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GOLDEN HARYEST AGRO INDUSTRIES LIMITED
Auditor's Report & Financial Statementsfor the year ended 30 June 2012
Assoeiate Firm of Ernst &You*g
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SFAHMED&CO.CHARTERED ACCOTJNTANTS
,Since I958
f House 25, Road 13A,Block D, Banani,Dhaka 1213,Bangladesh
t'iifl -]I Telephone:
Fax:
E-mail:
IIIIttItIIIIIttIIIII
Independent
The Shareholders of Golden
Auditor's Reportto
Harvest Agro Industries Limited
We have audited the accompanying financial statements of Golden Harvest Agro Industries Limitedwhich comprise statement of financial position as at 30 June 2012 and the statement of comprehensiveincome, statement of changes in equity and statement of cash flows for the year then ended and asummary of significant accounting policies and other explanatory notes.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements inaccordance with Bangladesh Financial Reporting Standards (BFRS) and for such internal control asmanagement determines is necessary to enable the preparation of financial statements that are freefrom material misstatement, whether due to fraud or error; selecting and applying appropriateaccounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standardsrequire that we comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial statements. The procedures selected depend on the auditor's judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the auditor considers intemal control relevant to the entity'spreparation and fair presentation of the financial statements in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made by management, aswell as evaluating the overall presentation of the financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
ITIIIIIrtllIIITTTTTllI
Opinion
In our opinion, the financial statement, give a true and fair view of the financial position of Golden
Harvest Agro Industries Limited, and of the results of their financial performance and cash flows forthe year then ended in accordance with Bangladesh Financial Reporting Standards (BFRS) and
comply with the Companies Act 1994, the Securities and Exchange Rules 1987 and other applicable
laws and regulations.
We also report that:
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;
in our opinion, proper books of account as required by law have been kept by the company and
its subsidiary so far as it appeared from our examination of these books;
the statement of financial position and the statement of comprehensive income dealt with bythe report are in agreement with the books of account; and
the expenditure incurred was for the purposes of the company's business.
a)
b)
c)
d)
Dated: Dhaka;23 October 2012
5, F' 46-2'z*fu'S. F. Ahmed & Co.Chartered Accountants
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Golden Harvest Agro Industries LimitedStatement of Financial Position
As at June 3012012
IIIIIIIIIIIIItIT
II
Amount in BDT2012 ll 2011
ASSETSNon-Current Assets
Property, Plant & EquipmentLeased Assets
Deferred Expenses
Investment in Subsidiary Company
Current Assets
Inventories
Advances, Deposits and Prepayments
Trade Receivable
Export Incentive Receivable
Cash & Bank Balances
TOTAL ASSETS
EQUITY AI\D LIABILITIES
Shareholders' EqurtyShare CapitalRevaluation Surplus
Retained Earnings
Total Equity
Long-term LiabilitiesTerm Loan against MachineryDeferred tax LiabilityLease Obligation
Current LiabilitiesAccounts & Other Payables
Accruals and ProvisionsProvision for Income TaxCash Credit LoanCurrent portion of Long Term LoanCurrent portion of Lease Obligation
.TOTAL EQUITY AND LIABILITIESNet Asset Value per Share
5
6
7
8
9
10
ll12
l3
1,024,677,371
713,251,291
22,321,04013,669,012
275,436,039
927,686,981
658,044,917
12,434,489
15,377,639
241,829,935
375,226,305
59,183,694206,164,957
101,631,631
7,4gl,3gg764,624
224,301,088
43,330,434
71,053,563
102,218,723
7,251,963
446.505
t415
t6
1,399,903,676 1,151,988,069
971,941,341350,000,000
219,364,973
402,s76,368
971,941,341 893,615,769
67,959,367
t7l8t9
49,406,883
6,947,615
11
71,134,236
60,466,447
3,415,422
7,252,367
187,238,064
18,980,147
3,714,771
67,727,113
82,893,962
10,101,621
3,930,510
20
2t22
23
t7t9
24
968
23,840,270g,gg0,0g5
28,011,921
280,932,823
I 1,865,599
6.372.281
1,399,903,676
27.77
1,151,999,069
25.53
\G-DiWtor
n'JC<.oJxr,,y-Director *krirector
Signed in terms of our separate report of even date annexed.
Dated, Dhaka;
23 October 2012
5 'F''4f:2"'--'/4h'S. F. Ahmed & Co.Chartered Accountants
IIItIIIIII
Golden Harvest Agro Industries LimitedStatement of Comprehensive Income
For the year ended June 30,2012
Revenue
Cost of Goods Sold
Gross Profit
Operating Expenses
Administrative Expenses
Exchange Gain
Selling & Distribution Expenses
Profit from Operation
Export IncentiveOther Income
Loss from Investrnent in Quoted Shares
Finance Cost
Profit before WPPF
Provision for WPPF
Net Profit before Tax
Provision for Income Tax
Current Tax Expense
Deferred Tax Expense
Profit after tax atkibutable to Ordinary Shareholders ofthe Company
Other Comprehensive IncomeShare ofprofit from subsidiaryTotal Compretensive lncome
Earning Per Share for the year
The annexed notes form an integral part of the financial statements
Amount in BDT
2012 ll zorr
350,719,202 304,353,982(177,394,409) (129,360,471)
173,324,793 174,993,511
I13,056,661 136,840,856
1,029,714
229,536
800,178
(4,442,103)
(5,409,474)
r25
26
29
30
31 (38,775,702)
75,310,672
(3,584,788)
71,725,884 130,833,765
(27,006,415) (47,669,047)
130,833,765
IIIITTIITr
32 2.24 3.78
,\k *uou*6;""ro,trl(&d4r,,,---Director
Signed in terms of our separate report of even date annexed.
Dated, Dhaka;
23 October 2012
1 , F' #--'?d/'o 'S. F. Ahmed & Co.
Chartered Accountants
22 G3.E42xl-42*62118 | t,+tzlgt ll ;,+.i.qzzl
44,719,469
33,606,103
78,325,572
83,164,718
49,104,733
132,269,451
27
28
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Golden Harvest Agro Industries LimitedStatement of Changes in Equity
For the year ended June 30, 2012
Particulars
Balance at 01.07.10
Depreciation adjustment on RevaluationSurplus
Total comprehensive income for the year
Issuance of Ordinary Share
The Company
Share of Subsidiary Company
Balance at 30.06.11
Balance at 01.07.11
Depreciation adjustment on RevaluationSurplus
Total comprehensive income for the year
Balance at 30.06.12
Dated, Dhaka;
23 October2012
100,000,000
zso,ooo,ooo
107,064,709
(3,174,8_82)
81,248,69s
40,208,184
182,824,730
3,174,882
132,269,451
389,889,439
132,269,451
250,000,000
81,248,695
40,208,184
893,615,769_1s0,000,999_
350,000,000
225,346,706 318,269,063
225,346,706(5,981,733)
318,269,063
5,981,733
78,325,572
402,576,368
893,615,7_69
78,325,572
971,941,341350,000,000 219,364,973
The annexed notes form an integral part ofthe financial statements
IIIITIITr
4WSigned in terms ofour separate report ofeven date annexed.
*,k,,**,
5,.F, Ar-Aqt-ik-,S. F. Ahmed & Co.
Chartered Accountants
Share CapitalRevaluation
SurplusRetainedEarnings
Total
1.78
IIIIIItIIIIIITITtTTI
Golden Harvest Agro Industries LimitedStatement of Cash Flows
For the year ended June 30,2012
Amount in BDT2012 I I 20tt
Cash Flows from Operating Activities
Collections from Customers
Collections from Cash Incentive and others
Payments for Operating Costs & Other Expenses
Tax paid
Net Cash generated from Operating Activities
Cash Flows from Investing Activities
Acquisitions of Property, Plant and Equipment
Loss on investment in quoted shares
Advance Finance to Contract Farmers
Net Cash used in Investing Activities
Cash Flows from Financing Activities
Payment against finance lease
Borrowings from Banksff inancial Institutions
Payments to Related Parties
Finance Cost
Issue ofshare
Net cash provided by financing activities
Net changes in cash and cash equivalents
Cash and cash equivalents at the beginning ofthe year
Cash and cash equivalents at the end of the year
Operating Cash flow Per Share
Dated, Dhaka;
23 October2012
(223,851,379) (249,515,279)
(65,854,374) (6,rt4,228)
62,400,719 64,203,305
351,306,294
800,178
(74,141,334)
(132,546,434)
315,673,051
4,159,761
(271,056,487)
(4,442,1_03)
(206,687,768) (275,498,590)
(5,372,394',)
188,753,264
(38,775,702)
(2,451,328)
129,840,sss
(80,763,195)
(5,409,474)
157,250,000
144,605,168 198,466,558
318,119
446,505
(12,828,727)
13,275,232
764,624 446,505
1.83
,/U,Ap,Dihector *^ koirector
g ,F ,42'"*t<* 'S. F. Ahmed & Co.Chartered Accountants
Signed in terms of our separate report of even date annexed.
t
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Golden Harvest Agro Industries Limited
Notes to the Financial Statements
For the year ended June 30r 2012
1. Reporting Entity
1.1 Profile of The Company
Legal Status of the ComPanY
The Golden Harvest Agro Industries Limited was incorporated on August 10, 2004 as a Private
Limited Company; vide Reg. No.-C-53850(5I5y2004 under the Companies Act, 1994 and
converted to public limited company on 30 June 2010.
Address of registered office and principal place of business:
The principal place of business and the registered office of the Company is at SPL Western
Tower, Level # 5, Space Code # 502,186, Gulshan,-Tejgaon Link Road, Tejgaon Industrial Area,
Dhaka-1208. The factory is located at Bokran, Monipur, Bhabanipur, Gaziput Sadar, Gazipur.
Nature of Business ActivitiesThe Company owns and operates the business of growing, procuring, purchasing, processing,
packaging, warehousing, transporting, exporting, importing, distributing and selling agriculture
based food, food products, machinery and equipments related to foods anywhere in the world. As
per the object clause of the Memorandum the company could also establish any industrial
processing unit based on agro based raw materials products within the country and export the
same or meet local demand.
2. Basis of preparation of Financial Statements
2.1 Basis of Measurement of Elements of Financial Statements
The financial statements have been prepared on the historical cost basis, and therefore, do not take
into consideration the effect of inflation except that arising from revaluation of lands, buildings &machinery as specified in note 3.2.The accounting policies, unless otherwise stated, have been
consistently applied by the Company and are consistent with those of the previous years.
2.2 Statement on Compliancewith Local Laws
The financial statements have been prepared in compliance with the requirements of the
Companies Act, 1994, Securities and Exchange Rules, 1987 and other relevant local laws and
regulations of the Counfy.
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2.3
2.4
2.5
2.6
2.7
Statement on Compliance of Bangladesh Accounting Standards
The financial statements have been prepared in accordance with the Bangladesh Accounting
Standard (BASs) and Bangladesh Financial Reporting Standard (BFRSs) adopted by the Institute
of Chartered Accountants of Bangladesh (ICAB) based on Intemational Accounting Standards
(IASs) and International Financial Reporting Standards (IFRSs).
Going eoncern
As per BAS-1, a company is required to make assessment at the end of each year to make
assessment of its capability to continue as going concern. Management of the Company makes
such assessment each year. The company has adequate resources to continue in operation for the
foreseeable future and has wide coverage of its liabilities. For this reason, the directors continue to
adopt going concern assumption while preparing the financial statements.
Accrual Basis
The financial statements have been prepared using the accrual basis of accounting.
Equity Accounting
The investment in the subsidiary company has been accounted for under Equrty AccountingMethod in terms of paragraph 38(b) of BAS 2T,"Consolidated and Separate Financial Statements.
Structure, Content and Presentation of X'inancial Statements
Being the general purpose financial statements, the presentation of these financial statements is in
accordance with the guidelines provided by BAS 1: "Presentation of Financial Statements". Acomplete set of financial statements comprise:
Statement of Financial Position as at June 30,2012;Statement of Comprehensive Income for the year ended June 30,2012;
Statement of Changes in Equrty for the year ended Jltrne 30, 2012;
A statement of Cash Flows for the year ended June 30, 2012; and
Notes comprising a summary of significant accounting policies and other explanatoryinformation to the accounts for the year ended Jwe 30,2012.
Reporting Period
The Financial Statements cover the period from 1 July 2011 to 30 Jlurae 2012.
i)ii)iii)iv)v)
2.8
I*
3.1
3.2
IIIIIIII
Significant accounting policies
Revenue
In compliance with requirements of BAS-18 (Revenue), revenue receipts from customers against
sales is recognized when products are dispatched to customers, that is, when the significant risk
and rewards of ownership have been transferred to buyer, recovery of the consideration is
probable, the associated costs and possible return of goods can be estimated reliably and there is
no continuing management involvement with the goods. Revenue is recognized net of value added
tax, supplementary duty and service charge collectible from clients as well as rebate and discount
allowed to customers in compliance with the requirements of BAS 18: "Revenue".
Property, Plant and EquiPment
Initial Recognition and measurement
Property, plant and equipment are capitalized at cost of acquisition and subsequently stated at cost
or valuation less accumulated depreciation in compliance with the requirements of BAS 16:
..Properer, Plant and Equipmenf'. The cost of acquisition of an assot comprises its purchase price
and any directly attributable cost of bringing the assets to its working condition for its intended
use inclusive of inward freight, duties, non-refundable taxes and un-allocated expenditures etc.
Subsequent costs
The cost of replacing part of an item of property, plant and equipments is recognised in the
carrying amount of an 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. The costs of the day-to-day
servicing of property, plant and equipment are recognised in the statement of comprehensive
income as'Repair & Maintenance 'when it is incurred.
Subsequent MeasurementProperty, Plant and equipment are disclosed at cost less accumulated depreciation consistently
over years. On 30 June 2009 and 30 June 2011 Land and Land Developments, Building and other
constructions and Plant and Machinery have been revalued to reflect fair value (prevailing market
price) thereof following "Current Cost Method".
Depreciation on Property, Plant and EquipmentDepreciation is provided to amortize the cost or valuation of the assets after commissioning, over
the period of their expected useful lives, in accordance with the provisions of BAS 16: Properff
Plant and Equipment. A full year's deprecation is charged on assets acquired in the year; no
deprecation is charged on assets disposed off in the year. Depreciation of an asset begins when it
is available for use. Depreciation is charged on all Property, Plant and Equipment except land and
Particular of Assets Rate of Depreciation
Buildings and other constructions 2.5%
Plant & Machinery 5%
Office Equipment 10%
Furniture and Fixtures t0%
Vehicle t0%
Freezer t0%
IIrTIrIItT
FTi
land developments on reducing balance method at the following rates:
t
3.0
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Impairment
At each year end, the company assesses whether there is any indication that the carrying amount ofan asset exceeds its recoverable amount. An impairment loss is recognized as an expense in the
statement of comprehensive income in accordance with the provision of Bangladesh Accounting
Standards BAS 36 unless the asset is carried at revalued amount in accordance with BAS 16. No
impairment loss was recognized for the year ended 30 June 2012 as there were no such indication
existed as on the that date.
Revaluation of Property, Plant and Equipment
The Company made revaluation of the Company's Land and Land developments, Buildings and
Plant and Machinery as of 30 June 2009 and 30 June 2011 to reflect fair value thereof in terms ofDepreciated current cost thereof, details of which are as follows:
Revaluation of Property, Plant and Equipment of Golden Harvest Agro Industries Limited in 2011:
Revaluation of Property, Plant and Equipment of Golden Harvest Agro Industries Limited in 2009:
The increase in the carrying amount of revalued assets is recognized in the separate component of equity
under the head Revaluation Surplus.
Inventories
Inventories stated at lower of cost and net realizable value as prescribed by BAS-2: Inventories.
The cost is calculated on FIFO method in a consistent manner. The cost comprised the cost
incurred in the normal course of business in bringing out such inventories to its present location
and conditions. Where necessary, provision is made for obsolete, slow moving and defective
inventories (if any) identifies at the time of physical verification of inventories.
Net realizable value is based on estimated selling price less any further costs expected to be
incurred to make the sale effective.
Particulars of the assets
Nameof theValuer
Qualification, ofthe':,: Valuert '
,Date ofRevaluation
The cnrrytn$amounf of
Assets
,, Value ofAsseti :after
reValuation
RevaluationSurplus
I Land and Landdevelopment
ATAKHAN& co.
CharteredAccountants
30 June20lt
39,600,000 59,400,000 19,800,000
2. Buildings andotherconstructions
173,337,972 213,508,920 40,170,948
3. Plant andMachinerv
51,232,043 72,509,790 21,277,747
TotaI 264,170,015 345,418,710 81,248,695
Particulars of the assets
Name,:of
. theValuer :
Oualificatio.n, of th€::::, ,:,
,,,,,Vlaluer:' '
Date of , ::
,.Revaluation
The carryrngamo-unt of;
':',,, Aj5!tg,::: :
V,alue,ofAssets afterievaluatioh
RevaluationSurplus
1 Land and Landdevelopment ATA
KHAN& co.
CharteredAccountants
30 June
2009
6,766,812 39,600,000 32,833, I 88
2. Buildings and otherconstructions
60,896,552 121,647,660 60,75 1,108
Plant and Machinery 27,747,622 43,536,243 15,788,621
Total 95,410,986 204,783,903 109,372,917
3.3
3.4
3.5
3.7
Cash and Cash Equivalents
Cash and cash equivalents consist of cash in hand and with banks on current and deposit accounts
which are held and available for use by the company without any restriction. There is insignificant
risk of change in value of the same.
Earnings Per Share (EPS)
Basic Earnings per Share
Basic Earnings per Share (BEPS) is calculated in accordance with Bangladesh
Standard BAS-33 "Earnings per Share" by dividing the profit or loss atfibutable
equlty holders of the entity by the weighted average number of ordinary shares
during the period.
Diluted Earnings per Share
Accounting
to ordinary
outstanding
3.6
For the purpose of calculating diluted earnings per shares, the entity adjust profit or loss
attributable to each ordinary equity holders of the entrty, and weighted average number of shares
outstanding, for the effects of all dilutive potential ordinary shares. As the company has no
dilutive potential ordinary shares, so diluted earnings per share is same as basic earning per share.
Foreign Currency Transactions
Foreign currency transactions are recorded, on initial recognition in the functional currency at the
spot exchange rate ruling at the transaction date.
At the end of each reporting period in compliance with the provision of BAS 2l: The Effects ofChanges in Foreign Exchange Rates.
(a) Foreign crurency monetary items are translated using the closing rate.
(b) Non-monetary items that are measured in terms of historical costs in a foreign currency
are translated using the exchange rate atthe date ofthe transaction.
(c) Non-monetary items that are measured at fatr value in a foreign cuffency is translated
using the exchange rate atthe date when the fair value is determined.
Exchange differences arising on the settlement of monetary items or on translating monetary items
at rate different from those at which they were translated on initial recognition during the period
or in previous financial statements is recognized in profit or loss in the period in which they arise.
Borrowing Cost
In compliance with the requirement of BAS-23 (borrowing cost), borrowing cost that are directlyatkibutable to the acquisition, construction or production of a qualiffing asset form part of the
cost of the asset and, therefore capitalised. Other borrowing costs are recognised as an expense.
Authorization date for issuing Financial Statements
The financial statements were authorized by the Board of Directors on 18 October 2012 for issue
after completion of review.
3.8
3.9 Reporting and Functional Currency
The financial statements are prepared and presented in Bangladesh Taka (BDT), which is the
company's functional currency.
Risk and Uncertainty for use of Estimates and Judgments
The preparation of financial statements in conformity with Bangladesh Accounting Standards
requires management to make judgments, estimates and assumptions that affect the application ofaccounting policies and the reported amounts of assets, liabilities, income and expenses and forcontingent assets and liabilities that require disclosure, during and at the date of the financial
stater,nents.
Actual results may differ from these estimates. Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions of accounting estimates are recognized in the period inwhich the estimate is revised and in any future periods affected as required by BAS 8:
"Accounting Policies, Changes in Accounting Estimates and Errors".
Provisions and Other Payables
3.10
3.11
Provisions and accrued expenses are recognised in the financial statements in line with the
Bangladesh Accounting Standard (BAS) 37 "Provisions, Contingent Liabilities and ContingentAssets" when
the Company has a legal or constructive obligation as a result of past event.
it is probable that an outflow of economic benefit will be required to settle the obligation.
a reliable estimate can be made of the amount of the obligation.
Other Payables are not interest bearing and are stated at their nominal value.
3.12 Leases
Leases are classified as per BAS-17.
Finance Lease
A lease is classified as a furance lease if it transfers substantially all the risks and rewards incident
to ownership.
At commencement of the lease term, finance leases is recorded as an asset and a liability at
the lower of the fair value of the asset and the present value of the minimum lease payments
(discounted at the interest rate implicit in the lease)
finance lease payments should be apportioned between the firance charge and the reductionof the outstanding liability (the finance charge to be allocated so as to produce a constantperiodic rate of interest on the remaining balance of the liability)the depreciation policy for assets held under finance leases is consistent with that for ownedassets.
Operating Lease
For operating leases, the lease payment has been recognised as an expense in the income statementover the lease term on a straight-line basis.
a
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3.13 Financiallnstruments
Non-derivative financial instruments comprise financial assets, trade and other receivables, cashand cash equivalents, borrowings and other payables and are shown at transaction cost:
3.14 OperatingSegments
No geographical and industry t"qr"ry reporting is applicable for the Company as required byBFRS 8 "operating segments" as the company Jperatesin a single g"ogruplriLl industrl.area. "
3.15 Statement of Cash X'lows
The Statement of Cash Flows has been prepared under 'Direct Method' in accordance with therequirements of BAS 7: Statement of Cash Flo*r.
3.16 Related Party Disclosures
The Company carried out a number of transactions with related parties. The information asrequired by BAS 24: "Related Party Disclosure" has been disclosed in separate notes to theaccounts (Note-3 6.03).
3.17 Taxation
a)
b)
Income Tax is calculated and provision is made in accordance with BAS-12. The corporate taxtut: Pt the Company is 37.5%. Provision for current tax expenses has been made andcalculated on the above basis, which is adequate under Income Tax Ordin ance,l9g4.
Deferred Tax has been provided for on temporary timing deference on depreciation anddoubtful debts arose during the year at 37 .50yo with effect r.6- r;ilriv 20 10.
*'^ --^"
ASset CategoryMensuiementaftCtinitialrccognitioh
Financial Assets at fair valuethrough profit or loss A/C:Investment in marketablesecurities.
Financial asset which is heldfor the purpose of selling fortrading or in limitedcircumstances, as an associate.
Fair Value In profit or loss
Loans and receivables:
1. Local Sales Receivable
2. Advances, Deposits andPrepayments
3. Export Incentive Receivable
4. Export Sales Receivable
Non-derivative financial assets
with fixed or determinablepayments thatare:* Not quoted in an activemarket* Not designated as atfaivalue through profit or loss* Not held for trading ordesignated as available for sale(i.e. loans and receivables arenone ofthe above)
Amortized cost In profit or loss
4.
4.1
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3.18 Contingent Assets and Liabilities
A Contingent asset is disclosed when it is a possible asset that arises from the past events and
whose existence will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the entity.
A contingent liability is disclosed when it is a possible obligation that arises from the past events
and whose existence will be confirmed only by the occurrence or non-occulTence of one or more
uncertain future events not wholly within the control of the entity.
Contingent liability of the Company is disclosed in Note no. 35.02. The Company has no
contingent assets or liabilities which require disclosures under BAS: 37. Contingent assets and
contingent liabilities are not recognized in the financial statements.
A contingent assets is disclosed as per BAS 37, where an inflow of or economic benefits is
probable. A contingent liability is disclosed unless the possibilrty of an outflow of resources
embodying economic benefits is remote.
3.19 Comparativelnformation
Comparative information has been disclosed in respect of the previous period for all numerical
information in the current financial statements. Narrative and descriptive information for
comparative information have also been disclosed whenever it is relevant for understanding of the
current year's financial statements.
Risk Exposure
Interest rate risks
Interest rate is concerned with borrowed funds of short term & long-term maturity. lnterest rate
risk is the risk that Company faces due to unfavorable movements in the interest rates. Volatility in
money market & increase demand for loans /investment funds raise the rate of interest. A change
in the government's policy also tends to increase the interest rate. High rate of interest enhances
the cost of fund of a company. Such rises in interest rates however mostly affect companies having
floating rate loans.
Management perception
Golden Harvest Agro Industries Ltd. maintains low debt/ equlty ratio; and accordingly, adverse
impact of interest rate fluctuation is insignificant. The project was started with the Company's own
funds and the capacity was also expanded with own funds. Additionally, the management of the
Company emphasizes on equity base financing to reduce the dependency on borrowing. Therefore,
management perceives that the fluctuation of interest rate on borrowing would have little impact
upon the performance of the Company.
I
4.2 Exchange rate risks
If exchange rate is increased against local currency opportunity is created for getting more revenueagainst sale in local currency. on the other hand if exchange rate goes down margin is squeezed inlocal currency.
Management perception
The products of the company are sold against foreign (6%) as well as local curren cy (94%) andpayments for raw materials are also made mostly in local currency. The exchange rate of thecountry traditionally witnessed upward trends, which makes ample opportunity of export. Ifforeign exchange rate rises, export will increase and local sales will be less and vice versa.Therefore, volatility of exchange rate will have no impact on profitability of the Company.
Industry risks
Industry risk refers to the risk of increased competition from foreign and domestic sources leadingto lower prices, revenues, profit margin, and market share which could have an adverse impact onthe business, financial condition and results of operation. Agro industry in Bangladesh is anemerging sector with vast local demand for its different product lines. Locally produced frozenproducts now play a significant role in this sector, which has been dominatedby imports in thepast' However, the infrastructure required for this industry is inadequate in Bangladesh, as can benoted below:
No organized collection centers for agricultural produce exist in Bangladesh; as a result, there is ahigh fluctuation in prices both for the growers and for processors.
Absence of Cold Storage or Cold Chains although the whole process of collection, processing anddistribution depends on cold temperafure maintenance due to the nature of the finished product.
Management perception
Golden Harvest Agro Industries Ltd. has established its brand name in Frozen Food market withits quality products, range of products and customer services. However, to develop aninfrastructure, both public and private sector participation is required. This is the focal point ofGolden Harvest's future expansion plans. To eliminate fluctuation in prices both for the growersand for the processors, Golden Harvest will organize collection centers to eliminate intermediarycost for both the parties. Deploying 15,000 refrigerators with 24 cold storages at -30 degreecelsius nationwide, Golden Harvest will have infrastructure backbone of cold chain which willensure proper supply of Frozen Foods all over the country through its 50 temperature controlledtransport' our neighboring counfiy like India has over 50 cold chains, generating revenue overus$3.5 billion which is targeted to reach us$g .5 Billion by 2015.
4.3
IIIIlIIIIItIItIIIlT
r
4.4 Market risks
Market risk refers to the risk of adverse market conditions affecting the sales and profitability ofthe company. Mostly, the risk arises from falling demand for the product or service which would
harm the performance of the company. On the other hand, strong marketing and brand
management would help the company to increase their customer base.
Management perception
Market for Ready to Cook frozen foods in Bangladesh is growing at an exponential rate withgrowth of urbanization and incremental income level of consumers along with their preference to
convenience. In spite of high growth of this market, there is scarcity of investment in this sector
which creates a huge demand-supply gap resulting in very expensive imports. International market
for Ready to Cook frozen food sector is already matured and is growing furttrer at a high rate.
Golden Harvest Agro Industries Ltd. is one of the earliest entrants in international market withvery promising and loyal customer base in USA, Canada, Australia, Europe and Middle East. In
Bangladesh market, Golden Harvest has made a rapid penetration and has captured the leading
position with its unique branding and positioning stratery taking opportunity of this fast growing
market.
Operational Risks
The core business operation of Golden Harvest Agro Industries Ltd. is directly related to very low
temperature maintenance. Country wide shortage of power is compelling the company to utilizecaptive power which builds up cost. Also port congestion and inland immobility due to political
instability poses a great operational risk to Golden Harvest Agro Industries Ltd.
Management perception
Bangladesh Government is meeting this challenge by opening the energy generation to private
sector; and also making massive investment, which is expected to ensure availability of energy forunintemrpted operation. The company perceives that allocation of its resources properly withcontingency approaches can reduce. this risk factor to great extent. However, in order to minimize
the operational risks due to shortage of power supply, Golden Harvest Agro Industries Ltd. itselfhas own captive sources of power Generators in addition of existing REB (Rural Electrification
Board) sources that will support production and also planning to engage more capacity of power
generation to cope with the coming needs. Moreover proposed projects will have requisite back up
captive power support to run their daily operation without any hindrance.
4.5
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1 Deferred Expenses
Opening Balance
Marketing Campaign Expenses
Less : Written off during the year
Closing Balance
Marketing campaign expenses has been considered and decided to beCompany's Board of Directors.
Investment in Subsidiary CompanyGolden Hmvest Sea Food & Fish Processing Ltd.Add: Share ofnet profit after tax ofsubsidiaryAdd: Share ofrevaluation Surplus during the year of subsidiary
Inventories
Stock of Finished Goods
Stock of Raw MaterialsStock of Packing MaterialsStores in Transit
Details are given in Annexure-A.
Advances, Deposits & Prepayments
Advance to Suppliers & Service ProvidersAdvance to Suppliers & Service Providers
Lease Deposit
United Leasing Co Ltd for Probox & Cover VanUnited Leasing Co Ltd for Small Cover VanIDLC Lancer Car
IDLC for Refer Van & ProboxIDLC for MachineryIDLC G CorollaULC2ThaiRVantlLC2ThaiRVanUI.C NewHino ThaiR VanSecurity Deposit
Advance Taxes
AIT on Cash IncentiveAIT on ExportAIT on tnportAdvance Tum Over TaxAdvance Tax for AppealTax on Vehicles
Advance VAT
15,377,639
1,708,627
13,669,012
written off in ten years as deferred expenses as approved by the
fi,osa;aa1,708,627
________!5377,639_
275,436,039
Golden Harvest Agro Industries Ltd. (GHAIL) acquired 99.998% shares of Golden Harvest Sea Food & Fish Processing Ltd (GHSF&FPL)on 30 June 2010 in exchange for its own shares.
241,829,935
33,606,103
152,517,018
49,704,733
40,209,194
__*_241W,93!
18,125,473
13,654,721
8,321,476
3,228,764
9.
29,089,250
20,309,320
9,786,1_24
59,183,694 43,330,434
10.
200,691,483 68,492,365
200,691,493 68,492,365
___206 J64 W______71,0s3,s91_This is unsecured and considered good.(a) The maximum amount due from the Suppliers & Service providers.
(b) No amount was due by the directors, managing agpnt, managers and other offrcers of the company and any of them severally or jointlywith any other person.
(c) No amount was due by any related party.
53,31215,72866,07054,390
68,47057,360
142,864
203,147
144,169
53,31215,72866,070
54,39068,47057,360
142,864
31,065
251,1661,381,027
135,844
I 12,000
49,000
31,065
115,224
86,264135,844
I 12,000
IIlIlllIltIIIIIIIlII
Amount30 June
-il
I
I
I
I
I
I
I
I
Amount in BDT30 June 2012 ll fO June 2011
11. Trade Receivable
Export Receivables
Local Sales Receivables(Note # 11.1)
1I.1 Export Sales Receivable
Premium Foods USA lncMexim Aushalia Pty Ltd.Aromatic@D) Ltd.Alam Super MarketLaxmiben Patel
Tesco
United Golden Universak EST
This is unsecured, considered good and is falling due within one year.
Export Incentive Receivable
Opening Balance
Add: Accrued during the year
Less: Received during the yearClosing Balance
This is unsecured and considered good.
Cash and Bank Balances
The above balance is made up as follows:
Cash in hand:
Cash in hand at Head OfficeCash in hand at Factory OffrceCash at bank
101,631,631 102,219,723
3,297,87698,333,755
15,592,563
86,626,161
(2,334,047)
2,659,1992,624,210(486,301)(903,039)
1,696,557
4,980,886
5,666,5333,029,817
Q93,436)(8 r9,5 l6)
2,033,117
995,163
This is unsecured, considered good except for the portion of doubtful debtors and is falling due within one year. Classification schedule asrequired by schedule XI of Companies Act 1994 are as follows:
_____. zrrfr{ ------i559z5d3
7,251,863 7,567,139229,536 1,945,724
7,481,399 9,512,863- 2,261,000
7,4gl,3gg 7,251,963
3,084
SL Particulars Amount in BDT2012
Amount in BDT20tt
I lAccounts Receivable considered gooa a."r@lsecured
TlAccounts Receivable considered good ir, .erp"c@lsecurity other than the debtor personal security 100,965,707 701,552,799
u lAccounts Receivable considered doubtful or bad665,924 665,924
IV Accounts Receivable due by any director or other officer ofthe company
v Accounts Receivable due by Common management
VI The maximum amo,nt of receivable due by any director or other orrcer ortrrecompany
TOTAL 101,631,631 102,219,723
753,101
13.
(Note # 13.1)
______J51,621_ 446,505
IlITrTrrTrrrrrrrT
tI
14. Share Capital
Authorized Share Capital10,00,00,000 ordinary Shares ofBDT 10 eachIssued, Subscribed and paid up Capital28,750,000 Ordinary Shaxe @ BDT l0 each fully paid_up against cashI,250,000 Bonus Share 6 e6f tO "J
,
3:lT;ll',ff11fr:H:gr?ilr0 each turv paid-up against shares orGorden Harvest
13.1 Cash at Banks
Firsr Securitl, Islami bank Ltd.United Commercial Bank Ltd.Bantasia LtdDutch Bangla Bank Ltd.Mercantile Bank Ltd.
Mr. Matthew Graham StockMr. Ahmed Rajeeb Samdani
Mr. Ahmed Mehdi Samdani
Ms. Nadia Khalil ChoudhuryMr. Azizul Huque
Mr. MoqsudAhmedKhan
Mr. Mohius Samad ChoudhuryOthers Share Holders
Shareholding position of the Company:
\1r. Mafthew Graham Stock\1r, Ahmed Rajeeb Samdani\1r. Ahmed Mehdi Samdani\1s. Nadia Khalil Choudhurv\Ir. Azizul Huque
\1r. Moqsud Ahmed Khan\1r. \{ohius Samad ChoudhurvtJrhers Share Holders
A/CNo.cD-lll 00 000 s80cD-l11 000144t0cD-05633000010cD- 13813
cD-o1291 I I00o02o2o
Chairman
Managing Director
Director
Director
Director
Director
Director
Chainnan
Managing Director
Director
Director
Director
Director
Director
13,000,000
145,026,670
13,000,000
13,000,000
14,698,000
16,000,000
13,000,000
122,285,330
__lsggg{gg_
I,000.000.000
287,500,000
12,500,000
t62,326,670
10,200,000
1,500,000
I4,688,000
16,000,000
5,575,330
IT
3.71
41.44
3.71
3.71
4.20
4.57
3.71
34.94
753,10I
____r9qg{gq{99_-
287,500,000
12,500,000
The above balance has been received &om the following:
r3,ooo,ooo --lpoodoJ145,026,670
13,000,000
13,000,000
14,688,000
16,000,000
13,000,000
t22.285,330 Dg.7 to,olo
----150'99qqgg- -----___JA;00r00
I
I
2,357
,_u
IIllItIF:
hIl
:IItIItttII
15. RevaluationSurplus
Opening Balance
Golden Harvest Agro lndustries Ltd
Less: Depreciation on Revaluation Surplus transferred to retained eamings
Depreciafion of the CompanyDepreciation of Golden Harvest Sea Food & Fish Processing Ltd.Revaluation surplus of Fixed Assets during the year
Add: Share of the Company on Revaluation Surplus of Fixed Assets of Subsidiary company
16. Retained EarningsOpening Balance
Add :Depreciation on Revaluation Surplus
Add: Total comprehensive income for the year
Closing Balance
225,346,706
225,346,706(5,981,733)
107,064,709
107,064,709(3,174,882)
@f ,Du?68t1I tt,tst,tzzt ll oqq.rqtl
81,248,695
40,208,184
225,346,706219,364,973
318,269,063
5,98r,733
182,824,730
3,174,88278,325,571 132,269,451
__402,s?slg_________ry42&1_
61,272,471 70,568,068
17. Term Loan against Machinery
Mercantile Bank Ltd., Gulshan BranchMercantile Bank Ltd., Gulshan Branch
Less : Current Maturity of Term Loan
Depreciation for the year 30.06.2012Deferred Tax expenses as on 30.06.2012
[rs/4e,gegl a-- 1s.4n,6:ru1
| +s,tzz,stg 11 sz,ozs,:ss I
49,406,883 60,466,447
Terms & Conditions of Term Loan:
The Company is enjoying term loan facility against imported machineries from Mercantile bank, Gulshan Branch. Terms & Conditions ofthe loan is as below:
No. ofloans:Rate oflnterest :
Tenor:Moratorium Period :
Security:
Deferred Tax LiabilityOpening Balance
Add : Addition duringthe year
Less : Adjustnent during the year
Closing Balance
Calculation of deferred taxation
A/C No. 77100000072A/C No. 72700000300
03 Nos
17 .00Yo p.a (15.50o/o p.a : 20ll)5 years
06 Months
a- Hypothecation of the imported capital Machir
b. Personal Guarantee ofall the directors
c. Undated Cheques covering debts
61,272,471
I 1,865,588
70,568,068
10,101,621
18.
3,415,422
3,432,193 \qts,4zz3,415,4_226,947,6_15
6,847,615 3,415,422
Amount in BDT
18,934,970 28,097,494 (9,152,514) (3,432,193)
____12,1 s2,s11l _______(3,$2 J93)_
ParticularsValue as per
companypolicy
Yalue as perTax
Ordinance
TaxableTemporarydifference
Tax
@37.s%
in BDT
IIIIIIIIIIIIIIItIttI
19. Lease Obligation+
United Leasing Co Ltd. - Cover Van
United Leasing Co Ltd. - Probox & Cover Van
IDLC Finance Ltd. - 4 nos Probox & Cover Van
IDLC Finance Ltd.- Luncher Car
United Leasing Co Ltd. - 2 nos Thai Refer Van
IDLC Finance Ltd.- G Corolla Car
United Leasing Co Ltd. - Two Thai Refer Van
United Leasing Co Ltd. - New Hino Refer Van
Less : Current Maturity of Lease Obligation
Accounts & Other Payables
Sundry Creditors for Raw Material Supplies
Sundry Creditors for Packing Material Supplies
Sundry Creditors for C&F AgentsSundry Creditors for Processing contractors
Sundry Creditors -Others
IDLC Factoring LoanSundry Creditors for Fuel SupplySundry Creditors for Printing & Stationery
Sundry Creditors for Freezer
Sundry Creditors -Others
Pride Steel KingKoli RefrigeratingAdvance lncome Tax Payable
Ogilvy & MatherNorthern General lnsurance Company Ltd.Tech View Ltd.PrabartanaAdd
Auto Tecnic
Swarup Art & AdvertisingUnitrend LtdPro VisionBrand LabEmlay Enterprise
Cas Scale(BD) P\,1 Ltd.Shawon Automobiles
Shanta Properties LtdDhakacom Ltd.Gulshan Clean & Cwe
Accruals and provisions
Salary & Wages
Electricity BillAudit Fees
Gas BillFuel BillMobile Phone BillTA/DAProvision for W?PF
Provision for others
15,238
588,371
881,373
1,529,374
3,943,772
937,109
4,219,320
18,077,150
6,372,281
I 85,80 1
1,091,578
1,376,709
2,072,979
4,894,278
1,461,5_32
11,082,877
3,830,510
6,062,593 -
11,704,869 7,252,367
(Note # 20.1)
10,863,312
6,lgo,g7l32,520
1,941,460
l,24l,7lo2,143,238
28,4t0r,408,750
7,068,6127,829,963
59,140
2,481,263
569,7s9
39,160932,250
18,980,14723,840,270
20.1
4,000
460,500
54,206
(128,709)
218,973
3,000
701,250(50,000)
325,790261,091134,485
260(3 15,000)
(25,800)
2,500226,914
68,000
4,000
460,500
94,6561,078,359
360,s70
3,000
71,250
z,ioo372,428
36,000
34,000
1,941,460 2,517,263
3,530,17084s,432
200,000
31,78943,191
16,127
228,588
3,584,788
500,000 500,000
2,429,554478,418
200,000
31,277
50,000
25,461
21.
8,980,085 3,714,710
Amount in BDT30 June 2012 ll 30 June 20ll
IIIIIIIIItIIIIIIItII
Amount in BDT30 June 2012 ll 30 June 2011
23.1
22, Provision for Tax
Necessary provision was made for incomebenefit.
Opening Balance
Tax for the year
AIT AdjustmentPaid during the year
Closing Balance
Cash Credit Loan
Golden Harvest Agro tndustries Limited
Golden Harvest Agro Industries LimitedMarcantile Bank LimitedMercantile Bank LimitedFirst Security Islami Bank Limited
Net Asset Value (NAV) per share
Shareholders Equity
No of paid up share capitalNet Asset Yalue per share
Sales Revenue
Sales @xport)Sales (Local)
Cost of Goods Sold
Raw & Packing Materials:Opening Stock
Purchase
Closing Stock
Manufacturing Expenses
Cost of Goods ManufacturedOpening Stock of Finished GoodsClosing Stock of Finished Goods
tax considering the depreciation effect as per Income tax Ordinance 1984
67 ,727,11323,574,223
28,011,921 67,727,113
(Note # 23.1) 280,932,823 82,883,962
92,993,962280,932,823
cc 012972900000075
Agri- SOD(G) -73900000039
cc- 11273800010038
(Note # 26.1)(Note # 9..00)
(Note # 26.2)
(Note # 9..00)
and Export sale
28,300,000
44,253,625
42,578,375203,545,489
34,808,959
____280..93?,W_
82,883,962
82,883,962
971,941,341 893,615,769
35,000,000 35,000,000
27.77 25.53
24.
25.
26.
9,181,444
341,537,7s8
____3s0lrew_
14,370,922
289,983,060304J53,982
The products are exported to the market of usA, uK, UAE, canad4 Malaysi4 KSA and Australia.
(30,094,445) (2t,976.197\147,920,590 108,219,106
40,437,595 24,663,098
21,976,197
156,038,838
188,358,185
18,125,473
6,550,202123,645,101
t32,882,203
14,603,741
Q9,089,2s0) (18,125,473)177,394,409 129,360,471
IIIIIIIIIIIIrIIItrII
26.1 Purchase
Raw Materials
Packing Materials
Processing Materials
141,865,749
13,75r,947
421,142
108,936,012
14,257,848
451,247
26.2 Nlanufactu ring Expenses
Salary & Wages
Insurance Premium
Factory Overhead
Repair & Maintenance
Electricity & Fuel
Amortization of Lease assets
Depreciation
From I July 201 I to 30 June 2012, all ofthe 173 factory employees
Administrative Expenses
Salaries & Wages
D irectors Remuneration
Insurance Premium
Bank Charges
Traveling, Conveyance, Tour
Audit Fees
Rates, Taxes, Renewal
Vehicle Maintenance
Donation, Subscription & Gift
Printing & Stationeries
Telephone & Mobile BillMiscellaneous Expenses
Electricity & Fuel
Local Sales Expenses
Training Fees
Defened Expenses written offBO Account maintenance charge, int etc
Medical Expenses
Entertainment Expenses
Consultancy Fees
Provision for doubtful debts
Utitiry Bill for Head Office
Other Expenses
Amortization of Lease assets
Depreciation
40,437,595 24,663,099::received annual salary and allowances ofBDT 36,000 and above.
156,038,838
12,962,178
62t,6881,815,160
I 80,5 l37,725,997
l,gg4,0g215,147,976
123,645,101
6,242,260427,693
1,709,144
553,920
6,369,618
1,105,299
8,255,175
27.
10,461,452
4,197,950
579,1t9
1,075,722
300,000
370,755
1,627,479
337,926
353,003
300,827
1,287,691
643,832
7,583,941
r,708.627
500
lg,g66
625,2_44
1,197,400
1,456,402
496,023
3,786,994
38,400,743
7,325,436
3,221,500
ttt,260761,824
550,000
351,170
909,9t3
360,600
342,980
282,709
414,685
707,735
7,783,575
27,000
1,708,627
r,441,599
23,721
320,628
413,500
250,000
872,195
608;533
276,322
2,063,794
31,129,305
(a) Auditors' fees represents audit fee for auditing the accounts for the year ended 30 Jrne,21l2.Auditors were not paid any other fees.(b) During the year under reporting, BDT 5,796,500 paid to the Directors and Officers for rendering their services t(c) The Company did not pay any remuneration to any Director who was not an officer of the Company.(d) No board meeting attendance fee was paid to the directors of the Company.
Amount in BDT30 June 2012 ll fO June 2011
28. Selling & Distribution Expenses
Ocean Freight
C & F Expenses
Shipment Transportation Expenses
Shipment Expenses
Courier Charges
DITF Expenses
Advertisement & Publicity
1,087,639
tzt,3t421,740
502,695
50,279
7,959,59513,324,495
5,762,067
347,823172,000
431,876
82,124
2,888,396ru23,067,757
29. Exportlncentive
The Company is entitled to receive cash incentive according to Bangladesh Bank Circular reference no FE-15 dated 6 October, 2005 onexport amount of Agro ( Vegetables/ Fruits ) and Agro processed products. tncentive amount has been accrued complying the terms &condition of this circular.
30,
31.
1)
Export Incentive
Other IncomeThis income represents sale proceeds ofwastages generated during manufacfuring process
Wastage sale
Finance Cost
Interest on Cash Credit (Hypo)Interest on Term Loan
Interest on Finance Lease
Interest on Operating Lease
Interest on others
Earning Per Share (EPS)
Total comprehensive Income attributable to ordinary Shareholders of the companyNo ofweighted average shares
EPS for the year
Operating Cash flow per Share
Net Cash generated from Operating ActivitiesNo ofoutstanding shares at the end ofthe year
229,536 1,945,724
uE!_ _________U4s!24_
800,178 l,g9g,76l900,179 l,g9g,761
24,625,64410,392,904
2,930,268824,972
1,914
1,457,228
2,101,4631,026,709
821,640
2,43539,775,702 5,409,474
79,325,572
35,000,000
2.24
132,269,451
35,000,000
3.78
62,400,719
35,000,000
1.78
-----9!203;0s35,000,000
1.83
7ltlIIIIIIIIIrIrtIltrI
IIIIIIIIIrIIIIIrtttTt
3J.
31. I
Other Information
Transaction in foreign currency
Particulars
CIF Value of import:Raw MaterialsSpare Parts
Capital MachineryFOB value ofexport
Exchange Rate on June 30GBPUSD
34.2 ContingentLiabilitiesandcommitments
Perticularr
Letters ofcredit/ LCAIncome TaxTotal
34.3 Related ParE Transactions :
The company has entered into transactions with other entities thatTotal transactions ofthe significant related party as of30 June, 201
Amount/BDT2011-12 ll 2010-11
43,143,3_4s
9,181,444
128.1 s
81 .80
4,908,078421,s49
68,025,63414,370,922
119.04
74.10
Amount/BDT Amount/BDT
- 9,818,250
9,818,250
fall within the definition ofrelated party as contained in BAS-24 *Related Party Disclosures"I are as follows:
Transaction with Key Management Personals
34.4 Quantitative details of opening stock, purchases/ production, consumption/sales and closing stock of raw materials and
Name of Company Relationship Nature ofTransaction
OpeningRrlan.A Addition Adjustment Closing
BalanceSolden Harvest Sea Food &Fish Processing Ltd.
Subsidiary
Company
Current Account with Sister
Concem57,274,580 57,274,580
ueveroper48,666,434 48,666,434Ltd Director --Do-
Golden Harvest IrgisticsLtd.
Common
Director -- Do --7,605,144 7,605,144
Total 113,546,158 I 13,546,158
No" Particulars 30-Jun-12 30-Jun-11
(a)
(b)
(c)
(d)
(e)
Managerial Remuneration paid or payable during the year to the directors, including managing directors
Any other perquisite or benefits in cash or in kind stating, approximate money value where applicable.
Other allowances and commission including guarantee commission
Pensions etc.
(i) Pensions
(ii) Gratuities
(iii)Payments from a provident funds, in excess olown subscription and interest thereonShare Based payments
4,187,9s0 3,221,s00
ItemOpening
stockPurchases/Prndncfinn
Consumption/Sales
ClosingSfnnlr
Unit Kg Ks Ke KgRaw Materials:For theyear 2011-2012For the year 2010-201 I
Finished Goods:
Vegetable & Snacks
For theyear 2011-2012For the year 2010-201 I
Kg
Kg
67 t,t3l218,341
118,127
7s,019
4,278,OO8
3,t92,543
2,306,6661.485.553
4,029,6892,739,7s3
2,23s,7901,442,445
919,449
671,131
I 89,003
118.127
Item Capacity in KGPer Year
Utilization in KGAverage Per vear
o
3.1.5 Capacitv Utilization
Snacks
Vegetable750,000
2,500,000384,375
1,479,75051.25%
59.19%
31.7
Capital Expenditure Commitmetrt
There was no capital expenditure contracted but not incurred or provided for at 30 June 2012.
Term Inan Commitment
At 30 June 2012 the company had annual commitrnent under Term Loan as set out below:
Term Loan principal due within I yearTerm Loan principal due within 2 to 5 yeanr
34.8 Finance Lease Commitment
At 30 June 2012 the company had annual commifnent under finance lease as set out below:
Lease expires within I year
l,ease expires within 2 to 5 years
34.9 Claim not Acknowledged as DebtThere was no claim against the company not acknowledged as debt as on 30 Jwrc2012.
1 1,86s,588
49,406,884
6,372,281
1t,704,869
34.10 Un-availed Credit Facilities
The Company has no credit facilities available to the company under any contract, other than trade credit available in the ordinary course of business as on 30June 2012.
34.11 Employee Details:
i) During the year, there were 223 employees employed for the lull year and 89 employees less than the full year at a remuneration ofBDT 3,000 per month andabove.
ii) At the end ofthe year, there were 280 employees in the Company.
34.12 Rounding off
Amounts appearing in these financial statements have been rounded offto the nearest BDT and, wherever considered necessary.
34.13 Rearrange oflast year figures
To facilitate comparison, certain relevant balances pertaining to the previous year have been rearranged or reclassified whenever considered necessary to confbrmto curTent year presentation
34.14 Events after the reporting period
The company obtained consent lrom Security and Exchange Commission (SEC) for raising capital through Initial public Offering (IpO) and issuance ofProspectus on 22 October 2012 vide letter number SECiCilpO- l4B/2011/1669
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