INTERIM (UN.

AUDITED) FINANCIAL STATEMENTS

(FTRST QUARTER)

FOR THE PERIOD FROM JULY 2021 TO SEPTEMBER 2021

NATIONAL TEA COMPANY LIMITED

DHAKA, BANGLADESH
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\atiorrai i c:r (iolnparrr Lirnited

St:llrnrcnt ol l'inlncial Posilion
.tr rl Jtl :etltrrrrlrcr'ltil I
30 Sept 2021 3[) ,lunc 2021
(t n-Audilcd) (;l uditcd )
N otcs 'l-al<a Taka
ASSEI'S:
\on-current assets
Propcrti. plant and cqLriirnrcnt^ nel 06.01 l--i-J.tr)n4i-2ils-1
Intangibie assets 06.01 I s-1, zto
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Right-o1:use assets t)6,02 s+ sor.s+o I

Cap ital ri,ork-in-progress 07.00 I os.+so.:oo I

lli\rcstmentS 08.00 I z,ur+,r so I

Def'ened lax assets 09.00 I o+,s:o.rq+ |

2,571,601 ,095 2,,564,656,2',76

(lurrent assets
I uventories 10.00 f-11?s65.6-sT 306.532,424
13iologica) assets other tl.ian bearcr plants 6.03 I o.o::.+oz 5"885.360
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l'ride recervablcs ancl others I t.00 zz.z: r.ooz 52.322.827

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Loan to ernployees 12.00 s.zsu.srrl 4.65 1.839

Advances. deposits and prepal,ments
Advance income tax
r 3.00
r 4.00
|I +t.sr6.3io
s:Jqsptq
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33.674,181
33,7 i 9,63 1

Accrued interest on investrnent I sz+,qqo I 490.447

Cash and cash equivalents r s.00 I zt.eqs.o:z I 287,269,026
Short terrr investnrenl 15.01 I o,qs+.oro I
6.901 .878
449,709,887 731,447,613
l'otal asscts 3,021,310,982 3,296,103,890
S H,{ RE HQ LD EBI' EQLMf A j\.. D l. I A Il I t. I'f I l.:!
Shareholdcrs'equitl'
Share capital 6.00 l----oo.000 000-l
llf---6il0,r0p001
r

Reserve and surplus 17.00 | 924.800.00u 9:4.E00.000 I

Retained eanrings rs.00 I ra I I.837.8iirll r+:+,oqo.:oqtl

578,962,167 556,159,636
\on-current liabilities
l,ong term loan (secured). norr cun.eut portiorl r 9,00 633.1 8s.847 I---?xr 8i-J-f48 I
Pre-liberation Lra:th loan 20.00 2-s3.343 I rs; ;ai
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Leasc Iiabilities. uon current portrol 06.02 52. t 26,1 05 .:.s.r.::,

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I'ru\ i\i(rl'r tbr trratrott 2 r.00 46.270.'t 14 +:.rrso.ro: I

Provisron for gratuitr 22.00 267 .s49.123 | :ooouz.rsi I

Prepaid inconte 2J.00 3.b36.7 I 6 I 1.7e1.834

Other liabilities 24.00 93.0"t5,639 I ro+.:sz.zsz
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Orher I jrhilirie. ipre-taheor eIr 2s.00 r 8.339.s 73 rs.:.:v sz: I

I .1 14,437,060 1,124,255,976
Currenf liabilities
Trac'ie payables anci others 26.00 1 50.783.042 [- 208flr%l
Shorl tenl loan (secured ) 27.t)(t 1.025 198.252 I t.: r+.st, r oz,r I

L,rtng tcmr loan (secLrrctl )" uurreni llorti()n

I casc liabilitret. euil(nl po|ti()n
28.00
06.02
r r6.228.700
6.924.930
I| rsz.ui: ou:
6 e24.ei0
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Securitl,'deposits 29.00 5,546,338 | -s.s+n.:: s

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Dividend payable J0,00 23.030,491 z:,0:u q;; I

t,327,911.754 I,615,688,278
'I'otal shareholde r's equitl and liabilities
___lp2]Jl_q$2_ ___u2qE,82q_
Nct Assef Value (NA\i ) pcr sh:rrc 3r .00 87 .72 84.2',/
'l-hese
Ilnancral .iratcntcnls shoLrld bc rcaci in cor-rjunction rvith anrrexed notes fiom I to,12

W
Managing Director Chiel Fina

Dhaka, 11 NovemLrer 2021

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i\ationtl Tea {,'ornpanr I--iniited

Statement of Profit or [,oss and Other Coniprehensive Incolne
For the First Quarter ended 30 September 2021

J uly'21-Sept'21 Ju1y"20-Sept'20
Notes Taka Taka

T'urnover 32.00 400,851,201 362,722,818

Less: Cost ofgoods sold 33.00 286,88s,244 212,167,831
Gross (loss)/ profit I 13,965,957 90,555,047
Less: Operating expenses
Adrninistrative and general cost 34.00 39,3 5 r,160 38,676,363
Seliing cosl 3s.00 | 4.416.963 t3.391 .655
53,828,124 52,07 4,017
(Loss)/ income from operation 60,137,833 38,481,030
Add: Other inconre 36.00 3,3 30,869 2,660,261
Less: Financial cosl 37,00 (32,053,021) (25,7 41 ,173)
Net (loss)/ profit before tax 31,4I5,681 15,399,518
Less: Tax (expenses)/ income
Curent tax expense 21.00 (2,420,611) (2,189,820
Deferred tax income/(expense) 09,00 6 19) 519 696,1s5
(8,613,150) (1,493,6q5)
Net (loss)/ profit after tax 22,802,532 13,905,853
Other comprehensive income
Total comprehensive incomc __*_u892fi2_ _____!Jg5d53_
Earnings P+r Sharc{EPS){In Talia) 38.00 3.45 2.11

These financial statements should be read in conjunction with annexed notes from 1 to 42

W
I -Chahrran
-
Director ffi
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It4anaging Director Officer

Dhaka, ll November202l
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 Fiational Tca Conrpan,r Limited
Stalement ol Cash Fio*s
For the First Quarler encled 30 Selrtenrber 202I

Jull''21-Sept'21 Ju11,'20-Sept'20
Noteq Taka Taka
(A) Cash flo*'s from operating activities
Collections fi'om tumover and otlier income 317,834,652 331,001,705
Pal,nient for cost and expenses 346.311,750 220.612.657
Cash (used in)/ generated from operation 31,522,907 1 16,399,049

Employees Ioan recovery )1R))O 200,415

lnterest paid (30,672.s1s) (24,316,905)
Advance income tax paid r 4.00 (30,343) (11"336)
Net cash (used in)/ from operating activities 1,038,263 92,195,281
(B) Cash florvs from investing activities
Acquisition of property, plant and equiprnent (32,690,162) (26,142,9_98)
Capital work-in-progress
Shofi temr investnient in fixed deposits receipt (s2,1e2)
Proceeds flom sale of properfy", plant and equiprrent
Net cash used in investing activities (32,742,953) (26,142,998)
(C) Cash flolvs from financing activities
Loan received r8s,s00,000 299,600,000
Loan paid (41s,681,630) (360,344,783
Lease liability paid (1,731,232) (6s2,684)
Dividend paid 442 st.402
Net cash flows from financing activities (231,919,303) (61,448,869)
Net cash increase/ (decreaSe) in cash and cash equivalents (A+B+C) (263,613?994) 4,603,415
Opening Cash and cash equivalents 281,269,026 I 9,1 05,1 88
Closing Cash and cash equivalents ___*_?] t5 32_ __* 23J33fl!_
Net Operating Cash Flow Per Share (NOCFPS) 39.00 0.r6 13.97

These financial statements shor"rld be read in conjunction with amexed notes

W
Chairman
@ Llu'ecIor

Managing Director
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Xatior;iii T'elr (-'rrr.:;i:;rnr [,iniirerl

Notes to the Lin-Auriited Financiiti St*tements
E :jle_&L$_QgA,.t e,. c,.l {ir,{l 3 (}

1.t)0 Background and status

National Tea Companl' Lirnited (liereinafter ref-erred to as "the Cornpan1,,, or ,,NTCL,,) ha,ing
registered offlce at BGIC Tou,er (7th floor). 34 Topkhana Road. Dliaka 1000. Balgladesh.
is a
public limited company since 1978 and its shares are being tradecl at both Dhaka u,rd Chuttug.u,r,
Stock Exchanges. The Company incorporated in 19lB to take over the assets and liabilities fion
Govemment olthe People's Republic of Banglaciesh (GOB) under a scheme of disinvestment of nine
Tea Estates naurely; Patrak-hola. Kurrrah, Champarai, Madanmohanpur, Madabpur, Jagadishpur,
Teliapara, Chundeecherra and Lackatoorah in Sylhet dii,ision. Subsequently in 1g82, the Company
acquired four otl.rer Tea Estates frorn the GOB namell,: parkul, premnagar, n.;oyu and patiya. The
Con-rpan1'could not take the possession of Patiya Tea Estate since the takeover in 1982 because
the
appropriatb authority of the GOB had not iianded over the Tea Estate physically to NTCL. pursuant
to a decision of the Government of the People's Republic of Banglad.it , tt . Company has been
incurring certain overhead cost relating to the patiya Tea Estate.

2.00 Nature of business

National Tea Company Limited carries on the business of plantatiol. cultivation, manufacturing and
selling of tea and rubber. All the Tea Estates except Patiya Tea Estate were in operation during the
period undel reporling.

3.00 Basis of preparation

This un-audited Nine Months Financial Statements are being prepared in accordance with the
requirenrents of- Interiratior-ral Finanqial RepaArng Standaid (IFRS)_34; ,llnferim Financial
Reportir-rg;;. The acCounting policies have been consistently applied by the Company
and, are
consistent with those used in the amual f.inancial slater.nents. Comparative inlorilation has
been
rearranged wherever necessary to conform to the current period's presentation.

4.00 Reporting period and date of authorization

Tirese financiai statements have been covered 03 months from 01 July 2021 to 30 September2O2l.
l'he financial statemellls were authorised lor issue by the Board of Directors on NovemberZ0Zl
li
1br publication.

5.00 Functional and presentation currenclr

These financial statements are presented in Bangladeshi Taka (Taka/Tk.iBDT)" which is both
functionai and presentational currency of the Conpany.
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 30 Sept 2021 30 June 2021
06.02 l,eases Taka Taka
Thc Conrpanv has leased 1br Tea Ilstates' land and has been capitalized under IFI{S 1 6 "Leases". Itrfolmatjon related to
righl-ol--use asseL and lease liabilitv ale depictecl belou:

l. Right of Use (R0U) assets:

Leasehold Land
Opening balance
Add: Additiorr during the year
[-?Jro.r08lt
I ll
s?,4o?sral
7.821.642 |

Less: Depreciation charged during the year I z,os_:.oo: ll p,ztz.zq I

Closing balance 54,963,846 57,016,909

IL Lease liabilities;
Opening balance 60,182,267 59,313,772
Add: Addition during the year 7,821,642
Less: Payment made duling the year (1,731,232) (1,353,,147)
Closinqtralance ___60Jpp67_
Non cun'ent portion
--l2,qi1,El
52,126,105 53,857,337
Cu|renL portion 6,924,930 6,924,930
Total lease liabilities __!2{1{t!_ 60,782,267
a

3t) Sept 202tr 30-Jun-21

Talia Talia
tr.$3 Bir-rlogical assets other tliari hearcr plants
Opening betlance 5,885,360 1,652,658
N-ei cilanges in lair value less estintated cost to sell 6.632,40't 5.88_5.3 60
5.8 85.3 6o ( 1.652.658)
Decrease cluc io harriest ,' phl sical change ( )

------,632407 -----!,8&ifl-
The above assets have been adopted bv the Conrpan)/ on prospective basis lrom last year.

07.00 Capitalwork-in-Progress 69,496,360 69,496,360

08.00 lnvestments 2,014,180 2,01 4,I 80

09.00 Deferred tax assets

Carrying amount of properly, plant and equiprrent (excluding land and
plantation) 341,642,s85 350,736,172
Right of use assets^ net (321,830) (1,859,102.00)
Less:
'fax base (299 ,824,604) (3 I 0,5 3,4.5 5) 5

Tarable tempora ry difference

Provision for gratuity 261 ,549.120 266,6'11.151
Provision for exPenses 60,77 4.558 59,302,27 5

Provision for inventories 0 26,694,111

Deductible tempora rY difference 328,323,679 352,673,537
Net deductible difference 286,827,527 314,349,923
Tax rate 22.50% 22.500

Deferred tax asset 44,536,194 70,728,733

Less: Opening deferred tax assel 10,728,733 93,13 8,571
Deferred tax income
--*--(6122lJ41
10,00 Inventories --g2l!gdigl
a) Stock in trade
Stocl< of tea 202,185,719 231 ,697 ,384
Stocli of'green Ieaf t.026"431 4,105,125
5 r9,s37 Rq? 6q3
Stocli of rLrbber
Sub iotal 203,731,687 212,695,802
b) Stores. spares and food -stufI- 43,933,969 63,836,622
247,665,655 306,532,4?1 .

1 1,00 Trade receivables and others

Sales through local rnarketing unit (unsecured) 3,479,112 1,494,706
Receivable from brol<ers 12"461 .l10 49.034,171
Receiyable fronr warehouse r ,790. r 85 I,793,350
_____JJJ-3J_0 67_ __ s2 ; 22e1_

12.00 Loan to employees ____5frqplJ_ _lfll,Elg-

This represents secured loans gir,'en to the emplo)'ees lor purchase of tnotor car atrd motor c)'cle.

13.00 Advances, deposits and prepavments

Advances 18,828,449 19,171 ,290
Deposits 10,022,160 10,022,161
Prepayments 18,665,12) 4,474,730
47,516,330 33,67 4,181
F?:1:=F

30 Sept 2021 30-J un-2 I

Talia Talia
I i.00 Acii ance incr.rnie tax
C)peninu balance 3t.71 9,63 1 2-5.651.200
Add: Advance urade durins the vear -1l./--1+-l 8.061.431
33.149 "914 lt7tg611
l-ess; Ad.jLrstnrent nrade dr-rrine tlre ;,s"1-
33,719,97 4 ____331]2,63]_
I5,00 Cash ancl cash equivalents
Cash in hand 41,086 195,520
Cash at banli:
Fixed deposit receipts (FDR; (within 3 months) (note- 16.01) 16,132,002 15,91 1,998
Sl.rort tenr deposit accounts 1,623,02s 9,554,085
Current accounts 5,842.919 261,601.423
23.591 .946 281.013.s06

-_____?xl5&32_ ____?u]6e_p5_
15.01 Short ternr investment in FDR (more than 3 months maturity) __5pyM_9_ ___6pqlgz!_
16.00 Share capital
Authorized capital:
25,000,000 ordinary shares ofTaha l0 each 250,000,000 250,000,000
lssued, subscribed and paid up capital
3,000,000 Ordinary shares olTal<a l0 each fully paid up in cash 30,000,000 30,000,000
3,600,000 Bonus share ofTaka l0 each 36.000,000 36,000,000
66,000,000 66,000,000

Cornposition of paid up share capital of the Company as at 30 September 2021 is as follows:

Number of
SL N-o. Name of Shareholder %r of holding Sha res Taka
I Srronsors/Directors
lnvestrxent Corpolation of
28.991% 1,913,770 19,131 ,700
Bangladesh (iCB)
Sadharan Bima Corporation 11,496% 7 58,7 10 7.587,100
Government of the People's
4.333% 286,000 2,860,000
Republic olBangladesh
Mr. Sheikh Kabir Hossain 0.015% 1.000 10,000
Mr. Md. Sarwar I(anral 2.t20o.,'o 139,907 1,399,070
Equitl' Resources Linrited -5.7860,'i, 38 r,850 3,81 8,500
Mr. Md. Shakil Rizvi 2.309% 152,418 1,524,180
Sub total (A) 55.055% 3,633,655 36,336,5s0
General
I nstitutions:
Banl<s and Financial lnstitutions
t.394% 92,006 920,060
olher than ICB
Mutual Funds. Unii Funds.
Bangladesh Funds and Other FLrnds 3.626on 239,318 2,393.180
Other lnstitutions 6 .45loio 425.155 4,257,550
Sub total(B) tl,47 lo/o 757,079 7,570,790
Individuals:
Ceneral public (individuals) 33.414% 2,209,266 22,092,660
Sub total (C) 33.47 4o/o 2,209,266 22,092,660
Total holding (A+B+C) 100.00% _______0flu!q_ ____q Elgqru!_
 3i) Sept 20?1 30-Ju n-2 1

Te_ilq Tirlia
I l.0C Reseri e and surplus
Ge'i-relal reserlt 158.900.000 I 58.900.000
Dt r,eloprrtent reser\'c 640.600,000 6,+0.600.000
Dividcnd equal ization reser\/(' 128.600.00t) 128,600.000
L.ess: Dividend paid during tlre vear 3.300.000) (3,3 00,000 )

I 2 5,3 00.000 125,3 00,000

ln\ L'silreltt fluctualion resel'\ e

924,800,000 924,800,000
Please see the Statement of Changes in Equiry lor details ntovetrent
18.00 Accurnulatedloss
Opening balance (434,640,364) (225,535,1_42)
l-ess: Dividend paid during the year
Less: Transfer to developnteltt reserve
Less: Transfer to general reserve
Accumulated (loss)/ profil carried forward (434,640,364) (225,535,142)
Add: Net (loss)/ profit during the year 22.802.532 (209,r0s,222)
_gtl,!lu,Et!) (434,640,364\

19.00 Long term loan (Secured), non curretrt portion

a) Development loan from Bangladesh Krishi Bank

Opening balance 380,350,'164 266,013,764
Add: Loan received during the year 1 14,337,000

Less: Payment made during the year 18.946.572

361,404,192 380,350,764

!J EEC revqlyjlg fuird through Baryladesh KrisLLBank

Opening balance 5,738,296 5,738,296
Less: Paytllent lnade during the 1's31 1,145,59 r

4.592.705 5.738

c) Long term loan with Pubali Bank Limited

Opening balance 28,396"s32 38,906,149
Add : Loan takerr/ir.rterest capitalized during the year 693,302 2,590,504
29,089,834 41,496,653
L,ess :.Payment ntade during the ,vear 3,968,33 3 13,100,121
25,l2l,501 28,396,532

d) l,ong term loan u'ith Bangladesh Krishi Banli

Opening balatrce 375,712,856
Add : Loan taken/interest capitalized during the year 480,186,717
315.712.856 480,186,7 17
Less : Payment made during the year 17,416,"707 104,413,861
358,296,149 __)15t12,855_

Total long term loan (Secured ) 7 49,414,547 790,198,448

This consists of as follon's:

Within one Year |6,228,700 t51,012,600
Above one year 6i3.1 85,847 633,1 85,848

____712lllfl_ ___J9!23448_
20.00 Pre-liberation banh loan 253,343 253,343
 30 Sep12t)21 30-Jun-2 1

&!3 Tsl.g

? l.titi Frrit'ision 1or taxatrton

6,3 8,1. i 74
43.850.103 3
Openiirg balance '7 465.929
1.420 "6 II
Add: Provislotl lltade ciuring lhe veat
46)'tA.1-14 43.850, I 03

Less: Ad.]usttrenl made during the year

46^77AJ E 43,850,103

is at the rare of 22.-509,0 on the net profit. BLrt during the year, the
taxable profit of the Company
The rate oltax
orr gross receipt anlounting 1o Talia 21'20,611 has been
is negalive . thereibre. ntinii-I.lunr tar at Ihe rate o1'U.609 o
provided as per clause 82C of lncome Tax Ordinance' I 984'

22,00 Provision for gratuitl'

266,6'77 ,t 57 253,598,661
Opening balance
Add: Provisiotr made duling the year
ti 242.7 63 23.338,719
279,919.914 216,937,380

Less: Fayments nlade during tlie year

12.310.794 10,260.229
267,549,12A 266,6i7,151

23,00 PrePaid income

3,794,834 4,421,301
Opening balance
I 58,1 18 632,473
Less: AdjLrstrnent made during the year
3,636,716 3,794'834

against use ofland ofLackatoorah Tea

This represents the balance poftion of cotnpensation received in advance
Estate,

24.0A Otherliabilities
81,190,121 98,412,272
Accrued interest on lsans
Enipl oy e e s W el fare fu h d
3,004,€00 3,000,000
17,138 17,138
Pension to British staff
551,902 551,902
LD tax of PatiYa
?0r rQ5 2,014,180
Investtnent allowance
2,014, 180 302,29s
Provision against doubtful receivable ol local sales
93.075.636 104,29i,18i

25.00 Otherliabilities(Pre-takeover)
This . represents the liabilities to the Covernnlent of People's
Republic of Bangladesh against purchase

consideration of Tea Estate. Details breali' up is as under

1978 ofnjne
a) Adjusted profit for the period on January 1917 lo June
8.451"287 8,457,287
T'ea Estates taken over in 1978.
b) Balance of purcllase consideratiort o1'Patiya Tea Estate
9,882,286 9.882-286
18,339,5? 18,339'573

26.00 Trade PaYables and others

12,071,660 80,866,0s3
Creditors for goods and services (a ?o? ?75
60.774,558
Creditors for exPenses
t1 .930.824 68,203,168
Creditors fbr other flnance
I50.78J,042 208.371'496

27,00 Short term loan (Secured)

Crop H,vpothecation loan from Bangladesh Krishi Bank
(BKB)

Opening balance
934,556,9'79 1,121,369,278
185,500,000 1 ,081,600,000
Add: Loan received during the Year
'yeu'7@ 5,2 80,069 18,84'.1,498
Add: Interest and charges capitalized duringthe
t.125.337 ,048 2,281,816,17 6
;Sffi)'
ew
Less: Loa, paid/adjusted during tile 1'ear
379,937,796 1,34'1,259-796
145.399,752 934,556,979
F.=.Y:r=.-
I
,

i
i
I

30 Sept 2021 30-Jun-21

Talit Tak*
l-l) Shor'1 ierilr liir;tt Lrndri'StillttlLil i'licil:iEt troii; Bllli

Opening brlance 2I0.2;+ --5.0 00

Add: Loan rece ived during the t'ear 280.000,000

Acid: lnterest and charges capitalized during the 1'ear 245,000
280.245.000 280,245,004
Less: Loan paidiadjusted during the 1"ear 246,000
__ rJ2p22-&99- __*?_E!t15J!!_

Total Short term loan __J_.,02!;ane_ __1_,2 lli o 1_2J2_

28.00 Long term loan (Secured), current portion

This consists of as follolvs:
Development and EEC loan frou Bangladesh l(rishi Bank 39,460,418 39,460,418
Lon! term ioan with Pubali Banli Linrited 63,668,098 r3,100,124
Long term loan with Bangladesh l(rishi Bank 13,100,124 104,452,000
116,228,700 157,012,602

29.00 SecuritYdePosits 5,546,338 5,5d6,338

This represents securily deposits received flom various parlies against supply ofgoods and services.

30.00 Dividend payable 23.030.491 23,030,933

31.00 Net Asset Value Per Share (NAVPS)

Net Asset Vaiue (N{V) Per Share for the year is calculated as fbliow
.Totalassets (A) 3,021j1A98) 3296,r03.890
Total liabilities (B) 2,442,348,814 2,139,944,254
Net asset (C= (A-B)) 578,962,168 556,1 59,636

Weightecl a\/erage number of total outstanding shares during the . 6,600,000 6,600,000
year (I))
84.21
Net Asset Value (NAV) per share (C-D) 87.72
 .luli'21-Sef;t'21 Juh,r?fl-asp{r2,ff
Tak:r Talia
32.C0 Tu rriove r
Sale of tea in auction 38r.716"r82 344.563.790
Sale ol tea in local utarlr.et 11.91)"226 I 8.I -_s9.088
Rubbei'saie j r. I 59,79
___40.!51l!]_ ___js2J 22.8J!_
Auction saie of tea is increased due to increase in prlce per l<g b; Tk.27.23 despite decreasing sale volume b1.,
1,02 Lac Kgs conrpared to lasl )/ear sat.]te peliod. Pricing in independent auction sale is bevond the confi.ol of
the Compan1,.

33.00 Cost of goods sold

Opening stocli in trade (note - 101 242,69s,802 215,366,296
Add: Cost of production (note - 33.01) )41 q) t l)R 260,702,912
490,616,931 47 6,069,208
Less: Closing stocl< in trade 203,731 ,681 203,901,37 6
___2!6.885J3!_ __212tt3..83t_
33.01 Cost of production
Production cost of tea (33.01A) 241,154,381 258,055,509
Production cost of rubber 766,141 824,551
Cost of tea purchased fi'otn auction 1,822,841
__JlJ,e!_J23_ ___2!9J_02.e)2_
33.01A Production cost oftea
Cultivation and plucking cost
Cultivation ( Note- 33.01A.01) 4\,552,911 48,347,516
Labor sundries ( Note- 33,01 A.02) 32,048,894 1'7'79q 5?)
Labor bonus( Nore- 33.01A.03) 3,483.126 5, l 84,826
Cr,opplucking wages 42ggg,A26 42,215,683
Subordinates esrablishmenr ( N-ote- 33.0 I A.04) 34,135,399 31,554,939
Workmen and staff welfare ( Note- 33.01A.0-5) 6,816,295 5,902,628
Contribution to provident lund 9 ,199,501 8,313,694
Carden transport 8,192,561 8,126,460
Irrplernents 16.912 7,181
Sub Total 178,494,355 194,112,460
Processing cost
Manufacturing wages (note- 34.0 I A.06) 8,226,002 5,25'7,403
Power and fuel lor ntanufacturing (note- 34.01 A.07) 34,099,045 28,562,511
Machinery repairs and trraintenance including stores and spares 3,653,1 13 5,380.129
Depreciarion (note- 6.01 & 34.01A.04) 14.406.941 15.265,194
Sub Total 60,385,707 54,465,937
Other direct expenses
Building repait's aird rrrainrenarrce 1.944.132 ) tq) )'70
Subsidl'on u,heat and other food stalf 6,330,188 6,984,941
Sub Total 9,271,320 9,477,211
Grand Total
__2tz;5!;g_ _____25!J55,5!9_
34.01A.0l This consists olcost of cherricals and ferlilizers used fbr nraintanance of Tea Bush which is decreased due to
less attacl< of pest & bli-ehts during the period compared to lasl year same period.

34.01A.02 This consists of labor u'ages and allorvances $hich rvas increased last year as per ne\.\,agreement and huge
provision was made last year. This year no provision is required rvhich causes to decrease such expenses.

34.01A.03 This consists of work bonus paid to labor as per labor agreement which was increased last year due to increase
in labor wages and provision.
 Jult'21-Sep1'21 Jull''20-Sept'20
Talia Talia
bi' i7.59orir conlpared to last
34.0lA.ii+ This coitsists ol-salarr ancl allonance o1'garden stafi- uhich n'as it'ict-eased
Yeat'

tartte pct'iod il> !1e l' Iltl\', stal'f agt ectncnl

this i'ear fbr increaseirlg nredical cosl due to L'ovid-19

rvhich is increased due to increase in
34.014.06 This consists of labor wages paid lbl manuf'acturing-fea in the factoT
u'ages and al lou'ances.
Tea in the factory- rvhich is increased
34.01A.07 This consists of cost olgas, electricity, and diesel used for manulacturing
due to increase in fuel cost and power failure'
maintenance work, increase
The increase/ (decrease) in expenses in other heads are due to suddetl repairing and
is running agro-based business which is highly
in fuel cost and inpurs at the garden level. Since the company'
for cultivation and trailltenance worl< at
seasonal. pattern of expenditure vary depending r-rpon the t'equirenretrts
the tea garden level.

34.00 Administrative and general cost

o ?ol 5?q 11,307 ,620
Senior establishmenl (note - 34.01 )
907,05l 1s6,811
Cclteral stores
'7'73 1 1 0 1,486,522
lnsurance (note - 34.02)
128,456 108,691
Legal and surveYing
1,585,369 1,520,924
Power and fuel (sundries)
201,140 r/? qq0
Rates and taxes
35,850 5,400
Repairs to furniture
848,000 1,533,124
General charges (note - 34.03)
1,214,189 1,214,189
Perfonnance bonus (note - 34 '04)
9,961 ,639 9,158,371
l-lead office expenses
3.064,895 2,119,916
Lqq4llteli.tiry 9ryIlIp9l!91 (n!!e - 34.05 ) jJ65fr93
'Depreciation (note - 6'01) 5,146,481
34,494 1,428
Imuature cultivation
| 11 ,445 t 11 ,694
Audit fee
159,893 r 63,405
Central stores expenses
Maintenance of roads and bridge
- 22.550
3,1s3,368 3,668,848
Cratuitl'-including garden subord inate staff
928,184
Deputl general lnanager's (DCM) otfict'- erpenses 1 .625,543
39.351.1 60 38,676'361

34.01 Senior Establishment

as some seniol'executives
This consists of salat--v and allor.l,ance paid to garderr executives rvhich is decreased
were transf'ered to Head Office during the period'

34.A2 Insurance
period this year which was done
This expense decreased as reneu'al of f-lre insurance rnas done afer the repofiing
during the reporting period last year'

34.03 General Charge

period for renewal of
This expeneses are decreased this year as more expenses were incured last year same
various licenses from regualatorv authorities

34.04 Performancebonus
policy of the Company' As per
Generally. performance bonus is charged ar l)oh of incotre before tax as per
Garden staff agreenent. rninirnunr one rronth's basic salary has to be paid to
all eligible Garden staff as
of profitabiliry of the Company' ln line with this,
guaranteed bonus (perforprance bonLrs) each year irrespective
profitabiliry of tlie Company'
required amount has been charged as perforntance bonus tlris 1,s31'considering

34.05 Local marketing unit expenses

These expenses include packing. delivery and promotional expenses incurred
for selling in the local market.
These expenses are increased this period due to chargin
of quality controller comPared
to'last Year sanre Period'
F-:3n'
!

Jull''21-Sept'21 Julr,'20-Sept'20
Talia Taka
35.00 Selling cost
Sales chalges o1'tea 3 "220.965 3.030,112
lnlanci iieight arid shippins 9.285.40l 8.591.902
Jea house store (pacl<inc costJ 1.970.598 1.768,980
___J!, 415p 63_ ___*_ll, 3 gl, 65!_
These expenses are increased due to increased in allction sale and rnore tea carlied to lvarehouse.

36.00 Other income

lnterest ir.rcome 331,078 256,615
Interest on carlmotor cycle loan (note- 16.01) 242,898 5'7 AqR
Compensation realized against use of land of Lacl<atoorah Tea Estate
r58,r 18 158,1 18

Unrealized Gain on initial recognition of biological assets (note- 6.03) 147,041 413,\65
Misqellaneous incorne l,B5 1,728 1,114.865
____lJi!,8f9_ *____J&5!2l_
36.01 lnterest on carlmotor cycle loan
This includes cash and accrued interest earned ftom the loan given to emplovee as per policy of the Company.

37,00 Financial cost

lnterest on shofi tenr loan 21,446,300 23,456,843
Interest on long terrr loan a))6)1\ 920,062
Bank charges and application fee 12,90s 30,308
Firrance cost for lease iiabilities 1,36'7 ,600 1,334,560
32,053,021 25,7 41.773

Interest expense increased due to nrore Ioan carried over frorr last year compared to last year same period.

38.00 Earnings Per Share (EPS)

Earnings per share as shown in the face of the Statement of Profit or Loss and Other Comprehensive income is
calculated in accordance with International Accounting Standard (lAS) 33: "Eamings Per Share".
Earnings per share has been calculated as follows;
Earnings aftributable to ordinary shareholders (Net profit after tax)(A) 22,802,532 I 3,905,853
Weighted average number o1' ordinarl, shares ouistanding during the
year (B) 6.600.000 6,600,000
Earnihgs Per Share (EPS)(A+8; 3.4s 2.11

The Company has no dilutive securities during the year under audit.

39.00 Net Operating Cash Flow Per Share (NOCFPS)

Net operating cash flor.r, per share has been calculated as follows:
Ne1 cash flow fron operating activitjes (A) 1 .03 8,263 92,195,281
l'otal nuntber o1'ordinarl, sharcs outslanding (ti) 6.600,000 6,600,000
Net Operating Cash Flou' Per Share (NOCFPS) (A+B; 0.16 13.91

Net Operating Cash Flow Per Share (NOCITPS) is decreased by Taka 13.81 per share r.r,hich is equivalent to
Tal<a 9.ll crore. The rnain reason is because of increasing cash expenses and rnore payment to creditors by
Tk. 12.57 crore cotrpat'ed to last year sane period. During the period cash sale is increased by Tk.4.08 crore
compared to last year sarne period.
EP:?Y?=
tr
I

Ju lr''2l -Sept'21 Ju 11,'20-Sept'20

Talia Talia
.{{t,0ii Reconciiialion of nct profii ri ith c:1sh llovi lrori; oprr.R{ing ilcril,ities
|\et ilossJi prol'ir hef0re tai JI,"{15,681 I 5,399,519
ilrnis riot ini oli ed ir; c:rsir nicyenlf nl:
.{.dcl: l)i.pri:c iati(rit on prolle t1,\'. l,)lan1 aitd tqLlipnt.nl 17"500.i70 )1,954.932
Depreciation on rlght oi usc- assets 2.053.062 1 .01 5.351
Adjlrslntent of'advance tax loss 0 0
Loss on sale of fixed assets 0 0
Unrealized gair.r on biologicai assets (141,041) (4 I 3,1 65)
Adjustments to reconcile net profit after tax to net cash provided
by operating activities
50,222,066 34,016,642
lncrease/decrease in operating assets and liabilities:
Decreasei (increase) in inventorl, 8.866,768
5 30,386,464
Decrease/ (increase) in trade and other receivables (2s.408,241) (21 ,121,324)
Decrease/ (increase) in loan to enrployees (639,073) 200,47 5
Decrease in advance, deposits and prepa),utents ( I 3,842,150) (12,156,537)
(lncrease)/ decrease in accrued interest on inrrestntenl (34,014) (88,828)
Increase/ (decrease) in gratui -v provision 871 (34s,209)
,911
lncreasei (decrease) in trade payable and others (-57,588,4s 5) 60,s79,0s0
(Decrease) in prepaid ir.tconte (r58,118) (158,1 l8)
Increasei (decrease) irr othet- liabilities (11,222,148) 7,500,003
I,069,606 92,212,617
Advance income tax paid during the year (30,343) (17,336)
Net cash flou,s (used in)/ froni operating actiyities
_______!.!J€J!J_ ____22J_95,ZEr_

41.00 Proposeddividend
The Board of Directors in their meeting helcl on October 26,202i have proposed a cash dividend
.l
at 10.00% i.e.
Tal<a 1.00 per otdrrrarl-,3tai-e- of Tal<a 0 eailtTor ilre i,-1 2020-2021 . Tlie fiist quar-te-financial statements
ended 30 September 202 I do not inclr-rde the efl'ecls of the above cash diviclend which wijl be accounted
fbr
after having approval in Annual General Meeting scheduled to be held on December 21
,2021 .

42.00 lmplications ol'COVID 19 on business

On 11 March 2020. World Health orgartization (WHO) declared a global pandemic due to Covid-2019, The
(lovernrlletrt o1'the Peoples RepLrblic of Bangladesh cleclared generai
holida_v (lock down to nrinimize spreading
r,irus) on 25 March 2010 lvhich u,as continucri in difibrent rvat,till l0 ALrgLrst 202 l. But the Tea Industry
was
exempied from the general holidal and iocl< dou'n. Due to lock dorvn situation, there are some socioeconomic
effects'in our national and personal Ii1.e.
The operation of the lea estates o1'the Compan), was experiencing severe difficulties due to interruption in
suppll' of various illputs during the locli dou,n period. Sales in the local markel are also experienced difficuitjes
dtle to shortage oldelivery vehicles and absence of buyers. Overall. the Company is experiencing the impact
of
pandetrlic due to Covid-2019 but yet to rneasure. It is totaily unprecedented. unforeseeable and
a continuing
global crisis.

W Chairman

(..-L
Manauing Director cni.rF'i,mrorficer Company S