Mishuk - 18 - - 38 -

29.00 COMMITMENT FOR CAPITAL EXPENDITURE:

At the balance sheet date, there was no commitment for capital expenditure.

30.00 MISCELLANEOUS:

(a) There is no claim against the accepted liability of the Company as at 30 June, 2012.

(b)

31.00 NUMBER OF OFFICERS, STAFF AND WORKERS:

The officers, staff and workers are listed below:

(a) Officers 46

(b) Staff 86

(c) Workers 114

246

32.00 NON-RESIDENT SHAREHOLDERS:

There is no non-resident shareholder of this company.

2010-2011

No loan facility was received or is receivable under any agreement excepting the loans obntained in the

ordinary course of business as at 30 June, 2011-2012.

2011-2012

Name of product

2011-2012

Name of product

2011-2012

22

2010-2011

Name of product

ANNEXURE- 1

Sl.No. Particualrs Q'ty. Rate 30 June 2012 Q'ty. Rate 30 June 2011

A RAW MATERIALS:

Motorcycle:

CD-Dwan - - 92 - 9196178.32

CD-Deluxe Kick 192 - 16,985,569.28 92 - 8,480,247.20

CD-100 Splendor + - - - 184 - 20,618,835.76

Splendor NXG Self 80 - 7,993,724.00 - - -

Super Splender 80 - 8,905,816.00 - - -

Karizma 3 - 369,033.88 3 - 369,033.88

CBZ-Xtrem 256 - 36995710.64 - - -

Hunk 150-CC S.D 256 38,304,924.16 - - -

Hunk 150-CC D.D 576 90,059,952.00 52 8,334,239.00

Activa - - 31 - 4,009,786.45

1443 199,614,729.96 454 51,008,320.61

MISHUK:

CG125 65 - 1,952,486.00 65 - 1,952,486.00

65 1,952,486.00 65 1,952,486.00

201,567,215.96 52,960,806.61

Provision of CKD Mishuk (529,608.00) (529,608.00)

Total (A) 201,037,607.96 52,431,198.61

B WORK-IN-PROCESS:

MOTORCYCLE:

Splender Cast - - - 92 102,700 9,448,400.00

CD-Deluxe Alloy - - - 28 110,565 3,095,820.00

0 0.00 120 12,544,220.00

MISHUK:

CD-80 24 63,174.00 1,516,176.00 37 63,174.00 2,337,438.00

Total (B) 24 1,516,176.00 37 14,881,658.00

C FINISHED GOODS:

MOTORCYCLE:

Unicorn-150cc 2 166,373.00 332,746.00 95 166,373.00 15,805,435.00

Shine-125cc 1 140,455.00 140,455.00 158 140,455.00 22,191,890.00

Stunner-125cc 15 135,233.00 2,028,495.00 166 135,233.00 22,448,678.00

Unicorn Duzzler 2 167,419.00 334,838.00 2 167,419.00 334,838.00

CD-Twister 2 207,895.00 415,790.00 2 207,895.00 415,790.00

CD-100 Splendor Plus 516 96,187.00 49,632,348.00 386 105,329.00 40,656,994.00

CD-100 Splendor Cast 20 100,079.00 2,001,583.00 260 107,985.00 28,076,100.00

Splendor Pro 582 104,919.00 61,062,858.00 225 116,780.00 26,275,500.00

CD-100 Splendor NXG Kick 100cc - - - 1 89,629.00 89,629.00

CD-100 Splendor NXG Self 100cc 170 101,530.00 17,260,072.00 81 113,729.00 9,212,049.00

CD-100 Passion Kick-100cc 7 93,113.00 651,791.00 7 93,113.00 651,791.00

CD-100 Passion Self-100cc 1073 111,253.00 119,374,802.00 365 124,474.00 45,433,010.00

Super Splendor 169 114,243.00 19,307,129.00 343 127,376.00 43,689,968.00

CD-Dawn 100 cc 48 86,961.00 4,174,146.00 256 95,392.00 24,420,352.00

CD-Deluxe Kick 100cc 104 93,456.00 9,719,426.00 10 104,028.00 1,040,280.00

CD-Deluxe Self Alloy 100cc 295 98,753.00 29,132,042.00 28 105,438.00 2,952,264.00

Glamour non-Hydrolic 125cc - 0.00 5 121,759.00 608,795.00

Glamour Digital-125cc 222 120,872.00 26,833,679.00 346 134,092.00 46,395,832.00

Pleasure 34 98,684.00 3,355,256.00 38 104,530.00 3,972,140.00

Hunk- 150cc S.D 150 151,004.00 22,650,524.00 45 164,271.00 7,392,195.00

Hunk- 150cc D.D 203 158,953.00 32,267,459.00 450 177,216.00 79,747,200.00

CBZ-Xtrem-150cc S.D 154 149,200.00 22,976,912.00

CBZ-Xtrem-150cc D.D 123 156,875.00 19,295,625.00 494 164,956.00 81,488,264.00

CD- 80 (Pak) 80cc 82 73,833.00 6,054,300.00 217 68,236.00 14,807,212.00

CG-125 (Pak) 125cc 172 102,834.00 17,687,458.00 16 94,946.00 1,519,136.00

4146 466,689,734.00 3996 519,625,342.00

Stock Position as on 30 June 2012


23

Sl.No. Particualrs Q'ty. Rate 30 June 2012 Q'ty. Rate 30 June 2011

Sample

Unicorn H M S I 0 0.00 0.00 - - -

Shine ,, 0 0.00 0.00 1 126,514.00 126,514.00

Super splendor INDIA 1 44,830.00 44,830.00 1 44,830.00 44,830.00

Hunk 150-CC 0 0.00 0.00 1 126,600.00 126,600.00

Glamour- 125cc ,, 1 26,530.00 26,530.00 1 26,530.00 26,530.00

Splendor NXG ,, 1 39,471.00 39,471.00 1 39,471.00 39,471.00

Pleasure ,, 1 40,784.00 40,784.00 1 40,784.00 40,784.00

CD-100-Sleek ,, 1 15,725.00 15,725.00 1 15,725.00 15,725.00

Honda CD -100 ,, 1 17,310.00 17,310.00 1 17,310.00 17,310.00

CD Dawn ,, 1 13,217.00 13,217.00 1 13,217.00 13,217.00

CD -100 Deluxe ,, 2 17,513.00 35,026.00 2 17,513.00 35,026.00

Ambition ,, 1 12,765.00 12,765.00 1 12,765.00 12,765.00

Passion Pro ,, 1 40,341.00 40,341.00 1 40,341.00 40,341.00

CG-125-P Japan 1 20,315.00 20,315.00 1 20,315.00 20,315.00

Yamaha '' 1 19,730.00 19,730.00 1 19,730.00 19,730.00

CD-70 Pakistan 1 93,000.00 93,000.00 1 93,000.00 93,000.00

Wave 100 Thailand 2 106,500.00 213,000.00 2 106,500.00 213,000.00

CGL-125 China 1 20,137.00 20,137.00 1 20,137.00 20,137.00

Fdeeral-Win-100 Indonesia 1 19,739.00 19,739.00 1 19,739.00 19,739.00

18 671,920.00 20 925,034.00

4164 467,361,654.00 4016 520,550,376.00

Provision of finished goods (1,106,000.00) (1,106,000.00)

Total of finished goods 466,255,654.00 519,444,376.00

MISHUK:

CD-80 (Japan) - - - 5 105,984.00 529,920.00

CG-125 (Japan) 27 58,628.00 1,582,956.00 27 58,628.00 1,582,956.00

CNG-3 Wheeler 1 270,634.00 270,634.00 1 270,634.00 270,634.00

28 1,853,590.00 33 2,383,510.00

Provision of Mishuk (633,182.00) (633,182.00)

1,220,408.00 1,750,328.00

Jerrican 44 680.00 29,920.00 44 680.00 29,920.00

Saleable Spare Parts Lot 61,162,295.80 Lot 48,173,937.37

61,192,215.80 48,203,857.37

Provision for jerrican and spare parts (1,116,507.00) (1,116,507.00)

60,075,708.80 47,087,350.37

Total (C) 527,551,770.80 568,282,054.37

D STORE AND SPARES:

Mishuk & Others 1,312,579.00 1,200,459.00

Total (D) 1,312,579.00 1,200,459.00

E STORE IN TRANSIT:

L/C No: 10032 Dated 02-05-2011 - 5,923,187.57

L/C No: 10043 Dated 09-06-2011 - 368,390.00

L/C No: 10047 Dated 13-06-2011 - 62,185.00

L/C No: 10048 Dated 18-06-2011 - 223,821.00

L/C No: 10027 Dated 13-05-2012 42,515.00 -

L/C No: 10029 Dated 17-05-2012 130,901,022.00 -

L/C No: 10035 Dated 06-06-2012 122,576.00 -

L/C No: 10036 Dated 12-06-2012 16,040.00 -

L/C No: 10037 Dated 12-06-2012 3,061,042.00 -

L/C No: 10041 Dated 28-06-2012 42,951.00 -

L/C No: 10042 Dated 28-06-2012 111,474.00 -

Total (E) 134,297,620.00 6,577,583.57

Grand Total (A+B+C+D+E) 865,715,753.76 643,372,953.55

24

ANNEXURE-2

Income Assessment Profit as per Provision for Assessed Tax According Advance Balance Rate

year year Profit and Loss Taxation income to DCT's Tax paid Payable/ of

Account Demand refundable Tax

Taka Taka Taka Taka Taka Taka %

- 13,899,423 - - 5,330,453 - When Income Tax case finished then

it will adjusted.

1997-1998 1998-1999 54,851,984 19,198,194 62,196,669 21,768,834 15,989,040 5,779,794 35% Settled at the level of the Taxes Appellate

Tribunal but A/O u/s 159 not obtained.

1998-1999 1999-2000 44,571,389 15,599,986 - 28,904,262 15,247,262 13,657,000 35% Do

1999-2000 2000-2001 19,191,246 6,045,553 20,468,771 7,164,090 19,013,410 (11,849,320) 35% 10% Appellate Tribunal order and final revised A/O

Not received and AIT not adjusted

2000-2001 2001-2002 46,004,851 14,491,528 50,775,236 15,994,200 13,893,809 2,100,391 35% 10% Do

2002-2003 2003-2004 121,252,274 32,738,114 - - 26,734,600 - 30% 10% Assessment completed but

the DCT was not issue Revised A/O

2004-2005 2005-2006 94,960,775 25,639,409 104,497,090 26,914,828 35,880,572 (8,965,744) 30% 10% rebate Settled at the level of the Taxes Appellate

Tribunal but the DCT was not issue revised

A/O

2005-2006 2006-2007 98,346,164 26,553,464 - - 44,870,084 - 30% 10% rebate Assessment completed.

2006-2007 2007-2008 138,385,617 37,364,117 - - 47,548,161 - 30% 10% rebate Assessment completed.

2007-2008 2008-2009 128,753,094 31,866,391 142,503,821 35,269,696 57,903,605 (22,633,308) 27.50% 10% rebate Settled at the level of the Taxes Appellate

Tribunal.

2008-2009 2009-2010 297,527,179 73,637,977 327,697,658 81,105,170 86,703,711 (5,592,567) 27.50% 10% rebate Settled at the level of the Taxes AppellateTribunal.

2009-2010 2010-2011 382,378,755 94,638,742 - - 82,888,864 - 27.50% 10% rebate Various information and documents are

submitted as per income tax audit team

and DCT's requirement.

2010-2011 2011-2012 396,074,560 98,028,454 - - 153,618,634 - 27.50% 10% rebate Return Submitted.

2011-2012 2012-2013 377,446,740 93,418,068 150,853,323 27.5% 10% rebate After Annual General Meeting Return will

583,119,420 708,139,245 217,121,080 756,475,528 (27,503,754) be Submitted.


Statement of Advance income tax and provision for taxation

for the period from 1 July 2011 to 30 June 2012

25

Miscellaneous

RemarksRebate

Sl Budget Actual Variance Variance Remarks

No. Taka Taka Taka %

1. INCOME:

Net sales 65840.04 49147.74 16692.30 25.35 Unfavourable

2. COST OF SALES:

Raw materials 60525.32 43512.42 17012.90 28.11 Favourable

Production overhead 492.12 511.02 (18.88) (3.84) Unfavourable

Changes in stock (106.41) 540.95 (647.37) 608.37 Unfavourable

60,911.03 44,564.39 16,346.65 26.84

Gross Profit (1-2) 4929.01 4583.35 345.56 7.01 Unfavourable

Other Income 100.00 130.04 (30.04) (30.04) Favourable

5029.01 4713.39 315.52 6.27 Unfavourable

Less: Expenses:

Directors remuneration 20.00 14.02 5.98 29.90 Favourable

Auditors' fees 0.76 0.66 0.10 13.16 Favourable

Legal expenses 0.50 0.67 (0.17) (34.00) Favourable

21.26 15.35 5.91 27.80

Administrative, selling and other expenses:

Salaries and allowances 308.93 291.94 16.99 5.50 Favourable

Repairs of vehicles 11.00 11.93 (0.93) 8.45 Unfavourable

Fuel-vehicle, CNG & hiring bus 43.00 43.30 (0.30) (0.70) Unfavourable

Conveyance and travelling 4.75 4.98 (0.23) (4.84) Unfavourable

Printing and stationery 15.00 12.19 2.81 18.73 Favourable

Canteen subsidy and allowance 7.00 7.72 (0.72) (10.29) Unfavourable

Newspapers 0.50 0.43 0.07 14.00 Favourable

Repairs of machineries 2.00 1.20 0.80 40.00 Favourable

Head Office overhead 60.00 60.00 0.00 0.00 Favourable

Postage,telegram and telephone 4.00 2.74 1.26 31.50 Favourable

Uniform and liveries 2.00 2.80 (0.80) (40.00) Unfavourable

Training expenses 0.60 0.18 0.42 70.00 Favourable

Rates and taxes 6.10 4.73 1.37 22.46 Favourable

A.G.M and EGM expenses 16.00 18.15 (2.15) (13.44) Unfavourable

Advertisement 7.00 6.22 0.78 11.14 Favourable

Other expenses 55.41 25.97 29.44 53.15 Favourable

Depreciation 26.13 39.40 13.22 (50.78) Unfavourable

569.42 533.88 62.03 4.15

Selling expenses:

Salary and allowances 51.32 55.52 (4.20) (8.18) Unfavourable

Advertisement 25.00 25.00 0.00 0.00 Favourable

Sales promotion 30.00 28.46 1.54 5.13 Favourable

Other expenses 105.10 50.29 54.81 52.15 Favourable

211.42 159.27 52.15 30.22

Financial expenses 15.00 31.76 (16.76) (111.73) Unfavourable

Workers' P.P. fund/Welfare Fund 210.60 198.66 11.96 5.68 Favourable

225.60 230.42 (4.80) (2.13)

Total expenses 1,027.70 938.92 115.29 8.63 Favourable

Net Profit before tax 4,001.31 3,774.47 200.23 5.67

ANNEXURE-3

26


Statement of Budget Variance


Particulars

(Taka in lac)

ANNEXURE-4

Sl. 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012

No.

1 Authorized Share Capital 10.00 20.00 20.00 20.00 100.00 100.00

2 Issued,subscribed & paid up capital 8.00 10.00 10.00 13.33 17.78 23.70

3 Reserve and surplus 35.92 33.63 45.93 63.80 455.40 464.43

4 Long term loan 0.72 0.72 0.72 0.52 0.52 0.42

5 Deferred liability 4.19 4.07 4.01 5.44 5.97 7.26

6 Deferred income 0.09 0.08 0.08 0.07 0.04 -

7 Advance against share 0.02 0.02 0.02 0.02 0.02 0.02

8 Total Income (Net sales and 217.41 303.34 430.62 503.90 582.91 492.78

miscellaneous income)

9 Total Expenditure 203.57 290.47 400.87 465.66 543.30 455.04

10 Profit before tax 13.84 12.87 29.75 38.24 39.61 37.74

11 Net Profit after tax 10.10 9.69 22.39 28.77 29.80 28.40

12 Dividend paid 7.45 6.78 5.84 16.13 15.36 15.09

13 Total Assets 79.08 90.29 129.60 158.55 557.41 580.14

14 Fixed Assets 1.94 1.76 1.81 1.89 382.66 382.35

15 No. of Shareholders 7,169 9,252 9,190 10,234 10,858 -

16 (a) Workers 93 89 98 103 103 114

(b) Staffs 67 61 60 52 49 86

(c) Officers 40 32 41 45 45 46

Total 200 182 199 200 197 246

17 Ratio Analysis :

a Profit on sales 6.16% 4.28% 6.92% 7.60% 6.80% 7.67%

b Return on investment 20.65% 19.98% 36.86% 34.60% 29.80% 4.90%

c Income per share TK '12.62 TK 9.69 TK 22.39 TK 21.58 TK 16.77 Tk.11.98

d Current ratio 2.55:1 2.12:1 1.86:1 2.08:1 2.25:1 2.35:1

e Quick ratio 1.87:1 1.33:1 1.11:1 1.37:1 1.42:1 1.32:1

f Debt equity ratio 0.8:1 1.07:1 1.32:1 0.89:1 0.80:1 0.19:1

g Dividend per share 12.50 10.00 7.50 10.00 7.50 -


27

Particulars

Statement of Assets and Liabilities and Income and Expenditure

for the last 5 (five) years

Amount in crore Taka

= 7.67%

The company has earned 7.67% profit on sales which is 0.87% more than that the previous year.

= 5.73%

The company has earned 5.73% return on investment which is24.90% less then previous year.

= 11.98

Earning per share is Taka 11.98 during this year which is

Tk.4.79 less than that of the previous year.

= 2.35:1

Current ratio for the year is 2.35:1 and the standard ratio is 2:1

which is satisfactory.

= 1.32 : 1

Quick ratio for the year is 1.32 : 1 which is satisfactory.

= 0.19:1

Debt-Equity ratio for the year is 0.19 : 1 which indicates a

favourable position for equity holders.

28

17.A Profit on Sales =Net profit before tax+adjustment in respect of previous year

17.B Return on investment =Net profit after tax

x 100Net sales

=377,446740 + (416,536)

x 1004,914,774,055

17.C Earning per Share (EPS)/ Yield per share =Net profit after tax

x 100Net assets

=284,028,672

x 1004,958,827,810

17.D Current Ratio =Current Assets

Number of Shares

=284,028,672

23,703,702

17.E Quick ratio =Current Assets - Inventories

Current Liabilities

=1,977,873,084

842,529,660

17.F Debt-Equity Ratio =Current liabilities + other liabilities

Current Liabilities

=1,977,873,084 - 865,715,754

842,529,660

Shareholder's Equity

=842,529,660 + 76,798,618

4,882,029,192

Documents

ATLAS BANGLADESH LIMITED · Provision for Taxation 13.00 583,119,420 ... Atlas Bangladesh Limited was incorporated as a private Limited Company in ... (ICAB) as Bangladesh Accounting