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hp:d4:aamra/aamra network itd. 2015 aamra networks limited Safura Tower (12th Floor) 20, Kemal Ataturk Avenue Banani Commercial Area Dhaka-1213 aamra networks limited [AUDITORS REPORT ANO FINANGIAL STATEMENTS For the voar ended 31 December 2015 Contents Page No. * Auditors’ Report 1 * Statement of Financial Position 2 * Statement of profit or loss and other comprehensive income 3 * Statement of Changes in Equity 4 * Statement of Cash Flows 5 * Notes to the Financial Statements 6-26 * Schedule of Property, Plant and Equipments (Annexure - A) 27 * Schedule of Intangible Assets (Annexure - B) 28 + Schedule of Calculation of Deferred Tax Liability (Annexure -C) | _29 K.M. HASAN & CO. Chartered Accountants Home Town Apartment (Sth Floor) 87, New Eskaton Road, Dhaka-1000 Phone : 0162-33181, 9351457 Fax: 00-08-9351564 ‘Web: Be CLES GR EEE IAA McMillan Woods K.M. HASAN & CO, Fax''ss0-2-9343702 Ea ena Professionalism at the forefront Chartered Accountants website : www AUDITORS" REPORT tothe shareholders of ‘aamra networks limited ‘We have audited the accompanying financial statements of aamra networks limited, which comprise the statement of financial position as at 31 December 2016, the statement of profit or loss and other Comprehensive income, statement of changes in equity and statement of cash flows for the year then ended ‘and a summary of significant accounting policies and other explanatory notes and information. ‘Management's Responsibility for the Financial Statements ‘Management of aamra networks limited is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Financial Reporting Standards (BFRSs), and for such intemal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Cur responsibly is to express an opinion on these financial statements based on our audit. We conducted four audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we ‘comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about ‘whether the financial statements are free from material misstatement. ‘An audit Involves performing procedures to obtain audit evidence about the amount and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’ internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the nancial statements, We believe that the audit evidence we have obtained is sufficient and appropriate to provide 4 basis for our ‘audit opinion. ‘Auditors’ Opinion In our opinion, the financial statements, prepared in accordance with Bangladesh Financial Reporting Standards (BFRSs), give a true and fair view of the company's financial position as at 31 December 2015 ‘and its financial performance and cash flows for the year then ended and comply with the Companies Act, 1894, the Securities and Exchange Rules, 1987 and other applicable laws and regulations. ‘We also report that (2) We have oblained al the information and explanations which tothe best of our knowledge and belief ‘were necessary for the purposes of our audit and made due verification thereof, (©) in our opinion, proper books of account as requited by law have been kept by the company so far as it ‘appeared from our examination of those books; (c) _ the company’s statement of financial position and statement of profit or loss and other comprehensive income dealt with by the report are in agreement with the books of account; and (6) twexpendture was iced fr the pupote ofthe companys business. ke tego, (5 fe Place: Dhaka HASAN & CO. (08 March 2016 Chartered Accountants An Independent Member Firm of McMillan Woods aamra networks limited ‘STATEMENT OF FINANCIAL POSITION ‘As at 31 December 2015 Amount in Taka Notes 2014 ae Restated ASSETS Non-current assets Property, plant & equipments 4 [588,503,820 | [427,398,264 Intangible assets 5 29,721,845 || 33,628,499 ‘Advance, deposit & prepayments a4 8,265,902 || _ 10,769,688 Total non-current assets 637,491,087 471,796,465 Current assets Inventories 6 [106,367,669 | [68,861,057 Trade and other receivables 7 | 100,924,931 || 93,385,433 ‘Advance, deposit & prepayments a2 | 73,976.414|| 51,773,433 Cash & cash equivalents 8 24,392,730 ||_153,007,018 Total current assets 305,661,744 367,026,921 TOTAL ASSETS 858,823,386 EQUITY AND LIABILITIES Capital and reserves. ‘Share capital 10 [380,000,000 | [260,000,000 ‘Share premium 11 | 159,131,807 : ‘Share money deposit 12 - || 133,862,500 Retained earnings 13 |_296,024,608 | |_175,943.118 Total equity 835,156,412 69,805,618 Non-current liabil Term loan 144 3T371, 913 Lease liabilities 15.41 : 23,356,904 Deferred tax liability a 14,093,201 | |__7,291,323 Total non-current liabilities 14,093,201 62,020,140 Current liabilities Current portion of term loan 142 = 74,502,000 Current portion of lease liabilities 152 4,278,889 || 12,707,472 Short term loan 16 37,002,384 || 148,455,460 ‘Accrued expenses 7 8,514,706 || 17,577,849 Provision for Workers’ Proft Participation Fund (WPPF) 18 11,033,407 || _ 4,494,060 Trade and other payables 19 28,169,791 || 23,021,372 Provision for tax 20 7,904,021 ||__6,149,415 Total current liabilities 93,903,198_ _ 226,997,626 Total liabilities 707,996,399. _ 289,017,768 TOTAL EQUITIES AND LIABILITIES 943,152,811 _ 858,823,386 Not Asset Value (NAV) per share 29 21.98 16.77 “The annexed notes form an integral part of these financial ~t ( i ‘Managing Director { : ‘Company Secretary Signed in terms of our separate report of even date annexed, Wu, Yeo, Place: Dhaka Ie M. HASAN & CO. 08 March 2016 Charred Accountants