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Annual Report - Olympic Industries Ltd. BD
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AUDITORS'REPORTAND
AUDITED FINANCIAL STATEMENTS
OFOLYMPIC INDUSTRIES LIMITED
AS AT AND FOR THE YEAR ENDED IUNE 30 2013
Telephone OffFaxE-mail
Web Site
€E[,ffi,qft<ft{,qgi 6qt<uFtrq+.Erd€TM.J. ABEDIN & COCHARTERED ACCOUNTANTS
+880-2-86297 7 l, [email protected]@gmail.comwww.mjabedin.com
National Plaza (3rd Floor)109, Bir Uttam C.R. Datta Road.Dhaka- 1205, Bangladesh
AUDITORS'REPORTTO THE SHAREHOLDERS OF
OLYMPIC INDUSTRIES LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of Olympic Industries Limited which comprise the Statement ofFinancial Position as at 30 June 2013 and the Statement of Comprehensive Income, Statement of Changes in Shareholders'Equity and Statement of Cash Flows for the year then ended, and notes comprising a summary of significant accountingpolicies and other explanatory information.
Management's responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance withBangladesh Financial Reporting Standards (BFRSs), the Companies Act1994, the Securities and Exchange Rule 1987 and otherapplicable laws and regulations and for such internal control as management determines is necessary to enable thepreparation of these financial statements that are free from material misstatement, whether due to fraud or error.
Auditors' responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit inaccordance with Bangladesh Standards on Auditing. Those standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financial statements are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on our judgment including the assessment of the risks of material misstatementof the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal controlrelevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity'sinternal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness ofaccounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opiniory the financial statements give a true and fair view of the financial position of the state of affairs as at 30 June2013 and of its financial performance and its cash flows for the year then ended in accordance with Bangladesh FinancialReporting Standards (BFRSs), the Companies Act1994, the Securities and Exchange Rule 1987 and other applicable laws andregulations.
Report on Other Legal and Regulatory Requirements
In accordance with the requirements of the Companies Act 1994 and the Securities and Exchange Rules 1987, we also reportthat:
i) we have obtained all the information and explanations which to the best of our knowledge and belief were necessaryfor the purposes of our audit and made due verification thereof;
ii) in our opinion, Proper books of accounts as required by law have been kept by the company so far as it appeared fromour examination of those books;
iii) the company's Statement of Financial Position (Balance Sheet) and Statement of Comprehensive Income (profit andLoss Account) dealt with by this report are in agreement with the books of accounts and
ir) the expenditures incurred were for the purpose of the company's business.
Dated, Dhaka28 October 2013
An independent memberfirm of
MOORE STEPHENSINTERNAIIONAL LIMITED
. J. ABEDTN & CO
OTYMIJIC INDU$TRIES LIMTTED$taternent of Flnanelel Posltlon
a* at 3{l lune 2013
NST ASSE;rS
NoMurrqnt Asal*FropelS, Plant anel Hqulpnrrnt{At cort k** accumulaled depreclat'lon}CnplmlWork in Pmgr**r
eurtsntArret*Invcntori,cfAecount* Rccsivable$InveetnenbAdvnnces, Deposib & PrepaynrenuCash and Carh Equivalen$
Cunent Liabilities rnd Pruryisions[.oaruI"e*se Finanae - Curr€nt PcrtionInterc'st PayableCreditors forGoodsCrpditors forServicesAecrued ExperuesAdvancr againstSalesLinbtllties for Other FinanneProvision fo,r lnveshtent in Slraneshovision forTaxationtlncl*imed Diuldend
NelCurrnnt Atc€bOeferrcdTax thbftq'Oth*r FeferuGd Llahtlltte*
r|!*(hNsmp",ffx ,Shrr*h*ld*r*'SquttyShnr*eaplalR6t*ln6* Earnlnp- A* p*r$urwmentof ehnrge* ln$halehnlder*' EquigNon Cun*nt Llnbllttlc*L*ngTorm toan ($orure,d)I"eree firrrme" I*ng&m
0,CIo9,00
1?.0116.001?.00
?{3,1$J6A($s,sl3{0}
18.00 f137,599,00r)r.9a^sr9-eZt-
20.0011.00
The annerqed Rotss fornr pnrt of thece ftnanelnl statemenb.
Approwd by theboard on?S0ctober 2013 and *igned on irs behnlf by:
sd/-sdr- sd/-
I _. . I I Amount In Takr I-I ll 30.lune.2lll3 | | 30.June.2012 |
1.{$qfi6/d"} f,l0l,S{9,350
r0,001r,001!,0013.00:t4.00
15.00
'1,101.174.4s1
t t(n or( nt.l
slF,7treSgo22,S81,!t?
1,080.u&6095&5.{}?9,90$13$,168.7{19
?.134W,16613,2S6S271,931SCI7
520,m2,2695,9n,!t3l
,5e409,18813r,090,5077*Sg0,n4
504,800m,2?2,W
75
I t[0|tfnoBn
15,539,7$760s,s90,900?s1,906,134105,715,7e9
E90,?90,4{5l{,692,9342,295,592
335,i174,16{4,952,749
48,253,71299773,18073,619,958
316^30{,0{001
3S1J{6,081t18,s91,2601(99"?69"292)
1laF,53d.87pFM
679
1,7t1,72\6# 1,16E,606I60re.oofWild,,l f-Effiol
| *,rogu?u | | -qlg,,nr.no I1s4,y*s"36?.
,,.,.,.,,S,4$fitz-1,9Et5ttg7{
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nr303,p5g?9,624d$0
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l,{U8534,879ffinffi
MohammadBhaiChairnran
Mubarak AliManaging Dirertor
Md"NazimuddiuCompanySerletary
As per our separate r-eportof even date.annexed.
sd{-Ir{.J. ABEnIN & CO
Chertered Accosntant$D*!ed, Dhaka?8&tohr201$
OLYMT'IC INDUSTRIE$ TIMITSDStntement of Comprchenrlve Incorac
fsr the year cnded 3Otune *lf3
EUe?,00ffi,00
TumsvcrCortsf 6ood* SoldGro** hofltOpat**ngkpenm*Adnlnhtratlvc Bxpo*r**r$*lllng $xpnn*a*Pmflt fbonr Opemtl,on*Fi*rnnaCast
Non0pmadng lmrmcFrovlrion $or l"oe* on Invetbrcnt in Share*
Conkibution to Workers'Frofit Parttcipation / lVelfare FundsFro$t Defoas Trx
IncrmeTffi Expe*sesCffrcntTa*
For theYearFor EarlierYear
Defened Trx Ineome/ {&rpense}
Fmfit rfterTexrtion for the yaarOther Comprehen*ive hxomeComgehenslve Income for the year
Saric Earning* Pcr $hare {Par v*lue Tk.10/" ) 23,00
Number of $trrnru* u*qd to Cornpute €.IS
The nma(ttl not€3 forct part of the*e financial $tnten€,rtt$.
Appmveet by ths bo{rd on tS Oetobur l0t3 and rlgnad on ttr behtlf by
$dr sd/.
2{.002$.00
26,00
?7.0012.0tr
(5.271,.158,12l) (f^5{1709,785)LEa,IfiL,2l,T 1I60f32"233
(99,95$.6011 {77,me9651soz;lq,{zo 620,5s7,2631U,70*tA fie849,S$7
(50{,fi00}---Em-rc'ddfr-$15,218,7m F?.543,184)sEFr6JS{ 650S64676
a0!0,179F60 6,0003{em8
88J$0.{H0} (6,11U561
615FF4060 *60014,7F1
---sg,sHJE*_?s5 5.S7
?8,SSIJu ?SJ61"3tt
Sd/-
889,m8'0r4) {19{ts38,922}
Mrh*mnld $halCh*llmrn
I{ubarnk Alltl,l*naglng Diraetnr
Md. Na*lmuddlnCompanySccrotffy
Ar per our 6eFam& roportof ewn dfitqnnilcxcd.
sdl"n|" l. A$EpIN & CO
Chartered AccountanhOated,Dha$"a2S&tohr20(3
OTYMPIC INAUSTNMS I,IMITEN$t*tenrrnt of Changee in $hareholdcrs'squtty
for the year ended 30 |une 201$
AmountlnTek*$hnre
faultnl Retaln*d Sarnlng* Totnl
Ilnlanc* ar on 0I fuly ffitl
llCInu*Shares lnrusd -1 $cnurShare*gainet?Ordinnry Shar*r of Tk.t0/. eaeh
Trannferred to Fivldend Payable Account
Netltr.pfit for the yearended ${t June 201?
Balance as ou S0fune 2012
Balance as on fiI July 20tr11
Bonus Shares Isoued -1 Bonug Shareagainst ? Ordinaav $haaeo of Tk.10/- eaeh
Transferred toDividend hyable Account
Net Froflt for the year endcd 30 June 2013
Balnnce a* on S0funettflS
$as,H2.$00
174,1$6,250
3p$JS6JS6 ?{3,408,956
(174,1$6,lml
p4,mrpsal F4,ag7,?50)460,m4,754 {t50,02rt,754
522,408J5{t
?fis,6t$Jto
Th* *nn*xed notr* fon$ pertof thccc flfinnelnl stammen&.
Appmveel by thq bamd on ?S Ocbber 201$ rtnd *igneel orr lt* bchr
sdr- sdr.
&6,Xg',7l'0 r,x69ts06160
522,40E 750
?61,204,370
ffi6,aw,7ao 1J6E 606160
(26,1,20+370)
(52,240S8) {52,240"975)
615357J60 615,357,060
9{$,100515 t,737,7L2,649
sdf.Mohmm*d Bhll
eh*knrrnMubrrnk All
Managlng SireetorMd. Na*lmuddln
Company $er.*tilry
Ae per CIur scpeffi& rcport of elen tlate"annex€rl.
sdr,H.I.AFEIIIN&C0
Chartered AccounlantrFtmclDhska?S October 2S13
OTYMFTC INDUSTNIES TIMTTUD$tatement of eaph Flows
for the year endcd 30 ]une 2013
Cach Flsdtl* from Opcrntlng Actlvitlex
Cn*h Recelps from Cuctomew & OtlrenCnrh Pald to*upplien *nd limployeerCn*h G*neratad fronr Oparati*n*
lntere$t und llnnk ChaqeeInctrme t*xeo patrlNet Cnsh fun Qp*atlng Activttleo
C*Eh Flows &orr Investing Activitier
InveshnsltsAcquisition of Gpihl AssestsFraceds foom sale of Fixed .AssebInterest Received
Net Cash Used in Investing AcHvities
C*rh Slows &oar Fln*ncing Activities
toansRelated FartisLer*e Fin*neeLiabilitie for Other Financotrividcnd Pnid
Net Ca*h fmtrt Flnsnclng Actlvltlca
lncrc*n*l(&crpesc) tn Caqh &C*th Equtvnlmh (A+B*C)Cr*h & ftdr Equhralenb at0penlrrgCaeh & Carh Equlv*entc et Clorlng
8Sgd$tJ1$ s$t 3s9,177
t9{,31?3F6)(213,S4S,Sfi)
$,971,10l',006
76$,39?,777
(7t,86?,85$)$53,1.10,645)
{471t81pn,
2,m0,000l@,Tu,w
$43,61IfrW1
051,67&793){5?6,68*,H*1
54,2\A,162(631i1s,?rT,qsl
4,946,0?214J4Am0-1.210,m6
{6.6?0S0n(66,$3,199)
137,272,7W
2,7S1,49718,330,456
$&nr,?58
?p,{5&,m?r05,n$n2
35,S48.770?0,066,ps2
re
105,715,722rrrir#iiF-h-
135^163,7{9ffiIk
?he amcxnd nob* {brm p*rrtof thsse finanetal *ftrtement$,
Approved by the board ou 3S October l0t3 and eigned an ib hehalf by :
sd/.sd/- sd-It{ohammad Bhai
ChairmanMubarak Ali
Mrnagirrg Dh€ctotMd. Narirruddin
CompanySecrrhry
As per our $epaate reportof even dale,annexed.
sdr-M. J. I{BEnIN & CO
Chartered Affounta$B
Dat'ed.Dhaka?SOctohr?013
OLYMPIC INDUSTRIES LIMITEDNotes to the financial statementsfor the year ended 30 |une 201.3
1.00 Reporting Entity
1.01 About the Company
The Olympic Industries Ltd. (Formerly Bengal Carbide Limited) (the "Company"), is a companyincorporated and domiciled in Bangladesh as a public limited company. It commenced commercialoperation in1982 and went for public issue of shares in 1984. The shares of the Company are listed in theDhaka and Chittagong Stock Exchanges of Bangladesh.
The registered office of the Company is located at 62-63, Motijheel Commercial Area Dhaka - 1000,Bangladesh. The industrial Units are located at Kanchpur and Bondar of Narayangonj.
7.02 Nature of Business
The company is engaged in manufacturing and marketing of Dry cell Battery, Biscuit & Candy,Confectionery and Ball Point pen items.
The products are sold in the local market as well as in abroad.
2.00 Basis of Preparation of Financial Statements
2.07 Basis of Measurement
The financial statements have been prepared on the Historical Cost Basis. The financial statements,therefore, do not take into consideration the effect of inflation.
2.02 Statement of Compliance
The financial statements have been prepared in compliance with the requirements of the Companies Act,1994, the Securities & Exchange Rules 1982 the Listing Regulations of Dhaka and Chittagong StockExchanges and other relevant local laws as applicable and in accordance with Bangladesh FinancialReporting Standards (BFRSs).
2.03 Presentation of Financial Statements
The presentation of these financial statements is in accordance with the guidelines provided by BAS 1:Presentation of Financial Statements.
The financial statements comprise:
(a) Statement of Financial Position as at 30 June 2013;(b) Statement of Comprehensive Income for the year ended 30 June 2013;(c) Statement of Changes in Shareholders' Equity for the year ended 30 ]une 2013;(d) Statement of Cash Flows for the year ended 30 ]une2013;(") Notes to financial statements, comprising summary of significant accounting policies and
explanatory inf ormation.
2.M Other regulatory compliance
As required, Olympic Industries Limited also complies wiih the following major regulatory provisions inaddition to the Companies Act 1994, Ihe Securities and Exchange rules 1987 and other applicable laws andregulations:
The Income Tax Ordinance 1984The Income Tax Rules 1984The Securities and Exchange Commission Ordinance 1969The Securities and Exchange Commission Act 1993The value Added Tax Act 1991The value Added Tax rules 1991
2.05 Reporting Period
The financial statements cover the period from July 01',2012 to June 30,2013.
2.08
2.09
3.00
3.01
2.06 Authorization for issue
The firrancial statements have been authorized for issue by the Board of Directors on 28 October,2013.
2.07 Functional and Presentation Currency
The financial statements are prepared and presented in Bangladesh Currency (Taka), which is thecompany's functional currency.
Comparative Inf ormation
Comparative information has been disclosed for all numerical information in the financial statements andalso the narrative and descriptive information where it is relevant for understanding of the current year'sfinancial statements.
Figures for the year 2012 have been re-arranged, wherever considered necessary, to ensure bettercomparability with the current year.
Use of Estimates and |udgments
The preparation of financial statements in conformity with the BFRSs including BASs require managementto make judgments, estimates and assumptions that affect the application of accounting policies and thereported amounts of assets, liabilities that require disclosure, during and at the date of the financialstatements.
Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on anongoing basis. Any revision of accounting estimates is recognized in the period in which the estimates arerevised and in any future periods affected.
In particular, the key areas of estimation, uncertainty and critical judgments in applying accounting policiesthat have the most significant effect on the amounts recognized in the financial statements includedepreciation, inventory valuation, accrued expenses and other payables.
Significant Accounting Policies
The accounting principles and policies in respect of material items of financial statements set out belowhave been applied consistently to all periods presented in these financial statements.
Revenue Recognition
In compliance with the requirements of BAS 18 : Revenue, revenue receipts from customers against salesare recognized on preparation of invoices after products are dispatched to customers, that is when thesignificant risk and rewards of ownership have been transferred to the buyer, recovery of the considerationis probable, the associated costs and possible return of goods can be estimated reliably, and there is nocontinuing management involvement with the goods and the amount of revenue can be measured reliably.
Revenue from sales is exclusive of VAT.
3.02 Property, Plant and Equipment.
9.02.1, RecognitionandMeasurement
This has been stated at cost less accumulated depreciation in compliance with the requirements of BAS 16:Property, Plant and Equipment. The cost of acquisition of an asset comprises its purchase price and anydirectly athibutable cost of bringing the assets to its working condition for its intended use inclusive ofinward freight, duties and non-refundable taxes.
Property, plant and equipment taken over on 1 July 2008, on amalgamation with the erst-while TriptiIndustries Ltd. was initially recognized at carrying value of those assets as of 1 ]uly 2008.
3.02.2 MaintenanceActivities
The company incurs maintenance costs for all its major items of property, plant and equipment. Repairsand maintenance costs are charged as expenses when incurred. In situafion where it can be clearlydemonstrated that the expenditure has resulted in an increase in the future economic benefit expected to beobtained from the use of the fixed assets, the expenditure is capitalized as an additional cost of the assets.
3.02.3 Depreciation
Land is held on a freehold basis and is not depreciated considering the unlimited life. In respect of all otherfixed assets, depreciation is provided using the straight-line method. Full year's depreciation is charged onadditions and no depreciation is provided on retiremenf irrespective of date of addition or retirementrespectively.
The annual depreciation rates applicable to the principal categories are :
Buildines and other Constructions 5 % - 2 5 %
Plant and Machinerv 10y. -15%
Fumiture & Fixtures 10%Transport & Vehicles 20%Office Equioment 10% -25%
3.02.4 Retirements and Disposals
On disposal of fixed assets, the cost and accumulated depreciation are eliminated and gain or loss on suchdisposal is reflected in the income statement which is determined with reference to net book value of theassets and net sales proceeds or realized amount.
3.02.5 Capital Work-In- Progress
Amount paid for acquiring of fixed assets and the cost of assets not put to use at the year-end are disclosedunder Capital work-in-progress.
3.03 Intangible Assets
The cost of acquiring and developing computer software and all up gradation / enhancement are generallycharged off as revenue expenditure unless they bring similar significant additional benefits.
3.M Leased Assets
In compliance with the BAS 17 : Lease, cost of assets acquired under finance lease along with relatedobligation has been accounted for as assets and liabilities respectively of the company, and the interestelement has been charged as expenses. Lease payments made under finance leases are apportioned betweenthe finance expenses and the reduction of the outstanding liability.
3.05 Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liabilityor equity instrument of another entity.
3.05.1 Financialassets
Financial assets of the company include cash and cash equivalents, accounts receivables and otherreceivables. The company initially recognizes receivables on the date they are originated. All other financialassets are recognized initially on the date at which the company becomes a party to the contractualprovisions of the transaction. The company derecognizes a financial assets when, and only when thecontractual rights or probabilities of receiving the cash flows from the asset expire or it transfers the rightsto receive the contractual cash flows on the financial asset in a transaction in which substantially all the riskand rewards of ownership of the financial asset are transferred.
3.5.1 (a) Accounts Receivables
Accounts receivables are created at original invoice amounts less any provision for doubtful debts.Provisions are made where there is evidence of a risk of non-paymenf taking into account aging, previousexperience and general economic conditions. When an accounts receivable is determined to beuncollectible, it is written off firsfly against any provision available and for the balance amount, debited tothe Income Statement. Subsequent recoveries of amounts previously provided for are credited to theIncome Statement.
3.5.1(b) Cash and Cash Equivalents
Cash and cash equivalents include cash in hand,deposit accounts which are held and available forinsignificant risk of change in value of the same.
in transit and with banks on current and short termuse by the company without any restriction. There is
3.5.1- (c) Other Current Assets
Other current assets have a value on realization in the ordinary course of the company's business, which areat least equal to the amount at which they are stated in the Statement of Financial Position.
3.05.2 Financial Liability
Financial liabilities are recognized initially on the traruaction date at which the comp.u:ry becomes a party tothe contractual provisions of the liability. The company derecognizes a financial liability when itscontractual obligations are discharged or cancelled or expired.
Finance liabilities include payable for expenses, liability for capital expenditure and other current liabilities.
3.05 Impairment
3.06.1 FinancialAssets
Accounts receivables and others receivables are assessed at each reporting date to determine whether thereis any objective evidence of impairment. Financial assets are impaired of objective evidence indicates that aloss event has occurred after the initial recognition of the asset and that ttre loss event had a negative effecton the estimated future cash flows of that asset, that can be estimated reliably. Objective evidence thatfinancial assets are impaired can include default or delinquency by a debtor, indication that a debtor orissuer will enter bankruptcy etc.
3.06.2 Non-FinancialAssets
An asset is impaired when its carrying amount exceeds it recoverable amount. The company assesses ateach reporting date whether there is any indication that an asset may be impaired. If any such indicationexists, the company estimates *re recoverable of the asset. The recoverable amount of an asset is the higherof its fair value less costs to sell and its value in use. Carrying amount of the assets is reduced to itsrecoverable amount by recognizing an impairment loss if, and only if, the recoverable amount of the asset isless than its carrying amount. Impairment loss is recognized immediately in profit or loss, unless the asset iscarried at revalued amount. Any impairment loss of a revalued asset shall be treated as a revaluationdecrease.Management assessed impairment of assets acquired from erstwhile Tripti Industries Ltd. due to the factthat production of Soyabean Oil, Palm Oil, and V. Ghee has been suspended for long. However, noimpairment was effected due to the following reasons:
business.
3.07 Inventories
Inventories are carried at the lower of cost and net realizable value as prescribed by BAS 2: Inventories.Cost is determined on an weighted average cost basis. The cost of inventories comprises all costs ofpurchase, costs of conversion and other costs incurred in bringing the inventories to their present locationand condition. Costs of conversion include all direct costs excluding interest expense. Net realizable value isthe estimate of the selling price in the ordinary course of business less the cost of completion and. sellingexpenses.
3.08 Provisions
A provision is recognized in the statement of financial position when the company has a legal orconstructive obligation as a result of a past event, it is probable that an ouflow of economic benefits will berequired to settle the obligation and a reliable estimate can be made of the amount of the obligation.Provision is ordinarily measured at the best estimate of the expenditure required to settle the presentobligation at the date of statement of financial position. Where the effect of time value of money is materialthe amount of provision is measured at the present value of the expenditures expected to be required tosettle the obligation.
Income Tax Expense
Income tax expense comprises of current and deferred taxes. Income tax expense is recognized in theStaten'rent of Comprehensive Income and accounted for in accordance with the requirements of BAS 12:Income Tax.
Current Tax
Current tax is the expected tax payable on the taxable income for the year, and any adjustment to taxpayable in respect of previous years. The company qualifies as a "Publicly Traded Company" and tax ratehas been applied accordingly.
9
3.09
3.10
3.11
3.L2
3.13
3."t4
Deferred Tax
The company has recognized deferred tax using Balance Sheet Liability Method in compliance with theprovisions of BAS 12: Income Taxes. The company's policy of recognition of deferred tax assets / liabilitiesis based on temporary differences (Taxable or deductible) between the carrying amount (Book value) ofassets and liabilities for financial reporting purpose and its tax base, and accordingly, deferred tax income /expenses has been considered to determine net profit after tax and earnings per share (EPS).
A deferred tax asset is recognized to the extent that it is probable that future taxable profit will be available,against which temporary differences can be utilized. Deferred tax assets are reviewed at each reporting dateand reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Interest Income
Interest income on fixed deposits and short term deposits is recognized on cash basis.
Borrowing Cost
Borrowing costs are recognized as expenses in the period in which they are incurred unless capitalization ofsuch is allowed under BAS 23 : Borrowing Costs.
Employee Benefits
(u) Defined Contribution Plan (Provident Fund)
The company has recognized contributory provident fund scheme as a post employment benefitplan to eligible employees. Assets of provident fund are held in a separate trustee fund as per therelevant rules and are funded by payments from employees and by the company at pre-determined rates. The company's contributions to the provident fund are charged off as revenueexpenditure in the period to which the contributions relate.
(b) Contribution to Workers' Profit Participation/Welfare Funds
This represents 5"/o of net profit before tax contributed by the company as per provisions of theBangladesh Labor Law, 2006 and is payable to workers as defined in the said law.
Proposed Dividend
The amount of proposed dividend has not been accounted for but disclosed in the notes to the accountsalong with dividend per share in accordance with the requirements of the Para 125 of BangladeshAccounting Standard (BAS) 1: Presentation of Financial Statements. Also, the proposed dividend has notbeen considered as "Liability" in accordance with the requirements of the Para 12 & 13 of BangladeshAccounting Standard (BAS) 10: Events After The Reporting Period, because no obligation exists at the timeof approval of accounts and recommendation of dividend by the Board of Diectors.
Dividend proposed by the board of directors for the year under review shall be accounted for after theapproval of shareholders in the annual general meeting and in the year of such approval.
Earnings per Shares (EPS)
This has been calculated in compliance with the requirements of BAS 33: Earnings Per Share by dividing thebasic eamings by the weighted average number of ordinary shares outstanding during the year.
Basic Earnings (Numerator)
This represents earnings for the year attributable to ordinary shareholders. As there was no preferencedividend, minority interest or extra ordinary items, the net profit after tax for the year has been consideredas fully attributable to the ordinary shareholders.
Weighted Average Number of Ordinary Shares Outstanding during the year (Denominator)
Current Year (2013)
The Bonus Shares issued during the year 2013 in respect of 2012 were treated as if they always had been inissue. Hence, in computing the Basic EPS of 201.3, the total number of shares including the said bonusshares has been considered as the Weighted Average Number of Shares outstanding during the year 2013.
l 0
3.16
3.15
4.00
s.00
7.00
Earlier Year (2012)
The number of shares outstanding before the bonus issue has been adjusted for the proportionate change inthe number of shares outstanding as if the bonus issue had occurred at the beginning of the earliest periodreported (2012), and accordingly, in calculating the adjusted EIJS of 2012, the total number of sharesincluding the subsequent bonus n 2012 has been considered as the Weighted Average number of Sharesoutstanding during theyear 2012.
The basis of computation of number of shares as stated above is in line with the provisions of BAS 33:Eamings per Share. The logic behind this basis, as stated in the said BAS is that the bonus shares are issuedto the existing shareholders without any consideration and therefore, the number of shares outstanding isincreased without an increase in resources generating new earnings.
Diluted Earnings per Share
No diluted EPS is required to be calculated for the year as there was no scope for dilution during the yearunder review.
Foreign Currency Transactions
Foreign currency transactions are recorded at the applicable rates of exchange ruling at the transaction date.
The monetary assets and liabilities, if any, denominated in foreign currencies at the financial position dateare translated at the applicable rates of exchanges ruling at that date. Exchange difference are charged off asrevenue expenditure in compliance with the provisions of BAS 2L: The Effects of Changes in ForeignExchange Rates.
Statement of Cash Flows
The Statement of Cash Flows has been prepared in accordance with the requirements of BAS 7: Statement ofCash Flows. The cash generated from operating activities has been reported using the Direct Method asprescribed by the Securities and Exchange Rules, 1987 and following the benchmark treatment of BAS7,whereby major classes of gross cash receipts and gross cash payments from operating activities aredisclosed.
Events after Reporting Period
Events after the reporting period that provide additional information about the company's position at thedate of Statement of Financial Position are reflected in the financial Statements. Events after reportingperiod that are not adjusting events are disclosed in the notes when material.
Reporting Currency
The amounts shown in these financial statements are presented in Bangladesh currency (Taka), which havebeen rounded off to the nearest Taka except where indicated otherwise.
Appropriation of Dividend for the period (2012)
On 27 December 2012, the 33rd Annual General Meeting of the Company approved cash dividend of Tk.1, / -per share of Tk.10/- each and 50% stock dividend for 2012. Accordingly, cash dividend amountingTk.5,22,40,875 and stock dividend of Tk.26,12,04,370 tn respect of 201,2 have been accounted for in theaccounts of 2013 and have been reflected in the Statement of Changes in Shareholders' Equity.
Concentrations
As of Statement of Financial Position date, the company does not have any significant concentration ofbusiness transaction with a particular customer, supplier or lender that could, if suddenly eliminated,severely affect the company's operations. The company also does not have a concentration of availablesources of labour, services, licenses or other rights that could, if suddenly eliminated, severely affect theoperations of the company.
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9.00 Capital Work in Progress
This represents expenses incurred in connection with :
MachineryConstruction of Buildings
10.00 Inventories
MaterialsIn-transitWork-in-processFinished GoodsStores and Spares
Il.fi) Accounts Receivables
12.00 Investments
In Fixed Deposit
In Shares (Note-72.01)
AdvancesDepositsPre-payments
259,583,740 265,968,57'1.77,058,302 %6,376,?35
_$0,e2,0a __J2,,344X45_
381,417,658 327,754,94037,5&,5125,g',t6,U6
75,079,384
37,235,731.5,558,983
31,842,058
(a)
(b)
(c)
(d)
Accounts Receivable of Tk.2,28,81,927 (2012;Tk.2,55,39,737) is considered good in respect of which the
company holds no security other than the debtors' personal security.
No amount was due to the Directors (including Managing Director) Managing Agents, Managers andother Officers of the Company and any of them severally or iointly with any other person.
This includes Tk.78,06,503 (2012:Tk.49,17,863) due from associated undertakings'
Debtors outstanding for a period
Exceeding six months Tk.17,60,559 | Measures have been taken for realization ofBelow six months Tk.2,1'l',21',368 lthe dues.This includes Tk.9,05,253 being receivable at 30 June 2013 against export sales, which has subsequentlybeen received.
23,624,4n 74,241.,751._ELZ,ZgzqW_--_!LA534e_
1,,076,572,609 608,590,9003,5oo,ooo
3,500,000
_!,9!9M2@_ _____@59!,e00_12.01 In Shares
This represents investrnent in the shares of Generation Fashions Ltd., valued at the lower of cost and marketvalue and has been arrived at as follows :
Cost : (1,00,000 Ordinary Shares of Tk.10 each)
__lloo ooo ___:_
At 30 |une 2013, the market value of.1.,M,000 Ordinary Shares (including t[4,000 bonus shares) at Tk. 20.80 per
share was Tk. 2,995,200.
Provision of Tk. 504,800 has been made for diminution in value of shares.
13.00 Advances, Deposits and Prepayments
450,753,09147,4n,083
192,404,67432,887,056
6,U8,731, 7,61.4,4M
13
-10542980L -_-232ffi;lL
Advances:Bengal Steel Works Ltd. (Associated Company)Panther Steel Mills Ltd. (Associated Company)Income TaxEmployeesSuppliers and Contractors
73,490,00918,952,229
350,819,71,5'1,4,327,892
53,'1,63,246
15,489,48121,,898,779
127,27-1,,1,248,801,,450
18,943,840
(u)
(b)
(c)
(d)
Advance to associated undertakings are secured by personal guarantee given by the directors. TheCompany has recovered partially.
Maximum amount due during the year under review from Associated undertaking wasTk.3,24,42,238 (2012 : Tk.3,73,88,260)
Maximum amount due during the year under review from officers of the company was Tk. 1,36,000
(2012 : Tk 648,620).
No amount was due to the Directors (including Managing Director) and Managing Agents of thecompany and any of them severally or joint$ with any other persons.
Deposits:
Security DepositVAT DepositLease DepositGuarantee Margin Deposit
14.00 Cash and Cash Equivalents
(a) Cash in hand
(b) Cash at BanksIn current AccountsIn STD AccountIn FC Account
15.00 Loans
Loan from Banking Companies (Secured)Current Portion of Long Term Loan (Note - 20.00)Loan from Directors (Unsecured and interest free)Loan from Others (Unsecured and interest free)
16.00 Provision for Taxation
Provision made for the assessment year 2006-2007.Provision made for the assessment year 2008-2009.Provision made for the assessment year 2012-2013.Provision made for the assessment year 2013-201,4.
17,291,68323,890,4274,829,3597,41,6,61,4
76,094,5599,064,8926,335,991,L,391.,61.4
47,428,093 32,887,056
3,206,-156
72,21,4,11559,744,638
3,840
9,09'1,,119
54,650,30941,969,099
5,195
_135,168X49
100,138,193108,825,419
7,g7g,g2g2,535,636
105,775,722
141,144,88985,179,9921,g7g,g2g2,535,636
___n3,472,166
19,324,35517,446,997
194,492,170245,959,612
230,780,M5
19,324,35517,446,997
r79,532,788
477,222,034 216,304,040.
The company filed appeals to the High Court Division of the Honorable Supreme Court of Bangladeshagainst further demand by the Income Tax authority of Tk. 6,530,750 and Tk. 15,931,357 for theassessment years 2006-2007 and 2008-2009 respectively.
1,4
Amount in Takaas at
un-l3 30-Jun-L2
17.00 Unclaimed Dividend
Year wise break up of the above is as follows:
19951997200220032004200520062007200820092010201'1.2012
In respect of erstwhile Tripti Industries Ltd (1988 to 2002)
Workers Profit Participation and Welfare FundsContributory Provident Fund
19.00 Share Capital
Authorised Capital100,000,000 Ordinary shares of Tk.10 each
Issued Capital9,04,54,632 (2012: 6,43,34,195) Ordinary Shares of Tk. 10 each.
Subscribed and Paid Up Capitala.79,48,070 Ordinary shares of
Tk.10 each fully paid up in cash
b. 20,54,720 Ordinary shares ofTk.10 each issued on merger
c. 68,35,85,220 (2012:4,22,38,085) Ordinary Shares Tk. 10 each issuedas Bonus Shares
116,888903,910
1,032,473935,007868,255813,360
7,362,539609,72-1,
3,433,2687,549,0262,341,,5772,99-1,,5595,726,136
116,888903,91.0
1,032,873936,122869,2458-15,271
1,,365,1,5961,6,929
3,437,51,61,,553,0942,349,3893,067,249
22,683,7191,,330,456
17,063,6451,,330,456
_4MEL _lg,3gl,ro1
The above figures represent the dividends for which the warrants are either lying with the shareholdersand have not been presented as yet by them to the bank for encashment or have been returned to thecompany undelivered due to change of address of those shareholders and their new address have not yetbeen communicated to the company. Under instruction from SEC , press advertisements were made tocollect the past dividend warrants but many shareholders are yet to turn up to collect their respectivewarrants.
18.00 Other Deferred Liabilities
137,236,171322,850
99,060,724208,568
137,559,021 99,269,292
1,000,000,000 L,000,000,000: :
904,546,320 643,341,950
79,480,700
20,547,200
79,480,700
20,547,200
683,585,220 422,380,850
15
783,613,120 522,408,750
Amount in Takaas at
30-Jun-L3 3O-Jun-1.2a. Ordinary Share Capital paid up in cash
4,50,000 Ordinary Shares of Tk.10 eachtully paid up in cash n1979 & 1980
4,50,000 Ordinary Shares of Tk.10 each
fully paid up in cash in 1984
13,50,000 Ordinary Shares of Tk.10 eachr igh t issueat l :1n1994
5,40,000 Ordinary Shares of Tk.100/- each along with premium ofTk.1025/ - per share were offered as right at 1,:1 ratio to shareholders in1995 but only 79,570 shares were subscribed thereagainst, which ofpresent face value of Tk.10.00- each totals to 7,95,570 Shares.
12,39,139 Ordinary shares of Tk.100/- each along with premium ofTk.100/- per share were offered as right at 1:1 ratio to shareholders in1998 but only 4,90,237 shares were subscribed thereagainst, which ofpresent face value of Tk.10.00- each totals to 49,02,37 0 Shares.
b, 2,054,720 Ordinary Shares of Tk.10 each issued in 2008 to the
shareholders of erstwhile Tripti Industries Ltd. upon
amalgamation with the company.
c. Bonus Share Capital
450,000 Bonus Shares of Tk.10 eachIssued from retained earnings at 2 : 1. in 1988.
2,700,000 Bonus Shares of Tk.10 eachIssued from retained earnings at 1 : 1 n1994.
2,065,230 Bonus Shares of Tk.10 eachIssued from share premium at 3 : 1 n1996.
4,130,460 Bonus Shares of Tk.10 eachIssued from share premium at 2 : 1, n1997.
3,869,690 Bonus Shares of Tk.10 eachIssued from share premium at 5 : 1 in 2009.
11,609,080 Bonus Shares of Tk.10 eachIssued from share premium and retained earnings at 2 : 1. in 2010.
17,413,625 Bonus Shares of Tk.10/- eachissued from retained earning at2:1 in2011
2,6'1.,20,437 Bonus Shares of Tk.10/- eachissued from retained earning at2:'1, tn2012
4,500,000
4,500,000
13,500,000
4,500,000
4,500,000
13,500,000
7,957,000 7,957,000
49,023,700 49,023,700
79480,700 79,480,700
20,547,200 20,547,200
20,547,200 20,547,200
4,500,000
27,000,000
20,652,300
41,304,600
38,696,900
115,090,800
774,136,250
261,,204,370
4,500,000
27,000,000
20,652,300
41,304,600
38,696,900
116,090,800
174,136,250
t6
683,585,220 422,390,950
30-June-13 30-June-12No. of Yn No. of shares Yo
(a) Composition of share holdings
Directors and their family members
Institutions
Foreign Investors
General Public
24,676,37932,159,056
19,9722L,505,905
1,6,442,5507,887,119
10,21027,900,996
3'1..4715.100.02
53.4't
31..4941.040.03
27.44
The distribution schedule showing thepercentage has been disclosed below as
Range of Holdings
Less than 500 shares501 to 5000 shares5001 to 10000 shares10001 to 20000 shares20001 to 30000 shares30001 to 40000 shares40001 to 50000 shares50001 to 100000 shares100001 to 1000000 sharesOver 1000000 shares
Particulars
Regent Moghul Fund LimitedLevel - 1,3.1, Queen's Road,CentralHong Kong
Is Himalayan fund NVHerengracht 320,1016, CE AmsterdamThe NetherlandsW.I. Carr(Far East) LimitedUBS Securities(East Asia) LtdMidland Bank Int'l Finance Corp. LtdLloyds Bank PLCNew Edge Financial H K Ltd.
78,361,312 52,240,875 L00.00
number of shareholders and their share-holdings ina requirement of Listing Regulation of Dhaka and
1.00.00
(b)
No. of No. of
Shareholder Shares
Holdingsu/o
7,6734,129
334183772420475512
1,,073,0706,022,9562,468,9872,575,1391,,88'1,,734
8-1,5,234886,987
2,758,52918,979,97240,898,704
7.377.693.153.292.407.041.133.52
24.2252.19
(c)
(d)
(e)
12,548 78,367,312 100.00
Option on Unissued Shares
There is no option regarding authorised capital not yet issued but can be used to increase the issued,subscribed and paid up capital through the issuance of new shares.
Market Price
Shares of the Company are listed in the Dhaka and Chittagong Stock Exchanges and quoted atTk.167.60 per share (2012 : Tk.127.14) and Tk 168.20 per share (2012 : Tk. 726.31) in the Dhaka andChittagong Stock Exchanges respectively on 30.06.2013.
Non-resident Share Holders
Particulars of non-resident share holders as on 30 lune 2013 are as follows :
Folio No.
96
7215
5263 ( Ex TIL)6660 ( Ex TIL)7001 ( Ex TIL)7ea6 (ExTIL)
1,601,67 0000 542 256
No. of Shares
5,940
1,485
4,740270
3,46515
4,657
Dividend is paid to non reisidend shareholders through local agents in BDT.
17
Amount in Takaas at
30-]un-L320.00 Long Term Loan (Secured)
United Commercial Bank Ltd
lnternational Leasing & Financial Services Ltd
Current Portion of Long Term Loan (Note - 15.00)
Lease Finance
Current portion
22.00 Turnover (Net of VAT)
313,363,781 312,423,95'1.
(1,08,825,419) (85,119,992)
283,417,548
29,946,233
271,583,078
40,840,873
__ 104,538,362_ _2n p03,95'
Loan from United Commercial Bank Ltd (UCBL) - Term Loan
This represents the aggregate sum of 3 Nos. Term Loans received from United Commercial Bank Ltd.during the preceding year and the year under review. These loans bear 15.50% interest and arerepayable, along with interest thereon, in monthly equal instalments, respectively by December 2014,August 2016 &May 2017.
Loan from International Leasing & Financial Services Ltd (ILFSL) - Term Loan
During the preceding year the company received an aggregate sum of Tk. 42,616,000 against total
sanctioned limit at 17.83o/" rate of Tk. 5 (five) crore from International Leasing & Financial Services
Ltd. The loan is repayable in 48 equal installments from August2011.
Nature of Security to UCBL and ILFSL
The loans are secured against hypothecation of related construction materials and
machinery/equipments of the company and personal guarantee of Directors.
21.00 Lease Finance - Long-Term
This represents lease obligation for acquisition of lease hold assets :
For the year2013 2012
Qty.(Pcs/vlt) Value (Tk.) | Qty.(Pcs/vlt) Value (Tk.)
46,54'1,23050,912.51
82,489,213
327,898,2556,502,199,293
263,09L,g217,093,179,369
7,091.,475,907
1,703,462-Mfrq@
29,624,460
273,269,032
5,432,469,999
297,602,997
6,003,342,019
6,O03,342,0'1,8
58,465,094
(13,206,827)
45,259,267
39,300,52242,423.35
90,786,851
44,317,394
(1,4,692,934)
Battery Unit (Pcs)
Biscuit & Con{. Unit (MT)
Ballpen Unit (Pcs)
Turnover comprises :
Domestic salesExport sales (9,27'1..44 Kg biscuit &
conectionery items at USg 22,122.88)
18
6,003,342,019
23.00 Cost of Goods Sold
Work-in-process (Opening)
Material Consumed (Note - 23.01,)
Stores Consumed (Note - 23.02)
Factory Overhead (Note - 23.03)
Depreciation
Work-in-process (Closing)
Cost of Goods Manufactured
Finished Goods (Opening)
Finished Goods (Closing)
Finished Goods
Opening Stock :
Battery
Biscuits
Candy
Ball Pen
Closing Stock:
Battery
Biscuits
Candy
Ball Pen
23.01 Materials Consumed
Opening Stock
Purchases during the year
Closing Stock
23.02 Stores Consumed
Opening Stock
Purchases during the year
Transferred
Closing Stock
5,558,983
4,659,797,170
111,634,187
398,708,622
1,44,913,332
(5,916,846)
4,686,440
4,072,375,078
98,857,598
295,623,574
90,353,365
(5,558,983)
5,3'1,4,695,448
3'1,,842,058
(75,079,384)
4,556,337,072
18,214,777
(31,842,058)
5,271,458,122 4,542,709,785
ery
622,464
1.63.22
60.03
1,034,'1,28
832,824
845.28
47.13
2,577,049
3,061,234
L6,755,206
8,635,277
3,390,341
3'1,,842,058
4,094,949
58,449,243
5,046,922
7,488,471
75,079,384
240,599,906
4,'1,59,530,112
(327,754,940)
4,072,375,078
M.Unit Value Taka
Pcs
MT
MT
Pcs
Pcs
MT
MT
Pcs
327,754,940
4,713,459,998
(381,477,658)
_4,6sewag_
14,241,751
126,396,003
(5,379,077)
(23,624,490)
37,730,064
178,176,666
(102,807,381)
(14,241,751)
111,634,787 gg,g57,5gg
19
Amount in Takafor the vear
30-Jun-1323.03 Factory Overhead
Wages & SalariesRepairs & MaintenanceRent, Rates, Taxes & FeesInsurancePower & FuelVehicles Repair & MaintenancePrinting & StationeryPostage,Telephone & TelegramTravelling & ConveyanceSubs. Newspaper & PeriodicalsEntertainmentLegal FeesFactory Maintenance ExpensesTransport & CarriageMedical ExpensesStaff FoodDonationTechnican expensesLease RentLabour Handling chargesAdvertisementResearch, Training & DevelopmentProcessing Charges
24.00 Administrative Expenses
Salaries & AllowancesDirecrors' Remunaration & AllowancesDirecror's Board meeting FeesRepairs & MaintenanceRent (including house rent of Directors :Tk. 78,00,000 (2012: Tk.36,00,000)Rates & TaxesElectricity, Gas & WaterVehicles Repairs & MaintenancePetrol, Oil & LubricantPrinting & StationeryPostages,Telephone & TelegramTravelling & ConveyanceSubs. Newspaper & PeriodicalsEntertainmentAudit FeesLegal & Consultancy FeesOffice Maintenances ExpensesDonationMedical ExpensesAdvertisementA.G.M Expenses
199,768,48336,070,4756,101,,725
12,635,39156,5L6,3224,530,3233,873,803
450,8261,,739,567
53,200192,356140,000
6,584,27626,422,890
529,8384,104,698
199,150979,50618,215
4,370,44262,000
26L,63633,1,24,500
158,512,9698,087,241,1,,289,364
10,576,-1,0039,580,5233,563,L672,020,742
452,338621,550523,43982,489
194,0004,920,6259,274,239
701,,6122,939,699
257,900
7,687,6523,042,857
'1,,008,1,07
40,296,96'1"398,708,622 295,623,574
90,'1,41,,76030,300,000
106,500-1,,668,822
12,742,526293,949
'1,,459,212
5,L04,34'1,4,814,478L,493,7423,961,331.7,311,5592,056,289
163,650500,000
2,926,7-1,47,075,38-t
41,80097,903
2,202,2801,,550,971
76,498,89821,000,000
90,2501,501,5807,762,4867,970,0551,255,9505,193,6754,922,2497,'1,65,1773,473,8692,610,8353,927,334
11,0,984400,000934,500
5,623,29511,80054,615
1,501,980\,739,553
20
176,002,008 141,739,084
Break up of Directors' Board meeting fees are as follows:
Name of Directors PositionMeeting
heldAttended
Amount inTaka
Mr.Mohammad BhaiMr. Mubarak Ali (M.D)Mrs. Khatija Mohammad BhaiMrs. Safinaz BhaiMr.Munir AliMr.Sharif M Afzal
Selling Expenses
Salaries & AllowancesRepairs & MaintenanceRentRates, Taxes & FeesElectricity, Gas & WaterVehicles Repairs & MaintenancePetrol, Oil & LubricantPrinting & StationeryPostage,Telephone & TelegramTravelling & ConveyanceSubs. Newspaper & PeriodicalsEntertainmentLegal FeesOffice Maintenances ExpensesSales PromotionTransport / CarciageMedical ExpensesAdvertisementResearch, Training & DevelopmentExport expenses
Finance Cost
Bank chargesInterest
ChairmanMD
DirectorDirectorDirectorDirector
3939421039
30-Tun-13
29,25029,2503,000
15,750
29,2501,06,500
393939393939
25.00
139,863,9727,637,7542,42'1,,452
14,500749,L49
1,685,5031,,078,5406,032,969
956,39599,934,067
8,060244,828175,550776,767
L62,681.,432198,848,399
82,6754,794,009
13,500
62'1,,322,92't
3,286,74273,726,223
93,955,601, 77,012,965
59,840,669
5,629,9072,553,979
]_
| 454,e50
|
tl454,950
170,947,3022,523,0662,819,008
54,0001,,088,6191,045,73'1,
943,8708,089,-1691,124,965
11-1,742,1,51,16,596
348,59935,000
398,449185,0't4,489218,496,163
58,0349,691,,380
12,677
26.00___714,M9,168_
1,331,19992,624,403
27.00 Non Operating Income
Interest Income
on Fixed depositson other Bank deposits
Interest (others)Gain on disposal of fixed assets -Note-(27(i))
Other Income (Sale of by-product net of VAT Tk.1,68,3452012:Tk.68,242\Other
2,553,9781,020,000
1,122,300
50,000'1,172,300
11rXU,2t 6r,UrW
108,037,943
5,310,675
21
27.00(i) Gain on disposal of fixed assets
Disposal value of vehicleLess : Written down value
Original costAccumulated depreciation
Earnings Per Share (EPS)
(a) Earnings attributable to the OrdinaryShareholders (Net profit after Tax)
(b) Weighted average number of ordinary Sharesoutstanding during the year
(c) Earnings Per Share (EPS)/(Adiusted EPS of 20121
Net Asset Value
Non-current assetsNet current assets
Deduct:Long-term & deferred liabilities
Number of Ordinarv Shares of Tk.10 each at Balance Sheet date
NAV-Per SharcOn shares at balance sheet date
30.00 Net Operating Cash Flow Per Share
Cash flows from operating activities as per Statement of cash flows
Number of Ordinary Shares of Tk.10 each at Balace Sheet date
Net Operating Cash Flow-Per ShareOn shares at Balance Sheet date
f 42oooool l--------II tz,szo,oool I
1,680,000
2,700,000
1,020,000
615,357,060 460,024,754
79,36'1,,312 78,36't,312
7.85
1.,432,81.6,473 1,201,849,350743,253,"t62 351,846,081
2,176,069,635 "1,553,695,431.
(444,346,990) (385,088,971)1,737,722,645 7,168,606,460
78,36t,312 52,240,875
22.10 22.37
839,451,"123 s33,389,277
78,361,312 52,240,875
10.77 10.21
28.00
5.87
29.00
31.00 Related party hansaction - disclosure under BAS 24
The company carried out a number of transactions with related parties in the normal course ofbusiness The nature of transactions and their values are shown below :
Name of Related Parties Nature of Transactions Value (Tk.) Balance (Tk.)
Ambee Pharmacuticals Ltd.
Bengal Steel Works Limited
Panther Steel Mills LimitedDirectors
Sales / Accounts Receivables
Advances and Interest Receivable
Advances and Interest Receivable
Loan from Directors
3,312,2001,000,s281,553,450
7,806,50313,490,00918,952,2291.,979,928
22
32.00 Salaries/ Perquisites To Directors & Officers
The aggregate amounts paid / provided during the year in respect of officers and directors of the company as defined in the
Securities and Exchange Rules, 1987 are disclosed below:
Directors Officers
Board Meeting Fees
Remuneration / salaries & allowance
Bonus
Accommodation
Company's Contribution to Provident Fund
106,500 Nil
25,200p00 57,582,099
5,100,000 2,605,382
2800,000 238,700- 694,788
33.00 Production Capacity & Capacity Utilisation
Units
ProductsCapacitv Utilization Short Fall
Reason for Short FalI2073 2012 2073 2012 2073 2012
Battery (pcs) 117,760,000 117,760,000 46/51,590 39,'n7,682 71,008,4r0 78,522,3-t8Less demand of UM-1 Battery
Biscuit & Con-fectionarv (l 73,656.00 49,339.00 51.,581..67 44,199.75 22,074.33 q 1 ? o t q Less denland
Ball Pen (pcs) 147,600,000 100,000,000 u,032,133 90,637,41.8 63,567,867 9,362,582 Less demand
Utilization of biscuit & confectionary includes 3,226.96 MT (2012 : 4,005.44 MT) which was produced during the year under
review through Oriental Bakery & Biscuit Industuies Ltd Chittagong under 3rd Party manufacturing agreement.
Production of Soyabean Oil, Palm Olein, V. Ghee and Electric Bulb have been suspended long before.
34.00 Claim not acknowledged
There was no claim against the company not acknowledged as debt as on 30 ]une 2013.
35.00 Contingent Liabilities
There was no contingent liability as on 30 June 2013.
36.00 Capital Expenditure Commitment
There was no material capital expenditure authorized by the Board but not contracted for at 30 June 2013. (Note-40.00)
37.00 Credit Facility not availed
There was no credit facility available to the company under any contract, but not availed of as on 30 June 2013 other thantrade credit available in the ordinary course of business.
38.00 Financial risk management
The company management has overall responsibility for the establishment and oversight of the company's risk managementframework. Risk management policies, procedures and systems are reviewed regularly to reflect changes in marketconditions and the company's activities. The company has exposure to the following risks from its use of financialinshuments.
# Credit risk
# Liquidity risk
# Market risk
38.01 Credit risk
Credit risk is the risk of a financial loss to the company if a customer or counterparty to a financial instrument fails to meet itscontractual obligations and arises principally ftom the company's receivables. Management has a credit policy in place andexposure to credit risk is monitored on an ongoing basis. Risk exposures from other financial assets, i.e. Cash at bank andother extemal receivables are nominal.
23
38,{Il tiq*ldlty rlek
tlqufulity rl*k k ilre rbk thrt thc erylpdty $'ill not h* nbla hr msst im financinl obli6*tionr n* thry full due" The compmv,*!$nmacn b rnrnagtng .ry1$Q ftrrh atrrt cach tqulvnlcntr) lc ta en*src, ar fir n* pofuibb, thilt lt l*.ill nlu,ay* hnve cuifletrntlfquidl$ to nr€€t ih lhbilltie* rvhen due, under hotlt nrrmnl nnrl *bcrreel *ondldcn*, witheut Incunlrr6 ui*cmpnrtrto losn**or Arkln; dam4r lo ftc aomFtnft lsputsfiort, '$ptcnlly, tlrc colup*ny €ns1rr?r tlat lt lur *uf&hnt enih antl enr6*qulv*lsfth to s$et e*pceiud optratlunnl *xpst1Jd$r Inctueltn6 fln*nelal obllgrrtlonr tirough prup*r0tlo$ cf thc e$h florvforaerut _nruryrGd S*{ no tirrts- llne of pn1,nt*nt cf tlt* finarrl*l obtlgntlon nu* n6oniln6q' a6nng* for rufftclcnrllqultlltylfurut lo rnrkr tlw sxfreclecl Fnynrmt wlllrtn duc dnto.lu txtrut**stn**sd q$ndltlolla the mrnpauy nrny gei rupB** frarn thr: fhnnclnl Inrtttutlpru.
3$,0$ lllnrknl rl*k
Msrhcl rkk b tls drk lh*t rnl' eh*n6o tn markat pricer *uch nr larclgn exch*ng* rrtt*i afld intrJs*l wlu df*ct lhc compnriy'*lneorne or lhc volttc of lh holdlnp af ftnnnelnl ln*butncNs. 'th* obpetlva of m*rh*t rbk nrnnagomotrl ii lo rnannfe nnilcsntrol mrrrlel ri*k *xpo*ure* rvltft in aecoplnble pnrnur*lor*.
($ eurrnncy rfulr
fu al 90 fune X0lS them r$a* no cxPoiure to crrusn$y rl*k *r them wsru no fnntgn c$nrnf). trrnmrtion* made durlng thoyoar unrl*r rcvl*w qtlxr $an ar discld in llre acrounb,
O) Interertrrt€ dEl(
k-thnrt mte rirk is the riE& thal arlses due to changcs in inhr€st rales on barrorving" Tbere rvas no forci6n curyency loarrrvhklt b *ulioct b f,o*ting mtes of intermt Local loans are, however, not signifieanrly affectnd ty fluctqitiona in interestrcter Tha coftrFury hes not e$bred inlo any type of derivfltive instmrnent in order b hedgc intcrf,'3f ralo rich $* itt th€reportingdale.
39,00 Forcign Erclratrge eamed
During tlreyeor undcr mview, an Nggr€gats rum of US$ 22;X??,8S {Equivatent T}-l?,03l6q r$as ennred fu folrigrr currclrcyagainst€xportof biruits and confrrtionery iterns-
40.00 fogt Balance She*t Svents - Dlsclonure Under BAS.10 nEvenlr rlltrr Repo*ing P*riod'
Divldcnd for lhe year ISubee4uent to the hnlanoe glmet date, th{ Board of Dlrecto* recommende{t 5$S (fifty per*rrt} slsck dicldu,14 i.e I {ono} Iu llypald ortlfoiuy dnn fur 2 (ttrto) ordinary shsrcs and '10$ (l*n peneent| cnrh dtridanr|-i"s T$ke fl- (om) pcr shffe rvhlch r+,illbc retognhed in tire rcwun& n* and whcrr opproved lry tlrc thorcholders ln the Annral Gmarni id6a{inB
&pmr.lon of grodnct llne :
Th* Smrid of Fimct*$ of Olymple Indurtr{r* Ltm{lqet ln lb ureellng dttecl ?th luly l0l$ *tsetrts* !o iel $p ? rww lrireuit lftrer$tno 6 & llttt 4 lrt it* n*r+ hl*crit fheiory prombm ilt l,lount lalrttt ln Sonnrpon Upnalll* In Nnnynngpnl Dl*trlrt, Na*sr,r],Pft* 5*nrltlvc Infsnn*tlon in lhk mcpcet *.e0 rtlrcsdy Brovlr.lod to the [mglnd**h $oeurltiax nnd &*ch*ngg Comml*don,$h*k &ahnnguc dn.l t0 il!6 Slrlrulmlrlore xeeordlngly,
Errupting lo &bQr0' n* elrcunsnneur hsv0 illi*0ll thtc$ tlto tlnt* *f $hlelncfit af Flnnn*lnl lhaitlnrr rr,lrlrh tr,cuhJ rrqulrrfir||rtrl$snt ts. or dbd0*ur6 i& tltt flnonelnl shftttnentf 0r nsl*r thonoto.
41,0* Appmwl of the Sln*nelal *t*tamrntr
Tkre ffuuneitl *liln||lentt tr,cre mtthsrked for i*ue ln n**cretnnee rylth n rtrohrlion of the enm;mrry,s [u*at df dlrurtoffi o*2Sfttokr,SlL
$dr- sdl- sdr-Mohammad Bhai
Chairman
Dated"Dhaka?SOctober2013
Mubarak AIiManaging Dlrector
Md. NaeimuddinCompany Secretary
24
OLYMTTC INDUSTRTES IIMfTET}UNN W:SE WONXINC NESUTT
FOnTHI YEAR GNpnp $0IUN8I0[3{A$ rEA nSQutRnMghtT Or ?HB $ECUnrmE$ AND EXCHANCU nULES, $Sn
TtrrnovgrCorlof Goade $*ldGrorl Frcfll
Operating Expen**A d rninistrative Experses$elling ExpensesProfit from OperationrFinance Cost 26.00
Non0peratinglncome ?f.00Provision for Lose on Inveatrnent in Shares
Contributio*toWPP& WFProfli before Tax
IncomeTu ExpenrenCurr€ntTi,r
Forth*YmrFor Etrrlier Y*ar
Dsfsned Tmt lrcom* / (Erpsnrsl
Proflt ilttt Trxrtlon for lhr yotr
Othcr Compnhcnrh,e Inc*msr
Comprehnn*lvo Imonrs far ths yslr
49,61&732 873,m8,061 8,6a9,2fi 931,??0,0n(4343,310) (S6,r27.d0r) (3lg1,E9Q p3,955,601)45,259An 786;900F60 5i{fF88 gfit3t4A70
5,213,706 tA3F87p56 4;189,259 1147$4.t21(PAS07 i460,886) 8r,462) @4S00)
50160,678 8$9,S17.029 9J04IS4 9tt593F91(4$i18,751s*i?s,13{
sd/-
9e,00?x-00
24.0029.00
sr,sp$.z.s$ 6,s0l189,2fr$ tf,?,091st1 7,0ts;l79, {0 6,000,s{2,019(t3+{33,511}..,...$.812,900,nA_ -(za*J8dr4 (5.271d5S,122) ({,542,709,785)- 93,{6{,7{2 16E9.2E8,5S6 gg,g67,t{g
-IJlt,?zL2d7 1,e60,692,e93
(763,06e005i
f-o{mrps+lI - {62132ee21)l
697,574,2r9rxql2,965)640F57p636ZM9,5W
.. "."."..".,,"..683406,860
F?F19r141650.963,676
(190,838,92q
l\M,727,766t
| (179,532,788)lI F,le4,e.4fl|
(6'I11,tr561
d60.{t2d,ru4-
J---S!r$&ff$.
{$9SrS,07$F60SI7,9*I)
I e45,9$t612)l| , fl{.e50382)l
F0,r00,090)w
6tt 3,57,060ry
--.
