Professional Documents
Culture Documents
Hrtex 2012-2013 Annual
Hrtex 2012-2013 Annual
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Contents
Board of Directors & Corporate Information
Mission Statement
Notice of the 29th Annual General Meeting
Five Years Statistics
Report of the Board of Directors
Audit Committee Report to the Shareholders
Certificate on Compliance of Corporate Governance
1
2
3
4
5
14
16
18
15
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sm
Chairman
Managing Director
Directors
Company Secretary
Auditors
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MISSION
Be a caring company through enriching customer experiences
by providing innovative solutions & process excellence.
VISION
Be an industry thought leader.
Agenda
1. Confirmation of the minutes of the 28' Annual General Meeting of the Shareholders held on
9th April 2013.
2. To receive, consider and adopt the Directors Report and the Audited Financial Statements
for the year ended 30th September 2013 together with the Auditors report thereon.
3. To declare dividend for the year ended 30' September 2013 as recommended by the Board
of Directors.
4. To elect Directors in place of retiring Directors.
S. To approve appointment of the Independent Director
6. To appoint auditors for the year 2014 and to fix their remuneration.
7. To transact any other business on the company with the permission of the Chair.
By Order of the Board
Date: 29/01/2014
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Notes
a.
b.
C.
Shareholders whose names appeared in CDS/Company's Register on the Record date of 20th February 2014 will be
eligible to attend the meeting and will be entitled for dividend for the year ended 30th September 2013.
Member entitled to attend and vote at the annual general meeting may appoint a Proxy to attend and vote on
his/her behalf. The proxy form must be affixed with requisite revenue stamp and must be submitted to the
Corporate Office of the company not less than 48 hours before the time fixed for the annual general meeting.
For smooth conduct of the meeting, members having queries on the audited accounts or on the Directors Report
are requested to submit the same to the office of the company at least 3 days ahead of the meeting.
Al
I;1
General
1.
2.
3.
4.
Financial
1984
1995
1996
1997
Year of Incorporation
Converted into Public Ltd. Co.
Initial Public Offering of Share
Enlistment with DSE and CSE
1,000 Million
253 Million
1. Authorised Capital
2. Paid up Capital
vYa1s....
For the year ended 30 September (1k. in '000)
Particulars
2013
2012
2010
2011
2009
Operations Results
Turnover
Gross Profit
240,413 261,344
64,689
70,651
178,398
184,664
38,137
30,685
Operating Profit
70,013
68,599
61,957
67,635
36,578
29,498
58,309
52,663
57,489
31,091
25,074
2.30
2.08
2.61
1.55
1,25
1.50
-
1.50
0.50
1.00
1.50
1.00
179,578
75,837
141,676
49,972
107,110
489,057
144,762
124,403
106,332
50,412
51,706
14,862
35,300
6,271
(12,534)
(36,529)
500,000
Working Capital
Authorised Capital
Shareholders Equity
397,762
Paid up Capital
253,000
251,706
97,041
44,727
110,736
193,918
184,667
1.02
1.05
1.01
0.98
0.94
4.73
4.38
4.98
2.82
2.41
15.72
14.92
14.83
13.52
12.58
38.40
38.70
3.91
3.88
Other
25,300
25,300
22,000
20,000
20,000
Number of shareholders
13,549
13,837
13,246
13,111
14,094
I:
Distinguished Shareholders
Assalamu Alaikum
It is my pleasure to welcome you to the 29th
Annual General Meeting of your company. It
appears to be a celebrating occasion for me to see
you after one year and I offer my heartfelt thanks
to Allah Almighty who allowed us to meet again
and to discuss on the business issues of your
company. I am also offering my prayer to
Almighty Allah for the salvation of their departed
soul whom we lost during the year. As per the
provision of the articles of the company, I have
the pleasure to present before you the Directors
Report, the Audited Accounts of the company for
the year ended 30th September 2013 along with
the report of the auditors for your consideration.
Business Outlook
Against The business environment during the last
year was turbulent. In view of the unhealthy
Business Operations
Having many odds in the business environment,
the management has tried to keep the business
operation running at the same pace. The
summary result of business operation may be
stated as follows:
Taka in million
Particulars
2013
2012
Increase
(decrease)
717.27
787.20
(8.88)
Garments Sale
1,063.55
830.90
28.00
Cash Incentive
43.60
48.56
(10.21)
Total Revenue
1824.42
1666.66
9.47
1,560.88
1426.24
9.44
Gross Profit
263.54
240.42
9.62
Administrative, Selling
and General Expenses
193.52
175.72
10.13
68.60
61.96
10.72
2.30
2.08
10.58
Fabric Sale
Name of
the Directors
Fee
No of
No of
meetings meetings Paid
attended Taka
held
4 20,000
5 25,000
25,000
25,000
4 20,000
5 25,000
25,000
El
Directors Remuneration
Other than the Managing Director all are non-executive directors. The Managing Directors is paid his
monthly remuneration as shown in the Financial Statements. Except the meeting attendance fee of
1k. 5,000 per attendance, non executive directors including the independent director(s) does not
receive benefits of any other kind.
Summary of key operating and financial data of preceding five years.
The directors are pleased to furnish the summary of the current years key financial data, along with the
same for preceding five years.
Financial Details
Particulars
Total Assets
2012
2011
2010
2009
1,233,793
1,203,178
1,154,709
1,102,704
1,039,677
489,057
392,857
432,858
474,645
471,067
144,762
124,403
106,334
50,412
51,706
Working Capital
14,862
35,300
6,270
(12,534)
(36,529)
1,000,000
1,000,000
500,000
500,000
500,000
Shareholders' Equity
397,762
377,403
326,334
270,412
251,706
Paid up Capital
253,000
253,000
220,000
20,000
200,000
97,041
44,727
110,736
193,918
184,667
Authorised Capital
1,154,709
2013
III
Iii
2012
1,102,704
1,039,677
2011
2010
2009
Operational Risk
Operational risk arises from internal management,
systems failure, maintenance product of quality etc.
The company, over a period of time, has developed
human resources, systems and procedures,
equipped the production facilities with modern
technology. With the above the company is now
operating as a quality product supplier, with high
franchise value. It has developed a pool of quality
human resources who are capable to undertake any
type of export orders relating to knit garments.
Therefore, the management does not foresee any
significant operational risk.
10
Market Risk
The RMG export market is volatile. Since the export
market of the company is mainly within Europe, and
Europe is still under recession, the market has
potential risk. But our exports are the low cost
essential products and with the increasing trend of
labour cost in the Chinese market, Bangladesh is the
direct beneficiary. However, the wage cost in
Bangladesh is also increasing. In order to keep the
cost at minimum, the company has been trying to
increase the efficiency of the workers. Therefore,
although there are market risks to some extent, the
management does not consider it to be very
significant.
Compliance Risk
In light of the recent incidences in some RMG
factories, the compliance requirement is becoming
more strict and there is the possibility of imposing
additional requirements for compliance by buyers
and regulators. The management of the company
has been constantly keeping an eye to remain
compliant always and taking required measures to
comply with the buyer's requirements.
Subsidiary Company
H.R. Textile Mills Limited does not have any
subsidiary company.
b)
c)
d)
e)
f)
g)
Financial Performance
The financial performance of the company was
satisfactory. The summarized financial result of
the company is as follows:
Particulars
68.60
(10.29)
58.31
61.96
(9.29)
52.67
45.50
103.81
30.79
83.46
(37.95) (37.95)
65.86
45
Dividend
Independent Director
Election of Directors
Pursuant to Article 102, 103 and 104 of the
company, Ms. Ruhey Rawa and Ms. Sumbal Azwad
Momen, Directors of the company, will retire and
being eligible, offer themselves for re-election.
57,489
52,663
31,091
2013
2012
25,074
I
2011
2010
2009
II,
Ii I
Shareholding Pattern
The shareholding of the sponsors remained at 51.04% without any change during the year as shown
below:
Name of Shareholders
i)
No. ofShares
Percentage
Nil
3,762,256
3,762,254
3,762,254
507,285
507,285
507,285
Nil
Nil
40,320
15,812
15,812
15,812
3,870
3,870
3,870
3,870
Nil
Nil
Nil
Nil
12,911,855
14.87
14.87
14.87
2.01
2.01
2.01
0.15
0.06
0.06
0.06
0.02
0.02
0.02
0.02
51.04
Out of the balance shares, the institutions and ICB Unit Fund are holding 11.33%, which was 13.01% in
the previous year. The shareholding of the general public has increased to 37.63% compared to 35.95%
in the previous year, on the date of year closing. The above change was mainly due to sell of shares by
Financial Institutional shareholders. The shareholding pattern has been shown at page 32 of this report.
It,
Iii
iii)
Non of the top executives of the company other than Mr. Ziaul Haque, Manager, Income Tax
and Mr. Kamal Ahmed, Manager, Production holds 1,000 share each which was issued to
them at the time of IPO from employees quota.
iv)
No. of shares
3,762,256
3,762,254
3,762,254
Designation
Chairman
Member
Member
Member
Appointment of Auditor
The existing Auditor M/s. Ata Khan & Co,
Chartered Accountants has been carrying out the
audit of the company for the last one year. They
are now retiring and, being eligible for
re-appointment have shown their interest to
continue as auditors of the company. On the
recommendation of the Board Audit Committee,
the Directors of the company is proposing their
appointment and fixing remuneration at the 29th
Annual General Meeting.
12
Qualifications
B.Sc. Engineer and MBA
B.Com (Hons). M.Com , and PhD
B.Com (Hons). M.Com , MBA
B.S.S. (Hons). M,S.S.
in Public Administration
Future Programs
As you are aware, Bangladesh is the second largest
exporter of garments in the global market where
knit garments are playing a vital and significant role.
Your company, with long years of experience in the
field, has created a franchise value in the global
market as a quality exporter. The director, with their
experience and acumen, has worked hard to create
this value. The senior directors, with their high
confidence in the industry, have inducted the
second generation to look after the business, The
Board has the program to expand both horizontally
and vertically but cautiously, so that the history
created by the company with the support of general
shareholders can be continued with confidence.
10
ED
MohammadA
bdul Momen
Chairman
Dated: January 29, 2014
13
I have the pleasure to inform that the year under report is my second year as the Chairman of the Audit
Committee of HR Textile Mills Limited. HR being a public limited company has tremendous amount of
responsibility to protect the interest of stakeholders and the Audit Committee shares this responsibility
to see that the interest of the stakeholders is protected. As an independent director our role was limited
to specific areas where we considered that the management may look closely so that the company functions by complying with rules regulations and cost effective manner.With the above in view, during the
year, the Audit Committee organized a number of meetings.The committee was especially interested to
see that the financials of the company has bearing with the operation, internal audit functions are
carried out smoothly. The meeting also reviewed the pre-audit reports, systems and procedures and
guided the board for further necessary action as and when needed.
The Audit Committee consisted of the following persons
Names
Designation
Chairman
Member
Member
Member
Md.Wali Ullah
Secretary
The Committee held 4 (four) meeting during the year.The meetings were also attended by the company
secretary and chief financial officer.
The Board Audit Committee expressed its sincere thanks to the members of the Board, management,
auditors for their support in carrying out its duties and responsibilities effectively.
14
Iii
We have been appointed by the Management to carry out an audit on the compliance status of the
company on the points specified vide Bangladesh Securities and Exchange Commission a Notification No. SEC/CMRRCD/2006-1 58/Admin/44: dated 7th August 2012. Our views on the specific points
is enclosed.
We do hereby certify that we have examined the books and records of H.R. Textile Mills Limited
specially related the governance areas. We are of the opinion that the company has complied with
the conditions of Corporate Governance Guidelines for the year ended 30th September 2013 as
prescribed by the above BSEC Notification.
Dated:
January
15
Title
Board of Directors:
1
1.1
Board Size
1.2(i) Appointment of Independent Director
1.2 (ii) Independent Directors appointment by the elected Directors
1.3 Qualification of Independent Director (ID)
1.4 Chairman of the Board and Chief Executive Officer of the Company
E
/
V
V
V
V
V
V
V
V
V
V
V
V
V
V
III
16
Iii
Condition
No.
Title
V
V'
V"
V
V
/
V"
V
V
V
V
V
V
Auditors' Report
to
The Shareholders of H.R. Textile Mills Limited
We have audited the accompanying financial statements of HR. Textile Mills Limited (the Company) which comprise
the Statement of Financial Position as at September 30, 2013, Statement of Comprehensive Income, Statement of
Cash Flows, Statement of Changes in Equity and a summary of significant accounting policies and other explanatory
information disclosed in Notes 1-36 to the financial statements for the year then ended.
Management's responsibility for the Financial Statements
Management of the Company is responsible for the preparation and fair presentation of these financial statements in
accordance with Bangladesh Financial Reporting Standards (BFRS); the Companies Act, 1994 and Bangladesh Securities and Exchanges Rules, 1984 and for such internal control as the management determines is necessary to enable
the preparation of financial statements that are free from material misstatements, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit
in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of
material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments,
we consider internal control relevant to the Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the circumstance, but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of H.R Textile Mills
Limited as at September 30, 2013 and its financial performance and its cash flows for the year then ended in
accordance with Bangladesh Financial Reporting Standards and comply with the applicable sections of the Companies Act, 1994, the Bangladesh Securities and Exchange Rule, 1987 and other applicable laws and regulations.
We also report that
(a) We have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the 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 those 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 returns; and
(d) The expenditure incurred was for the purposes of the Company's business.
ATA KHAN & Co.
Chartered Accountants
18
2013
Taka
Notes
2
3
2012
Taka
489,057,212
489,057,2 12
392,857,224
3,088,405
395,945,629
[s2,61 5
340,320,542
84,747,154
34,158,014
78,258,456
744,736,781
125,824,4 53
531,494,230
64,879,600
40,074,232
44,960,118
807,232,633
35,975,524
16,706,788
536,789,159
35,077,154
15,000,086
61,958,063
28,367,322
729,874,096
14,862,685
503,9 19,897
37,921,412
30,622,236
510,663,063
30,364,678
10,710,124
113,734,359
22,415,582
15,500,750
771,932,204
35,300,429
431,246,058
253,000,000
6,956,752
22,378,988
10,000,000
105,427,165
397,762,905
253,000,000
6,956,752
22,378,988
10,000,000
1,613,915
83,453,467
377,403,122
CURRENT ASSETS:
Stocks and Stores
Trade Debtors
Export Incentive Receivables
Advances, Deposits and Prepayments
Cash and Bank Balances
Total Current Assets
LESS CURRENT LIABILITIES:
Bank Overdrafts - Secured
Liability againstTrust Receipts
Creditors
Accrued Expenses
Provision for Taxation
Bills Receivable Discounted
Workers' Participation/Welfare Funds
Dues to Associated Company
4
5
6
7
8
9
10
11
12
13
14
15
16
WORKING CAPITAL
NET ASSETS
FINANCED BY:
SHAREHOLDERS EQUITY:
Share Capital
General Reserve
Tax Holiday Reserve
Dividend Equalisation Reserve
Capital Reserve
Unappropriated Profit
TOTAL SHAREHOLDERS EQUITY
18
19
20
21
22
LONG-TERM LIABILITIES:
Long-term Loans - Secured
Provision for Gratuity
23
24
97,041,566
9,115,426
106,156,992
503,9 19,897
15.72
44,727,510
9,115,426
53,842,936
431,246,058
14.92
A.Moyeen(^^M
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Director
Director
19
Particulars
2013
Taka
Notes
1,618,091,942
48,565,642
1,824,420,648
1,560,884,821
263,535,827
193,522,486
1,666,657,584
1,426,244,288
240,4 1 3,296
175,723,590
15
70,013,341
2,016,391
72,029,732
3,429,987
30
68,599,745
10,289,962
64,689,706
365,400
65,055,106
3,097,862
61,957,244
26
Turnover
Less: Cost of Goods Sold
Gross Profit
Less: Administrative, Selling and General Expenses
Operating Profit
Add: Other Income
Profit before Contribution to Workers' Participation/Welfare Funds
Less: Contribution to Workers' ParticipationfWelfare Funds
27
28
29
2012
Taka
1,780,820,020
43,600,628
25
Sales
Export Incentive
58,309,783
45,503,467
Net Profit
Unappropriated Profit brought forward
9,293,587
52,663,657
30,789,810
1,613,915
105,427,165
83,453,467
37,950,000
105,427,165
45,503,467
2,30
2.08
The annexed notes ito 36 form an integral part of these financial statements.
oyeed
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Direct
A.Moyeen
Director
!iUIlah
Company Secretary
Director
20
Particulars
2013
Notes
2012
Taka
Taka
1,997,743,173
(1,749,235,575)
248,507,598
(46,527,167)
(1,509,861,584)
143,810,279
(52,796,118)
(22,402,348)
(15,176,611)
179,578,083
75,837,550
(153,283,890)
(11,337,953)
1,653,671,863
2.2
30,830,914
(1,945,888)
(13,915,448)
(15,500,750)
68,575,111
(16,261,055)
( 3,947,825)
7,004,145
(3,2 1 8,235)
(9,570,250)
(43,803,190)
(22,205,715)
33,298,338
44,960,118
(5,716,390)
(53,682,866)
10,816,731
34,143,387
10,816,731
44,960,118
3,00
33,298,338
78,258,456
7.10
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A
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Directi
Dated: Dhaka
January 29, 2014
liii
A.Moyeen
Director
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Notes
Particulars
Turnover and other income
25,26 & 29
27.1
Output
Less: Bought-in goods and services
2012
Taka
1,826,437,039
1,667,022,984
2,562,559
173,270
1,828,999,598
1,667,196,254
(1,504,870,130)
(1,370,477,540)
324,1 29,468
296,718,714
Value added
Value distributed:
To Employees in the form of salaries, wages and allowances
To Government in the form of income-tax
To Lenders in the form of interest
For replacement of fixed assets as depreciation
204,582,311
189,711,189
10,289,962
9,293,587
46,527,167
57,083,902
5,646,126
324,129,468
52,796,118
49,743,917
(4,826,097)
296,718,714
oed
Direct
A.Moyeen
Director
GM`A. AMk
APome
Director
Dated: Dhaka
January 29, 2014
I IIll]
23
Reporting Period:
The financial period of the Company covers an accounting year from 1 October to 30 September next consistently.
24
-.-".-,-
III
IiI
liii
25
2013
Receivables
1 US Dollar
Tk. 78.05
2012
Payables
Tk. 78.21
Receivables
Payables
Tk. 81.18
Tk. 81.35
26
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Annual Report 2013
Note 28.1
2013
Taka
2012
Taka
51,375,512
5,708,390
57,083,902
46,057,648
3,686,269
49,743,917
1,595,134
51,339,051
3,088,405
3,088,405
These interest has been charged to revenue as and when these have been due.
4. Stocks and Stores
4.1 The make-up is as follows:
Item
Stock of Yarn - Note 4.2
Stock of Dyes and Chemicals - Note 4.3
Stock of Work-i n-Process - Note 4.4
Stock of Finished Products -Note 4.5
Stock of Accessories
Goods in Transit
2013
2012
Quantity
(In Kg.)
Amount
(InTaka)
380,973
118,592
124,091,343
22,462,733
19,827,536
23,421,522
8,253,401
5,626,069
203,682,604
3,570,011
207,252,615
181,834
136,252
53,523,472
19,643,629
18,254,536
20,858,963
4,223,939
7,056,940
123,561,479
2,262,974
125,824,453
380,973
380,973
124,091,343
124,091,343
181,834
181,834
53,523,472
53,523,472
16,943
101,649
118,592
12,054,842
10,407,891
22,462,733
17,560
118,692
136,252
10,921,314
8,722,315
19,643,629
Stock of Spares
Quantity
(In Kg.)
Amount
(In laka)
Stock of Yarn
4.3 Stock of Dyes and Chemicals
Dyes
Chemicals
4.4 Stock in Work in Process
Cost of Materials
Cost of Conversion
7,707,710
12,119,826
19,827,536
7,991,136
10,263,400
18,254,536
Finished Garments
Knitted Fabrics
S.
Trade Debtors
7,495,476
15,926,046
23,421,522
-
34,945
34,945
2013
US$
Taka
4,363,647
340,320,542
340,320,542
US$
6,547,108
-
43,943
43,943
8,254,666
12,604,297
20,858,963
2012
Taka
531,494,230
531,494,230
28
II,
Iii
2013
Ta ka
64,879,600
23,733,073
41,146,527
43,600,627
84,747,154
2012
Taka
59,838,659
43,524,701
16,313,958
48,565,642
64,879,600
951,100
-
7,677,000
14,641,584
23,269,684
1,657,358
16,500,000
3,932,354
7,350,230
29,439,942
liii
6,416,121
5,405,819
1,176,9891,805,651
3,295,220
3,422,820
10,888,330
10,634,290
34,158,014
40,074,232
422,710
508
474,369
9,482,767
222,805
764,199
915
36,016,826
1,1 14,735
142,000
29,268
14,091,459
93,870
6,061
11,881
766
176,397
80,008
1,850,137
54,655
64,841,231
906
16,270,781
510,658
969,357
134,368
13,918,522
6,340
204,758
81,278
2,418,295
166,556
34,876,924
1,391,647
513,500
9,167,581
1,109,345
865,205
13,047,278
77,888,509
369,947
78,258,456
2,678,708
1,542,583
3,944,516
1,043,226
823,591
10,032,624
44,909,548
50,570
44,960,118
29
2013
Taka
15,275,755
20,699,769
35,975,524
2012
Taka
15,708,552
22,212,860
37,921,412
16,992,224
13,630,012
30,622,236
9. Bank Overdraft
Trust Bank Ltd, 5KB Branch
AB Bank Ltd, Motijheel Branch
These are secured
2012
2013
11. Creditors
uss
6,016,816
Taka
470,575,169
US$
5,779,145
Taka
470,133,442
18,235,751
873,707
20,994,367
54,327
371,469
510,663,063
19,535,284
1,135,821
44,996,542
174,874
371,469
536,789,169
These are unsecured but creditors for import purchases are against back to back L/cs.
12. Accrued Expenses
Gas Expenses (Factory)
Electricity bill
Telephone
Salaries,Wages and Allowances
Insurance Premium for Factory
Security bill
Legal Fee
Auditors' Fee
AGM Expense
30
2013
Taka
11,355,484
46,500
45,633
16,411,845
5,286,027
771,665
60,000
100,000
1,000,000
35,077,154
2012
Taka
11,022,130
70,533
48,864
13,950,213
3,576,970
535,968
60,000
100,000
1,000,000
30,364,678
15,976,112
(976,026)
15,000,086
10,425,309
284,815
10,710,124
10,425,309
11,550,803
21,976,112
(6,000,000)
15,976,112
6,663,507
11,588,183
18,251,690
(7,826,381)
10,425,309
30
2013
Taka
284,815
(1,260,841)
(976,026)
2012
Take
2,579,411
(2,294,596)
284,815
113,734,359
328,781,272
442,5 1 5,631
380,557,568
128,535,450
441,512,715
570,048,165
456,31 3,806
61,958,063
113,734,359
22,41 5,582
3,429,987
2,521,753
28,367,322
17,364,243
3,097,862
1,953,477
22,415,582
2013
Taka
1,000,000,000
2012
Take
1,000,000,000
253,000,000
140,000,000
60,000,000
20,000,000
33,000,000
253,000,000
253,000,000
140,000,000
60,000,000
20,000,000
33,000,000
253,000,000
I: 1
31
Annual Report 2013
Classes of Holdings
Sponsor/Directors
Financials Institutions
ICB
ICB Investors A/c
ICB Mutual Fund
ICB Unit Fund
General
Public
Total
No. of Shares
12,911,855
1336,290
178,020
2013
2012
No. of Shares
12,911,855
1,583,349
5,520
235,356
83,836
1,384,394
9,095,690
25,300,000
51.04
5.28
0.70
60,836
1,293,615
9,519,384
25,300,000
0.24
5.11
37.63
100.00
51.04
6.26
0.02
0.93
0.33
5.47
35.95
100.00
No.of
Shareholders
5,861
5,811
879
710
201
58
13
6
3
7
13,549
2013
No.of
Shares
1,254,737
2,905,500
884,250
1,727,500
1,1 54,500
528,000
952,015
840,000
951,264
14,102,234
25,300,000
Holdings
(ib)
4.96
11.49
3.51
6.82
4.56
2.08
3.76
3.32
3.76
55.74
100.00
No.of
Shareholders
6,374
5,532
935
691
219
48
21
7
3
7
13,837
2012
No.of
Shares
1,304,737
2,766,000
888,250
1,727,500
1,204,500
528,000
1,092,000
840,000
756,000
14,193,013
25,300,000
Holdings
(%)
5.16
10.93
3.51
6.83
4.76
2.09
4.31
3.32
2.99
56.10
100.00
32
2013
Taka
6,956,752
6,956,752
2012
Taka
6,956,752
6,956,752
I
I I I
2013
Taka
22,378,988
22,378,988
2012
Taka
22,378,988
22,378,988
10,000,000
10,000,000
10,000,000
10,000,000
2013
Taka
52,227,962
(44,107,921)
(6,506,1 26)
(1,613,915)
-
Revaluation surplus
Depreciation charged
Adjustment of revaluation surplus on Discarded Machines
Transfer to Retained Earnings
Closing balance
2012
Taka
52,227,962
(44,107,921)
(6,506,126)
1,613,915
16,261,055
28,466,455
53,859,302
43,182,264
97,041,566
44,727,510
Principal
2013
Interest
Total
-
-
2012
Interest
Total
13,172,650
13,172,650
3,088,405
3,088,405
16,261,055
16,261,055
2013
Taka
5,000,000
388,767
48,470,535
53,859,302
I I i 1
Principal
.,.. .
2012
Taka
43,845,930
28,423,715
72,269,645
33
2013
Taka
19,499,280
(14,499,280)
5,000,000
2012
Taka
43,845,930
(24,346,650)
19,499,280
The loan has been taken from AB Bank Ltd, Motijheel Branch for import of Plant and machinery,The loan carries interest at
17% and is repayable in 36 monthly installments, starting from 9th December 2009.The loan is secured by hypothecation of
stock and machinery, equipment and book debts.
23.5 The movement of loans is as follows:
Opening balance
Loan re-paid
Closing balance
2013
Taka
8,967,175
(8,578,408)
388,767
2012
Taka
28,423,715
(19,456,540)
8,967,175
The loan has been taken from Trust Bank Ltd, Motijheel Branch for import of Plant and machinery.The loan carries interest
at 16.50% and is repayable in 60 monthly installments, starting from 2 July 2008. The loan is secured by hypothecation of
stock, machinery, equipment and book debts.
2013
Taka
48,470,535
2012
Taka
48,470,535
The offshore term loan has been taken from The Honkong and Shanghai Banking Corporation Limited, Anchor Tower, 108
Bir Uttam C.R. Dutta Road, Dhaka-1205, Bangladesh, for import of Plant and Machinery. The loan carries interest at 5% and is
repayable in 16 monthly installments, starting from 1 January 2014.
2013
Taka
43,182,264
2012
Taka
43,182,264
The offshore term loan has been taken from Mutual Trust Bank Limited, MTB Centre, 26 Gulshan Avenue, Gulshan-1,
Dhaka-1 212, Bangladesh,for import of Plant and Machinery at 360 days deferred L/C payment.
24. Provision for Gratuity
Opening and Closing balance
25. Sales
Item
34
Quantity
(In Kg.)
2013
Amount
(US$/EURO)
Amount
(InTaka)
9,189,846
717,267,480
Export sales:
Knit fabrics
1,570,093 kgs
Garments
Total
Quantity
(In Kg.)
2013
Taka
9,115,426
2012
Taka
9,115,426
2012
Amount
(In USS/EURO)
Amount
(InTaka(
787,197,190
2013
Taka
43,600,628
43,600,628
2012
Taka
48,565,642
48,565,642
2013
Taka
1,199,021,896
154,046,141
886,694
51,375,512
12,810,184
1,117,808
46,861,468
3,747,032
25,948,258
3,853,602
3,856,930
3,270,264
4,430,324
43,558,336
6,251,783
3,323,288
659,860
1,565,020,380
18,254,536
1,583,274,916
19,827,536
1,563,447,380
20,858,963
1,584,306,343
23,421,522
1,560,884,821
2012
Taka
1,081,777,037
145,678,583
645,441
46,057,648
12,467,151
942,529
44,735,878
3,260,078
28,050,670
3,595,683
3,569,300
3,171,638
3,727,209
42,0 1 5,700
3,576,970
4,090,743
655,300
1,428,01 7,558
16,654,536
1,444,672,094
18,254,536
1,426,417,558
20,685,693
1,447,103,251
20,858,963
1,426,244,288
liii
Quantity (Kg)
2,738,786
181,480
760,358
-
-
Taka
877,643,818
128,850,740
129,260,895
63,266,443
1,199,021,896
Quantity (Kg)
2,694,406
189,227
643,754
2012
Take
793,098,360
117,687,631
118,064,536
52,926,510
1,081,777,037
35
Annual Report 2013
2013
Taka
No.of Employee
76,859,300
625
77,187,141
1,245
154,046,441
1,870
2012
Taka
No. of Employee
71,866,023
412
73,812,560
1,210
145,678,583
1,622
2012
2013
28. Administrative, Selling and General Expenses
Taka
Taka
28.1 The break-up is as follows:
2,600,000
2,600,000
Directors Remuneration - Note 28.2
44,032,606
50,535,870
Salaries and Allowances - Note 28.3
4,279,900
4,110,285
Security Service charge
3,686,269
5,708,390
Depreciation - Note 2.3
2,263,450
2,1
93,935
Postage, Courier,Telephone and Fax
1,697,573
11639,557
Traveling and Conveyance
60,000
60,000
Legal and Professional expenses
100,000
100,000
Auditors Fee - Note 28.2
1,931,798
2,052,630
A.G.M expenses
1,896,500
1,962,906
Registration and Fees
3,359,680
3,691,208
Staff welfare
3,520,279
3,523,445
Stationery expenses
4,868,630
5,042,173
Office Repairs and Maintenance
5,614,453
5,685,451
Vehicle expenses
813,768
934,030
Entertainment expenses
6,145,956
6,514,194
Buying House Commission
13,403,313
20,544,098
Freight Charges & Freight out
52,796,118
46,527,167
Interest expense- Note 28.4
21,099,737
28,561,504
Bank Charges
1,553,560
1,535,643
Miscellaneous
175,723,590
193,522,486
Total
28.2 No remuneration or fee, other than that specified in note 28.1 was paid to directors and auditors.
2012
2013
28.3 Salaries and Allowances:
No.of Employees Taka
No.of Employees Taka
41,756,965
92
46,732,660
98
Employees drawing Tk.3,000 or more
2,275,641
28
3,803,210
33
Employees drawing less than Tk.3,000
44,032,606
120
50,535,870
131
28.4 Interest expense is as follows:
Particulars
Interest on Lease Finance
Interest on Workers' Participation/Welfare Funds
Interest on Long Term Loans
Interest on Loan against Trust Receipt and Bills Dscount
Interest on Bank Overdraft
29.Others Income
Rental income
Interest on fixed deposits
30.Provision for Taxation
Current Tax expense
Deferred Tax expense
36
2013
Taka
3,602,990
2,521,753
3,956,247
31,476,273
4,969,904
46,527,167
2012
Taka
4,219,613
1,953,477
5,623,174
37,868,762
3,131,092
52,796,118
2013
Taka
365,400
1,650,991
2,016,391
2012
Taka
365,400
11,550,803
(1,260,841)
10,289,962
11,581,136
(1,435,885)
10,145,251
365,400
.
..
ED
Annual Report 2013
2,600,000
-
-
-
2,600,000
-
30,081,520
1,440,760
5,013,590
50,535,870
2,600,000
-
-
2,600,000
26,419,563
13,009,780
4,603,263
44,032,606
It,]
Taka
36,210,18
-
26,666,000
20,699,769
5,000,000
12,684,300
11,769,893
-
113,030,120
AB Bank Ltd.
Motijheel Branch, Dhaka
300,000,000
100,000,000
45,000,000
40,500,000
20,000,000
1,000,000
14,960,000
521,460,000
375,844,668
35,292,063
1,511,040
4,022,488
15,275,755
-
388,767
432,334,781
200,000,000
50,000,000
250,000,000
51,046,785
Taka
500,000,000
50,000,000
100,000,000
20,000,000
5,000,000
45,000,000
15,000,000
68,390,740
803,390,740
Unutilised
2012
2013
Taka
Taka
463,789,842 292,249,000
50,000,000 48,334,440
73,334,000 32,816,000
(699,769) (2,212,860)
-
32,3 1 5,700 28,007,776
3,230,107 (3,056,500)
68,390,740 48,891,460
690,360,620 455,029,316
51,046,785
20,000,000
395,000,000
280,000,000
40,000,000
20,000,000
20,000,000
54,000,000
1,200,000
830,200,000
48,470,535
48,470,535
.-
148,953,215
50,000,000
198,953,215
20,000,000
395,000,000
280,000,000
40,000,000
20,000,000
20,000,000
5,529,465
1,200,000
781,729,465
37
Annual Report 2013
2013
Imported
Local
Taka
422,023,137
789,809,643
1,211,832,780
%
34.83
65.17
100.00
Taka
475,693,540
618,550,648
43.47
56.53
1,094,244,188
100.00
34. The capacity and actual production of the company are as follows
Item
Capacity
84
Actual
Production
Percentage (%)
of achievement
56.20(2012:39.17)
66.90(2012:46.63%)
2,990
1,570(2012:1,434)
52.51 (2012:47.95%)
Nature of Transaction
Export Sale
Current Dues
2013
Taka
689,626,316
Taka
753,546,346
15,500,750
2012
36. General
36.1 There was no sum for which the company was contingently liable as on 30 September 2013 and 2012.
36.2 There was no claim, except an aggregate amount of Tk. 26,01 9,493 (2012: 22,338,256) claimed by the Tax Authority
but appealed against by the company, not acknowledged as debt as on 30 September 2013 and 2012. Such claim,
being contingent liability, needs not be provided for.
36.3 There was no credit facilities available to the company, except trade credits and back to back L/c facilities, during the
years ended 30 September 2013 and 2012.
36.4 There was no foreign shareholder of the company as on 30 September 2013 and 2012 and no dividend was remitted
to any foreign shareholders during the years ended 30 September 2013 and 2012.
36.5 There was no capital expenditure contracted but not incurred or provided for at 30 September 2013 and 2012.
36.6 There was no capital expenditure authorised by the Board but not contracted for at 30 September 2013 and 2012.
anaging Direct*
A.Moyeen
Director
CkM.1AA A AMA ^o m e
Directory
Dated: Dhaka
January 29,2014
38
Eil
Revenue
Stamp
1k 10.00
ATTENDANCE SLIP
Authorized Signature
Note: Shareholders attending the meeting in person or by proxy are requested to complete the attendance slip and
hand it over at the registration counter of the meeting hall, Valued shareholders may kindly note that the entry of non
members is restricted.
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