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LENNY APPARELS LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2009 31 December 2011 Taka 31 December 2009 Taka

Note SOURCES OF FUNDS Share Capital Equivalent USD 28,570 @ BDT 70.00 Shareholders' equity LOAN FUNDS Must Garment Corporation Limited Hong Kong Loan account - non-interest bearing payable on demand Equivalent USD 702,600 @ BDT 70.00 CAPITAL EMPLOYED APPLICATION OF FUNDS Property, plant and equipment Construction in progress Preliminary expenses CURRENT ASSETS Advances, deposits and prepayments Cash and cash equivalents LESS: CURRENT LIABILITIES AND PROVISIONS Creditors and Accruals NET CURRENT ASSETS/(LIABILITIES) NET ASSETS CONTINGENT LIABILITIES & COMMITMENTS 4

2,000,000 2,000,000.00 5

2,000,000 2,000,000

174,420,159 176,420,159

49,182,039 51,182,039

6 7

180,841,117 534,940

48,235,438 534,940

8 9

926,800 4,266,821 5,193,621 10,149,519 10,149,519 (4,955,898) 176,420,159 -0

926,800 1,717,891 2,644,691 233,030 233,030 2,411,661 51,182,039 -

10

These Financial Statements should be read in conjunction with the annexed notes

Managing Director Auditors' report to the shareholders See annexed report of date

Director

Dhaka,

November 2010

Chartered Accountants

Page 1of 5

LENNY APPARELS LIMITED STATEMENT OF CASH FLOWS FOR THE PERIOD FROM 01 JANUARY 2010 TO 31 MARCH 2011 From 01 January 2010 to 31 March 2011 Taka From 05 August 2008 to 31 December 2009 Taka

Note Operating Activities Changes in working capital Increase in advances, deposits and prepayments Increase in creditors and accruals Net cash inflow from operating activities Investing activities Construction in progress Preliminary expenses Financing activities Share Capital Loan account - non-interest bearing payable on demand

9,916,489 9,916,489

(926,800) 233,030 (693,770)

6 7

(132,605,679) (132,605,679) 125,238,120 125,238,120 2,548,930 1,717,891 4,266,821 2,548,930

(48,235,438) (534,940) (48,770,378) 2,000,000 49,182,039 51,182,039 1,717,891 1,717,891 1,717,891

4 5

Net cash Inflow/ (Outflow) Cash and bank balances On 01 January 2010 At 31 March 2011 Net Increase in cash and cash equivalents

-0.60 This Statement should be read in conjunction with the annexed notes.

Managing Director

Director

Page 2 of 5

LENNY APPARELS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 01 JANUARY 2010 TO 31 MARCH 2011

1 BACKGROUND Lenny Apparels Limited ("the Company") was incorporated in Dhaka, Bangladesh as a private limited company on 05 August 2008 and not yet went into the commercial production. The Company is owned by 100% foreign investment and intending to run its operation through establishing a factory in Dhaka Export Processing Zone (DEPZ). 2 NATURE OF BUSINESS The Company's target is to set up specialised Garments Industry with linkage (washing and embroidery) facilities. During the period, the Company has not started the commercial operation as the main activities were to construct the factory building and related machineries. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Accounting basis These Financial Statements have been prepared on a going concern basis under the historical cost convention as well as considering Bangladesh Accounting Standards (BAS) and Bangladesh Financial Reporting Standards (BFRS) and provisions of the Companies Act, 1994 and other applicable laws and regulations. Wherever appropriate, the policies are explained in the succeeding paragraphs.

b. Pre-operating expenses and preliminary expenses In order to comply with the requirements of the local Companies Act 1994, certain expenditure relating to the incorporation of the Company are capitalised under the heading "Preliminary expenses". These Preliminary expenses shall be amortised on a straight line method over a period of five years (60 months) commencing from the date of starting the commercial production. c. Property, plant and equipment - construction in progress These are recorded in the books at historical cost. All directly attributable costs of construction are capitalised under the relevant headings of assets. d. Foreign currency translations and transactions Share capital, loan funds received from Must Garments Corporation Limited, foreign currency balance with banks at 31 December 2009 in US dollars have been translated into Bangladesh Taka currency at the rate of Tk 70.00 = 1 US dollar. The financial statements of the Company are presented in Bangladesh Taka (BDT) which is the Company's functional and presentation currency.

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LENNY APPARELS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 01 JANUARY 2010 TO 31 MARCH 2011

SHARE CAPITAL a. Authorized 35,000 ordinary shares of Tk 10,000 each b. Issued, subscribed and paid up 200 fully paid up ordinary shares of Tk 10,000 each issued for cash

31 March 2011 Taka

31 December 2009 Taka

350,000,000

350,000,000

2,000,000 2,000,000

2,000,000 2,000,000

c. The composition of fully paid up ordinary share capital of the Company is as follows: Name of the shareholders No. of shares 100 100 2,000 1,000,000 1,000,000 2,000,000 Face value Taka 1,000,000 1,000,000 2,000,000

Must Garment Corporation Ltd, Hongkong Lazare Co. Inc, British Virgin Island

LOAN FUNDS- NON INTEREST-BEARING PAYABLE ON DEMAND MUST GARMENT CORPORATION LIMITED, HONGKONG Opening Balance Add: Increased During the year 49,182,000 125,238,159 174,420,159 49,182,000 49,182,000

6 (A)

Property, plant and equipment Construction in progress Name of the contractors/description of expenses Magnum Engineering Heidelberg Cement BSRM Steel Energypac Power Generation Ltd Cables Civil construction and other related costs Lease rent Bank charges Utility charges Cost for moving items from Comilla EPZ Foreign exchange translation difference

100,175,197 18,134,092 39,239,690 5,275,000 2,761,500 9,998,870 3,620,604 56,460 930,575 50,000 180,241,988 599,129 180,841,117

18,065,111 4,084,920 13,223,630 9,998,870 2,455,453 6,790 305,055 49,980 48,189,809 45,629 48,235,438

(B) 7 PRELIMINARY EXPENSES Legal and professional expenses Registration and related expenses 168,210 366,730 534,940 168,210 366,730 534,940

ADVANCES, DEPOSITS AND PREPAYMENTS Security deposit to BEPZA USD 13,240 @ BDT 70 926,800 926,800

Page 4 of 5

LENNY APPARELS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 5 AUGUST 2008 TO 31 DECEMBER 2009 31 March 2009 Taka 31 December 2009 Taka

CASH AND CASH EQUIVALENTS On Current Accounts with the Hong Kong & Shanghai Banking Corporation Limited (HSBC) USD Account (51,460, 2009: $21,484 @ BDT 70) BDT Account

3,602,172 664,649 4,266,821

1,503,880 214,011 1,717,891

10

CREDITORS AND ACCRUALS Magnum Engineering & Constructions Ltd Energypac Power Generation Ltd Lenny Fashions Ltd Others

4,408,451 5,275,000 466,068 10,149,519

233,030.00 233,030

Managing Director

Director

Page 5 of 5

Cash in hand Stamps in hand


At banks on current accounts with:

The Hong Kong & Shanghai Banking Corporation Limited

Convertible Account Non-convertible Account

Page 7 of 15

25-Aug-09 16-Sep-09 8-Oct-09 28-Oct-09 3-Nov-09 25-Nov-09 6-Dec-09 21-Dec-09 23-Dec-09 14-Feb-10 3-May-10 27-Jun-10 19-Jul-10 5-Sep-10 5-Sep-10 24-Oct-10 20-Mar-11 Stage-4 Stage-5 Stage-5

Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement Cement

Cement Company Cement Company Cement Company Cement Company Cement Company Cement Company- stage-2 Installment 1 Cement Company- stage-2 a Cement Company - Stage 2 Cement Company - Stage 2 Cement Company Cement Company Cement Company Scan Cement Stage 5 Scan Cement Stage 5 Lenny Fashions (600 Bags) Scan Cement Scan Cement

Draft - K808768 Draft - K899055 Draft - K899694

Draft - 901342 Draft - K901462 Draft - K901855 Draft - K901918 Draft-K000974 Draft-K003736 Draft-DAK005070 Transfer Letter DraftTransfer Letter DraftDraftUS$ BDT

6,270 3,344 8,360 11,704 10,032 1,672 8,151 1,672 8,151 8,360 34,640 15,588 10,560 35,032 3,122 36,000 56,400

259,058 18,134,092

25-Aug-09 16-Sep-09 8-Oct-09 19-Nov-09 6-Dec-09 29-Dec-09 5-Jan-10 9-Jan-10 13-Jan-10 24-Jan-10 14-Feb-10 18-Mar-10 16-May-10 19-Jul-10 19-Jul-10 5-Sep-10 5-Sep-10 7-Oct-10 14-Oct-10 14-Dec-10 9-Jan-11 31-Mar-11 Stage -3 Stage -3 Stage-5 Stage-5 Stage-5 1 Stage-4

Steel Steel Steel Steel Steel Steel Steel Steel Steel Steel Steel Steel Steel Steel Steel Steel Steel Steel Steel Steel Steel Steel

BSRM - Steel BSRM - Steel BSRM - Steel BSRM - Steel 2 a BSRM - Steel 2 b BSRM Steel -Stage2 BSRM Steel - Stage2 BSRM Steel - Stage 4a BSRM Steel - Stage 4b BSRM Steel - Stage 4C - advance payment BSRM Steel -Stage 4d BSRM Steel -Stage 4e BSRM Steel BSRM Steel stage 5 -2nd lot BSRM Steel stage 5 -3nd lot BSRM Steel stage BSRM Steel stage BSRM Steel stage BSRM Steel stage BSRM Steel stage BSRM Steel stage BSRM Steel stage

8-Sep-09 29-Sep-09 11-Oct-09 6-Dec-09

US$
Draft - K808769 Draft - K899044 Draft - K899698 Draft - K901461 Draft - K901919 Draft-K000033 Draft-K000175 Draft-K000278 Draft-K000598 DraftTransfer Letter Transfer Letter Transfer Letter Transfer Letter Transfer Letter Transfer Letter Transfer Letter Transfer Letter Transfer Letter Transfer Letter 22,572 22,212 21,163 24,680 24,680 25,000 25,625 22,977 22,977 23,115 18,630 24,081 26,280 25,550 21,700 49,680 26,220 24,150 22,500 26,250 24,000 36,525

BDT

560,567 39,239,690

12-Jan-10 Transfer Letter 13-Jan-10 Paid to Magnum 14-Jan-10 Excise Duty 20-Jan-10 Bangladesh Bank 26-Jan-10 Transfer Letter 28-Jan-10 Paid to Magnum 1-Feb-10 4-Feb-10 14-Feb-10 18-Feb-10 18-Feb-10 14-Mar-10 18-Mar-10 21-Mar-10 23-Mar-10 25-Mar-10 13-Apr-10 18-Apr-10 19-Apr-10 25-Apr-10 25-Apr-10 30-Apr-10 3-May-10 13-May-10 13-May-10 16-May-10 20-May-10 26-May-10 30-May-10 31-May-10 3-Jun-10 7-Jun-10 9-Jun-10 13-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 20-Jun-10 28-Jun-10 19-Jul-10 22-Jul-10 22-Jul-10 22-Jul-10 16-Aug-10

2,568,378
863717 863718

2,442,803 1,000 101,783 2,565,272 2,398,702 44,100 101,783 2,860,958 2,400,803 297,500 101,783 1,867,109 1,751,441 37,870 74,554 42,000 2,549,419 2,385,963 101,783 56,840 1,959,444 1,789,310 2,456,220 2,388,483 54,320 74,555 101,783 2,551,423 2,442,803 2,553,002 101,783 2,442,803 2,549,659 16,762 66,920 2,375,883 101,783 101,783 2,557,571 2,393,873 48,930 101,783 2,338,656

Utility Bill Bangladesh Bank Transfer Letter Paid to Magnum Green Delta Insurance Co. Bangladesh Bank Transfer Letter Paid to Magnum Utility Bill Bangladesh Bank Transfer Letter Transfer Letter Paid to Magnum Bangladesh Bank Utility Bill Transfer Letter Paid to Magnum Transfer Letter Paid to Magnum Utility Bill Bangladesh Bank Bangladesh Bank Transfer Letter Transfer Letter Transfer Letter Bangladesh Bank Paid to Magnum Transfer Letter Sweet & C & F Utility Bill Paid to Magnum Bangladesh Bank Bangladesh Bank Transfer Letter Paid to Magnum Utility Bill Bangladesh Bank Transfer Letter

863745 863743 863742 863747 863746 863748 745701 745703 745702 863749 745704 745705 745706 745707 745709 745711 745708 745710 745712 745713 745714 745716 745719 745717 745715 745718 745720 745722 745721

18-Aug-10 Paid to Magnum 19-Aug-10 Bangladesh Bank 19-Aug-10 Utility Bill 5-Sep-10 5-Sep-10 5-Sep-10 5-Sep-10 5-Sep-10 5-Sep-10 30-Sep-10 30-Sep-10 13-Oct-10 13-Oct-10 13-Oct-10 13-Oct-10 13-Oct-10 13-Oct-10 13-Oct-10 13-Oct-10 13-Oct-10 22-Oct-10 22-Oct-10 22-Oct-10 31-Oct-10 1-Nov-10 10-Nov-10 8-Nov-10 8-Nov-10 10-Nov-10 10-Nov-10 10-Nov-10 10-Nov-10 14-Nov-10 14-Nov-10 14-Nov-10 14-Nov-10 14-Nov-10 5-Dec-10 5-Dec-10 5-Dec-10 13-Dec-10 14-Dec-10 14-Dec-10 23-Dec-10

745723 745724 745725

2,393,243 101,783 49,560 2,559,447 2,442,803 101,783 2,558,592 2,442,803 101,783


1,728,622 1,700,000 864,276 742,803 101,783 2,585,227 2,388,623 101,783 54,180 863 2,596,798 2,389,883

Transfer Letter Paid to Magnum Bangladesh Bank Transfer Letter Paid to Magnum Bangladesh Bank Transfer Letter Paid to Magnum Transfer Letter Paid to Magnum Bangladesh Bank Transfer Letter Paid to Magnum Bangladesh Bank Utility Bill Bank Charges Transfer Letter Paid to Magnum Bangladesh Bank Utility Bill Transfer Letter Paid to Magnum Bangladesh Bank Transfer Letter Transfer Letter Paid to Magnum Bangladesh Bank Paid to Magnum Bangladesh Bank Cas Withdrawn Transfer Letter Paid to Magnum Bangladesh Bank Utility Bill Transfer Letter Paid to Magnum Bangladesh Bank Transfer Letter Paid to Magnum Bangladesh Bank Cas Withdrawn

745726 745727 745728 745729 745733 745734 745735 745730 745731 745732

745736 745737 745738 2,604,013 745739 745740 2,591,003 2,591,003 745742 745743 745744 745745 745741 2,591,913 745746 745747 745748 2,597,690 196201 196202 2,600,290 196204 196205 196203

101,783 52,920 2,442,803 101,783

2,442,803 101,783 2,442,803 103,783 10,000 2,397,513 101,783 45,290 2,442,803 101,783 2,442,803 101,783 150,000

4-Jan-11 5-Jan-11 5-Jan-11 19-Jan-11 19-Jan-11 24-Jan-11 24-Jan-11 24-Jan-11 24-Jan-11 24-Jan-11 15-Feb-11 15-Feb-11 15-Feb-11 20-Mar-11 20-Mar-11 20-Mar-11 22-Mar-11 29-Mar-11 30-Mar-11 30-Mar-11 30-Mar-11 31-Mar-11 31-Mar-11 31-Mar-11 30-Mar-11

Transfer Letter Paid to Magnum Bangladesh Bank Cas Withdrawn Excise Duty Transfer Letter Paid to Magnum Bangladesh Bank Paid to Magnum Bangladesh Bank Transfer Letter Paid to Magnum Bangladesh Bank Transfer Letter Paid to Magnum Bangladesh Bank Cas Withdraw Cas Withdraw Transfer Letter Paid to Magnum Bangladesh Bank Cash for shutter gate -adv 50% Transfer Letter Paid to Magnum Bangladesh Bank

1,919,938 745749 745750 196206 2,669,031 196207 196208 196209 196210 2,687,585 196211 196212 1,964,562 196216 196217 196218 196219 2,685,728 196220 196221 196222 2,685,728 196215 196214

1,789,310 74,555 50,000 1,000 2,442,803 101,783 204,474 101,783 2,442,803 101,783 1,789,310 74,555 50,000 25,000 2,442,803 101,783 20,000 2,442,803 101,783 72,000,491 18065111 4408451 4874398.9 1143870 (297,500) (16,762) (2,863) 100,175,197 99996542 178,655

Paid Previous Payable Add Less


Tiles Lift Green Delta Insurance Co. Sweet & C & F Excise Duty & Bank charge

745716

1039443

72761010

Trans amount ex loss total 72458558 302452 72761010

0 0

10-Jan-11

CABLES

BRB CABLES

Transfer Letter

39,450

2761500

Date

Stage

Instalment

Account head

8-Jan-08 8-Jan-08 19-Feb-08 29-Apr-08 27-May-08 10-Oct-08 10-Oct-08 25-Aug-09

Structure & other Civil Construction Structure & other Civil Construction Structure & other Civil Construction Structure & other Civil Construction Structure & other Civil Construction Prelemenary Stage Prelemenary Stage

1st 2nd 3rd 4th

Civil Construction Exp. Stamp Duty(BB) Civil Construction Exp. Civil Construction Exp. Civil Construction Exp. Prelemenary Exp. Prelemenary Exp. Consultant

Description

Paid USD

BDT 2,229,990.00 143,920.00 2,229,990.00 2,229,990.00 2,229,990.00 125,020.00 1,750.00 808,220.00 9,998,870

1st installment against cost of structure & others civil construction Stamp duty to Bangladesh Bank (BDT 140,000.00) 2nd installment against cost of structure & others civil construction 3rd installment against cost of structure & others civil construction Final installment against cost of structure & others civil construction Soil test expenses Map photocopy charge Architect - Iyer & Mahesh Upto 31 December 2009

31,857 2,056 31,857 31,857 31,857 1,786 25 11,546

142,841

Date 15-Apr-08 8-Jul-08 28-Oct-08 13-Jan-09 14-Apr-09 14-Jul-09 1-Oct-09 1-Jan-09

Stage

Account head Lease rent Lease rent

Description Lease rent (11th Dec07 to June08) Lease rent (July08 to September08) Quarterly lease rent ($4,364.78) (03rd Sep-Dec08) Factory Lease rent (Jan '09 - Mar '09) $3,329.06 Factory Lease rent (Ap l'09 - Jun '09) $3,329.06 Factory Lease rent (Jul '09 - Sep '09) $3,329.06 Factory Lease rent (Oct '09 - Dec '09) $3,329.06 Factory Lease rent (Jan '10 - Mar '10) $3,329.06

Prelemenary Stage Lease rent Prelemenary Stage Lease rent Prelemenary Stage Lease rent Prelemenary Stage Lease rent Prelemenary Stage Lease rent Prelemenary Stage Lease rent

Balance as on 13.12.2009 5-Sep-10 14-Oct-10 17-Jan-11 BEPZA BEPZA BEPZA Lease Rentals Lease Rentals Lease Rentals payable to Lenny Apparels for lease Rent Total Lease rent paid upto 31.03.2011

Amount US$ Paid Paid Paid Paid Paid Paid Paid Paid Paid Due 7,410 3,329 4,365 3,329 3,329 3,329 3,329 3,329

Amount TK

31,749 3329 35,078


3,329 3,329 3,329 6,658

2222416 233030 2455446

Paid
6658

16,645

1165158.4 3620604.4

Date 25-Jan-09 3-Mar-10 13-Mar-10 7-Apr-10 3-May-10 5-May-10 13-May-10 2-Sep-10 5-Sep-10 12-Sep-10 19-Sep-10 30-Sep-10 6-Oct-10 6-Oct-10 14-Oct-10 24-Oct-10 24-Oct-10 25-Oct-10 1-Nov-10 7-Nov-10 11-Nov-10 25-Nov-10 20-Dec-10 20-Dec-10 11-Jan-11 13-Jan-11 17-Jan-11 22-Feb-11 18-Mar-11 20-Mar-11 20-Mar-11 Stage-4 Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others Others

Description

Reference

Paid USD 29

Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge on Remittance Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge EXCISE DUTY Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge

Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge bank Charges Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge Bank Charge BDT Add Previous year Total

10 26 26 5 31 50 31 5 40 5 31 40 40 5 5 26 5 31 40 5 30.980 5 5 70 5 26 31 5 5

669 46807.6 2862.5 6790 56460.1

Date 5-Sep-10 14-Oct-10

Description Utility-Magnum Utility-Magnum

Reference Transfer Letter DraftDraft Draft Draft Draft Draft Draft BDT Previous

Paid USD 708 774 756 647 761 760 2,752 1,778

19-Sep-10 Bepza Utility 11-Nov-10 Utility-Magnum 20-Dec-10 Utility-Magnum 17-Jan-11 Utility-Magnum 20-Feb-11 Utility-Magnum 20-Mar-11 Utility-Magnum

8,936 625520 305055 930575

LOAN FUNDS- NON INTEREST-BEARING PAYABLE ON DEMAND MUST GARMENT CORPORATION LIMITED, HONGKONG
Increased During the year 9-Jan-10 Remittance reced from MGCL (Stage 4a) 20-Jan-10 Remittance reced from MGCL (Stage 4B) 7-Feb-10 Stage-4 Remittance reced from MGCL(Stage 4C) 13-Mar-10 Remittance reced from MGCL(Stage 4 & 10d) 7-Apr-10 Stage-4 Remittance reced from MGCL(Stage 4 & 10e) 5-May-10 Stage-4 Remittance reced from MGCL 13-May-10 Stage-5 Remittance reced from MGCL 18-Jul-10 Stage-5 Remittance reced from MGCL 2-Sep-10 Stage-6 Remittance reced from MGCL 30-Sep-10 Remittance reced from MGCL 24-Oct-10 Remittance reced from MGCL 1-Nov-10 Remittance reced from MGCL 25-Nov-10 Remittance reced from MGCL 16-Jan-11 Remittance reced from MGCL 22-Feb-11 Remittance reced from MGCL 18-Mar-11 Remittance reced from MGCL

HK1190100U1TU8GT HK1040200P3AIGG9 HK1110300V6HQJNL HK1070400K8YM3E4 HK1030500KBC7YFE HK1110500PC2JYPW

LIFT

US$

Taka
Stage

63173 4422110 63173 4422110 67423 4719610 63173 4422110 63173 4422110 63173 4422110 127846 8949205 127846 8949205 234000 16380000 265579 18590530 16341 1143870 240378 16826460 104455 7311850 39450 2761500 50000 3500000 199934 13995380 1789116.6 125238159

41,670 15,588

2,866,896 55.26 2,549,659 Stage

14-Mar-10 Magnum - Stage 10 - Installment 1 0745701

1,751,441

17-Apr-10 Fund Received from FC account USD 37150 2,549,419 29-Apr-10 Fund Received from FC account USD 28560 1,956,360

726,254

3,163,249 2,575,023