Delta Spinners 2009
Delta Spinners 2009
Delta Spinners 2009
ON
<delta Spinners Limited
Registered Office :254 B Khilgaon Chowdhury Para, Dhaka 1219
Corporate Office : DCCI Building (7th floor), 65-66, Motijheel C.A., Dhaka 1000
Factory : Kaltapara, P.O. : Bishka, P.S. : Gouripur, Mymensingh
TWENTYNINTH ANNUAL GENERAL MEETING
NOTICE
Notice is hereby given that the 29th Annual General Meeting of the shareholders of Delta Spinners
Limited will be held at the factory premises of the Company at Kaltapara, Gouripur, Mymensingh
on Sunday, the 20th December, 2009 at 11:30 a.m. to transact the following businesses:
AGENDA:
I. To confirm the proceedings of the 28th Annual General Meeting held on the 28th December,
2008 at 11:30 a.m.
2. To receive, consider and adopt the Audited Balance Sheet as at 30th June, 2009 and the Profit
and Loss Account for the year ended 30th June, 2009 together with the report of Auditors and
Directors thereon.
3. To declare a Dividend.
4. To elect Directors.
To appoint Auditors for the year 2009-2010 and to fix their remuneration.
6. To transact any other business with permission of the Chair.
Company Secretary:
Mr. Masudur Rahman Executive Director & Company Secretary
Bankers:
Bangladesh Shilpa Bank 8, Rajuk Avenue, Dhaka 1000
Agrani Bank, Amin Court Branch 62-63, Motijheel C.A., Dhaka 1000
Agrani Bank, Choto Bazar Br. Mymenshing
lOB Islamic Bank Limited, Principal Office 17, Motijheel C.A., Dhaka 1000
Export Import Bank of Bangladesh Ltd., Motijheel Br, 56-57, Motijheel C.A., Dhaka 1000
Auditors:
M/s K. M. Alam & Co.
Chartered Accountants
80, Motijheel C.A., (4th Floor)
Dhaka 1000
Registered Office
254-B Khilgaon Chowdhury Para
Dhaka 1219
Corporate Office:
DCCI Building (7th Floor)
65-66, Motijheel C.A., Dhaka 1000
Factory
Kaltapara, P.O. Bishka
P.S. Gouripur, Mymensingh
4
Delta Spinners Limited
TWENTYNINTH ANNUAL GENERAL MEETING OF THE COMPANY
Assalamu-Alaikum
I, on behalf of the Board of Directors of your Company welcome you all to this Twentyninth Annual
General Meeting. It is a great pleasure to note that you have kindly made it convenient to attend this
meeting.
I shall now present the operational performance of the Company for the year 2008-2009.
Production
The main product of the Company is cotton yarn. Production of yarn during the year 2008-2009 was
56.21 lacs kgs compared to 64.91 lacs kgs in 2007-2008 and 78.52 lacs kg in 2006-2007. Overall
capacity utilization during the year 2008-2009 had been about 92% while during the year 2007-2008 it
was 96% and in the year 2006-2007 it was about 95%. The comparatively low production was due to
low demand resulting from global economic recession.
I shall request you to kindly refer to the Sl. No. 28.01 and 28.01A in the Notes to the Accounts to review
the raw material consumption and procurement during the period under review. Cost of raw material
consumption has increased by about 1.6% due to increase in price of raw cotton in the international
market. To off-set any possible fluctuation in supply price further, the Company procured a good
quantity of raw cotton from local market and the procurement amount thus increased by about 23%.
5
Sales Turnover
The sales turnover has decreased by 1% due to global recession. With concerted efforts, the Company
could have averted more serious damages which were witnessed by many other textile mills during the
period. The sales turnover can be reviewed at Notes No. 27.0 and No. 27.1 of the Audited Accounts.
FINANCIAL RESULTS
The financial results of the Company for the year 2008-2009 are shown below along with the previous
two years' performance:
DIVIDEND
The Board of" proposed a dividend of 10% for all the shareholders of the Company for the
financial year 2008-2009. We hope that the valued shareholders will kindly accord their consent to this
proposal.
Working capital limits during the year under review had been 1k. 27,50 crores from Agrani Bank, Amin
Court Branch, Dhaka which was same during the previous year also and not changed during the
Financial year under review and is still continuing. Southeast Bank Ltd. has also sanctioned us a
working capital loan of Tk. 5.00 crores which was effective starting from the year under review.
6
TERM LOAN SERVICING
The Company has repaid a total amount of Tk. 7.61 crores to BSB and Premier Leasing & Finance
Limited (luring the year as follows:
Dear Shareholders, as you are well aware, an Extra Ordinary General Meeting of the shareholders was
held in respect of issuance of Rights Shares in the ratio of 1:1 at par. Upon resolving the decision
favourably in the meeting, the Company submitted its formal proposal to the Securities and Exchange
Commission for its approval to the Offer Document and other formalities pertaining to the Rights issue
of the shares to the tune of Tk. 15,28,76,000 only. We are pleased to inform you that the said proposal
is under active consideration of Securities and Exchange Commission and we have been meeting other
requirements for the formal consent of Securities and Exchange Commission to the issuance of the
Rights Share.
We are pleased to inform our valued shareholders that the Company has increased its capacity by 9,600
ring spindles from its earlier capacity of 57,960 spindles—an increase of more than 16% of the capacity.
Production from the additional capacity started from July, 2009. We express our thanks to Southeast
Bank Ltd. for extending terii loan of Tk. 7.90 crores to set-up the plant.
In pursuance of Clause 143 of the Articles of Association of the Company, Mr. Mostafa Kanial Haider,
being Managing Director of the Company is not liable to retire by rotation. Neither the Independent
Director, Mr. M Sekander Au, nor the BSB nominated Director, Mr. Narayan Gupta are to retire by
rotation.
In pursuance of Clause 132, Directors, namely, Mr. S M A Mannan, and Mr. R A Howlader will retire
and being eligible, seek re-election.
7
APPOINTMENT OF AUDITORS
M/s K. M. Alarn & Co., Chartered Accountants, has completed the audit of the books of accounts of
the Company for the year ended 30-06-2009.
M/s K M Alam & Co. Chartered Accountants have expressed their interest to audit our books of
accounts for the year 2009-2010. Their charges had been Tk. 1,00,000.00 during the last two years.
This year, they have requested for enhancement of their fees to Tk. 1,25,000.00 because of increased
expenses of various services which may please be approved.
ACKNOWLEDGMENTS
We take this opportunity to express our heartfelt thanks and gratitude to the esteemed Shareholders for
the cooperation extended by them. We also acknowledge the cooperation of various Govt. Agencies,
Securities & Exchange Commission, Dhaka Stock Exchange Limited, Chittagong Stock Exchange
Limited, Bangladesh Textile Mills Association, Banks, the Suppliers, Customers, Selling Agents and
our well wishers.
We are grateful to Agrani Bank, Amin Court Branch, Dhaka for extending to us the required Working
Capital loan. Southeast bank Ltd. has also extended working capital loan and term loan facilities to us.
Bangladesh Shilpa Bank and Premier Leasing International Limited extended their kind cooperation in
re-arranging the payment of the Company's dues to them and we thankfully acknowledge the
consideration shown to us in this behalf.
Last but not the least, the Board of Directors place on records their deep sense of appreciation for the
dedicated services and loyalty of all the Executives, Officers, Staff and Workers who maintained an
excellent working atmosphere conducive to high level of performance.
CONCLUSIONS
The Board of Directors now presents the Accounts and Auditors Reports for the year 2008-2009 and
request to the magnanimity of our valued shareholders to kindly accept the Annual Accounts for which
we shall remain ever grateful to you.
I again express my thanks for attending this Annual General Meeting. May Allah, in His infinite mercy
grant peace and happiness to us all.
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12
Annexure-1
a) The financial statements prepared by the Company present fairly its state of affairs, the result of
its operations, cash flows and changes in equity.
c) Appropriate accounting policies have been consistently applied in preparation of the financial
statements and the accounting estimates are based on reasonable and prudent judgment.
e) The system of internal control is sound in design and has been effectively implemented and
monitored.
f) There are no significant doubts upon the Company's ability to continue as a going concern.
g) There has not been any significant deviation from last year in operating results of the Company.
h) Key operating and financial data of the preceding three years have been summarized and shown
at page 6.
i) The Board of Directors has proposed a cash dividend of 10% for all the shareholders of the
Company for the financial year 2008-2009.
j) A total number of '6 (six) Board Meetings were held during the year under review and a
cumulative number6f 36 (thirty six) Directors attended the Meetings.
k) The pattern of the shareholding has been shown at Annexure - II and the compliance status as
per Clause 5.00 of the above stated Notification of SEC has been shown at Annexure - III.
SdI-
R A Howlader
Chairman
13
Annexure-11
ii) Directors, Chief Executive Officer, Company Secretary, Chief Financial Officer, Head of Internal
Audit and their spouses and minor children (name wise details)
iv) Shareholders holding ten percent (10%) or more voting interest in the Company, (name wise
details) : Nil
Sd!-
R A Howiader
Chairman
14
Annexur c-Ill
REPORT UNDER CONDITION NO. 5.00
Compliance Status Explanation for
Condition Title (Put I in the appropriate column) non-compliance with
No. Complied Not Complied the condition
1.1 Board's Size
1.4(1) Dividend I
15
Contd... Annexure-111
Condition Title
Compliance Status Explanation for
(Put I in the appropriate column) non-compliance with
No. Complied Not Complied the condition
4.00(iv) Broker-dealer
Sd!-
R A Howlader
Chairman
16
Annexure-IV
The Committee reviewed the internal audit report, financial statements and the external audit report.
The Committee didn't find any material deviation, discrepancies or any adverse finding / observation
in the areas of reporting.
Sd!-
Mostafa Jamal Haider
Chairman
Audit Committee
17
Date ......00•9
AUDITORS' REPORT
TO THE SHAREHOLDERS OF DElTA SPINNERS LIMITED.
We have audited the accompanying Balance Sheet of DELTA SPINNERS LIMITED. Dhaka as on 30th
June, 2009 and related Income Statement, Changes in Shareholders Equity and Cash Flow Statement for
the year then ended. The preparation of these financial statements is the responsibility of the Company
management. Our responsibility is to express an independent opinion on these financial statements based
on our audit.
We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable basis of our
opinion.
In our opinion, the Financial Statements prepared in accordance with Bangladesh Accounting Standards
(BAS), give a true and fair view of the state of the company's affairs as of 30th June, 2009 and of the
results of the operations and its Cash Flows for the year then ended and comply with the Companies Act
1994, the Securities and Exchange Rules 1987 and other applicable laws and regulations.
We further report that:
(a) We have obtained all the information and explanation which to the best of our knowledge and belief
were necessary for the purpose of our audit and made due verification thereof,
(b) In our opinion, proper books of account as required by law have been kept by the Company so far
as it appeared from our examination of those books:
(c) The Balance Sheet, Income Statement, Changes in Shareholders Equity and Cash Flow Statement
with the report are in agreement with the books of account; and
(d) The expenditures incurred were for the purpose of the Company's business.
Sd!-
K. M.ALAM& Co.
CHARTERED ACCOUNTANTS
18
I
2Turnover
7 839,731,038 846,411,150
2Cost of
8 Goods sold 757,354,919 754,507,105
Gross Profit 82,376,119 91,904,045
This financial statement should be read in conjunction with the annexed notes.
20
DELTA SPINNER'S LIMITED
STATEMENT OF CHANGES IN SHARE HOLDER'S EQUITY
for the year ended 30th June, 2009.
As at 30th June, 2009 Tk. 1 152,876,000 4,210,092 285,947,789 34,008,975 ,458,024 527,500,880
SHARE RETAINEDTOTAL
CAPITAL GENERAL ,TAX HOLIDAY RET
PARTICULARS CAPITAL RESERVE RESERE/ RESERVE ERANING
As at 30th June, 2008 1k. 152,876,000 4,210,092 285,947,789 34,008,975 40,169,450 517,212,306
21
DELTA SPINNERS LIMITED
Cash Flow Statement (Under Direct Method)
For the year ended 30 June, 2009
22
Items of property, plant and equipment are measured at cost less depreciation and accumulated impairment
losses.
Cost includes expenditure that is directly attributable to the acquisition of asset and bringing to the location
and condition necessary for it to be capable of operating in the intended manner. The cost ofsellconstrued
asset included the cost of material and direct labour, any other cost directly attributable to bringing the
assets to a working condition for their intended use.
Depreciation
a. Depreciation has been charged on Fixed Assets except Land and Land Development under
reducing balance method.
h. Addition to the Fixed Asset was made throughout the year as such no depreciation has been
charged on addition amount during the year under audit.
C. The Board of Directors, in its meeting held on 30.06.2009 decided to charge depreciation on
Plant & Machinery @ 15% instead of 20% charged during the last few years.
d. The rates at which the assets are depreciated per annum stands as under
23
1.5 Taxation
Income Tax Assessment has been completed up to financial year ended 30th June 2007. Partly
payment has been made against tax liability.
1.6 Inventories
Inventories are carried at the lower of cost and net realizable value as prescribed by BAS -2;
Inventories. Cost is determined on weighed average basis. The cost of inventories comprises of
expenditure incurred in the normal course of business in bringing to their present location and
condition Net realizable value is based on estimated selling price less any further costs expected
to be incurred to make the sale. However we count the inventories on test basis on the document
provided to us.
24
1.15 Risk and Uncertainties for use of estimates in preparation of Financial Statement
The preparation of financial statement in conformity with the Bangladesh Accounting Standard
requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and revenues and expenses during the period reported. Actual results could differ
from those estimates. Estimates are used for accounting of certain items such as depreciation and
amortization, employees benefit plans, taxes, reserves and contingencies.
1.16 Impairment
In accordance with the provision of BAS 36, Impairment of assets, the carrying amount of non-
financial assets, other than inventories are reviewed at each reporting date to determine whether
there is any indication of impairment. If any such indication exists, then the assets recoverable
amount is estimated and impairment losses are recognized in profit and loss account. Not such
indication of impairment has been raised till to date.
1.17 Responsibility for preparation and presentation of Financial Statements
The Board of Directors is responsible for the preparation and presentation of Financial Statement
under section 183 of the Companies Act, 1994 and the provision of the framework for the
preparation and presentation of financial statement issued by the International Accounting
Standard Committee (IASC).
1.18 Dividend
The Board of Directors has proposed at 10% dividend for the year ended June 30, 2009.
1.19 Components of the Financial Statements
According to the Bangladesh Accounting Standard (BAS) 1 "Presentation of Financial
Statements", the complete set of Financial Statements includes the following components:
25
1.22 General
a) Previous year's figures have been rearranged wherever considered necessary to conform
to the current years presentation.
b) There was no contingent liability of the Company on the Balance Sheet date.
C) There was no preference share issued by the Company.
d) There was no outstanding agreement entered and executed up to the date of Balance
Sheet.
e) The Company has got no receivables from any of the Directors.
There was no claim against the Company which was acknowledged as debt.
g) There was no related party transaction during the period.
h) No amount of money was spent by the Company for compensating service rendered.
i) No brokerage and trade discount paid during the period under audit.
j) Figures have been rounded off to the nearest Taka.
26
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Taka
3.00 Preliminary Expenses: Tk. 259,946 2008-2009 2007-2008
Opening Balance 288,829 320,921
Less: Written off 10% 28,883 32,092
259,946 288,829
1,043,952 1,159,947
48,254,611 41,738,527
48,254,611 41,738,527
28
I Cash at Bank
Agrani Bank Ltd- CD A/C Arnim Court Br. 499,661 679,402
National Bank Ltd. Dilkusha, Br. Dhaka 21,903
National Bank Ltd. Mymensingh, Br. 3,133 3,923
BSB CD A/C head Office 7,806 7,806
Sonali Bank Ltd, Mymcmsingh 853
Agani Bank Ltd. Mymensingh
35,542 49,848
Agrani Bank Ltd. STD A/C Arnim Court Br. 118,648 171,421
ICB Islamic Bank Limited 2,475 7,727
Exim Bank Ltd, Motijheel Br. 943,493 82,757
South East Bank Ltd,Corporate Branch. 101,646 3,780
Total 5,630,949 4,650,315
29
K. M. ALAM & Co.
CHARTERED ACCOUNTANTS
Taka
10.00 Short Term Loan: Tk. 4,472,865 2008-2009 2007-2008
Southeast Bank Ltd. (Bank Guarantee) 3,251,250
ICB Islamic Bank Limited (Bank Guarantee) 3,251,250
Bay Leasing and Investment Ltd. 1,221,615 1,764,555
This as per last year balance and coming from the year 1997-98 and could not be paid to them due to liquidity
problem.
30
Taka
14.00 Trade Creditors: Tk. 1,698,229 2008-2009 2007-2008
Technocom Ltd 57,894 200,125
Bengal Electric 12,457 70,810
Lubricant 250,000 250,000
Packing Materials 354,872 525,100
C & F Charges 154,782 365,000
Repairs and Maintenance 254,781 675,650
Inspection 25,478 155,000
Insurance 587,965 1,953,883
4,195,568
Total 1.698.229 I I
31
32
K. M. ALAM & Co.
CHARTERED ACCOUNTANTS
33
Taka
25.00 Premier Leasing & Finance Ltd.: Tk. 439,991,233 2008-2009 2007-2008
Opening Balance 01.07.2008 445,767,577 451,985,311
Add: Addition during the year 22,295,656 51,361,390
468,063,233 503,346,701
Add: Interest Charge during the year 12,546,232
480,609,465 503,346,701
Less: Payment during the year 40,618,232 57,579,124
Closing Balance 30.06.2009 439,991,233 445,767,577
26.00 Sponsors Investment (Interest Free): Tk. 35,796,000
35,796,000 35,796,000
35,796,000 35,796,000
Taka
28.00 Cost of Goods Sold:Tk. 757,354,919 2008-2009 2007-2008
I Particulars Unit-i I Unit-2 Total I I Total
Raw Materials Consumed (28.01) 167,363,550 340,641,821 508,005,371 500,029,583
Add: Direct Expenses (28.02) 15,043,744 47,082,365 62,126,109 63,936,874
Add: Factory Overhead (28.03) 38,255,352 133,998,701 172,254,053 206,289,451
Prime Cost 220,662,646 770,255,908
Add: Opening Work-in-Process 1,492,194 5,613,491 7,105,685 6,667,401
222,154,840 527,336,378 749,491,218 776,923,309
Less: Closing Work-in Process 3,815,245 8,015,492 11,830,737 7,105,685
218,339,595 519,320,886 737,660,481 769,817,624
Add: Opening Stock of Waste Cotton 50,967 191,733 242,700 260,513
218,390,562 519,512,619 737,903,181 770,078,137
Less: Closing Stock of Waste Cotton 45,265 352,461 397,726 242,700
Cost of Production 218,345,297 519,160,158 737,505,455 769,835,437
Add: Opening Stock of Finished Goods 6,584,966 24,772,017 31,356,983 16,028,651
224,930,263 543,932,175 768,862,438 785,864,088
Less: Closing Stock of Finished Goods 7,065,488 4,442,031 11,507,519 31,356,983
Cost of Goods Sold 217,864,775 539,490,144 757,354,919 754,507,105
34
35
Note: The Categorywise break -up of the above Wages & Salary are as follows
Number Amount Amount
Employees Drawings Tk.3,000I=and above 413 16,929,573 17,225,852
Employees Drawings Less than Tk.3,000/= 1029 25,896,742 21,696,538
Total 1442 42,826,315 38,922,390
29.00 Administrative & Selling Expense:Tk. 30,768,957
Unit-I Unit-2 2008-2009 2007-2008
1,616,739
Salary and allowance 4,966,960 6,583,699 7,204,208
Directors remuneration 700,000 1,700,000 2,400,000 2,400,000
Electric bill 33,949 153,640 187,589 155,163
Wasa bill 3,387 17,667 21,053 23,728
Telephone bill 83,267 349,107 432,373 368,847
Entertainment 79,000 268,281 347,281 356,258
Travelling and conveyance 123,387 373,117 496,504 480,815
Printing and stationery 59,413 233,627 293,040 270,582
Gift and presentation 41,656 120,320 161,976 158,400
Newspaper 4,667 11,227 15,893 15,767
Repairs and maintenance 89,657 272,444 362,101 357,966
Vehicles Repairs and maintenance 109,936 326,027 435,963 420,268
Vehicles Fuel Consumption 200,307 519,407 719,713 750,687
Office Rent 139,625 525,257 664,882 664,882
Office Maintenance 120,333 340,560 460,893 482,626
Legal and Documentation 20,320 33,480 53,800 66,500
Rates and Taxes 17,667 42,869 60,536 59,442
Postage and Stamps 39,227 153,653 192,880 180,547
Renewal Fees 11,616 32,147 43,763 41,485
Security service 167,227 433,496 600,723 610,459
Training expense 33,760 136,427 170,187 144,050
Audit fees 33,333 100,000 133,333 100,000
M isc.expcnse 100,280 285,603 385,883 384,991
Advertisement 32,160 113,615 145,775 144,550
Packing Materials 859,759 5,793,596 6,653,356 8,020,511
Donation and subscription 2,840 20,320 23,160 25,700
Garage Rent 14,000 52,667 66,667 50,000
General Fees and Taxes 19,360 59,000 78,360 71,550
Diary and Calender 100,307 550,027 650,333 595,000
AGM expense 6 8, 32 0 698,827 767,147 809,269
Subscription (BTMA) 16,388 61,650 78,038 78,038
Listing Fees (DSE) 11,550 43,450 55,000 55,000
Internet Service 9,189 34,569 43,758 39,647
Depreciation 1,536,325 5,446,972 6,983,297 9,645,704
Total 6,498,950 24,270,007 30,768,957 35,232,640
Note:The Categorywise break -up of the above Salary & Allowance are as follows
Number Amoint Amount
Employees Drawings Tk.3,000/=and above 65 5,500,427 6,200,619
Employees Drawings Less than Tk.3,000/= 28 1,083,272 1,003,589
Total 93 6,583,699 7,204,208
36
K. M. ALAM & Co.
CI-IARTERED ACCOUNTANTS
37
DELTA SPINNERS LIMITED
Registered Office : 254 B Khilgaori, Chowdhury Para, Dhaka 1219
Corporate Office : DCCI Building (7th Floor), 65-66 Motijheel C.A., Dhaka 1000
Factory: Kaltapara, P.S. Gouripur, Dist. Mymensingh
PROXY FORM
I/we ........................................................................................................ .................................................
being a Member of Delta Spinners Limited do hereby appoint Mr. /Ms...................................................
...............................of ..................................................................(or failing him/her
Mr/Ms. ......................................................................................... of ......................................................
as my/our proxy in absence to attend and vote me/us and on my/our behalf at the 29th Annual General
Meeting of the Company to be held on the 20th Day of December, 2009 and at any adjournment
thereof.
As witness, I put my hand this .....................................day of ...............................................2009.
(Signature of Proxy) Revenue (Signature of Shareholder)
Stamp
Folio/B.O. No. Tk. 8.00 Folio/B.O.
No. of Shares
IMPORTANT
1) The proxy form, duly stamped, must be deposited at the Registered Office of the Company at least 48 (forty
eight) hours before the time for holding the meeting and in default, the instrument appointing the proxy shall
not be treated as valid.
2) Signature of the Shareholder and the proxy must conform to the Specimen Signature recorded with the
Company.
Signature Verified
IMPORTANT
1)Shareholders attending the meeting in person or by Proxy are requested to complete this Attendance Slip.
2)Signature of Shareholder or Proxy should conform to the specimen signature recorded with the Company.
3)Please bring this Attendance Slip with you. Admission in the Meeting Room will not be allowed without it.
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