ffibsrm , BSRM Steels Limited Corporate Office: Ali Mansion, 1207/1099, Sadarghat Road, Chittagong, Bangladesh. Qt of2017-ffi

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1 ffibsrm "*rufu=ffi building a safer nation BSRM STEETS TIMITED AND ITS SUBSIDIARY Consolidated Financial Statements fun-audited) As at and for the period ended 30th september 2oL7 Qt of2017-ffi, Corporate Office: Ali Mansion, 1207/1099, Sadarghat Road, Chittagong, Bangladesh. Phone: ,635382, ,637758; Fax: ; mail@bsrm.com; Website: Factory: Plot No. 4(P), Fouzderhat lndustrial Estate, Chittagong, Bangladesh. Phone: , ;Fax: ; bsrmsteels@bsrm.com

2 ,nout,:litfi u"ltffi ISJL'^iy,?if%'$Iil^,.,*AUDrr,,ffi H,"FBM ASAT 30 SEPTEMBERZOIT Assets: Non-Current Assets Property, Plant and Equipment at cost Accumulated Depreciati on Intangible Assets Investment Total Non-Current Assets Current Assets Short Term Investment Inventories Trade & Other Receivables current Account with Related companies Advances, Deposits and pre-payments Cash and cash equivalents Total Current Assets Total Assets Equity and Liabilities: Share capital Retained Earnings Revaluation Reserve, Equity attributable to owners of the company Non-controlling Interest Total Equity Liabilities Non-Current Liabilities Long Term Borrowings- non current portion Retirement Benefit obligations - Gratuity Deferred Tax Liability Total Non-Current Liabilities Current Liabilities Trade Payable Short Term Borrowings current Account with Related companies Liabilities for Expenses Current Tax Liabilities Provision for WppF & Welfare Fund Other Liabilities Total Current Liabilities Total Liabilities Total Equity and Liabilities 30-lun-17 14,209,732,1,49 12,41.2,290,595 3,L42,4L2,487 2,556,L63,994 1.L,067,3t9,662 1,0,7 47,146,750 30,854, ,927,564 1,,3L6,A44,794 L,325,03 6,459 12,414,2!9,156 12,104,110, ,729,r27 1,!,335, L 65,BgB 6,108,0 35,730 9,490,477,gBA 2,54L,075,55L 27,921.,}tL 496,529,288 8,980,7 T3,498 4,354,600,097 9,648,559,L06 L,945,407,207 77,855,172 30,008,405,297 25,503,664,368 42,4?,2,624,453 37,607,775,1+L 3,417,750,000 5,872,089,015 2,598,408,052 11,888,2+7,067 ta7 328,832 3,4L7,750,000 5,50 3,47 0,464 2,6AL,996,609 LL,523,2L7, ,081,608 11,995,57 5,Bgg ll,63o,2gb,6bl 1,327,7 01, ,843,043 1,,L99,634,598 2,633,179,54L L,A79,908,728 22,803,7 L0,B4g,J,,4A8,222,98L 383,543,91,6 L,2L7,459,646 1,62,718, ,304,L18 27,793,869,015 L,'1,17,9a0,968 gb,7 6L,816 L,Zt'J,,086,834 2,427,749, ,026,404 21,,346,253,998 59,622,907 3t4,2L7,165 1,07 4,98I,753 L36,1,8L,349 5r5,443,266 23,549,726,842 30,427,048,556 25,977,476,460 +2,422,624,453 37,607,775,L4I - ng Director Chief Financial Officer Tuesday, Novembet T, ZALZ Corporate Office: Ali Mansion, 1207/1099, Sadarghat Road, Chittagong, Bangladesh. Phone: S01-10,635382,613282,637758; Fax ; mail@bsrm.com; Website: wwwbsrm.com Factory: , Nasirabad lndustrial Area, Baizid Bostami Road, Chittagong, Bangladesh. Phone: ; Fax; Company Secretary

3 ffib5rm fxix#-ffi r BSRM STEETS LIMITED AND ITS SUBSIDIARY "*t&*.ffi \w s:it_r_rj?1lr*^si*i3lgy] g.f \:ffi building a safep nation tlglrll^tlgi lryp 9THER comprehensrve TNC0ME (UN_AUDTTED) y,,9,,#-y)*"!-,,#,8),9,, 9*:8,9.Y-ly.*X9 ) t 2 o t7 T o s E PT E M B E R g 0, z 0 lz Revenue Cost of Sales Gross Profit fuly-sept'l7 9,602,524,809 [8,608,008,074) 994,5\6,735 fuly-sept'16 7,TO5,BBB, L54 (5,7 09,205,91,r) t,396,682,243 Selling and Distribution Costs Administrative Costs Other Income Results from operating activities Finance Costs Finance Income Net Profit before Tax and Wpp&WF Contribution to WPPF and Welfare Fund Share of profit/(loss) of Associate Profit before Income Tax Provision for Income Tax Current Deferred Net Profit after Tax for the period Other Comprehensive Income Total comprehensive Income for the period Net Profit after Tax attributable to: Owners of the Company Non-controlling I nterest Total comprehensive income attributable to: Owners of the Company N on-controlling Interest Earnings Per Share Basic Earnings per Share (1,87,259,085) 97,247,544 (284,196,629) 71o,010,106 7,665,778 7L7,67 5,884 (165,919,089) 1,9,924,828 (1,85,843,91,7) 531,83 L,967 (26,537,427) 505,2 94,540 (8,99L,665) 496,302,875 (L42,477,893) L0,25 6,050, (132,22L,843) 364,08L,032 (89,7 09,810) 7 6,056,349 (165,7 66,L59) L,23O,9L6,084 4,840,43A L,235,756,515 (11,4,479,224) L2,112,331 (1,02,366,893) L,L33,389,622 (56,669,48r) 1,47 6,720,14L [2 0,101,65 5) 1,056,6L8,486 (228,1.60,L54) 65,83 2,854 (293,993,008) 7 62,625, ,08L, ,625, ,83 3, ,580,4L5 247,224 6,045, ,08t, ,625, ,83 3, ,580, ,224 6,045, ,081, ,625, Chief Financial Compffiy Secretary Tuesday, November 7, ZOl7 Corporate Office: Ali Mansion, 1207/1099, Sadarghat Road, Chittagong, Bangladesh' phone: , , ,637758; Fax ; mail@bsrm.com; Website: Factory t , Nasirabad lndustrial Area, Baizid Bostami Road, Chittagong, Bangladesh. Phone: ; Fax:

4 BSRM STEETS TIMITED AND ITS SUBSIDIARY CONSOTIDATED STATEMENT OF CHANGES IN EQUITY (UN.AUDITED) F9R..T"ll'_q*rJRI"gp_IBoM IULY 01, 2OL7 TO SEprErunEri so,:,ol7 BsRM *-El%# building a safer nation Particulars Balance as luly 0LZAl7 Total comprehensive income for the period Transfer of difference in depreciation between cost mode! and revaluation model Share Capital Revaluation Reserve Retained Earnings Total 3,417,750,000 2,601-,996,609 5,5O3,470,464 LL,523,2t7,O73 363,833, ,833,808 (3,588,557) 4,784,743 1,,196,186 Balance as at September 30, ZALT 3,417,750,000 2,598,409,052 5,972,099,015 LL,Bgg,247, ,328,832 l1,gg5,575,bgg Non-controlling Interest 107,091, ,224 ;::,:.:.:,:,.i;.:i:r:_r_::::::l!::r*::.:.:,r,lt:_:j:i::i:::::::::::ia:::::+f:iri:j::::::::r:r::: Amnrrnt irr 'Trlza Total Equity 11,630,298, ,087,032 7,196,1.86 Balance as on July 01, 2016 Total comprehensive income Transfer of difference in depreciation between co:t modeland rgvaluation model Balance as at September 30, ZOL6 3,4L7,750,000 2,618,050,691 5,2\9,714,136 LL,255,5L4,917 Llo,Lg3,326 11,365,7O9,L43 3,417,750,000 2,621,828,110 (3,777,429) 4,458,097,L49 756,580,475 5,036,572 10,497,675, ,580,4',J,5 7,259,743 7.O4,L48,263 6,045,063 10,601,823, ,625,478 7,259,'J.43 Tuesday, Novembe r T, ZOLT ' Gorporate Office: Ali Mansion, 1207/1099, Sadarghat Road, Chittagong, Bangladesh. Phone: , , ,637758; Fax: ; mail@bsrm.com; Website: ' Factory; , Nasirabad lndustrial Area, Baizid Bostami Road, Chittagong, Bangladesh. Phone: ; Fax

5 BSRM STEELS LIMITED AND ITS SUBSIDIARY CONSOLIDATED STATEMENT OF CASH FLOWS (UN.AUDITED) FOR THE PERIOD FROM IULY 01, 2OL7 TO SEPTEMBER 30,26TZ BSRM building a safer nation a. Cash flows from Operating Activities Cash receipts from customers Cash payments to suppliers and employees Income tax/ Advance income tax paid Interest paid Net cash from operating activities fuly-sept'l7 7,756,516,608 (10,394,185,055) 1,37,451,,37 4 (2,775,LLg,82L1 fuly-sept'16 6,826,725,207 (10,3 6L,226,361) (55 5,934,809) 1,02,366,893 (4,L92,802,8561 b. Cash flows from Investing Activities Acquisition of Property, plant and equipment Addition to CWIP Disposal of Property, plant and equipment Decrease/ fincrease) in investments Net cash used in investing activities (77,295,813) t371,249,339) 208,1,7 4 (448,753,3261 (59,263,919) [38,087,7_92) 18,803,655 (78,548,056) Cash flows from Financing Activities (Repayment) / Receipt of Long term loans Dividend paid (Repayment) / Receipt of short term borrowings Loan to/from related companies Net cash from financing activities d. Net (decrease) / increase in cash and cash equivalents (a+b+c) 326,060,566 1,334,546,058 1,5A6,681_,200 3,L67,287,824 (56,585,3 23) 54,501,,684 4,934,088,78L 7 31,,37 0,795 4,257,219,670 (14,L3L,242) e. Opening Cash and Cash equivalent f. Closing Cash and Cash equivalent (d+e) 84,50 6, ,559,386 27,921,011 28L,428,L44! Director "a Tuesday, Novembet 7,201-7 Company Secretary Corporate Office : Ali Mansion, 1207/1099, Sadarghat Road, Chittagong, Bangladesh. Phone: ,635382, ,637758; Fax: t0101 ; mail@bsrm.com; Website: Factory I Plot No. 4(P), Fouzderhat lndustrial Estate, Chittagong, Bangladesh. Phone: , ; Fax: ; bsrmsteels@bsrm.com

6 and its subsidiary Selected Explanatory Notes to the Financial Statements For the period from Iuly 01, to September 30, 2OL7 BSRM building a safer nation 1. Legal from ofenterprise (hereinafter referred to as BSRMSL, the company or the Parent) was incorporated on 20 uly, 2002, vide the certificate C-No of 2002 as a Private Limited Company registered in Bangladesh under Companies Act7994.The company was converted to a Public Limited Company on 20 December The Company is listed with Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) as a publicly quoted Company. Trading ofthe shares ofthe company started in two stock exchanges from LB fanuary The company has set up its rolling mill at 4 Fouzderhat Industrial Estate, Latifpur, Sitakunda, Chittagong and commenced commercial production from 1 April The principle place of business is at Ali Mansion, L207 /1099, Sadarghat Road, Chittagong, Bangladesh. BSRMSL acquired 950/o equity interest in BSRM Iron & Steel Co. Limited (BISCO) i.e ,000 Ordinary Shares of Tk. 10 each on 10th November 2010 in exchange of 104,500,000 Ordinary Shares of Tk. 10 each in BSRM Steels Limited. BSRM Steel Mills Limited (BSML) was incorporated on 16 April 2008 as a Private Limited Company and was subsequently converted to a Public Limited Company on L2 November The main objective of BSML is to manufacture and sell M.S. Billets. has acquired 100,000,000 nos. of Ordinary Shares of Tk. 10 each of BSML i.e.,25.35o/o. BSML has not started its commercial operation yet. 2. Nature ofthe Business The main purpose of the company is to manufacture M.S. products by setting up rolling and re-rolling mills and marketing the same. 3. Reporting This quarterly financial report has been prepared based on Bangladesh Accounting Standard (BAS) - 34: Interim Financial Reporting". This interim financial statements should be read in conjunction with the published financial statement and last audited financial statements for the period ended 30 lune 20L7, as they provide an update to previouslv reported information. 4. Accounting policies and method of computations Accounting policies and methods of computations followed in preparing this financial statement are consistent with those used in the annual financial statements, prepared and published financial statement and last audited financial statements for the period ended 30 lune 20L7. 5. Earnings per share (EPS) Earnings per share has been calculated based on number ofshares outstanding for the period ended 3Oth September 2077 and profit for the same period. The number of shares outstanding for the period was 34,17,75,000. Earnings per share for the same period of preceding year has been also calculated based on 34,17,75,000 shares. 6. Subsequent events No material events occurred after the reporting date, non-disclosure ofwhich could affect the ability ofthe users of this financial statement to make proper evaluation and decision. 7, General 7.1 Wherever considered necessary prior period's figures and phrases have been re-arranged to confirm to this period's presentation. 7.2 Amounts appearing in these financial statements have been rounded offto the nearest taka. - *JSRM Steels Limited O 7.3 Bracket figures denote negative balance. ( corpor"t" otti""*tffim, Po7 I 1 ogg,sadarg hat Road, Ch ittagon g, Ban g ladesh. Phone: ,635382, ,637758; Fax: ; mail@bsrm.com; Website: wwwbsrm'com Factory: Plot No. 4(P), Fouzderhat lndustrial Estate, Chittagong, Bangladesh. Phone: , ; Fax: ; bsrmsteels@bsrm.com