You are on page 1of 96

ANNUAL REPORT 2013

C O N T E N T S
4 Vision
6 Transmittal Letter
7 Notice of the 24th Annual General Meeting
8 Corporate Directory
9 Company at a Glance
10 Products and Services
13
The Pattern of Shareholding by the
Directors & Executives
14 Range of Shareholding
15 Last fve Years Financial Summary
16 Board of Directors
17 List of Senior Management
18 Chairmans Message
22 Managing Director and CEOs Message
26 Directors Report
42 Corporate Governance
45 Report of the Audit Committee
46 Picture Gallery
52 Auditors Report and Financial Statements
58 Notes to the Financial Statements
90 Notes
91 Proxy Form
VISION
Recognizing the fundamental need for efective systems
integration is what distinguishes the companies of aamra.
Our vision is to empower companies and individuals to
access personalized solutions, products and services when,
where and how they may choose. We integrate all elements
of a system, new and existing, into a single solution that
addresses strategic growth, outstanding service, and
community involvement.
4
aamra technologies limited I ANNUAL REPORT 2013
5
Performance is our passion
The motivation that drives us in all business area emerges delivering higher performance
products and services to our customers. Combining technological, economic and personal
aspects of performance make the diference at aamra.
Creating value with
aamra recognizes the power that partnership and cooperation have in achieving any goal.
We believe that by harnessing the strength of togetherness with all our stakeholders,
we will be able to surmount any obstacle in our path and scale new height. Accordingly
our products and services are meant to create value of unity in relations to our business
partners, shareholders as well as to our employees and society in general.
hhhh
that partnership and cooperatio
6
aamra technologies limited I ANNUAL REPORT 2013
Date: November 26, 2013
To
The shareholders,
Bangladesh Securities and Exchange Commission,
Registrar of Joint Stock Companies & Firms,
Dhaka Stock Exchange Limited
Chittagong Stock Exchange Limited
Sub: Annual Report for the year ended June 30, 2013
Dear Sir:
We are pleased to enclose a copy of the Annual Report together with the Audited Financial Statements for
the year ended June 30, 2013 for your record/necessary action.
Sincerely Yours
Md. Anamul Haque
Company Secretary
TRNSMITAL
LETER
7
NOTICE OF THE 24
th
ANNUAL GENERL MEETING
Notice is hereby given that the 24
th
Annual General Meeting of aamra technologies limited will be held
at Bashundhara Convention Center 2, Bashundhara, Dhaka, on Sunday, December 22, 2013 at 10:00 a.m.
to transact the following business:
1. To receive, consider and adopt the Audited Financial Statements of the Company for the year ended
June 30, 2013 together with the Reports of the Directors and Auditors thereon.
2. To declare dividend for the year ended June 30, 2013.
3. To elect Directors of the Company as per its Articles of Association.
4. To appoint Auditors for the Financial Year 2014 and fx their renumeration.
5. To transact any other business with the permission of the Chair.
By order of the Board
Md. Anamul Haque
Company Secretary
Dated: November 24, 2013
Notes:
1. November 7, 2013 is scheduled as Record Date. Shareholders whose names will appear on the Register
of Members or in the Depository Register on the Record Date will be eligible to attend the meeting and
qualify for dividend.
2. A member entitled to attend and vote at the general meeting is also entitled to appoint a proxy to
attend the meeting and vote on his/her behalf. The proxy form duly completed, must be af xed with a
revenue stamp of Tk. 10/- and deposited at the registered of ce no later than 48 hours before the time
of holding the meeting.
3. Admission into the meeting room will be allowed upon presenting the attendance slip duly signed by
the member/proxy/attorney/representative, as the case may be.
4. Annual Report 2013 is available in the Company Website.
5. No gift or beneft in cash or kind shall be paid to the holder of equity securities at the AGM as
per Bangladesh Securities and Exchange Commission notifcation No. SEC/SRMI/2000-953/1950
dates 24
th
October 2000 (c).
8
aamra technologies limited I ANNUAL REPORT 2013
CORPORTE
DIRECTORY
Registered Of ce
BTA Tower (10
th
Floor),
29 Kemal Ataturk Avenue
Banani C/A, Dhaka-1213
Business Address
F.R Tower (9
th
Floor),
32 Kemal Ataturk Avenue
Banani C/A, Dhaka-1213
Chittagong Of ce
SSFA Estate
132 Panchlaish R/A
Chittagong
Auditors
Masih Muhith Haque & Co.
Chartered Accountants
Level # 13, UTC Building
8 Panthopoth
Dhaka-1215
Legal Adviser
Syed Ishtiaq Ahmed & Associates
Concord Ovilash (1
st
Floor)
House 62, Road 11A
Dhanmondi, Dhaka-1205
Bankers
Bank Asia Ltd
ONE Bank Ltd
The City Bank Ltd
Dutch Bangla Bank Ltd
Dhaka Bank Ltd
Insurer
Green Delta Insurance Co. Ltd
9
COMPANY
AT A GLANCE
Company Name : aamra technologies limited
Registered Of ce :
BTA Tower (10
th
Floor)
29 Kemal Ataturk Avenue, Banani C/A,
Dhaka-1213
Business Address :
F.R Tower (9
th
Floor), 32 Kemal Ataturk
Avenue Banani C/A, Dhaka-1213
Date of Incorporation : On March 14, 1990
Date of Commercial Operation : On March 14, 1990
Legal Status : Public Limited Company
Authorized Share Capital : BDT 1000 million
Paid-Up Share Capital : BDT 503 million
Number of Shareholder : 16,568 (as on 7 November, 2013)
Line of Business :
ATL provides high-tech and customized
solutions to address a broad range of IT
Business needs. As a complete service
solutions company, we address all aspects
of a product/project development life
cycle, ranging from preliminary analysis and
design to programming, hardware and soft
ware specifcation, project implementation,
and training. Our team members have
extensive experience in the Financial
Industry, Manufacturing, and Internet based
application services.
Number of Employee : 109 (One Hundred & Nine)
10
aamra technologies limited I ANNUAL REPORT 2013
PRODUCTS AND SERVICES
We are the authorized distributor of the world renowned brands that cater to the Financial Services Industry,
Telecommunications Industry, Network Equipment Provider, Internet Service Provider, Independent Software
Vendor and Small & Medium Business in Bangladesh. Not only we sell the products but also provide services
and our Product & Service Portfolio is given below:
Brand Products Company Origin
Oracle

Servers, Soft ware &
Storage Solution
Oracle Corporation U.S.A
VeriFone

POS Terminals & NAC VeriFone U.S.A
Finacle

Core Banking Solution Infosys Technologies Ltd. India
NBS

Card Personalization
Solutions
NBS Technologies Inc. U.S.A
Thales Host Security Module Thales E-Security Inc. U.S.A
Cisco Network Product Cisco Systems Inc. U.S.A
Juniper

Network Product Juniper Networks U.S.A
Microsoft

Software Microsoft Corporation U.S.A
CA

Network Management
Software
CA Technologies Ltd. U.S.A
11
Some of our Clients
(by Products)
Diebold:
Bank Asia Limited
BRAC Bank Limited
Cynergon IntelliSys Limited
Commercial Bank of Ceylon
Dutch Bangla Bank Limited
Electronic Transactions Network (ETN) Limited
Islami Bank Bangladesh Limited
Mutual Trust Bank Limited
Networld BD Limited
Premier Bank Limited
Prime Bank Limited
Southeast Bank Limited
The City Bank Limited
Oracle-Sun Systems:
Telecommunications Industry:
Axiata Limited (Robi)
Getco Communication
Grameenphone Limited
MIR Telecom
MnH Telecom
National Telecom
Pacifc Bangladesh Telecom Limited (Citycell)
Banglalink Telecom Ventures Limited
(Previously Orascom Telecom Ventures Limited)
S A Telecommunication System Limited
Warid Telecom (Pvt.) Limited
Network Equipment Provider (NEP):
Alcatel-Lucent
Ericsson AB
HUAWEI
Motorola Inc,
Nokia Siemens Networks (NSN)
Independent Software Vendor (ISV):
Comviva
Fundamo
Interblocks
Roamware
Sysbase 365
Ushacomm
Financial Service Industry (FSI):
Bank Alfalah Limited
Bank Asia Limited
BRAC Bank Limited
Dhaka Bank Limited
Dutch Bangla Bank Limited
Islami Bank Bangladesh Limited
National Bank Limited
Southeast Bank Limited
Standard Chartered Bank
The City Bank Limited
United Commercial Bank Limited
Internet Service Provider (ISP):
aamra Networks Limited
BRAC BD Mail Network Limited
Delta Soft Limited
Delta Network
Dominox Technologies Limited
Global Access Limited
Grameen Cyber Net Limited
Grameen IT Park Limited
System Limited
Education Industry:
Independent University of Bangladesh
North South University
Other Industries:
Alliance TG-Supply
Army Head Quarter
Bangladesh Bureau of Statistics
Bangladesh Petroleum Institute
Bangladesh Space Research and Remote
Sensing Organization (SPARRSO)
Berger Paints Bangladesh Limited
OTOBI Limited
Proshika Computer System
SAARC Meteorological Research Centre
Shakti Foundation
Shell Bangladesh Exploration and
Development B.V.
Network Solution (Cisco, Juniper, CA):
AB Bank Limited
Axiata Limited (Robi)
BELST (Alap Communication Limited)
Berger Paints Bangladesh Limited
Citi Bank N.A
Grameenphone Limited
LankaBangla Securities Limited
National Bank Limited
Otto International Limited
Banglalink Telecom Ventures Limited
(Previously Orascom Telecom Ventures Limited)
Pacifc Bangladesh Telecom Limited (Citycell)
Prime Bank Limited
Reckitt Benckiser
Roamware
Shahjalal Islami Bank Limited
Southeast Bank Limited
Transparency International Bangladesh (TIB)
UNDP Bangladesh
Unilever Bangladesh
12
aamra technologies limited I ANNUAL REPORT 2013
Finacle Core Banking Solution:
BRAC Bank Limited
The City Bank Limited
Interblocks Switching Solution:
Islami Bank Bangladesh Limited
United Commercial Bank Limited
Remittance Solution:
BRAC Bank Limited (EL Dorado)
Payment Gateway Solution:
BRAC Bank Limited (iPay and iMobile Solution)
Credit Card Management System:
Dhaka Bank Limited
Islami Bank Bangladesh Limited
Hypercom Point of Sale (POS):
American Express Bank
BRAC Bank Limited
Dutch Bangla Bank Limited
EXIM Bank Limited
Islami Bank Bangladesh Limited
LankaBangla Finance Limited
Mutual Trust Bank Limited
National Bank Limited
Premier Bank Limited
Prime Bank Limited
The City Bank Limited
Network Access Control (NAC):
American Express Bank Limited
Bank Alfalah Limited
BRAC Bank Limited
Dutch Bangla Bank Limited
ITCL
LankaBangla Finance Limited
National Bank Limited
Premier Bank Limited
Prime Bank Limited
Thales:
Bank Alfalah Limited
BRAC Bank Limited
Electronic Transactions Network
Islami Bank Bangladesh Limited
LankaBangla Finance Limited
Mutual Trust Bank Limited
Premier Bank Limited
Prime Bank Limited
Standard Chartered Bank Limited
The City Bank Limited
United Commercial Bank Limited
NBS:
BRAC Bank Limited
Dhaka Bank Limited
Dutch Bangla Bank Limited
Electronic Transactions Network
IFIC Bank Limited.
Islami Bank Bangladesh Limited
LankaBangla Finance Limited
Mutual Trust Bank Limited
Southeast Bank Limited
The City Bank Limited
United Commercial Bank Limited
Oracle (Software):
Islami Bank Bangladesh Limited
National Bank Limited
Novotel Limited
Banglalink Telecom Ventures Limited
(Previously Orascom Telecom Ventures Limited)
The City Bank Limited
Microsoft:
A.B.S. Safdar & Co. Limited
Harpoon Securities Limited
SGS Bangladesh Limited
IIG:
Accesstel
Aftab IT Limited
Angel Drops Limited
Bangla Phone Limited
Bangladesh Internet Exchange Ltd
Chittagong Online Limited
CTG TEL
GramBangla Systems Limited
IDS Bangladesh
Information Services Network Limited
New Generation Graphics Ltd
Radiant Communication Ltd
Royal Green Online Limited
Sadiatec Limited
Spark Systems Limited
Teletalk Bangladesh Limited
ZxOnline Limited
aamra Networks Limited
13
THE PATERN OF SHARE HOLDING BY
THE DIRECTORS & EXECUTIVES
Sl No Shareholding Pattern
Number of shares held
as on 30.06.2013
i) Directors
1 Syed Faruque Ahmed 4,646,074
2 Syed Farhad Ahmed 4,646,074
3 Syeda Amina Ahmed 2,788,780
4 Syeda Farida Ahmed 1,008,201
5 Syeda Munia Ahmed 1,008,201
6 Fahmida Ahmed 1,008,201
7 K.M. Hasan (Independent Director) Nil
ii) Shareholding of Executives Nil
iii) Shareholders who are holding 10% or above shares: Nil
14
aamra technologies limited I ANNUAL REPORT 2013
RNGE OF
SHAREHOLDING
Summary of Shareholders
The distribution schedule of shareholding of aamra technologies limited as on 7
th
November, 2013 was as
presented below.
On the Basis of Share Holders Type:
Group Name No. of Shareholders No. of Shares Ownership (%)
All Investors A/C 4 571,200 1.135%
Company 91 4,870,773 9.677%
General Public 16,064 29,578,960 58.763%
NRB [Non-Resident Bangladeshi] 403 209,350 0.416%
Sponsor/Director 6 15,105,531 30.010%
Total: 16,568 50,335,814 100%
On the Basis of Share Holding:
Share Holding Range No. of Shareholders No. of Shares Ownership (%)
0000000001-0000000499 9,847 2,351,697 4.672%
0000000500-0000005000 5,599 9,346,926 18.569%
0000005001-0000010000 576 4,426,510 8.794%
0000010001-0000020000 321 4,655,500 9.249%
0000020001-0000030000 91 2,311,500 4.592%
0000030001-0000040000 49 1,751,500 3.480%
0000040001-0000050000 17 795,300 1.580%
0000050001-0000100000 37 2,727,750 5.419%
0000100001-0001000000 24 5,820,350 11.563%
0001000001-1000000000 7 16,148,781 32.082%
Total: 16,568 50,335,814 100%
15
Particulars 2013 2012 2011 2010 2009
Revenue (BDT) 717,863,483 668,400,734 512,566,960 690,846,042 643,449,490
Gross Proft (BDT) 184,010,024 145,205,125 108,819,947 96,570,216 64,809,048
Net Proft Before Tax (BDT) 86,294,991 70,825,211 58,577,479 57,859,325 36,079,790
Net Proft After Tax (BDT) 73,593,961 58,854,779 48,622,772 48,432,759 25,484,808
Total Assets (BDT) 1,634,199,221 2,176,995,594 1,162,131,213 1,018,242,722 652,980,023
Capital & Reserve (BDT) 1,102,557,653 1,028,963,691 487,042,182 461,254,190 128,376,998
No. of Shares 50,335,814 41,946,512 18,522,284 18,522,284 4,779,402
Face Value (BDT) 10 10 10 10 10
EPS (BDT) 1.46 2.46 2.39 2.61 5.33
LAST FIVE YEARS
FINANCIAL SUMMARY
Revenue
Millions
2009 2010 2011 2012 2013
643.45
690.85
512.50
668.40
717.86
Gross Profit
Millions
2009 2010 2011 2012 2013
64.81
96.57
108.80
145.20
184.01
Net Profit after Tax
Millions
2009 2010 2011 2012 2013
25.48
48.43
48.64
58.85
73.59
Five Years at a Glance
Millions
0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
800.00
2009 2010 2011 2012 2013
Revenue Gross Proft
Net Proft before Tax Net Proft after Tax
16
aamra technologies limited I ANNUAL REPORT 2013
Syed Faruque Ahmed
Chairman
K.M. Hasan, FCA
Independent Director
Md. Anamul Haque
Company Secretary
Syed Farhad Ahmed
Managing Director & CEO
Syeda Munia Ahmed
Director
Fahmida Ahmed
Director
BOARD OF
DIRECTORS
17
LIST OF SENIOR
MANAGEMENT
Name of Employees Designation Wing
Sharful Alam Chief Operating Of cer Administration
Zahrul Syed Bakht Group Chief Financial Of cer Finance & Accounts
Md. Mosiur Rahman General Manager Operation
Md. Anamul Haque Company Secretary Finance & Accounts
Md. Mostofa Kamal Chowdhury Assistant General Manager Services
Serajul Alam Khan Assistant General Manager Sun Sales
Md. Mohiuddin Khan Senior Manager, Credit Recovery Finance & Accounts
Kazi Roman Ahmed Senior Manager Sales
Mashih-ul-Huq Manager Enterprise Solutions
Shariful Islam Manager Finance & Accounts
Sougata Karmakar Manager Financial Service Industries
Md. Alamgir Hossain Manager Oracle Sales
Abdullah Al Hossain Manager RnD & Pre-Sales
Mohammed Ziaul Hoque Zilani Manager RnD & Pre-Sales
Md. Monsur Rahman Chowdhury Deputy Manager Diebold Service
Rajib Uddin Khan Deputy Manager Diebold Service
Abu Hena Mostafa Kamal Deputy Manager Administration & Commercial
T.M. Abdullah-Al-Amin Deputy Manager Oracle Sun Service
Utpal Basak Deputy Manager Oracle Sales
Nazim Chowdhury Deputy Manager Share
Syed Akmal Hossain Assistant Manager Administration & Logistics
Waf Aziz Sattar Assistant Manager Communication
Md. Abdul Wahed Assistant Manager Enterprise Solutions
Md. Ashikur Rahman Assistant Manager FSI Sales
A.S.M. Nasher Assistant Manager POS Service
18
aamra technologies limited I ANNUAL REPORT 2013
As-salmu `alaykum
The projected rate for global growth estimate is
that it will stay passive at a little over 3% in 2013.
This is mostly due to the considerably frailer
domestic demand in a number of key emerging
market economies and the tenacious recession in
the euro area.
T
he economy of Bangladesh has had the misfortune of experiencing a
fuctuating economy in FY 2013 with the economy heading towards a
descending equipoise in the course of the ongoing fscal year. While
macroeconomic stability and rising infationary trends have been
CHAIRMANS
MESSAGE
19
somewhat balanced, for a second consecutive
year the economic growth has slowed down.
Events such as the Shahbag Movement, the
extremely tragic and unfortunate Savar Tragedy,
and the ongoing political rifts and tension have a
lot to do with this as well.
Despite all this, aamra technologies limited (ATL),
a trusted IT solutions provider to various sectors
of the economy, especially the fnancial sector for
over two decades, not only saw the expansion of
business, but witnessed the value propositions
for our clients grow stronger. During this time
of Bangladesh rebuilding, ATLs performance
for the FY 2013 remained sound and resilient, a
noteworthy achievement given the continuing
market turbulence.
As an established corporate all-rounder, ATL
implements the best practices in technology
and organizational transformation, process
design and re-engineering, human resource
management, strategic and business planning,
supply chain management, globalization
strategy, customer relationship management and
corporate governance. ATLs vision and striving
towards being rated as a top company which sets
the benchmark to be rivalled in this segment is
slowly coming to fruition for the best processes
and practices it has continuously shown over the
years.
2014 will be a time of great change with the
national election coming up. As such, there will
be many new obstacles and challenges that
Bangladesh will have to face. While the future
maybe unpredictable, ATL is prepared to aptly
tackle any uncertain situations, whether economic
or regulatory, as the organizations structure has
been formed to draw on deep capacity to adapt
and readjust as necessary to reallocate resources
rapidly. As like every year since our inception, ATL
is even better prepared than ever before to face
such challenges and capitalize on new market
opportunities.
Not only is ATL striving to enhance the fortunes of
ATL stakeholders and end users, but also putting
its absolute efort to make the company a better
place for both the employees at work and its
customers to ensure everyone associated with
ATL reaps rich dividends.
As always, I wish the very best for all of our
stakeholders and hope for continued Blessings
of The Almighty so we could meet and exceed
the ambitious targets and programs set by the
company for the upcoming years.
Syed Faruque Ahmed
Chairman
20
aamra technologies limited I ANNUAL REPORT 2013
|<|<
<||
||| ||+,
|<<|| <|< -|< -:: | +<| : |< |+
<| |+< < <|<| +<| - =< +|< - <|
<| -|| <||< || <<| ||--| =<
<| +< <|- -|...
<|
|-< ||< -|+ |-+ - -:: <<<
--| |<|| =< <| <<< || ||<
|-+ < - =+|-+ ||+ |+ ||||
=< <<| -|||< | <|- |+| |<| |+
|| << |+ <| <| -| |-<| |-|,
-t+ -|+ ||< ||< | |<| =< | <||+
21
| <|<| =< +|<< | -
=-, ||< |<| | |<<
|+ | - -+< <| << ||
<<<|-+|<| |-< |<| +||
||" << <<| |< -|| <<
|-+-< |< |<| < |+| |
+< | <||-< = <
-:: << |^|< +| | |||
||| | |<-| ||| <||< =+|
| |
=+| ||^ +|< <||< |-<
|<| +|| ||< | =<
||+ <|<, ||, =< |
+, |<- <<||, +
<<||+ |<+r|, || |,
|<|< +, |-+-+ <<|| =<
+|< |< ||-< |^| <|
<| |- <<< < << << <|
+| ++|< <|- << |<
|||-< | |-< <|
||- +< |< +||| -<|< | |
-<|<
-:- | || |<| ^|< |
<||- <|+ |<< < = <|
<||-+ + | |
+|<| +< -< = |<< <||
+<| | |<| +|| ||
|+ <| |+ +| ||+
|<|| |+|<| +< ||<
+|< -< - |<|< |
|< +<|< |< ||< < =
|^|< +||| | ||-< |^|<
<< + | <<< | = <<< |
|+|<| =< <||<< |-
|<<| | +<|< |< | |<|
|||<
|<| +|| ||-=< +-||<
=< <<-|<+|<|-< |-|<<| <|<
||-< |^| << << |<|
+|| ||-=< | | +
+|<| =< |-+-< +| = |^|+
< + |< +< <|+ |
||, |^|< | | +
|< |-|< - |<
|| |< |, ||-< + +-||<<
<| +|| +<| =< <|| ||-
|||< <|- <- || +<|,
|<| | <<| +|||++ -|
|||| || +|< <|<| ||$
||<

- |<+ |--
|<|
22
aamra technologies limited I ANNUAL REPORT 2013
Together with our customers we have
continued to demonstrate thought
leadership and have established ourselves as
a trusted partner to defne their agenda for
transformation of their business processes. For
over the past two decades, aamra technologies
limited has been fostering the profciency...
W
e are delighted to announce that the FY 2012-2013 was yet another
outstanding year for aamra technologies limited (ATL). Together
with our customers we have continued to demonstrate thought
leadership and have established ourselves as a trusted partner to
defne their agenda for transformation of their business processes. For over the
MANAGING DIRECTOR &
CEOS MESSAGE
23
past two decades, aamra technologies limited
has been fostering the profciency, expertise and
acumen to become a strong, efective and trusted
partner to our customers in the FSI, Telco and
other industries. Our continuing investments in
enriching and synergizing our wide portfolios of
services have created strong value propositions
for our clients, who are now leveraging our skill
sets to drive their own transformation programs.
As we have witnessed a tremendous growth in
consulting, engineering services and package
implementation of projects, services such as
infrastructure management, business process
management and managed services are now set
to grow steadily in the years to come.
You will be pleased to know that the IIG project of
the company is doing excellently and generating
good revenue for us. The IIG license has generated
proftable business opportunity for the company
which will have a great impact on the revenue of
the Company for years to come. Team leadership
of the highest standards is always the major pillar
to our success, and it is amongst our highest
priorities to ensure its continuity. Amongst the
aamra team leaders, we have a wealth of talent,
vision and far-sight, which enable us to ensure a
long-term succession plan and allow us to plan for
our next stage of growth.
With sincere gratitude and very best wishes to all
of our investors, team members,customers and
stakeholders, we look forward to your continuous
support and prayers for aamra technologies
limited (ATL), into the future.
Syed Farhad Ahmed
Managing Director & CEO
24
aamra technologies limited I ANNUAL REPORT 2013
||-< |-+-< | | |<| |<|<| |-+
<| =< | -< |< |-< <<||+
+|< <|< <|<, |-< +| <|<| |<
<|+ |-< |-<+ ||^ +< <|...
|
<| |-< | |<| +<| , -:---::
<< | |<| +|| ||-=< =+|
| << ||-< |-+-< | | |<|
|<|<| |-+ <| =< | -< |<
|-< <<||+ +|< <|< <|<, |-< +| <|<| |< <|+
<<|| |<|+
|'< <||
25
|-< |-<+ ||^ +< <|
- -+ << ==|, +| =< |
|r ||-< |-+-< +| |||, +|+<
|< <|+ |-< |<| +||
|| -| |<|| <| -| +<
| <|+ <|< ||-< <|-
|<||< ||-< |-+-< < =
<|< ||-< +|||< <||< <|
<|<| | - |<| = |-< <|<
+| ||-< +-|< < |<|
- $ <| <|, |+ <| =<
+r-< |+ <|<| =< <+|||
<<||, <<|| || <<|| =< <|
<<||< | <| | <|<| |||
<<| |||| <| |<
||<| | -< , ||-< |||
+r -|<|< |<|| - =< =< |<
+||| || <| +< -
||| |* <<|< |
<| +< |< |< ||| <<|
+|||< <<|< <| <|+ |<
< | < <| ||<
- < |-< +| +<
=< =| |<| <|+ <|<|<||-+|< ||+
+<|< | +|< ||-< | ||<-< |
|<|< < < |< ||, <<||+
-<-| =< < ||--| |+ +<|< |
|< |< |<| -||-| |< <<|
||+ +< ||< =< =| ||-<
|< <<| <| =| -|||
+<
||-< + |<||+|<|, | ||<, '||
|-+ =< |<-||<-< ||<+ +|
=< <| -|< |< |<| ||-<
| =< |<| +|| ||-
=< |<< |< -|| +|| +<|
- <-|- |--
<<|| |<|+ |
26
aamra technologies limited I ANNUAL REPORT 2013
Dear Shareholders,
As-salmu `alaykum
On behalf of the Board of Directors of aamra technologies limited (ATL), I take this opportunity to welcome
you to the 24
th
Annual General Meeting of the company and take the privilege of presenting the Annual
Report along with the Audited Financial Statements for the year ended June 30, 2013.
Global Economy
As like in 2012, the projected rate for the global growth is estimated to stay subdued at a little over 3%
in 2013 mostly due to app substantially feebler domestic demand and slow growth in a number of key
emerging market economies as well as a lingering recession in the euro area.
Downside risks to global growth prospects still dominate. While old risks remain, new risks have emerged,
including the possibility of a slowing growth, slowing credit, and possibly tighter fnancial conditions if
the anticipated unwinding of monetary policy stimulus in the United States leads to sustained capital fow
reversals. Additional policy action is required for stronger global growth.
The one way to counter this would be for the advanced economic states to maintain a supportive
macroeconomic policy mix in conjunction with credible plans in order to achieve some sustainability and
reforms to restore ledgers and credit channels. This is required primarily due to the fact that a good number
of emerging markets and developing economies are facing a trade-of between macroeconomic policies
to support weak activity and those to contain capital outfows. Macroprudential and structural reforms can
also help lessen the harshness of this trade-of.
Financial market volatility has increased globally in May and June after a period of calm since last summer.
Financial market instability and long-term interest have also risen in advanced economies. Peripheral euro
area sovereign spreads have widened again after a period of sustained declines. However, the emerging
market economies have taken the hardest hit as they have had decline in equity price, rising local yields,
currency depreciation and some capital outfows due to weaker domestic activity, interest rates and price
volatility in advanced economies.
Global growth has increased very slightly from an annualized rate of 2.5% in the second half of 2012 to only
2.75% in the frst quarter of 2013 (ref. Figure 1). This under performance was due to 3 vital factors:
1. Less growth in emerging markets:
Capacity restrictions
Slow external growth demand
Logjams in infrastructural development
Lower commodity prices
DIRECTORS
REPORT
27
Concerns over fnancial stability
Weaker policy support
2. Profound recession in the euro area:
Weak balance sheets
Afected growth
Impacted tight fscal and fnancial conditions
Low demand
3. Slow expansion of the U.S. economy:
Due to stronger fscal contraction weighed on improving private demand.
In stark contrast to all this, Japan had a robust growth primarily driven by net exports and consumption and
later by the 20% depreciation of the Yen since 2012.

In terms of forecasts, the growth in United States
is estimated to rise by only 1% from 1.75% to
2.75% in 2014, assuming the sequestration will
stay in place until 2014, despite the pace of fscal
consolidation being still slow.
Growth in Japan will average to about 2% in
2013, largely due to the positive efects of recent
accommodative policies, confdence and private
demand, thus nullifying the previously projected
growth. However, owing to the somewhat softer
forecast for 2014 due to the weaker global
environment, the growth is moderated to about
1.25% in 2014 for the region.
Recession will remain prevalent for the euro area
in the remainder of 2013 with activity contracting by over 0.5%. Due to persistent efects of the constraints
and expected delays in policy implementation in key areas and also due to base efect from the delayed
recovery in 2013, growth will only rise by under 1% in 2014, which is weaker than was previously projected
for the region.
At 5% in 2013 and about 5.5% in 2014, growth in the emerging market and developing economies is now
expected to evolve at a more upbeat pace, approximately 0.25% slower than it was in April 2013 (according
to IMFs World Economic Outlook), thus representing the weaker prospects across all regions.
In terms of forecasts, the growth in United States is estimated
to rise by only 1% from 1.75% to 2.75% in 2014, assuming the
sequestration will stay in place until 2014...
8
7
6
5
4
3
2
1
0
-1
-2
13:
Q4
2011 12
Advanced economies
World
Emerging market and
developing economies
Figure 1. Global GDP Growth
(Percent; quaeter over quarter, annualized
28
aamra technologies limited I ANNUAL REPORT 2013
Growth in China will average 7.75% in 2013/2014, 0.25% lower in 2013 and 0.5% lower in 2014, contrary
to the forecast originally made in April 2013. Forecast for the remaining BRICS have been revised down by
0.25% to 0.75% as well. The outlook has also deteriorated to lower commodity prices for many commodity
exporters, including those among BRICS.
In Sub-Saharan Africa, growth will be weaker due to Nigeria and South Africa (some of their largest
economies) struggling with weaker external demand and domestic problems.
Some economies in North Africa and the Middle East still remains weak in their growth because of dif cult
economic transitions and political situations.
All in all, global growth, though about 0.25% weaker than estimated projections in April 2013, is estimated
to recover from slightly above 3% in 2013 to 3.75% in 2014,
The outlook is still dominated by disadvantageous risks. Despite diminished tail risks in advanced
economies, to keep it at bay additional measures are required which include timely increase in the U.S.
debt ceiling and further action by authorities in the euro area to do whatever is required to avoid a sharp
deterioration in fnancial conditions.
In contrast, risk for a longer growth slowdown in emerging market economies have now increased due to
the prolonged efects of domestic capacity constraints, slowing credit growth and weak external conditions.
The forecasts assumes that the recent rise in fnancial market volatility and the associated yield increases
will partly reverse, as they largely refect a one-of reprising of risk due to the changing growth outlook for
emerging market economies and temporary uncertainty about the exit from monetary policy stimulus in
the United States. However, if underlying vulnerabilities lead to additional portfolio shifts, further yield
increases, and continued higher volatility, the result could be sustained capital fow reversals and lower
growth in emerging economies.
Policies to Generate Strong Growth
New challengers are brought to the table to global growth, global rebalancing and employment due to
weaker growth prospect and new risks, therefore policy makers around the globe have to increase eforts
to ensure robust growth.
Key advanced economies urgently need to pursue a mixed strategy that will support a short-term growth,
secured by credible plans for medium-term public debt sustainability. This will allow for a steadier near-
term fscal adjustment that will lead to low infation and sizable economic slack, and monetary policy
stimulus which will continue until the recovery is well established.
Additionally, potential adverse side-efects should be contained with regulatory and macroprudential
policies. Clear communication on the eventual exit from monetary stimulus will help reduce volatility in
global fnancial markets. Further progress in fnancial sector restructuring and reform is also required to
recapitalize and restructure bank balance sheets and improve monetary policy transmission.
In the euro area, a bank asset review should identify problem assets and quantify capital needs, supported
by European Stability Mechanism direct recapitalization where appropriate. Building on recent agreements,
policy makers should also make progress to a fuller banking union, including through a strong Single
Resolution Mechanism. Policies to reduce fnancial market fragmentation, support demand, and reform
product and labor markets are also crucial for stronger growth and job creation.
29
Cyclical positions and vulnerabilities vary across emerging market and developing economies, but
prospects of monetary policy normalization in the United States and a potential capital fow reversal have
heightened some policy trade-ofs. Risks of lower-than-expected potential output in some economies
suggest that there may be less fscal policy space than previously estimated.
Monetary easing can be the frst line of defense against downside risks, as infation is generally expected
to moderate in most economies. However, real policy rates are low already, and capital outfows and price
efects from exchange rate depreciation may also constrain further easing. With weaker growth prospects
and potential legacy problems from a prolonged period of rapid credit growth, the policy framework must
be ready to handle possible increases in fnancial stability risks. While macroeconomic policies can support
these eforts, the main instruments should be regulatory oversight and macro prudential policies.
Finally, the above measures need to be supported by structural reforms across all major economies to
lift global growth and support global rebalancing. As before, this implies measures to sustainably raise
consumption (China) and investment (Germany) in surplus economies, as well as measures that improve
competitiveness in defcit economies.
Bangladesh Economy
Bangladesh economy experienced fuctuating fortunes in FY 2013 with the economy moving towards a
lower level equilibrium in the course of the ongoing fscal year. On the one hand, the macroeconomic
stability was partially restored and rising infationary trends somewhat tamed, while on the other, economic
growth slowed down for a second consecutive year to remain below the target set out in Sixth Five Year
Plan (SFYP).
The prevailing stagnation in private investment was further aggravated by uncertainties emanating from
the ongoing violence and confrontational politics. Although both remittances and exports have posted
robust performance inspite of adverse global scenario, it was the domestic factors which had impacted
in an overriding manner on the macroeconomic performance in FY 2013. A number of weaknesses with
regard to macroeconomic management including governance of the banking sector and the debate
surrounding fnancing options for the Padma Multipurpose Bridge Project (PMBP) were on the policy radar
screen throughout the year.
The economic governance of the countrys power sector was also under the spotlight as the incumbent
government approached towards the fnishing line of its tenure. The external sector of the country also
faces formidable challenges in the backdrop of global uncertainty and faltering image of countrys ready-
made garments (RMG) sector. In the backdrop of these challenges, it appears that confrontational and
uncertain political environment had direct and indirect implications for economic performance in FY 2013,
particularly true for the second half of the fscal year.
One is apprehensive that the ongoing political impasse and the resultant adverse implications will leave an
unfavorable footprint for economic performance also over the upcoming fscal year. Overall, Bangladesh
economy is likely to remain in a dif cult terrain in FY 2014. As it is, the forthcoming budget will be the last
one to be presented by the present government. In the run up to the forthcoming national elections, the
government may like to revisit its pledges in the manifesto and in the SFYP, but in view of the past record,
the continuing fragility of the institutions and the looming political uncertainties, many of the objectives
and the indicators will likely remain unattained.
Monetary easing can be the first line of defense against
downside risks, as inflation is generally expected to moderate in
most economies...
30
aamra technologies limited I ANNUAL REPORT 2013
The macroeconomic performance in FY 2014 will critically hinge on the state of both economic and
political governance. For the second consecutive year, GDP growth rate in FY 2013 has failed to attain the
target. This is certainly a setback for the present governments plan to move the economy towards a higher
growth trajectory which is a necessary factor for attaining the middle income status by 2021. According
to the provisional estimates from Bangladesh Bureau of Statistics (BBS), GDP growth for the current fscal
year is expected to be 6.0 per cent; i.e. 1.2% points lower than the target (7.2%) and 0.2% point lower
from fnal GDP growth estimate for FY 2012.1 One may recall that, early projections by analysts were in
agreement that the growth rate in FY 2013 would remain below 6.0 per cent. 2 The SFYP planned to elevate
the average GDP growth rate during FY 2011-FY 2015 period to 7.2%; thus, GDP growth rate was expected
to be 8.0 per cent by FY 2015.
Indeed, successive failure to meet the target for GDP growth has made it dif cult to attain the objectives of
the medium term plan. For example, GDP growth rate would require to be 8.0 per cent in FY 2013 to meet
SFYP target. To cover the present gap between SFYP target and record of GDP growth performance, it will
be required to attain a 9.6 per cent GDP growth in FY 2014. This is a highly unlikely scenario. Consequently,
the SFYP targets have by now lost their relevance in view of the track record. Setting a high target of 7.2%
for FY 2014 is also not going to align trends with the SFYP targets.
FY 2013 has been one of worst years for private investment. The provisional estimate by BBS for FY 2013
anticipates a distinctive fall in the share of the private investment in GDP. It shows that private investment
is expected to decline as a share of GDP to 19.0 per cent in FY 2013 from 20.0 per cent in FY 2012. This is an
outlier because such a fall in private sectors share has never been experienced in the history of Bangladesh
(since FY 1981). This would mean that level of private investment would now move back to the level of FY
2007. This would also mean that, private investment in FY 2013 will be 3.7% points lower than the SFYP
target. This will surely have a dampening consequence from the perspective of the expected acceleration
of growth rates.
In contrast to the depressed private investment, public investment has increased steadily since FY 2009
and surpassed the SFYP target in FY 2013 (6.9 per cent of GDP) by about 1% point. According to provisional
estimates of BBS, public investment is expected to be about 7.9% of GDP in FY 2013. This implies that public
investment (as a share of GDP) will improve by 1.4% points in a single fscal year such an improvement
had never happened before!
Indeed, public investment as a share of GDP will also be the highest in the history. 7 Public investment in FY
2013 increased by 36.6 per cent compared to the previous fscal year. One may reckon that the provisional
estimate of public investment has considered a fuller utilization of original ADP (to the tune of Tk. 55,000
crore). ADP was later downsized (revised ADP (RADP)) and hence, the fnal expenditure fgure should be
lower. Nevertheless, it appears that public investment beyond ADP has also experienced a considerable
rise. It appears that, the estimate for public investment in FY 2013 is somewhat on the high side.
The banking sector in Bangladesh has come under criticism in the recent past due to increased number
of fnancial scams and the rising size of loan default. Undoubtedly, the size of the industry has expanded
in terms of total banks and their branches, deposits and credits which in turn have contributed to the
economic development of the country. The performance of the banking sector has also improved over
the years according to various indications such as capital to risk weighted asset, rate of non-performing
31
loan (NPL) to total loan, expenditure income ratio, return on asset, return on equity, and liquidity. This
has been possible due to various reform measures and policy support of the consecutive governments.
Unfortunately, the health check fails to conceal the problems sufered by the sector from time to time. The
current situation of large fnancial frauds and high NPL of banks calls for a close scrutiny of the sector and
necessitates taking required measures.
The power sector has undergone signifcant changes over the last four years with a view to raising
generation and supply capacities taking cognizance of the emerging urgency. As is known, the country
sufered from signifcant power defcit when the present government came to power in 2009 - total
generation of electricity was only 3268 MW at the time with a per capita access to electricity being only
183KWh. In this backdrop, the government undertook short, medium and long term programs based on
the national plan for power sector development. The major target of the plan was to ensure a moderate
rise in access to electricity in the shortest possible time. This target has partly been attained over the last
four years.
Bangladeshs export earnings stood at USD 21.78 billion, registering a moderate growth rate of 10.14 per
cent during July-April period of FY 2013 compared to the corresponding months of FY 2012. Indeed, whilst
this growth performance was notable by any measure, exports would need to grow by 37.8 per cent over
the remaining two months of the current fscal to attain the growth target of 15.3 per cent set for FY 2013.
It would thus be justifed to project that targets will remain unattained this year.
While Knit (8.9 per cent), woven (14.0 per cent), leather (19.6 per cent) experienced relatively high growth,
raw jute (-11.4 per cent), home textile (-11.8 per cent) and frozen food (-14.4 per cent) posted negative
growth rates during the July-April period of FY 2013 compared to the corresponding period of FY 2012.
During the same period of FY 2013, non-RMG sector did not exhibit a promising trend for export earnings.
As Table 6.3 shows, as a group export performance of RMG was better compared to that of non-RMG,
although both the groups are likely to fail in attaining the respective growth targets.
Business Performance
The year 2013 is projected to be alike 2012 in that the global growth will remain subdued, slightly above
3%. The prime reason for this is the slow growth and considerably weaker domestic demand in most of the
key emerging market economies as well as a more prolonged recession in the euro area.
Instability in the fnancial market has increased globally in May and June after a dormant period since
last summer. In advanced economies, long-term interest rate and fnancial market volatility have risen.
Fluctuating fortunes have plagued Bangladesh in the FY 2013 with the economy moving towards a lower
level equipoise in the course of the ongoing fscal year.
Despite both remittances and exports having posted strong performances in spite of adverse global
scenario, the superseding manner on the macroeconomic performance in FY 2013 was completely due to
domestic factors. Throughout the year the policy screen was plagued with a number of weaknesses with
regards to macroeconomic management most of which include governance of the banking sector, and
the debate surrounding fnancing options for the Padma Multipurpose Bridge Project (PMBP). Irrespective
of the political instability and economic recovery, aamra technologies limited (ATL) has posted a strong
operational and fnancial performance.
Bangladeshs export earnings stood at USD 21.78 billion, registering
a moderate growth rate of 10.14 per cent during July-April period of
FY 2013 compared to the corresponding months of FY 2012...
32
aamra technologies limited I ANNUAL REPORT 2013
ATLs performance for FY 2013 remained sound and strong, a remarkable achievement given the market
turbulence. This is due to the proper implementation of our focused and transparent strategy which
realizes predictable business performance over time and in turn, helps create value for our shareholders,
customers, employees and most importantly, the communities in which we operate. During the fnancial
year the company generated gross revenue of approximately BDT 717 million compared to last years
BDT 668 million. Gross proft was approximately BDT 186 million compared to BDT 145 million in last
year. Our prudent and ef cient teams are always a step ahead in adopting to the ever changing business
environment and are ever ready to accommodate the current need of the fnancial and telecom sectors
in Bangladesh. This along with our strong belief in the power of WE, have directly contributed to this
excellent performance. ATL recorded an underlying net proft after tax of BDT 73.3 million, up from BDT
62.5 million last year. Ef cient management and quick adoption of change environment have contributed
to this great achievement.
The highlight of ATLs business performance for the FY 2013 is most defnitely the business expansion in
the bandwidth market for which ATL acquired International Internet Gateway (IIG) license from Bangladesh
Telecommunication Regulatory Commission (BTRC) and has started commercial operation on September
15, 2012. The IIG license has generated proftable business opportunities for the company which clearly
had an impact on the revenue of ATL for the FY ended on June 30, 2013.
Along with being purpose driven, ATL considers itself as a socially responsive, respectful and an abiding
company. Our innovative strategy enables us to invest in high quality assets and to construct disaster
recovery services and other managed services for fnancial institutions and for telecommunication
industry. And we achieve this by implementing our strategy with integrity, strong moral ethics and in an
environmentally sound manner. Through committed leadership and disciplined operations, we see our
self-growing and thriving.
ATLs focused driven business strategy remained constant during the past year and as a leading provider of
high-tech and customized solutions to address a broad range of business IT needs in Bangladesh, we at ATL
are confdent in achieving continued success in the upcoming year.
Election/Re-election of Directors
As per Articles of Association, one third of the Directors shall retire from the of ce every year and they are
eligible for re-election by the shareholders of the company. As per Clause no. 91 of Article of Association of
the Company, Syed Faruque Ahmed and Syeda Farida Ahmed are due to retire. They are however, eligible
for re-election in the Annual General Meeting.
Audit Committee
The Audit Committee of the Company met four (4) times during the year and reviewed the following:
Audit and Inspection Report of the Internal Audit Team and External Auditor.
The Financial Statements of the Company audited by the External Auditors.
Stressing on the importance of the Compliance Culture within the Company.
33
Dividend
aamra technologies limited (ATL) has posted after tax proft of BDT 73.59 million for the year 2013. Basic EPS
stood at BDT 1.46, compared to the last years EPS of BDT 2.46 (reported) where restated EPS is BDT 1.17.
Considering overall market, current fnancial strength of the company and the prospect of further growth,
the Board of ATL has recommended 5% cash and 10% stock dividend for the year 2013.
Auditors
M/s. Masih Muhith Hoque & Co., Chartered Accountants, have carried out the audit of the company for
the fscal year ending on June 30, 2013. As M/s. Masih Muhith Hoque & Co., Chartered Accountants are
not eligible anymore, therefore as per eligible applications the Directors endorse recommendation for the
appointment of Malek Siddiqui Wali & Co., Chartered Accountants, as the auditors of the company for the
fnancial year 2014. The recommendation will be placed in the 24
th
Annual General Meeting for approval.
Acknowledgement
We take this opportunity, on behalf of the Board of Directors, to express my heartfelt gratitude to, all of
our valued clients, shareholders and well-wishers at home and aboard for their wholehearted cooperation
and active support in discharging the responsibilities reposed on me and the Board during the year under
review. We would like to express our sincere gratitude to the Registrar of Joint Stock Companies and Firms,
Bangladesh Securities and Exchange Commission, Dhaka Stock Exchange Limited, Chittagong Stock
Exchange Limited and all the scheduled banks and Leasing Companies for their sincere support and whole
hearted cooperation. We would also put on record my deep appreciation for the services and loyalty of the
executives, of cers and employees of the company at all levels without which we could not have achieved
this result.
We would like to thank and express gratitude on behalf of the Board of Directors to Mr. Syed Farhad Ahmed
Managing Director & CEO for his hard work, commitment and dedication to the welfare of our company.
The Board also acknowledges with thanks, the contribution made by the honorable Directors by guiding
and giving proper directions from time to time which has made ATL a Hallmark in Hi-Tech IT solution
provider in Bangladesh. Last but not the least certainly, we express our sincerest gratitude to all our clients
for their loyalty and patronage over the period. With our very best regards to all our valuable shareholders,
we promise to continue the growth with your support.
Thank you all.
On behalf of the Board
Syed Faruque Ahmed
Chairman
We would like to express our sincere gratitude to the Registrar of Joint
Stock Companies and Firms, Bangladesh Securities and Exchange
Commission, Dhaka Stock Exchange Ltd., Chittagong Stock Exchange Ltd...
34
aamra technologies limited I ANNUAL REPORT 2013
wcq kqvinvvie`,
Avmmvjvgy AvjvBKzg,
|<| +|| || (=|=)-=< |<|+<-< -- <||<+ |<|< | ||-< |
||| =< |<|| ||+ |<-- :, -::- < -| <<< <||<+ |<- | +<|<
| - +<|
ewkK A_bxwZ
-:- | |< || | |, | -| <|+ <|< -|< -::- +<| : |< ||
< |+ |+< <| -| |< ||--|< |+| +| =< < ++| <| <| <||<
|| <|< |< <|, | <| + -||| -| =< +|<
|| <|+ <|< < = |<| | || |+-, <| |+| |<<|| <|
<+|<|, -| <|<| |+|<| =< < +|< ||+ - |+| | =| |
|- +|| ||+ <| ||+ |-|< || |, |<<|| < <|-+ ||-+ || +<
|<+< ||| <|+ <|< ||< || <<| -< | < <| ||<
<||< =|+ |- +<|< =+| | - |< |+| || +<, |-|<<
=< -|< | <|<< |<|| |<+r|< | =+| + ||+ |+ ||<
| || ||+|< =| -<+|< =+|< , < |+ + <| <||< | ||+
-< |+ +||<|+ +<|< ||+ |+ |||| =< << <|-| <|-+ |+
-|< ||< | --<< | |+|<| +< - <|+ -<-|| =< +|||
=<<< |<|< +|| +| |<
|' + |<<|| =+| | <|< <, | |<<|| |+ <||< || <| <|
< ||| |+ <||<< |||| =< -||-| - <| |<<||
-|< =+| |< -|< <, ||+ <| + |< |$ $ <| |< |< -
|-|+, <| <||< ||| +| || , |-< +|< + |, ||
|| <$, -|< < =< |+ < <|-| - -<< -| +||<|, < |||
-< -|< =< < ||||< +|<
<|+ <| || <$ -:-'< <|< |< <||<+ -|< | -.c, -::'< | - -.-c
(-< | :) < = |||| <| || +|< |
1. AMmigvb evRvijvZ cew nvm:
| <|<|
<|<|< <|- <|< ||--|
<+||| |<<|
|<|| <-<
|<-
35
|< -| + |+|
|+ |||| + ||
-< ||
2. BDiv Aji MfxiZi g`v:
-< <|*|
'|<|' ||< <|
'|<|' ||< +| ||+ =< -|
| ||--|
3. gvwKb A_bxwZi axi mcmviY
|<| <<+|<| ||--|< < ||| |+ +| <
=< |+< * |<<| || =+|
| <| | +<|, | ||+|< ||
-| | <||, | =< <<| -:-
< +<| - < |<| |<< <||
+< , ||+ <| <| <<| -|
| -:-- <| |< +<| : + <<
+< :.-c + -.-c =| | +<
<||+< <| |+ |<<| +<< -:- ,
||+ = | |+|
|| $ <| -::- -< | -, |
<|+|< < ||+ |+ ||<
|<|+ |<< +|<, || =< <| ||--|
| < || <|+ < +< |-| | -|+, <|+ -< |<<< +|< |+| +| <|| -:-'<
= =|+| <| - ||| | :.-c <| =|+| -||< |<<|| |+< -::'< +|
+|< .c =< < |||+ +| |<<|| |<< +|< <|<||< =< || <|<|< ||
|<< +|< <| | =< -::'< |<| << |<||+ +|< -:-- <| <|$< | +||
= =|+|< < | | +<| -| |< + -<
-::- c =< -:-- | c.c <| <||< =< ||| <| = || +<|
- <$ |< |<+< -|, | .-c <|<| =| -::- | | |< (|==-=<
|<< <|| +< , ||+ <| <| <<| -| | -:--
<| |< +<| : + << +< :.-c + -.-c =| | +<
<||+< <| |+ |<<| +<< -:-...
8
7
6
5
4
3
2
1
0
-1
-2
13:
Q4
2011 12
Advanced economies
World
Emerging market and
developing economies
Figure 1. Global GDP Growth
(Percent; quaeter over quarter, annualized
36
aamra technologies limited I ANNUAL REPORT 2013
| +||+ |+ ||) +|< =|+|| -< ||< |||< +< -::-:--
| <| -< -.-c, | -:: + .-c +, -:- + .c + | + =| -::- +<|
<||< * *|-| <| |<+-=< <|| ||< +< | .-c + =+ |< .-c
+|| -
|+ < + <||+|<+< < | + |<| |<| ||- +<|, |<+< <
|- |<-|-|<| ||+| ||<| =< | ||+| -<< <|- ||--| || |<
+|< <| -<< -< < ||+| =< <|< < |+ || =| -< < |-< <|,
+|< +| |+ ||< =< <||+ |<||< -< <|+ <|+ <| |- | .-c -<,
-::'< =|< <|| + | < +< |-|< +<| - || : =< < -::'< + -:--
:.-c |+ =| |<| | |<<|+ |+< +|< < ||< ||+ |+
=|+ + |$| < <<| -< | | -< ||+ < | ||<|< =< <|
+ +< |<| <<| - | =+| |+ |<|< -| |<| - | =|$ || |
|<<| |-+ -||-| <| < - ||< |+ = <| <||< ||| <| ||
|< <|<|< | |<< +|<, <| < -|< +|< =< -< <|-t |<|< +|<
<|| | +<| - ||+ <||<< |<| =< ||+ | =< | | <|< +|< | ||+
< -|$|< - | <|+|< | | |+< t| =+ | <T +< |<<| <| ||
<| <||< ||| =< ||+ || ||+ <|< ||+ |+| | -|+, |- -
| <-|| ||< ||| |<<< |-+ <||< -, | |< <| | =< |<| ||
<-| |+ |- |< | -< |<<|| < <|-< |<<| || =< ||| <| + ||
kwkvjx cew ARbi bxwZ
<|+ <|< ||+ |||< |< | || - | - <|+ |<| =< +|
-< <| || =< |+< +|< , +|< |<<|| |||<|<+-< |+ ||< <|
<|$||< |<<|+ ||+ +< -, <| < |||+ <<| || =+| | + <<
| - $ | =+| r |-| <| +<<, | | -< |<|| |<+r| =< < |-|
<+|<| < |+ |+|< < |- =| =+| |+ |-| ||+ |+<< ||||+ |- -< |
| -||| || |+ |<<|< |-+ || +<< =< ||+ || <|- |+< |||<
|< |
|<|+ =< -<-| <||+ ||< |<| |< ||< ||||| |+ <|| |< |+ |-|
+, |<| =< + <|$ || + |<|< ||| <|+ ||+ <||<< |<| +| |-|
+<< |+ ||+ || |< | <|+< =< <|+< ||< +|||
|<| <| t+||| |<|< -<+|< <| +, =+| <|+ - |||, -
=< << |<| |<|<< ||+ ||- +<<, | <|| |||| + |<| |
| <||< <|+< | ||+ || | - |||<|<+-< =+| ||| =++
|<| ++ +<|< |< |<+< t<||+ | +< -|<||< |+< -| +<
||||, ||--|+ =< <||< < ||| <| =< +| ||+ +<
< - -< <| <||< =< | |||+ |+|< <| =< *<| |+ |<|
37
-, |+ -|||< |||<+|+< ||+ <|< || =< =+| |< < <|-< | || |+
|| |<<< | <| +< || |-< |< + ||< |+ |+ || <|
- , ||+||< | + |<, < | |-|< +<| -| | + ||< |+< |<< ||+
-|+< - |< |< |<<| <<|, - |<|< || +<| - |+ , <|< | ||
-||| -< | | -|+, + || -|< |< < + =< << <|-t<|- =< -|<
|<| -|< + < < |+ |- |< |<+< -|+<+ -< <|< || =< |<
|< <||<+|< =+| | < - <|- + || +|||+ < - -<
|+ ||||< |+ <|+ |+|<| +< <||+ |+ ||- =< |+
+< |<, <| <+<|+ < |<+||| =< <||+ -<-| |||< < | |+|<|
- -< $||<, <| <<||< <<-|< +||| , <|+ |<| || <
<$ || | +<| <|+ <|+ < <<< |< |, =| |* +<, + |<
<| <<| (|) =< |<|| (|||) < |||, | = <<||- | || |||<
||||+ <| +<<
evsjv`k A_bxwZ
<||- || || | +< -:: <<< |< | | || | <<< ||
=+| || |<|< |-+ || - |-+, <||+ |+ ||||+ ||+ <||< +<|
-| =< +||< -|||< |+ || -| -| |-+ |+ <| -| <<
|| <<< | < | | | :^ | << |-| |<+r| |< +<| -|
<<+|<| |<|| |<<|| |<<| |<| <| <$| | | =< <||+ <| |+|<
+|< |- <|* =< <||, -|< -| - +< <|+ |<< |<| <| , =|
| |<| |-|- | -:: <<< <|+ || |< < =+| |+|<| <|
| <|+ |+ <<||< |<<| |++ -<| <||+ < |- =< -| |<+r|
||<||+ |<+r <| <:| +r< | | <<<|| || < +|
-< |<- < <| |+ <<|| <| <+|< < - =< |-< < -< <|-
< |+ ||+ |+|<| +< <|+ |+| =< -< <| ||+ |r< <|<
|<| =< |< |<| = - ||<+ =< ||+ <||+ |<< <||< <|
<| |< -:: << |+ < <, =| |<< +< <| <<< |||<

=+| |<< | +<| | , | <||+ |<| =< |< |<|+ +|< < | -:- <<<
<||-< ||+ ||+ =+| |<-+ |<|| < - | <| - <| <+|<
|| << <|, <<| || |<|< | <+|< < |< || =< :^ +-
<||<+| |<+r| |< |||+ < +<< |+ | ||< ||+ |^||< <| *<|
=< <||+ |+| | -| =< |-+|< < +| < | -< |
-:-'< <|+ |+ -| |<|+|< <|<| +<< = |+ <|< << <|+|
, | <||-+ --: | ||- =+| < |< - <||< -<|< <|<| +<< <|<|<||-+|<
- |||< |||<+|+< ||+ <| < || =< =+| |< <
<|-< | || |+ || |<< < < | +< ||...
38
aamra technologies limited I ANNUAL REPORT 2013
|| <<< ||| <|< -|< -:: << +< < - =| < <| <+|<<
|<+r| <|<|| -<|< || |-| <||- |<| <<|'< (|<|<=) ||+ |-|< ||
<| <<< |||< <|< -|< || - :-=, | - || (-.-)-=< :.--
=< + =< $| ||| <|< -:--=< |-|< + .- + + '< +< |< , |<
<||| = |< < <| =+ -| , -::-=< <|< -|< :-=< | |+< :^ + <||<+|
|<+r| $ ||| <|< -|< -:: + -:c << -.--= | +< |<+r| |
-
+|< -:c << ||| <| || | - |, ||| <| =< <|<|<||-+
<| < |-| |<+r|< - ++< +< -|-< < +<||<+| |<+r|<
-:: << ||- ||| <|< -|< - | -|< -<+|< | ==|| || =<
||| <| < |<<<|< < |<<|| <| |+ -< +< -:- << ||- >.: -|< |||
<| | =| =+| < <+< -+r | == | | ||| | <
|<<| || -||< -:- =< -.- =< =+| || |<|< ==|| ||< *
=+ | <|
-:: << | <<+|<| |<||< |+ <<|< < =+|, |<|<= =< |-|< -:: <<<
<|| ||< =+| <<+|<| |<||< ||| | +<| -| =| -|
<<+|<| |<|| |||< -| |< - -:: <<< |||=< =+| |-< -:- =< -
+ + -::-= :> -< =| =+| |<< | +|< <||-< |-| (:>-: << +) <<+|<|
= || +| +<| =| |< <| |< <<+|<| |<|| -- <<<
| |< |< =| |< <| -:: << |<|| -< ==|| ||< :.-
+ =|< < =+| -|-|+|<| | |+<, || -|<< <|< << |<| <<+|<|
|<||< -|< |<| <+|<| |<|| ||< <| -> << + =< | -::
<< :^ + <||<+| |<+r|< || ||$ (|||-=< :.>) | : -|< |<|<=< |
|-< || -:: << || +|<| |<|| -< |||-=< -.> | |* +< , <+|<| |<||
(|||< =+| |-<) :.- -|< =+| =++ << <| |<- = =< | +| |
| |||-=< |-< -:: << <+|<| |<|| -< |-| <| -| <+|<| |<||
::.: -|< <| |< <<< | <+|<| |<||< | |-|< =+| <<-|< |
<||<+ |<+r| (+| -||< +|| |+|< ||) |<<| +<| -| <||<+ |<+r| (=||)
+| | - (|<=||) =< +|< $| << + + |< | -| | <+|<| |<||
=||'< =| =< || | +< =+| |<<|| | = - , -:: <<
|-|<+ <+|<| |<|| |+| |||<|
<||-< <||+ ||+ | ||| - <| + ||+ -||< +|< =< |<|<<
<|< |+|< <$ || --|||< <| | |r|< |+|< | <|+ =< ||< |, |-|
=< < |<| |<<| ||< - | | -< |+ <-| < <||+
< -| ++ << << | -, -< |+< || |<<| <, | < | |
< -|<, |-<< |, - + |, < + |, - + | =< |<| || |<<|
=| < - << <+|<|< |<| + <<||- =< || < -|<,
39
= |< <| |+<| || + <| < - <$ ||< |+ -|| =< ||<
<|+< | -||< || = |<| || =< || <<| - +<| -<+|<
|< |< << |<- | ||< -, |- <| =< <<<|- | |<<| = <<|
<| |+|<|< | |<<| < =- <$ <<< |<- || | <| <+|< ->-=
| | | |<- |- | | :-:- || ||| |<- <<-|<< | | <<| :-:
|+|| | = <|< |<| <+|< r < <, -| |-| +| - +< |<- |
|| |<+r|< < || +< = |<+r|< <| | |< r < < |<- <<-|<< |
| ||||< ||+ +<| = c << +| | -
<||-< <|| | -||$ -:.-- |<| ||+ |< | -| , -:- <<< =+ ||<
| -:: <<< =+| < <|< -|< :.:- + , = <|< | |
+| | <||< | | :-.- <| || <| << <| -|< < |< +<
=| +< -::- =| |<|< +<| -| :c.: | =| <|| +<| |+ -< , = <<
| || + |<
| (-.>), (:-.), |$| (:>.>) || | +< | +|< <|, +|| |
(-::.-), -| +| (-::.-) =< |-|| |<|< (-:-.-) |+ <| +< -:--=< |
+ =| -:: <<< =+ < | -:: <<< =+ <| |<|+ |r <|
| | <|| |< ||| << - +< |<| | :.: < + -| |, <||
< =+| - <| |<|+ | +< <| |<|+ <| | |< | |- -
<t | | <|< || < - |
eemv ARb
-::'< <|| +<| - , <|+ <| -:-'< | |+< : =< |+| < =< <| +|<
- |<< <| =< |<<|| -<< -| ||--| <|< | <| <| ||| |
| <| + =+| |<+< | -|
|<<|| ||+ <||< =< | |||| <| =+| ||| |< |'< < +
<| ||| -||-| -< -|< =< ||+ <||< |<| <| |-< |
<||- -:: << |$ $ || || <+<||- |||< - |<| << $
<|* =< <|| ||| -| | <|+ |<| <|< || -:: <<<
<|+ |+ |<|+ <| | < || +|< |+ + -<| <|+ |+
<<|| |< <||+ < | =< | |<+r| | ||<||+ |<+ <| <:|
+r |< <| <||+ |||| =< |+ |< ||<< |<| +|| |. (=|=)
=+| |||, +| =< ||+ - +<
-:: << =|='< < | =< ||| =+| -| <||< < |$| |< =|
- ||-< ||< | <|<| =< ++ | || <|||+ + |< <|<|
+< =< | ||-< |<-||<, | =< +| | ||^< | -|| +<
<||-< <|| | -||$ -:.-- |<| ||+ |< | -| , -:-
||+ <<< =+ ||< | -::'< ||+ << =+| < <|< -|<
:.:- + , = <|< | | +| |
<||< | | :-.- <| ||...
40
aamra technologies limited I ANNUAL REPORT 2013
<<<|| +||| <||-| |+| | -:- || | | +< | |< << <||-| |+|
::- ||< || =<< | | - <||-| |+| | :-: || | << | <||-|
|+| :-c || ||-< -<-| =< - < <-| | |<<| |<<+ - +< =+ <|
=| |+ =< <-| |+ <| ||+ |^|< | =< <||-< |+ || +<
| = +|< < - ||< "- ||-< |<| <||< <-| < =|= |
+< | | | | <||-| |+| -:.: || +< -|< <, | | |< << c-.-c ||
|+| = < <-| < - <<|| =< |<< |<<< | - || | -::
<< =|='< <|||+ < < | - , <| <||< <<| |< |< =|=
| +< <||- |+||+ | +| (|<||<|)-=< |||+ |< |* |
<|||+ |<|| << +< -:-'< :c < + |*| |< < <<|< <| +< <
| +|||< |< < : -::- |< <
+ |<| |<|| -|< * * = =|= |+ |||+|< -|||, || =< +|||
|-< |<<| +< ||-< |<| + - |<|| +< - =< -|<
|+|<|- ||+ |^| =< |||| |r< | <| -|< -| +< |-|, |||
|+ |< =< |<<|< =+| -< <|- ||-< + <|<|< < |- |*+|<|<
=< | |<||< |< |<| ||-< |-|- =< | <||
|<| +|| ||-=< - =+<< << <|||+ + ||| < =< =+|
-|+|<| ||< =< |<|| |<| <<|<-+|<| < <||- |< <<|< |
|, =|= <<| << <|<|<|-+ | ||<||
cwiPvjK`i wbevPb/cybtwbevPb
||< ||+ =||" || |<|+<-< =+ || |-< - + + << <<
|< =< |<| |< -||<-< |<| t|<|< | -< >: - || - |<+ |--
=< -| |<-| |-- <<< | <
AwWU KwgwU
=+| |<|| +|| |<<|< = << << || - |<| ||<|- |< |<<| || +<
<|- |< =< |<| |<< |<|| |<- |<-
<|- |<|+< |<| |<|| +|||< ||+ |<-
+|||< |<| | + ||* =< << < |< -|
wWwfW
|<| +|| || (=|=) -:: | -:.c> || |+| +< <|- | | +< |
|<< |+ | -||$ :.-: |+| | |< << | -.-: |+| (-|) | |< |= -
:.:- |+| ||<+ <||< =< |^|< <| ||+ | =< <<| || <| |<<| =|='<
|<|+| -:: |< +<| c | - =< : | <|| |< ||-=< <||<
+<
41
wbixK e`
| |- |- -+ = +|, || =|+| -:: =< : < -| <<< |<||
+< - | |- |- -+ = +|, || =|+| |^|| |< |<| +|| ||
-=< || | -|< | - |<-< |<| |<|+ <- |+ ||++| || = +|,
|| =|+|+ -:- | <<< |<|+ || +< ||< +< ||<| -- <||<+
|<|< | |-< +<| -<
abev` vcb
|<|+<-< < + ||-< + |-+, |<-||< =< <|+||-< | ||<+ +| |
+<| |<| +| | +<| |<| |< <<<|| - =< |<- + ||-< | |-< <|+
-|||| =< | || |<| ||<+ | ||| + +||| =< |-<
|<T+, <||- ||+|<| = =+ +|, |+| + =+ ||, 1| + =+ ||
=< < || <|+ =< || +||||+ ||-< | |-< |< < |<| | |
+<| ||-< |<|-| ++| =< +|-< | |-< <| =< |^|< | < | |< | |$|
|<| = | +< |<| |
|<| |<|+<-< + <<|- =< +| || | <<|| |<|+ =< <| |<|-| ++|
|< - <-|- |--+ +|||< +| |< +| |< |*+|<< |<|| <- |<|
<<|- || || |<|+<-< || |-+|-| -< | |<| +||
||+ =+| + ||< |^| < <||- =+| -|-< |-< $
<<, |-< +| | < , ||<+ +| || ||-< + |-+-< = -| ||-< |
|-< < |<| || |-| ||-< ||-< <| <|- <||<
<|+ <<|-
- |<+ |--
|<|
|<| ||<+ | ||| + +||| =< |-< |<T+,
<||- ||+|<| = =+ +|, |+| + =+ ||, 1| +
=+ || =< < || <|+ =< || +||||+ ||-< |
|-< |< < ...
42
aamra technologies limited I ANNUAL REPORT 2013
Fairness, Transparency, Accountability and Responsibility are the minimum standards of acceptable
corporate behavior today. At aamra technologies limited, corporate governance means increasing the
shareholders value by being ef cient, transparent, professional and accountable to the organization,
society and to the environment.
Board of Directors
There are 5 members in the Board of Directors. Out of the 5 members, one member is an Independent Director.
All our board members include persons of high caliber, with academic and professional qualifcation in the
feld of business and professionals. This gives strength for efective discharge of duties and responsibilities
by the Board. The Board approves the companys budget and business plan and reviews those on a regular
basis so as to give directions as per changing economic and market environment. The Board reviews the
policies and manuals of the various segments of businesses in order to establish efective risk management
in credit and other key areas of operations. The management operates within the policies, guidelines and
limits approved by the Board.
COMPLIANCE REPORT ON CORPORATE GOVERNANCE
Status of compliance of the conditions described in SECs Notifcation No. SEC/CMRRCD/2006-158/
Admin/02-08 dated February 20, 2006 issued under Section 2CC of the Securities and Exchange Ordinance,
1969 (XVII of 1969) regarding Corporate Governance is given below in pursuance of condition No. 5.00 of
the said notifcation:
Condition
no.
Title
Compliance Status
Explanation Non
compliance with
the condition
Compiled
Not
Compiled
1.00 BOARD OF DIRECTORS
1.1 Board Size
1.2 Appointment of Independent Director
1.3
Chairman of the Board and Chief
Executive

1.4
The Directors' Report to the
Shareholders

1.4 (a) Fair presentation of the state of afairs


1.4 (b)
Proper maintenance of books of
accounts

1.4 ( c)
Application of proper accounting
policies in preparation of fnancial
statements

1.4 (d)
Adherence to International Accounting
Standards

CORPORTE
GOVERNANCE
43
Condition
no.
Title
Compliance Status
Explanation Non
compliance with
the condition
Compiled
Not
Compiled
1.4 (e) Sound Internal Control
1.4 (f ) Ability to continue as a going concern
1.4 (g)
Deviations from operation of the
previous year

1.4 (h)
Presentation of key operating and
fnancial data of the last three years

1.4 (i) Declaration of Dividend


1.4 (j) Number of Board Meetings Held
1.4 (k) Pattern of shareholding
2.00
CHIEF FINANCIAL OFFICER (CFO), HEAD OF INTERNAL AUDIT AND COMPANY
SECRETARY
2.1
Appointment of CFO, Head of Internal
Audit and Company Secretary

2.2
Requirement of CFO and Company
Secretary to attend Board Meeting

3.00 AUDIT COMMITTEE


3.1 (i) Constitution of Audit Committee
3.1 (ii)
Appointment of independent director in
Audit Committee

3.1 (iii) Vacancy in the Audit Committee


3.2 (i)
Selection of Chairman of the Audit
Committee

3.2 (ii)
Qualifcation of the Chairman of the
Audit Committee

3.3 Reporting of the Audit Committee


3.3.1 (i)
Reporting of the Audit Committee to the
Board of Directors

3.3.1 (ii) (a) Report on confict of interest No such case arose


3.3.1 (ii) (b) Suspected fraud or irregularities
3.3.1 (ii) ( c) Suspected infringement of laws
44
aamra technologies limited I ANNUAL REPORT 2013
Condition
no.
Title
Compliance Status
Explanation Non
compliance with
the condition
Compiled
Not
Compiled
3.3.1 (ii) (d) Any other matter No such case arose
3.3.2
Reporting to the SEC by the Audit
Committee
No such case arose
3.4
Reporting to the shareholders and
general investors

4.00 EXTERNAL / STATUTORY AUDITORS


4.00 (i)
Appraisal or valuation services of fairness
opinions

4.00 (ii)
Financial information systems design
and implementation

4.00 (iii)
Book keeping or other services related to
the accounting records

4.00 (iv) Broker-Dealer services N/A


4.00 (v) Actuarial services N/A
4.00 (vi) Internal audit services
4.00 (vii)
Any other services that the Audit
Committee determines

The Audit Committee [3.00]


Sl Name Designation
1 Mr. K.M.Hasan, FCA Chairman
2 Syeda Munia Ahmed Member
3 Fahmida Ahmed Member
45
The audit committee makes recommendation on
the reporting, control and compliance aspects of
the Directors and the Companys responsibilities,
providing independent monitoring, guidance and
challenge to executive management in these areas.
The audit committee on behalf of the board strives
to ensure efective implementation of the processes
and procedures set out in the business plans and
policies. Its aim is to ensure that high standards of
corporate reporting, control and compliance are
achieved, in the belief that excellence in these areas
enhances the efectiveness and reduces the risks of
the business.
The composition of the committee
In accordance with the currently accepted best
practices and corporate governance guidelines,
the board appointed audit committee comprises
of the following non-executive and independent
directors of the company:
Name of Members
Position in the
Committee
Position in the
Board
Mr. K.M. Hasan, FCA Chairman
Independent
Director
Syeda Munia Ahmed Member Director
Fahmida Ahmed Member Director
Meetings of the Audit Committee
The Committee held four meetings during the
year under review. The terms of reference of the
audit committee clearly defnes the roles and
responsibilities of the audit committee. The terms
of reference is periodically reviewed and revised
with the concurrence of the board of directors.
The roles and functions of the committee are
further regulated by the rules governing the
audit committee as specifed by the conditions/
guidelines on corporate governance issued by the
Bangladesh Securities and Exchange Commission.
Activities of the Audit Committee
The audit committee carried out the following
activities during the year:
Reviewed the systems and procedures to
ensure that all transactions are completely and
accurately recorded in the books of account;
Reviewed the accounting policies and to
determine the most appropriate accounting
policies after consideration of all choices
available;
Reviewed the efectiveness of the fnancial
reporting system in place to ensure reliability of
the information provided to the stakeholders;
Reviewed and approved the Annual Financial
Statements prepared for publication, prior to
submission to the Board;
Reviewed the efectiveness and independence
of the statutory auditors;
Recommended the re-appointment,
remuneration and engagement letter of the
statutory auditors;
Reviewed management reports together with
the managements response thereto and the
audited fnancial statements with the external
auditors.
Acknowledgement
The Audit Committee expressed its sincere thanks
to the members of the Board, management and the
Auditors for their support in carrying out its duties
and responsibilities efectively.
K.M. Hasan, FCA
Chairman
Audit Committee
REPORT OF THE
AUDIT COMMITEE
46
aamra technologies limited I ANNUAL REPORT 2013
Board of Directors at the
23
th
Annual General
Meeting (AGM) of aamra
technologies limited
PICTURE
GALLERY
Board of Directors &
Shareholders at the
23
th
Annual General
Meeting (AGM) of aamra
technologies limited
Shareholders at the
23
th
Annual General
Meeting (AGM) of aamra
technologies limited
47
Board of Directors
9
th
Extra Ordinary General
Meeting (EGM) 2013
aamra technologies limited
A shareholder speaks at the
9
th
Extra Ordinary General
Meeting (EGM) 2013
aamra technologies limited
Shareholders at the
9
th
Extra Ordinary General
Meeting (EGM) 2013
aamra technologies limited
48
aamra technologies limited I ANNUAL REPORT 2013
aamra becomes a Gold
Member of Bangladesh
German Chamber of
Commerce & Industry
PICTURE GALLERY
Mr. Syed Farhad Ahmed,
Managing Director of
aamra technologies limited
speaks at the Bangladesh
Investment Summit, Europe
aamra technologies limited
Receives Recognition at
ICMAB Best Corporate
Award 2013
49
LankaBangla Securities signs
purchasing deal of Oracle
Database Appliance with
aamra technologies limited
BCB and aamra renew
Partnership Until 2015
aamra was the Of cial IT
Partner of Bangladesh
Premier League 2013 - 2017
51 51
aamra
technologies
limited
Audited Financial Statements
for the year ended 30 June 2013
52
aamra technologies limited I ANNUAL REPORT 2013
We have audited the accompanying fnancial statements
of aamra technologies limited which comprises the
statement of fnancial position as at June 30, 2013 and
the statement of comprehensive income, statement of
changes in equity and statement of cash fows for the
year then ended, and a summary of signifcant accounting
policies and other explanatory information.
Managements Responsibility for the Financial
Statements
Management is responsible for the preparation and fair
presentation of these fnancial statements in accordance
with Bangladesh Financial Reporting Standards, and
for such internal control as management determines is
necessary to enable the preparation of fnancial statements
that are free from material misstatement, whether due to
fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these
fnancial statements based on our audit. We conducted
our audit in accordance with Bangladesh Standards on
Auditing. Those standards require that we comply with
ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the fnancial
statements are free from material misstatement.
An audit involves performing procedures to obtain
audit evidence about the amount and disclosures in the
fnancial statements. The procedures selected depend
on the auditors judgment, including the assessment
of the risks of material misstatement of the fnancial
statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control
relevant to the entitys preparation and fair presentation
of the fnancial statements in order to design audit
procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the
efectiveness of the entitys 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 fnancial statements.
We believe that the audit evidence we have obtained is
suf cient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the fnancial statements, prepared
in accordance with Bangladesh Financial Reporting
Standards (BFRS), give a true and fair view of the state of
the companys afairs as at June 30, 2013 and of the results
of its operations and cash fows for the year then ended
and comply with the Companies Act 1994, the Securities
and Exchanges Rules 1987 and 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 purposes of our audit and made due
verifcation thereof;
b) In 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 these books;
c) The statement of fnancial position and statement of
comprehensive income dealt with by the report are in
agreement with the books of account and returns; and
d) The expenditure incurred was for the purposes of the
companys business.
AUDITORS REPORT TO THE SHAREHOLDERS OF
aamra technologies limited
Dated: Dhaka (Masih Muhith Haque & Co.)
October 07, 2013 Chartered Accountants
53
Amount in Taka
Assets
Notes/
Sch
30 June 2013 30 June 2012
Non-current assets
A. Property, plant & equipment, net 4.00 307,674,582 224,963,468
Intangible assets, net 5.00 1,275,000 -
B. Current assets:
Inventory 6.00 717,930,635 706,743,520
Material in Transit 7.00 56,733,309 77,781,837
Trade receivables & Others 8.00 403,837,604 383,204,006
Advances, deposits & prepayments 9.00 128,450,600 110,609,581
Inter company current account 10.00 - 17,276,531
Cash & cash equivalents 11.00 18,297,492 656,416,650
Total current assets: 1,325,249,639 1,952,032,126
Total assets 1,634,199,221 2,176,995,594
Equity and liabilities
C. Equity attributable to shareholders
Authorized capital
100,000,000 shares @ Tk. 10 each 1,000,000,000 1,000,000,000
Share capital 12.00 503,358,140 419,465,120
Share premium 13.00 502,608,496 502,608,496
Retained earnings 14.00 96,591,017 106,890,075
Total equity 1,102,557,653 1,028,963,691
D. Non-current liabilities
Long-term loan 16.00 - 35,884,671
Total long-term loan - 35,884,671
E. Current liabilities:
Short term loan 17.00 438,136,275 952,027,532
Liability against import of inventories 18.00 - 77,781,837
Trade payable & others 19.00 43,818,375 35,950,373
Advance against sale 20.00 19,206,935 21,145,212
Liability For Expenses 21.00 15,697,583 11,744,157
Provision for corporate tax 22.00 11,252,495 11,416,751
Deferred tax liability 23.00 3,529,905 2,081,370
531,641,568 1,112,147,232
Total liabilities 531,641,568 1,148,031,903
Total equity and liabilities 1,634,199,221 2,176,995,594
The annexed notes form integral parts of these fnancial statements.
Syed Faruque Ahmed Md. Anamul Haque Syed Farhad Ahmed
Chairman Company Secretary Managing Director
Masih Muhith Haque & Co.
Chartered Accountants
aamra technologies limited
STATEMENT OF FINANCIAL POSITION
As at June 30, 2013
54
aamra technologies limited I ANNUAL REPORT 2013
Amount in Taka
Particulars Notes
1- July 12
To
30 June 13
1- July 11
To
30 June 12
Revenue 24 717,863,483 668,400,734
Cost of goods sold 25 533,853,458 523,195,609
Gross Proft 184,010,024 145,205,125
Administrative expenses 26 95,044,256 82,933,223
Operating income 88,965,769 62,271,902
Non- Operating Income 27 8,870,238 21,243,129
97,836,006 83,515,031
Financial charges 28 11,141,228 12,685,002
PROFIT FOR THE PERIOD 86,694,778 70,830,029
Other comprehensive income:
Exchange gain/(loss) 29 (399,787) (4,818)
Other comprehensive income for the period (399,787) (4,818)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 86,294,991 70,825,211
Provision for corporate tax 30 11,252,495 11,416,751
Provision for deferred tax 23 1,448,535 553,681
TOTAL COMPREHENSIVE INCOME AFTER TAX 73,593,961 58,854,779
Earnings per share (Par Value Tk. 10.00) 34 1.46 2.46
The annexed notes form integral parts of these fnancial statements.
Syed Faruque Ahmed
Md. Anamul Haque
Syed Farhad Ahmed
Chairman
Company Secretary
Managing Director
Masih Muhith Haque & Co.
Chartered Accountants
aamra technologies limited
STATEMENT OF COMPREHENSIVE INCOME
For the Year Ended 30 June, 2013
55
A
t
t
r
i
b
u
t
a
b
l
e

t
o

t
h
e

E
q
u
i
t
y

H
o
l
d
e
r
s

o
f

a
a
m
r
a

t
e
c
h
n
o
l
o
g
i
e
s

l
i
m
i
t
e
d
P
a
r
t
i
c
u
l
a
r
s

O
r
d
i
n
a
r
y

S
h
a
r
e

C
a
p
i
t
a
l


S
h
a
r
e

P
r
e
m
i
u
m


P
r
o
p
o
s
e
d

D
i
v
i
d
e
n
d


R
e
t
a
i
n
e
d

E
a
r
n
i
n
g
s


T
o
t
a
l

B
a
l
a
n
c
e

a
t

0
1

J
u
l
y

2
0
1
2

4
1
9
,
4
6
5
,
1
2
0


5
0
2
,
6
0
8
,
4
9
6


-


1
0
6
,
8
9
0
,
0
7
6


1
,
0
2
8
,
9
6
3
,
6
9
2

P
r
o
f

t
/
(
L
o
s
s
)

d
u
r
i
n
g

t
h
e

p
e
r
i
o
d

-


-


-


7
3
,
5
9
3
,
9
6
1


7
3
,
5
9
3
,
9
6
1

T
r
a
n
s
f
e
r

S
t
o
c
k

d
i
v
i
d
e
n
d
s

o
n

o
r
d
i
n
a
r
y

s
h
a
r
e
s

8
3
,
8
9
3
,
0
2
0


(
8
3
,
8
9
3
,
0
2
0
)

-

B
a
l
a
n
c
e

a
t

3
0

J
u
n
e

2
0
1
3

5
0
3
,
3
5
8
,
1
4
0


5
0
2
,
6
0
8
,
4
9
6


-


9
6
,
5
9
1
,
0
1
7


1
,
1
0
2
,
5
5
7
,
6
5
3

B
a
l
a
n
c
e

a
t

0
1

J
u
l
y

2
0
1
1

1
8
5
,
2
2
2
,
8
4
0


2
3
0
,
3
5
4
,
1
5
8


1
8
,
5
2
2
,
2
8
0


7
1
,
4
6
5
,
1
8
4


5
0
5
,
5
6
4
,
4
6
2

I
s
s
u
e

o
f

S
h
a
r
e

C
a
p
i
t
a
l

2
1
5
,
7
2
0
,
0
0
0


-


2
1
5
,
7
2
0
,
0
0
0

S
h
a
r
e

P
r
e
m
i
u
m

3
0
2
,
0
0
8
,
0
0
0


3
0
2
,
0
0
8
,
0
0
0

P
r
o
f

t
/
(
L
o
s
s
)

d
u
r
i
n
g

t
h
e

p
e
r
i
o
d

-


-


-


5
8
,
8
5
4
,
7
7
9


5
8
,
8
5
4
,
7
7
9

C
a
p
i
t
a
l

r
a
i
s
i
n
g

e
x
p
e
n
s
e
s

-


-


-


(
2
9
,
7
5
3
,
6
6
2
)

(
2
9
,
7
5
3
,
6
6
2
)
E
x
p
e
n
s
e

o
f

r
a
i
s
i
n
g

o
f

c
a
p
i
t
a
l

a
d
j
u
s
t
a
b
l
e

w
i
t
h

s
h
a
r
e

p
r
e
m
i
u
m


-


(
2
9
,
7
5
3
,
6
6
2
)

-


2
9
,
7
5
3
,
6
6
2


-

T
r
a
n
s
f
e
r

S
t
o
c
k

d
i
v
i
d
e
n
d
s

o
n

o
r
d
i
n
a
r
y

s
h
a
r
e
s

1
8
,
5
2
2
,
2
8
0


-


(
1
8
,
5
2
2
,
2
8
0
)

-


-

C
a
s
h

d
i
v
i
d
e
n
d
s

o
n

o
r
d
i
n
a
r
y

s
h
a
r
e
s

(
2
0
,
3
7
4
,
5
1
2
)

(
2
0
,
3
7
4
,
5
1
2
)
A
d
d

:

P
r
i
o
r

y
e
a
r

a
d
j
u
s
t
m
e
n
t
-

D
e
f
e
r
r
e
d

T
a
x

l
i
a
b
i
l
i
t
y

(
3
,
0
5
5
,
3
7
5
)

(
3
,
0
5
5
,
3
7
5
)
B
a
l
a
n
c
e

a
t

3
0

J
u
n
e

2
0
1
2

4
1
9
,
4
6
5
,
1
2
0


5
0
2
,
6
0
8
,
4
9
6


-


1
0
6
,
8
9
0
,
0
7
6


1
,
0
2
8
,
9
6
3
,
6
9
2

T
h
e

a
n
n
e
x
e
d

n
o
t
e
s

f
o
r
m

i
n
t
e
g
r
a
l

p
a
r
t
s

o
f

t
h
e
s
e

f

n
a
n
c
i
a
l

s
t
a
t
e
m
e
n
t
s
.
S
y
e
d

F
a
r
u
q
u
e

A
h
m
e
d




















M
d
.

A
n
a
m
u
l

H
a
q
u
e


S
y
e
d

F
a
r
h
a
d

A
h
m
e
d

C
h
a
i
r
m
a
n









































C
o
m
p
a
n
y

S
e
c
r
e
t
a
r
y


M
a
n
a
g
i
n
g

D
i
r
e
c
t
o
r


M
a
s
i
h

M
u
h
i
t
h

H
a
q
u
e

&

C
o
.


C
h
a
r
t
e
r
e
d

A
c
c
o
u
n
t
a
n
t
s

a
a
m
r
a

t
e
c
h
n
o
l
o
g
i
e
s

l
i
m
i
t
e
d
S
T
A
T
E
M
E
N
T

O
F

C
H
A
N
G
E
S

I
N

E
Q
U
I
T
Y
F
o
r

t
h
e

y
e
a
r

e
n
d
e
d

3
0

J
u
n
e
,

2
0
1
3
56
aamra technologies limited I ANNUAL REPORT 2013
Amount in Taka
Particulars
1- July 12
To
30 June 13
1- July 11
To
30 June 12
A. Cash fow from operating activities
Cash received from customers & other income 703,762,059 563,337,900
Cash paid to suppliers & others (551,867,222) (240,908,344)
Operating expenses paid (95,088,961) (125,694,442)
Income Tax paid (11,416,751) 11,416,751
Finance Charges (11,141,228) (12,685,002)
Net cash provided by/ (used in) operating activities 34,247,896 195,466,863
B. Cash fow from investing activities
Acquisition of fxed assets (138,082,657) (1,340,216)
Intangible assets (1,785,000) -
Net cash used in investing activities (139,867,657) (1,340,216)
C. Cash fow from fnancing activities
Paid up capital - 215,720,000
Share Premium - 272,254,338
Dividend Paid - (20,374,512)
Short-term loan (513,891,257) -
Inter Company loan 17,276,531 -
Long-term Loan (35,884,671) (5,831,223)
Net cash provided by/ (used in) fnancing activities (532,499,397) 461,768,603
D. Net cash increase/ (decrease) (A+B+C) (638,119,158) 655,895,250
Cash & cash equivalent at the beginning of the period 656,416,650 521,400
Cash & cash equivalent at the end of the period 18,297,492 656,416,650
The annexed notes form integral parts of these fnancial statements.
Syed Faruque Ahmed Md. Anamul Haque Syed Farhad Ahmed
Chairman Company Secretary Managing Director
Masih Muhith Haque & Co.
Chartered Accountants
aamra technologies limited
STATEMENT OF CASH FLOWS
For the year ended 30 June, 2013
57
P
a
r
t
i
c
u
l
a
r
s
C
o
s
t
R
a
t
e

o
f

D
e
p
.
(
%
)
D
e
p
r
e
c
i
a
t
i
o
n

W
.
D
.
V
.


B
a
l
a
n
c
e

a
s

o
n

0
1
-
0
7
-
1
1


A
d
d
i
t
i
o
n
/
A
d
j
u
s
t
m
e
n
t

d
u
r
i
n
g

t
h
e

y
e
a
r

D
i
s
p
o
s
a
l

d
u
r
i
n
g

t
h
e

y
e
a
r
B
a
l
a
n
c
e

a
s

o
n

3
0
-
0
6
-
2
0
1
2

B
a
l
a
n
c
e

a
s

o
n

0
1
-
0
7
-
1
1

C
h
a
r
g
e
d

d
u
r
i
n
g

t
h
e

y
e
a
r
D
i
s
p
o
s
a
l

d
u
r
i
n
g

t
h
e

y
e
a
r
B
a
l
a
n
c
e

a
s

o
n

3
0
-
0
6
-
2
0
1
2

a
s

o
n

3
0
-
0
6
-
2
0
1
2

F
u
r
n
i
t
u
r
e

&

F
i
x
t
u
r
e

6
,
6
7
9
,
8
0
4


-


-


6
,
6
7
9
,
8
0
4

1
0

3
,
0
5
2
,
5
6
6


3
4
6
,
5
5
2


-


3
,
3
9
9
,
1
1
8


3
,
2
8
0
,
6
8
6

O
f


c
e

E
q
u
i
p
m
e
n
t

1
0
,
9
2
6
,
1
9
4


-


-


1
0
,
9
2
6
,
1
9
4

1
5

6
,
2
2
4
,
0
2
9


6
5
8
,
7
9
8


-


6
,
8
8
2
,
8
2
7


4
,
0
4
3
,
3
6
7

I
n
t
e
r
i
o
r

D
e
c
o
r
a
t
i
o
n

2
5
,
4
0
3
,
0
4
3


8
3
1
,
7
0
4


-


2
6
,
2
3
4
,
7
4
7

1
0

7
,
0
3
8
,
3
5
4


1
,
8
1
8
,
5
0
6


-


8
,
8
5
6
,
8
6
0


1
7
,
3
7
7
,
8
8
7

C
o
m
p
u
t
e
r

&

A
c
c
e
s
s
o
r
i
e
s

3
3
,
7
1
5
,
9
8
6


-


-


3
3
,
7
1
5
,
9
8
6

3
0

1
3
,
7
2
7
,
9
0
5


5
,
2
3
6
,
9
1
0


-


1
8
,
9
6
4
,
8
1
5


1
4
,
7
5
1
,
1
7
1

M
o
t
o
r

v
e
h
i
c
l
e

1
,
5
7
4
,
5
0
0


-


-


1
,
5
7
4
,
5
0
0

2
0

8
6
9
,
7
1
4


1
2
8
,
7
2
9


-


9
9
8
,
4
4
3


5
7
6
,
0
5
7

E
R
P

&

I
n
v
e
n
t
o
r
y

S
o
f
t
w
a
r
e

1
1
6
,
7
7
0
,
3
2
9


-


-

1
1
6
,
7
7
0
,
3
2
9

2
0

1
1
,
2
0
1
,
1
6
7


1
9
,
2
8
1
,
9
9
5


-


3
0
,
4
8
3
,
1
6
2


8
6
,
2
8
7
,
1
6
7

R

&

D

f
o
r

E
n
t
e
r
p
r
i
s
e

&

N
e
t
w
o
r
k

3
4
,
8
4
7
,
5
1
8


-


-


3
4
,
8
4
7
,
5
1
8

2
0

3
,
3
4
2
,
7
4
1


5
,
7
5
4
,
2
8
4


-


9
,
0
9
7
,
0
2
5


2
5
,
7
5
0
,
4
9
3

D
a
t
a

C
e
n
t
e
r

4
4
,
8
0
0
,
0
0
0


-


-


4
4
,
8
0
0
,
0
0
0

2
0

4
,
2
9
7
,
4
3
0


7
,
3
9
7
,
7
1
3


-


1
1
,
6
9
5
,
1
4
3


3
3
,
1
0
4
,
8
5
7

I
I
G

E
q
u
i
p
m
e
n
t

-


1
3
7
,
2
5
0
,
9
5
3


-

1
3
7
,
2
5
0
,
9
5
3

2
0

-


1
4
,
7
4
8
,
0
5
6


-


1
4
,
7
4
8
,
0
5
6

1
2
2
,
5
0
2
,
8
9
8


T
o
t
a
l


2
7
4
,
7
1
7
,
3
7
4


1
3
8
,
0
8
2
,
6
5
7


-

4
1
2
,
8
0
0
,
0
3
1


4
9
,
7
5
3
,
9
0
6


5
5
,
3
7
1
,
5
4
3


-


1
0
5
,
1
2
5
,
4
4
9


3
0
7
,
6
7
4
,
5
8
3


B
a
l
a
n
c
e

a
s

o
n

3
0
-
0
6
-
2
0
1
2


7
6
,
9
5
9
,
3
1
1


1
9
7
,
7
5
8
,
0
6
3


-

2
7
4
,
7
1
7
,
3
7
4


2
4
,
5
2
8
,
9
7
5


2
5
,
2
2
4
,
9
3
1


-


4
9
,
7
5
3
,
9
0
6


2
2
4
,
9
6
3
,
4
6
8

N
o
t
e

:

T
o
t
a
l

D
e
p
r
e
c
i
a
t
i
o
n

h
a
s

b
e
e
n

a
p
p
o
r
t
i
o
n
e
d

a
t

t
h
e

f
o
l
l
o
w
i
n
g

r
a
t
i
o

:

D
i
r
e
c
t

E
x
p
e
n
s
e
s

7
5
%

4
1
,
5
2
8
,
6
5
7


A
d
m
i
n
i
s
t
r
a
t
i
v
e

E
x
p
e
n
s
e
s

2
5
%

1
3
,
8
4
2
,
8
8
6

1
0
0
%

5
5
,
3
7
1
,
5
4
3

T
h
e

m
a
n
a
g
e
m
e
n
t

h
a
s

c
h
a
n
g
e
d

D
e
p
r
e
c
i
a
t
i
o
n

r
a
t
e

f
o
r

C
o
m
p
u
t
e
r

A
c
c
e
s
s
o
r
i
e
s

a
n
d

M
o
t
o
r

V
e
h
i
c
l
e
s

f
r
o
m

1
5
%

e
a
c
h

t
o

2
0
%

a
n
d

3
0
%

r
e
s
p
e
c
t
i
v
e
l
y


d
u
r
i
n
g

t
h
e

y
e
a
r
.

T
h
i
s

w
a
s

d
u
e

t
o

a

c
h
a
n
g
e

i
n

e
s
t
i
m
a
t
e
d

u
s
e
f
u
l

l
i
f
e

w
h
i
c
h

i
s

t
r
e
a
t
e
d

a
s

a

c
h
a
n
g
e

i
n

a
c
c
o
u
n
t
i
n
g

e
s
t
i
m
a
t
e

a
n
d

a
c
c
o
u
n
t
e
d

f
o
r

p
r
o
s
p
e
c
t
i
v
e
l
y

i
n

a
c
c
o
r
d
a
n
c
e

w
i
t
h

B
A
S
-
8
.

a
a
m
r
a

t
e
c
h
n
o
l
o
g
i
e
s

l
i
m
i
t
e
d






































S
c
h
e
d
u
l
e

-

A
S
C
H
E
D
U
L
E

O
F

P
R
O
P
E
R
T
Y
,

P
L
A
N
T

&

E
Q
U
I
P
M
E
N
T
58
aamra technologies limited I ANNUAL REPORT 2013
1. ABOUT THE ORGANIZATION
aamra technologies limited was incorporated in Bangladesh under The Companies Act, 1913 on 14 March 1990
vide registered No. C 19428 (198) / 90 as a private limited company. The company was converted to a public limited
company on November 30, 2009 under The Companies Act 1994.
aamra technologies limited provides comprehensive IT solutions and services including Systems Integration,
Information Systems Outsourcing, Core Banking Software & Switching Solution supply, implementation &
maintenance. The registered of ce of the company is located at BTA Tower (10th foor), 29 Kemal Ataturk Avenue,
Banani C/A, Dhaka.
The company became listed with Dhaka & Chittagong Stock Exchange during the year and subscription for IPO
opened on April 04, 2012. The companys shares were of cially foated from July 04, 2012.
2.00 SIGNIFICANT ACCOUNTING POLICIES
These fnancial statements have been prepared under historical cost convention in accordance with generally accepted
accounting principles as laid down in the International Accounting Standards (IASs) / International Financial Reporting
Standards (IFRSs), applicable to the Company so far adopted by the Institute of Chartered Accountants of Bangladesh as
Bangladesh Accounting Standards (BASs) / Bangladesh Financial Reporting Standards. The disclosures of information
are made in accordance with the requirements of the Companies Act 1994 and the Financial statements have been
prepared in accordance with BAS-1/IAS-1 (presentation of fnancial statements) using the accrual basis of accounting.
In the preparation of these fnancial statements, management used available information to make judgments,
estimates and assumptions that afect the application of accounting policies and the reported amounts of assets
and liabilities, income and expenses. Actual results may difer from those estimates.
2.01 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at historical 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 any directly attributable cost of bringing the assets to its working condition for its intended use inclusive
of inward freight, duties and non-refundable taxes.
Depreciation is provided to write-of the cost of property, plant & equipment less any residual value, over the
year of their expected useful lives, in accordance with the provisions of BAS 16: Property, Plant and Equipment.
Depreciation is provided for the year in use of the assets. Acquisitions during the year are depreciated on monthly
basis .Depreciation is provided at the following rates on reducing balance basis. The management has changed
Depreciation rate for Computer Accessories and Motor Vehicles from 15% each to 20% and 30% respectively during
the year. This was due to a change in estimated useful life which is treated as a change in accounting estimate and
accounted for prospectively in accordance with BAS-8.
Items Rate
Furniture & Fixture 10%
Of ce Equipment 15%
Interior Decoration 10%
Computer & Accessories 30%
Motor Vehicle 20%
ERP & Inventory Software 20%
R & D for Enterprise & Network 20%
Data Center 20%
IIG Equipment 20%
aamra technologies limited
NOTES TO THE FINANCIAL STATEMENTS
For the year ended June30, 2013
59
2.02 Intangibles
Expenditure on intangibles are capitalised provided they meet the recognition criterion specifed by BAS-38.
Amortisation on intangibles begin when it is evident that the asset will generate probable future economic benefts.
2.03 Components of Financial Statements:
a) Statement of Financial Position.
b) Statement of Comprehensive Income.
c) Statement of Cash Flows.
d) Statement of Changes in Equity.
e) Accounting policies and explanatory notes.
2.04 Other regulatory compliances
The Company is also required to comply with the following major legal provisions in addition to the Companies Act
1994 and other applicable laws and regulations:
The Income Tax Ordinance 1984
The Income Tax Rules 1984
The Value added Tax Act 1991
The Value added Tax Rules 1991
The Securities & Exchange Commission Rules 1987
The Customs Act 1969
The Bangladesh Telecommunication Act 2001
2.05 VALUATION OF INVENTORIES
Inventories are stated at lower of cost and net realizable value in compliance with the requirements of paras 21 and
25 of BAS-2 (Inventories).
2.06 RELATED PARTY DISCLOSURES
The company carried out a number of transactions with related parties in the normal course of business and on arms
length basis. The information as required by BAS 24 : Related party Disclosures have been disclosed in note-33 to the
fnancial statements.
2.07 CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash in hand and with banks on current and deposit accounts which are held
and available for use by the company without any restriction.
2.08 PROVISION FOR CORPORATE TAX
Provision for corporate tax is made @ 27.5% on estimated taxable income in accordance with income tax Ordinance
1984. The corporate income tax assessment of the company is completed up to assessment year 2012-2013.
2.09 DEFERRED TAX
Deferred tax on asset/liability is accounted for in accordance with BAS-12.
2.10 ACCRUED EXPENSES AND OTHER PAYABLES
Liabilities for the goods and services received have been accounted for whether paid or not for those goods &
services. Payables are not interest bearing and are stated at their nominal value.
2.11 Trade and other receivables
Trade and other receivables are recognized at cost which is fair value of the consideration given for them.
60
aamra technologies limited I ANNUAL REPORT 2013
2.12 ADVANCE, DEPOSITS & PREPAYMENTS
Advances are initially measured at cost. After initial recognition, advances are carried at cost less deduction,
adjustment or charges to other account heads. Deposits are measured at payment value. Prepayments are
initially measured at cost. After initial recognition prepayments are carried at cost less charges to Statement of
Comprehensive Income.
2.13 REVENUE RECOGNITION
In compliance with the requirements of BAS 18 : Revenue, revenue from receipts from customers against sales and
services are recognized when products and services are provided to customers, that is, when the signifcant risk and
rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated
costs and possible return of goods can be estimated reliably, and there is no continuing management involvement
with the goods.
Revenue from sales is exclusive of VAT.
2.14 EARNINGS PER SHARE (EPS)
This has been calculated in compliance with the requirements of BAS 33 : Earnings Per Share by dividing the basic
earnings by the number of ordinary shares in issue during the year. Disclosures are made in note-34 to the fnancial
statements.
2.15 FOREIGN CURRENCY TRANSACTIONS
Foreign currency transactions are recorded in BDT at applicable rates of exchange ruling at the dates of transactions
in accordance with BAS-21/IAS-21 (the efects of changes in foreign exchange rates). Monetary assets and liabilities
denominated in foreign currencies at reporting date are reconverted at rates ruling at the balance sheet date. All
exchange diferences are charged/ credited to statement of Comprehensive Income.
2.16 NUMBER OF EMPLOYEES
The number of employees engaged for the year who received a total remuneration of Taka 36,000 and above was
152. None of them were receiving below Taka 3,000 per month. The company has not maintained a workers proft
participation fund (WPPF) for the year ended June 30, 2013, as this is a service-based company and employment
within the organisation do not fall within the defnition of worker as per Bangladesh Labour Law 2006.
2.17 STATEMENT OF CASH FLOW
The Statement of Cash Flows has been prepared in accordance with the requirements of BAS 7: Statement of Cash
Flows using direct method.
2.18 RISK AND UNCERTAINTY FOR USE OF ESTIMATES AND JUDGEMENTS
The preparation of fnancial statements in conformity with Bangladesh Accounting Standards
requires management to make judgments, estimates and assumptions that afect the applicable of
accounting policies and the reported amounts of assets, liabilities, income and expenses, and disclosure
requirements for contingent assets and liabilities during and at the date of the fnancial statements.
Actual result may difer from these estimates. Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions of accounting estimates are recognized in the year in which the estimate is revised in any future
years afected as required by BAS 8 : Accounting Policies, Changes in Accounting Estimates and Errors.
2.19 GOING CONCERN
The Company has adequate resources to continue in operation for the foreseeable future. For this reason, the
directors continue to adopt going concern basis in preparing the accounts.
61
2.20 FINANCIAL INSTRUMENTS
Non-derivative fnancial instruments comprise accounts and other receivables, cash and cash equivalents,
borrowings and other payables and are shown at transaction cost.
2.21 PROVISION FOR EXPENSES
The preparation of fnancial statements in conformity with BAS-37 Provision, Contingent Liabilities and Contingent
Assets, requires management to make estimates and assumptions that afect the reported amounts of revenues
and expenses, assets and liabilities, and the disclosure requirements for contingent assets and liabilities during and
at the date of the fnancial statements. Due to the inherent uncertainty involved in making estimates, actual result
reported could difer from those estimates.
In accordance with the guidelines as prescribed by BAS-37 provisions were recognised in the following situations:
- When the company has a present obligation as a result of past event.
- When it is probable that an outfow of resources embodying economic benefts will be required to settle the
obligation; and
- Reliable estimates can be made of the amount of the obligation.
2.23 EVENTS AFTER REPORTING PERIOD
(a) As per BAS 10: Events After Reporting Period there was no adjusting event after reporting period of such
importance that non-disclosure of which may afect the ability of the users of the fnacial statements to make
proper evaluations and decisions.
(b) aamra technologies limited has taken two orders for Exadata Machine from Orascom Bangladesh limited and
NRB bank limited for BDT 43.40 miliion and 23.40 million respectively.
3.00 OTHERS
3.01 EMPLOYEE BENEFITS
The company has provided the following benefts for their employees:
(a) Defned Contribution Plan
This represents recognized contributory provident fund for all its permanent employees. Assets of provident fund
are held in a separate trustee administered fund as per the relevant rules and is funded by contributions from both
the employees and the company at pre-determined rates.
(b) Insurance Scheme
Employees of the company are covered under group life insurance scheme & Medical Insurance.
3.02 REPORTING PERIOD
The reporting period covers 01 July 2012 to 30 June 2013.
3.03 REPORTING CURRENCY
The fnancial statements are prepared and presented in Bangladesh Currency (Taka), which is the companys
functional currency. All fnancial information presented have been rounded of to the nearest Taka except where
indicated otherwise.
3.04 COMPARATIVE INFORMATION AND REARRANGEMENT THEREOF
Comparative information has been disclosed in respect of the year for all numerical information in the fnancial
statements and also the narrative and descriptive information where it is relevant for understanding of the current
years fnancial statements.
Figures for the year have been re-arranged wherever considered necessary to ensure better comparability with the
current year.
62
aamra technologies limited I ANNUAL REPORT 2013
Amount in Taka
30-06-2013 30-06-2012
4.00 Property, plant & equipment: Tk. 307,674,583
This is arrived at as follows:
Opening balance 224,963,468 52,430,336
Add: Addition during the year 138,082,657 197,758,063
Less: Depreciation 55,371,543 25,224,931
Closing balance Sch-A 307,674,583 224,963,468
5.00 Intangible assets: Tk. 1,275,000
Opening balance - -
Add : Addition during the year 1,785,000 -
Less : Amortized during the year 510,000 -
Closing balance 1,275,000 -
The above represents one time installation cost for IIG project. The cost will be amortised in straight line basis
over 21 months.
6.00 Inventory: Tk. 717,930,635
The break up is as follows:
Hardware & Equipment: Qty
Breezecom 62 1,595,724 1,595,724
Cash Deposit Machine 3 833,000 833,000
Cisco Products 123 12,646,247 23,679,262
Diebold ATM 11 6,592,226 14,934,547
Hypercom 167 8,789,834 3,822,056
Hypercom RMA 765 2,140,466 -
Sun Fire X2270 2 6,414,727 -
UPS 2 220,233 220,233
Sun - 3,322,711
Sub Total 39,232,458 48,407,533
63
Amount in Taka
30-06-2013 30-06-2012
Spare Parts:
Diebold Spare 21009 23,249,892 31,821,095
Juniper Networks 63 6,960,016 7,455,084
NAC spare - - 607,689
NBS spare parts 5000 17,064,253 14,073,817
Thales Spare 2 1,680,630 1,605,010
Software 180 282,150,995.00 -
Sun Spare 1709 347,592,391.69 602,773,291
Sub Total 678,698,177 658,335,987
Total 717,930,635 706,743,520
7.00 Material in transit: Tk. 56,733,309 56,733,309 77,781,837
The above represents payments made against L/C margin and insurance expenses for import against which
products are yet to be received.
8.00 Trade receivables & others: Tk. 403,837,604
This is arrived at as follows:
Opening balance 383,204,006 259,791,542
Add: Addition during the year 717,863,483 668,400,734
1,101,067,489 928,192,276
Less: Received during the year 697,229,885 544,993,088
Add: Exchange loss as at June 30,2013 - 4,818
Closing balance 403,837,604 383,204,006
This is made up as follows:
Local receivables 8.01 306,551,525 362,905,721
Receivable in foreign currency 8.02 38,528,967 338,250
Receivables of unbilled services 58,757,112 19,960,035
403,837,604 383,204,006
Quantity
64
aamra technologies limited I ANNUAL REPORT 2013
Amount in Taka
30-06-2013 30-06-2012
8.01 Local receivables : Tk. 306,551,525
Aamra Networks Limited 920,440 222,527,841
Accesstel IIG 200,000 -
Aftab IT Limited 294,400 -
Alvaritech Bangladesh Limited 47,196,571 -
Angel Drop Limited 12,016 -
Asia Tel Networks Limited 258,565 -
Auchan International 77,000 -
Axiata Bangladesh Limited 353,934 -
Alcatel Lucent France Bangladesh - 1,200,000
Bangla Phone Limited 531,300 -
Bank Asia Limited 6,344,960 5,106,638
BCL Associates Limited - 125,000
Berger Paints Bangladesh Limited 3,502,526 -
BRAC Bank Limited 7,221,166 2,194,301
Bangla Trac Limited - 88,321
Bantel Limited 83,500 -
Chittagong Online Limited 292,500 -
Chittagong telecom Services Limited 125,000 -
Cynergon Intelisys Limited 15,714,000 15,714,000
Delta Infocom 1,199,354 -
Dhaka Bank Limited 1,769,970 -
Dutch-Bangla Bank Limited 56,678,060 28,996,576
Ezzy Communication Limited 883,125 -
Green Delta Insurance - 479,250
GPIT 3,158,432 7,350
IDS Bangladesh 17,600 -
IFIC Bank Limited 52,500 73,600
Islami Bank Bangladesh Limited 28,617,137 31,527,329
IIDFC 253,749 253,749
Information Services Network Limited 207,575 -
Innovative Online Limited 93,150 -
Kawmi Online 98,000 -
LankaBangla Finance Limited 17,443,340 980,055
LM Ericsson Bangladesh Limited 8,512,902 -
65
Amount in Taka
30-06-2013 30-06-2012
MIR Telecom Ltd 200,000 125,000
Maxnet Online 184,000 -
Mutual Trust Bank Limited 1,071,039 5,640,500
National Bank Limited 18,603,466 17,278,000
Network BD Limited 52,500 435
One Bank Limited 3,720,000 -
Optimax Communication Limited 90,327 -
Orascom Telecom Bangladesh Limited 49,716,687 13,629,827
Pacifc Bangladesh Telecom Limited 2,978,821 3,088,517
Partex Star Group 2,250,000 -
Premier Bank Limited 982,895 1,080,000
Prime Bank Limited 9,616,448 4,340,698
Prisma Digital 60,000 -
Southeast Bank Limited 228,677 987,549
Standard Bank Limited 237,712 -
Tackyon Limited 160,000 -
Teletalk Bangladesh Limited 10,359,811 -
The City Bank Limited 3,679,115 5,889,186
ZX Online 247,258 -
United Commercial Bank Limited - 1,572,000
Total 306,551,525 362,905,721
8.02 Receivable in foreign currency : Tk. 38,528,967
Oracle Corporation Singapore Pte. Limited 36,475,467 -
Telecom Malaysia 1,987,500 -
Acision UK Ltd 66,000 338,250
Total 38,528,967 338,250
Aging Schedule of Trade Receivable:
1 - 30 days 31 - 60 days 61 - 90 days > 90 days TOTAL
167,768,602 47,814,186 8,866,787 120,630,918 345,080,492
The above schedule is in relation to All Trade receivables excluding Receivables of unbilled services.
66
aamra technologies limited I ANNUAL REPORT 2013
Amount in Taka
30-06-2013 30-06-2012
9.00 Advances, Deposits & Prepayments: Tk. 128,450,600
This is arrived at as follows:
Opening balance 110,609,581 76,828,672
Add : Addition during the year 205,046,449 286,697,234
315,656,029 363,525,906
Less : Advance Adjustment / Recovery during the year 187,205,429 252,671,151
Closing balance 128,450,600 110,609,581
This is made up as follows:
Lease Rental Deposit-LBFL-2 - 1,225,280
Accrued Interest On FDR - 2,908,081
Advance & Deposit Against Of ce Rent 9.01 3,727,200 3,967,200
Bank Guarantee, Performance Security & Tender Deposit 9.02 17,699,636 13,489,728
Telephone Deposit 2,288,560 2,288,560
Advance Income Tax ( AIT ) 9.03 52,002,189 50,629,340
VAT Current Account 8,298,164 7,502,799
VAT Deduction at Source 14,077,530 10,665,127
Advance Against Expenses 9.04 30,357,320 17,933,466
Total 128,450,599 110,609,581
All the above advances, deposits and prepayments are considered as good and secured by the company
management.
9.01 Advance & Deposit Against Of ce Rent: Tk. 3,727,200
Faruque Rupayan Tower -5
th
Floor 800,000 1,040,000
Faruque Rupayan Tower -9
th
Floor 2,827,200 2,827,200
Kazi Tower(Warehouse) 100,000 100,000
Total 3,727,200 3,967,200
67
Amount in Taka
30-06-2013 30-06-2012
9.02 Bank Guarantee, Performance Security & Tender Deposit: Tk. 17,699,636
This is arrived as follows:
Al-Arafa Islami Bank Limited - 1,269,000
Bangladesh Commerce Bank Ltd. - 22,250
Bangladesh Krishi Bank (BKB) 50,000 -
BTRC-IIG Project 50,000 50,000
DPDC 65,996 -
Dutch Bangla Bank Limited 261,500 -
GPIT 179,220 1,572,097
Islami Bank Bangladesh Limited 2,842,280 1,125,135
Southeast Bank Ltd. 211,000 211,000
Commissioner of Customs 2,911,871 2,911,871
Grameen Phone Limited 84,743 84,743
MTBF 68,000 -
GPO 320,000 -
BASIC Bank Ltd. 563,000 687,603
DGFI-SIB 420,557 420,557
UCBL 564,800 -
Jamuna Bank Limited 1,600,000 300,000
Bank Asia Limited 292,000 292,000
Banglaphone 185,000 -
BRAC 118,090 128,090
BSCCL 4,822,012 -
Brac Bank Limited - 735,913
CDBL 400,000 400,000
BTCL 402,317 70,000
HUAWEI Technologies (Bangladesh) - 369,528
Mutual Trust Bank Limited 1,078,250 388,000
National Credit Commerce Bank Limited - 982,500
Orascom Telecom Bangladesh Limited - 82,917
Prime Bank Limited 209,000 1,367,025
Standard Bank - 19,500
Total 17,699,636 13,489,729
68
aamra technologies limited I ANNUAL REPORT 2013
Amount in Taka
30-06-2013 30-06-2012
9.03 Advance Income Tax ( AIT ): Tk. 52,002,189
This is arrived as follows:
Opening Balance 50,629,340 46,843,089
Advance Tax adjustment (11,416,751) (11,482,394)
Addition in the current year 12,789,600 15,268,645
Total 52,002,189 50,629,340
9.04 Advance Against Expenses: Tk. 30,357,320
This is arrived as follows:
Advance to Suppliers 9.04.01 25,918,105 16,488,011
Prepayments Expenses 9.04.02 4,039,543 937,504
Advance to Staf 399,672 507,951
Total 30,357,320 17,933,466
9.04.01 Advance to suppliers: Tk. 25,918,105
This is arrived as follows:
BMC Fund 200,000 148,400
aamra management solutions 50,090 231,800
Suman Refrigerators 113,050 85,188
Power Link (2,000) 649,800
BSCCL - IIG Project 2,508,355 100,000
Interblocks - Dhaka Bank Project 3,664,356 4,003,249
Kleen Towel 7,760 7,760
Oracle Corporation Singapore 19,197,804 11,083,124
Organic Auto 150,000 150,000
SM Telecom 19,990 19,990
Siemens Bangladesh 8,700 8,700
Total 25,918,105 16,488,011
69
Amount in Taka
30-06-2013 30-06-2012
9.04.02 Prepayments expenses: Tk. 4,039,543
This is arrived as follows:
Metlife Alico 152,960 94,476
GDIC 37,542 -
Interblock Expenses 3,130,997 773,500
Interblocks limited 718,044 -
Trade VAT - 69,528
Total 4,039,543 937,504
10.00 Inter Company Current Account: Tk. Nil
This is arrived at as follows:
Opening balance 17,276,531 29,709,688
Add : Addition during the year 4,235,115 39,425,161
Add : Interest charged during the year 672,473 1,635,893
22,184,119 70,770,742
Less : Repayment during the year 22,184,119 53,494,211
Closing balance - 17,276,531
The above balance is as follows:
aamra holdings limited - 17,276,531
- 17,276,531
The above transactions were conducted with aamra holdings limited. Interest was charged at 14% on the
outstanding amount on monthly basis.
11.00 Cash and cash equivalents: Tk. 18,297,492
This is arrived at as follows:
Cash in hand 86,475 25,661
Cash at bank 11.01 18,211,017 58,157,138
FDR at bank 11.02 - 598,233,852
Total 18,297,492 656,416,650
70
aamra technologies limited I ANNUAL REPORT 2013
Amount in Taka
30-06-2013 30-06-2012
11.01 Cash at bank: Tk. 18,211,017
This is arrived at as follows:
BRAC Bank Limited
Branch Name : Banani Branch
A/C No: 1507200398915001 908,069 303,836
Sub Total 908,069 303,836
Dhaka Bank Limited
Branch Name : Banani Branch
A/C No: 2061002742 446,236 462,731
A/C No: 2061004383 1,823 589,920
A/C No: 2061501872 42,369 31,152
A/C No: 0206-175-000000494 - -
Sub Total 490,428 1,083,803
Dutch Bangla Bank Limited
Branch Name : Banani Branch
A/C No: 103110112051 15,455 24,999
Sub Total 15,455 24,999
The City Bank Limited
Branch Name : Principal Branch
A/C no.- 2921274263001(BDT) 309,404 6,574,270
A/C no.- 5121274263001(USD) 100,513 46,859,726
A/C no.- 5121274263002(GBP) 21,894 2,610,324
A/C no.- 5121274263003(EUR) 33,790 624,055
A/C No: 1101127576001 47,280 50,688
Sub Total 512,880 56,719,064
One bank Limited
Branch Name : Banani Branch
A/C No: 0161028002 15,033,031 -
A/C No: 5161028004 6,171 7,318
Sub Total 15,039,202 7,318
Southeast Bank Limited
Branch Name : Banani Branch
A/C No: 002413100001353 8,565 9,219
Sub Total 8,565 9,219
71
Amount in Taka
30-06-2013 30-06-2012
Eastern Bank Limited
Branch Name : Banani Branch
A/C No: 1161350064323 18,413 -
Sub Total 18,413 -
Standard Chartered Bank Limited
Branch Name : Banani Branch
A/C No: 01-6239188-01 2,514 2,514
Sub Total 2,514 2,514
Bank Asia Limited
Branch Name : Banani Branch
A/C no- RQ- 0124200021 486 486
A/C no- 01233053048 221,925 -
A/C no-01236050613 986,119 -
Sub Total 1,208,529 486
United Commercial Bank Limited
Branch Name : Corporate Branch
A/C no - 11100000384 75 1,225
Sub Total 75 1,225
Mutual Trust Bank
Branch Name : Banani Branch
A/C no- 0034-032 6,887 4,674
Sub Total 6,887 4,674
Total 18,211,017 58,157,138
11.02 FDR at bank: Tk. Nil
This is arrived at as follows:
Bank Asia (Banani Branch) FDR no. - 01255056904 - 305,641,273
Dhaka Bank (Banani Branch) FDR no. - 165034/474/12 - 88,825,000
One Bank (Banani Branch) FDR no. - 0184110000202 - 203,767,578
Total - 598,233,852
In accordance with SEC consent letter dated March 4, 2012 with reference no. SEC/CI/IPO-151/2011-125, IPO
proceeds were not utilized before the frst trading date in DSE/CSE, i.e. July 4, 2012. The total IPO proceeds of
Tk. 51,77,28,009 was deposited to the above FDRs and were utilized after the trading commencement date.
72
aamra technologies limited I ANNUAL REPORT 2013
Amount in Taka
30-06-2013 30-06-2012
12.00 Share capital
Authorized capital
100,000,000 shares @ Tk. 10 each 1,000,000,000 1,000,000,000
Issued, subscribed & paid up capital: Tk. 503,358,140
Opening balance 419,465,120 419,465,120
Bonus share issued 83,893,020 -
Total 503,358,140 419,465,120
The detail of shareholding positions are as follows:
Percentage of shareholding positions:
Name of Shareholders
% of Holders Number of Shares
2012-13 2011-12 2012-13 2011-12
Sponsor 30.00% 30.00% 15,100,744 12,583,954
Institutions 28.00% 20.40% 14,094,028 8,557,088
General public 42.00% 49.60% 21,141,042 20,805,470
Total 100.00% 100.00% 50,335,814 41,946,512
Classifcation of shareholders by range of numbers held:
Class Interval
No of Shareholders Number of Shares
2012-13 2011-12 2012-13 2011-12
00001 - 10,000 16,639 13198 17,457,104 10,494,800
10,001 - 20,000 345 246 4,971,740 2,954,750
20,001 - 30,000 99 78 2,520,420 1,742,500
30,001 - 40,000 45 25 1,495,400 813,870
40,001 - 50,000 17 27 786,500 1,237,500
50,001 - 60,000 13 15 713,750 826,750
60,001 - 70,000 15 11 991,600 697,750
70,001 - 80,000 4 - 217,000
80,001 - 90,000 8 0 635,600 -
90,001 and above 38 45 20,763,700 22,961,592
Total 17,219 13649 50,335,814 41,946,512
73
Amount in Taka
30-06-2013 30-06-2012
As per the consent letter of Securities and Exchange Commission Ref # SEC/CI/IPO-151/2011-1125 dated March
04, 2012 aamra technologies limited raised additional capital by issuing 21,572,000 share at a rate Tk. 24.00
each (Including Tk. 14.00 per share as premium) through Initial Public Ofer (IPO).
13.00 Share premium: Tk. 502,608,496
This is arrived at as follows:
Opening balance 502,608,496 230,354,158
Add : Addition during the year - 302,008,000
502,608,496 532,362,158
Less : Payment as IPO Expenses - 29,753,662
Closing balance 502,608,496 502,608,496
The Share Premium shall be utilized in accordance with the provisions of the Companies Act, 1994 and as
directed by the Securities and Exchange Commission in this respect.
14.00 Proposed Stock dividend: Tk. NIL
This is arrived as follows:
Opening balance - 18,522,280
Add : Addition during the year 83,893,020 -
Less : Distributed during the year (83,893,020) 18,522,280
Closing balance - -
15.00 Retained earnings: Tk. 96,591,017
This is arrived at as follows:
Opening balance 106,890,076 71,465,184
Add: Net proft after tax during the year 73,593,961 58,854,779
Less: Stock dividend (83,893,020) -
Less : Capital Raising / IPO expenses - (29,753,662)
Less : Cash Dividend for 2011 - (20,374,512)
Add: Transferred from share premium (re: capital raising / IPO expenses ) - 29,753,662
-
Add : Prior year adjustment- Deferred tax liability - (3,055,375)
Closing balance 96,591,017 106,890,075
74
aamra technologies limited I ANNUAL REPORT 2013
Amount in Taka
30-06-2013 30-06-2012
16.00 Long-term Loan : NIL
This is arrived at as follows:
Opening balance 35,884,671 41,715,894
Add : Addition during the year - 40,000,000
Add : interest during the year - 17,537,708
35,884,671 99,253,602
Less : Repayment during the year 35,884,671 5,705,884
Less: Transfer to Short Term Liability (Payable within 12 months) - 57,663,047
Closing balance - 35,884,671
The break up is as follows:
Lanka Bangla Finance Limited 16.01 - 27,008,707
The City Bank Limited 16.02 - 8,875,964
Total - 35,884,671
16.01 Lanka Bangla Finance Limited: Tk. NIL
Loan LankaBangla Finance - LNME012011100003 - 23,505,288
Loan LankaBangla Finance - LEME012007120058 - 3,503,419
Total - 27,008,707
Note: The loan was taken to repay LTR in relation to import liability and is secured by Personal Guarantee of
all Directors, Corporate Guarantee( ANL, ARL, AAL, AEML) and Ownership of the equipment. The interest rate
was 18.00%.
16.02 The City Bank Limited: Tk. NIL
The above amount of loan was taken to repay LTR in relation to import liability and is secured by Personal
Guarantee from all Directors, Corporate Guarantee (ANL, ARL), Registered First Charge with RJSC on All Fixed
Floating Asset, Registered Mortgage of Land measuring 12.40 decimals with 6 storied commercial building
(SFA Tower), Chittagong. The interest rate was 15.00%.
17.00 Short Term Loan: Tk. 438,136,275
This is arrived at as follows:
Opening balance 952,027,532 507,914,533
Add : Addition during the year 887,261,171 918,498,434
Add : Interest during the year 82,507,746 100,517,470
Add: Transferred from Long Term Loan - 57,663,047
1,921,796,449 1,584,593,484
Less : Payment during the year 1,483,660,174 632,565,951
Closing balance as on 30.06.2013 438,136,275 952,027,532
75
Amount in Taka
30-06-2013 30-06-2012
The break up as follows:
Bank Loan 17.01 438,136,275 868,036,215
United Leasing Company Limited 17.02 - 26,328,270
Current portion of Long Term Loan 17.03 - 57,663,047
Total 438,136,275 952,027,532
17.01 ST Loan from Bank : Tk. 438,136,275
This is made up as follows:
Bank Asia Limited-Overdraft 24,889,159 149,338,553
Bank Asia Demand Loan - 10,533,725
Bank Asia Ltd-LTR 144,972,475 182,511,032
The City Bank Ltd. Overdraft 20,271,414
The City Bank Ltd. Time loan 41,580,844 62,439,917
The City Bank Ltd. - LTR 92,479,714 63,430,468
One Bank Ltd Time loan 6,953,111 6,547,846
One Bank Ltd Time loan 14,984,368 14,266,978
One Bank SOD A/C #180161028002 - 140,869,648
One Bank Limited -LTR 92,005,190 172,678,166
Dhaka Bank Ltd - 21,139,300
The Dhaka Bank Ltd. - LTR - 44,280,582
Total 438,136,275 868,036,215
17.02 Loan from United Leasing Company Limited : Tk. NIL
The above loan was in relation to factoring of receivables. - 26,328,270
17.03 Current portion of Long Term Loan: Tk. NIL
This is made up as follows:
Lanka Bangla Finance Limited - 24,669,871
Loan LankaBangla Finance - LNME012011100003 - 14,100,000
Loan LankaBangla Finance - LEME012007040014 - 4,443,471
Loan LankaBangla Finance - LEME012007120058 - 6,126,400
The City Bank Limited - 32,993,176
Total - 57,663,047
76
aamra technologies limited I ANNUAL REPORT 2013
Amount in Taka
30-06-2013 30-06-2012
18.00 Liability against import of inventory: Tk. Nil
Liability against import of inventory - 77,781,837
19.00 Trade payable & Others:Tk. 43,818,375
This is arrived at as follows:
Opening balance 35,950,373 10,553,337
Add : Addition during the year 729,775,775 475,168,946
765,726,148 485,722,283
Less : Payment during the year 721,907,772 449,771,910
Closing balance as on 30.06.2013 43,818,375 35,950,373
This is arrived at as follows:
Caucho Technology 185,171 185,171
Interblocks Pte. Limited 2,699,378 2,858,754
Oracle Corporation Singapore Pte Ltd 2,470,284 17,865,356
aamra Fitness Limited 125,000 -
aamra holdings limited - 3,400,000
aamra infotainment limited 827,000 108,000
aamra management solutions 277,273 383,050
aamra networks limited - 111,579
aamra resources limited 366,274 -
ACE IT networks limited 88,536 12,000
Apollo Trading Corporation - 49,355
ARRA Food & Beverages Limited 3,795 -
ARRA Technologies Limited 8,000 -
BSCCL 11,090,629 -
Bangla Phone 1,025,636 -
Bismillah Corporation 888,575 1,063,945
BTCL 4,131 -
BTRC (Payable against Proft Sharing) 19.01 4,561,829 -
Captain Rent-A Car Service - 86,580
City Airlines - 369,144
Capital Market Courier Service 2,400 -
Computer Inside 42,000 -
Computer Services 1,167,840 -
Classic Rent-A-Car - 180,000
Dot Com Marketing & Communication - 60,000
77
Amount in Taka
30-06-2013 30-06-2012
DPEX Worldwide 63,711 6,447
Dristy Communication - 45,000
Dafodils Trade Agency - 67,803
Double M Interior 620,000 -
Dutch Bangla Bank Limited 50,000 -
Ecass Computers & Equipments - 240,000
Expeditor (Bangladesh) Limited 543,223 497,836
Fancy world 135,000 135,000
Fast Computer 246,500 42,826
Feather Touch - 49,577
Flora Limited - 103,000
Fons Bangladesh Limited 5,555 -
GrameenPhone Limited - 202,234
Green Delta Insurance( V) - 332,063
H L Motors 4,200 -
HMS Express 77,847 774,065
Home Made Interior & Furnishers - 6,000
Homebound Packers & Shippers Limited 10,500 28,700
International Acumen Limited 2,025,000 2,025,000
Intech Computer System 289,500 -
Kazi Abdul Aziz 23,517 42,204
LankaBangla Investments Limited (V) - 1,128,600
Leading Edge 3,456 3,456
L. B. Trading House 35,338 -
MAC Electronics 4,500 24,500
Mahbub Motors - 47,150
Marine Securities Service - 27,627
Md. Jahangir Alam 416,136 300,000
M/S Misu Enterprise 103,556 -
MEAW Limited 1,150 -
Nabila Enterprise 9,015 2,220
Ngen IT 72,800 72,800
Noor-E-Rahman 20,000 20,000
NHK International 455,648 -
Novocom Limited 4,576,640 -
Onegroup technology - 124,800
Orient Computer - 630,000
Power Link Electronics & Computer 18,528 165,800
78
aamra technologies limited I ANNUAL REPORT 2013
Amount in Taka
30-06-2013 30-06-2012
Presstec Printers 19,111 8,640
Prime Maintenance - 7,464
Qubee - 14,863
RM SYSTEMS LIMITED - 87,000
RY Enterprise - 120,974
Sadaf Trading International - 1,076
Salim Refrigeration 10,975 45,000
SATCOM 110,000 584,238
Smart Technologies (BD) Limited 106,400 37,500
StockBangladesh LTD. - 40,000
SFA Estate 13,017 -
Sparkle Telecom Italia 5,670,826 -
Swarup Art and Advertising 19,074 -
Telecom Malaysia 1,216,500 -
Thakral Information Systems Private Ltd. 46,000 46,000
Total IT Solution - 3,000
Trade Bound 523,823 193,573
United Express 328,295 374,403
United Sysnet Limited 17,600 466,000
Wings Classic Tours & Travels Ltd. 91,685 43,000
Total 43,818,375 35,950,373
19.01 BTRC - Revenue Sharing: Tk. 4,561,829
This is arrived at as follows:
Bandwidth sales during the year 83,317,786 -
Less : Value Added Tax (VAT) 10,867,537 -
Net Revenue during the year 72,450,249 -
Provision for 10 % revenue sharing with BTRC 7,245,025 -
Less : Payment made to BTRC 2,683,196 -
Closing balance 4,561,829 -
79
Amount in Taka
30-06-2013 30-06-2012
20.00 Advance against sale :Tk. 19,206,935
The above amount consists of the following balances:
BCL Associates LTD - 433,712
aamra networks limited 7,685,000 7,770,000
aamra networks limited (IIG) 3,500,000 -
Pubali Bank Limited 294,435 -
Dhaka Bank Limited - 8,850,000
Aftab IT Limited 96,000 -
Bangladesh Internet Exchange Ltd. 275,000 -
New Generation Graphics Ltd. 275,000 -
S.M. Telecom 313,500 313,500
Premier Bank Limited 1,800,000 1,800,000
AB Bank Ltd. 2,990,000 -
United Commercial Bank Limited 1,978,000 1,978,000
Total 19,206,935 21,145,212
21.00 Liability For Expenses : Tk. 15,697,583
This is arrived at as follows:
Opening balance 11,744,157 4,131,555
Add : Addition during the year 246,179,216 811,738,286
257,923,373 815,869,841
Less : Adjustment during the year 242,254,486 803,880,510
Closing balance as on 30.06.2013 15,697,583 11,744,157
This is arrived at as follows:
Salary & Allowances 5,164,922 4,062,015
Provision for IIG Expense for BTCL 264,380 -
Provision for IIG Expense for Telecom Malaysia 3,074,500 -
Provision for IIG Expense for Sparkle telecom, italia 656,000 -
Provision for other expense 28,697 -
Provident Fund 366,996 316,508
Audit & Tax Consultancy Fee 185,997 200,000
Telephone & Mobile Bill 273,950 275,000
Tax Payable -Salary 247,366 764,283
Tax Payable -Suppliers 704,129 -
Liability for Expenses - 251,420
Provision for SEBL Trakral Project 59,200 -
80
aamra technologies limited I ANNUAL REPORT 2013
Amount in Taka
30-06-2013 30-06-2012
Payable to IPO Applicant 1,031,911 5,139,931
VAT Payable (Rent & Suppliers) 531,022 -
VAT Provision against sales 2,282,733 -
Utilities Bill (Electric & Wasa) 85,000 85,000
Transport & Vehicle Expenses 290,780 -
Provision for Service Interruption 450,000 650,000
Total 15,697,583 11,744,157
22.00 Provision for Corporate Tax: Tk. 11,252,495
This is arrived at as follows:
Opening balance 11,416,751 11,482,394
Add : Addition during the year 11,252,495 11,416,751
22,669,246 22,899,145
Less : Adjustment during the year 11,416,751 11,482,394
Closing balance 11,252,495 11,416,751
23.00 Deferred tax Liability : Tk. 3,529,905
Opening balance 2,081,370 -
Add : Prior year adjustment (Retained Earnings) - 1,527,687
Add : Addition during the year 1,448,535 553,681
3,529,905 1,527,687
Less: Adjustment during the year - -
Closing balance 3,529,905 2,081,370
23.01 Deferred tax liability : motor vehicle
Net book value 576,057 704,786
Tax written down value (at 20% tax allowable depreciation ) 493,699 617,124
Temporary diference 82,358 87,662
Closing Deferred tax liability(@27.5% of temporary diference) 22,648 24,107
Prior year adjustment (Opening Balance) - 18,080
Opening Balance 24,107 -
Charge during the year (1,459) 6,027
81
Amount in Taka
30-06-2013 30-06-2012
23.02 Deferred tax liability : Computer & accessories
Net book value 14,751,171 19,988,081
Tax written down value (at 30% tax allowable depreciation ) 8,754,992 12,507,132
Temporary diference 5,996,179 7,480,949
Closing Deferred tax liability(@27.5% of temporary diference) 1,648,949 2,057,261
Prior year adjustment (Opening Balance) - 1,509,607
Opening Balance 2,057,261 -
Charge during the year (408,312) 547,654
23.03 Deferred tax liability: IIG Equipment
Net book value 122,502,898 -
Tax written down value (at 30% tax allowable depreciation ) 115,745,424 -
Temporary diference 6,757,474 -
Closing Deferred tax liability(@27.5% of temporary diference) 1,858,305 -
Opening Balance -
Charge during the year 1,858,305 -
30-06-2013 (Amount In Taka)
30-06-2012
(Amount In
Taka)
Non taxable
for IT enable
Taxable Total
24.00 Revenue: Tk. 717,863,483
This is made up as follows:
Sales of Equipment - 232,090,288 232,090,288 234,925,499
Sales of Service 26,206,740 192,182,764 218,389,505 222,129,826
Sales of Software 230,811,212 - 230,811,212 241,038,212
Sales of Spare Parts - 1,026,600 1,026,600 2,166,630
Sales Bandwidth (IIG) - 83,317,786 83,317,786 -
257,017,953 508,617,438 765,635,391 700,260,167
LESS: VAT 16,242,449 31,529,459 47,771,908 31,859,433
240,775,504 477,087,979 717,863,483 668,400,734
82
aamra technologies limited I ANNUAL REPORT 2013
30-06-2013 (Amount In Taka)
30-06-2012
(Amount In
Taka)
Non taxable
for IT enable
Taxable Total
Details of Sales of Equipment: Quantity in Sets
ESS Sale 169 -
ATM Sale 26 28
POS Sale 1,063 1,300
CPS Sale 60 -
HSM Sale 14 4
Cisco Sale 135 -
Juniper Sale 66 -
Oracle Sale 43 -
UPS Battery - 19
Sales of Equipment and Sales of Spare Parts revenue is allocated as Taxable revenue , Sales of Software revenue
is allocated as Non-taxable revenue and Sales of Service is allocated to non-taxable and taxable proportions at
12:88 ratio as per management decision.
30-06-2013 (Amount In Taka) 30-06-2012
(Amount In
Taka)
Non taxable
for IT enable
Taxable Total
25.00 Cost of goods sold: Tk. 533,853,458
Opening Inventory 240,292,797 466,450,723 706,743,520 486,533,003
Add: Purchase During the year 126,023,668 244,634,181 370,657,849 568,609,693
366,316,465 711,084,904 1,077,401,370 1,055,142,696
Less: Closing Inventory 244,096,416 473,834,219 717,930,635 706,743,520
122,220,049 237,250,685 359,470,735 348,399,176
Add: Direct Expenses 25.01 45,170,381 129,212,345 174,382,724 174,796,433
167,390,430 366,463,030 533,853,458 523,195,609
Opening Value of Inventory is allocated to non-taxable and taxable proportions at the ratio of 34:66. Purchase
cost is allocated to non-taxable and taxable proportions at the ratio of 34:66. Closing Value of Inventory is
allocated to non-taxable and taxable proportions at the ratio of 34:66 as per management decision.
83
30-06-2013 (Amount In Taka) 30-06-2012
(Amount In
Taka)
Non taxable
for IT enable
Taxable Total
25.01 Direct Expenses: Tk. 174,382,724
This is made up as follows:
Salary & Allowances & Festival Bonus 14,170,203 27,506,864 41,677,066 35,735,578
PF Contribution by Company 415,979 807,491 1,223,469 1,177,306
Of ce Rent 1,129,351 2,192,273 3,321,623 3,681,550
Utilities Bill 310,643 603,014 913,657 786,614
Communication Expenses 856,301 1,662,232 2,518,532 2,360,630
Bank Interest - LTR & Others 26,347,849 51,145,825 77,493,674 106,138,034
Conveyance 628,604 1,220,231 1,848,835 2,437,697
Printing & Stationery Expenses 115,557 224,315 339,873 529,040
Entertainment 185,595 360,271 545,866 299,312
Medical Insurance 87,509 169,870 257,379 305,286
Other Insurance 439,869 853,865 1,293,733 810,864
Oil, Fuel & Lubricants 482,921 937,436 1,420,357 1,615,824
Depreciation Charges - 41,528,658 41,528,658 18,918,698
Total 45,170,381 129,212,345 174,382,724 174,796,433
Direct expenses are allocated to non-taxable and taxable proportions at the ratio of 34:66 as
per management decision. Depreciation charges are allocated fully to taxable proportions by
management.
30-06-2013 (Amount In Taka) 30-06-2012
(Amount In
Taka)
Non taxable
for IT enable
Taxable Total
26.00 Administrative expenses: Tk. 95,044,256
Directors' Remuneration (Note 31.01) 1,836,000 3,564,000 5,400,000 7,800,000
Relationship & Management Expenses * 7,038,000 13,662,000 20,700,000 15,184,774
Royalty 179,322 348,096 527,418 3,663,020
Salary & Allowances & Festival Bonus 6,916,409 13,425,968 20,342,378 17,442,365
PF Contribution by Company 178,276 346,068 524,344 504,560
Of ce Rent 247,905 481,233 729,137 808,144
Utilities bill 63,625 123,510 187,135 161,113
Communication Expenses 285,434 554,077 839,511 786,875
Conveyance 232,498 451,318 683,816 901,614
Printing & Stationery Expenses 42,741 82,966 125,706 195,672
84
aamra technologies limited I ANNUAL REPORT 2013
30-06-2013 (Amount In Taka) 30-06-2012
(Amount In
Taka)
Non taxable
for IT enable
Taxable Total
Entertainment 49,335 95,769 145,104 79,564
Medical Insurance 87,509 169,870 257,379 305,285
Other Insurance 439,869 853,865 1,293,733 810,863
Oil, Fuel & Lubricants 1,448,763 2,812,308 4,261,071 4,847,468
Regulatory Fee 146,876 285,113 431,989 684,000
Traveling expenses 747,707 1,451,431 2,199,138 2,471,016
Audit Fee 34,001 65,999 100,000 75,000
Consultancy Fee 2,178,233 4,228,334 6,406,567 3,319,250
Training & Development 462,532 897,856 1,360,388 1,104,328
Fees, Forms & Renewals 114,920 223,080 338,000 143,405
News Paper & periodicals 3,075 5,968 9,043 9,922
Of ce Repair & Maintenance 1,519,780 2,950,161 4,469,939 2,197,787
Business Promotion Expenses 1,743,298 3,384,047 5,127,345 8,280,409
Tender Expenses 38,896 75,503 114,399 209,644
Service Interruption Expenses 406,377 788,848 1,195,225 3,642,020
AGM Expenses 1,167,086 2,265,521 3,432,607 998,892
Depreciation Charges - 13,842,887 13,842,886 6,306,233
Total 27,608,467 67,435,796 95,044,256 82,933,223
* Relationship & Management Expenses - aamra technologies limited receives Internal Audit services, Corporate
and legal services, Secretarial services, Taxation advisory services, investment and fnance related services etc.
from aamra holdings limited (AHL) against which a relationship & management expenses is paid to AHL.
30-06-2013 (Amount In Taka) 30-06-2012
(Amount In
Taka)
Non taxable
for IT enable
Taxable Total
27.00 Other Income: Tk. 8,870,238
Bank Interest 27.01 - 8,197,765 8,197,765 19,607,236
Interest (from receivable in inter-
company current account)
- 672,473 672,473 1,635,893
Total - 8,870,237 8,870,238 21,243,129
aamra technologies limited have adopted a policy to charge 14% interest on intercompany current account
balance in order to represent fair intercompany transactions. This policy was implemented from July 01, 2010.
85
30-06-2013 (Amount In Taka) 30-06-2012
(Amount In
Taka)
Non taxable
for IT enable
Taxable Total
27.01 Bank Interest: Tk. 8,197,765
The above balance is as follows:
Southeast Bank Ltd. A/C no.-
13100001353 - 551 551 6,086
One Bank Ltd. A/C no.- 018-5161028-004 - 142 142 329
One Bank Ltd. A/C no.- 018-0161028-002 - - - 9,737
One Bank FDR# 0184110000202 - 1,132,042 1,132,042 5,176,735
Bank Asia FDR# 01255056904 - 1,698,007 1,698,007 7,764,949
Dhaka Bank FDR# 165034/474/12 - 493,472 493,472 3,431,788
HVTA-City Bank A/C # 2921274263001 - 1,821,582 1,821,582 3,192,738
Dhaka Bank A/C# 2061501872 - 14,437 14,437 24,470
Eastern Bank Ltd. A/C 1350064323 - 17,293 17,293 -
Bank Asia STD # 01236050613 - 552,311 552,311 -
Bank Asia FDR# 01255057088 - 1,437,865 1,437,865 -
Bank Asia FDR# 01255007793 - 618,146 618,146 -
Langkabangla Finance TDR #
312073439 - 390,750 390,750 -
Mutual Trust Bank A/C# 0034-032 - 21,166 21,166 404
- 8,197,765 8,197,765 19,607,236
28.00 Finance Cost: Tk. 11,141,228
Bank Overdraft interest - 8,646,275 8,646,275 11,917,144
Bank Charges - 2,494,953 2,494,953 767,858
Total - 11,141,228 11,141,228 12,685,002
29.00 Exchange Gain/(Loss): Tk. (399,787)
Exchange Gain/ (Loss) for the year
ended June 30,2013
- (399,787) (399,787) (4,818)
- (399,787) (399,787) (4,818)
86
aamra technologies limited I ANNUAL REPORT 2013
30-06-2013 (Amount In Taka) 30-06-2012
(Amount In
Taka)
Non taxable
for IT enable
Taxable Total
30.00 Provision of Corporate Tax: Tk. 11,252,495
This is made up as follows:
Allowable revenue
Allowable cost of goods sold 477,087,979 411,222,186
Gross proft (366,463,030) (330,280,977)
Allowable Administrative expense 110,624,949 80,941,209
Allowable Other income (67,435,796) (56,880,047)
Allowable Finance cost 8,870,237 21,243,129
Proft before corporate Tax (11,141,228) (12,685,002)
Corporate Tax during the year @ 37.5% 40,918,162 32,619,289
Corporate Tax during the year @ 27.5% - 9,174,175
Total Corporate Tax payable 11,252,495 2,242,576
11,252,495 11,416,751
The tax liability is calculated on taxable proft at 27.5% for the year.
31.00 Payments to directors and managers: Tk. 21,130,109
a) The aggregate amounts paid to/ provided for the Directors & Managers of the company are disclosed below :
Chairman and Managing Directors Remuneration (Note-32.01) 31.01 5,400,000 7,800,000
Managers' Salary & Allowances 14,223,346 14,856,812
Managers' Festival Bonus 1,073,995 1,442,182
Managers' Provident Fund 432,768 596,220
Total 21,130,109 24,695,214
31.01 Disclosure of Directors remuneration under Para 4 of Schedule XI PART II of the Companies Act 1994 :
Two directors of aamra technologies limited namely Mr. Syed Faruque Ahmed & Mr. Syed Farhad Ahmed are
holding the position of Chairman and Managing Director in the company respectively. Accordingly, both of
them are taking remuneration. However, no other facilities were taken by them from the company for rendering
their services. Details of remuneration paid to them during the year July 2012 to June 2013 is as follows:
Name Designation
Monthly
Remuneration
Bonus during
the year
30-06-2013
(Amount In
Taka)
30-06-2012
(Amount In
Taka)
Mr. Syed Faruque Ahmed Chairman 300,000 300,000 1,500,000 3,900,000
Mr. Syed Farhad Ahmed Managing
Director
300,000 300,000 3,900,000 3,900,000
Total: 5,400,000 7,800,000
87
Mr. Syed Faruque Ahmed, Chairman of the company did not take his remuneration from November 2013 as he
will not perform his duty on regular basis.
32.00 Contingent Liability: Tk. 112,220,071
Against Bank Guarantee 15,481,574 19,604,434
Liability for import against inventory: 96,738,497 -
Total 112,220,071 19,604,434
32.01 The Company is holding a contingent liability by issuing bank guarantee to the extent of BDT 15,481,574 to
various parties against Tender and clearance of customs relating to materials purchase. The break up is as follows:
Bank Guarantors' Name
Bank Asia Limited, Banani Br. 10,729,910 8,723,152
ONE Bank Limited, Banani Br. 2,822,363 10,881,282
Dhaka Bank Limited, Banani Br. 1,929,301
Total 15,481,574 19,604,434
32.02 The Company is also holding contingent liability by opening import L/C for procurement of various materials
from various party. The break up is as follows:
Contingent Liability for import against inventory:
LC NO. Product
Amount in
USD
Rate
30-06-2013
(Amount In
Taka)
30-06-2012
(Amount In
Taka)
L/C#072813010186 Software $140,000 78.50 10,990,000 9,663,975
L/C#072813010231 NBS Horizon $136,851 78.50 10,742,774 16,106,625
L/C#072813010235 Software $148,101 78.00 11,551,891 12,719,074
L/C#072813010268
Automatic Data
Processing Machine
$28,540 103.00 2,939,620 7,896,000
L/C#072813010273 Software $65,098 78.00 5,077,644 5,940,263
L/C#072813010284 Software $15,518 78.00 1,210,427 12,087,238
L/C#072813010289 Video conference software $230,157 78.00 17,952,246 4,198,149
L/C#072813010294 Software $200,355 78.00 15,627,719 4,519,556
L/C#209013010063 Software $260,004 79.00 20,540,316 1,574,808
L/C#209013010076 Rosenberger Hardware $1,340 79.00 105,860 3,076,150
Total $1,225,964 96,738,497 77,781,837
The above liability was not recognised in Financial statements as the risks and rewards of ownership are yet to pass on to
the company.
88
aamra technologies limited I ANNUAL REPORT 2013
33.00 Related party disclosures
The details of related party transaction during the year along with the relationship is illustrated below in
accordance with BAS 24:
Name of the
Company
Total
transaction
during the
year (Tk)
Relationship
with
Company
Nature of Transaction
Balance as on
30-06-2013
(Amount in
Tk.)
Balance as on
30-06-2012
(Amount in
Tk.)
aamra networks
limited

454,498,970
Concern
under
common
management
Sale of Equipment &
Services & correponding
payments
920,440
(Trade
Receivable)
222,527,841
(Trade
Receivable)
Prime Bank
Limited
29,190,300 Share Holder
Sale of Equipment &
Services & correponding
payments
96,16,448
(Trade
Receivable)
4,340,698
(Trade
Receivable)
Southeast Bank
Limited
42,429,430 Share Holder
Sale of Equipment &
Services & correponding
payments
228,677
(Trade
Receivable)
987,549
(Trade
Receivable)
Lankabangla
Finance Limited
18,959,715 Share Holder
Sale of Equipment &
Services & correponding
payments
1,74,43,340
(Trade
Receivable)
980,055
(Trade
Receivable)
aamra holdings
limited
27,091,707
Shareholder
and Concern
under
common
management
Payment & receipts
through inter-company
current account and
interest charged
- 17,276,531
aamra holdings
limited
45,854,836
Shareholder
and Concern
under
common
management
Relationship &
Management expenses
(Internal Audit services,
Corporate and legal
services, Secretarial
services, Taxation advisory
services, investment and
fnance related services etc.)
& corresponding payments
- 3,400,000
aamra
infotainment
limited
1,361,000
Concern
under
common
management
Web site Development &
Maintenance Services and
correponsing payments
827,000 108,000
aamra
management
solutions
1,201,823
Concern
under
common
management
Training service and
space rent for training &
correponsing payments
277,273 383,050
aamra networks
limited
13,852,605
Concern
under
common
management
Internet service &
equipment purchase &
corresponding payments
- 111,579
aamra resources
limited
249,790
Concern
under
common
management
For of ce supplies &
branding expenses &
correponsing payments
249,790 Nil
89
Name of the
Company
Total
transaction
during the
year (Tk)
Relationship
with
Company
Nature of Transaction
Balance as on
30-06-2013
(Amount in
Tk.)
Balance as on
30-06-2012
(Amount in
Tk.)
ACE IT networks
limited
139,464
Concern
under
common
management
Internet service &
correponsing payments
88,536 12,000
aamra networks
limited
85,000
Concern
under
common
management
Advance received against
future sales
7,685,000 7,770,000
Prime Bank
Limited
6,700,000 Share Holder
Advance received against
future sales
- Nil
Lankabangla
Finance Limited
59,917,626 Share Holder
Loan transaction including
loan addition, interest
charged and repayments
during the year
- 51,678,578
Syed Faruque
Ahmed
1,500,000
Chairman
and
shareholder
Directors remuneration - 239,896
Syed Farhad
Ahmed
3,900,000
Managing
Director and
shareholder
Directors remuneration - 236,146
Amount in Taka
30-06-2013 30-06-2012
34.00 Earning per share
Proft after tax 73,593,961 58,854,779
Number of ordinary shares 50,335,814 41,946,512
EPS 1.46 2.46
2012 restated for bonus shares - 1.17
EPS has been calculated in compliance with the requirements of BAS 33 : Earnings Per Share by dividing the
proft after tax by the weighted average number of ordinary shares outstanding during the year. The only issue
of shares in the year relate to bonus shares. EPS for the prior year has accordingly been restated in compliance
with BAS-33.
90
aamra technologies limited I ANNUAL REPORT 2013
Notes
PROXY FORM
I/We .........................................................................................................................................................................................................................................................................................................................................................
of .................................................................................................................................................................................................................................................................................................................................................................
being a member of aamra technologies ltd. and a holder of ............................................................................................................. shares hereby appoint
Mr./Ms...................................................................................................................................................... of .................................................................................................................................... as my/proxy
to vote for me/us and on my/our behalf at the 24
th
Annual General Meeting of the Company to be held on Sunday,
December 22, 2013 and any adjournment thereof.
Signed this............................................................................................................. day of ...................................................................... 2013.
Signature ........................................................................................................... Signature ..................................................................................................
Name ........................................................................................................................ Name ..............................................................................................................
(Member) (Proxy)
BO A/C No:

NOTE:
1) This form of proxy, duly completed, must be deposited at least 48 hours before the meeting at the registered of ce.
Proxy is invalid if not duly signed and stamped.
2) Signature of the Shareholders should agree with the Specimen Signature registered with the Company and
Depository Register.
ATTENDANCE SLIP
I hereby record my attendance at the 24
th
Annual General Meeting of aamra technologies limited at Bashundhara
Convention Center-2, Block-C, Bashundhara R/A, Dhaka-1229 as a holder of ............................................................... shares of the Company.
Signature ..............................................................................................................................
Name .......................................................................................................................................................................................................................................................................................
(Member/Proxy)
BO A/C No.
Note: Shareholders attending the meeting in person or by proxy are requested to complete the Attendance Slip and hand it over at the entrance of the
meeting hall.
No gift or beneft in cash or kind shall be paid to the holder of equity securities at the AGM as per Bangladesh Securities and Exchange
Commission notifcation No. SEC/SRMI/2000-953/1950 dates 24
th
October 2000 (c).
Revenue
Stamp
aamra technologies limited
F. R. Tower (9
th
Floor)
32 Kemal Ataturk Avenue, Banani C/A, Dhaka - 1213, Bangladesh
Tel: 886 1111, Fax: 886 0044, Email: info.technologies@aamra.com.bd
aamra technologies limited
F. R. Tower (9
th
Floor)
32 Kemal Ataturk Avenue, Banani C/A, Dhaka - 1213, Bangladesh
Tel: 886 1111, Fax: 886 0044, Email: info.technologies@aamra.com.bd
92