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AUDITORS'REPORTAI\iD
FINANCIAL STATEMENTSFOR TIIE PERIOD ENDED FROM 02 JULY TO 31 DECBMBER 2O16
OF\TIPB ACCELERATED INCO]VIE UNIT F[}ND
AHMAD & AKIITARChartered AccountantsBCIC Bhaban (3rd floor)30-31, Dilkusha C/ADhaka - 1000, BangladeshPhone : 9561289, 9580056Fax :88-02-9564366E-mail : aacanol [email protected]
A Correspondent Member Firm ofRusseII Bedford International, IIIC(www.russellbedford.com)
Branch Ofrice: Dhaka and Chittagong
qfq{q 4u E[tWfrAHMAD & AKHTARChartercd Accountanls
A Correspondent Member Firm ofRussell Bedford lnternational, UK
wwv. russellbedford. com
Independent Auditor,s Report
n *u I:.T,H,T1'f"1XTi""b?,*, *,.uReport on the Financial StatementsWe have audited the accompanying Statement of Financial Position of the VIPB Accelerated Income UnitFund (the fund) as at 31 December 2016 and the Statement of Profit or Loss and other Comprehensive Income,Statement of Changes in Equrf, Statement of Cash Flows for the period kom 2 July 2016 @ate of commencement)to 31 December 2016 than ended and a summary of significant accounting policies and other explanatoryinlormation.
Man a gement's Responsibility for the financial StatementsThe managements of the fund VIPB Asset Management Company Ltd. as Asset Manager and InvestmentCorporation of Bangladesh as Trustee and Custodian are responsible for the preparation of these financial statementsin accordance with Bangladesh Financial Reporting Standmds @FRSs), Secrnities and Exchange CommissionO4utuat Fund) Rules 2001 and for such internal control as management determines is necessary to enable theprepmation of Financial Statements that are free from material misstatement, whether due to fraud or eror.
Auditors' ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted ouraudit in accordance with Bangladesh Standards on Auditing (BSA) issued by ICAB. Those standards requirethat we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on our judgment, including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,we consider intemal control relevant to the entity's preparation and fair presentation of the financial statements inorder to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the entity's intemal control . An audit also includes evaluating the appropriatenessof accounting policies used and the reasonableness of accounting estimates made by management, as well asevaluating the overall presentation of the financial statements.
We believe that the audit evidence which we have obtained is sufficient and appropriate to provide a basis forour audit opinion.
OpinionIn our opinion, the financial statements, prepared in accordance with Bangladesh Financial Reporting Standards@FRSs), give a true and fair view of the state of the Fund's affairs as at 31 December 2016 and, of the results ofits operations and its Cash Flows for the period from 02 luly 2016 to 31 December 2076 then ended and complywith Bangladesh Financial Reporting Standards (BFRSs) and other applicable laws and regulations.
Report on regulatory requirementsln accordance with the Securities and Exehange Commission Mutual Fund) Rulss 2001, we also report thal:(a) we have obtained all the information and explanations, which to the best of our knowledge and belief
were necessary for the purposes ofour audit;
(b) in our opinion, proper books of account as required by law have been kept by the fund so far as itappeared from our examination of those books;
(c) the Fund's Statement of Financial Position and Profit or Loss and other Comprehensive Income, Statementof Changes in Equity, Statement of Cash Flows and dealt with by this report are in agreement with thebooks ofaccounts; and
(d) The expenditure incurred was the purpose ofthe Fund's business.
Dated: 19 January 2017Place : Dhaka Chartered Accountants
t qtion?l gffqq:BCIC ghaban (3rd Floor)3O€t Dilkusha CIADh.ke-lo(xl, B.ngladqsh.Ph: 8a-02€551249, S57O299Fax: 88.O2€6G4:N}6E-maiL aacanol [email protected]
Dhakp,B.rqnch Qffice:39, Dilkusha CrA, {itth Floor)Dhat(a-1000,Ph: 88{2-71748so, 3568706
@: u,u^l.aaG6a;A
Chiftasoao Branch Otffice:lsah.lla Tewer, Lcvel-4 IBELl.lalishahar, Boropool.Chitttongr*Oo0(Ml: o{7{54r!C860
AEMAD & AKIITARChartered Accotmtants
YIPB Accelerated Ineome Unit FundStatement of Financial Position
As at 3l December 2016
Particularr Note I Amountin Taka
Assetslnvestments - at market pricePreiiminary and issue expensesAccounts receivable
Advance, deposit and prepaymentsCash and cash equivalents
Total Assets
Equrty end LiabilitiesUnit holders'Equi*Unit capitalUnit premium reserve
Unrealized gain
Retained eamings
LiabilitiesAccounts payable
Liability for expenses
Total Equity and Liabilities
Net assetvalue (NAY)
Net assetvalue (NAV) per unit:At cost
At market price
The annexed notes from an integrai part ofthese financial statements.
J
4
5
67
411,410,611155,648
166,294
496,253
24,92,1,096
433,199,892
429444,571,570
12,129,155
13,819,5322,764,099
429,,83356
10.37
rc.72
8
9Annex-A
Authorircd signatory of YIPB Arsetllf, anagement Company Linited
Signed as per our annexed repott c:n even date.
Date: 19 January 2017Place: Dhaka
391653710re1l I E,oso,otz I
433,199,992
t213
AuthorizEd signatory of Investment
Chartered Accountants
AIIMAD & LKHTARChartered Accountsnts
YIPB Aceclerated fuesme Uuit FundStatement of Profit or Loss & Other Comprehensive fncome
For the period from 02 Juty 2016 to 31 Ilecember 2016
l415
t6
l7 0.07
Date: 19 January 2017Place: Dhaka
I f""i*ut""r ,
RevenueProfit on Sale of SecuritiesInterest incomeDividend inccmeTotal reyenue
Less: Operating ExpensesManagement feesAmortization of preliminary and issue expensesCDBL settlerneirt and denrat chargesCDBL feesTrustee fees
Custodian feesBrokerage commissionAudit fees
Newspaper publication expBank charges and excise dutyOther expeRses
Total Expenses
Net pro{it for the periodAdd: Other Comprehensive IncomeUnrealised Gain(Loss) on marketable securitiesTotal Comprehensive income
. Earnings per unit (EP[I)
The anaexed notes from an intcgral part ofthese financial statements.
Autharized signatory of trnvestmentCorporation of Bangladesh (ICB)
2,742,97L916,217
3,473,4021r132;5gg
2,787,13511,939
123,43945,61974,795
160,087
1,069,97415,000
47,50025,0079.000
4368,491
2r764r099
Annex-A 13,81953216,593,631
Authorized signatory of YtrPB AssetManegePsil ComPanY Limited
Signed as per our annexed report on even date.
Chortered Accountonts
AHMAD & AKIITARChartered Accountants
Corporation of Bangladesh (ICB)
Date: 19 Januiry 2017Place: Dhaka
YIPB Aeselerated Ineome Unit FupdStatement of Changes in Equity
For the period from 02 July 2016 to 3l Deeember 2016
Authcrized sign*tory of YIPB AssetManagement Company Limit€d
Signed as per our annexeci report on even date.
Fieure ia BDT
Particulars Unit capitalUnit premium
FeserveUnrealizedgain / (ioss)
Retained- - _.-:_ -_earnrngs
Total- ---tLequfty
Unit capital raiseddtiring the period
Unit surrended
Unrealized gain onmarketable securities
Net profit duringthe period
420,571,570
(20,000,000)
13,308,155
(1,190,000)
'r3,879,532
) 764 fiqq
433,979,725
(21,190,000)
73,819,532
) 754 qqq
Baiance as onDecember 31,2&76
400,571,570 12,128,155 13,819,532 2,764,099 429,283356
z C hartere d A ccountants<\J')
AIIMAD & AKIITA&Chmtered Accountsnts
YIPB Accelerated fncome Unit FundStatement of Cash Flows
f'or the period from 02 JuIy 2016 to 31 December 2016
Parieulars Amount in TakaA. Cash llows from operating aetiv-ities
Interest incorne
Gain on sale of invesftnentsDividend incomeAdvance, deposit and prepay'ments
Bank charge and cxcise dutiesCDBL charges
Brokerage commissionOther operating expenses
Net cash from operating aetivities
B. Cash llows from investing activities
Net investment in shares and securities
Net cash from investing aetivities
C. Cash flows from {inancing activitiesProceeds from issuance of units
Proeeeds made for re-purchase of units
Preliminary & issrrq qxpqcses
Ne{ cash from linancing activifies
Net G&sh flows for thc period
Cash and cash equivalents at the beginning ofthe period
Cash and cash equivalents at the end of the period
Net operating cash flows per unit (Nate- 18)
24,921,096
Authorized signatory of InvestmentCorporation of Bangladesh (ICB)
Date; 19 Janqa{y 2017Place: Dhaka
2,399,2542,821,3283,307,119(531,871)
(25,007)(123,438>
(1,468,974)37-500
, 6,730,910
(396,868.916
, (326868,er6)
Aal onrl 1a<.tJJrOlTjtLJ
(21,180,000
{1,640,623
,, 411,059,102
20,921.096
0-17
Authorized signatory of VIPBAsset Management CompanyLimited
AHMAD & AKIITARChartered Accounts
WPB Accelerated Income Unit FundA Summary of Significant Accounting Policies and Other Explanatory Information
As at and for the period ended 3I December2016
l.fi) Legal Status and Nature of the Company
1.01 The Fund and its Objectives
"VIPB Accelerated [ncome Unit Fund" was established as a Trust under the Trust Act1882 and registered with Sub-Registrars Office under the Regiskation Act 1908, onAugust 19, 2015. The Fund received Registration Certificate from the BangladeshSecurities and Exchange Commission (BSEC) on November 1, 2015 under the Securitiesand Exchange Commission (Mutual Fund) Rules 2001. The BSEC approved the Fund andprovided consent on March 16,2016. The initial size of the Fund is Tk. 100,000,000 (Takaten hundred million only) divided into 10,000,000 units of Tk. l0 each. Subsequenfly, theunit capital of the Fund now stands at Tk. 4AA,571,57A.
VIPB Asset Management Company Limited (VIPB AMCL) is the sole Sponsor of theFund- Investment Corporation of Bangladesh (ICB) is the Trust€e and the Custodian of theFund. VIPB Asset Management Cornpany Limited (VIPB AMCL) is managing theoperations ofthe Frmd as the Asset Management Company.
1.02 Objectives
The primary objective of the Fund is to achieve capital appreciation as well as earndividend and interest income through investment in the capital market of Bangladesh. Itmostly shall focus on generating cash eaming and at the same time preservation of capital.The Fund shall strive to accumulate reserves over its life in order to reinvest and be able todistribute a lump sum at redemption.
2.fi) Summary of Significant Accounting Policies and Basis of Preparation of the FinancialStatements
2.01 Preparation of the Finaneial Statements
These financial statements are prepared on the accrual basis of accounting, under thehistorical cost convention, as modified for investments, which are 'market-to-market' andin conforrnity with the International Financial Reporting Standards (IFRS) adopted by theInstitute of Chartered Accountants of Bangladesh (ICABI International AccormtingStandmds (IAS) adopted by the Institute of Chartered Accountants of Bangladesh (ICAB)and also in compliance with requirements of Bangladesh Securities and ExchangeCommission (Mutual Fund) Rules, 2001 and other laws & regulations applicable inBangladesh.
AHMAD & AKIITARChartered Accounts
2.02
2.03
2.04
2.05
2.06
Statement of Cash Flows
BAS-1, "Presentation of financial statements requires that a cash flow statement beprepared as it provides information about cash flows of the enterprise which is useful inproviding users of financial statements with basis to assess the ability of the enterprise togenerate cash and cash equivalents and needs of the enterprise to utilize those cash flows.statement of cash flows has been prepared under the direct method for the period,classified by operating, investing and financing activities as prescribed in paragraph 10 andl8(a) of BAS 7 Statements of Cash Flows".
Statement of Changes iu Equity
The statement of Changes in Equrf reflects information about the increase or decrease innet assets or wealth.
fnvestment Policy
a) The Fund shall only invest in securities and investment approved by the BSEC, t}eBangladesh Bank and/or the Controller of lnsurance of Bangladesh or any other competentauthority in this regard.
b) The Fund shall invest only in transferable securities whether in money market or equitymarket or privately placed debentures or securitized debts.
c) Capital appreciation will be the primary consideration and dividend and interest incomewill be the secondary consideration for the trading security investments.
d) Dividend and interest income will be the primary consideration and capital appreciationwill be the secondary consideration for the Available-for-Sale security investments.
e) The Fund shall categorize the investnents either as "Trading Securities" or as"Available-for-Sa1e Securities (AFS)" as they deem prudent, as per provisions of IAS-39.
f) Stock Dividend (Bonus shares) are added with existing shares with no value resulteddecrease in per unit cost price of the existing shares.
Yaluation of investment
The listed securities are valued at the closing quoted market price only on the Dhaka StockExchange onthe date of valuation i.e. on December 31, 2016.
Dividend policy
a) After the close of annual accounts, the Trustee, as appetrs shall declare dividend for theFund.
b) It shall distribute at least 70o/o of the Annual lncome derived from realized gains oftheFund, as dividend, at the end ofeach accounting year.
c) No dividend may be declared or paid other than from earnings of the Fund availablefor dishibution.
d) Surplus arising simply from the valuation of invesknents may not be available fordividend.
AIIMAD & AKIITARChortered Accounts
2.07 Management fecs
The management fee of the firnd is to be paid to the asset managernent company perurnnum on weekly average net asset value O{AV) accrued and payable half yearly. As perthe prospectus and the provisions of the rules the fee is calculated using the followingslabs:
VAV (Taka)
Taka 1 to Taka 5 CroreExceeding Taka 5 Crore to 25 CroreExceeding Takazs Crore to 50 CroreOver 50 Crore
Percentage
2.50o/o
2.00%1.50%1.00%
2.08 Trustee fees
The Trustee is entitled to an mnual Trusteeship fee of @ 0.15o/o of the Net Asset Value(NAY) of the Fund only payable semi-annually during the life of the Fund.
2.09 Custodian fees
The Custodian is entitled to receive a custodian tee @ AJs% of balance securitiescalculated onthe avemge month end value per annum.
2.10 CDBL (Central Depository of Bangladesh Limited) Fees
The CDBL is entitled to receive an amount of Tk. 300,0004 as security deposit during thewhole life of the Fund. Afirual fee f,or the Fund payable in advance, based on frce value oftotal fund size is payable as follow:-Up to Tk. 5 crore-Above Tk 5 crore up to Tk 20 crore-Above Tk 20 crore
2.11 Fund registratior and annual fees
The Fund has paid Tk. 400,000/- (Taka four lac) only to the Securities and ExchangeCommission (SEC) as Registration Fee. In addition to that the Fund will have to [email protected]/o ofthe fund size ofthe Fund only per armum.
2.12 Revenue Recognition
a) Dividend income is recognized on the exdividend date.b) Profit/Loss on sale of shares is accounted for based on difference between average cost
price and selling price.c) Bonus shares have been recognized at zero costd) Laterest on Fixed Deposit and Short Term Deposit is recognized as income on accrual
basis.
2.I3 Taxation
The income of the Fund is exempted from income tax under the SRO No. 333-Ain /lT /2011 dated November 10, 2011; undet section 44{4) clause (b) of income tax ordinarrce,1984: hence no provision for tax has been made during the year in the books of the Profit& Loss Accormt.
Tk 25,0001-Tk 50,0001-Tk 100,000/-
AHMAD & AKIITARChartered Accounts
2.14 Preliminary & Issue Expenscs
As per Bangladesh Securities and Exchange Commission (Mutual Fund) Rules, 2001Preliminary & Issue Expenses are being written offover a period of 7 (seven) years.
2.15 Net Asset Value (NAY) Per UnitThe mutual fund calculates Net Asset Value per share using the cost and market valugwhich has been shown on the face of statement of financial position aad the computationof NAV per unit is stated in Note 12 ard,13.
2.16 Earnings Per Unit
The mutual fund calculates Earning Per Unit (EPU) in accordance with BAS 33. Earningsper share, which has been shown on the face ofthe Income statement.
2.17 Functional and Presentation Currency
These financial statements are presented in Taka, which is mutual flmd's firnctionalcurrellcy. Except as indicated figures have been rounded to the nearest Taka.
2.18 Reporting Period
This Financial Statement is presented for the period from July 2,2016 to December 31,2016.
2.19 Proposed Dividend:
The Board of Trustee has recomnnended no dividend for the period ended 3t D*ernber2016. At the meeting held on 19 January 201?.
2.20 General
Figures appearing in these financial statements have been rouuded offto nearest Taka.
AHMAD & AKHTARChartered Accountants
3.00 Investment-at market priceListed CompanyApplications for IPO shares
@etails shown in Annexure-A)
4.00 Preliminary and issue expensesPreliminary and issue expenses (Note-4.01)Less: Arnortization made during the period
4.01 The break up of preliminary and issue expensesi) Application fee- BSECii) Deed registration- Registrar Officeiii) Registration fee- BSECiv) Demat charges- CDBLv) Prospectus published in newspapers
vi) Fund information published in newspapers
vii) Printing ofprospectus booksviii) Formation fee - AMCSub TotalLess: Interest received from bankPreliminary & issue expenses
5.00 AccountsreceivablesDividend receivable
6.00 Advance, deposit & prepaymentsSecurity depositCDBLPrepayment (Note-6.0 1 )
6.01 PrepaymentCDBL feesTrustee fees
7.00 Cash and cash equivalentsCash at bank (SB A/C 0013500000001)Cash in brokerage accounts
Amount in Taka
391,470,611
20.000.000411,470,611
167,586
1 1,938
155,648
is as follows:
1,640,623(1,473,037)
167,596
t66.284t66,284
300,000186,253
486,253
10,382175.871
186,253
20,821,411
99"685
14,02353,000
400,000
32,500105,600
7,54032,400
1"000.000
10
AHMAD & AKTITARChartered Accountants
8.00 Unit capitalInitial subscription of 10,000,000 units @ Tk 10 eachAdd: New subscription of 32,A57,157 units @ TI( 10 eachLess: 2,000,000 units surrendered @Tk.10 each
9.{X} Unit premium reser.ye
Unit premium reserve during the periodLess: premium reserve paid for re-purchase of units
10.m Accounts payableRieht share (IDLC)
11.00 Liability for expensesManagement feesCustodian fees
Audit fees
Trustee feesNewspaper publication expensesOthers operating expenses
12.00 Net Asset Yalue (NAV) per unit at cost
Net Asset Value (NAV)Less: Increase market value than cost balance of invesfunent as onDecember 31,2016Balance of investuent as on December 31,2016
No of unitNAV per unit at cost
13.m Net Asset Yalue per unit at martet priceNet Asset Value (NAV)No ofrmitNAV per uuit at market price
Amount in Taka
100,000,000
120,571,570(2q?0q0,q00)
___*,too4z1dzg_
13,308,155(1,190,000)
__-_J3J2!J!!_
2,797,135160,087
15,000
74,79510,000
9,000
____34!f{!1.
WI trr,*re,53z)l
415,463,S24 |
40-457.157
10.37
429,283,356
40,057,157
10.12
860,520
1t
AHMAD & AKHTARChartered Accountants
14.00 Net gain I loss on sale of marketable securitiesGain on sale of marketable securities (Note-15,01)Less: Loss on sale of marketable securities (Note-15.02)
14.01 Gain on sale of marketable securitiesThe Cif Bank LtdBrac Bank LtdIDLC Finance LtdAsian Tiger Sandhani Life Growth FundDBH 1st Mutual FundGreenDeltaMutual FundGrameen Phone LtdYeakin Polyrrer LtdFortune Shoes Ltd
14.02 Loss on sale of marketable sccuritiesIDLC Finance Ltd
15.00 Interest incomeShort Notice Deposit (SND)
16.00 Dividend incomeGrameen Phone LtdGreen Delta Mutual FundDBH lst Mutual Fund
Square Pharmaceuticals LtdOlympic Indushies LtdBATA Shoe
17.00 Earnings per unit (EP[I)Net proflt for the year (A)Number of units (B)Earnings per unit (A/B)
18.00 Net operating cash flows per unitNet cash from operating activities (A)Number of units (B)Net operating cash flows per unit
Amount in Taka
2,921,32978,358
2.742.971
215"524
183,107
654,063
240,464191,96662,779
476,900279,056517,868
. , 2,821,329
78.358
783s8
916.2t79t6217
305,031
989,893822,105527,531166,284
58
3.473.402
2,764,099
, 44,057,157
0.07
6,730,910
40,057,157
L2
0.17
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