B- Trac Technologies Limited

Auditors' Report & Audited Financial Statements

As at & for the year ended 30 June, 2021
M J U Ahmed & Co.
Chartered Accountants #
INDEPENDENT AUDITORS’ REPORT
TO THE SHAREHOLDERS
OF
B- TRAC TECHNOLOGIES LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of B- Trac Technologies Limited (the Company), which comprise the
statement of financial position as at 30 June, 2021 and the statement of comprehensive income, statement of
changes in equity and statement of cash flows for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies .

In our opinion, the accompanying financial statements give true and fair view of, in all material respects, the
financial position of the Company as at 30 June, 2021 of its financial performance and its cash flows for the year
then ended in accordance with International Financial Reporting Standards (IFRSs) .

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the ethical requirements that are
relevant to our audit of the financial statements in Bangladesh, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.

Information Other than the Financial Statements and Auditor’s Report Thereon

Management is responsible for the other information. The other information obtained at the date of this auditor's
report is information included in the management report and chair’s statement, but does not include the financial
statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so , consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated .

If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report,
we conclude that there is a material misstatement of this other information , we are required to report that fact. We
have nothing to report in this regard.

Bananta Villa (6*1 floor), Suite B6, House 105, Road04, Block B, Banani, Dhaka-1213, Bangladesh
Telephone: 02-55033258-59, Email: infbjacbd@gmail.com
J U Ahmed & Co.
Chattered Accountants

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with
IFRSs, and for such internal 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.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor' s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs , we exercise professional judgment and maintain professional
skepticism throughout the audit . We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion , forgery, intentional omissions,
misrepresentations , or the override of internal control.

• Obtain an understanding of internal control relevant to the audit 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
Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and , based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However , future events or conditions may
cause the Company to cease to continue as a going concern.

Bananta Villa (681 floor), Suite B6, House 105, RoadQ4, Block B, Banani, Dhaka-1213, Bangladesh
Telephone: 02-55033258-59, Email: info.jacbd@gmail.com
J U Ahmed & Co.
Chartered Accountants

We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings , including any significant deficiencies in internal control that we
identify during our audit.

Report on Other Legal and Regulatory Requirements

In accordance with the Companies Act 1994, we also report the following:

i) we have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit and made due verification thereof;
ii) in our opinion, proper books of account as required by law have been kept by the company so far as it
appeared from our examination of these books;
iii) the 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 returns.

Dhaka
Dated: 10 January , 2022
Chartered Accountants
Md. Mumlook Hossain FCA
Enrollment No.- 0751
Partner

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Bananta Villa (681 floor), Suite B6, House 105, Road04, Block B, Banani, Dhaka-1213, Bangladesh
Telephone: 02-55033258-59, Email: info.jacbd@gmail.com
 B- Trac Technologies Limited
Statement of Financial Position
As at 30 June 2021

30- 06-2021 30-06-2020

Notes
Taka Taka
ASSETS
Non current assets
Property , plant and equipment 04.00 30,794,400 11,221,713
30,794,400 11,221,713

Current assets:
Inventories 05.00 342,656,445 608,873,691
Advance, deposit and prepayments 06.00 401, 430,184 226,769,356
Accounts receivables 07.00 879,765,750 725, 496,033
Current accounts with inter company 08.00 74,573,560 14,269,976
Cash and cash equivalents 09.00 94,921,829 33,824, 368
Total current assets 1,793,347,768 1,609,233,424
Total assets 1, 824,142,168 1,620,455,137

EQUITY & LIABILITIES

1
Shareholders equity
Share capital 10.00 201,000,000 201,000,000
Retained earnings 11.00 255,207,837 78,600,901
Total shareholders’ equity 456, 207,837 279,600,901
Current liabilities
Accounts payable 12.00 753,292,290 796,914,155
Current accounts with inter company 13.00 143,272,275 303,754,543
Short term loan 14.00 376,348,947 176,792,391
Provision for expenses 15.00 95,020,819 63,393,147
Total liabilities 1,367,934,331 1,340,854,236
Total equity & liabilities 1,824,142,168 1,620,455,137

The annexed notes form an integral part of this statement of financial position.

Chief Financial Officer Managing Director Chairman

This is the Statement of Financial Position referred to in our report of even date.

Dhaka
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J. U. Ahmed & Co.
Dated: 10 January, 2022 Chartered Accountants
Md. Mumlook Hossain FCA
Enrollment No. 0751
Partner

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 B-Trac Technologies Limited
Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2021

2020-2021 2019-2020
Notes
Taka Taka

Revenue 16.00 2,950,928 ,974 1, 471 ,003,337

s
Cost of goods sold 17.00 (2,574, 390, 437) (1,283,452,924)

Gross Profit 376,538 ,537 187,550,413

Operating expenses
Administrative expenses 18.00 (81,007,303) (63,729,242)
Marketing & selling expenses 19.00 (3,055,830) (1,661,136)
(84,063,133) (65,390,378 )
Operating profitZ(loss) 292,475, 404 122,160,035
Non operating income 20.00 - 205,971
Financial expenses 21.00 (40,179 ,781) ( 26 ,413,746)
Net profit/(loss) before tax 252,295,623 95,952,260
Income tax expenses 22.00 (75,688,687) (31,184,485)
Net profit/(loss) after tax 176 ,606,936 64,767,775
Other Comprehensive income - -
Total Comprehensive income 176,606 ,936 64,767,775

The annexed notes form an integeral part of this statement of financial position.

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Chief Financial Officer Managing Director Chairman

This is the Statement of Comprehensive Income referred to in our report of even date.

Dhaka J. U. Ahmed & Co.

Dated: 10 January, 2022 Chartered Accountants
Md . Mumlook Hossain FCA
Enrollment No. 0751
Partner

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 B-Trac Technologies Limited
Statement of Changes in Equity
For the year ended 30 June 2021

Share Capital Retained Earnings Total Equity

Balance as at 01 July 2020 201,000,000 78,600,901 279,600,901

Net profit/(loss) during the period - 176 ,606,936 176 ,606,936

Dividend during the period - - -

Balance as at 30 June 2021 201,000,000 255 ,207 , 837 456 ,207,837

Balance as at 01 July 2019 1,000,000 13,833,126 14,833,126

Increase in paid up capital 200 ,000 ,000 - 200,000,000

Net profit/( loss) during the period - 64,767, 775 64 ,767,775

Dividend during the period - - -

Balance as at 30 June 2020 201,000,000 78 ,600,901 279,600,901

The annexed notes form an integral part of these financial statements.

Chief Financial Officer Managing Director Chairman

Dhaka
Dated: 10 January , 2022

6
 B-Trac Technologies Limited
Statement of Cash Flows
For the year ended 30 June 2021

2020-2021 2019-2020
Taka Taka

Cash flow from operating activities [A]

Cash received from revenue and others 2,796,659,257 1, 056 ,881,757 i

Cash paid to employees and others (2,910,013,551) (1,031,648,433)

Net cash provided by/(used in) operating activities (113,354,294) 25,233,324

Acquisition of non current asset ( 25,104,801) (6 ,683,367)

Net cash provided by/(used in) investing activities (25,104,801) (6,683,367)

Cash flow from financing activities [C]

Receipt/refund of short term loan 199 ,556, 556 (40,023 ,956)
Share money deposit (5,122,063)
Net cash provided by/(used in) financing activities 199,556,556 ( ,146,019)
45

Net cash inflow/(outflow) [A+B+C= D] 61,097,461 (26,596,062)

Opening cash & cash equivalents [E] 33,824,368 60,420,430

Closing cash & cash equivalents [D+E = F] 94,921,829 33,824,368

The annexed notes form an integral part of this statement of financial position.

Managing Director
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Chief Financial Officer

Dhaka
Dated: 10 January , 2022

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 B-Trac Technologies Limited
Notes to the Financial Statements
For the year ended 30 June 2021

1.00 The company and its activities

1.01 Legal form of the company

The company in the name B-Trac Technologies Limited was incorporated with Registrar of Joint Stock Companies
& firms, Bangladesh as a private company limited by shares bearing certificate of incorporation number: C -
113306 / 14 on January 06, 2014 under the Companies Act ( XVIII ) 1994 .
1.02 Registered office of the company
.
The registered office of the company is located at Plot - 68, Block - H, Road - 11, Banani, Dhaka - 1213

1.03 Principal activities and nature of the business

The main activities of the company are to carry on the business of sales , marketing, dealership of brand or clone
computer, laptop, mother board, processor, casing, monitor, ram, keyboard, mouse, printer, scanner , cddvd, or
cddvd driver, ROM portable hard drive, pen drive, power cord, all other computer & accessories, electric
equipment’s, audio visual equipment’s, import , export and all other allied items, and all kind of hardware &
software and telecommunication related business and any other lawful business in Bangladesh and abroad.

2.00 Basis of preparation and presentation of financial statements

02.01 Statement of compliance

The financial statements of the company have been prepared in conformity with the international Accounting
Standards ( IASs ) , International Financial Reporting Standards ( IFRSs ) , the Companies Act 1994 and other
rules & regulations applicable in Bangladesh.The policies, wherever appropriate, are policies are explained in the
succeeding notes.

2.02 Other regulatory compliances

The company also required to comply with the following laws and regulations in addition to the above-mentioned
compliances:

i) The Income Tax Ordinance, 1984

ii) The Income Tax Rules, 1984
iii) The Value Added Tax and Supplementary Duty Act, 2012
iv) The Value Added Tax Rules, 1991
v) The Customs Act, 2014
2.03 Basis of measurement

The financial statements have been prepared on Going Concern Basis and the elements of financial statements
.
have been measured at " Historical Cost " Revenues and expenses are recognized on Accrual Basis in
accordance with the Generally Accepted Accounting Principles.
2.04 Responsibility for preparation and presentation of financial statements

The Board of Directors of the company is responsible for the preparation and presentation of financial statements
under section 183 of the Companies Act, 1994 and asper the provisions of the framework for the " Presentation of
Financial Statements " of International Accounting Standard ( IAS ) - 1.

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 2.05 Reporting period

The financial statements of the company have been prepared for the period from July 01, 2020 to June 30, 2021.

2.06 Components of the financial statements

According to the International Accounting Standards ( IASs) 1 "Presentation of Financial Statements " , the complete
set of financial statements include the following components:

i) Statement of Financial Position

ii) Statement of Profit or Loss and Other Comprehensive Income
iii) Statement of Change in Equity
iv) Statement of Cash Flows
v) Notes, comprising a summary of significant accounting policies and other explanatory information
2.07 Functional and presentational currency and level of precision

Both the functional and presentation currency of the company is Bangladeshi Taka. All the transactions
denominated at foreign currency are initially recognized in the functional currency ( i.e. Taka ) by translating the
foreign currency amounts using the exchange rate ruling at the date of the transactions in accordance with IAS 21
" The Effects of Changes in Foreign Exchange Rates ". At the reporting date, the balances of monetary assets
and liabilities are translated using the closing exchange rate. Foreign exchange gains and losses resulting from
the settlement of such transactions and from the translation of foreign currency assets and liabilities at year end
rates of exchange are recognized in the statement of comprehensive income.

2.08 Use of estimates and judgement

The preparation of financial statements in conformity with IASs / IFRSs requires management to make judgements,
estimates and assumptions that may affect the application of accounting policies and the reported amounts of
assets , liabilities, income and expenses. Actual results may differ from these estimates and assumptions.
Estimates and underlying assumptions are reviewed on going concern basis. Revisions to accounting estimates
are recognized in the period in which the estimates are revised and in any future periods affected.

The preparation of financial statements in conformity with IASS / IFRSS require management to make judgements,
estimates and assumptions that may affect the application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results may differ from these estimates and assumptions
.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimates are revised and in any future periods affected.

3.00 Significant accounting policies & applications

Specific accounting policies were selected and applied by the company's management for significant transactions
and events that have a material effect within the framework of IAS - 1 "Presentation of Financial Statements"
in
preparation and presentation financial statements. Accounting and valuation methods are disclosed for reasons
of clarity. The company classified the expenses using the function of expenses method as per IAS 1.
-

03.01 Cash and cash equivalents

According to IAS 7 " Statement of Cash Flows " , cash in hand and demand deposit, and cash equivalents are
short - term highly liquid investment that are readily convertible to known amounts of cash and which are to an
insignificant risk of changes in value. IAS 1 " Presentation of Financial Statements " provides that Cash and
Cash Equivalents are not restricted in use. Considering the provisions of IAS 1 and IAS 7, cash in hand and bank
balances has been considered as cash and cash equivalents.

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3.02 Statement of cash flows

The Statement of Cash Flows has been prepared in accordance with IAS 7 " Statement of Cash Flows " and cash
generating from operating activities has been reported using the direct method.

3.03 Events after the balance sheet date

In compliance with the requirements of IAS 10: Events after the Reporting period, Post balance sheet event that
provide additional information about the company ’s position at the balance sheet date are reflected in the financial »

statements where applicable and events after the balance sheet date that are disclosed in the notes when
material.

3.04 Non- current asset

a) Property, plant and equipment

Recognition and measurement

Items of property, plant and equipment are measured initially at cost and subsequently at cost less accumulated
depreciation in compliance with International Accounting Standard ( IAS ) 16 Property, Plant and Equipment.
The cost of acquisition of an asset comprises its purchase price and any direct cost for bringing the asset to its
working condition for its intended use. Expenditures incurred after the assets have been put into use, such as
repairs and maintenance is normally charged off as revenue expenditure in the period in which it is incurred.
Software and all up gradation / enhancement are generally charged off as revenue expenditure unless they bring
similar significant additional benefits.

When parts of an item of property, plant and equipment have different useful lives, they are accounted for as
separate items ( major components ) of property , plant and equipment.

Subsequent expenditure on property, plant and equipment

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 .
Depreciation

Property , plant & equipment are stated at their historical cost less accumulated depreciation and accumulated
impairment loss in accordance with IAS 16 " Property, Plant and Equipment " ;

Depreciation is recognized in profit or loss on a straight-line method over the estimated useful lives of each
component of an item of property , plant and equipment and the intangible assets are amortized in the Statement of
Comprehensive Income on straight line method based on their useful lives. For addition to property , plant and
equipment, depreciation is charged for the full year and no depreciation is charged in the year of disposal. Land is
not depreciated .
The rates at which property , plant and equipment are depreciated for current year are as follows:
Particulars Depreciation rate
Furniture & fixtures 10 %
Motor vehicles 20 %
Office equipment 10 %
Leasehold improvements 10 %

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Depreciation methods , useful lives and residual values are reviewed at each reporting date and adjusted if
appropriate.

3.05 Revenue recognition

IFRS 15 establishes a comprehensive model for timeframe, measurement and criteria of revenue recognition . It
replaces existing revenue recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and
IFRIC 13 Customer Loyalty Programmes.

The Company recognizes as revenue the amount that reflects the consideration to which the Company expects to
be entitled in exchange for goods or services when (or as) it transfers control to the customer . To achieve that core
principle, this standard establishes a five-step model as follows:

• Identify the contract with a customer;

• Identify the performance obligations in the contract;
• Determine the transaction price;
• Allocate the transaction price to the performance obligations in the contract; and
• Recognize revenue when (or as) the entity satisfies a performance obligation.

Considering the five steps model, the Company recognizes revenue when (or as) the Company satisfies
a
performance obligation by transferring promised goods or rendering promised services to a customer . Goods or
services are considered as transferred or rendered when (or as) the customer obtains control of that goods or
services or control is passed, either over time or at a point in time. Revenue from sale of goods or services are
measured at the fair value of the consideration received or receivable net of returns and allowances, trade *
discounts, rebates and Value Added Tax ( VAT) .

3.06 Trade receivables

These are carried forward at their original invoiced value and represents net realizable value.

3.07 Employee benefit plan

The company have employee benefit plan for its employees.

3.08 Borrowing costs

Borrowing costs are classified into both current and non -current liabilities. In compliance with the requiremen
ts of
of
IAS 23 ( Borrowing Costs ) , interest and other costs incurred by the company in connection with the borrowing
funds are recognized as an expense in the period in which they are incurred.

3.09 Provisions & contingencies

In accordance with the guidelines of IAS 37: Provisions, Contingent Liabilities and Contingent Assets, provisions
are recognized in the following situation:

a ) when the company has an obligation ( legal or constructive ) as a result of past events;
the
b ) when it is probable that an outflow of resources embodying economic benefits will be required to settle
obligation ; and
c ) reliable estimates can be made of the amount of obligation.

3.10 Advances , deposits and prepayments

Advances and prepayments are initially measured at cost. After initial recognition these are carried at cost
less
deductions, adjustments or charges to other account heads such as fixed assets, inventory or expenses. Deposits
are measured at payment value basis .
3.11 Taxation

Provision for income tax is made as per rate for the company and individual assessed on the basis of the income
calculated in accordance with the provisions of Income Tax Ordinance, 1984. Any shortfall / excess of provision in
any previous year upon completion of the assessment by the tax authority will be adjusted with the current year
income tax expense.

3.12 General

Figures have been rounded off to the nearest taka, as the currency represented in this Financial Statements.

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 30- 06-2021 30- 06- 2020
Taka Taka

04.00 Property, plant and equipment

Furniture and fixture 7, 496 ,443 2,568,933
Motor vehicles 7,052,622 2,498,811
Office equipment 4,299,998 2,978,225
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Leasehold improvements 11,945,337 3,175,744 »
30,794,400 11, 221,713
Balance at cost (A):
Opening balance 18,435,391 11,752,024
Add: Addition during the period 25,104,801 6 ,683,367
43, 540,192 18,435, 391
Less: Disposal during the period - -
Closing balance 43,540,192 18 , 435, 391

Accumulated depreciation (B):

Opening balance 7,213,678 4,883,045
Add: Charged during the period 5,532,114 2,330,633
12,745 ,792 7,213,678
Less : Disposal during the period - -
Closing balance 12, 745,792 7 , 213,678
Written down value : ( A- B) 30, 794,400 11,221,713

Details of property, plant, equipment and depreciation charged thereon have been presented in annexure - A.

05.00 Inventories
Inventory in store 257,553,252 518,823,323
Inventory in transit 85,103,193 90,050, 368
342,656 , 445 608,873, 691

06.00 Advance, deposit & prepayment

Advance to employees 16,757,338 16,270,696
Deposit against tender 1,870,320 1 ,986 ,421
Security deposit 15, 798,324 7,165,551
Advance for office rent 10,202,837 1,435,000
L/C margin 120,273,288 89,684,893
BG margin 9,671,217 6,604,576
Advance to supplier 4,573 ,318 10, 463, 296
Advance income tax 76, 391 ,491 45,773, 453
AT deducted at import stage 142,646,628 47,071,530
Advance to others 3,245,423 313,940
401, 430,184 226 ,769 , 356

07.00 Accounts receivables

Accounts receivable 879,765,750 725,496,033
879,765,750 725 , 496 ,033

08.00 Current accounts with inter company

Acorn Infrastructure Services Ltd. 9,000 ,000 9 ,000,000
B-Trac Solution Ltd. 589 ,000 989,000
Bangla Trac Limited 38, 435,251 -
Acorn Infrastructure Services Unit 3 Ltd. 21,000,000 -
Bangla Trac Power Unit 1 Ltd. 4,768,333 -
B- Trac Engineering Ltd. <c 780 ,976 4,280,976
o 74, 573,560 14,269,976
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30- 06-2021 30- 06- 2020

Taka Taka

09.00 Cash & cash equivalents

Cash in hand 95,025 90 ,115
Cash at bank (Note: 09.01) 94,826,804 33,734,253
94, 921,829 33 ,824, 368

09.01 Cash at bank i

Name of the bank A/C No.

Bank Asia Limited CD # 05633000278 7,866 8,556
Bank Asia Limited CD # 61533000024 326,897 1 ,731,228
islami Bank Bangladesh Limited CD # 20503910100021306 1,875,771 1,760,642
Mutual Trust Bank Limited CD # 460210010152 5,692 1,096
Premier Bank Limited CA # 018911100000128 13,718 67,135
Prime Bank Limited CA # 2132117000650 7, 454 ,797 7,517,143
Shahjalal Islami Bank Limited CD # 403811100000224 491 ,622 1,253,522
South Bangla Agriculture & Commerce Bank Limited CD # 0026111002469 31, 221 100,736
United Commercial Bank Limited CD # 0781101000000876 7, 435 ,689 922,891
Jamuna Bank Ltd. CD # 0067-0210006582 5,622 4,577
Marcantile Bank Limited CD # 111411128388043 5, 474 6,782
Pubali Bank Limited CA # 00939901047080 253,828 379
Brae Bank Limited CA # 1501204348473001 5,349,932 102,140
Southeast Bank Limited CA # 001011100017522 9,990 52, 814
Premier Bank Ltd. CA # 011611100008055 1,543,865 20,204,612
CD # 0040308245101 70,005,855 -
Community Bank Limited
Uttara Bank Limited CD # 159412200211543 8,965 -
94,826,804 33,734,253

10.00 Share capital

a) Authorized capital:
50,000,000 ordinary shares of Tk 100 each 500,000, 000 500,000, 000

b) Issued, subscribed & paid-up capital:

201,000,000 201,000,000
2,010,000 ordinary shares of Tk 100 each
Details of the shareholdings are as under :
Name of the Shareholder No. of Shares
Bangla Trac Communications Ltd. 2,003,000 200,300,000 200 ,300,000
Mohammad Aminul Haque 3,500 350 ,000 350,000
Tarique Ekramul Haque 3,500 350 ,000 350,000
Total 2,010,000 201, 000,000 201,000,000 |

11.00 Retained earnings

Opening balance 78,600,901 13,833,126
Add: Profit/(loss) for the period 176,606,936 64,767,775
255,207 ,837 78,600,901
Less: Dividend during the period -
255 ,207,837 78,600,901

753 ,292,290 796 ,914,155

13.00 Accounts payable

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 30- 06-2021 30- 06-2020
Taka Taka
13.00 Current accounts with inter company
Bangla Trac Communication Limited 143,272,275 190 ,486,234
Bangla Trac Limited - 35,829,749
Acorn Infrastructure Services Unit 3 Ltd. - 49,000,000
Bangla Trac Power Unit 1 Ltd. - 28,438,560
i
143,272,275 303,754, 543

14.00 Shortterm loan

Bank Name A/C Number
Bank Asia Limited OD # 61533000103 20,299 ,335 20 ,149,314
United Commercial Bank Limited OD # 0781749000000165 9,616 ,025 10 ,235,829
IDLC Finance Limited Lease # 1016202454565001 1,171,455 1,838,789
Community Bank Ltd OD #0040308245701 188,151,177 -
Community Bank Ltd CBBL 0047120921000048 60,357,019 -
Community Bank Ltd CBBL 0047120921000055 44 ,249 ,157 -
United Commercial Bank Limited TL # 078CTLG211570506 21 ,452,169 -
United Commercial Bank Limited TL # 078CTLG211180003 16,070,314 -
United Commercial Bank Limited TL # 078CTLG211610002 10,952 , 296 -
Premier Bank Ltd. LTR # 011677100001439 4,030,000 -
United Commercial Bank Limited TL # 078C- TRL1-7297-0501 - 274,841
United Commercial Bank Limited TL # 078CTLG200850001 - 50,204, 237
Premier Bank Ltd. TL #011672400013714 - 16,153,941
Premier Bank Ltd. TL # 011672400013694 - 39,996, 587
South Bangla Agriculture & Commerce Bank Ltd. TL # 0026753000112 - 37,938, 853
376 ,348,947 176 ,792,391

15.00 Provision for expenses

Audit fees (including VAT) 319,444 319,444
Income tax expenses 75,688,687 46,059,186
Other expenses 18,507,064 9,201,768
Salary & allowance 505 ,624 7,812,749
95,020,819 63,393,147

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 2020-2021 2019-2020
Taka Taka

16.00 Revenue 2, 950,928,974 1 ,471 ,003,337

2,950,928 ,974 1,471,003,337

17.00 Cost of goods sold i

Opening inventory 518,823,323 206,699,294

Purchase during the period 2,349 ,988,358 1,555,942,735
Inventory available for sale 2,868,811,681 1,762,642,029
Closing inventory (342,656, 445) (518,823,323)
Inventory consumed 2,526 ,155,236 1,243,818,706
Direct expenses (Notes :17.01) 48, 235,201 39,634,218
2,574,390,437 1,283,452,924

17.01 Direct expenses

Amortization 1,247 ,933
Cleaning expense 1 ,092,160 367,840
Depreciation 3,626,559 1,516,767
Fuel expense 612,302 648,951
Insurance expense 774 ,100 370,086
Salary & allowance 18,081,970 16,664,288
Security expenses 1,574,161 1,627,191
Service expenses 490,497 493 ,500
Utilities 2,817 ,130 1,192,500
Rent expense - warehouse 17,965,878 14,276, 466
Warranty expenses 1,200 ,444 1, 228,696
48 ,235,201 39, 634,218

18.00 Administrative expenses

Advertisement 291,096 321,052
Audit fees 319 ,444 319 ,444
Bank charges 6 ,870,037 2,207,553
Conveyance 1,665 ,997 1, 312,780
Depreciation 1,905 ,555 813,866
Entertaiment 1 ,542,372 984,638
Legal fees 5,795 669,241
Office expense 1,559 ,384 1,222,301
Office maintenace expense 614 ,035 388 ,740
Postage, cable & stamp 1,289,810 495,099
Printing & stationary 1,210 ,094 295 ,998
Professional & consultancy fee 1, 477 ,514
Registration & renewal fees 765 ,727 579,920
Rent expense 9,094 ,376 9,797,655
Repair and maintenance 1, 421 ,834 668 ,748
Salary & allowance 48 , 857,930 39 266,849
,
Training & development expenses 216,600 143 ,557
Utilities 3,377 ,217 2,664 ,002
Other expense 100,285
81,007,303 63,729,242

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 2020-2021 2019-2020
Taka Taka
19.00 Marketing & selling expenses
Delivery expenses 312,576 197,240
Fuel expense 501 ,008 200 ,000
Labour expense for delivery 1,140,930 597,592
Sales promotion expense 1,101,316 666,304
3,055,830 1,661,136

20.00 Non operating income

Interest income - 205,971
- 205,971

21.00 Financial expenses

Financial expenses 40,179,781 26,413,746
40,179,781 26, 413,746

.
22.00 Income tax expenses
Income tax expenses 75,688,687 31,184,485
75,688,687 31,184,485

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23.00 Capital expenditure commitment
Contract for capital expenditure is being executed by the Contractors and the running bills are accounted for but
the unfinished contracts has not been reflected in this Financial Statements. There was no contract executed by
the partners for capital expenditure during this period up to at 30 June, 2021.
N
i

24.00 Claim not acknowledged as debt

There was no claim against the company acknowledged as debt as on 30 June, 2021.

25.00 Un- availed credit facilities

There was no credit facility available to the company under any contract but not availed of as on 30 June, 2021
other than bank credit facility and trade credit available in the ordinary course of business.

26.00 Related party transactions

During the period, the company carried out a number of transactions with related parties in the normal course of
business. The name of these related parties, nature of their relationships and their balances as on the year end
date have been set out in accordance with the provisions of IAS 24 " Related Party Disclosures " .

Nature of transaction Name of the party Amount

Current account Acorn Infrastructure Services Ltd. 9,000,000

Current account B-Trac Solution Ltd. 589,000
Current account Bangla Trac Limited 38, 435,251
Current account Acorn Infrastructure Services Unit 3 Ltd. 21,000,000
Current account Bangla Trac Power Unit 1 Ltd. 4,768,333
Current account B- Trac Engineering Ltd. 780, 976
Current account Bangla Trac Communication Limited (143,272,275)

27.00 Contingencies and commitments

There are no contingent assets or liabilities and unrecognized contractual commitments at the date of statement of
financial position.
28.00 Events after the reporting period
There is no significant event other than normal activities between the date of financial year closing and signing of
financial statement.

(W
- &-
fMr
Chief Financial Officer Managing Director Chairman

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 Annexure - A
B- Trac Technologies Limited
Schedule of Non Current Assets
As at 30 June 2021

Property, plant and equipment

Historical Cost Depreciation
Disposal/ Disposal/ Written down
Rate of
SI. Particulars
Balance as on Additions during adjustment Balance as on
Depreciation
Balance as on Charged during adjustment Balance as on value as at 30
No. 01 July, 2020 the period during the 30 June, 2021 01 July, 2020 the period during the 30 June, 2021 June, 2021
period period
Taka Taka Taka Taka % Taka Taka Taka Taka Taka
1 Furniture and fixture 4.773 ,782 6,005,431 - 10,779,213 10% 2,204,849 1,077,921 - 3,282,770 7,496,443
2 Motor vehicles 4,870 ,946 6,910,000 - 11,780,946 20% 2,372 ,135 2,356,189 - 4,728,324 7,052,622
3 Office equipment 4,853 ,170 2,007,878 - 6,861,048 10% 1,874 ,945 686,105 - 2,561,050 4,299,998
4 Leasehold improvements 3,937,493 10,181,492 - 14,118,985 10% 761,749 1,411,899 - 2,173,648 11,945,337

As at 30 June 2021 18,435,391 25,104,801 - 43,540,192 7,213,678 5,532,114 - 12,745,792 30,794,400

As at 30 June 2020 11,752,024 6,683,367 - 18,435,391 4,883,045 2,330,633 7,213,678 11,221,713

Operational Administrative
Total
expenses expenses

Depreciation 3,626,559 1,905,555 5,532,114

3,626,559 1,905,555 5,532,114

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