Meghna Cement Mills 2009
Transcript of Meghna Cement Mills 2009
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N E q H N C E H E N T H U S L I M I T E D
Enterprise of Bashundhara Group
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EIGHTEENTH NNU L REPORT
FOR THE YEAR ENDED 31 DECEMBER 2 9
HEiqHIVA CEHEW HU LTD
An En terprise of Bashuncthara G roup
Corporate Office: 125/A Bashundhara RIA Block-A
B aridhara Dhaka- 1212
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Contents
Corporate Directory
Vision and Mission
Com pany. Brief
Notice of the l
t
Annual General M eeting
Directors Report to the Shareholders
Corporate Governance
Perform ance in the Last Five Years
4
i-i-i
5
Auditors Report
8
Balance Sheet
0 ,
Profit and Loss Statement
1
Cash Flow Statement
2
Statem ent of Changes in Equity
3
Notes to the Accounts
4
Proxy Form
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V S ON
MISSION
V S ON
To significantly contribute to the sustainable development and growth of our country
towards its journey for a better and prosp erous future.
M SS ON
To be the leader in the cement sector of the country by rendering quality products and
services through maintaining high standards in business operations and to bring fullest
satisfaction to our valued shareholders custome rs and employee s.
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EGHNA CEMENT MILLS LTD
Corporate Office: 125/A, Bashundhara RIA. Block-A, Baridhara, Dhaka-1212
NDTIEE OF THE 8TH ANNUA L GENE RAL MEE TING
Notice is hereby given that the Eighteenth Annual General Meeting of the shareholders of Meghna Cement Mills Ltd.
will be held on Sunday, 20 June 2010 at 11:00 AM at Bashundhara Convention Centre, Block No-G, Umme Kulsum
Road Bashundhara RIA Dhaka to transact the following business:
Special Business
1. To increase the authorised share capital of the Company from Tk. 40 crores to Tk. 500 crores by amending the
Memorandum of Association and the Articles of Association of the Company;
To consider and if thought fit, pass the following resolutions as Special Resolution :
To amend the Clause V of the Mem orandum of Association
The Authorised Share Capital of the Company is Tk. 500.00.00,000/= (Taka Five Hundred Crores) divided into
50,00,00,000 (Fifty Crores) Shares of Tk.
101=
(Taka Ten) each w ith power to increase, reduce or repay the capital
or any portion thereof and to divide, sub-divide and consolidate the shares in the capital for the time being into
several classes and to attach thereto respectively such preferential, deferred, qualifyed, or other special rights or
privileges or conditions and upon the sub-division or consolidation of any share or shares to apportion the rights to
participate in profits in any manner as between the shares resulting from sub-division as may be determined by or
in accordance with the Articles of the Company and to carry or modify or abrogate any such rights privileges and
conditions as may for the time being be provided by the A rticles of the Company.'
To am end the Article 5 of the Articles of Association
The Authorised Share Capital of the Company is Tk 500,00,00,000/= (Taka Five Hundred Crores) divided into
50,00,00,000 (Fifty Crores) Shares of Tk. 10/= (Taka Ten) each with powers to increase or reduce the share capital
for the time being and to divide, sub-divide and consolidate the shares in the capital of the Company into several
classes or stocks and attach thereto respectively such preferential, deferred, qualified or other special rights,
privileges or conditions and as may be determined by the Company in General Meeting and vary, modify or
abrogate such rights, privileges and con ditions and also to issue shares of higher or lower denominations.
Ordinary Business
2.
To receive. consider and adopt the Audited Accounts as at 31 December 2009 together with the Reports of the
Auditors and the Directors' thereon;
3.
To declare Dividend for the financial year ended on Decem ber 31, 2009;
4. To elect Directors;
5. To appoint auditors for the year 2010 and to fix their remuneration.
Date: 16 May, 2010
y Order of the Board
Sd/=
M. Naseemul Hye FCS
Company Secretary
NOTES:
The Record Date of the Company is 20/05/2010. Members whose names will appear in the Shares Register of the
Company and in the Depository Register on that date, will be entitled to attend the meeting and qualify for the
dividend to be declared at the AGM .
2. Any member entitled to attend and vote at the General Meeting may appoint a proxy on his/her behalf provided
that such proxy must be a member of the company. The Proxy Form must be affixed with revenue stamp of Tk.
10.00 and should be deposited at the Corporate Office of the Comp any not later than 72 hours before the time fixed
for the Meeting.
Members are requested to notify change of address if any through their respective Depository Participants well in
time.
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DIRECTORS REPORT
TO THE
SHAREHOLDERS
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DIRECTORS REPORT TO
THE SHAREHOLDERS
Dear Distinguished Shareholder s
Assalamualaikuin
The Board of Directors of Meghna Cement Mills
Ltd. welcomes you all at this Eighteenth Annual
General Meeting of the company with profound
pleasure and delight and presenting the Annual
Report alongwith the Audited Accounts and
Auditors Report thereon for the year ended 31
December 2009. Your enthusiastic presence to this
significant event is indeed an honor and inspiration
to all of us. It is our proud privilege to inform you
that Meghna Cement Mills Ltd. has passed the
milestone of 18 years of its eventful journey which
might not be possible without your whole-hearted
cooperation and support
conomic Scenario
substantial growth in 2009 both in terms of
production and sales amidst stiff competitions and
adversities domestically and globally as well
Cement is one of the main backward linkages of
the construction and real estate sectors. The
performance of the construction sector in the
country was very low in the years during the
emergency period resulting lower turnover of the
backward linkage industries including the cement
sector of the country. The political calmness in the
country through the reestablishment of democracy
in the country brought the light of hope for full
swing development activities in infrastructure
building and real estate sectors
This is to report you that on 13/03/2009 due to a
devastating fire the entire Registered Office of the
company which was located in the Bashundhara
City was severely affected. However by the
wholehearted and relentless efforts of the
The year 2009 although has been difficult in
economic terms your company has been able to
achieve a significant growth resulting sustaining
profitability
The Annual Report alongwith the Audited
Accounts and Auditors Report thereon for the year
ended 31 December 2009 are being presented for
your consideration
In this report the business activities and financial
highlights of your company has been presented.
An overview of this report would indicate that
Meghna Cement Mills Ltd. has experienced
management and the employees of all levels your
company reached to a new height of attainment
during the year under review
hievements
The cement sector of this country is shared by
a plentiful of manufacturers. Millions of tonnes
of cement produced and supplied into the
market from scores of plants of the country.
The total yearly production capacity of the
cement factories of our country is between 20-
25 Million MT when domestic demand ranges
between 12 15 Million MT per year.
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Inspite of all these hurdles your company managed
to carry on its production and maintained
consistency and growth in its sales operation. The
sales during the year 2009 was 824,326 MT
compared to 5,59,938 MT in the last year. In the
year under review the net sales revenue amounted
to Tk. 470.51 crore compared to 326.71 crore of
the last year registering an increase of 44 over the
previous year which m ay be considered satisfactory
under the p revailing circumstances.
Contribution to N ational Ex cheque r
through careful handling as deemed necessary the
company was able to earn net profit of Tk 13.24
crore in the year 2009. Compared to Tk. 2.31 Crore
in the year 2008 registering an increase of around
473.16 over the previous year.
Dividend
In the line of operational performance of the
company during the year under review, the Board
of Directors is pleased to recommend for payment
of 35 cash dividend on par value of the shares for
the year 2009.
h reholders
During the year 2009 your company contributed an
amount of TK. 107.26 crore to the National
Exchequer in the forrn of tax, customs duties, VAT
etc. The contributions to the national exchequer is
equivalent to 22.80 of the total sales revenue of
the company during the said period. In the year
2008 the contribution was Tk. 70.03 Crore.
Profitability
The company to cope with the market scenario has
to adjust its marketing strategy to maintain the
lead. The demand for cement in different parts of
the year also varied.
During the year under review the sales of the
company increased significantly on the other hand
the production costs as well as the selling and
distribution expenses also increased affecting the
profitability of the company. However, by the
untiring efforts to operate your company on sound
econom ic footings by negotiating the challenges
The present issued, subscribed and paid up share
capital of the Company is Tk. 22,50,04,000 which
is being participated by the Sponsors, Banks,
Financial Institutions and General P ublic.
Directors
Under Article 131 of the Articles of Association of
the Company, three Directors- Mr. Shafiat Sobhan,
Mr. Sayem Sobhan and Mr. Safwan Sobhan retire
by rotation and being eligible under Article 133 of
the Articles of Association offer themselves for re-
election.
uditors
In the last Annual General Meeting MIS. Islam
Aftab Kamrul & Co., Chartered Accountants were
appointed. As the firm informed their inability to
takeover duly it caused a casual vacancy. The
Board therefore appointed
MIS
K. M. Alam &
Co., Chartered Accountants (who were the
Auditors in the previous 01 (one) year) as the
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Auditors for the year 2009 in the casual vacancy.
The Auditors have performed their duties during
the year under review and being eligible have
offered themselves for re-appointment for the year
2010 under the provisions of the Companies Act
1994.
The Board recommends for their appointment for
the year 2010 with the same remuneration.
Corporate Governance
Corporate Governance is the system through which
the company is directed, guided and controlled by
the Board, keeping in view of its accountability to
the shareholders.
The Status Report required to be presented by the
company in pursuance to Notification No.
SEC/CMRRCD/2006- I 58/Admin/02-08 of 20
February 2006 issued by the Securities and
Exchange Commission is submitted with this
Annual Report.
Increase of uthorised Capital
The company s Authorised Capital is Tk.40 crore.
In the present day scenario a large Cement
manufacturing company like Maghna Cement
Mills Ltd. could not go ahead with or implement
any plan of further expansion with such small
amount of Authorised Capital. In view of this the
oard of the Company is pleased to recommend to
increase the Authorised Capital of it from 40 crore
to 500 crore. Accordingly the issue of increase of
the Authorised Capital has been placed in this
General M eeting for your consideration.
knowledgements
The Boa rd of Directors would like to put its sincere
thanks and heartfelt gratitude to all of our valued
shareholders, patrons and well wishers for their
active support and co-operation in discharging the
responsibilities reposed on the Board during the
year under review. We also expresse our profound
gratitude to SABINCO, TCB, Janata Bank Ltd.,
Social Investment Bank Ltd., IFIC Bank Ltd. and
other financial institutions, the Securities and
Exchange Commission, DSE, CSE and various
government and semi-government agencies for
their continued support without which it would
have been difficult on the part of the company to
achieve the success during the period under review .
The Board of Directors also puts on record of its
deep appreciation for the dedicated services and
loyalty of the executives, officers and em ployees of
the company at all levels without which we could
not have come out successful and achieved this
result,
We also would like to acknowledge and Put record
our profound appreciation of the unconditional
loyalty of our valued clients towards us.
Thanking you all,
On behalf of the Board
Sd -
Ahmed Akbar Sobhan
Managing Director
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C O R P O R T E q O V E R N N C E
Corporate governance is the system by which
companies are directed and controlled by the
management in the greater interest of all the
stakeholders. It ensures transparency and better and
timely financial reporting. It influences how the
objectives of the Company are set and achieved,
risk is monitored and assessed and how the
performance is optimised. It deals with the role of
the Board of Directors, the framework of internal
controls and the relationship between the Board of
Directors shareholders and auditors.
- The platform on which corporate governance
principles are structured is that the Board of
Directors is responsible for the proper governance
which includes setting out of the Company s
strategic aims, providing the necessary leadership
to implement such aims, supervising the
management of the business and reporting to the
shareholders on their stewardship.
The maintenance of effective corporate governance
remains a key priority of the Board of Meghna
Cement Mills Ltd. To exercise clarity about
directors responsibilities towards the shareholders,
corporate governance should be dynamic and
remain focused on the business objectives of the
Company and create a culture of openness and
accountability. Keeping this in mind, clear
structure and accountabilities supported by well
understood policies and procedures to guide the
activities of the Company s management have been
instituted.
orporate Governance Guidelines and
Code
o
thics
Meghna Cement Mills Ltd. is an industrial concern
engaged in production and marketing of cement
under rigid ethical standard. Our code of conduct,
approved by the Board of Directors, expresses
fundam ental principles that guide all the employees
and shape the organization s business activities. It
incorporates guiding principles, upholding the law,
hon onri ng trust fairness objectivity
confidentiality, integrity and corporate and
individual responsibility.
oardof
Directors
The Board of Directors is in the full control of the
Company s affairs and is also accountable to the
shareholders. They firmly believe that the success
of the Company largely depends on the credible
corporate governance practices adopted by the
Company. Taking this plank into consideration, the
Board of Directors of Meghna Cement Mills Ltd.
sets out its strategic focus and oversees the
business operations and related affairs of the
Company. The Board also formulated the strategic
objectives and policy framework for the Comp any.
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The present Board of Meghna Cement Mills Ltd.
comprises of nine directors of whom seven are
sponsor-shareholder directors, one nominated
director and one independent director, as per SEC s
guidelines. The directors of the company possess
wide range of skills, experience and versatile
knowledge over a range of professions, businesses
and services Each of our Directors has
considerable aptitude and knowledge to perform
their roles effectively. The Board of Directors
ensures that the activities of the Company are
always conducted with adherence to strict and
highest possible ethical standards and in the best
interests of the stakeholders.
udi t nd Internal Contro l
The company continued to implement appropriate
human resource management policies and practices
to motivate and develop the employees and
executives of the company and also to ensure their
optimum contribution towards the achievement of
corporate goals. The company continues its policy
of hiring the best people, post them to appropriate
places and ensure working environment and
implementing programs to develop and retain high
quality human resources.
As a part of company s Human Resource
Development Program, a good number of
employees were sent to different training programs
at home and abroad, which included both
managerial capacity development and technical
modules.
The Primary role of the Audit Com mittee is to keep
under review the financial and other systems and
controls the financial reporting procedures and
ancillary matters related thereto. The Audit
Committee is headed by the Independent Director.
The system of internal control has been designed
and effectively implemented. A professional audit
body has been engaged to do the job of internal
audit properly.
Hum an Resource M anagem ent
The management of the company believes
that human resources do make a difference in
creating competitive advantage in business
Separate role
o
the Chairman nd
Managing Director
In Meghna Cement Mills Ltd., the role of the
Chairman and the Managing Director is separate
and independent of each other. The Managing
Director would be responsible for the executive
management of the Company s business while the
Chairman, who has no executive management
responsibility runs the Board.
Relationship w ith Shareholder s
The Company reports to the shareholders
twice a year through half yearly report and
detailed annual report. Every shareholder or
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his representative has the right to attend the annual
general meeting, where they can meet and
communicate with the directors and express their
views regarding the Company s business, its future
prospects and o ther matters of interest.
Going oncern
The Board is satisfied that the Company has
adequate resources to continue its operations in the
foreseeable future. For this reason the Company
follows going concern basis for preparing its
financial statements. The company reports that
there was no deviation from the last year in this
respect.
orporate R epor t ing
The Board of D irectors is pleased to inform that-
a)
The Financial Statements together with the
notes thereon have been drawn up in
conformity with the Companies Act 1994 and
the Securities and Exchange Rules 1987.
These Statem ents present fairly the Com pany s
state of affairs, the results of its operations,
cash flow and chang es in equity.
b)
Proper books of accounts of the Company have
been m aintained as required by relevant laws.
c)
Appropriate Accounting Policies have been
consistently been applied in preparation of
financial statements and the accounting
estimates are based on reasonable and prudent
judgment
d)
The international Accounting Standards, as
applicable in Bangladesh, have been followed
in preparation of financial statements.
e)
The systems of internal control are sound and
have effectively been implemented and
monitored.
f)
There are no significant doubts upon the
Company s ability to continue as a going
concern.
g)
There are no significant deviations from
operational policies of last year.
h)
The pattern of shareholding is furnished in the
statement of accounts.
orpor ate G overnance om pliance R eport
In accordance with the requirement of the
Securities and Exchange Commission, Corporate
Governance Com pliance Report is enclosed.
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Condition
ondition as regard to
ompliance status Put Specific
emarks
No.
in the app ropriate
eason s) for
column)
on-compliance
Complied
ot
ith the
complied condition
2 .
ppointment of separate individuals
omplied
as the Chief Financial Officer CFO),
Head of Internal Audit and Company
Secretary
Defining their respective roles,
omplied
responsibilities and duties
3.00
onstitution of Au dit Comm ittee
omplied
Appointment of Chairman of the Audit Complied
Committee.
Reporting of the Audit Comm ittee
Internal Audit Body)
Conflicts of interests
o Conflict
b Suspected or presumed fraud or
o s u c h i n s ta n c e
irregularity or material defect in
the internal control system
c
Suspected infringement of laws,
o s u c h i n s ta n c e
including securities related laws,
rules and regulations
d Any other matter
omplied
4.00
xternal/Statutory Auditors not to be
engaged in
i.
Appraisal or valuation services
omplied
ii. Financial information Systems Complied
design and implementation
Book keeping or other services Complied
related to financial statements
iv. Broker-dealer services
omplied
V
Actuarial services
omplied
vi . Internal audit services
omplied
vii.
Any other service
omplied
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ERFORMANCE
N THE
LAST FIVE YEARS
KEY OPERATIONAL AND FINANCIAL DATA OF LAST FIVE YEARS
Particulars
98
7
6
5
Net Sales
k. (million)
705.09
267.06
824.43
,367.40
,954.90
Profit before tax
k, (million)
76.24
9.24
66.68
06.36
5.11
Return on Sales
,75
.9 0
.9 0
.1 6
54
Profit after tax
k. (million)
31.99
3.13
48.18
6.24
3.75
Return on Sales
.81
.71
5
.8 6
.1 6
Earning per share
k.
8.66
0.28
5.86
2.77
8.33
(Restated)
Book value per share Tk
00.00
00.00
00.00
00.00
00.00
Dividend per share
k.
5.00
5.00
0.00
5.00
5.00
Bonus per Share
rate)
.0
.0
.0
.0
.0
Price per share
k.
283.25
86.00
52.25
76.75
46.00
(DSE,_31/12)
Price earning ratio
times)
1.88
.03
.35
.47
.68
Current ratio
times)
.29
.43
.10
.9 4
.00
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AUDITORS REPORT
AND
FINANCIAL STATEMENTS
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AUDITORS REPORT
TO THE SHAREHOLDERS OF MEGHNA CEMENT MILLS LTD
We have audited the accompanying Balance Sheet of the Meghna Cement Mills Ltd as of 31st
December, 2009 and the related Income Statement, Cash Flow statement and statement of
Changes of Equity for the year then ended. These financial statements are the responsibility of the
company's management. Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement. An Audit includes
examining, on a test basis, evidence supporting the amount and disclosure in the financial
statement. An audit also includes assessing the Accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for our opinion.
n our opinion , the financial Statements prepared in accordance with Bangladesh Accounting
(BAS) and Bangladesh Financial Reporting Standards(BFRS), give true fair view of
the state of the company's affairs as of December31 ,2009 and of the results of its operations and
its cash flow for the year than ended and comply with applicable sections of Companies Act 1994,
Securities Exchange Rule-1987 and other applicable laws regulations.
We further report that:
) we have obtained all the information and explanation which to the best of our knowledge and
elief were necessary for the purposes of audit and made due verification thereof;
b
in our opinion, proper books of account as required by laws have been kept by the company so
far as it appeared from our examination of these books.
c
the company's Balance Sheet and Income Statement, Cash Flow Statement and Statement of
Changes of Equility dealt with by the report are in agreement with the books of Account and
returns
d
The expenditure incurred was for the purposes of company's business
Sd/-
Dated, Dhaka
. M Alam CO.
29th April,2010
hartered Accountants.
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MEGHNA CEMENT M ILLS LTD.
Balance Sheet
As at 31 December 2009
Particulars
ASSETS:
Non Cu rrent Assets:
Fixed Assets at Cost Less Acc. Dep
Deferred Revenue E xpenditure
Current Assets:
Stores & Spares
Stock-in-Trade
Trade Debtors
Advance, Deposits & Prepayments
Cash and Bank B alances
Total Assets:
EQUITY & LIABILITIES:
Shareholders Fund:
Share C apital
General & Loan R edemption Reserve
Tax Holiday Reserve
Retained Earnings
Non C urrent Liabilities:
Long Term Loan
Gratuity Payable
Deferred Ta x Liability
Current Liabilities:
Cash Credit Account
Loan against Trust Receipt
Payable for Sundry Expenses
Payable for Goods Su pplied
Payable for Other Finance
Advance Received against Sales
Total Equity
Liabilities:
Notes
1/12/2009
.- 1 143 161 020
03
096828028 I
04
6,332,992
2 172 916 224
05
07,898,556
06
31,361,663
07
86,714,426
08
93,689,327
09
53,252,252
.
3 316 077 244
673 096 023
10
25,004,000
66,000,000
103,324,216
178,767,807
964 903 100
12
3,561,807
32,205,716
189,135,577
1,678,078,121
13
13,265,800
14
58,000,496
15
55,397,871
16
3,488,794
17
5,169,221
42,755,939
3 316 077 244
31/12/2008
222 856 544
1,171, 823
51,033,121
693 743 225
70,433,517
537,008,646
307,777,358
698,546,609
79,977,095
12 916 599 769
574 860 140
225,004,000
166,000,000
103,324,216
80,531,924
1 157 073 249
936,655,246
27,070,047
193,347,956
1 184 666 380
617,830,094
191,646,986
118,497,911
86,938,522
116,085,099
53,667,768
2 916 599 769
Attached Notes form p art of these Financial Statements.
Sd
S-
d
Ahmed Akbar Sobhan
adat Sobhan
. Naseemul Hye FCS
Managing D irector
irector
ompany Secretary
As per our annexe d report of even Date
Dated, Dhaka
. M. Alam & Co.
Chartered Accountants
20
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LU L
,
32,382
Trading Profit
76,030,658
Less: Financial Expenses
2
'87,359,938
Operating Profit Before Other Income
88,670,720
Add: Non Operating Income
,081,559
Total Profit
89,752,279
Deferred Expenses W rite - Off
4,700,129)
Profit/(Loss) on Sale of Fixed Assets
Profit before WP PF
85,052,150
Provision for WPP F
8,81 2,007)
Net Profit before Income Tax --i4V76,240,143
Provision for Income T ax:
44,253
7039)
660)
,4urrent Tax Expenses
,379
eferred Tax Income/Expense
Dr.-fif
v
i 1OP. A
M E G H N A C E M E N T M IL L S L T D .
Profit Loss S tatement
For the year ended 31 D ecember 2009
Particulars
otes
1/1212009
1/12/2008
Sales - Net
8
4705,094,692
,060,168
Less: Cost of Goods S old
9
248 487 61
,040,933,220
Gross Profit
56 607 082
26 126 948
Less: Other Expenses
80,576,424
2,663,781
Administrative Ove rhead
0
6,958,143
9,316,069
Selling & Distribution Overhead
1
23,618,281
3,347,7
133,463,167
'4i ,724,510
31,738,657
3,479,205
35,217,862
(4,700,129)
188 ,384
30,706,117
(1,462,196)
1i1 539.
(8,042078)
i 3039)
Earnings per Share(Basic)
3
8.66
0.28
Attached Notes form part of these Financial Statements.
d -
d -
d -
Ahmed Akbar Sobhan
adat Sobhan
. Naseemul Hye FCS
Managing D irector
irector
ompany Secretary
As per our annexed report of even Date
Sd -
Dated, Dhaka
. M. Alam & Co.
Chartered Accountants
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b Fixed Assets
These are valued at historical cost less accumulated depreciation as per BAS-1 6 Property Plant
& Equipment Cost represents cost of acquisition or construction.
The value of Land and Land development comprised of the purchase value and development
cost.
c) Depreciation
Depreciation is charged on fixed assets on the reducing balance method at varying rates
considering the useful lives of the assets. No depreciation is charged on Land & Land
development. No depreciation has been charged on additions and disposals of fixed assets during
the year under review. The rate of depreciation on some fixed assets has been changed based on
their estimated life.
The rates of depreciation on each class of assets are as follows:
Particulars of Assets
Building and other Construction
Plant & Machinery
Furniture & Fixtures
Office Equipment.
Telephone Installation
Motor Vehicles
Annual rate of Depreciation
2.5% to 10%
5% to 10%
6% to 10%
6% to 10%
10%
20%
Sundry Assets
5% to 20%
d) Inventories
Inventories comprises of Raw Materials, Packing Materials, Finished Goods and Store & Spares.
They are stated at the lower of cost and net realizable value in accordance with BAS-2
Inventories after making due allowances for any obsolete or slow moving items. The cost of
inventories are assigned by using weighted average cost formula. Net
realizable value is
determined after deducting the estimated cost of completion and/ or cost to be incurred for
effecting the sale from sales price.
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IJdtcILIVI I r ldl l to
The company set up a Broad of trustee for operation of a Contributory Provident Fund Scheme
and also an unfunded gratuity scheme for all of its eligible permanent employees. The Provident
fund is registered.
Employees are entitled to Gratuity after completion of minimum 5 (five) years of services in the
company. The Gratuity are calculated on last basic salaries and is payable at the rate of 1 (one)
month for every completed year of service.
f) Taxation
The Assessment of the company has been completed up to the assessment year 2006-2007. The
assessment for the year 2007-2008, 2008-2009 and 2009-2010 are under process.
g) Income Tax
Deferred Tax
The Management recognized deferred tax in accordance with the provision of BAS-12
The Deferred Tax liability as on 31 .12.2009 is arrived at as follows:
Opening Balance of Deferred Tax Liability as on 01 .01.2009
aka 19,33,47,956.00
Add taxable temporary differences during the year:
l
19,33,47,956.00
Less: deductible temporary differences during the year:
2,12,379.00
Closing Balance of Deferred Tax Liability as on 31 .12.2009
8,91,35,577.00
b
Current Tax
Provision for income tax has been made @ 27.5% on net profit for the year as per provision of
income tax Ordinance, 1984,
h) Foreign Currency Translation
Transactions in foreign currencies are converted into Bangladeshi TAKA at the exchange rate
ruling on the date of transaction as per BAS-21 the effects of changes in Foreign Currency
Rates.
26
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d
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23
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M E G H N A C E M E N T M I LL S L TD
NOTES TO
T H E A C C O U N T S .
F O R T H E Y E A R E N D E D 3 1 D E C E M B E R 2 0 09
Establishment and Operation- Disclosure under BAS-1 Presentation of Financial
Statement
Domicile, Legal Form and country of incorporation
Meghna Cement Mills Ltd, was incorporated in Bangladesh on 3rd day of March ,1992 as a Public
Company Limited by shares under the Companies Act, 1913 and its shares are listed in the Dhaka
and Chittagong Stock Exchange.
Address of Registered Office and Principal Place of Business
The registered office is situated at 125/A, Bashundhara R/A, Baridhara Dhaka-1229. The factory
is situated at Mongla Port Industrial Area, Bagerhat.
Principal Activities and Nature of operations
The nature and principal business activities of the company are manufacturing of cement from
clinkers and marketing thereof.
2
Significant Accounting Policies-Disclosure under BAS-1 Presentation of Financial
Statements.
I
Measurement Basis used in preparing the Financial Statement.
These accounts have been prepared on going concern basis using accrual system of accounting
under historical cost convention as laid in the Bangladesh Accounting Standard.
II
Specific Accounting policies selected and applied for significant transactions & Events
(a) Revenue recognition
Revenue are recognized at the time of delivery from factory after making invoices, when the risk of
the ownership has been transferred to the buyer as per BAS 18' Revenue Recognition
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i
Definition of Cash Cash Equivalents
Cash in hand and cash at Banks have been considered as the cash and cash equivalents for the
preparation of these financial statement that were held and available for the use by the company
without any restrictions and there was insignificant risk of changes in value of these current
assets.
j
Cash Flow Statement
Cash flow Statement is prepared principally in accordance with BAS-7 'Cash Flow Statement and
the cash flow from operating activities have been presented under
the direct method as required by the Securities & Exchange Rules, 1987.
k
Earning Per Share (EPS)
The company calculates Earning Per Shares (EPS) in accordance with BAS-33 Earning Per
Share which has been shown on the face of Income Statement.
The disclosure has been made in the note 23 in respect of numerator (net profit) and
Denominator (weighted average number of shares) used in the calculation of basic EPS together
with necessary computation.
No diluted Earning Per Share is required to be calculated as there was no scope for dilution
during the year under review.
(I) Workers' Profit Participation Fund
During the year under review the company made the provision 5% of net profit for workers
profit participation fund.
(m) Additional information on Financial Statements
Responsibilities for Preparation and Presentation of Financial Statements
The Board of Director is responsible for preparation & presentation of Financial Statement as per
the framework for the preparation and presentation of Financial Statements issued by the ICAB.
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Components of the Financial Statements
According to the Bangladesh Accounting Standard BAS-1 Presentation of Financial
Statements / the complete set of financial statements include the following components:
Balance Sheet as at 31St December, 2009
Profit & Loss Accounts for the year ended 31st December, 2009
Statement of Changes in Equity for the year ended 31 St December, 2009
v
Cash Flow Statement for the year ended 31St December,2009
v
Accounting polices & explanatory notes.
Use of Estimates in Preparation of the Financial Statements
The preparation of financial statement in conformity with the Bangladesh Accounting Standards
requires management to make estimates and assumptions that affects the reported amounts of
assets and liabilities at the date of financial statements & revenues and expenses during the
period reported. Actual results could differ from those estimates.
Estimates are used for accounting of certain items such as depreciation & amortization,
employees benefit plan/ taxes/ reserves and contingencies.
Compliance with local laws:
The financial statements have been prepared in compliance with requirements of the
Securities and Exchange Rules 1987 in addition of the companies Act 1994 and other
Relevant local laws & rules.
Compliance with Bangladesh Accounting Standard BASs)
The financial statements of the company cover the year 1st January 2009 to 31st December 2009
consistently, and complied with the Bangladesh Accounting Standards (BAS).
Reporting currency and level of Precision:
The figure in the financial statement represents Bangladeshi Taka currency that
have been rounded off to the nearest Taka except where indicates otherwise.
Re- arrangement of Figure:
Previous year figures have been re-arranged wherever necessary to confirm current year's
presentation.
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683,958
2,672,717
1,410,785
3,198,030
486,054
223,867
712,190
285,653
739,525
9,888,104
245,924
132,625
4,150
67,343,561
12,087,855
548,052
5
6,848,163
387,218
107 898 556
625,732
2,689,671
536,470
2,582,684
952,382
95,859
547,376
247,108
487,380
2,491,562
182,583
182,208
2,250
45,373,764
10,791,248
241,322
2,177,083
226,714
70 433 517
Amount In Taka
009
008
Note-03: FIXED ASSETS: TK 1 096 828 028
Gross Block at Cost
,899,686,834
,885,710,029
Less: Accumulated Depreciation
02,858,806
713,886,606
1,096,828,028
,171,823,423
The Details Fixed Assets Schedule has been shown in Annexure -A/i
Note-04 - DEFERRED REVENUE EXPENDITURE: TK 46 332 992
Preliminery Expenses
Pre-operation Expenses
Less: Written off up to 31-12-2008
Written off during the year.
7,009,103
86,993,475
94 002 578
42,969,457
4,700,129
47 669 586
46 332 992
7,009,103
L
86,993,475
94 002 578
38 269
4,700,129
42 969 457
51 033 121
Note: Deferred Expenses has been written off @ 5 on Original Cost.
Note-05: STORES AND SPARES: 1K 107 898 556
Construction Materials
lron,Steel and non- Ferrous Matel
Pipe, Tube and Fittings
FueI,Oil & Lubricants
Raw Materials & Chemical
Paints and Vernish
General Hardware
Loose Tools
Domestic Equipments
Cords,Ropes and Chain
Pack Gasket and Insulating Materials
Laboratory Equipments
Furniture & Fixture
Machinery Equp. & Spare parts
Electrical Equp. & Spare parts
Office Equipments & Spare parts
Medical Supplies & Equipments
Store in Transit
Sundry
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Note-06: STOCK-IN-TRADE : TK 731 361 663
Clinker
Gypsum
Fly Ash
Slag
Lime Stone
Hard Rock
Cement Bags
Finished Goods
Loose Cement (In silo)
Total
Quantity
76,701 .895 MT
8,018.520 MT
10,771 .661 MT
15,715.022 MT
10,649.820 MT
57,25,732 Pcs
14,742.958 MT
403,149,548
21,642,302
18,879,116
81,855,978
21,391,817
112,377,209
659 295 970
72,065,693
731 361 663
297,651,329
27,423,419
13,630,348
21,053,999
26,160,886
21,169
95,945,741
481 886 891
55,121,755
537 008 646
Note-07: TRADE DEBTORS: TK 286 714 426
Balance Carrying more than 1 (one) year
Balance Carrying more than 6 (six) month
Balance Carrying less than 6 (six) month
Trade debtors are considered good. So, provision has not been made for bad and doubtful debts.
Trade debtors includes Tk. 2,88,59,272 receivable from related parties.
Note-08: ADVANCES DEPOSITS AND PREPAYMENTS : TK 893 689 327
9424698
9,996,61
2,433,345
,744,285
214,856,383
45,036,463
286 714 426
07 777 358
Advance:
Salary
Advance against TA/DA
Contractors
Suppliers
Generals
C F Agents
Motor Car
Sundry
Govt. of Bangladesh
Advance Income Tax:
Tax General
AlT-Clinker
AlT-Spare Parts
AlT- Gypsum
AlT-Slag
AIT-Flyash
Sub-Total
Sub-Total
1,953,205
82,490
568,000
45,118,527
9,875,377
1,022,121
12,597,218
7,816,252
520,000,000
1,363,314
143,467,424
702,044
5,299,241
5,097,189
9,611,644
165 540 855
1,001,490
85,522
381,710
3,160,416
6,093,300
473,383
12,250,420
10,437,563
520,000,000
862,397
70,478,315
419,758
3,017,591
1,972,119
4,151,299
80 901 479
599 033 190
53 883 804
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81,305,300
36,720,500
626,005
118 651 805
893 689 327
20,079,444
32,582,000
626,005
53 287 449
698 546 609
3 789 166
2,713,897
1,075,269
140 619 675
6,518,786
5,197
42,477
102 071
2,729,939
501,077
1 619 992
1,123,044
496,948
70 255 745
285,928
5,597
869,478
176 771
6,340,480
502,502
C ID 4 0 0 4 1
53842-000
C/D-063301 2461
C/D-001 003857
CID 1
1100011541
C/D-1 3300007622
C/D 000333001 979
Deposits:
PDB Factory Office
Mobile Telephone
Bank Grarantee Margin
CDBL
Security Deposit-T & T
Security Deposit-BOC (BD) Ltd.
Security Deposit-Uttara Finance
Security Deposit- Water (BFDC)
Security Deposit- (DBBL)
Lease Deposit-Phoenix Leasing
Lease Deposit- IDFCL
BFICL
Prepayments:
Prepaid VAT
L C Margin
Revolving
402 625
,402,625
197,000
94,000
1,979,073
,979,073
300,000
00,000
30,600
0,000
64,000
151,230
51,230
50,000
00,000
100,000
2,178,079
,178,079
51,310
1,310
23,560
3,560
Sub-Total
0 463 477
0 473 877
dvance to Govt. of Bangladesh represents the amount forcibly taken by the then Care Taker
overnment. The total amount of Tk.52,00,00,000/= (Fifty Two Crore) was paid in favour of
Government of The Peoples Republic of Bangladesh. During the year a Writ Petition no.8125 of
2009 was filed in the High Court Division of the Hon'ble Supreme Court of Bangladesh. The
on'ble Court was satisfied enough to issue a Rule Nisi against the Govt. Authorities.
Note-09 :CASH AND BANK BALANCE: TK 153 252 252
Cash in hand
1. Head Office
2.
Factory
Current accounts with Banks
1.
Arab Bangladesh Bank Ltd.
Motijheel Branch, Dhaka
2.
lFlC Bank Ltd
Dhanmondi Branch, Dhaka
3.
Janata Bank,Janata Bhaban
Corporate Branch.
4.
Southeast Bank Limited
Principal Branch, Dhaka
5.
Social Islami Bank Limited
Principal Branch, Dhaka
6.
Bank Asia Ltd.
P.O Motijheel, Dhaka
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40 846
7 147
54 191
6 991 627
227 245
1 372 835
49 470
9 200 455
6 134 342
9 005 251
10 928 597
22 014 712
23 449 153
42,116
6 662
54 806
4 322 000
228 570
2 194 491
49 590
11 595 388
7. NCCBL
/D-01017113
Motijheel Branch Dhaka
8.
Trust Bank Ltd. Sena Kalyan C/D-0210002402
Bhaban Branch Dhaka
9. Soc ia l Is lami Bank Limited
/D-13300000923
Forigen Ex. Branch Dhaka
10.
Standard Bank Ltd.
/D-330021 83
Monshikhula Branch
11. Shahajalal Islami Bank Ltd.
ID 1 1100004821
Gulshan Branch Dhaka
12. Mutual Trust Bank Limited
/D-021 0002738
Bashundhara City Branch
13.
Islami Bank B D Ltd.
/D-205021301000888211
Dilkusha Branch Dhaka
14. Social Islami B ank Limited
/D-1 330001 2862
Panthapath Branch.
15 . Bank Asia Ltd.
/D-02333000405
Bashundhara Branch Dhaka
16. United Commercial Bank Ltd. C/D 0541 1100018531
Guishan Branch Dhaka
17. Dutch-Bangla Bank Ltd .
/D-01 47110000002762
Bashundhara Branch
18. Islami Bank B D Ltd.
/D-3283
Gulshan Branch Dhaka
19. National Bank Ltd .
/D-0098-33004449
Pragati Sarani Branch
20. Standard Bank Ltd .
/D-0023301 1404
Principal Branch Dhaka
21.
Janata Bank Ltd.
/D-217
Mongla Port compound Br.
22. Janata Bank Ltd .
/D-284
Mongla Port compound Br.
23. Janata Bank Ltd .
/D-3501
Helatola Road Br. Khulna
24.
Janata Bank Ltd.
/D-3621
Helatola Road Br. Khulna
1 455 172
7 636
2 236 665
96 550
33 093 330
7 594 473
2 641 900
864 921
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Note-12.4: LEASE FINANCE-PHOENIX LEASING COMPANY LTD: TK. 33,588,623
The above amount was received from Phoenix Leasing Co. Ltd to meet the liquidity demand of the
Company in 2001 .The rate of interest is 9 flat rate p.a. The loan is secured against lease deposit
of Tk. 21,87,079/= Corporate guarantee and personal guarantee of all directors.
Note-12.5: TERM LOAN-NCCBL : 1K. 75,229,091
The term loan has been given from NCC Bank ltd. For adjustment of LTR . The rate of interest is
15 and it is payable by monthly installment.
Note-1 2.6: OTHER FINANCE: TK. 613,382,954
This represent interest free loan from sister concerns.
Note-113: CASH CREDIT HYPO) A/C: TK. 613,265,800
CC(H)-45
13,265,800
17,830,094
61 3,265,800
17,830,094
The above amount has been taken from Janata Bank, Janata Bhaban, Corporate Branch, Dhaka
for working capital. The rate of interest is 13 p.a. Nature of security for the above CC(H)-45 are
as follows:
Raw Materials (Clinker, Cement Bag,Gypsum, etc.) and Finished Goods (Cement in Silo);
b
First paripassu charged by way of mortgage in respect of all property and fixed assets;
First paripassu charged by way of hypothecation in respect of all plant, machinery and
properties of the company;
d
Personal guarantee of all Drectors.
Note-11 4: LOAN AGAINST TRUST RECEIPT: TK. 658,000,496
Janata Bank for 91160 MT Clinker
21,444,562
67,004,648
Janata Bank for 10000 MT Gypsum
5,732,563
Janata Bank for 13200 MT Slag
0,823,371
4,642,338
658,000,496
91,646,986
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Note-15:
PAYABLE
FOR SUNDRY EXPENSES TK 255 397 871
Electricity Bill
Salary, Wages Benefit
Audit Fees
Advertisement- Sales
General Expenses
Consultancy Fee.
Telephone Fax E-mail Bill
Shore protection
A Pathology
Co's Cont. to PF
VAT Payable
Tax at source Payable
Provision for Company Tax
Conversion Expenses Payable
12,090,369
7,363,673
50,000
2,245,956
311,352
16,158
206,710
62,921
144,267
2,273,384
3,713,896
74,660,571
152,258,613
255 397 871
8,466,280
6,037,735
50,000
1,096,370
311,352
6,300
149,885
62,921
200
122,796
2,006,036
2,438,428
26,194,532
71,555,077
Note 16:
PAYABLE FOR GOODS
SUPPLIED: TK 53 488 794
Accounts Payable -Cement Bag
C F and Others-Clinker
C F and Others-Slag
C F and Others-Spareparts (Import)
C F and Others payable-Gypsum
C F and Others payable-Flyash
C F and Others payable
Payable of Spare Parts
Mr. Mustafizur Rahman Miraza APO
M/S Rupsha Filling Station
Mr. Tayrul Islam Sea
M S Sundarban Filling Station
M/S Daily Purbanchal
M/S Aroj All Co.
M/S FW Nicol Bangladesh
M/S A T Survey Insp. Co. Ltd.
M/S Fuchs Lub. BD Ltd.
Mr. Jigar Hosssain
M/S Adhunik Pathology-Mongla.
M/S Doc Labour Mgt. Board-Mongla Port
M/S Bablu Enterprise
M/S Kings scale
M/S M. A. Hashem Sons
Clinker Lightering cost payable
Payable to local Suppliers
18,591,341
1,559,833
170,551
250,793
86,950
405,741
17,123
333,569
63,083
82,011
6,568
1,733
11,536
1,304
26,915
4,900
107,825
21,000
6,205,669
25,540,350
30,955,851
1,065,910
126,764
176,136
173,331
382,959
17,123
333,569
58,388
82,492
6,568
10,864
1,733
26,986
15,025
1,304
200,543
26,915
13,780
441,420
44,237
18,476,826
34,299,799
53 488 794
6 938 523
Account payable cement bag represents Tk. 1,85,91,341 payable to Shahjalal Newsprint Ind. Ltd.
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Note- 18 NET SALES ; TK. 4 705 094 692
Gross Sales
Less: VAT
Net Sales
Amount in Taka
2009
008
5 421 291 970
756 923 254
1619727J
89,863,086
4 705 094 692
267 060 168
During the year under audit Company sold 824,326 MT Cem ent in local market at Tk 5,421 ,291 970 Gross).
Note- 19: COST OF GOODS SOLD: TK. 4 248 487 610
Opening Stock of raw and packing material
Raw and packing material purchased
Closing stock of raw and packing material
Raw and packing material Consumed (Notel9.1)
Electricity Bill
Salary, Wages and other benefit
Company's Contribution to PF
Leave Pay Gratuity
Diesel and Lubricants
Repairs and Maintenance- Electrical
Repairs and Maintenance- Mechanical
Repairs and Maintenance- Building
Repairs and Maintenance- Jetty
Repairs and Maintenance- Vehicles
Repairs and Maintenance- Crane
Repairs and Maintenance- Dredger
Repairs and Maintenance- Bulk Unloader
Dredging Expenses
Water
Stock Insurance
Medical Expenses
Port Shipping Expenses
Fooding Expenses
Fire Fighting Expenses
Training Quality Circle Expenses
Laboratory Expenses
Uniform Liveries
Conversion Expenses
Depreciation
Changes in opening and closing
stock of finished goods
481,886,891
3,940,576,882
659,295,971
3 763 167 802
140,358,612
88,1 78,238
256,692
3,008,543
9,042,220
2,246,103
8,264,119
518,011
70,598
1,368,107
1,172,497
407,789
930,955
4,017,847
696,450
257,580
172,178
332,661
2,278,414
299,703
24,677
863,592
615,945
150,703,536
86,178,679
4 265 431 548
(16,943,938)
4 248 487 610
828,428,242
2,335,044,068
481,886,891
2 681 585 419
90,809,411
73,265,889
175,492
7,210,645
7,241,248
1,543,170
4,928,822
258,682
54,333
2,609,563
3,369,574
87,471
549,271
7,466,656
1,265,610
301,259
116,589
170,501
1,143,889
76,010
11,827
904,933
619,225
71,555,077
82,361 ,289
3 039 681 854
1,251,366
3 040 933 220
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2,890,150,987
103,265,663
219,063,192
112,300,534
114,790,262
21,169
323,575,996
3 763 167 802
2,046,893,066
76,352,910
139,126,012
106,406,643
85,542,773
9,639,993
217,624,023
2 681 585 419
22,816,406
1,149,966
1,369,956
76,792
70,360
2,721,789
78,331
1,669,061
5,108,194
771,423
1,239,220
3,041,992
445,804
212,050
2,689,485
722,911
46,435
65,644
50,000
1,124,194
1,252,906
93,672
42,000
196,489
1,139,409
226,000
11 8
318,433
25,320
368,007
76,747
25,691,364
1,278,783
3,886,713
55,657
90,630
61,013
822,034
58,838
1,847,381
248,789
781,935
699,547
3,039,926
355,263
75,600
2,360
1,481,946
320,211
76,034
72,479
50,000
318,222
762,164
6,000
150,730
126,187
42,000
163,100
1,954,210
226,000
7,040
118 946
23,198
264,502
9 565
56,021
Amount in Taka
009008
Note- 19.1 Raw Packing Mater ials Consum ed:
1K. 3 763 167 802
Particulars
pening
urchase
losing
Clinker
97,651,329
,995,649,206
03,149,548
Gypsum
7,423,419
7,484,546
1,642,302
Fly Ash
3,630,348
24,311961
8,879,116
Slag
1,053,999
73,102,513
1,855,978
Lime Stone
6,160,886
10,021,193
1,391,817
Hard Rock
1,169
Cement Bag
5,945,741
40,007,464
12,377,209
Total
81 886 891
940 576 882
59 295 971
Note- 20 ADMINISTRATIVE OVERHEAD: TK. 56 958 143
Salary Benefits
P.F. Contribution
Leave pay Gratuity
Electricity Bill
Water Bill
Advertisement
Printing and Stationery
Postasge Telegram
Telephone Fax E-mail Bill
Registration Renewals
Rates Taxes
Travelling Conveyance
Fuel and Oil
Repairs and Maintenance- General
Consultancy Fees
Form and Fees
Donation Subscription
Entertainment
Insurance Premium Car.
Paper and periodicals
Audit Fees
Legal Expenses
AGM Expenses
Board meeting Fee
Office Maintenance
Share Expenses
House Rent
Testing Fee
Repairs and Maintenance- Vehicles
Listing Fee
Game Sports And Recreation
Ceremonial Espenses
ISO 9001 Expenses
Religion Welfare
Uniform and Liveries
Gardening Expenses
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Note 25: GENERAL
The Company has no aggregate amount of contract for capital expenditure to be executed and
not provided for in the accounts.
b There is no Guarantee issued by the management on behalf of Directors of the Company itself
except Bank Loan.
C Auditors are paid only statutory audit fees approved by the shareholders in the last AGM.
d There was no foreign exchange remitted to relevant shareholders during the year under audit.
e No amount of money was expended by the company for compensating any member of the
board of special service.
Note 26: ADDITIONAL DISCLOSURE AS PER SEC:
Security and Exchange rules, 1987 (Rule 12/2)
Claim against the company not acknowledge as debt as on 31.12.2009.
IL
b
Uncalled liability on partly paid up shares.
IL
c
Arrears of first cumulative dividends on preference shares together with the period for which
the dividend are in arrears.
IL
d
The aggregate amount of contracts for capital expenditure remaining to be executed and not
provided for.
IL
e
Others sums for which the company is contingently liable as on 31 12 2009:
Tk. 99, 27,351 for which a case pending with Appellate Division of the Hon ble Supreme Court
of Bangladesh against import of cement bag.
Capacity
roduction
hort fall
easons
10,00,000 MT
,28,692 MT
,71,308 MT
ccording to market demand
g
The general nature of any credit facilities available to the company under any
ontract and
not taken up at data of Balance Sheet.
IL
h
Aggregate amount due by directors and officers of the company or associated undertaking:
Directors
IL
Associated Undertaking
,88,59,272
Officers
9,53,205
Security and Exchange rules, 1 987(Para 5a,iii of part-1)
The advance against goods, services and expenses considered good by the management and
no collateral security is held against advance.
h. Security and Exchange rules, 1987(Para 5a, iii of part-u)
Mode of disposal of machinery and equipment.
IL
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Note-27: particulars of requirement as per schedule xi part ii of the companies Act 1994
are-3(l) (b) commission paid to selling agents.
IL
are-3(I) (c) Brokerage and discount on sales other then the usual Trade Discount NIL
are-3(ii)
Number of employee drawing salary above Tk. 3000 per month
77
Number of employee drawing salary below Tk. 3000 per month
IL
4 Para-8 (b)
Expenses incurred in foreign currency on account of royalty, Technical expert
And Professional Advisory fee, interest etc. if any
IL
ara-8 (d)
Number of non resident shareholder
Number of share held by non resident shareholders including foreign investor
IL
6
ara-8 (e)
Export of goods calculated on FOB basis.
IL
Royalty, know-how, professional and consultation fees.
IL
Interest and Dividend.
IL
v Other income indicating the nature thereof
IL
Note-28: Remuneration of Directors and Officers:
Particulars
irectors
fficers
Salary
8,000,491/=
House Rent
,429,802/=
Bonus
,259,233/=
Other Allowance
,346,992/=
Provident Fund
156 5 51=
Fees
7 193 023/=
Note-29: Post Balance Sheet Event:
During the year the Board of Directors in its meeting held on 29/04/10 proposed 35% Cash
Dividend (2008: 15% Cash dividend). The dividend proposed is subject to share holder's approval
at the forthcoming Annual General Meeting. The Proposed dividend is not recognized as a liability
at the Balance Sheet date in accordance with BAS 10 'Event after Balance Sheet Date Except
the fact stated above no circumstances have arisen since the Balance Sheet date which would
required adjustment to or disclosure in the financial statement as note there to.
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4_ 1a
7 ;
.;
)
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HELf1PJA 2EHEWf Hf LL LTD
Corporate Office: 125/A, Bashundhara RIA, Block-A,
Baridhara, Dhaka-1212
PROXY ORM
I/We..........................................................................................................................................
of..............................................................................................................................................
being Member of Meghna Cement Mills Ltd., hereby appoint ..............................................
of.............................................................................................................................................
as my/our proxy to attend and vote for me/us on my/our behalf at the 18th NNU L
GENER L MEETING
of the Company to be held on Sunday, 20 June 2010 at 11.00
a.m. and/or at any adjournment thereof.
As witness 1/We put my/our hand this ....................day of ....................................2010.
Si
nature on
(Signature of the Shareholder)
k. 8
Register Folio No./BO A/C No. ..............................................
R evenue Stam p
No. of shares held ..................................................................
Note: A Member entitled to attend and vote at the Annual General Meeting may appoint a
proxy to attend and vote on his/her behalf. The Proxy Form duly completed must be
deposited at the Registered Office of the company not later than 72 hours before the time
fixed for the meeting.
HEc f/NA (3EHE/fr HILLS LTD
Corp orate Office: 125/A Bashundhara R IA Block-A
Baridhara Dhaka-1212
Please com p lete the attendance slip and hand it ov er at the entrance of the hail .
TTEND NCE SLIP
I hereby record m y attendance at the 18th ANNUA L GENER AL MEETING being held on Sunday 20 June
2010 at 11: 00 a.m. in Bashundhara Convention Centre, Block G, Umme Kulsum Road, Bashundhara
R JA Dhaka.
Nam e of m em ber/p roxy
ignature
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