blicapitalltd.comblicapitalltd.com/EIL_Prospectus.pdf"ffi4irqEi 666p1 ffi I 6qFI tlg slt Rfrgfi Fl'a" "lnvestment in capital market involves certain degree of risks. The investors

"ffi4irqEi 666p1 ffi I 6qFI tlg slt Rfrgfi Fl'a""lnvestment in capital market involves certain degree of risks. The investors are required to read theprospectus and risk factors carefully, assess their own financial conditions and risk taking ability beforemaking their investment decisions."

puBuc oFFER oF 26,079,000 oRoTNARY SHARES OF TK.10.00 EACH AT PAR TOTALTNG TK. 260,790,000

opening and Closint Date of subscription

OpeninS Date:...,.,.,,,,,

closing Date:....,.,..,..

lssue Date of the Prospectus: ..............

PROSPECTUS OT

EXPRESS INSI'RJAI{CE LIMITEDAl- RaziComplex, 166-157, Shahid Sayed Nazrul lslam Shorani, Bijoynagar, Dhaka-1000

Tel: +88-02-9554421, +88-02-9561255,+88-02-9569546, Far: +88-02-9568616E-mall: [email protected], Webthe: www.eilbd.com

MANAGERS TO THE ISSUE

I AAA FIruANCE&- lnvEsrMENT LTD.

&AHY m Gopitol limiled

A Full-Fl.dg.d M..<h.nt Brnk

M baidul AkbarM&CFO

Exp

Md. L

lce Linlited

xecutive Officer Company Sec

Mohammac

IIOFC Capital Limited Exprgss ltrsulanc

,.lrrra.rxl,

@Md, lsrail Bossain aCS

Managing DirectorBLI Capita i r,imite.rtr*a-----.,-Yffi

ll

PREIIMINARY INFORMATION AND DECI.ARATIONS(a)

(i) Name(s), address(s), telephone number(s), web address(s), e-mail(s), fax number(s) and contact persons of theissuer, issue manager(s), underwriter(s), auditors, credit rating company and valuer, where applicable

o a! tl lAkbarExpre

D M& CI:on(e Lintit

MohilmmadChiel Execu

IIDFC CaPitive Olficertal Limited

Md. Li at KhanK RahmanM.Dirccfor &

Name & AddressTelephone & Fax Number

E-mail, web AddressContact Person

ISSUER COMPANY

Expaess lnsuranae Umit€dAl- RaziCompler, 166-167. Shahid Sayed Nazrul

lslam Sharani, Eijoynagar, ohaka-1000

Tel: +88-02-9554421, +88-02-9568616Fax:+88-02-9568616E-mail: [email protected] site: www.eilbd.com

Md. tlequat All (han

Company Secretary

AAA Flnance & lrvestment LlmitedAmin Court, 4th Floor (Suitef403-405)

31, Bir Uttam Shahid Ashfaqueus Samad Road(Previous 62-63, Motijheel C/A), Dhaka-1000

Tel:+88-02-9559602Tel:+88-02-9567726Fax:+8&02-9558330

E-mail: [email protected] site: www.aaafinancebd.com

Mohammad ObayduiRehm.n, FCS

Managing Director &cEo

Tel: +88{2-9514637-8 Fax:+88{2-9514541E-mail: [email protected] site: www,iidf.com

Mohammad Saleh AhmadChief Executive Officer

BLI CAPITAL I.IMITED

Eunoos Trade Centre (Level 18)

52-53, Dilkusha C/A, Dhaka-1000

Tel: +88-02-9559512, 9559523, 9559530Fax:+88-02-9592SOO

E-mail: [email protected] site: www: blicrpitalhd.com

Md. ls.ail Hossain ACS

Managing Director

UNDERWRITERS

AAA Flnan.e & lnvestm€nt Ltd.Amin Court,4th Floor (Suite S 403-405)31, 8ir Uttam Shahid Ashfaqueus Samad RoadDhaka-1000

Tel : +88-02-02 9559602Fax : +88-02-9558330E-mail : [email protected] site: www.aaafinancebd.com

Mr. Moham.nad ObaydurRahman FCS

ManaSing Diredor &cEo

Southean Bank C.pltal S€rvlces lifihedEunoos Trade Centre (Level-g)

S2-S3 Dilkusha C.A.

Dhaka-1000

Tel : +88-02-9574171-75Fax : +88-02-9574169E-mail: [email protected] site: www.southeastbank.com.bd

Mr. Ho.nayun xabi., ACS

Company Secretary

BD Fln.nce C.pital Holdings umhed64, Motiiheel C/A (2nd floor)Ohaka-1000

Tel : +88-02-958818G7Fax : +88-02-9588185E-mail: [email protected] site: www.bdcapital.com.bd

Mr. Barun Prased PaulMD & CEO (CC)

BLlCapital UmltedEunoos TradeCentre(Level-18)52-53 Dilkusha C.A.

Dhaka-1000

Tel: +88-02-9559512,9559523Faxr+88-02-9592500E-mail: [email protected] site: www.blicapitalltd.com

Mr. Oebabrata Kumar Sarke.Senior Vice President

Roots lnvestrient timhedDiganta Tower, Level-1

12/1 Ram Krishna MissionDhaka-1203

Tel : +88-02-7116954,+a8-02-7 1779L4Mobile :+88-01833148258Fax : +88-02-7119908E-mail: [email protected] site: www.rootsinvestment.com

Mr. Nomanur RrhmanSenior vice President

Alpha Capital M.natemenl LlmitedEaste.n Arzoo Complex (7th floor)61, Bijoy Nagar, Dhaka-1000

Phone: +88-02-8316519, 8316540, 8313947Fax +88-02-8316547E-mail: [email protected]: [email protected] site: www.acmlbd.com

M,. Noo. Ahamed FCA

CEO & Managing Director

AUOITOR

A X M Mohltul Haq, FCA

Senior Partner

Ahmed zaker & Co,

Chartered Accounts

Green City Edge (10th Floor)89, (akrail, Dhaka-1000

On

*-Y' **"''qro,,rffi"* o.,Yi!{roE Drl'clor & CEo.

. . Ms.Dsging DirectortMfbror! & hY. nt uhLt Crpitai Limlte.r CoroDaay Secretarv

Er-press iosuraoce Li6i . ., ChicfExciutivo Ofriccr'" txpress Insuraace Limitcd

ISSUE MANAGERS

IIOFC CAPITAL LIMITEDEunoos Trade Centre (Level 7)


Tel: +88-02-8300504-8, +88-02-8300501-2Fax: +88-02-8300509Cell No. +88-01712900886, 01711-056363E-mail: [email protected] site: www.ahmed-zaker.com

l

VALUER

r Credit .ating is not applicable for the issuer.

{ii} A person interested to get a prospectus may obtain from the issuer and theissue manaters,(iii) "lf you have any query about this document, you may consult the issuer, issue manaSer and underwrite/'

Entr, Md. Touflqul lslamTeam Leader

Aziz Hallm Khair Choudhury,Ch.n€r€d A..ountantsBuilding fi2(3d& 4th Floor), House

79(new)Roadf12A(new)Dhanmondi, Dhaka-1209

Tel : +88-02-9137092, 9145017Fax- +88-02-9137092E-mail : [email protected] site: www.ahkcbd.com

b.Srery+<{Ma. Ohaidul Akbar

DGM & CTO

ffffiff*#*kffi****,,aLI Cspltai r,imfte,.

IIDFC Capital Limited

Express Insurance Limited

K.M.!#"-

(iv) "CONSENT OF THE BANGIADESH SECURITIES AND EXCHANGE COMMISSION HAS BEEN OBTAINED TO

THE ISSUE OR OFFER OF THESE SECURITIES UNDER THE SECURITIES AND EXCHANGE ORDINANCE, 1969, ANDTHE BANGLADESH SECURITTES AND EXCHANGE COMMTSSTON (pUBL|C TSSUE) RU1E5,2015. tT MUST 8EDISTINCTLY UNDERSTOOO THAT IN GIVING THIS CONSENT THE COMMISSION DOES NOT TAK€ ANY

RESPONSIBILITY FOR THE FINANCIAL SOUNDNESS OF THE ISSUER COMPANY, ANY OF IT5 PROJECTS OR THE

ISSUE PRICE OF ITS SECURITIES OR FOR THE CORRECTNESS OF ANY OF THE STATEMENTS MAOE OR OPINIONEXPRESSED WITH REGARD TO THEM. SUCH RESPONSIBILITY LIES WITH THE ISSUER, ITS DIRECTORS, CHIEF

EXECUTIVE OFFICER, MANAGING DIRECTOR, CHIEF FINANCIAL OFFICER, COMPANY SECRETARY, ISSUE

MANAGER, ISSUE MANAGER'S CHIEF EXECUTIVE OFFICER, UNDERWRITERS, AUDITOR(S}, VAI.UER ANO/ORCR€DIT RATING COMPANY (IF ANY)."

(V)'Risk in relation to the first issue'"Thi5 being the fi.st issue of the issuer, there has been no tormal market for the securities of the issuer, Theface value of the securities is Tk. L0.00 (ten) and the issue price is Tk l0 , i.e, face value. The issue price hasbeen determined and ,ustified by the isruer and the issue manager as stated under the paraSraph on"lustitication ot lssue Price" should not be taken to be indicative of the market p.ice ot the securities afterlisting. No assurance can be Siven regardinS an active or sustained trading of the securities or the price afterlisting."

(Vl)'GeneralRisk'"lnvestment in securities involves a de8ree of risk and investors should not invest any funds in this offerunless they can afford to take the risk of losing their investment. lnvestors are advlsed to read the riskfactors carefully before taking an investment decision in this offer. For taking an investment decision,investors must rely on their own examination of the issuer and the offer including the risks involved. Thesecurities have not been recommended by the Bangladesh Securities and ExchanSe Commission (BSEC) nordoes BSEC Suarantee the accuracy or adequacy of this document. Specific attention of investors is invited tothe statement of'risk lacto.s'given on page number(s) 155 to 165,

(vll)'Exprcss lnsu.ance Limited's Absolute Responsibility'"The issuer, having made all reasonable inquiries, accepts responsibility for and confirms that this prospectuscontains all material information with regard to the issuer and the issue, that the information contained in theprospectus are true, fair and corred in all material aspeds and are not misleading in any respect, that theopinions and intentions expressed herein are honestly held and that there are no other facts, the omission ofwhich make this document as a whole or any of such information or the expression of any such opinions orintentions misleading in any materialrespect."

Obaidul Akbar

Cs.Mohmnad$la;a* r*man' FC! , fu

!hr8i08 DIr.cror & CEo . ild, )hfi:Eocsain eCSMAFilrott & lovc$tittrr E Maaaging Director

cLI Caplta, l,lmite.',.'Nd-

DGM & CFOExpress lnJuruncr Limited

.M. Sai RahmsnMBnEgiDg Dtector &

co!:1prc) sccjeti-!1, chicf Executivo omcsrMoha

ch ve Otficer,IOFC Capltal Limit€d

elxpress lasurance Limitcd

(b) Availability of Prospectus

(i) Names, addresses, telephone numbers, fax numbers, website addresses and e-mailaddresses and names of contact persons of the institutions where the prospectus and abridgedversion of prospectus are available in hard and soft forms;

The Prospectus and abridged version prospectus in hard and soft forms of the Company shall be

obtained from the following addresses:

Telephone & Fax Number, E-mail,web Address

Contact PersonName & Address

ISSUER COMPANY

Tel:+88{2-9554421Tel:+88{2-9568616Fax:+88{2-568515E-mail: [email protected] site: www.eilbd.com

Mr, Md. Liaquat Ali(han

Company Secretary

Exprers lnsurance LimitedAl- Razi Complex, 155-157, Shahid Sayed Nazrul

lslam Sharani, Bijoynagar, Dhaka-1000

ISSUE MANAGERS

Tel :+88-02-9559602, +AA42-9567 7 26Fax:+88-02-9558330

E-mail:[email protected] site: www.aaafinancebd.com

Mr. Mohammad Obaydu.Rahman FCS

Managing Director & CEO

Atuq Finance & Investment Ltd.

Amin Court, 4th Floor (5uitef403-405)31, Bir Uttam Shahid Ashfaqueus Samad Road(Previous 52-53, Motijheel C/A), Dhaka-1000

Mohammad Saleh AhmadChief Executive Officer

IIOFC Capital LimitedEunoos Trade centre (Level 7)

52'53, Dilkusha C/A, Dhaka-1000

Tel: +8842-9514637-8Fax:+88{2-9514641E-mail:[email protected] site: www: iidfc.comTel; +88{2-9559512, +8842-9559523, +88-

02-9559530Fax:+88{2-9592500E-mail: [email protected] site: www: blicapitalltd.com

Md, lsrail Hossain ACS

Managing DirectorBLI Capital LimitedEunoos Trade Centre (Level 18)


UNDERWRITERS

Tel : +88-02-02 9559502Fax : +88-02-9558330E-mail : [email protected]: www,aaafinancebd,com

Mr. Mohammad obaydurRahman FCS


AAA Finance & lnvestment Ltd.

Amin Court,4th Floor (Suite f 403-405)31,8ir Uttam Shahid Ashfaqueus Samad Road, Dhaka-

1000

Southeast Eank Capital Services limitedEunoos Trade Centre (Level-9).

52'53 Dilkusha C.A.

Dhaka-1000

fel. +88-02-957 4171-7 5

Fax : +88-02-9574159E-mail:[email protected]: www.southeastbank.com.bd

Mr. Homayun (abir, ACS

Company Secretary

Tel : +88{2-9588186-7Fax : +88-02-9588185E-mail: [email protected] site: www.bdcapital.com.bd

Mr. Barun Prasad PaulMD & CEO (CC)

BD finance Capital Holdings Limited54, Motijheel C/4 2nd floor,Dhaka-1000

Tel: +88-02-9559512, +88-02-9559523Fax: +88{2-9592500E-mail: [email protected] site: www.blicapitalltd,com

Md. lsrail Hossain ACS

Managing DirectorBLI Gpltal LlmhedEunoosTrade Centre (Level-

18), 52-53 Dilkusha C.A.

Dhaka-1000

Tel : +88-02-7116954,+aa42-7 117974Mobile : +880 1833148258Fax : +88-02-7119908E-mail:[email protected] Website:www.rootsinvestment.com

Mr. Nomanur RahmanSenior Vice President

Roots lnvestment LimitedDiganta Tower, Level-1,

12l1 Ram Krishna MissionDhaka-1203

Phone: +8842-8316519Fax +88{2-8316547E-mail:alpha.acml@gmail,com,[email protected] site: www.acmlbd.com

d&Md obai

I)GM

Mr. Noor Ahamed FCA

3tr{yf{lul Akbir

CEO & Ma naging Director

T, CFO

Alpha Capital Management LimitedEastern Arzoo Complex (7th floor)61 Sijoy Nagar, Dhaka-1000.

MohammaChiel

LiCcnpe

rIDFC CaPital Limited

N" tQrrhhmoedobrydur Rahmr, FGUa, tsriil{f,s.in nCs

Vaasgtng Drc(tor & CE0. Managing DirectorAAA Fu!j-; h.cjLocot LIdBLI Cai:iai '-i$ite{.

Prospectus would also be available on the web sites of BsEc (www.secbd.org) and at the Public Reference Room of theBangladesh securities and Exchange Commission (BSEC)for reading and studying.

(ii) Names and dates of the newspapers where abridged version of prospectus was published

Names and dates of the newspapers where abridged version of prospectus was published:

Sl. No. Name of the Newspaper Date of Publication

1

2

3

4

STOCK EXCHANGES

Dhaka Stock Exchange LimitedDSE Library,

9/F Motijheel C/A, Dhaka-1000

Tel: +88-02-9564601, +88{2-9576210-18Fa\t +88-02-95 727, +88-02-9569755

E-mail: [email protected] site: www.dsebd.org

Md. Jalilur RahmanManaSer

Chittatont Stock ExchanSe LlmhedCSE Library,

csE Building, 1080, Sheikh Mujib Road Agrabad,Chittagong- 4100.

Tel: -880 31-714532-3Fax: +880 31-714101E-mail: [email protected]

Web site : www.cse.com.bd

Mr. Mohammad Jabed

SarwarAssistant ManaSer

DGM & CFOExprcss Insuralce Limited

l\4oha mK.M. S&id Rahman

Md. Lraquat Ali Khan Manrgiag Di$c4or &

o

Ccrap3oy Secletary

idul Akbar

chief Exccutivc Offrc€rffi****o,o#nn^*^ ri-;'^-;-., :r' t"''*t Ld Masaglng Dirtctot

aLI ct)rtal Llmltc"Chiel Executive Ofiicer

rIDFC CaPital Limited lskpress lmuranco Linitod

AAA Finance & lnvestment LimitedAAA

Bangladesh Bank

Beneficiary Owner Account or Depository Account

Bangladesh Securities and Exchange Commission

Bangladesh lnvestment Development Authority

BSEC

BIDA

Current Deposit

Bangladesh Securities and Exchange Commission

CD

Commission

Companies Act, 1994 (Act. No. XVlll of 1994)

Chittagong Stock Exchange LimitedcsE

Department of lnsurance

Dhaka Stock Exchange Limited

DI

DSE

Express lnsurance Limited

Export Processing Zone

Fina ncia I lnstitutionThe Government of People's Republlc of Bangladesh

lnitia I Pu blic offering

AAA Finance & lnvestment Ltd., IIDFC Capital Limited and BLI Capital Limited

Public lssue

FI

GOB

tPo

lssue Managers

lssue


Jiban Bima Corporation

lssuer

JBC

Net Asset Value of the company

Nationa I Board of Revenue

NAV

NBR

National lnvestment Bond

Non-Resident Bangladeshi

NIB

NRB

Price of the securities of Express lnsurance Limited being offered

lnsurance Development and Regulatory Authority

offering Price

IDRA

Public Sector Business

Head Office of the Company

PSB

Registered Office

Registrar of Joint Stock Companies & Firms

Shad ha ra n Bima Corporation

Shares of Express lnsurance Limited

Market of the securities

The sponsor shareholders of Express lnsurance Limited

C)5ha reholders

Application moneySubscription

Express lnsurance LimitedThe Company

Moham le NJiKh&.M. Sal RshmanMd. L

CoropaaY Secretcq/ M3cagitrg troctor &red irief Executivc Offrcer

:tffi-.',.l*.::-***ffi,m*rAIJi i;d * '- '.--- r3LI ctpttai Llmiter,Chiel Executive Olficer

IIDFC CaPital Limited Er gs.ce Lisiiess tosurarce Limited

vii

(iiil Definitions and Acronyms/Elaborations Acronyms/Elaborations:

BB

BO A/C

Companies Act

Ett

EPZ

Foreign Cu rrency AccountFC Account

RJSC

sBc

Securities

Share Market

Sponsors

Stockholders'^qR:X{.o* - .-

\DGM & CFOE-.-^..

'.. '.... --. l:--it.,l

v l

TABLE OF CONTENTS

1-8SECTION (l): EXECUTIVE SUMMARY

About the industry2b About the lssuer

Financiallnformation3d Features of the issue and its objects

e Legal and other lnformation46f Promoters'background

Capital structure and history of capital raising 7

8h Summary of valuation report of securities8I Othe rs

SECTION (ll): CONDITIONS IMPOSED BY THE COMMISSION lN THE CONSENT TETTER 9-15

9-15DISCLOSURE IN RESPECT OF ISSUANCE OF SECURITY IN DEMAT FORM

9-15CONDITIONS UN DER 2CC OF THE SECURITIES AND EXCHANGE ORDINANCE, 1969

1,6-29SECTION (III}: DECTARATION AND OUE DITIGENCE CERTIFICATES AS PER ANNEXURE A, B AND C

16DECLARATION ABOUT THE RESPONSIBILITY OF THE DIRECTORS, INCLUDING THE CEO OF THE ISSUER IN

RESPECT OF THE PROSPECTUS

77 -22DUE DILIGENCE CERTIFICATE BY ISSUE MANAGER

23-29DUE DILIGENCE CERTIFICATE BY THE UNDERWRITER

30-32SECTION (IV}: ABOUTTHE ISSUER

30-31a Particulars of the Company31b Name of the Sponsors and Directors

c Particulars of Auditor and Registrar to the lssue 32

Name of the Stock Exchanges where the Securities to be listed 32

33SECTION (v): CORPORATE DIRECTORY OF THE ISSUER

34-87SECTION (Vl): DESCRIPTION OF THE ISSUER

34-35a Summary

b General lnformation 35-41

41-50c Capital Structured Description of Business

e Description of Property 59 64

64-87t Plan of Operation and Discussion of Financial ConditionSECTION (Vll): MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAt CONoITION 88-89

a Overview of business and strategies 88

SWOT ANALYSIS 89

c 89

Analysis of the financia I statements of last five years with reason(s) of fluctuating revenue/sales, otherincome, total income, cost of material, finance cost, depreciation and amortization expense, otherexpense; changes of inventories, net profit before & after tax, EPS etc.

dKnown trends, demands, commitments, events or uncertainties that are likely to have an effect on thecompany's business

89

e Trends or expected fluctuations in liquidity 89

Off-balance sheet arrangements those have or likely to have a current or future effect on financialcondition

SECrlON (Vlll): DIRECTORS AND OFFICERS 90-103

aName, Father's Name, age, Residential address, Educational qualification, experience and position ofeach director and nominated director with nomination period, organization name

90

b Date of first Directorship and Expiry of Current Tenure of the directors-A d ^t.tzf 91

Name of lnterest and lnvolvement in other business/organization of directors '<1:{I?\19,'\!-;;'- ( gt-gzoLiNitedAJ" \w

Ittotnuu)tuayour nanman. rdfd, Irrail Hossain ACMrs|grlg Dircctor & CEo Managing Director

ICM, S RahmanS,vlohamma Md. L &

Chief tve Otficer ChicfExccutivc OfficerAAA Filllct & lnvcflmcot liEI Capitr^r Limiter IDFC Capital Limited Ex

Company Secretarypress Insurauce Limited Bxprcss InsutaDce Limited

PAGE NO.PARTICULARS

1a

c

3

d

50-58

b

f 89

c

DGM &

Khan

d

Statement of if any Directors of the issuer are associated with the securities market in any manner and

any director of the issuer company is also director of any issuer of other listed securities during last threeyears with dividend payment history and market performance

93

Family relationship (father, mother, spouse, brother, sister, son, daughter, spouse's father, spouse'smother, spouse's brother, spouse's sister) among the directors and top five officers

93

f Brief description of other businesses of the directors 93-94

Short bio-data of each director 95-96

hLoan status of the issuer, its directors and shareholders who hold 10% or more shares in the paid- upcapital of the issuer in terms of the CIB Report of Bangladesh Bank:

96

Name, position, educational qualification, age, date of joining in the company, overall experience (in

year), previous employment, salary paid for the financial year of the Chief Executive Officer, ManagingDirector, Chief Financial Officer, Company Secretary, Advisers, Consultants and all Departmental Heads. lfthe Chairman, any director or any shareholder received any monthly salary than this information shouldalso be included

97-99

) Changes in the key management persons during the last three years 99

k

A profile of the sponsors including their names, father's names, age, personal addresses, educationalqualifications, and experiences in the business, positions/posts held in the past directorship held, otherventures of each sponsor and present position

99-101

lf the present directors are not the sponsors and control of the issuer was acquired within five years

immediately preceding the date of filinB prospectus details regarding the acquisition of control, date ofacquisition, terms of acquisition, consideration paid for such acquisition etc.

101

mlf the sponsors/directors do not have experience in the proposed line of business, the fact explaining howthe proposed activities would be carried out/mana8ed

101

n lnterest of the key management persons 101

0 All interests and facilities enjoyed by a director, whether pecuniary or non-pecuniary 101-102

p Number of shares held and percentage of shareholding (pre-issue) 702q change in board of directors during last three years 103

r Director's engagement with similar business 103

SECTION (lXl: CERTAIN RELATIoNSHIPS AND RETATED TRANSACTIONS

SECTION (x): ExEcUTIVE COMPENSATION 712-713

SECTION (Xl): OPTIONS GRANTED TO DIRECTORS, OtFICERS AND EMPLOYEES 113

SECTION (XII): TRANSACTION WITH THE DIRECTORS AND SUBSCRIBERS TO THEMEMORANDUM

SECTION (Xlll): OWNERSHIP OF THE COMPANY'S SECURITIES 118-135

SECTION (XlV): CORPORATE GOVERNANCE

SECTION (XV): VALUATION REPORT OF SECURITIES PREPAREO BY THE ISSUE MANAGERS 746-749

SECTION (XVl): DEBT SECURITIES 150

SECTION (xvll): PARTIES INVOLvED AND THEIR RESPONSIBILITIES 150

SECTION (Xvlll): MATERIAt CONTRACTS t5t-152SECTION (XlX): OUTSTANDING LITIGATIONS, FINE OR PENALTY 153-154

SECTION (XX}: RISK TACTORS AND MANAGEMENT,.S PERCEPTIONS ABOUT THE RISKS 155-165

SECTION (xxl): DESCRIPTION OF THE ISSUE

SECTION (xxll): USE OF PROCEEDS 168-170

SECIION (XXlll): LOCK-lN t77-173

SECTION (XXIV): MARKETS FOR THE SECURITIES BEING OFFERED 774

SECTION (xxv): DESCRIPTION OF SECURITIES OUTSTANDING OR BEING OFFERED 115 77 6

SECTION (XXVI): FINANCIAt STATEMENTS 777,248

SECTION (Xxvll): PUBLIC ISSUE APPLICATION PROCEDURE 249-253

SECTION (XXV|ll): OTHERS 254-260

qt--M

tx

l(.M. RahmanKhan Matrsgiag &

Chipf Ercoutivo Omccr

-6$,S-6t$<ra-{Md. Obaidul Akbar

DG N.t & cl'()ltcd

\w''t4d, Israll Hogsain ACI Moha

Ccmpany Secretar5rManaglng Director Chief Executive olficerBLI C$ltt l l,lmite,i 6npC capitat Limited

xpress Insurance Linited

e

104 111

7!4-117

136-145

t66-767

liiotmmad Oblydur Rahmao, FCt

M rgrnt Drlcclor & CEo

AAA Flrrocr &, hvErtn€ll Ltd

1

lSection-t(a) ABOUT THE INDUSTRY

After the liberation the Government of the People's Republic of Bangladesh in 1971, nationalized the

insurance industry along with the banks in 1972 by Presidential Order No. 95. By virtue of this order, all

companies and organization transacting all types of insurance business in Bangladesh came under this

nationalization order. This was followed by creation of five insurance companies in the life and non-life

sector. Further changes were brought on 14 May 1973. ThrouBh the enactment of lnsurance

Corporation Act Vl, 1973, this led to creation of two corporations namely Shadharan Bima Corporation

for general insurance and, Jiban Bima Corporation for life insurance in Bangladesh. ln other words,

Shadharan Bima Corporation (SBC) emerged on 14 May 1973 under the lnsurance Corporation Act (Act.

No. Vl) of 1973 as the only state-owned organization to deal with all classes of general insurance & re-

insurance business emanating in Bangladesh. Thereafter SBC was acting as the sole insurer of General

lnsurance till 1984. Bangladesh Government allowed the private sector to conduct business in all areas

of insurance for the first time in 1984. The private sector availed the opportunity promptly and came

forward to establish private insurance companies through promulgation of the lnsurance Corporations

(Amendment) Ordinance (Ll of 1984) 1984. The lnsurance Market in Bangladesh now consists of twostate-owned corporations, forty-six and thirty private sector general & life insurance companies

respectively, 78 lnsurance Companies. Growth in insurance coverage is strongly associated with rising

incomes, the development of an increasingly sophisticated banking sector, and low or moderate levels

of inflation. The strong contribution of rising incomes to Breater insurance coverage might be

attributable to demand factors (rising demand for coverage as individuals become wealthier), supply

factors (it becomes more cost- effective to provide insurance as the economy expands, providing both a

stronger institutional environment and greater returns relative to transactions cost), ora combination.

The overall institutional environment plays an important role, in terms of political stability and openness

as well as government effectiveness, rule of law, and control of corruption. Religious factors also play a

role, with insurance consumption inversely correlated to the share of the population that is lslamic. The

evidence suggests there is substantial potential for insurance to make a greater contribution toeconomic growth and social welfare in many lower and middle-income countries. lndeed, industryexperts argue that insurance lags behlnd other financial services in the extent of globalization, providing

substantial growth opportunities.

Contribution of lnsurance lndustry to the Economic Development in Bangladesh the commitment of thegovernment to promote development of the insurance sector is of enormous consequence for its

promising future. ln view of the pro-active policy support of the government that the sector has so farreceived in an unstinted manner, we certain that within the next few years we will be able to make

insurance a very important component of the country's financial system. This will go a long way foreradication of poverty and promoting sustainable economic groMh. lnsurance seryes a number ofvaluable functions, which are very different from those rendered by other types of financialintermediaries. The indemnification and the risk pooling properties of non-life insurance facilitatetransaction and the provision of credit by mitigating losses as well as the measurement and

management of risk

Source: Ihe New Notion, poge # 20, doted November 20,2076

tl&mmd ohydut RahmEn, FC{

M.f,rgtrg Dirlctor & CEo

{AA Fi[!s. & lov..ro.!t UdMoham

Chieft Ali Khan

K.M. Rahmaniraator &

Srma

gecr€tary Chicf tivo Officar

w-Md. Israil Hossain ACI

Managing DirectolqLI CaiireJ Llm;ter

Md. L::J" L:::-acJ BxDrsgl Insurance Limited

m*ffiffi#DCM & ctu

Express ln5uruoce Llnlltcu

IIDFC Capital Limited E;;:;:s

2

(b) ABOUT THE TSSUER

Express lnsurance Limited (ElL) was incorporated in Bangladesh on March 30, 2ooo under the companiesAct, 1994 as a public company limited by shares for carrying out all kinds of general insurance activities.EIL was granted Certiflcate of Commencement of Business on March 30, 2000 for general insurance

business. The company starts its business on May 18,2000 after obtaining license from the thenDirectorate of controller of lnsurance. The Authorized capital of the company is Tk. 75.00 croreconsisting of 75,000,000 ordina ry shares of Tk.10.00each.

Since its establishment in 2000 as one of the leading general insurance companies in the private sector,the Company has within a short span of time established itself as one of the most reputed and

trustworthy insurance companies in the country. Selective underwritlnB and prompt settlement ofclaims have contributed towards building up a very respectable image of the Company within thebusiness community. The Company has 20 branches throughout the country.

A short profile of the Company is presented below:

Particulars Status

Date of incorporation (as a Public Llmited Company)

Date of getting license for Commencement ofBusiness

30 March 2000

Date ofgetting permission of lnsurance Business &sta rts operationAuthorized capital as on 31 December 2018 BDT 75,00,00,000

Paid up capital as on 31 December 2018 BDT 39,11,84,640

Corporate Offi ce Address

Registered Office Add ressAl- Razi Complex, 166-167, Shahid Sayed

Nazrul lslam Sharani, Bijoynagar, Dhaka-1000

Major services

Fire lnsura nce Business

Marine lnsurance BusinessMotor lnsura nce BusinessMiscellaneous lnsurance Business

(c) FINANCIALINFORMATION

Major financial information of Express lnsurance Limited is as follows:Amount in Toko

(

)

c

$pRahnran, FCT

,r & CEO

naa,r"-W*ruinecrMe:e$ng ni"-'c-''''

'-l;- J; l-i-- ,-.'-.ler

Mohammad S

Chief E e Ofiicer

d. Li qhat Ali KhanChiefExec

RahmanDircctor &

utive Offrcero

d

Sl.No. Particulars 31 Dec 2018 31 Dec 2017 31 Dec 2016 31 Dec 2015 31 Dec 2014

Revenue 408,889,052 400,6s6,661 385,273,598 400,297,OOO 420,337,026

55,233,465 4t,o72,O24 57,482,512 67 ,O17 ,499 96,474,748

Net profit before 76,807,27L 70,242,87 4 74,264,330 86,505,360 t75,789,736

tl&ffDad ob

Man!8ril! I

AAA Finaoce lovesraeot Ltd DFc capital Limite

Company SocretaryLii r:ess l,tsx:.a:ce Lig.ited -ress lnsumnc€ Limited

30 March 2000

18 May 2000

Al - Razi Complex, 166-L67, Shahid Sayed

Nazrul lslam Sharani, Bijoynagar, Dhaka-1000

(i)

(ii)

(iii)(iv)

>2!.J B

K.M.

L

2 Underwriting profit

3

3

tax

4 Net profit after tax 43,84t,670 46,766,229 49,264,330 56,505,360 85,789,736

5 Total assets 1,107,884,003 1,087 ,247 ,342 1,032,439,653 97 4,862,558

6 No. of shares 39,7L4,464 39,118,464 39,118,464 39,778,464 32,598,720

7 Face value 10.00 10.00 10.00 10.00 10.00

8 NAV Per share 1-8.72 18.99 18.97 L7.74 19.55

9 L.1-2 7.?O 1-.26 2.64

Tk. 26,07,90,000

Offer Price Tk. 10.00 each at par

Number of Share to be lssued 2,60,79,000

Purpose of Raising FundPlease see details in the section-xxii as titledof "Use of proceeds" of this prospectus

lmplementation Period within 45 days to 9 months

(e) LEGAL AND OTHER INFORMATION

tv.H E(\r -o 4

v<E--,6ie flIdB€K;'g

$l*[drmnd 0baYdur Rahmao, FCS

MaoqiisDlrecto. & CEo

\AA fitrloce & lovesmelt Ltd

Md.\,qm;'Managing ssain ACS tr1s66mrns6cerDirecto, Chiel

Mdc

ParticularRegistration

/Certificate/ License

No.

lssue Date Validity Expired On

certificate oflncorporation

c-39954 (79221/2OOo March 30, 2000 N/A

certificate ofRegistration

cR-13/2000 May 18, 2000 N/A

Registration Renewal cR-13/2000 January 17,2019 oecember 31, 2020

Trade License )anuary 07 ,2O2O 30 June, 2020

TIN Certificate N/A

VAT Reg. No. BIN: 000251279 N/A

BLt Capitat Ll$itar DFc capital Limlted ipr

K.M. Sa&

t,086,96s,242

Earnings per share 1.44

Size of the lssue

*Source: As per oudited Iinonciol stotements from 2074 to 2078

(d) FEATURES OF THE TSSUE AND lrs OBJECTS

02032873

2141- 2498 L2t8

nsurance

4

(f) PROMOTER,SBACKGROU N D

The subscribers to the memorandum of the Company were as follows:

10

11

12

13 Mr. Syed Al Farooque

Mir. General Monzur Rashid Khan (Rtd,)

Mjr. General Monzur Rashid Khan (Rtd.) was a high-ranking officer in Bangladesh Army. He was capable

to manage Company affairs very efficiently. He had great contribution to formation of Express lnsurance

Limited. He was one of the sponsor Director and first Chairman of the Company.

Mr. Md. Shamsu r Rahman

Md. Shamsur Rahman he is a commerce graduate. He was a member of BCS cadre (Admin) service. He leftthe service and started his business career in 1977. He is the Chairman of Bay Tanneries Unit-o2 and theChairman & Managing Director of Bay Tanneries Limited, Bay Rubber & Plastic lndustries Limited, Bay

Agro lndustries Limited and Aziz Tannery Limited and Director Bay Economic Zone. Bay Tanneries Limited

is a leading industry in leather sector of the country. He is a CIP of the country. For his va luable contributionin the economy, he was elected CIP in 1998 and still holding the dignifying status. As a part of discharging

of social responsibilities, he established Shamsur Rahman Degree College and Samantasar High School at

Goshairhat, Shariatpur. He is also patron and donor of a numbers of School, Madrasha, Mosque,

Orphanage and other social or8anizations.

Mjr. M. Anisur Rahman (Rtd.)

Mjr. M. Anisur Rahman (Rtd.) is retired Army personnel. He is capable to manage situation. He is associable

with Bay group and is the Chairman of Bay Agro lndustries Ltd. He was one of the Sponsor Director ofExpress lnsurance Limited. He is a dynamic entrepreneur of the country and had great contribution toformation of Express lnsurance Limited.

xecutivi ofiicet

c capita I LirnitedMohamm ad

nts\:%

Sl. No. Name of the promoter Status

1 Mjr. General Monzur Rashld Khan (Rtd.)

2 Mr. Md. Shamsu r Rahman

3 Mjr. M. Anisur Rahman (Rtd.)

4 Mr. Md. Abdul Awal

5

6 Mr. Mohd. Fuad Latif

7 Alhaj Mohd. Younus

8 Mr. Kha lilur Rahman ChoudhuryMrs. Ayeasha Siddiq ue

Mrs. Marium AkhterMr. Latiful Bari

Mr. Amir Hamza

414 Mr. Abdur Rashid

IIDF

rrohmrd Obddu nlhml(l' FCi

Vrtrdtot Dtlcm & CLU

rAA tminsi ll lnvartmot t"to' ffi*ffi*p,r:I)cM & cr r) LUr

lxprcss ln,,rrr,,nce LinFrtEress

Subscriber to the memorandum (Mjr. General

Monzur Rashid Khan, Mjr. M. Anisur Rahman, lvlrs.

Ayeasha Siddique, Mr. Mohd. Fuad Latif, Mr. AbdurRashid were sponsors, but now, they are notholding any shares of thecompany)

tdd. Israil Hossain ACfManagiDg Director

BLI Ca;itai i-.r:-',fe'

OI{icer

Mrs. Halima Akter

9

K.M.

Limited

MohammadChief Ex

IIDFC CaPi rat LqfrhtEUa tua

Mr. Md. Abdul Awal

Mrs. Halima Akter

Mrs. Halima Akter comes from a respectable Muslim family. She is a well-educated woman. She isinvolved in business of different sectors of the country. She is one of the Directors of ChemiltonLimited, the sole distributor of 'Clarient lnternational AG' of Switzerland in Bangladesh. She is alsosponsor shareholder of EXIM Bank Limited. She takes active part in day-to-day affairs of all thesebusiness houses and in this way, she has gathered experience in managing Company affairs withefficiency.

Alhaj Mohd. You nus

Alha.j Mohammed Younus is one of the Sponsor oirectors of Express lnsurance Limited. He had greatcontribution to formation of Express lnsurance Limited. Mr. Younus a reputed industrialist of theCountry. Presently he is managing several businesses of Younus Group of lndustries and Galaxy FlyingAcademy Ltd. He is also one of the Directors of Shahjalal lslami Bank Ltd., Shahjalal lslami BankSecurities Ltd., Sonali Paper & Board Mills Ltd. and Sonali Dredger Ltd. Mr. Younus is reputed forcontribution to the field of Education. He is a man of pleasant personality and possesses vastexperience in the field of business and industrialization. He traveled many countries of the world in

connection with business.

Mr. Mohd. Fuad Latif

Mr. Mohd. Fuad Latif hails from a respectable Muslim family in Sylhet. He is a well-educated personand earned educational degree from both in the country and foreign University. He was associatedwith his family business from very since. Thus, he has gathered experience in managing business affairsvery efficiently. He was one of the sponsors Directors of the Company.

Mr. Khalilur Rahman Choudhury

Mr. Khalilur Rahman Choudhury is a commerce graduate. l,le also earned a diploma in CreditManagement in 1962 from lnstitute of Credit Management, UK. ln his long business career establishedeight lndustry/business house and managinE very successfully. He is the Chairman & Managing Director

lGarments Limited, Khalil knitwear Limited, Khalil Fashion Limited, Khalil & Khalil tnvestmentia Trading Corporation Limited. He is the Proprietor of Al-Hera Filling Station, (RC CNG &

tio n, KRC Filling Station and KRC Rubber Bagan. He was elected CIP for consecutive fible contribution to the economy of the country.

il&rnnud otaYdrr Ralrmo, FG

lr.s{iug Dit!.tor & CEo

AAlt FilrDc! & lnvcilmcot Ltd

\w4dd. lsrarl Hossaln ACi.

Managing Directo!BLI Ca;itar Limitet

Md bai ul AIbarDGM & CI]O

Express Insurance Lituited

tmes

K.M. Rahman+- -- :._-:,:l

5

Abdul Awal aged 38 years is one of the Directors of the Company, He is a Bachelor of BusinessAdministration. He started his Business career soon after completing his education. ln 2OO5 he startedhis share trading business house Synthia Securities Limited having a membership of Dhaka StockExchange. He is also a sponsor shareholder of Mercantile Bank Limited. Within short period of hebecome a successful businessman by dint of his hard labour, sincerity, honesty and amiable dealings.He is the member Secretary of'Abdur Razzak & Mohammed Selim Foundation', a foundation engagedin social welfare activities.

Msaaging Dircctor &Chiof Exocutivo Ofricer


6

He is associated with many social organizations. He is the founder and donor of Khalil Bidda Niketan and

Khalil Choudhury Girls Academy in his locality in Sylhet. He is also associated with many other welfareorganizations.

Mrs. Ayeasha Siddiquee

Mrs. Ayeasha Siddiquee comes of a respectable and wealthy Muslim family. She was Sponsor Director ofJamuna Bank Ltd. Now she is sponsor shareholder of Jamuna Bank Ltd. She was one of sponsorpromoter of the Company.

Mrs. Marium Akhter

Mrs. Marium Akhter comes of a respectable Muslim Family. Mrs. Marium Akhter is associated withKarim Leathers Limited since 1983 as a Director of Kamtex Ltd. since 2001. Karim Leathers Limited is oneof the mentionable leather industries in the country.

Mr. Latiful Bari

Mr. Latiful Bari is a Graduate in Business Administration from Bradford College, United States ofAmerica. He is the Managing Directors of Rahmat Fashion Wears Limited & the Chairman of Rahmat KnitDying & Finishing Limited. He is the one of Directors of Rahmat Textiles Limited, China Plastic (BD)

Limited & Rahmat Rotors Limited. He visited many countries of the world for business purpose.

Mr. Amir Hamza

Mr. Amir Hamza Sarker earned B.B.M degree from Cambridge College, Australia. He is the Chiarman ofRahmat Spinning Mills Limited, Chairman & Managing Director of Logos Wear House Limited. ManagingDirector of Rahmat sweaters (BD) Limited, Belkuchi Spinning Mills Ltd., Logos Apparels Ltd., & DirectorRahmat Plastic & Accessories Limited and the Proprietor of Logos Printing & DesiBn.

Mr. Syed Al Farooque

Syed Al Farooque obtained M.A. with B.A (Hon's) from Dhaka University. He started business career in

1984 in RMG Sector. He is the Managing Director of Wills Group including Wills fashion Limited, Probal

Garments Limited, Wills Properties Limited, Wills Fashionwear Limited, Probal Garments Limited, Triple

Association Limited, Mizapur Resost Limited and Chalishnu Publication Limited. Apart from business

activities he is a cultural personality and well-known poet in the country. He has more than 40

publications in his credit. He is also a member of the Executive Committee of Bangladesh lnsurance

Association and playing a vital role in Insurance lndustry. He visited many countries of the world forbusiness purpose.

a)-Mden; Ohaldur Raha.!' FCS

!'lt[4]!8 Dlrcclor & CEo

AAAFiDtce & IryrdE [t IIIua#fissainectuona

Managlng Director Chi

d. Obai ul Akbar

^laquat Ali Kh

DGM & CI'OExpress lnsuance Limited

d RahmanDboctot &

Offtccrel Execut

reChief ExooutivoBu CailII,l I,;m;r4,ItDFc Capital LimitedCaE

E]:a:etsPzirtess lDsuratrc€ LiEited

Mr. Abdur Rashid

Mr. Abdur Rashid was one of the Sponsor Director of the Company. He was a dynamic entrepreneur ofthe Country and had great contribution to formation of the Company. He was the founder Chairman &

Managing Director of Gumti Textile Ltd. & Gumti Apparels Ltd.

7

(g) CAPITAL STRUCTURE ANO HISTORY OF CAPITAL RAISING

Authorized capitalThe Company has authorized capital of Tk. 75,00,00,000 comprises of 7,50,00,000 nos. of share @ Tk

10.00 per sha re.

Paid-up capitalAt present the company has Tk. 39,1!,a4,640 paid up capital which comprises of 3, 91,18,464 number

of shares @ Tk. 10.00 per share. The details of capital structure are given below:

Already issued

Now, the Company is planning to issue 2,60,79,000 ordinary shares of Tk. 10 each totaling to Tk.

26,07,90,000 through IPO and Post-lPO paid up capital shall stand fk. 65,19,7 4,640 conslsting of

6,51,97,464 ordinary shares of Tk. 10 each subject to approval of regulatory authorities.

Sl. No. ParticularsAllotment

dateNo. of share

lssue

price

class ofsecurities

Form ofconsideration

Nominal price

BDT

1As per

memorandum60,00,000

Bonus share 2 2.09.2 008 3,00,000 10

Bo n us sha re 2 9.09.2 009 7,5 6,000 10

03.0 7.2 010 10Ord ina ry

shareBonus sha re 27 .06.2077 10

Rights share 05.05.2 011 1,3 2,3 0,000 10

25.06.2012 10

Bonus share 13.04.2013 34,92,720 10

Bonus share 10.08.2015 10

Total issued & fully paid up capital as on 31 December 2018

cash 6,00,00,000

2 Bonus share 30,00,000

3 Bonus share 75,60,000

Eonus share 1,76,40,000

5 Bonus share 2,20,50,000

6 Ca sh 13,23,00,000

1

8

Eonus share

Eonus share

4,85,10,000

3,49,27,200

9 Bonus share

39,11,84,640

Fair Value(BDT)

valuation MethodsSl. No.

Net Asset Value (NAV) at historical or Current costs(With Revaluation Reserve)

ta.72

16.65

Method -01Net Asset Value (NAV) at historical or Current costs(Without Revaluation Reserve)

20.24Method -02 Historical Earnings based value per share

21.74Method-03 Yearly Average market price of Similar stocks

24.09Exp

Method -04 P/BV Multiple of Similar Stocks Eased ValuationObaidu I Akbai

DGM & CF'Oss Insurance Limitcd

l\.4ohamm

Chief CU tive Otficer

K.M. Sal RahmanMd iSquat ani Khan &

CcmpaDySecreta4/ ChiofExcoutivoOfficerExp: s hsL'cr,cE Lrg:tdxprcrs Insurssce Limited

(h) SUMMARY OF VALUATION REPORT OFSECURITIES

The summary of valuation of share price of Express lnsurance Limited is as follows:

10

4 Bonus sha re 77,64,000

2 2.05,000

Bonus sha re 48,51,000

65,1,9,7 44 6,51,97,44n

,n-Mr.rrr.r*â*ffio..ri n ec,Vr5rgug Dirc4hr & cE( t,

-__![-"!rg,rrg Oi.""toi'AAA Fi[l!(r & lnvcrrntcot t toBLI Cepitat t im;ter, IIDFC Capital Limitecl

8

(i) others:

a) DECTARATToN By THE tssuER THAT THERE wAs Nor MADE ANy MATIRTAL CHANGE tNctuDtNGRAISING OF PAID.UP CAPITAI. AFTER THE DATE OF AUDITED FINANCIAL STATEMENTS

We, the lssuer, declare that we did not make any material changes including raising of paid up capital after the

date of audited financial statements as included in the prospectus.

K.M. Saidur Rahman


b) rssu€ MANAGERS DECLARATToN rN coNNEcfloN wrrH rssuER

We, the lssue Managers for IPO of Express lnsurance Limited declare that we do not have any connection with the

issuer company or any of our connected people is no way connected with the lssuer nor does hold any of itssecurities thereof.

sd/-MO. lsrail Hossain ACs

ManaginE DirectorELlCapital Limited

sdl_Mohammad Saleh Ahmed

Chief Executive OfficerIIDFC Capital Limited

MohaChief Executive Olficer


sd/-Mohammad obaydur Rahman FCS

Managing DirectorAAA Finance & lnvestment Ltd.

Mu*,,,M **a. FCS ntr6, [#Tdesain acsMast{lo! Dlr.crot & CEo Managing Director

AAAFhaoce & l0vcatBcot Ltd qg; Caplttrt Limited

sd/-

6.*'cvr<{Md. Obaidul Akbar

DCM & Cl,OErpress Insuraoce Litujtcd

K.M.&

Off'tcorExpress

., .l

Inrurano€ LiBited

o

DISCLOSURE IN RESPECT OF ISSUANCE OF SECURITY IN DEMAT FORM:

As per provision of the Depository Act, 1999 and regulation made there under, shares will be issued in

dematerialized condition. All transfertransmission/splitting will take place in the Central DepositoryBangladesh Ltd. (CDBL) system and any further issuance of shares (rights/bonus) will be issued in

dematerialized form only.

CONDITIONS UNDER 2CC OF THE SECURITIES ANO EXCHANGE ORDINANCE, 1969:

PART_A

The company shall go for lnitial Public Offer (lPo) fot 26,o79,W ordinary shares of Tk. 10.00

each at par totaling to Tk.260,79O,O00 following the Securities and Exchange Ordinance, 1969,

the BanSladesh Securities and Exchange Commission (Public lssue) Rules,2015, the DepositoryAct, 1999 and rules made thereunder.

The abridged version of the prospectus, as approved by the commission, shall be published by

the issuer in 4 (Four) national daily newspapers (two in Bangla and two in English), within 02(two) working days of issuance of this consent letter. The issuer shall post the full prospectus,

vetted by Commission, in the issuer"s website and shall also put on the websites of theCommission, stock exchanges, and the issue managers, w;thin 3 (th.ee) working days from thedate of issuance of this letter and shall remain posted till the closure of the subscription list. The

issuer shall submit to the commission, the stock exchanges and the issue managers a diskettecontaining the text of the vetted prospectus in "MS -Word" format.

The company shall submit 40 (Forty) copies of the printed prospectus to the commission forofficial record within 5 (Five) workint days from the date of publication of the abridged version

of the prospectus in the newspaper.

The issuer company and the issue managers shall ensure transmission of the prospectus and itsabridged version for NRBs through email to the Bangladesh Embassies and Missions abroad

within 5 (Five) working days from the date of publication of the abridged version of theprospectus in the newspaper. A compliance report shall be submitted in this respect to theCommission jointly by the issuer and the lssue Managers within 02 (Two) working days from thedate of said transmission of the prospectus.

5. The following declaration shall be made by the company in the prospectus, namely: -

"D€claration about Listing of shares with the stockexchange(s)

None of the stock exchange(s), if for any reason, grants listing within 75 (Seventy Five) days fromthe closure of subscription, any allotment in terms of this prospectus shall be void and thecompany shall refund the subscription money within 15 (Fifteen) days from the date of refusalfor listinB by the stock exchanges, or from the date of expiry of the said 75 (seventv Five)as the case maybe

N,I b ltrdul AkbaiI)GM & CI'O

ln case of non-refund of the subscription money within the aforesaid 15 (Fifteen) days, E&reJslnsuran':e LiNited

Directors of the company. in addition to the issuer company, shall be collectively and several

2

3.

4.

liable for refund of the subscription money, with interest at the rate of 2% (two percent) a

the bank rate, to the subscribers concerned.

Rahman

Officerua.rffi.."inecrManaging Director

BLI Ca?itar Limiter

&rvl0ha 0

Ofiicer**-ft,**,*, *

lh[rDS Drl..rcl & Ctu

tAAtitrr & tsv'ltE ol LE ,rnEa Capital Limited

K,M.

hsur8trce Limited

1.

SECTION-IICONDITIONS IMPOSED BY THE COMMISSION IN THE

CONSENT LETTER

10

6.

1

The issue managers, in addition to the issuer company, shall ensure due compliance of the abovementioned conditions and shall submit compliance repon thereon to the Commission within 07(Seven) days of expiry of the aforesaid 15 (Fifteen) days' time period allowed for refund of thesubscription money."

All applicants shall apply for minimum market lot of 500 sha.es worth Taka 5,000/- (Taka fivethousand only) or itsmultiples.

The lPo shall stand cancelled in case of under-subscription in any cate8ory above 35%, ln such an

event, the issuer and issue manger shall inform the Commission within 2 (two) working days andrelease the subscription money within 10 (ten) working days after receiving verification reportfrom CDBL and the information from exchanges regarding subscription.

20% of the seo.dirrcs€rEdor general public shall be reserved for xtrrcSfs trfrffltfoftln case of under-subscription under any of sub-categories of eligible investor"s category orgeneral public category, the unsubscribed portion shall be added to other subrategory of the same

category. ln case of over subscription in the general public category, the issuer and the issue

managers ihall jointly conduct an open lottery. ln case of over subscription in the eligibleinvestor"s category, securities shall be allotted on pro-rata basis. No eligible investors shall applyfor more than 10% (ten percent) of the total securities reserved for the other eligible investors.

An applicant cannot submit more than two applications, one in his/her own name and the otherjointly with another person. ln case, an applicant submits more than two applications, all

applications will be treated as invalid and will not be considered for allotment purpose. lnaddition, 15% (fifteen) of the application money will be forfeited by the Commission and thebalance amount will be refunded to theapplicant.

The applicants who have applied for more than two applications using same bank account, theirapplication will not be considered for lottery and the Commission will forfeit 15% of theirsubscriptionmoney.

Making of any false statement in the application or supplying of incorrect information therein orsuppressing any relevant information in the application shall make the application liable torejection and subject to forfeiture of 25% of the application money and/or forfeiture of share(unit) before or after issuance of the same by the issue.. The said forfeited application money orshare (unit) will be deposited in account of the Bangladesh Securities and Exchange Commission(BsEc). This is in addition to any other penalties as may be provided for bythe law.

The company shall furnish the list of allofters to the Commission and the stock exchange(s)simultaneously in which the shares will be listed, within 24 (Twenty Four) hours of allotment.

Shares not allotted at the time of according this consent, but allotted after listing, in favor ofsponso.s, directors or shareholders having 5% or more shaI.es through stock dividends, shall besubject to a lock-in period of 02(twol years from the date of issuanceof the prospectus.

lf any share shares of Sponsors/Directors/Promoters is in paper format, it shall be handed overto securities custodian registered with the Commission and shall remain held till completion oflock-in period and the name of the securities custodian shall be furnished to the commissionjointly by the issuer and issue managers, along with a confirmation thereof from the custodian,within one week of listing of the shares with the stock exchange(s). Or they (shares of Sponsors/Directors/ Promoters) can be demated and shall remain in lock-in under CDBL system and issuer

shall submit a dematerialization confirmation report generated by CDBL and attested byManaging Director of the company along with the lock-in confirmation to the Commission withinone week of listing of the shares with the stock exchange(s). ln respect of shares other thanSponsors/Directors/Promoters the issuer will ensure their lock-in of those shares and submit a

statement to this effect to the Commission

9

10

71

12

13

74

o aidu AKI)GM & CFO

inrited

uan#0,,'inrcrManeging Director

BLI crpltai l'im;ter' Chief Executive OfficerIDFC Capital Limited

Expres

dCompaoy Sec

Express Iosut3lc

eN"E*lHl,jI'I1{.*AAA ! u.l'-' * li' '';l:ur'iot

l-l[

8.

15. The company shall not declare any dividend/bonus shares before listing of its capital with anyExchange from the date of this consent for raising of capital.

16. The company shall not engage itself into any merger/amalgamation or acquisition activitleswithout taking "No Objection" from the Commission, on the scheme of the said

merger/amalgamation or acquisition, as recommended by the Eoard of 0irectors, beforeapproval by the shareholders in General Meeting.

Application Process

Step-1 (Applicant)

1. An applicant for public issue of securities shall submit application/buy instruction to the StockbrokerMerchant Banker where the applicant maintains customer account, within the cut-off date (i.e. thesubscription closing date), which shall be the 25th (twenty tifth) working day from the date ofpublication of abridged version of prospectus.

2. The application/buy instruction may be submitted in prescribed paper or electronic form,which shall contain the Customer lD, Name, 80 Account Number, Number of Securities appliedfor,Total Amount and Category of the Applicant. At the same time:

a) Other than non-resident gangladeshi (NRB) and Foreign applicants shall make the applicationmoney and service charge available in respective customer account maintained with theStockbroker/Merchant Banker. No margin facility, advance or deferred payment is permissiblefor this purpose. ln case the application is made through a margin account, the applicationmoney shall be deposited separately and the Stockbroker/Merchant Banker shall keep theamount segregated from the margin account, which shall be refundable to the applicant, ifbecomeunsuccessful.

b) Non-resident Bangladeshi (NRB)and Foreign applicants shall submit bank drafts (FDD), issued in

favor of the lssuer for an amount equivalent to the application money, with their application tothe concerned Stockbroker/Merchant Banker. A Non-resident Eangladeshi (NRB) and Foreign

applicant may also submit a single draft aSainst 02(two) applications made by him/her, i.e. onein his/her own name and the other jointly with another person. The draft (FDD) shall be issued

by the Bank where the applicant maintains Foreign Currency account debiting the same accountand provide the customer with a certificate mentioning the FC account number which has been

debited to issue the FDD. The applicant shall also submit the certificate with their application.No banker shall issue more than two drafts from any Foreign Currency account for any publicissue. At the same time, the applicant shall make the service charge available in respectivecustomer account maintained with the Stockbroker/Merchant Banker.

11

b idul AkbirStep-2 (lntermediary)

N{

3. The Stockbroker/Merchant Banker shall maintain a separate bank account only for thisnamely "Public lssue Application Account". The Stockbroker/Merchant Banker shall:

a)post the amount separately in the customer account (other than NRB and Foreign appland upon availability of fund, blockthe amount equivalent to the application money;

orl Toose

SJîrhbnmrd ObsYdul Rdtmto, lcl

M.0l$og Dlr*ld & CtoqAA ibt&. t lnv.rlm'nt L$

rvloha a

Ch ve OfficerIIDFC Capital Limited Ex

nts),

PART_B

c) Eligible investors shall submit application through the electronic subscription system of theexchange(s) and deposit the full amount intended to subscribe by the method as determined bytheexchange(s).

Md.

rualffio*ui,,

Md Obaidul AkbarDGM & CIJo

Express Insuraoce Linrited

o

12

RahmanDirector &

Cr,iet l:xecutivo OmccrEr, ress iasuraace Limitcd

ilotmDd 0t6ydur R.hmrn, FCS

t{.!.$ot Drttclor & CEo

AMfilto.r & hvc'mtrnt lld

b)accumulate all the application/buy instructions received up to the cut-off date. deposit theamount in the "Public lssue Application Account" maintained with its bank within the firstbankinS hour of next working day of the cut-offdate;

c)instruct the banker to block the account for an amount equivalent to the ag8regate applicationmoney and to issue a certificate in thisregard.

5. For Non-resident Bangladeshi (NRB) and Foreign applicants, the Stockbroker/Merchant Eanker shall

prepare a list containing the draft information against the respectiveapplicant'sparticulars.

6. The Stockbroker/Merchant Banker shall prepare category wise lists of the applicants containingCustomer lO, Name, BO Account Numbe. and Number of Securities applied for, and within 03 (three)working days from the cut-off date, send to the respective Exchange, the lists of applicants in electronic(text format with tilde'"' separator) format, the certificate(s) issued by its banker, the drafts and

certificates received from Non-resident Bangladeshi (NRB) and Foreign applicants and a copy of the listcontaining the draftinformation.

7. On th€ next working day, the Exchanges shall provide the lssuer with the information received fromthe Stockbroker/Merchant Bankers, the drafts submitted by Non-resident Bangladeshi (NRB) and

Foreign applicants and the list containing the drafts and certificates information. Exchanges shall verifyand preserve the bankers'certificates in theircustody.

8. The application/buy instructions shall be preserved by the Stockbroker/Merchant Bankers up to 6months from listing of the secu.ities with exchange,

step-3 (lssuer)

9. The lssuer shall prepare consolidated list of the applications and send the applicants' BOIDS in

electronic (text) format in a CDROM to CDBL for verification. The lssuer shall post the consolidated listof applicants on its website and websites of the Exchanges. CDBL shall verify the BOIDS as to whetherthe 80 accounts of the applicants are active or not.

10. On the next workint day, CDBL shall provide the lssuer with an updated database of the applicantscontaining BO Account Number, Name, Addresses, Parents'Name, loint Account and Bank Accountinformation along with the verification report.

11. After receiving verification repon and information from CDBL, the lssuer shall scrutinize theapplications, prepare category wise consolidated lists of valid and invalid applications and submit reportof final status of subscription to the Commission and the Exchan8es within 10 (ten) working days fromthe date of receiving information from theExchanges.

12. The lssuer and the issue managers shall conduct category wise lottery with the valid applicationswithin 03 (three) wo.king days from the date of reporting to the Commission and the Exchanges, if do

not receive any observation from the Commission or theExchanges.

13. The lssuer and issue managers shall arrange posting the lottery result on their websites within 06(six) hours and on the websites of the Commission and Exchanges within 12 (twelve) hours oflottery.

a)send category wise lists of the successful and unsuccessful applicants in electronic (text formatwith tilde 'separator) format to the respective Exchange.

'6-S"es<,a.<

\-ÂQlohammad

Managing Director Chiet Executive OmcerBLI Cartit!,, r,iE;rprtDFC Capirat Limitedr.

d. Liaquat Ali KhanCoEpatry Secretary

press Issulaicc LiEitcd

K.M.

4. Banker of the Stockbroker/Merchant Banker shall block the account as requested for, issue a

certificate confirming the same and handover it to the respective stockbroker/MerchantBanker.

14. within 02 (two) working days of conducting lottery, the lssuershall:

I)GM & cl'o

Md at Ali Khan

13

K.M.EL

Chicf Officer

b)send category wise lists of unsuccessful applicants who are subject to penal provisions as per

conditions of the consent Letter issued by the commission in electronic (text format with tildeseparator) format to the Commission and Exchanges mentioning the penalty amount against

each applicant.

c)issue allotment letters in the names of successful applicants in electronic format with digitalsignatures and send those to respective Exchange in electronicform.

d)send consolidated allotment data (BOID and number of securities) in electronic text format in acDRoM to CDBL to credit the allotted shares to the respective 8O accounts.

Step-4 (lntermediary)

15. On th€ nert workint day, Exchanges shall distribute the information and allotment letters to theStockbroker/Merchant Bankers concerned in electronic format and instruct them to:

a) remit the amount of successful (other than NRB and Foreign) applicants to the lssuer's respectiveEscrow Account opened for subscription purpose, and unblock the amount ofunsuccessfulapplicants:

b)send the penalty amount of other than NR8 and Foreign applicants who are subject to penal

provisions to the lssuer's respective Escrow Accounts along with a list and unblock the balance

application money:

16. On the nert working day of receiving the documentt from the Exchanges, theStockbrokers/Merchant Eanker shall request its banker to:

a) release the amount blocked for unsuccessful (other than N RB and foreign)applicants

b)remit the aggregate amount of successful applicants and the penalty amount of unsuccessful

applicants (other than NRB and forei8n) who are subject to penal provisions to the respective

'Escrow' accounts of the lssuer opened for subscription purpose.

18. Simultaneously, the stockbrokers/Merchant Eankers shall release the application money blocked in

the customer accounts: inform the successful applicants about allotment of securities and theunsuccessful applicants about releasing their blocked amounts and send documents to the Exchange

evidencing details of the remittances made to the respective 'Escrow' accounts of the lssuer. The

unblocked amounti of unsuccessful applicants shall be placed as per their instructions. The

Stockbroker/Merchant Banker shall be entitled to recover the withdrawal charges, if any, from theapplicant who wants to withdraw the application money, up to an amount of Tk. 5.00 (five) per

withdrawal.

19. All drafts submitted by NRB or Foreign applicants shall be deposited in the lssuer's respective

'Escrow' accounts and refund shall be made by the lssuer by refund warrants through concernedstockbroker or me.chant banker or transfer to the applicant's bank account (FC account which has beendebited to apply by NRB or foreign applicants) throu8h banking channel within 10 (ten) working days

from the dateof lottery.

Miscellaneous:

1 The lssuer, lssutheabove.

o idut Akbar

uraoce Liniledensure complia of

Exntess lttse Managers, Stockbrokers and Merchant Bankers shall

Mohammchi utive Otficer

IIDFC Capital Limited E

u

tedxDress insuraace Limited

17. On the next workint day of receiving request from the Stockbrokers/Merchant Bankers, theirbankers shall unblock the amount blocked in the account(s) and remit the amounl as requested for tothe lssuer's'Escrow'account.

Rahmaner \BrrfurDrd ob.ytu R!hd.o. rcs ,uc. tsftiflossarn ACf

Vll8ls Dirc.ror & CEo. Managine Oii;f;J'llAfirc& llrgt tr gtl ClltEt Umiiet

Z The bank drafts (FDD) shall be issued considering TT Clean exchange rate of Sonali Bank Ltd. onthe date of publication of abridged version ofprospectus.

3 Amount deposited and blocked in the "Public lssue Application Account" shall not bewithdrawn or transferred during the blocking period. Amount deposited by the applicants shallnot be used by the Stockbrokers/Me.chant Eankers for any purpose other than public issue

application.

4 The lssuer shall pay the costs related to data transmission, if claimed by the Exchangeconcerned up to an amount of Tk.2,00,000.00 (taka two lac) for a public issue.

5 The Stockbroker/Merchant Bankers shall be entitled to a service charge of Tk.5.00 (taka five)only per application irrespective of the amount or category. The service charge shall be paid bythe applicant at the time of submitting application.

6 The Stockbroker/Merchant Banker 5hall provide the lssuer with a statement of the remittanceand draftssent.

7 The lssuer shall accumulate the penalty amount recovered and send it to the Commissionthrough a bank draft/payment order issued in favor of the Bangladesh Securities and ExchangeCommission.

8 The concerned Exchange are authorized to settle any complaints and take necessary actionsagainst any Stockbroker/Merchant Eanker in case of violation of any provision of the publicissue application process with intimation to the Commission.

PART{

1.The issue managers shall carefully examine and compare the published prospectus and itsabridged version on the date of publication with the copies vetted by the Commission. lf anydiscrepancy is found, both the issuer and the issue managers shall jointly publish a

corrigendum immediately in the same newspapers concerned, simultaneously endorsingcopies thereof to the Commission and the stock exchanges concerned. ln this regard, the issuemanagers shall submit a compliance report to the Commission within 5 working days from thedate of such publications.

2. The fund collected through Public Offering shall not be utiliu ed prior to listing with Exchange(s)and that utilization of the said fund shall be effected through banking channel, i.e. throughaccount payee cheque, pay order or bank draft etc.

3. The company shall furnish status report on utilization of Public Offering proceeds audited byforeign affiliated auditors and authenticated by the board of directors to the Commission andthe exchanges within 15 {Fifteen) days of the closing of each month until such fund is fullyutilized, as mentioned in the schedule contained in the prospectus. The issuer shallsimultaneously post the status repon in its websites of the Exchanges. ln the event of anyirregularity or inconsistency, the Commission may employ or engage any person, at issuer"scost, to examine whether the issuer has utilized the proceeds for the purpose disclosed in theprospectus.

While auditing the utilization of IPO proceeds, the auditors will perform their jobs underthe following terms of reference (ToR) and confirm the same in their report/certificate:

(a) whether IPO proceeds have been utilized for the purposes/heads as specified in theprospectus;

Md. o

4

14

&.Offioer

Exp

aiduDGM & CFO

ress lnsur-alce Linrite

*a. rffior."* Act Monacutive Ofiicer IvId. Li

ComExplers

ryMohrmrnad bbaYdut Ratman' FCS

Mamtrn8 Drr'clol & CEo

AAA Flmrcc & loYcllEclt Ltd'Ma.nagingDirector Chief

tiLI Canrita I t,.m.re," ItDFC Capital Limited

d

Limited

15

1.

(b) whether IPO proceeds have been utilized in line with the condition (if any) of theCommission"s consentletter;

(c) Whether utilization of IPO proceeds have been completed within the timeschedule/implementation schedule as specified in the publ,shed prospectus;

(d) Whether utilization of IPO proceeds is accurate and for the purpose of the company as

mentioned/specified in the published prospectus; and

(e) The auditors should also confirm thatr(i) assets have been procured/imported/constructedmaintaining proper/required procedure as well as at reasonable price; and (ii) auditors"report has been made on verification of all necessary documents/papers/vouchers in supportof IPO proceeds making reconciliation with Bank Statement.

5. All transactions, excluding petty cash expenses, shall be effected by crossed cheques or banktransfers.

6. Proceeds of the public offering shall not be transferred to any other bank account beforeiisting with the Exchange(s). The proceeds shall not be used for any purpose other than thosespecified in the prospectus without any valid ground. Any deviation in respect of time orpurpose of utilization must have prior approval of th€ shareholders in the general meeting andif approved by the shareholders, the meeting resolution shall be submitted to the Commissionand the Exchanges along with reasonable explanations.

7. lf any quaner or half-year of the financial year ends after publication of the abridged version ofprospectus and before listing of its securities with any exchange, the company shalldisseminate/transmit/submit the said quarterly/half yearly financial statements in accordancewith the commission's Notification SEC/CMRRCD/2008-183/admin/03-34 dated September27, 2009 and Rules 13 of the Securities and Exchange Rules,1987.

8. ln the event of a rising issues concerning Price Sensitive lnformat;on as defined under the

fiftGEStFe,sqrE Tfr.r+ ({frqTFlft <ncl FRFiEq) fiR'{tct, lbba after publication of theabridged version of prospectus and before listing of its securities with any exchange, thecompany shall disseminate/transmit/submit the information as price sensitive in accordancewith the commission's Notification No. SEC/SRMI/200-953/1950 dated october 24,2000.

PART-D

As per provision ofthe Depository Act, 1999 & Regulations made there under, shares will only beissued in dematerialized condition. All transfer/transmission/splitting will take place in theCentral Depository Bangladesh Ltd. (CDBL) system and any further issuance of shares (lncludingrights/bonus) will be made in dematerialized form only.

The issuer and the issue managers shall ensure due compliance of all the above conditions,the "Bangladesh Securities and Exchange Commission (Public lssue) Rules,2015" and thelisting regulations of the exchanges.

The Commission may impose further conditions/restrictions etc, from time to time as and whenconsidered necessary which shall also be binding upon the issuer company.

N,I obaidut Akbar

2.

DGM & cFO

[4ohamChiel

ma

fficer

+J"lixtmjob.Ydur Rahmrn Fcs

lill{iltr8 Dirlttor I CEI '

lAAtI.s t lcre'rrrt* Llo

\W,t{d. I6ra[ Itossain ACs

.f'THl':P,Ifi:::,DFC Capitet Limitecl

Express Insuraoce Limited

3.

Md.

Rahman

Officer&

K.M.

Inswaoce Limite.i

sEcTtoN-ilt ATION AND DUE DI LIGENCE CERTIFICATES

Declaration about the responsibility of the directors, including the CEO

of the issuer in respect of the Prospectus

lRule a (1) (d)I

This Prospectus has been prepared, seen, and approved by us, and we, individually and

collectively, accept full responsibility for the authenticity, accuracy and adequacy of thestatements made, information Biven in the prospectus, documents,. financial statements,

exhibits, annexes, papers submitted to the commission in support thereof, and confirm, aftermaking all reasonable inquiries that all conditions concerning this public issue and prospectus

have been met and that there are no other information or documents, the omission of which

make any information or statements therein misleading for which the Commission may take

any civil, criminal or administrative actions against any or all of us as it may deem fit.

We also confirm that full and fair disclosures have been made in this Prospectus to enable the

investors to make a well-informed decision for investment.

sd/(Md. Abdul Awal)

Chairman

sd/_(Marium Akhter)

Director

sd/-(Halima Harun)

Director

sd/-(Siddique Hossain

Choudhury)lndependent Director

sd/-(Amir Hamza)

Director

sd/-(ABM Kaiser)

Director

sd/-(Khalilur Rahman choudhury)

Director

sd/-(Mr. Md. Shamsur Rahman)

Director

MohammadC cu ve Officer

sd/-(syed Al Farooque)

Director

sd/'(Farida Razzaq)

Director

sd/(tatiful Bari)

Director

sd/_(Feroz Ahmed)

lndependent Director

baiduI AkbarDGN

ExPress lnr,{ & cFOsuaDce Ltnllteo

*.",fu%^"Ccrso3oY gecretcD/

E:i :-';:s -:;'::;" Ll::tel

K,M. S rrr RahmanDirector &

Chicf YG OfficcrBxpress Insurance

'16

Annexure-A

sd/-(Mahfuza Younus)

Director

sd/(K.M. Saidur Rahman)

Managing Director & ChiefExecutiveOfficer

*S,'h*.r* FCS i1d.,"rff",* ^.*M.lrflild Dirctror & CEo llanaging Director

{AA Fi.ri & ln,.,tr.il Lld 3Ll Ci:pitat Limltet',IDFC Capital Limited Limited

17

Annexure-B

(1) We have examined all the documents submitted with the application for the above mentioned publicissue, visited the premises of the issuer and interviewed the Chairperson, Directors and keymanagement personnel of the issuer in connection with the finalization of the prospectus pertaining tothe said issue;

(2) On the basis of such examination and the discussions with the directors, officers and auditors of theissuer, other agencies, independent verification of the statements concerning objects of the issue andthe contents of the documents and other materials furnished by the issuer.

WE CONFIRM THAT:

(a) The prospectus filed with the Commission is in conformity with the documents, materials and papersrelevant to the issue;

(b) All the Iegal requirements relating to the issue as also in the rules, notification, guidelines, instructions,etc. framed/issued by the Commission, other competent authorities in this behalf and the Governmenthave been duly complied with;

(c) The disclosures made in prospectus are true, fair and adequate to enable the investors to make a wellinformed decision for investment in the proposed issue and such disclosures are in accordance with therequiremEnts of the Companies Act, 1994, the BanBladesh Securities and Exchange Commission (publiclssue) Rules, 2015 and other applicable laws;

(d) Besides ourselves, all the intermediaries named in the prospectus are registered with the commissionand that till date such registrations arevalid;

(e) We have satisfied ourselves about the capability of the underwriters to fulfill their underwritingcommitments;

(fl The proposed activities of the issuer for which the funds are being raised in the present issue fallwithinthe main objects listed in the object clause of the Memorandum of Association or other charter of theissuer and that the activities which have been carried out till now are qrfi[ll termsrf thsobiect clauseof its Memo.andum of Association; ffiffiffiffi, '

I)CM & (,t,( )

(g) Necessary arrangements have been made to ensure ,"t tt'" .on"y3'$"b:J'?SiUtv.etd,BtfAuanissue shall be kept in a separate bank account and shall be used for the purposes disclosed ln th

Mr;r;:lloianur,a,i { rhrrdur R,rlrma6. FCll

Mamgrog ttne< rt'liSYFte

olrcabg@res ma nd

itrd9$rlilnabmneoea

proceeds section of the prospectus;

to mnHgittttE DircsnurtoBLI CaPita r l,imlterl

ated in the in."V

dditiuritie

ston;mitedligence has

m

3l

MA FiDtic.ed IrWErE lffl. e a note explaining how the'pf.€,g8P$flhi

tus

theeof

Due diligence certificate by lssue Manager in the prospectus

lnute a (r) (d)l

To

The Bangladesh Securities and Exchante Commission

Sub: Public lssue of 26,079,000 Ordlnary Shares ofTk. 260,790,000 by Express lnsurance Limited

Dear Sir,

we, the issue manager(s) to the above-mentioned forthcoming issue, state and confirm as follows:

18

nature of current business background or the issuer, situation at which the proposed business stands,the risk factors, sponsors experiences etc. We also confirm that the due diligence related process,

documents and approval memos shall be kept in record by us for the next 5 (five) years after the IPO forany further inspection by the Commission;

(.j) We enclose a checklist confirming rule-wise compliance with the applicable provisions of the Bangladesh

Securities and Exchange Commission (Public lssue) Rules, 2015 containing details such as the rulenumber, its text, the status of compliance, page numbers of the prospectus where the rules has been

complied with and our comments, if any;

(k) We also declare that we have managed the public issue of following issuers in the last 05 (five) years:

sl.No.

Name of thelssue

lssue Date

lssuePrice(rk.)

Dividend Payment History (Year Wise)

20L4 2015 2016 2017

1Shahjibazar

Power Co. Ltd. 78-02-2074 255%B

25% C

3%B280/. C

3%B30%c

74%B76%C

3%B25%C

2

BashundharaPaper Mills

Limited80

20%c

N. B. 'B' indicates Bonus sha.e or Stock Dividend and 'C' indicates Cash Dividend

Place: Dhaka

Date: July 11, 2019

sd/-Mohammad Obaydur Rahman, FCS


baidul AkbarDGM & CFO


MonammChief E cer

xffi***qggffip**.rIUFC Capital Limited E.:

tr(.M. Saidur

2018

01-04-2018 N/A

Annexure-B

Due diligence certificate by lssue Manager(sl in the Prospectus(llDFC Capital timited)

lnule I (1) (d)l

To

The Bangladesh Securities and Exchange Commission

Sub: Public lssue of 26,079,000 Ordinary Shares of Tk. 260,790,000 by Express lnsurance

Limited

Dear Sir,

we, the issue manager(s) to the above-mentioned forthcoming issue, state and confirm as

follows:

(1) We have examined all the documents submitted with the application for the above

mentioned public issue, visited the premises of the issuer and interviewed the

Chairperson, Directors and key management personnel of the issuer in connection

with the finalization of the prospectus pertaining to the saad issue;

(2) on the basis of such examination and the discussions with the directors, officers and

auditors of the issuer, other agencies, independent verification of the statements

concerning objects of the issue and the contents of the documents and other

materials furnished by the issuer.

WE CONFIRM THAT:

(a) The prospectus filed with the Commission is in conformity with the documents, materials

and papers relevant to the issue;

(b) All the legal requirements relating to the issue as also in the rules, notification,guidelines, instructions, etc. framed/issued by the Commission, other competent

authorities in this behalf and the Government have been duly complied with;

(c) The disclosures made in prospectus are true, fair and adequate to enable the investors

to make a well informed decision for investment in the proposed issue and such

disclosures are in accordance with the requirements of the companies Act, 1994, the

Bangladesh securities and Exchange Commission (Public lssue) Rules,2015 and other

applicable laws;

(d) Besides ourselves, all the intermediaries named in the prospectus are registered with the

Commission and that till date such registrations arevalid;

We have satisfied ourselves about the capability of the underwriters to fulfill the

underwriting commitments; NId

The proposed activities of the issuer for which the funds are being raised in the p

issue fall within the main objects listed in the object clause of the Memorandum

Association or other charter of the issuer and that the activi which have been carrie

out till now are valid in terms of the object clause of its Me of As ociation;

ve been made to ensure that

19

bai I Akbar-'u,*.

\@ ,''',il ' (0

s.\^

uDCM & CI.O

'[E)

Necessa

€6 be kept in a separate ba T sed f

ance Limited

to be rKqiJgDirectot &

CbicfExacutiYc Offtcerp U

purp6bid ElguBgq{ime use of proceeds section ofYl[{tog Dirc'lor & CEI)

AAAf-E t hrcr'Er lrlIIDFC Capital Limited E):9ietE

ndu

ttfia*Exprcas Insur8nce Limited

Rahman

(h) All the applicable disclosures mandated in the Bangladesh securities and Exchange

Commission (Public lssue) Rules,2015 have been made in addition to other disclosures

which, in our view, are fair and adequate to enable the investor to make a well informed

decision;

(i) We enclose a note explaining how the process of due diligence has been exercised by us

in view of the nature of current business background or the issuer, situation at which theproposed business stands, the risk factors, sponsors experiences etc. We also confirm

that the due diligence related process, documents and approval memos shall be kept in

record by us for the next 5 (five) years after the IPO for any further inspection by theCommission;

0) we enclose a checklist confirming rule-wise compliance with the applicable provisions ofthe Bangladesh securities and Exchange commission (Public lssue) Rules, 2015

containing details such as the rule number, its text, the status of compliance, page

numbers of the prospectus where the rules has been complied with and our comments,if any;

(k) we also declare that we have managed the public issue of following issuers in the last 05(five) years:

Sl. No.lssue

Month/Year

lssuePrice(rk.)

Dividend Payment History (Year wisel

20L2 2013 20t4 2015 2016

Nil

sd/-Mohammed Saleh Ahmed


d o aidulAk ar

20

Place: Dhaka

Date: 11-07-2019

A{Mohrmmad 0bardur Rrhmal. F6 \@

Mra!8r05 Dr.clor & Cru. t!{d, ISrail Ilossaru ACSAAA Fit=i. g lsYrllBcrt H Managiag Director

BLI Capltat Limiterr

DGM & CFOExpress lnsuraoce Linlited

Mohammad d. LiQpo

Rahman&

OfficcrChiel Executive Ofiicer

rIDFC Capital Limited

Name ofthe lssue

AtiK.M.

IDsurance Limited

21

Annexure-B

Due diligence certificate by lssue Manager(s) in the prospectus(BLl Capital timited)

[Rule a (r] (d)l

To

The Bangladesh Securities and Exchante Commission

sub: Public lssue of 26,079,000 ordinary Shares of Tk. 260,790,000 by Express lnsurance Limited

Dear Sir,

We, the issue manage(s)to the above-mentioned forthcoming issue, state and confirm as follows:

(1) We have examined all the documents submitted with the application for the above mentioned public issue, visited thepremises of the issuer and interviewed the Chairperson, Directors and key management personnel of the issuer inconnection with the finalization of the prospectus pertaining to the said issue;

(2) On the basis of such examination and the discussions with the directors, officers and auditors of the issuer, other agencies,

independent verification of the statements concerning objects of the issue and the contents of the documents and othermaterials furnished by the issuer.

WE CONFIRM THAT:

(a) the prospectus filed with the Commission is in conformity with the documents, materials and papers relevant to the issue;

(b) All the legal requirements relating to the issue as also in the rules, notification, guidelines, instructions, etc. framed/issued by

the Commission, other competent authorities in this behalf and the Government have been duly complied with;

(c) The disclosures made in prospectus are true, fair and adequate to enable the investors to make a well informed decision forinvestment in the proposed issue and such disclosures are in accordance with the requirements of the Companies Act, 1994,

the Bangladesh Securities and Exchange Commission (Public lssue) Rules, 2p15 and other applicable laws;

(d) Besides ourselves, all the intermediaries named in the prospectus are registered with the Commission and that till date such

registrations are valid;

(e) we have satisfied ourselves about the capability ofthe underwriters to fulfilltheir underwriting commitments;

(f) the proposed activities of the issuer for which the funds are being raised in the present issue fall within the main objectslisted in the ob.iect clause of the Memorandum of Association or other charter of the issuer and that the activities which have

been carried out till now are valid in terms of the object clause of its Memorandum of Association;

Md. obaidul Akbar& cFqDCM

srlrfun d Obrydu Sahtnl" FCS

t .4tog DiE Ior & CEo

A AfiG& lov.'llEdlI

\getdd, Israil Hossain ACf

Matrasing DirectorBLI Capitai Li&iter

ExPress lnsura

me0 Md. LK.M. Sri &

Ofitcer(onamExecutive Officer

rlnFC Capital LimitedCom

E:ir:eit

oce LiDrtqd

lnsurance Limit€dAli K.ban

(g) Necessary arrangements have been made to ensure that the moneys to be received pursuant to the issue shall be kept in aseparate bank account and shall be used for the purposes disclosed in the use of proceeds section of the prospectus;

(h) All the applicable disclosures mandated in the Bangladesh securities and Exchange Commission (Public lssue) Rules, 2015

have been made in addition to other disclosures which, in our view, are fair and adequate to enable the investor to make a

well informed decision;

(i) We enclose a note explaining how the process of due diligence has been exercised by us in view of the nature of currentbusiness background or the issuer, situation at which the proposed business stands, the risk factors, sponsors experiences etc.

We also confirm that the due diligence related process, documents and approval memos shall be kept in record by us for thenext 5 (five) years after the IPO for any further inspection by the commission;

(j) We enclose a checklist confirming rule-wise compliance with the applicable provisions of the Bangladesh Securities andExchange Commission (Public lssue) Rules, 2015 containing details such as the rule number, its text, the status of compliance,page numbers of the prospectus where the rules has been complied with and our comments, if any;

(k) We also declare that we have managed no public issue in the last 05 (five) years.

Place: Dhaka

Date: July 11, 2019

To

,u0na

Chi€l Executive Olficer

sdlMd. lsrail Hossain ACS

Managing DirectorBLI Capital Llmited.

K.M. Sai Rahman

d. Li KLanMao8ging Dlroctor &

ChiefErocutivo OffioerCcmpaoy Secretari/

wirottotnod Obsrdu xahmd' ICS ,'ry,. ^:r3:'ltT::'::1":EfLd a{a rsX rtossain Acsr.'.^ r:-* - '- - Managlng Director

aLr Caplta, Llmited IIDFC Capital Limited :!ce L ,"U Frnress Iasurance Limitcd

22

ffi#tffiDGM & Cr.-O

Express Insuralce Limitcd

Due diligence certificate by the underwriter(s)

lRule a (1) (d)l

AAA Finance & lnvestment Limited

ToThe Bangladesh se€urities and Exchange Commission

5ub: Public lssue of 25,079,000 Ordinary Shares of Tk. 260,790,000 by Express lnsuranceLimited.

Dear Sir,

we, the under-noted Underwriter(s) to the above-mentioned forthcoming issue, stateindividually and collectively as follows:

(1) We, while underwriting the above mentioned issue on a firm commitment basis, have

examined the draft prospectus, other documents and materials as relevant to our

underwriting decision; and

(2) On the basis of such examination and the discussions with the issuer companY, its

directors and officers, and other agencies, independent verification of the statementsconcerning objects of the issue and the contents of the documents and other materialsfurnished by the issuer company.

WE CONFIRM THAT:

(a) We are registered with the Bangladesh securities and Exchange commission as a

merchant banker and eligible to carry out the underwriting activities. Our present paid-

up capital stands at Tk. 25 crore (Twenty five crore) and we have the capacity tounderwrite a total amount of Tk. 125 Crore (One hundred twenty five crore) as per

relevant legal requirements. we have committed to underwrite for up to Tk.

16,276,500 Crore (One crore sixty two lac seventy six thousand and five hundred only)

for the upcoming issue.

(b) At present, the following underwriting obligations are pending for us: (Name of issue

and amount underwritten)

Sl-. No. Name of the CompanyAmount

underwritten (Tk.)

1 AB Bank Limited Rights lssue 300,ooo,oo0

2 Bashundhara Paper Mills Ltd 50,000,000

Total: 350,000,fi)o

23

o aidul AkbarDGM & CFO

$ril&nrnzJ 0baydu Rahmrn. FCt

Y.stgu8 Ditc.tor & CEo

{lA Fi!.[cc & hvcrlo.d klohaCh tive Officer

w.Ud. Israit Hossain AcIM

Managing DirectorJLI Caiita LimitetJr DFC Capital Limited

Express [ns Lin ted

Annexure-C

&K.M,

tlo&anad 0baydur Rahrnu, FCT

M3eqlr j Ducclor & CEo

A.l-r. l:-.- - -:, :-:la: Ld.

\*-M4 Irrail ltossain ACS

Maneging DirectotBLI Crpltal Limite.i

24

K.M. Rahnan&

(c) All information as are relevant to our underwritinB decision have been received by us

and the draft prospectus forwarded to the Commission has been approved by us;

(d) We shall subscribe and take up the un-subscribed securities against the above-mentioned public issue within 15 (fifteen) days of calling up thereof by the issuer; and

(e) This underwriting commitment is unequivocal and irrevocable

For the Underwriter:

sd/-Mohammad Obaydur Rahman, FCS


Place: Dhaka

Date:18-04-2017

ffiffitrnD(jM & CFO

Expreq\ lnsurrnce Linlitecl

$.Mohamma

Ofiicer CorlpeoY SecletarfErocutivo Omccrd. Li I(ht

IIDFC Capital Limite*.. ,-_rJi 1-::--::wj L'-v:[,Efpress Insurance Lirrr cd

ToThe Eantladesh Securities and ErchanSe Commission

Sub: Public l5sue of 26,079,000 ordinary Shares ofTk. 260,790,000 by Express lnsurance Limited

Dear Sir,

We, the under-noted Underwriter(s) to the above-mentioned forthcoming issue, state individually and

collectively as follows:(1)We, while underwriting the above mentioned issue on a firm commitment basis,

have examined the draft prospectus, other documents and materials as relevant to our

underwriting decision; and

(2) On the basis of such examination and the discussions with the issuer company, its

directors and officers, and other agencies, independent ve.ification of the statements

concerning objects of the issue and the contents of the documents and other materials

furnished by the issuer company.

WE CONFIRM THAT:(a) we are registered with the Bangladesh Securities and Exchange Commission as a

merchant banker and eliSible to carry out the underwriting activities. Our present paid-

up capital stands at Tk. 255,500,000 Core (Twenty five core and fifty five lac only) and

we have the capacity to underwrite a total amount of Tk. 1,277,500,000 Core {Onehundred twenty seven core seventy lac only) as per relevant legal requirements. We

have committed to underwrite for up to Tk. 15,000,000 Core (One core Fifty lac only) forthe upcoming issue.

(b) At present, the following underwriting obligations are pending for us: (Name

of issue and amount underwritten)

SL. No. Name of the CompanyAmount

Underwritten (Tk.)

Advent Pharma Limited 20,000,000

2 Queen South Textile Mills Limited 52,500,000

3 Esquire Knit Composite Limited 20,000,000

Total 92,s00,o00

(c) All information as are relevant to our underwriting decision have been received by us


(d) We shall subscribe and take up the un-subscribed securities against the above-

mentioned public issue within 15 (fifteen) days of calling up thereof by the issuer; and

(e) This underwriting commitment is unequivocaland irrevocable.

d aidulDGM &c

Akbar

',E

Offtcer

For the Underwriter:sd/-

Noor Ahmed, FCACEO & Managing Director Alpha

Capital Management Ltd.t'o

Obytu Rrhrl o. tCT

t{.altirg Dircclol & CEo

A A Fitrlcc & lov.srmcnt Ltll

PIace: DhakaDalei 23-04-2077

.4)-\yfi-,';il

lVoha

Chief Executive Otfice€r:

'rhEC Caoital Limitec

ExPress lnsu

I(.M. Saidur€

medc. LiCcr::

uat AIi KhanSecre!ar./ Chicfpaly

rance Limited

,.., Brprtss l$ursnce Limited

&

Alpha Capital Management Limited

1.

26

BLI Capital Lim ited

ToThe Bantladesh Securities and Exchante commission

b; Public lssue of 26,079,000 Ordinary shares of Tk. 260,790,000 by Express lnsurance Limited

Dear Sir,

We, the under-noted Underwriter(s) to the above-mentioned forthcoming issue, state individually and collectively as follows:

(1) We, while underwriting the above mentioned lssue on a firm commitment basis, have examined the draft prospectus, otherdocuments and materials as relevant to our underwriting decision; and

l2l On the basis of such examination and the discussions with the issuer company, its directors and officers, and other agencies,

independent verification of the statements concerning objects of the issue and the contents of the documents and other materials

furnished by the issuer company.

WE CONFIRM THAT:

a) We are registered with the Bangladesh Securities and Exchange Commission as a merchant banker and eligible to carry out theunderwriting activities. Our present paid-up capital stands at Tk. 175,00,00,000 (One Hundred Seventy Five Crore Only) and we have

the capacity to underwrite a total amount of Tk. 875,00,00,000 (Eight Hundred Seventy Five Crore Only) as per relevant legal

requirements. We have committed to underwrite for up to Tk. 15,000,000 (One Crore Fifty Lac only) for the upcoming issue.

b) At present, the following underwriting obligations are pending for us:

sl. Name of the company Amount Underwritten (ln Tk.)

1 Western Marine Shipyard 50,000,0002 Lub-rref (Bangladesh) Limited 90,000,0003 Ring Shine Textiles Limited 43,750,0004 Ashuganj Power Station (APSCL) 50,000,0005 IPOC Finance Ltd. 3,8400,0006 Dragon Sweater And SpinninB Ltd 20,000,000

7 BD Paints Limited 20,000,000

8 Orza Agro lndustries Ltd 21,875,000

9 BD Thai Food & Beverage Ltd 26,250,000

Total 360,275,000

c) All information as are relevant to our underwriting decision have been received by us and the draft prospectus forwarded to thecommission has been approved by us;

d) we shall subscribe and take up the un-subscribed securities against the above-mentioned public issue within 15 (fifteen) days ofcallingup thereof by the issuer; and


sdl-Md. Lutfur RahmanManaging Director (C.C)

8Ll Capital Ltd.baidul Akbar

Place: DhakaDate:23-04-2017a.

UolBofiad obaidur Rrhmar, Fcs

Mrargtng Drnctor & CEO

AAAFhlo€ & lov.$aent Ld

DGM & CF'OErprcss Insurance Linitcd

MC. Liitq

d

ii Ktran

Mohamma

K.M. S RahmanDitector &

Chief Exccutivo Offrcgry Secre'.ary

Chief Executive Ollicer

\fl4 llDFc capital LimitedtUd, IsidJlossain ACS .. .

\daneging DirectorjL, Csplta, LimitertCcr:p:l

.J Exprera Inruranca Limitod

e) This underwriting commitment is unequivocal and irrevocable.

ToThe Bangladesh SeGurities and Exchant€ commis5ion

Sub: Public lssue of 26,079,000 Ordinary Shates of Tk. 260,790,000 by Express lnsurance Limited.

Dear Sir,

we, the under-noted Underwriter(s) to the above-mentioned forthcoming issue, state individually and

collectively as follows:(1) We, while underwriting the above mentioned issue on a firm commitment basis,

have examined the draft prospectus, other documents and materials as relevant to ourLrnderwriting decision; and

(2) On the basis of such examination and the discussions with the issuer company, its

directors and officers, and other agencies, independent verification of the statementsconcerning objects of the issue and the contents of the documents and other materialsfurnished by the issuer company.

WE CONFIRM THAT:(a) We are registered with the Bangladesh Securities and Exchange Commission as a

merchant banker and eligible to carry out the underwriting activities. Our present paid-

up capital stands at Tk.268,750,000 (Twenty Six crore eighty seven lac fifty thousandonly) and we have the capacity to underwrite a total amount of Tk. 1,343,750,000 (One

hundred thirty four crore thirty seven lac fifty thousand only) as per relevant legal

requirements. We have committed to underwrite for up to Tk. 15,000,000 Crore (One

crore Fifty lac only) for the upcoming i5sue.

(b) At present, the following underwriting obligations are pending for us:

(Name of issue and amount underwritten)

SL. No. Name o, the Company AmountUnderwritten (Tk.)

1 Bashundhara Paper Mills Ltd s0,000,000

AB Bank Limited 2s0,000,000

Total: 300,(m,@o

(c) All information as are relevant to our underwriting decision have been received by

us and the draft prospectus forwarded to the Commission has been approved by us;

(d) we shall subscribe and take up the un-subscribed securities against the above-mentioned public issue within 15 (fifteen) days of calling up thereof by the issuer; and

(e) This underwriting commitment is unequivocal and irrevocable.

For th€ Underwriter:

sdl-Barun Pratad PaulCEO & Managing Director (C.C)

BD Finance Capital Holdings LtdM idu Akbar

DGM & cFon'itcd

27

&Offtcer

Otoy& Rrh0a!. FCSvl0ham

xecutive Officer

K.M.

Mu{i!8 D&.loI & CEo

AAA File & Ilvltrolll l'rd

\*,Ud, Israil Hossain AC,(

"ilffiiiE3:xi::. "^-^ Caoital Limited

Express lnsuraDce Li

BxDress Inlur8oce Limitcd

BD Finance Capital Holdings Limited

2.

Place: Dhaka

Datet 29-04-2077

e.rlohrnrad OtaYdur Rahmao' FCS

tlrsulot Drrc(lot & CEo

AAA fisr[c. & lovc$o'lt Lxl'Md, lrffi,..n ACS

d.o aidul Akb arDGM & CFO

Erpress losuraoce Limited

t Aii KhanK.M. Rahman

&Chief Executivc Officor

Roots lnvestment Limited

ToThe Bargladesh securities and Exchange Commission

Sub: Public lssue of 26,079,000 Ordinary Shares ofTk. 260,790,000 by Erpress lnsurance Limited.

Dear Sir,


collectively as follows:

(1)We, while underwriting the above mentioned issue on a firm commitment basis, have

examined the draft prospectus, other documents and materials as relevant to ourunderwriting decision; and

(2)On the basis of such examination and the discussions with the issuer company, its directorsand officers, and other agencies, independent verification of the statements concerningobjects of the issue and the contents of the documents and other materials furnished by theissuer company.

WE CONFIRM THAT:

{a) We are registered with the Bangladesh Securities and Exchange Commission as a merchantbanker and eligible to carry out the underwriting activities. Our present paid-up capital stands

at Tk. 135,000,000 (Taka Thirteen Crore Fifty lac only) and we have the capacity to underwritea total amount of Tk. 675,000,000 (Taka sixty seven crore fifty lac only) as per relevant legal

requirements. We have committed to underwrite for up to Tk. 15,000,000 Crore (One croreFifty lac only) for the upcoming is5ue.

(b) At present, the following underwriting obligations are pending for us:


SL. No. Name of the CompanyAmount

Underwritten (Tk.)

7 10,000,000

2 Summit Shipping Limied s2,500,000

3 Alliance Holdings Limited 15,940,000

4 Republic lnsurance Company Ltd. 45,000,000

5 Mohammad Elias Brothers Poly ManufacturingCo. Ltd.

10,000,000

5BS Cables Limited 28,050,000

I Supreme Seed Company Limited 11,000,000

8 Esquire Knit Composit Ltd 10,000,000

Energypac Power Generation Limited 7,812.5m

10. STS Holdings Ltd. 75,000,000

11. Aman Cotton Fiborus Ltd 20,000,000

Total: 286,:t02,500

lc) All information as are relevant to our underwriting decision have been received by us


(d) we shall subscribe and take up the un-subscribed securities against the above-mentioned public issue within 15 (fifteen) days of calling up thereof by the issuer; and(e) This underwriting commitment is unequivocal and irrevocable.

For the Underwriter:sd/-Mohammad sarwar HossainManaging Director (ln-Charge)

Roots lnvestment Ltd.

Place: Dhaka

Date:23-04-2017

Managing Director'rLI Capltai ,-imiteri

MohammadChief Executive Officer c.L

CcEp3oy gecrctlryIIDFC Capitat Limited !x , .r ass Insurance Linited

Fiber Shine Ltd.

6.

28

Southeast Bank Capital Services Limited

ToThe Bangladesh Securities and Erchange commission

Sub: Public lssue of 25,O79drO Ordinary Sha.es of Tk.260,790,000 by Expresr lnsurarce Limited.

Dear Sir,


collectively as follows:

(1)We, while underwriting the above mentioned issue on a firm commitment basis, have

examined the draft p.ospectus, other documents and materials as relevant to ourunderwritinB decision; and

(2) On the basis of such examination and the discussions with the issuer company, its directo15

and officers, and other agencies, independent verification of the statements concerningobjects of the issue and the contents of the documents and other materials furnished by theissuer company.

WE CONFIRM THAT:(a) We are registered with the Bangladesh Securities and Exchange Commission as a merchantbanker and eligible to carry out the underwriting activities. Our present paid-up capital stands

at Tk. 5,500,000,000 (Five Hundred Fifty Five Crore only) and we have the capacity tounderwrite a total amount of Tk. 27,500,000,000 (Two Thousand Seven hundred fifty croreonly) as per relevant legal requirements. We have committed to underwrite for up to Tk.

15,000,000 Crore (One crore Fifty lac only) for the upcoming issue.(b) At present, the following underwriting obligations are pending for us:


sL.No

Name ot the CompanyAmount

Underwritten (Tk.)

1 Amulet Pharmaceuticals Limited 1s,000,000

2 Dhaka Regency Hotel Limited 2s,000,000

3 Bashundhara Paper Mills Ltd 50,000,000

4 AB Eank Limited 250,000,000

5 lFlC Bank Ltd. 250,000,000

6 Nahee Aluminum Composite Panel Ltd 1s,000,000

I BBS Cable Limited 20,000.000

8 Esquire Knit Composite Ltd 20,000,000

Total: 64s,(m,000

(c) All information as are relevant to our underwriting decision have been received by us

and the d.aft prospectus forwarded to the Commission has been approved by us;

(d) we shall subscribe and take up the un-subscribed securities against the above-mentioned public issue within 15 (fifteen) days of calling up thereof by the issuer; and

(e) This underwriting commitment is unequivocal and irrevocable.


Sd/- Muhammad shah.iahan

Managing Director(C.C)Southeast Bank Capital Services Ltd d.o aidu kb6r

DGM&CExpress lnsuance

29

K.M. Said&

Chicf tivo Omc€r

troLitnited

Place: Dhaka

Date:23-04-201

\er.ttdd. Israil Hossain eCt

Managing Directo:BLI Crittal Limiter.

VlohammadChieI cutive Officer Compaay Secretarv

4J"Uchm 0teYdr naforo' PtS

Yrl[log Ditlttor & CEo

AAA FiDrncc & lDveslm'ol Ll6rIDFC Capital Limited Er:Dress hsuratrce Lioite.l

INuraace Limite dAli

30

(a) Name of the issuer, dates of incorporation and commencement of its commercialoperations, its logo, addresses of its registered office, other offices and plants, telephonenumber, fax number, contact person, website address and e-mail address

Name of the issuer Express lnsurance Limited

30 March 2000Dater of incorporation &commencement of Business

commencement of commercialoperations by the Company

18 May 2000

GLoto

Al-Razi Complex (9th & 10th floor) 156-157, Shahid Syed

Nazrul lslam Sharani, Eijoynagar, Dhaka-1000Addresses of the registered andCorporate Head office

+88-02-9554421, 9561255, 9569546, 9557196Telephone number

+88-02-9568616

Md. Liaquat Ali Khan, Company Secretary

www.eil,bd.com

Contact p€rson

webslte address

E-mail address express_insu ra nce@ ymail.com

LocalOffice28, Dilkusha c/A (16th floor), suit # 1602, Dhaka

Motijheel BranchParamount Heights (5th floor), 55/2/1, 8ox Culvert Road, PuranaPaltan, Dhaka.

DIT Road BranchLal Bhaban (gth floo), 18, Rajuk Avenue, Dhaka.

PrincipalBranch6, Motijheel C/A.(4th floor), Dhaka

VIP Road BranchShatabdiCentre (8th floor), Room f 8/G292, lnner Circular Road, Dhaka.

Malibagh BranchManhattan Tower (3rd floor), 83, Siddeswary Circular Road, Malibagh,0 ha ka.

BangshalBranch92,5hahid Syed Nazrul lslam Sharani(4th Floor), BanEshal, 0haka

B.B. Avenue Eranch20,8.8. Avenue (3rd floor), Dhaka

Kawran Bazar Branch57/E, Kazi Nazrul lslam Avenue (1st floor), Kawran Bazar, Dhaka

Hatkhola Branch33/1, Hatkhola Road (1st floor), Dhaka

Narayan8onj BranchFarzana Tower (2nd floor), S.M. Maleh Road,

Narayangonj.

Branch Address

Desc.iptionPa.ticulars

Mohave Otlicer

Chief Execuli

IIDFC CaPita I Limitec

-4frvtd. l-: .

'...

ffitfff,ffi,DCM & CFO

Express Insuraoce Liolited

Msnsgirg Dlroctor &Chicf Exccutivc Offiaer

Express Iusurstrce Limite

K.M. Rahmar

*.ffid""Como:!n! Secretary

Er-o::. : le,l::lc: LiEtted

$r

SECTION-IV ABOUT THE ISSUER

Fax number

{&mmad 0toYdur Rahruo' FCI

\,l tr4log Dicclor & cEU -

A/AA Filrlce & lovestlold L!6

(b) The names of the sponsors and directors ofthe issuer:

K.M.

31

Rahman

Moham

{otnmrd 0baydur Ratmao.

IlrrBllt ft.clo. & CEo{AA Fulrtc! o, i,,-*_-.

m,ua.f,ffi*uecs..r MlnaEine Di) ector*tll! (;:::. _,...",.,

bai ul Akber Md. L ,t-{t i KhanCompt

Mamghg Dircctor &Chicf Exocutivc Officer

dtry Secretary

lublee Road Branchwazico Tower (4th floor), 263, I ublee Road, Enayet 8azar, Chittagng

Khatungonj BranchSalma Tower (3rd floor), 398/A, Khatungonj, Chittagong

Agrabad BranchK.M. Tower(4th Floorl,76-77, A{abad C/A, Chittagong

Naya Paltan BranchNavana Rahim Ardent (2nd floor), Suite # 82, 185, Shahid Syed Nazrullslam sharani, Dhaka.

Paltan EranchNurjaham Sharif Pflaza {7th floor),34, Purana Paltan,Dhaka-1000

Dilkusha Eranch58, Dilkusha c/A (7th floor), Dhaka

Topkhana Road Br.

Tropicana Tower (6th floor), 218, Shahid Syed Nazrul lslam Sharni (45,Topkhana Road), Dhaka.

Norsingdi Branch594,lail gate (3rd floor), Room f 1/8, Velanagar Bus stand, Norsingdi

Kakrail Eranch199, Shahid Syed Nazrul lslam Sharani (11 & 12 Floor), Bijoynagar, Dhaka

Name Status

1 Alhaj Mohd. Younus Sponsor & Shareholder

2 Mr. Md. Mazakat Harun sponsor & shareholder

3 Mr. Md. Shamsur Rahman Sponsor & Director

Mag. Gen. Monzur Rasid Khan(Rtd) Sponsor

5 Ma j. Anisur Rahman (Rtd.) Sponsor

6 Mrs. Ayeasha Siddique

1 Mr. Fuad Latif Sponsor

8 Mr. Abdur Rashid Sponsor

9 Mr. Md. Abdul Awal Chairman

10. Mrs, Halima Harun Sponsor & Director

11 Mrs. Farida Razzaq Sponsor& Director

12 Mr. Khalilur Rahman Choudhury Sponsor &Director13 Mr. Syed Al Farooque Sponsor &Director

Mr. Amir Hamza Sarker Sponsor &Director15 Mr. Latiful Bari

16 Mrs. Marium Akhter Sponsor &DirectorMr. ABM Ka ise r Director

18 Mrs. Mahfuza Younus Director

19 Mr. Siddique Hossain Choudhury lndependent Director

20 Mr. Feroz Ahmed lndependent Director2L Mr. K. M. Saidur Rahman Managing Director & Chief Executive Officer

DGM & CFOExpress lDsurance Linlitcd E. Lisite6 Express Insurance Limited

Sl, No.

4.

Sponsor

14.

Sponsor &Director

t7.

Chief Executive Ofiicer

llDFc caPital Limit€d

tlobEmed otaydur R?hmsn, FCt

Mall8rg Dn.clo! & CEo

Ai.A Iu;;:: ;r I iavcltncot LId'

32

RahmanDlrcctor &

Offtcer

(c) Thename, loBo a nd add ress of the aud itors a nd registrar to the issue, a long with theirtelephone numbers, fax numbers, contact persons, website and e-mail addresses

Ahmed zaker & Co.

Chartered Accounts

Logo trAhntd Zekm & Co.clr^lnmo ccoUNTANTS

AddressGreen city Edge (10th Floor) 89,Kakrail, Dhaka-1000

Telephone number Tel: 8300504-8, 8300501-2

Fax n umbers +880 2 8300509

Cell No. 01712900886, 01711-056363

Contact personA K M Mohitul Haq, FCASenior Partner

website address www.ahmed-zaker.com

E-mail address azcbangladesh @ah med-za ker.com

Registrar to the lssue is not applicable for this issue as per rule

(d) The name(s) of the stock exchanges where the specified securities are proposed to belisted:

Mtl. 'otiaidul AkbarI)GM & CFO


ryChief Execulive OfiicerDFC Capitat Limited

DHAKA STOCK EXCHANGE LIMITEO9/F, MotijheelC/A, Dhaka 1000Tel: +88-02-9564601, 957 6270-7AF ax: +88-02-9564? 27, +88-02-9569755web. www.dsebd.org

CHITTAGONG STOCK EXCHANGE I.TO.

CSE Building, 1080, Sheikh Mujib Road,

Chittagong-4100Tel: +880-2-9513911-15Fax: +880-2-9513906web. www.cse.com.bd

=-EaL---lw

Md, Israil Hbssain ACSManaging DirectorgLI ClrPltal Limitc,l ' 'oters lnrureaca Limited

lJi K1lq1.14.

Name

STOCK EXCHANGES CONTACT ADORESSES

CJ!:r r.:," r.a''- -.'jChicfI

JJ

Name ot the Company Express lnsurance Limited

LegalStatus Public Limited Company

Date ol incorporation 30 March 2000

Commencement of lnsuranceBusinesg

18 May 2000

Autho.ized capital Tk.75,00,00,000

lssued, subscribed & paid up capital Tk.39,11,84,540

Registered & Corporat€ ofti.e

AlRaziComplex (9h& 10u floor) 166-167, Shahid Syed Nazrul lslam

5harani, Bijoynagar, Dhaka-1000.

Tel : +88-02-9554421, 9561255, 9569546 Fax : +88-02-9568616

E-mail : [email protected] web :

lssue Managers

A/tuA Finance an.l Investment Ltd.Amin Court, 46 Floor (Suit # 403-405). 31, 8ir Uttam Shahid

Ashfaqueus Samad Road (Previous 52-53. MotijheelC/A), Dhaka-1000

Tel : +88-02-9559602, 9567726Fax : +88-02-9558330

E-mail : info@aaafi nancebd.com Web :

www.aaafinancebd.com

IIOFC Capltal UmitedEunoos Trade Centre (Level 7)52-53, Dilkusha C/A, Dhaka-1000Tel: +88-02-9514637-8Fax: +88-02-9514641E-mail: [email protected]

BLI capltel UmitedEunoos Trade Centre (Level 18)52-53, Dilkusha C/A, Dhaka-1@0Tel: +88-02-9559512, 9559523, 9559530Fax:+88-02-9592500E-mail: [email protected]: blicapitalltd.com

Auditors

Ahmed zaker & Co.

6reen City Edge (lothFloor)89 Kakrail, Dhaka-1000.

Tel: +880-2-830050+8, 8300501-2

Fax: +880-2-8300509Cell No. 01712900886, 01711-056363

E-mail: [email protected] Webweb-tite: www.ahmed-raker.com

Legal Advisor

Dr. Md. Elias HossainAdvocate, Supreme Cou.t of Eangladesh Room No. 4028(Annex)

Supreme Court Bar Association Buildin& Dhaka

Mobile No.01712002503E-mail:[email protected]

^.A(r->|,.t-,.y{Lead Banker for the IPO

Shahjalal lslami Bank Limiteduttara Branch, Dhaka rqo3"l.t*i;'iil'-

Company's compllance officer Mr. Md. obaidulAkbar, DGM & cFo Expreislnsurance Ltmrteo

,ua.rs:9foi.anacrl{anaging Director

9Ll Capitar Limiter

K.M.Mo

Chief Executive

&

Chicf Officer

Nt"{furmd ittry&, totr"t'' rcs

lltqES Dttldor & CEr i

AAAfb t htdnt.it tr6IIDFC Capital ExDreas lDsutance Limitcd

SECTION.V CORPORATE DIRECTORY OF THE ISSUER

AIi IGan

34

a) Summary:

(i) The summary of the industry and business environment ofthe issuer:

After the liberation in 1971 the Government of the People's Republic of Bangladesh

nationalized the insurance industry along with the banks in 1972 by Presidential Order No. 95.

By virtue of this order, all companies and organization transactin8 all types of insurance

business in Bangladesh came under this nationalization order. This was followed by creation of

five insurance companies in the life and non-life sector. Further changes were brought on 14th

May, 1973. Through the enactment of lnsurance Corporation Act Vl, 1973 which led to

creation of two corporations namely Shadharan Bima Corporation for general insurance and,

liban Bima Corporation for life insurance in Bangladesh. ln other words, Shadharan Bima

corporation (sBc) emerged on 14th May, 1973 under the lnsurance corporation Act (Act. No.

Vl) of 1973 as the only state-owned organization to deal with all classes of general insurance &

re-insurance business emanating in Bangladesh. Thereafter sBc was acting as the sole insurer

of General lnsurance till 1984. Bangladesh Government allowed the private sector toconduct

business in all areas of insurance for the first time in 1984- The private sector availed the

opportunity promptly and came forward to establish private insurance companies through

promulgation of the lnsurance Corporations (Amendment) Ordinance (Ll of 1984) 1984. The

lnsurance Market in Bangladesh now consists of two state-owned corporations, forty-six and

thirty private sector general & life insurance companies respectively, a total of 78 lnsurance

Companies. Growth in insurance coverage is strongly associated with rising incomes, the

development of an increasingly sophisticated banking sector, and low or moderate levels of

inflation. The strong contribution of rising incomes to greater insurance coverage might be

attributable to demand factors (rising demand for coverage as individuals become wealthier),

supply factors (it becomes more cost-effective to provide insurance as the economyexpands,

providing both a stronBer institutional environment and greater returns relative to

transactions cost), or a combination.

The overall institutional environment plays an important role, in terms of political stability and

openness as well as government effectiveness, rule of law, and control of corruption. Religious

factors also play a role, with insurance consumption inversely correlated to the share of the

population that is lslamic. The evidence suggests there is substantial potential for insurance

to make a greater contribution to economic growth and social welfare in many lower- and

middle-income countries. lndeed, industry experts argue that insurance lags behind other

financial services in the extent of globalization, providing substantial growth opportunities.

d bai ul AkbarDGM&CFO

ErPress Insuraoce Limited

*

Chief Executive Officer.L11 ,I :3 t AIi Khar

K.M. S Rahman&

ChicfExciutivo Officer

Irob!trmzd Otuvdur Rahmao' FCS \%Vr:-r:r! Drrcc:or * CEo, ., Md. Israil Hossain aCS

[+..'_--- * -- -" "'- -' Managing Directorql,t Capita) Llmite.i rIDFC CaPital Limited Fxpress Imurancc Limitcd

SECTION-VI DESCRIPTION OF THE ISSUER I

35

Contribution of lnsurance lndustry to the Economic Development in Bangladesh the

commitment of the government to promote development of the insurance sector is of

enormous consequence for its promising future. ln view of the pro-active policy support of the

government that the sector has so far received in an unstinted manner, we certain that within

the next few years we will be able to make insurance a very important component of the

country's financial system. This will go a long way for eradication of poverty and promoting

sustainable economic growth. lnsurance serves a number ofvaluable functions which are very

different from those rendered by other types offinancial intermediaries.

Overview of business environment of the lssuer:

Eusiness environment is the sum total of all external and internal factors that influence a

business. As an insurance service provider, it provides quality service to its policy holders with

skilled manpower. The clients are friendly and paid on time, the management is friendly and

responsive to employee needs. The Government has given more attention to the

development of this sector and has taken National lnsurance Policy 2014 to expand insurance

business by bring the life and property of people of all stages under insurance coverage and

establish contribution of this sector significantly (4%) in the GDP of the country by 2021. So,

the overall business environment of EIL is auxiliary to operation of business.

(i) Name and address, telephone and fax numbers of the registered office, corporate head

office, other offices, factory, business premises and outlets ofthe issuer:

Md. obaidul Akbar

I3r,i"oDGt'i,t&cErPtess lnsujstrc

\%-Md. Israil Hossain ACf

Malaging DirectotBLI Ca?ita, Llm';t.,

tr4oh

Chief Executive OtficerIIDFC CaPital Limited

Md. i Khan

Particulars Details

Retistered officeAl-Razi Complex (gth& 10th floor) 166-167,shahid Syed Nazrul lslamSharani, Bijoynagar, Dhaka-1000

Corporate Head OfficeAl-Razi Complex (gth& 1Oi floor) 155-157, Shahid Syed Nazrul lslamSharani, Bijoynagar, Dhaka-1000

Telephone & Fax Number olH€ad Office

Tel : +88-02-9554421, 9561255, 9569545Fax : +88-02-9568616E-mail :[email protected]: www.eilbd.com

outlet/Branch OfficesThe company has 15 Branches in Dhaka, 3 Branches at chittagonB,1at Narayangonjand 1at Norsingdi

Coopaay SecretaryExprcss lnsurance Li.ldred

(iil 5ummary of consolidated financial, operating and other information:

EIL has neither any subsidiary nor it is operated under any holding company. Therefore, thisinformation is not applicable. Here.

GENERALINFORMATION

$.iad Ohldu Rahmro' BcS

Vlfrl4 Dinttor & CEo

{AAFr,,,r.l. a ir'rt ' '"' Ll6

(ii) Board of Directors of the Company

(iii) Name, addresses, telephone numbers, fax numbers and e-mail addresses of theChairman, ManaSing Director,whole time Directors of the lssuer

JO

id u kbaDGM&'FOEx Insurao itcdcc

mad sRahman

Ditcctor &OffrcerMoham

ChielIIDFC

Sl. No. Name of DirectorsPosition in the

Company

Mr. Mr. Md. AbdulAwal Chairman

2 Mrs. Ha lima Harun Director3 Mr. Syed Al Farooque Director4 Mrs. Ma hfuza You nus Director5 Mrs. Farida Razzaq

6 Mrs. Marium Akhter Director7 Mr. Khalilur Rahman Choudhury Director8 Mr. Latiful Bari Director

Mr. Amir Hamza Sarker D irecto r10 ABM Kaiser Directo r

11 Mr. Siddique Hossain Choudhury lndependent Directort2 Mr. Feroz Ahmed lndependent Director

13Managing Director &

Chief Executive Officer

).4Director

sl. Position Addres5 Telephone & faxnumber

E-mailaddress

1 Mr. Md. Abdul Chairmantlat-6/12,PriyoPranSon, 2, Poribag,Ramna,Dhaka-1205

+88-02-9572253 [email protected]

Mrs. HalimaHarun Director

A t 42/A,R#16(new),27(old),Ohanmondi, Dhaka

+88-02-9668431 mazakat@Bmail,com

3 Mr. Syed AlFarooque

Director H# 38/8, Rf 12,

Earidhara, Dhaka+88-02-096-

[email protected]

Mr5. Mahfuza Director H 88, Rfl 8,garidhara, Dhaka

+88-02'58610056 9 [email protected]

5

Mrs. FaridaRarzak Oirector

House-8 (1'r floor),Road'76, Gulshan 2,

Dhaka02 9896999 [email protected]

6 Akhter DirectorHS82,Rfl11/A(New), DhanmondiR/A, Ohaka


1

Mr. KhalilurRahmanChoudhury

DirectorHfl5, RI9,Baridhara, Ohaka

+88-02'8311142

[email protected]

8 Mr. LatifulEari DirectorHf 23A, RS 13A,

DhanmondiR/A, Dhaka +88-02-9553298 [email protected] Mr. Amir Hamza

SarkerDirector 19/2, Kakrail, Ramna,

Dhaka+88-02-9553298

10 ABM Kaiser Director Plot 49, Road 35/A,Gulshan-2, Dhaka.

+88 02 8117355 [email protected]@global'bd.net

11. Md.5hamsurRahman

Director 70, Gul5han Avenue,Dhaka

+88-02 81a9442 [email protected]"b4

-q _

Ex

uat Ali Khad(.M' S

Iosurancc Limited

1

Director

9

Mr. K. M. Saidur Rahman

Mr. Md. Sha msur Rahman

2

[email protected]

*rffi*,r,*.r., Ma, tffit^*v;;;;;;;;:;,:; A;''" Me*TtgPl'.*T:,

A.fu{ FrnanL'., & Inv..tment I/ RLt CdCaPital Limited

Mr. SiddiqueHossainChoudhury

lndependentDirector

Flat- 6/4, H s 25, R

S 7, DhanmondiR/A, Dhaka-1205

01930645991

13Mr. FerozAhmed

lndependentoirector

Apptt. f 4M, KaminiDiganta Complex, 3

Paribag. Dhaka


14 Mr. K. M.Saidur Rahman

ManagingDirector &cEo

105, South Basabo(3'd floor) Dhaka-1274

+88-02,9557430 [email protected]

72

37

batdul kbarcM& CIIOInsuran ce Limired

Fax number

Ali KhanSe

man

ofExeiutivc

cFo

Name

Address Al-Razi Complex (gth& 10'h floor) 166-167, ShahidSyed Nazrul lslam Sharani, Bi.ioynagar, Dhaka-1000

Telephone number 01912-108557

Fax number +88'02-9568616

E-mail address [email protected]

Company SecretaryMr. Liaquat Ali KhanName

Address Al-Razi complex (9th& 10th floor) 156-167, shahidSyed Nazrul lslam Sharani, Bijoynagar, Dhaka-1000

Telephone number88-02-9568515

express [email protected] addressLegal AdvisotName Dr. Md. Elias Hossain

Adocate, Supreme Court of Bangladesh

Room No.4028(Annex)Supreme Court gar Association Euilding, Dhaka

Address

Telephone number Mobile No.01712002603

([email protected] a

Auditors rvl clrl

Name ErprcslAhmed Zaker & Co.

BSEC Bhaban (Level-1o) 102, Kazi Nazrul lslam Avenue,Kawran 8arar. Dhaka

Telephone number +88-02-8189883-7, 8180183-5 /lFax number 88-02,8180187 {l

=4 [email protected] \

ahmed-u aker.com Md. LiaComplianceOfficer Mohamm

web Addressme0

S

Name Mr. Md. obaidul Akbar

AddressSyed Na:.ul lslam Sharani, Bi a8ar, Dhaka-1000Al-Razi Complex (grh& 106 floor) 166-167. Shahid

FQttephonenumber \"1b. 01912-108567

I tfx number rrild,. lslat Hossaln AUi

E-mail addresslltElrr'ErrrE-tarrr.-rr-

ilI. tr', 1ir,.r . .6,r [email protected] Manasias D

88-02-9568616

fu.\rlo'oa-:.-L ll

lt{ar4rng Duector & CE

A'/l.A, Fioancc & Invcsrmc

ctor &Ofricer

SihochT l @gma il.com

(iv) Name, addresses, telephone numbers, fax numbers and e-mail addresses of CFO, CompanySecretary, Legal Advisor, Auditors and Compliance Officer

Mr. Md. Obaidul Akbar

01620-232850

Fax numberE-mail address

Address

E-mail address

2Q

AAA Finance & lnvestment LimitedAmin Court, 4th Floor (Suite # 403-405)31, Bir Littam Shahid tuhfaqueus Samad Road(Previous 62-63, Motijheel C/A), Dhaka-1000

Tel:+88-02-9559602

Tel:+88-02-9567726

Fax:+88{2-9558330

E-mail: info@aaafi nancebd.comwww.aaafinancebd.com

Mohammad obaydurRahman, FCS


IIDFC CAPITAL LIMITEDEunoos Trade Centre (Level 7) 52-

53, 0ilkusha C/A, Dhaka-1000

Tel: +88-02-9514637-8Fax: +88-02-9514641

€-mail: [email protected] wwwiidfc.com

Mohammad saleh Ahmadchief Executive Off icer

BLI CAPITAL LIMITEDEunoos Trade Centre {Level 18) 52-

53, Dilku5ha C/A. Dhaka-1000

Tel: +88-02-9559512, 9559523, 9559530Fax: +88-02-9592500

E-mail: [email protected] www:

blicapitalltd.com

(v) Name, addresses, telephone number, fax number, contact person, website addtesses and e-mailaddresses of the issue manager(s), registrar to the issue etc.

Md. Obaidul AklCI:O

Express

rCr

luonanlmaChief Executive Officer

IIDFC CaPital Limited

Contact Person contact DetailsAmount

UrdenMitten(BDI)

Name & Address

Mr. Mohammad Obaydu.Rah]nan FCS

Managing Director

Tel : +88-02-02 9559602Fax : +88-02-9558330E-mail: info@aaaf inancebd.comwww.aaafinancebd.com

16,216,000

Mr. Homayun Kabi., ACS

Company SecretaryTel : +88-02-9574171-75Fax: +88-02-9574169Email:[email protected]

15,000,000

Southeast Bank Capital Se.vicer limitedEunoos Trade Centre (Level-9),

52-53 oilkusha C.A.Dhaka-1000

BD Financ€ capital Holdings Limited64, Motijheel C/A, 2nd floor,Dhaka-1000

Mr. Barun Prasad PaulMD & CEO (CC)

Tel : +88-02-9588185-7Fax : +88-02-9588185E-mail: [email protected]

15,000,000

Md. lsrailHossain aCS

Managing DirectorTel: +88-02-9559512,9559523Fax: +88-02-9592500E-mail: [email protected]

15,000,000

Bl"l Capital LimitcdEunoos Trade Centre (Level-18),

52-53 Dilkusha C.A., Dhaka-1000

Mr. Nomanur RahmanSenior Vice President

Tel : +88-02-7116954,7 7L-19r4Mobile:01833148258Fax : +88-02-7119908www.rootsinvestment.com

1s.000,000

Roots lnvestment timitedDiganta Tower, Level-1,

12/1 Ram Krishna MissionDhaka-1203

Phone: 8316519, 8316540, 8313947Fax -02 8316547Email:[email protected],[email protected]

15,000,000

Alpha Capital ManaSement LimitedEartern Arzoo complex (7th floor)61 Bijoy Nagar. Dhaka-1000.

91,276,5OO--d-1"nIotal

u*^" ,* *"*,* tcdd' r#ffi "ut

ncs

*rut"';**1,Yi8lffi ii:fffl " t' ::

it, tl !1

(vi) The names of all the credit rating agencies from which credit ratint has been obtained; The

details of all the credit rating obtained for the issue and the issuer; The rationale ordescription of the rating (s) so obtained, as furnished by the credit rating agency(s);

Observations and risk factors as stated in the creditrating report.

Not Applicable for this Company

(viil Following details of underwriting:a) The names, addresses, telephone numbers, fax numbers, contact persons and e-mail

addresses of the underwriters and the amount underwritten by them;

Officcr&

Md. lsrail Hossain ACs

Managing Director

AAA Finance & lnvestment LimitedAmin Court, 4th Floor (Suite S 403-405)31,8ir Uttam Shahid Ashfaqueus SamadRoad, Dhaka-1000

Mr. Noor Ahamed FCA,

CEO & Managing Director

Insurance Limited

b) Declaration by the underwriters that they have sufficient resources as per the

regulatory requirements to discharte their respective obligations;

Declaration by the Underwriter

We are one of the underwriters of the initial Public Offering (lPo) of Express lnsurance

Limited. we will underwrite 1,5OO,0O0 no. of shares of Tk. 10.00 each at par amounting BoT.

15,0O0,OO0.OO for the upcoming issue on a firm commitment basis. ln this connection wehereby declare thaU

We have sufficient resources as per the regulatory requirements to discharge our respective

obligations.

For the Underwriter

sd/-Managing Director & CEO (CC)

Baru Prasad Paul

BD Finance Capital Holdings Limited

Declaration bv the Underwriter

We are one of the underwriters of the initial Public Offering (lPO) of Express lnsurance

Limited. we will underwrite 1,5oo,0o0 no. of shares of Tk. 10.00 each at par amounting 8DT.

15,000,000.00 for the upcoming issue on a firm commitment basis. ln this connection we

hereby declare that;We have sufficient resources as per the regulatory requirements to discharge our respective

obligations.

For the Underwriter

sd/-Md. Abu Bakar, FCA

Managing Director (CC)

Southeast Bank Capital Services Limited



Limited. We will underwrite 1,500,000 no. of shares of Tk. 10.00 each at par amounting BDT.

15,000,000.00 for the upcoming issue on a firm commitment basis. ln this connection wehereby declare that;

We have sufficient resources as per the regulatory requirements to discharge our respective

obligations.

For the Underwriter

Md Obaidul Akbarbct"l P [rircd

Rahman

sd/-Md, Lutfar Rahman

Managing DirectorBLI Capital Limited

ct'ooce Li

qMU@ 0b.Ydur Rahn.o' FCS

Mroltllt DiEcm & CEo

MAIur-rc c i.'*u*- L:tl

teAi[d. fsrail Hossain ACf

Managing DirectorJLI Capita, Limiter.

MohammChief Executive Officer


&Chicf tivs OIIicer

Express lnsura

Bxpreea Inswauce Limired

?o

K.M.Md.

Express


we are one of the underwriters of the initial Public Offering (lPO) of Express lnsuranceLimited. We will underwrite 1,5OO,0O0 no. of shares of Tk. 10.00 each at par amounting BDT.


we have sufficient resources as per the regulatory requirements to discharge our respective

obligations.

For the Underwritersd/-

Md. Sarwer HussainCEO/ Managing DirectorRoots lnvestment Ltd


We are one of the underwriters of the initial Public Offering (lPO) of Express lnsuranceLimited. We will underwrite 1,500,o0o no. of shares of Tk. 10.00 each at par amounting 8DT.

I5,OOO,OOO.OO for the upcoming issue on a firm commitment basis. ln this connection wehereby declare that;

We have sufficient resources as per the regulatory requirements to discharge our respectiveobligations.

For the Underwriter

sd/-Noor Ahmed, FCA

CEO & Managing DirectorAlpha Capital Management Ltd

Declaration bv the Underwriter


Limited. We will underwrite 1,627,650 no. of shares of Tk. 10.00 each at par amounting BDT,


We have sufficient resources as per the regulatory requirements to discharge our respectiveobligations.

For the Underwriter

sd/-Mohammad obaydur Rahman, Fcs

Managing DirectorAAA Finance & lnvestment Limited

DGM & CFOExpress lnsuralce LiDitcd

40

K.M. RahmanDirector &

Arllffi @rydr Rrhman, FCi

Mxlgirg Dtr..lor & CtoAAAFiErcc & Iovcstoclt Ltl.:fffil'i*iH,m**l* ,= Chicf Exocutivo Officcr


?e.'al\ffi.{M.l. Obaidul Akbar

41

c) Major terms and conditions of the underwriting agreements

(ii) ln case of under subscription in any category by up to 35% of the IPO theunder-subscribed securities shall be taken up by th e u nderwriters.

(iii) Notwithstanding anything contained in the agreement in case of inconsistencybetween the provision of the agreement and the Bangladesh Securities andExchange commission (Public lssue) Rules,2015, the Public lssue Rules shallprevail.

(iv) Prior to publication of the prospectus, the company shall have obtainedconsent from the Bangladesh Securities and Exchange Commission permitting theissue as described in Article 2.01 and providing for payment of underwritingcommission 0.50% (zero point five zero percent) on the amount underwritten.

(v) The issuer, in the event of under subscription, shall send notice to theunderwriter(s) within ten days of closure of subscription calling upon them tosubscribe the securities and pay for this in cash in full within fifteen days of thedate of said notice and the said amount shall be credited into securitiessubscription account within the said period.

(i) Authorized, issued, subscribed and paid up capital (number and class of securities,allotment dates, nominal price, issue price and form of consideration);

At present the Company has the authorized capital of Tk. 75o,0oo,0oo and the paid-up capital

is Tk. 391,184,640 which is comprised of 39,118,464 shares @Tk. 10 per share. The detail

capital structure is given below:

Notes: The face value of ordinary share has been split up from Tk. 100.00 to Tk throuBh passing a

special resolution in its extraordinary general meeting held on October 25, 2010 and necessary

amendments in capital clause of the Memorandum and Articles of Associati n were made a rdingly

Rrvloha mm

c xecu lve Officer E:i

K.M.8 Rahmantrcctor &

d.Lnq Ali khan Chicf tiYc OffrcerCc SeqEtary

tl&omrd 06rydur Rrfora FCS

Vro{llg Dircoor & CEO

\AA F :..1r rr: lr,'e.Lr.*.i-d

tla.ffio.rînecrMaraging Director

BLI Ca?itai Limitet.

Nominal pricelssueprice

Amountin Tk.

Class ofsecur:ties

Form ofconslderation

sl.No.

ParticularsAllotment

dateNo. of share

6,00,00,000 10 10 ca sh1As permemorandum

60,00,000

Bonus share2 Bonus share 22.09.2008 3,00,000 30,00,000 10

10 Bonus share3 Bonus share 2 9.09.2009 7,56,000 75,60,000

17,64,000 1,76,40,W 10 10 Bonus shareBonus share 03.07.2 010Bon us share5 Bonus share 21 .06.2011 22,05,000 2,20,s0,m0 10 10

Ca shRight share 0s.0 5.2011 1,32,30,000 13,23,00,000 10 10

Bonus share 25,06.2012 48,51,000 4,85,10,000 10 10n Jn Bonus share1

Ordinary

share

34,92,7 20 3.49.21,2@ 10 10 87 \ Bonus share8 Bonus share 13.04.2 0131q\4d. I )biidut ar'' ""Bonus share9 Bonus share 10.08.2015 65,19,7 44 6,51,91,440

Total 39\,784.,@ P-tiYl,,I.ii ii'rrt.o

IIDFC Capital Limited.,..j):.-J..*.jj Exprcss Insurauce Limited

(i) The IPO shall stand cancelled if at least 65% in any cateSory of the lPo is notsubscribed.

(vi) ln any case within 7 (sevenl days after the expiry of the aforesaid 15 (fifteen)days, the Company shall send to the Commission the proof of subscription anddeposit of the money by the underwriter(s).

(c) Capital Structure

10

10

4

6

r*rt \$r4:10

(ii) Size of the present issue, with brea k-up (num ber of securities, description, nominal va lueand issue amount)

(iii) Paid up capital before and after the present issue, after conversion ofconvertible instruments (if any) and share premium account (before and after the issue)

convertible instrument and Share Premium:

The company has no outstanding convertible instruments and share premium account as

on the issue date of this prospectus.

Proposed capital structure after IPO (subject to approval of regulatory authority):

(iv) Category wise shareholding structure with percentage before and after the presentissue and after conversion of convertible instruments (ifany)

The paid-up capital of the Company is Tk.39,11,84,640. The Company intends to issue

26,O79,000ordinary shares of Tk. 10.00 each at an issue price of Tk. 10.00 th rough lnitial Public

Offering (lPO) totaling to Tk.260,790,000 under Fixed Price Method subject to regulatoryapprovals. The company has no convertible instrument.category wise shareholding structure with percentage before and after the present issue is

as follows:

42

K.M. RahmanDhcctor &

Chiof Exccutivo Offrcer'UOnammExecut

MutualFund!& crs \o% 2,607,900

26,O79,OOO

t8,237,000

Eligible investors (El)

ElExaludinBMutualFunds& cts

30% 7,423,700

GP excludinSNRB

50% 13,039,s00 26,019,000

NR8 10% 2,607,900 130,395,000

tnitial Publicofferingthrough Fixed

Price Method General public (GP)

700% 26,079,000

10.00 10.00

260,790,000Total

10 39,77,44,640Before the present issue 3,9L,ta,464Paid up capital

After the issue 6,5r,97 ,464 10 65,r9,7 4,640

700.oo%

Pre-lPO

60.oo./.

Post-lPO

1 Director & Sponsor 39,118,464 39,118,464

7,a23,700 12.OO%2 Eligible lnvestor ExcludingMutual Funds & cls

4.OO%3 M utu al fu nd & CIS 2,607,900

13,039,500 20.00%4 GP excluding NRB

2,607,900 4.OO%5 Non-Resident

Bangladeshi (N RB)

39,118,464 63,L97,464 100.00% $.w%Total

ay .4Uotamnad0barc,:r Rriin.r,rcs,Ud" ifiAf1ossarn ACs

Mx!8td! Dnc(tor & CEo Managlng DirectorAAAfisrlrc & lnr.rElrt Ltd BLI Cfpltal Llmiterr

,IDFC Cepital LimitedExpress Insuratce Limited

bar

tvtd.Ccr:1p3nY

Otficer

Particulars PercentageNo, of

Ordinaryshares

Nomlnalvalue

lssueprice

lssue Amount(Taka)

Particulars No. of sharesPrice per

sha reAmount in Taka

Percentage of holdingNo. of ordinary Shares Hold

Pre-lPO Post-lPO

sl.

No.

Category ofShareholders

i. ., i,i l-:r)--:-.j

Kh3!r

43

Shares issued for consideration other than cash

(vi) where shares have been allotted in terms of any merger, amalgamation oracquisition scheme, details of such scheme and shares allotted;

The Company has not allotted any shares in terms of any merger, amalgamation oracquisition scheme.

(vii) Where the issuer has issued equity shares under one or more employee stock optionsch€mes, date-wise details of equity shares issued under the schemes, including theprice at which such equity shares were issued;

The issuer has not issued equity shares under one or more employee stock optionschemes.

(viii) lf the issuer has made any issue of specified securities at a price lower than the issueprice during the preceding two years, specific details of the names of the persons towhom such specified securities have been issued, relation with the issuer, reasons forsuch issue and the price thereof;

(ix) The decision or intention, negotiation and consideration of the issuer to alter the capitalstructure by way of issue of specified securities in any manner within a period of oneyear from the date of listing of the presentissue;

The Company has no decision or intention, negotiation and consideration to a

capital structure by way of issue of specified securities in anv,OaAnet within-a pone year from the date of tistins of the present issue ffi. *f;MS,

Dc\1 & cl () '

ExPr;s ln5ur'rrr'e Lrrlr'lto

\%Md. Israil Hossain AC!

Managing Director3LI Capitar Limiter

Iter theeriod of

Md. LiK

K-han.M.Sat Rahman

&.MohamChicf Oflicer

sl.No

Date of issuePersons to

Whom thoseare issued

Relationrhipwith the issue

lssueprlceTk.

Considerationand valuation

Reasons forthe issue

BenefitsAccrued tothe issue

1 22 Sep 2008

Existing

shareholders

SponsorDirectors,Sponsors

shareholders

10.00Enhancementof Capital base

Capital base

of theCompanyincreased

2 29 Sep 2009

3 03luly 2010

4 27 lune 2071

5 25 June 2012

6 13 April 2013

10 Aug 2015

ComPanY SecretarY-Express Iosurallce Lilrjte0xorcss Insurance Limited

(v) where shares have been issued for consideration in other than cash at any point of time,details in a separate table, indicating the date of issue, persons to whom those areissued, relationship with the issuer, issue price, consideration and valuation thereof,reasons for the issue and whether any benefits have been accrued to the issuer out ofthe issue;

The issuer has not made any issue of specified securities at a price lower than the issueprice during the preceding two years.

e\^tlohrmd Obrydu. Rahmn, FCt

Vro{llg DI!{tor & CEo

AAA Finrac & lnvcstnclt Ud. Chiel Execulive OfficerIIDFC Capital Limitec

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Rahmsntr \fu- M![rgiES Dlr6otor &ChicfExocutivc Ofiicer

Expr$s Insursnce Limited

\ldlntnad Obaydur Rahmto, FCS

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MohaChief Executive Otficer

Md. LiaK.M.

ChicfIldanrmad ohYdur Rahmau FCS

lt{rorgrnS Duccror & CEO

AAAFislsrc & hY.rlEclt Ltd

l[d. Ierail Hossain ACsDirectorl{anaging

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rd/0baydur Raioan. FCS

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{AA Filrtrcc & hvcrlEFlt Ld Nld ba dut Akbar Md. Lia i Khan Moorgilg Dlroctor &ChiofExGcutiw Ofricert

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(xi) The details of the aSg.egate shareholdint of the sponsors and directo,s, any aggretate number oIspecified 5ecurities purchased or sold or otherwise transf€rred by the sponsors, dir€ctors and their relatedparties within 5ix months immediate preceding the date of filingthe prospedusAttr€tate shareholding of the Sponsors & Directors:

There was no transaction in Ordinary shares or Specified Securities during immediate preceding the date offiling of prospectus within six months, which have been purchased or sold or otherwise transferred by thesponsors, directors and their related parties of the Company.

(xii) The name and address of any person who owns, beneficially or of record, 5% or more of the securitiesof the issuer, indicating the amount of securities owned, whether they are owned beneficially or o,re.ord, and the percenta8e of the securities represent€d by such ownership including number ol€quity shates which they would be entitled to upon exercise of warrant, option or right to convert anyconvertible instrument

51.

No

Name of sponsor &director

Status Number ofordinary shares

held

Face value &issue price

Latestshareholdingpercentage

1 Mr. Md. Abdul Awal Chairman 3,500,630 10.00

2 Mr9. Halima Harun Sponsor & Director 7,7 40,857 10.00 4A502%3 Mrs. Farida Razzaq Sponsor& Director 3,926,s77 10.00 ro.o316%4 Mr. Khalilur Rahman

Choudhury3,882,350 10.00 9.9246%

5 Mr. Syed Al Farooque Sponsor &Director 4,326,775 10.00 11.0605%

6 Mr. Amir Hamza Sarker Sponsor &Director 2,904,769 10.00 L4240%1 Mr- Latiful Bari Sponsor &Director 1,370,880 10.00 3.5044%8 Mrs. Marium Akhter Sponsor &Director 2,185,748 10.00 7.r2r3%9 Mr. ABM Kaiser Director 3,324,942 10.00 8.5100%

10 M rs. Mahfuza Younus Director 1,370,880 10.00 3.50440/a

11 Alhaj Mohd. Younus Sponsor & Shareholder 2,866,954 10.00 7.3249%

12 Mr. Md. Shamsur Rahman Sponsor & Director 3,tLl,736 10.00 7.9546%

13 Mr. Siddique HossainChoudhury


14 lndependent Director

15 Mr. K. M. Saidur Rahman Managing Director &Chief Executive Officer

Sl. No.Name of th€Shareholders

AddressNo, of shares

ownet

% of secudtiasowned

Typ€s ofournership

1 Mr. Md. Abdul Awal2018 East Madartek Sabujbag,ohaka

3,600,630 9.2044% Ch a irma n

2 Mr. Syed Al FarooqueHouse-2, Road-3, Baridhara R/A,0haka

4,326,7 7s 11.0605% Sponsor 0irector

3 Mrs. Farida RazzaqHouse-8, Rioad-75, DhanmondiR/A Dhaka

3,926,57 2 10.0376% Sponsor Director

4M.. Khalilur Rahman

ChoudhuryJanata thaban, 1/1 NorthKamalapu r, Dhaka

3,882,350 9.9245% Sponsor Director

5 Mr. ABM Ka isarPlot-49, Road-35/A, Gulshan-2,D ha ka.

33,24,982 8.5100% Sponsor Director

6Mr. Md. ShamsurRahman

70 Gu15han Avenue, Dhaka 3,177,736 7.9546%Sponsor Director

Alhaj Mohd. Younu551, Central Road, Dhanmondi,D ha ka- 1205,

24,26,954 7.3249%sponsor share

holder44@ ffis. Marium Akhter

House-82, Road-11,/A DhanmondiR/A, Dhaka

2,745,7 48 7.1213%rVohamma

ChiefIIDFC caPital Limited

xecu

aFlld|tr||nd Ohytu R!h'rt!r. Fe!

lluqtq Dimror & CEO

{AA fhllcE ll hvc..e.d Ltlaidu I Akbar Md. Li quat Ali Khan

Com y Secretary

K.M. Sai RahmanMssa8hg Dhcctor &

ChilfBxocutivo Oftic€rExprc$ Iusurance Limited

DGM & CFOExpress lnsurance Limited E

paI!.I ited

9.2044%

Sponso. &Director

Mr. Feroz Ahmed

Sponsor Director

There is no entitlement of ordinary shares upon exercise of warrant, option or right to convert any

convertible instrument till finalization or Prospectus.

(xiii) The number of se€urities of the issuer owned by each of the top ten salaried officers, and all

other officeE or employee as group, indicating the percentage of outstanding sharesrepresented by the securities owned employees as group, indicating the percentage ofoutstanding shares represented by the securities owned

(d) Description of Business:

(i) The date on which the issuer company was incorporated and the date on which it commencedoperations and the nature of the business which the company and its subsidiaries are engaged inor propose to engage in:

Express lnsurance Limited (ElL) was incorporated in Bangladesh on March 30, 2000 under theCompanies Act, 1994 as a public company limited by shares for carrying out all kinds of general

insurance activities. EIL was granted Certificate of Commencement of Business on March 30, 20OO

for general insurance business. There is no subsidiary company of ElL.

The company is carrying out mainly following types of insurance/reinsurance businesses:

i) Fire lnsurance Business-

Fire & Lightning, riot & strike damages, Malicious Damage, flood, cyclone, Earthquake, DECA

& Allied Perils lnsurance, lndustrial All risk lnsurance, Power Plant operational package

lnsurance.

iil Marine lnsurance Business-

Marine Cargo Export lnsurance, Marine Cargo lmport lnsurance, Marine lnland Transit

lnsurance, Marine Hull lnsurance.

iii) Motor lnsurance Business-

Motor Private Vehicle Act Liability lnsurance, Motor Private Vehicle Comprehensive

lnsurance, Motor commercial Act Liability lnsurance, Motor Commercial comprehensive

lnsurance, Motor cycle Act liability lnsurance, Motor cycle comprehensive lnsurance.

iv) Eng. lnsurance Business -

Machinery Breakdown lnsurance, Boiler Pressure Vessel lnsurance, Erection All Risk

lnsurance, Contractors All Risk lnsurance.

d.o idul AkbarDGM & CFO

50

K.M. Sai Rahman

ExPress lnsuiaoce Lirtited

Niftf6@ad OtaYdw R.ho'tr' FCS

\{a!unt Dlf.ctor & CEO

AMFiril'--; s ]l';esnoclt Ltd

Ma)ffiioe,"in AC! MofraMpnadng Director Chiel Executive Ofiicer Md.

cExprBLI Cifrlle I Lirtite, rrnrc capital Limited

,N/*""ompaiy Secre':ry.essiosuraqca LlBlleq

Msn8girg Directot &ChicfExocutivc Ofricer


No share or securities of the issuer's owned by each of the top ten salaried officers and all othersofficers or employee as a group.

v) MiscellaneouslnsuranceEusiness-

Burglary insurance, Personal Accident lnsurance, Fidelity Guarantee lns u ra nce, Cash-in-safe

lnsurance, Cash-on-counter lnsurance, Cash-in-Transit lnsurance, Workmen Compensation

lnsurance.

(ii) Location of the proiect:

The Company operates through the Head Office which is situated at Al-Razi Complex, 16G167, Shahid

Sayed Nazrul lslam Shorani, Bijoynagar, Dhaka-1OOO and 20 branches throughout the country with theprofessional staff/executives.

(iii) Plant, machinery, technology, process, etc.:

Not applicable to this type of business

(iv) Details of the major events in the history of the issuer, including details of capacity/facilitycreation, launching of plant, products, marketing, change in ownership and/or key managementpersonnel etc.;

(v) Principal products or services of the issuer and markets for such products or services. Past trendsand future prospects regarding exports (if applicable) and local market, demand and supplyforecasts for the sector in which the product is included with source of data;

Principal Product /Services:Fite lnsurunce Eusiness-

Fire & Lightning, riot & strike damages, Malicious Damage, flood, Cyclone, Earthquake, DECA

& Allied Perils lnsurance, lndustrial All risk lnsurance, Power Plant operational package

lnsurance.

Morine lnsuronce Eusiness -

o aidu I AklarDGM & CFO

ess lnsurance Lioritcd

&Officer

q,\"

Marine Cargo Export lnsurance,

lnsurance, Marine Hu ll lnsurance.

Motor lnsuronce Business -

Motor Private Vehicle Act Liability lnsurance, Motor Private Vehicle Compreh ensrv

lnsurance, Motor Commercial Act Liability lnsurance, Motor Commercial Comprehensiv

lnsurance, Motor Cycle Act liability lnsurance, Motor Cycle Comprehensive lnsurance.

Marine Cargo lmport lnsurance, Marine lnland Tran sit

el lnsura n lRisK

k.M.MsnEgiag

eh Ahmed Md. Li i Khan ChicfCoor Secret&-v

lrd[ornd Ohaydur lahmm, tClUlo{bg Dirtlor & CEo

AAA Firtlc! & bveltnrtrt tld.

Eng. lnsuronce Business

Machinery Breakdown lnsurance,

Chief Executive oflicerIIDFC Capital Limitecl

History of the issuer

On March 30,2000 incorporated as a Public Limited Company.

On May 18,2000 commenced commercial operation

Capital raise (Last) Tk. 65,79,744 (Stock dividend) on 07.05.2015.

Service/product General insurance services-Fire, Marine, Motor and Miscellaneous

Change in

ownership/key

management personnel

/ M r. Mizanur Rah man cFo of the company resigned on 28.02.2077

/ Mr. Obaidul Akber joined as SeniorAGM and CFO on 06.03.2011

lnsurance, Contractors All

Express LioirecExptess insurancc Limited

@Md. Israil Hossain ACI

Managing Directo,BLI Capitat l,imite,

Miscetlo neous lnsuronce Business -

Burglary insurance, Personal Accident lnsurance, Fidelity Guarantee lnsurance, Cash-in-safe

lnsurance, Cash-on-counter lnsurance, Cash-in-Transit lnsurance, workmen Compensation

lnsurance.

Market for such Products:

The company's services are rendered through the Head office and 20 branches around the country.

EIL provides non-life lnsurance service only in Bangladesh and it has no plan to provide insurance

service globally in near future.

Past trends:Last 5 years sales of EIL are as under:

(Amount in BDT)

Particular 31.12.2018 31.t2.20t7 31.12.2016 31.12.2015 31-12.2014

408,889,052 400,656,661 385,273,598 400,291,000 420,337 ,026

Future prospects:

After liberation of Bangladesh in 7977, fot the reformation of war-damaged economy the thengovernment took control of all existing insurance companies at that time and nationalized them on

August 8, 1972. ln the year 1973 the government two insurance institutions.iibon Bima Corporation(JBC) and Shadharan Bima Corporation (sBC) breaking all those insurance companies. Later with

the objective of the development and expansion of insurance industry government gave

opportunity to establish insurance companies in private sector. As a result, there are 77 insurance

companies including JBC and SBC (46 general and 31 life insurance companies) are operating

insurance business in the country at present. lf we consider the insurable life and property of huge

population most of their life and property have not come under insurance coverage. 5o, the sector

is huge potentiality for the expansion with the awareness of mass people, development ofind ustria lization, trade and commerce, import- export etc. The government has given more

attention to this sector and working to bring this sector from traditional trend to modernization

through taking different reformative programs and rules-regulation to regularize this sector of theeconomy. As a part of that lnsurance Development and Regulatory Authority (IDRA) was formed

and it has been strengthening more at present by the Government. So, there is good prospect ofthis sector. (Source: National lnsurance Policy 2014). EIL provides non-life lnsurance service only in

Bangladesh and it has no plan to provide insurance service globally in near future.

Md. obal dul kbarDGM & cl'o

nlitcdnce Li

52

K.M. RahmanDirector &

Chicf Exroutivo OfficerMoh

Chief Executive Officer,rDFC Capital Limited

Express lnsura

Md. Lia Ali Klanyot,*ffi **.::'c Md. I#ossain Ac!

M3i4rxi Drrr, r.'r ']( ( E0. . Ma4a*tng Oirectoi-

L._i:___ - ._... --:: :-!5 6lLJ Capttal Limite,i Compaay SecrctaryExpress larurance Limited Express lnsuratrce Limited

Premium(Revenue)

ir&rnm.d 0hydu nahso. FCS

l,l|I!8irg Dt!.ror f, cEo

{Al fin!oe! & ht.ftrii.ll Ltd

44_Mohaoma&ffie616-meo

Chiel Executive OfficerIIDFC Capital Limited

53

d. Obaidul Akb ilrDGM & CFO

press Insurarlce Linrited

K.M. SMsnagiBg

Md. Li I(han Chiof Exocuhvc

Sl. No. Description December 31, 2018 Percentage (%)

7 Fire lnsurance Revenue 728,7 43,409 37.49%

2 Marine lnsurance Revenue 706,596,424 26.O7%

3 Motor lnsurance Revenue 720,933,246 29.58%

N.B. As described in note no. 24.O7 in the oudited occounts of December 37, 2078 totdl omount ofprcmium collected is Tk. 408,889,052.

(vii) Description of associates, subsidiary and holding company of the issuer and core areas ofbusiness thereof

The company neither has any associate or subsidiary company nor is operated under any holdingcompany.

(viii) How the products or services are distributed with details of the distribution channel. Exportpossibilities and export obligations;

The Company conducts the business operations under the supervision of Board of Directors and thelegal frame work of the lnsurance Act 2010 and lnsurance Rules 1958, as amended from time totime. The company operates through the Head Office at Dhaka and 20 branches throughout thecountry with the professional staff/executives. The Company also engages the services of research,

experts and surveyors for professional assistance wherever necessary. Accounting and technical

staffs provide the back-office support in issuance of "Policy-covers" and "Claim-settlements".

The company's services are rendered through the Head office and following 20 branches:

man&

Ofiicer, Limited

Sl. No. Name of th€ Office/Branch and Address

1Local Office28, Dilkusha C/A (16th floor), Suit s 1602, Dhaka

2

Motijheel BranchParamount Heights (sth tlootl,6512ll, Box culvert Road, Purana Paltan,Dhaka.

3olT Road BranchLal Bhaban (9th floo), 18, Rajuk Avenue, Dhaka

4Principal Branch5, MotrheelC/A.{4th floor), Dhaka

VIP Road BranchShatabdiCent.e (8th floor), Room f 8/G292, lnner Circular Road, Dhaka

5

6Malibagh BranchManhattan Tower (3rd floor),83. Siddeswary Circular Road, Malibagh, Dhaka

j\

7Ean8shal Branch92, Shahid Syed Nazrul lslam Sharani (4th Floor), Bangshal, Dhaka

E:

8B.E.Avenue Branch20, 8.8. Avenue (3.d floor), Dhaka

9Kawran Ba2ar Branch57/E, Kazi Nazrul lslam Avenue (1st floor), Kawran Bazar, Dhaka

10 Hatkhola Eranch n ^Â

/ua.ls\ffisanecs

Managing Director-rt , Ca)ltat L:E;ted

conpary Secrekry BxDrc$ ltrsuranceExpress lnsurance Liai:ited

(vi) lf the issuer has more than one product or service, the relative contribution tosales and lncome of each product or service that accounts for more than 10% ofthe companYs total revenues;

The Company provides following insurance services contributing more than 10% oftotal revenue are

as below:

54

33/1, Hatkhola Road (1st floor), Dhaka

11Narayangonj BranchFarzana Tower (2nd floor), S.M.Maleh Road, Narayangon.i

72Jublee Road BranchWazico Tower (4th floor), 263,lublee Road, Enayet Bazar, Chittagng

13Khatungonj BranchSalma lower (3rd floorl,398/A, KhatunSonj, Chittagong

14Agrabad BranchK.M. Tower(4th Floorl,76-77, A{abad ClA, Chittagong

15Naya Paltan BranchNavana Rahim Ardent (2nd floor),5uite # 82, 185, Shahid Syed Nazrul lslamSharani, Dhaka.Paltan BranchNurjaham Sharif Pflaza (7th floor), 34, Purana Paltan,Dhaka-1000

77Dilkusha Branch58, Dilkusha c/A (7th floor), Dhaka

18Topkhana Road Br.

Tropicana Tower (6th floor),218, shahid syed Nazrul lslam Sharni(45, Topkhana Road), Dhaka.

19

Norshigdi Branch594, Jail gate (3rd floor), Room f 1/8, Velanagar Bus stand, Nonshingdi

20 Kakrail Branch 199, Shahid Syed Nazrul lslam Sharani (11 & 12 Floor),Bijoynagar, Dhaka

Export possibilities and export obligations:EIL doesn't have any export obligation.

(ixl competitive conditions in business with names, percentage and volume of market shares ofmajor competitors

ln Bangladesh a number of listed companies are engaged in insurance sector. Major competitorsa re:

Apart from this, as per annual report of the listed securities and audited financial statements ofExpress lnsurance Limited, the revenue are presented below:

FiEwe in MillionRevenue(TK)

(Gross Premium)Percentage

1. Express lnsurance Ltd 400.662. Rupali lnsurance Ltd 444.77 3.3 3

3. Global lnsurance Company Ltd 226.27 0.894. Paramount lnsurance Company Ltd 168.58 0.66

5. Bangladesh General lnsurance Company Ltd. 683.75 2.69

Total Revenue of lnsurance Sector: TK. 25392.00 million during year of 2017

Souf cei Bo nqlo d esh I n su ron ce Associot ion idul Akbar. ObaDCM & CI

inrited

Mohammad OtaYdur Rahmao' FCS

Muqrlg Drreclor & CEo

AAAFiouce & tlYcstseot Ltd

\*Md- Israil Hoesain ACS

Managlng DirectorBLI CDltal L)mite.r

Chiel Executive OtficerrIDFC Capital Limited

w K.M.&

d. Liaq i Ktian Chicf OfftcerCompatry Secretary

1. Pragati lnsurance Ltd 6. Dhaka lnsurance Limited

2. Prime lnsurance Company Ltd. 7. Continental lnsurance Ltd.

3. Global lnsurance Company Ltd 8. City General lnsurance Co. Ltd

4. Paramount lnsurance Company Ltd9 Bangladesh National lnsurance

Company Limited

5. Bangladesh General lnsurance Company Ltd

Express lnsurancc LirnireapxrtrsssInsurance Limited

l0.Reliance lnsurance Ltd etc.

Name of the Company

7.52

(x) Sources and availability of raw materials, names and addresses of the principal suppliers and

contingency plan in case of any disruption;

The company, being a service provider, operates on the basis of professional expertise relevant toinsurance industry. lts'product is a service and its raw materials are human resources. The general

insurance industry has since developed and expanded fast in order to meet the growing need of the

economy. The company has procured the services of experienced professional personnel from the

existing insurance industry operators including Shadharan Bima Corporation. The company has also

set up training programs for training fresh graduates for development of its growing need of human

resourceS.

Contingency Plan in case of any disruption:

Its product is a service and its raw materials are human resources. ln our country there is huge

supply of educated manpower and different institutions including BIA and Dhaka University have

been providing higher degree in insurance at present days. Therefore, there is no possibility ofdisruption of service

(xi) sources of, and requirement for, power, gas and water; or any other utilities and contingency planin case of any disruption;The Company does not need any power, gas and water except for ordinary uses in office work.

Contingency Plan in case of any disruption:

There is an arrangement of high capacity generator in the office building to ensure alternative power

supply to tackle any power disruptions.

(xiii) Names, address(s), telephone number, web address, e-mail and fax number of the suppliers fromwhom the issuer purchases 10% or more of its raw material/finished goods with amount andpercentage thereof;

Not applicable in this type of business

obaidui Akbat

I3*n'uDGN4 &csuranc

55

R.ahman&€_

MohamDadsal€h"ctiffi66-Chief Executive Otficer

IIDFC Capital Limitecl

Exptess ln

Md. LiaCompatry Scclrtary

K.M. S

t AIi Khan Chicf Ofhcertlolunmad 0baydur Rahmur.FCt 4{d. Is

Y.r4llg DiE{tor & CEo ManMA Fiuocc & lnvestment LA 9tr1 [

\gtPrnr€ss ltsuraace Limited

(xii) Names, address(s), telephone number, web address, e-mail and fax number of the customers whoaccount for lO or more of the companys products/services with amount and percentagethereof;

There is no such customer of the Company who provides 10% or more of its revenues.

(xiv) Description of any contract which the issuer has with its principal suppliers or customers showingthe total amount and quantity of transaction for which the contract is made and the duration ofthe contract. lf there is not any of such contract, a declaration is to be disclosed duly signed bycEo/MD, CFO and Chairman on behalf of Board of Directors;

The Company has no such contract with principal suppliers or Customers.

Declototion Reaordino contrdcl with Principal Suopliers or Customers

We, on behalf of the Board of Directors certify that Express lnsurance Limited did not enter into

any contract with its principal suppliers orcustomers.

sd/-Md. Obaidul Akbar

5r. AGM & CFO

sd/-K. M. Saidur Rahman


frIohammad S

56

sd/-Md. Abdul Awal

Chairman

AliKh#.M. Sai RahmanDiiector &

teChief Exccutivc Offtcer

Dated:July 11, 2019Dhaka

(xv) Description of licenses, registrations, NOC and permissions obtained by the issuer with issue,renewal and expiry dates;

EIL has several regulatory licenses and certificates in order to continue its operations. The tableshows list of licenses:

-.1

ro

,*-$L ,..Fcs

{AA l r. :rri Lto

t%{d, lsrau tlossaln AuMelagr:rg Di''ec*'.'

lssue DateSL No. ParticularsLicense

lssuer/lssuint AuthorityCertificate/ License

No,validity Expired on

01lnsurance

Business License

Department of lnsurance

(Now lnsurance Development

and Regulatory Authority)

No.cR-13/2000 31 Decem ber

2020

Dhaka South CityCorporation,Revenue Division

No.030909January

2020

30June,2020o2 Trade License

21,41,24987278 May L2,2OL403 TIN Certificate National Board of Revenue

6lune 201704 VAT Reg. No

Customs, Excise & VAT

Com m issionerate, Dhaka

(so uth )

8rN.000251279

lnsurance Development and

Regulatory Authority?cEcftsor*{-

qiF/:eg8/lo)e.)\rqb

18.sts{,lo)q

Sr{IqJ l"o4

v;qli6:

05 NOC

Chiel Executive Ofiicer

IlDFC CaPital Limited

Li uat

Brpra:s Insurance Limitcd

May 18, 2000

Express

tr.lî{dmr d obaydur RahEro, FeS

UaoqriBDir..lot & CEo

{AAfilrlcc & lDv.tm. Lld

ut.\#ffio.,u,,,Ma.oaging Dire c

'3Ll Ca)itt.,i l,im

ACIt(,Mohammad

57

K.M. S RahmanDir.ctor &

Chicf ExEcutivG

EIL has 20 branches and their license No., Validity, address is described as below:

!

.l

;t Prchiel Exe Officer

Name of Br. AddressTrade License No. &

lssuing Authorityvalidity Expired/To be Expked on

Local office Branch 28, Dilkusha C/A (16th floor),5uit *1502, Ohaka

26375512079Dhaka South City

Corporation

30lune, 2020

Motijheel Brahch Paramount HeiShts (sth floor),55/2/1, BoxCulven Road,

Purana Paltan, Dhaka

25@5812019Dhaka South City

Corporation

30June, 2020

Dilkusha Branch 58, Dilkusha C/A (7rhfloor), Dhaka 32258s/2019Dhaka South City

Corporation

30June, 2020

Naya Paltan Eranch Navana Rahim Ardent, Suite # 82(2d Floor), 185, Shahid Sved Nazrul lslam

Sharani, Dhaka

2339s8/20t9Dhaka South City

Corporation

301une,2020

DIT Avenue Branch Lal Bhaban (grh floor), 18, Rajuk Avenue.Dhaka,1O00

263733/2079Dhaka South City

CorporationB.B Avenue Branch 20, 8.8. Avenue (3rd floor), Dhaka 232350/2019

Dhaka South CityCorporation

PrincipalSranch 6, MotijheelC/A, (4rh floor), Dhaka. 322575/2Ot9Dhaka South City

Corporation

30June, 2020

Paltan Branch Nurjaham Sharif Plaza (7th floor), 34,

Purana Paltan, Dhaka-10002s6os4/2019Dhaka South City

Corporation

30 June, 2020

Malibag Branch Manhattan Tower (3rd floor), 83,Siddeswary Circular Road,

MalibaSh, Dhaka

253a15/20t9Dhaka South City

Corporation

30June,2020

Topkhana Eranch fropicanaTower (6th floor),218, Shahid Syed

Nazrul lrlam Sharoni(45, Topkhana Road), Dhaka


Corporation

30June,2020

VIP Road Eranch ShatabdiCentre (8th floor), Room s8/G292, lnner Ckcular Road, Dhaka


Corporation

30June,2020

Hatkhola Branch 3311, Hatkhola Road (1st floor), Dhaka 231377 /2019Dhaka South City

Corporation

30.lune, 2020

l{arayantoni granch Farzana Tower (2nd floor),55/1, S. M. MalehRoad, Narayangonj

23553NarayanBonS City

Corporation

30June, 2020

Ban8shal Branch 2, Shahid Syed Nazrul lslam Sharani(4thFloor), Bangshal, Dhaka

23694212079Dhaka South City

CotporationKawran Barar Branch 57lE, Kazi Nazrul lslam Avenue (15t floor),

Kawran Bazar, Dhaka022963

Dhaka Nonh CityCorporation

30.iune, 2020

Khatungonjgranch Salma Tower (3rd floor), 398/A,KhatunSonj, Chittagong

064405ChittagonS City

Corporation

30lune, 2020

NarsingdiBranch 594, Jailgale (3rd floor), Room I 1/8,Velanagar Bus stand, Nonsingdi 9212019-2020 Cinishpur

Union Porishod, Narsingdi

30June,2020

lubilee Road Branch Wazico Tower (4thfl oor),263,Jublee Road, Enayet Bazar,

ChittaSonS

23256Chittagong City

Corporation

301une,2020

\o,.ACrabad Branch 153597

ChittaSonS CityCorporation

30June,2020

Lc

Y*Er=

l(akrail Branch 199, Shahid Syed Narrul lslam Sharani(11 &12 Floor), EiioynaSar, Dhaka

232120/2019ohaka South City

Colporation

30June, 2020 xPsYvg:ct+ x

d Office Al-RaziComplex (9'6 & 10,h floor), 166-167,hid Syed Nazru Islam Sharani, Bijoynagor,

Dhaka.

275564/2019Dhaka South C,tta-

Corporat,on / \ \f,\

30 7'*('o\, ./

IIDFC CaPita I Limitedt: Fxorcss Insuraace Limited

Offrcer

301une,2020

30June,2020

30.lune, 2020

76/77, K.M. rower Aeta bad, ChittagonS

Ali Khan

58

(xvil Description of anymaterial patents, trademarks, licenses or royaltyagreements;The Company neither obtained any Patent Right/Trademarks nor signed any royalty agreement with anypa rty.

(xviil Number of total employees and number of full-time employees

As per audited occounts

Monthly Salary Range

No. of Part Time/FullTime Employee

31.12.2018 3L.12.20L7

All the employees arefull time employees

Below Taka 72,0O0 per year

Taka 72,000 and above 585

Total

(xviiil A brief description of business strategy;/ Emphasizing on creating a quality administrative, organi2ational and operational platform

to practice good insurance business;/ Everyone has a good idea of the decisions and actions for which he or she is responsible;/ lmportant information about the competitive environment gets to head office quickly;/ continuing regular business operation through complying regulator's guidelines and

compliances;/ lnformation flowsfreely across organizationalboundaries;/ striving for making clients(policy holders permanent;/ setting up of work program for sustainable development of thecompany

The Company is licensed to conduct all types of general insurance business and in practice they carry

on following types of insurance services in their normal source of business:

Sl. No. Description

1 Fire lnsurance Reven ue

2 Marine lnsurance Revenue

Motor lnsurance Revenue

4 M isc. lnsurance Revenue

As EIL is a service-oriented concern, therefore, it is not possible to determine the actual capacity andits utilization like manufacturing and other concern.

,,N1*. K.M. Said&.

rvl0namma ll OfricerExecutiveOfiicer CompanySecretarJ.

IIDFC Capital Limited Er:Dlejs iusr'saoce Limite#xiress ltrrulance Limited

(xix) A table containing the existing installed capacities for each product or service, capacity utilizationfor these products or services in the previous years, prorected capacities for existing as well asproposed products or services and the assumptions for future capacity utilization for the nextthree years in respect of existing as well as proposed products or services, lf the projectedcapacity utilization is higher than the actual average capacity utilization, rationale to achieve theprojected levels.

3

No. of Employees

580

585 580

-*ffi***r*rno$h*.""^.*AArt;i:,-..: : ; :5:r''"t t""ffiSiH.liiHl?1"

"d*"".1#DGM & CFOExprcss Insurance Limlteo

(e) Description of Property

The company possesses the following fixed assets at written down value as per audited accounts

(Annexure-A):

Amount in BDT)

(i) Location and a rea of the land, bu ilding, principal pla nts a nd other property of the company a nd

the condition thereof;

The company has its own floor space of 1O,7OO Sqft at 9th and loth floor of Al - Razi

Complex, 166-167, Shahid Sayed Nazrul lslam Sharani, Bi.ioynagar, Dhaka-1000 and 20 number

of Branch Offices at different districts / city areas of Bangladesh. lt is to be noted here that all

the branch offices are situated in rented premises under operating lease agreement. Most of the

assets as mentioned above are located at its head office i.e. at 9th and loth floor of Al - Razi

complex, 166-167, shahid Sayed Nazrul lslam Sharani, Bijoynagar, Dhaka-1ooo, Bangladesh.

Some other assets are located its twenty branch offices around the country. AII properties as

mentioned in fixed assets schedule are owned bythe company.

(ii) whether the property is owned by the company or taken onlease;

All properties as mentioned in Fixed Assets schedule are owned by the Company

qru&r,rdrobrYdur R"h*o. rC$

UxtStlg Dklot & CEo

lAAFiulcr & hr..atrit kl

\.)!V':.

K.M.0

rvlohMrtr8ging Dhector &

Chief Executive Officerme0 Md. Liaquat Ali Khan ChicfExccutivc Officer

PARTICULARS

130,138,851Land & Building

Furniture and Fixture

7 ,225,334Office Decoration

377,O57office Equipment

2,076,332Com puter with printer

30,308Crockeries and Cutleries

70,971,295Motor Vehicles

87,727Telephone lnstallation

Electric Equipment

2,622,247Air Condition

156,449,N3Total

IIDFC Capital LlmltedCompaay Sccreta(y

Express Iasurance Li6l,"oBxDrtss Insurance Limircd

59

mffiilr*p,3,!H,t'll il"'""a

Written downvalue as on 3L.l2.2OlA

2,s61,994

484,865

60

/i,rJ Dates of pur€hase, last payment date of current rent ({fW{T) and mutation date of lands, deed

value and other costs including details of land development cost, if any and current use thereof,'

Deed

No

Date ofpuachase

Mutation

date

Last date ofcuarent rent

flNnr)

c.5.

Dag NoDeed Value

Area ofland

(oecimal)

Currentu5e

2685 22.06.20L7 20.10.2013

10.12.2018

for Bangla

year up toL42a

44,52,

53,543,53,45,200 47,18,308

10,700 sqftfloorspace

Corporate

Head offlce

(iv) The names of the persons from whom the lands has been acquired/proposed to be acquired alongwith the cost of acquisition and relation, if any, of such persons to the issuer or any sponsor ordirector thereof

Name of the persons from whom the

lands has been acquired

Cost ofacquisition

Relations

Tk.40,063,508 No relation

(vl Details of whether the issuer has received all the approvals pertaining to use of the land, ifrequired;

The Company has received all the approvals pertaining to use of the land.

(vi) lf the property is owned by the issuer, whether there is a mortgage or other type of charge on theproperty, urith name of the mortgagee;

There is no mortgaged or any type of charge on the property of ElL.

(viil lf the property is taken on lease, the expiration dates of the lease with name of the lessor,principal terms and conditions of the lease agreements and details of payment;

No property of EIL is taken on lease except the following operating lease commitment for itsfollowing branches:

Md. Obaidul Akb'ar

Exl

d.L

mitcdDGM & CFO

ress lnsurance Li

Mohlomad Obaydur Rahman, FCS

M.trlgtig Dltcclol & L'EO

AAAfi:3:;. & llYrrlffot Ltd

\%-Md, IsraifEos sain ACS

Maaaging DirectorBLI Oapttal Llmitetr

MohammaChief EXE U

,$,%_ K.M. S RahmanDt€ctor &

Chief Exocutivo Officsr

sl.No. Name of the Office/Branch and Address

Area(sft)

Rent persft.(rk.) Period of Lease

MonthlyAmount

(rk.)1 Local Office

28, Dilkusha c/A (16th floor), Suit f 1602, Dhaka

1,3 50 35.00 01.05.2019 to30.04.2022 47,250.N

2

Motijheel BranchParamount Heights (5th floor),65/2/1, Box CulvertRoad, Purana Paltan, Dhaka.

L,782 46.0001.06.2019 to

37.O5.2022 54,372.6

3 DIT Road BranchLal Bhaban (gth floo), 18, Rajuk Avenue, Dhaka

795 50.00 3Years 01.08.2018 to3t.o7 .2027 39,750.00

4 Principal Branch6, Motijheel C/A.(4th floor), Dhaka

60002 years 01.09.2018

to 31.08.202023,100.00

5

VIP Road BranchShatabdiCentre (8th floor), Room # 8/G292, lnnerCircular Road, Dhaka

35.0003 years 01.08.2019

to 31.07.2022 27,420.@

|IDFC CaPital Limited ExCornpary Secret1ry

press Insuatrce Limited B" r.r6s8 lssuflnce Limited

ry

Registration

& OtherCostin Tk.

Abed Holdings Ltd.

25.0001 year 01.01.2020

to 31.12.2020(Renewal is under

process)

17,000.006801

Eangshal Branch92, Shahid Syed Nazrul lslam Sharani(4th Floor),Bangshal,0haka.

44.000.001,000 44.00 03 years 01.02.2018to 31.01.2021

B.B.Avenue Eranch20, B.B. Avenue (3rd floor), Dhaka

8

03 years 01.08.2018to 37.07 .2021 38,000.006889

Kawran Baza r Branch57/E, Kari Nazrul lslam Avenue (lst floor), KawranSaza r,Dhaka

22,8m.00600 03 years 01.03.2018

to 28.02.202110 Hatkhola Branch

33/1, Hatkhola Road (1st floor), Dhaka

14,250.00570 25.0003 years 01.11.2016


process)

11

Narayangonj BranchFar.ana Tower (2nd floor), S.M.Maleh Road,

Narayangonj.

21,500.00860 25.0003 years 01.12.2019


process)

1Z

Jublee Road Branchwazico Tower (4th floor),253, Jublee Road, EnayetBazar, Chittagng.

30.00

01.04.2019 to31.03.2022 27,m.@

Khatungonj BranchSalma Tower (3rd floor), 398/A, Khatungon.i,Chittagong.

90013

1109 40.003years 01.10.2017 to

30.09.202044,360.0074

Agrabad EranchK.M. Tower(4th Floorl,76-77, A$abad ClA,Chittagong

43,942.00437 5 2.5003 years 01.08.2018

to 31.07.202115

Naya Paltan EranchNavana Rahim Ardent (2nd floor), Suite # 82, 185,

Shahid Syed Nazrul lslam Sharani, Dhaka.06 years 01.04.2014

to 31.03.2020 24,450.mPaltan BranchNurjaham Sharif Pflaza (7th floor),34, PuranaPaltan,Dhaka-1000

815 30.0016

38,500.001,100 35.00 03 years 01.04.2018to 31.03.2021

17 Dilkusha Eranch

58, Dilkusha C/A (7th floor), Dhaka03 years 01.03.2017

to 28.02.2020 2s,080.00Topkhana Road Br.Tropicana Tower (6th floor),218, Shahid Syed Nazrullslam Sharni(45, Topkhana Road), Dhaka.

650 38.0018

700 12.7503 years 01.01.2018

to 31.12.2021 9000.0019

Norsingdi Branch594,lail gate (3rd floor), Room # 1/8, VelanagarBus stand, Nonsingdi.

05 Years 01.03.208 to28.02.2023 50,000.00

20 Kakrail BranchAkram Tower 11th Floor 199 Shahid Syed Na2rulk lslamSharoni, Bijor Nagor Dhaka

1045

6

Malibagh BranchManhattan Tower (3rd floor), 83, siddeswary Circular 1,400 27.OO

03 years 01.02.2018to 31.01.2021

Roa d M a liba h, Dhaka

(viii) Dates of purchase of plant and machineries along with sellers name, address, years of sale,

condition when purchased, country of origin, useful economic life at purchase and remainingeconomic life, purchase price and written down value

As EIL is a service-oriented company, it has no plant and machineries and hence this information is

61

arNldr_) cFo

nce Linited

\'rv estiriiltIt r{t!8 DiElor & CEo

the machineries are yet

"qg,trnffi",rer.

RehoarDboctor &dve Offrcer

(ix) oetails of the machineries required to be bought by the issuer, cost of the machineries, nahU'6i\iiisuppliers, date of placement of o.der and the date or expected date of supply, etc.

There are no machineries required to be bought by Elt.

(x) ln case

\AA Fineocc & lnvcrtmeot Ld. BLI C.rpttr-I l,,nr.it'lInsurance Limit.

38.00

37,800.m

not applicable here.

StMd.

Chief,IDFC

ExeculiveCapital

OfficerLimira.r Exoress

BxPress

62

There is no such machineries which is yet to be delivered to ElL.

(xi) lf plant is purchased in brand new condition then it sho!ld be mentioned;

EIL has no plant and hence this information is applicable here

(xii) Details ofthe second hand or reconditioned machineries bought or proposed to be bought, ifany,including the age of the machineries, balance estimated useful life, etc. as per PSI certificates ofthe said machineries as submitted to theCommission;

EIL has no machineries and hence this information is not applicable here

(xiii) A physical verification report by the issue manager(s) reBardinB the properties as submitted tothe Commission

PHYSICAL VERIFICATION REPORT BY THE ISSUE MANAGERS

OF

EXPRESS INSURANCE TIMITED

This is to certify that we have visited the Registered and Head office of Express lnsurance Limited on16 April 2018.

Visiting and accompanying Team:

we have found the Registered & Head office as details bellow:

Registered & Head Office:Al -Razi Complex, 166-167, Shahid Sayed Nazrul lslam Sharani, Bijoynagar, Dhaka-1000

Description of Business:Express lnsurance Limited (ElL) was incorporated in Bangladesh on March 30, 2000 under theCompanies Act, 1994 as a public company limited by shares for carrying out all kinds of general

insurance activities. EIL was granted Certificate of Commencement of Business on March 30, 2000for general insurance business. The Authorized capital of the Co is Tk. 75 crore consla

utAkbt\, oDGM & CFO

Express I ited

Md. L

uraoce Liru

t_

C\vMot onad 0btYdur R'!o!s' tCS

Maluro{Drrcclot & C80

AAA Fits; & hvc*orot lJll'

\9FMd, Israil Hossarn aCS

Monrgrng DirectotBLI Capltai Limite,"

MohaK.M. Rahman

Dir€ctor &lJi Klanctiof Executivc OfficerChief Excc

Particulars Representative

Visited by

AAA Finance and lnvestment Ltd-Mohammad obaydur Rahman , FcsManaging DirectorMd. Khalid HossainDeputy General Manager

IIDFC Capital LimitedMohammad Saleh AhmadChief Executive OfficerMr. Md. Mushfiqur RahmanManager

BLI Capital LimitedMd. lsrail Hossain ACS

Ma naBing DirectorMr. Mohammad Mofizul lslamSVP & Head of Operations

Accompanied byExpress lnsurance Limited

K. M. Saidur RahmanManaging Director & CEO

Md. Liaquat Ali KhanCompany Secretary

DFC Capital Limited _ Ccrip:u)- Secre_lcr.v. g*op3s Insurrlce Linifadl)iprs:s los::3tce I 'rnrtcd '

of 75,000,000 ordinary shares ofTk. 10 each.

63

since its establishment in 2oOO as one of the leading general insurance companies in the private

sector, the Company has within a short span of time established itself as one of the most reputed

and trustworthy insurance companies in the country. Selective underwriting and prompt settlement

of claims have contributed towards building up a very respecta ble image of the Com pany within the

business community. The company has20 branches throughout the country.

Description of Property:Among others, we have identified the major properties of Express lnsurance Limited are as follows:

1) Office Building:Express lnsurance Limited is utilizing 10,700 sft floor place for its corporate Head Office owned by

itself on gth to loth floor of 15th storied Al - Razi complex, 166-167, shahid Sayed Nazrul lslam

Sharani, Bi.ioynagar, Dhaka- 1000. The office is well equipped with modern class of furniture and

amenities.2) Land:The company owns the proportionate amount of undivided and undemarked land with common

spaces, common rights, common facilities and parking for 10,700 sqft floor space at Al - Razi

Complex, 166-167, Shahid Sayed Nazrul lslam Sharani, Bijoynagar, Dhaka-1000.

3) Vehicle:The company owns a number of vehicles for its employees. A list of vehicles provided as follows:

DM GHA.13.3357 RAV,4 2004 2,900,000

DM GHA.13.2509 HONDA CRV 2003 2,350,000

DM GHA-11,9946 TOYOTA.RUSH 2007 1,700,000

MD GA.33-9285 TOYOTA.ALLION 2 010 3,250,000

MD GA 35.0868 TOYOTA-ALLION

MD GA.35-5091 TOYOTA-AXIO G 2008 1,750,000

DM GA.29-32 18 TOYOTA,X.COROLLA 2004 1,100,000

DM GA 21 4605 TOYOTA,X-COROLIA 2003

DM GA-19-9822 TOYOTA-X-COROLLA 2004 1,000 000

DM GA-19-9821 TOYOTA-X-COROLLA 2003 1,000,000

DM GA-19.5519 TOYOTA,PROBOX 2002

DM GA.32-3076 TOYOTA.ALLION 2072 2,315,000

DM GA,32.3293 TOYOTA.ALLION 2012

DM GA 32.3350 TOYOTA.ALLION 2072 2.31s,000

DM GA.32,6374 IOYOTA AXIO G 1,900,000

Other assets:Besides, these assets we have also found other assets like furniture and fixture, electrical installationand equipment's, computers, generators, office equipment, fire equipment, air conditions, aircoolers and other assets as mentioned in the fixed assets schedule of the audited financialstatements for the year ended December 31,2018.Around 50 officers and staffs were present during our visit in the registered & head office of the Companysignboard:The signboard of the company is well displayed at the reBistered office and the branch offices and

;Ji:::t*1il ;# :::; ::[:,]::;::rfl ;:x ; k*\tuffiand other rosistic supports. M.ti:tX]fl":ifl_".

ExPrcr

,d/-mmad saleh Ahmad

ive Officer

ceI

th manpowerK.M. Sai

ManaginB Directorm6!pital Limited

Mstragiflg Ditcctor &ChicfExrcutivc Officer

ExBlTss llsur8lce Limited

lsrail Hossain ACS

Oboydur R"hrnt. FCYa

Mas!$!8 DiEclo/trttf inan ?PrniteU tvtd. aquatAliChiel ExeAr\A Finntc & Invcttocot Lt! ULl Capltar Limrteer IIDFC Capital Limile.

Company SecretaryExpress lnsurance Liriritcd

Vehicle Number & Name

2010 2,620,W

1,000,000

500,000

2.315,000

2013

sd/-Mohammad Obaydur Rahman FCS

Di

A$.Mohrmmld Ohavrlur Rrhman. FCS

M:rr!'lllq !)lrcc1t! & CEo

Ll{ i.---.- * --. r-:;;:: l:C

\fuMd. Isrtil Ilossain ACt

Managing DirectotBLt Clpltal Llmite'

ss lnsurr ce Li

at

64

K.M. Said Rahman&

(xiv) lf the issuer is entitled to any intellectual property right or intangible asset, full description of theproperty, whether the same are legally held by the issuer and whether all formalities in thisregard have been complied with

(i) lf the issuer has not started its commercial operation, the company's plan of operations for the periodwhich would be required to start commercial operation which shall, among others, include:-

(iilThe issuer had been incorporation, the issue/s revenue and results from operation, financialposition and changes in financial position and cash flows for the last five years or fromcommercial operation, which is shorter, shall be furnished in tabular form which shall, amongothers, include the following information:

Plan of operation and discussion of financial condition

Revenues and result from operation, Statement of Financial position, changes in financial posjtion andstatement of cash flow of the company for last five years is given as under:

Revenues and results from operation

JTN

b-cr'a a cnoExpre ruited

:

."r.i;, Chicf Exccutivo Ofriccr

sL.

No. Particulars 2018 2017 20L6 2014

01Revenue (Premiumlncome)

408,889,0s2 400,656,661 385,273,598 400,291,000 420,337,026

o2Gro5s Profit(U/w Profit)

55,233,465 41,0r2,024 51,482,512 6t,ort,499 96,414,148

03 Net Profit before Tax 76,807,271 70,142,874 74,264',330 85,s0s,360 175,7a9,736

04 Net Profit after Tax 43,841,61C 46,166,229 56,505,360 85,789,736

05 Earnings per share-8asic 1.12 1.20 \.26 1.44 2.64

Statement of financial position

01 TotalAssets 1,107,884,003 t,Ml,247,342 \046,965,242 7,O32,439,653 974,462,554

02 375,638,418 344,235,743 344,454,776 33&515,859 337,444,724

03 Shareholder's Equity 732,245,545 743,072,799 693p23,794 637,418,434

o4NAV per share withrevaluation reserve

18. t2 18.99 18.97 71.14 19.55

05NAV per share withoutrevaluation reserve

16.44 16.39

Changes in financial position

01 Share Capital 391,LA4,640 391,t44,640 ^ As1,)84,6!o 391,184,640 325,981,200

<-.--l#MohamlffilB@d

Chrel Executive OtlicerrrntrC CaPital Limited :c3 L:e:xn$tess lmurance Limited

The company has no intellectual property right or intangible asset.

(xvl Full description of other properties of the issuer.

There is no other property except the schedule of properties as mentioned in the fixed asset schedule.

(0 Plan of operation and discussion of financialconditions

EIL is in operation.

2015

49,264,330

Total Liabilities

742,110,526

16.65 15.15

65

02 Share Premium

03 Revaluation Reseave 80,97 S,293 97,209,235 99,193,097 101,211 ,446 103,283,108

04 Retained Earnings a7 ,491,412 46,024,043 88,138,548 41 ,921,467 69,553,88s

stat€ment of Cash ,low

01 Net cash flow fromope.ating activities 30,47A,690 64,643,422 56,752,028 6,609,341 96,119,591

02 Net Cash flow frominvesting activities 4,334,557 524,904 (10,480,823) 17,327,360) (8,s11,402)

03 Net cash flow fromfinancing activities (4s,864,ss6) (1,077,s98) (65,197,440)

DC

[4ohamma Md.xe cutive Officer

Md.o aiduI Akbar

ExPress Iit,*":Ifl*n"u

K.M. &Ali K-haa (hiof Officer

any Secretary#wp,ffi*i,xrIDFC Capital Limited

CompExpress Ilsusace Liexited

ErPress Insurance Lim ed

[39,118,466)

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t*-Md, Isnil Hossain ACS

Maaeging DirectortlLI Clirl{ai Lirnite,'

IDFC Capital LimitedEx

fu ObaYdu Rahllrq FCS

llrslgitr8 DiEctot & CEo

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lh4u! Dlllcror & CEo

AAA Fio&ca & lovesrmcot Lrd

,ra. br#sr.in.{csManaging Directol

BLI Cs?itai l,im;te,e0

Chiet Executive OfficerIIDFC C6pital Ltmtt.cl

K.M.

Chicf

$,sLimitcdErprcss Insursoce

t-I

'tt$zMd. Libdtat Ali l(hanCompa;y Secretary

Express losurance Lidited

.';

.,i

Rahrnan

e) Any known trends, events or uncertainties that may have material effect on the issue/sfuture business

There are not any known trends, events or uncertainties that may affect company's business.However, the business may have following uncertainties- natural disaster, and political unrest,increased competition etc.f) Any assets of the company used to pay offany liabilitiesNo asset of the Company has been disposed to pay off any liability.

tl Any loan taken from or given to any related party or connected peason of the issuer withdetails of the same

No loan taken from or given to any related party or connected person of the issuer

h) Any future contractual liabilities the issuer may enter into within next one year, and theimpact, if any, on the financial fundamentals ofthe issuer;

The Company has no plan to enter into any contract creating future liabilities for the Companyexcept for those that are created in the normal course of business activities.

i) The estimated amount, where applicable, offuture capital expenditure;The company has no plan for capital expenditure in near future.jl Any VAT, income tax, customs duty or other tax liability which is yet to be paid, including

any contingent liabilities stating why the same was not paid prior to the issuance of theprospectus. Updated income tax status for the last 5 years or from commercial operation,

which is shorter;

yAf.' EIL has Business ldentification Number (BlN) 0OO251279 under area code no. Dhaka(South). The company has no any outstanding VAT as on 31 Dec 2018.Duty ot other tox liabirities.' Customs duty is not applicable for this type of business.

lncome Tox: The TIN number of the Company is 2141 2498 1218 (old TIN 211-201-

2523/tTu/Dhaka). Year wise income tax status of the Company is depicted below as per the

audited accounts of December 31, 2018:

68

'oLilltited

rytldmed 0tnydur Rainaq FCt

Maaagr::g Dircctor & CEO

AAA Illrar,.. ,: hrcJlEcst Ld

\*lld Israil Hossain ACS

Managing Director8LI Ci;lliat urn:rre,.

MonamChiel Executive Oflicel cocl

IDFC Capital LimitedExpresg

K.M. 58 Rahmant /li Ktran Mansging Ditector &!

la aChicfExccutivo OfftccrSecretarY

tnra Taxdemand as p€rAssessm€nt Oder

(rk.)lnterest(rk.l

TotalFr.)

Currenl5tatus

2019-2020lncome tax return has not beensubmitted

2018,2019 201716,812,747

lncome tax return has been submittedbut asses5ment not yet completed byincome tax authority

2011-2014 2016lncome tax return has been submittedbut asses5ment not yet completed byincome tax authoritylncome tax return has been submittedbut assessment not yet completed bvincome tax authority

2016-2017 201530,389.174

40,710,637

lncome tax return has been submittedbut assessment not yet completed byincome tax authority

201s-2016

36,208,603 4,5L0,476 40,719,019

The comp.ny has appealed on

21.03.2018 against the order of Taxes

Commissioner (Appeal), which is pendingin the office of The Taxes AppellateTribunal

2014 2075 2013 39,515,056

2012 38,658,500 34,199,102 5,035,585 40,235,688

The Company has appealed against on28.U.2OL6 the order of Taxes

Commissioner (Appeal), which is pendilSin the office of The Taxes Appellatq->aJ,rribunal MJ. Ob*0hl

2413-2014

14,160,860

)

The company has 3ppebl6$l tn(I 7.o8.2o16 re"inrt tt

"/&t8["'dC'Y5l8t'Appellate Tribunal, whici is pendinB in

th! Hon'ble High Court. \ ,/2072-2073 2011 24,s93,421 13,558,723 602,t37

panyIasuraoce Lilrited rnress Insuts!.ce Limild

Trr P.id atperRetum

(rk.)

2018

26,0t7,097

2014

69

Name ofthe Lessor

Type of loan(Description of Car)

Amountof loan

Rate ofinterest

SanctionDate

Amount ofinstallment(Monthly)

OutstandingBalance on31.12.2018

IDLC

Finance

Limited

72,00,000 20% 25.O?.2009 7,71,920settled on

25.07.2074

k) Any financialcommitment, including lease commitment, the company had entered into duringthe past five years or from commercial operation, which is shorter, giving details as to how theliquidation was or is to be effected;The Company does not or did not have entered into any financial commitment including lease

commitment during last 5 years except following:

However, the company has several operating lease agreements for its following 20 branch offices

Name of the oIfice/8.anch and AddressArea(sft.)

Rent persft.(Tk.)

Period oI Lease

MonthlyAmount

(rk.)

1Local office28, Dilkusha c/A (16th floor).5uit # 1602, Dhaka

1,350 35.0001.05.2019 to

30.o4.2022 41,250.00

2

Motijheel B.anchParamount Heights (5lh floot),651217, Box CulvertRoad, Purana Paltan, Dhaka

1,742 46.0001.06.2019 to

31.O5.202254,372.@

3DIT Road EranchLal Bhaban (9th floor), 18, Rajuk Avenue, Dhaka

t95 50.003 Years 01.08.2018 to

37.07 .202r 39,750.00

4Principal Eranch

6, Motijheel C,/A. (4th floor), Dhaka600

02 years 01.09.2018to 31.08.2020

23,100.00

5

VIP Road Branchshatabdi Centre (8th floor), Room # 8/G292, lnnercircular Road, Dhaka

612 35.0003 years 01.08.2019

to 37.07.2022 27,420.N

d.o idul AkD6M & cro

Express lns

6ot

nite d

$ri{crhmrord OteYdur Rahmu FCS

Vu4bg Dt.dor & CEo

AAA fi!@ & lsv.fiBot L'd

\*Md. Ierail Hossai! ACf

Mrnaging DirectorBLI Capitar l..rt.ter

[10 me0Chlol Executive Officer


K.M.

uraoce Li

Manrring DiEctor &Chiof Elocutivc Offtcer

ExpreEs lDsur8sce Limited

1. Dhaka Metro-Gha-13-2509,

Honda CRV

2. Dhaka Metro-Gha-13-2510,

Honda CRV

3. DhakaMetro-Gha-13-2515,

Honda CRV

sl.No.

Md.

Express

Ali Khan

70

6

[ralibagh EranchManhattan Tower (3rd floor), 83, Siddheswarycircular Road, Malibagh, Dhaka

1,400 27.0003 years 01.02.2018

to 31.01.2021

d.obaidul Akbar

37,800.00

K.M. Rahman&

ChicfExccutivo

DCM & ct:onsuance Linlited

Express I

a*Ud@d Ohrydur Rahns!, tCS

Mxlgrog Dltrslor & CEo

AAAlilr8sc & ltrrsttmlot Ltd'

\%,Ud. Israil Hossain AC

Managing Directord. Lia { AIi K}antiona mm a

Chiel Executive OfficerrnFc capital Limite

1

Bangshal Eranch92, Shahid Syed Nazrul lslam Sharani (4th Floor),Eangshal, Dhaka

680 25.000l years 01.01.2020

to 37.12.2020 17,000.00

4 4,000.008B.B. Avenue Eranch20, B.B. Avenue {3rd floor), Dhaka

1,000 44,0003 years 01.02.2018

to 31.01.2021

Kawran Bazar Branch57/E, Kazi Nazrul lslam Avenue (1st floor), KawranEazar,Dhaka

68803 years 01.08.2018

to 31.07.2021 38,000.009

10Hatkhola Branch33/1, Hatkhola Road (1!t floor), Dhaka

600 38.0003 years 01.03.2018

to 28 .02 .2021 22,800.00

11

Narayangonj BranchFarzana Tower (2nd floor), s.M.Maleh Road,Narayangonj

570 25.0003 years 01.11.2016


process)

14,250.00

lublee Road Eranchwazico Tower (4th floor),263,lublee Road, EnayetBazar, Chittagng

860 25.0003 years 01.12.2019

to 30.11.202272

13

Khatuogonj Branchsalma Tower (3rd floorl,39a/A, Khatungonj,Chittagong

900 30.0001.04.2019 to

31.03.202227,000.00

1109 40.003 years 01.10.2017

to30.09.2020

44,360.001-4

Agrabad BranchK.M. Tower(4th Floorl,-16-77, Agtabad C/A,Chittagong

Naya Paltan EranchNavana Rahim Ardent (2nd floor), Suite # 82, 185,Shahid Syed Nazrul lslam Sharani, Dhaka

837 5 2.5003 years 01.08.2018

to 31.07.2021 43,942.@15

16

Paltan BranchNuriaham Sharif Pflaza (7th floor), 34, PuranaPaltan,ohaka-1000

815 30.0006 years 01.04.2014

to 31.03.2020 24,450.00

1,100 35.0003 years 01.04,2018

to 31.03.202138,s00.0077

Dilkusha Branch58, Dilkusha c/A (7th floor), Dhaka

18

Topkhana Road Br.

Tropicana Tower (5th floor), 218, Shahid Syed Nazrullslam Sharni (45, Topkhana Road), Dhaka

660 38.0003 years 01.03.2017

to 28.02.2020 25,080.00

9000.00

NorsingdiBranch594,lail gate (3rd floo.), Room # 1/8, Velanagar Bus

stand, Nonsingdi700 72.75

03 years 01.01.2018to 37 .72 .2021

10455 Years 1.03.208 to

24.O2.202350,000.0020

Kakrail BranchAkram Tower 11th Floor 199 Shahid Syed Nazrul lslamSharoni, Bijor Nagor Dhaka

BLI Ct?ttat Llmite,iCoocpany Secretary

dExprEss lnsurarcc Lio,ited Expr$s llsursnce LiEited

Officcr

21,s00.00

19

l) Details of all personnel related schemes for which The company has to make provision forin future years

Express lnsurance Limited considers its human resources as the most valuable assets of the

company and has been continuing to train, equip and groom fresh recruits for building a strong

foundation. ln order to enhance and advance the professional ability and knowledge of theemployees, regular training programs are organized at different professional institutions. EIL

provides standard monthly salary package to its employee. ln addition to that there is an

arrangement of following benefits for its employee:

a) Group lnsurance Benefit: The Company has arrangement of a group insurance withMetlife (Alico) for its permanent employees.

cl Bonus: ln Each Eid Employees are given festival Bonus equivalentto one month's basic

salary.

d) Maternity Leave; Female employees are eligible for maternity leave as per Govt. Rules

e) Annual Best officer Prize: For encouraging the employees to be good and efficientofficers the company gives Annual Best Officer's Prize.

f) cash lncentives to the Successful Marketing officers: EIL holds Annual Business

conference where company provides cash incentives to the successful Marketingofficers in the conference.

Md Obaidul AkbarDGM &

\JEMd. Isi'iril Hossain ACf

Managing DirectorBLI Ca?itai L:'Yr:te!i

Mohamma e0xecutive Officer M

K.M. S&

CbiGf Officsr

irofrmord O0rytn Ratou, FC!itral$lS Dturo' & CEO

crA Fio.c a taEnncailx rIDFC Capital LimitedEx

Express lnsurar

cl'orce Limll€o

ExDrgss lnsurence Lil]lit.d

71

b) Provident Fund& Gratuity: The Company operates a Contributory Provident Fund for itspermanent employees, provision for which are being made monthly as rules

administered by a Board of Trustee in which eligible employees contribute @ 70% o!Basic salary. The company also makes equal contribution to the said Provident Fund.

Gratuity Scheme for the permanent employees is considered to be introduced verysoon.

atsU@ GsYdur Rshorn. FCs

Vru4ug Drtcm & CEO

tAhfi!34!! e i!Y$!EEd Ltd

uc\#fr,,.inecsMr.aglng Difector

6Ll Oaptial Llmitcer

mautive Oflicer t Ali Khan

Coropaly SeqetaryExpress Iusurarce Limited

72

DGM & CFOress Insuraocc Limiled

K.M. RahmanMamgirg Dircctor &

Chicf Exocutivc Ofric€rFxpres ltrsurance Limited

g) Workers'Ptofit Participation & Welfare FundiThe company has lntroduced workers'Profit Participation & welfare Fund from 29th

May,2017 under Bangladesh Labor Law, workers'Profit Participation and WelfareFund Act (Amendment) 2013 and provided 5% of its net profit before tax to this fund.

m) Break down of all expenses related to the publicissue

Particulars Basis of Calculation Amount in BDT

A. Bangladesh Securities & Exchange commission (8sEc) fees:

Application Fee Fixed 50,000

Consent Fee @0.40% on the IPO amount 1,043,160

8. Fees related to listint with the stock exchanges:

Prospectus submission fees to DSE & CSE Tk. 50,000 each 100,000

List,ng fee to DSE & CSE

@ 0.25% up to Tk. 10 crore paid-upcapital

500,000

@0.15% on the rest of paid-upcapital (Fees will be minimum Tk.

50,000 and maximum Tk.10,000,000for each exchanges)

1,655,924

Annual Fee for DSE & CSE

0.05% on Tk, 100 Crore and 0.02%on the rest of paid-up capital(Total

listing fee shall be minimum Tk.

50,000 and maximum Tk. 500,000for each of the exchanges)

325,988

C. CD8[ fees and expenses:

Security Fee Fixed s00,000

Documentation Fee Fixed 2,500

lnitial public offering fee

Annual Fee Fixed 100,000

Connection Fee (1 year) Tk.500 Per Month 6,000

O. Manager to the lssue fees & Underwriting Commission

Manager to the lssue fee including VAT Lump-Sum 1,500,000

Underwriting CommissionCommission @0.50% onunderwritten amount

456,383

E. Expenses related to printing & Post IPO

Publication of Prospectus (Estimated; to be paid at actual) 1,000,000

(Estimated; to be paid at actual) 850,000

Notice for prospectus, Lottery, Refund etc. in 4 Nationaldailies

(Estimated; to be paid at actual) 300,000

Lottery Conduction Expenses including BUET Fee (Estimated; to be paid at actual) 800,000

Data Processing and Share Software Charge (Estimated; to be paid at actual) 5,000,000

Courier Expense (Estimated; to be paid at actual) 200,000

Stationeries Expenses and Other Expenses (Estimated; to be paid at actual) 572,248

Total 1S,000,000

n) lf the issuer has revalued any of its assets, the name, qualification and experiences of thevaluer and the reason for the revaluation, showing the value of the assets prior to ttil

N.8. The obove cosa ls 6tlrnot.d, Actuol @ns wlll vory i, obove ,neatloned estirnot.s dllr* ond will be odluncdoccofdtnstv #*sm,

revaluation separately for each asset revaluedinamannerwhichshallfacilitatecompariso

MohamChiel

rnFC Capital Limited

@Tk. 00015 of issue size + Tk.0.00015 of Pre-lPO

Publication of Abridged Version of prospectus and noticein 4 National dailies

between the historical value and the amount after revaluation and giving a summary of thevaluation report along with basis of pricing and certificates required under the revaluationguideline of the Commission.

The company made revaluation of its Land and Building as on 29.06.2011 by independent firm

i.e. M/S. Aziz Halim Khair Chowdhury & Co, Chartered Accountants to arrive at a fair market

value for the purpose of accounting with effect from 30.06.2011. The summary of the

revaluation report is as under:

Summary of the Valuation Report:

Particulars of the valuer are as follows:

Particulars Oescription Salient Features Asset valuebefore

Revaluation

Asset valueafter

revaluation

Revaluation

surplus

Land & Building

Head Office, Al- Razi Complex,166-167, shahid Sayed Nazrul

lslam Sharani, Bijoy Nagar,Dhaka-1000

Area of Flate:10,700 sft (9th

and lortloor)Tk.40,053,s08 Tk.149,800,000 rk .1.o9 ,7 36,492

Particular Description

Name of valuerCompany

Aziz Halim Khair Choudhury

Qualitication Chartered Accountants

Members in thevaluation team

Qualificatio.lPosition in the

Team

Engr. Md. Toufikul lslam Engineer IEB No. 18024 Team Leader

Archt. Rummana Jannat Architect IEB No. CJ-018 Team Member

M.. Mohammed Tohidullslam

CA lnter(P-1)

Mr. Faruq lbn HossainCA lnter (Knowledge

Level)Team Member

Mr. Md. Nuruzzaman MBA (Marketing Expert) Team Member

Maio. Works doneRAK Tiles Limited, United Fish Feed Mill Limited, Karnapuli Paper MillLimited, Eangladesh Gas Field Limited, etc.

Reasons for valuation

The price of land and building has been substantially changed since itsacquisition and revaluation was done due to inflationary trend and change ofvalue of other materials. ln these circumstances, the management has decided

to revalue its land & building to ascertain the fair market value ofthe assets.

Md. ObaiDCM,

ExPress Insu

dul Akbar& cFora0ce Lin!teo

\ ,i;:q,\v"'v1o ha e0


fa[iotd 0tryer Rrhi,i. FCSltro$lg Dirldo, & CEOqAA Filaacc & hvertoclt Ld

Team Member

$h&

Offrcerlnsurance Lrmited

74

AUDITOR'S CERTIFICATE REGAROING VALUATION OF FIXED ASSET

We certify that revaluation of Head Office floor space of Express lnsurance Limited as at lune 29, 2011

carried out by independent valuer M/S, Azir Halim Khair Choudhury & Co, Chartered Accountants have

been made and report has been prepared in accordance with Bangladesh Accounting Standards (BAS) and

Bangladesh Financial Reporting Standards (8FRS) and other applicable laws, ru!es, regulations andguidelines. We also certify that proper accounting treatments, including provisions, tax and other liabilitieshave been made; revaluation reserve has been created in the financial statements to consider thevaluation as per applicable rules and standards.

The summary of valuation report was as follows:

Particulars

Amount ln Taka

Cost ValueRevalued

AmountRevaluation

Surplus

Name ot the Bullding : Al-Razi Complex

Location of the space : gth& 10rh Floor

Size of Commercial Space; 10700 sft.

Proportion area of Land purchased : 1.69 decimal

Oate of Valuation : June 29,2011

40,063,508 149,800,000 1.09,1 36,492

Total 40,053[0! 149800,000 r09,736,492

Dated: Dhaka30ih June 2019

sd/-AHMED ZAKER & CO.

Chartered Accountants

K.M. Rahmanidu I AkSavd. Lia uat Ali Khan Msrlghg Dircctor &

Com Chief Exocutivo Officer

o) Where the issuer is a holding/subsidiary company, full disclosure about the transactions,including its nature and amount, between the issuer and its subsidiary/holding company,including transactions which had taken place within the last five years of the issuance of theprospectus or since the date of incorporation of th€ issuer, whichever !s later, clearlyindicating whether the issuer is a debtor or a creditor

EIL has no subsidiary nor it is operated under a holding company nor does it have any associatecompany. Hence, there is no such type of transaction that has taken place.

p) Financial lnformation of Group Companies:

The Company is not a concern of any Group of Companies

The related business transactions within the group and their significance on the financialperformance of the issuer;

Not applicable in case of this company.

lcelMohammadChief

llDFc capital Limitecr

qFtlotamad 0brydt R;thnrn, FtB

Ut!r*lo8 Dircctor & CEo

tiAf@ & lnvcthrrt Lldt)cM & cFo

Express lnsurauce Limir&rpresspiry SecretarvIss:t:r!ce Llxlted Express Insurance Limited

,,ra.Lffifr*,ec,Menaging Director

BLI CrFitar Limrte|

q) where the issuer is a banking company, insurance company, non:banking financial institutionor any other company which is regulated and licensed by another primary r€gulator, a

declaration by the board of directors shall be included in the prospectus stating that allrequirements of the relevant laws and regulatory requirements of its primary regulator havebeen adhered to by the issuer

Declaratlon fo, lnsurance companv

we hereby declare that all requirements of the lnsurance Act, 2010 as amended and all

regulatory requirements by IDRA (lnsurance Development and Regulatory Authority) have been

adhered by the Express lnsurance Limited.

MohamExe cutive Otficer

IIDFC Capitat Limitecl

sd/_(Md. Abdul Awall

chairman


Director

sd/-(Marium Akhter)

Director

sd/-(Halima Harun)

Director

sd/-(siddique Hossain

Choudhury)lndependent Director

sd/-(Amir Hamza)

Director

sd/-(ABM Kaiser)

Director

sd/_(Khalilur Rahman Choudhury)

Director


Director

aid kbar

sd/-(syed Al Farooque)

Director

sd/-(Farida Razzaq)

Director

sd/-(Latiful Bari)

Director

sd/-(K.M. saidurRahmanl

Managing Director & ChiefExecutiveOfficer

AIi Khanlafaroeld 0baydur Rahmlo. F(Tl{!a4ug Drrcdor & CtO

{.AA F,r._.... - -.::: Lld

\%.!111 I

K.M. Rahman&

Chicf OIficeruIA Md. tDGM & CFO

Erpress Insurance Limited!.)'Secretary

s"1 Express Insurance Limit€d

sdl_(Feroz Ahmed)


/t)

r) A report from the auditors regarding any allotment of shares to any person for anyconsideration otherwise than cash along with relationship of that person with the issuer andrationale of issue price of the shares;

AUDITOR,S CERTIFICATE R€GARDING ANY ALLOTM ENT OF SHARES TO PROMOTERS OR

SPONSOR SHAREHOLDERS FOR ANY CONSIDERATION OTHERTHAN IN CASH

This is to certify that the Capital structure of "Express lnsurance Limited", has not allotted any

shares for consideration other than in cash to any person up to 31 December 2018 are as

follows:

Date of

AllotmentNo. of share Face value

Total

(Amount in TK.lConsideration

22.O9.2008 300,000 10 3,000,000 Bonus Share

02 29.09.2009 756,000 10 7,560,000 Bonus Share

o3 03.07.2010 7,764,OOO 10 17,640,000 Bonus Sha re

o4 27.06.2071 2,205,OOO 10 22,050,000 Bonus Share

05 25.06.2072 10 44,510,000 Bonus Share

06 13.04.2013 3,492,720 10 34,927,200 Bonus Share

o? 10.08.2015 6,579,7 44 10 65,t97,MO Bonus Share

19,888,464 198,884,540

Dated: Dhaka

30th June 2019



s) Any material information, which is likely to have an impact on the offering or chan8e the termsand conditions under which the offer has been made to the public

There ls no material information, which is likely to have an impact on the offering or change theterms and conditions under which the offer has been made to the public.

t) Business strategies and future plans - projected financial statements shall be required only forcompanies not started commercial ope;ation yet and authenticated by Chairman, twoDirectors, Managing Director, CFO, and Company Secretary;

Business strategies & future plan of EIL are as follows:/ Emphasizing on creating a quality administrative, organizational and operational

platform to practice good insurance business;/ Everyone has a good idea of the decisions and actions for which he or she is

responsible;/ lmportant information about the competitive environment gets to headquarters

quickly;/ continuing regular business operation throuBh complying regulator's guidelines and

compliances;/ lnformation flows freely across organizational boundaries;/ Striving for making clients(policy holders)permanent;/ setting up of work program for sustainable development ofthe company;/ To be trusted insurer in insurance business;

"' To acquire large market share in insurance business;

Projected financial statement is not required forElL. DGM & CFOExpress lnsuruoce Linrited

bal u baf

Company Secretary

Md, hWf*.ain ACS .sMohaffi** Ma-paging DirectorgLI Capita'r Limiter

Chiet Ereculive O-lficer


Express lmu:auce liori

K.M. Saidur RahmanMsosci!.g DiEctor &

cnicf ExG;utivo OfftcsrFxDress llsur8trce LimitcdIC,l

sL.

No.

01

4,851,000

Total

u) Discussion on the results of operations shall inter-alia contain the tollowing:

1) A summary of the past financial resu lts after adjustments a s given in the auditor's reportcontaining significant items of income and expenditure;

There is no significant adjustment given by the auditor during the last financial years. Summary of

the financial results and operation is presented below:(Amount in BDT)

2) A summary of maior items of income and expenditure;

Particulars 31.12.2018 31.12.2077 3L.L2.20L6 31.12.2015 3r.12.2074

Premium (Revenue) 408,889,052 400,656,661 38s.273,598 400,291,000 420,337,026

Underwriting Profit 55,233,465 41,072,O24 57,482,572 67,O77,499 96,474,M4

Other lncome 43,173,821 45,692,526 34,843,908 47,707,275 45,893,907

press lns

ar

itcd

K.M. E

77

man&

d.o aidu AkbDCM&CFO

uraocc Linr

tftfuaorrmd 0hrydl frhoa, FGI

M.a!$!g DiECtor & CEo

AAA Fiuacc & lavcgEror UdMd. Liaquat i K-han Chief

sl.No.

Particulars 31.12.2018 31.72.20L7 31.12.2016 31.12.2015 31.12.2014

1 Current Assets 951,434,600 925,!79,4a8 864,701,976 800,718.803

2 Current Liabilities 271 ,579,653 242,646,420 246,575,444 231,753,590 22s ,996,71.r

Non- Current Assets 156,449,403 762,067,854 163,423,482 767,737,737 77 4,143,155

4 Non - Current Liabilities

408,889,0s2 400,656,661 400,291,000

6Gross Profit (underwritingProfit)

55,233,465 41,0L2,O24 57,442,5\2 67,O17,499 96,474,144

I Net Profit Before Tax 76,407,272 70,242,474 ?4,264,330 86,505,360 175,749,736

8 Net Profit after Tax 43,84t,67C 46,166,229 49,2U,330 56,505,350 a5,1a9,736

9 NAV per share 74.72 18.99 1a.97 71.74 19.55

10 Earnings per Share 7.L2 1.20 \.44 2.64

Particulars 31.12.2018 31.L2.20t7 3t.L2.2018 3r.72.20L5 3t.L2.20L4

238,29s,644 246,423,607 243,2a4,Os2 226,587,859

General & Administrative Expenses 17,244,733 76,467,676 20374,524 20,883,07 6 26,578,379

Financial Expenses(lnterest on

Lease )

:sfferu*$:TH#m CoEpanY Secrelary-Express lnsua[ce LrElted Express IDsurssce Limited

Maror items of income:

Major items of Expenditure:

Officer

$r

923,547,760

3

5 Revenue 385,273,598 420,337,026

Operating Expense 234,s34,607

307,O52

3) The income and sales on account of maror products or services;

The income and sales on account of major products or services are as follows:

sl.No.

Description 31.12.2018 31.t2.2017 31.12.2016 31.12.2015 37.72.2014

1 Fire lnsurance Revenue 728,743,409 109,387,376 111,505,344 1.37,879,285

Marine (Cargo) lnsura nceReven ue

706,596,424 141,437,768 775,697,O79 187,049,661 207,992,s31

3 Motor lnsurance Revenue 120,93 3,246 90,522,930 71,554,238 73,503,816 53,490,441

N,B, As desctibed in note no. 24.01 in the oudited occounts ol December 37, 2078 totol amount of premiumc o I I e ct e d T k 4O8,889,O52.

4) lncase, other income constitutes morethan 10%of the total income,the breakup ofthesame along with the nature of the income, i.e., recurring or non-recurring;

EIL earns no other income in their normal course of business which constitutes more than 10%

of the total income, i.e., recurring or non-recurring.

5l lf a material, part of the income is dependent upon a single customer or a few majorcustomers, disclosure of this fact along with relevant data. Similarly, if any foreign customerconstitutes a significant portion of the issuer's business, disclosure of the fact along with itsimpact on the business considerint exchange rate fluctuations;

Material part of the income of EIL is not dependent upon a single customer or a few majorcuStomers.

6) ln case the issuer has followed any unorthodox procedure for recording sales and revenues,its impact shall be analyzed and disclosed

The issuer has not followed any unorthodox procedure for recording sales and revenues.

d. ob idul AKba/aDGN{&cfo

Express lnruraoce Liruited

l(.M. Rahman+r{dqomd dhvdw Rahmrq FCS

Vaargrng Drrcctor & CEo

AAA Fiuocr & tlvcstncd Ltd

[4ohaChie, Ex.cutive officer

rIOFC Capital Limite( 1j. Li t lJi l(han

ed

Mansci Diractor &Chicf fxoiutivo Ofiicer

Express Insuraace Lioitcd

\9aMd, torail Hossain eCS

Managing DirectorBLI Cspitai Limiter'

134,301,625

2.

o)F.

.l

..i

t!|.\

a-(D.

x5E

l'-|>

xa\

iR

ax

o.!n

o

r.'o.F.

t-. o o.

d

fi

XFE

aI o)

nn

u1

,ri

m. oo_

XE-c

q ds.i

sn

x..t

x;R

q

o.i;

d

oo.

\.'i î

o_

XEI

q q .! n] l:

qt 4it.F.

F.

NF.

l-.

!!

.fE

o

.E

a

l

Eo!

o

.g

o

oaPq;89(,<rrJ

!6

';a-ex3

o.9il!l!

l!t0.=!

=93.= .aiis6,:F:693iohD

:';(!0EOO- -c!n0!Eo.E!:o,o

.ie(!EFl:

ECcoiOL,-fT.Tl!E

>a=cl.=xc_!EE'!6q,Fo:0,, c

a:-c oJf,EaP_

3.q>=.! d0u.;E.a.Eo.:E

o, 'E

oEc:.99O-Ot65[t

Md. ObaDGM

idul AkbarFOe Limlteo

&cExPress lnsuraoc

tlohurDd oteydur Raho{. FCs

U.lttht Dilrtr.tor & CEo

MA Fioascc & lnr csrr,r,x,i Ltd

qNMohammad

c ve Officer

K.M. Slid Rshman&

Chicf OfficcrMd. LiCom

Express'Ernresr Insurance LimitedrIDFC Capital Limited

uffiflossarnecsManaging Director

BLI Cepitai Llraite.r

oi

o.l

.j

F

z

80

Causes for Changes in revenues: As it can be observed from the above table, Premium incomehas increased due to better management of business and other operations during the year. Also,the company could employ efficient marketing strategy to increase its premium income.

causes for changes in Underwriting Profit: Underwriting Profit is showing a decreasing trenddue to arrival of seven new general insurance companies in the market and macro-economicscenario of Bangladesh.

Causes for ChanBes in operating expenses: The operating expense of the company increased in

2017 than previous years because of increase of salary & other allowances and otheradministrative expenses in line with the increase of sales.

Causes for Changes in net income: Although the insurance premium of the company has

increased but the marketing and others expenditures have increased in order to cope up withthe market. The market developinB expenses of the company have increased as well. Moreover,there is a significant impact of the inflation on the expenses can be observed as well. However,the management has taken all steps to increase its premium income this year. New marketingpeoples have been recruited and new motivation package has also been declared for increase ofpremium income.

o aid u AkbarDGM & CFO


Mohrornad OtaYdur Rahmrt FCS

I{altgrag Drrctlor & CEO

AAA Fic8[l! & hvcltor0l Lld

@Md. Israil Hossain ACt

Managlng Director N4oha

,.. Chicf Execulive Ofticer

I(.M. RehmanAli Khan Managiag DiEctor &

Secretary ChiEfBxcoutivo OfricergLI CatJl(ai Lim.re

IDFC Capital LimitedE:roress L!':rited F rpress Insuntrce Limited

e"

1) Unusual or infrequent events or transactions including unusual trends on account of business

activity, unusual items of income, change of accounting policies and discretionary reduction of

expenses etc.

ln EIL there is no unusual or infrequent event or transaction including unusual trends on account of

business activity, unusual items of income, change of accounting policies and discretionary reduction

of expenses etc.

2) Significant economic changes that materially affect or are likely to affect income from

continuing operations;

There are no significant economic changes that materially affect or are likely to affect income from

continuing operations.

3) Known trends or uncertainties that have had or are expected to have a material adverse impact

on sales, revenue or income from continuing operations;

At present there are no known trends, events and/or uncertainties that shall have a material impact

on the company's future business except for those which are naturally beyond control of human

being.

There are no known trends in customer preferences that may affect company's operations.

However, political unrest, hartal, and power crisis are the known events that may affect the

company's business.

4) Future changes in relationship between costs and revenues, in case of events such as future

increase in labor or material costs or prices that will cause a material change are known;

We are aware of the fact that future is always uncertain that affect business and plan as well. Hence,

any change in cost will be reflected in sales price.

5) The extent to which material increases in net sales or revenue are due to increased sales

volume, introduction of new products or services or increased salesprices;

The Premium income (sales/turnover) of EIL has not been substantially increased, new

product/service has not been lunched and sales price has not been increased

6) Totalturnover of each major industry segment in which the issuer operated;

As per lnsurance Year Book 2015 General lnsurance industry turnover of Bangladesh including

Shadharan Bima Corporation (SBC) is BDT 26,380.95 million for the year 2015.

Source: Eonglodesh lnsutonce Associotion (BlA)

7) status of any publicly announced new products or business segmenu

The Company did not announce new products or business segment.

8) The extent to which the business is seasonal; The business is not a season al b us iness.

I AkbarMd.o aidu

&CFODG M

81

K.M. Said Rahmanirector &

ChicfExccutivc Officer

riohffid 0trydur R.hmar. FCIIl.altog Dilrtor & CEo

Atu{ Fiulc! & hvcfrorot Lld.

lH.Md. Israil Hossain AC

Managing Directo:amma

cut Officer

8LI Capita! Limite, rlnFC Capital Limited

Expless Insurance Liruitcd

Exprcas Insurance Linited

lltÊxpress

Khan

62

w) Defaults or rescheduling of borrowings with financial institutions/banks, conversion of loans into equity alongwith reasons thereof, lock out, strikes and reasons for the sameetc.

The company neither rescheduling its borrowings with financial institution s/ba n ks nor converted any loan intoequity. Moreover, the company never experienced with any lock-out and strike, from its inception.x) Details regarding the chantes in the activities of the issuer during the last five years which may had a material effecton the profits/loss, including dlscontinuance of lines of business, loss of agencies or markets and similar factors;There were no changes in the activities of the Company during the last five years by which material effect on theprofits/loss, including discontinuance of lines of business, loss of agencies or markets and similar factors.yl ln.iunction or restraining order, lf any, with possible implications;There was no injunction or restrainingorder.zlTechnology, market, managerial competence and capacity built-up; EIL will keep pace

with the above factors where and when requires.

aa) Changes in accountint policles in the last thre€ years;

ln the last three years, the management of the Company has not change any accounting policies

bb) Significant Developments subsequent to the last financialyear:

DECTARATION REGARDING SIGNIFICANT DEVELOPMENTSSUBSEQUENTTOTHE LAST FINANCIALYEAR(DECEMBER 31, 2018)

This is to declare that, there have been no circumstances arisen since the date of the last financial statements (December31,20l7l as disclosed in the prospectus and which materially and adversely affect or is likely to affect the tradinB orprofitability ofthe issuer, or the value of its assets, or its ability to pay its liabilities within the next twelve months.

sd/' sd/- sd/-

(Md. Abdul Awal) (Amir Hamza) (syed Al Farooque)

chairman Director Director


Director

sd/_(Marium Akhter)

Director

sd/-(Halima Harun)

Director

sd/-(Siddique Hossaln

choudhury)lndependent Director

sd/-(ABM Kaiserl

Director

sd/-(Khalilur Rahman Choudhury)

Director


Director

sd/(Farida Razzaq)

Director

sd/-(Latiful Baril

Director

sd/-(Feroz Ahmed)


sd/-(K.M. SaidurRahman)

Managlng Director & ChiefExecutiveOfficer

rter oft he financial year of the issuer ends after the period ended in the audited financial statementsprospectus/information memorandum, unaudited financial statements for each of th€ said

IIDFC CaPita I Limit juthenticated by the CEO and CFO of theissuer;Mohamm

C

sUobomrd Ot rdrr RahrL F(S

tLr|8bt DiEtlor & CEo

qAA Fi!r!.c & bv.6lo,ol Ltt',ua.tr,ffi"inecs

Managing Director9LI Capitar l-imiter.

K.M. Rahmand )bai ulI )(lM & CI'g

tuar Md. Li1.6 _ Com

E):')re:s

Khan

Express Insurance Limpany Secretary! aJ:ri3:ce Lltitcd

M.naging Diroctor &Chief Exccutivo Omalr

Express hlurrnce Linited

OJ

Express Insurance LimitedStatement of Financial Position (Un-Audited)

As at 30 September, 2019

Particulars

ASSETS :

lnvestment

lnterest Accrued

Amount due from other persons

sundry Debtors

Cash & Cash equivalent

Fixed Assets

Stock ofStationery

Insurance Stamps in hand

TOTAL ASSETS

EQUITY & LIABILITIES :

Share Capital

Reserve for Exceptional Ioss

Revaluation Surplus

Profit & Loss Appropriation A/C

Current Llabllltles :

Premium Deposit

Reserve for Worker's Proflt Particlpatlon Fund

Outstanding Claims

Amount due to other persons orbodies Carrvins on insurance business

Sundry Creditors

Deferred Tax Liability

Provision for Income Tax

Total Current Liabilities

TOTAL EQUITY & LIABILITIES

Net Assets Value (NAV) Per Share

94,774,765

30-09-2019Taka

66,678,37 4

15,999,503

40,499,997

27A,59A,122

s53,89t,627

t51,79r,953

850,403

1,213,450

391,7A4,640

177,594,241

79,546,318

90,895,217

739,220,410

4,940,456

6,337,753

6,747,022

67,710,438

5,358,000

22,542,494

191,845,341

304,971,304

1,t+9,863,429

18.90

3t-12-2014

55,633,990

21522,026

69,945,144

267,534,491

541,158,180

155,449,403

532,995

7,007,770

1,107,884,003

391,744,640

172,594,241

a0,975,293

a7,491,412

732,245,546

7,720,256

6,997 3AA

3,537,274

s2,70a,2a3

5,628,209

22,582,898

184,345,341

llfumd 0haydur Rahoo' PcS

Mrtltl!8 Ditcctor & CEo

{.AA Filloce & lovcstndt [Il_:t;r

277,519,633

1,107,884,003

18.72

sd/-Director

sd/-ChiefExecutive Omcer

sd/-CompanySecretary

Mohammad S

chi xecutive qfiald]IDFC Capital Lirutit&foctobe r 28,2019

q\"

Balance ofFunds

Total Equtty

Taka

sd/-DGM& CFO

1,749,463,429

l-rrr--rJrl

84

Express Insurance LimitedStatement of Comprehensive Income (Un-Audited)

For the period ended 30 September, 2019

Particulars

Interest, Dividend and Rents (not applicable

to any particular fund or account):

Interest income

Dividend Income

Other Income

Un Reallzed Gain on Revaluation ofShare

Profft on sale ofshare

Profit/(loss) transferred from Revenue Account

Expenses of management (notapplicableto any particular fund or account):Directors' fees

Audit fees

Donation & subscription

Legal & professlonal fees

Company Contribution to PF

Group Insurance

Managers Conference & Picnic

Depreciation

Registration fees

Advertisement & Publicity

Un Realized Loss on Revaluation ofShare

Balance for the period carried toProfit & Loss Appropriatioo Accoutlt

Particulars

Balance of Last Year

Net profit during the year

Less : Worker's Profit Participation Fund

Less : Reserve for Exceptional Losses

Less : Provission for Income Tax

Balance Transfer to Financial Position

Earning per Share (EPS)

sd/-Chairman

Dhaka.n=a^r. ^-i.l=.29, 2n !q

22,552,t67

44t,092

18,000

L4,322,646

262,993

2,656,336

44,94232O

30-09-2019Taka

23,471,259

30-09-2018Ta ka

521,297

2,O40,756

44399,477

75,O49,915 65,547,1+9

14,704,7772,2r6,OOO

22,SOO

130.000

170,625

2,37 6,160

527,652

2,464,450

5,663,494

329,496

199,000

1t,129,5652,007,000

247,750

322,OOO

794,r251,190,135

497,t342372,445

4,700,794

57,500

200,242

54,417,5A4

4,67 2,784

s6,272,954

75,049,975

Statement of Appropriation Account [Un-Audited)For the period ended 30 September, 2019

3 0-09- 2 019Taka

49,80L,927

56,272,954

(2,679,664)

(s,000,000J

(7,50o,oooJ

65,547,149

30-09-2014Taka

48,363,756

54,417,584

(2,591,374)

[10,000,000J(10,000,000J

90,a9s,211 90,190,026

1.18

sd/-Director

sd/-chlef Executive Omcer

sd/-Company Secretary

sd/-DGM& CFO

7.O7

E^p

u t(r'DGIW&CFC'

Ins nce Li li

N"M&ffHossanecs

lfielaging DirectorBtl ClPttal Llmiter

NionaChiel Executive Officer


K.M. S

Md. Lie ! MansgingChicfExccutivc Officer

Mohrmnad ohaYdur Rahma!' FCS

Vaa:rl:: llrrclot & CEO

rAir i!-;--- - ': ' '"'oed Ltd',.. 1

F.rprcss Insuranco Limited

&

74,5A5,679

Total

Express Insurance LimitedConsolidated Insurance Revenue Account (Un-Audited)


&

Particulars

Balance ofaccount at the b€ginning ofthe period I

Reserve for unexpired risks

Premium less re-insurances

Commission on re-insurances ceded

Claims under pollcies less re-insurances:Paid During the period

Total estimated liability in respect of outstandingclaims at the end of the period whether due or

Less: Claims outstanding at the end ofthe previousperiod

Agency Commission

Expenses ofmanagement

Balance of account at the end of the period as shownin the Statement ofFinancial Position

Profit transferred to Profit & Loss Account

sd/-Chairman

sd/-Director

sd/-Chief Executlve Omcer

Dhaka.Dated: October 28, 2019

30-09-2019

73,589,074

20r,930,613

33,742,435

30-09-2018

76,19L,542

203,073,66s

37,370,463

304,662,522

6,747 ,O22

38,079,374

3,434,747

34,644,627

4r,757,988

702,741,,566

81,,742,027

48,982,320

18,449,O96

4,571,,686

23,020,782

4,952,5t7

18,068,265

39,094,775

138,745,544

72,327,669

48,399,477

sd/-company Secretary

Md. Lraqu

sd/-DGM& CFO

ffiffimu*o,"lLlY"*'[i.il''"o

a*[hd 0frydu rrhmu. FCF

Mqpg Dtrcor & CEo

IAA[io.r.r t by.:{E ! Il(,

\BMd. IsraifHossain eCf

Managing Director8LI Ca?itar Limiterj

K.M,at Ali K-han Mrorghg

Mohamma 0 Chi?f Exooutivc Officer

ch x€cutive Officerrr11tr. Caoital Limited

Company SecretaryExpress Insuance Limit€d Exprcas lffursrce Limited

-____3o8&62,s22_ -____315fi5_6Lo

37,292,352

316,615,670

86

EXPRESS INSURANCE LIMITEDSTATEMENT OF CHANGES lN EQUITY (Un-Audited)

FOR THE Pf,RIOD ENDED 3O SEPTIMBf,R,ZO19

Partt(Ulars Shar€ CapitalProposed lssue of

BonusShareRet inedEarnings

Reserve forExceptlonal

Losses

RevaluationSurplus

Reserve forInvestmentfluctuation

Balance as on 1stlanuary,z018 Total 391,184.640 86,024,083 168,S94,241 97,209,235 743,O72.199

Addition during theYear 34,4t7,584 10,000,000 44,4t7,544

Cash Dividend (39,118,4661 (39,118,456)

lP0 Expenses (1,200,000) (r,200,000)

Stock Divrdend

ReserveTransfer 1,458,139 (1,4s8,139)

30 September,2018 Total 397,184,640 81,S81,340 778,594,247 95,757,096 747,111,317

sd/-Chairman ctt"r er".iYr" om.".

sd/-CompaDy Sccretary

sd/-DCM& CFODirector

Dhaka.Dated: October 28,2019

d.o AJ du lAk atDCM & CFO

Exp ress lnsurance Limited

Moha d

Chief Executive Otficer

IIDFC CaPital Limitq!- '. L'

Share CapitalProposed lssue of

Bonus ShareRetainedEarnings

Reserve aorgxceptional

Losses

RevaluationSurplus

Res€rve for

FluctuationTotal EquityPartlculars

7 32,245,5A6Balence as on 1st lanuary,zo19 Total 391,184,640 47,491,412 172,594,241 80,975,293

46,O93,290Addirion dunng theYear 41,093,290 5,000,000

(39,118,465)Cash Dividend (39,r18,466)

Stock Dividend

ReserveTransfer 7,428,915 (1,428,975)

90,a95,211 177,594,241 79,546,3L8 739,220,41030 September,2019 Total 391,184,640 -II

rrO#n*."inrcsUrnrSlng Directot

aLI Caittal Lil!!'itrd teJ

sd/-

NMohnoad Oba.vdur Rahmaq FCt

Masqng Duictor & CEo

AAA [i::; ! ]:'r:::rocal Lrd

Total Equity

TI

87

Express Insurance LimitedStatement Cash Flow (Un-Audited)


Particulars

A. Cash flow from operating activities

Collection from premium and other income

Payment for management expense, re-insurance and claims

Income Tax paid

Nel cash generated from operating activities (A) =

L Cash flow from investi[g activitiesFixed Assets acquired

Fixed Assets sale

Sales of share

Purchase ofShare

Security Deposit & Advances

Net cash used in in activities

Cash flow from financing activities

292,966,756

(233,497,421)

(1O,1.44,669 )

49,324,666 16,704,794

(1,005,042)

29,t14,077

(21,47 4,259)

(4,106,529)

2,527,247 (3,464,O56)

(39,118,466) (39,118,466)

(39,118,466) (39,118,466)

12,733,447 (zs,a77,7241

541,158,180 545,463,399

553,891,627 519,585,67S

3 0-09-2019

1.26

30-09-2 018

244,245,342

lz52,241,090)(75,299,4s4)

(2,005,687)

1,958,040

(1,128,s0s)

(2.287,9O4)

C

Cash Dividend paid

Net cash used in c)=

Net increase in cash and cash equivalents (D =A+B+C)

cash & cash equivalent at the begening ofthe year

Cash & cash equivalentat the end ofthe period (F=D+E)

Net cash flows from operating activites per shareINOCFPS)

D.

E.

F.

G. 0.43

sd/-Chairman

sd/- sd/-ChiefExecutive Omcer

sd/-Company SecretaryDirector DCM& CFO

sd/-

Akbar

Ifl**

Dhaka.Dated: October 28, 2019

Md.oDG M

ExPress lns

idtrl&C

utaoc

Yotmmd 0t{rdu R.!ll.q FCS

thqtlg Dirctor & CEO

AAA Fiorocr & Ilvcsurcst L&l

\et[d. Israil Hossain ACi

Managinq Dir.ectorBLI Cg..:-*. r--..-:er-

MohammadChief ecutiYe Oflicer

K.M. Rehman

Chicf Offioer&

x


n


$-Md.

activities

Express

Ali Khan

88

dd) Factors that may affect the results of operationsThere is no such factor that may affect the results of operations

SECTION Vll: MANAGEMEN?S DECUSSION AND ANALYSIS OF FINANCIAI

CONDITION AND RESUTTOF OPERATIONS(aloverview of business and strategies:

Overview of business:

Express lnsurance Limited (ElL) was incorporated in Bangladesh on March 30, 2000 under the

companies Act, 1994 as a public company limited by shares for carrying out all kinds of general

insurance activities. EIL was granted Certificate of Commencement of Business on March 30,

2000 for general insurance business. The Authorized capital of the Company is Tk. 75.00 crore

consisting of 75,00O,000 ordinary shares of Tk. 10 each.

Since its establishment in 2000 as one of the prominent general insurance companies in theprivate sector, the Company has within a short span of time established itself as one of the most

reputed and trustworthy insurance companies in the country. Selective underwriting and

prompt settlement of claims have contributed towards building up a very respectable image ofthe Company within the business community. The Company has 20 branches throughout the

country.

Strategies:Business strategies of EIL are as follows:/ Emphasizing on creating a quality administrative, organizational and operational

platform to practice good insurance business;/ Everyone has a good idea ofthe decisions and actions for which he or she is

responsible;/ lmportant information about the competitive environment gets to headquarters

quickly;/ ContinuinB regular business operation through complying regulator's guidelines and

compliances;/ lnformation flows freely across organizational boundaries;/ striving for making clients(policy holders) permanent;/ setting up of work program for sustainable development of thecompany

(bl sworANALYSrs:

ry \flr.tild, Israil Hoesain ,tCS

Ms.aaSlng DirectorBLt Capltai L.o.te.'

u arDGM & CFO

uranc

[,loh a

Chiel Executive Olficer

'rnFC Capital Limited

K.M. SA1i K1,..n ManEgirg Dirbcror &

Chief Exccutivo Officcr[d. Li

Strength weakness/ Highly efficient managementteam;/ Skilled and dedicated staffs;/ various ranges ofservices;/ Operates business through complying

reSulator's Buidelines and compliancesproperly

/ weak company branding;/ Availability of public information is

not sufficient;/ Falling behind in R &D;/ poor market share/ Slim profit margin

Opportunity Threatsr' Grab themarket with new innovation;r' Expansion and development ofthe

markety' Diversification of services;/ Utilizing lT-driven practices;/ Adoption of reforming measures bythe

regulator for the development andmaintaining regularity in the market

/ Highly competitive market;r' Threats of new entrants;/ Growing competitive pressure;/ changing of stake holders needs and

demand of services/ Lack of public confidence on this

?.$otnrrC asector

ress I

I

Exr'tess INursnce Limited

Limited

Motrnrnad Otaydur Ratrnrq F(S

Maalgm8 Dircctor & CEo

AAA Fir:!:. & Ilvcrlmt Ltd

llotammad 0hydur lahra.llan8lng DiErtor & tto lvloha

utive Otficer

89

reK.M. R ehman

&Chicf vc Officer

(cl Analysis of the financial statements of last five years with reason(s) of fluctuatingrevenue/sales, other income, total income, cost of material, finance cost, dePreciation and

amortization expense, other expense; changes of inventories, net profit before & after tax, EPS

etc.

Premium{Revenuel 408,889,052 3.55% 3.99% 385,273,598 -3-75% 4m,291,000 4-77% 420,337,026

Underwriting Profit 55.233,455 34.6a% 41,O12,O2424.65%

57,482,512 -14-23% 67,O77,499 ,30.53% 96,474,149

Other ln.ome 43,713,42t -4.2% 45,692,526 31.13% 14,843,908 -16-44% 41,701,275 -9.74% 45,893,907

Operati.rg txpense 238,29s,688 246,423,607 3.37% 238,534,607 1.95% 243,244,O52 7.37% 226,547,459

General&AdministrativcErpenses

r7,244,733 4.76% 76,461,67619.22%

20,374,524 2.42% 20,883,076 21-43% 26,574,119

FinancialEipens€5(lnterest on teaserer!tal)

307,052

76,aO7,272 9.3s% 70,241.874 -5-42% 74,764,330 ,74-15% 86,505,360 25.29% 715,7a9,136

N.t Profit After Ter 43,841,610 -6.25% s.o7% 49.264,330 12.47% 56,505,360 -34.74% 85,789,736

Causes for Changes in r€venues: As it can be observed from the above table, Premium income

has increased due to better management of business and other operations during the year. Also,

the company could employ efficient marketing strategy to increase its premium income.

Causes for Changes in Underurriting Profit: Underwriting Profit is showing a decreasing trenddue to arrival of seven new general insurance companies in the market and macro-economicscenario of Bangladesh.

Causes for Changes in operating expenses: The operating expense of the company increased in

2017 than previous years because of increase of salary & other allowances and other

administrative expenses in line with the increase of sales.

causes for Changes in net income: Although the insurance premium of the company has

increased but the marketing and others expenditures have increased in order to cope up withthe market. The market developing expenses of the company have increased as well. Moreover,

there is a significant impact of the inflation on the expenses can be observed as well. However,

the manaBement has taken all steps to increase its premium income this year. New marketingpeoples have been recruited and new motivation package has also been declared for increase ofpremium income.

(d) Known trends, demands, commitments, events or uncertainties that are likely to have an

effect on the company's business:There is not any known trend, event or uncertainties that may affect Company's business.

However, the business may have following uncertainties- natural disaster, and political unrest,increased competition etc.

(e) Trends or expected fluctuations in liquidity:

Oba idu lAkThere are no trends or expected fluctuations in liquidity. DCM & cl'o

Erpress lnsurance Li lnited

(f) Off-balance sheet arrangements those have or likely to have a current or future effect onfinancial condition:

AM There are no off-balance sheet arrangements ve or lik

AAA Fioatce & hvcsttrleot

.effect condition on financial.

; $.*lr,'.Wtlg,'rr I t',._ l._*. !--._-sq IIDFC Capital Limitec

il:M;KCo@paoy Secreta.ry

Express lusurance Lidited ExDress lEsurEnce Limited

Particulars 31.12.2018/.

change 3L.72.20L7%

Chanqe 31.12.2016v

chante 31.12.2015%

Change 31.12.2014

400,656,661

-3.3%

46.166,229

SECTION-VIII DIRECTORS AND OFFICERS

(a) Name, Father's name, ate, residential address, educational qualification, experience and

position of each of the directors of The Company any p€rson nominated/represented to be a

director, showing the period for which, the nomination has been made and the name of the

organization which has nominated him

Residential AddressEducationalqualification

.ciEg

*c6.9.EErl, trO

z

* lo3 f;E

z 6t!co

sl.No

Nam€ ofOirector

Mrs. Farida Razzaq LateM.A.Latif

66House fl 8, Road # 76,

Gulshan-2, DhakaGraduate 2A Directo r1

House # 42lA, Road # 16(new), 27 (old), Dhanmondi

R/A, Dhaka- 1205.Director

2 Mrs. HalimaHarun Hasmatullah

Talukder

.19

Mr. Syed AlFarooque

syed BadrulAlam 59

House { 38/8, Road | 12,

Baridhara DiplomaticZone,

Gulshan, Dhaka-1212.

BA (Hons.),

MA 34 Director N/A3

Director4 Mrs- MahfuzaYounus

ShamsulAlam

54Flat fl 3/C, House s 47,Road i 5, Dhanmondi R/A,

Dhaka.ssc

Mr. Md. AbdulAlhaj

MohammadSelim

l8Flat * 6/r2,Ptio

PranBon,2,Poribag,Ramna,Dhaka.

8BA 13 Chairman5

ssc 35 Director6M6. MariumAkhter

Late Mohdlsahaq

58House 82, Road f 11(new), OhanmondiR/A.

Dhaka.

34 0ireclor N/AMr. KhalilurRahmanChoudhury

Late AlhajMomtaz Alichoudhury

House fl 5, Road # 9,

Baridhara, Dhaka

B.Com,Diploma in

CreditMana8ernent

from UK

7

42House f 23lA, Road s13lA, DhanmondiR/A"

Dhaka-1209.

B.A (From

BradfordLJnive6ity,

USA)

21 Director8 Mr. tatiful Bari HossainSarker

n/bhamrnadAliSarker

4719/2, KAKRA -

RAMNA, DHAKA

BBM fromCambridgecollage,Austrelia

2t Oirector9Mr. Amir Hamrasarker

Plot-49, Road-35/A,Gulshan-2, Dhaka

ssc 13 Director N/A10 Mr. ABM KaiserLate Abdur

Ra!hid58

BBA, MBA,FC5

ManaginSDirector&Chief

ExecutiveOfficer

N/A

(

11Mr. (. M.

Saidur Rahman

Alhaj LeduMeah

47 106, South Basabo (3rdfloor) Dhaka-1214.

41 lndependent0iredor

SiddiqueHo55ain Choudhury

LateBasiruddin

choudhury77

Flat NO-6/A,HouseNo-25,Road No 7,

Dhanmondi R/A, Dhaka

M.A.L.l-.812

BA{Hons), MA lndepeadent0irector

(13Mr, FerozAhmed

tate Hossaih aliHowlader

66Apartment 4M, Xamini

Oiganta Complex-3,Paribagh, Dhaka

N/A I75 B,Com 42 Director14 shamsurRahman

KhalilurRahman

lr-od

o.o

J

14

%tld, Israil HossainM:let':rg t)i'ec

B-- C--;--..

ACtMohammad SOflicer

Chief

K.M. S Rahman&

Cbiof ExocutivG OffrccrS^--Vohamn'''

\l

I fCs

'i i.iL IIDF cap ital LlmitedEr

Bxposs Iusuralcc

on

PositionFather'sname

10s.s.c

26

81

27

43

70 Gulahan Avenue,Dhaka

Lirnit€d

91

(b) The date on which he first become director & the date on which his current term of office shallexpire

(c) lf any director has any type of interest in other businesses, name and types of business ofsuch organizations. lf any director is also a director of another company or owner or partner ofany other concern, the names of such organizations

.3-a

,:J

2

oI&o{

IJ!.

,s-.1

s

trl{fuid obiydur Rrtman, t(s

Msorgtog DtI.cloI & Cto

{AA Fitrancc & Ioveslmco! Ltd

\w.$d. lrrail Hossain ACt

Malaging DirectcBIJ Capltai r.l- t"'-

Mohammad SaleOfficer

Md. Li

Name of DirectorFirst dat€ ofappointment

Date of expiry of current term

1 Mrs. Farida Razzaq 16.07.2003 21st AGM to be held in 2021

2 30.07.2018 20th AGM to be held in 2020

3 30.03.2000 20th AGM to be held in 2020

4 Mrs. Mahfuza Younus 20.02.201.2 20th AGM to be held in 2020

5 Mr. Md. Abdul Awal 30.03.2000

6 Mrs. Marium Akhter 30.03.2000 213t AGM to be held in 2021

7 Mr. Khalilur Rahman Choudhury 30.03.2000

8 Mr. Latiful Bari 30.03.2000 21'r AGM to be held in 2021

9 Mr. Amir Hamza Sarker 30.03.2000 21'r AGM to be held in 2021

10 MT.ABM Kaiser 25.O8.2017 20th AGM to be held in 2020

11 Mr. Siddique Hossain Choudhury 29.O5.2077 20th AGM to be held in 2020

t2 Mr, Feroz Ahmed 1S.10.2017 20th AGM to be held in 2020

13 Mr. K. M. Saidur Rahman 01.03.2017 24.02.2021

Mr. Md. Shamsur Rahman 30.03.2000 Next AGM to be held in 2020

lnvolvementName of the

Oirector Name of the organizationTypes of theorganiration

Position in theortanization

1 ldeal Asset Development Ltd Chairman2 Nandini Printing & Publications Business Enterprise Proprietor

3The Millenium lnternationalSchool

English Mediumschool

Vice-Chairman1 Mrs. Farida Razzaq

4Altimete Asset DevelopmentLtd.

Private Limited Co Vice-Chairman

1 Private Limited co Director2 Mrs. Halima Harun

2 Chemitan Trading House Business Enterprise ProprietorWills Fashion Ltd Private Limited co ManaBing Director

2 ProbalGarments Ltd Private Limited Co. Managing Director3 Wills Fashionwear (PVT.) Ltd. Private Limited co Managing Director4 Wills Properties Ltd Private Limited co Managing Director5 Triple A Ltd. Private Limited Co Managing Director6 Mirzapur Resort Ltd Private Limited Co Managing Director

3Mr. Syed AlFarooque

7 Chalishnu Publications Ltd. Private Limited Co. Managing Director1 Younus Plastic inds. Ltd Director2 Younus Filament lnds. Ltd Private Limited co Director3 Sobhan lce & Cold Storage Ltd Private Limited Co. Director4 Younus Cold Storage Ltd Private Limited Co. Director5 Younus Speciali.ed Cold Ltd Private Limited co. Director6 Siddheswari Cold Storage Ltd. Director7 Europa Cold Storage Ltd. Private Limited Co Direj:lor C

Younus Spinning Mills Ltd. oi{ector (9 Nowapara Cold Storage Pvt. Ltd Private Limited co Dir\ctor

4Mrs, MahfuzaYounus

10 Garib-E-Newaz Cold Storage PvtLtd.

PrivTlLilit(co D ire\to r\â/

llDFc capital Limitad

ComPauYDress lnsur

sl.

No.

Mrs. Halima Harun

Mr. Syed Al Farooque

22"d AGM to be held in 2022

22'd AGM to be held in 2022

\4

sl.No.

Private Limited Co,

Chemitan Ltd.

1

Private Limited co.

Private Limited co.

Private Limited co.

Chief

JI

11combined Food & Cold storaSeLtd.

Private Limited co,Director

72 Ananta Paper Mills Ltd Private Limited Co

13 Younus Fine Paper Mills Ltd. Private Limited co. DireatorYounus Offset Paper Mills Ltd Private Limited co Director

15 Younur Paper Mills Ltd. Private Limited co16 Younus Newsprint Mills Ltd Private Limited co Director

Sharif Cold Storage Ltd. Director

1 Mercantile Bank LtdSponsor

Shareholder5

Mr. Md. Abdul Awal

2 Synthia Securities Ltd ManaginB DirectorKarim Leathers Ltd Director

6Mrs. MariumAkhter Kamtex Ltd. Private Limited co. Director

1 Khalil Knitwear Ltd. Private Limited Co. Chairman & M D

2 KhalilGarments Ltd Private Limited co Chairman & MD

3

4 Ataiya Trading Corporation Ltd, Private Limited co. Chairman & [rDPrivate Limited co.5 Khalil Fashion Ltd Managing Director

6 Al-Hera Filing Station Eusiness Enterprise Proprietor7 K. R. C. Rubber BaBan Business Enterprise Proprietor

7

Mr. KhalilurRahman choudhury

8 K.R.C. CNG & Filing Station Business Enterprise Proprietor

1Rahmat Knit-Dyeing & FinishingLtd.

Private Limited co. Chairman

2 Rahmat Fashion Wear Ltd. Private Limited Co. Managing DirectorPrivate Limited co. Director

4 China Plastic (BD) Ltd. Private Limited co. Director

8

Mr. Latiful Bari

5 Private Limited co. Director1 Rahmat Spinning Mills Ltd Private Limited Co. Chairman2 Logos Wear House Ltd. Private Limited co. Chairman & MD

3 Rahmat Sweaters (BD) Ltd Private Limited Co Managing Director4 Belkuchi SpinninS Mills Ltd. Private Limited Co. Managing Director5 Logos Apparels Ltd Private Limited co Managing Director

6Rahmat Plastics & AccessoriesLtd.

Private Limited Co. Director

9

Mr. Amir Hamza

sarker

7 Logos Printing & Design Business Enterprise Proprietor10 ABM Kaiser Kaiser Trading Company Business Enterprise Proprietor

11

Mr. K. M. SaidurRahman

l2 Mr. SiddiqueHossain Choudhury

13 Mr. Feroz Ahmed

Bay Tanneries Limited Private Limited co.Bay Rubber & Plastic lndustriesLimited

Private Limited co.

8aV Agro lndustries Limited Private Limited Co.

Aziz Tannery Limited Private Lim ited Co.

Chairman & ManagingDirector

Bay Economic Zone Private Limited co

14

60lden Life lnsurance Ltd, Public Limited Co.Director

(

-b

.s

llJv9dE3

>3Yqt

_x

'o

tlohromad OhaYdrr Rrhmu, FCS

Uallging Direclor & CEo

AAA Finance & Iovesued Lttl

Mohamm ad e0

ch Ollicer

K.M. RahmanAli Khan Director &

Offtccr$'L Md. Li

ComExpr€ss

\tu1**jr#I5'ftltY'BLI ClPitat t';",'''-' llDFc caPital Limite'1

p8ny Sccretarylnsuraqce Limited Erprear Itrsurr[c. Limit d

Director

t4Director

17 Private Limited Co.

18 Sonali Papers & Board Mills Ltd. Public Limited Co. Chairman

Public Limited Co.

Private Limited Co.

Private Limited Co.

Khalil & Khalil lnvestment Ltd. Private Limited Co. Chairman & MO

3 Rahmat Textiles Ltd.

Rahmat Rotors Ltd.

Mr. Md. ShamsurRahman

(d) Statement of if any of the directors of the issue are associated with the securities marketin any manner. lf any director of the lssuer Company is also a director of any issuer of otherlisted securities during last three years then dividend payment history and marketperformance of that issuer;

The following director of EIL is associated with the securities market in the following manner

Market performance ofthe listed securities where directors ofthe issue Company were involvedas director during last three year:

(e) Any family relationship (father, mother, spouse, brother, sister, son, daughter, spouse'sfather, spouse's mother, spouse's brother, spouse's sisterl among the directors and top fiveofficers

There is no family relationship among the directors

(0 A very brief description of other businesses of the directorsThe directors ofthe issuer have following other businesses:

'-c

ad

oo

,*Sloh*o*..",r.,Maagiog Dr.eclor& CEo

AAA Fimlce & Iovestmc[l Ltd

\fu K.M. ur Rahrnanx) Dircctor &

tvlohammadMd. Liaquat Ali Khan

Cbief Executivo Offrcer

Chiel Otficer ExpressCom

ivelS. Israil Hossain aC,Maneging Dircct(.

BLI Crpitai t,jmf -,

Sl.No. Name of Diredor of EIL

Associated in thefollowing organization of

the securities market

Types of theCompany

Position in theCompany

1 Mrs. Mahfuza YounusSonali Paper & Board

Mills Ltd.Public Limited

Company

2 Mr. Md. ShamsurRa hman

Golden Life lnsuranceLimited

Public LimitedCom pany

Director

sl.No,

Name ofthe

Director

Name ofthe list€dcompany wherecurrent directol

involved asdirector

Market performanceparameter

status (As on 31

Dec 2016)

% of dividend

2016 2015 2074

1

Mrs,Mahfuza

Younus

SonaliPaper &Board Mills Ltd.

Last one year averageprice from 01.04.2016 to

31.03.2017Tk.25.00

to.o0% to.o0%

Paid up Capital rk.73,15,12,2a0

rk.7.67

NAV per share for theended lune 30,2016 Tk.361.67

Market capitalization(Taka in million)

Tk.378.16

sl.No.

Name of theDirector Nature of Business

ldeal Asset Development Ltd Real Estate Business

Nandini PrintinB & Publications Printing & PublicationThe Millenium lnternational School English Medium School f

Real Estate Business (

I Mrs. Farida Razzaq

Altimete Asset Development Ltd

2 Mrs. Halima Harun / lmport Export Business\

IIDFC CaPita I Llmlted

p8ny SecrGlary.Insuratrce LlElteoxiress Iosurance Limited

o2

source: website of Dhaka Stock Exchange Ltd.

Family relationship among the directors and top five officersThere are no family relationships between the directors and top five officers.

Chairperson

L0.oovEPS for the year ended2015-2016

Name of the Company

Chemitan Ltd.

94

Chemitan Trading House lmport Export Business

Garments lndsWills Fashionwear (PVT.) Ltd Garments lndsWills Properties Ltd. Real Estate Business

Triple A Ltd. Event ManagementMirzapur Resort Ltd Resort

3Mr. Syed AlFarooque

Chalishnu Publications Ltd Printing & PublicationYounus Plastic inds. Ltd Plastic lnds.Younus Filament lnds. Ltd Plastic lnds.Sobhan lce & Cold Storage Ltd Cold StorageYounus Cold Storage Ltd Cold StorageYounus Specialized Cold Storage Ltd. Cold StorageSiddheswari Cold Storage Ltd Cold StorageEuropa Cold Storage Ltd. cold storageYounus Spinning Mills Ltd. Spinning MillsNowpara Cold Sto.age Pw, Ltd. cold storageGarib-E-Newaz Cold Storage Pyt. Ltd Cold StorageCombined Food & Cold Storage Ltd Cold StorageAnanta Paper Mills Ltd Paper MillsYounus Fine Paper Mills Ltd Paper M illsYounus Offset Paper Mills Ltd Paper M illsYounus Paper Mills Ltd Paper M illsYounus Newsprint Mills Ltd. Newsprint MillsSharif Cold Storage Ltd. cold storage

4Mrs. Mahfuza

Younus

Sonali Paper & Board Mills Ltd Paper M illsMercantile gank Ltd Banking

5 Mr. Md. Abdul AwalSynthia Securities Ltd Stock BrokeraBe House

Tannery lnds6 Mrs. Marium Akhter

Kamtex LtdKhalil Knitwear Ltd.

Garments lnds

Civil ContractionAtaiya Trading Co.poration Ltd Clearing ForwardingKhalil Fashion Ltd. Garments lndsAl-Hera Filing Station 6asoline & CNG FilinB StationK. R. C. Rubber Sagan Rubber plantation

7Mr. Khalilur Rahman

Choudhury

K.R.C. CNG & Filing Station Gasoline & CNG Filing StationRahmat Knit-Dyeing & Finishing LtdRahmat Fashion Wear Ltd Garments lnds

Textile SpinningChina Plastic (BD) Ltd Plastic lnds

Mr. Latiful Bari

Textile SpinningRahmat Spinning Mills Ltd fextile SpinningLogos Wear House Ltd Wear HouseRahmat Sweaters (BD) Ltd. Garments lnds.Belkuchi Spinning Mills Ltd Textile SpinningLogos Apparels Ltd Garments lnds.Rahmat Plastics & Accessories Ltd Plastic lnds.

9Mr. Amir Hamza

Sarker

Logos Printing & Design Printing & Packging10 ABM Kaiser Kaiser Trading Company lmport & Export Business11 Mr. Md. Shamsur

Rahman Leather,Rubber & Plastic,

Agro andlnsurance.

v'iÊ€<ii

ffiE&"s

Li t Ali KhanRahman

I Director &ohamChief

mad Scutive Otficer

Exccutiye Officerffi*'Jr,flSffi*p;lDFC CaPital Limited

ComPanYExpress losu

S€crEtaryrance Limited

Wills Fashion Ltd. Garments lnds.Probal Garments Ltd.

Karim Leathers Ltd.Textile lnds.

Garments lnds.Khalil Garments Ltd.Khalil & Khalil lnvestment Ltd.

Knit Garments lnds.

Rahmat Textiles Ltd.8

Rahmat Rotors Ltd,

Bay Tanneries LimitedBay Rubber & Plastic lndustries LimitedBay Agro lndustries LimitedAziz Tannery LimitedBay Economic Zone

Golden Life lnsurance Ltd.

K.M.

Expless lEsuratrce Limited

95

G) Short bio-data of each director

Mr. Md. Abdul AwalAbdul Awal aged 38 years is one of the Directors of the Company. He is a Bachelor of Business Administration.He started his Business career soon after completing his education. ln the year 2005, he started his share tradingbusiness house Synthia Securities Limited having a membership of Dhaka Stock Exchange. He is also a sponsorshareholder of Mercantile Bank Limited. He is the member Secretary of 'Abdur Razzak & Mohammed Selim

Foundation', a foundation engaged in social welfare activities.

Mrs. Marium AkhterMrs. Marium Akhter comes of a respectable Muslim Family. Mrs. Marium Akhter is associated with Karim

Leathers Limited since 1983 as a Director of Kamtex Ltd. since 2001. Karim Leathers Limited is one of thementionable leather industries in the country.

Mr, Khalilur Rahman ChoudhuryMr. Khalilur Rahman Choudhury is a commerce graduate. He also earned a diploma in Credit Mana8ement in

1962 from lnstitute of Credit Management, UK. ln his long business career established eight lndustry/businesshouse and managing very successfully. He is the Chairman & Managing Director of Khalil Garments Limited, Khalil

knitwear Limited, Khalil Fashion Limited, Khalil & Khalil lnvestment Limited, Ataia Trading Corporation Limited.He is the Proprietor of Al- Hera Filling Station, KRC CNG & Filling Station, KRC Filling Station and KRC Rubbe

r5.o

I

oo€

ocBagan. He was elected CIP for consecutive 5 time for his valuable contribution to the economy oftheis the founder and donor of Khalil Bidda Niketan and Khalil Choudhury Girls Academy in his locality in

K.M. S

nt H

ylhet

t^l^ ord.w" ssain ACI PlohaDirector Chii t imlte. tlDF

mmad bfiicer

ur RahrranDircctot &

Clriet Ex€curivc Offrcer

ManagingqLI Cailttj

elc CaPltat Limited t' F.,rssslnsulanc e Limited

Mrs. Farida Razzak

Mrs. Farida Razzak studied for some time in graduation level in Home Economics College under Dhaka

University. She is Managing Partner running Nandini Printing & Publications since 1990. She is Vice-Chairman ofMillennium lnternational School Dhaka, Chairman of ldeal Asset Development Ltd. and Vice-Chairman, UltimateProperty Development Ltd.

Mrs. Halima HarunMrs. Halima Harun comes from a respectable Muslim family. She is a well-educated woman. She is involved in

busin ess of different sectors of the cou ntry. She is one of the Directors of Ch em iton Limited, the sole d istributor of'Clarient lnternational AG' of Switzerland in Bangladesh. She is also sponsor shareholder of EXIM Bank Limited.

She takes active part in day to day affairs of all these business houses and in this way, she has gatheredexperience in managing Company affairs with efficiency.

Mr. Syed Al FarooqueSyed Al Farooque, obtained M.A. with B.A (Hon's) from Dhaka University. He started business career in 1984 in

RMG Sector. He is the Managing Director of Wills Group including Wills fashion Limited, Probal GarmentsLimited, Wills Properties Limited, Wills Fashionwear Limited, Probal Garments Limited, Triple AssociationLimited, Mizapur Resost Limited and Chalishnu Publication Limited. Apart from business activities he is a reputedcultural personality and well-known poet in the country. He has more than 40 publications in his credit. He is

also a member of the executive Committee of Bangladesh lnsurance Association and playing a vital role indeveloping the lnsurance lndustry. He visited many countries of the world for business purpose.

Mrs. Mahfuza YounusMrs. Mahfuza Younus is running a big business house comprising more than 26 industrial units viz-Sonali Paper &Board Mills Ltd., Younus Paper Mills Ltd., Younus Fine Paper Mills Ltd., Younus Offset Paper Mills Ltd., YounusNews Print Mills Ltd., Ananta Paper Mills Ltd., Universal Paper & Board Mills Ltd., Bickram Pur Potato Flakes,

Younus Spinning Mills Ltd., Sobhan lce & Cold Storage Ltd., Younus Cold Storage Ltd., Gorib E Newas Cold

Storage Ltd., Sideshawari Cold Sorage Ltd., Noe Para Cold Storage Ltd., Sharif Cold Storage Ltd., Younus

Specialized Cold Storage Ltd., Europa Cold Storage Ltd., Akco Cold Storage Ltd., Combined Food & Cold StorageLtd., Quality Accessories, Younus Filament lndustries Ltd. Over the time she earned lot of experience andmanaging industries efficiently.

Mohnnrad 0baydur Ratrml, FCS

M.tr4irgDrlector & CEo

AAA Fiuatrce & ltrvestroeot Ltd.

Ali K-han

96

Mr. Latiful Bari

Mr. Latiful Bari is a Graduate in Business Administration from Bradford College, United Statesof America. He is

the Managing Directors of Rahmat Fashion Wears Limited & the Chairman of Rahmat Knit Dying & FinishingLimited. He is one of the Directors of Rahmat Textiles Limited, China Plastic (BD) Limited & Rahmat RotorsLimited. He visited many countries of the world for business purpose.

Mr, Amir Hamza Sarker

Mr. Amir Hamza Sarker earned B.B.M degree from Cambridge College, Australia. He is the Chairman of RahmatSpinning Mills Limited, Chairman & Managing Director of Logos Wear House Limited. Managing Director ofRahmat sweaters (BD) Limited, Belkuchi Spinning Mills Ltd., Logos Apparels Ltd., & Director Rahmat Plastic &Accessories Limited and the Proprietor of Logos Printing & Design.

Mr. Siddique Hossain choudhury

Mr. Siddique Hossain Choudhury is a retired Govt. Officer. During his service life, he held various responsiblepositions in Taxation Department. He also held the post of the Finance Director in Bangladesh Biman.

Mr, Feroz Ahmed

Mr. Feroz Ahmed obtained BA (Hon's) MA degree in Economics from Dhaka University. He was a member ofBangladesh Civil Service (B.C.S) cadre. During his service life, he served in various responsible, positions includingSecretary, Ministry of Commerce, Govt. of the Peoples Republic of Bangladesh.

Mr.KMSaidurRahman

K.M. Saidur Rahman has been serving the Company since July 2006 as its CEO & Managing Director. TheCompany has been reportedly achieved remarkable growth in all rounds during his tenure of service. He is a BBA,

MBA and qualified Chartered Secretary from the lnstitute of Chartered Secretaries of Bangladesh and become a

Fellow Member (FCS). He is also the Faculty Member of ICSB and guest lecturer of a few training institutes ofBanks.

Mr. Md, Shamsur Rahman

Md. Shamsur Rahman he is a commerce graduate. He was a member of BCS cadre (Admin) service. He leftthe service and started his business career in 7977. He is the Chairman of Bay Tanneries Unit-02 and theChairman & Managing Director of Bay Tanneries Limited, Bay Rubber & Plastic lndustries Limited, Bay Agrolndustries Limited and Aziz Tannery Limlted and Director Bay Economic Zone. Bay Tanneries Limited is aleading industry in leather sector of the country. He is a CIP of the country. For hls valuable contribution ink._

=the economy, he was elected CIP in 1998 and still holding the dignifying status. As a part of discharging of (! jsocial responsibilities, he established Shamsur Rahman Degree College and Samantasar Hlgh School atgi9aGoshalrhat, Shariatpur. He is also patron and donor of a numbers of School, Madrasha, Mosque,G;;Orphanage and other social organizations. 4ZZ&'i

.,,,$^,*",\w,r4d, lsrail Hossain ACt

Managing Director.3LI C![,Dtral Llmite(t

Mohammad Sa Msa8ging Ditoctor &Chiof Exocutivc Officer

Erprcss Imutmce Limited

K.M. Rahman0

Chief Exe e OfficerCompatry Secretary

Express lusuatrce Limited

Mr. ABM Kaiset

Mr. ABM Kaiser has born in a respectable Muslim family. He is very sincere and hardworking person. ln his longbusiness career established lndustry/business house and managing very successfully. Mr. ABM Kaiser has a

business enterprise; which name is Kaiser Trading House.

qA^\,lotamrn;d Obaydur Rlimrn' ICT

ManaPrng Drrrclr r & t-E0

AAAFioaoc,: ,t loveslmeot LtdIIDFC caPital Limite'l

(h) LOAN STATUS OF TSSUER AND ITSDIRECTORS

Though the issuer is not enjoining any type of credit facility at present some of its directors and

shareholders who hold 10% or more share in the paid-up capital of the EIL are enjoying credit

facility. As per CIB report issued by Bangladesh Bank dated June 25,2079; eleven (L1) directors

among thirteen (13) of the company are free from loan default. There is a stay order from theHonorable High Court on the loan information of the rest two (2) directors, namely- Mr. Syed

Al Farooque and Mrs. Marium Akhter and hence, these two directors will not be treated as loan

defaulters.

(i) Name with position, educational qualification, age, date otjoinint in the companyoverall experience (in year), previous employment, salary paid for the financialyear of the Chief Executive Officer, Managing Director, Chief Financial Officer,

Company secretary, Advisers, Consultants and all Departmental Heads. lf theChairman, any director or any shareholder received any monthly salary than thisinformation should also be included;

Previousemployment

salarypaid forthe year

2018

Educational

Qualification

Age(Years)

oate ofioining

Overall experience (Years)sl.No

Name & position inthe company

1 Mr. K. M. SaidurRahmanManaging Director &Chief Executive

Officer

47 26.07 .2006 Mr, K.M. Saidur Rahman

has been serving thecompany since July 2006

as its CEO & ManagingDirector. The Company has

been reportedly achievedremarkable growth in allrounds during his tenure ofservice. He is a BBA andMBA. He is a qualified

Chartered Secretary fromthe lnstitute of CharteredSecretaries of Bangladeshand become a FellowMember (FCS). He is alsothe Faculty Member ofICSB and guest lecturer ofa few training institutes ofBanks. He has completed1't& 2"d part of Diploma oflnsurance & Re-insuranceand took part in varioustraining in lnsurance, Re-

insurance andcorporate Governess.

1. DMD,Meghna

lnsuranceCompanyLimited2. DMD,Northern

GeneralCompany

Limited

49,20,OOO

h.2 Mr, Md. Nakibur

Rahman KhanAMD

B.Com (Hon's)

M.Com(Management)

03.04,2000 Mr, Md. Nakibur Rahman

Khan started his career in

lnsurance lndustry joiningEastland lnsurance Co. Ltd.in September 1987. He

also served in the CityGeneral lnsurance Co.

Limited, He has long 30years experiences ininsurance lndustry &capable to handle lJnderWriting Dept. efficiently,

t )&[u,,,'A

1. TraineeOfficer (U/W

& R/r),

EastlandlnsuranceCompanyLimited

Company-Li.n it"d

er&ln rge(u

2. Ma

, cityG enelnsuran

9,60

:,:o

..1

Mohannrd 0havdur Rahmal' rcs

.\tatrsgrng Direuor & CEo

AAAFii::r & hY.s:lletrt Ltd

raaFrko.ruinncsManaging Director

Bl{ al; ::i:. I r'-'---i1i:{'

(.M a7

Mar Dtcctor &Chict Exef ltivo Offrcer

Mohammad cl. Li r4^Li KhanChief Ex otficet CompsoY Secretary

[DFc caPital LimitedExPress Iosuatrce LiraitedFxDr"ss losurdnce Limited

97

BBA, MBA, FCS

54

98

3 Mr. Md. lqbalHossainchowdhurySr, GeneralManager

Diploma inElectrical

Engineering,

52 16.01.2007 Mr. Md. lqbal Hossain

Choudhury started hiscareer in lnsurancelndustry in July, 1995.Before joining theCompany, he served in

Claim & Re-insurance Dept.in Northern Generallnsurance Co. Ltd. & SonarEangla lnsurance Co. Ltd.He has 22 years

experiences in thislndustry.

1.5r. Officer,Eastlandlnsurance

CompanyLimited2. Dy.

Manager,NorthernGeneralCompanyLimited3. Manager,50nar Bangla

lnsuranceCompanyLimited

9,12,000

4 Mr. Md. Liaquat AliKhanCompany Secretary& He3d of HR &Admin.

BA (Hon's) MA(Economics)

26.O2.2012 Before joining theCompany in February,2012 Mr. Md. Liaquat Ali(han served in a Govt.owned Bank for 32 years.

He was secaetary to theBoard for more than 5years and also Head ofHuman ResourceManagement Dept.

BDBL (FormerBangladeshShilpa Bank)

7,68,000

5 M.. Md. obidulAkbarSenior DGM & CFO

B.com & M85in AccountingcA (cc), LLB

06.03.2017 Mr. Akbar worked withshaha & co. charteredAccountants as AuditManager

lslami EankFoundation

7,80,000

6 Mr. Md. Al-AminGa.i5r. AGM & ln-charge, AuditDeptt.

M.Com(Accourting)

47 14.09.2003 Mr. Md- Al-Amin Gazi

obtained M.Com inAccounting. He joined

Express lnsurance Limited inSeptember 2003. Eefore hisjoining the Company Mr. Al-Amin Gazi served in Provatilnsurance Co. Ltd. for 5years as audit andinspection officer. He hasbeen serving the Companyin various capacities;particularly he has earnedknowledge in audit activitiesand internal control system.He has been performing in

his

department for smoothoperation of business &accounting settlement ofthe Company.

Provatilnsurance Co

Ltd.

6.63,600

iMr. Md. Mizanur Rahman has resigned from the Company as on 28 February 2017 and has beenreleased.

rr Mr- Md. Obidul Akbar has joined on 06 March 2017

Md baidul Ak

Mfrrmad 0hydw Ratmrq fCS

M.tr{lnt Ditcclor & CEo

AAAfl[llc! & I[vcslfftrt Ltd

ua.\ffio",^.acsMaraging Director

BLI Cr.rlt€.r LrttlrteriN "S*L,

ExPress lnsuraDGM &

nce Linlited

K.M.Man8ging DiEctor &

ChicfExccutivo Ofricer

crt:o

Na d.L

Chiet Eiecr.ttive Ccnp:.r;rIDFC capital Limited -- i 'r:...1 F,irress Insurance Limited

66

36

99

Monthly salary of Chairman, Director and other shareholders

slNo.

Name Position in the CompanySalary taken last one year

per month basis

NIL

U) Changes in the key management persons during the last three years. Any change otherwisethan by way of retirement in the normal course in the senior key management personnel

particularly in charge of production, planning, finance and marketing during the last threeyears prior to the date of filling the information memorandum. lf the turnover of key

management personnel is high compared to the industry, reasons should be discussed

slNO

NamePosition & department in the

comPanyRemarks

Mr. Md. M izanur Rahman General Manager & CFOResigned on 28.o2.2OL7 and

released

Statur of the sponsorin otherventur€

Name of the Company Position

Educational

qualiticationJ

Erp€.iencei ln

thebuiin€is

Positjons/posts lEld

in thepasl

Directorship held

sl. thetponsor

Chairmanldeal Asset DevelopmentLtd.

Nandinl Printin8 &Publications

I nternatio na I Schoo I

Development ttd

66Graduate

281

DirectorChematan Ltd

10 Direcior

Chemitan Trading House

2 HalimaLate

HasmatUllah

TalLrkder

49

House{

16 (new),27(old),

DhanmondiR/4 Dhaka-

1205.

ManagingOirector

Wills Fashionwear (PVT.)

Dnector

ManaSrntInol€ A Ltda

alMirzapur Resort Ltd

l(Qialishnu PublicationsLtd

House {38/8, Road #

12,SaridharaOiplomatic

ZonqGulshan,

Dheka-1212

8A (Hons.)3l

^#*DCNExpress ln

3

rnc

Managint

MAOir

Younus Plasti. inds. Ltd

Drr*t\fAlssc 75 DirectorMr- MdShamsul

Syed

Badrul

Flat { 3/C,

Road [5,

VYounus Filament lndsLtd.

llotrmmrd 0hy&r Rahora FC's

l{.0{i!g Dtldor & GOAAA FiItln & lDvcshcrt l,ld

\aa'r!.1. lsrail [dssain ACt

Managlng Director!r r aatltal Liait€{t

lvlo me0

Company Secretary

K.M. Soidur &Managing

Ali K-han ChiafBxcoutiYc OffrcerMd. L q

Express InsrrrBxprcrB losursn ce l.imited

(k) A Profile of the sponsors including their names, father's name, age, personal addresses,

educational qualifications, and experiences in the business, positions/posts held in the past,

directorship held, other ventures of each sponsor and presentposition

1

D rector Diredorl-atif

House f 8,

Road 176,Gulshan 2,

Dhaka

s.s.c

Director

ManagingDirector

Managint0irectorProbal 6arments Ltd.

ManagintDirector

58

Dire.tor53

Chief Executive OfficerrIDFC Capital Limited

100

Sobhan lce & ColdStoraSe Ltd.

Director

Younus Cold Storage Ltd Dkector

Younus Specialized ColdStoraSe Ltd.

Di.ector

Siddheswarl Cold Stordget-td.

Oirector

Europa Cold StoraSe l-td.

Younus SpinninS Mlllst-td.

Director

Nowpard Cold StoragePvt. Ltd.

Director

Garib-t-N€waz ColdStora8e 4/t. Ltd-

Director

Combined Food & coldStoraSe ltd.

Director

Ananta Paper Mills Ltd DirectorYounus Fine Paper MillsLtd.

Dkedor

Younus Offset Paper MillsLtd.

Director

Younus Paper Mills l-td Director

Younus Newsprint MillsLtd.

Oirector

Sharif Cold Storage Ltd. Oirector

SonaliPaper & BoardMills Ltd.

Chairpe6on

DhanmondiR/A, ohaka

Mercantile Bank LtdSponsor

Shareholder

Director ChairmanSynthia Securities Ltd

ManagingDirector

AlhajMohammad Selim

37

Flet * 6172,Prio

Prangon, 2,

Poriba&Ramna,

Dhaka.

8BA 125

Abdul

Karim Leathers Ltd Director

32 Director

Direclor6

Mrs.Mariu

Akhter

s7

House rE2,Road fl 11

{new),OhanmondiR/A,Dhaka.

Read

up toClass

Xhalil (nitwear ltd Chairman & MD

KhalilGarments Ltd Chairman & MD

Khalil & Khalil lnvestmentLrd

Chairman & MD

Ataiya TradinSCorpo6tion Ltd

Chairman & MD

KhalilFashion LtdManagingDlrector

ProprietorAl-Hera Filang StationK. R. C. Rubber BeSan Proprietor

Director

K.R.C. CNG & FilinS

StationProprietor

LateAlhaj

Choudhury8!

House t S,

Road fl9,Baridhara,

ohaka

337xhalilurRahmanChoudhur

Rahmat (nit-DyeinS &FinishinS Ltd.

Chairman

Rahmat Fashion Weart-td. Director

Managing

Rahmat Textiles Ltd Director(

China Plastic (BD) Ltd oireoor f,,'Director g.

B.A(Bradfo

tdunive6

itY,

USA)

20 Director DirectorLatifulBari

House # 23lA,Road t13l4DhanmondiR/A, Dtlak+

1209.

Rahmat Spinnint MillsLtd.

cha,.maq,.Directo. Director

Logos Wear House Ltd chatrmang&i

&46

19/2,KAKRAIL,

B8M

cambridBe

Collat

209 Hamla

Sarke

mad Ali5ark€r

ManagingDirector

R.hmatsweaters (8D)

Ltd.ManagingOir€ctor

Belkuchi Spinning Millst-td.

Logos Appar€ls Ltd ( Mzneginq ,/Dnedot /

,x"/Rahmat Plastics &

A LoSos Printing & Design

DHAKA

!

dE>i"E

\1,ri FCS

Uaoelrng Ducclot & CEO

{.Ai\Fioance & Inveqmeot Ltd

0t{icer Md.compaBy Secretary

aquat Ali Khan

K.M. S RahmanDirector &

ChicfExccutivo OfriccrF 'ress llsu.rance LinitedohamChief

mad s {'

:$'mfti+tr DFC CaPital Limiteo l.':press lasucuce Liraited

Direator

DirectorLate Mohd.lsahaq

B.Com,

Oiplomain

CreditManage

UK

Rahmat Rotors Ltd.

Mr. AhafHossaln

sarker47

!*efrietor

101

10A8MKaiaer Rashid

57

Plot-49,Road-3S/A,Gulshan-2,Dhaka

ssc l2 Drrector Director Kaiser Tradin8 Company Proprietor

11 ShamsurRahman

Eay Tann€ries timited Director

11 75T0Gulshan

Avenue, DhakaB. Com 42

Di rect Di rector

gayTanneries timitedBay Rubber & Plastic

lndu5tries timitedBay Agro lndustries

Limited

fuiz Tannery Limited

Bay Economic ZoneDirector

Golden Life lnsurance Ltd

(l) lf the present directors are not the sponsors and control of the issuer was acquired within fiveyears immediately preceding the date of filling prospectus details retarding the acquisition ofcontrol, date of acquisition, terms of acquisition, consideration paid for such acquisition etc.

All existing directors except the sponsors acquired shares within 5 years immediately precedingthe date of filling of Prospectus is given below:

(m) lfthe sponsors/directors do not have experience in the proposed line of business, the factexplaining how the proposed activities would be carried out/manated;

All the Sponsors/Directors have adequate and relevant knowledge to carry out the business ofthe Company.

n) lnterest of the key management persons

Name Designation Details of interest

Mr. K. M- Saidur RahmanManaging Director &


Mr. Md. Anower Hossain Additional Managing Director

Deputy Managing Director

Mr. Md. Ahsan Habib Salary

Asstt. Managing Director Sa la ry

b the Directorsexce t followin Amount in Toko

!Lo994E>a

"g4

ur Rthman

trid. Is:Wssainncl"Managing Directol

BLI CaPitri Limite '

lcer CoOpanYL qrtat Ali Khan

Secret3ryMohammad

Chief Exe

Name of DirectorDetails of

acquisitionDate of

acquisitionTerms of

acquisition

Considerationpaid for suchacquisition

8,31,480 25.05.2015 Ordinaryshare

Cash

1,66,296 10.08.2010 Bonus Share

Name Position lnterest and facilities l Jan 2018 to 31Dec 2018

Remuneration

Meeting attended fee 21g,OOO/Mrs. Farida Razzaq Director

Dividend paid Yet to be plrdRemuneration

Meeting attended f# I ViDirector

Dividend paid /\ NN 5 7{ettope pgia_l

iloblomar

Marq{AA Fina

lahmao, Klr&CEOesuaed lld IIDFC CaP ital Limitec F-rpress lnsurance Limited

E

Manaeiog DirodDr &Chicf Exccutivo Offtcerxnress losurance Limited

Shamsur

Rahman

XhalilurRahman

Chairman &Managing

Director

Salary

Sa la ry

Mr. Md. Lasker Sa la ry

Asstt. Managing Director

Mr. Nejam Uddin

o) All interests and facilities enjoyed by a director, whether pecuniary or non-pecuniaryThere were no such interests and facilities in the form of pecuniary and non-pecuniary enjoyed

V.rE=>=G

c?6p

Mrs. Sultana lahan

M rs. Halima Harun

Mr. Syed Al Farooque DirectorRemuneration

Meeting attended fee 239,000

Dividend paid Yet to be paid

Mrs. Mahfuza Younus DirectorRemuneration

Meeting attended fee 2s1,000


Mr. Md. AbdulAwal ChairmanRemuneration



Mrs. Marium Akhter DirectorRemuneration



Mr. Khalilur Rahman Choudhuryoirector

Remuneration



DiredorRemuneration

MeetinB attended fee 239,000

Oividend paid Yet to be paid

Mr. Amir Hamza Sarker DirectorRemuneration



ABM Kaiser OirectorRemuneration



Mr. Siddique Hossain

choudhury lndependent DirectorRemuneration


oividend paid

lndependent DirectorRemuneration

MeetinE attended fee 142,000

Dividend paid

Mr. Md. Shamsur Rahman DirectorRemunerationMeeting attended fee 119,000

Dividend paid

p) Number of shares held and percentage of shareholdinS (preissue)

K.M. S

-oYJ

dgs;,g

t\,4ohammad

Chief E-officer

Mr:r &Chiof Exccutiv! Offrcer

Name of Director PositionNo.ofshares

%ofshareholding

sl.

1 Mrs, Farida Razzaq Director 39,26,s72 10.0376

2 Mrs. Ha lima Harun Director 77,40,857

3 Mr. Syed Al Farooque Director 43,26,715 11.0605

Mrs. Mahfuza Younus Director 13,70,880 3.50444

Mr. Md. Shamsur Rahman Director 3,771,7365

Chairman 36,00,630 9.20446

27,85,7 48 7.!2737 Director

38,82,350 9.92458

Mr. Khalilur Rahman

Choudh u ry

Director

3.50449 Mr. Latiful Bari Director 13,70,880

7.424010 Mr. Amir Hamza Sarker Director 29,O4,169

8.s10011 ABM Kaiser Director 3,328,982

L2Mr. Siddique Hossain

Choudh u ry

lndependent

Director

lndependentDirector

13 Mr. Fe.oz Ahmed

(Mr. K. M. Saidur Rahman

Managing Director&

Chief Executive

Officer r/ 82.70{:l,sqfrsTotal

flDFC Cap ital Limited

Fr '.ss lnsuralce Limited

102

Mr. Latiful Bari

Mr. Feroz Ahmed

4.4502

Mr. Md. Abdul Awal

Mrs. Marium Akhter

74

*t-'$ho* *,n,,, rcs *u.ffossain AcsMansgrl! Drrc(r'rr & CEO -Managin* Director

{AA Finan.c & lnr.srmetrt Ltd BLI Capital Limite'

Ali Khan

Name of the Directors Date ofjoining Date of retirementPresent status as on

31.12.2018

Mrs. Farida Razzaq 16.07 .2003 Director

Mr. Syed Al Farooque 30.03.2000 Director

20.o2.20L2 Continuing

Mr. Md. Abdul Awal 30.03.2000 Continuing Chairman

Mrs. Marium Akhter 20.o2.20L2 Continuing Director

Mr. Khalilur Rahman

Choudhury30.03.2000 Continuing Director

Mr. Latiful Bari 20.o2.2012 Continuing Director

Mr. Amir Hamza Sarker 30.03.2000 Contin uing Director

Mr. ABM Kaisar 25.O9.2077 Continuing

Mr. Siddique Hossain

choudhury29.O5.2077 Continuing lndependent Director

Mr. Feroz Ahmed 1,5.70.2077 Continuing lndependent Director

Mrs. Halima Harun 30.07.2018 Continuing

Mrs. Sultana lahan 25.05.2015 25.O9.2077 Share Holder

Mr. Md. Mazakat Harun 20.08.2003 30.07.2018 Share Holder

Mr. Sha msur Rahman 30.03.2000 Director

Mr. K. M. Saidur RahmanManaging Director &


q) Chantes in the Board of Directors during the last three years

r) Directo/s engatement with similar businessNone of the Directors is involved in similar type of business

v4Êb<E:Xf€oE E'r\rA=;

E8?M.=

NlohammadChiet Executive

I(M. S RahmanDircctor &

Chicf xecutive Officer**-$h,o*,*,r.,Ma[lgrng Director & CEO

AAA Firarcc & lqvosloElt Ltd

\%.tild. lsrail tlossain acr

Managing DirectorBLI CsPltal l/imrrF' rIDFC Capital Limited Ex

F* -.ess Iusuratrce Limited

Continuing

Continuing

Mrs. Mahfuza Younus Director

Director

Director

Continuing

103

A

Officer

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idul Ak5,od lrM & Ct--O

oce Lir dn

ComExpre:s

InsMohamChief Executive Officer

FC Capital LimitedN \tw-

K.M. SaidMaosging

ulud. Ismil Hossain ACPMaraging Director

r/ohumd 0beydur Rahmao, FCS

M:rgrrg Duector & CEo

La-r.::--- ; -.:--:6 Ltd,&

Chicf Exccutivo OfficcrFrDress Imurance Limitedaed

c

tal Llmit€lrBLI Capt

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A,\^Voiamtuad oblyfu R.to.& FCS

Itr!8t!g Dimro, & CEoMA Fioloce & loy$tmcor hd

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CaPital Limited K.M.

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red Express Insurarce Limited

NMolnomed Ohldur Ruhman' FCS

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(\\, K.M.8 Rehrnan

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tt.l4rg Dira.lor & CEO

IAA Fiuacc & hvestncot Lrd

\fua{d. lsrail Hossain ACi ,vlon

t Ali Khan ChicfSecretary

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Moha mmad sautive Officer

Msnlgilg Dirc.tor &ChicfExocutivo Offic€r

Expres Insurance Limited

rIDFC CaPital Limite#**-ffi,gilptt

(b) Any transaction or arrangement entered into by the issuer or its subsidiary or associate or

entity owned or significantly influenced by a person who is currently a director or in any way

connected with a director of either the issuer company or any of its subsidiaries/holding company

or associate, or who was a director or connected in any way with a director at any time during thelast three years prior to the issuance of the prospectus.

There was no transaction or arrangement entered into by the issuer or its subsidiary or associate or entityowned or significantly influenced by a person who is currently a director or in any way connected with a

director of either the issuer company or any of its subsidiaries/holding company or associate concerns, or who

was a director or connected in any way with a director at any time during the last three years prior to theissuance of the prospectus except mentioned in the above table. (Page #104-109)

(c) Any loans either taken or Siven from or to any directo, or any person connected with the director,clearly specifying details of such loan in the prospectus, and if any loan has been taken from anY such

person who did not have any stake in the issuer, its holding company or its associate concems ptior tosuch loan, rate of interest applicable, date ot loan taken, date of maturity of loan, and prerent

outstanding of such loan.

No loan either taken or given from or to any director or any person connected with the director and any such

person who did not have any stake in the issuer, its holding Company or its associate concerns.

Chiel Executive ofiicert Ali Khan K.M.Secrctary Mansgitrg

Rahman&

Chicf ExooutiYo Ofriccr..(nresg IniunDce Limif.d

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Managlng DirectorBLI CopllEt L/ra:teri

oham M

DFC CaPital Limitec gxplssg Insurance Limited

111

112

SECTION:X EXECUTIVE COMPENSATION

(a) The total amount to remuneration/salary/perquisites paid to the top five salariedofficers of the issuer in the last accounting year and the name and designation of eachsuch officer

Name ot EmployeeShort-term employee

benefitsOther long-

te.m benefit5Termination

benefitsShare baied

payment

0t Mr. K.M Saidur Rahrnan

Managing oirector & CEO

Salary T(.49,20,000Bonus TK.4,50,000

P.F @rO% olBasic salary.

P.F No

02Mr. Md. Anowar Hossain

Additional Managing Director

Salary TK. 17,28,000

Bonus TK. 1,34,000Car Allowance TX.3,60,000

P.F @10% oI8a5ic salary.

NO No

03Salary TK.30,00,0O0

Bonus TK. 2,50,000P.F @10% oIBasic salary.

P, F & WPPF No

04Mr. Md. Badiuzzaman Lasker

Assistant ManaginS DirectorSalary TK. 14,40,000Eonus TK. 107,000

P.F @10% ofBasic salary.

P, F & WPPF NO

05Mr. Ahsan HabibAssistant ManaginS Diredor

SalaryTK. 12,48.0008onu5 TK. 94,000

Car Allowance TK.3,60,000

P.F @10% ofEasic salary.

No P, F & WPPF No

(bl Aggregate amount of remuneration paid to directors and officers as a group duringthe last accounting year

ParticularsAmount in Taka

3l Dec 2018

Salaries & Allowances of Managing Director 49,20,000

Festival Bonus of Managing Director 4,50,000

Board meeting fees (Managing Director)

Salaries & Allowances to officers except Managing Director as mentionedabove

81 ,403,152

Festival Bonus to officers except Managing Director as mentioned above 70,752,422

LOz,925,974

(c) lf any shareholder director received any monthly salary/perquisite/benefit it mustbe mentioned along with date of approval in AGM/EGM, terms thereof and paymentsmade during the last accounting year

No shareholder director of the company received monthly salary,/perquisite/benefit.

Md. obaidul kbarDGM & ct-o

Erpress lnsuraoc

Mollrnrlad OhYdlr Rahman' ICS

U.rlgrog Dltrctor & CEo

AAAfbaEr & Isv.lhrd Ud.Chiel Executive Olficer '

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Chicf OfitcerMoha

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Exp!e8E lnsurence Limiled

N K.M.

st

No.

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b€nerlts

No

Mr. Md. Eahar Uddin Chy.

Additional ManaSing DirectorNo

NO

Total Salaries & Allowances & Festival Bonus

tg€{d, lsrlail Hossain AcslMaaaging Director

lrLI Capltal L:Ejted

113

* * The fees of the directors for attending in the Board or Committee meeting was paid as per ceiling

of the Regulatory Authority.

There is no this type of contract made with any director or officer providing for the payment offuture compensation.

The Company does not have any intention to substantially increase the remuneration paid to itsdirectors and officers in the current year, except a n nua I increment.

(g) Any other benefit/facility provided to the above persons during the last accounting year No

other benefit/facility provided to the above persons during the last accounting year

SECTION:Xl OPTIONSGRANTEDTO DIRECTORS,OFFICERSANDEMPLOYEESl, 4d. Obaidul AkbarDGM & CFO

Express IDsurance Limited

(a) options granted to directors, officers and employeesExpress lnsurance Limited did not grant any options to its director, salaried officers and all otheremployees as a group and any person other than directors and officers of the Company for thepurpose of issuing shares.

n{$umd obytu Rr!n|!!. FCI

U.r.gl!t DiE lor & CEo

{AA FiD|lcr & lDvcsrEcot Lld

a"t K.M. Sai Rahmgn&p

^rlohachimmad

cutive Officer

aquat Ali Khan Chisf vc OfiiccrMd, LiCom

ExpresspI

sl.No.

PositionAmount in

Taka

1. Mr. Mrs. Farida Razzaq Director 293,000

24 September2077

2 M rs. Halima Harun Directo r 114,000

3 Mr. syed Al Farooque 239,000

4 Mrs. Mahfuza Younus Directo r 251,000

5 Mr. Md. Shamsur Rahman Directo r 119,000

Mr. Md. Abdul Awal Chairman 239,000

1 Director 224,OOO

8 Mr. Khalilur Rahman Choudhury Director 239,000

9 Mr. Latiful Bari Director 239,000

10 Mr. Amir Hamza Sarker Director 219,000

11 Mrs. Sultana Jahan DirectorDirector 239,000

t2Mr. Siddique Hossain

Choudhurylndependent

Director151,000

Mr. Feroz Ahmedlndependent

Director142,000

,IDFC CaPital Limited

atry Secrctaryosurance Limited

Eanre83 lrtsurance Limited

\*.'Ud. Israil Hossain ACI

Managing DirectorBLI Crpttal lrmiteri

(d) The Board meeting attendance fees received by the director including themanaging director along with date of approval in AGM/EGM

(e) Any contract with any director or officer providing for the payment of futurecompensation;

(f) lf the issuer intends to substantially increase the remuneration paid to its directors and

officers in the current year, appropriate information regardingthereto;

Name of DirectorsApproval from

AGM

Directo r

6

Mrs. Marium Akhter

72 ABM Kaiser

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il&mmad Obaydur Ratrnan. PCt

V,orgtlg Dir!.tor & CE{)

AAAFilrr& lovc$ol! Lld

ilo.\ffi.,,-n,,csManaging Director

BLI Ca?ital LinitcrJo idul Akb'ar

DGM & CFO

K.M. Rahman&

Chicf vc Ofriccr

\vExpress Insurance Limited

Express Insurarce Limited

l=t,:,

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1 '16

MohChief

IIDFC Capital Limitecr

Value received by the Company from the directors and subscribers to the memorandum

Otficer

a\^ \ffiil&rmad obaydu R.hmaD, FCt

U.a4ug Dirc.lor & CEo

\AA Firrocc & lnv.stoeol Ud

t[d, Israil Hossain ACfManagine Directo,

BL.l C.: :i,,' ! ' iY\,'A!

o idul Aktiar Md. Li

Name ol director Status ConsiderationNo. oIsharcshold

Face

value

Amountreceived in

Taka

Mr. Mrs. Farida Razzaq Director 0s,05.2011 Cash 73,27 ,9AO 10 132,79,800

Mrs. Halima Harun Director 30.03.2000 Cash 4,50,000 10 45,00,000

Mr. Syed Al Farooque Director30.03.2000

Cash5,00,000 10 s0,00,000

05.05.2011 14,63,370 10 146.33,100

Mrs. Mahfuza Younus DirectorMr. Md- Shamsur

Rahman

Sponsor 0irector 30.03.2000cash

4,50,000 10 45,00,000

05.05.2011 10,52,400 10 105,24,000

Mr. Md. Abdul Awal Cha irm a n30.03.2000

Cash4,00,000 10 40,00,000

05.05.2011 t2,77,745 10 121,77,45O

Mrs. Ma riu m Akhter Director 30.03.2000 Cash 4,00,000 10 40,00.000

Mr. Xhalllur Rahman

choudhuryDirector

30.03.2000Cash

5,00,000 10 50,00,000

05.05.2011 13,13,02s 10 131,30,250

Mr. Latiful Eari Director 30.03.2000 Cash 3,50,000 10 3s,00,000

Mr. Amir Hamza Sarker Director30.03.2000

cash3,s0,000 10 35,00,000

05.05.2011 9,42,200 10 98,22,000

Mrs. Sultana Jahan Director

Mr. Altaf Hossainsarker

SponsorShareholder

05.05.2011 Cash 9,A2,2rs 94,22,150

Alhaj Mohd. YounusSponsor

Shareholder

30.03.2000cash

6,s0,000 10 65,00,000

05.05.2011 14,33,250 10 143,32,500

itfir:

DGM & CFElprcss lnsuraoce '

oLinrited

Date ofallotmentof shares

10

Mr. ABM KaisarSponsor

Shareholder05.05.2011 cash 14,63,325 10

Mjr. General MonzurRashid Khan (Rtd.)

Sponsor Director,Retired on21.08.2004

30.03.2000 cash 2,50,000 10 25,00,000

Mjr. M, Anisur Rahman(Rtd.)

Sponsor 0irector,Retired on23.09.2002

30.03.2000 Cash 3,00,000 30,00,000

Mr. Mohd. Fuad Latifsponsor Director,

Retired on16.07.2003

Cash 4,50,000 45,00,000

Mrs. AyeashaSiddiquee


30.03.2000 cash 4,50,000 10

Mr. Abdur Rashid


30.03.2000 cash 5,00,000 10 50,00,000

(b) lf any assets w€re acquir€d or to be acquired from the aforesaid persons, the amount paid forsuch assets and the method used to determine the p,ice shall be mentioned in the prospectus,and if the assets we.e acquired by the said persons within five years prior to transfer those tothe issuer, the acquisition cost thereof paid bythem

No assets were acquired by the Company from its director or subscribers to the memorandum

Khan K.M'

117

Rahman

Chrel Executive Officel

IIDFC CaPital Limitecr

I\,,1oham

ildmmad 0baydur flalrmar. tC!I@tog Dirccror & CEo

ÂA Fi!.!c! & Ilvesrme Ud

d. Obaidul AkbarDCM & CI-O

Md.

Express Insuraoce LimjtedComDanY Secretary

r"nre::s insuralce LioitedEipress Iasurance Limited

146,33,250

10

30.03,2000 10

45,00,000

q\^Dlroctor &

Officeruc t.\ffi.ruin ecr

Managing Dire.16,3L.lf:;.1;,i,, ,.,;;,

(al The names, addresses, Bo lD Number of all shareholders of the company before lPo, indicatlngthe amount of securities owned and the percentage of the securities r€presented by such

owneEhip, in tabula. form;

Details of all shareholders of EIL is as under:

118

K.M. Rehman

MohammaChief Eiecutive Otficer

[nF(] Caoi tal Limitec

ift&Dnad Obrydu Rrholo, FCs

Mrr4hg Dt ctor & CEo

IAA Finr.c. ,t lnv.smrnr Lrd

\g M!rr8l[g Dhoator &CbiofExGcutivo Ofiic€r

ExDress Insurauce Limited

st.No.

Name ofshareholders

AddressNo. of

shareholdlnt

%olrhare

holdint(pre

lssue)

%olshareholdint

(posti$ue)

BO ID Status

1 Mrs. Faida RazzaqHouse s 8, Road # 76,

Gulshan-2,0haka39,26,572 10.0376 6.0226 1202810062840481 Director

2Mr. Md. MazakatHarun

House f 42lA, Road #16 (new), 27 (old),

DhanmondiR/A,Dhaka-1205.

13,70,880 3.5044 2.1026 1201500000866680 Shareholder

3 Mr. Syed Al Farooque

House # 38/B, Road #12,8aridhara

Diplomatic Zone,Gulshan, Dhaka-1212.

43,26,715 11.0605 6.6363 1203190007661097 Director

4 Mrs. Mahfuza YounusFlat f 3/C, House # 47,Road # 5, Dhanmondi

R/A, ohaka.13,70,880 3.5044 1201630006607717 Director

5Mr. Md. ShamsurRahman

70, Gulshan Avenue,Gulshan, Dhaka

31,17,736 '1.9546 4.7728 1201930006408144 Director

6 Mr. Md. AbdulAwalFlal # 6/L2,Ptio

Prangon, 2, Poriba&Ramna, Dhaka.

36,00,630 9.204/ s.s226 1203190032311449 Diredor

Marium AkhterHouse f 82, Road [ 11

(new), ohanmondi R/A,

Dhaka.

27,85,744 7.7273 4.2728 160366000769231s Director

8Mr. Khalilu. Rahmanchoudhury

House# 5, Road #9,Baridhara, Dhaka

38,82,350 9.924s 5.9547 1203190025863661 Director

9 Mr. Latiful EariHouse f 23lA, Road f13/A, Dhanmondi R/A,

Dhaka-1209.

13,70,880 3.5044 2.7027 1201630052846S43 Director

1019/2, Kakrail, Ramna,

Dhaka.29,U,169 7.4240 1203370062778615

11 Mr. ABM KaiserPlot-49, Road-35/A,

Gulshan-2, Dhaka-121233,28,982 8.5100 s.1060 1203000033242071 Diredor

72 Mr5. sultana.lahanPlot-49, Road-35/A,

Gulshan-2, Dhaka-1212.9,97,776 2.5506 1.5304 1203000062742300 Shareholder

13 Alhaj Mohd. Younus

Flat fl 3/C, Hou5e # 47,Road fl 5, Dhanmondi

R/A, Dhaka.

28,66,954 7.3249 4.3973 1201630000083805 Shareholder

74Mr. Altaf Hossain

Sarker

House f 23lA, Road #13/A, DhanmondiR/A,

Dhaka-1209.15,33,335 3.9797 2.3518 1201630000078942 Shareholder

15 Mrs. Halima Harun

House f 42/A, Road H

15 (new),27 (old),

Dhanmondi R/A,Dhaka-1205.

17,40,857 4.4502 2.6707 1202420000632s8/ Diredor

SECTION Xlll: OWNERSHIP OF THE COMPANY'S SECURITIES

2.1026

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Mr. Amir Hamrasarker

4.4544 Director

MohamChiel

IIDFC

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cap ital Limited

(b)There shall also be a table showing the name and address, age, experience, BO lDNumber, numbers of shares held including percentage, position held in othercompanies of all the directors before the public issue

K.M.etrbat duIAkbirr y6. 1; qua! Khan

Company Secretary

RahmanManagiog Dircctor &

Chicf Exccutivc Oflicer

sl.i{o.

l{am€olDlreclors

Address BO lDNo.o. o,

shares held

Shareholdins (%)

(prei$ue)

Po!ition heldin other

Company

1Farida Razzaq

House f 8, Road #76, Gulshan'2,

Dhaka.66 28 120281m62840481 39,26,572 10.037

2Mr. Syed

Farooque

House # 38/8, Road

# 12, Baridhara

Diplomatic20ne,Gulshan,0haka-

t2L2.

60 34 12031900076610978S1800s4s336

43,26,775 11

3Mahfuza

Flat # 3/C, House

$ 47, Road # 5,Dhanmondi R/A,

Dhaka.

55 26 120161m06601711 894201298799 13,70,880 3.5044

llat | 6112, PtioPtanion,2,

Poribag, Ramna,

Dhaka.

39 13 1203190032311449 780616102985 36,00,630 9.2M4

5Mrs.MariumAkhter

House S 82, Road f11(new),

DhanmondiR/A,ohaka.

59 35 1603550007692315 326ra,77A541 27,85,74A 1.1213

6 (halilur

Rahman

Choudhury

House t 5, Road f9,8aridhara.

Dhala.82 1203190025863561 382937940323 38,82,350 9.9245

7 Mr.l-atifulEari

Hour€ # 23lA,Road f 13/A,


43 212187 49316766

13,70,880 3.5c44

8Hamza Sarker

1912, Rakrail,Ramna,ohaka

48 27 1203310D6277a6]5 8/2140425546 29,04,169 7.4240

9 Mr. ABlvl Kaiser

Plot-49, Road-

351^,Gulshan-2, Dhaka-

L272.

59 13 1203000033242011 4891351088633,28,982 8.5100

10

HalimaHarun

House fl 42lA,Road fl 16 (new),

27 (ord),


,19 120242mtn6325a482L563269912

77,40,8s7 4.4502

11Md. ShamsurRahman

70, GulshanAvenue, Dhaka

75 42 1201930006408144 86534821 1497 3,111,736

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rIDFC CaPital Limited r.._.-_c- j

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Chicf Exccutivo Officerc{nress Insur8rce Limited

136

a) A disclosure to the effect that the issuer has complied with the requirements of Corporate

Governance code of the Commission:

MANAGEMENT DISCTOSURE REGARDING COMPLIANCE WITH THE REQUIREMENTS OF CORPORATE

GOVERNANCE CODE OF BAN6LADESH SECURITIES AND EXCHANGE COMMISSION

The Company declares that it is in compliance with the requirements of the applicable

regulations of Corporate Governance Code of Bangladesh Securities and Exchange Commission

in respect of corporate governance including constitution of the Board and committees thereof.

sd/-Md. Anowar HossainManaging Director & CEO(cc)

Express lnsurance limited

d.o idu AK

r{dumad 0trydur Rrhmao, F(TMxlgrlg Drrccto, & CEo

u.A Fir-? & Isv6rncd Lrd.

r,aarffi.ano"*Managing Director

riLI C.:.-rii;.r t,.p:c,

e"IDFC capital Limitqd

DGM & CFOExpress Inswaoce Limitcd

SECTION: XIV CORPORATE GOVORNANCE

137

(b) A compliance report of Corporate Governance requirements certified by competent authority:

We have examined the compliance status to the Corporate Governance Code by Express lnsurance Limited as on 31't July 2019. This

Code relates to the Notification No. BSEC/CMRRCD /2006-1,5812O7 / Admin/80, Dated: 3 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 theprocedures and implementation thereof as adopted by the Management in ensuring compliance to the conditions of the Corporate

Governance Code.

This is 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 lnstitute of Chartered Secretaries ofBangladesh (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 thelnstitute of Chartered secretaries of Bangladesh (lcsB) 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 ofthe company is satisfactory

Date: l August 2019Place: Dhaka, Bangladesh

sdl-For Podder & Associates

Jayanta Kumer PodderCost ond Monogement Accountont

s"t€ba'".4Md. Obaidul Akbar

DGM & CI'OExpress lnsuraocc Linlltco

K.M, SaidMohamma

u ve OfficerMd. Li

Er.a,:;::

Khan,,*,,Sk r*m.F.*.., .@.

Srnar uircaor t ffo ,rlo, IErBil Hossain ACSueffi r h"smr

^ rf,E?Ig,rilH:?:, lMansging Dhcotor &

Chicf Ertoutivt Offlccr- r.ss Inrunace Limited

Report to the Shareholders ofExoress lnsurance Limited on compliance on the Corporate

Governance Code

'rnFC CaPital Limited

138

AI{NCXURE-C

As Per condition no.1(51(rvllErp.es5 lnsllrance Llmited

Status of Compliancc with tha Corporat€ Govc.n.nc€ Code (CGC)

ot oa 3rn luty 2Or9Status of.ompliance with the conditions imposed by the Commission's Notification No. aSEC/CMRRCD/2oOC158/207/Admin/80, dated 03 June 2018 issued

under rection 2CC of the Securities and €xchange Ordinanae, 1.969:

Re under Condition No.

u

\?5Molmad 0baidur Raimaa, FCS

Matr!8lo8 Dircctor & CEo

AAA Fi!8trce & Itrvesnnetrt Ltd.

It[d. tsrail Ilossain ACS

MaEaging DirectorBLI Ca,riia,'-.u:.r':'

MohammaOllicer

a e

cornpliance statui (PutVin the appropriate

column)

compliedNot

Complled

Remarks (ifany)Condition Title

I Eoard oI Diredors.-1(1) sire ofihE Board of Directo.s

The totalnumber of members ofa company's Board of Directors(hereinafter referred to as "goard") shall not to be le5s than 5 (five) andmoaethan 20 (twenty).

1(2) lndependent Directors

1(2)(a)

at leart one fifth (1/5) of the total number of directors jn the companysboard shall be independent dkectors; any fraction shall be considered to thenext integer or whole number for calculatinS number of independentdirecto(sl;

According to lnsurance Act, 2010

Sea.76, Maximum number of lD's

shall be 2 (Two) in the insurancecompany.

1(2)(b) For the purpose of this clause "independent daredor" means a directorOoer not hold any share of theCompany

1(2)(b)(i)who either does not hold any share in the company or holds less than onepercent (1%) shares ofthe total paid-up shares ofthe company;

The lndependent Directors have

declared their compliancea.

Who is not a sponsor of the company and is not connected with thecompany's any sponsor or director or nominated dkeator or shareholder ofthe company or any of its associates, sister concerns, iubsidiaries andparents or holdinS entities who holds one percent (1%)or more shares ofthetotal paid-up shares of the company on the basis of family relationship andhis or her family members atso shall not hold above mentioned shares in thecompany:

Who has not been an executive of the company in immediately precedin8 2

(two) financial vears;

1(2)1b)(iv)Who does not have any other relationship, whether peauniary or otherwise,with the company or its subsidiary or a5sociated aompanies;

112)(b)(v)Who is not a member or TREC (TradinS Ri8ht Entitlement Cenificate) holder,director or officer of any stock exchan8e;

1(2XbXvi)who is not a shareholder, director exceptinS independent direct or officer ofany member or TREC holder of stock exchange or an intermediary of theaapitalmarket;

1(2)(b)(vii)

Who is not a partner or an executive or was not a pa ner or an executivedurinS the preceding 3 (three) years of the concerned company's statutoryaudit firm or audit firm engaged in Internal audit services or audit firmconducting special audit or professional certifying compllance of this Code;

1(2)(b)(viii

)

1(2)(bX.x)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-BankFinancial lnstitution (NBFI);

1(2Xb)U) who has not been convicted for a criminal offence involving moralturpitude;

1(2Xc)The independent director(s) shall be appointed by the board and approvedby the shareholders in the Annual 6eneral MeetinS (AGM);

1(2)(d)The post ot independent director(s) cannot remain vacant for more than !)O

{ninety)davs;

1(2)(e)The tenure of office of an independent director shall be for a period of 3

(three) years, which may be extended lor 1 (one) tenure only:1(3) qualification oI lndependenl Director.-

1(3)la)lndependent director shall be a knowledgeable individual with inte8rity whois able to ensure compliance with financial, regulalory and corporate law5

and can make meaningfulcontribution lo businesr.

e$6dl'rarz{1(3Nb)(i)

Busineis Leader who is or was a promoter or directoa of an unlisted companyhavinS minimum paid up capital of Tk. 100.m million or any listed rompanyor a member of any national or international chamber of commerce orbusiness association;

IIDFC Capital LimitedE':

ExDGM & CFO

press Insurance Limited

N

1(2)(b)(ii)

1(2)(b)(iii)

who is not an independent director in more than 5 (flve) listed companies;

139

Co.porate teader who is or wat a top level executive not lower than Chaef

Execut;ve officer or ManaSing Director or Deputy Managing Director orChief Financial Officer or Head of Finance or Accounts or CompanY

Se.retary or Head of lnternal Audit and Compliance or Head of tegal

Service or a candidate with equivalent position of an unlisted company

havinS minimum paid up capital of Tk- 10O.0O million or of a list€d

1(3)(b)(ii)

1(3)(bNiii)

tormer official of government or statutory or autonomous or leSulatorybody in the position not below sth Grade of the national pay scale, whohas at least educational backgtound of bachelor degree in economics orcommerce or bu5ine55 0r law;

University Teacher who has educational background in Economics orCommetce or Business Studies or taw;1(3)(b}(iv)

1(3)(b)(v)

Professional who is or was an advocate practicing at least in the HiSh Court

Division of Ean8ladesh Supreme Court or a Chartered Accountant or Cost

and Management Accountant or Chartered FinancialAnaiyst or Chartered

Certified accountant or Ce(ified Public Accountant or Chanered

Management Accountant or Cha(ered Secretary or equivalentqualification;The independent diredor(s) shall have at least 10( ten) years ofexperiences in any field mentioned in clause (b);1(3)(c)

No such deviation occurredln special cases, the above quelifications or experiences may be relaxed

subiect to prior approval of the Commission.1(3}(d)

Ouality ofChairperson ofthe Board ol Dire.tors and Man.Eint Director orChief Exe.utive Offi cer.-

1(4)

1(al(a)The positions of the Chairperson of the Board and the Managing Director(Mo) andlor Chief Executive Officer (CEO) of th€ company shall be filled bY

different individuals;

1(4)(b)The Mana8ing Director (M0) and/o. Chief Executive Offi.er (CEO) of a

listed company shall not hold the aame position in another listed company;

1(a)(c)The Chairperson of the Board shall be elected from among the non

e,(ecutive darectors of the company;

1(4Xd)The Board shall clearly define respective roles and responsibilitaes of the

Chairperson and the Managing Director and/or Chief Executive oflicer

No such event arose1(a)(e)

ln the absence of the Chairperson of the Board, the remainin8 members

may elect one of themselves from non-executive directors as chairperson

for that particular Board', meetinS; the reason of absence of the reSular

chairperson shall be du rccorded in the minutes.

The Oirectors' Report to the Shareholders1(s)

an industry outlook and pos3ible future developments in the industrY;1(s)(,)

1(s)(ii) The SeBment wise or product-wise performance;

1(s)(iii)sustainability and negative impact on environment, ifany;A discussion on Cost of Goods rotd, G.oss Profit MarSin and Net ProfitMargin, where applicable;

1(s)(iv)

No such event aroseA discussion on continuity of any extraordinary adivitiejimpliacations (Bain or lols);

end theirr(sXv)

1(s)(vi)

A detailed discussion on related party transactions along with a statementshowing amount, nature of related party, nature of transaction! and basis

of transactions of all related pany transactions;

1(s){vii)A statement of utilization of proceeds raised through publlc issues, riShts

issues and/orthrough any others instrument5;

An e)(planation if the financial results deteriorate after the company Soesfor lnitial Public OfferinS (lPO), Repeat Public Olfering (RPO), RiShts Share

Offer, Direct Listing etc;1ls)(v.i.)

No such event arose1(sXir)An explanation on any significant variance that occurs between QuarterlyFinancial Performance and Annual F inancial Statements;

1(sXx)A statement of remuneration paid to the directors includinS independentdirectors;

'a.4,6r\6dA statement that the financialstatements prepared by the mana8ement ofthe issuer company present fairly its state of affairs, the result of itsoperatrons, cash flow5 and changes rn equity;

1(s)(ril

ltCI]O

arM[ OharI)G N'l

A statement that proper books of account of the issuer company have

been maintained;1(5)(xii)

1(s)(xiii)estimates are based on realonable and dent

M. SaidurRrhmrn. FCT

M..{ua Di,!.lor & CEO

{AA Fitruc & lnvlsmrnt LtlMohamma

xecutive Officer

&Offtccr{4 Isr#ssainecr

Managing DirectoiBLI Ca?ite Lirnitcri IIDFC CaPital Limited

K.

Insurauce Limited

Risks and concerns includinB internal and external risk factors, threat to

(A statement that appropriate accountan8 policies have been consiltentlyapplied in preparation of the ,inancial statements and that the accountinB

740

1(5){rivl

A statement thar lnternational Accounting Standardr (lAS) or lnternalional Finan.ialRepo(ing Standard3 (IFRS), as applicable in Santladeih, have been followed inpreparation ol rhQ finan.ial statements and any dep.nu,e there from har beeh

N

o aiduDGM & cFO

Express lnsuraoce Limited

IvId. Li t Ali Khan

K.M.&

Offtccrli6.mtd ob8!'drr RahnEtr, FCs

Maetgug Dlrcctor & CEO

MA li!,i:.d .l l-itcsEqcd Lld. Exe cutive Ofiicer (--

1(s)(ry)A nat€m€nt th.t the ryn€m of internal control i! $und in deritn .nd har b€.neffc.tivev implem€nted and monitor.d;

1(5Xxvi)A natement th minority shareholde.s have been p.otact€d lrom abusive actions by,or in the interest ot,.ontrolling shareholdeE aclint either dire.lly or i.dtectly and

have effective means of redressj

1(sl{xviila statement that th€re is no Slgnificant doubt upon lh€ iesuer.ompany! ability tocontinue ar toint concern, if th€ issu€r €ompany i5 not considered to be a going

concern, th€ fact along wirh reasonr there of shallbe dirclotedj

1(s)(niii) An erplanation that ripificanr deviarionr from th€ lart ye.r'! operrtint results oftheirruer company shrll b. hiShlithted and the .esons th€reof shall be erplained;

1(s)(rir)a natement phere key operariot and financialdat. otat lea.r precedinS 5 (five)y€ars

th.llbe ruftmarned;Tt€ Company has d€clared l0% Cash

1(s)Gr)An explan.tio. on the rea5onr ifthe irsuer company hat not declared dividend (cash

or nock) for the year;

1(5)(rxi)Board's rtatement to rh€ elleci that no bonus share or stock dividend has been orshallb€ declared as anterim dividendj

1(s)(xxii)The total number of Eoard meetings held duing the year and anendance by ea.h

r(5Xuiii)A report on th€ p.ttern of rh.reholdi.B disclorint the agSre6ate numb.r of shares

{alonswnh na.ne-wir€ deGilr wherenared below)held by:-

1{5)(uii.)(a)P..ent or Subsidiary or Associat€d Compani€! and olher related panles (name-wise

d€tails)j

1(s)(xx,iD(b)onedor!, Chief Exe.utive Olficer, Company Secretary, Chief tina.cial fficer, Head ofhrernalAudit and Compliance their rpourer and minor.hildren Iname'wir€ details),

r(sXui.iXcl

1{s)(uiii}(d)Shareholders holdint ten percent (lgx) or more voting interett in the company No shareholder holdina 10%or more

Share of the company

1(s)(rxiv)ln cas€ of th€ appointm€nl or reappointment of a director, a dirclosure on thefollowins information to the shar€holde6:a brief resume ofthe direclor1(s)(xxiv)(a)

1{5){xriv)(b) nature oahis/her erpertite in specifir tu nctional ar€asj

1(sllxriv)1.)Names of companier in which the person also holds lh€ directoEhip and themembe.ship of committeer of the board.

t1s)(xxv)A ma.ag€m€nt'! Oilcuriion and aoalysir riped by CEO or MD pre5..itiot detailedanavsii of the company's posnion rnd operations alont with a brief disrcission ofchange5 in finrncial {atcm€nG, amon8 othe6, tocunngon:

1(s){xivl(a) Ac.ountinR Dolicier.nd €rtimation forp.eparation of financial lt.tementrj

1{s}(,rv)(b)chang€s in accou.ting poliaaer and ertim.tion, il any, clearly dercribing the effect on

financial p€rformance or results and financial position ar well a! cash flow! in

abrolute fiaur€ for Buth chatrSei;

Comparativ€.nalysis (including effed5 of inflation) of fian acial performance or results

and financi.l poeitio. a5 w€ll .r carh flowr for curenr finan(ialyear with immediateore.edinqfiveve..eerol.ininsre.ronrthereof;

1{5}(uv)ld)compare rudr finanoal p€rformance or re5utu and financiil polition a! well as cash

ffo{r' with th€ pe€r indurtry sc€n6rio;

rlsXel{e) bieflyerplainthefinancialandeconomicscenarioof theco!ntry.ndlheBlobe;

1(sXxxvXl)rirks and .oncerne irn es retated to the finan.ial natem..t!, erplaining ruch rirk and(on.ems mitia.tion pl.n ofth€ company; and

1(5Xx,v)(r)turure plan or pro,€ctlon or torecan for company's operation, performance andfinancial position, wilh iuslifrcation lh€r€of, i.e., a.tual position shall be explained torheshareholders in the nenAGMi

CaPital Limited ! '..tr"iExpress hsumtrcc Limited

1{s)(rxv)(c)

Md.\%tsrail llossain

IIDFC

141

1(s)(xrvi)Declaration or certification by the CEO and the CFO to the Soard a5 requn€d onder

requned under condition No.9 th.llbe disdos€d as per Annexure-B and Annerure-C.The report as well as c€rtificate retarding compliance of .ondrtion5 of this code ag

1{sXxrvii)

1(6) ol the Board of Diredortnr€ company shall conducr its Board me€tingi and record the minulet of the

meetin$ as wellar teep requned book5 and reords in line with the provitiont ofthe.€lev.nt Bangladesh 5ecr€tari6l Standa.ds (855) a5 adoPted bY the lnstitute ofChanered se.reta.iee of Bintladesh (lCsB) in 3o tar as those nandard! ..e not

condnion ol this Code.

r(7)Code ol Conducl for the Chairo€rson, oth.r Board membert and Chel txecurive

Ihe Eoard shall lay down a code of conduct, based on the recommendation of the

Nomination and Remuneralion Committee {NRC), for tne Chairy€.ton ol thQ 8oard,

oth€r board members and Chi€f Eretutive Officer ofthe company;t(7)(a)

1{7)(b)rle code ofconduct.r d€t€rmined by the NRc rhall be Potted on the webtite of lhe

ErL do.t not hav. .ny Su bsidia.y Conpa nyGovernan.€ of Board ofDire.toB of Su btid i.rY ComPanyr2

2(a)made aoplicable to tne comporition ofthe Board ofthe subsidiarYProviions relatint to the comportion ol th€ Board ofthe holdint comPany shall be

At least I lone) independen! director ofthe Board ofthe holdint companY th.llb€ a

director on the aoard ol the subtidiary comPanyj2(b,

2(c)review atth€ following Boa.d meetintofth€ holdinEcompaTlte minutes of th€ Board meetinS ot the tubtidi.ry conpany thall be Placed for

Tl e min utet of th e respective Eoard m€etint of the holdinS company shall nate thatthey have reviewed the affans ofthe subsidiary company alsoj2(d)

2(e)arti.ula. the invenments made

Th. Audit Committe€ of the holding company thall .l!o review the financial

M.naliq Okector (MD) or Chi€t trcclrtivc Offic€r {CEO), Chief Fin.nci.l Ofiic€r(CrOlHe.d of lnte...l Audit .nd Compli.n.€ (HIAC)and ComP.nY s*.€t.rY(CS)-3.

The Board rhall appoinl a Manatint Dnedor (MD) or ChieI Exe.utive Offic€.lCtO), a

Company Secretary (CS), a Chiel fina..ial Olficer (CFO) and a Head of lnternal Aodit

and Comoli.nc€ IHIAC);3{1Xa)

3(1){b)ne positions of the Manating Oirector (MD) or Chief Executive Oflicer ICEO),

Company Secretary (CS), Chief Financial Officer (CFO) and a H€ad of lnremalAuditandCompliance (HIAC)shallb€nlledbydifferentindividuaisiIh€ MD or CEO, CS, CEO and HlaC of a lined company shall not hold anY executive

oo5ition in anyother companyal the5ame time;3(1)(.)

3(1)(d)Itr€ Board shall clearly defln€ rerpective role!, respontibilities and duti€! ofthe CFO,

the Hrac and the cs;

3(1)(e)The Mo o. CEO, C5, CFO and HIAC shall aot be removed from lh€ir pottion withoutapp,ov.l of the Soard ar well as immediate ditsemination to the Commirtion and

Requ ire ment to .tiend Bo.rd ol Dlrector't Meetints3(2)

The MD or CEO, CS, CFO and HIAC of th€ company th.ll att€.d the me.tin$ of the

Duticr of M.n.ti.E Oirector (Mol or Chicf EtRUtiv. Omcer (C€O) .od Chi€fFinancial offic€(cFo)3(3)

Ihe MO or CEO and CFO shall cerrify ro the Soard that tney hav€ reviewed finan(ialrtatementt for th€ yea. and ihat to the bert oftheir knowledte and belief:3FXa)

These stat€ments do oot contain .ny materially untru€ stat€ment or omit anY

materialfact or contain 5larementrthat mitht be mi5l€.dingj3(3)(aXi)

These statements loteth€. prerenl a lrue and fak view ofthe comP.ny'r affaB and

a.e in.omplian€e with €xirtinE acco!ntint ttandards and aPPlicable lawsj3(3)(aXii)

3(31(b)

Th€ MD or cEo and CrO rh.llalro certify that there are, to the bert oftnowledt€ and

beliei no vanractions €ntered into by the company duri.g the y€ar whith are

fraudulent illegal o. violation ol the code of conduct for th€ compiny! Soard or itt

r(3)(c) Tle (ertification oflhe MD or CEO and CrO thallbe ditclosed in th€ Annual Repo^.

bai ul AkbarDGM a ct'o

nsuraoce Li

rhlunmrd I )t6ydur RahrEo. F(S

ll.r{rq Drlclor & CEo

AAA Fi,lr.c & hYcr nlrt t,lrl^{c.rrr#^raoecrManaging Director'lLI C.:.ritet l^rnrter'

Mohaxecutive Otficer

A'Jv-----.-


Express I mited

&

4{,)

4(iD Nomination and Remuneration Committe€5.

sll) R.sponsibility to the Aoard o, Dn dort5{1)(a) Ihe company shallhave an Audil Commitlee at a sub'committee ofthe Eoard;

s(r)(b)Tte Aud[ committee shall assist the Eoard of Directo.s an ensurint thar rhe fin.nci.lrtat€ment5 reflect t.ue and fair view of the state of afiairs of the lompany and i.ensuinta Sood monitorintsynem within the busioess;

s(1){c}The Audit Committee rhall be responsibte to the Soard; the doties of the AuditCommittee shall be .lea.ly r€t lodh in writin&

5(2) co.3titution of the Audit Committee

sl2Xal

5(2)(b)

Ihe Bo.rd rhall appoint memberr ot the audit committee wno shall b€non-e)(e(utive

dir.cto15 ofthe company ex.eptinB Chairpe6on ofthe Board and shall includ€ at leart1{one) independ ent di.ecto.;

5(2)lc)AllhembeB ofthe audit commlttee rhould be "financlally llterate" and at l€ast llone)member shall have accountint or related llnancial manaBem€nt bacttround and10(ted)vears of such experi€nce;

5(2t(d)

When the lerm ot reruice of any Committee membErs expires or th€r. is any

circumnance crusint any committ.e member to be unable to hold offce befo,eetpiration ofth€ te.m of5€Nice,lhu5 makintth€ number oflhe com mittee ,he mberito be lowerthan the prerc.ibed numbcr of 3 (three) persont, the Soad shallappointth€ n€w Commmee memb€r ro fill up the va@nca immediately or not later ihan 1

lone) monrh from the drte of vacan.y in the Committee to €nsure continuity of theperformance of worl of the Audit Committeej

5(2)(e) The compa.y secretary shall act ar the secretary ofthe Committee

s(2)(t)Ite quorum of rhe Audir Comminee meering rhall not connitute without at leart 1(one) ind€pendent dkector.

5{3)(a)TIe Eoard of Okedorr shalt select 1 lone) member of th€ Audit Commlttee to be

ChairpeEon oftheAudit Committee, who shallbe an lndependent dke.tori

5(3t{b)

ln the ablence of the Chairperson of the audit .ommittee, the remainint memb€rsmay elect one of th€ms€lv€s as Chairperson for that pa.ti€ular meetin& i. that !a5ethere rhall be no probl€m of constinutint a quorum as requir€d !nd€. condirionNo.5(4)(b)and th€ r€ron ofabsenc€ oflhe retular chairperon shallbe duly recorded

sll)(c)Chairpe6on of th€ Audit Commrttee 5hall r€main present in the Annual Gen.r.l

s(4)(a)fte Audit Commrttee ihall co.duct.t l€art it5 fou. meetin$ in a financial year:

Provided rhat .ny eher8ency meeting in addnion ro reSular meetint may be

convened ar the r€quen of any one of the m€mbers ol the committeei

5(4Xb)lhe quorum ofthe meerinS of th€ audit committee 5hallbe constiluted in pr$enc€of eirher two memberr or two third of the m€mbe6 of the Audat Commitlee,whicheveris hisher, where prer€nc€ of an independ€nt dk€ctor is a must-

s(s) The Aud it Committee shall:

5{s)(a) O!e15ee the frnancial reportinE proce5s;

s(5)(b) Monitor choice ofaccounling policiet and p.incipl€s;

s(s)1.)Monitor lnt€mal Aud( and Compliance pro.ess to ensure that it is adequately.esourced, includint .pp.oval ol th. rnt€rnalAudit and Compliance pl.n.nd.evi€w ofth€ lnternal Audit .nd Compliance R€pon;

5(sNd) Oversee hirinEand p€.formance of enemal aud ito6-

5(5){€)Hold m€etin8 wnh the exrernalor rtatutory auditorrlor review ot the annualtinancialn.tementi befo.e rubmission torhe Eoard for approval or adoption,

s(5x0R.view along with the manat ment, lhe annual financial statements befor€5ubmir5ion to the board forapproval;

s.s(8)Review alont with th€ m..agement, the quartedy and half y€a y fin.n.ialnatem€nt5 before rubmi$ion to lhe bo.rd for.pprov.l;

5.s(h) Revlew the adequacy of internal aud it frrndion;

s{sxil

sttotmrad 0traYdut Rahuo fCS

Y:trBrlg Drr.cbr & CEO

A.4A l-..-- : -: r:--;:at Lul

@Md. Is;il Hossain aCS

MaDsging Director6LI Ca,:lua Liro'itcd

Md. o aidul AkbarDGM & CFO

E*p ress Insurance Limited

ch i Executive ofiidllC. Li2 !

142

K.M. RaAmanM8tr8gitrg &

Chief Exooutivo OfiicerExpress Inruranoe Limited

ao.rd ot Dnedor't Committ?e.- For Eorunnt tood governance in the comP.nY, theSoard sh.llhave at le.stfollow

Review the Managemenft Oiscurtion and Analyris befor€ disclosinB in the Ann!al

IIDFC CaPital Ll*49,_e,,:'.' etarvL:;ik,d

The Aud it Committee shall be .omrosed of at least 3 (three) membe6;

143

5(5Xk)Seview Management Lettert or Leder of lnt€rnal Control weaknert ittued by

5(5)(D

Overee the detehination of audit fe€5 bared on s.ope and matntude, level oferpetir€ deployed and time requked for ettedive aud-rt and €vatutethe perform.nce

5(s)(m)Ov€rs€e whether the proceeds raised lhrouSh lnitial publi( Offeing {lPO) or 8€peat

publi( Offering(RPo) or nithi5 Share otfer have been utilted as per the purpos€

nated in releva.t offerdocoment or roved bY the commi5rion

st6) Reportins of th€ Audil Committe€5(6)(a) neporting to the aoard of Directori

s(5)(aXi) The A!dit Committee rhallrepon on itt aclivitiet to the aoard

s(6)(a)(ii)Ihe Audt Committee rhall immediately report to the Board ot On€ctors on the

followingfindintt, if a.y:s(5)(a)(ii)(a) report on conflicts ol inte.e!trj No such lncidence arose

s(5)(a)(ii)(b)ruspe.ted or presumed fraud or .rregularity or material defect identiUed in theinremalauditand complianc€ proc€st or in th€ financialstatements;controltytt€m:

No sucn lncidenc€ arose

s(6)(a)(iiXc)surpected inftintemenl of l.wt,retulatory comPliancer includint securiii€3 reltt.dlaws, rule5..dretul.tions;

No such lncidence arote

5{5Xa)(iiXd)any other matter which th€ Audil Committee d€ems necess.ry shall b. ditclo.ed tothe Bo.rd imlnediately;

No such lnciden(e arot€

s{6xb) xeponi.g to the A!thoritie9lfthe Audn Committee hae repoied to lhe Board about anYthi.g which nas materialimpact on the fnan.ial .ondition and resultt of operatio. ..d fiar discursed with theEoard and the m..atement that anY rectification is necestary and if the Audit

Committee findr th.t tuch rectifi.ation hat been unreasonablY itnor€d, the Audit

Committee shall report such findins to the Commission, upon rePortint of tuch

matter5 to the ao.rd for three time5 or completion of a period of 6 (5it) montht from

rhe date of lirrt reportintto the 8oard, whi.heveris earlier.

No such reportable in.idence..ote

5(7) i€oortins to th e Sharehold€13 and GeherallnvenortSeport on actMties c.rried ool by th. audit committe€, includintanY r€Pon fiadc rothe Board uflder condition 5{5){.)lii) above durint the year, 5hall be rilned bY th€chanpeEon of th€ Audit Committee a.d disclos€d in the annual report ol the i55uer

5. omination and rem!ne.ation committee(NRC).-

6(t) Re3ponribilityto the 8o.rd ol oiredoE

6(1)(a)Ihe company rhall have a Nomination and R€muneration Committ€€ {NRC) a3 a sub'

rommitrEe ofthe 80ard;

6(1Xb)

The NRC shallairitt the Eoard in fomulation ofth€ nomination crit€ria or policy fordeterminint qualifi.ations, posilive attribute!, experien.es and independence of

dtedorr and top level ererutiv€ .r well at a politY for formal Proce35 of conrderintremuneration of directo15,top level executive:

5(1Xc)The r€rm5 of Reference (ToR) of the NRC ahall be clearly s€t forth in wrilinS coverint

th€ are.s stated atthe conditio. No.6(5)lb).

6(2) aonlritution dtth. RC

6(2Xa)Ihe committe€ shall comprire ol at leart lh.ee mEmbe.t includint an indeP€n.lent

5(2)(b) Allmehber ofthe Commitlee rhall be noh-Qxecutive dnedolsi6(2)(c) M€mbers ofthecommittee rhallbe nominated.nd aPpointed bythe 8oard,

6(2){d) Th€ Eoard shallh.ve authornyto remov€ and .PPoint anY m€ mber ofthe Commineej

5(2)(e)

ln ca3e of death, resitnation, ditqualification, or removal of.ny member of theCommiftee or in any other care! ol vacan(iet, th€ board thall fill the vacancY wathin

180 (one hundred eishtyl daye of occurins suth vncancy in the Committ€e;

5{2)(f)

Tle Chairpe6on ofthe Committee may appoint or co-opt any enernal exp€rt ,nd/orm€mbe(, of stafito the commiltee a5 adviror who shall be non-votint m€lnber, ifthe Chakpe6on feelr that advic€ or su68estion form su.h el(lernal etPert andlormembe(s)of staffshallbe required or valuable forthe commitreej

6(2)(r) The company secr€tary 5hallac! ar th€ tecr€tarY ofthe Committeej

5(5 Review rtatement of all related !ran3actions submitted

aidu bAIMd.o to

e LinlireoDO M &cExpress Insulanc

Volmmad Oteydur Rrhnr., tGIl'{tq Di'r.hr & CEo

4iAA l'ff.c & InvcnEat LtdChiel Exacutive

IIDFC CaPitalMansgiEE Dlloctor &

ChiefExccutivo Offrccr

dtL{d. Isr#ossainacs

ManEging DirectorBLI Ca,rlte r l,.rn,rer

OfficerLlmited H'"M#:. crnress Insurauce Limited

i(.M. Saidur

6(2)(0

No m€mber of th€ NRC shall re.eivc, either dir.ctly or indned[, aoy remsneratiofltor any advirory or co.suhancy role or otherwbc, oth€r than oaredor's fees orhonorarium from th€ company.

6(3) ChikpeGon of the NRC

6(3)(a)The soard shall sele.t 1(one) memb€. of rhe NRc to be Chanpe6on of thecommitree, who shallbe an independent d nectorj

6(3)(b)ln the absence olthe Chairperson ofthe NRC, the rem.i.anB membe.s may elect one

oltnemselver as Chairperson forthat p.rtic!lar meeting,lhe reason ofabsence ofth€regular Chairp€rton rhallbe duly recorded in the minutetj

6(3)G)The chairperson of the NRC shall attend rhe annual Seneral meerlng (AGM) to answer

the que.ies ofthe shareholders:

6{4)

6(a)(a) Tle NRC rhallconduct at lean one meeti.E in . llnancial year;

Th€ ChaarpeBon of the NRC may convene ..y emertency meetint upon request by

anY member of the NRc;6(4Xb)

5t4)G)Tt€ quorum ofthe meetint of the NRC 5h.ll be consttuted ln prer€nce of either twom.mbe6 or t*o third ofthe m€mb€rr of th. Commin.e, whachever is hicher, wherepreren.e of.n independent direcior B rnun ar required undercondition No.5(2)lh);The proceedin$ of €ach meeti.g of the NRC 5h.ll duly be re.orded in the minutes

and ruch minutes shallbe confrmed inthe nen m€erinrofthe NRc.6{4Xd)

6{5)

6(51(a)irRC ahall be independ€nt and responsiblc or accountablc to the Eoard and to the

6(s)(b)NRC shall oversee, among othe6, the followin8 maneG and make report withrecommendatio. to the Board

6(sxb)(')Formulatang the criteria for determinint qualifications, positiv€ attributes andandependen(e of a director and recommend a policy to the Bo.rd, relating to theremuneration of the directo.s, top level€xeculive, co.sideingrhe lollowingl

5(5)(b)(i)(a)Tle level and composition of remun€ration is r€a5onable and sufficient to attract,retain and motivate suit.ble dire.l06 to run the comoany ruc(elefullyj

6(s){b)(,)(b)Ihe rel.tionship of remuneration to performance ir cl.ar and rne€ts appropriatep!,lorinance benchrrarksj and

6(s){b}(i)(c)Remuneration to directors, top level ex€cuive involves a balance betwee. fixed andincentive pay r.flectint short and long-term performanc. objective! appropriate tothe wortins ofthe company and it! aoal!;

6(5XbXiDDevisint a policy on Bo.rd'r diverrity taling into conrideration a8., Eender,eryeri€6ce, ethniciiy,educational backround and natlonality;

6(5)(bXiri)

ld.ntifyint p€Eonr who are qurlifiedto becom. dnedor3 and who may be appo'ntedin rop level €xecutive position in accordance with the .riteria laid down, andrecommend then appointment and removalto the 8oard,

Formul.ting the criteria for evaluation of performance ol independent directors and5(s)(bXiv)

5(sXbXv)lndentifyin8 the company's needs for €mployees al daff€rent lev€k and detemine$elrrelection,transferorreplacementandpromotioncdteria;

6{5)(bXvi)Developin& recommending and reviewint annually the company's human resour.es

5{s)kt1}l€ company rhall dirclose the nominatlon and remuneration policy and theevaluation criteria and activities of NRC during thc y€.. at a Blanc€ in its annual

7 En.rnal or St.tutory Audito6

7(1)Tn. ir3uer rhallnot engat€ iB enernalor natutory auditors to perform the followingseMc€rof th. como.ny, nam€ly :-

7(1)(i) Apprarral or valuation seMces or farn€rt opinione:

7 (1) (ii) financial hformation system desiEn and implementatronj

7(1)(iii) Book-t€€pint or other servicer related ro rhe accountinS records or financial

7 (1) (iv) Broler -{€aler reruicesi

7 (1)(v)

ht€mal audit eeNice5 o.5pecial audit redicer;7 (1)(vi)

7 {1) {vri) Any seNrces r hat the Aud it Comm mee determi. es

5(2)th)Ihe quorum ofthe NRC meetinS shall not constilute wilhout anendance of.t least an

AVt&{uonrad ObaYdur Rahmao, FCI

I{.0!girg Dtrcctor & CEo

AAAFiltoce & ttrvcstEcrt Ltd

@l[d. lsrail Hossain AC

Managing Directo'BLI C;"litai u^ruite

sMonu*ru J. Litivc officer Cir-r.):

ob itl dul Akbar- DcM & CFOtsrptass lnsurance Lirlited

K.M.8

' ttDFc capital Limitd ,:c-i .l-_:t.:.i-:Jt i_

a

b

7 (1) (viii)audit or cenification servic€r on complia.ce of corPorate governance.t requted

Anyotherreryicethatcreateeconflidof interest

712')

No Pa.tner or eftployees of the e(ernal audit firm5 shall p$sess any th.r€ of the

company they audit .t le.n durin8 the tenureof th€ir audit assitnnent of thatcompany; hB or her f.mily members aho shall not hold anY shars In the said

Repres€ntative of ext€rnal or ttatutory audtor shall reinain Prese in the

Shareholde6' Meetint (AnnualG€ne.al meeting or ExtraordinarY G€neral Meeting)toanswer the qLrerie! of lhE shat€hold.rt.

7(3)

8. Maintainin8. website by the comprny.-The Company shall have an oflicial web5ite linked with the website of the noct

8(1)

8(2) rhe website functionalfrom the date of I

The company shall m.ke available the detailed discloturet on ils w€btite as required

under th€ reBUlations ofthe concerned 5totk exchangels)8(3)

fleDorlna oDd codpliooce ol corporot2 Govemon.e.'9.

lhe company rhall obtain a c€rtif.at€ from a pradicint Prof€ssional accountant or

secret.ry (Chanered Accorrnl.nt or Cott and Manatement Accountant or Charlered

S€cretary) oth€r than its statutory auditor o. audit firm otr Ye.rly basis r.tardingcomplian.e of Corpo..t€ Governan.e Code of the Commission and thall tuch

certificate rh.ll b€ dirclored in theA.nualRepon.

9(1)

8oa.d recommend€d the Profetsional fordue appolntment by thc Shareholders io

UpcomintAGM9(2)

Tt€ profession.l who will provide lh€ renificate on compliance of thi3 corporate

Governan.e code shall be appointed by the Sh.reholders in th€ annual Seneral

nre dkectorr ol the comp.ny rhall rtate, in a.cordance with the Ann.turu'Catt.ched, in the direclors' repon whether the company has complied with thele9(3)

DCM &a idtIIAk al

.itedcro

tlr^ltffmrd (fryer Rrit@' FGl

lhqroj Dirtclor & CEO

tlt^ tb{. t totc@t Ld',r{a. t,!ffi,nno.,

U[anaging Director,rLI Ci,lirat l-mrte(

MohChiel Executiv e Otficer

K.M. RahmanManagiog &

ChicfExecutive Officcr

IIDFC CaPita I Limited

Express lnsurance Linr

tinress Iasurrnce Limited

144

(c) Odetails relating to the issuer's audit committee and remuneration committee, including the names ofcommittee members and a 5ummary of the terms of reference under which the committees operate:Audit Committee:ln accordance with the Corporate Governance Code adopted by Bangladesh securities and Exchange Commission (BSEC), theBoard appointed Audit Committee comprises ofthe following Non-Executive and lndependent Directors ofthe Company:

1. Mr. F€roz Ahmed (Chairman of the Audit Committee);2. Mr. Md. Abdul Awal (Member of the Audit committee);3. M rs. Ma hfuza Younus (Member of the Audit Committee);4. M r. Siddique Hossain choudhury, lndependent Director (Member of the Audit Committee);

5. Mr. Syed Al Farooque (Member of the Audit Committee);

6. Mr. Khalilur Ra hman Choudhury (Member of the Audit Committee);

7. Mr. Amir t-lamza Sarker (Member of the Audit committee);

8. Mrs. Marium Akhter (Memb€r of the Audit Committee);

9. Mr. A. B. M. Kaiser (Member of the Audit Committee);

10. Mrs. Farida Raz2aq (Member of the Audit Committee);

11. Mr. K. M. Saidur Rahman (Member of the Audit Committee)

Termr ol Relerence of Audit Committeel

The main objective of the Audit Committee is to assist the 8oa.d of Directors to effectively carry on iti responsibilities relatinB

to financial and other relevant affairs of the Company. The Committee is empowered to monitor, review and examine the

followingr:

D oversee the financial reponing process;

0 Monitor implementation/ following the accounting policies and principles;

0 Monitor lnternal Control Risk Management Process;

0 Overse€ hiring and performance of external auditors;

0 Review along with the management, the Annual Financial Statements before su bmission to the Board for approval;

0 Review along with the management, the Quarterly and HalfYearly Financial Statements before 5ubmission to the

Board for approval;

0 Review the adequacy of lnternal Audit team performance in terms of internalaudit .eport;

0 Review statement of significa nt related party transactions submitted by the management;

0 Review.Manatement Letters/ Letter of lnternal Controlweakness issued bystatutory auditors;

0 When money is raised through lnitial Public Offering (lPo)/Repeat Public Offering (RPO)/Rights lssue, the company shall

disclose to the Audit Committee about the uses/applications of funds 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.

Further, on an annual basis, the company shall prepare a statement of funds utilized for the purposes other than those

rtated in the offer document/prospectus.


Express lnsuratce Lioircd

, N-,,",'.1

Chief Executiv e Ofiicer

IIDFC mitedMd. Lia -! .r

K.M.t%Md. Israil Hossain ACf

Managing Direero'DLi C--:.io. :..r::.t,r,

Capital Li

E-,:CcFd:r!

MsnsEinc Ditlctor &Chiof Eloiutivo O$ccr

Express Insuratrce Limited!tr,'.

145

Remuneration Committee:

The Board appointed Remuneration Committee comprises of the following members:

1.. Mrs. Farida Razzaq (chairman ofthe Remuneration committee);

2. Mr. Syed Al Farooque (Member of the Remuneration Committee);

3. Mr. Md. Abdul Awal (Member of the Remuneration Committee);

4. Mr. Feroz Ahmed (Member of the Remuneration Committee)and;

5. Mr. K. M. Saidur Rahman (Member of the Remuneration Committee).

Terms of Reference of Remuneration Committee:

The Remuneration Committee has been established to assist the Board in developinB and administering a fair and

transparent procedure for setting policy on the remuneration of directors and senior management of the Company

and for determining their remuneration packages and to review and oversee the Company's overall human

resources strategy. The Committee is empowered to perform, monitor, review and examine the followings:

0 Determine the remuneration of the company's chief Executive officer, the chairman, theExecutive Directors and the Company Secretary;

0 Review the ongoing appropriateness and relevance ofthe remuneration policy;

0 Approve the design of, and determine targets for any performance related schemes and annualpayments made under such schemes;

0 Review the design of all new long-term schemes and significant changes to such schemes forapproval, in each case, by the Board and shareholders;

0 Determine the total individual remuneration package of each Executive Director, the Company Secretary

and the Chairman including bonuses, incentive payments and any compensation payments;

0 Monitor the level and structure of remuneration for senior management;

0 oversee any major changes in employee benefits structures throughout the company or the Group;

0 Review the policy for authorizing claims for expenses from the Chief Executive Officer and theChairman;

0 Ensure that all provisions regarding disclosure of remuneration;

0 Review ofthe Remuneration committee's performance;

0 Review of and proposed amendment to the terms of reference;

0 approvaloftheDirectors'remunerationreport;

0 Be responsible for establishing the selection criteria, selectin& appointing and setting the terms ofreference for any remuneration consultants who advise the Remuneration Committee; and

0 Obtain reliable, up-to-date information about remuneration in other companies, with a view to.iudgingwhere to position the Company relative to other companies. The RemunerationCommittee shall have full authority to commission any reports or surveys which it deems necessary tohelp it fulfill its obligations.

0bat u alM bbv a cl:o

oce Li

$)tlibilrnnrd 0tqdu Rabmli\ fCS

tbory8 Di!!.lot & CEo

MA Fi!!!3 & bvr,tElot Lld.

ua.t ffinno..irehaging Director

BLI C.l.;::ll i-.;:Trter,

lvlohamm

ch xecutive OfficerrnFC Capital Limited

ErPress lnsuroruircd

The valuation report of securities offered is prepared and justified by the issue managers on thebasis of the financial and all other information pertinent to the lssue.

VALUATION REPORT OF SECURITIES PREPARED BY ISSUE MANAGERS

Qualitative Justitication

0 Highly committed and Experienced Management team

0 Efficient marketing team and achieve target business with significant trowth

0 capital maintenance ratio increased

0 Good numbers of valued client continuing business with EIL since inception

0 Efficient lnvestment portfolio

0 visionary Board of Directors

0 lnstitutingCorporateGovernance

0 sound Track Record

0 Earnings Growth is positive

0 Buildint and maintaining tood relationship with insurancecompanies

0 Abilityto meet its ontoint insu.ance policyand contract obligations

Quantitative Justification

The justification of the offer price is presented below for users' decision-making:

Md. obaid II kb{rDGt\'1 & cFo

Elprcss Insuraoce Limited

146

I('.M. Rahmanq)'

lbhmmad Obaydur Ratmao, FCtMaaqrnt Dhcctor & CEO

AAA Fiorlc€ & loycslll[t Lrduffim.*inncs

Maneging Director|]LI Ci,;iiir:',rt::.t.',

Chief Executive

IIDFC CaPital

Sl. No. Valuation MethodsFair value

(BDT}

Method -01

Net Asset Value (NAV) at historical or Current costs(With Revaluation Reserve)

t8.72

Net Asset Value (NAV) at historical or Current costs(Without Revaluation Reserve)

16.65

Method -02 Historical Earnings based value per share 20.24

Method-03 Yearly Average market price of Similar Stocks 2L.7 4

Method -O4 P/BV Multiple of Similar Stocks Based valuation 24.O9

Msnrihg Dilactor &Chicf Exocutivo Oflicer

Expre$ Insurance Limited

SECTION XV: VALUATION REPORT OF SECURITIES PREPARED BY THE

ISSUE MANAGERS

147

Method -01:

Earning Based Value per Share

.o id !l r& cFODCMaoce Limited

$\^Vof.om.d 0brydu l.hlm, FC!

M,!l8hl Dhlctor & CEotAA Fi!r!c. l, Lsv.sur.u Lrd.

K.M.Msuaging Dtector &

ChisfExccutivo OffrcerChiel Executive

rIDFC CaPitalOfiicerLimited

Note TakaPa rticulars391,184,640Share Capital

B 47,497,472Retained Earnings80,975,293Revaluation Reserve C

D 772,594,247Reserve for exceptional losses

732,245,545Total Shareholders' Equity as 31 December 2018(A+B+C)

A+B+C+D = E

Number of Shares Outstanding F 39,774,464Net Asset Value (NAV) per share with revaluation 7A.72

Note TakaPa rticu la rs

391,184,640Share Capital

B 87,497,412Retained Earnings

L72,594,247Reserve for exceptional losses cA+B+C= D 65r,270,293fotal shareholders' Equity as 31 December 2018

(A+B+C)

Number of Shares Outstanding E 39,118,464

Net Asset Value (NAV) per share without revaluation 16.65

9,070,67€December 31, 2018 39,1,14,464 43,847,670 0 20689655i

39,174,464 46,766,229 0.206896552December 31, 2017

39,l!4,464 49,264,330 0.206896552 10,192,62CDecember 31, 2016

56,505,360 0.20689655i 1 1,690,764December 31, 2015 39,718,464

o.172413794 14,791,3UDecember 31, 2014 32,59a,7 20 45,789,736

I 55,421,167Total L89,O72,576 282,167,265

39,118,464Total Number of Shares Before IPO

1.42Weighted Average EPS

74.29Average Sector P/E ILast 12 Months Sector Average]

15.08Average Market P/E for 12 Months

20.24Earning Based Value of the Stock _a

nr.Iffi,*^.,Menaging Director

,LI Capitar L.tnite(,

ExPress lnsur

Eipress Insurance Limited

With Revaluation ReserveAs on 31 December 2018

Without Revaluation Reserve

As on 31 December 2018

Method-02:

Weighted Average netprofit after taxYear No. of Shares Net Profit After Tax

Weighted Average no.of shares

1

M

148

tConsidering current capital market scenario and trend of market PE, we have considered sectorPE which is lesser between above two factors.

calculation Relevant Sector P/E multiple (12 month)

Source: DSE Monthly Review December 2018 to May 2019

Method-03: Yearly Average market price per share of similar stocks-based valuation

As per information from Dhaka Stock Exchange Limited, there exist forty-seven listed insurance

companies. We have just considered four companies among them, which are recently listed non-lifeinsurance companies and similar paid up capital for valuation of securities of Express lnsurance Ltd.

Yearly Average Market Price of Similar Stocks

Source: DSE monthly Review and www,dsebd.org

a\

sUdmud 0traYdur Rahmul FCS

Mar4tng Dircclor& CEo

AAA r-.-- -:. -,;rjled Lld',ua.ffir."inoc,

Maaaging Directo'l3LI C.-:i.;.:. --i::-r',:,

d.o idu I AkbtrrDGM & CFO

Erprcss lnsuance Limited

Dec-18 15.1!11.7 4Jan-19 16.44 16.3€

Feb-19 16.1!1s.8d

16.1413.sdMar-1912.eq t4Apr-19

May-19 14.3q 13.9/

Average 15.07514.289

Jun-18 27 .40 15.40 18.40 14.10

J u l-18 24.40 15.3 0 18.40 14.50

Aug-18 27.10 20.10 20.50 76.20

Sep-18 22.40 18. 10 24.40 16.30

Oct-18 27.22 17.8 0 22.OO 16.00

Nov-18 20.20 15.7 0 18.90 15.30

Dec'18 27.70 71 .10 20.30 76.40

I a n-19 27 .OO 3 9.40 30.20 24.90

Feb-19 24.00 40.40 27 .70 2s.00

20.30Mar 19 34.10 23.20 19.40

Apr-19 17.70 26.60 20.20 18.10

May-19 2.1.20 29.00 25.40 20.90

Average 22.39 24.O8 22.42 18.09

AveraSe Market price of similar Stocks is BDT 27.74

----2"-'-7@---:,lvlohammad SalettAtffieo


IIDFC CaPital Lim116o E .-- - .- ..: -r'^l

K.M. Rahman

Officer

Month sector P/E Market P/E

&

Monthlslami lnsurance BD

Ltd.Provati lnsurance

LimitedDha ka lnsurance

Co. LtdBangladesh National

lssuance co Ltd.

ChicfItrsurance Limited

149

P/BV Multiple of similar stock-based valuation

a. Net Asset Value (NAV) per share of €xpress lnsurance Ltd 18.72

b. Average P/BV of above companies 7.29

Fair Price (a*bl (BDT) 24.O9

Note: Among forty-seven non-life insurance companies, we have considered only four companies,

which are recently been listed with the Dhaka Stock Exchange.

Source: DSE Monthly Review and www.dsebd.org

6+,afr,zqai,td. ouaidul ekbar

DCM & CFOExpress lnsuraoce Lirulteo

sJt,0.,-W.llobamnrd Ctryfur tatmm, FC'S

tarugry Dtlctor & CEo

IAA Filaroc lt lovcsloalt lrd.

sain ACI MohaMansging Director Ch xecutive Ofticer

sl.

NoCompany

Average Price oflast year

NAV PIBV

lslami lnsurance BD Ltd22.39 74.77 1.58

2 Provati lnsurance Co. Ltd24.O4 71 .59 7.31

3 Dhaka lnsurance Co. ltd22.42 18.7 5 7.20

4 Bangladesh National lnsurance Co. ltd18.09 74.o2 1.00

Average P/BV of above companies

BL C.tJir:t,l Lrlll1tetj |IDFC capital Limited

Method-04:

P/BV Multiple of Similar stocks Based Valuation

1

1.29

150

The Company has not issued any type of debt securities before and is not planning to issue in nearfutu re.

dDGM &cF

*ilohomd 0brydur Rahmao, FCS

M 4rng Drrcctor & C80,\AA Fi[!!.c & IlYcrtocot Ud.

grtiid- Israil Hossain ACS

Managing DirecrorDLi C--:].c.- :-u:-r'e,

Chief Executive

Parties involved with EIL Responsibilities

(allssue ManaBer

AAA Finance & lnvestment Ltd

The lssue Manager will act as themanagers to the issue for the public issue

as described in the Bangladesh Securities

and Exchange Commission (Public lssue)

Rules,2015.


BLI Capital Limited

(b)Underwriters

1. AAA Finance & lnvestment Limited2. SoutheastBankCapital

Services limited3. BD Finance CapitalHoldings

Limited4. BLI CapitalLimited5. Roots lnvestment Limited6. Alpha Capital Management Limited

The Underwriters will act as the

underwriters to the public issue as

described in the Eangladesh Securities and

Exchange Commission (Public lssue) Rules,

2015.

(c)Auditor Ahm€d Zaker & Co,


To express an opinion on these financial

statements based on their audit. Audltor

will conduct the audit in accordance withBangladesh Standards on Auditing (BSA).

(d)cost and Management

AccountantsNo

(e)Va luerAziz Halim Khair chowdhury & co.Chartered Accountant5

To determine a fair market value of asset

and liability.

(flcredit Rating Agency No

IIDFC caPital

ExPress lnsuralce Smitea

SECTION: XVI DEBT SECURITIES

SECTION: XVll PARTIES INVOLVED AND THEIR RESPONSIBILITIES

lNurStrce LiEited

151

al Maior agreements entered into by the issuer;

1. Underwriting Agreements between the Company and the Underwriters

Material parts of the agreementsContract

April 19,2017Signing Date

This Agreement shall be valid untilcompletion ofsubscription of shares and unless this Agreement is

extended or earlier terminated in accordance withthe terms of this Agreement

Tenure

1. ln case of under-subscription in any category by

up to 35% in an lnitial Public offer, theundersubscribed portion of securities shall be takenup by the underwriter.

2. ln case of failure to deposit the remainingamount by the eligible investors, the unsubscribed

secu.ities shall be taken up bythe underwriter.

3. lf and to the extent that the shares offered to thepublic by a prospectus authorized hereunder shall

not have been subscribed and paid for in cash in fullby the Closing Date of subscription, the Company

shall within 10 (Ten) days of the closure ofsubscription call upon the underwriter in writingwith a copy of the said writing to the Bangladesh

securities and Exchange commission, to subscribe

the shares not subscribed by the closing date and topay for in cash in full, for such unsubscribed shares

within 15 (Fifteen) days after bein8 called upon todo so. lf payment is made by cheque/Bank Draft by

the underwriter it will be deemed that theunderwriter has not fulfilled his obligation towardshis underwriting commitment under thisAgreement, until such time as the Cheque/Bank

Draft has been encashed and the company'saccount credited. ln any case within 7 (seven) daysafter the expiry of the aforesaid 15 (fifteen) days, 'the company shall send proof of subscription an(;payment by the underwriter to the Commission.

PrincipalTerms andCondition

Underwriting agreements withl.Southeast Bank Capital

Services Limited2. AAA Finance & lnvestment Ltd

3. BLI Capital Ltd4. Roots lnvestment Limited5.Alpha Capital ManagementLtd6.BD Finance Capital Holdings

Limited

o u AkbarDGM & CI.'O

frJ" \ffilsra ros[{dlnm.d ob.ydu, taht!!!. FCI

!,llltgug DitElor & CEo

f A filla. & hv.5h.Dl Lld

Md. sain ACfManaging Directo:

BLI Ca?itar LiDiterMohamm

xecutiverIDFC Capltal

ss Insuraoce Lioited

SECTION: XVlll MATERIAL CONTACTS

152

2. lssue Management Agreement between the Company and lssue Managers

(c) Fees payable to different parties

lssue ManagementAgreement with

1. AAA Finance &lnvestment Ltd

2. IIDFC Capital

Limited3. BLI capital

Limited

Signing Date Aptil , 2077

Tenure:This Agreement shall automatically stand invalid upon completion ofIPO Procedure and unless this Agreement is extended orearlier terminated in accordance with the terms of this Agreement.

Principal lerms andCondition:

1.The scope of servicesto be rendered by the lssue Managers to thelssuer under Fixed Price method shall be as detailed hereunder:

a. RegulatoryCompliance

b. Underw.itingCo-Operationc. lssue Arrangements

d. Public Offer and Distributionof Prospectus2. The ISSUE MANAGERS take the responsibility to take such stepsas a.e necessary to ensure completion of allotment and dispatch ofletters of allotment and refund warrants to the applicants accordingto the basis of allotment approved by the Bangladesh Securities andExchange Commission. The ISSUER undertakes to bear all expensesrelevant to share application processing, allotment, and dispatch ofletters of allotment and refund warrant. The ISSUER shall also bearall expenses related to printing and issuance of share certificate andconnected govt. stamps and hologram expenses.3. Without prejudice ISSUER hereby declares that it agrees tocomply with all statutory formalities under Companies Act,Guidelines issued by Eangladesh Securities and ExchangeCommission and other relevant status to enable it to make the issue.

4. The ISSUE MANAGERS hereby undertake to keep in strictcompliance all information (whether written or oral) proprietarydocuments and data secured in connection with or as a result of thisAgreement (Confidential lnformation) and shall Iimit the availabilityof such information to employees, who have a need to see and use itfor the express and limited purpose stated in thisAgreement.5, The lssuer and ISSUE MANAGERS shall ensure compliance of theBangladesh Securities and Exchange Commission (Public lssue)Rules,2015, The Listing Regulations of Stock Exchanges, The CompaniesAct, 1994, the Securities and Exchange (Amendment) Act,2012andother relevant rules, regulations, practices, directives, guidelines etc.

Name of the Parties Role Fees Payable

1. Southeast Bank Capital Services Limited2. AAA Finance & investment Ltd.

3. BLI CapitalLtd.4. Roots lnvestment Limited5. Alpha Capital Management Ltd,6. 8D Finance Capital Holdings Limited

Underwriters0.50% on theunderwritten amount by

the underwriters

1. AAA Finance & lnvestment Ltd2. llDFCCapitalLimited3. BLI CapitalLimited

lssue ManagersMaximum 2.00% on thepublic offer amount.

bai u[ AkbarDGM & CFO

Q$rErpresslnsurance Limi lcd

MonammadOllicer

Md. Li '-!,0

.. _': -.Cc I:lP?rch

\r'

1. IrJno.s- o"*n^c'

Meaagit'g Ditt"to'GLi C;-:iic'r'-'ir'-'';'-' ttDFc caPltal Llmit€d E:: Limited

SECTION XIX: TITIGATIONS, FINE OR PENALTY

(a)The following litigations including outstandint litigations against the issuer or any of itsdirectors and fine or penalty imposed byany authority:The lssuer or directors of Express lnsurance limited was not involved in any of the following types of legal

proceedings except the mentioned below:

I Lititation involving Civil Laws

Ihere was a litigation filed by M/S. Yasmin Spinning Mills Ltd.

against the Company demandingT(.3,43,24,748 (Taka three Crore

forty three lac twenty four thousand & seven hundred forty eight)

regarding a fire claim in the sth Court of .loint District ludge Dhaka.

Suit Number ao.249l2ol0 daled 2!o7l2ofi.fhe Case is pending

for disposal.

ll.Litigation involving CriminalLaws

There is no conviction of the lssuer or any of its director(s) in a

criminal proceedinE

Lititation involvint Securities,Finance and Economic Laws

As on September 09, 2014 penalty of Tk.500,000 imposed on thcompany and Tk.100,000 on the then M.D. by IDRA under rul130(b) and 134 respectively of the lnsurance Act, 2010. Th

Company paid all these amounts penalized duly and settled thissue.

Lititation involving Labor IawsThere is no conviction of the lssuer or any of its director(s) in

connection to applicable Labor Laws

l-itigation involvint(lncome tax, VAT,Duty and any othertaxes/duties)

TaxationCustoms

There is no conviction of the lssuer or any of its director(s) in

connection to taxation (lncome tax, VAT, Customs Duty and any

other taxes/duties)

Litigation involvint any otherLaws

There is no litigation involvinB any other Laws

(b) outstanding cases filed by the company or any ofits directors:

There are no outstanding cases filed by the issuer or any of its directors to any of the following types

of legal proceedings except VAT, lncome Tax and others as except the following as mentioned below

t3J

idu AKbar'

Votmrt]].d Rrlto&. fCt

& cl'osurance Linlited

K.M. Saii Khan M8nagiBg Director &l\4oh a

Executive Otficer Md. Li Chicf Executivo OffrcerComPauY Secretary

t

There is no litigation involving civil LawsI Litigation lnvolving civil Laws

Litigation involvinE Criminal Laws

but the cheque was bounced due to insufficientfund.

Subsequent a legal notice was served & a legal notice was also

1. Mr. Md. Asadul Islam was in Charge of VIP Road 8.anch of the

Company. while he was in the service, on 28.11.2Of2 he availed a

loan of Tk.2,50,000 from the company. He repaid only Tk.1,80,000

and Tk.70,000 was outstanding. He also received Tk.1,03,917 from

petty cash. Total outstanding was Tk.1,73,917. He was asked to

repay the outstanding dues of 1k.7,73,917. Vr. VU. asaaufu1flaffi

submitted a cheque for Tk.7,73,g77 (dated 12.02.2014 drlwn Bft' Exflresi lIOne Bank Ltd.) The cheque was placed in due time for encashment

t0e4tog Dir!.tor & CEo

\.lA Filrra & lnv6to!trt Ltl IIDFC Capital LimitedExpress lEsuaoce LiBited '"nresr Insutarce Limited

t.

u&ffio..",nnctf,lalaging Directot

BLI C; ::.:.' L-!i:.!e!'

published on 24.04.2014 in 'The Daily Janata". But Mr. Asad did

not respond and thus he committed offence U/S. 138 of Nl Act.,

1881. Accordingly, a CR case has been filed against Mr. Asad in

the court of the Chief Metropolitan Magistrate, Dhaka realizing

Company's fund. Subsequently the case has been settled and

verdict was given on company's favour.

2. Mr. Md. Rafiq Ahmed was ln-charge of Jubilee Road Eranch,

Chittagong, of the Company. lt was revealed that while he was

in the service he did not deposit in Company's a/c, the

insurance premium he collected. Thus, he defalcated

Tk.7,02,515. As per understanding he agreed to repay

Ik.4,L8,7-15 and accordingly Mr. Rafiq gave Company 3 cheques

of Tk.1,50,000, Tk. 1,50,000 and Tk. 1,18,775. All the three

cheques were of NRB Global Bank Ltd., Jubilee Road Branch,

Chittagong. ln due time, all the 3 cheques were placed for

collection but the cheques were bounced for insufficient fund.

Mr. Rafiq Ahmed were informed of the situation, but he did not

take any step for encashment of the cheques. Accordingly, legal

notices were served upon him. But he did not respond and thus

he committed offence U/S. 138 of Nl Act., 1881. Subsequently 3

CR case has been filed against Mr. Rafiq Ahmed in the Court of

the Chief Metropolitan Magistrate, Chittagong. All the cases

have been shifted to 1't joint Metropolitan Session Court,

chittagong for trail and the trail is in progress.

Litigation involving Securities,Finance and Economic Laws

There is no litigation involving Securities, Finance and EconomicLaws.

There is no conviction of the lssuer or any of its director(s) inconnection to applicable Labor Laws

Litigation involving Labor Laws

Litigation involving Taxation(lncome tax, VAT, CustomsDuty and any othertaxes/duties)

1.A petition has been filed regarding disputed additional VAT

and panel VAT demanded by Customs, Excise, VAT Authority in

Ihe Hon'ble Supreme Court of Eangladesh High Court Division.Writ petition number no.7744 dated 10/08/2006. The petitionis pending for disposal.

2. A Petition has been filed in the Supreme Coun of BangladeshHigh Court Division regarding demand of additional lncome Tax

by lncome Tax Authority, assessment year 2072-2073 to 2Ol4-2015. lncome Tax Reference Application no. 394 of 2016, dated17.08.2016. The petition is pending for disposal.

Liti8ation involving any otherLaws

There is no litigation involving any other Laws

lvloha m

Chiel Executive officerIIDFC CaPital Limited

154

Md baidul AkbarMacronsuraoce Limitcd

K.M . Seidur

i l(,ra Managiag Dircctor &:chief Exocutivc Officer

Cclx 9eci.:oa)'

DGExpress I

IVId. L,JxDress

lasurance. Linited

.

-,,a a) ^4, .'i /-/'

esr

Hr*Utl,l+*:ffi*i

SECTION XX: RISK FACTORS AND MANAGEMENT'S PERCEPTIONS ABOUT THE RISK

Any investment always associates with both internal and external risk factors having both direct andindirect effect on the investments made by the investor. Among those risks some can be averted, othersare beyond control, which may cause loss. Before making any investment decision, investors need toconsider the associated risk factors, the risk premium and management perception. lf any of the followingrlsks actually happens in the business, operational results and financial conditions could suffer and

investors could lose their investments partly or fully. The management of Express lnsurance Limitedperceives the following risk factors, both external and internal, which are enumerated hereunder:

The risk that a company may be unable to meet short term financial demands. This usuallyoccurs due to the inability to convert its current assets to cash without a loss of capital orincome. Liquidity is a common phenomenon of the business.

Management Perception:

EIL conducts liquidity monqgement in o monner thot mdintdins stobility ond flexibility in doy-todoy funding octivities. The Compony monages its working copitdl in efficient wqy to mointoinrequired liquidity. We ore also controllinq regulor poyment of cheques, cqsh inflow ond outflow,moturity of deposits ond our occess to other funding sources os and when required,

c) Risk associated with the issuer's interest in su bsidiaries, joint ventures and associates: rOigb_tidul Akbar& cl.o

Express Insurance Limiled

lf the subsidiaries make loss, it affects parent company's balance sheet. ln case of associate,there is chance of decline value of investment in associate company. As for joint venture, ajoint venture (JV) is a business arrangement in which two or more parties agree to pool theirresou rces for the purpose of accomplishing a specific task. This task can be a new project or any

s,\ûdroDrd OtcYdur Rahlu& FCS

I,hstgiDg Dt!.tor & CEo

{AA firrlc. & lnvc$m€trt Lld "Mohamma

K.M. Ssid manMansgiBg Director &

ChiefExcoutivc Offrcer;ss@a; Chief Executive officerIIDFC Capital Limited Exprcss If,sumnce Limited

155

Any investment always associates with some internal/ external risk factors and among the factors somecan be averted, other are beyond control. The management of Express lnsurance Limited considers somerisk factors involving their business which are described as under:

(i) lnternal risk factors may include, among others:

a) Credit Risk:

This is the risk of default on a debt that may arise because of default by the borrower to pay

the loan. ln operating any business there is always credit risk lies in the business. As there is

always lending and borrowing between parties in the form of money and goods.


Credit Risk moinly lies with Finonciol lnstitutions dnd the mdnulqcturing compony which sells itsproducts in credit. Since Express lnsuronce Limited is involved in insuronce business, there is nosuch credit risk.

b) Liquidity Risk:

frs/Md. Liahuit Ali Khan

, "rt"',,Tii""iliiil'ff

flt .u

other business activity. ln a joint venture (JV), each of the participants is responsible for profits,losses and costs associated with it.


Express lnsurance Ltd. hds no subsidiory ond ossociote

d) Significant revenue generated from limited number of customers, losing any one or more ofwhich would have a material adverse effect on the issuer:

There is risk involved in having llmited number of customer and losing of that particular

customer has negative impact on company's sales and cash flow as well.

e) Dependency on a single or few suppliers of raw materials, failure of which may affectproduction adversely:

There is also risk involved in having limited number of suppliers as well. Single or few suppliersmay exploit the company by price hike, untimely delivery and low quality of product.

f) More than 20% revenue of the issuer comes from sister concern or associate or subsidiary:

Having 20% r€venue generation from sister concern or associate or subsidiary makes issuerdependent on others companies. Hence, there is dependency risk.

we do not hove ony sister concerns and ossociote

c) Netative earnings, negative cash flows from operating activities, declining turnover orprofitability, during last five years, if any:Negative earning and negative operating cash flow are risk under the going concern risk for

the entity.


The Compony hos no negative eornings ond negotive coshflow. We hove been operating us

business efficiently, But due some business competition losts few yeors the revenue is in

reducing mode. We ore trying to enhonce our business in diversilied sector to caffy the

business in upwqrd profitobility

156

N o aidul AkbarDGM & CFO

Erpress Insurance Limitedh) Loss making associate/subsidiary/group companies of the issuer:

When associate/subsidiary/group companies of the issuer are loss making, it affectsthe issuer and there is negative impact on cash flow of issuer and Balance Sheet as

well.

e" l*Md. IsHhlossain ACS

Managing DirectorBLI Ca3iie.r rlrre,rcr'

MohamChiel xecutive Officer


Management Perception:The Compony is not dependent on ony porticulor or limited number oJ customers to operote ourbusiness ond our monogement is olwoys keen to find out new customers which boost up thesales. we maintoin o good relotionship with our customers ond toke feedbock obout ourservices. There is less chonce to lose customers ond losing ony one will not aflect compony'sprolitobility for its demond, high quolity ond competitiveservice.


By the noture of business Express lnsuronce Limited hos not this type of risk.

Management Perception.'

&Offrcer

Mohrnmad 0ba,;dur Raiimao, FC$

Mao!8irB Dlrcctol & CEo

AAAFi!![cr & tDvcltB'lt Ltd' Insurance Limited

srttdanlold d[eydu Ratnra FCI

{uqSDS Dift.tor & CDo\lA Fi8cc & InvcstE trl Lld.

Ud.JWttossainacsManaS-rng Director

DCM & CFOExpress lnsurance Limited

K.M.

i) Financial weakness and poor performance of the issuer or any of its subsidiary orassociates:

Management Perception:The Compony is Iinancidlly sound ond has been operoting with good performonce.

Besides, os the Compony hos no dssociote/subsidiory/ossocidte compony, the risk of loss

orising from these types of concern due to their finonciol weokness dnd poorperformonce is not teldted to EIL os such.

Management Perception:EIL hos investment in bonds ond stocks which is olmost.

k) Risk associated with useful economic life of plant and machinery, if purchased insecond hand or reconditioned:

There is obsolescence risk relating to plant and machinery. lf the machinery is purchasedin second hand or reconditioned, there high risk of repair and maintenance which has

impact on profitability of the company.

Management Perception:By the noture of business EIL hos no plont ond machineries, therelore this type of risk willnot orise.

l) Adverse effect on future cash flow if interest free loan given to related pady or suchloans taken from directors may recall:It is loan given and taken from related party and directors as well. lf company gives such

loan without interest to related party, there is interest burden for the company if themoney was taken as loan. On the other hand, if such loan is taken from directors, it will

m) Potential conflict of interest, if the sponsors or directors ofthe issuerare involved withone or more ventures which are in the same line of activity or business as that of theissuer and if any supplier of raw materials or major customer is related to the samesponsors or directors:ln these cases, there is high chance of compromise among the related companiesbecause of conflict of Interest.

MohamChief

mau fficer

BtI C:::.r., . i,-:_--!rE,i DFC Capital LimitedMd. Liaquat Ali Khan

ComPaaY Secfelary.Express losuaDc€ LrErteo

Management Perception :

we do not hove ony ossociate.

Financial weakness and poor performance of the issuer have negative impact on thecompany. As a result, it will be tough to pay loan interest, debt service and dividend.Future growth will be hampered.

j) Decline in value of any investment:lf investment value decline, it will reduce the profit and assets as well.

have an impact on the cash flow to pay off the loan to the Directors.

Management Perception:There is no such loon given to reloted porty or loan taken from directors.

6g.em'r.rMd. Ob;idul Akbar

Managlag Dlroctor &Chicf Exooutivo Oflioor

Exoress lnsurance Limited


Therc is no potentiol conflict of lnterest os we do not hdve ony venture which is in thesdme line of octivity.

n) Related party transactions entered into by the company those may adversely affectcompetitive edge:

Related party transaction of the issuer creates conflict of interest which reduces thecompetitive advantage of the issuer.


There is no os such tronsoction which moy odversely offect competitive edge.

o) Any restrictive covenants in any shareholders' agreement, sponsors' agreement or anyagreement for debt or Preference shares or any restrictive covenants of banks inrespect ofthe loan/ credit limit and other banking facilities:

All information must be known to the potential investor so that investo/s interest maynot be hampered in future. So, any restrictive covenants, if it Soes against potentialinvestors, will make investors in ieopardy.


There ore no restrictive covenonts in ony shoreholders' ogreement, sponsors' dgreementor ony oqreement relating to debt or prelercnce shares or any restrictive covenonts olBonks in respect of loon or credit limit ond other bonking Jacilities.

q) Seasonality ofthe business ofthe issuer:

It is the risk involving that company is not doing business round the year

Management Perception:By noture of business EIL hos no seosonol ospect

r) Expiry of any revenue generating contract that may adversely affect the business:

This is the risk of losing customers affecting futuresales.

158

Md oDGM & CFO

Erpress Insuance Limited

Management Perception:We do not hove ony revenue generoting controct thot mdy ddversely offect the business.

s) Excessive dependence on debt financing which may adversely affect the cash

Excessive dependence on debt causes huge interest burden of the company and high r

w of insolvencv that may result in bankruptcy,

udLffio.,u,no.*Managing Director

BLI Clrrltat L.r:rrre'tvloha

LN Otficer

oMd. Li

Mohirmad Obaydur Rahmao' tCS

MmutnqDrtcctot & CEO

ue,fininci a nvcmcot ua

k

pl Eusiness operations may be adversely affected by strikes, work stoppages or increase

in wage demands by employees:ln such case, company's business operation will be hampered.

Management Perception:We ore used to with the politicol unrest Jor long time and our business industties dre used

to dealing with this phenomenon. Moreover, by noture of business we hove no workerthon officidls and we offer o competitive solory structure fot our employee for their iobsotisloction.

rIDFC CaPital Limited Exp:ess lnsu:alce

&

159

t) Excessive dependence on any key management personnel absence of whom may have

adverse effect on the issuer's business performance:

Excessive dependence on key management affects the business if the management is

changed in future, which will create vacuum. Besides, if the key management personnel

is of bad intention, excessive dependence will also affect the business.

Manatement Perception:

Corporote Governonce is well procticed in our compdny. We hove dlso well-ploced

orgonogrom in our company. Hence, dny chonge in the key mdnogement con be replaced

with other persons.

u) Enforcement of contingent liabilities which may adversely affect financial condition:

It is the future burden of liabilities that the investors will take on their shoulders.Contingent liabilities reduced the assets or create obligation to pay the liabilities.


we do not hove ony contingent liobilities which moy ddversely offect Iinoncial condition

v) lnsurance coverage not adequately protect against certain risks of damates:

lnsurance ensures and protects to dealwith uncertainty offuture material loss/damage'5o, insurance coverage is important for the business.


w) Absence of assurance that directors will continue its engagement with Company afterexpiry of lock in period:

Directors run the company with the accumulated finance from public and other financingsource. If directors discontinue to run the business, there will be negative impact onbusiness and share price as well.


our directors ore involved in the business for long time ond they will continue the business

ofter expiry of lock in period

N,l Obaidul Akbarx) Ability to pay any dividends in future will depend upon future earnings, financial r)CN,1 &c'r()condition, cash flows, working capital requirements and capital expenditur"' [tiprcss Insur'rrrcc Ltnrttcd

Dividend payment is highly dependent on company's ability to generate p

company cannot earn good amount of profit from operation, it is unlikelyd ivid en d.

'iJ"o")lr a\z.-*. "-W**--Votaornad 0hydur flahruo, FCS

MrargtDg Di[rstor & CgOA,aAFilrer & Ilvcxmrt Lrd

TTiVoham

Chiefmad

cutive Officer

\#tld. Israil Hossain AC!

Msnaging Directo:

'3LI Caiit6J Limite(IIDFC CaPital Limited

Maoaging Dtrcotor &Chicf Exocutivo Officcr

."nress Itrsuance Limitea

Management Perception:EIL hos no debt Jinoncing from the yedr 2072, therefore there is no possibility oJ risk in this

respect.

Manatement Perception:

we ore o frnonc:nlly sound compony and every yeor mrn good omount of prortt. we orc in beliefthot we will be dble to pdy dividend regulorly from our eorning in the yeors to come

considering finonciol condition, cdsh flows, working copitol requirements, copitolexpenditure os well ds government's initiotives tsken for the development of this sector dtpresent,

y) History of non-operation, if any and short operational history of the issuer and lack ofadequate background and experience of the sponsors:

lf there is any history of non-operation of the company, it creates negative impression.Apart from this, short operation history indicates company is gathering knowledge and

expertise to be competitive in the market.


Such cose did not hoppen in the history of our company.


There is no os such risk os we ore not engoged in ony new type of business

aa) Risk in investing the securities being offered with comparison to other available investmentoptions:lf the issue price goes down after floating, there is investment risk for the potentialinvestors.


We are prolitoble entity ond our business growth will continue in lonqer period. lt is notrisky in investing securities in this compony with comporison to other ovoiloble investmentoptions.

bb) Any penalty or action taken by any regulatory authorities for non-compliance withprovisions of any law:

An Audit team of lnsurance Development 3nd Regulatory Authority (IDRA) on 72-77-2072inspected Jubilee Road Branch, chittagong of our Company, for audit purpose for theperiod from O|-O4-2O12 to 31-10-2012. ln their report, they mentioned that some

d eviation/irregu la rities were happened in the Branch regarding credit transaction & notdeduction of tax & VAT at sources.Management Perception:There ore no such issues except mentioned obove in the history of Express lnsurance ltd.Actuolly, there wos no credit tronsoction rother it wds ldte deposit of premium only lor 2to 3 doys as there were weekly holidays in between deposit of cheques & encoshment olthe some. As regords deduction of Tox & VAT from the poyment oI Agency commission,

it wos procticed to reolize tdx & VAT from the Agency Commission ot Heod oJfice at thetime of colculotion/poyment of Agency commission. ln spite of our clorificotion IDRA

o aidul Akbar

imposed o penolty of tk. 5, OO,OOO/- on Express lnsuronce Limited & Tk.7,OO,OOO on thaprlrcrs Insufurrcc Ltntitcd

then M.D.& CEO. we complied with the order/decision oJ lnsurance Development andRequlotory Authority (IDRA) ond poid the whole omounts by poy order in due time ond

now it is o settled issue. Monogement is now very coutious to control and check suc

error in future.

K.M. Said

DGM & CF'O

n&

vo Offtcer\Glsrau nol,ldoooad 0hrYdur Rahrno. F(S

|,la!4txg D'rrcclor & CEo

AAA fura!! .l .Dt!J!8rcat Ltd

Md. ssamAcf MOhamm

Managing DirectorBLI Clrttr.l L.rcste, i

Chief Executive Officer{d- Lia AIi I(han

rIDFC CaPital Limit8dlC

fxpress Insura[cc Limit€d

160

z) Risks related to engagement in new type of business, ifany:lf it is new business, there is a risk of viability of the new business.

$r

to I

cc) Litigations a8ainst the issuer for Tax and VAT related matters and other government

claims, along with the disclosures of amount, period for which such demands orclaims

are outstanding, financial implications and the status of thecase;

1. A Petition has been filed by EIL in the Supreme Court of Bangladesh High Court Oivision

regarding demand of additional income Tax by lncome Tax Authority amounting Tk.

95,115,567 for the assessment year 2012-2013 to 2014-2075. The petition is pending for

disposal.

2. A petition has been filed regarding disputed additional VAT and panel VAT amounting Tk.

9,82,670 demanded by Customs, Excise and vAT Authority in The Hon'ble Supreme Court ofBangladesh High Court Division. writ petition number no.7744 dated 10/08/2006 which is

pending for disposal.

dd) Registered oflice or factory building or place of operation is not owned by the issuer:

Factory building should be owned by the company. Otherwise, there is risk of hike in

factory rent in the years to come and threat of shifting the factory as well.


EIL is the owner oI its rcgistered office ond the bronch olfices ore rented fot long termogreement. Therefore, no tisk will be orisen in thisrespect-

ee) Lack of renewal of existint regulato?y permissions/ licenses:

ln this case company is not following the law to renew its all licenses.

ManaSement Perception:

There is no such issue reldting to lack of existing regulotory permissions/ licenses.

ff) Failure in holdint AGM or declaring dividend or payment of interest by any listedsecurities of the issuer or any of its subsidiaties or associates:

Failure in holding AGM or declaring dividend indicates the lack of compliance to theregulatory rules. Failure of payment of interest indicate the poor cash generation to thecompany to pay interest and debt service. The overall impression will 5s negative for !hAtx$€t66.L"comPanY

I )(;N1 & crroManagement Perception:

The Company does not hqve ony subsidiory or ossociote or listed securities ond thus no

such risk orisen

Exprcss l

tdtt{daDtlsd O,!}du It tru\ fCS

Itrltllg Dl[! lor & CEolAA FiEc & lDv.srest Ud.

tMohamm

Chief Executive OfficerrlnFC Capital Limited'I

**Lffi,.nno.,

"il,?Hl,:Pilffj:".

K.M. Sa

rcc Lruilcd


lncome Tox Authority does dssessment oI tox of insuronce componies in the light oflnsuronce Rules, 1958 which wos introduced obout 60 yeors bock where celling oJ

allowoble mandgement expenditure is very less ond not time relevont. ln o cose filed by

on lnsuronce Compony of the country Hon'ble High Court Pdssed on order to lncome Tox

Authority to dssess tax in this regord ds per lncome Tox Rules. lncome Tox Authority hos

liled on oppeol ogoinst the order in the Appellate Division of the Hon'ble Supreme Court ofBonglddesh ond got stoy order. since the Hon'ble High court passed order in Idvor of the

lnsurdnce Company, it is expected thot the Hon'ble Appellate Division may up hold the

verdict of the High Court. ln thot cose tox liobilities of EIL wi be reduced substontiolly.Besides, every yeor EIL makes provision for income tox regulorly out of yeorly income

which stonds BDT 184,345,j41 in the stotement of Iinonciol position in the finonciol yeor

2078.

&,Officcr

Insurance Limited

162

gg) lssuances of securities at lower than the IPO offer price within one year:

The management ultimate goal is to maximize the wealth of the company. lf share price

goes up, it maximizes wealth of the company. On the other hand, if share price goes

down, it minimizes the wealth of the company.

EIL hos been proJitdble entity. lt hos potentidlity to grow in future. We believe thdt ourIPO offer price will not be lower within one yeor.

hh) Refusal of application for public issue of any securities of the issuer or any of itssubsidiaries or associates at any time by the Commission:

lf any refusal happened in the above cases, it will create negative impression to theissuer.

ManaBement Perception:

EIL opplied to B,EC for permission of lPo on April 30,2013 but in the meontime on

August 30, 2015 the compony roise its copitol through stock dividend. For this purpose,

on Jdnuory 04, 2016 BSEC issued o letter to submit the further opplicotion and revisedprospectus reflecting the dilution eflect ond upddted occounts. lt wos o regular process

for the compqny ond there wos no defomotion issue regording the motter.

(ii) External risk factors may include among others:


EIL currently doesn't enjoy ony lodn Jocility, therefore there is no interest rote risk ossocioted withthe Compony.

bl Exchange Rate Risks;

Unfavorable volatility or fluctuations of foreign currency to BDT exchange rate may have an

impact on the cost structure and profitability of thecompany.

Md Obaidul AkbarDCI\I & Ctc)cl lndustry Risks; E*pr""rJrrrio..: t-,,,,,,.a

i. Market demand:

Company's sales and revenues are depended on the aggregate demand of its services.

Any economic recession, changes in requirements, national income and other relatedfactors may cause to decline the market demand of The company services.

N.ua. t\rr%o.rui, ec*

Managing DirectorBLI Cirlttai Lrfiutetr

Moham &Officer{

Chief Executive Oflicerirkhammed 0baYdur Rahmao' FCS

Ma!!$nq Dileclor & c bu -

IAAF:::.JJ J :,'::$C[t LIOrIDFC Capital Limite+i Limited


a) lnterest Rate Risks;

lnterest rate risk is associated with the fluctuations in market interest rates which cause a

company's cost of debt to increase. Changes in the Government's monetary policy aiso tend toincrease the interest rates. High rate of interest may adversely affect the operating results and

financial performance of the Company with additional financial charges and squeezes the profitof the company.


By the noture of business EIL hos no opportunity to happen this becouse oJ it operdtes in locol

morket ond deols with local currency only- d'$otv+,'?:{

Management perception:

Strong brand loyalty of the company's services to its customers has enabled the

Company to capture significant market share in the sector. The Company is continuouslypenetrating into the market and upgrading the quality of the products to minimize the

market risks.

ii, Raw materials and energy costs:

lnstability in raw materials and energy costs may hamper the profitability of The

Company significantly. A recent government decision regarding escalation of electricityprices will put a huge pressure on the product cost of the local business.


There are no such raw materials for this company as we operate in service sector. For

power and electricity, EIL has own power Senerator for uninterrupted service. The

electricity cost is same for all other competitors so it will be adjusted with price

accordingly.

d| Economic and Political risks;

Economic risks:

The growth of The Company could be adversely affected by various factors such as political

or regulatory action, includang adverse chang€s in liberalization policies, social disturbances,

terrorist attacks and other acts of violence or war, natural calamities, commodity and

energy prices and various other factors. Any significant changes may adversely affect our

business and financials.


Eonglodesh economy is booming for lost few yeors. Consistent industrial growth olong withincreosed ogriculturol production hos mode the per copitd income higher than thot of recentyeors. ln oddition, Iovoroble government policies and industry friendly policies by otherregulotory bodies hdve proved to be congenial to the economy ol the country. The

mdndgement of The Compony is owore of such risks.

Political risks:

Bangladesh is prone to serious unrest in the political condition which produces hartal, road-block and many other barriers to the business. This could also push the cost of the product

upwards.


During the lost forty yeors of post-independence period, Bangladesh has gone throuqh avoriety of politicol situqtions. But recently, a stoble politicol otmosphere is prevdiling in the

country. Both the ruling ond opposition parties are committed to the betterment of thecountry. Politicql porties qre thinking Ior qrowth of the country.

e) Market and Technology-related Risks;Md. o

DGExpresr Ir

id

163

ul Akbar. cFOnce Liuiled

Market risks;

EIL is operating in a free market economy, from its comoetitors.tu

M*m*:itffi*:;

regime. The company miBht have to

Moha

ce stiff com ition

M&

Chief Executive Officer,IDFC Capital Limited

Md.

Express

164

Technology-related risks;

Technology always plays a vital role for each and every type of business. lnnovation of new andcost-effective technology can increase utility and reduce costs of service. On the other hand,obsolete technology may have a negative impact on the business.

Manatement perception:

EIL opplies the lotest technology in the insurance monogement process

0 Potential or existing tovernment regulations;

The Company operates under companies Act, lnsurance Development Regulatory Authority (IDRS),

Taxation policy adopted by NBR, Bangladesh securities and Exchange Commission (BsEC)'s Rules and

Rules adopted by other regulatory bodies. Any abrupt changes of the policies formed by thosebodies will impact the business of The Company adversely.


Economy of Bangladesh has been developing over the decades because of business-friendly Rules

and Regulations adopted by the various regulatory bodies of the country. Unless any adversepolicies are taken, which may materially affect the industry as a whole, the business ofThe Company

will not be affected.

Government emphasizes on the growth of local industry to meet the local need. Yet the promoters

and the sponsors have endeavor to convince the policy makers for adopting favorable terms and

conditions, which will eventually help the industry to compete with the low-cost locations in theglobal arena and to save foreign currency.

K,M. S Rahrnan

tlotrrmoad Obe,vdur Rahmar, FCt Director &r$ohamm d. Liaquat Ali Khan Chicf Officer

Chie ve Ofiicer Compri'y Sccrctary

d

Masqrrg Dircclor & CEO ua.ffi.r*^.*Managing Director

9LI CrDltai Llmite,.,r...1\ ];+- * "- . i-,}{ :.:c IIDFC Capital Limitetl:ore:s lqsulagce Lilli teiPxpres Insurance Limited

Management perception :

Lost tewyears EIL doing its business soundly ond eorned o good Iame in the insuronce sector. Monogement ofEIL believe thot they con mondge the market risk infuture.

gl Potential or existint changes in global or national policies;

Changes in the existing global or national policies can have either positive or negative impacts forthe company. Any scarcity or price hike or global or national policy change may hamper theprofitability.


Political turmoil and the disturbance are bad for the economy and so for the company. The companycan prosper in situation of political stability and a congenial business environment. The managementof EIL is always concerned about the prevailing and upcoming future changes in the global ornational policy and shall response appropriately and timely to safeguard its interest.

h) statutory clearances and approvals those are yet to be received by the issuer;

Statutory clearance and approval is imperative for any business to start off. There are many

statutory clearances and approvals need by the regulatory authority in order to be monitored,controlled and suided

6\eute<Management Perception: Md. .Obaidul Akbar

oro*1,.o,,Yr*r"".1or,,no

We hove been in the business over 76 yeors. we hove collected oll the stotutory cleorunce to operoteour business. Hence, there ore no os such tisk lor our Compony.

i) Competitive condition ofthe business;

EIL is operating in a free market economy regime. The Company might have to face hard

competition from its competitors. Availability of different types of insurance service adds to the

competition, challenging the profitability of the business.


Bonglodesh is the prime source of cheapest lobor in the world, goining compdrotive odvontdges forits industries over their globol competitors. Other overheod costs ore also low in Bonglodesh. As o

result, The Compony hos been oble to mointoin its cost of service most competitive- Moreover, over

the lost few yeors the Company hos built o trustworthy relotionship with its customers ond we

expect in future it wi help the Compony to olmost ovoid or to lowet the competition with others.

j) Complementary and supplementary products/services which may have an impact on business

of the issuer.

Complementary goods are paired goods. Two goods (A and B) are complementary when using more

of goods A requires the use of more of goods B. For example, the demand for one goods (printers)generates demand for the other (ink cartridges). Supplementary goods are two goods that are used

together. For example, if we have a car, we also need petrol to run the car. Supplementary goods

have a negative cross elasticity of demand. For instance, when price of petrol goes up, demand forpetrol and cars goes down.


The Compdny hos not foced ony chollenges reloting to supplementdry ond complementdry products

ond Monogement ore concerned with the issue. ln future, if necessdry, monogement moy diversilythe product to be competitive over the competitors.

(iiil Others Risk:

As per our thinking, there is no other risk associated with the business of EIL

N'd idul AkbarDGM & CFO

Ex ss Insuance Limited

t03

K.M. Sai Rahman0baytu Rahorq FCS

tts{trg Dirclor & CEo

{r.A tfuire & LovcsErot lld.

Mohachi xecutive Officer rat l]Li

i-'-,-1,,. ,t !a.. r.

Msn8Eilq Director &" -

thiof Elciutive ofricer:-: ,Elptcrr Inrunnco Limited

\fuMd. Israil Hossain ACf

Managing Directo:BLI CaPitai Limite,' IIDFC Capltal Limited

166

(a) lssue size:

The proposed lnitial public offering (lPO) of EIL is Tk. 260,790,000 under Fixed Price Method

(b) Number of securities to be issued;

The Company intends to issue 26,079,0o0ordinary shares of Tk. 1O.0O each at an issue price of Tk. 10.00

through Initial public offering (lPO) totaling to Tk. 260,790,000 under Fixed Price Method subject to

regulatory approvals.

(c) Authorized capital and paid-up capital;

Particulars Capital in Taka

Authorized Capital:75,000,000 Shares @ Taka 10.00 each

750,000,000

lssued & Fully Paid Up capital:39,118,464 ordinary Shares @ Taka 10.00 each

391,r84,640

Proposed IPO:26,079,o0o ordinary shares of tk.10.00 each at par totaling Tk. 260,79o,ooo

250,790,000

Total Paid Up Capital after IPO 65t,974,640

d) Face value, premium and offer price per unit ofsecurities;

Face value per share Tk. 10.00 each

Premium N/A

Offer Price per Share Tk. 10.00 each

e) Number of securities to be entitled for each category ofapplicants;

Particu lars PercentageNo. of

ordinaryShares

Nominalvalue

lssueprice

lssu€ Amount(Taka)

Eligible

investors(E rr)

MutualFundsand CIS

ro% 2,607 ,900

10.00 10.00

26,079,000

ElexcludinS

Mutual Funds &crs

30% 7,823,100 t8,237,000

GeneralPublic (G P)

NRB ro% 2,@7,9@ 26,O79,MGeneral

Public (GP)

Excludina NRg

s0% 13,039,S00 130,395,000

Total aoo 26,O79,OOO 260,790,000

Vohmod 0bgYdur Rahnm' F(X

M,r4:l: Direclor & CEo

L!-r..:-- * -, ."*;: :3

ua.hiffiorruinecsManaging Directot

BLI CaPital Lim'itet'e, Executive Oflicer

IIDFC CaPltal Lhlted

te&evt',efMd. Obaidul Akbar

SECTION: XXI DESCRIPTION OF THE ISSUE

lnitial Public

OfferingthroughFixed Price

Method

qN"

(f) Holding structure of different classes of securities before and after theissue

sl.

No.

Category oI

Shareholders

No. of ordinary Shares Xold Percentage of holding

Pre-lPO Post-lPO Pie-lPO Post-lPO

1 Director & Sponsor 39,118,454 39,77a,464 100.oo% 60.00

El excludingMutual Funds & CIS

7,A23,700 12.00

3 M utual Fund & cls 2,607,900 4.00

4 Genera I

Public (GP) ExcludingNRB

13.039,500 20.00

5Non-Resident

Bangladeshis (NRBs)2,607,900

Total 39,118,454 65,797,464 100.00% 100.00%

The Proceeds from lPo of issuance of 2,60,79,000 nos. of ordinary shares at an issue price of Tk. 10.00

each at par totaling Tk. 26,07,90,000 will be used to strength the capital base of the company and forinvestment and to meet up the IPO expenses as projected below:

Area of Utilization of IPO FundAmount(rk.l

Time of lmplementation

lnvestment in FDR & Treasury Bond 6 months from receiving lPo fund

lnvestment in Capital market 4,00,00,000 9 months from receiving IPO fund

IPO expenses 45 days from receiving IPO fund

Total 26,07,90,000

M .obal u Akb arT)GM & CI'O

Express Insurancc Lintitcd

{C. Lia i i{r. r:r K.M. Sai

167

RahmanMon8ting Dir€ctor &

ChiofExccutivo OfticerExDrc88 JDtlrrarce I-imitcd

SI^ \g{dasmfo 0t6rdn rlho m {d, Israil Hossain RCf

Lrolglrg DiErtor & CEo Maaaging Director{AAFirc& br.n&.!t U.l BLI Capitat L,mrta

Mohammaxecutive Officer

,,ntrc capital Limite

2

4.00

kl objective of the issue including financing requirements and feasibility in respect of enhanced paid-

up capital.

20,57,90,000

1,50,00,000

Feasibility:

As EIL is not planning to expand its business or acquire any assets from IPO proceeds hence, feasibilitystudy is not necessary here.

168

Use of net proceeds of the offer indicating the amount to be used for each purpose urith head-wisebreak-up;

The Proceeds from IPO of issuance of 2,50,79,000 nos. of ordinary shares at an issue price of Tk. 10.00 each at par totaling Tk.

26,07,90,000 will be used as projected below:

Area of Utilization of IPO FundAmount(BDT)

Time of lmplementation

lnvestment in Treasury Bond 14,00,00,000 6 months from receiving IPO fundlnvestment in FDR with Nationalisedcommercial Bank

10,57,90,000 9 months from receiving IPO fund

IPO Expenses 1,50,00,000 45 days from receivinB IPO fund

Total 26,07,90,OOO

sdl-(Md. Obaidul Akbar)

Sr. AGM & CFO

sd/-( Md. Anwar Hossain)

Managing Director (CC)

sdl-( Md. Abdul Awal)

Ch a irma n

(a) Utilization of the total amount of paid-up capital and share premium, if any, including the sponsors'

contribution and capital raised of the issuer at the time of submission of prospectus, in details with

indication of use of such funds in the fina ncia I statements;

EIL has raised its paid-up capital different times as per the following schedule:

Numbers of share Total No,of Share

Facevalue

Paid upcapital (Tk)Description

Date ofAllotment Existing no.

of shareCum. No. of

Share

Consideration

6,000,000 6,000,000 10 60,000,000

Subscribers to thememorandumand Articles ofAssociation at thetime ofincorporation

Bonus Share 6,300,000 63,000,000Second 22.09.2008 6,300,000

756,000 7,056,000 Bonus Share 7,056,000 70,560,000Th ird 29.09.2009

88,200,00003.07.2C10 t,764,O00 8,820,000 Eonus Share 8,820,000Fourth

Bonus Share 11,025,000 10 110,250,000Fifth 27.06.201-1- 2,205,000 11,025,000

10 242,550,00013,230,000 24,255,000Cash (Right

Share)24,255,000Sixth 05.05.2011

Bonus Share 10 291,060,000Seventh 25.06.2012 29,106,000

1032,598,120 Bonus Share 32,598,t20Eighth 13.04.2013 3,492,720

Bonus Share 39,178,464 10 391,184,640N inth 10.08.2015 6,519,744 39,118,464

391,184,64039,118,464Total I

ryMohamoad obaydur Ratmaq tCS

Mauagrlg Dttcclor & CEO

AAA FE::r. & lxY;s:noeot Ltd'

Moham\k ,,3P3Ud, Ierail Hossain ACS

Maaaging Director,3LI Caiitz.! L.iteiteLl

CaPital Limited d.c

ExPr

cer

d. Obaidul Akbar

SECTION: XXll USE OF PROCEEDS

6,000,000 Cash

300,000 10

10

10

4851,000 29,106,000

325,981,200

169

sponsors, contribution since inception brought & deployed by the issuer company prior to the public

offer and indication of such funds utilization in the financial statement is as under:

AccountingYear

Amount in TK Fund utilired for Refl€cted in financial Statements

2008 30,00,000 FDR lncrease in "shareholders Equity"

2009 7s,60,000 lncrease in "Shareholders Equity"

2010 17,640,000 FDR lncrease in "Shareholders EquitY"

2011 22,050,000 FDR Increase in "Shareholders Equity"

132,300,000 FDR lncrease in "Shareholders Equity"

lncrease in "shareholders Equity"48,510,000 FDR

2013 34,927,200 lncrease in "Shareholders Equity"

2015 6,579,-7440 lncrease in "Shareholders Equity"

(b)lf one of the obiects is an investment in a joint venture, a subsidiary, an associate or any

acquisition, details of the form of investment, nature of benefit expected to accrue to theissuer as a result of the investment, brief description of business and financials of such

venture;

The Company has no object to investment in such type of ventures by using Use of IPO proceeds.

(c) lf IPO proceeds are not sufficient to complete the project, then source of additional fund must bementioned. ln this connection, copies of contract to meet the additional funds are required to be

submitted to the Commission. The means and source of financing, including details of bridge loanor other financial arrangement, which may be repaid from the proceeds of the issue along withutilization of such funds;Not applicable in this case.

(d) A schedule mentioning the stages o{ implementation and utilization of funds received throughpublic offer in a tabular form, progress made so far, giving details of land acquisition, civil works,installation of plant and machinery, the approximate date of completion of the proiect and theproiected date of full commercial operation etc. The schedule shall be signed by the chief ExecutiveOfficer or Managing Director, Chief Financial Officer and Chairman on behalf of Board of Directorsof the issuer;

Use of Proceeds from IPO and lmplementation Schedule

Amount(BDT)

lnvestment in Treasury Bond 14,00,00,000 6 months from receiving IPO fund

lnvestment in FDR with Nationalisedcommercial Bank

10,57,90,000 9 months from receiving IPO fund

IPO Expenses 1,50,00,000 45 days from receiving IPO fund

Total 26,07,90,000

sdl-( Md. Obaidul Akbar)

Sr. AGM & CFO

sdl-( Md. Anwar Hossain)

Managing Director (CC)ba d u l4(b

"( Md

DGM & CFOInsurance Lituitrd

taII

ited

sdl -. Abdul AwdY-Chairman

\

WICM. Saidut Rahman

M8[sgi[g Dir€ctor &Chicf Excoutivo Offrcer

Bxprcss Iusurance Limited

Expr

\GMd. Israil Hossain ACf

Managing Directo,BLI Capltat L,mite(

rUonammte Execulive Otfice

sil^

IDFC Capital Limitr.eo

1.i :ij.t.

FDR

2011

2072FDR

FDR

The Proceeds from IPO of issuance of 2,60,79,000 nos. of ordinary shares at an issue price of Tk. 10.00 each at par totaling Tk.

26,07,90,000 will be used as pro.iected below:

Area of Utilization of IPO Fund Time of lmplementation

vot omad ob.ydu R3ho!!, FCS

Ulo4u8 Di[lctor & CEo

{AA Fill.e & hv€ttErll lld.

170

(ellf there are contracts covering any of the activities of the issuer for which the proceeds ofsale of securities are to be used, such as contracts for the purchase of land or contracts for theconstruction of buildings, the issuer shall disclose the terms of such contracts, and copies ofthe contracts shall be enclosed as annexure to the prospectus;

The Company has not made any type of such contact.

(f) lf one of the objects of the issue is utilization of the issue proceeds for working capital,basis of estimation of working capital requirement along with the relevant assumptions,reasons for raising additional working capital substantiating the same with relevant facts andfigures and also the reasons for financing short with long term investments and an item wisebreak-up of last three years working capital and next two years projection;

No ob.iects of the issue are utilization of the issue proceeds for working capital

(t) where the issuer proposes to undertake one or more activities like diversification,modernization, expansion, etc., the total project cost activity-wise or project wise, as the case

may be;

The Company does not propose to undertake one or more activities like diversification,modernization, expansion, etc.

(i) where the issuer is implementing the project in a phased manner, the cost of each phase,

including the phases, if any, which have already been implemented;

U) The details of all existing or anticipated material transactions in relation to utilization of theissue proceeds or proiect cost with sponsors, directors, key management personnel, associatesand group companies;

There is no existing or anticipated material transaction in relation to utilization of the issueproceeds or project cost with sponsors, directors, key management personnel, associates andgroup companies.

(k) Summary of the project appraisal/ feasibility report by the relevant professional peoplewith cost of the project and means of finance, weaknesses and threats, if any, as given in theappraisal/ feasibility report.

Not applicable here

awmq

sain AC.i ' "Ualaging Director

tiLI Calri[ar Lrr[rred

Md. Obaidul AkbarDGM & CFO

Express lnsurance Lirrited

tr.M. Said

ivl d. rq t Ali Khan&

vc Officer

xecutive Otficer

DFC CaPItal Llmltod

QV xwMd, Israil HosMfud 0bar'l''jl Trlii'ao' FCS

!,ten4rog Drrcctor & CEO

AA/\fbrc.c A hv6lr LtdCom

Expre;sp.ny Secretarylqssaoc€ Linited

nxpress Iusuralce Limited

Described under the title Use of Proceeds and lmplementation Schedule in the prospectus.

Chief

5

al Lock-in provision: Ordinary share of the issuer shall be subject to lock-in, from the first

trading date of the Exchanges in the following manner-

1. All the shares held, at the time of according consent to the public offer, by sponsors,

directors and shareholders holding 10% or more shares shall be subject to lock-in for 3

(three)years.

2. lf any shares are transferred by sponsors, directors and shareholders holding 10% or

more shares to any person shall be subject to lock-in for 3 (three) years.

3. lf the shares are distributed through the fresh allotment before 4 (four) years or more

shall be subject to lock-in for 1(one) year.

4. Any shares held by Alternative lnvestment Fund shall be subject to lock-in of 1 (one) year'

5. shares allotted to any persons other than the shares mentioned in sub-condition: a, b, c,

d shall be subject to lock-in of 2 (two) years.

b) Statement of securities to be locked in for each shareholder along with BO account

number,lock-in and number of secu.ities to be locked-in

o aidu I AkbarDCM &

Express lnsuracFo

nce Limited

171

K.M. RahmanManagiag Director &

n i., 1., :r ChicfExccutive Ofticerrvloha

Chiet Executive OtficerrnFC Capital Limited

\ S{c,

% ofrhar€holdinB

Dete ofA.qui!ition

Lock inPeriod

frcm thefirst

tradingd.te oI

theErchant

tPo tPo

80lD StatusShareholdert

rhareholdin8

Sl. No.

15.07.2m321.08.2m422.0a-2U)829.09.2m903.07.201027.06.201105.05.201125.6.201213.04.201310.08.2015

3 yea610.0376 120281m62840481 Director1Razraq

House 18,Road r 76,

Gulshan-2,ohaka.

19,26,512

SponsorShareholder

20.08.2m322.09.2m829.09.2m903.07.201027.6_20110s.05.20112s.06.201213.04.201330.06.201410.08.201S

lyeart13,70,880 3.5044 2.1026 12015000008666802

AJ'\f&m!d Obrycu Ra[rlrr& FCS

!&sl8l!8Ditt lol & CEo

{AAEiED.G & hrc6tEl,l lit

\%rud. Isreil Hossain ACt

Managlne Directo!'fl,l CaJiiar l,rtr,te, (icr;l';''

i - )'-'. a r'-:. i}i "Ortpr".r *urarce LiEited

SECTION: XXlll LOCK-IN

6-0226

House n 421A,

Road 116(new),27

(old),

DhanmondiR/A, Dhaka-

1205.

3 yeers11.0605 6.6363 120319m07661097 Director

30.03.200020.03.2m11s.07.2m222.09.2m829.00.2m903.07.201027 -06-201105.05.201125.6.201213.04.201310.4-2015

3Mr. Syed al

House f 38/8,Road { 12,

Baridhara0ip,omatic

Zone,Gulshan,

Ohaka'1212.

43,26,715

Director

20.o2_2072

25.06.201213.04.201310.08.2015

3 yea6

Flat { 3/c,House *47,

Road f 5,

DhanmondiR/A, Dhaka

13,70,880 3.5044 2.1026 120163trfi66071714

120193m06408144Spoasor

Director

30.03.2m020.03.2m122.09.2m829.09.2m903.07.201027.6.201705.05.201125.06.201213.04.201310.0a.2015

3 yea6

70, Gulshan

Gukhan,Dhaka

31,11,736 7.9s465 shamsurRahman

5.5226 120319m32311449 Director

30.03.2m020.03.2m127.8.200422.09.2m829.09.2m903.07.201027.6.20170s.05.201125.06.201213.04.201310.08.2015

3 years6Mr. Md. Abdul

Flal | 6/12,Prio PranSon,

2, Potibag,Ramna,

ohaka

36,m,630

160366000769231s Director

30.03.200020.o2.2011

2s.06.201213.(x.201325.05.201510.08.2015

3 years

House*82,Road S 11

(new),

DhanmondiR/4 ohaka

27,85,148 7.7273 4_27281

3 years9.9245 5.9547 1203190025863661 Direclor

30.03.2m020.03.2m115.07-2m222.09.2m829.09.200903.07.201027.6.201705.05.201125.6.207213.04.201310.08.2015

8

Mr.l(halilurRahmanChoudhury

llouse S 5,

Road f 9,

Earidhara,Dhaka

3a,42,350

Director

30.03.2m020.02.207223.06.201213.04.201310.08.201S

3 y€art

House { 23/A,Road , 13/A,ohanmondiR/A, ohaka'

1209.

13,70,880 3.5044 2.1027 120163m628455439 Mr. Latiful Bari

Director

30.0320m20.03.2m115.07.2m222.09.2m829.09.2m903.07.201027.6_20n05.05.20112s.06.201213-04.201310.08.2015

3 years19/2, Xakrail,

Ramna, Dheka29,O4,169

-7.4244 4.4544 120337cc6277867510Hamua Sarker

2.5506 1.5304 12o30M621frN Shareholder,{",t25.05.

10.08.11

Mls. SultanaJahan

Plot'49, Road-

3s/^,Gulshan-2,

Dhaka-1212.

9,91,176

172

Rahman

!,'a

cr!>3

,o

!

qLVohrr' ' 'r FCS

tAJ| I i: .r,r Lld

[,4ohamma d Sale d.L Ali Khan Directol &

Ofiicer Comp ecretary tiv6 OffrccrChief

ua. t..ffi."inucsMsneging Director

3Ll oeDtlal lJirnitet IIDFC CaPital Llmite6 Express lnsuraacc Limited Exprcrc lnsurrace Limited

4.n24

9.2044

K.M.

SA-.,tldmua? 0bavdur Rahrarq Ff!

V.orgrog Dircctor & CEO1AA Firro.e & Ioveshcd I/1.

u*\#nossainncr"Managing Directo:

BLI Capita I l,iflr;"'

173

K.M.&.

Chicf Ofiicer

t2Hossaln 5a*er

House f 23lA"Road | 13/A,DhanmondiR/A, Dhaka-

1209.

15,33,335 3.9797 2.3518 120163000m78942 Shareholder

[email protected]@829.09.2m903.07.201027.06.201105.05.201125.6.207213.M.201310.08.2015

3 yea6

13AlhajMohd.

Flat f 3/C,House #47,

Road 15,DhanmondiR/A,Dhaka.

28,66,958 7.3289 4_3973 1201630000083805Sponsor

Shareholder

30.03.2m022.09.2m829.09.2m903.07.201027.06.201105.05.201125.6.201213.04.201310.08.2015

3 years

t4 Mr. ABM Kaiser

Plot-49, Road-

1slA,Gulshan-2,

Dhaka-1212.

31,24,942 8.5100 2_6741 1203000033242071 Oirector

26.04.2@722.09.2m829.09.2m903.07.201027.6.20t105.05.201125.6.207213.04.201325.05.201510.08.2015

3years

15Mrs. HalimaHarun

House t 42/A,Road rl5(new),27

(oldl,DhanmondiR/A, ohaka-

1205.

9.fi,451 4.4502 5.1060 102420000632584 Di.ector

30.03.2m020.o2.201225.6.201213.04.201310.08.2015

3 yea6

si"Ets<_Y;

#EEIG;*t

MohammadChiet

IIDFC CaPital

OfiicerLimteEF

Gxltc8s llsuralcc Limited

174

The issuer shall apply to the following bourses for listing shares within 7 (seven) working daysfrom the date of consent accorded by the Commission to issue the prospectus:

ri.EE,:t Dhaka stock Exchante Limited (DSE)

9/F, Motiiheel c/A, Dhaka-1000; and

: Chiftagong Stock Exchange Limited(CsE)Itisi- csE Building, 1o8o sheikh Mujib Road, chittagong.

Stock Exchanges:

Declaration about Listing of Shares with stock Exchanges:

None of the stock Exchanges, if for any reason, grant listing within 75 days from the closure ofsubscription, any allotment in terms of this prospectus shall be void and the Company shallrefund the subscription money within fifteen days from the date of refusal for listinB by thestock exchange, or from the date of expiry of the said 75 (seventy-five) days, as the case

maybe.

The issue managers, in addition to the issuer Company, shall ensure due compliance of theabove-mentioned conditions and shall submit compliance report thereon to the commissionwithin seven days of expiry of the aforesaid fifteen days' time period allowed for refund of thesubscription money.

Trading and Settlement;

Trading and settlement Regulation of the stock exchanges will apply in respect of trading andsettlement of the shares of the Company.

THE ISSUE SHALL BE PLACED IN ,,N,, CATEGORY

Md. o aidul AkbarDGM&C !-o

MohammadExpress Insuraoce Limited

OfficerLimited t .M. Saidur

Managitrgr,hhrmmad 0bflur Ratman' FCS

Mar4rlB flrrcctor & CEO

AIAI;::r:.1::?$:;r!t Ld

Chiet

\ffi rrDFc

Md. Iirail Hossain ACsMeoaging Director

8LI Ce?ltal Llmite,'

Md.&

Chief Exocutivo OfficcrF roress Insuiancc{-imitcd

N Capital

Expressv

t Ali Khan

sEcTtoN-xxtv MARKETS FOR THE SECURITIES BEING OFFERED

ln case of nen-refund of the subscription money within the aforesaid fifteen days, thecompany directors, in addition to the issuer company, shall be collectively and severally liablefor refund of the subscription money, with interest at the rate of 2% (two percent) per monthabove the bank rate, to the subscribers concerned.

175

SECTION.XXV DESCRIPTION OFSECURITIES OUTSTANDING OR BEING OFFERED

(a) Dividend, voting and preemption rights;

The Share Capital of the company is divided into Ordinary Shares, carrying equal rights tovote and receive dividend in terms of the relevant provisions of the Companies Act 1994 and

the Articles of Association of the company. All Shareholders shall have the usual voting rights

in person or by proxy in connection with, among others, election of Directors & Auditors and

other usual agenda of General Meeting - ordinary or Extra-ordinary. on a show of hand,

every shareholder presents in person and every duly authorized representative of a

shareholder present at a General Meeting shall have one vote and on a poll everyshareholder present or by proxy shall have one vote for every share held by him or her.

ln case of any additional issue of shares for raising further capital, the existing shareholdersshall be entitled to Right lssue of shares in terms of the guidelines issued by the BsEc fromtime to time.

(b) Conversion and liquidation rights;

ln terms of provisions of the Companies Act 1994, Articles of Association of the Companyand other relevant rules in force, the shares of the company are freely transferable. TheCompany shall not charge any fee for registering transfer of shares. No transfer shall be

made to a firm, an infant or person of unsound mind.

i. The profit of the Company, subject to any special right relating thereto created orauthorized to be created by the Memorandum and subject to the provisions of the Articlesof Association, shall be divisible among the members in proportion to the amount ofcapital paid-up on the shares held by them respectively.

ii.No large dividend shall be declared than is recommended by the Directors, but theCompany in its General Meeting may declare a smaller dividend. The declaration ofDirectors as to the amount of Net profit of the Company shall be conclusive.

iii.No dividend shall be payable except out of the profits of the Company or any otherundistributed profits. Dividend shall not carry interest as against the Company.

v. A transfer of shares shall not pass the right to any dividend declared thereon before the

al uI Akbarvi. No limitation in payment of dividend is stipulated in any debt instrument or othtrx/ isQCi\1 &

rce LirDiledo

aess Iosur

sv(d) Other riBhts of the securities holders;

ln terms of the provisions of the Companies Act 1994, Articles of tion of the Company

Vdarord 0hynu R.!tu&tlurglS Dimclor & CBo

AIA Filroc€ & bvcrlo.st

cl

blDirector &

ii ii r. :r ChicfExocutivc Ofricer

rhe coilfpMy SaidMrargilg

an

},"*ii,'li+ffiii*l'fr,ffiare

(c) Dividend policy;

iv.The Directors may from time to time pay the members such interim dividend as in theirjudgment the financial position of the Company mayjustify.

registration of transfer.

Erpress Insurance Limited

t/o

shall not charge any fee, other than Government duties for registering transfer of shares. No

transfer shall be made to a minor or person of unsoundmind.

The Directors shall present the financial statements as required under the law &lnternational AccountinB Standard. Financial statements will be prepared in accordance withthe lnternational Accounting Standards consistently applied throughout the subsequentperiods and present with the objective of providing maximum disclosure as par law andlnternational Accounting Standard to the shareholders regarding the financial andoperational position of the company. The shareholders shall have the right to receive allperiodical statement and reports, audited as well as un audited, published by the companyfrom time to time.

The sharehotder holding minimum of 10% shares of paid-up capital of the company shallhave the right to requisition extra ordinary General Meeting of the company as provided forthe section 84 of the Companies Act 1994.

.obaidutAk I

DGM &CFO

Nrtl&Em.d Otaydu. Rstftrlo, tCS

!ra!gl!g Director & C80

A-P} L-:-; r3 :7::-inclt lrd

\ffi.ild, tsmil llossain eCf

MrnFElng DirectorBLI Clnilai Lin:iter'

MohaOtficer

rIDFC CaPital Limited

Elpress lnsuraoce Linlited

Officer&

Exprcss

Ali

K.M.

Iuur8nce Limited

177

(a) The latest financial statements prepared and audited by any of the Commission's

panel of auditors in adherence to the provisions of the Securities and Exchange

Rules, 1987, the companies Act, 1994, lnternational Financial Reporting and

Auditing Standards as adopted in Bangladesh from time to time and any other law

as applicable;

Auditors' Report and Audited FinancialStatements of

Express Insurance LimitedFor the year ended 31 Decembet 2018

qJ"uouparotoYan rrmu ics

lfir4h8 Difirtor & CEo

AAA fi0ffr & lltcdErd Lltt

AHMED ZAKER & CO., CHARTERED ACCOUNTANTSGreen City Edge (Level - 10),89, Kakrail, Dhaka 1000,,

rer : 880-2-8300s04-8, Fax: 88-2-8300soe, Nl,r 6*If^lt{f;rE-ma il:

\%Ud. IsIail Hossain ACf

Managing Directo:BLI Cailtat Limite,

azcbangladesh @gma

l\4ohamChiel Executive Officet

IIDFC Capital Limitecl

SECTION XXVI: FINANCIAL STATEMENTS

s*Moilrmad otiaydur Rahrnlo, FCS

MaEtglrg Dll.c$, & CEo

rLLt[;:;;: & b'rcfincll lilMohamm e0


178

t .M. SaidurManagirg &

ChiefExocutivo

lndependent Audito/s Report

To the shareholders of Express lnsurance Limited Report on the audit of the fina ncial

statements opinion

We have audited the financial statements of Express lnsurance Limited (the "Company"), whichcomprise the balance sheet as at 31 December 2018, profit and loss accounts, profit & loss

appropriation account, statements of changes in equity and cash flow statements for the year thenended, and notes to the financial statements, including a summary of significant accounting policies and

other explanatory information.

ln our opinion, the accompanying financial statements give a true and fair view of the balance sheet theCompany as at 31 December 2018, and of its profit and loss accounts, profit & loss appropriation account,

statements of changes in equity and cash flow statements for the year then ended in accordance withlnternational Financial Reporting Standards (lFRSs), the Companies Act 1994, the lnsurance Act 2010, thelnsurance Rules 1958, the Securities and Exchange Rules 1987 and other applicable laws and regulations.

Basis for opinion

We conducted our audit in accordance with lnternational Standards on Auditing (lSAs). 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 withthe lnternational Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants(IESBA Code) together with the ethical requirements that are relevant to our audit of the financial

statements in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with theIESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide

a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in theaudit of the financial statements for 2018. These matters were addressed in the context of the audit ofthe financial statements as a whole, and in forming the auditor's opinion thereon, and we do not provide

a separate opinion on these matters. For each matter below our description of how our audit addressed

the matter is provided in that context.

We have fulfilled the responsibilities described in the auditor's responsibilities for the audit of thefinancial statements section of our report, including in relation to these matters.

Accordingly, our audit included the performance of procedures designed to respond to our assessment ofthe risks of material misstatements of the financial statements. These results of our audit procedures,

including the procedures performed to address the matters below, provide the basis for our audit opinion

on the accompanying financial statements.

d bal dul Ai<barDC M&CFO

Express lns mitcd

\%Md. Israi[ llossain Acl

Malaging DirectorBLI Capitai Limiter llDFc capital Limited

uraoce Li

Fxpress Insunnce Limircd

R.ht!6tr FC6 Md. ainACt Moh

179

K.M. Sai RahmanMaisdng Directot

BLI Ca:i1..' i,r:.r1"'Chiel Executive Otficer

rIDFC Capital Limitedl,{d. t,i

3

Mmrgrrg Dt$otor &ChlcfBxooutivs Ofticcr

Exprcm laruraoc Limited

our response to the riskRisk

Premium income

Gross general insurance premiums comprisethe total premiums received for the wholeperiod of cover provided by contracts enteredinto during the accounting period.Given the important nature, connections toother items to the financial statements andsensitivity of the item we believe this area pose

high level of risk.

At year end the 2018, the reported total grosspremium income of BDT 408,889,052 (2017:

BDT 400,656,661).

With respect to Premium income in respect ofvarious types of insurance we carried out thefollowing procedures;

The design and operating effectiveness of key

controls around premium income recognitionproces5.

Carried out analytical procedures and

recalculated premium income for the period.

Carried out cut-off testing to ensure unearnedpremium income has not been included in thepremium income.

On a sample basis reviewed policy to ensureappropriate policy stamp was affixed to thecontract and the same has been reflected in thepremium register.

Ensured on a sample basis that the premiumincome was being deposited in the designatedbank account.

Tested on a sample basis to see that appropriateVAT was being collected and deposited to bankthrough Treasury challan.

For a sample of insurance contracts tested tosee if appropriate level of reinsurance was doneand whether that re-insurance premium was

deducted from the gross premium.

Applying specialist judgment ensured if there is

any impairment of the reinsurer.

Finally assessed the appropriateness andpresentation of disclosures against relevantaccounting standards, lnsurance Act 1938 (as

amended in 2010), lnsurance Rules, 1958 andother applicable rules and regulations andregulatory guidelines.

{t.1 A.^^n

See revenue occount

d. Obai aru rAk

\&

DGM & CFOExpress Insuraoce Limited

!{ugl!C [)i!.u & CEo

tAA Fbr.. & lnvacot Ltda

l,' l

180

Risk our response to the risk

Estimated liability in respect of outstanding claims whether due or intimated and claim payment

This account represents the claim due orintimated from the insured and involves

significant management judgment and risk ofunderstatement. ln extreme scenario this itemmay have going concern implications for thecompany.

We tested the design and operating effectiveness ofcontrols around the due and intimated claimrecording process. We additionally carried out thefollowing substantive testing's around thisitem:

. Obtained the claim register and tested forcompleteness of claims recorded in theregister on a sample basis.At year end the 2018, the reported total

balance under the head of estimated liability in

respect of outstanding claims whether due orintimated and claim payment of BDT

96,O75,233 (2017: BDT 56,377,593).

obtained a sample of claimed policy copy

and cross check it with claim.

Obtained a sample of survey reports cross

checked those against respective ledgerbalances and in case of discrepancy carried

out further investigation.

Reviewed the claim committee meetingminutes about decision about impendingclaims.

Tested a sample of claims payments withintimation letter, survey report, bankstatement, claim payment register andgeneral ledger.

Finally assessed the appropriateness andpresentation of disclosures against relevantaccounting standards, lnsurance Act 1938(as amended in 2010), lnsurance Rules, 1958and other applicable rules and regulationsand regulatory guidelines.

See note no 8.0O ta the finonciol statements

d o I AkbarDGM & CFO

ExPr€ss lnsuraoc Lioited

N n -M. SaidurMoha

ch xecutive OtlicerMd. Llaqr-raLimited Compcay S

Mansgirg Dircctor &Ali .r<}an Chicf Exocutivo OfficErecietary F{ptcas I$[r8nce Limited

edUdrnnad 0bridur Raiaan, FCS

!r.!!gioB Drr.crlr & CEO

AAAFiuocc & Iuv6!D!!t Lao IIDFC CaPitalExpress Ios uraoce Limited

Obtained and discussed with managementabout their basis for estimation andchallenged their assumptions whereappropriate.

ua.\sffiorr"inecsManaging Director

BLI CaPitai Limite('

$"

181

Other information

Management is responsible for the other information. The other information comprises all of theinformation in the annual report other than the financial statements and our auditor's report thereon.The annual report is expected to be made available to us after the date of this audito/s report.

Our opinion on the financial statements does not cover other information and we do not express any

form of assurance conclusion thereon.

ln connection with our audit of the financial statements, our responsibility is to read the otherinformation identified above when it becomes available and, in doing so, consider whether the otherinformation is materially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. lf, based on the work we have performed on theother information obtained prior to the date of the auditor's report, we conclude that there is a materialmisstatement 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 consolidated andseparate financial statements and internal controls

Management is responsible for the preparation and fair presentation of the financial statements inaccordance with lFRSs, the Companies Act 1994, the lnsurance Act 2010, the lnsurance Rules 1958, theSecurities and Exchange Rules 1987 and other applicable laws and regulations and for such internalcontrol as management determines is necessary to enable the preparation of financial statements thatare free from material misstatement, whether due to fraud or error.

ln preparing the financial statements, management is responsible for assessing the Company's ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using thegoing concern basis of accounting unless management either intends to liquidate the Company or tocease operations, or has no realistic alternative but to do so-

Those charged with governance are responsible for overseeing the Company's financial reportingprocess.

Audito/s responsibilities for the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor's report thatincludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that anaudit conducted in accordance with lSAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with lSAs, we exercise professional judgement and maiEain n ^.professional skepticism throughout the audit. we also: Md. #:IfS*dt*4

DCM & ctrr). tdentify and assess the risks of materia I m isstatement of the fina ncia I st"t"rn

"ntr, *t

"Etrf8"it3tn"1r'rnct

l'inr ircd

fraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resulting fromerror, as fraud may involve collusion, forgery, intentional omissions, m isreprese ntations, or toverride of internal control-

. Obtain an understanding of internal control relevant to the a

procedures that are appropriate in the circumstances.n rder to esign aud

I(.M. S RahmanM8naging Dircctor &Uotmd 0bay&r Rrbmao. tCT

I,hlrg|lg Dit*ior & CEo

AAA FiN.4 & hrcttDcot Lrd

ud.trrLffi.uinacrManaging Director

SLI Crpttf.l LimitetrMohamma

C cutive Officer

ChiofExooutivc OfficerMC. L

IIDFC Capital Limitec

- ,, , BxPross Insurance Limited

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

Conclude on the appropriateness of management's use of the going concern basis of accountingand, based on the audit evidence obtained, whether a material uncertainty exists related toevents or conditions that may cast significant doubt on the Company's ability to continue as a

going concern. lf we conclude that a material uncertainty exists, we are required to drawattentlon 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 conditionsmay cause the Company to cease to continue as a goingconcern.

Evaluate the overall presentation, structure and content ofthe financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and

events in a manner that achieves fair presentation.

sd/-Ahmed zaker &Co.


Md. o iduI AkbarDGM&CFg

Express Insutaoce Linitcd

182

n.M. SaidurManagiE8 D &

Report on other legal and regulatory requirements

ln accordance with the Companies Act 1994, the lnsurance Act 2010, the lnsurance Rules 1958, theSecurities and Exchange Rules 1987 and relevant notifications issued by Bangladesh Securities and

Exchange Commission, we also report that:

a) We have obtained all the information and explanations which to the best of our knowledge and

belief were necessary for the purpose of our audit and made due verification thereof;

b) ln our opinion, proper books of accounts, records and other statutory books as required by lawhave been kept by the Company so far as it appeared from our examinations of those books;

c) The company management has followed relevant provisions of laws and rules in managing theaffairs of the Company and proper books of accounts, records and other statutory books have

been properlv maintained and (where applicable) proper returns adequate for the purposes ofour audit have been received from branches not visited by us;

d) As per section 63(2) of the lnsurance Act 2010, in our opinion to the best of our knowledge and

belief and according to the information and explanation given to us, all expenses of managementwherever incurred and whether incurred directly or indirectly, in respect of insurance business ofthe company transacted in Bangladesh during the year under report have been duly debited tothe related Revenue Accounts and the profit & loss account of the Company;

e) The balance sheet, profit & loss account appropriation account, profit & loss account, related

revenue accounts, statement of changes in equity and statement of cash flows of the CompanY

together with the annexed notes dealt with by the report are in agreement with the books ofaccount and returns; and

f) The expenditure was incurred forthe purpose ofthe company's business.

Place: Dhaka

27June,2079

Mohannrad 0baYdur Rahmat FCS

Matlgrig Drrcctor & CEO

AAAFtIlocc & bYcltElol Ltd'

(S/rud\ffir...i,,acs

Menagitrg DirectorsLI CsFltai Llmiter.

Moham

IIDFC Capitae Officer Md. Liaquat Ali i(hanI Limited_ Corcpci) SeciettuJ

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Express lnsurance Ltd.

Statement of Cash Flows

For the year ended 31 December 2018

Particulars

A. Cash Flow From Operatint Activities :

Collection from Premium and Other Received

Payment for Management Expenses, Re-insurance & Claims

lncome Tax Paid

Net Cash generated trom Operatint Adivities

B, Cash Flow lnvesting Activates :

Fixed Assets Acquired

lnvestment in Share

Sale of Share

lnvestment in CMM AC.

Encashment of CMM AC.

Security Deposit & Advance

Net Cash g€nerated/(Used) in lnvesting Activities

C. Cash Flow From Financint Activates :

cash dividend paid

Net Cash used from Financing Activities

D. Net lncrease/(Decrease) ln Cash & cash Equivalents (A+g+C)

E. Cash & Cash Equivalents at the b€ginning of the year

F. Cash & Cash Equivalcnts at the end of the year (D+E)

Net operating cash flow per share (NOCFPSI

sd/-chairman

sd/Vice Chairman

Signed as per our separate report of same date

Dhaka

June 27,2019

NoteAmount in Taka

31 Dec 2018 31 Dec 2017

29.0

30.0

31.0

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(350,543,798)

(23,243,6481

410,819,905

1327,943,464)(24,192,679)

30,474,690 64,543,422

(2,3s0,030)

(8,129,s8s)

18,797,526

(3,383,3s4)

(10,304,416)

17,437,640].

(1,300,000)

13,884,000

(317,040)

4,134,557 s24,9M

l&trued Obaydur Rahnao' FCS

V:t4r"g Drrector& CEO

AAA F--. i =;.;:ar{f U4

\*Md. Isnill Hossain ACS

Managing DirectorBLI CePltai Limite,

Mohammadutive Officer

(39,118,466) (4s,854,ss6)

(39,118,456) (45,854,555)

(4,30s,219) 79,344,770

545,453,399 s26,7r9,229541,158,180 545,453,399

0.78 1.65

sdl-Chief Executive Officer

sdl-AHMED ZAKER & CO.


M .obaidut AkbaIDC M&CFO

Erpress Insurance Limited

K.M.Md. Li at Ali i<lan Managing &

Chicf Exccutivc OfficerExpress lDsurarlce LiEited

The accompanying notes and policies (1-36) form an integral part of these Financial Statements

sd/-Diredor

Colop.ny Secretarj.Express losurance Limitcd

DFc capital Limited

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Exprors ltr,urauce Limited

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192

1

EXPRESS INSURANCE TIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 3T DECEMBER, 20T8

lntroduction:

Express lnsurance Limited was incorporated and commenced its business as a Public Limited

Company in Bangladesh on March 30,2000 under the Companies Act, 1994 with the issuance ofincorporation certificate bearing no.C-39954i.7922120001 dated 30 March, 2000 issued by theRegistrar of Joint Stock Companies and Firms. However, the permission to carry on General

lnsurance Business was obtained from the controller of lnsurance, Government of Peoples

Republic of Bangladesh on May 18, 2000.

Nature of business:

The primary objectives of the Company are to carry on all kinds of insurance, guarantee and

indemnity business other than life insurance business.

Easis of presenting accounts and significant accounting policies:

Basis of presenting accounts:

Easis of accounting:

2

A)

i)

The financial statements have been prepared on a going concern basis under Generally Accepted

Accounting Principles (CAAP) on historical cost convention. These statements have also beenprepared in accordance with applicable lnternational Financial Reporting Standards as wereadopted in Bangladesh under the name of lnternational Financial Reporting Standards (lFRSS)

with reference to disclosures of accounting policies and valuation of investment.

ii) Basis of presentation:

The Statement of Financial Position has been prepared in accordance with the regulations as

contained in Part - | of the First Schedule and as per Form "A" as set forth in Part - ll of thatschedule, Statement of Profit or Loss and other comprehensive lncome and Profit and Loss

Appropriation Account has been prepared in accordance with the regulation contained in Part - |

of the second schedule and as per Form "8" & "C" as set forth in Part - ll of that Schedule

respectively of the Previous lnsurance Act, 1938. Revenue Account of each class of general

insurance business has been prepared in accordance with the regulations as contained in Part - |

of the Third Schedule and as per Form 'F' as set forth in Part - ll of that Schedule of the Previous

lnsurance Act, 1938 as amended. The classified summary of the assets has been prepared inaccordance with Form "AA" as set forth in Part - ll of the aforesaid Act. The Cash Flow Statementhas also been included as per requirement of the Securities and Exchange Commission's Rules

1987 as well as per guideline of IAS-7.

iii) Going concern:

The Company has adequate resources to continue in the operation as a going concern for theforeseeable future. For this reason, the accompanying financial statements have been prepared

on a going concern basis, which contemplates the realization of assets and the satisfaction ofliabilities in the normal course of business. The accompanying financial statements do not include

any adjustments that would not permit Express lnsurance Limited be unable to continue as a

going concern.

+,ifohotled OtaYdu. Rahmlo' FCS

V:rqr.g Drrcctor& CEo

d-4-t i-_. : :r::=reat IllI

\%Md, lsrail Hossain AC

Maaaging Directo:I Mohamiirad

cutive OtficerBLI Capital Limite, 11pp6 capital Limited

&Offrccr

IDsulance Limited

iv) Method:

The Financial statements have been drawn on accrual basis

v) General:

a) Figures appearing in these Financial Statements have been rounded off to the nearestTaka.

b) Previous yea/s figures have been rearranged and adjusted wherever considered necessary to

conform to the standard accounting practlce.

B) Basic earnings per share:

Earning per Share (EPS) has been computed considering the earning attributable to the Ordinary

Shareholders dividing by the weighted average number of shares outstanding during the year as

per IAS-33. The calculation of Earning per Share as under:

16,807,272

(29,308,173)

13,6s7,48s)

70,242,474(2O,737,7 46l

(3,344,899)

.10?

Rahman

31.12.2018Taka

31.L2.20t7Taka

Profit before tax

Less: Provision for income tax including Deferred Tax

Less: Worker's Profit Participation Fund (WPPF)

Profit after tax

Number of ordinary Shares

Earnint Per share (EPs)

43,841,610 46,766,229

39,718,464 39,118,464

1.72 1

i)

C) Cash flow statement:

Cash flows statement is prepared in accordance with IAS-7 under Oirect Method.

D) Revenue recognition [lAS-18]:

Premium is recognized when insurance policies are issued. The sum of premium income as

appeared in classified Revenue Accounts is net of the refund made, Re-insurance ceded and Re-

insurance premium on PSB.

The premium in respect of Company's share of Public Sector lnsurance Eusiness (PSB) is

accounted for in the period in which the relevant statement of accounts is received fromShadharan Bima Corporation. The statements of account for the period from July 2017 to June

2018 have been received from sBC and the company's share of PsB for the aforesaid period has

been recognized in these financial statements accordingly.

Amounts received against issue of Cover Notes, which have not been converted into Policy are

recognized as income at the earlier of cover Notes converted into Policy or after expiry of twoyears of cover Notes in accordance with SBc's circular.

lnterest on Fixed Deposit Receipts (FDR), Account and National lnvestment Bond (NlB) are

recognized as revenue on accrual basis.

lncome from marketable securities has been taken into account at actual amount earned and

received on its disposal.

iii)

iv)

v)

ota.tsr!,ffi.inact Moh

Ma[aging Director Ch

K.M.amrna a e

e OfficerlLimitedBLI C; t:..-, :::r'{i llDFC Capita

'?+,$,6l1rtz.{h'l,l (th.rirlrrl Alb;rr

I)CNI & C'I'( )Ilipress Inruriro.. L. rni rr!d

ffi/:,-'. :'i'&.":t.'-:; :.' :l

r ,t... -t. ----j - ''t

MEsgilg Dhoctor lLChicf Exocutivc Ofliccr

Exprcss lDruraBce Limited

ii)

SJ'udrdihyonttt"tncs

Lagbg Dilrtor & cEr '{AAfiEr.c & hYcfil+i LUl

194

E) Employees' retirement benefit scheme

Express lnsurance Ltd. offers a number of benefit plan for all permanent Employees of the

company which includes Contributory Provident Fund, Workers Profit Participation Fund,

Festival bonus, incentive bonus and group insurance policy which have been accounted for the

accordance with the provision of lnternational Accounting Standard (lAS)-19.

i) Provident fund:

Under defined contribution scheme. company operates duly recognized Provident Fund

managed by independent Board of trustees for all permanent employees. The eligible employee

contributes @ 10% of their basic salary. The company's contribution to the scheme are charged

to profit & loss Account in the year in which they relate.

iiil Workers Profit Participation Fund (WPPFI:

The company has been operating a fund name worker's profit participation fund (WPPF) as per

section 232 of Bangladesh labour law -2006. lt was approved in the 210th board meeting held on

29 May,2077 . Necessary provision for Worker's Profit Participation Fund (WPPF) also made for

the year-2018.

F) Provision for un-expired Risk;

surplus/(deficit) on Revenue Accounts has been arrived after making necessary provision for un-

expired risk @ 40% of net premium income on all business except Marine Hull insurance forwhich provision has been made @ 100% on net premium income under Section 27A (28 & 2C) ofPrevious lnsurance Act, 1938.

G) Allocation of total management expenses:

Total related management expenses have been allocated among the different Revenue Accounts

on pro - rata basis of their respective gross premium income.

ÂAo{ttctr{{r.ad)oualaut a'-ttua'

DGM & Lt-Ll ,Exprcss lnsurance Ll$lltru

lftfrnoad Obrydur Rahmo, FCtM:egrrg Dircctor & CEO

A.r-t i*-. : ::i:J:i,c!l Ltd.

,r\m. .$#r*,"CorIlpx,!y Secrei.rjr

sain ACf Mohamm adidanrging Directo; xe cutive Officer

ci'

Express Insruance Limited

1CJ.tl::1t Ll]1rter DFC CaPital Limite

iil Group insurance policy:

The company has been operating a Group lnsurance policy for all confirmed / permanent

employees for the supporting of family assistance after death of any Employee's as per Group

lnsurance Policy terms & condition.

QV

195

H) Depreciation on fixed assets

i) Depreciation on fixed assets has been calculated on all assets using reducing balance method at

varying rates depending on the class of assets. Methods and rates of depreciation are

consistently applied in relation to previous period. Depreciation is charged on addition to fixed

assets purchased during the period from the date when such assets is available for use and in

case of disposal up to the date of disposal, Land and Building depreciation charged on revalued

amount during the year. The Fixed Assets are depreciated at the following rates:

Items

Land and building

Furniture and fixture

Office equipments

Electrical equipments

Air conditioner

Motor vehicle

Telephone installation

Office decoration

Computer

Crookeries and cutleries

70%

20%

20%

20%

20%

20%

to%

30%

20%

ii) The value of all assets as shown in the statement of flnancial position and in the annexed

Classified Summary of Assets drawn up in accordance with form "AA" of part ll of the First

Schedule to the Previous lnsurance Act 1938, have been reviewed and set forth in the statementof financial position at a value that does not exceed their book value.

l) Related party transactions [lAS-24]:

During the year, the Company carried out a number of transactions with related parties in thenormal course of business.

Jl Provisions relatint to collection ofpremium:

The company has always complied with the Section 18 of the lnsurance Act, 2010 as applicable inregard to provision of collection of premium.

l() lnvestment of assets:

The Section 41of lnsurance Act 2010 has been complied by the Company.

L) Restriction on certain investment:

There is no investment by Express lnsurance Limited or hold any shares or debentures of anyCompany, firms or other business concern in which any directors or any members of the family ofsuch directors has any interest as Proprietor, Partner, Director and Managing Director as per

Section 41 (1) of lnsurance Act 2010.

Md bai ul AkbarDGM & CTO

tnsulaocc Limited

0toydrr Rahruo' :

lh4hg Dir!.1'u & cEo

ltilAFilrc & lo{"ttul \{'rua.tr}#rrinrcr

MrnFgirrg DifectorBIJI Car:i(r.l i,.r:1lte(r

Mohammad Saleh Ahmed -Chi€f Exccutive Officer "

,|DFC Capltal Llmltod- .

d.LK.M. Rahmsn

qn. , Mrorgh8 Dltoohr &' Chiof Exocutivo ontceriExpress Insurance Limited

Rate

M) Prohibition of loans:

As per Section 44 of lnsurance Act 2010, The Company has never granted any loan to any

Director or any member of the family, Banking Company, Subsidiary Company and Auditor, any

loan or temporary advance either and hypothecation property or personal security or otherwise.

N) Additional information on financial statement:

i) Responsibility for preparation and presentation of financial statements:

The Board of Directors is responsible for the preparation and presentation of financial

statements under section 183 of the Companies Act 1994 .

ii) Reportint period

Financial Statement of the Company covers on calendar period from 1n January 2018 to 31't

December 2018.

iiil Reportint Currency and Levelof Precision:

The figures in the Financial Statements represent Bangladesh Currency (Taka), which have been

rounded off to the nearest Taka except where indicated otherwise.

ivl Comparativelnformation:

Comparative information has been disclosed in respect of the year from ln .,anuary 2018 to 31't

December 2018 for all numerical information in the Financial Statements and also the narrative

and descriptive information when it is relevant for understanding of the current yea/s financial

statementS.

Figures of the year from 1't January 2017 to 31n December 2017 have been rearranged whenever

considered necessary to ensure comparability with the current year.

vl Components of the Financial Statements:

According to the lnternational Accounting Standard (lAS) 1 "Presentation of Financial

Statements" the complete set of Financial Statements include the following components:

i) Statement offinancial position as at December 31,2018.

ii) statement of comprehensive income and Profit and Loss appropriation account for theyearended December 31, 2018.

iii) Related Revenue Accounts for the year ended December 31, 2018.

iv) Statement of Changes in Equity for the year ended December 31, 2018.

v) Cash Flow Statement for the year ended December 31, 2018.

vi) Accounting Policies and Explanatory notes for the year ended December 31,2018.

Md. baidul AkbarDCM&CFO

Express Insurance Limitcd

K.M. S

196

an&

Offtcertftfromad Ohydur Raboru FfT

U3E!?tlE Dire.tJr & @{.A::.._.-.: _,.3-:;rr. Ld

med

Chief Executive Officeria : ,. :ltuaffio..rinecr

Menaging Difecto,'iLI Capital Limitec rIDFC CaPital Limited

Md.c

Exo! tedExpt!88Insurance Limited

ev

197

1.01 au$orlr.d rh... oph.l75,000,000 o,din.ry rh.rei of Tt.10 e.ch,

3.02 lrsu.d, 5ub.tlbed .nd p.ld up @ph.l

60,00.000 O,di..ry.h.r.3 of Tk.10 E.ch.

:i1De< 2014 lr Oec 2017

750.000.000 750.000,000

Bo.6 3h... i5tued diff.r.nt ve.r. 1,9e,43,464 rh.rB ol-rt.10...h.

Fishr sh.rc iliu.d in diff.r..t ye.r, 1,32,30,000 rh.rer ofIt.10...h-

60,000,000

194,844,640

132,300,000

50,00o,000

194,444,540

132.300,000

391,144,540

ourif,Bthc y..r 2018, no sh.r6 h.t b... Rru.d.t 'tct

divid.nd.

sh.r.holdina pGnion ofSpon3or On*tort.nd Spontor 5h.,. hold.r.s on atut o6.db.r2018.r. * follo*3

51.Nam. of th. spo.sor share holdert

No.olSh.rer Noml..lvalucsubrfilb.d ofsh.res

1

2

3

5

5

7

a

9

10

11

t7

13

11

15

36,005,300

13,706,400

,1,117,360

39,265,720

17,85r,4dO

4t,26r,750

3a,823,500

15,!33,350

13,708,400

34,289,420

29,041,590

28,669,540

77,aOe.SrO

9,977,760

13,708,400

3,600,630

157q8aO

3,111,736

1.976,972

2,745,744

4.126,775

3,842.350

1,53!,!!5

1,370,880

t,a2e,9e2

2,904,169

2,A56,951

1.710,8t7

997,776

tarq8ao

9.20

3.50

1.95

1.72

11.05

9.92

3,92

1.50

a.51

7.33

445

2.55

3.50

391,184,540 100

sr.t.hentof Fix.d o.porit R.ceipts ofdiffe.ent b.nkefor d.positof Paid up Capitalol Tl.!91,1a4,61{r.00 i5 show. b.lowl

Vd.d$qds R'h 'o'

FCS

10,000,000

30,031,500

15,000,0oo

3,t06,80i,

1,9@,mo5,000,@O

5q0m,@o3,OO0,O0o

1,500,000

4,O00,@o

25,000,000

6,000,000

7,000,000

10,ooo,ooo

30,OOO,(xrO

5,OOO,00o

15,OOO,OOO

s,ooo,000

10,0o0,000

4,546,710

2o,o0o,ooo

15,000,000

5,000,00o

K.M.

10.00a,:Dt0

tr.d*.o*lboo,ooo ./

rcimooo /

s'iYK"h-",MohaChiel Executive

t AA 6..1 Ltd,

2 AlAr.f.h l3l. i 8..t ttd.

4 SD. Comm.r.. B.nl Ltd.

5 AAsIC S.nl ttd.

a outch-B.n8b a.nt Ltd,

10 EXIM B.nk Ltd.

11Fkit Scurity B..l ttd,121.t.1.C. a..l13 kl.miB.nklao) Lid.

15 Mcrc.ntil. B.nk Ltd.

l5 Mut!.lTrlri &.t ttd-17 .C.C.a.t

19 NRA Gbb.la.nk ttd.20 NRB Comm.r.i.l g.nt Ltd.

2a R.ish:hiKrLhl Unn. B.nl25 sh.hj.l.llrl.oi A.d Ltd-

$"S"ffifl.DGM & CFO


4,500,000

30,000,000

35,00o,00o

6,090,000

1,5olr,mo

2,000,0@

25,0@,000

4,294,640

t,5oq00o25,000,@0

9,500,@0

15,oOO,mO

17,OOO,@0

12,ofl),mo12,5(rc,0OO

18,0@,000

14,0@,000

9,000,@0

ua. t)#s"i,,acrMaDaging Director

BLI Ca;itr,.t l,rmite,Msosging Dilestor &

Chiof Bxocutivo Ofriccrllxorere Inrrrance Limiled

Vr4bg Dtldor & CEo

altAt@&lDY@lLld rlDFc capital

me4"(c. L

Md. sh.m3u. R.hm.n

Kh.lllur R.hh.n choudhury

Alh.j Moh.mm.dYounu3

39,1r8,464

198

lr 0e.20r7

25 Sei.l lnv6tm.trt a..l Ltd

27 5outhe.st A.nk Ltd.

28 5t..d.rd B..k Ltd,

29 St.t. B.nt of lndi.

!l Unit.d ComE.rchl A.nl ltd.

!5N.tion.llnv6tm. Ao^d

17,O0O,0O0

5,000,mo

10,00o,0oo

7,000,000

2,OOO,00o

2,OOO,mO

2,000,0(m

30o,0o0

25,ooo,ooo

10,0@,0o0

10,000,000

19,000,00o

1,000,ooo

2,000,000

8,000,@0

2,0m,ooo4,000.@0

!m,@025,0m,000

a.0 n6.rv. lor &.!rdd.l lo.r..:A3 p.r P.r.6 ofth.4th qh.dol. of ln.ome Lx Ordin.nc., t9a4 lo met th..rc.prion.l loisB, ih. Comp.ny..t 8id. m.ximqm t0* (t.n pcrc..t)olthc n.t ,r.mium an.om. of th. y..r i. which t i3 s.r .tid.lrom th. b.l.n.. of th. profit to r6.fr. for.rc.ption.l bts6, Ar p.r lnrur.nc. l.wm.ximum 10* st.tutory .6d. should b€ m:int.incd olt of profn by th. .omp.ny to m..t ..y posribl. tutur. cl.imr on n.t pr.miuh incom.dlrina th. y..r.

Addtion during th. y..,164,594,247

4,ooqo0o163,594,241

5,000,000

112,594,241 __ !!EI9!2!l

5.0 i.r.lu.don Surplll3 !^5-161:

Th..ompa.y m.de,.v.lu.tion of it5 L.nd & Euildin8 lo..t.d.t alR.zi Compl.r {9rh & ron Floor),16c167, Sh.hid Sy.d N.zrol l3l.m s.r.tri,

Biloy..t.r, oh.l.-1000 .r on 29-062011 by .n i.d.p..dent Prof.isio..l A..o!nt.nt Firm A.i! H.llm lG.lr choudhury & Co. Ch.n.rcd

A.co!nt.nB, "6.itul M6b.h' Blildinr No.2 {3 r& 46 Floo.), Xour.r79 (N.w) Bo.d r12la (Ncw}, Dh.nmondl, Oh.l€-1209 to.r.iv..t. f.n m.,k.t

v.lu. fo, th. pu.pos. of.c.ou.tiog with .ff*t from a0.05.20t1.

A tr..3f.r of R6.M k m.d. du.iha th. y€.,. Th. iB.N! t...rf.r i5 .6ord.d .r -tu.l dcp.Ei.rbn lB3 .qulEl.ni .h.rg. ba.d on o,8an.l

hl.tori..l .ort of L.nd & Buildin3. Ir.nll.. L 3hown in sr.t.m..t of.h.ng. in tqun, (R.t.i..d E.r.i.r3) .5 p.r lAt15. Ih. tr.n.l.r ir m.d. .3

Panl.ul.rs of revelued atsers

op.nana s.l.n.e (L.nd & Buildansl

Addnion durid th. y..rR.t.ru. tr.nt r duri.tth. yc.r

40,133,504 149,470,000 12,527,25-l

1.914,145

97,209.21s

(!,r44,t851

40,133,504 149,870,000 11,171,412 95,265,050

LGs: D.fered T.xo. R.v.lu.tion R.5erve 15% 14,249,754

80.975.293

6.0

5.01

B.l.n.c of tlnd A..ount:cl.solbosln.sr

15,473,193

ao,!47,748

47,933,594

2,969,230

27,702,720

42,204,440

3S,914,119

2,364,044

79,292,4OO 41,083,249

1,121,191

7.0 P..dluh ocPosh:

P..mium Oeposit 1,120,256 1,831,054

K.M. Saidur

1l?q2 831-05{

ThG.moqnt repr.t.ntr th. brl.nc. of premium re.lv.d.8.lnit Cover Not.s ov.rth. y..B tor whkh Polkl.r.r. not !ru.d within 31'r O...mb.,2014.

ar

ited

\57i{d, lrrail llossain AC$ur Rahmao, FCt

0tfice I at.V3r.:!.g Direchr & CEO Man.Cng Director\l-{a----:: l:r:::& t Ild. BLI Ctpltal Llmitcr' I rDFC Capital Limit$l.

Maosging Dircctel &Chicf Exocutivc Offrcer

Dxpress INssstrcBLiEit€d

_ t9!,114@ __l9AU4E!a

________-9!r1t!t!! Mr!!r?1

30_:!r2.7ru _____-!i]..2g]11{J

199

lr Dec 2018 310e.2017

8.0 E tmar.d ll.billry ln .esped ol outJlanding .laimt whother due or intim.t.d:

3.1.... as d Claim Raired

01.01-2018 durinBrheyear ,1.12.2018

2,120,3r4 60,589,634

10,754,940

14,696,22L

9,468,275

61,465,076

10,534,861

14,207,O20

9,454,276

7.444,472

664,861

1,42!,54s

3,599,/UrO 95,91:t,111 96.075,2r:. ?,rrr,27A

9.o anount do. to othd p€tton3 o. bodlB en .t oo ln3!Enc. t!.h...:Orcnin3 bElr.cc p.y.bl.to sAC

Additaon durinB th. Y..tL!sr: Adjuttment/ P.ad to 58C

64.479,395

43,953,755

155.724,A671

a1,311,234

{16,8!1,839)

10.0 srndry crcdit6:Audit f..s p.y.bl. (lo.ol)

Employ..s in.oh. t., p.y.bl.DGp6it pr.diun (10,0!,

5.l.ry & allow.nc. p.y.bl.

PF.o.tribuii,nC.r s:1. ln3t.llm.nl Rclo.d (10.02)

550,OOO

169,940

206,214

169,940

2,903,554

80,00o

2,483.646

189,s50

550,0oO

196,651

125,!99

1 7.151

1.614,340

103,500

1,524,931

10.01 Audh r... p.y.btop.nane B.l.nc.Add;Provi3ion dorina th. y..rL.r3: adjustn.nt dori.g th. y..r

a0,00o

103,50O

(30,o00)

430,0oo

80,000(43O,O0O)

11-O oel.r.d Tar.s per rAS-12:

.) Defer.edTarLl.blllty

rh. comp.ny h.i provid.d c.r f..aliti.s for i5 b..nch m.n.g.rr & dep.rth.nt.l iHh.rA. on the b.5it of hn. pu..h.te & inst.llh.nt p.F.nr

ry3t.mr, tn the t.tr y..r rh..omp..y h.nd.d ov.r la nomb.rr of... io th..rdutiv.t .5 p.r hirE purch.3. .8,!.m.nr. s.l. prk. ot th. t.r h.t

b..n thown.i p.yhEnr ol tt.bilnas whth w.s.k..dy rhown.rc.rs:1. i.st.llm.nt ,6.ived inth..ccounti. Th. v.ls.ofthe..rt whi.h w....oth.hd.d over due to .on p.yh.nt of i.ttallment w.r. rhown .. tundry creditoB.

10.3 oeporltPremlum:Th..mount r*eived rts.curity d.poiit.E.intt OC.n.ov.r n.ter from lhe flowina iBord3:

Coll0mbi. Garhents Ltd

Collumbi. Apperak Ltd

Boot v.lu. of d.pr.ca.bl. fix.d .rJetiL.rs: Iax b.3c llAs-12 (7)l

D.ductibl. T.m por.ry diff.r.ncs

D.feiird I.r ti. billty/ (&3.t)addr Dcf.rcd t.x on u.r..liscd G.inl (to$) on Seu.itiet .v.il.ble tor 3.1. (notc13.o2)

Add:oeferld T.x on R.v.lu.tion R6.ry. (notlos)D.f.r€d r.r tl.blllr/ (AsGt)

b) D.fercd I.r adju5tD.nl/trp.B. (ln.omc):

clorins d.Lr.d -r.! ,i.bilityOpeni.C d.f.r.d T.r li.bilhy

Tol.l oef..Gd t.r .dlu3tm..t /crpen5e /!.come)

61,144,353

39,075,036

762,O6',1 ,AS4

144,444,443

22,16r,314 17,619,471

4,443,72/

1s50,537)14,249,754

DCM & CFOErpress hsurasce Lilni

4,414,727(7,49a,233)

7,488,233

udmld0t r& f.bllrr.rcxYa{rg Dinrtc & CEO

tAAFiE&hr rtllMoham

Chi€f e Ofiicer

Th..ffetave in.oo.t.r h.3 b..nr.l.ul.t.d @ 40 ,{ .3 .r. .pplicrblc for thir lntu,.n..

udk#ftssainAcrManeging Director

BLI Crpttat Limiter" rIDFC Capital Limited

'-,*(xq'"*

! --l:: : l:r.-, :^:-: ., :--:tf 1

(r,9rs,57

52.70E.283 6a.4r9.395

,__LizLz!p ___ 9AIoJZL

103.5rx) !0.0{0

10.02 c:rsale lnstallme.r:

1@,@O lm,mo50,000 50,000

4t o,0@ 46,@0550-0@ sto-lxl)

ffi*s$l.ffi_ l4StZJI,t

'.444.24'

200

3r oec 2018

a

12.0 P.ovision for ln.omeTar:

Addition duri.A the y..rO.f.red ta, li.biliW .diustm.nt.

rs6,392.66227,952,679

138,813,476

17,579,t46

184,145,341 1s6.392 662

Ihe investm.nt includ.s inv.stment in th. N.t ion.l lnv.stoent Bond and lnvEstnent i. sher.. O.t.il3o, inv6tm.n$ er. ae o.deri

@E@@@A) N.tion.lrrvc denr Bond

o1. 4D0923341103

o2. 800924031109

\rlo3l2073761012024

16,0@,0009,000,mo

15,Om,OOO

9,O0O,@O

25,U)0,00t 25,qro,t o0

30,613,990 40,sa1,496

30,633,990 40,5E1,496

_ ___55-6llJ9!

3)lnvetlment in lhare:

.) IhG amount r.prBent3 et.tutory inv.itm..t an 10 II.nl ye.6 Gover.meni Tre.rury aond .t co3i with M.rdntil. 6.nl ltd. as requir.du.d.r firi rch.dul. ofth.Intur.... A.t, 2010 5..,21(b).

b) lnvenm..t in th.r. h.s be.. tl.t.d tn lh. St.t.m.nt of,inrnci.t Po3ition .t m..l.t v.lo..s on !1'r o€.mb.r 201a. Differ.nc. b.rw.Enm..ler vzl!. and cost pri.e of ru.h lnv8tm..r most b. co.tider€d as ampatm.nr losr/s.in th.t hrr b.cn Gh.rB.d in thc St.t.h.nt of prof,t ot

lo$.nd oth.r cohpr.h.nsiv. lncoh..

fotol toEstm.Dr ]D

'hc,ct ol.rtthr.nt t\,btk Untt ., CodponEs or.lumtth.d b.loe.

51.Name ol lhe Company MP p...h.re No ofsharc Iotal v.lue .t .oit M.rkerv.lue

1Al Arafa lslami Bant Ltd.

4 Th6 City Bank Lld.

5 Eastsm Housing Lld.

7 FiBr s@iiy tshi aek ud.

3lCB lslamic Bank Lld

9lFlC Bak Lld

11 Ksya Cosmoli6 Lld.

12 Lanka Bansls Fin.nc6 Lld

14 Meghna lif6lnsu.a.@ Co. Ltd

15 Morenlile Bank Lld.

15 MullalTtusl Bank Lld

18 Ncc aa Lrd

2l Primo Ufe lf,suEn@ Co Lld.

2a Shahielel lsldi Sdt Lld

24 Social lslami Bank Ltd

25 [email protected] Banl Lld

26 Standard Bank Lid.

27 Uoilod Comm6rcial BEnk Lld.

28 Unalod Loasing Company Lid

29 Uttara Bant Lld

30lntra@ R.tullinq Slaton ltd31Sl< T,lms & lndu*nes Mills Lld

32 VFS Troad Dy6in9 Ltd.

1r amrn conM Fibours Lld

:L Silva Phamaeulicals Ltd

!6 SS Si@l Lld.

!7 Gon€x lnfosys Umilod

199045.90't/ 70

30 20'14 20

46 60

10.90

4.40

10.90

17.60

66022.90

92 60

77.90

1400

35 10

93015.90

15.@

117057 !O

39 oO

276015 40

15 60

10 90

17 60

17.m28 50

26.80

46.30

57.40

42.',l0

30 10

25 30

10.00

10.00

706

r35,54923,000

2,741

29,192'11,324

17,043

4m43,270

71,540

103.12A

150.000

1,650

20,409

24,O95

15,957

90,256

22,622

54,880

156,920'15,457

2C2

53,169

141,749

182,546

5,634

42,016

17,532

266

5,5,16

4,222

7,846

9,193

12,o75

13,492

10,1167

221310563

16.5r

25 15

113,4

51 99

726

19.99

7.30

17.54

26.50

191.66

175.80

17.61

2t 53

12€16

29 29

1594m97

?106r131 10

29 74

192t7

20 93

mu581944.25

62.93

90937.m10.00

9.09

10@10@

19,524

14.422,714

379,690

69,9!63:to,994

714,709

123,670

14,049

5,273,5!5

83,945

414,526

667,494

185,769

7,920

471,643

1,259,104

68q6453,439,000

757,79O

1,521,021

4r3,71O

560,091

839,341

359,690

883,200

1,435,964

894,960

11,184

7,467,464

2,1a2,935

550,Ol0

L949.75199,229

147,4451t99,662

7.129

256,740

744,O32

3!q317276,109

3O5,494

rt4,920104.670

a54,a2O

521,9a0

\aoa,7993,974,775

316,240

3,654,184

424,267

14t,4791,142,834

562,677

997,690

3,291,353

3,254,513

3a,2ao

1.5a1,215

7,159.48)17,971

4,112,s64

324,061

1,859,130

1,103,363

2,5r450,420

38,385

290,301

91,930

709,775

134,920

101r,670

Lrd. BLI Ccpltai Llmlte. rDFC Capital

50,195,125 30,6:13,990

$* \:wMd. Ierail Hossain ACSllolrnmzd Obrydur Rahmrq P(!

M3r€!:rg Dircctor & CEo

Mohammad

Managlng Dire LimitedNi-i. t.

kbar

K.M.&

Officer

ExDresg

&

Insursnce Limited

201

3t oe( 2018 31Dec 2017

13.01 Chr.t6 ln Llr valo. ot the lnr.itment l. ih.r.r .v.llrbl. lor tel.F.n value (M.rket v.lue)ofsh.r.L.ss:.6t pri.. ol invertment in 3h.r.f.ir valle lMartetv.lue) n.3.ru..t 11oe.mb.rL.$:r.nvalu.(M.rk.tVrluG) R8.,v..t 1l..o.ryun-R.allt d G.lnl(rn3l dlrlna thc y...

30,633,990 40,581,496

so,196,325 54,637,962

119,s52,33s) (14,056,466)

11,r,0s6,467) (20,90a,5es)

19.505.868) ______S&1D

an .mou of Tk. 1,:lrl,92o & Tk. 1,04.670 w.5 i.v.3t!d in rPO ot SS St..l ttd ..d G...t lnfotyr Ltd r.tpctlv.V. Ihc 3h.r. of 55 St..l Ltd w.3

rdd.d whh portfolb bcfor. alrt OE.mb.. 2018 but tr.d. *B mt n.rt.d &fore *counti.a p.riod .nd th. 3h.r. ot G.nd lnfo5yi Lld w8 not

.dd.d in portfol-E nor tr.de w.t rt.n.d. Oifl.r....t ol.ort prk...d m.rtet pric. ir ihown forIt.2,39,590 11,34.92011,04,6701rhown porilolio

rl.o2 Un.eali.ed Gain/ (Lorrlon lnyestment inshare durin8th€ year:

Unrealted Gain / (Loss)as per CurrentYear Poftfolio StatementLess: Deferr€d Tax on Unrealized Gain / (toss) of Share

Unrealized Gain / (Losslduring the y€.r

s,s05,868(550.5871

4,955.281

14.0 lnter.5i a..rued but not du.:Fired Deposi wnh diffe.ent banks

N.tio..l lnveiment Bond

corporrte Mo.€y Mak.r AC.

\9,441,41O

2,O34,276

16,279.794

1,058,258

71,572,025 1r.338_0s2

15.0 anoqnt du€ lrcr oths p€6on3 or !odl6 c..ryl.a m l..uancc borlr.$:An .mount of ik-6.99,45,1,1a ir du. t,om 5.dh.r.n aih. corpor.tion on :c.ount of rein3u..nc. .nd .o-i.eur.nc. b!ti..!5 done with sBc :ndoth.r Non-Life lnrurrnc. cohp..ica und.. th. .o-an3!r.n.. s.h.m..

Addatio. duri.g lhe ye., (From P58)

'The.a.ges ofintereston foR 1r5.5 xto 9.5 x P.a.

16.0r Sund.y 0ebto6 (ln.ludlng.d!.n<e5, deporlt5.trd p.e-p.ymenL):

16.0 lund.y D.btoB ( Adr.n.6, d.pch! .nd p..-p.yin.nt!l:Adv.nce 5.1.,yAdv.n.e offic. Rent

seurity Deporit (Ielephon.)Advan.e ln.ome T.x &TDS

Adv.n.. to AF n.za Compler &ro.a.tio.

70,o0o

3,987,611

159,431

256,802,449

515,m0

251.534.491

2,-t69,,]76

159,431

233,554,401515,ooo

69,945,143 58.415.707

B.l.nce.r on Addhlo. du.lna R..llrcd dqrlng th.01.1r.2018 th. y... V..r 31De..2014

s6urity o.poi h lT.l.phon.ladv.nc. ln.om. T.r & TOS

Adv.n.e to Al- R.zi Com pl.x A$o.i.tio.tot.l

70,00o

2,769,476

159,431

23t,558,401515,mO

!,343,3t4

23,244,644

70,0@

3,947.511

159,431

255,402,449

515,000

2,155,519

2:t7,08,r04 26,62r,002 2,169,619 ____2!!.5f!tr9!

15,02 A.lv.n.e ln.om! T.r &rol:lncom. Tax trom Fih.ncial V..r 2011 to 2018 (As3.ssment Year 2012-2013 to 201r-2020) of Etpr.$ ltuuranc. Limited not yet lin.liz.d by th.lncom. T.x Autho.ity. Adv.n.. I!x p.id U/S-64, Iar p.id U/s 74, I.x (oAs) in p.rticul.r y.a6 were ihowins Adv.nc.I.x in AJsets side under theh..d su.dry debtors. rn.ou.r. offinali..tion of.st.3imenr bythe lncoBe T.x Aurhority the. the Adv.hc. r.xwill be.djusted. DetaiL ofAdv.nc.T.r p.ym.nte aresiven below: Md ba ul Akba

DCM & CFOss Insurance Limit

i'iiromrd 0hydr Rdaan, fCS

l{r|tt!3 DiEror & cEo.(,\l\FioE& hveol Lrd

uc,r#orsarnac.. MMenrglng Dfector

BLI Cspitat Llrniterr tl

ohamma

I LimiteCponP:.;t)

d K.M.CUiive OfficMC. Liaq Ml!rrlng Dl$ctor &a!

Chi?fExcoutivc OfficcrS

SL Rm..ts Exlr2011 2012.2013

o2 2012 2013 2014 17,403,954o3 7014 2014 2015 34,716,936

2015 2016 34,629,090o5 2015 2075 20tt

7076 1071.2074 33,319,524o1 2014.2019 24,192,5190a 2o1a 7079 7074 23,243,644

256,4O2,M9

DFC caPitaExpress iol c I-iiited Exprcu Inrurauce Limited

sa,475,707 103,045,090

\1,s29,447 9,454,567- {54,523,951)

247.O74.704

er-

202

31oec 2017

u.0 Cr.h .nd c.sh cqulv.l.nt:Fir.d dcpo5it with banls (Not+17,0r)

6.l.nc. with b.nks (sIo & co)c.3h in h.nd (in.ludinsc.ih at br...h.,!rl..c. with s.hr. brok.r

494,935,505

42.740,337

2,O57,A25

11,344,413

497,772,745

s7,992,524

1,754,726

541,158.180 _14516L3!t91r.01 tlr.d d.ro.h drh b.nts

1 Al Ar.f.h hl.mi Ernt ltd.2 B.nt Alfrl.h ltd.3A..b a.ngl.d6h a.nt Ltd.

4 SO. C.mmd.. B.nt Ltd.

5 B..t Arh !td.5 aASrc o.nt Ltd-

7 BaAC A.nt ltd.a Commdci.l a..t of C.ybr Ltd-

9 Th. City B.nl Ltd.

10 Oh.l. B.nk ttd,11 out.h a.n!|. B..l Ltd,

12 E8t.rn a.* Ltd,

13 arim A. Ltd.

14 nBt srurity 6.nk ttd.15 l.F.l.CB:nl Ltd.

15 lsl.ml Behl srna. Ltd.

17 ,.mur B.nt ttd-

1a M.rc.ntll.6.nt ltd,19 Mutu.lI.u!t a.nk ttd,20 MidLnd a..k Ltd.

21 Mcghn. A.nt ttd22 .tion.lS.nt Ltd.

23 CC A. ttd,24 tl.R.B Glob.l

25 N.R.BCoh.8.nt ttd26 NRB B.nt lrd2, O.. S.dk ttd.2a Pr.mrcr Brnt Ltd.

29 P.inG 8.nt ttd.!O Pqb.[ A.nl Ltd.

!1 R.irh.hi kishi Urn, B.ot32 Rup.li B.nt Ltd.

!3 so.i.ll5l.hi8..1ttd.a4 sh.hJal.llihmi Brnr ltd-!5 sosth..5t B.rtLld.a6 st.nd.rd A..t Ltd.

37 5t t. A.ntof hdl.3a South A.n8l. Asrtultur. & C.mm.rc. B.nMd.3, Lqit 8..t Ud.tlo fi. f.rm.E A.d ttd41 Unt.dCom.6rn* Ltd.

42 t tt.r. S..lltd.4a lrnbn Banl ttd44 N:tbn.l Fin.N. Ltd

!1,031,6043m,mo

13,05q0O0

a.:to6,800

14,5@,OOO

3,mo,mo5,OOO,@O

54,5@,0@

3,652,316

t,5oo,ooo

5,5oO,OO0

25,O50,0OO

6,000,000

7,500,046

12,000,000

3q360,000

4,700,000

6,@0,@O

2,000,mo7,SOO,@O

14,999,999

10,s00,000

9,500,@0

. 5,OOO,0oO

21,541.600

16,50O,000

5,000,@0

2,000,m0

30,5m,oO3

2,400,000

8,000,000

9,590,0(ro

33,5@,000

3,500,0o0

2,955.979

2,OOO.OOO

4,50O,@0

45,000,0oo

11,652,815

2,50O,@O

27,0@,000

22,000,000

16,000,000

20,703,347

14,868.400

19,600,001

1a,30o,ooo

4,0oqo0o3,mqom9,d)o,oot)

14,0oo,ooo

3,000,000

5,ooqooo

2,0o0,mo17,5oO,oOO

42,800,000

25,059,314

42,5@,oOO

514,426

4,000,000

1,000,00o

1,500,00o

2,500,@0

1,000,@0

21,0@,000

12,041,600

12,O00,000

4,ooo,ooo

1,0o0,o0o

3,0o0,o0o

13,900,O00

11,400,000

33,500,000

26,000,000

1,000,000

6,000,000

4,000,000

1,50O,0OO

11,0OO,0O0

5,O0O,0O0

11.00o,0o0

1,000,000

Prop.rty, plart and equigm.nt

_!9!9!5.605 491.712.145

L55,449.403 167,067,854

Detailof Fix€d Ass€ts Schedol. ir thown in th.ann.rure-A.

Vobqtlzd Ohydur Rahmso, FCSM:rlgtrg Dlrector & CEO

A.Li ::.*,,; i -- ,..:::ld L!t.

19.0 hr.r. , olllde.d.nd i.nt5.lnt.rest rncome (Note19.01)

Divid.6d l..om. {19.02}orher rn.oh. (schpsold)

\wMd--l:srail llossain ACS

Matreging DireetorTJLL C.:..):i..r i-l .itcr

17,47a,256

244,262

21,OOO

32,054,740

1,870,511

MohammBdOfficer

K.M.&

OfficerIIDFC Capital Limited,,,lFrpress Insuranco Ilimite0

!5trl4l-r!01 -lEzJ67-$q

sa8.147.518 __ 1L!29311

203

,r De.201a

19.01 lnt66! 1r.4.N.tion.l ln€tment oo.drix.d O.porit Re.iptjSTD .nd S.vings A.cou.tCorpo..te Mon.y M.k.r ac {oPS)

19.lrl Olvldsd ln.ome :

DividEnd lncom. repres..rs th..mount r*.iv.dfroh i.v.im.nt in sh.re of Publk limit.d.omp.nY

20.0 Profh.nd lB tanstcr.d frm .d.ru. .ccoo.t

3,955,058

11,t17.947sal.2s7

2,9,39,7O4

27,890,044

673,102505,442

6,,106,673

27,542,326

19,268,793

1,575,573

11,459,4171

3a,399,801

(4,763,436)

2r,0

22.0 Dire.torr.ttend.nie fees:

7a,aof,2f2(,1@0,000)

(3,657,lag)

4.955.241

02oo,0m)

70,212.474

{5.000,00o)

{3.344.899)

16.u7,229)

ProvBlon forT.Etlon hcludln! D.t .t.d rarlnc6m. b.ton f.r

Less : Rs*.v€ for €x.€plimal !6rLess: \ /PPF

Less : Unrcgrizod !o.6{Gajn) m shroLoss I IPO E)edl6!Lsss: G.in d c.lsalaL6s : GEin $16 ol Sha.6

Add : r@nlin9 bas6 O€p.

Lesi: Tar balo Dop

(,r,915,946)

(5.626,303)

7.964,441

t6.772121\

7.466,030

fi8.373 053)

ta.i27.71768,475.121

Gain on Salooi Sharg

Oolsrsd 16r (Not6:11)

27,390,049

552.630

1,355,494

15%

10%

29-308.173

15 451,095

737.398

2,552 560

l!.!u.z4l

51.

Md. Sh.mrur R.hfr.n

(h.lilur R.hma. chowdhury

Slddiqu. Ho3r.in Choudhory

lot.l

K.M. Sa Rahman

B+amc{,o*\i'g+t5':"

ElPless lnsurance Ltmttcu

$riltrhroud 0br&r Rrhmrq fCx

t{.ettlltD}lr.b? t t?0{t.A thto.a I huamant Ld

Md. sain ACt MohaMrnagtng Director

BLI Capttar Llmlte,,Otficer

MEtr8gitrg Director &ChicfExccutivo Ofricer

Express Insurance LimitedCrIDFC Capital Limited r.--:

___ rar2& _L2p53J!4

_______523316! 4!Araqz{

I2

l

5

6

8

9

10

12

13

14

15

15

239,000 15O,0OO

251,@0 155,000

291,@0 22s,@O

163,000 225,@0

114,@0

119,000 165,000

224.@0 155,000

239,OOO 155,000

239,@0 175,000

239,0OO 17S,0OO

219,mO a5,0@

239,000 50,000

742,@0 30,0@

151,OOO 55,0m- 115,000

-l.lzr4Cg----lr$.@-

204

31Oec 2018 31oec 2017

22.010etails ol dlr.clo.r' .tt.ndr&. fees:

51. o€talb ol anend.n.eEC

1 l2 11 11 3 31

2 17 11 3

l 13 ).2 t2

a 29

5 5 5 15

6 Md 5h.hiu. R.hm.. a 21

11 1t

a 12 72 37

9 xh.lil!r Rahm:n chowdhury 13 ).2 l2

12 12 1)

11 11 33

l2 72 1)

13 11 23

Siddiqa. H055.in cho!dhury 11 23

158 3a a9 112

24.0 Premlum l.si n€-hJur.nc.:

Pr.hium l.se r.-iniur.nr. { Note-24.o1)

24.01 Pr.mlum 1.35 R!J.rur.nc.:

1,944,145 1,943,452

-_ ltit9 92

21r,72L,990 252,290,020

243,1 7r,990 252,190,020

Gro5r Premium Re-ln.u..n.e Cedcd N.r Premium

Tot l.doutrl.. on l1 o€c.mb..201!

Iot l.moum.r on ll D6.mb.r 201,

25.O Cl.Ln P.ld ud.. rolld5 h.s i.-h$..ncc:cl.im P.id qnd.r Poltis l6t R+lBunnc. ltaotc-25.01)

25.lr1CLlh t.ld und.r Poll.L. l..s F..trtur.n .:

Oe.. oI au.hc.'

rod.mount l3r.1il2o1!l

Iol.l rmount {!1.12.2017)

124,741,409

106,596,424

1,199,433

12o,933,246

51,416,540

46,560,425

33,a$lrs

149,445

1,0t9,260

4!,993,465

42,142,943

73,23r,999

1,049,944

119,A33,9a6

7,424,074

40a,aa9,052 16t,167,052 211,121,990

2t,7to,971 19.430,924

R+ ln5uran.G C.d.d

61,465,075 65,920,459

10.5:!4,461 1,280,337

14.207.020 (aa,A29)

9,a5A,275 7,74e,279

14,45s,393)

9.254.524

14,291,449

2,O79,997

95,0-ts,23l 74,904.2t5 21,170,977

s6.r17.59' t5,946,565 _r9ttogll

aMd bai AK AT

DCMacnoitcd

Ex sslnsuraoce Li

i'l&onad Obrydur Rahmrq FCS

Mxryrg Duertor & CEO

A..A -i-- J tr, i;:i:id LUI

ua!ffi*anacsMarraglng Director

r.'..M. Said RahmanM8mging Dircctot &Mohamma

tive Officer Chicf Exccutiv6 Offrccr'ilLI C.rr)ltr, t Lim llntrC Capital Limited

MJ. t, . 'xpress Itrsut8Bce Limited

11

9

5

l2

13

13

t2

13 17

t2

t2

2!.0 O!..|.a Arproprl.tlo. A..o!.t a.hn.G:

teis : DMd..d P.ad

Add: R.3.rv. Tr.n3t.r.d

46,024,043 44,134,544

(39,118,466) 14s,864,ss6)

4m,656,661 lirS,356,5a2 252,2!tO,020

Q*

25.0 Alloc.tld ol M.6.t.rn.nt Ery€n56:

R.p.iR..d M.in!.n.ncc offE.T.l.phon., Tr!.t..ll &rllExRep.iB.nd M.int.n.nc.C.r8.p.irs.nd M.int.n.nc. Comput.r

C.r M.inr.n.n.. au.l

l^t.r..t Ch.,8., Photor6py

G.3, w.t., & Elct,kity .xp€ni6

R.ts, T.x.t..d tdi!3Conkibution. F.!.nd ch,rcs

Eurinert D.v. trC.nr.tM.n.g.m.nt Erp.nr.r sac-Fi.e

M.n.a.m.nt Exp.ns* sac-M..incM.n.acm.nr Etp.n36 SBC-Motor

M.n.3.m.nt Etp.nt.t 5Bc-Misc.ll.neutst.hp Duty conr!m.d-Ft.stahp orny contum.d- Motor

5t.mp Duty co.rum.d-M i!..lhneu3

:,1Oec 2018 3r Oe.2017

205

Obaidu I AkbtDGM & CFO

92,424,752

10,602,422

518,035

2,560,939

2,451,841

70,aaz

729,4f77,967,292

373,045

2,756,486

911,459

79,244

318,454

1,3a3,381

$.9AO,0OO

1,O17,O7'

9,@7,f52319,OOO

2,190,@a

10119427t,124taa,717

1,645,613

427,747

204,7-77

12,059,916

570,467

1,204,4!0149,578

7.994.@2

94,095

155,197

21,950

93,830,610

70,146.217

4a4,597

2,621,794

3.115,171

284,455

19,000

2,9a6,15O

484,941

3,1O2,535

2,74r,3s4

,o,o"r,oro954,935

7,474,120

399,500

2,035,250

1(a,5011

110,000

1,036,894

96!.t57477,177

595,7O2

219,452

71.552,344

394,444

1,351,493

193,741

1764,30347,473

328,654

19,237

26,01Xey M.n.geme.i Pe,son.el Com p€f,ration:

Ih..ompcnr:non ofteyn.n.t€me.l p€.ronnelot Erpr83 h3!.an(e Lld....r follos:

Key M.nrs.ment P.rionn.l Comp.nt.tion inclod.d i. m.n.geme.t exp.6ie! rnd nooth.r r.mqn.r.tion or sp*ial paym.nt crc.pt .3.bov. w.3 m.d. toth. &y M...gement P.rronn.ldurinS th.y..r 2o1a.

$rhlmd ohrd,r R.b!uo, FCf

Urt !8 DiE ,or & CEO

6'AFiErahfll{!.otk

\ffiMd. Iirai[ Hossain ACt

Ma-Daging DirectotBLI Cailtar Limitecr

,vlonam

tficerlv(i. Lt

ComExpress

sl Short-rerm .mployee

P.F @1Or ofo1

Mr. K-M S.idlr n.hmrnM...tana Otctor & CfO

o2Mr. Md A.ow.r sosr.inAddition.l M...Bina Director

S.l.ry T( 17,28,000

8o6e5 TK.1,34,oo0C.r Allow.h.. TK.3,60,O0O

Mr Md. a.har uddin chy.Additionrl M.n.Eind On6to. d03

!.I.ry T(. 14,40,000 P.r @l0rof NltM.- Md. a.diuz.m.. L.sler Assilt.nt

05assistrnt M.n.BinB OnEto,

S.l..v TK. 12,4A,OOO

8o.!r Tx- 94,moC.r Allow.nc. T(3,60,0OO

P.t @10r ol

Mr Md. N.tibur Rehm.n Kh.n

Asti.t.nt M.n.ging Onecto,

s.!.ry TK. 9,60,000Aonus TK. a0,O0O

C Allow.n.. TK.3,50,00o

,IDFC Capital Limited

s lnsurance Limi

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Rahman&

OfficerIasutatrce Limited

206

31De.2018 f1Oe.1017

26.02 approprl ion of ma..E.me.t etpe.res

56,650,750

44,O22,026

ss,745,23s

8,545,@3

57,203,039

60,713,090

3A,492,a27

14,135,650

1ro.ltoa-605

27.O

29.0

10.0

a5 p.r ln3u..n.G od.bpmc.t & i.tul.tory Authority'! (lOR ).1r.!l.r No. non{if. - !2/2012 d.t.r 01 April 2012, th. .3.n.y .ommi.rion for Don-

lifc ln3ur.n c busin63 *.r. tlrcd.t @rsx for.ll.l.$s of nonlit imur.n.. bo3i.Br .IhG .a.n.y commi3iion fo, dift r.nt.l.sts ofbulin6r.r.

Ft. 17,994.905 20.010.245

M.rln. 15,351,462 2\7A7,A1.a

Moto. 18,074,599 t,,635,441Mi*.ll.n6s3 1,79r,75t 1,529,26a

s3,222,819 _____s,wJtz

Th. comp.ny oper.i.r REo8ni..d Providcnl rund.onristed by indcp.ndent Board of Iruit..e. Ih. .ltibl. .mploy..s contribute @ lox otth.n

b.s i. 3.1..y. Ihe company's .o ntribqtion .qu.l ro .mploy..r s .ontraburion ro ihc icheme ... .hara.d to st:t.hent ol Cohprch.n3iv. lmom. in

th. y..r whth thcy rGl.t.. Ourina th. y.:r thc Gomp:hy hr! trrnrf.r.d .n .mount ofTl.18,72,oill to th. flnd

ColLctlon frotn Pr..nlu,n.nd O$.r it c.hr.d.

C., ltr5t.llm.nt Re.iEd

341,928,011

13,694,242

744,252

1,7fl9,324

21,000

27,OAs,255

350,594,r92

25,647,212

1,470,531

1,102,450

31,501,090

404,255,1!5 410,819,905

P.yn..t fo. M.n.g .nl atp.nrs, iel..or.rcG&Chl 5:

M...a.h.nl Erpcnr.5

VAT Paid to Gov.rnment

Non M...r.mentErg.ni.s

154,27:t,002

s2,122,419

46,121,263

15,329,950

24,044,010

10,452,754

163,373,703

46,952,767

39,557,286

16,431,439

31,672,224

8,595,545

350,543,79a 321,943,454

31.0 ln.om.T.r P.ld:adv.nc. h.od.I.x (u/s-64 & 7a)

I.r on 8.nl Prcfit [rDs)

20,071,430,,t72,274

2t,120,7772,172,t42

24,741,648 74,\92,519

rmm,\lotrmmad Ohrydur Rahmo. FCS

V:rqrrg Drrectu & CEO .

N ("sMoha

Officera--;:: Lld.

ttu,i{d, Isriil Hossain Acs

Menaging Director'lLI CaDIlai Limite,. ,rntrC Capltal Limited

K.M.&

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207

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1

2 Synthia S..urities Ltd.1

Younus Plattic lnds. Ltd1

Younu3 Fihment lnd3. Ltd,2

sobh.n 1.. & Cold Storaa. Ltd,3

Younur Cold Stor.ge Ltd

5 You.!i 5pe.i.liz.d cold Sto,.ae tldSiddhe5w.ri Cold stor.s€ Lrd.

Europ. Cold stor.ge Ltd

3 Younu3 Spinni.g Mills ltd.9 Nowp.r. Cold Storac. Pvt. Ltd

10 G.rib E Newaz cold Storage Pvt. Ltd

11 Combi.ed food & coldstor.ge Ltd.

),7 Anant. P.p.r Mills Ltd.

13 Yoonus tin. P.p€r Mill! Lld.

l4 Youtrur off3.t P.p., MilE Ltd

15 Yoanur P.p€r Milk Ltd.

16 Son.liPap.r & soard Milk Ltd

You.ur N.wiprint Mills ttd.

sharil Cold5torage Lld

I Nandini Printins & Publicatlone

2 lde.l Ar!.r Developm€nt Ltd

3 Ih. Milleniun lnte.n.tion.l 5.hool

Ahimete A5eet Oevelopment Lld.

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2

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At.iye TrzdinB Corpor.tion Ltd

5

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(.R.C. CNG & filing station

(halilur Rahma. Choudhu.y

I R.hmat Xnit Dv.ins & Fini!hrns Lld

T*Ti.c'h2 Rahm.t Farhion W.ar Ltd.

5

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I2 toaos WE.. Houre Ltd.

R.nm.r 5*..t.8 (BO) ttdB.lku.hi Spinnina Millt Ltd

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Maoaging DirectorBLI Captta, Lim;fe.

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2014 2Al7

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194,630 5oa,35i

596 4l,o2l

1,954,991 4,500,24(

R.hmat sw..t.B (BO) Lrd. 123,553 456,598

china Pla5tac (80) ttd. 26,971

R.hm.r KnI Dyi^g & Fi.Ehrna Lld. 139,433 364,499

Rahm.r Farhion we.r 50,410

20,721

829,558

Belkuchi spihnina Milk Ltd. 555 aa811

s\479

Younus Pl.3ti. lndu3lrier Lld 7O,)14 70,95)

Younus Fillamen .doet.i.s Ltd 3t,)44

Younus P.per Millr Ltd aa6,55a a6a,051

son.liPape6 & 6oerd Milk Ltd 996,361 1,094,523

You.ur Newr P,i.t Mills Ltd. 344.901 191.07!

You.ui fi.. P.p.r Millt ltd 531,792 754,53:

You.u3 Ofl3.t P.p.r Malb ttd. 332,811 655,3s!

Anaht. Paper Mills Lrd

Younu3 Spihning Mills Ltd 146,350 62,992

Aggr€A.t€ amo!nt ol r.m!nd.tDn rd to.llDnero6 end olfi..rs du.ins the..co!ntingyear 6 a3 tollow3

2018 20t7

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4. Chi.f Ereculiv. Offic.. s.l.ry, sonus &olh.. Allowan.er 5,370,000

3. officers & Er..utiv.t s.la.y, 8on0i & olh., Allowanc.i 97,555,914 99,976,477

105,796,974 106,111,827

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31.12_2014 :t1.12.2017

Selow Tak..72,0OO D.r y..r

Tai€.72,0oo rnd .bov. 545 530

545

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DGM & CT"OEf,press lnsurancc Limited

Otficer

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r.M. Said RahmanA$"

lrifutad 0bcYdur Rahmo FCS

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napress Insulance Litdited

\-5zi{d, hrail Hossain ACSMraeging Director

'tLl Capikt Limiter. IIDFC CaP ital Limilecl

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ny'r I.x r.ttl.ment .t.tur ir ai undEr

2011 2012.2013

20t2 207a 2074

2011 2014-2015

2015"2016

2015 2015'2017

2016 2017,2013

2017 2014 2019

Memorandum & Arti.les ol A!ro.i.tio. ofthe comp..y & IORA Ctcul.r sharot No: s3.03. omo. 009. 18. 014.18 123 D.ted 31sl Mry2018

bl Th.re w.s no c. pit.l .rp.nd itore commitm ent : s on 31'r od.mb.r,2018

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FORM "AA,

CLASSIFIED SUMMARY OF ASSETS AS AT 31 DECEMBER 2018

211

sd/chairman

Dhaka

lune 27,2019

sd/-vice Chairman

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Amount in Taka

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CLASS OF ASSETSBOOK VATUE AS PER

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Amount due from other persons

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OIHER ASSETS

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stock of stationery & Stamps

2s,000,000

50,196,325

494,935,605

44,L64,7 50

2,Os1,82s

21,522,026

69,945,148

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27,522,026

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Total 1,107,884,003

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N.B. To compare ratio between Express lnsurance limited and industry, we consider two companies amonginsurance sector. Bangladesh Natlonal lnsurance Company ltd and Provati lnsurance Company Ltd both arenon-life homogeneous insurance companies. We consider both of the companies for comparison which arevery recently listed in the both stock Exchange in Bangladesh. Due to unavailability of financial statementsand financial information, we are unable to calculate and compare the financial performance for the year2018.

(d) Auditors report under Section 135(1), Para 24(1) of Part ll of Schedule lll of the $l-nfRqlt{ 1994. The report shall include comparative income statements and balance sheet and

aforementioned ratios for immediately preceding five accounting years of the issuer. lf the

issuer has been in commercial operation for less than five years, the above-mentioned

inclusion and submission will have to be made for the periods in commercial operation.

Md Obaidul Akb atDGM & CFO

Express Insura[ce Liruted

221

K.M. RahmanMancgi[g Dircctor &

med iv{d. L i't 1-ii iil .:r Chicf Bxocutivc OfficetCoripxnJ Scci:":. ' g1ppg3 InsurgDce

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,rDFC Capital Limited E>p!e:s irrsralce ].ioitedLimited

222

AUDITOR'S REPORT IN PURSUANCE OF SECTION 135 (1) UNDER PARA 24(1) OF PART II OF THE

THIRD SCHEDUTE OF THE COMPANIES ACT, 1994OF

EXPRESS INSURANCE LIMITED

we have audited the financial statemenl of Exptess lnsurdnce Limited for the year ended 31'r

December, 2018. we have also examined the financial statement of the company for the year ended

31't December, 2014 to 31n December, 2017 in pursuance of section-135 (1) paragraph 24 (1) part ll

of the third sched ule of the companies Act, 1994 and we report that:

1. The Company was incorporated on March 30, 2000.

2. The statement of operating result of the company for the year ended 31't December 2000 to

31't December 2007 has been duly audited and certified by M.A. Malek Siddiqui Wali & Co,

Chartered Accountants and for the year ended 31"t December 2008 to 31't December 2013

has been duly audited and certified by Huda Hossain & Co, Chartered Accountants and for

the year ended 31n December, 2014 to 31't December, 2015 has been duly audited and

certified by Artisan, Chartered Accountants. We have audited and certified the financial

statement of the company for the year ended 3l't December, 2017 to 31'r December,2018.

3. we have also certified the statement of assets and liabilities of the company as of 31't

December,2017 to 31n December, 2018, Artisan, Chartered Accountants certified for the

year ended 315t December, 2014 to 31" December, 2016. Huda Hossain & Co. Chartered

Accountants certified for the year ended 31't December, 2008 to 31n Decembel 2013 and

M.A. Malek Siddiqui Wall & Co, Chartered Accountants certified for the year ended 2000 to

31.'r December 2007.

4. The Company has declared dividend for the yeat 2OL4,2O75,7Ot6,ZOl7 & (proposed)

2018 are given below:

Year2018

(Proposed)20L7 2016 2015 2014

Cash to% 12%

20%

5. we have also certified the statement of profit or loss and other comprehensive lncome &

Stater_nent of Cash Flow for the year ended 3f i December 2014 to 3ln December2018.

6. The Company has no subsidlaries,

7. No proceeds or part of proceeds of the issue of shares were applied directly by the company

in the purchase of any other business.

8. Net Assets Value (NAV) per share, Earning per Share (EPS) and Net operating cash flow per

Share (NOCFPS) has been calculated on the basis of year ended no. ofshares.

Dhaka

June 30, 2019

DbM & cForuited

sd/_AHMED ZAKER & CO.


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Particulars Amount in BDT

Net profit after tax 43,841,61C

No. of Shares 39,L18,464

EPS on fully diluted basis \.12

weighted average no. of shares 39,1-t8,464

EPS on weighted average method 1.72

N.B. Since, there is no declaration of stock dividend and other diluted effect for the year 2018, therefore,

fully diluted no. of shares and weighted average no. shares are same.

(g) All extra-ordinary income or non-recurring income coming from other than core operations

should be shown separately while showing the Net Prolit as well as the Earnints perShare;

EIL's has no extra-ordinary income coming from other than core operations. lt has some interest

income which is generated from the statutory FDR maintained with banks on regular basis.

o uI AkbarDCM & CFO

Erpress Insuraoce Limitcd

Mo med:,.; laChiel Executive Ofiicer - Cr,:'to: 'r !ce, r.';"

IIDFC Capital Limitecl !:!'-'ji :::--:::;; I-lr=sed

(f) Earnings per Share (EPS) on fully diluted basis (with the total existing number of shares) in

addition to the weighted average number of shares basis. Future projected Net lncome should

not be considered while calculating the weighted average EPS;

AM,rcavoo@rd" Fcl \fu

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Chicf Exocutivo oflrGr -

Exptc$ lDaurlnce Limited

232

(hl Quarterly or half-yearly EPS should not be annualized while calculating the EPS;

Quarterly or half-yearly EPS was not annualized while calculating the EPS in case ofElL.

(i) Net asset value (with and without considering revaluation surplus/reserve) per unit of the securitiesbeing offered at the date of the latest audited statement of financial position

Net asset value (with and without considering revaluation surplus/reserve) per unit of the securitiesbeing offered at the date of the latest audited statement of financial position is as under:

(j) The Commission may require the issuer to re-audit the audited financial statements, if anydeficiency/anomaly is found in the financial statements. ln such a case, cost of audit should beborne by the concerned issuer

It may not be required in case of this Company so far.

Md. baiDGM & CFO

Express Insurance Limiled+i{ohmnd 0tavdrr Rrhmq FC8

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Note Pa rticu la rs Taka

A Share Capital 391,184,640

B Reserve For Exceptiona I Losses L72,594,247

C Revaluation Reserve 80,97s,293

D Retained Ea rnings 87 ,491,4127t2,245,585A+B+C+D = E Total Shareholder's Equity

F Number of Shares 39,718,464

Net Asset Value with revaluation reserve (E/F) 78.72

TakaNote Particula rs

391,184,640A Share Capital

Reserve For Exceptlonal Losses L72,594,247B

C Retained Earnings 87,491,412

A+B+C= D Total Shareholder's Equity 65t,270,293

39,7t8,464E Number of Shares

Net Asset value without revaluation reserve(D/E) 16.65

mffi,n+i IIDFC Capital Limited

With Revaluation Reserve


Without Revaluation Reserve


Otficer

233

(k) Following statements for the last five years or any shorter period of commercial operationcertified by the auditors (i)

Auditor's Certificate

Statement of long term and short term borrowings including borrowing from related party orconnected persons with rate of interest and interest paid/accrued

After due verification, we certify that Express lnsurance Limited has not received any long term and

short term borrowing from related party or connected persons except the following secure loan from

IDLC for the last five years made up as follows:Amount in Toko

Amount in Toko

Amount in Toko

Amount in Tdko

Amount in Toko


Name of theinstitute/Related party

Nature ofrelationship

Type ofborrowinS

Amountoutstanding

Rate ofinterest

lnterestpaid (rk.)

lnterestAccrued

NIL




Type ofboffowing

Amountoutstanding

Rate ofinterest

lnterestpaid (rk.)

lnterestAccrued

NIL




Type ofborrowing

Amountoutstanding

Rate ofinterest

lnterestpaid (Tk.)

lnterestAccrued

NIL




Type ofborrowing

Amountoutstanding

Rate ofinterest

lnterestpaid (rk.)

lnterestAccrued

NIL




Type ofborrowing

Amountoutstanding

Rate ofinterest

lnterestpaid (rk.)

lnterestAccrued

IDLC Lease 15.10% 307 ,052



Md. ObaidDCM A

Exprere Insurar

ul AkbarcFO

Dce LfuuiredDhaka

June 30, 2019

{fud Oi.ytu ljtrEo. tcslhfgbS Drdo. & CEo

A.AAr.{!.E I hv@ Ltd

Moham med

\ r'rt . Chi€l Ex&utive Officer

.., \-W DFC Cepltel Lhiteduq. tsrarl HossaiD ACS i

Mansging Director9Lt Cspitai Limitetr E

qN, M

(ii)


Statement of principal terms of secured loans and assets on which charge have been created againstthose loans with names of lenders, purpose, sanctioned amount, rate of interest, primary security,collateral/ other security, re-payment schedule and status

This is to certify that; Express lnsurance Limited has secured long term and short term borrowings duringthe period from 1't January 2014 to 31st December 2018.

Year lnstitutionNature

TransactionBalance as on

1't JanuaryPaid during

the yearBalance as on31't December

201,4 IDLC Lease 742,468 7 42,468 Nil



rr.M.Managing DLector &

ChicfExecutive Oflicer

Dhaka

June 30, 2019

Bfi#t.nmDGM & CFO


ati{ohrumad 0baYrlur Rahmaq FCS

M$tllfq Dlrcctol & CIo

AAAIT=Ji & bv"totd Ltd

Mohamte f Executive Officer:rffii**i IDFC Capital Limired Fxpress Iisurauce Limited

235

(iii)


Statement of unsecured loan with Terms and Conditions of Express lnsurance Limited

TO WHOM IT MAY CONCERN

This is to certify that; Express insurance Limited has not taken any unsecured loan from anyperson/body/related party during the period from 1n January 2014 to 31'r December 2018.

Dhaka

June 30, 2019


Cha rtered Accountants

.o aidu AkbarDGM & CFO

Sr{obood oieidu f &ur ffs

ItnguS DirEbr & CEO

rAA PhTc. A hvcrlEllt trd

Mo

' ">,. Chbl Executive

,l,td.\fl#Hossain Ac DFc ca,itar

"fffHil1,'iH:::,,

Express lnsurance Linritctt

(

WKM. SeiUur Rahman

m'i"f&fsE[Prcrt l[surartcc Llmrteo

z3h

(iv)


Statement of inventories showing amount of raw materials, packint material, stock-in-process andfinished goods, consumable items, store & spares parts, inventory of trading goods etc.


This is to certify that, Express insurance Limited is a non-life insurance company, so there are no

inventories of raw materials, packing material, stock-in-process and finished goods, consumable items,store & spares parts, inventory of trading goods etc. during the period from 1't January 2014 to 31nDecember 2018.

Dhaka

June 30,2019


Chartered Accounta nts

aid IADGM & CFO

Express Insuranc€ Limited

u

rvlohammad

ve Officer M

Er

at

n\-l^ \ \\J-\d'

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,IDFC Capilal Limited

237

(v)


Statement of Trade Receivables of Express lnsurance Limited showing receivable from related partyand connected persons.


This is to certify that Express lnsurance Limited has no trade receivable including receivable from relatedparty and connected persons during the period from 1't January 2014 to 31't December 2018.

Dhaka

June 30, 2019



+\"

d.o idu AKDGM & CF'O

Erprcss lnsuran.e Linlited

|ilfud dbr;dur Rdrnun f(Sth.{i!8 Dilcot a. CEo

AAAlira l bv.tlD.rt L{dChief Execulivetffi=rur

',nFC Capital

.LiInsiilauce Limited

C.-.W1.*--

M!,!rS6g Dircctor &ChiGf ExGcutivc ottlcer

Exprcas Insuratrce Limited

238

(ri)

Auditor's Certificate (Revised)

Statement of any loan given by the issuer including loans to related party or connected persons withrate of interest and interest realized / accrued.


This is to certify that; Express insurance Limited has not given any loan to related party or connectedpersons during the period from l't January 2014 to 3ln December 2018.

Dhaka

June 30,2019



r.d.o idu bar

DGM & cFOLimi ted

xecutive

K.M. Sai&

Oficerrffrut rnFC Capital

EtPrtss lnsurance

F'(r!rc88 lrsutaDce Limited

q)'Chicf

239

(vii)


Statement of other income showint interest income, dividend income, discount received, othernon-operating income

This is to certifi/ that, other income showing interest income, dividend Income, discount received, other

non-operating income of Express insurance Limited during the period from 1'r .lanuary 2014 to 3l'tDecember 2018 are as follows :


2018 2077 20t6 2015 z0r4

lnterest income 37,878,256 32,058,780 33,729,432 40,97 t,274 45,384,040

Dividend income 248,262 L,tL4,476 7 30,001 495,zLO

Discount received

Other non operating income 21,000 1-4,657

Total lncome 38,147,518 33,929,311 34,843,908 4L,70t,275 45,89?,907

Dhaka

J une 30, 2019



ay{ohorod Obttur t.bm& f(s

Yngrlg Dlt eb, & (E0

AAAPh!.c&t crtE LtdChief Executive Officel Co

taquar .r-.li Kh

M dul Akba'rDGM & CFO

Exp.ess InsuraDce Limited

K.M. Sa RahmanMao8ging Dircctor &

ChicfExccutivo Officer"xpress IrsurEtrce Limited

b

l\,4oh Md. LMd. IsrWssauecsManaging Director

BLI Capltar Limiterr rnFC Capital Limited Exprcss Ilsuiarce Ltnited

1,870,537

240

(viii)


statement of turnover showing separately in cash and through banking channel.


2018 20L7 2016 2015 zoL4

Turnover in cash

Turnover through

banking channel408,889,052 400,6s6,661 385,273,s98 400,291,000 420,337 ,026

Total lncome 408,889,052 400,656,661 385,273,598 400,291,000 420,337,026

However, though they received small amount of premium in cash (upto Tk. 5,000/- as per IDRA CircularNo. Gen-29/2011, dated : 24th November, 2011), they deposited the amount to Bank immediately.

Dha ka

June 30, 2019

MotsEmed ohydur Rahm.n, FCS,1)



MElpress lnsutance Linliled

a" Officer

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Molrumad oba,vdur Ratmat' FCS$r Chief Executive Officer

,tntra: Caoital Limitecl

aq'rat AIi i<tanps y SecrelcayIosurauce Liditea

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ExpressExpre$ lnsurance Lihited

(x)


Reconciliation of business income shown in tax return with net income shown in audited Financial

Statements.

As per Para 6(2) of the 4rh schedule of lncome Tax Ordinance, 1984 to meet the exceptional losses, theCompany sets aside maximum 10% (ten percent) of the net premium income of the year from thebalance of the profit as a reserve for exceptional losses.



al ul AkbarDCM & Crro

Express lnsurancc Lirni(ed

245

K.M. Sai Rahman

Dhaka

June 30,2019

$lt"$l@rdGc;dut rdrttli' rcS

til.rsof Dtr*u & CEo

r,rdrtsl i ht'@!t tld Execut ive Otficer Md, LCon

Msnsging Dircctor &ChicfExscutivo Officcr-\Dre$ lnsuratce Limited

tulohamChiel

sl

No.Particulars

Amount in Taka

2018 20L7 20!6 20L5 2014

01. Net income before Tax 76,807 ,272 74,264,330 85,505,360 775,789,736

02.Less: Reserve for exceptional

losses4,000,000 10,000,000 15,000,000 20,000,000

Business income shown in tax return 72,407,272 65,242,874 64,264,33O 71,505,360 95,789,736

,,ru-r!#o*rn^"..,il,Tlgilgi,::fi:?:, tlntrC CaPital Limited

Express

70,242,874

5,000,000

246

(xi)

itor's Certificate

Confirmation that all receipts & payments of the issuer above Tk. 5,00,000/-(Five Lacs) were madethrough banking channel


This is to certify that, all receipts and payments of Express insurance Limited during the period from 1't

lanuary 2014 to 31n December 2018 above Tk. 5,00,000/-(Five Lac) were made through banking channel

Dha ka

June 30, 2019



#.ffitrftx,{DCM & CFO

Erprcss Insuratrce Limited

SLC\.n\sL iio

uffisorruin*.rtn.

ACfManaging Director

':lLI Capitai LiEitet.

t

OfficerLimited

Monagiag Pirector &Chicf Exocu'tivc Ofricer

Exptcss hsurance Limited

Capital

247

(xii)


Confirmation that Bank Statements of Express lnsurance Limited are in conformity with its books ofaccounts


This is to certify that, the Bank Statements of Express lnsurance Limited during the period from l't

January 2014 to 3ln December 2018 are in conformity with books of accounts.

DhakaJune 30, 2019

sd/-AHMED ZAKER & CO,


..

Md. o idu Akbar

+tr{otroord G.rrtu ndo& FCs

ll{rS Dit!.br & CEo

{^^'lt(t & Ilv@ol Lrd.Chiel Executive

lrffi;,;x,gi rIDFC CaPital Limited

DCM & CFOErpress Insuraoce Limited

248


Statement of payment status of TAX, VAT and other Taxes or duties.

This is to certify that, the payment status of TAX, VAT and other Taxes or duties of Express insuranceLimited during the period from 1'r January 2014 to 31'r December 2018 are as follows:

Particulars2018 2017 20t6 2015 20L4

TAX 23,243,648 24,L92,679 33,319,524 39,868,630 32,508,475

VAT 29,609,015 33,559,175 25,764,852 25,262,587 28,567,972

Other Taxes/Duties

Dhaka

June 30,2019

Molonmad ObaYdur Rahmaq FcS



I AkbarDGM & CFO


Li

u

K-M. Rahman&Mohamm

ch Otficer CoErpci) Secret ChicfExccutivc OfficerVu!4rlgDllector & CEO

AAAFiDrse & lovctlolst Ltl

n{d,rffi.rnn^"*,riB#,lil.,fir,:,

rIDFC Capital Limite .F^PExpress lasurance Limite d

(xiii)

Amount in Taka

SECTION XXVII: PUBLIC ISSUE APPLICATION PROCEDURE

Step-1 (Applicant)

1.. An applicant for public issue of securities shall submit application/buy instruction to the

Stockbroker Merchant Banker where the applicant maintains customer account, within the cut-offdate (i.e. the subscription closing date), which shall be the 25th (twenty fifth) working day from the

date of publication of abridged version of prospectus.

a) Other than non-resident Bangladeshi (NRB) and Foreign applicants shall make the application

money and service charge available in respective customer account maintained with the

Stockbroker/Merchant Banker. No margin facility, advance or deferred payment is permissible forthis purpose. ln case the application is made through a margin account, the application money

shall be deposited separately and the Stockbroker/Mercha nt Banker shall keep the amount

segregated from the margin account, which shall be refundable to the applicant, if become

unsuccessful.

b) Non-resident Bangladeshi (NRB) and Foreign applicants shall submit bank drafts (FDD), issued in

favor of the lssuer for an amount equivalent to the application money, with their application tothe concerned Stockbroker/Merchant Banker. A Non-resident Bangladeshi (NRB) and ForeiSn

applicant may also submit a single draft against 02(two) applications made by him/her, i.e. one in

his/her own name and the other jointly with another person. The draft (FDD) shall be issued by

the Bank where the applicant maintains Foreign Currency account debiting the same account and

provide the customer with a certificate mentioning the FC account number which has been

debited to issue the FDD. The applicant shall also submit the certificate with their application. No

banker shall issue more than two drafts from any Foreign Currency account for any public issue.

At the same time, the applicant shall make the service charge available in respective customer

account maintained with the Stockbroker/Mercha nt Banker.

c) Eligible investors shall submit application through the electronic subscription system of theexchange(s) and deposit the full amount intended to subscribe by the method as determined by

the exchange(s).


3. The Stockbroker/Merchant Banker shall maintain a separate bank account only for this purpose

namely "Public lssue Applicat;on Account". The Stockbroker/Merchant Bankershall:

alpost the amount separately in the customer account (other than NRB and Foreign applicants), and

upon availability of fund, block the amount equivalent to the application money;

idul AkbarDCM & CI:O

Express Insuraoce f inli

Lia r.rat Ali i(hanai \- Secrl'

249

K.M. Sai RahmanM&nagitrg Dhector &

ChiafExccutive Ofhcer

a-\

Moha Compehiel Executive Officer Ex

au ,.mM::l,.ffqei**i press lllsuatrce Llmited


2. The application/buy instruction may be submitted in prescribed paper or electronic form, which

shall contain the Customer lD, Name, BO Account Number, Number of Securities applied for, Total

Amount and Category of the Applicant. At the same time:


250

b) accumulate all the application/buy instructions received up to the cut-off date, deposit theamount in the "Public lssue Application Account" maintained with its bank within the firstbanking hour of next workint day of the cut-off date;

c)lnstruct the banker to block the account for an amount equivalent to the aggregate applicationmoney and to issue a certificate in this regard.

4. Banker of the Stockbroker/Merchant Banker shall block the account as requested for, issue a

certificate confirming the same and handover it to the respective Stockbroker/Mercha nt Banker.

5. For Non-resident Bangladeshi (NRB) and Foreign applicants, the Stockbroker/Merchant Banker shall

prepare a list containing the draft information against the respective applicant's particulars.

6. The Stockbroker/Merchant Banker shall prepare category wise lists of the applicants containingCustomer lD, Name, BO Account Number and Number of Securities applied for, and within 03 (three!working days from the cut-off date, send to the respective Exchange, the lists of applicants in electronic(text format with tilde'"' separator) format, the certificate(s) lssued by its banker, the drafts and

certificates received from Non-resident Bangladeshi (NRB) and Foreign applicants and a copy of the listcontaining the draft information.

7. On the next workint day, the Exchanges shall provide the lssuer with the information received fromthe Stockbroker/Mercha nt Bankers, the drafts submitted by Non-resident Bangladeshi (NRB) and

Foreign applicants and the list containing the drafts and certificates information. Exchanges shall verifyand preserve the bankers' certificates in their custody.

8. The application/buy instructions shall be preserved by the Stockbroker/Merchant Bankers up to 6

months from listing of the securities with exchange.

Step-3 (lssuer)

9. The lssuer shall prepare consolidated list of the applications and send the applicants' BOIDs in

electronic (text) format in a CDROM to CDBL for verificatlon. The lssuer shall post the consolidated list ofapplicants on its website and websites of the ExchanSes. CDBL shall verifo the BO lDs as to whether theBO accounts of the applicants are active or not.

10. On the next working day, CDBL shall provide the lssuer with an updated database of the applicantscontaining BO Account Number, Name, Addresses, Parents' Name, Joint Account and Bank Accountinformation along with the verification report.

11. After receiving verification report and information from CDBL, the lssuer shall scrutinize theapplications, prepare category wise consolidated lists of valid and invalid applications and submit reportof final status of subscription to the Commission and the Exchanges within 10 (ten) working days fromthe date of receiving information from the Exchanges.

12. The lssuer and the issue manager shall conduct category wise lottery with the valid applicationswithin 03 (three) working days from the date of reporting to the Commission and the Exchanges, if donot receive any observation from the Commission or the Exchanges.

Md o ba

mri

T

cd

n

DGM&CFOrcss Insuralce Li

Molonmad 0bv'!ur Rahmaq FCSExecutive OlficerCapital LlmltoC

E:

K.M. Sqr anMansgilg &

ChiefExccutiveIffi*"t*'ffi Exprcss InsuraoceOffrcerLimited

1.3. The lssuer and issue manager shall arrange posting the lottery result on their websites within 06

(six) hours and on the websites of the Commission and Exchanges within 12 (twelve) hours of lottery

14. within 02 (two! working days of conducting lottery, the lssuer shall:

a) send category wise lists of the successful and unsuccessful applicants in electronic (text formatwith tilde'separator) format to the respective Exchange.

b) send category wise lists of unsuccessful applicants who are subject to penal provisions as per

conditions of the Consent Letter issued by the Commission in electronic (text format with tilde

separator) format to the commission and Exchanges mentioning the penalty amount against

each applicant.

c) issue allotment letters in the names of successful applicants in electronic format with digital

signatures and send those to respective Exchange in electronic form.

d) send consolidated allotment data (BOID and number of securities) in electronic text format in a

CDROM to CDBL to credit the allotted shares to the respective BO accounts.


15. On the next working day, Exchanges shall distribute the information and allotment letters to the

Stockbroker/Merchant Bankers concerned in electronic format and instruct them to:

a)remit the amount of successful (other than NRB and ForeiBn) applicants to the lssuer's respective

Escrow Account opened for subscription purpose, and unblock the number of unsuccessful

applicants:

b) send the penalty amount of other than NRB and Forei8n applicants who are subject to penal

provisions to the lssuer's respective Escrow Accounts along with a list and unblock the balance

application money:

16. On the next working day of receiving the documents from the Exchanges, the

Stockbrokers/Merchant Banker shall request its banker to:

a) release the amount blocked for unsuccessful (other than NRB and foreign)applicants:

251

Md ilt dul AkbarbDGM & CFC)

Express Insuraoce Lrnrited

b) remit the aggregate number of successful applicants and the penalty number of unsuccessful

applicants (other than NRB and foreign) who are subject to penal provisions to the respective

'Escrow' accounts of the lssuer opened for subscription purpose.

17. On the next working day of receiving request from the Stockbrokers/Merchant Bankers, theirbankers shall unblock the amount blocked in the account(s) and remit the amount as requested for tothe lssuer's'Escrow' account.

1.8. Simultaneously, the stockbrokers/Merchant Bankers shall release the application money blocke

WZthe customer accounts: inform the successful applicants about allotment

,ua. rWffir.urnacrManaging Director

rLt Caritai Limitert

MohammChief Executive Olficer

IDFC Capital Limited

and the

d. Liaquat Ali Khau

qM*ffilJ#.}",lh*\AA Fi?J. & bt.5l.o!!r L{o

Compcny Secre'"cryExpress losula[ce Litoired

tn

K.M.Dl$ctor &

OfficerExpress losuance Limited

252

unsuccessful applicants about releasing their blocked amounts and send documents to the Exchange

evidencing details of the remittances made to the respective 'Escrow' accounts of the lssuer. The

unblocked amounts of unsuccessful applicants shall be placed as per their instructions. The

Stockbro ke r/M ercha nt Banker shall be entitled to recover the withdrawal charges, if any, from theapplicant who wants to withdraw the application money, up to an amount of Tk. 5.00 (five) per

withdrawal.

19. All drafts submitted by NRB or Foreign applicants shall be deposited in the lssuer's respective'Escrow' accounts and refund shall be made by the lssuer by refund warrants through concerned

stockbroker or merchant banker or transfer to the applicant's bank account (FC account which has been

debited to apply by NRB or foreign applicants) through banking channel within 10 (ten) worklng days

from the date of lottery.

Miscellaneous:

20. The lssuer, lssue Manager(s), Stockbrokers and Merchant Bankers shall ensure compliance of theabove.

21. The bank drafts (FDD) shall be issued considering TT Clean exchange rate of Sonali Bank Ltd. on thedate of publication of abridged version of prospectus.

22. Amount deposited and blocked in the "Public lssue Application Account" shall not be withdrawn ortransferred during the blocking period. Amount deposited by the applicants shall not be used by theStockbrokers/Merchant Bankers for any purpose other than public issue application.

23. The lssuer shall pay the costs related to data transmission, if claimed by the Exchange concerned up

to an amount of Tk.2,00,000.00 (taka two lac) for a public issue.

24. The Stockbroker/Merchant Bankers shall be entitled to a service charge of Tk.5.00 (taka five) onlyper application irrespective of the amount or category. The service charge shall be paid by the applicantat the time of submitting application.

25. The Stockbroker/Merchant Banker shall provide the lssuer with a statement of the remittance and

drafts sent.

26. The lssuer shall accumulate the penalty amount recovered and send it to the Commission through a

bank draft/payment order issued in favor of the Bangladesh Securities and Exchange Commission.

27. The concerned Exchange are authorized to settle any complaints and take necessary actions against

any Stockbroker/Merchant Banker in case of violation of any provision of the public issue applicationprocess with intimation to the Commission.

ulAk6ar

t{ohammzd 0b

U.trtglng Di clor & CEo

'.,\ffiitt4, lllril Hossain A

"ilfrHm*;xl:

Chief Executivc officer K.M. Said Ralxnanliloh

DGM &ErPress lnsura

cFOoce Limited

f.' rrorc capital Limirerdr ..

J_ Mstraghg Din&tor &Chicf Exccutive Officer

Express ltrsuraEce Limit€dAMIiuoce & loYcst traot Ltd

All eligible Stock Brokerc and Merchant Bankers shall receive the IPO subscriPtion.

Others:

The IPO subscription money collected from investors will be remitted in following bank accounts withBank Limited:

Sl. No. Account bearinB number Account title Currency

For Resident Bangladeshis

01

For Non-resident Bangladeshis

03

o4

"{ffi<rqrF RRBFI ffi r 6q:6d ts 3t1I RfiAFI F-F4"

APPLICATION FOR PUBTIC ISSUE

Da te:

Applicants Authorized Officer

253

.o lAk I,ar IUd. L Ali lCeanaid uDGM & CI'O

Express Insurance Limited Expra)osul

Secrelaiyance Limited

c

I(.M. Sai Rahman&

ChicfExciutivc OfficcrExpress Insur8trce Limited

tslrlohnad Otaydur Rahmaq FCT

Ma4rr:g Drrelror & CEO

Ajl.li---. - -,,,-";; Lrd.

\%.Md. Israil trossain ACs

Managing DirectorgLI Cs)ttai Llmiter

MohammaChief Executive Officer

IIDFC Capital Limite.

Name of applicant

Client Code

Category of a pplicant

Name of the Company

Number of Sha res

Total amount in Tk.

Amount in word

A

02

BO lD No.

254

Query No S I : lt appears from note # 4 to the financial statements for the year ended on December 31,

2018 that there is an item namely Reserve for Exceptional Loss of TK. 172,594,24L1- which is not clear tous. Please mention the nature of this reserve and give break up of this with reference to lnsurance Act

2010.

Reply : As per Para 6 of the 4th schedule of lncome Tax Ordinance, 1984 to meet the exceptional losses,

the Company sets aside maximum 10% (ten percent) of the net premium income of the year from the

balance of the profit as a reserve for exceptional losses. The company may make provision for Reserve forexceptional Losses any percent subject to maximum ol LOo/o ott Net premium income as per approval of the

Board of Directors. Status of reserve for exceptional losses ofthe company limited are given below:

YearNet Premium

lncome (Tk.)

Reserve for Exceptional Losses

% Amount (Tk.)

2018 243,72r,990 7.64% 4,000,000

20L7 252,290,O20 7.94% 5,000,000

20L6 244,702,637 4.O9 % r.0,000,000

2015 266,424,543 5.63 % 15,000,000

2014 278,492,468 7.78 % 20,000,000

2013 264,517,73L 7.s6 % 20,000,000

2012 254,836,870 6.78% 16,000,000

Query No # 2 : lt appears from the audited financial statements for the year ended on December 31,

2018 that unrealized loss on revaluation of shares of Tk. 4,955,281/- has been considered to calculate

net profit of the company and also transferred to retained earnings, Mention reasons and basis withreference to lAS.

Reply : lnvestment in stocks, shares and other securities are recognized in the financial statements at fair

value considering long term investment and these are revalued at regular interval. lncreases or decreases

in the value of investment are recognized in the Financial Statements as per IAS-39 "Financial instruments:

Recognition and measurement". lncrease or decrease in the value of investment in listed shares are

recognized in the financial statements considering average movement of market price as the capital

market of Bangladesh is volatile and market price of the stocks and shares change very frequently.

lncrease/decreases in the market value on stocks and shares are recognized in the statement of profit or

loss and other comprehensive income.

Md. o rDGM & Cl'o

Expre$ lnsuraocc Linriled

ivloha

Ch Ofiicer NIJ.(.M. S Rahman

Director &ChiefExccutivo Oflioer

ExpreE3 Iosut8nce Limit€d

#**ffie,xr ,IDFC Capital Limited

SECTION -XXVIII: OTHER

ADOITIONAT DISCLOSURES BY THE AUDITOR

A

Query No # 3 : lt appears from note # 16.02 to the financial statements for the year ended on December

31, 2018 that there is an item namely advance income tax and TDS of Tk. 256,802,449/- under the head

sundry debtors which was Tk. 233,558,801/- as on December 31,2017. Mention when and how the

company pays advance income tax and reason of huge advance income tax remains in the financials as

asset without any adjustment.

Reply I lncome Tax return filed before the Tax authority from Financial year 2011 to 2018 (Assessment

Year 2Of2-2O13 to 2019-2020) of the Company not yet finalized by the lncome Tax Authority- So, Advance

Tax paid U/5-64, Tax paid UIS-74, TDS in particular year was shown as Advance Tax in the Assets side

under the head of Sundry debtors (Note no # 16.02). Once the assessment finalized by the lncome Tax

Authority then the Advance Tax will be adjusted. Details ofAdvance Tax payments are given below:

sl.

No.

Financial

Year

Assessment

YearAdvance Tax

01 20L7 40,822,O48

o2 20L2 2073-7014 17 ,803,954

03 2013 20L4-2075 38,776,936

o4 2014 2015-2016 38,629,090

2015 20L6-2017 40,014,630

06 2017-2078 33,379,524

07 2077 2078-2079 24,792,619

08 23,243,648

Total 256,4O2,449

Query No # 4 : lt is observed from note 24.01 to the financial statements for the year ended on

December 31, 2018 that the company has collected gross premium amountint to Tk. 408,889,052/-.

Mention whether you have checked and verified the documents (bank statements and vouchers) of this

gross premium of Tk. 408,889,052/-.

Reply: The premium income has been calculated from the sum of premium against polices issued during

the period with the Govt. sector business. This has been verified with the policy statements and with bank

statement.

sl.

No.

Direct Business

(Company)

Government

Sector

Business

Total Premium

01 F ire Lr9,89r,764

o2 Marine cargo 90,843,913 75,752,577

03 Marine Hull 7,799,433

04 M otor 118,431,091 720,933,246

05 Miscellaneous 1r,862,O43 5t,4L6,540: Rahman, FfS Total 342,O38,BLL 408,889,0.5?,l

M

Expr

aidul AkbarM&CI oress Insurance

oDC

Lin led

@Md. fiiquat AIi i(ha

CoExpre:

nMotgtng Drre Saidur

temoht (AAA IQueryNoS5:ltis

Msneghg Dircctor &Chi.f Exocutivc Officer

hat Return on Asset (ffi0t6,8n$fnen-imitea

Equity (ROEI, net

ouarffi*lnp,rtrmtts"d.ilit?flf,ff:,rn"'n8!$ffi;+lh" Oflice[

r$$fl&'ng yeal !y. ve9,r ;.:Frrp ide auditor's

Remarks

2012-2013

05

2076

2018 2019-2020

S,,-

Class of Business

8,8s1,64s 724,7 43,409

106,596,424

1,010,000 189,433

2,502,L55

39,554,497

66,450,24t

lhh

explanation in this regard.

Reply : ln the year 2018 the operating Return on Asset (ROA), Return on Equity (ROE), net profit and EPS

of the Company were in decreasing trend due to decrease of premium income & investment income and

fall of rate of interest on FDR'S and negative trend of capital market. On the other hand, there is increasing

operating expenses due to higher salaries, office rent, office maintenance & claim paid during the year.

However, the management has taken some effective steps to increase the premium income with a view to

enhance Premium income in the year 2018. The Management has also exerting effort to increase the

investment income and diversify the investment portfolio trend.

Query No # 5 : lt appears from note 11 to the financial statements for the year ended on December

31-,2}1.8 and auditors' report under Section 135(1), Para 24(1) of Part-ll of Third schedule of the

companies Act, 1994 that deferred tax liability is Tk. 22,582,898/-as at 31't December, 2018 which was

only Tk. 7,488,23?l-, 4,935,5731-, Tk. t,27,9261-, and Tk. 1,32,255/- for the previous four years which

seems very small compare to latest years. Mention the reasons of this and also mention whether

deferred tax was computed rightly as per requirements of IAS/BAS for the year 2O14to2Ot7.

Reply: Deferred Tax has been calculated on the amount of difference between a rate of accounting

depreciation and tax based depreciation. lt may be mentioned here that the proportionate land value and Civil

construction value is included with the price of office space purchased. Land value is out of depreciation policy.

The income tax authority has not been allowing any depreciation on office space. Since the tax authority does

not consider the depreciation provision made for depreciation as it was previously done. To comply with IAS-12

this year and 2014 to 2017 accordingly provision for deferred tax made this year as per IAS -1.2.

Query No f 7: Provide details calculation of deferred tax liability of Tk.22,582,8981- shown in note-11 tothe financial statement for the year ended 31st December 2018.

Reply:

Amount (Taka) RemarksParticulars

A) Deferred Tax on Assets :

6r,7a43s3i)Book value of depreciable fixed assets

39,075,036ii)Less: Tax base UAS-12 (7)l

22,tog,318Deductible Temporary differences (i-ii)

4,443,727Closing Deferred Tax Liability/ (Asset) on Assets @

40%(Note-11)

B) Deferred Tax expense /(lncomel :

a,a43,727i)Closing d eferred Tax liability

t,355,494Total Deferred Tax expense /(lncome!(i-ii)C) Deferred Tax Liability : oa

":kl[*4,843,727

(ss0,s87)"'-bcu

Express lnstii)Add: Deferred tax on Unrealized Gain/ (Loss) on Securities

available for sale (note-13.02)

t4,289,758 Change in Equityiii)Add: Deferred Tax on Revaluation Reserve (note-os)

22,5A2,A98 Current LiabilitgDeferred Tax Liability/ (Asset) (i+ii+iii)

tlobldd&Oblvdft RaEmao. ICS

V:'.::!r! Dlre!:'r & Cto

A.l|i;:*-- a ;, c5tgl$A! Ltd

A"xecutive tce tector &

N4 mma K.M. SaidManaging

ulAkbarCFO

Limited

nI*ffi:+**i I Chief Exccutive Oflicer

Exprets lDsurauce Limited

ii)Less : Opening deferred Tax liability 1,488,233

Note-21.0

i) Deferred Tax on Assets (Note-11)

IIDFC Capital Limited - il-,:l

257

Query No # 8 : Whether you have made physical verification of the FDR and share certificates as show in

note 17.01 and 13(c) of the accounts.

Reply: Physical verification of the FDR receipts and share certificates (Shares Portfolio statement) was

carried out. The balance shown in note 17.01 and 13(c) of the accounts and those were found correct.

Query No # 9: Whether the company has complied with the requirements of the section 18,4t,44,5a &

63 of the lnsurance Act, 2010.

Md. Obaidul AktiarDCM & CFO

Express IDsurance Limited

I(.M. Sai Rahman

ivr o taqljat Ali I(tCompsn

Express Ins:Secretaiv

^-MaoEging Director &thiEf Ex€cutive Oflicer

bMcrho0ad obaydur Ratma!, FCS

Ma[eirg Due$or & CEO

AAA Fi-, r i llt3i;actrt Ltd.

\grud, Israil Hossain ACs

Managing Director'lLI Capltf,t Limiterr

Chiel Executive

rIDFC CapitalOflicerLimited

uauce LimilEdpress [nsurance Limited

Reply:

lnsurance Act, 2010 (Section-18):

The Company has complied with the provision of Section 18 of lnsurance Act, 2010 as applicable.


There is no investment by the Company or hold any shares or debentures of any Company, firms or other

business concern in which any directors or any members of the family of such directors has any interest as

Proprietor, Partner, Director and Managing Director as per Section 41 (1) of lnsurance Act 2010.


As per Section 44 of lnsurance Act 2010, the Company no loan to any Director or any member of the

family, Banking Company, Subsidiary Company and Auditor, any loan or temporary advance either and

hypothecation property or personal security or otherwise.


The Company has complied with the provision of Section 58 of lnsurance Act, 2010 as applicable. Agents

of Express lnsurance Limited has paid agency commission only.

A,V

258


Disclosure as per Section 63 of the lnsurance Act, 2010:

Query No # 10: Explain why you have not included case filed by M/S. Yasmin Spinning Mills Limited

under the head contingent liability.

Reply: The claim was lodged by Yasmin Spinning Mills Limited do not fall as payable as per terms and

condition of policy. Therefore no liability is shown as contingent liability.

Query No fl 11 : whether you have obtained balance confirmation certificate from SBC and other nonlife

insurance companies regarding amount due from other persons or bodies carrying on insurance

business (note 15.0).

Reply: The re-insurance accounts as approved by the re-insurer i.e Shadaran Bima Corporation (SBC) has

been checked & confirmed. The re-insurance accounts of the company comprised of the quarterly

accounts, facultative Re-insurance slips, Govt. sector Business and Recovery accounts have been checked

and the balance is found correct. lt may be mentioned here that the accounting year of the company is

January to December but the period of Re-insurance treaty and accounts commence 1st April to 315t

March. The Re-insurance accounts, PSB accounts and recovery accounts of the insurer and re-insurer may

not be the same amount and differ.

Query No f12: Schedule of amount due from SBC and other non-life companies as stated in note 15.

Remarks

Allowable

Expenses as

per lnsurance

Rule

Variance

1) Fire, Motor & Misc.

52,500,000a) First Tk. 150,000,000 @ 35o/o

49,500,000b) Next Tk. 150,000,000 @ 33%

349,822

720,94L,988 (18,592,166)

c) Next Tk. 1,093,195 @ 32o/o

LO2,349,822 L20,923,984 (18,s92,166)Total Tk. 301,093,195

2) Marine Cargo & Marine Hull

0 923t6 26 44,O22,026 (1s,99s,103)a) First Tk. LO7,795,857 @ 260/o

(15,99s,103)2A,O25,923 44,O22,026Total Tk. LO7,795,A57

t30,376,745 L64,964,Ot4 134,587,2691

Grand

Total(1+2)

Tk. 408,889,052

I

Reply: Amount due from other person or bodies (Note 15 in Financial

{dmnd 0baYdur Rahmaq FCS

llrs8lng Dr.cclor & CBo

\AA Fimme & Itrvc$ord lldMohammad


des only C. The

K.M. Saiirector &

Chiof tive Officer

DGM & F'O

S" Erp In e Limted

;,::ffip,'X*iIIDFC Capital Limited :i -1i [rpro$ ID8ur8trce Limited

Level of PremiumActual

Expenses

Rahman

259

schedule of amount due from SBC is given below

Pa rticular Amount (Tk.)

Opening Balance 58,475,707 /-Less : Payable to SBC (re-insurance Purpose)

Add : Receivable from SBC (Public Sector Business Purpose) 7t,s29,447/-

Balance as on 3LlL2l2O1.8 69,945,r48/-

Query No fl 13: Subsequent status of premium deposits as shown in note 7,0.

Reply: As a continuous process, policies have been issued against the cover notes issued in the previous

year converted in the premium income of 2018. When received money against Cover Notes, that amount

shown in the Head of "Premium Deposit" and transferred to "Premium lncome Account" while issuing the

policies against Cover Notes. So there is no payment received subsequently.

sd/-

AHMED ZAKER & CO.

Chartered Accou nta nts

Md. o idul Akbar

Mol"--" ^' - - --S

AAAFinioec & lnlestmcot Ltdua.ffio'.."inecs

Me.oaging DirectorBLI Ca)ltai Limite,

Mohammad Salehc cer

ii

IIDFC CaPital Limited E::

DGM & CFOErprc6s lnsurance Linlited

Place: Dhaka

Dated: 05 August, 2019

qN^

260

Additional Disclosure by the Management

1. Justification of cash collection from premium and others:

Reply: As per direction of IDRA premium up to Tk. 5,000 only has been collected by cash and the above ofTk. 5,000 has been collected by cheque, Pay order etc. The detail break up of cash Collection from Premium

and other sources in the year 2018 is as follows:

Cash

Gollection. ParticularsAmount

(rk.)

Premium 34L,9?8,O!3

OtherSources

lnterest lncome 33,694,282

Dividend lncome 248,262

Car lnsta llment Received L,249,324

Other lncome 2r.,000

VAT Collection

Total 404,266,t36

0 oace of Head Office in the same vear of purchase:2. Revaluation of 1 .700 soua re feet floor s

Reply: EIL booked a commercial space of 10,700 square feet at Tk.4,00,63,508 for its Head Offlce from M/s.

Abed Holdings Ltd, Al Razi Complex (9th and 10th Floor\, L66-L67,Shahid Sayed Nazrul lslam Sarani, Bijoy

Nagar, Dhaka- 1000 in the year 2007.The Company executed an agreement on 05-04-2008 with M/s. Abed

Holdings Ltd., the developer of the Building. As per agreement Company paid the price of the space in

installments within October, 2009. After full and final payment and completion of other related formalities,

deed of purchase was registered on 22-06-2011.Though the floor space was registered on 22-O6-2OIL,

price of the office space was negotiated and fixed in the year 2007 and deed of agreement was executed

on 06.04.2008. This is why EIL revalued its property by the prominent valuer Aziz Halim Khair Chowdhury

on June 29, 2011 to reach a fair market value. The valuer revalued the property on the basis of the thencost of materials, labor cost and workmanship etc. As well as they took as consideration the material used

for the construction of the building and the quality of its finishing work, fixtures etc. to arrive at a fair and

reasonable value for the same.

3. lt is observed that vour companv obtained tax assessment order(s) onlv uo to the assessment year 2014-

2015. lt is also observed that NBR has demand extra tax includins interest total TK. 95.115.557 for the455essment eat 2Ol2-2O11 to 2014-2015 and vour comoanv has a ooea led asainst those assessment

order. Explain the reason as well as mention how the companv will pav this huee amount if the verdict

Eoes against the companv.

Reply: lf the yearly financial statements of EIL is reviewed it is seen that we always pay advance income taxand submit tax return regularly though assessment order for previous some years yet to be obtained in

spite of drawing attention of the tax authority. Besides, beyond our yearly tax payment every year we makeprovision for income tax regularly out of yearly income which stands BDT 7A4345,341, in the statement offinancial position in the financial year 2018. So, it can be said that the company will be able to pay this huge

amount of tax including interest BDT 95,115,567 and not fall in trouble if the verdict goes against ElL.

sd/-(K.M Saidur Rahman)Ma naging Director & CEO

d o aidul AkbarDCM & CI:(-)

Express losuJaoce Lrmited

U&md 0baydur Rahman, PCt

Mas4irgDneclor & CEo

MAFiorlrt & hvrsto.ot Ltd

Mohammad S Maoagilg Ditcctor &' Chief Excoutivo OfiicorExpress Insuranco Linitcd

K.M. Sai

- ComP:l) Sc'rhi'.

Express -insir::ece L:o"te

Premium lncome

27 ,045,255

ay:gffi,,,'.Hri Chiel Executive otficel


Documents

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