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TABLE

OF
CONTENTS

OVERVIEW
Notice of the 38th Annual General Meeting 03
Corporate Vision, Corporate Mission & Corporate Values 05

CORPORATE REVIEW FINANCIAL REPORT


Message from the Chairperson 06 Auditor’s Report 50
Message from the Managing Director & CEO 09 Statement of Financial Position 56
Management Apparatus 13 Statement of Profit or Loss and Other Comprehensive Income 57
Directors’ Report 17 Statement of Changes in Equity 58
Directors’ Report- Bengali 27 Statement of Cash Flows 59
Declaration by CEO and CFO 31 Notes to the Financial Statements 60
Certificate on Corporate Governance 32
Compliance Status on Corporate Governance Code 33
Management’s Discussion and Analysis 41
Audit Committee Report for the FY 2018-19 42 OTHER INFORMATION
Brief Resume of the Board of Directors 43 Graphical Presentation of Operational Performance 110
Directors Hold Directorship and Committee Membership 45 Album 111
Report on Pattern of Shareholdings 45 Minutes for 37 Annual General Meeting
th
114
Category wise Shareholding Position 46 Proxy Form & Attendance Slip 119
The Total Number of Board Meetings Held and Attendance 46
Nomination & Remuneration Committee 47
NOTICE OF 38th ANNUAL GENERAL MEETING
Notice is hereby given to all shareholders of Quasem Industries Ltd. that the 38th ANNUAL GENERAL
MEETING of Quasem Industries Limited will be held at the “Eagle Hall” Raowa Complex, Mohakhali, Dhaka
on December 12, 2019 at 10:30 am to transact the following business:

AGENDA
Ordinary Business
01. To receive, consider and adopt the Audited Finalcial Statements of the Company, the Directors’ and the
Auditor’s Reports thereon for the year ended June 30, 2019.
02. To declare Dividend for the year ended June 30, 2019 as recommended by the Board of Directors.
03. To elect Directors.
04. To appoint External/Statutory Auditor for the year 2019-2020 and fix their remuneration.
05. To appoint Corporate Governance Auditors for the year 2019-2020 and fix their remuneration.
06. Any other business with the permission of the chair.

By order of the Board


Dated: Dhaka. Sd/-
October 22, 2019 A.T.M. Jahangir Hasnat
Director, Company Affairs & Company Secretary

Notes:

01. November 19, 2019 is scheduled as Record Date for the 38th AGM of the company. Shareholders
whose name will appear on the Register of Members/CDS record on the Record Date will be eligible to
attend the meeting and entitled for ddividend.
02. A member entitled to attend and vote at the 38th Annual General Meeting can appoint a proxy to attend the
meeting and vote on his/her behalf. The proxy form duly stamped with revenue stamp of Taka 10.00 must
be submitted at the share department of the company at Icon Centre (Level-6) 57/4, Progati Sarani, North
Baridhara, Gulshan-2, Dhaka-1212 not later than 48 hours before the appointed time of the meeting.
03. Written queries, if any, expected to be replied at the 38th Annual General Meeting on the Directors’ and
Auditors’ Reports and Audited Accounts for the year ended June 30, 2019 should reach at the Share
Department of the company at least 3 days before the meeting for the sake of convenience of appropriate
explanation.
04. For the registration in the meeting, production of attendance slip is required.
05. The Registration counter shall remain open from 8:30 a.m. to 10:30 a.m.
06. Shareholders bearing BO ID are requested to update the particulars of Bank A/c, e-mail address, change
of address and BO ID with 12 digit Tax payers’ identification no. (e-Tin) through their depository participant
(DP) before November 19, 2019. If the shareholders failed to upload their e-Tin before November 19,
2019, income tax at source will be deducted from payable dividend @15% (Fifteen percent) instead of
@10% (Ten percent) as per amendment Income Tax Ordinance, 1984 under section 54. The Shareholders
who are maintaining folio no. are also requested to submit their e-Tin before November 19, 2019 to the
Share Department of QIL, Icon Centre (Level-6) 57/4, Progati Sarani, North Baridhara, Gulshan-2
Dhaka-1212.
07. Annual Report, Notice of 38th AGM, Proxy Form and Attendance Slip will also be available at the Share
Department as well as website of the company www.quasemindustries.com

Attention Please:
As per BSEC guideline no Gift item/Food item will be provided to the shareholders in the ensuing 38th AGM.

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CORPORATE VISION
Our business model is based on our vision of bringing new levels of
manufacturing excellence to Bangladesh. We aim to provide high
quality and innovative products that fulfill the needs of Bangladeshi
citizens from all walks of life. We also look to provide our
shareholders with a healthy dividend on a regular basis and plan to
achieve financial success by following ethical business practices
and by never compromising on the quality of the product we are
delivering to our customers.

CORPORATE MISSION
The Mission of Quasem Industries Limited is to be the Premier
Industrial battery manufacturer in Bangladesh through our
commitment to maintaining high manufacturing standards and
our dedication to honest and sustainable business practices. An
important part of realizing our mission is to ensure that the
SUNLITE brand in Bangladesh is a name that inspires trust from
our citizens, to do this we must ensure that we adhere to strict
procedures and standards of excellence both in our
manufacturing and distribution sectors. In addition to providing
our shareholders with consistent and healthy dividends, we also
must ensure that our company is socially responsible, we are
committed to ensuring that profits from our company not only go
into further growing our business but also into developing our
nation and improving the lives of its’ citizens.

CORPORATE VALUES
 We value our commitment to setting and achieving the highest standards in manufacturing. In addition
to setting high standards we are also committed to keeping in-line with the latest technological
advancements in our field to ensure that we are delivering the best possible product to our customers.
 We value our need to be price competitive while not sacrificing on product quality.
 We value the need to create an honest, open and enabling environment for our employees, making
sure our employees are happy with their jobs is of utmost importance, as is ensuring that we are
consistently developing the capacity of our human resources.
 We value the trust shown in us by our shareholders and strive to ensure they are rewarded for their
loyalty to our company.
 We value then needs of our customers; we are committed to building a relationship with them based on
integrity, loyalty and trust.
 We value the need to not just make a healthy profit for our shareholders, but also to be a socially
responsible company that is dedicated to improving the lives of the people of Bangladesh through
charitable projects.

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MESSAGE FROM
THE CHAIRPERSON

Dr. Reyan Anis Islam


It is with great pride and honor that I write my first message to you as Chairperson of the Board of
Directors for Quasem Industries Limited. As a long-serving member of the board I have seen this
company go through many ups and downs, always keeping the best interests of the shareholders in
mind. I would like to take a moment to thank our previous Chairman, Mr. Anwarul Islam for his
many years of outstanding service and dedication. People of his wisdom, intelligence and poise are not
just an asset for this company but to this nation. He will be missed by all associated with the
company, I am committed to do my level-best to fill his shoes.
I hoped I would be able to write my first message as Chairperson in a year of prosperity and success for
both our company and our country but sadly, this has not been the case. The implications of the collapse
of the financial sector of Bangladesh in addition to the many economic issues facing the rest of the
world (for example, Brexit in the UK , China & US trade war) have affected our business negatively.
Instead my first message to you comes in a year in which both our turnover and overall sales have gone
down, it is a regrettable situation for the company but one that mostly out of our hands.

8 6
While both the domestic and global financial problems of the world are not under our control, Quasem
Industries Limited is doing what it can to make sure we are able to survive these hardships and be
able to flourish once the situation begins to improve. Before our last AGM, we launched our new
brand of canned products. WAVE deodorants, air fresheners were launched in February with butane
gas and shaving foam introduced shortly thereafter. In the coming months we plan to release two
types of insect killing sprays (aerosol) and a spot lifting spray. WAVE is the first consumer brand
established by Quasem Industries Limited since SUNLIT E, establishing a brand in the 1980’s was a
very different game than its is now in the digital age. Increased competition has caused the price of
advertising to skyrocket in recent years making it difficult to complete with larger companies for
visibility. However, we have adopted a slow and steady approach to the brand promotion of WAVE
and we are hopeful that in time, this brand will become a household name and sales will go up.
Establishing SUNLIT E as a trusted brand took time and patience and same will be required to take
WAVE to that level. We are constantly looking for new and innovative ways to market our brands
and are hopeful that our efforts will soon bear fruit.
Bangladesh continues to face grave problems regarding the availability of resources such as gas and
electricity and suffers from widespread lack of suitable infrastructure; while the rapidly growing GDP
of the nation continues to offer hope to Quasem Industries Limited and other companies that our hard
work will pay off, it has so far not had the desired effect on the national economy. We are all hopeful
that companies such as ours that have been able to adapt to doing business despite the shortage of
critical resources will soon benefit from the positive factors of the Bangladeshi economy.
To stay on the top of the competition, Quasem Industries Limited always worked hard to launch new
products in the market, improving our sales and securing our long-term future. You might be aware
that Quasem Industries Limited diversified into exciting new business sectors which is giving us more
opportunities to increase our turnover and profits. Our management team continues to strive to
provide Quasem Industries with options to expand our business operations and a lot of hard work has
been done over the last few years to be able to reach a position where our new products are ready to
reach the consumer market. We are hopeful that in the coming years, the company and our
shareholders will be able to reap the benefits of our combined efforts.
Our commitment to the good Governance, high quality standards and socially responsible business
practices also continues to have a positive impact on our overall performance.
Despite various challenges faced by the company, the Board of Directors and Management has
ensured sustainable growth in the business and committed to deliver long term value with integrity to
the shareholders and other stakeholders.

Dr. Reyan Anis Islam


Chairperson

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MESSAGE FROM THE
MANAGING DIRECTOR & CEO

Tasvir Ul Islam
It is an honor and a privilege to welcome you going up at an average rate of 8% per year. Other
all to the 38th Annual General Meeting of indicators of social development have also
Quasem Industries Limited. improved, and the increasing size of our national
budget suggests that we are ready and able to
The main objective of our company is to spend money to stimulate further economic
maximize shareholders’ wealth by making growth. However, despite these big-picture
profit. From the very beginning, our indicators being positive, they do not accurately
management has been committed to depict the true state of the Bangladeshi economy.
maintaining sustainable growth and stable
profit of the company. The management of the The GDP continues to improve, and the economy
Company is committed to deliver a sustainable continues to grow but the cost of doing business
shareholders’ return vis-à-vis contribution to in Bangladesh is rising at an even higher rate and
the national exchequer. Unfortunately, in this therefore companies are struggling to maintain
past financial year, the national and profitability. This year has seen several factors
international financial situation along with make doing business in Bangladesh a difficult
many other factors has made it difficult for us proposition, such as the devaluation of the taka
to successfully achieve our targets. against the dollar which has resulted in the large
number of manufacturers that are reliant on
The GDP of Bangladesh in recent years has been importing raw materials facing a significant rise

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in costs. Additionally, the cost of utilities market in February of 2018 under the brand
continues to rise in Bangladesh as does the cost name WAVE and were followed by our butane
of distribution and transportation increased. gas and shaving foam. The market for these
These problems are further compounded by weak items is significant but as has been mentioned
business and financial policies and an unstable by our new Chairperson, it is hard to pick up
banking system. It is also impossible to ignore the sales until we have created brand awareness.
impact of the one million plus Rohingya refugees WAVE is the first new brand launched by this
that have fled to Bangladesh to evade company since SUNLITE, it will take time
persecution in their native Myanmar. It was and patience to build the recognition of the
inevitable that an influx of so many people with brand and it is where we are now focusing most
little to no contribution to our economy into an of our attention. By my own admission, in
already poor nation would eventually have a recent times brand promotion and marketing is
negative impact on our national economic one sector where we have not given enough
condition and this is now showing. time and effort. Over the last decade or so we
have invested heavily in expanding our
This year has also seen the beginning of a manufacturing capabilities, diversifying our
financial collapse that could go on to cripple the product range and establishing one of the top
country if sound fiscal decisions are not made distribution networks in the country but in this
very, very soon. The collapse and shut down of time, we have not been able to put enough
People Leasing Company was a hugely emphasis on developing our brand recognition.
significant event, it has caused both investors However, this is no longer the case and will not
and financial institutions to panic as many be in the coming years, now that we have the
others remain in similarly precarious positions. products and the distribution system, the
Already it is proving very difficult for anyone to efforts we are now putting into brand
get a loan to stimulate or start a business as promotion should soon begin to reap benefits.
banks and other financial institutions have
simply run out of funds. Interest rates that had One last issue that I must touch upon to
at one point looked like they would normalize explain some of the difficulties our company
have again shot up and become almost unfeasible has faced is the tragic incident that took place
to work with. The problems faced by our on the 28th of March, 2019. As many of you
financial institutions has also severely impacted are aware, the building in which the Corporate
the share market in Bangladesh. The share Headquarters of Quasem Industries Limited
market has reached a new low making matters was located (FR Tower in Banani) was
for public limited companies such as ours even engulfed with a fire that took the lives of over
more difficult and added to the panic in our 30 people. Among those that perished was one
economy. Without significant improvements in of our very own employees, Mr. Mazurul
fiscal decision making, it will be difficult for the Hassan (Senior Executive, Accounts). Despite
economy to recover but we are hopeful that good the best efforts of his colleagues, Mr. Hassan
sense will eventually prevail. As promised, we was not able to overcome his physical
have now completed all work on our project to handicaps to escape the blaze. He left behind
produce and fill pressurized cans. Our air his wife, son, daughter and a host of friends,
freshener and body sprays entered the local colleagues and family to mourn his loss.

10
In addition to the sadness of losing such a Finally, I would like to reiterate to our
colleague who had earned so much respect from shareholders the commitment of the Board of
his peers, we also had to suffer from losing our Directors and employees of this company for
permanent office location with no warning. For securing a better and brighter future. Quasem
over 3 months we had to spread out staff and Industries Limited is blessed with committed and
operations around 3 locations in different parts talented staff at all levels and we are dedicated to
of Dhaka city, making it extremely difficult to working together for the sake of our valued
smoothly conduct business as usual. It was not shareholders. We have been working hard over the
until July that we were finally able to move into last few years to set up a strong foundation for the
our new headquarters at Icon Center on Progoti future expansion of this company and we believe
Sarani but the three months in between we are now in an excellent position to move to the
certainly had an adverse effect on our turnover next level and usher in a new era of growth and
this year. prosperity for Quasem Industries Limited. We are
continuously exploring options for new projects
However, we are hopeful that things will and we believe that the next period of this
improve in the coming financial year. Since company’s history will be one of unprecedented
WAVE products have only recently entered the growth and see us expand our business interests far
market, they have not yet made much of an beyond the fields we are currently invested in. The
impact on our financial statements, but we are management of Quasem Industries is excited about
hopeful that this coming year WAVE will be what the future holds in store for our company and
able to establish itself in the market and our shareholders; we have worked hard to be in
contribute positively to our turnover and such a position where and when the next attractive
profitability. opportunity presents itself.
This year, Quasem Industries contributed I will conclude by expressing my personal gratitude
243.74 million taka as VAT, tax, supplementary and appreciation to our Board of Directors, the
duty and import duty to national exchequer. We management and all employees of Quasem
also have developed a group of skilled and Industries Limited for their hard work and
creative human resources, inclusive work dedication to achieve our objectives and ambitions.
culture, transparent and accountable And lastly, I would like to thank our honorable
governance, environmentally suitable business shareholders for their continued support and
operations all of those create substantial value co-operation.
for the company.

I would like to thank the Board of Directors of


this company for their continued support and
for recommending a dividend for 2018 – 2019 Thank you all.
after considering the financial position of the
company. We hope that the shareholders of this
company are pleased with their decision and
their commitment to providing higher dividends Tasvir Ul Islam
in the future. Managing Director & CEO

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MANAGEMENT APPARATUS

BOARD OF DIRECTORS

Dr. Reyan Anis Islam Chairperson

Mr. Tasvir Ul Islam Managing Director & CEO

Ms. Nafisa Quasem Director

Mr. Sameed Quasem Director

Ms. Samira Rokaiya Quasem Director

Mr. Mir Mohammad Shahidullah Independent Director

AUDIT COMMITTEE

Mr. Mir Mohammad Shahidullah Chairman & Independent Director

Mr. Sameed Quasem Director

Ms. Nafisa Quasem Director

Mr. A.T.M. Jahangir Hasnat Director, CA & Company Secretary


Member Secretary

NOMINATION & REMUNERATION COMMITTEE

Mr. Mir Mohammad Shahidullah Chairman, Independent Director

Mr. Tasvir Ul Islam Managing Director & CEO

Mr. Sameed Quasem Director

Mr. A.T.M. Jahangir Hasnat Director, CA & Company Secretary


Member Secretary

Mr. Md. Zakaria, FCA Chief Financial Officer

Mr. S. G. Nandy Head of Internal Audit & Compliance

MANAGEMENT TEAM

Mr. Mahbubul Alam Director & Chief Operating Officer

Mr. Mirza Akter Maruf Director (Sales)

Mr. Md. Mustafa Kamal GM (Production, Unit 1& 2)

Mr. Mashuq Ul Alam GM (Marketing)

Mr. Taimur M. Arif DGM (Production, Unit-3)

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AUDITORS
Statutory: Corporate Governance Compliance:

M/S Shiraz Khan Basak & Co. Ahsan Kamal Sadeq & Co.
Chartered Accountants Chartered Accountants

R K Tower (Level-10) Dhaka Trade Centre


86 Bir Uttam C.R. Datta Road 99, Kazi Nazrul Islam Avenue
312 Sonargaon Road, Hatirpool, Dhaka-1205. Dhaka, Bangladesh.

BANKERS

Mutual Trust Bank Ltd.


Gulshan Branch, Dhaka

Agrani Bank Ltd.


Principal Branch, Motijheel C/A, Dhaka-1000.

Sonali Bank Ltd.


NCTB Branch, 69/70, Motijheel C/A, Dhaka-1000.

Dutch Bangla Bank Ltd.


Banani Branch, Dhaka.

LEGAL ADVISER
Barrister Eva Quasem
Barrister Abu Khaled Al Mamun

FACTORY
Unit-1 & 2, Gorai, Tangail
Unit-3, Baimail, Gazipur.

SALES & DISTRIBUTION


Kha-99/B/1 Khilkhet, Dhaka.

REGISTERED OFFICE
A-1/6 Mohammadpur, Asad Avenue, Dhaka-1207.

CORPORATE HEAD OFFICE


Al Amin Icon Center (04th, 06th and 09th floor)
Plot No. 57/4, Progoti Sarani
North Baridhara, Dhaka - 1212
Bangladesh.

14
DR. REYAN ANIS ISLAM
Chairperson

MR. TASVIR UL ISLAM


Managing Director & CEO

MS. NAFISA QUASEM MR. SAMEED QUASEM MS. SAMIRA ROKAIYA QUASEM
Director Director Director

MR. MIR MOHAMMAD SHAHIDULLAH


Independent Director

16
DIRECTORS' REPORT 2019
Dear Shareholders,
It is the pleasure of the Board of Directors to submit our report to the shareholders for the year ended 30
June 2019 as follows:
Industry outlook & possible future developments [ Ref: CG 1(5) (i) ]
Year of Establishment : 1980
Initial Public Offering (IPO) : 1988
Stock Exchange Listing : 1988
Awarded ISO-9001 Certificate : 2000, 2015
Business Line : Manufacturing & Marketing of UM-1 (D-Size), UM-3 (AA)
UM-4 (AAA) Metal & Vinyl Jacket Industries Batteries, Flash Lights, Air
Freshener, Body Spray, Round Can & High Pressure Can and marketing
& Distributing Sunlite gas lighter, sun chips & sun ghee.
Authorized Capital : Tk. 2,000 Million
Paid up Capital : Tk. 588.47 Million
No. of Shares Issued : 58.85 Million
The Management of Quasem has continued their efforts diversify and expand the business activities. The
board of Directors has endorsed the management plans for possible future development in the following
areas.
 Introduction of new products for WAVE and SUNLITE brand.
 Build and operate a modern hospital in Dhaka city.
 Establishment of new head office and distribution hub in own commercial tower.
 Exploring options for opening a new manufacturing facility next to existing Unit 1.

The segment wise financial performance and product description [ Ref: CG 1(5) (ii) ]
Net Turnover
We are pleased to announce this year’s annual net turnover is Tk. 1,855.51 Million, compared to Tk.
2,015.56 Million in the previous year. Despite all efforts on marketing and establishing strong distribution
channels throughout the country our turnover has been decreased this year unexpectedly. We hope to
further increase our turnover next year by undertaking new marketing initiatives such as Branding; and by
introducing new products. The management team of Quasem Industries Limited is always working hard
towards increasing the turnover of the company and will strive to continue our trend of improvement in the
coming year. We have alredy marketing “Wave” brand air freshener and body spray, and this year we hope
to introduce shaving foam, aerosol which will boost up our turnover in coming years.

Net Turnover
2,015.56 Taka in Million
1,975.54

1,855.51 1,851.56

1,689.11

TURNOVER - NET

2018-19 2017-18 2016-17 2015-16 2014-15

17
UM-1 Battery:
UM-1 (R-20) 'D' is Hi Super Metal Jacket Batteries and was the first batteries Quasem Industries Limited
began producing when founded in 1983. Initially the market demand of UM-1 battery was very high but
gradually it has decreased over time due to technological changes which resulted in UM-1 batteries
becoming almost obsolete. This year, turnover for UM-1 batteries was Tk. 110.80 Million, compared Tk.
106.77 Million in the previous year, this increase in sales is to be expected given the nature of the product.
Quasem Industries Limited has adopted a very proactive approach to increase the sales of UM-1 batteries
over the years by introducing a number of products on the local market that operate on UM-1 batteries,
directly increasing both sales and profits. In addition to new products, we have also been taking steps to
reduce our manufacturing cost for UM-1 batteries; we have also introduced UM-1 vinyl jacket batteries to
increase the turnover of UM-1 which also reduced the manufacturing cost. As for the technological changes
and decreasing demand of UM-1 in the market, it is expected that the increasing trend of sales may not
continue in future but our effort will continue to keep the increasing trend of sales of UM-1.

Turnover - UM 1 Taka in Million


110.80 106.77
100.18 102.75
92.32

UM -1 BATTERY

2018-19 2017-18 2016-17 2015-16 2014-15

UM - 3 Battery:
In 1993, the company began producing UM-3 batteries to satisfy the growing demand for the product in the
country. Currently, we are producing four types of UM-3 batteries: UM - 3 (HD), UM-3 (HSBP), UM-3
(Green) & UM-3 (HD - Extra). This year we have recorded a turnover of Tk. 670.79 Million for UM-3
batteries, compared to Tk. 724.60 Million in the previous year. We have noticed the sales volume of UM-3
batteries continues its decreasing trend last couple of years. UM-3 is our major product which significantly
contributes to our overall sales volume of our company. Management has given greater effort to maintain
the increasing trend of sales growth of UM-3 batteries. We have made a considerable effort, hard work and
innovative marketing strategies to increase the sales of UM-3 batteries. We have introduced UM-3 battery
operated products to maintain the higher sales growth of UM-3 battery and are also continuously working on
making our production process more efficient so more profits can be earned. We have been very
encouraged by the success of such initiatives that influences the sales of our UM-3 Battery and hope, in
coming years turnover of UM-3 will increase.

Turnover - UM 3
751.79
Taka in Million
670.79 724.60 717.22
652.66

UM-3 BATTERY

2018-19 2017-18 2016-17 2015-16 2014-15

18
UM-4 Battery:
In 2006 Quasem Industries Limited started importing UM-4 batteries and marketed them under our own
brand-name. By importing the batteries before having our own manufacturing facility, we could establish our
brand name in this sector of the market so that by the time we set up our own UM-4 production line, SUNLITE
was already the market leader. This year, turnover of UM-4 batteries was Tk. 210.69 Million; compared to Tk.
196.77 Million in previous year. The management of QIL is trying to introduce more new products that are
operated by UM-4 battery to boost up our sales. We also have potential to increase our sales significantly in
UM-4 batteries in the coming year due to the opportunities we have to increase our market share. While we
are the market leaders in all industries battery segments in Bangladesh, our market share is lowest in UM-4
category and we are confident that this market share will increase as we continue to distance ourselves as the
best industries manufacturer in Bangladesh. We are confident that the higher trend of turnover of UM-4 will
continue in the next year.

Turnover - UM 4 Taka in Million


210.69
196.77
178.76
159.62
140.33

UM-4 BATTERY

2018-19 2017-18 2016-17 2015-16 2014-15

Flash Lights:
Quasem Industries has for many years been introducing various products to the market that make use of our
batteries. We started off by launching our LED Flash Lights in September 2007 and since then we have
observed a growing market for them. Since then we have brought many other types of flashlights into the
market such as LED 2D, LED 3D (Metal), Econo, LED, ABS 3D & ABS 2D. Each of these products has
contributed to our increasing battery sales in recent years and we are now established as one of the trusted
flashlights brands in Bangladesh. The sales figures for flashlights is decreased due to the introduction of many
alternative products such as rechargeable flashlights but we are hopeful that with some more marketing, we
can still be a strong competitor in the market. In the coming year, we hope to increase our sales and
considerably increase the contribution of battery-operated products to our profitability.

Turnover - FlashLights Taka in Million


102.11
85.16
77.85
67.14

36.80

FLASH LIGHTS

2018-19 2017-18 2016-17 2015-16 2014-15

Metal Printing and Can Making Unit


To maximize the use of the metal printing machine (used to print the metal jackets for SUNLITE batteries) that
we have, Quasem Industries decided to enter the can manufacturing sector. We currently manufacture 3 piece
cans in many different shapes and sizes for a number of large companies such as Asian Paint, Aqua Paints,
RAK Paints, Lal Teer, Octagon Fibres & Chemicals and BRAC Dairy. Companies are attracted to purchasing
cans from us due to our superior printing technology, despite being over 15 years old, the metal printing
machine used by Quasem Industries is still considered to be the best in Bangladesh.

19
This year, there have been many significant developments at our Metal Printing and Can Unit which our
shareholders can be very excited about. We have completed the installation of machineries for
manufacturing of two-piece pressurized cans and a separate line for filling these cans. We are the first
facility in Bangladesh that boasts both the ability to manufacture and fill pressurized cans in the same
premises. In August of 2017, air fresheners under the brand name “Wave” from our new can manufacturing
plant made their first appearance on the Bangladesh market; since then we are receiving positive response
from the market. The turnover of the new products of this unit is very insignificant to our financial statement
this year, we anticipate it will significantly contribute to our sales and profitability of our company for many
years to come. We have launched shaving foam and lighter fluid to the market under our own brand name.
During the year, our metal unit delivers the printed sheet and round can for our internal requirements as well
as to other companies at equivalent amount Tk. 43.96 million.
High Pressure Can Filling Line
Quasem Industries Limited moving into new sector that we were committed to the shareholders. We have
established state of art factory with modern equipment for producing high pressure can and can filling line.
We are now capable to produce various types of high pressure can also filling the same for our own
marketing as well as contract manufacturing.
We have already marketing the “Wave” brand body spray and air freshener. This year, we expect to
introduce new product like shaving foam and aerosol. We could not achieve our sales that we expected
although, We have taken several strategic decision and innovative techniques to establish our brand name
“wave” in the market.
Our product quality proactive marketing strategy able to create positive response of our products which is
very appreciating and we hope, these products will significantly contribute to increase our turnover in future.
We also hope that, in recent future we will add more products from our existing filling line.
This year, we have received the turnover of total Tk. 93.99 million by selling Air freshener, Body spray and
butane gas.

Gas Lighters:
To add diversity to the list of products we distribute, we have an arrangement with Quasem Lamps Limited
to sell their products. We are selling different types of Gas Lighters, and during the year the company
earned Tk. 668.20 Million by selling gas lighters.

Turnover - Gas Lighters


Taka in Million
747.85
668.20 686.93
569-12
491.72

Gas Lighters

2018-19 2017-18 2016-17 2015-16 2014-15

Sun Chips:
We have sole rights of distribution of Quasem Food Products Limited through our distribution channel.
During the year the company has earned Tk. 30.35 Million as distribution service charges and Tk. 14.81
Million as turnover which contributed to increase our net profit. Since its inception in 2010, Sun Chips sales
have been increasing at a very healthy rate, we are hopeful that the company will continue to prosper so
that the earnings for Quasem Industries as their exclusive distributor will grow in coming years.

20
Risks Factors : [ Ref: CG 1(5) (iii) ]
As with the nature of business in general, it is absolute that a company runs many risks which include,
Operational Risk, Financial Risk, Market Risk, Legal Risks, Transaction Risks, and Governance Risks.
The risks that a business faces cannot be fully eliminated by the management of the company. The
management at QIL has tried to eliminate these risks by adopting sound policies with concentrated efforts to
ensure that the quality of our products follows all relevant regulatory standards. Currently, QIL does not take
significant risks that would hamper the operational activities or growth of the company as well as against the
environment within which it operates.

Market Exposure:
Worldwide and national economic instabilities, raising inflation and unemployment have reduced the purchasing
power of people which has in-turn reduced the consumption of non-essential items like batteries. But to regain
control of the domestic market and maintain an increasing sales trend, we are consistently involved with the
recruitment and training of qualified sales staff to ensure our products remain profitable. The sales team has
also adopted innovative sales and promotional activities which we feel will benefit us greatly in the long run.
We are confident that by expanding our marketing efforts to raise consumer awareness about our products,
we will be able to increase sales and reach a larger market area.

Cost of goods sold, gross profit margin and net profit margin analysis [ Ref: CG 1(5) (iv)]
It can be seen from the financial statement of the year under review that the gross margin on net turnover of
the company was 18.32% compared to 18.15% in the previous year. The net profit percentage on net turnover
after tax is 2.63, down from 3.93 in previous year. It has been seen in the Financial Statements of the reporting
year, the gross profit margin percentage slightly increased but net profit percentage has been decreased than
previous year. This has been happened due to incremental effect of salary, additional recruitment of employees
and other operational costs correspondently reduced the sales from previous year. The management is
confident to increase the profitability in future years.

Extraordinary activities and their implications [ Ref: CG 1(5) (v)]


Quasem Industries Limited (QIL) has invested in shares of CDBL and also engaged to distribute the products
of its sister concerns through own distribution channel. During the year, QIL earned Tk. 30,345,525 as
distribution service charge from its sister concerns and also earned dividend Tk. 2,177,953 from CDBL &
Quasem Food Products Limited.

Related party transactions [ Ref: CG 1(5) (vi)]


During the year the Company made transactions with its sister concern due to business purpose. The basis
and nature of transactions are as follows:
Amount in Taka
Name of Relationship Nature of Transaction Receivable /
Company Transaction during (Outstanding)
the year during the year
Quasem Food Products Ltd. Sister Concern Distribution Service charge 30,345,525 17,863,547
Quasem Food Products Ltd. Sister Concern Deposit against - 10,000,000
distribution of product
Quasem Food Products Ltd. Sister Concern Purchase of Chips 13,920,502 45,31,480
Quasem Lamps Ltd. Sister Concern Purchase of Gas lighter 424,637,467 (32,197,084)
Quasem Zinc Limited Sister Concern Lease Rent 1,200,000 (323,420)
Quasem Zinc Limited Sister Concern Purchase of Callot 5,812,207 -

21
The Board of Directors also report that –
 No fund raised through public issues, right issues and/or any other instruments
during the year. [Ref: CG 1(5) (vii)]
 The company did not give any offer for IPO, RPO, Right Share Offer,
Direct Listing etc. during the year. [Ref: CG 1(5) (viii)]
 There were no significant variance quarterly financial performances and
annual financial statements. [ Ref: CG 1(5) (ix) ]
 Remuneration paid to directors and Managing Directors. [ Ref: CG 1(5) (x) ]
 Financial statements prepared, present fairly, its state of affairs, the result
of its operations, cash flows and changes in equity. [ Ref: CG 1(5) (xi) ]
 Proper books of accounts have been maintained. [ Ref: CG 1(5) (xii) ]
 Appropriate accounting policies have been consistently applied and
accounting estimates are based on reasonable and prudent judgment. [ Ref: CG 1(5) (xiii) ]
 Financial Statements prepared in compliance with IAS & IFRS. [ Ref: CG 1(5) (xiv) ]
 No minority shareholding associated with the company. [ Ref: CG 1(5) (xvi) ]
 There is no doubt about going concern threat in distant future. [ Ref: CG 1(5) (xvii) ]
 No significant deviations arises from the last year’s operational results. [ Ref: CG 1(5) (xviii)]
 The company declared dividend which is mentioned in Annual
report page 24. [ Ref: CG 1(5) (xx) ]
 No bonus share or stock dividend has been or shall be declared as interim
dividend. [ Ref: CG 1(5) (xxi) ]
 Detail information of no. of Board meeting held during the year has been
provided in Annexure – “I”. [ Ref: CG 1(5) (xxii)]
 A report on pattern on shareholdings during the end of year has been
provided in Annexure – “H”. [ Ref: CG 1(5)(xxiii)]
 Brief resume of Directors and names of companies in which the person
also holds directorship has been provided in Annexure – “F” and “G”. [ Ref: CG 1(5)(xxiv)]

Internal Control [ Ref: CG 1(5) (xv) ]


The company has implemented sound and effective internal control system which is very much capable to
detect fraud, error and misstatement thereof. Some of the descriptions of control we attach herewith.
We give strong emphasis on Internal Control Systems to ensure strict corporate governance and
accountability. The Board of Directors has formed an audit committee which is headed by an Independent
Director in order to meet the requirements of the Bangladesh Securities and Exchange Commission (BSEC).
The Audit Committee monitors the effectiveness of the “Internal Control” function on regular basis. The
committee then makes recommendations based on the policies and procedures adopted by the Board for the
Audit Committee. During the year, The Internal Audit Committee made recommendations on several issues to
the Board & Management and those recommendations have been implemented effectively.

22
Quality Policy and Control
Improving and maintaining the quality of product is an issue of huge importance for QDL and its Board of
Directors. The company strictly controls the quality of all products by using and maintaining high standard
laboratories, using modern equipment and hiring of competent, qualified and dedicated personnel’s.
It is the policy of Quasem Industries Limited (QIL) to manufacture and market high quality batteries to
maximize customer satisfaction. To achieve that, QIL has adopted ISO 9001:2015 - Quality Management
Systems model. Enhancement of knowledge and skill of company personnel through regular training
programs is one of our top most priorities. In fact, all our efforts to achieve high standards are directed to
optimize the interest of the shareholders and stakeholders.
Key operating and financial data of preceding five years [ Ref: CG 1(5) (xix)]
A statement of key operating and financial data for the last five financial years has been given below.
Particulars 2018-19 2017-18 2016-17 2015-16 2014-15
Turnover (Gross) 2045.71 2197.23 2158.37 2028.89 1853.86
Value Added Tax 183.02 177.26 182.83 177.33 164.75
Gross Profit 339.85 365.86 375.28 351.56 319.51
Net Profit before Tax 65.04 105.73 127.56 106.07 74.88
Net Profit after Tax 48.78 79.3 95.68 82.13 55.78
Shareholders’ Equity 1952.82 1904.67 1827.79 1921.68 1840.19
Total Asset 2983.6 2742.52 2635.15 2569.03 2480.48
Fixed Assets (Net) 2231.37 2041.74 1954.58 1883.92 1789.16
Current Assets 729.26 672.32 644.18 662.46 671.72
Long Term Loan 4.27 12.77 20.22 24.57 0
Current Liabilities 762.69 659.64 623.95 622.77 640.87
Current Ratio (Times) 0.96 1.02 1.06 1.06 1.05
Dividend Per Share (Cash & Stock) 12% 12% 18% 15% 10%
Shareholders’ Equity Per Share (Tk.) 33.18 36.25 44.69 47.47 50.01
Earnings Per Share (Tk.) 0.83 1.51 2.15 2.03 1.52

Appointment or Reappointment of Directors’ [ Ref: CG 1(5) (xxiv) ]


As per article 123 of the Articles of Association of the Company, in 2018-19, Director Mr. Sameed Quasem
and Director Ms. Nafisa Quasem are set to retire in this meeting, and being eligible, offer for re-election.
Brief resume of Board of Directors’ and a statement of shareholding position with other company are given in
Annexure – “F” and “G” respectively.
Customer Satisfaction
Customer Satisfaction is a major priority for QIL. We ensure optimal customer satisfaction by practicing
professionalism, maintaining excellent product quality and ensuring the best possible value for money for our
products.
Corporate Governance and Corporate Social Responsibility
QIL is governed by the Board of Directors who shares the accountability of the company with the shareholders
and stakeholders. The company complies with the SEC requirements and follows the applicable International
Accounting Standards and International Finalcial Reporting Standards for preparing financial statements. QIL
also complies with the requirements of other regulatory bodies. Quasem Industries Limited is also a leader
when it comes to Corporate Social Responsibility. In addition to providing scholarships and incentives for
family members of our employees, we are a major donor to our NGO, Quasem Foundation, who have been
involved in charitable activities in North Bengal for over 50 years.

23
Our responsibility to Shareholders
Although there are some constrains still prevailing in our country which impact in the local markets has led to
very difficult times for maintaining Business growth. However, through the leadership of our management
team, we at Quasem Industries Limited are committed to maintaining a high level of performance for our
shareholders.
Contribution to the National Exchequer
During the year 2018 – 2019, the Company’s contribution to the National Exchequer was Taka 243,749,528.
The breakdown of which is as follows:
Contribution to National Exchequer 2018-19
Income Tax Surcharge & Others
Particulars Taka 8% 1%
Import Duty
Value Added Tax (VAT) 183,024,405 13%

Supplementary Duty 7,175,439 Supplementary


Duty
Import Duty 31,066,494 3%

Income Tax 20,661,321 VAT


75%
Surcharge & Others 1,821,869
VAT Supplementary Duty Import Duty
Income Tax Surcharge & others

Appropriation of Profit
Directors are pleased to recommend the appropriation of the profit as under:
Proposed Dividend Tk. 70,616,863 [ 7% stock & 5% cash dividend]
Income Tax Reserve Nil
Declaration of Dividend
The Management of Quasem Industries Limited understands that the payment of dividends is of utmost
importance to our shareholders; as a result, we have always tried to ensure that a consistent and generous
dividend is declared for their happiness. Board of Directors reviewed the financial performance of the
company as reflected in the audited accounts for the year under review; considering the interest of the
shareholders and the company’s present & future plan to expand the business activities, the Board of
Directors has decided to recommend a 7% Stock Dividend (Bonus Share) @i.e. (07 shares against 100
shares) as well as 5% Cash Dividend for the year 2018-2019.
Board of Directors has recommended stock dividend considering the present and future development
program of the company. The Bonus share declared out of current year’s profit as well as accumulation
retained earnings.
The bonus shares is not declared from capital reserve or revaluation reserve or any unrealized gain or out of
profit earned prior to incorporation of the company or through reducing paid up capital or through doing
anything so that the post-dividend retained earnings become negative or a debit balance.
We are hopeful that the commitment of our management to the continued growth and development of our
company will yield higher dividends in the future, ensuring the long term success of our shareholders.
Human Resource Development
Quasem Industries Limited is committed to employing a highly professional and competent staff, seeking only
those who have the education, dedication and character to represent a company of our stature. As a result, it
is important for us to focus on a strong human resources department that is dedicated to fostering a
competitive work environment for the hard-working employees. Our company believes that it is important to
provide our employees with a learning experience while they are working for us in order to boost their
professional development and enhance their capabilities. We offer regular training programs to our officers
and workers by organizing workshops, seminars and demonstrations. In the past year we have arranged

24
in-house training programs on "Time-management" for our employees as well as holding several workshops
for our sales team to improve their performance in the markets. We have also worked hard to bring about
the introduction of new Human Resource Management software that will extend over many departments of
the company. This decision reflects our commitment to being technologically up-to-date as well as our
dedication to ensuring our employees are efficiently and fairly administered. The introduction of the new
software promises to streamline the running of our company significantly and represents an important
development in our internal operations.
Appointment of Auditors
Existing Auditors M/S Shiraz Khan Basak & Co.; Chartered Accountants, retire at this AGM and being
eligible, have offered for reappointment for the FY 2019-2020.
The Board of Directors recommended M/S Ahsan Kamal Sadeq & Co.; Chartered Accountants to appoint as
Corporate Governance Auditor and Fix their remuneration for the FY 2019-2020.

Information and Communication Technology


In the Global market as with QIL, information technology has been the driving force behind advancement.
To keep in touch with the latest trends, QIL has a separate IT Department that focuses on faster
communications, easing business transactions and sharing information within the company. We are trying
to integrate our information system by using the latest software /VPN to strengthen MIS and quality of
service. Every year Quasem Industries Limited invests considerable time and money to ensure that our
company functions effectively.
On the cutting-edge of global technology, a must for companies is wishing to stay competitive in the current
global market. This year, we have significantly increased accessibility to computers amongst our employees
and seen a significant growth in the size of our company’s email and internet infrastructure. It is our
pleasure to inform you that all our production unit and sales office is under partial surveillance through use
of CCTV and we will be looking to upgrade the system in coming months to ensure full coverage. The IT
department is also looking for ways in which the company can be more environmentally-friendly by reducing
our paper consumption by going for electronic alternatives.

Management Appreciation
The Board of Directors of Quasem Industries Limited would like to express their great appreciation to the
management team, officers, staff and all other employees of the company for their continued service and
loyalty to our company. We believe that a motivated, capable and intellectual staff is a key component for
successful company and we are proud to have such a staff in our service. The staff of our company has
shown unflappable determination during harsh economic times, they have suffered when the company has
suffered and now we are looking forward to times of prosperity and growth. We trust that our employees will
continue to develop and maintain high standards of performance and continue to be committed to the greater
good of the company. The Board of Directors would like to also thank our shareholders for their support, the
unwavering trust that they have shown in the management of this company has been a constant source of
inspiration to us and we hope to serve them to the best of our abilities in the coming years.
Finally, we the Directors humbly express our gratitude and acknowledge with keen interest the co-operation
and unflinching support we have received from various agencies including Securities & Exchange
Commission, Stock Exchanges, National Board of Revenue and other public and private sector agencies.
We look forward to a brighter future for all of us.
On behalf of the Board of Directors,

Dr. Reyan Anis Islam


Chairperson

25
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28
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29
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cwiPvjbv cl©‡`i c‡¶,

Wv: †iqvb Avwbm Bmjvg


†Pqvicvimb

30
Annexure – “A”
[As per condition No. 1(5) (xxvi)]

Quasem Industries Limited


Declaration by CEO and CFO
Date: 22 October 2019
The Board of Directors
Quasem Industries Limited
Al Amin Icon Center (04th, 06th and 09th floor)
Plot No. 57/4, Progoti Sarani
North Baridhara, Dhaka - 1212, Bangladesh.
Subject: Declaration on Financial Statements for the year ended on 30 June 2019.
Dear Sirs,
Pursuant to the condition No. 1(5) (xxvi) imposed vide the Commission’s Notification No.
BSEC/CMRRCD/2006-158/207/Admin/80, Dated 03 June 2018 under section 2CC of the Securities and
Exchange Ordinance, 1969, we do hereby declare that:
(1) The Financial Statements of Quasem Industries Limited for the year ended on 30 June 2019 have been
prepared in compliance with International Accounting Standards (IAS) or International Financial
Reporting Standards (IFRS), as applicable in the Bangladesh and any departure there from has been
adequately disclosed;
(2) The estimates and judgments related to the financial statements were made on a prudent and reasonable
basis, in order for the financial statements to reveal a true and fair view;
(3) The form and substance of transactions and the Company’s state of affairs have been reasonably and
fairly presented in its financial statements;
(4) To ensure above, the Company has taken proper and adequate care in installing a system of internal
control and maintenance of accounting records;
(5) Our internal auditors have conducted periodic audits to provide reasonable assurance that the
established policies and procedures of the Company were consistently followed; and
(6) The management’s use of the going concern basis of accounting in preparing the financial statements is
appropriate and there exists no material uncertainty related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern.
In this regard, we also certify that: -
(i) We have reviewed the financial statements for the year ended on 30 June 2019 and that to the best of
our knowledge and belief:
(a) these statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading;
(b) these statements collectively present true and fair view of the Company’s affairs and are in
compliance with existing accounting standards and applicable laws.
(ii) There are, to the best of knowledge and belief, no transactions entered into by the Company during the
year which are fraudulent, illegal or in violation of the code of conduct for the company’s Board of
Directors or its members.
Sincerely yours,

Tasvir Ul Islam Md. Zakaria FCA


Chief Executive Officer (CEO) Chief Financial Officer (CFO)

31
Annexure – “B”
[Certificate as per condition No. 1(5) (xxvii)]

Report to the Shareholders of Quasem Industries Limited on


Compliance on the Corporate Governance Code

We have examined the compliance status to the Corporate Governance Code by Quasem Industries Limited
for the year ended on 30 June 2019. This Code relates to the Notification No.
BSEC/CMRRCD/2006-158/207/Admin/80 dated 03 June 2018 of the Bangladesh Securities and Exchange
Commission.
Such compliance with the Corporate Governance Code is the responsibility of the Company. Our
examination was limited to the procedures and implementation thereof as adopted by the Management in
ensuring compliance to the conditions of the Corporate Governance Code.
This is a scrutiny and verification and an independent audit on compliance of the conditions of the Corporate
Governance Code as well as the provisions of relevant Bangladesh Secretarial Standards (BSS) as adopted
by Institute of Chartered Secretaries of Bangladesh (ICSB) in so far as those standards are not inconsistent
with any condition of this Corporate Governance Code.
We state that we have obtained all the information and explanations, which we have required, and after due
scrutiny and verification thereof, we report that, in our opinion:
(a) The Company has complied with the conditions of the Corporate Governance Code as stipulated in the
above mentioned Corporate Governance Code issued by the Commission;
(b) The company has complied with the provisions of the relevant Bangladesh Secretarial Standards (BSS)
as adopted by the Institute of Chartered Secretaries of Bangladesh (ICSB) as required by this Code;
(c) Proper books and records have been kept by the company as required under the Companies Act, 1994,
the securities laws and other relevant laws; and
(d) The governance of the company is satisfactory.

Place: Dhaka, Bangladesh.


Dated: 24 October 2019
For Ahsan Kamal Sadeq & Co.
Chartered Accountants
Md. Fokrul Islam, FCA
Partner

32
Annexure-“C”
[As per Condition no. 1 (5) (xxvii)]

Status of Compliance with the Conditions imposed by the BSEC


Status of compliance with the conditions imposed by the Bangladesh Securities and Exchange
Commission's Notification No. SEC/CMRRCD/2006-158/207/Admin/80 dated 03 June 2018 issued under
section 2CC of the Bangladesh Securities and Exchange Ordinance, 1969:
(Report under Condition no. 9.00)
Compliance Status
Condi- (Put  in the
tion Title Remarks
appropriate ) (if any)
No.
Complied Not Complied
1. Board of Directors
1.1 Size of the Board of Directors
1 (1) he total number of members of a company's Board of Directors (hereinafter referred
to as "Board") shall not be less than 5 (five) and more than 20 (twenty). 
1.2 Independent Directors
1(2) (a) At least one fifth (1/5) of the total number of directors in the company's Board shall be
Independent directors; any fraction shall be considered to the next integer or whole 
number for calculating number of independent director(s);
1(2) (b) For the purpose of this clause "Independent director" means a director-
1(2) (b) (i) who either does not hold any share in the company or holds less than one percent (1
%) shares of the total paid-up shares of the company; 
1(2) (b)(ii) who is not a sponsor of the company or is not connected with the company's any
sponsor or director or nominated director or shareholder of the company or any of its
associates, sister concerns, subsidiaries and parents or holding entities who holds 
one percent (1%) or more shares of the total paid-up shares of the company on the
basis of family relationship and his or her family members also should not hold above
mentioned shares in the company.
1(2)(b) (iii) who has not been an executive of the company in immediately preceding 2 (two) 
financial years;
1(2)(b) (iv) who does not have any other relationship, whether pecuniary or otherwise, with the
company or its subsidiary or associated companies; 
1(2)(b) (v) who is not a member or TREC (Trading Right Entitlement Certificate) holder, director
or officer of any stock exchange; 
1(2)(b) (vi) who is not a shareholder, director excepting independent director or officer of any 
member or TREC holder of stock exchange or an intermediary of the capital market;
1(2)(b) (vii) who is not a partner or executive or was not a partner or an executive during the
preceding 3 (three) years of the concerned company's statutory audit firm or audit 
firm engaged in internal audit services or audit firm conducting special audit or
professional certifying compliance of this Code;
1(2)(b) (viii) who is not be an independent director in more than 05 (five) listed companies; 
1(2)(b) (ix) who has not been convicted by a court of competent jurisdiction as a defaulter in
payment of any loan or any advance to a Bank or a Non- Banking Financial 
Institution (NBFI); and
1(2) (b) x) who has not been convicted for a criminal offence involving moral turpitude; 
1(2) (c) The independent director(s) shall be appointed by the Board and approved by the
shareholders in the Annual General Meeting (AGM); 
1(2) (d) The post of independent director(s) cannot remain vacant for more than 90 (ninety) 
days; and
1(2) (e) The tenure of office of an independent director shall be for a period of 3 (three) years,
which may be extended for 1 (one) term only. 
1.3 Qualification of Independent Director
1(3) (a) Independent director shall be a knowledgeable individual with integrity who is able to
ensure compliance with financial laws, regulatory requirements and corporate laws 
and can make meaningful contribution to the business;
1(3) (b) Independent directors shall have following qualifications:
1(3) (b) (i) Business leader who is or was a promoter or director of an unlisted company having Not similar
minimum paid-up capital of Tk. 100 million or any listed company or a member of any qualifications.
national or international chamber of commerce or business association; or

33
Compliance Status
Condi- (Put  in the
tion Title Remarks
appropriate column) (if any)
No.
Complied Not Complied
1(3)(b) (ii) Corporate leader who is or was a top level executive not lower than Chief Executive
Officer or Managing Director or Deputy Managing Director or Chief Financial Officer Not similar
or Head of Finance or Accounts or Company Secretary or Head of Internal Audit and qualifications.
Compliance or Head of Legal Service or a candidate with equivalent position of an
unlisted company having minimum paid up capital of Tk. 100 million or of a listed
company; or
1(3)(b) (iii) Former official of government or statutory or autonomous or regulatory body in the
position not below 5th Grade of the national pay scale, who has at least educational 
background of bachelor degree in economics or commerce or business or law; or
1(3)(b) (iv) University Teacher who has educational background in Economics or Commerce or Not similar
Business Studies or Law; or qualifications.
1(3)(b) (v) Professional who is or was an advocate practicing at least in the High Court Division
of Bangladesh Supreme Court or a Chartered Accountant or Cost and Management
Accountant or Chartered Financial Analyst or Chartered Certified Accountant or Not similar
Certified Public Accountant or Chartered Management Accountant or Chartered qualifications.
Secretary or equivalent qualification;
1(3) (c) The independent director shall have at least 10 (ten) years of experiences in any field
mentioned in clause (b); 
1(3) (d) In special cases, the above qualifications or experiences may be relaxed subject to
prior approval of the Commission. No such issues arrived.
1.4 Duality of Chairperson of the Board of Directors and Managing Director or Chief Executive officer
1 (4) (a) The positions of the Chairman of the Board and the Managing Director and/or Chief 
Executive Officer (CEO) of the company shall be filled by different individuals;
1 (4) (b) The Managing Director (MD) and/or Chief Executive Officer (CEO) of a listed
company shall not hold the same position in another listed company; 
1 (4) (c) The Chairperson of the Board shall be elected from among the non-executive
directors of the company; 
1 (4) (d) The Board shall clearly define respective roles and responsibilities of the Chairperson 
and the Managing Director and/or the Chief Executive Officer;
1 (4) (e) In the absence of the Chairperson of the Board, the remaining members may elect
one of themselves from non-executive directors as Chairperson for that particular No such issues arrived.
Board's meeting; the reason of absence of the regular Chairperson shall be duly
recorded in minutes.
1.5 The Director's Report to the Shareholders
1 (5) (i) Industry outlook and possible future developments in the industry; 
1 (5) (ii) Segment-wise or product-wise performance; 
1 (5) (iii) Risk and concerns including internal and external risk factors, threat to sustainability
and negative impact on environment, if any; 
1 (5) (iv) A discussion on Cost of Goods Sold, Gross Profit Margin and Net Profit Margin,
where applicable; 
1 (5) (v) Discussion on continuity of any Extra-Ordinary activities and their implications (gain
or loss); 
1 (5) (vi) A detailed discussion on related party transactions along with a statement showing
amount, nature of related party, nature of transactions and basis of transactions of all 
related party transactions;
1 (5) (vii) A statement of utilization of proceeds raised through public issues, rights issues Not Applicable.
and/or any other instruments;
1 (5) (viii) An explanation if the financial results deteriorate after the company goes for initial Public
Offering (IPO), Repeat Public Offerings (RPO), Rights Share Offer, Direct Listing, etc.; No such issues arrived.
1 (5) (ix) An explanation on any significant variance that occurs between Quarterly Financial No such issues arrived.
performances and Annual Financial Statements;
1 (5) (x) A statement of remuneration paid to directors including independent directors; No Remuneration paid
to independent
Director.
1 (5) (xi) A statement that the financial statements prepared by the management of the issuer
company present fairly its state of affairs, the result of its operations, cash flows and 
changes in equity;
1 (5) (xii) A statement of proper books of account of the issuer company have been maintained; 
1 (5) (xiii) A statement that appropriate accounting policies have been consistently applied in
preparation of the financial statements and that the accounting estimates are based
on reasonable and prudent judgment; 

34
Compliance Status
Condi- (Put  in the
tion Title Remarks
appropriate column) (if any)
No.
Complied Not Complied
1 (5) (xiv) A statement that International Accounting Standards (IAS) or International Financial
Reporting Standards (IFRS) as applicable in Bangladesh, have been followed in
preparation of the financial statements and any departure there from has been 
adequately disclosed;
1 (5) (xv) A statement that the system of internal control is sound in design and has been
effectively implemented and monitored; 
1(5) (xvi) A statement that minority shareholders have been protected from abusive actions by,
or in the interest of, controlling shareholders acting either directly or indirectly and Not applicable.
have effective means of redress;
1(5) (xvii) A statement that there are no significant doubts upon the issuer company's ability to
No doubt about
continue as a going concern, If the issuer company is not considered to be a going going concern.
concern, the fact along with reasons there of should be disclosed;
1(5) (xviii) An explanation that significant deviations from the last year's operating results of the
issuer company shall be highlighted and the reasons thereof should be explained; 
1(5) (xix) A statement where key operating and financial data of at least preceding 5 (five) 
years shall be summarized;
1(5) (xx) An explanation on the reasons if the issuer company has not declared dividend (cash No such
or stock) for the year; issues arrived.
1(5) (xxi) Board's statement to the effect that no bonus share or stock dividend has been or No interim dividend
shall be declared as interim dividend; declared.
1(5) (xxii) The total number number of Board meetings held during the year and attendance by
each director; 
1(5) (xxiii) A report on the pattern of shareholding disclosing the aggregate number of shares (along with name wise details where stated below) held by:
1(5)(xxiii) (a) Parent or Subsidiary or Associate Companies and other related parties (name wise
details); 
1(5)(xxiii) (b) Directors, Chief Executive Officer, Company Secretary, Chief Financial Officer, Head
of Internal Audit and Compliance and their spouses and minor children (name wise 
details)
1(5)(xxiii) (c) Executives; and 
1(5)(xxiii) (d) Shareholders holding ten percent (10%) or more voting interest in the company 
(name wise details);
1(5) (xxiv) In case of the appointment or reappointment of a director, a disclosure on the following information to the shareholders:
1(5)(xxiv) (a) a brief resume of the director; 
1(5)(xxiv) (b) nature of his or her expertise in specific functional areas; and 
1(5)(xxiv) (c) names of companies in which the person also holds the directorship and the 
membership of committees of the Board;
1(5) (xxv) A management's Discussion and Analysis signed by CEO or MD presenting detailed analysis of the company's position and operations along
with a brief discussion of changes in the financial statements, among others, focusing on:
1(5)(xxv) (a) accounting policies and estimation for preparation of financial statements; 
1(5)(xxv) (b) changes in accounting policies and estimation, if any, clearly describing the effect on
financial performance or results and financial position as well as cash flows in 
absolute figure for such changes;
1(5)(xxv) (c) comparative analysis (including effects of inflation) of financial performance or results
and financial position as well as cash flows for current financial year with immediate 
preceding five years explaining reason thereof;
1(5)(xxv) (d) compare such financial performance or results and financial position as well as cash
flows with the peer industry scenario; 
1(5)(xxv) (e) briefly explain the financial and economic scenario of the country and the globe; 
1(5)(xxv) (f) risks and concerns issues related to the financial statements, explaining such risk
and concerns mitigation plan of the company; and 
1(5)(xxv) (g) future plan or projection or forecast for company's operation, performance and
financial position, with justification thereof, i.e., actual position shall be explained to 
the shareholders in the next AGM;
1(5) (xxvi) Declaration or certification by the CEO and CFO to the Board as required under 
condition no. 3(3) shall be disclosed as per Annexure - A; and
1(5) (xxvii) The report as well as certificate regarding compliance of conditions of this code as
required under condition no. 9 shall be disclosed as per Annexure - B and 
Annexure - C.

35
Compliance Status
Condi- (Put  in the
tion Title Remarks
appropriate column) (if any)
No.
Complied Not Complied
1.6 Meeting of the Board of Directors
1(6) The company shall conduct its Board meetings and record the minutes of the
meetings as well as keep required books and records in line with the provisions of
the relevant Bangladesh Secretarial Standards (BSS) as adopted by the Institute of
Chartered Secretaries of Bangladesh (ICSB) in so far as those standards are not 
inconsistent with any condition of this Code.
1.7 Code of Conduct for the Chairperson, other Board members and Chief Executive Officer
1(7) (a) The Board shall lay down a code of conduct, based on the recommendation of the
Nomination and Remuneration Committee (NRC) at condition no. 6, for the Chairperson 
of the Board, other board members and Chief Executive Officer of the company;
1(7) (b) The Code of conduct as determined by the NRC shall be posted on the website of the
company including, among others, prudent conduct and behavior; confidentiality; conflict
of interest; compliance with laws, rules and regulations; prohibition of insider trading; 
relationship with environment, employees, customers and suppliers; and independency.
2 Governance of Board of Directors of Subsidiary Company
2 (a) Provisions relating to the composition of the Board of the holding company shall be Not applicable.
made applicable to the composition of the Board of the subsidiary company;
2 (b) At least 1 (one) independent director on the Board of the holding company shall be a Not applicable.
director on the Board of the subsidiary company;
2 (c) The minutes of the Board meeting of the subsidiary company shall be placed for Not applicable.
review at the following Board meeting of the holding company;
2 (d) The minutes of the respective Board meeting of the holding company shall state that Not applicable.
they have reviewed the affairs of the subsidiary company also;
2 (e) The Audit Committee of the holding company shall also review the financial Not applicable.
statements, in particular the investments made by the subsidiary company.
3 Managing Director (MD) or Chief Executive Officer (CEO), Chief Financial Officer (CFO), Head of Internal Audit and Compliance
(HIAC) and Company Secretary (CS)
3.1 Appointment
3 (1) (a) The Board shall appoint a Managing Director (MD) or Chief Executive Officer (CEO),
a Company Secretary (CS), a Chief Financial Officer (CFO) and Head of Internal 
Audit and Compliance (HIAC);
3 (1) (b) The positions of the Managing Director or Chief Executive Officer (CEO), Company
Secretary (CS), Chief Financial Officer (CFO) and Head of Internal Audit and 
Compliance (HIAC) shall be filled by different individuals;
3 (1) (c) The MD or CEO, CS, CFO and HIAC of a listed company shall not hold any
executive position in any other company at the same time; 
3 (1) (d) The Board shall clearly define respective roles, responsibilities and duties of the
CFO, HIAC and the CS; 
3 (1) (e) The MD or CEO, CS, CFO and HIAC shall not be removed from their position without
approval of the Board as well as immediate dissemination to the Commission and No such issues arrived.
stock exchange(s).
3.2 Requirement to attend the board meetings
3 (2) The MD or CEO, CS, CFO and HIAC of the company shall attend the meetings of the
Board, provided that the CS, CFO and/or the HIAC shall not attend such part of a 
meeting of the Board of Directors which involves consideration of an agenda item
relating to their personal matters.
3.3 Duties of Managing Director (MD) or Chief Executive Officer (CEO) and Chief Financial Officer (CFO)
3 (3) (a) The MD or CEO and CFO shall certify to the Board that they have reviewed financial statements for the year and that to the best of their
knowledge and belief:
3 (3) (a) (i) These statements do not contain any materially untrue statement or omit any
material fact or contain statements that might be misleading; and 
3 (3) (a) (ii) These statements together present a true and fair view of the company's affairs and
are in compliance with existing accounting standards and applicable laws; 
3 (3) (b) The MD or CEO and CFO shall certify that there are, to the best of knowledge and
belief, no transactions entered into by the company during the year which are 
fraudulent, illegal or violation of the company's code of conduct for the company's
Board or its members;
3 (3) (c) The certification of the MD or CEO and CFO shall be disclosed in the Annual Report. 

36
Compliance Status
Condi- (Put  in the
tion Title Remarks
appropriate column) (if any)
No.
Complied Not Complied
4 Board of Directors' Committee
For ensuring good governance in the company, the Board shall have at least following sub-committees:
4 (i) Audit committee; and 
4 (ii) Nomination and Remuneration Committee. 
5 Audit Committee
5.1 Responsibility to the Board of Directors
5 (1) (a) The company shall have an Audit Committee as a sub-committee of the Board; 
5 (1) (b) The Audit Committee shall assist the Board in ensuring that the financial statements
reflect true and fair view of the state of affairs of the company and in ensuring a good 
monitoring system within the business;
5 (1) (c) The Audit Committee shall be responsible to the Board; the duties of the Audit
Committee shall be clearly set forth in writing. 
5.2 Constitution of the Audit Committee
5 (2) (a) The Audit Committee shall composed of at least 3 (three) members; 
5 (2) (b) The Board shall appoint members of the Audit Committee who shall be
non-executive directors of the company excepting Chairperson of the Board and shall 
include at least 1 (one) Independent Director;
5 (2) (c) All members of the audit committee should be "financially literate" and at least 1
(one) member shall have accounting or related financial management background 
and 10 (ten) years of such experience;
5 (2) (d) When the term of service of any Committee member expires or there is any
circumstance causing any Committee member to be unable to hold office before
expiration of the term of services, thus making the number of the Committee
members to be lower than the prescribed number of 3 (three) persons, the Board No such issues arrived.
shall appoint the new Committee member to fill up the vacancy immediately or not
later than 1 (one) month from the date of vacancy in the Committee to ensure
continuity of the performance of work of the Audit Committee;
5 (2) (e) The Company Secretary shall act as the Secretary of the Committee; 
5 (2) (f) The quorum of the Audit Committee meeting shall not constitute without at least 1
(one) independent director. 
5.3 Chairperson of the Audit Committee
5 (3) (a) The Board shall select 1 (one) member of the Audit Committee to be Chairperson of 
the Audit Committee, who shall be an Independent Director;
5 (3) (b) In absence of the Chairperson of the Audit Committee, the remaining members may
elect one of themselves as Chairperson for the particular meeting, in that case there No such issues arrived.
shall be no problem of constituting a quorum as required under condition no. 5(4)(b) and
the reason of absence of the regular Chairperson shall be duly recorded in the minutes.
5 (3) (c) Chairperson of the Audit Committee shall remain present in the Annual General
Meeting (AGM). 
5.4 Meeting of the Audit Committee
5 (4) (a) The Audit Committee shall conduct at least 04 (Four) meetings in a financial year: 
provided that any emergency meeting in addition to regular meeting may be
convened at the request of any one of the members of the Committee;
5 (4) (b) The quorum of the meeting of the Audit Committee shall be constituted in presence
of either two members or two third of the members of the Audit Committee, 
whichever is higher, where presence of an independent director is a must.
5.5 Role of Audit Committee
5 (5) (a) Oversee the financial reporting process; 
5 (5) (b) monitor choice of accounting policies and principles; 
5 (5) (c) monitor Internal Audit and Compliance process to ensure that it is adequately
resourced, including approval of the Internal Audit and Compliance Plan and review 
of the Internal Audit and Compliance Report;
5 (5) (d) Oversee hiring and performance of external auditors; 
5 (5) (e) hold meeting with the external or statutory auditors for review the annual financial
statements before submission to the Board for approval or adoption; 
5 (5) (f) review along with the management, the annual financial statements before
submission to the board for approval; 
5 (5) (g) review along with the management, the quarterly and half yearly financial statements
before submission to the board for approval; 

37
Compliance Status
Condi- (Put  in the
tion Title Remarks
appropriate column) (if any)
No.
Complied Not Complied
5 (5) (h) review the adequacy of internal audit function; 
5 (5) (i) review Management's Discussion and Analysis before disclosing in the Annual
Report; 
5 (5) (j) Review statement of all related party transaction submitted by the management; 
5 (5) (k) Review Management Letters or Letter of Internal Control weakness issued by
statutory auditors; 
5 (5) (l) oversee the determination of audit fees based on scope and magnitude, level of
expertise developed and time required for effective audit and evaluate the 
performance of external auditors; and
5 (5) (m) oversee whether the proceeds raised through Initial Public Offering (IPO) or Repeat
Public Offering (RPO) or Right Share Offer have been utilized as per the purposes
stated in relevant offer document or prospectus approved by the Commission;
provided that the management shall disclose to the Audit Committee about the uses
or applications of the proceeds by major category (capital expenditure, sales and No such
marketing expenses, working capital, etc.), on a quarterly basis, as a part of their requirements arises.
quarterly declaration of financial results. Provided further that on the annual basis,
the company shall prepare a statement of the proceeds utilized for the purposes
other than those stated in the offer document or prospectus for publication in the
Annual Report along with the comments of the Audit Committee.
5.6 Reporting of the Audit Committee
5.(6) (a) Reporting to the Board of Directors
5 (6) (a) (i) The Audit Committee shall report on its activities to the Board. 
5(6) (a) (ii) The Audit Committee shall immediately report to the Board of Directors on the following findings, if any:
5(6)(a)(ii) (a) report on conflicts of interests; No such issues arrived.
5(6)(a)(ii) (b) suspected or presumed fraud or irregularity or material defect identified in the internal No such issues arrived.
audit and compliance process or in the financial statements;
5(6)(a)(ii) (c) suspected infringement of laws, regulatory compliances including securities related No such issues arrived.
laws, rules and regulations; and
5(6)(a)(ii) (d) any other matter which the Audit Committee deems necessary shall be disclosed to No such issues arrived.
the Board immediately.
5 (6) (b) Reporting to the authorities: If the Audit Committee has reported to the Board
about anything which has material impact on the financial condition and results of
operation and has discussed with the Board and the management that any
rectification is necessary and if the Audit Committee finds that such rectification has No such
been unreasonably ignored, the Audit Committee shall report such finding to the situation arrived.
Commission, upon reporting of such matters to the Board for three times or
completion of a period of 6 (six) months from the date of first reporting to the Board,
whichever is earlier.
5.7 Reporting to the Shareholders and General Investors: Report on the activities
carried out by the Audit Committee, including any report made to the Board under 
condition no. 5(6)(a)(ii) above during the year, shall be signed by the Chairperson of
the Audit Committee and disclosed in the annual report of the issuer company.
6 Nomination and Remuneration Committee (NRC)
6.1 Responsibility to the Board of Directors
6 (1) (a) The company shall have a Nomination an Remuneration Committee (NRC) as a
sub-committee of the Board; 
6 (1) (b) The NRC shall assist the Board in formulation of the nomination criteria or policy for
determining qualifications, positive attributes, experiences and independence of 
directors and top level executives as well as policy for formal process of considering
remuneration of directors, top level executive;
6 (1) (c) The Terms of Reference (ToR) of the NRC shall be clearly set forth in writing
covering the areas stated at the condition no. 6 (5) (b). 
6.2 Constitution of the NRC
6 (2) (a) The Committee shall compromise of at least three members including an 
independent director;
6 (2) (b) All members of the Committee shall be non-executive directors; 
6 (2) (c) Members of the Committee shall be nominated and appointed by the Board; 
6 (2) (d) The Board shall have authority to remove and appoint any member of the committee; 
6 (2) (e) In case of death, resignation, disqualification, or removal of any member of the
Committee or in any other cases of vacancies, the board shall fill the vacancy within 
180 (one hundred eighty) days of occurring such vacancy in the Committee;

38
Compliance Status
Condi- (Put  in the
tion Title Remarks
appropriate column) (if any)
No.
Complied Not Complied
6 (2) (f) The Chairperson of the Committee may appoint or co-opt any external expert and/or
member(s) of staff to the Committee as advisor who shall be non-voting member, if No such
the Chairperson feels that advice or suggestion from such external expert and/or issues arrived.
member(s) of staff shall be required or valuable for the Committee;
6 (2) (g) The Company Secretary shall act as the Secretary of the Committee; 
6 (2) (h) The quorum of the NRC meeting shall not constitute without attendance of at least an
independent director; 
6 (2) (i) No member of the NRC shall receive, either directly or indirectly, any remuneration Members of NRC are
for any advisory or consultancy role or otherwise, other than Director's fees or not involved in any
honorarium from the company. such activities.
6.3 Chairperson of the NRC
6 (3) (a) The Board shall select 1 (one) member of the NRC to be Chairperson of the
Committee, who shall be an independent director; 
6 (3) (b) In the absence of the Chairperson of the NRC, the remaining members may elect one No such
of themselves as Chairperson for that particular meeting, the reason of absence of the
regular Chairperson shall be duly recorded in the minutes; issues arrived.

6 (3) (c) The chairperson of the NRC shall attend the annual general meeting (AGM) to answer
the queries of the shareholders; provided that in absence of Chairperson of the NRC,
any other member from the NRC shall be selected to be present in the annual general 
meeting (AGM) for answering the shareholder's queries and reason for absence of the
Chairperson of the NRC shall be recorded in the minutes of the AGM.
6.4 Meeting of the NRC
6 (4) (a) The NRC shall conduct at least one meeting in a financial year; 
6 (4) (b) The Chairperson of the NRC may convene any emergency meeting upon request by No such
any member of the NRC; requirement arrived.
6 (4) (c) The quorum of the meeting of the NRC shall be constituted in presence of either two
members or two third of the members of the Committee, whichever is higher, where 
presence of an independent director is a must as required under condition no. 6(2)(h);
6 (4) (d) The proceedings of each meeting of the NRC shall duly be recorded in the minutes
and such minutes shall be confirmed in the next meeting of the NRC. 
6.5 Role of NRC
6 (5) (a) NRC shall be independent and responsible or accountable to the Board and to the
shareholders; 
6 (5) (b) NRC shall oversee, among others, the following matters and make report with recommendation to the Board:
6(5)(b)(i) formulating the criteria for determining qualifications, positive attributes and independence of a director and recommend a policy
to the Board, relating to the remuneration of the directors, top level executive, considering the following:
6(5)(b)(i) (a) the level and composition of remuneration is reasonable and sufficient to attract,
retain and motivate suitable directors to run the company successfully; 
6(5)(b)(i) (b) the relationship of remuneration to performance is clear and meets appropriate
performance benchmarks; and 
6(5)(b)(i) (c) remuneration to directors, top level executive involves a balance between fixed and
incentive pay reflecting short and long term performance objectives appropriate to 
the working of the company and its goals;
6(5)(b) (ii) devising a policy on Board's diversity taking into consideration age, gender,
experience, ethnicity, educational background and nationality; 
6(5)(b) (iii) identifying persons who are qualified to become directors and who may be appointed
in top level executive position in accordance with the criteria laid down, and 
recommended their appointment and removal to the Board;
6(5)(b) (iv) formulating the criteria for evaluation of performance of independent directors and
the Board; 
6(5)(b) (v) identifying the company's needs for employees at different levels and determine their
selection, transfer or replacement and promotion criteria; and 
6(5)(b) (vi) developing, recommending and reviewing annually the company's human resources
and training policies; 
6 (5) (c) The company shall disclose the nomination and remuneration policy and the evaluation
criteria and activities of NRC during the year at a glance in its annual report. 

39
Compliance Status
Condi- (Put  in the
tion Title Remarks
appropriate column) (if any)
No.
Complied Not Complied
7 External or Statutory Auditors
7.1 The issuer company shall not engage its external or statutory auditors to perform the following services of the company; namely:-
7 (1) (i) appraisal or valuation services or fairness opinions; 
7 (1) (ii) financial information systems design and implementation; 
7 (1) (iii) book-keeping or other services related to the accounting records or financial
statements; 
7 (1) (iv) broker-dealer services; 
7 (1) (v) actuarial services; 
7 (1) (vi) internal Audit services or special audit services; 
7 (1) (vii) any service that the Audit Committee determines; 
7 (1) (viii) audit or certification services on compliance of corporate governance as required
under condition no. 9(1); and 
7 (1) (ix) any other service that creates conflict of interest. 
7.2 No partner or employees of the external audit firms shall possess any share of the
company they audit at least during the tenure of their audit assignment of that
company; provided that spouse, son daughter, father, mother, brother, sister, 
son-in-law and daughter-in-law shall be considered as family members.
7.3 Representative of external or statutory auditors shall remain present in the
Shareholders' Meeting (Annual General Meeting or Extraordinary General Meeting) 
to answer the queries of the shareholders.
8 Maintaining a website by the Company
8 (1) The company shall have an official website linked with the website of the stock
exchange. 
8 (2) The company shall keep the website functional from the date of listing. 
The company shall make available the detailed disclosures on its website as required
8 (3) under the listing regulations of the concerned stock exchange(s). 
9 Reporting and Compliance of Corporate Governance
9 (1) The company shall obtain a certificate from a practicing Professional Accountant or
Secretary (Chartered Accountant or Cost and Management Accountant or Chartered
Secretary) other than its statutory auditors or audit firm on yearly basis regarding 
compliance of conditions of Corporate Governance Code of the Commission and shall
such certificate shall be disclosed in the Annual Report.
9 (2) The professional who will provide the certificate on compliance of this Corporate
Governance Code shall be appointed by the shareholders in the annual general 
meeting.
9 (3) The directors of the company shall state, in accordance with Annexure - C attached, in
the directors' report whether the company has complied with these conditions or not. 

40
Annexure-“D”
[ Ref: CG 1(5) (xxv)]

Management’s Discussion and Analysis


The management of Quasem Industries Limited, continue the effort to run the business with high level of
integrity, accountability & honesty. Quality of work, skilled human recourses is the main assets of the
company. We have maintained the friendly work environment, good governance and comply all rules and
regulations.
The management also comply the all applicable rules and regulations for its financial information also
preparing the financial statements. In additions to that the management states that-
a) Appropriate accounting policies and estimation made for preparation of financial statements.
b) There is no significant change in Accounting Policies and estimations that may impact on financial
position and financial performance.
c) Comparative analysis
The comparative analysis of key components of Financial Statements given below.

Taka in Million
Particulars 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14
Turnover (Gross) 2,045.71 2,197.20 2,158.37 2,028.89 1,853.86 1,989.45
Net Profit after tax 48.78 79.30 95.67 82.13 55.78 51.78
Earnings Per Share 0.83 1.51 1.82 2.03 1.52 1.55
Net Operating Cash
1.62 0.64 2.83 2.68 2.75 1.26
Flow per Share

d) Comparison of financial performance, financial position and cash flows with peer industries:
Quasem Industries Limited is the manufacturing company in Bangladesh to produce different types of
drycells batteries and High Pressure can and filling line for Body spray, Air freshener and other related
products. Management analyze the financial performance and growth of the company with other related
manufacturing company also analyze the domestic and international market scenario.
e) Financial and Economic scenario briefly explained in Managing Director’s message.
f) Risks and concerns issues related to the financial statements given in the Directors’ report.

Tasvir Ul Islam
Managing Director & CEO

41
Annexure – “E”
Audit Committee Report for the Financial Year ended 2018-19
As per notification of BSEC/CMRRCD/2006-158/207/Admin/80 dated 03 June 2018, The Audit Committee
of Quasem Industries Limited was constituted a follows:

AUDIT COMMITTEE
Mr. Mir Mohammad Shahidullah Independent Director, Chairman
Mr. Sameed Quasem Director
Ms. Nafisa Quasem Director
Mr. A.T.M. Jahangir Hasnat Company Secretary, Member Secretary

Function of the Audit Committee as Governed/ regulated by the Authority:


 Review the Annual Financial statement and recommended to approved for statutory purpose. Review
Internal Audit Systems, monitoring the function of Internal Audit Department.
 Review the Implementation of significant issues as recommended to the Board.
 Review the function of the management policy system of governance
 Review any other Internal and external function for the sake of safe guard of investors interest.

Function/ Activities Carries Out By Audit Committee During The Year:


 Discussed and review the Annual Final statement before approved by Board.
 Review the Internal Audit Report regarding Annual Inventory and referred to the board/ management
for implementation the recommendation.
 Review and monitoring the present internal control systems.
 Review the day to day function of internal audit department analyzes the audit objections,
procedural deficiency and management system.
 Review the financial policy of the company.

Mir Mohammad Shahidullah


Chairman, Audit Committee

42
Annexure – “F”
[ Ref: CG 1(5) (xxiv) (a) & (b) ]

BRIEF RESUME OF THE BOARD OF DIRECTORS


DR. REYAN ANIS ISLAM
Dr. Reyan Anis Islam, the Chairperson of Quasem Industries
Limited is one of the leading cardiologists in Bangladesh and
also an inspiration to young woman all over Bangladesh looking
to succeed in the professional arena. She is currently working as
consultant specialized in interventional cardiology at United
Hospital of Bangladesh.
In addition to her work as a doctor, she takes keen interest in
business activities, particularly in ensuring that Quasem
Industries Limited maintains it strong sense of corporate social
responsibilities.

MR. TASVIR UL ISLAM


Mr. Tasvir Ul Islam, the Managing Director & CEO of Quasem
Industries Limited, is a respected member of the Bangladeshi
business community and the current Honorary Consul of Austria
to Bangladesh. After obtaining his B.S. (Business Studies)
Degree from the United States (University of Wisconsin) and
HND (Business Administration) from the UK, Mr. Islam returned
to Bangladesh in 1978 to lunch his business career. Joining as a
Director of Quasem Group, Mr. Islam was initially heavily
involved in groups’ textile projects. As Quasem Group began to
slowly move out of the textile industry, Mr. Islam became more
involved in the project he had founded in 1983, Quasem Drycells
Limited. Under his leadership, QDL grew from being the newest
and smallest battery company in Bangladesh to the largest and
most dominant, almost eliminating all local competitors. A
dynamic and extremely honest businessman, Mr. Islam is well
respected amongst his peers in Bangladesh for his business
acumen and for his unyielding honesty.

MS. NAFISA QUASEM


Ms. Nafisa Quasem, a Director of the company is the eldest
daughter of Mr. A.K.M. Mayeedul Islam. Ms. Nafisa Quasem
obtained her diploma in Business & Marketing from Oxford
Brooks University (UK). After completion of her education she
joined the family business and rendered commendable
contribution in the development and growth of the different
projects of the company.

43
MR. SAMEED QUASEM
Mr. Sameed Quasem, a Director of the company is the eldest
child and only son of Mr. Tasvir Ul Islam, the present Managing
Director & CEO of Quasem Industries Limited.
Mr. Quasem has been a member of the Board of Directors since
2007 and is presently working full time with the company in a
number of capacities.
Having obtained his Bachelor Arts in International Relations and
Geography from Clark University, USA in 2009, Mr. Quasem
returned to Bangladesh for three years during which he played
important role in establishing Quasem Food Products Limited, a
sister concern of Quasem Industries Limited. Mr. Quasem then
returned to Clark University to pursue his MBA (Masters of
Business Administration), which he completed in 2014.

MS. SAMIRA ROKAIYA QUASEM


Ms. Samira Rokaiya Quasem is the only daughter and youngest
child of Mr. Tasvir Ul Islam, the current Managing Director and
CEO of Quasem Industries Limited. Ms. Quasem completed her
Bachelor of Arts in 2015 from the prestigious Macalester
University in the USA; she studied Biochemistry and
International Relations. Ms. Quasem has served on the Board of
Directors since 2014 and is currently pursuing higher studies in
the United States.

MR. MIR MOHAMMAD SHAHIDULLAH


Mir Mohammad Shahidullah is an Independent Director at
Quasem Industries Limited. Now retired, he worked as Deputy
Regional Director in a corporation before he joined the income
tax department as Assistant Commissioner of Taxes in the year
1977. Mr. Shahidullah has almost three decades of experience
working as a civil servant in the Tax Department of the National
Board of Revenue. His distinguished career saw him serve as
Assistant Commissioner of Taxes, Deputy Commissioner of
Taxes, Joint Commissioner of Taxes and Additional
Commissioner of Taxes between 1977 to 1997 before he was
made Commissioner of Taxes. After serving for four years (1997
– 2001) as the Commissioner of Taxes, he continued as a
member of Taxes Appellate Tribunal, under Ministry of Finance
(Govt. of Bangladesh) until 2004 when he retired from service.
Educated at Rajshahi University (Masters of Economics
awarded in 1968), Mr. Shahidullah is a distinguished former civil
servant and the presence, experience and knowledge he brings
Board of Directors is a great honor and asset for the company.

44
Annexure – “G”
[ Ref: CG 1(5) (xxiv) (c) ]
Companies other than Quasem Industries Limited in which QIL
Directors Hold Directorship and Committee Membership
Sl Member of the Board
No. Name of Directors Directorship Committee
01. Dr. Reyan Anis Islam Quasem Lamps Limited Board of Directors
Quasem Food Products Limited
Quasem Zinc Limited
Sunlite Trading & Services Limited
Aircraft Aviation & logistics Limited
02. Mr. Tasvir Ul Islam Quasem Lamps Limited Board of Directors
Quasem Food Products Limited
Quasem Zinc Limited
Sunlite Trading & Services Limited
Aircraft Aviation & logistics Limited
03. Ms. Nafisa Quasem Quasem Lamps Limited Board of Directors
Quasem Food Products Limited
Quasem Zinc Limited
04. Mr. Sameed Quasem Quasem Lamps Limited Board of Directors
Quasem Food Products Limited
Quasem Zinc Limited
Sunlite Trading & Services Limited
05. Ms. Samira Rokaiya Quasem Quasem Lamps Limited Board of Directors
Quasem Food Products Limited
Quasem Zinc Limited
06. Mr. Mir Mohammad Shahidullah Nil Chairman, Audit Committee

Annexure – “H”
[ Ref: CG 1(5) (xxiii) ]
Report on Pattern of Shareholdings
(a) Parent or subsidiary or associate companies and other related parties
Quasem Industries Limited does not have any subsidiary companies. QIL only has invested in shares of
Quasem Food Products Limited, which is its sister concern, as well as, associate company. The holding
percentage of shares in QFPL is 21.67%.
(b) Details of Directors, CEO, CS, CFO, HIAC; their Spouses and Minor Children
Sl Name Position Spouse Minor Children
01. Dr. Reyan Anis Islam Chairperson Tasvir Ul Islam N/A
02. Mr. Tasvir Ul Islam Managing Director & CEO Dr. Reyan Anis Islam N/A
03. Ms. Nafisa Quasem Director N/A N/A
04. Mr. Sameed Quasem Director N/A N/A
05. Ms. Samira Rokaiya Quasem Director N/A N/A
06. Mr. Mir Mohammad Shahidullah Independent Director Hasna Banu N/A
07. Mr. Md. Zakaria, FCA Chief Financial Officer Fahmida Akter i) Zaedur Rahman Zarif
ii) Zobaedur Rahman Zabid
iii) Abedur Rahman Ayon
08. Mr. A.T.M. Jahangir Hasnat Director & Company Secretary Jobeda Begum N/A
09. Mr. Swapan Gobinda Nandy Head of Internal Audit and Compliance Bela Rani Singha N/A

45
Pattern of shareholding
No. of % of
Category of Shareholders Designation Shares Holding
(b) Directors and their pattern of shareholding:
Dr. Reyan Anis Islam Chairperson 1,178,307 2.00
Mr. Tasvir Ul Islam MD & Chief Executive Officer 5,579,219 9.48
Ms. Nafisa Quasem Director 1,195,488 2.03
Mr. Sameed Quasem Director 1,177,030 2.00
Ms. Samira Rokaiya Quasem Director 1,178,562 2.00
Mr. Mir Mohammad Shahidullah Independent Director - -
CFO, CS and HIAC:
Mr. Md. Zakaria, FCA Chief Financial Officer Nil -
Mr. A.T.M. Jahangir Hasnat Director, CA & Company Secretary Nil -
Mr. Swapan Gobinda Nandy Head of Internal Audit and Compliance (HIAC) 763 0.00
(c) Executives:
Mr. Mahbubul Alam Director & COO 316 0.00
Air Vice Marshal Mirza A.Maruf (Retd.) Director -Sales Nil -
Mr. Md. Mustafa Kamal GM (Production, Unit 1& 2) Nil -
Mr. Mashuq Ul Alam GM (Marketing) 5,550 0.01
Mr. Taimur M. Arif DGM (Production, Unit-3) Nil -
(d) Shareholders Holding 10% More Interest:
Mrs. Khadiza Shamim Sponsor 6,989,762 11.88
Shareholding Information as on 30 June 2019
Category No. of Shareholders No. of Shares % of Holding
Sponsors/ Directors 11 17,655,206 30.00
General Public 12,701 28,152,953 47.84
Institute 300 13,039,227 22.16
Total 13,012 58,847,386 100
Annexure – “I”
The Total Number of Board Meetings Held and Attendance [ Ref: CG 1(5) (xxii) ]
The total number of Board meeting held during the year and the attendance thereof is given in below
mentioned table.
Name of Directors No. of Meeting held No. of Meeting Attendance
Dr. Reyan Anis Islam 13 12
Mr. Tasvir Ul Islam 13 12
Mr. Anwarul Islam 13 08
Ms. Nafisa Quasem 13 13
Mr. Sameed Quasem 13 12
Ms. Samira Rokaiya Quasem 13 01
Mr. Mir Mohammad Shahidullah 13 09
COO, CFO & CS
Mr. Mahbubul Alam, COO 13 13
Md. Zakaria FCA, CFO 13 13
Mr. A.T.M. Jahangir Hasnat, CS 13 13

46
Annexure – “J”
[ Ref: CG 6(1) (a), 6(2) (a,b), 6(3)(a)]

Nomination & Remuneration Committee


As per notification of BSEC/CMRRCD/2006-158/207/Admin/80 dated 03 June 2018, The Nomination &
remuneration Committee (NRC) of Quasem Industries Limited was constituted as follows:
Nomination & Remuneration Committee
Mr. Mir Mohammad Shahidullah Independent Director, Chairman
Mr. Tasvir Ul Islam Managing Director & CEO
Mr. Sameed Quasem Director
Mr. A.T.M. Jahangir Hasnat Director, CA & Company Secretary
Member Secretary

[ Ref: CG 6(4) (a), 6(4)(c) ]


The total number of NRC meetings held and attendance
The total number of NRC meeting held during the year and the attendance thereof is given in below
mentioned table.
Name of Directors No. of Meeting held No. of Meeting Attendance
Mr. Mir Mohammad Shahidullah 01 01
Mr. Tasvir Ul Islam 01 01
Mr. Sameed Quasem 01 01
Mr. A.T.M. Jahangir Hasnat 01 01

[ Ref: CG 6(5) (c)]

Policy, evaluation criteria and activities of NRC (At a Glance)

• Identifying persons who are qualified to become directors and who may be appointed in top level
executive position in accordance with the criteria laid down, and recommended their appointment and
removal to the Board;
• Formulating the criteria for evaluation of performance of independent directors and the Board;
• Identifying the company's needs for employees at different levels and determine their selection,
transfer or replacement and promotion criteria; and
• Developing, recommending and reviewing annually the company's human resources and training
policies;

47
Auditor's Report
&
Audited Financial Statements

49
Independent Auditor’s Report
To the Shareholders of Quasem Industries Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Quasem Industries Limited (the ‘Company’), which comprises
the statement of financial position as at 30 June 2019, and the statement of profit or loss and other
comprehensive income, statement of changes in equity and statement of cash flows for the year then
ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give true andfair view of the financial position of the
Company as at 30 June 2019, and of its financial performance and its cash flows for the year then ended in
accordance with International Financial Reporting Standards (IFRSs).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the International
Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), and
we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.

Key Audit Matters Our Response to KAM


Revenue Recognition criteria
Revenue from the sale of goods is measured/ In order to obtain the completeness,
recognized at the fair value of the accuracy and correctness Of the revenue, we have
consideration received or receivable, net of returns tested the following key control activities:
and discounts. Revenue is recognized when • Calculating the completeness of total
significant risks and ownership has been sales, return, discounts and VAT;
transferred which usually occurs at the time of
• Segregation of duties in invoice
delivery of goods along with invoice.
creation and modification
• Timing of revenue recognition;
• Recording system of revenue.
• Verify the bank deposits cross checked
with Challan on test basis.
• Verify the respective Mushak Challan, VAT
return to confirm the payment of VAT
against sales and aggregated sales value.

50
Key Audit Matters Our Response to KAM
Our substantive procedures is relating to the
revenue recognition comprises the following:
• Obtaining supporting documents for sales
transactions
• Verify the invoice with ledger as sampling basis
and related accounting entries.
• Verify the journals posted in the accounting
system; and
• Verify the appropriateness, correctness and
presentation of disclosures against relevant
accounting standards.
See Note no. 3.15 and 24 of the Financial Statements.
Valuation of Inventory

The Company had inventory of Tk. 499,312,362 at In order to obtained assurance over relevance and
30 June 2019, held in distribution centers and appropriateness in calculating the value of the
factory premises. Weighted average method is used inventory. We focused on the following key control
for inventory valuation. activities:
• Evaluating the design and implementation of
key inventory controls operating across the
Company.
• Attending inventory counts and reconciling the
count results to the inventory listings to test the
completeness of data;
• Attend the physical verification of inventory.
• Reviewing the historical accuracy of inventory
valuation.
• Applying professional skepticism to the
completeness of inventory recording,
assessing actual and forecast sales of
inventory and tested the slow moving/absolute
inventory.

Our substantive procedure in relating to the


inventory valuation are as follows:
• Verify the recording system of inventory and
confirm the opening balance of all items of
inventory value.
• Verify the receiving and consumption of
inventory with Challan and MRR on test basis.
• Test/verify the Sales Challan with finished
goods stock register on test basis.
• Test basis checking on accounting records
relating to inventory purchase and finished
goods sales.
See Note no. 2.8, 3.10 and 11 of the Financial Statements.

51
Key Audit Matters Our Response ot KAM
Recognition and Measurement of Property, Plant & Equipment
Property, plant and equipment, excluding land In order to obtain the completeness and accuracy of
building, are measures at cost less accumulated the measurement of Property, plant & equipment,
depreciation and accumulated impairment we have tested the following key control activities:
losses. Land and building are measured at • Attends the physical verification of fixed assets.
revaluated amount. The cost of an item of • Checking fixed asset register for property, plant
property, plant and equipment comprises its and equipment.
purchases price, import duties and non-refund- • Assessed the legal right and obligations of
able taxes (after deducting trade discount and plant & machinery.
rebates) and any costs directly attributable to • Assessed the control activities of assets.
bring the assets to the location and condition
necessary for it to be capable of operating in the Our substantive procedure in relating to the
intended manner. property, plant and equipment recognition and
measurements are following:
• Checked the purchase and adjustments with
relevant bills and vouchers.
• Verify the hard copy of fixed asset register.
• Verify the calculation process of depreciation.
• Checked the appropriateness of presentation
and disclosure.
See Note no. 3.3 and 04 of the Financial Statements.
Measurement of Deferred Tax liability
Deferred tax has been recognized due to In order to obtain the completeness and correctness of
temporary difference of taxable depreciation and the deferred tax, we have tested the following key
accounting depreciation in compliance of IAS-12. control activities:
• Assessed the completeness and accuracy of the
data used for the estimations/ calculation of
future taxable expenses.
• Assessed the key assumptions, controls,
recognition andmeasurement of deferred tax.
Our substantive procedure in relating to the deferred
tax measurements are following:
• Tested the calculation of tax based depreciation
and accounting based depreciation.
• Verify the procedure of deferred tax calculation
and recognition.
• Assessed the appropriateness of presentation
and disclosures against IAS 12.
See Note no. 3.20.2, 18 and 20 of the Financial Statements.
Recognition and Measurement of Material Purchase
Material purchase is recognized when the In order to obtain the completeness, accuracy and
material is received or MRR has been correctness of the material purchase, we have tested
issued. Generally MRR has been issued after the following key control activities:
quality checked by Quality Control Department. • Assessed the procedure of material purchase
requisition along with approval rate sheet and
quotation.

52
Key Audit Matters Our Response ot KAM
• Checked procurement policy correctly followed
or not.
• Assessed determination of purchase order
quantity effective or not.
• Verify the recognized vendor for material purchase.
Our substantive procedures is relating to the
material purchase comprises following:
• Verify all L/C related documents for imported
purchase.
• Verify the payment against bill.
• Verify work order along with approved rate sheet.
• Checked bill ,Challan and MRR with work
order and accounting records.
• Verify material quantity in MRR with stock
register and Challan.
• Verify Tax VAT issue when payment made.
See Note no. 32.02, 25 of the Financial Statements.
Employees’ Salary and Wages
Salary and wages are measured on accrual basis In order to obtain the accuracy, completeness and
and its allocation in accordance with cost center. correctness of the recording of employee’s salary
Salary and wages cost is measured when it is paid and wages, we have followed the following key
or payable or paid in advance. control activities:
• Assessed the provision of salary and wages.
• Checking salary approval by authorized person.
• Assessed the salary budget, requisition and
calculation.
• Assessed properly transfer with bank or cash
compare to salary statement.
• Assessed the allocation of salary and wages to
the cost center appropriately or not.
Our substantive procedure in relating to the total
salary and wages cost are as follows:
• Verify the provision and payment of total salary
and wages.
• Checked the salary calculation with salary
scale and budget.
• Tested the salary statement and voucher
properly or advance payment of salary, if any.
• Verify the deduction against salary, like Tax,
Advance Salary etc.
See Note no. 3.24, 25-27 of the Financial Statements.
IT Systems and Controls
Our audit procedures have a focus on information We have tested the design and operating
technology systems and controls due to the effectiveness of the Company’s IT access controls
pervasive nature and complexity of the IT over the information systems that are critical to
environment, the large volume of transactions financial reporting. We tested IT general controls
processed in numerous locations daily and the (logical access, changes management and aspects
of IT operational controls). This included testing that

53
Key Audit Matters Our Response ot KAM
reliance on automated and IT dependent manual requests for access to systems were appropriately
controls. reviewed and authorized.
Our areas of audit focus included user access
management, developer access to the production
environment and changes to the IT environment.
These are key to ensuring IT dependent and
applicationbased controls are operating effectively.
In addition, weunderstood where relevant, changes
weremade to the IT landscape during the auditperi-
od and tested those changes that had significant
impact on financial reporting.

Information Other than the Financial Statements and Auditor’s Report Thereon
Management is responsible for the other information. The other information comprises the Directors’ Report,
Information relating to Corporate Governance Compliance which we could not obtain prior to the date of this
auditor’s report and the company’s Annual Report, which is expected to be made available to us after that
date.
Our opinion on the financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, basedon the work we
have performed, we conclude that there is a material misstatement of this other information; we are required
to report that fact.
We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements and Internal controls
Management is responsible for the preparation and fair presentation of the financial statements in accordance
with International Financial Reporting Standards, and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements


Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or errorand are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional
skepticism throughout the audit. We also:

54
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion,forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be
expected to out weigh the public interest benefits of such communication.

Report on other Legal and Regulatory Requirements


In accordance with the Companies Act 1994 and the Securities and Exchange Rules 1987, we also report the
following:
a) We have obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit and made due verification thereof;
b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as
it appeared from our examination of these books;
c) The Statement of financial position and statement of profit or loss and other comprehensive income
dealt with by the report are in agreement with the books of accounts and returns; and
d) The expenditure incurred was for the purposes of the Company’s business.

Dated: Dhaka. Md. Shirazul Islam Khan, FCA


22 October 2019 Shiraz Khan Basak & Co.
Chartered Accountants
55
Quasem Industries Limited
Statement of Financial Position
As at 30 June 2019
Amount in BDT
ASSETS Notes 30-June-2019 30-June-2018
Non-Current Assets 2,254,589,035 2,070,190,732
Property, Plant and Equipment 4.00 2,193,444,556 1,936,226,055
Capital Work in Progress 5.00 38,173,942 105,515,253
Intangible Assets 6.00 796,500 796,500
Investments 7.00 16,517,344 16,517,344
Other Assets 8.00 651,861 2,822,574
Advances, Deposits and Prepayments 9.00 5,004,832 8,313,007
Current Assets 724,770,446 672,324,847
Advances, Deposits and Prepayments 10.00 77,498,596 51,922,300
Inventories 11.00 499,312,362 540,977,982
Trade and Other Receivables 12.00 67083812 36,494,639
Advance Income Tax 13.00 49,340,140 28,678,819
Cash and Cash Equivalents 14.00 31,535,536 14,251,107
TOTAL ASSETS 2,979,359,481 2,742,515,579
EQUITY AND LIABILITIES
Shareholders’ Equity 1,952,844,871 1,904,414,220
Share Capital 15.00 588,473,860 525,423,080
Share Premium 16.00 198,000,000 198,000,000
Reserve and Surplus 17.00 251,827,948 254,307,872
Revaluation Surplus 18.00 914,543,063 926,683,268
Total equity 1,952,844,871 1,904,414,220

Non-Current Liabilities 307,732,010 178,205,187


Term Loan 19.00 4,265,993 12,767,784
Deferred Tax Liability 20.00 169,320,881 165,437,403
Lease Liability 134,145,136 -
Current Liabilities 718,782,600 659,896,172
Trade and Other Payables 21.00 84,669,774 65,268,254
Accruals and Provisions 22.00 60,930,886 54,996,566
Short Term Loan & Bank Overdrafts 23.00 543,670,595 531,129,575
Current Portion of Long Term Loan 19.00 8,501,784 8,501,777
Current Portion of Lease Liability 21,009,561 -
TOTAL EQUITY AND LIABILITIES 2,979,359,481 2,742,515,579
Number of Share Used to Calculate NAV 15.00 58,847,386 58,847,386
Net Asset Value per Share 32.09 33.18 32.36
The accompanying notes form an integral part of these Financial Statements.

Director Managing Director/CEO Chairperson

Director, CA & Company Secretary


Dated: Dhaka. Shiraz Khan Basak & Co.
22 October 2019 Chartered Accountants

56
Quasem Industries Limited
Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2019
Amount in BDT
Notes 2018-2019 2017-2018
Turnover 24.00 1,855,505,333 2,015,562,381
Cost of Goods Sold 25.00 1,515,657,352 1,649,696,618
Gross Profit 339,847,981 365,865,763
Operating Expenses 248,597,251 244,055,571
Administrative Expenses 26.00 129,694,444 118,761,433
Selling and Distribution Expenses 27.00 118,902,807 125,294,138
Profit after Operating Expenses 91,250,730 121,810,191
Finance Cost 28.00 55,498,560 41,071,289
Profit after Finance Cost 35,752,170 80,738,902
Distribution Service Charges 30,345,525 29,093,573
Net Profit from Operation 66,097,695 109,832,475
Non Operating Income 2,236,616 1,466,164
Income From Dividend 2,177,953 1,444,277
Other Income 29.00 58,663 21,887
Net Profit before WPPF 68,334,311 111,298,640
Contribution to WPPF 3,254,015 5,564,932
Net Profit before Tax 65,080,296 105,733,708
Income Tax Expenses 30.00 16,270,074 26,433,427
Current Tax 8,339,861 19,991,880
Deferred Tax 7,930,213 6,441,547
Net Profit for the Year 48,810,222 79,300,281
Unappropriated Surplus brought Forward (Re-stated) 31.00 77,009,490 65,186,296
Surplus Available for Appropriation 125,819,712 144,486,577

Other Comprehensive Income - -


Total Comprehensive Income 48,810,222 79,300,281

Number of Share Used to Calculate EPS 15.00 58,847,386 58,847,386


EPS Basic/Diluted 32.09 0.83 1.35

The accompanying notes form an integral part of these Financial Statements.

Director Managing Director/CEO Chairperson

Director, CA & Company Secretary

Dated: Dhaka. Shiraz Khan Basak & Co.


22 October 2019 Chartered Accountants

57
Quasem Industries Limited
Statement of Changes in Equity
For the year ended 30 June 2019
Amount in BDT

Particulars Share Share Revaluation Reserve & Surplus Total


Capital Premium Surplus Retained Other
Earnings Reserve
Balance as at 01.07.2017 445,273,790 198,000,000 939,256,266 225,547,446 19,717,262 1,827,794,764
Net Profit for the Year - - - 79,300,281 - 79,300,281
Restated Profit adjustment - - - (6,871,829) - (6,871,829)
Revaluation Reserve Realized - - (12,572,997) 12,572,997 - -
Deferred Tax for Revaluation - - - 4,190,999 - 4,190,999
Surplus realized
Dividend (Stock ) 80,149,290 - - (80,149,290) - -
Balance as at 30.06.2018 525,423,080 198,000,000 926,683,268 234,590,610 19,717,262 1,904,414,220

Balance as at 01.07.2018 525,423,080 198,000,000 926,683,268 234,590,610 19,717,262 1,904,414,220


Net Profit for the Year - - - 48,810,222 - 48,810,222
Restated Profit adjustment - - - (4,426,317) - (4,426,317)
Revaluation Reserve Realized - - (12,140,205) 12,140,205 - -
Deferred Tax for Revaluation - - - 4,046,735 - 4,046,735
Surplus realized
Dividend (Stock ) 63,050,770 - - (63,050,770) - -
Balance as at 30.06.2019 588,473,860 198,000,000 914,543,063 232,110,685 19,717,262 1,952,844,871

Director Managing Director/CEO Chairperson

Director, CA & Company Secretary

Dated: Dhaka. Shiraz Khan Basak & Co.


22 October 2019 Chartered Accountants

58
Quasem Industries Limited
Statement of Cash Flows
For the year ended 30 June 2019
Amount in BDT
2018-2019 2017-2018

A) Cash Flows from Operating Activities:


Collection from customers 2,024,385,426 2,241,741,191
Received from Operating income :
Distribution service charge 21,826,104 26,241,100
Other Income 58,663 21,887
Payment to Supplier & Employees (1,689,977,089) (1,976,521,452)
Bank Interest and Charges Paid (55,498,560) (41,071,289)
VAT and Supplementary Duty Paid (184,594,153) (187,861,394)
Income Tax Paid or Deducted at Source (20,661,321) (28,661,706)
Net cash flow from/(used in) Operating Activities 95,539,070 33,888,337

B) Cash Flows from Investing Activities:


Acquisition of fixed assets (54,609,084) (87,473,277)
Acquisition of CWIP (29,073,240) (36,211,690)
Advance paid for PPE (39,500) (4,641,825)
Dividend Received 1,427,953 1,444,277
Intangibles - (796,500)
Net cash flow from/(used in) Investing Activities (82,293,871) (127,679,015)

C) Cash flows from financing activities:


Short term and Bank OD Received / (Refund) 12,541,020 70,363,391
Bank loan (Auto Loan) Received / (Refund) (8,501,791) (7,450,634)
Dividend paid - (16,764)
Net cash flow from/(used in) Financing Activities 4,039,229 62,895,993
Net Cash Surplus/(Deficit) for the Year (a+b+c) 17,284,429 (30,894,685)
Cash & Bank Balances at the beginning of the Year 14,251,107 45,145,792
Cash & Bank Balances at the end of the Year 31,535,536 14,251,107
Net Cash Surplus/(Deficit) for the Year 17,284,429 (30,894,685)

Number of Share Used to Calculate NOCFPS 58,847,386 58,847,386


Net Operating Cash Flow Per Share 1.62 0.58

Director Managing Director/CEO Chairperson

Director, CA & Company Secretary

Dated: Dhaka. Shiraz Khan Basak & Co.


22 October 2019 Chartered Accountants

59
Quasem Industries Limited
Notes to the Financial Statements
For the Year Ended 30 June 2019
1. Reporting entity
1.1 Company Profile:
Quasem Industries Limited, a public company limited by shares, was incorporated in Bangladesh on
14 June, 1980 under the Companies Act 1913 and obtained the Certificate of Commencement of
Business from the Registrar of Joint Stock Companies (RJSC) on the same date. Its shares are
listed on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE).
The Board of Directors meeting held on 17 Oct 2017 and subsequent approval of 36th AGM held on
08 November 2017, the name of Company has been changed to Quasem Industries Limited due to
diversification of business activities.
1.2 Nature of Business Activities:
The company owns and operates a modern Drycells factory and produces UM-1 and UM-3, UM-4
Metal Jacket, Vinyl Jacket Batteries, Flash Light, Air Fresheners, Battery operated products,
Aluminum can and body spray under the brand name of “Wave” and sales the same in the local
markets, marketing and distributing the products of Quasem Food Products Limited and Quasem
Lamps Limited.
1.3 Investment in Associates:
An entity in which an investor has significant influence but which is neither a subsidiary nor an
interest in a joint venture is classified as Investment in Associates. Quasem Industries Limited
acquired 21.67% of shares of Quasem Food Products Limited which was incorporated in 13 May
2005; vide Reg. No.-C-57311(3994)/05 under the Companies Act, 1994 as a Private Limited
Company.
1.4 Date of Authorization:
The financial statements of Quasem Industries Limited for the year ended 30 June 2019 were
authorized for issue in accordance with a resolution of the Board of Directors on
22 October 2019.
1.5 Reporting Period:
The reporting period of the company covers one year from 01 July 2018 to 30 June 2019.
2. Basis of presentation of Financial Statements
2.1 Basis of Measurement of Elements of Financial Statements:
Measurement is the process of determining the monetary amounts at which the elements of the
financial statements are to be recognized and carried in the statement of financial position and profit
or loss and other comprehensive income. The measurement basis adopted by Quasem Industries
Limited is historical cost for land, building and plant and machinery which are stated at revalued
amount, inventories are at the lower of cost and net realizable value. Liabilities are recorded at the
amount of proceeds received in exchange for the obligation, or in some circumstances (for example,
income taxes), at the amounts of cash or cash equivalents expected to be paid to satisfy the liability
in the normal course of business.
2.2 Statement of Compliance with Laws:
The Financial Statement have been prepared in accordance with the relevant laws and schedule of
the SEC Rules 1987, the listing Regulation of the Dhaka Stock Exchange Limited, 1996 and of the
Companies Act, 1994 and other relevant local laws as applicable.

60
2.3 Statement on Compliance of Accounting Standards:
The financial statements have been prepared and presented in accordance with the applicable
International Accounting Standards (IAS) and International Financial Reporting Standard (IFRS)
adopted by the Institute of Chartered Accountants of Bangladesh (ICAB).
2.4 Application of Standards:
The following IFRSs and IASs are applicable for the financial statements of the company for the year
under audit:
IFRS 1 First time adoption of International Financial Reporting Standards
IFRS 9 Financial Instruments
IFRS 15 Revenue from contracts with customers
IFRS 16 Leases
IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 7 Statement of Cash Flow
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events after the reporting Period
IAS 12 Income Taxes
IAS 16 Properties, Plant & Equipment
IAS 17 Leases
IAS 23 Borrowing Costs
IAS 24 Related Party Disclosures
IAS 28 Investment in Associates and Joint Ventures
IAS 33 Earnings per Share
IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Assets
IAS 38 Intangible Assets
2.5 Going Concern:
At each year end management of the Company makes assessment of going concern as required by
IAS-1. The company has adequate resources to continue its operation for the foreseeable future and
has wide coverage of its liabilities. The Directors continue to adopt going concern assumption while
preparing the financial statements.
2.6 Currency Presentation:
2.6.1 Functional and Presentational Currency and Level of Precision:
The financial statements are prepared in Bangladesh Taka (Taka/Tk./BDT) which is the Company's
both functional currency and presentation currency. All financial information presented in Taka and
has been rounded off to the nearest Taka.
2.6.2 Foreign Currency Translation:
Foreign currencies have been translated into Taka currency at the ruling rate on the transaction
dates. Monetary assets and liabilities are reconverted at the rates prevailing at the reporting period.
Non –monetary assets and liabilities are reported using the exchange rate at date of transaction.
Differences arising on conversion are changed to the Statement of Profit or Loss and Other
Comprehensive Income.
2.7 Materiality and Aggregation
Each material class of similar items is presented separately in the Financial Statements. Items of a
dissimilar nature or function are presented separately unless they are immaterial.

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2.8 Use of estimates and judgments:
The preparation of financial statements in conformity with IAS/IFRSs 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 ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimates are revised if the revision affects only
that period or in the period of revision and future periods if the revision affects both current and
future periods.
In Particular, Information about significant areas of estimation and judgments in applying accounting
policies that have the most significant affects on the amount recognized in the financial statements
are described in the following notes:
Note 04 Property, Plant and Equipments
Note 20 Deferred tax -liabilities
Note 11 Inventories valuation
Note 12 and 21 Trade & other Receivables and Payables
Note 22 Accruals and Provisions

2.9 Presentation of Financial Statements


The presentation of these financial statements is in accordance with the guidelines provided by
IAS 1: “Presentation of Financial Statements”. A complete set of financial statements comprises:
The financial statement comprises of:
(a) Statement of Financial Position as at 30 June 2019;
(b) Statement of Profit or Loss and other Comprehensive Income for the year ended 30 June 2019;
(c) Statement of Changes in Equity for the year ended 30 June 2019;
(d) Statement of Cash Flows for the year ended 30 June 2019; and
(e) Notes, comprising summary of significant accounting policies and explanatory information to
the Financial Statements for the year ended 30 June 2019.

3. Summary of Significant Accounting Policies:


The accounting policies set out below have been applied consistently (otherwise as stated) to all
periods presented in these financial statements.

3.1 Accounting Convention and Basis:


The financial statements have been prepared in accordance with International Accounting Standards
(IAS), International Financial Reporting Standards (IFRS), Securities and Exchange Rules 1987, the
Companies Act, 1994 and other laws and regulations applicable in Bangladesh.

3.2 Comparative Information:


As required by the paragraph 38, 40, & 41 of IAS-1 “Presentation of Financial Statement”,
comparative information in respect of the previous year has been presented in all numerical
information in the financial statements. Previous year’s balances have been reclassified as and
where applicable for the fair presentation of Financial Statements.
3.3 Property, plant and equipments
3.3.1 Recognition and measurement:
Items of property, plant and equipment, excluding land building, are measurements at cost less
accumulated depreciation and accumulated impairment losses, if any. Land and building are

62
measured at revaluated amount. The cost of an item of property, plant and equipment comprises its
purchases price, import duties and non-refundable taxes (after deducting trade discount and rebates)
and any costs directly attributable to bring the assets to the location and condition necessary for it to
be capable of operating in the intended manner.
3.3.2 Subsequent costs:
The cost of replacing part of an item of property, plant, and equipment is recognized in the carrying
amounts if it is probable that the future economic benefits embodied within the part will flow to the
company and its cost can be measured reliably. The costs of the day-to- day servicing of property, plant
equipment recognized in the Statement of Profit or Loss and Other Comprehensive Income as incurred.
3.3.3 Depreciation:
Depreciation on fixed assets is charged using ‘reducing balance’ method at the rates varying from
2% to 15%. Depreciation was charged as when assets were acquisition and commercial uses of
respective assets.
No depreciation is charged on land, capital work in progress, also any cost of assets transferred from
CWIP and inventories on 30 June 2019. The rates depreciation, applied on reducing balance
method, for the comprehensive years are as follows:

Particulars: 2018-2019 2017-2018


Land & Land Developments 0% 0%
Building office 2% 2%
Plant & Machinery 5% 5%
Building Factory 2.5% 2.5%
Tools & Equipment 15% 15%
Office equipment 15% 15%
Vehicles 10% 10%

3.3.4 Revaluation of Property, Plant and Equipments:


The company made revaluation of the company’s Land and Land Developments, Building, Plant and
Machinery and Head Office Building as of 30 June 1996 and 30 June 1997 & 20 December 2010 to
reflect fair value thereof. The latest revaluation has been conducted by G. K Adjusters Ltd. The entity
is a licensed Certified Surveyor Government of Bangladesh.

3.3.5 Capital Work-In-Progress:


Property, plant and equipment under construction/acquisition have been accounted for as capital
work-in-progress until construction/acquisition is completed and measured at cost.

3.3.6 Capitalized Borrowing Cost:


Borrowing cost relating to acquisition of fixed asset, is capitalized as per International Accounting
Standard (IAS-23) - Borrowing Cost at the weighted average cost of borrowing. However,
capitalization of borrowing costs is ceased when acquisition of relevant asset is completed.
3.4 Impairment of Assets:
At each Statement of Financial Position date, the company reviews of its assets to determine whether
there is any indication of impairment as per IAS -36: Impairment of Assets. In March 2019, the Head
Office building of the entity caught by horrible fire, which required to relocate the company’s Head
office. Management & Owner’s Association of the building hardly trying to solve the all legal issues
and repair the damage of the building to make it usable. During the year there was no indication of
impairment of assets, as such no adjustment was given in the financial statement for impairment.

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3.5 Investment:
Investment represents investment in shares in Central Depository Bangladesh Ltd. (CDBL) and
Quasem Food Products Ltd. All investments are measured at cost.

3.6 Lease:
3.6.1 Finance Lease:
Leases are classified as Finance lease whenever the terms of the lease transfer substantially all the
risk and reward of the ownership to the lessee. Upon initial recognition, the leased assets are
measured at an amount equal to the lower of its fair value and the present value of minimum lease
payment. Subsequent to initial recognition, the asset is accounted for in accordance with the
accounting policy applicable to the cost.
QIL recognized its leases hold machinery in Metal Product Unit (High Pressure Can) from operating
lease to finance lease to comply the IFRS-16. Since the lease hold assets has been recognized as
on 30th June 2019, no depreciation charged on the value of lease hold assets “Right of use Assets”
during this year.

3.6.1.1 Depreciation:
Depreciation is charged as per policy applicable for the owned assets of the Company.

3.6.1.2 Lease Payment:


Minimum lease payments made under finance leases are apportioned between the finance
expenses and the reduction of the outstanding liability. The finance expense is allocated to each
period during the lease term so to produce a constant periodic rate of interest on the remaining
balance of the liability.

3.6.2 Operating Lease:


All other leases are classified as operating lease. Payments made under operating leases are
recognized in Statement of Profit or Loss and Other Comprehensive Income straight line basis over
the term of the lease.

3.7 Intangible assets:


3.7.1 Goodwill:
Goodwill represents the excess of the cost of the acquisition over the group’s interest in the net value
of the identifiable assets and liabilities of the acquirer on the date of acquisition.

3.7.2 Software:
Software that acquire by Group, which have finite useful lives, are measured as cost less
accumulated amortization and accumulated impairment losses, if any.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied
in the specific assets to which it relates.

3.7.3 Patents, Design and Trademarks


Intangible assets that are acquired by the Company have measured at cost less accumulated
amortization and accumulated impairment losses, if any, incompliance with International Accounting
Standards 38 (Intangible assets). Measurement of costs involves purchase cost and any directly
attributable costs of preparing the asset for its intended use. Subsequent expenditure is capitalized
only when it increases the future economic benefits embodied in the specific asset to which it relates.
Patents, Designs and Trade Marks have indefinite useful life hence amortization did not take place.
The intangibles are subject to under review annually to access whether there has been a fall in its
value in accordance with IAS – 38.

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3.7.4 Amortization:
Amortization is charged in the income statement on a straight line basis over the estimated useful
lives of intangible assets other than goodwill. Amortizations on additions are charged at 50% of
normal rates only in the year of acquisition. Amortized is charged at the rates of 05-20% depending
on the estimated useful lives of assets and no amortization is charged in the year of disposal except
other assets.
3.8 Financial Instrument:
A financial instrument is any contract that gives to a financial asset of one entity and a financial
liability or equity instrument of another entity.
3.8.1 Financial Assets:
The company initially recognizes receivable and deposit on the date that they are originated. All
other financial assets are recognized initially on the dated at whom the company becomes a party to
the contractual provisions of the transaction.
Financial assets include cash and cash equivalents, account receivables, and long term receivables
and deposit.
3.8.1.1 Trade and other Receivables:
Trade and other receivable represent the amount due from customers of credit sales and also
include receivable from employees and others. Account receivables are stated net of bad debt
provision and unearned carrying charges.
3.8.1.2 Cash and Cash Equivalent:
Cash and cash equivalent comprises cash balances both in hand at bank, cash in transit and fixed
deposit with original maturities of three months or less.
3.8.2 Financial Liability:
The company initially recognized debt securities when issued and subordinated liabilities at the date
that they are originated. All other financial leases obligations, loans and borrowings, Trade and
other payables also traded as Financial Liabilities.
3.8.2.1 Payables:
The company recognizes a financial liability when its contractual obligations arising from the past
events are certain and the settlement of which is expected to result and outflow from the company
of resources embodying economic benefit.
3.9 Current versus non-current classification
The company presents assets and liabilities in statement of financial position based on current/
non-current classification. An asset is current when it is:
i) expected to be realized or intended to be sold or consumed in normal operating cycle, or
ii) expected to be realized within twelve months after the reporting perios, or
iii) held primarily for the purpose of trading, or
iv) cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting period.
All other assets are classified as non-current.
A liability occurs when it is:
i) expected to be realized or intended to be sold or consumed in normal operating cycle, or
ii) expected to be realized within twelve months after the reporting perios, or
iii) held primarily for the purpose of trading, or
iv) there is no unconditional right to defer the settlement of the liability for at least twelve months
after the reporting period .
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
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3.10 Inventories:
Inventories have been shown at the value determined under the following basis:
Items Basis of valuation
Raw Materials Weighted Average Cost
Packing Materials Weighted Average Cost
Stores & Spares Weighted Average Cost
Promotional Stock Weighted Average Cost
Work-in-Process Raw & packing materials cost which includes all the
materials issued to production floor.
Finished Goods Weighted Average Cost
Miscellaneous Stock Weighted Average Cost

3.11 Cash and Cash Equivalents:


For the purpose of Statement of Financial Position and Cash Flow Statements, Cash in hand and
Bank balances represent cash and cash equivalents considering the IAS-1 “Presentation of
Financial Statements” and IAS-7 “Cash Flow Statement”, which provide that Cash and Cash
equivalents are readily convertible to known amounts of Cash and are subject to an insignificant risk
of changes in value and are not restricted as to use.
3.12 Cash Flow Statement:
Cash Flow Statement is prepared principally in accordance with IAS-7 “Cash Flow Statement” and
the cash flow from the operating activities have been presented under direct method as prescribed
by the Securities and Exchange Rules, 1987 and considering the provision of paragraph 19 of IAS-7
which provides that “Enterprises are Encouraged to Report Cash Flow from Operating Activities
Using the Direct Method”.
3.13 Trade Receivables:
Trade receivable is stated at nominal value which is the fair value of the consideration given in
return. After initial recognition these are carried at nominal value less impairment losses due to
non-collectability of any amount so recognized.
3.14 Provisions:
A provision is recognized on the balance sheet date if, as a result of past events, the Company has a
present legal or constructive obligation that can be estimated reliably, and it is probable that an
outflow of economic benefits will be required to settle the obligation.
3.15 Revenue Recognition:
Revenue from the transfer of goods and services measured at the value that reflects the
consideration to which the company expects to be entitled in exchange for those goods and services.
The company considers the term of the contract and its customary business practices to determine the
transaction price. The transaction price is the amount of consideration to which the entity expects to be
entitled in exchange for transferring promised goods or services to a customer. The consideration
promised in a contract with a customer may include fixed amounts, variable amounts, or both.
In the comparative period, revenue was measured at the fair value of the consideration received or
receivable, net of discounts and sales related taxes. Revenue was recognized when goods or
services rendered, to the extent it was probable that the economic benefits from the transactions
would flow to the company and the revenue could be reliably measured.
The amount of revenue can measured reliably and usually occurred at the time of delivery of goods
and services along with invoices.

66
3.15.1 Other Income
Other income is recognized when the company's right to receive such income has been reasonably
determined and all conditions precedent is satisfied.
3.16 Finance Cost:
Finance expense comprises interest expense on working capital loan, overdraft, and bank
charges. All finance expenses are recognized in the Statement of Profit or Loss and Other
Comprehensive Income.
3.17 Earnings per Share:
The Company presents basic and diluted (when applicable) earnings per share (EPS) data for its
ordinary shares. The company calculates its earnings per share (EPS) “Net earnings during the
period divided by number of shares outstanding at the Statement of Financial Position date.”
3.17.1 Basic Earnings per Share:
Basic earnings per share are calculated by dividing the profit and loss attributable to the ordinary
shareholders of the Company by the weighted average number ordinary share outstanding during
the period.
3.17.2 Diluted Earnings Per Share:
For purpose of calculating diluted earnings per share, the number of ordinary shares shall be the
weighted average number of ordinary shares calculated in accordance with IAS-33 paragraphs 19 &
26 plus the weighted average number of ordinary shares that would be issued on the conversion of
all the dilutive potential ordinary shares into ordinary shares.
3.18 Dividend income:
Dividend income on shares is recognized during the period in which it is declared and ascertained.
During the Year the company received Tk.1, 444,277 as dividend from investment in shares of CDBL
and Tk. 750,000 from Quasem Food Products Ltd.
3.19 Commission / Brokerage to selling agent:
No commission was incurred or paid to neither any sales agent nor any brokerage or discount other
than conventional trade discount was incurred or paid against sales.
3.20 Income Tax:
Income tax expenses comprise current and deferred tax. Income tax expenses are recognized in the
Statement of Profit or Loss and Other Comprehensive income.
3.20.1 Current Tax:
Current tax expenses are recognized in Statement of Profit or Loss and Other Comprehensive
Income. Current tax is the expected tax payable except deferred tax on the taxable income for the
year using tax rates. The company qualifies as a publicly traded company hence the applicable tax
rate is 25% on taxable profit.
3.20.2 Deferred Tax:
Deferred Tax Assets/Liabilities is recognized as per International Accounting Standard (IAS-12).
Deferred tax asset/ Liabilities is calculated considering temporary difference of accounting base and
tax base depreciation.
3.21 Reclassification:
During period figures, wherever considered necessary, have been rearranged/restated/ reclassified,
for the purpose of comparison with current year’s presentation without any impact on the profit and
value of assets and liabilities as reported in the financial statements except mentioned in Note 3.26.

67
3.22 Sources of Information:
During our course of preparation and presentation of the financial statements it has been
considered the relevant financial documents and collected information throughout the accounting
period ended 2018-2019 after overlooking of the head of accounts.
3.23 Risk Exposure
3.23.1 Financial Risk Management:
The management of company has overall responsibility for the establishment and oversight of the
company’s risk management framework. Risk management policies, procedures and systems are
reviewed regularly to reflect changes in market conditions and the company’s activities. The
company has exposure to the following risks for its use of financial instruments.
 Credit risk
 Liquidity risk
 Market risk
 Industry risk
 Operational risk
 Currency risk
 Interest rate risk
3.23.1.1 Credit Risk:
Credit risk is the risk of a financial loss to the company if a customer or counterparty to a financial
instrument fails to meet its contractual obligations and arises principally from the company’s
receivables. Management has a credit policy in place and exposure to credit risk is monitored on
an ongoing basis. As at 30 June 2019, substantial part of the receivables are those from its
company related and subject to insignificant credit risk. Risk exposures from other financial assets
i.e. Cash at bank and other external receivables are nominal.
3.23.1.2 Liquidity Risk:
Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall
due. The company’s approach to managing liquidity (cash and cash equivalents) is to ensure as far
as possible, that it will always have sufficient liquidity to meet its liabilities when due under both
normal and stressed conditions without incurring unacceptable losses or risking damage to the
company’s reputation. In extreme stressed conditions the company may get support from the
related company in the form of short term financing.
3.23.1.3 Market Risk:
Market risk refers to the risk of adverse market conditions affecting the sales and profitability of the
company. Mostly, the risk arises from falling demand for the product or service which would harm
the performance of the company. The company has strong marketing and brand management
would help the company to increase their customer base.
3.23.2 Industry Risks:
Industry risk refers to the risk of increased competition from foreign and domestic sources leading
to lower prices, revenues, profit margin, and market share which could have an adverse impact on
the business, financial condition and results of operation.

3.23.3 Operational Risks:


Operational risk summarizes the risks a company undertakes when it attempts to operate within a
given field or industry. Operational risk is the risk not inherent in financial, systematic or market-wide
risk. It is the risk remaining after determining financing and systematic risk and includes risks
resulting from breakdowns in internal procedures, people and systems. The Management has built
strong supply chain management to operate the business smoothly.

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3.23.4 Currency risk:
The company is exposed to currency risk on certain revenues and purchases such as revenue from
foreign customers and import of raw material, machineries and equipment. Majority of the company’s
foreign currency transactions are denominated in USD and relate to procurement of raw materials,
machineries and equipment from abroad. The management has procurement policy to purchase the
Raw Material imported from abroad.
3.23.5 Interest rate risk:
Interest rate risk is the risk that arises due to changes in interest rates on borrowing. There was no
foreign currency loan which is subject to floating rates of interest. Local loans are, however, not
significantly affected by fluctuations in interest rates. The company has not entered into any type of
derivative instrument in order to hedge interest rate risk as at the reporting date.
3.24 Employee Benefits:
The company maintains both defined contribution plan (Provident fund) and defined benefit plan
(gratuity fund) for all its permanent employees. The eligibility is determined according to the terms
and conditions set forth in the respective trust deeds.
3.24.1 Define contribution plan (Provident Fund):
Defined contribution plan is cost employment benefit plan under which the company provides
benefits for all of its permanent employees. The recognized employees’ provident Fund is being
considered as defined contribution plan as it meets the recognition criteria specified for this purpose.
All permanent employees contribute 10% of their basic salary to the provident fund and the company
also makes equal contribution. This fund is recognized by the National Board of Revenue (NBR).
3.24.2 Defined Benefit Plan (Gratuity):
Defined benefit plan is a retirement plan under amounts to be paid as retirement benefits are
determined by reference to employees’ earnings and / or years of service. The employees’ Gratuity
Fund is being considered as defined benefit plan as it meets the recognition criteria. Company
operates an unfunded gratuity scheme for its permanent employees, under which an employee is
entitled to the benefits depending on the length of service and last drawn basic salary.
Projected Unit Credit method is used to measure the present value of defined benefits obligations
and related current and past services cost and mutually compatible actuarial assumptions about
demographic and financial variables are used.
3.24.3 Short term employee benefits:
This relates to leave encashment and is measured on an undisclosed basis and expensed as the
related service is provided. Provision is made for the annual leave encashment based on the latest
basic salary. This benefit is applicable for employees as per services rule.
3.24.4 Workers' Profit Participation Fund:
Contribution to Workers’ Profit Participation Fund has been made at 5% of the net profit in
accordance with The Bangladesh Labor (Amendment) Act, 2013.
3.24.5 Festival bonus
Each employee is entitled to get festival bonus as per terms of service rules.
3.25 Events after the Reporting Period:
As per IAS-10 “Event after the reporting period” are those event favorable and unfavorable that occurred
between the end of the reporting period and the date when the financial statements are authorized for the
issue. There were no material event occurred within the date of authorization and after the reporting date
which could affect the values in financial statements except disclosed in note 32.15.
3.26 Re-stated of Unappropriated surplus Brought Forward:
Unappropriated surplus brought forward for the year ended 2017-2018 is re-stated as per IAS-8
under paragraph 40 & 41.
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Amount in BDT
4.00 Property, Plant and Equipment: Tk. 2,193,444,556
30-June-2019 30-June-2018
A. Cost:
Balance as on 01-July-18 1,551,147,465 1,396,198,019
Add: Addition during the Period 309,526,007 154,949,446
Sale/Deletion - -
1,860,673,471 1,551,147,465
Revaluation Surplus 1,206,606,926 1,206,606,926
Balance as on 30-June-19 3,067,280,397 2,757,754,391

B. Accumulated Depreciation:
Balance as on 01-July-18 821,528,336 771,703,033
Less: Adjustment - -
Add: Charged for the Period 52,307,501 49,825,303
Balance as on 30-June-19 873,835,836 821,528,336

Written down value as on 30-June-19 (A-B) 2,193,444,556 1,936,226,055

Details are shown in Schedule-A

5.00 Capital Work in Progress: Tk. 38,173,942


Opening Balance 105,515,253 123,482,148
Add: Addition during the Period 32,420,915 49,509,274
Less: Transferred/Adjustment (99,762,226) (67,476,169)
38,173,942 105,515,253

Cost

Items 01-July-18 Addition/ Total Transfer/ 30-June-19


Trans From Adjustment
Factory Plant and Machineries (Unit 1 & 2) 2,634,294 28,275 2,662,569 - 2,662,569
Leasehold Machine & Spare 23,739,216 - 23,739,216 23,739,216 -
Land & Land Development (Unit 1 & 2) - 13,943,750 13,943,750 - 13,943,750
Land & Land Development (Unit 3) - 8,018,118 8,018,118 - 8,018,118
Factory Building (Unit 1 & 2) 3,983,508 434,201 4,417,709 - 4,417,709
Head Office (Icon Centre) - 1,763,371 1,763,371 - 1,763,371
Work Shop Tools & Other Stock - 5,161,086 5,161,086 - 5,161,086
Own Cost of Leased Machine (Can Making) 15,265,820 - 15,265,820 15,265,820 -
Own Cost of Leased Machine (Can Filling) 4,803,142 - 4,803,142 4,803,142 -
High Pressure Can Machine (Unit-3) 48,279,132 565 48,279,697 48,279,697 -
High Pressure Can Filling Machine 711,017 - 711,017 711,017 -
Food Can Machine 2,124,624 82,715 2,207,340 - 2,207,340
Factory Building-Pressure Can (Unit-3) 3,974,500 2,988,834 6,963,334 6,963,334 -
Total 30-06-2019 105,515,253 32,420,915 137,936,168 99,762,226 38,173,942
Total 30-06-2018 123,482,148 49,509,274 172,991,422 67,476,169 105,515,253

70
6.00 Intangible Assets: Tk. 796,500 Amount in BDT
30-June-2019 30-June-2018
Opening balance 796,500 -
Add: Additions during the year - 796,500
Less: Adjustments - -
796,500 796,500

Intangible assets that are acquired by the Company have measured at cost less accumulated
amortization and accumulated impairment losses, if any. Measurement of costs involves purchase cost
and any directly attributable costs of preparing the asset for its intended use. Subsequent expenditure
is capitalized only when it increases the future economic benefits embodied in the specific asset to
which it relates. Patents, Designs and Trade Marks, recognised by the company, have indefinite useful
life hence amortization did not take place in compliance with IAS - 38 (Intangible assets).

7.00 Investment: Tk. 16,517,344


Central Depository (BD) Ltd. 1,517,344 1,517,344
Investment in QFPL (Associate Company) 15,000,000 15,000,000
16,517,344 16,517,344

The above investment was in purchases of share of Central Depository (BD) Ltd. and share of
Quasem Food Products Ltd. The investment shown at cost since the above shares are not traded in
the active market.

8.00 Other Assets: Tk. 651,861


Opening Balance 2,822,574 2,899,505
Add: Deferred Expense - -
2,822,574 2,899,505
Less: Written off 69,958 76,931
Adjustments 2,100,755 -
651,861 2,822,574

The above balance represents the right share expenses, cost of hologram stickers and deferred
revenue expenditures. The portion of miscellaneous assets of Unit 1 and 2 have been written off by
10% per annum.

9.00 Advance, Deposits and Prepayments-Non Current: Tk. 5,004,832


Consumer Gas Services 2,262,500 2,262,500
Security Deposit (Titas Gas) 680,232 680,232
Earnest Money (EPB) 20,000 20,000
A.E.G Engineering - 3,347,675
BRB Cable Industries Ltd. 175 175
Flora Ltd. 39,500 -
Industrial Technical Services Ltd. 480,000 480,000
Jamuna International 1,346,925 1,346,925
Runner Bricks 175,500 175,500
5,004,832 8,313,007

71
Amount in BDT
10.00 Advance, Deposits and Prepayments-Current : Tk. 77,498,596 30-June-2019 30-June-2018
A Advance: 37,575,953 13,312,351
Purchase & Others (Note: 10.01) 20,425,172 3,873,323
Salaries (Head Office) 1,874,347 1,328,119
Local Purchases 958,585 109,580
Salaries & Wages (Factory) - 2,000
T.A & D.A 2,349,658 914,022
Against Final Settlements 11,862,000 7,002,000
Expenses- New Project 106,191 83,307
B Deposits: 29,174,472 25,742,068
Lease Deposits 8,315,914 7,602,914
Deposit Against Office Rent 1,651,240 461,000
Against Vehicles Bill (Asgar Hossain) 15,370 23,150
Deposit Against Gas Cylinder 1,687,000 1,687,000
Security & Other Deposit 391,407 391,407
Deposit against Appeal VAT 6,600,706 5,063,762
Bank Guarantee 512,834 512,834
Quasem Food Products Ltd. (Against Distribution) 10,000,000 10,000,000
C Prepayments: 10,748,171 12,867,882
Prepaid Insurance 1,575,211 1,596,370
Prepaid Expenses 8,079,768 7,987,051
VAT Current Account 1,093,192 3,284,461

Grand Total (A+B+C) 77,498,596 51,922,300

i) This is unsecured and considered good.


ii) No amount was due by the directors, managing agent, managers and other officers of the company
and any of them severally or jointly with any other person.
10.01Advance against Purchase & Others: Tk. 20,425,172
Advance against Purchase:
Barger Paints BD. Ltd. 1,559 6,430
Konabari Retail 137,886 200,561
Lanka Bangla Securities Ltd. 2,000 2,000
M.M Cargo Company 63,827 63,827
Purabi Chowdhury ( Chittagong ) 4,560 4,560
Sonali Centre Pvt. Ltd. 24,126 81,770
Sabuj Enterprise 3,103 20,000
VAT Receivable 475,087 475,087
Depak Das 118,275 106,725
S.M Rayhan Kabir 83,677 105,671
Glossy International 17,435,428 2,792,142
Bangladesh Monospole Paper Mfg. Co. - 9,050
Pest Guard - 4,050
Ogilvy & Mather Communication Pvt.Ltd 1,300,000 -
FNF Automation Works - 250
E.D.P Automoblis - 1,200
Pragati Insurance Ltd. 7,718 -
Central Depository (BD) Ltd. 40,951 -

72
Amount in BDT
30-June-2019 30-June-2018
Global Online/Aamra Networks Ltd. 66,656 -
BD Association of Pub.Listed Cos. 50,000 -
Dhaka Stock Exchange Ltd. 294,237 -
Chittagong Stock Exchange Ltd. 294,237 -
R.M Motors 9,005 -
New Globe Battery & Tyre 10,040 -
Md.Nuruzzaman Sarker 2,800 -
20,425,172 3,873,323

11.00 Inventories: Tk. 499,312,362


Raw Material 146,065,436 142,161,504
Packing Material 14,436,422 17,153,941

Work in Process: 17,593,021 22,172,633


Work in Process-Battery 15,373,863 19,817,687
Work in Process-Flash Light 734,033 700,430
Work in Process-Zinc Calot 1,162,419 1,130,145
Work in Process-Injection Moulding Plant 322,706 524,371

Finished Goods: 86,640,142 131,380,470


Battery -Factory Unit 1 & 2 15,561,367 101,993,395
Injection Moulding Plant 257,784 -
Metal Jacket & Can -Factory Unit-3 18,334,310 13,856,172
Flash Light Imported-Factory 2,709,500 2,799,039
Flash Light Manufacturing - Factory 699,410 2,941,290
Zinc Calot 1,243,867 2,830,553
Battery- Sales Office, Khilkhet 28,837,625 3,651,114
Gas Lighter-Sales Office, Khilkhet 14,807,771 656,197
Flash Light Sales Office, Khilkhet 580,595 342,100
Imported -Sales Office, Khilkhet 392,719 386,797
Air Freshener & Butane Gas-Sales Office, Khilkhet 2,944,996 1,633,042
Sun Chips -Sales Office, Khilkhet 270,198 290,771

Stock in Transit: 116,170,859 116,245,964


Materials 80,833,003 83,322,985
Spare Parts 35,337,856 32,922,979

Work Shop Tools & Materials - 3,317,417


Other Stock - 1,843,668
Indirect Materials 17,562,700 5,900,281
Stock of Order Memo 31,855 35,995
Stores & Spares 100,811,927 100,766,109
499,312,362 540,977,982

12.00 Trade and Other Receivables: Tk. 67,083,812


Trade Receivables (Note - 12.01) 48,470,265 21,338,306
Other Receivables (Note: 12.02) 18,613,547 15,156,333
67,083,812 36,494,639

73
12.01 Trade Receivables: Tk. 48,470,265 Amount in BDT
Sl. Aging Balance
Name of Distributors 30-June-2019 30-June-2018
No. 31-Dec-2018
1 A. Imam (254) (253) (8,289)
2 A.B. Electronics (1,529) 279,790 (1,327)
3 A.H. Enterprise (Shibchar) 236,865 202,942 (305,858)
4 Aador Store (Subidkhali) 164,173 (2,428) 177,278
5 Aamra Holdings Ltd. 1 1 1
6 Abdul Baser Ent (Savar) 244,188 903,338 97,980
7 Abdul Karim (H/O) 2,459 2,459 2,459
8 Abdul Rashid 210,458 131,606 (24,401)
9 Abeer Ent (Hazigonj) 32,189 29,460 (112,119)
10 Abhijit Paul (Madhabpur) 6,535 6,535 6,535
11 Abid Traders (Shibpur) 100,267 (138,717) (62,118)
12 Abir Enterprise (Polashbari) 14,463 14,463 14,463
13 Abu Taher & Brothers (21,266) 172,081 41,810
14 Abul Kashem (119) 272,041 50,000
15 Aci Logistics Ltd. 822,274 1,102,445 2,423,955
16 Aci Logistics Ltd.(Ctg) 104,552 111,405 142,305
17 Ad. Moments 27 27 27
18 Ad-Din Hospital 12,628 52,678 -
19 Adfine 126 127 126
20 Adora Bd Limited - (2) -
21 Aero-Link International Ltd. - 5,760 -
22 Agora (Rahim Afroj) 726,407 618,451 1,391,164
23 Ahana Distribution 14,289 14,289 14,289
24 Ahmed Enterprise (Bhaluka) 166,919 95,160 (349)
25 Ajoy Datta (Moulavibazar) 8,946 8,946 8,946
26 Akhoni.Com Ltd. (Bagdoom.Com) 3,429 729 -
27 Akij Group 1,920 - -
28 Alamgir Store 87,816 (239,470) (186,784)
29 Al-Amin Gen.St (Chhagalnaiya) 152,452 (78,652) (31,805)
30 Al-Amin Store (Monirampur) 147,158 177,837 (4,313)
31 Alampur Enterprise (21,706) (21,706) (21,706)
32 Alif Traders (Nangalkoat) - - (118,208)
33 Alim Store 111,784 177,791 (1,924)
34 Al-Madina Pharmaceuticals Ltd. 1 1 80,001
35 Almas Varities Store (Kasba) (41,613) (59,109) (73,425)
36 Almas (Dhanmondi) (0) (0) 1
37 Almas (Gulshan) 8 8 7,500
38 Al-Zihad Enterprise (Bancharampur) 65,857 (136,636) (10,036)
39 Aman Spinning Mills Ltd. - 1 -
40 Anik Store (Ramgar) (70,713) (160,590) (92,843)
41 Anik Store (Kustia) 161,125 293,029 183,911
42 Anowar Store (Anwara,Ctg) 565,862 83,747 (306,754)
43 Anwar&Brothers (Eidgaon,Coxs.B) (56,440) (116,125) -
44 Apex Pharma Ltd. 3,072 - -
45 Arafat Store - - (178,318)
46 Arjun Prashad Agarwalla 3,698 3,698 3,698
47 Aronno Furnishers Ltd. - 3,720 -
48 Arpita Enterprise (Shaam Nagor) (142,983) (186,793) (100,628)
49 Asad Dept. Store (Nagorpur) 1,488 1,497 4,100

74
Sl. Amount in BDT
Name of Distributors
No.
Aging Balance
30-June-2019 30-June-2018
31-Dec-2018
50 Asgar Ali Hospital (86) (86) 15,588
51 Asian Paints (Bd) Ltd. 2,469,111 2,680,754 209,216
52 Asif Enterprise (Shakhipur) 276 (46,745) (62,868)
53 Avalon International 9,600 4,800 13,600
54 Awal Store (Norshindi) (14,487) (14,487) (14,487)
55 Ayon Enterprise (Jessore) 376,289 602,257 83,897
56 Ayon Traders (Ulipur) 104,257 134,450 (32,923)
57 Az Accessories (238) (238) (238)
58 Azad Enterprise (Sandwip) 5,690 (38,968) (6,074)
59 Azmir Store (Teknaf) (36,900) 184,619 (2)
60 B.S. Stores (Patuakhali) 93,720 148,791 (17,007)
61 B.S. Traders (Nilphamari) 13,895 13,895 120,389
62 Babul Store (Phulpur) 1,437 (1,592) -
63 Backstreet Cafe - 1 -
64 Badal Store (Netrokona) 5,477 134,496 (117,206)
65 Banani Clinic Ltd. - 1,800 -
66 Bangamata Enterprise 18,312 18,312 18,312
67 Bangladesh Eye Hospital & Institute - 57,958 -
68 Bangladesh Store (Natore) 13,549 13,549 13,549
69 Bangladesh Store (Vojessore) 70,226 (13,327) (120,953)
70 Banik Enterprise 54,870 (4,066) 7,527
71 Banna Traders (Modhukhali) 254,641 163,566 (7,035)
72 Banna Variety Store (Nazipur) 205,007 1 (18,566)
73 Baraka Consumer Products Ltd. - - 3,600
74 Bashundhara Eye Hospital - (2) -
75 Bay Developments Ltd. - (1) -
76 Beacon Pharmaceuticals Ltd. - 693,471 -
77 Beauty Traders (Gobindagonj) 35,701 (13,603) (12,307)
78 Belal Traders (Singra,Natore) 86,369 (378) (4,252)
79 Bellavista Italian Restaurant - (1) -
80 Bengal Inn Hotel 3,360 3,360 -
81 Best Buy 13,705 13,705 13,705
82 Beximco Limited (4) 16,976 (4)
83 Bhai Bhai Store (Kulaura) 265,903 768,663 (229,854)
84 Bhai Bhai Store (Dewangonj) 24,347 (183,032) (82,689)
85 Biddyut - 961 -
86 Big Bazar 64,715 60,603 63,150
87 Biman Bangladesh Airlines Ltd. 78,456 1,087,471 557,676
88 Bin Hai Coffee - 3,720 -
89 Binimoy Bitan (Nangalkoat) - 427,377 -
90 Biopharma Ltd. 1 1 1
91 Biplob Store 1,783 1,783 1,783
92 Bishwas Enterprise (Narail) 170,487 72,553 (24,057)
93 Bishwo Rang - 36,000 -
94 Bismillah Enterprise 214,005 (9,362) 1,577
95 Bismillah Store (Kachua) 170,473 (76,214) (58,371)
96 Bismillah Store (Muladi) 367,915 195,971 (21,340)
97 Bismillah Store (Sonagazi) (21,734) (20,386) (6,038)
98 Bismillah Store (Tongi) (10) (10) (10)

75
Sl. Amount in BDT
Name of Distributors
No.
Aging Balance
30-June-2019 30-June-2018
31-Dec-2018
99 Bismillah Traders 5,269 5,269 5,269
100 Blush Studio - 960 -
101 Brac Centre Inn - 972 -
102 Brac Dairy & Food 223,724 22 81,532
103 C.S. Traders (Faridpur) 281,697 227,724 (356,663)
104 C.S.D. 415,898 479,642 707,820
105 Canteen North 201,969 216,761 156,022
106 Canteen South 273,741 94,964 155,799
107 Carrefamily 20,878 20,878 20,878
108 Carrefamily (Mohammadpur) 22,878 22,878 22,878
109 Central Hospital Ltd. 18,960 18,960 18,960
110 Centro (4) 34,120 -
111 Chaitaly Enterprise 88,114 93,043 (122,655)
112 Chaldal.Com 18,045 72,373 34,008
113 Chemist Laboratories Ltd. - 100,003 -
114 China Park Chinese & Thai Rest. - 960 -
115 Chitta Master Store 196,235 499,190 76,242
116 Choice Traders (Tangail) (140,402) (736,613) (210,289)
117 Chowdhury & Sons (1,573) (26,802) (67,330)
118 Civic Media Ltd. - (1) -
119 Combe Restaurant - (60) -
120 Concord Pharmaceuticals Ltd. 178,001 83,001 -
121 Daily Shopping 24,370 38,902 371,292
122 Daily Sun - 5,472 -
123 Daily Super Shop 44,833 38,833 45,231
124 Days Hotel Dhaka 3,840 3,840 4,800
125 Delta Pharma Ltd. 5,700 5,400 8,326
126 Dhaka Community Hospital - 10,800 -
127 Dhaka Store (Matlab) 83,254 (643) 5,394
128 Dhaka Store (2,423) (2,423) (2,423)
129 Dhali Super Shop 36,004 62,308 61,828
130 Didar Enterprise (Maijdee) (109,210) (21,186) (847)
131 Dipa Store 210,795 113,572 (46,204)
132 Diplomat's Bazaar - 168 -
133 Dird Group 4 4 4
134 Disha Traders 385,921 197,368 110,595
135 Dishari Ent (Shibgonj, Chapai) 46,185 219,519 (5)
136 Doreen Hotel & Resorts Ltd. 17 17 17
137 Doza Enterprise (1) (1) (1)
138 Durjoy Enterprise (Bhandaria) 143,147 51,623 (92,903)
139 East Coast Group 7,680 - -
140 East West Media Group Ltd. - 7,296 -
141 Edison Group (Sb Tel Ent.Ltd) 8,701 5,472 -
142 Ekota Store (Panchdona) 106,694 52,518 24,025
143 Electric Point 6,475 6,475 6,475
144 Etcetera Bangladesh (Pvt.) Ltd. 30,610 15,250 (110)
145 Fair Price Varities Store (Pangsha) (38,235) (69,611) -
146 Fairuz Enterprise (Feni) (292,224) (1,246,485) 221,631
147 Family Need Ltd. 13,351 13,351 13,351

76
Sl. Amount in BDT
Name of Distributors
No.
Aging Balance
30-June-2019 30-June-2018
31-Dec-2018
148 Family Needs Ltd. (492) (492) 3,724
149 Family Needs Ltd.-2 (184) (184) -
150 Family World Pvt.Ltd. 3,724 3,724 -
151 Farazy Hospital Ltd. 21,600 72,000 21,600
152 Fast Tapes & Chemicals Ltd. (1) (1) 156,985
153 Fatema Store 5,315 5,315 5,315
154 Fatema Traders (Sonargaon) (19,312) 386,964 (101,681)
155 Ferdousi Store (Bakerganj) 105,285 34,050 94,144
156 Floor 6 Reloaded - 1,595 -
157 Food Chain Asia Ltd. 12,600 37,800 10,800
158 Food Land Cafe - 1 -
159 Food Square (Uttara) - 960 -
160 Four Seasons - - 7,440
161 Four Star Enterprise 342,627 192,388 (2,281)
162 Foysal Traders (12,281) (12,281) (12,281)
163 Gausia Ahmedia Ent (Madunaghat) 335,012 652,203 (511,340)
164 Gawranga Bhandar 1,473,989 1,234,113 992,446
165 Gawranga Store (73,453) (73,453) (73,453)
166 Geeta & Sons (Sunamgonj) (5,950) 432,220 (22,451)
167 Giant Agro Processing Ltd. - 0 -
168 Global Brand Pvt. Ltd. - (3) -
169 Globe Pharmaceuticals Ltd. 120,001 1 -
170 Gmart Super Market Ltd. 62,186 62,186 97,565
171 Gopal Chandra Saha © 5,271 5,271 5,271
172 Gopal Chandra Saha (M) 16,160 16,160 16,160
173 Gulshan Club - 7,680 -
174 H.R.Traders (Dohar) 97,833 36,110 50,157
175 Hameem Enterprise (Nangalkoat) (32,427) (17,950) 9,172
176 Hanif Paribahan 3,600 25,920 3,600
177 Hannan Store (Badargonj) (89,027) 82,042 (70,580)
178 Haque & Co. (Drycell) Ltd. (28,442) (28,442) (28,000)
179 Haque Store 38,433 38,433 38,433
180 Harez & Sons (Gafargaon) 245,991 (42) (9,159)
181 Harun & Brothers (Keranihat) 4 (23,307) 0
182 Hasan Enterprise (Aakhaura) 149,705 4,535 (101,785)
183 Hawlader Traders (Mothbaria) (241,684) 734,660 (94,145)
184 Hazi Helimuddin (82,489) 42,935 54,540
185 Hazi Hurmuz Ali 128,302 128,302 128,302
186 Hazi Ismail Khan Store (Fakirhat) (112,577) (233,072) 199,181
187 Hazi Mostafa Enterprise (Hatia) - (444) -
188 Hazi Samidul Ent (Sherpur) 54,374 (392,297) 314,614
189 Hazi Store (Rangamati) (212,559) (306,063) (296,864)
190 Healthcare Pharmaceuticals Ltd. 92 92 11,092
191 Hemel Cosmetics (129) (129) (129)
192 Hotel Ashrafee - 2 -
193 Hotel Givenci Int'L - 3,672 -
194 Hotel Grace 21 - - 7,200
195 Hotel Le Meridian 44,280 131,218 68,031
196 Hotel Orchard Suites 11,520 15,360 11,520

77
Sl. Amount in BDT
Name of Distributors
No.
Aging Balance
30-June-2019 30-June-2018
31-Dec-2018
197 Hotel Purbani Int'L. - 19,200 -
198 Hotel Razmoni Isha Kha 11,800 32,400 -
199 Hotel The Capital (1) 7,751 -
200 Hotel Tropical Daisy - 9,300 -
201 Hotel Victory Ltd. - 11,161 -
202 Hridoy Confectionery (Domar) (104,346) (79,822) -
203 Humayun Store 37,737 (3,342) (16,671)
204 Ibn Sina Diag&Consl. (Malibag) 4,766 25,218 4,755
205 Ibni Zia Enterprise (532,850) (532,850) (532,850)
206 Ibrahim Cardiac Hospital & R.Inst. 15,696 16,642 2,649
207 Icddrb 1,299 1,299 6,667
208 Idea Trading (5) (5) (5)
209 Ikra Enterprise (530,457) 2,978,242 (408,265)
210 Impulse Hospitals 7,680 - -
211 Incos Industries 844,928 844,928 844,928
212 Independent 24.Tv (1) (1) -
213 Innotel Business Boutique Hotel - 3,840 -
214 Int.Fed.Of Red Cross & Red Cres. 7 7 7
215 Int'L Convention City Bashundhara - 25,458 -
216 Ishaque Store 135,421 4,090 13,853
217 Ispahani Islamia Eye Institute & Hos - 8,350 -
218 J.F.Enterprise (Fatikchari) (44,887) (3,290) 142,876
219 J.M.T. Enterprise 129,440 11,104 56,635
220 J.S. Trading 4,075 4,075 4,075
221 Jahan Enterprise (Mirrersharai) 5,103 82,919 (14,123)
222 Jahanara Clinic - 960 -
223 Jaheda Enterprise (Beergonj) (16,863) (37,516) (33,021)
224 Jalil & Sons (Narayangonj) 29,751 (158,540) 57,561
225 Janata Distribution 499,301 481,040 (8,486)
226 Janopriya Store (11,561) 467,768 (469,959)
227 Jawad Enter Mark 44 44 43
228 Jeeban Kumar Paul (Durgapur) 264,552 195,225 41,460
229 Jononi Fashion & Dist (Kanaighat) (136,484) (82,040) (37,243)
230 Jonson & Nicholson (Bd) Ltd. 41,460 41,460 -
231 Joty Store (Haluaghat) 24,100 39,130 (24,207)
232 Joy Enterprise (Natore) 32,680 20,179 145,846
233 Joy Enterprise (Norshingdi) 217,873 1,595 (238)
234 Joyanta Kumar Saha (Bhanga) 93,929 126,231 (9,623)
235 Joyjeet Enterprise (Juri) (51,869) (141,355) 77,242
236 Judul Mugni Ent (Jamalpur) 431,000 (52,148) (29,186)
237 Julphar Bangladesh Ltd. 132,001 1 80,961
238 Kabab Factory - 3,720 -
239 Kabir Traders 105,625 406,029 (38,059)
240 Kakoli Store (Jibonnagar) (112,983) (224,373) -
241 Kamrul Enterprise (Coat Bazar) (124,875) (206,293) -
242 Kashinath Dhar 6,400 6,400 6,400
243 Kaymu 12,112 - 12,112
244 Kefayet & Brothers 42,647 109,580 (7,891)
245 Khaleque Enterprise (56,160) (414,480) 24,563

78
Sl. Amount in BDT
Name of Distributors
No.
Aging Balance
30-June-2019 30-June-2018
31-Dec-2018
246 Khalid Corporation - (1) -
247 Khalid Enterprise (Bagaachra) 18,873 217,071 6,239
248 Khan Enterprise (Biani Bazar) (1,736) (1,736) (1,736)
249 Khan Traders (296,248) (146,399) (89,801)
250 Kishore & Brothers 71,954 (46,415) (3,482)
251 Kishore & Brothers (Konabari) 1,579,227 1,388,926 1,474,217
252 Korai Gost - - 3,600
253 Labaid Group 84,002 56,002 138,882
254 Lakshman Ch.Saha 136,402 283,713 (22,620)
255 Lal Teer Seed Ltd. 2,286,086 811,601 327,328
256 Lankabangla Finance - 4,800 -
257 Lavender Super Stores Ltd. 120,518 115,917 243,326
258 Laxmi Narayan Bhander (Habigonj) (200,601) (273,607) (36,764)
259 Link3 Technologies Ltd. 13,627 26,376 7,944
260 Liton Enterprise (Coat Chandpur) (919) 108,578 62,135
261 Loknath Bhander 66,944 66,944 66,944
262 Loknath Enterprise (Madhobpur) 14,125 (28,887) (34,427)
263 Lucky Store (187,775) (337,701) (44,084)
264 Luxmi Bhander 49,702 (7,752) (7,548)
265 M.A. Majid (Kulaura) (74,270) (74,270) (74,270)
266 M.R. Enterprise (Sreepur) 169,072 323,716 (13,769)
267 M.S.Traders (Naogaon) 107,547 106,279 107,547
268 Ma Baba Store 16,110 16,110 16,110
269 Maa Enterprise (Jaintapur) 698,978 660,520 (277,078)
270 Maa Enterprise (Barolekha) 16,845 (78,950) 38,783
271 Maa Kali Store (Babuganj) 0 118,475 79,053
272 Mabila & Syed Trading (Patia) (52,520) 14,187 (161,148)
273 Mahfuz Enterprise (Jessore) (220,760) (220,760) (220,760)
274 Mahi Enterprise (Ashulia) 162,002 (76,745) (110,636)
275 Mahima Tours & Travels Ltd. - 960 -
276 Majumder Ent (Fulgazi) (5,419) (27,982) (159,889)
277 Makka Store (Chowmuhani) 130,275 262,979 (44,157)
278 Maksudur Rahman 329,291 90,051 192,601
279 Mamun Enterprise (Mymensing) (1,960) 217,236 -
280 Mannan Stores 116,977 (8,407) (6,508)
281 Marico Bangladesh Ltd. 15 15 15
282 Masum Store (Jatrabari) 3,824,727 4,432,176 -
283 Masum Store (Jangi Shibpur) (17,054) (26,852) (9,258)
284 Maya Enterprise (7,197) (7,197) (7,197)
285 Mayer Doa (Chuadanga) (6,443) 97,939 60,371
286 Md Ashraf Ali (12,737) (12,737) (12,737)
287 Md.Badrul Alam Maznu (Sylhet) 1,047,503 (1,496,318) 837,395
288 Medinova Medical Service - 195 -
289 Meena Bazar 387,256 489,457 333,074
290 Mehedi Mart 296,792 642,101 436,849
291 Mehedi Store 75,899 814,286 (606,986)
292 Mehrumah Corporartion Ltd. 197,002 197,002 247,002
293 Memento International Ltd. - 900 -
294 Metal Agro Ltd. 10,848 10,848 1

79
Sl. Amount in BDT
Name of Distributors
No.
Aging Balance
30-June-2019 30-June-2018
31-Dec-2018
295 Millennium Information Solution Ltd. - 112 -
296 Milon Bhander (Patar Hat) 202,688 245,967 187,157
297 Milon Store (Bashurhat) 3,607 3,607 3,607
298 Mithun Gen.Store (Satihat) 104,044 (8,229) (4,185)
299 Mizan Store (Gazipura) 72,368 (4,885) (23,419)
300 Mizan Traders 42,574 (9,459) (8,382)
301 Mohammad Ali & Sons (22,103) (277,719) (108,478)
302 Mohammad Hossain 229,314 407,771 18,157
303 Mohammad Hossain (Retail) 4,265,136 3,908,417 4,829,217
304 Mohammad Ismail 37,100 200,408 (26,993)
305 Mohananda Karmakar & Sons (Tangail) (377,608) (377,608) (377,608)
306 Mohona Distribution Net. (14,274) 260,272 (58,531)
307 Mondol Group 2,200 2,200 7,200
308 Monicopharma Ltd. (3) (3) -
309 Mostafa Traders (Tongi) (606,215) 230,456 238,403
310 Motaleb Store (Homna) (22,740) (52,639) 32,992
311 Mumtaj Mahal Res & Conv Centre - (36) -
312 Munshi Confectionery (Barisal) 876,678 372,221 47,182
313 Murad Store (Godagari) 31,544 (8,286) (7,759)
314 My Tv (8) (8) -
315 N.S. Corporation 182,570 182,570 182,570
316 N.S.Enterprise (Chandraghona) 61,490 61,490 61,490
317 Nabarupa Store (Ramganj) (43,814) (17,247) (27,301)
318 Nabila Boutiques Ltd. 3,840 3,840 3,840
319 Nahiyan Traders (Shathibari) 73,712 (19,276) (23,444)
320 Nandan (Dhanmondi) 14,553 11,921 17,007
321 Nandan (Gulshan) 27,678 27,678 27,678
322 Nandan (Gulshan-2) 5,570 5,570 5,570
323 Nandan (Kakrail) 10,244 10,244 10,244
324 Nandan (Uttara) 12,989 12,989 12,989
325 Nascent Gardenia - 7,200 18,000
326 Nasir Group - (1) -
327 Nasrin Enterprise (Narail) (29,880) (29,880) (29,880)
328 Navana Pharmaceuticals Ltd 434,000 0 450,001
329 Navana Real Estate Ltd. - 21,274 -
330 Neela Enterprise (Pagla Bazar) (280,718) 354,201 (196,160)
331 New O.K. Enterprise 2,914 2,914 2,914
332 New Super Seeds Store (Chakoria) (53,608) (104,385) (88,473)
333 New Zealand Dairy Products Bd. Ltd. 4,118 4,118 4,118
334 News24 - 9,120 -
335 Nibaran Chandra Saha 65,458 111,837 (49,907)
336 Nikhil Store (Aarani, Rajshahi) 51,088 571 (7,183)
337 Niloy Cosmetics (Kalihati) (108,735) (422,984) (6,571)
338 Nitai Chandra Saha 245,757 404,048 (13,763)
339 Nitol Motors Ltd. 823 823 1,303
340 Niyaty Store (Comilla) 411,897 (47,445) (701,476)
341 Nizam Store (Monpura) 93,637 (3,200) (3,054)
342 Noorjahan Enterprise 102,010 102,010 122,010
343 Norandra Lal Saha 596,623 550,060 (26,420)

80
Sl. Amount in BDT
Name of Distributors
No.
Aging Balance
30-June-2019 30-June-2018
31-Dec-2018
344 Northern University Bangladesh - 10,118 -
345 Novoair 19,739 73,464 16,389
346 NRB Global Bank Ltd. - 4,792 -
347 Nusrat Traders 104,718 65,229 297,057
348 Nuvista Pharma Ltd. (1) (1) 89,999
349 Octagon Fibers & Chemicals Ltd. 6 6 74,582
350 Olympic Industries Ltd. 8,267,041 267,041 2,305,409
351 Omni Concept 19,176 (3) -
352 One Pharma Ltd. 158,400 - -
353 Orbis Trade Network (0) - -
354 Orion Infusion Ltd. 45,001 1 -
355 Orion Pharma Ltd. 135,000 - -
356 Pacific Traders 175,645 1,292 (570)
357 Padma Confectionery & Gen. Store 164,359 162,471 (8,334)
358 Padma Enterprise (Peergachha) (44,717) 79,893 8,429
359 Pan Pacific Hospital - - 1,008
360 Paprika Restaurant & Convention Center - 960 -
361 Paramount Textile Ltd. - 11,372 -
362 Partha Traders (Sreenagar) (222,161) (315,244) (89,810)
363 Paul & Brothers (Galachipa) (70,994) 212,115 (10,620)
364 Paul & Brothers (Kalkini) 103,860 (728) (52,850)
365 Peninsula Chittagong Ltd. 25,524 22,617 1,839
366 Pervez Tahmid & Co. (5,898) (5,898) (24,650)
367 Pharmacil Ltd. - - 157,500
368 Pick & Pay Super Market 23,739 23,739 34,209
369 Pick & Pay-2 (Uttara) 22,295 22,295 22,295
370 Platinum Grand - 7,680 -
371 Polash Store (Meherpur) 31,864 166,638 123
372 Police Shopping Mall 23,121 21,142 28,537
373 Popeyes Plus Restaurant & Convention Hall - 1,920 -
374 Popular Distribution Mart (Bashurhat) (78,878) (534,001) (12,604)
375 Popular Store 235,210 441,389 1,845
376 Praava Health - 1 -
377 Pran-Rfl Group 2 52,544 15,752
378 Price Club Wholesale Ltd. 16,777 16,777 16,777
379 Prince Bazar (Mirpur) (811) 14,577 38,177
380 Prince Bazar (Mohammadpur) 44,327 10,089 61,558
381 Prince Bazar (Pollobi) 34,156 43,486 53,223
382 Prince Bazar (Shamoly) 36,184 51,999 84,125
383 Priyana Ent (Sherpur, Bogra) 51,511 311 (863)
384 Prodeep Saha Store (Muktagachha) (10,078) 88,392 -
385 Progati Store 120,845 (5,913) (2,892)
386 Protap Store (Nowapara) (11,826) 111,706 (6,734)
387 Purnima Traders (Hathazari) 623,126 612,026 (184,851)
388 QIL Sales Office (Khilkhet) (1,484) (1,484) (1,484)
389 Quality Inn (Pvt.) Ltd. 3 3 -
390 Quasem Food Products Ltd.(MPU) 408,330 4,267,997 -
391 R.B.Enterprise (Sitakunda) (30,533) (30,533) (30,533)
392 R.K.Trading (Bhola) 158,469 220,996 194,355

81
Sl. Amount in BDT
Name of Distributors
No.
Aging Balance
30-June-2019 30-June-2018
31-Dec-2018
393 R.N. Enterprise(Atharobari) 161,593 (66,168) 3,429
394 R.P. Corporation 243,259 14,992 (441)
395 R.P.Brothers (Kapasia) 13,857 (71,563) (80,952)
396 Radiant Pharmaceuticals Ltd. (149,129) (7) 1,789,997
397 Radient Nutraceuticals Ltd. 244,113 (11) 94,998
398 Radisson Water Garden Hotel (6,395) (6,395) 26,010
399 Rafez Enterprise(Hatia) 74,006 (28,562) (17,605)
400 Rafiqul Enterprise(Bondar N.Gonj) (36,015) 22,494 (1,008)
401 Raja Trading (Moulavibazar) (180,752) 107,814 (115,568)
402 Raju Store(Satkhira) 51,008 309,338 115,548
403 Rana Traders (49,300) 92,113 (9,480)
404 Razzaque Traders (Naogaon) 62,571 (6,915) (14,992)
405 Regent Hospital Ltd. 3,600 3,600 3,600
406 Rekha Enterprise (Kashinathpur) 3,218 3,218 3,218
407 Renata Ltd. - 82,500 -
408 Reza Enterprise 61,515 (113,942) (143,900)
409 Reza Traders (Kumarkhali) (46,402) (74,058) -
410 Richmond Hotel & Suites - 7,200 -
411 Rifat Enterprise (1) (1) (1)
412 Rifat Trading Corporation 29,482 29,482 29,482
413 Rigs Inns - 3,600 -
414 Ron'S Cosmetics (26,012) (26,012) -
415 Royal Park Hotel 5,760 5,760 5,760
416 Rozy Stores 313 243,633 (1,615)
417 Rumpa Enterprise (Mirzapur) 69,490 10,132 (562)
418 Runner Group 7,073 7,073 -
419 Runner Motors Ltd. (2,386) (28,214) (2,386)
420 Runner Motors Ltd.(080119) - 33,583 -
421 Rura Enterprise 11,561 (163,321) (17,311)
422 S.S.Enterprise (Dirai) (86,727) (114,223) (5,760)
423 S.S.Enterprise (Lalmohon) 38,587 186,548 (928)
424 Saad Musa City Center 15,417 15,417 15,417
425 Sabuj & Brothers (Kashinathpur) 252,008 (70) (7,829)
426 Sabuj Telecom (Shariatpur) 104,149 174,245 (6,952)
427 Sabuj Variety Store (118,485) 1,579,691 (607,747)
428 Sabuj Varities Store (Ishwardi) - (100,314) -
429 Sadek Store 235,268 281,425 2,547
430 Sadia Food Products(Doulatpur) 118,367 2,832 30,044
431 Saha Brothers (9,729) (9,729) (9,729)
432 Saha Store (Boalmari) (40,790) 115,574 (10,376)
433 Saha Store(Magura) 99,233 237,803 (71,356)
434 Saiful Store(Charfashon) 53,608 167,610 (9,432)
435 Sajeeb Logistics Ltd.(One Stop) 60,754 60,754 84,872
436 Salauddin Spaecialized Hospital Ltd. - 3,840 -
437 Salma Traders 1,005 1,005 1,005
438 Samar Enterprise (Banshkhali) 987 (2,535) (41,316)
439 Sanat Store (Ishwardi) 2,753 701 (322)
440 Sangjog 252,888 414,472 323,420
441 Sankar Kumar Saha 534,944 563 (8,870)

82
Sl. Amount in BDT
Name of Distributors
No.
Aging Balance
30-June-2019 30-June-2018
31-Dec-2018
442 Sarkar Cosmetics & Dist(Sreepur) (5,974) (5,974) (5,974)
443 Sarkar Enterprise (Chandina) (19,289) (78,114) (105,040)
444 Satata Enterprise (Keshorhat) 62,050 (7,289) (15,840)
445 Sathi Enterprise 296,544 71,659 (103,791)
446 Sathi Enterprise (Kolakopa) 412,122 202,126 (171,847)
447 Sawmendra Nath Saha 2,005 200,087 (101,141)
448 Sayeman Beach Resort Ltd. - 139,200 -
449 Sena Hotel Developments Ltd. 18,160 30,777 -
450 Shadhin Traders 5,207 5,207 5,207
451 Shah Amanat Traders (Sitakunda) 69,733 51,559 729
452 Shahabuddin Medical College Hospital - 3 -
453 Shahadat Store 2,106 2,106 2,106
454 Shahid Store(Fulbaria) 2,394 (13,426) -
455 Shahin & Brothers 29,051 (14,531) (16,640)
456 Shamutshuk Enterprise 7 7 7
457 Sharmin Store (25,071) (19,550) (134,206)
458 Sheikh Rakib Uddin (Gopalganj) 263,946 160,443 (17,278)
459 Shishir Traders(Aaraihazar) 294,512 1,104,900 (438,701)
460 Shohag Store(Kazirhat) 138,067 37,606 191,000
461 Shop N Save Ltd. 33,819 48,731 41,920
462 Showroom Sales 1,993 1,993 1,993
463 Shubod Kr Roy(Colacopa) (228,963) (228,963) (227,011)
464 Shulove Store 416,095 92,307 285,759
465 Shuta Ghar (5,874) (5,874) (5,874)
466 Shyamoli Paribahan (Shyamoli) 69 69 12,069
467 Sight Savers International (59) (59) (59)
468 Sindabad.Com Ltd. 32,400 - 14,400
469 Sohel Enterprise (Bishwamvarpur) (15,001) (42,895) -
470 Soma Enterprise 35,902 40,188 (52,237)
471 Sonali Polaris Ft Ltd. - 1 -
472 Sree Krisna Store 190,486 (719) (2,081)
473 Sree Prodip Kumar Kundu(Chatmohor) 181,459 29,445 (628)
474 Sreeguru Enterprise (8,527) (8,527) (8,527)
475 Su Sampad Store (Sarisabari) 33,379 (51,811) (5,085)
476 Subarna Store (Patharghata) (2,346) (2,189) (6,644)
477 Suchee Enterprise (Dhamrai) 55,663 101,547 (12,842)
478 Sufia Motors (209,000) - -
479 Sujon Store (Patgram) 87,874 27,664 (14,403)
480 Sumon Traders (Durgapur) 53,711 53,711 53,711
481 Sun Trade Int'L (Munshigonj) 237,540 (154,174) (2,289)
482 Sundarban Hotel - 1 -
483 Suraiya Marketing (Nilphamary) (9,093) (145,588) -
484 Surajit Traders(Rajbari) 153,582 138,750 129
485 Swapan Dutta(GM) 2,889 2,889 2,889
486 Taher Store 3,494,668 3,390,453 4,764,349
487 Tamim Enterprise(Singaier) (8,029) 238,548 (21,226)
488 Tanvir Traders (Hatibandha) 36,880 (105,456) (9,710)
489 Thakur Business Point (Aamtoli) 138,696 295,756 (8,437)
490 The Daily Star 60 60 -

83
Sl. Amount in BDT
Name of Distributors
No.
Aging Balance
30-June-2019 30-June-2018
31-Dec-2018
491 The Mirage - 1 -
492 The Olives - 11,623 -
493 The Prandium - 1,860 -
494 The Stubborn Goat - 1,121 -
495 The Way Dhaka - 8,160 8,160
496 The Westin Dhaka - - 54,895
497 Tokoyo Super Shop 4,418 4,418 4,418
498 Toufiq&Mahi Ent (Bancharampur) (14,652) (14,652) (14,652)
499 Trust Ent. (Lichubagan-Chandroghona 22,287 31,551 (60,299)
500 Trust Family Needs 99,292 149,682 135,849
501 Trust Family Needs-2 8,779 54,920 48,437
502 Tuha Enterprise (Shathibari) - 20,931 -
503 Turkish Bazar - 960 -
504 Tusti Tuli Enterprise (Pangsha) (6,682) (6,682) (6,682)
505 Unimart 106,129 159,671 99,058
506 Unique Hotel & Resorts Ltd. 84,357 65,809 -
507 United Hospital Limited 129,090 101,600 -
508 United Traders (Chhatak) (432,031) (1,152,436) (4,755)
509 Universal Medical College & Hos Ltd. - 25,104 -
510 Us-Bangla Airlines 108,516 213,156 102,738
511 Uzzal Traders 48,440 48,443 48,443
512 Veritas Pharmaceuticals Ltd. 68,001 68,001 68,001
513 Waterfall Restaurant Convention Hall - 3,099 -
514 Wazed Cosmetics (Pangsha) (81,274) (81,274) 30,266
515 Z Satota Enterprise (Mathbaria) (56,211) (56,211) (56,211)
516 Zafor Store 42,764 (7,929) (35,840)
517 Zakir Enterprise 32,483 32,483 32,483
518 Suspenses A/C (23,300) (49,850) -
519 Zero Gravity (62) (62) (62)
520 Zia Store (Chhengarchar) (67,478) 8,525 (78,752)
51,831,340 48,470,265 21,338,306

12.02 Other Receivables: Tk. 18,613,547


Inter company transaction 18,613,547 15,156,333
18,613,547 15,156,333

Inter Company Transaction:


Quasem Zinc Ltd. (Advance against purchase) - 5,812,207
Dividend Receivable from QFPL 750,000 -
QFPL Distribution Service Charge 17,863,547 9,344,126
18,613,547 15,156,333

i) This is unsecured and considered good.


ii) No provision for doubtful debts has been made in the accounts since there is no doubtful debts.
iii) No amount was due by Directors (including Managing Director), Manager and other officers of
the company and any of them severally or jointly with any other person.

84
Amount in BDT
30-June-2019 30-June-2018
13.00 Advance Income Tax: Tk. 49,340,140
Year-wise Break-up of AIT:
2006-2007 1,141,019 1,141,019
2014-2015 1,589,088 1,589,088
2017-2018 25,948,712 25,948,712
2018-2019 20,661,321 -
49,340,140 28,678,819

14.00 Cash and Cash Equivalents: Tk. 31,535,536


Cash in hand 2,806,597 3,784,222
Head office 1,287,527 2,004,782
Factory office 675,773 949,961
Chittagong office 15,984 1,228
Sales office 707,247 702,715
Transport office 120,066 125,535
Fixed Deposits with Banks (Agrani Bank -A/C 0200012599846) 778,819 741,090
Gratuity Fund (Agrani Bank -A/C 57265) 211,549 206,218
Cash at bank (Note- 14.01) 27,738,570 9,519,578
31,535,536 14,251,107

14.01 Cash at Banks: Tk. 27,738,570

Sl. No. Bank name & Account No.


1 Agrani Bank, Principal Branch, Dhaka-A/C # 10439-6 431,197 432,847
2 Agrani Bank, Principal Branch, Dhaka-C/D A/C # 7620-1 6,491,872 (1,004,162)
3 BRAC Bank Ltd. CD A/C # 1505200344824001 328,471 176
4 BRAC Bank Ltd. STD A/C # 1505100344839001 2,391 2,391
5 Dhaka Bank Ltd. A/C # 215-100-7225 463,050 465,005
6 Dutch Bangla Bank Ltd. CD A/C # 103.110.14630 8,795,483 5,040,458
7 Dutch Bangla Bank Ltd. CD A/C # 105.110.12534 422,458 464,962
8 Dutch Bangla Bank Ltd. A/C # 151.110.0011570 1,437,888 562,236
9 Dutch Bangla Bank Ltd. A/C # 144.110.0003160 550,080 732,513
10 United Commercial Bank Ltd. A/C # 0392101000002768 87 662
11 Mutual Trust Bank Ltd CD A/C # 7673 4,641,575 2,822,255
12 Prime Bank Current A/C # 10411070007577 940 2,665
13 Sonali Bank Current A/C # 33014133 3,813,489 (547,595)
14 Sonali Bank Ltd.Gorai.Tangail Current A/C # 200000533 156,374 340,403
15 Southeast Bank STD A/C # 000213100001525 14,604 15,426
16 State Bank of India A/C # 05420170420001 188,612 189,337
27,738,570 9,519,578

85
Amount in BDT
30-June-2019 30-June-2018
15.00 Share Capital: Tk. 588,473,860
Authorized Share Capital: 2,000,000,000 2,000,000,000
200,000,000 Ordinary Shares of BDT 10 each
The Company's initial authorized share capital was Tk. 100,000,000 divided into 10,000,000 ordinary shares
of Tk. 10 each. It increased its authorized share capital to Tk. 500,000,000 against 50,000,000 ordinary
shares of Tk. 10 each in the Extra Ordinary General Meeting held on 07 September, 1997. As on 25
October 2015, the company increased its authorized share capital by issuing 150,000,000 ordinary shares
resulting in total 200,000,000 shares of Tk. 10 each.
Issued, subscribed and paid up capital:
19,200,000 Ordinary Shares of Tk. 10 each fully paid in cash 192,000,000 192,000,000
3,840,000 Ordinary Share of Tk. 10 each ( 20% Bonus) 38,400,000 38,400,000
4,608,000 Ordinary Share of Tk. 10 each ( 20% Bonus ) 46,080,000 46,080,000
2,764,800 Ordinary Share of Tk. 10 each ( 10% Bonus ) 27,648,000 27,648,000
3,041,280 Ordinary Share of Tk. 10 each ( 10% Bonus ) 30,412,800 30,412,800
3,345,408 Ordinary Share of Tk. 10 each ( 10% Bonus ) 33,454,080 33,454,080
3,679,949 Ordinary Share of Tk. 10 each ( 10% Bonus ) 36,799,488 36,799,488
4,047,943 Ordinary Share of Tk. 10 each ( 10% Bonus ) 40,479,422 40,479,422
8,014,928 Ordinary Share of Tk. 10 each ( 18% Bonus ) 80,149,290 80,149,290
6,305,077 Ordinary Share of Tk. 10 each ( 12% Bonus ) 63,050,770 -
588,473,860 525,423,080

The above balance has been received from the following:


Name % of Total Shares No. of Total Shares
Directors/Sponsors Designation
30-06-2019 30-06-2018 30-06-2019 30-06-2018
Mr. Tasvir Ul Islam MD & Chief 9.48 9.48 5,579,219 4,981,446
Executive Officer
Dr. Reyan Anis Islam Director 2.00 2.00 1,178,307 1,052,060
Ms. Nafisa Quasem Director 2.03 2.03 1,195,488 1,067,400
Mr. Sameed Quasem Director 2.00 2.00 1,177,030 1,050,920
Ms. Samira Rokaiya Quasem Director 2.00 2.00 1,178,562 1,052,288
Late Mainul Islam Sponsor 0.31 0.31 185,024 165,200
Late Saleena Begum Sponsor 0.29 0.29 171,808 153,400
Mrs. Khadiza Shamim Sponsor 11.88 11.88 6,989,762 6,240,860
Late Begum Marium Sponsor 0.00 0.00 2 2
Late Ashraful Huda Sponsor 0.00 0.00 2 2
Mr. Ataur Rahaman Sponsor 0.00 0.00 2 2
30.00 30.00 17,655,206 15,763,580

Others:
Institutions 22.16 17.59 13,039,227 9,243,283
General Shareholders 47.84 52.40 28,152,953 27,535,445
70.00 69.99 41,192,180 36,778,728
Total 100.00 100.00 58,847,386 52,542,308

86
Amount in BDT
Range with shareholding position: 30-June-2019 30-June-2018

Holdings of No. of shareholders % of shareholders Number of Total shares


Shares 2019 2018 2019 2018 2019 2018
1 to 500 7,727 8,185 2.25 2.59 1,322,222 1,360,741
501 to 5,000 4,330 4,000 12.04 12.13 7,084,225 6,375,368
5,001 to 10,000 439 401 5.20 5.44 3,058,350 2,858,351
10,001 to 20,000 254 199 6.11 5.30 3,593,129 2,785,210
20,001 to 30,000 97 69 4.10 3.29 2,410,590 1,727,202
30,001 to 40,000 41 23 2.40 1.50 1,414,370 787,191
40,001 to 50,000 25 22 1.92 1.96 1,127,482 1,030,730
50,001 to 100,000 49 32 5.70 4.12 3,354,318 2,165,005
100,001 to 1,000,000 39 41 19.95 22.30 11,742,728 11,715,776
Over 1,000,000 11 11 40.34 41.37 23,739,972 21,736,734
Total 13,012 12,983 100.00 100.00 58,847,386 52,542,308

The Shares of the Company are listed on the Dhaka and Chittagong Stock Exchanges and quoted price at lowest
Tk. 30.90 and highest Tk. 75.55 per share and lowest Tk. 30.00 and highest Tk. 82.00 per share respectively.

16.00 Share Premium: Tk. 198,000,000


Premium Year of No. of
Type of Share 30-June-2019 30-June-2018
per Share Issue Shares
Right Share Tk. 10 each 1996-97 3,000,000 30,000,000 30,000,000
Right Share Tk. 15 each 1997-98 7,800,000 117,000,000 117,000,000
Bonus Share* - 1997-98 - (12,000,000) (12,000,000)
Right Share Tk. 15 each 1998-99 2,600,000 39,000,000 39,000,000
Right Share Tk. 15 each 1999-00 1,600,000 24,000,000 24,000,000
198,000,000 198,000,000
* Bonus shares were issued out of share premium under Section 52(2)(a) of the Companies Act, 1994.
17.00 Reserve and Surplus: Tk. 251,827,948
Surplus Available for Appropriation 125,819,712 144,486,577
Dividend Equalisation Fund 7,500,000 7,500,000
General Reserve 8,500,000 8,500,000
Income Tax Reserve 3,717,262 3,717,262
Revaluation Reserve Realised 106,290,974 90,104,034
251,827,948 254,307,873

18.00 Revaluation Surplus: Tk. 914,543,063


The amount represents the revaluation surplus of fixed assets of the company. The movement of this
account is shown below:

Opening Balance 926,683,268 939,256,265


Less: Deferred Tax Liability - -
Less: Realised during the Period 12,140,205 12,572,997
914,543,063 926,683,268
Details of Revaluation Surplus is shown in Schedule B.

87
Amount in BDT
30-June-2019 30-June-2018
The Company revalued its Lands, Buildings, Plant & Machinery and Head Office Building as of 20
December 2010 by G.K. Adjusters Ltd. Licensed Certified Surveyor Government of Bangladesh
following "Current cost method", resulting in a revaluation surplus at Tk. 1,206,606,926 for Quasem
Industries Limited.

19.00 Term Loan: Tk. 4,265,993


Lanka Bangla Finance Ltd. 11,050,607 18,340,271
Bay Leasing & Investment Ltd. 1,717,170 2,929,290
12,767,777 21,269,561
Current maturity of Long term loan 8,501,784 8,501,777
4,265,993 12,767,784

Terms & Conditions of Term Loan:


The Company is enjoying term loan facility against Auto Finance from LankaBangla Finance Ltd., Level
# 11, 20, Kemal Ataturk Avenue, Banani, Dhaka-1213. Terms & Conditions of the loan is as below:
Name of the Rate of Tenor Repayment Security
Institutions Interest Term
Lanka Bangla Monthly (Starting a. Registration and comprehensive
Finance Ltd. 14.25% 5 years from 17 Insurance of vehicle favoring Lanka
February, 2015.) Bangla Finance Ltd. jointly with QIL.
Lanka Bangla 13.00% 5 years Monthly (Starting b. Personal guarantee of the following
Finance Ltd. from 15 directors of Quasem Industries Ltd.
October, 2015.) (i) Mr. Tasvir Ul Islam, (ii) Dr. Reyan
Bay Leasing & Monthly (Starting Anis Islam, (iii) Ms Nafisa Quasem,
Investment Ltd. 12.50% 4 years from 31 (iv) Mr. Sameed Quasem.
December, 2016.) c. Post dated cheques.

20.00 Deferred Tax-Liability: Tk. 169,320,881


Opening balance of Deferred Tax Liability 165,437,403 163,186,854
Add : Deferred tax -Liability during the period 7,930,213 6,441,547
Less: Adjusted with Deferred Tax Assets - -
173,367,616 169,628,402
Less: Deferred Tax Assets for revaluation surplus Realise 4,046,735 4,190,999
169,320,881 165,437,403

Detail Break-upof Deffered Tax Liability for the FY 2018-2019 is given below:
Accounting Depreciation Tax Depreciation Difference Applicable Rate Deferred Tax Liability
52,307,501 84,028,354 31,720,853 25% 7,930,213

21.00 Accounts and Other payables: Tk. 84,669,774


Sundry Creditors for Goods and Service (Notes: 21.01) 8,778,717 8,138,834
Sundry Creditors -Others (Notes: 21.02) 23,677,533 9,100,620
Provision for Expenses (Notes: 21.03) 19,310,982 25,510,601
Security deposits 230,317 230,317
CBA Contribution 2,595 1,740
Dividend payable 472,545 472,545
Inter company payable (Notes: 21.04) 32,197,084 21,813,597
84,669,774 65,268,254

88
Amount in BDT
21.01 Sundry Creditors for Goods and Service: Tk. 8,778,717 30-June-2019 30-June-2018
1 Accounts Payable 836,889 158,413
2 Agrani Enterprise 3,565 3,565
3 Al - Sariat Co. 1,519,990 1,554,021
4 Al-Shariat Packaging 331,480 127,366
5 Andora Enterprise 33,323 178,323
6 C.B.C. Marketing 444,916 1,274,996
7 D.P.C. Industries Ltd. 363 31,363
8 Dohar Mill Stores 1,014,423 1,058,073
9 Karnaphully Transport Agency 469,387 318,705
10 Nicon Advertising 121,074 482,763
11 Sincos Engineers Ltd. 357,645 255,236
12 United Laesing (A/C A R Plastic Ind.) 3,645,663 2,696,010
8,778,717 8,138,834

21.02 Sundry Creditors -Others: Tk. 23,677,533

1 Accounts Payable 1,048,177 217,451


2 Azmot Auto Electric 2,200 2,200
3 Bashundhara Motors 6,200 6,200
4 Dhaka Paper Products Ltd. 500,100 246,962
5 Digital Autocare 145 145
6 Electricity Expenses Payable (H/O) 134,759 159,469
7 Express Insurance Co. 18,173 38,577
8 Faruk Jute & Cotton Supplies 63,420 40,180
9 Global Online/Aamra Networks Ltd. - 90,529
10 Gotia Printing & Publication 5,808 5,808
11 IDLC Bangladesh Ltd. 117,014 117,014
12 J.A.N Associates 18,000 166,500
13 Z.K Plastic Ltd. 20,001 42,140
14 J.K Stationery 186,423 223,492
15 Jamal Motors 73,310 123,327
16 Mercantile Insurance 173,395 173,395
17 Mohakhali Autos 278,124 169,524
18 Murad Automobiles 203,100 136,360
19 Olympic Industries (BCL) 464,015 15,020
20 P/F A/C 477,499 405,654
21 Ply Packeging Ltd 5,804,812 321,641
22 R K Enterprise 237,910 208,005
23 R.M Motors - 100,275
24 Republic Insurance Company Ltd. 27,426 31,637
25 Sincos Automation Technologies Ltd. 113,800 125,900
26 Trade VAT Payable 3,248,274 282,261
27 VAT on Distribution Service Charge Payable (QFPL) 738,616 290,207

89
Sl. Amount in BDT
Name of Party
No. 30-June-2019 30-June-2018
28 WASA Bill Payable (H/O) 6,878 12,932
29 Create Alternative Development For Eng.& Tech. 30,000 30,000
30 S.R Enterprise 49,773 49,773
31 Showroom ( Chittagong ) 4,583 4,583
32 New Noor Motors 25,270 2,954
33 United Agencies 200 200
34 Zishan Enterprise 143,200 215,600
35 Mahbub Automobiles Establishment 40 1,540
36 Macaw Cargo Ltd. 2,796 2,796
37 Northern General Insurance Co. 44,988 8,149
38 Rawshan Traders 34,200 -
39 New Desh Products 181,740 490
40 International Office Equipment - 8,000
41 New Globe Battery & Tyre - 23,395
42 Media House 146,301 47,301
43 B.L AD 59,005 213,855
44 Aim Advertising & Marketing 2 2
45 Titas Hardware Stores 168,000 120,000
46 Bengal Flexipac Ltd. 2,214,104 1,555,782
47 One World Printers 579,412 798,012
48 Singular 67,914 67,914
49 Brothers Motors 16,990 22,140
50 Advertisement Expenses Payable - -
51 Multibrand Workshop Ltd. 125,363 73,807
52 A.M Automobiles 134,250 176,170
53 A.E.G Engineering 2,010,325 -
54 Nitol Motors Ltd. 4,358,068 -
55 New Light Corner 27 -
56 Bangladesh Monospole Paper Mfg. Co. 18,000 -
57 Graphic Trade House 1,475 -
58 Asha Motors 867 -
59 Akhter Furnitures Ltd. 23,562 -
60 Blue Polymer 800 -
61 Powerpac Engineering Co. 12,700 -
62 Prabartana AD. 22,000 -
63 Bashundhara Auto Parts 63,760 -
64 Reflect Media 126,776 -
65 National Finance Ltd. 194,290 -
66 Ad Gerden 10,475 -
67 FNF Automation Works 28,680 -
68 Jamuna Fire Fighting 12,932 -
69 Nitol Motors Ltd.(Service) 8,999 -
70 Level Crossing 4,858 -
71 Polite Advertising 101,200 -
72 MN Communication 112,000 -
73 Saturday Advertise 5,000 -
74 Jessore Tyre Retreading 46,700 -
75 R. B. Motors 35,234 -

90
Sl. Amount in BDT
Name of Party
No. 30-June-2019 30-June-2018

76 Reliance International 166,822 -


77 Sanji Automobiles 16,200 -
78 Dristy Communication 198,435 -
79 Sree Bikash Shutradhar 15,055 -
80 Pharhome Trading Ltd. 5,000 -
81 Active Environmental Technology 48,200 -
82 Smart Technologies (BD.) Ltd. 357,000 -
83 Webable Bangladesh Ltd. 81,700 -
84 Smart Printing Solutions Ltd. 47,897 -
85 Green International 389,414 -
86 Butterfly Marketing Ltd. 382,830 -
87 A-Cubed Ltd. 86,353 -
88 Colorplus Masterbatch Mfg.Ltd. 19,750 -
89 Laugfs Gas (BD) Ltd. 1,199,922 -
90 Quasem Foods Products Limited (4,531,480 -
91 City Corporation Tax payable - 1,925,352
23,677,533 9,100,620

21.03 Provision for Expenses: Tk. 19,310,982


1 Managing Director/CEO's Salary & Benefits 561,550 520,150
2 Lease Rent (Car) 1,204,934 1,204,934
3 Lease Rent Machinery - 7,909,528
4 Salary Factory (MPU-Can) 114,562 133,630
5 Salary Factory (MPU-Printing) 745,180 680,531
6 Wages (MPU-Can) 291,888 272,515
7 Wages (MPU-Printing) 26,694 26,514
8 Audit fees 460,018 341,250
9 BSTI Charges 1,515,749 1,155,931
10 Factory Electricity Bill 623,812 570,887
11 Factory Electricity Bill (MPU) 154,109 71,694
12 Gas Bill (MPU) 49,200 59,013
13 Generator Fuel MPU 84,500 52,571
14 Office Rent (Bogra) - 31,200
15 Office Rent (Chittagong) 38,000 38,000
16 Office Rent (N.Gonj) - 19,500
17 Office Rent (Mymensingh) 12,488 17,118
18 Garage Rent (Rangpur) 3,000 4,000
19 Office Rent (Rangpur) 33,600 22,400
20 Telephone Expenses (S & D) - 3,155
21 Salary 11,447,865 10,669,345
22 Fuel Bill (Factory) QIL 191,816 86,064
23 Staff welfare H/O 93,750 93,750
24 Gas Bill-Zinc Calot 206,621 183,206

91
Sl. Amount in BDT
Name of Party
No. 30-June-2019 30-June-2018
25 Wages-H.P Can making 206,797 148,010
26 Salary-H.P Can making 111,750 102,750
27 Salary-H.P Can Filling 70,625 97,000
28 Wages-H.P Can Filling 225,668 184,811
29 Sales Incentive 8,177 28,570
30 VDS Payable Agst.QFPL Dist.Service Charge 290,207 -
31 Director's Salary & Benefits 215,000 -
32 Lease Rent QZL Factory 323,420 782,574
19,310,982 25,510,601

21.04 Inter Company Payable: Tk. 32,197,084


Quasem Lamps Ltd. 32,197,084 21,813,597
32,197,084 21,813,597

Quasem Lamps Ltd. is considered as related party and Shown in Supplier list as well as related
party disclosure note.

22.00 Accruals and Provisions: Tk. 60,930,886


Income Tax Expenses (Note: 22.01) 44,493,128 36,153,267
Workers' Profit Participation Fund (Note - 22.02) 16,437,758 18,843,298
60,930,886 54,996,566

22.01 Income Tax Expenses: Tk. 44,493,128


Year-wise Break-up
2018-2019 8,339,861 -
2015-2018 (WPPF Over Charged) 259,554 259,554
2017-2018 19,991,879 19,991,879
2015-2016 2,315,002 2,315,002
2012-2013 2,734,068 2,734,068
2011-2012 6,955,451 6,955,451
2010-2011 3,897,313 3,897,313
44,493,128 36,153,267

22.02 Workers' Profit Participation Fund (WPPF): Tk. 16,437,758

Opening balance 18,843,298 19,823,126


Add: Charged during the period 3,254,015 5,564,932
Less : Excess Charged 2015-2018 (1,038,217) -
Less : Paid during the period (4,621,338) (6,544,760)
16,437,758 18,843,298

92
Amount in BDT
23.00 Short Term Loan & Bank Overdrafts: Tk. 543,670,595 30-June-2019 30-June-2018
CC Hypo A/C-MTBL 154,616,140 163,632,212
Loan General-MTBL 21,103,231 112,923,228
LTR-MTBL 4,871,617 14,285,566
Demand Loan-MTBL - 123,542,959
Term Loan-MTBL 267,451,680 -
UPAS-MTBL 95,627,927 116,745,610
543,670,595 531,129,575

These are secured by first charge mortgage on the inventories, investments and floating assets and second
charge on the fixed assets of the company.

24.00 Net Turnover: Tk. 1,855,505,333

Rate 2018-2019 2017-2018


Item Unit Qty. Incl. Turnover VAT Turnover VAT
VAT Including Including
VAT Amount VAT Amount

Manufacturing:
UM-1PL (VINYL) Ctn./120 - - - - 36,609,151 4,775,107
UM-1PL (VINYL) Ctn./120 44,297 1,587 70,299,339 9,169,479 30,500,236 3,978,292
UM-3 (Green) Ctn./480 - - - - 273,510 35,675
UM-3 (Green) Ctn./480 50 2,547 127,363 16,613 132,457 17,277
UM-3 (HD) Ctn./480 - - - - 262,740,094 34,270,447
UM-3 (HD) Ctn./480 120,167 2,547 306,094,117 39,925,320 74,574,565 9,727,117
UM-3 (HD-P.Card) Ctn./480 - - - - 278,146 36,280
UM-3 (HSVJ) Ctn./480 - - - - 47,090,246 6,142,206
UM-3 (HSVJ) Ctn./480 23,586 2,254 53,162,844 6,934,284 12,007,058 1,566,138
UM-3 Extra (HD) Ctn./480 2,641 2,699 7,128,191 929,764 5,125,496 668,543
UM-4 HD(AAA) Ctn./480 - - - - 86,507,866 11,283,635
UM-4 HD(AAA) Ctn./960 - - - - 13,645,440 1,779,840
UM-4 Battery Ctn./480 47,347 2,241 106,086,351 13,837,350 11,518,997 1,502,478
UM-4 Battery Ctn./960 4,465 4,140 18,485,100 2,411,100 1,188,180 154,980
Econo 3AAL-Mnf. Ctn./120 1,781 9,430 16,794,830 2,190,630 29,289,580 3,820,380
Super Econo Torch Ctn./120 285 9,948 2,835,038 369,788 5,590,495 729,195
T.Light ABS 2D/TL-30 Ctn/24 57 4,945 281,865 36,765 168,130 21,930
T.Light ABS 3D/TL40 Ctn/24 102 5,520 563,040 73,440 899,760 117,360
F.Light 2D1LED Ctn./120 9 5,621 50,591 6,599 387,863 50,591
F.Light 3D1LED Ctn./120 7 9,367 65,567 8,552 131,135 17,105
Printed Tin Plate Sheet - - 30,008,738 3,914,183 54,330,901 7,086,639
Metal Products Sheet - - 69,825,565 9,107,682 58,242,739 7,596,879
High Pressure Can Sheet - - 5,679,373 740,788 187,605 24,470
Round Can Sheet - - 14,860,937 1,938,383 16,219,753 2,115,620
UM-4 (Haque) Ctn./120 - - - - 3,063,600 399,600
Sealing Glue Kg. - - - - 33,401 4,357
NMD Kg. - - - - 310,500 40,500
Zinc Calot Kg. - - - - 1,035,000 135,000

93
Amount in BDT

Rate 2018-2019 2017-2018


Item Unit Qty. Incl. Turnover VAT Turnover VAT
VAT Including Including
VAT Amount VAT Amount

Zinc Calot-UM-3 (Olympic) Kg. 8,000 370 2,962,400 386,400 - -


Zinc Calot-UM-4 (Olympic) Kg. 6,000 370 2,221,800 289,800 - -
Plastic Cap Pcs 752,172 3 2,594,993 338,477 3,576,650 466,520
Ghee Cap (dia- 52) Pcs 201,400 2 347,415 45,315 - -
Ghee Cap (dia- 65) Pcs 147,075 2 338,273 44,123 - -
Ghee Cap (dia- 99) Pcs 10,120 4 40,733 5,313 - -
Sub Total 710,854,463 92,720,147 755,658,552 98,564,159

2018-2019 2017-2018
Item Unit Qty. Turnover VAT Turnover VAT
Including Including
VAT Amount VAT Amount
Trading
Battery :
UM-4 HD (AAA) Ctn./480 - - - 163,731,315 6,297,358
UM-4 HD (STRIP) Ctn./960 11,713 35,947,722 1,711,796 29,710,017 1,142,693
UM-1 (HS PL) Ctn./120 43,852 116,339,916 5,539,996 111,040,792 4,270,800
UM-3 (HD) Ctn./480 112,492 594,125,068 28,291,802 634,619,387 24,408,438
UM-3 (HD) Green Ctn./480 5,095 301,955 14,379 1,021,359 39,283
UM-3 Extra (HD) Ctn./480 17,883 12,930,729 615,749 9,546,446 367,171
UM-3HS (V) Ctn./480 29,898 96,968,907 4,617,567 107,624,100 4,139,388
UM-3HD (CARD) Ctn./480 1 5,022 239 768,366 29,553
UM-4 -2 B Ctn/480 61,999 185,278,875 8,822,804 11,195,503 430,596

Flash Light :
3D-ABS Ctn./120 8,775 944,562 44,979 1,556,421 59,862
2DABS Ctn./120 6,535 380,831 18,135 296,141 11,390
ABS AAA (Mini) Ctn./120 - - - 60,096 2,311
2D1LED Ctn./120 10 95,483 4,547 549,117 21,120
3D1LED Ctn./120 13,264 55,694 2,652 306,319 11,782
R. Lamp 3D 20LED Ctn./18 4 3,600 171 7,401 285
Econo 3AAL Ctn./120 18,572 31,354,666 1,493,079 55,656,429 2,140,632
Econo SUPER 3AAL (L) Ctn./120 19,499 5,802,482 276,309 11,389,189 438,046

Air Freshner
Jasmine-300ML Ctn./24 25,411 14,227,796 677,514 14,046,152 540,237
Rose-300ML Ctn./24 17,617 3,065,648 145,983 6,494,095 249,773
Lemon Grass-300ML Ctn./24 30,765 11,088,475 528,023 11,386,350 437,937
Rojonigondha-300ML Ctn./24 23,640 11,183,694 532,557 11,251,894 432,765
Lemon -300ML Ctn./24 27,734 13,540,022 644,763 13,002,609 500,100
Seabreeze-300ML Ctn./24 16,847 380,900 18,138 2,928,452 112,633

94
Amount in BDT
2018-2019 2017-2018
Item Unit Qty. Turnover VAT Turnover VAT
Including Including
VAT Amount VAT Amount
Jasmine-125ML Ctn./48 275 1,017,459 48,450 1,475,926 56,766
Rose-125ML Ctn./48 9,887 318,840 15,183 705,004 27,116
Lemon-125ML Ctn./48 13,882 1,703,978 81,142 2,193,577 84,368
Rojonigondha-125ML Ctn./48 13,625 683,826 32,563 1,254,394 48,246
Lemon Grass-125ML Ctn./48 21,423 1,198,239 57,059 970,232 37,317
Seabreeze-125ML Ctn./48 13,462 27,010 1,286 891,870 34,303
Lavender- 300ML Ctn./24 15,110 4,783,386 227,780 - -
Anti Tobacco- 300ML Ctn./24 19,518 6,290,116 299,529 - -
Hasna Hena- 300ML Ctn./24 8,554 6,566,032 312,668 - -
Body Spray:
Cool Water Ctn/24 15,252 4,313,491 205,404 6,775,583 260,599
Emotion Ctn/24 10,761 273,767 13,037 2,450,034 94,232
Kiss Ctn/24 6,651 280,091 13,338 2,390,182 91,930
Secret Ctn/24 10,739 186,895 8,900 2,325,160 89,429
Signature Ctn/24 8,071 5,681,275 270,537 6,866,216 264,085
Wild Ctn/24 11,544 3,262,953 155,379 4,866,102 187,158

Gas Lighter :
1A- 50 Ctn./1000 59,528 446,039,524 21,239,977 438,872,594 16,879,715
1A- 25 Ctn./1000 7,950 7,376,800 351,276 6,024,284 231,703
1A- Color Ctn./1000 10,301 27,560,549 1,312,407 28,323,875 1,089,380
1L Ctn./1000 29,104 214,326,034 10,206,002 297,794,063 11,453,618
1M Ctn./1000 8,082 2,704,286 128,776 2,712,440 104,325
1S Ctn./600 5,570 502,164 23,913 775,748 29,836
E-1 Ctn./300 4,213 3,101,176 147,675 3,256,220 125,239

Sun Chips :
Tomato Tango- 80 GM Ctn./60 9,636 1,830,009 87,143 2,124,518 81,712
Tomato Tango- 38 GM Ctn./80 6,868 1,422,247 67,726 1,489,930 57,305
Tomato Tango V Cut-22 GM Ctn./80 3,668 1,908,006 90,857 288,731 11,105
Mix Masala- 80 GM Ctn./60 9,645 1,839,419 87,591 2,128,379 81,861
Mix Masala- 38 GM Ctn./80 8,818 1,990,147 94,769 2,050,082 78,849
Mix Masala V Cut- 22 GM Ctn./80 3,299 1,484,709 70,700 173,313 6,666
Garlic & Chilli- 38 GM Ctn./80 8,943 2,288,412 108,972 1,730,880 66,572
Wasabi- 38 GM Ctn./80 6,663 1,248,638 59,459 1,155,074 44,426
Thin & Crispy- SP Ctn./80 5,060 1,541,555 73,407 1,060,985 40,807
Butane Gas:
Butane Gas Pcs/24 6,352 8,613,555 410,169 6,389,768 245,760
Sub Total 1,896,386,632 90,304,257 2,027,703,115 77,988,581
Grand Total 2,607,241,095 183,024,405 2,783,361,665 176,552,743

95
Amount in BDT
Turn Over Reconciliation: 2018-2019 2017-2018
Gross Turnover 2,607,241,095 2,783,361,666
Less:
1% Additional Trade VAT - 733,734
Return 1,929,046 1,944,858
2,605,312,049 2,780,683,074
Less:
Inter Departmental Sale 559,607,031 584,207,402
2,045,705,018 2,196,475,672
Less:
Value Added Tax 183,024,405 176,552,743
Supplimentary Duty 7,175,439 4,382,287
Add:
Fractional Difference 159 21,739
Net Turnover 1,855,505,333 2,015,562,381

25.00 Cost of Goods Sold: Tk. 1,515,657,352


Opening finished goods 131,380,470 78,935,403
Add: Materials used in production (Note: 25.01) 1,190,989,305 1,411,812,716
Manufacturing Cost (Note: 25.02) 279,927,720 290,328,969
1,470,917,024 1,702,141,685
Less: Closing finished goods (86,640,142) (131,380,470)
1,515,657,352 1,649,696,618
25.01 Materials used in production: Tk. 1,190,989,305
Opening Raw and packing materials 159,315,445 132,749,125
Purchase of raw and packing materials 1,747,203,137 2,027,393,880
Less: Inter Departmental purchase (559,607,031) (584,207,402)
Net purchase 1,187,596,106 1,443,186,478
Raw and packing materials available 1,346,911,551 1,575,935,603
Less: Closing raw and packing materials (160,501,858) (159,315,445)
Raw and packing materials consumption 1,186,409,693 1,416,620,158

Add: Opening Work In Process (WIP) 22,172,633 17,365,191


Less: Closing Work In Process (WIP) (17,593,021) (22,172,633)
4,579,612 (4,807,442)
1,190,989,305 1,411,812,716

25.02 Manufacturing Cost: Tk. 279,927,720


Bonus 16,354,042 15,550,909
BSTI Fees 359,818 621,347
Spare & Maintenances (Vehicles) 1,697,718 3,940,241
Carriage Inward 58,470 45,955
Depreciation 34,156,376 33,384,771
Electricity Charges 11,449,305 12,132,438
Entertainment 1,130,928 1,280,994
Factory Office Maintenances 444,366 526,091

96
Amount in BDT
2018-2019 2017-2018
Fuel & Oil 3,135,709 6,559,231
Gas Bill 2,900,840 3,258,787
General Expenses 1,479,614 1,464,178
Human Resources Development 34,543 26,278
Insurance 1,516,458 922,611
Lease Rent 40,153,634 44,461,344
Medical & Welfare 2,890,443 2,127,561
News Paper & Periodicals 14,204 13,878
Stationery Expenses 645,438 713,159
Postages & Telephone 197,241 102,270
Product Development 1,642,268 1,997,726
Registration & Renewals 47,450 61,925
Rent Rates & Taxes 240,650 194,439
Repair & Maintenances 6,721,170 7,599,434
Repair & Maintenances (Computer) 21,240 116,940
Repair & Maintenances (Factory Building) 989,232 2,656,155
Salary, Wages & Allowances 125,991,154 118,275,136
Gratuity Expenses 6,871,182 12,469,804
Earned Leave Expenses 214,217 377,117
Provident Fund Expenses 645,045 535,320
Stores & Spares 5,314,208 5,471,367
Tour & Allowance 1,595,500 2,043,135
Travelling & Conveyance 2,078,695 3,000,000
Delivery Charges 7,495,130 6,055,800
Uniform 422,686 495,453
Fees & Charges 13,280 50,102
Bank Charge & Interest 43,829 1,167,696
VDS on Expenses 192,864 134,418
Indirect Materials Expenses 768,773 458,859
ISO Certification - 36,100
279,927,720 290,328,969

26.00 Administration Expenses: Tk. 129,694,444


Salaries & Allowances 63,550,307 57,579,091
Gratuity 2,036,618 4,432,099
Earned Leave 1,047,811 1,404,312
Provident Fund Contribution 3,890,120 2,877,310
Bonus 15,738,170 9,850,109
Charity & Donation 40,950 91,214
Depreciation 12,385,770 12,794,160
Managing Director/CEO's Salary & Benefit 6,490,200 5,993,400

97
Amount in BDT
2018-2019 2017-2018
Managing Director/CEO's Bonus 452,550 420,000
Director's Salary & Benefit 2,665,500 2,425,000
Electricity Charges 1,174,299 1,446,411
Entertainment 709,497 906,862
Fees & Other Charges 1,428,150 1,457,881
Human Resources Development 86,938 126,021
Insurance Premium 276,542 485,844
Internet 786,015 787,642
Rent, Rates & Taxes 11,118 10,908
Meeting Expenses 578,207 628,033
General Expenses 618,703 606,379
News Papers & Periodicals 52,962 57,060
Office Maintenance 740,075 543,399
Postages & Telegram 31,363 56,871
Stationery Expenses 529,089 857,432
Registration & Renewals 71,645 96,005
Repaire & Maintenances 2,750 166,300
Computer Maintenances 310,019 199,904
Right Share Written Off 69,499 76,931
Audit Fees 343,750 331,250
Tour & Allowances 1,635,500 1,450,440
Staff Welfare 209,009 138,400
Telephone & Trunk Calls 595,633 698,556
Travelling & Conveyance 1,513,276 1,536,732
Uniform (Washing & Making) 115,865 107,895
Fuel, Oil & C.N.G 4,399,817 4,387,489
Spare & Maintenances (Vehicles) 2,471,872 1,741,409
WASA Bill 131,424 208,580
B.S.E.C Complaince 176,920 1,175
Board Meeting Expenses 662,500 345,000
Bank Charge & Interest 51,068 63,338
City Corporation Tax - 583,440
Legal Expenses 65,000 -
Office Rent 1,085,600 -
Travelling & Daily Allowance 462,343 791,152
129,694,444 118,761,432

(a) Auditor's fees represents audit fee for auditing the accounts for the year ended 30 June, 2019.
Auditors were not paid any other fees.
(b) The Company did not pay any remuneration to other Directors except Managing Director & CEO
and Director HR & Admin who are the Director of the Company.

98
Amount in BDT
27.00 Selling & Distribution Expenses: Tk. 118,902,807 2018-2019 2017-2018
Advertisement 384,484 514,933
Delivery Charges 8,710,231 8,772,749
Depreciation 5,765,355 3,646,372
Electricity 508,427 349,146
Entertainment 571,680 502,805
Insurance Premium 233,314 352,987
Insurance Premium (Khilkhet Stock) 30,291 20,223
Miscellaneous 117,394 206,034
News Papers & Periodicals 19,679 17,623
Office Rent 237,526 527,008
Office Maintenances 580,101 577,844
Fuel, Oil & C.N.G 4,243,203 5,056,607
Postages & Telegram 167,815 184,710
Human Resource Development - 6,300
Stationery 784,193 804,873
Gas Bill 54,000 59,100
Sales Incentive & Promotional 222,385 257,237
Salaries 33,544,042 34,070,432
Salaries (SR/SSR) 26,770,535 27,454,223
Bonus 4,797,145 6,334,238
Bonus (SR/SSR) 3,771,448 3,923,990
Repair & Maintenances 275,806 257,012
Security Expenses 213,500 202,500
Telephone & Trunk calls 2,840,125 2,861,839
Gardening & Plantation 600 1,750
Travelling & Conveyance 1,261,542 1,381,991
Travelling & Conveyance ( SR/SSR ) 5,712,480 6,516,573
Spare & Maintenances (Vehicles) 1,192,884 1,906,742
Registration & Renewals 15,550 17,507
WASA Bill 150,689 180,152
Daily Allowance ( SR/SSR ) 8,671,149 8,877,012
Lease Rent - 600,000
Internet Exp 114,047 104,649
Distribution Cost 3,865,526 3,941,779
Travelling & Daily Allowance ( Tour ) 2,095,061 2,532,655
Product Development 19,717 12,644
Medical Welfare 40,525 17,466
Repair & Maintenances (Computer) 92,850 117,550
Bank Charge & Interest (DD Com) 257,144 248,504
Dhaka Retail 315,457 489,615
Sales Conference 254,907 1,386,764
118,902,807 125,294,138

99
Amount in BDT
28.00 Finance Cost: Tk. 55,498,560 2018-2019 2017-2018
CC Hypo A/C-MTBL 18,445,771 18,330,658
Loan General-MTBL 10,612,908 11,845,923
LTR-MTBL 1,611,523 1,486,276
CD-MTBL 70,958 70,950
T.Loan-MTBL 12,305,420 -
D.Loan-MTBL 6,556,363 9,243,134
Agrani & Others 5,895,617 94,348
55,498,560 41,071,289

29.00 Other Income: Tk. 58,663


Miscellaneous Income 58,663 21,887
58,663 21,887

30.00 Income Tax Expenses: Tk. 16,270,073


Current tax 8,339,861 19,991,880
Deferred tax 7,930,213 6,441,547
16,270,073 26,433,427

31.00 Unappropriated Surplus Brought Forward (Re-stated): Tk. 77,009,490


Unappropriated Surplus brought Forward 144,486,577 152,207,408
Less: Stock Dividend 2018 (63,050,770) (80,149,282)
Less: Payment of Expenses for Previous Year (4,426,317) (6,871,829)
City Corporation Tax - (2,683,824)
Tax for AY 2004-2005 - (500,000)
UPAS Payable - 1,593,199
Salary Payable - (2,263,177)
Dividend Payable - (2,180,061)
WPPF Over charged (2015-2018) 1,038,217 -
Tax payable for WPPF overcharged (2015-2018) - (259,554)
Provident Fund Expense (824,512) -
MPU-Deferred Revenue Expense (2,100,755) -
Spare Parts Expenses (7,420) -
MPU-VAT & Misc Expense (1,040,340) -
Bank Charges & Interest (Hypo-MTBL) 1,511,339 -
Advertisement Expense (2,897,853) -
Others Expense (104,993) (578,412)
77,009,490 65,186,296

32.00 Other Information


32.01 Payment/Perquisites To Directors:
i) During the year under review, the company allowed no compensation to the Chief Executive
Officer/Managing Director and Director HR & Administration of the company except remuneration
from July'18- December'18 Tk. 520,150 and January'19 - June'19 Tk. 561,550 and Tk.1,96,500 from
July'18-December'18 & Tk.2,15,000 from January'19-June'19 per month respectivly.
ii) During the year, no amount of money was expended by the company for compensating any member
of the Board for special service rendered.

100
Amount/USD
32.02 Transaction in foreign currency 2018-2019 2017-2018
Particulars
CFR value of import:
Raw and Packing materials 3,211,242 5,633,330
Average Exchange Rate on June 30, 2019
Conversion rate 84.5000 83.7250

32.03 Contingent Liabilities


There are no claims against the company acknowledged as debts excepting claims, if any:
i) Which may arise on the assessment of income taxes of the company.
ii) An amount of Taka 33,758,414 claimed as VAT from the company by VAT authority on the differential
amount of sales value to the distributors and sales value as per MRP shown as commission during
the year 1996-97, 1997-98, 1998-99.The company filed appeal to the Commissioner Appeal
Customs, Excise & VAT by depositing Tk. 1,687,921 against the order of the DC Customs, Excise &
VAT and subsequently the company filed appeal to the Appellate Tribunal by depositing Tk.3,375,842
against the order of the Commissioner, Appeal, Customs, Excise & VAT. Appellate Tribunal passed
order keeping the order of Commissioner Appeal unaltered. As such the company has filed petition to
High Court which is subjudice. The Honorable Court passed the order of stay till disposal of the case.

32.04 Related Party Transactions


During the year, the Company carried out a number of transactions with related parties in the normal
course of business. The names of the related parties and nature of these transactions have been set
out in accordance with the provisions of International Accounting Standard-24. Related Party
Disclosures:

Amount In Taka
Transaction value Receivable/Outstanding
Nature of year ended 30 June balance as at 30 June
Name of Company Relationship Transaction 2019 2018 2019 2018
Quasem Zinc Ltd. Sister Concern Purchase of Callot 5,812,207 - - 5,812,207

Quasem Zinc Ltd. Sister Concern Lease Rent of


Factory Premises 1,200,000 - (323,420) -
Distribution Service
Quasem Food Products Ltd. Sister Concern /Trading 30,345,525 29,093,573 17,863,547 9,344,126
Deposit against
Quasem Food Products Ltd. Sister Concern distribution of product - - 10,000,000 10,000,000

Quasem Food Products Ltd. Sister Concern Purchase of Chips 13,920,502 10,497,242 4,531,480 -
Purchase of
Quasem Lamps Ltd. Sister Concern Gas lighter 424,637,467 463,880,760 (32,197,084) (21,813,597)

Total 475,915,701 503,471,575 (125,477) 3,342,736

101
32.05 Transaction with key Management Personals
Amount in BDT
No. Particulars 30-June-2019 30-June-2018
(a) Managerial remuneration paid or payable during the year to the directors
including Managing directors/CEO and Director HR & Aministartion. 8,959,200 8,240,400
(b) Any other perquisite or benefits in cash or in kind stating
approximate money value where applicable. 649,050 598,000
(c) Other allowances and commission including guarantee commission - -
(d) Others. -
(i) Pensions - -
(ii) Gratuities - -
(iii) Payments from a provident funds, in excess of own subscription
and interest thereon - -
(e) Share Based payments - -

32.06 Production Capacity utilization


Installed Effective Actual Production Under/Over
Capacity Capacity Million % to Capacity
Item Remarks
(Million (Million Pcs Effective (Million
Pcs) Pcs) Capacity Pcs)

Unit - 1 & 2
UM-1 & UM-4 Battery 132.63 87.92 30.31 34.48 57.61

UM-3 Battery 527.52 379.94 56.80 14.95 323.14

Total 30-06-2019 660.15 467.86 87.12 49.43 380.74


Under capacity utilization.
Total 30-06-2018 660.15 467.86 143.81 86.01 324.05

Unit- 3
Printed Tin Plate 3.02 2.42 0.34 13.95 2.08

Semi Auto Can Line 2.42 1.93 0.52 26.94 1.41


High Pressure Can 1.81 1.45 1.05 72.65 0.40
Can Filling:
125/150 ml 3.62 2.90 0.11 3.62 2.79
250 ml 4.35 3.48 0.13 3.81 3.35
300 ml 3.19 2.55 0.53 20.93 2.02

Total 30-06-2019 18.41 14.73 2.68 141.90 12.05


Total 30-06-2018 18.41 14.73 2.78 139.84 11.95

102
32.07 Quantitative details of Opening stock, Production/Purchases, Sales/Transfer and Closing stock of
Finished/Trading goods:
Pcs 2018-2019 (Quantity in Cartons) 2017-2018 (Quantity in Cartons)
Particulars Per Opening Production/ Sales/ Closing Opening Production/ Sales/ Closing
Ctn. Stock Purchase Transfer Stock Stock Purchase Transfer Stock
UM-1 (PL) 120 - - - - 6 10,475 10,140 341
UM-1 (PL-Vinyl) 120 1,154 43,276 44,297 132 - 37,705 36,892 813
UM-3 (HD) 480 25,072 95,759 120,729 103 15,889 149,062 139,879 25,072
UM-3 (HD-Extra) 480 374 2,806 2,641 539 243 2,030 1,899 374
UM-3 (Green) 480 108 - 50 58 47 231 170 108
UM-3 (Hi-Sup) -Vinyl 480 5,294 19,778 23,586 1,486 1,212 33,216 29,134 5,294
UM-3 (H/D) -Paper Card 480 359 - 359 - 173 306 120 359
UM-4 (Haque) 480 - - - - - 1,850 1,850 -
UM-4 Batt (2 pcs - BP) 480 8,069 42,643 47,347 3,365 971 50,848 43,750 8,069
UM-4 Batt (2 pcs - BP) 960 203 4,843 4,465 581 1,634 2,152 3,583 203
Econo LED (Import-Factory) 120 11 - - 11 11 - - 11
Econo LED (Factory Made) 120 202 1,599 1,781 20 315 2,993 3,106 202
Flash Light 3D 1LED 120 177 - 7 170 191 - 14 177
Flash Light 2D 1LED 120 171 - 9 162 260 - 89 171
Flash Light 3D ABS (TL-40 Import) 24 3 - - 3 3 14 14 3
Flash Light 2D ABS (TL-30 Factory) 24 8 54 57 5 7 30 29 8
Flash Light 3D ABS (TL-40 Factory) 24 19 88 102 5 - 182 163 19
Flash Light ABS AAA (MINI-Remote) 100 30 - - 30 30 5 5 30
Super Eco Flash Light (TL-20) 120 48 254 285 17 102 507 562 48
Flash Light ALU 3D1WL 24 6 - - 6 6 20 20 6
Bi-Cycle Light 72 23 - - 23 23 - - 23
Reading Lamp 18 53 - 53 - 61 - 8 53
Printed Tin Plate 4,957 336,914 310,101 31,770 29,267 251,660 275,970 4,957
Round/Pressure Can 63,157 1,554,533 1,430,039 187,651 84,823 327,089 348,755 63,157
Pressure Can Filling 134,842 790,972 830,248 95,566 19,608 974,882 859,648 134,842
Gas Lighter 99 88,319 86,340 2,077 1,118 93,658 94,677 99
Body Spray 24 261 4,200 4,081 379 - 7,689 7,428 261
Air Freshner 486 22,854 22,505 835 - 26,849 26,362 486
Butane gas 24 9 5,595 5,384 220 - 4,003 3,994 9
Sun Chips 38 Grams 80 129 4,483 4,498 115 108 4,066 4,044 129
Sun Chips 80 Grams 60 20 1,566 1,557 29 41 1,748 1,769 20
Sun Chips 22 Grams (V.Cut) 80 46 3,869 3,885 31 1 573 528 46
Thin & Crispy-SP (Poly)-22 Grams 80 43 1,765 1,773 35 9 1,172 1,137 43

103
32.08 Un-availed Credit Facilities:
Un-availed credit facilities to the company as on 30 June 2019 are as under:
Bank & Branch Name Nature of loan Credit limit Outstanding Unavailed limit
CC-Hypo 150,000,000 154,616,140 (4,616,140)
Mutual Trust Bank ltd. LTR 14,600,000 4,871,617 9,728,383
(Gulshan branch, Dhaka) Term Loan 200,300,000 267,451,680 (67,151,680)
Loan General 101,170,000 21,103,231 80,066,769
UPAS 101,850,000 95,627,927 6,222,073
24,249,406

There are no credit facilities available to the company under any contract (other than credit available in
ordinary course of business) at the Statement of Financial Position date .

32.09 Disclosure Under Requirement of SEC Notification:


Amount in BDT
(BSEC/CMRRCD/2006-158/208/Admin/81, Dated 20 June 2018)
2018-2019 2017-2018
A. Net Assets Value Per Share (NAV)
Net Asset for the Year 1,952,844,871 1,904,414,220
Number of Shares Outstanding 58,847,386 58,847,386
33.18 32.36

B. Earning per Share (EPS):


Net Profit for the Year 48,810,222 79,300,281
Number of Shares Outstanding 58,847,386 58,847,386
0.83 1.35

C. Net Operating Cash Flow per Share (NOCFPS):


Net Cash Flow from Operating Activities 95,539,070 33,888,337
Number of Shares Outstanding 58,847,386 58,847,386
1.62 0.58

D. Reconciliation of Net Profit with cash flows from Operating Activities:


Profit before tax 65,080,296 105,733,708
Finance cost 55,498,560 41,071,289
Investment Income (2,177,953) (1,444,277)
Non cash items 50,051,917 43,030,417
(Increase)/ Decrease in Current Assets (13,749,849) (80,257,498)
Increase/(Decrease) in Current Liabilities 16,995,979 (4,512,305)
Cash generated from Operations 171,698,951 103,621,332
Tax paid (20,661,321) (28,661,706)
Interest paid (55,498,560) (41,071,289)
Cash from/ (used in) operating activities 95,539,070 33,888,337

104
32.10 Commission, Brokerage or Discount:
No brokerage and discount against sales was paid during the year.

32.11 Payment Made In Foreign Currency:


No expenses including Royalty, Technical Experts & Professional Advisory Fees and Interest etc.
were incurred or paid in foreign currencies during the financial year.

32.12 General Expenses:


General expenses include the expenses on account of Canteen subsidy, Picnic, Ceremonial, Flowers
and Plantation, which have not exceeded 1% of revenue.

32.13 Employee Details:


i) Number of employees engaged for the whole year and drawing remuneration Tk. 60,000 and above
per annum are 470.
ii) Number of employees engaged for the part of the year and drawing remuneration @Tk. 5,000 or less
per month are Nil.

32.14 Re-arrange of Last Year Figures:


To facilitate comparison, certain relevant balances pertaining to the previous year have been rearranged
or reclassified and restated whenever considered necessary to conform to current year presentation.

32.15 Events after the Reporting Period (IAS-10):


i) The Board of Directors in their meeting held on 22nd October 2019 have recommended 7% stock
dividend (i.e. bonus share for 07 shares against 100 shares) as well as 5% Cash Dividend on record
date for the year ended 30 June 2019 subject to approval of the shareholders' in the Annual General
Meeting scheduled to be held on 12 December 2019. The financial statements for the year ended 30
June 2019 do not include the effect of the said dividend which will be accounted for in the period
when shareholders' right to receive payments.
ii) There are no other events identified after the date of the statement of financial position which requires
adjustment or disclosure in the accompanying financial statements.

Director Managing Director/CEO Chairperson

Director, CA & Company Secretary

105
Schedule-A

106
PROPERTY, PLANT AND EQUIPMENTS: Tk. 2,193,444,556 Figure in BDT
Cost Depreciation WDV
Rate
I t e m s 01-July-18 Addition Sale/ 30-June-19 Revaluation % 01-July-18 Adjust Charged 30-June-19 30-June-19
TOTAL
Deletion Surplus ment
UNIT- 1 & 2 ( FACTORY )
Land & Land Development 49,451,581 20,652,814 - 70,104,395 279,807,925 349,912,320 - - - - - 349,912,320
Building & Other Const. 182,228,822 - - 182,228,822 110,993,256 293,222,078 2.5 123,925,833 - 4,192,892 128,118,725 165,103,353
Plant & Machinery 651,789,459 31,166,356 - 682,955,815 31,431,986 714,387,801 5 360,508,539 - 16,083,298 376,591,837 337,795,965
Deep Tube well 315,821 - - 315,821 - 315,821 5 263,556 - 2,565 266,120 49,701
Deep Tube well 693,069 - - 693,069 - 693,069 10 587,997 - 10,120 598,117 94,952
Generator (Revalued) 3,112,030 - - 3,112,030 813,877 3,925,907 5 2,498,733 - 70,032 2,568,764 1,357,143
Lab Equipment (Revalued) 3,285,923 - - 3,285,923 - 3,285,923 5 2,512,023 - 37,975 2,549,999 735,924
Office Equipment 8,591,859 - - 8,591,859 - 8,591,859 15 7,689,807 - 127,885 7,817,692 774,167
Furniture 7,705,293 415,797 - 8,121,090 - 8,121,090 10 5,978,142 - 176,740 6,154,883 1,966,207
Tools and Equipment 4,224,694 91,600 - 4,316,294 - 4,316,294 15 2,979,664 - 179,945 3,159,609 1,156,686
Vehicles 26,353,437 27,640 26,381,077 - 26,381,077 10 18,139,828 793,732 18,933,560 7,447,517
Electrical Equipment 7,154,284 - - 7,154,284 123,218 7,277,502 10 4,979,163 - 221,358 5,200,521 2,076,981
Telephone Equipment 4,359,047 10,241 - 4,369,288 - 4,369,288 10 3,066,016 - 124,791 3,190,806 1,178,482
Electrical Installation 6,725,262 - - 6,725,262 399,051 7,124,313 10 5,191,655 - 186,138 5,377,793 1,746,520
Computer Equipment 10,270,955 181,244 - 10,452,199 - 10,452,199 15 9,069,393 - 196,042 9,265,436 1,186,763
Gas Line Installation 1,066,768 - - 1,066,768 - 1,066,768 10 627,850 - 42,273 670,123 396,645
Fire Extinguisher 103,920 - - 103,920 - 103,920 10 95,861 - 776 96,637 7,283
Total (Unit-1 & 2 Factory) 967,432,223 52,545,692 - 1,019,977,916 423,569,313 1,443,547,229 548,114,060 - 22,446,563 570,560,620 872,986,608
HEAD OFFICE
Building & Other Const.(F.R Tower 20th to 22nd Floor) 108,968,981 - - 108,968,981 362,813,149 471,782,130 2 66,046,011 - 8,054,065 74,100,076 397,682,054
Office Equipment 2,081,536 35,000 - 2,116,536 - 2,116,536 15 1,587,947 - 73,768 1,661,716 454,820
Furniture 13,291,055 21,523 - 13,312,578 - 13,312,578 10 7,743,950 - 535,316 8,279,266 5,033,312
Vehicles 44,440,460 - - 44,440,460 - 44,440,460 10 12,059,390 - 3,118,689 15,178,079 29,262,380
Electrical Equipment 918,600 - - 918,600 - 918,600 10 535,340 - 36,913 572,253 346,347
Telephone Installation 783,483 153,055 - 936,538 - 936,538 10 127,002 - 75,706 202,708 733,830
Computer Equipment 5,912,400 468,400 - 6,380,800 - 6,380,800 15 2,791,669 - 490,988 3,282,657 3,098,143
Fire Extinguisher 10,589 - - 10,589 - 10,589 10 7,211 - 325 7,536 3,053
Total (Head Office) 176,407,104 677,978 - 177,085,082 362,813,149 539,898,231 90,898,519 - 12,385,770 103,284,289 436,613,942
Amount in BDT
Cost Depreciation WDV
Sale/ Revaluation Rate Adjust
I t e m s 01-July-18 Addition TOTAL % 01-July-18 ment Charged 30-June-19 30-June-19
Deletion 30-June-19 Surplus
SALES OFFICE
Building & Other Const. 35,624,473 - - 35,624,473 510,004 36,134,477 2 9,130,055 - 536,051 9,666,106 26,468,371
Generator 89,800 - - 89,800 - 89,800 5 32,981 - 2,788 35,769 54,031
Office Equipment 439,768 189,000 - 628,768 - 628,768 15 258,002 - 46,244 304,246 324,522
Furniture 1,442,672 162,172 - 1,604,844 - 1,604,844 10 572,109 - 95,962 668,071 936,773
Container 153,691 343,340 - 497,031 - 497,031 15 126,501 - 3,855 130,356 366,675
Vehicles 58,354,817 741,400 - 59,096,217 - 59,096,217 10 9,358,532 - 4,785,282 14,143,813 44,952,404
Electrical Equipment 511,975 403,230 - 915,205 - 915,205 10 154,478 - 45,494 199,972 715,233
Telephone Installation 1,299,792 94,940 - 1,394,732 - 1,394,732 10 666,763 - 67,275 734,038 660,694
Computer Equipment 2,032,560 586,500 - 2,619,060 - 2,619,060 15 1,029,256 - 181,858 1,211,114 1,407,946
Fire Extinguisher 16,000 - 16,000 - 16,000 10 10,329 - 546 10,875 5,125
Total (Sales Office) 99,965,548 2,520,582 - 102,486,130 510,004 102,996,134 21,339,005 - 5,765,355 27,104,360 75,891,774
UNIT- 3
Land & Land Development 90,169,197 17,104,707 - 107,273,904 229,025,768 336,299,672 - - - - - 336,299,672
Building & Other Const. 96,336,610 6,963,334 - 103,299,944 35,028,181 138,328,125 2.5 34,667,867 - 2,394,854 37,062,722 101,265,403
Plant & Machinery 83,616,706 150,690 - 83,767,396 154,657,103 238,424,499 5 113,791,693 - 6,113,954 119,905,648 118,518,851
Plant & Machinery-Can Making & Filling - 69,059,676 - 69,059,676 - 69,059,676 5 - - - 69,059,676
Generator 1,742,650 - - 1,742,650 294,640 2,037,290 10 1,262,175 - 74,653 1,336,828 700,462
Deep Tube well 630,999 - - 630,999 - 630,999 10 171,038 - 44,300 215,338 415,661
Electrical Installation 2,583,686 5,247,650 - 7,831,336 708,768 8,540,104 10 1,916,331 - 629,839 2,546,171 5,993,933
Gas Installation 19,545,554 - - 19,545,554 - 19,545,554 10 5,470,642 - 1,355,584 6,826,227 12,719,327
Telephone Installation 134,835 - - 134,835 - 134,835 10 92,372 - 4,090 96,462 38,373
Tools & Equipment 6,233,440 45,500 - 6,278,940 - 6,278,940 15 2,165,713 - 581,867 2,747,581 3,531,359
Office Equipment 236,515 - - 236,515 - 236,515 15 106,039 - 18,498 124,536 111,979
Electric Equipment 2,859,027 55,500 - 2,914,527 - 2,914,527 10 638,252 - 218,406 856,658 2,057,869
Furniture & Fixture 1,754,780 - - 1,754,780 - 1,754,780 10 441,182 - 126,515 567,698 1,187,082
Computer Equipment 1,448,190 - - 1,448,190 - 1,448,190 15 423,242 - 145,308 568,550 879,640
Fire Fighting Equipment 50,400 - - 50,400 - 50,400 10 30,213 - 1,944 32,157 18,243
Total (Unit-3) 307,342,590 98,627,057 - 405,969,646 419,714,460 825,684,106 161,176,756 - 11,709,813 172,886,572 652,797,534
RIGHT USE OF ASSETS
Plant & Machinery-(Unit-3) - - - 155,154,697 - 155,154,697 - - - - - 155,154,697
Total 30-06-2019 1,551,147,465 154,371,310 - 1,860,673,471 1,206,606,926 3,067,280,397 821,528,336 - 52,307,501 873,835,836 2,193,444,556
Total 30-06-2018 1,396,198,019 154,949,446 - 1,551,147,465 1,206,606,926 2,757,754,391 771,703,033 - 49,825,303 821,528,336 1,936,226,055
Allocation Of Depreciation 30-06-2019 30-06-2018
Manufacturing Overhead 34,156,376 33,384,772
Administrative Expenses 12,385,770 12,794,160

107
Selling & Distribution Expenses 5,765,355 3,646,372
Total 52,307,501 49,825,303
REALISATION OF REVALUATION SURPLUS: Tk. 16,186,940 Schedule-B
Addition Realized Closing
Depr. Revaluation Realized Up during the Total Revaluation
Unit 1 & 2 (Factory) Period
Rate Surplus to June'18 Realized Surplus
Charged
Land & Land Development 0% 7,776,363 - - - 7,776,363
Land & Land Development 0% 279,807,925 - - - 279,807,925
Building & Other Construction 2.5% 19,196,537 7,627,043 289,237 7,916,280 11,280,257
Building & Other Construction 2.5% 110,993,256 31,778,756 1,980,363 33,759,119 77,234,137
Plant & Machinery 5% 60,911,399 39,075,487 1,091,796 40,167,283 20,744,116
Plant & Machinery 5% 31,431,986 11,731,594 985,020 12,716,614 18,715,372
Deep Tube well 5% 139,121 89,249 2,494 91,743 47,378
Generator 5% 390,770 250,685 7,004 257,689 133,081
Generator 5% 813,877 245,517 28,418 273,935 539,942
Laboratory Equipment 5% 1,081,759 693,964 19,390 713,354 368,405
Electrical Equipment 10% 123,218 64,283 5,894 70,177 53,041
Electrical Installation 10% 399,051 208,186 19,087 227,273 171,778
Total 513,065,262 91,764, 765 4,428,703 96,193,467 416,871,795
HEAD OFFICE
Building & Other Construction 2% 362,813,149 51,256,516 6,231,133 57,487,649 305,325,500
Sub Total 362,813,149 51,256,516 6,231,133 57,487,649 305,325,500
SALES OFFICE
Building & Other Construction 2% 510,004 136,593 7,468 144,061 365,943
Sub Total 510,004 136,593 7,468 144,061 365,943

UNIT-3
Land & Land Development 0% 229,025,768 - - - 229,025,768
Building & Other Construction 2.5% 35,028,181 10,029,006 624,979 10,653,985 24,374,196
Plant & Machinery 5% 154,657,103 57,723,822 4,846,664 62,570,486 92,086,617
Generator 10% 294,640 153,713 14,093 167,806 126,834
Electrical Installation 10% 708,768 369,767 33,900 403,667 305,101
Sub Total 419,714,460 68,276,309 5,519,636 73,795,944 345,918,516
Grand Total 2018-2019 1,296,102,875 211,434,181 16,186,940 227,621,121 1,068,481,754

108
Quasem Industries Limited
Value Added Statement
For the year ended 30 June 2019
Schedule-C
2018-2019 2017-2018
Particulars
Taka % Taka %
Value Added :

Gross Turnover 2,045,705,177 2,197,231,145


Finished Stock Differential 44,740,328 (52,445,067)
Output 2,090,445,505 2,144,786,078
Less: Bought-in-Goods & Services 1,406,793,787 1,443,638,942
683,651,718 701,147,136

Value Distributed :

National Exchequer 237,690,893 34.77 256,794,033 36.62


Services 397,530,184 58.15 367,733,653 52.45
Shareholders' Dividend 63,050,770 9.22 80,149,282 11.43
Reserve & Surplus (14,620,129) (2.14) (3,529,832) (0.50)
683,651,718 100.00 701,147,136 100.00

109
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OPERATIONAL PERFORMANCE
GRAPHICAL PRESENTATION OF

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7 8

1. Chairman addressing 37th Annual General Meeting Officer and Company Secretary along with the Board.
of the Company.
5. Entrance of the Managing Director & CEO and receiving
2. Current Chairperson giving speech at 37th Annual
General Meeting of the Company. warm welcome from the shareholders.
3. Receiving flowers from Shareholders attending 37th 6. Shareholder addressing at the 37th AGM of the Company.
AGM of the company. 7. Shareholders attending at the 37th AGM of the Company.
4. Standing from left Chief Operating Officer, Cheif Financial 8. Greetings and receiption counter of last AGM.

111
ALBUM
9 10

11 12

13 14

15 16

9. Factory Premises of QIL (Unit-1 & 2). 13. Flash Light Packing Section.
10. Partial View of Battery Manufacturing. 14. Packing Machine of UM-4.
11. Packing Machine of UM-3. 15. High Pressure Can Sheet Slitting.
12. Partial View of UM-3 Battery Manufacturing. 16. High Pressure Can Oven.

112
ALBUM

17. Factory Priemises of Unit-3 (MPU). 21. High Pressure Can Welding.
18. HPC Component Line. 22. UM-1 Naked Line.
19. Automatic can making Machins in Unit-3 (MPU). 23. HPC Food Can Line.
20. High Pressure Can Seaming. 24. High Pressure Can Filling Machine.

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Memorandum Clause Existing Clause Memorandum After
Amendment or Delete
of
VI That the company shall form a loan amortization fund To be deleted
Association for the payment of loan given to them by Bangladesh
Shilpa Bank by sums equal to annual installments
and interest and interest of the loan or the entire profit
whichever is less.

117
Memorandum Clause Existing Clause Memorandum After
Amendment or Delete
of
This condition can be altered or amended and / or
Association deleted by special resolution only after the liquidation
of entire dues of Bangladesh Shilpa Bank and with
their approval in writing. Subject to confirmation by
High Court.
Articles Clause Existing Clause Articles of Association
of Association After Amendment or Delete
113C Undertake to grant the BSB the right to appoint at the To be deleted
option of the later one person as Director of the
Company and to replace such person from time to
time. The Director so appointed shall neither be
required to hold any qualification share not be liable
to retire by rotation. The Director so appointed by the
BSB will be entitled for reimbursement of travelling
and daily allowances at the rates prescribed by the
BSB from the Company for attending its Board of
Director’s meeting. Provision to these effects will
have to be made in the articles of the company.
Articles 120 (j) (Not being ICB Director, Director nominated by (Not being ICB Director,
of Association underwriter, BSB Director/Debenture Director) is Director nominated by
removed from office by extra-ordinary resolution of underwriter, /Debenture
the company. Director) is removed from
office by extra-ordinary
resolution of the company.
146 In case of resignation or removal of the existing In case of resignation or
Managing Director, a new Managing Director shall be removal of the existing
appointed by the Board of Directors of the company. Managing Director, a new
He shall continue unless he voluntarily resigns or is Managing Director shall be
removed from office : appointed by the Board of
Directors of the company.
i) For his in capacity due to illness or unsoundness
of mind or on any reasonable ground or under He shall continue unless he
any provisions of the Act with the knowledge and voluntarily resigns or is
approval of the Bangladesh Shilpa Bank. removed from office :
ii) When so desired by Bangladesh Shilpa Bank to i) For his in capacity due to
protect the interest of the Bank during the illness or unsoundness
subsistence of the loan raised from them. of mind or on any
reasonable ground or
In case of removal due to (i) and/or (ii) above a new under any provisions of
Managing Director shall be appointed with the prior the Act with the
approval of the Bangladesh Shilpa Bank. knowledge.
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Av‡bvqviæj Bmjvg
mfvcwZ

118
Quasem Industries Limited
Al Amin Icon Center (04th, 06th and 09th Floor)
Plot No. 57/4, Progoti Sarani, North Baridhara, Dhaka-1212, Bangladesh.

PROXY FORM
BO ID No._______________________
Folio No.________________________
No. of Shares held ________________

I/We __________________________________________________________________________________
of ________________________________________________________________________________
being Shareholder(s) of Quasem Industries Limited, and entitled to vote hereby appoint
Mr./Mrs. __________________________________ as my/our Proxy to attend and vote for me/us on
my/our behalf at the 38th Annual General Meeting of the Company to be held at the “Eagle Hall”, Raowa
Complex, Mohakhali, Dhaka on December 12, 2019 at 10.30 AM and at any adjournment thereof and the
poll that may be taken consequence thereof.
As witness my/our hand this ________________ day of ______________________ 2019.

Revenue Stamp
Tk. 10.00 ___________________
Signature

Quasem Industries Limited


Al Amin Icon Center (04th, 06th and 09th Floor)
Plot No. 57/4, Progoti Sarani, North Baridhara, Dhaka-1212, Bangladesh.

ATTENDANCE SLIP
I hereby record my attendance at the 38th Annual General Meeting of Quasem Industries Limited, at the
“Eagle Hall”, Raowa Complex, Mohakhali, Dhaka on December 12, 2019 at 10.30 AM.

BO ID No.
Full Name(s) of the Shareholder(s)
(in block letters) ______________________________ Folio No.

__________________
Signature

BO ID No.
Full Name(s) of Proxy
(in block letters) ______________________________ Folio No.

__________________
Signature
 Shareholders attending the Meeting in person or by proxy are requested to complete the attendance
slip and hand it over at the reception of 38th QIL, AGM Venue.
 No person shall be appointed proxy who is not member of the company.
 Children and non-members will not be allowed at the meeting.

119
Notes

120

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