Property And Assets Current Assets Particulars Rupali Investment Limited Statement of Financial Position As at 31 December 2015 Amount in Taka Amount in Taka 31.12.2015 31.12.2014 Cash and bank balance 5 120,312,742 78,232,452 Investment in FDR 6 115,025,255 107,472,994 Accrued interest on FDR 95,854 119,414 Accrued interest on Margin Loan 42,414 411,789 Margin loan (Portfolio loan) 193,473,408 242,483,450 Investment in shares (own portfolio) 7 518,157,455 475,434,249 Pre-IPO Placement Investment - - Advances, deposits and prepayments 8 12,288,613 8,767,663 Accounts receivable 9 454,731,484 57,975,067 Total current assets (A) 1,414,127,225 970,897,077 Notes Non-Current Assets Property, plant and equipment 10.1 7,496,678 8,277,002 Intangible assets 10.2 940,866 1,194,130 Other Assets 11 428,952 1,614,813 Total non-current assets (B) 8,866,496 11,085,945 Total Assets (A+B) 1,422,993,721 981,983,022 LIABILITIES AND CAPITAL Current Liabilities Accounts payable 12 450,377,950 51,652,545 Provision for expenses 13 4,344,039 3,180,409 Provision for diminution in value of investment 14.a 52,426,342 40,261,447 Provision for negative equity 14.b 5,000,000 5,000,000 Current tax liabilities 15 45,969,077 36,118,223 Deferred tax liabilities 16 760,759 925,420 Other liabilities 17 22,078,776 14,107,551 Total current liabilities.(c) 580,956,943 151,245,596 Non Current Liabilities - - Total non-current liabilities (D) - - Total Liabilities (E=C+D) 580,956,943 151,245,596 Capital/Shareholders' Equity Share capital 18 700,000,000 700,000,000 Retained earnings 19 142,036,778 130,737,426 Total shareholders' equity (F) 842,036,778 830,737,426 Total liabilities and shareholders' equity (E+F) 1,422,993,721 981,983,022 These financial statements should be read in conjunction with annexed notes 1 to 29 Chief Executive Officer Director Chairman Dated, Dhaka. G. KIBRIA & CO. Chartered Accountants 3
Rupali Investment Limited Statement of Comprehensive Income For the year ended on 31 December 2015 Particulars Notes 2015 2014 Income Interest on margin loan /Interest income 20 18,084,172 24,331,668 Interest from investment in FDR 8,384,507 17,814,408 Fees and commission income 21 6,216,332 11,246,253 Other operating income 22 19,698,681 83,888,102 Total operating income (A) 52,383,691 137,280,430 Expenditure Salary and allowances 23 7,625,864 6,477,160 Rent, taxes, Insurance, electricity etc. 24 5,713,648 5,166,542 Postage, stamp, telegram and telephone 25 148,475 151,882 Printing and stationery 70,788 237,411 CDBL & other expenses 729,940 1,567,504 Director remuneration 161,000 333,500 Depreciation and Amortization 26 1,976,665 1,464,620 Others expenses 27 2,806,872 2,805,601 Total operating expenditure (B) 19,233,251 18,204,221 Profit/(loss) before provision and Tax(C=A-B) 33,150,440 119,076,210 Provision for diminution in value of investment (D) Annex-B 12,164,895 19,700,970 Provision against negative equity (E) 14.b - 5,000,000 Profit/(loss) before Tax(F=C-D-E) 20,985,545 94,375,240 Provision for taxation 9,686,193 24,640,532 Current tax 28 9,850,854 24,216,765 Deferred tax 16 (164,661) 423,767 Net profit after tax and provision 11,299,352 69,734,708 Other comprehensive income - - Total comprehensive income 11,299,352 69,734,708 Retained earnings brought forward from previous year 130,737,426 61,002,718 Retained earnings surplus 142,036,778 130,737,426 Earning per share (EPS) 29 0.16 1.00 These financial statements should be read in conjunction with annexed notes 1 to 29 Chief Executive Officer Director Chairman Dated, Dhaka. G. KIBRIA & CO. Chartered Accountants 4
Rupali Investment Limited Statement of Cash Flows For the year ended on 31 December 2015 Particulars Notes 31.12.2015 31.12.2014 A. Cash flows from operating activities: Interest receipts 3,373,566 21,802,995 Advance income tax paid (494,272) (6,428,641) Management expenses (17,418,494) (14,628,832) Fees, commissions, brokerage, etc. 221,571 11,246,253 Payments to Clients (47,234,760) (121,002,637) Receipt for other operating activities 172,633,554 93,897,624 Payment for other operating activities (9,312,139) (12,851) Net cash from operating activities(a) 101,769,026 (15,126,089) B. Cash flows from investing activities: Purchase of Non Current Assets Annex-A (943,076) (185,184) Purchase of Intangible Assets Annex-A - - Dividend receipts 10,025,599 10,336,218 Investment in FDR (Net) (7,552,261) 60,000,000 Investment in share (Net) (61,218,999) (224,021,924) Other assets - Other Liabilities - Net cash from investing activities(b) (59,688,737) (153,870,891) C. Cash flows from financing activities: Share capital from Rupali Bank Limited - 200,000,000 Loans and advances - - Net cash used in financing activitie (C) - 200,000,000 D. Net cash outflow for the period (A+B+C) 42,080,289 31,003,021 Opening cash and bank balance 78,232,453 47,229,432 Closing cash and bank balance 120,312,742 78,232,453 These financial statements should be read in conjunction with annexed notes 1 to 29 Chief Executive Officer Director Chairman Dated, Dhaka. G. KIBRIA & CO. Chartered Accountants 5
Rupali Investment Limited Statement of Changes in Equity For the year ended on 31 December 2015 Particulars Paid up Capital Retained earnings Taka Taka Balance Balance as at 01 January 2015 700,000,000 130,737,426 830,737,426 Addition during the period - - Net profit during the year 11,299,352 11,299,352 Balance as at 31 December 2013 700,000,000 142,036,778 842,036,778 Balance as at 01 January 2014 500,000,000 61,002,718 561,002,718 Addition during the period 200,000,000-200,000,000 Net profit during the period 69,734,708 69,734,708 Balance as at 31 December 2014 700,000,000 130,737,426 830,737,426 Chief Executive Officer Director Chairman Dated, Dhaka. G. KIBRIA & CO. Chartered Accountants 6
Rupali Investment Limited Notes to the Financial Statements For the year ended on 31 December 2015 1. Reporting Entity Rupali Investment Ltd. is a subsidiary company of Rupali Bank Limited, incorporated as a public limited company on 27 October 2010 with the Registrar of Joint Stock Companies, Dhaka vide certificate of incorporation no. C-87824/10 dated 27 October 2010 which has also got its certificate of commencement on the same date. Securities and Exchange Commission (SEC) thereafter issued a full fledged merchant banking license in favor of Rupali Investment Ltd, vide letter no. SEC/Reg/MB/SUB/15/2010/757 dated 09 August 2011 with effect from 09 August 2011. Rupali Bank Limited holds all the shares of the company except for eleven shares being held by eleven individuals. Principal Activities The main objectives of the company are to act as, and carry on the business of, a merchant banker, portfolio manager and issue manager and to engage in all types of merchant banking business, including issuing, under writing and portfolio management of securities with the permission of competent authority; to act as fund manager to the issue, trustee to trusts and such other intermediary services as required in the capital and securities markets; to finance, manage and underwrite as lead underwriter in respect of initial public offerings (IPOs). 2. Basis of Preparation 2.1 Basis of presentation of financial statements (a) The figures appearing in these Financial Statements have been rounded off to the nearest integer. (b) The financial statements have been prepared on a going concern basis under historical cost convention in accordance with Bangladesh Financial Reporting Standards (BFRS), the Companies Act 1994, Securities and Exchange Rules 1987 and other applicable laws in Bangladesh. Wherever appropriate, such principles are explained in related notes: 2.2 Reporting period The accounting period of the company under audit covers one year from 1 January to 31 December 2015. 3. Significant Accounting Policies Accounting policies set out below have been applied consistently to all periods presented in these financial statements. 3.1 Property, plant and equipment 3.1.1 Recognition and measurement The cost of an item of property, plant and equipments (fixed assets) is recognized as an asset, if and only if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. Property, plant and equipments have been accounted for at cost less accumulated depreciation, Cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent cost of enhancement of an existing assets is recognized as a separate asset, only when it is probable that future economic benefits associated with the item can be measured reliably. All other repair and maintenance are charged to the statement of comprehensive income during the accounting period in which they are incurred. 7
3.1.2 Depreciation Depreciation is recognized in the statement of comprehensive income annually on reducing balance method over the estimated useful lives of each item of property, plant and equipment. In case of acquisition of fixed assets, depreciation has been charged from the month of acquisition, whereas no depreciation on assets to be disposed off has been charged from the month of disposal. Rates of depreciation on various items of property, plant and equipment considering the useful lives of assets are as follows: 3.2 Preliminary and pre-operating expenses 3.2.1 Recognition and measurement These expenses were incurred before incorporation and commencement of operation of the company hereinafter called 'Preliminary and Pre-Operating Expenses' which have been recognized as an asset as per schedule XI of the Companies Act 1994. 3.2.2 Amortization of preliminary and pre-operating expenses These are amortized over 5 years from the following month of their first utilization starting from the period ended 31 December 2011. 3.3 Advance, 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 such as property, plant and equipment etc. Prepayments are initially measured at cost. After initial recognition, prepayments are carried at cost less charges to Statement of Comprehensive Income. 3.4 Cash and bank balances Cash and cash equivalents comprise cash in hand and bank balances in short term deposit, which were held and available for use of the company without any restriction. 3.5 Statement of cash flows Statement of cash flows has been prepared in accordance with the Bangladesh Accounting Standard-7 Statement of Cash Flows under direct method. 3.6 Investments Asset category Rate of depreciation (%) Furniture and fixtures 10.00 Office and electrical equipment 20.00 Other fixed assets 10.00 Server License 50.00 Softwares 20.00 Investments in securities were recognised at cost, being fair value of the consideration given, including acquisition charges associated with the investments. The valuation methods of investments used are: 3.6.1 Investment in listed securities 3.7 Receivables These are acquired and held primarily for the purpose of selling them in future or held for dividend income and are reported at cost. Unrealised gains are not recognised in the statement of comprehensive income. Provision for diminution in value of investment is provided in the financial statements on those securities whose market price is below the cost of investment. 8
Receivables are recognized when there is a contractual right to receive cash or another financial asset from another entity. 9
3.8 Share capital Ordinary shares are classified as equity when there is no contractual obligation to transfer cash or other financial assets. 3.9 Provision for current taxation Provision for current income tax has been made @ 37.5% on business income and income from other sources as per Income Tax Ordinance-1984. 3.10 Provision for Deferred Taxation Deferred tax liabilities are amount of income taxes payable in future periods in respect of taxable temporary differences. Deferred tax assets are the amount of income taxes recoverable in future periods in respect of deductible temporary differences. Deferred tax assets and liabilities are recognized for the future tax consequences of timing differences arising between the carrying value of asset, liabilities, income and expenditure and their respective tax bases. Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantially enacted at the date of statement of financial position. The impact on the account of changes in the deferred tax assets and liabilities has also been recognized in the statement of comprehensive income as per BAS-12 Income Taxes. Details of deferred income tax are stated in note 16. 3.11 Provision for Liabilities 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 and it is probable that an outflow of economic benefit will be required to settle the obligations, in accordance with the BAS-37 Provisions, Contingent Liabilities and Contingent Assets. 4. Revenue Recognition 4.1 Interest income In terms of the provisions of BAS-18 Revenue, interest income is recognized on accrual basis. 4.2 Earnings per share Basic earnings per share Basic earnings per share have been calculated in accordance with BAS-33 Earnings per Share which have been shown on the face of statement of comprehensive income. This has been calculated by dividing the basic earnings by the number of ordinary shares outstanding during the year. 4.3 Events after the reporting period Where necessary, all the material events after the reporting period date have been considered and appropriate adjustment/disclosures have been made in the financial statements. 4.4 Directors' responsibility on financial statements The board of directors of the company is responsible for the preparation and presentation of these financial statements. 4.5 Related party transaction Related party transaction is a transfer of resources, services or obligation between related parties and here the related party transaction is a STD. A/C, CD. A/C and a FDR. A/C maintained with Local Office, Rupali Bank Limited. 10
4.6 Compliance report on Bangladesh Accounting Standards (BAS) and Bangladesh Financial Reporting Standards (BFRS) While preparing the financial statements, Rupali Investment Limited applied most of BASs and BFRSs applicable for the reporting period as adopted by The Institute of Chartered Accountants of Bangladesh. Details are given below: Name of BAS Presentation of Financial Statements Inventories Statement of Cash Flows Accounting Policies, Changes in Accounting Estimates and Errors Events after the Reporting Period Construction Contracts Income Taxes Property, Plant and Equipment Leases Revenue Employee Benefits Accounting for Government Grants and Disclosure of Government Assistance The Effects of Changes in Foreign Exchange Rates Borrowing Costs Related Party Disclosures Accounting and Reporting by Retirement Benefit Plans Consolidated and Separate Financial Statements Investment in Associates Financial Reporting in hyperinflationary Economics Financial Instruments: Presentation Earnings per Share Interim Financial Reporting Impairment of Assets Provisions, Contingent Liabilities and Contingent Assets Intangible Assets Financial Instruments: Recognition and Measurement Investment Property Agriculture Name of the BFRS First-time adoption of Bangladesh Financial Reporting Standards Share-based Payment Business Combinations Insurance Contracts Non-current Assets Held for Sale and Discontinued Operations Exploration for and Evaluation of Mineral Resources Financial Instrument Disclosure Operating Segments Consolidated Financial Statements Joint Arrangements Disclosure of Interests in Other Entities Fair Value Measurement No. 1 2 7 8 10 11 12 16 17 18 19 20 21 23 24 26 27 28 29 32 33 34 36 37 38 39 40 41 No. 1 2 3 4 5 6 7 8 10 11 12 13 Status Status 11
Notes Amount in Taka Amount in Taka 31.12.2015 31.12.2014 5 Cash and bank balance Cash in hand 25,000 25,000 Cash at bank Rupali Bank STD A/c (1733) 38,411,580 45,204,280 Rupali Bank STD A/c ( 1813) 74,112,091 29,924,411 Rupali Bank STD A/c ( 2053) 4,455,142 1,423,347 Rupali Bank CD (91811) 3,308,930 1,655,415 120,287,742 78,207,452 120,312,742 78,232,452 6 Investment in FDR FDR A/C (350401297) 115,025,255 107,472,994 115,025,255 107,472,994 7 Investment in shares (own portfolio) at cost Portfolio Investment 507,038,455 475,434,249 Portfolio Investment (RBSL) 11,119,000-518,157,455 475,434,249 8 Advances, deposits and prepayments Office Rent - - Advance income tax 8.1 12,288,613 8,767,663 12,288,613 8,767,663 8.1 Advance income tax Opening Balance 8,767,663 4,518,665 During the year: Advance income tax deducted on FDR 840,806 1,699,029 Advance income tax deducted on STD Account 489,192 398,857 Advance income tax deducted on dividend income 2,174,286 2,151,112 Advance income tax deducted on Underwriting Commission 16,667-12,288,613 8,767,663 9 Accounts receivable Receivable from ICB (Broker)- Own - 1,484,774 Receivable from ICB (Broker)-IDA 303,484,361 56,490,292 Receivable from RBSL(Broker)-Own 6,358,091 - Receivable from RBSL(Broker)-IDA 144,889,031 - Broker receivable Portfolio loan IDA - - 454,731,484 57,975,067 10 Fixed Assets Property, plant and equipment 10.1 7,496,678 8,277,002 Software and server license 10.2 940,866 1,194,130 8,437,544 9,471,132 10.1 Opening balance 10,937,974 7,752,790 Add: Addition during the period 943,076 3,185,184 Less: Disposal during the period - - Closing balance (A) 11,881,050 10,937,974 Accumulated Depreciation: Opening balance 2,660,972 1,530,980 Add: Addition during the period 1,723,400 1,129,992 Less: Disposal during the period - - Closing balance (B) 4,384,372 2,660,972 Written down value (A-B) 7,496,678 8,277,002 Addition of motor vehicle of Taka 896,691 represent the unrecognized partial cost of motor vehicle procured in the year 2014. 11
Notes Amount in Taka Amount in Taka 31.12.2015 31.12.2014 10.2 Software and server license Opening balance 2,501,600 2,501,600 Add: Addition during the period - - Less: Disposal during the period - - Closing balance (A) 2,501,600 2,501,600 Accumulated Amortization: Opening balance 1,307,470 972,842 Add: Addition during the period 253,264 334,628 Less: Disposal during the period - - Closing balance (A) 1,560,734 1,307,470 Written down value (A-B) 940,866 1,194,130 11 Other assets Advance office rent 173,952 869,760 Preliminary expenses 11.1-478,353 Security deposit 255,000 252,500 Suspense Account - 14,200 428,952 1,614,813 11.1 Preliminary expenses 478,353 1,000,697 Less: Written off during the year (478,353) (522,345) - 478,353 12 Accounts payable Accounts payable to ICB (Own) - 3,083,936 Payable to ICB(Broker)-IDA 308,134,706 45,084,107 Payable to RBSL(Broker)-IDA 141,299,598 - Software maintenance expenses 333,878 333,878 Others payable 609,768 3,150,625 450,377,950 51,652,545 13 Provision for expenses Retirement benefit 1,352,420 420,000 Performance benefit 1,538,528 1,947,367 Electricity bill 671,977 363,293 Water & Swerege 36,099 24,000 CDBL expenses 29,476 35,463 Providend fund contribution 715,538 390,286 4,344,039 3,180,409 14.a Provision for diminution in value of investment Opening balance 40,261,447 20,560,477 Add: Provision during the year Annex-B 12,164,895 19,700,970 52,426,342 40,261,447 According to the BSEC directive ref.no SEC/CMRRCD/2009-193/166, a cumulative provision has been made @32.32% for unrealized loss on the own portfolio investment with ICB as at December 31,2015 and no provision was considered on the own portfolio investment with RBSL in this year considering that the total provision has constituted 31.92% on the whole investment with both ICB & RBSL. 14.b Provision against negative equity Opening balance 5,000,000 - Add: Provision during the year - 5,000,000 5,000,000 5,000,000 12
Notes Amount in Taka Amount in Taka 31.12.2015 31.12.2014 15 Current tax liabilities Opening balance 36,118,223 17,930,666 Add: Current tax liability 9,850,854 24,216,765 less: Adustment / TDS during the year 6,029,208 45,969,077 36,118,223 16 Deferred Tax liabilities Deferred tax liabilities recognized in accordance with the provisions of BAS 12: Income taxes, is arrived as follows Balance as at 1 January 925,420 501,653 Addition/(reversal) during the year (164,661) 423,767 Balance as at 31 December 760,759 925,420 17 Other liabilities Sales receivable in transit(ida) 1,659,879 9,222,591 Accrued Portfolio Mgt Fee-IDA 53,815 - Cheque in Transit 3,736,978 - Deposit control account (IDA) 16,605,564 4,871,801 Welfare Fund 15,900 9,650 Transport Fund 4,200 2,300 Stamps deducted from Employees 2,440 1,210 22,078,776 14,107,551 18 Share Capital Authorized Capital 50,00,00,000 ordinary Shares of Tk.10/- each 5,000,000,000 5,000,000,000 Paid-up Capital Paid-up Capital as per subscription clause: 10,00,00,000 Shares of Tk.10/- each 1,000,000,000 1,000,000,000 Less: Capital not yet paid 300,000,000 300,000,000 700,000,000 700,000,000 19 Retained earnings Opening balance 130,737,426 61,002,718 Add. Current year 11,299,352 69,734,708 142,036,778 130,737,426 13
Notes Amount in Taka Amount in Taka 31.12.2015 31.12.2014 20 Interest on margin loan /Interest income Interest on portfolio loan-ida 18,084,172 24,331,668 18,084,172 24,331,668 21 Fees and commission income Portfolio management fee-ida 2,535,595 3,450,969 Settlement fee-ida 3,680,737 7,795,284 6,216,332 11,246,253 22 Other income /other operating income Bank interest income A/C: 1813 3,032,088 1,184,921 Bank interest income A/C: 1733 1,647,246 2,774,165 Bank interest income A/C: 2053 212,594 29,501 Realized gain 3,806,996 68,600,130 Documentation charge-ida 62,000 481,000 Dividend Income for Own 10,585,685 10,336,218 Miscellaneous income 163,893 71,668 Underwriting commission 166,667 - CDBL income - 395,500 BO Account Closing Fees 21,513 15,000 19,698,681 83,888,102 23 Salary and allowances Basic salary 3,648,065 2,889,772 House rent allowance 1,158,830 1,110,761 House Maintenance 60,000 60,000 Medical allowance 139,461 135,600 Conveyance allowance (salary) 10,427 9,200 Washing charge 4,014 3,600 Over time 126,758 105,011 Deputation allowance 295,476 110,634 Dearness Allowance 77,520 254,649 Children Allowance 4,800 4,800 Bonus & Incentive 1,168,093 1,793,134 Retirement benefit 932,420-24 Rent, taxes, insurance, electricity etc. 7,625,864 6,477,160 Rent expenses 4,554,513 4,644,954 Vehicle Insurance 170,345 58,820 Vehicle fuel & Maintenance 636,290 268,289 Electricity bill 330,000 166,508 Water & Sewerage 22,500 27,971 - - 5,713,648 5,166,542 25 Postage, stamp, telegram and telephone Postage and stamps 895 1,270 Telephone & Mobile bill 147,580 150,612 148,475 151,882 26 Depreciation and amortization Depreciation 1,723,400 1,129,992 Amortization 253,265 334,628 1,976,665 1,464,620 14
27 Others expenses Amount in Taka Amount in Taka 31.12.2015 31.12.2014 Welfare and recreation 632,000 584,600 Conveyance & allowance 33,355 36,730 Entertainment 130,586 213,812 Repairs and maintenance 32,430 45,403 Computer maintenance expenses 58,012 39,119 P.O.L expenses 8,910 14,310 Advertisement - 52,500 Traveling expenses - 4,000 Fees paid 262,950 202,000 Internet expenses 165,600 142,600 Board meeting expenses 102,978 114,850 AGM expenses 125,067 130,063 Business development expenses 20,000 43,740 Audit fees 50,000 34,500 Uniform & Leverage 43,644 19,876 News paper and periodicals 9,655 12,453 Bank charges & Excise Duty 39,828 70,646 Providend fund contribution 162,626 81,145 Software maintenance expenses 333,878 333,878 Write off preliminary expenses 478,353 522,345 Miscellaneous expenses 117,000 107,032 2,806,872 2,805,601 28 Current tax expenses Heads of Income Amount Rate Tax Liability Tax Liability Business income 6,331,611 37.50% 2,374,354 7,113,385 Capital gain from securities 3,806,996 10.00% 380,700 6,860,013 Dividend income 10,585,685 20.00% 2,117,137 2,067,244 Income from other sources 13,276,435 37.50% 4,978,663 8,176,123 Total 9,850,854 24,216,765 29 Earnings per share (EPS) Total comprehensive income (A) 11,299,352 69,734,708 Weighted Average Number of Shares (B) 70,000,000 70,000,000 EPS (A/B) 0.16 1.00 15
Particulars Balance as on 01.01.2015 Addition during the period Adjustment/ Disposal during the period Balance as on 31.12.2015 Rate % Balance as on 01.01.2015 Charges during the period Adjustment/ Disposal during the period Balance as on 31.12.2015 1 2 3 4 5=(2+3+4) 6 7 8 9 10=(7+8-9) 11=(5-10) Furniture and fixture 637,268 46,385-683,653 10% 146,756 52,919-199,675 483,978 Office fitting & renovation 930,688 - - 930,688 10% 269,177 66,152-335,329 595,359 Office equipment 3,024,291 3,024,291 20% 1,352,845 334,282-1,687,127 1,337,164 Motor Vehicle 6,345,727 896,691-7,242,418 20% 892,194 1,270,047-2,162,241 5,080,177 10,937,974 943,076-11,881,050 2,660,972 1,723,400-4,384,372 7,496,678 Particulars Balance as on 01.01.2015 Cost Cost Addition during the period Adjustment/ Disposal during the period Rupali Investment Limited Schedule of Depreciation As at 31 December 2015 Rupali Investment Limited Schedule of Amortization As at 31 December 2015 Balance as on 31.12.2015 Rate % Balance as on 01.01.2015 Depreciation Amortization Charges during the period Adjustment/ Disposal during the period Balance as on 31.12.2015 Annexure-A Written down value as on 31.12.2015 Written down value as on 31.12.2015 1 2 3 4 5=(2+3+4) 6 7 8 9 10=(7+8-9) 11=(5-10) Server License 330,000 - - 330,000 50% 281,874 24,064-305,938 24,062 Software 2,171,600 - - 2,171,600 20% 1,025,595 229,200-1,254,795 916,805 2,501,600 - - 2,501,600 1,307,469 253,265-1,560,733 940,867 16
Rupali Investment Limited Annexure-B Investment in shares (Own Portfolio) As at 31 December 2015 Sl. No. Company Name No. of Shares Rate Total Cost M.Rate Market Value Gain/Loss 1 Al-Haj Textile 2,000 109.02 218,048 108.20 216,400-1,648 2 Atlas Bangladesh Ltd. 29,126 160.96 4,688,258 161.40 4,700,936 12,678 3 BSCCL 165,000 177.15 29,229,578 108.10 17,836,500-11,393,078 4 Lafarge Surma Cement 108,000 125.41 13,544,224 74.60 8,056,800-5,487,424 5 Premier Leasing 119,350 23.60 2,817,223 8.30 990,605-1,826,618 6 ACI Formulations Limited 25,000 212.02 5,300,439 189.70 4,742,500-557,939 7 Active Fine Chemicals Limited 100,000 59.64 5,963,735 56.20 5,620,000-343,735 8 Asia Insurance 108,100 24.87 2,688,801 14.20 1,535,020-1,153,781 9 BSRM Steels Limited 85,000 107.35 9,125,014 96.30 8,185,500-939,514 10 City General Insurance 211,420 21.37 4,517,140 12.90 2,727,318-1,789,822 11 Confidence Cement Limited 25,000 153.15 3,828,642 86.70 2,167,500-1,661,142 12 Delta Life Insurnace 193,750 215.19 41,692,358 122.20 23,676,250-18,016,108 13 DESCO Ltd. 105,000 67.35 7,071,671 51.80 5,439,000-1,632,671 14 Eastern Housing 52,500 49.34 2,590,607 34.90 1,832,250-758,357 15 Emerald Oil Ind. Ltd. 2,000 48.97 97,933 65.00 130,000 32,067 16 EXIM Bank Limited 441,001 10.57 4,661,282 8.60 3,792,609-868,674 17 Fareast Islami Life Insurance 189,493 92.94 17,611,643 62.50 11,843,313-5,768,330 18 First Security Bank Ltd. 0 9.09 3 8.80 3-0 19 Golden Harvest Agro. Ind. Ltd. 121,110 35.42 4,289,231 22.90 2,773,419-1,515,812 20 Golden Son Limited 90,000 43.60 3,924,333 26.00 2,340,000-1,584,333 21 GQ Ball Pen Ind. Ltd. 36,052 143.38 5,169,291 85.40 3,078,841-2,090,451 22 Grameen MF One 489,468 34.46 16,867,953 18.60 9,104,107-7,763,846 23 Grameen Phone Limited 113,000 361.75 40,878,201 253.00 28,589,000-12,289,201 24 Islami Bank Limited 247,511 35.20 8,713,370 27.80 6,880,806-1,832,564 25 Jamuna Oil Company Ltd. 95,000 214.21 20,350,376 157.10 14,924,500-5,425,876 26 Meghna Petroleum Ltd. 190,000 244.10 46,378,086 152.60 28,994,000-17,384,086 27 Mercantile Bank Limited 2,500 10.95 27,380 10.70 26,750-630 28 Mobil Jamuna (BD) Limited 50,000 111.32 5,566,016 94.30 4,715,000-851,016 29 National Bank Limited 1,210,000 13.34 16,143,122 9.40 11,374,000-4,769,122 30 National Tubes 34,800 113.44 3,947,680 99.70 3,469,560-478,120 31 NCC Bank Limited 443,109 10.55 4,674,717 9.10 4,032,292-642,425 32 Northern General Insurance 65,780 38.54 2,535,110 17.00 1,118,260-1,416,850 33 Orion Pharma Limited 250,000 67.50 16,874,175 36.80 9,200,000-7,674,175 34 Padma Oil 102,603 315.79 32,400,906 184.20 18,899,473-13,501,433 35 Power Grid Co. of BD 308,000 55.64 17,138,208 45.90 14,137,200-3,001,008 36 Prime Bank Limited 150,000 21.92 3,287,687 18.10 2,715,000-572,687 37 Prime Islami Life Insurnace 37,950 74.66 2,833,494 39.30 1,491,435-1,342,059 38 Rupali Life Insurance 46,200 75.58 3,492,020 32.40 1,496,880-1,995,140 39 Shahjalal Islami Bank 440,000 14.45 6,359,904 13.50 5,940,000-419,904 40 Singer Bangladesh Limited 137,000 180.94 24,789,070 180.20 24,687,400-101,670 41 Southeast Bank Limited 203,000 19.46 3,951,060 17.60 3,572,800-378,260 42 Standard Bank Limited 198,375 12.00 2,379,499 9.20 1,825,050-554,449 43 Titas Gas T & D Co. Ltd. 200,000 78.80 15,759,073 47.40 9,480,000-6,279,073 44 Unique hotel & resort limited 330,000 86.72 28,617,982 50.60 16,698,000-11,919,982 45 United Airways (BD) Limited 825,000 11.70 9,651,314 7.30 6,022,500-3,628,814 46 United Commercial Bank Limited 70,000 22.35 1,564,396 21.30 1,491,000-73,396 47 Uttara Bank Limited 100,000 28.28 2,828,125 22.70 2,270,000-558,125 Total 507,038,455 344,839,776-162,198,605 Opening Balance of Provision for diminuation in value of investment Provision made during the year for diminuation in value of investment @ 7.5% Closing Balance of Provision for diminuation in value of investment 40,261,447 12,164,895 52,426,342 Percentage of Provision for diminuation in value of investment -32.32% 17
Annexure-C Rupali Investment Limited Statement of realized gain & loss on Investment in shares From 1st January 2015 to 31st December 2015 Capital Sl. No. of Sale Pur Purchase Company Name Rate Gain/(Loss) No. Shares Amount Rate Amount 1 ACI Formulations Limited 40,000 222.81 8,912,478.00 212.55 8,501,970.70 410,507.30 2 Active Fine Chemicals Limited 5,000 64.87 324,350.00 63.93 319,668.50 4,681.50 3 Al-Haj Textile 78,000 127.57 9,950,556.04 115.98 9,046,214.20 904,341.84 4 Atlas Bangladesh Ltd. 22,574 163.42 3,689,043.52 160.96 3,633,617.14 55,426.38 5 Beach Hatchery Ltd. 250,150 21.02 5,257,523.87 26.41 6,606,136.31-1,348,612.44 6 DESCO Ltd. 131,658 73.48 9,674,785.39 69.72 9,179,034.58 495,750.82 7 Emerald Oil Ind. Ltd. 100,900 48.10 4,853,783.05 45.70 4,611,201.92 242,581.13 8 First Security Bank Ltd. 2,127,441 9.52 20,247,188.87 9.35 19,885,813.39 361,375.48 9 GPH Ispat Limited 4,000 51.82 207,288.60 50.82 203,297.60 3,991.00 10 IDLC 43,750 62.91 2,752,365.25 59.08 2,584,535.63 167,829.63 11 IPDC of Bangladesh Limited 40,000 22.07 882,674.00 20.19 807,708.00 74,966.00 12 Khulna Power Co. Limited 24,500 63.37 1,552,588.60 59.33 1,453,617.15 98,971.45 13 Lafarge Surma Cement 12,000 130.07 1,560,872.00 125.41 1,504,914.00 55,958.00 14 NCC Bank Limited 2,800 10.78 30,179.52 10.55 29,539.44 640.08 15 Olympic Accessories Ltd. 20,000 58.48 1,169,656.00 42.53 850,622.00 319,034.00 16 Rangpur Foundry 21,830 101.77 2,221,594.31 98.39 2,147,803.39 73,790.92 17 Ratanpur steel Re-RollingMills Lim 20,000 63.70 1,274,086.00 61.60 1,231,908.00 42,178.00 18 Renwick Jajneswar 4,000 287.67 1,150,671.40 245.09 980,340.80 170,330.60 19 Shahjibazar Power Co. Ltd. 38,085 202.10 7,697,057.62 186.27 7,094,225.08 602,832.54 20 Singer Bangladesh Limited 26,770 182.26 4,879,023.99 181.10 4,847,938.62 31,085.37 21 Southeast Bank Limited 177,000 20.08 3,553,478.80 19.46 3,445,004.10 108,474.70 22 Square Pharmaceuticals Ltd. 36,125 257.04 9,285,725.49 230.31 8,320,013.11 965,712.38 23 Summit Power Limited 1,000 41.14 41,138.20 40.78 40,781.40 356.80 24 United Airways (BD) Limited 20,220 11.13 224,991.12 12.87 260,199.05-35,207.93 Total 101,393,099.64 97,586,104.09 3,806,995.55 18
Rupali Investment Limited Calculation of Current Tax Particulars TK TK TK Profit before provision and tax Less: Income for separate consideration 33,150,440 Interest income from STD. Account 1,647,246 Interest income from STD. Account 3,032,088 Interest income from STD. Account 212,594 Interest income from FDR. Account 8,384,507 Dividend Income 10,585,685 Realization gain 3,806,996 27,669,115 Total: 5,481,325 Add: Expense for separate consideration Depreciation as per accounts 1,976,665 Entertainment expense(to be considered later) 130,586 7,588,576 Add: inadmissible expense as per Section 30 of ITO 1984 Amortization of Preliminary expense 478,353 8,066,928 Less: Depreciation as per 3rd Schedule of ITO Depreciation on Office fittings and Renovation @ 10% 61,062 Depreciation furniture and Fixture @ 10% 49,588 Depreciation on Office Equipment @ 20% 293,316 Depreciation on Motor Vehicle 1,019,338 Depreciation on software @ 50% 162,389 1,585,693 Income before charging Entertainment expenses 6,481,235 Less: Entertainment allowance 149,625 Income from business or profession 6,331,611 Income from other sources : Interest income from STD. Account 4,891,928 Interest income from FDR. Account 8,384,507 Dividend Income 10,585,685 Total 23,862,120 Capital Gain: Realization gain 3,806,996 Total Income 34,000,726 Calculation of income tax: Business income 6,331,611 37.50% 2,374,354 Capital gain from securities 3,806,996 10.00% 380,700 Dividend 10,585,685 20.00% 2,117,137 Other source 13,276,435 37.50% 4,978,663 Total Tax Liability 9,850,854 34,000,726 TDS Net Payable - 9,850,854 19