Apex Spinning Annual Report-2016-17

APEX SPINNING & KNITTING MILLS LIMITED Annual Report 2016-17
CONTENTS
Transmittal Letter 2
Notice of the 26th Annual General Meeting 3
Corporate Directory 4
Five years’ Statistics 5
Corporate Governance Compliance Status Report 6
Certificate on Compliance of Conditions of Corporate Governance Guidelines 11
Audit Committee Report 12
CEO & CFO’s Declaration to the Board of Directors 13
Chairman’s Statement 14
Directors’ Report 15
Value Added Statement 25
Independent Auditors’ Report 26
Statement of Financial Position 27
Statement of Profit or Loss and other Comprehensive Income 28
Statement of Changes in Equity 29
Statement of Cash Flows 30
Notes to the Financial Statements 31
Proxy Form
Attendance Slip
1
TRANSMITTAL LETTER
To
The Shareholders
Bangladesh Securities and Exchange Commission
Registrar of Joint Stock Companies & Firms
Dhaka Stock Exchange Limited
Chittagong Stock Exchange Limited
Subject: Annual Report for the year ended on June 30, 2017
Dear Sir(s):
We are pleased to enclose a copy of the Annual Report of Apex Spinning & Knitting Mills
Limited together with the Audited Financial statements comprising of Statement of Financial
Position as at June 30, 2017, Statement of Profit or Loss and Other Comprehensive Income,
Statement of Changes in Equity and Statement of Cash Flows for the year ended on June 30,
2017 along with Notes thereon for your kind information and record.
Yours sincerely,
Sd/-
Kamrul Islam
Assistant Company Secretary
2
NOTICE OF THE ANNUAL GENERAL MEETING

Notice is hereby given that the TWENTY-SIXTH ANNUAL GENERAL MEETING of APEX
SPINNING & KNITTING MILLS LIMITED will be held at the Spectra Convention Centre
Limited, House No. 19, Road No. 07, Gulshan-1, Dhaka-1212, Bangladesh on Thursday the
December 21, 2017 at 9.00 A.M. to transact the following business:
AGENDA
1. To receive and adopt the Audited Financial Statements for the year ended on 30 June
2017 and report of the Auditors and Directors thereon.
2. To declare Dividend for the year 2016-17.
3. To elect Directors.
4. To appoint Auditors for the year 2017-18 and fix their remuneration.
5. To transact any other business of the Company, with permission of the Chair.
Date: Dhaka By order of the Board of Directors

October 30, 2017
Sd/-
Kamrul Islam
Assistant Company Secretary
NOTES:
1. The record date shall be on November 15, 2017.
2. The Shareholders whose name will appear in the Register of Members of the Company or
in the Depository on the ‘Record Date’ will be eligible to attend the Annual General
Meeting and be entitled to the Dividend.
3. A member entitled to attend and vote at the Annual General Meeting may appoint only
another member as proxy to attend and vote in his/her stead as per para 99 of the Articles
of Association of the Company. The Proxy Form duly filed in, signed and stamped, must
be submitted at the Registered Office of the Company not later than 48 hours before the
time fixed for the Meeting.
4. In pursuance of BSEC’s Notification No. SEC/SRMI/2000-953/1950 dated October 24,

2000 gazetted on November 07, 2000, the Company shall hold discussions in the Annual
General Meeting strictly in conformity with the provisions of the Companies Act, 1994.
5. Admittance to the meeting venue will be strictly on production of the Attendance Slip sent
with the Notice.
6. Shareholders bearing BO ID are requested to update their respective BO ID with 12 digits

Taxpayer’s Identification Number (e-TIN) and address through Depository Participant (DP)
and Shareholders bearing Folio Numbers are requested to submit their 12 digit e-TIN
certificate to the Share Department of the Company by November 15, 2017 latest. Failing
which Income Tax at source will be deducted from cash dividend @15% instead of 10%.
Bangladesh Securities and Exchange Commission’s Circular No.

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3
CORPORATE DIRECTORY
BOARD OF DIRECTORS
Chairman : Mr. Zafar Ahmed

Managing Director : Mr. Zahur Ahmed PhD
Director (Representative of Apex Foods Ltd.) : Mr. Shahriar Ahmed
Director (ICB Representative) : Mr. Tarek Nizamuddin Ahmed
Independent Director : Mr. Kazi Faruq Kader
AUDIT COMMITTEE
Chairman : Mr. Kazi Faruq Kader, Independent Director

Member : Mr. Zahur Ahmed PhD, Managing Director
Member : Mr. Shahriar Ahmed, Director
Member : Mr. Tarek Nizamuddin Ahmed, Director
SENIOR CORPORATE OFFICIALS

Chief Financial Officer : Mr. Kamruzzaman FCA
Head of Internal Audit : Mr. Ashish Kumar Paul FCA
Assistant General Manager (Process Control) : Mr. Md. Golam Kibria FCMA
Assistant Company Secretary : Mr. Kamrul Islam
LEGAL ADVISORS
K. Fazlul Quadir
Abdur Razzaque & Associates
Md. Shahjahan Khan
AUDITORS
Malek Siddiqui Wali

Chartered Accountants
BANKERS
Eastern Bank Limited

Principal Branch
Dilkusha C/A, Dhaka-1000.
&
The Hongkong & Shanghai Banking Corporation Ltd.
Dhaka Main Office, Dhaka.
REGISTERED OFFICE FACTORY
Rupayan Golden Age, 5th & 6th floor Mouza & P.O. Chandora
99 Gulshan Avenue, Gulshan, Dhaka-1212 P.S. Kaliakoir, Dist. Gazipur
Bangladesh. Bangladesh.
4
Five Years Statistics

Figure in Thousand Taka
2016-17 2015-16 2014-15 2013-14 2012-13

Particulars (Fifteen months**)
Results of Operations:
Revenue 3,205,557 4,319,335 2,989,846 2,511,696 2,445,606
Gross Profit 254,718 338,619 243,140 221,196 207,910
Operating Profit 43,166 53,366 31,823 36,786 35,693
Net Profit before Tax 47,270 56,012 35,921 41,597 40,167
Net Profit after Tax 23,163 28,765 23,204 18,796 18,487
Earnings Per Share (EPS) 2.76 3.42 2.76 2.24 2.20
Dividend Per Share* 2.00 2.20 2.00 2.00 1.80
Financial Positions:
Total Assets 1,325,340 1,461,496 1,374,272 1,136,263 1,181,592
Property, Plant and Equipment-Gross 1,343,392 1,248,060 1,220,670 1,160,317 1,141,895
Property, Plant and Equipment - Net 296,161 250,630 284,236 273,063 307,546
Gross Working Capital 994,046 1,183,939 1,072,153 841,181 861,399
Net Working Capital 115,834 160,401 120,061 124,047 95,307
Working Capital Loan 16,178 83,790 81,131 3,653 35,631
Share Capital 84,000 84,000 84,000 84,000 84,000
Share Premium 15,000 15,000 15,000 15,000 15,000
Reserve and Surplus 330,071 325,388 313,838 307,435 313,188
Share Holders Equity 443,289 434,056 420,179 417,912 414,292
Key Financial Ratios:
Current Ratio 1.13 1.16 1.13 1.17 1.12
Debt to Total Assets (%) 66.55 70.30 69.28 63.11 64.84
Return on Equity (%) 5.34 6.85 5.52 4.50 4.46
Net Asset Value Per Share 52.77 51.67 50.02 49.75 49.32
Dividend Payout Ratio (%) 72.46 64.33 72.40 89.38 81.79
Interest Service Coverage Ratio 7.34 7.43 6.61 5.89 4.62
Others:
Market Price Per Share (30th June) 111.93 92.74 69.11 96.67 56.00
March) Earnings Multiple
Price 40.55 27.08 25.02 43.20 25.45
Number of Employees 5,900 5,621 4,948 4,574 4,690
Capacity Utilization (%) 90.90 92.25 87.13 89.11 78.20
th
* The Board of Directors recommended Cash Dividend @Tk. 2/- per Share for the year ended on 30
June 2017.
st th
** Statistics data of 2015-16 (Fifteen months) represents the period from 01 April 2015 to 30 June
2016.
5
Corporate Governance Compliance Status Report

Status of compliance with the conditions imposed by the Bangladesh Securities and Exchange
Commission’s Notification No. SEC/CMRRCD/2006-158/134/Admin/44 dated 07 August, 2012
issued under section 2CC of the Securities and Exchange Ordinance 1969.
Condition Title Compliance Explanation for non

No. Status compliance with the condition
1. BOARD OF DIRECTORS:
1.1 Board’s Size: Board members should Complied
not be less than 5 (Five) and more than
20 (Twenty).
1.2 Independent Directors:
th
1.2 (i) Independent Director: At least 1/5 Complied
(We have four Directors and One
Independent Director)
1.2 (ii)a) Less than 1% Shares Complied
1.2 (ii)b) Not a Sponsor of The Company Complied
1.2 (ii)c) Does not have other relationship Complied
1.2 (ii)d) Not a Member, Director or Officer of any Complied
Stock Exchange.
1.2 (ii)e) Not a Shareholder, Director or Officer of Complied
any Stock Exchange or an intermediary
of the capital market.
1.2 (ii)f) Not a Partner or an Executive or was Complied
not a partner or an Executive during the
preceding 3 (Three) years of the
concerned Company’s statutory audit
firm.
1.2 (ii)g) Not an Independent Director more than Complied
three listed Companies.
1.2 (ii)h) Not Convicted by a court of competent Complied
jurisdiction as a defaulter in payment of
any loan to a Bank or a Non-Bank
Financial Institution (NBFI)
1.2 (ii)i) Not convicted for a Criminal offence Complied
1.2 (iii) Appointment by the Board and Complied
approved in AGM.
1.2 (iv) Post can not remain vacant more than Complied
90 days
1.2 (v) Lay down a code of conduct and annual Complied
compliance.
1.2 (vi) Tenure of the Independent Director. Complied
1.3 Qualification of Independent Director (ID):
1.3 (i) Independent Director shall be Complied
knowledgeable
1.3 (ii) Should be a Corporate Leader/Business Complied
Leader
1.3 (iii) Special cases for relaxation of Not Applicable
qualifications.
1.4 Chairman of the Board and Chief
Executive Officer:
Individual Chairman of the Board, Chief Complied
Executive and clearly defined roles and
responsibilities.
1.5 The Directors’ Report to Shareholders:
1.5 (i) Industry outlook and possible future Complied
developments in the industry
1.5 (ii) Segment-wise or product-wise Complied
performance
1.5 (iii) Risks and concerns Complied
1.5 (iv) A discussion on Cost of Goods sold, Complied
Gross Profit Margin and Net Profit
Margin.
1.5 (v) Discussion on continuity of any Extra- Not applicable
Ordinary gain or loss.
6
1.5 (vi) Basis for related party transactions- a Complied

statement of all related party
transactions.
1.5 (vii) Utilization of proceeds from public Not applicable There was no such event during the
issues, rights issues and/or through any year.
others instruments
1.5 (viii) An explanation if the financial results Not applicable There was no such event during the
deteriorate after the company goes for year.
Initial Public Offering (IPO), Repeat
Public Offering (RPO), Rights Offer,
Direct Listing, etc
1.5 (ix) If significant variance occurs between Complied
Quarterly Financial performance and
Annual Financial Statements the
management shall explain about the
variance on their Annual Report.
1.5 (x) Remuneration to directors including Complied
independent directors.
1.5 (xi) The financial statements prepared by Complied
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) Proper books of account of the issuer Complied
company have been maintained.
1.5 (xiii) Appropriate accounting policies have Complied
been consistently applied in preparation
of the financial statements and that the
accounting estimates are based on
reasonable and prudent judgment
1.5 (xiv) IAS/BAS/IFRS/BFRS, as applicable in Complied
Bangladesh, have been followed in
preparation of the financial statements
and any departure there-from has been
adequately disclosed.
1.5 (xv) The system of internal control is sound Complied
in design and has been effectively
implemented and monitored
1.5 (xvi) There are no significant doubts upon Complied
the issuer company's ability to continue
as a going concern. If the issuer
company is not considered to be a
going concern, the fact along with
reasons thereof should be disclosed.
1.5 (xvii) Significant deviations from the last Complied
year’s operating results of the issuer
company shall be highlighted and the
reasons thereof should be explained.
1.5 (xviii) Key operating and financial data of at Complied
least preceding 5 (five) years shall be
summarized.
1.5 (xix) If the issuer company has not declared Not applicable
dividend (cash or stock) for the year,
the reasons thereof shall be given.
1.5 (xx) The number of Board meetings held Complied
during the year and attendance by each
director shall be disclosed.
1.5 (xxi) The pattern of shareholding shall be reported to disclose the aggregate number of shares
(along with name wise details):
1.5 (xxi)a) Parent/Subsidiary/Associated Complied
Companies and other related parties
(name wise details);
1.5 (xxi)b) Directors, Chief Executive Officer, Complied
Company Secretary, Chief Financial
Officer, Head of Internal Audit and their
spouses and minor children (name
wise details);
1.5 (xxi)c) Executives; Complied
7
1.5 (xxi)d) Shareholders holding ten percent (10%) Complied

or more voting interest in the company
(name wise details).
1.5 (xxii) In case of the appointment/re-appointment of a director the company shall disclose the
following information to the shareholders:
1.5 (xxii)a) A brief resume of the director; Complied
1.5 (xxii)b) Nature of his/her expertise in specific Complied
functional areas;
1.5 (xxii)c) Names of companies in which the Complied
person also holds the directorship and
the membership of committees of the
board.
2 CHIEF FINANCIAL OFFICER (CFO), HEAD OF INTERNAL AUDIT AND COMPANY SECRETARY (CS):
2.1 Appointment of CFO, Head of Internal Complied
Audit and Company Secretary and
defining of their respective roles,
responsibilities and duties.
2.2 Attendance of CFO and the Company Complied
Secretary at Board of Directors
meeting.
3 AUDIT COMMITTEE:
3 (i) The company shall have an Audit Complied
Committee as a sub-committee of the
Board of Directors.
3 (ii) The Audit Committee shall assist the Complied
Board of Directors 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
3 (iii) The Audit Committee shall be Complied
responsible to the Board of Directors.
The duties of the Audit Committee shall
be clearly set forth in writing.
3.1 Constitution of the Audit Committee:
3.1(i) The Audit Committee shall be Complied
composed of at least 3 (three) members
3.1(ii) The Board of Directors shall appoint Complied
members of the Audit Committee who
shall be directors of the company and
shall include at least 1 (one)
independent director.
3.1(iii) All members of the audit committee Complied
should be “financially literate” and at
least 1(one) member shall have
accounting or related financial
management experience.
3.1(iv) When the term of service of the Not applicable
Committee members expires or there is
any circumstance causing any
Committee member to be unable to
hold office until expiration of the term of
service.
3.1(v) The company secretary shall act as the Complied
secretary of the Committee
3.1(vi) The quorum of the Audit Committee Complied
meeting shall not constitute without at
least 1(one) independent director
3.2 Chairman of the Audit Committee:
3.2(i) The Board of Directors shall select 1 Complied
(one) member of the Audit Committee
to be Chairman of the Audit Committee,
who shall be an independent director.
3.2(ii) Chairman of the audit committee shall Complied Will remain present.
remain present in the Annual General
Meeting (AGM).
8
3.3 Role of Audit Committee:

3.3(i) Oversee the financial reporting process Complied
3.3(ii) Monitor choice of accounting policies Complied
and principles.
3.3(iii) Monitor Internal Control Risk Complied
management process.
3.3(iv) Oversee hiring and performance of Complied
external auditors
3.3(v) Review along with the management, the Complied
annual financial statements before
submission to the board for approval.
3.3(vi) Review along with the management, the Complied
quarterly and half yearly financial
statements before submission to the
board for approval.
3.3(vii) Review the adequacy of internal audit Complied
function.
3.3(viii) Review statement of significant related Complied
party transactions submitted by the
management
3.3(ix) Review Management Letters/ Letter of Complied
Internal Control weakness issued by
Statutory auditors.
3.3(x) When money is raised through Initial Not applicable
Public Offering (IPO)/Repeat Public
Offering (RPO)/Rights Issue the
company shall disclose to the Audit
Committee, on a quarterly basis and
annual basis.
3.4 Reporting of the Audit Committee:
3.4.1 Reporting to the Board of Directors
3.4.1(i) The Audit Committee shall report on its Complied
activities to the Board of Directors
3.4.1(ii) The Audit Committee shall immediately report to the Board of Directors on the following
findings, if any:
3.4.1(ii)a) Report on conflicts of interests; Not applicable There was no such event to
report
3.4.1(ii)b) Suspected or presumed fraud or Not applicable There was no such event to
irregularity or material defect in the report
internal control system;
3.4.1(ii)c) Suspected infringement of laws, Not applicable There was no such event to
including securities related laws, rules report
and regulations;
3.4.1(ii)d) Any other matter which shall be Not applicable There was no such event to
disclosed to the Board of Directors report
immediately.
3.4.2 Reporting to the Authorities Not applicable There was no such event to
report
3.5 Reporting to the Shareholders and Not applicable There was no such event to
General Investors. report
4 EXTERNAL/STATUTORY AUDITORS:
The issuer company should not engage its external/statutory auditors to perform the following
services of the company; namely:
4 (i) Appraisal or valuation services or Complied
fairness opinions.
4 (ii) Financial information systems design Complied
and implementation
4 (iii) Book-keeping or other services related Complied
to the accounting records or financial
statements
4 (iv) Broker-dealer services Complied
4 (v) Actuarial services. Complied
4 (vi) Internal audit services. Complied
4 (vii) Any other service that the Audit Complied
Committee determines.
9
4 (viii) No partner or employees of the external Complied
audit firms shall possess any share of
the company they audit at least during
the tenure of their audit assignment of
that company.
4 (ix) Audit/Certification services on Complied
Compliance of Corporate Governance
as required under clause (i) of condition
No. 7.
5 SUBSIDIARY COMPANY:
5 (i) Provisions relating to the composition of Not applicable
the Board of Directors of the holding
Company shall be made applicable to
the composition of the Board of
Directors of the subsidiary company.
5 (ii) At least 1 (one) independent director on Not applicable
the Board of Directors of the holding
Company shall be a director on the
Board of Directors of the subsidiary
company.
5 (iii) The minutes of the Board meeting of Not applicable
the subsidiary company shall be placed
for review at the following Board
meeting of the holding company.
5 (iv) The minutes of the respective Board Not applicable
meeting of the holding company shall
state that they have reviewed the affairs
of the subsidiary company also.
5 (v) The Audit Committee of the holding Not applicable
company shall also review the financial
statements, in particular the
investments made by the subsidiary
company.
6 DUTIES OF CHIEF EXECUTIVE OFFICER (CEO) AND CHIEF FINANCIAL OFFICER (CFO):
6.(i) They have reviewed financial Complied
statements for the year and that to the
best of their knowledge and belief:
6 (i)a) These statements do not contain any Complied
materially untrue statement or omit any
material fact or contain statements that
might be misleading;
6 (i)b) These statements together present a Complied
true and fair view of the company’s
affairs and are in compliance with
existing accounting standards and
applicable laws.
6 (ii) There are, to the best of knowledge and Complied
belief, no transactions entered into by
the company during the year which are
fraudulent, illegal or violation of the
company’s code of conduct.
7 REPORTING AND COMPLIANCE OF CORPORATE GOVERNANCE:
7 (i) The company shall obtain a certificate Complied
from a Professional Accountant/
Secretary (Chartered Accountant/Cost
& Management Accountant/Chartered
Secretary) regarding compliance of
conditions of Corporate Governance
Guidelines.
7(ii) The directors of the company shall Complied
state, in accordance with the Annexure
attached, in the directors' report
regarding compliance.
10
To the shareholders
Of
Apex Spinning & Knitting Mills Limited
Certificate on compliance of conditions of corporate governance guidelines
We have examined the compliance of the conditions of corporate governance guidelines of

the Bangladesh Securities and Exchange Commission (BSEC) of Apex Spinning & Knitting
Mills Limited for the year ended on June 30 2017 as stipulated in clause 7(i) of the BSEC
notification No. SEC/CMRRCD/2006-158/134/Admin/44 dated August 07, 2012.
The compliance of the conditions of corporate governance guidelines as stated in the

aforesaid notification and reporting of the status of compliance is the responsibility of the
management of Apex Spinning & Knitting Mills Limited. Our examination for the purpose of
issuing this certification was limited to the checking the procedures and implementation
thereof, adopted by Apex Spinning & Knitting Mills Limited for ensuring the compliance of
conditions of corporate governance and correct reporting of compliance status on the attached
statement on the basis of evidence gathered and representation received.
To the best of our information and according to the explanations given to us, we certify that,
except as reported on the attached status of compliance statement, Apex Spinning & Knitting
Mills Limited has complied with conditions of corporate governance stipulated in the above
mentioned BSEC notification dated August 07, 2012.
Sd/-
Dated: Dhaka Shiraz Khan Basak & Co.
October 19, 2017 Chartered Accountants
11
AUDIT COMMITTEE REPORT

The audit committee of APEX SPINNING & KNITTING MILLS LIMITED was formed as per the terms of
reference approved by the Board in accordance with the notification of Bangladesh Securities and
th
exchange commission no. SEC/CMRRCD/2006-158/134/Admin/44, dated 7 August 2012.
The Audit committee of the company comprises of four Directors, nominated by the Board of Directors
of the Company, headed by the Independent Director, Mr. Kazi Faruq Kader. The other members of the
committee are, Mr. Zahur Ahmed PhD, Mr. Shahriar Ahmed and Mr. Tarek Nizamuddin Ahmed, ICB
nominated Director who is replacement of Mr. Md. Moshiur Rahman.
The committee has worked closely with the company’s financial term to ensure that the audit processes
adopted in connection with the financial statements are deal with best practice. The committee was
empowered to examine the matter related to financial and other affairs of the Company. This committee
ensures a sound financial reporting system and updated information to the Board of Directors.
The committee normally meets in the next month of every quarter. During the year 2016-17, six Audit
Committee meetings were held, the details of attendance of each member at the Audit Committee
meetings are as follows:
Name of the Member Number of Audit Committee Meeting held Attended

Mr. Kazi Faruq Kader 6 6
Mr. Zahur Ahmed PhD 6 6
Mr. Shahriar Ahmed 6 6
Mr. Md. Moshiur Rahman 6 4
Mr. Tarek Nizamuddin Ahmed 6 1
During the year the Audit Committee review and carry out the following tasks:
 Oversee the financial reporting process.
 Monitor choice of accounting policies and principles.
 Monitor Internal Control Risk management process.
 Oversee hiring and performance of external auditors.
 Review along with the management, the annual financial statements before submission to the
Board for approval.
 Review along with the management, the quarterly and half yearly financial statements before
submission to the Board for approval.
 Review the adequacy of internal audit function.
 Review statement of significant related party transactions submitted by the management.
 Sufficient effectiveness of the internal financial controls.
 Compliance of all applicable legal and regulatory rules and regulations.
 Various reports of operational activities and streamlined the operations of the Company.
 The committee reviewed the audit plan for the year 2016-17 and oversees the performance of
external auditors.
 Reviewed compliance of corporate governance guidelines issued by Bangladesh Securities

and Exchange Commission.
The Audit Committee is of the view that the internal control and procedures are adequate to present a
true and fair view of the activities and financial status of the Company.
th
Dated Dhaka the 19 October 2017 On behalf of the Audit Committee
Sd/-
Kazi Faruq Kader
Chairman
12
CEO & CFO’s Declaration to the Board of Directors
Date: October 19, 2017
The Board of Directors

Rupayan Golden Age (5th & 6th Floor)
99 Gulshan Avenue, Gulshan
Dhaka-1212, Bangladesh.
Subject: CEO & CFO’s Declaration to the Board of Directors
Dear Sirs:
In compliance with the condition no. 6 imposed by the Bangladesh Securities & Exchange
Commission’s Notification No. SEC/CMRRCD/2006-158/134/Admin/44 dated August 07, 2012
issued under Section 2CC of the Securities & Exchange Ordinance, 1969, we do hereby
certify to the Board of Directors that:
(i) We have reviewed that the financial statements for the year ended on 30th June
2017 and that to the best of our knowledge and belief:
(a) these statements do not contain any materially untrue statements or omit any
material fact or contain statements that might be misleading;
(b) 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:
(ii) There are, to the best of knowledge and belief, no transaction entered into by the
company during the year which are fraudulent, illegal or violation of the company’s
code of conduct.
Sincerely yours,
Sd/- Sd/-
Zahur Ahmed PhD Kamruzzaman FCA
Managing Director Chief Financial Officer (CFO)
13
MESSAGE FROM THE CHAIRMAN

Dear Shareholders,
It is an honor and pleasure for me to welcome you all to the Twenty-sixth Annual General Meeting
of your Company and to present the Annual Report for the year ended 30th June, 2017.
Global Economy:
The global economy is poised for economic growth, compared to recent years’ performance, but
with a somewhat different texture. Prospects are looking positive with accelerating growth in
Europe, Japan, China and the United States. The International Monetary Fund (IMF) has said the
global economy’s recent recovery may not last, despite a pickup in activity in all western countries
except the UK. High asset prices, rapid credit growth in China, political turmoil in Catalonia and a
cliff-edge Brexit are some of the risks to an improving global outlook, with a global output growth
expected to rise to 3.60% this year.
This growth rate is attributable to the renewed increase in financial volatility in late January
although market pressures were relatively broad based, countries with higher inflation and wider
current account deficits were generally more affected. Overall, the IMF said global output growth
would increase from 3.20% in 2016 to 3.60% this year and 3.70% in 2018. These positive
developments give good cause for greater confidence.
A closer look suggests that the global recovery may not be sustainable. Not all countries are
participating, inflation often remains below target, with weak wage growth, and the medium-term
outlook still disappoints in many parts of the world. Some emerging economies have tightened
macroeconomic policies to shore up confidence and strengthen their commitment to policy
objectives. Many of the Asian economies, excluding Japan, have continued to experience
accelerated economic growth.
Bangladesh Economy:
Despite social unrest and general dissatisfaction in the popular mindset of the population of the
country, according to the Asian Development Bank, Bangladesh’s economy grew by 7.1% in 2016,
the fastest expansion in 30 years. It was also the sixth year in a row that GDP growth was greater
than 6%. Most analysts expect this run to continue and remain “robust”. The economy is expected
to continue to grow at a brisk pace.
Bangladesh has set target to be in the middle-income group status by the year 2021. This is
expected to be achieved through simultaneous improvement of political, economic, social,
technological, rule of law and the environment, leading to eradication of numbers of the absolute
poor. Bangladesh’s rapid growth wouldn’t be so exciting if it didn’t reach the poor. A recent World
Bank report found that between 2005 and 2010, average incomes for the poorest 40% of
households grew 0.5% faster than for the country as a whole.
As a result of this inclusive growth, poverty rates have plummeted. In 1991, well over 40% of the
population lived below extreme poverty level. Today, the World Bank says that less than 14% still
does live in extreme poverty. Bangladesh’s recent success can be attributed to two major factors:
the flourishing garment manufacturing industry and the country’s robust NGO sector. Inflation was
lower than projected, while larger exports and modest imports kept the current account in a larger
surplus. Higher public-sector salaries had an offsetting effect on the decline in remittances in
Bangladesh in FY2016-17. A rise in consumer and investor confidence as the political situation
stabilized is also a stimulant for demand and has strengthened growth momentum.
My sincere thanks to all the respectable Shareholders for extending their continuous support and
confidence in the Board of Directors of your Company. I also like to put on record my sincere
appreciation to the Banks, Financial and Regulatory Agencies, Suppliers, Customers, various
people with whom we have interacted in the course of business, management staff and members
of the Company at all levels for their cooperation and sincere efforts in the growth of your
Company.
Sd/-
Dhaka Zafar Ahmed
October 19, 2017 Chairman
14
REPORT OF THE DIRECTORS

Dear Shareholders,
The Directors are pleased to submit to you the Annual Report together with the Auditors’ Report
and Audited Financial Statements of the Company for the year ended June 30, 2017.
The Directors’ Report is prepared in compliance with Section 184 of the Companies Act 1994 and
Bangladesh Securities & Exchange Commission’s (BSEC) notification no- SEC/CMRRCD/2006-
158/134/Admin/44 dated 07th August 2012.
(i) Industry outlook and possible future developments in the industry:
Bangladesh Garments Manufacturers and Exporters Association (BGMEA) has announced
an export goal three years ago in Apparel Summit 2014 for increasing annual export of
readymade garments to USD 50 billion by 2021. The goal was literally ambitious, but it was
not impossible. However, the path of the success has not been bed of roses for Bangladesh,
as RMG sector began its historical journey over three decades ago.
Some of the problems that may impose possible threats to the remarkable success of
Bangladesh garment sector are the foreign trade policy of the newly-elected American
President has threatened to new additional taxes on import to American market. After Brexit
Bangladesh garments will not automatically enjoy duty and quota-free access in the UK
market as was the case when the country was a member of EU. India has already given
several financial incentives to the sector to maintain its competitive edge.
Bangladesh has established its resilience or capacity to recover quickly from various
difficulties, time and again in the past. Recovery after the Rana Plaza collapse in 2013 was
the best example for Bangladesh’s resilience. In the compliance issues the country has done
tridimensional improvement. Since 2016 reports published in local and international media
have highlighted improvements in safety and compliance of Bangladeshi RMG industries.
Bangladesh government has set an export target of USD 41 billion from the RMG sector for
the fiscal year 2017-18.
(ii) Segment-wise or product-wise performance:

As Apex Spinning & Knitting Mills Limited produces only Readymade Garment there is no
scope for Product wise performance reporting. However, country wise export details are
given in note 23 of the Annual Report.
(iii) Risks and concerns:
Attempting to fulfil the different conditions is expensive, and may be seen by some as an
extra burden, and affecting their global competitiveness. However, this is an investment that
ensures sustainability. It is crucial to ensure workers' job security, and emerging risks like
cancellation of orders, closure of factories and laying off workers in implementing various
measures to improve compliances.
Infrastructure deficit, if not improved, might hamper the supply chain in the country, causing
sluggish growth. The RMG sector also needs cash incentives and policy support from the
government. The power problem has slightly eased off, but more uninterrupted power supply
needs to be ensured throughout the year to run the industries efficiently. Considering the
fast-approaching general election in Bangladesh and a likely post-Brexit economic slowdown
in Europe, political turmoil may return, and security conditions could worsen, adversely
affecting confidence, investment and growth.
Through last three decades Bangladesh constantly has been concentrating only on few
traditional markets (EU countries and America). However, recent statistics illustrates that
non-traditional markets are registering a healthy surge.
15
(iv) Analysis of Cost of Goods sold, Gross Profit Margin and Net Profit Margin:
(a) Cost of Goods Sold:
The reporting period’s cost of goods sold was Tk. 2,951 million as compared to last
year’s cost of goods sold of Tk. 3,116 million. This is due to the fact that there has been
a decrease in the gross turnover during the reporting period. During the reporting period
2,272,508 dozens of garments were produced as against last year’s production of
2,286,541 dozens. The decrease in production quantity is 14,033 dozens over the last
year. Production capacity utilized during the reporting period was 90.90%. There was an
increase in Wages and Salaries to the tune of Tk. 78.27 million as against last year.
(b) Gross Profit:

The company has achieved an export turnover of Tk. 3,205.56 million during the year
ended 30th June 2017. Last year’s turnover was Tk. 3,386.26 million. The decrease in
turnover is 5.34% over the last year. Gross profit earned during the period was Tk.
254.72 million as against last year’s gross profit of Tk. 270.72 million.
(c) Net Profit:

Net profit (after tax) earned during the period was Tk. 23.16 million as compared to last
year’s Net Profit (after tax) of Tk. 23.45 million. There is no significant difference from
last year’s net profit.
(v) Extra-Ordinary gain or loss:
During the year there was no realized extra-ordinary gain or loss made by the company. An
amount of Tk. 4.55 million has been shown as Fair Valuation surplus for Investment in the
Statement of Profit or Loss and other Comprehensive Income which represents the
difference between the closing price of investment in the Shares of Apex Foods Limited and
the price shown in the last Statement of Financial Position. This accounting effect was given
in order to comply with the latest requirement of Bangladesh Accounting Standards (BAS) /
Bangladesh Financial Reporting Standards (BFRS). Details are given in Note 17 of the
Annual Report.
(vi) Related party transactions:
During the year the Company carried out a number of transactions with related parties in the
normal course of business and the payments are made through Letter of Credits. The names of the
related parties and nature of the transactions are given bellow:
Name of the Parties Relationship Nature of Transactions 2016-17 2015-16

i. Matex Bangladesh Ltd. Common Director Dyes Chemical 161,287,520 124,098,779
ii. Apex Yarn Dyeing Ltd. Common Director Yarn Dyeing & Threads 56,374,121 86,591,494
(vii) Utilization of proceeds from public issues and/ or rights issues:
There was no public issue and/ or right issue offered during the year.
(viii) Financial results after the company goes for Initial Public Offering (IPO), Repeat
Public Offering (RPO), Rights Offer, Direct Listing, etc.:
Initial Public Offering was made on February 10, 1994. Since then the company is
performing well.
(ix) Variance between Quarterly Financial performance and Annual Financial Statements:
There is a significant increase in EPS (i.e. up to 3rd Quarter, EPS from operational activities
was Tk. 2.01 but annually it has been Tk. 2.76) is mainly due to consistency of turnover in
last quarter of 2016-17.
16
(x) Remuneration to directors including independent directors:
The remunerations of Directors including Independent Director are as follows:
Name of the Directors Director / Independent Director Yearly Remuneration

Mr. Zahur Ahmed PhD Director 1,800,000
Mr. Shahriar Ahmed Director 1,200,000
Mr. Kazi Faruq Kader Independent Director 600,000
(xi) 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.
(xii) Proper books of account of the issuer company have been maintained.
(xiii) 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.
(xiv) International Accounting Standards (IAS)/Bangladesh Accounting Standards
(BAS)/International Financial Reporting Standards (IFRS)/Bangladesh Financial Reporting
Standards (BFRS), as applicable in Bangladesh, have been followed in preparation of the
financial statements and any departure there-from has been adequately disclosed.
(xv) The system of internal control is sound in design and has been effectively implemented and
monitored.
(xvi) There are no significant doubts upon the issuer company's ability to continue as a going
concern.
(xvii) Deviation from the last year’s operating results:
During the year turnover has slightly decreased. Though the turnover has slightly decreased
but there is no significant deviation in operating result due to consistency of turnover.
(xviii) Key operating and financial data of at least preceding 5 (five) years:
“Figure in thousand Taka”
Particulars 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12

(Fifteen months)
Operational Data:
Revenue 3,205,557 4,319,335 2,989,846 2,511,696 2,445,606 2,524,441
Gross Profit 254,718 338,619 243,140 221,196 207,910 200,281
Operating Profit 43,166 53,366 31,823 36,786 35,693 30,089
Net Profit before Tax 47,270 56,012 35,921 41,597 40,167 30,068
Net Profit after Tax 23,163 28,765 23,204 18,796 18,487 16,827
Earnings Per Share (EPS) 2.76 3.42 2.76 2.24 2.20 2.00
Dividend Per Share 2.00 2.20 2.00 2.00 1.80 1.80
Financial Data:
Total Assets 1,325,340 1,461,496 1,374,272 1,136,263 1,181,592 1,048,473
Property, Plant and Equipment-Gross 1,343,392 1,248,060 1,220,670 1,160,317 1,141,895 1,057,887
Property, Plant and Equipment - Net 296,161 250,630 284,236 273,063 307,546 287,050
Gross Working Capital 994,046 1,183,939 1,072,153 841,181 861,399 747,510
Net Working Capital 115,834 160,401 120,061 124,047 95,307 113,068
Working Capital Loan 16,178 83,790 81,131 3,653 35,631 23,858
Share Capital 84,000 84,000 84,000 84,000 84,000 84,000
Share Premium 15,000 15,000 15,000 15,000 15,000 15,000
Reserve and Surplus 330,071 325,388 313,838 307,435 313,188 309,821
Share Holders Equity 443,289 434,056 420,179 417,912 414,292 412,543
17
(xix) Dividend:
Board of Directors has recommended Cash Dividend of Tk. 2.00 per Share of Tk. 10.00 each
for the year 2016-17. Upon your approval in this General Meeting, the dividend will be paid
to the Shareholders whose names appear in the Share Registers of the Company or in the
Depository as on 15th November 2017 at the close of office.
(xx) Board meetings:

During the year 6 (Six) Board Meetings were held. The attendance record of the Directors is
as follows:
Name of Directors Meeting attended

Mr. Zafar Ahmed 6
Mr. Zahur Ahmed PhD 6
Mr. Shahriar Ahmed 6
Mr. Md. Moshiur Rahman 5
Mr. Kazi Faruq Kader 6
Mr. Tarek Nizamuddin Ahmed 1
(xxi) The pattern of shareholding:
Name wise details No. Shares
a) Parent/subsidiary/Associated Companies and other related

parties
Apex Foods Limited 2,263,200
Apex Lingerie Limited 143,000
Apex Yarn Dyeing Limited 136,400
b) Directors, Chief Executive Officer, Company Secretary, Chief

Financial Officer, Head of Internal Audit:
Mr. Zafar Ahmed – Director 842,400
Mr. Zahur Ahmed PhD – Director 944,400
Mr. Shahriar Ahmed – Director 47,400
Mr. Tarek Nizamuddin Ahmed- Director NIL
Mr. Kazi Faruq Kader – Independent Director NIL
Mr. Kamruzzaman FCA– Chief Financial Officer NIL
Mr. Ashish Kumar Paul FCA– Head of Internal Audit NIL
Mr. Kamrul Islam – Assistant Company Secretary NIL
c) Senior Corporate Executives NIL
d) Shareholders holding ten percent (10%) or more voting interest

in the Company
Mr. Zafar Ahmed 842,400
Mr. Zahur Ahmed PhD 944,400
Apex Foods Limited 2,263,200
ICB Unit Fund 1,195,000
(xxii) Appointment/re-appointment of directors of the company:
(i) Mr. Zahur Ahmed PhD and Mr. Shahriar Ahmed are retiring from the Board in terms of the
Articles of Association of the Company and being eligible, offer themselves for re-election.
The detailed work profiles of Mr. Zahur Ahmed PhD and Mr. Shahriar Ahmed are given
below:
18
Mr. Zahur Ahmed PhD
a. Mr. Zahur Ahmed PhD is a Doctorate in Biophysics from USA and former Associate
Professor of the State University of New York at Buffalo, USA. He is one of the
Directors of the Company and working in this sector since 1991. During his long
tenure with the Company, Mr. Zahur has gathered vast knowledge about this sector.
Mr. Zahur is now the Managing Director of the Company.
b. He is also holding the Directorship of (i) Apex Foods Limited, (ii) Apex Lingerie
Limited, (iii) Apex Yarn Dyeing Limited, (iv) Apex Textile Printing Mills Limited (v)
Apex Fashion Wear Limited and (vi) Matex Bangladesh Limited.
c. He is a member of the Audit Committee.
Mr. Shahriar Ahmed
a. Mr. Shahriar Ahmed obtained his MBA from Johnson & Wales University, USA and
after completion of his education, he joined in this Company in 2004. He is working in
this sector since 2004. During his long tenure with the Company, Mr. Shahriar has
gathered vast knowledge about this sector. Mr. Shahriar is now acting as the Director
of the Company.
b. Since his joining in this sector, he has gathered sufficient knowledge to run the
Company.
c. He is also holding the Directorship of (i) Apex Foods Limited, (ii) Apex Lingerie
Limited, (iii) Apex Yarn Dyeing Limited, (iv) Apex Textile Printing Mills Limited (v)
Apex Fashion Wear Limited and (vi) Matex Bangladesh Limited.
d. He is a member of the Audit Committee.
(ii) Mr. Tarek Nizamuddin Ahmed
a) Mr. Tarek Nizamuddin Ahmed joined in the Board of Apex Spinning & Knitting Mills
Limited on April 27, 2017 as Director nominated by Investment Corporation of
Bangladesh (ICB). He is a Post Graduate in management from the University of
Chittagong. After completion of his education he joined as Officer in ICB, he held
various important positions during his long career with ICB including his current
position of Deputy General Manager.
b) He has sound knowledge in this sector.
c) He is also holding the Directorship of Kay & Que Ltd.,
d) Presently, he is one of the members of the Audit Committee.
(xxiii) Auditors:
The retiring Auditors Malek Siddiqui Wali, Chartered Accountants, being eligible, offer
themselves for re-appointment as Auditors of the Company for the year 2017-18.
(xxiv) Corporate Governance Compliance Report:

In accordance with the requirement of the Bangladesh Securities and Exchange
Commission, “Corporate Governance Report” is annexed.
Dhaka On behalf of the Board

October 19, 2017
Sd/-
Zafar Ahmed
Chairman
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21
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ÒmsL¨v nvRvi UvKvqÓ
weeib 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12
(15 gvm)
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weµq 3,205,557 4,319,335 2,989,846 2,511,696 2,445,606 2,524,441
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mgúwË, hšÎúvwZ I hšÎvsk-bxU 296,161 141161
250,630 284,236 273,063 307,546 287,050
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‡kqvi g~jab 84,000 84,000 84,000 84,000 84,000 84,000
‡kqvi wc«wgqvg 15,000 15,000 15,000 15,000 15,000 15,000
msi¶b Ges DØ…Ë 330,071 325,388 313,838 307,435 313,188 309,821
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22
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23
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19 A‡±vei, 2017 ¯^v/-
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mfvcwZ
24
VALUE ADDED STATEMENT

Value in Taka
PARTICULARS 2016-17 % 2015-16 %

(Fifteen months)
VALUE ADDED:
Revenue 3,205,556,644 4,319,334,564
Less: Bought in Materials & Services 2,110,627,672 3,067,948,253
----------------- ----------------
1,094,928,972 1,251,386,311
========== ==========
APPLICATIONS:
Government as Tax 23,738,491 2.17 25,196,863 2.01
Employees as Salary Wages & Allowances 995,154,077 90.89 1,131,670,109 90.31
Providers of Loan as Interest 6,808,117 0.62 8,302,093 0.65
Providers of Capital as Dividend 16,800,000 1.53 18,480,000 1.92
Depreciation & Retention 52,428,287 4.79 67,737,246 6.14
---------------- -------- ------------------- --------
1,094,928,972 100.00 1,251,386,311 100.00
========== ===== ========== =====
25
Independent Auditors’ Report

to the Shareholders of
We have audited the accompanying Financial Statements of Apex Spinning & Knitting Mills Limited, which
comprises the statement of Financial Position as at June 30, 2017 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 a summary of significant accounting policies and other explanatory notes.
Management’s Responsibility for the Financial Statements:

The Management is responsible for the preparation and fair presentation of these financial statements in
accordance with Bangladesh Accounting Standard (BAS)/Bangladesh Financial Reporting Standards (BFRS), the
Companies Act 1994 and other applicable laws and regulations and for such internal control as management
determines, which is necessary to enable the preparation of financial statements that are free from material
misstatement, where due to fraud or error.
Auditors’ Responsibility:
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance where the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments the auditor consider internal control relevant to the entity’s preparation and fair presentation of the
financial statements 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 entity’s internal control. An audit also includes
evaluation the appropriateness of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion:
In our opinion, the Financial Statements prepared in accordance with Bangladesh Accounting Standard
(BAS)/Bangladesh Financial Reporting Standards (BFRS), give a true and fair view of the state of the company’s
affairs as of June 30, 2017 and of the results of its operations and its cash flows for the period then ended and
comply with the Companies Act 1994 and other applicable laws and regulations.
Emphasis of Matter:
We draw attention to the note no. 5.01 of the Financial Statements which describes that due to the effect of
changes in reporting date of the company as per direction of Finance Act 2015 the comparative statements for the
Financial Statements June 30, 2017 were not specifically audited. The comparative figure has been reproduced
from the last fifteen months audited financial statements for the period April 01, 2015 to June 30, 2016. Our opinion
is not qualified in this respect.
We also report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose 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 those books;
c) The Company’s Statement of Financial Position and Statement of Comprehensive Income dealt with by the
report are in agreement with the books of accounts;
d) The expenditures incurred and payments made were for the purpose of the company’s business.
Sd/-
Dated; Dhaka MALEK SIDDIQUI WALI
26
STATEMENT OF FINANCIAL
TH
POSITION
AS AT 30 JUNE, 2017
Value in Taka
Notes 30.06.2017 30.06.2016
ASSETS
Non Current Assets: 331,293,631 277,556,922
Property, Plant and Equipment 6 296,160,521 250,629,578
Investment 7 26,340,880 21,285,383
Security Deposits 8 8,792,230 5,641,961
Current Assets: 994,046,480 1,183,939,212
Inventories 9 194,630,209 193,149,524
Trade Receivables 10 385,678,040 437,865,870
Advances, Deposits & Prepayments 11 53,073,287 143,231,663
Other Receivable 12 3,916,399 21,762,955
Cash & Cash Equivalents 13 356,748,545 387,929,200
------------------ ------------------
TOTAL ASSETS 1,325,340,111 1,461,496,134
=========== ===========
EQUITY AND LIABILITIES
Shareholders' Equity 443,289,448 434,056,023
Share Capital 14 84,000,000 84,000,000
Share Premium 15 15,000,000 15,000,000
Reserve and Surplus 16 330,071,235 325,387,757
Fair Valuation Surplus of Investment 17 14,218,213 9,668,266
Non Current Liabilities 3,838,327 3,902,323
Deferred Tax Liability 18 3,838,327 3,902,323
Current Liabilities 878,212,336 1,023,537,788
Working Capital Loan 19 16,177,942 83,790,102
Short Term Loan 20 80,597,984 54,616,007
Trade Payables 21 703,008,415 745,163,504
Other Payables 22 78,427,995 139,968,175
Total Liabilities 882,050,663 1,027,440,111
------------------ ------------------
TOTAL EQUITY AND LIABILITIES 1,325,340,111 1,461,496,134
=========== ===========
Net Assets Value Per Share 52.77 51.67
Annexed notes form an integral part of these Financial Statements.
Sd/- Sd/- Sd/-

Zahur Ahmed PhD Shahriar Ahmed Kamruzzaman FCA
Managing Director Director Chief Financial Officer
Signed in terms of our report of even date.
Sd/-
October 19,2017 Chartered Accountants
27
STATEMENT OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30TH JUNE, 2017
Value in Taka
Notes 2016-2017 2015-2016
REVENUE 23 3,205,556,644 3,386,264,682

Cost of goods sold 24 (2,950,838,207) (3,115,547,624)
GROSS PROFIT 254,718,437 270,717,058
OPERATING EXPENSES: (211,552,855) (225,997,868)
Administrative & selling overhead 26 (204,744,738) (219,305,853)

Financial expenses 27 (6,808,117) (6,692,015)
OPERATING PROFIT 43,165,582 44,719,190
Other income 28 4,104,690 4,702,103
PROFIT BEFORE PPF & WF 47,270,272 49,421,293
Provision for contribution to PPF & WF - (2,471,065)
PROFIT BEFORE TAX 47,270,272 46,950,228
Tax Expenses: (24,106,794) (23,497,708)
Current tax 29 (24,676,341) (22,404,538)
Deferred tax (expenses)/income 18 569,547 (1,093,170)
NET PROFIT AFTER TAX 23,163,478 23,452,520

Other comprehensive income:
Fair valuation surplus/(deficit) of investment 17 4,549,947 2,481,375
Fair valuation surplus/(deficit) during the year 5,055,497 2,757,083
Less: Deferred tax (505,550) (275,708)
TOTAL COMPREHENSIVE INCOME 27,713,425 25,933,895
Basic Earnings Per Share (EPS) 32 2.76 2.79
Sd/- Sd/- Sd/-


28
STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE, 2017
Value in Taka
Particulars Share Share Tax Retained Capital Fair Total
Capital Premium Holiday Earnings Gain Valuation

Reserve Surplus
th
As at 30 June'16 84,000,000 15,000,000 129,700,699 192,935,240 2,751,818 9,668,266 434,056,023
Net profit after tax for the period - - - 23,163,478 - - 23,163,478
Dividend Paid for 2015-16 - - - (18,480,000) - - (18,480,000)
Fair valuation surplus/(deficit) of investment - - - - - 4,549,947 4,549,947

th
As at 30 June'17 84,000,000 15,000,000 129,700,699 197,618,718 2,751,818 14,218,213 443,289,448
STATEMENT OF CHANGES IN EQUITY

Particulars Share Share Tax Retained Capital Fair Total
Capital Premium Holiday Earnings Gain Valuation

Reserve Surplus
th
As at 30 June'15 84,000,000 15,000,000 129,700,699 186,698,432 2,751,818 7,985,435 426,136,384
Net profit after tax for the period - - - 23,452,520 - - 23,452,520
Dividend Paid for 2014-15 - - - (16,800,000) - - (16,800,000)
Fair valuation surplus/(deficit) of investment - - - - - 2,481,375 2,481,375

Prior years’ adjustment - - - (415,712) (798,544) (1,214,256)
th
As at 30 June'16 84,000,000 15,000,000 129,700,699 192,935,240 2,751,818 9,668,266 434,056,023
Sd/- Sd/- Sd/-

Sd/-
29
STATEMENT OF CASH FLOWS

Value in Taka
2016-2017 2015-2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Collection from revenue 3,257,744,474 3,441,675,999
Other income 4,093,616 4,575,826
Interest & other financial charges paid (86,915,185) (90,785,599)
Income tax paid (31,059,240) (25,590,167)
Payment for costs and expenses (3,020,637,150) (3,432,928,549)
Net cash generated from/(used in) operating
activities (a) 123,226,515 (103,052,490)
CASH FLOWS FROM INVESTING ACTIVITIES:

Property, plant and equipment acquired (95,332,138) (22,158,085)
Net cash generated from/(used in) investing
activities (b) (95,332,138) (22,158,085)
CASH FLOWS FROM FINANCING ACTIVITIES:

Working capital loan received/(repaid) (67,612,160) 89,354,587
Short term loan received/(repaid) 25,981,977 28,450,737
Dividend paid (17,444,849) (16,077,724)
Net cash generated from/(used in) financing
activities (c) (59,075,032) 101,727,600
Net increase/(decrease) in cash and cash equivalents (a+b+c) (31,180,655) (23,482,975)

Cash and cash equivalents on opening (45,262,491)
387,929,200 411,412,175
Cash and cash equivalents on closing (45,262,491) 387,929,200
356,748,545
Net Operating Cash Flows Per Share 14.67 (12.27)
Sd/- Sd/- Sd/-

Sd/-
 There was significant variance in net operating cash flows as compared to the last year. The Net
Operating Cash Flow per Share is Tk. 14.67 but it was Tk. (12.27) in 2015-16 which is mainly for
decrease in payment for cost and expenses. This scenario changeable time to time depending on
different issues.
30
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE, 2017
FORMING AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
1. The company and its operation:
1.01 Legal Form of the Enterprise:
The Apex Spinning & Knitting Mills Limited is a Public Limited Company registered under the
Companies Act, 1913. The Company was incorporated in Bangladesh on 25.11.1990. Shares
of the Company are listed in the Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange
Ltd
1.02 Address of Registered Office and Factory:
The Registered Office of the Company is located at Rupayan Golden Age, 5th & 6th Floor, 99
Gulshan Avenue, Gulshan, Dhaka-1212 and the Factory is located at Chandora, P.O.
Chandora, P.S. Kaliakoir, Dist. Gazipur.
1.03 Nature of Business Activities:
The Company owns and operates a 100% export oriented vertically integrated knitting, dyeing
& finishing and garment factory.
2. Basis of the preparation of the Financial Statements:
2.01 Accounting Convention and Basis:

These Financial Statements have been prepared under the Historical Cost Convention and
Going Concern basis in accordance with applicable Bangladesh Accounting Standards which
does not vary from the requirements of the Companies Act 1994 and the Listing Regulations
of the Stock Exchanges, The Securities & Exchange Rules 1987 and other laws and rules
applicable in Bangladesh.
.
2.02 Application of Bangladesh Accounting Standards (BAS):
The following BASs are applicable for the financial statements for the year under review:
BAS-1 Presentation of financial statements

BAS-2 Inventories
BAS-7 Statement of Cash Flows
BAS-8 Accounting Policies, Changes in Accounting Estimates and Errors
BAS-10 Events after the Reporting Period
BAS-12 Income Taxes
BAS-16 Property, Plant and Equipment
BAS-18 Revenue
BAS-21 The Effects of Changes in Foreign Exchange Rates
BAS-23 Borrowing Costs
BAS-24 Related Party Disclosures
BAS-32 Financial Instruments: Presentation
BAS-33 Earnings Per Share
BAS-36 Impairment of Assets
BAS-37 Provisions, Contingent Liabilities and Contingent Assets
BAS-39 Financial Instruments: Recognition and Measurement
2.03 Compliance with local laws:
The Financial Statements have been prepared in compliance with requirements of the
Companies Act 1994, The Securities & Exchange Rules, 1987, the Income Tax Ordinance,
1984, Income Tax Rule 1984, The VAT Act 1991, VAT Rule 1991 and other relevant local
laws and rules.
31
2.04 Compliance with Bangladesh Accounting Standards (BAS):
The Financial Statements have been prepared in compliance with requirements of BAS’s.
3. Significant Accounting Policy:
3.01 Property, Plant and Equipment:
These are stated at historical cost less accumulated depreciation in accordance with BAS 16
“Property, Plant and Equipment”.
3.01(i) Depreciation on Property, Plant and Equipment:
Depreciation is provided to amortize the cost of the assets after commissioning, over the
period of their expected useful lives, in accordance with the provisions of BAS 16: “Property,
Plant and Equipment”. Depreciation is provided for the period in use of the assets.
Depreciation is calculated on the cost of fixed assets in order to write off such amounts over
the estimated useful lives of such assets. Depreciation has been charged on additions made
during the year from the month in which these assets are ready to use. Depreciation is
provided on all fixed assets except land at the following rates on reducing balance basis over
the periods appropriate to the estimated useful lives of the different types of assets:
The rates of depreciation of each class of assets are as follows:
Factory Building 20 %
Civil Construction 10 %
Plant & Machinery 20 %
Effluent Treatment Plant 20%
Gas Installation 15%
Electric Installation 15%
Boiler 15 %
Generator 15 %
Water Treatment Plant 20%
Factory Equipment 15 %
Other Equipment 15 %
Deep Tube-well & Tanks 15%
Motor Vehicles 20 %
Furniture & Fixtures 10 %
Laboratory Equipment 15%
Office Equipment 15 %
Motor Cycles 20%
3.01(ii) Disposal of Property, Plant and Equipment:
On disposal of fixed assets, the cost and accumulated depreciation are eliminated and gain or
loss on such disposal is reflected in the income statement, which is determined with reference
to the net book value of the assets and sales proceeds. There was no disposal of any
Property, Plant and Equipment during the period ended 30th June, 2017.
3.02 Inventories:
Inventories in hand as at 30th June, 2017 have been valued at lower of cost and net realizable
value in accordance with BAS 2 “Inventories” after making due allowance for any obsolete or
slow moving items.
3.03 Taxation:
Provision for income tax has been made as per requirements of the Income Tax Ordinance,
1984 and Income Tax Rule, 1984.
32
3.04 Income Tax:
The company is a Public Limited Company. As per the Income Tax Ordinance, 1984 the rate
of income tax is 25.00%. Since the company is a 100% export oriented (Knit & Oven
Garments) industry, so applicable tax rate will be 12.00% on business profit (as per SRO no.
255-Law/Income Tax/2017 dated 01 August, 2017). The tax provision has been made based
on the highest of 12% on business profit or tax deducted at source @ 0.70% on export
proceeds or tax on gross receipts and provision has been made accordingly. However, the tax
provision has been made @ 25.00% on interest income, exchange gain/(loss) and 20.00% on
dividend income as per provision of the Income Tax Ordinance, 1984 and Income Tax Rule,
1984.
3.05 Deferred Tax:

Deferred tax assets or deferred tax liabilities have been accounted for in accordance with BAS
12 “Income Taxes”. Deferred tax arises due to temporary difference, deductible or taxable for
the events or transactions recognized in the statement of profit or loss and other
comprehensive income. A temporary difference is the difference between the tax base of an
asset or liability and its carrying amount/reported amount in the financial statements. Deferred
tax asset or liability is the amount of income tax payable or recoverable in future period(s)
recognized in the current period. The deferred tax asset/income or liability/expense does not
create a legal liability/recoverability to and from the income tax authority.
3.06 Trade Receivables:
These are considered good and realizable. Export bills receivables are stated at the original
invoice value.
3.07 Payables and Accrued Expenses:

Liabilities are recognized for amounts to be paid in the future for goods and services received,
whether or not billed by the suppliers.
3.08 Earnings Per Share:

The Company calculates Earnings Per Share (EPS) in accordance with BAS 33 “Earnings Per
Share” which has been shown on the face of statement of profit or loss and other
comprehensive income and the computation of EPS is stated in Note 32.
3.08(i) Basic Earnings:
This represents earnings for the year attributable to ordinary shareholders. There was no
preference dividend and minority interest. The net profit after tax for the year has been
considered as fully attributable to the ordinary shareholders.
3.08(ii) Weighted Average Number of Ordinary Shares Outstanding During The Year:
This represents the number of ordinary shares outstanding at the beginning of the year plus
the number of ordinary shares issued during the year multiplied by a time-weighting factor.
The time-weighting factor is the number of days the specific shares are outstanding as a
proportion of the total number of days in the period.
3.08(iii) Basic Earnings Per Share:

This has been calculated by dividing the basic earnings by the weighted average number of
ordinary shares outstanding during the year.
33
3.08(iv) Diluted Earnings Per Share:
No diluted EPS is required to be calculated for the year, as there was no scope for dilution
during the year under review.
3.09 Statement of Cash Flows:
Statement of Cash Flows has been prepared in accordance with BAS 7 “Statement of Cash
Flows” and the cash flows from the operating activities have been presented under direct
method as required by the Securities and Exchange Rules 1987 and considering the
provisions of paragraph 19 of BAS 7 which provides that “Entities are Encouraged to Report
Cash Flows from Operating Activities using the Direct Method”.
3.10 Foreign Exchange:
Foreign currencies are converted into Bangladesh Taka at the rates ruling on the date of
transaction and the balance in hand at the close of the business, at the rate prevailing on the
Statement of Financial Position date in accordance with BAS 21 “The Effects of Changes in
Foreign Exchange Rates”. The closing conversion rate was Tk. 81.30 per US Dollar.
3.11 Revenue Recognition:
Exports are made against confirmed L/C and firm contracts. The sale proceeds are accounted
for upon shipments and after satisfying all the conditions for revenue recognition as provided
in BAS 18 “Revenue”.
3.12 Employee Benefit Obligations:
The Company operates a contributory provident fund and a Group Insurance Scheme for its
permanent employees. A Board of Trustee administrates the provident fund.
3.13 Non-recognition of Workers’ Profit Participation and Welfare Fund (WPP & WF):
We are 100% export oriented Readymade Garment Industry (RMG) and as per Labour Rules
2015, section 214 Gazetted on 15th September 2015, the Government is deducting @ 0.03%
on our export proceeds while realization as Central Fund RMG, so we believe that WPPWF is
not required for our company.
3.14 Risk and uncertainties for use of estimates in preparation of financial

statements:
Preparation of Financial Statements in conformity with the Bangladesh Accounting Standards

requires management to make estimates and assumption that effect the reported amounts of
assets and liabilities and disclosures of contingent assets and liabilities at the date of the
financial statements and revenues and expenses during the period reported. Actual results
could differ from those estimates. Estimates are used for accounting of certain items such as
long term contracts, depreciation and amortization, employees benefit plans, taxes, reserves
and contingencies.
34
4. Financial Risk Management:
The company management has overall responsibility for the establishment and oversight of
the company's risk management frame-work. 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 risk from its use of financial
instruments.
 Credit risk
 Liquidity risk
 Market risk
4.01 Credit risk:
Credit risk is the risk of a financial loss to the company if a customer or counterparty to a
financial instrument falls 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. Risk exposures from other financial assets, i.e. cash at bank
and other external receivable are nominal.
4.02 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. Typically, the company ensures that it has
sufficient cash and cash equivalents to meet expected operational expenses, including
financial obligation through preparation of the cash flow forecast, prepared based on time line
of payment of the financial obligation and accordingly arrange for sufficient liquidity/fund to
make the expected payment within due date.
In extreme stressed conditions, the company may get support from the related company in the
form of short term financing but till to date this was not required as the Company has not
faced such a situation.
4.03 Market risk:
Market risk is the risk that any change in market prices such as foreign exchange rates and
interest will affect the company's income or the value of its holdings of financial instruments.
The objective of market risk management is to manage and control market risk exposures
within acceptable parameters.
(a) Currency risk:
As at 30th June 2017 there was no exposure of currency risk which significantly
affected the foreign currency transactions made during the year under review.
(b) Interest rate risk:
Interest rate risk is the risk that arises due to changes in interest rates on borrowing.
There was no such 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.
35
5. Others:
5.01 Comparative information:
Comparative information have been disclosed in respect to the year 2015-16 for all numerical
information of the financial statements and also the narrative and descriptive information
when it is relevant for understanding of the current periods financial statements.
Last period figures have been rearranged where considered necessary to conform to current
year’s presentation.
The company is used to report its financial information at 31 March each calendar year since
the inception of the incorporation until 2016. The Section 9 of the Financial Act 2015 has
stated that the tax payer companies other than bank, insurance and financial institutions shall
have to follow, the uniform income year from July to June which is effective from 01 July 2016.
To comply with this requirements, the company has change its reporting date from 31 march
to 30 June and prepare its financial statements as on June 2016 (Fifteen months) on the base
of BSEC directive no. SEC/SRMIC/2011/1240/445 dated; April 27, 2016 as well as
subsequent meeting minutes amongst BSEC, DSE and CSE dated; May 09, 2016 and
prepare financial statements for the period April 1, 2015 to June 30, 2016 (Fifteen months). As
the financial statements for the period July 01, 2015 to June 30, 2016 were not specifically
prepared/audited resulting the comparative statements for June 30, 2017 had to be
reproduced from the financial statements for the period April 01, 2015 to June 30, 2016.
5.02 Reporting currency and level of precision:
The figures in the financial statements represent Bangladesh Currency (Taka), which have
been rounded-off to nearest Taka.
5.03 Reporting period:
Financial Statements of the Company cover a year from 1st July to 30th June.
5.04 Components of the Financial Statements:
The Financial Statements include the following components as per BAS 1 “Presentation of
Financial Statements”.
i) Statement of Financial Position as at 30th June, 2017
ii) Statement of Profit or Loss and Other Comprehensive Income for the year ended 30th
June, 2017
iii) Statement of Changes in Equity for the year ended 30th June, 2017
iv) Statement of Cash Flows for the year ended 30th June, 2017 and
v) Accounting Policies and explanatory notes.
36
6. PROPERTY, PLANT AND EQUIPMENT: TK. 296,160,521

SL. PARTICULAR COST DEPRECIATION
NO. Balance Addition Balance RATE Balance Charged Balance W.D.V
as at During as at % as at for the as at as at
01.07.16 the
year 30.06.17 01.07.16 year 30.06.17 30.06.17
1 Land & Land Development 21,423,102 - 21,423,102 - - - 21,423,102
2 Factory Building 255,373,615 - 255,373,615 20 -208,912,091 9,292,305 2,18,204,396 37,169,219
3 Civil Construction 53,665,771 - 53,665,771 10 36,015,303 1,765,047 37,780,350 15,885,421
4 Plant & Machinery 644,352,848 24,109,799 668,462,647 20 563,318,001 18,262,507 5,81,580,508 86,882,139
5 Effluent Treatment Plant 71,210,757 - 71,210,757 20 30,387,645 8,164,622 38,552,267 32,658,490
6 Gas Installation 7,208,772 15,991,064 23,199,836 15 6,909,230 796,463 7,705,693 15,494,143
7 Electric Installation 10,764,273 - 10,764,273 15 9,173,168 238,666 9,411,834 1,352,439
8 Boiler 13,367,693 - 13,367,693 15 11,736,249 244,717 11,980,966 1,386,727
9 Generator 79,573,674 53,199,125 132,772,799 15 63,687,861 7,695,499 71,383,360 61,389,439
10 Water Treatment Plant 8,262,353 - 8,262,353 20 6,495,566 353,358 6,848,923 1,413,430
11 Factory Equipments 13,311,916 1,450,700 14,762,616 15 10,721,187 552,606 11,273,793 3,488,823
12 Other Equipments 7,565,646 - 7,565,646 15 5,668,154 284,624 5,952,778 1,612,868
13 Deep Tube-Well & Tanks 10,464,959 - 10,464,959 15 6,985,881 521,862 7,507,743 2,957,216
14 Motor Vehicles 8,511,244 - 8,511,244 20 7,967,426 108,764 8,076,190 435,054
15 Furniture & Fixtures 28,434,002 233,450 28,667,452 10 17,216,573 1,139,689 18,356,262 10,311,190
16 Laboratory Equipments 576,027 - 576,027 15 550,109 3,888 553,997 22,030
17 Office Equipments 13,952,254 348,000 14,300,254 15 11,645,409 376,477 12,021,886 2,278,368
18 Motor Cycles 40,625 - 40,625 20 40,099 105 40,204 421
1,248,059,530 95,332,138 1,343,391,669 997,429,950 49,801,196 1,047,231,147 296,160,521
1,248,059,530 -
Charged to:
Factory Overhead 48,176,161
Administrative & Selling Overhead 1,625,035
49,801,196
PROPERTY, PLANT AND EQUIPMENT FOR 2015-16

SL. PARTICULAR COST DEPRECIATION
NO. a. Balance Addition Balance RATE Balance Charged Balance W.D.V
as at During as at % as at for the as at as at
01.07.15 the
year 30.06.16 01.07.15 year 30.06.16 30.06.16
1 Land & Land Development 21,423,102 - 21,423,102 - - - 21,423,102
2 Factory Building 248,829,701 6,543,914 255,373,615 20 197,541,357 11,370,734 208,912,091 46,461,524
3 Civil Construction 53,665,771 - 53,665,771 10 34,054,140 1,961,163 36,015,303 17,650,468
4 Plant & Machinery 631,485,206 12,867,642 644,352,848 20 544,808,280 18,509,721 563,318,001 81,034,847
5 Effluent Treatment Plant 69,424,227 1,786,530 71,210,757 20 20,205,323 10,182,322 30,387,645 40,823,112
6 Gas Installation 7,208,772 - 7,208,772 15 6,856,370 52,860 6,909,230 299,542
7 Electric Installation 10,764,273 - 10,764,273 15 8,892,384 280,784 9,173,168 1,591,103
8 Boiler 13,367,693 - 13,367,693 15 11,448,347 287,902 11,736,249 1,631,444
9 Generator 79,573,674 - 79,573,674 15 60,884,482 2,803,379 63,687,861 15,885,813
10 Water Treatment Plant 7,302,353 960,000 8,262,353 20 6,214,870 280,696 6,495,566 1,766,787
11 Factory Equipments 13,311,916 - 13,311,916 15 10,264,000 457,187 10,721,187 2,590,729
12 Other Equipments 7,565,646 - 7,565,646 15 5,333,303 334,851 5,668,154 1,897,492
13 Deep Tube-Well & Tanks 10,464,959 - 10,464,959 15 6,374,692 611,189 6,985,881 3,479,078
14 Motor Vehicles 8,511,244 - 8,511,244 20 7,831,471 135,955 7,967,426 543,818
15 Furniture & Fixtures 28,434,002 - 28,434,002 10 15,970,192 1,246,381 17,216,573 11,217,429
16 Laboratory Equipments 576,027 - 576,027 15 545,535 4,574 550,109 25,918
17 Office Equipments 13,952,254 - 13,952,254 15 11,238,319 407,090 11,645,409 2,306,845
18 Motor Cycles 40,625 - 40,625 20 39,968 131 40,099 526
1,225,901,445 22,158,086 1,248,059,530 948,503,032 48,926,918 997,429,950 250,629,578
1,248,059,530
Charged to:
Factory Overhead 47,137,361
Administrative & Selling Overhead 1,789,557
48,926,918
37
30.06.2017 30.06.2016
7. INVESTMENT: TK. 26,340,880
(i) Apex Foods Limited (Public Limited Company) 24,771,430 19,715,933

(Total number of Shares 169,250 and Total cost of Shares
Tk. 8,973,415.)
(ii) Central Depositary Bangladesh Limited 1,569,450 1,569,450
(571,181 Share of Tk. 10/- each including 414,236 Bonus
Shares and 56,945 Right Shares @ Tk. 10/- each.)
--------------- ---------------
26,340,880 21,285,383
======== ========
Market Price of Listed Companies Shares
Apex Foods Limited 146.36 116.49
 Investment in shares of Apex Foods Limited has been valued at market price in accordance with
BAS 39 “Financial Instruments: Recognition & Measurement.”
8. SECURITY DEPOSITS : TK. 8,792,230
Security Deposits 8,792,230 5,641,961

 Security deposits are made to statutory bodies and hence secured
9. INVENTORIES: TK. 194,630,209

Finished Goods Quantity
T Shirts 12,123 Doz 17,026,874 47,678,247
12,123 Doz 17,026,874 47,678,247
Work in Process
Dyed Fabric 20,222 Kg 10,362,972 6,565,537
Knitted Fabric 48,359 Kg 15,183,382 16,483,280
Garments 197,695 Doz 27,424,914 38,725,745
52,971,268 61,774,562
Raw Materials
Yarn 225,782 Kg 59,385,174 40,166,318
Dyes & Chemicals 138,457 Kg 28,367,001 22,140,156
364,239 Kg 87,752,175 62,306,474
Accessories 36,879,892 21,390,241
---------------- ----------------
194,630,209 193,149,524
========= =========
 The above Inventories are as per physical checking made, valued and certified by Inventory team
consists of Management staff and Internal Auditors.
 Inventories in hand have been valued at lower of cost and net realizable value.
 Inventories are hypothecated against working capital loan facilities from the Banks.
10. TRADE RECEIVABLES: TK 385,678,040

Export Bills Receivable 385,678,040 437,865,870
 The ageing of the trade debtors are maximum 30 (Thirty) days and these are considered good and
subsequently realized in full.
38
30.06.2017 30.06.2016
11. ADVANCES, DEPOSITS AND PREPAYMENTS: TK. 53,073,287
Advance income tax 49,502,014 73,884,824

Advance against expenses 3,571,273 69,346,839
53,073,287 143,231,663
 No amount was due by Directors and other Officers of the Company or by Associated Undertaking.
12. OTHER RECEIVABLE: TK. 3,916,399
Cash incentive receivable 3,557,900 21,415,530

FDRs interest receivable 358,499 347,425
-------------- --------------
3,916,399 21,762,955
 Cash incentive receivable represents the audited certificate amount receivable from Bank against
cash incentive. The amount has subsequently been received from the Bangladesh Bank through
Eastern Bank Limited.
 The ageing of the Cash incentive receivable are maximum 06 (Six) months.
13. CASH AND CASH EQUIVALENTS: TK. 356,748,545
Cash and Bank Balances:

Cash in hand 20,000 20,000
Cash at bank :
CD Account with Eastern Bank Ltd., Dhaka 11,454 13,524
CD Account with Dhaka Bank Ltd., Dhaka 28,582 28,732
CD Account with SCB, Dhaka 184,672 181,106
CD Account with Mutual Trust Bank, Chandora 61,434 66,639
CD Account with Mutual Trust Bank, Dilkusha, Dhaka 85,770 86,920
CD Account with AB Bank, Dhaka 40,398 41,698
CD Account with Dutch Bangla Bank Ltd., Dhaka 676,325 295,144
CD Account with HSBC-Dividend, Dhaka - 430
CD Account with Eastern Bank Ltd. -Dividend, Dhaka 183 183
Fixed Deposit Receipts Account with Eastern Bank Ltd. 55,869,964 54,144,170
Foreign Currency Account with Eastern Bank Ltd., Dhaka-USD 32,873,432 15,885,091
Foreign Currency Account with HSBC, Dhaka-USD 381,016 488,699
STD Account with SCB, Dhaka 736,572 737,762
STD Account with Eastern Bank Ltd., Principal Branch, Dhaka 208,706 208,823
STD Account with HSBC , Dhaka 1,227 1,216
CC Accounts with Eastern Bank Ltd., Dhaka 25,375 27,020
Margin Account with Eastern Bank Ltd. –USD 265,543,435 315,702,043
356,728,545 387,909,200
356,748,545 387,929,200
 Cash in hand was physically verified. All Bank balances were reconciled and confirmed by bank
statements.
39
30.06.2017 30.06.2016
14. SHARE CAPITAL : TK. 84,000,000
Authorized Capital:
30,000,000 Ordinary Shares of Tk. 10/= each. 300,000,000 300,000,000
========== =========
Issued, Subscribed & Paid up Capital:
8,400,000 Ordinary Shares of Tk. 10/= each fully paid 84,000,000 84,000,000
 There was no preference share issued by the Company.
Composition of Shareholdings as on 30.06.2017:

Sponsors & Directors 57.29% 51.92%
Institutions 22.09% 23.53%
Foreign Shareholders 4.25% 4.25%
Public - Local 16.37% 20.30%
100.00% 100.00%
======= =======
The Company had the following non-resident Shareholders on 30.06.2017:
NAME FOLIO/BO NO. NO. OF SHARE
Smith New Court Far East Ltd. 00011 600
-do- 03777 2,000
Hong Kong Bank Int’l Trustee Ltd. 04037 6,360
Somers Nominees ( Far East ) Ltd. 04038 10,800
Investors Bank & Trust Company 04065 200
UBS Securities (East Asia) Ltd. 04689 720
BNYM AC ACADIAN FTRMKT EQT FD 1601620011443142 63,049
BNYM PNSN RSVS INVTRST FUND 1601620058175545 273,214
---------
356,943
=====
 Dividend is paid to non-resident shareholders through their local agents.
The distribution showing the number of shareholders and their shareholdings in

percentages are as follows:
No. of Share Holders Range Total Holdings In %
1,634 Less than & equal 500 Shares 260,573 3.10
416 501 to 5,000 Shares 630,713 7.51
31 5001 to 10,000 Shares 215,753 2.57
8 10,001 to 20,000 Shares 112,216 1.33
1 20,001 to 30,000 Shares 30,000 .36
0 30,001 to 40,000 Shares - -
4 40,001 to 50,000 Shares 182,501 2.17
1 50,001 to 100,000 Shares 63,049 .75
3 100,001 to 200,000 Shares 405,400 4.83
7 Over 200,000 Shares 6,499,795 77.38
-------- ----------- ---------
2,105 8,400,000 100.00
===== ======= =====
15. SHARE PREMIUM 15,000,000 15,000,000

======== ========
 This is as per last account and represents premium of Tk. 50/= per Share of 300,000 Ordinary
Shares of Tk. 100 each.
40
30.06.2017 30.06.2016
16. RESERVE AND SURPLUS: TK 330,071,235
Reserve for Re-Investment 129,700,699 129,700,699

Retained Earnings 197,618,718 192,935,240
Capital Gain 2,751,818 2,751,818
330,071,235 325,387,757
 Reserve for Re-Investment represents Tax Holiday Reserve made up to the Tax Holiday period of
the Company as per requirements of the Income Tax Ordinance, 1984. The reserve and surplus is
utilized in the Company’s business.
17. FAIR VALUATION SURPLUS/(DEFICIT) OF INVESTMENT: TK 14,218,213
Opening Balance 9,668,266 7,985,435

Adjustment for fair valuation surplus/(deficit) during the year 4,549,947 2,481,375
Prior Year s’ Adjustment - (798,544)
--------------- ---------------
14,218,213 9,668,266
======== ========
 Fair valuation surplus of investments represents the difference of market value of the listed
Company’s share on the closing date and the last Balance Sheet price.
18. DEFERRED TAX LIABILITY: TK. 3,838,327

a) Book Value of Depreciable Assets 296,160,521 250,629,578
Tax Base of Depreciable Assets 278,086,353 236,923,502
Net Taxable Temporary Difference 18,074,168 13,706,076
Effective Tax Rate 12.00% 20.00%
Closing Deferred tax (Assets)/Liability arising from assets 2,168,900 2,741,215
Opening Deferred Tax Balance 2,741,215 1,734,901
Deferred Tax (Income)/Expense (572,315) 1,006,314
b) Unrealized Bank Interest on FDRs 2016-17 358,499 347,425

Effective Tax Rate 25.00% 25.00%
Closing Deferred tax (Assets)/Liability Arising from Unrealized
FDRs Interest 89,625 86,856
Opening Deferred Tax Balance 86,856 -
Deferred Tax (Income)/Expense 2,769 86,856
Deferred Tax (Income)/Expense (a+b) (569,547) 1,093,170
c) Deferred Tax (Assets)/Liability Arising from Other

Comprehensive Income:
Gains on hedging instruments in cash flow hedges - -
Tax for (Losses)/gains on available for sale investments @ 10% 1,579,802 1,074,252
Revaluation of property - -
Foreign exchange gain for foreign operation - -
Closing Deferred tax (Assets)/Liability arising from Fair
Valuation Surplus of investment 1,579,802 1,074,252
Opening Deferred Tax Balance 1,074,252 798,544
Deferred Tax (Income)/Expense (c) 505,550 275,708
Deferred Tax Liability (a+b+c) 3,838,327 3,902,323
41
30.06.2017 30.06.2016
19. WORKING CAPITAL LOAN: TK. 16,177,942
Overdraft-Eastern Bank Ltd, Principal Br., Dhaka 12,395,529 69,445,692

Overdraft-HSBC, Dhaka 3,782,413 14,344,410
---------------- ----------------
16,177,942 83,790,102
========= ========
 The Working Capital Loan was taken from Eastern Bank Ltd, Principal Branch, Dhaka and HSBC
against hypothecation as Cash Credit basis. The loan is secured against Inventories and Trade
Debtors of the Company. The Loan of Eastern Bank Limited bears interest @ 9.00% p.a. The rate
of interest of HSBC is 8.00% p.a.
20. SHORT TERM LOAN: TK. 80,597,984
Time Loan-Eastern Bank Limited 30,726,070 24,163,873

Import Loan- Eastern Bank Limited 49,871,914 30,452,134
--------------- ---------------
80,597,984 54,616,007
========= =========
 Time loan from Eastern Bank Limited represents the amount payable to them against import of
machinery and spare parts and will be settled within next twelve months.
 Import loan from Eastern Bank Limited represents the amount payable to them against import of
dyes, chemicals and accessories as part of continuous process.
21. TRADE PAYABLES: TK. 703,008,415

703,008,415 745,163,504
========= =========
 This represents local procurement and import of Raw Materials (Yarn, Dyes & Chemicals) under
Back-to-Back L/C on 90 to 120 days deferred payment and Sight L/C, which has been
subsequently adjusted and moves in cycle in this trade and considered secured.
22. OTHER PAYABLES: TK. 78,427,995
Clearing & Forwarding 2,934,335 3,094,914

Power, Fuel and Water 86,506 3,245,841
Insurance premium 4,108,565 -
Telephone, Telex & Fax 11,139 11,264
Salary, Wages and Overtime 26,483,142 58,070,628
Audit Fees 230,000 230,000
Current Tax Liabilities 30,378,777 61,144,484
Contribution to PPF & WF - 2,947,989
Provident Fund Payable 6,086,095 4,532,980
Unclaimed Dividend 6,703,795 5,668,644
Tax & VAT payable to Govt. 1,405,641 1,021,431
----------------- ----------------
78,427,995 139,968,175
========= =========
 Unclaimed dividend represents the dividend warrants issued but not presented to the Bank by the
th
Shareholders within 30 June 2017 and the unclaimed dividend was Tk.6,677,349.00 as on
September 30, 2017.
42
 The breakup of unclaimed dividend as on 30.06.2017 is as follows:
Year Taka
1994-95 to 2012-13 4,253,916
2013-14 648,996
2014-15 736,555
2015-16 1,064,328
6,703,795
2016-2017 2015-2016
23. REVENUE: TK 3,205,556,644
Quantity in Doz. USD

T, Polo & Sweat Shirts 2,290,044 40,434,735 3,205,556,644 3,386,264,682
 Country wise break up of Export for the period July’16-June’2017:
Country Quantity in Doz USD
AUSTRALIA 13,890 252,453

BELGIUM 220,552 3,780,960
CANADA 28,160 483,395
CHILE 22,029 377,978
CHINA 63,783 1,101,323
COLUMBIA 2,690 44,694
CROATIA 16,380 277,669
DENMARK 65,527 1,151,967
DUBAI, UAE 37,424 636,901
GERMANY 472,560 8,391,995
GREAT BRITAIN 1,41,968 25,66,567
HONG KONG 10,666 183,952
INDIA 5,488 92,935
INDONESIA 4,269 72,499
ITALY 76,350 13,99,458
JAPAN 50,389 839,768
KOREA 15,094 255,985
MALAYSIA 10,411 184,100
MEXICO 27,359 465,795
NETHERLANDS 38,045 740,821
NEW ZEALAND 2,393 41,959
NORWAY 54,649 975,444
PERU 7,541 132,753
PHILIPPINES 10,500 175,258
POLAND 343,022 6,154,816
RUSSIA 43,952 771,149
SAUDI ARABIA 5,597 92,443
43
Country Quantity in Doz USD
SERBIA 7,363 125,867

SINGAPORE 7,591 131,902
SOUTH AFRICA 6,610 115,713
SOUTH KOREA 36 715
SPAIN 140,286 2,475,294
SWEDEN 89,023 1,602,397
SWITZERLAND 51,757 914,597
TAIWAN 6,729 118,219
THAILAND 5,666 94,716
TURKEY 45,235 762,603
U.A.E 228 3,424
USA 138,721 2,442,239
VIETNAM 111 2,012
-------------- ----------------
TOTAL 2,290,044 40,434,735
======== ========
2016-2017 2015-2016
24. COST OF GOODS SOLD: TK. 2,950,838,207

Quantity Notes
Opening Stock of Finished Goods 29,659Doz 47,678,247 31,180,433
Add: Cost of Production 2,272,508Doz 25 2,920,186,834 3,132,045,438
2,302,167Doz 2,967,865,081 3,163,225,871
Less : Closing Stock of Finished Goods 12,123Doz 17,026,874 47,678,247
2,290,044Doz ------------------- -------------------
2,950,838,207 3,115,547,624
44
2016-2017 2015-2016
25. COST OF PRODUCTION: TK. 2,920,186,834
OPENING STOCK: Quantity
Raw Materials:
Yarn 170,168 Kg 40,166,318 60,044,756
62,306,474 73,866,069
Work in Process:
Dyed, Knitted and Greige Fabric & 65,635 Kg 61,774,562 54,984,925
Garments 73,780 Doz
Accessories 21,390,241 21,102,770
145,471,277 149,953,764
ADD: PURCHASE FOR THE YEAR
Raw Materials(Imported) :
Yarn 415,504,450 432,671,420
Dyes & Chemicals 137,600,601 80,669,178
Accessories 144,692,642 145,045,676
697,797,693 658,386,274
Raw Materials (Local) :
Yarn 457,435,027 519,513,867
Dyes & Chemicals 171,343,943 362,741,377
Accessories 432,791,452 499,917,638
1,061,570,422 1,382,172,882
1,759,368,115 2,040,559,156
1,904,839,392 2,190,512,920
LESS : CLOSING STOCK
Raw Materials:
Yarn 225,782 Kg 59,385,174 40,166,318
87,752,175 62,306,474
Work in Process:
Dyed & Knitted, Greige Fabric 68,581 Kg 52,971,268 61,774,562
& Garments 197,695 Doz
Accessories 36,879,892 21,390,241
177,603,335 145,471,277
Total Consumption 1,727,236,057 2,045,041,643
2016-2017 2015-2016
Factory Overhead :
Carriage 8,771,096 6,918,311
Electricity 1,020,437 1,086,836
Gas, Fuel & Lubricant 79,494,042 64,912,260
Insurance 6,951,484 7,418,121
Repairs & Maintenance 88,307,018 72,363,013
Telephone Charges 32,975 40,013
Wages & Salaries 936,228,249 864,076,383
Central Fund-RMG Sector 956,273 -
Depreciation 48,176,161 47,137,361
Fire Fighting Exp. 508,173 996,960
Vehicle Maintenance 5,309,733 4,931,743
Testing Bill 12,679,166 10,285,058
Uniform & Liveries 170,304 138,119
ETP Chemical 4,345,666 6,699,616
2,920,186,834 3,132,045,438
 During the year 2016-17 the Company has imported goods on C & F basis.
 Cash incentive has been adjusted with the local yarn cost.
45
2016-2017 2015-2016
26. ADMINISTRATIVE & SELLING OVERHEAD: TK. 204,744,738
AGM Expenses 121,087 213,616

Audit Fee (Including VAT) 230,000 230,000
Bank Charges & Commission 14,879,794 14,894,137
Board Meeting Fees 15,000 23,500
Depreciation 1,625,035 1,789,557
Directors Remuneration 3,600,000 3,600,000
Entertainment 1,366,838 731,507
Export Processing & Handling Expenses 5,242,975 7,634,868
F.C. Charges 65,227,274 69,199,447
Freight & Forwarding Expenses 16,493,601 19,668,028
Insurance Premium 1,112,001 510,733
Legal & Professional Fees 554,157 813,294
Newspapers & Periodicals 12,380 13,125
Postage & Stamp 83,446 92,408
Power & Fuel 680,684 682,407
Printing & Stationery 6,785,983 9,084,030
Publicity & Advertisement 382,421 468,023
Renewal & Fees 4,319,396 4,693,689
Rent & Rates 5,622,870 5,303,286
Repairs & Maintenance 2,941,224 2,792,035
Salary & Allowances 58,925,828 52,810,190
Sales Promotional Expenses 3,098,704 11,618,143
Subscription & Donation 265,500 254,500
T. A & Conveyance 1,579,600 1,534,919
Telephone, Fax and Radio Link 548,369 660,364
Transportation 7,850,247 8,079,045
Vehicles Maintenance 1,180,324 1,911,003
---------------- ----------------
204,744,738 219,305,853
========= ==========
 Directors’ Remuneration paid to following Directors for their full time service :
(a) Mr. Zahur Ahmed PhD 1,800,000

(b) Mr. Shahriar Ahmed 1,200,000
(c) Mr. Kazi Faruq Kader 600,000
3,600,000
 Audit Fee is fixed by the Shareholders in the Annual General Meeting and does not include any
other remuneration to Auditors.
 Sales promotional expenses include cost of samples and courier cost for distribution of free
samples to the buyers.
 There are 6 (six) board meetings held during the period.
46
2016-2017 2015-2016
27. FINANCIAL EXPENSES: TK. 6,808,117
Interest on Term Loan 5,721,205 5,183,227

Interest on Overdraft 1,086,912 1,508,788
--------------- ---------------
6,808,117 6,692,015
========= =========
28. OTHER INCOME: TK. 4,104,690
Interest earned on STD Account 9,588 26,393

Dividend Income 1,766,453 1,766,453
Foreign Exchange Gain 400,026 361,234
Interest on FDRs 1,928,623 2,548,023
-------------- --------------
4,104,690 4,702,103
======== ========
29. TAX EXPENSES: TK. 24,106,794
Current Tax 24,676,341 22,404,538

Deferred Tax Expenses/(Income) (569,547) 1,093,170
-------------- --------------
24,106,794 23,497,708
======== ========
 This represents estimated Income Tax on net profit for the period from 1 July 2016 to 30th
st
June 2017.
 The provision for deferred tax expenses/(income) is made to pay/adjust future income tax
liability/asset due to accumulated temporary differences.
30. GENERAL:
a) Production Capacity (Quantity in pieces):

% Quantity % Quantity
(2016-17) (2015-16)
Capacity 100 30,000,000 100 30,000,000
Production 90.90 27,270,096 91.46 27,438,495
b) Production (Quantity in Dozen):
T, Polo & Sweat Shirts 2,272,508 2,286,541
c) Consumption items: Value Percentage

Imported Yarn 387,535,967
Imported Yarn 22.44%
Imported Dyes & Chemicals 135,198,404 7.83%
Imported Accessories 135,032,886 7.82%
Local Yarn 472,787,124 27.37%
Local Dyes & Chemicals 168,663,724 9.76%
Local Accessories 428,017,952 24.78%
1,727,236,057 100.00%
47
2016-2017 2015-2016
d) Export (Quantity in Dozen):

T, Polo & Sweat Shirts 2,290,044 2,300,748
e) Salaries & Wages:
No. of Employees Taka
Above Tk. 5,300.00 per month 5,900 995,154,077
Below Tk. 5,300.00 per month - -
31. PAYMENTS /PERQUISITES TO DIRECTORS/OFFICERS:

The aggregate amounts paid / provided during the year in respect of Directors and Officers of the
Company as defined in the Securities and Exchange Commission Rules, 1987, are disclosed below:
Directors Officers
Board Meeting Fees 15,000 -
Salary and Allowance 3,600,000 96,194,563
Provident Fund Contribution - 5,958,345
Bonus - 15,081,002
Perquisites - 42,553,020
32. BASIC EARNING PER SHARE (EPS) – DISCLOSURE UNDER BAS 33 “EARNINGS PER SHARE”:
Earnings attributable to Ordinary Shareholders
Basic EPS = ----------------------------------------------------------------------------------------------------
Weighted average number of shares outstanding during the period of 2016-17
23,163,478
Basic Earnings Per Share (EPS) = ----------------- = 2.76
8,400,000
 Weighted average number of Ordinary Shares outstanding during the year represents the number
of Ordinary Shares outstanding at the beginning of the year plus the number of shares issued
during the year multiplied by a time weighting factor. The time weighting factor is the number of
days the specific number of shares are outstanding as a proportion of the total number of days in
the period.

rd
Significant increase in EPS (i.e. up to 3 Quarter, EPS from operational activities was Tk. 2.01 but
annually it has been Tk. 2.76) is mainly due to consistency of turnover in last quarter of 2016-17.
33. EVENTS AFTER REPORTING PERIOD:
The Board of Directors recommended cash Dividend of Tk. 2/- per Share for the year 2016-17 at
the Board meeting held on October19, 2017. The total amount of Dividend is Tk.16,800,000/-
There is no other significant event that has occurred between the Statement of Financial Position
date and the date when the financial statements were authorized for issue by the Board of Directors
of the Company.
48
34. RELATED PARTY TRANSACTIONS:
During the year the Company carried out a number of transactions with related parties in the
normal course of business and the payments are made through Letter of Credits. The names of the
related parties and nature of the transactions have been set out in accordance with the provisions
of BAS24: Related Party Disclosures.
Name of the Parties Relationship Nature of 2016-17 2015-16

Transactions
i. Matex Bangladesh Ltd. Common Director Dyes Chemical 161,287,520 124,098,779
ii. Apex Yarn Dyeing Ltd. Common Director Yarn Dyeing & Threads 56,374,121 86,591,494
 The company is paying Remuneration of our Directors who are rendering full time service to the
company and in addition to that there is nothing paid to them (note no. 26 for details).
 The company operates a contributory provident fund which is administrates by the Board of
Trustee. The company pays its monthly contribution to the Provident Fund Trust and the company
has no further liability. The company also has a Group Insurance Scheme. Group Insurance
premium is paid to insurance company once in a year and if there is any claim that will be
entertained by the insurance company. In addition to the above there is nothing paid to the key
management (senior employees) except salary & allowance.
35. CAPITAL EXPENDITURE COMMITMENT:


th
There was no capital expenditure contracted or incurred or provided for as at 30 June 2017.

th
There was no material capital expenditure authorized by the Board or contracted for as at 30 June 2017.
36. DURING THE YEAR UNDER REVIEW:
 No amount of money was spent by the Company for compensating any member of the Board for
special service rendered except as stated above.

th
There was no claim against the Company not acknowledged as debt on 30 June 2017.
 There was no Bank Guarantee issued by the Company on behalf of the Directors.

th
There is Tk. 13.96 million as Bank guarantee for which the Company is contingently liable as on 30 June
2017.

th
There was no credit facility available to the Company under any contract, or availed of as on 30
June 2017 other than trade credit available in the ordinary course of business.
 There were no expenses incurred in foreign exchange on account of Royalty, Technical Experts,
Professional & Advisory Fee, Interest, and Brokerage & Commission etc.
 There was no expense on account of Miscellaneous/General Expenses.
Sd/- Sd/- Sd/-

49
PROXY FORM
The Director
th th
Rupayan Golden Age, 5 & 6 Floor
99 Gulshan Avenue, Gulshan, Dhaka-1212
Bangladesh BO ID:
Register Folio No................................................….…............
No. of Shares.......…................................................................
I/We..............................................................................................……………………….…….............................................
of.............................................................................................................................……………….………………………....
Being a member of APEX SPINNING & KNITTING MILLS LIMITED hereby appoints
Mr./Mrs./Miss.................................................………………..…………..............................................................................
of.....................................................................................………………........……………......…...............……………….…
as my/our proxy to attend and vote for me/us and on my/our behalf at the TWENTY-SIXTH ANNUAL GENERAL
MEETING of the Company will be held at the Spectra Convention Centre Limited, House No. 19, Road No. 07,
Gulshan-1, Dhaka-1212, Bangladesh on Thursday the December 21, 2017 at 09.00 A.M. and or at any adjournment
thereof. Signed this..................day of.....................2017.
AFFIX
TWENTY
TAKA
REVENUE
STAMP
(Signature of the Proxy)
BO ID:
Register Folio No………
Dated……………………
Signature verified
-----------------------------------------
Signature of the Shareholder(s)
Authorized Signatory Dated……………….……………
Note: A member entitled to attend and vote at the Annual General Meeting may appoint only another member as
proxy to attend and vote in his/her stead. The Proxy Form duly stamped with Revenue Stamp of Tk. 20.00 only, must
be deposited at the Registered Office of the Company not later than 48 hours before the time fixed for the meeting.
APEX SPINNING & KNITTING MILLS LIMITED

Rupayan Golden Age, 5th & 6th Floor, 99 Gulshan Avenue
Gulshan, Dhaka-1212, Bangladesh
SHAREHOLDERS’ ATTENDANCE SLIP

Please complete the attendance slip and hand it over at the entrance of the meeting venue.
I/We record my attendance at the TWENTY-SIXTH ANNUAL GENERAL MEETING being held on Thursday the
December 21, 2017 at 9.00 A.M. at the Spectra Convention Centre Limited, House No. 19, Road No. 07, Gulshan-1,
Dhaka-1212, Bangladesh.
Name of Member (s) .......................…………...........................………………………….………………..............................
BO ID:
Register Folio No.....................holding of............................Ordinary Shares of Apex Spinning & Knitting Mills Limited.
Signature of Shareholder(s)
N.B. : (1) Please Note that AGM can only be attended by the honorable Shareholders or properly constituted
Proxy. Therefore, any friend or children accompanying with honorable Shareholders or Proxy cannot
be allowed into the meeting.
(2) Please present this slip at the reception desk.
50

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APEX SPINNING & KNITTING MILLS LIMITED Annual Report 2016-17

NOTICE OF THE ANNUAL GENERAL MEETING

Date: Dhaka By order of the Board of Directors

1. The record date shall be on November 15, 2017.

4. In pursuance of BSEC’s Notification No. SEC/SRMI/2000-953/1950 dated October 24,

6. Shareholders bearing BO ID are requested to update their respective BO ID with 12 digits

Bangladesh Securities and Exchange Commission’s Circular No.

Chairman : Mr. Zafar Ahmed

Chairman : Mr. Kazi Faruq Kader, Independent Director

SENIOR CORPORATE OFFICIALS

Malek Siddiqui Wali

Eastern Bank Limited

REGISTERED OFFICE FACTORY

Five Years Statistics

2016-17 2015-16 2014-15 2013-14 2012-13

Corporate Governance Compliance Status Report

Condition Title Compliance Explanation for non

1.5 (vi) Basis for related party transactions- a Complied

1.5 (xxi)d) Shareholders holding ten percent (10%) Complied

3.3 Role of Audit Committee:

Certificate on compliance of conditions of corporate governance guidelines

We have examined the compliance of the conditions of corporate governance guidelines of

The compliance of the conditions of corporate governance guidelines as stated in the

AUDIT COMMITTEE REPORT

Name of the Member Number of Audit Committee Meeting held Attended

 Oversee the financial reporting process.

 Monitor choice of accounting policies and principles.

 Monitor Internal Control Risk management process.

 Oversee hiring and performance of external auditors.

 Review the adequacy of internal audit function.

 Review statement of significant related party transactions submitted by the management.

 Sufficient effectiveness of the internal financial controls.

 Compliance of all applicable legal and regulatory rules and regulations.

 Reviewed compliance of corporate governance guidelines issued by Bangladesh Securities

CEO & CFO’s Declaration to the Board of Directors

Date: October 19, 2017

The Board of Directors

Subject: CEO & CFO’s Declaration to the Board of Directors

MESSAGE FROM THE CHAIRMAN

REPORT OF THE DIRECTORS

(ii) Segment-wise or product-wise performance:

(b) Gross Profit:

(c) Net Profit:

(v) Extra-Ordinary gain or loss:

(vi) Related party transactions:

Name of the Parties Relationship Nature of Transactions 2016-17 2015-16

(vii) Utilization of proceeds from public issues and/ or rights issues:

(x) Remuneration to directors including independent directors:

The remunerations of Directors including Independent Director are as follows:

Name of the Directors Director / Independent Director Yearly Remuneration

“Figure in thousand Taka”

Particulars 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12

(xx) Board meetings:

Name of Directors Meeting attended

(xxi) The pattern of shareholding:

Name wise details No. Shares

a) Parent/subsidiary/Associated Companies and other related

b) Directors, Chief Executive Officer, Company Secretary, Chief

c) Senior Corporate Executives NIL

d) Shareholders holding ten percent (10%) or more voting interest