GBB LTD, - ProFullCrack · in accordance with Bangladesh Standards on Auditing (BSA). Those...

GBB POWER LTD,Momtaz Plaza, (Sth Floor), House # 7,

Road # 4, Dhanmondi R/A, Dhaka.

FOR THE YEAR ENDED 31 DECEMBER 2014

GBB POWER LTD.


Table of Contents

lD.DDp)DDD)DDbbb.b.F.P.hP,.hrP.Itr!+.ffruh

ffiH

Hhh

H%I*D[ryri*rffp

Sl No. Particulars Page No.

01. Audit Report 01-01

02. Statement of Financial Position o2-o2

03. Statement of Comprehensive lncome 03-03

04. Statement of Cash Flows o4-o4

05. Statement of Changes in Equity 05-05

06. Notes to the Financial Statements 06-23

07. Fixed Assets Schedule, "Annexure-O1" 24-24

MABS &J PartnersChartered Accountants

An independent member firm of Nexia lnternational, UK

AUDITORS, REPORT TO THE SHAREHOLDERS

OF

GBB POWER L!MITED

We have audited the accompanying financial statements of GBB POWER UMITED, which comprise the Statement ofFinancial Position as at 31 December 2074, and the Statement of Comprehensive lncome, Statement of Changes in

Equity and Statement of Cash Flows for the year ended 31 December 2OL4 and a summary of significant accountingpolicies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance withBangladesh Financial Reporting Standards (BFRS), and for such internal control as management determines is

necessary to enable the preparation of financial statements that are free from material misstatement, whether due tofraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our auditin accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whether the financial statementsare free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditors' judgment including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. ln making those risk assessments,

the auditor considers internal control relevant to the entity's preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating theappropriateness 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 auditopinion.

Opinion

ln our opinion, the financial statements present fairly, in all material respects, the financial position of GBB POWER

LIMITED as at 31 December 2014 and its financial performance and its cash flows for the year then ended in

accordance with Bangladesh Financial Reporting Standards.

We also report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief werenecessary for the purpose of our audit and made due verification thereof;

b) ln our opinion, proper books of account as required by law have been kept by the Company so far as it appearedfrom our examination of those books;

c) The Company's financial position and comprehensive income statement dealt with by the report are in

agreement with the books of accounU and

d) The expenditure incurred was for the purpose of the Company's business.

Accountants

Corporate gffice:Park Plaza{Suite N-9)31, Banani C/A, Road 17Dhaka-1 2 1 3, BangladeshPhone : +88-02-9821057-8E-mail : [email protected]

Motijheel Office & Mailing Address:21, Purana Paltan Line (4th & 7th Floor)Dhaka-1000, BangladeshPhone : +88-02-835546918355471Fax : +88-02-9332936E-mail : [email protected] : laiw.mabs.l.com

INTERNATIONAL

Dated: Dhaka, 29 April 2015

l.tt,),li),bli,btl-bbbb2,L.,

Ea,hl,-ahhhhh7al.?1.?h2hEl.?li.l"ohLAl,aAt;1.,i'?


GBB POWER LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2014

PARTICUTARS

NET ASSETS :

Non-Current Assets

Property, Plant and EquipmentLeasehold Land Development

Current Assets, Loan & Advances

lnventoriesAdvance, Deposit & Prepayments (Considered Good)

Sundry Debtors (Considered Good)

lnvestment in Marketable Securities

Cash and Cash Equivalents

Total Assets

EQUITY & TIABILITIES:

Shareholders' EquityShare Capital

Share PremiumShare Money Deposit

Retained Earnings

Current Liabilities and Provisions

Sundry CreditorsAccrued Expenses

Workers Profit Participation and Welfare Fund

Provision for lncome Tax

Unclaimed Dividend

Short Term Bank Loan

Total Equity and Liabilities

Net Asset Value (NAV) Per Share (Adjusted)

The accounting policies and other notes from 01 to 44

The Financial Statements were authorised for issue by the

behalf by :

2,O1,L,902,051 1,913,o39,673

31-Dec-14

(Amount in Taka)

31-Dec-13

17.0018.00

20.0021.00

22.OO

19.0023.00

24.0025.00

26.0027.OO

1,,366,O71,659

1,359,744,162327,497

L,399,456,623

1,392,377,3457

645,830,392

42,805,600LL3,O79,275L8L,45O,37127,O47,400

28L.447.747

513,583,050

31,401,598L77,289,356L40,516,8L2

L70,375,284

L,912,261,315843,093,

865,

202,543,74

1,791,396,663733,L24

191,633,813

28.0029.00

30.00

37.0031.0032.00

L2,-,643,OtO

21,829,O49

9,603,00513,984,O79LO,348,226

244,375

2,O1L,9O2,OSt l,gt3,o?9,673

22.68 2,..25

form an integral part of the Financial tatements'

Board of Directors on 29 April 2015 and signed on its

rr?. 7-lyi--.ManaginB0irector

Qqe,v-furt.o+Director

@Company Secretary

INTERNATIONAL

99,634,737

22,277,753L2,669,548L2,620,773

L2,128,95725L,205

s06

AUDITORS' REPORT TO THE SHAREHOLDERS:

This is the Statement of Financial Position referred to in our report of even date.



688 POWER TIMITEDSTATEMENT OF COMPREHENSIVE !NCOMEFOR THE YEAR ENDED 31 DECEMBER 2014

33.00

34.00

35.00

36.00

37.00

38.00

31-Dec-14

480,799,837

297,292,539

tg3,5l7,2gg

53,709,752

129,909,546

10,556,352

t4o,364,ggg

7,079,245

133,346,553

2,891,559

(Amount in Taka)

31-Dec-13

433,097,774

234,5L2,377

199,594,953

59,735,227

139,949,642.

7!,953,462

150,903,104

7,540,155

143,262,949

4,0o0,544

130,455,095 139,262,4O5

an integral part ofof Directors on 29

1.5s 1.65

the Financial Statements. TheApril 2015 and signed on its

q Z,'l--....-Managin[ Director

e"g-rr*{l&{t

I NTERNATION AL

I 'oRrcurARs -lffilTurnover

Coct of Goods Sold

goosProft

Administrative, Financial & Other Expenses

Ict ffit Before Other lncome & W.p.p.F0tfier lncome

ict ffit Before Charging lncome Tax

Contribution to Wpp & Welfare Fundict Prolit Before lncome TaxProvision For lncome Tax

llet Profit After Tax

Eamings per Share (EpS) - Adjusted

The accounting poricies and other notes from 01 to 44 formFinancial Statements were authorised for issue by the Boardbehalf by :

Director

This is the Statement of Comprehensive lncome referred to in our report of even date.

Company-Tecretary

MADated: Dhaka, 29 April 2015

ed Accountants

MABl,"**,rffi:1ffi

GBB POWER LIMITED

STATEMENT OF CASH FLOWS


31-Dec-14

(Amount in Taka)

31-Dec-13PARTICUTARS

Cash Flows from Operating Activ:ties

Collections from Turnover and others

Payment for Cost and Expenses

lncome Tax Deducted at Source

Cash Flows from lnvesting ActivitiesAcquisition of Property, Plant and Equipmentlnvestment in Marketable Securities

Cash Flows from Financing ActivitiesCash Credit and Other short term loan

Fractlon share dividend

Dividend /Fraction Share Dividend paid

Share Money Deposit

lncrease/(Decrease) in Cash and Cash EquivalentCash and Cash Equivalents at Opening

Cash and Cash Equivalents at Closing

Net Operating Cash Flow Per Share (Adjusted)

(2L6,752,9O8

,22,624,837

206,631,48O

479,O29,606(246,L67,91L')

1L9,824,OO4

213,037,691

(39,689,058)

(29,92L,961)

(69,610,019)

(19!,485,767)

1t91,485,7671

(25,947,83O)

95,983

(89,151

(25,949,9981

64,434,336

231,000

(264,763

,6059,797,954

L77,O72,463

L70,375,2848L,349,87889,025,406

281,M7,747 17o,375,284

2.45 2.53

The accounting policies and other notesfrom OLto44 form an integral part of the Financial Statements. The FinancialStatements were authorised for issue by the Board of Directors on 29 April 2015 and signed on its behalf by :

e"&;,r,* tlor-a{Director Company Secretary

.4 , 4.1{--_Managing Director

This is the statement of cash Flows referred to in our report of even date.

,l

MAS & ]?aftneflsDated: Dhaka, 29 April 2015


GBB POWER LIMITED

STATEMENT OF CHANGES IN EQUITY


The accounting policies and other notes from 01 to 44 form an integral part of the Financial Statements. The Financial Statementswere authorised for issue by the Board of Directors on 29 April 2015 and signed on its behalf by :

4.\a e"Or^^- *{&4&Managing Director

I NTERNAT ION AL

(Amount in Taka)

PARTICUI.ARSORDINARY

SHARE CAPITATSHARE PREMIUM

SHARE

MONEYnEo.lctTC

RETAINED

EARNINGSTOTAL

lst January 2014 733,L24,85C 866,550,000 88,000 191,633,813 1.,791,396,663

)rior Years Adjustment (Note-39) 6,701,882 6,70t,882

\djusted Opening Balance 733,L24,85C 866,550,00( 88,00( L84,93,.,931 1,784,694,781

ihare Money Deposit (8,000, (8,ooo)

Jnrealize Loss on Marketableiecurities

,2,874,s6L) 12,874,56!l

{et Profit during the Year 130,455,095 130,455,095

itock Dividend 109,968,72t 1Lo9,968,72o)

llst December 2014 843,093,57( 866,550,000 80,000 ?'02,543,745 L,912,267,3L5

PARTICULARSORDINARY

SHARE CAPITALSHARE PREMIUM

SHARE

MONEY

DEP,OSITS

RETAINED

EARNINGSTOTAL

Lst January 2013 637,499,474 865,550,00( 4,590,61! 150,347,651 1,659,088,139

)rior Years Adjustment (Note-39) {.2,3sL,262) 12,35t,262

\djusted Openint Balance 537,499,870 856,550,00( 4,690,619 147,996,388 7,656,736,877

ihare Money Deposit (4,602,6t9) (4,602,679

\et Profit during the Year t39,262,405 t39,262,405

itock Dividend 95,624,98t (9s,524,980)

llst December 2013 733,L24,85C 856,550,000 88,000 191,633,813 L,79L,395,663

AUDITORS' REPORT TO THE SHAREHOLDERS:

This is the Statement of Changes in Equity referred to in our report of even date.


lA1,,l.t1.-),bbbt,

A.


GBB POWER LIMITED

NOTES TO THE FINANCIAT STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2014

- FORMING AN INTEGRAL PART OF THE FINANCIAT STATEMENTS

Compliance with the requirements of notification of the Securities and Exchange Commission dated04.06.2008 under reference f SEC/CMMRPC/2008- LStl 531 Adml03 I 28.

t. Notes to the financial statements marked from C-1 to C-16 outlining the policies areunambiguous with respect to the reporting framework on which the accounting policies are

based.

The accounting policies on all material areas have been stated clearly In the notes markedfrom C-1 to C-15.

The accounting standards that underpin the policies adopted by the company can be found inthe following places of the notes to the financial statements:

S[. No. Applicable Accountins Standards Note reference01. rAs/BAS - 1 4.0002. rAs/BAS - 2 6.00

03. rAs/BAS - 7 7.00 & 8.00

04. |AS/BAS - 10 42.OO

05. |AS/BAS - 12 9.00

06. IAS/BAS - 16 5.00

07. |AS/BAS - 18 10.00

08. AS/BAS _ 19 14.00

09. AS/BAS _ 21 11.00

10. AS/BAS - 24 76.O2

11. AS/BAS - 33 72.OO

12. AS/BAS - 35 13.00

13. AS/BAS - 37 40.00

4. The financial statements are in compliance with the Bangladesh Financial Reporting Standards(BFRS)which are adapted from the lnternational Financial Reporting Standards (IFRS) issued by

the lnternational Accounting Standards Board (IASB).

AND

5. The Standards and reporting framework used in the financial statements do not differ fromtFRS (BFRS).

B. legal status and nature of the company - Disclosure under IAS I as adopted by The lnstitute ofChartered Accountants of Bangladesh as BAS 1 "Presentation of Financial Statements"

Domicile, Legol Form ond Country of lncorporotionThe Company was incorporated on 17th October 2006 as a private company limited by shares and by a

resolution passed on 26 February 2008. lt was converted into a public company limited by shares. Thecompany implemented the Joint Venture Agreement executed between GBB Limited and CaladonianPower Limited and has done all that was necessary as per notification of award of "Supply lnstallationand Putting in Commercial Operation of 20MW +/- L0%Trailerl Skid Mounted Power Plant at Bogra on

rental basis for a tenure of 15 year Project" issued by Bangladesh Power Development Board videMemo No. 108-8PDB (CS.)/(Contract)/Bogra Rental/06 dated 03.08.2006 and 15.08.2006 respectively.

3.

INTERNATIONAL

lA1.,1.,4.,l-wblbrt{,tblrabtrhl.tF.l,al.tl.?!'enl"ohtal"aht?ht?!,?t?hhht?h!?!'-irhl.?t'-ohL>.>.lAL,ff.


The company has installed and utilized the following capacity:

Address of Registered and Corporote Office:

Registered Office:The registered office is at GBB Power Complex, BPDB Compound, Puran Bagra, Bagra-5800.

Corporate Office:

The corporate office is at Momtaz Plaza (5th Floor), House # 07, Road # 04, Dhanmondi R/A, Dhaka-

Principal Activities and Noture of Operations

Supply lnstallation and putting in commercial operation of 20MW +/- LO%Trailer/ Skid Mounted Power

Plant.

Number of Employees

On the payroll of the Company, there were 37 officers, 30 staff and workers /technicians apart from many

casual / contract technicians /workers.Taka

23,590,450

L78,960

_8,?69AlO

i) 62 Staff / Officers / Employees drew yearly salary & allowances of Tk.

36,000 or moreii) 5 Staff / officers / Technicians and many other casual workers drew

yearly salary / wages & allowances less than Tk. 36,000

67

Signifi cant Accounting PoliciesDisclosures

1.00 Compliance with lnternational Accounting Standards (lASs)

The financial Statements have been prepared in compliance with requirements of lASs as adopted by

the lnstitute of Chartered Accountants of Bangladesh (ICAB) and applicable in Bangladesh.

Compliance with local Laws

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

1994, the Securities and Exchange Rules, 1987 and other relevant local laws and rules, includingcompliance with lncome Tax Ordinance 1984, lncome Tax Rules 1984, VAT Act 1991 and VAT Rules

1991.

Measurement Bases used in preparing the Financial Statements.

The elements of financial statements have been measured on "Historical Cost" basis, which is one of themost commonly adopted base as provided in "the frome-work for the preparotion ond presentotion offinonciol stotements" lssued by the lnternotional Accounting Standords Committee (IASC}

TNTERNATIONAL

Licensed Capacitybv BERC (Netl

Saleable Rental

Capacity by PPA (Net)lnstalled capacity Commissioned Capacity

22.80 MW 20l+/-) 10% MW 23.26 MW (L00%) 19.38 MW (Up to L6/o7l09) and

23.25 MW after L7/07/O9

Capacity Rented Total Electricity Generated llKV(Grossl

Total Electricity Sold 33 KV(Netl

2L.8t7 MW(Up to06/t2120!41.& 21.913GromOTlL2l2OLAl

174,264 MWH (100%) 166,110 MWH (96.00%)

d00

5.00

7.OO


Components of the Financial Statements

According to the lnternational Accounting Standard (lAS) 1 as adopted by ICAB as BAS 1 "Presentationof Financial Statements", the complete set of Financial Statements includes the following components:

(i) Statement of Financial Position as at 31 December 2014;(ii) Statement of Comprehensive lncome for the year 31 December 2014;(iii) Statement of Changes in Equity for the year 31 December 2014;(iv) Statement of Cash Flows for the year 31 December 20L4; and(v) Accounting policies and explanatory notes.

Specific accounting policies selected and applied for significant transactions and events.

Recognition of Property, Plont & Equipment and Depreciation.

Property, Plant and Equipment are stated at their cost less accumulated depreciation in accordancewith IAS 16 as adopted by ICAB as BAS L6"Property, Plant and Equipment''. Cost represents cost ofacquisition or construction and capitalization of pre-production expenditure including interest duringconstruction periods. Depreciation has been charged on additional fixed assets from the date of readyfor use. Depreciation on all other fixed assets is computed using the diminishing balance method inamounts sufficient to write off depreciable assets over their estimated useful economic lives.Expenditure of maintenance and repairs are expensed; major replacements, renewals and betterrnentsare capitalized.

The depreciation rates applicable to the principal categories are:

Building and Premises

Plant and Machinery

Tools & Equipment

Furniture & Fixtures

Fabrication Work

5%

5%

5%

20%

5%

20%

20%

20%

6.00

Shuttering Materials

Office Equipment

Office Car

The rent on leasehold land is being recognized as revenue expenses year to year, leasehold landdevelopment has been shown under separate head. Please see Note 18.00 hereinafter.

lnventories

lnventories comprise mainly of Lubricants, spare parts, consumable etc. They are stated at the lower ofcost and net realizable value on consistent basis in accordance with IAS 2 as adopted by ICAB as BAS 2

"lnventories". Net realizable value is based on estimated selling price less any further costs expected tobe incurred for completion and disposal.

Cash and Cash Equivalents

According to IAS 7 as adopted by ICAB as BAS 7 'lstatement of Cosh Flows ", cash comprises cash inhand and demand deposit and cash equivalents are short term, highly liquid investments that arereadily convertible to known amount of cash and which are subject to an insignificant risk of changes invalue. IAS 1as adopted by ICAB as BAS L"Presentation of Financial Stotements" also provides that cashand cash equivalents are those which have no restriction in use considering the provision of IAS 7 andIAS 1. Cash in hand and bank balances have been considered as cash and cash equivalents.

INTERNATIONAL


8.00 Statement of Cash FlowsStatement of Cash Flows is prepared principally in accordance with IAS 7 as adopted by ICAB as BAS 7

"statement of Cosh Flows" and the cash flow from the operating activities have been presented underdirect method as prescribed by the Securities and Exchange Rules, 1987 and considering the provision

of paragraph 19 of IAS 7 which provides that "enterprises are encouraged to report cash flow fromoperating activities using the direct method"

9.00 Taxation

Transactions relating to lncome Tax have been disclosed in conventional manner. There appears no

deferred tax liability arising out of taxable temporary differences as per BAS-12 for that the taxdeducted at source by customer of Tk.2!,5L4,003 is the final liability uls. 52 N of l.T Ordinance 1984 ifthe company is to pay tax which is dependent upon award of the Court as has been stated in Note-37.00.

10.00 RevenueRecognitionRevenue arising from the sale of power at end of the each month is recognized when deliveries are

made to National Grid of Bangladesh Power Development Board (BPDB) compliance with all theconditions for revenue recognition as provided in IAS 18 as adopted by ICAB as BAS L8 "RevenueRecognition" The controctuol agreement with BPDB provides as under as per clause 13.i(a)(i):

"lnvoice shalt be on o monthly bosis. lnvoice shall be prepored by the company and submitted to gpOS

no sooner then 7 (seven) days ofter the end of the month for which such invoice is opplicoble ond shallshow the due dote of poyment of the invoice to be 45(forty five) doys after date of issuance of the

relevant invoice. Such invoices shall present oll information including schedule 9, 70 & 11 ondcalculation, ony other informotion required by BPDB to confirm the consistency of the invoice with theprovision of the section 7j.3. BPDB sholl pay ta the company by A/C poyee cheque or Poy arder orthrough Bank Transfer oll omount due under this agreement, less ony amount that ore subject todispute."

11.00 Foreigncurrencytranslation

Transactions denominated in foreign currencies are translated into Bangladesh Taka and recorded atrates of exchange ruling on the date of transaction in accordance with IAS 21 as adopted by ICAB as BAS

2L "The Effects of Chonges in Foreign Currency Rotes" .

12.00 Earning Per Share (EPS)

The company calculates Earnings per Share (EPS) in accordance with IAS 33 as adopted by ICAB as BAS

33 "Earnings per Share" which has been shown on the face of Comprehensive lncome Statement and

the computation of EPS is stated in Note -38.00.

Basic EarningsThis represents earnings for the period attributable to ordinary shareholders. As there was nopreference dividend, minority interest to extra ordinary items, the net profit for the period has

been considered as fully attributable to the ordinary shareholders.

Basic Earnings per ShareThis has been calculated by dividing the basic earnings by the weighted average number ofordinary shares outstanding during the period.Diluted Earnings per ShareNo diluted EPS is required to be calculated for the period as there was no scope for dilutionduring the period under review.

13.00 lmpairment of Assets

As all assets of the company shown in the financial statements that are within the scope of 8A5-36 are

in physical existence and valued not more than their recoverable amount following lnternationalAccounting Standards adopted in Bangladesh, disclosures with regard to "lmpairment of Assets" as per

8A5.36 have not been considered necessary.

INTERN ATIONAL


Employee Benefit Obligations

The Compony hos declored following employees benefit plon:

a) Annual leave with wage: Provision for lmplementation from the very begging as per employee

status in 2014.

b) Gratuity: Provision for lmplementation from the very begging as per employee status in 2014, this

scheme is yet to be recognised by NBR.

c) Provident Fund: Although the benefit plan of contributory Provident Fund has been declared, this

scheme is yet to be implemented upon recognition by NBR.

d) Festival bonus is being paid year to year.

e) Workers profit participation and welfare fund at 5% of net profit. lt has been initiated from 2008

Trade Creditors and Other Current Liabilities

Liabilities are recognised for amount to be paid in the future for goods and services received, whetheror not billed by the supplier.

Additional lnformation

The company carried transactions with related parties in the arms' length basis and there is no

transaction during the period with related parties.

Risk and uncertainties for use of estimates in preparation of financial statements

The preparation of financial statements in conformity with the lnternational Accounting Standardsrequires management to make estimates and assumption that affect the report, amounts of assets and

liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and

revenue and expenses during the period reported. Actual results could differ from those estimates.Estimates are used for accounting of certain terms such as long term contracts, provision for doubtfulaccounts, depreciation and amortization, employees benefit plan, tax reserves and contingencies.

Reporting Currency and level of precision

The figures in the financial statements represent Bangladesh currency (Taka), which have been roundedoffto the nearest integer.

Comparative lnformation

Comparative information have been disclosed in respect of the year 3l December 2013 for all numericalinformation in the financial statements and also the narrative and descriptive information when it isrelevant for understanding the current period's financial statements.

Turnover

Turnover comprises energy sales of the company, excluding VAT, supplementary duty, etc.

Commission

No commission has been paid during the year under review.

\i

I

I

16.01 Responsibility for preparation and presentation of Financial Statements

The Board of Directors is responsible for the preparation and presentation of Financial Statementsunder Section 183 of the Companies Act, 1994 and as per the provision of "the framework for thepreparation and presentation offinancial statements" issued by the lnternational Accounting StandardsCommittee (IASC).

16.02 Transactions with Related Parties / Associated Undertakings

16.00

16.03

16.06

INTERNATIONAL

16.o7

10


15.08 Brokerage or Discount

The company did not pay any brokerage or discount during the period under review.

Payment to Directors

During the period the company has paid to its Directors as follows:

16.10 MiscellaneousExpenses

Miscellaneous expenses do not include any item exceeding t% of lolal revenue.

t6.tl Leases

Lease rentals against assets acquisition have been expensed as they incurred.

16.12 Acknowledgement of Claims

There was no claim against the company acknowledged as debt as on 31 December 2014.

16.13 Going ConcernThere is no significant doubt upon the company's ability to continue as a going concern.

16.14 Reporting Period

Financial statements of the company cover one financial period from 01 January to 31 December 2014.

16.15 Rearrange of FigureComparative figures have been rearranged, if necessary.

16,16 Loans, Advances and Deposits

This is considered good and collectible and therefore, no amount was written off as bad debt and no

debt was considered doubtful to provide for.

l1

INTERNATIONAL

st Name Designation Period Remuneration(BDT)

FestivalBonus(BDTI

TotalIBDTI

1 Sk. Md. Rafiqul lslam Chairman January-June 1,200,000 1,2oo,ooo

2 Engr. Fauzul Akbar Managing Director January-June 1,g00,ooo 1,goo,o00

3 M. Taifur HossainAdditional

Managing DirectorJanuary-June 1,350,000 1,350,000

4 Mrs. Rezina AkbarDirector

(Procurement) January-June 600,000 600,000

5 Mrs. Shamim Ara lslamDirector

(Operation) January-June 600,000 600,000

6 Mrs. Rafsana RafiqueDeputy Managing

DirectorJanuary-June 240,000 240,000

7 Mrs. Shamim Ara lslam ChairmanJuly-

December1,200,000 240,OOO L,44O,OOO

8M. Taifur Hossain Managing Director

July-December

1,800,000 360,000 2,16o,ooo

9 Mrs. Rezina AkbarDirector

(Procurement)July-

December1,350,000 270,000 1,620,000

Total 10,140,000 870,000 11,010,000

The Directors were not paid for any other facilities from the company.

EabPpf,ttUDtsrLfllbhhHDHD

HFraliof.


ITIEIIilINTERNATIONAL

31 Dec 2013

1,553,398,107

191,485,767

17.00 PROPERTY, PTANT AND EQUIPMENT: TK. t'359,744,162

The figures have been arrived at as under:

Cost as per last account

Add : Additions during the year

Less : Accumulated Depreciation

Written Down Value

Details have been shown in Annexure-'01'

18.00 TEASEHOLD LAND DEVETOPMENT COST: TK. 6,327,497

The figures have been arrived at as under:

Balance as per last account

Less: Amortization during the year

19.00 TNVESTMENT IN MARKETABTE SECURITIES: TK. 27,O47,4O0

The brak-up ofthe above amount is as under:

20.00 INVENTORIES:TK.42,805,600

The break up ofthe above amount is as under :

Stock of Spare Parts

Stock of Lubricants

21.00 ADVANCE, DEPOSIT & PREPAYMENTS: TK. t13,O79,275

The break up ofthe above amount is as under:

Other Advances (Note-21.01)

Bank Guarantee Margin (Bank Asia Ltd)

L/C Margin ( Note-21.02)

Tax Deducted at Source (21.03)

1,784,571,932 1,744,883,874

424,827,769 352,506,529

1,359,744,L62 1,392,377,345

31 Dec 2014 31 Dec 2013

31 Dec 2014

1,744,883,814

39,688,058

7,O79,279

75L,782

7,931,050

7it,7826,327,497 7,079,219

31 Dec 2014

29,546,450

L3,259,!50

31 Dec 2013

2L,O54,448

LO,347,15O

42,805,500 31,401,598

L,000,294 L,L59,622

10,067,212

33,180

93,6OL,527

76,427,8t5

7,783,298

2,286,653

98,499,430

31 Dec 2014

Name of Shares QuantityCost Value as at

3r.12.20t4

Ivlarket vatue

as at3r.t2.20L4

Unrealized Loss

Active Fine Chemical

Ltd.36,600 29,92L,967 27,O47,4OO 2,874,567

31 Dec 2014 31 Dec 2013

Belowsix months

Over

six monthsBelow

six monthsOver

six months

g,509,6oo

21-01 OTHER ADVANCES: TK. 1,000,294



696,000

234,900

67,722

161,000

33,180Advance Rent (Office Rent)

Advance Rent (Office Car Parking)

Advance to Staff (Against Office Work)

Advance to Staff (Against Salary)

Bangladesh Power Development Board

MTH Enterprise (Engine Filter etc.)

Central Depository Bangladesh Limited

IDLC Finance Limited

Wartsila BD Ltd

GBB Properties Ltd.

Liquidated Damage (Deducted at source

while making payment of rent by BPDB.)

Refundable Deposit

445,775

234,900

L41.,369

178,250

1-ooo-294 - 1,159,522 33,180

21.02 VC Margin: TK. 2,286,653


L/C Margin

L/C Commission

L/C Bank Charges

L/C lnsurance Premiun

21.03 Tax Deducted at Source: Tk.108,009,030


Opening Balance

Add: During the Year

Closing Balance

SUNDRY DEBTORS: TK. 181,450,370


31 Dec 2014

2,126,373

L27,582

31,288

7,41O

2,286,653

31 Dec 2014 31 Dec 2013

86,495,O27

2L,514,OO3

_l08,goxggg_

67,872,109L8,622,9L8

_86,495,On_

129,168,694 83,82L,730

1,567,L8O

- 500,000

- 93,750

5oo,o00

93,750

62,4L5

51,687,926

70,000

2,7L3,8LL

5L,687,926

129,168,694 52,281,676 88,102'721 52,414,091

The matter is under mutual and amicable settlement and arbitration case has been withdrawn by GBB Power Ltd'

CASH AND CASH EQUIVALENTS: TK.281,447,747

The break up of the above amount is as under :

Cash in Hand at Head Office

Cash in Hand at Branch Office

Cash at Banks (Note-23.01)

Fixed deposit at Bank (Note-23.02)

31 Dec 2014

5,066,757

444,828

Lts,738,232

160,197,930

31 Dec 2013

1,593,599

433,948

152,355,035

75,992,702

INTERNATIONAL

31 Dec 2014 31 Dec 2013

Below

six monthsOver

six monthsBelow

six monthsOver

six months

31 Dec 2014 31 Dec 2013

Belowciv manfhc

Overcir months

Belowciv mnnth<

Overciw manth<

13291,447,147

MAB:,*"*TA*}:":: IITIfiAINTERNATIONAL

13,614

14,833

7,139

2,825

38,295

24,22O

20,849,717

163,710

1

50,391

63,7O0,2O9

2!,L13,717

56,575

7,789

25,057,O52

21,000,000

244,950

OEI AT BrlI{KS : TK. 115,7X8,232

Ihheak up of the above amount is as under :

tBBank Ltd.-4OO6-757891-000, New Elephant Road Branch

EankAsia Ltd. A/C 00733003080, Scotia Branch

Bank Asia Ltd. A/C 00733003201, Scotia Branch



Bank Asia Ltd. A/C OO733OO!252, Dhanmondi Branch

Bank Asia Ltd. A/C 002136000275, Dhanmondi Branch

Brac Bank Ltd. A/C 15OL2OL917699001,

Dhaka Bank Ltd. A/C-205-LOO-72L0, Dhanmondi Branch

Dutch Bangla Bank Ltd. A/CLL0L2OO002301, Dhanmondi Branch

Eastern bank Ltd. A/c 1061360L6o874, Dhanmondi Branch

Janata Bank Ltd., Foreign Exchange Corporate Branch

Prime Bank Ltd. A/C 14611020018121, Dhanmondi Branch

Shahjalal lslami Bank Ltd.A/C 400311100011741, Dhanmondi Branch

Shahjalal lslami Bank Ltd.A/C 400312400000022, Dhanmondi Branch

United Commercial Bank Ltd. A/C 009511100000758, Corporate Branch

BRAC EPL lnvestment Ltd. R0447 BO lD # 1604650052163888

Trust Bank Ltd. A/C 00170320000996, Dilkusha Corporate Branch

23.O2 FIXED DEPOSIT AT BANK: TK. 160,197,930


31 Dec 2014 31 Dec 2013

L2,404

49,t7t

5,522

L,648

2L,659,3O5

759,737

805

86L,789

851,957

2L,tL3,7L7

125,345

70,558,659

77,O39

251,!36

115,738,232 152,355,035

ral

Bank Asia Ltd. ,Scotia Branch

Bank Asia Ltd. , Dhanmondi Branch

Arab Bangladesh Bank Ltd. (ABBL)

IDLC Finance Ltd.

Shahjalal lslami Bank Ltd.

NCC Bank Ltd., Dhanmondi Branch

24.00 SHAREHOLDERS' EQUITY: TK. 1,912,267,315

24.01 Authorized Capital: Tk. 2,000,000,000

3,062,887

- 58,763,806

- 32,007,386- 15,312,188

- 36,909,069

t4,142,594 - 13,25L,624

2,74t,078

17.205.481 t42,992,449 1s,992,7O2

The company has an authorized capital of Tk.2,000,000,000 divided into

18O,O0O,OOO Ordinary and 20,000,000 Preference Shares ofTk. 10 each.

31 Dec 2014 31 Dec 2013

Below

six monthsOver

six months

Below

six monthsOver

six months

14


Ii-q, SHARE CAPITAL: TK. 843,093,570The breakup ofthe above amount is as under:

73,312,485 Ordinary Shares of Taka 10 each

84,309,357 Ordinary Shares ofTaka 10 each

31 Dec 2014 31 Dec 2013

843,093,570

733,124,850

843,093,570 733,124,850

21i.01 The percentage of shareholding by different categories of shareholders is as follows:

25.O2

INTERNATIONAI,

No. ofHolders Holdings Total Holdings %

18,774 Less then 500 shares 4.854,568 501 to 5000 shares 9.92667 5,001 to 10,000 shares 5.92413 10,001 to 20,000 shares 7.12136 20,o07 to 30,000 shares 4.Ot60 30,001 to 40,000 shares 2.4846 40,001 to s0,000 shares 2.4855 50,001 to 100,000 shares 4.7855 100,001 to 1,000,000 shares 13.5810 1,000,001 to Over shares 44.85

24,125 100.00

of the Ordinarv Shi rreholders:

Sl. No. Particulars31-Dec-14 31-Dec-13

No. of SharesValue of shares % No. ofShares Value of shares %

t GBB Limited L4,602,69C 746,026,900 17.32 14,611,035 t46,170,350 L9.92

2 ik. Md. Rafiqul lslam 5,677,616 56,116,150 5.66 7,872,308 78,723,080 10.66

3 Ensr. Fauzul Akbar 6,152,999 61,529,990 734 8,283,076 82,830,760 11.30

4M. Taifur Hossain

(Managing Director)1,690,400 16,904,000 2.00 3,593 35,930 0.0049

5Mrs. Shamim Ara

lslam (Chairman)1,690,400 16,904,000 2.00 3,593 35,930 0.0049

6Mrs. Rezina Akbarf Dirertnr'l

1,690,400 16,904,000 2.O( 3,593 35,930 0.004s

7 Mrs. Morziana Hasan 345,684 3,456,940 o.41 300,s95 3,005,950 0.47

8 Mrs. Rintia Nazim1,690,400 76,904,0O0 2.OC 3,593 35,930 0.0049

9 Vrs. Rafsana Rafique 4,737 41,370 0.0c 3,593 35,930 0.0049

10Dr. MustafizurRahman

101,340 1,013,400 o.t2 88,122 887,220 o.t2

11 lnstitutions L0,654,827 706,s48,270 72.64 8,984,401 89,844,O70 72.2e

72 Cthers(lndividual) 40,074,470 40O,744,700 47.53 33,274,977 332,149,770 45.31

Total 84,309,357 843,093,570 100.00 73,3t2,485 733,124,8s0 100.00

15

MAB:^":*,tflT*::: lffiz6.m SHARE MONEY DEPOSITS: TK.80,000

27.OO RETAINED EARNINGS: Tk. 202,543,745

The Break up ofthe above amount is as under:

28.00

31 Dec 2014

202,543,745

31 Dec 2013

191,533,813Balance as per Statement of changes in equity

SUNDRY CREDITORS: TR. 22,277,7 53

The break up of the above amount is as under :

Agility Limited

Fuchs Lubricants Bangladesh Ltd.

Pashchimanchal Gas Co. Ltd.

Kaltimex Energy BD Pvt Ltd.

Tax Deducted at Source from salary,suppliers, office rent etc.

202,543,745 191,633,913

31 Dec 2O14

LL4,2tO

391,629

21,44O,609

331,305

31 Dec 2013

39L,629

20,Loo,477

L,OO0,672

336,27L

22,277,753 21,829,U9

Sl. No. Name of Depositor's 31 Dec 2014 31 Dec 2013

05 MD RUHULAMIN 8,000 8,000

06 MAHBUBA UMME RAIHAN 8,000 8,000

07 SHAHINARA NESAR 8,000 8,000

08 AMANUL HOQUE 8,000 8,000

10 MD.IMDADUL HOQUE 8,000 8,000

LT HURE ZANNATH 8,000 8,000

t2 QAZI URFI AHMED 8,000 8,000

13 RAYHANA ZANNATH 8,000 8,000

t4 MUHAMMED MERAJ 8,000 8,000

15 rANIA SIDDIQUA 8,000 8,000

16 MD ALAMGIR HOSSIN 8,000

Total Tk. 80,000 88,000

'16


!I mEEIPEI{SES: TK. 12,669,548

fhLEat up of the above amount is as under :

tnrneration & Salary

@oyees Fringe Benefits (Note-29.01)

li*ilities for Verious Expenses

Ofhoe Rent

Andit Fees

ltOt EMPLOYEES FRINGE BENEFTTS: TK. 8,516,683


Opening Balance

Payable During the year

Total

Disburse during the year

:}O.OO WORKERS PROFIT PERTICIPATION FUND: TK.1.2,620,773


Opening Balance

Addition During the Year

Total

[ess: Disburse During the period

Participation Fund

Welfare Fund

31.00 UNCTAIM DIVIDEND: TK.25t,2OG


Opening Balance

Addition During the year

Total

Disburse during the year

31 Dec 2014

1,662,95O

9,516,693

2,OgL,945

47,970

350,000

31 Dec 2013

2,575,9OO

6,654,995

42,L2O

330,000

12,669,549 9,603,005

31 Dec 2014

5,654,995

2,903,718

31 Dec 2013

4,845,153

2,593,97L

9,559,703

t,o42,o20

7,439,124

784,L39

9,516,693 6,654,995

31 Dec 2014

13,984,019

7,0t9,245

31 Dec 2013

6,443,964

7,54O,L55

21,002,264

7,458,L62

923,328

13,984,019

12,620,773 13,984,019

31 Dec 2014

244,375

95,983

31 Dec 2013

278,137

231,000

340,358

89,151

5O9,137

264,763

INTERNATIONAI

17

251,206 24/.,375


I.0 SHORTTERM BANK LOAN : TK.39,586,506The breakup ofthe above amount is as under:

Short Term Loan Bank Asia Ltd. (STL)-02135001105

Short Term Loan Bank Asia Ltd. (STL)-02135001L28

Bank Asia Ltd. OD

:t3.00 TURNOVER: Tk. 480,799,837

The breakup ofthe above amount is as under:

Revenue from BPDB

COST OF ENERGY SOLD: TK. 297,282,539The breakup of the above amount is as under:

Gas Consumed

Direct Expenses (Note-34.01)

34.01 DIRECTEXPENSES:Tk.166,019,593


Lubricants Consumed (Note-34.01. 1)

Spare Parts (Note-34.01.2)

Salary & Allowances

Operating Expenses-Bogra Plant

Havoline

Depreciation Expense

Amortization of leasehold land development

All Risk lnsurance for Plant

Testing Expenses

Copper Strip

Cleaner Elements

Alternator Repair Expenses

Control Pannel Repair

Transformer Repair

Repair & Maintenance

34.01.1 LUBRICANTS CONSUMED : Tk. L2,432,OOO


Opening Stock

Add: Purchases

Less: Closing Stock

31 Dec 2014

77,344,545

L5,320,438

73,027,522

31 Dec 2013

28,535,936

36,998,400

39,586,506 55,634336

31 Dec 2014

48O,799,837

31 Dec 2013

433,097,L74

*This turnover is from sale of energy to Bangladesh Power Development Board, through PGCB

NationalGrid.

34.00

31 Dec 2014 31 Dec 2013

L3L,262,946

155,019,593

297,282,539

128,749,520

LOs,763.797

234,5t2,311

31 Dec 2014 31 Dec 2013

8,O50,743

4,327,964L3,O95,299

1,103,060

805,400

70,362,674744,264

3,395,106

38,800

3,855,541

166,019,593 1o5,763,791

31 tlec 2014 31 Dec 2013

L2,432,00O

29,448,025

74,989,430

t,L78,4443O2,4OO

71,598,O28

744,264

3,385,106

40,000

L,286,LgO

5,697,7459,235,000

4,732,55O

4,931,000

6,025,41t

70,347,750

15,344,000

25,69r,r5073,259,150

L2,223,693

6,774,20019,397,993

L0,347,750

INTERNATIONAL

18

12,432,OOO

y|.OL.z SPARE PARTS iTk.29,4/,8,025The breakup ofthe above amount is as under:

Opening Stock

Add: Purchase

Less: Closing Stock

35.00 ADMINISTRATIVE, FINANCIAT & OTHER EXPENSES: TK.53,708,752The breakup ofthe above amount is as under:

Administrative Expenses (35.01)

Financial Expenses (35.02)

Other Expenses (35.03)

35.01 ADMINISTRATIVE EXPENSES: TK. 27,6tO,445The breakup ofthe above amount is as under:

Directors Remuneration

Salary & Allowances

Festival Bonous

Director's Meeting Allowances

Employees Benefits (Note-35.01.01)

Contribution for PF

Advertising

Annual General Meeting

Electric Bill

Office Maintenance

Audit fee

Wasa Bill

Car Rental Expenses

Consultancy Fee-Finance

Deprecation Expenses

Amortization of leasehold land development cost

Miscellaneous Expenses

29,448,025 4,321,964

31 Dec 2014 31 Dec 2013


27,O54,448

37,940,027

31 Dec 2014 31 Dec 2013

24,388,8O7

987,61158,994,475

29,546,45025,376,41227,054,448

27,630,445

9,004,399

18,O73,919

28,677,599

14,355,930

76,697,692

53,708,752 59,715,22!

31 Dec 2014 31 Dec 2013

10,140,000

7,824,969

r,974,760

200,000

2,903,778

285,030

204,975

1,589,655

L82,460

95,010

422,500

43,628

529,200

600,000

723,272

7,5L8

63,910

31 Dec 2014

t,o7l ,445

1,886,273

2,593,97L

LL,552,903

7,299,627

t,937,6t692,500

2,593,971

L66,224

227,057

L,589,972

86,622

90,028

330,000

53,298

529,200

1,370,000

7LO,733

7,519

44,330

27,630,445 29,671,599

35.01.01 EMPLOYEES FRINGE BENEFITS: Tk. 2,903,719The breakup of the above amount is as under:

Annual Leave

Gratuity

31 Dec 2013

L,O42,O2O

1,551,951

INTERNATIONAL

19

2,903,718

35.02 FINANCtAt EXpENSES: TK. 9,004,389The breakup ofthe above amount is as under:

Bank Charges

Bank Guarantee Commission

lnterest on Bank Loan

:r5&l OTHEREXpENSES:TK.18,073,918


Office RentCourier Service ExpensesTelephone & Mobile ExpensesFuel Expenses

Donation & SubscriptionEntertainmentFooding Bill for StaffMedical& MedicineNewspaper Bills

Dependable Capacity Test Expenseslnternet Line Expenses

lnsurance Premium Expenses for CarlT Maintenance ChargesProfessional Fees

Listing Fees

Legal Expenses

TransportationTraveling Expenses

Printing & StationeryRepair & MaintenancePromotional Expenses

Shareholders Data processing Expenses/RJSC Listing Fees

License Fees

Other Operational Expenses

Staff Welfare Expenses

Safety MaterialC & F Expenses

Miscellaneous Expenses

36.00 OTHER TNCOME: TK.10,556,352The breakup ofthe above amount is as under:

lnterest on SND, MMSA and FDR lnterestCash Dividend Received


31 Dec 2014

219,393

492,t97

7,292,905

294,567

2,144,205

11,927,L65

8,004389 14365,930

31 Dec 2014 31 Dec 2013

31 Dec 2013

609,432737,886t96,23t730,990

552,800

2,529,236

792,6792,037

15,660

1,159,565

204,964243,824300,000

190,000

779,9067,843,750

75,70A

339,079

4,146,171

564,790249,672

255,862

504,160

985,947

46,907

279,440356,000

85,20t

593,390

765,754776,197

720,57611,000

2,A9L,779

153,165

7,OO7

14,217451,679

Lg2,27g

702,493

344,690

342,OOO

658,1242,457,710

229,400

265,tOL4,5O2,334

596,910

397,15A

6L6,730

589,000

361,496

27,ggo

19,800

49,379

_1gp?3,919_ _!s,991.6s2

31 Dec 2014 31 Dec 2013

77,953,4621o,4o3,952

152,500

INTERNATIONAL

20

10,556,352 11,953,462

37.00 PROVISION FOR TNCOME TAX: TK. L2,!Zg,gSLThe breakup ofthe above amount is as under:

Opening Balance

Add: During the year on Other lncome

Adjustment with TDS on FDR interest

38.00

39.00


13,219,7957,1,70,934

31 Dec 201470,349,226

_ 2,991,559 4,OO0,544

l-g1D". ro13 I7,549,769

LL,549,3127,201,095

t2,L2g,g5t to,t4g,22d

No provision for tax on income from energy sale has been made because of the reasons stated in note #9 above.

BASTC EARNTNGS PER SHARE (EPS):

The Computation of EpS is given below:

(a) Earnings attributable to the Ordinary Shareholders

(b) Number of Ordinary Shares outstanding at the end ofthe year December, 2014

(c) Basic EPS (Adjusted)

PRIOR YEARS ADJUSTMENT: TK.6,701,883The breakup ofthe above amount is as under:

Various year Tax & VAT paid during the year.

31 Dec 2014

130,455,095 139,262,405

84,309,357 94,309,357

1.55 1.5s

INTERNATIONAL

slNo.

lncome

YearAssessment

YearTAX Penalty on Tax VAT Penalty on VAT Total

L 20L7 20t2-13 L,4g2,glg 355,900 309,537 74,299 2,222,6452 2010 2017-12 770,O57 369,627 222,265 106,699 L,469,6373 2009 2010-11 300,725 274,465 9s,665 79,029 749,8844 2008 2009-10 92,295 170,742 773,575 736,297 452,8935 2007 2008-09 365,040 525,658 375,87t 547,255 7,907,924

Total 6,7Ol,gg3

21


TAXAISESSMENT STATUS:

41.00 SOME INFORMATION WITH REGARD TO INCOME AND EXPENDITURE IN FOREIGN CURRENCY ETC.:

31 Dec 2014

(a) Value of lmports on C & F basis

(l) Raw Materials

(ii) Packing Materials

(iii) Components and Spare Parts

(iv) Capital Goods

Expenditure in Foreign Currency for Royalty, Technical Fee,

Professional Advisory fee, lnterest and Others.

Value of Consumed Raw Materials, Packing Materials, Stores &

Spares consumed with percentage:

(b)

(c)

Nil

Nil

Nil

Euro 429,000 &

sGD 9,417.25

Nil

Nil

29,448,025

31 Dec 2014

Nil

Nil

Nil

Euro

t,L28,587.47& USD

Nil

Hh.E

E

Elmported

Local

Nil

Nil

Nil

Nil 100

F1D".rorrlNil(d)

(e)

The amount remitted during the year in foreign currencies on

account of dividends with a specific mention of the number of non-

resident shareholders,

Earnings in foreign exchange classified under the following heads

namely:-(i) Export of goods calculated on F.O.B basis;

(ii) Royalty, know-how, professional and consultation fees :

(iii) lnterest and dividend ;

(iv) Other income, indicating the nature thereof.

Nil

Nil

Nil

Nil

INTERNATIONAL

Accounting Year Assessment YearLiabilities as per

Assessment Order

2007 2008-2009 Assessment Completed

2008 2009-2010 Assessment Completed

2009 2A70-20L7 Assessment Completed

20to 2077-20L2 Assessment Completed

20tL 2072-20L3 Assessment Completed

20L2 2073-20L4 Assessment Completed

20t3 2074-20L5 Return Submitted

20t4 2075-20t5 Return Not Submitted

Amount Amount Amount

Raw

Materials%

Packing

Materials% Stores & Spares %

22

ft??t?7o7o77fifrr<rcrcfrrc7o7tt,7tIr.rcnrcfrF9F

MAB:,."t*,tn::il'":: lffi

31 Dec 2014

[,I Ctffitr uABtLtw (BAS-37) :

Demand Against Gas Bill

' hcome Tax

Managing Director


129,345,790

90,590,735

-Z!9r935's25' On a writ petition number 958 of 2009 by the company the High Court Division of the Hon'ble

9rpreme Court has awarded that the wrong license as Rental Power Plant (RPP) has been issued tottre company by Bangladesh Energy Regulatory Committee (BERC) and directed the authority to issue

a proper license in accordance with the law.

ln the same award it has been mentioned that there are three categories of license namely, a)

lndependent Power Producer (lPP) b) Captive Power Producer (CPP) and c) Small Power Producer

(sPP).

The company is awarded of lndependent Power Producer (IPPI license on tOlOT/2O13 by theBangladesh Energy Regulatory Commission (BERC) as per direction by the Honorable Supreme Court

and as per issued license the company will be benefited tax holiday for 15 (fifteen) years from its

date of commercial production dated 17.05.2008 in light of SRO No. 114-AlN/ 1999 dated 26.05.1999

of NBR. Now the lncome tax return submission proceeds are going on.

43.00 There was no claim against the Company which is to be acknowledged as debt as on 31-12-2014.

t14.00 Subsequent Event:

(a) The board of Directors recommended @L5% Stock Dividend to all shareholders subject to theapproval of the shareholders in the Annual General Meeting.

(b) There is no other significant event that has occuredbetween the Balance Sheet Date and thedate when the financial statements were authorized for issue by the board of directors.

Q"w AJ&*a @Company SecretaryDirector

23

E sE: H E:eeEs5 ss

t.rtOltO

@otlOl

@@

@(!r!ortf!No

o\rrntft@NoN

ooFlF{

NOlF{

Noror.Oc\F{

or(noOrr\r\r.o

tfttnto\ottoN

ttJ.)todilt

r{lOilt!tt\o10('lil

EoItouoLooo

trtoEl,No(J-ogaOrlF frt

Fl@o@\otJ..l

Om

Or

r.I)

fr1F{toF{(Y)

N

@or.O

rf)tN\orJ)oF{

\ool

@Ifl

!-{

\oootftHNm

@rltr\l)tto@

ol\oNotNF.{

ohI\t\t{o+N+

to.9.=o=4oE

P

NorCN

Olrool\r

NN@roNornlrl

ortF{

tNtood

t')l\Nd@\r

NtOrrf)@N

cfl(oOlNo\m

\rNoo+(t'):

\r(orJ)(nO

rlriN!lNFtNh

H+HH

HrEE

t@rJ)

aOrLNl.rtN

Nl.rl@rO(n(flNu)(\l

@N(osr(flor\rn

@r.OOltn@(r1

F.l

Ort@\rtFl

(Y)toNN@F{

tcltrn(oF{

\o

utoF{

(rtrl

6rNrorOoroNro(rt

0,L'IEd

st.r,

sLN

sLN

soN

soc{sor! s

LOsoN

IooL)

trtto5ONG(,-oEaoilF('t

r.O

t1lrlrotlNF.l

Nro\fNtr1mr.OrnG.)

F{

r{F{

\r@tnoNN

rr1trn@r\(fl

@@@TNNoro

t.rt\ro\rOlCD

Ot

(nN@(oFllnforn

(nNttr1ut(oF{

df'l(,|i{Ntoto]\d

E Ei.{J '= ;

E€i

F{

Fl@(nrlNN

r\\roq$Otoq(nm

oOrF{

rnao

otf,to@F{

or.Or\Flr.Otlt(\I

c,roc,q,oroodt

HtHH

HsE5

u)tOOlFltchNN

oNr€l

rttNorftF{

l\Nol\otNoN

rntmN@

(rl

@(rl\rLOt@N

tft@NN(ntr\

r*)N@(oF{ttrn(n

(YlN\rtou1\oFl

t]\q,m(,q,rirtNrl

ot-!IEGa

ano).9EOJLo-od(,l.cEfm

ho.cE()(oEdPcoE

PcoE.g:,ouJdJ4oot-

vl(uLJPxiEdoLfEcLatl

PcoE.sf(rtuo(Ji.=IL11

LGlUo(J

tLr.)

Lo

=Couo(JL

-o(olt

J4.(oLOJP(o

=C,tcLc,DL)ftn

EL'oF

rllold,lLIflxloltrltrl<t

aif-cu2L:flrcI- :'lG;o-;€'g

--cv)a@

tN

YF.E,PcoE

olNo@O)t.rtF{

N

NF{r\l(flNN

r{tNFlNFlNh

;oat.9IoLaoo

la-oco,L',EI-9

c.oP()=!oLaoyEoglL(o-c()

E.o+)gP.9.EEE'

oP!o(,lL(oetl

IE

oF

FzIIl

=o.t{)outoatuzEh<xEt-_

=2 6l.l < .ctJJtrtLd

HHIcE<6tpo

t!J=o!!I(Jo

GBB LTD, - ProFullCrack · in accordance with Bangladesh Standards on Auditing (BSA). Those...

Documents

Transcript of GBB LTD, - ProFullCrack · in accordance with Bangladesh Standards on Auditing (BSA). Those...