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Baraka P o w e r Limited
Baraka Power Limited
Statement of Financial Position (Un-Audited)
as on September 30,2015
30-09-2015 30-06-2015
ASSETS Notes Taka Taka Taka ~ i k a
Consolidated Separate Consolidated Separate
Non-Current Assets
Property, Plant & Equipment
Intangible Assets
Capital Work-in-progress
Investment in Subsidiary
Investment in Associate
IPO Expenses
Pre-Operating Expenses
Total Non-Current Assets
CurrentAssets
Inventories
Accounts Receivables 12.00 730,621,531
Other Receivables 13.00 5,657,898
Advances, Deposits & Pre-payments 14.00 209,708,507
Cash &Cash Equivalents '
"
TOTAL ASSETS
Non-Current Liabilities
Term Loan-Long Term Portion
Finance Lease Liability-LongTerm Portion 20.00
Provision for Gratuity
Total Non-Current Liabilities
Current Liabilities
Term Loan-Short Term Portion 19.00
Finance Lease Liability-Short Term Portion 20.00
Short term Liabilities 22.00
Liabilities for Expenses 23.00
Provision for Tax 24.00
Payable for WPPF 25.00
Accounts Payable
Other Payables
Total Current Liabilities
The accounting policies and other notes form an integral part of these financial statements
,
Company Secretary Head of ~ i n a h c e A Director
Dated: Dhaka
Novernher 11.2015
Managing $rector {A~L Chairman
Baraka Power Limited
Statement of Comprehensive Income (Un-Audited)
for the period ended September 30,2015
h .
Particulars Notes
Financial Expenses
Profit before WPPF
Contribution to WPPF
Profit before Tax
Income Tax Expenses 34.00 (14,049,614) (14,922,946) (12,876,656) (14,779,740)
Total comprehensive income for the period 198,716,215 93,195,578 172,960,549 77,282,635
The accounting policies and other notes form an integral part of these financial statements.
Dated: Dhaka
November 11,2015
7-Managin irector
Baraka Power Limited
Consolidated Statement of Changes in Equity
for the period ended September 30,2015
Amount in Taka
Equity Attributable to Owners of the Company Non .:.
Particulars Share Retained Controlling Total Equity
Share Capital Total
Premium Earnin~s Interest
Balance as on 01-07-2014 1,311,156,000 970,000,000 269,065,674 2,550,221.674 488,139,110 3,038,360,784
Managing ~ i f e c t o r
Dated: Dhaka
November 11.2015
Baraka Power Limited
Consolidated Statement of Changes in Equity (Un-Audited)
for the period ended September 30,2015
~ m o u i iin
t Tk
Balance as on 01-07-2014
Balance as on 30-09-2015
I I
I
I
I
93,195,578
I
93,195,578
Dated: Dhaka
November 11,2015
Baraka Power Limited
Statement of Cash Flows (Un-Audited)
for the period ended September 30,2015
Particulars
Quarter Ended
30-09-2015
Quarter Ended
30-09-2014
- .
Taka Taka Taka Take
Consolidated Separate Consolidated Separate
Cash Flow from Operating Activities:
Net Cash Inflow/(Outflow) for the year 34,632,700 32,049,096 24,865,444 20,540,666
Net Operating Cash Flows Per Share (NOCFPS) 3.35 1.14 3.60 0.40
The above balance consists of the following
Cash in Hand 4,388,578 1,471,002 3,630,889 2,236,709
Cash at Bank 126.953.900 113.525.500 22.515.755 17.204.312
FDR 24,563,000 20,500,000
Total 155,905,478 114,996,502 46,646,644 19,441,021
Company Secretary
L?fi!k
Head of Finance
Director
Dated: Dhaka
November 11.2015 s
'
Managing rector
*.: Chairman
Baraka Power Limited
Consolidated Notes t o the Financial Statements
As on and for the first quarter ended September 30,2015
1.00 Reporting Entity:
1.01 Background of the Company:
Baraka Power Limited previously known as Barakatullah Electro Dynamics Ltd. (hereinafter referred to as the
Company) was incorporated in Bangladesh on June 26,2007 as a Private Limited Company. On September 25,2008
the Company was converted as Public Limited Company under the Companies Act, 1994.
..
The Company was listed with both Dhaka Stock Exchange Limited (DSE) & Chittagong Stock Exthange Limited
(CSE) on May 16,2011 and trading of the share of the company has been started from May 19,2011.
The registered office of the Company is situated at 102 Azadi, Mirboxtola. Sylhet-3100.
The following Bangladesh Accounting Standards were applied for the preparation of the financial statements for
the period under review:
BAS - 1 Presentation of Financial Statements
BAS - 2 Inventories
BAS - 7 Statement of Cash Flows
BAS - 8 Fundamental Errors and Changes in Accounting Policy
BAS - 10 Events after the reporting period
BAS - 12 Income Taxes
BAS - 1 6 Property, Plant and Equipment
BAS - 1 8 Revenue
BAS - 21 The effects of changes in foreign exchange rates
BAS - 23 Borrowing Costs
BAS - 24 Related Party Disclosures
BAS - 28 Investments in associates
BAS - 33 Earnings per Share
BAS - 36 Impairment of Assets
BAS - 37 Provisions, Contingent Liabilities and Contingent Assets.
BAS- 39 Financial instruments: Recognition & Measurement
2.02 Other regulatory compliances
In addition to the aforesaid, the Company is also required to comply with the following in addition to the
Companies Act 1994 and other applicable laws and regulations:
The Income Tax Ordinance, 1984
The lncome Tax Rules, 1984
The Value Added Tax Act, 1991
The Value Added Tax Rules, 1991
The Bangladesh Labor Act, 2006
The Securities & Exchange Ordinance, 1969
The Securities & Exchange Rules, 1987
The Dhaka Stock Exchange (Listing) Regulations, 2015
The Chitt;~gongStock Exchange [Listing) Regulations, 2015
Date of authorization:
The Board of Directors authorized the financial statements for issue on November 11,2015.
Reporting Period:
The financial period of the Company covers three months from july 01,2015 to September 30,2015.
Accrual Basis of Accounting
These financial statements have been prepared under the accrual basis of accounting.
..
Basis of Measurement:
All the elements of financial statements have been measured on "Historical Cost" basis which is one of the most
commonly adopted basis as provided in "The Framework for the Preparation and Presentation of Financial
Statements" issued by the Bangladesh Accounting Standards (BAS].
Estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are
recognized in the period in which the estimates are revised if the revision affects only that period, or in the period
of revision and future periods if the revision affects both current and future periods.
In particular, information about significant areas of estimation uncertainty and critical judgments in applying
accounting policies that have the most significant effect on the amount recognized in the financial statements are
described in the following notes:
Note 04: Property, Plant & Equipment (considering useful life of assets];
Note 05: Intangible Assets (considering useful life of assets);
Note 09: IPO Expenses (considering period of amortization of assets);
Note 10: Pre-operating Expenses (considering period of amortization of assets];
Note 11: Inventories;
Note 12: Accounts Receivable;
Note 21: Provision for Gratuity;
Note 23: Liabilities for expenses;
Note 24: Provision for Tax.
Functional and Presentational Currency and Level of Precision:
The financial statements are prepared in Bangladeshi Taka (Taka/Tk./BDT] which is the Company's both
functional currency and presentation currency. All financial information presented in Taka and have been rounded
off to the nearest Taka.
The company has been complied BFRS 10, BAS 27 & BAS 28 in times of preparing consolidated financial statement.
Baraka Power Limited has held shares 5 1 % as well as management control over as per BAS 28 Para 13 or held
share more than 50%. the companies are treated as subsidiary companies. Baraka Power Limited has held shares
more than 20% or equivalent to 50% along with significant influence, the companies are treated as associate
companies and consolidation has been done under "Equity Method". Controls exist when Baraka Power Limited
has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
In assessing control, potential voting rights that presently are exercisable are taken into account. The accounting
policies of subsidiaries have been changed when necessary tie align them with the policies adopted by Baraka
Power Limtted.
Subsidiaries
Each item of PPE are depreciated from the month in which the assets comes into use or capitalized. In case of
disposals, no depreciation is charged in the month of disposal.
Depreciation of Power Plant has been charged considering 30 years of useful life and residual value as 10% of
original cost, on straight line basis on the ground that management intends to continue with operation after
completion of 15 years as stated in the Power Purchase Agreement (PPA).
The estimated useful lives of PPE for the current period as follows:
-- -
Furn~ture& F~xtures
-- -- -- -- - -
10 -- --
Office Decorat~on
- - -- -- -
5 - --
Motor Veh~cles - - - -- -
5 -
~alntenanzqu~~ment
--
- - - - - -- ---
5 --
f Impairment
If the recoveracle amount of an asset is less than its carrying amount, the carrying amount of the asset should be
reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss is recognized as an
expense in the income statement.
3.03 Intangible assets:
Intangible assets includes IT software which is used to maintain Company's accounts. It also includes Share
Management Software and Website.
a. Reco~nitionand Measurement:
Intangible assets are measured at cost less accumulated amortization and accumulated impairment loss, if any. It is
recognized if it is probable that future economic benefits that are attributable to the asset will flow to the
enterprise and cost of the assets can be measured reliably as required by BAS 38: Intangible assets. The cost of the
Intdngible assets comprises its purchase price and any costs directly attributable to the assets.
b. Subsequent Costs:
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific
asset to which it relates. All other expenditures are recognized in the Statement of Comprehensive Income when
incurred.
c. Amortization:
Amortization is recognized in the Statement of Comprehensive Income on a straight line basis over the estimated
useful lives of the assets, from the month that they are available for use.
The estimated lives of the IT software (Tally.ERP 9). Share Management Software & Website ~ e v d o ~ m e are
nt
recognized 5 (five) years from the month of its recognition as per management decision.
3.09 Inventories:
Inventories consisting of lube oil, alternator grease, coolnet water, spare parts etc. These are for use in the
operation and maintenance of power plant. Cost of inventories include expenditure incurred in acquiring the
inventories and other costs incurred in bringing them to use. Inventories are valued at cost or net realized valued
which ever is lower.
3.10 Provisions:
A provision is recognized on the Statement of Financial Position date if, as a result of past events, the Company has
a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of
economic beneFits will be required to settle the obligation.
The Company, for its present elig~blepermanent employees, operates a gratuity scheme. This gratuity scheme is
not recognized by the National Board of Revenue. The entitlement is equal to one month last basic salary per
e~nployeeper year. Although no actuarial valuation was done to quantify actuarial liabilities as per BAS 19:
Employ~nentBenefits, such valuation is not likely to yield a result significantly different from the current pl.ovision.
Defined contribution plan (provident fund)
The group contributes to a registered provident fund scheme (defined contribution plan) for employees of the
group eligible to be members of the fund in accordance with the rules of the provident fund constituted under an
irrevocable trust. All permanent employees contribute 10% of their basic salary to the provident fund and the
group also makes equal contribution. The fund is recognized by the National Board of revenue.
Deferred Tax:
In compliance with BAS-12: Income tax, there are no temporary difference is accrued as yet between the carrying
amount of assets and liabilities for financial reporting purpose and amounts used for taxation purpose. As no
deferred tax is accrued.
Revenue Recognition:
Revenue is initially recognized in the Statement of Comprehensive lncome upon supply of electricity based on net
energy output on a monthly basis. Net energy output is determined by the Joint meter reading and verification
committee consisting of Baraka Power Limited personnel's and BPDB representatives. After initial recognition,
adjustment is made on actual bill paid by the BPDB.
This represents the number of ordinary shares outstanding at the beginning of the year plus the number of
ordinary shares issued during the year multiplied by a time weighting factor. The time weighting factor is the
number of days the specific shares are outstanding as a proportion of the number of days in the year.
The company has adequate resources to continue the operation for foreseeable future and hence, the financial
statements have been prepared on going concern basis. Assessed by the management, there are no material
uncertainties relating to events or conditions which may cause significant doubt upon the company's ability to
continue as a going concern.
3.20 Related party disclosure:
As per Bangladesh Accounting Standard (BAS -24) the parties are considered to be related if one of the party has
the ability to control the other party or exercise significant influence over the other party in making financial and
operating decisions. The company carried out transactions in the ordinary course of business on an arm's length
basis with its related parties.
04.00 Property, Plant & Equipment
As o n September 30,2015 (Consolidated) Amount in l'aka
-- - - -
r --
Cost Depreciation Written Down Value
,
1
I SI.
No.
Particulars I Balance a s on Addition d u r i n g during
made
the Balance a s on Rate Balance a s on
Charged
during the
Adj. made
during the as O n As O n
As on
01-07-2015 the p e r h d 30-09-2015 I (96) 01-07-2015 30-09-2015 30-09-2015 30-06-2015
perlod period
-- A~
--
II04
-
03
Office
-- ! Office & Electrical Equipment
Decor%on
-- --
13,662,421
11,203,040
---
' -- --- -
634,500
32,000 - - -- -
14,296,921
11235,040 -
20
20
9,243.607
6,162,061 I
706,647
561218
9 950 254
6,723.279
4 346 667
4511761
441111114
5 010 97'1
I 05 ~ o t o r ~ e h z e s
'
I
1
06
07
Building & Civil ~onstruGGn
Maintenance-
Equ~pment
-
-
-
14,762,543
-
-Pp
483,836,142
- --
13,061,678
-- -
2,320,000
- 7 -
I 17,082,543
483,836,142
20
7
10,602,040
56,600,695
854,127
8,067 967
653,084
11,456 167
64,668.662
9,369,900
5 626 376
119 167 4130
3,691 778
1 1611 50 i
127 235 117
4 (1I1362
1 - - 104,258,786 677,515,132 685,475,OLG
' 08 [plant & Machinery 5,483,798,257 414,786,481 41,264.094 456 050 575 5 027 747 6HL 5 069 01 1 770
414,786,481 41,264,094 - 456,050,575 5,027,747,682 5,069,011,776
538,617 4,353,819 6418517 6957 134
538,617 4,353,819 6,418,517 6,957,134
511,888,881 52,774,299 - 564,663,180 5,711,681,331 5,761,443,936
- -
Allocation of Deoreclatlon
Cost of Sales 41,264,094
General & Admin~strativeExpenses 11,510,205
Total 52,774,299
- -- -
Cost --
- - - Depreclatlon Wrltten Down Vdlue
on Charged Ad'' made
Particulars Balance a s on Rate Balance a s as O n As O n As on
during the during the
15 (96) 01-07-2015 period 30-09-2015 30-09-2015 -30-06-2015
period
1
0 1 Land & Land Develooment 109 362 515 109 ihL 515
-+ -
9,838,428 20
- -- - - -
230,422,092 1
08 ]plant & Machinery 1,827,390449
- - - 1 - -
1,827,3907449
-
09 Motor Vehicles (Leased Assets) - 25 '
- - ---
I
L - -- --
Grand ~-o t a l 2,054,973,747
-P
I 2,838,794 1 - 2,057,812,541
Allocation of De~reciation
Cost of Sales 13,705,428
General & Admin~strativeExpenses 3,228,158
Total 16,933,586
As o n As o n
30-09-2015 30-06-2015
Taka Taka Taka Taka
Consolidated Separate Consolidated Separate
06.00 Capital w o r k i n proEress
Particulars
Plant and Machinery* 316,974,993 316,974,993 316,974.993 316,974,993
Building & Civil Construction 66,531,767 44,769,763 61,966.393 44,769,763
Total 383,506,760 361,744,756 378,941,386;. 361,744,756
*The balance of paint & machinery represents the cost overhauling for 30,000Kwh schedule equipment of the CE Jenbacher gen-sets.
07.00 lnvestment i n subsidiary
Particulars
investment as share capital in BPPL (51%) 481,950,000 481.950.000
Total 481,950,000 481,950,000
Baraka Patenga Power Limited (BPPL) is a Private Company limited by shares awarded by the Bangladesh Power Development Board
(BPDB) to implement 50 MW HFO based IPP power plant on BOO (Built Own Operate) basis for a term of 15 years located a t Patenga,
Chittagong. Baraka Power Limited has been owned 51% shares of BPPL.
08.00 Investment i n associate
Particulars
Investment as share capital in KPL 510,000 510.000
Total 510.000 510.000
Karnaphuli Power Limited, being a 48.57% associate company of Baraka Patenga Power Ltd.. incorporated as private limited company
on November 17, 2014 for the purpose of submitting proposal to Power Division, Ministry of Power, Energy & Mineral Resources
[MPEMR) to implement lOOMW IPP power plant on BOO basis. The proposal was submitted and waitingfor decision of MPEMR.
Amortization expenses charged to the pre-operating expenses throughout 15 years of contractual life of the project on a straight line
basis as per management decision in compliance with Para-M & N, Part -1,Schedule-XI ofthe Companies Act, 1994.
11.00 Inventories
Particulars
Opening Balance
Add: Purchase during the period
19
Quarter Ended Quarter Ended
30-09-2015 30-09-2014
Taka Taka Taka Taka
Consolidated Separate Consolidated Separate
34.00 lncome Tax Expenses
Particulars
Income tax expenses on Revenue 13,764,302 13,764,302 12,876,656 12,876,656
Income tax expenses on Financial &Other Income 1,158,644 1.903.084
lncome tax expenses for BPPL 285,312
Total 14.049.614 14.922.946 12.876.656 . 14.779.740
35.00 Earnings P e r Share (EPS)
Particulars
Profit Attributable to Ordinary Shareholders 147,578,838 93,195,578 123,090,881 77,282,635
Weighted Average Number of Ordinary Shares
153,405,252 153,405,252 153,405,252 153,405,252
Outstanding during the period (Note 35.01)
Basic Earnings P e r Share (EPS] 0.96 0.61 0.80 0.50