2021 2022

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Annual Report
2021-2022
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Bangladesh Submarine Cable Company Limited (BSCCL)

Contents
Letter of Transmittal 03
Notice of 14th Annual General Meeting (AGM) 04
Contents
Vision, Mission & Strategic Objectives 05
Background of the Company 07
Message of the Chairman 08
Message of the Managing Director 09
Corporate Information 11
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Product and Services 12
Performance at a Glance & Milestones 13
Five Years Financial Summary 14
Board of Directors of BSCCL
Board’s Committee
Brief Description of Chairman
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Brief Description of Directors 17
Management Team of BSCCL 22
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Brief Description of Top Management 23

Human Resource Management 28
From BSCCL Archive 30
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Communication with the Shareholders 32

Directors’ Report 33
cwiPvjbv cl©‡ì cÖwZ‡e`b 46
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Declaration by CEO and CFO (Annexure-A) 57

Corporate Governance Code Compliance Report (Annexure-B) 58
Compliance Report on BSEC’S Notification (Annexure-C) 59
The Pattern of Shareholding (Annexure-D) 70
Board Meeting Attendance (Annexure-E) 71
Corporate Governance Compliance Report 72
Management Discussion & Analysis 79
Audit Committee & Report 83
Nomination and Remuneration Committee (NRC) & Report 87
Value Added Statement 90
Dividend Policy of BSCCL 91
Summary of Unclaimed Dividend 92
Auditor’s Report and Financial Statements 93
Proxy Form 155
Bangladesh Submarine Cable Company Limited
Letter of Transmittal
08 November, 2022
To,
The Shareholders,
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Bangladesh Securities and Exchange Commission
Dhaka Stock Exchange Limited
Chittagong Stock Exchange Limited
Registrar of Joint Stock Companies and Firms
Respected/Honorable Sir(s) co
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Annual Report for the year ended on 30 June 2022.
The undersigned, on behalf of the Board of Directors of BANGLADESH SUBMARINE CABLE COMPANY LIMITED
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(BSCCL), is pleased to present herewith the Annual Report alongwith the audited Financial Statements
(Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income, Statement of
Changes in Equity, Statement of Cash Flows and Notes) for the year ended on 30 June 2022 of the company.
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Thanking you,
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Yours Truly
Md. Abdus Salam Khan, FCS

Company Secretary (General Manager)
Annual Report 2022 3

Notice of 14th Annual General Meeting (AGM)

Notice is hereby given that the 14th Annual General Meeting (AGM) of Bangladesh Submarine Cable Company
Limited (BSCCL) will be held on Saturday, December 03, 2022 at 11.00 am by using Digital Platform
(www.bsccl.com/agm) in accordance with the Bangladesh Securities and Exchange Commission (BSEC)
order No.:SEC/SRMIC/94-231/91, dated 31.03.2021 to transact the following businesses.
Agenda
1. To receive and adopt the Directors’ and Auditors’ Report and the Audited Financial Statements for the
year ended June 30, 2022.
2. To declare Dividend for the year ended June 30, 2022.
3. To elect Directors.
4. To appoint Statutory Auditor and to fix their remuneration.
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5. To appoint Corporate Governance Compliance Auditor and to fix their remuneration.
Md. Abdus Salam Khan, FCS

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By Order of the Board
Registered Office
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Company Secretary (General Manager) Rahman’s Regnum Centre
191/1, Tejgaon-Gulshan Link Road
November 08, 2022 Dhaka-1208.
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Note :
• Members whose names appeared in the Members’/Depository Register on Record Date i.e. November
07, 2022 will be eligible to attend/participate and vote in the Annual General Meeting through Digital
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Platform and entitle to receive dividend.

• A Member entitled to attend/participate and vote in the Annual General Meeting, may appoint a proxy in
his stead. Scanned copy of the proxy form, duly stamped must be mailed to the email at
agm@bsccl.com not later than 72 hours before the meeting.
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• AGM Notice, link for joining in the Virtual Platform (audio-visual meeting) and detail login process will
be mailed to the respective Member’s email address available with us.
• Members, whose email addresses updated/changed subsequently, are requested to email at
agm@bsccl.com referring their full name, Folio/BO ID and email address to get the Virtual Platform
meeting invitation. Full login/participation process along with the link of the Virtual Platform of AGM
will also be available in the Company’s website www.bsccl.com. Members can join the Virtual Annual
General Meeting using their laptop, PC, Mobile or Tab providing their respective Name, 16-Digit BO ID,
Number of Shares, Mobile number/ email address.
• Pursuant to the BSEC Notification No. BSEC/CMRRCD/2006-158/208/Admin/81 dated June 20, 2018, soft
copy of the Annual Report 2021-2022 will be sent to the members’ respective email addresses as
available with the Company. The Annual Report 2021-2022 will also be available in the Company’s
website www.bsccl.com
• No benefit in cash or kind other than in the form of cash dividend or stock dividend shall be paid to the
holders of equity securities in terms of Notification No. SEC/CMRRCD/ 2009-193/154 dated 24th
October, 2013 for attending the AGM of the Company. For all kinds of Dividend and Dividend Tax related
issues concerns are requested to act accordingly as per the instructions mentioned in the PSI of BSCCL
published on October 10, 2022.
4 Annual Report 2022

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CONNECTING THE WORLD
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VISION iƒcKí
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To connect the country to the information †`‡ki µgea©gvb Pvwn`vi mv‡_ msMwZ †i‡L
super highway through submarine cable to mve‡gwib K¨ve‡ji gva¨‡g †`k‡K AvšÍR©vwZK
keep pace with the growing demand. Z_¨ gnvmo‡K mshy³ Kiv|
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MISSION Awfj¶¨
• To ensure uninterrupted connectivity of • wek¦e¨vcx we¯Í…Z Z_¨-gnvmo‡K evsjv‡`‡ki
Bangladesh to the information super wbiew”Qbœ ms‡hvM wbwðZ Kiv|
highway.
• B›Uvi‡bU I f‡qm †mevi Rb¨ AvaywbK
• To provide premium bandwidth at cÖhyw³ eënvi K‡i ¯^íg~j¨ m‡e©vËg gv‡bi
affordable price by using state of the art
e¨vÛDBW&_ mieivn Kiv|
technology for internet and voice
service. • †`‡ki µgea©gvb Pvwn`v c~i‡Yi j‡¶¨
• To take proper steps to enhance ch©vqµ‡g mve‡gwib K¨vej K¨vcvwmwU e„w×i
submarine cable capacity. Kvh©µg MÖnY|

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Strategic Objectives †KŠkjMZ D‡Ïk¨

• To provide global telecommunications network • MÖvnK‡ì Rb¨ mwµq I mnRjf¨ ms‡hv‡Mi gva¨‡g
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services to the subscribers through easily wek¦e¨vcx †Uwj‡hvMv‡hvM †bUIqvK© †mev cÖ`vb
available and effective connectivity.
Kiv|
• To ensure high quality international voice and • ¯^í g~‡j¨ D”P gv‡bi I wbiew”Qbœ AvšÍR©vwZK f‡qm
data traffic transportation capable services at
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I WvUv Uª¨vwdK cwien‡Y m¶g †mev wbwðZ Kiv|

affordable price.
• †`‡ki µgea©gvb e¨vÛDBW‡_i Pvwn`v c~iY Ges
• To flourish as a viable and customer friendly
company and to meet the gradually increasing
GKwU †UKmB MÖvnKevÜe †Kv¤úvwb wn‡m‡e weKwkZ
demand of bandwidth of the country. nIqv|
• To play the vital role in establishing “Vision 2041”
• mve‡gwib K¨ve‡ji gva¨‡g wbiew”Qbœ I mylg
by the year 2041 through ensuring availability of e¨vÛDBW_ cÖvwß wbwðZ K‡i ÒiƒcKí 2041Ó
uninterrupted and well-balanced bandwidth by ev¯Íevq‡b mwµq f‚wgKv ivLv|
Submarine Cable systems.
• e¨vÛDBW_-Gi Af¨šÍixY I ê‡`wkK wecY‡bi
• To earn handsome amount of revenue for the gva¨‡g evsjv‡`k miKv‡ii Rb¨ ivR¯^ Av‡q
Government of Bangladesh through domestic D‡jøL‡hvM¨ f~wgKv ivLv|
as well as international lease of bandwidth.

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BACKGROUND OF THE COMPANY

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Bangladesh Submarine Cable Company Limited (BSCCL) was incorporated as a Public Limited Company
and started its journey after abolition of BTTB in June 2008 with the assets namely land, buildings &
equipment of Landing Station situated at Jhilongjha, Cox’sbazar associated with the undersea submarine
cable system, the SEA-ME-WE-4. BSCCL also became a member of the SEA-ME-WE-4 submarine cable
consortium in 2008. A vendor’s agreement was signed between GoB and the BSCCL on 30 June 2008
incorporating a statement showing a net worth of the company after deducting the liabilities from the
assets. The balance is treated as Net Worth payable to the government in share capital.
At the beginning, the head office of the company was situated at the 7th floor of Telejogajog Bhaban at
37/E Eskaton Garden Bhaban, Dhaka. Subsequently the head office of the company was shifted in 2012 to
Rahman’s Regnum Center (7th Floor), 191, Tejgaon-Gulshan Link Road, Dhaka-1208. BSCCL established its
own International Internet Gateway (IIG) by its own fund at the 8th floor of Rahman’s Regnum Center in
2013 after acquiring the IIG license from BTRC in 2012. BSCCL joined the SEA-ME-WE-5 submarine cable
consortium in 2014 in order to connect the country with the second Submarine Cable System, the
SEA-ME-WE-5. The second submarine cable of the country, the SEA-ME-WE 5 landed in Kuakata Landing
Station of BSCCL in December 2016. It was officially inaugurated by the Hon’ble Prime Minister Sheikh
Hasina on 10 September, 2017 from when BSCCL started to use of the cable system commercially.

MESSAGE OF THE
CHAIRMAN
Mr. Md. Khalilur Rahman
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Dear Shareholders, capable, with full support and contribution of all the
shareholders and the Board of Directors, to make a
On behalf of the Board of Directors, it gives me
significant progress in future. I am hopeful that this
immense pleasure to present you the Annual Report
of Bangladesh Submarine Cable Company Limited
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for the financial year 2021-2022 along with the audit-
ed financial statements that reflect the results and
company will achieve high degree of prosperity
through their sincere effort and integrity. I also feel
obliged to mention the other contributors including,
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but not being limited to, the Posts & Telecommunica-
achievements of the company during the year
tions Division, Ministry of Finance, BTRC, BSEC, DSE,
2021-2022. First of all, I would like to remember the
the valued customers of the company and other
contribution of the Father of nation Bangabandhu
stakeholders who consider the Company as their
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Sheikh Mujibur Rahman who gave the nation the best

own. The Company is holding high position amongst
gift, a sovereign and independent Bangladesh along
the peers with proper contribution to the society
with the dream to build a “Sonar Bangla”. I am ever
through providing quality bandwidth for international
grateful to the honorable Prime Minister of Bangla-
data and voice communications. All these make the
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desh, Sheikh Hasina for her initiative to implement

Company a unique in the Country's Corporate Regis-
the dream of Bangabandhu through a declaration in
ter. I sincerely wish that the company will continue to
2008 for building “Digital Bangladesh” by 2021. I am
achieve sustainable financial growth and firmly
expressing my thank and gratitude to all the Share-
believe that its gradual development along with
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holders who have chosen BSCCL as a growing

market stability would raise it to a reasonably high
company and purchased its shares. I can assure that
level in the years to come. To meet the gradually
this is the most prospective public limited company
increasing demand for international bandwidth in the
under the Posts & Telecommunications Division
country and to make the country prepared for the 4th
which is functioning very well and its share is very
Industrial Revolution, the Company has already start-
stable since the enlistment of the company into
ed the implementation of a project that will connect
share market. BSCCL is providing the main telecom-
the country with the third Submarine Cable and as
munications infrastructure for implementing Digital
such the Company has a very good future for
Bangladesh through connecting the country with the
business of international bandwidth in Bangladesh &
global information superhighway. During the
abroad. Thanking you all and wish you a good time.
2021-2022 financial year BSCCL achieved substantial
growth in revenue and a very remarkable growth in
net profit after tax and was able to hold the major
market share in international bandwidth market of
the country. I hope that the company will be able to
maintain this trend in the coming days also and I Md. Khalilur Rahman
strongly believe that the Management of BSCCL is Chairman, BSCCL

MANAGING DIRECTOR’S
STATEMENT
Mr. Md. Azam Ali
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Hon’ble Chairman, Directors, Dear shareholders, 31.08% higher than those of the previous financial year
Colleagues, Ladies and Gentlemen, (2020-2021). The company experienced 19.18% growth
in IPLC sales and 54.24% growth in IP Transit sales
Welcome to the 14th AGM of BSCCL. I would like to
convey my heartiest gratitude and thanks to all of you
for your kind participation in this AGM of the Company
co during the year 2021-2022 which is very satisfactory. In
spite of various difficulties like uneven competition
with the ITC operators having NTTN license including
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and I am also grateful to those who join the 14th AGM IIG license and tough competition with large numbers
of the Company through Digital Platform. I feel proud of private IIG operators, BSCCL had been able to hold
to represent a company like BSCCL which is a very around 55% market share in the international
vital and renowned company in the Telecommunica- bandwidth market of the country through its quality of
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tions sector of Bangladesh. The company is providing service and through implementation of dynamic tariff
the most vital telecommunications infrastructure for policy.
the country by connecting the country with the
International Information Superhighway through its You will be happy to know that after different
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submarine cable systems. The company is also upgradation and light up, the present lit up capacity of
financially quite sound despite several major BSCCL in SMW-5 is 2200 Gbps out of which 2100 Gbps
challenges in business including but not limited to the is with Singapore and rest 100 Gbps is with France and
challenges faced due to COVID-19 Pandemic and in SMW-4 is 800 Gbps out of which 630 Gbps is with
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Russia-Ukrain war in the last financial year Singapore and rest 170 Gbps is with France. Presently,
(2021-2022). The major challenges were accommodating total lit up capacity of the SMW-4 and the SMW-5 is
significant amount of depreciation and financial around 3000 Gbps. This is to be mentioned here that to
charges, realization of huge amount of dues from the meet the future demand, BSCCL has participated in
customers especially since the last quarter of the the upgradation#6 program of SMW-4 submarine
2019-2020 financial year due to pandemic situation cable consortium. Through the upgradation program,
which is still continuing and the tough competition BSCCL will achieve an additional 3800 Gbps of
faced by the IPLC business of the company with ITC capacity by mid of 2023.
operators and IIG business with the private IIG operators.
Despite the challenges, the company reported total I hope, the Company has fulfilled the expectations of
revenue of BDT 4417.44 million and net profit after Tax the shareholders in terms of dividend package
of BDT approximately 2500.22 million in the financial announced for the financial year 2021-2022. I would
year 2021-2022 which are respectively 28.10% and also like to inform you that the business of the company
is flourishing at a good pace and would like to assure recently BSCCL has reached a final stage to sign a
you all that the management of BSCCL will be able to contract with Telecom Malaysia (TM) for leasing 200
offer handsome dividend package for the current Gbps capacity of SMW-5 cable in Djibouti-Yanbu-
financial year also. I sincerely would like to assure you France route for a period of ten years. We are also
all that we shall try our best to uphold the present exploring new business scopes like Content Delivery
positive trend of business of the company in the years Network (CDN), Cloud hosting, Data Center etc. for the
to come. company.
Recently, BSCCL has resumed the export of Internet On 23 September, 2021 BSCCL signed the Construction
bandwidth (20 Gbps) to Tripura of India which was & Maintenance agreement with the new SEA-ME-WE
discontinued from February 2020. BSCCL is actively 6 Submarine cable consortium in order to connect the
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negotiating with several prospective buyers from country with the 3rd Submarine cable. It is expected
Nepal, Bhutan and India for selling its bandwidth to that the new SMW 6 submarine cable with 13.2 Terabit
them. Historically, submarine cable capacity utilization capacity will be ready for service by the first quarter of
of BSCCL has been mostly towards the east in
Singapore direction, as Singapore is the data hub of
South-East Asia region. At present, BSCCL’s bandwidth
utilization inside the country stands at around 2152
co 2025. Though some private submarine cable operators
will start their business in the coming years and
competition will be in significant level, we believe we
can overcome such challenge by our best service and
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Gbps, of which around 90% is east bound towards our dedication to the valued customers.
Singapore.
In conclusion, I would like to thank our customers
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As a member of SMW-5 consortium, BSCCL possess a who used our services and the Directors of BSCCL
big capacity in the SMW-5 submarine cable in the west who conveyed their guidance, support and coopera-
direction from Sri Lanka to France/Italy of which a very tion. I would also like to convey my thanks and grati-
small portion is utilized till date. In this regard, BSCCL tude to the shareholders including the Posts and
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has been always actively looking for opportunities to Telecommunications Division of the government of
lease/transfer its huge amounts of mostly unused Bangladesh who holds majority shares of the company
west bound submarine cable capacity to international for their continuous and invaluable supports to us. I
telecom operators belong to the consortium. Conse- convey my heartiest thank to all the other stakeholders
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quently, BSCCL has recently transferred 650G Gbps for their support and cooperation. Last but not the
capacity from its allocated capacity in the western least, I like to thank every member of the Manage-
part of the core cable in the Yanbu (Saudi ment and the staff of BSCCL for their loyalty, hard
Arabia)-Marseille PoP (France) section of SMW-5 work and dedication in making the company
cable to Saudi Telecom Company who is also a successful, profitable and customer oriented. I am
member of SMW-5 consortium. Moreover, 13 Gbps sincerely looking forward to welcoming you all at the
capacity from BSCCL in the Singapore-France route of 14th Annual General Meeting (AGM) of BSCCL.
the SMW-5 submarine cable has been leased to
French telecom operator ‘Orange’. Besides, several
other international clients have also expressed their
intents to take lease of BSCCL’s west bound (towards
France) capacity in SMW-5 submarine cable on long Mr. Md. Azam Ali
term basis, which BSCCL is actively considering and Managing Director, BSCCL.
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CORPORATE INFORMATION
Registration No.
coAuditor
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C 71845(4351)/08 Dated: 24-06-2008 MABS & J Partners
Corporate Office: SMC Tower (7th Floor),
Registered Office 33, Banani C/A, Road-17, Dhaka-1213, Bangladesh.
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Rahman’s Regnum Center (6th, 7th & 8th Floor) Phone: +88 02 222275057-58, +88 02 222275365-66
191/1, Tejgaon-Gulshan Link Road E-mail: info@mabsj.com, Web: www.mabsj.com
Dhaka-1208, Bangladesh
Tel : 88 02 226603315-6, Fax : 880 22226603322 Corporate Governance Auditor
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Website M Mohashin & Co.,

Chartered Secretaries
www.bsccl.com
56, Mouchak Road, Narayanganj, Dhaka,
Legal Adviser Mobile: 01815583682, 01700871806,
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Kazi Mynul Hassan E-mail: mmohashinn@gmail.com.

Barrister-at-Law
Advocate, High Court Division Memberships
and Appellate Division SEA-ME-WE 4, SEA-ME-WE 5 & SEA-ME-WE 6
Bangladesh Supreme Court (South East Asia- Middle East- Western Europe)
submarine cable consortiums.
Attorney
Md. Tameem Rahman Bankers
Barrister-at-Law United Commercial Bank Limited (UCBL)
Advocate, High Court Division Sonali Bank Limited
Bangladesh Supreme Court The City Bank Limited
Mutual Trust Bank Limited
Tax Adviser BRAC Bank Limited
MABS & J Partners
Corporate Office: SMC Tower (7th Floor), 33 Banani Landing Stations
C/A, Road 17, Dhaka 1213, Bangladesh. Jhilongja, Cox’s Bazar and
Phone: +88 02 222275057-58, +88 02 222275365-66, Alipur, Kuakata, Patuakhali.
E-mail: info@mabsj.com, Web: www.mabsj.com
Product and Services

BSCCL is the sole provider of submarine cable bandwidth services in the country and handles country’s submarine
cable system. It is also an IIG and ISP service provider. Presently, BSCCL is providing the following services:
• Bandwidth service for different routes and different levels such as E-1, STM-1, STM-4, STM-16 and STM-64/10GE
to the International Internet Gateway (IIG) operators through International Private Leased Circuits (IPLC).
• Bandwidth service (IPLC) for different routes and different levels such as E-1, STM-1, STM-4, STM-16 and
STM-64/10GE to the International Gateway (IGW) operators who deal with International voice call.
• IP transit (Internet bandwidth) to IIGs as an ILDS operators.
• IP transit (Internet bandwidth) to ISPs as an IIG operator.
• IPLC service to different corporate and other customers as permitted by BTRC.
• Co-Locations services at BSCCL’s Data Center and Landing Stations.
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Bandwidth Distribution Flowchart of BSCCL co
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(BSCCL)
Submarine
Cable
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IIG BSCCL’s IGW
position as a
service
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ISP ICX
provider
Video Internet Call Mobile

E-Commerce Telemedicine Center PSTN Operators
Conferencing Users
Performance at a Glance
Business Performance
The capacity and utilization level of company’s bandwidth is presented in the following table:
2017-18 2018-19 2019-20 2020-21 2021-22
Ultimate achievable Capacity (Gbps) 1800 1950 2800 3000 3370
Lit Up Capacity (Gbps) 700 950 1550 2000 3000
Utilization (Gbps) 446.48 686.40 1102.72 1563.91 2068.88*
Financial Performance:
The comparative financial performance for the last five years is given below:
Particulars 2017-18 2018-19 2019-20 2020-21 2021-22

Restated
Revenue (Amount TK. in Mill) 1,405.04 1,955.67 2,463.77 3,448.53 4,417.44
Growth in Revenue (%) 35.53 39.19 25.98 39.97% 28.10%
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Operating Cost of Sales Growth (%) 73.08 1.30 (0.14) (3.23) 11.63
Gross Profit Margin(%) 56.39 68.26 74.84 82.60 84.84
Operating Profit Margin (%)
Net Profit Margin (%)
Return on Average Asset After Tax (%)
Return on Average Equity After Tax (%)
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5.21
0.72
1.23
43.43
29.95
5.36
9.55
51.42
36.75
7.47
13.20
70.46
55.31
14.26
23.86
73.18
56.60
16.25
25.88
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Return on Average Capital Employed (%) 4.73 10.07 13.42 22.72 25.61
Direct Cost to revenue Ratio (%) 43.61 31.74 25.16 17.40 15.16
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Administrative Expenses to Revenue Ratio (%) 10.94 8.96 7.83 6.43 6.27
Finance Cost to Revenue Ratio (%) 9.94 8.60 6.43 4.28 3.09
Milestones
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Signing of Memorandum of Understanding (MoU) for joining SMW-4 Consortium : 04 September 2002
Construction & Maintenance Agreement signing (SMW-4) : 27 March 2004
Inauguration of Cox’sbazar Landing Station : 21 May 2006
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Date of Incorporation of Business : 24 June 2008

Vendor’s Agreement with Government : 30 June 2008
Commercial Launching of Operation of BSCCL : 01 July 2008
1st Annual General Meeting : 14 December 2009
Signing of Memorandum of Understanding (MoU) for joining SMW-5 Consortium : 28December 2011
Inauguration of Upgradation# 3 of SMW-4 : 04 April 2011
Obtaining IIG License : 04 March 2012
Listing with DSE & CSE : 14 June 2012
Commercial Operation of IIG Unit : 01 July 2013
Inauguration of IIG Services : 09 July 2013
Contract signing (C&MA) for joining SMW-5 Consortium : 07 March 2014
Contract signing for Lease of Bandwidth to BSNL (India) : 06 June 2015
Formal Inauguration of Lease of Bandwidth to BSNL (India) : 23 March 2016
Started Trial Operation of SMW-5 Submarine Cable : 17 March 2017
Formal Inauguration of SMW-5 Submarine Cable System : 10 September 2017
Commercial Operation of SMW-5 Submarine Cable System : 17 September 2017
Signing of Memorandum of Understanding (MoU) for joining SMW-6 Consortium : 15 September 2019
Construction & Maintenance Agreement (C&MA) signing with the SMW-6 Consortium : 23 September 2021
Five Year’s Financial Summary

Operational Results in Thousands BDT 2021-22 2020-21 2019-20 2018-19 2017-18
Restated
Revenue 4,417,441 3,448,527 2,463,769 1,955,666 1,405,036
Gross Profit 3,747,781 2,848,614 1,843,859 1,334,911 792,267
Operating Profit 3,232,815 2,429,801 1,267,110 849,362 395,404
Profit before tax 3,201,079 2,399,828 1,201,352 778,962 293,868
Net Profit after tax 2,500,219 1,907,332 905,370 585,758 73,260
Financial Position in Thousands BDT
Paid-up Capital 1,649,055 1,649,055 1,649,055 1,649,055 1,649,055
Shareholders' equity 10,662,571 8,656,671 7,329,255 6,387,677 5,884,372
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Total assets 16,868,553 13,906,622 12,840,176 11,412,267 10,433,680
Total liabilities 6,205,982 5,249,951 5,510,922 5,024,590 4,549,309
Current assets
Current liabilities
Non currents assets
Non current liabilities
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8,721,401
2,626,442
8,147,152
3,579,540
7,086,118
2,084,957
6,820,504
3,164,994
5,616,806
2,236,893
7,223,370
3,274,029
4,547,383
1,747,313
6,864,884
3,277,277
3,166,318
1,277,641
7,267,362
3,271,668
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Financial Ratios
Current Asset to Current Liability 3.32 3.40 2.51 2.60 2.48
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Debt to Equity 58% 61% 75% 79% 77%

Gross Profit Margin 84.84% 82.60% 74.84% 68.26% 56.39%
Operating Profit Margin 73.18% 70.46% 51.43% 43.43% 28.14%
Net Profit Margin 56.60% 55.31% 36.75% 29.95% 5.21%
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Return on Average Equity After Tax 25.88% 23.86% 13.20% 9.55% 1.23%
Return on Average Total Assets 16.25% 14.26% 7.47% 5.36% 0.72%
Ordinary Shares Information
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Ordinary Shares outstanding (in Thousands) 164,906 164,906 164,906 164,906 164,906
Face Value per share Tk.10 Tk.10 Tk.10 Tk.10 Tk.10
Dividend C-46% C-37% C-20% C-16% C-5%
Cash Dividend on paid up capital 758,565 610,150 329,811 263,849 82,453
Dividend payout (Cash) 30.34% 31.99% 36.43% 45.04% 112.55%
NAV per Share** 64.66 52.49 44.45 38.74 35.68
Net Operating Cash Flow per Share 16.76 14.18 6.87 7.30 4.07
Earnings Per Share* 15.16 11.57 5.49 3.55 0.44
Earnings Per Share(Diluted)*** 13.91 10.61 - - -
* EPS has been calculated using weighted average no. of shares and not Restated
** NAV has been calculated using no of shares outstanding at the end of period
*** Diluted earnings per share has been calculated considering potential no. of shares 1,48,69,037 against Equity
money of TK. 166.00 Crore
BOARD OF DIRECTORS OF BSCCL
Mr. Md. Khalilur Rahman

Secretary, Posts & Telecommunications Division, Ministry of Posts,
Telecommunications & Information Technology (MoPT & IT)
and Chairman of BSCCL
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Mr. Khandker Md. Abdul Hye, PhD Mr. Md. Abdul Momin Dr. Nasima Akhter
Joint Secretary , Posts & Telecommunications Additional Secretary (Development) Joint Secretary, Finance Division
Division, Ministry of Posts, Ministry of Science & Technology Ministry of Finance & Director, BSCCL
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Telecommunications & Information Technology & Director, BSCCL

(MoPT & IT) & Director, BSCCL
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Dr. Hafiz Md. Hasan Babu Colonel Ekram Ahmed Bhuyan, afwc, psc Mr. NKA Mobin, FCS, FCA
Professor in the Department of Computer Army Headquarters, Council Member & Vice President, ICAB
Science & Engineering and Technology, DU Dhaka Cantonment, Dhaka (Independent Director, BSCCL)
& Director, BSCCL & Director, BSCCL
Mr. Syed Mamnun Quader Mr. Md. Azam Ali

Former Director, Managing Director, BSCCL
Dhaka Chamber of Commerce and Industry
(Independent Director, BSCCL)
BOARD’S COMMITTEE
Audit Committee
Chairman
Mr. NKA Mobin, FCS, FCA
Council Member & Vice President, ICAB
& Independent Director, BSCCL
Members
Mr. Md. Abdul Momin Mr. Syed Mamnun Quader
Additional Secretary (Development) Former Director, DCCI
Ministry of Science & Technology & Director, BSCCL & Independent Director, BSCCL
Nomination and Remuneration Committee (NRC)
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Chairman
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Members
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Dr. Nasima Akhter Mr. Khandker Md. Abdul Hye, PhD
Joint Secretary, Posts & Telecommunications Division,
Joint Secretary, Finance Division
Ministry of Posts, Telecommunications &
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Ministry of Finance & Director, BSCCL

Information Technology (MoPT & IT) & Director, BSCCL
Dr. Hafiz Md. Hasan Babu Colonel Ekram Ahmed Bhuyan, afwc, psc
Professor in the Department of Computer Army Headquarters, Dhaka Cantonment
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Science & Engineering and Technology, DU & Director, BSCCL

& Director, BSCCL
Mr. Syed Mamnun Quader
Former Director, DCCI
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Tariff Committee
Chairman
Dr. Hafiz Md. Hasan Babu
Professor in the Department of Computer
Members
Mr. Md. Abdul Momin Mr. NKA Mobin, FCS, FCA
Additional Secretary (Development) Council Member & Vice President, ICAB
Mr. Md. Azam Ali

Managing Director, BSCCL
Brief Description of Chairman
Since his joining in Bangladesh Mr. Khalilur Rahman completed his

Civil Service (Administration BCS (Hons) from Bangladesh
Cadre) on April 1, 1993, he availed Agricultural College in Agronomy
enormous fame and success in and MSC (Agronomy) from the
every step of his service. He is an Institute of Post Graduate Studies
officer of BCS 11th Batch. He in Agronomy. Apart from various
served as Assistant Commissioner professional trainings inside the
(Land) at five stations and Upazila country, he participated in 'Special
Nirbahi Officer at two upazilas. Training for Good Governance' in
Then he successfully worked as India and Professional Develop-
Assistant WAQF Administrator ment Program in USA. For the
(WAQF), Deputy Director (RAJUK), official purpose he visited India,
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Deputy Secretary (Housing and Turkey, USA, Myanmar, Brazil,
Public Works Ministry). He was Kenya, Thailand, China, UK etc.
Md. Khalilur Rahman possessed Deputy Commissioner & District
the chair of Secretary, Posts and
Telecommunications Division.
Before he was Divisional Com-
missioner, Dhaka and Director
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Magistrate of Gopalganj, the birth-
place of Bangabandhu Sheikh
Mujibur Rahman. After completing
this glorious tenure, he served as
Mr. Khalilur Rahman was born on
January 1, 1964 in Brahmanbaria
district. He is parented by Md.
Siddikur Rahman and Mrs. Asia
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General of Prime Minister's Office, Director and Director General at Khanam. He is married to Mrs.
Bangladesh. Prime Minister's Office. Selina Aktar Lipi and they are
blessed with two daughters.
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Brief Description of Directors

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Mr. Khandker Md. Abdul Hye, PhD SSC in Science from Sujanagar
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became a Director of BSCCL as a High School. He did his HSC course

representative of Posts and in Science from Government
Telecommunications Division on Edward College, Pabna.
1st September 2020. He assumed
the post of Joint Secretary in the Mr. Hye obtained his Degree of
Posts and Telecommunications both Bachelor of Science with
Division on 26 December 2019. He Honors and Masters of Science in
has an outstanding service records Applied Physics & Electronics
with an excellent academic career. from University of Dhaka. He
pursued his Masters of Philosophy
Mr. Hye came of a respectable and Doctor Philosophy from
Muslim family of Sujanagar upazila Public Administration Department
under Pabna district. His father of University of Dhaka. He also did
Khandker Md. Abdul Jalil is a retired Masters of Public Affairs (MPA) in Institute of Governance &
school teacher. Mr. Hye started his International Economic Relations Management) affiliated with
schooling from Sujanagar Govt. from Civil Service College, Dhaka University of Dhaka.
Primary School and completed (presently named as Bangladesh
Mr. Hye is an officer of Bangladesh Ministry of Water Resources and National Academy of Public
Civil Service (Administration) also in the Cabinet Division at the Administration, University Putra
Cadre belonging to Eleven Batch. same position. After becoming Malaysia, IHE (formerly UNES-
He has been having more than 29 Joint Secretary in 2016, he worked COIHE) Delft Institute for Water
years of working experience with as Director of Bangladesh Land Education in the Netherlands,
the Government of Bangladesh in Port Authority. Next he was Execu- Macquarie University in Australia,
various capacities. He started his tive Director of Power Grid Compa- etc. Beside these, he also has
career as an Assistant Commis- ny of Bangladesh (PGCB) Ltd. travelled countries like the Philip-
sioner and Magistrate. He was pines, Indonesia, Thailand, India,
Magistrate of the 1st class in Mr. Hye received training at various China, Japan and Canada. All these
Gopalgonj and Tangail districts. He institutions and universities in the made him well conversant with
worked as Senior Assistant Secre- country and abroad for different the knowledge of development
tary in the Ministry of Housing & periods. Among these are Singa- administration.
Public Works and also in the then pore Civil Service College, National
Roads & Railways Division. Later Institute of Public Administration
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he was Deputy Secretary in the (INTAN) of Malaysia, Vietnam
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tively. Before he starts his career as Railway. He was promoted to the
a civil servant he served as a post of Joint Secretary to the
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Lecturer of ‘Barolekha Degree Government in December 2017

College’ of Moulvibazar for three since then he has been working in
years. the development wing of the Minis-
try of Science and Technology,
He joined in the then BCS Economic where the main responsibilities are
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Cadre in 1994 as Research Officer. to monitor, coordinate and process

He was promoted to the post of of all development projects of
Senior Assistant Chief and worked science and technology sector.
at different positions in Planning
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Commission, Ministry of Posts and He studied on Human Resource

Telecommunications, Ministry of Management in Bailbrook College,
Cultural Affairs and Implementa- Bath, UK; he also studied in The
Mr. Md. Abdul Momin, Additional tion Monitoring and Evaluation Republic of Korea on ‘Economic
Secretary (Development), Ministry Division (IMED) of the Ministry of Development and Market Economy’.
of Science & Technology and Direc- Planning. Mr. Momin was promoted He took part in various international
tor of Bangladesh Submarine Cable to the post of Deputy Chief in May high profile trainings, workshops,
Company Limited (BSCCL) is a 2009 and worked in different minis- study tours and meetings in several
member of Bangladesh Civil tries/divisions in equivalent countries of the globe and traveled
Service (BCS) Administration Cadre, positions. He worked as a Director different areas/cities of more than
born in a noble Muslim family in the of IMED, Deputy Technological 25 countries along with UK, USA,
district of Habiganj. He did his Adviser of the Ministry of Science Australia, China, Russia, Germany,
Bachelor’s (BSS Hon’s) and Master’s and Technology, Deputy Chief of Spain, Belgium, New Zealand, South
(MSS) Degree from University of Agriculture Division of Planning Korea, Philippines, Argentina, Malay-
Chittagong in 1989 and 1990 respec- Commission and Ministry of sia, Thailand, Cambodia and India.
Dr. Nasima Akhter, Joint Secretary, Division, Ministry of Textile and

Finance Division, Ministry of Jute, Ministry of Science and
Finance and Director of Bangladesh technology and Ministry of Public
Submarine Cable Company Limited Administration. She has an
(BSCCL) is a member of Bangladesh outstanding service records with
Civil Service (BCS) Administration an excellent academic career. She
Cadre, born in a noble Muslim obtained her Bachelor of Honors
family in the district of Chatta- and Minister’s in Social Science
gram. She Joined Bangladesh Civil (Sociology) degree from The
Service (Administration) Cadre in University of Chattagram and
2001. She started her career as an placed in 2nd class (first position)
Assistant Commissioner & Magis- in both the cases. Later Dr. Nasima
trate of Deputy Commissioner achieve AusAID (ADS) scholarship
Office, Dhaka. Later she served in and obtained her Master of Arts as
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the field Administration in different well as Doctor of Philosophy (PhD) high profile trainings, workshops,
capacities. Before promoted to from the University of South study tours and meetings in sever-
Joint Secretary she worked as Australia, Adelaide, Australia. She al countries of the globe.
Deputy Secretary in Finance
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took part in various international
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lor’s degree in Electrical, Electron- matters. Besides, he also served as

ics and Communication Engineer- Platoon Commander in Bangladesh
ing (EECE) from Military Institute of Military Academy, General Staff
Science and Technology (MIST) and Officer Grade-2 (Operations) in
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Masters of Science degree in Army Headquarters and General

Military Studies from Bangladesh Staff Officer Grade-1 (Communica-
University of Professionals (BUP). tion and IT) in Prime Minister’s
He also obtained Masters of Office, Armed Forces Division.
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Business Administration (MBA), He participated in United Nations

Executive degree from Institute of Mission as Operations Officer of
Business Administration (IBA), Force Communication Contingent
Dhaka University. He completed in Ivory Coast (UNOCI) and as the
Army Staff Course and Armed Chief of Communication & Information
Forces War Course from Defence Technology Branch at the Sector
Colonel Ekram Ahmed Bhuyan, Services Command and Staff Headquarters in Democratic
afwc, psc was commissioned with College and National Defence Republic of Congo (MONUSCO).
35th Bangladesh Military Academy College respectively.
Long Course on 13 December 1996 in Colonel Ekram is a member of The
the Corps of Signals. At present he In his 25 years of illustrious career, Institute of Engineers, Bangladesh.
is serving as the Colonel Staff of he served in various regimental In his personal life, he is happily
Staff Duties Directorate in Army appointments including Command- married to Ms. Jarin Farha Diba and
Headquarters. ing Officer of a Signal Battalion to blessed with a son and a daughter.
Colonel Ekram obtained his Bache- deal with communication and IT
Pro-Vice-Chancellor of National Dr. Hasan Babu was also the

University of Bangladesh from President of Bangladesh Computer
12-07-2016 to 12-07-2020. He was Society for the session
also a Professor and the founding 2017-2020. At present, he is the
Chairman of the Department of President of International Internet
Robotics and Mechatronics Society, Bangladesh Chapter.
Engineering, University of Dhaka.
Dr. Hasan Babu obtained his Ph.D. Professor Dr. Hafiz Md. Hasan
in Electronics and Computer Babu published more than a
Science from Japan under the hundred research papers. In
Japanese Government Scholarship addition, he has published the
and received his M.Sc. in Computer following four text books by three
Science and Engineering from famous publishers of the United
Czech Republic under the Czech Kingdom and USA for the graduate
Government Scholarship. He was and postgraduate students:
Dr. Hafiz Md. Hasan Babu is also received the DAAD Research
currently working as a Professor in Fellowship from Germany. 1. Hafiz Md. Hasan Babu, “Quantum
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the Department of Computer Computing: A Pathway to
Science & Engineering, University Dr. Hafiz Md. Hasan Babu was Quantum Logic Design", IOP
of Dhaka, as well as the Dean awarded the Bangladesh Academy (Institute of Physics) Publishing,
of Faculty of Engineering and
Technology of the University of
Dhaka, Bangladesh. In addition, at
present, he
(part-time) of
is a member
Bangladesh
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of Sciences Dr. M.O. Ghani Memori-
al Gold Medal Award in 2017 for his
excellent research work to the
progress of Physical Sciences in
Bangladesh. In addition, he has
2020, Bristol, UK
2. Hafiz Md. Hasan Babu, "Revers-
ible and DNA Computing",
Wiley Publishers, 2021, UK
3. Hafiz Md. Hasan Babu, “VLSI
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Accreditation Council, Ministry of been awarded the UGC Gold Circuits and Embedded
Education of the Government of Medal-2017 in Mathematics, Systems”, CRC Press, 2022, USA
the People’s Republic of Bangla- Statistics and Computer Science 4. Md. Jahangir Alam, Guoqing Hu,
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desh. Dr. Hasan Babu is also a category for his research work on Hafiz Md. Hasan Babu, and
Director of the Board of Directors quantum multiplier-accumulator Huazhong Xu, “Control Engineering
of Bangladesh Submarine Cable device. He is currently an Associate Theory and Applications”, CRC
Company Limited. He was the Editor of the famous research Press, 2022, USA
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Chairman of the Department of journal of the United Kingdom “IET

Computer Science and Engineering Computers and Digital Tech- Three of his research papers got
of the University of Dhaka from niques”. He was the member of the best paper awards in the Inter-
19-02-2003 to 18-02-2006 and Prime Minister’s ICT Task Force. national Conferences.
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Mr. NKA Mobin FCS, FCA is the BBA and MBA in Finance from the
Independent Director of Bangla- University of Dhaka during
desh Submarine Cable Company 1977-1982. Mr. Mobin has vast expe-
Limited (BSCCL) Ltd. and also the riences in the field of Finance,
Chairman of the Audit Committee Accounting, Taxation, System
& NRC of the Company. He joined Design, ERP System and Company
BSCCL Board on 25 June 2020. He Secretarial Practices. He has
is one of the Sponsor Directors of international training and
the Emerging Credit Rating Ltd. management program in Stock-
(ECRL) and also the Managing holm Business School in Sweden,
Director and Chief Executive National University of Singapore,
Officer of the Company. He is a INSEAD in France and also
Chartered Accountant and AOTS/HIDA in Japan. Prior to
Chartered Secretary by profession Joining ECRL, he worked at
and the fellow member of the Grameenphone Ltd. for 11+ years in
Institute of Chartered Accountants various capacities as Director Grameenphone in 1998, he worked
of Bangladesh (ICAB) and the Finance, Director Administration, in the Swiss Pharmaceuticals Co.
Institute of Chartered Secretaries Director Projects and Company named Novartis Bangladesh Ltd.
of Bangladesh (ICSB). He completed Secretary. Before joining for 3 years as the Director Finance
and Company Secretary; in a ants during 1982-86. At present, Mr. years till 2020. He was the Director
Multinational Fertilizer Company Mobin is also the Independent (previously the Senior Vice Presi-
named Karnaphuli Fertilizer Co. Director in Mobil-Jamuna Lubri- dent) of Dhaka Chamber of Com-
Ltd. (KAFCO) for 5 years as Manager cants Bangladesh Ltd, Unique merce and Industry (DCCI). He is
Finance & IT; and in Dhaka Match Hotel & Resorts Limited and the Vice President of Institute of
Industries Co. Ltd. for 5 years as Hidelberg Cement Bangladesh Chartered Accountants of Bangla-
Chief Accountant. He did his Limited. Mr. Mobin was the Govt. desh (ICAB). He is a keen golfer
article ship from KPMG/Rahman nominated Director in BIMAN and bagged couple of trophies.
Rahman Huq, Chartered Account- Bangladesh Airlines Limited for 5
public sectors of Bangladesh and Important Person (CIP). Southtech

neighboring countries. Under his Limited was also a winner of the
guidance, his company managed “ICT Solution Provider of the Year –
to develop and deliver a number of Local Market Focus” awarded by
Fintech, ERP, HR, e-commerce, the Daily Star Awards 2020. He
accounting, and retail manage- was awarded "ICT Pioneer of 2021"
ment software products to the in an event organized by The Daily
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market along with large customized Star, the largest circulating
solutions to a number of govern- English newspaper in Bangladesh.
ment entities, including the Civil The award was handed over by Dr.
Mr. Syed Mamnun Quader joined

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Aviation Authority of Bangladesh
and CRVS Systems (Civil Registration
& Vital Statistics Systems that
represents the interoperability of
Gawher Rizvi, Advisor to the Prime
Minister of Bangladesh.
Prior to founding Southtech, he
worked in the banking industry in
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Bangladesh Submarine Cable three separate systems: Civil the UK, USA and Bahrain. His last
Company Limited (BSCCL) Board Registration, Health Information, position was at Investcorp Bank
as an Independent Director in July and Vital Statistics). EC, where he was the Head of Risk
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2021. He is the Founding Managing Management of the bank’s propri-

Director & CEO of Southtech Limited, He is a founding member and a etary trading business. Mr. Quader
a pioneering company in the field former Senior Vice President of obtained his B.Sc. (Hons) degree
of Information Technology in Bangladesh Association of with major in Statistics and minor
Bangladesh, which was estab- Software and Information Services
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in Computer Science from City,

lished in early 1996. He spearheaded (BASIS). His contributions toward University of London, UK and
some of the largest and most software export was recognized by obtained his MBA from Bayes
transformational digital initiatives the Government of Bangladesh by Business School (formally Cass),
in the for-profit, nonprofit and designating him as a Commercially City, University of London, UK.
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Mr. Md. Azam Ali joined BSCCL as Divisional Engineer, Sub-Divisional

Managing Director on 1st Septem- Engineer, Divisional Engineer,
ber, 2022 after being nominated by Director, Chief General Manager
the government and subsequently and lastly in the post of Deputy
approved by the BoD of BSCCL. Mr. Managing Director. He also served
Md. Azam Ali earned the B.Sc in as Director (Admin) and Director
Electrical & Electronics Engineering (Finance) at Department of
degree in the year 1988 from Telecommunications (DoT). He also
Bangladesh University of Engineering served in BSCCL as General Manager
and Technology (BUET). He joined (O & M) and General Manager (P &
the then Bangladesh Telegraph & D). Before joining in BSCCL as
Telephone Board (BTTB) in Managing Director he was serving in
December 1991 after being qualified BTCL as Deputy Managing Director daughter and one son. He visited
through 10th BCS examination in (P&D). Mr. Md. Azam Ali was born in many countries of Asia, Europe and
BCS (Telecom) cadre. In the then a respectable Muslim family of Africa to attend various trainings,
BTTB and later in BTCL he served in Kurigram district. In his personal seminars and submarine cable
different positions as Assistant life he is married and father of one consortium meetings.
MANAGEMENT TEAM OF BSCCL

Mr. Md. Azam Ali
Managing Director
Mr. Mirza Kamal Ahmed Mr. Md. Shohidul Islam

GM (Admin & Finance) GM (Planning & Development)
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Mr. Md. Abdus Salam Khan, FCS Mr. Provash Chandra Bhattacharjee
Company Secretary (General Manager) General Manager (O&M)
Mr. Md. Jahangir Alam

Deputy General Manager (Customer Care)
Mr. Shukanta Kumar Debnath, FCA

co Mr. Mohammad Zakirul Alam
DGM (Planning & Development)
Mr. Abdul Wahhab

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DGM (Finance & Accounts) DGM (Operation &Maintenance, IIG)
Engr. Md. Tariqul Islam Mr. Md Ariful Huq

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DGM (Operation & Maintenance, KKT LS) DGM (Marketing & Sales)
Mr. Muhammad Tajul Islam Mr. Suracit Barua

Deputy General Manager (Internal Audit) Deputy General Manager(O&M, Cox LS)
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Mr. Muhammad Shakawat Hussain Ms. Nazia Hassan

Manager (HR & A) Manager (Development)
Mr. Muhammed Shoeb Ali Mr. Mohammad Shahadat Hossain

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Manager (Bandwidth Planning) Manager (Finance & Accounts)
Mr. Arifur Rahman Mr. Subram Kishor Das

Manager (Operation & Maintenance, IIG) Manager (SMW6 Project)
Mr. Md. Soriful Haque Mr. Mohammad Anisul Islam, FCS

Manager (Customer Care) Manager (Share & Legal)
Mr. Kafil Uddin Mr. Md. Rakibul Hossain

Manager (Board & Corporate Affairs) Manager (Procurement & Logistics)
Mr. Uzzal Kumar Saha Mr. Khondker Hayat Mahmud

Manager (Marketing & Sales) Manager (Operation, Remote Location)
Engr. Jewel Miah Engr. Sifat Intiaz Hasan

Manager (Operation, COX, LS) Manager (Maintenance, COX, LS)
Mr. Md. Margoob Mahfuz

Manager (Operation, Kuakata LS)
Brief Description of Top Management

quently approved by the BoD of BSCCL. Mr. Md. Azam Ali
earned the B.Sc in Electrical & Electronics Engineering degree
in the year 1988 from Bangladesh University of Engineering and
Technology (BUET). He joined the then Bangladesh Telegraph &
Telephone Board (BTTB) in December 1991 after being qualified
through 10th BCS examination in BCS (Telecom) cadre. In the
then BTTB and later in BTCL he served in different positions as
Assistant Divisional Engineer, Sub-Divisional Engineer,
Divisional Engineer, Director, Chief General Manager and lastly
in the post of Deputy Managing Director. He also served as
Director (Admin) and Director (Finance) at Department of
Telecommunications (DoT). He also served in BSCCL as General
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Manager (O & M) and General Manager (P & D). Before joining in
BSCCL as Managing Director he was serving in BTCL as Deputy
Managing Director (P&D). Mr. Md. Azam Ali was born in a
Mr. Md. Azam Ali joined BSCCL as Managing

Director on 1st September, 2022 after being
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respectable Muslim family of Kurigram district. In his personal
life he is married and father of one daughter and one son. He
visited many countries of Asia, Europe and Africa to attend
various trainings, seminars and submarine cable consortium
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nominated by the government and subse- meetings.
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Mirza Kamal Ahmed, a member of BCS Telecom Cadre, is serving in

BSCCL since last six years from government. At present he is the
Project Director, SEA-ME-WE 6 project of BSCCL. He is also in
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additional charge of General Manager (Admin & Finance). Graduated

from BUET in EEE in the year 1993, he also attained MBA in 2008. He
has a long extensive career of more than 28 years. He started his
career in Rural Electrification Board in 1994. In 1995 he joined in
Bangladesh Atomic Energy Commission and served for near about
three years. In 1998 he joined in erstwhile BTTB through 17th BCS.
During his service in Telecom field he worked in different field offices
of BTTB and present BTCL as Asstt. Engineer, Sub Divisional Engineer
and Divisional Engineer with good performance and well reputation.
After joining BSCCL he is playing a vital role in the progress and
advancement of the company. As a part of career Mr. Kamal has
attended different seminars, symposiums, meetings, workshops and
trainings at home and abroad. In personal life he is blessed with one
son and one daughter.
Mr. Md Shohidul Islam a member of BCS Telecom Cadre, joined

BSCCL as General Manager on 1st November 2020. Prior to joining
BSCCL, he was posted as the General Manager of BTCL. He
obtained his Engineering Degree in EEE from BUET in 1993. Md.
Shohidul Islam had a long extensive career of more than 29 years in
the various communication fields, which started in BCC (Bangla-
desh Computer Council), in 1993 shortly after he graduated and
continued serving for the next four years as an Apprentice
Programmer. Later on, in 1998, he joined Bangladesh Telecom
Cadre service, through the 17th BCS examination. He was then
posted in several fields, as an Assistant Divisional Engineer, a
Sub-Divisional Engineer, and as a Divisional Engineer, where he
continued his work with a good reputation. For the greater halve of
his time in BTTB/BTCL, he served in Transmission, Data & Internet
wings. Throughout his career he has attended different seminars,
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symposiums, workshops, meetings & trainings at home & abroad.
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Mr. Md. Abdus Salam Khan, FCS is the Company Secretary (General
Manager) of BSCCL. He joined the company on 15 September 2008.
Before joining BSCCL, he was the Senior Deputy Company Secre-
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tary in GSP Finance and he also worked in Sabinco, Prosika and
Haque group of Industries. He has vast experience over 30 years in
his career. He obtained his M.Com in Accounting from Dhaka
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University and MBA (Major in Finance) from Daffodil International

University. He passed C.A. (Intermediate) examination from the
Institute of Chartered Accountants of Bangladesh. He is a Fellow
Member of Institute of Chartered Secretaries of Bangladesh. He is
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also a Rotarian and held the position of President of Rotary Club of

Dhaka Mega City for the year 2016-17 and Assistant Governor for the
year 2019-2020. He has attended various meetings, seminars, train-
ing program and workshops both at home and abroad.
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Mr. Provash Chandra Bhattacharjee, a member of BCS (Telecom)

Cadre. He obtained his B.Sc. Engg. Degree in EEE from BUET in 1995
and MBA in finance in 2010 from Business Faculty of DU. He has
field oriented experience of more than 23 years. After passing from
BUET, he served for few months in a Japanese Company at CPEZ
and for about 8 months in Padma Textile Mills Ltd which was a
sister company of BEXIMCO Group. Then he joined in BPDB in 1998
and served for about 3 years as Assistant Engineer. In 2001, he joined
in Ex-BTTB as BCS (Telecom) Cadre officer through 20th BCS and
was posted in different field offices of erstwhile BTTB and then
BTCL as ADE, SDE, DE and DGM. During his tenure in BTCL, he
served with sincerity, honesty, reputation and appreciation from
BTCL’s high officials. He joined in BSCCL on deputation in 19th
November, 2019 as Deputy General Manager and now posted as
General Manager (O&M). He is serving BSCCL with sincerity, honesty
and enthusiasm. Throughout his long career, he has attended
different seminars, factory visits and trainings in home and abroad.
Mr. Md. Jahangir Alam joined BSCCL as Deputy General Manager

(Operation) on 05 may, 2009. Mr. Alam earned the B.Sc in Electrical
& Electronics Engineering degree from Rajshahi University of
Engineering and Technology (RUET). He currently posted as Deputy
General Manager (Customer Care).
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Mr. Mohammad Zakirul Alam has been working with BSCCL since
June 4, 2009. He is currently posted as DGM (Planning & Develop-
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ment). Previously he served the Company in various positions such
as DGM (Customer Care), DGM (Operations & Maintenance) and
DGM (Bandwidth Planning). Before joining BSCCL, he worked as
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Network Manager in Connect BD Ltd and he also worked in Digitech

Datalink. He has extensive experience of 22 years in his career. He
obtained his B.Sc. Engineering degree from Bangladesh University
of Engineering & Technology (BUET). He also obtained his Executive
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MBA (Finance) degree from North South University (NSU).

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Mr. Shukanta Kumar Debnath, FCA was appointed as a DGM

(Finance & Accounts) since April 1, 2013. Before joining BSCCL, he
was Senior Manager (Accounts) in Apex Textile Group and he also
worked in Otobi Ltd. He has extensive experience over 20 years in
his career considering the experience obtained during Articleship of
Chartered Accountancy. He obtained his M.Com in Management
from National University and qualified as Chartered Accountant
from the Institute of Chartered Accountants of Bangladesh (ICAB).
He has obtained MBA, Major in Finance under Executive Program
from Institute of Business Administration (IBA), University of
Dhaka.
Mr. Abdul Wahhab has been working in BSCCL since 1st September,
2013. He was appointed against the post DGM (IIG Operation). He is
currently posted as DGM (O&M, IIG). Previously he also served the
company with additional responsibilities of DGM (IIG Marketing) and
DGM (Customer Care). He started his career from the ISP of Drik
Alokchitra Granthagar Limited, shortly called DRIKNET, the pioneer
ISP in Bangladesh, in January, 1999. Before joining BSCCL, he worked
at BDCOM Online Limited as Manager (NOC). He has about twenty
four years’ experience in telecommunication, especially in the field of
IP network and System Administration. He obtained his B.Sc (Hons)
and M.Sc in Applied Physics and Electronics from Department of
Applied Physics and Electronics, currently named Electrical and
Electronic Engineering, the University of Dhaka. He also obtained
MBA (Evening) Degree majer in Marketing from the University of
Dhaka.
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Engr. Md. Tariqul Islam, PEng joined BSCCL as Deputy General Manager
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(O & M), SMW5, Kuakata Landing Station on 25th March 2020. Prior to
joining BSCCL, he worked as Country local representative in Tianjin
Research Institute of Water Transport Engineering, M.O.T., China. He
worked as Head of IP, Core and Transmission in Augere Wireless Broad-
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band Bangladesh Ltd. and he also worked as Sr. Solution Manager (SR)
in Huawei Technologies Co. (Bangladesh) Ltd.
He obtained his B.Sc. Engg. degree in Computer Science & Engineer-
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ing from Dhaka University of Engineering & Technology, Gazipur. He

also obtained his Master of Engineering in Telecommunication from
American International University-Bangladesh (AIUB). Mr. Islam has
registered as a Professional Engineer from Bangladesh Professional
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Engineers Registration Board. He is a Fellow Life Member of The

Institution of Engineers, Bangladesh. He has a long extensive career
of more than 18 years in his career.
Throughout his long career, he has attended different seminars,
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symposiums, meetings and workshops in home and abroad.
Mr. Md Ariful Huq was appointed as DGM (Marketing & Sales) effective
from 30th December 2020. Prior to joining BSCCL, Mr. Arif was working
as Account Director at Nokia Networks. Prior to that, he also worked
as Product Manager of Optics at Huawei Technologies Limited. Mr. Arif
brings in 16 years of Sales, Marketing and Business management
experience into the management team. He has MBA major in Finance
from East west University and B.Sc. in Electrical and Electronic
Engineering from Khulna University of Engineering and Technology
(KUET). Mr. Arif is LEAD (Nokia Global Leadership Program) Certified
from Harvard Business Review and Nokia Certified Challenge 2 Win
Sales Professional. He has own End to End Deal of the Year'2018 from
Nokia APJ President for winning Telenor Cloud Core Contract and Asia
Pacific “People Getting it Right” Award’2012 from Alcatel-Lucent APJ
President for breakthrough in Teletalk Account. Throughout his career
he has visited many countries of Asia, Europe and North America to
attend various trainings, seminars and meetings.
Mr. Muhammad Tajul Islam was appointed as a Manager(Finance &

Accounts) on 11 May 2009. Prior to joining BSCCL,Mr.Tajul was
working as Executive (Accounts) at Transcom Group. Mr.Tajul has
been promoted to DGM(Internal Audit) on 14 November 2021. He
has immense experience over 21 years in his career including the
experience obtained during Articleship of Chartered Accountancy.
He obtained his M.Com in Accounting from Dhaka College under
National University. He has also passed Level-1 of Professional
Examination in Chartered Accountancy from the Institute of
Chartered Accountants of Bangladesh.
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Suracit Barua, joined Bangladesh Submarine Cable Company Limited
(BSCCL) as Deputy General Manager (Operation and Maintenance)
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SEA-ME-WE-4, Cox’s Bazar Landing Station on 2nd January 2022. Prior
to joining BSCCL, he worked as Solution Manager-Transmission in
Huawei Technologies Co. (Bangladesh) Ltd.
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He obtained his B.Sc. Engineering degree in Computer & Communica-

tion Engineering from International Islamic University, Chittagong. He
also obtained his Executive MBA, from University of Information
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Technology & Sciences. He has a long extensive career of more than

17 years in career associate with 2G, 3G, 4G and 5G trial phase in
Bangladesh telecom sector.
Throughout his long career, he has attended different seminars,
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factory visits and training at home and abroad.

HUMAN RESOURCE MANAGEMENT
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One of BSCCL’s principal strength is the quality and dedication of its employees and their shared sense of being
part of a team. Their diverse vantage points and unique abilities create a broad range of skills and knowledge
that underpin the Company’s work. In order for BSCCL to continue its steady growth, it is essential that it
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retains its key employees and provides attractive opportunities for new personnel.
A great part of success in the telecom services industry depends, more than anything else on the technical
d.
know-how, experience, talent and commitment of a Company’s human capital. For sustainable growth of
BSCCL, the Company must be able to get benefit from its strong business principles, its fast moving and
entrepreneurial spirit and the success of the individual and team.
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BSCCL places great emphasis on keeping employees informed about the Company’s vision, strategy and its
future plans. The Company keeps its employees informed about current-news of events and achievements of
the Company. Moreover, the Company arranges regular in service trainings at home and abroad to development
the skills of the employees.
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Recruitment
A career with BSCCL demands a high level of diligence and dedication. The work of the Company requires
individuals with uncommon ability, knowledge and commitment. BSCCL consistently seeks to recruit personnel
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who can fulfill these diverse requirements at the same time support the corporate culture of the company.
Gradual increase in the number of applications from highly qualified prospective candidates in response to
advertisements for recruitment indicates attraction of people to Company’s distinct position and ideology.
BSCCL believes that having a broad range of age and experience in its workforce, helps the Company meet the
varied needs of its clients. This is reflected in the structure of the workforce. BSCCL places a special emphasis
that new positions are filled by the most accomplished candidates, in the terms of their education, experience
and ability.
BSCCL’s recruitment strategy is based on attracting highly qualified candidates through employee networks,
selective head-hunting and advertisement. Two Sub-Committees, one for recruitment of officers and the other
for the staffs, are responsible for recruiting manpower with diverse talent. The Human Resource Department of
the company is an important partner in achieving this goal.
Career Development
BSCCL comprises of a league of enterprising women and men who are distinguished by their initiative,
diligence, imagination and ambition. The Company’s network is driven by a sense of teamwork and solidarity
that transcends Company’s hierarchy. The people of BSCCL are part of a culture of integrity and leadership.
They have an active role to play in the Company. They form a community in which people’s potential and
talents are cultivated with the aim of establishing lifelong careers. High quality employees are trained and
fostered with the goal of developing the business of BSCCL and thus convert the Company to a successful and
unique one.
Job satisfaction and retention

BSCCL always tries not only to attract the most qualified personnel into the company but also to retain them
in the company by creating a superior working environment and through addressing their needs. To ensure
success for the Company as a whole, employees are encouraged to engage in synergetic teamwork, and every
effort is made to facilitate communication and flow of information. Employee initiative and responsibility are
promoted through challenging assignments where rewards are determined by results.
Employee turnover at the Company was at a comparable level to the previous year. The total turnover rate for
the Company was around zero percent, which is largely dependent on various external factors.
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Incentives
By rewarding for good performance, BSCCL encourages its employees to invest their full potential for the
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company and thus support the company to achieve the optimal performance. The forms of providing incentives
are foreign trainings, special honoriums, incentive bonus etc. Also, the company shares a part of its profit on
regular basis with the employees through Workers Profit Participation Fund (WPPF). By aligning the interest of
employees and share holders, BSCCL enables its people to play an even more active role in bringing success
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for their own community.
Transport
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Transport facilities are provided to the top level executives of the Company. Moreover, adequate allowances are
given to other employees for their transportation.
Provident Fund
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Both employees and company contribute @ 10% of basic salaries to employees’ Provident Fund.
Gratuity Fund
Employees who have served in the company for more than five years are eligible to be entitled for gratuity
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facilities.
Workers Profit Participation Fund

The company maintains a Workers Profit Participation Fund in accordance with the Labour Law of the country
by transferring 5% of the Net Profit Before Tax to fund. Trustees have been formed to maintain and mange the
distribution of profits to the beneficiaries as per the Labour Law.
BSCCL ARCHIVE
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Courtesy meeting with Hon'ble Minister Mr. Mustafa Jabbar
Celebrating the Signing Ceremoney of C&MA Agreement of
during the visit of representatives of Indian telecom company
SMW-6 submarine cable system.
AMTRON to Bangladesh for BSCCL's bandwidth export to India.
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Hon'ble Minister, Posts & Telecommunications Division Mr. Former Managing Director Mashiur Rahman & Company Secretary Md.
Mustafa Jabbar, is giving the certificate to the participats of Abdus Salam Khan receiving 8th ICSB National Award-2020 and Certificate
Digital Class Room training. from hon'ble Minister Tipu Munshi, MP, Ministry of Commerce.
BSCCL officials receiving 8th ICMAB Best Corporate Former Managing Director welcomed Mr. Md. Khalilur
Award-2020 from hon'ble Minister Tipu Munshi, MP, Rahman for being appointed as Secretary of Posts &
Ministry of Commerce. Telecommunications Division (PTD) of MoPT&IT.
BSCCL ARCHIVE
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Secretary, Posts and Telecommunications Division and Mr. Md. Azam Ali, Managing Director chaired the Training
Chairman, BSCCL Mr. Md. Khalilur Rahman, is inaugurating session on implementation of e-governance and innovation
the training session on Digital Class Room.
co plan organized by BSCCL.

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Handing over a cheque of Tk 1.2 crore to Sramik Kalyan Company Secretary (General Manager) & General Manager
Foundation of Ministry of Labour and Employment by the (Marketing & Sales) handed over the key of Ambulance to
former Managing Director Mr. A.K.M Habibur Rahman . Anjuman Mofidul Islam Trust, Shirajgonj District Branch.
13th Annual General Meeting of BSCCL. 13th Annual General Meeting of BSCCL.
COMMUNICATION WITH THE SHAREHOLDERS

We believe in good Corporate Governance through transparency and full cooperation amongst all stakeholders
of the Company, including the owners of the Company–the Shareholders. There is a continuous flow of Information
to the Shareholders regularly through a number of forums and publications. The Company has adopted a
detailed policy on information disclosure and communication. In compliance with continuous disclosure
requirements, the Company’s policy is that Shareholders will be informed in a routine manner about all major
developments that impact the business of the Company and also being able to make the shareholders
informed about all important decisions of the company.
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Information Disclosure
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In accordance with the disclosure requirements of BSEC, the Company follows the following three main forms
of information disclosure:
Continuous disclosure
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Continuous disclosures are the core disclosure and primary method of informing the market and the Shareholders;
Periodic disclosure
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in the form of quarterly, half yearly and yearly reporting of financial results and others issues; and
Event based disclosure

as and when required, regarding administrative and corporate developments, usually through stock exchanges
& press releases. All information provided to the BSEC and Stock Exchanges are immediately made available to
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the Shareholders and the market in the Investor Relations window of the Company’s website: www.bsccl.com.
General Meeting
The General Meeting is the supreme body in BSCCL. The Company recognizes the rights of the Shareholders
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and their interests are primarily ensured through BSCCL’s Annual General Meeting (“AGM”). The Company
requires its Board and Auditors to attend each AGM so as to be available to answer the Shareholders’ queries
on the activities of the Company.
Website
All financial results, key performance indicators, other relevant financial and non-financial data, Price Sensitive
Disclosure (PSI), Dividend payment status , Tax certificate for shareholders, etc. are posted on regular basis in
the Investor Relations or relevant window of the Company’s website: www.bsccl.com
Shareholders Queries
Whilst the Company aims to provide sufficient information to the Shareholders and to the prospective Inves-
tors about the Company and its activities, it also recognizes that the Shareholders may have specific queries
relating to their shareholding. To ensure that the Shareholders can obtain all relevant information to assist
them in exercising their rights as Shareholders, all kinds of queries may be directed to:
Rahman’s Regnum Center (6th, 7th & 8th Floor)
191/1, Tejgaon-Gulshan Link Road, Dhaka-1208, Bangladesh
Tel : 88 02 226603315-6, Fax : 880 22226603322
Web : www.bsccl.com
DIRECTORS’ REPORT (2021-2022)
Dear Shareholders, the Board of Directors of Bangla- Readymade Garments (RMG) in the world market.
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desh Submarine Cable Co. Ltd. (the “Company”) With a huge population of more than 160 million, the
welcome you at the 14th Annual General Meeting of successes of agricultural researches, particularly in
the Company. We take the pleasure of presenting the Rice, has made the country self-sufficient in
ments for the year ended on 30 June 2022 along with

the report of the auditors thereon. co
operational activities and the audited financial state- food-grain. Bangladesh is the third largest producer
of fish in the world. Bangladesh is also self-sufficient
in producing Medicine, Steel and Cement. Having
huge number of working force, Bangladesh has been
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Economic Scenario and Prospect of the supplying millions of skilled, semi-skilled and
Industry: unskilled manpower to the Middle East, East Asia,
South Asia, Europe and North America. Readymade
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The economy of Bangladesh is a developing market Garments (RMG) export and the remittances of the
economy. It is the 41st largest economy of the world overseas Bangladeshi workers are the two main
according to new data from the IMF in terms of nomi- sources of foreign exchange earnings of the country.
nal GDP and 25th largest in terms purchasing power Economic growth is rather indigenous with remarka-
parity (PPP). The economy of Bangladesh is classified
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ble growth of foreign direct investment (FDI) in

among the Next Eleven emerging market middle telecom, energy and power sectors.
income economies and a frontier market. Bangladesh
is achieving an average annual growth of GDP at the Bangladesh in the recent years has earned special
rate of around 7% for the last couple of years. Despite attention among the south-east Asian countries in
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the adverse effect of COVID-19 pandemic since terms of poverty alleviation, decreasing child-mortal-
January 2020 and ongoing war between Russia and ity rate, use of hygienic sanitation, access to safe
Ukraine since February 2022 on the economies of the water, empowerment of women, increase in per capita
countries worldwide, according to Trading Economics income and life expectancy of the people, reducing
the economy of Bangladesh experienced a satisfacto- digital divide, higher literacy rate, high foreign curren-
ry annual growth rate of more than 5 % in the year cy reserve and some other socio-economic indices. It
2021-2022. Bangladesh is among the few countries in has already achieved the Millennium Development
Asia who achieved a growth rate in GDP above 5% Goals (MDG) and actively working to achieve the
despite the global pandemic and Russia – Ukraine war Sustainable Development Goals (SDG). The country is
situation. The economy of Bangladesh is gradually improving at a good pace in terms of infrastructure
transforming from an agro-based economy to service development such as road and railway, telecommuni-
and industry based economy for the last few decades. cations, power generation, water supply etc. Bangla-
Now the service sector is the major contributing desh has implemented some mega project like
sector into the GDP of the country. The industrial, Padma Bridge, Payra Power Plant & Rampal Power
manufacturing and service sectors are gaining impor- Plant etc. Bangladesh is presently also implementing
tance in the economy with time. According to EPB several mega projects such as Rooppur Atomic Power
now Bangladesh is the second largest exporter of Plant, Padma Bridge Railway, Dhaka Metro Rail
Directors’ Report
project, Matarbari Power Plant, Paira Sea Port, Karnof- service is experimentally in the following areas: Prime
uly Tunnel, Chittagong to Cox’s Bazar Railway Minister's Office, Parliament, Secretariat, Bangaband-
Network, Bangabandhu Railway Bridge over Jamuna hu Museum on Dhanmondi 32, Bangabandhu Sheikh
River etc., completion of which will contribute a lot in Mujibur Rahman's birthplace Tungipara in Gopalganj,
the country’s GDP. Recently Bangladesh has achieved and the National Martyrs' Memorial in Savar. Also, the
the status of developing country from the least devel- implementation of a project to connect the country
oped country. The main exports of the country are with the 3rd Submarine Cable has been started by
Readymade Garments (RMG), Jute and BSCCL, which will make a huge amount of interna-
Jute goods, Leather and Leather goods, Tea, Medicine, tional bandwidth available in the country. Fixed Inter-
Software, Ocean Going Ships, Frozen Fish and net Service Providers (ISP) are now expanding their
Sea-Food, Ceramics and Cement. Recently outsourc- networks into the rural areas of the country. All of
ing and software development has been added in the these activities are contributing to increase the
list of export products and is expected to grow faster broadband penetration in the country.
in future. The main imports of the country are capital
machineries & equipment, industrial raw materials, Business Operation and External Environ-
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chemicals, iron and steel, raw cotton, crude oil and ment
petroleum products. The country’s main endowments
include its vast human resources base, rich agricul- Bangladesh Submarine Cable Company Limited
tural land, green forests, relatively abundant water
and substantial reserves of natural gas and coal,
resources in sea and shore which are yet to be co
explored in full. In the last few years the country has
(BSCCL) is the most important core telecommunica-
tion infrastructure service provider in the country who
provides the vital infrastructure for keeping the coun-
try connected with the International Information
d.
experienced considerable development in the Superhighway. Through its two submarine cable
Telecom & ICT sectors. systems, the SEA-ME-WE-4 and the SEA-ME-WE-5, it
provides submarine cable capacity (International
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In this era of globalization, communication has Private Lease Circuit or IPLC) to the IIG and IGW opera-
become the most significant factor. In a densely tors of the country. BSCCL provides high quality inter-
populated country like Bangladesh, telecommunica- national bandwidth through submarine cable systems
tion and Internet can play a vital role to boost the between Bangladesh and several most desired desti-
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economy and life style of the people. In recent years’ nations of the world. BSCCL is an important member
lots of foreign investment has come into the country of two international submarine cable consortiums, the
in telecommunication sector. Though the telecommu- SEA-ME-WE-4 and the SEA-ME-WE-5 (South East
nication industry in Bangladesh is growing rapidly, still Asia-Middle East-Western Europe-4&5). BSCCL is the
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it has a long way to go. Unfavorable growth conditions unique provider of submarine cable services in the
and lack of infrastructure in rural areas is hampering telecommunications sector of the country and is the
the growth of telecommunication and broadband major provider of international bulk bandwidth. It
penetration in the suburban and rural areas of the acquired the permit/license from the Government of
country. However, the growth of mobile telephone Bangladesh for providing services through submarine
network is quite significant. Broadband internet cables. The IIG and IGW operators of the country, the
services are spreading gradually in the rural area as main customers of BSCCL, are leasing international
the Government is implementing projects to spread submarine cable capacity (IPLC) at reasonable rates
the optical fiber cable network into rural level and to based on the license guidelines, terms & conditions
bring all the schools and colleges of the country under and regulations of Bangladesh Telecom Regulatory
broadband Internet services. Government has also Commission (BTRC). Since 2013, BSCCL started to
taken different initiatives to reduce the price of Inter- provide IP Transit service to different IIG and ISP
net bandwidth to an affordable level for the common operators from its own IIG after acquiring a license
people. In 2018, government has awarded 4G license from BTRC. BSCCL’s IP Transit service is ranked as one
to four mobile telecom operators in the country. All of the best services in the country. In early 2021 the
the four mobile operators are now expanding their 4G first overseas PoP of BSCCL’s IIG was established at
networks over the country. Government introduce 5G Equinix SG3 data center in Singapore. In the year 2012
Directors’ Report
Bangladesh Telecommunication Regulatory Commis- Capacity, Utilization, Capacity Up-gradation

sion (BTRC) issued International Terrestrial Cable (ITC) and light-up of new capacity
licenses to six private operators of which four are now
in active commercial operation. The ITC license As a member of SMW-4 submarine cable consortium,
holders offer IPLC service from the neighboring coun- Bangladesh started the submarine cable service with
try (India) through International Terrestrial cables 7.5 Gbps bandwidth in the year 2006 under the then
connecting the landing stations of India with Bangla- BTTB. The bandwidth capacity was enhanced to 44.60
desh. Hence, ITC license holders are the main compet- Gbps through up-gradation 1 & 2 of SMW-4 system
itors of BSCCL till date and they sometimes offer without any additional investment from Bangladesh.
lower tariff to attract customers. To remain competi- BSCCL emerged after the abolition of BTTB on 1st July
tive in the market, BSCCL sometimes needs to revise 2008 and the ownership of SMW-4 submarine cable
its tariff of the IPLC and IP Transit services downward, system including the Cox’s Bazar cable landing station
which impacts the revenue of the company. Despite was transferred to BSCCL. BSCCL participated in
tough competition from the ITC operators, BSCCL still upgrade#3 of SEA-ME-WE-4 consortium in 2011 and
holds around 55% market share of the international achieved additional 6.8 million MIU*km capacity by
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bandwidth market of the country. investing BDT 48 crore from its own sources and the
total bandwidth capacity of BSCCL in SMW-4 reached
300 Gbps. Later on the capacity of SMW-4 submarine
Services provided by BSCCL
BSCCL is authorized to provide international subma-
rine cable bandwidth (IPLC), IP Transit and Co-loca-
tion services to the following types of customers
co system was further enhanced and at present BSCCL
can achieve around 800 Gbps capacity from the SMW-4
submarine cable. Moreover, to address the rising
demand for internet bandwidth in the country, BSCCL
d.
within the framework of the Licensing Guidelines and has joined upgradation#6 program of SMW4 submarine
with the approval of the Bangladesh Telecommunica- cable system. At present, BSCCL has 800 Gbps of
tion Regulatory Commission capacity in SMW4 submarine cable where almost the
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1. International Internet Gateway (IIG) Companies- entirety is in use. Through the up-gradation program,
both IPLC and IP Transit services. BSCCL will achieve an additional 3800 Gbps of capacity.
2. International Voice Gateway (IGW) Companies- BSCCL along with other consortium members partici-
IPLC service. pating in the said up-gradation has already reached an
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3. Internet Service Provider (ISP) Companies- IP agreement with Ciena, the vendor for this up-gradation
Transit service. program. As per the agreement, the up-gradation
4. Any other corporate users (with approval from program is expected to be completed by mid 2023.
BTRC)- IPLC service.
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5. Cross boarder lease of IPLC and Internet band- In 2014 BSCCL joined SMW-5 submarine cable consorti-
width (with the approval of government). um. The SMW-5 submarine cable landed at Kuakata of
6. Co-location services (Space, power, technical Patuakhali district and was commissioned in Bangla-
assistance etc.) to different operations (IIG, IGW, desh in early 2017. According to initial designed capaci-
ISP, NTTN). ty, the total capacity of SMW-5 cable was 24 Tbps out of
which BSCCL could achieve 1500 Gbps. In the SMW5
BSCCL cable system there is a provision of total capacity
enhancement through use of future advanced optical
transmission technology. Recently, through implemen-
IIG IGW tation of light-up #3 using more advanced technology
the ultimate achievable capacity of BSSCL in SMW 5
ISP ICX cable has been increased to about 2570.00 Gbps. The
present lit up capacity of BSCCL in SMW-5 is 2200 Gbps
out of which 2100 Gbps is with Singapore and rest 100
ANS Gbps is with France.
SUBSCRIBERS Presently, BSCCL’s two submarine cables, namely

Directors’ Report
SMW-4 and SMW-5, have a combined design capacity of The following table shows the year wise ultimate
about 3000 Gbps. The amount of bandwidth used in the achievable capacity, the lit up capacity and utilization of
country in June 2022 from BSCCL’s Submarine Cable submarine cable bandwidth of BSCCL in last five years.
systems was around 2069.00 Gbps excluding IPLC
Export to STC & Orange amounting 663.00 Gbps.
2017-18 2018-19 2019-20 2020-21 2021-22

Ultimate achievable Capacity (Gbps) 1800 1950 2800 3000 3000
Lit Up Capacity (Gbps) 700 950 1550 2000 3000
Utilization (Gbps) 446.48 686.40 1102.72 1563.91 2068.88*
Bandwidth Capacity & Utilization in last five financial years

(Excluding IPLC Export to STC & Orange amounting 663.00 GBPS)
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2500
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2000
1500
1000
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500
0
2017-18 2018-19 2019-20 2020-21 2021-22
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Sector-wise Performance
The main services of BSCCL are International Private Lease Circuit (IPLC) and IP Transit services. The performances
of IPLC and IP Transit services in terms of capacity & revenue during last two years are presented below:
2020-21 2021-22 Growth Growth (%)

Capacity Capacity
Name of Service in Gbps Revenue in Gbps Revenue
(As on 30/ (Million BDT) (As on 30/ (Million BDT) Capacity Revenue Capacity Revenue
06/2021) 06/2022)
IPLC 1290.60 2648.27 1711.84 3156.14 421.24 507.87 32.64 19.18
IPLC Export - - 663.00 19.89 663.00 19.89 - -
IP Transit Service 273.30 702.83 337.04 1083.97 63.74 381.14 23.32 54.23
IP Transit Service Export - - 20.00 41.44 20.00 41.44 - -
Circuit Activation Charge - 12.51 - 14.10 - 1.59 - 12.71
Co-Location Charges - 84.92 - 101.90 - 16.98 - 19.56
The details of the Sector-wise Performance of BSCCL have been presented in note number 27 to 31 of the
Audited financial statement of 2022.
Directors’ Report
Selling/Leasing Unutilized Capacity of as long term loan and BDT 190.49 crore as equity
SMW-4 & SMW-5 Submarine Cable of BSCCL finance against which equity share is issuable at
agreed issue price in favor of GoB subject to the
in International Market: approval of GoB, Shareholders in General Meeting and
Historically, submarine cable capacity utilization of BSEC) and rest amount of BDT 579.02 crore will be
BSCCL has been mostly towards the east in Singapore financed from BSCCL’s own fund]. Accordingly, a
direction, as Singapore is the data hub of South-East Revised Development Project Proposal (RDPP) for the
Asia region. At present, BSCCL’s bandwidth utilization project named “Installation of the 3rd Submarine Cable
inside the country stands at around 2069 Gbps, of for expansion of International Telecommunications
which around 90e% is east bound towards Singapore. System of Bangladesh” has been sent to Planning
But, as a member of SMW-5 consortium, BSCCL Commission for the approval of ECNEC. It is expected
possess a big capacity in the SMW-5 submarine cable that the above stated capacity in SMW-6 submarine
in the west direction from Sri Lanka to France/Italy of cable will be ready for use on first quarter of 2025.
which a very small portion is utilized till date. In this
regard, BSCCL has been always actively looking for
SWOT Analysis for BSCCL
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opportunities to lease/transfer its huge amounts of
mostly unused west bound submarine cable capacity Strengths
to willing international telecom operators. Conse- a. BSCCL is mostly a State owned Public Limited
quently, BSCCL transferred 25.31% (equivalent to
650G Gbps at present, which will change with the
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change in design capacity in the future) of its allocat-
ed capacity in the Yanbu (Saudi Arabia)-Marseille PoP
Company of which about 74% of the shares are
owned by the Government.
b. It has the sole ownership of two international
d.
(France) section of SMW-5 to Saudi Telecom Company submarine cable systems, the SMW-4 & SMW-5, in
effective from 12 May-2021 who is also a member of the country.
SMW-5 consortium. Moreover, under an agreement c. After implementation of 2nd submarine cable, the
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signed between French telecom operator ‘Orange’ and SEA-ME-WE-5, BSCCL ensured redundancy for its
BSCCL on 30-Jun-2021, BSCCL has already leased 13 services and also added a huge amount in its
Gbps capacity in the Singapore-France route of the bandwidth capacity for national consumption as
SMW-5 submarine cable for rest of life of SMW-5 well as for export to the neighboring countries/In-
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submarine cable system. Furthermore, BSCCL has ternational Market.

already restarted export of 20GBPS IP Transit Service d. BSCCL has signed the Construction & Mainte-
Export to BSNL of India for Tripura state and BSCCL is nance Agreement with the SEA-ME-WE-6 subma-
expecting to export of 30 GBPS IP Transit Service to a rine cable consortium in order to get connected
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state owned entity named Assam Electronics Devel- with the proposed SEA-ME-WE-6 submarine cable
opment Corporation Limited of India for Assam State. system which will strengthen BSCCL further in
Besides BSCCL has already entered into a contract terms of bandwidth capacity as well as redundan-
with Telecom Malaysia (TM) for leasing 200 Gbps cy and diversity.
capacity of SMW-5 cable in Djibouti-Yanbu-France
route with Light-up Cost, yearly O&M cost (including e. It has already secured a very good reputation in the
VAT) and NTRA Fees for a period of ten years. Telecommunication industry of Bangladesh and
abroad as well through its reliable and high quality
of services.
Investment for 2 MIU in SMW-6 Submarine Cable:
f. The company has been using latest technology
In the FY 2021-2022 BSCCL has signed a Construction
and providing high quality international bandwidth
and Maintenance Agreement (C&MA) with SMW-6
to its customers.
submarine cable consortium to invest for 1 MIU (1MIU
i.e. 6,600 Gbps) in SMW-6 submarine cable and later on g. BSCCL serves its customers on 24/7 basis.
increase the investment for 2 MIU (2MIU i.e.13,200 h. BSCCL has been a profitable company since its
Gbps) with the consent of Government with an revised incorporation and despite a huge investment for
estimated cost of BDT 1055.24 crore [out of which BDT SMW-5 & SMW-6 BSCCL remained not only profit-
476.22 crore is expected as GoB fund (BDT 285.73 crore able but also gained satisfactory growth in profit.
Directors’ Report
Weaknesses under construction. Various IT industries to be

established in these IT Villages and those will
a. BSCCL is no longer the sole agency to supply
require high speed bandwidth.
submarine cable bandwidth to IGW, IIG and other
e. Many small ISP are working all over the country to
corporate users in the country. The competitors
spread fixed broadband distribution network into
are the ITC License holders who already acquired a
domestic households creating new demand for
substantial market share. On the other hand
bandwidth every day.
government has issued three more submarine
f. BSCCL is actively looking to offer more Bandwidth
cable license to the private sector and one of the
to the international buyers from the unused
license holders has NTTN license. The private
capacity of BSCCL in the west side of the SMW-5
sector license holders are expected to be in opera-
Submarine cable.
tion by next two years. Hence, BSCCL would
g. BSCCL is actively looking to offer more Bandwidth
require diversification of its business and would
to the North-Eastern Indian states of India under
require exploring international market for sustain-
the said Agreement. BSCCL is in contact with
able growth of the company.
Bhutan and Nepal to lease cross boarder band-
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b. BSCCL does not hold NTTN license. Hence, BSCCL width to them.
needs to depend on NTTN operators for transpor- h. Continuous technological development is going on
tation of the submarine cable bandwidth to differ- to transport more bandwidth over an optic fiber
ent parts of the country, which means that BSCCL
is not able to offer complete solution for its
customers using its own resources. co i.
pair and thus the bandwidth carrying capacity of
the submarine optic fiber cable is increasing
gradually.
BSCCL might plan to provide NTTN service in
d.
Opportunities
future on joint collaboration with PGCB/BTCL.
a. Per capita bandwidth use in Bangladesh is still j. To implement the Vision 2041, GoB will require
much lower compared to many other countries in huge bandwidth and BSCCL is public owned
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SouthEast Asia. Hence, GoB is taking various supplier of bulk bandwidth.

measures to increase broadband penetration in
the country. As a result, the broadband penetration Threats
in the country is increasing rapidly. Also, more and
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more businesses are going online which results in The most crucial threat of the company is rapid
rapid growth in the demand of Internet bandwidth. technological change or damage to the current
b. Government issued licenses for 4G services in 2018 undersea cable system that the consortium operates
to the mobile telephone operators and the opera- due to any natural disaster. Since the operation is
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tors are expanding their 4G network throughout highly capital intensive, any basic change in technolo-
the country. As a result, demand for bandwidth is gy will severely affect BSCCL’s business. Also, any
increasing day by day. Also, Bangladesh has start- serious damage of undersea cable systems may
ed 5G services trial from December 2021 and affect the offered services and the revenue source of
Government has plan to introduce commercial 5G the company.
services in the country within 2023, the implemen-
tation of which will create much larger demand for Management Perception
international bandwidth. Bandwidth demand is increasing day by day mostly for
c. Government has implemented several projects to data related services. If the management of the
connect all the government offices up to Upazila company reduces unit prices of the product, then
level through optic fiber cable network and intro- volume of sales will be higher. As the cost increase at
ducing e-filing, e-tendering, e-commerce, a much lower rate with the increase of sales volume
e-health, e-agriculture and many other online hence, the increased sales volume directly contrib-
services. These services are creating huge demand utes to the profit of the company.
for bandwidth in public sector.
d. Government has built several IT Villages in differ- Industry Risk
ent parts of the country and several others are Most of the times the customers prefer to avail the
Directors’ Report
services at lower rate and the ITC operators provide Operational Risk
the services at lower rate than BSCCL. Hence, to
If the submarine cable connectivity is disconnected
hold major share in bandwidth market BSCCL some-
accidentally or if there is a planned maintenance in
times needs to reduce the tariff of its services which
the submarine cable route, the country suffers
may have a negative impact on the revenue of the
adversely in terms of voice and data communication
company.
for at least 5-7 days till the cable gets repaired. Fortu-
nately, BSCCL now has two submarine cable systems
Technology Risk which considerably reduces the risk of the said
The most crucial risk in IT sector is rapid technologi- black-out. But if both the submarine cables get
cal change. At present the world is going through disconnected at the same time, though the probability
technological revolution. However, the company has is very low, still the international data and voice
been using the latest technology and has the provi- communication will remain active at a lower scale
sion to upgrade the system only through changing through ITC systems and satellite system operating in
terminal equipment. Already the SMW-4 and SMW-5 the country. However, the company can cope with
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submarine cable systems have been upgraded such a situation through diversion facilities availed
number of times which has enhanced the capacity through the new submarine cable system and there-
and efficiency. It is expected that within the next fore, operational risk associated to the concern
requirements for the existing infrastructure of the

company. So risk exposure for the company regarding
technology remains at acceptable level.
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couple of years there will be no significant investment remains very low.
Pricing Risk
d.
BSCCL is competing with six ITC companies now. In
Market Risk future three more Submarine cable operators will be
in operation in the same market. Therefore, BSCCL
One of the major market risks for BSCCL is new
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may have to change the price of their services as

competition. Till now BSCCL is the sole owner of the
required by the market. However, BTRC and the
submarine cable systems of Bangladesh but as the
Government are the bodies that sometime control the
Government has issued three more submarine cable
price. Government and stakeholders are creating
licenses, the monopoly enjoyed by BSCCL may end in
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pressure to reduce IPLC & IP Transit charges which

coming years. Moreover, six International Terrestrial
might reduce the expected profit of the company. So,
Cable (ITC) companies are also in the same business.
the pricing risk for the company is in place. Such
As a result, the ITC operators are also offering similar
reduction impacts adversely over the revenue growth
services those offered by BSCCL to its customers,
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of the company. However, the company intends to

sometimes at cheaper prices. Some of the ITC license
adjust price versus sales volume to address this risk
holders also possess NTTN licenses which are added
and keeping exposure towards the risk at an accept-
advantage for them. However, it is expected that the
able level.
ITC operators will not be able to offer quality services
that BSCCL provides to the customers as their
connectivity includes very long land transmission Extra Ordinary Gain (Loss)
path from Bangladesh to Mumbai or Chennai cable There was no extra ordinary gain by the company
landing stations which is vulnerable to frequent cable during the year under report.
cut. The quality of bandwidth of BSCCL is also better
because of lower latency. Thereafter the exposure of Related Party Transactions
market risk remains low for the company.
The related party transactions entered by Company
Also, Government has issued submarine cable operat- have been presented in Note no.57.1 of the audited
ing license to three private operators. One of which is financial statements.
a NTTN operator. As a result BSCCL will face an
uneven competition which may adversely affect Change in Accounting Policy
business growth of the company. There was no notable change took place in the
Directors’ Report
accounting policy of BSCCL during the financial year provides 24/7 customer support from these NOCs; the
2021-2022. company also use Trouble Ticket for customers
complain management. BSCCL use standard
Significant Variance of Financial Statements software for Inventory Management, System Status,
Restoration Status, Termination Station Module etc.
The net profit after tax has been increased significantly Other supporting tasks are less complicated.
in the financial statements compared to that of last year
which is due to remarkable increase of sales revenue
and also due to very small increase of the operational The Directors Report that
expenditure against the increased sales revenue. • The financial statements prepared by the
management of the company present fairly its
Remuneration to Directors state of affairs, the result of its operations, cash
flows and changes in equity.
During the financial year 2021-22 BDT 7,56,570 .00
(including VAT) was paid as Directors remuneration for • Proper books of account as required by the
prevailing laws have been maintained.
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attending Board of Directors Meetings.
• Appropriate accounting policies have been
Human Resources consistently applied in preparing the financial
Total approved manpower of the company is 187
according to the present organogram of the company
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and the working staffs were 142 as on 30th June, 2022.
Among the employees, 64 are in officer level and rest
•
statements and the accounting estimates are
based on reasonable and prudent judgment.
International Accounting Standards (IAS) or Inter-
d.
national Financial Reporting Standards (IFRS), as
78 is support staff. Compared to number of officers,
applicable in Bangladesh, have been followed in
the number of staff has been found to be on the higher
preparation of the financial statements and any
side. Again, the Company had 137 permanents, 4
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departure there from has been adequately

deputed (from government) and 1 contractual
disclosed.
employee as on 30th June 2022. The Company has its
own service regulations approved by the Board of • The system of internal control is sound in design and
Directors. During the year 2021-2022, only 2 (two) has been effectively implemented and monitored.
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officers resigned from the Company. The Company

provides festival bonus, Incentive bonus, profit • Minority shareholders have been protected from
sharing (WPPF), provident fund and gratuity to all abusive actions by, or in the interest of, controlling
employees. The performance of the employees is shareholders acting either directly or indirectly
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being evaluated on regular basis which is the key and have effective means of redress.
basis for promotion into the next higher position. • There is no significant doubt about the Company's
ability to continue as a going concern.
IT and MIS
As an IT based telecom organization, BSCCL has been Key operating and financial data
operating with a good IT infrastructure for the tasks
A statement where key operating and financial data of
related with technology. BSCCL has System Surveil-
preceding 5 (five) years has been presented at page
lance Equipment and specialized software to
number 14 of the Annual report.
communicate with other landing stations in real time
virtual online network. Submarine cable landing
stations have data management system called Board of Directors Meeting
System Surveillance Equipment (SSE) which allows During the financial year 2021-2022, eleven (11) meetings
the operator to monitor and control the entire subma- of the Board of Directors were held to discuss routine
rine cable system. The Company has three Network business issues and policy matters of the Company. The
Operation Centers (NOC) located at its head office in Board Meeting attendance of the Directors has been
Dhaka and at the two landing stations. The company presented in ANNEXURE – E (page number 71).
Directors’ Report
Appointment / Re-appointment of Directors The appointment/re-appointment of above mentioned

Directors will be placed at the 14th AGM for the
Pursuant to the provision of article 120, 121 and 122 of approval of the shareholders. The brief resume of the
the Articles of Association of the Company read in Directors who are seeking appointment/re-appoint-
conjunction with those of the Companies Act, 1994, at ment in the upcoming 14th AGM of BSCCL are given in
the 13th Annual General Meeting, one third of the page number 17 to page number 21.
directors of Bangladesh Submarine Cable Co. Ltd.
shall retire from office. Accordingly, the Chairman of
the company Mr. Md Khalilur Rahman, Secretary, Board of Directors
Posts and Telecommunications Division and the a Board Size
Director of the company Mr. Khandker Md. Abdul Hye, The number of members of the Board of Directors
PhD, Joint Secretary, Posts and Telecommunications stands at 9 (including Managing Director & two
Division BSCCL who are in the office for long time Independent Directors) which are in compliance with
shall retire at the 14th Annual General Meeting. Both the Notifications of BSEC in this regard.
Mr. Md Khalilur Rahman and Mr. Khandker Md. Abdul
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Hye, PhD have expressed their interest to be b Brief Description of Independent Directors
reappointed and are eligible for re-election.
i. Mr. NKA Mobin FCS, FCA
After completion of 13th AGM, the Board of Directors
of BSCCL in its 189th BoD meeting held on 02
December, 2021 has appointed (affective from 07
December, 2021) Mr. Dr. Hafiz Md. Hasan Babu as
co In terms of the provision of Corporate Governance
Guidelines of BSEC, the Board of Directors appointed
Mr. NKA Mobin FCS, FCA as Independent Director of
the Company on 25 June 2020. Mr. Mobin is the Vice
d.
Director of the company in place of Mr. Dr. Md. President of the Institute of Chartered Accountants of
Mahbubul Alam Joarder, Professor, Institute of Infor- Bangladesh (ICAB) and Managing Director & CEO
mation Technology, University of Dhaka. Furthermore, Emerging Credit Rating Ltd (ECRL). He has an illustri-
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the Board of Directors of BSCCL in its 196th BoD ous 26 years’ professional career. Prior to Joining ECRL,
meeting held on 30 January, 2022 has appointed Mrs. he worked at Grameenphone Ltd. for more than 11
Dr. Nasima Akhter, Joint Secretary, Finance Division as years in various capacities as Director Finance, Direc-
Director of the company in place of Mrs. Kulsum tor Administration, Director Projects and Company
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Begum, former Joint Secretary, Finance Division. Secretary. Before joining Grameenphone in 1998, he
worked in the Swiss pharmaceuticals Co. named
The Board of Directors of BSCCL in its 196th BoD Novartis Bangladesh Limited for 3 years as Director
meeting held on 30 January, 2022 has appointed Finance and Company Secretary, in multinational
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(affective from 05 January, 2022) Mr. AKM Habibur fertilizer company named Karnaphuli Fertilizer Co. Ltd.
Rahman, GM (Eng), Department of Telecommunica- (KAFCO) for 5 years as Manager Finance & IT and in
tions as Managing Director of BSCCL in place of Mr. Dhaka Match Industries Co. Ltd. for 5 years as Chief
Mashiur Rahman, former Managing Director of Accountant. He is member of various professional
BSCCL. Later The Board of Directors of BSCCL in its bodies both at home & abroad. He has participated and
202th BoD meeting held on 11 August, 2022 has represented ICAB at various professional events at
appointed (affective from 08 August, 2022) Mr. Md home and abroad. He has served various organizations
Shahab Uddin, GM (Eng), Department of Telecommu- as Director/Independent Director previously. At
nications as Managing Director of BSCCL in place of present, Mr. Mobin is also the Independent Director in
Mr. AKM Habibur Rahman, former Managing Director Mobil-Jamuna Lubricants Bangladesh Ltd, Shasha
of BSCCL. At last the Board of Directors of BSCCL in Denims Ltd, Unique Hotel & Resorts Limited and Hidle-
its 203th BoD meeting held on 08 September, 2022 has berge Cement Bangladesh Limited. Mr. Mobin was the
appointed (affective from 01 September, 2022) Mr. Md. Govt. nominated Director in BIMAN Bangladesh
Azam Ali, GM (Eng), Department of Telecommunica- Airlines Limited for 5 years till 2020. He is also the
tions as Managing Director of BSCCL in place of Mr. Director of Dhaka Chamber of Commerce and Industry
Md Shahab Uddin former Managing Director of (DCCI) and Council Member of Institute of Chartered
BSCCL. Accountants of Bangladesh (ICAB) since 2019.
Directors’ Report
ii. Mr. Syed Mamnun Quader (Hons) degree with major in Statistics and minor in
In terms of the provision of Corporate Governance Computer Science from City, University of London, UK
Guidelines of BSEC, the Board of Directors appointed and obtained his MBA from Bayes Business School
Mr. Syed Mamnun Quader as Independent Director of (formally Cass), City, University of London, UK.
the Company on 30 June 2021. Mr. Quader is a highly
educated and is well known business personality. He
d. Chairman of the Board and Chief Executive Officer
is engaged in software businesses. He is the Founding
Managing Director & CEO of Southtech Limited, a The position of the Chairman of the Board and the
pioneering company in the field of Information Tech- Chief Executive Officer stand separated. The roles of
nology in Bangladesh, which was established in early the Chairman and CEO/Managing Director are clearly
1996. He spearheaded some of the largest and most defined in the Articles of Association of the Company.
transformational digital initiatives in the for-profit,
non-profit and public sectors of Bangladesh and e. Directors Report to Shareholders that
neighboring countries. Under his guidance, his
company managed to develop and deliver a number of i. Chief Financial Officer (CFO), Head of Internal Audit
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Fintech, ERP, HR, e-commerce, accounting, and retail (HIA) and Company Secretary (CS).
management software products to the market along The Company appointed Chief Financial Officer (CFO),
with large customized solutions to a number of Head of Internal Audit (HIA) and Company Secretary
government entities. He is a founding member and a
former Senior Vice President of Bangladesh Associa-
tion of Software and Information Services (BASIS). Heco
is also the former Director of DCCI. His contributions
(CS) as per Corporate Governance Guidelines of BSEC.
ii. Audit Committee
The Audit Committee, as a Sub-Committee of the
d.
toward software export was recognized by the Board, was constituted on 25 September, 2012.
Government of Bangladesh by designating him as a Recently the Audit Committee has been reconstituted
Commercially Important Person (CIP). Mr. Quader’s with two Independent Directors and one non-execu-
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company Southtech Limited was also a winner of the tive Director. The Company Secretary acts as Secre-
“ICT Solution Provider of the Year – Local Market tary to the Committee. Role of the Audit Committee
Focus” awarded by the Daily Star Awards 2020. as per provision of the BSEC regulation has been duly
adopted by the Board. The report of the Audit Commit-
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c. Qualification of Independent Directors tee is included in the Annual Report for 2021-2022.
Professionally Mr. N K A Mobin is a Chartered iii. Nomination and Remuneration Committee (NRC)
Accountant and the fellow member of the Institute of
Chartered Accountants of Bangladesh (ICAB). He is The NRC, as a Sub-Committee of the Board, was
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also the fellow member of the Institute of Chartered constituted on 29 September, 2018. The NRC Commit-
Secretaries of Bangladesh (ICSB). He did complete his tee consists of two Independent Directors and four
BBA and MBA in Finance from University of Dhaka non-executives Directors. The Company Secretary
during 1977-1982. Mr. Mobin has vast experience in the acts as Secretary to the Committee. Role of the NRC
field of Finance, Accounting, Taxation, System design, as per provision of the BSEC regulation has been duly
ERP system and Company Secretarial Practices. He adopted by the Board. The report of the NRC is includ-
has an illustrious 25 years’ professional career. He has ed in the Annual Report for 2021-2022.
international training and management program in iv. External Statutory Auditors
Stockholm Business School in Sweden, National
The BSEC guidelines are being strictly followed in
University of Singapore, INSEAD in France and also
engaging statutory Auditors.
AOTS/HIDA in Japan.
v. Subsidiary Company
Mr. Syed Mamnun Quader is a renowned business
The company has no Subsidiary Company.
leader. He is the Founding Managing Director & CEO of
Southtech Limited, a pioneering company in the field vi. Duties of CEO & CFO
of Information Technology in Bangladesh, which was The provision of BSEC regulations has been complied
established in early 1996. Mr. Quader obtained his B.Sc. with.
Directors’ Report
Capital Structure
The Company was incorporated with an authorized capital of BDT 1,000 crore divided into 100 crore ordinary
shares of BDT 10/- each, out of which the paid up capital is BDT 1,649,055,100 divided into 164,905,510 ordinary
shares of BDT 10/- each.
State of the Company's Affairs
Generally, the company is formed for providing international bandwidth and to make the telecommunications
services easily accessible to the people. The main achievement during the year under review was to enhance
the IPLC business, where the company has achieved a very good growth in bandwidth utilization which resulted
in considerable financial growth. The year under consideration, BSCCL has leased bandwidth to STC of
Kingdom of Saudi Arabia, Orange of France and BSNL of India. In the upcoming year BSCCL is expecting to lease
more bandwidth to STC of Kingdom of Saudi Arabia, TM of Malaysia, Assam Electronics Development Corpora-
tion Limited of India and other international clients.
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Financial Results
The Company has earned Net profit of BDT 2500.22 million, EPS (Diluted) of BDT 13.91, NAV per share of BDT
64.66 and NOCFPS of BDT 16.76 for the year ended on June 30, 2022 against 1907.33 million, EPS (Diluted) of BDT
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10.61, NAV per share of BDT 52.49 and NOCFPS of BDT 14.18 respectively for the same period of the previous year.
The increase of total Net profit and EPS of this year is the result of increase in ordinary course of business activ-
ities for the period under consideration.
d.
A brief financial result is shown below:
Figures in million (BDT) Growth
Particulars
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2021-22 2020-21 (%)

Revenue 4,417.44 3,448.53 28.10
Direct Operating Cost 669.66 599.91 11.63
Gross Profit 3,747.78 2,848.61 31.57
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Operating Exp. 514.97 418.81 22.96

Operating Profit 3,232.82 2,429.80 33.05
Non-Operating Income/Expenses 128.32 90.02 42.55
Profit Before Tax 3201.08 2,399.83 33.39
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Income Tax Expenses 700.86 492.50 42.31

Net Profit After Tax 2,500.22 1,907.33 31.08
Tax Holiday Reserve 58.83 47.33 24.31
Total Comprehensive Income 2,500.22 1,907.33 31.08
Proposed Dividend 758.57 610.15 24.32
Explanation Regarding the Qualified Opinion Expressed By the Statutory Auditor

During the fiscal years 2015-2016 and 2016-17, Bangladesh Submarine Cable Company Limited (BSCCL) received
an amount of BDT 166,00,00,000.00 as Equity Money in six different installments from the Government of the
People’s Republic of Bangladesh for the purpose of implementing the "Regional Submarine Telecommunica-
tions Project, Bangladesh (Installation and Establishment of Second Submarine Cable System (SMW5)" under a
RDPP approved by ECNEC. To comply with the FRC circular Financial Reporting Council (FRC) had issued a
notification (Notification No. 146/FRC/Admin/Notification/2020/01) on 11 February 2020 regarding Accounting
and Reporting on Share Money Deposit the Board of Directors of BSCCL has already decided to issue total of
1,48,69,037 shares (1,27,04,174 number of shares with an issue value of BDT 110.20 each against the equity money
received amounting BDT 140 Crore in 2015-16 and 21,64,863 number of shares with an issue value of BDT 120.10
Directors’ Report
each against the equity money received amounting with SMW-6 consortium members and agreements
BDT 26 Crore in 2016-17). Accordingly the same propos- with the suppliers on 23-Sep-2021. It may be expected
al has been forwarded to concerned ministries of that the 3rd submarine cable will be commissioned by
Government. Although the official process with the the year 2025. The 3rd submarine cable will help
Posts and Telecommunications Division has been BSCCL achieving additional 13200 Gbps of submarine
completed but BSCCL is awaiting for final approval cable capacity towards Singapore in the east as well
from the Ministry of Finance to transfer the Equity as towards France in the west separately.
Money to Share Capital. After receiving final approval
from the Ministry of Finance to transfer the Equity BSCCL is also planning to introduce some new servic-
Money to Share Capital BSCCL will place the issue for es such as CDN (Content Delivery Network) and some
the approval of General Meeting and Bangladesh cloud based services in near future. Besides, the
Securities and Exchange Commission. company is also trying to sell/lease some of its unuti-
lized capacity in SMW 5 submarine cable (core path),
During the fiscal year 2021-2022 BSCCL received which cannot be terminated or used in Bangladesh, to
amounting to Taka 249,600,000 in two different phases other SMW 5 consortium partners in order to get
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as Equity Money from the Government of the People’s revenue from unused capacity.
Republic of Bangladesh for implementing the instal-
lation of 3rd Submarine Cable (Work in progress) for Fairness of the Financial Statements and
expansion of International Telecommunications
System of Bangladesh. Hence, total Equity Money
stands at Taka 1,909,600,000 as on 30 June 2022. As
Taka 249,600,000 is received as a partial payment
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It is the responsibility of the Directors as per the provi-
sions of the Companies Act, 1994 to prepare financial
d.
under a committed amount of Taka 1,569,347,000 as statements for each year. The financial statements
per the approved DPP for implementing the installa- and other financial information included in this report
tion of 3rd Submarine Cable, as more payment is fairly present all material respects, the financial
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expected and as the government has yet to audit the conditions, results of operations, cash flow state-
project, the issue value and number will be decided ments and the changes in equity of the company for
after completion of the project and project audit. the year under review.
The company has used appropriate accounting
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policies in preparation of these financial statements

Dividend
supported by reasonable and prudent judgments and
The net profit after tax of the Company stands at BDT estimates as necessary. International Accounting
2,500,219,040 during the year ended on 30th June 2022. Standards (IASs) and International Financial Report-
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In compliance of the Dividend Policy of BSCCL the ing Standards (IFRSs), as applicable in Bangladesh
Board of Directors recommends 46% Cash Dividend have been followed in preparation of these financial
for the year ended on 30thJune 2022. Please note that statements in compliance with the relevant account-
no bonus shares or stock dividend has been or shall be ing policies.
declared as interim dividend.
Duties of the CEO and CFO
Future Plan
The CEO and CFO have certified that
In light of the election manifesto of the government,
necessary measures have already been taken to • To the best of their knowledge and belief, they
connect Bangladesh to its 3rd submarine cable. With have reviewed the financial statements for the
the approval of the Posts and Telecommunications year ended on 30th June 2022.
Division and the BoD of BSCCL, BSCCL signed a Mem- • These statements did not contain any materially
orandum of Understanding (MoU) on 15-Sep-2019 with untrue statement or omit any material fact or did
a new submarine cable consortium titled “South East not contain any misleading statements.
Asia-Middle East-Western Europe-6 (SEA-ME-WE-6
• These statements present a true and fair view of
or SMW-6)”. Following through, BSCCL signed the
the Company's affairs and are in compliance with
Construction and Maintenance Agreement (C&MA)
existing accounting standards and applicable laws.
Directors’ Report
• There were no transactions entered into by the holding and Certificate of Compliance issued by M/S
company during the year which are fraudulent, Mohashin & Co. under the Corporate Governance Code
illegal, or violation of the company's code of are annexed in this report (page number 58 to 69).
conduct.
Auditors Conclusion
The Board of Directors would like to convey its hearti-
M/S Mabs & J Partners , Chartered Accountants will
est gratitude to all the shareholders for their coopera-
ceased the office as the present Auditor with the
tion and support towards development of the Company.
completion of 14th Annual General Meeting (AGM).
The Board of Directors would like to express its sincere
They have been appointed as Auditor of the company
appreciation for the support and guideline received
for the last year AGM, thus they may be considered for
from the Posts and Telecommunications Division of the
further appointment as Statutory Auditor of BSCCL
Ministry of Posts, Telecommunications & Information
for the years 2022-2023. The Board of BSCCL has
Technology, Ministries of Finance, Commerce, Science
recommended M/S MABS & J Partners, Chartered
& Technology, Bangladesh Telecommunication Regula-
Accountants for the appointment as Statutory Auditor
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tory Commission (BTRC), Bangladesh Telecommunica-
of BSCCL for the year 2022-2023. On the other hand,
tions Co. Ltd. (BTCL), BSEC, DSE, CSE, CDBL, RJSC, NBR
Pursuant to rule 9(2) of the Corporate Governance
and other Government Organizations.
Code dated 03 June 2018 of BSEC, it is necessary to
certificate on compliance of the said Corporate

Governance Code. The Board has recommended M/S
Suraiya Parveen & Associates Practicing Chartered
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appoint a professional for BSCCL who will provide the
The Directors wish to express their thanks and grati-
tude to the Management of BSCCL for good team
spirit, hard work, and dedicated services towards the
d.
growth and progress of the Company. The Directors
Secretaries, as the Corporate Governance Auditor for
also thank all the staff of the company, the valued
the year 2022-2023.
customers of the company, the suppliers of goods and
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services, different Banks and Financial Institutes for

Compliance of Corporate Governance Code their kind supports. The Board of Directors expects
BSCCL has complied with all the necessary guide- that IT related services would continuously flourish in
lines of the BSEC Corporate Governance Code. The the country and the country would achieve the goal of
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Compliance report, Declaration and Certification by being a knowledge based society in course of time.
the CEO and the CFO to the Board, Pattern of Share- Thank you very much for your kind participation.
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For and on behalf of the Board of Directors
Md. Azam Ali Md. Abdul Momin

MANAGING DIRECTOR, BSCCL DIRECTOR, BSCCL
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ANNEXURE - A
[As per condition No. 1 (5) (xxvi)]
DECLARATION BY CEO AND CFO

Date: 16 October, 2022
The Board of Directors
Subject: Declaration on Financial Statements for the year ended on 30 June, 2022.
Dear Sirs,
Pursuant to the condition No. 1(5)(xxvi) imposed vide the Commission’s Notification No. BSEC/CMRRCD/
2006158/207/Admin/80 Dated 3 June 2018 under section 2CC of the Securities and Exchange Ordinance, 1969,
we do hereby declare that:
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(1) The Financial Statements of Bangladesh Submarine Cable Company Limited for the year ended on 30 June,
2022 have been prepared in compliance with International Accounting Standards (IAS) and/or International
Financial Reporting Standards (IFRS), as applicable in the Bangladesh and any departure there from has
been adequately disclosed;
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(2) The estimates and judgments related to the financial statements were made on a prudent and reasonable
basis, in order for the financial statements to reveal a true and fair view;
d.
(3) The form and substance of transactions and the Company’s state of affairs have been reasonably and fairly
presented in its financial statements;
(4) To ensure above, the Company has taken proper and adequate care in installing a system of internal control
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and maintenance of accounting records;

(5) Our internal auditors have conducted periodic audits to provide reasonable assurance that the established
policies and procedures of the Company were consistently followed; and
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(6) The management’s use of the going concern basis of accounting in preparing the financial statements is
appropriate and there exists no material uncertainty related to events or conditions that may cast significant
doubt on the Company’s ability to continue as a going concern.
In this regard, we also certify that: -

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(i) We have reviewed the financial statements for the year ended on 30 June, 2022 and that to the best of our
knowledge and belief:
(a) these statements do not contain any materially untrue statement or omit any material fact or contain state-
ments that might be misleading;
(b) these statements collectively present true and fair view of the Company’s affairs and are in compliance with
existing accounting standards and applicable laws.
(c) There are, to the best of our knowledge and belief, no transactions entered into by the Company during the
year which are fraudulent, illegal or in violation of the code of conduct for the company’s Board of Directors
or its members.
Sincerely yours,
Shukanta Kumar Debnath, FCA Md. Azam Ali

Chief Financial Officer, BSCCL Managing Director & CEO, BSCCL
ANNEXURE - B
[As per condition No.1 (5) (XXVII)]
CORPORATE GOVERNANCE CODE COMPLIANCE REPORT

Report to the Shareholders of Bangladesh Submarine Cable Company Ltd.
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on
Compliance on the Corporate Governance Code
We have examined the compliance status to the Corporate Governance Code by Bangladesh Submarine Cable
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Company Ltd. for the year ended 30 June, 2022. This Code relates to the Notification No. BSEC/CMR-
RCD/2006-158/207/Admin/80 dated 03 June 2018 of the Bangladesh Securities and Exchange Commission.
Such compliance with the Corporate Governance Code is the responsibility of the Company. Our examination was
d.
limited to the procedures and implementation thereof as adopted by the Management in ensuring compliance to
the conditions of the Corporate Governance Code.
This is a scrutiny and verification and an independent audit on compliance of the conditions of the Corporate
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Governance Code as well as the provisions of relevant Bangladesh Secretarial Standards (BSS) as adopted by
Institute of Chartered Secretaries of Bangladesh (ICSB) in so far as those standards are not inconsistent with
any condition of this Corporate Governance Code.
We state that we have obtained all the information and explanations, which we have required, and after due
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scrutiny and verification thereof, we report that, in our opinion:
(a) The Company has complied with the conditions of the Corporate Governance Code as stipulated in the
above-mentioned Corporate Governance Code issued by the Commission except as stated in the remarks
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column of the Statement on Status of Compliance of the Code prepared by the Directors of the Company;
(b) The Company has complied with the provisions of the relevant Bangladesh Secretarial Standards (BSS) as
adopted by the Institute of Chartered Secretaries of Bangladesh (ICSB) as required by this Code;
(c) Proper books and records have been kept by the company as required under the Companies Act 1994, the
securities laws and other relevant laws; and
(d) The Governance of the Company is satisfactory.
For
M Mohashin & Co.
Place: Dhaka Md. Mohashin FCS

Dated: 20 October, 2022. Chartered Secretary in Practice
ANNEXURE - C
[As per condition No.9]
Compliance Report on BSEC’S Notification

Status of Compliance with the conditions imposed by the Bangladesh Securities and Exchange Commission’s
Notification No. BSEC/CMRRCD/2006-158/207/Admin/80 dated 3 June, 2018 issued under section 2CC of the
Securities and Exchange Ordinance, 1969:
(Report under Condition No. 9)
Compliance Status
Condition (Put √ in the Remarks
Title
No. appropriate column) (if any)
Complied Not complied
1.00 Board of Directors
Size of the Board of Directors: There are total 9
1.1
The total number of members of a company’s Board of
Directors (herein after referred to as “Board”) shall not √ including 2
Independent
be less than 5 (five) and more than 20 (twenty) Directors
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1.2 Independent Director
1.2(a)
At least one-fifth (1/5) of the total number of directors
in the company’s Board shall be independent directors √ There are 2
Independent Directors
Do not hold any share in the company or holds less than
1.2(b)(i)
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one percent (1%) shares of the total paid-up shares of
the company
Do not a sponsor of the company or is not connected
with the company’s any sponsor or director or
√
d.
nominated director or shareholder of the company or
any of its associates, sister concerns, subsidiaries and
1.2(b)(ii) parents or holding entities who hold sone percent (1%) √
or more shares of the total paid-up shares of the
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company on the basis of family relationship and his or

her family members also shall not hold above mentioned
shares in the company
1.2(b)(iii)
Who has not been an executive of the company in
immediately preceding 2 (two) financial years √
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Does not have any other relationship, whether

1.2(b)(iv) pecuniary or otherwise, with the company or it √
subsidiary or associated companies
Independent directors are not a member or TREC
1.2(b)(v) (Trading Right Entitlement Certificate) holder, director √
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or officer of any stock exchange

Independent director is not a shareholder, director
1.2(b)(vi)
excepting independent director or officer of any
member or TREC holder of stock exchange or an √
intermediary of the capital market
Independent director is not a partner or an executive or
was not a partner or an executive during the preceding
1.2(b)(vii)
3 (three) years of the concerned company’s statutory
audit firm or audit firm engaged in internal audit √
services or audit firm conducting special audit or
professional certifying compliance of this Code
1.2(b)(viii)
They are not the Independent directors in more than 5
(five) listed companies √
Who has not been convicted by a court of competent
1.2(b)(ix)
jurisdiction as a defaulter in payment of any loan or any
advance to a bank or a Non-Bank Financial Institution √
(NBFI)
1.2(b)(x)
Who has not been convicted for a criminal offence
involving moral turpitude; √
The independent director(s) shall be appointed by the
1.2(c) Board and approved by the shareholders in the Annual √
General Meeting (AGM)
Compliance Status
Title
1.2(d)
The post of independent director(s) cannot remain
vacant for more than 90 (ninety) days √ No vacancy
occurred
The tenure of office of an independent director shall be
for a period of 3 (three) years, which may be extended
for 1 (one) tenure only.
1.2(e) A former independent director may be considered for re - Not Applicable
appointment for tenure after a time gap of one tenure.
The independent director shall not be subject to
retirement by rotation as the Companies Act, 1994.
1.3 Qualification of Independent Director (ID)
Independent director shall be a knowledgeable
individual with integrity who is able to ensure
1.3(a) compliance with financial laws, regulatory √
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requirements and corporate laws and can make
meaningful contribution to the business.
1.3(b) Independent director shall have following qualifications:
Business Leader who is or was a promoter or director of
1.3(b)(i)
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an unlisted company having minimum paid-up capital of
Tk. 100.00 million or any listed company or a member of
any national or international chamber of commerce or
business association
Corporate leader who is or was a top level executive not
√
d.
lower than Chief Executive Officer or Managing Director
or Deputy Managing Director or Chief Financial Officer
1.3(b)(ii)
or Head of Finance or Accounts or Company Secretary
or Head of Internal Audit and Compliance or Head of - Not Applicable
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Legal Service or a candidate with equivalent position of

an unlisted company having minimum paid-up capital
of Tk. 100.00 million or of a listed company
Former official of government or statutory or
autonomous or regulatory body in the position not below
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1.3(b)(iii) 5th Grade of the national pay scale, who has at least - Not Applicable
educational background of bachelor degree in
economics or commerce or business or Law
1.3(b)(iv)
University Teacher who has educational background in
- Not Applicable
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Economics or Commerce or Business Studies or Law

Professional who is or was an advocate practicing at
least in the High Court Division of Bangladesh Supreme
Court or a Chartered Accountant or Cost and
1.3(b)(v)
Management Accountant or Chartered Financial
Analyst or Chartered Certified Accountant or Certified √
Public Accountant or Chartered Management
Accountant or Chartered Secretary or equivalent
qualification
1.3(c)
The independent director have at least 10 (ten) years of
experiences in any field mentioned in clause (b) √
In special cases, above qualifications or experiences
1.3(d) may be relaxed subject to prior approval of the - Not Applicable
Commission.
1.4 Duality of Chairperson of the Board of Directors and Managing Director or Chief Executive Officer
The positions of the Chairperson of the Board and the
1.4 (a)
Managing Director (MD) and/or Chief Executive Officer
(CEO) of the company shall be filled by different √
individuals
The Managing Director (MD) and/or Chief Executive
1.4 (b) Officer (CEO) of a listed company shall not hold the √
same position in another listed company
Compliance Status
Title
1.4 (c)
The Chairperson of the Board shall be elected from
among the non-executive directors of the company √
The Board shall clearly define respective roles and
1.4 (d) responsibilities of the Chairperson and the Managing √
Director and/or Chief Executive Officer
In the absence of the Chairperson of the Board, the
remaining members may elect one of themselves from
1.4 (e)
non executive directors as Chairperson for that
particular Board’s meeting; the reason of absence of √
the regular Chairperson shall be duly recorded in the
minutes.
1.5 Directors report to shareholders
1.5(i)
Industry outlook and possible future developments in
√
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the industry
1.5(ii) Segment-wise or product-wise performance √
Risks and concerns including internal and external risk
√
1.5(iii)
1.5(iv) co
factors, threat to sustainability and negative impact on
environment, if any
Discussion on cost of goods sold, gross profit margin
and net profit margin
Discussion on continuity of any Extra-Ordinary gain or
-
-
Not Applicable
d.
1.5(v) Not Applicable
loss
A detailed discussion on related party transactions
1.5(vi)
along with a statement showing amount, nature of
related party, nature of transactions and basis of √
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transactions of all related party transactions

1.5(vii)
Utilization of proceeds from public issues, right issues
and/ or through any others instruments
- Not Applicable
An explanation if the financial results deteriorate after
- Not Applicable
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1.5(viii) the company goes for IPO, RPO, Rights Offer, Direct
Listing etc.
Explanation on significant variance occurs between
1.5(ix) Quarterly Financial performance and Annual Financial
Statements
√
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1.5(x)
Remuneration to directors including independent
directors
√
The financial statements prepared by the management
1.5(xi)
of the issuer company present fairly its state of affairs,
the result of its operations, cash flows and changes in √
equity
Proper books of account of the issuer company have
1.5(xii)
been maintained √
Appropriate accounting policies have been consistently
applied in preparation of the financial statements and
1.5(xiii)
that the accounting estimates are based on reasonable √
and prudent judgment
International Accounting Standards (IAS)
or International Financial Reporting Standards (IFRS),
1.5(xiv) as applicable in Bangladesh, have been followed in √
preparation of the financial statements and any
departure there from has been adequately disclosed
1.5(xv)
The system of internal control is sound in design and
has been effectively implemented and monitored
√
Minority shareholders have been protected
1.5(xvi)
from abusive actions by, or in the interest of, controlling
shareholders acting either directly or indirectly and √
have effective means of redress
Compliance Status
Title
There is no significant doubt upon the
issuer company’s ability to continue as a going concern,
1.5(xvii) if the issuer company is not considered to be a going √
concern, the fact along with reasons there of shall be
disclosed
Significant deviations from the last year’s operating
1.5(xviii) results of the issuer company shall be highlighted and
the reasons thereof shall be explained
√
Key operating and financial data of at least preceding 5
1.5(xix)
(five) years shall be summarized √
If the issuer company has not declared dividend (cash or
1.5(xx)
stock) for the year - Not Applicable
Board’s statement to the effect that no bonus share or
1.5(xxi) stock dividend has been or shall be declared as interim
dividend
√
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The total number of Board meetings held during the
1.5(xxii)
year and attendance by each director √
Report on the pattern of shareholding disclosing the aggregate number of shares (along with name-wise
1.5 (xxiii)
1.5(xxiii)(a)
1.5(xxiii)(b)
details where stated below) held by:
Chief Executive co
Parent or Subsidiary or Associated Companies and
other related parties (name-wise details)
Directors, Officer, Company
Secretary, Chief Financial Officer, Head of Internal
√
√
d.
Audit and Compliance and their spouses and minor
children (name-wise details)
1.5(xxiii)(c) Executives √
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1.5(xxiii)(d)
Shareholders holding ten percent (10%) or more voting
interest in the company (name-wise details) √
In case of the appointment or reappointment of a director, a disclosure on the following information to the
1.5(xxiv)
shareholders:
1.5(xxiv)(a) A brief resume of the director √
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1.5(xxiv)(b)
Nature of his or her expertise in specific functional
areas √
Names of companies in which the person also holds the
1.5(xxiv)(c) directorship and the membership of committees of the √
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Board
A Management’s Discussion and Analysis signed by CEO or MD presenting detailed analysis of the
1.5(xxv) company’s position and operations along with a brief discussion of changes in the financial statements,
among others, focusing on
1.5(xxv)(a)
Accounting policies and estimation for preparation of
financial statements
√
Changes in accounting policies and estimation, if any,
1.5(xxv)(b)
clearly describing the effect on financial performance
or results and financial position as well as cash flows in √
absolute figure for such changes
Comparative analysis (including effects of inflation) of
financial performance or results and financial position
1.5(xxv)(c) as well as cash flows for current financial year with
immediate preceding five years explaining reasons
√
thereof
Compare such financial performance or results and
1.5(xxv)(d) financial position as well as cash flows with the peer
industry scenario
- Not Applicable
1.5(xxv)(e)
Briefly explain the financial and economic scenario of
the country and the globe; √
Compliance Status
Title
Risks and concerns issues related to the financial
1.5(xxv)(f) statements, explaining such risk and concerns mitigation
plan of thecompany
√
Future plan or projection or forecast for company’s
1.5(xxv)(g)
operation, performance and financial position, with
√
justification thereof, i.e., actual position shall be explain
to the shareholders inthe next AGM
Declaration or certification by the CEO and the CFO to
1.5(xxvi) the Board as required under condition No. 3(3) shall be
disclosed as per Annexure-A
√
The report as well as certificate regarding compliance
1.5(xxvii)
of conditions of this Code as required under condition
No. 9 shall be disclosed as per Annexure-B and √
Annexure-C
1.6 Meetings of the Board of Directors
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The company shall conduct its Board meetings and
record the minutes of the meetings as well as keep
required books and records in line with the provisions of
√
1.6
1.7
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the relevant Bangladesh Secretarial Standards (BSS) as
adopted by the Institute of Chartered Secretaries of
Bangladesh (ICSB) in so far as those standards are not
inconsistent with any condition of this Code.
Code of Conduct for the Chairperson, other Board members and Chief Executive Officer
d.
The Board shall lay down a code of conduct, based on
the recommendation of the Nomination and
1.7(a) Remuneration Committee (NRC) at condition No. 6, for √
the chairperson of the Board, other board members and
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Chief Executive Officer of the company;

The code of conduct as determined by the NRC shall be
posted on the website of the company including, among
others, prudent conduct and behavior; confidentiality;
1.7(b) conflict of interest; compliance with laws, rules and √
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regulations; prohibition of insider trading; relationship

with environment, employees, customers and suppliers;
and independency
2.00 Governance of Board of Directors of Subsidiary Company
Provisions relating to the composition of the Board of
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2 (a) the holding company shall be made applicable to the - Not Applicable
composition of the Board of the subsidiary company
At least 1 (one) independent director on the Board of the
2 (b) holding company shall be a director on the Board of - Not Applicable
thesubsidiary company
The minutes of the Board meeting of the subsidiary
2 (c) company shall be placed for review at the following - Not Applicable
Board meeting ofthe holding company
The minutes of the respective Board meeting of the
2 (d) holding company shall state that they have reviewed - Not Applicable
the affairs of the subsidiary company also
The Audit Committee of the holding company shall also
2 (e) review the financial statements, in particular the - Not Applicable
investments made by the subsidiary company.
Managing Director (MD) or Chief Executive Officer (CEO), Chief Financial Officer (CFO), Head of Internal
3.00
Audit and Compliance(HIAC) and Company Secretary (CS)
3.1 Appointment
The Board shall appoint a Managing Director (MD) or
3.1 (a)
Chief Executive Officer (CEO), a Company Secretary
(CS), a Chief Financial Officer (CFO) and a Head of √
Internal Audit and Compliance (HIAC);
Compliance Status
Title
The positions of the Managing Director (MD) or Chief
Executive Officer (CEO), Company Secretary (CS), Chief
3.1 (b) Financial Officer (CFO) and Head of Internal Audit and √
Compliance (HIAC) shall be filled by different
individuals
The MD or CEO, CS, CFO and HIAC of a listed company
3.1 (c) shall not hold any executive position in any other √
company at the same time
The Board shall clearly define respective roles,
3.1 (d) responsibilities and duties of the CFO, the HIAC and the √
CS
The MD or CEO, CS, CFO and HIAC shall not be removed
3.1 (e)
from their position without approval of the Board as
well as immediate dissemination to the Commission √
and stock exchange(s)
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3.2 Requirement to attend Board of Directors’ Meetings
3.2
The MD or CEO, CS, CFO and HIAC of the company shall
attend the meetings of the Board: √
3.3
3.3(a)
3.3(a)(i)
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Duties of Managing Director (MD) or Chief Executive Officer(CEO) and Chief Financial Officer (CFO)
The MD or CEO and CFO shall certify to the board that they have reviewed financial statements for the year
and that to the best of their knowledge and belief
These statements do not contain any materially untrue
statement or omit any material fact or contain √
d.
statements that might be misleading
These statements together present a true and fair view
3.3(a)(ii) of the company’s affairs and are in compliance with
existing accounting standards and applicable laws;
√
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The MD or CEO and CFO shall also certify that there are,
to the best of knowledge and belief, no transactions
3.3(b) entered into by the company during the year which are √
fraudulent, illegal or in violation of the code of conduct
for the company’s Board or its members
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The certification of the MD or CEO and CFO

3.3(c)
shall be disclosed in the Annual Report. √
Board of Directors’ Committee: For ensuring good governance in the company, the Board shall have at
4
least following sub-committees:
√
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4 (i) Audit Committee

4 (ii) Nomination and Remuneration Committee. √
5 Audit Committee
5.1 Responsibility to the Board of Directors
The company shall have an Audit Committee as a
5.1 (a)
subcommittee of the Board √
The Audit Committee shall assist the Board in ensuring
5.1 (b)
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
The Audit Committee shall be responsible to the Board;
5.1 (c) the duties of the Audit Committee shall be clearly set
forth in writing
√
5.2 Constitution of the Audit Committee
The Audit Committee shall be composed of at least 3
5.2 (a)
(three) members; √
The Board shall appoint members of the Audit
5.2 (b)
committee who shall be non-executive directors of the
company excepting Chairperson of the Board and shall √
include at least 1 (one) independent director;
Compliance Status
Title
All members of the audit committee should be
5.2 (c)
“financially literate” and at least 1 (one) member shall
have accounting orrelated financial management √
background and 10 (ten) yearsof such experience;
When the term of service of any Committee member
expiresor there is any circumstance causing any
Committee memberto be unable to hold office before
expiration of the term ofservice, thus making the
5.2 (d)
number of the Committee membersto be lower than
the prescribed numberof 3 (three) persons,
√
the Board shall appoint the new Committee member to
fill upthe vacancy immediately or not later than 1 (one)
month from the date of vacancy in the Committee to
ensure continuity of the performance of work of the
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Audit Committee
5.2 (e)
The company secretary shall act as the secretary of the
Committee
√
5.2 (f)
5.3
5.3 (a)
Chairperson of the Audit Committee
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The quorum of the Audit Committee meeting shall not
constitute without at least 1 (one) independent director.
The Board shall select 1 (one) member of the Audit

Committee to be Chairperson of the Audit Committee,
√
√
d.
who shall be an independent director;
In the absence of the Chairperson of the Audit
Committee, the remaining members may elect one of
themselves as Chairperson for that particular meeting,
√
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No such
5.3 (b) in that case there shall be no problem of constituting a
meeting required
quorum as required under condition No. 5(4)(b). And the
reason of absence of the regular Chairperson shall be
duly recorded in the minutes.
Chairperson of the Audit Committee shall remain
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present in the Annual General Meeting (AGM):

Provided that in absence of Chairperson of the Audit
5.3 (c)
Committee, any other member from the Audit √
Committee shall be selected to be present in the annual
general meeting (AGM) and reason for absence of the
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Chairperson of the Audit Committee shall be recorded

in the minutes of the AGM.
5.4 Meeting of the Audit Committee
The Audit Committee shall conduct at least its four
5.4 (a)
meetings in a financial year. √
The quorum of the meeting of the Audit Committee
shall be constituted in presence of either two members
5.4 (b) or two-third of the members of the Audit Committee, √
whichever is higher, where presence of an independent
director is a must.
5.5 Role of Audit Committee
5.5 (a) Oversee the financial reporting process; √
5.5 (b) Monitor choice of accounting policies and principles √
Monitor Internal Audit and Compliance process to
5.5 (c)
ensure that it is adequately resourced, including
approval of the Internal Audit and Compliance Plan and √
review of the Internal Audit and Compliance Report
5.5 (d) Oversee hiring and performance of external auditors; √

Compliance Status
Title
Hold meeting with the external or statutory auditors for
5.5 (e) review of the annual financial statements before
submission to the Board for approval or adoption
√
Review along with the management, the annual
5.5 (f) financial statements before submission to the Board
for approval
√
5.5 (g)
Review along with the management, the quarterly and
half yearly financial statements before submission to
√
the Board for approval
5.5 (h) Review the adequacy of internal audit function √
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Review the Management’s Discussion and Analysis
5.5 (i)
before disclosing in the Annual Report √
Review statement of all related party transactions
5.5 (j) √
5.5 (k)
submitted by the management
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Review Management Letters or Letter of Internal
Control weakness issued by statutory auditors;
Oversee the determination of audit fees based on scope
and magnitude, level of expertise deployed and time
√
√
d.
5.5 (l)
required for effective audit and evaluate the
performance of external auditors
Oversee whether the proceeds raised through Initial
Public Offering (IPO) or Repeat Public Offering (RPO) or
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5.5 (m) Rights Share Offer have been utilized as per the √
purposes stated in relevant offer document or
prospectus approved by the Commission
5.6 Reporting of the Audit Committee
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5.6(a) Reporting of the Board of Directors

5.6 (a)(i)
The Audit Committee shall report on its activities to the
Board.
√
The Audit Committee shall immediately report to the
5.6 (a)(ii)(a) Board on the following findings report on conflicts of - Not Applicable
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interests
Suspected or presumed fraud or irregularity or
5.6 (a)(ii)(b) material defect identified in the internal audit and - Not Applicable
compliance process or in the financial statements;
Suspected infringement of laws, regulatory
5.6 (a)(ii)(c) compliances including securities related laws, rules - Not Applicable
and regulations
5.6 (a)(ii)(d)
Any other matter which the Audit Committee
deems necessary shall be disclosed to the Board
- Not Applicable
immediately
Reporting to the Authorities: If the Audit Committee has
reported to the Board about anything which has
material impact on the financial condition and results
of operation and has discussed with the Board and the
5.6 (b)
management that any rectification is necessary and if
the Audit Committee finds that such rectification has
- Not Applicable
been unreasonably ignored, the Audit Committee shall
report such finding to the Commission, upon reporting
of such matters to the Board for three times or
completion of a period of 6 (six)months from the date of
first reporting to the Board, whichever is earlier

Compliance Status
Title
Reporting to the shareholders and General Investors :
Report on activities carried out by the Audit
Committee, including any report made to the Board
5.7 under condition No. 5(6)(a)(ii) above during the year, √
shall be signed by the Chairperson of the Audit
Committee and disclosed in the annual report of the
issuer company
6 Nomination and Remuneration Committee (NRC)
The company shall have a Nomination and
6.1 (a) Remuneration Committee (NRC) as a sub-committee of
the Board
√
The NRC shall assist the Board in formulation of the
nomination criteria or policy for determining
√
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qualifications, positive attributes, experiences and
6.1 (b)
independence of directors and top level executive as
well as a policy for formal process of considering
remuneration of directors, top level executive;
6.1 (c)
6.2
the condition No.6(5)(b).
Constitution of the NRC co
The Terms of Reference (ToR) of the NRC shall be
clearly set forth in writing covering the areas stated at
The Committee shall comprise of at least three

√
√
d.
6.2 (a)
members including an independent director;
All members of the Committee shall be non-executive
6.2 (b)
directors; √
Members of the Committee shall be nominated and
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6.2 (c)
appointed by the Board; √
The Board shall have authority to remove and appoint
6.2 (d)
any member of the Committee; √
In case of death, resignation, disqualification, or
removal of any member of the Committee or in any
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No such
6.2 (e) other cases of vacancies, the board shall fill the - Vacancy Created
vacancy within 180 (one hundred eighty) days of
occurring such vacancy in the Committee;
The Chairperson of the Committee may appoint or co-
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opt any external expert and/or member(s) of staff to the

Committee as advisor who shall be non-voting member,
6.2 (f)
if the Chairperson feels that advice or suggestion from √
such external expert and/or member(s) of staff shall be
required or valuable for the Committee;
The company secretary shall act as the secretary of the
6.2 (g)
Committee; √
The quorum of the NRC meeting shall not constitute
6.2 (h)
without attendance of at least an independent director; √
No member of the NRC shall receive, either directly or
indirectly, any remuneration for any advisory or
6.2 (i)
consultancy role or otherwise, other than Director’s √
fees or honorarium from the company
6.3 Chairperson of the NRC Lorem
The Board shall select 1 (one) member of the NRC to be
6.3 (a) Chairperson of the Committee, who shall be an √
independent director
In the absence of the Chairperson of the NRC, the
remaining members may elect one of themselves as
6.3 (b) Chairperson for that particular meeting, the reason of √ No such
meeting required
absence of the regular Chairperson shall be duly
recorded in the minutes;

Compliance Status
Title
The Chairperson of the NRC shall attend the annual
general meeting (AGM) to answer the queries of the
shareholders: in absence of chairperson of the NRC, any
6.3 (c)
other member from the NRC shall be selected to be
present in the annual general meeting (AGM) for
√
answering the shareholders queries and reason for
absence of the chairperson of the NRC shall be
recorded in the minutes of the AGM
6.4 Meeting of the NRC
The NRC shall conduct at least one meeting in a
6.4 (a)
financial year; √
The Chairperson of the NRC may convene any
6.4 (b) emergencymeeting upon request by any member of the √
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NRC;
The quorum of the meeting of the NRC shall be
constituted in presence of either two members or two
6.4 (c) third of the members of the Committee, whichever is √
6.4 (d)
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higher, where presence of an independent director is
must as required under condition No. 6(2)(h);
The proceedings of each meeting of the NRC shall duly
be recorded in the minutes and such minutes shall be
confirmed in the next meeting of the NRC.
√
d.
6.5 Role of the NRC
6.5(a)
NRC shall be independent and responsible or
accountable to the Board and to the shareholders; √
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NRC shall oversee, among others, the following matters and make report with recommendation to the
6.5 (b)
Board:
formulating the criteria for determining qualifications, positive attributes and independence of a director
6.5(b)(i) and recommend a policy to the Board, relating to the remuneration of the directors, top level executive,
considering the following:
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The level and composition of remuneration is

6.5(b)(i)(a) reasonable and sufficient to attract retain and motivate
suitable directors to run the company successfully
√
The relationship of remuneration to performance is
6.5(b)(i)(b) clear and meets appropriate performance √
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benchmarks
Remuneration to directors, top level executive
involves a balance between fixed and incentive
6.5(b)(i)(c) pay reflecting short and long-term performance √
objectives appropriate to the working of the
company and its goals
Devising a policy on Board’s diversity taking into
6.5(b)(ii) consideration age, gender, experience, ethnicity,
educational background and nationality
√
Identifying persons who are qualified to become
directors and who may be appointed in top level
6.5(b)(iii) executive position in accordance with the criteria laid
down, and recommend their appointment and removal
√
to the Board
Formulating the criteria for evaluation of performance
6.5(b)(iv)
of independent directors and the Board √
Identifying the company’s needs for employees at
6.5(b)(v) different levels and determine their selection, transfer √
or replacement and promotion criteria
Developing, recommending and reviewing annually the
6.5(b)(vi)
company’s human resources and training policies; √

Compliance Status
Title
The company shall disclose the nomination and
6.5(c)
remuneration policy and the evaluation criteria and
activities of NRC during the year at a glance in its √
annual report.
7. External or Statutory Auditors
The issuer company shall not engage its external or statutory auditors to perform the following services of
7.1
the company, namely:-
7.1 (i) Appraisal or valuation services or fairness opinions; √
Financial information systems design and
7.1 (ii)
implementation; √
Book-keeping or other services related to the
7.1 (iii)
accounting records or financial statements; √
7.1 (iv) Broker-dealer services; √
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7.1 (v) Actuarial services; √
7.1 (vi) Internal audit services or special audit services; √
7.1 (vii)
7.1 (viii) co
Any service that the Audit Committee determines;
Audit or certification services on compliance of
corporate governance as required under condition No.
9(1)
√
√
√
d.
7.1 (ix) Any other service that creates conflict of interest.
No partner or employees of the external audit firms
shall possess any share of the company they audit at
√
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7.2 least during the tenure of their audit assignment of that

company; his or her family members also shall not hold
any shares in the said company:
Representative of external or statutory auditors shall
7.3
remain present in the Shareholders’ Meeting (Annual
√
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General Meeting or Extraordinary General Meeting) to

answer the queries of the shareholders.
8 Maintaining a website by the Company.
The company shall have an official website linked with
8.1
the website of the stock exchange √
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The company shall keep the website functional from

8.2
the date of listing √
The company shall make available the detailed
8.3 disclosures on its website as required under the listing
regulations of the concerned stock exchange(s).
√
9 Reporting and Compliance of Corporate Governance.
The company shall obtain a certificate from a
practicing Professional Accountant or Secretary
(Chartered Accountant or Cost and Management
Accountant or Chartered Secretary) other than its
9.1
statutory auditors or audit firm on yearly basis √
regarding compliance of conditions of Corporate
Governance Code of the Commission and shall such
certificate shall be disclosed in the Annual Report.
The professional who will provide the certificate on
9.2
compliance of this Corporate Governance Code shall be
appointed by the shareholders in the annual general √
meeting
The directors of the company shall state, in accordance
9.3
with the Annexure-C attached, in the directors’ report
whether the company has complied with these √
conditions or not.

THE PATTERN OF SHAREHOLDING

The pattern of shareholding as required by clause 1.5 (xxiii) of the Corporate Governance Code 2018 SEC
Notification dated 7th August 2012: As on 30 June 2022.
ANNEXURE - D
Sl
Name of Shareholder Status Shares held Percentage
No
i) Parent or Subsidiary or Associated Nil
Companies and other related parties
ii) Director, Chief Executive Officer, Chief
Financial Officer, Company
Secretary, Head of Internal Audit
and their spouses and minor children
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Mr. Md Khalilur Rahman * Chairman 0 0.00%
Mr. Khandker Md. Abdul Hye, PhD * Director 0 0.00%
Mr. Md. Abdul Momin * Director 0 0.00%
Dr. Nasima Akhter *
Colonel Ekram Ahmed Bhuyan, afwc, psc *
Dr. Hafiz Md. Hasan Babu *
Mr. NKA Mobin FCS, FCA *
co Director
Director
Director
Independent Director
0
0
0
0
0.00%
0.00%
0.00%
0.00%
d.
Mr. Syed Mamnun Quader * Independent Director 0 0.00%
A K M Habibur Rahman * Managing Director 0 0.00%
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Mr. Md. Abdus Salam Khan, FCS Company Secretary (GM) 44 0.00%
Mr. Shukanta Kumar Debnath, FCA CFO& DGM(F&A) 0 0.00%
Mr. Muhammad Tajul Islam DGM (Internal Audit) 0 0.00%
*Nominated by Ministry of Posts, Telecommunications and Information Technology (MoPT & IT).
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iii) Executives
Mr. Mirza Kamal Ahmed GM (A&F) 0 0.00%
Mr. Md. Shohidul Islam GM (P&D) 0 0.00%
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Mr. Provash Chandra Bhattacharjee GM (O&M) 0 0.00%

Mr. Md. Jahangir Alam DGM (Customer Care) 0 0.00%
Mr. Mohammad Zakirul Alam DGM (P&D) 44 0.00%
iv) Shareholders holding ten percent (10%)
or more voting interest in the company
Posts and Telecommunications Division under 12,17,68,814 73.84%
the Ministry of Posts, Telecommunications
and Information Technology (MoPT & IT)

BOARD MEETING ATTENDANCE

(From 01 July 2021 to 30 June 2022)
ANNEXURE - E
No. of
Tenure of the
Name of Directors Designation Meetings Attendance
relevant director
held
Mr. Md. Khalilur Rahman Chairman 08 08 From 14-11-2021
Mr. Md. Afzal Hossain Chairman 03 03 Up to 21-10-2021
Mr. Khandker Md. Abdul Hye, PhD Director 11 11 Full year
Dr. Nasima Akhter Director 05 03 From 30-01-2022
Mrs. Kulsum Begum Director 06 06 Up to 24-12-2021
Mr. Md. Abdul Momin Director 11 10 Full year
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Dr. Hafiz Md. Hasan Babu Director 06 06 From 07-12-2021
Mr. Dr. Md. Mahbubul Alam Joarder Director 05 05 Up to 07-12-2021
Colonel Ekram Ahmed Bhuyan, afwc, psc
Mr. Brig Gen Rakibul Karim Chowdhury
afwc, psc co
Director
Director
08
03
07
03
From 14-11-2021
Up to 21-10-2021
d.
Mr. NKA Mobin, FCA, FCS Independent Director 11 11 Full year
Mr. Syed Mamnun Quader Independent Director 11 07 Full year
A K M Habibur Rahman Managing Director 05 05 From 05-01-2022
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Mr. Mashiur Rahman Managing Director 06 06 Up to 05-01-2022

Directors who could not attend meeting were granted leave of absence by the BoD.
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CORPORATE GOVERNANCE COMPLIANCE REPORT

Bangladesh Submarine Cable Company Limited (BSCCL) throughout its entire business operations puts
persistent efforts to ensure stakeholders' trust and confidence through good governance as good governance
and stakeholders' interests are very closely connected. In view of this principle, BSCCL has been providing and
maintaining innovative, transparent, user-friendly and best-valued telecom (submarine cable) and Internet
services to ensure sustainable stakeholders' interests. In order to reach these objectives, the Board of Directors
of the Company is dedicated to ensure the highest standards of Corporate Governance in the company to keep
its business integrity and performance on the right track. Being a responsible corporate entity, BSCCL maintains
adequate transparency and encourages sound business conduct both in in-house and in its external relationship
with the communities like the suppliers, customers and business partners. The Company, at the same time,
expects acts of honesty and integrity from its Directors, employees and business partners.
BSCCL being a listed public limited company, its Board of Directors plays a crucial role in upholding the interests
of all its stakeholders. The Board of Directors and the Management Team are also dedicated to maintaining a
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well-established culture of accountability, transparency, easy-to-understand policies and procedures to
ensure effective Corporate Governance at every level of its operations. The Board of Directors and the
Management Team also put their best efforts to comply with all the relevant laws of the country and all the
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internal regulations, policies and procedures to make BSCCL a thoroughly transparent company. Moreover,
recognizing the fact that compliance be the corner stone of good governance, the Company meticulously
undergoes through the process of statutory audit and compliance certification as required by laws of the land.
As a result, BSCCL has been able to maintain the highest level of integrity and accountability of national standards
d.
over the years and successively awarded with the prestigious ICMAB Best Corporate Award & ICSB National
Award on Corporate Governance Excellence.
Board Organization & Structure

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a) Role of the Board

The Directors of the Board are approved by the Shareholders at the Annual General Meeting (AGM) and are
accountable to the Shareholders. The Board is responsible for ensuring that the business activities are sound-
ly administered and effectively controlled. The Directors keep themselves informed about the Company's
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financial position and ensure that its activities, accounts and asset management are subject to adequate
control. The Board also ensures that BSCCL’s Policies , Procedures and Codes of Conduct are implemented
and maintained as well as the Company adheres to generally accepted principles for good governance and
effective control for Company activities. In addition to other legal guidelines, the Board has also adopted
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"Rules of Procedure for the Board of Directors" for ensuring better governance in the work and the administra-
tion of the Board. The Board is also guided by a delegation of authority which spells out the practices and
processes in discharging its responsibilities.
b) Board Composition
The Board of BSCCL is comprised of nine (9) Directors, including the Managing Director. In compliance with
the Corporate Governance Guidelines issued by the Bangladesh Securities and Exchange Commission (BSEC),
the Board of Directors has appointed two (2) Independent Directors. It is believed that the Board Members
have the optimum level of knowledge, composure and technical understanding about the Company's
business which, combined with its diversity of culture and background, stands as the perfect platform to
perform and deliver.
c) Board Meetings
The Articles of Association of the Company requires the Board to meet at least four times a year or more when
duly called for in writing by a Board member. Dates for Board Meetings are decided in advance and notice of
each Board Meeting is served in writing well in advance. Such notice contains detailed statement of business
to be transacted at each meeting. The Board meets for both scheduled meetings and on other occasions to
deal with urgent and important matters that require attention.

Board Structure and its Operation

Size of the Board
The Board of BSCCL comprises of 9 Members including the Managing Director. As per BSEC notification, a
listed Company should have Independent Director of at least one-fifth of the Directors with a minimum of one.
As per Article of Association of the company the Managing Director is an Ex-officio Director.
Composition of the Board
The Board of BSCCL comprise of nine members, 8 members of the Board (including 2 Independent Directors)
are Non-executive Director.
None Executive Directors
There are eight Non-executive Directors. None of these directors take part in the day to day operations of the
Company. They attend only in the Board/Board Committee meetings to discuss the agenda reserved for the
Board/Committee.
Independent Directors
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For being a Director to qualify as an Independent Director, the Board affirmatively determines that the Director
has no material relationship with BSCCL (either as a partner, shareholder or officer of an organization that has a
relationship with BSCCL that would preclude that nominee from being an independent Director). For the
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purpose of such determination, the directors consider that the Independent Director does not hold any share or
holds less than one percent shares of the total paid up capital of the Company and who is not a sponsor of the
company and is not connected with the company's any sponsor or director or shareholder who holds one percent
(1%) or more shares of the total paid-up shares of the company on the basis of family relationship. His/her family
d.
members also should not hold above mentioned shares in the company. He/she does not have any other
relationship, whether pecuniary or otherwise, with the Company or its subsidiary/associate companies, who is
not a member, Director or Officer of the Stock exchange and who is not a shareholder, director or officer of any
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stock exchange or an intermediary of the capital market. He/ she possess the required qualifications as stated
in the Corporate Governance Guideline issued by BSEC.
Tenure & Retirement
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The office of Non-executive Directors (except Independent Directors) is subject to retirement by rotation. At
least one-third of the non-executive Directors shall retire by rotation in every Annual General Meeting (AGM). The
Managing Director is appointed by the Board of Directors and the office of the Managing Director, being an Ex-of-
ficio Director is not subject to retirement in Annual General Meeting (AGM). On the other hand the Independent
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Directors should retire at the end of their tenure of three years.
Directors Responsibility
Each Director devotes his or her best efforts to attend and contribute in all the meetings of the Board and the
Board committee to which such Director is appointed. The Directors are responsible for developing and upgrading
BSCCL’s Governance principles, Code of Business Conduct and the charter of each committee on which such
Director serves. For better decision making, materials are provided to the members in advance of the Board/-
Committee meetings.
Role of the Board
The Board's main role is to define the company's strategic objectives, to provide entrepreneurial leadership for
the company, to create value for the shareholders and to ensure that the necessary financial and other resources
are available to enable the company and the Board to meet these objectives. The specific responsibilities
reserved to the board include the approval of all information supplied to the shareholders in the annual and
interim accounts, the setting of company strategy, approving annual budgets; reviewing operational and financial
performance; approving capital expenditure; setting of borrowing limits; reviewing the Company's systems of
financial control and risk management; ensuring that appropriate management development and succession
plans are in place; approving appointments to the Board and ensuring the satisfactory dialogue takes place with
shareholders over the Company and its aspiration for the future.
Delegation of Authorities
The company runs under the delegation of authority as approved by the Board. Bank accounts of the Company
are being operated by constituting two groups from management considering one from each group. The Board
has delegated certain responsibilities to the management on some matters within defined parameters. These
include development and recommendation of strategic plans for consideration of the Board reflecting the long
term objectives and priorities established by the Board; monitoring the operating and financial results against
plans and budgets; monitoring business operation against objectives; prioritizing the allocation of capital;
management and control of borrowing limits and implementing risk management systems.
Directors Independence
Majority of the Directors are non-executive directors. Only the Managing Directors is an executive director. The
Board considers that all the directors have independence in minds, strength of character and judgment. There
are no such relationships or circumstance relating to any of them not to be considered independent. The Board
considered constitution brings an appropriate balance of strategy, performance, resources, internal controls,
and corporate governance. Their wide-ranging experience and particular areas of knowledge and expertise
continue to add value to the deliberations of the Board.
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Separate Role of the Chairman & Managing Director
The responsibilities of the Chairman and the Managing Director are separate, thereby preventing unfettered
powers of decision making on a single hand. The Chairman is a non-executive Director while the Managing
Director is an Executive Director.
Role of the Chairman co
The Chairman leads the Board in determination of its strategy and achievement of its objectives. The Chairman
d.
is responsible for organizing the business of the Board, ensuring its effectiveness and setting its agenda. The
Chairman is also responsible for ensuring that the Directors receive accurate, timely and clear information. The
Chairman has no engagement in the day-to- day business of the company. The Chairman facilitated the effec-
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tive contribution of Non-Executive directors and ensures that constructive relation exits amongst the Direc-
tors. Minutes of the meeting are signed by the Chairman. He also signs the proposal for appointment of the
Managing Director and for revision of MD's salaries and allowances.
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Role or the Managing Director

The Managing Director is responsible for running the business and for formulating and implementing Board
strategy and policy. He also has direct charge and overall control of the company on a day-to-day basis and is
accountable to the Board for the financial and operational performance of the Company. The Managing Director
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is also responsible for imparting a dynamic leadership, evolution of diversification and expansion of business
and taking the Company to a good height of financial strength.
Role of the Company Secretary
The company secretary is responsible for ensuring proper information flow within the Board and its committees
and between the senior management and non-executive directors. He is also responsible for advising the Board
through the Chairman on all governance matters. He ensures that Board procedures are complied with. The
authority of both the appointment and removal of the Company Secretary is vested to the Board as a whole. The
company secretary is also responsible for implementation of the Board decisions. He is also responsible for
organizing the AGM/EGM.
Role of the Head of Internal Control & Compliance
The head of Internal Control & Compliance is responsible for reporting to the Board Audit Committee regarding
any deviation from accounting and internal control systems of the Company. He is also responsible for ensuring
regulatory compliance of the company. The authority of both appointment and removal of the head of Internal
Control & Compliance is vested to the Board as a whole.
Price Sensitive Information
Price Sensitive information means any such information if it is published may influence market price of the
concerned security. Every listed Issuer shall disseminate it's any or all price sensitive information within 30
minutes of the decision making or immediately upon getting such information to the BSEC and the Stock
Exchanges under the signature of its Chairman or the Chief Executive Officer or the Company Secretary
through Fax and by special messenger, and through courier service in special cases and at the same time cause
publishing the same in two widely circulated daily newspapers, one in Bangla and the other in English and in an
online newspaper. BSCCL always comply with the statutory requirements in this regards.
Appointment to the Board

Appointment of any new Director is made with the consent of the directors and his/her appointment is placed
for the shareholder's approval in the immediate next Annual General Meeting (AGM). The Managing Director
nominated by the Government is also appointed by the Board and his/her appointment is also placed for the
shareholder's approval in the immediate next Annual General Meeting (AGM). Any new appointment to the
Board requires intimation of the Posts and Telecom Division of MoPT&IT.
Board Committees
There are several permanent Board Sub-Committees, each with a defined scope of works and terms of reference.
These committees are responsible for providing independent and expert advice to the Board on the subjects
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assigned. The Board is assisted by different Board Committees who discharge duties within the delegated and
prescribed job responsibilities. All the members of the Committee are Directors and members of the
Management. The permanent Board Committees are as under:
• Audit Committee
• Nomination and Remuneration Committee (NRC)
• Tariff Committee co
Besides, Board Sub-Committees are formed by the BoD time to time to accomplish certain particular assignments
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and are asked to submit their recommendations to the BoD.
Appraisal of the Managing Director

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The Managing Director is entrusted with the Management of the Company's operations and he is fully accountable
to the Board. Performance of the Managing Director including the Management is assessed by the Board annually.
Directors’ Remuneration
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The Directors do not get any performance based remuneration or incentive. The Board chairman & members get
only fees for attending Board/Committee meetings to the maximum of TK 9,000 & 8,000 (excluding AIT/VAT)
respectively per meeting. The remuneration package of the Managing Director is determined by the Board. The
remunerations of the Directors can be determined/changed by the Board as per the Article of Association.
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Discloser of Directors’ remuneration

Directors of the Company are not eligible for any remuneration other than the meeting attendance fees as
prescribed by the Law. During the year under review, the chairman & members of the Board of Directors were
eligible for attendance fee of TK 9,000 & 8,000 (excluding VAT/AIT) respectively per meeting of Board, Executive
Committee/ Audit Committee and any other Board Sub-Committee.
Employees’ Remuneration
The objective of the Company's remuneration policy is to attract, motivate, reward and retain quality staff. The
Board ensures that the remuneration policies are in line with the strategic objectives and the corporate values
of the Company, and do not give rise to conflicts between the objectives of the Company and the interests of
the individual Directors and key executive. The company has separate Service Regulations and pay role structure
for each position which is approved by the Board of Directors.
Disclosers on the Performance and Prospect of the Company

BSCCL attaches high priority on timely publication of Quarterly, half-yearly and annual report with comprehensive
details in excess of regulatory requirements. Mediums of publication include printed materials, newspapers and
the website of the company. Price sensitive information released to the regulators is disseminated within half an
hour of decision making. The financial statements are prepared in accordance with IAS and IFRS as adopted by the
Institute of Chartered Accountants of Bangladesh (ICAB).
Internal Control
The Board has ultimate responsibility for establishing an effective system of Internal Control. It is designed to
manage rather than eliminate the risk of failure to achieve the business objectives and to provide reasonable
but not absolute assurance that the assets are safeguarded against unauthorized use or material loss and
those transactions are properly authorized and recorded. The internal control system embraces all business
risk, including financial, operational and strategic risks.
Accountability and Audit
Board Audit Committee comprises of three non-executive Directors, including two independent Directors. The
Chief Financial Officers (CFO) and the head of Internal Audit attend the meeting by invitation. The Company
Secretary attends all the meetings to provide secretarial assistance to the committee. The full report of this
committee including the terms of reference and specific task carried out during the period on the date of
accounts approval is given later on.
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Division of work for the Board and Chief Executive Officer
The roles of the Board and Chief Executive Officer are separate and delineation of their responsibilities is clear-
ly established, set out in writing and agreed by the Board to ensure transparency and better corporate govern-
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ance. To that end, BSCCL has also adopted "Rules of Procedure for Chief Executive Officer". The CEO is the
authoritative head for day-to-day management of BSCCL. He acts to reasonably ensure that BSCCL operates
business as per the Articles of Association, decisions made by the Board and Shareholders, as well as accord-
ing to BSCCL’s Policies and Procedures and applicable regulatory legislations.
d.
Access to Information
The Board recognizes that the decision-making process is highly dependent on the quality of information
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furnished. In furtherance to this, every Director has access to all information within the Company. Throughout
their tenure in office, the Directors are continually updated on the Company's business and the regulatory and
industry specific environments in which it operates. These updates are by way of written briefings and meetings
with senior executives and, where appropriate, external sources.
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Statutory Audit
Statutory Audit of the Company is governed by the Companies Act, 1994 and Securities and Exchange Rules 1987.
As per these regulations, auditors are appointed at each Annual General Meeting (AGM) and their remuneration
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is also fixed by the Shareholders at the AGM. Appropriate structure is in place as per corporate governance best
practices to ensure independence of statutory auditors. In addition to the audit of annual financial statements,
the auditors also carry out interim audit and review the quarterly financials of the Company.
Internal Audit
Internal Audit supports the Company in achieving its objectives by bringing a systematic and disciplined
approach to evaluate and improve the effectiveness of its risk management, control and governance process-
es. In order to ensure organizational independence of Internal Audit, the Head of Internal Audit reports
functionally to the Audit Committee and administratively to the Chief Executive Officer. BSCCL Internal Audit
is empowered to carry out its activities in the Company. Internal Audit activities are governed by the Internal
Audit Charter, which is approved by the Board.
BSCCL, Internal Audit department discharges its assurance and consulting activities through management of
three distinct audit streams: Finance, Technology and General Business processes. Additionally, a separate
team is responsible for quality assurance of internal audit activity. A risk-based annual audit plan is in place,
which takes into consideration the strategic imperatives and major risks surrounding BSCCL.
Internal Control
Corporate Governance is well-built in BSCCL and is reached to even greater height in terms of sound internal
control pursuits within the organization. In 2011, the practice has been shifted from passive to active as control
owner/performers are now getting more involved, aware and proactive to ensure internal control rather than
being enforced. The outcome of the effort is award winning and true fair representation of financial report. The
scope of Internal Control over Financial Reporting (ICFR) includes Company Level Control (CLC) along with
General Computer Control (GCC) as well to ascertain operational efficacy, consistent and dependable financial
reporting, information security and legal compliance. This reasonable assurance has become even more
crucial after being a listed company in the country's Stock Exchanges.
Related Party Transactions

A Director who has an interest in a transaction must abstain from deliberation and voting on the relevant
resolutions in respect of the transactions at the Board meetings. Details of these transactions are set out
under Notes to the Financial Statements.
Risk Management & Risk Mitigation

Risk Management at BSCCL is concerned with earning competitive returns from the Company's various
business activities at acceptable risk level. It supports the Company's competitiveness by developing a culture,
practice and structure that systematically recognizes and addresses future opportunities whilst managing
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adverse effects (i.e. threats) through recognizing risk and acting appropriately upon it. The Company has well
defined risk management policy, procedures and processes to mitigate strategic and enterprise level risks.
Compliance with Rules & Regulations of the Country
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Compliance builds stakeholders' trust. To have governance cascaded right through the whole Company, the
Management Team of BSCCL, the leaders of a compliant Company adopted ways that assure compliance to all
regulatory requirements and instill organizational trust amongst the Board Members, Shareholders and
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customers. The regulatory bodies maintain a close monitoring process on BSCCL and has heightened the focus
on transparency, as well as an increased need to provide accurate and periodic reporting of issues/events and
certifications. In this context, the Company provides complete set of financial statements and relevant
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documents to the Bangladesh Securities and Exchange Commission (BSEC), Stock Exchanges, National Board
of Revenue (NBR), Registrar of Joint Stock Companies & Firms (RJSC), Bangladesh Telecommunication Regulatory
Commission (BTRC), the Board of Investment (BoI) and all other relevant bodies and authorities. In order to
conduct day to day business, BSCCL has been rendering its best efforts to comply with the existing applicable
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laws of the country as well as with the directives/guidelines/ regulations of various Government Authorities.
The Company has also taken various initiatives to conduct various awareness sessions on existing and
proposed laws and regulations of the country within the Company to ensure compliance throughout the
Company as a whole. On the whole, BSCCL has always strived to remain a fully compliant Company accommodating
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every possible ways and strategies to ensure the same.
Zero-Tolerance to Corruption
BSCCL has a zero tolerance approach when it comes to bribery and corruption. The company does not, and will
not, pay bribes or offer improper inducements to anyone for any purpose. Nor the employees of the company
do, or will, accept bribes or improper inducements or anything that could be perceived as such. BSCCL expects
the same from its customers, business partners, third parties and other stakeholders.
Grievance Redress System

BSCCL has a well established web based Grievance Redress System. Through this system any citizens can
lodge a formal complaint to the top management of the company to express their dissatisfaction. It is designed
to identify ways to improve service delivery, improve transparency, and increase accountability among service
providers at the local level.
Compliance with Employment law

The employment of employees of BSCCL is governed by its own service rule which is well complied with the
provisions of the Employment laws of Bangladesh. BSCCL does not employ any child and committed to ensure
highest level of Occupational health and safety for its employees.
Corporate Social Responsibility of BSCCL

Being mostly a Government owned Company under the Posts & Telecommunications Division of the Ministry of
Posts, Telecommunications, and Information Technology (MoPT&IT) Bangladesh Submarine Cable Company
Limited (BSCCL) has strategic responsibility for the welfare of other quarter of the society along with the IT
Sector of the Country. BSCCL revamped its CSR strategy in 2012-13 with the goal to ensure long-term sustaina-
bility of the CSR initiatives. Under the refurbished strategy CSR initiatives were related to the Company's main
strength - communication technology. Besides, BSCCL may extend its hands to support the victims of any
natural disaster as and when required. As a part of Corporate Social Responsibility for sustainable community
development, BSCCL performed the following activities during the year 2021-2022.
Donation for construction of Mosques
In response of application of the 2(two) Mosques Management Committee of the different places of the coun-
try, BSCCL donated in total of Taka. 20,00,000/- (twenty lac) only from the Corporate Social Responsibilities
Fund (CSR) of the Company. It is expected that the donated grant will contribute for ensuring ultimate better-
ment to the locality.
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Granting Scholarship to Poor and Meritorious Female Students of Public Universities:
On the occasion of Mujib 100 Years, BSCCL initiated “BSCCL Bangabondho” scholarship program from the
Corporate Social Responsibilities Fund(CSR) of the Company. Under the Scholarship program total of 100 poor
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and meritorious female student studying in the public universities will receive a Monthly Stipend amounting
Taka 1000 each. The Scholarship program has started on January, 2021 and continued till December, 2021. To
ensure transparency and proper utilization of fund, BSCCL has collected the nomination through UGC and
transfer the Monthly Stipend to the personal bank account of the students.
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Donation for Training on digital transformation in education:
BSCCL has planned to convert 50 classrooms of 11 disadvantageous schools to Digital classrooms in the finan-
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cial year 2022-2023 from its CSR fund. As part of that plan, this year BSCCL arranged a day-long training on
Digitalization of Classroom for skill development of teachers of those disadvantageous schools. In total 22
teachers of those 11 disadvantageous schools form different places of Bangladesh attended the above sated
training program arranged from the CSR fund of the company.
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Donates for Construction of Boundary Wall of Mosque Grave yard:

Bangladesh Submarine Cable Company Ltd. has donated taka 17,16,683/-(seventeen lac and sixteen thousand
six hundred and eighty-three) only for Construction of Boundary Wall of Mosque Grave yard at Mirpur Uttorpara,
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Maynamoti, Burichang, Cumilla from its Corporate Social Responsibility (CSR) fund. It is expected that the
donated grant will contribute for ensuring ultimate betterment to the locality.
Digital transformation of PTD Conference Room:
In response of request of the Post & Telecommunications Division (PTD) for being a partner of digital transfor-
mation of their Conference Room, BSCCL out of courtesy has expended taka 4,558,032.20/- from its Corporate
Social Responsibility Fund.
In the year 2021-2022 Bangladesh Submarine Cable Company Limited (BSCCL) donated total taka
88,77,715/- from+ its Corporate Social Responsibility Fund.
Going Concern
While approving the financial statements, the Directors have made appropriate enquires and analyzed signifi-
cant operating and indicative financials which enabled them to understand the ability of the Company to
continue its operations for a foreseeable future. The Directors are convinced and have a reasonable expecta-
tion that the Company has adequate resources and legal instruments to continue its operations without inter-
ruptions. Therefore, the Company adopted the going concern basis in preparing the financial statements.
Recent Awards for Corporate Governance Excellence
ICSB Award for Corporate Governance Excellence 2020..
ICMAB Best Corporate Award-2020
MANAGEMENT DISCUSSION & ANALYSIS

From Managing Director’s Desk
Basis of preparation of financial statements and Significant accounting policies:
The principal activities of the Company are to provide high capacity and high quality international telecom
connectivity for exchange of data (Internet) and voice traffic with overseas countries through its submarine
cable systems and to provide IPLC and IP Transit services to its IIG and ISP customers. Most of the revenue of
the company is earned from the mentioned services. The major expenses of the company consist of the
Operation & Maintenance (O&M) charges paid to the submarine cable consortiums, O&M expenses of the
landing stations, administrative expenses, depreciation of assets, backhaul and IP Transit purchase expenses
for the company’s IIG business activities, revenue sharing with the Regulator, financial charges against the IDB
loan and different tax expenses.
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The financial statements have been prepared in accordance with International Financial Reporting Standards
(IFRSs) and International Accounting Standards (IASs) adopted by the Institute of Chartered Accountants of
Bangladesh (ICAB), the Companies Act, 1994, Securities and Exchange Rules, 1987 and other relevant laws
applicable in Bangladesh.
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The financial statements for assets have been prepared on historical cost basis except for certain assets such
as Property, Plant & Equipment which are stated at revalued amount (fair market value) as explained in the
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accompanying notes (Note- 3.1 of the Financial Statements) and equity instruments which are stated at fair
value as explained in the accompanying notes (Note- 3.7 of the Financial Statements).
The preparation of financial statements is in conformity with International Financial Reporting Standards and
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International Accounting Standards that requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,
income and expenses and for contingent assets and liabilities that require disclosure, during and at the date of
the financial statements.
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Up to the financial period 30 June 2020, after recognition, items of property, plant and equipment are measured
at cost less accumulated depreciation as per IAS 16: Property, Plant and Equipment.
BSCCL follows Revaluation model instead of Cost model regarding measurement after recognition of Assets
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from the year 2020-2021. As such, after recognition as asset, items of property, plant and equipment whose fair
value can be measured reliably shall be carried at a revalued amount being its fair value at the date of the
revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses
from the year 2020-2021 as per IAS 16: 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 provision of IAS 16 Property, Plant and Equipment. Depreciation is
charged on additions made during the year for the full year in which those assets are put into ready for use and
on which depreciation is charged on Straight line basis. Depreciation is charged on all the fixed assets except
land and land development cost at the following rates according to the estimated life disclosed in the valuation
report.
To comply with the paragraph 34 of IAS 16: Property, Plant and Equipment, the Company made its first valuation
on 30 June 2011 and a further revaluation has been made considering cutoff date for valuation on 30 June 2020.
Management shall conduct revaluation again following the guidelines of IAS 16.
Considering the five steps model as described in IFRS-15: Revenue from Contracts with Customers, the
Company recognizes revenue when (or as) the Company satisfies a performance obligation by transferring a
promised service to a customer.
In compliance with IFRS 16: Leases, BSCCL has elected not to recognize right of use assets and lease liabilities
for short term leases that have a lease term (non-cancellable period) of 12 months or less and leases of
low-value assets. The company recognizes the lease payments associated with these leases as an expense on
a straight-line basis over the lease term.
Diluted earnings per share has been calculated considering the potential 1,48,69,037 nos. of shares according to
the recommendation of ICB Capital Management Ltd. being an issue manager and as approved by the Board of
Director's in it's 195th BoD meeting held on 28th December 2021.It is to be mentioned that 1,27,04,174 nos. of
shares to be issued against Tk.1,40,00,00,000 received as equity money during the year 2015-2016 divided by the
market value of Tk. 110.20 at the last working day of the financial year 2015-2016 and 21,64,863 nos. of shares to
be issued against Tk. 26,00,00,000 received as equity money during the year 2016-2017 divided by the market
value of Tk.120.10 at the last working day of the financial year 2016.2017.Please note that the above issuance is
subject to approval of concerned Ministry, Shareholders and Bangladesh Securities and Exchange Commission.
During the year 2021-2022 Tk. 24.96 crore a portion of Equity has been received as equity from Government for
implementing the project named "Installation of 3rd Submarine Cable for expansion of International Telecom-
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munications System of Bangladesh" which will be dealt with after completion of the project i.e. June, 2025.
Rearrangement of last year's figures mainly due to fair presentation.
Particulars 2021-22
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The comparative financial and operating performance for the last five years is given below:
2020-21 2019-20 2018-19 2017-18
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Restated
Revenue* 4,417,441 3,448,527 2,463,769 1,955,666 1,405,036
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Gross Profit* 3,747,781 2,848,614 1,843,859 1,334,911 792,267

Operating Profit* 3,232,815 2,429,801 1,267,110 849,362 395,404
Profit before tax* 3,201,079 2,399,828 1,201,352 778,962 293,868
Net Profit after tax* 2,500,219 1,907,332 905,370 585,758 73,260
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Gross Profit Margin 84.84% 82.60% 74.84% 68.26% 56.39%

Operating Profit Margin 73.18% 70.46% 51.43% 43.43% 28.14%
Net Profit Margin 56.60% 55.31% 36.75% 29.95% 5.21%
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Dividend C-46% C-37% C-20% C-16% C-5%

Dividend payout (Cash) 30.34% 31.99% 36.43% 45.04% 112.55%
NAV per Share** 64.66 52.49 44.45 38.74 35.68
Net Operating Cash Flow per Share** 16.76 14.18 6.87 7.30 4.07
Earnings Per Share** 15.16 11.57 5.49 3.55 0.44
Diluted Earnings Per Share** 13.91 10.61
* Amount in thousand BDT, **Amount in BDT.
There is significant increase in revenue by 28.10 % due to substantial effort of BSCCL’s management, Govt.
policy of digitalization of govt. services and introduction of 4G services which contributed to increase in overall
IPLC and IP Transit Bandwidth consumption in the country. Because of COVID-19 situation more and more
activities are now conducted through on line using Internet Bandwidth, which also contributed to increase the
demand of the services provided by BSCCL. Consequently, BSCCL’s sales and services have been increased
which resulted in considerable increase of revenue.
EPS has been increased by 31.08% due to increase in Revenue and there was no significant additional expenditure
against the increased revenue. There was no significant Extraordinary Transactions during this year.
BSCCL has emphasized on revenue collection and took some stern steps for the realization which led to
significant increment of Cash Received from clients as disclosed in the Statement of Cash Flows. Consequently,
Net Operating Cash Flow per Share of BSCCL has been increased compared to that of the previous year. During
the year Investment in FDR has been recognised under investment activities as such interest relating to FDR
has been shown under investing activities. There was no significant cash flow due to Extraordinary Transactions
during the year.
Net Asset value per share has been increased mainly due to ordinary course of business activities.
Economic Scenario and Prospect of the Industry:

The economy of Bangladesh is a developing market economy. It is the 41st largest economy of the world
according to new data from the IMF in terms of nominal GDP and 25th largest in terms purchasing power parity
(PPP). The economy of Bangladesh is classified among the Next Eleven emerging market middle income
economies and a frontier market. Bangladesh is achieving an average annual growth of GDP at the rate of
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around 7% for the last couple of years. Despite the adverse effect of COVID-19 pandemic since January 2020 and
ongoing war between Russia and Ukraine since February 2022 on the economies of the countries worldwide,
according to Trading Economics the economy of Bangladesh experienced a satisfactory annual growth rate of
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more than 5 % in the year 2021-2022. Bangladesh is among the few countries in Asia who achieved a growth rate
in GDP above 5% despite the global pandemic and Russia – Ukraine war situation. The economy of Bangladesh
is gradually transforming from an agro-based economy to service and industry based economy for the last few
decades. Now the service sector is the major contributing sector into the GDP of the country. The industrial,
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manufacturing and service sectors are gaining importance in the economy with time. According to EPB now
Bangladesh is the second largest exporter of Readymade Garments (RMG) in the world market. With a huge
population of more than 160 million, the successes of agricultural researches, particularly in Rice, has made
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the country self-sufficient in food-grain. Bangladesh is the third largest producer of fish in the world.
Bangladesh is also self-sufficient in producing Medicine, Steel and Cement. Having huge number of working
force, Bangladesh has been supplying millions of skilled, semi-skilled and unskilled manpower to the Middle
East, East Asia, South Asia, Europe and North America. Readymade Garments (RMG) export and the remittances
of the overseas Bangladeshi workers are the two main sources of foreign exchange earnings of the country.
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Economic growth is rather indigenous with remarkable growth of foreign direct investment (FDI) in telecom,
energy and power sectors.
In this era of globalization, communication has become the most significant factor. In a densely populated
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country like Bangladesh, telecommunication and Internet can play a vital role to boost the economy and life
style of the people. In recent years’ lots of foreign investment has come into the country in telecommunication
sector. Though the telecommunication industry in Bangladesh is growing rapidly, still it has a long way to go
unfavorable growth conditions and lack of infrastructure in rural areas is hampering the growth of telecommu-
nication and broadband penetration in the suburban and rural areas of the country. However, the growth of
mobile telephone network is quite significant. Broadband internet services are spreading gradually in the rural
area as the Government is implementing projects to spread the optical fiber cable network into rural level and
to bring all the schools and colleges of the country under broadband Internet services. Government has also
taken different initiatives to reduce the price of Internet bandwidth to an affordable level for the common
people. In 2018, government has awarded 4G license to four mobile telecom operators in the country. All the
four mobile operators are now expanding their 4G networks over the country. Government introduce 5G service
is experimentally in the following areas: Prime Minister's Office, Parliament, Secretariat, Bangabandhu
Museum on Dhanmondi 32, Bangabandhu Sheikh Mujibur Rahman's birthplace Tungipara in Gopalganj, and the
National Martyrs' Memorial in Savar. Also, the implementation of a project to connect the country with the 3rd
Submarine Cable has been started by BSCCL, which will make a huge amount of international bandwidth available
in the country. Fixed Internet Service Providers (ISP) are now expanding their networks into the rural areas of
the country. All of these activities are contributing to increase the broadband penetration in the country.
Business Operation and External Environment

Bangladesh Submarine Cable Company Limited (BSCCL) is the most important core telecommunication infra-
structure service provider in the country who provides the vital infrastructure for keeping the country connected
with the International Information Superhighway. Through its two submarine cable systems, the SEA-ME-WE-4
and the SEA-ME-WE-5, it provides submarine cable capacity (International Private Lease Circuit or IPLC) to the
IIG and IGW operators of the country. BSCCL provides high quality international bandwidth through submarine
cable systems between Bangladesh and several most desired destinations of the world. BSCCL is an important
member of two international submarine cable consortiums, the SEA-ME-WE-4 and the SEA-ME-WE-5 (South
East Asia-Middle East-Western Europe-4&5). BSCCL is the unique provider of submarine cable services in the
telecommunications sector of the country and is the major provider of international bulk bandwidth. It acquired
the permit/license from the Government of Bangladesh for providing services through submarine cables. The
IIG and IGW operators of the country, the main customers of BSCCL, are leasing international submarine cable
capacity (IPLC) at reasonable rates based on the license guidelines, terms & conditions and regulations of
Bangladesh Telecom Regulatory Commission (BTRC). Since 2013, BSCCL started to provide IP Transit service to
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different IIG and ISP operators from its own IIG after acquiring a license from BTRC. BSCCL’s IP Transit service
is ranked as one of the best services in the country. In early 2021 the first overseas PoP of BSCCL’s IIG was
established at Equinix SG3 data center in Singapore. In the year 2012 Bangladesh Telecommunication
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Regulatory Commission (BTRC) issued International Terrestrial Cable (ITC) licenses to six private operators of
which four are now in active commercial operation. The ITC license holders offer IPLC service from the
neighboring country (India) through International Terrestrial cables connecting the landing stations of India
with Bangladesh. Hence, ITC license holders are the main competitors of BSCCL till date and they sometimes
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offer lower tariff to attract customers. To remain competitive in the market, BSCCL sometimes needs to revise
its tariff of the IPLC and IP Transit services downward, which impacts the revenue of the company. Despite
tough competition from the ITC operators, BSCCL still holds around 55% market share of the international
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bandwidth market of the country.
Risk management relating to Financial Statements

The management of the company has overall responsibility for the establishment and oversight of the company's
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risk management framework. The company's risk management policies have been established to identify and
analyze the risks faced by the company, to set appropriate risk limits and controls, and to monitor risks and
adherence to limits. The company follows series of policies, practices to address the key financial reporting
risks arising from changes in business or accounting standards. Risk management policies, procedures and
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systems are reviewed regularly to reflect changes in market conditions and the company's activities and
reported to the Board of Directors through Audit Committee. BSCCL management is very keen to ensure full
disclosure required by applicable laws.
Related Party Transactions

The details of the related party transactions along with the nature of the transactions is reported in the Note:
57.1 (Related party disclosures) of the Financial Statements.
Md. Azam Ali

Managing Director
AUDIT COMMITTEE
Chairman

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Members
d.
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Mr. Md. Abdul Momin Mr. Syed Mamnun Quader

Additional Secretary (Development) Former Director, DCCI
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AUDIT COMMITTEE REPORT

For the year ended on 30 June 2022
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The Audit Committee has been formed by the Board of Directors as per the requirements of Bangladesh Securi-
ties and Exchange Commission (BSEC) notification. The Audit Committee consists of three members, two of
them are Independent Directors and headed by one of the Independent Directors. The Managing Director,
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General Manager (Fin & Admin), Chief Financial Officer and Head of Internal Auditor of the company regularly
attend Audit Committee meetings on invitation. The Company Secretary performs the secretarial function of
the Committee.
d.
The Audit Committee of Bangladesh Submarine Cable Co. Ltd. (BSCCL) is a sub-committee of the Board, to
support the Board in fulfillment of its oversight responsibilities. The Terms of Reference (ToR) of the Audit Com-
mittee is set by the Board of Directors in line with BSEC notification.
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Composition of Audit Committee of BSCCL is as follows:

The Audit Committee consists of the following members of the Board of Directors:
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Chairman:
Mr. N.K.A Mobin, FCS, FCA
Member:
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Mr. Md. Abdul Momin

Director

Authority:
The Audit Committee of Bangladesh Submarine Cable Co. Ltd. (BSCCL) is a sub-committee of the Board,
authorized by the Board to review any activity within the business operations of the company as per its Terms
of Reference (ToR). It is empowered to seek any information it requires from, and require the attendance at any
of its meetings of, any director or member of management, any other relevant officials and all of them are
expected to co-operate with any request made by the Committee.
The Committee is also authorized to have information and advice from the Legal Advisor of the Company, Tax &
VAT Consultant and Statutory Auditor, if required. The Terms of Reference of Audit Committee may be amended
from time to time as required for the business in line with BSEC notifications and regulations, subject to
approval by the Board.
Key Responsibilities of the Audit Committee:

The purpose, authority, composition, duties and responsibilities of the Audit Committee are delineated in its
Charter. Key responsibilities of the Audit Committee includes:
• Monitor the integrity of the financial reporting process ensuring compliance to accounting policies,
standards and principles.
• Monitor internal control and business risk management process.
• Review of the Budget of the company.
• Review of the Internal Audit Plan.
• Review of the Depreciation Method of the Company being followed and to advise any change thereto, if appropriate.
• Review of the major Capital Nature expenditures of the company.
• Oversee appointment and performance of External Auditors.
• Monitor and review of the effectiveness of Internal Audit function.
• Review of the annual, half-yearly and quarterly financial statements and other financial results, and upon its
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satisfaction recommend the same to the Board for approval.
• Review of non-audit services performed by statutory auditors to the extent permitted by the relevant law,
rules and regulations.
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• Review of the audit findings and material weaknesses and monitor implementation of audit action plans.
• Other matters as per Terms of Reference of the Audit Committee.
d.
The Audit Committee met 10(Ten) times during the Financial Year 2021-2022. The details of attendance of each
member at the Audit Committee meetings during 2021-2022 are as follows:
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Number of Audit
Committee Meeting held
Sl. Composition of Audit Committee Remarks
Held Attended %
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1. Mr. N.K.A Mobin, FCS, FCA, Chairman 10 10 100%
2. Mr. Md. Abdul Momin, Member 10 9 90%

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3. Mr. Syed Mamnun Kader, Member 10 7 70%
Directors who could not attend meeting were granted leave of absence by the Audit Committee.
The Managing Director, General Manager (Admin and Finance), Chief Financial Officer, Head of Internal Audit of
Bangladesh Submarine Cable Company Limited, and representatives of the External Auditors attended meet-
ings upon invitation by the Audit Committee. From time to time, other senior members of the management
were invited by the Audit Committee to attend Audit Committee meetings to discuss important financial and
control related issues.
Major Activities of the Audit Committee in 2021-2022

Ten meetings of the Audit Committee were held during the financial year 2021-2022. The Managing Director,
General Manager (Admin and Finance), Chief Financial Officer and Head of Internal Audit attended meetings on
invitation. The major activities of the Audit Committee in 2021-2022 are stated below-
• Reviewed the quarterly financial statements for the year ended June 30, 2022.
• Reviewed the draft Independent auditors report and audited financial statements for the year ended June 30, 2022.
• Reviewed the outstanding position of the Trade Receivables of the Company time to time and instructed the
Company management to apply appropriate realization mechanism to collect the long outstanding.
• Reviewed the key Risk Factors of the Company like - Outstanding and its realization, VAT and AIT issues on
outstanding bills etc., Deferred tax liabilities etc.
• Prepared Report of the Audit Committee for the shareholders.
• Reviewed the Internal Control System of BSCCL.
• Approved the Internal Audit Plan for 2021-2022, monitored progress and advised revisions whenever necessary.
• Discussed Internal Audit reports and findings in detail with auditors and members of Management.
• Monitored the status of implementation of audit action plans and provided guidance to ensure timely
completion of action plans.
• Reviewed and received report on the matters as per requirements from the Bangladesh Securities and
Exchange Commission (BSEC).
• Reviewed queries from the regulatory bodies and helped drafting appropriate replies.
• Reviewed the time deposit investments (FDRs) of the Company at various banks and recommended to the
Board to approve the “Banking and Investment Policy of BSCCL” in relation to Investment and Banking
Transactions.
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• Reviewed the status of the Valuation of Assets of the Company.
• Reviewed the offers of the Credit Rating Companies to perform Credit Rating.
• Reviewed the creditors position and advance status. The Committee recommended to adjust or recognize
the long pending creditors and advances.
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• Review sales process to STC and revenue recognized arising from that.
• Appointment or recommendation of external auditor, compliance auditor and independent scrutinizer of the company.
• Review dividend policy of the company.
d.
• Discussion and review of probable issue price against Equity Money from Govt.
• Review manpower requirement application of Accounts & Finance Department.
• Review Accounts & Finance Department's Organogram with major activities of employees.
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• Review yearly budget for the year 2022-2023 submitted by accounts departments of Bangladesh Submarine
Cable Company Ltd.
Internal Control and Risk Management System:

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Based on review of the effectiveness of the internal controls and the procedures established for identifying, assessing
and managing risks, the Committee is of the view that adequate controls and procedures are in place to provide
reasonable assurance that the company’s assets are safeguarded and that the financial position of the Company is
adequately managed. Committee always looks for avenues for further improvements in both the areas.
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Appointment of Statutory and Compliance Auditor:

The Audit Committee recommended to the Board of Directors to appoint M/S MABS & J Partners, Chartered
Accountants as the Statutory Auditor for the financial year ending on 30 June, 2023 subject to the approval of
the shareholders at the 14th Annual General Meeting of the Company. The Audit Committee also recommended
to the Board of Directors to appoint “Suraiya Parveen & Associates” Practicing Chartered Secretaries as
Corporate Governance Compliance Auditor for the financial year ending on 30 June, 2023 subject to the approval
of the shareholders at the 14th Annual General Meeting of the Company.
The above matters are significant for continuous improvements and therefore duly noted and taken care of by
the Committee.
On behalf of the Audit Committee
N.K.A Mobin, FCS, FCA

Chairman
Audit Committee
Nomination and Remuneration Committee (NRC)

Chairman

Members
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Mr. Khandker Md. Abdul Hye, PhD Dr. Nasima Akhter
Joint Secretary, Posts & Telecommunications Division, Joint Secretary, Finance Division
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Ministry of Posts, Telecommunications & Ministry of Finance & Director, BSCCL

Information Technology (MoPT & IT) & Director, BSCCL
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Dr. Hafiz Md. Hasan Babu Colonel Ekram Ahmed Bhuyan, afwc, psc
Professor in the Department of Computer Army Headquarters, Dhaka Cantonment
& Director, BSCCL

Former Director, DCCI
NOMINATION AND REMUNERATION COMMITTEE (NRC) REPORT

For the year ended on 30 June 2022
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The Nomination and Remuneration Committee (NRC) has been formed by the Board of Directors as per the
requirements of Bangladesh Securities and Exchange Commission (BSEC) notification. The NRC consists of six
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members; two of them are Independent Directors and headed by one of the Independent Directors. The Compa-
ny Secretary performs the secretarial function of the Committee.
The NRC of Bangladesh Submarine Cable Co. Ltd. (BSCCL) is a sub-committee of the Board, to support the
Board in fulfillment of its oversight responsibilities. The Terms of Reference (ToR) of the NRC is set by the Board
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of Directors in line with BSEC notification.
Current Composition of NRC of BSCCL is as follows:

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The NRC consists of the following members of the Board of Directors:
Chairman:
Mr. N.K.A Mobin, FCA, FCS
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Independent Director, BSCCL
Member:
Mr. Khandker Md. Abdul Hye, PhD
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Director
Dr. Nasima Akhter
Director
Dr. Hafiz Md. Hasan Babu
Director
Colonel Ekram Ahmed Bhuyan, afwc, psc
Director
Authority:
The NRC of Bangladesh Submarine Cable Co. Ltd. (BSCCL) is a sub-committee of the Board, authorized by the
Board to review any activity within the business operations of the company as per its Terms of Reference (ToR).
It is empowered to seek any information it requires from, and require the attendance at any of its meetings of,
any director or member of management, any other relevant officials and all of them are expected to co-operate
with any request made by the Committee.
The Committee is also authorized to have information and advice from the Legal Advisor of the Company, Tax
Consultant and Statutory Auditor, if required. The Terms of Reference of NRC may be amended from time to time
as required for the business in line with BSEC notifications and regulations, subject to approval by the Board.
The NRC met 1(one) times during the Financial Year 2021-2022. The details of attendance of each member at the
NRC meetings during 2021-2022 are as follows:
Number of NRC Meeting held Remarks
Sl. Composition of NRC Held Attended %

1 Mr. N.K.A Mobin, FCA, FCS Chairman 1 1 100%
2. Mr. Khandker Md. Abdul Hye, PhD, Member 1 1 100%
Appointed as member of NRC in place
3. Dr. Nasima Akhter, Member 1 1 100%
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of Mrs. Kulsum Begum as on 30.01.2022
4. Dr. Hafiz Md. Hasan Babu, Member 1 1 100% of Dr. Md. Mahbubul Alam Joarder as on
07.12.2021
5.
Colonel Ekram Ahmed Bhuyan, afwc, psc,
Member
1
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of Brigadier General Rakibul Karim
Chowdhury as on 14.11.2021
d.
6. Mr. Syed Mamnun Quader, Member 1 0* Nil
of Mr. Hossain Khaled as on 30.06.2021
Directors who could not attend meeting were granted leave of absence by the NRC Committee.
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Major Activities of the NRC in 2021-2022
One meeting of the NRC was held during the financial year 2021-2022. The Managing Director and General
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Manager (Admin and Finance) attended meetings on invitation. The major activities of the NRC in 2021-2022 are
stated below-
• Reviewed the Meeting Attendance Fee, TA&DA and other benefits of Director.
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• Reviewed the allowances and other benefits of the employees of BSCCL.

• Reviewed the progress of the formulation of criteria for performance evaluation of independent directors and
the Board.
• Reviewed the other issues as per regulation 6(5) of the Corporate Governance Code of BSEC.
The above matters are significant for continuous improvements and therefore duly noted and taken care of by
the Committee.
On behalf of the NRC
N.K.A Mobin, FCS, FCA

Chairman, NRC

Value Added Statement
Figures in Tnousand BDT
2021-22 % 2020-21 %
Value Added
Revenue 4,417,441 3,448,527
Other income including interest income 264,069 220,939
VAT on revenue and other income 251,374 957,280
4,932,884 4,626,746
Less : Cost of Operation and Maintenance 477,551 407,928
Available for distribution 4,455,333 100% 4,218,818 100%
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Distributions
Employees 359,557 8.07% 273,717 6.49%
Government
Porviders of finance :
Shareholders
Lender
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758,565
136,515
21.14%
17.03%
3.06%
1,422,742
610,150
147,744
33.72%
14.46%
3.50%
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2,196,338 49.30% 2,454,352 58.18%
Value reinvested and retained
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Depreciation & Retention 2,258,995 50.70% 1,764,465 41.82%
4,455,333 100% 4,218,818 100%

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2021-2022 3.50%
Employees
14.46%
Government
Share Holders
Lender
41.82% 33.72%
Depreciation & Retention
6.49%
DIVIDEND POLICY OF BSCCL

Introduction:
Bangladesh Submarine Cable Company Limited (the “Company”) intends to pay dividends to its shareholders
and will use the guidelines herein to determine and pay such dividend as is approved. The policy shall accordingly
be applied in determining any claim by any shareholder, individual or institution regarding the dividend payable
by the Company, subject to any provisions in the Company’s Articles of Association.
Definitions:
“Dividend(s)” refers to a Final Dividend.
“Share Registrar” means a company specifically appointed by the Company to undertake share registrar and
related services for the Company.
Declaration and Payment of Dividends:
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1. The dividend policy of the Company is to distribute to its shareholders surplus funds from its distributable
profits and/or general reserves, as may be determined by the Board of Directors, subject to:
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a) The recognition of profit and availability of cash for distribution;
b) Any banking or other funding requirements by which the Company is bound from time to time;
c) The operating and investment needs of the Company;
d.
d) The anticipated future growth and earnings of the Company;
e) Provisions of the Company’s Articles of Association;
f) Emerging trends in Dividend payouts in the industry; and
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g) Any relevant applicable laws.
2. The Company shall endeavor to maintain a dividend payout ratio of not less than the percentage of net
earnings of the respective year required to get relief from any excess tax obligation(s), subject to the above
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considerations.
3. The Company may, prior to declaration of any Dividend, transfer such percentage of its profit for that financial
year as it may consider appropriate, to the reserves of the Company.
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4. The Company’s Board of Directors shall be responsible for generating all proposed resolutions on the declaration
and payment of dividends.
5. The Company will not declare any Dividends where the law prevents such payment and if there are reasonable
grounds for believing that the Company is or would be, after a Dividend payment, unable to pay its liabilities
or discharge its obligations as and when they become due.
6. The decision to declare and pay Dividends shall be approved at the shareholders Annual General Meeting
(“AGM”), upon the recommendation of the Board of Directors. It shall be a separate agenda item at the AGM.
7. The list of persons entitled to receive Dividends at the Book Closure/ Record date shall be prepared by the
Service provider appointed for this purpose according to the Company’s instructions and prevailing legislation.
The time, place and procedure for payment of Dividends shall be publicly communicated to shareholders in
advance of the register closure date i.e. Record date and payment date.
8. Any unclaimed Dividends shall be dealt with in accordance with the circulars/directives of BSEC or other
regulatory authorities in this regard from time to time.
9. The Company shall continue to pay declared Dividends for shares on which accrued dividends have not been
received by any shareholder until the accrued dividends has been transferred to the Capital Market Stabilization
Fund in accordance with the directives of BSEC or any other regulatory authority from time to time.
10. No interest shall accrue on unclaimed Dividends held by the Company.
Policy Context:
This Dividend Policy Statement is formulated in accordance with the directive issued by BSEC, the Companies
Act 1994, tax legislation, and internationally recognized best practices and principles.
Amendment:
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This Policy Statement shall be effective from the date of execution and may be amended from time to time with
the approval of the Board of Directors of the Company.
Disclaimer:
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The above Policy Statement does not represent a commitment on the future Dividends of the Company but
represents a general guidance on the Dividend Policy.
d.
Policy Approval:
This policy is approved by the Company’s Board on 21 October 2021.
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Summary of Unclaimed Dividend

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Amount in Taka
Particulars Remarks
30 June 2022 30 June 2021
Dividend Payable for the FY 2011-2012 - 404,808 Transferred to CMSF
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Dividend Payable for the FY 2014-2015 - 1,603,322 Transferred to CMSF
Dividend Payable for the FY 2018-2019 1,924,218 1,96,7756 Available for collection
Dividend Payable for the FY 2019-2020 1,990,217 2,105,601 Available for collection
Dividend Payable for the FY 2020-2021 1,912,185 - Available for collection
Grand Total 5,826,620 8,935,626 -
• CMSF stands for Capital Market stabilization fund established by BSEC

• Details has been presented in the website of the company
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AUDITOR’S
REPORT co
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&
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FINANCIAL
STATEMENTS
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For The Year Ended 30 June 2022

g¨vem& GÛ †R cvU©bvm©
MABS & J Partners
Chartered Accountants
Independent Auditor’s Report to the Shareholders

of
Report on the Audit of the Financial Statements
Qualified Opinion
We have audited the financial statements of Bangladesh Submarine Cable Company Limited (BSCCL), which
comprise the statement of financial position as at 30 June 2022 and the statement of profit or loss and other
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comprehensive income, statement of changes in equity and statement of cash flows for the year then ended,
and notes to financial statements, including a summary of significant accounting policies and other explanatory
information.
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In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our
report, the accompanying financial statements present fairly, in all material respect, the financial position of the
Company as at 30 June 2022 and its financial performance and its cash flows for the year then ended in accord-
ance with International Financial Reporting Standards (IFRSs).
d.
Basis for Qualified Opinion
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Reference to Note # 12 of the Financial Statements, BSCCL received amounting to Taka 1,660,000,000 during the
Financial Years 2015-2016 and 2016-2017 as Equity Money in six different phases from the Government of the
People’s Republic of Bangladesh for the purpose of implementing the Regional Submarine Telecommunications
Project, Bangladesh (Installation and Establishment of Second Submarine Cable System (SMW5) with condition
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that the said amount will be converted into Equity Capital in favour of Ministry of Posts, Telecommunications
and Information Technology through issuing shares after implementing the project and getting proper approval
from the concerned authority of the Government of the People’s Republic of Bangladesh and in compliance with
the guidelines and policies issued by Ministry of Finance (Finance Division) for issuing equity capital.
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Furthermore, BSCCL received amounting to Taka 249,600,000 during the Financial Year 2021-2022 in two differ-
ent phases as Equity Money from the Government of the People’s Republic of Bangladesh for implementing the
installation of 3rd Submarine Cable (Work in progress) for expansion of International Telecommunications
System of Bangladesh. Hence, total Equity Money stands at Taka 1,909,600,000 as on 30 June 2022.
On 11 February 2020 Financial Reporting Council (FRC) issued a notification (Notification No. 146/FRC/Admin-
/Notification/2020/01) regarding Accounting and Reporting on Share Money Deposit. As per the said notification
any amount received from investor as Share Capital or call by whatever name that was considered as part of
equity in the Financial Statements shall be converted to share capital within six months. Further, till to date of
conversion of share money deposit to share capital, the amount of share money deposit shall be considered as
potential share.
Although the official process with the Ministry of Posts, Telecommunications and Information Technology has
been completed but BSCCL is awaiting for final approval from the Ministry of Finance to transfer the Equity
Money to Share Capital. Hence, no Equity/Share Money has been converted into Share Capital by BSCCL as on
30 June 2022. However, they have calculated diluted EPS and disclosed in the financial statements considering
the Equity Money received in the Financial Years 2015-2016 and 2016-2017 only.
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial State-
ments section of our report. We are independent of the Company in accordance with the International Ethics
Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have
fulfilled our other ethical responsibilities in accordance with the IESBA Code and the Institute of Chartered
Accountants of Bangladesh (ICAB) Bye Laws. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our qualified opinion.
Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
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of the financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on
these matters.
Revenue Recognition
Key Audit Matters
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d.
We considered revenue recognition as a key audit Our procedures included obtaining an understand-
matter because: ing of management’s revenue recognition policies
and process. We tested sample of transactions to
• Revenue is the most financially significant item in
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verify whether the revenue was accounted for in

the statement of profit and loss and other
accordance with the revenue accounting policy as
comprehensive income.
disclosed in Note 3.5 and 27 to 31 of the financial
• The company has reported revenue of Taka statements. In addition, we assessed whether the
4,417,441,269 for the year ended 30 June 2022. disclosed revenue accounting policy was in accord-
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• The Company’s revenue is primarily generated ance with relevant accounting standards.
from the provision of International Private Leased Our audit approach consisted testing of the design
Circuit (IPLC) Service, Circuit activation charge, and operating effectiveness of the internal controls
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Co-Location Service, IP Transit Service – Local and substantive testing as follows:

and Export. There is an inherent risk over the • Evaluated the design of internal controls relating
accuracy and timing of revenue recognition given to implementation of the revenue recognition
the complexity of billing systems and processing accounting standard.
various data which are impacted by the prices and
rates including different rates based on services • Selected a sample of continuing and new
consumed, and discounts arrangements. As a contracts, and tested the operating effectiveness
result, the application of accounting standards is of the internal control, relating to identification of
complex and involves, to a certain extent, a the distinct performance obligations and determi-
number of key judgments and estimates made by nation of transaction price. We carried out a
the management. combination of procedures involving enquiry and
observation, performance and inspection of
Following the application of the new revenue recog- evidence in respect of operation of these controls.
nition standard (IFRS 15, Revenue from Contracts
with Customers), the company adopted its account- Selected a sample of continuing and new
ing policies. contracts and performed the following procedures:
• Read, analyzed and identified the distinct perfor-
mance obligations in these contracts.
Key Audit Matters How our audit addressed the key audit matters
Under IFRS 15 revenue is recognized when a • Compared these performance obligations with
performance obligation is satisfied by transfer- that identified and recorded by the Company.
ring control over a promised good or service. In • Considered the terms of the contracts to deter-
addition, the application of the new standard, mine the transaction price including any variable
IFRS 15: Revenue from Contract with Customer consideration to verify the transaction price used
for the current financial year immaterially impact to compute revenue and to test the basis of
on the financial statements. estimation of the variable consideration.
• Sample of revenues disaggregated by type and
Details of the accounting policies for revenue service offerings was tested with the performance
recognition are set out in Note 3.5 to the financial obligations specified in the underlying contracts.
statements and the various revenue streams for
• Performed analytical procedures for reasonableness
the company have been disclosed in Note 27-31 to
of revenues disclosed by type and service offerings.
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the financial statements.
• Testing the key controls over the calculation of the
amounts billed to customers and the capturing
and recording of the revenue transactions.
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the rate changes and the input of such rates to the
billing systems.
d.
• Testing the accuracy of customer bill calculations
and the respective revenue transactions recorded.
• Testing the appropriateness of the accounting
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treatment on a sample basis. In addition, we

verified the accuracy of IFRS 15 related disclosures.
• examining material journal entries and other
adjustments posted to revenue.
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• performed enquiries with management to under-

stand their risk assessments and inspected
meeting minutes to identify relevant changes in
their assessments and estimates.
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We specifically put emphasis on those transactions

occurring close before or after the financial position
date to obtain sufficient evidence over the accuracy
of cut-off.
Finally assessed the appropriateness and
presentation of disclosures against relevant
accounting standards.
Based on our work, we noted no significant issues
regarding the accuracy of revenue reported for the year.
Property Plant and Equipment
The company incurred a significant level of Our audit procedures to assess the carrying value of
capital expenditure in connection with the expansion PPE included the following:
of its equipped capacity and improvements of
Our audit procedures included controls testing and
bandwidth. The carrying value of Property Plant
substantive procedures covering, in particular:
and Equipment aggregating to Taka 6,441,934,356
represents a significant amount in the company’s • assessing the design, implementation and
statement of financial position as at 30 June 2022 operating effectiveness of key internal controls
and carries the risk of: over the completeness, existence and accuracy
• There are a number of areas where management of property, plant and equipment, including the
judgement impacts the carrying value of PPE, key internal controls over the estimation of
and the related depreciation profiles. useful economic lives and residual values;
• determining which costs meet the criteria for • assessing on a sample basis, costs capitalized
capitalization; during the year by comparing the costs capitalized
• determining the date on which the assets is with the relevant underlying documentation,
recognized to property, plant and equipment and which included purchase agreements and
depreciation commences; invoices, and assessing whether the costs
• the estimation of economic useful lives and capitalized met the relevant criteria for capitali-
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residual values assigned to property, plant and zation.
equipment. • Testing the key controls over the management’s
• useful lives of assets shortening and technological judgment in relation to the accounting
obsolescence.
The management reviews the estimated deprecia-
ble lives and the residual value of property, plant
and equipment annually. After conducting a review
co estimates of the depreciable lives and residual
values of property, plant and equipment.
• Reconcile on a sample basis the additional
capitalized costs for the year to the underlying
d.
on the depreciable lives of the property, plant and invoices and supporting documents.
equipment of the company during this year, the
management resolved to change the accounting
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estimates of the depreciable lives of certain

equipment.
We identified the carrying value of property, plant
and equipment as a key audit matter because of
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the high level of management judgement involved

and because of its significance to the financial
statements.
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See note no 3.1 and 4 to the financial statements
Revaluation of PPE
The financial statements contain material entries We considered the entity’s arrangements for
on the SOFP as well as material disclosure notes in ensuring that PPE values were reasonable and
relation to the entity’s holding of PPE by revaluat- engaged our own expert to provide data to assist us
ing it’s all class of assets. The revaluation reserve in assessing the reasonableness of the valuations
amounting to Taka 1,032,360,394 as at 30 June, 2022. provided by the Professional valuer. We also
Although BSCCL employs a valuation expert to assessed the competence, skills and experience of
provide information on valuations, there remains a the valuer. We performed further audit procedures
high degree of estimation, uncertainty associated on individual assets to ensure that the basis and
with the revaluation of PPE due to the significant level of revaluation was appropriate.
judgements and number of variables involved in
providing revaluations.
Disclosed in Note- 3.1, 4 and 15.

Measurement of deferred tax Liability
Company reported net deferred tax liability We obtained an understanding, evaluated the design and
totaling Taka. 613,197,063 as at 30 June 2022. tested the operational effectiveness of the Company’s key
controls over the recognition and measurement of Deferred
Significant judgment is required in relation to
Tax Assets and Liabilities and the assumptions used in
deferred tax liability as their liability is
estimating the future taxable expense of the company.
dependent on forecasts of future profitability
over a number of years. We also assessed the completeness and accuracy of the
data used for the estimations of future taxable expense.
See note no. 3.16 (b) and 17 to the financial
statements We evaluated the reasonableness of key assumptions,
timing of reversal of temporary differences and expira-
tion of tax loss carry forwards, recognition and measure-
ment of Deferred Tax Liability.
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We involved tax specialists to assess key assumptions,
controls, recognition and measurement of deferred tax assets.
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We assessed the adequacy of the company’s disclosures
setting out the basis of deferred tax liability balances
and the level of estimation involved.
We also assisted in evaluating the tax implications, the
d.
reasonableness of estimates and calculations deter-
mined by management.
Finally assessed the appropriateness and presentation
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of disclosures against IAS 12: Income Tax.

Equity Money from GoB
In the Financial Years 2014-2015 & 2020-2021, To assess the implementation of the condition applied by
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BSCCL received the approval for the purpose the Inter-Ministerial Meeting under the Ministry of
of implementing the Regional Submarine Finance for approval of these project, following audit
Telecommunications Project, Bangladesh procedure has been followed:
(Installation and Establishment of Second i) approval from ECNEC dated 11 June 2015 and 01
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Submarine Cable System (SMW5) and Third December 2020 have been checked.
Submarine Cable System (SMW6) for Interna- ii) approval from Ministry of Posts, Telecommunications
tional Telecommunications in Bangladesh for and Information Technology, the Government of the
the amount of Taka 1,660,000,000 and Taka People’s Republic of Bangladesh dated 29 June 2015 &
249,600,000 respectively from the Govern- 26 January 2021 for these projects.
ment of the People’s Republic of Bangladesh
iii) approved amount of Taka 1,660,000,000 as GOB equity
(GoB) as Equity Money with condition that the
money has been received through six installments
said amount will be converted into Equity
from the year 2015-2016 to 2016-2017.
Capital in favour of Ministry of Posts,
Telecommunications and Information Tech- iv) approved amount of Taka 249,600,000 as GOB equity
nology through issuing Shares after imple- money has been received through two installments
menting the project and getting proper from the year 2021-2022.
approval from the Concerned Authority of the
Government of the People’s Republic of
Bangladesh and in compliance with the
guidelines and policies issued by Finance
Division for issuing equity capital.

On 11 February 2020 Financial Reporting To evaluate the steps taken by management after
Council (FRC) has issued a notification (Noti- considering the notification by FRC, following audit
fication No. 146/ FRC/ Admin/ Notification procedure has been followed.
/2020/ 01) regarding Accounting and Reporting i) analysis of the minutes of meetings of the Board of
on Share Money Deposit. As per the said Directors & has appointed ICB Capital Management
notification any amount received from Limited on 22 July 2020 as Issue Manager regarding
investor as share capital or call by whatever issue of shares against Equity money by Taka
name that was considered as part of equity in 1,660,000,000 from -GOB to Share Capital.
the Financial Statements shall be converted ii) reviewed the notification (Notification No. 146/ FRC/
to share capital within six months. Further, till Admin/Notification/2020/01) and related correspond-
to date of conversion of share money deposit ence from management of BSCCL regarding the
to share capital, the amount of share money guidance on limitation to comply the said notification.
deposit shall be considered as potential
iii) reviewed the appointment of Valuer for revaluation
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share. Disclosed in Note 12.
of assets and liabilities of BSCCL and
iv) communicated the issue of noncompliance of the
Legal and regulatory matters

co notification (Notification No. 146/ FRC/ Admin /Noti-
fication/ 2020/ 01) to the Management who are in
Charged with the Governance.
d.
The Company has aggregating claims of Taka We obtained an understanding, evaluated the design and
25,240,639 in respect of previous years. The tested the operational effectiveness of the Company’s
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Company has tax claim from the previous key controls over the legal provision and contingencies
assessment year. Other than this there are no process.
legal proceedings, claims and government We enquired to those charged with governance to obtain
investigations and inquiries pending that their view on the status of all significant litigation and
expose it to significant litigation and similar regulatory matters.
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risks arising from disputes and regulatory We discussed material legal cases with the company’s
proceedings. Such matters are subject to legal department for all significant litigation and regula-
many uncertainties and the outcome may be tory matters and inspected internal notes and reports.
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difficult to predict. These uncertainties inher- We also received formal confirmations from external
ently affect the amount and timing of potential counsel. We have analyzed of responses in legal letters
outflows with respect to the provisions which independently obtained from the external legal counsels
have been established and other contingent of the Company;
liabilities. We assessed the methodologies on which the provision
Overall, the legal provision represents the amounts are based, recalculated the provisions, and
Company’s best estimate for existing legal tested the completeness and accuracy of the underlying
matters that have a probable and estimable information.
impact on the Company’s financial position. We also assessed the Company’s provisions and contin-
gent liabilities disclosures.
• Analysis of the minutes of meetings of the Board of
See note no. 22 and 55 to the financial state-
Directors and the Board Audit Committee;
ments
• Analysis of assessment of contingent liabilities and
changes in provisions for claims and litigations which
are updated on a quarterly basis;
• Assess disclosures in the financial statements which
are potentially of material contingent nature and their
measurement.

Other Matter
The financial statements of the Company for the year ended 30 June 2021 were audited by S.F. Ahmed & Co.,
Chartered Accountants who expressed a qualified opinion on 24 October 2021.
Other Information
Management is responsible for the other information. The other information comprises all the information in
the Annual Report other than the financial statements and our auditors’ report thereon. The Annual Report is
expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
identified above when it becomes available and, in doing so, consider whether the other information is materi-
ally inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to
be materially misstated.
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When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required
to communicate the matter to the board of directors of the company.
Controls
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Responsibilities of Management and Those Charged with Governance for the Financial Statements and Internal
Management is responsible for the preparation and fair presentation of financial statements in accordance
d.
with IFRSs as explained in note 02 and 03, and for such internal control as management determines is neces-
sary to enable the preparation of financial statements that are free from material misstatement, whether due
to fraud or error. The Companies Act, 1994 require the Management to ensure effective internal audit, internal
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control and risk management functions of the Company.

In preparing the financial statements, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease opera-
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tions, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements

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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inten-
tional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates

and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the company to express an opinion on the financial statements. We are responsible for the
direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
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timing of the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
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requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
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of most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
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be communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
Report on other Legal and Regulatory Requirements

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

MABS & J Partners
Place: Dhaka, Bangladesh Nasir U Ahmed

Dated: 10 October 2022 FCA, FCS, CGMA (AICPA), ACMA (UK), FCA (England & Wales)
Deputy Managing Partner
ICAB Enrollment No: 535
DVC: 2210100535AS843986


Statement of Financial Position
As at 30 June 2022
Amount in Taka
Particulars Notes
30 June 2022 30 June 2021
ASSETS
Non-Current Assets
Property, plant and equipment 4 6,441,934,356 6,816,455,730
Capital Work in Progress SMW-6 4.1 1,591,351,700 4,048,086
Intengible Assets 5 113,865,972 -
Current Assets 8,721,400,798 7,086,118,261
Trade and other receivables 6 2,758,769,054 1,943,558,845
Advances and deposits 7 79,771,775 23,412,700
Advance income tax 8 820,905,007 1,169,718,384
Investment in shares 9 31,073,048 29,501,318
Cash and cash equivalents 10 210,798,632 354,642,122
Investment in FDR 10.3 4,820,083,283 3,565,284,893
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TOTAL ASSETS 16,868,552,825 13,906,622,077
EQUITY AND LIABILITIES
Shareholders' Equity 10,662,571,054 8,656,670,966
Share capital
Equity Money from GoB
Share premium
Tax holiday reserve
Revaluation reserve
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12
13
14
15
1,649,055,100
1,909,600,000
723,293,759
847,740,119
1,032,360,394
1,649,055,100
1,660,000,000
723,293,759
788,905,267
1,037,294,938
d.
Retained earnings 16 4,500,521,682 2,798,121,902
Non Current Liabilities 3,579,539,867 3,164,993,865
Deferred tax liabilities 17 613,197,063 606,110,821
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Security deposits received from clients 18 451,258,714 357,068,437

Employees' pension, gratuity, LE & provident fund 19 32,221,023 15,394,307
Long Term loan-net off current portion 20 2,482,863,067 2,186,420,299
Current Liabilities 2,626,441,902 2,084,957,245
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Long Term loan-current portion 20 301,502,419 192,249,252

Sundry creditors 21 528,467,200 84,170,223
Provision for income tax 22 821,805,495 1,037,421,348
Provision for WPPF and WF 23 160,053,970 119,991,410
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VAT payable 24 (29,412,028) (25,398,163)

Liabilities for expenses 25 79,632,880 57,437,162
Amount to be distributed as dividend (Proposed) 758,565,346 610,150,387
Unclaimed Dividend Account 26 5,826,620 8,935,626
Total Liabilities 6,205,981,770 5,249,951,111
TOTAL EQUITY AND LIABILITIES 16,868,552,825 13,906,622,077
Net Asset Value(NAV) per Share 47 64.66 52.49
The annexed notes form an integral part of these financial statement.
Chief Financial Officer Company Secretary Managing Director Director

Signed in terms of our report of even date annexed
MABS & J Partners

DVC: 2210100535AS843986

Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2022
Amount in Taka
Particulars Notes
30 June 2022 30 June 2021
Revenue
IPLC (International Private Leased Circuit) rent 27 3,156,137,972 2,648,270,439
Circuit activation charge 28 14,102,700 12,511,000
IP Transit service 29 1,125,408,635 702,829,030
Co-location charges 30 101,899,326 84,916,391
IPLC-SMW-5-export 31 19,892,636 -
4,417,441,269 3,448,526,860
Direct cost of operation
Electricity and generator fuel 32 16,393,892 14,131,457
Landing station and cable route repair 33 3,958,133 2,508,967
Backhaul , data connectivity charge and Revenue Sharing 34 125,771,066 83,673,754
IP Transit cost 35 84,660,465 66,632,955
Lease rent 36 343,631 345,912
Depreciation of core machinery 37 438,532,866 432,620,300
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669,660,052 599,913,345
Gross profit 3,747,781,217 2,848,613,515
Operating expenses
Operation and maintenance expenses 38 171,529,434 189,551,850
General and administrative expenses
Provision for bad & doubtful debts
Depreciation on property, plant and equipment
Exchange fluctuation loss/(gain)
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40
41
277,173,458
34,615,778
33,659,348
(2,012,113)
221,717,520
(26,721,604)
34,350,344
(85,268)
d.
514,965,903 418,812,841
Operating profit 3,232,815,314 2,429,800,674
Non-operating income/(Expenses)
Bank interest and other income 42 264,068,872 220,938,686
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Financial and Other charges (136,514,690) (147,743,711)

Amortization of License Fee (1,134,028) -
Gain on sale of Property, Plant & equipment 326,160 163,343
Gain on investment in shares 43 1,571,730 16,660,604
128,318,043 90,018,923
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Profit before WPPF & WF 3,361,133,357 2,519,819,597

Provision for contribution to WPPF & WF 160,053,969 119,991,409
Profit before taxation 3,201,079,387 2,399,828,187
Current tax expenses 44 690,326,921 465,461,372
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Deferred tax (income)/expenses 45 10,533,426 27,034,954

700,860,348 492,496,326
Net profit after tax 2,500,219,040 1,907,331,861
Other Comprehensive Income, net of tax
Gain on revaluation of Property, Plant and Equipment - -
Total comprehensive income 2,500,219,040 1,907,331,861
Earnings Per Share (EPS) - Basic 46 15.16 11.57
Earnings Per Share (EPS) - Diluted 46.1 13.91 10.61


Signed in terms of our report of even date annexed
MABS & J Partners

DVC: 2210100535AS843986

104

Statement of Changes in Equity
Share Equity money Share Tax holiday Revaluation Retained Total

Particulars
capital from GoB premium reserve reserve earnings equity
Balance as at 01 July 2021 1,649,055,100 1,660,000,000 723,293,759 788,905,267 1,037,294,938 2,798,121,902 8,656,670,966
Transactions with shareholders: - - - - - - -
Net profit after tax for the Year - - - - - 2,500,219,040 2,500,219,040
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Amount to be distributed as dividend
- - - - - (758,565,346) (758,565,346)
(Proposed 2021-2022)
Equity money from GoB - 249,600,000 - - - - 249,600,000
Excess Depreciation of Revalued amount net
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- - - - (5,782,380) 5,782,380 -
off deferred tax
Tax holiday reserve - - - 58,834,852 - (58,834,852) -
Adjustment for deferred tax ( FY 2020-21) - - - - 1,768,429 - 1,768,429
Adjustment for deferred tax ( FY 2021-22) - - - - - 1,678,755 1,678,755
d.
Adjustment for Sale of Revalued Assets - - - - (920,593) (144,107) (1,064,700)
Tax Settlement for the year 2016-17 - - - - - 12,263,911 12,263,911
Balance as at 30 June 2022 1,649,055,100 1,909,600,000 723,293,759 847,740,119 1,032,360,394 4,500,521,682 10,662,571,054
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Balance as at 01 July 2020 1,649,055,100 1,660,000,000 723,293,759 741,577,846 1,042,041,533 1,513,286,463 7,329,254,701
Transactions with shareholders:

Net profit after tax for the year - - - - - 1,907,331,861 1,907,331,861
Amount to be distributed as dividend
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- - - - - (610,150,387) (610,150,387)
(Proposed 2020-2021)
Excess Depreciation of Revalued amount - - - - (7,859,683) 7,859,683 -
Adjustment for Deferred Tax - - - - 3,113,088 - 3,113,088
Adjustment for previous years - - - - - 27,121,703 27,121,703
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Tax holiday reserve - - - 47,327,421 - (47,327,421) -

Balance as at 30 June 2021 1,649,055,100 1,660,000,000 723,293,759 788,905,267 1,037,294,938 2,798,121,902 8,656,670,966

Annual Report
Place: Dhaka, Bangladesh

2022
Dated: 10 October 2022


Statement of Cash Flows
Amount in Taka
Particulars Notes
30 June 2022 30 June 2021
A. Cash flows from operating activities

Cash received from clients 4,124,778,048 3,610,921,898
Cash paid to suppliers and others (547,597,637) (505,440,162)
Exchange fluctuation loss/ (gain) 2,012,113 85,268
Payroll and other payments to employees (171,764,799) (147,513,284)
Income tax paid (544,865,485) (600,847,671)
Receipts from rest house rent and others 21,644,353 43,704,526
Payment for WPPF (119,991,409) (62,599,014)
Net cash flow from operating activities 48.1 2,764,215,184 2,338,311,562
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B. Cash flows from investing activities
Purchase of property, plant and equipment (95,731,353) (60,937,449)
Investment in SMW-6
Investment in FDR
Interest received
License Acquisition Fee
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(1,254,798,390)
240,299,813
(115,000,000)
(4,048,086)
(1,243,861,342)
165,065,315
-
d.
Proceeds from disposal of Fixed Assets 974,160 707,000
Dividend received 1,390,751 1,563,307
Net cash flow from/ (used in) investing activities (2,810,168,634) (1,141,511,254)
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C. Cash flows from financing activities

Dividend paid (613,259,393) (356,938,558)
Financial charges (139,879,053) (230,311,460)
Equity money received 249,600,000 -
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Loan Receipts from GoB 500,400,000 -

Unclaimed IPO subscription Paid (47,527) -
Loan repaid (94,704,065) (352,024,332)
Net cash flow from/(used in) financing activities (97,890,039) (939,274,349)
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Net surplus/ deficit during the Year (A+B+C) (143,843,489) 257,525,958

Cash and cash equivalents at beginning of the year 354,642,122 97,116,163
Cash and cash equivalents at end of the year 10 210,798,632 354,642,122
Net Operating Cash Flows Per Share (NOCFPS) 48 16.76 14.18



Notes to the Financial Statements
As at 30 June 2022
1. Reporting entity
1.1 The Company

Bangladesh Submarine Cable Company Limited (BSCCL) (hereinafter referred to as "the Company”) was incorporat-
ed in Bangladesh as a public limited company on 24 June2008 under the Companies Act 1994 with an authorized
capital of Taka 10,000,000,000 divided into 100,000,000 ordinary shares of Taka 100 each. In the period 2010-2011, the
Company converted denomination of its shares from Taka 100 to Taka 10 and accordingly, present authorized capital
is Taka 10,000,000,000 divided into 1,000,000,000 ordinary shares of Taka 10 each. The Company obtained the Certifi-
cate of Commencement of Business from the Registrar of Joint Stock Companies and Firms on 24 June 2008. The
Company is substantially owned by the Government of the People's Republic of Bangladesh and represented by
various Ministries of the Government.
The Company was originated after separating from Bangladesh Telecommunications Company Limited (BTCL)
(previously BTTB) with all assets situated at Zilonjha, Cox’s Bazar, the Landing Station. Before separation a project
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namely “Establishment of International Telecommunication System through Submarine Cable” was undertaken by
BTCL participating in an international agreement with an International Consortium namely SEA-ME-WE 4 (South
East Asia Middle East Western Europe). The Company has established 2nd Submarine Cable system at Kuakata,
1.2 Nature of business co

Patuakhali, Bangladesh (SEA-ME-WE-5-South East Asia Middle East Western Europe).
The principal activities of the Company are to provide high capacity voice and data bandwidth to all important places
d.
in Bangladesh to get benefit of all the IT related services.
2. Basis of preparation of financial statements

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2.1 Statement on compliance

The financial statements have been prepared in accordance with International Financial Reporting Standards
(IFRSs) and International Accounting Standards (IASs) adopted by the Institute of Chartered Accountants of Bangla-
desh (ICAB), the Companies Act, 1994, Securities and Exchange Rules, 1987 and other relevant laws applicable in
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Bangladesh.
2.2 Other regulatory compliances

The Company is also required to comply with the following major legal provisions in addition to the Companies Act
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1994 and other applicable laws and regulations in Bangladesh:

- The Income Tax Ordinance, 1984
- The Income Tax Rules, 1984
- The Value Added Tax and Supplementary duty Act, 2012
- The Value Added Tax and Supplementary duty Rules, 2016
- The Customs Act, 1969
- The Stamp Act, 1899
- The Bangladesh Securities and Exchange Commission Act, 1993
- The Bangladesh Securities and Exchange Commission Rules, 1987
- DSE/CSE Rules
- Listing Regulations,2015
- Bangladesh Labour Act, 2006(as amended to 2013)
- Financial Reporting Act,2015.
2.3 Basis of measurement

The financial statements have been prepared on historical cost basis except for certain assets such as Property,
Plant & Equipment which are stated at revalued amount (fair market value) as explained in the accompanying notes
(Note- 3.1) and equity instruments which are stated at fair value as explained in the accompanying notes (Note- 3.7).

2.4 Accrual basis of accounting

Bangladesh Submarine Cable Company Limited (BSCCL) prepares its financial statements, except for cash flow
information, using the accrual basis of accounting. Since the accrual basis of accounting is used, the company
recognizes items as assets, liabilities, equity, income and expenses (the elements of financial statements) when
they satisfy the definitions and recognition criteria for those elements in the IAS or IFRS conceptual Framework.
2.5 Presentation of financial statements

The presentation of these financial statements is in accordance with the guidelines provided by IAS 1: Presentation
of Financial Statements. The financial statements comprise of:
(a) Statement of Financial Position as at 30 June 2022.

(b) Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2022.
(c) Statement of Changes in Equity for the year ended 30 June 2022.
(d) Statement of Cash Flows for the year ended 30 June 2022.
(e) Notes, comprising summary of significant accounting policies and other explanatory information.
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2.6 Functional and presentation currency
Functional and presentation currency items included in these financial statements are measured using the curren-
cy of the primary economic environment in which the company operates (‘the functional currency’). These financial
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statements are presented in Bangladesh Taka (“BDT”) which is also the functional currency of the company. The
amounts in these financial statements have been rounded off to the nearest BDT except otherwise indicated.
2.7 Use of estimates and judgments

d.
The preparation of financial statements in conformity with International Financial Reporting Standards and Interna-
tional Accounting Standards requires management to make judgments, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities, income and expenses and for
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contingent assets and liabilities that require disclosure, during and at the date of the financial statements.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of accounting estimates are
recognized in the period in which the estimate is revised and in any future periods affected as required by IAS 8:
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Accounting Policies, Changes in Accounting Estimates and Errors.
2.8 Materiality, aggregation and offsetting

Each material item as considered by management significant has been displayed separately in the financial state-
ments. No amount has been set off unless the Company has legal right to set off the amounts and intends to settle
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on net basis. Income and expenses are presented on a net basis only when permitted by the relevant accounting
standards. The values of assets or liabilities as shown in the statement of financial position are not off-set by way
of deduction from another liability or asset unless there exist a legal right therefore. No such incident existed during
the Period.
2.9 Going concern assumption

As per IAS-1 para 25, a company is required to make assessment at the end of each year to assess its capability to
continue as a going concern. Management of the Company makes such assessment each year. As per management
assessment there is no material uncertainties related to events or conditions which may cast significant doubt
upon the Company's ability to continue as a going concern.
There is no indication of declining of economic activity in terms of demand for services those BSCCL provides due
to severity of COVID-19 which might have negative impact of future business and cash flows rather the industry is
booming because online activities using Internet bandwidth is growing rapidly.
2.10 Reporting period

The reporting period of the company covers 12 (Months)months from 01 July 2021 to 30 June 2022.

2.11 Comparative information

Comparative information has been disclosed in respect of 01 July 2021 to 30 June 2022 in accordance with IAS 01:
Presentation of Financial Statements for all numeric information in the financial statements and also the narrative
and descriptive information where it is relevant for understanding of the current periods of financial statements.
Prior year figure has been rearranged wherever considered necessary to ensure comparability with the current year.
3. Significant accounting policies

3.1 Property, plant and equipment
Recognition and measurement

An item shall be recognized as property, plant and equipment if, and only it is probable that future economic benefits
associated with the item will flow to the entity, and the cost of the item can be measured reliably.
Up to the financial period 30 June 2020, after recognition, items of property, plant and equipment are measured at
cost less accumulated depreciation as per IAS 16: Property, Plant and Equipment.
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BSCCL follows Revaluation model instead of Cost model regarding measurement after recognition of Assets from
the year 2020-2021. As such, after recognition as asset, items of property, plant and equipment whose fair value can
be measured reliably shall be carried at a revalued amount being its fair value at the date of the revaluation less any
per IAS 16: Property, Plant and Equipment.

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subsequent accumulated depreciation and subsequent accumulated impairment losses from the year 2020-2021 as
The cost of an item of property, plant and equipment comprises its purchase price, import duties and non-refundable
d.
taxes, after deducting trade discount and rebates, and any costs directly attributable to bringing the asset to the
location and condition necessary for it to be capable of operating in the intended manner. The cost also includes the
cost of replacing part of the property, plant and equipment and borrowing costs for long-term debt availed for the
construction/ implementation of the Property, Plant and Equipment, if the recognition criteria are met.
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The cost of self-constructed assets includes the cost of material and direct labor and other costs directly attributable
to bringing the assets to a working condition inclusive of inward freight, duties and non-refundable taxes for their
intended use.
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Subsequent costs
The subsequent expenditure is only capitalized as part of assets when the useful life or economic benefit or both of
that asset is increased provided that it is probable that the future economic benefits embodied within the part will
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flow to the company and its cost can be measured reliably. The costs of day to day servicing of property, plant and
equipment are recognized in the Statement of Profit or loss and Other Comprehensive Income as ‘Repair and Main-
tenance’ when it is incurred.
Depreciation on Non-current assets

Depreciation is provided to amortize the cost of the assets after commissioning, over the period of their expected
useful lives, in accordance with the provision of IAS 16 Property, Plant and Equipment. Depreciation is charged on
additions made during the year for the full year in which those assets are put into ready for use and on which depre-
ciation is charged on Straight line basis. Depreciation is charged on all the fixed assets except land and land devel-
opment cost at the following rates according to the estimated life disclosed in the valuation report.
Name of Assets Depreciation rate Basis

Core equipment-IPLC-SMW-4 10% Straight line
Core equipment-IIG 14.29% Straight line
Core equipment-IPLC-SMW-5 5.00% Straight line
Building -SMW-5 2.70% Straight line
Building-SMW-4 4.00% Straight line

Name of Assets Depreciation rate Basis

Building-Low cost Quarter 2.50% Straight line
Floor development 4.00% Straight line
Security barak & security wall 4.00% Straight line
Deep tube-well & pump house-SMW-4 - Straight line
Deep tube-well & pump house-SMW-5 - Straight line
500 KV sub-station-SMW-4 11.11% Straight line
500 KV sub-station-SMW-5 3.13% Straight line
Power system-SMW4 16.67% Straight line
Generator-500KVA(SMW#5) 8.33% Straight line
Power system-SMW5 5.88% Straight line
Power System-IIG 33.33% Straight line
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Boundary wall-SMW-4 3.85% Straight line
Boundary wall-SMW-5 2.70% Straight line
Ducting from beach manhole-SMW-4 9.09% Straight line
Ducting from beach manhole-SMW-5
Vehicles
Office equipment and furniture
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10.00%
5-10%
Straight line
Straight line
Straight line
d.
Co-Location point-SMW-4 25.00% Straight line
Co-Location point-SMW-5 5.88% Straight line
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Office decoration 10% Straight line

Water Treatment Plant & Others 20% Straight line
Surveillance System 20% Straight line
Depreciation methods, useful lives and residual values are reviewed after each reporting period.
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Revaluation of property, plant and equipment

As per IAS 16: Property, Plant and Equipment paragraph 34, “the frequency of revaluations depends upon the
changes in fair values of the items of property, plant and equipment being revalued. When the fair value of a revalued
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asset differs materially from its carrying amount, a further revaluation is required. Some items of property, plant
and equipment experience significant and volatile changes in fair value, thus necessitating annual revaluation.
Such frequent revaluations are unnecessary for items of property, plant and equipment with only insignificant
changes in fair value. Instead, it may be necessary to revalue the item only every three or five years”.
To comply with the above paragraph The Company made its first valuation of land at Cox's Bazar on 30 June 2011
by an independent valuer to reflect fair value (prevailing market price) thereof following “both Depreciated
Replacement Costs and Revaluation Method”.
Details of revaluation of property, plant and equipment: (Amount in Taka)
Carrying Value of
Particulars of Name of Qualification Date of Revaluation
amount of Assets after
the assets the Valuer of the Valuer Revaluation Surplus
Assets revaluation
Land and Land A B SAHA Chartered
June 30, 2011 170,391,471 352,300,000 181,908,529
Development & CO. Accountants
Total: 170,391,471 352,300,000 181,908,529
Other Non-Current Assets were kept outside the scope of the revaluation works. These are expected to be
realizable at written down value (WDV) as mentioned in the Statement of Financial Position of the company.

A further revaluation has been performed by another professional valuer named Hussain Farhad & Co, Chartered
Accountants. Valuation work has been carried out by visiting, surveying, identifying and verifying the assets
physically of all offices of BSCCL considering a cut off date for valuation as on 30 June 2020. At the time of valua-
tion the valuer firm has considered the following guidelines:
a) Valuation Guideline for listed companies provided by Bangladesh Securities and Exchange Commission
(No. SEC/CMRRCD/2009-193/150/Admin dated August 18, 2013;
b) International Accounting Standard-16 (IAS-16) Property, Plant and Equipment.
c) International Financial Reporting Standard-13 (IFRS-13) Fair Value Measurement.
d) PWD's rates 2018.
e) Procurement Procedures of BSCCL; and
f) Relevant purchase documents of BSCCL.
The valuer firm has followed replacement value or fair value method for valuation of fixed assets and straight
line method has been followed for the computation of depreciation and to find out the estimated evaluated
value of respective fixed assets as on 30th June 2020.
Details of revaluation of property, plant and equipment:
(Amount in Taka)
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Carrying Value of
Particulars of Name of Qualification Date of Revaluation
amount of Assets after
the assets the Valuer of the Valuer Revaluation Surplus
Assets revaluation
Property Plant Hussain
and Equipment Farhad & Co
Chartered
Accountants co
June 30, 2020 6,484,407,739 7,224,238,645
Total (Net off revaluation loss) 6,484,407,739 7,224,238,645
739,830,906
739,830,906
d.
The increase in the carrying amount of revalued assets is recognized in the separate component of equity as
Revaluation Reserve.
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Impairment
The carrying amounts of property, plant and equipment are reviewed at each balance sheet date to determine
whether there is any indication of impairment loss. If any such indication exists, recoverable amount is
estimated to determine the extent of the impairment loss, if any. Impairment loss is recorded on judgmental
basis, for which provision may differ in the future periods based on the actual experience.
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Disposal of property, plant and equipment

An item of Property, Plant and Equipment is removed from the statement of financial position when it is dispose
of or when no future economic benefits are expected from its use or disposal. The gain or loss on the disposal
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of an item of Property, Plant and Equipment is included in the statement of profit or loss of the period in which
the de-recognition occurs.
3.2 Intangible assets and research and development expenditure

Intangible assets are stated at cost less provisions for amortization and impairments, if any. License, patents,
know-how and marketing rights acquired are amortized over their estimated useful lives, using the straight-line
basis, from the time they are available for use. The cost of acquiring and developing computer software for
internal use and internet sites for external use are capitalized as intangible assets where the software or site
supports a significant business system and the expenditure leads to the creation of a durable asset.
In compliance with the requirements of IAS 38: Intangible assets, research, development and experimental
costs are usually absorbed as revenue charges as and when incurred. However, the research and development
expenditures that is definite to yield benefit to the Company and is material in the Company's and/ local
context, are capitalized as per IAS 38: Intangible Assets.
3.3 Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily
takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the

asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest
and other costs that an entity incurs in connection with the borrowing of funds as per IAS 23: Borrowing Costs.
3.4 Authorization date for issuing financial statements

The financial statements were authorized by the Board of Directors on 10 October 2022 for issue after
completion of review.
3.5 Revenue from contract with customers

The Company recognizes as revenue the amount that reflects the consideration to which the Company expects
to be entitled in exchange of services when (or as) it transfers control to the customer. To achieve that core
principle, IFRS-15 establishes a five-step model as follows:
• Identify the contract with a customer;
• Identify the performance obligations in the contract;
• Determine the transaction price;
• Allocate the transaction price to the performance obligations in the contract; and
• Recognize revenue when (or as) the entity satisfies a performance obligation.
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Considering the five steps model, the Company recognizes revenue when (or as) the Company satisfies a
performance obligation by transferring a promised service to a customer. Service is considered as transferred
when (or as) the customer obtains control of that service. Revenue from sale of service is measured at the fair
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value of the consideration received or receivable net of returns and allowances, trade discounts, rebates and
Value Added Tax (VAT). Where the amounts received or receivable from customers exceeded the revenues
recognized for contracts, contract liabilities or advance billings are recognized in the statement of Financial
Position as Unearned Revenue. Contract liabilities or advance billings are recognized as revenue when services
d.
are provided to customers satisfying the performance obligation.
Revenues primarily comprise of:
1. IPLC Rent
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2. Circuit Activation Charge

3. IP Transit Service
4. Co-location Charges
5. IP Transit Service-Export
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3.5.1 Revenue from International Private Leased Circuit (IPLC) Rent

Revenue from IPLC rent are recognized over the period of time (i.e. monthly) through satisfying the perfor-
mance obligation as the customer simultaneously receives and consumes the services provided by BSCCL as
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it promises to perform in the contract.
3.5.2 Revenue from circuit activation charge

Circuit activation is non-recurring service mostly comprise of registration and installation services provided by
BSCCL. This charge imposed to clients for activation of new circuits in the form of Registration and Installation
charge through demand notes. Revenue from this charge are recognized at a certain point in time when the
services or benefits passed to its customers.
3.5.3 Revenue from IP Transit Service Fees

IP Transit service charges for providing internet bandwidth to IIGs and ISPs on a recurring basis. Invoice regard-
ing IP Transit service is generated at the beginning of each month but recognize the revenue over the period of
time (i.e. monthly) through satisfying the performance obligation as the customer simultaneously receives and
consumes the services provided by BSCCL as promise to perform in the contract.
3.5.4 Revenue from co-location charges

Revenue from Co-location charges arises for using BSCCL's resources by the customers on a recurring basis
at Cox's Bazar, Kuakata, Chattogram and Dhaka. Invoice regarding Co-location service is generated at the
beginning of each month but recognize the revenue over the period of time (i.e. monthly) through satisfying the
performance obligation as the customer simultaneously receives and consumes the services provided by
BSCCL as promise to perform in the contract.

3.5.5 Revenue from IP transit service – export

IP Transit Service - Export represents IP transit services provided to international customer Bharat Sanchar
Nigam Limited (BSNL) on a recurring basis. Invoice regarding IP Transit service is generated at the beginning of
each quarter in advance but recognize the revenue over the period of time (i.e. monthly) through satisfying the
performance obligation as the customer simultaneously receives and consumes the services provided by
BSCCL as promise to perform in the contract.
In case of revenue recognition, BSCCL Management applied their judgment that due to COVID-19 ,there is no
possibility of cancellation of orders and modification of contractual arrangement with customers regarding
return, discount and timing of transferring risk and reward due to supply chain disruption before recognizing
revenue as per IFRS-15.
3.5.6 Revenue from investment income

(a) Interest income
Interest on bank deposits have been accounted for on accrual basis.
(b) Dividends
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Dividend Income is recognized when the company’s right to receive the payment is established or after
received of dividend, which is generally when shareholders approve the dividend.
3.6 Leases
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Financial Reporting Principles IFRS 16: Leases effective from annual periods beginning on or after January 1,
2019 has significantly changed how the company accounts for its lease contracts. Before the adoption of IFRS
16, all lease contracts were classified as operating leases. IFRS 16 requires all contracts that contain a lease to
d.
be recognized in the statement of financial position as a right-of-use asset and lease liability. Only certain
short-term and low-value leases are exempt. In such cases the lease payments associated with those leases
as an expense on either a straight line basis over the lease term or another systematic basis in the statement
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of profit or loss and other comprehensive income

In compliance with the standard, BSCCL has elected not to recognise right of use assets and lease liabilities
for short term leases that have a lease term (non-cancellable period) of 12 months or less and leases of
low-value assets. The company recognises the lease payments associated with these leases as an expense on
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a straight-line basis over the lease term.
3.7 Financial instruments

IFRS 9 sets out requirements for recognizing and measuring financial assets, financial liabilities and some
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contracts to buy or sell non-financial items. This standard replaces IAS 39 Financial Instruments: Recognition
and Measurement.
The details of new significant accounting policies and the nature and effect of the changes to previous
accounting policies are set out below.
Classification and measurement of financial assets and financial liabilities
IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial
liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans
and receivables and available for sale.
The adoption of IFRS 9 has not had a significant effect on the company’s accounting policies related to financial
liabilities. The impact of IFRS 9 on the classification and measurement of financial assets is set out below.
Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost; Fair Value through
Other Comprehensive Income (FVOCI) – debt investment; Fair Value through Other Comprehensive Income (FVOCI)
– equity investment; or Fair Value through Profit or Loss (FVTPL). The classification of financial assets under IFRS 9
is generally based on the business model in which a financial asset is managed and its contractual cash flow
characteristics. Derivatives embedded in contracts where the cost is a financial asset in the scope of the standard
are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated
as at FVTPL :
a. it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
b. its contractual terms give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as
at FVTPL :
a. it is held within a business model whose objective is achieved by both collecting contractual cash flows and
selling financial assets; and
b. its contractual terms give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the company may irrevocably elect to
present subsequent changes in the investment’s fair value in OCI. This election is made on an invest-
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ment-by-investment basis.
All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at
FVTPL. A financial asset (unless it is a trade receivable without a significant financing component that is initially
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measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction
costs that are directly attributable to its acquisition.
The following accounting policies apply to the subsequent measurement of financial assets.
d.
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend
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income, are recognized in profit or loss.

These assets are subsequently measured at amortized cost using the effective interest method. The amortized
cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are
recognized in profit or loss. Any gain or loss on de-recognition is recognized in profit or loss. Trade receivables
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are classified as financial assets measured at amortized cost.
Debt investments at FVOCI

These assets are subsequently measured at fair value. Interest income calculated using the effective interest
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method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and
losses are recognized in OCI. On de-recognition, gains and losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI

These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss
unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and
losses are recognized in OCI and are never reclassified to profit or loss.
Impairment of financial assets

IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected credit loss’ (ECL) model. The new impair-
ment model applies to financial assets measured at amortized cost, contract assets and debt investments at
FVOCI, but not to investments in equity instruments.
The financial assets at amortized cost consist of trade receivables, cash and cash equivalents, and corporate
debt securities. The company measures loss allowances at an amount equal to ECL from trade receivables.
When determining whether the credit risk of a financial asset has increased significantly since initial recogni-
tion and when estimating ECLs, the company considers reasonable and supportable information that is
relevant and available without undue cost or effort. This includes both quantitative and qualitative information

and analysis, based on the company’s historical experience and informed credit assessment and including
forward-looking information.
The company considers a financial asset to be in default when the debtor is unlikely to pay its credit obligations
to the company in full, without recourse by the company to actions such as realizing security (if any is held).
Presentation of impairment
Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount
of the assets. For debt securities at FVOCI, the loss allowance is recognized in OCI, instead of reducing the
carrying amount of the asset.
Impairment losses related to trade receivables and others, including contract assets, are presented separately
in the notes to the financial statement.
3.8 Cash and cash equivalents

Cash and cash equivalents consists of cash on hand and with banks on current accounts and deposit accounts
which are held and available for use by the company without any restriction. There is insignificant risk of
change in value of the same.
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3.9 Earnings Per Share (EPS)
Earnings Per Share (EPS) are calculated in accordance with the International Accounting Standard IAS 33:
Earnings Per Share.
Basic earnings per share
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Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary equity holders of the
entity by the weighted average number of ordinary shares outstanding during the period.
d.
Diluted earnings per share
For the purpose of calculating Diluted earnings per shares, an entity adjusts profit or loss attributable to each
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ordinary equity holders of the entity, and weighted average number of shares outstanding, for the effects of all
dilutive potential ordinary shares. Diluted EPS is only calculated where the company has commitment to issue
ordinary share in future at reporting date. There is a commitment to issue share to Ministry of Posts, Telecom-
munication and Information Technology against equity money received for an amount of Tk. 1,660,000,000.The
Board of Directors of BSCCL has approved in it's 195th BoD meeting held on 28th December 2021 issuance of
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1,48,69,037 nos. of shares according to the recommendation of ICB Capital Management Ltd. being an issue
manager. It is to be mentioned that 1,27,04,174 nos. of shares to be issued against Tk.1,40,00,00,000 received as
equity money during the year 2015-2016 divided by the market value of Tk. 110.20 at the last working day of the
financial year 2015-2016 and 21,64,863 nos. of shares to be issued against Tk. 26,00,00,000 received as equity
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money during the year 2016-2017 divided by the market value of Tk.120.10 at the last working day of the financial
year 2016-2017.Please note that the above issuance is subject to approval of concerned Ministry, Shareholders
and Bangladesh Securities and Exchange Commission.
3.10 Foreign currency transactions

Foreign currency transactions are recorded, on initial recognition in the functional currency at the spot
exchange rate ruling at the transaction date.
At the end of each reporting period in compliance with the provision of IAS 21: The Effects of Changes in Foreign
Exchange Rates.
a) Foreign currency monetary items are translated using the closing rate.
b Non-monetary items that are measured in terms of historical costs in a foreign currency are translated
using the exchange rate at the date of the transaction.
c) Non-monetary items that are measured at fair value in a foreign currency is translated using the exchange
rate at the date when the fair value is determined.
Exchange differences arising on the settlement of monetary items or on translating monetary items at rate
different from those at which they were translated on initial recognition during the period or in previous
financial statements is recognized in Profit or loss in the period in which they arise.

3.11 Employee benefits

The company maintains defined contribution plan for its eligible permanent employees. The eligibility is deter-
mined according to the terms and conditions set forth in the respective trust deeds and rules. The plan is
funded and recognized/approved under Income Tax Ordinance 1984.
(a) Defined contribution plan (Provident fund)
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions
into a separate entity and has no legal or constructive obligation to pay further amounts.
BSCCL has a separate recognized provident fund scheme. All permanent employees of BSCCL contribute 10%
of their basic salary to the provident fund and the company makes matching contributions.
(b) Defined Benefit Plan (Gratuity)
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The employee
gratuity plan is considered as defined benefit plan as it meets the recognition criteria. The company’s obligation
is to provide the agreed benefits to current and former employees.
(c) Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the
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related service is provided.
3.12 Tax Holiday Reserve
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Tax holiday reserve has also been created using applicable exemption rate of income tax as prescribed by the
Income Tax Ordinance 1984 for IIG operation income (IP Transit service) as the Company has been granted tax
holiday by the National Board of Revenue (NBR) (Ref: Note No. 08.01.0000.035.01.0021.2013 dated 12 February
2014) for a period of 10 periods effective from 01 July 2013 to 30 June 2023 under section 46(c) of ITO 1984 in the
d.
following manner:
Period Tax exemption rate

First two periods (1 July 2013 to 30 June 2015) 100%
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Third period (1 July 2015 to 30 June 2016) 80%

Fourth period (1 July 2016 to 30 June 2017) 70%
Fifth period (1 July 2017 to 30 June 2018) 60%
Sixth period (1 July 2018 to 30 June 2019) 50%
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Seventh period (1 July 2019 to 30 June 2020) 40%

Eighth period (1 July 2020 to 30 June 2021) 30%
Ninth period (1 July 2021 to 30 June 2022) 20%
Tenth period (1 July 2022 to 30 June 2023) 10%
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3.13 Accruals, provisions and contingencies
(a) Accruals
Accruals are liabilities to pay for services that have been received or supplied but have not been paid, invoiced
or formally agreed with the supplier, including amounts due to employees. Accruals are reported as part of
Trade and other payables.
(b) Provisions
A provision is recognized in the statement of financial position when the company has a legal or constructive
obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to
settle the obligation and a reliable estimate can be made of the amount of the obligation. Provision is ordinarily
measured at the best estimate of the expenditure required to settle the present obligation at the reporting date.
Where the company expects some or all of a provision to be reimbursed, the reimbursement is recognized as a
separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is
presented in the income statement net of any reimbursement. If the effect of the time value of money is mate-
rial, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to
the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized
as a finance cost. During the reporting period the company has made sufficient provisions where applicable.

(c) Contingencies
A contingent liability is a possible obligation that arises from past events and whose existence will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within
the control of the company; or a present obligation that arises from past events but is not recognized because
it is not probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; or the amount of the obligation cannot be measured with sufficient reliability.
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of
the company. At the reporting date the company does not have any contingent asset.
3.14 Statement of cash flows
The Statement of Cash Flows has been prepared in accordance with the requirements of IAS 7: Statement of Cash
Flows. The cash generating from operating activities has been reported using the Direct Method and Indirect
Method as prescribed by the Securities and Exchange Rules,1987 and as the benchmark treatment of IAS 7 whereby
major classes of gross cash receipts and gross cash payments from operating activities are disclosed.
3.15 Related party disclosures
As per International Accounting Standards IAS 24: Related Party Disclosures, parties are considered to be
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related if one of the parties has the ability to control the other party or exercise significant influence over the
other party in making financial and operating decisions. The Company carried out transactions in the ordinary
course of business on an arm’s length basis at commercial rates with its related parties. Related party disclo-
sures have been given in Note-57.
3.16 Income tax
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Income tax expense comprises current and deferred taxes. Income tax expense is recognized in profit or loss
d.
except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity
in accordance with IAS 12: Income Tax.
(a) Current tax
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substan-
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tively enacted at the reporting date, and any adjustment to tax payable in respect of previous periods. The tax
rate used for the reporting period was 22.5% as a publicly traded company.
(b) Deferred tax
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Deferred tax is recognized as income or an expense amount within the tax charge, and included in the net profit
or loss for the period. Deferred tax relating to items dealt with as Other Comprehensive income (such as a
revaluation) is recognized as tax relating to Other Comprehensive income within the statement of Profit or loss
and Other Comprehensive income.
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Taxable Temporary difference

A deferred tax liability is recognized for all taxable temporary differences, except to the extent that the deferred
tax liability arises from the initial recognition of goodwill; or the initial recognition of an asset or liability in a
transaction which is not a business combination; and at the time of the transaction, affects neither accounting
profit nor taxable profit (tax loss).
Revaluations to fair value – Property, Plant and Equipment
The revaluation does not affect taxable profits in the period of revaluation and consequently, the tax base of the
asset is not adjusted. Hence a temporary difference arises. This is provided for in full based on the difference
between carrying amount and tax base. An upward revaluation is therefore give rise to a deferred tax liability.
Deductible temporary difference
A deferred tax asset is recognized for all deductible temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible temporary difference can be utilised, unless the
deferred tax asset arises from the initial recognition of an asset or liability in a transaction that is not a business
combination; and at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).
3.17 Events after the Reporting period
Events after the reporting period that provide additional information about the company’s position at the
statement of financial position date are reflected in the financial statements as per International Accounting
Standards IAS 10: Events after the Reporting Period.

All material events occurring after the balance sheet date have been considered and where necessary,
adjusted for or disclosed.
Compliance with financial reporting standards as applicable in Bangladesh:

The Company as per Para-12 of Securities & Exchange Rule-1987, with the following International Accounting
Standards (IASs) and International Financial Reporting Standards (IFRSs) as adopted by The Institute of Chartered
Accountants of Bangladesh (ICAB) in preparing the financial statements.
IAS Compliance
IAS Title
No. Status
1 Presentation of Financial Statements Complied
2 Inventories Not applicable
7 Statement of Cash Flows Complied
8 Accounting Policies, Changes in Accounting Estimates and Errors Complied
10 Events after the Reporting Period Complied
12 Income Taxes Complied
16 Property, Plant & Equipment Complied
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19 Employee Benefits Complied
20 Accounting for Government Grants and Disclosure of Government Assistance Not applicable
21 The Effects of Changes in Foreign Exchange Rates Complied
23
24
26
27
Borrowing Costs
Related Party Disclosures
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Accounting and Reporting by Retirement Benefit Plans
Separate Financial Statements
Complied
Complied
Not applicable
Not applicable
d.
28 Investments in Associates and Joint Ventures Not applicable
29 Financial Reporting in Hyperinflationary Economics Not applicable
31 Interest in Joint Ventures Not applicable
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32 Financial Instruments: Presentation Complied

33 Earnings per Share Complied
34 Interim Financial Reporting Complied
36 Impairment of Assets Complied
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37 Provisions, Contingent Liabilities and Contingent Assets Complied

38 Intangible Assets Complied
IFRS Compliance
IFRS Title
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No. Status
1 First-time adoption of International Financial Reporting Standards Not applicable
2 Share-based Payment Not applicable
3 Business Combinations Not applicable
4 Insurance Contracts Not applicable
5 Non-current Assets Held for Sale and Discontinued Operations Not applicable
6 Exploration for and Evaluation of Mineral Resources Not applicable
7 Financial Instruments: Disclosures Complied
8 Operating Segments Not applicable
9 Financial Instruments Complied
10 Consolidated Financial Statements Not applicable
11 Joint Arrangements Not applicable
12 Disclosure of Interests in other Entities Not applicable
13 Fair Value Measurement Complied
14 Regulatory Deferral Accounts Not applicable
15 Revenue from Contracts with Customers Complied
16 Leases Complied
17 Insurance Contracts Not applicable

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
4 Property, plant and equipment: Tk. 6,441,934,356
The break-up of the above amount is as follows:
Cost/ revaluation (A)
Opening balance 10,375,599,671 10,321,328,540
Add: Addition during the year 99,383,539 60,600,130
Less: Adjustment during the year (5,478,264) (6,329,000)
10,469,504,945 10,375,599,671
Accumulated Depreciation (B)
Opening balance as reported 3,559,143,940 3,097,958,639
Add: Charged during the year 472,192,213 466,970,644
4,031,336,154 3,564,929,283
4,027,570,589 3,559,143,940
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Written Down Value (A-B) 6,441,934,356 6,816,455,730
A schedule of property, plant & equipment is given in Annexure-A. Adjustment in Cost and Accumulated Depreciation is
for non-current asset property plant & equipment.
4.1 Capital Work in Progress SMW-6: Tk. 1,591,351,700

The break-up of the above amount is as follows: co
d.
Opening Balance 4,048,086 -
Add: Addition during the year 1,587,303,614 4,048,086
Closing Balance 1,591,351,700 4,048,086
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During the year 2020-2021 an amount of USD 47,664.38 equivalent Tk.4,048,086 has been paid as SMW6 Pre C&MA under
MOU cost. During the year 2021-2022 an amount of USD 173,49,421.14 equivqlent Tk.1,587,303,614 has been paid as Core
Segment Capital Cost.The total Capital Work in Progress cost will be recognised as asset after completion of the project.
5 Intangbile Assets: Tk. 113,865,972

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Cost/ revaluation (A)

Opening balance - -
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Add: Addition during the year 115,000,000 -

115,000,000 -
Accumulated Amortization (B)
Opening balance as reported - -
Add: Charged during the year 1,134,028 -
1,134,028 -
Written Down Value (A-B) 113,865,972 -
This amount has been recognised as Intangible Assets for License issued on 19 April 2022 from BTRC named Build,
Operate and Maintain Submarine Cable Systems and Services. A portion of the License Acquisition Fee has been amor-
tised cosidering the validiry of the license of 20 years.
6 Trade and other receivables: Tk. 2,758,769,054

Trade receivables: Tk. 2,685,714,011 (Note: 6.1) 2,685,714,011 1,871,237,757

Other receivables: Tk. 73,055,042 (Note: 6.2) 73,055,042 72,321,088
Total 2,758,769,054 1,943,558,845

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
6.1 Trade receivables: Tk. 2,685,714,011

Opening Balance 2,228,912,756 2,874,240,783

Add: Addition during the year 5,160,847,986 3,836,827,477
7,389,760,742 6,711,068,259
Less: Collection/Adjustment during the year (4,311,755,953) (4,482,155,503)
Closing Balance 3,078,004,789 2,228,912,756
Less: Provision for bad and doubtful debts
Opening Balance 357,674,999 384,396,603
Add: Addition during the year 34,615,778 (26,721,604)
392,290,777 357,674,999
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Trade receivables, net of provision 2,685,714,011 1,871,237,757
A detailed schedule of trade receivable is given in Annexure -B.
Aging of Trade receivables
Past due 0-90 days

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The aging of gross trade receivables as at the statement of Financial Position date is as follows:
1,251,221,716 596,641,340
d.
Past due 91-180 days 645,573,104 367,900,422
Past due 181 -365 days 622,168,831 189,305,793
Past due more than 365 days 559,041,138 1,075,065,201
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3,078,004,789 2,228,912,756
To realise the long pending outstanding from disconnected parties different types of suits have been
filed against those parties. Details of litigation alongwith amount involved is given below:
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Sl. No. of Amount

Types of litigation
No. Parties involved
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1 Money suit 4 47,067,718

2 Arbitration 2 16,865,660
3 Execution suit 2 168,175,538
4 Cheque Dishonour suit 7 2,970,697
5 Dissolution suit 5 50,650,787
6.2 Other receivables: Tk. 73,055,042

Dividend 3,150 3,150

ICB Securities Trading Co. Ltd. 416,131 17,416,131
FDR Interest & Others 72,635,762 54,901,807
Total 73,055,042 72,321,088

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
7 Advances and Deposits: Tk. 79,771,775
Advances
Advance to:
Sony Chocolate Industries Ltd. (Note: 7.1) 37,372,000 6,872,000
Employees against Expenses 1,337,595 1,254,350
ACE Autos (Pvt) Ltd. - 20,162
Advance to Employee against Salary 4,895,120 1,187,554
Bangladesh Porjoton Corporation - 343,631
Deputy Commissioner of Customs CTG - 8,147,619
Express Systems Ltd 5,473,500 -
James International 56,011 56,011
ICB Capital Management Ltd. 287,500 287,500
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Innovative Technology&Engineering 707,937 -
National Traders 8,063,950 -
Pragati Life Insurance Ltd - -
Systems & Services Ltd
Hamida Trader Ltd
Mustafa Tariq Hossain & Associates
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15,648,839
670,500
-
-
670,500
d.
Others 159,490 279,874
75,483,275 19,119,200
Deposits
Security deposit - Duncan Products Limited - 5,000
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BTCL - for phone line 23,000 23,000

UCB-locker Service 4,500 4,500
CDBL - as security deposit 500,000 500,000
Security deposit - BTRC for International Internet Gateway (IIG) 600,000 600,000
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Security Deposit-Sikder Filing Station 100,000 100,000

Kamal Trading Agency 50,000 50,000
Southern Automobiles Ltd. 250,000 250,000
Patuakhali Palli Bidyut Samity 2,761,000 2,761,000
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4,288,500 4,293,500
Total 79,771,775 23,412,700
7.1 Sony Chocolate Industries Ltd. (Advance for Office Rent): Tk. 37,372,000
Opening balance 6,872,000 12,872,000
Add: Paid during the year 36,000,000 -
Total 37,372,000 6,872,000
7.2 Aging of Advances and Deposits: Tk. 79,771,775

The aging of Advances, Deposits & Prepayments as at the statement of financial position date was as follows:
For 0-90 days 43,430,925 1,588,670
For 91-180 days 7,190,225 16,010,254
For 181 -365 days 21,916,210 574,402
For more than 365 days 7,234,415 5,239,374
Total 79,771,775 23,412,700

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
8 Advance Income Tax: Tk. 820,905,007

Opening balance 1,169,718,384 603,695,577

Add: Payment made during the year 544,865,486 601,298,510
1,714,583,870 1,204,994,087
Less: Settlement for the year (F-Y:2020-21) (459,812,378) -
Less: Settlement/Adjustment (F-Y:2019-20) (240,032,242) (35,275,703)
Less: Settlement for the year (F-Y:2015-16 ) (30,902,290) -
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Total 820,905,007 1,169,718,384
9 Investment in Shares: Tk. 31,073,048

Sl. Ordinary shares of Quantity

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Cost price (Tk) Market value Market value
d.
1 AB Bank Limited 156,233 3,209,275 1,640,447 2,244,908
2 ACI Limited 5,426 764,725 1,535,558 1,244,400
3 BATASHOE 1,000 696,429 936,200 650,200
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5 IFIC Bank Limited 164,203 1,765,186 2,036,117 1,986,077

6 Islami Bank BD Limited 39,091 951,084 1,286,094 1,161,003
7 Jamuna Oil Limited 23,716 4,392,440 4,202,475 3,851,478
8 M Petroleum 24,816 4,962,456 5,032,685 4,531,402
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9 NCC Bank Limited 208,765 1,698,208 3,006,216 2,930,746

10 Padma Oil Limited 18,150 4,835,160 3,885,915 3,698,970
11 Square Pharma 26,847 2,633,566 5,817,745 5,785,529
12 Titas Gas 39,570 2,744,885 1,693,596 1,416,606
la
Total 28,653,413 31,073,048 29,501,318

Investment in shares is recognised and measured according to IFRS 9 as stated in note 3.7
10 Cash and cash equivalents: Tk. 210,798,632

Cash in hand (Note: 10.1) 315,922 609,248

Cash at bank (Note: 10.2) 210,482,710 354,032,874
Total 210,798,632 354,642,122
10.1 Cash in hand: Tk. 315,922

Head Office-Dhaka 155,320 181,562

Landing Station-Kuakata 67,640 309,120
Landing Station-Cox's Bazar 92,962 118,566
Total 315,922 609,248

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
10.2 Cash at bank: Tk. 210,482,710

Savings and current deposits with:

Brac Bank Limited 846 676,318
IFIC Bank Limited 1,121,672 314,831
Mutual Trust Bank Limited 8,774,961 14,635,701
Mutual Trust Bank Limited-Cox's bazar 1,441,817 -
National Bank Limited-Kuakata 46,372 6,527,272
Agrani Bank Limited-Dhaka 739,209 -
Agrani Bank Limited-Kuakata 1,458,591 -
Sonali Bank Limited-Cox's bazar 45,407 9,314,864
Sonali Bank Limited-Dhaka 1,160,917 28,301,421
The City Bank Limited 83,713,424 121,556,543
m
United Commercial Bank Limited 111,979,494 172,705,923
210,482,710 354,032,874
10.3 Investment in FDR: Tk. 4,820,083,283
Agrani Bank Limited

co
The fixed deposits will be matured within 3 (three)/6 (Six) months, 9 (nine) months, and yearly.
1,041,912,090 948,990,297
d.
Bangladesh Development Bank Limited 375,419,473 239,317,303
Bank Asia Ltd. 30,000,000 10,807,501
BASIC Bank Limited 164,134,320 331,950,817
ab
Brac Bank Limited 114,228,910 28,698,433

Exim Bank Ltd 20,540,001 -
First Security Islami Bank Ltd. 203,522,810 50,516,250
IFIC Bank Limited 325,729,474 355,565,728
nk
Jamuna Bank Limited - 72,687,087

Janata Bank Limited 742,507,113 250,070,000
Meghna Bank Ltd. 150,000,000 30,000,000
Mercantile Bank Limited. 72,669,924 50,000,000
la
Mutual Trust Bank Limited 70,000,000 -

NRB Commercial Bank Ltd. 71,129,500 40,000,000
One Bank Limited 113,259,789 126,829,188
Padma Bank Ltd 20,540,000 -
Pubali Bank Limited 257,240,673 162,322,875
Pemier Bank Ltd 80,000,000 -
Rupali Bank Limited 50,000,000 -
Social Islami Bank Ltd. 116,252,049 71,890,000
Sonali Bank limited - 71,750,732
Southeast Bank Ltd. 24,360,517 85,616,238
Standard Bank Limited 169,492,896 90,045,333
South Bangla Agriculture & Commerce Bank Ltd. 20,574,058 -
The City Bank Limited 40,000,000 86,470,000
Trust Bank Ltd. 21,050,000 40,000,000
Union Bank Ltd. 385,519,685 301,757,111
United Commercial Bank Limited 140,000,000 120,000,000
Total 4,820,083,283 3,565,284,893

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
11 Share capital: Tk. 1,649,055,100

Authorized: 10,000,000,000 10,000,000,000
1,000,000,000 ordinary shares of Taka 10 each

Issued, subscribed and paid up capital:
31,000,000 Ordinary Shares of Tk. 10 each fully paid up in cash 310,000,000 310,000,000
140 Ordinary share of Tk. 10 each fully paid up in cash to GOB 1,400 1,400
67,314,640 ordinary shares of Tk.10 each fully paid up other than
673,146,400 673,146,400
cash to MoPT, GOB
66,590,730 Ordinary shares of Tk. 10 each issued as Bonus
665,907,300 665,907,300
Share
Total 1,649,055,100 1,649,055,100
11.1 Percentage of shareholding
m
Shareholding position as at 30 June 2022
Sponsor/Director
Govt.
Institute
Name of shareholders
co Percentage of
shareholding
0.00%
73.84%
16.59%
No. of
shares
189
121,768,814
27,365,547
Value in
Taka
1,890
1,217,688,140
d.
273,655,470
Foreign Investor 2.72% 4,480,577 44,805,770
Public 6.85% 11,290,383 112,903,830
Total 100.00 164,905,510 1,649,055,100
ab
Shareholding position as at 30 June 2021

Percentage of No. of Value in
Name of shareholders shareholding shares Taka
nk
Posts & Telecommunications division, MoPT & IT 73.84% 121,768,814 1,217,688,140

Sponsor/Director 0.00% 189 1,890
Institute 14.34% 23,653,096 236,530,960
Public 9.15% 15,090,634 150,906,340
la
Foreign Investor 2.66% 4,392,777 43,927,770

Total 100% 164,905,510 1,649,055,100
11.2 Classification of shareholders by range of number of shares held:

No. of share holders No. of shares
Slabs wise number of shares
30 June 2022 30 June 2021 30 June 2022 30 June 2021
Less than 500 9208 9,665 1,075,239 1,075,239
500-5,000 1903 2,389 3,714,132 3,714,132
5,001-10,000 196 228 1,705,290 1,705,290
10,001-20,000 94 150 2,211,088 2,211,088
20,001-30,000 47 54 1,355,486 1,355,486
30,001-40,000 24 26 924,132 924,132
40,001-50,000 21 14 659,103 659,103
50,001-100,000 49 50 3,887,896 3,887,896
100,001-1,000,000 58 52 12,128,150 12,128,150
1,000,001-1,000,000,000 9 8 137,244,994 137,244,994
11,609 12,636 164,905,510 164,905,510
Market Price:
Shares of the Company are listed in the Dhaka and Chittagong Stock Exchanges and quoted at Tk.219.10 per share as (2021:
Tk.171.90) and Tk 218.00 per share (2021: Tk. 169.40) in the Dhaka and Chittagong Stock Exchanges respectively on 30 June 2022.

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
12 Equity Money from GoB: Tk. 1,909,600,000

Regional Submarine Telecommunications Project, 1,660,000,000 1,660,000,000

Bangladesh-SMW-5
Installation of 3rd Submarine Cable-SMW-6 249,600,000 -
Total 1,909,600,000 1,660,000,000
Tk.166 crore has been received (during the year 2015-16 Tk. 140 crore and 2016-17 Tk. 26 Crore) from Government for imple-
menting the Regional Submarine Telecommunications Project, Bangladesh (Installation and Establishment of Second
Submarine Cable System (SMW5) for International Telecommunications in Bangladesh). During the year 2021-2022 Tk.
24.96 crore has been received as equity from Government for implementing the project named Installation of 3rd
Submarine Cable for expansion of International Telecommunications System of Bangladesh.
m
The Board of Directors of BSCCL has approved in it's 195th BoD meeting held on 28th December 2021 issuance of
1,48,69,037 nos. of shares according to the recommendation of ICB Capital Management Ltd. being an issue manager.It is
to be mentioned that 1,27,04,174 nos. of shares to be issued against Tk.1,40,00,00,000 received as equity money during the
co
year 2015-2016 divided by the market value of Tk. 110.20 at the last working day of the financial year 2015.2016 and 21,64,863
nos. of shares to be issued against Tk. 26,00,00,000 received as equity money during the year 2016-2017 divided by the
market value of Tk.120.10 at the last working day of the financial year 2016.2017.Please note that the above issuance is
subject to approval of concerned Ministry, Shareholders and Bangladesh Securities and Exchange Commission.
d.
13 Share premium 723,293,759 723,293,759
ab
In the year 2011-2012, total amount of Tk. 775,000,000 was received as share premium in respect of shares issued to shareholders.
Net issue cost of Tk 51,706,241 was set off against share premium as per IAS 32: Financial Instruments: Presentation.
14 Tax holiday reserve: Tk. 847,740,119

nk
Opening balance 788,905,267 741,577,846

Add: Current year's reserve 58,834,852 47,327,421
la
Total 847,740,119 788,905,267
15 Revaluation reserve: Tk. 1,032,360,394

Opening balance 1,037,294,938 1,042,041,533

Less: Adjustment for Excess Depreciation on Revalued (5,782,380) (7,859,683)
Amount: netoff defferred tax
Less: Adjustment for Sale of Revalued Assets (920,593) -
Less: Adjustment with deferred tax liability ( FY 2020-21) 1,768,429 3,113,088
Total 1,032,360,394 1,037,294,938
The opening balance represents the revalued amount of Property , plant & equipment at Dhaka,Cox's Bazar and Kuakata.
First revaluation has been done by a Professional Valuer named A B SAHA & CO., Chartered Accountants in the financial
year 2010-11. A further revaluation for all class of assets has been made by a professional valuer named Hussain Farhad
& Co, Chartered Accountants. Valuation work has been carried out by visiting, surveying, identifying and verifying the
assets physically of all offices of BSCCL considering cut off date for valuation on 30 June 2020.

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
16 Retained Earnings: Tk. 4,500,521,682

Opening balance 2,798,121,902 1,513,286,463

Add: Profit for the year 2,500,219,040 1,907,331,861
Adjustment for Excess Depreciation on Revalued Amount 5,782,380 7,859,683
Adjustment with deferred tax liability for (FY 2021-2022) 1,678,755 -
Adjustment for previous year's Tax (FY:2016-17) 12,263,911 27,121,703
5,318,065,988 3,455,599,710
Less: Amount to be distributed as dividend (Proposed) 758,565,346 610,150,387
Adjustment for Sale of Revalued Assets 144,107 -
Transferred to Tax Holiday Reserve 58,834,852 47,327,421
817,544,305 657,477,808
Total 4,500,521,682 2,798,121,902
m
17 Deferred tax liabilities: Tk. 613,197,063
Deferred tax assets and liabilities have been recognized and measured in accordance with the provisions of IAS 12:
Deferred tax relating to statement of profit

co
Income Taxes. Related deferred tax expense/(income) have been disclosed in Note: 45. Deferred tax assets and liabilities
are attributable to the following:
(Note: 17.1) 559,286,791 548,753,365
d.
or loss
Deferred tax relating to other (Note: 17.2) 53,910,271 57,357,455
comprehensive income
ab
Total 613,197,063 606,110,821

17.1 Deferred tax relating to Statement of Profit or Loss: Tk. 559,286,791
Taxable/
nk
Carrying (deductible)
Tax base
Amount temporary
difference
Taka Taka Taka
As at 30 June 2022
la
Property, plant and equipment (excluding

5,340,630,793 2,430,399,920 2,910,230,874
land)
Accounts receivable (Note: 6.1) 2,685,714,011 3,078,004,789 (392,290,777)
Provision for pension, gratuity fund and

provident fund, Leave Encashment (Note: 19) (32,221,023) - (32,221,023)
Net Taxable Temporary Difference 2,485,719,073

Applicable tax rate 22.50%
Deferred tax liability 559,286,791
As at 30 June 2021
Property, plant and equipment (excluding 5,713,620,812 2,901,647,660 2,811,973,152
land)
Accounts receivable 1,871,237,757 2,228,912,756 (357,674,999)
Provision for pension, gratuity fund and (15,394,307) - (15,394,307)
provident fund (Note:19)
Net Taxable Temporary Difference 2,438,903,846

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
17.2 Deferred tax relating to other comprehensive income: Tk. 53,910,271

Taxable/
Carrying (deductible)
Tax Base
Amount temporary
difference
Taka Taka Taka
As at 30 June 2022
Revaluation reserve on Land and Land 977,988,523 - 977,988,523
Development
Add: Revaluation reserve on PPE other than land 124,523,554

m
Deferred tax liability on Other Assets 28,017,800
Adjustment of deferred tax on depreciation of revalued assets ( FY 2020-21) (1,768,429)
Adjustment of deferred tax on depreciation of revalued assets ( FY 2021-22) (1,678,755)
As at 30 June 2021
Revaluation reserve on Land and Land
co
Total Deferred Tax relating to other comprehensive income
977,988,523 -
24,570,616
53,910,271
977,988,523
d.
Development
ab
Add: Revaluation reserve on PPE other than land 124,523,554

Deferred tax liability on Other Assets 28,017,800
nk
Total Deferred Tax relating to other comprehensive income 57,357,455

18 Security deposits received from clients: Tk. 451,258,714
la
Opening Balance 357,068,437 294,955,533

Add: Addition during the year 147,284,978 107,225,439
504,353,415 402,180,971
Total 451,258,714 357,068,437
A detailed schedule of security deposit received from clients is given in Annexure -C. Adjustment amount represents the
amount adjusted with monthly bill as collection and the amount refunded to clients.
19 Employees' pension, gratuity, LE and provident fund: Tk. 32,221,023
Employees' pension fund (Note: 19.1) 13,808,952 13,808,952
Employees' gratuity fund (Note: 19.2) 5,609,295 1,592,234
Employees' provident fund (Note: 19.3) 3,837,281 (6,879)
Provision for Leave Encashment (Note:19.4) 8,965,495 -
Total 32,221,023 15,394,307
19.1 Employees' pension fund 13,808,952 13,808,952

This represents amount payable to BTTB employees worked on deputation and the amount incorporated in the vendor
agreement. The above noted amount is adequate against the liabilities on account of the employees worked for the
Company as deputed from BTCL and therefore no additional provision has been made in the accompanying financial
statements. The Company however, does not have any pension fund.

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
19.2 Employees' gratuity fund: Tk. 5,609,295

Opening balance 1,592,234 3,611,732

Add: Provision made during the year 17,701,813 16,890,968
19,294,047 20,502,700
Less: Paid/Transferred to Gratuity Fund during the year (13,684,752) (18,910,466)
Total 5,609,295 1,592,234
19.3 Employees' provident fund: Tk. 3,837,281

Opening balance (6,879) 794,317
m
Add: Employees' Contribution 5,745,850 5,176,665
Employer's Contribution 5,743,034 5,176,665
Less: Transferred to RCPF during the year (7,644,723) (11,154,526)
19.4
Total
Provision for Leave Encashment: Tk. 8,965,495

co 3,837,281 (6,879)
d.
Opening balance - -
Add: Made during the year 8,965,495 -
ab
Less: Payment during the year - -

Total 8,965,495 -
20 Term Loan: Tk. 2,482,863,067

nk
Opening balance 2,378,669,551 2,730,693,883

Received during the year 500,400,000 -
Total 2,879,069,551 2,730,693,883
la
Less: Payment during the year (94,704,065) (352,024,332)

2,784,365,486 2,378,669,551
Current portion of Long Term Loan (301,502,419) (192,249,252)
Non-current portion of Long Term Loan 2,482,863,067 2,186,420,299
Term Loan Particulars:
Islamic Development Bank (IDB)

Loan has been taken from IDB through Bangladesh Government for implementation of Regional Submarine Telecom-
munications Project, Bangladesh (SMW-5) Project. An agreement named Installment Sale Agreement between The
Government of People's Republic of Bangladesh and IDB has been signed on 27 August 2014 with effect from 24
November 2014 for loan amount of USD 44 million. Actual loan received by BSCCL in USD 38.048 million. Subsequently
Bangladesh Submarine Cable Company Limited signed a subsidiary loan agreement with The Government of People's
Republic of Bangladesh, Ministry of Finance, Finance Division on 15 February 2015. This sub-loan is for a 13 years term
with a gestation period of 3 years and the interest payable will be @ 6% per annum.
Development Loan From Government People's Republic of Bangladesh

During the year 2021-2022 Tk. 50.04 crore has been received as loan from Government for implementing the project
named Installation of 3rd Submarine Cable for expansion of International Telecommunications System of Bangladesh
approved at the ECNEC meeting held on 1st December, 2020.

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
21 Sundry creditors: Tk. 528,467,200

Alpha Engineering 24,197 -

ACE Autos 16,346.00 83,237
Amader Somoy 32,601 32,601
Arra Technologies Ltd. 36,480 36,480
Allhar Dan Automobiles 110,880 -
Bangladesh Science House 100,000 100,000
BD Jobs.Com - 12,285
Biz Bangla Media Ltd. - 108,675
BCS Telecom Somity 150,000 -
Capital Law Chamber 8,280 146,280
Caps Lock 13,500 13,500
m
Cogent Communication Ltd 927,615 435,283
Credit Rating Information & Services Ltd - 80,625
Cyber Link 1,225 1,225
DE-CIX(IIG) 845,728 433,290
Design Associates
Elias Enterprise
Equinix Singapore PTE Ltd.
Express Systems Ltd.
co 6,411,089
2,021,500
-
-
47,899
47,380
2,570,521
2,021,500
d.
Fames & R 119,025 264,025
Fiber@Home Ltd 13,412,392 6,898,833
Farid Automobiles Engineering & Works 92,400 -
ab
Guriga Engineering 69,308 -

H.S. Engineering 1,556,174 1,316,740
Habib Intelligent Software Ltd. 322,875 518,743
HKT Global (Singapore) Pte. Ltd. 5,832,095 3,672,301
nk
Hurricane Electric Internet Service 1,938,508 2,405,538

Hussain Farhad & Co. - 1,035,000
ICB Securities Trading Company Limited 450 1,617,982
Innovative Technology & Engineering 24,133 300
International Computers Solution 33,300 33,300
la
Irams Ltd - -
Kazi Mynul Hassan 107,875 107,875
Khondoker Advertisement - 70,000
KK Enterprise 1,011,854 2,782,771
Kamal Trading Agency 185,798 -
M/S Khondokar Brothers 1,584,095 -
M/S MS Power Engineering - 36,400
M2M Communications Ltd. 11,700 -
M/S National Traders - -
Milky & Associates - 104,602
Mohammad Sanaullah & Associates - -
Murad Reza 143,750 143,750
Md.Tameem Rahman 8,625 -
MABS&J Partners 436,425 -
M.Mahsin &Co 51,750 -
Next Tech Ltd. 5,600 5,600
NRB Telecom Ltd 5,000 10,000
NTT communications Ltd. 6,549,462 5,384,457

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
Nabil Enterpirse 154,901 -

Nobrupa Builders 63,484 -
National Traders 712,628 -
Pabna Automobiles 12,694 9,130
Padakkhep Bangladesh - 60,000
Payable to Orange 8,640,000 -
Payable to BTCL 70,079,670 18,950,735
Payable to BTRC- Under IIG License 10,066,019 9,231,020
Payable to BTRC - Under ILDC License 21,873,353 -
Payable to Kuakata-Revenue Stamp 3,940 -
Prochito IMC Ltd. - 123,140
Pradip Electric 7,175 -
Rich Digital Communications 2,370 2,370
Royal Office Equipment - 16,000
m
Rotary Club of Dhaka Mega City 30,000 -
S.A. Basher & Co, Ltd. - 207,656
S.F.Ahmed & Co. - 379,500
S.T. Enterprise
SA Rashid & Associates
Sadhan Das & Co.
Sharebazarnews.com
co 41,918
28,750
10,710
3,500
41,918
28,750
64,300
4,025
d.
Sikder Filling & Service Station 39,160 -
Singapore Internet Exchange 277,739 -
Sony Chocolate Industries Ltd. 359,224 278,723
ab
Southern Automobiles Ltd. 86,496 37,291

Spectrum Engineering Consortium Limited 184,492 589,492
Summit Communications Ltd. 4,775,706 1,676,004
Suraya Parveen & Associates - 56,925
Sys solution 23,000 -
nk
Systems & Services Ltd 3,196,619 -

Shakil Motors 31,600 -
Telecom Italia Sparkle Ltd. 11,243,351 15,818,964
Telephone Shilpa Sangstha Ltd. 673,208 673,208
la
Telnet Communication Ltd. 3,675 3,675

Temporary Loan from Ex-Project Director # SMW5 1,000 1,000
Tiertech Engineering 23,811 -
The Daily Kaler Kantho - 37,260
The Daily Jugantor 46,575 -
The Daily Observer 27,946 78,526
The Daily Our Time - 22,273
The Daily Sun - 16,860
The Daily Vorer Kagoj - 27,945
The Financial Express 183 62,002
Unclaimed IPO subscription 61,574 109,101
Unearned Revenue-Saudi Telecom Company & Orange Telecom 302,141,114 2,759,200
Unearned Revenue-Local Clients 45,693,212 -
Urban Solution 70,273 -
Withholding tax payable 3,560,101 224,232
Zero Pest 13,992 -
Total 528,467,200 84,170,223

21.1 The significant increase in Sundry creditors is mainly due to unrecognised portion of total amount (i.e. 3.6 million USD)
received from Saudi Telecom Company against transfer of capacity equivalent to 25.31% of BSCCL's capacity between
Yanbou-Toulon-Marseilles segments based on IRU also partial recognition of total amount (i.e.USD 175000) received
from Orange, France against transfer of 0.13x100G capacity between Equinix, Singapore and Marseilles france based on
IRU considering the remaining cable life (i.e.16 years ) of SMW-5 according to comply the criteria mentioned in the
IFRS-15. Note : 31
Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
21.2 Aging of sundry creditors: Tk. 528,467,200
The aging of Sundry creditors as at the statement of financial position date is as follows:
Past due 0-90 days 128,767,269 36,981,171

Past due 91-180 days 39,824,143 2,451,360
Past due 181 -365 days 338,783,747 26,508,124
m
Past due more than 365 days 21,092,041 18,229,569
Total 528,467,200 84,170,223
22 Provision for income tax: Tk. 821,805,495

Opening balance
co 1,037,421,348 633,906,543
d.
Add: Provision made during the year Annexure-E 674,057,788 459,812,378
Add: Provision for the year (F-Y:2014-15) - 5,648,994
Add: Provision for the year(F-Y:2015-16) 5,199,628 -
ab
Add: Provision for the year(F-Y:2018-19) 11,069,505 -

Less: Settlement for the year (F-Y:2019-20) (240,032,242) (61,946,567)
nk

Total 821,805,495 1,037,421,348
la
Details Tax Status report is given in the annexure-F
23 Provision for WPPF and WF: Tk. 160,053,970

Opening balance 119,991,410 62,599,014

Add: Provision made during the year 160,053,969 119,991,410
280,045,379 182,590,424
Less: Settlement for previous year (119,991,409) (62,599,014)
Total 160,053,970 119,991,410
24 VAT payable: Tk. -29,412,028

VAT payable against Receivable (30,172,240) (45,356,439)

VAT payable against Deduction at source 760,212 19,958,276
(29,412,028) (25,398,163)

The amount of Tk. (301,72,240) represents advance VAT paid to NBR which is adjustable against VAT receivable from
clients related to revenue receivable arising from International Private Leased Circuit (IPLC) rentals, IP transit service,
and Co-location charges. In addition to that the amount of Tk. 7,60,212 includes VAT deducted from other parties and
suppliers.
Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
25 Liabilities for expenses: Tk. 79,632,880

Office rent 4,800,000 4,800,000

Audit & other fees 69,000 161,000
Provision for different expenses 13,537,639 428,447
IIG Licence Fee 287,500 -
Innovation Expenses 30,000 -
Meeting Fees 151,819 -
m
Telephone bill 133,253 130,166
Electricity bill 222,964 290,831
Payable for Cable route shifting SMW4 22,138,350 10,000,000
Accrued Interest on IDB loan

Total
co 41,370,525
38,262,355
79,632,880
15,810,444
41,626,718
57,437,162
d.
26 Unclaimed Dividend Account: Tk. 5,826,620
ab
Year wise details of unclaimed dividend is given below:

nk
Year
2011-2012 - 404,808
2012-2013 - 188,133
2013-2014 - 524,594
la
2014-2015 - 1,603,322
2015-2016 - 945,351
2016-2017 - 794,397
2017-2018 401,664
2018-2019 1,924,218 1,967,756
2019-2020 1,990,217 2,105,601
2020-2021 1,912,185 -
Total 5,826,620 8,935,626
27 IPLC (International Private Leased Circuit) Rent: Tk. 3,156,137,972

SMW-4 930,918,710 858,246,885

SMW-5 2,225,219,263 1,790,023,554
Total 3,156,137,972 2,648,270,439
IPLC (International Private Leased Circuit) rent is billed at the beginning of each month and recognized as income on
delivery of the bills to clients.

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
28 Circuit activation charge: Tk. 14,102,700

Circuit Activation Charge-IPLC-SMW-4 2,070,000 4,150,000

Circuit Activation Charge-IPLC-SMW-5 9,695,000 5,835,000
Circuit Activation Charge-IIG 930,000 930,000
Circuit Activation Charge-ISP(IIG) 64,000 30,000
Circuit Activation Charge-ITC - -
Circuit Activation Charge-Co-location-IIG 23,700 49,000
Circuit Activation Charge-Co-location-SMW-4 350,000 653,000
Circuit Activation Charge-Co-location-SMW-5 970,000 864,000
Total 14,102,700 12,511,000
This represents charges imposed to clients for activation of new circuits.
m
29 IP Transit Service: Tk. 1,125,408,635
Local
Export
Total co 1,083,971,935
41,436,700
1,125,408,635
702,829,030
-
702,829,030
d.
This represents the service charges for providing internet bandwidth
to IIGs and ISPs and Export to BSNL.
30 Co-Location Charges: Tk. 101,899,326
ab

SMW-4 40,841,788 33,962,429
SMW-5 60,784,306 49,596,976
IP Transit -IIG 273,232 1,356,986
nk
Total 101,899,326 84,916,391

This represents charges to customers for using BSCCL's resources
at Cox's Bazar, Kuakata and Dhaka.
la
31 IPLC -Export (SMW # 5): Tk. 19,892,636 19,892,636 -

19,892,636 -
This represents partial recognition of total amount (i.e. 3.6 million USD) received from Saudi Telecom Company against
transfer of capacity equivalent to 25.31% of BSCCL's capacity between Yanbou-Toulon-Marseilles segments based on
IRU and also partial recognition of total amount (i.e.USD 175000) received from Orange, France against transfer of
0.13x100G capacity between Equinix, Singapore and Marseilles france based on IRU considering the remaining cable life
(i.e.16 years ) of SMW-5 according to comply the criteria mentioned in the IFRS-15.
Referring to the note number 27 to 31 , Bangladesh Submarine Cable Company Limited (BSCCL)’s turnover is mainly
comprised of IPLC Rent, IP Transit Service and Co-location Service. In addition to that, substantial effort of BSCCL’s
management, Govt. policy of digitalization of govt. service and introduction of 4G services contributed to increase in
overall IPLC & IP transit consumption in the country. Consequently, BSCCL’s revenue also increased.
32 Electricity and generator fuel: Tk. 16,393,892

Electricity bill 13,129,122 11,863,627
Fuel for generator 3,264,770 2,267,830
Total 16,393,892 14,131,457
This cost is directly related to cost of operation.

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
33 Landing station and cable route repair 3,958,133 2,508,967

This cost is directly related to cable route and landing station
maintenance for Cox's Bazar and Kuakata.
34 Backhaul ,Data Connectivity Charge & Revenue Sharing: Tk. 125,771,066

Backhaul Charge 95,455,915 75,075,108
Data Connectivity & Fiber Core Charge 455,081 426,618
Revenue Sharing Cost Under IIG License 7,563,630 7,719,927
Revenue Sharing Cost Under ILDC License 21,873,353 -
License & Membership fees 367,886 372,351
Co-location cost 55,200 79,750
Total 125,771,066 83,673,754
m
This cost represents backhaul charges and for data connectivity & fiber core charge. This amount also
35 IP Transit Cost co
includes the Revenue Sharing amount based on the condition of the license issued from BTRC.
84,660,465 66,632,955
d.
This cost represents the cost of purchasing IP bandwidth from Telecom Italia Sparkle, NTT Communications
Ltd, Equinix Singapore Pte Ltd., Cogent Communications Ltd, DE-CIX,PCCW (HKT) Global (Singapore) Pte. Ltd.
ab
and Hurricane Electric Internet Service and Singapore Internet Exchange.
36 Lease Rent 343,631 345,912

nk
This rent represents rent of leasing land of beach manhole for Kuakata landing station from Bangladesh
Parjaton Corporation.
la
37 Depreciation of core machinery 438,532,866 432,620,300
This represents the depreciation charged on core machinery which are directly related to IPLC and IP transit
revenue. For further details Annexure-A is referred.
38 Operation and maintenance expenses: Tk. 171,529,434

This represents amount paid to SEA-ME-WE 4 & 5 during the year for expenses of cable operation and
maintenance purpose. The break-up of the expenses is as under:
SEA-ME-WE-4 6,453,191 29,428,862
SEA-ME-WE-5 165,076,242 160,122,988
Total 171,529,434 189,551,850

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
39 General and administrative expenses: Tk. 277,173,458

Advertisement and publicity expenses 3,504,992 2,707,635

AGM expenses 1,255,897 925,156
APA expenses 232,604 17,273
Audit Fee 488,175 505,425
Bank charges and commission 4,236,327 3,126,295
Board and other meetings fees 5,243,906 5,252,432
Books & Periodicals 34,090 35,963
Business Development Expenses 6,049,597 2,765,884
Consortium meeting expenses 458,170 -
Consultancy fees 1,030,113 2,444,475
CSR Expenses 8,877,715 5,361,328
m
Entertainment 2,566,769 2,356,056
Fees and Subscription 1,624,577 1,594,819
Festival bonus 13,729,506 9,466,590
Gratuity provision
Innovation Expenses
Insurance Premium
Legal Fees
Managing Director's remuneration
co 17,701,813
675,235
500,100
1,167,642
3,434,081
16,890,968
1,004,374
3,881
1,139,057
3,134,590
d.
Medical Expenses 9,764 101,201
National Integrity and Strategy Training Exp. 517,094 1,392,992
Newspaper & Periodicals 12,808 14,209
ab
Office Expenses 1,157,632 976,019

Office rent 19,609,800 19,609,800
Postage and courier expenses 45,469 47,336
Printing and Office stationery 1,600,475 1,644,479
nk
Reception & Dinner 1,625,081 1,704,939

Recruitment expenses 636,825 88,852
Rent, rates & taxes 459,600 414,951
Repair and maintenance 4,362,327 4,908,863
la
Salary and allowances 164,638,008 124,233,125

Telephone Bill 1,584,301 287,791
Training Expenses 2,251,219 1,205,530
Travelling & conveyance 1,242,982 2,059,610
Vehicles Maintenance 1,932,786 1,895,563
Vehicles running expenses 2,675,977 2,400,059
Total 277,173,458 221,717,520
40 Provision for bad and doubtful debts: Tk. 34,615,778

Closing balance of provision for bad & doubtful debts 392,290,777 357,674,999
Less: Opening balance of provision for bad & doubtful debts (357,674,999) 384,396,603
Total 34,615,778 (26,721,604)
BSCCL makes provision for bad and doubtful debts according to the
company policy and following advice of the Audit Committee.
41 Depreciation on property, plant and equipment 33,659,348 34,350,344

This represents the depreciation charged on other than core machinery. For further details Annexure-A is referred.

Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
42 Bank interest and other income: Tk. 264,068,872

Rest house rent and others 1,094,740 863,812
Other Income 3,549,613 42,840,714
Gain on Sale of Share - 5,045,913
Interest on FDR & Others 258,033,768 170,624,940
Dividend income 1,390,751 1,563,307
Total 264,068,872 220,938,686
43 Gain on investment in shares: Tk. 1,571,730

Opening market value of investment 29,501,318 25,201,905
m
Add: Investment during the year - -
Less: Market Value of Sales of Share - (12,361,191)
Total cost of investment(B) 29,501,318 12,840,714
Closing Market Value of Investment (A) 31,073,048 29,501,318
Gain=(A-B)
44 Current tax expenses: Tk. 690,326,921

co 1,571,730 16,660,604
d.
For the year F-Y:2021-22 (Annexure-E) 674,057,788 -
For the year F-Y:2020-21 - 459,812,378
ab
For the year F-Y:2014-15 - 5,648,994

For the year F-Y:2015-16 (Annexure-F) 5,199,628 -
For the year F-Y:2018-19 (Annexure-F) 11,069,505 -
690,326,921 465,461,372
nk
Detail calculation of current tax expenses has presented in

Annexure - E and Annexure-F.
45 Deferred tax (income)/expenses: Tk. 10,533,426

la

Closing balance of deferred tax liability 559,286,791 548,753,365
Opening balance of deferred tax liability 548,753,365 521,718,411
Deferred tax (income)/expense 10,533,426 27,034,954
46 Basic Earnings Per Share (EPS): Tk. 15.16

Earnings attributable to the Ordinary Shareholders 2,500,219,040 1,907,331,861
(Net profitaverage
Weighted after Tax)
number of ordinary Shares outstanding during
the year 164,905,510 164,905,510
Earnings Per Share (EPS)-Basic 15.16 11.57
46.1 Earnings Per Share (EPS)-Dilluted 13.91 10.61

The increase in EPS is the result of increase in revenue and other income for the ordinary course of the business
activities which has been disclosed in the notes 27 to 31 and 42 in the Revenue Part of the Statement of Profit or Loss
and Other Comprehensive Income for the period under consideration. As such there is a positive impact of EPS
enhancement. There was no significant Extraordinary Transactions during this year.

46.1 Diluted earnings per share has been calculated considering the potential 1,48,69,037 nos. of shares according to the
recommendation of ICB Capital Management Ltd. being an issue manager and as approved by the Board of Direc-
tor's in it's 195th BoD meeting held on 28th December 2021.It is to be mentioned that 1,27,04,174 nos. of shares to be
issued against Tk.1,40,00,00,000 received as equity money during the year 2015-2016 divided by the market value of
Tk. 110.20 at the last working day of the financial year 2015-2016 and 21,64,863 nos. of shares to be issued against Tk.
26,00,00,000 received as equity money during the year 2016-2017 divided by the market value of Tk.120.10 at the last
working day of the financial year 2016.2017.Please note that the above issuance is subject to approval of concerned
Ministry, Shareholders and Bangladesh Securities and Exchange Commission.
Amount in Taka
Notes Particulars
30 June 2022 30 June 2021
47 Net Asset Value(NAV) Per Share: Tk. 64.66

Total Assets 16,868,552,825 13,906,622,077
Less: Total Liabilities 6,205,981,770 5,249,951,111
Total 10,662,571,054 8,656,670,966
m
Number of Ordinary Shares of Tk. 10 each at Financial Position 164,905,510 164,905,510
NAV-Per Share 64.66 52.49
48 Net operating cash flows per share (NOCFPS): Tk. 16.76

Net cash flows from operating activities (A) co
Number of Ordinary Shares of Tk. 10 each at Financial Position
2,764,215,184 2,338,311,561
d.
164,905,510 164,905,510
date (B)
Net operating cash flows per share (NOCFPS) (C=A/B) 16.76 14.18
BSCCL management has emphasized on revenue collection and took some stern steps for the realisation which led
ab
to significant increment of cash received from clients as disclosed in the Statement of Cash Flows. There was no
significant cash flows due to extraordinary transactions during the year.There is a change in previous year's amount
due to rearrangement of cash and cash equivalent.
nk
48.1 Reconciliation of Net income or Net profit with cash flows from operating activities
Net Profit Before Tax 3,201,079,387 2,399,828,187

Adjustment to reconcile profit to net cash provided :
la
Depreciation 472,192,213 466,970,644

Amortization of License Fee 1,134,028 -
Financial Charges 136,514,690 147,743,711
Loss/(gain) on Investment in Share (1,571,730) (16,660,604)
Loss/(Gain) on disposal of fixed assets (326,160) (163,343)
Provision for Bad debts 34,615,778 (26,721,604)
Other Income (264,068,872) (220,938,687)
(Increase)/Decrease in Provision for income tax (893,678,863) (34,824,864)
(Increase)/Decrease in Advance Income tax 348,813,378 (566,022,807)
(Increase)/ Decrease in adv. & deposit (56,359,075) 6,764,574
(Increase)/ Decrease in debtors (849,092,033) 645,321,444
(Increase)/ Decrease in other receivable 21,644,353 43,704,526
Increase/(Decrease) in sundry creditors 440,692,318 (88,351,629)
Increase/(Decrease) in Security Deposit 94,190,277 62,112,905
Increase/(Decrease) in Employees Pension, Gratuity and PF 16,826,717 (2,820,694)
Increase/(Decrease) in Provision for WPPF and WF 40,062,560 57,392,396
Increase/(Decrease) in VAT Payable (4,013,865) (545,039,311)
Increase/(Decrease) in Liability for Expenses 25,560,081 10,016,717
Net cash flows from operating activities 2,764,215,184 2,338,311,561

49 Financial risk management

The management of the company has overall responsibility for the establishment and oversight of the company's
risk management framework. The company's risk management policies have been established to identify and
analyse the risks faced by the company, to set appropriate risk limits and controls, and to monitor risks and adherence
to limits. Risk management policies, procedures and systems are reviewed regularly to reflect changes in market
conditions and the company's activities. The company has exposure to the following risks from its use of financial
instruments.
* Credit risk
* Liquidity risk
* Market risk
49.1 Credit risk

Credit risk is the risk of a financial loss to the company if a client or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the company's receivables.
As per terms and conditions of agreement with the clients, sale of Bandwidth is on prepaid basis. But for some
unavoidable reasons a portion of sale remains outstanding and to make it acceptable management has made a
m
credit recovery committee and the exposure to credit risk is monitored on an ongoing basis. As at 30 June 2022,
receivables from Mango Teleservices Limited and other clients against whom litigations has been initiated are
subject to significant credit risk. Risk exposures from other financial assets, i.e. cash at bank and other external
receivables are nominal.
co
The uncertain economic environment has resulted in increase in credit risk and liquidity risk for many companies
and BSCCL also faces some challenges in recovering the receivables due to COVID-19. But BSCCL management
critically observed the situation. It is found that the overall market demand is in upward trend despite COVID-19
d.
pandemic and hence it is expected that BSCCL could manage to minimize the dues to a reasonable extent in the
near future. As such BSCCL management assumes that there is no need to provide sensibility disclosure regarding
Credit and Liquidity Risk related to receivables.
ab
(a) Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit
risk at the reporting date was:
Amount in Taka
nk
30 June 2022 30 June 2021

Trade receivables, net (Note: 6.1) 2,685,714,011 1,871,237,757
Other receivables (Note: 6.2) 73,055,042 72,321,088
la
Financial assets - investment in shares (Note: 9) 31,073,048 29,501,318

Cash and cash equivalents (Note: 10) 210,798,632 354,642,122
Investment in FDR (Note: 10.3) 4,820,083,283 3,565,284,893
7,820,724,016 5,892,987,177
The maximum exposure to credit risk for trade and other receivables as
at the statement of financial position date by geographic regions was:
Domestic 3,054,065,295 2,205,022,038
Foreign (Export to India) 23,939,494 23,890,718
3,078,004,789 2,228,912,756
b) Ageing of trade receivables
The aging of gross trade receivables as at the statement of financial
position date was:
Past due 0-90 days 1,251,221,716 596,641,340
Past due 91-180 days 645,573,104 367,900,422
Past due 181-365 days 622,168,831 189,305,793
Past due more than 365 days 559,041,138 1,075,065,201
3,078,004,789 2,228,912,756

c) Impairment losses
Impairment losses on the above receivables were recognised as per the company policy and recommendation
made by Audit Committee.
49.2 Liquidity risk

Liquidity risk is the risk that the company will not be able to meet its financial obligations as they falls 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 obligations
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.
The following are the contractual maturities of financial liabilities of the company:
As at 30 June 2022 Contractual 1 year or less More than 1 year

cash flows (Taka) Taka Taka
m
Security deposits received from clients 451,258,714 45,125,871 406,132,842
Employees' pension, gratuity and Provident fund 32,221,023 32,221,023 -
Sundry creditors and Unclaimed Dividend 534,293,820 534,293,820 -
Provision for WPPF and WF
Liabilities for expenses
Total
co 160,053,970
79,632,880
1,257,460,406
160,053,970
79,632,880
851,327,564
-
-
406,132,842
d.
Contractual 1 year or less More than 1 year
cash flows (Taka) Taka Taka
As at 30 June 2021
Security deposits received from clients 357,068,437 35,706,844 321,361,593
ab
Employees' pension and gratuity fund 15,394,307 15,394,307 -

Sundry creditors and Unclaimed Dividend 93,105,850 93,105,850 -
Provision for WPPF and WF 119,991,410 119,991,410 -
Liabilities for expenses 57,437,162 57,437,162 -
nk
Total 642,997,165 321,635,573 321,361,593
49.3 Market risk

Market risk is the risk that any change in market prices, such as foreign exchange rates and interest rates will
la
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
The company is exposed to currency risk on payment of operation and maintenance expense, its reimbursement to
and from consortium members and payment to foreign creditors against Upstream purchase . All of the company's
foreign currency transactions are denominated in USD.
i) Exposure to currency risk
The company's exposure to foreign currency risk was as follows based on notional amounts:
Amount in Taka
30 June 2022 30 June 2021
Foreign currency denominated liabilities
Payable against IP transit cost (34,025,587) (30,720,353)
Unclaimed IPO Fund (61,574) (109,101)
Net exposure (34,087,162) (30,829,454)
The following rate has been applied: Taka Taka
US Dollar ($) 86.43 84.90

ii) Foreign exchange rate sensitivity analysis for foreign currency expenditures
A change of 10 basis points in foreign currencies would have increased/(decreased) equity and profit or loss of the
company by the amounts shown below. This analysis assumes that all other variables, in particular interest rates
remain constant.
Profit or loss Equity
Increase Decrease Increase Decrease
2021-2022
US Dollar (10% movement) 3,408,716 (3,408,716) - -
2020-2021
US Dollar (10% movement) 3,082,945 (3,082,945) - -
b) Interest rate risk
Interest rate risk is the risk that arises due to changes in interest rates on borrowings. The company is not
significantly exposed to fluctuation in interest rates as it has neither floating interest rate bearing financial
liabilities nor entered into any type of derivative instrument in order to hedge interest rate risk as at 30 June 2022.
Profile
m
As at 30 June 2022, the interest rate profile of the company's interest bearing financial instruments was:
Fixed rate instruments

Financial assets (short term investments-FDR) 4,820,083,283 3,565,284,893
Financial liabilities
co 2,784,365,487 2,378,669,552
Fair value of financial assets and liabilities of the company together with carrying amount shown in the statement
of financial position are as follows:
d.
As at 30 June 2022 As at 30 June 2021
Carrying amount Fair value Carrying amount Fair value
Taka Taka Taka Taka
ab
Financial assets
Assets carried at fair value

through profit or loss
nk
Investment in shares 31,073,048 31,073,048 29,501,318 29,501,318

Held to maturity assets
Short term investment-FDR 4,820,083,283 4,820,083,283 3,565,284,893 3,565,284,893
-
la
Loans and receivables -

Trade receivables, net 2,685,714,011 2,685,714,011 1,871,237,757 1,871,237,757
Other receivables 73,055,042 73,055,042 72,321,088 72,321,088
Financial assets for trading
- - - -
purpose
7,609,925,385 7,609,925,385 5,538,345,055 5,538,345,055
Financial Liabilities:
Liabilities carried at fair value - - - -
through profit or loss
Liabilities carried at amortised
costs
Security deposits received
(451,258,714) (451,258,714) (357,068,437) (357,068,437)
from clients
Sundry creditors (534,293,820) (534,293,820) (93,105,850) (93,105,850)
VAT payable 29,412,028 29,412,028 25,398,163 25,398,163
Provision for WPPF and WF (160,053,970) (160,053,970) (119,991,410) (119,991,410)
Liabilities for expenses (79,632,880) (79,632,880) (57,437,162) (57,437,162)
(1,195,827,356) (1,195,827,356) (602,204,695) (602,204,696)

Gbps Gbps
50 Bandwidth capacity
Present Capacity 3,000 1,800
Utilization (Monthly Average) 1,852 1,406
Percentage of utilization 61.72% 78.11%
51 Capital management
Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence
and to sustain future development of the business. Capital consists of total equity of the company. The Board of
Directors monitors the level of capital as well as the level of dividend to the ordinary shareholders. In order to
maintain or adjust the capital structure, the company may adjust the amount of dividend, return on capital to
shareholders, issue new shares or obtain long-term debt. The company is not subject to any externally imposed
52 Remittance of dividend
No amount has been remitted as dividend during the year.
m
53 Remittance of foreign currency to consortium and others
30 June 2022 30 June 2021
Property, Plant and Equipment

Operation and maintenance expenses
co USD
1,004,839
1,807,692
USD
223,850
2,030,397
d.
IP Transit & Membership cost 2,670,508 2,670,508
5,483,040 4,924,756
54 Earnings in foreign Exchange

ab
During the year, earnings in foreign exchange for export of royalty know-how professional and consultation fees,
interest & dividend is nil. But the company received foreign exchange against IP Transit Export, O&M reimburse-
ment, Custom duty and against IRU based capacity sale etc. of US$ 44,22,104.12 equivalent to Tk 37,78,95,174.21
nk
55 Contingent liabilities and commitments

BSCCL is currently involved in a number of legal proceedings, including inquiries from, or discussions with, govern-
mental authorities that are incidental to its operations. However, the company is not currently involved in any legal
proceedings which may have a significant effect on the financial position or profitability of the company as such
la
provision has not been recognised in these financial statements.
(i) BTCL claim office rent:

On 13 January 2013, BTCL claimed some office rent for using office space by BSCCL for the period from 01 July 2008
to 30 June 2012. BTCL claimed total Tk. 11,538,320 excluding VAT regarding office rent. Due to excess rent claimed by
BTCL compare to market rate, BSCCL disagreed to pay the excess office rent and made a provision of Tk. 4,800,000
regarding this claim based on the market rent rate. As a result, a dispute of Tk. 6,738,320 was arisen between BSCCL
and BTCL and the decision is pending for the long time."
(ii) Income Tax:

For the income year 2010-2011 an amount of Tk. 25,240,639 has been demanded by DCT against of which appeal is
processed to High Court Division."
(iii) BSCCL has to spent 53.86 (Appx.) million USD for implementetion of the project named Installation of 3rd
Submarine Cable for Expansion of International Telecommunications System of Bangladesh during the period
2022-2025.
56 Director's responsibility statement

The Board of Directors take the responsibility for the preparation and presentation of the financial statements.

57 Related party disclosures
57.1 As per IAS 24 “Related Party Disclosures”, a related party is a person or entity that is related to the entity (i.e.
BSCCL) that is preparing its financial statements. Related party transaction is a transfer of resources, services, or
obligations between a reporting entity and a related party, regardless of whether a price is charged as per IAS 24.
Related parties include the company's directors, key management personnel, associates, companies under
common directorship etc. as per IAS 24 “Related Party Disclosures”. All transactions involving related parties
arising in the normal course of business are conducted at arm’s length at normal commercial rates on the same
terms and conditions as third party transactions using valuation modes, as admissible.
(a) Name of the Directors along with all related Firms/Companies/Institutions/Parties as at 30 June 2022.
Sl. Status with Name of the related

Name of the Directors Remarks
No. the company Ministries/ Companies/ Parties etc.
Secretary, Posts & Telecommunications
1 Mr. Md.Khalilur Rahman Chairman Nominated by GOB
Division, MoPT & IT
m
2 Dr. Nasima Akhter Director Joint Secretary, Finance Division, MoF Nominated by GOB
Joint Secretary-Posts &

3 Mr. Khandker Md.Abdul Hye, PhD Director Nominated by GOB
Telecommunications division, MoPT & IT
4 Mr. Md.Abdul Momin
5 Col Ekram Ahmed Bhuyan,

afwc, psc
Director
Director
co
Additional Secretary, MoST
Col Staff, AHQ, GS Br (SD Dte), Dhaka

Cantonment, Dhaka
Nominated by GOB
Nominated by GOB
d.
Professor -Institute of Information
6 Dr. Hafiz Md.Hasan Babu Director Nominated by GOB
Technology, University of Dhaka
ab
Independent
7 Mr. N.K.A Mobin, FCA, FCS Council Member, ICAB Nominated by GOB
Director
Independent
8 Mr. Syed Mamnun Quader Former Director-DCCI Nominated by GOB
Director
nk
Managing
9 Mr. A K M Habibur Rahman BSCCL Nominated by GOB
Director
(b) Transactions with the following companies where the Directors of the company are related for the period ended 30 June 2022:
la
Relationship of
Sl Name of the company Type of Transactions
Name of the Director the Director with
No. (Related party) transaction during the year
the company
Bangladesh Telecommunications
1 Mr. Md. Khalilur Rahman Bandwidth sale 623,168,601
Company Limited
Bangladesh Telecommunications Backhaul

2 Mr. Md. Khalilur Rahman 65,763,667
Company Limited Purchase
Bangladesh Telecommunications
3 Mr. Md. Khalilur Rahman Port charge 25,200
Company Limited Chairman
Bangladesh Telecommunications Co-location
4 Mr. Md. Khalilur Rahman 579,600
Company Limited Purchase
5 Teletalk Bangladesh Ltd. Mr. Md. Khalilur Rahman Co-location Sale 132,085
6 Teletalk Bangladesh Ltd. Mr. Md. Khalilur Rahman Bandwidth sale 44,915,220

(c) Outstanding balances at 30 June 2022

Relationship Amount of transaction
Name of the Opening Closing
Sl. Name of the of the Director Type of during the year 2021-2022
company balance balance
No. Director with the transaction Adjustment/ 30.06.2022
(Related party) 01.07.2021
company Addition
Received
Bangladesh Mr.
Bandwidth
1 Telecommunication Md. Khalilur 349,699,131 623,168,601 (135,028,823) 837,838,909
sale
s Company Limited Rahman
Bangladesh Mr.
Co-location
2 Telecommunication Md. Khalilur 21,463,462 - - 21,463,462
Sale
Bangladesh Mr.
Backhaul
3 Telecommunication Md. Khalilur 18,752,285 65,788,867 (15,088,328) 69,452,820
Purchase
Chairman Backhaul
Bangladesh Mr.
(Co-
4 Telecommunications Md. Khalilur 198,450 579,600 (151,200) 626,850
m
location)
Company Limited Rahman
Purchase
Mr.
Teletalk Bangladesh Bandwidth
5 Md. Khalilur 28,146,595 44,915,220 (45,527,606) 27,534,209
6
Ltd.
Teletalk Bangladesh
Ltd.
Rahman
Mr.
Md. Khalilur
Rahman
co sale
Co-location
Sale
93,062 132,085 (212,028) 13,119
d.
57.2 Key management personnel compensation
Key management personnel are those persons having authority and responsibility for planning, directing and
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controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise)
of that entity. (Para 9; IAS 24- Related Party Disclosure).
Even though it is very difficult to differentiate and exact the key personnel management in the organization's hierar-
chy of the Company (BSCCL), generally, MD, CS, GM and DGM possess authority and responsibility for planning and
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controlling the activities of the company, directly or indirectly.

The company's key management personnel compensation in total and for each of the following categories are
stated below:
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a) Short Term Employee Benefits - Employee benefits (other than termination benefits) which fall due wholly within
twelve months during the year in which the employees render service. Such as -
Amount in Taka
30 June 2022 30 June 2021
(i) MD's Remuneration
Salary 3,434,081 3,134,590
Bonuses 822,500 435,836
WPPF 503,901 298,091
4,760,482 3,868,517
(ii) Other Key Management personnel remuneration and benefit
Salary 23,044,811 17,412,775
Bonuses 5,227,098 2,599,034
WPPF 4,535,109 1,788,543
Leave encashment 1,874,785 894,470
34,681,803 22,694,822
b) Post Employment Benefits - Employee benefits such as Gratuity, provident
Gratuity 17,701,813 16,890,968
Provident Fund 11,488,883 5,176,665
29,190,696 22,067,633

c) Other Long Term Employee Benefits

Employee benefits that is not due to be paid wholly within twelve months after the end of the period in which the
employees render the related service. Such as - long service benefits or sabbatical leave, jubilee or other long
service benefits, long term disability benefits.
No such benefits are available in the Company hence, it is not applicable.
d) Termination Benefits
Employee benefits payable as result of either: (i) an entity's decision to terminate an employee's employment before
normal retirement date; or (ii) an entity's decision to accept voluntary redundancy in exchange for those benefits.
e) Share based payment
An entity shall recognize the goods or services received or acquired in a share based payment transaction when it
obtains the goods or as the services are received. The entity shall recognize a corresponding increase in equity if
the goods or services were received in an equity settle share based payment transaction, or a liability if the goods
or services were acquired in a cash settled share based payment transaction.
No such benefits are available in the Company hence, it is not applicable.
f) Director's Board Meeting Attendance Fees 756,570 746,752
g) Other Disclosures
The Directors of the company did not take any benefit from the company other than the board meeting attendance
m
fees as disclosed above.
1. Expense reimbursed to the managing agent –Nil
2. Commission or other remuneration payable separately to a managing agent or his associate –Nil
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3. Commission received or receivable by the managing agent or his associate as selling or buying agent of other
concerns in respect of contracts entered into such concerns with the company - Nil
4. The money value of the contracts for the sale or purchase of goods and materials or supply of services, entered
into by the company with the managing agent or his associate during the financial year.
d.
5. Any other perquisites or benefit in cash or in kind stating – Nil
6. Other allowances and commission including guarantee commission - Nil.
7. i) Pensions-Nil ii) Gratuities-Nil iii) Payment from Provident Fund, in excess of own subscription and interest there-
on-Nil iv) Compensation for loss of office -Nil and v) Consideration in connection with retirement from office -Nil
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58 Segment information
Business activities of BSCCL are not organized on the basis of differences in related services or differences in
geographical areas of operations. It essentially provides similar services to clients across the country.
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59 Comparatives
Comparative information in the following major areas has been rearranged to conform to current year's presentation.
60 Number of employees
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(a) The number of employees employed in the company throughout the year who received aggregate remuneration
not less than Tk.36,000 was Nil.
(b) The number of employees employed in the company for part of the year who received aggregate remuneration
not less than Tk.3,000 per month was Nil.
(c)As at 30 June 2022 the number of regular employees receiving remuneration of Tk.36,000 or above per annum
was 142 (2021: 130).
61 Events after the reporting period

The Board of Directors of BSCCL, at its 205th meeting held on 10 October 2022 proposed 46% Cash Dividend on the
paid-up capital equivalent to Taka 758,565,346 for the year 2021-2022. This dividend is subject to final approval by
the shareholders at the forthcoming Annual General Meeting (AGM) of the company. However, the amount of
proposed dividend has been recognized in the financial statements as per the requirement of Scetion 16 (G) of
income Tax Ordinance 1984 (Change made by Finance Act 2019).


144

Schedule of Property, Plant & Equipment Annexure-A
As at 30 June 2022
(Amount in Taka)
Cost Accumulated depreciation
As at 01 July Additions Adjustment As at As at Charged during Adjustment As at WDV as at

Name of assets Impairment As at 01 July Rate
2021 during the during the 30 June 2022 30 June 2021 the year during the 30 June 2022 30 June 2022
2022
year year year
A. Freehold assets (cost less accumulated depreciation)
Land and land development 122,611,477 - 122,611,477 703,561 - 123,315,038 - - - - - 123,315,038
Core equipment-IPLC-SMW-4 2,603,865,991 - 2,603,865,991 - - 2,603,865,991 10.00% 2,031,047,895 114,563,619 - 2,145,611,514 458,254,477
Core equipment-IPLC-SMW-5 5,636,245,074 - 5,636,245,074 86,376,802 - 5,722,621,876 5.00% 1,118,091,678 287,783,137 - 1,405,874,816 4,316,747,060
Core equipment-IIG 250,590,980 - 250,590,980 1,028,030 - 251,619,011 14.29% 179,246,793 36,186,109 - 215,432,902 36,186,109
Building-SMW-4 63,415,462 - 63,415,462 - - 63,415,462 4.00% 27,350,060 1,502,725 - 28,852,785 34,562,677
m
Building-Low cost Quarter-SMW4 5,242,135 - 5,242,135 - - 5,242,135 2.50% 131,053 131,053 - 262,107 4,980,028
Building-SMW-5 288,918,374 - 288,918,374 - - 288,918,374 2.70% 50,320,176 6,698,200 - 57,018,376 231,899,998
Floor development 2,535,402 - 2,535,402 - - 2,535,402 4.00% 2,035,022 20,849 - 2,055,871 479,531
Security barak & security wall 7,827,297 - 7,827,297 - - 7,827,297 4.00% 3,485,452 180,910 - 3,666,362 4,160,935
Deep tube-well & pump house 2,193,635 - 2,193,635 - - 2,193,635 0.00% 1,792,622 - - 1,792,622 401,013
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Deep tube-well & pump house-SMW-5 1,334,855 - 1,334,855 - - 1,334,855 0.00% 200,228 - - 200,228 1,134,627
Generator-500 KVA(SMW#5) 18,414,231 - 18,414,231 - - 18,414,231 8.33% 6,598,433 1,074,163 - 7,672,596 10,741,635
500 KV sub-station 3,284,000 - 3,284,000 - - 3,284,000 11.11% 2,939,852 43,018 - 2,982,871 301,129
500 KV sub-station-SMW-5 13,146,779 - 13,146,779 - - 13,146,779 3.13% 2,321,229 349,211 - 2,670,440 10,476,339
Power system 48,160,046 - 48,160,046 239,434 (5,478,264) 42,921,216 16.67% 31,332,172 2,317,809 3,765,565 29,884,416 13,036,800
Power system-SMW-5 21,036,315 - 21,036,315 14,754 - 21,051,069 5.88% 4,180,145 1,054,433 - 5,234,578 15,816,491
Power system-IIG 387,555 - 387,555 - - 387,555 33.33% 232,533 77,511 - 310,044 77,511
d.
Boundary wall 9,946,329 - 9,946,329 - - 9,946,329 3.85% 4,408,390 221,518 - 4,629,908 5,316,421
Boundary wall-SMW-5 38,218,321 38,218,322 2,536,990 - 40,755,312 2.70% 6,610,736 1,018,932 - 7,629,668 33,125,644
Ducting from beach manhole 18,769,788 - 18,769,788 - - 18,769,788 9.09% 12,575,783 619,400 - 13,195,184 5,574,604
Ducting from beach manhole-SMW-5 21,813,789 - 21,813,789 - - 21,813,789 6.25% 4,430,926 1,158,858 - 5,589,783 16,224,006
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Vehicles 48,862,012 - 48,862,012 5,371,100 - 54,233,112 10.00% 36,619,252 3,481,147 - 40,100,399 14,132,713
Office equipment and furniture 34,467,517 - 34,467,517 3,065,188 - 37,532,705 5-10% 20,549,952 5,058,972 - 25,608,925 11,923,781
Co-Location point 1,768,031 - 1,768,031 - - 1,768,031 25.00% 762,973 335,019 - 1,097,992 670,039
Co-Location point-SMW-5 1,380,694 - 1,380,694 - - 1,380,694 5.88% 259,024 70,104 - 329,128 1,051,566

Office decoration 7,993,459 - 7,993,459 47,679 - 8,041,138 10.00% 3,542,068 674,819 - 4,216,888 3,824,250
Water Treatment Plant & Others 186,120 - 186,120 - - 186,120 20.00% 125,424 15,174 - 140,598 45,522
Surveillance System 471,925 - 471,925 - - 471,925 20.00% 94,385 94,385 188,770 283,155
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Sub-total 9,273,087,593 - 9,273,087,593 99,383,539 (5,478,264) 9,366,992,867 3,551,284,258 464,731,078 3,765,565 4,012,249,772 5,354,743,097
Incremental value of revalued Freehold assets
(i) As per valuation based on Financial Statement as on 30 June 2020
Land and land development
Building 631,425,962 - 631,425,962 - - 631,425,962 631,425,962
Security barak & security wall 72,159,464 - 72,159,464 - - 72,159,463 4.00% 2,886,379 2,886,379 - 5,772,757 66,386,706
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84,809 - 84,809 - - 84,809 4.00% 3,392 3,392 - 6,785 78,025

Deep tube-well & pump house-SMW-5 95,589 - 95,589 - - 95,589 0.00% - - - - 95,589
Generator-500 KVA(SMW#5) 2,523,709 - 2,523,709 - - 2,523,709 8.33% 210,309 210,309 - 420,618 2,103,091
500 KV sub-station 1,181,221 - 1,181,221 - - 1,181,221 11.11% 131,247 131,247 - 262,494 918,727
500 KV sub-station-SMW-5 1,041,697 - 1,041,697 - - 1,041,697 3.13% 32,553 32,553 - 65,106 976,591
Annual Report
Power system 15,612,099 - 15,612,099 - - 15,612,099 16.67% 2,602,015 2,602,015 - 5,204,031 10,408,068
Power system-SMW-5 27,112,088 - 27,112,088 - - 27,112,088 5.88% 1,594,191 1,195,643 - 2,789,834 24,322,254
Power system-IIG 9,301 - 9,301 - - 9,301 33.33% 3,100 3,100 - 6,201 3,100
Boundary wall-SMW-5 1,012,168 - 1,012,168 - - 1,012,168 2.70% 27,356 27,356 - 54,712 957,457
Vehicle 3,691,409 - 3,691,409 3,691,409 10.00% 369,141 369,141 738,282 2,953,128
Sub Total (i) 755,949,516 - 755,949,516 - - 755,949,515 7,859,683 7,461,135 15,320,819 740,628,697
(ii) As per previous valuation
Land and land development 346,562,561 - 346,562,561 - - 346,562,561 - - - - 346,562,561
Sub Total (ii) 346,562,561 - 346,562,561 - - 346,562,561 - - - - - 346,562,561
Balance as on 30 June 2022 10,375,599,671 - 10,375,599,671 99,383,539 (5,478,264) 10,469,504,943 - 3,559,143,940 472,192,213 3,765,565 4,027,570,590 6,441,934,356
2022
Balance as on 30 June2021 10,337,448,151 (16,118,611) 10,321,328,540 60,600,130 (6,329,000) 10,375,599,671 - 3,097,958,639 466,970,644 (5,785,343) 3,559,143,940 6,816,455,730

Schedule of Trade Receivable
As at 30 June 2022 Annexure-B
Amount in Tk.
Sl.
Name of Customer Opening Addition during Collection Closing
No.
Balance the year during the year Balance
1 1 Asia Alliance Communication Ltd 4,544,709 - - 4,544,709
2 1 Asia Alliance Gateway Ltd 4,257,981 - - 4,257,981
3 Aamra Technologies Ltd 137,006,024 194,265,581 173,190,228 158,081,376
4 Aamra Technologies Ltd(SMW#5) 266,322,422 412,113,692 379,608,272 298,827,842
5 ADN International Gateway Ltd-SMW#4 10,721,261 11,702,346 10,747,525 11,676,082
6 ADN International Gateway Ltd-SMW#5 11,765,691 14,357,472 13,340,683 12,782,480
7 ADN Telecom Ltd-IIG(ISP) 3,619,302 14,619,150 11,742,276 6,496,176
8 AKCEYCOM Ltd-IIG(ISP) 51,423 - - 51,423
9 Always On Network BD Ltd-IIG(ISP) 1,731,838 3,054,172 3,163,363 1,622,647
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10 Apple Communication Ltd-IIG 10,951,390 56,750,896 59,889,513 7,812,773
11 Apple Communication Ltd-SMW#5 - 30,923,802 23,780,682 7,143,120
12
13
14
15
Apple Global Tel Communications Ltd
Bangla Phone Ltd-IIG(ISP)
Bangla Tel Ltd
Bangla Trac Communications Ltd.
co
4,047,909
4,009,364
1,557,890
225,573
-
-
3,069,705
-
4,242,662
-
-
-
4,047,909
4,009,364
384,933
225,573
d.
16 Bangladesh Internet Exchange LtdIIG 762,142 - - 762,142
17 Banglphone Ltd-Co-Location Charge#4 730,875 - - 730,875
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18 BD Hub Ltd-IIG 27,641,243 149,640,200 118,860,007 58,421,435

19 BD Hub Ltd-Co-Location(Power&Rack)IIG - 98,473 40,320 58,153
20 BD Link Communication Ltd-Coloc-IIG 14,395 98,175 19,040 93,530
21 BD Link Communication Ltd 1,362,475 3,087,382 2,436,887 2,012,971
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22 BD Link Communication Ltd D/N BTCL5 - 46,518 42,974 3,544

23 BD Link Communication Ltd-SMW#5 - 2,494,933 1,531,987 962,945
24 BDREN/UGC-ISP 578,399 - 578,400 (1)
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25 BESTEC Telecom Ltd 2,256,856 - - 2,256,856

26 BG International Gateway Ltd 13,246,462 - - 13,246,462
27 Bharti Airtel Limited(Airtel) 761,701 - - 761,701
28 Brac Net Ltd-IIG(ISP) 1,285,722 488,885 758,728 1,015,879
29 BSNL 23,890,718 45,367,400 45,318,624 23,939,494
30 BTCL 258,537,703 177,249,563 43,905,443 391,881,823
31 BTCL IGW-SMW#5 1,599,499 6,268,850 1,599,500 6,268,849
32 BTCL-Co-Location(IPLC-SMW#4) 10,033,750 - - 10,033,750
33 BTCL-IGW 4,502,400 17,185,604 4,462,400 17,225,604
34 BTCL-Power&Rack(IPLC-SMW#4) 11,429,712 - - 11,429,712
35 BTCL-SMW#5 85,059,529 422,464,584 85,061,480 422,462,633
36 BTRC for DC&DR 4,860,619 1,131,900 - 5,992,519
37 BTS Communication(BD) Ltd-ISP(IIG) 497,700 594,454 522,621 569,533
38 BG Tel Ltd. 2,231,498 - - 2,231,498
39 Chittagong Online Ltd-IIG(ISP) 324,001 8,650,850 8,360,776 614,074
40 Cox Link IT-IIG(ISP) 191,072 1,212,587 430,255 973,404

Amount in Tk.
Sl.
No.
41 Cybergate Ltd 7,010,465 - 7,010,465 0
42 Cybergate Ltd-SMW#5 15,158,430 7,629,379 22,787,809 0
43 Cybergate Ltd-Power&Rak-IIG - 21,000 21,000 -
44 Delta Infocom Ltd (40,602) - - (40,602)
45 Dhaka Link Communication-IIG - 59,325 59,325 -
46 Earth Telecommunication Ltd-IIG 1,035,790 8,476,757 8,490,078 1,022,469
47 Earth Telecommunication Ltd-SMW#5 73,982,655 109,671,823 96,998,326 86,656,151
48 Earth Telecommunications Pvt.Ltd 64,691,085 101,053,854 87,561,754 78,183,185
49 Equitel Communication Ltd-IIG 267,713 797,893 571,369 494,237
50 Exabyte Ltd-IIG 226,771 - - 226,771
51 Fiber @ Home Global Ltd(SMW#5) 27,963,206 87,319,479 73,106,049 42,176,636
m
52 Fiber@Home Global Ltd 51,352,966 86,526,342 70,847,472 67,031,836
53 Fiber@Home Golbal Ltd-IIG 49,532,252 215,038,389 150,567,662 114,002,979
54
55
56
57
Fiber@Home Global Ltd(ITC)
Fiber@Home Ltd -Power&Rack(SMW#5)
Fiber@Home Ltd(Power&Rack)-SMW#4
Fiber@Home Ltd-Colocation (SMW#5)
co
4,961,968
626,841
358,160
9,962,330
2,028,288
-
2,521,458
27,342,090
-
1,330,192
1,409,016
21,011,745
4,961,968
1,324,938
1,470,602
16,292,675
d.
58 Fiber@Home Ltd-Co-Location Charge#4 7,055,769 17,285,765 16,113,807 8,227,726
59 First Communication Ltd 3,258,547 - - 3,258,547
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60 Global Fair Communication Ltd-IIG 70,101 - - 70,101

61 HRC Technologies Ltd 7,921,969 3,908,872 3,446,630 8,384,211
62 Infocom Ltd-IIG(ISP) 90,777 195,727 22,942 263,562
63 InterCloud Ltd 32,496 - - 32,496
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64 I-Tel Ltd - 4,481,400 4,481,400 -

65 I-Tel Ltd-IIG 65,550 78,270,607 41,208,934 37,127,223
66 Kay Telecommunication Ltd 9,465,845 - - 9,465,845
la
67 Kloud Technologies Ltd-IIG(ISP) 236,515 567,630 189,210 614,935

68 Kloud Technologies Ltd-ISP-Colocati 40,548 121,640 40,548 121,641
69 KS Network Ltd-IIG(ISP) 5,025,850 4,924,400 9,950,250 0
70 Level 3 Carrier Ltd 40,681,368 111,401,183 108,413,718 43,668,834
71 Level3 Carrier Ltd(Power&Rack)-SMW5 72,251 177,660 205,495 44,416
72 Level-3 Carrier Ltd(SMW#5) 225,137,969 579,621,526 613,720,759 191,038,735
73 Mango Tele Services Ltd. 154,928,896 - - 154,928,896
74 Maxnet Online 12,653,417 - - 12,653,417
75 Maxnet Online-IIG 6,470,770 - - 6,470,770
76 Mir Telecom Ltd. 3,400,623 - - 3,400,623
77 NMS Technologies Ltd-IIG(ISP) 439,229 - 160,640 278,589
78 Novocom Ltd 1,604,712 - - 1,604,712
79 Novocom Ltd(ITC) 4,938,250 11,131,313 11,306,100 4,763,463
80 Novocom Ltd-IIG 2,604,787 9,755,745 8,346,051 4,014,482
81 Novocom Ltd(SMW#5) - 3,193,983 2,408,390 785,593
82 Novotel 1,173,838 - - 1,173,838

Amount in Tk.
Sl.
No.
83 Optimax Communication Ltd-IIG 915,949 117,939,304 60,578,828 58,276,425
84 Orange Communication Ltd-IIG(ISP) 39,210 - - 39,210
85 Orange - 15,259,253 15,259,253 -
86 Peerex Network-IIG 180,677,340 215,523,681 205,512,516 190,688,505
87 Peerex Networks Ltd(SMW#5) 9,676,800 32,659,200 25,942,882 16,393,118
88 PGCB-Power&Rack-SMW#4 - 1,950,065 1,514,843 435,221
89 PGCB-Colocation-SMW#5 39,900 1,937,871 1,518,246 459,525
90 Pioneer Services Ltd-IIG(ISP) 189,842 294,525 240,975 243,392
91 Planet Satellite-IIG(ISP) 869,231 - - 869,231
92 Premium Connectivity Ltd-IIG(ISP) 274,040 629,316 329,150 574,206
93 Radiant Communication Ltd 4,212,242 - 1,812,243 2,399,999
m
94 Ranks Telecom Ltd 542,476 - - 542,476
95 Ratul Telecom Ltd 13,275,840 - - 13,275,840
96
97
98
99
REGO Communication Ltd
Roots Communications Ltd
Skytel Communications Ltd-IIG
SM Communication Ltd
co 989,008
5,313,021
17,025,009
1,344,610
-
5,042,872
24,771,062
-
-
3,722,120
27,438,677
-
989,008
6,633,773
14,357,394
1,344,610
d.
100 SS Online Ltd-IIG(ISP) 24,990 296,772 296,772 24,990
101 SSD-Tech Ltd-IIG(ISP) 206 - - 206
ab
102 Summit Communication -Power&Rack(5) 609,599 1,986,037 1,788,483 807,153

103 Summit Communication Ltd(ITC) 3,075,666 6,174,000 5,762,400 3,487,266
104 Summit Communication Ltd-Coloc-SMW5 8,906,723 42,052,559 39,996,765 10,962,517
105 Summit Communication Ltd-IIG 41,422,266 127,453,158 121,272,968 47,602,456
nk
106 Summit Communication Ltd-IPLC(SMW#5) 112,672,449 541,772,933 516,997,955 137,447,427

107 Summit Communication Ltd-Power&Rack #4 553,322 1,622,502 1,514,333 661,491
108 Summit Communication-ADCN Terminati (16,860) - - (16,860)
la
109 Summit Communications Ltd 61,792,587 251,629,415 284,566,499 28,855,503

110 Summit Communications Ltd-Co-Loctio#4 4,031,253 22,221,366 20,324,641 5,927,978
111 Soudia Telecom - 307,080,000 307,080,000 -
112 Synesis IT Ltd-Co-Location-DC&DR - 1,491,813 - 1,491,813
113 Teletalk Banglades Ltd-IPLC(SMW#4) 340,598 374,220 287,496 427,322
114 Teletalk Bangladesh Ltd-IIG(ISP) 27,805,996 44,541,000 45,240,110 27,106,886
115 Teletalk BD Ltd-Co-Location(SMW#5) 93,062 132,085 212,028 13,119
116 Telex Ltd 18,880,608 - - 18,880,608
117 Vision Tel Ltd 5,422,425 - - 5,422,425
118 Velocity Networks Ltd-IIG - 15,091,704 11,718,054 3,373,650
119 Virgo Communication Ltd-SMW#5 - 12,900,944 6,037,500 6,863,444
120 Virgo Communication Ltd-IIG - 3,787,748 2,535,360 1,252,388
121 Windstream Communnication Ltd(SMW#5) - 201,155,515 146,332,720 54,822,795
122 Windstream Communnication Ltd - 19,401,000 13,025,250 6,375,750
123 Windstream Communnication Ltd-IIG 841,995 93,215,367 87,475,105 6,582,258
Grand Total 2,228,912,756 5,160,847,986 4,311,755,953 3,078,004,789


Schedule of Security Deposit received from Clients
As at 30 June 2022 Annexure-C
Amount in Tk.
Sl.
No.
1 Aamra Technologies Ltd 21,916,064 4,366,804.96 - 26,282,869
2 Aamra Technologies Ltd(SMW#5) 37,362,243 - - 37,362,243
3 ADN International Gateway Ltd-SMW#4 2,317,626 - - 2,317,626
4 ADN International Gateway Ltd-SMW#5 1,653,750 - - 1,653,750
5 ADN Telecom Ltd-IIG(ISP) 2,171,896 - - 2,171,896
6 AKCEYCOM Ltd-IIG(ISP) 39,388 - - 39,388
7 Always On Network BD LTD-IIG(ISP) 377,045 - - 377,045
8 Apple Communication Ltd-IIG 6,426,000 1,211,415.63 7,637,415.00 0.63
9 Apple Communication Ltd-SMW-5 - 5,233,200.00 - 5,233,200
m
10 Apple Network Ltd 1,012,390 - - 1,012,390
11 Bangla Phone Ltd(IIG) - - - -
12
13
14
15
Bangla Tel Ltd
Bangladesh Internet ExchangeLtd. IIG
BD Hub Ltd-IIG
BD Hub Ltd-Power&Rack-IIG
co688,608
62,100
10,397,882
-
6,036,187.50
-
-
18,585.00
-
-
-
-
688,608
62,100
16,434,069
18,585
d.
16 BD Link Communication Ltd Coloc-IIG 8,925 - - 8,925
17 BD Link Communication Ltd 2,299,712 126,000.00 - 2,425,712
ab
18 BD Link Communication Ltd-SMW#5 200,760 162,750.00 - 363,510

19 BDREN/UGC-ISP 850,000 - 850,000.00 -
20 BG Tel Ltd 2,328,497 - - 2,328,497
21 Brac Net Ltd-IIG(ISP) 349,110 - 349,110.00 -
nk
22 BTS Communication(BD)Ltd-ISP 74,520 - - 74,520

23 BSNL - 3,930,700.00 - 3,930,700
24 Chittagong Online Ltd-IIG(ISP 482,435 290,077.20 - 772,512
la
25 Cox Link IT-IIG(ISP) 81,259 38,278.80 - 119,538

26 Cybergate Ltd 2,760,000 - 2,760,000.00 -
27 Cybergate Ltd-SMW#5 3,192,000 629,475.00 3,821,475.00 -
28 Cybergate Online Ltd(Power & Rack)IIG 25,489 8,925.00 25,488.60 8,925
29 Dhaka Link Communication-IIG - 22,312.50 - 22,313
30 Earth Telecommunication Ltd-IIG 219,727 2,612,925.00 2,779,055.00 53,597
31 Earth Telecommunication Ltd-SMW#5 8,127,000 2,383,500.00 10,510,500
32 Earth Telecommunications Pvt.Ltd 9,140,276 1,722,000.00 1,722,000.00 9,140,276
33 Equitel Communication Ltd-IIG 362,916 - - 362,916
34 Fiber @ Home Global Ltd(SMW#5) 8,267,764 - - 8,267,764
35 Fiber@Home Global Ltd(SMW#4) 1,785,724 1,666,636.36 - 3,452,361
36 Fiber@Home Golbal Ltd-IIG 17,510,745 6,557,355.00 - 24,068,100
37 Fiber@Home Ltd 8,050,000 - - 8,050,000
38 Fiber@Home Ltd-(ITC) 968,559 - - 968,559
39 Fiber@Home Ltd-Co-Location 4,850,607 157,500.00 - 5,008,107
40 Fiber@Home Ltd-Colocation (SMW#5) 1,564,500 1,260,000.00 - 2,824,500

Amount in Tk.
Sl.
No.
41 Fiber@Home Ltd-Power&Rack-(SMW#4) 15,525 187,269.60 - 202,795
42 Fiber@Home Ltd-Power&Rack-(SMW#5) 146,706.00 - 146,706
43 HRC Technologies Ltd 528,549 - - 528,549
44 I-Tel Ltd.-IIG 11,175,570.00 - 11,175,570
45 I-Tel Ltd.(SMW-4) 1,915,200.00 - 1,915,200
46 Infocom Ltd-IIG(ISP) 86,573 - - 86,573
47 Kloud Technologies Ltd-IIG(ISP) 51,750 - - 51,750
48 Kloud Technologies Ltd--ISP-Coloca 11,102 - - 11,102
49 KS Network Ltd-IIG(ISP) 1,128,127 - 1,128,127.00 -
50 Level 3 Carrier Ltd 11,453,473 - - 11,453,473
51 Level3 Carrer Ltd(Power&Rack)-IIG 9,929 - - 9,929
52 Level3 Carrier Ltd(Power&Rack)-SMW5 14,805 - - 14,805
53 Level-3 Carrier Ltd(SMW#5) 36,832,714 34,276,116.63 - 71,108,831
m
54 Mir Telecom 5,412,537 - - 5,412,537
55 NMS Technologies Ltd-IIG(ISP) 56,350 - - 56,350
56
57
58
59
Novocom Ltd (SMW-5)
Novocom Ltd(ITC)
Novocom Ltd-IIG
Optimax Communication Ltd-IIG
co
1,541,736
890,100
1,615,950
- 477,750.00
-
-
14,175,000.00
-
-
-
1,176,525.00
477,750
1,541,736
890,100
14,614,425
d.
60 Peerex Networks Ltd-(Power & Rack)-4 15,353 - - 15,353
61 Peerex Networks Ltd-(Power&Rack)-5 15,353 - - 15,353
ab
62 Peerex Networks Ltd(SMW#5) 3,225,600 - 504,000.00 2,721,600

63 Peerex Networks-IIG 25,863,766 - 10,734,130.00 15,129,636
64 Pioneer Services Ltd-IIG(ISP) 28,750 - - 28,750
65 Planet Satellite-IIG(ISP) 165,347 - - 165,347
nk
66 Premium Connectivity Ltd-IIG(ISP) 55,000 - - 55,000

67 Roots Communication Ltd 896,153 - - 896,153
68 Skytel Communications Ltd-IIG 3,103,478 - - 3,103,478
69 SS Online Ltd-IIG(ISP) 26,738 - - 26,738
la
70 Summit Communication Ltd (ITC) 1,296,101 - - 1,296,101

71 Summit Communication Ltd-Coloc-SW#5 3,069,750 525,000.00 - 3,594,750
72 Summit Communication Ltd-IIG 14,276,314 - - 14,276,314
73 Summit Communication Ltd-Power&Rack-5 66,700 24,003.00 - 90,703
74 Summit Communication Ltd SMW5 52,423,338 6,323,097.64 12,382,372.86 46,364,063
75 Summit Communications Ltd 29,341,545 - 7,225,002.75 22,116,542
76 Summit Communications Ltd-Colocation 2,221,710 262,500.00 - 2,484,210
77 Teletalk BD Ltd-IIG(ISP) 345,000 - - 345,000
78 Venus Telecom Ltd 251,057 - - 251,057
79 Virgo Communication Ltd. (SMW-5) - 2,693,250.00 - 2,693,250
80 Virgo Communication Ltd.IIG - 413,962.50 - 413,963
81 Velocity Networks Ltd. IIG - 3,657,150.00 - 3,657,150
82 Windstream Communnication Ltd - 3,189,375.00 - 3,189,375
83 Windstream Communnication Ltd-SMW-5 - 21,744,450.00 - 21,744,450
84 Windstream Communnication Ltd-IIG 2,806,650 7,663,950.00 - 10,470,600
Grand Total 357,068,437 147,284,978 53,094,701 451,258,714


Statement of Profit or Loss for IIG Unit
For the year ended 30 June 2021 Annexure-D
Amount in Taka
Particulars Notes 2021-2022 2020-2021
Taka Taka
Revenue
Circuit Activation Charge 28 1,017,700 1,009,000
IP Transit Charges 29 1,083,971,935 702,829,030
IP Transit -Export 29 41,436,700 -
Co-Location 30 273,232 1,356,986
1,126,699,567 705,195,016
m
Direct cost of operation
Electricity and generator fuel 3,455,241 2,694,444
Backhaul & Data connectivity Charge 34 103,897,712 83,673,754
IP Transit Cost
Exchange Loss/ (Gain)
Impairment Loss
Depreciation of core machinery (Schedule-A)
co 35 84,660,465
124,968
-
36,186,109
66,632,955
(85,268)
-
35,189,461
d.
228,324,495 188,105,346
Gross profit 898,375,072 517,089,670
Operating expenses
ab
General and administrative expenses 37,957,963 38,132,149

Depreciation on property, plant and equipment 688,405 806,873
Provision for Bad & Doubtful Debts 43,913,255 (47,099,106)
82,559,624 (8,160,084)
nk
Operating profit 815,815,448 525,249,754

Non-operating income
Bank interest and other income 1,017,709 932,970
la
Profit before WPPF & WF 816,833,157 526,182,724

Provision for contribution to WPPF & WF 38,896,817 25,056,320
Profit before taxation 777,936,340 501,126,404
Less:Current tax expense 132,607,402 62,327,158
Net profit after tax 645,328,938 438,799,246
Total comprehensive income 645,328,938 438,799,246

Annual Report

Calculation of Current Tax Provision
2022
As at 30 June 2022 Annexure-E
Amount in Taka
m
Total Exemption Exempted Chargeable Tax Tax
Particulars
Amount rate Amount Income Rate Liability
Profit Before Taxation 3,201,079,387
co
Add: Provision for bad debt 34,615,778
CSR expense 8,877,715
Accounting depreciation 472,192,213
3,716,765,093
d.
Less: Tax depreciation 569,765,390
Total taxable income 3,146,999,703
Less: Non -operating Income 264,068,872
ab
Taxable profit including Tax holiday exempted 2,882,930,832
Profit from IIG Exempted due to Tax Holiday 735,435,655
Taxable profit from IPLC unit 2,147,495,176

nk
Taxable profit from IPLC unit 2,147,495,176 0% - 2,147,495,176 22.50% 483,186,415
Profit-IIG as per Ratio of Sales 735,435,655 20% 147,087,131 588,348,524 22.50% 132,378,418
Tax on Other Income 262,678,121 22.50% 59,102,577
la
Tax on Dividend Income 1,390,751 20.00% 278,150

Total 2,882,930,832 147,087,131 2,999,912,572 674,945,560
CSR PM R Fund Total Rebate

Investment tax credit 8,877,715 - 8,877,715 10% 887,772
Net tax liability 674,057,788

151

Statement of Tax Status
For the year ended 30 June 2022 Annexure-F
Tax paid (Tax

Tax
Tax provision Tax determined deduction at
Sl. Income Assessment Department's
as per Financial by Tax source & cash Assessment Status
No. year year Demand/
statements Authority paid and
(Refund)
adjustment)
Minimum tax paid.
1 2008-2009 2009-2010 - - 5,000 -
m
Assessment completed.
2 2009-2010 2010-2011 2,029,024 1,727,527 1,782,215 - Assessment completed.
Reference application
3 2010-2011 2011-2012 39,000,000 71,398,127 44,018,384 25,240,639 filed with High Court by
4 2011-2012
5 2012-2013
2012-2013
2013-2014
112,000,000
215,497,909 co
95,222,745
188,372,823
95,222,745
188,372,825
-
-
BSCCL.
Reference application
d.
6 2013-2014 2014-2015 118,394,089 123,944,463 128,038,324 (2,016,320) filed with High Court by
BSCCL.
7 2014-2015 2015-2016 29,172,487 34,821,481 34,821,481 - Assessment completed.
ab
8 2015-2016 2016-2017 30,033,089 35,232,717 30,902,290 4,330,427 Assessment completed.

9 2016-2017 2017-2018 79,419,651 67,155,740 62,223,548 4,932,192 Assessment completed.
10 2017-2018 2018-2019 24,495,969 19,387,162 42,580,876 (23,245,907) Assessment completed.
nk
12 2019-2020 2020-2021 240,032,242 - 240,032,242 - Assessment completed.

Return submission date

14 2021-2022 2022-2023 690,326,921 - - -
la
not yet due.


Calculation of Average Effective Tax Rate
For the year ended 30 June 2022 Annexure-G
2021-2022 2020-2021
Amount in Taka Amount in Taka
Components of tax expense
Current tax expense (Note-44) 690,326,921 465,461,372

Deferred tax expense (Note-45) 10,533,426 27,034,955
Total income tax expense 700,860,348 492,496,326
Explanation of the relationship between tax expense & profit before tax
(i) A numerical reconciliation between tax expense & the profit before tax
m
Profit before tax 3,201,079,387 2,399,828,187
Current tax expense

Tax expense on business income( applicable tax rate-22.5%)
Tax expense on other income (applicable tax rate-22.5%)
Tax expense on dividend income(applicable tax rate-20%)
co 615,564,833
59,102,577
278,150
407,521,740
52,009,518
312,661
d.
Gain on sale of share (applicable tax rate-10%) - 504,591
Investment tax credit ( applicable tax rate-10%) (887,772) (536,133)
Against assessed tax for the year-2014-15 16,269,133 5,648,994
Total Current tax expense 690,326,921 465,461,372
ab
Deferred tax expense

Closing balance of deferred tax liability
nk
559,286,791 548,753,365
(Note-45)
Opening balance of deferred tax liability
548,753,365 521,718,411
Total deferred tax expense(B) 10,533,426 27,034,955
la
Total income tax expense(A+B) 700,860,348 492,496,326
(ii) A numerical reconciliation between the average effective tax rate &
applicable tax rate
Tax effect on business income 19.23% 16.98%

Tax effect on other income 1.85% 2.17%
Tax effect on deferred tax expense 0.33% 1.13%
Tax effect on Dividend Income 0.01% 0.01%
Tax effect on Investment tax credit -0.03% -0.02%
Tax Effect against assessed tax for the year-2014-15 0.51% 0.24%
Average effective tax rate 21.39% 20.27%

Shareholders' Note :
m
co
d.
ab
nk
la


Rahman’s Regnum Center (6th, 7th & 8th Floor), 191/1, Tejgaon-Gulshan Link Road, Dhaka-1208,
Bangladesh, Tel : 88 02 226603315-6, Fax : 880 22226603322, Web : www.bsccl.com
PROXY FORM
I/We
of being a shareholder
of Bangladesh Submarine Cable Company Limited do hereby appoint
Mr./Mrs
of
m
(or failing his/her)
Mr./Mrs
of
co as my/our proxy to attend
and vote on my/our behalf at the 14th Annual General Meeting of the Company to be held on 03 December,
2022 (Satarday) at 11:00 A.M. through Virtual Platform (www.bsccl.com/agm) or at any adjournment or any
ballot to be taken in consequence thereof.
d.
Signed this day of 2022.
ab
Signature of the proxy Signature of the Shareholder(s)

Revenue
nk
BO ID No. Stamp of
Tk. 20/=
No of shares being held
la
Notes:
I). This Form of Proxy, duly filled and stamped must be submitted at least 72 hours before the AGM at the
Registered Office of the Company.
II). Signature of the Shareholder must be in accordance with the specimen signature registered with the Company.

Shareholders' Note :
m
co
d.
ab
nk
la

la
nk
ab
d.
co
m

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Bangladesh Submarine Cable Company Limited (BSCCL)

Brief Description of Top Management 23

Communication with the Shareholders 32

Declaration by CEO and CFO (Annexure-A) 57

Md. Abdus Salam Khan, FCS

Annual Report 2022 3

Notice of 14th Annual General Meeting (AGM)

Md. Abdus Salam Khan, FCS

Platform and entitle to receive dividend.

4 Annual Report 2022

Annual Report 2022 5

Strategic Objectives †KŠkjMZ D‡Ïk¨

I WvUv Uª¨vwdK cwien‡Y m¶g †mev wbwðZ Kiv|

6 Annual Report 2022

BACKGROUND OF THE COMPANY

Annual Report 2022 7

Mr. Md. Khalilur Rahman

Sheikh Mujibur Rahman who gave the nation the best

desh, Sheikh Hasina for her initiative to implement

holders who have chosen BSCCL as a growing

8 Annual Report 2022

Mr. Md. Azam Ali

Website M Mohashin & Co.,

Kazi Mynul Hassan E-mail: mmohashinn@gmail.com.

Product and Services

IIG BSCCL’s IGW

Video Internet Call Mobile

Particulars 2017-18 2018-19 2019-20 2020-21 2021-22

Date of Incorporation of Business : 24 June 2008

Five Year’s Financial Summary

Debt to Equity 58% 61% 75% 79% 77%

BOARD OF DIRECTORS OF BSCCL

Mr. Md. Khalilur Rahman

Telecommunications & Information Technology & Director, BSCCL

Mr. Syed Mamnun Quader Mr. Md. Azam Ali

Nomination and Remuneration Committee (NRC)

Ministry of Finance & Director, BSCCL

Science & Engineering and Technology, DU & Director, BSCCL

& Independent Director, BSCCL

Mr. Md. Azam Ali

Brief Description of Chairman

Since his joining in Bangladesh Mr. Khalilur Rahman completed his

Brief Description of Directors

became a Director of BSCCL as a High School. He did his HSC course

Brief Description of Directors

Lecturer of ‘Barolekha Degree Government in December 2017

Cadre in 1994 as Research Officer. to monitor, coordinate and process

Commission, Ministry of Posts and He studied on Human Resource

Brief Description of Directors

Dr. Nasima Akhter, Joint Secretary, Division, Ministry of Textile and

lor’s degree in Electrical, Electron- matters. Besides, he also served as

Masters of Science degree in Army Headquarters and General

Business Administration (MBA), He participated in United Nations

Brief Description of Directors

Pro-Vice-Chancellor of National Dr. Hasan Babu was also the

Chairman of the Department of journal of the United Kingdom “IET

public sectors of Bangladesh and Important Person (CIP). Southtech

Mr. Syed Mamnun Quader joined