api licensee iso 9001: 2008 - ntl.gov.bdntl.gov.bd/file/anualreport.12.13.pdf · api licensee and...

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ISO 9001: 2008Certified Company

AmericanPetroleumInstitute

NATIONAL TUBES LIMITEDTONGI, GAZIPUR

ANNUAL REPORT 2012-2013

Present Board of Directors.................................................................03

Important Information..........................................................................04

Process Flow Diagram and Products.................................................10

Company profile..................................................................................11

Notice of the Annual General Meeting................................................12

Report of Board of Directors...............................................................14

Actual Production, Sales, Profit & Loss A/C, of last 5 years...............20

Contribution on National Exchequer of last 5 years............................21

Value Addition and its Application for 2012-2013................................22

Auditor's Report to the Shareholders..................................................23

Statement of Financial Position..........................................................24

Statement of Comprehensive Income.................................................26

Cash-Flow Statement.........................................................................27

Statement of Changes in Equity.........................................................28

Notes to the Accounts........................................................................29

Ratio Analysis.....................................................................................55

Five years at a Glance.......................................................................56

C o n t e n t s

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Md. Rezaul Karim

BOARD OF DIRECTORS

COMPANY SECRETARY

Md. Khalilur Rahman Siddiqui Md. Imam Hossain Khizir Hayat Dr. Md. Amirul Momin

Md. Mazibur Rahman Khan Md. Saiful Islam Pirjada Torab Hossain Umma Kulsum

Md. Ataur Rahman, ndcChairman

NATIONAL TUBES LIMITED131-142, Tongi Industrial Area

Tongi, Gazipur.

Managing Director : Dr. Md. Amirul Momin Company Secretary : Md. Rezaul Karim Chief Financial Officer : Sanjay Kumar Datta Registered Office : “BSEC Bhaban” 102, Kazi Nazrul Islam Avenue Dhaka-1215. Auditor : M/s. Khan Wahab Shafiq Rahman & Co. Chartered Accountants Rupali Bima Bhaban

7, Rajuk Avenue(5th floor) Motijheel, Dhaka-1000. Tel. 9565136, 9551663 Fax. 880-2-9551821 Bankers : - BASIC Bank Limited Mirpur Branch, Pallabi Dhaka-1221.

- Dutch Bangla Bank Ltd. Uttara Model Town Branch.

- Agrani Bank, Uttara Branch, Dhaka.- Agrani Bank, Tongi Branch, Gazipur. - National Bank Ltd.

Dilkusha Commercial Area Dhaka-1000.

Share Office : National Tubes Ltd. 131-142, Tongi Industrial Area Tongi, Gazipur-1710.

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Our Prstigious Achievement

API Spec Q1Registered

AMERICAN PETROLEUM INSTITUT E

The American Petroleum Institute certifies that the quality management system of

has been assessed by the American Petroleum Institute and found to be in conformance

The scope of the registration and the approved quality management systems applies to the:

Manager of Operations, APIQR

with the following:

energy


Tongi, GazipurBangladesh

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Our Prstigious Achievement

NATIONAL TUBES LIMITED32nd ANNUAL GENERAL MEETING

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Members of the Board of Directors at the 32nd Annual General Meeting held on December 22, 2012

Members of the Board of Directors and Shareholders at the 32nd Annual General Meeting held on December 22, 2012

Members of the Board of Directors and Officers

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NATIONAL TUBES LIMITED32nd ANNUAL GENERAL MEETING

A partial View of the Shareholders Present at the 32nd Annual General Meeting held on December 22, 2012

A partial View of National Tubes Limited

Shareholders registration Booth

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Sl.No. Description Size Wall Thickness (mm)

Sl.No. Description Size Wall Thickness (mm)

A) G.I. Pipe M.S. Pipe 1. 1/2" 2.00 7. 2-1/2" 3.25 2. 3/4" 2.35 8. 3" 3.25 3. 1" 2.65 9. 4" 3.65 4. 1-1/4" 2.65 10. 6" 4.85 5. 1-1/2" 2.90 6. 2" 2.90 C) A.P.I. Pipe 7. 2-1/2" 3.25 1. 3/4" 2.90 8. 3" 3.25 3/4" 3.90 9. 4" 3.65 2. 1" 3.40

10. 6" 4.85 1" 4.50 11. 8" 4.78 3. 2-3/8" 3.90 12. 8" 6.35 4. 3-1/2" 4.00

3-1/2" 5.50 B) M.S. Pipe 5. 4-1/2" 4.80

1. 1/2" 2.00 4-1/2" 6.00 2. 3/4" 2.35 6. 6-5/8" 5.60 3. 1" 2.65 6-5/8" 7.10 4. 1-1/4" 2.65 7. 8-5/8" 6.40 5. 1-1/2" 2.90 8-5/8" 7.00 6. 2" 2.90

PRODUCTS

PROCESS FLOW DIAGRAM

NATIONAL TUBES LIMITED

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National Tubes Limited was established in the private sector in 1964. It was nationalised and placed under BSEC in 1972. The enterprise was transformed into a public limited company in 1989 by off-loading 49 percent shares to the general public. The company is now managed by a Board of Directors.

LOCATION:

COMPANY STRUCTURE:

The factory is situated on the Dhaka-Mymenshing highway on 14.31 acre land at 131-142 Tongi Industrial Area-20 km north of the capital city. The total manpower is 309. THE PLANT:

Consists of 3 units. The first unit with 6000 metric tons per year welding capacity was established in 1964 and abandoned in 1993 due to exhaustion of its useful life. The second unit with product range-1/2 inch. to 4 inch. dia was established in 1980 has welding capacity of 9000 metric tons. The third unit with product range-4 inch. to 8 inch. dia was established in 1982. The welding capacity of this unit is 30000 metric tons per year and the total WELDING capacity of both the operative units is 39000 metric tons per year. PRODUCTS :

National Tubes produces two types of steel pipes:

1. GENERAL PURPOSE MS AND GI PIPES (1/2 inch. to 8 inch. dia) are produced according to the British Standard BS-1387 and Bangladesh Standard BDS-1031:2006. Galvanizing is done according to the British Standard BS-729 which is equivalent to DIN-2444 and IS-4736. THE GI PIPES ARE USED FOR WATER SUPPLY AND IRRIGATION.

2. THE API PIPES (3/4 API to 8-5/8 API) are produced under the license from American

Petroleum Institute (API). These pipes are produced strictly according to the requirements of API Spec. Q1 & 5L which correspond to the Grade A-53B of the ASTM (American Society for Testing and Materials) specification. The Major Buyer of the Entire Quantity of API Pipes are Gas Transmission & Distribution Companies of Petrobangla- i.e. Titas Gas, Bakhrabad Gas, Jalalabad Gas, Pashchimanchal Gas, Sundarban Gas and Karnafhuli Gas Company Limited. API Pipes are used for Transmission & Distribution of Natural Gas & Oil.

3. ISO 9001 : 2008 Certificate : NTL has acquired ISO 9001 : 2008 Certificate for its quality system for MS, GI and API Line

Pipes in 2004.

COMPANY PROFILE


Tongi, Gazipur.

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Notice is hereby given that the 33th Annual General Meeting of National Tubes Limited will be held on Saturday, 07th December 2013 at 11.00 A.M. at the factory premises of National Tubes Ltd., Tongi, Gazipur to transact the following business:

1 . To confirm the Minutes of the 32th AGM held on 22 December, 2012.2 . To receive, consider and adopt the Audited Accounts and the Auditors' Report for the year

ended 30th June 2013 together with the Annual Report of the Board of Directors.

3 . To declare Dividend for the year ended 30th June, 2013 on the basis of recommendation of the Board of Directors.

4 . To elect/nominate Directors in place of those who are retiring by rotation.

5 . To appoint Auditors for the year 2013-2014 and fix their remuneration.6 . To transact business (if any) of the company according to law with the permission of the

chair.

Date: 03-11-2013.

N.B.1. The Record Date: 20 November, 2013.

2. A member, unable to attend the meeting, may appoint a proxy and cast his vote by proxy. The proxy form duly affixed with requisite Revenue Stamp should reach the Share Office at Factory Premises of the Company at Tongi at least 48(Forty eight) hours before commencement of the meeting i.e. before 11.00 A.M. on 05-12-2013. The Corporation/Company may participate in the meeting through their nominated representatives.

3. As per clause 119 of Articles of Association of the Company, one third of the Directors i.e. 3(three) Directors, out of 9(Nine) will retire in this Annual General Meeting. As per clause 120 of Articles, 2(Two) senior most Directors from Group-'A' shareholders and 1(one) Director (the senior most) from Group-'B' shareholders will retire. Directors against vacant post of retiring Directors of Group-'A' will be nominated by the shareholders of Group-'A'(BSEC). Director against vacant post of the retiring Director of Group 'B' will be elected by the shareholders of Group-'B'. The retiring Directors are, however, eligible for re-nomination / re-election.

4. Shareholders who are eligible and interested in contesting for the post of Director from Group-'B` are requested to submit their nomination papers in prescribed form at least 7(seven) days before the commencement of the meeting i.e. on or before 30-11-2013 by 11-00 A.M. in the share office at the Factory premises of the company at Tongi. Nomination papers can be collected from share office during the office hours free of cost.

By order of the Board,

(MD. REZAUL KARIM) Company Secretary

Notice of The 33th Annual General Meeting

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ANNEXURE TO BOARD OF DIRECTORSREPORT TO SHAREHOLDERS

ANNEXURE-I:

Status of compliance with the conditions imposed by the Securities & Exchange Commissions notification no.SEC/CMRRCD/2006-158/Admin/02-08 dated February 20, 2006.

Condition

No.

Title

Compliance status (put in the

appropriate column

Explanation for non-compliance

with the condition

Complied Not

complied 1.1 Boards Size: Board members

should not be less than 5(Five) and more than 20(Twenty)

1.2(i) Independent Director: At least 1/10th Under process 1.2(ii) Appointment of independent Director

by elected Directors

Under process

1.3 Individual Chairman of the Board Chief Executive, clearly defined roles and responsibilities.

1.4 The Directors report to Shareholders on:-

1.4(a) Fairness of financial Statements 1.4(b) Maintenance of Proper books

of accounts

1.4(c) Adaptation of appropriate Accounting policies and estimates

1.4(d) Compliance with international Accounting Standard

1.4(e) Soundness of Internal Control System

1.4(f) Ability to Continue as Going Concern 1.4(g) Significant deviation from last year 1.4(h) Presentation of last three years data 1.4(i) Declaration of Dividend 1.4(j) Details of Board Meeting 1.4(k) Shareholding Pattern 2.1 Appointment of CFO, Head of

Internal Audit and company secretary and defining of their respective roles, responsibilities and duties.

2.2 Attendance of CFO and the company Secretary at Board of Directors meeting

Condition

No.

Title

Compliance status (put in the

appropriate column

Explanation for non-compliance

with the condition

Complied Not complied

3.00 Audit Committee 3.1(i) Constitution of Committee Under process 3.1(ii) Constitution of Committee with

Board members including one Independent Director

Under process

3.1(iii) Filling of Casual Vacancy in Committee

Linked to Condition3.00

3.2(i) Chairman of the Committee Linked to Condition 3.00 3.2(ii) Professional Qualification and

experience of the Chairman of the Committee

Linked to Condition

3.00

3.3.1(i) Reporting of the activities of the Audit Committee


3.3.1(ii)(a) Reporting of Conflict of interest to the Board of Directors


3.3.1(ii)(b) Reporting of any fraud or irregularity to the Board of Directors

Linked to Condition 3.00

3.3.1(ii)(c) Reporting of violation of laws to the Board of Directors


3.3.1(ii)(d) Reporting of any other matter to the Board of Directors


3.3.2 Reporting of Qualified point to Commission


3.4 Reporting of activities to the Shareholders and General Investors


4.0 External / Statutory Auditors

4.00(i) Non-engagement in appraisal or valuation

4.00(ii) Non-engagement in designing of Financial Information System

4.00(iii) Non-engagement in Book-Keeping 4.00(iv) Non-engagement in Broker-dealer

service

4.00(v) Non-engagement in Actuarial Service 4.00(vi) Non-engagement in Internal Audit 4.00(vii) Non-engagement in other service

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ANNEXURE-II:

ANNEXURE-III:

The number of Board Meeting and the attendance of directors during the year 2012-2013 were as follows:

Name of Directors Position Meeting Held Attended Md. Ataur Rahman, ndc Chairman 10 10 Md.Khalilur Rahman Siddiqui Director 10 10 Md. Imam Hossain Director 10 10 Khizir Hayat Director 10 10 Dr. Md. Amirul Momin Managing Director 10 10 Md.Mazibur Rahman Khan Director 10 8 Md.Saiful Islam Director 10 4 Pirjada Torab Hossain Director 10 10 Umma Kulsum Director 10 4

Pattern of shareholding as on June 30, 2013.

PARTICULARS

2012-201 3 2011-201 2 No of share

% No o f share

%

Bangladesh Steel & Engineering Corporation(Group-A) 9,18,9180 51.00 9,18,9180 51.00 Investment Corporation of Bangladesh(Group-B-1) 17,94,554 9.96 18,44,650 10.24 Financial Institution (Group-B-1) 19,04,826 10.57 1,31,8928 7.32 General Public (Group B-1) 50,41,504 27.99 55,77,306 30.96 Workers, Staff & Officers of the Company(Group B-2) 87,936 0.48 87,936 0.48 Total: 1,80,18,000 100.00 1,80,18,000 100.00

Name of Directors

Position Nos.of Share holding

Percentage

Remarks

Md. Ataur Rahman, ndc Chairman - - Md.Khalilur Rahman Siddiqui Director - - Md. Imam Hossain Director - - Khizir Hayat Director - - Dr. Md. Amirul Momin Managing Director - - Md.Mazibur Rahman Khan Director 36,000 0.20% Md.Saiful Islam Director 36,036 0.20% Pirjada Torab Hossain Director 8,112 0.05% Umma Kulsum Director 42,672 0.24%

NATIONAL TUBES LIMITEDValue addition & application for 2012-2013

VALUE ADDITON : (Taka in Lacs)

Turnover 6220.52 Other Income 5.25 Total 6225.77 100.00% Raw Materials & Other Expenses 3407.83 54.74% Value Addition 2817.94 45.26%

1. Salary & Wages 979.36 34.75% 2. Factory Overhead 149.23 5.30% 3. Depreciation 253.04 8.98% 4. Admin. Overhead 154.07 5.47% 5. Selling Expenses 22.94 0.81% 6. Financial Expenses 325.86 11.56% 7. VAT 812.09 28.82% 8. Retaining earning 121.35 4.31%

Total : 2817.94 100.00%

Application:

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34.75%

5.30%

8.98%

5.47%

0.81%

11.56%

28.82%

4.31%

Salary & Wages

Factory Overhead

Depreciation

Admin. Overhead

Selling Expenses

Financial Expenses

VAT & Taxes

Retained Earnings

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AUDITOR'S REPORT TO THE SHAREHOLDERS

The ShareholdersNational Tubes LimitedTongi, Gazipur.

Dear Sirs,

We have audited the accompanying Statement of Financial Position of National Tubes Limited as on 30th June 2013 and the related Statement of Comprehensive Income and Statement of Cash-Flows for the year ended. The preparation of these Financial Statements are the responsibility of the Company's Management. Our responsibility is to express an independent opinion of these Financial Statements based on our audit.

We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). These standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall Financial Statement Presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the Financial Statements prepared in accordance with Bangladesh Accounting Standards, give a true and fair view of the state of the company's affairs as on 30th June, 2013 and of the results of its operations and its 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.

We also report that:

a ) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof;

b ) In our opinion, proper books of account as re-quired by law have been kept by the company so far as it appeared from our examination of these books;

c ) The Company's Statement of Financial Position and Statement of Comprehensive Income dealt with by the report are in agreement with the books of account; and

d ) The expenditure incurred was for the purposes of the company's business.

Dated, Dhaka 03-11-2013

Khan Wahab Shafique Rahman & Co. Chartered Accountants

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Tongi, Gazipur.

STATEMENT OF FINANCIAL POSITION AS ON 30TH JUNE 2013

PROPERTY AND ASSETS

NOTE 30-06-2013 TAKA

30-06-2012 TAKA

FIXED ASSETS : 3 532,04,16,371 534, 57,20,557

At Cost & Revalued price 566,00,19,867 566,00,19,867 Accumulated Depreciation (33,96,03,497) (31,42,99,310) CURRENT ASSETS : 85,64,71,209 74,57,07,208 Inventories : 31,45,21,858 37,09,92,373

Raw Materials & Chemicals 4 1,29,88,772 7,84,95,490 Stores & spares 5 3,65,05,237 3,67,88,343 Work -in-process 6 2,06,34,000 2,18,86,710 Finished Goods 7 24,32,48,675 22,89,68,251 Stores -in-Transit 8 11,45,174 48,53,579 Trade Debtors 9 16,35,54,169 2,38,04,311 BSEC Current Accounts 10 14, 01,521 10,49,099 Inter Project current Account 11 82,22,755 81,87,255 Current Account with Disinvested BSEC Mills 12 88,46,778 88.47,462

13 66,94,981 69,93,393 14 34,11,03,154 31,46,14,411

Cash and Bank Balances 15 1,21,25,993 1,12,18,904

Total Taka : 617,68,87,579 609,14,27,765

Dated, Dhaka 03-11-2013

Khan Wahab Shafique Rahman & Co. Chartered Accountants

Advances, Deposits & Pre-paymentsAdvance Income tax payments

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Tongi, Gazipur.

CAPITAL AND LIABILITIES

NOTE 30-06-2013

TAKA 30-06-2012

TAKA

AUTHORISED CAPITAL: 100,00,00,000 100,00,00,000 (10,00,00,000 Ordinary Shares of Taka 10 each) ISSUED, SUBSCRIBED AND PAID-UP CAPITAL 16 18,01,80,000 18,01,80,000 CUMULATIVE PROFIT 17 16,27,51,743 14,57,30,826 REVALUATION RESERVE OF FIXED ASSETS 18 5,27,42,82,605 529,75,11,498 LONG-TERM LOANS 19 6,32,28,876 6,52,28,876 CURRENT LIABILITIES: 49,64,44,355 40,27,76,565 Bank Loan 20 23,46,17,025 15,21,03,534 Leave pay & Gratuity 21 61,242 12,72,012 Inter Project-Current Account 22 2,35,387 1,83,987 Liabilities For Goods Supplied 23 - 6,881 Liabilities For Expenses 24 2,69,93,377 2,06,92,720 Liabilities For Other Finance 25 80,74,288 1,36,81,822 Deposits 26 35,88,282 34,97,032 Advance Against Sales 27 58,60,104 77,17,319 Unpaid Dividends 28 3,64,58,040 2,85,48,567 Workers Participation Fund 29 7,04,761 - Workers Welfare Fund 29 1,76,190 - Provision for Income Tax 30 17,96,75,659 17,50,72,689 Total Taka: 6,17,68,87,579 6,09,14,27,765

Dated, Dhaka03-11-2013

Khan Wahab ShafiqueRahman & Co. Chartered Accountants

STATEMENT OF FINANCIAL POSITION AS ON 30TH JUNE 2013

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Tongi, Gazipur.



STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30TH JUNE, 2013.

PARTICULARS

NOTE

2012-2013 TAKA

2011-2012 TAKA

Net Sales 53,98,11,893 25,57,93,496 Gross Sales 31 62,20,51,325 29,43,01,251 Less: Value Added Tax (8,12,08,765) (3,85,07,754) Dealer Commission (10,30,667) - Less: Cost of Goods Sold 32 (43,75,16,514) (23,40,90,909) Gross profit 10,22,95,379 2,17,02,587 Less: Operating Expenses (5,26,15,383) (5,08,62,612) Salary and Perquisites of Managing Director 33 8,47,695 8,37,020 Administrative Expenses 34 4,47,70,598 4,50,43,270 Selling Expenses 35 62,39,990 39,33,447 Legal Expenses - 60,000 Auditors Fees 36 55,000 55,000 Directors Fee 5, 39,600 8,30,700 Committee Meeting Fee 1,62,500 1,03,175 Operating Profit 4,96,79,996 (2,91,60,025)Financial Expenses 37 (3,25,86,419) (1,57,07,781) Other Income 38 5,25,447 7,48,632 Net profit before WPPF 1,76,19,024 (4,41,19,174) Less: Contribution to WPPF 8,80,951 - Workers Profit Participation Fund 7,04,761 - Workers Welfare Fund 1,76,190 - Net profit /(Loss) before Tax 1,67,38,073 (4,41,19,174) Income Tax provision (46,02,970) (12,82,351) Net profit /(Loss) after Ta x 1,21,35,103 (4,54,01,525) Earning per Share

39

0.67

(2.52 )

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Tongi, Gazipur.



STATEMENT OF CASH-FLOW FOR THE YEAR 2012-2013.

PARTICULARS Note 2012 -2013 ( TAKA )

2011 -2012( TAKA )

1) CASH FLOW FROM OPERATING ACTIVITIES : Cash receipt from customer 40.00 48,08,80,973 29,20,02,000 Cash paid to supplier, officers Employees & Workers 41.00 (41 ,00,94,919) (3 9 ,99 ,99,157) Interest paid (3,25,86,419) (1,57,07,781)

Income Tax paid 42.00 (10,76,97,508) (2,20,06,880) Net Cash From Operating Activities (A) :

(6,94,97,873) (14,57,11,818)

2) CASH FLOW FROM INVESTING ACTIVITIES: Acquisitio n of Fixed Assets - - Disposal of Fixed Assets - - Interest receipt - - Net Cash From Investing Activities (B):

- -

3) CASH -FLOW FROM FINANCING ACTIVITIES: Bank Loan 43.00 8,25,13,489 15,21,03,534 Installment paid on Long Term Loan 44.00 (20,00,000) (20,00,000) Dividend Paid 45.00 (1,01 ,08 ,527 ) (20,00,000) Net Cash from financing activities (C) 7,04,04,962 14,81,03,534

Net Cash & Bank Balances during the year (Decrease)/Increase (1+2+3)

9,07,089 23,91,716

Cash & Bank Balances at the beginning of the year

1,12,18,904 88,27,188

Cash & Bank Balances at the end of the year 1,21,25,993 1,12,18,904

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NATIONAL TUBES LIMITEDTongi, Gazipur.



STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2013.

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2012.

Particulars

Share Capital Revaluation

Reserve Retained Earnings

Total

Opening Balance (1-7-2012) 18,01,80,000 529,75,11,498 14,57,30,826 562,34,22,324 Net Profit (2012-2013) - - 1,21,35,103 1,21,35,103 Current years Depreciation - (2,32,28,893) 2,32,28,893 - Cash dividend (2011-2012) - - (1,80,18,000) (1,80,18,000) Prior Year Adjustment - - (3,25,079) (3,25,079) As at 30 June 2013 18,01,80,000 5,27,42,82,605 16,27,51,743 561,72,14,348

Particulars

Share Capital Revaluation

Reserve Retained Earnings

Total

Opening Balance (1-7-2011) 18,01,80,000 - 25,40,52,015 Net Profit/Loss (2011-2012) - - (4,54,01,525) (4,54,01,525) Current years Addition 5,32,55,58,784 - 5,32,55,58,784 Current years Depreciation (2,80,47,286) - (2,80,47,286) Prior Year Adjustment - - (6,29,19,664) (6,29,19,664) As at 30 June 2012 18,01,80,000 5,29,75,11,498 14,57,30,826 5,62,34,22,324

--

434232015

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02.04 FIXED ASSETS: (a) Fixed Assets are stated on Statement of Financial Position at revalued price less

accumulated depreciation. (b) Revaluation : Fixed Assets & Liabilities was revaluated by Chartered Accounts Firm on

on the basis of Statement of Financial Position as on 30th June 2011 and revaluationwas taken into accounts after approval in 437th board meeting held on 17-04-2012.

(c) Depreciation Principles : Depreciation on Fixed Assets is charged on reducing balance method at the following rates.

ASSETS DEPRECIATION RATE Furniture and Fixtures 10%

Plant & Machinery, Road & Culverts , Office Equipments, Electric Installation and Arms 15%

Building, Vehicles and Pipe yard 20%

02.05 EMPLOYEES LEAVE PAY AND GRATUITY FUND :

Opening liability to NTL Employees Leave Pay & Gratuity Fund was Tk.12,72,012. During the year Tk.1,34,96,311 has been provided in the Accounts and Tk. 1,47,07,081 has been transferred to the Fund. As a result, Fund liability stands at Tk. 61,242 payable to the Fund upto 30-06-2013.

02.06 PROVISION FOR EXPENSES :

Recurring expenses are provided on estimate if the bills are not received and are adjusted subsequently payments are made as per actual bills.

02.07 OVERHEAD EXPENSES:

Overhead expenses are accounted to factory and administrative expenses on the basisof actual cost.

02.08 Figures in the accounts have been rounded off to the nearest taka.

02.09 Last years figures have been rearranged, wherever considered necessary to conform to current years presentation.

03.00 FIXED ASSSETS : TK.5,32,04,16,371

(a) The above represents written down value of fixed assets as on 30-06-2013. It is made up as follws : Cost (including revaluation) 566,00,19,867 Less : Accumulated Depreciation (33,96,03,497) Balance as on 01-07-2012 31,42,99,310 For the year 2,53,04,187 Written down value as on 30-06-2013 5,32,04,16,371

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(b) Following Fixed Assets & Liabilities had been revaluted on the basis of statement of financial position as on 30th June 2011. As per revaluation report showing Assets as well as Liabilities had been taken into accounts as on 30th June 2012.

PARTICULARS Total Price After

revaluation Actual Price

as on 30-06-2011 Revaluation Reserve

Land & Land Development 519,35,27,258 3,46,88,000 515,88,39,258 Building 6,03,15,777 8,86,500 5,94,29,277 Plant & Machinery 10,64,87,695 72,65,906 9,92,21,789 Vehicles 36,75,000 16,31,386 20,43,614 Furniture & Fixtures 18,76,440 11,90,685 6,85,755 Office Equipments 7,03,731 6,50,511 53,220 Electrical Installation 80,84,815 41,03,287 39,81,528 Road & Culvert 15,61,267 2,56,924 13,04,343 Total Value of Assets: 537,62,31,983 5,06,73,199 532,55,58,784 Current Assets : Adamjee Jute Mills Current Assets - 63,59,268 (63,59,268) Store in transit 2,64,489 50,63,706 (47,99,217) Advance Deposit & pre-payment 1,16,28,964 567,63,828 (451,34,864) Total Current Assets adjustment 1,18,93,453 681,86,802 (562,93,349) Current Liabilities : Advance Against Sales 81,83,005 93,73,709 11,90,704 Liabilities for Goods supplied - 41,899 41,899

Total Current liabilities adjustment 81,83,005 94,15,608 12,32,603 Grand Total Taka. 537,99,42,431 10,94,44,393 527,04,98,038

(c)

(d) Details of fixed assets, accumulated depreciation and written down value of each group

of assets have been shown in Schedule-A. (e) Deprecition on cost (including revaluation) has been charged following the reducing

balance method which has been shown in Schedule-A.

Total area of National Tubes Ltd. occupies 14.31 acres, which has been divided in to 12 plots ranging from 131-142 at Tongi Industrial Area. After liberation of Bangladesh, National Tubes had been nationalised. The land had been recorded in R.S records in the name of National Tubes accordingly Land revenue receipts as well as and its Parcha was issued in the name of National Tubes by the Tahashil Office.

API Licenseeand


Note-04.00: RAW MATERIALS AND CHEMICALS : TK. 1,29,88,772

PARTICULARS

30-06-2013 30-06-2012 WEIGHT (M.TON)

TAKA WEIGHT (M.TON)

TAKA

Steel strips(API Grade) 43 30,71,032 287 2,03,90,154 Steel strips (A Class) - - 636 4,01,43,924 Zinc Ingot - - 37 80,28,365 Chemicals 3 1,18,610 7 1,33,917 Zinc Ingot (Deptt.Stocks) 126 97,11,631 126 97,11,631 Lead Ingot (Deptt.Stocks) 3 87,499 3 87,499 Total: 175 1,29,88,772 1096 7,84,95,490

(a) Mode of valuation has been referred in Note 02.03

(b) Physical verification has been carried out at the end of the year by inventory committee formed by management. Quantity and valuation of the raw materials has been taken into accounts as per inventory valuation.

NOTE-05.00: STORES AND SPARES: TK. 3,65,05,237

PARTICULARS 30-06-2013 TAKA

30-06-2012 TAKA

Construction Materials 1,00,260 1,03,283 Iron, Steel & other Metal 4,15,177 4,15,857 Refractory 7,30,858 82,709 Fuel and Lubricants 3,71,120 3,87,656 Paint and Varnish 19,843 8,514 General Iron Materials 47,454 37,450 Loose Tools 11,98,632 14,56,223 Household Equipments 60,202 61,499 Furniture 3,000 3,000 Ropes and Chains 4,36,759 3,90,600 Binding, Gasket and similar Other Materials 32,568 32,568 Equipments 6,810 6,959 Laboratory Equipments 1,01,431 1,05,910 Stationery 45,000 1,00,000 Mechanical Spare Parts 188,01,601 1,81,47,845 Electrical Spare Parts 139,71,974 1,22,34,266 Socket and Fittings 90,282 1,00,486 Miscellanies 72,266 31,13,518 Total Taka: 365,05,237 3,67,88,343

(a)

Mode of valuation has been referred in Note 02.03

(b)

Physical verification has been carried out at the end of the year by inventory committee formed by management. Quantity and valuation of the stores and spares has been taken into accountsas per inventory valuation.

This is made up as follows:


API Licenseeand


Note-06.00: WORK-IN-PROCESS: TK. 2,06,34,000

PARTICULRAS

30-06-2013 30-06-2012 WEIGHT (M.TON)

TAKA WEIGHT (M.TON)

TAKA

G.I.Pipe 143 25,74,000 144 25,90,740 M.S.Pipe 612 91,80,000 707 1,06,05,000 A.P.I.Pipe 592 88,80,000 579 86,90,970 Total: 1347 2,06,34,000 1430 2,18,86,710 (a) Mode of valuation has been




referred in Note 02.03

(b) Quantity and valuation of the has been taken into accounts as per inventory valuation. Note-07.00: FINISHED GOODS: TK. 24,32,48,675

PARTICULARS 30-06-2013 30-06-2012

WEIGHT (M.TON)

TAKA WEIGHT (M.TON)

TAKA Pipe : 3,619 23,35,11,325 3,433 22,00,82,798 G.I.Pipe 73 60,58,815 124 1,02,91,686 M.S.Pipe 590 3,77,21,650 276 1,75,91,452 API Pipe 2,956 18,97,30,860 3,033 19,21,99,660 By-Product 287 97,37,350 228 88,85,453 Total: 3,906 24,32,48,675 3,661 22,89,68,251

(a) Mode of valuation has been referred in Note 02.03

(b) Quantity and valuation of the has been taken into accounts as per inventory valuation. Note-08.00: STORES-IN-TRANSIT: TK. 11,45,173

Sl.No. CONTRACT NO DATE PARTICULARS TAKA

01 CT- 04 13-03-2013 Spare Parts 11,45,174

API Licenseeand


TK. 16,35,54,169



API Licenseeand


Less: Provision for Bad Debts 2,90,805 (2,90,805) Deposits: Security Advances 12,47,315 10,47,315 Pre-Payments Value Added Tax 32,13,960 42,38,367 Total Taka : 66,94,981 69,93,393

(a) Included in above sum of Taka 4,93,329 recoverable from 7(seven) employees has been carried into the accounts over year after year without any recovery.



API Licenseeand




17,96,75,659 which have been shown as "provision for tax" under current tax liability.

API Licenseeand


Add: Current year‚s profit/(Loss)


API Licenseeand


Prior Year's Income/Expense

Adjustment of worker‚s wages

Current year‚s Depreciation

API Licenseeand


API Licenseeand


-

-

-

-

-

-

-

-

-

-

-

-

API Licenseeand


Note-24.02: LIABILITIES FOR MISCELLANEOUS EXP. : TK. 8,662,706


30-06-2012 TAKA

Conveyance and Traveling Allowances 45,767 12,530 Entertainment 20,000 3,539 Newspaper 3,420 - Vehicles Rent 1,32,628 53,706 Contract Labour 1,82,340 1,37,549 Insurance 19,798 4,010 Car Repair 66,233 27,074 Gratuity Fund Audit Fee 80,000 29,000 BSEC Office Expenses 81,00,000 45,00,000 Revenue Stamp 12,520 4,725 Total Taka: 86,62,706 47,72,133

Note-25.00: LIABILITIES FOR OTHER FINANCE: TK. 80,74,288


30-06-2012 TAKA

Credit Balance Against Misc.Advances 5,808 20,099 Contractors/Suppliers Advance - - Advance against Expenses 4,152 3,049 Advance against purchase - - Advance against TA/DA 1,656 17,050 Jamuna Development Surcharge - 8,75,000 Excise Duty & Development Surcharge 78,20,000 1,21,80,000 Income Tax from Suppliers 43,276 -

VAT from Suppliers 1,81,960 1,45,734 Income Tax (Dealer) 2,130 4,00,129 Refund Warrant - 60,600 Store Clearing Accounts 17,952 260 Trade Union subscription 2,410 -

Welfare Fund 752 - Total Taka: 80,74,288 1,36,81,822

Note-26.00: SECURITY DEPOSIT FOR DEALER AND CUSTOMERS : TK. 3,588,282


30-06-2012 TAKA

Dealers Deposits 27,57,468 26,57,468 Suppliers/Contractors Deposits 8,30,814 8,39,564 35,88,282 34,97,032 List/ Schedule in above deposit has been provided to us and verified into respectivesubsidiary ledgers. Individual balance were found in order.

Total Taka:

API Licenseeand


Note-27.00: ADVANCE AGAINST SALE : TK. 58,60,104

(a) We are provided with a schedule of advance against sales containing advances received from various coustomers against sales. Details are as under:

(In taka)

Dealers 11,41,016 Institutes 47,06,817 Individuals 12,270 58,60,103

We have verified with individual accounts appearing in subsidiary ledger and balance of each account was found in order.

(b) These advances are usually adjusted after delivery of goods. Note-28.00: DIVIDENDS PAYABLE : TK. 3,64,58,040

30-06-2013 TAKA

30-06-2012 TAKA

Opening Balance as on 01-07-2012 28548,567 3,08,92,252 Add: Appropriation for dividend for 2011-12 18018,000 46,566,567 3,08,92,252 Less: Paid during the year (1,01,08,527) 23,43,685 Closing Balance as on 30-06-2013 3,64,58,040 2,85,48,567

Break-up are as under:

Sl. No.


30-06-2012 TAKA

1. Un-paid Dividend of B.S.E.C 3,03,23,190 2,29,71,846 2. Un-paid Dividend of General Public 61,34,850 55,76,721 Total Taka: 3,64,58,040 2,85,48,567

Note-29.00: WPPF AND WELFARE FUND : TK. 880,951

This represents provision on net profit of Tk.1,76,19,025 @ 5% for 2012-2013 which has been distributed in the ratio of 80:20 as under:

(In taka) Workers profit participation fund 7,04,761 Workers welfare fund 1,76,190 8,80,951

Movement of dividend payable is as under:

Amount

Amount

API Licenseeand


Note-30.00: PROVISION FOR INCOME TAX : TK. 17,96,75,659 Amount (In taka) Opening Balance as on 01-07-2012 17,50,72,689 Add: Provision for the year 46,02970 17,96,75,659

(a) Year wise provision for income tax has been shown in Schedule-B (b) Provision for income tax has been made on current years profit @ 27.50%. (c) Since income tax case from asstt year 2005 -2006 to onwards have not yet been

finalized. As such advance income tax have not been adjusted. Note-31.00: GROSS SALES: TK. 62,20,51,325

PARTICULARS

2012-2013 2011-2012 Quantity (M.Ton)

Taka in lac (Gross)

Quantity (M.Ton)

Taka in lac (Gross)

G.I. Pipe 273 355.00 201 276.00 M.S. Pipe 302 395.00 110 100.00 API Pipe 4321 5383.00 2067 2467.00 Others 171 87 .00 276 100.00 Total: 5067 622 0.00 2654 2943 .00

Note-32.00: COST OF GOODS SOLD : TK. 43,75,16,514

PARTICULARS 2012-2013 TAKA

2011-2012 TAKA

Work-in-Process (Opening) 2,18,86,710 2,18,01,000 Raw Materials used (Note-32.01) 33,95,95,958 17,68,81,144 Wages, Salaries & Allowances (Note-32.02) 6,3 8,67 ,706 5,56,42,864 Electricity & Gas 77,00,393 50,69,472 Depreciation 2,44,57,581 19,21,217 Factory Overhead (Note-32.03) 1,4 9,22 ,59 0 90,71,425 Total Production Cost 47,2 4,30,938 27,03,87,122 Less: Work-in-Process (Closing) (2,06,34,000 ) (2,18,86,710) Cost of Production 45,17,96,738 24,45,00,412 Add: Finished Goods (Opening) 22,89,68,251 21,45,58,748 Cost of Goods Available for Sale 68,0 7,65,789 46,30,59,160 Less: Finished Goods (Closing) (24,32,48,675) (22,89,68,251) Cost of Goods Sold: 43,75, 16,514 23,40,90,909

Product wise break-up of cost of production are as under:

PARTICULARS

2012-2013 2011-2012 Quantity (M.Ton)

Taka in lac (Gross)

Quantity (M.Ton)

Taka in lac (Gross)

G.I. Pipe 205 210.00 28 50.00 M.S. Pipe 645 563.00 166 194 .00 API Pipe 4289 3745.00 2077 2201 .00 Total: 5139 4518.00 2271 2445 .00

This is made up as under:

API Licenseeand


Note-32.01 : PARTICULARS OF RAW MATERIALS USED : TK. 33,95,95,958

Use of Local and Imported Raw Materials is given below :

Particulars of Materials Quantity (M.Ton)

Taka Average Price (Per M.Ton)

1. Local Raw Materials (Chemicals) 8 1,39,797 17,474 2. Imported Raw Materials:

a) Steel Strips(API Grade) 4598 28,20,55,830 61,343 Steel Strips(A Class) 788 4,93,71,966 62,655 b) Zinc Ingot 38 80,28,365 2,11,273 Total: 5432 33,95,95,958

Note-32.02 : WAGES, SALARIES & OTHER ALLOWANCES : TK. 6,38,67,706


2011-2012 TAKA

Wages, Salaries & other Allowances 4,20,02,630 429,80,586 Bonus 84,82,342 34,13,480 Provident Fund 25,42,425 19,88,510 Gratuity & Leave Encashment 84,35,148 6157,732 Workers Overtime Allowances 14,15,973 6,87,855 Staff Overtime Allowance 9,89,188 4,14,701 Total Taka: 6,38,67,706 5,56,42,864

PARTICULARS

Opening Stock As on 01-07-2012

Received

Total

Less: Closing Stock As on 30-06-2013

Use of Raw Materials

Qty. M.Ton

Taka Qty. M.Ton

Taka Qty. M.Ton

Taka Qty. M.Ton

Taka Qty. M.Ton

Taka

Steel Strips (API grade)

287 20390154 4354 264736708 4641 285126862 43 3071032 4598 282055830

Steel Strips (A Class)

636 40143924 152 9228042 788 49371966 - - 788 49371966

Zinc Ingot 38 8028365 - - 38 8028365 - - 38 8028365 Chemicals 6 133917 5 124490 11 258407 3 118610 8 139797 Deptt.Stock (Strips)

- - - - - - - - - -

Deptt.Stock (Zinc)

126 9711631 - - 126 9711631 126 9711631 - -

Deptt.Stock (Lead)

3 87499 - - 3 87499 3 87499 - -

Total: 1096 78495490 4511 274089240 5607 352584730 175 12988772 5432 339595958

API Licenseeand


Note-32.03 : FACTORY OVERHEAD : TK. 1,49,22,590

PARTICULARS 2012-2013

TAKA 2011-2012

TAKA Repairs & Maintenance 2,92,680 94,141 Insurance Premium (Factory) 71,212 75,287 Daily wages base labour 22,99,558 16,57,999 Consumable Goods 82,87,516 29,43,053 Fuel & Oil 5,40,415 6,71,253 Entertainment Expenses 13,143 17,281 Medical Expenses 1,01,991 73,835 Training 19,000 61,380 Nutrition Expenses 3,65,130 3,54,307 Uniform 11,53,608 12,64,462 Cleaning 5,000 12,473 Stationery & Printing 29,134 15,627 Postage, Telegram & Telephone 8,717 6,162 Carrying and forwarding 64,596 53,172 Rent, Rates & Tax 1,78,875 1,78,875 License Fee 3,500 40,176 Group Insurance 4,74,749 3,71,713 Recharge & Development 25,000 70,860 Conveyance & Trav elling Expenses 48,474 79,273 API License and ISO (9001 certification) Fee 8,82,602 10,21,346 Worker compensation - 8,750

Customs Expenses 57,250 -

Total Taka: 1,49,22,590 90,71,425

Note-33.00 : MANAGING DI RECTOR’S SALARY & OTHER ALLOWANCES : TK. 8,47,695


TAKA 2011-2012

TAKA Salaries & Other Allowances 5,66,015 6,20,000 Bonus 1,33,600 70,000 Providend Fund 40,080 42,000

Gratuity & Leave Encashment 1,08,000 1,05,020

Total Taka: 8,47,695 8,37,020

API Licenseeand


Note-34.00 : ADMINISTRATIVE EXPENSES : TK. 4,47,70,598


2011-2012 TAKA

Salaries & Other Allowances (Note 34.01) 2,79,37,491 2,86,52,204 Overtime Allowance 13,36,959 12,58,674 Uniform 2,60,215 2,75,372 Entertainment 7,74,810 6,52,382 Recreation & Sports 6,49,957 8,67,970 Postage, Telegram & Telephone 3,27,813 2,40,693 Gas 2,36,944 2,24,262 Training 18,893 50,300 Rent & Rates 8,45,543 6,71,869 Oil & Fuel (Vehicle) 16,47,159 16,24,97 8 Stationery & Printing 4,35,634 3,70,058 Papers & Periodicals 29,892 32,532 Conveyance Traveling Exp. 4,81,816 3,49,334 Advertisement 1,72,655 1,96,610 Cleaning 64,554 97,550 Group & Other Insurance 8,89,162 7,48,974 Depreciation 8,46,606 5,42,923 Repairs & Maintenance 5,29,432 4,47,970 BSEC Office Management Expenses 54,00,000 54,00,000 Expenses of A.G.M. 10,00,000 10,00,000 Gratuity Audit Fee 25,000 95,000 Honorarium Allowances 2,15,521 1,56,772 Subscription & Donation 20,000 20 ,000 Merit Scholarship 3,01,800 4,05 ,600 Salary Income Tax - 4,01,235 Trade License Fee & Vehicle Tax 80,972 1,22,200 CDBL Expenses & Dhaka Stock Exchange Fee 2 ,41 ,770 1,37,808 Total Taka: 4,47,70,598 4,50,43,270

Note-34.01 : SALARIES AND OTHER ALLOWANCES : TK. 2,79,37,491


2011-2012 TAKA

Salaries & Allowances 1,84,78 ,283 215,22,050 Bonus 38,31,595 24,87,105 Provident Fund 10,77,340 11,20,426 Gratuity and Leave Encashment 45,50,273 35,22,623 Total Taka: 2,79,37,491 2,86,52,204

API Licenseeand


Note-35.00 : SELLING EXPENSES : TK. 62,39,990

PARTICULARS

2012-2013 TAKA

2011-2012 TAKA

Salaries & Other Allowances (Note-35.01) 39,24,615 29,92,572 Overtime Allowance 21,378 30,911 Transportation Charges 14,51,804 1,86,730 Advertisement 1,90,665 2,76,696 Entertainment Expenses 1,59,462 98,367 Traveling & Conveyance 76,926 84,113 Diary & Calendar 2,06,250 - Sales & Development Exp. 2,08,890 2,64,058 Total Taka: 62,39,990 39,33,447 Note-35.01 : SALARIES AND OTHER ALLOWANCES: TK. 39,24,615


TAKA 2011-2012

TAKA Salaries & Other Allowances 27,37,740 22,97,711 Bonus 6,12,674 2,04,945 Provident Fund 1,71,311 1,39,994 Gratuity & Leave Encashment 4,02,890 3,49,922 Total Taka: 39,24,615 29,92,572 Note-36.00 : AUDIT FEES : TK. 55,000

PARTICULARS

2012-2013 TAKA

2011-2012 TAKA

External Audit Fees 55,000 55,000 Total Taka: 55,000 55,000

Note-37.00: FINANCIAL EXPENSES : TK. 3,25,86,419

PARTICULARS

2012-2013 TAKA

2011-2012 TAKA

Interest on Bank Loan 3,23,40,762 1,53,22,428 Bank Charges 2,45,657 3,85,353 Total Taka: 3,25,86,419 1,57,07,781 Note-38.00: OTHER INCOME : TK. 5,25,446

PARTICULARS

2012-2013 TAKA

2011-2012 TAKA

Renewal Fees of Dealership 17,800 18,000 Sale of Tender Forms 58,200 2,69,696 Seat Rent of Bachelor Quarter 3,67,981 4,14,761 Deduction of Vehicle Rent 78,465 19,112 Others 3,000 27,063 Total Taka: 5,25,446 7,48,632

API Licenseeand


Note-39.00: EARNING PER SHARE:


2011-2012 TAKA

Net Profit/(Loss) after Tax 1,21,35,103 (4,54,01,525) No. of Share 1,80,18,000 1,80,18,000 Earning per Share 0.67 (2.52)

Note-40.00: COLLECTION FOR SALES & DEBTORS: TK. 48,08,80,973

Gross Sales 62,20,51,325 Misc. Sales/Income 5,25,547 Trade debtors :Increase (13,97,49,858) Advance against Sale: Decrease (18,57,215) Advance & Deposits : Decrease 2,98,412 BSEC C/A Increase (3,52,422) Inter Project Accounts: Increase (35,500) Disinvested Accounts: Decrease 684 48,08,80,973

Note-41.00: CASH FLOWS FROM OPERATING ACTIVITIES: TK. 41,00,94,919

Amount(In Taka)

Material in transit Increase

27,40,89,240 Raw Material Purchase (Note-41.01)42,96,034 Consumable Goods Purchased (Note-41.02)

9,20,08,905 Wages, Salaries & Allowances (Note-41.03) 69,97,647 Electricity & Gas Bill paid (Note-41.04)

3,04,85,218 Overheads : 66,35,145 Factory overheads (except consumable goods)

2,24,94,327 Administrative & Selling overheads (operating exp) (Net of salaries OT & Depreciation) 10,30,667 Commission on Sale

3,25,079 Prior years adjustment : Debit 22,17,875 Change in Creditors Accounts: Decrease 12,10,770

Liabilities for goods : decreaseProvision for Leave pay & Gratuity: Decrease

6,881 Liabilities for Expenses: Increase(Except Electricity & Gas bill payable and Salaris & Wages payable) (44,64,660)

Liabilities for Other Finance: Decrease 56,07,534 Inter Project Accounts : Increase (51,400) Deposits Accounts : Increase (91,250) 41,00,94,919

This amount is made up as follows:

Amount (In Taka)

API Licenseeand


Note-41.01: Raw Materials Purchased: TK. 27,40,89,240

Amount (In Taka) Raw Materials Consumed 33,95,95,958 Add: Closing stock of Raw Materials & chemicals 1,29,88,772 35,25,84,730 Less: Opening stock of Raw Materials (7,84,95,490) 27,40,89,240

Note-41.02: Consumable Goods Purchased: TK. 42,96,034

Amount (In Taka) Consumable goods used 82,87,516 Add: Closing stock : stores & spares 3,65,05,237 Add: Closing stock in transit 11,45,173 4,59,37,926 Less: Opening stock : Store & Spares (3,67,88,343) Less: Opening stock in transit (48,53,579) 42,96,034

Note-41.03: Wages & Salaries and Allowances: TK. 9,20,08,905

Amount (In Taka) Wages & Salaries and Allowances(Factory) 6,38,97,706 Salaries & Allowances (Office) 2,92,74,450 Sub Total 9,31,42,156 Change in liabilities for expenses: Salaries & wages payable (Increase)

(11,33,251)

Opening Salaries & wages payable 90,83,582 Closing Salaries & Wages payable (1,02,16,833) 9,20,08,905

Note-41.04: Payment for Electricity and Gas: TK. 69,97,647

Electricity & Gas Expenses 6,38,97,706 Change in liabilities for expenses: Electricity & Gas payable (Increase)

(7,02,746)

Opening Electricity & Gas payable 5,46,644 Closing Electricity & Gas Expenses payable (12,49,390) 69,97,647

Amount (In Taka)

API Licenseeand


Note-42.00: INCOME TAX & VAT PAID: TK. 10,76,97,508

Amount (In Taka) VAT payable on Sale (as per Income statement) 8,12,08,765 Advance Income Tax : Increase 2,64,88,743 10,76,97,508

Note-43.00: LOAN RECEIVED: TK. 82,513,489

Amount (In Taka) Bank Loan : Increase 8,25,13,489 8,25,13,489

Note-44.00: LOAN REPAID: TK. 20,00,000

Amount (In Taka) Long Terms loan repaid (Note-19.02) 20,00,000 20,00,000

Note-45.00: Dividend Paid: TK. 1,01,08,527

Amount (In Taka) Dividend : 2011-2012 1,80,18,000 Unpaid dividend: Increase (79,09,473) Closing Balance 3,64,58,040 Opening Balance (2,85,48,567) 1,01,08,527

Note-46.00: PRODUCTION CAPACITY:

Note–47.00: NOS. OF OFFICERS, STAFF & WORKERS INCLUDING SALARIES & WAGES:

Sl. No.

Particulars Nos.Above Salaries & Wages (Taka in lac)

Nos.below Wages (Taka in lac)

Total Manpower as on 30-6-2012

1. Officers 62 322.92 - - 62 2. Staff 92 332.62 - - 92 3. Workers 155 324.53 - - 155 Total: 309 980.07 - - 309

The Installed Capacity of 3(Three) Units of the Mill was 45,000 M.Ton. But due to declaration the 1st Unit as abandoned, the Installed capacity stood at 39,000 M.ton of which attainable capacity is 10,000 M.Ton. Actual Production during the year is 5139 M.T. as against the target of 6,500 M.Ton. Which equivalent production is 6122 M.Ton.

The details of number of Officers, Staff & Workers receiving annual Basic Salaries & Wages exceeding and below Taka 36,000 are given as follows:-




API Licenseeand


Note – 48.00 : PERQUISITES TO DIRECTORS & OFFICERS(Manager & Above) :

PARTICULARS 2012-2013 TAKA IN LAC

2011-2012 TAKA IN LAC

Board Meeting Attendance Fees 5.39 8.30 Managing Directors Salary & Allowances (Note-33) 8.48 8.37 Managerial Remuneration (Salaries & Allowances) 185.00 188.00 Companys Contribution to Providend Fund 13.70 14.60 Bonus 98.50 51.02 Gratuity 41.00 39.50 Total Taka: 352.07 309.79

Note-49.00 : USE OF CREDIT FACILITIES :

All credit facilities are used with bank loan. Note-50.00 : CLAIM AGAINST COMPANY : There is no claim against the company which has not been acknowledged as debt. Note-51.00 : STATUS OF CAPITAL EXPENDITURE:

There is no capital expenditure commitment which has not been provided. Note-52.00 : EXPENSE OF FOREIGN CURRENCY.

US Dollars 10721 equivalent to Tk.8,46,960 was spent during the year for the payment of API License Fee, APIQR Audit Fee & ISO & APIQ-1 Registration fee of the company respectively. Excepting the above, no other foreign currency was spent for Technical Fee, Professional Advisory Fee, Interest, etc.

Note-53.00: EXPENSE OF FOREIGN CURRENCY FOR IMPORTED MATERIALS :

Particulars of Materials

Quantity of Materials C&F Price Foreign Currency

Local Currency (Taka)

M.Ton Piece K.G U.S.Dollar Japani Yen Uro (a) Steel Strips 4,506 - - 30,64,080 - - 24,35,94,360 (b) Zinc Ingot - - - - - - -

Total : 4,506 - - 30,64,080 - - 24,35,94,360

No other foreign currency was spent excepting the above amount. Note-54.00: DIVIDEND IN FOREIGN CURRENCY :

The company has seven (7) non-resident shareholders but no Dividend was paid in foreign exchange.

Note-55.00 : FOREIGN CURRENCY EARNING :

The company has not earned any foreign currency on account of export on the basis of F.O.B., Royalty, Technology, technique Professional and Advisory Fees, Interest, Dividend and other Income.

API Licenseeand


Note-56.00: DISCOUNT:

Without traditional rules there is no amount of brokerage or discount other than conventional trade discount on sales.

Note-57.00: CONTRIBUTION TO NATIONAL EXCHEQUER :

PARTICULARS TAKA (In Lac) Import duty 122.93 Value Added Tax 812.09 Income Tax 264.89 Total Taka: 1199.91

Note-58.00: WORKERS’ PROFIT PARTICIPATION & WELFARE FUND :

Note-59.00: CONTINGENT LIABILITY:

There are no contingent liabilities to the company except some negligible letter of credits in the ordinary course of business.

Note-60.00: SUBSEQUENT EVENTS AFTER THE FINANCIAL STATEMENTS DATE:

There is no major change of companys b usiness p olicy a fter 30th June, 2013 upto the Auditing Period.

Note-61.00: PROPOSED CASH DIVIDEND :

The Board of Directors in its 454th Board Meeting recommended Cash Dividend @10% on Paid-up Capital of 18.02 crore (each share of Tk.10.00 fully paid-up) shares out of the cumulative profit up to 30-06-2013. Thus the total amount for cash dividend stand at Tk.1,80,18,000.00(One crore eighty lac eighteen thousand) only subject to approval of the shareholders. Last year dividend was @ 10% Cash Dividend.

Contribution to workers profit participation fund & well fare fund has been calculated @ 5% on the Net profit of Tk.1,76,19,025 and distributed on the basis of 80:20 ratio which comes to Tk.7,04,761 & Tk.1,76,190 respectively after publication in the Bangladesh Gazette on 11 October, 2006.

API Licenseeand


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the

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Dur

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Acc

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ule

of fi

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asse

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r the

yea

r end

ed 3

0th

June

, 201

3Sc

hedu

le-A

API Licenseeand


NAT

ION

AL

TUB

ES L

IMIT

EDS

ched

ule

of In

com

e Ta

x pa

ymen

t, pr

ovis

ion

for I

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x an

d D

eman

d of

Inco

me

Tax.

Sche

dule

-B

API Licenseeand


Gross Profit 1022.95 Sales 5398.12

(Current Assets-Stock of Goods) 5410.49 Current Liabilities 4964.93

Use of Raw Materials 3395.96 Average Stock of Raw Materials 457.42

Debtors 1635.54 Sales 5398.12

Current Assets 8555.71 Current Liabilities 4964.93

Sales 5398.12 Average Stock of Finished Goods 2361.08

Net Profit After Tax 121.35 Sales 5398.12

Loans 632.29 Capital 1801.80

Net Profit After Tax 1,21,35,103 Nos. of Shares 1,80,18,000

Net assets 561,72,14,348 Total number of Shares 1,80,18,000

Net operating cash flow (6,94,97,873) Total number of shares 1,80,18,000

Annexture -1

(Taka in Lac)

(a) LIQUIDITY RATIO :

1.00 Current Ratio = = = 1.72 : 1 2.00 Acid Test Ratio = = = 1.09 : 1 3.00 Ratio of Loans of Capital = = = 0.35 : 1

(b) ACTIVITY RATIO :

1.00 Ratio of Stocks to Sales = = = 2.29: 1

How many months are in stock of Finished Goods = = 5.24 Months

2.00 Ratio of Raw Materials used to

Average Stock Raw-Materials = = = 7.42 : 1

How many months are in stock of Raw Materials = = 1.62 Months

3.00 Ratio of Debtors to Sales = = = 0.30 : 1

4.00 Rate of Gross Profit = 100 = 100

= 18.95% 5.00 Rate of Net Profit After Tax = 100 = 100 = 2.25%

6.00 Earning per Share = = = Tk.0.67

7.00 Net asset value per share = = = Tk.311.75

8.00 Net Operating cash flow per share= = = Tk. (3.86)

12 2.29

12 7.42

RATIO ANALYSIS

API Licenseeand


Five Years at a Glance

SL.No.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

Particulars

Authorised Capital

Paid-up Capital

Retained Earnings

Shareholders Equity

Total Assets

Fixed Assets(W.D.V.)

Long-term Liabilities

Gross Sales

Total Expenses

Operating Profit/(Loss)

Net Profit/(Loss) before Tax

Net Profit/(Loss) After Tax

Number of Shares

Book Value per Share(Taka)

Earning per Share

Cash Dividend

Bonus Share

Number of Employees

Number of Shareholders

Net asset value per share

2008-09

2500.00

1365.00

2839.59

4341.09

8785.58

535.88

805.13

9895.00

8716.56

1348.74

1178.44

854.37

1083274

100.00

78.87

30.00%

10.00%

340

3642

348.03

2009-10

2500.00

1501.50

2970.82

4472.32

8964.97

511.36

702.29

5954.85

5252.67

656.14

702.18

509.08

1425958

100.00

35.70

25.00%

-

324.00

5029.00

322.85

2010-11

10000.00

1501.50

2540.52

4342.32

9191.84

506.74

672.29

3808.03

3897.91

(195.18)

(89.87)

(107.36)

1501500

100.00

(7.16)

-

20%

328

5526

289.00

2011-12

10000.00

1801.80

1457.31

56234.22

60914.27

5345.72

652.29

2943.01

3234.61

(291.60)

(441.19)

(454.01)

18018000

10.00

(2.52)

10.00%

-

316

5327

312.10

2012-13

10000.00

1801.80

1627.52

56172.14

61768.87

5320.42

632.29

6220.51

5723.71

496.80

167.38

121.35

18018000

10.00

0.67

10.00%

-

309

5706

311.75

NATIONAL TUBES LIMITED131-142, Tongi Industrial Area, Tongi, Gazipur

Phone No: 9802303, 9812782, PABX: 9801123, 9801225Fax No. 88-02-9802756, Website: www.ntl.gov.bd

E-mail : [email protected]

ANNUAL REPORT 2012-2013

API Licenseeand


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