ATLAS BANGLADESH LIMITED
Auditor’s Report and Financial Statements
For the year ended 30 June 2012
Table of Contents
Sl # Particulars Page No.
1. Auditor’s Report 1
2. Statement of Financial Position 2
3. Statement of Comprehensive Income 3
4. Statement of Cash Flows 4
5. Statement of Changes in Equity 5
6. Notes to the Accounts 6-22
7. Annexure – 1 23-24
8. Annexure - 2 25
9. Annexure – 3 26
10. Annexure – 4 27-28
Auditor’s Report to the Shareholders of Atlas Bangladesh Limited
We have audited the accompanying financial statements of Atlas Bangladesh Limited which comprise the
statement of financial position as at 30 June 2012 and the statement of comprehensive income, the statement of
cash flows and the statement of changes in equity for the year then ended and a summary of significant accounting
policies and other explanatory notes.
Management’s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with International Financial Reporting Standards (IFRS), Bangladesh Financial Reporting Standards (BFRS), the
Companies Act, 1994, the Securities and Exchange Rules 1987 and other applicable laws and regulations. This
responsibility includes, designing, implementing and maintaining internal control relevant to the preparation and
fair presentation of financial statements that are free from material misstatements, whether due to fraud or error;
selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the
circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with International Standards on Auditing (ISA) and Bangladesh Standards on Auditing
(BSA). Those standards require that we comply with relevant ethical requirements and plan and perform the audit
to obtain reasonable assurance 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 auditor’s judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the entity’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, prepared in accordance with International Financial Reporting Standards
(IFRS) and Bangladesh Financial Reporting Standards (BFRS), give a true and fair view of the state of the
company’s affairs as at 30 June 2012 and of the results of its operations and cash flows for the year then ended
and comply with the Companies Act 1994, the Securities and Exchange Ordinance 1969 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 purposes of our audit and made due verification thereof;
b. in our opinion, proper books of accounts 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 (balance sheet) statement of comprehensive income (profit and loss
account) 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.
Auditors
J.R. Chowdhury & Co.
Dhaka, October 07, 2012
1
Particulars Notes
30.06.2012 30.06.2011
A. FIXED ASSETS (At cost less depreciation) 3.00 3,823,484,386 3,826,567,367
B. CURRENT ASSETS : 1,977,873,084 1,747,517,980
Inventories 4.00 865,715,754 643,372,954
Accounts Receivable 5.00 22,742,189 18,104,898
BSEC Current Account 2,889,517 3,209,450
Inter Project Current Account 6.00 6,484,994 5,624,568
Advance, Deposits and Prepayments 7.00 90,112,223 81,103,554
Advance Income Tax 8.00 756,475,528 605,622,205
Cash and Bank Balances 9.00 233,452,879 390,480,351
C. LESS: CURRENT LIABILITIES & PROVISIONS : 842,529,660 777,082,872
Accounts Payable 10.00 187,992,269 177,017,799
Workers Profit Participation Fund and Welfare Fund 11.00 28,457,758 26,471,182
Inter.Project Current Account 12.00 76,309 76,309
Provision for Taxation 13.00 583,119,420 489,701,352
Unpaid Dividend 42,883,904 83,816,230
D. NET CURRENT ASSETS (B-C) 1,135,343,424 970,435,108
E. NET ASSETS (A + D) 4,958,827,810 4,797,002,475
FINANCED BY :
A. SHARE HOLDERS EQUITY : 4,882,029,192 4,731,750,384
Share Capital 14.00 237,037,020 177,777,770
Capital Reserve 5,215,219 5,215,219
General Reserve 18,000,000 18,000,000
Share Premium 158,182,500 158,182,500
Retained Earnings 15.00 666,703,201 575,683,643
Revaluation Reserve 16.00 3,796,891,252 3,796,891,252
B. LOAN AND LIABILITIES : 76,798,618 65,252,091
Long Term Loan 17.00 4,184,296 5,184,296
Deferred Liability 18.00 72,614,322 60,067,795
TOTAL LIABILITY AND EQUITY 4,958,827,810 4,797,002,475
DIRECTOR
& COMPANY SECRETARY
AMOUNT (IN TAKA)
ATLAS BANGLADESH LIMITED
Statement of Financial Position
as at 30 June 2012
Chartered Accountants
Dhaka, October 07, 2012
For Atlas Bangladesh Limited
J.R. CHOWDHURY & CO.
ASST. CHIEF ACCOUNTS OFFICER MANAGING DIRECTOR DIRECTOR
As per annexed report of even date
2
Particulars Notes
2011-2012 2010-2011
Sales 19.00 4,914,774,055 5,805,912,325
Less: Cost of Goods Sold 20.00 (4,456,439,161) (5,341,415,808)
Gross Profit for the year 458,334,894 464,496,517
Less : Operating Expenses: 21.00 70,851,079 69,102,846
Managing Directors Remuneration 21.01 873,000 896,500
Auditors Fees 21.02 66,000 66,000
Administrative Expenses 21.03 53,985,182 48,367,766
Selling Expenses 21.04 15,926,897 19,772,580
Operating Profit 387,483,815 395,393,671
Financial Expenses 22.00 (3,175,968) (1,631,891)
384,307,847 393,761,780
Add: Non Operating Income 23.00 13,004,511 23,158,809
397,312,358 416,920,589
Less: Contribution to Workers Profit
Participation & Welfare Fund 19,865,618 20,846,029
Net Profit before Tax 377,446,740 396,074,560
Less: Provision for Taxation 24.00 93,418,068 98,028,454
Net Profit after Tax 284,028,672 298,046,106
Add: Prior years Adjustment 25.00 (416,536) (1,203,824)
Balance Carried to the Statement of
Changes in Equity 283,612,136 296,842,282
Earning per Share 11.98 16.77
ASST. CHIEF ACCOUNTS OFFICER MANAGING DIRECTOR DIRECTOR DIRECTOR
& COMPANY SECRETARY
Dhaka, October 07, 2012
Chartered Accountants
ATLAS BANGLADESH LIMITED
Statement of Comprehensive Income
for the year ended 30 June 2012
AMOUNT (IN TAKA)
For Atlas Bangladesh Limited
As per annexed report of even date
J.R. CHOWDHURY & CO.
3
PARTICULARS
2011-2012 2010-2011
CASH FLOW FROM OPERATING ACTIVITIES:
Turnover and others 4,927,778,566 5,829,071,134
Payment for cost and expenses (4,755,607,018) (5,535,330,055)
Income tax paid and deducted at source (150,853,323) (153,618,634)
21,318,225 140,122,445
CASH FLOW FROM INVESTMENT ACTIVITIES:
Acquisition of fixed assets (4,080,043) (11,583,553)
Disposal of fixed assets - -
(4,080,043) (11,583,553)
CASH FLOW FROM FINANCING ACTIVITIES:
Dividend paid (174,265,654) (161,325,170)
(174,265,654) (161,325,170)
Increase/(Decrease) in cash and cash equivalents (157,027,472) (32,786,278)
Cash and cash equivalents at opening 390,480,351 423,266,629
Cash and cash equivalents at closing 233,452,879 390,480,351
Net Operating Cash Flow per Share (NOCFPS) 0.90 7.88
DIRECTOR
Dhaka, October 07, 2012
DIRECTORMANAGING DIRECTOR
Subject to our separate report of even date
Chartered Accountants
J.R. CHOWHDURY & CO.
4
ATLAS BANGLADESH LIMITED
Statement of Cash Flows
for the year ended 30 June 2012
& COMPANY SECRETARY
AMOUNT (IN TAKA)
For Atlas Bangladesh Limited
ASST. CHIEF ACCOUNTS OFFICER
2011-2012
Particulars Share Capital General Share Undistributed Total
Capital Reserve Reserve Premium Surplus Taka
Taka Taka Taka Taka Taka
Balance at 1 July, 2011 177,777,770 5,215,219 18,000,000 158,182,500 575,683,643 934,859,132
Profit for the year (after
tax and adjustment) - - - - 283,612,136 283,612,136
Bonus share (2010-2011) 59,259,250 - - - (59,259,250) -
(3 : 1)
Cash dividend (2010-2011) - - - - (133,333,328) (133,333,328)
(75%)
Balance at 30 June, 2012 237,037,020 5,215,219 18,000,000 158,182,500 666,703,201 1,085,137,940
2010-2011
Particulars Share Capital General Share Undistributed Total
Capital Reserve Reserve Premium Surplus Taka
Taka Taka Taka Taka Taka
Balance at 1 July, 2010 133,333,333 5,215,219 18,000,000 158,182,500 456,619,128 771,350,180
Profit for the year (after
tax and adjustment) - - - - 296,842,282 296,842,282
Bonus share (2009-2010) 44,444,437 - - - (44,444,437) -
Cash dividend (2009-2010) - - - - (133,333,330) (133,333,330)
Balance at 30 June, 2011 177,777,770 5,215,219 18,000,000 158,182,500 575,683,643 934,859,132
ATLAS BANGLADESH LIMITED
Statement of Changes in Equity
for the year ended 30 June 2012
5
1.00 (a) ABOUT THE COMPANY
(b) Components of the Financial Statements:
(i) Balance Sheet
(ii) Profit and Loss Account
(iii) Cash Flow Statement
(iv) Statement of Changes in Equity
(v) Accounting Policies and Notes to the Accounts.
2.00 SIGNIFICANT ACCOUNTING POLICIES:
(a) Basis of Accounting:
(b) Comparative Information:
(c) Compliance with International Accounting Standards:
(d) Compliance with Local Laws:
(e) Reporting currency and Level of Precision:
(f) Fixed Assets:
Fixed assets have been arrived at after deduction of accumulated depreciation.
ATLAS BANGLADESH LIMITED
Notes to the Accounts to 30 June 2012
The financial statements have been prepared in compliance with requirements of the Companies Act, 1994,
Securities and Exchange Ordinance 1969, Securities and Exchange Rules 1987, rules of Dhaka Stock Exchange
Limited for enlistment and other relevant local laws and regulations.
Atlas Bangladesh Limited was incorporated as a private Limited Company in 1966 and thereafter as per
Government's decision it was converted into a public limited company in 1987. The Company assembles motor
cycle and mishuk (three wheeler) and also imports spare parts. It also manufactures and markets some of these
parts locally. In Bangladesh, Atlas Bangladesh Limited is the sole distributor of Honda Motor Company
Limited. Japan, Hero Honda Motors Limited India, HMSI India and Atlas Honda Limited, Pakistan.
The shares of the Company are listed in the Dhaka Stock Exchange Limited, Bangladesh. The registered office
of the Company is situated at 265-267 Tongi Industrieal Area, Tongi, Gazipur.
The accounts have been prepared on a going concern basis under generally accepted accounting principles on
historical cost convention.
Comparative information have been disclosed in respect of the year 2011-2012 for all numerical information in
the financial statements and also the narrative and descriptive information when it is relevant for understanding
of the current year's financial statement. Figures of 2011-2012 have been re-arranged whenever considered
necessary to conform to current year's presentation.
The financial statements have been prepared in compliance with the requirements of the International
Accounting Standards (IAS) as adopted by The Institute of Chartered Accountants of Bangladesh (ICAB) as
Bangladesh Accounting Standards (BAS).
The figures in the financial statements have been presented in taka currency and have been rounded off to the
nearest taka where it found necessary.
6
(g) Depreciation:
Category of assets Rate
Building and other construction 18%
Machinery 18%
Furniture and fixtures 10%
Vehicles 20%
Office equipment 20%
Generator 10%
Other factory assets 10%
Other assets 20%
Gas line installation 5%
(h) Inventories:
(j) Cash and cash equivalents:
(k) Financial benefit to employees:
(l) Provision for taxation:
Current Tax:
Deferred Tax:
(m) Workers' profit participation fund and workers welfare fund:
(n) Foreign currency translation:
(o) Reporting period:
(p) General:
Figures have been rounded off to the nearest taka except where indicated otherwise.
Physical inventory of stocks at the year end at 30 June 2012 was taken by a team comprising of employees of
Atlas Bangladesh Limited and the auditors.
The stocks of spares and raw materials have been valued at average prices and the stock of finished goods have
been valued at cost or net realizable value whichever is lower.
Financial statements have been prepared by considering cash in hand and cash at banks and cash equivalents as
current assets which were held and available for use by the Company without any restriction and there was
insignificant risk of changes in value of these current assets.
Depreciation has been charged on all property, plant and equipment except land and land development on
reducing balance method. Full year's depreciation has been charged on additions irrespective of the date of
acquisition of assets. Rates of depreciation of different category of assets are as under:
7
Financial statements have been prepared covering one fiscal year from 1 July, 2011 to 30 June, 2012.
The Company operates a contributory provident fund scheme, an unfunded gratuity scheme and a group
insurance scheme for its permanent employees. Provisions have been made as per rules. The provident fund is
administered by Board of Trustees. The gratuity is calculated based on 2 (two) months of last basic pay
multiplied by the number of years served. Separate fund created for the gratuity.
No deferred tax has been calculated during the year under audit as per BAS-12.
Work-in-process have been valued at prices which include cost of materials plus all conversion costs.
The Company is a publicly traded company as per the Income Tax Laws. Therefore, provision for taxation has
been made at the rate of 27.5% which is applicable for publicly traded company. The tax law provides for a tax
rebate at 10% of the income tax if a publicly traded company declares dividend more than 20%.
Allocation to workers' profit participation fund has been made at 5% on net profit before tax in terms of chapter-
15 of the labour Law-2006. Of which 80% relates to Workers' Profit Participation Fund and 20% relates to
Welfare Fund.
Foreign currencies have been translated into taka currency at rates ruling on the dates the transactions were
effected.
3.00 FIXED ASSETS: TK. 3,823,484386
Sl. Particulars Written down Written
No. Balance Addition Adjustment Balance Balance Charged Adjustment Balance value down value
as at during during as at as at for the during as at as at as at
01.07.2011 the year the year 30.06.2012 01.07.2011 the year the year 30.06.2012 30.06.2012 30.06.2011
1 Land & Land Development 3,788,005,000 - - 3,788,005,000 - - - - 3,788,005,000 3,788,005,000
2 Tree Plant 1,303,140 - - 1,303,140 - - - - 1,303,140 1,303,140
3 Bldg. & Other Construction 59,002,427 2,444,342 - 61,446,769 48,083,888 2,405,319 - 50,489,207 10,957,562 10,918,539
4 Plant & Machineries 41,255,703 168,608 - 41,424,311 28,083,306 2,401,381 - 30,484,687 10,939,624 13,172,397
5 Office Equipments 4,093,756 479,227 - 4,572,983 2,776,317 359,333 - 3,135,650 1,437,333 1,317,439
6 Furniture & Fixtures 2,278,194 119,237 - 2,397,431 1,323,695 107,374 - 1,431,069 966,362 954,499
7 Transport & Vehicles 20,841,000 - - 20,841,000 13,917,220 1,384,756 - 15,301,976 5,539,024 6,923,780
8 Power Installation 485,000 751,050 - 1,236,050 311,667 92,438 - 404,105 831,945 173,333
9 Generator 3,070,000 - - 3,070,000 345,000 272,500 - 617,500 2,452,500 2,725,000
10 Water Line Installation(Tubewel) 784,000 - - 784,000 649,978 13,402 - 663,380 120,620 134,022
11 Dies. Jigs & Tools 1,135,500 34,000 - 1,169,500 346,600 82,290 - 428,890 740,610 788,900
12 Gas Line Installation 91,280 - - 91,280 72,962 916 - 73,878 17,402 18,318
13 Racks 81,720 - - 81,720 56,720 5,000 - 61,720 20,000 25,000
14 Books 83,300 2,250 - 85,550 82,300 650 - 82,950 2,600 1,000
15 Crockeries & Others 360,300 81,329 - 441,629 253,300 37,665 - 290,965 150,664 107,000
3,922,870,320 4,080,043 - 3,926,950,363 96,302,953 7,163,024 - 103,465,977 3,823,484,386 3,826,567,367
ALLOCATION OF DEPRECIATION
2011-2012 2010-2011
Administrative 55% 3,939,663 2,235,998
Factory 45% 3,223,361 1,829,453
7,163,024 4,065,451
COST DEPRECIATION
8
4.00 INVENTORIES: TK. 865,716,854
The above figure is comprises as under:
30.06.2012 30.06.2011
Raw materials 201,037,608 52,431,199
Work-in progress 1,516,176 14,881,658
Finished goods 527,551,771 568,282,054
Store & spares 1,312,579 1,200,459
Store -in-transit 134,297,620 6,577,584
865,715,754 643,372,954
The details break up of above inventory figure are shown in Annexure- 1.
5.00 ACCOUNTS RECEIVABLE : TK. 22,742,189
The break up of the above amounts is given below:
Trade Debtors (Note 5.01) 9,205,256 5,856,898
Other Debtors (Note 5.02) 11,066,487 9,285,480
Accrued Interest on fixed deposits (Note 5.03) 2,470,446 2,962,520
22,742,189 18,104,898
Less: Provision on bad and doubtful debts - -
22,742,189 18,104,898
5.01 Trade Debtors : Tk. 9,205,256
ABL Employees 2,239,381 2,207,597
Government Sector 3,711,224 2,646,128
NGO/Individuals 3,254,651 1,003,173
9,205,256 5,856,898
5.02 Other Debtors : Tk. 11,066,487
ABL - Workers, Staff & Officers 12,802 13,302
(1 day's Salaries to be realized subsequently from employees)
Custom Duty(2008-09) 1,579,025 1,579,025
Washing allowance claim 589,780 -
2,181,607 1,592,327
Debit Balance of Creditors for goods supply 10,011 10,011
Debit Balance of advance from customers 8,874,869 7,683,142
11,066,487 9,285,480
5.03 Accrued Interest on FDR: Tk. 2,470,446
This is made up as follows:
Sonali Bank Ltd., Tongi Branch, Gazipur 2,033,841 2,079,372
The Trust Bank Ltd., Tongi Branch , Gazipur 436,605 381,278
IFIC Bank Ltd., Santinagar Branch, Dhaka - 60,775
AB Bank Ltd., Kawran Bazar Branch, Dhaka - 441,095
2,470,446 2,962,520
AMOUNT (IN TAKA)
9
6.00 INTER-PROJECT:
CURRENT ACCOUNT (DEBIT): TK. 6,484,994
30.06.2012 30.06.2011
This is made up as follows:
Inter Project:
Eastern Cables Limited 205,811 205,811
National Tubes Limited 144,954 93,554
Bangladesh Blade Factory 1,658,244 730,418
Eastern Tubes Limited 776,630 776,630
Dhaka Steel Works Ltd. 316,307 435,107
3,101,946 2,241,520
Disinvested Project:
B.M.T.F Limited 32,332 32,332
Dockyard and Engineering Works Limited 167,974 167,974
Bangladesh Cycle Industries Limited 2,307,164 2,307,164
Ispahani Marshal Limited 6,824 6,824
Omar Sons Limited 16,060 16,060
Metalex Corporation Limited 852,694 852,694
3,383,048 3,383,048
6,484,994 5,624,568
7.00 ADVANCES, DEPOSITS AND PREPAYMENTS: TK. 90,112,223
The break up of the above amounts is given below:
Advance against 5% H/R recovery 800 94,370
Advance against salary 55,826 113,306
Advance against TA/DA 259,705 125,043
Advance against Purchases/expenses 1,137,098 1,016,568
Advance to Suppliers/Contractors 785,893 873,892
Advance against canteen 357,671 -
Advance against VAT (Note 7.01) 73,160,062 3,054,995
Advance against wages 3,467,000 2,234,000
79,224,055 7,512,174
DEPOSITS:
L/C margin 1,442,048 69,708,000
Sundry deposits (Note 7.02) 9,495,620 3,932,880
10,937,668 73,640,880
Less: Provision for bad and doubtful debts 49,500 49,500
10,888,168 73,591,380
90,112,223 81,103,554
7.01 Advance against VAT : Tk. 73,160,062
VAT paid in advance as per sales department statement Taka 73,160,062 has subsequently been adjusted.
10
AMOUNT (IN TAKA)
7.02 Sundry Deposits: Tk. 9,495,620
30.06.2012 30.06.2011
This is made up as follows:
D.I.T (Rajuk), Dhaka 2,000 2,000
Dhaka Electricity Supply Authority (DESA) 1,050 1,050
Customs and Excise Department 1,000 1,000
Bank Guarantee Margin 16,200 16,200
Titas Gas Transmission and Distribution Co. Ltd. 13,915 13,915
B.A.D.C 33,300 33,300
Project Director, Rural Maintenance Porgram 149,700 149,700
(Dhaka, Chittagong, Sylhet, Bogra, Khulna & Barisal)
Director General, Defence Purchase 130,000 130,000
GrameenPhone Ltd. 5,000 5,000
Integrated Communication Ltd. 5,000 5,000
Project Director, Aquaculture Development 80,000 80,000
F.C (DP), DGDP Bhaban, Tejgaon 288,700 288,700
Sr. Controller of Finance, Lalasarai Nabik Collony, Mirpur 114,825 114,825
Additional Director, DESA, Dhaka 8,250 8,250
Director General, DGDP, Tejgaon 57,000 57,000
Project Director, SESIP, Dhaka 750 750
CDBL, Dhaka 200,000 200,000
DGDP Office Bhaban, Tejgaon, Dhaka 495,800 495,800
Inspector General of Police (IGP) Head Quaters, Dhaka - 764,540
Director, PHC & Line Director, ESO, DGHS, Mohakhali, Dhaka. - 99,000
Inspector General Police (IGP) Head Quaters, Dhaka 1,466,850 1,466,850
Bangladesh Telephone and Telecommunications Ltd. 1,000 -
Inspector General of Police (IGP), Dhaka 6,425,280 -
9,495,620 3,932,880
8.00 ADVANCE INCOME TAX : TK. 756,475,528
This is made up as follows:
Balance at 1 July, 2011 605,622,205 452,003,571
Advance taxes paid and taxes deducted at
source during the year 150,853,323 153,618,634
756,475,528 605,622,205
Advance income tax and provision for taxation have also been shown in Annexure-2.
11
AMOUNT (IN TAKA)
9.00 CASH AND BANK BALANCES: TK. 233,452,879
30.06.2012 30.06.2011
Cash in hand 92,728 119,168
Imprest account (Preliberation) 100 100
92,828 119,268
Current and short term deposits
Name and Branch
Sonali Bank Ltd., Tongi Bazar Branch, Gazipur SND # 79 21,560,839 68,748,600
Sonali Bank Ltd., Tongi Bazar Branch, Gazipur SB # 9171 325,279 310,779
Pubali Bank Limited, Tongi Branch,Gazipur SND # 367 416,277 2,192,422
Sonali Bank, Shilpa Bhaban Br.,Dhaka SND # 156 34,648,878 176,400,671
Prime Bank Ltd., Elephant Road Br. Dhaka SND # 3848 1,331,120 15,584,666
Standard Chartered Bank, Kawran Bazar
Branch, Dhaka SND # 500091-101 369,338 355,615
AB Bank Ltd. Kawran Bazar Br., Dhaka SND # 071676-430 3,293,920 1,538,539
Sonali Bank ltd., Shilpa Bhaban Br. Dhaka CC # 2606 (294,793) (93,870)
Sonali Bank ltd., Shilpa Bhaban Br. Dhaka CC # 2597 (147,399) (41,852)
The Trust Bank Ltd., Tongi Br, Gazipur SND # 57 97,938,399 12,257,252
The Trust Bank Ltd., Tongi Br, Gazipur SND # 66 6,258,048 1,963,649
National Bank Ltd. Tongi Bazar BN SND#144 11,774,992
Sub Total (A) 177,474,898 279,216,471
Fixed Deposits:
Sonali Bank Ltd., Tongi Bazar Br., Gazipur FDR #1205843 - 5,248,026
do FDR # 1205681 - 5,901,042
do FDR # 1205794 - 5,475,034
do FDR # 0076174 - 5,298,644
do FDR # 1205821 - 3,484,586
do FDR # 0076054 - 4,940,530
Sonali Band Ltd. Tongi Bazar Br, Gazipur
FDR # 0285186 10,242,487 -
FDR # 0285187 11,722,080 -
FDR # 0285194 11,058,307 -
Trust Bank Ltd. Tongi Branch. FDR # 77298 11,431,123 10,257,750
do FDR # 77401 11,431,156 10,269,000
IFIC Bank Ltd., Santi Nagor Br. Dhaka FDR'#1075276/369051 - 10,270,000
AB Bank Ltd., Kawran Bazar Br., Dhaka FDR#3327077/759/11 - 10,000,000
do FDR#3327078/760/11 - 10,000,000
do FDR#3327079/761/11 - 10,000,000
do FDR#3327080/762/11 - 10,000,000
do FDR#3327081/763/11 - 10,000,000
Sub Total (B) 55,885,153 111,144,612
Grand Total (A+B) 233,452,879 390,480,351
AMOUNT (IN TAKA)
12
A/c. No.
30.06.2012 30.06.2011
10.00 ACCOUNTS PAYABLE: TK. 187,992,269
This is made up as follows :
For goods supplied (Note-10.01) 24,938,457 11,028,013
For expenses (Note-10.02) 11,880,177 9,086,363
For other finance (Note-10.03) 21,353,464 19,522,528
Advance against sales (Note-10.04) 129,636,121 137,196,845
Advance against shares 184,050 184,050
187,992,269 177,017,799
10.01 For Goods Supplied: Tk. 24,938,457
Local goods 468,305 304,400
Provision for imported goods 24,470,152 10,723,613
24,938,457 11,028,013
10.02 For Expenses: Tk.11,880,177
Provision for wages 3,467,000 2,234,000
Provision for bonus 5,563,996 4,547,552
Provision for feasibility study 417,000 417,000
Provision for miscellaneous expenses (Note-10.02.1) 2,432,181 1,887,811
11,880,177 9,086,363
10.2.1 For miscellaneous expenses: Tk. 2,432,181
Electricity and gas 86,200 75,979
Fuel - vehicle 54,960 145,583
Dealers' conference, gift and foreign trip - 400,000
Repairs and maintenance of factory building - 70,000
Auditors' fees 157,000 136,000
Telephone 24,487 43,013
Legal fees 30,000 50,000
Games and sports, annual prize and Eid reunion etc. - 175,000
Overtime 625,607 336,808
Rent of hiring bus 227,327 264,510
Servicing against VAT - 29,514
Construction works 394,365 -
Contract labor bill 577,350 -
Others 254,885 161,404
2,432,181 1,887,811
AMOUNT (IN TAKA)
13
10.03 For other finance:Tk. 21,353,464
30.06.2012 30.06.2011
The break up of the above amounts is given below:
Creditors 3,333,905 3,333,905
Security deposits 12,341,895 11,441,895
Earnest money 513,246 548,685
Tax deducted at source from suppliers 802,995 45,874
ABL Officers Association subscription 4,205 1,216
Provident fund 10,132 9,825
VAT deduction from customers 1,183,671 88,853
Subscription (CBA) 4,447 8,208
Deduction of house rent 958,995 2,149,196
Others (Note 10.03.01) 2,199,973 1,894,871
21,353,464 19,522,528
10.3.1 Others : Tk. 2,199,973
Trade debtors (Credit balances) 109,370 160,701
Advances, deposits and prepayments (Credit balances) 143,669 93,919
Sale proceeds of fraction shares 1,946,934 1,640,251
2,199,973 1,894,871
10.04 Advance recived from customers against sales: Tk. 129,636,121
Dealers 30,182,495 6,535,894
Government agencies and NGOs 99,453,626 130,660,951
129,636,121 137,196,845
11.00 WORKERS' PROFIT PARTICIPATION FUND AND WELFARE FUND: TK. 28,457,758
This is made up follows:
Balance at 1 July 2011 26,471,182 22,517,962
Contribution during the year (Note - 11.01) 19,865,618 20,846,029
Paid during the year (17,879,042) (16,892,809)
Balance at 30 June, 2012 28,457,758 26,471,182
11.01 Contribution to Workers' Profit Participation Fund and Welfare Fund: Tk. 19,865,618
This is made up as follows :-
Workers' profit participation fund (80%) 15,892,494 16,676,823
Workers' welfare fund (20%) 3,973,124 4,169,206
19,865,618 20,846,029
14
AMOUNT (IN TAKA)
12.00 INTER PROJECT CURRENT ACCOUNT (CREDIT) : TK. 76,309
30.06.2012 30.06.2011
The break up of the above amounts is given below:
Progati Industries Ltd. 28,242 28,242
General Electric Manufacturing Co. Limited 5,119 5,119
Gazi Wires Limited 10,385 10,385
43,746 43,746
Disinvested project:
Rahim Group of Industries 21,588 21,588
Meher Industries Ltd. 6,830 6,830
Bangladesh Diesel Plant Ltd. 4,145 4,145
32,563 32,563
76,309 76,309
13.00 PROVISION FOR INCOME TAX: TK. 583,119,420
(a)
(b)
14.00 SHARE CAPITAL : TK. 237,037,020
Authorized
100,000,000 Ordinary Shares of Taka 10/= each 1,000,000,000 1,000,000,000
Issued, subscribed and paid up:
Group - A
12,088,888 Ordinary Shares of
Taka 10/- each 120,888,880 90,666,660
Group - B
11,614,814 Ordinary Shares of
TakaTaka 10/- each 116,148,140 87,111,110
237,037,020 177,777,770
Year wise provision for income tax liability showing the position up to accounting year 2011-2012 had been
accounted on the basis of accounting profit are shown at Annexure-2. Against above provision total sum of Tk.
756,475,528 has been paid and shown as advance income tax.
It transpires from statement that assessment from 2005-2006 and on wards are yet to be completed.
AMOUNT (IN TAKA)
15
Shareholding position of the Company at 30 June, 2012 was as follows:
Share Holders No. of % Face value
shares Taka
Group - A
Bangladesh Steel and
Engineering Corporation 12,088,888 51.00 120,888,880
Group - B
Investment Corporation of Bangladesh 2,395,230 10.10 23,952,300
Institutions 322,937 1.36 3,229,370
Officers and Employees of ABL 352,592 1.48 3,525,920
General Public 8,544,055 36.06 85,440,550
Sub-Total 11,614,814 49.00 116,148,140
Grand Total 23,703,702 100.00 237,037,020
Year Stock Ratio No. of Share
1991-1992 1 : 5 200,000
1995-1996 1 : 4 300,000
2001-2002 1 : 2 750,000
2002-2003 1 : 3 750,000
2003-2004 1 : 3 1,000,000
2004-2005 1 : 2 2,000,000
2005-2006 1 : 3 2,000,000
2006-2007 1 : 4 2,000,000
2008-2009 1 : 3 3,333,333
2009-2010 1 : 3 4,444,444
2010-2011 1 : 3 5,925,925
15.00 RETAINED EARNINGS : TK. 666,703,201
This is made up as follows:
Particulars
30.06.2012 30.06.2011
Undistributed surplus
(As per statement of changes in equity) 666,703,201 575,683,643
666,703,201 575,683,643
16.00 REVALUATION RESERVE : TK. 3,796,891,252
During the year under audit the assets of the Company were revalued. The revaluation was done by another
firm of Chartered Accountants. Due to this revaluation the value of the assets have been increased/decreased
which are noted below :
Fixed assets 3,800,276,676 3,800,276,676
Current assets (Inventories) (3,385,464) (3,385,464)
Current liabilities (Inter-project current account) 40 40
3,796,891,252 3,796,891,252
AMOUNT (IN TAKA)
Issued, subscribed and paid up capital includes bonus share issued as follows:
16
30.06.2012 30.06.2011
17.00 LONG TERM LOAN : TK. 4,184,296
Quasi-equity loan (Note 17.01) 2,000,055 3,000,055
Interest free Government loan (Note 17.02) 2,184,241 2,184,241
4,184,296 5,184,296
17.01 Quasi-equity loan ; Tk. 2,000,055
17.02 Interest free government loan: Tk. 2,184,241
18.00 DEFERRED LIABILITY: TK. 72,614,,322
This is made up as follows :-
Deferred income (Note 18.01) 17,086 417,279
Leave pay and gratuity (Note 18.02) 72,597,236 59,650,516
72,614,322 60,067,795
18.01 Deferred Income: Tk. 17,086
Balance at 1 July, 2011 417,279 735,800
Interest on credit sale of mishuk - 34,172
417,279 769,972
Amount transferred to Profit and Loss Account (400,193) (352,693)
Balance at 30 June, 2012 17,086 417,279
18.02 Leave-pay and gratuity: Tk. 72,597,236
Balance at 1 July, 2011 59,650,516 54,395,421
Provided during the year 15,498,610 10,561,859
Paid during the year (2,551,890) (5,306,764)
Balance at 30 June, 2012 72,597,236 59,650,516
Employees of the Company who opted for voluntary retirement under manpower equalization scheme were paid the
requisite benefits by Bangladesh Steel and Engineering Corporation and the payments are treated as loan from the
government. The loan is interest free and there is no time limit for repayment of the loan.
17
Provision has been made equal to the amounts calculated for 2 (two) months basic pay multiplied by the number of
years served by the officers, staff and workers of the Company upto 30 June, 2012.
AMOUNT (IN TAKA)
This loan was obtained from Government of Bangladesh and is repayable in 20 (twenty) semi-annual installments
starting from the 6th year of sale of shares to the public i.e. from 1 January 1994. During the year under review an
amount of Taka 1,000,000 (ten lac) has been paid against Quasi-equity loan.
Interest accrued on outstanding installments against sale of mishuks has been accounted for as deferred income.
Interest accrued on the sale proceeds of mishuks which relates to the installemnts collected during the year under
audit has been taken to income.
19.00 SALES (NET) : TK. 4,914,774,055
30.06.2012 30.06.2011
The break up of the above amounts is given below:
Motor cycle 5,492,525,700 5,811,426,800
Mishuk 2,862,000 6,043,800
Spare parts 40,697,788 39,054,401
Sub-contracting job (Helmets) 52,800 69,300
Gross sales 5,536,138,288 5,856,594,301
VAT (595,042,233) (49,819,368)
Supplementary duty/ Dealer's target bonus (26,322,000) (862,608)
Net Sales 4,914,774,055 5,805,912,325
20.00 COST OF GOODS SOLD : TK. 4,456,439,161
Raw materials consumed (Note 20.01) 4,308,330,580 5,556,268,545
Stores and spares 42,911,005 39,715,460
Production overhead (Note 20.02) 51,101,811 33,590,951
Opening stock of work-in-process 14,881,658 8,920,800
4,417,225,054 5,638,495,756
Closing stock of work-in-process (1,516,176) (14,881,658)
Cost of production 4,415,708,878 5,623,614,098
Opening stock of finished goods 571,137,743 288,939,453
4,986,846,621 5,912,553,551
Closing stock of finished goods (530,407,460) (571,137,743)
Cost of goods sold 4,456,439,161 5,341,415,808
20.01 Raw materials consumed: Tk. 4,308,330,580
Opening stock 54,161,266 220,763,807
Purchased during the year 4,457,050,209 5,389,666,004
Closing stock (202,880,895) (54,161,266)
4,308,330,580 5,556,268,545
20.02 Production overhead: Tk. 51,101,811
Factory salary and wages 38,532,193 24,676,987
Power and fuel 956,187 893,063
Repairs and maintenance (factory) 1,439,928 925,262
Factory insurance 3,414,488 2,452,609
Factory overhead (Note 20.02.01) 3,535,654 2,813,577
Depreciation 3,223,361 1,829,453
51,101,811 33,590,951
20.2.01 Factory overhead: Tk. 3,535,654
This is made up as follows :-
Uniform and liveries 683,506 511,554
Group Insurance 185,763 108,820
Welfare expenses to workers 971,070 756,765
Canteen subsidy 1,590,903 1,021,548
Carriage 71,921 49,175
Medical expenses 32,491 15,215
TA/DA expenses (foreign) - 350,500
3,535,654 2,813,577
AMOUNT (IN TAKA)
18
30.06.2012 30.06.2011
21.00 OPERATING EXPENSES: TK. 70,851,079
Managing Directors' remuneration (Note-21.01) 873,000 896,500
Auditors' fees (Note - 21.02) 66,000 66,000
Administrative expenses (Note - 21.03) 55,159,807 48,367,766
Selling expenses (Note - 21.04) 14,752,272 19,772,580
70,851,079 69,102,846
21.01 Managing Directors' remuneration TK. 873,000
Basic 446,700 459,600
Other allowances 426,300 436,900
873,000 896,500
21.02 Auditors' fees: Tk. 66,000
Statutory audit 55,000 55,000
Employees' provident fund audit 5,000 5,000
Welfare fund audit 3,000 3,000
Workers' profit participation fund audit 3,000 3,000
66,000 66,000
21.03 Administrative expenses: Tk. 53,985,182
Salary (Officers) 14,256,314 12,748,917
Salary (Staff) 14,064,581 12,480,445
Legal expenses 66,650 26,500
Headoffice overhead 6,000,000 6,000,000
Games and sports 125,950 204,360
Directors Fee 1,402,030 1,613,200
Honorarium 104,000 88,500
Printing and stationery 1,219,127 1,276,059
A.G.M expenses 1,815,220 1,740,667
Postage, telegram and telephone 273,968 288,631
Maintenance of vehicle 1,193,168 790,002
Fuel - vehicle and CNG 1,614,465 1,017,472
Transport hiring charge 2,715,661 2,015,861
Travelling and conveyance 498,383 368,436
Insurance 362,880 588,701
Rent, rates and taxes 472,557 488,557
Repairs and maintenance 120,178 179,701
Newspaper and periodicals 42,573 44,321
Subscription and donation - 61,583
Training expenses 18,400 34,800
Employees' income tax 785,641 482,498
CDBL, Dhaka Stock Exchange & bonus share demet fee 467,487 627,011
Uniform and liveries 279,582 133,502
Canteen subsidy 772,306 539,119
Credit rating expenses 104,500 -
Scholarship 103,200 89,400
Advertisement 621,588 520,377
EGM expenses - 360,206
Computer software - 98,800
Electricity & Gas 465,218 380,080
Depreciation 3,939,663 2,235,998
Miscellaneous expenses (cleaning sanitation, plantation etc.) 79,892 844,062 53,985,182 48,367,766
19
AMOUNT (IN TAKA)
21.04 Selling expenses : Tk. 15,926,897
30.06.2012 30.06.2011
Display & exibition 584,623 -
TA/DA (Foreign) expenses 1,410,442 1,132,986
Salary (Officers) 4,398,337 5,499,398
Salary (Staff) 1,154,109 3,699,926
Advertisement 2,500,676 4,172,231
Sales promotion 2,846,060 2,729,466
Tender form purchase 2,000 1,750
After sales services 1,107,478 1,244,986
Canteen subsidy 138,432 328,775
Travelling and conveyance 54,800 70,590
Postage and telephone 27,842 34,613
Uniform and liveries 55,034 44,500
Group Term Insurance Premium 24,000 14,400
Survey of motor cycle 113,827 646,039
Carriage outward 334,612 152,920
Motor cycle testing fee (BUET) 1,174,625 -
15,926,897 19,772,580
22.00 FINANCIAL EXPENSES: TK. 3,175,968
Bank charges and others 3,175,968 1,631,891
3,175,968 1,631,891
23.00 NON OPERATING INCOME: TK. 13,004,511
The break up of the above amounts is given below:
Sale of tender forms 102,900 87,700
Servicing 726,731 637,294
Interest on credit sales 1,403,996 741,462
Interest on FDR & Others 10,176,217 16,565,393
Realization on customs and sales taxes - 4,551,828
Realization on trade creditors - 158,713
Others 594,667 416,419
13,004,511 23,158,809
24.00 PROVISION FOR TAXATION : Tk. 93,418,068
Provision for income tax has been calculated as under:
Net profit before tax 377,446,740 396,074,560
Tax @ 27.5% on net profit 103,797,853 108,920,504
Less: 10% rebate (10,379,785) 10,892,050
93,418,068 98,028,454
AMOUNT (IN TAKA)
20
25.00 PRIOR YEARS ADJUSTMENT (DEBIT) : TK. 416,536
30.06.2012 30.06.2011
Amount deducted from final settlement bill of Mr.
Reazuddin, S/ Habildar, drawing washing allowance
beyond his entillement - (4,585)
Ms. Saleha Khatun, Computer programmer arrearsalary bill for June 2010 - 6,096
Mr. A.K.M Fazlul Haque, Ex-DGM (purchase) paid to arrear
bill against freedom fighter. 851,053 -
The amount deducted as a financial tax for 2009-2010 - 10,000
The amount paid to previous year's annual picnic bill - 1,790
The amount deducted as washing allowance against
audit objecting for 1989-2006 (589,780) -
The amount paid to previous year's repairs and maintenance bill - 12,780
The amount paid to government as a VAT against
previous years' according to audit objection - 58,743
The amount paid to previous year display & exhibition
electricity bill (BSEC) 42,950 -
The amount paid to worker as an advance wages
against office order - 1,119,000
Mr. Gazi Golam Rahman, Ex- Deputy Chief Eng. Paid to arrear
bill against freedom fighter benefit. 671,460 -
The amount adjusted to previous year software arrear bill. 88,000 -
The amount adjusted arrear expenses bill. 17,853 -
The amount realization against provisional expenses (665,000) -
416,536 1,203,824
26.00 CONTRIBUTION TO NATIONAL EXCHEQUER: TK. 25,042.72 (Figure in Lac)
The break up of the above amounts is given below:
Customs duty 6,755.08 6,806.38
Supplimentary duty 10,127.64 10,662.77
Regulatory Duty - 1,395.07
Value Added Tax (VAT) 6,651.47 8,466.37
Income Tax 1,508.53 1,536.19 25,042.72 28,866.78
21
AMOUNT (IN TAKA)
27.00 PRODUCTION CAPACITY (SINGLE SHIFT) AND ACTUAL PRODUCTION:
Production capacity and actual production of the company for 2011-2012 are as under:
2012 2011
Production Actual Excess/ Production Actual Eccess/(Shortage)
capacity production (Shortage) capacity production
Motor cycle 7,000 42,111 501.59% 7,000 52,087 644.10%
Mishuk - 13 - - 38 -
28.00 PRODUCTION TARGET AND UTILIZATION :
Production target and utilization of the Copmpany for 2011-2012 are as under:
2012 2011
Production Utilization Excess/ Production Utilization Excess/
target (Shortage) target (Shortage)
Motor cycle 43,554 42,111 (3.31%) 52,000 52,087 0.17%
Mishuk - 13 - - 38 -
28.01 Sales target and achievement (In Qty.)
Sales target and achievement of the Company for the year 2011-2012 are as under:
2010-2011 2011
Sales Achieve- Excess/ Sales Achieve- Excess/
target ment (Shortage) target ment (Shortage)
Motor cycle 43,554 41,961 (3.66%) 52,000 50,190 (3.48%)
Mishuk - 18 - - 38 -
29.00 COMMITMENT FOR CAPITAL EXPENDITURE:
At the balance sheet date, there was no commitment for capital expenditure.
30.00 MISCELLANEOUS:
(a) There is no claim against the accepted liability of the Company as at 30 June, 2012.
(b)
31.00 NUMBER OF OFFICERS, STAFF AND WORKERS:
The officers, staff and workers are listed below:
(a) Officers 46
(b) Staff 86
(c) Workers 114
246
32.00 NON-RESIDENT SHAREHOLDERS:
There is no non-resident shareholder of this company.
2010-2011
No loan facility was received or is receivable under any agreement excepting the loans obntained in the
ordinary course of business as at 30 June, 2011-2012.
2011-2012
Name of product
2011-2012
Name of product
2011-2012
22
2010-2011
Name of product
ANNEXURE- 1
Sl.No. Particualrs Q'ty. Rate 30 June 2012 Q'ty. Rate 30 June 2011
A RAW MATERIALS:
Motorcycle:
CD-Dwan - - 92 - 9196178.32
CD-Deluxe Kick 192 - 16,985,569.28 92 - 8,480,247.20
CD-100 Splendor + - - - 184 - 20,618,835.76
Splendor NXG Self 80 - 7,993,724.00 - - -
Super Splender 80 - 8,905,816.00 - - -
Karizma 3 - 369,033.88 3 - 369,033.88
CBZ-Xtrem 256 - 36995710.64 - - -
Hunk 150-CC S.D 256 38,304,924.16 - - -
Hunk 150-CC D.D 576 90,059,952.00 52 8,334,239.00
Activa - - 31 - 4,009,786.45
1443 199,614,729.96 454 51,008,320.61
MISHUK:
CG125 65 - 1,952,486.00 65 - 1,952,486.00
65 1,952,486.00 65 1,952,486.00
201,567,215.96 52,960,806.61
Provision of CKD Mishuk (529,608.00) (529,608.00)
Total (A) 201,037,607.96 52,431,198.61
B WORK-IN-PROCESS:
MOTORCYCLE:
Splender Cast - - - 92 102,700 9,448,400.00
CD-Deluxe Alloy - - - 28 110,565 3,095,820.00
0 0.00 120 12,544,220.00
MISHUK:
CD-80 24 63,174.00 1,516,176.00 37 63,174.00 2,337,438.00
Total (B) 24 1,516,176.00 37 14,881,658.00
C FINISHED GOODS:
MOTORCYCLE:
Unicorn-150cc 2 166,373.00 332,746.00 95 166,373.00 15,805,435.00
Shine-125cc 1 140,455.00 140,455.00 158 140,455.00 22,191,890.00
Stunner-125cc 15 135,233.00 2,028,495.00 166 135,233.00 22,448,678.00
Unicorn Duzzler 2 167,419.00 334,838.00 2 167,419.00 334,838.00
CD-Twister 2 207,895.00 415,790.00 2 207,895.00 415,790.00
CD-100 Splendor Plus 516 96,187.00 49,632,348.00 386 105,329.00 40,656,994.00
CD-100 Splendor Cast 20 100,079.00 2,001,583.00 260 107,985.00 28,076,100.00
Splendor Pro 582 104,919.00 61,062,858.00 225 116,780.00 26,275,500.00
CD-100 Splendor NXG Kick 100cc - - - 1 89,629.00 89,629.00
CD-100 Splendor NXG Self 100cc 170 101,530.00 17,260,072.00 81 113,729.00 9,212,049.00
CD-100 Passion Kick-100cc 7 93,113.00 651,791.00 7 93,113.00 651,791.00
CD-100 Passion Self-100cc 1073 111,253.00 119,374,802.00 365 124,474.00 45,433,010.00
Super Splendor 169 114,243.00 19,307,129.00 343 127,376.00 43,689,968.00
CD-Dawn 100 cc 48 86,961.00 4,174,146.00 256 95,392.00 24,420,352.00
CD-Deluxe Kick 100cc 104 93,456.00 9,719,426.00 10 104,028.00 1,040,280.00
CD-Deluxe Self Alloy 100cc 295 98,753.00 29,132,042.00 28 105,438.00 2,952,264.00
Glamour non-Hydrolic 125cc - 0.00 5 121,759.00 608,795.00
Glamour Digital-125cc 222 120,872.00 26,833,679.00 346 134,092.00 46,395,832.00
Pleasure 34 98,684.00 3,355,256.00 38 104,530.00 3,972,140.00
Hunk- 150cc S.D 150 151,004.00 22,650,524.00 45 164,271.00 7,392,195.00
Hunk- 150cc D.D 203 158,953.00 32,267,459.00 450 177,216.00 79,747,200.00
CBZ-Xtrem-150cc S.D 154 149,200.00 22,976,912.00
CBZ-Xtrem-150cc D.D 123 156,875.00 19,295,625.00 494 164,956.00 81,488,264.00
CD- 80 (Pak) 80cc 82 73,833.00 6,054,300.00 217 68,236.00 14,807,212.00
CG-125 (Pak) 125cc 172 102,834.00 17,687,458.00 16 94,946.00 1,519,136.00
4146 466,689,734.00 3996 519,625,342.00
Stock Position as on 30 June 2012
ATLAS BANGLADESH LIMITED
23
Sl.No. Particualrs Q'ty. Rate 30 June 2012 Q'ty. Rate 30 June 2011
Sample
Unicorn H M S I 0 0.00 0.00 - - -
Shine ,, 0 0.00 0.00 1 126,514.00 126,514.00
Super splendor INDIA 1 44,830.00 44,830.00 1 44,830.00 44,830.00
Hunk 150-CC 0 0.00 0.00 1 126,600.00 126,600.00
Glamour- 125cc ,, 1 26,530.00 26,530.00 1 26,530.00 26,530.00
Splendor NXG ,, 1 39,471.00 39,471.00 1 39,471.00 39,471.00
Pleasure ,, 1 40,784.00 40,784.00 1 40,784.00 40,784.00
CD-100-Sleek ,, 1 15,725.00 15,725.00 1 15,725.00 15,725.00
Honda CD -100 ,, 1 17,310.00 17,310.00 1 17,310.00 17,310.00
CD Dawn ,, 1 13,217.00 13,217.00 1 13,217.00 13,217.00
CD -100 Deluxe ,, 2 17,513.00 35,026.00 2 17,513.00 35,026.00
Ambition ,, 1 12,765.00 12,765.00 1 12,765.00 12,765.00
Passion Pro ,, 1 40,341.00 40,341.00 1 40,341.00 40,341.00
CG-125-P Japan 1 20,315.00 20,315.00 1 20,315.00 20,315.00
Yamaha '' 1 19,730.00 19,730.00 1 19,730.00 19,730.00
CD-70 Pakistan 1 93,000.00 93,000.00 1 93,000.00 93,000.00
Wave 100 Thailand 2 106,500.00 213,000.00 2 106,500.00 213,000.00
CGL-125 China 1 20,137.00 20,137.00 1 20,137.00 20,137.00
Fdeeral-Win-100 Indonesia 1 19,739.00 19,739.00 1 19,739.00 19,739.00
18 671,920.00 20 925,034.00
4164 467,361,654.00 4016 520,550,376.00
Provision of finished goods (1,106,000.00) (1,106,000.00)
Total of finished goods 466,255,654.00 519,444,376.00
MISHUK:
CD-80 (Japan) - - - 5 105,984.00 529,920.00
CG-125 (Japan) 27 58,628.00 1,582,956.00 27 58,628.00 1,582,956.00
CNG-3 Wheeler 1 270,634.00 270,634.00 1 270,634.00 270,634.00
28 1,853,590.00 33 2,383,510.00
Provision of Mishuk (633,182.00) (633,182.00)
1,220,408.00 1,750,328.00
Jerrican 44 680.00 29,920.00 44 680.00 29,920.00
Saleable Spare Parts Lot 61,162,295.80 Lot 48,173,937.37
61,192,215.80 48,203,857.37
Provision for jerrican and spare parts (1,116,507.00) (1,116,507.00)
60,075,708.80 47,087,350.37
Total (C) 527,551,770.80 568,282,054.37
D STORE AND SPARES:
Mishuk & Others 1,312,579.00 1,200,459.00
Total (D) 1,312,579.00 1,200,459.00
E STORE IN TRANSIT:
L/C No: 10032 Dated 02-05-2011 - 5,923,187.57
L/C No: 10043 Dated 09-06-2011 - 368,390.00
L/C No: 10047 Dated 13-06-2011 - 62,185.00
L/C No: 10048 Dated 18-06-2011 - 223,821.00
L/C No: 10027 Dated 13-05-2012 42,515.00 -
L/C No: 10029 Dated 17-05-2012 130,901,022.00 -
L/C No: 10035 Dated 06-06-2012 122,576.00 -
L/C No: 10036 Dated 12-06-2012 16,040.00 -
L/C No: 10037 Dated 12-06-2012 3,061,042.00 -
L/C No: 10041 Dated 28-06-2012 42,951.00 -
L/C No: 10042 Dated 28-06-2012 111,474.00 -
Total (E) 134,297,620.00 6,577,583.57
Grand Total (A+B+C+D+E) 865,715,753.76 643,372,953.55
24
ANNEXURE-2
Income Assessment Profit as per Provision for Assessed Tax According Advance Balance Rate
year year Profit and Loss Taxation income to DCT's Tax paid Payable/ of
Account Demand refundable Tax
Taka Taka Taka Taka Taka Taka %
- 13,899,423 - - 5,330,453 - When Income Tax case finished then
it will adjusted.
1997-1998 1998-1999 54,851,984 19,198,194 62,196,669 21,768,834 15,989,040 5,779,794 35% Settled at the level of the Taxes Appellate
Tribunal but A/O u/s 159 not obtained.
1998-1999 1999-2000 44,571,389 15,599,986 - 28,904,262 15,247,262 13,657,000 35% Do
1999-2000 2000-2001 19,191,246 6,045,553 20,468,771 7,164,090 19,013,410 (11,849,320) 35% 10% Appellate Tribunal order and final revised A/O
Not received and AIT not adjusted
2000-2001 2001-2002 46,004,851 14,491,528 50,775,236 15,994,200 13,893,809 2,100,391 35% 10% Do
2002-2003 2003-2004 121,252,274 32,738,114 - - 26,734,600 - 30% 10% Assessment completed but
the DCT was not issue Revised A/O
2004-2005 2005-2006 94,960,775 25,639,409 104,497,090 26,914,828 35,880,572 (8,965,744) 30% 10% rebate Settled at the level of the Taxes Appellate
Tribunal but the DCT was not issue revised
A/O
2005-2006 2006-2007 98,346,164 26,553,464 - - 44,870,084 - 30% 10% rebate Assessment completed.
2006-2007 2007-2008 138,385,617 37,364,117 - - 47,548,161 - 30% 10% rebate Assessment completed.
2007-2008 2008-2009 128,753,094 31,866,391 142,503,821 35,269,696 57,903,605 (22,633,308) 27.50% 10% rebate Settled at the level of the Taxes Appellate
Tribunal.
2008-2009 2009-2010 297,527,179 73,637,977 327,697,658 81,105,170 86,703,711 (5,592,567) 27.50% 10% rebate Settled at the level of the Taxes AppellateTribunal.
2009-2010 2010-2011 382,378,755 94,638,742 - - 82,888,864 - 27.50% 10% rebate Various information and documents are
submitted as per income tax audit team
and DCT's requirement.
2010-2011 2011-2012 396,074,560 98,028,454 - - 153,618,634 - 27.50% 10% rebate Return Submitted.
2011-2012 2012-2013 377,446,740 93,418,068 150,853,323 27.5% 10% rebate After Annual General Meeting Return will
583,119,420 708,139,245 217,121,080 756,475,528 (27,503,754) be Submitted.
ATLAS BANGLADESH LIMITED
Statement of Advance income tax and provision for taxation
for the period from 1 July 2011 to 30 June 2012
25
Miscellaneous
RemarksRebate
Sl Budget Actual Variance Variance Remarks
No. Taka Taka Taka %
1. INCOME:
Net sales 65840.04 49147.74 16692.30 25.35 Unfavourable
2. COST OF SALES:
Raw materials 60525.32 43512.42 17012.90 28.11 Favourable
Production overhead 492.12 511.02 (18.88) (3.84) Unfavourable
Changes in stock (106.41) 540.95 (647.37) 608.37 Unfavourable
60,911.03 44,564.39 16,346.65 26.84
Gross Profit (1-2) 4929.01 4583.35 345.56 7.01 Unfavourable
Other Income 100.00 130.04 (30.04) (30.04) Favourable
5029.01 4713.39 315.52 6.27 Unfavourable
Less: Expenses:
Directors remuneration 20.00 14.02 5.98 29.90 Favourable
Auditors' fees 0.76 0.66 0.10 13.16 Favourable
Legal expenses 0.50 0.67 (0.17) (34.00) Favourable
21.26 15.35 5.91 27.80
Administrative, selling and other expenses:
Salaries and allowances 308.93 291.94 16.99 5.50 Favourable
Repairs of vehicles 11.00 11.93 (0.93) 8.45 Unfavourable
Fuel-vehicle, CNG & hiring bus 43.00 43.30 (0.30) (0.70) Unfavourable
Conveyance and travelling 4.75 4.98 (0.23) (4.84) Unfavourable
Printing and stationery 15.00 12.19 2.81 18.73 Favourable
Canteen subsidy and allowance 7.00 7.72 (0.72) (10.29) Unfavourable
Newspapers 0.50 0.43 0.07 14.00 Favourable
Repairs of machineries 2.00 1.20 0.80 40.00 Favourable
Head Office overhead 60.00 60.00 0.00 0.00 Favourable
Postage,telegram and telephone 4.00 2.74 1.26 31.50 Favourable
Uniform and liveries 2.00 2.80 (0.80) (40.00) Unfavourable
Training expenses 0.60 0.18 0.42 70.00 Favourable
Rates and taxes 6.10 4.73 1.37 22.46 Favourable
A.G.M and EGM expenses 16.00 18.15 (2.15) (13.44) Unfavourable
Advertisement 7.00 6.22 0.78 11.14 Favourable
Other expenses 55.41 25.97 29.44 53.15 Favourable
Depreciation 26.13 39.40 13.22 (50.78) Unfavourable
569.42 533.88 62.03 4.15
Selling expenses:
Salary and allowances 51.32 55.52 (4.20) (8.18) Unfavourable
Advertisement 25.00 25.00 0.00 0.00 Favourable
Sales promotion 30.00 28.46 1.54 5.13 Favourable
Other expenses 105.10 50.29 54.81 52.15 Favourable
211.42 159.27 52.15 30.22
Financial expenses 15.00 31.76 (16.76) (111.73) Unfavourable
Workers' P.P. fund/Welfare Fund 210.60 198.66 11.96 5.68 Favourable
225.60 230.42 (4.80) (2.13)
Total expenses 1,027.70 938.92 115.29 8.63 Favourable
Net Profit before tax 4,001.31 3,774.47 200.23 5.67
ANNEXURE-3
26
ATLAS BANGLADESH LIMITED
Statement of Budget Variance
for the year ended 30 June 2012
Particulars
(Taka in lac)
ANNEXURE-4
Sl. 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012
No.
1 Authorized Share Capital 10.00 20.00 20.00 20.00 100.00 100.00
2 Issued,subscribed & paid up capital 8.00 10.00 10.00 13.33 17.78 23.70
3 Reserve and surplus 35.92 33.63 45.93 63.80 455.40 464.43
4 Long term loan 0.72 0.72 0.72 0.52 0.52 0.42
5 Deferred liability 4.19 4.07 4.01 5.44 5.97 7.26
6 Deferred income 0.09 0.08 0.08 0.07 0.04 -
7 Advance against share 0.02 0.02 0.02 0.02 0.02 0.02
8 Total Income (Net sales and 217.41 303.34 430.62 503.90 582.91 492.78
miscellaneous income)
9 Total Expenditure 203.57 290.47 400.87 465.66 543.30 455.04
10 Profit before tax 13.84 12.87 29.75 38.24 39.61 37.74
11 Net Profit after tax 10.10 9.69 22.39 28.77 29.80 28.40
12 Dividend paid 7.45 6.78 5.84 16.13 15.36 15.09
13 Total Assets 79.08 90.29 129.60 158.55 557.41 580.14
14 Fixed Assets 1.94 1.76 1.81 1.89 382.66 382.35
15 No. of Shareholders 7,169 9,252 9,190 10,234 10,858 -
16 (a) Workers 93 89 98 103 103 114
(b) Staffs 67 61 60 52 49 86
(c) Officers 40 32 41 45 45 46
Total 200 182 199 200 197 246
17 Ratio Analysis :
a Profit on sales 6.16% 4.28% 6.92% 7.60% 6.80% 7.67%
b Return on investment 20.65% 19.98% 36.86% 34.60% 29.80% 4.90%
c Income per share TK '12.62 TK 9.69 TK 22.39 TK 21.58 TK 16.77 Tk.11.98
d Current ratio 2.55:1 2.12:1 1.86:1 2.08:1 2.25:1 2.35:1
e Quick ratio 1.87:1 1.33:1 1.11:1 1.37:1 1.42:1 1.32:1
f Debt equity ratio 0.8:1 1.07:1 1.32:1 0.89:1 0.80:1 0.19:1
g Dividend per share 12.50 10.00 7.50 10.00 7.50 -
ATLAS BANGLADESH LIMITED
27
Particulars
Statement of Assets and Liabilities and Income and Expenditure
for the last 5 (five) years
Amount in crore Taka
= 7.67%
The company has earned 7.67% profit on sales which is 0.87% more than that the previous year.
= 5.73%
The company has earned 5.73% return on investment which is24.90% less then previous year.
= 11.98
Earning per share is Taka 11.98 during this year which is
Tk.4.79 less than that of the previous year.
= 2.35:1
Current ratio for the year is 2.35:1 and the standard ratio is 2:1
which is satisfactory.
= 1.32 : 1
Quick ratio for the year is 1.32 : 1 which is satisfactory.
= 0.19:1
Debt-Equity ratio for the year is 0.19 : 1 which indicates a
favourable position for equity holders.
28
17.A Profit on Sales =Net profit before tax+adjustment in respect of previous year
17.B Return on investment =Net profit after tax
x 100Net sales
=377,446740 + (416,536)
x 1004,914,774,055
17.C Earning per Share (EPS)/ Yield per share =Net profit after tax
x 100Net assets
=284,028,672
x 1004,958,827,810
17.D Current Ratio =Current Assets
Number of Shares
=284,028,672
23,703,702
17.E Quick ratio =Current Assets - Inventories
Current Liabilities
=1,977,873,084
842,529,660
17.F Debt-Equity Ratio =Current liabilities + other liabilities
Current Liabilities
=1,977,873,084 - 865,715,754
842,529,660
Shareholder's Equity
=842,529,660 + 76,798,618
4,882,029,192