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AUDITORS'REPORT AND AUDITED FINANCIAL STATEMENTS OF OLYMPIC INDUSTRIES LIMITED AS AT AND FOR THE YEAR ENDED IUNE 30 2013

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M.J. ABEDIN & CO


CHARTERED ACCOUNTANTS TelephoneOff Fax E-mail Web Site

+880-2-86297 7 l, 9666508 +880-2-9675340 audit@mjabedin.com mjabedinbd@gmail.com www.mjabedin.com


AUDITORS'REPORT TO THE SHAREHOLDERS OF OLYMPIC INDUSTRIES LIMITED

National Plaza (3rd Floor) 109,Bir Uttam C.R. Datta Road. Dhaka-1205,Bangladesh

Report on the Financial Statements We have audited the accompanying financial statements of Olympic Industries Limited which comprise the Statement of Financial Position as at 30 June 2013 and the Statement of Comprehensive Income, Statement of Changes in Shareholders' Equity and Statement of Cash Flows for the year then ended, and notes comprising a summary of significant accounting policies and other explanatory information. Management's responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Financial Reporting Standards (BFRSs),the Companies Act1994, the Securities and Exchange Rule 1987 and other applicable laws and regulations and for such internal control as management determines is necessary to enable the preparation of these financial statements that are free from material misstatement, whether due to fraud or error. Auditors' responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opiniory the financial statements give a true and fair view of the financial position of the state of affairs as at 30 June 2013 and of its financial performance and its cash flows for the year then ended in accordance with Bangladesh Financial Reporting Standards (BFRSs), the Companies Act1994, the Securities and Exchange Rule 1987 and other applicable laws and regulations. Report on Other Legal and Regulatory Requirements In accordance with the requirements of the Companies Act 1994 and the Securities and Exchange Rules 1987, we also report that: i) ii) iii) ir) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and made due verification thereof; in our opinion, Proper books of accounts as required by law have been kept by the company so far as it appeared from our examination of those books; the company's Statement of Financial Position (Balance Sheet) and Statement of Comprehensive Income (profit and Loss Account) dealt with by this report are in agreement with the books of accounts and the expenditures incurred were for the purpose of the company's business.

Dated, Dhaka 28 October 2013

An independent

memberfirm

of

. J. ABEDTN& CO

MOORE STEPHENS
INTERNAIIONAL LIMITED

OTYMIJIC INDU$TRIES LIMTTED $taternent Posltlon of Flnanelel a* at 3{llune 2013


Amount In Takr I _. . I I I I ll 30.lune.2lll3| | 30.June.2012 | 1.{$qfi6/d"} f,l0l,S{9,350

NSTASSE;rS NoMurrqnt Asal* FropelS,Plantanel Hqulpnrrnt cort k** accumulaled depreclat'lon} {At CnplmlWork in Pmgr**r eurtsntArret* Invcntori,cf Aecount* Rccsivable$ Inveetnenb Advnnces, Deposib& Prepaynrenu Cash andCarhEquivalen$ Cunent Liabilities rnd Pruryisions [.oaru - CurrntPcrtion I"e*se Finanae Interc'st Payable Creditors forGoods Crpditors forServices Aecrued Experues AdvancragainstSales Linbtllties for OtherFinanne Provision fo,rlnveshtentin Slranes hovision forTaxation tlncl*imedDiuldend NelCurrnntAtcb OeferrcdTax thbftq' Oth*r FeferuGd Llahtlltte*

0,CIo '1,101.174.4s1 679 9,00


t t(n or( nt.l I t[0|tfnoBn

r0,00 1r,00

slF,7treSgo 22,S81,!t? 15,539,7$7 1!,00 1,080.u&609 60s,s90,900 13.00 5&5.{}?9,90$ ?s1,906,134 :t4.00 13$,168.7{19 105,715,7e9
15.00 ?.134W,166 13,2S6S27 1,931SCI7 520,m2,269 5,9n,!t3l ,5e409,188 13r,090,507 7*Sg0,n4 504,800 m,2?2,W 75 ?{3,1$J6A E90,?90,4{5 l{,692,934 2,295,592 335,i174,16{ 4,952,749 48,253,712 99773,180 73,619,958 316^30{,0{0 01 3S1J{6,081

1?.01 16.00 1?.00

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-

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FM

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t18,s91,2601
(99"?69"292)

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Shrr*h*ld*r*'Squtty Shnr*eaplal R6t*ln6* Earnlnp - A* p*r$urwmentof ehnrge* ln$halehnlder*' Equig NonCun*ntLlnbllttlc* L*ngTorm toan ($orure,d) I"eree firrrme"I*ng&m

re.oofWild,,l f-Effiol | *,rogu?u | | -qlg,,nr.no I


20.00 1s4,y*s"36?. nr303,p5g 11.00 ,,.,.,.,,S,4$fitz?9,624d$0 1,9Et5ttg7{ l,{U8534,879
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Theannerqed Rotss fornr pnrt of thece ftnanelnl statemenb. Approwdby theboardon?S0ctober 2013 on irs behnlf and*igned by:

sdrMohammadBhai Chairnran

sd/Mubarak Ali Managing Dirertor

sd/Md"Nazimuddiu CompanySerletary

As per our separate r-eportofeven date.annexed.

sd{D*!ed, Dhaka ?8&tohr201$

Ir{.J. ABEnIN & CO


Chertered Accosntant$

OLYMT'IC INDUSTRIE$ TIMITSD Stntement of Comprchenrlve Incorac fsr theyear cnded 3Otune *lf3

EU
Tumsvcr Cortsf 6ood* Sold Gro**hoflt Opat**ngkpenm* Adnlnhtratlvc Bxpo*r**r $*lllng $xpnn*a* Pmflt fbonr Opemtl,on* Fi*rnnaCast Non0pmadng lmrmc on Invetbrcntin Share* Frovlrion$orl"oe*

e?,00 ffi,00
2{.00 2$.00 26,00 ?7.00 12.0tr

(5.271,.158,12l) (f^5{1709,785) LEa,IfiL,2l,T 1I60f32"233

a0!0,179F60 6,0003{em8

---Em-rc'ddfr$15,218,7m sEFr6JS{ 889,m8'0r4)

(99,95$.6011 {77,me9651 soz;lq,{zo 620,5s7,263 1U,70*tA fie849,S$7 (50{,fi00} F?.543,184) 650S64676 {19{ts38,922}

Conkibution to Workers'Frofit Parttcipation/ lVelfareFunds Fro$t Defoas Trx IncrmeTffi Expe*ses CffrcntTa* For theYear For EarlierYear Defened Trx Ineome/ {&rpense} Fmfit rfterTexrtion for the yaar Other Comprehen*ivehxome Comgehenslve Income for the year SaricEarning*Pcr $hare {Parv*lue Tk.10/" ) 23,00

88J$0.{H0} 615FF4060

(6,11U561 *60014,7F1

---sg,sHJE*_
?s5 ?8,SSIJu 5.S7 ?SJ61"3tt

Number of $trrnru* u*qdto Cornpute .IS Thenma(ttl not3 forct partof the*e financial $tnten,rtt$. Appmveet by thsbo{rdon tS Oetobur l0t3 andrlgnad onttr behtlfby

$dr
Mrh*mnld $hal Ch*llmrn

sd/.
I{ubarnk All tl,l*naglng Diraetnr

Sd/Md. Na*lmuddln CompanySccrotffy

Ar perour 6eFam& roportofewn dfitqnnilcxcd. Oated,Dha$"a 2S&tohr20(3

sdl" n|"l. A$EpIN & CO


Chartered Accountanh

OTYMPICINAUSTNMSI,IMITEN $t*tenrrnt of Changee in $hareholdcrs'squtty for the year ended30|une 201$

AmountlnTek* $hnre faultnl


Ilnlanc*ar on 0I fuly ffitl llCInu*Shares lnrusd-1 $cnurShare *gainet?OrdinnryShar*rof Tk.t0/. eaeh Trannferredto Fivldend PayableAccount Netltr.pfitfor the yearended${tJune201? Balance asou S0fune2012 Balance ason fiI July 20tr11 -1 BonugShare Isoued BonusShares against ? Ordinaav $haaeo of Tk.10/- eaeh Transferred toDividend hyable Account Net Froflt for the yearendcd30 June2013 Balnnce a* on S0funettflS 522,408J5{t 522,40E 750 ?61,204,370

Retaln*d Sarnlng*

Totnl

$as,H2.$00

3p$JS6JS6 ?{3,408,956 (174,1$6,lml

174,1$6,250

p4,mrpsal F4,ag7,?50)
460,m4,754 {t50,02rt,754

&6,Xg',7l'0 r,x69ts06160
ffi6,aw,7ao 1J6E606160

(26,1,20+370) (52,240S8) {52,240"975) 615357J60 615,357,060

?fis,6t$Jto

9{$,100515 t,737,7L2,649

Th**nn*xed notr*fon$ pertof thccc flfinnelnl stammen&. Appmveel by thqbamd on?SOcbber201$ rtnd *igneel orrlt* bchr

sdrMohmm*d Bhll

sdr.
Mubrrnk All Managlng Sireetor

sdf.
Md. Na*lmuddln Company$er.*tilry

eh*knrrn

Ae per CIur scpeffi& rcport of elen tlate"annexrl.

sdr,
FtmclDhska ?SOctober 2S13 H.I.AFEIIIN&C0 CharteredAccounlantr

OTYMFTC INDUSTNIESTIMTTUD $tatement of eaphFlows year for the endcd30]une 2013

Cach Flsdtl* fromOpcrntlng Actlvitlex Cn*hRecelps fromCuctomew & Otlren CnrhPaldto*upplien*nd limployeer Cn*h G*neratad fronrOparati*n* lntere$t undllnnkChaqee Inctrme t*xeopatrl NetCnsh fun Qp*atlng Activttleo t9{,31?3F6) (213,S4S,Sfi)
8Sgd$tJ1$

$,971,10l',006 76$,39?,777 (7t,86?,85$) $53,1.10,645)

s$t3s9,177

Flows&orr InvestingActivitier C*Eh Inveshnslts


Acquisitionof Gpihl Assests Fraceds foomsaleof Fixed.Asseb InterestReceived Net CashUsed in Investing AcHvities C*rh Slows&oar Fln*ncing Activities toans RelatedFartis Ler*eFin*nee Liabilitie for OtherFinanco trividcnd Pnid Net Ca*hfmtrt FlnsnclngActlvltlca lncrc*n*l(&crpesc)tn Caqh&C*th Equtvnlmh (A+B*C) Cr*h & ftdr Equhralenb at0penlrrg Caeh& Carh Equlv*entc et Clorlng
ffiIk

{471t81

pn,

2,m0,000 l@,Tu,w $43,61IfrW1

051,67&793) {5?6,68*,H*1 54,2\A,162

(631i1s,?rT,qsl

137,272,7W 4,946,0?2 14J4Am0 -1.210,m6 {6.6?0S0n


(66,$3,199)

2,7S1,497 18,330,456

$&nr,?58 35,S48.770 ?0,066,ps2

?p,{5&,m? r05,n$n2 re

135^163,7{9 105,715,722 rrrir#iiF-h-

?heamcxnd nob* {brmp*rrtofthsse finanetal *ftrtement$, Approved by theboard ou3S October l0t3 andeigned anib hehalf by :

sd/It{ohammad Bhai Chairman

sd/.
MubarakAli Dhctot Mrnagirrg

sdMd. Narirruddin CompanySecrrhry As per our $epaate reportof evendale,annexed.

sdrDat'ed.Dhaka ?SOctohr?013

M. J. I{BEnIN & CO
Chartered Affounta$B

OLYMPIC INDUSTRIES LIMITED Notes to the financial statements for the year ended 30 |une 201.3

1.00 1.01

Reporting Entity About the Company The Olympic Industries Ltd. (Formerly Bengal Carbide Limited) (the "Company"), is a company incorporated and domiciled in Bangladesh as a public limited company. It commenced commercial operation in1982 and went for public issue of sharesin 1984.The sharesof the Company are listed in the of Bangladesh. Dhaka and Chittagong Stock Exchanges The registered office of the Company is located at 62-63, Motijheel Commercial Area Dhaka - 1000, Bangladesh. The industrial Units are locatedat Kanchpur and Bondar of Narayangonj.

7.02

Nature of Business The company is engaged in manufacturing and Confectioneryand Ball Point pen items. marketing of Dry cell Battery, Biscuit & Candy,

The products are sold in the local market as well as in abroad. 2.00 2.07 Basis of Preparation of Financial Statements Basis of Measurement The financial statements have been prepared on the Historical Cost Basis. The financial statements, therefore,do not take into considerationthe effect of inflation. 2.02 Statementof Compliance The financial statementshave been prepared in compliance with the requirements of the Companies Act, 1994, the Securities & Exchange Rules 1982 the Listing Regulations of Dhaka and Chittagong Stock Exchangesand other relevant local laws as applicable and in accordance with Bangladesh Financial Reporting Standards(BFRSs). 2.03 Presentationof Financial Statements The presentation of these financial statementsis in accordancewith the guidelines provided by BAS 1: Presentationof Financial Statements. The financial statementscomprise: (a) (b) (c) (d) (") Statementof Financial Position as at 30 June2013; Statementof ComprehensiveIncome for the year ended 30 June 2013; Statementof Changesin Shareholders'Equity for the year ended 30 ]une 2013; Statementof Cash Flows for the year ended 30 ]une2013; Notes to financial statements, comprising summary of significant accounting policies and explanatory inf ormation.

2.M

Other regulatory compliance As required, Olympic Industries Limited also complies wiih the following major regulatory provisions in addition to the Companies Act 1994,Ihe Securitiesand Exchangerules 1987 and other applicable laws and regulations: The IncomeTax Ordinance 1984 The IncomeTax Rules 1984 The Securitiesand ExchangeCommissionOrdinance1969 The Securitiesand ExchangeCommission Act 1993 The value Added Tax Act 1991 The value Added Tax rules 1991

2.05

Reporting Period to June 30,2013. The financial statementscover the period from July 01',2012

2.06

Authorization for issue The firrancialstatementshave been authorized for issueby the Board of Directors on 28 October,2013.

2.07

Functional and Presentation Currency The financial statements are prepared and presented in Bangladesh Currency (Taka), which is the company'sfunctional currency.

2.08

Comparative Inf ormation Comparative information has been disclosedfor all numerical information in the financial statementsand also the narrative and descriptive information where it is relevant for understanding of the current year's financial statements. Figures for the year 2012 have been re-arranged, wherever considered necessary, to ensure better comparability with the current year.

2.09

Use of Estimatesand |udgments The preparation of financial statementsin conformity with the BFRSsincluding BASs require management to make judgments, estimatesand assumptions that affect the application of accounting policies and the reported amounts of assets,liabilities that require disclosure, during and at the date of the financial statements. Actual results may differ from these estimates.Estimatesand underlying assumptions are reviewed on an ongoing basis.Any revision of accounting estimatesis recognized in the period in which the estimatesare revised and in any future periods affected. In particular, the key areasof estimation,uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements include depreciation,inventory valuation, accruedexpenses and other payables.

3.00

Significant Accounting Policies The accounting principles and policies in respect of material items of financial statementsset out below have beenapplied consistentlyto all periods presentedin thesefinancial statements.

3.01

Revenue Recognition In compliance with the requirements of BAS 18 : Revenue,revenue receipts from customersagainst sales are recognized on preparation of invoices after products are dispatched to customers, that is when the significant risk and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associatedcosts and possible return of goods can be estimated reliably, and there is no continuing managementinvolvement with the goods and the amount of revenue can be measuredreliably. Revenuefrom salesis exclusiveof VAT.

3.02

Property, Plant and Equipment.

9.02.1, RecognitionandMeasurement This has been stated at cost lessaccumulateddepreciationin compliance with the requirements of BAS 16: Property, Plant and Equipment. The cost of acquisition of an asset comprises its purchase price and any directly athibutable cost of bringing the assetsto its working condition for its intended use inclusive of inward freight, duties and non-refundabletaxes. Property, plant and equipment taken over on 1 July 2008, on amalgamation with the erst-while Tripti Industries Ltd. was initially recognizedat carrying value of those assetsas of 1 ]uly 2008. 3.02.2 MaintenanceActivities The company incurs maintenancecosts for all its major items of property, plant and equipment. Repairs and maintenance costs are charged as expenseswhen incurred. In situafion where it can be clearly demonstratedthat the expenditure has resulted in an increasein the future economic benefit expectedto be obtained from the use of the fixed assets, the expenditure is capitalized as an additional cost of the assets.

3.02.3

Depreciation Land is held on a freehold basis and is not depreciated considering the unlimited life. In respect of all other fixed assets, depreciation is provided using the straight-line method. Full year's depreciation is charged on additions and no depreciation is provided on retiremenf irrespective of date of addition or retirement respectively. The annual depreciation rates applicable to the principal categories are :

Buildines and other Constructions


Plant and Machinerv

Fumiture & Fixtures Transport & Vehicles


Office Equioment

5 %- 2 5 % 1 0 y .- 1 5 % 10%

20%
10%-25%

3.02.4 Retirements and Disposals On disposal of fixed assets,the cost and accumulateddepreciation are eliminated and gain or loss on such disposal is reflected in the income statement which is determined with referenceto net book value of the assets and net salesproceedsor realized amount. 3.02.5 Capital Work-In- Progress Amount paid for acquiring of fixed assetsand the cost of assetsnot put to use at the year-end are disclosed under Capital work-in-progress. 3.03 Intangible Assets The cost of acquiring and developing computer software and all up gradation / enhancementare generally chargedoff as revenue expenditure unless they bring similar significant additional benefits. 3.M LeasedAssets In compliance with the BAS 17 : Lease, cost of assetsacquired under finance lease along with related obligation has been accounted for as assetsand liabilities respectively of the company, and the interest elementhas been charged as expenses. Leasepaymentsmade under finance leasesare apportioned between the finance expenses and the reduction of the outstanding liability. 3.05 Financial Instruments A financial instrument is any contract that gives rise to a financial assetof one entity and a financial liability or equity instrument of another entity. 3.05.1 Financialassets Financial assets of the company include cash and cash equivalents, accounts receivables and other receivables. The company initially recognizesreceivables on the date they are originated. All other financial assetsare recognized initially on the date at which the company becomes a party to the contractual provisions of the transaction. The company derecognizesa financial assets when, and only when the contractualrights or probabilities of receiving the cash flows from the assetexpire or it transfersthe rights to receivethe contractual cashflows on the financial assetin a transaction in which substantially all the risk and rewards of ownership of the financial assetare transferred. 3.5.1(a) Accounts Receivables Accounts receivables are created at original invoice amounts less any provision for doubtful debts. Provisionsare made where there is evidenceof a risk of non-paymenf taking into account aging, previous experience and general economic conditions. When an accounts receivable is determined to be uncollectible,it is written off firsfly against any provision available and for the balanceamount, debited to the Income Statement. Subsequent recoveries of amounts previously provided for are credited to the IncomeStatement. 3.5.1(b) Cash and Cash Equivalents Cash and cash equivalents include cash in hand, in transit and with banks on current and short term deposit accountswhich are held and available for use by the company without any restriction. There is insignificant risk of changein value of the same.

(c) Other Current Assets 3.5.1have a value on realization in the ordinary courseof the company's business,which are Other current assets at least equal to the amount at which they are statedin the Statementof Financial Position. 3.05.2FinancialLiability Financial liabilities are recognized initially on the traruaction date at which the comp.u:rybecomesa party to the contractual provisions of the liability. The company derecognizes a financial liability when its contractualobligations are dischargedor cancelledor expired. Financeliabilities include payable for expenses, liability for capital expenditure and other current liabilities. 3.05 Impairment

3.06.1 FinancialAssets Accountsreceivablesand others receivables at eachreporting date to determine whether there are assessed is any objectiveevidenceof impairment. Financial assetsare impaired of objective evidenceindicates that a loss event has occurred after the initial recognition of the assetand that ttre loss event had a negative effect on the estimated future cash flows of that asset,that can be estimated reliably. Objective evidence that financial assetsare impaired can include default or delinquency by a debtor, indication that a debtor or issuerwill enter bankruptcy etc. 3.06.2 Non-FinancialAssets An assetis impaired when its carrying amount exceedsit recoverableamount. The company assesses at each reporting date whether there is any indication that an assetmay be impaired. If any such indication exists,the company estimates*re recoverableof the asset.The recoverableamount of an assetis the higher of its fair value less costs to sell and its value in use. Carrying amount of the assetsis reduced to its recoverable amount by recognizing an impairment loss if, and only if, the recoverableamount of the assetis lessthan its carrying amount. Impairment loss is recognizedimmediately in profit or loss,unlessthe assetis carried at revalued amount. Any impairment loss of a revalued asset shall be treated as a revaluation decrease. Managementassessed impairment of assetsacquired from erstwhile Tripti Industries Ltd. due to the fact that production of Soyabean Oil, Palm Oil, and V. Ghee has been suspended for long. However, no impairment was effecteddue to the following reasons:

business.

3.07

Inventories Inventories are carried at the lower of cost and net realizable value as prescribed by BAS 2: Inventories. Cost is determined on an weighted average cost basis. The cost of inventories comprises all costs of purchase,costsof conversion and other costs incurred in bringing the inventories to their present location and condition. Costs of conversioninclude all direct costsexcluding interest expense.Net realizablevalue is the estimate of the selling price in the ordinary course of businessless the cost of completion and.selling expenses.

3.08

Provisions A provision is recognized in the statement of financial position when the company has a legal or constructiveobligation as a result of a past event, it is probable that an ouflow of economicbenefitswill be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provision is ordinarily measured at the best estimate of the expenditure required to settle the present obligation at the date of statement of financial position. Where the effect of time value of money is material the amount of provision is measured at the present value of the expenditures expected to be required to settlethe obligation.

3.09

Income Tax Expense Income tax expense comprises of current and deferred taxes. Income tax expense is recognized in the Staten'rent of Comprehensive Income and accountedfor in accordancewith the requirements of BAS 12: IncomeTax. Current Tax Current tax is the expected tax payable on the taxable income for the year, and any adjustment to tax payable in respectof previous years.The company qualifies as a "Publicly Traded Company" and tax rate has beenapplied accordingly. 9

Deferred Tax The company has recognized deferred tax using BalanceSheet Liability Method in compliance with the provisions of BAS 12: Income Taxes.The company's policy of recognition of deferred tax assets/ liabilities is based on temporary differences (Taxable or deductible) between the carrying amount (Book value) of assets and liabilities for financial reporting purpose and its tax base,and accordingly, deferred tax income / expenses has been consideredto determine net profit after tax and earnings per share (EPS). A deferred tax assetis recognizedto the extent that it is probable that future taxable profit will be available, againstwhich temporary differencescan be utilized. Deferred tax assetsare reviewed at eachreporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realized. 3.10 Interest Income Interestincome on fixed depositsand short term depositsis recognizedon cashbasis. 3.11 Borrowing Cost Borrowing costsare recognizedas expenses in the period in which they are incurred unless capitalization of such is allowed under BAS 23 : Borrowing Costs. 3.L2 Employee Benefits (u) Defined Contribution Plan (Provident Fund) The company has recognized contributory provident fund schemeas a post employment benefit plan to eligible employees.Assetsof provident fund are held in a separatetrustee fund as per the relevant rules and are funded by payments from employees and by the company at predetermined rates. The company's contributions to the provident fund are charged off as revenue expenditure in the period to which the contributions relate. (b) Contribution to Workers' Profit Participation/Welfare Funds This represents5"/oof net profit before tax contributed by the company as per provisions of the BangladeshLabor Law, 2006and is payableto workers as defined in the said law. 3.13 ProposedDividend The amount of proposed dividend has not been accounted for but disclosed in the notes to the accounts along with dividend per share in accordance with the requirements of the Para 125 of Bangladesh Accounting Standard (BAS) 1: Presentationof Financial Statements.Also, the proposed dividend has not been considered as "Liability" in accordancewith the requirements of the Para 12 & 13 of Bangladesh Accounting Standard (BAS) 10: Events After The Reporting Period, becauseno obligation exists at the time of approval of accountsand recommendationof dividend by the Board of Diectors. Dividend proposed by the board of directors for the year under review shall be accounted for after the approval of shareholdersin the annual generalmeeting and in the year of such approval. 3."t4 Earnings per Shares (EPS) This has beencalculatedin compliancewith the requirementsof BAS 33: Earnings Per Shareby dividing the basiceamings by the weighted averagenumber of ordinary sharesoutstanding during the year. Basic Earnings (Numerator) This representsearnings for the year attributable to ordinary shareholders.As there was no preference dividend, minority interest or extra ordinary items, the net profit after tax for the year has been considered as fully attributable to the ordinary shareholders. Weighted Average Number of Ordinary SharesOutstanding during the year (Denominator) Current Year (2013) The Bonus Sharesissued during the year 2013in respectof 2012were treated as if they always had been in issue. Hence, in computing the Basic EPS of 201.3, the total number of shares including the said bonus shareshas been consideredas the Weighted Average Number of Sharesoutstanding during the year 2013.

l0

Earlier Year (2012) The number of sharesoutstanding before the bonus issuehas been adjusted for the proportionate changein the number of sharesoutstanding as if the bonus issuehad occurred at the beginning of the earliest period reported (2012), and accordingly, in calculating the adjusted EIJS of 2012, the total number of shares including the subsequentbonus n 2012has been considered as the Weighted Average number of Shares outstanding during theyear 2012. The basis of computation of number of shares as stated above is in line with the provisions of BAS 33: Eamings per Share.The logic behind this basis,as stated in the said BAS is that the bonus sharesare issued to the existing shareholderswithout any considerationand therefore, the number of sharesoutstanding is increasedwithout an increasein resources generatingnew earnings. Diluted Earnings per Share No diluted EPSis required to be calculatedfor the year as there was no scopefor dilution during the year under review. 3.15 Foreign Currency Transactions Foreign currency transactionsare recorded at the applicablerates of exchangeruling at the transactiondate. The monetary assetsand liabilities, if any, denominated in foreign currenciesat the financial position date are translatedat the applicable rates of exchanges ruling at that date. Exchangedifference are charged off as revenue expenditure in compliance with the provisions of BAS 2L: The Effects of Changes in Foreign ExchangeRates. 3.16 Statementof Cash Flows The Statementof Cash Flows has beenprepared in accordance with the requirements of BAS 7: Statementof Cash Flows. The cash generatedfrom operating activities has been reported using the Direct Method as prescribed by the Securitiesand ExchangeRules, 1987 and following the benchmark treatment of BAS7, whereby major classesof gross cash receipts and gross cash payments from operating activities are disclosed.

4.00

Events after Reporting Period Events after the reporting period that provide additional information about the company's position at the date of Statement of Financial Position are reflected in the financial Statements.Events after reporting period that are not adjusting eventsare disclosedin the notes when material.

s.00

Reporting Currency The amounts shown in thesefinancial statementsare presentedin Bangladeshcurrency (Taka),which have beenrounded off to the nearestTaka exceptwhere indicated otherwise.

6.00

Appropriation of Dividend for the period (2012) On 27 December2012,the 33rd Annual GeneralMeeting of the Company approved cashdividend of Tk.1, /per share of Tk.10/- each and 50% stock dividend for 2012. Accordingly, cash dividend amounting Tk.5,22,40,875and stock dividend of Tk.26,12,04,370tn respect of 201,2 have been accounted for in the accountsof 2013and have been reflectedin the Statementof Changesin Shareholders'Equity.

7.00

Concentrations As of Statement of Financial Position date, the company does not have any significant concentration of business transaction with a particular customer, supplier or lender that could, if suddenly eliminated, severely affect the company's operations. The company also does not have a concentration of available sourcesof labour, services,licensesor other rights that could, if suddenly eliminated, severely affect the operationsof the company.

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9.00 Capital Work in Progress This representsexpensesincurred in connectionwith : Machinery Construction of Buildings

259,583,740 265,968,57'1. 77,058,302 %6,376,?35 __J2,,344X45_ _$0,e2,0a

10.00 Inventories Materials In-transit Work-in-process Finished Goods Storesand Spares Il.fi) Accounts Receivables
(a)

381,417,658 37,5&,512 5,g',t6,U6 75,079,384 23,624,4n

327,754,940 37,235,731. 5,558,983 31,842,058 74,241.,751.

_ELZ,ZgzqW_--_!LA534e_

is considered good in respectof which the Accounts Receivableof Tk.2,28,81,927(2012;Tk.2,55,39,737) company holds no security other than the debtors' personal security.

(b) No amount was due to the Directors (including Managing Director) Managing Agents, Managers and other Officers of the Company and any of them severally or iointly with any other person. undertakings' (c) This includes Tk.78,06,503(2012:Tk.49,17,863)due from associated (d) Debtors outstanding for a period Tk.17,60,559 | Measureshave been taken for realization of Exceedingsix months Tk.2,1'l',21',368 Below six months lthe dues. being receivableat 30 June 2013against export sales,which has subsequently This includes Tk.9,05,253 been received. 12.00Investments In Fixed Deposit In Shares(Note-72.01) 12.01In Shares This representsinvestrnent in the sharesof Generation FashionsLtd., valued at the lower of cost and market value and has been arrived at as follows : Cost : (1,00,000 Ordinary Sharesof Tk.10 each) __lloo

1,,076,572,609

608,590,900

3,5oo,ooo
_!,9!9M2@_ _____@59!,e00_

3,500,000
ooo ___:_

Ordinary Shares(including t[4,000bonus shares)at Tk. 20.80per At 30 |une 2013,the market value of.1.,M,000 share was Tk. 2,995,200. has been made for diminution in value of shares. Provision of Tk. 504,800 13.00 Advances, Deposits and Prepayments

Advances Deposits Pre-payments

450,753,091 47,4n,083 6,U8,731,

192,404,674 32,887,056

7,61.4,4M

-10542980L

-_-232ffi;lL

13

Advances: BengalSteelWorks Ltd. (AssociatedCompany) PantherSteelMills Ltd. (Associated Company) IncomeTax Employees Suppliersand Contractors

73,490,009 18,952,229 350,819,71,5 '1,4,327,892 53,'1,63,246

15,489,481 21,,898,779 127,27-1,,1,24 8,801,,450 18,943,840

(u) Advance to associated undertakings are secured by personal guarantee given by the directors. The
Company has recovered partially.

(b) Maximum

amount due during the year under Tk.3,24,42,238 (2012 : Tk.3,73,88,260)

review

from

Associated undertaking

was

(c) Maximum amount due during the year under review from officers of the company was Tk. 1,36,000 (2012 : Tk 648,620). (d) No amount was due to the Directors (including Managing Director) and Managing Agents of the company and any of them severally or joint$ with any other persons.

Deposits: SecurityDeposit VAT Deposit LeaseDeposit GuaranteeMargin Deposit 14.00Cash and Cash Equivalents (a) Cashin hand (b) Cashat Banks In current Accounts In STD Account In FC Account 15.00Loans Loan from Banking Companies(Secured) Current Portion of Long Term Loan (Note - 20.00) Loan from Directors (Unsecuredand interestfree) Loan from Others (Unsecuredand interestfree) 16.00Provision for Taxation Provision made for the assessment year 2006-2007. Provision made for the assessment year 2008-2009. Provision made for the assessment year 2012-2013. year 2013-201,4. Provision made for the assessment 19,324,355 17,446,997 194,492,170 245,959,612 477,222,034 19,324,355 17,446,997 r79,532,788 216,304,040. 100,138,193 108,825,419 7,g7g,g2g 2,535,636 ___n3,472,166 141,144,889 85,179,992 1,g7g,g2g 2,535,636 230,780,M5 3,206,-156 72,21,4,115 59,744,638 3,840 _135,168X49 9,09'1,,119 54,650,309 41,969,099 5,195 105,775,722 17,291,683 23,890,427 4,829,359 7,41,6,61,4 47,428,093 76,094,559 9,064,892 6,335,991, L,391.,61.4 32,887,056

The company filed appealsto the High Court Division of the Honorable SupremeCourt of Bangladesh against further demand by the Income Tax authority of Tk. 6,530,750and Tk. 15,931,357 for the assessment respectively. years2006-2007 and 2008-2009 1,4

Amount in Taka as at un-l3 17.00Unclaimed Dividend Yearwise break up of the aboveis as follows: 1995 1997 2002 2003 2004 2005 2006 2007 2008 2009 2010 201'1. 2012 In respectof erstwhile Tripti Industries Ltd (1988to 2002) 116,888 903,910 1,032,473 935,007 868,255 813,360 7,362,539 609,72-1, 3,433,268 7,549,026 2,341,,577 2,99-1,,559 5,726,136 22,683,719 1,,330,456 116,888 903,91.0 1,032,873 936,122 869,245 8-15,271 1,,365,1,59 61,6,929 3,437,51,6 1,,553,094 2,349,389 3,067,249 17,063,645 1,,330,456 30-Jun-L2

_4MEL

_lg,3gl,ro1

The above figures represent the dividends for which the warrants are either lying with the shareholders and have not been presented as yet by them to the bank for encashment or have been returned to the company undelivered due to change of address of those shareholders and their new address have not yet been communicated to the company. Under instruction from SEC , press advertisements were made to collect the past dividend warrants but many shareholders are yet to turn up to collect their respective warrants. 18.00 Other Deferred Liabilities

Workers Profit Participation and Welfare Funds Contributory Provident Fund

137,236,171 322,850 137,559,021

99,060,724 208,568 99,269,292

19.00ShareCapital Authorised Capital 100,000,000 Ordinary shares of Tk.10each

::

1,000,000,000

L,000,000,000

IssuedCapital (2012: 6,43,34,195) 9,04,54,632 Ordinary Sharesof Tk. 10 each. Subscribedand Paid Up Capital a.79,48,070 Ordinary shares of Tk.10eachfully paid up in cash b. 20,54,720 Ordinary sharesof Tk.10eachissuedon merger (2012:4,22,38,085) Tk. 10 eachissued c. 68,35,85,220 Ordinary Shares as BonusShares 15

904,546,320

643,341,950

79,480,700

79,480,700

20,547,200 683,585,220 783,613,120

20,547,200 422,380,850 522,408,750

Amount in Taka as at 30-Jun-L3 a. Ordinary ShareCapital paid up in cash 4,50,000 Ordinary Sharesof Tk.10 each tully paid up in cash n1979 & 1980 4,50,000 Ordinary Sharesof Tk.10 each fully paid up in cashin 1984 13,50,000 Ordinary Sharesof Tk.10each rightissueatl:1n1994 5,40,000Ordinary Shares of Tk.100/- each along with premium of Tk.1025/- per sharewere offered as right at 1,:1 ratio to shareholdersin 1995 but only 79,570shares were subscribed thereagainst,which of presentfacevalue of Tk.10.00eachtotals to 7,95,570 Shares. 4,500,000 4,500,000 3O-Jun-1.2

4,500,000

4,500,000

13,500,000

13,500,000

7,957,000

7,957,000

12,39,139 Ordinary shares of Tk.100/- each along with premium of Tk.100/- per share were offered as right at 1:1 ratio to shareholdersin 1998but only 4,90,237 shareswere subscribedthereagainst,which of presentfacevalue of Tk.10.00eachtotals to 49,02,37 0 Shares.

49,023,700
79480,700

49,023,700 79,480,700 20,547,200 20,547,200

Ordinary Shares of Tk.10eachissuedin 2008to the b, 2,054,720 shareholders of erstwhile Tripti Industries Ltd. upon amalgamation with the company. c. BonusShareCapital 450,000 BonusSharesof Tk.10 each Issuedfrom retained earningsat 2 : 1.in 1988. 2,700,000 BonusSharesof Tk.10 each Issuedfrom retained earningsat 1 : 1 n1994. 2,065,230 BonusSharesof Tk.10 each Issuedfrom sharepremium at 3 : 1 n1996. 4,130,460 BonusSharesof Tk.10 each Issuedfrom sharepremium at 2 : 1,n1997. 3,869,690 BonusSharesof Tk.10 each Issuedfrom sharepremium at 5 : 1 in 2009. 11,609,080 BonusSharesof Tk.10 each Issuedfrom sharepremium and retained earningsat 2 : 1.in 2010. 17,413,625 BonusShares of Tk.10/- each issuedfrom retained earning at2:1 in2011 2,6'1.,20,437 BonusSharesof Tk.10/- each issuedfrom retained earning at2:'1, tn2012

20,547,200 20,547,200

4,500,000 27,000,000

4,500,000 27,000,000

20,652,300

20,652,300

41,304,600

41,304,600

38,696,900

38,696,900

115,090,800

116,090,800

774,136,250

174,136,250

261,,204,370 683,585,220 422,390,950

t6

30-June-13
No. of (a) Composition of share holdings Directors and their family members Institutions Foreign Investors General Public Yn

30-June-12
No. of shares
Yo

24,676,379 32,159,056 19,972 2L,505,905 78,361,312

31..49 41.04 0.03 27.44 1.00.00

1,6,442,550 7,887,119 10,210 27,900,996 52,240,875

3'1..47 15.10 0.02 53.4't L00.00

(b) The distribution schedule showing the number of shareholders and their share-holdings in

percentage has been disclosed below as a requirement of Listing Regulation of Dhaka and
No. of No. of Shares Holdings
u/o

Range of Holdings Lessthan 500shares 501to 5000shares 5001to 10000 shares 10001 to 20000 shares 20001to 30000shares 30001to 40000shares 40001 to 50000 shares 50001 to 100000 shares 100001 to 1000000 shares Over 1000000 shares
(c) Option on Unissued Shares

Shareholder

7,673 4,129 334 183 77 24 20 47 55 12 12,548

1,,073,070 6,022,956 2,468,987 2,575,139 1,,88'1,,734 8-1,5,234 886,987 2,758,529 18,979,972 40,898,704 78,367,312

7.37 7.69 3.15 3.29 2.40 7.04 1.13 3.52 24.22 52.19 100.00

Thereis no option regarding authorisedcapital not yet issuedbut can be used to increasethe issued, subscribedand paid up capital through the issuanceof new shares.
(d) Market Price

Sharesof the Company are listed in the Dhaka and Chittagong Stock Exchangesand quoted at Tk.167.60 per share (2012: Tk.127.14) and Tk 168.20 per share (2012: Tk. 726.31) in the Dhaka and Chittagong StockExchanges respectivelyon 30.06.2013.
(e) Non-residentShareHolders

Particularsof non-residentshareholders as on 30 lune 2013are as follows : Particulars RegentMoghul Fund Limited Level - 1,3. 1, Queen's Road, CentralHong Kong Is Himalayan fund NV Herengracht320, 1016,CE Amsterdam The Netherlands W.I. Carr(FarEast)Limited UBSSecurities(East Asia) Ltd Midland Bank Int'l FinanceCorp. Ltd Lloyds Bank PLC New EdgeFinancial H K Ltd.
Folio No. 96 No. of Shares

5,940

7215

1,485

5263( Ex TIL) 6660( Ex TIL) 7001( Ex TIL) 7ea6(ExTIL) 1,601,67 0000542256

4,740 270 3,465 15 4,657

Dividend is paid to non reisidend shareholders through local agentsin BDT. 17

Amount in Taka as at

30-]un-L3
20.00Long Term Loan (Secured) United Commercial Bank Ltd lnternational Leasing & Financial ServicesLtd Current Portion of Long Term Loan (Note - 15.00) 283,417,548 29,946,233 313,363,781 271,583,078 40,840,873 312,423,95'1.

(1,08,825,419) (85,119,992) p03,95' 104,538,362_ __ _2n

Loan from United Commercial Bank Ltd (UCBL) - Term Loan This representsthe aggregatesum of 3 Nos. Term Loans received from United Commercial Bank Ltd. during the preceding year and the year under review. These loans bear 15.50% interest and are repayable,along with interest thereon, in monthly equal instalments, respectively by December 2014, August 2016&May 2017. Loan from International Leasing & Financial ServicesLtd (ILFSL) - Term Loan During the preceding year the company received an aggregate sum of Tk. 42,616,000 against total sanctioned limit at 17.83o/" rate of Tk. 5 (five) crore from International Leasing & Financial Services Ltd. The loan is repayablein 48 equal installments from August2011. Nature of Security to UCBL and ILFSL The loans are secured against hypothecation of related construction materials and

machinery/equipments of the company and personal guaranteeof Directors. 21.00LeaseFinance - Long-Term This representsleaseobligation for acquisition of leasehold assets: LeaseFinance Current portion 22.00Turnover (Net of VAT) For the year 58,465,094 (13,206,827) 45,259,267 44,317,394 (1,4,692,934) 29,624,460

2013 Qty.(Pcs/vlt)
Battery Unit (Pcs) Biscuit & Con{. Unit (MT) Ballpen Unit (Pcs) Turnover comprises: Domestic sales Export sales (9,27'1..44 Kg biscuit & conectioneryitems at USg 22,122.88) 7,091.,475,907 1,703,462 -Mfrq@

2012
Value (Tk.) | Qty.(Pcs/vlt) Value (Tk.)

46,54'1,230 327,898,255 39,300,522 273,269,032 50,912.51 6,502,199,293 42,423.35 5,432,469,999 82,489,213 263,09L,g21 90,786,851 297,602,997 7,093,179,369 6,003,342,019
6,O03,342,0'1,8

6,003,342,019

18

23.00Cost of Goods Sold Work-in-process(Opening) Material Consumed(Note - 23.01,) StoresConsumed(Note - 23.02) Factory Overhead(Note- 23.03) Depreciation Work-in-process(Closing) Cost of Goods Manufactured FinishedGoods (Opening) FinishedGoods (Closing) 5,558,983 4,659,797,170 111,634,187 398,708,622 1,44,913,332 (5,916,846) 3'1,,842,058 (75,079,384) 5,271,458,122 4,686,440 4,072,375,078 98,857,598 295,623,574 90,353,365 (5,558,983) 18,214,777 (31,842,058) 4,542,709,785

5,3'1,4,695,448 4,556,337,072

Finished Goods

ery
622,464 1.63.22 60.03 1,034,'1,28

M.Unit

Value Taka

Opening Stock : Battery Biscuits Candy Ball Pen

Pcs MT MT Pcs

3,061,234 L6,755,206 8,635,277 3,390,341 3'1,,842,058

Closing Stock:

Battery Biscuits Candy Ball Pen

832,824 845.28 47.13 2,577,049

Pcs MT MT Pcs

4,094,949 58,449,243 5,046,922 7,488,471 75,079,384

23.01Materials Consumed Opening Stock Purchasesduring the year Closing Stock 327,754,940 4,713,459,998 (381,477,658) 240,599,906 4,'1,59,530,112 (327,754,940) 4,072,375,078

_4,6sewag_
23.02 StoresConsumed Opening Stock Purchases during the year Transferred Closing Stock 14,241,751 126,396,003 (5,379,077) (23,624,490) 111,634,787 19

37,730,064 178,176,666 (102,807,381) (14,241,751) gg,g57,5gg

Amount in Taka
for the vear

30-Jun-13 23.03FactoryOverhead Wages& Salaries Repairs& Maintenance Rent,Rates,Taxes& Fees Insurance Power & Fuel VehiclesRepair & Maintenance Printing & Stationery Postage,Telephone & Telegram Travelling & Conveyance Subs.Newspaper & Periodicals Entertainment Legal Fees FactoryMaintenanceExpenses Transport& Carriage Medical Expenses Staff Food Donation Technicanexpenses LeaseRent Labour Handling charges Advertisement Research, Training & Development Processing Charges 199,768,483 36,070,475 6,101,,725 12,635,391 56,5L6,322 4,530,323 3,873,803 450,826 1,,739,567 53,200 192,356 140,000 6,584,276 26,422,890 529,838 4,104,698 199,150 979,506 18,215 4,370,442 62,000 26L,636 33,1,24,500 398,708,622 158,512,969 8,087,241, 1,,289,364 10,576,-1,00 39,580,523 3,563,L67 2,020,742 452,338 621,550 523,439 82,489 194,000 4,920,625 9,274,239 701,,612 2,939,699 257,900 7,687,652 3,042,857 '1,,008,1,07 40,296,96'1" 295,623,574

24.00Administrative Expenses Salaries & Allowances Direcrors'Remunaration& Allowances Direcror'sBoard meeting Fees Repairs& Maintenance Rent (including house rentof Directors :Tk. 78,00,000 (2012: Tk.36,00,000) Rates& Taxes Electricity,Gas & Water VehiclesRepairs& Maintenance Petrol,Oil & Lubricant Printing & Stationery Postages,Telephone & Telegram Travelling & Conveyance Subs.Newspaper & Periodicals Entertainment Audit Fees Legal & ConsultancyFees Expenses Office Maintenances Donation Medical Expenses Advertisement A.G.M Expenses 90,'1,41,,760 30,300,000 106,500 -1,,668,822 12,742,526 293,949 '1,,459,212 5,L04,34'1, 4,814,478 L,493,742 3,961,331. 7,311,559 2,056,289 163,650 500,000 2,926,7-1,4 7,075,38-t 41,800 97,903 2,202,280 1,,550,971 176,002,008 76,498,898 21,000,000 90,250 1,501,580 7,762,486 7,970,055 1,255,950 5,193,675 4,922,249 7,'1,65,177 3,473,869 2,610,835 3,927,334 11,0,984 400,000 934,500 5,623,295 11,800 54,615 1,501,980 \,739,553 141,739,084

20

Breakup of Directors' Board meeting feesare as follows:


Name of Directors Position

Meeting held

Attended

Amount in Taka

Mr.Mohammad Bhai Mr. Mubarak Ali (M.D) Mrs. Khatija Mohammad Bhai Mrs. SafinazBhai Mr.Munir Ali Mr.Sharif M Afzal

Chairman MD Director Director Director Director

39 39 39 39 39 39

39 39 4 21 0 39

29,250 29,250 3,000 15,750 29,250 1,06,500

30-Tun-13 25.00Selling Expenses Salaries & Allowances Repairs& Maintenance Rent Rates, Taxes& Fees Electricity,Gas & Water VehiclesRepairs& Maintenance Petrol,Oil & Lubricant Printing & Stationery Postage,Telephone & Telegram Travelling & Conveyance Subs.Newspaper& Periodicals Entertainment Legal Fees Office MaintenancesExpenses SalesPromotion Transport / Carciage Medical Expenses Advertisement Research, Training & Development Export expenses 26.00FinanceCost Bank charges Interest 1,331,199 92,624,403 93,955,601, 3,286,742 73,726,223 77,012,965 170,947,302 2,523,066 2,819,008 54,000 1,,088,619 1,045,73'1, 943,870 8,089,-169 1,124,965 11-1,742,1,51, 16,596 348,599 35,000 398,449 185,0't4,489 218,496,163 58,034 9,691,,380 12,677 ___714,M9,168_ 62'1,,322,92't 139,863,972 7,637,754 2,42'1,,452 14,500 749,L49 1,685,503 1,,078,540 6,032,969 956,395 99,934,067 8,060 244,828 175,550 776,767 L62,681.,432 198,848,399 82,675 4,794,009 13,500

27.00Non OperatingIncome Interest Income on Fixed deposits on other Bank deposits Interest (others) -Note-(27(i)) Gain on disposalof fixed assets Other Income (Saleof by-product net of VAT Tk.1,68,345 2012:Tk.68,242\ Other 108,037,943 5,310,675 2,553,978 1,020,000
59,840,669

5,629,907 2,553,979 ]_ | 454,e50 |

1,122,300

50,000 '1,172,300

tl

454,950

21

11rXU,2t

6r,UrW

27.00(i) Gain on disposal of fixed assets Disposal value of vehicle Less: Written down value Original cost Accumulated depreciation

2,700,000

f I

42oooool l--------I tz,szo,oool I


1,680,000 1,020,000

28.00 Earnings Per Share (EPS) (a) Earnings attributable to the Ordinary Shareholders(Net profit after Tax) (b) Weighted averagenumber of ordinary Shares outstanding during the year (c) Earnings Per Share (EPS)/(AdiustedEPSof 20121 615,357,060 460,024,754

79,36'1,,312
7.85

78,36't,312
5.87

29.00 Net Asset Value Non-current assets Net current assets Deduct: Long-term & deferred liabilities 1.,432,81.6,473 1,201,849,350 743,253,"t62 351,846,081 2,176,069,635 "1,553,695,431. (444,346,990) (385,088,971) 1,737,722,645 7,168,606,460

Number of Ordinarv Sharesof Tk.10 eachat BalanceSheetdate NAV-Per Sharc On sharesat balancesheetdate

78,36t,312

52,240,875

22.10

22.37

30.00 Net Operating Cash Flow Per Share Cashflows from operating activities as per Statementof cashflows Number of Ordinary Sharesof Tk.10 each at BalaceSheetdate Net Operating Cash Flow-Per Share On sharesat BalanceSheetdate

839,451,"123 78,361,312

s33,389,277 52,240,875

10.77

10.21

31.00 Related party hansaction - disclosure under BAS 24 The company carried out a number of transactions with related parties in the normal course of businessThe nature of transactionsand their values are shown below : Name of Related Parties Ambee PharmacuticalsLtd. BengalSteelWorks Limited Panther Steel Mills Limited Directors Nature of Transactions Sales/ Accounts Receivables Advances and Interest Receivable Advances and Interest Receivable Loan from Directors Value (Tk.) Balance(Tk.)

3,312,200 1,000,s28 1,553,450

7,806,503 13,490,009 18,952,229 1.,979,928

22

32.00 Salaries/ Perquisites To Directors & Officers The aggregate amounts paid / provided during the year in respect of officers and directors of the company as defined in the Securities and Exchange Rules, 1987 are disclosed below: Directors Board Meeting Fees Remuneration / salaries & allowance Bonus Accommodation Company's Contribution to Provident Fund 106,500 25,200p00 Officers Nil

57,582,099 5,100,000 2,605,382 238,700 2800,000 694,788

33.00 Production Capacity & Capacity Utilisation

Units Products
Battery(pcs)
Biscuit & Con-fectionarv (l Ball Pen (pcs)

Capacitv

Utilization

Short Fall

2073
73,656.00

2012

2073

2012

2073

2012

Reason for Short FalI

117,760,000 117,760,000 46/51,590 39,'n7,682 49,339.00 51.,581..67 44,199.75

71,008,4r0 78,522,3-t8Less demand of UM-1 Battery 22,074.33


q1?otq

Less denland Less demand

147,600,000 100,000,000 u,032,133

90,637,41.8 63,567,867 9,362,582

Utilization of biscuit & confectionary includes 3,226.96 MT (2012 : 4,005.44 MT) which was produced during the year under review through Oriental Bakery & Biscuit Industuies Ltd Chittagong under 3rd Party manufacturing agreement. Production of Soyabean Oil, Palm Olein, V. Ghee and Electric Bulb have been suspended long before.

34.00 Claim not acknowledged There was no claim against the company not acknowledged as debt as on 30 ]une 2013.

35.00 Contingent Liabilities There was no contingent liability as on 30 June 2013.

36.00 Capital Expenditure Commitment There was no material capital expenditure authorized by the Board but not contracted for at 30 June 2013. (Note-40.00) 37.00 Credit Facility not availed There was no credit facility available to the company under any contract, but not availed of as on 30 June 2013 other than trade credit available in the ordinary course of business. 38.00 Financial risk management The company management has overall responsibility for the establishment and oversight of the company's risk management framework. Risk management policies, procedures and systems are reviewed regularly to reflect changes in market conditions and the company's activities. The company has exposure to the following risks from its use of financial inshuments. # Credit risk # Liquidity risk # Market risk 38.01 Credit risk Credit risk is the risk of a financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally ftom the company's receivables. Management has a credit policy in place and exposure to credit risk is monitored on an ongoing basis. Risk exposures from other financial assets, i.e. Cash at bank and other extemal receivables are nominal.

23

38,{Il tiq*ldlty rlek tlqufulityrl*k k ilre rbk thrt thc erylpdty $'ill not h* nblahr msstim financinl obli6*tionr n* thry full due"Thecompmv,* tqulvnlcntr)lc ta en*src,ar fir n* pofuibb,thilt lt l*.ill nlu,ay*hnve cuifletrnt !$nmacnb rnrnagtng .ry1$Q ftrrh atrrtcach lfquidl$to nrt ih lhbilltie*rvhen due,underhotltnrrmnlnnrl*bcrreel *ondldcn*, witheutIncunlrr6 ui*cmpnrtrto losn** '$ptcnlly, or Arkln; dam4r lo ftc aomFtnft lsputsfiort, tlrc colup*nyns1rr?r tlat lt lur *uf&hnt enih antl enr6 *qulv*lsfthto s$et e*pceiud optratlunnl *xpst1Jd$r Inctueltn6 fln*nelalobllgrrtlonr tirough prup*r0tlo$ cf thc e$h florv tirrtsno pn1,nt*nt llne of cf tlt* finarrl*l obtlgntlon nu* n6oniln6q' a6nng* for rufftclcnr foraerut _nruryrGd S*{ llqultlltylfurut lo rnrkr tlw sxfreclecl wlllrtnducdnto. Fnynrmt q$ndltlolla lu txtrut**stn**sd themrnpauy nrnygeirupB** frarnthr:fhnnclnlInrtttutlpru. 3$,0$ lllnrknlrl*k Msrhcl rkk b tls drk lh*t rnl' eh*n6o pricer tn markat *uchnr larclgn exch*ng* rrtt*i afldintrJs*lwlu df*ct lhccompnriy'* 'th* lneorne or lhc volttcof lh holdlnp af ftnnnelnl ln*butncNs. obpetlva of m*rh*t rbk nrnnagomotrl ii lo rnannfe nnil csntrol rvltft mrrrlelri*k*xpo*ure* pnrnur*lor*. in aecoplnble ($ eurrnncyrfulr fu al 90funeX0lS themr$a*no cxPoiure to crrusn$y rl*k *r themwsruno fnntgnc$nrnf). trrnmrtion*made durlngtho yoar unrl*rrcvl*wqtlxr $an ar discld in llreacrounb, O) Interertrrt dEl( k-thnrt mterirk is the riE&thal arlses due to changcs in inhrstraleson barrorving" Tberervasno forci6ncuryency loarr rvhklt b *ulioct b f,o*ting mtesof intermt Localloansare,however, not signifieanrly affectnd ty fluctqitionain interest rcter ThacoftrFuryhesnot e$bred inlo any type of derivfltiveinstmrnent in order b hedgcintcrf,'3f ralo rich $* itt th reportingdale. 39,00 Forcign Erclratrge eamed Duringtlreyeorundcrmview,an Nggrgats rum of US$ 22;X??,8S T}-l?,03l6q r$asennred fu folrigrrcurrclrcy {Equivatent againstxportof biruits andconfrrtionery iternsnEvenlr - Dlsclonure 40.00 fogt Balance She*tSvents UnderBAS.10 rlltrr Repo*ingP*riod' Divldcndfor lhe yearI glmet Subee4uent to thehnlanoe date,th{ Board of Dlrecto*recommende{t 5$S(fifty per*rrt} slsckdicldu,14 i.e I {ono} Iully '10$(l*n peneent| paldortlfoiuy dnn fur 2 (ttrto) ordinary shsrcs and cnrhdtridanr|-i"s T$kefl- (om) pcrshffervhlch r+,ill bcretognhedin tirercwun& n* andwhcrr opproved lry tlrcthorcholders ln theAnnral Gmarniid6a{inB &pmr.lon of grodnctllne : Th* Smrid of Fimct*$ of Olymple Indurtr{r* Ltm{lqet ln lb ureellng ?thluly l0l$ *tsetrts* dttecl !o iel $p ? rwwlrireuit lftrer 6 & llttt 4 lrt it* n*r+hl*crit fheiory prombm $tno ilt l,lountlalrttt ln Sonnrpon Upnalll* In Nnnynngpnl Dl*trlrt,Na*sr,r], Pft* 5*nrltlvcInfsnn*tlon *.e0rtlrcsdy in lhk mcpcet to the[mglnd**h $oeurltiax nnd &*ch*ngg Brovlr.lod Comml*don, $h*k &ahnnguc dn.lt0 il!6Slrlrulmlrlore xeeordlngly, Errupting lo &bQr0' n* elrcunsnneur hsv0illi*0ll thtc$tlto tlnt* *f $hlelncfitaf Flnnn*lnl lhaitlnrrrr,lrlrhtr,cuhJ rrqulrr fir||rtrl$snt ts.or dbd0*ur6 i& tltt flnonelnl shftttnentf 0r nsl*r thonoto. 41,0* Appmwl of theSln*nelal *t*tamrntr Tkre ffuuneitl *liln||lentttr,cre mtthsrked for i*ue ln n**cretnnee rylthn rtrohrlionof theenm;mrry,s [u*at df dlrurtoffi o* 2Sfttokr,SlL

$drMohammad Bhai Chairman Dated"Dhaka ?SOctober2013

sdlMubarak AIi Managing Dlrector

sdrMd. Naeimuddin Company Secretary

24

OLYMTTC INDUSTRTES IIMfTET} UNN W:SE WONXINC NESUTT FOnTHIYEAR GNpnp$0IUN8I0[3 AND EXCHANCU Or ?HB$ECUnrmE$ nULES, {A$rEA nSQutRnMghtT $Sn

AnounttnTek* FrttcryUnIi
Ttrrnovgr Corlof Goade $*ld Grorl Frcfll OperatingExpen** AdrninistrativeExperses $ellingExpenses Profit from Operationr Finance Cost

0heult Unlt

FUt tren*

OttUr*t

3$fune-13 | |

30.tuuc.12

9e,00 sr,sp$.z.s$ 6,s0l189,2fr$tf,?,091st1 7,0ts;l79, {0 6,000,s{2,019 ?x-00 (t3+{33,511}..,...$.812,900,nA_ (5.271d5S,122) ({,542,709,785) -(za*J8dr4
- 93,{6{,7{2 16E9.2E8,5S6 gg,g67,t{g -IJlt,?zL2d7 1,e60,692,e93

(763,06e005i 24.00 29.00


26.00 49,61&732 (4343,310) 45,259An 5,213,706 (PAS07 873,m8,061 (S6,r27.d0r) 786;900F60 tA3F87p56 i460,886) 8,6a9,2fi (3lg1,E9Q 5i{fF88 4;189,259 8r,462)

f-o{mrps+l
931,??0,0n p3,955,601) gfit3t4A70 697,574,2r9 640F57p63 6ZM9,5W

I - {62132ee21)l

rxql2,965)

?f.00 Non0peratinglncome in Shares Provision for Loseon Inveatrnent Contributio*toWPP&WF Profli beforeTax IncomeTu Expenren CurrntTi,r Forth*Ymr For EtrrlierY*ar Dsfsned Tmtlrcom* / (Erpsnrsl Proflt ilttt Trxrtlon for lhr yotr Othcr Compnhcnrh,e Inc*msr Comprehnn*lvo Imonrs far ths yslr

50160,678

8$9,S17.029 9J04IS4

1147$4.t21 @4S00) .. "."."..".,,".. 9tt593F91 683406,860

(4$i18,751 s*i?s,13{

F?F19r141
650.963,676

I |
w

{$9SrS,07$ (190,838,92q F60SI7,9*I) l\M,727,766t e45,9$t612)l | (179,532,788)l I ,fl{.e50382)l F,le4,e.4fl| F0,r00,090) (6'I11,tr561
6tt 3,57,060 d60.{t2d,ru4

ry

--.![ilrEIS$L---S!r$&ff$.

Theanncxad nohi fnrfl p{rt cf th{i& fhanelal rt*ten$ntl. by thcbosn l on 38Otbober t0I$ rnd *lgnsdon itehehrlfby I Approved

$dfMohammad Bhai Chairman

sdiMubarakAli Dlreetor Managing

sd/Md. Nasimrddin CompanySecrtary

As perour separat{: reportof ewn daeannered,

Dated.Dhaka lSOctober2frl3

sdrrr|.J.ABEDIN & CO
Chartered Accoqntanb

t5