4.JBSL Accounts

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31.12.2012 31.12.2011

ASSETS Taka TakaNon-Current Assets

Membership of CSE 280,000,000 280,000,000 Preliminary Expenses 3 743,640 733,640 Office Equipments 14,000 - Furniture & Fixtures 528,960 - Total Non-Current Assets 281,286,600 280,733,640

Current Assets

Cash in Hand and Bank 4 312,999 4,201,289 Investment (FDR) 139,714,823 121,682,440 Other Current Assets 5 2,640,092 768,604 Total Current Assets 142,667,914 126,652,333

Total Assets 423,954,514 407,385,973

EQUITIES AND LIABILITIES

Equities

Share Capital 6 400,000,000 400,000,000 Retained Earnings 7 933,446 4,606,858 Total Equity 400,933,446 404,606,858

Liabilities

Non-Current Liabilities - -

Current Liabilities

Provision for Taxation 8 8,960,068 2,764,115 Other Liabilities 9 14,061,000 15,000 Total Current Liabilities 23,021,068 2,779,115 Total Liabilities 23,021,068 2,779,115

Total Equities and Liabilities 423,954,514 407,385,973

The annexed notes form an integral part of the statement of financial position.

Jamuna Bank Securities LimitedStatement of Financial Position

As on 31 December 2012

Notes

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2012 2011Taka Taka

Income from Investment 10 16,714,871 7,436,044 Fees & Charges - - Other Operating Income - - Total Operating Income (A) 16,714,871 7,436,044

Less: Operating Expenses

Auditor's Fee 11 17,250 15,000 Other Expenses 12 175,080 50,071 Total Operating Expenses (B) 192,330 65,071

Profit/(loss) before Provisions C=(A-B) 16,522,541 7,370,973

6,195,953 2,764,115 Net Profit after Taxation 10,326,588 4,606,858 Retained Earnings brought forward from prior year 4,606,858 - Total Earnings available for distribution 14,933,446 4,606,858 Less: Interim Dividend (@3.50%) 7.1 (14,000,000) - Retained Earnings 933,446 4,606,858

The annexed notes form an integral part of the Statement of Comprehensive Income.

Jamuna Bank Securities LimitedStatement of Comprehensive Income

For the year ended 31 December 2012

Notes

Provision for Taxation for the period

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Balance as on January 01, 2012 400,000,000 4,606,858 404,606,858 Paid up Capital - - Interim Dividend - (14,000,000) (14,000,000) Net Profit for the period 10,326,588 10,326,588 Balance as on 31st December 2012 400,000,000 933,446 400,933,446

Balance as on January 01, 2011 - - - Paid up Capital 400,000,000 - 400,000,000 Net Profit for the period 4,606,858 4,606,858 Balance as on 31st December 2011 400,000,000 4,606,858 404,606,858

Jamuna Bank Securities Limited

Particulars Paid up CapitalRetained

EarningsTotal

For the year ended 31 December 2012Statement of Changes in Equity

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2012 2011Taka Taka

Cash Flows from Operating Activities

Income from Investment 16,714,871 7,436,044 Fees & Charges - - Other Operating Income - - Operating Expenses Paid in Cash (192,330) (65,071)

16,522,541 7,370,973

Increase / (decrease) in Operating Assets & LiabilitiesOther Liabilities 46,000 15,000 Other Current Assets (1,871,488) (768,604) (ii) Cash (used in) Operating Assets and Liabilities (1,825,488) (753,604)

Net Cash Flow from Operating Activities (A) = (i+ii) 14,697,053 6,617,369

Cash Flow from Investing Activities

Non-Current Assets (542,960) (280,000,000) Preliminary Expenses (10,000) (733,640) Investment (18,032,383) (121,682,440) Net Cash used in Investing Activities (B) (18,585,343) (402,416,080)

Cash Flow from Financing ActivitiesProceeds from Issue of Share Capital 400,000,000 Net Cash Flows from Financing Activities (C) - 400,000,000

Net Surplus/(use) in Cash & Bank Balances for the Year (A+B+C) (3,888,290) 4,201,289

Cash & Bank Balance at beginning of the period 4,201,289 - Cash & Bank Balance at the end of the period (*) 312,999 4,201,289

(*) Closing Cash & Bank Balance:

Cash in Hand - -

Balance with Jamuna Bank Ltd. 312,999 4,201,289312,999 4,201,289

(i) Cash Generated from Operating Activities beforeChanges in Operating Assets and Liabilities

For the year ended 31 December 2012

Jamuna Bank Securities LimitedStatement of Cash Flow

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1. Background of the company

2. Significant Accounting Policies

2.1 Basis of Presentation of Financial Statements

2.2 Revenue Recognition

2.3 Statement of Cash Flows

2.4 Investment and Provision

Investment in SharesInvestment in FDR

2.5 Preliminary Expense

Assessment of Accounting

Jamuna Bank Securities LimitedNotes to the Financial StatementsFor the year ended 31 December 2012

Jamuna Bank Limited is one of the leading private commercial Banks in the country. The Bank has beencarrying out its banking business efficiently since its incorporation in 2001. The Bank is offering variousbanking services to the customers through its wide branch network at different locations of the country.

The Board of Directors of the Bank felt necessary to make its presence in the growing capital market of ourcountry and decided to form a fully owned subsidiary company in the name of Jamuna Bank SecuritiesLimited to provide state of the art brokerage services to the investors.

Jamuna Bank Securities Limited has been incorporated as a private limited Company with Registrar of JointStock Companies & Firms, Dhaka on 07 February, 2011 bearing number-C-90274/11. The authorized capitaland paid up capital of the company is Tk.100.00 crore (Tk. one hundred crore) and Tk.40.00 crore (Tk. fortycrore) respectively.

Cost or market price whichever is lowerCost Price

Expenses incurred for incorporation of the company i,e. preliminary expenses have been deferred and will beamortized/written off over a period of five years upon commencement of operation of the company.

The Company applied to Chittagong Stock Exchange (CSE) for a membership of the Exchange to start itsbrokerage business and accordingly CSE issued membership certificate no.147 to the company. The companyapplied for Stock -Broker and Stock -Dealer license from the Securities and Exchange Commission (SEC) andsubsequently received it from SEC on June13, 2012. Now the Company is expected to start its operation atthe earliest.

The financial statements of the company have been prepared applying accrual basis of accounting under thehistorical cost convention in accordance with Bangladesh Financial Reporting Standards.

The revenue during the period under audit is recognized satisfying the conditions as specified in Bangladesh Accounting Standards (BAS) 18 "Revenue Recognition".

The statement of cash flows is prepared in accordance with Bangladesh Accounting Standard (BAS) 7 "CashFlow Statement" and the cash flow from the operating activities has been presented under direct method.

Investment values and classification are assessed under the Bangladesh Accounting Standard (BAS) 25"Accounting for Investments" which is shown bellow:

Items

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2.6 Taxation

2.7 General

Figures in the financial statements have been rounded off to the nearest Taka.

31.12.2012 31.12.2011Taka Taka

3.

Registration cost with RJSC 531,500 531,500 Purchase of tender schedule 15,000 15,000 Trade license fee 18,100 18,100 TIN certificate 4,040 4,040 Charges of SEC 135,000 125,000 Stock-Bbroker & Stock -Dealer license fees 40,000 40,000

743,640 733,640

4. Cash in Hand and Bank

Cash in Hand - - Cash at Bank (Jamuna Bank Ltd. CD A/C-0006-0210016350) 312,999 4,201,289

312,999 4,201,289

5. Other Current Assets

Advance Income Tax (Note: 5.1) 2,415,092 743,604 Advance Deposit 225,000 25,000

2,640,092 768,604

5.1 Advance Income Tax

Tax deducted at source from FDR interest (0006-0330060521) 2,396,078 743,604 Tax deducted at source from FDR interest (0006-0330070743) 19,014 -

2,415,092 743,604

6. Share Capital

Authorized Capital

10,000,000 Ordinary Shares of Tk.100 each 1,000,000,000 1,000,000,000

Issued, Subscribed and Paid Up Capital

4,000,000 Ordinary Shares of Tk.100 each fully paid 400,000,000 400,000,000

Details of Shareholdings are as under:

Sl. # Name of the Shareholders % of Holdings

No. of Share Amount in Tk.

1 Jamuna Bank Ltd. 99.9999% 3,999,995 399,999,5002 Mr. Md. Motior Rahman 0.00003% 1 1003 Mr. Md. Abul Shahjahan 0.00003% 1 1004 Mirza Elias Uddin Ahmed 0.00003% 1 1005 Mr. A.K.M. Rashiduzzaman 0.00003% 1 1006 Mr. Md. Yunus Ali 0.00003% 1 100

4,000,000 400,000,000

Provision for tax has been made @37.5% as prescribed in the Finance Act. 2012 of the profit made by theJamuna Bank Securities Limited considering major taxable allowances and disallowances.

Preliminary Expenses

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7. Retained Earnings

Opening Balance 4,606,858 - Add: Net Profit during the period 10,326,588 4,606,858 Less: Interim Dividend (Note:7.1) (14,000,000) -

933,446 4,606,858

7.1

8. Provision for Taxation

Opening Balance 2,764,115 - Add: Provision made for the period 6,195,953 2,764,115

8,960,068 2,764,115 Less: Income tax Adjustment - -

8,960,068 2,764,115

9. Other Liabilities

Auditor's Fee Payable 17,250 15,000 Other Professional Fees Payable 11,500 - Salary Payable 22,222 - Interim Dividend Payable 14,000,000 -

VAT Payable (Deducted at source) 6,750 - Tax Payable (Deducted at source) 1,500 - PF & ESSS 1,778 -

14,061,000 15,000

2012 2011Taka Taka

10. Income from Investment

Income from Investment in Shares - -

Interest on FDR 16,714,871 7,436,044 16,714,871 7,436,044

11. Auditor's Fees (Including 15% VAT) 17,250 15,000

12.

Entertainment 10,608 8,841 Conveyance 960 - Bank Charges 12,000 20,230

Annual Subscription & Fees to CSE 6,100 5,000 Directors' Fees 34,500 - Rates & Taxes 60,870 16,000 CDBL Charges & Fees 2,500 -

Stationery 10,254 - Salary Expenses 24,000 - Other Professional Fees 11,500 - Miscellaneous 1,788 -

175,080 50,071

13. Others

13.1 Board Meeting and Directors' Remuneration

Other Expenses

Each Director is entitled to draw Taka 3,000 for attending each Board Meeting No special payment was paidto the Directors for attending board meetings or otherwise during the year 2012. Nothing is due from anyDirector of the Company as on the date of closing the accounts.

The Board of Directors in its 9th meeting held on 12-11-2012 declared an Interim Cash Dividend 3.50% forthe year 2012 to the Shareholders of the Company.

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13.2 Directors interest in contracts with the Company

There was no transaction resulting in Directors interest with the company.

13.3 Foreign Remittances

13.4 Contingent Liabilities

There have been no reportable material contracts, capital commitments, subsequent events or contingentliabilities.

No remittances was made in foreign currency on account of dividend, royalty, technical experts, professionaladvisor fees, interest, etc.

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Documents

4.JBSL Accounts