JSL_Anuual Report 2009-2010

8/9/2019 JSL_Anuual Report 2009-2010

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30th Annual Report

2008-09

JUTE SPINNERS LIMITED


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1. 1

2. 2

3. 3-4

4. 5-6

5. 7

6. 8

JUTE SPINNERS LIMITEDJUTE SPINNERS LIMITEDJUTE SPINNERS LIMITEDJUTE SPINNERS LIMITED

Head Office : House No. 98(New), Road No. 9A(New), Dhanmondi R/A, Dhaka-1209

Telephone : 880-2-8111994, 8113202, 8116337, E-mail : [email protected]

CONTENTS : PAGE NO.

Notice of 30th Annual General Meeting

Corporate Information

Chairman's Report

Director's Report

Five Years Statistics

Corporate Governance Compliance Status Report

Audit Committee Re ort

REPORT AND ACCOUNTS 2008-2009

.

8. 10

9. 11

10. 12

11. 13

12. 14

13. 15

14. 17-29

15. 31

Value Added Statement

Auditor's Report

Balance Sheet as at 30th June,2009

Profit and Loss Account for the year ended 30th June,2009

Cash Flow Statement for the year ended 30th June,2009

Statement of Changes in Equity

Notes to the Accounts

Form of Proxy


3/38

01.

02.

03.

04.

JUTE SPINNERS LIMITEDJUTE SPINNERS LIMITEDJUTE SPINNERS LIMITEDJUTE SPINNERS LIMITEDHead Office : House No. 98, Road No. 9A (New)

Dhanmondi R/A, Dhaka-1209

To elect Directors.

To consider the declaration of Dividend @ Tk. 20.00 per share of Tk. 100/= each.

Notice is hereby given that the Thirtieth Annual General Meeting of the Shareholders of JUTE SPINNERS LIMITED will be held a

the auditorium of CIRDAP, 17 Topkhana Road, Dhaka-1000 on Saturday the 19th

December, 2009 at 11-00 a.m. to transact th

following business :

AGENDA :

To confirm the proceedings of the Twenty-ninth Annual General Meeting of the company held on 28th

December,2008.

To receive, consider and adopt the Audited Accounts for the year ended June 30, 2009 together with the reports of Auditor

and Directors thereon.

THIRTIETH ANNUAL GENERAL MEETING

N O T I C E

05.

06.

01.

02.

To appoint auditors for the year 2009-2010 and to fix their remuneration.

To transact any other business of the Company with the permission of the Chair.

By order of the Board

Dated : October 26, 2009 A.T.M. Mostafa

Company Secretary

NOTES :

The Registers of Members and the share Transfer Book of the Company will remain closed from November 15, 2009 t

November 30, 2009 (both days inclusive) and during this period no share transfer will be effected.

A member entitled to attend and vote at the General Meeting may appoint a proxy to attend and vote on his/her behalf. Th

proxy form duly stamped must be deposited at the registered Office of the Company not later than 48 hours before the tim

fixed for the meeting.

01


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Mr. Muhammad Shams-Ul Haque - Chairman

Mr. Muhammad Shams-Ul Huda - Chief Executive Officer

Mr. Muhammad Shams-Uz Zoha - Director

Mr. Muhammad Shams-Ul Kadir - Director

Mr. A.K.M Shahjahan - Independent Director


Head Office : House No. 98(New), Road No. 9A(New), Dhanmondi R/A, Dhaka-1209

Telephone : 8111994, 8113202, 8116337, E-mail : [email protected]

CORPORATE INFORMATION

Chief Financial Officer

Mr. Md. Tofazzal Hossain Bhuiyan

Company Secretary

Mr. A.T.M. Mostafa

BOARD OF DIRECTORS

Bankers

Janata Bank Ltd., Principal Branch

1, Dilkusha C/A, Dhaka-1000

Auditors

Howladar, Yunus & Co.Chartered Accountants

67, Dilkusha Commercial Area (2nd Floor)

Dhaka-1000, Bangladesh

Head Office

House No. 98 (New), Road No. 9A (New)


Factory

BSCIC Industrial Estate

Shiromoni, Khulna

02


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Head Office : 98(New), Road No. 9A(New), Dhanmondi R/A, Dhaka-1209

Telephone : 8111994, 8113202, 8116337, E-mail : [email protected]

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04


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DIRECTOR

(a)

JUTE SPINNERS LIMITEDJUTE SPINNERS LIMITEDJUTE SPINNERS LIMITEDJUTE SPINNERS LIMITEDHead Office : House No. 98, Road No. 9A (New)


REPORT OF THE DIRECTORS

for the year ended 30th June 2009

Respected Shareholders,

The Directors have the pleasure in submitting their report

and the audited accounts of the Company for the year

ended 30th June 2009 together with the Auditor's Report

thereon.

Mr. Muhammad Shams-ul Zoha, Director & M

Muhammad Shams-ul Kadir, Director retires by rotatio

as per Articles 126 and 127 of the Articles o

Association of the Company and being eligible offe

themselves for re-election.

CORPORATE & FINANCIAL REPORTING

FINANCIAL RESULTS AND APPROPRIATION

The Company has complied with all the requirements oCorporate Governance as required by the Securitie

and Exchange Commission. Accordingly the Director

are pleased to confirm the followings :

(in million taka)

2009 2008

Turnover 530.84 481.70

-

##

Other Income ##

##Less: Contribution to Workers (b)

##

Net Profit after tax

The Directors recommended the

following appropriations:

Proposed dividend (d)

Retained earnings

notes thereon have been drawn up i

conformity with the Companies Act 1994 an

Securities and Exchange Rules 1987. Thes

statements present fairly the Company's stat

of affairs, the result of its operations, cash flow

and changes in equity.

Less : Cost of Goods Sold 469.56 424.28Gross Profit 61.28 57.42

Less: Expenses 53.70 50.03

Profit from Operation 7.58 7.39

0.20 0.19

7.78 7.58 Proper books of accounts of the Compan

have been maintained.Profit Participation/Welfare Funds 0.37 0.36Net Profit before tax 7.41 7.22

Approprite Accounting policies have bee

consistently applied in preparation of th

financial statements and that the accountin

estimates are based on reasonable an

prudent judgment.

Less: Income tax 3.43 1.14

Deferred Tax 0.26 0.51

3.72 5.57

The International Accounting Standards, a

applicable in Bangladesh, have been followe

in preparation of the financial statements.

For 2009 20% (in 2008 : 20%) 3.40 3.40

0.32 2.17

05


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(e) CORPORATE GOVERNANCE COMPLIANCE

(f)

(g)

(h)

(i)

On behalf of the Board,

(j)

Dhaka.

9

The systems of internal control are sound and have

been effectively implemented and monitored.REPORT

There are no significant doubts upon the

Company's ability to continue as a going concern.

In accordance with the requirement of the Securitie

and Exchange Commission, "Corporate Governanc

Status Compliance Report" is annexed.

There are no significant deviation in operating

result of the Company compared to last year. AUDITORS

The key operating and financial data for the last

five years is Annexed.

DIVIDEND

The retiring Auditors, M/S Howladar Yunus & CoChartered Accountants, 67 Dilkusha C/A (2nd floor)

Dhaka-1000, retires at this Annual General Meeting

being eligible offer themselves for re-appointment a

Auditors of the Company for the year 2009-2010.

The Board of Directors is pleased to recommend

Final Dividend @ Tk. 20/= (twenty) only per share

of Tk. 100/= each on paid-up capital.

BOARD MEETING AND ATTENDANCE

Muhammad Shams-ul Haque

During the year, Nine Board Meetings were held.

The attendance record of the Directors is asfollows :

Chairman

26th October 2009

Name of Directors Meeting attended

Mr. Muhammad Shams-ul Haque

Mr. Muhammad Shams-ul Huda

9

7

7

(k)

Share held

(i) Parent/Subsidiary/Associate companies and other related parties :

(ii)

Chairman

Director

Director

Chief Financial Officer, spouse and minor children

Company Secretary, spouse and minor children

(iii)

(iv)

Mrs. Hasina Begum

ICB Dhaka

NIFCO

Mr. Muhammad Shams-uz Zoha

Mr. Muhammad Shams-ul Kadir

Mr. A.K.M. Shahjahan

The pattern of shareholding is as follows :

Namewise details

Nil

Directors, Chief Executive Officer, Company Secretary,

Chief Financial Officer, Head of Internal Audit and their

their spouses and minor children :

Mr. Muhammad Shams-ul Haque 42,415

Mr. Muhammad Shams-ul Huda Chief Executive Officer 8,030

Mr. Muhammad Shams-uz Zoha 10,480

Mr. Muhammad Shams-ul Kadir 660

Nil

Nil

Executives Nil

Shareholders holding ten percent

(10%) or more voting in interest in the company

30,000

26,374

22,685

06


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2009 2007

Turnover 3,883.44

Gross Profit 503.81

Operating Profit 80.77

Net Profit After Tax 59.05

Basic Earning per Share (inTaka) 21.88 34.74

Dividend Paid 34.00 34.00

Income Tax Paid 48.43 22.94

Total Assets 2,315.49

Fixed Assets-Gross 1,533.34

Fixed Assets-Net 670.60

Financial Assets 287.85

Reserve & Surplus -20.00 -86.34

Gross Working Capital 1,644.88

Net Working Capital 345.00

Authorized Capital 350.00

Share Holders' Equity 83.66

Paid up Capital 170.00

Total Long Term Debt 951.80

Deferred Tax Assets/(Liability) 12.17 19.85

Five Years StatisticsFigures in Lac Tak

Particulars 2008 2006 2005

3,342.20 3,456.38

612.84

Turnover Result of Operations :

5,308.39 4,817.05

754.27 431.46 364.52

75.85 73.94 67.00 55.26

37.20 55.73 52.75 44.71

32.78 31.03 26.30

34.00 34.00 29.75

28.25 16.04 38.51

Financial Position :

3,118.05 2,270.00 3,001.56 2,712.46

1,688.87 1,636.48 2,297.25 2,064.8

680.21 698.20 1,494.60 1,289.20

379.97

-29.64 887.25 836.43

Gross profit 439.09 346.26 362.83

2,435.84 1,572.24 1,506.96 1,423.26

234.03 307.54 534.61 779.97

350.00 350.00 350.00 350.00

115.99 106.35 37.05 -13.7

170.00 170.00 170.00 170.00

810.41 914.14 1,001.19 1,062.74

14.76 29.22 -

100

2 00

3 00

4 00

50 0

6 00

70 0

3456.38

3342.2 3

883.44

4817.05

5308.39

0

1000

2000

3000

4000

5000

6000

2005

2006

2007

2008

2009

,

Current Ratio 1.11 1.28

Debt Equity Ratio 25.97 26.91

Return on Investment 4.02% 6.61%

Shareholders Equity per Share (in Tk.) 68.23 49.21

Market Value per Share (in Tk.) 733.00 330.00

Price Earning Ratio

33.50 8.20

170,000 170,000

304 294

9,190 8,013

9,452 7,234

55 48 44 4

112 103 97 8

1295 1179 965 81

1.27 1.55 2.21

20.49 1.93 1.70

5.96% 2.70% 2.16%

Profit After Tax 62.56 621.91 592.02

860.00 335.00 240.00

(Based on DSE Price) (Time) 24.04 10.40 9.13

Other :

Number of shares 170,000 170,000 170,000

Number of shareholders 294 288 287

Production (Qnty in MT) 9,582 7,034 7,186

Export (Qnty in MT) 10,211 6,341 8,416

Total Employees :

Officers 59

Staff 112

Workers 1301

Shareholders' Equity Earnings Per Share

0

2005

2006

2007

2008

2009

37

.05

83

.66

106

.35 115.99

-20

0

20

40

60

80

100

120

2005

2006

2007

2008

2009

26

.03

31

.03

34

.74

32

.78

21

.88

0

10

20

30

40

50

05

06

07

08

09

0

10

2 0

3 0

4 0

50

6 0

70

8 0

2005

2006

2007

2008

2009

07070707

-13.77-40

2 2 2 2 2


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Not compliedfor non-compliance

Corporate Governance Compliance Status Report

Status of compliance with the conditions imposed by the

Condition

Title

Compliance status

Commission's Notification No. SEC/CMRRCD/2006/158/Admin/02-08 dated 20th February 2007 issued

under section 2CC of the Securities and Exchange Ordinance, 1969. (Report under Condition No. 5.00)

Explanation

No. complied

1.2(I) Independent Directors

1.1 Board's Size

1.3 Chairman & Chief Executive officer

1.4(a) Directors Report on financial Statements

1.4(b) Books of Accounts

1.4 Accounting Policies

1.4(d) IAS Applicable in Bangladesh

1.4(e) System of Internal Control

1.4(f) Going Concern

1.4(g) Deviation in Operating Results

1.4(h) Key Operating and Financial Data

1.4(i) Declaration of Dividend

1.4(j) Number of Board Meetings

1.4(k) Pattern of Shareholdings

2.1 CFO & CS Appointment

2.2 Board Meeting Attendance

3.00 Audit Committee

4.00 External / Statutory Auditors

08


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01. Mr. Muhammad Shams-Uz Zoha -

02. Mr. Muhammad Shams-Ul Kadir -

03. Mr. A.K.M Shahjahan -

01. Review of the annual financial statement of 2008-2009.02. Review of the half-yearly report of half year ended on 31st December 2008.

03. Review of internal audit reports.

AUDIT COMMITTEE REPORT

Constituted as under :

Chairman

Member

Member

Altogether 4 meetings of the Audit Committee were held in 2008-2009.

The following matters were discussed in the meetings and decisions taken were

communicated to the Board of Directors.

Dated, Dhaka Chairman

1st October,2009. Audit Committee

09


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Turnover

Bought-in materials and services

Other Income

To Providers of Loan-as interest & Charges

100.00%

Value Added StatementFor the year ended 30th June 2009

PARTICULARS2008-2009 2007-2008

Taka % Taka %

VALUE ADDED

571,398,597 562,691,688

(457,385,455) (459,605,135)

APPLICATIONS

200,765 191,662

114,213,907 100.00% 103,278,215

2.32%

To Employees-as Salaries,Wages & Benefit 71,160,358 62.30% 65,821,673 63.73%

To Directors as Remunaration 2,520,000 2.21% 2,400,000

25,469,923 22.30% 20,278,420

92,945,087

1.01%

89.99%

19.63%

To Providers of Capital as Dividend 3,400,000 2.98% 3,400,000 3.29%

To Govt. Fund as Income Tax 3,402,758 2.98% 1,044,994

10.01%100.00%Retained for Business & Depreciation 8,260,868 7.23% 10,333,128 103,278,215

105,953,039 92.77%

114,213,907 100.00%

10


13/38

HEAD OFFICE

Phone : 880-2-9554119, 9551872

Fax : 880-2-9552989

E-mail : [email protected]

Web : www.howladaryunus.com

(i) We have conducted the audit as per applicable Bangladesh Standards on Auditing (BSA);

(ii)

We have audited the annexed Balance Sheet of the Jute Spinners Limited as at June 30, 2009 and its Profit And Loss Account fo

the year ended as on that date together with the accompanying Cash Flow Statement, Statement of changes in Equity and Note

thereto as prepared by the Company in due conformance with generally accepted accounting principles, procedures and also th

applicable Bangladesh Accounting Standards (BAS) and produced to us by it for our examination in due conformance with th

applicable Bangladesh Standards on Auditing and we report that;

Our examination and checking of records, relevant books of accounts, registers, schedules and financial statements wer

sufficient to enable us to accounts and financial statements;

CAHARTERED ACCOUNTANTS

Howladar Yunus & Co.

JUTE SPINNERS LIMITEDOF

AUDITORS' REPORT TO THE SHAREHOLDERS

Dhaka - 1000, Bangladesh

67, Dilkusha Commercial Area (2nd

Floor)

(iii) We have obtained all the information, explanations and documents as required by us;

(iv)

(v)

(vi)

Dated : DhakaHOWLADAR YUNUS & CO.

The Company management has followed relevant provisions of law and rules in managing the affairs of the Company an

that proper books of accounts, records and other statutory books have been properly maintained;

Chartered Accountants October 26,2009

And in our opinion the annexed Balance Sheet, Profit and Loss Account represent a true and fair view of the state of the Company

affairs as at June 30, 2009 and of the profit earned for the year ended on that date and that these financial statements have bee

drawn up in accordance with the requirement of applicable laws and rules containing all the information in the manner required b

relevant laws and rules and the Bangladesh Accounting Standards (BAS) as applicable in Bangladesh including BAS-24.

The Balance Sheet, Profit and Loss Account are in agreement with the said books of account maintained by the compan

and examined by us while the cash flow Statement conforms with the presentation laid out in the relevant Banglades

Accounting Standards and;

The expenditure incurred and payments made were for the purpose of the company's business for the year.

11


14/38

NET ASSETS:

Non - Current Assets:

Tangible Fixed Assets

(At cost less accumulated depreciation)

Deferred Tax Asset

Current Assets:Inventories

Advances, deposits and pre-payments

Sundry debtors

Cash and cash equivalents

Current Liabilities and Provisions:Short term loans

Creditors

Accrued expenses

Liabilities for other finance

Provision for Income Tax

Un-claimed DividendNet Current Assets

FINANCED BY:

Shareholders' Equity:

As at 30th June, 2009

1,217,102

68,020,6312

11,879,298

3

205,145,196

7

BALANCE SHEET

Notes

2009 2008

69,820,208

20,271,568

157,223,666

1,475,565

114,506,840

8,090,651

93,921,961

258,584,263

Tk.

5

4

6

9,529,649

92,640,829

22,754,475

14,354,607

30,985,430

12,923,988

8 168,096,804235,181,167

97,328,672

54,172,040

751,288

134,597,478

239,832

12,569,739

793,193

22,626,188

-

23,403,096

975,000

218,304

10,635,46711,599,493

Share capital

Deficit

Non-Current Liabilities

Deferred Liabilities

Long Term Loan

Note : The annexed notes form an integral part of the Financial Statements.

Approved by the board on 26th October, 2009 and signed on its behalf by:

Dated : 26th October, 2009

Place : Dhaka

83,286,494

10 56,416,282

Tk.

24,625,054 32,485,78611

81,041,336

9

92,640,829

As per our annexed report of even dat

Chief Financial Office

50,800,708

93,921,961

(5,400,507) (6,364,533

17,000,000 17,000,000

Chairman Director


Chartered Accountants

12


15/38

TURNOVER

COST OF GOODS SOLD

GROSS PROFIT

Expenses

OPERATING PROFIT

Other Income

Provision for Worker's Profit Participation

and Welfare funds

NET PROFIT BEFORE TAX

Provision for Tax :

Current Tax

Deferred Tax

NET PROFIT (AFTER TAX) FOR THE YEAR

Note : The annexed notes form an integral part of the Financial Statements.

2008

481,704,807530,838,856

15

7,585,015

12

7,223,971

191,662

5,572,675

2009

For the year ended 30th June, 2009

3,719,816

200,765

(3,436,750)

(53,699,414)

61,284,429

7,415,029

7,785,780

(469,554,427)

7,393,508

(370,751)

13

14


TK.

(424,278,177

(50,033,122

(258,463) (509,701

(1,141,595

7,585,170

(361,199

57,426,630

PROFIT AND LOSS ACCOUNT

Notes


Dated : 26th October, 2009Place : Dhaka


Howladar Yunus & Co.Chartered Accountants


Chairman Director

13


16/38

CASH FLOWS FROM OPERATING ACTIVITIES

Collection from turnover and other income

Payments for costs and expenses

Interest paid on short term borrowings

Income Tax paid

Net Cash provided from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of fixed assets

Net cash used in investing activities

CASH FLOWS FROM FINANCIAL ACTIVITIES

Bank loan (Decrease)/Increase

Dividend paid

Liabilities for other finance

Net cash Generated from financing activities

Increase/(Decrease) in cash & cash equivalents


(545,192,545

2008

2,431,628

59,570,833 17,718,392


41,905

(3,378,472) (3,392,068

(186,978

CASH FLOW STATEMENT

21,297,438

(55,762,650)

(5,238,802) (10,314,086

62,907,400

(10,314,086

(4,972,678

(5,238,802)

559,473,931

(2,825,201(4,642,790)

2009

(591,206,788)

(16,428,863(20,798,572)

560,885,500

(1,430,619)

Cash and cash equivalent on opening

Cash and cash equivalent on closing

Note: The annexed notes form an integral part of the Financial Statements.



Place : Dhaka


, ,

12,923,988Tk.

, ,


14,354,607

Chairman Director



14


17/38

Note: The annexed notes form an integral part of the Financial Statements.


Proposed

Capital

11,599,493-

17,000,000 (6,364,533)

Excess provision of Income Tax

Balance on 30th June, 2009 Tk.

Retained

-

17,000,000

(3,400,000)Dividend for 2007-08

10,635,467

3,719,816

(5,400,507)

TotalDividendEarnings

-

- 644,210

(3,400,000)

644,210


STATEMENT OF CHANGES IN EQUITY


ShareParticulars

Net profit

Balance on 1st July, 2008

3,719,816

-

-

-

-


Place : Dhaka

Director


Chief Financial OfficeChairman



15


18/38

Forming integral part of the Financial Statements

1.00 NOTES - GENERAL

a) DISCLOSURE ON JUTE SPINNERS LIMITED

The company owns and operates a Jute Spinning mill and producing Jute Yarn and Twine.

b) COMPONENTS OF THE FINANCIAL STATEMENTS

i) Balance Sheet as at 30th June, 2009;

ii) Profit and Loss Account for the year ended 30th June, 2009;

iii) Cash Flow Statement for the year ended 30th June, 2009;

iv) Statement of Changes in Equity for the year ended 30th June, 2009 andv) Accounting policies and explanatory notes.

c) ACCRUAL BASIS OF ACCOUNTING


The financial statements have been prepared, except for cash flow information under the accrual basis of accounting.

NOTES TO THE FINANCIAL STATEMENTS

This is a Public Limited Company registered under the Companies Act, 1913. (now Companies Act, 1994) Th

Company was incorporated in Bangladesh on 26th July, 1979. The shares of the company are listed in the Dhaka Stoc

Exchange Limited of Bangladesh. The mill is located at BSCIC Industrial Estate, Shiromoni, Khulna.

FOR THE YEAR ENDED 30TH JUNE, 2009

d) COMPARATIVE INFORMATION

e) STATEMENT OF COMPLIANCE WITH LOCAL LAWS

Comparative information have been disclosed in respect of the year 2007-2008 for all numerical information in th

financial statements and also the narrative and descriptive information when it is relevant to an understanding of th

current period's financial statements.

The financial statements have been prepared in compliance with requirements of the Companies Act 1994, Securitie

& Exchange Rules 1987 and other relevant local laws as applicable. The cash flow from operating activities i

computed under direct method as prescribed by the Securities and Exchange Rules, 1987.


19/38

f) STATEMENT OF COMPLIANCE WITH INTERNATIONAL ACCOUNTING STANDARDS

g) STATEMENT OF MEASUREMENT BASIS

h) TAXATION

i) Current Tax :

ii) Deferred Tax :

i) REPORTING CURRENCY

j) STATEMENT OF SPECIFIC ACCOUNTING POLICIES APPLIED

The company is a publicly traded company as per income tax law. The rate of Income Tax applicable for the compan

during the year under audit is 15% (SRO 206/Law/Income Tax/2008, dated 30.06.08. As per the aforesaid SRO th

rate will be effective upto June 30, 2011).

The company calculates deferred tax during the year under review in compliance with the provisions of Banglades

Accounting Standard (BAS-12) Income Taxes. The companys policy of recognition of deferred tax assets/liabilitie

is based on temporary differences (Taxable or deductible) between the carrying amount(Book Value) of assets an

liabilities for financial reporting purposes and its tax base, and accordingly, deferred tax income/expense has bee

considered to determine net profit after tax and Earnings Per Share (EPS).

The financial statements have been prepared in compliance with requirements of the International Accountin

Standards (IASs) approved by the International Accounting Standards Committee (IASC) and as adopted by th

Institute of Chartered Accountants of Bangladesh (ICAB) termed as Bangladesh Accounting Standards.

The financial statements have been prepared using the Historical cost basis.

The figures in the financial statements represent Bangladesh Taka currency, which have been rounded off to th

nearest Taka except where indicated otherwise.

i) Revenue Recognition:

Sales are recognized as and when the bill of lading is made.

ii) Fixed Assets

These are stated at historical cost less accumulated depreciation.

iii Depreciation

No depreciation is charged on land and land development.Depreciation is charged on all other fixed assets on straight line method.

Full years depreciation is charged on additions.

The rates at which assets are depreciated per annum are given below :

01. Building and other construction

02. Plant and Machineries

03. Electric Installation

04. Office Equipment

05. Furniture and Fixture

06. Vehicles

07. Sundry Assets

5%

15%

10%

7.50%

6 & 15%

25%

20%

18


20/38

Inventories:

Inventories are valued at lower of cost and net realisable value.

Employees Benefit Costs:

Transaction in foreign currencies:

Turnover:

Turnover comprises the following:

(a) Export

(b) Subsidy

Cash and cash equivalents:

Earning Per Share (EPS):

The company calculates Earning Per Share (EPS) in accordance with IAS-33 "Earnings Per Share ".

vi)

v)

The Company operates an unfunded Gratuity Scheme and also a Group term Insurance scheme for its permanen

employees.

iv)

ix)

Foreign currencies are converted into Bangladesh Taka at the exchange rate ruling on the date of transaction.

vii)

viii)

Cash in hand and cash at banks have been considered as the cash and cash equivalents for the preparation of thes

financial statements which were held and available for use by the company without any restriction as there wa

insignificant risk of changes in value of these current assets.

-

Weighted Average Number of Ordinary Shares Outstanding During the year:

Earnings Per Share (EPS) - Basic:

Diluted Earnings Per Share:

k)

This has been calculated by dividing the basic earnings by the weighted average number of ordinary share

outstanding during the year.

RE-CLASSIFICATIONS / RE-STATEMENTS

Certain amounts for previous year have been re-classified /re-stated to conform to 2008 presentation, compliance wit

BAS : 8 "Accounting Policies, Changing in Accounting Estimates and Errors".

No diluted EPS is required to be calculated for the year as there was no scope for dilution during the year unde

review.

This represents the number of ordinary shares outstanding during the beginning of the year plus the number o

ordinary shares issued during the year multiplied by a time weighting factor. The time weighting factor is th

number of days the specific shares outstanding as a proportion of the total number of days in the period.

This represents earnings for the year attributable to the ordinary shareholders. As there was no preference dividend

minority interest and extra ordinary items, the net profit has been considered as fully attributable to the ordinar

shareholders.

19


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2.00

For the

year

-

5% 1,080,204

7.50% 4,497,531

10% 247,986

15% 33,493

6% & 15% 216,677

20% 803,411

25% 159,077

7,038,379

7,554,151

.01

Manufacturing overhead

Administrative overhead

-

1,969,005

4,168,095

86,273,683

2,670,79

14,020,44

3,111,367

2,679,521

24,892,078

56,806,082

734,90

40,017,23

01/07/2008

69,820,208

68,020,631

260,431,809,928

93,827,834

3,364,684

100,866,213

30/06/2009

1,414,344

3,077,874 599,05

Written dow

value as on

7,981,859

As on

D E P R E C I A T I O N

1,608,510

the yearTotal

Addn. during

-

962,300

6,788,209

39,992,727

2,229,436

3,398,232

3,710,426

173,185

Sundry Assets

153,333,956

163,648,042

3,414,422 2,462,844

7,554,1517,038,379

6,838,893

2008

250,170

Total Tk.

Depreciation charged to:

5,238,802

10,314,086

As on 30 June 2009

As on 30 June 2008

P a r t i c u l a r s As on

01/07/2008

101,320,849

2,058,839

667,937(Note 14.01)

2009

170,597

TANGIBLE FIXED ASSETS - Tk. 68,020,631 :

93,827,834

25,972,282

61,303,613

39,030,427

99,712,339

Vehicles

Plant and Machineries

7,981,85

1,735,90

Total on

30/06/2009

7,981,859

1,662,330

Rate

Furniture and Fixture

3,398,232 -

3,241,237

Electric Installation

3,416,216Office Equipment 294,210

Building and Other Construction

Land and Land Development

6,886,214

168,886,844

163,648,042

(Note 13.03)

2,030,000

O R I G I N A L C O S T

4,808,893

20-21


22/38

3.00 DEFERRED TAX ASSET - Tk. 1,217,102:

(a) Deferred tax assets are arrived at as follows :

Taxable Temporary Difference

Book Value of Depreciable Fixed Assets Less Land

Less : Tax Base

Net Taxable Temporary Difference

(b) Deferred Tax Expenses/(Income) is arrived at as follows :

Tk.

2,922,400

Deductible Temporary Difference

--

Closing Deferred Tax AssetOpening Deferred Tax Asset 1,475,565

Less : Tax Base -

16,182,049

60,038,772

12,741,438

15%

21,739,767

(50,573,756)

9,837,102

15%

(49,096,911)

Book Value of Gratuity payable

2007

24,296,061 22,578,540

1,985,266

1,217,102

21,739,767

2009

(43,856,723)

59,078,414

8,504,658

2008

61,838,349

Effective Tax Rate

1,985,266

22,578,540

8,114,012

258,463 509,701 937,134

Deferred Tax Asset

1,475,565

Deferred Tax Expenses

13,235,109

1,217,102 1,475,565

15%

24,296,061

1,985,266

(c) Deferred Tax Expenses of 2008 Tk. 509,701

This represents the decrease in deferred tax asset in 2008 in comparison to 2007.

(d) Deferred Tax Expenses of 2009 Tk. 2,58,463.

This represents the decrease in deferred tax asset in 2009 in comparison to 2008.

22


23/38

4.00 INVENTORIES - TK. 205,145,196 :

This consists of as follows:

Raw Jute

Work-in Process

Finished Goods

Stores and Spares (.01)

a) Basis of valuation is stated in Note 1(j)(iv).

.01 STORES & SPARES - TK. 12,231,954:

This consists of as follows :

5.00 ADVANCES, DEPOSITS & PRE-PAYMENTS - TK. 9,529,649 :

1,301,834

342,196

6,982

114,506,840

6,694,224

40,053

12,403,722

13,543,748

62,414,260

16,866,337

17,294,138

12,231,954

Tk. 205,145,196

158,752,767

12,403,722

12,301

290,691

Construction materials

Printing & stationery 369,794

Electric equipment

26,145,110

655,083

1,516,495Fuel, lubricants & chemical

Packing materials

17,268

2009 2008

Ball Bearing & bearing Block

Tk.

312,122

6,667,660Mechanical spare parts

413,789

Work-shop materials 298,872

2,461,462 2,502,635

Miscellaneous & general stores

12,231,954

732,215

s s cons ere goo an cons sts o as o ows:

Loans & Advances

DepositsPre-payments

.01 There are no collateral securities against loans and advances.

.02

.03

.04

.05 No amount was due by the associated undertaking.

Loans and advances also includes an agregate sum of Tk. 34,59,274 being payment of income tax against th

assessment year 2006-2007, 2007-2008, 2008-2009 and 2009-2010.

239,203 256,203

7,599,707

267,668 234,741

9,022,778

9,529,649

Loans and advances includes an aggregate sum of Tk. 29,69,100 (2008 - Tk. 25,46,670) lent out to the employees o

the company of which Tk. 10,46,280 (2008 - Tk. 4,61,735) was due from officers. Maximum amount due from officer

during the year under audit was Tk. 10,49,735 on 31-10-2008 (2008 - Tk. 4,63,735 on 31.05.2008).

Tk. 8,090,651

No amount was due by the directors (including Chairman) of the company severally or jointly with any other person.

23


24/38

6.00 SUNDRY DEBTORS - TK. 30,985,430 :


Trade Debtors (.01)

Insurance claim receivable (.02)

01. This is considered good.

02.

7.00 CASH AND CASH EQUIVALENTS - TK. 12,923,988 :

This has been defined in the Note-1(j)(viii) above and consists of as follows:

8.00 SHORT TERM LOANS - TK. 168,096,804 :

Current Account 12,229,414

2009

306,251

3,919,779

2008

F.C.C./ E.R.Q. Account

14,633,641

16,351,789 16,351,789

20,271,568Tk.

This represents insurance claim receivable from United Insurance Co. Ltd. in respect of loss of Raw Jute, Finishe

Goods and Godown burnt by fire during the year 1989-90. The company filed a Money suit against the Insuranc

Company for non-payment of claim and the case is finalised by the Learned 3rd Sub-Judge Court, Dhaka (Cas

No.63/91) favouring the company. But the Insurance Company filed an appeal with the High court against the verdict.

13,242,936

481,375

12,923,988

With Bank in:

388,323

30,985,430

In hand

Tk.

630,296

14,354,607

This represents :

Secured Loan from Janata Bank Ltd. in:

.01 Hypothecation Account

.02 Current Portion of Long Term Loans

9.00 SHARE CAPITAL - TK. 17,000,000

Authorized:

350,000 ordinary shares of Tk.100/- each

Issued, Subscribed and Paid-up:

170,000 ordinary shares of Tk.100/- each fully Paid-up in cash

a) The break-up of share holding is as follows:

Shares

61,555

24,679

45,185

38,581

170,000

22.69%22.82%

170,000

General Public & Others

36.21%

25.31%

89,200,672

Directors

168,096,804

20082009Shareholdings

17,000,000

35,000,000

.01 This loan is secured against hypothecation of stock of Raw Jute, Work-in process, Finished Goods, Stores and Spares

35,000,000

8,128,000

159,968,804

43,030

Shares

26,629

Percentage

36.21%

Percentage

61,555

14.52%15.66%

26.58%

100.00%

97,328,672Tk.

100.00%

ICB

Financial Institutions

17,000,000

8,128,000

38,786

24


25/38

b)

Range of Holdings

3.21%

- 14.31%

- 4.71%

- 6.16%

- 46.66%

- -

- 24.95%

100.00%

c)

d) Option on un-issued shares:

10.00 DEFERRED LIABILITIES - TK. 56,416,282 :

This consists of as follows : 2009

WPP and WF

Gratuit Pa able

The distribution showing the numbers of shareholders and their share holdings in percentage on 30.06.2009 is a

follows:

10001

10000

20000

Persons

Less than

5000

5001

501

1

Number Percentage

24,296,061

170,000

There is no option regarding authorized capital not yet issued but can be issued to increase the issued, subscribed an

paid-up capital through the issuance of new shares against cash contribution and bonus.

22,578,540

40000 -3000115000040001

1

287

20001 330000

11 24,335

304

79,314

28,218,392

2008

42,415

32,116,445

The shares are listed with Dhaka Stock Exchange Ltd. and quoted at Tk. 733.00 on 30.06.2009 (2008 - Tk. 860.00).

500 5,456

-

10,465

8,015

Provident Fund

11.00 LONG TERM LOANS - TK. 24,625,054: (2008-Tk. 32,485,768)

12.00 TURNOVER - TK. 530,838,856 :


a) Foreign Sales

Less: Ocean Freight

Less : Sales Commission

Add: Subsidy earned

50,800,708

3,776

-

Qnty/MT 2009

3,776

9,451.58

458,872,919

Total Tk. (a+b) 481,704,807530,838,856

22,831,88868,734,9979,451.58 462,103,859

-

502,663,600

974,780

463,078,639

539,859,800

462,928,4919,451.58

9,451.58

56,416,282Tk.

This represents part of cash credit loan which has been blocked with a fresh repayment schedule. According to the new

repayment schedule, the loan will be repaid in 10 years with a grace period of 2 (two) years from July, 2005. The rate ointerest on loan is 3% per annum.

2008

4,055,572

76,931,309- 39,584,961

25


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13.00 COST OF GOODS SOLD - TK. 469,554,427 :

This is made up as follows :

Particulars

Work-in Process (Opening)

Raw Jute Issued

Other Direct mat.consumed

Work-in Process (Closing)

Manufacturing overhead

COST OF PRODUCTION:

Finished Goods (Opening)

Purchase of finished goods

Finished Goods (Closing)

.01 RAW JUTE ISSUED - TK. 330,146,524 :

This is made up as follows:

Particulars

Opening Stock

310.32

332,626,818

Tk.

Qnty/MT

(26,145,110

2008

282,130,431

50,496,387

62,414,260

424,278,177

51,638,531

447,856,716

460,703,455

106,380,425

13,543,748

330,146,524

354,323,030

(16,866,337)

2,566,571

396,218,185

103,698,958

292,519,227

270,212,558

10,926,231

24,924,186

11,695.65

14,471.61

486,848,565

-

575.19 26,145,110

158,752,767

488,899,291

Less: Closing Stock

2009

426,485,031

62,414,2602,775.96

Add: Purchase

4,754.24

469,554,427

(13,543,748436.14

-

.03

Notes Qnty/MT

306,062,975

.02

9,717.37.01

371,189,367

27,499,095

-

(17,294,138)

406.72

20082009

.02 OTHER DIRECT MATERIALS CONSUMED - TK. 27,499,095 :

This is made up as follows:

Tk.

Consumption represents 100% locally procured materials.

Opening Stock

9,717.37

24,456,703

24,924,186

(1,076,803

27,499,095

270,212,558

1,076,803

330,146,524

Particulars

(2,842,523)

Purchase

1,544,286

Closing Stock

29,264,815

26


27/38

.03 MANUFACTURING OVERHEAD - TK. 106,380,425 :


a) Salary, wages and allowances includes the following :

Bonus

Gratuity

b) Category-wise information in respect of salary/wages of employees/workers:

Tk. 3,000 and above

14.00 EXPENSES - TK. 53,699,414 :

135 Nos

6,886,214

2,213,854 1,689,510

441,470

15,942,623 16,809,043

499,939

6,788,209

173,175

81,394

1,270 Nos

144,792

321,824

123,231

2,402,172

156 Nos

255,512

Tk. 106,380,425

4,267,956

Entertainment

Telephone, fax, postage & e-mail

551,409

Printing and stationery

Stores carrying

256,251

Below Tk. 3,000

250,117

299,495

2,315,916

4,856,138

103,698,958

299,365

222,064

372,689

574,917

170,517

2008

59,504,920

142,605

1,299 Nos

63,328,562

Travelling and conveyanceWelfare expenses

Insurance

Power and fuel

Rent, rates and taxes

Handling and carrying

Utilities

15,758,119

Depreciation

Salary, wages, allowances etc.

Spars Consumed & repairs

2009

15,977,563

s s ma e up as o ows:

Administrative expenses (.01)

Selling and distribution expenses (.02)

Financial expenses (.03)

.01 ADMINISTRATIVE EXPENSES - TK. 17,778,950:


777,473

50,033,122

13,434,046

20,278,420

667,9372,685,552

488,052

301,115

10,450,541

53,699,414

Telephone, fax, postage & e-mail

Advertisement

Utilities

Welfare expenses

Repairs and maintenance

Entertainment

Printing and stationery

Salary and allowancesDirectors' remuneration

Travelling and conveyance

232,952

3,050,649

57,475

969,319

583,446

25,469,923

234,798

723,758

383,148346,843

739,413

Licence renewal fees etc.

50,000

246,877

171,291

21,860

50,000

Car maintenance

Group Insurance Premium

17,778,950

Computer expenses

202,824

250,170

57,475

Depreciation

Cost Audit FeesAudit fees (Statutory) including VAT

2,520,000

Tk.

2,400,000

137,560

7,461,045

600,708

298,301

17,778,950

5,955,554

16,320,656

16,320,656Tk.

AGM Expenses 147,276 146,500

95,980

219,998

300,15977,300

212,798

234,000Rent, rates and taxes

27


28/38

2009

a) Salary and allowances include the following :

Bonus

Gratuity

b) Category-wise information in respect of Salary of employees:

3 Nos.

38 Nos.

.02 SELLING & DISTRIBUTION EXPENSES - TK. 10,450,541


.03 FINANCIAL EXPENSES - TK. 25,469,923:


33 Nos

5 Nos

Truck hire on export of finished goods 4,482,320

1,137,615

C&F expenses

FCC and collection expenses

2,026,155Overdue interest

1,396,332

Fumigation Expenses

1,908,055

49,600

10,450,541

Govt. Revenue on export

Custom & Excise 32,220

922,317

Below Tk. 3,000

659,376

411,412

1,818,740

337,327

530,751

2,051,381

511,108

2008

415,596

5,815,875

Tk.

Inland freight 908,381

Tk. 3,000 and above

-

467,518

13,434,046

15.00 OTHER INCOME - TK. 200,765 :


Sale of various rejected goods

16.00 EARNINGS PER SHARE (EPS) - Basis

EPS and it's components have been defined in note 1(j)(ix).

The computation of EPS is given below:

a) Earning attributable to the ordinary shares

b) Weighted average number of ordinary shares

outstanding during the year

c) EPS - Basic

Interest on P.C.C A/C

5,572,675

VAT on P.O. commission

Bank & other charges

Interest on Cash Credit (Blocked) A/C

3,527,302

66,500

21.88

170,000

Tk.

132,441

3,719,816

170,000

Tk.

32.78

20,278,420

200,765

25,469,923

191,662

191,662

200,765

Tk.

Tk.

Int.on Profit Participation Fund

Interest on Cash Credit (Hypo) 19,696,048

50,575

1,347,718

1,077,549

-

703,738

3,095,244

14,948,704

1,102,524

28


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17.00 PAYMENT/PERQUISITES TO DIRECTORS & OFFICERS

a) The aggregate amount paid/provided during the year in respect of Directors and Officers are disclosed below:

Basic

Bonus

House Rent allowance

Conveyance allowance

Medical allowanceAllowance

b)

18.00 PRODUCTION CAPACITY & ACTUAL PRODUCTION

Reason of short fall i) Power failure.

ii) Light Count production

iii) Production Stopped for 15 days due to decrease of Export Contract

Directors'

3,120,0001,560,000

Directors'

2008

Officers'

-

The rate of Board meeting attendance fees is Tk.100/- per Director per meeting but no such amount was drawn b

any director of the company during the year under review.

240,000 -

9,190.16 MTActual Production

1,384,400

10,234.00 MTProduction Capacity

1,548,000

228,000204,492

267,735

9,581.95 MT

Particulars

2009

-

MT

2008

MT

-

2,768,800

Particulars

1,488,000

-

720,000 684,000

456,000 -

159,092

405,800

222,935

-

-

Officers'

10,605.00 MT

2009

.

a) There is no capital expenditure contracted but not incurred or provided for at 30th June, 2009.

b)

20.00 There was no sum for which the company is contingently liable as on 30th June, 2009.

21.00

22.00.

23.00 There were no non-resident shareholders.

24.00 FOREIGN EXCHANGE EARNING

The company earned Tk. 50,26,63,600 in foreign currency through export.

25.00 PROPOSED DIVIDEND - Tk. 3,400,000

26.00

Considering the Short Term Loan NOCFPS is Tk. 88.27

Chief Financial OfficeChairman Director

This represents dividend of Tk. 20/- (twenty) per share recommended by the Board of Directors subject to the approval othe Share Holders in the annual general meeting.

There was no material capital expenditure authorized by the Board but not contracted for at 30th June, 2009.

No payments have been made in foreign currency for royalty, technical experts and professional advisory fee, interest etc.

Net Operating Cash Flow Per Share (NOCFPS) is Tk. (328.02) &

There were no credit facilities available to the company under any contract, other than trade credit available in the ordinarcourse of business and not availed of as on 30.06.2009.

29


30/38

I/We of

(address

shareholder/(s) of JUTE SPINNERS LIMITED hereby appoint, another shareholder of the company,

Mr./Mrs./Miss of (address)

As witness my/our hand this . . . . . . . . . . . . . . . . . . . . . . . . .day of . . . . . . . . . . . . . 2009.

vote for me/us on my/our behalf ar the Thirtieth Annual General Meeting to be held on 19th December, 2009 and

at any adjournment thereof and the poll that may be taken in consequence thereof.

being

as my/our proxy to attend and

FOLIO NO. HELD

PROXY FORM

SHAREHOLDERS NO. OF SHARES

Dhanmondi R/A, Dhaka - 1209

Head Office : House No. 98(New), Road No. 9A (New)


Revenue StampTk. 10.00

Notes i)

ii)

Signatures must be in accordance with specimen signature registered with the company.

The Proxy Form must be deposited at the Registered Office/Liaison Office of the company not laterthan 48 hours before the time fixed for the meeting. Otherwise, the proxy form will not be treated as

valid.

Please complete the attendance slip and deposit at the registration counter of the day of the meeting.


ATTENDANCE SLIP

I/We hereby record my/our presence at the Thirtieth Annual General Meeting of the company on 19th December,2009 t

be held at the auditorium of CIRDAP, 17, Topkhana Road, Dhaka-1000.

(Name) (Folio) (Signature)

Signature of Proxy Signature of Shareholder

Folio No. : Folio No. :

31


31/38

Defered Tax Assets

Current Assets:

Inventories

Debtors

Cash and Bank balances

Bank Loan and overdrafts

Creditors and Accruals

NET ASSETS :-

Fixed Assets:

Less: Current Liabilities:

Net Workin Ca ital

Advance Deposit & Pre-payments

REPORT OF 1ST QUARTER ENDED 30TH SEPTEMBER 2009 (UN-AUDITED)

33 520

73,658

193,771

267,429

5,945

11,087

18,294

265,623

300,949

1,217

66,611

PROVISIONAL BALANCE SHEET AS AT

68,185

1,476

192,597

26,038

We are pleased to present the un-audited Financial Statements of Jute Spinners Limited for the 1st Quarter

ended 30 September 2009 as per Securities and Exchange Commission (SEC) Notification No.

SEC/CMRRCD/2008-183/Admin/03-34 dated 27 September 2009. Accordingly these Financial Statementshave already been sent to Securities and Exchange Commission and Dhaka Stock Exchanges Ltd.

30-09-09

Tk. In '000

30-09-08

1ST QUARTER ENDED 30TH SEPTEMBER, 2009

236,125

11,561

5,929

137,623

65,539

203,162

32 963

Head Office:House No.98 (New),Road No.9A (New),Dhanmondi R/A.,Dhaka-1209,Phone :8113202

Share Capital

Retained earning

Cost and Expenses:

Cost of goods sold

Administrative expenses

Selling & Distribution expenses

Net Profit / (Loss) before Income Tax


Share-holders' equity:

Turn-over & other Incom

Interest expenses

Net Profit / (Loss)

FINANCED BY:

Net Assets

Tk. 101,348

PROVISIONAL PROFIT & LOSS A/C FOR THE

17,000

12,767

101,348 102,624

12,063

17,000

(4,937)

90,561

102,624

Tk. In '000

118,373

5,613


88,581

(4,233)

Long term Liabilities

3,641

30-09-09

136,214

134,211

30-09-08

3,276

164,345

161,313

147,070

6,003

4,964

3,032

1,604

6,584

2,003

836

1,167 1,428

Cont . . . . P/2


32/38

Cash -Flow from operating activities:

Collections from turn-over & other Income

Payments for Cost & Expenses


Income Tax paid

Cash -Flow from investing activities:


Cash -Flow from financial activities:

Loans received

Loans repaid

Liabilities for other Finance

Net Cash inflows/(Out flows) for the Period

STATEMENT OF CHANGES IN EQUITY FOR THE

(6)

(431)

31,735

33,801

5,945

14,355

(226,378)

(3,788)

CASH FLOW STATEMENT FOR THE


Tk. In '000

30-09-09

(1,813)

30-09-08

(5,412)

(2,060)

48,422

46,337

(211)

(38,283)

(1,961)(1,179)

(187,149)

155,457 177,575

Opening Cash & Bank bal

Closing Cash & Bank bala

(6,979)12,924

(8,426)

(272)

5,929

(54,552)

Page - 2

1ST UARTER ENDED 30TH SEPTEMBER 2009

Chief Financial Officer Chief Executive Officer Chairman

(4,233)

-

September'09

17,000

Balance As at 30th

June, 2009

Net Profit/(Loss) for

the period

12,767

--

Balance As at 30th -

1,167

Share

Capital

Proposed

DividendTotal

11,600

1,167

Tk. In '000

Particulars

(5,400)

Retained

Earning

17,000


33/38

FOR THE HALF YEAR ENDED 31st December, 2009

With greetings for the New Year 2010, I am pleased to present herewith the un-audited

Balance Sheet as on 31st December, 2009 along with the Profit & Loss account, Cash

Flow statement and statement of changes in Equity for the half-year ending on 31st

December, 2009.

The operational performance of the mill during the period is more or less satisfactory. But

our future is somewhat uncertain for abnormal rise in the price of raw jute which may be

the main deciding factor in respect of our advancement. We have taken all possiblemeasures so that our target is not interrupted.

JUTE SPINNERS LIMITED, DHAKA.House No.98, Road No.9A (New)

Dhanmondi Residential Area, Dhaka-1209.

Message

HALF YEARLY REPORT (UN-AUDITED):-

Muhammad Shams-uz Zoha

Director


34/38


Current

Half-year

ended 31/12/09

64,813

12,924

258,584

30,985

Previous

year ended

on 30/06/09


Total Current Assets :-

4,122

304,628 17.81


68,021

81,041Long term Liabilities

168,097

67,08466,366

Financed by:

Total Current Liabilities :-

Net Assets :-

DebtorsAdvance Deposit & Pre-payme

(43.93)17,37431.409,53012,522

205,471

271,837

32,791

98,821

88,344

17,000


I t e m

Fixed Assets:

31.91205,145

(4.72)

Current Assets:

1,217

Inventories

Defered Tax Assets 1,217

270,610

PROVISIONAL BALANCE SHEET AS AT 31ST DECEMBER, 2009

Growth

percentage


40.11

6.67

Net Working Capital :-

235,181

23,403

92,641

(1.07)

Share Capital 17,000

22.23

-

-

15.59

(68.11)

9.01

(%)

ended 31-12-08

Interest expenses

10,405

7,928

11,865

(1,250)

258,539

2,277

7,291

Previous

Half-year

('000' Taka)

264,143

229,862

(1.94)

(13.62)

(44.37)

24.02

('000' Taka)

14,084

255,012

Current

Half-year

(5,400)

(2,247)

1,836

ENDED 31st DECEMBER, 2009

PROVISIONAL PROFIT & LOSS A/C FOR THE HALF-YEAR

Cost and Expenses:

I t e m

Turn-over & other Income:

ended 31-12-09 (%)

Selling & Distributio

l Cost & Expenses :-

11,600

92,641

Total Share-holders' equity :-

Administrative expen

221,823

11,814

Cost of goods sold

Net Profit / (Loss) before Income Tax :-

Net Profit / (Loss) :-


260,060

4,083

3,527

98,821

Retained earning

13.54

(8.03)

18.70

(20.80)(6,523)

10,477

Growth

percentage

6.67

(2.12)

(3.50)

(9.68)

. . .. .


35/38


('000' Taka)

ENDED 31ST DECEMBER, 2009

(474)

(4,231)

-

45,502

288,201

(321,210)

(11,497)

CASH FLOW STATEMENT FOR THE HALF-YEAR

Acquisition of long-term assets

Sale proceeds of long-term assets

Income Tax paid

111,421

(476)

-

-


Loans received

-

-

(%)ended 31-12-09

(1.24)

(17.83)

22.33

percentage

(55.91)

(0.42)

(390,900)

(9,398)

Half-year

ended 31-12-08I t e m




284,635

Half-year

('000' Taka)

Current Previous Growth

(59.16)

(2.31)

-

(2,835)

(4,331)Loans repaid



(1,250)

4,122

(274)

(8,802)

12,924

(8,578) 2.61

(9.97)

(28.65)5,777

14,355Opening Cash & Bank balances

Closing Cash & Bank balances

.

7.87(254)Liabilities for other Finance

Net Cash inflows/(Out flows) for the half-year :-


36/38

Proposed

Dividend

As at 30th

June, 2009

Net Profit for

the period

Final Dividend

for the period 2008-2009

As at 31st

December'09

Proposed

DividendAs at 30th

June, 2008

Net Profit for

the eriod

10,635,467

- 1,835,892 - 1,835,892

Earning

17,000,000 (6,364,533) -

-

ParticularsShare Retained

Total

Capital


HALF-YEAR ENDED 31ST DECEMBER, 2008

17,000,000

Total

11,599,493

2,277,150

Retained

Earning

(5,400,507)

(6,523,357)

-

-

(3,400,000)

HALF-YEAR ENDED 31ST DECEMBER, 2009


2,277,150

(3,400,000)-

ParticularsShare

Capital

17,000,000

10,476,643

-

-

Final Dividend

for the period 2007-2008

As at 31st

December'08- 9,071,359

- (3,400,000) - (3,400,000)

17,000,000 (7,928,641)


37/38

31st March, 2010 (UN-AUDITED)

Head Office:House No.98 (New),Road No.9A (New),Dhanmondi R/A.,Dhaka-1209,Phone :8113202, 8111994

Defered Tax Assets

Current Assets:

Inventories

Debtors

Advance Deposit & Pre-payments




12,086

FINANCED BY:

168,097

235,181

11,600

92,641

205,145

9,530

30,985

12,924

23,403

67,084

190,487

89,970

27,840

101,107

270,217

23,527

10,106

4,447

280,457

1,217

308,297

72,050 68,021

1,217

258,584


Net Working Capital


Net Assets

NET ASSETS :- 31-03-10

Fixed Assets:

Tk. In '000PROVISIONAL BALANCE SHEET AS AT 3RD QUARTER ENDED 31ST MARCH, 2010

We are pleased to present the un-audited Financial Statements of Jute Spinners Limited for the 3rd Quarter ended 31 March 2010 as

per Securities and Exchange Commission (SEC) Notification No. SEC/CMRRCD/2008-183/Admin/03-34 dated 27 September 2009.

Accordingly these Financial Statements have already been sent to Securities and Exchange Commission and Dhaka Stock Exchanges

REPORT OF 3rd QUARTER ENDED

30-06-09

Share Capital

Retained earning

Long term Liabilities

Turn-over & other Income:

Cost and Expenses:

Cost of goods sold

Administrative expenses

Selling & Distribution expenses

Interest expenses

Net Profit/(Loss) before Income Tax

Tk. 15.45

5,136

Tk. 22.86

Net Profit / (Loss) After Tax

Earning Per Share (EPS)

1,250

1,609

137

790

Tk. 4.65

1,609

Tk. 9.46

-

7,052

2,383

Cont . . . . P/2

388,564

347,631

Jan-Mar,2010

206,564

204,955

188,617

3,740

3,080

6,915

927

4,716

Jan-Mar'2009

129,431

128,504

114,769

Tk. In '000PROVISIONAL PROFIT & LOSS A/C FOR THE 3RD QUARTER ENDED 31ST MARCH, 2010

17,000

(4,914)

100,107 92,641

(5,400)

17,000

81,04188,021

411,440

2,626

12,007

3,886

5,009

4,570

459,967

Tk.

July-Mar,2010

465,103

July - Mar,2009

393,573

15,384

Income Tax

21,136

14,145

8,008

18,780


38/38





Income Tax paid

Dividend paid




Loans received

Loans repaid

Liabilities for other Finance

Net Cash inflows/(Out flows) for the Period12,924

4,447

3RD QUARTER ENDED 31ST MARCH,10

14,354

3,005


(11,349)

(17,322)

(2,364)

(3,403)

(577)

23,602

30,518

(6,346)

(570)

(8,477)

77,514

83,381

(5,847)

(20)

(3,406)

July - Mar,2010

(31,502)

495,735

(504,148)

Tk. In '000CASH FLOW STATEMENT FOR THE 3RD QUARTER ENDED 31ST MARCH, 2010

Page - 2

Opening Cash & Bank balances

Closing Cash & Bank balances

Tk. In '000

July-Mar,2009

(88,365)

420,789

(487,206)

(15,255)

(3,287)

(498)

Chief Financial Officer Director Chief Executive Officer

17000

-

-

17000

(5,400)

3886

(3,400)

(4,914)

11,600

3,886

(3,400)

12,086

TotalEarning

(6,365)

Final Dividend for 2007-08

Balance As at 31st March,2009

(3,400)

9,861

- 2,626

- (3,400)

17000

2,626

Balance As at 30th June,2009

Net Profit/(Loss) for the period

(7,139)

Balance As at 30th June,2008

Net Profit/(Loss) for the period

Final Dividend for 2008-09

Balance As at 31st March,2010

3RD QUARTER ENDED 31ST MARCH, 2009

10,63517000

CapitalParticulars

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