[FP]
MURATA MACHINERY BANGLADESH LTD. EMPLOYEES CONTRIBUTORY PROVIDENT FUND
Statement of Financial Position
As at 31 March 2020
Notes | 31-Mar-20
(BDT)
Assets:
Investment | -
Investment in Fixed Deposit | - | 10000000 | 10,000,000
Current assets | 3,308,581
Cash and cash equivalents | 3,308,581
Total assets | 3,308,581 | 67,316,885 | 10,000,000 | (64,008,304)
Equity and liabilities
Members’ equity | 3,308,581 | 45,339,715
Members A/C | 3,308,581
Current liabilities | -
Total equity and liabilities | 3,308,581 | 67,316,885 | - | (64,008,304)
- | -
-
Secretary General | Treasurer
[SCI]
MURATA MACHINERY BANGLADESH LTD. EMPLOYEES CONTRIBUTORY PROVIDENT FUND
Statement of Comprehensive Income
For the period ended 31 March 2020
Particulars | Notes | 31-Mar-20
(BDT)
Interest Revenue | 121,373
Administrative Expenses | (16,312)
Income from Operation | 105,061
Other Adjustment
Excess Income distributable to members | 105,061
Secretary General | Treasurer
[Notes]
MURATA MACHINERY BANGLADESH LTD. EMPLOYEES CONTRIBUTORY PROVIDENT FUND
Notes to the Financial statement
For the period ended 31 March 2020
Particulars | Member & Employers Contribution | Interest Received | Bank charge & Taxes | Total
Members Fund
(BDT) | (BDT) | (BDT) | (BDT)
Opening balance | -
Add: Addition during the period | 3,203,520 | 121,373 | 16,312 | 3,308,581 | 16,312.31
Prior year adjustment
Profit during the period | - | - | - | -
Closing Balance | 3,203,520 | 121,373 | 16,312 | 3,308,581
Secretary General | Treasurer
[CF]
MURATA MACHINERY BANGLADESH LTD. EMPLOYEES CONTRIBUTORY PROVIDENT FUND
Statement of Cash Flows
For the period ended 31 March 2020
0-Jan-00 | 31-Mar-20 | 31 December' 16
(BDT) | (BDT) | Taka
A) | Cash flows from operating activities
Profit/ (Loss) during the period | - | 12,356,240 | -
Depreciation adjustment | 1,119,498 | 1,310,130
(Increase)/ Decrease | (806,018)
(Increase)/ Decrease | 948,408
(Increase)/ Decrease | (3,823,560)
(Increase)/ Decrease | (1,337,689)
Increase/ (Decrease) Current Liabilities | - | 8,926,290
Net cash from/ (used in) operating activities | 17,573,801
B) | Cash flows from investing activities
Acquisition of property, plant and equipment | (557,930) | (1,891,337)
Investment in Fixed Deposit | - | (589,242)
Net cash from (used in) investing activities | (557,930) | (2,480,579) | -
C) | Cash flows from financing activities
Change in Share Capital | - | -
Change in Share Money Deposit | - | - | 3,128,001
Net cash from financing activities | - | 3,128,001
D) | Net increase/(decrease) in cash and cash equivalents (A+B+C) | 15,093,222
E) | Cash and cash equivalents at opening | 23,156,164 | 8,062,942 | 390,846
F) | Cash and cash equivalents as at 31 March 2020 | 23,156,164
Chairman | Managing Director
1 | Cash receipts from customer:
Opening Trade Receivables
Add: Sales during the period
Closing Trade Receivables:
Total receivable including sister concern
Balance of sister concern transfer to Inter comoany debt
Total
2 | Cash payment to suppliers and employees:
Cost of sales
General administrative expenses | - | - | -
Selling & Distribution expenses
Adjusted for non-cash flow items:
Depreciation
Increase in inventories
Increase/(Decrease) in creditors
Increase/(Decrease) in liability for expenses
(Increase)/Decrease in advance, deposits & Prepayments
(Increase)/Decrease in advance income tax
Increase in intercompany receivables
Adjustment
Total
3 | Taxation
Amount due at beginning of period
Charge in comprehensive income
Paid in cash (balancing figure)
Amount due at end of the period
4 | Property, plant and equipment
Acquisition of property, plant and equipment
Acquisition of capital work in progress
5 | Advance, deposits & Prepayments
Advance, deposits & Prepayments (RM & Chemicals) | 62,720,095 | 62,720,095 | 62,720,095
Advance, deposits & Prepayments (Others) | 331,135,607 | 331,135,607 | 331,135,607
393,855,702 | 393,855,702 | 393,855,702
(Increase)/Decrease in advance, deposits & Prepayments (RM & Chemicals) | 2014 Figure was Nill
(Increase)/Decrease in advance, deposits & Prepayments (Others)
Dated: Dhaka,
[notes-Compliance]
MURATA MACHINERY BANGLADESH LTD. EMPLOYEES CONTRIBUTORY PROVIDENT FUND
Notes to the Financial statements
For the period ended 31 March 2020
1.00 | Reporting entity
1.01 | Company profile
Murata Machinery Bangladesh Limited is a private limited company (100% foreign Owned Bangladeshi Company) incorporated in Bangladesh under companies Act, 1994 (Act XVIII of 1994), on 13 February 2017 vide registration No. C-136009/2017. The registered office of the company is situated at Paradise Tower (5th Floor), Plot No. 11, Sector No. 03, Uttara, Dhaka-1230, Bangladesh.
1.02 | Nature of business
The company established aims to buy, sell, install, repairs textile sector machineries and spare parts of such machineries and provide consultancy and after sales service on behalf of parents company.
2.00 | Basis of preparation of financial statements
2.01 | Reporting framework and compliance thereof
The financial statements have been prepared in compliance with the requirements of the Companies Act 1994 and other relevant local laws and regulations and in accordance with the International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) adopted by the Institute of Chartered Accountants of Bangladesh (ICAB).
2.02 | Measurement of the elements of financial statements
Measurement is the process of determining the monetary amounts at which the elements of the financial statements are to be recognized and carried in the statement of financial position and profit or loss and other comprehensive income. The measurement basis adopted by the management of the company is historical cost except for the inventories which are stated at the lower of cost and net realizable value. Under the historical cost, assets are recorded at the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the time of their acquisition. Liabilities are recorded at the amount of proceeds received in exchange for the obligation, or in some circumstances (for example, income taxes), at the amounts of cash or cash equivalents expected to be paid to satisfy the liability in the normal course of business.
2.03 | Structure, content and presentation of financial statements
Being the general purpose financial statements, the presentation of these financial statements is in accordance with the guidelines provided by IAS 1: “Presentation of Financial Statements”. A complete set of financial statements comprise:
a. | Statement of Financial Position as at 31 March 2020;
b. | Statement of Profit or Loss & Other Comprehensive Income for the year from 1 April 2019 to 31 March 2020;
c. | Statement of Changes in Equity for the year from 1 April 2019 to 31 March 2020;
d. | Statement of Cash Flows for the year from 1 April 2019 to 31 March 2020;
e. | Notes comprising a summary of significant accounting policies and other explanatory information to the financial statements from 1 April 2019 to 31 March 2020;
2.04 | Functional and presentational currency
These financial statements are prepared in Bangladesh Taka (Taka/Tk/BDT), which is the Company's functional currency. All figures of the financial statements are presented in Taka and have been rounded to the nearest integer except when otherwise indicated.
2.05 | Use of estimates and judgments
The preparation of financial statements in conformity with International Financial Reporting Standards requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses, and disclosure requirements for contingent assets and liabilities during and at the date of the financial statements.
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 in which the estimate is revised and in any future periods affected as required by IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors.
In particular, significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements include depreciation, inventory valuation, accruals and provision.
2.06 | Going concern
When preparing financial statements, management makes an assessment of the entity’s ability to continue as a going concern. The Company prepares its financial statements on a going concern basis as the company has adequate resources to continue it's operation for the foreseeable future and management does not intend to liquidate the entity or to cease trading, or has no realistic alternative but to do so.
2.07 | Accrual basis of accounting
Management of the company prepares its financial statements, except for cash flow information, using the accrual basis of accounting. When the accrual basis of accounting is used, an entity recognizes items as assets, liabilities, equity, income and expenses (the elements of financial statements) when they satisfy the definitions and recognition criteria for those elements in the Framework.
2.08 | Materiality and aggregation
Management of the company presents separately each material class of similar items and items of a dissimilar nature or function unless they are immaterial. Financial statements result from processing large numbers of transactions or other events that are aggregated into classes according to their nature or function.
2.09 | Statement of cash flows
Statement of cash flows has been prepared in accordance with the IAS 7: Statement of cash flows under the indirect method.
2.10 | Reporting period
This financial statement of the company covers a year from 1 April 2019 to 31 March 2020.
3. | Summary of significant accounting policies
3.01 | Property, plant & equipment (PPE)
3.01.01 | Recognition
The cost of an item of property, plant and equipment shall be recognized as an asset if, and only if: - it is probable that future economic benefits will flow to the entity; and -the cost of the item can be measured reliably.
3.01.02 | Measurement
Items of property, plant and equipment except land are measured at cost less accumulated depreciation and impairment losses, if any. Property, plant and equipment are recognized when all the conditions for recognition as per IAS 16: Property, Plant and Equipment are met. The cost of an item of property, plant and equipment comprises its purchase price, import duties and non refundable taxes, after deducting trade discounts and rebates and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the intended manner. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment.
3.01.03 | Subsequent costs The cost of replacing part of an item of property, plant and equipment's is recognized 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 recognized in the profit and loss account as incurred.
The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the company and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognized in the statement of comprehensive income as incurred.
3.01.04 | Depreciation
Depreciation is commenced when the asset is in the location and condition necessary for it to be capable of operating in the manner intended. Property plant and equipment of Murata Machinery Bangladesh Ltd. are depreciated using Reducing Balance Depreciation method. Depreciation is expressed in terms of percentage of cost of the related assets. The annual depreciation rates applicable to different category of assets are:
Particular of assets | Rate of depreciation
Computer & Computer Equipment | 30%
Furniture & Fittings | 10%
Machinery & Equipment's | 20%
Office Equipment | 10%
Software | 50%
3.01.05 | Disposal of property, plant and equipment
An item of Property, plant and equipment is removed from the statement of financial position when it is disposed of or when no future economic benefits are expected from its use or disposal. The gain or loss on the disposal of an item of Property, plant and equipment is included in the statement of profit or loss and other comprehensive income of the period in which the de-recognition occurs.
3.01.06 | Impairment
The carrying amounts of assets are reviewed at each reporting date to determine whether there is any indication of impairment loss. If any such indication exists, recoverable amount is estimated in order to determine the extent of the impairment loss, if any. Impairment loss is recorded on judgmental basis, for which provision may differ in the future years based on the actual experience. An impairment loss is recognized whenever the carrying amount of the asset exceeds its recoverable amount. Impairment losses, if any, are recognized in the statement of profit and loss and other comprehensive income.
3.02 | Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets carried in the statement of financial position include cash and cash equivalents, other receivables, inter company receivables and advance, deposits and prepayments.
3.02.01 | Financial assets
All other financial assets are recognized initially on the date at which the company becomes a party to the contractual provisions of the transaction.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and cash at bank which are available for use by the Company without any restriction.
Advances, deposits and prepayments
Advances are recognized and stated at original invoiced amounts and carried at anticipated realizable values.
3.02.02 | Financial liabilities
Financial liabilities are recognized initially on the transaction date at which the Company becomes a party to the contractual provisions of the liability. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired.
Financial liabilities include interest bearing borrowing, trade payable and other current liabilities.
Interest-bearing borrowings
Interest-bearing bank loans and overdrafts are recorded at the amount of proceeds received, net of transaction costs. Borrowing costs are charged to the statement of profit or loss and other comprehensive income as an expense in the period in which they are incurred.
Trade payables
Payables are stated at cost which is the fair value of the consideration to be paid in the future for goods and services received.
3.03 | Revenue
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty.
3.04 | Responsibility for preparation and presentation of financial statements
The Board of Directors is responsible for the preparation and presentation of Financial Statements under section 183 of Companies Act 1994 and as per the provision of International Accounting Standards(IAS)'' The Frame Work for the preparation and presentation of Financial Statements" issued by the International Accounting Standards Board (IASB).
3.05 | Income tax
Income tax expense comprises current and deferred tax. Income tax expense is recognized in profit and loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
3.05.01 | Current tax
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Provision for Income Tax on operational income has not been made as the income of the company is exempted from Tax Liability in accordance with Section 44(1) of Chapter-VI and Paragraph-33, Part A of 6th schedule of the Income Tax Ordinance 1984.
3.10.2 | Deferred tax
A deferred tax liability or asset should be recognized for all taxable and deductible temporary difference unless they arise from: -The initial recognition of goodwill, or -The initial recognition of an asset or liability in a transaction which is not a business combination, and at the time of transaction, affects neither accounting nor taxable profit. The tax rates that should be used to calculate deferred tax are the ones that are expected to apply in the period when the asset is realized or the liability settled. The best estimate of this tax rate is the rate which have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized.
3.06 | Provision, contingent liabilities and contingent assets
Provisions
Provisions are recognized when entity has a present obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If a transfer of economic benefit is no longer probable the provision should be reversed. Where the effect of the time value of money is material, the amount of a provision is the present value of the expenditure required to settle the obligation.
Accruals
Accruals are liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amount due to employees.
Contingent liabilities
A contingent liability arises where a past event may lead to an entity having a liability in the future but the financial impact of the event will only be confirmed by the outcome of some future event not wholly within the entity's control. A contingent liability should be disclosed in the financial statements unless the possible outflow of resources is thought to be remote.
Contingent asset
A contingent asset is a potential asset that arises from past events but whose existence can only be confirmed by the outcome of future events not wholly within an entity's control. A contingent asset should be disclosed in the financial statements only when the expected inflow of economic benefits is probable.
3.07 | Events after the reporting period
In accordance with IAS 10: Events After the Reporting Period, amounts recognized in the financial statements are adjusted for events after the reporting period that provide additional evidence of conditions that existed at the end of the reporting period. No adjustment is given in the financial statements for events after the reporting period that are indicative of conditions that arose after the reporting period. Material non-adjusting events are disclosed in the financial statements.
3.08 | Related party disclosures
As per IAS 24:Related Party Disclosures, parties are considered to be related if one of the parties has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. The Company carried out transactions in the ordinary course of business on an arm’s length basis at commercial rates with its related parties.
Following are the related party of the entity as on reporting period
Sl. No | Name of the Party | Relationship | Nature of Transaction | Amount of Transaction | Balance As at 31.03.2020
1 | Murata Machinery., Ltd. (MML) | Parent Company | Sales
2 | Murata Parts Sales, Ltd. (MPSL) | Parent Company | Sales
Purchase | 6,133,173
3 | Murata (Thailand) Co., Ltd. | Associate Company | Technical & Management Support Fee
3.09 | Comparative Information
Financial Statement of period ended 31st March, 2018 has been disclosed as comparative information for compliance of IAS-1. Figures of previous period has been rearranged where it is necessary for better comparability of the financial information of the entity.
3.10 | Foreign currency transaction
a. Foreign currency | Foreign currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates, i.e. the functional currency. The financial statements of the company are presented in Taka which is the company's functional and presentation currency.
b. Foreign currencies translation gains and losses
Foreign currencies are translated into Taka at the rates ruling on the transaction dates. Monetary assets and liabilities are translated at the rates prevailing at the date of statement of financial position. Differences arising on conversion are charged or credited to the statement of Comprehensive Income.
[Fixed Assets Schedule]
Murata Machinery Bangladesh Ltd.
Fixed Assets Schedule
For the period ended 31 March 2020
SL | Particulars of Assets | Assets at Cost | Rate | Depreciation | WDV
Opening | Addition during the period | Adjustment during the period | Closing | Opening | Charge during the period | Adjustment during the period | Closing
01 | Computer & Computer Equipment | 1,721,995 | 297,743 | 2,019,738 | 30% | 631,130 | 416,582 | 1,047,712 | 972,026 | -357023 | 59,559 | -1037237 | 10,475 | (1,047,712)
02 | Furniture & Fittings | 4,632,923 | 73,963 | 4,706,886 | 10% | 769,652 | 393,723 | 1,163,375 | 3,543,511 | -372894 | 20,829 | (1,176,586) | (13,211) | (1,163,375)
03 | Machinery & Equipment's | 682,915 | - | 682,915 | 20% | 136,583 | 109,266 | 245,849 | 437,066 | -99788 | 9,478 | -236371 | 9,478 | (245,849)
04 | Office Equipment | 1,159,290 | 186,224 | 1,345,514 | 10% | 193,700 | 115,181 | 308,881 | 1,036,633 | -107927 | 7,254 | -310268 | (1,387) | (308,881)
05 | Software | 448,548 | - | 448,548 | 50% | 279,055 | 84,746 | 363,801 | 84,747 | -45877 | 38,869 | -379713 | (15,912) | (363,801)
Total 2019 | 8,645,671 | 557,930 | - | 9,203,600 | 2,010,120 | 1,119,498 | - | 3,129,618 | 6,073,982 | 135,989 | (10,557)
Total 2018 | 6,754,333 | 1,891,337 | - | 8,645,671 | 699,990 | 1,310,130 | - | 2,010,120 | 6,635,551
[Tax Calculation]
Murata Machinery Bangladesh Ltd.
Computation of Total Income & Tax Liability
For the year ended 31 March 2020
Total Income As per P&L | -
Add: Income Tax expense
Net profit before tax
Calculation of Tax
1. Regular Tax Liability
35% of Net Profit
2. Minimum tax as per U/S 82C (2)
Tax deducted at sorurce | 6,411,928.17
3. Minimum tax as per U/S 82C (4)
Minimum Tax on Gross Receipt | 345,893.22
So, Tax Liability will be higher of 1,2 & 3; i.e.
[TDS &VDS revise calculation]
Head | Amount | TDS Chargeable | TDS Paid | TDS Payable | VDS Chargeable | VDS Paid | VDS Payable
Computer & Internet Expenses | 23989 | 1718
Office Supplies | 1070 | 1255
Postage & Courier | 1044
Printing & Stationery | 498 | 744
Repair & Maintenance | 5482 | 3138
[Note 1-3]
Bangladesh Japan Cooperation Company Limited
Notes to the Financial Statements
as at and for the year ended 30 September 2016
1.00 | Reporting entity:
1.01 | Introduction
Bangladesh Japan Cooperation Company Limited (hereinafter referred to as "BJCCL" / "the Company")) is a non-listed public limited company domiciled in Bangladesh which was Registered [ Reg. No. C-129664 ].
1.02 | Nature of business activities
Nature of business of BJCCL To act as manufacturer, importer,supplier, distributor, marketing agent, broker, general order supplier of all kinds of goods, merchandise, machineries, equipments, commodities, substance, articles, materials and things pertaining to commerce, industry, trade, business or any other kind whatsoever, whether finished, raw, under process, refined, treated or in any other state, stage or condition whatsoever and to evolve, operate, undertake, initiate and run channel of for products, services, technologies both within and outside the Country and also to obtain and utilize licenses, franchise intellectual property rights from other companies, organizations, agencies and bodies as may be deemed useful and beneficial to the Company.
1.03 | Components of the financial statements
(i) Statement of financial position as at 30 September, 2016
(ii) Statement of comprehensive income for the year ended on 30 June, 2016
(iii) Statement of changes in equity for the year ended on 30 June, 2016
(iv) Statement of cash flows for the year ended on 30 June, 2016
(v) Accounting policies and explanatory notes to the financial Statement for the year ended on 30 June, 2016
As the company is under construction and in installing stage, revenue generating system is still underway.
2.00 | Basis of preparation, presentation and disclosures of financial statements
2.01 | Statement of compliance
The financial statements have been prepared on a going concern basis following accrual basis of accounting except for statement of cash flows in accordance with the International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs) as adopted in Bangladesh by the Institute of Chartered Accountants of Bangladesh as Bangladesh Accounting Standards (BASs) and Bangladesh Financial Reporting Standards (BFRSs).
2.02 | Regulatory compliances
The Companies are also required to comply with the following major legal provisions in addition to the Companies Act, 1994, and other applicable laws and regulations:
The Income Tax Ordinance 1984
The Income Tax Rules 1984
The Value Added Tax Act 1991
The Value Added Tax Rules 1991
2.03 | Basis of measurement
These financial statements have been prepared on a historical cost basis.
2.04 | Functional and presentational currency
These financial statements are prepared in Bangladeshi Taka (Taka/Tk), which is the company’s functional currency. All financial information presented in Taka has been rounded off to the nearest integer. Figures in brackets indicate deductions.
2.05 | Use of estimates and judgements
The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.
2.06 | Going concern
The company has adequate resources to continue its operation for foreseeable future. For this reason the directors continue to adopt going concern basis in preparing the financial statements. The current credit facilities and resources of the company provide sufficient fund to meet the present requirements of its existing businesses and operations.
2.07 | Applicable accounting standards
The following BASs and BFRS are applicable for the financial statements for the year under review:
BAS - 1 Presentation of Financial Statements
BAS - 7 Statements of Cash Flows
BAS - 10 Events after Reporting Period
BAS - 12 Income Taxes
BAS - 16 Property, Plant and Equipment
BAS – 21 The Effects of Changes in Foreign Exchange Rates
2.08 | Reporting period
The accounting period of the company covers one year from 1st July to 30th June consistently.
2.09 | Books of accounts
The Company maintains its books of accounts for main business in electronic form through its own customized software.
3.00 | Summary of significant accounting policies:
The specific accounting policies selected and applied by the company’s directors for significant transactions and events that have material effect within the framework of BAS-1 “Presentation of Financial Statements”, in preparation and presentation of financial statements have been consistently applied throughout the year and were also consistent with those used in earlier years.
For a proper understanding of the financial statements, these accounting policies are set out below in one place as prescribed by the BAS-1 “Presentation of Financial Statements”. The recommendations of BAS-1 relating the format of financial statements were also taken into full consideration for fair presentation.
The accounting policies set out below have been applied consistently to all periods presented in these financial statements.
3.01 | Property, plant & equipment
3.01.01 | Recognition & measurements
Property, plant & equipment are stated at cost less accumulated depreciation and impairment losses. The cost of acquisition comprises of purchase price, including import duties and non-refundable taxes and any directly attributable cost of bringing the assets to its working condition for its intended use.
3.01.02 | Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognized in the profit and loss account as incurred.
3.01.03 | Depreciation
The company is rightly under construction period so that all the assets under property, plant and equipment are not using regularly or ready for use. Depreciation will be charged when these assets are available for use or ready for use properly.
3.02 | Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Non-derivative financial instrument comprise accounts and other receivables, cash and cash equivalents, borrowings and other payables and are shown at transaction cost.
3.02.01 | Financial assets
Financial assets of the company include cash and cash equivalents, advances, deposits and prepayments, etc.
Financial assets are recognized initially on the date at which the company becomes a party to the contractual provisions of the instrument.
The company derecognizes a financial asset when the contractual rights or probabilities of receiving the cash flows from the asset expire or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risk and rewards of ownership of the financial assets are transferred.
Cash and cash equivalents
Cash and cash equivalents include notes and coins on hand and balances with other banks which are subject to insignificant risk of changes in their value and are used by the company without any restriction. Cash and cash equivalents are carried at amortized cost in the statement of financial position.
Advances, deposits and prepayments
Advances are initially measured at cost. After initial recognition advances are carried at cost less deductions, adjustments or changes to other account heads such as property, plant and equipment, inventory or expenses.
Deposits are measured at payment value.
Prepayments are initially measured at cost. After initial recognition prepayments are carried at cost less charges to profit and loss account.
3.02.02 | Financial liability
Financial liabilities are recognized initially on the transaction date at which the company becomes a party to the contractual provisions of the liability. The company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire.
Financial liabilities include payable for expenses, liability for capital expenditure and other current liabilities.
3.03 | Foreign currency translation
Transactions in foreign currencies are converted into Bangladeshi TAKA at the exchange rate ruling on the date of transaction as per “BAS – 21 The Effects of Changes in Foreign Exchange Rates”.
3.04 | Share capital
Proceeds from issuance of ordinary shares are recognized as share capital in equity when there is no contractual obligation to transfer cash or other financial assets. | direct method as required by the Securities & Exchange Rules, 1987.
3.05 | Statement of changes in equity
Statement of changes in equity has been prepared in accordance with Bangladesh Accounting Standards BAS-1: "Presentation of Financial Statements". | direct method as required by the Securities & Exchange Rules, 1987.
3.06 | Statement of cash flows
Statement of cash flows is prepared principally in accordance with BAS-7 “Statements of Cash Flows” and the cash flow from operating activities have been presented under the direct method as required by the Securities & Exchange Rules, 1987. | direct method as required by the Securities & Exchange Rules, 1987.
3.07 | Responsibility for presentation and preparation of financial statements
The Board of Directors is responsible for the preparation and presentation of Financial Statements under section 183 of the Companies Act 1994 and as per provision of “The Framework for the Preparation and Presentation of Financial Statements” issued by the International Accounting Standard Committee (IASC).
3.08 | Related party transactions
As per Bangladesh Accounting Standards BAS-24: "Related Party Disclosures", parties are considered to be related if one of the party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. The Company carried out transactions in the ordinary course of business on an arm’s length basis at commercial rates with its related parties which have been given in note no. # 17.
3.09 | Events after reporting period
In compliance with the requirements of “BAS-10:“Events after the Reporting Period, post statement of financial position events that provide additional information about the company’s position at the statement of financial position date are reflected in the financial statement and events after the statement of financial position date that are not adjusting event are disclosed in the notes when material.
3.10 | General
3.10.01 | These notes form an integral part of the annexed financial statements and accordingly are to be read in conjunction therewith.
3.10.02 | Figures in this note and annexed financial statements have been rounded off to the nearest taka.
3.10.03 | Previous year's figures and account titles in the financial statements have been rearranged and reclassified, whenever necessary for the purpose of comparison, without, however, creating any impact on the value of assets and liabilities as reported in the financial statements for the current year.
[summary]
Bangladesh Japan Cooperation Company Limited
SL # | Received | Tk. | Payment | Total | June '16 | July'16
Balance | 3,211,765
01 | Initial investment | 3,308,581 | Company reg. & trade license (New Vision) | 94,516
02 | Car rent | -
03 | Bank charge | 2,300
04 | Convention Expenses
05 | Entertainment
06 | Investigation Charges
07 | Japanese Staff Salary
08 | Local Staff salary
09 | Membership Fee
10 | Miscellaneous Expenses
11 | Office Equipments
12 | Office/House Rent
13 | House Rent for G.M.
14 | Payment Charges
15 | Repair and mantenance
16 | Sample Charge
17 | Stationery and Printing
19 | Transportation
20 | Traveling
21 | Utilities
22 | Vehicle
23 | Welfare
Total | - | 96,816 | - | - | - | - | - | -
[raw data]
Cheque No | Date | To | Amount
Cheque | 4192901 | 6/26/16 | New Vision | 89,525 | Company Registration cost
4192902 | 6/26/16 | New Vision | 4,991 | Trade License cost
4192903 | Cancel
4192904 | Cancel
4192905 | car usage | Alam samsul | 220,000 | Car rent
4192906 | Cancel
4192907 | Cancel
4192908 | Cancel
4192909 | Cancel
4192902