June Qtr. Accounts 2013.pdf

7/29/2019 June Qtr. Accounts 2013.pdf

1/16

Notes

2013 2012

Jun DecTaka Taka

Assets

Property, plant and equipment 4 926,023,976 880,326,133

Capital work in progress 5 4,448,117 2,059,472

Prepayments of rent 9 186,800,000 132,100,000

Total non-current assets 1,117,272,093 1,014,485,605

Inventories 7 2,388,671,463 1,888,784,523

Accounts receivable 8 386,824,537 276,562,580

Advances, deposits and prepayments 9 536,082,246 432,321,639

Cash and cash equivalents 10 9,197,024 233,459,170

Total current assets 3,320,775,270 2,831,127,912Total assets 4,438,047,363 3,845,613,517

Equity

Share capital 11 136,800,000 136,800,000

Reserves and surplus 12 1,816,934,761 1,717,200,579

Total equity 1,953,734,761 1,854,000,579

Liabilities

Deferred liability 13 119,837,590 123,817,664

Bata Shoe Company (Bangladesh) Limited

Statement of Financial Position (Un-audited)

as at 30 June 2013

Deferred tax liability 6 14,000,000 12,300,000

Total non-current liabilities 133,837,590 136,117,664

Creditors for goods 14 578,794,932 353,751,438

Creditors for expenses 15 524,452,971 420,194,568

Creditors for other finance 16 261,909,458 241,388,294

Accrued expenses 17 416,587,860 385,280,477

Provision for tax 18 372,826,821 396,547,086

Unclaimed dividend 195,902,970 58,333,411

Total current liabilities 2,350,475,012 1,855,495,274

Total liabilities 2,484,312,602 1,991,612,938

Total equity and liabilities 4,438,047,363 3,845,613,517

Previous year's figures have been rearranged, wherever necessary, to conform to current period's presentation.

- -

- -

Sd/- Sd/-

Company Secretary Finance Director Managing Director

Sd/-


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Notes

2013 2012 2013 2012

Jan - Jun Jan - Jun Apr - Jun Apr - Jun

Taka Taka Taka Taka

Revenue 19 3,534,338,993 3,117,438,804 1,714,881,085 1,461,636,455

Cost of sales 20 (2,283,017,375) (2,036,306,431) (1,116,389,007) (956,589,216

Gross profit 1,251,321,618 1,081,132,373 598,492,078 505,047,239

Exchange gain/(loss) 321,694 (4,457,136) (1,103,841) 289,698

Other income 21 9,458,424 14,319,937 3,786,672 6,159,479

Administration, selling and distribution expenses (885,144,498) (795,783,858) (445,509,798) (394,243,052

Profit from operating activities 375,957,238 295,211,316 155,665,111 117,253,364

Finance income 22 5,852,223 6,048,341 3,002,866 3,824,240

Finance expenses 23 (2,990,322) (2,239,893) (1,500,000) (1,132,331

Net finance income/(expenses) 2,861,901 3,808,448 1,502,866 2,691,909

Profit before contribution to workers' profit participation fund 378,819,139 299,019,764 157,167,977 119,945,273

Contribution to workers' profit participation fund (18,940,957) (14,950,988) (7,858,399) (5,997,263

Profit before income tax 359,878,182 284,068,775 149,309,578 113,948,010

Income tax expense:Current tax 114,804,000 78,120,000 51,633,000 31,340,000


Statement of Comprehensive Income (Un-audited)

for the period ended 30 June 2013

e erre tax , , - , , -

116,504,000 78,120,000 52,633,000 31,340,000

Total comprehensive income for the period 243,374,182 205,948,775 96,676,578 82,608,010

Basic earnings per share (par value Tk 10) 17.79 15.05 7.07 6.04

Sd/- Sd/-

Company Secretary Managing Director

Sd/-

Finance Director


3/16

2013 2012

Taka Taka

Cash flows from operating activities

Cash receipts from customers 3,415,405,528 3,044,056,628

Cash payments to and on behalf of employees (688,016,539) (661,093,492)

Cash payments to suppliers and contractors for goods and services (2,702,175,684) (2,232,837,620)

Cash payments for deferred liability (16,906,567) (18,308,189)

Cash generated from operating activities 8,306,738 131,817,327

Interest received from STD account 5,852,223 6,048,341

Income tax paid (138,524,265) (121,795,211)

Net cash from operating activities (124,365,304) 16,070,457

Cash flows from investing activities

Proceeds from sales of property, plant and equipment 1,864,386 5,179,322

Acquisition of property, plant and equipment (93,302,142) (131,567,883)

Payment for capital work in progress (2,388,645) -

Net cash used in investing activities (93,826,401) (126,388,561)

Cash flows from financing activities

Dividend paid (6,070,441) (15,391,078)

Net cash used in financing activities (6,070,441) (15,391,078)

Net cash increase/(decrease) in cash and cash equivalents (224,262,146) (125,709,182)

Cash and cash equivalents as at 1 January 233,459,170 302,767,543

Cash and cash equivalents/ (Bank overdraft) as at 30 June 9,197,024 177,058,361

Previous period's figures have been rearranged, wherever necessary, to conform to current period's presentation.


Statement of Cash Flows (Un-audited)

for the period ended 30 June 2013


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(Un-audited)

Non-

Reserve on distributable

Share revaluation special General Retained Total

capital of land reserve reserve earnings equityTaka Taka Taka Taka Taka Taka

Balance as at 1 January 2012 136,800,000 60,631,183 998,620 48,863,000 1,313,782,103 1,561,074,

Loss on Investment in Subsidiary (2,790,630) (2,790,

Total comprehensive income for 2012

Profit for the year - - - - 671,916,303 671,916,

Transactions with the shareholders

Final dividend for the year 2011 - - - - (143,640,000) (143,640,

Interim dividend for the year 2012 - - - - (232,560,000) (232,560,

Balance as at 31 December 2012 136,800,000 60,631,183 998,620 48,863,000 1,606,707,776 1,854,000,


Profit for the period - - - - 243,374,182 243,374,



Interim dividend for the year 2013 - - - - -

Balance as at 30 June 2013 136,800,000 60,631,183 998,620 48,863,000 1,706,441,958 1,953,734,7

Non-

Reserve on distributable

Share revaluation special General Retained Total

capital of land reserve reserve earnings equity

Taka Taka Taka Taka Taka Taka

Balance as at 1 January 2011 136,800,000 60,631,183 998,620 48,863,000 1,075,165,050 1,322,457,


Profit for the year - - - - 580,617,053 580,617,



Interim dividend for the year 2011 - - - - (198,360,000) (198,360,

Balance as at 31 December 2011 136,800,000 60,631,183 998,620 48,863,000 1,313,782,103 1,561,074,


Profit for the period - - - - 205,948,775 205,948,


Final dividend for the year 2011 - - - - (143,640,000) (143,640,Interim dividend for the year 2012 - - - -

Balance as at 30 June 2012 136,800,000 60,631,183 998,620 48,863,000 1,376,090,878 1,623,383,6

for the Period ended 30 June 2012

Particulars


Statement of Changes in Equity

for the Period ended 30 June 2013

Particulars

Statement of Changes in Equity


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1. Reporting entity

2. Basis of preparation

2.1 Statement of compliance

2.2 Basis of measurement

2.3 Functional and presentational currency

2.4

Note 4 Property, plant and equipment

Note 6 Deferred tax assets / (liabilities)

Note 7 Inventories


Notes to the interim financial information

as at and for the half year ended 30 June 2013

The interim financial information have been prepared in accordance with Bangladesh Accounting Standards (BAS)

and Bangladesh Financial Reporting Standards (BFRS). Comparative information has been provided in accordance

with BAS 34: Interim Financial Reporting.

Bata Shoe Company (Bangladesh) Limited (hereinafter referred to as "Bata"/"the Company"/"the parent Company")

is a public Company limited by shares. It was incorporated in Bangladesh in 1972 under the Companies Act 1913.

The address of the registered office of the Company is Tongi, Gazipur, Bangladesh. The Company is one of the

operating companies of worldwide Bata Shoe Organization (BSO). The shares in the Company are listed in both

Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) and mostly held by Baffin (Nederland) B.V.

The financial year of the Company covers one year from 1 January to 31 December.

The Company is mainly engaged in manufacturing and marketing of leather, rubber, plastic, canvas footwear, hosiery

and accessories items as well as finished leather. Manufacturing plants of the Company are situated at Tongi and

Dhamrai.

These financial statements as at and for the period ended 30 June 2013.

These interim financial information have been prepared on historical cost basis except revaluation of land at Tongi

made in 1979 .

These interim financial information are presented in Bangladesh Taka (Taka/Tk), which is the company's functional

currency. All interim financial information have been rounded off to the nearest Taka.

Use of estimates and judgments

The preparation of financial information requires management to make judgments, estimates and assumptions that

affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are

recognised in the period in which the estimates are revised and in any future period affected.

Information about critical judgements in applying accounting policies that have the most significant effect on the

amounts recognised in the financial statements included in the following notes:


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Note 13 Deferred liability

Note 18 Provision for tax

2.5

2.6 Reporting period

3. Significant accounting policies

3.1 Foreign currency

3.2

3.2.1

3.2.2 Subsequent costs

3.2.3 Depreciation

Going concern

The company has adequate resources to continue in operation for the foreseeable future. For this reason the directors

continue to adopt going concern basis in preparing the interim financial information. The current resources of the

company provide sufficient fund to meet the present requirements of the existing business.

These interim financial information cover half of the calendar year from 1 January to 30 June 2013.

The accounting policies set out below have been applied consistently to all periods presented in these interim financial

information.

Foreign currencies are translated into Bangladesh Taka at the rates ruling on the transaction date. Monetary assets and

liabilities are translated at the rates prevailing at the balance sheet date. Non-monetary assets and liabilities are

reported using the exchange rate at the date of transaction. Differences arising on conversion are charged or credited

to the statement of comprehensive income.

Property, plant and equipment

Recognition and measurement

Items of property, plant and equipment excluding land are measured at cost less accumulated depreciation and

accumulated impairment losses. Land is measured at revalued amount.

Cost includes expenditures that are directly attributable to the acquisition of assets. The cost of self-constructed assets

includes the cost of materials and direct labour, any other cost directly attributable to bringing the asset to a workingcondition for the intended use, the costs of dismantling and removing the items and restoring the site on which they

are located, and capitalised borrowing costs.

The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds

from disposal with the carrying amount of the property, plant and equipment, and is recognised net within other

income/other expenses in profit or loss. When revalued assets are sold, any related amount included in the revaluation

reserve is transferred to retained earnings.

The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of

the item if it is probable that the future economic benefits embodied within the component will flow to the group, and

its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the

day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.

Items of property, plant and equipment are depreciated on a straight-line basis in profit or loss over the estimated

useful lives of each component. Leased assets are depreciated over the shorter of the lease term and their useful lives

unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not

depreciated.


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2013 2012

Year Year

Building 40 40

Plant and machinery 13.33 13.33

Motor vehicles 5 5

Furniture, fixtures and equipment 4-13.33 4-13.33

3.2.4 Capital work in progress

3.3 Inventories

3.4 Impairment

3.4.1 Non-derivative financial assets

3.4.2 Non-financial assets

Property, plant and equipment that is being under construction/acquisition is accounted for as capital work in progress

until construction/acquisition is complete and measured at cost.

Inventories except inventories in transit are measured at the lower of cost and net realizable value. The cost of

inventories is based on the first-in first-out principle, and includes expenditure incurred in acquiring the inventories

and bringing them to their existing location and condition. In the case of manufactured inventories and work inprogress, cost includes an appropriate share of production overheads based on normal operating capacity.

Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of

completion and selling expenses.

Financial assets not carried at fair value through profit or loss, loans and receivables are assessed at each reporting

date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective

evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a

negative effect on the estimated future cash flows of that asset that can be estimated reliably.

The carrying amounts of the group's non-financial assets, other than inventories and deferred tax assets, are reviewed

at each reporting date to determine whether there is any indication of impairment. If any such indication exists then

the recoverable amount of the asset is estimated. An impairment loss is recognised if the carrying amount of an asset

or its related cash-generating unit (CGU) exceeds its estimated recoverable amount.

Items of property, plant and equipment are depreciated from the date that they are installed and are ready for use, or in

respect of internally constructed assets, from the date that the asset is completed and ready for use.

The estimated useful lives for the current and comparative years of property, plant and equipment are as follows:

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.


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3.5 Share capital

3.6 Employee benefits

3.6.1 Defined contribution plan (provident fund)

3.6.2 Defined benefit plan (gratuity and pension fund)

3.7 Provisions

3.8 Revenue

3.9 Finance income and expenses

3.10 Tax

3.10.1 Current tax

Paid up capital represents total amount contributed by the shareholders and bonus shares issued by the company to the

ordinary shareholders. Holders of ordinary shares are entitled to receive dividends as declared from time to time and

are entitled to vote at shareholders' meetings. In the event of a winding up of the company, ordinary shareholders rank

after all other shareholders and creditors are fully entitled to any residual proceeds of liquidation.

The company maintains both defined contribution plan and defined benefit plan for its eligible permanent employees.

The eligibility is determined according to the terms and conditions set forth in the respective deeds.

The company maintains three contributory provident funds for its permanent employees categorised as managers,

officers and supervisors and workers. These are administered by the Boards of Trustees.

The company maintains an unfunded gratuity scheme, provision in respect of which is made annually for the

employees other than managerial staff. Gratuity payable at the end of each year has been determined on the basis ofexisting rules and regulations of the company. Actuarial valuation of the gratuity fund is carried out by a professional

actuary.

A provision is recognised if, as a result of past event, the company has a present legal or constructive obligation that

can reliably be estimated, and it is probable that an outflow of economic benefits will be required to settle the

obligation.

Revenue from the sale of goods is measured at fair value of the consideration received or receivable, net of returnsand allowances, Value Added Tax.

Revenue from sale of goods is recognised when the significant risks and rewards of ownership have been transferred

to the buyer, the company has no managerial involvement of ownership for the goods, the amount of the revenue and

the cost of the transaction can be measured reliably, and it is probable that the economic benefit associated with the

transactions will flow to the company.

Finance income comprises interest income on funds invested and interest on shop managers account held with the

company. Interest income is recognised on accrual basis.

Finance expense comprises interest expense on overdraft, finance lease and interest on shop managers account held

with the company. All finance expenses are recognised in the statement of comprehensive income.

Income tax expense comprises current and deferred tax. Income tax expense is recognised in the statement of

comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is

recognised in equity.


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3.10.2 Deferred tax

3.11 Earnings per share

3.12 Duty drawback

3.13 Sales proceeds from wastage, scrap etc.

3.14 Workers' profit participation fund (WPPF)

3.15 Events after the reporting date

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively

enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Bata qualifies as a

"Publicly Traded Company"; hence the applicable tax rate is 27.50 %. It enjoys 10% rebate on income tax payable for

declaring dividend more than 20% of paid up capital.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities

for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates

that are expected to be applied to the temporary differences when they are reversed, based on the laws that have beenenacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally

enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax

authority on the same taxable entity.

A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent

that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets

are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax

benefit will be realised.

The company presents basic and diluted (when dilution is applicable) earnings per share (EPS) for its ordinary shares.Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the company with the

weighted average number of ordinary shares outstanding during the period, adjusted for the effect of change in

number of shares for bonus issue, share split and reverse split. Diluted EPS is determined by adjusting the profit or

loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, for the

effects of all dilutive potential ordinary shares. However, dilution of EPS is not applicable for these financial

statements as there was no dilutive potential ordinary shares during the relevant periods.

Duty drawback claimed on export sales is adjusted against cost of imported raw materials.

Sales of empty drum of chemicals, split leather and other wastage of materials have been adjusted with cost of raw

materials consumed. Income from non-operating activities is recognised as other income.

The company provides 5% of its profit before charging such expense as WPPF in accordance with The Bangladesh

Labour Act 2006.

Events after the reporting date that provide additional information about the company's position at the statement offinancial position date are reflected in the interim financial information. Events after the reporting date that are not

adjusting events are disclosed in the notes when material.


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) Year 2013

Cost/Valuation

Disposals/ Adjustment Writte

As at Additions transfers As at As at Charged for As at value

Particulars 1 January during during 30 June 1 January for disposals/ 30 June 30 J

2013 the period the period 2013 2013 the period transfers 2013 20

Taka Taka Taka Taka Taka Taka Taka Taka Ta

Land1

86,057,856 - - 86,057,856 - - - - 86,0

Building2

376,199,684 1,277,868 - 377,477,552 173,370,544 4,409,789 177,780,333 199,6

Plant and machinery 715,581,267 22,153,271 (8,249,584) 729,484,954 420,509,650 19,314,587 (7,745,378) 432,078,859 297,4

Motor vehicles 25,008,751 - - 25,008,751 19,648,227 757,819 - 20,406,046 4,6

Furniture, fixtures and equipment 501,033,308 69,871,003 (2,278,294) 568,626,017 210,026,312 22,502,067 (2,162,463) 230,365,916 338,2

1,703,880,866 93,302,142 (10,527,878) 1,786,655,130 823,554,733 46,984,262 (9,907,841) 860,631,154 926,0

) Year 2012

Cost/Valuation

Disposals/ Adjustment Writte

As at Additions transfers As at As at Charged for As at value

Particulars 1 January during during 31 December 1 January for disposals/ 31 December 31 Dec

2012 the year the year 2012 2012 the year transfers 2012 20

Taka Taka Taka Taka Taka Taka Taka Taka Ta

Land1

86,057,856 - - 86,057,856 - - - - 86,0

Building2

311,515,463 64,684,221 376,199,684 165,633,274 7,737,270 173,370,544 202,8

Plant and machinery 728,467,578 76,685,218 (89,571,529) 715,581,267 471,736,404 31,168,993 (82,395,747) 420,509,650 295,0

Motor vehicles 20,564,552 5,559,199 (1,115,000) 25,008,751 18,698,786 2,064,441 (1,115,000) 19,648,227 5,3

Furniture, fixtures and equipment 453,568,460 115,826,141 (68,361,293) 501,033,308 212,234,052 59,581,899 (61,789,639) 210,026,312 291,0

1,600,173,909 262,754,779 (159,047,822) 1,703,880,866 868,302,516 100,552,603 (145,300,386) 823,554,733 880,3

1

2

Depreciation

Depreciation

Land includes Tk. 60,631,183 by revaluation in 1979.

Building includes properties at 24 Bangabandhu Avenue, Dhaka which were purchased in 1985 from the Government of Bangladesh at a cost of Tk 5,344,417. Sale deed is yet to be executed.


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5. Capital work in progress

30 Jun 2013 31 Dec 2012

Taka Taka

Balance as at 1 January 2,059,472 38,251,715

Add: Addition during the year 6,639,394 2,059,472

8,698,866 40,311,187

Less: Transfer to property plant & equipment during the year 4,250,749 38,251,715

Closing Balance (note 5.1) 4,448,117 2,059,472

5.1 Capital work in progress represent as follows

Plant and machinery 4,448,117 2,053,987

Furniture , Fixture & Equipment - 5,485

4,448,117 2,059,472

6. Deferred tax assets / (liabilities)

Deferred tax assets is arrived at as follows:

30 Jun 2013 31 Dec 2012

Taka Taka

Balance as at 1 January (12,300,000) (1,500,000)Addition/(reduction) during the year (1,700,000) (10,800,000)

Closing Balance (14,000,000) (12,300,000)

Carrying

amount on the Taxable/

date of (deductible)

statement of temporary

financial position Tax base difference

Taka Taka Taka

(a) As at 30 June 2013


(excluding land and certain motor vehicles) 819,236,488 621,674,917 197,561,571

Provision for staff gratuity (note 12) (119,837,590) - (119,837,590)

Provision for bad and doubtful debts (21,982,613) - (21,982,613)

Net deductible temporary difference 55,741,368

Deferred tax liability (14,000,000)

(b) As at 31 December 2012


(excluding land and certain motor vehicles) 791,930,824 596,187,798 195,743,026

Provision for staff gratuity (net of payment) (123,817,664) - (123,817,664)

Provision for bad and doubtful debts (22,618,287) - (22,618,287)

Net deductible temporary difference 49,307,075

Deferred tax liability (12,300,000)

7. Inventories

30 Jun 2013 31 Dec 2012

Taka Taka

Raw materials 447,183,332 433,360,454

Work in process 82,415,963 61,989,523

Finished goods 1,859,072,168 1,393,434,546

2,388,671,463 1,888,784,523


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8. Accounts receivable

Trade (unsecured) - considered good

Export customers - Non BSO companies 9,293,038 6,216,924

Export customers - BSO companies 20,995,856 13,931,813

Receivables from dealers 301,590,680 190,793,961

Receivables from institutional sale 45,864,520 47,867,930

377,744,094 258,810,628

Others (unsecured) - considered good

Insurance claims 4,662,934 19,108,225

VAT claims 2,001,294 705,675

Interest receivable 2,066,543 -

Joint venture commission receivable - 184,518

Duty drawback claim receivable 430,707 196,347

9,161,478 20,194,765

Agents and employees 21,901,578 20,175,474

Total accounts receivable 408,807,150 299,180,867

Provision for doubtful debts (21,982,613) (22,618,287)

386,824,537 276,562,580

9. Advances, deposits and prepayments

30 Jun 2013 31 Dec 2012

Taka Taka

Advances (considered good) to:

Agents and employees 10,319,327 6,268,911

Suppliers against materials and services 13,884,935 7,638,007

24,204,262 13,906,918

Security and other deposits 455,507,136 335,292,718

Prepayments to landlords (current portion - note 9.1) 56,370,848 83,122,003

536,082,246 432,321,639

9.1 Prepayments of rent

Prepayments to landlords 243,170,848 215,222,003

Less: Current portion (note 9) 56,370,848 83,122,003

Non-current portion 186,800,000 132,100,000

10. Cash and cash equivalents

Cash balances:

On hand 1,186,315 1,330,139

In transit:

From depots 1,365,194 1,374,000

From institutions 14,456,502 11,032,568

Balances with banks in:

Current accounts

In Taka (89,576,391) (67,641,911)

In USD 5,490,562 20,158,297

Fixed deposits 6,000,000 4,000,000

Short term deposits 70,274,842 263,206,077

(7,810,987) 219,722,463

9,197,024 233,459,170


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11. Share capital

30 Jun 2013 31 Dec 2012

Authorised: Taka Taka

20,000,000 ordinary shares of Tk 10 each 200,000,000 200,000,000

Issued, subscribed and paid up:

2,850,723 ordinary shares of Tk 10 each issued for cash 28,507,230 28,507,230

10,829,277 ordinary shares (including 7,202,400 bonus shares)

of Tk 10 each issued for consideration other than cash 108,292,770 108,292,770

136,800,000 136,800,000

12. Reserves and surplus

30 Jun 2013 31 Dec 2012

Taka Taka

Reserve on revaluation of land 60,631,183 60,631,183

Non-distributable special reserve (note 13.1) 998,620 998,620

General reserve 48,863,000 48,863,000

Unappropriated profit (note 13.2) 1,706,441,958 1,606,707,776

1,816,934,761 1,717,200,579

12.1 Non-distributable special reserve

12.2 Unappropriated profit

Balance as at 1 January 1,606,707,776 1,313,782,103

Profit for the year / Period 243,374,182 671,916,303

Loss of BB Export - (2,790,630)

Interim dividend - (232,560,000)

Final dividend (143,640,000) (143,640,000)

1,706,441,958 1,606,707,776

13. Deferred liability

30 Jun 2013 31 Dec 2012

Taka Taka

Balance as at 1 January 123,817,664 150,704,000

Add: Provision made during the year/ Period 12,926,493 (5,999,942)

136,744,157 144,704,058

Less: Paid during the year / Period 16,906,567 20,886,394

Closing Balance 119,837,590 123,817,664

Deferred liability represents provision for staff gratuity.

14. Creditors for goods

Payable to local suppliers 545,084,302 340,871,856

Payable to BSO companies 33,710,630 12,879,582

578,794,932 353,751,438

15. Creditors for expenses

Payable to local suppliers 261,648,804 97,864,002

Payable to BSO companies 262,804,167 322,330,566

This represents 90% of the cumulative post-tax profit in respect of certain categories of income up to 1992 as defined and directed by Bangladesh Bank.

Since 1993, the requirement for continuing to create such special reserve is applicable only to the profit on sale of immovable assets such as land, buildings,

etc.


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524,452,971 420,194,568

16. Creditors for other finance

Workers' profit participation fund 70,066,710 51,125,753

Personal accounts of employees and agents 67,194,441 68,792,575

Security and other deposits 24,892,500 23,105,500

Provident fund 5,062,766 6,540,438

Tax deducted at source 45,631,313 53,845,380

Pension fund 659,220 1,642,750

VAT deducted at source 4,799,099 6,551,877

Salary and wages payable 11,551,444 15,389,842

Others 32,051,965 14,394,179

261,909,458 241,388,294

17. Accrued expenses

Provision for bonus 108,844,809 81,610,676

Provision for utility 10,840,780 7,333,000

Provision for legal & audit fee 2,314,250 2,011,250

Provision for royalty 22,099,142 15,692,857

Joint venture commission 9,432,051 13,279,976

Other accrued liabilities 263,056,828 265,352,718

416,587,860 385,280,477

18. Provision for tax

Current year 114,804,000 288,673,000

Earlier years (net of advance tax) 258,022,821 107,874,086

372,826,821 396,547,086


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19. RevenueHalf year Half year

ended ended

30\Jun\13 30\Jun\12

Taka Taka

Local

Shoe 3,398,718,609 2,978,950,479

Hosiery & accessories 94,853,675 99,208,615Export 40,766,709 39,279,710

3,534,338,993 3,117,438,804

20 Cost of goods soldHalf year Half year

ended ended

30\Jun\13 30\Jun\12

Taka Taka

Opening stock of finished goods 1,393,434,546 1,237,634,992

Add: Cost of goods manufactured (Note 20.1) 2,227,549,619 1,959,292,196

Finished goods purchased 521,105,378 300,192,551

4,142,089,543 3,497,119,739

Less: Closing stock of finished goods 1,859,072,168 1,460,813,308

2,283,017,375 2,036,306,431

20.1 Cost of goods manufactured

Cost of materials consumed (Note 20.1.1) 1,788,647,286 1,424,636,875

Direct wages 288,532,904 352,882,654

2,077,180,190 1,777,519,529

Manufacturing overhead 170,795,869 160,313,211

Difference in work in process:

Work in process at beginning 61,989,523 60,596,257

Work in process at closing 82,415,963 39,136,801

(20,426,440) 21,459,456

Cost of goods manufactured 2,227,549,619 1,959,292,196

20.1.1 Cost of materials consumed

Opening stock of raw materials 433,360,454 458,166,010

Add: Purchase 1,809,894,980 1,434,714,358

Materials available for use 2,243,255,434 1,892,880,368

Less: Sale proceeds of wastage scrap 7,424,817 6,093,949

2,235,830,617 1,886,786,419

Less: Closing stock of raw materials 447,183,331 462,149,544

1,788,647,286 1,424,636,875


16/16

Half year Half year

ended ended

30\Jun\13 30\Jun\12

21. Other income Taka Taka

Gain/(loss) on disposal of property, plant and equipment 1,244,349 2,308,273

Discount for early payment 8,214,075 12,011,664

9,458,424 14,319,937

22. Finance income

Interest on short term deposit 5,852,223 6,048,341

23. Finance expenses

Interest on secutiry deposits 2,990,322 2,239,893

June Qtr. Accounts 2013.pdf

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Transcript of June Qtr. Accounts 2013.pdf