NATIONAL OXYZEN LIMITED

Accotnirs FoR TTIE yE..r,R ENDED

J0rH.rL,\i-E, :001

N. \-{-IONAL

OXYGEN I,TD

NOTICE TO THE sirreenth ANI\UAL GENERAL

MEETII\G.
is hercby givcn that rire Sirbeenth Anluai General ivlecting
fo,xYCEN
91ice
of NATIONAL
LrD iviil bc helr o' s'r'Dm* 2cca i;;h.
c.A. chittagong (2"'ii'loor) ar 9-i0 A.M to rransact the followi;g'l;;;;;'-"
"rfi;. ;;;;;:r;,;;, Agrabacr

To receive

,,

3oth J

consider
iq.k ,

a'd adopt audited

a0o1

il'rele olt as on that date.

z.

accounts of the company as of

together with the report of tire Auditors ond di.*.torr.

To accord post-1'acto approval to tire appointment of the Auditor.s

and their
rernuneration
lor tlie vear.

To transact any otirer business of the company with the permission

of the chair,

By Order of the Board

sd/-

--'r'h

Decemb er,2002

(N'Iohammed AIi Khan)

Managing Director

.\-otes:
" The register of
ntenrbers and share transfei book of the company
will remai' closed
from 29tr'December, 02 ro 5'r'January,2003 ( both d"y,
period no share transfer will be effected.

in;i;i;;il;;';;;'""""

A member entitled to vote at the A.G.M. may appoint a proxy

in liis / her stead. The
^'^"
proxy form affixed with revenue stamp worth Tk.
must te d.p"rit.d il;;
#00
olfice of the company nor rater than2'.4hours u.#.,r.,.
a.b.rra.
Mernbers are requested to notify change of address

if any to the company.

f*-:'-

"

TETF| mlEFtqpp qs m't(

Rahman Mostafa AIam & Co.

Dhaka Office :
lslam Chamber ('l4th Floor)

125lA, Motijheel Commercial Area

Dhaka, Bangladesh
Phone : 9553449, E-mail : dhaka@inpactap.com

Chartered Accountants

Chittagong Office

Taher Chamber (2nd Floor)

10, Agrabad 9A, Chittagong, Bangladesh
Phone 7253 1 4

.TLiDITOITS' REPORT TO'rHE SHAREHOLIDERS

We have audited the annexed Balance Sheet ol NATIOII.{I OXYZEI\ LIiltrTED

as of -lila irure. l(x)l on rhe
basis of books and records tnatniamed bv the contpany and produced to us tbr our
venficatron. l'he preparatron ol'

these tinancial statements together lntir notes rs the iesponsrbrlitv of the companv's
manasement ()*r
responstl'lilit)' ls lo exprcss 'an tnclcpendcnt oplnron on ihese tlnancral statements baseci
on our
audrt

\l''c conducted our audit rn accordancc wlth Bimsiadesh Stanrlarcls ot' .\uchtrng. 'Ihese standarcls
requlre ihat
plin irnd peribrm thc audtt ttt rtbtatn rcasonable assurancd ebout r,vhether tie iinancial sti-itemcnl.s rire
ircc
'lt'matenal mlsstatl'ment .{n audlt tnciudes cxumtning. ()n a tcst basrs. evidences supp()rtrng thc einounls .inri
disclrlsures rn thc linancrai statemcnts .\n au'Jtt also rnclutics as:jesslng the eccountrrrg p'ncrples
uscci entl
srgnrllcant cstlmiltes madc bv lh,-' manilgement- as rvell as evaluairng the tl,erali llnancral
statement
prcscnlallon \\'e belteve that our itut1tt l,-rr-.,,'rdc-s i] i-eits()nable basrs lbr our rtprnirtn
tve

We rcport that:
1a) ri'e har''e not ilbtatned eil the tnlbrmatron and expianalrons lvhrch to the
belret''"vere necL-ssan' tbr thc purpos tll t)ur auclrt .

tbl rn our oplnlon. proper books

o.t' acccunt

Sheet and Protlt

&

i-r1.

rtur knorvledee and

as requrred bv larv have noi been marntameii

Compan,.so tbr as rt appeared liom ,tur e.\tmlnallon

ic) the Balance

[est

b'

the

Loss Accor.:.nt har,.e been draum up rn conformin'rvrth the Companv':;

Acr. i99.1.

A'FT.ATE

I0{rEtfiAncilAr
N PAilfil.otI
C Tof
nofasloilAr Acco{Jtflaxl5

-=.:

CflITFFI gilFT6I

g, CFIq,
& Co.

man MostafaAlam
AccountanB

NATIONAL OXYZEN LTD.

BATANCE SHEET
AS ON 3O.TH JUNE,2OO1

Note

2001

TaKa

SOURCE OF FUNDS:

Shareholders: Fund:
Share Capital
Loan Fund:
Long Term Loan
Custom Oebenture
Drrector's Loan

14,000,000

14,000,000

94,405,581

94,405,581

6,297,A29

6,297,029

81j27

81.127

1O0;783;737

f00.783.737

'l

79,059,685

79,059,685

31.17A.A34

31t74.434

47,999,651
517,347

47,889,651

Capital Work-in-Progress
Preliminary Expenses

169,212

169,212

Deferred Revenue Expenses

Profit & Loss Account

10

16!703,989

16,678,C89

73,502,215

73,502,279

11

1,297,005

1,297,005

t2

1;931,911
248,811

1,93'1,91

'

*__lllee_ __!{Jg!e_
APPLICATION OF FUND:
Fixed Assets
Fixed Assets - at cost
Less . Depreciation

Net Fixed Assets

Current Assets

517,347

lnventories
Trade Debtos
lncome Tax deducted at source
Advances, Deposits & Pre-payments
Cash and Bank Balance

1e

248,811

645,557
198.504

645,557

4,321,789

4,321,799

10,356,475

10,356,475
2,791,328
8,918,474

14
15

198.504

Cuqrent Liabilities:

ShortTerm Loan

16
17
18
19

Customers Deposit
Liabilities for Other Fjnance
Liabilities for Expenses

2.791.328
8,918,474
6

6.229.252

2832A,529

29,295,329

Net Cu rrent Liabilities

123,998,7411

(23,973,7411

CAP'TAL EMPLOYED

__ljtJgl&L

Annexed notes form an integral part of these accounts.

-Y!Jsr:'g;..-

AUDITOR'S REPORT
See annexed report of enren date.

DIRECTOR
CHARTERED ACrcUNTANTS
Dated : Chittagong
The 15th December,

&2

c)i.l.Fl i
;

DIRECTOR

<rqflFT CflIT'fl qIFTSI g CFIq

RahmanMostafa Alam, & Co.
Charterd Accountants

NATIONAL OXYZEN LI]VIITED

NOTES TO THE ACCOLINTS FOR THE YEAR ENDED

1.0 COMPAIA{Y PROFILE

3OTE

JUNE,

2OO1

Th9 Comp-any was formed a Private Limitd Company incorporated on 3d AuggsglgS5 and converted
into Fbblic Limited Company on thc 26h Jury.l9s7 in Banglaclesh under the Company's act,iltl with
an authorised Capital of Taka 6 (six) crores divided into 6.00,000 Ordinar_v Shares of 'Ik. 1001- each.
The shares of the Company are publicty taded on the floor of Dhaka & Clinagong Stock Lxchange as
reported by the management.

The principal activities of the Company are to.mamdachue Oxyzen.Gas, Acct-vlene Gas an6 l-rquid
Nitogen with a production capaclty of 3,000 ivlr Oxyzen Gas, 2+O rv-tr Acetyletr. C* and 3,000 Litres
of Liquid Nitrogan per day.
It is reported that factory has been closed sinoe April.1997 and Bangladesh Shilpa Bank has r,aken over
the possession of thc factory in the _vear.1998

2.0 SIGMFICANI' ACCOUNTING POLICIES

2.01

Basis of Accounting :
have been prepared on a going concem basis under ttre historical cost convention
based on the generally accepted accounting principles consistantllr applied.

- The accounts

2.02

Fixed Assets

These are stated at original cost less accumulated depreciation up to 30.06.96.

2.03

Depreciation :
No depreciation has been charged during the year.

2.04

General :
i)
Figures which are shown in the accounts have beEn rounded offto the nearest taka.

ii)

Wherevr considered necessary, previous year's description and amounts are re-arranged
to conform crrrent yeal's presentation.

:.d aai{

c8rsfl

EltFIst q' coTq,

hman Mostafa Alam & Co.
Chartered Accountants

3.OO SHARE CAPITAL:

60,000,000

Authorised:
6,00,000 Ordinary Shares of Tk. 1001 each

lssued, Subscribed and Paid-up :

1 ,40,000 Ordinary Shares of Tk. 100/- each.

14,000.000

The break-up of Share holders is as follows:

No. of
Sponsors
General Public
SABINCO
ICB( Consortium)
BSB{ Consortium)
Sonali Bank ( Consortium)
Agrani Bank ( Consortium)
BSRS ( Consortium)
National Bank ( Consortium)

Shares
70,000
25,845
15,768
22,080
1,500
1,305
1.986
884
632

140,000

u{"

50.00
18.46
11 .26
15.77
1.08
0 93
1.42
0 63

0.45
100.00

None of the Shareholder is non-resident as reported by the management.

4.OO LONG TERM LOAN:

Bangladesh Shilpa Bank:
26.700.284

Principal Amount

7,927,652

IDCP

lnterest on Principa{ Amount

lnterest on IDCP
SABINCO:
Principal Amount
interest

45,957j92
5,984,935
86,570,399
5,000,000
R2E,

't

91

7,835,182

*_933918fl_
The above balance has been brought forward from last year

Security:
Long term loan of Bangladesh Shilpa Bank and SABINCO are secured against company's fixed assets
including directors personal gurantee.

Rate of lnterest :
Banglaesh Shilpa

SABINCO

Bank

13%
11%

Terms of payment:
Bangladesh Shilpa Bank:
i) Principal loan was repayable in maximum 24 halt yearly installments beginning lrom 1st July,1991
ii) IDCP loan was repayable in 5 half yearly rnstallments beginning from 31st Dec.,1991.
The management could neither sbrt payment of princtpal loan nor IDCP loan as yet

SABINCO:
Principal loan was repayable in 10 half yearly installment beginning from 1st July, 1 992 but could not start
payment in due time.

We did not receive any bank sAtement nor any bank confirmaton certtficate from the Bank I
interest has been charged on Bangladesh Shilpa Bank Loan and SABINCO Loan'
We could nct verify the toan amount as shown in the Balance Sheet as the management cculd
produced to us any certificate or bank statement for our vefficatlon. We have sent balance
letpr to x:re concerned bank I authority but not received any reply till the date of our audit

FlF rFI Oil?rfl .9g,

C<5Tq

MostafaAl,am & Co.

5.OO CUSTOM DEBENTURE:

549,162
820,995
308,527
414.049

i)

Acetylene Plant
ii) Oxyzen Plant
iii) Oxpen Cylinders
iv) Acetylene Cylinders

2,092,733
lnterest on debenture

4,n4,298
_____us7,939_

The above balance has been brought fonarard from last year

These are created in persuant of caluse - 69 of the Memorandum of Articles of Association of the
Company.
Rate of lnterest

10.75%

Terms of Payment:
principal amount for (i) and (ii) are repayable in 6 half yearly installment beginning from 22.04.1991 and
principal amount foq (i!i) and (iv) are repayable in 6 half yearly installments beginning from 02.08.1991 and
02.05.1991 respectively. The management could not staft payment as yet.
We could not verify the amount as shown in the Balance Sheet due to the management could not
produced to us any certificate or statement for our verification. We could not sent any confirmation letter
due to non co-operation of the management.
No interest has been charged on Custom Debenture during the year.

6.00 DIRECToRS

LOAN:

The above balance has been brought forward from last year.

{
1

i
t

-Jk.-918--

=i.

t.
f.

-:4

IGITi$!FX] OIFilST

S,

GFIE

Rahrnar,Ivfostaf.e AIam'& Co'

CharteFdAccou$tanb

7.OO

FIXED ASSETS AT EOST LESS DEPRECIATION

Cost
a5 0n
01.07.2000

Land

{Acetylefie)
BuiHing{Ox}ten)

Factory Building
Fac,tory

Ptant&Machinery(Local)
Plart & Machinery

(Ory.Plart)

1,310,000
3',269.097

3j06,222
7324258

26,203.f45

Plant) 19,566,371
53,170
Firil.res
539,385
Equupmerrts
600,010
Elecfic lnstallation
5,200
Gas Line lnstallation
3,200
Trolly
2,610'000
Vehrcles
9.555
OfseeEquiprnenF
100,884
Water Line lnstallalion
8,150
Fire Extnguisher
3,226,034
Mobile Tanker
8,489,716
Cylinder
52,100
Computer
6,983.188
Gas Generator
- ?9359585
Plard & Machinery (Acet.

Funrtture &
Tools &

Total
as on.
30 06 2001

Total
as ofi
30.06,2001
1,310,000

3,269,097

3j86222

10

1,115,476
1,115,604

2,924,258
26,203,145
19,566,371

15

1.447

53,170
539,335
600,010
5.200
3.200

15

2.610.000

s.555

100,884

10

1,115,476

1,114604

w.D.v.
a5 0n
30.06,2001

1,310,000
2,153,621
1,999,618
1,476,448
13,288,322
10,120,642

15

12,914,823

1,447,&10
12,914,823

15

9,445,729
27.954

9,445,729
27,994

285,008
317,041

285,008
317,041

254,377
282,969

2.748
2,362

2.748
2.382

2,452

627.767
5.049
39.539

olt t6t

15
15
15

20
20
15
15

,810

8,150

20

4.812

3.226.034
8.489,716

15

1,244,846
2.209.679
14,588

10

52.ioo

20

6.983.188

10

79.059.685

349.1

59

31.170,034

5,049
39,539

'25,176

838
1,982,233

4,506

4,812
1,244.846
2,209,679

61,345
3.338
1,981,188
6.280.037

14,588
349,159

6,634,029

31.170.034

37,512

47,889,651

We could not physically verify the Fixed Assets as shown in the balance sheet as our audit work has been
premises is under the
conducted after 6 years frorn the end of the Accountrng year. On the other hand the factory
permission
from Bangladesh
obtain
failed
to
has
possession of Bangladesh Shilpa Bank and the rnanagement
as
at
30.ffi'2001.
Shitpa Bank to enable us to verify the fixed assets in existance
Figures of fixed asseE have been canied forward from last year'
No depreciation has been charged on fixed assets during the year.

<q$lrf, 6r.sST sllEw s cFTq

Rahman Mostafa Alam & Co.
Chartered Accountants

8.OO CAPITAL WORK IN PROGRESS:

397,316

Gas Line lnsbllation

Gas Generator lnstal lation

120,031

517,U7
physically
The above balance has been brought forward from last year. We could not verify the same
Shilpa
Bank.
the fuctory was closed and under the possession of Bangladesh

9.OO PRELIMINARY EXPENSES

Tk.t69.212

The management is yet to write off the amount as the Company has been incurring loss since
the inceptton of its commerctal production.
The above balance has been brought forward from last year.

tO.OO DEFERRED REVENUE EXPENDITURE

Balance as on 1.7.2000
Add . Addition during the year ( Note 10.01)

16,678,989
25,000
16,703,989

10.01 ADDITION OF DEFERRED REVENUE EXPENDITURE:

25,000

Audit Fee

11.00 INVENTORIES

Raw Materials

Work in Progress
Finished Goods
Stores & SPares

ElectricalGoods

468,708
174,299
256,751

392,600
4,647
1.297,005

the
The above balance has been brought forward irom last year. We could not verify the inventories as
verify
us
to
permission
to
enable
take
failed
to
also
has
management
taclory was closed from 1gg7. The

*re same physrcallY.

C&I$SI qFI6t {5 R{R

Rahman Mostafa Alam & Co.

ill{fllcl

Chartered Accountants

12.00 TR,ADE DEBTORS:

M/s.
M/s,
M/s.
M/s.
M/s.
M/s.
M/s.
M/s.

5,673

A.K. Khan Cold Stores

Chittagong Jute Mfg. Ltd.
lslam Auto MechanicalWorks

449,431

7,040

PahartaliTextile Mills Ltd.

14,317

Khan Elin Corporation

Chittagong Dry Dock
Victoria Jute Products Ltd.

31.3tv
zz,eaq

6,238

54,300
98,969
243,096

lspahaniMarshall
Mls. East Qqeen
M/s. K.S.M. Ship Breaking
Mls. Ocean Steel
Mls: Lucky Ship

43,231

64,464

/o lJl

M/s. Padma Steel

M/s. Sunipun Enterprise
M/s. T.S.P. Complex
Mls. Baizid Motors
M/s. Zakaria Steel FnterPrise
Mls. Muntt Steel
M/s. Ever Green EnterPrise

45s:1 5e

15,692

1,152
42,835
1"1,104

139,797

M/s F H Trading

82,1 81

M/s. lslamia Motors

M/s. Meghna Eengineering Co.
Mls. Chittagong lndustries
Sundry Parties

7,039
20,995
31 048
2,355
1,931.911

The above balance has been broughtforward from iast year.

The debtors are said to be consrdered bad. No provision has been made in the accounts for doubtful
debts. Company holds no security other than debto/s personal security. We could not sent any balance
confirmati6n letter to ihe debtors directly as the management has failed to supply us debtors address.

2+a,er r

I3.OO INCOME TAX DEDUCTED AT SOURCE:

The above balance has been brought forward from last year. Moreover, the management could not produce
us any information regarding the latest income tax assessment position of the company. As we cculd not
give any comments on thts Point.

14.00 ADVANCE. DEPOSITS & PRE- PAYMENTS

Loans and Advances to emPloYees
Deposrts to Bakhrabad Gas System Ltd
Deposit agai nst Electncal lnstallaton
Deposit against ISD telephone lnstallahon
Deposrt against Fax lnstallation

3,1 98

442,059
110,000
70,300
10,000

----645557

The abone balance has been brought forward from last year. We are not aware of the iatest pcslbon of
mgjF:men we could not snt any
co-operation of the management
abore advance and depsits- Moreover, due to non co-operatton
t,;;A\,
confirmation letter direcdv to the concemed oarties
.'
.?

',

\:

^\'

I{

t1

<q'srd

ollFI6I .99

c<FTq

Rahman MostafaAlam & Co.

Chartered Accountants

15.00 CASH AND BANK BALANCES:

Cash in hand
Cash at Bank , CD tuc No -4059653
( ANZ Grindlays Bank, Nasirabad Branch, Ctg')

198,250

254
198,504

The cash in hand and bank balance has been brought fonarard from last year. We could not verify the cash
in hand physically as our audit was post dated and also could not verify the bank balance as the
management could not produce to us any bank statement or cedtificate. We did not receive any reply
aqainst our confirmation letter directlv sent to the bank till the date of our audit.

16.00 SHORT TERM LOAN:

154,643

BCI Ltd.
Agranl Bank - CC HYPo AJc
(Laldighi East Branch, Chittagong)

4,840,815

Agranr Bank - Demand Loan fuc

(Laldighi East Branch, Chittagong)

5,361 ,017

10,356,475

as no certtficate or any statement could be

produced to us for our verification. We have sent confirmation letter to the Agrani Bank but we did not
i""",uu any reply from the bank till the date of our audit As regards BCI Ltd, no information could be
produced to us . No rnterest has been calculated on Loan of Aqranl Bank.

We could not veriiy the amount as shown

rn the Ealance Sheet

_luJ91J?9_

17.00 CUSTOMERS DEPOSITS:

The above balance has been brought forward from last year'

we could

us
not sent any confirmation letter to the parties directly as the management has failed to suPP|Y

the parties address.

18.00 LIABILITIES FOR OTHER FINANCE:

1,355,501

Siemens (Bd.) Ltd.

5,100,174
328,666

Beximco Pharmaceuticals Ltd

East Queen
Sunipun Enterprise
Crystal Shippers
Lucky Ship Breakers

80,1 59

536,572
1,950

16,026
2,897
288,097
21,009
583,707
6,646
2,977
e,9gg
13,480
94,394
1

MantiTrading
A.K. Khan & Co
Moon Steel
Majid Steei
KSM Ship Breaking
S. Trading
Padma Steel
A.K Shah Steel
BSC Marine Works
MAB Trading

g-rr!:JqCtE l:
,1.

-n:

3l?{Sff, CSlS'{pl sillFf8T t5 @rR

Rahman MostafaAlam & Co.
Chartered Accountants

MAK Enterprise

198,844

Siraj Engr. Works

22,496

Sundry Patrtes

9'1

E. W. SamitY

,156

4,784
61 940

____w8,44_
The above balance has been brought forward from last year'
has failed to supply us
We could not sent any confirmation letter to the parties directly as the management
the required address oi the parties.

19.00 LIABILITIES FOR EXPENSES:

Abedin Press

LegalCharges
Siemens (Bd.) Ltd
ElectricitY Bill
Office Rent
Telephone Brll

Water Bill
Staff Salary
Provident Fund

AKKhan&Co
BinrmoY EnterPrise
S.P. Trading

Abdus Salam
Bangladesh Refrtgerator
Godown Rent
House Rent
lnsurance Premtum
Audit Fee
P. H. Trading

Muslim EnterPrise
Gas Bill
Mr. Tipu
Mr. Akbar
Mr. Saleh Ahmed

39,507
50,900
256,650
3,131 ,378

127,658
1 19,995
74,497
173,555

5,274
18,500
400

73,400
34,000
5,610
6,690
12,000
23.254
175,000
60,150
15,4A2
1,807,878
32,500
6,285

4,173

6,zil,252

The above balance has been brought forward from last year
has failed to supply us
we could not sent any confirmation ietter to the parties directly as the management

the required address.