CONTENTS : 1. Notice of 33rd Annual General Meeting 2. Corporate Information 3. Speech of the Chief Executive Officer 4. Director's Report 5. Five Years Statistics 6. Corporate Governance Compliance Status Report 7. Audit Committee Report 8. Value Added Statement 9. Auditor's Report 10. Statement of Financial Position as at 30th June,2012 11. Statement of Comprehensive Income for the year ended 30th June,2012 12. Statement of Changes in Equity for the year ended 30th June,2012 13. Statement of Cash Flow for the year ended 30th June,2012 14. Notes to the Financial Statements 15. Form of Proxy
NOTICE
Notice is hereby given that the Thirty Third Annual General Meeting of the Shareholders of JUTE SPINNERS LIMITED will be held at CIRDAP AUDITORIUM, 17 Topkhana Road, Dhaka-1000 on Monday the 10th December, 2012 at 10-00 a.m. to transact the following business : AGENDA : 01. 02. To confirm the proceedings of the Thirty second Annual General Meeting of the company held on 10th December,2011. To receive, consider and adopt the Audited Financial Statement for the year ended June 30, 2012 together with the reports of Auditors and Directors thereon. To elect Directors. To accord post facto approval of granting increased remuneration to Mr. Muhammad Shams-ul Kadir, Director retrospectively w.e.f 1st July2011 and all Directors w.e.f July, 2012. To consider the declaration of Dividend @ Tk. 2.00 per share of Tk. 10/= each. To appoint auditors for the year 2012-2013 and to fix their remuneration. To transact any other business of the Company with the permission of the Chair.
03. 04.
NOTES : 01. The Registers of Members and the share Transfer book/CDBL transaction of the Company will remain closed on November 11, 2012 and no share transfer will be effected on the day. A member entitled to attend and vote at the General Meeting may appoint a proxy to attend and vote on his/her behalf. The proxy form duly stamped must be deposited at the registered Office of the Company not later than 48 hours before the time fixed for the meeting.
02.
CORPORATE INFORMATION
BOARD OF DIRECTORS
Mr. Muhammad Shams-Ul Huda Mr. Muhammad Shams-Uz Zoha Mr. Muhammad Shams-Ul Kadir Mrs. Shahida Hossain Mr. A.K.M Shahjahan Chief Executive Officer Director Director Director Independent Director
OTHER INFORMATION
Bankers Janata Bank Ltd., Local Office 1, Dilkusha C/A, Dhaka-1000 Auditors M.J. ABEDIN & CO CHARTERED ACCOUNTANTS National Plaza (3rd Floor) 109, Bir Uttam C.R. Datta Road Dhaka - 1205, Bangladesh Head Office House No. 67/A (New), Road No. 9A (New) Dhanmondi R/A, Dhaka-1209 Factory BSCIC Industrial Estate Shiromoni, Khulna
02
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Respected Shareholders,
The Directors have the pleasure in submitting their report and the audited accounts of the Company for the year ended 30th June 2012 together with the Auditor's Report thereon.
DIRECTOR Mr. Muhammad Shams-ul Huda, CEO & Mr. Muhammad Shams-Ul Kadir, Director retires by rotation as per Articles 126 and 127 of the Articles of Association of the company and being eligible offer themselves for reelection.
FINANCIAL RESULTS AND APPROPRIATION (in million taka) 2012 Revenue Less : Cost of Goods Sold Gross Profit Less: Expenses Profit from Operation Other Income Less: Contribution to Workers Profit Participation/Welfare Funds Net Profit before tax Less: Income tax Deferred Tax (Income)/Expenses Net Profit after tax The Directors recommended the following appropriations: Proposed dividend For 2012 20% (in 2011 : 20%) Retained earnings
776.62 675.77 100.85 93.86 6.99 0.36 7.35 0.35 7.00 4.35 (0.85) 3.50
CORPORATE & FINANCIAL REPORTING The Company has complied with all the requirements of Corporate Governance as required by the Securities and Exchange Commission. Accordingly the Directors are pleased to confirm the followings : (a)
2011
876.73 788.01 88.72 78.88 9.84 0.39 10.23 0.49 9.74 1.61 (0.15) 8.28
The financial statements together with the notes thereon have been drawn up in conformity with the Companies Act 1994 and Securities and Exchange Rules 1987. These statements present fairly the Company's state of affairs, the result of its operations, cash flow and changes in equity. Proper books of accounts of the Company have been maintained. Approprite Accounting policies have been consistently applied in preparation of the financial statements and that the accounting estimates are based on reasonable and prudent judgment. The International Accounting Standards, as applicable in Bangladesh, have been followed in the preparation of the financial statements.
(b)
3.40 0.10
3.40 4.88
(d)
(e)
The systems of internal control are sound and have been effectively implemented and monitored. There are no significant doubts upon the Company's ability to continue as a going concern.
(f)
In accordance with the requirement of the Securities and Exchange Commission, "Corporate Governance Status Compliance Report" is annexed. AUDITORS
(g)
There are no significant deviation in operating result of the Company compared to last year.
(h)
The key operating and financial data for the last five years is Annexed. DIVIDEND The Board of Directors is pleased to recommend Final Dividend @ Tk. 2/= (two) only per share of Tk. 10/= each on paid-up capital.
M/S M.J. Abedin & Co., Chartered Accountants, National Plaza (3rd floor), 109 Bir Uttam C.R. Datta Road, Dhaka- 1205, will retire at this Annual General Meeting, being eligible offer themselves for re-appointment as Auditors of the Comapny for the year 2012-2013.
(i)
(j)
BOARD MEETING AND ATTENDANCE During the year, Eight Board Meetings were held. The attendance record of the Directors is as follows : Name of Directors Mr. Muhammad Shams-ul Huda Mr. Muhammad Shams-uz Zoha Mr. Muhammad Shams-ul Kadir Mrs. Shahida Hossain Mr. A.K.M. Shahjahan Meeting attended
8 8 7 1 8
Muhammad Shams-ul Huda Chief Executive Officer 21st October 2012 Dhaka.
(k)
(i) (ii)
Parent/Subsidiary/Associate companies and other related parties : Directors, Chief Executive Officer, Company Secretary, Chief Financial Officer, Head of Internal Audit and their their spouses and minor children : Late Mr. Muhammad Shams-ul Haque Mr. Muhammad Shams-ul Huda Mr. Muhammad Shams-uz Zoha Mr. Muhammad Shams-ul Kadir Mrs. Shahida Hossain Chief Financial officer, spouse and minor children Company Secretary, spouse and minor children Ex. Chairman Chief Executive Officer Director Director Director
(iii) (iv)
Executives Shareholders holding ten percent (10%) or more voting in interest in the company Mrs. Hasina Begum ICB Dhaka
298,200 343,130
Revenue
9000 8000 70 0 0 6000 50 0 0 4000 3000 2000 10 0 0 0
20 08 20 09 21 00 21 01 21 02
2012
2011
2010
2009
2008
Financial Position :
Total Assets Fixed Assets-Gross 4,523.11 1,892.03 631.31 590.33 4.17 3,891.81 356.15 350.00 174.17 170.00 835.13 21.85 4,181.72 1,870.17 697.58 405.15 3.17 3,484.14 251.07 350.00 173.17 170.00 788.85 13.37 3,283.10 1,812.56 724.15 420.69 -30.22 2,558.95 197.21 350.00 139.78 170.00 793.46 11.88 3,300.42 1,688.87 680.21 439.09 -54.01 2,620.21 234.03 350.00 115.99 170.00 810.41 12.17 2,270.43 1,636.48 698.20 346.26 -63.65 1,572.24 307.54 350.00 106.35 170.00 914.14 14.76
Gross profit
110 0 10 0 0 900 800 70 0 600 50 0 400 300 200 10 0 0
20 08 20 09 21 00 21 01 21 02
Fixed Assets-Net Financial Assets Reserve & Surplus Gross Working Capital Net Working Capital Authorized Capital Share Holders' Equity Paid up Capital Total Long Term Debt Deferred Tax Assets/(Liability)
Market Value per Share (in Tk.) Price Earning Ratio (Based on DSE Price) (Time)
Other :
Number of shares Number of shareholders Production (Qnty in MT) Export (Qnty in MT) 1,700,000 799 10,256 9,917 1,700,000 357 9,929 9,753 1,700,000 357 9,784 8,959 1,700,000 304 9,190 9,452 1,700,000 294 9,582 10,211
Total Employees :
Officers Staff Workers 70 112 1,284 64 119 1,293 52 128 1,275 55 112 1,295 59 112 1301
Shareholders' Equity
174.17 173.17
5
139.78
106.35
115.99
4 3 2 1
20
2008 2009 2010 2011
07
2012
Condition No. 1.1 1.2(I) 1.3 1.4(a) 1.4(b) 1.4 1.4(d) 1.4(e) 1.4(f) 1.4(g) 1.4(h) 1.4(i) 1.4(j) 1.4(k) 2.1 2.2 3.00 4.00 Board's Size Independent Directors Chairman & Chief Executive officer Directors Report on financial Statements Books of Accounts Accounting Policies IAS Applicable in Bangladesh System of Internal Control Going Concern Deviation in Operating Results Key Operating and Financial Data Declaration of Dividend Number of Board Meetings Pattern of Shareholdings CFO & CS Appointment Board Meeting Attendance Audit Committee External / Statutory Auditors Title
Constituted as under :
01. Mr. Muhammad Shams-Uz Zoha 02. Mr. Muhammad Shams-Ul Kadir 03. Mr. A.K.M Shahjahan Chairman Member Member
Altogether 4 meetings of the Audit Committee were held in 2011-2012. The following matters were discussed in the meetings and decisions taken were communicated to the Board of Directors. 01. 02. 03. 04. Review of the annual financial statement of 2011-2012. Review of the half-yearly report of half year ended on 31st December 2011. Review of the 1st & 3rd Quarter report for the period ended 30th September, 2011 and 31st March,2012 respectively. Review of internal audit reports.
2011-2012 Taka
2010-2011 Taka
APPLICATIONS
To Directors as Remunaration To Employees-as Salaries,Wages & Benefit To Providers of Loan-as interest & Charges To Govt. Fund as Income Tax To Providers of Capital as Dividend Retained for Business & Depreciation 2,100,000 103,579,257 39,554,959 4,350,952 3,400,000 152,985,168 8,065,802 161,050,970
1.30% 64.32% 24.56% 2.70% 2.11% 94.99% 5.01% 100.00%
National Plaza (3rd Floor) 109, Bir Uttam C.R. Datta Road, Dhaka - 1205, Bangladesh
: www.mjabedin.com
The annexed accounting policies and other notes form an integral part of the financial statements. Approved and authorised for issue by the board of directors on 21 October 2012 and signed for and on behalf of the Board :
Director
Notes Revenue Cost of Goods Sold Gross Profit Operating Expense Adminstrative Expenses Selling Expenses Financial Expenses Operating Profit Other Income Profit before Contribution to WPPF Contribution to workers Profit Participation & Welfare fund Net profit before tax Provision for income tax Deferred tax income Profit after tax for the year Other Comprehensive Income Total Comprehensive Income for the year
Earning per share ( par value Tk 10/- )
14.00 15.00
876,725,792 (788,009,019) 88,716,773 78,876,625 28,861,994 19,040,637 30,973,994 9,840,148 391,716 10,231,864 (487,232) 9,744,632 (1,610,381) 148,687 8,282,938 8,282,938 4.87
93,861,289 34,588,053 19,718,277 39,554,959 6,986,519 366,351 7,352,871 (350,137) 7,002,734 (4,350,952) 848,269 3,500,051 3,500,051
19.00
2.06
The annexed accounting policies and other notes form an integral part of the financial statements. Approved and authorised for issue by the board of directors on 21 October 2012 and signed for and on behalf of the Board :
Director
JUTE SPINNERS LIMITED Statement of Changes in Equity for the year ended 30 June 2012
Amount in Taka
Particulars As on 30 June 2010 Dividend for 2009- 2010 Short provisoin of income tax 30 June 2009 Profit for the year 2010-2011 Dividend for 2010- 2011 Restated Balance as on 30 June 2011 Total comprehensive income for the year 2011- 2012 Total Balance as on 30 June 2012 Weighted Average number of share Net Asset Value ( NRV ) per share The annexed accounting policies and other notes form an integral part of the financial statements.
Retained Earning
Total
17,000,000 17,000,000
13,977,531 (3,400,000) (1,543,540) 8,282,938 (3,400,000) 13,916,929 3,500,051 17,416,980 1,700,000 10.25
416,980
Approved and authorised for issue by the board of directors on 21 October 2012 and signed for and on behalf of the Board :
Director
JUTE SPINNERS LIMITED Statement of Cash Flow For the year ended 30 June 2012
Amount in Taka 2012 Cash Flow from Operating Activities Cash received from customer and others Cash paid to suppliers and employees Cash Generated from operation Interest and Bank charge paid Income tax paid and deducted at source Net Cash ( used in ) / Generated from operating activities Cash Flow from Investing Activities Acquisition of property , plant and equipment Disposal of assets Net Cash used in investing activities Cash Flow from financing Activities Decrease in Bank loan Dividend Paid Liabilities for other finance Net Cash used in Financing activities Decrease in cash and cash Equivalents Cash and Cash Equivalents at Beginning of year Cash and Cash Equivalents at End of year Net operation cash flow per share 792,800,933 (761,702,042) 31,098,891 32,078,470 (4,700,952) (5,680,531) 2011 930,202,357 (886,192,275) 44,010,082 (24,097,456) (4,076,718) 15,835,908
(2,185,639) (2,185,639)
(6,382,870) (6,382,870)
(3.34)
9.32
The annexed accounting policies and other notes form an integral part of the financial statements. Approved and authorised for issue by the board of directors on 21 October 2012 and signed for and on behalf of the Board :
Director
Amount in Taka 5.00 DEFERRED TAX ASSET (a) Deferred tax assets are arrived at as follows : 2011 - 2011 Taxable Temporary Difference Book Value of Depreciable Fixed Assets Less Land Less : Tax Base 55,148,783 (36,584,831) 18,563,952 2010 - 2011 61,776,164 (42,588,568) 19,187,596 2009 - 2010 64,432,746 (45,973,774) 18,458,972
Deductible Temporary Difference Book Value of Gratuity payable Less : Tax Base
Net Taxable Temporary Difference Effective Tax Rate Deferred Tax Asset (b) Deferred Tax Income / (Expenses) is arrived at as follows : Closing Deferred Tax Asset Opening Deferred Tax Asset Deferred Tax Income / (Expenses)
Tk.
(c)
Deferred Tax Income of 2011 Tk. 148,687 This represents decrease in deferred tax asset in 2011 in comparison to 2010.
(d)
Deferred Tax Income of 2012 Tk. 848,269 This represents increase in deferred tax asset in 2012 in comparison to 2011.
Amount in Taka 6.00 INVENTORIES 2011 - 2012 This is made up as follows : Raw Jute Finished Goods Work-in Process Stores and Spares (6.01) Tk.
Basis of valuation is stated in Note - 3.04.
2010 - 2011
6.01
Construction Materials Mechanical Spare Parts Electric Equipment Ball Bearing & Bearing Block Fuel, Lubricants & Chemical Work-shop materials Packing Materials Printing & Stationery Miscellaneous & General Stores Tk.
78,973 5,659,795 404,700 774,350 1,570,741 269,062 4,692,564 361,539 23,157 13,834,880
371,241 5,984,573 362,994 748,281 1,750,358 231,353 1,221,400 279,827 87,757 11,037,784
7.00 ADVANCES, DEPOSITS & PREPAYMENTS : This is considered good and consists of as follows: Advances Deposits Prepayments Tk.
(a) There are no collateral securities against advances.
Amount in Taka
(b) Advances includes an agregate sum of Tk. 12,981,627 being payment of income tax against the assessment year 2006-2007 to 2012-2013. (c) No amount was due by the directors (including Chief Executive Officer) of the company severally or jointly with any other person. (d) No amount was due by the associated undertaking. (e) Advances includes an aggregate sum of Tk. 3,937,774 (2011 - Tk. 3,933,875) lent out to the employees of the company of which Tk. 2,417,700 (2011 - Tk. 2,133,200) was due from officers. Maximum amount due from officers during the year under audit was Tk. 2,611,200 on 31-07-2011 (2011 - Tk. 2,133,200 on 30.06.2011).
Amount in Taka 2011 - 2012 8.00 SUNDRY DEBTORS This is made up as follows : Trade Debtors (8.01) Insurance claim receivable (Note - 8.02) Tk. 8.01 8.02
This is unsecured and considered good This represents insurance claim receivable from United Insurance Co. Ltd in respect of loss of raw jute , Finished Goods and Godown burnt by fire during the year 1989 -90 . The Company filed a money suit against the insurance company for non payment of claim and the case is finalized by the learned 3rd sub jude court , Dhaka ( Case No . 63/ 91 ) favouring the company but the insurance company filed an appeal with High court against the verdict .
2010 - 2011
9.00 CASH IN HAND AND AT BANK This is made up as follows : Cash In hand With Bank in: Janata Bank Ltd. Local office , CD A/ C No 8909 khulna Corporate Branch , CD A/ C No 0732 E. R. Q . A/ C No 22 Prime Bank Ltd. Motijheel Branch , Dhaka , CD A/ C No 0506 Motijheel Branch , Dhaka , CD A/ C No 0530 National Bank Ltd. Dhanmondi Branch,Dhaka , CD A/ C No 33016735 Tk. 1,176,045 3,194,178 33,545 2,689,799 112,594 18,577 289,949
Amount in Taka
49,714 4,370,223
20,920,466
10.00 SHARE CAPITAL Authorized: 35,00,000 ordinary shares of Tk.10/- each Issued, Subscribed and Paid-up: 17,00,000 ordinary shares of Tk.10/- each fully Paid-up in cash 17,000,000 17,000,000 35,000,000 35,000,000
10.01
The break-up of share holding is as follows: Shareholdings Directors ICB Financial Institutions General Public & Others 2011 - 2012 Shares Percentage 676,950 359,290 144,750 519,010 1,700,000 39.82% 21.13% 8.51% 30.53% 100.00% Shares 2010 - 2011 Percentage 36.21% 14.44% 23.69% 25.67% 100.00%
10.02
The distribution showing the numbers of shareholders and their share holdings in percentage on 30 June 2012 is as follows: Range of Holdings Less than 5001 50001 100001 200001 300001 400001 5000 50000 100000 200000 300000 400000 500000 Total : Persons 779 16 2 1 1 799 Number 429,410 326,540 221,700 298,200 424,150 1,700,000 Percentage 25.26% 19.21% 13.04% 17.54% 24.95% 100.00%
10.03
The shares are listed with Dhaka Stock Exchange Ltd. and quoted at Tk. 80.10 on 30 June 2012 (Face value Tk. 10.00) (2011 - Tk.1,493.00 Face value Tk.100.00). Option on un-issued shares: There is no option regarding authorized capital not yet issued but can be issued to increase the issued, subscribed and paidup capital through the issuance of new shares against cash contribution and bonus.
10.04
12.00 DEFERRED LIABILITIES This is made-up as follows : WPP and WF Gratuity Payable Provident Fund Tk. 2011 - 2012 50,378,081 33,131,397 3,776 83,513,254
Amount in Taka 13.00 SHORT TERM LOAN This represents Securied loan from janatha Bank Ltd in : (a) (b) Hypothecation Account No. 37001967 Current Portion of Long Term Loans A/C. No. 37003815
(a)
This loan is secured against hypothecation of Stock of raw jute , working in process, Finished Goods , Stores and spairs.
14.00 REVENUE This consists of as follows : Qnty / MT 2011-2012 Foreign Sales Less: Ocean Freight Less : Sales Commission Add: Subsidy Earned Total : 9,917.180 2011 - 2012 788,927,875 (48,095,060) (3,149,701) 38,940,799 776,623,913 2010 - 2011 860,925,334 (51,611,091) (1,543,132) 68,954,681 876,725,792
9,917.180
15.00 COST OF GOODS SOLD This is made up as follows : Particulars Opening Work-in Process Raw Jute Consumed (Note - 15.01) Other Direct Material Consumed (Note - 15.02) Cost of Material Manufacturing expenses (Note - 15.03) Less: Closing Work-in Process Cost of Production Add: Opening Finished Goods Less: Closing Finished Goods Cost of Goods Sold Qnty/MT 440.800 10,666.420 11,107.220 2011 - 2012 24,818,847 515,908,722 30,846,159 571,573,728 148,146,601 719,720,329 (21,151,217) 698,569,112 95,625,375 794,194,487 (118,418,382) 675,776,105 2010 - 2011 17,569,065 672,037,733 29,993,898 719,600,696 121,688,970 841,289,666 (24,818,847) 816,470,819 67,163,575 883,634,394 (95,625,375) 788,009,019
15.01
RAW JUTE CONSUMED Qnty/MT Opening Balance Purchase Closing Stock Consumption 2,983.490 10,213.350 13,196.840 (2,530.42) 10,666.420 149,174,740 514,454,185 663,628,925 (147,720,203) 515,908,722 102,768,061 718,444,412 821,212,473 (149,174,740) 672,037,733
15.02
Tk.
Amount in Taka 15.03 MANUFACTURING OVERHEAD This is made - up as follows : Salary, wages, allowances etc. Spare's Consumed & repairs Depreciation Insurance Power and fuel Rent, rates and taxes Handling and carrying Utilities Welfare expenses Travelling and conveyance Telephone, fax, postage & e-mail Entertainment Printing and stationery Stores carrying Tk. 15.04 Salary, wages and allowances includes the following : Bonus Gratuity 15.05 Category-wise information in respect of salary/wages of employees/workers: Below Tk. 3,000 Tk. 3,000 and above NIL Nos 1,418 Nos 1,225 Nos 209 Nos 2011 - 2012 2010 - 2011
89,752,032 24,352,175 8,231,017 2,466,401 19,461,769 895,353 615,373 220,544 344,409 434,269 90,074 341,335 279,522 662,329 148,146,601
74,646,895 17,915,212 8,398,266 2,006,879 15,607,224 688,247 595,861 205,975 234,981 304,131 86,430 279,372 282,754 436,743 121,688,970
5,235,253 4,623,211
4,831,920 3,351,281
16.00 ADMINISTRATIVE EXPENSES This is made - up as follows : Directors' remuneration Salary and allowances Printing and stationery Depreciation Travelling and conveyance Telephone, fax, postage & e-mail Entertainment Car maintenance Licence renewal fees etc. Audit fees (Statutory) including VAT Cost Audit Fees Advertisement AGM Expenses Rent, rates and taxes Group Insurance Premium Computer expenses Repairs and maintenance Utilities News Paper & Periodicals Training Expenses Welfare expenses Tk. 2,100,000 13,477,088 376,147 582,003 8,785,153 812,618 340,536 1,265,375 694,473 104,500 55,000 361,240 208,696 2,502,510 313,860 244,768 901,786 912,596 8,789 10,078 530,838 34,588,053 2,130,968 10,982,284 466,226 641,285 7,476,212 652,879 305,710 1,027,061 643,390 83,600 50,000 305,165 217,725 1,637,006 246,745 162,340 786,407 565,464 6,980 11,865 462,682 28,861,994
Amount in Taka 2011 - 2012 16.01 Salary and allowances include the following : Bonus Gratuity 16.02 Category-wise information in respect of Salary of employees: Below Tk. 3,000 Tk. 3,000 and above 17.00 SELLING & DISTRIBUTION EXPENSES This is made - up as follows : Inland freight C&F expenses FCC and collection expenses Truck hire on export of finished goods Overdue interest Govt. Revenue on export Marine Insurance Custom & Excise Tk. 1,349,298 2,032,359 2,393,260 9,578,907 3,319,932 723,431 274,620 46,470 19,718,277 1,140,614 2,110,718 2,598,682 8,079,585 4,250,733 820,081 18,444 21,780 19,040,637 NIL Nos. 48 Nos. NIL Nos 42 Nos 939,980 1,166,537 784,860 905,040 2010 - 2011
18.00 FINANCIAL EXPENSES This is made - up as follows : Interest on Cash Credit (Hypo) A/C. Interest on Cash Credit (Blocked) A/C. Interest on LTR A/C. Bank & other charges Int.on Profit Participation Fund VAT on P.O. commission Tk. 19.00 EARNINGS PER SHARE (EPS) EPS and it's components have been defined in note 3.10 The computation of EPS is given below: a) Earning attributable to the ordinary shares b) Weighted average number of ordinary shares outstanding during the year c) EPS (a / b) Tk. Tk. 3,500,051 8,282,938 30,224,696 380,570 1,473,204 7,450,970 25,519 39,554,959 23,479,966 613,395 4,095 1,319,064 5,489,966 67,508 30,973,994
1,700,000 2.06
1,700,000 4.87
20.00 PAYMENT/PERQUISITES TO DIRECTORS & OFFICERS a) The aggregate amount paid/provided during the year in respect of Directors and Officers are disclosed below: Particulars Basic Bonus House Rent allowance Conveyance allowance Medical allowance Allowance 2011 - 2012 Directors' Officers'
1,320,000 540,000 60,000 180,000 5,500,198 708,000 2,480,100 425,247 510,099 15,000
2010 - 2011
Directors' 1,300,645 622,742 207,581
Officers'
3,773,667 487,000 1,799,833 321,742 300,525 -
b) The rate of Board meeting attendance fees is Tk.100/- per Director per meeting but no such amount was drawn by any director of the company during the year under review. 21.00 PRODUCTION CAPACITY & ACTUAL PRODUCTION 2011 - 2012 MT 11,209.84 MT 10,257.32 MT i) Power failure. ii) Light Count production 2010 - 2011 MT 10,946.20 MT 9,928.99 MT
22.00 CAPITAL EXPENDITURE COMMITMENT a) There is no capital expenditure contracted but not incurred or provided for at 30th June, 2012. b) There was no material capital expenditure authorized by the Board but not contracted for at 30th June, 2012. 23.00 There was no sum for which the company is contingently liable as on 30th June, 2012. 24.00 There were no credit facilities available to the company under any contract, other than trade credit available in the ordinary course of business and not availed of as on 30 June 2012. 25.00 No payments have been made in foreign currency for royalty, technical experts and professional advisory fee, interest etc.
26.00 There were no non-resident shareholders. 27.00 FOREIGN EXCHANGE EARNING The company earned Tk. 788,927,875 in foreign currency through export. 28.00 PROPOSED DIVIDEND This represents dividend of Tk. 2 (two) per share of Tk. 10 each recommended by the Board of Directors subject to the approval of the Shareholders in the annual general meeting.
Qty / M. Ton Amount in Taka 30 June 2012 440.80 361.00 10,213.35 2,983.49 2,530.42 10,666.42 1,273.78 1,613.92 9,917.18 24,818,847 21,151,217 514,454,185 149,174,740 147,720,203 515,908,722 95,625,375 118,418,382 788,927,875
Opening working process Closing working Process Raw Jute Purchases Opening Raw jute Closing Raw Jute Raw jute Consumed Opening finished goods Closing finished goods Sales
Director