33rd annual report 2011-2012.pdf
TRANSCRIPT
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JUTE SPINNERS LIMITED
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1. 1
2. 2
3. 3-4
4. 5-6
5. 7
6. 8
7. 9
8. 10
9. 11
10. 1211. 13
12. 14
13. 15
14. 17-29
15. 31
JUTE SPINN ERS LIMITEDHead Office : House No. 67/A (New), Road No. 9A(New), Dhanmondi R/A, Dhaka-1209
Telephone : 880-02-8113202,8116337, Web : www.jsl.shamsbd.com
CONTENTS : PAGE NO.
Notice of 33rd Annual General Meeting
Corporate Information
Speech of the Chief Executive Officer
Director's Report
Five Years Statistics
Corporate Governance Compliance Status Report
Audit Committee Report
Value Added Statement
Auditor's Report
Statement of Financial Position as at 30th June,2012Statement of Comprehensive Income for the year ended 30th June,2012
Statement of Changes in Equity for the year ended 30th June,2012
Statement of Cash Flow for the year ended 30th June,2012
Notes to the Financial Statements
Form of Proxy
REPORT AND ACCOUNTS 2009-2010REPORT AND ACCOUNTS 2011-2012
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01. To confirm the proceedings of the Thirty second Annual General Meeting of the company held on 10th
December,2011.
02.
03.
04.
05.
06.
07.
01.
02.
JUTE SPINN ERS LIMITEDHead Office : House No. 67/A, Road No. 9A (New)
Dhanmondi R/A, Dhaka-1209
Notice is hereby given that the Thirty Third Annual General Meeting of the Shareholders ofJUTE SPINNERS LIMITED will be held
at CIRDAP AUDITORIUM, 17 Topkhana Road, Dhaka-1000 on Monday the 10th December, 2012 at 10-00 a.m. to transact the
following business :
AGENDA :
To receive, consider and adopt the Audited Financial Statement for the year ended June 30, 2012 together with the reports of
Auditors and Directors thereon.
To elect Directors.
To accord post facto approval of granting increased remuneration to Mr. Muhammad Shams-ul Kadir, Director retrospectively
w.e.f 1st
July2011 and all Directors w.e.f July, 2012.
To consider the declaration of Dividend @ Tk. 2.00 per share of Tk. 10/= each.
To appoint auditors for the year 2012-2013 and to fix their remuneration.
To transact any other business of the Company with the permission of the Chair.
By order of the Board
Dated : October 17, 2012 A.T.M. Mostafa
Company Secretary
NOTES :
The Registers of Members and the share Transfer book/CDBL transaction of the Company will remain closed on November 11,
2012 and no share transfer will be effected on the day.
A member entitled to attend and vote at the General Meeting may appoint a proxy to attend and vote on his/her behalf. The
proxy form duly stamped must be deposited at the registered Office of the Company not later than 48 hours before the time
fixed for the meeting.
THIRTIETH ANNUAL GENERAL MEETING
N O T I C E
THIRTY THIRD ANNUAL GENERAL MEETING
N O T I C E
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Mr. Muhammad Shams-Ul Huda - Chief Executive Officer
Mr. Muhammad Shams-Uz Zoha - Director
Mr. Muhammad Shams-Ul Kadir - Director
Mrs. Shahida Hossain - Director
Mr. A.K.M Shahjahan - Independent Director
JUTE SPINN ERS LIMITEDHead Office : House No. 67/A, Road No. 9A (New)
Dhanmondi R/A, Dhaka-1209
CORPORATE INFORMATION
Chief Financial Officer
Mr. Md. Tofazzal Hossain Bhuiyan
Company Secretary
Mr. A.T.M. Mostafa
Bankers
Janata Bank Ltd., Local Office
1, Dilkusha C/A, Dhaka-1000
Auditors
M.J. ABEDIN & CO
CHARTERED ACCOUNTANTS
National Plaza (3rd Floor)109, Bir Uttam C.R. Datta Road
Dhaka - 1205, Bangladesh
Head Office
House No. 67/A (New), Road No. 9A (New)
Dhanmondi R/A, Dhaka-1209
Factory
BSCIC Industrial Estate
Shiromoni, Khulna
BOARD OF DIRECTORS
OTHER INFORMATION
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DIRECTOR
(in million taka)
(a)
Deferred Tax (Income)/Expenses (b)
(d)
JUTE SPINN ERS LIMITEDHead Office : House No. 67/A (New), Road No. 9A (New)
Dhanmondi R/A, Dhaka-1209
REPORT OF TH E DIRECTORS
for the year ended 30th June 2012
Respected Shareholders,
The Directors have the pleasure in submitting their report
and the audited accounts of the Company for the year ended
30th June 2012 together with the Auditor's Report thereon.
Mr. Muhammad Shams-ul Huda, CEO & Mr. Muhammad
Shams-Ul Kadir, Director retires by rotation as per
Articles 126 and 127 of the Articles of Association of the
company and being el igible offer themselves for re-
election.
FINANCIAL RESULTS AND APPROPRIATION CORPORATE & FINANCIAL REPORTING
The Company has complied with all the requirements of
Corporate Governance as required by the Securities
and Exchange Commission. Accordingly the Directorsare pleased to confirm the followings :
2012 2011
Revenue 776.62 876.73
Less : Cost of Goods Sold 675.77 788.01
Gross Profit 100.85 88.72
Less: Expenses 93.86 78.88The financial statements together with the
notes thereon have been drawn up in
conformity with the Companies Act 1994 and
Securities and Exchange Rules 1987. These
statements present fairly the Company's state
of affairs, the result of its operations, cash flow
and changes in equity.
Profit from Operation 6.99 9.84
Other Income 0.36 0.39
7.35 10.23
Less: Contribution to Workers
Profit Participation/Welfare Funds 0.35 0.49
Net Profit before tax 7.00 9.74
Less: Income tax 4.35 1.61
(0.85) (0.15) Proper books of accounts of the Company have
been maintained.Net Profit after tax 3.50 8.28
The Directors recommended the
following appropriations: Approprite Accounting policies have been
consistently applied in preparation of the
financial statements and that the accounting
estimates are based on reasonable and
prudent judgment.
Proposed dividend
For 2012 20% (in 2011 : 20%) 3.40 3.40Retained earnings 0.10 4.88
The International Accounting Standards, as
applicable in Bangladesh, have been followed
in the preparation of the financial statements.
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(e) CORPORATE GOVERNANCE COMPLIANCE
(f)
(g)
(h)
(i)
On behalf of the Board,
(j)
Chief Executive Officer
21st October 2012
Mr. Muhammad Shams-ul Huda 8 Dhaka.
Mr. Muhammad Shams-uz Zoha 8
Mr. Muhammad Shams-ul Kadir 7
Mrs. Shahida Hossain 1
8
(k)
Share held
(i) Parent/Subsidiary/Associate companies and other related parties :
(ii)
Ex. Chairman
Director
Director
Director
Chief Financial officer, spouse and minor childrenCompany Secretary, spouse and minor children
(iii)
(iv)
Mrs. Hasina Begum
ICB Dhaka
The systems of internal control are sound and have
been effectively implemented and monitored.REPORT
In accordance with the requirement of the
Securities and Exchange Commission, "Corporate
Governance Status Compliance Report" is
annexed.
There are no significant doubts upon the Company's
ability to continue as a going concern.
AUDITORSThere are no significant deviation in operating result
of the Company compared to last year. M/S M.J. Abedin & Co., Chartered Accountants,
National Plaza (3rd floor), 109 Bir Uttam C.R.
Datta Road, Dhaka- 1205, will retire at this
Annual General Meeting, being eligible offer
themselves for re-appointment as Auditors of the
Comapny for the year 2012-2013.
The key operating and financial data for the last five
years is Annexed.
DIVIDEND
The Board of Directors is pleased to recommend
Final Dividend @ Tk. 2/= (two) only per share of Tk.
10/= each on paid-up capital.
BOARD MEETING AND ATTENDANCE
During the year, Eight Board Meetings were held. The
attendance record of the Directors is as follows :Muhammad Shams-ul Huda
Name of Directors Meeting attended
Mr. A.K.M. Shahjahan
The pattern of shareholding is as follows :
Namewise details
Nil
Directors, Chief Executive Officer, Company Secretary,
Chief Financial Officer, Head of Internal Audit and their
their spouses and minor children :
Late Mr. Muhammad Shams-ul Haque 424,150
Mr. Muhammad Shams-ul Huda Chief Executive Officer 80,300
Mr. Muhammad Shams-uz Zoha 104,800
Mr. Muhammad Shams-ul Kadir 34,000
Mrs. Shahida Hossain 34,000
NilNil
Executives Nil
Shareholders holding ten percent
(10%) or more voting in interest in the company
298,200
343,130
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2012 2010
Revenue 6,568.37
Gross Profit 757.56
Operating Profit 370.25
Net Profit After Tax 63.47
Basic Earning per Share (inTaka)2.06 3.73
Dividend Paid/Recommended 34.00 34.00
Income Tax Paid 47.01 28.57
Total Assets 3,283.10
Fixed Assets-Gross 1,812.56
Fixed Assets-Net 724.15
Financial Assets 420.69
Reserve & Surplus -30.22
Gross Working Capital 2,558.95
Net Working Capital 197.21
Authorized Capital 350.00
Share Holders' Equity 139.78Paid up Capital 170.00
Total Long Term Debt 793.46
Deferred Tax Assets/(Liability) 11.88
Key Financial Ratio, Figures and Market Data :
Current Ratio 1.10 1.08
Debt Equity Ratio 25.10 22.57
Return on Investment 3.47% 6.80%
Shareholders Equity per Share (in Tk.) 10.25 8.22
Market Value per Share (in Tk.) 80.10 121.80
Price Earning Ratio
38.88 32.63
1,700,000
799 357
10,256 9,784
9,917 8,959
70 52 55 59
112 128 112 112
1,284 1,275 1301
Five Years Statist icsFigures in Lac Taka
Revenue Particulars 2011 2009 2008
Result of Operations :
7,766.24 8,767.26 5,308.39 4,817.05
1,008.48 887.17 612.84 754.27
69.87 408.14 330.55 276.75
35.00 82.83 37.20 55.73
4.87 2.19 3.28
34.00 34.00 34.00
40.77 48.43 28.25
Financial Position :
4,523.11 4,181.72 3,300.42 2,270.43
1,636.48
Gross profit 631.31 697.58 680.21 698.20
1,892.03 1,870.17 1,688.87
346.26
4.17 3.17 -54.01 -63.65
590.33 405.15 439.09
3,891.81 3,484.14 2,620.21 1,572.24
356.15 251.07 234.03 307.54
350.00 350.00 350.00 350.00
174.17 173.17 115.99 106.35170.00 170.00 170.00 170.00
835.13 788.85 810.41 914.14
21.85 13.37 12.17 14.76
1.08 1.10 1.17
23.23 27.55 20.49
8.61% 4.02% 5.93%
Profit After Tax 10.19 6.83 6.26
149.30 73.30 86.00
(Based on DSE Price) (Time) 30.65 33.50 24.04
Other :
Number of shares 1,700,000 1,700,000 1,700,000 1,700,000
Number of shareholders 357 304 294
Production (Qnty in MT) 9,929 9,190 9,582
Export (Qnty in MT) 9,753 9,452 10,211
Total Employees :
Officers 64
Staff 119
Workers 1,293 1,295
Shareholders' Equity Earnings Per Share
07
0
100
20 0
30 0
40 0
50 0
60 0
70 0
80 0
90 0
100 0
110 0
2008
2009
2010
2011
2012
0
100 0
2 0 0 0
3 0 0 0
4 0 0 0
5000
6 0 0 0
7000
8 0 0 0
9 0 0 0
2008
2009
2010
2011
2012
106.3
5
115.9
9139.7
81
73.17
174.1
7
20
2008
2009
2010
2011
2012
3.2
8
2.1
9
3.7
3
4.
87
2.0
6
0
1
2
3
4
5
2008
2009
2010
2011
2012
0
10
2 0
3 0
4 0
50
6 0
70
8 0
9 0
100
2008
2009
2010
2011
2012
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for non-compliance
Corporate Governance Compliance Status Report
Status of compliance with the conditions imposed by theCommission's Notification No. SEC/CMRRCD/2006/158/Admin/02-08 dated 20th February 2007 issued
under section 2CC of the Securities and Exchange Ordinance, 1969. (Report under Condition No. 5.00)
Condition
Title
Compliance status Explanation
No. complied Not complied
1.2(I) Independent Directors
1.1 Board's Size
1.3 Chairman & Chief Executive officer
1.4(a) Directors Report on financial Statements
1.4(b) Books of Accounts
1.4 Accounting Policies
1.4(d) IAS Applicable in Bangladesh
1.4(e) System of Internal Control
1.4(f) Going Concern
1.4(g) Deviation in Operating Results
1.4(h) Key Operating and Financial Data
1.4(i) Declaration of Dividend
1.4(j) Number of Board Meetings
1.4(k) Pattern of Shareholdings
2.1 CFO & CS Appointment
2.2 Board Meeting Attendance
3.00 Audit Committee
4.00 External / Statutory Auditors
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01. Mr. Muhammad Shams-Uz Zoha -
02. Mr. Muhammad Shams-Ul Kadir -
03. Mr. A.K.M Shahjahan -
01. Review of the annu al financial statement of 2011-2012.
02. Review of the half-yearly report of half year ended on 31st December 2011.
03 .
04. Review of internal audit reports.
AUDIT COMMITTEE REPORT
Constituted as under :
Chairman
Member
Member
Altogether 4 meetin gs of the Audit Committ ee were held in 2011-2012.
The fol lowing matters were discussed in the meet ings and decisions taken were communicated to
th e Board of Dir ectors.
Review of the 1st & 3rd Quar ter repor t for the per iod ended 30th September , 2011 and
31st M arch,2012 respectively.
Dated, Dhaka Chairman
21st October,2012. Audit Commit tee
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Value Added StatementFor the year ended 30th June 2012
PARTICULARS2011-2012 2010-2011
Taka % Taka %
VALUE ADDED
Turnover 827,868,674 929,880,015
Bought-in materials and services (667,184,055) (794,296,947)
Other Income 366,351 391,716
161,050,970 100.00% 135,974,784 100.00%
APPLICATIONS
1.57%
To Employees-as Salaries,Wages & Benefit 103,579,257 64.32% 85,629,179 62.97%
To Directors as Remunaration 2,100,000 1.30% 2,130,968
22.78%
To Govt. Fund as Income Tax 4,350,952 2.70% 1,610,381 1.18%
To Providers of Loan-as interest & Charges 39,554,959 24.56% 30,973,994
2.50%
152,985,168 94.99% 123,744,522 91.00%
To Providers of Capital as Dividend 3,400,000 2.11% 3,400,000
9.00%161,050,970 100.00% 135,974,784 100.00%
Retained for Business & Depreciation 8,065,802 5.01% 12,230,262
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: National Plaza (3rd Floor)
Fax : 109, Bir Uttam C.R. Datta Road,
E-mail : Dhaka - 1205, Bangladesh
Web Site :
a)
b)
c)
d)
21 October 2012
Telephone Off +880-2-8629771, 9666508
+880-2-9675340
www.mjabedin.com
Introduction
Management's responsibility for the financial statement
M . J. ABEDIN & CO
the statement of financial position (balance sheet) and statement of comprehensive income (profit and loss account) dealt with by
the report are in agreement with the books of account; and
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;
Management is responsible for the preparation and fair presentation of these financial statements in accordance with International
Financial Reporting Standards (IFRSs), Bangladesh Financial Reporting Standards (BFRSs), the Companies Act 1994, the Securities andExchange Rules 1987 and other applicable laws and regulations. This responsibility includes designing, implementing and maintaining
internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatements,
whether due to fraud or error; selecting and applying appropriate accounting policies and making accounting estimates that are
reasonable in the circumstances.
Auditors' responsibility
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessment, we consider internal control relevant to the entityspreparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control. An audit also indicates evaluating
the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for thepurpose of our audit and made due verification thereof;
AUDITORS' REPORT
TO THE SHAREHOLDERS
OF
We have audited the accompanying financial statements ofJute Spinners Limited which comprise the statement of financial position as
at 30 June, 2012, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year
then ended and a summary of significant accounting policies and other explanatory notes.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with
International Standards on Auditing (ISA) and Bangladesh Standards on Auditing (BSA). Those standards require that we comply with
relevant ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free
from material misstatement.
We also report that:
the expenditure incurred was for the purposes of the companys business.
Dated, Dhaka
Chartered Accountants
In our opinion, the financial statements prepared in accordance with International Financial Reporting Standards (IFRSs) and Bangladesh
Financial Reporting Standards (BFRSs), give a true and fair view of the state of the companys affairs as at 30th June,2012, and of the
results of its operations and cash flows for the year then ended and comply with the Companies Act 1994, the Securities and Exchange
Rules 1987 and other applicable laws and regulations.
JUTE SPINNERS LIMITED
PvUvWGKvDUUm&M.J. ABEDI N & CO
CHARTERED ACCOUNTANTS
Gg, R, Ave` xb G Kvs
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30-Jun-12
63,130,643
2,185,117
389,180,715
301,124,682
29,023,113
54,662,697
4,370,223
454,496,475
EQUITY AN D LIABILITI ES
17,416,980
17,000,000
416,980
Non-Current Liabilities 83,513,254-
83,513,254
Current Liabilities 353,566,241
Short term loans (Secured) 207,554,850
Liabilities for other finance 2,385,429
Liabilities for expenses 17,590,083
Liabilities for goods 115,902,086
Unclaimed Dividend 1,172,460
Provision for taxation 8,961,333
Total shareholders' Equity and Liabilities 454,496,475
21 October 2012
7.00
8.00
Long Term Loan
ASSETS:
Deferred liabilities
11.00
12.00
14,037,447
2,382,301
The annexed accounti ng pol icies and other notes form an integral part of the financial statements.
253,329
Amount in Taka
65,315,760Non Current Assets: 71,094,872
Deferred Tax Assets
9.00
10.00
Shareholders' Equity
Cash in hand and at bank
Advances, Deposits and Pre-payments
Total Assets
Share Capital
6.00
Property, plant and equipment at cost less depreciation
M . J. ABEDIN & CO
Inventories
Current Assets
5.00
Chief Executive Officer
Notes30-Jun-11
JUTE SPINNERS LIM ITED
as at 30 June 2012
Statement of Financial Position
4.00
Sundry Debtors
Dated, Dhaka
Director
Approved and authorised for issue by theboard of directors on 21 October 2012 and signed for and on behalf
of the Board :
As per ou r separate repor t of even
date annexed.
13.00 205,557,019
323,307,448
Retained Earnings
Chief Financial Officer
20,920,466
316,929
1,336,848
280,656,746
27,242,164
69,758,024
348,414,332
17,316,929
17,000,000
19,594,956
78,884,827
419,509,204
8,204,163
70,680,664
96,466,971
419,509,204
Chartered Accountants
4,610,381
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Operating Expense
Net profit before tax
Provision for income tax
Deferred t ax incomeProfit after tax for the year
Other Comprehensive Income -
Total Comprehensive I ncome for the year
Earning per share ( par value Tk 10/- ) 19.00
21 October 2012
Dated, Dhaka
15.00100,847,808
3,500,051
Approved and authorised for issue by the board of directors on 21 October 2012 and signed for and on behalf of the
Board :
Director
Chartered Accountants
7,002,734
8,282,938
Revenue
Cost of Goods Sold
Notes
876,725,792776,623,91314.00
93,861,289
Adminstrative Expenses
78,876,625
Gross Profit
(4,350,952)
848,269
2.06
As per ou r separate repor t of even
date annexed.
The annexed accounti ng pol icies and other notes form an integral part of the financial statements.
18.00
M . J. ABEDIN & CO
Profit before Contribution to WPPF
Chief Executive Officer
Contribut ion to work ers Profi t Parti cipation & Welfare fund (487,232)(350,137)
6,986,519
-
3,500,051
366,351
7,352,871
FOR THE YEAR ENDED 30 JUNE, 2012
2011
STATEMENT OF COMPREHENSIVE INCOME
(675,776,105)
2012
JUTE SPINN ERS LIM ITED
Amount in Taka
30,973,994
4.87
19,040,637
(1,610,381)
9,840,148
391,716
9,744,632
10,231,864
148,687
34,588,053
(788,009,019)
28,861,994
Financial Expenses
17.00
Other Income
Operating Profit
16.00
88,716,773
19,718,277Selling Expenses
39,554,959
Chief Financial Officer
8,282,938
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Retained
Earning
21 October 2012
M . J. ABEDIN & CO
Chartered Accountants
JUTE SPINN ERS LIM ITED
Dividend for 2009- 2010
Weighted Average number of share
Short provisoin of income tax 30 June 2009
Profit for the year 2010-2011
Dividend for 2010- 2011
Restated Balance as on 30 June 2011
Total Balance as on 30 June 2012
The annexed accounti ng pol icies and other notes form an integral part of the financial statements.
3,500,051
Dated, Dhaka
Chief Executive Officer
13,916,929
(3,400,000)
(1,543,540)
Total
(1,543,540)
As per ou r separate repor t of even
date annexed.
Director Chief Financial Officer
17,000,000 416,980 17,416,980
8,282,938
Amount in Taka
Share Capital
Net Asset Value ( NRV ) per share
Total comprehensive income for t he year 2011- 2012
17,000,000 (3,022,469) 13,977,531
for the year ended 30 June 2012
Particulars
As on 30 June 2010
8,282,938
(3,400,000)
10.25
(3,400,000) (3,400,000)
3,500,051
1,700,000
17,000,000
Approved and authorised for issue by the board of directors on 21 October 2012 and signed for and on behalf of the
Board :
Statement of Changes in Equity
(3,083,071)
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Cash Flow from Operating Activities
Cash received f rom customer and others
Cash paid to supp li ers and empl oyees
Cash Generated from operation
Interest and Bank charge paid
Income tax paid and deducted at source
Net Cash ( used in ) / Generated from operating activities
Cash Flow from Investing Activities
Acquisiti on of property , plant and equipment
Disposal of assets
Net Cash used in investing activities
Cash Flow from financing Activities
Decrease in Bank loan
Dividend Paid
Liabil it ies for other fi nance
Net Cash used in Financing activities
Decrease in cash and cash Equivalents
Cash and Cash Equivalents at Beginning of year
Cash and Cash Equivalents at End of year
21 October 2012
Net operation cash f low per share
The annexed accounti ng pol icies and other notes form an integral part of the financial statements.
Approved and authorised for issueby theboard of directors on 21 October 2012 and signed for and on behalf of the
Board :
JUTE SPINNERS LIM ITED
Statement of Cash Flow
For the year ended 30 June 2012
4,370,223 20,920,466
(3.34) 9.32
(8,684,073) (11,075,965)
(16,550,243)
20,920,466
(1,562,927)
22,483,393
(2,480,869) (3,444,920)
3,128 527,459
44,010,082
(24,097,456)
(4,076,718)
(6,206,332) (8,158,504)
(6,382,870)
15,835,908(5,680,531)
(2,185,639)
-
792,800,933 930,202,357
2012
(886,192,275)
2011
Amount in Taka
Chief Financial OfficerDirector
As per ou r separate repor t of even
date annexed.
M . J. ABEDIN & CODated, Dhaka
Chief Executive Officer
Chartered Accountants
(761,702,042)
31,098,891
32,078,470
(4,700,952)
(2,185,639)
(6,382,870)
-
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5.00 DEFERRED TAX ASSET
(a) Deferred tax assets are arrived at as follows :
Taxable Temporary Difference
Book Value of Depreciable Fixed Assets Less Land
Less : Tax Base
Net Taxable Temporary Difference
(b) Deferred Tax Income / (Expenses) is arrived at as follows :
Tk.
(c) Deferred Tax Income of 2011 Tk. 148,687
This represents decrease in deferred tax asset in 2011 in comparison to 2010.
(d)
6.00
Finished Goods
Work-in Process
Stores and Spares (6.01)
Basis of valuation i s stated in N ote - 3.04.
STORES & SPARES
This is made up as fol low s :
Amount in Taka
Ball Bearing & Bearing Block
301,124,682
Electric Equipment
78,973
774,350
Mechanical Spare Parts
Construction Materials
404,700
5,659,795
1,570,741
6.01
This represents increase in deferred tax asset in 2012 in comparison to 2011.
2011 - 2012
280,656,746
14,567,445
Book Value of Gratuity payable
Deferred Tax Asset
-
33,131,397
2011 - 2011
28,099,913
Less : Tax Base
Opening Deferred Tax Asset
Effective Tax Rate
848,269
Closing Deferred Tax Asset
15%
Deferred Tax Income / (Expenses)
13,834,880
15%
19,187,596
279,827
87,757
Work-shop materials
748,281
23,157Miscellaneous & General Stores
1,221,400
1,750,358
231,353
Packing Materials
1,188,161
Deferred Tax Income of 2012 Tk. 848,269
(28,941)
147,720,203
1,188,161
24,818,847
Fuel, Lubricants & Chemical
Tk.
11,037,784
1,336,848
1,336,848
28,099,913
2,185,117
8,912,317
1,336,848
-
INVENTORIES
1,188,1612,185,1171,217,102
148,687
Amount in Taka
-
(45,973,774)
15%
18,458,972
26,380,145
26,380,145
7,921,073
4,692,564
2010 - 2011
269,062
11,037,784
95,625,375
5,984,573
149,174,740
362,994
21,151,217
371,241
This is made up as follows :
Raw Jute
118,418,382
Printing & Stationery 361,539
Tk. 13,834,880
Deductible Temporary Difference
61,776,164
(36,584,831)
55,148,783
(42,588,568)
64,432,746
2009 - 20102010 - 2011
33,131,397
18,563,952
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7.00 ADVANCES, DEPOSITS & PREPAYMENTS :
This is considered good and consists of as follows:
Advances
Deposits
Prepayments
(a) There are no coll ateral securi ti es against advances.
(b)
(c)
(d)
(e)
8.00
This is made up as follows :
Trade Debtors (8.01)
Insurance claim receivable (Note - 8.02)
This is unsecured and considered good
9.00
This is made up as follows :
1,176,045
3,194,178
Local office , CD A/ C No 8909 33,545
khul na Corporate Branch , CD A/ C No 0732 2,689,799
E. R. Q . A/ C No 22 112,594
Moti jheel Branch , Dhaka , CD A/ C No 0506 18,577Moti jheel Branch , Dhaka , CD A/ C No 0530 289,949
Dhanmondi Branch,Dhaka , CD A/ C No 33016735 49,714
#
Amount in Taka
Amount in Taka
This represents insurance claim receivable from United Insurance Co. Ltd in respect of loss of raw jute , Finished
Goods and Godown burnt by fire during theyear 1989 -90 . The Company filed a money suit against theinsurance
company for non payment of claim and thecase is finalized by thelearned 3rd sub jude court , Dhaka ( Case No .
63/ 91 ) favouring the company but the insurance company fi led an appeal w ith Hi gh court against the verdict .
4,370,223
Amount in Taka
-
2,662,744
17,385,252
20,078
8.01
8.02
With Bank in:
CASH IN HAND AND AT BANK
Cash In hand
Tk.
322,203
655,513
Prime Bank Ltd.
20,920,466
20,264,953
112,594
Janata Bank Ltd.
84,285
National Bank Ltd.
Tk. 19,594,956
3,243,167
1,154,068
359,678
Advances includes an agregate sum of Tk. 12,981,627 being payment of income tax against the assessment year
2006-2007 to 2012-2013.
2011 - 2012
54,662,697
38,310,908
16,351,789
2010 - 2011
16,351,789
444,262
Tk. 29,023,113
SUNDRY DEBTORS
Advances includes an aggregate sum of Tk. 3,937,774 (2011 - Tk. 3,933,875) lent out to the employees of the
company of which Tk. 2,417,700 (2011 - Tk. 2,133,200) was due from officers. Maximum amount due from officers
duri ng the year under aud it was Tk. 2,611,200 on 31-07-2011 (2011 - Tk . 2,133,200 on 30.06.2011).
No amount was due by the directors (including Chief Executive Officer) of the company severally or jointly with
any other person.
No amount was due by the associated undertaking.
27,242,164
25,728,41828,256,648
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10.00
Authorized:
35,00,000 ordinary shares of Tk.10/- each
Issued, Subscribed and Paid-up:
17,00,000 ordinary shares of Tk.10/- each fully Paid-up in cash
10.01 The break-up of share holding is as follows:
Shares
615,550
245,490
402,650
436,310
1,700,000
10.02 The distribution showing the numbers of shareholders and their share holdings in percentage on 30 June 2012 is as follows:
Range of Holdings
25.26%
- 19.21%- 13.04%
- 17.54%
- -
- -
- 24.95%
100.00%
10.03
10.04 Option on un-issued shares:
11.00
12.00
This is made-up as follows : 2011 - 2012
WPP and WF
Gratuity Payable
Provident Fund
NumberPersons
SHARE CAPITAL
17,000,000
35,000,000
17,000,000
30.53%519,010
21.13%
1
-
500000
359,290
1
Financial Institutions
326,540221,700
5000
39.82%
Shareholdings
35,000,000
Directors 676,950
779
3,776
Tk.
1,700,000
3,776
28,099,914
There is no option regarding authorized capital not yet issued but can be issued to increase the issued, subscribed and paid-
up capital through the issuance of new shares against cash contribution and bonus.
DEFERRED LIABILITIES
50,378,081
33,131,397
Amount in Taka
298,200
100.00%
300001
200001
ICB
200000
210000016
400000
General Public & Others
-300000
2011 - 2012 2010 - 2011
Shares
36.21%
Percentage Percentage
25.67%
8.51%
2010 - 2011
LONG TERM LOAN
42,576,974
100.00%
-
100001
799
The shares are listed with Dhaka Stock Exchange Ltd. and quoted at Tk. 80.10 on 30 June 2012 (Face value Tk. 10.00)
(2011 - Tk.1,493.00 Face value Tk.100.00).
400001
-
23.69%
5000150000
144,750
1,700,000
Less than
5001
429,410
Percentage
14.44%
70,680,66483,513,254
424,150
The loan balance under this head is currently payableand accordingly has been transferred to current liabiliti es (
Note - 13.00)
Total :
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13.00 SHORT TERM LOAN
This represents
Securied loan from janatha Bank Ltd in : 2011 - 2012
(a) Hypothecation Account No. 37001967
(b) Current Portion of Long Term Loans A/C. No. 37003815
207,554,850
(a)
14.00 REVENUE
This consists of as follows :
Foreign Sales
Less: Ocean Freight
Less : Sales Commission
Add: Subsidy Earned
15.00 COST OF GOODS SOLD
This is made up as follows :
Particulars
Opening Work-in Process
Raw Jute Consumed (Note - 15.01)
Cost of Material
Less: Closing Work-in Process
Cost of Production
Add: Opening Finished Goods
Less: Closing Finished Goods
Tk.
RAW JUTE CONSUMED
Qnty/MT
Amount in Taka
(51,611,091)(48,095,060)
121,688,970
788,009,019
(1,613.920) (118,418,382)
67,163,575
816,470,81910,746.220 698,569,112
Other Direct Material Consumed (Note - 15.02)
Manufacturing expenses (Note - 15.03)
Cost of Goods Sold
719,720,329
1,273.780 95,625,375
12,020.000
672,037,733
29,993,898
719,600,69611,107.220
515,908,722
30,846,159-
2,983.490
(147,720,203)
148,146,601841,289,666
(361.000) (24,818,847)(21,151,217)
(149,174,740)
675,776,105
794,194,487
571,573,728
15.01
Consumption
Opening Balance
10,666.420
883,634,394
(1,543,132)
876,725,792
38,940,799 68,954,681
10,666.420
10,213.350
13,196.840
Closing Stock (2,530.42)
Purchase
2010 - 20112011 - 2012
24,818,847440.800
205,557,019
17,569,065
Qnty/MT
788,927,875
2011 - 20122011-2012
9,917.180
9,917.180Total :
860,925,334
199,390,069
8,128,0008,164,781
Qnty / MT
(3,149,701)
776,623,913
197,429,019
(95,625,375)
2010 - 2011
This loan is secured against hypothecation of Stock of raw jute , working in process, Finished Goods , Stores andspairs.
2010 - 2011
515,908,722
149,174,740
821,212,473663,628,925
514,454,185 718,444,412
672,037,733
102,768,061
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OTHER DIRECT MATERIALS
MANUFACTURING OVERHEAD
This is made - up as follows :
Salary, wages and allowances includes the following :
Bonus
Gratuity
Category-wise information in respect of salary/wages of employees/workers:
Tk. 3,000 and above
15.03
15.04
15.05
Insurance
Power and fuel
Telephone, fax, postage & e-mail
Travelling and conveyanceWelfare expenses 344,409
15.02
Consumption
Handling and carrying
Depreciation
Salary, wages, allowances etc.
Spare's Consumed & repairs
Rent, rates and taxes
3,351,281
1,225 Nos
148,146,601
662,329
209 Nos1,418 Nos
Purchase
(1,141,661)
Opening Stock
(3,456,879)Closing Stock
34,303,038
1,141,661
Amount in Taka
33,161,377
Tk. 30,846,159
31,135,559
341,335
90,074
8,398,266
2,006,879
864,956
30,270,603
29,993,898
2010 - 2011
282,754
279,372
86,430
4,831,920
436,743
121,688,970
74,646,895
595,861
17,915,212
2,466,401
205,975
8,231,017
304,131234,981
688,247
615,373
15,607,224
434,269
Printing and stationery
Tk.
Stores carrying
Below Tk. 3,000 NIL Nos
5,235,253
279,522
4,623,211
Utilities
89,752,032
24,352,175
895,353
2011 - 2012
19,461,769
220,544
Entertainment
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16.00
This is made - up as follows :
Directors' remuneration
Salary and allowances
Printing and stationery
Depreciation
Travelling and conveyance
Telephone, fax, postage & e-mailEntertainment
Car maintenance
Licence renewal fees etc.
Audit fees (Statutory) including VAT
Cost Audit Fees
Advertisement
AGM Expenses
Rent, rates and taxes
Group Insurance Premium
Computer expenses
Repairs and maintenance
Utilities
News Paper & Periodicals
Training ExpensesWelfare expenses
Salary and allowances include the following :
Bonus
Gratuity
Category-wise information in respect of Salary of employees:
NIL Nos.
48 Nos.
17.00
This is made - up as follows :
16.01
16.02
905,040
21,780
462,682
19,040,637
8,079,585
820,081
Amount in Taka
274,620
246,745
2,502,510
42 Nos
162,340
10,078
6,980
565,464
8,789
912,596
901,786
244,768
11,865
1,637,006
ADMINISTRATIVE EXPENSES
340,536
83,600
694,473
582,003
1,265,375
2,100,000
643,390
305,165
104,500
361,240
305,710
13,477,088
7,476,212
50,000
2,130,968
652,879
10,982,284
1,027,061
376,147
55,000
18,444
4,250,733
Tk.
530,838
208,696
313,860
8,785,153
Govt. Revenue on export
Tk.
SELLING & DISTRIBUTION EXPENSES
Marine Insurance
723,431
9,578,907
Inland freight
Truck hire on export of finished goods
C&F expenses
Below Tk. 3,000
Tk. 3,000 and above
Overdue interest
Custom & Excise 46,470
19,718,277
3,319,932
34,588,053
1,349,298
1,166,537
939,980
2011 - 2012
784,860
28,861,994
1,140,614
2,393,260
2,032,359 2,110,718
FCC and collection expenses
NIL Nos
2010 - 2011
786,407
466,226
641,285
217,725
812,618
2,598,682
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18.00
This is made - up as follows :
19.00 EARNINGS PER SHARE (EPS)
EPS and it's components have been defined in note 3.10
The computation of EPS is given below:
a) Earning attributable to the ordinary shares
b) Weighted average number of ordinary shares
outstanding during the year
c) EPS (a / b)
20.00 PAYMENT/PERQUISITES TO DIRECTORS & OFFICERS
a)
Basic
Bonus
House Rent allowance
Conveyance allowanceMedical allowance
Allowance
b)
21.00 PRODUCTION CAPACITY & ACTUAL PRODUCTION
Reason of short fall i) Power failure.
ii) Light Count production
-
613,395
23,479,966
67,508
4,095
1,319,064
5,489,966
487,000
30,973,994
Interest on Cash Credit (Hypo) A/C.
-
Interest on LTR A/C.
ParticularsOfficers'
Int.on Profit Part icipation Fund
-708,000
FINANCIAL EXPENSES
540,000
--
622,742
425,24760,000
-
2,480,100
180,000
The rate of Board meeting attendance fees is Tk.100/- per Director per meeting but no such amount was drawn by any
director of the company during the year under review.
207,581
300,525
-15,000
510,099
1,799,833
321,742
Actual Production 9,928.99 MT
Particulars
2011 - 2012
Production Capacity 11,209.84 MT 10,946.20 MT
2010 - 2011
MTMT
10,257.32 MT
8,282,938
1,700,000
Tk.
1,700,000
4.872.06
3,500,051
Bank & other charges
39,554,959
7,450,970
Tk.
Tk.
25,519VAT on P.O. commission
1,320,000 5,500,198 3,773,6671,300,645
The aggregate amount paid/provided during the year in respect of Directors and Officers are disclosed below:
Officers'Directors'Directors'
2011 - 2012 2010 - 2011
1,473,204
30,224,696
Interest on Cash Credit (Blocked) A/C. 380,570
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22.00 CAPITAL EXPENDITURE COMMITMENT
a) There is no capital expenditure contracted but not incurred or provided for at 30th June, 2012.
b)
23.00 There was no sum for which the company is contingently liable as on 30th June, 2012.
24.00
25.00
26.00 There were no non-resident shareholders.
27.00 FOREIGN EXCHANGE EARNING
The company earned Tk. 788,927,875 in foreign currency through export.
28.00 PROPOSED DIVIDEND
29.00
Opening working process
Closing working Process
Raw Jute Purchases
Opening Raw jute
Closing Raw Jute
Raw jute Consumed
Opening finished goods
Closing finished goods
Sales
There was no material capital expenditure authorized by the Board but not contracted for at 30th June, 2012.
No payments have been made in foreign currency for royalty, technical experts and professional advisory fee, interest etc.
There were no credit facilities available to the company under any contract, other than trade credit available in the ordinary
course of business and not availed of as on 30 June 2012.
This represents dividend of Tk. 2 (two) per share of Tk. 10 each recommended by the Board of Directors subject to the
approval of the Shareholders in the annual general meeting.
514,454,185
2,983.49
ADDITIONAL DISCLOSURE :
30 June 2012
Qty / M. Ton
1,273.78
149,174,740
2,530.42
Chief Financial Officer
Amount in Taka
440.80 24,818,847
10,213.35
147,720,203
788,927,875
10,666.42 515,908,722
1,613.92 118,418,382
9,917.18
361.00 21,151,217
95,625,375
21 October, 2012
Dated, Dhaka
Chief Executive Officer Director