AR_BEXIMCO_2021-22

BANGLADESH EXPORT IMPORT COMPANY LIMITED
ANNUAL REPORT
2021-2022
BANGLADESH EXPORT IMPORT COMPANY LIMITED v

Mission
Each of our activities must benefit and add value to the common wealth of
our society. we firmly believe that, in the final analysis we are accountable
to each of the constituents with whom we interact; namely: our employees,
our valued customers, our business associates, our fellow citizens and our
shareholders.
vi ANNUAL REPORT 2021-2022

Table of Contents
Corporate Information 2
Notice of 49 Annual General Meeting 4
th
Chairman’s Statement 5
Directors’ Report 10
Certification by the Chief Executive Officer and Chief Financial Officer 16
Certificate on Compliance of Corporate Governance Guidelines 17
Compliance Report on SEC’s Notification 18
Report of the Audit Committee for the year ended on 30th June 2022 26
Statement of Corporate Governance 30
Bangladesh Export Import Co. Ltd. - Consolidated Financials 35
Bangladesh Export Import Co. Ltd. - Financials 65
Shinepukur Ceramics Ltd.. - Financials 95
Beximco Power Company Limited 125
BANGLADESH EXPORT IMPORT COMPANY LIMITED 1

Corporate Information
2 ANNUAL REPORT 2021-2022

Board of Directors Key officers
A S F Rahman O K Chowdhury
Chairman Managing Director
Salman F Rahman Syed Naved Hussain
Vice Chairman Chief Executive Officer
Textile Division
Iqbal Ahmed
Director Syed Samiul Wadood
O K Chowdhury Chief Executive Officer
Managing Director IT Division
A B Siddiqur Rahman Parvez Hassan

Director Chief Executive Officer
Real Estate & Fisheries Division
Reem H. Shamsuddoha
Director Anil Kumar Maheshwari
Chief Operating Officer
Masud Ekramullah Khan
Textile Division
Independent Director
Shah Monjurul Hoque Md. Luthfor Rahman
Independent Director Chief Financial Officer
Mohammad Asad Ullah, FCS Mostafa Zamanul Bahar

Executive Director & Company Secretary Head of Internal Audit
Auditors
M/S. M. J. Abedin & Co.
National Plaza (3rd Floor), 109, Bir Uttam C. R.
Datta Road, Dhaka 1205
Compliance Auditors
Suraiya Parveen & Associates
(Chartered Secretaries)
Kaze Avalons, (1st Floor), Flat- 1A. 1/15A Iqbal
Road, Mohammadpur, Dhaka- 1207
Legal Advisers
M/S. Huq & Co.
47/1, Purana Paltan, Dhaka 1000
Bankers
Sonali Bank Ltd.
Rupali Bank Ltd.
Janata Bank Ltd.
Agrani Bank Ltd.
IFIC Bank Ltd.
Registered Office
Plot No. 24 (New) 17 (Old), Bir Uttam M. A.
Rob Sarak, Road No. 2, Dhanmondi, Dhaka 1205

Notice
of the 49th Annual General Meeting
BANGLADESH EXPORT IMPORT COMPANY LTD.

17, DHANMONDI, ROAD NO. 2, DHAKA-1205
NOTICE OF THE 49TH ANNUAL GENERAL MEETING

Notice is hereby given that the 49th Annual General Meeting of the Shareholders of Bangladesh Export Import Company Ltd. will be held under
Virtual Platform on Thursday, the 22nd December, 2022 at 12:30 p.m. to transact the following business:
AGENDA
To receive, consider and adopt the Audited Financial Statements of the Company for the year ended on 30th June, 2022 together
1.
with reports of the Auditors and the Directors thereon.
2. To declare 30% cash dividend.
3. To elect Directors.
4. To approve the re-appointment of Independent Director.
5. To appoint Auditors for the year 2022-23 and to fix their remuneration.
6. To appoint Corporate Governance Compliance Auditors for the year 2022-23 and to fix their remuneration.
By order of the Board,
(MOHAMMAD ASAD ULLAH, FCS)

Dated : November 15, 2022 Executive Director & Company Secretary
NOTES
(1) The Shareholders whose names will appear in the Share Register of the Company or in the Depository Register on the record date i.e. 21
November, 2022, will be entitled to attend at the Annual General Meeting and to receive the dividend.
(2) A Member entitled to attend and vote at the General Meeting may appoint a Proxy to attend and vote in his/her stead. The Proxy Form, duly
stamped, must be deposited at the Registered Office of the Company, not later than 48 hours before the time fixed for the meeting.
(3) Annual Report for the year 2021-22 will be sent through e-mail address of the Shareholders and will be available in the Website of the
Company at: www.beximco.com
(4) The Shareholders will join the Virtual AGM through the link https://beximco.bdvirtualagm.com. The Shareholders will be able to submit their
questions/comments and vote electronically 1 (one) hour before commencement of the AGM and also during the AGM. For logging into the
system, the Shareholders need to put their 16-digit Beneficial Owner (BO) ID/Folio Number and other credential as proof by visiting the said link.
(5) We encourage the Shareholders to login into the system prior to the meeting. Please allow ample time to login and establish your connectivity.
For any IT related guidance, Shareholders may contact vide email : monir@beximco.net or mazibur@beximco.net.

Chairman Statement
Dear Shareholders,
I take this opportunity to welcome you on behalf of the Board of Directors to this 49th Annual
General Meeting of your Company and to present to you the Audited Accounts for the year
2021-2022 and Auditors’ and Directors’ report thereon.
The COVID 19 situation has improved substantially world over. As a result, customers are
coming back and order situation improving. Though Russia-Ukraine war is disrupting the
A S F Rahman markets again. Despite this, year 2021-22 has been a good year for your company as the
results of substantial investments made in expansion and modernization started showing
and our top line and bottom line, both witnessed substantial improvement. Though there is
still volatility on the raw material side, we hope to continue the growth path.
Textile Division
Many of the projects initiated in last years have reached completion stage and commissioned in 2021-22. Results of these investments are
reflected in the financial results of the company. 600,000 square feet new factory space is complete and is LEED Platinum certified with
highest score in Bangladesh and 7th best in the world. Buoyed by customer response, we are planning to further invest in new technology,
expansion and modernization. The deliberations for this are at the initial stage.

Beximco Health
With the improvement in COVID-19 situation, demand for PPE items has reduced substantially. We have ventured into regular use PPE
products to continue supply to customers in USA and other destinations. We are also exploring other markets and discussions with various
customers are at advanced stage.
Beximco Power Company Limited

Beximco Power Company Limited (BPCL) a subsidiary of your company is currently developing two utility scale solar power plants with
respective capacities of 200 MW (AC) and 30 MW (AC) in the northern part of Bangladesh. The power is clean and green since there is no
pollution in generating solar power. Teesta Solar Ltd, the 200 MW (AC) solar power plant will be the largest in Bangladesh and is expected
to be completed by end of 2022. The second unit Korotoa Solar Limited, the 30 MW (AC), this plant is under construction and is targeted
to be completed by 2023.

Beximco Green Sukuk
This Islamic Bond is convertible / redeemable & asset backed for a total of BDT 30.00 billion of which BDT 15.00 billion (50%) has been
offered through private placement, BDT 7.50 billion (25%) offered to existing shareholders and the balance BDT 7.50 billion (25%) offered
to public through Initial Public Offer (IPO). The offered amount fully subscribed.
2021-2022 Results & Future Prospects

The Company has witnessed a significant increase in sales and profit. Revenue of Taka 73.36 billion compared to previous year’s Revenue
of Taka 42.02 billion is 74.58% growth in the year. Net Profit after tax for the year is Taka 12.55 billion as against Taka 6.60 billion of previous
year. EPS for the year is 14.32 which is also a significant growth compared to previous year’s EPS of 7.53. This is due to benefits accruing
from timely investments made and efforts put in by the team. I am confident that the company will continue to achieve greater heights in
terms of revenue and profit and be on the path of steady growth.
We are geared up to face challenges in the future and convert these to opportunities. We have started tapping overseas financial resources.
We have recently secured a loan of Euro 32.50 million from ING Bank, secured by insurance by Euler Hermes, Germany for the expansion
of knit fabric unit with other allied facilities. To manage information requirement of increased scale of operations, we are also investing in
new web based ERP system that will replace existing system. The implementation is in progress.
Social Commitment
Your Company continues to believe in its responsibilities towards the society it operates in. All our actions are, therefore, directed to
the wellbeing of the society in general. As part of CSR activities, your Company provides active cooperation and support, sponsors and
contributes to various organizations and professional institutions in their sociocultural development programs in the field of humanitarian
aid, education, health, environment, culture and sports.
Your Company is an equal opportunity employer and does not discriminate between gender, ethnicity or religion.
Acknowledgement
I would like to thank all our employees for their dedicated and selfless service to the Company. I would also like to convey my sincere
thanks to our customers, bankers, suppliers, government agencies, regulatory bodies and everyone with whom the Company interacted
in conducting its business. We are grateful to you, our respected shareholders, for extending your valuable support at all times and
cooperation to bring the Company to the level it has reached today.
My prayers are with all of your families and yourselves that you remain healthy, safe and well.
Thank you,
A S F Rahman
Chairman
Dated: 27 October, 2022

Directors’ Report
to the Shareholders for the year from July 1, 2021 to June 30, 2022
Dear Shareholders,
The Directors have pleasure in submitting hereunder their report together with the Audited Financial
Statements of the company for the year July 1, 2021 to June 30, 2022 and Auditors’ Report thereon:
Analysis of Operating Performance

Business Outlook – a general overview
We As I mentioned in my report last year, COVID-19 has changed have a dedicated and skilled team to run operations with support
the way business was being carried and business still continues to of latest technologies. Customer visits have increased manyfold
be unpredictable starting from raw materials to logistics and it has to share our expertise and enhanced services. This has led to the
impacted everyone. growth that is borne out by the figures.
Russian-Ukraine war has added to already existing uncertainties of Overall, we are excited and optimistic about the future for the
business. Business has been impacted adversely as a result of the Bangladesh Apparel Industry in general and Beximco in particular.
war.
Domestic and Export Sales
Apparel market continues to witness changing patterns of
consumer preferences. Those who could not fathom have gone Domestic and export sales have grown substantially in 2021-22
out of business. But companies like yours are thriving who are over last year. We expect to continue the momentum.
nimble and quickly aligned to market realities. Another added Profitability
benefit has been shifting of business from China to Bangladesh as Pretax profit of the Company increased substantially compared to
US and EU shift gears. last year due to higher revenue, induction of new technologies,
Still, China remains the largest apparel exporter, Bangladesh investments in upgradation and economies of scale.
being No. 2. Since China has become expensive and is rapidly
moving to high value added technologies, apparel customers are
shifting their business to other countries including to Bangladesh.
Beximco Power Company Limited
Bangladesh continues to enjoy cost advantage and is a preferred As a socially responsible corporation we constantly strive to make
destination for apparel buyers. a positive impact and believe we have a very central role to play
in the area of sustainability and implementation of clean energy
Sustainability is the order of the day. Bangladesh has made great
initiatives. Beximco Power Company Limited (BPCL) is currently
strides in making green factories. It houses largest number of
developing two utility scale solar power plants with respective
Green factories in the world. Our new 6 storey building has bagged
capacities of 200 MW (AC) and 30 MW (AC) in the northern part
LEED Certification with highest score in Bangladesh and 7th best
of Bangladesh. The power is clean and green since there is no
in the world.
pollution in generating solar power. Through its subsidiary, Teesta
Beximco continues to invest in transformational technology in Solar Ltd, the 200 MW (AC) solar power plant will be the largest
fabrics, apparel manufacturing, washing and garment dyeing as in Bangladesh and is expected to be completed by end of 2022.
well as ground breaking sustainably initiatives and digitalizing of This plant is located in a 650 acre area in Sundarganj, Gaibandha,
the supply chain. The results of this investment are showing now is leading the way in supporting the Government of Bangladesh’s
in the performance of your company. vision and commitment to promote energy generation from
As always, Beximco continues to focus on 3Ps, People, Planet and renewables. The Power Purchase Agreement (PPA) has been signed
Profit. The Profit comes only after people and planet. As a result, we with the Bangladesh Power Development Board (BPDB) is for 20

years. The plant is connected to the national grid at Rangpur substation through a 35.35km long transmission line built by the company.
This plant has incorporated best in class equipment from leading global reputed manufacturers.
The panels will last more than 20 years. Since there are no moving parts, the panels need no maintenance except cleaning. DC power
generated by solar panels is converted into AC by inverters and fed into the power grid via transformers. This plant is designed to produce
enough electricity to light more than 200,000 homes.
The second solar plant of BPCL of 30 MW (AC) capacity is under development through its subsidiary Korotoa Solar Limited at Tetulia upazilla
in Panchagarh, Bangladesh. The plant is under construction and is targeted to be completed during 2023. A 20 year Power Purchase
Agreement (PPA) has been signed with Bangladesh Power Development Board (BPDB). This plant will help support the current challenges
of assurance of power within the Panchagarh region.
Beximco Green Sukuk Al-Istisna

This Islamic Bond is convertible / redeemable & asset backed for a total of BDT 30.00 billion of which BDT 15.00 billion (50%) has been
offered through private placement, BDT 7.50 billion (25%) offered to existing shareholders and the balance BDT 7.50 billion (25%) offered
to public through Initial Public Offer (IPO). The offered amount fully subscribed.
Working Results
The Directors are pleased to report that the working results of the company for the year ended on June 30, 2022 are as follows:
Taka in million
For the year For the year

2021-2022 2020-2021
Net profit before tax 14,785.72 7,695.80
Less: Income tax Expense 2,237.86 1,095.19
Net profit after tax 12,547.86 6,600.61
Add: Balance brought forward from previous period 20,091.70 16,558.21
Profit available for appropriation 32,639.56 23,158.82
Appropriation Recommended:
Cash Dividend 30% 2,628.96 3,067.12
Balance carried forward 30,010.60 20,091.70
Total 32,639.56 23,158.82
Dividend
The Board of Directors have recommended a cash dividend @ 30% per share of Tk.10 each for the year ended on June 30, 2022 subject to
the approval of the Shareholders in the Annual General Meeting.
Directors
Retirement and Re-election of Directors
Mr. Salman F Rahman and Mr. Iqbal Ahmed, Directors of the Company retire by rotation as per Articles 123 and 124 of the Articles of
Association of the Company and being eligible offer themselves for re-election.
Mr. Salman F Rahman is the Vice Chairman and Co-founder of Beximco Group. He is distinguished business personality of the country and
has received many awards and accolades for his outstanding contribution to Bangladesh’s industrial sector. Mr. Rahman was instrumental
in introducing best-in-class corporate practice in Bangladesh and widely credited as the architect of Group’s successful global strategy.

Mr. Iqbal Ahmed is a Director of companies under BEXIMCO Group since forty eight years. He was director of AB Bank Limited and
associated with many social and business organizations including ICC, Bangladesh.
Re-appointment of the Independent Director

In compliance to the provisions of Corporate Governance Code issued by Bangladesh Securities and Exchange Commission (BSEC) dated
June 03, 2018, the Board of Directors of the Company in its meeting held on Wednesday the 16th March, 2022 has re-appointed Mr. Masud
Ekramullah Khan as Independent Director of the Company for a further period of 3 years effective from 16th March, 2022 to 15th March 2025,
subject to the approval of Shareholders in the Annual General Meeting. Proposal is placed for the approval of his appointment.
Auditors
The Directors hereby report that the existing Auditors M/S. M. J. Abedin & Co. , Chartered Accountants, National Plaza (3rd floor), 109, Bir
Uttam C R Datta Road, Dhaka-1205 who were appointed as Auditors of the Company in Forty Eighth Annual General Meeting carried out
the audit for the year 2021 - 2022.
M/S. M. J. Abedin & Co. , Chartered Accountants, National Plaza (3rd floor), 109, Bir Uttam C R Datta Road, Dhaka-1205 the Auditors of the
Company retire at this meeting and have expressed their willingness to continue in the office for the year 2022-2023.
Compliance Auditors
Pursuant to code 9.2 of the Codes of Corporate Governance issued by BSEC, Suraiya Parveen & Associates, Chartered Secretaries who were
appointed as Compliance Auditors of the Company in the 48th Annual General Meeting of the Company have examined the compliance
status to the Corporate Governance Code by the Company for the year ended on 30th June, 2022.
Suraiya Parveen & Associates, Chartered Secretaries, the Compliance Auditors of the Company retire at this meeting and has expressed
their willingness to continue in office for the year 2022-23. The Board after due consideration of the proposal made by Audit Committee
recommends for reappointment of Suraiya Parveen & Associates, Chartered Secretaries as Compliance Auditors for the year 2022-23.
Board Audit Committee

The Audit Committee held four meetings to carry out its business as per the provision of Corporate Governance Code issued by BSEC dated
03.06.2018 during the year. The Membership of the Audit Committee together with their attendance at the meeting is given below:
Name of the Representing in the Position in the Attendance in

Member Board Committee Meeting
Mr. Shah Monjurul Hoque Independent Director Chairman 4
Mr. Iqbal Ahmed Director Member 4
Mr. O K Chowdhury, FCA Managing Director Member 4
Mr. Mohammad Asad Ullah, FCS Company Secretary Secretary 4
A detail of the activities of the Audit Committee has been provided in “Audit Committee Report”
Nomination and Remuneration Committee (NRC)

The Nomination and Remuneration Committee held one meeting during the year to carry out its business as per provision of Corporate
Governance Code issued by BSEC dated 03-06-2018. The membership of the Nomination and Remuneration Committee together with
their attendance at the meeting is given below:

Name of the Representing in the Position in the Attendance in
Member Board Committee Meeting
Mr. Shah Monjurul Hoque Independent Director Chairman 1
Mr. Iqbal Ahmed Director Member 1
Mr. O K Chowdhury, FCA Managing Director Member 1
Mr. Mohammad Asad Ullah, FCS Company Secretary Secretary 1
Board Meeting and Attendance

12 (Twelve) Board Meetings were held during the year 2021–2022. The attendance record of the Directors of the Company are as follows:
Representing in the Nos. of Meeting

Name of Directors
Board Attendend
Mr. A S F Rahman Chairman 12
Mr. Salman F Rahman Vice Chairman 12
Mr. Iqbal Ahmed Director 10
Mr. O K Chowdhury Managing Director 12
Mr. A B Siddiqur Rahman Director 12
Ms. Reem H. Shamsuddoha Director 12
Mr. Masud Ekramullah Khan Independent Director 12
Mr. Shah Monjurul Hoque Independent Director 12
Corporate and Financial Reporting

The Directors are pleased to confirm that:
(a) The financial statements together with the notes thereon have drawn up in conformity with the Companies Act 1994 and Securities
and Exchanges Rules 1987. These statements presents fairly the Company’s statement of affairs, the result of its operation, cash flow
and statement of changes in equity.
(b) Proper books of accounts of the company have been maintained.
(c) Appropriate Accounting Policies have been consistently applied in preparation of the financial statements and that the accounting
estimates are based on reasonable and prudent judgment.
(d) The International Accounting Standards, as applicable in Bangladesh, have been followed in preparation of the financial statements.
(e) Internal Control System is sound in design and has been effectively implemented and monitored.
(f) No significant doubts about the ability of the Company to continue as a going concern.
(g) There is a significant deviation in operating result compared to last year due to higher revenue and oveheads do not increase in
proportion to increase in revenue.
(h) The summarized key operating and financial data of last five preceding years is annexed as “Comparative Statistics” in the Annual Report.
(i) The related party transactions have been disclosed in preparation of the financial statements (Note # 31).
(j) The Pattern of share holding is as followings:

Name Shares held
(i) Parent/Subsidiary/Associated Companies and other related Parties:
Beximco Holdings Ltd. 55,340,387
New Dacca Industries Ltd. 12,301,217
Beximco Engineering Ltd. 1,175,076
Esses Exporters Ltd. 332,385
Beximco Pharmaceuticals Ltd. 167,854
Shinepukur Ceramics Ltd. 2,722,614
Escorp Apparels Ltd. 422,994
Pharmatech Chemicals Ltd 925,769
National Investment & Finance Co. Ltd. 16,988
(ii) Shareholders who nominated Directors in the Board
Absolute Construction and Engineering Ltd. 40,970,624
NTC A/C GHL 29,886,282
NTC A/C SAEL 19,012,842
Directors, Chief Executive Officer, Company Secretary, Chief Financial Officer, Head of Internal Audit and
(iii)
their spouse and minor children:
Mr. A S F Rahman, Director 63,204,992
Mr. Salman F Rahman, Director 70,919,693
Chief Executive Officer, Spouse and minor children Nil
Company Secretary, Spouse and minor children Nil
Chief Financial Officer, Spouse and minor children Nil
Head of Internal Audit, Spouse and minor children Nil
(iii) Executives Nil
(iv) Shareholders holding 10% or more Voting interest in the company Nil
Declaration by CEO & CFO
Declaration by CEO & CFO on the Financial Statement is attached as Annexure - A.

Key Operating and Financial Data
Taka in ‘000
Particulars 2021-2022 2020-2021 2019-2020 2018 - 2019 2017 - 2018

Paid up Capital 8,763,189 8,763,189 8,763,189 8,763,189 8,345,894
Revenue 73,359,401 42,017,157 19,824,795 23,942,599 23,845,878
Gross Profit 23,454,567 14,031,526 6,952,850 7,860,959 7,602,698
Profit Before Income Tax 14,785,720 7,695,803 795,103 1,566,955 1,327,435
Net Profit after Income Tax 12,547,858 6,600,610 446,182 1,426,237 1,259,354
Tangible Assets (Gross) 65,509,884 64,825,323 64,674,038 33,427,749 33,368,681
Cumulative Surplus 32,639,567 23,158,825 16,996,375 16,988,352 16,396,705
Dividend-both Cash and Stock 30% (C) 35% (C) 5%(C) 5%(C) 10%(B&C)
Return on Paid up Capital 143% 75% 5% 17% 15%
Shareholders’ Equity 79,913,431 68,594,542 60,759,191 61,189,444 60,453,162
Earnings per Share (Taka) 14.32 7.53 0.51 1.63 1.51
Shareholders’ Equity Per Share(Taka) 91 78 69 70 72
Number of Shareholders 91,997 103,145 130,460 134,148 140,991
Number of Employees 5,498 5,455 5,780 6,248 6,710
Corporate Governance Compliance Status Report

In accordance with the requirement of the Securities and Exchange Commission, “Corporate Governance Compliance Status Report” is
annexed.
Acknowledgement
The Directors has taken this opportunity to express our sincere thanks to our customers, bankers, suppliers, government agencies,
regulatory bodies and everyone with whom the company interacted in conducting its business. We are grateful to you, the shareholders,
for extending at all times, your valuable support and cooperation.
On behalf of the Board of Directors.
A S F Rahman
Chairman
Dated: 27 October, 2022

Annexure - A
Certification by the CEO and CFO
Chief Executive Officer (CEO) and Chief Financial Officer (CFO) have certified to the Board that:
(1) The financial statements of the Company for the year ended 30 June 2022 have been prepared in compliance with International
Accounting Standards (IASs) or International Financial Reporting Standards (IFRSs), as applicable in the Bangladesh and any
departure there from has been adequately disclosed;
(2) The estimates and judgment 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;
(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) The company has taken proper and adequate care in installing a system of internal control and maintenance of accounting records
to ensure the above;
(5) Our internal auditors have conducted periodic audit to provide reasonable assurance that the established policies and procedures
of the Company were consistently followed; and
(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 regards, we also certify that:
i) We have reviewed the Financial Statements of the Company for the year ended on 30 June 2022 and to the best of their
knowledge and belief:
a) These statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading;
b) These statements together present a true and fair view of the company’s affairs and are in compliance with existing
accounting standards and applicable laws;
ii) There are, to the best of knowledge and belief, no transaction entered into by the Company during the year which are
fraudulent, illegal or in violation of the Company’s code of conduct.
Syed Naved Husain Md. Luthfor Rahman

Chief Executive Officer Chief Financial Officer
Date: 27 October, 2022

Annexure - B
Certificate on Compliance of Corporate Governance Guidelines
Suraiya Parveen & Associates

(Chartered Secretaries, Financial & Management Consultants)
[Certi�icate as per condition No.1 (5) (XXVII)]
Report to the Shareholders of

Bangladesh Export Import Company Limited on compliance on the Corporate
Governance Code
We have examined the compliance status to the Corporate Governance Code by Bangladesh Export
Import Company Limited for the year ended on 30 June 2022. This Code relates to the Noti�ication
No. BSEC/CMRRCD/2006-158/207/Admin/80 dated 3 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 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 veri�ication and an independent audit on compliance of the conditions of the
Corporate 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 scrutiny and veri�ication 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;
(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.
Dhaka, Dated For Suraiya Parveen & Associates

November 17, 2022 Chartered Secretaries
Suraiya Parveen, FCS

Chief Executive Of�icer
Kaze Avalons, (1st Floor), Flat- 1A. 1/15A Iqbal Road, Mohammadpur, Dhaka- 1207
Phone : 02 41023157 (Off), Mob : 01911 421998, 01713 110408
E-mail : suraiyaparveenfcs@gmail.com, musfiquefcs@gmail.com

Annexure - C
Compliance Report on SEC’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 03 June, 2018 issued under section 2CC of the Securities and Exchange Ordinance, 1969:
(Report under Condition No. 7.00)
Compliance Status (“√”)

Condition in appropriate column) Remarks
Title
No. (If any)
Complied Not Complied
1 BOARD OF DIRECTORS:
1 (1) Board’s Size [number of Board members to be 5 – 20] √
1 (2) Independent Directors
Independent Director(s) (at least one fifth of total number of directors shall be
1(2) (a) √
Independent Director)
1(2)(b) Independent Director (ID) means a Director
who either does not hold any share in the company or holds less than one percent(1%)
1(2)(b)(i) √
shares of the total paid up shares of the company
who is not a sponsor of the company and is not connected with the company’s any
sponsor or director or shareholder who holds 1% or more shares of the total paid-up
1(2)(b)(ii) √
shares of the company on the basis of family relationship and his or her family members
also shall not hold above mentioned shares in the company:
who has not been an executive of the company in immediately preceding 2 (two) financial
1(2)(b)(iii) √
years;
who does not have any other relationship , whether pecuniary or otherwise, with the
1(2)(b)(iv) √
company or its subsidiary or associated companies;
1(2)(b)(v) who is not a member or TREC holder, director or officer of any stock exchange; √
who is not a shareholder, director excepting independent director or officer of any
1(2)(b)(vi) √
member or TREC holder of stock exchange or an intermediary of the capital market
who is not a partner or an executive or was not a partner or an executive during the
preceding 3 (three) years of the concerned company’s statutory audit firm or audit firm
1(2)(b)(vii) √
engaged in internal audit services or audit firm conducting special audit or professional
certifying compliance of the Code
1(2)(b)(viii) who is not independent director in more than 5 (five) listed companies √
who has not been convicted by a court of competent jurisdiction as a defaulter In
1(2)(b)(ix) √
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 Board and approved by the
1(2)(c) √
shareholders in the AGM.
1(2)(d) The post of independent director(s) cannot remain vacant for more than 90 (ninety) days. √
The tenure of office on an independent director shall be for a period of 3(three) years,
1(2)(e) √
which may be extended for 1 tenure only.
1.3 Qualification of Independent Director
Independent director shall be a knowledgeable Individual with Integrity who is able to
1(3)(a) ensure compliance with financial laws, regulatory requirements and corporate laws and √
can make meaningful contribution to the business
Business Leader who is or was a promoter or director of an unlisted company having
1(3)(b)(i) minimum paid-up capital of Tk. 100.00 million or any listed company or member of any N/A
national or international chamber of commerce or business association
Corporate Leader who is or was a top level executive not lower than CEO or MD or DMD or
CFO or Head of Finance or Accounts or Company Secretary or Head of Internal Audit and
1(3)(b)(ii) N/A
Compliance or Hear of 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.

Title
No. (If any)
Former official of Government or statutory or autonomous or regulatory body in the
1(3)(b)(iii) position not below 5th Grade of the national pay scale, who has at least educational N/A
background of bachelor degree In economics or commerce or business or law
University teacher who has educational background in Economics or Commerce or
1(3)(b)(iv) N/A
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 Management
1(3)(b)(v) Accountant or Chartered Financial Analyst or Chartered Certified Accountant or Certified √
Public Accountant or Chartered Management Accountant or Chartered Secretary or
Equivalent qualification
The independent director shall have at least 10 (ten) years of experiences in any field
1(3)(c) √
mentioned in clause (b)
In special cases, the above qualifications or experiences may be relaxed subject to prior
1(3)(d) N/A
approval of the commission
Duality of Chairperson of the Board of Directors and Managing Director or Chief Executive
1(4)
Officer
The positions of the Chairperson of the Board and the Managing Director(MD) and/or
1(4)(a) √
Chief Executive Officer(CEO) of the company shall be filled by different individuas
The MD and/or CEO of a listed company shall not hold the same position in another listed
1(4)(b) √
company
The Chairperson of the Board shall be elected from among the non-executive directors
1(4)(c) √
of the company
The Board shall clearly define respective roles and responsibilities of the Chairperson and
1(4)(d) √
the MD and/or CEO
In the absence of the Chairperson of the Board, the remaining members may elect one
of themselves from nonexecutive directors as Chairperson for that particular Boards
1(4)(e) √
meeting; the reason of absence of the regular Chairperson shall be duly recorded in the
minutes
1(5) The directors’ Report to Shareholders √
1(5)(i) Industry outlook and possible future developments in the industry √
Company
operates in
Trading, Textile,
Denim, Knitting,
IT, Fisheries
1(5)(ii) Segment-wise or product-wise performance √ & Real Estate.
However, in
relevant cases
market segment
performance has
been analyzed
Risks and concerns Including internal and external risk factors, threat to sustainability and
1(5)(iii) √
negative impact on environment
1(5)(iv) Discussion on COGS, Gross Profit and Net Profit Margins √
Discussion on continuity of any Extra-Ordinary activities and their implications (gain or
1(5)(v) √
loss)
Detail discussion on related party transactions along with a statement showing amount,
1(5)(vi) nature of related party, nature of transactions and basis of transactions of all related party √
transactions
Statement of utilization of proceeds raised through public issues, rights issues, and/or any
1(5)(vii) N/A
other instruments
Explanation if the financial results deteriorate after the company goes for Initial Public
1(5)(viii) N/A
Offering (IPO), repeat Public Offering (RPO), Rights Share Offer, Direct Listing, etc
Explanation on any significant variance that occurs between quarterly Financial
1(5)(ix) √
performances and Annual Financial Statements

Title
No. (If any)
No remuneration
has been paid
to any Director
during the
1(5)(x) Statement of remuneration paid to the directors including independent directors √
period under
review except
Independent
Director.
Statement that the financial statements prepared by the management of the issuer
1(5)(xi) company present fairly its state of affairs, the result of its operations, cash flows and √
changes in equity
1(5)(xii) Statement that proper books of account of the issuer company have been maintained √
Statement that appropriate accounting policies have been consistently applied In
1(5)(xiii) preparation of the financial statements and that the accounting estimates are based on √
reasonable and prudent judgment
Statement that IAS or IFRS, as applicable in Bangladesh, have been followed in preparation
1(5) (xiv) √
of the financial statements and any departure there from has been adequately disclosed
Statement that the system in internal control is sound in design and has been effectively
1(5)(xv) √
Implemented and monitored
Statement that minority shareholders have been protected from abusive actions by, or
1(5)(xvi) in the interest of controlling shareholders acting either directly or indirectly and have √
effective means of redress
Statement that there Is no significant doubt upon the issuer company’s ability to continue
1(5)(xvii) a going concern, if the issuer company is not considered to be a going concern, the fact √
along with reasons there of shall be disclosed
Explanation that significant deviations from the last year’s operating results of the issuer
1(5)(xviii) √
company shall be highlighted and the reasons thereof shall be explained
Statement where key operating and financial data of at least preceding 5 years shall be
1(5)(xix) √
summarized
Explanation on the reasons if the issuer company has not declared dividend (Cash or
1(5)(xx) N/A
stock) for the year
Board’s statement to the effect that no bonus share or stock dividend has been or shall be
1(5)(xxi) √
declared as Interim dividend
1(5)(xxii) The total number of Board meeting held during the year and attendance by each director √
Report on the pattern of shareholding disclosing the aggregate number of shares (along
1(5)(xxiii) √
with name-wise details where stated below) held by
1(5)(xxiii)(a) parent or subsidiary or associated companies and other related parties √
Directors, COE, Company Secretary, CFO, Head of Internal Audit and Compliance and their
1(5)(xxiii)(b) √
spouses and minor children
1(5)(xxiii)(c) Executives, √
1(5)(xxiii)(d) Shareholders holding ten percent (10%) or more voting interest in the company √
In case of appointment or reappointment of a director, a disclosure on the following
1(5)(xxiv) √
information to the shareholders
1(5)(xxiv)(a) Brief resume of the director √
1(5)(xxiv)(b) nature of his or her expertise in specific functional areas √
names of company in which the person also holds the directorship and the membership
1(5)(xxiv)(c) √
of committees of the Board
Management’s discussion and analysis signed by CEO or MD presenting detailed analysis
1(5)(xxv) of the 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, clearly describing the effect on
1(5) (xxv)(b) financial performance or results and financial position as well as cash flows in absolute √
figure for such changes

Title
No. (If any)
Comparative analysis (including effects of inflation) of financial performance or results
1(5)(xxv)(c) and financial position as well as cash flows for current financial year with immediate √
preceding five years explaining reasons thereof
Compare such financial performance or results and financial position as well as cash flows
1(5)(xxv)(d) √
with the peer industry scenario
1.5 (xxv) (e) briefly explain the financial and economic scenario of the country and the globe √
risks and concerns issues related to the financial statements, explaining such risk and
1(5) (xxv)(f ) √
concerns mitigation plan of the company
future plan or projection or forecast for company’s operation, performance and
1(5)(xxv)(g) financial position, with justification thereof, i.e, actual position shall be explained to the √
shareholders in the next AGM
Declaration or certification by the CEO and the CFO to the Board as required under
1(5)(xxvi) √
condition No. 3(3) shall be disclosed as per Annexure - A
the report as well as certificate regarding compliance of conditions of this Code as
1(5)(xxvii) √
required under condition No.9 shall be disclosed as per
Meetings of the Board of Directors: 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
1(6) the provisions of 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
1(7) Code of Conduct for the Chairperson, Other Board members and CEO
The Board shall lay down a code of conduct, based on the recommendation of the
1(7)(a) Nomination and Remuneration Committee at condition No.6, for the Chairperson of the √
Board, other board members and CEO 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; conflict
1(7)(b) √
of interest; compliance with laws; rules and regulations; prohibition of insider trading;
relationship with environment, employees, customers and suppliers and independency,
2 Governance of Board of Directors of Subsidiary Company
Provisions relating to the composition of the Board of the holding company shall be made
2(a) √
applicable to the composition of the Board of the subsidiary company
At least 1 (one) independent director on the Board of the holding company shall be a
2(b) √
director on the Board of the subsidiary company.
The minutes of the Board meeting of the subsidiary company shall be placed for review at
2 (c) √
the following Board meeting of the holding company.
The minutes of the respective Board meeting of the holding company shall state that they
2(d) √
have reviewed the affairs of the subsidiary company also
The Audit Committee of the holding company shall also review the financial statements,
2(e) √
in particular the investments made by the subsidiary company
3 MD or CEO, CFO, Head of Internal Audit & Compliance and Company Secretary
3(1) Appointment √
3(1)(a) The Board shall appoint a MD or CEO, CS, CFO and a Head of Internal Audit and Compliance √
3(1)(b) The position of the MD or CEO, CS, CFO and HIAC shall be filled by different individuals √
The MD or CEO, CS, CFO and HIAC of a listed company shall not hold any executive
3 (1) (c) √
position in any other company at the same time
The Board shall clearly define respective roles, responsibilities and duties of the CFO, HIAC
3 (1)(d) √
and CS.
The MD or CEO, CS, CFO and HIAC shall not be removed from their position without
3(1)(e) approval of the Board as well as immediate dissemination to the Commission and stock √
exchange(s)
3(2) Requirement to attend Board of Directors’ Meetings
3(3) Duties of MD or CEO and CFO
The MD or CEO and CFO shall certify to the Board that they have reviewed financial
3(3)(a) √
statements for the year and that to the best of their knowledge and belief

Title
No. (If any)
These statements do not contain any materially untrue statement or omit any material
3(3)(a)(i) √
fact or contain statements that might be misleading
These statements together present a true and fair view of the company’s affairs and are in
3(3)(a)(ii) √
compliance with existing accounting standards applicable laws
The MD or CEO and CFO shall also certify that there are, to the best of knowledge and
3(3)(b) 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 or its members
3(3)(c) The certification of the MD or CEO and CFO shall be disclosed in the Annual Report. √
4 Board of Directors’ Committee
4(i) Audit Committee √
4(ii) Nomination and Remuneration Committee √
5 Audit Committee
5(1) Responsibility to the Board of Directors √
5(1)(a) The company shall have an audit committee as a subcommittee of the Board √
The Audit Committee shall assist the Board in ensuring that the financial statements
5(1)(b) 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; the duties of the audit committee
5(1)(c) √
shall be clearly set forth in writing
5(2) Constitution of the Audit Committee
5(2)(a) The Audit Committee shall be composed of at least 3(three) members √
The Board shall appoint members of the Audit Committee who shall be non-executive
5(2)(b) directors of the company excepting Chairperson of the Board and shall include at least √
1(one) independent director.
All members of the audit committee should be “financially literate” and at least 1(one)
5(2)(c) member shall have accounting or related financial management background and 10(ten) √
years of such experience
When the term of service of any Committee members expires or there is any circumstance
causing any Committee member to be unable to hold office before expiration of the
term of service, thus making the number of the Committee members to be lower than
No such incident
5(2)(d) the prescribed number of 3(three) persons, the Board shall appoint the new Committee √
was occurred
member to fill up the 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 Audit
Committee
5(2)(e) The company secretary shall act as the secretary of the Committee √
The quorum of the Audit Committee meeting shall not constitute without at least 1(one) No such incident
5(2)(f ) √
independent director was occurred
5(3) Chairperson of the Audit Committee
The Board shall select 1(one) member of the Audit Committee to be Chairperson of the
5(3)(a) √
Audit Committee, 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, in that case there shall
5(3)(b) √
be no problem of constituting a 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 present in the Annual General
5(3)(c) √
Meeting(AGM)
5 (4) Meeting of the Audit Committee
5(4)(a) The Audit Committee shall conduct at least its four meetings in a financial year √
The quorum of the meeting of the Audit Committee shall be constituted in presence of
5(4)(b) either two members 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 √

Title
No. (If any)
Monitor internal audit and compliance process to ensure that it is adequately resourced,
5(5)(c) 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 √
Hold meeting with the external or statutory auditors for review of the annual financial
5(5)(e) √
statements before submission to the Board for approval or adoption
Review along with the management, the quarterly and half yearly financial statements
5(5)(f ) √
before submission to the Board for approval
Review along with the management, the quarterly and half yearly financial statements
5(5)(g) √
before submission to the Board for approval
5(5)(h) Review the adequacy of internal audit function √
5(5)(i) Review the Management’s Discussion and Analysis before disclosing in the Annual Report √
5(5)(j) Review statement of all related party transactions submitted by the management √
Review Management Letters or Letter of Internal Control weakness issued by statutory
5(5)(k) √
auditors
Oversee the determination of audit fees based on scope and magnitude, level of expertise
5(5)(l) deployed and time required for effective audit and evaluate the performance of external √
auditors
Oversee whether the proceeds raised through IPO or RPO or Rights Share Offer have been
5(5)(m) utilized as per the purposes stated in relevant offer document or prospectus approved by √
the Commission
5(6) Reporting of the Audit Committee
5(6)(a) Reporting to 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 Board on the following findings if
5(6)(a)(ii)
any:
5(6)(a)(ii)(a) Report on conflicts of interests N/A
Suspected or presumed fraud or irregularity or material defect identified in the internal
5(6)(a)(ii)(b) N/A
audit and compliance process or in the financial statements
Suspected infringement of laws, regulatory compliances including securities related laws,
5(6)(a)(ii)(c) N/A
rules and regulations
Any other matter which the audit committee deems necessary shall be disclosed to the
5(6)(a)(ii)(d) √
Board 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 management that any rectification is necessary
5(6)(b) and if the Audit Committee find that such rectification has been unreasonably ignored, N/A
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 six months from the date
of first reporting to the Board, whichever is earlier.
Reporting to the Shareholders and General investors: report on activities carried out by
the Audit Committee, including any report made to the Board under condition No. 5(6)(a)
5(7) √
(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)
6(1) Responsibility to the Board of Directors
6(1)(a) The company shall have a NRC as a subcommittee of the Board √
The NRC shall assist the Board in formulation of the nomination criteria or policy for
determining qualifications, positive attributes, experiences and independence of
6(1)(b) √
directors and top level executive as well as a policy for formal process of considering
remuneration of directors, top level executive
The terms of Reference (ToR) of the NRC shall be clearly set forth in writing covering the
6(1)(c) √
areas stated at the condition No. 6(5)(b)
6(2) Constitution of the NRC

Title
No. (If any)
The Committee shall comprise of at least three members including an independent
6(2)(a) √
director
6(2)(b) All members of the Committee shall be non-executive directors √
6(2)(c) Members of the Committee shall be nominated and appointed by the Board √
6(2)(d) The Board shall have authority to remove and appoint any member of the Committee √
In case of death, resignation, disqualification or removal of any member of the Committee
6(2)(e) or in any other cases of vacancies, the Board shall fill the vacancy within 180 (one hundred √
eighty) days of occurring such vacancy in the Committee.
The Chairperson of the Committee may appoint or co-opt any external expert and/or
member(s) of staff to the Committee as advisor who shall be non-voting member, if the
6(2)(f ) √
Chairperson feels that advice or suggestion from such external expert and/or member(s)
of staffs shall be required or valuable for the Committee
6(2)(g) The company secretary shall act as the secretary of the Committee √
The quorum of the NRC meeting shall not constitute without attendance of at least an
6(2)(h) √
independent director
No member of the NRC shall receive, either directly or indirectly, any remuneration for any
6(2)(i) advisory or consultancy role or otherwise, other than Director’s fees or honorarium from √
the company.
6(3) Chairperson of the NRC
The Board shall select 1 (one) member of the NRC to be Chairperson of the Committee,
6(3)(a) √
who shall be an independent director
In the absence of the Chairperson of the NRC, the remaining members may elect one
6(3)(b) of themselves as Chairperson for that particular meeting, the reason of absence of the √
regular Chairperson shall be duly recorded in the minutes
The Chairperson of the NRC shall attend the annual general meeting (AGM) to answer the
6(3)(c) √
queries of the shareholders
6(4) Meeting of the NRC
6(4)(a) The NRC shall conduct at least one meeting in a financial Year √
The Chairperson of the NRC may convene any emergency meeting upon request by any
6(4)(b) √
member of the NRC
The quorum of the meeting of the NRC shall be constituted in presence of either two
6(4)(c) members or two third of the members of the Committee, whichever is 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
6(4)(d) √
such minutes shall be confirmed in the next meeting of the NRC
6(5) Role of the NRC
NRC shall be independent and responsible or accountable to the Board and to the
6(5)(a) √
shareholders
NRC shall oversee, among others, the following matters and make report with
6(5)(b) √
recommendation to the Board
formulating the criteria for determining qualifications, positive attributes and
6(5)(b)(i) independence of a director and recommend a policy to the Board, relating to the √
remuneration of the directors, top level executive, considering the following
the level and composition of remuneration is reasonable and sufficient to attract, retain
6(5)(b)(i)(a) √
and motivate suitable directors to run the company successfully
the relationship of remuneration to performance is clear and meets appropriate
6(5)(b)(i)(b) √
performance benchmarks
remuneration to directors, top level executive involves a balance between fixed and
6(5)(b)(i)(c) incentive 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 consideration age, gender, experience,
6(5)(b)(ii) √
ethnicity, educational background and nationality
identifying persons who are qualified to become directors and who may be appointed in
To be No such list as
6(5)(b)(iii) top level executive position in accordance with the criteria laid down, and recommend
complied yet
their appointment and removal to the Board

Title
No. (If any)
formulating the criteria for evaluation of performance of independent directors and the
6(5)(b)(iv) √
Board
identifying the company’s needs for employees at different levels and determine their
6(5)(b)(v) √
selection, transfer or replacement and promotion criteria
developing, recommending and reviewing annually the company’s human resources and
6(5)(b)(vi) √
training policies
The company shall disclose the nomination and remuneration policy and the evaluation
6(5)(c) √
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
7(1) √
following services of the company, namely
7(1)(i) appraisal or valuation services or fairness opinions √
7(1)(ii) financial information systems design and implementation √
7(1)(iii) book-keeping or other services related to the accounting records or financial statements √
7(1)(iv) broker-dealer services √
7(1)(v) actuarial services √
7(1)(vi) internal audit services or special audit services √
7(1)(vii) any service that the Audit Committee determines √
audit or certification services on compliance of corporate governance as required under
7(1)(viii) √
condition No. 9(1);
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 least during the tenure of their audit assignment of that company;
7(2) his or her family members also shall not hold any shares in the said company: Provided √
that spouse, son, daughter, father, mother, brother, sister, son-in-law and daughter-in-law
shall be considered as family members.
Representative of external or statutory auditors shall remain present in the Shareholders’
7(3) Meeting (Annual General Meeting or Extraordinary General Meeting) to answer the √
queries of the shareholders
8 Maintaining a website by the Company
8(1) The company shall have an official website linked with the website of the stock exchange √
8(2) The company shall keep the website functional from the date of Listing √
The company shall make available the detailed disclosures on its website as required
8(3) √
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
9(1) Secretary) other than its 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 compliance of this Corporate
9(2) √
Governance Code shall be appointed by the shareholders in the annual general meeting.
The directors of the company shall state, in accordance with the Annexure-C attached,
9(3) √
in the directors’ report whether the company has complied with these conditions or not

Report of the Audit Committee
for the year ended on 30th June 2022
Dear Shareholders,
I am pleased to present the Report of the Audit Committee for the year ended on 30 June 2022.
The Audit Committee Report presented under condition No.5 of the Bangladesh Securities and Exchange Commission(BSEC)
Corporate Governance Code provides an insight on the functions of the Audit Committee for the year ended on 30th June
2022.
Composition of the Audit Committee on business risk, internal controls and compliance and audit.
The committee satisfies itself, by means of suitable steps and
The Audit Committee of Bangladesh Export Import Company Ltd,
appropriate information, that proper and satisfactory internal
a prime Board sub-committee, assists the Board in discharging
control system are in place to identify and contain business risk
its governance responsibilities. The Board has formed the Audit
and that the Company’s business is conducted in a proper and
Committee, required under Codes of Corporate Governance of
economically sound manner. The Audit Committee assists the
BSEC with some specific assignments under its Terms of Reference.
Board of Directors to ensure that the financial statements reflect
The existing Audit Committee of the Company is as follows:
a 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 is responsible to the Board of Directors. The duties of
Committee Members Board Members Position the Audit Committee are clearly set forth in writing.
Independent The role of the Audit Committee includes the following:
Mr. Shah Monjurul Hoque Chairman
Director
● Oversee the financial reporting process.
Non-Executive
Mr. O K Chowdhury, FCA Member ● Monitor choice of accounting policies and principles.
Director
● Monitor Internal audit and Compliance process to ensure that
Non-Executive it is adequately resourced, including approval of the Internal
Mr. Iqbal Ahmed Member
Director
Audit and Compliance Plan and review of the Internal Audit
Company and Compliance Report;
Mr. Mohammad Asad Ullah, FCS Secretary
Secretary
● Oversee hiring and performance of external Auditors.
● Hold meeting with the external or statutory auditors for
The Audit Committee is appointed by the main Board and all the review of the annual financial statements before submission
Members are Non-Executive Directors and the Chairman is an to the Board for approval or adoption;
Independent Director.
● Review along with the management, the annual financial
As required, all Members of the Audit Committee are ‘financially statements before submission to the Board for approval.
literate’ and are able to analysis and interpret financial statements
● Review along with the management, the quarterly and half
to effectively discharge their duties and responsibilities as
yearly financial statements before submission to the Board
Members of the Audit Committee.
for approval.
Role of Audit Committee ● Review the adequacy of internal audit function.
The Audit Committee performs in coherence and consistency ● Review the Management’s Discussion and Analysis before
and ensures compliance with the Corporate Governance Code disclosing in the Annual Report;
issued by the Bangladesh Securities and Exchange Commission ● Review statement of all related party transactions submitted
(BSEC). The role of the Audit Committee is to monitor the by the management;
integrity of the financial statements of the Company and review ● Review Management Letters/Letter of Internal Control
when appropriate, make recommendations to the main Board weakness issued by statutory auditors.

● Oversee the determination of audit fees based on scope and and attendance thereat, a summary of its activities and the
magnitude, level of expertise deployed and time required performance of internal audit services for inclusion in the
for effective audit and evaluate the performance of external Annual Report, and to review the Board’s statements on
auditors; compliance with the BSEC Codes of Corporate Governance for
● To review whether all the applicable Rules, Regulations, inclusion in the Annual Report..
Guidelines, Notifications, Directives, etc. framed/issued by
the regulatory authorities have been complied with. Internal Control
● Other matters as per Terms of Reference (ToR) of the Audit  To consider annually the risk management framework adopted
Committee and also as directed by the Board, from time to within the Company and to be satisfied that the methodology
time. deployed allows the identification, analysis, assessment,
monitoring and communication of risks in a regular and timely
Authority manner that will allow the Company to minimize losses and
In terms of Corporate Governance Code issued by BSEC, the Audit maximize opportunities;
Committee is authorized by the Board to review any activity within  To ensure that the system of internal control is thoroughly
the business as per its Terms of Reference(ToR). It is authorized to conceived and in place, effectively administered and regularly
seek any information it requires from, and requires the attendance monitored;
at any of its meeting of any Director or Member of Management,  To review the extent of compliance with established internal
and all employees are expected to co-operate with any request policies, standards, plans and procedures, including, for
made by the Committee. example, the Company’s Standards of Business Conduct;
The Committee is also authorized to have information and advice  To obtain assurance that proper plans for control has been
from the Company Legal Advisor, Tax Consultant and Statutory developed prior to the commencement of major areas of
Auditor if required. The ToR of the Audit Committee may be change within the Company; and
amended from time to time as required for the business in line  To recommend to the Board about steps needed to improve
with BSEC Notifications, subject to approval by the Board of the the system of internal control derived from the findings of the
Company. internal and external auditors, and from the consultations of the
Responsibilities and Duties Audit Committee itself.
The responsibilities and duties of the Audit Committee are: Internal Audit
 To be satisfied that the plan, methodology and resource
Financial Reporting for internal auditing are communicated down through the
 To review the quarterly and annual financial statements of the Company. Specifically :
Company, focusing particularly on :  To review the internal audit plans and to be satisfied as to their
 Any significant changes to accounting policies and practices; consistency with the risk management framework used and
 Significant adjustments arising from the audits; adequacy of coverage;
 Compliance with applicable financial reporting standards  To be satisfied that Internal Audit has the competency and
and other legal and regulatory requirements, and qualifications to complete its mandates and approved audit
plans.
 The going concern assumption.
 To review status reports from internal audit and ensure that
Related Party Transactions appropriate actions have been taken to implement the audit
recommendations;
 To review any related party transactions and conflict of interest
situations that may arise within the Company, including any  To recommend any broader review deemed necessary as a
transaction, procedure or course of conduct that may arise consequence of the issues or concerns identified;
questions of management integrity.  To ensure that internal audit has full, free and unrestricted access
to all activities, records, property and personnel necessary to
Audit Committee Reports perform its activities; and
 To prepare the annual Audit Committee Report and submit it  To request and review any special audit which it deems
to the Board which includes: the composition of the Audit necessary.
Committee, its terms of reference, number of meetings held

External Audit thoroughly reviewed the Financial Statements of the Company for
the year ended 30th June 2022, and they state that:
 To review the external auditor’s audit plan, nature and scope
of the audit plan, audit report, evaluation of internal controls (i) They have reviewed the financial statements for the year
and coordination of the external auditor. The Audit Committee ended on 30th June, 2022 and that to the best of their
will consider a consolidated opinion on the quality of external knowledge and belief:
auditing at one of its meetings; (a) These statements do not contain any materially untrue
 To review with the external auditor, the Statement on Risk statement or omit any material fact or contain statements
Management and Infernal Control of the Company for inclusion that might be misleading;
in the Annual Report; (b) These statement collectively present a true and fair view of
 To review any matter concerning the appointment and re- the Company’s affairs and are in compliance with existing
appointment, audit fee and resignation or dismissal of the accounting standards and applicable laws.
external auditor;
(ii) There are, to the best of their knowledge and belief no
 To review and evaluate factors related to the independence transactions entered into by the Company during the year
of the external auditor and assist them in preserving their which are fraudulent, illegal or in violation of the code of
independence; conduct of the Company’s Board of Directors or its Members.
 To be advised of and decide to or not to make significant use Such joint certificate of the CEO and CFO is thoroughly reviewed
of the external auditor in performing non-audit services within by the Audit Committee before submission to the Board.
the Company, considering both the types of services rendered
and the fees, so that its position as auditor is not deemed to be Reporting to the Authorities
compromised; and
The Audit Committee reports to the Board of Directors about
 To review the external auditor’s findings arising from audits, anything which has a material impact on the financial condition
particularly and comments and responses in management and results of operation. The Committee also discusses with the
letters, as well as the assistance given by the employees of the Board of Directors and the management if any rectification is
Company in order to be satisfied that appropriate action is necessary. If the Audit Committee finds that such rectification
being taken. has been unreasonably ignored, the Committee reports such
findings to the Bangladesh Securities and Exchange Commission
Other Matters upon reporting of such matters to the Board of Directors for three
 To act on any other matters as may be directed by the Board. times or completion of a period of six months from the date of first
reporting to the Board of Directors, whichever is earlier.
Reporting of the Audit Committee
Reporting to the Shareholders and General Investors
Reporting to the Board of Directors: The Audit Committee
reports on its activities to the Board of Directors. The Audit Report on activities carried out by the Audit Committee, including
Committee immediately reports to the Board of Directors on the any report made to the Board of Directors under condition No.5(6)
following findings, if any: (a)(i) of the BSEC’s Corporate Governance Code mentioned above
during the year, shall be signed by the Chairman of the Audit
● Report on conflicts of interests;
Committee and disclosed in the Annual Report of the Company.
● Suspected or presumed fraud or irregularity or material defect
identified in the internal audit and compliance process or in the Meeting Attendance
financial statements;
The Audit Committee met four times during the year ended on 30
● Suspected infringement of laws, including securities related June 2022. All the Members were present in all meetings of the
laws, rules and regulations; Committee.
● Any other matter which the Audit Committee deems necessary
The Managing Director, Chief Financial Officer, Head of Internal
shall be disclosed to the board immediately. Audit and Compliance of the Company and representatives of the
The Audit Committee further ensures that, in compliance with external Auditors had attended the meetings upon invitation by
condition No.5 of the Corporate Governance Code of Bangladesh the Audit Committee. From time to time, relevant stakeholders and
Securities and Exchange Commission dated 3 June 2018 the other senior members of the management have also been invited
Chief Executive Officer(CEO) and Chief Financial Officer(CFO) by the Audit Committee to attend Audit Committee meetings.
of the Company have certified before the Board that they have The Audit Committee met with the external Auditors separately,

and with the Internal Auditors, on an annual basis without any review of the financial statements was made by the Committee
Executive Director being present. The Company Secretary, being and recommended to the Board for approval of the financial
the Secretary of the Audit Committee, facilitates the Chairman and statements for release to the Shareholders of the Company.
other Members for effective functioning of the Committee, as per The Chief Executive Officers of concerned Divisions, Chief Financial
its terms of reference as well as Corporate Governance Code of Officer, Internal Auditors of the Company and representatives
BSEC. of the External Auditors had attended all the meetings upon
Summary of activities and recommendations of the Audit invitation by the Audit Committee. From time to time, other senior
Committee for the year ended on 30th June 2022: Members of Management have also been invited by the Audit
Committee to attend in the above Audit Committee meetings. The
Financial Reporting Audit Committee met with the External Auditors and separately,
with the internal Auditors on an annual basis.
In terms of reference, the Committee in its first meeting held on
October 19, 2021 reviewed the Annual Financial Statements for The Audit Committee also reviewed, approved and monitored
the year ended on 30 June 2021. During the meeting the Chief the procedures and task of the internal audit, financial report
Financial Officer presented the draft annual accounts along with preparation and the external audit reports. The Committee found
the independent auditors’ report to the Committee and briefed the adequate arrangement to present a true and fair view of the
committee regarding the financial performance of the Company. activities and the financial status of the Company and did not find
any material deviation, discrepancies or any adverse findings/
The Audit Committee in its aforesaid meeting also had detailed
observation in the areas of reporting.
discussion with the Members of the accounts and finance
department on various aspects of the financial statements and
accounts. The Committee also reviewed the financial reporting Annual Reporting
process, discussed the adequacy of the internal control processes Reviewed disclosures required by the statement on corporate
in place to prevent errors and fraudulent activities and thoroughly governance, audit committee report, standards of business
scrutinized the related party transactions carried out during the conduct, statement on risk management and internal control for
year. The committee was fully satisfied that the related party the financial year ended 30th June 2022 for inclusion in the Annual
transactions were made on an arm length basis as part of normal Report, 2021-22, and recommended their adoption to the Board.
course of business and the transactions have been adequately
disclosed in the financial statements. The Independent Auditors’ External Auditors’
report also did not contain any material audit observation that
The Audit Committee conducted a formal evaluation of the
warranted the Boards’ attention. The Committee being satisfied,
effectiveness of the external audit process. The Committee has
authorized for onward submission of the Audited Financial
considered the tenure, quality and fees of the auditors, considered
Statements to the Board for approval.
and made recommendations to the Board on the appointment and
In addition to the above meeting, the Audit Committee met three remuneration of external Auditors, M/s. M. J. Abedin & Company,
times during the year ended on 30 June 2022. All the Members Chartered Accountants for the year 2022-2023, subject to the
were present in all meetings of the Committee. approval of Shareholders in the 49th AGM of the Company, who
The second meeting of the Committee was held on November had carried out the audit of the Company for the year ended on
10, 2021, prior to release of the un-audited First Quarter Financial 30 June 2022.
Statements of the Company for the quarter ended on September
30, 2021. The Committee reviewed the financial progress during Report Authorization
the first quarter and examined in detail and recommended the This Audit Committee Repot is made in accordance with the
same for approval by the Board to release to the Shareholders of resolution of the Board of Directors on 27 October 2022.
the Company.
On behalf of the Audit Committee,
The third meeting of the Committee was held on January 26, 2022
to review the un-audited second quarter financial Statements
of the Company. The Committee being satisfied recommended
for issue of the financial statements for the half-year ended on
December 31, 2021.
The fourth meeting of the Committee was held on April 25, 2022 Shah Monjurul Hoque
to release the un-audited third quarter financial statements of Chairman
the Company for the quarter ended March 31, 2022. The detailed

Corporate Governance
The maintenance of effective corporate governance remains a key priority of the Board
of Bangladesh Export Import Company Limited. Recognizing the importance of it, the
board and other senior management remained committed to high standards of corporate
governance. To exercise clarity about directors’ responsibilities towards the shareholders,
corporate governance must be dynamic and remain focused to the business objectives of
the Company and create a culture of openness and accountability. Keeping this in mind,
clear structure and accountabilities supported by well understood policies and procedures
to guide the activities of Company’s management, both in its day-today business and in the
areas associated with internal control have been instituted.
Internal Financial Control units, under whom Executive Directors, General Managers for
various departments and according to hierarchy, various senior
The Directors are responsible for the Company’s system of internal
and mid level management staffs. The CEOs, Executive Directors,
financial control. Although no system of internal control can
General Managers meet at regular intervals represented also by
provide absolute assurance against material misstatement and
finance, marketing and personnel heads.
loss, the Company’s system is designed to provide the directors
with reasonable assurance that problems are timely identified Budgeting - There are comprehensive management reporting
and dealt with appropriately. Key procedures to provide effective disciplines which involve the preparation of annual budgets by
internal financial control can be described in following heads: all operating departments. Executive management reviews the
budgets and actual results are reported against the budget and
Management structure - The Company is operating through a well
revised forecasts are prepared at regular intervals.
defined management structure headed by three CEOs for separate

Asset management - The Company has sound asset management The board of directors is responsible for approving Company policy
policy, which reasonably assures the safeguarding of assets against and is responsible to shareholders for the Company’s financial and
unauthorized use or disposition. The Company also follows proper operational performance. Responsibility for the development
records and policy regarding capital expenditures. and implementation of Company policy and strategy, day-to-day
Functional reporting - In pursuance with keeping the reliability of operational issues is delegated by the board to the management
financial information used within the business or for publication, of the Company.
the management has identified some key areas which are subject Board structure and procedure - The membership of the board
to monthly reporting to the chairman of the board. These include during the year 2021 - 2022 stood at eight directors. All directors
monthly treasury operations and financial statements. Other areas are equally accountable as per law to the shareholders for the
are also given emphasis by reviewing on a quarterly basis. These proper conduct of the business.
include information for strategy, environmental and insurance The Company’s board currently comprises the Chairman, Vice-
matters. Chairman, Managing Director and other five directors. The name
of the directors appears on page 3. The quorum for the board is at
Statement of Directors’ responsibilities for preparation and least three directors present in person.
presentation of the Financial Statements
The following statement is made with a view to distinguishing for Going Concern
shareholders the respective responsibilities of the directors and After making enquires, the directors, at the time of approving the
the auditors in relation to the financial statements. The Companies financial statements, have determined that there is reasonable
Act, 1994 requires the directors to prepare financial statements expectation that the Company have adequate resources to
for each financial year which give a true and fair view of the state continue operation for the foreseeable future. For this reason, the
of affairs of the company as at the end of the financial year and directors have adopted the going concern basis in preparing the
of the profit for the year to that date. In preparing those financial financial statements.
statements, the directors:
● select suitable accounting policies and then apply them in a Rights and Relations with Shareholders
consistent manner; Control rights of shareholders - At annual general meeting,
● make reasonable and prudent judgments and estimates shareholders have rights of participation. They have the right to
where necessary; ask questions on and request from information from the board
● state whether all applicable accounting standards have been regarding item on the agenda to the extent necessary to make an
followed, subject to any material departures disclosed and informed judgment of the Company’s affairs.
explained in the notes to the financial statements; Relations with shareholders - The annual general meeting are
● take such steps as are reasonably open to them to safeguard used as an important opportunity for communication with both
the assets of the Company and to prevent and detect fraud institutional and general shareholders. In addition, the Company
and other irregularities; maintains relations with its shareholders through the corporate
affairs secretarial department. The following information can be
● ensure that the Company keeps accounting records which
addressed through the secretarial department:
disclose with reasonable accuracy the financial position of
the Company; ● Dividend payment enquires;
● ensure that the financial statements comply with disclosure ● Dividend mandate instruction;
requirements of the Companies Act, 1994 and the Securities ● Loss of share certificate/dividend warrants;
and Exchange Rules, 1987; and ● Notification of change of address; and
● prepare the financial statements on a going concern basis ● Transfer of shares.
unless it is inappropriate to presume that the Company will
The Board believes that it is important to respond adequately to all
continue in business.
the queries of both institutional and general shareholders. At the
AGM, the shareholders are offered an opportunity to raise with the
Board Committees
Board any specific question they have concerning the Company. In
The board - The board is responsible to the shareholders for the
addition, meetings are also held between individual directors and
strategic development of the company, the management of the
institutional shareholders at various times during the year.
Company’s assets in a way that maximizes performance and the
control of the operation of the business.

Financial Statements

CONTENTS
35 AUDITOR’S REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS

of BANGLADESH EXPORT IMPORT COMPANY LTD. AND ITS SUBSIDIARIES
as at and for the year ended 30 june 2022
65 AUDITOR’S REPORT AND AUDITED FINANCIAL STATEMENTS

of BANGLADESH EXPORT IMPORT COMPANY LIMITED

of SHINEPUKUR CERAMICS LIMITED

of BEXIMCO POWER COMPANY LIMITED
annual report 2021-22 33

AUDITOR’S REPORT
AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
OF
BANGLADESH EXPORT IMPORT COMPANY LTD.

AND ITS SUBSIDIARIES
34 annual report 2021-22 Bangladesh Export Import Company Limited

INDEPENDENT AUDITOR’S REPORT
To the Shareholders of
BANGLADESH EXPORT IMPORT COMPANY LIMITED AND ITS SUBSIDIARIES
Report on the Audit of the Financial Statements
Opinion
We have audited the consolidated financial statements of BANGLADESH EXPORT IMPORT COMPANY LIMITED AND ITS SUBSIDIARIES
(the “Group Company”), which comprise the Statement of Financial Position as at 30 June 2022 and Statement of Profit and Loss and
Other Comprehensive Income, Statement of Changes in Equity and Statement of Cashflows for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements of the Company give a true and fair view of the financial position
of the Company as at 30 June 2022, and of its financial performance and its cash flows for the year then ended in accordance with
International Financial Reporting Standards (IFRSs), the Companies Act 1994, the Securities and Exchange Rules 2020 and other
applicable laws and regulations.
Basis for Opinion
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 Statements section of our report. We are independent
of the Group Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional
Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the consolidated financial statements
in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements and the IESBA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial
statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Risk Our response to the risk

Revenue Recognition
The Company manufactures and sells a number of Principal audit procedures:
products and provides numerous services to its customers. • Obtained an understanding of the various revenue streams and nature of sales
The Company has adopted the accounting standard contracts entered into by the Company.
IFRS 15 as accordingly has reviewed its sales contracts
• Evaluated the design of internal controls relating to identification of performance
for determining the principles for recognizing revenue in
obligations and determining timing of revenue recognition.
accordance with the standard. Some of the sales contracts
contain various performance obligations and management • Selected a sample of contracts and through inspection of evidence of performance
exercises judgement to determine timing of revenue of these controls, tested the operating effectiveness of the internal controls relating
recognition, i.e., over time or a point in time. to the identification of performance obligations and timing of revenue recognition.
• Selected a sample of contracts and reassessed contractual terms to determine
See Note No. 24.00 to the financial statements. adherence to the requirements of the accounting standard.
Valuation of Property, Plant and Equipment (PPE)

The carrying value of the PPE was Our audit included the following procedure:
Tk. 52,817,380,029 as at 30 June, 2022. • We assessed whether the accounting policies in relation to the
Expenditures are capitalized if they create new assets or capitalization of expenditures are in compliance with IFRS and found
enhance the existing assets, and expensed if they relate to repair them to be consistent.
or maintenance of the assets. Classification of the expenditures
• We inspected a sample of invoices and L/C documents to determine
involves judgment. The useful lives of PPE items are based on
whether the classification between capital and revenue expenditure
management’s estimates regarding the period during which the
was appropriate.
assets or its significant components will be used. The estimates
are based on historical experience and market practice and take • We evaluated whether the useful lives determined and applied by the
into consideration the physical condition of the assets. management were in line withp historical experience and the market
The valuation of PPE was identified as a key audit matter due to the practice.
significance of this balance to the financial statements and that there We checked whether the depreciation of PPE items was commenced
is significant measurement uncertainty involved in this valuation. timely, by comparing the date of the reclassification from capital work in
See Note No.5.00 to the financial statements. progress to ready for use, with the date of the act of completion of the work.

Valuation of Inventory
The inventory of Tk. 14,409,512,097 as at 30 June, 2022. • We verified the appropriateness of management’s assumptions
Inventories are carried at the lower of cost and net realizable applied in calculating the value of the inventory by:
value. As a result, the management apply judgment in • Evaluating the design and implementation of key inventory controls.
determining the appropriate values for slow-moving or
• Attending inventory counts and reconciling the count results to the
obsolete items.
inventory listing to test the completeness of data.
Since the value of Inventory is significant to the Financial
Statements and there is significant measurement uncertainty • Reviewing the requirement of inventory provisioning and action
involved in this valuation, the valuation of inventory was there upon by the management.
significant to our audit. • Comparing the net realizable value obtained through a detailed
review of sales subsequent to the year-end, to the cost price of a
See Note No. 9.00 to the financial statements
sample of inventories.
IT Systems and Controls
Our audit procedures have a focus on information technology • We tested the design and operating effectiveness of the Company’s
systems and controls due to the pervasive nature and IT access controls over the information systems that are critical to
complexity of the IT environment, the large volume of financial reporting. We tested IT general controls (Logical access,
transactions processed in numerous locations daily and the changes management and aspects of IT operational controls).
reliance on automated and IT dependent manual controls. This included testing that requests for access to systems were
Our areas of audit focus included user access management, appropriately reviewed and authorized.
developer access to the production environment and changes • We tested the company’s periodic review of access rights. We
to the IT environment. These are key to ensuring IT dependent inspected requests of changes to systems for appropriate approval
and application-based controls are operating effectively. and authorization. We considered the control environment relating
to various interfaces, configuration and other application layer
controls identified as key to our audit.
Related party transactions
The Company has related party transactions as Our audit procedures amongst others included the following:
described in Note No. 34 of the Financial Statements. Evaluated the design and tested the operating effectiveness
We focused on identification of related parties and of controls over identification and disclosure of related party
disclosure of related party transactions in accordance transactions.
with relevant accounting standards. Evaluated the transactions among the related parties and tested
material accounts balances.
Evaluated the disclosures in the financial statements in
compliance with IAS 24.

Contingent Liabilities
The Company is subject to contingent liabilities on account We obtained an understanding, evaluated the design and
of outstanding letter of credit and letter of bank guarantee tested the operational effectiveness of the Company’s key
as on the date of financial position. Letter of credit is issued controls over the contingencies process.
for importing raw materials and the bank guarantee issued We enquired to those charged with governance to obtain their
favoring Titas Gas Transmission and Distribution Company view on the status of the outstanding letter of credit and bank
Ltd. The contingent liabilities will be turned to actual liability guarantee.
if and when the beneficiaries perform as per contract or the We enquired of the Company’s internal legal counsel for the
company fails to perform its obligations. bank guarantee and inspected internal notes and reports. We
As per the management judgement there requires no provision also reviewed formal confirmations in this regard from external
against the contingent liabilities as of the date of financial counsel.
position. We assessed the methodologies on which the provision
See Note No. 35.00 to the financial statements amounts are required to be recalculated, and tested the
completeness and accuracy of the underlying information.
We also assessed the Company’s contingent liabilities
disclosure.
Other Information
Management is responsible for the other information. The other information comprises all of 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 materially inconsistent with the financial statements or
our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on such work we perform, we conclude that there is a material misstatement of this other information; we are required to
communicate the matter to those charged with governance.
Responsibilities of Management and Those Charged with Governance for the Financial Statements and Internal Controls
Management is responsible for the preparation and fair presentation of the consolidated financial statements of the Company in
accordance with IFRSs, The Companies Act 1994, The Securities and Exchange Rules 2020 and other applicable laws and regulations
and for such internal controls management determines is necessary to enable the preparation of the consolidated financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated 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 to cease operations, 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

Our objectives are to obtain reasonable assurance about whether the consolidated 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 judgment 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, intentional 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, but not for the purpose of expressing an opinion on the effectiveness of the internal controls of the Company.
• 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 Group
to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance
of the audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and 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 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 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 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
In accordance with the Companies Act 1994, The Securities and Exchange Rules 2020 and relevant notifications issued by Bangladesh
Securities and Exchange Commission, we also report that:
a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit and made due verification thereof;
b) In our opinion, proper books of accounts as required by law have been kept by the company so far as it appeared from our
examination of those books;
c) The consolidated Statements of Financial Position (Balance sheet) and consolidated Statement of Profit or Loss and Other
Comprehensive Income (Profit & Loss Account) dealt with by this report are in agreement with the books of accounts and;
d) The expenditures incurred and payments made were for the purpose of the company’s business for the year.
27 October, 2022 M. J. ABEDIN &CO.

Dhaka Chartered Accountants
Reg .No: N/A
Hasan Mahmood FCA, Partner

Enrollment No: 564
DVC: 2210310564AS101951

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2022
Amount in Taka
Notes
30-June-22 30-June-21
ASSETS
Non-Current Assets 104,052,668,928 72,528,231,127
Property, Plant and Equipment 5.00 52,817,380,029 53,800,668,734
Investment Property 6.00 27,536,526,497 16,277,763,848
Long term Loans to Subsidiaries 7.00 22,887,475,000 -
Investment in Shares 8.00 811,287,402 2,449,798,545
Current Assets 79,500,014,715 67,484,716,960

Inventories 9.00 14,409,512,097 10,303,197,770
Trade and Other Receivables 10.00 24,946,540,395 28,546,563,346
Advances, Deposits and Pre-Payments 11.00 31,904,880,364 28,354,499,766
Due from Related Party 7,474,904,114 -
Cash and Cash Equivalents 12.00 764,177,744 280,456,078
Total Assets 183,552,683,643 140,012,948,087
SHAREHOLDERS’ EQUITY, NON-CONTROLLING INTEREST AND LIABILITIES
Equity attributable to the owners of the company 78,114,899,003 68,706,085,373
Issued Share Capital 13.00 8,735,962,640 8,735,962,640
Reserve 36,745,558,748 36,817,969,890
Retained Earnings 32,633,377,614 23,152,152,842
Non-Controlling (Minority) Interest in Subsidiaries 14.00 2,508,370,777 2,251,130,349
Total Equity 80,623,269,780 70,957,215,722
Non-Current Liabilities 57,830,760,028 38,917,012,062
Long Term Loans - Net off Current Maturity (Secured) 15.00 32,385,412,868 37,556,940,233
Gratuity Payable 16.00 148,659,041 138,496,316
Beximco Green Sukuk Al-Istisna -Net-off Current Maturity 17.00 24,000,000,000 -
Deferred Tax Liability 18.00 1,296,688,119 1,221,575,513
Current Liabilities 45,098,653,835 30,138,720,303
Short Term Loans from Banks and Others 19.00 4,649,882,325 5,086,632,120
Long Term Loans - Current Maturity (Secured) 20.00 18,805,475,332 11,635,812,362
Beximco Green Sukuk Al-Istisna - Current Maturity 21.00 6,000,000,000 -
Due to Related Party 4,098,237,626 -
Trade and Other Payables 22.00 11,481,394,536 13,363,970,220
Dividend payable/Unclaimed Dividend 23.00 63,664,016 52,305,601
Total Equity and Liabilities 183,552,683,643 140,012,948,087

The accompanying notes form an integral part of the financial statements.
Approved and authorized for issue by the board of directors on 27 October 2022 and signed for and on behalf of the Board:
O K Chowdhury A B Siddiqur Rahman Md. Luthfor Rahman

Managing Director Director Chief Financial Officer
As per our separate report of even date annexed.
Dated : 27 October 2022 M. J. ABEDIN & CO.
Dhaka. Chartered Accountants
Reg No: N/A

Enrollment No : 564
DVC : 2210310564AS101951

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 30 June 2022
Amount in Taka
Notes 01.07.2021- 01.07.2020-
30.06.2022 30.06.2021
Revenue (Turnover) from net Sales 24.00 75,078,765,062 43,403,790,011

Cost of Goods Sold 25.00 (51,338,236,195) (29,152,064,130)
Gross Operating Profit 23,740,528,867 14,251,725,881
Operating Expenses (1,630,955,348) (1,030,334,542)
Administrative Expenses 26.00 (1,421,445,072) (930,188,210)
Selling and Distribution Expenses 27.00 (209,510,276) (100,146,332)
Operating Profit 22,109,573,518 13,221,391,339
Finance Cost 28.00 (6,505,041,458) (5,096,840,763)
Net Profit before Contribution to WPPF 15,604,532,060 8,124,550,576
Contribution to Workers’ Profit Participation / Welfare Fund (749,687,778) (388,847,507)
Net Profit before Income Tax 14,854,844,283 7,735,703,069
Income Tax (Expenses)/Income 29.00 (2,280,892,249) (1,103,410,774)
Net Profit after Tax 12,573,952,034 6,632,292,295
Non-Controlling (Minority) Interest in Loss/ (Income) (25,611,185) (23,189,346)
Net Profit after tax and Non-Controlling (Minority) Interest 12,548,340,849 6,609,102,949
Other Comprehensive Income
Adjustment for Fair Value Gain/(Loss) on Investment in Shares (72,411,142) 365,014,825
Total Comprehensive Income after Minority Interest 12,475,929,706 6,974,117,773
EPS (Per Value of Share Tk. 10/=) 30.00 14.36 7.57



Reg No: N/A

Enrollment No : 564
DVC : 2210310564AS101951

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

As at 30 June 2022
Amount in Taka
Particulars Non-Controlling
Retained
Share Capital Reserve Total (Minority) Interest Total Equity
Earnings
in Subsidiaries
As on 01 July 2021 8,735,962,640 23,152,152,842 36,817,969,890 68,706,085,373 2,251,130,349 70,957,215,722
Net Profit after Tax and Non-Controlling
- 12,548,340,849 - 12,548,340,849 25,611,185 12,573,952,034
(Minority) Interest for the year
Addition Non-Controlling Interest 250,000,000 250,000,000
Other Comprehensive Income:
Fair Value Gain/(Loss) on Investment in Shares - - (72,411,142) (72,411,142) - (72,411,142)
Transactions with Shareholders:
Payment of Cash Dividend (3,067,116,077) (3,067,116,077) (18,370,757) (3,085,486,833)
As on 30 June 2022 8,735,962,640 32,633,377,614 36,745,558,748 78,114,899,003 2,508,370,777 80,623,269,780
As at 30 June 2021
Amount in Taka
Particulars Non-Controlling
Share Capital Retained Earnings Reserve Total (Minority) Interest in Total Equity
Subsidiaries
As on 01 July 2020 8,735,962,640 16,981,209,334 36,557,993,526 62,275,165,500 2,137,599,149 64,412,764,649
Net Profit after Tax and Non-Controlling
- 6,609,102,949 - 6,609,102,949 23,189,346 6,632,292,295
(Minority) Interest for the year
Fair Value Gain on Investment in Shares - - 365,014,825 365,014,825 105,038,460 470,053,285
Excess of Fair Value over Book Value on
- - (105,038,460) (105,038,460) - (105,038,460)
Consolidation
Transactions with Shareholders:
Payment of Cash Dividend (438,159,440) (438,159,440) (14,696,606) (452,856,046)
As on 30 June 2021 8,735,962,640 23,152,152,842 36,817,969,890 68,706,085,373 2,251,130,349 70,957,215,722



Reg No: N/A

Enrollment No : 564
DVC : 2210310564AS101951

CONSOLIDATED STATEMENT OF CASH FLOWS

Amount in Taka
Notes 01.07.2021- 01.07.2020-
30.06.2022 30.06.2021
Cash Flows from Operating Activities :

Collection from turnover and other income 78,678,788,014 42,963,728,440
Payments for cost and expenses including interest & tax (77,189,533,956) (44,730,260,263)
Net Cash Used in Operating Activities 33.00 1,489,254,057 (1,766,531,823)
Cash Flows from Investing Activities :
Property, plant and equipment acquired (745,939,257) (172,944,047)
Long Term Loans to Subsidiaries (22,887,475,000) -
Net Cash Used in Investing Activities (23,633,414,257) (172,944,047)
Cash Flows from Financing Activities :
Increase in loan 1,561,385,810 1,920,837,693
Related Party Transaction 12,084,613 -
Issuance of Beximco Green Sukuk Al-Istisna’a 30,000,000,000 -
Interest on Long Term Loan and Others (5,870,999,549) -
Dividend Paid (3,085,486,833) -
Net Cash Generated From Financing Activities 22,616,984,040 1,920,837,693

Increase/(Decrease) in Cash and Cash Equivalents 472,823,840 (18,638,177)
Cash and Cash Equivalents at Beginning of the year 291,353,904 299,094,255
Effect of Exchange Rate Changes on Cash & Cash Equivalents 33.00 - -
Cash and Cash Equivalents at End of the year 764,177,744 280,456,078
Net Operating Cash Flow Per Share 1.70 (2.02)



Reg No: N/A

Enrollment No : 564
DVC : 2210310564AS101951

NOTES TO THE FINANCIAL STATEMENTS

As at and for the year ended 30 June 2022
1.00 The background and activities of the Company
1.01 Status of the Company

Bangladesh Export Import Company Limited (the Company) was incorporated in Bangladesh in 1972 under the Companies
Act, 1913 as a public Limited Company and commenced its commercial operation in the same year. The company listed its
shares with Dhaka Stock Exchange in 1989 and with Chittagong Stock Exchange in 1995 on its debut.
On 30-06-2022, the Company holds 50% shares (50% shares on 30-06-2021) of Shinepukur Ceramics Ltd., a company of
Beximco Group engaged in manufacturing and marketing of ceramics tableware.
The company has its registered office and operational office at Beximco Corporate Head Quarters, 17, Dhanmondi
Residential Area, Road No. 2, Dhaka - 1205.
1.02 Principal Activities

The business activities include investment operation, agency and trading in other commodities and produces and is
engaged in manufacturing and marketing of yarn that are consumed by weaving mills of Bangladesh including its own
weaving mills producing and marketing of high quality fabric, that are eventually consumed by the export oriented garments
industries of Bangladesh including the garments factories of Beximco Group.
2.00 Bases of Financial Statements-Its Preparation and Presentation
2.01 Measurement bases

The financial statements have been prepared on the Historical Cost basis as modified to include the revaluation of certain
property, plant and equipments which are stated at revalued amount, investment in shares of listed companies are carried at
fair value based on the period end quoted price of Dhaka Stock Exchange Ltd. & investment property are valued at fair value.
2.02 Consolidated Financial Statements of the Group (Parent and Subsidiaries)

(a) Shinepukur Ceramics Ltd., Beximco Power Co. Ltd. and Bangladesh Export Import Co. Ltd. (the Parent)
The financial statements of subsidiaries have been consolidated with those of Bangladesh Export Import Co. Ltd.
in accordance with IFRS 10: Consolidated Financial Statements. In respect of the subsidiary undertakings, financial
statements for the year ended 30 June 2022 have been used to draw up these financial statements.
(b) Subsidiary
Subsidiary is an entity controlled by the parent company. Control exists when the parent company has the power to
govern the financial and operating policies of an entity so as to obtain benefits from its activities.
(c) Transactions eliminated on consolidation
Intra-group balances, and any unrealized income and expenses arising from intra-group transactions have been
eliminated while preparing the consolidated financial statements. Unrealized gains arising from transactions with
equity account of investees have been eliminated against the investment to the extent of the parent company’s
interest in the investee. Unrealized losses were eliminated in the same way as unrealized gains, but only to the extent
that there was no evidence of impairment.
(d) Non-Controlling Interest (Minority Interest)
Non-Controlling Interest represents minority’s share of subsidiary’s net assets.
2.03 Reporting Framework and Compliance thereof

The Financial Reporting Act, 2015 (FRA) was enacted in 2015. The Financial Reporting Council (FRC) under the FRA has
been formed in 2017 and has since then adopted International Accounting Standards (IASs) and International Financial
Reporting Standards (IFRSs) as the applicable Financial Reporting Standards with effect from 2 November 2020.
Accordingly, the financial statements have been prepared in accordance with IFRSs (including IASs) and the Companies
Act, 1994. The title and format of these financial statements follow the requirements of IFRSs which are to some extent
different from the requirement of the Companies Act, 1994. However, such differences are not material and in the view of
management, IFRS format gives a better presentation to the shareholders.”


The Company also complied with the requirements of following laws and regulations from various Government bodies:
Bangladesh Securities and Exchange Rules, 2020;
The Income Tax Ordinance, 1984 with subsequent amendments;
The Income Tax Rules, 1984 with subsequent amendments;
The VAT and SD Act 2012 with subsequent amendments;
The VAT and SD Rules, 2016 with subsequent amendments;
The Labour Law, 2006 with subsequent amendments in 2013; and
Others as applicable.
2.04 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 Comprises:
(a) a Consolidated statement of financial position as at 30 June 2022;
(b) a Consolidated statement of profit or loss and other comprehensive income for the year from 01 July 2021 to 30 June
2022;
(c) a Consolidated statement of changes in equity for the year from 01 July 2021 to 30 June 2022;
(d) a Consolidated statement of cash flows for the year from 01 July 2021 to 30 June 2022; and
(e) notes, comprising a summary of significant accounting policies and other explanatory information.
2.05 Authorization for Issue

The financial statements have been authorized for issue by the Board of Directors on 27 October 2022.
2.06 Functional and Presentation Currency

The financial statements are prepared and presented in Bangladesh Currency (Taka), which is the company’s functional
currency. All financial information presented has been rounded off to the nearest Taka except where indicated otherwise.
2.07 Reporting Period and Comparative Information

The financial Statements have been prepared for 12 (Twelve) months (from 1st July 2021 to 30th June 2022).
Figures for earlier year have been re-arranged wherever considered necessary to ensure better comparability with the
current year.
2.08 Use of Estimates and Judgments

The preparation of financial statements in conformity with Bangladesh 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 disclosure requirements for contingent assets and liabilities during and at
the date of the financial statements.
Actual results may differ from these estimates. 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: Accounting Policies, Changes in Accounting Estimates and Errors.
In particular, significant areas of estimation uncertainty and critical judgments in applying accounting policies that have
the most significant effect on the amounts recognized in the financial statements include depreciation, inventory valuation,
accrued expenses and other payables.
2.09 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 as the benchmark treatment
of IAS 7 whereby major classes of gross cash receipts and gross cash payments from operating activities are disclosed.


2.10 Related Party Disclosures

The company carried out a number of transactions with related parties in the normal course of business and on arms’
length basis.
The information as required by IAS 24: Related Party Disclosures has been disclosed in a separate note to the accounts.
2.11 Events after the Reporting Period

In compliance with the requirements of IAS 10: Events after the Reporting Period, post statement of financial position
events that provide additional information about the company’s position at the statement of financial position date are
reflected in the financial statements and events after the statement of financial position date that are not adjusting events
are disclosed in the notes when material.
3.00 Significant Accounting Policies
3.01 Revenue Recognition

In compliance with the requirements of IFRS 15: Revenue from Contracts with Customers, revenue receipts from customers
against sales is recognized when all the performance obligation have been satisfied.
Cash dividend income on investment in shares is recognized on approval of said dividend in the annual general meeting /
Board meeting of relevant company. Stock dividend income (Bonus Shares) is not considered as revenue.
3.02 Property, Plant and Equipment
3.02.1 Recognition and Measurement

Property, plant and Equipment are capitalized at cost of acquisition and subsequently stated at cost or valuation less
accumulated depreciation in compliance with the requirements of IAS 16: Property, Plant and Equipment. The Cost of
acquisition of an asset comprises its purchase price and any directly attributable cost of bringing the assets to its working
condition for its intended use inclusive of inward freight, duties and non-refundable taxes.
In terms of paragraph 29 of IAS 16: Property, Plant and Equipment, the Company has chosen “Revaluation Model” for
the measurement of Lands, Buildings and Plant and Machinery; and “Cost Model” for the measurement of Furniture and
Fixtures and Vehicles. In terms of paragraph 31 of the aforesaid IAS, after recognition as an asset, the aforesaid items of
property, plant and equipment whose fair value can be measured reliably has been 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. Revaluations shall be made after every three years to ensure that the carrying amount does not differ
materially from that which has been determined using fair value at the end of the reporting period.
3.02.2 Pre-Operating Expenses and Borrowing Costs

In respect of major projects involving construction, related pre-operational expenses form part of the value of assets
capitalized. Expenses capitalized also include applicable borrowing cost considering the requirement of IAS 23: Borrowing
Costs.
3.02.3 Subsequent Expenditure

The company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of
such an item when that cost is incurred, it is probable that the future economic benefits embodied with the item will flow
to the company and the cost of the item can be measured reliably. Expenditure incurred after the assets have been put
into operation, such as repairs and maintenance is normally charged off as revenue expenditure in the period in which it
is incurred. In situation where it can be clearly demonstrated that the expenditure has resulted in an increase in the future
economic benefit expected to be obtained from the use of the fixed assets, the expenditure is capitalized as an additional
cost of the assets. All other costs are recognized to the statement of profit or loss and other comprehensive income as
expenses if incurred. All up-gradation/enhancement are generally charged off as revenue expenditure unless they bring
similar significant additional benefits.


3.02.4 Software
Software is generally charged off as revenue expenditure. Purchase of software that is integral to the functionality of the
related equipment is capitalized as part of that equipment.
3.02.5 Disposal of Fixed Assets

On disposal of fixed assets, the cost and accumulated depreciation are eliminated and gain or loss on such disposal is
reflected in the statement of profit or loss and other comprehensive income, which is determined with reference to the net
book value of the assets and net sales proceeds.
3.02.6 Depreciation on Fixed 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 provisions of IAS 16: Property, Plant and Equipment. Depreciation is provided for the period
in use of the assets. Depreciation is calculated on the cost of fixed assets in order to write off such amounts over the
estimated useful lives of such assets. Depreciation is provided on all fixed assets except land at the following rates on
reducing balance basis over the periods appropriate to the estimated useful lives of the different types of assets:
Building and Other Construction 0.5% - 10%
Plant and Machinery 1.5% - 15%
Furniture, Fixture & Equipment 10% - 20%
Transport & Vehicle 20%
3.03 Investment Property

This represents Land & Building held by the company for capital appreciation and/or rental income. The Company has
applied IAS 40, “Investment Property” and has adopted “fair value model”.
3.04 Impairment
(a) Financial Assets
Accounts receivable and other receivables are assessed at each reporting date to determine whether there is any
objective evidence of impairment. Financial assets are impaired if objective evidence indicates that a loss event has
occurred after the initial recognition of the asset, and the loss event had a negative effect on the estimated future cash
flows of that asset that can be estimated reliably. Objective evidence that financial assets are impaired can include
default or delinquency by a debtor, indications that a debtor or issuer will enter bankruptcy, etc.
(b) Non-Financial Assets
An asset is impaired when its carrying amount exceeds its recoverable amount. The company assesses at each
reporting date whether there is any indication that an asset may be impaired. If any such indication exists, the
company estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of its fair
value less costs to sell and its value in use. Carrying amount of the asset is reduced to its recoverable amount by
recognizing an impairment loss if, and only if, the recoverable amount of the asset is less than its carrying amount.
Impairment loss is recognized immediately in profit or loss, unless the asset is carried at revalued amount. Any
impairment loss of a revalued asset shall be treated as a revaluation decrease.
3.05 Investment in Shares
3.05.1 Investment in shares of Bangladesh Export Import Company Limited is carried in this statement of financial position at
Net Assets by consolidating assets and liabilities thereof.
3.05.2 Investment in shares of listed companies are carried in the statement of financial position at fair value based on DSE
quoted price at the Period end and the gain/loss thereon were accounted for through other comprehensive income
considering it as “Available – for – Sale” financial assets.
Investment in other shares is carried in the statement of financial position at cost.
3.06 Financial Instruments

Non-derivative financial instruments comprise accounts and other receivables, cash and cash equivalents, borrowings and
other payables and are shown at transaction cost.


3.06.1 Financial Assets

Financial Assets of the company include cash and cash equivalents, accounts receivable and other receivables.
The company initially recognizes receivable on the date they are originated. All other financial assets are recognized
initially on the date at which the company becomes a party to the contractual provisions of the transaction. The company
derecognizes a financial asset when the contractual rights or probabilities of receiving the cash flows from the asset expire
or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially
all the risk and rewards of ownership of the financial asset are transferred.
(a) Accounts Receivables
Accounts receivables are created at original invoice amount less any provisions for doubtful debts. Provisions are
made where there is evidence of a risk of non-payment, taking into account ageing, provision experience and general
economic conditions. When an accounts receivable is determined to be uncollectible it is written off, firstly against
any provision available and then to the statement of profit or loss and other comprehensive income. Subsequent
recoveries of amounts previously provided for are credited to the statement of profit or loss and other comprehensive
income.
(b) Advances, Deposits and Prepayments
Advances are initially measured at cost. After initial recognition, advances are carried at cost less deductions,
adjustments or charges to other account heads.
Deposits are measured at payment value.
Prepayments are initially measured at cost. After initial recognition, prepayments are carried at cost less charges to
the statement of profit or loss and other comprehensive income.
(c) Cash and Cash Equivalents
Cash and Cash equivalents are carried in the statement of financial position at cost and include cash in hand and with
banks on current 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.
3.06.2 Financial Liability

Financial liabilities are recognized initially on the transaction date at which the company becomes a party to the contractual
provisions of the liability. The company derecognizes a financial liability when its contractual obligations are discharged or
cancelled or expire.
Financial liabilities include payable for expenses, liability for capital expenditure and other current liabilities.
3.07 Inventories
Inventories are valued at the lower of cost or net realizable value with cost determined by weighted average cost basis. The
cost of inventories comprises of expenditure incurred in the normal course of business in bringing the inventories to their
present location and condition. Net realizable value is based on estimated selling price less any further costs expected to
be incurred to make the sale.
3.08 Provision
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 ordinary measured at the best estimate of the
expenditure required to settle the present obligation at the date of statement of financial position. Where the effect of time
value of money is material, the amount of provision is measured at the present value of the expenditures expected to be
required to settle the obligation.
3.9 Borrowing Costs

This has been dealt with the requirements of IAS 23: Borrowing Costs.


Borrowing costs relating to projects in commercial operation are recognized as expenses in the year in which they are
incurred. In respect of projects that have not yet commenced commercial production, borrowing costs are debited to
capital work in progress.
3.10 Income Tax Expenses

This is the expected tax payable on the taxable income for the year, using tax rates enacted or subsequently enacted after
the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred Tax
Deferred tax is recognised in compliance with IAS 12: Income Taxes, providing for temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and amounts used for taxation purposes. Deferred
tax is measured at the tax rates that are expected to be applied to the temporary differences based on the laws that have
been enacted or substantively enacted by the date of statement of financial position. Deferred tax assets and liabilities are
offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate income taxes levied by
the same tax authority on the same taxable entity.
3.11 Employee Benefits

The company maintains defined contribution plan for its eligible permanent employees. The eligibility is determined
according to the terms and conditions set forth in the deed.
The company’s employee benefits include the following:
(a) Defined Contribution Plan (Provident Fund)

The company contributes to a registered provident fund scheme (defined contribution plan) for employees of the
company eligible to be members of the fund in accordance with the rules of the provident fund constituted under
and irrevocable trust. All permanent employees contribute 10% of their basis salary to the provident fund and the
company also makes equal contribution.
(b) Short-term employee benefits
Short-term employee benefits include salaries, bonuses, leave encashment etc. Obligations for such benefits are
measured on an undiscounted basis and are expensed as the related service is provided.
(c) Contribution to Workers’ Participation/Welfare Funds
This represents 5% of net profit before tax contributed by the Company as per provisions of Bangladesh Labor Law,
2013 and is payable to workers as defined in the said law.
3.12 Proposed Dividend

The amount of proposed dividend has not been accounted for but disclosed in the notes to the accounts along with
dividend per share in accordance with the requirements of the Para 125 of International Accounting Standard (IAS) 1
(Revised 2009): Presentation of Financial Statements. Also, the proposed dividend has not been considered as “Liability”
in accordance with the requirements of the Para 12 & 13 of International Accounting Standard (IAS) 10: Events After The
Reporting Period, because no obligation exists at the time of approval of accounts and recommendation of dividend by
the Board Directors.
3.13 Earnings Per Share

This has been calculated in compliance with the requirements of IAS 33: Earnings Per Share by dividing the basic earnings
by the weighted average number of ordinary shares outstanding during the year.
Basic Earnings (Numerator)
This represents earnings for the year attributable to ordinary shareholders. As there was no preference dividend, extra
ordinary items, the net profit after tax and Non-controlling (Minority) interest for the year has been considered as fully
attributable to the ordinary shareholders.
Weighted Average Number of Shares in Issue (Denominator)


Current Year
This represents the number of ordinary shares outstanding at the beginning of the year plus the number of ordinary shares
issued during the year multiplied by a time-weighting factor. The time-weighting factor is the number of days the specific
shares are outstanding as a proportion of the total number of days in the years. However, the Bonus Shares issued during
the year were treated as if they always had been in issue. Hence, in computing the Basic EPS, the total number of bonus
shares has been considered.
Earlier Periods
The number of shares outstanding before the bonus shares issue has been adjusted for the proportionate change in the
number of shares outstanding as if the bonus issues had occurred at the beginning of the earliest periods reported, and
accordingly, in calculating the adjusted EPS of earlier periods, the total number of shares including the subsequent bonus
issue in current year has been considered as the Weighted Average Number of Shares Outstanding during the earlier
periods.
The basis of computation of number of shares as stated above, is in line with the provisions of IAS 33: Earnings Per Share.
The logic behind this basis, as stated in the said IAS is that the bonus shares are issued to the existing shareholders
without any consideration, and therefore, the number of shares outstanding is increased without an increase in resources
generating new earnings.
Diluted Earnings Per Share
No diluted EPS is required to be calculated for the year as there was no scope for dilution during the year under review.
3.14 Foreign Currency Translations

The Financial records of the company are maintained and the financial statements are stated in Bangladesh Taka. The
assets and liabilities denominated in foreign currencies at the financial position date are translated at the applicable rates of
exchanges ruling at that date. Exchange difference is charged off as revenue expenditure in compliance with the provisions
of IAS 21: The Effects of Changes in Foreign Exchange Rates. Foreign currency transactions are recorded at the applicable
rates of exchange ruling at the transaction date.
4.00 Financial risk management
The company management has overall responsibility for the establishment and oversight of the company’s risk
management framework. 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
4.01 Credit risk

Credit risk is the risk of a financial loss to the company if a customer or counterparty to a financial instrument fails to meet
its contractual obligations and arises principally from the company’s receivables. Management has a credit policy in place
and exposure to credit risk is monitored on an ongoing basis. Risk exposures from other financial assets, i.e. Cash at bank
and other external receivables are nominal.
4.02 Liquidity risk

Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The company’s
approach to managing liquidity (cash and cash equivalents) is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the company’s reputation. Typically, the company ensures that it has sufficient cash and cash
equivalents to meet expected operational expenses, including financial 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.


In extreme stressed conditions, the company may get support from the related company in the form of short term financing.
4.03 Market risk

Market risk is the risk that any change in market prices such as foreign exchange rates and interest will affect the company’s
income or the value of its holdings of financial instruments. The objective of market risk management is to manage and
control market risk exposures within acceptable parameters.
(a) Currency risk
The company is exposed to currency risk on certain revenues and purchases such as revenue from foreign customers
and import of raw material, machineries and equipment. Majority of the company’s foreign currency transactions are
denominated in USD and EURO and relate to procurement of raw materials, machineries and equipment from abroad.
(b) Interest rate risk
Interest rate risk is the risk that arises due to changes in interest rates on borrowing. There was no foreign currency
loan which is subject to floating rates of interest. Local loans are, however, not significantly affected by fluctuations in
interest rates. The company has not entered into any type of derivative instrument in order to hedge interest rate risk
as at the reporting date.


5.00 Property, Plant and Equipment : Tk. 52,817,380,029
The details are stated below:

As at 30 June 2022
Amount in Taka
Particulars
Land and Land Building and Other Furniture, Fixture & Capital Work in
Plant & Machinery Vehicle Total
Development Construction Equipment Progress
Cost / Valuation
At 30 June 2021 15,128,313,564 11,886,371,852 28,808,910,687 1,123,174,133 340,212,239 15,069,267,421 72,356,249,896
Addition during the year - 1,069,676,370 974,733,406 51,746,686 6,677,795 - 2,102,834,257
Disposal during the year - - - - (1,652,054) - (1,652,054)
Adjustment (185,041,903) - - - - - (185,041,903)
Transferred in & Capitalized - - - - - (901,828,056) (901,828,056)
At 30 June 2022 14,943,271,661 12,956,048,222 29,783,644,093 1,174,920,819 345,237,980 14,167,439,365 73,370,562,140
Depreciation
At 30 June 2021 - 3,545,586,589 14,012,224,791 753,179,975 244,589,807 - 18,555,581,161
Charged during the year 436,876,423 1,478,260,551 63,679,654 20,434,132 - 1,999,250,760
Adjustment for Assets disposed off - - - (1,649,811) - (1,649,811)
At 30 June 2022 - 3,982,463,012 15,490,485,343 816,859,628 263,374,128 - 20,553,182,110
Carrying Value At 30 June 2022 14,943,271,661 8,973,585,210 14,293,158,750 358,061,190 81,863,852 14,167,439,365 52,817,380,029
As at 30 June 2021
Building Furniture,
Land and Land Plant & Capital Work in
Particulars and Other Fixture & Vehicle Total
Development Machinery Progress
Construction Equipment
Cost / Valuation
At 30 June 2020 15,127,398,386 10,345,662,797 27,210,974,679 1,105,655,457 338,819,294 18,056,537,236 72,185,047,849
Addition during the year 915,178 1,540,709,055 1,597,936,008 17,518,676 3,134,945 - 3,160,213,862
Transferred in & Capitalized - - - - - (2,987,269,815) (2,987,269,815)
At 30 June 2021 15,128,313,564 11,886,371,852 28,808,910,687 1,123,174,133 340,212,239 15,069,267,421 72,356,249,896
Depreciation
At 30 June 2020 - 3,142,391,227 12,480,723,808 687,452,027 222,268,935 - 16,532,835,996
Charged during the year - 403,195,362 1,531,500,983 65,727,948 23,911,365 2,024,335,658
Adjustment for Assets disposed off - - - - (1,590,493) - (1,590,493)
At 30 June 2021 - 3,545,586,589 14,012,224,791 753,179,975 244,589,807 - 18,555,581,161
Carrying Value At 30 June 2021 15,128,313,564 8,340,785,263 14,796,685,896 369,994,158 95,622,432 15,069,267,421 53,800,668,734


Amount in Taka
as at
30-June-22 30-June-21
6.00 Investment Property : Tk. 27,536,526,497

This represents Land & Building held by the company for capital appreciation and/or rental income and is arrived as follows:
Opening Balance 16,277,763,848 16,276,493,324
Addition during the year 11,258,762,649 1,270,524
27,536,526,497 16,277,763,848
This represents Land & Building held by the company for capital appreciation and/or rental income.
However, during the year ended 30 June 2016, a revaluation was done by an independent valuer Shiraz Khan Basak & Co.,
Chartered Accountants, R K Tower, 86 Bir Uttam C R Datta Road (312, Sonargaon), Level 10, Hatirpool, Dhaka-1205, and
the valuer has revalued the said land of the Company as of 30 March 2016, following “current cost method”.
7.00 Long term Loans to Subsidiaries : Tk. 22,887,475,000

This consists of as follows:
Loan to Teesta Solar Limited (TSL) 19,686,175,000 -
Loan to Korotoa Solar Limited (KSL) 3,201,300,000 -
22,887,475,000 -
As per the loan Agreement, Beximco Limited has provided loan to TSL and KSL for a period of 15 years. The repayment
will start after one month from the date of commissioning . TSL and KSL will pay to Beximco LTD. for rental Tk.141,262,500
and Tk. 22,950,000 per month respectively for 60 months.
8.00 Investment in Shares : Tk. 811,287,402

(i) In Associated undertakings :
(a) In 3,189,926 Shares of Beximco Pharmaceuticals Ltd. [Listed company,
Market value Tk. 154.60 (30.06.2021: Tk. 177.30)
per share on 30 June 2022] 493,162,560 565,573,880
(b) In 68,246 Shares of Beximco Synthetics Ltd. (Face value of Tk. 10.00)
{Average cost price per share is Tk. 8.40 per share against
face value of Tk.10.00} 573,266 573,266
(c) In 158,210,000 Shares of Beximco Power Co. Ltd.
(Face value of Tk. 10.00) - 1,582,100,000
(d) In 800,000 Shares of Teesta Solar Co. Ltd. (Face value of Tk. 10.00) 8,000,000 -
(e) In 800,000 Shares of Korotoa Co. Ltd. (Face value of Tk. 10.00)80,00,000 -
(ii) Others :
(f) In 32,997,800 Shares of Tk.10/= each of GMG Airlines Ltd. (Average
cost price per share is Tk. 9.091) 299,980,000 299,980,000
(g) In 12 Shares of Jamuna Oil Ltd. (Listed Company) [Market value
Tk. 177.20 (30.06.2021:Tk. 162.40 ) per share on 30 June 2022] 2,126 1,949
(h) In 571,181 shares of Central Depository Bangladesh Ltd.
[Avg. cost price per share is Tk.2.748 against face value of Tk.10] 1,569,450 1,569,450
811,287,402 2,449,798,545


Amount in Taka
as at
30-June-22 30-June-21
9.00 Inventories : Tk. 144,095,12,097

This represents as follows:
Land (Real Estate Business) 430,661,634 418,811,023
Construction work in progress (Real Estate Business) 307,706,637 294,294,201
Land Development and Others (Real Estate Business) 41,156,379 64,697,501
Work in Process 1,936,310,817 1,563,459,204
Raw Materials 10,214,027,183 6,949,692,242
Stores and Spares 280,676,341 240,292,099
Finished Goods 1,176,403,313 759,651,894
Fish & Shrimp 3,838,746 5,750,846
Packing Materials 17,972,797 5,455,550
Fish Feed 758,250 1,093,210
14,409,512,097 10,303,197,770
10.00 Trade and Other Receivables: Tk. 24,946,540,395
This is unsecured but considered good.

No amount was due by the directors (including Managing Director), Managing Agents, Managers and other officers of the
company and any of them severally or jointly with any other person.
No amount was due by the associated undertakings.
11.00 Advances, Deposits and Pre-payments : Tk. 31,904,880,364

(i) Advances: 31,766,803,924 28,297,022,381
Advance Income Tax 1,008,128,712 515,817,798
L/C Margin & Others 161,292,510 91,990,208
Other Advances 30,597,382,702 27,689,214,375
(ii) Deposits 138,076,441 57,477,385
31,904,880,364 28,354,499,766

12.00 Cash and Cash Equivalents : Tk. 764,177,744

This consist of as follows:
In Hand 11,974,377 19,504,470
In Current Account with banks 548,388,669 168,476,167
In STD account with banks 185,728,904 88,353,434
In fixed deposit and accrued interest with bank 18,085,794 4,122,006
764,177,744 280,456,078


Amount in Taka
as at
30-June-22 30-June-21
13.00 Issued Share Capital : Tk. 8,735,962,640

(a) Authorised:
3,000,000,000 Ordinary Shares of Tk. 10/- each 30,000,000,000 10,000,000,000
(b) Issued, Subscribed and Paid-Up:
4,000,000 Ordinary Shares of Tk.10/- each fully paid-up in cash 40,000,000 40,000,000
700,605,814(30.06.2021: 700,605,814 ) Ordinary Shares of
Tk.10/- each issued as fully paid-up bonus shares 7,006,058,140 7,006,058,140
22,019,999 Ordinary Shares of Tk.10/-each issued in exchange for acquisition
of shares of Shinepukur Ceramics Ltd. 220,199,990 220,199,990
12,600,000 Ordinary Shares of Tk. 10/- each issued to the shareholders of
Shinepukur Holdings Ltd. 126,000,000 126,000,000
650,000 Ordinary Shares of Tk. 10/- each issued to the shareholders
of Beximco Fisheries Ltd. 6,500,000 6,500,000
11,909,840 Ordinary Shares of Tk. 10/- each issued to the shareholders
of Bangladesh Online Ltd. 119,098,400 119,098,400
of Dhaka-Shanghai Ceramics Ltd. 91,874,870 91,874,870
of Bextex Ltd. 1,072,829,190 1,072,829,190
2,649,470 Ordinary Shares of Tk. 10/- each issued to the shareholders of
International Knitwear & Apparels Ltd. 26,494,700 26,494,700
of Beximco Fashions Ltd. 23,725,060 23,725,060
of Cresent Fashions & Design Ltd. 24,895,020 24,895,020
551,342 Ordinary Shares of Tk. 10/- each issued to the shareholders
of RR Washing Ltd. (Former Freshtex Bangladesh Ltd.) 5,513,420 5,513,420
Adjustment for Shinepukur Ceramics Ltd.’s Investment with
Beximco 2,722,615 Ordinary Shares of Tk. 10/- each. (27,226,150) (27,226,150)
Total : 873,596,264 Shares of Tk. 10/= each 8,735,962,640 8,735,962,640


30 June 2022 30 June 2021

(c) Composition of Shareholding:
No. of Shares % of Total Holders No. of Shares % of Total Holders
Sponsors:
A S F Rahman 63,204,992 7.24% 63,204,992 7.21%
Salman F Rahman 70,919,693 8.12% 70,919,693 8.09%
Associates 73,405,284 8.40% 43,697,686 4.99%
Shareholders who nominated Directors in
89,869,748 10.29% 89,869,748 10.26%
the Board
Foreign Investors 6,618,945 0.76% 12,848,235 1.47%
Institutions 252,404,208 28.89% 119,337,184 13.62%
General Public 317,173,394 36.31% 473,718,726 54.36%
873,596,264 100% 873,596,264 100%
(d) Distributions Schedule – Disclosures under the Listing Regulations of Stock Exchanges:
The distribution schedule showing the number of shareholders and their shareholdings in percentage has been disclosed
below as a requirement of the “Listing Regulations” of Dhaka and Chittagong Stock Exchanges:
Share holding Range in Number of % of total Number of % of Share

number of Shares holders holders Shares Capital
1 to 499 65,164 0.82% 7,177,376 0.82%
500 to 5,000 21,945 4.00% 35,017,609 4.01%
5,001 to 10,000 2,320 1.93% 16,928,127 1.94%
10,001 to 20,000 1,191 1.93% 16,909,236 1.94%
20,001 to 30,000 422 1.20% 10,535,423 1.21%
30,001 to 40,000 193 0.77% 6,786,351 0.78%
40,001 to 50,000 152 0.80% 7,052,881 0.81%
50,001 to 100,000 297 2.45% 21,499,737 2.46%
100,001 to 1,000,000 259 8.18% 71,696,220 8.21%
Over 1,000,000 54 77.91% 679,993,304 77.84%
Total : 91,997 100% 873,596,264 100%
(e) Option on Unissued Shares :

There is no option regarding authorized capital not yet issued but can be used to increase the issued, subscribed and paid-
up capital through the issuance of new shares.
(f) Market Price :
The shares of the Company are listed in the Dhaka and Chittagong Stock Exchanges and quoted at Tk. 129.80 and
Tk. 129.80 per share in the Dhaka and Chittagong Stock Exchanges on 30 June 2022.
(g) Voting Rights :
The rights and privileges of the shareholders are stated in the Bye Laws (Articles of Association) of the company.


Amount in Taka
as at
30-June-22 30-June-21
14.00 Non-Controlling (Minority) Interest in Subsidiaries : Tk. 2,508,370,777

This represents minority’s share of subsidiary’s net assets.
15.00 Long Term Loans - Net off Current Maturity (Secured) : Tk. 32,385,412,868
This represents Loans from:
Sonali Bank Ltd. - Long Term- 6 Years (Block-Interest Bearing) 9,588,000,000 11,844,000,000
Rupali Bank Ltd. - Long Term Loan (6 Years) 4,193,620,000 6,320,000,000
Janata Bank Ltd. - Long Term Loan (6 Years) 8,916,313,388 9,953,220,298
Agrani Bank Ltd- Demand loan 1,299,884,264 1,408,900,000
Agrani Bank Ltd- Intestrial Credit project 625,796,307 1,101,600,000
National Bank Ltd. - Long Term (12 years) Loan General LD -1293 1,040,640,000 1,368,867,870
Exim Bank Ltd. -LD1936318294 1,76,566,000 2,207,120,000
Exim Bank Ltd. - LD2108820251 1,036,275,862 1,243,531,031
AB Bank Ltd. - Term Loan (6 Years) A/C -462 413,603,106 472,826,030
Phoenix Finance & Investment Ltd.- Term Loan 143,475,614 119,264,234
United Commercial Bank Ltd 3,362,108,327 -
Rupali Bank Ltd. - Long Term loan -IDCP (12 Years) - 1,478,152,301
Bank Asia Ltd. - Term Loan - 39,458,469
32,385,412,868 37,556,940,233
Nature of security :
(I) Equitable mortgage over the immovable property.
(ii) Hypothecation by way of a floating charge on all other movable assets both present and future.
(iii) First charge over all the finished stock, work - in - process and current assets excluding book debts.
Terms of Repayment :
Bank Asia Ltd. - Term Loan :
In 20 (Twenty) equal Quarterly installments commencing from 30 March 2017 as per revised sanction.
Phonix Finance & Investment
In 96 (Ninety six) equal monthly installments commencing from 25 July 2015 as per revised sanction.
Rates of Interest:
8% p.a. or the lending rate applicable from time to time based on Bank rate / policy.
Phonix Finance & Investment
16.00 Gratuity Payable : Tk. 148,659,041

This is arrived at as follows:
Opening Balance 138,496,316 133,421,835
Add: Addition during the year 10,594,320 8,065,824
149,090,636 141,487,659
Less: Payment during the year (431,595) (2,991,343)
Closing Balance 148,659,041 138,496,316


Amount in Taka
as at
30-June-22 30-June-21
17.00 Beximco Green Sukuk Al-Istisna -Net-off Current Maturity : Tk. 24,000,000,000
Beximco Green Sukuk Al Istisna 3,000,000,000 -
Less : Beximco Green Sukuk Al Istisna - Current Maturity (6,000,000,000) -
Beximco Green Sukuk Al Istisna-Net-off Current Maturity 24,000,000,000 -
Beximco Green Sukuk Al-Istisna’a :
This represents convertible/redeemable & asset backed BEXIMCO GREEN SUKUK AL-ISTISNA for a total of BDT 30 Billion of
which 50% (BDT 15 billion) has been offered through Private Placement, 25% (BDT 7.5 billion) offered to existing shareholders
and the rest 25% (BDT 7.5 billion) offered to the public through Initial Public Offer (IPO).
Return/Benefit :
i) Base rate at 9% :
Investors will get guaranteed 9% secured annual return.
ii) Profit Margin Rate :
In addition, the Sukuk is participative which means an additional 10% of the difference between the base rate (9%) and the annual
dividend that Beximco Ltd will declare in a specific year will be added to the base rate.
Conversion Option :
Green-Sukukholders shall have the option to convert gradully up to 100% of their respective investment in the Green Sukuk Al
Istisna into ordinary shares of BEXIMCO Ltd. within 5 years as follows:
i) Maximun 20% convertible at the option of the Green-Sukukholders per year;
ii) Conversion option can be exercised at a multiple of 5%, i.e. 5%, 10%, 15% and 20%;
iii) Unexercised options of conversion of last year can be exercised in the following year as well, along with the current year’s options.
iv) If any Sukukholder does not exercise the Conversion Option in full or in part during the tenure of the Sukuk, the remaining
amount of the Sukuk will be redeemable at maturity in one bullet payment.
Conversion Rate:
Conversion rate to be determined at a 25% discounted rate on the 20 days Weighted Average Market Price prior to the record
date of the Dhaka Stock Exchange (DSE).
Record Date :
The record date to exercise the conversion option and thereby convert BEXIMCO Green-Sukuk Al Istisna into ordinary shares of
BEXIMCO Limited shall be twelve (12) months after the relevant Issuance Date and the said date shall be the record date for the
subsequent years till maturity.
Credit Enhancement :
Beximco Ltd shall provide Corporate Guarantee for the payment obligations of the Beneficiaries to the Beximco Green Sukuk Al
Istisna Trust (SPV) securing ultimately the Final redemption Payments to the Sukukholders.
18.00 Deferred Tax Liability : Tk. 1,296,688,119

(a) Deferred Tax Liability is arrived at as follows:
Book Value of Depreciable PPE 22,473,830,662 22,355,776,547
Less : Tax base WDV of PPE (11,219,593,641) (11,769,970,561)
Un-absorbed portion of Depreciation Benefit (2,268,604,582) (2,522,851,883)
Taxable Temporary Difference 8,985,632,439 8,062,954,103
Effective Tax Rate 14% 15%
Closing Deferred Tax Liabilities 1,296,688,119 1,221,575,513
(b) Deferred Tax Expense is arrived at as follows:
Opening Deferred Tax Liabilities (1,221,575,513) (1,094,867,753)
75,112,606 126,707,760


Amount in Taka
as at
30-June-22 30-June-21
19.00 Short Term Loans From Banks and Others Tk. 4,649,882,325
This is secured and consists of as follows:
Secured:
Janata Bank Ltd. - CCH 1,997,594,906 927,495,527
Janata Bank Ltd. - Cash subsidy loan 248,602,000 91,826,067
Sonali Bank Ltd. - CC (H) (Secured) 536,082,481 553,446,024
Sonali Bank Ltd. - LTR (Secured) 134,045,472 71,795,954
Sonali Bank Ltd. - W.C Under Stimulus Package Industries (Covid-19 Loan) 132,131,908 168,664,759
Exim Bank Ltd. CCH (01) 1,023,250,575 -
Exim Bank Ltd. CCH (02) 545,674,983 -
United Commercial Bank Ltd. CCH - 3,236,903,789
Unsecured:
New Dacca Industries Ltd. (Interest Free) 32,500,000 36,500,000
4,649,882,325 5,086,632,120
20.00 Long Term Loans - Current Maturity (Secured) Tk. 18,805,475,332

National Bank Ltd. - Long Term (12 years) Loan General LD -1293 693,884,074 308,502,048
AB Bank Ltd. - Term Loan (6 Years) A/C-462 184,519,432 163,271,476
Exim Bank Ltd. - LD1936318294 727,172,577 471,653,615
Sonali Bank Ltd. - Long Term (Block-Interest Bearing)-New 5,851,292,734 2,919,338,781
Janata Bank Ltd. - Long Term Loan (12 Years) 759,961,840 831,232,820
AB Bank - Time Loan AC-463 1,154,637,952 1,139,728,499
AB Bank - Term Loan AC-464 126,450,817 136,816,752
Agrani Bank Ltd. - Demand loan Principal 575,586,285 763,370,549
Agrani Bank Ltd. - Demand loan Interest 395,328,819 216,636,312
Agrani Bank Ltd. - Intestrial Credit project 1,487,508,293 1,418,683,489
Agrani Bank Ltd. - Intestrial Credit project Interest 295,119,477 147,360,348
Exim Bank Ltd. - LD2108820251 486,951,138 242,766,752
Bank Asia Ltd. - Term Loan 69,738,405 73,973,580
Phoenix Finance & Investment Ltd. - Term Loan 165,903,327 202,315,263
Rupali Bank Ltd. - Long Term loan - IDCP 2,079,362,358 -
Janata Bank Ltd. - Cash subsidy loan 840,527 -
Agrani Bank Ltd Interest Block Account - 106,768,572
Sonali Bank Ltd. - Short Term (6 years) Interest Bearing Block -A/C-12718 - 66,855,188
Sonali Bank Ltd. - Long Term (12 years) Interest Bearing Block -A/C-12701 - 134,928,209
10% Debentures - 29,831,765
18,805,475,332 11,635,812,362
21.00 Beximco Green Sukuk Al-Istisna -Current Maturity Tk. 6,000,000,000

Beximco Green Sukuk Al Istisna - Current Maturity 6,000,000,000 -
6,000,000,000 -


Amount in Taka
as at
30-June-22 30-June-21
22.00 Trade and Other Payables : Tk. 11,481,394,536

Creditors for Goods 4,922,180,895 7,814,992,105
Income Tax Payables 2,877,520,993 1,516,754,928
Other Current Liabilities 3,659,502,648 4,011,033,186
Security Deposit from Distributor 22,190,000 21,190,000
11,481,394,536 13,363,970,220
23.00 Dividend payable/Unclaimed Dividend: Tk. 63,664,016

The Cash Dividend declared for the year 2020-2021 were approved by the shareholders in the Annual General Meeting
held on December 23, 2021. The Dividend Payable/Unclaimed dividend as on June 30, 2022 consists of Tk. 11,358,415
payable for the year 2021-22 and the balance Tk. 52,305,601 for the prior years unclaimed to date.
Amount in Taka
01.07.2021- 01.07.2020-
30.06.2022 30.06.2021
24.00 Revenue : Tk. 75,078,765,062

This is made-up as follows:
Sale of Goods (Net) 75,042,136,317 43,349,744,786
Commission and Other Income 15,766,938 50,137,009
Dividend Income 22,121,987 5,206,811
Capital (Loss)/Gain on Sale of Shares (1,260,180) (1,298,596)
75,078,765,062 43,403,790,011
25.00 Cost of Goods Sold : TK. 51,338,236,195

This represents cost of goods sold against sale of:
Yarn, Fabrics & Others (Including depreciation of Tk. 1,864,535,416) 49,589,181,691 27,666,973,824
Table Ware Shinepukur Ceramics Ltd.(Inclouding depreciation of Tk.119,419,688) 1,433,402,447 1,166,433,505
IT Support Service and Software (Including depreciation of Tk. 6,797,399) 303,619,806 308,388,590
Shrimp and Fish (Including depreciation of Tk. 1,665,200) 12,032,251 10,268,212
51,338,236,195 29,152,064,130


Amount in Taka
01.07.2021- 01.07.2020-
30.06.2022 30.06.2021
26.00 Administrative Expenses : Tk. 1,421,445,072

This Consists of as follows:
Salaries and Allowances 936,910,403 710,027,839
Car Repairs and Maintenance 46,081,301 20,965,023
Fees and Charges 38,903,583 25,767,109
Repairs and Maintenances 67,269,609 34,752,515
Rent, Rates and Taxes 159,405,145 43,359,809
Travelling and Conveyance 34,440,648 13,612,290
Miscellaneous Overhead 25,486,913 15,459,764
Postage, Telegram, Telex & Telephone 22,006,674 14,804,782
Entertainment 15,280,688 9,226,322
Depreciation 9,008,358 9,204,450
Insurance 1,505,947 948,574
Petrol, Fuel, Electricity, Gas and Water 2,206,178 2,530,645
Printing and Stationery 7,972,261 6,048,845
Publicity and Advertisement 3,148,288 2,267,384
Staff Welfare 33,163,602 8,241,319
AGM Expenses 750,866 1,139,250
Audit Fee (Including VAT @ 15%) 3,047,500 2,875,000
Subscription 6,672,744 1,202,360
Contribution to Provident Fund 333,435 422,498
Training 196,920 111,719
General Office Expenses 7,654,009 7,220,713
1,421,445,072 930,188,210
27.00 Selling and Distribution Expenses : Tk. 209,510,276

Salaries & Allowances 181,548,541 79,164,408
Promotional Expenses 8,507,169 2,402,685
Occupancy Expenses 5,331,237 3,949,191
Office Expenses 1,903,299 3,813,329
Transport Expenses 2,911,560 1,901,418
Travelling & Conveyance Expenses 8,163,081 1,719,069
Communication Expenses 490,878 451,456
Utilities Expenses - 47,799
Show Room Expenses 250,061 218,155
Handling & Carrying Expenses 19,630 48,302
Legal & Professional Fees 384,820 362,355
Product Research - 6,068,165
209,510,276 100,146,332
28.00 Finance Cost : Tk. 6,505,041,458

Interest on Loan from Banks and Others 5,273,638,249 5,056,116,290
Bank Charges and Commission 210,167,176 40,724,473
Rental Expenses of Sukuk (Net)-Note-28.01 747,525,000 -
Issue Expenses of Sukuk 273,711,033 -
6,505,041,458 5,096,840,763


Amount in Taka
01.07.2021- 01.07.2020-
30.06.2022 30.06.2021
28.01 Rental Expenses of Sukuk (Net)

Financial expenses Under Green Sukuk Transactions 1,740,000,000 -
Less : Rental Income from TSL (847,575,000) -
Less : Rental Income from KSL (137,700,000) -
Less : Agency commission from TSL & KSL (7,200,000) -
747,525,000 -
29.00 Income Tax Expenses : Tk. 2,280,892,249

Provision for the year 2,283,478,553 957,407,795
Short Provision for the year 2020-2021 - 22,626,104
Excess Provision for the Previous Years (77,698,910) (3,330,885)
Deferred Tax (Income) / Expenses [Note-18.(b)] 75,112,606 126,707,760
2,280,892,249 1,103,410,774
30.00 Basic Earnings per Share (EPS)

The computation of EPS is given below :
(a) Net Profit for the year after tax and Non-controlling (minority interest) 12,548,340,849 6,609,102,949
(b) Weighted average number of shares used for EPS (Note - 3.13) 873,596,264 873,596,264
(c) Basic EPS (a/b) 14.36 7.57
31.00 Net Asset Value Per Share

Total Assets 183,552,683,643 140,012,948,087
Less : Total Liabilities 102,929,413,863 69,055,732,365
Total Equity 80,623,269,780 70,957,215,722
Number of Ordinary Shares of Tk. 10 each at Financial Position date 873,596,264 873,596,264
Net Asset Value Per Share 92.29 81.22
32.00 Net Operating Cash Flows Per Share (NOCFPS)

Net cash flows from operating activities 1,489,254,057 (1,766,531,823)
Net operating cash flows per share (NOCFPS) 1.70 (2.02)


Amount in Taka
01.07.2021- 01.07.2020-
30.06.2022 30.06.2021
33.00 Reconciliation of Net profit with cash flows from operating activities.:
Net Profit After Tax 12,573,952,034 6,632,292,295
Adjustments for noncash items, non operating items and for the net changes in opreating accruals:
Depreciation 1,999,250,760 2,024,335,658
(Increase)/Decrease in Investment in Shares - (449,200,001)
(Gain)/Loss on sale of vehicle - 151,505
Increase/(Decrease) Deferred Tax Liability 75,112,606 126,707,760
(Increase)/Decrease in Inventories (4,106,314,327) (3,035,522,324)
Transfer to Investment Property (11,258,762,649) (1,270,524)
(Increase)/Decrease in Trade and Other receivables 3,600,022,952 (454,758,176)
(Increase)/Decrease in Avances, Deposits and Pre-payments (3,428,080,597) (6,433,832,044)
Increases/(Decreases) in Creditors and Other Payables (1,347,058,504) 508,443,365
Increases/(Decreases) Accruals (2,511,388,905) (271,138,297)
Unclaimed Dividend/Dividend Paid 11,358,415 (417,815,521)
Increases/(Decreases) Gratuity Payable 10,162,725 5,074,481
Finacial Expenses 5,870,999,549 -
Net cash flows from operating activites 1,489,254,057 (1,766,531,823)
There was no Unrealised Foreign exchange gain or Loss during the year.

length basis. The nature of transactions and their total value is shown below:
Value of transactions Balance at the end of

Name of the Related Parties Nature of transactions
during the year the year
Beximco Pharmaceuticals Ltd. Investment in Shares - 493,162,560
Teesta Solar Limited (TSL) Loan 19,686,175,000 19,686,175,000
Korotoa Solar Limited (KSL) Loan 3,201,300,000 3,201,300,000
Beximco Synthetics Ltd. Investment in Shares - 573,266
Nature of Relationship
The Company, and the parties as stated above are subject to common control from same source i.e., Beximco Group.
35.00 Contingent Liabilities

(a) Outstanding letter of credit 96,804,152 110,326,124
(b) Outstanding letter of (Bank) guarantee
to (Titas Gas Transmission and distribution Company Ltd) 13,656,520 13,656,520
110,460,672 123,982,644
36.00 Capital Expenditure Commitment

(a) There was no capital expenditure contracted but not incurred or provided for at 30 June 2022.
(b) There was no material capital expenditure authorized by the board but not contracted for at 30 June 2022.


37.00 Claims Not Acknowledged As Debt

There was no claim against the Company not acknowledge as debt as on 30 June 2022.
38.00 Credit Facility Not Availed

There was no credit facility available to the company under any contract, but not availed of as on 30 June 2022 other than
trade credit available in the ordinary course of business.
39.00 Benefit to Directors

During the year under review
(i) no compensation was allowed by the company to the Managing Director of the company;
(ii) no amount of money was spent by the company for compensating any member of the Board for special service
rendered; and
(iii) No board meeting attendance fee was paid to the directors of the Company except to the independent director of
Tk. 100,000.
40.00 Events After The Reporting Period

Subsequent to the Statement of Financial Position date, the directors recommended 30% cash dividend (i.e. Tk.3.00 per
share) for the year ended 30 June 2022 which is subject to shareholders’ approval at the forthcoming Annual General
Meeting.

Dated : 27 October 2022

Dhaka.

AUDITOR’S REPORT
AND AUDITED FINANCIAL STATEMENTS
OF


Opinion
We have audited the financial statements of BANGLADESH EXPORT IMPORT COMPANY LIMITED (the “Company”), which
comprise the Statement of Financial Position as at 30 June 2022 and Statement of Profit or Loss and Other Comprehensive
Income, Statement of Changes in Equity and Statement of Cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements of the Company give a true and fair view of the financial position of the
Company as at 30 June 2022, and of its financial performance and its cash flows for the year then ended in accordance with
International Financial Reporting Standards (IFRSs), the Companies Act 1994, the Securities and Exchange Rules 2020 and other
applicable laws and regulations.
Basis for Opinion

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 Statements 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) together with the ethical requirements that are relevant to our audit of the financial
statements in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements
and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit 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
The Company manufactures and sells a number of products Principal audit procedures:
and provides numerous services to its customers. The
Company has adopted the accounting standard IFRS 15 as • Obtained an understanding of the various revenue
accordingly has reviewed its sales contracts for determining streams and nature of sales contracts entered into by
the principles for recognizing revenue. Some of the sales the Company.
contracts contain various performance obligations and • Evaluated the design of internal controls relating
management exercises judgment to determine timing of to identification of performance obligations and
revenue recognition, i.e., over time or a point in time. determining timing of revenue recognition.
• Selected a sample of contracts and through inspection
of evidence of performance of these controls, tested
the operating effectiveness of the internal controls
relating to the identification of performance obligations
and timing of revenue recognition.
• Selected a sample of contracts and reassessed
contractual terms to determine adherence to the
requirements of the accounting standard.

Valuation of Property, Plant and Equipment (PPE)
The carrying value of the PPE was Tk. 47,559,484,060 as Our audit included the following procedure:
at 30 June, 2022. • We assessed whether the accounting policies in relation
Expenditures are capitalized if they create new assets or to the capitalization of expenditures are in compliance
enhance the existing assets, and expensed if they relate to with IFRS and found them to be consistent.
repair or maintenance of the assets. Classification of the • We inspected a sample of invoices and L/C documents
expenditures involves judgment. The useful lives of PPE to determine whether the classification between capital
items are based on management’s estimates regarding the and revenue expenditure was appropriate.
period during which the assets or its significant components
will be used. The estimates are based on historical • We evaluated whether the useful lives determined and
experience and market practice and take into consideration applied by the management were in line with historical
the physical condition of the assets. experience and the market practice.
The valuation of PPE was identified as a key audit matter We checked whether the depreciation of PPE items
due to the significance of this balance to the financial was commenced timely, by comparing the date of the
statements and that there is significant measurement reclassification from capital work in progress to ready for
uncertainty involved in this valuation. use, with the date of the act of completion of the work.
See Note No. 4 to the financial statements
Valuation of Inventory
The inventory of Tk. 13,577,733,734 as at 30 June, 2022. We verified the appropriateness of management’s
Inventories are carried at the lower of cost and net realizable assumptions applied in calculating the value of the inventory
value. As a result, the management apply judgment in by:
determining the appropriate values for slow-moving or • Evaluating the design and implementation of key
obsolete items. inventory controls.
Since the value of Inventory is significant to the Financial • Attending inventory counts and reconciling the count
Statements and there is significant measurement uncertainty results to the inventory listing to test the completeness
involved in this valuation, the valuation of inventory was of data.
significant to our audit. • Reviewing the requirement of inventory provisioning
and action there upon by the management.
See Note No. 8 to the financial statements • Comparing the net realizable value obtained through a
detailed review of sales subsequent to the year-end, to
the cost price of a sample of inventories.
Related party transactions
The Company has related party transactions as described Our audit procedures amongst others included the following:
in Note No. 31 of the Financial Statements. • Evaluated the design and tested the operating
We focused on identification of related parties and effectiveness of controls over identification and
disclosure of related party transactions in accordance with disclosure of related party transactions.
relevant accounting standards. • Evaluated the transactions among the related parties
and tested material accounts balances.
• Evaluated the disclosures in the financial statements in
compliance with IAS 24.

IT Systems and Controls
Our audit procedures have a focus on information • We tested the design and operating effectiveness of the
technology systems and controls due to the Company’s IT access controls over the information systems
pervasive nature and complexity of the IT that are critical to financial reporting. We tested IT general
environment, the large volume of transactions controls (Logical access, changes management and aspects of
processed in numerous locations daily and the IT operational controls). This included testing that requests for
reliance on automated and IT dependent manual access to systems were appropriately reviewed and authorized.
controls. • We tested the company’s periodic review of access rights.
Our areas of audit focus included user access We inspected requests of changes to systems for appropriate
management, developer access to the production approval and authorization. We considered the control
environment and changes to the IT environment. environment relating to various interfaces, configuration and
These are key to ensuring IT dependent and other application layer controls identified as key to our audit.
application based controls are operating effectively.
Other Information
Management is responsible for the other information. The other information comprises all of 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 materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on such work we perform, we conclude that there is a material misstatement of this other information; we are required
to communicate the matter to those charged with governance.
Responsibilities of Management and Those Charged with Governance for the Financial Statements and Internal Controls
Management is responsible for the preparation and fair presentation of the financial statements of the Company in accordance
with IFRSs, The Companies Act 1994, The Securities and Exchange Rules 2020 and other applicable laws and regulations and
for such internal controls management determines is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
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 to cease operations, or has no realistic alternative but to do so.

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 judgment 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, intentional omissions, misrepresentations, or the override of internal control.
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls of the Company.
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.
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 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.

In accordance with the Companies Act 1994, The Securities and Exchange Rules 2020 and relevant notifications issued by Bangladesh
Securities and Exchange Commission, we also report that:
a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit and made due verification thereof;
b) In our opinion, proper books of accounts as required by law have been kept by the company so far as it appeared from our
examination of those books;
c) The company’s Statement of Financial Position (Balance sheet) and Statement of Profit or Loss and Other Comprehensive Income
(Profit & Loss Account) dealt with by this report are in agreement with the books of accounts and;
d) The expenditures incurred and payments made were for the purpose of the company’s business for the year.
Dated : 27 October, 2022 M. J. ABEDIN & CO.

Dhaka Chartered Accountants
Reg.No: N/A

Enrollment No: 564
DVC: 2210310564AS101951

STATEMENT OF FINANCIAL POSITION

As at 30 June 2022
Amount in Taka
Notes
30-June-22 30-June-21
ASSETS
Non - Current Assets 104,166,740,811 69,378,621,649
Property, Plant and Equipment - Carrying Value 4.00 47,559,484,060 48,755,749,638
Investment Property 5.00 27,536,526,497 16,277,763,848
Investment in Shares 6.00 6,183,255,254 4,345,108,163
Long term Loans to Subsidiaries 7.00 22,887,475,000 -
Current Assets 70,677,296,167 66,216,844,982
Inventories 8.00 13,577,733,734 9,426,635,986
Trade and Other Receivables 9.00 24,832,572,886 28,360,078,917
Advances, Deposits and Pre-Payments 10.00 31,541,407,135 28,176,124,951
Total Assets 174,844,036,978 135,595,466,631
EQUITY AND LIABILITIES
Shareholders’ Equity 79,913,431,121 68,594,542,137
Reserves 13.00 38,510,675,080 36,672,527,989
Retained Earnings 32,639,567,251 23,158,825,358
Non - Current Liabilities 57,457,153,296 38,538,320,966
Long Term Loans - Net-off Current Maturity (Secured) 14.00 32,241,937,254 37,398,217,530
Beximco Green Sukuk Al-Istisna -Net-off Current Maturity 15.00 24,000,000,000 -
Deferred Tax Liability 16.00 1,215,216,042 1,140,103,436
Long Term Loans - Current Maturity (Secured) 17.00 18,569,833,600 11,359,523,519
Beximco Green Sukuk Al-Istisna -Current Maturity 18.00 6,000,000,000 -
Short Term Loans 19.00 3,815,122,464 4,256,225,383
Trade and Other Payables 20.00 9,025,533,751 12,803,504,431
Dividend payable/Unclaimed Dividend 21.00 62,962,746 43,350,195
The accompanying notes form an integral part of these financial statements.
Approved and authorised for issue by the board of directors on 27 October 2022 and signed for and on behalf of the board:


Reg No: N/A

Enrollment No : 564
DVC : 2210310564AS101951

STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME

Amount in Taka
Notes 01.07.2021- 01.07.2020-
30.06.2022 30.06.2021
Revenue 22.00 73,359,401,035 42,017,156,905

Cost of Revenue 23.00 (49,904,833,748) (27,985,630,626)
Gross Profit 23,454,567,287 14,031,526,279
Operating Expenses (7,924,174,261) (5,949,605,456)

Administrative Expenses 24.00 (1,345,623,131) (880,955,914)
Selling and Distribution Expenses (149,713,228) (50,646,847)
Finance Cost 25.00 (6,428,837,902) (5,018,002,695)
Profit before WPPF and Income Tax 15,530,393,026 8,081,920,823

Contribution to WPPF (744,672,655) (386,117,681)
Net Profit before Tax 14,785,720,371 7,695,803,142
Income Tax Expense 26.00 (2,237,862,403) (1,095,192,936)
Net Profit after Tax (NPAT) for the year 12,547,857,969 6,600,610,206
Fair Value Gain/ (Loss) on Investment in Shares 1,838,147,091 1,672,900,667
14,386,005,060 8,273,510,873
EPS based on NPAT (Adjusted EPS) 27.00 14.32 7.53



Reg No: N/A

Enrollment No : 564
DVC : 2210310564AS101951

STATEMENT OF CHANGES IN EQUITY

Amount in Taka
Share Reserves Total
Retained Earnings
Capital (Note - 13.00) Equity
As on 01 July 2021 8,763,188,790 36,672,527,989 23,158,825,358 68,594,542,137

Net Profit after tax for the year ended 30 June 2022 - - 12,547,857,969 12,547,857,969
Fair Value Gain on Investment in Shares (Note-13.00) - 1,838,147,091 - 1,838,147,091
Transaction with Shareholders:
Payment of 35% Cash Dividend for the prior year (2020-2021) - - (3,067,116,077) (3,067,116,077)
As on 30 June 2022 8,763,188,790 38,510,675,080 32,639,567,251 79,913,431,121
Number of Shares 876,318,879
Net Assets Value Per Share (Note: 28.00) 91.19
As on 01 July 2020 8,763,188,790 34,999,627,322 16,996,374,592 60,759,190,704
Net Profit after tax for the year ended 30 June 2021 - - 6,600,610,206 6,600,610,206
-
Fair Value Loss on Investment in Shares (Note-13.00) - 1,672,900,667 - 1,672,900,667
Transaction with Shareholders:
Payment of 5% Cash Dividend for the prior year (2019-2020) - - (438,159,440) (438,159,440)
As on 30 June 2021 8,763,188,790 36,672,527,989 23,158,825,358 68,594,542,137

Net Assets Value Per Share (Note: 28.00) 78.28



Reg No: N/A

Enrollment No : 564
DVC : 2210310564AS101951

STATEMENT OF CASH FLOWS

Amount in Taka
Notes 01.07.2021- 01.07.2020-
30.06.2022 30.06.2021
Cash Flows From Operating Activities: 30.00 1,368,801,932 (1,781,766,684)

Cash Received Against Revenue and Others 76,886,907,066 41,570,181,462
Cash Paid to Suppliers and Others (75,518,105,133) (43,351,948,146)
Cash Flows From Investing Activities: (23,572,035,909) (153,026,346)
Purchase of Property, Plant and Equipment (684,560,909) (153,026,346)
Long Term Loans to Subsidiaries (22,887,475,000) -
Cash Flows From Financing Activities: 22,674,811,261 1,897,507,780

Increase in Loan 1,612,926,887 1,897,507,780
Issuance of Beximco Green Sukuk Al-Istisna’a 30,000,000,000 -
Interest on Long Term Loan and Others (5,870,999,549) -
Dividend Paid (3,067,116,077) -
Increase/(Decrease) in Cash and Cash Equivalents 471,577,284 (37,285,250)

Cash and Cash Equivalents at Opening 254,005,128 291,290,378
Effect of Exchange Rate Changes on Cash & Cash Equivalents 30.00 - -
Cash and Cash Equivalents at Closing 11.00 725,582,412 254,005,128
Net Operating Cash Flow Per Share 29.00 1.56 (2.03)



Reg No: N/A

Enrollment No : 564
DVC : 2210310564AS101951


1.00 The background and activities of the Company

Bangladesh Export Import Company Limited (the company) is a public limited company incorporated in Bangladesh in
1972 under the Companies Act, 1913 and launched its commercial operation in the same year. The company listed its
shares with Dhaka Stock Exchange in 1989 and with Chittagong Stock Exchange in 1995 on its debut.
The company has its registered office and operational office at Beximco Corporate Head quarters, 17, Dhanmondi
Residential Area, Road No.2, Dhaka - 1205.

The business activities include investment operation, agency and trading in other commodities and produces and is
engaged in manufacturing and marketing of yarn that are consumed by weaving mills of Bangladesh including its own
weaving mills producing and marketing of high-quality fabric, that are eventually consumed by the export-oriented
garments industries of Bangladesh including the garments factories of Beximco Group.
1.03 The Subsidiaries

Shinepukur Ceramics Limited, a subsidiary company of Bangladesh Export Import Company Limited was incorporated
in Bangladesh as a private company, limited by shares, on 26 January 1997 under the Companies Act, 1994 as a Private
Limited Company and launched its manufacturing operation in 1999. The Company was converted into a Public Limited
Company on 7 May 2008. Authorised capital of Taka 5,000,000,000 divided into 500,000,000 ordinary shares of Taka
10 each and paid up capital of Taka 1,469,660,550. Bangladesh Export Import Company Limited hold 50% (73,483,009
shares) shares of Shinepukur Ceramics Limited. The registered office of the company is located at 17 Dhanmondi R/A,
Road-2, Dhaka-1205.
Beximco Power Company Limited, a subsidiary company of Bangladesh Export Import Company Limited was incorporated
in Bangladesh as a private company, limited by shares, on 25 October 2009 under the Companies Act, 1994 vide Certificate
of incorporation No-C-80290/09. Authorised capital of Taka 10,000,000,000 divided into 1000,000,000 ordinary shares of
Taka 10 each and paid up capital of Taka 1,000,000,000. Bangladesh Export Import Company Limited hold 75% shares
of Beximco Power Company Limited. The registered office of the company is located at 17 Dhanmondi R/A, Road-2,
Dhaka-1205.
2.00 Bases of Financial Statements-Its Preparation and Presentation
2.01 Measurement bases

The financial statements have been prepared on the Historical Cost basis as modified to include the revaluation of certain
Property, Plant and Equipments which are stated at revalued amount, investment in shares of listed companies are carried
at fair value based on the period end quoted price of Dhaka Stock Exchange Ltd. and investment property are valued at
fair value.
Reporting Standards (IFRSs) as the applicable Financial Reporting Standards with effect from 2 November 2020.
management, IFRS format gives a better presentation to the shareholders.”
The Company also complied with the requirements of following laws and regulations from various Government bodies:
Bangladesh Securities and Exchange Rules, 2020;
The Income Tax Ordinance, 1984 with subsequent amendments;
The Income Tax Rules, 1984 with subsequent amendments;
The VAT and SD Act 2012 with subsequent amendments;


The VAT and SD Rules, 2016 with subsequent amendments;

The Labour Law, 2006 with subsequent amendments in 2013; and
Others as applicable.

The presentation of these financial statements is in accordance with the guidelines provided by IAS: 1 Presentation of

(a) a statement of financial position as at 30 June 2022;
(b) a statement of profit or loss and other comprehensive income for the year from 01 July 2021 to 30 June 2022;
(c) a statement of changes in equity for the year from 01 July 2021 to 30 June 2022;
(d) a statement of cash flows for the year from 01 July 2021 to 30 June 2022; and



The financial Statements have been prepared for 12 (Twelve) months (from 1st July 2021 to 30th June 2022).
Figures for earlier periods have been re-arranged wherever considered necessary to ensure better comparability with the
current year.

The preparation of financial statements in conformity with International 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 disclosure requirements for contingent assets and liabilities during and at
the date of the financial statements.
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: Accounting Policies, Changes in Accounting Estimates and Errors.

The cash generating from operating activities has been reported using the Direct Method as the benchmark treatment
of IAS 7 whereby major classes of gross cash receipts and gross cash payments from operating activities are disclosed.

length basis.
The information as required by IAS 24: Related Party Disclosures has been disclosed in a separate note to the accounts.



In compliance with the requirements of IAS 10: Events after the Reporting Period, post statement of financial position
events that provide additional information about the company’s position at the statement of financial position date are
reflected in the financial statements and events after the statement of financial position date that are not adjusting events
are disclosed in the notes when material.
3.00 Significant Accounting Policies

In compliance with the requirements of IFRS 15: Revenue from Contracts with Customers, revenue receipts from customers
against sales is recognized when all the performance obligation have been satisfied.
Cash dividend income on investment in shares is recognized on approval of said dividend in the annual general meeting /
Board meeting of relevant company. Stock dividend income (Bonus Shares) is not considered as revenue.

Property, plant and equipment are capitalized at cost of acquisition and subsequently stated at cost or valuation less
accumulated depreciation in compliance with the requirements of IAS 16: Property, Plant and Equipment. The Cost of
acquisition of an asset comprises its purchase price and any directly attributable cost of bringing the assets to its working
condition for its intended use inclusive of inward freight, duties and non-refundable taxes.
In terms of paragraph 29 of IAS 16: Property, Plant and Equipment, the Company has chosen “Revaluation Model” for
the measurement of Lands, Buildings and Plant and Machinery; and “Cost Model” for the measurement of Furniture and
Fixtures and Vehicles. In terms of paragraph 31 of the aforesaid IAS, after recognition as an asset, the aforesaid items of
property, plant and equipment whose fair value can be measured reliably has been 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. Revaluations shall be made after every three years to ensure that the carrying amount does not differ
materially from that which has been determined using fair value at the end of the reporting period.

In respect of major projects involving construction, related pre-operational expenses form part of the value of assets capitalized.
Expenses capitalized also include applicable borrowing cost considering the requirement of IAS 23: Borrowing Costs.

The company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of
such an item when that cost is incurred, it is probable that the future economic benefits embodied with the item will flow
to the company and the cost of the item can be measured reliably. Expenditure incurred after the assets have been put
into operation, such as repair and maintenance is normally charged off as revenue expenditure in the period in which it is
incurred. In situation where it can be clearly demonstrated that the expenditure has resulted in an increase in the future
economic benefit expected to be obtained from the use of the fixed assets, the expenditure is capitalized as an additional
cost of the assets. All other costs are recognized to the statement of profit or loss and other comprehensive income as
expenses if incurred. All up-gradation/enhancement are generally charged off as revenue expenditure unless they bring
similar significant additional benefits.
3.02.4 Software
3.02.5 Disposal of Property, Plant and Equipment



3.02.6 Depreciation on Property, Plant and Equipment

Depreciation is provided to amortize the cost of the assets after commissioning, over the period of their expected useful
lives, in accordance with the provisions of IAS 16: Property, Plant and Equipment. Depreciation is provided for the period
in use of the assets. Depreciation is calculated on the cost of fixed assets in order to write off such amounts over the
estimated useful lives of such assets. Depreciation is provided on all fixed assets except land at the following rates on
reducing balance basis over the periods appropriate to the estimated useful lives of the different types of assets:
Building and Other Construction 2% - 10%
Plant and Machinery 5%-15%
Furniture, Fixture & Equipment 10% - 20%
3.03 Investment Property

This represents Land & Building held by the company for capital appreciation and/or rental income. The Company has
applied IAS 40, “Investment Property” and has adopted “fair value model”.
3.04 Impairment
Accounts receivable and other receivables are assessed at each reporting date to determine whether there is any objective
evidence of impairment. Financial assets are impaired if objective evidence indicates that a loss event has occurred after
the initial recognition of the asset, and the loss event had a negative effect on the estimated future cash flows of that asset
that can be estimated reliably. Objective evidence that financial assets are impaired can include default or delinquency by
a debtor, indications that a debtor or issuer will enter bankruptcy, etc.
An asset is impaired when its carrying amount exceeds its recoverable amount. The company assesses at each reporting
date whether there is any indication that an asset may be impaired. If any such indication exists, the company estimates
the recoverable amount of the asset. The recoverable amount of an asset is the higher of its fair value less costs to sell and
its value in use. Carrying amount of the asset is reduced to its recoverable amount by recognizing an impairment loss if,
and only if, the recoverable amount of the asset is less than its carrying amount. Impairment loss is recognized immediately
in profit or loss, unless the asset is carried at revalued amount. Any impairment loss of a revalued asset shall be treated
as a revaluation decrease.

Non-derivative financial instruments comprise investment in shares, accounts and other receivables, cash and cash
equivalents, borrowings and other payables and are shown at transaction cost.
3.05.1 Financial assets

Financial assets of the company include investment in shares, cash and cash equivalents, accounts receivable and other
receivables.
(a)Investment in Shares
Investment in shares of listed companies are carried in the statement of financial position at fair value based on DSE quoted
price at the period end and the gain/loss thereon were accounted for through other comprehensive income considering it
as “Available – for – Sale” financial assets.
Investment in other shares is carried in the statement of financial position at cost.
(b) Accounts Receivables
Accounts receivables are created at original invoice amount less any provisions for doubtful debts. Provisions are made
where there is evidence of a risk of non-payment, taking into account ageing, provision experience and general economic
conditions. When an accounts receivable is determined to be uncollectible it is written off, firstly against any provision
available and then to the statement of profit or loss and other comprehensive income. Subsequent recoveries of amounts
previously provided for are credited to the statement of profit or loss and other comprehensive income.


(c) Advances, Deposits and Prepayments

Prepayments are initially measured at cost. After initial recognition, prepayments are carried at cost less charges to the
statement of profit or loss and other comprehensive income.
(d) Cash and Cash Equivalents
banks on current and deposit accounts which are held and available for use by the company without any restriction.

cancelled or expire.
3.06 Inventories
Inventories are valued at the lower of cost or net realizable value with cost determined by weighted average cost basis. The
cost of inventories comprises of expenditure incurred in the normal course of business in bringing the inventories to their
present location and condition. Net realizable value is based on estimated selling price less any further costs expected to
be incurred to make the sale.
3.07 Provisions
A provision is recognized in the statement of financial position when the company has a legal or constructive obligation as
reliable estimate can be made of the amount of the obligation. Provision is ordinarily measured at the best estimate of the
value of money is material, the amount of provision is measured at the present value of the expenditures expected to be
3.08 Borrowing Costs

This has been dealt with the requirements of IAS 23: Borrowing Costs.
Borrowing costs relating to projects in commercial operation are recognized as expenses in the period in which they are
incurred. In respect of projects that have not yet commenced commercial production, borrowing costs are debited to
capital work in progress.
3.09 BEXIMCO Green Sukuk Al-Istisna’a

Bangladesh Export Import Company Limited(Beximco) as Originator initiated the process of issuance of shariah compliant
Green Sukuk named as “BEXIMCO GREEN-SUKUK AL ISTISNA” for a total of BDT 30 Billion (thirty billion taka only) under
Bangladesh Securities and Exchange Commission (Investment Sukuk) Rules, 2019 & Bangladesh Securities and Exchange
Commission (Debt Securities) Rules, 2021) of which 50% (BDT 15 billion) has been offered through Private Placement,
25% (BDT 7.5 billion) offered to existing shareholders and the rest 25% (BDT 7.5 billion) of the Green Sukuk offered to the
public through Initial Public Offer (IPO).
“The Commission” gave its consent through a letter reference No. BSEC/CI/Sukuk/IPO-316/2021/445 dated July 08, 2021
and the Shariah Supervisory Board formed by the Originator (“Beximco-SSB”) issued Shariah pronouncement on July 07,
2021 of the issuance of Beximco Green-Sukuk;


Asset-backed Islamic Securities

This Sukuk is asset backed green Sukuk with a value of BDT 30 billion equivalent Assets (specific Solar Machineries and
Textile Machineries) which will be transferred to the Beximco Green Sukuk Trust (SPV).
The purpose of the Green Sukuk issue under Public Offer will be the construction of Solar Projects of Teesta Solar Limited
of BDT 18.84 billion and Korotoa Solar Limited of BDT 3.06 billion, the two subsidiaries of BEXIMCO Power Company
Limited; financing and refinancing (non-interest bearing) of machinery and equipment required for the expansion of textile
division of BEXIMCO Limited of BDT 8.10 billion under Public Offer approval from Bangladesh Securities and Exchange
Commission.

Current Tax
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or subsequently
enacted after the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred Tax

The company maintains defined contribution plan for its eligible permanent employees. The eligibility is determined
according to the terms and conditions set forth in the deed.
company eligible to be members of the fund in accordance with the rules of the provident fund constituted under and
irrevocable trust. All permanent employees contribute 10% of their basic salary to the provident fund and the company
also makes equal contribution.
(b) Short-term employee benefits
Short-term employee benefits include salaries, bonuses, leave encashment, etc. Obligations for such benefits are
(c) Contribution to Workers’ Participation/Welfare Funds
This represents 5% of net profit before tax contributed by the Company as per provisions of Bangladesh Labor Law,
2013 and is payable to workers as defined in the said law.

The amount of proposed dividend has not been accounted for but disclosed in the notes to the accounts along with
dividend per share in accordance with the requirements of the Para 125 of International Accounting Standard (IAS) 1
(Revised 2009): Presentation of Financial Statements. Also, the proposed dividend has not been considered as “Liability”
in accordance with the requirements of the Para 12 & 13 of International Accounting Standard (IAS) 10: Events After The
Reporting Period, because no obligation exists at the time of approval of accounts and recommendation of dividend by
the Board Directors.
3.13 Earnings Per Share




This represents earnings for the year attributable to ordinary shareholders. As there was no preference dividend, minority
interest or extra ordinary items, the net profit after tax for the year has been considered as fully attributable to the ordinary
shareholders.
Weighted Average Number of Shares in Issue (Denominator)
Current year
This represents the number of ordinary shares outstanding at the beginning of the year plus the number of ordinary shares
issued during the period multiplied by a time-weighting factor. The time-weighting factor is the number of days the specific
shares are outstanding as a proportion of the total number of days in the year. However, the Bonus Shares issued during
the Period were treated as if they always had been in issue. Hence, in computing the Basic EPS, the total number of bonus
shares has been considered.
Earlier periods
The number of shares outstanding before the bonus shares issue has been adjusted for the proportionate change in the
number of shares outstanding as if the bonus issues had occurred at the beginning of the earliest periods reported, and
accordingly, in calculating the adjusted EPS of earlier periods, the total number of shares including the subsequent bonus
issue in current year has been considered as the weighted Average Number of Shares Outstanding during the earlier
periods.
The basis of computation of number of shares as stated above is in line with the provisions of IAS 33 Earnings Per Share.
The logic behind this basis, as stated in the said IAS is, that the bonus shares are issued to the existing shareholders
without any consideration, and therefore, the number of shares outstanding is increased without an increase in resources
generating new earnings.
Diluted Earnings per Share

No diluted EPS is required to be calculated for the year as there was no scope for dilution during the year under review.
3.14 Foreign Currency Translations

The Financial records of the company are maintained and the financial statements are stated in Bangladesh Taka. The
assets and liabilities denominated in foreign currencies at the financial position date are translated at the applicable rates of
exchanges ruling at that date. Exchange difference is charged off as revenue expenditure in compliance with the provisions
of IAS 21: the Effects of Changes in Foreign Exchange Rates. Foreign currency transactions are recorded at the applicable
rates of exchange ruling at the transaction date.

The cash generated from operating activities has been reported using the Direct Method as encouraged by IAS 7 whereby
major classes of gross cash receipts and gross cash payments from operating activities are disclosed.

In compliance with the requirements of IAS 10: Events after the Reporting Period, post balance sheet events that provide
additional information about the company’s position at the balance sheet date are reflected in the financial statements and
events after the balance sheet date that are not adjusting events are disclosed in the notes when material.


4.00 Property, Plant and Equipment - Carrying Value: Tk. 47,559,484,060
The details are stated below:
As at 30 June 2022
Amount in Taka
Particulars Land and Land Building and other Furniture, Fixture & Capital Work in
Development construction Equipment Progress
Cost /Valuation :
At 30 June 2021 13,246,242,158 10,021,853,969 25,136,825,617 1,032,630,797 318,502,760 15,069,267,422 64,825,322,723
Total addition during the year 1,054,952,301 928,079,127 51,746,686 6,677,795 2,041,455,909
Total Transferred & Capitalized - - - - - (1,356,895,000) (1,356,895,000)
At 30 June 2022 13,246,242,158 11,076,806,270 26,064,904,744 1,084,377,483 325,180,555 13,712,372,422 65,509,883,632
Depreciation :
At 30 June 2021 - 3,046,548,400 12,131,452,070 667,620,718 223,951,897 - 16,069,573,085
Total charged during the year - 402,371,329 1,395,552,053 62,682,838 20,220,267 - 1,880,826,487
At 30 June 2022 - 3,448,919,729 13,527,004,123 730,303,557 244,172,164 - 17,950,399,572
Carrying Value :
At 30 June 2022 13,246,242,158 7,627,886,541 12,537,900,621 354,073,926 81,008,391 13,712,372,422 47,559,484,060
As at 30 June 2021
Amount in Taka
Particulars Land and Land Building and other Furniture, Fixture & Capital Work in
Development construction Equipment Progress
Cost /Valuation :
At 30 June 2020 13,245,326,980 8,484,221,004 23,555,503,220 1,015,340,121 317,109,815 18,056,537,237 64,674,038,377
Total addition during the year 915,178 1,537,632,965 1,581,322,397 17,290,676 3,134,945 - 3,140,296,161
Total Transferred & Capitalized - - - - - (2,987,269,815) (2,987,269,815)
At 30 June 2021 13,246,242,158 10,021,853,969 25,136,825,617 1,032,630,797 318,502,760 15,069,267,422 64,825,322,723
Depreciation :
At 30 June 2020 - 2,678,365,338 10,684,358,475 603,138,790 201,898,917 - 14,167,761,520
Total charged during the year - 368,183,062 1,447,093,595 64,481,928 23,643,473 - 1,903,402,058
Adjustment for Assets disposed off - - - - (1,590,493) - (1,590,493)
At 30 June 2021 - 3,046,548,400 12,131,452,070 667,620,718 223,951,897 - 16,069,573,085
Carrying Value :
At 30 June 2021 13,246,242,158 6,975,305,569 13,005,373,547 365,010,079 94,550,863 15,069,267,422 48,755,749,638
Details of Revaluation done during the years 1977, 1988 , 2011 & 2013 :
Particulars Amount in Tk.
Increase by re-valuation in 1977 1,733,120
Increase by re-valuation in 1988 4,617,873
Increase by re-valuation in 2011 5,988,990,434
Increase by re-valuation in 2013 2,133,194,757
Total increase by re-valuation 8,128,536,184
Original Cost 57,381,347,448
Gross carrying amounts 65,509,883,632


Amount in Taka
as at
30-June-22 30-June-21
5.00 Investment Property: Tk. 27,536,526,497

Opening Balance 16,277,763,848 16,276,493,324
Addition during the year 11,258,762,649 1,270,524
27,536,526,497 16,277,763,848
This represents Land & Building held by the company for capital appreciation and/or rental income.
However, during the year ended 30 June 2016, a revaluation was done by an independent valuer Shiraz Khan Basak & Co.,
Chartered Accountants, R K Tower, 86 Bir Uttam C R Datta Road (312, Sonargaon), Level 10, Hatirpool, Dhaka-1205, and
the valuer has revalued the said land of the Company as of 30 March 2016, following “current cost method”.
6.00 Investment in Shares : Tk. 6,183,255,254

A. This consists of as follows:
(a) In Associated undertakings :
(i) In 73,483,009 Shares of Shinepukur Ceramics Ltd. (Subsidiary
Company-50% Shares) (Face value of Tk. 10.00) {Listed company,
Market value Tk. 51.80 per share on 30 June 2022} 3,806,419,866 1,895,861,632
(ii) In 3,189,926 Shares of Beximco Pharmaceuticals Ltd. (Face value
of Tk. 10.00) {Listed company, Market value Tk. 154.60
per share on 30 June 2022} 493,162,560 565,573,880
(iii) a) In 75,000,000 Shares of Beximco Power Co. Ltd.
(Face value of Tk. 10.00) 750,000,000 750,000,000
b) Share Money Deposit against 83,210,000 Shares of
Beximco Power Co. Ltd. (Face value of Tk. 10.00) 832,100,000 832,100,000
1,582,100,000 1,582,100,000
(iv) In 2,530 Shares of Beximco Synthetics Ltd. (Face value of Tk. 10.00)
{Average cost price per share is Tk. 8.40 per share against
face value of Tk.10.00} 21,252 21,252
5,881,703,678 4,043,556,764
(b) Others
(v) In 12 Shares of Jamuna Oil Ltd. (Face value of Tk. 10.00)
{Listed company, Market value Tk. 177.20 per share on 30 June 2022}2,126 1,949
(vi) In 32,997,800 Shares of GMG Airlines Ltd. (Average cost price per
share is Tk. 9.091 against face value of Tk.10.00) 299,980,000 299,980,000
(vi) In 571,181 Shares of Central Depository Bangladesh Ltd.
(Average cost price per share is Tk. 2.74 against face value of Tk. 10.00) 1,569,450 1,569,450
301,551,576 301,551,399
Total=(a+b) 6,183,255,254 4,345,108,163

B. The basis of valuation is stated in Note 3.05.1(a).
C. Disclosure in Respect of Subsidiary Company Under Section 186 of The Companies Act 1994
(a) Investment in subsidiary company Shinepukur Ceramics Ltd. of 73,483,009 shares represents 50.00% of the paid-up capital of the said
Company (146,966,055 shares of Tk. 10/ each). The accumulated profit of Shinepukur Ceramics Ltd. as on 30 June 2022 of Tk. 7,893,368
including net profit after tax for the year ended 30 June 2022 of Tk.57,979,923 as per its audited financial statements for the year ended
30 June, 2022 is being carried forward to the next year’s accounts of the said subsidiary company and has not been dealt with in or for
the purpose of the accounts of Bangladesh Export Import Company Limited.
(b) Investment in subsidiary company Beximco Power Ltd. of 75,000,000 shares represents 75.00% of the paid-up capital of the said
Company (100,000,000 shares of Tk. 10/ each). The Company has not gone into commercial operation.


Amount in Taka
as at
30-June-22 30-June-21
7.00 Long term Loans to Subsidiaries: Tk. 22,887,475,000

Loan to Teesta Solar Limited (TSL) 19,686,175,000 -
Loan to Korotoa Solar Limited (KSL) 3,201,300,000 -
22,887,475,000 -
As per the loan Agreement, Beximco Limited has provided loan to TSL and KSL for a period of 15 years. The repayment
will start after one month from the date of commissioning. TSL and KSL will pay to Beximco LTD. for rental Tk.141,262,500
and Tk. 22,950,000 per month respectively for 60 months.
8.00 Inventories : Tk. 13,577,733,734

Land (Real Estate Business) 430,661,634 418,811,023
Construction work in progress (Real Estate Business) 307,706,637 294,294,201
Land Development and Others (Real Estate Business) 41,156,379 64,697,501
Work in Process 1,656,334,983 1,287,684,909
Raw Materials 10,006,846,436 6,807,792,006
Stores and Spares 198,665,902 149,149,332
Finished Goods 930,583,592 396,546,812
Fish & Shrimp 3,838,746 5,750,846
Packing Materials 1,181,175 816,146
Fish Feed 758,250 1,093,210
13,577,733,734 9,426,635,986
9.00 Trade and Other Receivables : Tk. 24,832,572,886

10.00 Advances, Deposits and Pre-payments : Tk. 31,541,407,135

Advances against Purchase of Land and Others 30,408,281,217 27,638,994,615
L/C Margin 96,355,847 15,346,368
Advance Income Tax 857,465,683 407,477,314
Security Deposit 91,803,185 40,387,176
Other Advances 63,801,485 50,219,760
Bank Guarantee Margin 23,699,718 23,699,718
31,541,407,135 28,176,124,951



Amount in Taka
as at
30-June-22 30-June-21

This consist of as follows:
Cash in Hand 11,933,433 19,326,030
In Current Account with Banks 533,281,460 157,193,924
In STD Account with Banks 178,190,079 75,416,447
In Fixed Deposit and Accrued Interest thereon with a Bank 2,177,439 2,068,727
725,582,412 254,005,128
(a) Authorised
3,000,000,000 Ordinary Shares of Tk. 10/-each 30,000,000,000 10,000,000,000
(b) Issued, Subscribed and Paid-up

4,000,000 Ordinary Shares of Tk.10/-each fully paid-up in cash 40,000,000 40,000,000
700,605,814 (2020 :700,605,814) Ordinary Shares of Tk.10/-each
issued as fully paid-up bonus shares 7,006,058,140 7,006,058,140
22,019,999 Ordinary Shares of Tk.10/-each issued in exchange for acquisition of
shares of Shinepukur Ceramics Ltd. 220,199,990 220,199,990
12,600,000 Ordinary Shares of Tk.10/-each issued to the shareholders
of Shinepukur Holdings Ltd. 126,000,000 126,000,000
650,000 Ordinary Shares of Tk.10/-each issued to the shareholders
of Beximco Fisheries Ltd. 6,500,000 6,500,000
of Bangladesh Online Ltd. 119,098,400 119,098,400
of Dhaka-Shanghai Ceramics Ltd. 91,874,870 91,874,870
107,282,919 Ordinary Shares of Tk. 10/-each issued to the shareholders
of Bextex Garments Ltd. 1,072,829,190 1,072,829,190
of International Knitwear & Apparels Ltd. 26,494,700 26,494,700
of Beximco Fashions Ltd. 23,725,060 23,725,060
of Crescent Fashions & Design Ltd. 24,895,020 24,895,020
551,342 Ordinary Shares of Tk. 10/-each issued to the shareholders of
RR Washing Ltd.(Former Freshtex Bangladesh Ltd.) 5,513,420 5,513,420
Total 876,318,879 Shares of Tk. 10/= each 8,763,188,790 8,763,188,790


30-June-2022 30-June-2021
No. of Shares % No. of Shares %

(c) Composition of Shareholding
Sponsor:
A S F Rahman 63,204,992 7.21% 63,204,992 7.21%
Salman F Rahman 70,919,693 8.09% 70,919,693 8.09%
Associates 73,405,284 8.38% 43,697,686 4.99%
Shareholders who nominated Directors in the Board 89,869,748 10.26% 89,869,748 10.26%
Foreign Investors 6,618,945 0.76% 12,848,235 1.47%
Institutions 252,404,208 28.80% 119,337,184 13.62%
General Public 319,896,009 36.50% 476,441,341 54.37%
876,318,879 100% 876,318,879 100%
(d) Distributions Schedule–Disclosures under the Listing Regulations of Stock Exchanges:

The distribution schedule showing the number of shareholders and their shareholdings in percentage has been disclosed
below as a requirement of the “Listing Regulations” of Dhaka and Chittagong Stock Exchanges:
30-June-22 30-June-21
Share holding Range in number of Shares Number of Number of
Shares Holders % of total holding Shares Holders % of total holding
1 to 499 7,177,376 65,164 0.82% 9,674,003 64,306 1.10%
500 to 5,000 35,017,609 21,945 4.00% 50,390,671 30,919 5.75%
5,001 to 10,000 16,928,127 2,320 1.93% 26,126,149 3,565 2.98%
10,001 to 20,000 16,909,236 1,191 1.93% 29,052,160 2,026 3.32%
20,001 to 30,000 10,535,423 422 1.20% 18,539,931 742 2.12%
30,001 to 40,000 6,786,351 193 0.77% 12,181,305 347 1.39%
40,001 to 50,000 7,052,881 152 0.80% 10,989,047 235 1.25%
50,001 to 100,000 21,499,737 297 2.45% 34,544,791 473 3.94%
100,001 to 1,000,000 71,696,220 259 8.18% 133,159,461 477 15.20%
Over 1,000,000 682,715,919 54 77.91% 551,661,361 55 62.95%
Total 876,318,879 91,997 100.00% 876,318,879 103,145 100.00%
(e) Option on un issued shares

There is no option regarding authorized capital not yet issued but can be used to increase the issued, subscribed and paid-
(f) Market Price

The shares of the Company are listed in the Dhaka and Chittagong Stock Exchanges and quoted at Tk. 129.80 and Tk.
129.80 per share in the Dhaka and Chittagong Stock Exchanges on 30 June 2022.
(g) Voting rights

The rights and privileges of the shareholders are stated in the Bye Laws (Articles of Association) of the company.


13.00 Reserves : Tk. 38,510,675,080
Amount in Tk.
Fair Value Revaluation
This is arrived at as follows: Revaluation
Gain/ (Loss) Capital Reserve on
Reserve on Total
on Investment Reserve Investment
PPE
in Shares property
As on 30-06-2020 (223,841,596) 15,420,659,353 8,128,536,184 11,674,273,381 34,999,627,322
Addition/(Adjustment) during the year (Note-13.01) 1,672,900,667 - - - 1,672,900,667
As on 30-06-2021 1,449,059,071 15,420,659,353 8,128,536,184 11,674,273,381 36,672,527,989
Addition/(Adjustment) during the year (Note-13.01) 1,838,147,091 - - 1,838,147,091
As on 30-06-2022 3,287,206,162 15,420,659,353 8,128,536,184 11,674,273,381 38,510,675,080
13.01 Addition/(Adjustment) to fair value of investment in shares represents Gain/(Loss) on revaluation of shares of listed
companies at quoted price on the balance sheet date.
Amount in Taka
as at
30-June-22 30-June-21
14.00 Long Term Loans - Net-off Current Maturity (Secured) : Tk. 32,241,937,254
Sonali Bank Ltd. - Long Term-6 Years ( Block-Interest Bearing )-A/C 9,588,000,000 11,844,000,000
Janata Bank Ltd. - Long Term Loan ( 6 Years) 8,916,313,388 9,953,220,298
Agrani Bank Ltd- Demand loan 1,299,884,264 1,408,900,000
Agrani Bank Ltd- Intestrial Credit project 625,796,307 1,101,600,000
National Bank Ltd. - Long Term (12 years ) Loan General LD -1293 1,040,640,000 1,368,867,870
Exim Bank Ltd-LD1936318294 1,765,696,000 2,207,120,000
Exim Bank Ltd LD2108820251 1,036,275,862 1,243,531,031
AB Bank Ltd- Term Loan (6 Years) A/C -462 413,603,106 472,826,030
United Commercial Bank Ltd 3,362,108,327 -
Rupali Bank Ltd. - Long Term loan -IDCP(12 Years) - 1,478,152,301
32,241,937,254 37,398,217,530
Nature of security:
Pursuant to supplemental Lender’s Pari-passu Security Sharing Agreement between the Company and the Lenders, the loans
are secured by:
(i) first pari-passu charges of immovable property of present and future; and
(ii) first pari-passu charge by way of hypothecation of all other assets of the company both present and future terms of
repayment.
15.00 Beximco Green Sukuk Al-Istisna-Net-off Current Maturity : Tk. 24,000,000,000

Beximco Green Sukuk Al Istisna 30,000,000,000
Less : Beximco Green Sukuk Al Istisna-Current Maturity (Note-18.00) (6,000,000,000) -
Beximco Green Sukuk Al Istisna-Net-off Current Maturity 24,000,000,000 -


Beximco Green Sukuk Al-Istisna’a :

This represents convertible/redeemable & asset backed BEXIMCO GREEN SUKUK AL-ISTISNA for a total of BDT 30 Billion of
which 50% (BDT 15 billion) has been offered through Private Placement, 25% (BDT 7.5 billion) offered to existing shareholders
and the rest 25% (BDT 7.5 billion) offered to the public through Initial Public Offer (IPO).
Return/Benefit :
i) Base rate at 9% :
Investors will get guaranteed 9% secured annual return.
ii) Profit Margin Rate :
In addition, the Sukuk is participative which means an additional 10% of the difference between the base rate (9%) and the
annual dividend that Beximco Ltd will declare in a specific year will be added to the base rate.
Conversion Option :
Green-Sukukholders shall have the option to convert gradully up to 100% of their respective investment in the Green Sukuk
Al Istisna into ordinary shares of BEXIMCO Ltd. within 5 years as follows:
i) Maximun 20% convertible at the option of the Green-Sukukholders per year;
ii) Conversion option can be exercised at a multiple of 5%, i.e. 5%, 10%, 15% and 20%;
iii) Unexercised options of conversion of last year can be exercised in the following year as well, along with the current
year’s options.
iv) If any Sukukholder does not exercise the Conversion Option in full or in part during the tenure of the Sukuk, the remaining
amount of the Sukuk will be redeemable at maturity in one bullet payment.
Conversion Rate:
Conversion rate to be determined at a 25% discounted rate on the 20 days Weighted Average Market Price prior to the
record date of the Dhaka Stock Exchange (DSE).
Record Date :
Credit Enhancement :
Beximco Ltd shall provide Corporate Guarantee for the payment obligations of the Beneficiaries to the Beximco Green
Sukuk Al Istisna Trust (SPV) securing ultimately the Final Redemption Payments to the Sukukholders.
Amount in Taka
as at
30-June-22 30-June-21
16.00 Deferred Tax Liability : Tk. 1,215,216,042

(a) Deferred Tax Liability is arrived at as follows:
Book Value of Depreciable PPE 20,812,000,275 20,636,897,992
Less : Tax base WDV of PPE (10,514,609,331) (10,839,872,133)
Un-absorbed portion of Depreciation Benefit (2,196,981,286) (2,196,981,286)
Taxable Temporary Difference 8,100,409,658 7,600,044,573
Effective Tax Rate 15% 15%
(b) Deferred Tax Expense is arrived at as follows:
Opening Deferred Tax Liabilities 1,140,103,436 1,013,395,676
Deferred Tax (Income) / Expense 75,112,606 126,707,760


Amount in Taka
as at
30-June-22 30-June-21
17.00 Long Term Loans - Current Maturity (Secured) : Tk. 18,569,833,600

National Bank Ltd. - Long Term (12 years ) Loan General LD -1293 693,884,074 308,502,048
AB Bank Ltd.- Term Loan (6 Years) A/C-462 184,519,432 163,271,476
Exim Bank Ltd-LD1936318294 727,172,577 471,653,615
Rupali Bank Ltd. - Long Term Loan ( 6 Years) 3,751,217,277 2,261,778,344
Sonali Bank Ltd. - Long Term (Block-Interest Bearing )-New 5,851,292,734 2,919,338,781
Janata Bank Ltd. - Long Term Loan (12 Years) 759,961,840 831,232,820
AB Bank - Time Loan AC-463 1,154,637,952 1,139,728,499
AB Bank - Term Loan AC-464 126,450,817 136,816,752
Agrani Bank Ltd- Demand loan 575,586,285 763,370,549
Agrani Bank Ltd- Demand loan Interest 395,328,819 216,636,312
Agrani Bank Ltd- Intestrial Credit project 1,487,508,293 1,418,683,489
Agrani Bank Ltd- Intestrial Credit project Interest 295,119,477 147,360,348
Exim Bank Ltd LD2108820251 486,951,138 242,766,752
Rupali Bank Ltd. - Long Term loan -IDCP 2,079,362,358 -
Janata Bank Ltd. -Cash subsidy loan 840,527 -
10% Debentures - 29,831,765
Agrani Bank Ltd Interest Block Account - 106,768,572
Sonali Bank Ltd. - Short Term (6 years ) - 66,855,188
Sonali Bank Ltd. - Long Term (12 years ) - 134,928,209
18,569,833,600 11,359,523,519
This represents that portion of term loan which has been due for repayment up to the date of statement of financial position
and the amount repayable within 12 (twelve) months from the date of statement of financial position.
18.00 Beximco Green Sukuk Al Istisna -Current Maturity:Tk. 6,000,000,000
Beximco Green Sukuk Al Istisna -Current Maturity 6,000,000,000 -
6,000,000,000 -
19.00 Short Term Loan : Tk. 3,815,122,464
Secured Loans from Banks
Janata Bank Ltd. - CCH 1,997,594,906 927,495,527
Janata Bank Ltd. -Cash subsidy loan 248,602,000 91,826,067
Exim Bank Ltd CCH (01) 1,023,250,575 -
Exim Bank Ltd CCH (02) 545,674,983 -
United Commercial Bank Ltd CCH - 3,236,903,789
3,815,122,464 4,256,225,383
20.00 Trade and Other Payables : Tk. 9,025,533,751

Creditors for Goods 4,832,811,849 7,406,185,452
Income Tax Payables 2,769,492,480 1,451,048,960
Other Current Liabilities 1,408,229,422 3,931,270,019
Security Deposit from Distributor 15,000,000 15,000,000
9,025,533,751 12,803,504,431


Amount in Taka
01.07.2021- 01.07.2020-
30.06.2022 30.06.2021
21.00 Dividend payable/unclaimed Dividend : Tk. 62,962,746

The Cash Dividend declared for the year 2020-2021 were approved by the shareholders in the Annual General Meeting
held on December 23,2021.The Dividend Payable/Unclaimed dividend as on June 30,2022 consists of Tk.19,612,551
payable for the year 2021-22 and the balance Tk.43,350,195 for the prior years unclaimed to date.
22.00 Revenue : Tk. 73,359,401,035

Sale of Goods (Note - 22.01) 73,327,080,985 41,956,186,380
Dividend Income 30,963,590 19,903,417
Capital Gain/(Loss) on Sale of Shares (1,260,180) (1,298,596)
Other Income 2,616,640 42,365,704
73,359,401,035 42,017,156,905
22.01 Sale of Goods : Tk. 73,327,080,985
This represents sales of:
(a) Yarn, Fabrics & Others 72,937,942,170 41,554,920,304
(b) IT Supprt Service 303,858,757 396,347,791
(c ) Software Sale 73,452,533 -
(d) Fish & Shrimp 11,827,525 4,918,285
73,327,080,985 41,956,186,380
23.00 Cost of Revenue : Tk. 49,904,833,748
This represents cost of goods sold against sale of:
(a) Yarn, Fabrics & Others (Including depreciation of Tk. 1,864,535,416) 49,589,181,691 27,666,973,824
(b) IT Support Service and Software (Including depreciation of Tk. 6,797,399) 303,619,806 308,388,590
(c) Shrimp and Fish (Including depreciation of Tk.1,665,200) 12,032,251 10,268,212
49,904,833,748 27,985,630,626
24.00 Administrative Expenses : Tk. 1,345,623,131
This consists of:
Salaries and Allowances 880,949,228 675,979,424
Car Repairs and Maintenance 46,081,301 20,965,023
Fees and Charges 36,333,833 25,538,559
Repairs and Maintenances 66,325,908 34,252,439
Rent, Rates and Taxes 159,040,737 43,359,809
Travelling and Conveyance 30,168,326 9,723,072
Miscellaneous Overhead 25,486,913 15,459,764
Postage,Telegram,Telex &Telephone 21,351,448 14,268,663
Entertainment 15,280,688 9,226,322
Depreciation 7,828,473 7,690,538
Insurance 1,411,082 948,574
Petrol, Fuel, Electricity, Gas and Water 2,206,178 2,345,282
Printing and Stationery 7,972,261 6,048,845
Publicity and Advertisement 2,148,288 2,267,384
Staff Welfare 33,163,602 8,241,319
AGM Expenses 486,766 834,320
Audit Fee (Including VAT @ 15%) 2,185,000 2,070,000
Subscription 6,672,744 1,202,360
Contribution to Provident Fund 333,435 422,498
Training 196,920 111,719
1,345,623,131 880,955,914


Amount in Taka
01.07.2021- 01.07.2020-
30.06.2022 30.06.2021
25.00 Finance Cost : Tk. 6,428,837,902

Interest on Loan from Banks and Others 5,293,798,724 4,980,386,305
Bank Charges 113,803,145 37,616,389
Rental Expenses of Sukuk(Net)-Note-25.01 747,525,000 -
Issue Expenses of Sukuk 273,711,033 -
6,428,837,902 5,018,002,695
25.01 Rental Expenses of Sukuk(Net)

Financial expenses Under Green Sukuk Transactions 1,740,000,000 -
Less : Rental Income from TSL (847,575,000) -
Less : Rental Income from KSL (137,700,000) -
Less: Agency commission from TSL & KSL (7,200,000) -
747,525,000 -
26.00 Income Tax Expense/(Income) : Tk. 2,237,862,403

This represents:
(a) Current Tax:
Provision for the year 2,240,448,706 945,859,072
Short Provision for the year 2020-2021 (77,698,910) 22,626,104
(b) Deferred Tax (Income) / Expenses (Note-16.b) 75,112,606 126,707,760
2,237,862,403 1,095,192,936
(a) Current Tax:
Different divisions enjoy different tax rates and provisions. Also, Minimum tax payable by the company is higher of the
following:
i) Tax deducted at source U/S 52 and Rule 16 (against supply of local sales), U/S 53 (against Import materials) and
U/S 53BBBB (against exports sales)
ii) Turnover tax at the rate of 0.60% total Gross Revenue U/S 82C(4)
iii) Tax payable under regular assessment
Since Tax payable under regular assessment were higher during the year, the company has charged the total
amount of the Tax payable under regular assessment as provision of income tax expenses in the profit and loss
account.
27.00 Basic Earnings Per Share (EPS)

The computation of EPS is given below :
(a) Net Profit after Tax for the year 12,547,857,969 6,600,610,206
(b) Weighted Avarage Number of Shares Outstanding(Note-3.12) 876,318,879 876,318,879
(c) Basic EPS (a/b) (Par Value of Share Tk. 10/=) (Adjusted EPS ) 14.32 7.53


Amount in Taka
01.07.2021- 01.07.2020-
30.06.2022 30.06.2021
28.00 Net Asset Value Per Share

Total Assets 174,844,036,978 135,595,466,631
Less: Total Liabilities (94,930,605,857) (67,000,924,494)
Total Equity 79,913,431,121 68,594,542,137
Net Asset Value Per Share 91.19 78.28

Net cash flows from operating activities 1,368,801,932 (1,781,766,684)
Net operating cash flows per share (NOCFPS) 1.56 (2.03)
Net Profit After Tax 12,547,857,969 6,600,610,206
Adjustments for noncash items, non operating items and for the net changes in opreating accruals:
Depreciation 1,880,826,487 1,903,402,058
Financial expenses 5,870,999,549 -
(Gain)/Loss on sale of vehicle - 151,507
(Increase)/Decrease in Investment in Shares - (449,200,001)
Increase/(Decrease) Deferred Tax Liability 75,112,606 126,707,760
(Increase)/Decrease in Inventories (4,151,097,748) (3,061,786,565)
Transfer to Investment Property (11,258,762,649) (1,270,524)
(Increase)/ Decrease in Trade and Other receivables 3,527,506,031 (446,975,442)
(Increase)/ Decrease in Avances, Deposits and Pre-payments (3,365,282,183) (6,402,139,782)
Increases/(Decreases) in Creditors and Other Payables (1,254,930,084) 618,356,904
Increases/(Decreases) Accruals (2,523,040,596) (231,463,365)
Unclaimed Dividend/Dividend Paid 19,612,551 (438,159,440)
Net cash flows from operating activites 1,368,801,932 (1,781,766,684)
There was no Unrealised Foreign exchange gain or Loss during the year.
31.00 Related Party Transactions
length basis.
The nature of transactions and their total value is shown below:


Amount in Taka
Name of the Related Parties Nature of transactions Value of transactions during the Receivable / (Payable) at the end
year of the year
Beximco Pharmaceuticals Ltd. Investment in Shares - 493,162,560
Shinepukur Ceramics Ltd Investment in Shares - 3,806,419,866
Beximco Power Co. Ltd. Investment in Shares - 1,582,100,000
Teesta Solar Limited (TSL) loan 19,686,175,000 19,686,175,000
Korotoa Solar Limited(KSL) loan 3,201,300,000 3,201,300,000
Nature of Relationship
The Company, and the parties as stated above are subject to common control from same source i.e., Beximco Group.

There was no sum for which the Company is contingently liable as on 30 June 2022.

(a) There was no capital expenditure contracted but not incurred or provided for at 30 June 2022.
(b) There was no material capital expenditure authorized by the Board but not contracted for at 30 June 2022.
34.00 Claims Not Acknowledged As Debt

There was no claim against the Company not acknowledge as debt as on 30 June 2022.
35.00 Credit Facility Not Availed
There was no credit facility available to the company under any contract, but not availed of as on 30 June 2022 other than
36.00 Payments in Foreign Currency

(a) As the company has no loan in foreign currency, no loan and interest was remitted during the year.
(b) No dividend was remitted in foreign currency, during the year.
(c) No other expenses including royalty, technical expert and professional advisory fee, etc. was incurred or paid by the
company in foreign currency during the year.
(d) Payment against Imported Raw Material,Machinery & Spares: USD 108,972,392 (Equivalent BDT 9,262,653,329 ).
37.00 Commission, Brokerage or Discount Against Sales

No commission, brokerage or discount was incurred or paid by the company against sales during the year.


38.00 Payments/Perquisites to Managers & Directors

(a) The aggregate amounts paid / provided during the year in respect of managers and directors of the company as
defined on the Securities and Exchange Rules,2020 are disclosed below :
Amount in Taka
Particulars
01.07.2021 - 30.06.2022 01.07.2020 - 30.06.2021
Basic Salary 183,934,250 140,437,871
House rent allowance 45,552,658 30,412,774
Other allowances and benefits 35,123,948 28,314,108
264,610,856 199,164,753
(b) During the year under review:
(i) No compensation was allowed by the company to the Managing Director of the company;
(ii) No amount of money was spent by the company for compensating any member of the Board for special service rendered; and
(iii) No board meeting attendance fee was paid to the directors of the Company except to the independent director of Tk. 100,000.
39.00 Production Capacity, Actual Production and reason of Excess/Short Fall
Yarn Woven Fabric
Knit Fabric (QuantityIn Denim Fabric (Capacity
Quantity in Lbs (16’s Looms
Spindles Looms Output Capacity (Lm.) Kgs.) in Lm.)
equivalent)
No. of No. of
No. of No. of No. of
Spindles Installed Actual looms Installed Actual Installed Actual Installed Actual
Spindles looms looms
Actually Capacity Production Actually Capacity Production Capacity Production Capacity Production
installed Installed Installed
Operated Operated
120,320 120,320 8,070,500 68,823,061 293 293 67,873,000 65,324,876 9,000,000 8,206,348 110 42,000,000 40,369,824
Reason for Shortfall : Production as per market demand.

40.00 Disclosure on Operating Segments
Perticulars Textile division Other divisions Total

External revenue 72,937,942,170 421,458,865 73,359,401,035
Intra-segment revenue - - -
Total revenue 72,937,942,170 421,458,865 73,359,401,035
Depreciation 1,864,535,416 16,291,071 1,880,826,487
Operating expenses 1,281,896,876 213,439,483 1,495,336,359
Finance costs 6,155,011,186 273,826,716 6,428,837,902
Segment profit before tax 63,636,498,692 (82,098,405) 63,554,400,287
Segment assets 128,830,699,675 46,013,337,303 174,844,036,978
Segment liabilities 92,923,735,570 2,006,870,287 94,930,605,857
Note : In Compliance to the requirement of IFRS 8 (Operating Segment), information of the segments having 10% or more
revenue or profit or assets have been disclosed separately.
41.00 Financial Risk Management
The company management has overall responsibility for the establishment and oversight of the company’s risk
management framework. 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.
(a) Credit risk
(b) Liquidity risk
(c) Market risk


41.01 Credit Risk

41.02 Liquidity Risk

In extreme stressed conditions, the company may get support from the related company in the form of short term
financing.
41.03 Market Risk

Market risk is the risk that any change in market prices such as foreign exchange rates and interest will affect the company’s
income or the value of its holdings of financial instruments. The objective of market risk management is to manage and
control market risk exposures within acceptable parameters.
(a) Currency Risk
The company is exposed to currency risk on certain purchase such as import of raw material, machineries and
equipment. Majority of the foreign currency transactions are denominated in USD and relate to procurement of raw
materials, machineries and equipment from abroad.
(b) Interest Rate Risk
Interest rate risk is the risk that arises due to changes in interest rates on borrowing. There was no foreign currency

(a) Subsequent to the Statement of Financial Position date, the directors recommended 30% cash dividend (i.e. Tk.
3.00 per share) for the year ended 30 June 2022. The dividend proposal is subject to shareholders’ approval at the
forthcoming annual general meeting.
b) Except the above fact, no circumstances have arisen since this statement of Financial Position date which would
require adjustments to, disclosure in, the financial statements or notes thereto.

Dated : 27 October 2022

Dhaka.

AUDITOR’S REPORT
OF
SHINEPUKUR CERAMICS LIMITED


REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
We have audited the financial statements of Shinepukur Ceramics Limited (the “Company”), which comprise the statement of financial position
as at 30 June 2022, statement of profit or loss, statement of other comprehensive income, statement of changes in equity and statement of
cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at 30 June
2022 and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting
Standards (IFRSs), the Companies Act 1994, The Securities and Exchange Rules, 2020 and other applicable laws and regulations.
Basis for Opinion

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 Statements 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) together with the ethical requirements that are relevant to our audit of the financial statements in Bangladesh, and we have
fulfilled our other ethical responsibilities in accordance with these ethical requirements and the IESBA Code. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated and
separate financial statements of the current period. These matters were addressed in the context of our audit of the consolidated and
separate financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Revenue Recognition
At year end the company reported total revenue of Tk. Principal audit procedures:
1,722,741,566. • Obtained an understanding of the various revenue streams and nature of
sales contracts entered into by the company
The company manufactures and sells a number of
• Evaluated the design of internal controls to identification of performance
products for customers. The company sales contracts
obligations and determining timing of revenue recognition.
for determining the principles for recognizing revenue in
• Selected a sample of contract and though inspection of evidence of
accordance with accounting standard IFRS 15. Some of
performance of these controls, tested the operating effectiveness of the
the sales contracts contain various performance obligations
internal controls relating to the identification of performance obligations
and management exercises judgment to determine timing
and timing of revenue recognition.
of revenue recognition, i.e., over time or a point in time.
• Selected a sample of contracts and reassessed contractual terms to
determine adherence to the requirements of the new accounting standard.
See note No:( 3.1 & 18.00 ) to financial statements
Valuation of inventory
The company had inventory of Tk. 831,778,363. As at 30 We verified the appropriateness of management’s assumptions applied in
June, 2022 held in factory and showroom. Inventories are calculating the value of the inventory by:
carried at the lower of cost and net realisable value. As a • Evaluating the design and implementation of key inventory controls
result, the Directors apply judgment in determining the operating across the factory and showroom.
appropriate values for slow-moving or obsolete items.
• Attending Inventory counts and reconciling the count results to the
Since the values of inventory are significant to the financial inventory listing to the test the completeness of data.
statements and there is significant measurement uncertainty
involved in this valuation, the valuation of inventory was • Reviewing the requirement of inventory provisioning and action there
significant to our audit. upon by the management.
Comparing the net realizable value obtained through a detailed review of sales
subsequent to the year-end, to the cost price of a sample of inventories.
See Note No:(3.5 & 6.00) to the financial statements

Valuation of Property, Plant and equipment (PPE)

The carrying value of the PPE was Tk. 4,802,829,025 as at June, Our audit included the following procedures:
2022. • We assessed whether the accounting policies on relation to the
Expenditures are capitalized if they create new assets or enhance capitalization of expenditures are in compliance with IFRS and found
the existing assets, and expensed if they related to repair or them to be inconsistent.
maintenance of the assets. Classification of the expenditures
• We inspected a sample of invoices and L/C documents to determine
involves judgment’s useful lives of PPE items are based on
whether the classification between capital and revenue expenditure
management’s estimates regarding the period during which the
was appropriate.
assets or its significant components will be used. The estimates
are based on historical experience and market practice and take • We evaluated whether the useful lives determined and applied by the
into consideration the physical conditions of the assets. management were in line with historical experience and the market
The valuation of PPE was identified as a key audit matter due to the practice.
significance of this balance to the financial statements and that there • We checked whether the depreciation of PPE items was commenced
is significant measurement uncertainty involved in this valuation. timely, by comparing the date of the reclassification from capital work in
progress to ready for use, with date of the act of completion of the work.
See Note No: (3.2 & 4.00) to the financial statements
IT systems and controls

Our audit procedures have a focus on information • We tested the design and operating effectiveness of the company’s IT access
technology systems and controls due to the pervasive nature controls over the information systems that are critical to financial reporting.
and complexity of the IT environment, the large volume of We tested IT general controls (logical access, changes management and
transactions processed in numerous locations daily and the inspects of IT operational controls).this included testing that requests for
reliance on automated and IT dependent manual controls. access to systems were appropriately reviewed and authorized.
Our areas of audit focus included user access management, • We tasted the company’s periodic review of access rights. We inspect
developer access to the production environment and requests of changes to system for appropriate approval and authorization. We
changes to the IT environment. These are key to ensuring IT considered the control environment relating to various interfaces, configuration
dependent and application-based controls are operating and other application layer controls identified as key to our audit.
effectively.
See Note No: ( 2.8) to the financial statements
Other Information
Management is responsible for the other information. The other information comprises all of the information in the Annual report but
does not include the financial statements and our auditor’s report thereon.
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 when it becomes available and,
in doing so, consider whether the other information is materially inconsistent with financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required
to report that fact. We have nothing to report in this regard.
Responsibilities of Management and those Charged with Governance for the Financial Statements.
Management is responsible for the preparation and fair presentation of these financial statements in accordance with, International
Financial Reporting Standards (IFRSs), the Companies Act 1994, The Securities and Exchange Rules, 2020 and other applicable laws
and regulations and for such internal control as management determines is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.
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 operations, or has no realistic alternative but to do so.


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 auditors’ 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 decision of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional Skepticism throughout the audit. We also:
• Identify and asses 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 evidences that are sufficient and appropriate to provide a basis for audit
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud my
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
circumstances. but not for the purpose of expressing an opinion on the effectiveness of the internal control.
made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and based on the audit evidences 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 evidences 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.
audit of the consolidated and separate 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 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.

In accordance with the requirements of the Companies Act, 1994 and The Securities and Exchange Rules, 2020 and relevant notifications
issued by Bangladesh Securities and Exchange Commission, and the other applicable laws and regulations, 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;
b) In our opinion, proper books of account as required by law have been kept by the company so far as it appeared from our examination
of these books;
c) The company statement of Financial Position (Balance sheet) and Statement of Profit or Loss and Other Comprehensive Income
(Profit & Loss Account) dealt with by the report are in agreement with the books of account; and
d) The expenditures incurred and payment made were for the purpose of the company’s business for the year.
Dated, Dhaka M.J Abedin & Co.

27 October 2022 Chartered Accountants
Reg No: N/A

Enrollment No: 564
DVC: 2210300564AS176934


As at 30 June 2022
Amount in Taka
Notes 30-June-22 30-June-21
ASSETS
Non-Current Assets 5,156,776,337 5,289,144,884
Property, Plant and Equipment - Carrying Value 4.00 4,802,829,025 5,044,919,096
Investment in Shares 5.00 353,947,312 244,225,788
Current Assets 1,207,687,549 1,267,871,977
Inventories 6.00 831,778,363 876,561,784
Accounts & Other Receivables 7.00 113,967,509 186,484,430
Advances, Deposits & Prepayments 8.00 238,173,229 178,374,814
Total Assets 6,364,463,886 6,557,016,861
EQUITY AND LIABILITIES
Revaluation Surplus on Property, Plant and Equipment 11.00 2,966,690,015 2,966,690,015
Fair Value Loss on Investment in Shares 188,976,698 79,255,174
Retained Earnings 7,893,368 (13,345,041)
Non-Current Liabilities 373,606,732 378,691,096
Long Term Loans - Net-off Current Maturity(Secured) 12.00 143,475,614 158,722,703
Gratuity Payable 13.00 148,659,041 138,496,316
Deferred Tax Liability 14.00 81,472,077 81,472,077

Short Term Loans from Banks & Other 15.00 834,759,861 830,406,737
Long Term Loans-Current Maturity (Secured) 16.00 235,641,732 276,288,843
Creditors, Accruals and Other Payables 17.00 286,533,660 560,414,081
Unclaimed dividend 29.00 701,270 8,955,405

Approved and authorized for issue by the board of directors on 27 October 2022 and signed for and on behalf of the board.
Iqbal Ahmed O K Chowdhury, FCA Mohammed Humayun Kabir FCA Jesmin Ara Mitu
Director Director Chief Executive Head of Finance & Accounts
Dated, Dhaka M. J. ABEDIN & CO.

Reg No : N/A

Enrollment No: 564
DVC:2210300564AS176934

STATEMENT OF PROFIT OR LOSS

for the year ended 30 June 2022
Amount in Taka
Notes 01.07.2021- 01.07.2020-
30.06.2022 30.06.2021
Revenue 18.00 1,722,741,566 1,399,312,542

Cost of Goods Sold 19.00 (1,433,402,447) (1,166,433,505)
Gross Profit 289,339,119 232,879,037
Other Income 20.00 10,277,835 2,017,169
Operating Expenses (118,144,562) (98,731,782)
Administrative Expenses 21.00 (58,347,514) (49,232,297)
Selling & Distribution Expenses 22.00 (59,797,048) (49,499,485)
Profit from Operations 181,472,392 136,164,424

Finance Cost 23.00 (76,154,801) (78,838,068)
Profit before WPPF 105,317,591 57,326,356
Workers’ Profit Participation Fund (5,015,123) (2,729,826)
Net Profit Before Tax 100,302,468 54,596,530
Income Tax Income/(Expense) 24.00 (42,322,545) (8,217,838)
Net Profit After Tax for the year 57,979,923 46,378,692
Earning Per Share 25.00 0.39 0.32


Reg No : N/A

Enrollment No: 564
DVC:2210300564AS176934

STATEMENT OF OTHER COMPREHENSIVE INCOME

Amount in Taka
Particulars Notes 01.07.2021- 01.07.2020-
30.06.2022 30.06.2021
Net Profit /(Loss) After Tax for the year 57,979,923 46,378,692
Fair Value Gain/(Loss) on Investment in Shares 5.00 109,721,524 210,076,920
Total Comprehensive Income/(Loss) for the year 167,701,446 256,455,612

Amount in Taka
Particulars Fair Value Loss

Revaluation Retained
Share Capital on Investment Total Equity
Surplus on PPE Earnings
in Shares
Balance as on 1 July 2020 1,469,660,550 2,966,690,015 (130,821,746) (30,330,522) 4,275,198,297
Net Profit after tax for the year ended 30 June 2021 - - - 46,378,692 46,378,692
Fair Value Gain/(Loss) on Investnment in Shares (Note-5) - - 210,076,920 - 210,076,920
Cash Dividend (29,393,211) (29,393,211)
Total Balance as on 30 June 2021 1,469,660,550 2,966,690,015 79,255,174 (13,345,041) 4,502,260,698
Net Assets Value (NAV) Per Share 30.63
Balance as on 1 July 2021 1,469,660,550 2,966,690,015 79,255,174 (13,345,041) 4,502,260,698
Net Profit after tax for the year ended 30 June 2022 - - - 57,979,923 57,979,923
Fair Value Gain/(Loss) on Investnment in Shares (Note-5) - - 109,721,524 - 109,721,524
Cash Dividend - - - (36,741,514) (36,741,514)
Total Balance as on 30 June 2022 1,469,660,550 2,966,690,015 188,976,698 7,893,368 4,633,220,631
Net Assets Value (NAV) Per Share (Note: 26) 31.53

Reg No : N/A

Enrollment No: 564
DVC:2210300564AS176934


Amount in Taka
Notes 01.07.2021- 01.07.2020-
30.06.2022 30.06.2021
Cash Flows From Operating Activities:

Collections from turnover and other income 1,805,536,322 1,393,546,977
Payments for costs, expenses & others (1,544,126,038) (1,279,046,116)
Interest Paid (72,109,302) (75,729,985)
Income-Tax paid and /or deducted at sources (42,322,545) (23,536,016)
Net cash generated from operating activities 27.00 146,978,437 15,234,860
Cash Flows From Investing Activities:
Property, Plant and Equipment acquired (61,378,348) (19,917,701)
Net cash used in investing activities (61,378,348) (19,917,701)
Cash Flows From Financing Activities:

Increase/(Decrease) in Loan (51,541,076) 52,723,124
Dividend Payment (36,741,514) (29,393,211)
Net cash generated from financing activities (88,282,590) 23,329,913
Increase/(Decrease) in Cash and Cash Equivalents (2,682,501) 18,647,072
Cash and Cash Equivalents at the beginning of the year 26,450,949 7,803,877
Effect of exchange rate changes on cash and cash equivalents 27.00 - -
Cash and Cash Equivalents at the end of the year 9.00 23,768,448 26,450,949
Net Operating Cash Flows Per Share 28.00 1.00 0.10

Approved and authorized for issue by the board of directors on 27 October 2022 and signed for and on behalf of the board.

Reg No : N/A

Enrollment No: 564
DVC:2210300564AS176934


1 The background and activities of the Company

Shinepukur Ceramics Limited (SCL/the company) was incorporated in Bangladesh on 26 January 1997 under the
Companies Act, 1994 as a Private Limited Company and launched its manufacturing operation in 1999. The Company
was converted into a Public Limited Company on 7 May 2008. The Shares of the Company have been listed in the Dhaka
Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on 18 November 2008 under the DSE and CSE Direct Listing
Regulations 2006.
The registered office of the company is located at House No.17, Road No.2, Dhanmondi R/A, Dhaka. The industrial units
are located at Sarabo of Gazipur.

The company operates in a single industry segment. It is engaged in manufacturing and marketing of high-quality Porcelain
and high value-added Bone China Tableware, which it sells in the local as well as international markets.
2 Bases of Financial Statements – Preparation and Presentation
2.1 Measurement Bases

The financial statements have been prepared on the Historical Cost basis, except lands, buildings and plant & machinery
re-stated at current cost and investment in shares of listed companies are carried at fair value based on the period end
quoted price of Dhaka Stock Exchange Limited

Reporting Standards (IFRSs) as the applicable Financial Reporting Standards for public interest entities such as listed
entities with effect from 2 November 2020.
Accordingly, the financial statements have been prepared in accordance with IFRSs (including IASs) and the Companies Act,
1994, the Securities and Exchange Rules 2020. The title and format of these financial statements follow the requirements
of IFRSs which are to some extent different from the requirement of the Companies Act, 1994. However, such differences
are not material and in the view of management, IFRS format gives a better presentation to the shareholders.

(a) a statement of financial position as at 30 June 2022;
(b) a statement of profit or loss and other comprehensive income for the year ended from 01 July 2021 to 30 June 2022;
(c) a statement of changes in equity for the year ended from 01 July 2021 to 30 June 2022;
(d) a statement of cash flows for the year ended from 01 July 2021 to 30 June 2022; and





The financial Statements have been prepared for 12(Twelve) months (from 1st July 2021 to 30th June 2022).
Figures for the year ended 30 June 2021 have been re-arranged wherever considered necessary to ensure better
comparability with the current period without causing any impact on the reported result of operation ,Earnings Per Share,
Net Asset Value Per Share & Net Operating Cash Flow Per Share in the financial statement.

The preparation of financial statements in conformity with IFRSs / IASs 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 disclosure requirements for contingent assets and liabilities during the year and at the date of the
financial statements.
IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors prescribes that the effects of the revision of
accounting estimates has to be recognized in the period in which the estimates are revised. Accordingly, adjustment in
estimated cost of land & land Development of Taka-185,041,903 has been recognized during the year.
2.8 IT system and control

The company maintains its General Ledger in Application system (AS) 400 Server through software MAPICS (Manufacturing
Accounting and production Information Control System). Records relating to Human Resource (HR) including Employee’s
Attendance and Leave Registers and Payroll Accounting etc. and records relating to Operational activities including
Production, Inventory, Sales, Receivable, VAT accounting, etc. are maintains in desktop computers through database
software (s). Control on input and output end of the data on both (AS) 400 Server and desktop computers are secured. The
communication system(s) linked to intranet and internet are also secured from external risk(s) and threat(s) through use of
necessary firewall(s).
3. Significant Accounting Policies

In compliance with the requirements of IFRS 15: Revenue, revenue from receipts from customers against sales is recognized
when all performance obligation have been satisfied. Receipts from customers comprise sales price against export sales
and domestic sales.
Export sales are considered as revenue at FOB value. Usually export sales are transacted in FOB basis. Where export sales
are carried out other than at FOB price, additional costs are added to FOB price, accordingly those added costs (Ocean
Freight, Commission Payable, Cost of Insurance etc.) if any, are net off to arrive at FOB value of the said export sales in
order to be uniformed in revenue recognition.

Property, plant and equipment (including assets acquired under finance lease) are capitalized at cost of acquisition and
subsequently stated at cost revalued amount less accumulated depreciation in compliance with the requirements of IAS
16: Property, Plant and Equipment. The Cost of acquisition of an asset comprises its purchase price and any directly
attributable cost of bringing the assets to its working condition for its intended use inclusive of inward freight, duties and
non-refundable taxes.

In respect of major projects involving construction, related pre-operational expenses form part of the value of assets capitalized.
Expenses capitalized also include applicable borrowing cost considering the requirement of IAS 23: Borrowing Costs.



The company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an
item when that cost is incurred, it is probable that the future economic benefits embodied with the item will flow to the company
and the cost of the item can be measured reliably. Expenditure incurred after the assets have been put into operation, such as
repairs and maintenances is normally charged off as revenue expenditure in the period in which it is incurred. In situation where
it can be clearly demonstrated that the expenditure has resulted in an increase in the future economic benefit expected to be
obtained from the use of the fixed assets, the expenditure is capitalized as an additional cost of the assets. All other costs
are recognized to the statement of profit or loss and other comprehensive income as expenses if incurred. All up-gradation/
enhancement are generally charged off as revenue expenditure unless they bring similar significant additional benefits.
3.2.4 Software
3.2.5 Disposal of PPE

3.2.6 Depreciation on PPE
Depreciation is provided on all fixed assets except Land & Land Development at the following rates on reducing balance
basis over the periods appropriate to the estimated useful lives of the different types of assets:
Building and Other Construction 2.5%
Plant and Machinery 4.5%
Furniture & Fixture 20%
Office Equipment 20%
Non-derivative financial instruments comprise investment in shares, accounts and other receivables, cash and cash
equivalents, borrowings and other payables.
3.3.1 Financial Assets
(a) Investment in Shares
Investment in Shares of listed companies are carried in the statement of financial position at fair value based on DSE
quoted price at the period end and the gain / loss thereon were accounted for through other comprehensive income
considering it as “Available – for - Sale” financial assets.
(b) Accounts Receivable
Accounts receivable are created at original invoice amount less any provisions for doubtful debts. Provisions are
made where there is evidence of a risk of non-payment, taking into account ageing, provision experience and general
economic conditions. When an accounts receivable is determined to be uncollectible it is written off, firstly against any
provision available and then to the statement of profit or loss and other comprehensive income. Subsequent recoveries
of amounts previously provided for are credited to the statement of profit or loss and other comprehensive income.
(c) Advances and Deposits
(d) Cash and Cash Equivalents
banks on current and deposit accounts, which are held and available for use by the company without any restriction.



cancelled or expired.
3.4 Impairment
Accounts receivable and other receivables are assessed at each reporting date to determine whether there is any
objective evidence of impairment. Financial assets are impaired if objective evidence indicates that a loss event has
occurred after the initial recognition of the asset, and the loss event had a negative effect on the estimated future cash
flows of that asset that can be estimated reliably. Objective evidence that financial assets are impaired can include
default or delinquency by a debtor, indications that a debtor or issuer will enter bankruptcy, etc.
An asset is impaired when its carrying amount exceeds its recoverable amount. The company assesses at each
reporting date whether there is any indication that an asset may be impaired. If any such indication exists, the company
estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of its fair value less
costs to sell and its value in use. Carrying amount of the asset is reduced to its recoverable amount by recognizing an
impairment loss if, and only if, the recoverable amount of the asset is less than its carrying amount. Impairment loss
is recognized immediately in profit or loss, unless the asset is carried at revalued amount. Any impairment loss of a
revalued asset shall be treated as a revaluation decrease.
3.5 Inventories
Inventories are carried at the lower of cost and net realizable value as prescribed by IAS 2: Inventories. Cost is determined
on weighted average cost basis. The cost of inventories comprises of expenditure incurred in the normal course of business
in bringing the inventories to their present location and condition. Net realizable value is based on estimated selling price
less any further costs expected to be incurred to make the sale.
3.6 Provisions
A provision is recognized in the statement of financial position when the company has legal or constructive obligation as
reliable estimate can be made of the amount of the obligation. Provision is ordinarily measured at the best estimate of the
value of money is material, the amount of provision is measured at the present value of the expenditure expected to be

Current Tax
Applicable Income Tax Rate is 22.50% on taxable income. However, there are provisions for minimum tax u/s 82(C).
Provision for current tax has been made considering the minimum tax payable which is higher than tax would be payable
under regular assessment.
Deferred Tax


3.8 Interest Income

Interest Income is recognized on accrual basis.

The company maintains both contribution plan and defined benefit plan for its eligible permanent employees.
company eligible to be members of the fund in accordance with the rules of the provident fund constituted under
an irrecoverable trust. All permanent employees contribute 10% of their basic salary to the provident fund and the
company also makes equal contribution.
The company recognizes contribution to defined contribution plan as an expense when an employee has rendered
services in exchange for such contribution. The legal and constructive obligation is limited to the amount it agrees to
contribute to the fund.
(b) Defined Benefits Plan (Gratuity)
Employees are entitled to gratuity benefit after completion of minimum five years of services in the company. The
gratuity is calculated on the latest applicable basic pay and is payable at the rate of one-month basic pay for every
completed year of service.
(c) Short-term Employee Benefits
Short-term employee benefits include salary, bonuses, leave encashment etc. Obligations for such benefits are
(d) Contribution to Workers’ Participation/Welfare Funds
This represents 5% of net profit before tax contributed by the Company as per provisions of Bangladesh Labor Act
2013 (amendment) and is payable to workers as defined in the said law.
(e) Group Insurance Scheme
Employees of the company are covered under group life insurance scheme.

The amount of proposed dividend is not accounted for but disclosed in the notes to the accounts in accordance with the
requirements of the International Accounting Standard (IAS) 1: Presentation of Financial Statements. Also, the proposed
dividend is not considered as liability in accordance with the requirement of International Accounting Standard (IAS) 10:
Events after the Reporting Period, because no obligation exists at the time of approval of accounts and recommendation
of dividend by the board of Directors.
3.11 Earnings per Share

This represents earnings for the year attributable to ordinary shareholders. As there was no preference dividend, minority
interest or extra ordinary items, the net profit after tax for the year has been considered as fully attributable to the ordinary
shareholders.
Weighted Average Number of Ordinary Shares Outstanding during the year (Denominator)
Current Year
The total number of shares has been considered as the Weighted Average number of Shares outstanding during the year.
Earlier Periods
The total number of shares has been considered as the Weighted Average Number of Shares outstanding during the year
earlier periods.


The basis of computation of number of shares as stated above is in line with the provisions of IAS 33: “Earnings Per Share”.
Diluted Earnings per Share
No diluted EPS is required to be calculated for the year, as there was no scope for dilution during the year under review.
3.12 Foreign Currency Transactions

The Financial records of the company are maintained and the financial statements are stated in Bangladesh Taka. Foreign
currency transactions are recorded at the applicable rates of exchange ruling at the transaction date.
The monetary assets and liabilities, if any, denominated in foreign currencies at the balance sheet date are translated at
the applicable rates of exchanges ruling at that date. Exchange differences are charged off as revenue expenditure in
compliance with the provisions of IAS 21: The Effects of Changes in Foreign Exchange Rates. However, as a requirement
of the companies Act 1994, exchange loss relating to foreign currency loan has been capitalized to relevant fixed assets
being procured under the said obligation.

The cash generated from operating activities has been reported using the Direct Method as encouraged by IAS 7 whereby
major classes of gross cash receipts and gross cash payments from operating activities are disclosed. However, Cash
generated from operating activities using indirect method has also been calculated and disclosed in notes to the accounts
(Note: 27)

In compliance with the requirements of IAS 10: Events after the Reporting Period, post balance sheets events that provide
additional information about the company’s position at the balance sheet date are reflected in the financial statements and
events after the balance sheet date that are not adjusting events are disclosed in the notes when material.


4.00 Property, Plant and Equipment-Carrying Value : Tk. 4,802,829,025

As at 30 June 2022
Amount in Taka
Particulars Land & Land Building & Other Plant & Office Furniture & Transport &
Total
Development Construction Machinery Equipment Fixture Vehicle
Cost or Valuation:
At 1st July 2021 1,882,071,406 1,864,517,883 3,672,085,071 59,387,466 31,155,868 21,709,479 7,530,927,173
Adjustment (Note-2.7) 185,041,903 185,041,903
Addition during the year - 14,724,069 46,654,279 - - - 61,378,348
Disposal During the year - 1,652,054 1,652,054

At 30 June 2022 1,697,029,503 1,879,241,952 3,718,739,350 59,387,466 31,155,868 20,057,425 7,405,611,564
Depreciation:
At 1st July 2021 - 499,038,190 1,880,772,721 56,413,961 29,145,295 20,637,909 2,486,008,077
Depreciation for the year - 34,505,094 82,708,498 594,701 402,115 213,865 118,424,273
Adjustment for Disposal 1,649,811 1,649,811
At 30 June 2022 - 533,543,284 1,963,481,220 57,008,662 29,547,410 19,201,964 2,602,782,539
Carrying Amount:
As at 30 June 2022 1,697,029,503 1,345,698,668 1,755,258,130 2,378,804 1,608,458 855,461 4,802,829,025
As at 30 June 2021
Amount in Taka
Particulars Land & Land Building & Other Plant & Office Furniture & Transport &
Total
Development Construction Machinery Equipment Fixture Vehicle
Cost or Valuation:
At 1st July 2020 1,882,071,406 1,861,441,793 3,655,471,460 59,159,466 31,155,868 21,709,479 7,511,009,472
Addition during the year - 3,076,090 16,613,611 228,000 - - 19,917,701
-
At 30 June 2021 1,882,071,406 1,864,517,883 3,672,085,071 59,387,466 31,155,868 21,709,479 7,530,927,173
Depreciation:
At 1st July 2020 - 464,025,890 1,796,365,333 55,670,585 28,642,652 20,370,017 2,365,074,477
Depreciation for the year - 35,012,300 84,407,388 743,376 502,643 267,892 120,933,600
At 30 June 2021 - 499,038,190 1,880,772,721 56,413,961 29,145,295 20,637,909 2,486,008,077
Carrying Amount:
As at 30 June 2021 1,882,071,406 1,365,479,693 1,791,312,350 2,973,505 2,010,573 1,071,570 5,044,919,096


Disclosure on Revaluation:
(a) The break-up of total revaluation surplus as included in the carrying amount is stated below:
Amount in Taka
Particulars
Land & land Building & other Plant &
Total
Development Construction Machinery
Surplus on Revaluation in 2004 192,466,272 - - 192,466,272
Surplus on Revaluation in 2008 376,892,108 351,072,849 433,853,724 1,161,818,681
Surplus on Revaluation in 2011 953,362,500 547,975,861 111,066,701 1,612,405,062
Total Surplus on Revaluation 1,522,720,880 899,048,710 544,920,425 2,966,690,015
(b) M/S G.K.Adjusters Ltd.(Insurance Surveyors, Loss Adjusters, Controllers, Consultants and Valuers) of Chand Mansion (5th
floor) , 66, Dilkusha Commercial Area, was involved to carry out the revaluation of 2004.
(c) SF Ahmed & Co, Chartered Accountants, House 25, Road 13A, Block - D, Banani, Dhaka - 1213 and valuers have revalued
the lands, buildings and plant & machinery of the Company as of 31 December 2008, following “”current cost method””.
Such revaluation resulted in a revaluation surplus aggregating Tk. 1,161,818,681.
(d) Ata Khan & Co, Chartered Accountants, 67 Motijheel Commercial Area, Dhaka - 1000 and valuers have revalued the lands,
buildings and plant & machinery of the Company as of 31 December 2011, following “current cost method”. Such revaluation
resulted in a revaluation surplus aggregating Tk. 1,612,405,062.


Amount in Taka
as at
30-June-22 30-June-21

The basis of valuation is stated in Note 3.3.1 (a).
This consists of Investment in Shares of listed Companies as follows :
(a) In 65,716 (30.06.2021: 65,716) Shares of Beximco Synthetics Ltd.
(Face value Tk. 10.00),(Listed company,
Market value Tk. 8.40 per share on 30 June 2022) 552,014 552,014
(b) In 2,722,614 (30.06.2021: 2,722,614) Shares of Bangladesh
Export Import Co. Ltd.(Face value Tk. 10.00 ),(Listed company,
Market value Tk. 129.80 per share on 30 June 2022) 353,395,297 243,673,774
353,947,312 244,225,788
30.06.2022 30.06.2021
Beximco Beximco Beximco Beximco

Total Total
Synthetics Ltd. Ltd. Synthetics Ltd. Ltd.
Opening Balance 552,014 243,673,774 244,225,788 440,297 33,708,571 34,148,868
Adjustment for Sales during the year - - - - - -
552,014 243,673,774 244,225,788 440,297 33,708,571 34,148,868
Less: Quoted Price on year end 552,014 353,395,297 353,947,312 552,014 243,673,774 244,225,788
Fair Value Gain/(Loss) on Investment in Shares 0 109,721,523 109,721,524 111,717 209,965,203 210,076,920
6.00 Inventories : Tk. 831,778,363

Raw Material & Chemical 207,180,747 141,900,236
Packing Material 16,791,622 4,639,404
Stores & Spares 82,010,439 91,142,767
Work-in-process 279,975,834 275,774,295
Finished Goods 245,819,721 363,105,082
831,778,363 876,561,784
7.00 Accounts & Other Receivables : Tk. 113,967,509

This is considered good and is falling due within the year.
No amount was due by the directors ( including Managing Director ), managing agent, managers and other officers of the
No amount was due by any associated undertaking.
8.00 Advances, Deposits & Prepayments : Tk. 238,173,229

This is considered good and consists of as follows:
Advances ( Note - 8.01) 191,899,973 161,284,605
Deposits (Note - 8.02) 46,273,256 17,090,209
238,173,229 178,374,814


Amount in Taka
as at
30-June-22 30-June-21
8.01 Advances : Tk. 191,899,973

L/C-Margin & Others 40,218,022 52,107,189
Advance Income Tax (Note - 8.01.01) 150,663,028 108,340,483
Employees (other than officers) 172,559 425,245
Advance against Expenses 846,364 411,688
191,899,973 161,284,605
No amount was due by the Directors (including Managing Director), Managing Agent, Managers and other Officers of the
Company and any of them severally or jointly with any other person.
No amount was due by any associated undertaking.
Advances to employees (other than officers) are realisable from monthly salary in installments.
8.01.01 Advance Income Tax : Tk. 150,663,028

This has been arrived at :
Opening Balance 108,340,483 115,170,554
Add : Paid/Deducted during the year under review ( Note 17.01 ) 42,322,545 23,536,016
Less : Adjustment during the year - (30,366,087)
Closing Balance 150,663,028 108,340,483
8.02 Deposits : Tk. 46,273,256

VAT Deposit 32,109,277 2,926,230
Bank Guarantee Margin 2,755,718 2,755,718
46,273,256 17,090,209

This consists of :
(a) In Hand: 30,786 178,440
(b) At Banks in : 23,737,662 26,272,509
(i) Current Account 14,148,558 11,282,243
(ii) STD Account 7,538,825 12,936,987
(iii) FDR Account 2,050,279 2,053,279
23,768,448 26,450,949

This represents :
(a) Authorised :
500,000,000 Ordinary Shares of Tk.10/-each 5,000,000,000 5,000,000,000
(b) Issued, subscribed and paid -up:
66,060,000 Ordinary Shares of Tk.10/-each fully paid-up in cash 660,600,000 660,600,000
61,736,571 Ordinary Shares of Tk.10/-each fully paid-up bonus shares 617,365,700 617,365,700
19,169,485 Ordinary Shares of Tk.10/-each fully paid-up bonus shares 191,694,850 191,694,850
Total 146,966,055 shares of Tk. 10/- each fully paid-up 1,469,660,550 1,469,660,550


(c) Statement of Share Position:
30-June-22 30-June-21
Name of the Shareholders
No. Of Shares Holding % No. Of Shares Holding %
Bangladesh Export Import Co.Ltd. 73,483,009 50.00% 73,483,009 50.00%
Sponsors & Directors 4 0.00% 4 0.00%
Institutions 7,410,436 5.04% 12,250,355 8.34%
General Public 66,072,606 44.96% 61,232,687 41.66%
146,966,055 100% 146,966,055 100%
(d) Distribution Schedule:
30-June-2022
Share holdings No. of
No.of Shares Holding %
Shareholders
Less than 500 shares 7,061 978,734 0.67
500 to 5,000 shares 5,409 9,222,585 6.28
5001 to 10,000 shares 807 6,184,372 4.21
10,001 to 20,000 shares 511 7,560,330 5.14
20,001 to 30,000 shares 194 4,900,822 3.33
30,001 to 40,000 shares 77 2,689,202 1.83
40,001 to 50,000 shares 79 3,716,511 2.53
50,001 to 100,000 shares 124 8,874,103 6.04
100,001 to 1,000,000 shares 107 24,995,433 17.01
Over 1,000,000 shares 4 77,843,963 52.97
Total 14,373 146,966,055 100
(e) Market Price:

The shares of the Company are listed with in the Dhaka and Chittagong Stock Exchanges and quoted at Tk. 51.80 (in 30
June 2021; Tk 25.50) per share in the Dhaka Stock Exchange and Tk. 51.80 per share in the Chittagong Stock Exchange
(in 30 June 2021; Tk 25.50).
(f) Option on unissued shares :

There is no option regarding authorized capital not yet issued but can be used to increase the issued, subscribed and paid
(g) Voting Rights :

The rights and privileges of the shares are stated in the Bye-laws (Articles of Association) of the Company.
11.00 Revaluation Surplus on Property, Plant and Equipment : Tk. 2,966,690,015

This is as per last year accounts. Details are stated in Note - 4.


Amount in Taka
as at
30-June-22 30-June-21
12.00 Long Term Loans- Net-Off Current Maturity (Secured) : Tk. 143,475,614
This represents loans from :
Bank Asia Ltd. - Term Loan - 39,458,469
143,475,614 158,722,703
Nature of Security :
(i) Equitable mortgage over the immovable property.
(ii) Hypothecation by way of a floating charge on all other movable assets both present and future.
(iii) First Charge over all the finished stock, Work-In-Process and current assets excluding book debts.
Terms of Repayment :
In 20 (Twenty) equal Quarterly installments commencing from 30 March 2017 as per revised sanction.
Phonix Finance & Investment:
In 96 (Ninety six) equal monthly installments commencing from 25 July 2015 as per revised sanction.
Rate of interest :
Phonix Finance & Investment:
11 % p.a. or the lending rate applicable from time to time based on Bank rate / policy.
13.00 Gratuity Payable : Tk. 148,659,041

Opening Balance 138,496,316 133,421,835
Add: Addition during the year 10,594,320 8,065,824
149,090,636 141,487,659
Less: Payment during the year (431,595) (2,991,343)
Closing Balance 148,659,041 138,496,316
14.00 Deferred Tax Liability : Tk. 81,472,077
Deferred Tax Liability is arrived at as follows:
Opening Deferred Tax Liabilities 81,472,077 81,472,077
Deferred Tax Expense /(Income): 14.02 - -
Closing Deferred Tax Liabilities 81,472,077 81,472,077
14.01 Deferred Tax Expense/(Income) is arrived at as follows
Year end WDV of PPE including revalued amount 4,802,829,025 5,044,919,096
Less: Revalued amount of Building, Plant & Machinery (1,443,969,135) (1,443,969,135)
Less: Land and Land Development at Revalued amount (1,697,029,503) (1,882,071,406)
Year end WDV of PPE excluding revalued amount 1,661,830,387 1,718,878,556
Year end tax base WDV of PPE 704,984,311 930,098,429

Taxable Temporary Difference 956,846,077 788,780,127
Applicable Tax Rate 16% 18%
Deferred Tax Liability before unabsorbed tax depreciation benefit 153,095,372 138,825,302
Less: Unabsorbed tax depreciation benefit (71,623,295) (57,353,225)
Closing deferred Tax Liability 81,472,077 81,472,077


Amount in Taka
as at
30-June-22 30-June-21
14.02 Deferred Tax Expense is arrived at as follows

Closing Balance of Deferred Tax Liability 81,472,077 81,472,077
Opening Balance of Deferred Tax Liability (81,472,077) 81,472,077
- -
Deferred Tax Expense for the year

Deferred Tax Expense for the year: SCL is a listed company and as per ITO 1984, tax rate for FY2021-’22 (AY 2022-’23)
is 12% on income from Export sales and 20% on income from domestic sales. However, the tax authorities may increase
the tax rate to 22.5% from 20% on income from domestic sales on the plea that the SCL has not met the conditions in this
regard. Accordingly for deferred tax calculation, applicable tax rate has been considered at 16% based on the calculation
as shown below:
A) Calculation if Ratio on Export & Domestic Sales :
Export Sales 962,928,830 58%
Domestic Sales 684,232,502 42%
Total Sales 1,647,161,332 100%
B) Calculation of Applicable Tax Rate:

On Export Sales 0.58 x 12% 7%
On Domestic Sales 0.42 x 22.5% 9%
Applicable tax Rate 16%
Since current year’s tax expenses under regular assessment is estimated to be equal to the total amount of tax deducted at
sources, there is no room for adjustment of the ‘Temporary Differences’ between accounting and tax depreciation. In other
words, the amount of temporary differences remain ‘unabsorbed’ during the year and therefore no provision for deferred
tax expense/(Income) is applicable for the year 2021-2022
15.00 Short Term Loans From Banks & Other : Tk. 834,759,861
Sonali Bank Ltd. - CC (H) (Secured) 536,082,481 553,446,024
Sonali Bank Ltd. - LTR (Secured) 134,045,472 71,795,954
Sonali Bank Ltd. - W.C Under Stimulus Package Industries (Covid-19 Loan) 132,131,908 168,664,759
New Dacca Industries Ltd. (Unsecured interest Free) 32,500,000 36,500,000
834,759,861 830,406,737
16.00 Long Term Loans - Current Maturity (Secured) : Tk. 235,641,732

Bank Asia Ltd. -Term Loan 69,738,405 73,973,580
235,641,732 276,288,843


Amount in Taka
as at
30-June-22 30-June-21
17.00 Creditors, Accruals and Other Payables : Tk. 286,533,660

Gas & Electricity 12,578,457 7,378,520
Creditors for Goods 80,951,995 408,806,652
Income Tax Payable (Note-17.01) 108,028,513 65,705,968
Salary & Wages 58,862,895 48,181,876
Provident Fund Employee 4,168,863 12,628,381
Interest Payable 4,985,356 1,981,950
WPPF Payable 8,077,823 4,819,841
TDS Payable 500,111 2,975,496
Group Insurance Payable 384,647 940,393
Audit Fees Payable 805,000 805,000
286,533,660 560,414,081
17.01 Income Tax Payable : Tk. 108,028,513

This is arrived at as follows :
Opening Balance 65,705,968 87,854,217
Add: Tax provision for the year (Note-8.01.01) 42,322,545 11,548,723
Short/(Excess) Provision for previous years - (3,330,885)
Less: Adjustment againest AIT - (30,366,087)
Closing Balance 108,028,513 65,705,968
Amount in Taka
01.07.2021-30.06.2022 01.07.2020-30.06.2021
18.00 Revenue : Tk. 1,722,741,566

This is made up as follows :
1,030,822,830 629,111,337
A. Export Sales 962,928,830 589,428,637
Export Sales ( Cash Subsidy ) 67,894,000 39,682,700
B. Local Sales 684,232,502 764,447,069

Distributors 451,969,525 500,076,609
Institutional 141,900,176 201,217,378
Show Room 9,320,256 5,670,991
Factory Sales 81,042,545 57,482,091
C. Scrap Sales 7,686,234 5,754,136
1,722,741,566 1,399,312,542


Amount in Taka
01.07.2021-30.06.2022 01.07.2020-30.06.2021
19.00 Cost of Goods Sold : Tk. 1,433,402,447

Raw Material Issued ( Note- 19.01 ) 544,235,067 447,816,841
Opening WIP 275,774,295 285,884,449
Material available for consumption 820,009,362 733,701,290
Closing WIP (279,975,834) (275,774,295)
Consumption 540,033,528 457,926,995
Manufacturing overhead ( Note- 19.03 ) 887,092,485 718,943,395
Cost of production 1,427,126,013 1,176,870,390
Opening Finished Goods 363,105,082 352,668,197
Adjustment for Mould & Sagger (111,008,927) -
Cost of Goods Available for Sale 1,679,222,168 1,529,538,587
Closing Finished Goods (245,819,721) (363,105,082)
Cost of Goods Sold 1,433,402,447 1,166,433,505
Adjustment for Mould & Sagger(not being saleable finished goods).
19.01 Raw Material Issued : Tk. 544,235,067

Opening Stock of Raw Material 141,900,236 163,164,404
Purchased of Raw Material 609,515,578 426,552,673
751,415,814 589,717,077
Closing Stock of Raw Material (207,180,747) (141,900,236)
Raw Material Issued 544,235,067 447,816,841
19.02 Quantity Information Quantity in KG Quantity in KG

Opening Stock of Raw Materials in Quantity 1,375,371 1,722,536
Add: Purchase fo Raw Materials in Quantity 9,581,587 8,073,776
Availabe for Use 10,956,958 9,796,312
Less: Raw Material Issued in Quantity 9,142,441 8,420,941
Closing Raw Materials in Quantity 1,814,517 1,375,371
The company manufactures tableware of different shapes, designs and sizes (more than three thousand) using both solid
and liquid inputs, and therefore quantification of the WIP and the finished goods in weight with accuracy is very difficult.
Similarly, packing’s materials are used in small/large boxes of (printed or unprinted) cartoon paper in different sizes/
pieces ,quantification in weight of which are not practicable.
19.03 Manufacturing Overhead : Tk. 887,092,485

This consists of as follows :
Wages,etc 407,353,834 341,845,721
Depreciation 117,244,388 119,419,688
Packing Materials 158,279,773 80,525,146
Power & Fuel 111,787,897 100,919,162
Consumable Stores & Spares 55,637,346 52,142,631
Office Expenses 17,710,939 6,601,327
Insurance Expense 3,535,826 3,164,633
Handling & Carrying Expenses 2,458,788 1,671,050
887,092,485 718,943,395


Amount in Taka
01.07.2021-30.06.2022 01.07.2020-30.06.2021
20.00 Other Income: Tk. 10,277,835

Dividend Income 9,529,149 1,361,306
Misc.Income-Employees’ Provident Fund Forfeiture Account 43,323 -
Interest received 179,216 -
Misc Income-Transport & Vehicle Sale 403,757 -
Misc. Income 122,390 655,863
10,277,835 2,017,169
21.00 Administrative Expenses : Tk. 58,347,514
Depreciation 1,179,885 1,513,912
Office Expenses 7,582,709 6,739,474
Legal, Professional & Others Fees 715,750 228,550
AGM Expenses 264,100 304,930
Occupancy Expenses 71,300 481,239
Conveyance Expenses 675,219 1,013,876
Audit Fee (Including VAT @15%) 805,000 805,000
General Expenses - -
58,347,514 49,232,297
22.00 Selling & Distribution Expenses : Tk. 59,797,048

Promotional Expenses 8,507,169 2,402,685
Occupancy Expenses 5,331,237 3,949,191
Office Expenses 1,903,299 3,813,329
Travelling & Conveyance Expenses 8,163,081 1,719,069
Show Room Expenses 250,061 218,155
Legal & Prof.Expenses 384,820 362,355
Product Research & Sample - 6,068,165
59,797,048 49,499,485
23.00 Finance Cost : Tk. 76,154,801

Interest on Loan from Banks & Others 72,109,302 75,729,985
Bank Commission & Charges 4,045,499 3,108,083
76,154,801 78,838,068


Amount in Taka
01.07.2021-30.06.2022 01.07.2020-30.06.2021
24.00 Income Tax Expenses/(Income): Tk. 42,322,545

This represents:
(a) Current Tax:
Tax for the year under review 42,322,545 11,548,723
Short/ (Excess) Provision for previous years - (3,330,885)
Current Tax 42,322,545 8,217,838
(b) Deferred Tax (Income) / Expenses Note- 14.02 - -
Total (a+b) 42,322,545 8,217,838
a) Current Tax : There are laws for minimun tax payable. Minimum Tax payable by the Company is calculated as followes:
1) U/S 82C(4) 0.60% on Gross Receipts(turnover+other income). 9,933,578
2) U/S 82C (1): 15,659,023
i) Tax deducted at source(TDS) @ 3-7% on supply of goods u/s 52 & rules 16(1) 2,707,008
ii) Tax deduction at source(TDS) @ 0.5%/(1% from FY 2022-23) on
Export Sales u/s-53BB/ 53 BBBB. 4,256,785
iii) Tax deduction at source @ 10% on Cash subsidy u/s 53DD. 6,789,400
iv) Tax deduction at source @ 20% on Dividend Income u/s 54 1,905,830
3) Higher of 1 & 2 above 15,659,023
4) Add: Tax Liability u/s 30B @ 22.5% on extimated disallowance on u/s 30 1,094,625
5) Minimum Tax payable (non Refundable u/s 82C(2) & estimated Tax u/s 30B),3+4 above 16,753,648
6) Estimated Tax liability u/s 83 (regular assessment):
Tax authorities assess the tax liability adding arbitrarily disallowed expenditures,
payables and increasing GP to avoid the refund of the excess TDSs. Even if there is
any remission in Appeal stages, the refund of excess TDS is rare. Therefore, estimated
tax liabilities is considered equal to total TDSs made during the year as follows:
i) Non Refundable TDSs as shown in 2 above 15,659,023
ii) Add – Refundable TDSs @ 5% of imported materials u/s 53 & Rules 17A. 26,663,522
Estimated Tax Liabilities under regular assessment. 42,322,545
7) Current year’s provision for income tax expenses has therefore, been made as
per u/s 82C (8), being the regular tax is estimated to be higher than the refundable
minimum tax, as shown in 6 above. 42,322,545
b) Deffered Tax( Income)/Expenditure: Since current year’s tax expenses under regular assessment is estimated to be equal to the
total amount of tax deducted at sources, there is no room for adjustment of the ‘Temporary Differences’ between accounting & tax
depreciation. In other words,the amount of temporary differences remain ‘unabsorbed’ during the year and therefore no provision for
deffered tax expenses/(income) is applicable for the year 2021-2022.
25.00 Basic Earnings Per Share (EPS)

(a) Earning Attributable to the Ordinary Shareholders 57,979,923 46,378,692
(Net Profit After Tax)
(b) Weighted Average Number of Ordinary Shares 146,966,055 146,966,055
outstanding during the year (Note 3.11)
(c) EPS (a/b) 0.39 0.32
The calculation of the basic earnings per share is made in accordance with IAS 33 (Earning Per Share), dividing the Profit/
(Loss) for the year by weighted average number of the shares outstanding during the year.
No diluted EPS is required to be calculated for the year, as there was no scope for dilution during the year under review.


Amount in Taka
01.07.2021-30.06.2022 01.07.2020-30.06.2021
26.00 Net Asset Value (NAV) per share

Total Assets 6,364,463,886 6,557,016,861
Less: Total Liabilities (1,731,243,255) (2,054,756,163)
Net Assets 4,633,220,631 4,502,260,698
Number of Ordinary Shares of Tk. 10 each at Financial Position date. 146,966,055 146,966,055
Net Asset Value (NAV) per share 31.53 30.63
Net profit after tax 57,979,923 46,378,692
Adjustments for noncash items, non-operating items and for the net changes in operating accruals
Depreciation 118,424,273 120,933,600
(Increases)/Decreases in Inventories 44,783,421 26,264,241
(Increases)/Decreases in Accounts & Other Receivables 72,516,921 (7,782,734)
(Increases)/Decreases in Advances (30,615,368) (40,025,995)
(Increases)/Decreases in Deposits (29,183,046) 8,333,732
Increases/(Decreases) in Creditors for goods and Other Payables (100,487,967) (109,913,539)
Increases/(Decreases) Accruals 11,651,691 (39,674,932)
Increases/(Decreases) Gratuity Payable 10,162,725 5,074,481
Increases/(Decreases)Unclaimed dividend (8,254,136) 5,647,313
146,978,437 15,234,860
At the year end, there was no unrealized exchange gain or loss and as such no adjustment was required while calculating
of NOCF.

Net cash flows from operating activities 146,978,437 15,234,860
Net Operating Cash Flows Per Share (NOCFPS) 1.00 0.10
29.00 Unclaimed dividend

(a) The dividend payable/unclaimed dividend as on June 30 2022 consists of:
i) Fy 2020-2021 343,471 -
ii) Fy 2019-2020 357,799 5,647,313
iii) FY2007-2008 - 3,308,092
701,270 8,955,405
(i) The Cash Dividend @2.5% declared for the year 2020-2021 were approved by the shareholders in the Annual General
Meeting held on December 23, 2021.
(ii) The Cash Dividend @2% declared for the year 2019-2020 were approved by the shareholders in the Annual General
Meeting held on December 19, 2020.
(iii) Unclaimed dividend of Taka 3,308,091.97 of FY 2007-2008 has been paid on 29-09-2021 as per directive of BSEC
dated 06 July 2021.


Amount in Taka
01.07.2021-30.06.2022 01.07.2020-30.06.2021
30.00 Payments / Perquisites to Directors and Officers

(a) Directors
During the year no amount of money was expended by the company for compensating any member of the board for
special services rendered.
During the year no board meeting attendance fee was paid to the directors of the company.
(b) During the year 2021-2022 an amount of Taka 7,300,000 paid as CEO’s remuneraion (FY 2020-21 was Tk. 7,000,000).
(c) Officers:
Managerial Remuneration 67,990,968 64,001,218
Bonus 8,408,318 8,053,588
Perquisites:
Housing 19,102,496 19,002,473
Transport 3,981,336 3,674,875
99,483,118 94,732,154
31.00 Production Capacity, Actual Production and reason of Excess/Short Fall:
From 01 July 2021 to 30 June 2022 From 01 July 2020 to 30 June 2021
Production Actual Production Actual

Shortfall (in Capacity Shortfall (in Capacity
Capacity (in Production (in Capacity (in Production (in
Pieces) Utilization Pieces) Utilization
Pieces) Pieces) Pieces) Pieces)
Porcelain 16,600,000 11,829,049 4,770,951 71.26% 14,400,000 11,717,699 2,682,301 81.37%
Bone China 5,400,000 3,479,174 1,920,826 64.43% 5,400,000 3,246,418 2,153,582 60.12%
Reason for Shortfall : Production as per market demand.

There was no capital expenditure contracted but not incurred or provided for as on 30 June 2022.
There was no material capital expenditure authorised by the board but not contracted for as on 30 June 2022.

(a) Outstanding letter of credit- 96,804,152 110,326,124
(b) Outstanding letter of (Bank) guarantee
to (Titas Gas Transmission and distribution Company Ltd) 13,656,520 13,656,520
110,460,672 123,982,644
No provision is required as on the date of financial position for contingent liabilities.
34.00 Claims not Acknowledged

There was no claim against the company not acknowledged as debt as on 30 June 2022.
35.00 Credit Facilities not Availed

There was no credit facilities available to the company but not availed of as on 30 June 2022 under any contract, other than


36.00 Related Party Disclosure

Name of Related Parties Nature of Transactions Value of Transactions Balance at the year ended
During the year 30-Jun-22
Bangladesh Export Import Co. Ltd. Investment in Shares 109,721,524 353,395,297
Due to Related Party:
New Dacca Industries Limited Short Term Loan 4,000,000 32,500,000
37.00 Financial Risk Management

The company management has overall responsibility for the establishment and oversight of the company’s risk management
framework. 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.
i) Credit risk
ii) Liquidity risk
iii) Market risk
Credit risk
Liquidity risk
In extreme stressed conditions, the company may get support from the related company in the form of short term financing.
Market Risk
Market risk is the risk that any change in market prices such as forigne exchange rates and interest will affect the companys
income or the vale of its holdings financial instruments. The objective of market risk management is to manage and control
market risk exposures within acceptable peramiters
(a) Currency Risk
The company is exposed to currency risk on certain revenues and purchases such as revenue from foreign customers
and import of raw material, machineries and equipment. Majority of the company’s foreign currency transactions are
denominated in USD and EURO and relate to procurement of raw materials, machineries and equipment from abroad.
Exposure to Currency Risk
Foreign Currency Denominated Assets 30-June-22 30-June-21
Foreign Equivalent Local Foreign Equivalent Local
Trade Debtors- Foreign
Currency Currency (Tk.) Currency Currency (Tk.)
US$ 1,157,309 107,169,640 1,169,066 97,410,812
EURO 38,508 3,661,433 383,916 38,614,293
Total 1,195,817 110,831,074 1,552,982 136,025,105


(b) Interest Rate Risk
Interest rate risk is the risk that arises due to changes in interest rates on borrowing. There is no foreign currency
C. (1) Risk(s) from Pandemic (Covid -19) :

The virus known as Covid-19, has affected the economy of Bangladesh in general and the operations of the company in
perticular. As per general order of the Govt. of Bangladesh, the offices including production facilities of the company were
closed down for 66 days during in FY 2019-20 from March 25,2020 to May 31,2020 and for 60 days in FY 2020-21 during
April-May 2021.Even beyond these closed down period,due to Covid-19, the operational activities of the company could
not be continued during other months in full scale.During July-September 2021 in FY 2021-22 operation of the company
was affected on account of following reasons:
(i) Non presence in work place(s) by the employees fearing infection from the virus and due to restrictions in plying public
transports.
(ii) Non opening /functioning of domestic market/Shops/Retail Stores due to Govt.restriction and/or non showing up of
customers.
C. (2) Impact(s) and management of consequence of Pandemic (Covid-19)

(i) Disruptions in international supply chain(s)
(ii) Declining of export demand due to slowdown in the world economies.
(iii) Covid 19 disrupted the movements of goods, increased voyag time and freight charges.
Consiquently importing cost at the buyers end increased, causing declining the demand for the product.
(iv) Lower export affected the cash inflow to the company.
(v) To manage the liquidity and to pay employees,suppliers and utility bill,the company had to avail the additional CC
hypo loan to overcome the liquidity constraints originated from Covid-19 in FY 2020-21.
(D) Post-pendamic Scenarios-Increased per unit cost of production due to pricier material,increased process loss
and lesser production:
The company has been under strains since September 2021 due to Gas & electricity supply crunch resulting from
energy price hike in the Global market during the aftermath of the pandemic and subsequent R-U war and US$ crises.
Imported materials are now pricier than pre pandemic period.Gas & Electricity crunch is affecting the company as if a
double edged sword;it not only causes lower production but also increase the loss in the production process.


38.00 Payments Made in Foreign Currency :
01.07.2021-30.06.2022 01.07.2020-30.06.2021
Amount in Foreign Currency Equivalent in Tk. Amount in Foreign Currency Equivalent in Tk.
Import of Machinery, Equipments & Spares:
US$ 337,517 28,979,408 98,561 8,216,360
Euro 48,330 4,851,839 26,570 2,698,981
JP¥ 9,912,130 7,593,120 4,931,500 3,895,885
Total 41,424,367 14,811,226
Import of Raw & Packing Material :

US$ 4,204,263 362,632,487 3,172,668 269,982,582
Euro 832,337 81,796,502 604,979 62,683,891
JP¥ 47,849,193 36,730,249 288,271 34,024,924
GBP 385,646 45,198,618 34,955,230 28,203,473
526,357,856 394,894,870
Total 555,337,264 403,111,230
No other expenses including royalty, technical expert and professional advisory fee, interest, etc. was incurred or paid in
foreign currencies except as stated above.
39.00 Foreign Exchange Received against Collection from Export Sales:
01.07.2021-30.06.2022 01.07.2020-30.06.2021
Amount in Foreign Currency Equivalent in Tk. Amount in Foreign Currency Equivalent in Tk.
Import of Machinery, Equipments & Spares:
US$ 9,219,509 813,874,783 US$ 55,72,806 469,230,216
EURO 1,614,406 168,200,290 Euro 4,56,244 159,563,490
Total 982,075,073 628,793,706
40.00 Events After The Reporting Period

a) The Board of Directors recommended 3% cash cividend(i.e TK.0.30 per share for the year 2021-22. The dividend
proposal is subject to shareholders’ approval at the forthcoming Annual General Meeting.
b) No circumstance have arisen since this statement of financial position date which would require adjustment to, or
disclosure in, the financial statements or notes thereto.
Dated, Dhaka
27 October 2022

BEXIMCO POWER COMPANY LIMITED

AUDITOR’S REPORT
OF


Opinion
We have audited the financial statements of Beximco Power Company Limited (“the Company”), which comprise the statement
of financial position as at 30 June 2022 and Statement of Profit or Loss and Other Comprehensive Income, statement of changes
in equity and statement of cash flows for the year then ended,and notes to the financial statements, including a summary of
significant accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at
30 June 2022, and of its financial performance and its cash flows for the year ended in accordance with International Financial
Reporting Standards (IFRSs), the Companies Act 1994, and other applicable laws and regulations.
Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards
are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements
in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with these requirements.We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matters
As disclosed in note - 06 of the financial statement, share money deposit has not been converted to share capital within 6 months
as per FRC notification no. 146/FRC/Adm./circular/2020/01 dated 11 February 2020. Our opinion is not modified in respect of
this matter.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with International
Financial Reporting Standards (IFRSs),the Companies Act 1994 and other applicable laws and regulations and for such internal
control as management determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
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 operations, or has no realistic alternative but to do so.

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 audit 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, intentional omissions, misrepresentations, or the override of internal control.
circumstances,but not for the purpose of expressing an opinion on the effectiveness of the internal control of the Company.
• 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
evidences 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 evidences 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.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Report on Other Legal and Regulatory Requirements

In accordance with the Companies Act 1994 , we also report the following:
(a) we have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the
purpose of our audit and made due verification thereof;
(b) in our opinion, proper books of account as required by law have been kept by the company so far as it appeared from our
examination of those books; and
(c) The statement of Financial Position (Balance Sheet) and Statement of Profit or Loss and Other Comprehensive Income (Profit
and Loss Account) dealt with by the report are in agreement with the books of account.

27 November, 2022 Chartered Accountants
Reg. No: N/A

Enrollment No: 564
DVC: 2211300564AS855033


As at 30 June 2022
Amount in Taka
Notes
30-June-22 30-June-21
ASSETS
Non-Current Assets 471,066,944 16,000,000
Capital Work in Progress 455,066,944 -
Investment in Shares 2.00 16,000,000 16,000,000
Current Assets 7,615,030,999 7,774,457,601

Preliminary and Pre-Operating Expenses 3.00 - 455,066,944
Advance, Deposits and Prepayments 125,300,000 122,300,000
Due from Related Party 7.00 7,474,904,114 7,186,192,830
Cash & Cash Equivalents 4.00 14,826,885 10,897,827
Total Assets 8,086,097,943 7,790,457,601
EQUITY & LIABILITIES
Share Money Deposit 6.00 832,100,000 832,100,000
Retained Earnings (13,515,106) -
Due to Related Party 7.00 4,098,237,626 3,797,441,729
Creditors and Other Payables 8.00 2,169,275,423 2,160,915,872
Total Equity & Liabilities 8,086,097,943 7,790,457,601
Director Director
As per our annexed report of even date.
27 November, 2022 M. J. ABEDIN & CO.

Reg.No-N/A

Enrollment No : 564
DVC : 2211300564AS855033

STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME

Amount in Taka
Notes
2021-2022 2020-2021
Revenue - -
Cost of Revenue -
Gross Profit - -
Interest Income 4,715,378 -
Operating Expenses
Administrative Expenses 9.00 (17,474,427) (10,994,006)

Loss From Operations (12,759,049) (10,994,006)
Finance Cost 10.00 (48,755) (44,772)
Net Loss before tax (12,807,804) (11,038,778)
Income Tax Expenses (707,302) -
Net Loss after tax for the year (13,515,106) (11,038,778)
Other Comprehensive Income for the year - -
Total Comprehensive Loss for the year (13,515,106) (11,038,778)
The accompanying notes form an integral part of these Financial Statements.
Director Director

Reg.No-N/A

Enrollment No : 564
DVC : 2211300564AS855033


Amount in Taka
Particulars
Share Money
Share Capital Retained Earnings Total
Deposit
Balance as on 1 July 2021 1,000,000,000 832,100,000 - 1,832,100,000
Net Profit / (Loss) for the year - - (13,515,106) (13,515,106)
Balance as on 30 June 2022 1,000,000,000 832,100,000 (13,515,106) 1,818,584,894

Amount in Taka
Particulars
Share Money
Share Capital Retained Earnings Total
Deposit
Balance as on 1 July 2020 100,000,000 1,132,900,000 - 1,232,900,000
Addition/(Adjustment) during the year 900,000,000 (300,800,000) 599,200,000
Net Profit / (Loss) for the year - - - -
Balance as on 30 June 2021 1,000,000,000 832,100,000 - 1,832,100,000
Director Director

Reg.No-N/A

Enrollment No : 564
DVC : 2211300564AS855033


Amount in Taka
01-July-21 to 01-July-20 to
30-June-22 30-June-21
Cash Flows From Operating Activities:

Collections from turnover and other income etc. 4,715,378 -
Payments for costs, expenses & others (12,114,876) (567,097,975)
Interest & charges paid (48,755) -
Income-Tax paid and/or deducted at sources (707,302) -
Net cash used in operating activities (8,155,555) (567,097,975)
Cash Flows from Investing Activities:

Purchase of Property, Plant and Equipment - -
Net cash used in investing activities - -
Cash Flows from Financing Activities:

Related Party Transaction 12,084,613 (72,719,708)
Share Money deposit - (300,800,000)
Issued Share Capital - 900,000,000
Net cash Generated from financing activities 12,084,613 526,480,292
Increase/(Decrease) in Cash and cash Equivalents 3,929,058 (40,617,683)
Cash and Cash Equivalents at the beginning of the year 10,897,827 51,515,510
Cash and Cash Equivalents at the end of the year 14,826,885 10,897,827
Director Director

Reg.No-N/A

Enrollment No : 564
DVC : 2211300564AS855033


1. SIGNIFICANT ACCOUNTING POLICIES AND OTHER MATERIAL INFORMATION
(a) Legal Form of the Enterprise

Beximco Power Company Limited is a private limited company incorporated in Bangladesh on 25 October 2009 under
the Companies Act, 1994.Reg. No-C-80290/09. The registered office of the company is located at 17 Dhanmondi R/A,
Road-2, Dhaka-1205.
(b) Nature of Business Activities

The company is engaged in activities of genered power as captive power generation and small, medium or bulk power
producer by there own power plant by setting up Gas Fired Power Plant, Coal Best Power Plant, Hydro Power Station,
Barge Mounted Power Plant or Soler Power Plant, Fuel Based Power Plant or Reciprocal Power Plant.
To built, develop, install, set up power plants in Bangladesh and to sell the generated power commercially to any person
or to any legal entity in Bangladesh and acquire fuel or GAS required for such power generation from home and abroad.
(c) Measurement Bases

The financial statements have been prepared on the Historical Cost.
(d) Reporting Framework and Compliance thereof

Reporting Standards (IFRSs) as the applicable Financial Reporting Standards for public interest entities such as listed
entities with effect from 2 November 2020.
management, IFRS format gives a better presentation to the shareholders.
(e) Presentation of Financial Statements

(a) a Statement of Financial Position as at 30 June, 2022;
(b) a Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June, 2022;
(c) a Statement of Changes in Equity for the year ended 30 June, 2022;
(d) a Statement of Cash Flows for the year ended 30 June, 2022 ; and
(f) Reporting Period

The financial statements cover one year from 01 July 2021 to 30 June 2022.
(g) General


Amount in Taka
as at
30-June-22 30-June-21

Investment in Shares ( 80% shares of Teesta Solar Ltd.) 8,000,000 8,000,000
Investment in Shares ( 80% shares of Korotoa Solar Ltd.) 8,000,000 8,000,000
16,000,000 16,000,000
3.00 Preliminary and Pre-operating Expenses : Tk. 0

Opening Balance 455,066,944 444,028,166
Add: Addition during the year - 11,038,778
455,066,944 455,066,944
Less: Capitalised during the year (455,066,944) -
- 455,066,944
4.00 Cash & Cash Equivalents : Tk. 14,826,885

Cash in Hand 10,158 13,658
Fixed Deposit 13,858,076 9,850,000
Cash at Bank in Current Accounts: (Note-4.01) 958,651 1,034,169
14,826,885 10,897,827
4.01 Cash at Bank in Current Accounts : Tk. 958,651

IFIC Bank Ltd. 626,880 701,709
NBL 213,270 213,270
DBBL 38,006 38,006
Padma Bank Ltd. 80,495 81,185
958,651 1,034,169

Authorised share capital:
1,000,000,000 Ordinary Shares of Tk. 10/- each 10,000,000,000 10,000,000,000
Issued, Subscribed and Paid-up capital:
100,000,000 Ordinary shares of Tk. 10/- each
fully paid up in cash. 1,000,000,000 1,000,000,000
1,000,000,000 1,000,000,000
6.00 Share Money Deposit : Tk. 832,100,000

Received from Bangladesh Export Import Company Ltd. 832,100,000 832,100,000
832,100,000 832,100,000
Share money deposit has not been converted to share capital within 6 months as per FRC notification no. 146/FRC/Adm./
circular/2020/01 dated 11 February 2020.


7.00 Related Party Disclosure :
Closing Balance as on Closing Balance as on

Due from Related Parties Nature of Transactions
30.06.2022 30.06.2021
Teesta Solar Ltd. Current Account 6,842,478,392 6,605,906,352

Korotoa Solar Ltd. Current Account 632,425,722 580,286,478
7,474,904,114 7,186,192,830
Due to Related Parties
Beximco Holdings Ltd. Current Account 4,098,237,626 3,797,441,729
4,098,237,626 3,797,441,729
This is unsecured and interest free.

Amount in Taka
as at
30-June-22 30-June-21
8.00 Creditors and Other Payables : Tk. 2,169,275,423

Others Payable 2,160,800,872 2,160,800,872
Goods and Services 8,417,051 -
Audit Fee Payable 57,500 115,000
2,169,275,423 2,160,915,872
Amount in Taka
2021-2022
9.00 Administrative Expenses : Tk. 17,474,427

Salary & Allowances 14,100,154
Consultancy Fees 1,854,000
Advertisement 1,000,000
Income Tax 364,408
Insurance Premium 94,865
Audit Fee 57,500
Conveyance 3,500
Miscellaneous -
17,474,427
10.00 Finance Cost. : Tk. 48,755

Bank Charges 48,755
48,755
Director Director
27 November, 2022
Dhaka.

NOTES

NOTES

Established in 1965 the
BEXIMCO Group has
expanded dramatically
over the past 57 years
and is today the largest
and most diversified
industrial conglomerate
in Bangladesh. Employing
45,000 people
including 2,720 qualified
professionals and dealing in
a wide variety of consumer
and service oriented
products for domestic
and global markets, in
textiles, chemicals and
pharmaceuticals, real estate,
ceramics, jute, trading, it,
media & energy.
www.beximco.com

REGISTERED OFFICE:
Scan code with a BANGLADESH EXPORT IMPORT COMPANY LIMITED
QR code reader-enabled Plot No. 24 (New) 17 (Old), Bir Uttam M. A. Rob Sarak
mobile phone to find out Road No. 2, Dhanmondi, Dhaka 1205
more about the company Phone : +880 2 41060531-35, 41060544-48
Fax : +880 2 41060604, 41060605
URL : www.beximco.com

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BANGLADESH EXPORT IMPORT COMPANY LIMITED

BANGLADESH EXPORT IMPORT COMPANY LIMITED v

vi ANNUAL REPORT 2021-2022

BANGLADESH EXPORT IMPORT COMPANY LIMITED 1

2 ANNUAL REPORT 2021-2022

A B Siddiqur Rahman Parvez Hassan

Mohammad Asad Ullah, FCS Mostafa Zamanul Bahar

BANGLADESH EXPORT IMPORT COMPANY LIMITED 3

BANGLADESH EXPORT IMPORT COMPANY LTD.

NOTICE OF THE 49TH ANNUAL GENERAL MEETING

2. To declare 30% cash dividend.

4. To approve the re-appointment of Independent Director.

By order of the Board,

(MOHAMMAD ASAD ULLAH, FCS)

4 ANNUAL REPORT 2021-2022

BANGLADESH EXPORT IMPORT COMPANY LIMITED 5

Beximco Power Company Limited

8 ANNUAL REPORT 2021-2022

2021-2022 Results & Future Prospects

Dated: 27 October, 2022

BANGLADESH EXPORT IMPORT COMPANY LIMITED 9

Analysis of Operating Performance

10 ANNUAL REPORT 2021-2022

Beximco Green Sukuk Al-Istisna

For the year For the year

BANGLADESH EXPORT IMPORT COMPANY LIMITED 11

Re-appointment of the Independent Director

Board Audit Committee

Name of the Representing in the Position in the Attendance in

Nomination and Remuneration Committee (NRC)

12 ANNUAL REPORT 2021-2022

Board Meeting and Attendance

Representing in the Nos. of Meeting

Corporate and Financial Reporting

BANGLADESH EXPORT IMPORT COMPANY LIMITED 13

Declaration by CEO & CFO

Declaration by CEO & CFO on the Financial Statement is attached as Annexure - A.

14 ANNUAL REPORT 2021-2022

Particulars 2021-2022 2020-2021 2019-2020 2018 - 2019 2017 - 2018

Corporate Governance Compliance Status Report

On behalf of the Board of Directors.

Dated: 27 October, 2022

BANGLADESH EXPORT IMPORT COMPANY LIMITED 15

Certification by the CEO and CFO

Syed Naved Husain Md. Luthfor Rahman

Date: 27 October, 2022

16 ANNUAL REPORT 2021-2022

Certificate on Compliance of Corporate Governance Guidelines

Suraiya Parveen & Associates

[Certi�icate as per condition No.1 (5) (XXVII)]

Report to the Shareholders of

(d) The Governance of the company is satisfactory.

Dhaka, Dated For Suraiya Parveen & Associates

Suraiya Parveen, FCS

BANGLADESH EXPORT IMPORT COMPANY LIMITED 17

Compliance Report on SEC’s Notification

(Report under Condition No. 7.00)

Compliance Status (“√”)

18 ANNUAL REPORT 2021-2022

BANGLADESH EXPORT IMPORT COMPANY LIMITED 19