ETASIA (BD) LIMITED

Apt # A8, House # 76,

Block-E, Road #12 &18
Banani, Dhaka

ETASIA (BD) LIMITED

AUDITOR'S REPORT AND FINANCIAL STATEMENTS
For the year ended 30 June 2024

Contents Page No.

* Auditors' Report 1-3

* Statement of Financial Position 4
* Statement of Profit or Loss and Other Comprehensive Income 5
* Statement of Changes in Equity 6
* Statement of Cash Flows 7
* Notes to the Financial Statements 8-12
 SHAFIQ MIZAN RAHMAN & AUGUSTINE
CHARTERED ACCOUNTANTS

ETASIA (BD) LIMITED

STATEMENT OF FINANCIAL POSITION
As at 30 June 2024

AMOUNT IN TAKA
Particulars NOTES
2024 2023

PROPERTY AND ASSETS

Non - Current Assets 3,013,609 82,720
Property, Plant and Equipment 4.00 3,013,609 82,720

Current Assets 127,633,399 135,381,377

Inventories 5.00 29,493,855 38,853,993
Goods-in-Transit 6.00 - 4,257,779
Tax Deducted at Source 7.00 496,298 693,368
Trade and Other Receivables 8.00 46,710,528 43,336,596
Advances, Deposits and Prepayments 43,322,796 45,590,739
Cash and Cash Equivalents 9.00 7,609,923 2,648,902

Total Assets 130,647,008 135,464,097

EQUITY AND LIABILITIES

Shareholders' Equity: 129,158,324 130,193,828

Share Capital 10.00 138,573,700 138,573,700
Retained Earnings (9,415,376) (8,379,872)

Current Liabilities 1,488,684 5,270,268

Trade and Other Payables 11.00 1,132,738 4,869,190
Provision for Income Tax 12.00 355,946 401,078

Total Equity and Liabilities 130,647,008 135,464,097

The annexed notes form an integral part of these financial statements.

____________ _______________
Director Managing Director

Signed in terms of our separate report of even date annexed.

AUGUSTINE DIPAK KARMAKAR,FCA (989)

Place: Dhaka SHAFIQ MIZAN RAHMAN & AUGUSTINE
CHARTERED ACCOUNTANTS
DVC:

4
 SHAFIQ MIZAN RAHMAN & AUGUSTINE
CHARTERED ACCOUNTANTS

ETASIA (BD) LIMITED

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 30 June 2024

AMOUNT IN TAKA
Particulars NOTES
2024 2023

Sales (Export) 13.00 49,518,189 57,200,899

Less: Cost of Goods Sold 14.00 40,424,034 46,005,500
Gross Profit / (Loss) 9,094,155 11,195,399
Less: Operating Expenses :
Administrative Expenses 15.00 9,315,781 10,780,778
Selling & Distribution Expenses 16.00 83,007 98,462
Finance Cost 17.00 593,549 940,292
9,992,337 11,819,532
Other Income 160,750 -
Net Profit/ (Loss) Before Tax (737,432) (624,133)
Add/Less: Provision for Income Tax 298,074 343,205
Net Profit /(Loss) After Tax (1,035,505) (967,338)
Add: Other Comprehensive Income - -
Total Comprehensive Income (1,035,505) (967,338)

The annexed notes form an integral part of these financial statements.

_______ ________________
Director Managing Director

Signed in terms of our separate report of even date annexed.

AUGUSTINE DIPAK KARMAKAR,FCA (989)

Place: Dhaka SHAFIQ MIZAN RAHMAN & AUGUSTINE
CHARTERED ACCOUNTANTS
DVC:

5
 SHAFIQ MIZAN RAHMAN & AUGUSTINE
CHARTERED ACCOUNTANTS

ETASIA (BD) LIMITED

STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2024

Amount in Taka

Share money Retained

Particulars Share capital Total
deposit earnings

Balance at 01 July 2023 138,573,700 - (8,379,871) 130,193,829

Net profit/(loss) for the year - - (1,035,505) (1,035,505)
Balance at 30 June 2024 138,573,700 - (9,415,376) 129,158,324

For the year ended 30 June 2023

Share money Retained

Particulars Share capital Total
deposit earnings
Balance at 01 July 2022 138,573,700 - (7,412,533) 131,161,167
Less: Prior Adjustment - - - -
Net profit/(loss) for the period - - (967,338) (967,338)
Balance at 30 June 2023 138,573,700 - (8,379,871) 130,193,829

The annexed notes form an integral part of these financial statements.

_______ _______________
Director Managing Director

Signed in terms of our separate report of even date annexed.

AUGUSTINE DIPAK KARMAKAR,FCA (989)

Place: Dhaka SHAFIQ MIZAN RAHMAN & AUGUSTINE
CHARTERED ACCOUNTANTS
DVC:

6
 SHAFIQ MIZAN RAHMAN & AUGUSTINE
CHARTERED ACCOUNTANTS

ETASIA (BD) LIMITED

STATEMENT OF CASH FLOWS
For the year ended 30 June 2024

AMOUNT IN TAKA
2024 2023
A. Cash flows from operating activities

Profit / (loss) before tax (1,035,505) (967,338)

Adjustment for non-cash items:
Depreciation 1,159,262 1,298,235
Pre-operation expense - -
123,756 330,897
Adjustment for changes in working capital:
(Incerase)/ decrease in Trade and other receivables (3,373,931) 6,623,462
(Incerase)/ decrease in Inventories 9,360,138 2,086,445
(Incerase)/ decrease in Advance deposits and prepayments 2,267,943 2,996,022
(Incerase)/ decrease in Tax deducted at source 197,070 (61,589)
(Increase)/ decrease Goods-in-transit 4,257,779 4,799,185
Incerase/ (decrease) in Provision for Income Tax (45,132) (204,973)
Incerase/ (decrease) in Trade and other payables (3,736,452) (18,628,644)
8,927,414 (2,390,093)
Tax Paid - -
Net cash used in operating activities 9,051,171 (2,059,196)
B. Cash flows from investing activities
Purchase of property, plant and equipment (4,090,150) -
Net cash used in investing activities (4,090,150) -
C. Cash flows from financing activities
Net cash provided from financing activities - -
Net increase/(decrerase) in cash and cash equivalents 4,961,021 (2,059,196)
(A+B+C)
Cash and cash equivalents at beginning of the year 2,648,902 4,708,098
Cash and cash equivalents at ending of the period 7,609,922 2,648,902

_______ _______________
Director Managing Director

7
 SHAFIQ MIZAN RAHMAN & AUGUSTINE
CHARTERED ACCOUNTANTS

ETASIA (BD) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024
1. LEGAL STATUS AND NATURE OF BUSINESS ACTIVITIES:
1.1 Legal Status :
ETASIA (BD) Limited has been incorporated and registered with the Registrar of Joint Stock Companies
and Firms, Bangladesh, Dhaka as a private company under the Companies Act (Act XVIII) of 1994 on 3rd
February 2009 vide reg no. C-74572(2614)/09.
1.2 Nature of Business Activities :
The company is engaged in 100% export oriented manufacturing and supplying packaging and poly-
packaging materials required for foreign and domestic manufacturing companies. The raw materials are
procured from Hong Kong and local market.
2. SIGNIFICANT ACCOUNTING POLICIES:
2.1 Basis of preparation and presentation of Financial Statements:

The Financial Statements have been prepared in accordance with the International Financial Reporting
Standards (IFRSs) adopted by The Institute of Chartered Accountants of Bangladesh (ICAB).

2.2 Property, Plant and Equipment:

Tangible assets are accounted for according to IAS-16 (Property, Plant & Equipment) at cost less
accumulated depreciation. Depreciation is charged by Straight Line Method.The Depreciation rates
applicable to the principal catagories of tangible assets are :
PARTICULARS Rate %
Plant & Machinery 10%
Spare Parts 20%
Factory Equipment 10%
Factory LHI and Fixture 10%
Furniture and Fixture 10%
Office Equipment 10%
Computer Equipment 10%
Office Decoration 15%
2.3 Inventories:
According to IAS - 2 'Inventories' are calculated using the weighted average method.
2.4 Current liabilities:
Liabilities are recognized for amounts which are to be paid in future for goods and services received,
whether or not billed by the suppliers and service provider.
3. GENERAL :
* The figures in the financial statements have been re-arranged and re-grouped where necessary to conform
to current year's presentation.
* The figures have been rounded off to the nearest Taka.

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 SHAFIQ MIZAN RAHMAN & AUGUSTINE
CHARTERED ACCOUNTANTS

ETASIA (BD) LIMITED

Schedule of Property, Plant & Equipments
As at June 30, 2024
Schedule - A
COST DEPRECIATION
Written
Opening Closing Opening Closing
Addition Charged Down Value
PARTICULARS Balance Balance Balance Balance
During the RATE (%) Buring the as at
as at as at as at as at
Year Year 30-06-2024
01-07-2023 30-06-2024 01-07-2023 30-06-2024
Plant and Machinery 117,826,134 - 117,826,134 10% 117,826,095 - 117,826,095 39
Spare Parts 2,285,974 2,580,550 4,866,524 20% 2,285,973 486,652 2,772,625 2,093,899
Factory Equipment 1,659,062 - 1,659,062 10% 1,576,844 82,200 1,659,044 18
Factory LHI and Fixtures 1,359,650 - 1,359,650 10% 1,359,572 - 1,359,572 78
Furniture and Fixture 469,489 - 469,489 10% 469,371 - 469,371 118
Office Equipment 831,592 - 831,592 10% 831,487 - 831,487 105
Computer Equipment 815,430 - 815,430 10% 815,359 - 815,359 71
Vehicles 8,411,908 - 8,411,908 10% 8,411,878 - 8,411,878 30
Office Decoration 2,426,462 1,509,600 3,936,062 15% 2,426,403 590,409 3,016,812 919,250
Balance as at 30 June 2024 136,085,701 4,090,150 140,175,851 136,002,981 1,159,262 137,162,242 3,013,609

Balance as at 30 June 2023 136,085,701 - 136,085,701 134,704,746 1,298,235 136,002,981 82,720

AMOUNT IN TAKA
Allocation of depreciation charged: 2024 2023
Direct expenses 568,852 1,195,166
Administrative expenses 590,409 103,069
1,159,262 1,298,235

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 SHAFIQ MIZAN RAHMAN & AUGUSTINE
CHARTERED ACCOUNTANTS

AMOUNT IN TAKA
2024 2023
4.00 Property, Plant & Equipments
Opening Balance 82,720 136,085,701
Add: Addition during the year 4,090,150 -
Closing Balance 4,172,870 136,085,701

Depreciation
Opening Balance 136,002,981 134,704,746
Less: Charged during the year 1,159,262 1,298,235
Closing Balance 134,843,720 136,002,981

W.D.V (Written Down Value)

PPE Balance as on 30.06.24 140,175,851 136,085,701
Total depreciation 137,162,242 136,002,981
3,013,609 82,720

For details 'Schedule -A' May be referred

AMOUNT IN TAKA
2024 2023
5.00 Inventory
Finished Goods 13,715,210 18,925,190
Work-in-Process 15,778,645 19,928,803
29,493,855 38,853,993

6.00 Goods-In-Transit
Bill of
L/C No. L/C Date Entry No.

0000168923020278 06/12/2023 C - 1307144 - 4,257,779.00

- 4,257,779
7.00 Tax Deducted at Source
Opening Balance 693,368 631,779
Add : Addition During the Year
a) AIT on Export Sales 429,798 622,868
b) AIT on Car Fitness 66,500 70,500
c) AIT on Import Raw - -
496,298 693,368
1,189,666 1,325,146
Less : Adjustment during the year 693,368 631,779
496,298 693,368
8.00 Trade and Other Receivables
Accounts Receivable 46,710,528 43,336,596
Total Receivables 46,710,528 43,336,596
9.00 Cash and Cash Equivalents
Cash in Hand 2,714,994 388,387
Cash at Bank (Note - 9.1) 4,894,929 2,260,515

7,609,923 2,648,902

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 SHAFIQ MIZAN RAHMAN & AUGUSTINE
CHARTERED ACCOUNTANTS

AMOUNT IN TAKA
2024 2023
9.1 Cash at Bank

Security for LC - 209,657

Dutch Bangla Bank Ltd. Banani Br.,CD A/C -16591 4,894,929 2,050,858

4,894,929 2,260,515
10.00 Share Capital
Authorized Capital:
3,000,000 ordinary shares of Tk. 100 each 300,000,000 300,000,000
Issued, Subscribed and Paid up capital:
1,385,737 Ordinary Shares of Tk 100 each are as follows:
Name of No. of Shares Face
Shareholders' 2024 2023 Value
Mr. B. Frey 1,223,637 1,223,637 100 122,363,700 122,363,700
Tang Yuen Ha ADA 73,682 73,682 100 7,368,200 7,368,200
Tang Lam Wo 73,682 73,682 100 7,368,200 7,368,200
Md. Mukhlesur Rahman 14,736 14,736 100 1,473,600 1,473,600
1,385,737 1,385,737 138,573,700 138,573,700
11.00 Trade and Other Payables

Electricity and Rent Payable 520,025 192,870

Withholding Tax 15,000 15,000
Audit Fees Payable 63,000 63,000
Accrued Expenses 512,213 527,698
Bills Payable : For Imported Raw - 4,048,122
VAT Payable 22,500 22,500

1,132,738 4,869,190

12.00 Provision for Income Tax

Opening Balance 401,078 606,052

Addition During the Year 298,074 343,205
699,152 949,257
Less : Adjustment during the year 343,205 548,179
355,946 401,078
13.00 Sales
Sales (Export) 49,518,189 57,200,899
14.00 Cost of Goods sold
Opening Inventory 18,925,190 19,866,423
Add: Purchase (Import) 20,212,400 40,554,360
Add: Direct Expenses 10,851,496 3,364,695
49,989,086 63,785,478
Add: Opening Work-in-Process 19,928,803 21,074,015
69,917,889 84,859,493
Less: Closing Work-in-Process 15,778,645 19,928,803
54,139,244 64,930,690
Less: Closing Inventory 13,715,210 18,925,190
40,424,034 46,005,500

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 SHAFIQ MIZAN RAHMAN & AUGUSTINE
CHARTERED ACCOUNTANTS

AMOUNT IN TAKA
2024 2023
15.00 Administrative Expenses

Salary and Allowances 6,430,581 6,806,450

Overtime 8,300 7,520
Rent - Including VAT 871,572 2,702,873
Courier Charges 35,550 16,321
Telephone Bill 6,909 3,943
Mobile Bill 54,000 54,000
Entertainment/ Staff Fooding 15,004 10,270
Running Car Expenses 225,480 128,254
Local Conveyance Bill 260,200 162,652
Utilities - Electricity, Wasa & Gas 147,229 221,228
Internet Bill 58,860 54,000
Repair and Maintenance 45,514 31,500
Stationery Expenses 100,562 92,005
Motor Car Exp- Gas & Fuel 72,055 51,043
Legal and Professional Service 92,000 92,000
Commercial Expenses - 1,430
License and Renewal Fees 176,510 122,530
Govt. Fees, Rates & Taxes 40,246 30,440
Audit Fee 80,500 80,500
Depreciation 590,409 103,069
Miscellaneous Expenses 4,300 8,750
9,315,781 10,780,778
16.00 Selling & Distribution Cost 83,007 98,462
17.00 Finance Cost
Bank Charge - For Normal Banking 99,917 128,205
Bank Charge - For BTB LC 354,787 589,053
Bank Charge - For Import LC 138,845 223,034

593,549 940,292

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 ETASIA (BD) LIMITED
Triel Balance
As at 30 June 2024

AMOUNT IN TAKA
PARTICULARS
Dr. CR.
Salary and Allowances 6,430,581 -
Overtime 8,300 -
Rent - Including VAT 871,572 -
Courier Charges 35,550 -
Telephone Bill 6,909 -
Mobile Bill 54,000 -
Entertainment/ Staff Fooding 15,004 -
Running Car Expenses 225,480 -
Local Conveyance Bill 260,200 -
Utilities - Electricity, Wasa & Gas 147,229 -
Internet Bill 58,860 -
Repair and Maintenance 45,514 -
Stationery Expenses 100,562 -
Motor Car Exp- Gas & Fuel 72,055 -
Legal and Professional Service 92,000 -
Commercial Expenses - -
License and Renewal Fees 176,510 -
Govt. Fees, Rates & Taxes 40,246 -
Audit Fee 80,500 -
Miscellaneous Expenses 4,300 -
Depreciation 1,159,262 -
Cost of Goods sold 38,819,676 -
Income Tax 298,074 -
Selling & Distribution Cost 83,007 -
Bank Charge - For Normal Banking 99,917 -
Bank Charge - For BTB LC 354,787 -
Bank Charge - For Import LC 138,845 -
Sales (Export) - 49,518,189
Other Income 160,750
Property, Plant and Equipment 140,175,851 -
Accumulated Depreciation - 137,162,242
Electricity and Rent Payable - 520,025
Withholding Tax - 15,000
Audit Fees Payable - 63,000
Accrued Expenses - 512,213
Bills Payable : For Imported Raw - -
VAT Payable - 22,500
Provision for Income Tax - 355,946
Cash in Hand 2,714,994 -
Cash at Bank 4,894,929 -
Accounts Receivable 46,710,528 -
Inventories 29,493,855 -
Goods-in-Transit - -
Tax Deducted at Source 496,298
Advances, Deposits and Prepayments 43,322,796 -
Share capital - 138,573,700
Retained earnings - (9,415,376)

317,488,190 317,488,190