Consolidated Financial Statements 2013

RAK Ceramics (Bangladesh) Limited
Report
and
consolidated financial statements
as at and for the year ended 31 December 2013
r-
Rahman Rahman Huq
Chartered Accountants
9 Mohakhali C/A (1 1th & 12th Floors)
Dhaka 1212
Bangladesh
Telephone +880 (2)
988 6450-2
Fax +880 (2)
988 6449
Email kpmg-rrh@citech-bd.com
lnternet www. kpmg.com/bd
Independent Auditorrs Report
to the Shareholders of
Report on the Financial Statements
We have audited the accompanying consolidated financial statements of RAK Ceramics (Bangladesh)
Limited and its subsidiaries, which comprise the statement of financial position as at 3l December 2013,
and the statement of comprehensive income, statement of changes in equrty and statement of cash flows
for the year then ended, and a sunmary of significant accounting'policies and other explanatory
information.
Management's Responsibility
for
the Consolidated Financial Syatemcnts
Management is responsible for the preparation of these consolidated financial statements that give a true
and fair view in accordance with Bangladesh Financial Rbporting Standards, 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 fiaud or error.
Auditor's Resp o nsibility
Our responsibility is to express an opinion on these consolidated 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 consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the consolidated financial statements. The procedures selected depend on the auditor's judgment,
including the assessment of the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error. ln making those risk assessments, we consider intemal control relevant to
the entity's preparation of consolidated financial statements that give a true and fair view in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing
an opinion on the effectiveness of the entity's internal conffol. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness 6f accounting estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is suffrcient and appropriate to provide a basis for
our audit opinion.
Rahman Rahman Huq. a partnership firm re$stered in Bangladesh
and a member firm of the KPMG network of independent member firms
affiliated with KPMG'lnternational cooperative
('KPMG lnternational"), a Swiss entity-
Chittagong office address :
102 Agrabad C/A (3rd FlooQ.
Chittagong, Banglddesh
Tel +880 (31) 710704,710996
Fax +880 (31) 2520795
E-mail kpmgrrh@globalctg.net
lnternet wwwkpmg.com/bd
Rahman Rahman Huq
Chartered Accountants
Opinian
In our opinion, the consolidated financial statements give a true and fair view of the financial position of
RAK Ceramics
@angladesh)
Limited and its subsidiaries as at 31 December 2013 and of its financial
performance and its cash flows for the year then ended in accordance with Bangladesh Financial
Reporting Standards.
Report on Other Legal and Regulatory Requirements
In accordance with the Companies Act 1994 andsecurities and Exchange Rules 1987, we also report the
following:
a) we have obtained all the information and explanation which to the best of our knowledge and belief
were necessary for the purpose of our audit and made due verification thereof;
b) in our opinion, proper books of account as required by law have been kept by the Company so far
as it appeared from our examination of these books;
c) the statement of financial position and statement of comprehensive income dealt with by the report
are in agreement with the books of account; and
d) the expenditure incurred was for the purposes of the Company's business.
Dhaka,3 February z}ru
KR//
Assets
Property, plant and equipment
Equity- accounted inve stees
Intangible assets
Capital work in progress
Investment in shares of listed companies
Loan to associate
Total non-current assets
Inventories
Trade and other receivables
Loan to associate
Advances, deposits and prepayments
Advance income tax
Cash and cash equivalents
Total current assets
Total assets
Equitv
Share capital
Share premium
Retained earnings
Equity attributable to equity holders of the Company
Non-controlling interests
Total equity
Liabilities
Borrowings
Deferred tax liability
Total non-current liabilities
Employees benefit payable
Borowings
Trade and other payables
Accrued expenses
Provision for royalty and technical know-how fee
Provision for income tax
Total current liabilities
Total equity and liabilities
Consolidated Statement of Financial Position
as at 31 December 2Al3
Note
4
5
6
7
8
9
10
11
l2
13
t4
15
2,734,360,116
87
,010,905
106,059,779
3 5,09 1,397
59,597,3 89
3,022,1 19,596
1,990,139,724
560,989,3
g6
35,646,796
231,31,6,170
, 1,656,003
,346
1,493,885,366
5,967
,939,799
4,948,091,940
8,990,0 59,37 4 8,290,041,291
3,A62,279,290
1,473,647,979
1,280,0 45,6A7
2012
Takq
3,000,994,834
99,935,330
1,12,670,334
30,955,703
2,189,065
95,204,185
3,341,949,451,
1,777
,888,718
629,958,652
4,795,815
243,259,995
1
,3
03,9
ga
,7
55
988,298,905
2,7 83,889,3 50
1,473,647,979
1,293,599,640
21,856,218
389,152,953
231,631,259
172,927,231
219,094,868
2AB
Taka
l6
5,8 1 5,97 I
,97
6 5,55 1,136,969
26,333,926 108.82 4^662
5,842,345,702 5,659,961,631
18,483
,567
94,326,905
18,567,275
l2I,162,3gg
112,810,472 139,729,663
19
t7
l8
19
20
2t
22
23
30,621,932
463,219,346
278,661,729
195,95 9,690
225,676,743
The notes on pages 7 to 42 are an integral part of, efin ial tatements.
Managing Director
Dhaka,3 February zUru
1,840,8A4,97 | 1,455,687,469
3,034,943,20A 2,490,349,997
8,990,0 59,374 8,290,A41,291
Company Secretary
As per our report of same date.
tu%
Auditor
Rahman Rahman Hq
ChatcrcdAccor,lrt nts
RR//
RAK Ceramics
@angladesh)
Limited
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2013
Note
24
25
26
27
28
29
30
5
20t3
Taka
5,L69,225,208
(3,A73,003
,259)
2912
Taka
4,908,171,279
(2,964,666,370)
Sales
Cost of sales
Gross profit
Other income
Administrative expenses
Marketing and selling expenses
Profit from operating activities
Finance income
Finance expenses
Net finance income
Share of profiV(loss) of equitS/-accounted investees
Profit before contribution to
Workers' Profit Participation and Welfare Fund
Contribution to Workers' Profit Participation and Welfare Fund
Profit before income tax
Income tan expense:
Current tax
Deferred tax
Profit for the year
Profit attributable to:
Equity holders of the Company
Non-controlling interests
Profit after tax for the year
Basic earnings per share (par value Tk 10)
1,006,933,309 914,453,214
,
(59,111,329) (57,500,590)
947,821,990 856,952,624
2,096,221,950
14,194,876
(284,905,923)
854,919,221
,
(1,,125,629,268)
970,592,682
134,752,662
44,737,610
86,015,052
(49,674,425)
1,943,504,909
9,570,670
(297,250,162)
73A,822,714
(l,gl8,{02,206)
925,002,703
1a2,831
,687
40,361,152
62,470,535
Q3,02A,024)
31
l7
35
(385,132,085)
26,835,493
(358,296,602)
589,525378
682,419,310
(92,992,93?)
589,5?5,379
2.23
(370,221,049)
13.479.410
(356,7 41,639)
500,210,985
608,123,157
(107,912,172)
540,210,985
1.99
The notes on pages 7 to 42 are an integral part of these
fina.
ial statements.
;\
Managing Director
Company Secretary
As per our report of szrme date.
RR//
Auditor
Rahman Rahman Huq
ChartereiAccountants
Dhaka, 3 February 2014
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Consolidated Statement of Cash Flows
for the year ended 31 December 2013
Cash flows from operating activities
Cash receipts from customers
Cash payments to suppliers and employees
Cash generated from operating activities
Interest received from bank deposit
Income tax paid
Net cash
from
operating activities
Cash flows from investing activities
Acquisition of property, plant and equipment
Sale of propeff, plant and equipment
Loan to associates
lnvestment in associate companies
Interest received from FDR
Intangible assets
Adjustments related to non-controlling interests
Dividend received
Net cosh used in investing activities
Cash flows from financing activities
Finance charges
Repayment of term loan
Repayment of short term loan
Dividend paid
Unclaimed share application refund
Net cash used in
finoncing
activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents as at I January
Cash and cash equivalents at 31 December
Closing cash & cash equivalents have been arrived at as follows:
Cash & cash equivalents as at 3 I December (Note 15)
Bank overdraft (Note 19)
(5,143
,696)
(697,494,247)
2013
Taka
5,259,506,963
(4,A14,7 55,159)
1,244,751,894,,
3,710,941
(352,112,591)
(110,273,A48)
3,774,848
4,795,815
(36,750,000)
L23,1 12,886
(2,951,177)
12,752,500
394,520
(44,737,610)
(83,709)
25,324,646
(414,001,075)
-
(963,9:6)
(434,361,744)
456,844,714
872,372,984
1,493,995,366
(164,667,669)
1,329,217,698
896,350,154 664,666,382
2012
Iaka
4,790,662,464
_
(3,776,?81?817)
.1,014,389-,647
6,174,052
(355,888,3 17)
(638,513,274)
4,119,365
(89,073,637)
(90,000,000)
92,259,780
(9,544,681)
42,870,000
398,200
(40,361,154)
(14,364,639)
4,123,163
(371,732,823)
(93 1,205).
(423,266,659)
(446,084,523)
1,3 18,457,547
988,298,905
(115,925,921)
872,372,984
1,329,217,699 872,372,984
The notes onpages 7 to 42 are an integral part of thesefinancial statements.
1.
Notes to the Consolidated Financial Statements
as at and for the year ended 31 December 2013
Reporting entity
RAK Ceramics (Bangladesh) Limited (the Company), forrnerly RAK Ceramics
@angladesh)
Pvt. Limited,
a UAE-Bangladesh
joint
venture company, was incorporated in Bangladesh on 26 November 1998 as a
private company limited by shares under the Companies Act 1994. The Company was later converted from
a private limited into a public limited on 10 June 2008 afrer observance of required formalities as per laws.
The name of the Company was thereafter changed to RAK Ceramics (Bangladesh) Ltd. as per certificate
issued by the Registar of Joint Stock Companies dated 11 February 2009. The address of the Company's
registered office is RAK Tower, Plot # 1/A, Jasimuddin Avenue, Sector # 3, Uttara" Dhaka 1230. The
company got listed with Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on 13 June
2010.
:
The Company is engaged in manufacturing and marketing of ceramics tiles, bathroom sets and all types of
sanitary ware. It has started its commercial production on 12 November 2000. The commercial production
of its new sanitary wme plant expansion unit of ceramics facilities, tiles and sanitary plant was started on
l0 January 2004,LJuly 2004 and I September 2007 respectively.
Description of subsidiaries
RAK Pharmaceuticals Pvt. Ltd.
RAK Phannaceuticals Pvt. Ltd. was incorporated in Bangladesh under the Companies Act 1994 on 29 June
2005 as a private company limited by shares with an authorised capital of BDT 500 million divided into 5
million ordinary shares of Taka 100 each. Authorised capital of the Company has been increased from
Taka 500 million to 1,500 million divided into 150 million ordinary shares of Taka 10 each in the year
201l. The Company has gone into operation from 15 July 2009. The paid up capital stands at Taka 468.54
million as at 31 December 2013. The registered office of the Company is at RAK Tower (10 floor), Plot
No.: 1/A, Jasimuddin Avenue, Sector No.: 3,Utlarq Dhaka-1230. The factory is located at Vill.: Faridpur,
P.S.: Sreepur, Dist.: Gazipur. The Company owns and operates modem pharmaceutical facility which
produces and sells pharmaceutical drugs and medicines including biological and non-biological drugs. 55%
shares of RAK Pharmaceuticals Pvt. Ltd's is held by RAK Ceramics
@angladesh)
Limited.
RAK Power Pvt. Ltd.
RAK Power Pw. Ltd. has been incorporated in Bangladesh under the Companies Act 1994 on 30 June
2005 as a private company limited by shares with an authorized capital of Taka 1,000,000,000 divided into
10,000,000 ordinary shares of Taka 100 each. The paid up capital stands at Taka 205,000,000 as at 3l
December 2013. The Company has gone into operation from I May 2009. The registered office of the
Company is at House # 5, Road # 1/A Sector # 4, Uttua, Dhaka- 1230. The Power Plant is located at
Village : Dhanua, P.S: Sreepur, Distict: Gazipur. 57% shares of RAK Power Pvt. Ltd. is held by RAK
Ceramics
@angladesh)
Limited.
1.1
2.
Classic Porcelain Pvt. Limited
Classic Porcelain Pvt. Limited was incorporated in Bangladesh under the Companies Act 1994 on 19
August 2008 as a private company limited by shares with an authorised capital of Taka 1,000,000,000
divided into 10,000,000 ordinary shares of Taka 100 each. The paid up capital of the Company is Taka
10,000,000. The main objects of the Company is to produce, manufacture, sell and export of 100%o export
oriented all types of porcelain/ceramic-made, table ware such as bone china, porcelain white ware,
crockery, pottery, hand painted wares, mugs, cup and saucer, plates etc. 5l% shares of RAK Porcelain Pvt.
Limited was held by RAK Ceramics (Bangladesh) Limited at the beginning of the year which,was fully
sold offas at 30 October 2013.
RAKFood & Beverage Pvt Ltd.
RAK Food & Beverage P\4. Ltd. was incorporated in Bangladesh under the Companies Act 1994 on 19
August 2008 as a private company limited by shares with an authorised capital of Taka 200,000,000
divided into 2,000,000 ordinary shares of Taka 100 each. The paid up capital of the Company is Taka
2,000,000. The main objects of the Company is to carry on the business and to act for business on Joint
Venture basis to manufacture, produce, sell, import and export ofall types offoods, food products, boffled
drinking water and beverages items in Bangladesh and abroad. 5l%o shares of RAK Food & Beverage Pvt.
Ltd. was held by RAK Ceramics
@angladesh)
Limited at the beginning of the year which was fully sold
offas at 30 October 2013.
Basis of preparation
Statement of compliance
These financial statements have been prepared in accordance with Bangladesh Financial Reporting
Standards (BFRSs), the Companies Act 1994 and the Securities and Exchange Rules 1987.
The title and format of these financial statements follow the requireme,nts of BFRS which are to some
extent different from the requirement of the Companies Act 1994. However, such differences are not
material and in the view of management BFRS titles and format give better presentation to the
shareholders.
Authorisation for issue
These financial statements have been authorised for issue by the Board of Directors of the Company on 3
February 2014.
Basis of measurement
These financial statements have been prepared on historical cost basis except for inventories which are
measured at lower of cost and net realisable value.
Functional and presentational currency
These financial statements are presented in Bangladesh Taka (Taka/TldBDT), which is the fimctional
crurency and presentation culrency ofthe Company. The figures offinancial statements have been rounded
offto the nearest Taka.
2.1
2.2
2.3
2.4
Note 4
Note 17
Note 18
Note 23
2.5
Reporting period
2.6
Property, plant & equipment
Deferred tax liability
Employees benefit payable
Provision for income tax
Use of estimates and
judgements
The preparation of these financial statements in conformity with BFRSs requires management to make
judgements,
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.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimates are revised and in any future periods affected.
ln particular, information about significant areas of estimation uncertainty and critical
judgements in
applying accounting policies that have the most significant efflect on the amount recognised in the financial
statements are stated in the following notes:
3.
Tlre financial period of the Company covers one year from I January to 31 Decernber and is followed
consistently.
Going concern
The Company has adequate resources to continue in operation for foreseeable future and hence, the
financial statements have been prepared on going concem basis. As per management assessmerit there are
no material uncertainties related to events or conditions which may cast sigrificant doubt upon the
Company's ability to continue as a going concem.
Significant accounting policies
The accounting policies set out below, which comply with IFRS, have been applied consistently to all
periods presented in these consolidated financial statements, and have been applied consistently by Group
entities.
Basis of consolidation
These consolidated financial statements comprise the consolidated financial position and the consolidated
results of operations of the Company and its subsidiaries (collectively referred to as "the Group") on a line
by line basis together with the Group's share in the net assets of its equity- accounted investees.
3.L
BFRS l0 introduces a new control model that focuses on whether the group has power over an investee,
exposure or rights to variable returns from its involvement with the investee and ability to use its power to
affect those returns. An investor has power over an investee when the investor has existing rights that gives
it the current ability to direct the relevant activities that significantly affect the investee's returns. Power
arises from rights. An investor is exposed, or has rights, to variable retums from its involvement with the
investee when the investor's returns from its involvement have the potential to vary as a result of the
investee's performance. An investor controls an investee if the investor not only has the power over the
investee and exposure or rights to variable returns from its involvement with the investee, but also has the
ability to use its power to affect the investor's retum from its involvement with the investee.
Subsidiaries
Subsidiaries are enterprises contolled by the Group. Confiol exists when the Group has the power to
govem the financial and operating policies of an entity so as to obtain benefits from its activities. In
assessing control, potential voting rights that are presently exercisable are taken into account. The results of
operations and total assets and liabilities of subsidiary companies are included in the consolidated financial
statements on a line-by-line basis and the interest of minority shareholders, if any, in the results and net
assets of subsidiaries is stated separately. The financial statements'of subsidiaries are included in the
consolidated financial statements of the Group from the date that control corrmences until the date that
control ceases. Any gains or losses on increase/decrease in non-contolling interest in subsidiaries without a
change in control, is recognised as a component ofequity.
Loss of control
Upon the loss of control, the Group derecopises the assets and liabilities of the subsidiary, any non-
controlling interest and other components of equity related to the subsidiary. Any surplus or deficit arising
on the loss of control is recopised in profit or loss. If the Group retains any interest in the previous
subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is
accounted for as an equity-accounted investee or as an available-for-sale financial asset depending on the
level of influence retained.
Investments in associates
Associates are those entities in which the Group has sigrificant influence, but not contol, over the financial
and operating policies.
Invesfrnents in associates are accounted for using the
The cost of the invesftnent includes transaction costs.
The consolidated financial statements include the
comprehensive income of equity accounted investees,
with those of the Group, from the date that significant
influence ceases.
equrty method and are recognised initially at cost.
Group's share of the profit
after adjustments to align the
influence corirmences urtil the
or loss and other
accounting policies
date that significant
When the Group's share of losses exceeds its interest in an
of the investment, including any long-term interests that
recognition of further losses is discontinued except to the
made payments on behalf of the investee.
equrty-accounted investee, the carrying amount
form part thereof, is reduced to zero, and the
extent that the Group has an obligation or has
10
3.2
3.2.1
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group
transactions, are eliminated in preparing the consolidated financial statements. Umealised gains arising
from transactions with equity-accounted investees are eliminated against the invesfrnent to the extent of the
Group's interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but
only to the extent that there is no evidence of impairment.
Financial instruments
A financial instrument is any contact that gives rise to a financial asset of one entity and a financial
liability or equlty instrument of another entity.
Non-derivative financial assets
The Group initially recognises loans and receivables on the date that they are originated. All other financial
assets are recogrised initially on the trade date, which is the date that the Group becomes a party to the
contractual provisions of the instrument. l
The Group derecognises a financial asset when the contactual rights to the cash flows from the asset
expire, or it tansfers ttre rights to receive the contractual cash flows in a transaction in which substantially
all the risks and rewards of ownership of the financial asset are fiansferred. Any interest in such transferred
financial assets that is created or retained by the Group is recogrrised as a separate asset or liability.
The Group classifies non-derivative financial assets into the following categories: financial assets at fair
value through profit or loss, held-to-maturity financial assets, loans and receivables and available for-sale
financial assets.
Financial assets at fair value through prolit or loss
A financial asset is classified as at fair value tlrough profit or loss ifit is classified as held for trading or is
desigrrated as such on initial recogrrition. Financial assets are desigrrated as at fair value through profit or
loss if the Group manages such investments and makes purchase and sale decisions based on their fair
value in accordance with the Group's docwnented risk management or investnent sfatery. Attributable
ftansaction costs are recognissd in profit or loss as incurred. Financial assets at fair value through profit or
loss are measured at fair value and changes therein, which takes into account any dividend income, are
recogrrised in the statement of comprehensive income.
Financial assets designated as at fair value through profit or loss comprise equrty securities that otherwise
would have been classified as available for sale.
Held-to-maturity linancial assets
If the Group has the positive intent and ability to hold debt secwities to maturity, then such financial assets
are classified as held to maturip. Held+o-maturity financial assets are recognised initially at fair value plus
any directly attributable transaction costs. Subsequent to initial recogrrition, held+o-maturity financial
assets axe measured at amortised cost using the effective interest method, less any impairment losses.
1l
Available-for-sale financial assets
Available-for-sale financial assets are non-derivative financial assets that are desigrrated as available for
sale or are not classified in any of the above categories of financial assets. Available-for-sale financial
assets are recopised initially at fair value plus any directly athibutable transaction costs.
Subsequent to initial recogrition, they are measured at fair value and changes therein, other than
impairment losses and foreigrr crurency differences on available-for-sale debt instruments, are recognised
in other comprehensive income and presented by the fair value reserve in equrty. When an investrnent is
derecognised, the gain or loss accumulated in equity is reclassified to profit or loss.
Available-for-sale financial assets comprise equity sectrities and debt securities.
Loans and receivables
Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an
active market. Such assets are recopised initially at fair value plus any directly attributable transaction
costs. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the
effective interest method, less any impairment losses.
Non-derivative financial assets comprise investnent in associates, loans to associates, trade & other
.
receivables and cash and cash equivalents.
a) Investment in associates
Investnent in associates are recognised initially at cost plus any directly attributable ffansaction costs.
Subsequent to initial recogr.ition, investrrent in associates are measured at amortised cost using the
effective interest method, less any impairment losses.
b)
Loans to associates
d)
Loans to associates are recognised initially at fair value plus any directly attibutable tansaction costs.
Subsequent to initial recopition, these are measured at amortised cost using the effective interest metho4
less any impairment losses.
Trade & other receivables
Trade & other receivables are financial assets with fixed or determinable payments that are not quoted in
an active market. Such assets are recopised initially at fair value plus any directly attributable transaction
costs. Subsequent to initial recop.ition trade & other receivables are measured at amortised cost using the
effective interest method, less any bad debts provision.
Cash and cash equivalents
Cash and cash equivalents comprise cash in han{ cash at bank including short notice deposits and fixed
deposits having maturity of three months or less that are subject to an insipificant risk of changes in their
fair value, and are used by the Group in the management of its short-term commitnents.
c)
t2
3.2.2 Non-derivativefinancialliabilities
Financial liabilities are recogr.ised initially on the trade date at which the Group becomes a party to the
contractual provisions of the instrument.
The Group derecognises a financial liability when its contractual obligations are dischmged, cancelled or
expired.
Non-derivative financial liabilities comprise fiade & other payables, and interest beming borrowings.
Trade & other payables
Trade & other payables are recognised initially at fair value less any directly athibutable transaction oosts.
Subsequent to initial recogrr.ition, trade & other payables are measured at amortised cost using the effective
interest method.
Borrowings
a)
b)
3.3
3.4
Interest-bearing borrowings include short term bank loan. Interest-bearing borrowings are recognised
initially at fair value less any directly atfiibutable transaction costs. Subsequent to initial recogrition,
interest-bearing borrowings are stated at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equrty. Incremental costs directly attributable to the issue of ordinary
shares are recognised as a deduction from equity, net of any ta:< effects. Paid up share capital represents
total amount contributed by the shareholders and bonus shares issued by the Company to the ordinary
shareholders. Holders of ordinary shares are entitled to receive dividends as declared from time to time and
are entitled to vote at shareholders' meetings. In the event of a winding up of the Company, ordinary
shareholders rank after all other shareholders and creditors and are fully entitled to any residual proceeds
of liquidation.
Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment
losses, if any. Cost includes expenditwes that are directly attributable to the acquisition of the property,
plant and equipment.
Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated
with the expenditure will flow to the Group. Ongoing repairs and maintenance is expensed as incurred.
An asset is derecognised on disposal or when no future economic benefits are expected from its use and
subsequent disposal. Any gain or loss on disposal ofan item ofproperty, plant and equipment (calculated
as the difference between the net proceeds from disposal and the carrying arnount of the item) is recognised
as gain or loss in the statement of comprehensive income.
13
3.4.1
Depreciation on property, plant and equipment
Items of property, plant and equipment are depreciated on a staightJine basis in profit or loss over the
estimated useful lives of each component. Capital-work-in-progress and land me not depreciated.
Depreciation on addition to fixed assets is charged from the day of their acquisition and charging of
depreciation on property, plant and equipment ceases from the day on which the deletion thereof takes
place. Depreciation continues to be charged on each item of property, plant and equipment until written
down value ofsuch fixed asset is reduced to Taka one.
Rates ofdepreciation on various classes ofproperly, plant and equipment are as under:
Category of property, plant and equipment
Factory building
General building
Head Office buildine
Plant and machinery
Mobile plant
Electrical installation
Gas
pipeline
Furniture, fixture and equipment
Office equipment
Communication equipment
Tools and appliances
Vehicles
Fire fighting equipment
Rate (%)
2.5-5
2.5-24
2.5-5
5- 10
10
l0-20
10-20
l0
l0-3 3.33
I 0- 12.5
10-20
10-20
20
3.5
3.6
Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if
appropriate. Land is not depreciated as it deemed to have an indefinite life.
Capital work-in-progress
Capital work in progress is stated at cost less impairmen! if any, until the construction is completed. Upon
'
completion of construction, the cost of such assets together with the cost directly attributable to
construction, including capitalised borrowing costs me transferred to the respective class of asset. No
depreciation is charged on capital work in progress.
Intangible assets
Intangible assets that me acquired by the Group (such as designs and tade marks for manufacture of
ceramic tiles and sanitary ware and pharmaceuticals products) and have finite useful lives are measured at
cost less accumulated amortisatio:r and accumulated impainnent losses, if any.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the
specific asset to which it relates.
Intangible assets are amortised on a straight-line basis in profit or loss over their estimated usefirl lives of 2
to 3 years from the date that they are available for use.
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if
appropriate.
t4
3.7 Leased assets
Leases in terms of which the Group assumes substantially all of the risks and rewards of ownership are
classified as finance leases. On initial recogrition, the leased asset is measured at an amount equal to the
lower of its fair value and the present value of the minimum lease payments. Subsequent to initial
recogritiorq the asset is accounted for in accordance with the accounting policy applicable to that asset.
Lease payments
ln respect offinance lease, lease payments are apportioned between finance charges and reduction oflease
liability so as to achieve a constant rate of interest on the remaining balance of liability. Finance charges
are reflected in profit or loss.
3.8
Operating leases payments are recognised as an
term of the lease. Lease incentives received are
over the term of the lease.
Inventories
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on
the weighted average cost principle, and includes expenditure incurred in ,acquiring the inventories,
production or conversion costs, and other costs incuned in bringing them to their existing location and
condition. In the case ofmanufactured inventories and work in progress, cost includes an appropriate share
of production overheads based on normal operating capacity. Raw materials in fiansit are valued at cost.
Net realisable value (NRV) is the estimated selling price in the ordinary course of business, less the
estimated costs necessary to make the sale.
3.9 Impairment
Non-derivative financial assets
Financial assets not classified as at fair value through profit or loss, are assessed at each reporting date to
determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective
evidence indicates that a loss event has occurred after the initial recogaition of the asset,
4nd
that the loss
event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.
Non-financial assets
The carrying amount of the non-financial assets, other than inventories are reviewed at each reporting date
to deternine whether there is any indication of impairment. If any such indication exists then the assets'
recoverable amounts are estimated. For intangible assets that have indefinite lives, recoverable amount is
estimated at each reporting date. An impairment loss is recoenised if the carrying amount of an asset or its
cash generating unit (CGU) exceeds its estimated recoverable amount.
expense in profit or loss on a straight-line basis over the
recognised as an integral part of the total lease expense,
15
Calculation of recoverable amount
The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In
assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects the current market assessment of the time value of money and risk specific to the
asset. For an asset that does not generate sigrificantly independent cash inflows, the recoverable amount is
determined for the cash generating unit (CGU) to which the asset belongs.
Recognition of impairment
Impainnent losses are recogrised in profit or loss. Impairment losses in respect of CGUs are allocated first
to reduced the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying
arnount of other assets in the CGU on a pro-rata basis.
Reversal of impairment
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed
only to the extent that the assefs carrying amount does not exceed the carrying amount that would have
been determined, net of,depreciation or amortisation, if no impaimrent loss had been recognised.
3.10 Employee benefit schemes
The Group maintains both defined contribution plan and defined benefit plan for its eligible permanent
employees. The eligibility is determined according to the terms and conditions set forth in the respective
deeds.
Defined contribution plan (Provident Fund)
Defured contribution plan is a post employment benefit plan under which the Group provides benefits to
one or more employees. The recognised Employees Provident Fund is considered as defined contribution
plan as it meets the recognition criteria specified for this purpose. All permanent employees contribute l0
percent of their basic salary to the provident firnd and the Company also makes equal contribution to the
fund. These are administered by the Board of Trustees. The contributions are invested separately from the
company's assets.
Contribution to defined contribution plan is recognised as an expense when an employee has rendered
services to the Group. The legal and constructive obligation is limited to the amount it agrees to contribute
to the flrnd.
Defined benelit plan (Gratuity Fund)
A defined benefit plan is a post-employment benefit plan other than a defined contibution plan. The
Group's net obligation in respect of defined benefit plans is calculated separately for each plan by
estimating the amount of future benefit that employees have earned in return for their service in the current
and prior periods.
Perrnanent employees are entitled to gratuity after completion of minimum three years of service in the
Group. The gratuity is calculated on the last basic pay and is payable at the rate of one month's basic pay
for every completed yem of service. The expected cost of this benefit is included in respective annual
Statement of Comprehensive Income over the period of employrrent.
t6
3.IL Workers' Profit Participation and Welfare Fund
The Company provides 5o/o of its net profit before tax after charging such expense as Workers' Profit
Participation and Welfare Fund in accordance with "The Bangladesh Labour Act 2006".
3.12 Provisions
Provisions me recognised on the reporting date it as a result of past events, the Group has a present legal
or constructive obligation that can be estimated reliably, and it is probable that an outflow of 6conomic
benefits will be required to settle the obligation.
3.13 Revenuerecognition
Revenue is measured at fair value ofconsideration received or receivable. Revenue from sale ofgoods is
recognised when the company has transferred significant risk and rewards of ownership of the goods to the
buyer and the revenue and costs incuned to effect the transaction can be measured reliably in compliance
with the requirements of Bangladesh Accounting Standard (BAS) -18
"Revenue".
3.14 Finance income and expenses
Finance income comprises interest income on fixed deposits, Short Notice Deposit (SND) and amounts due
'
from related parties. Interest income is recognized in profit or loss as it accrues, using the effective interest
rate method.
Finance costs comprises interest expense on overdraft, Loans Against Trust Receipts (LATR), term loan,
short term borrowings and fmance lease. All finance expenses are recognised in the statement of
comprehensive income.
Bonowing costs that are not directly attibutable to the acquisition, construction or production of a
quali$ing asset are recognised in profit or loss using the effective interest method.
Foreign curency gains and losses on financial assets and financial liabilities are reported on a net basis as
either finance income or finance cost depending on whether foreigrr currency movements are in a net gain
or net loss position.
3.15
Foreign currency
Transactions in foreigp currencies are translated to Taka at the foreign exchange rates prevailing on the
date of transaction. All monetary assets and liabilities denominated in foreigr currencies at reporting date
are translated to Taka at the rates of exchange prevailing on that date. Resulting exchange differences
mising on the settlement of monetary items or on translating monetary items at the end of the reporting
period are recogtised in the statement of comprehensive income as per Bangladesh Accounting Standard
(BAS.) 2l
"The
Effec* of Changes in Foreign hchange Rates,, .
3.16 Taxation
Income til( expense comprises current and deferred tax. Income tax expense is recopised in the statement
of comprehensive income except to the extent that it relates to items recopised directly in equity, in which
case it is recognised in equrty.
t7
Current tax:
Current tax is the expected ta:r payable on the taxable income for the year, using tax rates enacted or
substantially enacted at the reporting date, and any adjustrnent to tax payable in respect ofprevious year.
Provisions for corporate income tax is made for the Company following the rate applicable for a publicly-
traded company and for the subsidiaries following the standard rate applicable for a company.
Deferred tax:
Deferred tax has been recognised in accordance with Bangladesh Accounting Standard (BAS) 12. Deferred
tax is provided using the liability method for temporary differences between the carrying amount,of assets
and liabilities for flrancial reporting purposes and the arnount used for taxation purpose. Deferred ta,r is
determined at the effective income tax rate prevailing at the reporting date.
A defened ta:( asset is recogrised for unused tax losses, tax credits and deductible temporary differences to
the extent that it is probable that future taxable profits will be available against which they can be utilised.
Deferred til( assets are reviewed at each reporting date and are reduced to the extent that it is no longer
probable that the related ta:< benefit will be realised.
3,17
Earning per share
The Company presents basic and diluted (when dilution is applicable) earnings per share (EPS) for its
ordinary shares. Basic EPS is calculated by dMding the profit or loss atfributable to ordinary shareholders
.
of the Company with the weighted average number of ordinary-shares outstanding during the period,
adjusted for the effect of change in number of shares for bonus issue. Diluted EPS is determined by
adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of
ordinary shmes outstanding, for the effects of all dilutive potential ordinary shares. However, dilution of
EPS is not applicable for these financial statements as there was no dilutive potential ordinary shares
during the relevant periods.
3.18 Determination and presentation of operating segment
Details of product-wise segment reporting as required by BFRS-8 (operating segments) is followed.
3.19 Contingencies
Contingent liability
Contingent liability is a possible obligation that arises from past events and whose existence will be
confirmed only by the occurrence or non-occurence of one or more uncertain future events not wholly
within the contol of the entity.
Contingent liability should not be recognised in the financial statements, but may require disclosure. A
provision should be recognisgd in the period in which the recognition criteria of provision have been met.
Contingent asset
Contingent asset is a possible asset that arises from past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control
of the entity.
A contingent asset must not be recogrised. Only when the realisation of the related economic benefits is
virtually certain should recognition take place provided that it can be measured reliably because, at that
poinq the asset is no longer contingent.
ffi
$(EEMa)E;
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pmL
18
3.20 Statement of cash flows
Statement of cash flows is prepared under direct method in accordance with Bangladesh Accounting
Standard (BAS)-7
"statement
of cash/lows" as required by the Securities and Exchange Rules 1987.
3.21
New standards adopted
The following new standards are effective for annual periods beginning after I January 2013 and have been
applied in preparing these financial statements.
BFRS l0
"Consolidated
Financial Staternents"
BFRS 12 "Disclosure of Interests in Other Entities"
BFRS t3
"Fair
Value Measurement"
3.22 Events after the reporting period
Events after the reporting period that provide additional information about the Group's position at the
reporting date are reflected in the financial statements. Material events after the reporting period that are
not adjusting events axe disclosed by way ofnote.
3.2i Comparatives and reclassilication
Comparative infonnation have been disclosed in respect of 2013 for all numerical infomration in the
financial statements and also the narrative and descriptive inforrnation when it is relevant for understanding
ofthe current year's financial statements.
To facilitate comparison, certain relevant balances pertaining to the previous year have been
rearranged/reclassified whenever considered necessary to conform to current year's presentation.
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Depreciation charged to
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Administrative expenses (Note 27)
Marketing & selling expenses (Note 28)
Disposal of property, plant and equipment
Year 2Al3
2A13
Taka
34A,7L3,727
27,077,852
3,924,988
2An
Taka
334,263,662
27,764,450
3,826,650
371,716,567
-
-
365,854,762
-
-
Year 2012
Particulars
Original
cost
Accumulated
depreciation
Book
value
Sale/Insurance
claim receipt
Profit/(loss) on
disposal
Motor cycle
Vehicles
Office equipment
Taka
828,283
5,298,919
307,500
Taka
37 5,7 53
4,850,633
152,710
Taka
452,530
448,185
154.794
Taka
455,299
3,234,274
85,235
Taka
2,769
2,786,089
(69,555)
Total 6,434,601 5,379,096 1,055,505 3,774,808 2,719343
Particulars
Original
cost
Accumulated
depreciation
Book
value
Sale/Insurance
claim receipt
Proftt/(loss) on
disposal
Motor cycle
Vehicles
Office equipment
Taka
254,939
4,323,092
958.775
Talqa
91
,53
5
2JA3,tgz
479,699
Taka
163,303
2,219,890
479,086
Taka
217,203
3,423,A76
479,086
Taka
53,900
1,203,186
Total 5,536,695 2,674,416 2,862,279 4,119,365 1,257 ,086
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2013
Taka
1,12,670,334
2,951,177
115,621,5 I I
9.,5.61,73?,
.
106,059
J79
113,928,723
_
9,544,681
123,473,404
_
10,893,070
112,670,334
2012
Taka
6. Intangible assets
Balance as at I January
Add: Addition during the year
Less: Amortisation for the year
Balance as at 31 Decernber
Capital work in progress
Balance as at 1 January
Add: Addition during the year
Less: Transfer to property, plant and equipment during the year(Note 7.1)
Discontinued project
Balance as at 31 December
Capital work in progress includes construction work for factory building, plant and
equipment etc.
Items transferred from capital work in progress to property, plant and equipment
Factory building
Factory offrce building
Plant & machinery
Communication equipment
Furniture & fixtures
Investment in shares of listed companies
Cost price
Less: Unrealised loss
2012
Name of companies No. of Shares Cost price
Taka
7.
30,955,703
64,12?,346
95,078,049
59,17 5,7 0l
,
8 10,95 I
35,091,397
36,578,205
91,a52,972
127
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96,67 5,47 4
30,955,703
-
7.1
8.
17
,833,416
3 7, 15 8,989
2,347,396
,
1,835,900
,
59,n5JU
24,210,365
5,041,257
67,423,852
96,6?1,47+,
,5,004,427
(2,815,362\
2,189,065
Market value as r ? ,
at 3l
pecembJ
unrealised
za,z
'
gairl(loss)
ICB
BSRM Steel
UCBL
Uttara Finance
DESCO
Bay Leasing
Meghna Life
PLFSL
Square Pharma
One Bank
Prime Bank
Total
168
10,000
10,225
1,400
2,597
3,060
2,1 00
1,1 00
308
3,250
3,660
37.858
461,696
1,757,399
784,114
lg4,966
434,A77
316,932
s6aJ32
150,750
56,708
142,203
tl.e,+19
5
^404.427
Taka
253,386
679,000
3L2,ll0
116,060
186,523
108,017
236,880
35,644
51,929
74,140
_ ,
135,!?A
,
2.189.065
Taka
(208,310)
(1,078,399)
(472,004)
(78,906)
(243,554)
(209,915)
(323,252)
(l I 5,1 l0)
(4,779)
(68, t 03)
(14,030)
(2,815,362).
23
9.
10.
Loan to associate
RAK Paints Pvt. Ltd.
Inventories
Raw materials
Stores and consumable spares
Finished goods
Work-in-process
Goods-in-transit
11. Trade & other receivables
Trade receivables (Note 11.1)
Claim receivables
Accrued interest (Note 1 1.2)
Accrued rental income
Receivable against disposal of investment
Other receivable
11.1 Trade receivables
Receivables from dealers
Rectivables from export sales
ll.2 Accrued interest
Interest accrued on FDR
Interest accrued on loan to associates
12, Loan to associate
RAK Paints Pvt. Ltd.
13. Advances, deposits and prepayments
Advances:
Employees
Landlord for factory building and others
Suppliers against materials and services
Security and other deposits:
Titas Gas
Mymenshing Palli Bidyut Samity-2
VAT and supplementary duty (Note 13.1)
Deposited with Income tan authority
Deposited with VAT authority
Other deposits
Prepayments:
House rent
Insurance
Others
2013
Taka
901,067,829
801,590,998
237,095,258
35,4L2,055
11,973,584
1999,139JU
536,206,848
2,368,635
15,525,368
190,000
6,120,000
577,535
,
,560,988,186
536,206.848
,
536,a06,948
15,525,368
15,525,368
2An
Taka
914,539,779
69L,507
,987
125,399,406
34,017
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12,424,340
.
Un,&qW\
605,862,856
5,063,730
17
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58
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62egwn
6A2,457
,97
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q?404,885
605,862,856
9,326,431
7,911,327
17
23'!J:8
59,597
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95,204,185
-
35,606,796 4,795,815
@@
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| |
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78,397,462
| |
46,795,105
|
1L6,283,422 95,294,477
w@
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41,902,497
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7 5,259,540 83,114,429
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27,081,166
ll
33,818,050
|
|
3,251,966 I |
20,3t7,687
|
39,773,248
_
64,p50,889
T$rc,no
243?s8,e?s
24
2012
Taka
24fi
Taka
13.1 VAT and supplementary duty
Add: Treasury deposit for VAT & SD purpose
Rebate of input VAT
Add: Receivable - SD & VAT
Less: VAT & SD on sales
Payable-SD&VAT
Other payable
*
14.1
Add: Paid during the year
Less: Adjusted during the year
Balance as at 31 December (Notes l4.l & L4.2)
Head wise payment
lmport
Export
Supplies
Interest on bank deposit
Rental income
Registration
Dividend
Paid in cash
Payment for the year
Income vea{
Year 2013
Year 2012
Year 20ll
Year 2010
4
Year 20Ag
Year 2008
Year 2007
Year 2006
Year 2405
Year 2004
Year 2003
Year 20Az
Year 2001
Year 2000
Year 1999
14.2
@@
I
gst,sgs,ooo
I I
1,066,58 G,946
|
|
:os,otz,oso
| |
:r,qJqs,zqt
I
1,4t2,215,705
W@
I
z,szr,osr
ll
,,r,ur*
I
1,307
,514,577
73,330
1,307,587,907
1,303,890,7 55
352,13 1,008
'
t8,417
1,656,003,346
-
-
948,A02,438
355,888,317
1,412,215,705
1,274,169,828 1,370,313,208
__33,41W2_ _4tw,4n_
*Other
payable for 2012 represents amount paid to file appeal before Appellate Tribunal of Customs, Excise & VAT Authority.
14. Advance income tax
1,303,890,755
415,459,961 341,524,7 5A
7 54,981 5 19,050
780,254 456,387
50,546,251 39,914,208
1,057,173 753,261
1,210,700 684,700
13,063,500 7,151,000
L,173,130,526
y,t2,887.,39?
1,659,003,346,,,1,,3=03,890,?55
237,971,641 -
337,866,43L 262,,663,852
330,585 ,731
330,587
,709
263,861,908 263,867,684
156,292,148 117,346,023
86,369,770 86,369,770
124,816,528 124,816,528
95,937,931 95,937,931
3,197,658 3,197,658
1,607,895 1,607,895
1,746,309 t,7 46,309
879,94t 879,941
9,689,804 9,689,804
5,17 6,302 5,176,302
_
3,349 3,249
@
1,303,8=90,?5:
25
201)
Taka
3,908,760
20t2
Taka
3,680,020
15. Cash and cash equivalents
Cash in hand
Cash at banks
HSBC (current account - 001-013 432-011, 001-107580-011, 001-096015-011, 001-096007-011 - BDT)
Standard Chartered Bank (current account - 01-6162940-01, 01-3767272-01 - BDT)
Agrani Bank (current account - 075533005368 - BDT)
Citibank N.A. (current account - G0100001200262018 - BDT)
Dutch Bangla Bank Ltd. (current account - 117-1 t0-12733, Lt7-ll0-2481,117.L10.23474 - BDT)
HSBC (ERQ account - 001-A}34J2-047 - USD)
Standard Chartered Bank (ERQ - 42-6162940-01 - USD)
HSBC (margin money - 001 -013432-047,001-107580-011 - BDT)
E)(IM Bank (SND account - 01513100031877 - BDT)
Dutch Bangla Bank Ltd. (SND account - 117-120-589, 117-120-330,117-120.2550 - BDT)
BRAC Bank (SND - Is13101731248001 - BDT)
Prime Bank Ltd. (SND - 1253rcrc022563 - BDT)
HSBC (SND - 001 -06633 l-067
,00
I - 1 075 80-0 67 ,
0AL-09601 5-067 - BDT)
Islami Bank Bangladesh Limited (current account- 20502A70100405600)
Dhaka Bank Limited (current account- 0204100000014484)
Premier Bank Ltd. (Cunent account - L0211100015L36- BDT)
Greenland Equity (Margin account - BA2190030388191-BDT)
IPO bank alc
Citibank N.A. (RAK-IPO Central alc - G010001200262022 - BDT)
Citibank N.A. (RAK-IPO-NRB Subscription - G0100A0200262042 - USD)
Citibank N.A. (RAK-IPO-NRB Subscription - G010000200262026 - EURO)
Citibank N.A. (RAK-IPO-NRB Subscription - G010000200262034 - GBP)
Dividend bank a/c
BRAC Bank (Current - 151020t731248001 - BDT) - 2010
BRAC Bank (Current - 1513201731248001 - BDT) -2011
SCB (Current - 02-6162940-02- BDT) - 2012
Investment in Fixed Deposit Receipt (FDR)
HSBC
SCB
Prime Bank Ltd.
Dutch Bangla Bank Ltd.
Total
m@
I E,95 r
,07
4
| |
4,047
,o7o I
I
rs3,6o8
| |
rs3,6o8
|
I
no,sgt
| |
tzo,sg:
I
6,03 5,659 6,870,655
@W
I
zl4s,6z4
| |
. s,7ss,l 17
|
|
+,osz,ggoll
I
8,642,248 21,956,291
@@
I
t62,o8o
I I
210,761080
|
|
260,000,000
I |
265,542,149
|
I
eso,ooo,ooo
I I
lo,goo,ooo
I
1,2A0,762,080
, T7,260,,474
1,493,885,366 98J,298,905
17,403,428
158,129,932
30s
22,6A3J56
5,917
,265
984,5 5 I
2,134,362
514,269
38,200,856
338,895
26,880,635
1,909
1,454,727
4,079
8,250
27 4,576,619
43,152,289
38,928,1 I I
I
,455
14,278,278
13,312,403
8,813,226
184,7 66
432,044
498,889
42,434,784
9,274,968
7
,511,422
8,01 8
638,279
31,670
30.863
178,53 1,465
26
29t3
Taka
2012
Taka
16. Share capital
Authorised:
600,000,000 ordinary shares of Tk 10 each
Issued, subscribed, called and paid up:
3A6,227,829 ordinary shares of Tk 10 each (2012:278,388
,935
ordinary shares)
Percentage of shareholdings :
2013
6,000,900,000 6,000,=00q,000
3,W278290 2,?83,889,150
,
2An
RAK Cerarnics PSC, UAE
SAK Ekramur.zalnan
HH Sheikh Saud Bin Saqr Al
Qassimi
Sheikh Omer Bin Saqr Al
Qassimi
Sheikh Ahmad Bin Humaid aI
Qassimi
Hamad Abdulla Al Muttawa
Dr. Ktrater Massaad
Abdallah Massaad
Manoj Uttamrao Atrire
General Public (including eligible
institutional investors & employees)
Classification of shareholders by range:
Shareholder's range
Less than 500 shares
501 to 5,000 shares
5,001 to 10,000 shares
10,001 to 20,000 shares
20,001 to 30,000 shares
30,001 to 40,000 shares
40,001 to 50,000 shares
50,001 to 100,000 shares
100,001 to 1,000,000 shares
Over 1,000,000 shares
Deferred tax., liabilities
Less: Defened tax income
Taka
72.41 2,217,363,830
6.06 185,563,500
0.00 264
0.00 260
0.00 260
0.00 130,
0.00 130
0.00 130
0.00 130
659r?49,669
3,A62,278,290
Taka
72,4t 2,015,785,305
6.67 185,563,500
0.00 242
0.00 242
0.00 242
0.00 tzr
0.00 tzt
0.00 r2l
0.00 tzt
20.93 582,539,335
% %
21.53
100.00 100.00 2,783,889,350
-
Number of shareholders Number of shares
2013
46,960
10,381
514
186
58
4l
15
45
39
I
201?
51,525
8,933
449
158
53
29
t9
39
36
6
2013
9,717
,485
13,119,635
3,599,643
2,580,341
1,432,712
1,421,481
667,999
3,A27,601
9,727,969
264,932,962
306,227,829
121,162,3 88
26,835,483
94,326,905
2An
.11,231,793
12,470,A10
3,094,240
2,17 5,085
1,3 05,541
991,204
849,987
2,625,569
9,823,889
234,821,617
_
,
2?8,388,935,
20t2
Taka
134,641,798
13,47?,410
L21,162,388
58,247 61,247
-
-
2013
Taka
17.
27
I I
,61
3,439
19,008,393
30,621.J3a
2012
I&
5,372,511
16,483,707
21,856,218.
?aB
Taka
18. Employees benefit payable
Provident fund
Gratuity fund
Add: Provision made during the year
Less: Payments made to fund during the year
Less: Payments made to fund during the year
19. Borrowings
Non-current:
Term loan
Less: Current portion of term loan
Current:
Bank overdrafts
Short-term borrowings
Current portion of term loan
19.1 Borrowings by maturity
At 31 December 2013
Bank overdrafts
Short-term loans
Term loans and others
At 31 December 2012
Bank overdrafts
Short-term loans
Term loans and others
Provident Fund G.ratuity Fund
Taka Taka
5
,372,511
16,483
,7
07
31,797,93? 12,697,577
37
,17
0,449 29
,l8l ,284
25,557,010
,_
10,172,891
11,613,439
,.
19,008,393
2012
201,3
Total
Taka
21,856,218
4+,495,515
-.
66,351,733
35,729,901
30,62L,832
-
P{ovident Fund
Taka
1,619,309
,
32,24\,962
33,860,171
29,497,660
5372,p11
Gratuity Fund
Taka
g,738,073
11,262,476
23,004,549
6,5,16,8+2
16,4g3W
Lt,356,382
4{,504,338
56,860,72A
35?004,50?
_
21,856,218
3 1,1 77
,626
l?,694,059
18,483,567
164,667,668
285,857,619
12,694;05?
463
?2!9,?46
Total
Taka
33,497,482
14,529,807
#
1L5,925,921
258,697,225
14,529,807
3 89,1 52,953
. I ytar
164,667,669
285,857,619
L2,694,059
4S32re34E
.1y.*
115,925,921
258,697,225
14,5?9,907
389,L52,953
1-2 yr*t
7,762,382
7JO\W
14
I"*t
Amounts in Taka
4
rc,lzt,tgs
> 5 years Total
164,667,668
285,857,619
3 1,1 77
,626
10,721.1 85 - 481,702,913
Amounts in Taka
.
2:5, ygars > 5 years Total
- 115,925,921
- 258,697,225
9,7 68,47 4 8,798,801 $.497.082
8,798,801 - 407,720,228
28
20t3
Taka
2012
Taka
20. Trade and other payables
Trade payables
Payable to local suppliers
Payable to foreign suppliers
Payable to service provider
PayabletoC&Fagent
Other payables
Tor deducted at source
VAT deducted at source
Dividend payable
Unclaimed share application
Advance from customer against sales
Payable to others
21. Accrued expenses
Power and gas
Staff cost
Audit fees
Professional charges
Interest on loans
Telephone
Managing Director's remuneration (Note 2l.l)
Workers' Profit Participation and Welfare Fund (Note 21.2)
Doubtful debts
Others
2l,l ManagingDirector'sremuneration
Add: Payable to Managing Director
Less: Paid to Managing Director
Balance as at 3l December
21.2 Workers' Profit Participation and Welfare Fund
Add: Contribution made to the fund during the year
Less: Payment made from the fund during the year
22. Provision for royalty and technical know-how fee
Less: Withholding ta,x on royatty deposited for the year 20ll
Reversal of excess provision for the year 20Lz
Tax provision on excess royalty paid in the year 2008
Tax provision on excess royalty paid in the year 20A9
Balance as at 31 December \
@@
I
0r,83r,5e7
| |
zs,Bls,szl
I
I
tg,g4g,Bt8
ll
B,z4s,o99
l
I
s,ztg,++s
| |
rc,zn
)oa I
194,823,5L4
. .
170,094,644
m@
I :,289,446 11
3,ot7,st8
l
I
22,544,009
ll
18,961,681
I
|
,o,z3z,$s
ll
z!,os6,B3s
I
I
rt,zzo,o64
ll
8,448,2ssI
|
1l,00o,oooll I
83,,838,214
,612629,614
278,661,728 231,631,258
--
16,333,169
63,381,491
5 86,250
418,000
1,a42,997
399,250
38,340,648
59,1 Lt,329
3,333,552
13,011,994
1qq,ef 8,680
36,225,372
38,349,648
74,566,020
36,225,3,72
.
38,340i648
57,500,590
. .59,lll?329
1 16,61 1,919
57,500,590
59,t!329
=
219,A94.868
90,479,404
309,574,272
10,639,933
19,461,872
3 1,000,000
22,791,724
225,676,743
-
-
15,545,144
49,569,322
601,750
357,444
2,154,464
331,918
36,225,372
57,500,590
2,562,373
8,078,898
_
u2,e27
?31 ,
39,811,796
36,?25,372
76,037,168
_
39,811,79q
3622fin
63,193,326
57,5.00,590
120,693,916
63,193,326
,,
5?,500,590
106,399,330
_
I12,695,538
219,094,868
219,094,868
29
23. Provision for income tax
Less: Provision released during the year
Balance as at 3 1 December (Note 23.1)
23.1 Provision for income tax
24.
Income Year
Year 2013
Year 2012
Year 201 I
Year 2010
Year 2009
Year 2008
Year 2047
Year 2A06
Year 2005
Year 2404
Year 2003
Year 20Az
Sales
Gross sales (Local)
Gross sales
@xport)
Total sales
Less: Supplementary duty
VAT
Net sales
Cost of sales
Stock of finished goods as at 1 January
Add: Cost of goods manufactured (Note 25.1)
Cost of finished goods available for sale
Less: Stock of finished goods as at 31 December
25.
25.1 Cost of goods manufactured
Cost of materials consumed:
Opening stock
Add: Purchase during the year
Less: Closing stock
20t3
Taka
1,455,687
,469
3 95,132,085
1,840,819,554
_ .
14,683
1,940,80 4,87 I
2012
Taka
1,085,46 6,420
370,221,049
1,455,687
,469
1,455,697,469
-
385,132,085
370,211,365
326,685,217
294,053,668
204,028,260
85,37 8,847
80,I63,573
89,730,898
5,242,947
20,925
45,563
1 I 1,563
1,840,804,!71
370,221,049
326,685,217
294,A58,668
204,A28,26A
85,378,847
80,163,5 73
89,730,898
5,242,947
20,925
45,563
-
I 1 1,563-
1,455,687
,469
6,414,329,A47 6,257,836,082
26,!44,308 18,3,89,470
6,440,473,355 6,27 6,225,552
@@
I
g+t,zt+,gorll gtg,ggr,og+l
1,27 1,248,147
-
L,368,45!,273
5,169,225,208 4,908,171,279
125,399,406
3,1 84,699,1 10
3,310,098,516
237,095,258
3,073,0q3,258_
116,881,902
2,973,183,874
3,090,06 5,77 6
125,399,406
2,964,666,370
914,539,779
1J81,009,401
2,695,540,180
901,0p7,829
1,794,472,351
836,27t,576
1,650,918,83 8
2,487,190,414
914,539,779
1,572,650,635
30
20_t2
Taka
1,391,62t,6A8 1,399,95 5,598
3,186,093,959 2,972,606,233
2A,3
Taka
Manufacturing overhead:
Direct labour (Note 25.1.1)
Direct expenses:
Power and gas
Repairs and indirect materials (Note 25.1.2)
Rental charges
Moulds and punches
Depreciation
Royalty and technical know-how fee (Note 25.1.3)
Other production overhead (Note 25.1.4)
Cost of production
Difference in work in process:
Work in process as at I January
Work in process as at 3l December
Cost of goods manufactured
25.1.1 Direct labour
Salary & wages
Overtime
Bonus
Incentive
Ter4porary I abour wages
Temporary labour for production
Gratuity
Employer's contribution to provident fund
Leave encashment
Group life insurance
Medical expenses
Cleaning service factory
25,1.2 Repairs and indirect materials
Stores, spares, repair and maintenance
Packing expenses
25.1.3 Royalty and technical know-how fee
Royalty and technical know how fee
I ess:
IillxljfflTkfkil
ffilft: rH
;::;
25,1,4 Other production overhead e
.'
Travelling and training expenses
Hotel fare and expenses for technician
Demurrage
-Insurance
Fuel and maintenance
Other expenses
2973J83,874
.
145,057,308
11,398,692
15,331324
9,654,918
14,893,82L
17,349,936
6,659349
7,702,964
1,83 1,872
13a6,482
201,526
3,667,,880
?35,056,028
292,454,747 229,431,104
211,357,483 245,358,408
543,812,23A 474,789,512
-
-
262,959,932
159,037
,462
543,812,230
821,739
22,220,803
340,713,727
17,22t,808
44^833.907
235,056,028
149,798,824
47 4,789,512
821,739
30,226,862
334,263,662
1t2,695,538
623A3^433
w@
|
35,412,055
I |
34,017,206
|
(1,394,849)
3,181,699,110
157,762,276
13,482,735
25,056,461
10,796,433
16,893,108
19,194,867
7,482,257
8,07 5,97 5
1,918
1,483,062
89,479
2,6411761
262,959,932
90,479,404
(19,461,872)
(31,000,000)
(22,795,724\
L?,"1W
5,248,647
4,211,028
3,7 45,067
t7,325,287
185,7 44
14,118,134
I4WW
577,641
112,695,538
1.l2,f95,538
6,569,037
6,t99J44
3,801,087
19,730,347
4A4,928
25,598,930
62,303,433
31
20t3
Taka
394,520
7,327,900
600,000
2,719,303
3,153,253
2012
Taka
398,200
7,915,384
L257,486
26.
27.
27.1
Other income
Dividend income
Miscellaneous income
Rental income
Profit on sale of property, plant and equipment (Note 4.2)
Gain on disposal of investment (Note 37.3)
Administrative expenses
Staff cost (Note 27 .l)
Meeting expenses-admin
Telephone, postage and supplies
Office repair and maintenance (Note 27.2)
Registration and renewal
Security and guard expenses
Electricity, gas and water
Depreciation
Amortisation of intangible assets
Legal and professional fees
Vehicle repair and maintenance
Rent rate and to<
Loss on sale of shares
Write off preliminary & pre-operating expenses
CSR expenses
Others
Managing Director's remuneration
Staff cost
Salary and wages
Overtime
Bonus
Incentive
Gratuity
Employers contribution to provident fimd
Leave encashment
Canteen expenses
Staff welfare expenses
Hotel, tour, food and air ticket
Food expenses
Medical expenses
Accommodation
Travelling and conveyance
14,194,876
-
9,570,670
-
120,153,819
23,262,201
6,17 6,917
14,271,225
1,002,235
10,33 8,724
6,131,572
27,077,852
9,561,732
4,736,7 45
9,363,037
6,734,142
123,8t4
3,092,000
5,539,260
38,340,648
128,148,735
21,652,560
5,341,529
14,545,668
2,190,531
8,912,698
5,240,079
27,764,450
10,803,070
3,352,416
9,696,689
4,796,044
987,930
1,295,431
8,996,266
7,300,734
36,225,372
284,905,923 297,25AJ62
--
-
87,6A6,614
11,918,718
5,407,763
3,459,702
2,146,794
698,901
l,l I 5,238
467
,7
49
4,001,770
2,166,176
615,452
429,200
119,842
91,833,508
32,088
9,816,800
9,460,810
3,835,105
3,945,140
1,073,252
737,135
1,047,955
519,986
3,355,818
2,262,582
559, I 85
640,587
28,784
120,153,819
-
128,148,735
-
-
27,2 Offiee repair and maintenance
Repairs offi ce equipment
Office rnaintenance
Rent, rates and taxes
Others
2,341,826
9,7 63,731
807,259
1,358,409
2,558,700
10,559,781
283,683
1,143,5A4
14,271,225 14,545,668
--
-
32
2013
Taka
165,1 18,486
14,512,359
178,614,416
195,608,966
174,624,592
3,924,998
3,333,552
86,996,066
32,184,796
145,509,390
6,802,505
151,886,075
211,395,585
162,549,969
3,826,65A
2,562,373
19,619,797
26,673,481
2An
Taka
28. Marketing and selling expenses
Staff cost (Note 28.1)
Advertisement
Freight and transportation
Performance rebates (Note 28.2)
Business promotion
Depreciation
Doubtful debts
Discount
Travel, entertainment and others
28.1 Staff cost
854,918,221
-
-
730,822,714
-
-
Salary and wages
Overtime
Bonus
lncentive
Gratuity
Employers contribution to provident fund
Leave encashment
Food expenses
Medical expenses
28.2 Performance rebates
29.
Compensation
Dealers' commission
Breakage commission
Finance income
lnterest on bank account (SND)
lnterest on associate loan
Interest on FDR
Exchange gain
Finance expenses
Interest expenses (Note 37 .2)
Bank charges
Current tax
Current year provision
Other tax provision
30.
31.
148,217,422
lg,5l7
8,973,501
1,798,107
1,755,61 8
2,399,395
735,943
l,lgl,3g2
29,001
L29,059,697
22,907
7,339,531
2,559,099
2,769,062
3,023,037
246,7 53
808,8 l3
596,760
83,7 4l
145,509,390
-
2,564,373 2,499,356
94,990,174 109,452,292
98,A54,419
.
99,443,947,
195,608,966
41,395,595
165,119,496
-
-
3,710,941
14,150,619
107,249,977
.
5,641,225
.
r10Js2,6O
'
42,272,719
2,464,992
6,17 4,066
7,911,327
77,691,796
I 1,054,499
102,83 1,697
-
-
3 8,3 14, I
g6
2,046,966
44,737,61A
-
-
4a3ilJsL
362,336,361 339,302,629
22,795,724 3l,glg,42}
395,132,09_5 lluptw
33
32 Financial risk management
The manage,ment has overall responsibility for the establishment and oversight of the Company's risk management Aamework. The Company's
risk management policies are established to identif, and analyse the risks faced by the Company, to set appropriate risk limits and contols, and
to monitor risks and adherence to limits. Risk marage,ment policies, prooedures and systrns are reviewed regularly to reflect ohanges in mfiket
conditions and the Company's activities. The Company has ogosure to the following risls from its use of finanoial instumemts.
r Credit risk
. Liquidity risk
o Market risk
32.1 Credit rlsk
Credit risk is the risk of financial loss to the Comparry if a client or counterparty to a financial instrument fails to meet its conrastual obligations, and arises
principally from the Compan/s trade receivables and other receivables.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. In monitoring credit risk, debtors are grouped
according to their risk profile, i.e. their legal status, Iinancial condition eto. Trade & other receivable are mainly related to receivables from dealers,
receivables from export sales, claim receivables, accrued interest and other receivables. The Company's exposure to credit risk on accounts receivables is
mainly influenced by the individual payment characteristics ofcustomers.
The maximum exposure to credit risk is represented by the carrying amount ofeach financial asset in the statement offinancial position.
Exposure to credlt risk
The carrying arnouot of finmcial assets represnts the maximum oedit exposure. The.maximum exposure to credit risk at the reporting date
'wasi
USD USD
As at 31 Dec As at 31 Dec
2012
Amounts in Taka
Trade receivables
Customer-Local
Customer-Export
Other receivables
Claim receivable
Accrued interest
Accrued rental income
Receivable against disposal of investment
Others
Loan to associate
RAK Paints P!,t. Ltd.
Cash equivalents
b) Aging of receivables
i. The aging of trade receivables as at 3l December was:
Not past due
0-90 days past due
91-180 days past due
181-365 days past due
over 365 days past due
42,991
42,991_
Amounts in Taka
a)
As at 31 Dec As at 31 Dec
.
2013
_ -2012
536,206,848 602,457,971
536,206,848 605,862,856
2,368,635
15,525,368
190,000
6,120,000
577,535
%lgt,frg
95,204,185
95,204,185
J,489,n6,606
5,463,730
17
,237 ,7
_58
1,794,308
w
100,000,000
t 00,090,000
984,618,885
-
As at 31 Dec As at 3l Dec
, ?0r3
2012
525,195,961 596,942,016
1,952,893 1,069,037
3,481,863 387,775
5,5.76,131 7,464,A28
536,206,848 605,862,856
34
32.2 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 possiblg 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 Companys reputation.
The Company ensures that it has sufficient cash and cash equivalents to meet expected operational expenses, including financial obligations through
preparation ofthe cash flow foreoast, prepared based on timeline ofpayment ofthe financial obligation and accordingly arrange for sufficient liquidity/ftmd
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 ofobligations 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.
The following are the conractual maturities offinancial liabilities ofthe Company:
As et 31 December 2013
Bank overdraft
Short term borrowing (foreign)
Short term borrowing (local)
Term loan
Bank overdraft
Term loan
32.3 Market risk
Carrying
amount
Taka
164,667,668
278,661,729
255,783,541
30,074,078
31,17,7,626
760,364,641
Contractual cash
flows
Taka
164,667,668
278,661,728
255,783,541
34,074,478
.31',177,626
760,36+,641
Within 12
months or less
More than 12
months
Taka
164,667,668
278,661,728
255,783,541
30,074,078
,
12,694,059
7 41,881,07 4
Taka
,18,483,567
18,483,5%
As at 31 December 2012
Carrying
amount
Contractual cash Within 12
flows months or less
More than 12
months
Taka
18,567,275
. 18,567,275
Taka
115,925,921
231,631,258
226,107,635
32,589,594
.
33,097,092
639,351,496
Taka
115,925,921
231,631,258
226,107,635
32,589,590
33,097,082
.,639,351,486
Taka
115,925,921
231,631,258
226,1A7,635
32,589,590
14,529,807
620,784,211
Market risk is the risk that changes in market prices such as foreign exchange rates and interest rates will affect the Company's income or the value of its
holding of financial instruments. The objective of market risk management is to manage and contol market risk exposures within acceptable pammeters,
while optimising the retum.
a) Currency risk
The Company is exposed to currency risk on certain revenues and purchase of raw material, spare parts, accessories and capital item. Majority of the
companys foreign currency pwchase are denominated in USD and EURO. All the export proceeds are receipt in USD, 50% ofexport proceeds are crediting
to o(port retention quota sccolmt and rest ofthe 50olo are converted to Taka and oediting to company's current accormt
l) Exposurc to currency r{sk
The Comparry's exposure to foreign currency risk was as follows based on notional amounts (in Taka):
As at 31 December 2013 As at 31 December 2013
USD
40,400
4q400
'usp
EUR
42,991
I13,61I
156,602
EUR AED
Foreign curency denominated assets
Receivable from customers-Export
Cash at bank
35
As at 31 December 201 3 As at 31 December 2012
Foreign currency denominated liabilities
Trade payables
Short term bank loan
Royalty & Technical Fees
Net exposure
USD EUR
7,456 468,813
3,188,661 59,000
AED
33,511
USD EUR
77.7004
106.9858
2t.ts87
64,980 239,439
- 2,g1g,ggl -
.6,081,609
527,813 33,511 5,615,817 239,439
(6,041,2A9)
$27,813)
(33,511) (5,459,215) (239,439)
The Company has foreign exchange gain ofTk 5,641,225 during the par ended 3l Dec 2013 (31 Dec 2012: Exchange gain Tk I 1,054,498).
The following significant exchange rates have been applied:
Exchange rate as at
31 Dec20l3 3lD*2012
Taka Taka
US Dollar
EURO
AED
ii) Foreign exchange rate sensitivity analysis for foreign curreney expenditures
At 31 l)ecember
USD (3 percent movement)
EUR (3 percent movement)
AED (3 percent movement)
b) Interest rate risk
Fixed rate instruments
Financial assets
lnvestment in FDR
Cash at banks
Financial liabilities
Term loan
Bank overdraft
79.7000
10s.4780
21.70t4
A stengihening or weakening ofthe Takq as indicatd below, against the USD, EUR and AED at 3l December would have increased(decreased) profit or
loss by the amounts shown below.
As at 3l December 2013 As at 31 December 2A72
Profit or (loss) Profit or (loss)
Strengthening Weakening
Taka Taka
Stregglhening
_
Weakening
Taka Taka
Interest rate risk is the risk that arises due to changes in interest raies on borrowings. The Comparry is not significantly exposed to fluctuation in interest rates
as it has neither floating interest rate bearing financial liabilities nor entered into any type of derivative instrument in order to hedge interest rate risk as at the
reporting date.
Prolile
At the reporting dale, the interest rate profile ofthe Company's interest bearing financial insEuments was:
Carralng amount
Ar
"t
Ar
"t
31 December2013 31 December2012
(186,842)
(16,324)
(1,036)
175,958
15,373
976
(168,842)
(7,405)
Taka
1,200,762,080
289,214,526
31,177
,626
164,667,668
255,7 83,541
30,074,079
159,006
6,974
Taka
777,264,474
247
358,411
33,497,082
115,925,921
226,107,635
32,589,594
Fair value offinancial asses and liabilities ofthe Company togetherwith carrying amount shown inthe statement offinancial position are as follows:
36
As at 31 December 2013 As at 31 December 2012
Financial assets
Ileld to maturity assets
Investment in FDR
Ioans and receivables
Trade receivables
Other receivables
Loan to associates
Cash equivalents
Financial liabilities
Liabilities carried at amortised costs
Term loan
Bank overdraft
Interest rates used for determining amortised cost
Carrying.amount Fair valug
Taka
Taka
1,20a,762,080 1,200,762,080
536,206,948 536,246,848
24,781,538 24,7 81,538
95,204,185 95,204,185
1,489,976,606 1,489,976,606
Carrying amount
Taka
777,260,474
605,862,856
24,095,796
100,000,000
984,618,885
Fair value
Taka
777,260,474
605,862,856
24,095,796
100,000,000
984,618,885
33,097,482
115,925,921
231,631,258
226,107,635
32,589,590
31-Dec-l2
3.25%-12.500/o
12.00o/o-16.00%
14.zs%-rs.sa%
14,50o/o-15.54%
Libor 0.508250/o
Libor 0.36129%
The interest rates used to discount estimated cash flows, when applicable were as follows:
Investment in FDR
Term loan
Bank overdraft
Short term bank loan (local currency)
Short term bank loan (foreign currencyAJSD)
Short term bank loan (foreign currency/EuRo)
31,177,626
164,667,668
278,661,728
255,783,541
30,a74,078
31,177
,626
164,667,668
278,661,728
255,783,541
34,074,078
33,097,082
115,925,921
231,631,258
226,107,635
32,589,590
3l-Dec-l3_
7,2s%-11.2s%
t2.00%-t7.04%
14.zs%-tsj0%
14.s0%-15.50%
Libor 0.349000/o
Libor 0.361300/o
37
33. Related party disclosures
During the year ended 3l December 2013, Company entered into a number of transactions with related
parties in the normal course of business. The names of the related parties, nature oftlese tansactions and
amount thereof have been set out below in accordance with the provisions of BAS 24: Related Party
Disclosures.
33.1 List of related parties with whom transactions have taken place and their relationship as identified
and certified by management:
Subsidiary companies
Purchase of goods/services
Interest receivables
Rental Income
Loan
Outstanding payables
Associates
Sales of goods/services
Ptrchase of goods/services
Interest receivables
Loan
Key management personnel
Remuneration
Outstanding remrmeration payables
Other related parties
Sales of goods/services
Purchase of goods/services
Outstanding receivables
2013
Taka
241,455,880
244,240,792
5,478,261
500,000,000
20,156,962
10,538
49,079,895
95,204,185
4,612,73A
5 1,5
g7
,062
38,735,613
1,915,618,001
213,519,934
22,770,359
399,159,670
2012
Taka
230,515,724
160,179,499
5,478,261
500,000,000
18,850
,687
I 1,750
43,382,723
7,911,327
100,000,000
2,763,87 5
53,889,372
36,225,372
2,048,713,923
217,959,341
20,009,914
473,211,146
38
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2013
Taka
2An
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35 Earnings per share (EPS)
Calculation of earnings per share (EPS) is as under:
Earnings attributable to the ordinary shareholders
Profit attributable to equity holders of the Company
No. of ordinary equity shares
Weighted average no. of equity shares outstanding (Note 35.1)
Earnings per share (EPS) for the year
Outstanding shares
Effect of issue of bonus shares for the year 2012
35,2 Diluted earning per share
36.
682,418,310 60EJZ3J5?
306227
W
2?8,388,e?s
306,227,829 346,227W
2.23 l.g9
35.1 Weighted average number of ordinary shares
The weighted average number of ordinary shares outstanding during the year is the number of ordinary shares
outstanding at the beginning of the year, adjusted by the number of ordinary shares issued during the year multiplied
by a time-weighting factor. The time-weighting factor is the number of days that the shares are outstanding as a
proportion of the total number of days in the year. The Company declared 107o bonus shares during the year. The
weighted average number of shares is calculated by assuming that the shares have always been in issue. This means
that they have been issued at the start ofthe year presented as the comparative figures.
2013
278,388,935
27,838,894
20t2
278,388,935
27,838,894
306,227,829 306,227,q29
No diluted eamings per share is required to be calculated for the year as there was no scope for dilution during these
years,
Contingent Iiabilities
There are contingent liabilities on account ofunresolved disputed corporate tax assessments and VAT claims by the
authority aggregating to Tk 542,219
,026 Q0l2:
Tk 213
,099 ,667).
Considering the merits of the cases, it has not been
deemed necessary to make provisions for all such disputed claims.
There is also contingent liability in respect of outstanding letters of credit ofTk423,523,967 (2012: Tk 365,399,628)
and letter of guarantee of Tk 40,039,751(2012: Tk 38,164,522).
4t
37. Other disclosures
37,1 Changes in policy & estimates
Changes of royalty policy from 2.57o of net sales to 8% of PBT or 2.5Yo of net sales whichever is lower effective from
0l January 2012. Excess amount ofroyalty provision up to 3l December 2012 for TK 19,461,872 has been adjusted
with cunent year royalty provision. Tax liabilities for disallowances of royalty expenses charged to the financial for
prior years have been adjusted with current year royalty provision.
37.2 Comparativesandreclassification
Interest expenses bookedin2}l2 as cost ofsales is reclassified as finance expenses in 2013.
37.3 Subsidiarydisposal
Classic
Porcelain
RAK Food &
_
B,everage
Taka
1,020,000
Total
Taka
5,100,000
Taka
6,120,000
Sales proceeds
Less: Carrying value (CV) at disposal date:
Net assets at disposal date
CV of NCI at disposal date (Note 37.3.1)
i
Gain on disposal
37.3.1 Non controlling interest at disposal date
Net asset at disposal date
Less: Group company share 51%
Elimination on disposal of subsidiary
Classic
Porcelain
Taka
5,822,928
(2,969,693)
RAK Food &
Beverage
Iaka
(5,777)
2,946
Total
ry
5,81 7
,l5l
(2,966,747)
38. Events after the reporting period
The Board of Directors of RAK Ceramics
@anglad6tl)
Limited, at its I l Sth meeting held on 3 February 2014, has
recommended cash dividend
@15%
(i.e. Tk 1.50 per share of Tk 10.00 each) and stock dividend
@
l0olo for the year
ended on 3l December 2013 which represents 25o/o of the paid up capital. These dividends are subject to final
approval by the shareholders at the forthcoming Annual General Meeting of the Company on 2 April 2014.
2,853,235 (2,83
D
2,850,104
$(mema)Li
w
ffimffi
2,969,693
2,130,307
(2,946)
'
1,0221946
_2,966,747
3Js32s3
42

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