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Auditor's Report & Financial StatementsOF
GBB POWER LTD.Momtaz Plaza, (Sth Floor), House # 7,
Road # 4, Dhanmondi R/A, Dhaka
FOR THE YEAR ENDED 30 JUNE 201 7
Table of Contents
)*,b}-).bbbbAwwwwtew),)eDbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbH
Sl No. Particulars Page No.
0l Audit Report 01-01
02. Statement of Financial Position 02-02
03.Statement of Profit or Loss and Other Comprehensivelncome
03-03
04. Statement of Changes in Equity 04-04
05. Statement of Cash Flows 05-05
06. Notes to the Financial Statements o6-23
07. Schedule of Property, Plant & Equipment, "Annexure-01" 24-24
{fr<'{ qE ffi rnffiMABS &J Partners
Chartered Accountants
AUDITORS, REPORT TO THE SHAREHOLDERS
OF
GBB POWER TIMITED
We have audited the accompanying financial statements of 688 POWER UMITED, which comprise the Statement ofFinancial Position as at 30 June 2017, and the Statement of Profit or Loss and Other Comprehensive lncome,
Statement of Changes in Equity and Statement of Cash Flows for the year ended 30 June 2017 and a summary ofsignificant accounting policies and other explanatory information.
Manatement's Responsibility for the Financial Statements
Management is responsible for the preparation and fair biesentation of these financial statements in accordance withBangladesh Financial Reporting Standards (BFRSs), and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due tofraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit
in accordance with Bangladesh Standards on Auditing (BSAs). Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whether the financial statementsare free from material misstatement
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors' judgment including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. ln making those risk assessments,
the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by management,
as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
ln our opinion, the financial statements'present fairly, in all material respects, the financial position of GBB POWER
tlMlTED as at 30 June 2017 and its financial performance and its cash flows for the year then ended in accordance
with Bangladesh Financial Reporting Standards (BFRSs) & other applicable laws and regulations.
We also report that:
a) We have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit and made due verification thereof;
b) ln our opinion, proper books of account as required by law have been kept by the Company so far as it appeared
from our examination of those books;
c) The Company's financial position and comprehensive income statement dealt with by the report are inagreement with the books of account; and
d) The expenditure incurred was for the purpose ofthe Company's business.
Dated: Dhaka,24 October 2017
fu--Corporate Office:SMC Tower (7th Floor)33, Bahani C/A, Road 17
Dhaka-121 3, BangladeshPhone : +88-02-9821057 -58
: **-oz-gazt aos-ooE-mail : [email protected] :www.mabsj.com
AccountantsMotijheel Branch21, Purana Paltan th & 7th Floor)
Dhaka-1000,
Phone : +88-02.
Fax : +88-02
Web : www.mabs.i.comSN"pii"i*
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MABS &J PartnersChartered Accountants
GBB POWER LIMITED
STATEMENT OF FINANCIAT POSITION
As at 30 JUNE 2017
PARTICULARS
ASSETS:
Non-Current Assets
Property, Plant and Equipment
Leasehold Land Development
Current Assets
lnvestment in marketable securities
lnventoriesAccounts Receivable
Sundry Debtors
Advance, Deposit & Prepayments
Cash and Cash Equivalents
Total Assets
EQUITY & LIABILITIES:
Shareholders' Equity
Share CapitalShare PremiumRetained Earnings
Current Liabilities and Provisions
Accounts Payable
Sundry Creditors
Accrued Expenses
Workers Profit Participation and Welfare Fund
Unclaimed Dividend
Short Term Bank Loan
Provision for lncome Tax
Total Equity and Liabilities
Net Asset Value (NAV) Per Share
30-Jun-17
(Amount in Taka)
f-tt-.,"r* I
t7.oo18.00
19.00
20.00
2t.oo22.00
23.00
24.OO
2,2O5,244,6LL 2,L24,409prq
-=:
20.41
The accounting policies and other notes from 01 to 43 form an integral part of the Financial tatements.The Financial
Statements were authorised for issue by the Board of Directors on 24 October 2017 and signed on its behalf by :
4'e.'V.--.-...---...-*rsl.'Jl*
Managing Director Director
2L.06
!,282,370,267 L,341,481,330
Wr-?,r'rr,rrslEFJj-r81^soGlI t,qqe,oqzl I s,rgg,sza I
2,2O5,244,611 2,113,655,692
2,041,538,83L 1,978,389,533
2s.oo I ,6rss?"6ool l-r6J-Js?,6od26.00 | ase,sso,oool I aes,sso,oool
I zos,qlt,zgtl | 142,287,9321
27.00
28.00
29.00
30.00
31.00
32.00
37.00
163,705,78L67,084,775
417,325
5,242,4O4
74,8O2,326
3,168,866
49,275,360
23,715,383
146,019,527
45,700,050
445,955
3,557,26273,642,OO3
27,385,98336,250,386
19,037,868
10,743,367
82,278,775
93,378,7603,593,750
17o,526,775
422,466,303
84,070,945136,005,698
500,000
799,139,292
s03.158,409
AUDITORS' REPORT TO THE SHAREHOLDERS:
This is the Statement of Financial Position referred to in our report of even date.
Dated: Dhaka,24 October 2017
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PARTICUTARS
Turnover
Cost of Goods Sold
Gross ProfitAdministrative, Financial & Other Expenses
Liquidated Damage (Deducted at Source)
Net Profit Before Other lncome & W.P.P.F
Other lncome
Realized Loss on Marketable Securities
Net Profit Before Charging lncome Tax
Contribution to WPP & Welfare Fund
Net Profit Before lncome Tax
Provision For lncome Tax
Net Profit After Tax
Earnings Per Share (EPS)
Director
Dated: Dhaka,
24Odober2Ot7
l July 2016 to30 June 2017
526,879,384
355,550,959
104,145,835
78,793,8tO(819,716)
t22,119,929
s,815,23s
(Amount in Taka)
l July 2015 to3o
5L7,249,053
325,790,665
191,458,388
59,455,184
5L,687,925
80,315,180
19,896,651
(1,393,
98,8L7,942
2L6
1.15 o.92
The accounting policies and other notes from 01 to 43 form an integral part of the Financial Statements. The
Financial Statements were authorised for issue by the Board of Directors on 24 October 2077 and signed on
its behalf by :
9^^Jt-2.7-ft--"--Managing Director
This is the Statement of Profit or Loss and Other Comprehensive lncome referred to in our report of even
date.
;WAccountants
MABS &J PartnersChartered Accountants
GBB POWER LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2017
l-^,"r*-lll33.00
34.00
3s.00
36.00
115,304,594 94,367,726
37.00 @_ffi,6n,fl2__89,1529!I_
38.00
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MABS &J PartnersChartered Accountants
GBB POWER LIMITED
STATEMENTS OF CHANGE IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2017
The accounting policies and other notes fromFinancial Statements were authorised for issue
behalf by :
q {-H--Managing Director
01 to 43 form an integral part of the Financial Statements. The
by the Board of Directors on 24 October 2Ot7 and signed on its
-+#Company Secretary
s'L"JLDirector
in Taka
PARTICUIARS
ORDINARY
SHARE
CAPITAL
SHARE
PREMIUM
SHARE
MONEY
DEPOSITS
RETAINED
EARNINGSTOTAL
lst July 2016 969,557,60C 865,550,000 80,000 142,291,932 1,978,469,533
lnterim Cash Dividend (48,477,8801 (48,477,88O)
Net Profit during the Year LL7,627,t79 L77,627,L79
l0 June 2017 969,557,600 866,550,000 80,00c 2O5,43t,23t 2,O41,618,832
in Taka
PARTICULARS
ORDINARY
SHARE
CAPITAL
SHARE
PREMIUM
SHARE
MONEY
DEPOSlTS
RETAINED
EARNINGSTOTAT
1st July 2015 959,557,600 866,550,000 80,000 148,341,82O 1,984,529,421
Prior years adjustment 1,737,887 7,737,887
Adjusted opening balance 969,557,600 866,550,000 80,000 L$O,O79,7O7 t,986,267,1O8
lnterim Cash Dividend 231,439,977 23t,439,9L7
Net Profit during the Year 89,157,985 89,157,985
30 June 2016 959,557,600 866,550,000 80,000 L42,281,932 2,305,865,209
AUDITORS' REPORT TO THE SHAREHOLDERS:
This is the Statement of Changes in Equity referred to in our report of even date'
Dated: Dhaka,
24October 2OL7
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MABS &J PartnersChartered Accountants
GBB POWER LIMITED
STATEMENT OF CASH FTOWS
FOR THE YEAR ENDED 30 JUNE 2017
PARTICUIARS
Cash Flows from Operating ActivitiesCollections from Turnover and othersPayment for Cost and Expenses
Financial Expenses .:,
lncome Tax Deducted at Source l
Cash Flows from Investing ActivitiesAcquisition of Property, Plant and Equipmentlnvestment in Marketable Securities
Cash Flows from Financing ActivitiesCash Credit and Other short term loan
Fraction share dividendDividend /Fraction Share Dividend paid
lncrease/(Decrease) in Cash and Cash Equivalent
Cash and Cash Equivalents at Opening
Cash and Cash Equivalents at Closing
Net Operating Cash Flow Per Share
The accounting policies and other notes from 01 to 43 form an integral
Financial Statements were authorised for issue by the Board of Directors
behalf by :
lsg,67O,O22l 20,L7O,617
80,692,106 ll 150,969,201
42 271,497,LO3
503,158,409 422,466,303::
part of the Financial Statements. The
on 24 October 2077 and signed on its
@company secretary
1 July 2016 to30 June 2017
(Amount in Taka)
1 July 2015 to30 June 2016
(326,223,777
(5,77O,O83
(3L,OLL,L42
143,135,004
s29,668,O97(3O7,3O9,9711
(6,420,559
t2,257181,925,310
(72,696,526
9,923,65t
12,772,8751
(66,LgL,4271
15,064,675.00
lst,t26,746l
zr?'l\a-.--Managing Director Director
This is the Statement of Cash Flows refeired to in our report of even date.
Dated: Dhaka,
24 october 2017
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MABS &J PartnersChartered Accountants
GBB POWER LIMITED
NOTES TO THE FINANCIAT STATEMENTSFOR THE YEAR ENDED 30 JUNE 2017
FORMING AN TNTEGRAL PART OF THE FINANCIAT STATEMENTS
Compliance with the requirements of notification of the Securities and Exchange Commission dated
04.06.2003 under reference # SEC/CMMRPC/2008-t8tl 531 AdmlOSl 28.
1. Notes to the financial statements marked from C-1 t9 C-16 outlining the policies are
unambiguous with respect to the reporting framework on'which the accounting policies are
based. ."
2. The accounting policies on all material areas have been stated clearly in the notes marked
from C-1 to C-16.
3. The accounting standards that underpin the policies adopted by the company can be found inthe following places of the notes to the financial statements:
SL. No. Aoollcable Accountinr Standards Note reference
01. rAs/BAS - 1 4.00
02. IAS/BAS. 2 6.00
03. IAS/BAS - 7 7.00 & 8.00
04. IAS/BAS - 10 42.OO
05. |AS/BAS - 12 9.00
05. rAs/BAS - 15 5.00
07. |AS/BAS - 18 10.00
08. rAs/BAS - 19 14.00
09. rAs/BAS - 21 11.00
10. |AS/BAS - 24 t6.o2
11. IAS/BAS - 33 12.00
L2. IAS/BAS - 35 13.00
13. IAS/BAS - 37 41.00
4. The financial statements are in compliance with the Bangladesh Financial Reporting Standards
(BFRS) which are adapted from the lnternational Financial Reporting Standards (IFRS) issued by
the lnternational Accounting Standards Board (IASB)'
AND
5. The Standards and reporting framework used in the financial statements do not differ from
tFRS (BFRS).
B. Legat status and nature of the company - Disclosure under IAS 1 as adopted by The lnstitute of
Chartered Accountants of Bangladesh as BAS 1 "Presentation of Financial Statements"
Domicile, Legol Form and Country ol lncorporationThe Company was incorporated on 17th October 2006 as a private company limited by shares and by a
resolution passed on 26 February 2008. lt was converted into a public company limited by shares. The
company implemented the Joint Venture Agreement executed between GBB Limited and Caladonian
Power Limited and has done all that was necessary as per notification of award of "supply lnstallation
and putting in Commercial Operation of ZOUW +/- tO% Trailer/ Skid Mounted Power Plant at Bogra on
rental basis for a tenure of 15 year Project" issued by Bangladesh Power Development Board vide
Memo No. 108-BPDB (CS.)/(Contract)/Bogra Rental/06 dated 03.08.2006 and 15.08.2006 respectively.
6
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MABS &J PartnersChartered Accountants
The company has installed and utilized the following capacity:
Address ol Registered Olfice and Prlncipal Phce ol Business
The principal place of business is in the registered office at GBB Power Complex, BPDB Compound,Puran Bogra, Bogra-5800 and Corporate office at Momtaz Plaza (5th Floor), House # 07, Road f 04,
Dhanmondi R/A, Dhaka-1205.
Prlnclpal Actlvitles and Noture ol Operatlons
Supply lnstallation and putting in commercial operation of 20MW +/- tO%Trailer/ Skid Mounted Power
Plant.
Number of Employees
On the payroll of the Company, there were 37 officers, 30 staff and workers /technicians apart from many
casual / contract technicians /workers.Taka
i) 61 Staff / Officers / Employees drew yearly salary & allowances of Tk'
48,000 or moreii) 5 Staff / Officers / Technicians and many other casual workers drew
yearly salary / wages & allowances less than Tk. 48,000
65
Significant Accounting PoliciesDisclosures
Compliance with tnternationa! Accounting Standards (lASs)
32,O42,328
2,03,500
_32,245,928
c.
1.00
2.00
3.00
The financial Statements have been prepared in compliance with requirements of lASs as adopted by
the lnstitute of Chartered Accountants of Bangladesh (ICAB) and applicable in Bangladesh.
Compllance with local Laws
The financial statements have been prepared in compliance with requirements of the Companies Act,
1994, the Securities and Exchange Rules, 1987 and other relevant local laws and rules, including
compliance with lncome Tax Ordinance 1984, lncome Tax Rules 1984, VAT Act 1991 and VAT Rules
1991.
Measurement Bases used in preparing the Financial Statements.
The elements of financial statements have been measured on "Historical Cost" basis, which is one of the
most commonly adopted base as provided in "the frome-work for the preporation and presentotion of
finonciol statements" lssued by the tntemotional Accounting Standords Committee (IASC).
A member of
Nexialnternational
Licensed Capacitybv BERC (Net)
Saleable Rental
Caoacitv bv PPA (Net) lnstalled Capacity Commissioned Capacity
22.80 MW 20(+/-l10% MW 23.25 MW lLll%l 19.38 MW (Up to 16/07109) and23.26 MW after L7/O7lO9
Capacity Rented Tota! Electricity Generated llKVIGrossl
Total Electricity Sold 33 KV(Netl
21.720 MW(From 2Olo9l2oL7l
1.82,t49 MWH (100%) L73,5O4 MWH (95.25%)
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Components of the Financial Statements
According to the lnternational Accounting Standard (lAS) 1 as adopted by ICAB as BAS 1 "Presentationof Financial Statements", the complete set of Financial Statements includes the following components:
(i) Statement of Financial Position as at 30 June 2017;(ii) Statement of Profit or Loss and Other Comprehensive lncome for the year 30 June 2OL7;
(iii) Statement of Changes in Equity for the year 30 June 2OL7;(iv) Statement of Cash Flows for the year 30 June 2017; and(v) Accounting policies and explanatory notes.
Specific accounting policies selected and applied for significant transactions and events.
Recognition of Property, Plant & Equipment ohd Depreciotion...
Property, Plant and Equipment are stated at tt',eit. cost less accumulated depreciation in accordance
with IAS 16 as adopted by ICAB as BAS t6"Propefi, Plant ond Equipmenf'. Cost represents cost ofacquisition or construction and capitalization of pre-production expenditure including interest duringconstruction periods. Depreciation has been charged on additional fixed assets from the date of readyfor use. Depreciation on all other fixed assets is computed using the diminishing balance method in
amounts sufficient to write off depreciable assets over their estimated useful economic lives.
Expenditure of maintenance and repairs are expensed; major replacements, renewals and bettermentsare capitalized.
The depreciation rates applicable to the principal categories are:
Building and Premises 5%
Plant and Machinery 5%
Tools & Equipment 5%
Furniture & Fixtures 20%
Fabrication Work 5%
20%
20%
20%Office Car
The rent on leasehold land is being recognized as revenue expenses year to year, leasehold land
development has been shown under separate head. Please see Note 18.00 hereinafter.
lnventories
lnventories comprise mainly of Lubricants, spare parts, consumable etc. They are stated at the lower of
cost and net realizable value On consistent basis in accordance with IAS 2 as adopted by ICAB as BAS 2
"lnventories". Net realizable value is based on estimated selling price less any further costs expected tobe incurred for: completion and disposal.
7.00 Cash and Cash Equivalents
According to IAS 7 as adopted by ICAB as BAS 7 "stotement of Cash Flows ", cash comprises cash in
hand and demand deposit and cash equivalents are short term, highly liquid investments that are
readily convertible to known'amount of cash and which are subject to an insignificant risk of changes in
value. IAS 1 as adopted by ICAB as BAS ! "Presentotion of Finoncial Stotements" also provides that cash
and cash equivalents are those which have no restriction in use considering the provision of IAS 7 and
IAS 1. Cash in hand and bank balances have been considered as cash and cash equivalents.
Shuttering Materials
Office Equipment ....
ON"pJtjs
9rn
10.00
MABS &J PartnersChartered Accountants
Statement of Cash FlowsStatement of Cash Flows is prepared principally in accordance with IAS 7 as adopted by ICAB as BAS 7
'stotement of Cosh Flows" and the cash flow from the operating activities have been presented underdirect method as prescribed by the Securities and Exchange Rules, 1987 and considering the provision
of paragraph 19 of IAS 7 which provides that "enterprises are encouraged to report cash flow fromoperating activities using the direct method"
TaxationTransactions relating to lncome Tax have been disclosed in conventional manner. There appears no
deferred tax liability arising out of taxable temporary differences as per BAS-12 for that the taxdeducted at source by customer of Tk. 31,011,t42 is the final liability uls. 52 N of l.T Ordinance 1984 ifthe company is to pay tax which is dependent upon award of the',Court as has been stated in Note-41.00. .',"
Revenue RecognitionRevenue arising from the sale of power at end of the each month is recognized when deliveries are
made to National Grid sf Bangladesh Power Development Board (BPDB) compliance with all theconditions for revenue recognition as provided in IAS 18 as adopted by ICAB as BAS t8 "Revenue
Recognition" The controctuol ogreement with BPDB provides as under os per clause lj.j(a)(i):
"lnvoice shall be on o monthly bosis. lnvoice sholl be prepared by the compony ond submitted to BPDB
no sooner then 7 (seven) days ofter the end of the month for which such invoice is opplicable and sholl
show the due date of payment of the invoice to be 4i(forty five) days after date of issuance of therelevont invoice. Such invoices sholl present oll informotion including schedule 9, 70 & 77 ondcalculotion, ony other informotion required by BPDB to confirm the consistency of the invoice with theprovision of the section 73.3. BPDB sholl pay to the compony by A/C poyee cheque or Pay Order orthrough Bonk Tronsfer oll amount due under this ogreement, less any amount thdt ore subject todispute."
11.00 ForeigncurrencytranslationTransactions denominated in foreign currencies are translated into Bangladesh Taka and recorded at
rates of exchange ruling on the date of transaction in accordance with IAS 21 as adopted by ICAB as BAS
2l"The Eflects of Chonges in Foreign Currency Rotes".
12.00 Earning Per Share (EPS)
The company calculates Earnings per Share (EPS) in accordance with IAS 33 as adopted by ICAB as BAS
33 "Earnings per Share" which has been shown on the face of Comprehensive lncome Statement and
the computation of EPS is stated in Note -38.00.
Basic EarningsThis represents earnings for the period attributable to ordinary shareholders. As there was no
preference dividend, minority interest to extra ordinary items, the net profit for the period has
been considered as fully attributable to the ordinary shareholders.
Basic Earnings per Sh.are
This has been calculated by dividing the basic earnings by the weighted average number ofordinary shares outstanding during the period.
Diluted Earnings per ShareNo diluted EPS is required to be calculated for the period as there was no scope for dilution
during the period under review.
13.00 lmpairment of Assets
As all assets of the company shown in the financial statements that are within the scope of 8A5-36 are
in physical existence and valued not more than their recoverable amount following lnternational
Accounting Standards adopted in Bangladesh, disclosures with regard to "lmpairment of Assets" as per
8A5-36 have not been considered necessary.
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Nexialnternational
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15.(n
15.00
16.01
16.o2
16.04
16.05
MABS &J PartnersChartered Accountants
Employee Benefit ObligationsThe Compony has implemented following employees benefit plon:
a) Annual leave with wage
b) Gratuity: this scheme is recognised by NBR.
c) Provident Fund: this scheme is recognised by NBR.
d) Festival bonus.
e) Workers profit participation and welfare fund at 5% of net profit. lt has been initiated from 20()8.
Trade Creditors and Other Current LiabilitiesLiabilities are recognised for amount to be paid in the future for goods and services received, whetheror not billed by the supplier.
Additionatlnformation j
Responsibllity for preparation and presentation of Financial StatementsThe Board of Directors is responsible for the preparation and presentation of Financial Statementsunder Section 183 of the Companies Act, 1994 and as per the provision of "the framework for thepreparation and presentation offinancial statements" issued by the lnternational Accounting StandardsCommittee (IASC).
Transactions with Related Parties / Associated UndertakingsThe company carried transactions with related parties in the arms' length basis and there is notransaction during the period with related parties.
Risk and uncertainties for use of estimates ln preparation of financlal statementsThe preparation of financial statements in conformity with the lnternational Accounting Standardsrequires management to make estimates and assumption that affect the report, amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date of the financial statements andrevenue and expenses during the period reported. Actual results could differ from those estimates.Estimates are used for accounting of certain terms such as long term contracts, provision for doubtfulaccounts, depreciation and amortization, employees benefit plan, tax reserves and contingencies.
Reporting Currency and level of precisionThe figures in the financial statements represent Bangladesh currency (Taka), which have been roundedoff to the nearest integer.
Comparative lnformationComparative information have been disclosed in respect of the year 30 June 2OL7 for all numericalinformation in the financial statements and also the narrative and descriptive information when it is
relevant for understanding the current period's financial statements.
TurnoverTurnover comprises energy sales of the company, excluding VAT, supplementary duty, etc.
CommissionNo commission has been paid during the year under review.
Brokerage or DiscountThe company did not pay any brokerage or discount during the period under review.
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16.09 Payment to DirectorsDuring the period the company has paid to its Directors as follows:
16.10
15.11
16.12
16.13
16.14
16.16 Loans, Advances and DepositsThis is considered good and collectible anddebt was considered doubtful to provide for.
A membdr of
Nexialnternational
The Directors were not paid for any other facilities from the company.
Miscellaneous ExpensesMiscellaneous expenses do not include any item exceeding 1% of total revenue.
Leases
Lease rentals against assets acquisition have been expensed as they incurred.
Acknowledgement of ClaimsThere was no claim against the company acknowledged as debt as on 01July 2016 to 30 June 2017.
Going Concern
There is no significant doubt upon the company's ability to continue as a going concern.
Reporting Period
Financial statements of the company cover one financial period from 01 July 2016 to 30 June 2017.
Rearrange of FigureComparative figures have been rearranged, if necessary.
1l
sr Name Designation Period RemunerationIBDTI
FestivalBonuslBDTl
TotalIBDTI
I Mr. M. Taifur Hossain Managing Director July-June 3,6o0,ooo 360,000 3,960,ooo
2 Mrs. Shamim Ara lslam Chairman July-June 2,400,000 240,000 2,640,OOO
3 Mrs. Rezina AkbarDirector
(Procurement) July-May 2,475,OOO 135,000 2,610,000
1 Mrs. Morziana HasanDirector
(Procurement) June 225,OOO 135,000 360,000
Total 9,700,000 870,000 g,57o,ooo
MABS &J PartnersChartered Accountants
17.m PROPERTY, PLANTAND EQUIPMENT: TK. 1,277,922,225
The figures have been arrived at as under:
Cost as per last account
Add : Additions during the year
Less : Accumulated Depreciation
Written down value
Details have been shown in Annexure-'01'
18.00 LEASEHOLD IAND DEVETOPMENT COST: TK.4,44&042
The figures have been arrived at as under:
Balance as per last account
Less: Amortization during the year
19.00 INVESTMENT lN MARKETABTE SECURITIES: Nil
The brak-up ofthe above amount is as under:
lnvestment at Opening
lnvestment During the year
Sale/Buy During the year
Change in Gain/Loss Realized
Total lnvestment at realizable value
21.00
INVENTORI ES: TK. 84,070,945
The break up of the above amount is as under :
Stock of Spare Parts for General
Stock of Spare Parts for E-70
Stock of Lubricants
ACCOUNTS RECEIVABLE: TK. 136,005,698
The break up of the above amount is as under :
Bangladesh Power Development Board
SUNDRY DEBTORS: TK. 500,000
The break up of the above amount is as under :
7,865,357,373 L,798,238,O72
L2,695,526 67,LL9,30t
1,878,053,899 1,855,357,373
500,L37,674 529,075,857
1,277,922,225 1,336,281,506
3O June 2017 30 June 2015
5,L99,824
75L,782
5,951,506
757,782
4,448,042 5,199,824
1o,743,367
5,993,662
(15,817,312)
(819,7L5)
25,737,L2O
L2,473,445
(26,073,310)
(1,393,888)
- L0,743,367
29,690,545
48,558,880
6,82t,52O
84,O7O,945
34,t75,240
36,456,515
LL,587,O2O
82,218,775
50o,ooo
136,005,598 93,378,760
136,005,698 931313,760:-
93,750
500,000
3,000,000
Central Depository Bangladesh Limited
IDLC Finance Limited
Trade lnternational Oriental Autos
A member of
Nexialnternational
30 June 2017 30 June 2016
OverBelow Below Over
o500,000 93,750 3,5oo,ooo
Ebhr}.bb.bwbD,-t,wt,b)-bbbbAbbbbhbbbBbbbbbb),4bbbbbbbtsrl
ADVANCE, DEPOSIT & PREPAYMENTS: TK. 199,139,292
The break up ofthe above amount is as under:
Other Advances (Note-23.01)
Bank Guarantee Margin (Bank Asia Ltd)
UC Margin ( Note-23.02)
Tax Deducted at Source on Other lncome
Advance lncome Tax Deducted at Source
MABS &J PartnersChartered Accountants
2,222,692t,668,974 3,290,553
- 4,O48,42L
o,uur,rrot3,?97,739 L72,L73,67t
2,200,357
1,933,298
5,O5O,226
2,703,94O
74L,O23,83tL5,392,43t
14,966,713 184,172,580 17,615,123 152,911,652
OTHER ADVANCES: TK. 4,959,527
The break up ofthe above amount is as under:
Advance Rent (Office Rent)
Advance Rent (Office Car Parking)
Advance to Staff (Against Office Work)
Advance to Staff (Against Salary)
Advance to Haribhasa Enterprise (SPP)
Prepaid lnsurance Premium
t71,409104,400
67,888
479,OOO
846,277
1,5gg,ooo
1,692,553
L87,92O
40,089
302,130
L,692,553
854,080
500,000
846,277
24.00
t/C Margin: Nil
The break up of the above amount is as under :
L/C Margin
L/C Bank Charges and Commission
L/C Customs & OthersL/C lnsurance Premiun
CASH AND CASH EQUIVALENTS: TK. 503,158,409
The break up ofthe above amount is as under:
Cash in Hand at Head Office
Cash in Hand at Branch Office
cash at Banks (Note-24.01)
Fixed deposit ai Bank (Note-24.02)
A member of
Nexialnternational
L.668.974 3.290,553 2,222,692 2,2OO,357
L,83L,547
27,887
3,179,130
L2,662- 5,050,226
74,656
407,935
62,160,3tL
440,5L5,507
69,676
603,638
142,842,223
278,95O,765
503,158,409 422,466,3O3
30 June 2017 30 June 2016
Belowsix months
Oversix months
Belowciv manthc
Over<iv manthc
30 June 2017 30 June 2016
Below
six monthsOver
six monthsBelow
six monthsOver
six months
13
EhFbbb.b.bib-bb.b-b,9DDbDbbbbAbbbbbhbbb,.. ,bbbbbbbbfr)abbbbh1,
2/f-O1 Clstl AT BANKS : TK. 62,160,311
The break up ofthe above amount is as
AB Bank Ltd.-4005-75789 1-000
Bank Asia Ltd. A/C 00733003080
Bank Asia Ltd. A/C 00733003201 ESCROW
Bank Asia Ltd. A/C 02133001252
Dutch Bangla Bank Ltd. AIC LLO.LIO.23OL ,
Eastern Bank Ltd. HPAC-105135OL6O87 4
Prime Bank Limited Al c-t46LL02001812 1
Sha hja la I lsla mi Ba n k Ltd. A/C:4003 L24O0OOOO22
Shahjalal lslami Bank Ltd. A/C:400313100001549 Divident A/C
Sharp Securities Ltd. 28999 BO A/C fl 1203180052163888
Trust Bank Ltd. A/C 00170320000995, Dilkusha Corporate Branch
24.02 FIXED DEPOSIT AT BANK: TK.440,515,507
The break up ofthe above amount is as under :
Bank Asia Ltd. ,Scotia Branch
Bank Asia Ltd. , Dhanmondi Branch
Arab Bangladesh Bank Ltd. (ABBL)
IDLC Finance Ltd.
Shahjalal lslami Bank Ltd.
NCC Bank Ltd., Dhanmondi Branch
MABS &J PartnersChartered Accountants
373,682
45,295
1
38,9L2,1t9
164,855
177,254
67,424
120,227
9,O52,r],g
3,234,98L
10,002,352
375,332
140,695
1
1
58,354,995
L62,785
119,075
66,464
242,637
45,97L,779
26,986,464
79,202
403,392
30 June 2017
lo,o+o,ocs90,5L7,68;4
25L,O73,542
13,129,935
15,753,7OL
_440,s11192_
62,160,311 142,8/.2,223
I 30Jr*1016
3,393,353
56,976,63085,718,188
95,196,70612,500,000
15,175,888
_n8,95O;t65_
ffi\qgz
SN"pii"ie14
MABS & J PartnersChartered Accountants
969,557,600
959,557,600
25.01 The percentage of shareholding by different catetories of shareholders is as follows:
25.O2
26.00 Share Premium: Tk. 866,550,000
Share Premium
25.q' SHARE CAPITAk TK. 969,557,600
The breakup ofthe above amount is as
95,955,750 Ordinary Shares ofTaka 10 each
96,955,760 Ordinary Shares ofTaka 10 each
A member of
Nexialnternational
of
30 June 2017 30 lune 2016969,557,600
969,557,600
No. ofl{nldarr
Holdings Tota! Holdings %
10,009 Less then 500 shares 2.68
5,677 501 to 5000 shares 11.50
1,o44 5,001 to 10,000 shares 8.47
606 10,001 to 20,000 shares 9.28
192 20,001 to 30,000 shares 5.O2
86 30,001 to 40,000 shares 3.2L
51 40.001 to 50.000 shares 2.44
91 50,001 to 100,000 shares 6.66
58 100,001 to 1,000,000 shares L4.L3
9 1,000,001 to Over shares 36.66
L7.817 100.00
the 5 hareholders:
Sl. No. Particulars30 June 2017 30 June 2015
No. of(harac
y'alue of sharer Yo No. of Shares Value of shares %
1M. Taifur Hossain(Manaeine Director)
g,6go,ooo 96,8oo,ooo 9.98% g,6go,ooo 96,800,000 9.98%
2Mrs. Shamim Ara
lslam (Chairman) 5,458,108 64,581,080 6.6601 6,458,108 64,581,080 6.6601
3Mrs. Morziana
Hasan(Director)4,4O5,454 44,O54,54O 4.54v, 397,535 3,975,360 o.4L%
4Mrs. Rintia Nazim(Director) 4,275,595 42,755,850 4.41% 4,275,585 42,755,850 4.4Lo/.
5Mrs. Rafsana Rafique(Director) 4,275,595 42,755,850 4.4Lo/ 4,275,585 42,755,850 4.47%
6 Mrs. Rezina Akbar 1,939,200 19,392,000 2.OOt 5,947,LLB 59,471,L80 6.1301
7 lnstitutions LL,666,577 1t6,665,7tO L2.03o/t 15,932,586 159,325,860 16.43'l
8 Others(lndividual) 54,255,257 542,552,570 55.96o/t 49,989,242 499,892,420 51.5601
Total 96,955,760 969,557,600 t00o/o 96,955,760 969,557,600 LOO%
15
__866,s50,999_ 866,ss0,000
27.OO ACCOUNTS PAYABLE: TK. 67,084115
The break up ofthe above amount is as under :
MABS &J PartnersChartered Accountants
30June2017 ll 30June2016Fuchs Lubricants Bangladesh Ltd.
Pashchimanchal Gas Co. Ltd.
Kaltimex Energy BD Pvt. Ltd.
SUNDRY CREDITORS: TK. 4t7,325The break up ofthe above amount is as under: .'
:
Alam BrothersShare Money Deposit (Note 28.01)Tax Deducted at Source from salary, suppliers, office rent etc.
28.01 SHARE MONEY DEPOSITS: TK.80,000
417,325 45,965
391,629
66,692,486391,629
45,L28,43t180,000--------6at&rtfr-4r,70106r
80,000
337,325
50,000
80,000
315,965
Sl. No. Name of Depositor's
1 MD RUHUL AMIN 8,000 8,000
2 MAHBUBA UMME RAIHAN 8,000 8,000
3 SHAHINARA NESAR 8,000 8,000
4 AMANUL HOQUE 8,000 8,000
5 MD. IMDADUL HOQUE 8,000 8,000
6 HURE ZANNATH 8,000 8,000
7 QAZI URFIAHMED 8,000 8,000
8 RAYHANA ZANNATH 8,000 8,000
9 MUHAMMED MERAJ 8,000 8,ooo
10 TANIA SIDDIQUA 8,000 8,000
Total Tk. 80,000 80,000
^ A member of
$Nsr,is 16
29.00 ACCRUED EXPENSES: TK. 5,242,404
The break up of the above amount is as under :
Remuneration & Salary
Employees Fringe Benefits (Note-29.01)
Office Rent
Liabilities for Verious Expenses
Audit Fees
EMPLOYEES FRTNGE BENEFTTS: TK. 1,821,438
The break up of the above amount is as under :
Opening Balance
Payable During the yearTotalDisburse during the year
Transfer to Gratuty A/C During the year
30.00 WORKERS PROFTT pERTtCIpATtON FUND: TK. t4,812,t26The break up ofthe above amount is as under:
Opening Balance
Addition During the year
Total
Less: Disburse During the year
Participation Fund
Welfare Fund
31.00 UNCIAIM DIVIDEND: TK. 3,168,866
The break up of the above amount is as under :
Opening Balance
Addition During the year
TotalDisburse during the yearLess: Paid During the year (Cash Dividend)Less: Paid During the year (Fractional Share)
MABS &J PartnersChartered Accountants
30 June 2017
3,005,450
L,gz]-,43g
65,516
350,000
30 June 2016
2,67L,363
685,899
200,000
5,242,404 3,557,262
,]
2,677,3633,529,3205,199,693L,73g,Lgg4,461,4942,640,046
1,821.438
--
9,963,259
3,3L6,,514
L3,279,7731,197,590
t2,og2,lg3g,42O,g3O
2,671,363
73,642,OO3
5,815,235
16,673,9O2
4,450,216
19,457,239
4,534,912
120,000
21,124,119
3,743,25O
3,739,965
14,802,326 13,642,003
27,395,993
48,477,ggt75,963,963
{72,694,99_71
25t,L7896,955,75097,206,979
(69,969,946)
L47,g't
S,N"P#"i; 17
3,16!,966 27,395,993
EIabbbbbbbVbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb1,"
H
32.00
33.00
34.00
:!4.01.01
17,898,000
18,908,395
2,954,689
26,72t,96940,92O,5O4
504,000
7O,345,249
744,264
3,385,106
154,800
6,900,750
3,735,000
1,675,000
74,2O0
1,849,834
9,457,54O
SHORT TERM BANK LOAN : TK.49,275,360The breakup ofthe above amount is as under:
Short Term Loan Bank Asia Ltd. (STL) - 02135001288
Short Term Loan Bank Asia Ltd. (STL) - 02135001298
Short Term Loan Bank Asia Ltd. (STL) - 02135001355
Short Term Loan Bank Asia Ltd. (STL) - 02135001371
Shahjalal lslami Bank Ltd. A/C:400312400000022
Bank Asia Ltd, OD A/C 02133001382
TURNOVER: Tk.526,879,384 iThe breakup ofthe above amount is as under:
Revenue from BPDB
*This turnover is from sale of energy to Bangladesh
National Grid.
COST OF ENERGY SOLD: TK. 356,650.959The breakup ofthe above amount is as under:
Gas Consumed
Direct Expenses (Note-34.01)
DIRECT EXPENSES: Tk. 206,059,300
The breakup ofthe above amount is as under:
Lubricants Consumed (Note-34.01. 1)
Salary & Allowances
Operating Expenses-Bogra Plant
spare Parts (Note-34.01.2)
Spare Parts for E-70 (Note-34,01.3)
Havoline
Depreciation Expenses
Amortization of leasehold land development cost
Plant All Risk lnsurance Premium
Testing Expenses
Cleaner Elements
Alternator Repair Expenses
Turbo Charger Repaier
Transformer Repair
Control Pannel Repair
Repair & Maintenance
LUBRICANTS CONSUMED: Tk. 17,898,000
The breakup ofthe above amount is as under:
Opening Stock
Add: Purchases
Less: Closing Stock
MABS &J PartnersChartered Accountants
30June 2017 ll 30June 2016
49,275,360 36,250,386
__---t26,8?X9g!- _s17,249,O53-
Power Development Board, through PGCB
150,581,559 \47,471,922206,069,300 778,378,743
356,650,959 325,790,665::
7,577,858
77,721,404L7,340,739
6,645,225(9,867)
18,939,499
74,037,894
s,oos,2so266,743
13,099,150
14,896,000
27,995,75077,587,02O
34.01
205,059,300
16,408,130
16,680,734
1,011,010
24,024,4342L,385,546
504,000 .
68,982,67t744,264
2,539,830
87,O25
9,689,7502,008,550
825,908
2,687,30510,800,976
L78,378,743
LL,587,02O
13,132,500
24,7t9,52O6,827,520
^ A member of
S) Nsr,i"e18
17,898,000
MABS &J PartnersChartered Accountants
34.01.02 SPARE PARTS : Tk. 26,721,969The breakup ofthe above amount is as under:
Opening Stock
Add: Purchase
Less: Closing Stock
34.01.03 SPARE PARTS E-70 : Tk.40,920,504The breakup ofthe above amount is as under:
35.00
35.01 ADMINISTRATIVE EXPENSES:TK. 34,807,099
The breakup of the above amount is as under:
Directors Remuneration & Bonus
Salary & Allowances
Festival Bonous
Director's Meeting Allowances
Employees Benefits (Note-35.01.01)
Contribution for PF
Advertising
Annual General Meeting
Electric Bill
Office Maintenance
Audit fee
Wasa Bill
Car Rental Expenses
Consultancy Fee-Finance
Deprecation Expenses
Amortization of leasehold land development cost
Miscellaneous Expenses
A member of
Nexialnternational
Opening StockAdd: Purchase
Less: Closing Stock
ADMINISTRATIVE, FINANCIAL & OTHER EXPENSES: TK. 56,082,590
The breakup ofthe above amount is as under:
Administrative Expenses (35.01)
Financial Expenses (35.02)
Other Expenses (35.03)
_40,920,191_ _E,O42,O46-
34,775,24027,237,274
55,4L2,5L429,590,545
26,72L,969
36,456,515
53,022,869
29,706,450
34,526,474il,232,92434,L75,240
30,057,694
38,671,353
22,827,20889,479,38448,558,880
61,498,561
36,456,515
34,807,O99
5,770,O83
25,505,409
34,334,40O
6,42O,559
L8,700,325
_-__9gg!&!99_ _: e,4s r3!t-
9,700,000
13,337,533
2,454,420
195,000
3,528,32O
252,697
567,765
2,757,O57
742,123
90,103
407,500
38,031
L,L32,865
Lgt,664
710,559
7,579
293,945
9,700,000
tt,o32,3422,924,O80
115,000
3,315,514
309,228
727,ztt2,679,055
295,8t4
748,625
777,978
57,356
888,705
L,6gg,L2g
696,795
7,5L8
36,050
19
34,807,099 34,334,400
35.01.01 EMPTOYEES FRINGE BENEFTTS: Tk. 3,528,320The breakup ofthe above amount is as under:
Annual Leave
Gratuity
:t5.02 FINANCIAL EXPENSES: TK. 5,720,083The breakup ofthe above amount is as under:
Bank Charges jBank Guarantee Commission
lnterest on Bank Loan
35.03 OTHER EXPENSES;TK. 25,505,408The breakup ofthe above amount is as under:
Office RentCourier Service ExpensesTelephone & Mobile Expenses
Fuel Expenses
Donation & SubscriptionEntertainmentFooding Bill for StaffMedical & Medicine Expenses
Newspaper BillsDependable Capacity Test Expenses
lnternet Line Expenses
lnsurance Premium ExpensesProfessional Expenses
Listing Expenses
Arbitration Expenses
Legal Expenses
TransportationTraveling Expenses
Printing & StationeryRepair, Maintenance & Registration ExpensesPromotional Expenses
Data Processing Expenses
License Expenses
Renewal Expenses
Tendering Expenses
Other Operational Expenses
Training & Welfare Expenses
Safety MaterialC & F Expenses
Utility Bills/Service Cha rges
MABS &J PartnersChartered Accountants
7,261,962
2,266,459
!,tgo,4og
2,726,705
3,529,320 3,316,514
227,g0g
L,tt7,366
4,430,907
286,563
445,992
5,688,005
5,77O,O93 6,420,559
964,443759,96323L,577
7,263,375830,000
3,273,332538,259282,840
4,372t,2L4,97L
173,850547,771448,500959,558
35,000L,4O7,L-OO
374,O995,814,7491,221,7591,180,000
200,00048,400
777,6_07
662,6704L3,255
t,6t7,729577,OOO
791,,592199,987225,295933,69730,000
3,O42,984150,233
17,838966,767195,020183,957
1,033,089
L,5L8,26715,304
3,224,71049,458
L91,7272,353,493
t,oL7,24317,500
5L2,L40727,260
8,725899,88231,950
522,4L720,000
345,935 325,395
_35E95419. _UJqg,es.
- Amember of
S) N.gxi"*20
Ebbbbbb9DDDD
MABS &J PartnersChartered Accountants
3Am OTHER INCOME: TK. 18,793,810The breakuo ofthe above amount is as under:
lnterest on SND, MMSA and FDR lnterestlnsurance ClaimOther lncome
37In PROVISION FOR INCOME TAX: TK. 4,677,5LsThe breakup ofthe above amount is as under:
Opening Balance ..,,
Add: During the year ;
On SND, MMSA & FDR
On lnsurance Claim
On Other lncome
Adjustment with TDS on FDR interest
_$z9ga10- _1!|€9€EEL
18,361,95413,100
4L8,756
19,037,858
4,590,4893,275
83,757
79,469,90229,200
397.549
t3,828,126
5,t22,9357,300
79,507
5,2O9,742
19,037,858
4,659,934 2,7O3,94O
__-__-l 9,05 5,449- _l 6, 333, 93g_
No provlslon for tax on lncome from energy sale has been made because of the reasons stated in
note # 9 above.
4,677,51523,7t5,381
t71,627,179
96,955,760
89,157,985
96,955,760
BASIC EARNINGS PER SHARE (EPS):
The Computation of EPS is given below:
(a) Earnings attributable to the Ordinary Shareholders
(b) Number of Ordinary Shares outstanding at the end ofthe year.
(c) Basic EPS
^ A member of
$Ns*.js 21
EbbbbbbbbbDbbbbtsEbbbb
E
EEtr
E
H
MABS & J PartnersChartered Accountants
39.00 TA)( ASSESSMENT STATUS:
4O.OO SOME INFORMATION WITH REGARD TO INCOME AND EXPENDITURE IN FOREIGN CURRENCY ETC.:
3O June 2017
(a) Value of lmports on C & F basis
(l) Raw Materials(ii) Packing Mater:ials
(iii)Components and Spare Parts
(iv) Capital Goods
Nil(b)
(c)
Expenditure in Foreign Currency for Royalty, Technical Fee,
Professional Advisory fee, lnterest and Others.
Value of Consumed Raw Materials, Packing Materials, Stores &
Spares consumed with percentage:
Nil
Nil
usD 3,31,174.57 &Euro 2,61,840
USD 2,500
40,920,5O4
26,72L,969
Nil
Nil
Nil
usD 25,112.50
Nil
lmported
Local
A member of
Nexialnternational
Nil
Nil
Nil
Nil
46
100
Nil(d) The amount remitted during the year in foreign currencies on
account of dividends with a specific mention of the number of non-
resident shareholders,
Earnings in foreign exchange classified under the following heads
namely:-(i) Export of goods calculated on F.O.B basis;
(ii) Royalty, know-how, professional and consultation fees :
(iii) lnterest and dividend ;(iv) Other income, indicating the nature thereof.
Nil
Nil
Nil
Nil
Accounting Year Assessment YearLiabilities as per
Assessment Order
Advance Income Tax
Paid/Collected
2007 2008-2009 Assessment Completed Ni
2008 2009-2010 Assessment Completed 9,29t,2L7
2009 2010-2011 Assessment Completed !0,327,541
2010 20L7-2072 Assessment Completed 77,376,752
20LL 2012-2073 Assessment Completed 13,272,708,
20t2 2013-2074 Assessment Completed 20,498,509,
20L3 20L4-2075 Assessment Completed 79,824,OO4
20L4 20L5-2016 Assessment Completed 22,624,837
2015-16 20L6-2077 Return Submitted 5L,ttl,L722076-2077 20L7-20L8 Return not Submitted 31,O7t,L42
Total 19s.337.886
NBR. Now the income tax return submission and assessment under process.
Amount Amount Amount
Raw
Materials%
Packing
Materials% Stores & Spares %
(e)
22
MABS &J PartnersChartered Accountants
{r-0 (Itnxcsfr UABILITY (BAS-371:
tlemand Against Gas Bill
' lncome Tax
30-Jun-17
169,013,607
30-Jun-15
752,697,647
^ A member of
$ Nsrjs
D)Dbbbbbbbbbtrtr
E
EE
E
E
195,337,886 t64,326,744364.351.493 317,024385
* ln contravention to certain provisions of the Gds.Act,2010the Gas sqpplier has been demanding
charges on higher Heating Value (HHV) resulting in'dispute between the parties'
After exhausting all other legal efforts, the dispute has been referred to the Arbitral Tribunal of
Bangladesh Energy Regulatory Commission (BERC) as per section 40 of the BERC Act, 2003.
Currently the Tribunal proceedings are Sub-Judice'
** The company was awarded lndependent Power Producer (lPP) license on 7A(OU2O13 by the
Bangladesh Energy Regulatory Commission (BERC) as per direction by the Honorable Supreme Court
and as per issued license the company is supposed to enjoy tax holiday for 15 (fifteen) years from
its date of commercial production dated 17.06.2008 in light of SRO No' 114-AlN/ 1999 dated
26.0s.1999 0f NBR.
The Taxes Appellate Tribunal, Division Bench-2, Dhaka has, in its order dated 30/11/20t5, already
directed the Deputy Commissioner of Taxes to allow the said exemption and consider the above
amount as income of the comPanY.
42.fi) There was no claim against the Company which is to be acknowledged as debt as on 30-06-2017.
43.00 SubsequentEvent:
(a) The board of Directors recommended 5% Cash and 5% Stock Dividend to all shareholders
subject to the approval of the shareholders in the Annual General Meeting'
(b) There is no other significant event that has occurred between the Balance Sheet Date and the
date when the financial statements were authorized for issue by the board of directors'
zl . Zi-l t-=-=-Managing Director
-ch*SLDirector
#)Company Secretary
23
s;ia o|\l5ooEs5= s"
ttro@(fl
@
No(i')
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