[FP]
Murata Machinery Bangladesh Limited
Statement of Financial Position
As at 30 November 2017
Notes | 30-Nov-17
(BDT)
Assets:
Non-current assets | 6,042,065
Property, plant and equipment, net | 1.02 | 6,042,065
Current assets | 26,616,617
Trade receivables | 2.00 | 6,343,102
Advances, deposits and prepayments | 3.00 | 3,125,346
Stock | 591,392
Cash and cash equivalents | 4.00 | 16,556,778
Total assets | 32,658,682
Equity and liabilities
Shareholders’ equity | 29,626,268
Share capital | 5.00 | 24,000,000
Share money deposit | 412,500
Retained earnings | 5,213,768
Current liabilities | 3,032,414
Provision for taxation | 1,372,571
Provision for PF | 225,389
TDS payable | 62,466
VDS Payable | 1,371,988
Total equity and liabilities | 32,658,682 | -
The notes 01 to 08 are an integral part of these financial statements.
[SCI]
Murata Machinery Bangladesh Limited
Statement of Comprehensive Income
For the period ended 30 November 2017
Particulars | Notes | 30-Nov-17
(BDT)
Revenue | 6.00 | 20,912,455
Cost of Goods Sold | 7.00 | 371,105
Gross Profit | 20,541,350
Operating and administrative | 8.00 | 14,008,967
Income from Operation | 6,532,384
Non-Operating Income
Foreign Exchange Gain | 53,955
Profit before tax | 6,586,339
Income tax expense | 1,372,571
Profit after tax | 5,213,768
The notes 01 to 08 are an integral part of these financial statements.
[CE]
Murata Machinery Bangladesh Limited
Statement of Changes in Equity
For the period ended 30 November 2017
Particulars | Share | Share | Retained | Total
capital | Money Deposit | earnings | equity
(BDT) | (BDT) | (BDT) | (BDT)
Opening balance | - | - | - | -
Add: Addition during the period | 24,000,000 | 412,500 | - | 24,412,500
Profit during the period | - | - | 5,213,768 | 5,213,768
Balance as at 30 November 2017 | 24,000,000 | 412,500 | 5,213,768 | 29,626,268
[CF]
Murata Machinery Bangladesh Limited
Statement of Cash Flows
For the period ended 30 November 2017
Notes | 30-Nov-17 | 31 December' 16
(BDT) | Taka
A) | Cash flows from operating activities
Profit/ (Loss) during the period | 5,213,768 | -
Depreciation adjustment | 369,218
(Increase)/ Decrease | Trade receivables | (6,343,102)
(Increase)/ Decrease | Advances, deposits and prepayments | (3,125,346)
(Increase)/ Decrease | Stock | (591,392)
Increase/ (Decrease) Current Liabilities | 3,032,414
Net cash from/ (used in) operating activities | (1,444,439)
B) | Cash flows from investing activities
Acquisition of property, plant and equipment | (6,411,283)
Net cash from (used in) investing activities | (6,411,283) | -
C) | Cash flows from financing activities
Change in Share Capital | 24,000,000 | -
Change in Share Money Deposit | 412,500 | 3,128,001
Net cash from financing activities | 24,412,500 | 3,128,001
D) | Net increase/(decrease) in cash and cash equivalents (A+B+C) | 16,556,778
E) | Cash and cash equivalents at opening | - | 390,846
F) | Cash and cash equivalents as at 30 November 2017 | 16,556,778 | -
The notes 01 to 08 are an integral part of these financial statements.
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
Advance, deposits & Prepayments (Others) | 331,135,607 | 331,135,607
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)
[Notes]
Murata Machinery Bangladesh Limited
Notes to the Financial Statements
For the period ended 30 November 2017
30-Nov-17
(BDT) | (BDT)
1.00 | Property, plant & equipment
Based on cost:
Opening Balance as at 1st March 2017 | - | -
Add: Addition during this period | 6,411,283 | -
Less: Transfer/ Disposal during this period | - | -
Balance as at 30 November,2017 | 6,411,283 | -
1.01 | Accumulated Depreciation as at 30 November
Opening Balance as at 1st March 2017 | - | -
Charge During the Period | 369,218 | -
Adjustment during the period | - | -
Balance as at 30 November,2017 | 369,218 | -
1.02 | Written Down Value as at 30 November 2017 | 6,042,065 | -
2.00 | Accounts Receivable
MML | 4,481,023 | -
MPSL | 584,079 | -
Akota Composite | 8,000
Metro Spg | 5,000
Talha Spg | 15,000 | -
Badsha Tex | 8,000 | -
Amanat Sah Spg | 12,000 | -
Divine Spg | 8,000 | -
MSA Tex | 260,000 | -
Armada Spg | 72,000 | -
Dabiruddin | 120,000 | -
Square Tex | 164,000 | -
Shirin Spg. | 20,000
Sufia Cotton | 20,000
Viyellatex | 76,000 | -
Unitex Composit | 80,000 | -
Yasmin | 5,000 | -
Kader Compact | 32,000 | -
SA Spg | -
ON Spg | 52,000 | -
GN Cotton | 16,000
MAH Spg | 48,000 | -
Syed Spg | 96,000 | -
Aegis Spg | 76,000
CRC | 35,000
Fuad Spg | 40,000
Ismail Spg | 10,000
Others | 3,651,969
6,343,102 | 3,651,969 | -
3.00 | Advances, deposits and prepayments
Advance Rent | 1,423,405 | 1,668,830
Advance to Supplier | 329,371 | -
AIT | 1,372,571 | -
3,125,346 | 1,668,830
4.00 | Cash and cash equivalents:
Cash in hand | 41,748 | 243,507
Cash at bank:
United Commercial Bank Ltd. | 965,501 | 904,438
Prime Bank Limited | 15,549,528 | 13,273,159
16,556,778 | 14,421,104
5.00 | Share capital
Authorised :
400,000 ordinary shares of BDT 100 each | 40,000,000 | 40,000,000
Issued, subscribed & called up :
240,000 ordinary shares of BDT 100 each | 24,000,000
24,000,000
Paid up :
240,000 ordinary shares of BDT 100 each | 24,000,000 | 24,000,000
5.01 | Shareholding position | % of holding | Value of shares (BDT) | Value of shares (BDT)
Percentage of shareholdings
Name of shareholders
Murata Machinery, Ltd. | 70% | 16,800,000 | 16,800,000
Murata Parts Sales, Ltd. | 30% | 7,200,000 | 7,200,000
100% | 24,000,000 | 24,000,000
6.00 | Revenue
Installation Charge Received | 1,877,392 | 469,000
Parts Sales | 1,716,148 | -
Service Charge After Warranty | 123,478 | -
Service Charge from MML | 13,479,356 | 3,335,969
Market Consulting Fees from MPSL | 3,716,081 | -
20,912,455.11 | 3,804,969
7.00 | Cost of Goods Sold
Opening Stock-Parts | - | -
Purchase Stock-Parts | 962,496.31 | -
Goods Available for Sale | 962,496.31 | -
Closing Stock-Parts | 591,391.66 | -
Cost of Goods Sold | 371,104.65 | -
8.00 | Operating and administrative
Bank Service Charges | 14,812 | 2,485.00
Car Rent | 184,580
Computer and Internet Expenses | 146,641 | 3,958.00
Depreciation | 369,218 | -
Electricity Bill | 74,611 | 12,812.00
Entertainment Expenses | 128,066 | 10,848.00
Freight Charge | 830,293 | -
Fuel and Lubricant | 17,790 | 8,411.00
Insurance Expense | 4,182 | -
Legal and Professional Fees | 611,130 | -
Licenses and Renewals | 120,150 | -
Lobour Bill | 4,000 | 1,500.00
Miscellaneous Expenses | 26,020 | 20,000.00
Office Cleaning | 15,000 | 2,000.00
Office Rent Exp-VAT | 318,525 | -
Office Rent Expenses | 2,123,500 | 748,650.00
Office Supplies | 44,794 | 5,744.00
Postage and Courier | 47,702 | 5,138.00
Printing and Stationery | 16,547 | 2,262.00
Repairs and Maintenance | 22,541 | -
Salary and Allowance | 7,406,250 | 1,534,400.00
Telephone and Mobile Expenses | 104,591 | 27,693.00
Travelling and Transport - Local | 885,454 | 559,764.00
Travelling and Transport -Oversea | 318,458 | -
Utilities | 124,000 | -
Welfare Expenses | 50,112 | -
14,008,966.66 | 2,945,665
18.00
[Fixed Assets Schedule]
Murata Machinery Bangladesh Limited
Fixed Assets Schedule
For the period ended 30 November 2017
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 | Furniture & Fittings | 4,340,088 | 4,340,088 | 10% | 179,043 | 179,043 | 4,161,045
02 | Office Equipment | 1,100,395 | 1,100,395 | 10% | 45,637 | 45,637 | 1,054,758
03 | Computer & Computer Equipment | 692,550 | 692,550 | 30% | 86,569 | 86,569 | 605,981
04 | Software | 278,250 | 278,250 | 50% | 57,969 | 57,969 | 220,281
Total | 6,411,283 | - | 6,411,283 | - | 369,218 | - | 369,218 | 6,042,065
[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 | 24,315,684
01 | Initial investment | 24,412,500 | 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