Apex Tannery Limited
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- Colleen Georgiana Walker
- 6 years ago
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3 CONTENTS Our Vision, Mission, Values and Objectives 04 Corporate Directory 05 Directors and Management Team 06 Directors Report 07 Finanacial Highlights 15 Financial Highlights (Graphical presentation) 16 Statement of Value Addition 17 Report on Corporate Social Responsibilities 18 Report on Corporate Governance 20 Corporate Governance Compliance Report 23 Pattern of Shareholding 29 Audit Committee Report 30 Auditors Report 33 Statement of Financial Position 34 Statement of Comprehensive Income 35 Statement of Cash Flow 36 Statement of Changes in Equity 37 Notes to the Financial Statements 38 Notice of the AGM 53 Attendance slip and Proxy form 55
4 Apex Apex Tannery Limited OUR VISION, MISSION, VALUES AND OBJECTIVES 4 Annual Report 2013
5 Apex Apex Tannery Tannery Limited Limited CORPORATE DIRECTORY Annual Report
6 6 Annual Report 2013
7 Apex Apex Tannery Tannery Limited Limited cwipvjkgûjxi cöwz e`b myax kqvi nvìvie `, Avcbv `i cwipvjkgûjxi c Avwg 30 Ryb, 2013 Bs mgvß Avw_ K eq ii cöwz e`b I wnmve Avb `i mv _ Dc vcb KiwQ Kvh µg + e w c~e ez x - n«vm PjwZ eqi eqi % weµq (nvrvi UvKvq) 3,248,799 3,067, KuvPv Pvgovi (Mi ) µq g~j (cöwz em dzu, UvKvq) KuvPv Pvgovi (QvMj) µq g~j Ó (5.79) Mi i Pvgovi weµq g~j Ó (0.01) QvM ji Pvgovi weµq g~j Ó (2.93) KwgK vj e q Ó gvu gybvdv (nvrvi UvKvq) 253, ,157 (6.58) vqx LiP Ó 153, , KvuPvgv ji gry` Avgiv mvaviyz C`-Dj-Avhnvi mgq wecyj cwigvb KvuPv Pvgov µq K i _vwk hvi d j C`-Dj-Avhnv e wzz eq ii Ab vb mg q KvuPv Pvgovi ^í hvmvb Avgv `i Drcv`b K e vnz Ki Z cv i bv KvuPvgv ji gry` MZ eq ii Zzjbvq m šívlrbk avivq (cwrwuf Uª Û) i q Q Kvib G eqi 50 w` bi Drcv`b e qi mgcwigvb UvKvi KvuPvgvj gry` i q Q hv MZ eqi wqj 105 w` bi Avw_ K djvdj nvrvi UvKvq mgvcbx eqi 30 Ryb, 2013 Bs mgvcbx eqi 30 Ryb, 2012 Bs bxu gybvdv (Ki ciezx ) 100, ,676 hvmt wemz eq ii DØ Ë 334, , , ,367 e Ub mycvwik cö `q jf vsk,70 60,960 53,340 jf vsk ciezx Ri , , , ,367 Annual Report
8 REPORT OF THE DIRECTORS DEAR SHAREHOLDERS, On behalf of your Directors, I have the pleasure in submitting the Report and Financial Statements for the year ended June 30, PERFORMANCE + Increase - Decrease REPORT OF THE DIRECTORS This Year Previous Year % Sales (Taka in 000 ) 3,248,799 3,067, Raw Cowhides purchase price (Taka/sft) Raw Goatskins purchase price ( ) (5.79) Cow leather selling price ( ) (0.01) Goat leather selling price ( ) (2.93) Chemical cost ( ) Gross profit (Taka in 000 ) 253, ,157 (6.58) Operating expenses ( ) 153, , INVENTORIES We normally purchase huge quantities of raw hides and skins during the Eid-ul-Azha festival, so that our production is not adversely affected due to low supply during the rest of the year. We feel that the inventory holding shows a positive trend because this year s inventory represents 50 days of production as compared to 105 days last year. FINANCIAL RESULTS Taka in thousand Year Ended Year Ended June 30, 2013 June 30, 2012 Net profit after tax 100, ,676 Add: Previous years surplus 334, , , ,367 Appropriation recommended Dividend payable 60,960 53,340 Balance 373, , , ,367 8 Annual Report 2013
9 Apex Apex Tannery Tannery Limited Limited jf vsk GeQi Avcbv `i Kv úvbxi BwcGm wqj 6.57 UvKv cwipvjk cl ` 05 AvMó, 2013 Bs Zvwi Li mfvq cöwzwu 10 UvKvi kqv i 4.00 UvKv nv i jf vsk cö ve K i Q GB mvaviy mfvq Avcbv `i m wz Z D³ jf vsk cö`vb Kiv n e Kg ms vb Pvgov wkí cöwzôv b kªwgk `i mvwe K cwiw wz gvuvgywu kvš I m š vlrbk wqj, hw`i ˆZix cvkvk wk í kªwgk Am š vl weivwrz wqj Avcbv `i Kv úvbxi kªwgk Ges Kg Pvix `i mv _ mšnv` c~y mym úk I D P ˆbwZKZv ervq i q Q cöwzôv bi kªg kw³ wbgœiƒc t ez gvb eq ii c~e ez x eq ii gvu gvu kªwgk Kg Pvix e e vcbv Pvgov wk íi fwel Z BD iv c A_ bwzk g `vi c~ e Avgv `i cöavb evrvi BZvwj Z wqj MZ `yb eqi hver BZvwj Z Avgv `i cy ißvbx e vckfv e K g hvq Ges A` vewa BZvwji evrv i Zgb Kvb m vebv cwijw Z n Q bv welqwu Avgiv h_vmg q eys Z c i Pxb Ges fvi Zi evrv ii m ve Zv AbymÜvb K i mšfvm µ g m šívlrbk µzvi müvb cvb mbmv _ Rvcv bi Avgv `i mylg evrvi ez gvb i q Q hw`i weµ qi cwigvb Zgb D j L hvm bq Avgiv Dcjwä Kwi h cieëx eqimg~ n evsjv ` ki Pvgov wkí Pxb Ges fvi Zi evrv ii Dci wbf i Ki e RyZv Ges PvgovRvZ c b i Ab Zg Drcv`K I ißvbxkvik `k n jv Pxb Ges fviz, wkš y Zv `i Af š ixb wdwbk&w Pvgovi hvmvb G Kev ib Achv ß Dfq `k K wdwbk&w Pvgovi Rb e `wkk hvmv bi Dci wbf i Ki Z nq evsjv `k D³ Dfq ` ki wdwbk&w Pvgov hvmvb `Iqvi Î i Ë c~y hvmm~î vcb Ki Z cv i cwipvjkgûjxi cöwz e`b e emvwqk SzuwK Ges we ep welq KuvPv Pvgov gvsm Drcv`bKvix wk íi GKwU DcRvZ `ªe gvs mi e envi n«vm c j KuvPv Pvgovi hvmvbi K g hvq Ges mbmv _ KuvPv Pvgovi g~j I e w cövß nq wewfbœ ` k gvs mi e envi wfbœzvi Kvi b KuvPv Pvgovi AwbqwgZ hvmvb cwijw Z nq cöwzgv m gvs mi Pvwn`vi wfbœzvi Kvi b evsjv ` k KuvPv Pvgovi hvmvb I g~j m ú K fwel Øvbx Kiv `ytmva myzivs Pvgov wk íi me P q eo SzuwK nj KuvPv Pvgovi g~j w wz vckzv evsjv ` k Pvgov wk íi cöavb we ep welq n jv cwi ek `~lymz mgm v ez gv b we k i me ÎB cöavb Av jvwpz welq n jv cwi ek wkš y evsjv ` k Pvgov wk íi `yly ivak Kvb c v U bvb G Î cöavb we ep welq h, hw` evsjv `k mikvi ^í mg qi g a XvKvq Aew Z Pvgov wkí nvrvixevm _ K mvfv i vbvš i Ki Z m g bv nq, Zvn j Avg`vbxKviK `kmg~n evsjv `k _ K Pvgov µ qi Î wb laváv Av ivc Ki Z cv i Annual Report
10 DIVIDENDS During the year EPS of your Company was Taka Directors decided in the Board Meeting held on August 05, 2013 to recommend dividend of Taka 4.00 per share of Taka 10/- each. After your approval in this General Meeting, the dividend will be paid to the Shareholders. EMPLOYMENT REPORT OF THE DIRECTORS Although the labour situation in the RMG sector was unsatisfactory, if not violent sometimes, the labour environment in the leather sector was quiet. Labour relation in your Company was cordial and morale of the workers was high. The breakdown of your Company s human resources are: This Year Previous Year Total Total Workers Staff Management INDUSTRY OUTLOOK AND POSSIBLE FUTURE DEVELOPMENTS Before the recession in Europe, our main market was Italy. For the past two years, our export to Italy has gone down tremendously and we do not see any prospects in this market. Fortunately, we were aware of this and explored the Chinese and Indian markets and were able to find good customers. Also, Japan is a steady market for us but the volume is not substantial. We feel that the leather industry of Bangladesh will have to depend on the Chinese and Indian markets for the next few years. China and India are big producers and exporters of shoes and leather goods, but their domestic supply of finished leather is totally inadequate. Both these countries have to depend on supply of finished leather from abroad and here Bangladesh can be an important link to their supply chain. RISKS AND CONCERNS Raw hides and skins is a by-product of the meat industry. If the consumption of red meat decreases, then correspondingly the supply of hides and skins goes down with increase in price. We have noticed that the supply of hides and skins have been erratic in the world because of the difference in consumption of red meat in different countries. It is very difficult to predict the supply and prices of raw hides and skins in Bangladesh because the demand for red meat varies from month to month. So the biggest risk of leather industry is the price elasticity of raw hides and skins. The main concern of leather industry in Bangladesh is the problem of pollution. Environment is a big issue everywhere but very unfortunately, there is no pollution plant for the leather industry in Bangladesh. It is a matter of great concern that if the government is not able to shift the entire leather industry of Dhaka from Hazaribagh to Savar within a short time, then there is a great possibility that the importing countries may impose a ban of Bangladeshi leather. 10 Annual Report 2013
11 Apex Apex Tannery Tannery Limited Limited cwipvjkgûjxi cöwz e`b Annual Report
12 REPORT OF THE DIRECTORS 12 Annual Report 2013
13 Apex Apex Tannery Tannery Limited Limited cwipvjkgûjxi cöwz e`b Annual Report
14 REPORT OF THE DIRECTORS 14 Annual Report 2013
15 FINANCIAL HIGHLIGHTS Taka in thousand Particulars Restated Sales 3,248,799 3,067,208 2,515,867 1,723,639 1,625,358 Gross profit 253, , , , ,998 Profit before tax 126, , , , ,454 Net profit after tax 100, ,676 96, , ,792 Property, plant & equipment 280, , , , ,069 Authorized capital 500, , , , ,000 Issued and paid up capital 152, , , , ,400 Current assets 1,112,356 1,313,429 1,394, ,045 1,370,835 Current liabilities 311, , , , ,687 Net current assets 800, , , , ,148 Dividend 60,960 53,340 45,720 38,100 32,004 Earnings per share (Taka) Dividend per share (Taka) Market value per share at year end (Taka) Net asset value per share (Taka) FINANCIAL HIGHLIGHTS Net operating cash flow per share (Taka) (4.48) Price earning ratio (Times) Dividend yield ratio (%) Current ratio Quick ratio Return on Shareholder s fund (%) Interest coverage ratio Annual Report
16 FINANCIAL HIGHLIGHTS (GRAPHICAL PRESENTATION) FINANCIAL HIGHLIGHTS (GRAPHICAL PRESENTATION) Profit before tax (Tk. in million) Net profit after tax (Tk. in million) Net asset value per share (Tk.) Market value per share (Tk.) at year end Return on Shareholder's fund (%) Components of EPS (Tk.) Net operating income Net relized investment gain Net other income 16 Annual Report 2013
17 STATEMENT OF VALUE ADDITION Year Ended June 30, 2013 Taka in thousand Year Ended June 30, 2012 Value added Sales 3,248,799 3,067,208 Bought in materials and services (3,001,462) (2,784,974) 247, ,234 Other income 62,262 43,193 Available for distribution 309, ,427 Distribution of value addition To Government (Income tax) 26, % 25, % To Employees & workers (Salary, wages and other benefits) 153, % 140, % To Banks (Interest and charges) 29, % 53, % To Shareholders (Dividend) 60, % 53, % 270, % 272, % Retained for reinvestment and future growth 38, % 52, % 309, % 325, % 13 % 8 % 16 % 8 % STATEMENT OF VALUE ADDITION 20 % 49 % 17 % 43 % 10 % 16 % To Banks 10% To Shareholders 20% Retained for reinvestment 13% To Government 8% To Employees & workers 49% To Banks 16% To Shareholders 17% Retained for reinvestment 16% To Government 8% To Employees & workers 43% Annual Report
18 REPORT ON CORPORATE SOCIAL RESPONSIBILITIES 18 Annual Report 2013
19 REPORT ON CORPORATE SOCIAL RESPONSIBILITIES Annual Report
20 REPORT ON CORPORATE GOVERNANCE 20 Annual Report 2013
21 REPORT ON CORPORATE GOVERNANCE Annual Report
22 REPORT ON CORPORATE GOVERNANCE 22 Annual Report 2013
23 CORPORATE GOVERNANCE COMPLIANCE REPORT Status of compliance with the conditions imposed by the Commissions Notification No. SEC/ CMRRCD/ /134/Admin/44 dated 07 th August 2012 issued under section 2CC of the Securities and Exchange Ordinance, 1969 (Report under Condition No. 7.00) Condition No. 1 Board of Directors Title 1.1 Board s Size The number of the Board members shall not be less than 5 (five) and more than 20 (twenty); 1.2 Independent Director Compliance status Complied (i) At least one fifth (1/5) of total number of directors shall be Complied Independent Director; (ii) a) Does not hold any share or holds less than 1% shares of the total Complied paid-up shares of the Company; (ii) b) Who is not a sponsor and not connected with any sponsor/ Complied director/ shareholder who hold 1% or more shares of the total paid-up shares on the basis of family relationship; (ii) c) Does not have any other relationship, whether pecuniary Complied or otherwise, with the company or its subsidiary/associated companies; (ii) d) Not a member, director or officer of any stock exchange; Complied (ii) e) Not a shareholder, director or officer of any member of stock Complied exchange or an intermediary of the capital market; (ii) f) Not a partner or an executive or was not a partner or an executive Complied during the preceding 3 (three) years of any statutory audit firm; (ii) g) Not be an independent director in more than 3 (three) listed Complied companies; (ii) h) Not been convicted by a court of competent jurisdiction as a Complied defaulter in payment of any loan to a bank or a Non-Bank Financial Institution (NBFI); (ii) i) Not been convicted for a criminal offence involving moral Complied turpitude; (iii) Nominated by the Board of Directors and approved by the Complied shareholders in the AGM; (iv) The post of Independent Director can not remain vacant for more than 90 (ninety) days; Complied (v) (vi) Board shall lay down a code of conduct of all Board members and annual compliance of the code to be recorded; Tenure of office of an Independent Director shall be for a period of 3 (three) years, which may be extended for 1 (one) term only; Complied Complied Remarks (If any) There was no vacancy in the position of Independent Director. CORPORATE GOVERNANCE COMPLIANCE REPORT Annual Report
24 CORPORATE GOVERNANCE COMPLIANCE REPORT Condition Compliance Title No. status 1.3 Qualification of Independent Director (i) Shall be a Knowledgeable individual with integrity who is able to Complied ensure compliance with financial, regulatory and corporate laws and can make meaningful contribution to business; (ii) Should be a Business Leader/Corporate Leader/Bureaucrat/University Complied Teacher with Economics or Business Studies or Law background/ Professionals like Chartered Accountants, Cost and Management Accountants, Chartered Secretaries. Must have at least 12 (twelve) years of corporate management/professional experiences; (iii) In special cases the above qualifications may be relaxed subject to Not prior approval of the Commission; applicable 1.4 Chairman of the Board and CEO Chairman and CEO shall be filled by different individuals. Chairman shall Complied be elected from among the Directors. The Board of Directors shall clearly define respective roles and responsibilities of the Chairman and the CEO. 1.5 The Directors Report to Shareholders (i) Industry outlook and possible future developments in the Complied industry; (ii) Segment-wise or product-wise performance; Complied (iii) Risks and Concerns; Complied (iv) Discussion on Cost of goods sold, Gross profit margin and Net Complied profit margin; (v) Discussion on continuity of any extra-ordinary gain or loss; Not applicable (vi) Disclosure for related party transactions; Complied (vii) (viii) (ix) Utilization of proceeds from public issues, rights issues and/or through any others; Explanation if the financial results deteriorate after the company goes for IPO, RPO, Rights Offer and Direct Listing; Explanation about significant variance occurs between quarterly financial performance and annual financial statements; Not applicable Not applicable Not applicable (x) Remuneration to directors including independent directors; Complied (xi) Fairness of financial statements; Complied (xii) Maintenance of proper books of account; Complied (xiii) Application of appropriate accounting policies and estimates; Complied (xiv) Followed IAS, BAS, IFRS, and BFRS in preparation of the financial Complied statements; (xv) Soundness of internal control system; Complied (xvi) Ability to continue as a going concern; Complied (xvii) Significant deviations from the last year; Complied (xviii) Key operating and financial data of at least preceding 5(five) years; Complied (xix) Reasons for not declared dividend; Not applicable Remarks (If any) 24 Annual Report 2013
25 Condition Compliance Title No. status (xx) Number of Board meetings held during the year and attendance; Complied (xxi) Pattern of shareholding and name wise details disclosing Complied aggregate number of shares; (xxi) a) Parent/subsidiary/associated companies and other related parties (Name wise details); Complied (xxi) b) Directors, CEO, CS, CFO, HIA and their spouses and minor children Complied (Name wise details); (xxi) c) Executives (Name wise details); Complied (xxi) d) Shareholders holding ten percent (10%) or more voting interest Complied (Name wise details); (xxii) Directors appointment/re-appointment; Complied (xxii) a) A brief resume of the director; (xxii) b) Expertise in specific functional areas; (xxii) c) Holding the directorship and the membership of committees of the board other than this company; 2 Chief Financial Officer (CFO), Head of Internal Audit (HIA) and Company Secretary (CS) 1 The company shall appoint a Chief Financial Officer (CFO), a Head of Internal Audit (Internal Control and Compliance) and a Company Secretary (CS). The Board of Directors should clearly define respective roles, responsibilities and duties of CFO, The Head of Internal Audit and the CS; 2 The Chief Financial Officer (CFO) and the Company Secretary (CS) of the Company shall attend the meetings of the Board of Directors; 3 Audit Committee Complied Complied Complied Complied Complied (i) The company shall have an Audit Committee as a sub- committee Complied of the Board of Directors; (ii) Assistance of the Audit Committee to Board of Directors; Complied (iii) The Audit Committee shall be responsible to the Board of Directors. The duties of the Audit Committee shall be clearly set forth in writing.; 3.1 Constitution of the Audit Committee (i) Compositions (At least three members should be in Audit Committee); (ii) Appointment of Members of the Audit Committee (Members should be appointed by the Board with at least one Independent Director); (iii) Qualification of Members of the Audit Committee (Members should be financially literate and at least one (01) member shall have accounting or related financial management experience); Complied Complied Complied Complied Remarks (If any) CORPORATE GOVERNANCE COMPLIANCE REPORT (iv) Casual vacancy in Audit Committee shall be filled by the Board; Complied (v) The Company Secretary shall act as the Secretary of the committee; Complied Annual Report
26 CORPORATE GOVERNANCE COMPLIANCE REPORT Condition No. (vi) Title The quorum of the Audit Committee (AC) meeting shall not constitute without at least 1 (one) Independent Director; Compliance status Complied 3.2 Chairman of the Audit Committee (i) The Board of Directors shall select 1 (one) member of the Audit Complied Committee to be Chairmen of the Audit Committee, who shall be an Independent Director; (ii) Chairman of the Audit Committee shall remain present in the Annual General Meeting (AGM); Complied 3.3 Role of Audit Committee (i) Oversee the financial reporting process; Complied (ii) Monitor choice of accounting policies and principles; Complied (iii) Monitor internal control risk management process; Complied (iv) Oversee hiring and performance of external auditors; Complied (v) Review the annual financial statements before submission to the Complied board for approval; (vi) Review the quarterly and half yearly financial statements before Complied submission to the board for approval; (vii) Review the adequacy of internal audit function; Complied (viii) Review statement of significant related party transactions; Complied (ix) Review management letters/letter of internal control weakness issued by statutory auditors; (x) Disclosure about the uses/ applications of funds raised by IPO/ RPO/ Right Issue; Reporting of the Audit Committee Complied Complied (i) The Audit Committee shall report on its activities to the Board of Complied Directors; (ii) a) Report on conflicts of interest to the Board of Directors; Not applicable ((ii) b) Will report any suspected or presumed fraud or irregularities or Complied material defect in the internal control system to the Board; ((ii) c) Will report any suspected infringement of laws, including securities related laws, rules and regulations to the Board; ((ii) d) Will report any other matters which shall be disclosed to the Board of Directors immediately; Reporting to the Authorities (BSEC) If any materials impact on the financial condition & results of operation, unreasonably ignored by the management; 3.5 Reporting to the Shareholders and General Investors Report on activities carried out by the Audit Committee, including any report made to the Board of Directors under condition (ii) above during the year, shall be signed by the Chairman of the Audit Committee and disclosed in the annual report of the issuer company; Not applicable Not applicable Not applicable Complied Remarks (If any) 26 Annual Report 2013
27 Condition Compliance Title No. status 4. Engagement of external/ statutory auditors (i) Non-engagement of appraisal or valuation services or fairness Complied opinions; (ii) Non-engagement in designing financial information systems and Complied implementation; (iii) Non-engagement in Book-keeping; Complied (iv) Non-engagement in Broker-dealer services; Complied (v) Non-engagement in Actuarial services; Complied (vi) Non-engagement in Internal audit services; Complied (vii) Non-engagement in services that the Audit Committee Complied determines; (viii) No partner or employees of the external audit firm s shall possess any share of the company they audit at least during the tenure of their audit assignment of that company; Complied 5. Subsidiary Company (i) Composition of the Board of Directors; Not applicable (ii) At least 1 (one) Independent Director to the subsidiary company; Not applicable (iii) Submission of minutes to the holding company ; Not applicable (iv) Review of minutes by the holding company ; Not applicable (v) Review of financial statements by holding company; Not applicable 6. Certification of Chief Executive Officer (CEO) and Chief Financial Officer (CFO) to the Board (i) a) Financial statements do not contain any materially untrue Complied statement or omit any material fact or contain statements that might be misleading; (i) b) Financial statements together present a true and fair view of the Complied company s affairs and are in compliance with existing accounting standards and applicable laws; (ii) No transactions entered into by the Company during the year which are fraudulent, illegal or violation of the Company s code of conduct; Complied 7. Reporting and compliance of Corporate Governance (i) Obtain certificate about compliance of conditions of Corporate Complied Governance Guidelines; (ii) Directors shall state in the Directors report about the compliance with the conditions of the Corporate Governance Notification; Complied Remarks (If any) CORPORATE GOVERNANCE COMPLIANCE REPORT Annual Report
28 ARTISAN Chartered Accountants BSEC BHABAN (Level-10), 102, Kazi Nazrul Islam Avenue Kawran Bazar, Dhaka-1215 Tel: Mobile # CERTIFICATE OF COMPLIANCE OF CORP. GOV. GUIDELINES Certificate of Compliance to the Shareholders of APEX TANNERY LIMITED On the Conditions of Corporate Governance Guidelines We have reviewed the statement of compliance of Conditions of Corporate Governance guidelines prepared by the Management of APEX TANNERY LIMITED to comply with the Notification No. SEC/CMRRCD/ /134/Admin/44 dated 7 th August 2012 of Bangladesh Securities and Exchange Commission (BSEC), where the company is listed. The responsibility for compliance with the Conditions of Corporate Governance Guideline is that of the Board of Directors of the company. Our responsibility is to review, to the extent where such compliance can be objectively verified, whether the statement of compliance reflects the status of the Company s compliance with the provisions of the conditions of Corporate Governance guidelines and report if it does not. Based on our review, we certify that nothing has come to our attention which causes us to believe that the Statement of Compliance does not appropriately reflect the Company s compliance, in all material respects, with the best practices contained in the Conditions of Corporate Governance as applicable to the Company for the year ended June 30, Md. Selim Reza FCA FCS Partner ARTISAN Chartered Accountants 28 Annual Report 2013
29 PATTERN OF SHAREHOLDING As of June 30, 2013 Annexure I (a) Parent/Subsidiary/Associated companies and other related parties (name wise details): N/A (b) Directors, Chief Executive Officer, Company Secretary, Chief Financial Officer, Head of Internal Audit and their spouses and minor childrens (name wise details): SL No. Name Number of Shareholding Name of Spouse Shares held by the Spouse/ Children 01 Directors i Mr. Syed Manzur Elahi 3,85,550 Mrs. Niloufer Manzur - ii Mr. Md. Rahmatullah 3,04,800 Mrs. Halima Rahmatullah 1,43,500 iii Mr. Syed Nasim Manzur 3,24,100 Mrs. Samia Huq - iv Mr. Md. Hedayetullah 3,04,950 Mrs. Afia Hedayetullah - v Mr. Md. Fayekuzzaman (MD of ICB) 64,34,550 Mrs. Munira Begum - vi Mr. Prof. Mohammed Farashuddin - Mrs. Suraiya Farashuddin - Ph.D.-Independent Director 02 Chief Executive Officer Mr. Md. Rahmatullah 3,04,800 Mrs. Halima Rahmatullah 1,43, Head of Internal Audit and Director Mr. Md. Hedayetullah 3,04,950 Mrs. Afia Hedayetullah - 04 Chief Financial Officer Mr. Anup Kumar Mukherjee - Mrs. Swapna Mukherjee - 05 Company Secretary Mr. Jagadish Kumar Bhanja - Mrs. Nanda Bhanja - (c) Executives (Top five salaried employees of the company, other than the Directors, Chief Executive Officer, Company Secretary, Chief Financial Officer and Head of Internal Audit): PATTERN OF SHAREHOLDING Name Designation Shares held Mr. M. A. Majed Executive Director 4,200 Mr. Ansarul Islam Executive Director -- Mr. Syed Abdul Matin General Manager (Finance) 50 Mr. Md. Sayeed Hossain General Manager (Commercial) -- Mr. Md. Nazrul Islam Khan General Manager (Production) -- Annual Report
30 AUDIT COMMITTEE REPORT 30 Annual Report 2013
31 AUDIT COMMITTEE REPORT Annual Report
32 AUDIT COMMITTEE REPORT 32 Annual Report 2013
33 AUDITORS REPORT To the Shareholders of Apex Tannery Limited We have audited the accompanying Statement of Financial Position of the Apex Tannery Limited as at June 30, 2013 and statement of Comprehensive Income and Statement of Cash Flow, Changes in Equity and Notes to the Financial Statements for the year then ended. Respective Responsibilities of Management and Auditors The Company s management is responsible for preparing the financial statements, which give true and fair view, in accordance with the Bangladesh Accounting Standards (BAS). Our responsibility is to express an independent opinion on the financial statements, presented to us, based on Bangladesh Standards on Auditing (BSA). Scope We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. Opinion In our opinion, the financial statements prepared in accordance with Bangladesh Financial Reporting Standards (BFRS) and Bangladesh Accounting Standards (BAS), give a true and fair view of the sate of the Company s affairs as at June 30, 2013 and of the results of its operations and it s cash flows for the year then ended and comply with the applicable sections of the Companies Act 1994, the Securities and Exchange Rules 1987 and other applicable laws and regulations. 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 account as required by law have been kept by the company so far as it appeared from our examination of those books. c) The company s Statement of Financial Position and statement of Comprehensive Income dealt with by the report are in agreement with the books of account; and d) The expenditure incurred was for the purposes of the company s business. AUDITORS REPORT Place : Dhaka Date : August 07, 2013 Malek Siddiqui Wali (Chartered Accountants) (Md. Waliullah, FCA) Annual Report
34 APEX TANNERY LIMITED Statement of Financial Position as of June 30, 2013 STATEMENT OF FINACCIAL POSITION Assets Taka in thousand As of As of Notes June 30, 2013 June 30, 2012 Non current assets Property, plant and equipment 4 280, ,175 Investments 5 40,078 39,014 Deferred tax assets 6 3,182 2, , ,146 Current assets Inventories 7 401, ,040 Trade and other receivables 8 184, ,758 Advances, deposits and prepayments 9 171, ,829 Cash & cash equivalents , ,802 1,112,356 1,313,429 Total Assets 1,436,147 1,596,575 Equity and Liabilities Shareholders equity Share capital , ,400 Share premium 425, ,333 Dividend equalization fund 44,888 44,888 Retained earnings 402, ,363 Fair valuation surplus of investment 12 32,522 34,600 1,057,323 1,012,584 Non current liabilities Retirement benefit obligations 13 67,350 58,142 Current liabilities Short-term loan ,530 - Working capital loan ,029 Trade payables 16 18,367 14,488 Other payables 17 19,599 18,394 Provision for income-tax 18 58,581 59, , ,849 Total Equity and Liabilities 1,436,147 1,596,575 The annexed notes form an integral part of these financial statements. For and on behalf of the Board of Directors Md. Rahmatullah Md. Fayekuzzaman Jagadish Kumar Bhanja Managing Director Director Company Secretary Signed in terms of our annexed report of even date. Dated: Dhaka August 07, 2013 Malek Siddiqui Wali Chartered Accountants 34 Annual Report 2013
35 APEX TANNERY LIMITED Statement of Comprehensive Income for the year ended June 30, 2013 Taka in thousand Year Ended Year Ended Notes June 30, 2013 June 30, 2012 Sales 20 3,248,799 3,067,208 Cost of sales Cost of goods sold 21 (2,929,880) (2,733,678) Freight & forwarding 22 (65,610) (62,373) (2,995,490) (2,796,051) Gross profit 253, ,157 Operating expenses Administrative expenses 23 (34,808) (32,918) Marketing expenses 24 (105,359) (76,118) Directors remuneration (6,840) (6,840) Legal & audit fees 25 (492) (420) Depreciation 4A (5,771) (6,044) (153,270) (122,340) Operating profit 100, ,817 Bank interest expenses & charges 26 (29,954) (53,433) Non operating income Other income 27 62,262 43,193 Profit for the year 132, ,577 Contribution to workers profit participation fund (6,300) (6,596) Profit before income tax 126, ,981 Income tax Current tax expenses 28 (26,115) (25,734) Deferred tax income ,429 (25,890) (24,305) Net profit after tax 100, ,676 Other Comprehensive Income Fair valuation surplus of investments (unrealized) (2,078) 34,600 Total Comprehensive Income 98, ,276 Earnings per share with fair valuation surplus Earnings per share without fair valuation surplus STATEMENT OF COMPREHENSIVE INCOME The annexed notes form an integral part of these financial statements. For and on behalf of the Board of Directors Md. Rahmatullah Md. Fayekuzzaman Jagadish Kumar Bhanja Managing Director Director Company Secretary Signed in terms of our annexed report of even date. Dated: Dhaka August 07, 2013 Malek Siddiqui Wali Chartered Accountants Annual Report
36 APEX TANNERY LIMITED Statement of Cash flow for the year ended june 30, 2013 Taka in thousand Year Ended Year Ended June 30, 2013 June 30, 2012 STATEMENT OF CASH FLOW A. Cash flow from operating activities 474, ,444 Collections from turnover / bills receivable and other income 3,301,658 3,126,879 Payments for purchase of leather, chemicals, spare-parts, payments of creditors and other expenses (2,753,756) (2,902,752) Interest paid (29,954) (53,433) Payments to workers profit participation fund (6,546) (6,386) Income tax paid (37,181) (21,864) B. Cash flow from investing activities (68,184) (60,192) Acquisition of property, plant and equipment (62,107) (56,962) Purchase of Investment - 2,847 Advance payment for land at Savar (6,077) (6,077) C. Cash flow from financing activities (269,045) (192,209) Loans received / (paid) (218,102) (147,576) Dividend received / (paid) (50,943) (44,633) Increase / (decrease) in cash and cash equivalents (A+B+C) 136,992 (109,957) Opening cash and cash equivalents 217, ,759 Closing cash and cash equivalents 354, ,802 The annexed notes form an integral part of these financial statements. For and on behalf of the Board of Directors Md. Rahmatullah Md. Fayekuzzaman Jagadish Kumar Bhanja Managing Director Director Company Secretary Signed in terms of our annexed report of even date. Dated: Dhaka August 07, 2013 Malek Siddiqui Wali Chartered Accountants 36 Annual Report 2013
37 APEX TANNERY LIMITED Statement of Changes in Equity For the year ended June 30, 2013 Particulars Share Capital Share Premium Dividend Equalization Fund Retained Earnings Fair Valuation Surplus Taka in thousand As at June 30, , ,333 44, ,363 34,600 1,012,584 Net profit 100, ,157 Cash dividend for (53,340) - (53,340) Fair valuation surplus (2,078) (2,078) As at June 30, , ,333 44, ,180 32,522 1,057,323 Total For the year ended June 30, 2012 Particulars Share Capital Share Premium Dividend Equalization Fund Retained Earnings Fair Valuation Surplus Taka in thousand As at June 30, , ,333 44, , ,028 Net profit 107, ,676 Cash dividend for (45,720) - (45,720) Fair valuation surplus 34,600 34,600 As at June 30, , ,333 44, ,363 34,600 1,012,584 The annexed notes form an integral part of these financial statements. For and on behalf of the Board of Directors Total STATEMENT OF CHANGES IN EQUITY Md. Rahmatullah Md. Fayekuzzaman Jagadish Kumar Bhanja Managing Director Director Company Secretary Signed in terms of our annexed report of even date. Dated: Dhaka August 07, 2013 Malek Siddiqui Wali Chartered Accountants Annual Report
38 APEX TANNERY LIMITED Notes to the Financial Statements for the year ended June 30, 2013 NOTES TO THE FINANCIAL STATEMENTS 1. Reporting entity a) Company profile Apex Tannery is the largest tannery in Bangladesh and one of the largest in South Asia. It is a 100% export oriented company. The company is using state of the art machineries from Italy, France and Germany. Apex Tannery Limited was incorporated as a private limited company on 26 th day of July 1976 under Companies Act 1913 and was converted into a public limited company in The shares of the Company are publicly traded at Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited. The address of the registered office is 127 Hazaribagh T/A, Dhaka b) Nature of business The principal activities of Apex Tannery are to produce high quality leather, by using Italian chemicals, technology, complying with world fashion standards and specifications. Its annual capacity is about 26 million Sft. of finished goat and cow leather. Apex exports to Europe, China, South America and all major leather market of the world. It has two manufacturing facilities; Unit I situated at Hazaribagh and Unit II situated at Shafipur, Gazipur both engaged in processing and finishing cow and goat leather for 100% export. Unit II has been leased out to Apex Adelchi Footwear Ltd. for 10 years from Basis of preparation of financial statements a) Statement of compliance The financial statements have been prepared in accordance with Bangladesh Accounting Standards (BAS), Bangladesh Financial Reporting Standards (BFRS), Companies Act 1994 and other applicable laws and regulations. b) Basis of measurement The financial statements have been prepared on historical cost basis. c) Date of authorization The board of directors has authorized these financial statements on August 05, 2013 d) Functional and presentation currency These financial statements are presented in Bangladesh Taka which is the company s functional currency. All financial information presented in Taka have been rounded off to the nearest Taka. e) Use of estimates and judgments The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Estimates and underlying assumptions are reviewed on an on going basis. Revisions of accounting estimates are recognized in the period in which the estimates are revised or any future periods affected. In particular, information about significant areas of estimates and judgments in applying accounting policies that have the most significant effect on the amount recognized in the financial statements are described in the following notes: Note 7 Inventory valuation Note 6 Deferred tax assets Note 18 Provision for tax f) Reporting period The reporting period of the company covers one year from July 1 to June Annual Report 2013
39 3. Significant accounting policies The accounting policies set out below have been applied consistently to all period presented in these financial statements. a. Property, plant & equipment I. Recognition and measurement: Property, plant & equipment (PPE) are initially measured at cost. After initial recognition an item of PPE carried at cost less accumulated depreciation in accordance with BAS 16 Property plant & equipment. Cost of PPE represents cost of purchase price, import duties and non refundable purchase taxes after deducting trade discounts and rebates and any cost directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by management. II. Subsequent cost: The costs of the day-to-day servicing of PPE are recognized in the Statement of Comprehensive Income. The costs of replacing of PPE are recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. III. Depreciation: The Company uses reducing balance method to depreciate property, plant & equipment. No depreciation is charged on Land and Land development. Full year depreciation is charged when the PPE is placed in service regardless of which month the PPE is placed in service. In case of disposals, no depreciation is charged during the year of its disposal. The annual depreciation rates applicable to the principal categories are: Building 10% Plant & machinery 15% Furniture & fittings 10% Vehicles 20% Depreciation has been charged to cost of goods sold & administrative expenses consistently. b. Inventories Inventories comprise of raw materials, work-in-progress and finished goods, chemicals and spareparts. They are stated at a lower of cost and net realizable value, in accordance with BAS 2 Inventories. The cost of inventories is measured by using the weighted average cost formula. The cost of inventories represents all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and selling expenses. c. Trade and other receivables These are carried at original invoice value considered good and collectible. d. Cash and cash equivalents Cash and cash equivalents comprises cash in hand, cash at Bank and FDR which is readily convertible to a known amount of cash and be subject to an insignificant risk of changes in value. e. Trade and other payables These are recognized for amounts to be paid in the future for goods and services. f. Income Taxes I) Current Income Tax The corporate tax rate for publicly listed companies is 27.50%. However companies deriving income from export are entitled to exemption of 50% tax on such income. Since the company is 100% exportoriented, 50% of trading income will not be subject to tax under paragraph 28 of Part A of the Sixth Schedule of the IT Ordinance, The provision made has been calculated on the above basis, which is adequate. II) Deferred Income Tax Deferred tax is recognized on differences between the carrying amounts of assets and liabilities for financial reporting purpose and the corresponding tax bases used for taxation purpose. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which those deductible temporary differences can be utilized. NOTES TO THE FINANCIAL STATEMENTS Annual Report
40 g. Employee Benefits The Company maintains both defined contribution plan (provident fund) and defined benefit plan (gratuity) for its eligible permanent employees. NOTES TO THE FINANCIAL STATEMENTS I) Defined contribution plan (Provident fund) The Company operates a contributory Provident fund for its eligible permanent employees. The fund is approved by the National Board of Revenue (NBR). The fund is administered by a Board of Trustee and is funded by contribution partly from the employee and partly from the Company at predetermined rates. The contribution is invested separately from the Company s assets. II) Defined benefit plan (Gratuity) The Company maintains an unrecognized gratuity fund for its permanent employees, under which an employee is entitled to the benefits depending on the length of services and last drawn basic salary. h. Statement of Cash Flow Cash flow from operating activities have been presented under direct method. i. Transaction with related parties The company has carried on transactions with Apex Adelchi Footwear Limited, Pioneer Insurance Company Limited and Mutual Trust Bank Limited in the normal course of business. j. Comparative information Figures of the year have been rearranged whenever considered necessary to ensure comparability with the current period. k. Foreign currency transaction Transactions in foreign currencies are converted into Bangladesh Taka at the exchange rate prevailing on the date of transaction in accordance with provisions of BAS 21 The effects of changes in foreign currency rates. l. Revenue recognition The Company recognizes revenue when risk and rewards associated with ownership has been transferred to the buyer, which satisfied all the conditions for the revenue recognition as provided in BAS 18 Revenue Recognition. m. Earnings per share (EPS) The Company calculates Earnings per share (EPS) in accordance with BAS 33 Earnings per share which has been shown on the face of Statement of Comprehensive Income. n. Components of the Financial Statements According to the Bangladesh Accounting Standard (BAS) 1 presentation of Financial Statements, the complete set of Financial Statements includes the following components: i. Statement of Financial Position (Balance Sheet) as at June 30, ii. Statement of Comprehensive Income (Profit and loss Account) for the year ended June 30, iii. Statement of Cash Flow for the year ended June 30, iv. Statement of Changes in Equity for the year ended June 30, v. Accounting policies and explanatory notes. o. Subsequent Disclosure of events occurring after the Reporting date There is no adjusting event at the Reporting date of such importance non-disclosure of which would affect the availability to the user of the financial statement to make proper evaluation and decision. p. Impairment The carrying amount of assets other than inventories and deferred tax assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount is estimated. An impairment loss is recognized in the Statement of Comprehensive Income when the carrying amount of the asset exceeds its recoverable amount. 40 Annual Report 2013
41 4. PROPERTY, PLANT & EQUIPMENT Particulars Land Building Plant & Furniture Vehicles Total This Total Machinery & Fittings Year Previous Year COST Unit I 134,847,790 40,643, ,042,161 25,313,724 79,937, ,784, ,677,629 Unit II 12,769, ,196, ,940, , , ,275, ,275, ,617, ,839, ,982,573 26,196,765 80,424, ,059, ,953,169 DEPRECIATION Unit I 0 36,494, ,314,485 20,297,407 59,081, ,187, ,827,114 Unit II 0 96,301, ,852, , , ,341, ,950, ,796, ,167,177 21,002,362 59,563, ,529, ,778,007 Written Down Value 147,617,036 29,043,350 77,815,396 5,194,403 20,860, ,530, ,175,161 A) Schedule of property, plant & equipment- Unit I as at June 30, 2013 Sl Particulars Land Building Plant & Furniture Vehicles Total This Total No. Machinery & Fittings Year Previous Year COST 1 As at ,023,974 40,643, ,329,867 24,956,290 75,724, ,677, ,715,255 2 Addition this year 55,823, ,712, ,434 4,213,258 62,106,802 56,962,374 3 As at (1+2) 134,847,790 40,643, ,042,161 25,313,724 79,937, ,784, ,677,629 4 Written down value as at ,023,974 4,609,575 79,143,796 5,216,252 21,856, ,850, ,410,679 DEPRECIATION 5 Charged on (2+4) 134,847,790 4,609,575 80,856,090 5,573,686 26,070, ,957, ,373,054 6 Rate (%) During the year 0 460,958 12,128, ,369 5,214,035 18,360,775 20,522,540 8 As at ,033, ,186,071 19,740,038 53,867, ,827, ,304,576 9 As at (7+8) 0 36,494, ,314,485 20,297,407 59,081, ,187, ,827, Written down value as at ,847,790 4,148,617 68,727,676 5,016,317 20,856, ,596, ,850,514 Charged to Cost of Production 12,589,371 Profit & Loss Account 5,771,404 18,360,775 NOTES TO THE FINANCIAL STATEMENTS Addition of land represents purchase of 115 decimal land at Kandi Boilarpur, Savar, Dhaka. Addition of plant & machinery represents purchase of drum and measuring machine. Vehicle purchased for management. Addition of furniture & fittings represent purchase of computer, printer and ancillaries. There are no intangible assets. Depreciation has been charged on reducing balance method. There is no contract for capital expenditure to be executed and not provided for in the financial statements. Annual Report
42 B) Schedule of property, plant & equipment -Unit II as at June 30, 2013 Sl Particulars Land Building Plant & Furniture Vehicles Total This Total No. Machinery & Fittings Year Previous Year COST 1 As at ,769, ,196, ,940, , , ,275, ,275,540 2 Addition this year NOTES TO THE FINANCIAL STATEMENTS 3 As at (1+2) 12,769, ,196, ,940, , , ,275, ,275,540 4 Written down value as at ,769,246 27,660,815 10,691, ,873 5,278 51,324,647 56,308,100 DEPRECIATION 5 Charged on (2+4) 12,769,246 27,660,815 10,691, ,873 5,278 51,324,647 56,308,100 6 Rate (%) During the year 0 2,766,082 1,603,715 19,787 1,056 4,390,640 4,983,453 8 As at ,535, ,248, , , ,950, ,967,440 9 As at (7+8) 0 96,301, ,852, , , ,341, ,950, Written down value as at ,769,246 24,894,733 9,087, ,086 4,222 46,934,007 51,324,647 Depreciation of Unit II Taka 4,390,640 charged against rental income 5. INVESTMENTS As of As of June 30, 2013 June 30, 2012 Taka Taka Apex Adelchi Footwear Limited (136, ) 34,366,380 36,444,220 Central Depository Bangladesh Limited (571, ) 5,711,810 2,569,450 40,078,190 39,013,670 Investment in shares of Apex Adelchi Footwear Limited has been recorded at fair value as per BAS-39. The quoted price was Taka per Taka 10 each share as at June 30, 2013 and company s cost price for 136,700 shares was Taka per Taka 10 each share. 6. DEFERRED TAX LIABILITIES / (ASSETS) (3,181,848) (2,957,373) Deferred tax assets (9,260,579) (7,994,607) Deferred tax liabilities 6,078,731 5,037, Deferred tax assets Provision for gratuity (9,260,579) (7,994,607) 6.02 Deferred tax liabilities Property, plant & equipment 6,078,731 5,037, Annual Report 2013
43 7. INVENTORIES Goatskins Total Taka Total Taka as of as of Sft. June 30, 2013 June 30, 2012 Raw 170,921 10,084,368 11,569,348 Wetblue 387,686 25,587,284 20,638,800 Work in Process 100,065 7,004,582 7,790,644 Crust/Finished 393,714 31,103,374 50,212,784 Cowhides Raw 376,039 33,467, ,006,907 Wetblue 813,119 80,571, ,438,158 Work in Process 139,081 14,464,470 50,649,504 Crust/Finished 651,683 81,460, ,712,073 Chemicals 106,324, ,547,776 Spare-parts 11,693,559 19,474, ,762, ,040,403 Inventories are valued at lower of cost price and net realizable value. Inventories at the end of the year are equivalent to 50 days consumption based on current year s cost of goods sold. A team, consisting of Auditors and Management staff, carried out physical verification of the inventories as of June 30, Inventories were hypothecated to Agrani Bank, Amin Court branch as security of working capital loan. 8. TRADE AND OTHER RECEIVABLES Export bills receivable 176,137, ,368,736 Rental income receivable 5,000,000 2,500,000 Interest on FDR 3,625,835 2,889, ,763, ,758,011 Most of the above bills receivable remained from the sales of June 2013 and were considered good. Rental income receivable from Apex Adelchi Footwear Limited. NOTES TO THE FINANCIAL STATEMENTS 9. ADVANCES, DEPOSITS & PREPAYMENTS L/C accounts (Goods in transit) 14,221,506 15,008,806 Advance income-tax 77,155,982 67,445,963 Advance rent 1,541,833 1,022,200 Advance for land 41,033,975 34,957,025 Advance to staff and workers 1,657,500 1,742,000 Advance to suppliers 28,292, ,000 Bank guarantee margin 731, ,764 Security deposit 6,401,200 6,401, ,036, ,828,958 Annual Report
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