GE T&D India Limited

Bangladesh Branch Office

Notes to the Financial Statements
For the year ended 31 March 2020

1. Background and legal status

GE T&D India Limited is a company incorporated in India as a public limited company. The Company
opened its Branch office at Dhaka, Bangladesh on 25th February 2012 with the permission from the
Bangladesh Investment Development Authority (BIDA) of Bangladesh initially for a period of three years
which has been extended further time to time and current validity period shall expire on 25th February
2021.

2. Nature of business
The activities of the Branch office during the year were execution of contracts with :
a) Power Grid Company of Bangladesh Limited (PGCBL) in relation to design, engineering, supply,
testing, installation, commissioning and AMC of electrical equipment and supply of its supporting
peripherals;
b) Larsen & Toubro Limited in relation to 132KV & 230KV Switchyard including erection,
commissioning, civil work, integration and other services to the proposed Switchyard on LSTK basis
for Bheramara CCPP (360MW) development project;
c) Energypac Engineering Limited in relation to design, testing, commissioning and data integration in
two different projects; and
d) Several other small/large telecom Integration and overtime projects.

3. Summary of significant accounting policies

a) Basis of accounting
These financial statements have been prepared in line with parent company's accounting policies
disclosed in these financial statements and following Generally Accepted Accounting Principles
(GAAP) under historical cost convention and in compliance with Companies Act, 1994 and
International Financial Reporting Standards (IFRSs) and other applicable laws and regulations
enforced in Bangladesh.
b) Revenue recognition
Revenue from construction contract is recognized based on the completion of physical proportion of
the contract work measured by the certification of works and Preliminary Acceptance Certificate
(PAC) from the engineers of contractee, Power Grid Company of Bangladesh Limited (PGCB)
irrespective of fact whether invoices are raised or not. Revenues for Pure intergration/ service contracts
are recognized based on actual invoicing only.
c) Income tax
Provision for income tax has been made in the financial statements in accordance with Finance Act,
2019.
d) General
i) GE T&D India Limited has given sub-contract to Consolidated Services Limited, a business
partner of the Branch, it incurs all the expenses of the Branch on behalf of GE T&D India Ltd
and submits its invoices to GE T&D India Limited for its reimbursement;
ii) Figures appearing in these financial statements have been rounded off to the nearest Bangladesh
Taka; and
iii) Comparative figures in the financial statements have been rearranged where necessary to
conform with changes in presentation in the current year.
 2020 2019
Taka Taka
4. Retained earnings
Opening balance 25,037,484 15,751,117
Add: Current year (loss)/profit (11,152,141) 8,062,168
13,885,342 23,813,285
Add: Provision for taxation as at 31 March 2018 amounting
to Taka 1,224,199 has been added as no tax liability is - 1,224,199
due for FY 2018.
Add: Provision for accrued expenses has been reversed as
the company dose not have any liability to make 7,620,621 -
payment in the future.
Less: Adjustment of Advance Income Tax as no future
11,441,813 -
benefit will be recoverable.
10,064,150 25,037,484

5. Number of employees Number Number

Above Taka 3,000 per month 5 5
Below Taka 3,000 per month - -
5 5

Pitamber Shivnani Sushil Kumar

Region CEO and Chief Commercial Officer Chief Financial Officer