Auditor’s Report 2 of 5 ACME Pesticides Limited For the year ended on 30" June, 2021 * ISLAM QUAZI SHAFIQUE & CO. : CHARTERED ACCOUNTANTS 7 Branch Office: Al-Haj Shamsuddin Mansion (4" Floor), Room #C | ABC Sky Rise Tower (6" Floor) 17 New Eskaton Road Unit # 68, Sector # 04 Moghbazar, Dhaka-1000. 26 Shahjalal Avenue, Uttara Dhaka-1230.CONTENTS ne Particulars Page No. 01 | Auditors’ Report | 02 Statement of Financial Position 03 | Statement of Profit or Loss and Other Comprehensive Income 04 | Statement of Changes in Equity 05 _ | Statement of Cash Flows 06 | Notes to the Financial Statements 07 _| Property, Plant & Equipment (Annexure-A1) | 08 | Schedule of Right of use Assets (Annexure-A2) 09 | Schedule of Intangible Asset (Annexure-A3) 10 | Calculation of Current Tax (Annexure-8)4 SI ISLAM QUAZI SHAFIQUE & CO. Chartered Accountants Quazi Shafiqui Islam FCA, FCS Al-Haj Shamsuddin Mansion cA 4th Floor, Room # C Biplab Hossain FCA 17, Road Meghbazar, Dhaka: 1000 Abu Nasser FCA Phone: 02-48312349 Mobile: 01707-870798 Website: www.qsibd.com Md, Abdur Rahman FCA, ACS, LL.B E-mail: qsi.esk@gmail.com Independent Auditor's Report To the Shareholders of ACME Pesticides Limited Report on the Audit of the Financial Statements Opinion We have audited the financial statements of ACME Pesticides Limited which comprise the Statement of Financial Position as at 30 June 2021 and Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the year then ended 30 June 2021, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information. In our opinion, the accompanying financial statements of the Company give a true and fair view of the financial position of the Company as at 30 June 2021, and of its financial performance and its cash flows for the year then ended 30 June 2021 in accordance with international Financial Reporting Standards (IFRSs). Basis for Opinion ‘We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial ‘Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), Bangladesh Securities and Exchange Commission (BSEC) and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code and the Institute of Chartered Accountants of Bangladesh (ICAB) Bye Laws. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion, Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Si. Key Audit Report How our audit addressed the key audit matter 1. _ | Valuation of inventories ‘© Tested the operating effectiveness of key Refer to note 06 to the financial statements. controls over Inventories; including Inventories represent BOT 383,734,510 of the Company; inventories are thus a material item to the Financial statements. As described in the ‘accounting policy note 3.05 to the financial statements, inventors are valued at the lower of cost or net realizable values. As such, management is required to make judgments in determining whether inventories are being ‘observing the process of management's Year-end inventory count. ‘© Verified @ sample basis the net realizable value by comparing costs to recent selling prices and assessing the reasonableness of any resulting write down of inventory items. + Performed cut-off tests to determine thatIslam Quazi Shafique & Co. Chartered Accountants ‘appropriately valued. Volume of inventories being held by the company at the reporting date and the complexities involved in the accounting and presentation thereof, Inventories has been considered as a key audit matter. the purchases and sales of the inventories have been captured in the correct accounting period. Reviewed the historical accuracy of inventory provisions and the level of write-downs. ‘Appropriateness of revenue recognition and disclosures on the impact of the ini application of IFRS 15. Refer to note 21 to the financial statements. ‘As described in accounting policy note 3.11 to the financial statements, the Company recognizes revenue upon transfer of control as per the newly, adopted IFRS 15: Revenue from Contracts wit Customers. The Company has reported total revenue of BOT 1,683,439,284. The Company's primary customers are its corporate customer and dealers who are also entitled to get wholesale rate of goods invoiced. Given the significance and complexities involved in the accounting of Revenue, appropriate recognition of revenue has been considered as 2 key audit matter. Assessed the environment of | the measurement as well as other relevant systems supporting the accounting or revenue. Assessed manual as well as application controls supporting revenue recognition. ‘Assessed the invoicing and measurement systems up to entries in the general ledger. Examined customer invoices and receipts of payment on a test basis. ‘Assessed the design of the processes set up to account for the transactions in accordance with the new standard Assessed whether the sufficiency of disclosures as required by the new standard have been met. Assessed whether the sufficiency of disclosures as required to be made to ‘opening balances due to the adoption of the new standard ‘Long Term Loan and Lease Liability ‘As at 30 June 2021 the reported amount of total Jong term loan and lease liability is Tk. 57,268,251 (Current and Non- Current Portion) & Tk. 160,327,869 (Current and Non- Current Portion) respectively The company borrowed fund from Bank & Non- banking financial institutions for the purpose of acquisition of non-current assets. The company may face difficulties due to unfavorable movement in interest rate, monetary policy that ray result in short-term cash flow crisis. ‘We have tested the design and operating effectiveness of key controls focusing on the following: Obtaining an understanding of and assessing the design and operating effectiveness of controls designed to ensure the proper use of loan. We verified sanction letter, loan schedule and bank statements to confirm the loan ‘outstanding an found that the balance had been reported in the Financial Statements accurately. We also submit the balance confirmation to the respective banks and financial institutions ‘We also checked the financial expenses and classification of loan and repayment schedule as well We had checked the recording date of transactions and found the recording date isIslam Quazi Shafique & Co. Chartered Accountants in line with the loan disbursement date. We | also confirmed that the company had paid its installments within due time. Valuation of Property, Plant and Equipment ‘The carrying value of PPE is TK.1,521,105,992 as at 30 June 2021 which comprises Tk. 41,433,524,696 Is free hold PPE , Tk. 86,898,775 is right of use assets and Tk. 682,521 Intangible assets. The valuation of PPE was identified as a key audit matter due to the significance of this balance to the financial statements. ‘The expenditures are classified as assets, if it is probable that the future economic benefits associates with the item will flow to the entity and the cost of the item can be measured reliably. The useful lives of PPE items are based ‘Our audit included the following procedures: We assessed whether the accounting policies jin relation to the capitalization of expenditures are in compliance with IFRS and found them to be consistent. We obtained a listing of capital expenditures incurred during the year and on 2 sample basis, checked whether the items were procured during the year. We verified the invoices and U/C documents | (If any) on sample basis to segregate the capital and operating expenditure and found that the transactions are appropriately ‘i clas ‘on management's estimates regarding the period sale over which an assets is expected to be available} « We evaluated whether the useful lives for use. determined and applied by the management The estimates of the useful life of the assets is a were in line with the nature of assets, the matter of judgments based on experience of the entity with similar assets and also taken into consideration the physical condition of the assets. physical condition of the assets and its uses. ‘© We checked whether the depreciation of PPE items was commended from the date of ready to use and found the depreciation had been started accordingly. Other Matter The Financial Statements of ACME Pesticides Limited for the year ended 30 June 2020 was audited by SHIRAZ KHAN BASAK & CO., Chartered Accountants who expressed a unqualified (true and fair view , In all material respects) opinion to the financial statements on 18 November 2020. Reporting on other information Management is responsible for the other information. The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The Annual Report is expected to be made available to us after the date of this auditor's report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstatedIslam Quazi Shafique & Co. Chartered Accountants Responsibilities of Management and Those Charged with Governance for the Financial Statements and Internal Controls Management is responsible for the preparation and fair presentation of the financial statements of the Company in accordance with IFRSs and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. ‘Those charged with governance are responsible for overseeing the Company's financial reporting process. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion, Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be ‘expected to influence the economic decisions of users taken on the basis of these financial statements As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We als © Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting, a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. © Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. + Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. ‘* Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether @ material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in financial statements or, if such disclosures are inadequate, to modify our opinion, Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.Islam Quazi Shafique & Co. Chartered Accountants Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the audit. We remain solely responsible for our audit opinion. Report on other Legal and Regulatory Requirements in accordance with the Companies Act, 1994, the Securities and Exchange Rules 1987, we also report that: (i) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof; (i) incur opinion, proper books of account as required by law have been kept by the Company so far as i appeared from our examination of those books; (ili) the statement of financial position and statement of profit or loss and other comprehensive income together with the annexed notes dealt with by the report are in agreement with the books of account and returns; (iv) the expenditures incurred were for the purpose of the Company's business; Quazi Shafidat Islam, FCA Enrolment No. 0165, Dated: Dhaka Islam Quazi Shafique & Co. October 05, 2021 Chartered Accountants DVC: 2110240165AS488990Islam Quazi Shafique & Co. Chartered Accountants ACME Pesticides Limited Statement of Financial Position Asat 30 June 2021, “Amountin Taka badass Notes |“gosune 2021_||_30 June 2020 ‘Assets Non-Current Assets 1,604,880,163 __1,401,722,057 Freehold Property, Plant and Equipment 401 [71,433,524,696 ][1,211,451,842 Right of use Assets 4.02 86,898,775 96,554,194 Intangible Assets 4.03 682,521 862,521, Capital Work-in-Progress 5.00 83,774,172 92,853,501 current Assets 719,994,514 655,620,168 Inventories 6.00 [383,734,510 ][ 347,833,198 Trade and other Receivables 7.00 | 273,497,899 || 219,896,421 Advances, Deposits & Prepayments 8.00 52,693,977 33,508,698 Cash and Cash Equivalents 9.00 10,068,128 54,385,851 Total Assets 2,324,874,677 __ 2,057,342,225 Shareholders Equity and Liabilities Shareholder's Equity 1,939,897,000 _1,717,802,959 share Capital 10.00 [~2,050,000,000 ]{ —1,050,000,000 Retained Earnings 11,00 |__‘889,897,000 ||_ 667,802,959 Non-Current Liabilities 233,221,060 231,547,758 Long Term Loan (Non Current Portion) 12.00 48,781,791 50,834,072 Lease Liability (Non Current Portion) 33.00] 12401,361|] 117,924,478 Deferred Tax Liability 14.00 60,337,908 ||__ 62,789,208 Current Liabilities 151,756,617 107,991,509 Liabilities for Expenses 15.00 13,584,798 12,615,029 Liabilities for Current Tax 16.00 62,606,520 26,916,604 Long Term Loan (Current Portion) 17.00 8,486,460 7,758,645 Lease Liability (Current Portion) 18.00 36,226,508 31,519,343 Liability for WPPF 19.00 15,484,516 113245512 Trade and other Payables 20.00 15,367,815 17,857,376 Total Shareholders Equity and Liabilities 2,320,874,677___2,057,302,225 Net Asset Value (NAV) per share 28.00 18.48 16.36 ‘The accompanying notes form an integral part of these Financial Statements. Chief Fittancial Officer Director Managing Director Company Secretary ‘hairman Signed as per our report on even date annexed, Enrolment No. 0165 Dated, Dhaka Islam Quazi Shafique & Co. October 05, 2021 Chartered Accountants DVC: 2110240165AS488990Islam Quazi Shafique & Co Chartered Accountants ‘ACME Pesticides Limited Statement of Profit or Loss and Other Comprehensive income For the Year Ended 30 June 2021 ‘Amount in Taka Particulars Notes || 01 July 2020 to |] 02 July 2019to 30June2021_ || _30June 2020 Net Revenue 21.00 1,683,439,284 —1,538,642,580 Cost of Goods Sold 22.00 __(1,224,793,775) __(1,118,680,982) Gross Profit 458,645,509 419,961,598 Operating Expenses 23.00 _ (161,134,046) __ (156,626,743) Profit from Operation 297,511,463 263,334,855 Other Income 24.00 355,134 390,124 Financial Expenses: Interest on Loan & Others 25.00 (6,458,571) (4,569,121) Interest on Lease 26.00 (24,308,736) __(21,341,108) Profit Before WPPF & Income Tax 268,099,290 237,814,750 WPPF Expenses itt 33) (11,324,512) Profit Before Income Tax 255,337,657 226,490,238 Provision for Income Tax (33,238,616) __(31,761,286) Current Tax Annex-B[ _ (35,689,916)][~ (26,916,604) Deferred Tax Annex-C| 2,451,300 (4,844,682) Net Profit After Income Tax 222,094,041 194,728,952 ‘Add: Other Comprehensive income : : Total Comprehensive Income for the Period 222,094,041 Earnings Per Share (EPS) - Basic 27.00 242 2.00 The accompar Company ee Chiet Hes Officer Flier ae Managing Director Chairman Signed as per our report on even date annexed. ing notes form an integral part of these Financial Statements. Quazi Shafi Enrolment No, 0165 Dated, Dhaka Islam Quazi Shafique & Co. October 05, 2021, Chartered Accountants Dvc: 2110240165AS488990Islam Quazi Shafique & Co. Chartered Accountants ACME Pesticides Limited Statements of Changes in Equity For the year ended 30 June 2021 (Amount in Taka) Particulars Share Capital es Total Equity Balance as at July O1, 2020 7,050,000,000 | 667,802,959 | 1,717,802,959 INet profit for the year transferred from| statement of Profit or Loss & Other 222,094,041 | 222,094,041 [Comprehensive Income [Balance as at 30 June 2024 7,050,000,000 | 889,897,000 | 1,939,897,000, [ACME Pesticides Limited statements of Changes in Equity For the year ended 30 June 2020 (Amount in Taka) Particulars Share Capital ea Total Equity Balance as at uly 01, 2019 99,670,000 | 723,074,007 | 822,744,007 issuance of Stock dividend 250,000,000 | (250,000,000) 5 [allotment during the year 700,330,000 = _ | _ 700,330,000 INet profit for the year transferred from Statement of Profit or Loss & Other _ 394,728,952 | 194,728,952 [comprehensive income [Balance as at 30 June 2020 1,050,000,000 | _ 667,802,959 | 1,717,802,959 Company Secretary Chi Nec. Director Managing Director Signed as per our report on even date annexed. Quazi Shafigafésfam, FA Enrolment No. 0165 Dated, Dhaka Islam Quazi Shafique & Co. October 05, 2021 Chartered Accountants VC: 21102401654S488990Islam Quazi Shafique & Co Chartered Accountants ACME Pesticides Limited Statement of Cash Flows For the year ended 30 June 2021 ‘Amount in Taka Particulars Notes|| 01 July 2020 to |] 01 July 2019 to 30June 2021_||_30 June 2020 ‘, Cash Flows from Operating Activities Received from Customers 30.15 1,629,837,806 —_1,493,340,963 Paid to Suppliers 30.16 (1,124,298,257) _(1,025,414,937) Paid to Employees 30.17 (142,924,328) (129,176,045) Paid to Others 30.18 (95,010,116) 93,208,569) Cash Generated from Operation 267,605,105 245,541,413 Received from Other Income 355,134 390,124 Income Tax paid (24,047,658) (24,527,849) Net Cash Generated from Operating Acti 243,912,581 221,403,688 B. Cash Flows from Investing Activities ‘Acquisition of Freehold Property, Plant and Equipment 30.19 (31,416,790) (31,433,308) ‘Acquisition of Right of use Assets 30.20 : (20,000,000) ‘Acquisition of Intangible Asset : (900,000) Capital Work in Progress 30.20 __ (236,605,789) __ (320,662,454 Net Cash Used in Investing Activities (268,022,579) (372,995,762) €. Cash Flows from Financing Activities ‘Net Payment for Interest on Loan & Others (5,458,573) (4,569,122) Net Payment for Interest on Lease Liability (24,308,736) (21,341,108) Share Money Received - 180,514,800 Share Money Refund - (17,684) Net Received/(Payment) in Long Term Loan (2,324,466) 3,366,836 Net Received/(Payment) in Lease Liability 10,884,048 9,335,832 Net Cash Used to Financing Activities 120,207,725) 167,289,555 D. Net increase/(Decrease) Cash and Cash Equivalents (ArB*C) (44,317,723) 15,697,481 E. Opening Cash and Cash Equivalents 54,385,851 38,688,370 F. Closing Cash and Cash Equivalents (D+E) nae 54385 851_ [Net Cash Flows from Operating Activities per Share 29.00 22 ieee aaa ‘The accompanying notes form an integral part of these Financial Statements, Company Secretary Chief Fit cer Director Dated, Dhaka October 05, 2021,1.0 1.01 1.02 1.03 1.04 1.05 2.00 2.01 2.02 Islam Quazi Shafique & Co, Chartered Accountants ACME Pesticides Limited Notes, comprising summary of significant accounting policies and others explanatory information for the year ended 30 June 2021 Reporting Entity Background of the Company ACME Pesticides Limited is a Private Limited Company incorporated on 13" April 2009 vide Registration No. C- 76214 under the Companies Act. 1994. The Company started its ‘commercial operation on 07 March 2010. The Registered office of the Company is situated in Dhaka, Bangladesh. The Company was converted into Public Company Limited by shares ‘on 28 November 2019. Adudress of the Registered & Corporate Office The Registered Office and the industrial units of the Company are situated at Doyarampur, Chandupur, Tarakanda, Maymansing, Bangladesh and the corporate office is situated at 24/1-2, Shyamoli Hall Building, 2” Floor West Side, Shyamoli, Mohammadpur, Dhaka, Bangladesh. Nature of Business Activities The principal activities of the Company are manufacturing and marketing of Agro products in the categories of Insecticides, Fertilizer, Pesticides and Certified Seeds, Household Toiletries and other consumer products. The products are sold in the local market mainly. Date of Authorization The Financial Statements of ACME Pesticides Limited for the year ended on 30 June 2021 was authorized for issue in accordance with a resolution of the Board of Directors on 5 October 2021. Reporting Period The financial period of the Company covers 1(One) year from 1 July 2020 to 30" June 2021. Basis of Preparation and Presentation of Financial Statements Basis of Measurement of Elements of Financial Statements The Financial Statements of the Company was prepared on a going concern basis under historical cost convention in accordance with the International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs), the Companies Act 1994, The Securities and Exchange Rules, 1987 and other applicable laws & regulation in Bangladesh. Statement of Compliance with Laws The financial statements have been prepared on a going concern basis following accrual basis of accounting except for the statement of cash flows. The disclosures of information made in accordance with the requirements of the Companies Act 1994, the Securities and Exchange Rules of 1987, and IASs and IFRSs adopted by the ICAB. On the basis of these regulations, International Accounting Standards (IASs), International Financial Reporting Standards (IFRSs) were applied with the applicable standards at the financial position date. As required, ACME Pesticides Limited complies with the following major legal provisions. and other applicable laws and regulations: SS om)2.03 2.04 2.05 Islam Quazi Shafique & Co, Chartered Accountants The Company also complies with amongst others, the following laws and regulation The company is also required to comply with the following major laws and regulation in addition to the Companies Act, 1994: * The Income Tax Ordinance 1984; © Thedncome Tax Rules 1984; * The Value Added Tax and Supplementary Duty Act 2012; ‘* The Value Added Tax and Supplementary Duty Rules 2016; The Customs Act, 1969 ‘Bangladesh Labor Law, 2006 (Amended 2013); «The Securities and Exchange Ordinance, 1969. © The Securities and Exchange Rules, 1987. Statement on Compliance of Accounting Standards The Financial Statements have been prepared and presented in accordance with the applicable International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs) adopted by the Institute of Chartered Accountants of Bangladesh (ICAB). Applicable Accounting Standards The following IASs and |FRSs are applicable for the Financial Statements of the Company for the year under review: IAs: as 1 Presentation of Financial Statements; 1as2 Inventories; 1as7 Statement of Cash Flows; lass ‘Accounting Policies, Changes in Accounting Estimates and Errors; las 10 Events after the reporting Period; as 12 Income Taxes; IAS 16 Properties, Plant and Equipment; las 19 Employee Benefits; IAs 21 The Effects of Changes in Foreign Exchanges Rates; IAS 23 Borrowing Cos 1AS 24 Related Party Disclosures; 1AS 33 Earnings per Share; AS 36 Impairment of Assets; IAS 37 Provisions, Contingent Liabilities and Contingent Assets; IAS 38 Intangible Assets; IFRSs: IFRS First time Adoption of International Financial Reporting Standards; IFRS. Operating Segments; ERS 9 Financial Instruments; IFRS13, Fair Value Measurement; IFRS15, Revenue from Contracts with Customers; IFRS 16 Leases;2.06 2.07 2.08 2.08.1 2.09 2.10 Islam Quazi Shafique & Co. Chartered Accountants Going Concern The company has adequate resources to continue in operation for the foreseeable future and hence, the Financial Statements have been prepared on a going concern basis. As per management assessment, there is no material uncertainties related to event or condition which may cast significant doubt upon the company's ability to continue as a going concern. Accrual Basis ‘The Financial Statements have been prepared using the accrual basis of accounting except Cash Flows information. Currency Presentation Functional and Presentational Currency and Level of Precision The Financial Statements are prepared in Bangladesh Taka (Taka/Tk/BDT) which is the Company's both functional currency and presentation currency. All financial information presented in Taka and has been rounded off to the nearest Taka, Materiality and Aggregation Each material class of similar items is presented separately in the Financial Statements. Items of a dissimilar nature or function are presented separately unless they are immaterial Use of Estimates and Judgments The preparation of Financial Statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised and in any future periods affected. In particular information about significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amount recognized in the Financial Statements. The account judgments, estimates and ‘assumptions are been used in the following heads of Accounts for the preparation of Financial Statements: Note: 3.02.1 Recognition, Measurement and Disclosure of Property, Plant and Equipment Note: 3.02.2 Depreciation on Property, Plant and Equipment Note: 3.02.6 Revaluation of Property, Plant & Equipment Note: 3.02.7 Impairment of Assets Note: 3.05 Inventories (Provision for Damage & Obsolete) Note: 3.07.3 Trade and other Receivables Note: 3.07.5 Trade and other Payables Note: 3.09 Provision, Contingent Liabilities and Contingent Assets Note: 3.11 Revenue Recognition Note: 3.15 Employees Benefits Note: 3.16 Financial Expenses Note: 3.24 Income Taxes (Current and Deferred Tax)24a 3.00 3.01 3.02 3.02.1 3.02.2 Islam Quazi Shafique & Co, Chartered Accountants Components of Financial Statements The presentation of these Financial Statements is in accordance with the guidelines provided by IAS-1: "Presentation of Financial Statements". A complete set of Financial Statements comprises: The Financial Statements comprises of (2) Statement of Financial Position as at 30 June 2021; (b) Statement of Profit or Loss and other Comprehensive Income for the year ended 30 June 2021; (c) Statement of Changes in Equity for the year ended 30 June 2021; (a) _ Statement of Cash Flows for the year ended 30 June 2021; and {e) Notes, comprising summary of significant accounting policies and explanatory information to the accounts for the year ended 30 June 2021. ‘Summary of Significant Accounting Policies The accounting policies set out below have been applied consistently (otherwise as stated) to all periods presented in these Financial Statements. Accounting Convention and Basis ‘The Financial Statements have been prepared in accordance with International Accounting, Standards (IASs), International Financial Reporting Standards (IFRSs), the Companies Act, 1994 and other laws and regulations applicable in Bangladesh, Property, Plant and Equipment Recognition, Measurement and Disclosure Property, plant and equipment except Land and Land development are measured at cost less accumulated depreciation and impairment losses if any. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable cost inward freight, duties and non-refundable taxes. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment, The Company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the entity and the cost of the item can be measured reliably. All other costs are recognized in the Statement of Profit or Loss and Other Comprehensive Income as an expense as incurred. In accordance with the allowed alternative treatment of JAS 23 “Borrowing Cost”, finance costs have been capitalized (if any) for qualifying assets. Depreciation on Freehold Property, Plant and Equipment Depreciation on Freehold Property, Plant and Equipment is computed using the reducing balance method so as to write off the assets over their expected useful life. After considering the useful life of assets as per IAS-16 Property, Plant & Equipment the annual depreciation rates applied under which is considered reasonable by the management. Depreciation rates are varying from 2.5% to 20%. Depreciation of an asset begins when it is available for use ie. when it isin the location and condition necessary for it to be capable of3.02.3 Islam Quazi Shafique & Co. Chartered Accountants operating in the manner intended by the management. The cost and accumulated depreciation of depreciable assets retired or otherwise disposed of are eliminated from the assets and accumulated depreciation and any gain or loss on such disposal is reflected in operations for the year. No Depreciation is charged on Land & Land Development and Capital work-in-progress. The Depreciation rates are as follows: Category Rate (%) Land & Land Development 0% Building & Other Construction 2.50% Plant & Machinery 10% Generator 10% Fire Extinguisher 10% Furniture and Fixture 10% Office Equipment and Installation 10% Computer & Computer Accessories 20% Vehicle 10% ‘The Company used branded plant and machinery in its production process mainly Chinese, Korean and Taiwanese machineries in addition with local accessories. The rate of depreciation of machineries depends on wear and tear which in turn depends on the manufacturer and quality of machine. The expected working lives of the machines are expected to be at least 10 years and the working life can be extended by regular maintenance. Therefore, we applied 10% depreciation for machineries. On the other hand, as per BNBC code factory buildings should be designed and built for service life of at least 40 years. The Company had followed all the rules and regulations of BNBC code during the design phase of factory buildings and maintained strict quality control during construction phase. Therefore, service life of the factory buildings considered 40 years and depreciation was applied at the rate of 2.5% justifiably. Other Fixed Asset's life time is considered 10 years which is very reasonable. Depreciation on Freehold Land and Land Development Total areas of the land of the Company are 1340.94 decimals. To make the purchased low lands usable for establishing factory for production, the Company has to develop the land by filling sand, earth work, demolition of existing structures, sand piling to improve bearing ‘capacity of the land for future building construction etc. The land (excluding the area of land for the existing factory building and other constructions) is now ready for making roads and for making necessary structures for further expansion, There are some lands that need further development. Since, there is no physical construction (i.e. buildings, roads, drains etc.) over those lands (i.e excluding the existing factory building). Therefore, the Company did not charge any depreciation on the value of land development. Depreciation on Right of use Assets Depreciation on Right of use Assets is computed using the reducing balance method so as to write off the assets over their expected useful life. After considering the useful life of assets as per IAS-16 Property, Plant & Equipment the annual depreciation rates applied under which is considered reasonable by the management. Depreciation rates of assets are 10% Depreciation of an asset begins when it is available for use i.e. when itis in the location and condition necessary for it to be capable of operating in the manner intended by the management. The cost and accumulated depreciation of depreciable assets retired or3.02.4 3.02.5 3.02.6 3.02.7 Islam Quazi Shafique & Co. Chartered Accountants otherwise disposed of are eliminated from the assets and accumulated depreciation and ‘any gain or loss on such disposal is reflected in operations for the period. a Category Rate (%) Plant & Machinery 10% Generator 10% Vehicle 10% The Company used branded plant and machinery in its production process mainly Chinese, Korean and Taiwanese machineries in addition with local machineries. The rate of depreciation of machineries depends on wear and tear which in turn depends on the manufacturer and quality of machine. The expected working lives of the machines are expected to be at least 10 years and the working life can be extended by regular maintenance. Therefore, we applied 10% depreciation for machineries. Other Fixed Asset's life time is considered 10 years which is very reasonable. Disposal of Property, Plant and Equipment ‘An asset is derecognized upon disposal or when no future economic benefits are expected from its use and subsequent disposal. Gains or losses arising from the retirement or disposal of an asset is determined as the difference between the net disposal proceeds and the carrying amount of the asset is recognized as gain or loss from disposal of asset under other income in the statement of comprehensive income. However, no such disposal of Property, Plant and Equipment was made during the year ended on June 30, 2022 Maintenance Activities The company incurs maintenance cost all its major items of property, plant and equipment. Repair and Maintenance costs are charged as expenses when incurred Subsequent Costs ‘The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if itis probable that the future economic benefits embodied within the part will flow to the company and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognized in the profit and loss account as incurred. Revaluation of Property, Plant & Equipment ‘As per IAS 16: Property, Plant and Equipment paragraph 34, “the frequency of revaluations depends upon the changes in fair values of the items of property, plant and equipment being revalued. When the fair value of a revalued asset differs materially from its carrying amount, a further revaluation is required. Some items of property, plant and equipment experience significant and volatile changes in fair value, thus necessitating annual revaluation. Such frequent revalvations are unnecessary for items of property, plant and equipment with only insignificant changes in fair value. Instead, it may be necessary to revalue the item only every three or five years. However, no such revaluation of Property, Plant & Equipment was made as on the Balance Sheet date, .e. June 30, 2021.Islam Quazi Shafique & Co. Chartered Accountants 3.02.8 Impairment of Assets 3.03 3.04 ‘The management of the Company takes physical stocks periodically and recognition of the assets were made accordingly considering the usable condition, wear and tear of the assets as follows: i) The valuation of Property, Plant & Equipment has been made on the basis of the usable condition of the assets as per IAS-36 Impairment of Assets. The management of the Company has conducted physical verification of Property, Plant & Equipment on 30.06.2021 Property, Plant & Equipment’s are consisting of Building & other construction, Plant & Machinery, Furniture & Fixture, Office Equipment & Installation, Computer & Computer Accessories and Vehicle are valued at lower of cost and net realisable value as per IAS 16: Property, Plant & Equipment Costs include expenditure incurred in acquiring the assets and other costs incurred in bringing them to their existing location and condition. Impairment of assets are made as and when assets became obsolete or unusable for which the management of the company is giving decisions from time to time. The management of the Company reviews the carrying amounts of its assets (Balance Sheet Date) to determine whether there is any indication of impairment in accordance with IAS-36: ‘Impairment of Assets’. During the year at Balance Sheet date, there was no indication of impairment of assets; as such, no adjustment was given in the Financial Statements for impairment during, the year ended on June 30, 2021. Intangible assets Recognition and measurement Intangible assets that are acquired by the Company and have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment loss, if any. Intangible assets are recognised when all the conditions for recognition as per IAS 38: Intangible assets are met. The cost of an intangible asset comprises its purchase price, import duties and non-refundable taxes and any directly attributable cost of preparing the asset for its intended use. ‘Subsequent costs Subsequent expenditure is capitalised only when it increases the future economic benefits ‘embodied in the specific asset to which it relates. All other expenditures are recognised in statement of profit or loss and other comprehensive income as incurred. Amortisation IT software are amortised over 5 years from the month immediately following the month in which the asset comes into use. Capital Work in Process Property, plant and equipment under construction/ acquisition are accounted for as capital ‘work-in-progress until construction/ acquisition is completed. As per IAS-16 "Property, Plant & Equipment" Para 55, Depreciation of an asset begins when it is available for use, i.e. when itis in the location and condition necessary for it to be capable of operating in the manner intended by management.3.05 3.06 3.07 3.07.1 3.07.2 3.07.3 3.07.4 3.07.5 Islam Quazi Shafique & Co. Chartered Accountants Inventories Inventories consisting of Raw Materials, Work in Progress, Finished Goods are valued at lower of cost and net realisable value as per IAS 2: Inventory. Cost of inventories include expenditure incurred in acquiring the inventories, production or conversion costs and other ‘costs incurred in bringing them to their existing location and condition. Cost of inventories is determined by using the weighted average cost formula. Where necessary, allowance is provided for damaged, obsolete and slow-moving items to adjust the carrying amount of inventories to the lower of cost and net realisable value. Net realisable value is based on estimated selling price in the ordinary course of business less the estimated costs of ‘completion and the estimated costs necessary to make the sale. Impairment of Inventories Impairment of inventory is made as and when inventory became obsolete or unusable or for slow moving items for which the management of the company is giving decisions from time to time. Based on sales cycle of slow moving items, the sales prices of the products may decreases over time. The management of the Company reviews the carrying amounts of its inventory (Balance Sheet Date) to determine whether there is any indication of impairment In accordance with 1AS-2: ‘Inventories’. When the sales price moves below the inventory cost prices, the loss on sales is recognized immediately in the Financial Statements However, there was no indication of impairment of inventory during the period; and as such, no adjustment was given in the Financial Statements for impairment. Borrowing Cost Interest and other cost incurred in the Company in connection with the borrowing of fund are recognized as expenses in the period in which they are incurred unless such borrowings cost related to acquisition/construction of assets in progress (if any) that are required to capitalized as per 1AS-23: Borrowing Cost. Financial Instruments Derivative According to IFRS 7 “Financial Instruments Disclosure”, the company was not @ party to any derivative contract (Financial instruments) at the Balance Sheet date, such as forward exchange contracts, currency swap agreement or contract to hedge currency exposure related to import of capital machinery to be leased to leases in future. Non-Derivation Financial Instruments Non-derivative financial instruments comprise Trade Receivables, Trade Payables, Cash and Cash Equivalents and Share Capital. Trade and other receivables The trade receivables are recognized initially at invoice value and subsequently measured at the remaining amount less allowance for doubtful receivable at the year end, if any. Cash and Cash Equivalents The Cash and Cash Equivalents consist of Cash in Hand and with Banks on current and deposit accounts and Short Term investments which are held and available for use by the company without any restriction. There is insignificant risk of change in value of the same. Trade and other Payables Trade and other Payables are recorded at the amount payable for settlement in respect of goods and services received by the company. v3.07.6 3.07.7 3.08 3.09 3.10 3.11 Islam Quazi Shafique & Co. Chartered Accountants Share Capital The ordinary shares Capital are classified as equity. ‘Share Money Deposit ‘Share money received in exchange for shares which have not yet been acquired. The Company may have received money “up front” for a new issue of shares. Share Money Deposit considered at equity share at the time of calculation of Earnings per Share (EPS). The excess amount has refunded on behalf of Share money depositor after made allotment. Statement of Cash Flows Statement of Cash Flows is prepared principally in accordance with IAS-7 "Statement of Cash Flows" and the cash flows from the operating activities have been presented under direct method as prescribed by the Securities and Exchange Rules 1987 and considering the provision of paragraph 19 of IAS-7 which provides that "Enterprises are Encouraged to Report Cash Flows from Operating Activities Using the Direct Method". We also provide cash flows from operating activities using the Indirect Method as well, Provision, Contingent Liabilities and Contingent Assets The Financial Statements are prepared in conformity with IAS 37 “Provision, contingent Liabilities and Contingent Assets”, which requires management to ensure that appropriate recognition criteria and measurement bases are applied to provision for outstanding expenses, contingent liability, assets and that sufficient information is disclosed in the notes to the accounts to enable its users for their understanding about its nature, timing and amount. In accordance with the guidelines as prescribed by 1AS-37 provisions were recognized in the following situations: * When the company has a present obligation as a result of the past event. * When it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and © Reliable estimate can be made about the sum of the o! We have shown the provision in the statement of Financial Position at an appropriate level with regard to an adequate provision for risks and uncertainties. The sum of provision estimated and booked represents the reliable estimate of the probable expenses incurred but not paid, which is required to fulfil the current obligation on the Balance Sheet Date. Loans and Borrowings Principal amounts of loans and borrowings are stated at their outstanding amounts. Borrowings repayable after twelve months from the reporting date are classified as non-current liabilities whereas the portion payable within twelve months, unpaid interest and other charges are classified as current liabilities. Revenue Recognition "As per IFRS-15: “Revenue from Contracts with Customers” an entity shall account for a contract with a customer only when all ofthe following criteria are met: a) The parties to the contract have approved the contract (in writing, orally or in accordance with other customary business practices) and are committed to performing their respective obligations; i b) The entity can identify each party's rights regarding the goods or services to be transferred;Islam Quazi Shafique & Co. Chartered Accountants )_ The entity can identify the payment terms for the goods or services to be transferred; d) The contract has commercial substance (i.e. the risk, timing or amount of the entity's future cash flows is expected to change as a result of the contract); and e) It is probable that the entity will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer.’ Considering the five steps model, the Company recognizes revenue at the time of delivery when (or as) the Company satisfies a performance obligation by transferring a promised good to a customer. Goods are considered as transferred when (or as) the customer obtains control of those goods. Revenue from sale of goods is measured at the fair value of the consideration received or receivable net of returns and allowances, trade discounts, rebates and Value Added Tax (VAT). Sale of goods ‘The revenue from the sale of goods is recognized when the significant risks and rewards of ‘ownership of the goods have passed to the buyer when the buyer provides assurance by giving acceptance on the delivery of goods. The revenue represents the invoice value of 800ds supplied to the customers measured at the fair value of the consideration received or receivable, For better presentation, the management reconciled Statement of Profit or Loss and Other Comprehensive Income as well as Statement of Financial Position of the company with the effect of IFRS-15 Para c(8) which is shown below: Impact on the statement of Financial Position As at June 30, 2021 ‘Adjustment Particulars AsReported | (effect on | — adoption of 1FRS-15) lrRS-15, Assets Non-Current Assets 1,604,880,163 = 1,604,880,163 Current Assets 719,994,514 = 719,994,514 Total Assets 2,324,874,677 Shareholder’s Equity and Liabilities Shareholder's Equity 4,939,897,000 = 1,939,897,000 Non-Current Liabilities 233,221,060 = 233,221,060 Current Liabilities 151,656,617 151,656,617 | Shareholder's Equity and ere 2,324,874,677 - 2324,874,677Islam Quazi Shafique & Co. Chartered Accountants Impact on the statement of Profit or Loss and other comprehensive Income For the year ended June 30, 2021 Adjustment | Amount without Particulars AsReported | (effect on | adoption of IFRS- 1RS-15) 15 Revenue 1,683,439,284 = 1,683,439,284 Cost of Goods Sold (1,224,793,775) = _(1,224,793,775) Gross Profit 458,645,509 458,645,509 Operating expenses (161,134,046) = (161,134,046) Profit from Operation 297,511,463 - 297,511,463 Profit Before Income Tax 255,332,657 = 255,332,657 Income Tax Expenses (33,238,616) = (33,238,616) Profit after Income Tax 222,094,041 = 222,094,041 Impact on the Statement of Cash Flows For the year ended June 30, 2021 Adjustmen | Amount Particulars As Reported | t (effect on = Trns-1s)_ | 2¢0Btion of | irRsas Net Cash Generated from Operating Activities 243,912,581 = 243,912,581 ‘Net cash Used to Investing Activities (268,022,579) = (268,022,579) Net cash Generated from Financing Activities (20,207,725) - (20,207,725) Net Increase/(Decrease) Cash and Cash Equivalents (44,317,723) ~| (44,317,723) Cash and Cash Equivalents at the beginning ofthe 54 3g 53 aaeRT eae 385, - 54,385; (Cash and Cash Equivalents atthe end of the year | 10,068,128 | -| 10,068,128 3.12 Financial Instruments IFRS 9 sets out requirements for recognizing and measuring Financial Assets, Financial Liabilities and some contracts to buy or sell non-financial items. This standard replaces IAS 39 Financial Instruments: Recognition and Measurement. The details of new significant accounting policies and the nature and effect of the changes to previous accounting policies are set out below. Classification and measurement of financial assets and financial liabilities IFRS 9 largely retains the existing requirements in 1AS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories, for financial assets of held to maturity, loans and receivables and available for sale. The adoption of IFRS 9 has not had a significant effect on the company’s accounting policies related to financial liabilities. The impact of IFRS 9 on the classification and measurement of Financial Assets is set out below.3.13 Islam Quazi Shafique & Co. Chartered Accountants Under IFRS 9, on initial recognition, a Financial Asset is classified as measured at: amortized cost; The Fair Value through Other Comprehensive Income (FVOCI}-debt investment; Fair Value through Other Comprehensive Income (FVOCI)-equity investment; or Fair Value through Profit or Loss (FVTPL). The classification of Financial Assets under IFRS 9 is generally based on the business model in which a Financial Asset is managed and its contractual cash flow characteristics. The derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid Financial Instrument as a whole is assessed for classification. Impairment of financial assets IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected credit loss’ (ECL) model, The new impairment model applies to Financial Assets measured at amortised cost, contract assets and debt investments at FVOCI, but not to investments in equity instruments. The Financial Assets at amortised cost consist of trade receivables, cash and cash equivalents, and corporate debt securities. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company's historical experience and informed credit assessment and including forward-looking information. The company considers a financial asset to be in default when the debtor is unlikely to pay its credit obligations to the company in full, without recourse by the company to actions such as realizing security (if any is held). Measurement of Expected Credit Losses (ECL) ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (ie. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the company expects to receive). ECLs are discounted at the effective interest rate of the Financial Asset. At each reporting date, the company assesses whether Financial Assets carried at amortised cost are crecit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future Cash Flows of the financial asset have occurred. ‘The Company expected that they have no credit losses on Trade & Other Receivables, Presentation of Impairment Loss allowances for Financial Assets measured at amortised cost are deducted from the Bross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is recognised in OCI, instead of reducing the carrying amount of the asset. Impairment losses related to trade receivables and others, including contract assets, are presented separately in the notes to the financial statement f any. Impairment i) Financial Assets The Company recognizes loss allowances for Expected Credit Losses ECLs on: * Financial Assets measured at amortised cost; © Debt investments measured at FVOCI; and © Contract assets.3.14 3.15 Islam Quazi Shafique & Co, Chartered Accountants Loss allowances for Financial Assets measured at amortised cost are deducted from the gross carrying amount of the assets. Except for the following, which are measured at 12- ‘month ECLs? * Debt securities that are determined to have low credit risk at the reporting date; and *© Other debt securities and bank balances for which credit risk (i.e. the risk of default ‘occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. When determining whether the credit risk of a Financial Asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company's historical experience and informed credit assessment and including forward- looking information. ii) Non-Financial Assets The carrying amounts of the Company's non-financial assets (other than inventories) are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated in order to determine the extent of impairment loss (if any). Where it is not possible to determine the recoverable amount of an individual asset, the Company estimates the recoverable amount of the Cash Generating Unit (CGU) to which the asset belongs. An impairment loss is recognized if the carrying amount of an asset or its CGU ‘exceeds its recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. The value in use is based on the estimated future cash flows, discounted to their present value using a pre- tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Impairment losses are recognized in profit o loss. ‘An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognized. However, no such impairment was found in Financial Assets during the period for which the company needs to make provision for impairment. Other Income All other income is recognized when the Organization's right to receive such income has been reasonably determined and all conditions precedent is satisfied. Employees Benefits The Company has accounted for and disclosed employee benefits in compliance with the provisions of IAS 19: Employee Benefits. The cost of employee benefits is charged off as revenue expenditure in the period to which the contributions relate. The Company's employee benefits include the following: Short-term employee benefits Short-term employee benefits include wages, salaries, bonus, house rent, medical fees etc. Obligations for such benefits are measured on an undiscounted basis and are expensed as the related service is provided.3.16 3.17 3.18 Islam Quazi Shafique & Co. Chartered Accountants Provident Funds The Company has yet to be established Contributory Provident Fund for Permanent employees of the Company. Workers’ Profit Participation Fund (WPPF) ‘The Company provides 5% of its profit before tax after charging contribution to WPPF in accordance with Bangladesh Labor Act, 2006 as amendment 2013 from 1* July 2019. Employee Retirement Benefits Obligations for the Company's contributions to defined contribution plans are recognized as expenses in the income statement as incurred. Financial Expenses Financial Expenses comprise interest expenses on loan, lease and bank charges. All borrowing costs are recognized in the profit and loss account using the effective interest ‘method except to the extent that they are capitalized (if any) during the constructions period of the assets in accordance with IAS-23 “Borrowing Cost”. The Company did not capitalize any Financial Expenses during the year. Earnings per Share (EPS) The Company calculates its Earning per Share (EPS) in accordance with JAS 33“Earnings per Share” which has been shown on the face of Statement of Profit or Loss and Other Comprehensive Income and the computation of EPS. Basic Earnings This represents earnings for the period attributable to the Ordinary Shareholders. As there are no preference dividends, minority interest or extra ordinary items, the net profit for the period has been considered as fully attributable to Ordinary Shareholders. Basic Earnings Per Share Basic EPS is calculated by dividing the profit or loss attributable to Ordinary Shareholders of the company by the weighted average number of Ordinary Shares outstanding during the Period. Diluted Earnings per Share Diluted EPS is determined by adjusting the profit or loss attributable to Ordinary Shareholders and weighted average number of Ordinary Shares outstanding, for the effect of all dilutive potential Ordinary Shares. However, dilution of EPS is not applicable for these Financial Statements as there were no potential Ordinary Shares during the relevant period. Weighted Average Number of Ordinary Shares outstanding during the period ‘The basis of computation of number of shares in line with the provisions of IAS-33: Earnings per share. Therefore, the total number of shares outstanding at the period multiplied by a time-weighting factor which is the number of days the specific shares was outstanding as proportion of total number of days in the period. Responsibility for Preparation and Presentation of Financial Statements: The Management is responsible for the preparation and presentation of Financial Statements under Section 183 of the Companies Act, 1994 and as per the Provision of “The Framework for the preparation and presentation of Financial Statements” issued by the International Accounting Standard Board (IASB) as adopted by the Institute of The Chartered Accountants of Bangladesh (ICAB).3.19 Islam Quazi Shafique & Co. Chartered Accountants, Risk Exposure Financial Risk Management Policies The company's Financial Risk management is governed by direct monitoring its management. Company's Financial Assets include inter alia Trade and Other Receivables, Cash and Short-Term deposits that arise directly from its operations and Financial Liabilities include inter alia trade and other payables and loans and borrowings. The main purpose of these Financial Liabilities is to finance the company's operations. The Company's activities are mainly exposed to the following internal, external, quantitative and qualitative risks from its use of Financial Instrument: i. Market Risk; ii. Credit Risks; il, Liquidity risks. Risk Management Framework The management is responsible for the establishment and oversight of the company's risk management policies that are established to identify and analysed the risks faced by the company, to set appropriate risks limits and controls, and to monitor risks and adherence to limits. Management discloses the exposures to risk and how they arise as well as its objectives, policies and processes for managing the risk and the methods used to measure the risk. The company has exposures to the following risks from its use of Financial Instruments, Market Risk Market risk is the risk that the fair value or future cash flows of a Financial Instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: Currency risk, Interest rate risk and other price risk. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return, Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a Financial Instrument will fluctuate because of changes in market interest rates. Currency Risk The Company is exposed to foreign currency risk relating to purchases which are denominated in foreign currencies. The company primarily utilizes forward exchange contracts with maturities of less than one year to hedge such financial liabilities denominated in foreign currencies. The forward exchange contracts entered into at the reporting date also relate to anticipated purchases, denominated in foreign currencies, for the subsequent period Credit Risk Credit risk is the potential financial loss resulting from the failure of ‘a customer or counterparty to settle its financial and contractual obligations to the company as and whenIslam Quazi Shafique & Co. Chartered Accountants monitored on an on-going basis. Credit evaluations are performed on all customers requiring credit over a certain amount. At the reporting date there were no significant concentrations of credit risk. The meximum exposure to credit risk is represented by the carrying amount of each Financial Asset in the statement of Financial Position. However, due to a large number of parties comprising the group’s customer base, Management does not anticipate material losses from its debt collection. iaicilars ‘Amount in Taka 30 June 2021 30 June 2020 ‘Trade Receivables 273,497,899 219,896,421 Cash and Cash Equivalent 10,068,128 54,385,851 Total 284,555,468 274,282,272 Cash and Cash Equivalent Cash in Hand 1,462,874 447,093, Cash at Bank 8,605,254 53,938,758 Total 10,068,128 54,385,851 Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its Financial Obligations as they fall due. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when become due, under both normal and stressed conditions, without incurring unacceptable losses or risking ‘damage to the Company's reputation. ‘The Company ensures that it has sufficient Cash and Cash Equivalents to meet expected operational expenses, including Financial Obligations through preparation of the Cash Flow forecast, prepared based on timeline of payment of the Financial Obligation and accordingly arrange for sufficient liquidity/fund to make the expected payment within due date. Moreover, the Company seeks to maintain short term lines of credit with scheduled ‘commercial banks to ensure payment of obligations in the event that there is insufficient ‘cash to make the required payment. The requirement is determined in advance through cash flows projections and credit lines facilities with banks are negotiated accordingly. Relevant non-derivative Financial Liabilities at the reporting date are as follows; pudenees ‘Amount in Taka al 30 June 2021 30 June 2020 Long Term Loan (Note-12.00) 57,268,251 58,592,717, Liabilities for Lease (Note-13.00) 160,327,869 149,443,821 Liabilities for Expenses (Note-15.00) 13,584,798 12,615,029 ‘Trade and Other Payables (Note-20.00) 15,367,815 17,857,376 Total 246,548,733 238,508,943 Fair Values ‘The fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction. The fair value of trade and other short-term receivables are taken to approximate their carrying value, The fair value of financial assets and liabilities approximate their carrying value.\slam Quazi Shafique & Co Chartered Accountants Technical risks are those events or issues associated with the scope definition, research and development (R & D), design, construction, and operation definition that could affect the actual level of performance vs that specifies in the project mission need and performance requirements documents. Examples of technical risks include mew and changing technology and changing regulatory requirements. Cost risk is the risk associated with the ability of the project to achieve the planned life-cycle costs. Thus, it includes both design/construction and operating costs. Two major elements of cost risk are (1) the accuracy and completeness of the cost estimates for the planned activities and (2) the risk that cost performance will be affected adversely by a failure to manage technical risks. An example cost risk would be having all proposals for a significant contract come in over the estimated budget for that item. Industry Risk: Environmental Issue: Environmentalists are likely to create pressure on government to protect or banning those factory, which are not follow proper ETP, waste management solution, Air pollution etc. which are negative effects on living being and environment thereby causing closure of business of the company. We have a good setup for ETP and incinerator for waste management, a very good and sophisticated fire alarm system with integrated fire hydrant and fire house arrangement with carbon dioxide fire extinguisher, dry powder and sand bucket. The company also strictly follows the laid down regulations for marketing the products and therefore does not foresee any problems in doing the business. ii) Labor Unrest: Any incident of labor unrest will adversely affect the operation of the company. More importantly, the company’s reputation in the industry and among its buyers will be affected. This may affect its financial performance in the long run as well ‘The company values its employees and workers the most. It has established a very high standard of labor practices compared to the overall industry. It has detailed human resources management policies encompassing employee recruitment, training, development, remuneration and retirement. Since inception, there has not been any instance of labor unrest or strike at the company’s factory premises. The rate of employee turnover and absenteeism has remained at negligible levels over the last few years. Economic & Political Risks: i) Economie risks: Our performance and growth are dependent on the health of the Bangladesh economy. The economy could be adversely affected by various factors such as political or regulatory action, including adverse changes in liberalization policies, social disturbance, terrorist attacks and other acts of violence or war, natural calamities, commodity and energy prices and various other factors. Any significant changes may adversely affect our business and financials, Bangladesh economy is booming for last few years. Consistent industrial growth along with increased agricultural production has made the per capita income higher than that of recent years. i) Political risks: Bangladesh is prone to serious unrest in the political condition which produces Strike, Road-Block and domestic terror attacks in Bangladesh could increase over the coming months, this could have an adverse impact on the country’s economic growth prospects as investors, expatriates, and tourists may be deterred.3.20 3.21 3.22 3.23 Islam Quazi Shafique & Co. Chartered Accountants During the last forty years of post-independence period, Bangladesh has gone through a variety of political situations. At present political situation is much stable in the country as the opposition is not much active in the field. Last democratic national assembly election and local council polls are instances of peaceful political situation in Bangladesh. Risk and Uncertainties for the use of Estimates in Preparing Financial Statements ‘The preparation of Financial Statements in conformity with the International Accounting Standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statement and revenues and expenses during the period reported. The actual result could differ from those estimates. Estimates are used for accounting as described in note no. 2.10. Events after the Reporting Period As per 1AS-10 “Event after the reporting period" are those event favourable and unfavourable that occurred between the end of the reporting period and the date when the Financial Statements are authorized for the issue. There were no material events that occurred after the reporting period which could affect the values in Financial Statements except the company has got consent from Bangladesh Securities and Exchange Commission {BSEC) for Initial Public Offering (IPO) on 7" September 2021. Related Party Transactions The company, in the normal course of business, has carried out a number of transactions with other entities that fall within the definition. The objective of Related Party Disclosure IAS 24 is to ensure that an entity's Financial Statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances with such parties. Parties are considered to be related if one party has the ability to control the other party or to exercise significant influence or joint control over the other party in making financial and operating decisions, The Company transacts with related parties and recognize as per IAS 24 ‘Related Party Disclosures’. Related party transactions have been disclosed under Note ~ 30.07. Comparative Amounts Comparative information has been disclosed in respect of the previous period for all ‘numerical information in the current Financial Statements as below: ‘© Statements of Financial Position as of the end of the preceding financial year. ‘* Statements of Comprehensive Income for the comparable of the preceding financial year. ‘+ Statements of Changes in Equity for the comparable of the preceding financial year. ‘+ Statement Cash Flows for the comparable if the preceding financial year. Narrative and descriptive information for comparative information has also been disclosed whenever it is relevant for the understanding of the current Period financial statements.3.28 3.24.1 3.24.2 3.25 3.26 Islam Quazi Shafique & Co. Chartered Accountants Income Tax (Current & Deferred Tax) Income tax on the profit or loss for the Period comprises current and deferred tax. Income tax is recognized in the Statement of Profit or Loss and Other Comprehensive Income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current Tax Current tax is the expected tax payable on the taxable income for the year and any adjustment to tax payable in respect of previous years as per the provisions of Income Tax Ordinance, 1984 and duly amended by the Finance Act from time to time. ‘The effective current tax rate of the Company is provided as follows: Corporate Tax applicable for the Company (as per Income Tax Ordinance 1984) a) Tax Rate on Income from Consumer Brand Products 30% b) Tax Rate on Agricultural Income (Fertilizers and Seeds)-as per SRO No.199-law / income tax / 2015; On 1* 10 Lac 3% On Next 20 Lac 10% On Rest amount 15% ©) Tax Rate on Other Income 30% 4d) Tax Rate on FOR Interest 30% e) Tax Rate on Dividend Income 20% f) Minimum Tax Rate 0.60% Whichever is higher is applicable for calculation and repayment of Income Tax. Deferred Tax Deferred tax is recognized using (in accordance with the |AS-12) the Balance Sheet method. Deferred tax arises due to temporary difference deductible or taxable for the events or transaction is recognized in the income statements. A temporary difference is the difference between the tax bases of an asset or liability and its carrying amount/reported amount in the Balance Sheet. Deferred tax assets or liability is the amount of income tax recoverable or payable in the future period(s) recognized in the current period. The deferred tax liability/expenses do not create a legal liability/recoverability to and from the income tax authority. The effective deferred tax rate of the Company is provided as follows: Corporate Tax applicable for the Company (as per Income Tax Ordinance 1984): a) Tax Rate on Income from Consumer Brand Products 30% b) Tax Rate on Agricultural Income (Fertilizers and Seeds) 15% as per SRO No.199-law / income tax / 2015; Value Added Tax Value Added Tax on Consumer Brand Products is 15%. Fertilizer and Seeds are exempted for VAT as per SRO No. 144-AIN/2020/105-VAT dated 11-06-2020. Operating Segments ‘Segment results for years ended on 30 June 2021 and 2020.3.27 3.28 Islam Quazi Shafique & Co Chartered Accountants ‘An operating segment is @ component of the company that engages in business activities from which it may earn revenues and incurred expenses. All operating segments are regularly reviewed by chief operating decision maker of the company, to make decisions about resources to be allocated to the segment and to assess its performance to the extent discrete financial information is available. The company is performing on the basis of Three products and management has identified two operating segments such as (i) Consumer Brand Products and (ii) Agro. Product (Fertilizer & Seeds) as Operating segments as per IFRS. 8. The following is selected segment financial data for the periods indicated: (Amount in Taka) 30 june TA 30 une 2020 Agro. | Consumer consumer | pe Partcars | rand |G eremet | Total (taka) | —srana | Fetzer | sort raha Products Products Seeds) | Revenue | 38068,740 | 1.545,370540 | 1.603499,206| an72.730 | 1490769850 | 153862580 imgeston | sanses] satseis| sases | azian| aeereio| _aseoaza inereton r4a0sza6| 20308736 ziseia08| 71341308 Depreciation | 6,306,953] 58,377,520] 64,684.473| 6,171,748 | 49,534,881 55,706,628 ‘mortzaion | _680| _75az0| 180000 wa] a6aes| ava tenet | aassssa)| 37370835] anosage| —7sraoa| 31005755 | 31.761,266 NerPoft | saasans| asoaosasa| assamesr| sarseez| mize) mowoae Due to varying nature of business total non-current asset, total non-current liability, total assets and total liabilities could not be allocated on the basis of segment wise operation. Advance, Deposits and Prepayments Advances are initially measured at cost. Since initial recognition advances are carried at cost fewer deductions, adjustments or charges to other account heads such as Property, Plant and Equipment, inventory or expenses. 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 Profit or Loss and Other Comprehensive Income. Cash and Cash Equivalents According to IAS -7 “Statement of Cash Flows" cash comprises cash in hand, demand deposit and cash equivalent which are short-term highly liquid investments that are readily convertible into cash and which are subject to an insignificant risk of change balances and call deposits, Bank Balances in Value. IAS -1 “Presentation of Financial Statements” provides that cash and cash equivalents are not restricted in use. Consideration the provisional of 1AS-7 and IAS-1, Cash in Hand and Bank Balances has been treated as Cash and Cash Equivalents.3.29 3.30 3.31 3.32 3.33 3.34 Islam Quazi Shafique & Co. Chartered Accountants Other Current Assets Other current assets (if any) have 2 value on realization in the ordinary course of the company's business which is at least equal to the amount at which they are stated in the Statement of Financial Position. Sources of Information During our course of preparation of the Financial Statements it has been considered the relevant financial documents and collected information throughout the accounting year ended 30 June 2021 after overlooking of the head of accounts. Leases ‘At the commencement of the lease term, recognize leases as assets (Right of Use Assets) and liabilities in their statements of Financial position at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. Any initial direct costs of the lessee are added to the amount recognized as an asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability, Contingent rents are charged as expenses in the periods in which they are incurred. A finance lease gives rise to depreciation expense for the recognized lease assets as well as finance expense for each accounting period. Bad and Doubtful Debts The Management recognized the bad and doubtful debts when a debt is irrecoverable through Board of Directors’ approved. Since, the management made sales through 100% confirms order by the customers and duly collected by the marketing team. Hence, no bad debts had occurred and therefore no provision was made against the receivables, Implication of COVID-19 on our business: The COVID-19 pandemic has developed rapidly in 2020-2021. The resulting impact of the virus on the operations and measures taken by the Bangladesh Government to contain the virus has negatively affected the company’s result in the reporting period. COVID-19 is not expected to have a significant impact on the entity. Management has determined that there is no material uncertainty that casts on the entity to continue as a going concern. It expects that COVID-19 might have some impact, though not significant, for example, in relation to expected future performance, or the effects on some future assets valuation. There were no significant difficulties in meeting room covenants based on the aroused COVID-19 situation and the company managed to meet all obligations for the reporting period. General i. Wherever considered necessary, previous period’s figures have been rearranged for the purpose of comparison. li. Previous year’s figure has been rearranged wherever considered necessary to confirm to current year's presentation. 30Islam Quazi Shafique & Co. Chartered Accountants “Amount in Taka 30June 2021 |[_30 June 2020 4.00 Property, Plant and Equipment 4,01 Freehold Property, Plant and Equipment A. At Cost: P (Opening Balance 1,404,372,224 || 1,139,681,556 ‘Add: Addition during the year Purchase during the year 31,416,790 31,433,308 Transferred from CWIP (Note -5.00)|_ 245,685,118 || _ 233,257,360 Total Assets Value at cost 1,681,474,132_ _ 1,404,372,224 B, Accumulated Depreciation Opening Balance 192,920,382 |[ 146,830,886 ‘Add: Depreciation charged for the year 55,029,054 46,089,496 ‘Accumulated Depreciation 247,949,436 192,920,382 Written Down Value (A-B) 1,433,524,696_ _ 1,211,451,842 The details of Freehold Property, Plant and Equipment have been shown in Annexure- ' 4.02 Right of use Assets A.At Cost: Opening Balance 140,000,000 | [~ 120,000,000 . ‘Add: Addition during the year Purchase during the year - 20,000,000 ‘ Total Assets Value at cost 140,000,000. __140,000,000 B. Accumulated Depreciation Opening Balance 43,445 806 33,828,674 ‘Add: Depreciation charged for the year, 9,655,419 9,617,133 ‘Accumulated Depreciation 43,445,806 Written Down Value (A-B) 96,554,194 The details of Right of use Assets have been shown in Annexure-'A-2 4.03 Intangible Asset A. At Cost: Opening Balance ‘900,000 5 Purchase during the year : 900,000 Total Assets Value at cost 900,000, ‘900,000 8. Accumulated Amortization Opening Balance 37,a79 5 ‘Add: Amortization during the year 180,000 37,479 Accumulated Amortization 217,479 37,479, Written Down Value (A-B) 682,521 862,521, The details of Intangible Asset have been shown in Annexure.5.00 Capital Work-in-Progress A Land and Land Development Opening Balance Add: Addition made during the year Less: Transfer to PPE during the year Closing Balance 8B. Building & Other Civil Construction Opening Balance Add: Addition made during the year Less: Transfer to PPE during the year Closing Balance Opening Balance Add: Addition made during the year Less: Transfer to PPE during the year Closing Balance Closing Balance of Cay 6.00 Inventories Raw & Packing Materials Work in Process Finished Goods I Work-in-Process (A+B+C) (Note - 22.01) (Note - 22.00) (Note - 22.00) Islam Quazi Shafique & Co. Chartered Accountants “Amount in Taka ‘BOJune 2021 |[_30June 2020 - 135,626,370 - (135,626,370) 49,454,833 7,395,869, 98,028,652 || 83,481,784 (123,666,795)}| (36,382,820) 23,856,700 49,494,833, 43,358,668 3,052,538 138,577,127 || 101,554,300 (122,028,323)]| (61,248,170) 59,917,472 43,358,668 83,7417 92,853,501, 184,835,970 |{ 156,821,623 16,651,284 || 15,398,840 182,247,256 || _ 175,612,735 383,734,510 __ 347,833,198 The management of the Company has conducted physical verification/stock taking of inventories on 30.06.2021, 7.00 Trade and other Receivables Trade Receivables 7.01 Trade Receivables Opening Balance Add: Sales during the year Less: Collection/Realization during the year Closing Balance Ageing of Trade Receivables More than six months Less than six months (Note -7.01) 273,497,899 __219,896,421 273,497,899 __ 219,896,421, 219,896,421 174,594,808 1,683,439,284 _1,538,642,580 1,903,335,705_1,713,237,384 {629,837,806 _1,493,340,963 273,497,899 __ 219,896,421 219,896,421 219,896,421 273,497,899, 273,497,899,Islam Quazi Shafique & Co, Chartered Accountants ‘Amount in Taka BOJune 2021 |[_30 June 2020 The classification of receivables as required by the Schedule Xl, Part 1, Para 4 of the Companies Act, 1994 are given below: iy Receivables considered good and in respect of which he company] 3 uty secured. i) Receivables considered good for which the company holds no 2 896 4 |security other than the debtor's personal security. Baise aaEeaz iy Receivables considered doubtful or bad z : Iv) Receivable due by any directors or othor officers ofthe company or z any of them either severally or jointly with any other person o| receivables due by fitms or private companies respectively in which] ony director isa partner ora director or a member Ia Receivables due by companies under the same management. : la) The rraximam amount of recelvables due by any directors or other] : : ltticers of the company at any time during the year to be shown by] |way of a note. Total 273,497,899 || _ 219,896,421 8,00 Advances, Deposits & Prepayments ‘Advance to Employees 874,200 715,750 ‘Advance to Supplier and others 9,863,167 14,881,188) ‘Advance Income Tax (Note-8.01)] 41,856,398, 17,808,740 Advance Insurance 46,312 45,120 Security Deposit (Note - 8.02) 53,900 53,900 52,693,977 33,508,698 ‘The classification of Advances, Deposits & Prepayments as required by the Schedule XI, Part |, Para 6 of the Companies Act, 1994 are given below: fi) Advance, deposits & prepayment considered good and in| respect of which the company is fully secured. li) Advance, deposits & prepayment considered good for which] ithe company holds no security. 51,819,777 32,788,948, ji) Advance, deposits & prepayment considered doubtful or é : iv) Advance, deposits & prepayment due by directors or other| officers of the company or any of them either severally or jointy lwith any other person or Advance, deposits & prepayment due| 874,200 715,750 by firms or private companies respectively in which any director| {is a.partner ora director ora member. Iv) Advance, deposits & prepayment cue by companies under the same management. vi) The maximum amount due by directors or other officers of ithe company at any time during the year.Islam Quazi Shafique & Co. Chartered Accountants ‘Amountin Taka ‘BOJune 2021 |[_30 June 2020 8.01 Advance Income Tax Opening Balance 17,808,740 13,262,274 Add: Advance Tax paid during the year 24,047,658 17,808,740 ‘Add: Tax paid for the Assessment Year 2019-2020 6,719,109 41,856,398 37,790,123 19,981,383, Less: Adjustment during the year 41,856,398 17,808,740 8.02 Security Deposit Polly Bidyut Samity (PBS), Mymensingh- Electricity 45,500 45,500 T&T-BTCL, Dhaka 8,400 8,400 53,900 53,900 9,00 Cash and Cash Equivalents Cash in Hand 462,874 447,093 Cash at Bank : Jamuna Bank Ltd. A/C No: 0061-0210000413 2,594 7316 Jamuna Bank Ltd. A/C No: 0011-0210008380 8,045 : Islami Bank Bangladesh Ltd. A/C No.110100034403 6,296 20,187,092 Mutual Trust Bank Ltd. A/C, 0061-0210000673 s 2 Dhaka Bank Ltd. A/C No. , 2051-9543 23,032 : Pubali Bank Ltd. A/C-4648901000688 2,539 31,491,799 Bank Alfalah Ltd. A/c- 2100127558 42,170 549,427 Bank Alfalah Ltd. A/c- 2100009857 4,060 4,750 Mercantile Bank Ltd. A/c No- 116511100967587 5,429 13,908 IFIC Bank Ltd. A/C No: 0170236771001, 8,511,089 1,684,466 10,068,128 54,385,851 110.00 Share Capital 1,050,000,000_ __1,050,000,000 10.01 Authorized Capital: 150,000,000 Ordinary Shares of Tk. 10/- each 1,500,000,000_ __1,500,000,000 110.02 Issued, Subscribed, Called-up & Paid-up Capital 105,000,000 ordinary shares of Tk. 10/- each fully paid-up __1,050,000,000 3,050,000,000 10.03 A distribution schedule of the above shares is given below: is Category of | Percentage | 30 June 2021 [| 30June 2020 Shareholders | __(%) ‘No. of Share || No. of Share Ns. Shanta Sinha [chairman 339% 9,859 458 9.859.454 IMr.ReraUrRahmanSinha — [MBn2ine aisex| 22,974,860 22,974,860 Director Mr. Aharon Habib Sinha pirector 3.69% 5971158) 5971158 Mr. KM Heluar lirector any 4.627349 Prot. Shabjahan Mina eer 00x Director [other shareholder seeen| 61,567,178 66,194,528 [reat 300%] 105,000,000 105,000,00010.04 Share Money Deposit Opening Balance Add: Addition during the year Less: Allotment during the year Less: Refund during the year Closing Balance 11.00 Retained Earnings Opening Balance Add: Net profit for the year Issuance of Stock dividend Closing Balance 12.00 Long Term Loan Opening Balance ‘Add: Addition during the year (Principle & Interest) Less: Payment during the year Total Less: Long Term Loan (Current Portion) Long Term Loan (Non Current Portion) 12.01 Details of Bank Loan Bank Name Branch Sanction Amount Sanction date Securities Interest Rate 13.00 Lease Liability Opening Balance ‘Add: Addition during the year (Principle & Interest) Less: Payment during the year Total Less: Lease Liability (Current Portion) Lease Liability (Non- Current Portion) 13.01 Name of the Lessor Sanction Amount Purpose Sanction date Securities: Interest Rate Islam Quazi Shafique & Co, Chartered Accountants ‘Amount in Taka 30,June 2021 |[_30June 2020 : 519,832,884 - 180,514,800 e (700,330,000) 667,802,959 723,074,007 222,094,041 194,728,952 2 (250,000,000) 889,897,000 _ 667,802,959 58,592,717 55,225,881 5,430,329 10,704,482 (6,754,795) __ (7,337,646) 57,268,251 58,592,717 8,486,460, 7,758,645, 48,781,791 Mutual Trust Bank Ltd. Bashundhara Branch BOT 55.16 Million 29-12-2019 Registered Mortgage on 653.50 decimal land and 1750 sft flat valuing Tk. 170.42 Million 9% per annum. 149,443,821 24,308,736 13,424,688) 160,327,869 36,226,508 124,101,361 140,107,989 41,341,108 (32,005,276) 117,92 ** Lease liability payment during the year not according to fast year’s current portion oF Tease liability because of the significant impact of COVID-19, National Finance Ltd BOT 179.85 Million : Purchase of Machineries 26-12-2018 Leased Assets and Registered Mortgage on 150 decimal land situated at Dayarampur, Tarakanda, Phulpur, Mymensingh 14.00% per annum.Islam Quazi Shafique & Co, Chartered Accountants ‘Amount in Taka 30June 2021 J[_30 June 2020 14,00 Deferred Tax Liability Opening Balance 62,789,208 $7,944,526 ‘Add: Expenses/ (Income) of Deferred Tax during the year (2,451,300) 4,844,682 Deferred Tax Liability /(Assets) as on 30 June 2021 60,337,908 62,789,208, ‘A) Calculation of Deferred Tax (Consumer Brand Products) Written down value of PPE as (Accounting Base: xcusing Land) 80,956,081 177,829,653 ‘Written Down value of PPE as (Tax 83se-Exucing Lan) 38,172,840 36,889,011 Liability for WPPF 15,484,516 ‘Temporary Difference 27,298,725 40,940,642, Effective Tax Rate 30% 32.50% Closing Deferred Tax Liability /(Assets) 189,617 13,305,709 ceo ea 8) Calculation of Deferred Tax (Fertilizer & Seeds Unit) Written down value of PPE as (Accounting Base Excluding Land) 873,668,446 679,633,871 Written Down value of PPE as (Tx 8ase-€xcusing Land) 505,473,712 __ 350,790,913, ‘Temporary Difference Other than Right of Use Assets 368,194,734 _ 328,842,958 C)Temporary Difference on Right of use Assets ‘Total Lease Payment during the year 13,424,688 32,005,276 Less: Interest payment on Lease (24,308,736) (21,341,108) Less: Depreciation on Lease Asset (9,655,419) (9,617,133) ‘Temporary Difference on Right of Use Assets (20,539,467) 1,047,035, Total Temporary Difference (B+C) 347,655,267 329,889,993 Effective Tax Rate 15.00% 15.00% Closing Deferred Tax Liability /(Assets) 52,148,290 49,483,499 Total Deferred Tax Liability /(Assets) as on 30 June 2021 60,337,908 62,789,208 15,00 Liabilities for Expenses Salary, Wages and Allowances 10,451,516 9,748,569 Director Remuneration 60,000 60,000 Rent & Rates Payable 739,924 828,712 Fuel, Power & Utility Payable 1,653,341 1,533,372 Telephone and Mobile Bill 327,017 341,375, Internet Bill 3,000 3,000 Audit Fee Payable 350,000 100,000 13,584,798 12,615,029,Istam Quazi Shafique & Co. Chartered Accountants ‘Amount in Taka B0June 2021 J[_30 June 2020 16.00 Liabilities for Current Tax Opening Balance 26,916,604 19,981,383) ‘Add: Charge for the year 35,689,916|| _ 26,916,604 62,606,520 46,897,987 Less: Adjustment for the year : 19,981,383 Closing Balance 62,606,520 26,916,604 Details provision of current tax shown in Annexure-C 17.00 Long Term Loan (Current Portion) (Note-12.00)___ 8,486,460 7,758,645 8,486,450, 7,758,645 This amount represent current portion of long term loan from bank which are repayable within next 12 month from the Balance Sheet date 18.00 Lease Liability (Current Portion) (Note-13.00)___ 36,226,508 __31,519,343, 36,226,508 31,519,343 This amount represent current portion of lease finance which are repayable within next 12 month from the Balance Sheet date 19,00 Liability for WPPF Opening Balance 11,324,512 - ‘Add: Charge for the year 12,766,633 11,324,512 24,091,145 11,324,512 Less: Paid for the year 8,606,629 : Closing Balance 15,484,516 _ 11,324,512 20.00 Trade and Other Payables ‘Asma Enterprise 152,773 178,800 ‘A&I Limited 17,522 19,778 GM Traders 108,060, 124,404 M/s Sonali Enterprise 90,172 106,523 Famous Chemical Industries(80) Private Ltd. 104,604 125,036 ‘Atik Metal Works 4,233, 5,732 Mukta Printing Press 8,670 10,075 Nasir Printing & Packages Ltd. 6,197 8,130 Quality Can industries 6,949 7,378 ‘Al Mahmud Enterprise 105,440 120,197 AR Fertilizer Utd. 3,931,948 4,336,518 Total Agro Science 3,241,293 3,533,977 Sea Trade Fertilizer Ltd. 4,156,492 5,062,237 Kazi Organic Fer 3,011,184 3,731,391 Rana Store 34,784 39,257 Rony Enterprise 91,023 104,607 Sabbir Wood Power 69,368 73,443 National Printing 20,917 25,467 AKH International 95,220 121,808 Riad Enterprise 110,966 126,618 15,367,815 37,857,376 1568S, _1Z 857.37821.00 Net Revenue (Net of VAT) ‘Consumer Brand Products ‘Agro products (Fertilizer & Seeds) 21,01 Revenue Recognition Islam Quazi Shafique & Co. ‘Chartered Accountants ‘Amount in Taka ‘OL say 2020 |] 04 July Oar To To 30 June 2020 38,068,740 38,872,730 583,430,268 499,769,850 Tse sn500 For better presentation, the management reconciled Statement of Profit or Loss and Other Comprehensive Income as well as Statement of Financial Position of the company with the effect of IFRS: 415 Para c(8) whieh is shown below: Impact on the statement of Financial Position ‘As at 30 June 2021 : [Adjusiment(etfe] [Amount without Perctere sneporied | eNas 3) || sopton of S38 Assets Non-Current Assets 1,604,880,163 : 1,604,880,163, Current Assets 719,994,514 : 719,994,514 Total Assets 2,324,874,677 = __2:324,874,677 Shareholder's Equity and Liabilities Shareholder's Equity 1,939,897,000 1,939,897,000 Non Current Liabilities 233,221,060 : 233,221,060 Current Liabilities 151,756,617 : 151,756,617 Total Shareholders Equity and Liabilities 2,326,874,677 = 2,324,874,677 Impact on the statement of Profit or Loss and other comprehensive Income For the year ended 30 june 2021 stant (ef unt without Pariutars fanenoned [MIT is) || tntont eas Revenue 1,683, 439,284 1/683 439,208 Cost of Goods Sold (1,224,793,775) (1,224 793,775) Gross Profit 458,645,509 458,645 508 Operating expenses (161,134,046) : i 6) Profit from Operation 297,511,463, 5 297,511,463 Profit Before Income Tax 255,332,657 255,332,657 Income Tax Expenses (33,238,616) (33,238,616) Profit after income Tax 222,084,041 222,094,081 Impact on the Statement of Cash Flows For the year ended 30 June 2021 ment feet] [Amount with articutars Astepored | eins sapien ot Net Gash Generated from Operating Activities 243,912,581 - 243,912,581 Net cash Used to Investing Activities (268,022,579) : (268,022,579) Net cash Generated fram Financing Activities (20,207,725), : (20,207,725) Net increase/{Oecrease) Cash and Cash Equivalents (44,317,723) = (04,317,723) ‘Cash and Cash Equivalents atthe beginning of the year___ 54,385,851 5 54,385,851 CCash and Cash Equivalents atthe end ofthe year 10,068,128 5 10,068,128{slam Quaz} Shafque & Co, Chartered Accountants 22.01 Raw & Packing Materials Consumed ‘Opening Stock of Raw & Packing Materials ‘Add: Purchase during the year Raw & packing materials available for production Less: Closing Stock of Raw & Packing Materials Raw & Packing Materials Consumed 22,02 Manufacturing overhead ‘Wages, Salaries and Allowances Festival Bonus Over-Time Fuel, Power & Utility ‘Traveling and conveyance Medical Expenses Carriage Inward Loading & Unloading Expense Postage, Courier & Fax etc. Insurance Expenses Recycling Charge {_30June 2021_}|_30June 2020_} ‘ Comte ‘Unit Price 01 July 2020 to || 01 July 2021 to bine Patiodere scram | “pee | Zo1une 202 || 30/0202 consaner re coil 540,210, 38.63] 20,867,834 20,751,480 | fete emer ee arse — ine sa [sen 100|eeeetraader ean] — entero] — era | — ee factor rer aa s8 shar ocseae re seasnaan | —sesro780 ine et noo Mater Tae as eae — ST Sead Sesar[—setesooo|seanesoo||—sapeans0 ier on ag Pos ‘eavoser || aeons Sra aa ot et Ses iegepease || isan ena sao 22.00 cost of Goods od haw Paling tra Consumed (note 22.00 SAB6T2S7O | OCR AD Morac Ove thawed 22cm} 137a9730||_r2s038725 thet of Goods hanufcere Tauosst —Tstas Wash Preece Operng oseate —aLSSTSS3 Moin Pees ene (ioesiz6e) 4535880 Cost of production avalable fr Sale Tasers —Tissasae7 Sree ese a9) 336700 Fished Goods Opening vssins 160137700 Frithed Goods Cone dion2e72se) 7562738 1,224,793,775___1,118,680,982 emis || Tosa 1126826717||_1.023,014088, 7283 .608,340 1,163,562 5621623 ie 38799 G7 SREIBE| [AEDS ae3eeio|| 3.s0852 1254800 rasre06e|| 3732731 ‘40200 ‘5,100 508,240 453.900 1305070|) 138,756 disi3ezs|] «408,750 342850 316130 xaas.see|| 1,187,000 : 270801Rent & Rates Food & Tifin Expenses Telephone and Mobile Bill Printing & Stationery Expenses Repairs & Maintenance Depreciation on Freehold PPE (Annexure A-1) Depreciation on Right of use Assets (Annexure A-2) 23.00 Operating Expenses Administrative Expenses (Note # 24.01)[ 33,542,218 31,616,066 Marketing, Selling & Distribution Expenses (Note # 24,02)|__127,591,828 ||_125.008.677 161,134,046 ___ 156,626, 23.01 Administrative Expenses Salaries and allowances 720,058,020 19,425,760) Festival Bonus 1,885,904 41,742,576 sctors Remuneration 720,000 "720,000, Board Meeting Attendence Fees 195,000 138,000 Travel and conveyance 1,169,317 41,058,741 Postage & Stamps 139,480 138,026 Entertainment 315,768, 310,850| Audit fees 450,000 100,009 Repair and maintenance 190,345 187,435 Rent and rates 755,120 550,260) Printing & Stationery 291,672 289,850 Fuel, Power & Utility 2,139,067| 2,137,285 Internet Bill 36,000) 36,000] Registration, Renewal, Consulting Fee & Legal Expenses 41,117,389] 1,115,095 Miscellaneous Expenses 303,716| 307,464) Telephone & Mobile Bill 354,185] 359,870 Unrecoverable VAT Expenses : 181,003 Depreciation on Freehold PPE (Annexure A-1) 2,751,433] 2,308,475 Depreciation on Right of use Assets (Annexure A-2) 482,771] 480,857 ‘Amortization of Intangible Asset (Annexure A-3) 180,000 37,479) 23.02 Marketing, Selling & Distribution Expenses Salaries and Allowances Festival Bonus and Incentive Truck and handling Promotional expense Phone, Fax and Mobile Bill Fuel, Power & Utility Research 8 Development Expenses Sample Expenses Vehicle maintenance Postage & Courier Islam Quaz! Shafique & Co. (Chartered Accountants ‘Amount in Taka ‘OF Fuly 2020 || Of July 202T To To L_a0June 2021 }{_a0June 2020 | 482,858 280,825 1,108,750 1,037,045 820,757 850,174 613,614 563,913, 3,142,985 3,119,752 46,774,696 39,176,073, 8,207,106] 8,174,563, 137,197,582, 125,058,725, —Bse2i8, _saenaoss 54,933,835 52,880,440 5,083,386 4,732,122 21,881,765 20,056,591 5,407,208 7,254,700 2,648,808 2,762,248 2,552,937 2,324,129 1,529,841 1,455,699 3,329,172 3,336,700 2,280,725 3,470,962 758,490 742,395,Printing & Stationery Training expenses Entertainment Travel and conveyance Advertisement & Publicity Rent and rates Sales Commission Depreciation on Freehold PPE (Annexure A-1) Depreciation on Right of use Assets (Annexure A-2) 24.00 Other Income Wastage Sales Bank Interest 25.00 Financial Expense Bank Charges Interest on Long Term Loan 26.00 Interest on Lease Lease Rental Charge 27.00 ssc Earnings per share a) Net Profit After Income Tax b) Weighted average number of Ordinary Shares ‘Basic Earnings Per Share (EPS) (a/b) (Note - 27.01) 27.01 Calculation of Weighted Average Number of Ordinary Shares (Opening Paid Up Capital (No. of Share-100%) Paid Up Capital (Weighted Average Number of Share) Bonus Share 28.00 Net Asset Value per Share (NAV) a] Net Asset Value ») Number of ordinary shares Net Asset Value per Share (NAV) (2/6) 29.00 Net Operating Cash Flows per share (NOCFPS) ‘a Net Operating Cash Flows bb) Weighted average number of ordinary shares Net Operating Cash Flows per Share (NOCFPS) (2/5) (Note -27.01), Islam Quazi Shafgue & Co Chartered Accountants Tests Taka STFA aOIE | OF Tay BOAT 70 To {_30June 2021_||_30June 2020_} 3m aise 74388, 522758 pigo12 236.189 sexeote || 3.871.008 a3i4soe || 4ara7as 7aas.113|| 71844008 3,408 324 3.192068 5.302905|| «608.950 965582 61.73, aus, sone? aap Bases 15486 16559, 355,134 330.124 wae aes 5430329 || ___ 404402 5458571 456908 cesses 24,308,735, 222,094,041 105,000,000 242, 105,000,000 —105;000,000_ 1,939,897,000 105,000,000 a 203,912,581 105,000,000 21381108 21 344.108 194,728,952 97,285,279 2.00, 9,967,000 62,318,279 25,000,000 97,285,273 4,717,802,959 105,000,000 16.36 221,403,688 97,285,279Islam Quazi Snafique & Co. Chartered Accountants 30.00 Other Commitments, Contingencies and relevant information The requirements of Schedule XI, Part, Para 3, 4, 7 & 8 of the Companies Act, 1994 30.01 Contingencies There is no contingent event that may require recognition of contingent liabilities for the period ended 30, June 2021. 30.02 Capital expenditure commitment There was no capital expenditure commitment or contract at 30 June 2021. There was no material capital ‘expenditure authorized by the Board but not contracted for as at 30 June 2021. 30.03 Bank Guarantee The company have no Bank Guarantee on the reporting date. 30.04 Number of Employee - Para 3 of Schedule MI, Part I ‘otal number of employees are as follows: Offers & Totalason |] Totalason —— Executive | WO" | 30 une 2021 || 30 une 2020 Salary below Tk, 8,200 per month : : 5 Salary Tk 8,200 or above per month ais | __ 302 77 712 Total ais | 302 77 72 30.05 The requirement of schedule XI partl, Para 7 : Capacity Utilization ‘The production capacity and utilization of its are as follows: ‘Quantity (MT/Carton/Bags) Aces uasvaoy [ot aane s0june 2021 || s01ne 2020 installed Capacity 726,886 717,482 [Actual Production 568,228 574,483 [Capacity Utlization (4) 78.17% 80.06% 30.06 Directors interest in contracts with the company ‘There was no transaction resulting in Directors interest with the company. 30.07 The requirement of schedule X! part, Para 4 of the compar Act,1994: Related Party Transaction During the period the Company carried out a number of transactions with related parties in the normal course Cf business on an arms' length basis. Names of those related parties, nature of those transactions and their total value have been set out in accordance with the provisions of IAS-24: Related Party Disclosures ‘Opening dion seme rating || cone bane toe | omienin [aan ms Deven |r ce ee eon oe ez xen FEST carman [awa etna [0000] e000 E Ic Reczir | Managing [Remaneraion | €000] omeo| ——ranooo|| e000 rawransiks| rector [poaMectgied | ano] «nooo : i Ro RENSET | ovecior |uoweeningie] | anno] «noo ed Director | Board Meeting fe : 10,000] 10,000} tar |Prof. M7 Independent Shahan soar Mestre | s0000}—— s0,000 ca DirectorIslam Quazi Shafique & Co, ‘Chartered Accountants 30.08 As per Company Act, 1994 part, Schedule-XI (4) The profit and loss account will give by way of a note detailed information, showing separately the following payments provided or made during the financial TS area a exovecer J 20.00] ane ie tensa independent poate Meee -| 25,000 25,000) - ossain ee reson Ta 0 |315,600| 33500] [ 0 uring the period from 01-072020 to 3006-2021, there ware O8 (Eight) Soad Meetings eld. The atendance stats of a the meetings 3 ows ‘Amount in (Tk.) one of cs samect | oaignaon | mestnatolt attendance) F005 [arate om 2TH irectors — Sune 2021 June 2020 rs shana Fa caiman | 8 8 000|| 25000 w.tezwue | Managing 4 Rahman Sinha} Director a . On om Asan te Aas TO ectoe 8 ® oo || 20000 ek : meee Director 8 me 19900 Prof. sanahan | Wéependent |g 2 10900 : ia festering Te oneaoe | 8 ¢ oo || 20000 |Mr. Md. Zal ee Hossain. Independent 8 s 25,000 10,000 Drecor Tol rc 35 year to the directors, including managing director, the managing agents or manager, if any, by the comoanv. subsidiaries of the comoanv and anv other nerson:: [Managerial Remuneration paid or payable during the period to the] 915,000 "855,000 directors, including managing directors, a managing agent or manager. Expenses reimbursed to Managing Agent Ni Ni [commission or Remuneration payable separately to a managing agent or] Nil Nil his associate [commission received or receivable by the managing agent or fis associate| Nil Nil las selling or buying agent of other concerns in respect of contracts lentered into by such concerns with the company. The money value of the contracts for the sale or purchase of goods and| Nil Nil materials or supply of services, entered into by the company with the] managing agent or his associate during the financial period, lany other perquisite or benefits in cash or In Kind stating, approximate] Nil Ni Jmoney value where applicable. fOther allowances and commission including guarantee commission] Nil Nil Pensions ete. () Pensions Ni Ni i) Gratuities Nil Nillam Quazi Shatque & Co. (Chartered Accountants [ily Payments from a provident funds, in excess of own subscription and] Nil wi linterest thereon share Based payments Ni Ni [As per Para-18, 1AS- 24: Anent ‘shall disclose key management personnel compensation in total and for each of the following {2} Short-term employee benefits 720,000 720,000 {b) Post-employee benefits Ni Nil (c) Other long term benefits Ni i (4) Termination benefits and NI Nil (e} Share-based payment Nil Nil [As per Para-18, 1AS- 24: Disclosure requirements of IAS 24 Para 18 minimum disclosure shall include: a) The amount of transaction 915,000 65,855,000 b) The amount of outstanding balance, including commitments, 60,000 60,000 i) Their terms & condition, including whether they are secured, and Remuneration & Remuneration, the nature of the consideration to be provided in settlement Board meeting Board meeting fee fee & Purchase li) details of any guarantee given or received Nil €) Provisions for doubtful debts related to the amount of outstanding. Nil balance 4d) The expenses recognized during the period in respect of bad or Nil Nil doubtful debts due from related parties 30.09 Aggregated amount of Remuneration, Fees, Salary & Wages of employees are given below: Directors Remuneration 720,000 720,000 Board Meeting Attendances Fees 195,000 135,000 ‘Wages, Salaries and Allowances 47,386,392 || 44,084,923, Salaries and allowances 74,992,875 ||_72,315,900 723,294,266. __ 117,255,823, 30.10 The requirement of schedule XI part-l, Pare 3 (a) : Turnover aie ‘i uly 20206030) [OF Tuy 20791030] cute une 2023, une 2020, Turnover in BOT. 7,683,439,264) | 1,538,642,580) [Turnover in Quantities (M¥/Carton/Pes) 566,343 $70,037] 30,11 The requirement of schedule X! part:l, Para 3 (d) (i): Raw Materials Consumed aa ‘1 uy 20201036] [OF Fay 2079030 Puton une 2022 June 2020, [Raw Material (Value in BOT) 1,098,812,370)|"3,006,£34,799] [Raw Material Quantities (Ke, Pes, Ltr, MT ete) 12,475,666) 11,431,897] 30.12 The requirement of schedule Xi Parts, Para-3(C):Work in process = ‘Tay 262009] {OF July 2HTB 0 30 panieel June 2021 une 2020, [Opening Quantities ng, Pes, Ltr, MT ete) 2,651 27h [closing Quantities (kg, Pes, Ltr, MT ete) 2,856 2.651,‘30.13 The requirement of schedule X! part, Para 3 (d) (i) Finished goods Islam Quaai Shafique & Co Chartered Accountants Particulars ‘i uly 2020 1030] [01 ly 2079 1030] une 2022 June 2020 [Opening Quantities (MT/Carton/Bags) 82,358 78,012 Production Quantity, 568,228 574,403, [Closing Quantities (MT/Carton/Baes) 84,248 52,358 30.14 Reconciliation of Net income or Net Profit with Cash Flows from Operating Activities (indirect Method) the requirement of Bangladesh Securities and Exchange Commission noti 158/308/Admin/81, Dated 08 August 2018. fication no. BSEC/CMRRCD/2006- Particulars “Amount in (Th) ‘i aiy 202019 30 |] 01 ly 2079 %0 30 une 2023, dune 2020, Net Profit before Income Tax |adjustments to reconcile net income to net cash provided by operating activities: Depreciation on Property, Plant & Equipment [Amortization of Intangible Asset Financial Expense on Loan & others Lease Rental Charge Increase in inventories Increase in Trade and other Receivables Increase in Advance, Deposits and Prepayments Increase in Liabilities for Expenses increase in Liability for Workers Profit Participation Fund Decrease in Trade and other Payables |cash Generated from Operating Activities Income Tax Paid 255,332,657 || 226,490,238 64,684,473 || $5,706,628 180,000 37,479 5458571 || 4,569,121 24,308,736 || 21,341,108 (35,901,312}]] _(26,055,091)] (53,601,478)]] _(45,301,617)) 4,858,379 (210,179)] 969,769 28,723 460,008 |] 11,324,512 (2,489,561)|| (1,999,387) 267,960,239 || 245,931,537 (24,087,658)]| (24,527,843) Net Cash Generated from Operating Activities 243,912,581 || 221,403,688 30.15 Received from Customers Sales during the period ‘Add: Opening Receivables Less: Closing Receivables 30.16 Paid to Suppliers Purchase during the period ‘Add: Opening Payables Less: Closing Payables ‘Add: Closing Advance to Supplier Less: Opening Advance to Supplier 130.17 Paid to Employees Salary, Wages including Bonus & Incentive Payment for WPF ‘Add: Opening Payables Less: Closing Payables ‘Add: Closing Advance to Employee Less: Opening Advance to Employee 4s g 7% ie & 1,683.439,284 1,538,642,580 219,896,421 174,594,804 (273,497,899) 1,529,837,806 1,126,826,717 1,023,014,048 17,857,376 19,856,763 (15,367,815) (17,857,376) 9,863,167 14,881,188 (14,881,188) __(14,479,686) $24,298,257 _1,025,414,937 134,862,196 128,893,813 8,606,629 9,808,569 10,100,400 (10,511,516) (9,808,569) 874,200 715,750 (715,750) (725,350), 142,924,328 129,176,085,ws0'620"%s 00 Tor 06'205°5 or Fas Buysse AUTEN EsvIsee %5 sesuadhg ONTEASTUIUPY| 96900 97 58, Tuumpenven| ir urunouy | —eFeaue>red [DesveseewT | seveve're | va0'eeo'ss | car ozo cor ‘ervey TT | Bos TOrece | vewzle vOvT | rst t9e'ey | oov'rsr'te | eovece’y | Bes oss7Z ‘SmOT_| vSS'STESL = Ss'Ste9L easver'd | THc'a9v'6 SeOzLeT | STL TENE ‘mor_[orsesezt | ose evT Os/'Se'St L09'606'ST sTe veg | BOE PsN" ‘or_| terevo7ze | ove var TSE VEC'ST Tsrs6sT | caver or ‘ot | ere'90072 | 0987ZzET TEOLLETE wuceeot | eee 06et ‘or | Scrosc'ot | 0s8¥9t THOTELO™ 68°58 eas E207 ‘ser _| €257288'TT, = GES Z69°65E Steseote | eer eles ‘or _[ evozer'eey | ete sO TT RiauDEN BIA 'S8/'056 267 ero vor oT | TeszAe Ty HST | Sev cze'svs | S697 ECT oRaRASUED JOB SuIpIING| eagzes6ly | = = ‘0 | eaa'ees'6ly | Oster ve qweudojonog puelg PLE Teozsunr | weoreunroe | aeakaws |" ozozAmrto | |, | Teozeunro | seak aus € 3ese anjen | uo se aoueje | Suynp advey> po tuo se aouejeg |Suunp uonippy siejnoued wmog wanLM wonesaid3a oD Tyamnouuy Teor unr 03 SY wauidinbg pue auejd ‘Avadosd piouaeds Jo aInpEy>s paawin sapinsed 3W9V swuewnecoy pareueud 100 9 anbyeus izend wes neeeen