2020 2021

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Annual Report 2020-2021
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Bangladesh Submarine Cable Company Limited (BSCCL)

TABLE OF
CONTENTS
CONTENTS
Letter of Transmittal 03
Notice of 13th Annual General Meeting (AGM) 04
Connecting the World 06
Background of the Company 08
Message of the Chairman 09
Message of the Managing Director 10
Corporate Information 12
Product and Services 13
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Performance at a Glance & Milestones 14
Five Years Financial Summary 15
Board of Directors of BSCCL 16
Board’s Committee
Brief Description of Chairman co 17
18
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Brief Description of Directors 18
Management Team of BSCCL 23
Brief Description of Top Management 24
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Human Resource Management 28

From BSCCL Archive 30
Communication with the Shareholders 32
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Directors’ Report 33
cwiPvjbv cl©‡ì cÖwZ‡e`b 49
Declaration by CEO and CFO (Annexure-A) 60
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Corporate Governance Code Compliance Report (Annexure-B) 61

Compliance Report on BSEC’S Notification (Annexure-C) 62
The Pattern of Shareholding (Annexure-D) 73
Board Meeting Attendance (Annexure-E) 74
Corporate Governance Compliance Report 75
Management Discussion & Analysis 82
Audit Committee & Report 86
Nomination and Remuneration Committee (NRC) & Report 90
Value Added Statement 93
Dividend Policy of BSCCL 94
Summary of Unclaimed Dividend & IPO Subscription Money 95
Auditor’s Report and Financial Statements 96
Proxy Form 159
Bangladesh Submarine Cable Company Limited
Letter of Transmittal
15 November, 2021
To,
The Shareholders,
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Bangladesh Securities and Exchange Commission
Dhaka Stock Exchange Limited
Chittagong Stock Exchange Limited
Registrar of Joint Stock Companies and Firms
Respected/Honorable Sir(s) co
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Annual Report for the year ended on 30 June 2021.
The undersigned, on behalf of the Board of Directors of BANGLADESH SUBMARINE CABLE COMPANY LIMITED
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(BSCCL), is pleased to present herewith the Annual Report alongwith the audited Financial Statements
(Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income, Statement of
Changes in Equity, Statement of Cash Flows and Notes) for the year ended on 30 June 2021 of the company.
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Thanking you,
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Yours Truly
Md. Abdus Salam Khan FCS

Company Secretary (General Manager)
ANNUAL REPORT 2021

Notice of Annual General Meeting

Notice is hereby given that the 13th Annual General Meeting of Bangladesh Submarine Cable Company Limited
(BSCCL) will be held on Tuesday, December 7, 2021 at 11.00 am by using Digital Platform in accordance with
the Bangladesh Securities and Exchange Commission (BSEC) order No.SEC/SRMIC/94-231/91 dated 31.03.2021
to transact the following businesses.
Agenda
Ordinary Businesses:
1. To receive and adopt the Directors’ and Auditors’ Report and the Audited Financial Statements of the
Company for the year ended June 30, 2021.
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2. To declare Dividend for the year ended June 30, 2021.
3. To elect Directors.
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To appoint Statutory Auditor and to fix their remuneration.
To appoint Corporate Governance Compliance Auditor and to fix their remuneration.
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Special Businesses:
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6. To approve the investment plan of company in 3rd Submarine Cable through joining the
SEA-ME-WE 6 Submarine Cable Consortium.
To consider and, if thought fit, to pass with or without modification(s), the following resolution
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as an Ordinary Resolution:
“RESOLVED THAT the investment plan proposal of the company amounting BDT 69316.71 lakh [out of
which BDT 39233.67 lakh from GoB fund ( BDT 23540.20 lakh as 15 years long term loan at an interest
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rate of 5% per year with 2 years grace period and BDT 15693.47 lakh as equity finance against which
equity share is issuable at agreed issue price in favor of GoB subject to the approval of GoB,
Shareholders in General Meeting and BSEC) and rest amount of BDT 30083.04 lakh from BSCCL’s own
fund] in the 3rd Submarine Cable through joining the SEA-ME-WE 6 Submarine Cable Consortium
Pursuant to the Development Project Proposal (DPP) named ”Installation of the 3rd Submarine Cable
for expansion of International Telecommunications System of Bangladesh” approved by the ECNEC be
and is hereby approved.”
“RESOLVED FURTHER THAT the Board of Directors be and is hereby authorized to delegate all or any of
the powers conferred on it by or under this resolution to any Committee of Directors and/or Managing
Director of the Company and to do all acts and take such steps as may be considered necessary or
expedient to give effect to the aforesaid resolution.”
Annual Report 2021

7. To approve the change of the existing registered name of the Company.

The name of the company be and is hereby changed to “‘Bangladesh Submarine Cables PLC’ from
‘Bangladesh Submarine Cable Company Limited’ as per provision of the Companies (2nd Amendment
2020) Act, 1994 and to amend in the relevant clauses of the Memorandum and Articles of Associations
of the Company by adopting the following special resolution.”
"RESOLVED THAT the proposal for changing of registered name of the Company to ‘Bangladesh
Submarine Cables PLC’ from ‘Bangladesh Submarine Cable Company Limited’ in accordance with the
Companies Act 1994 (2nd amendment 2020) and amendment in the relevant clauses of the
Memorandum and Articles of Associations of the Company be and is hereby approved subject to
approval of regulatory authorities.”
"FURTHER RESOLVED THAT the old name of the company will be replaced by the new name in all the
statutory / title documents, licenses and other relevant documents”.
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BY ORDER OF THE BOARD
Md. Abdus Salam Khan FCS

November 15, 2021
co Registered Office
191/1, Tejgaon-Gulshan Link Road
Dhaka-1208.
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Note :
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• Members whose names appeared in the Members’/Depository Register on Record Date i.e. November
11, 2021 will be eligible to attend/participate and vote in the Annual General Meeting through Digital
Platform and entitle to receive dividend.
• A Member entitled to attend/participate and vote in the Annual General Meeting, may appoint a proxy in
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his stead. Scanned copy of the proxy form, duly stamped must be mailed to the email at
[email protected] not later than 72 hours before the meeting.
• AGM Notice, link for joining in the Virtual Platform (audio-visual meeting) and detail login process will
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be mailed to the respective Member’s email address available with us.

• Members, whose email addresses updated/changed subsequently, are requested to email at
[email protected] referring their full name, Folio/BO ID and email address to get the Virtual Platform
meeting invitation. Full login/participation process along with the link of the Virtual Platform of AGM
will also be available in the Company’s website www.bsccl.com. Members can join the Virtual Annual
General Meeting using their laptop, PC, Mobile or Tab providing their respective Name, 16-Digit BO ID,
Number of Shares, Mobile number/ email address.
• Pursuant to the BSEC Notification No. BSEC/CMRRCD/2006-158/208/Admin/81 dated June 20, 2018, soft
copy of the Annual Report 2020-2021 will be sent to the members’ respective email addresses as
available with the Company. The Annual Report 2020-2021 will also be available in the Company’s
website www.bsccl.com
• No benefit in cash or kind other than in the form of cash dividend or stock dividend shall be paid to the
holders of equity securities in terms of Notification No. SEC/CMRRCD/ 2009-193/154 dated 24th
October, 2013 for attending the AGM of the Company. For all kinds of Dividend and Dividend Tax related
issues concerns are requested to act accordingly as per the instructions mentioned in the PSI of BSCCL
published on 21 October 2021.
ANNUAL REPORT 2021

CONNECTING THE WORLD

iƒcKí
DbœZgv‡bi mve‡gwib K¨vej †mevi gva¨‡g †`k‡K
AvšÍR©vwZK Z_¨ gnvmo‡K mshy³ K‡i B›Uvi‡bU I
†hvMv‡hvM cÖhyw³i Kj¨vYmg~n mvaviY RbM‡Yi
†`vi‡Mvovq †cŠu‡Q †`qv|
VISION
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To deliver the benefits of Internet and
Communications Technology to the doorsteps of
mass people by connecting the country with
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International Information Superhighway through high
quality Submarine Cable services.
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MISSION
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• To keep Bangladesh connected uninterruptedly to

the global Information Superhighway.
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• To provide highest quality bandwidth for Internet

and Voice services at affordable price using
state-of-the art technology.
• To strengthen the national ICT infrastructure further.
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• To make the telecommunication and IT services

easily available to the people promoted by the
Policies, Acts and Regulations of the Government.
Awfj¶¨
• wek¦e¨vcx we¯Í…Z Z_¨-gnvmo‡K evsjv‡`k‡K wbiew”Qbœfv‡e mshy³ ivLv|
• B›Uvi‡bU I f‡qm †mevi Rb¨ AvaywbK cÖhyw³i eënvi K‡i ¯^í g~‡j¨ m‡e©vËg gv‡bi e¨vÛDB_ mieivn Kiv|
• RvZxq Z_¨ I †hvMv‡hvM cÖhyw³ AeKvVv‡gv‡K AviI kw³kvjx Kiv|
• miKv‡ii bxwZgvjv, cÖweavb I wbqš¿YbxwZi Av‡jv‡K †Uwj‡hvMv‡hvM I Z_¨ cÖhyw³ †mevi myweavmg~n †`‡ki RbM‡Yi
wbKU mnRjf¨ Kiv|
Annual Report 2021

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†KŠkjMZ D‡Ïk¨ Strategic Objectives

• MÖvnK‡ì Rb¨ mwµq I mnRjf¨ ms‡hv‡Mi gva¨‡g • To provide global telecommunications network
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wek¦e¨vcx †Uwj‡hvMv‡hvM †bUIqvK© †mev cÖ`vb services to the subscribers through easily
available and effective connectivity.
Kiv|
• ¯^í g~‡j¨ D”P gv‡bi I wbiew”Qbœ AvšÍR©vwZK f‡qm • To ensure high quality international voice and
data traffic transportation capable services at
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I WvUv Uª¨vwdK cwien‡Y m¶g †mev wbwðZ Kiv|

affordable price.
• †`‡ki µgea©gvb e¨vÛDBW‡_i Pvwn`v c~iY Ges
• To flourish as a viable and customer friendly
GKwU †UKmB MÖvnKevÜe †Kv¤úvwb wn‡m‡e weKwkZ company and to meet the gradually increasing
nIqv| demand of bandwidth of the country.
• mve‡gwib K¨ve‡ji gva¨‡g wbiew”Qbœ I mylg • To play the vital role in achieving the “Digital
e¨vÛDBW_ cÖvwß wbwðZ K‡i 2021 mv‡ji g‡a¨ Bangladesh” by the year 2021 through ensuring
wWwRUvj evsjv‡`k-Gi iƒcKí ev¯Íevq‡b ¸iæZ¡c~Y© availability of uninterrupted and well-balanced
f~wgKv ivLv| bandwidth by Submarine Cable systems.
• e¨vÛDBW_-Gi Af¨šÍixY I ê‡`wkK wecY‡bi • To earn handsome amount of revenue for the
gva¨‡g evsjv‡`k miKv‡ii Rb¨ ivR¯^ Av‡q Government of Bangladesh through domestic
as well as international lease of bandwidth.
D‡jøL‡hvM¨ f~wgKv ivLv|
ANNUAL REPORT 2021

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BACKGROUND OF THE COMPANY

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Bangladesh Submarine Cable Company Limited (BSCCL) was incorporated as a Public Limited Company
and started its journey after abolition of BTTB in June 2008 with the assets namely land, buildings &
equipment of Landing Station situated at Jhilongjha, Cox’sbazar associated with the undersea submarine
cable system, the SEA-ME-WE-4. BSCCL also became a member of the SEA-ME-WE-4 submarine cable
consortium in 2008. A vendor’s agreement was signed between GoB and the BSCCL on 30 June 2008
incorporating a statement showing a net worth of the company after deducting the liabilities from the
assets. The balance is treated as Net Worth payable to the government in share capital.
At the beginning, the head office of the company was situated at the 7th floor of Telejogajog Bhaban at
37/E Eskaton Garden Bhaban, Dhaka. Subsequently the head office of the company was shifted in 2012 to
Rahman’s Regnum Center (7th Floor), 191, Tejgaon-Gulshan Link Road, Dhaka-1208. BSCCL established its
own International Internet Gateway (IIG) by its own fund at the 8th floor of Rahman’s Regnum Center in
2013 after acquiring the IIG license from BTRC in 2012. BSCCL joined the SEA-ME-WE-5 submarine cable
consortium in 2014 in order to connect the country with the second Submarine Cable System, the
SEA-ME-WE-5. The second submarine cable of the country, the SEA-ME-WE 5 landed in Kuakata Landing
Station of BSCCL in December 2016. It was officially inaugurated by the Hon’ble Prime Minister Sheikh
Hasina on 10 September, 2017 from when BSCCL started to use of the cable system commercially.
Annual Report 2021

Message of the
CHAIRMAN
Mr. Md. Khalilur Rahman
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Dear Shareholders, able to maintain this trend in the coming days also
and I strongly believe that the Management of BSCCL
On behalf of the Board of Directors, it gives me
is capable, with full support and contribution of all the
immense pleasure to present you the Annual Report
of Bangladesh Submarine Cable Company Limited
for the financial year 2020-2021 along with the co
audited financial statements that reflect the results
shareholders and the Board of Directors, to make a
significant progress in future. I am hopeful that this
company will achieve high degree of prosperity
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through their sincere effort and integrity. I also feel
and achievements of the company during the year
obliged to mention the other contributors including,
2020-2021.
but not being limited to, the Posts & Telecommunica-
First of all, I would like to remember the contribution tions Division, Ministry of Finance, BTRC, BSEC, DSE,
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of the Father of nation Bangabandhu Sheikh Mujibur the valued customers of the company and other
Rahman who gave the nation the best gift, a sovereign stakeholders who consider the Company as their own.
and independent Bangladesh along with the dream The Company is holding high position amongst the
to build a “Sonar Bangla”. I am ever grateful to the peers with proper contribution to the society through
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honorable Prime Minister of Bangladesh, Sheikh providing quality bandwidth for international data and
Hasina for her initiative to implement the dream of voice communications. All these make the Company
Bangabandhu through a declaration in 2008 for a unique in the Country's Corporate Register.
building “Digital Bangladesh” by 2021.
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I sincerely wish that the company will continue to

I am expressing my thank and gratitude to all the achieve sustainable financial growth and firmly
Shareholders who have chosen BSCCL as a growing believe that its gradual development along with
company and purchased its shares. I can assure that market stability would raise it to a reasonably high
this is the most prospective public limited company level in the years to come. To meet the gradually
under the Posts & Telecommunications Division increasing demand for international bandwidth in the
which is functioning very well and its share is very country and to make the country prepared for the 4th
stable since the enlistment of the company into Industrial Revolution, the Company has already
share market. BSCCL is providing the main telecom- started the implementation of a project that will
munications infrastructure for implementing Digital connect the country with the third Submarine Cable
Bangladesh through connecting the country with the and as such the Company has a very good future for
global information superhighway. business of international bandwidth in Bangladesh &
abroad. Thanking you all and wish you a good time.
During the 2020-2021 financial year BSCCL achieved
substantial growth in revenue and a very remarkable
growth in net profit after tax and was able to hold the
major market share in international bandwidth Md. Khalilur Rahman
market of the country. I hope that the company will be Chairman, BSCCL
ANNUAL REPORT 2021

MANAGING DIRECTOR’S
STATEMENT
Mr. Mashiur Rahman
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Hon’ble Chairman, Directors, Dear shareholders, 2020-2021 which are respectively 39.97% and 110.67%
Colleagues, Ladies and Gentlemen, higher than those of the previous financial year
(2019-2020). The company experienced 35.95% growth
Welcome to the 13th AGM of BSCCL. I would like to
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convey my heartiest gratitude and thanks to all of you
for your kind participation in the 13th AGM of the
in IPLC sales and 78.18% growth in IP Transit sales
during the year 2020-2021 which is very satisfactory.
Inspite of various difficulties like uneven competition
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Company and I am also grateful to those who join the with the ITC operators having NTTN license and tough
13th AGM of the Company through Digital Platform. competition with large numbers of private IIG operators,
We have arranged the 13th AGM virtually on Digital BSCCL had been able to hold more than 60% market
Platform due to prevailing COVID-19 pandemic situation share in the international bandwidth market of the
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to ensure social distancing. I feel proud to represent a country through its quality of service and through
company like BSCCL which is a very vital and implementation of dynamic tariff policy. You will be
renowned company in the Telecommunications happy to know that recently, through implementation
sector of Bangladesh. The company is providing the of light-up #2 and light-up #2.1 programs using
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most vital telecommunications infrastructure for the advanced technology, the ultimate achievable capacity
country by connecting the country with the Interna- of BSSCL in SMW 5 cable has been increased to
tional Information Superhighway through its submarine around 2300.00 Gbps from 1600 Gbps. The present lit up
cable systems. The company is also quite financially capacity of BSCCL in SMW-5 is 1300 Gbps out of which
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sound despite several major challenges in business 1200 Gbps is with Singapore and rest 100 Gbps is with
including but not limited to the challenges faced due France. Presently, BSCCL’s two submarine cable
to COVIT-19 Pandemic in the last financial year systems, the SMW-4 and the SMW-5, have a combined
(2020-2021). The major challenges were accommodating final achievable capacity of around 2900 Gbps which
significant amount of depreciation and financial may increase further in near future.
charges, realization of huge amount of dues from the
customers especially since the last quarter of the I hope, the Company has fulfilled the expectations of
2019-2020l financial year due to pandemic situation the shareholders in terms of dividend package
and the tough competition faced by the IIG business of announced for the financial year 2020-2021. I would
the company with the private IIG operators. Despite also like to inform you that the business of the
the challenges, the company reported total revenue of company is flourishing at a good pace and would like
BDT 3,448.53 million and net profit after Tax of BDT to assure you all that the management of BSCCL will
approximately 1907.33 million in the financial year be able to offer handsome dividend package for the
Annual Report 2021

current financial year also. I sincerely would like to understanding with Telecom Malaysia (TM) for leasing
assure you all that we shall try our best to uphold the 200 Gbps capacity of SMW-5 cable in Djibouti-Yanbu-
present positive trend of business of the company in France route to TM for a period of ten years.
the years to come. Recently, BSCCL has resumed the
export of Internet bandwidth to Tripura of India which We are also exploring new business scopes like
was discontinued from February 2020. BSCCL is Content Delivery Network (CDN), Cloud hosting, Data
actively negotiating with several prospective buyers Center etc. for the company. On 23 September, 2021
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from of Nepal, Bhutan and India for selling its bandwidth BSCCL signed the Construction & Maintenance
to them. Historically, submarine cable capacity agreement with the new SEA-MEWE 6 Submarine
utilization of BSCCL has been mostly towards the cable consortium in order to connect the country with
east in Singapore direction, as Singapore is the data
hub of South-East Asia region. At present, BSCCL’s
bandwidth utilization inside the country stands at
around 1700 Gbps, of which around 95% is east bound
co the 3rd Submarine cable. It is expected that the new
SMW 6 submarine cable will be ready for service by
the last quarter of 2024.
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towards Singapore. But, as a member of SMW-5 In conclusion, I would like to thank our customers
consortium, BSCCL possess a big capacity in the who used our services and the Directors of BSCCL
SMW-5 submarine cable in the west direction from Sri who conveyed their guidance, support and cooperation.
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Lanka to France/Italy of which a very small portion is I would also like to convey my thanks and gratitude to
utilized till date. In this regard, BSCCL has been the shareholders including the Posts and Telecom-
always actively looking for opportunities to munications Division of the government of Bangladesh
lease/transfer its huge amounts of mostly unused who holds majority shares of the company for their
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west bound submarine cable capacity to willing continuousand invaluable supports to us. I convey my
international telecom operators. Consequently, heartiest thank to all the other stakeholders for their
BSCCL has recently transferred 600G Gbps capacity support and cooperation. Last but not the least, I like
from its allocated capacity in the western part of the to thank every member of the Management and the
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core cable in the Yanbu (Saudi Arabia)-Marseille PoP staff of BSCCL for their loyalty, hard work and
(France) section of SMW-5 cable to Saudi Telecom dedication in making the company successful,
Company who is also a member of SMW-5 consortium. profitable and customer oriented. I am sincerely
Moreover, French telecom operator ‘Orange’ has looking forward to welcoming you all at the 13th
signed an agreement with BSCCL on 30-Jun-2021 to Annual General Meeting (AGM) of BSCCL.
take lease of 13 Gbps capacity from BSCCL in the
Singapore-France route of the SMW-5 submarine
cable.
Besides, several other international clients have also

expressed their intents to take lease of BSCCL’s west
bound (towards France) capacity in SMW-5 submarine
cable on long term basis, which BSCCL is actively Mashiur Rahman
considering and recently BSCCL has reached into an Managing Director, BSCCL.
ANNUAL REPORT 2021

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CORPORATE INFORMATION co
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Registration No. Auditor
C 71845(4351)/08 Dated: 24-06-2008 S. F. AHMED & CO., Chartered Accountants
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House # 51 (2nd Floor), Road # 09

Registered Office Block-F, Banani,
Rahmans Regnum Centre (6th, 7th & 8th Floor) Dhaka-1213, Bangladesh.
191/1, Tejgaon-Gulshan Link Road
Dhaka-1208. Corporate Governance Auditor
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Suraiya Parveen and Associates,

Website Chartered Secretaries
www.bsccl.com Razzak plaza (5th Floor), Suite, 6C
01, New Eskaton Road, Ramna, Dhaka-1000,
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Legal Adviser Bangladesh.

Kazi Mynul Hassan
Barrister-at-Law Memberships
Advocate, High Court Division and Appellate SEA-ME-WE 4, SEA-ME-WE 5 & SEA-ME-WE 6
Division (South East Asia- Middle East- Western Europe)
Bangladesh Supreme Court submarine cable consortiums.
Attorney Bankers
Md. Tameem Rahman United Commercial Bank Limited (UCBL)
Barrister-at-Law Sonali Bank Limited
Advocate, High Court Division The City Bank Limited
Bangladesh Supreme Court Mutual Trust Bank Limited
Tax Adviser Landing Stations

FAMES & R Chartered Accountants Jhilongjha, Cox’sbazar and
House# 406(1st Floor), Road#29, New DOHS Alipur, Kuakata, Patuakhali.
Mohakhali, Dhaka-1206.
Annual Report 2021

Product and Services

BSCCL is the sole provider of submarine cable bandwidth services in the country and handles country’s submarine
cable system. It is also an IIG and ISP service provider. Presently, BSCCL is providing the following services:
• Bandwidth service for different routes and different levels such as E-1, STM-1, STM-4, STM-16 and STM-64/10GE
to the International Internet Gateway (IIG) operators through International Private Leased Circuits (IPLC).
• Bandwidth service (IPLC) for different routes and different levels such as E-1, STM-1, STM-4, STM-16 and
STM-64/10GE to the International Gateway (IGW) operators who deal with International voice call.
• IP transit (Internet bandwidth) to IIGs as an ILDS operators.
• IP transit (Internet bandwidth) to ISPs as an IIG operator.
• IPLC service to different corporate and other customers as permitted by BTRC.
• Co-Locations services at BSCCL’s Data Center and Landing Stations.
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Bandwidth Distribution Flowchart of BSCCL co
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(BSCCL)
Submarine
Cable
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IIG BSCCL’s IGW
position as a
service
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ISP ICX
provider
Video Internet Call Mobile

E-Commerce Telemedicine Center PSTN Operators
Conferencing Users
ANNUAL REPORT 2021

Performance at a Glance
Business Performance
The capacity and utilization level of company’s bandwidth is presented in the following table:
2016-17 2017-18 2018-19 2019-20 2020-21
Ultimate achievable Capacity (Gbps) 1800.00 1800.00 1900.00 2700.00 2900.00
Lit up Capacity (Gbps) 500.00 700.00 900.00 1500.00 1900.00
Utilization (Gbps) 246.98 446.48 686.00 1102.72 1563.90
Financial Performance:
The comparative financial performance for the last five years is given below:
Particulars 2016-17 2017-18 2018-19 2019-20 2020-21

Restated
Revenue (Amount in Million BDT) 1,036.73 1,405.04 1,955.67 2,463.77 3,448.53
Growth in Revenue (%) 67.58 35.53 39.19 25.98 39.97
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Operating Cost of Sales Growth (%) 14.01 73.08 1.30 (0.14) (3.23)
Gross Profit Margin(%) 65.85 56.39 68.26 74.84 82.60
Operating Profit Margin (%)
Net Profit Margin (%)
Return on Average Asset After Tax (%)
Return on Average Equity After Tax (%)
co 35.17
30.70
3.36
5.48
28.14
5.21
0.72
1.23
43.43
29.95
5.36
9.55
51.42
36.75
7.47
13.20
70.46
55.31
14.26
23.86
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Return on Average Capital Employed (%) 4.43 4.73 10.07 13.42 22.72
Direct Cost to revenue Ratio (%) 34.15 43.61 31.74 25.16 17.40
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Administrative Expenses to Revenue Ratio (%) 14.52 10.94 8.96 7.83 6.43
Finance Cost to Revenue Ratio (%) - 9.94 8.60 6.43 4.28
Milestones
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Signing of Memorandum of Understanding (MoU) for joining SMW-4 Consortium : 04 September 2002
Construction & Maintenance Agreement signing (SMW-4) : 27 March 2004
Inauguration of Cox’sbazar Landing Station : 21 May 2006
Date of Incorporation of Business : 24 June 2008
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Vendor’s Agreement with Government : 30 June 2008

Commercial Launching of Operation of BSCCL : 01 July 2008
1st Annual General Meeting : 14 December 2009
Signing of Memorandum of Understanding (MoU) for joining SMW-5 Consortium : 28December 2011
Inauguration of Upgradation# 3 of SMW-4 : 04 April 2011
Obtaining IIG License : 04 March 2012
Listing with DSE & CSE : 14 June 2012
Commercial Operation of IIG Unit : 01 July 2013
Inauguration of IIG Services : 09 July 2013
Contract signing (C&MA) for joining SMW-5 Consortium : 07 March 2014
Contract signing for Lease of Bandwidth to BSNL (India) : 06 June 2015
Formal Inauguration of Lease of Bandwidth to BSNL (India) : 23 March 2016
Started Trial Operation of SMW-5 Submarine Cable : 17 March 2017
Formal Inauguration of SMW-5 Submarine Cable System : 10 September 2017
Commercial Operation of SMW-5 Submarine Cable System : 17 September 2017
Signing of Memorandum of Understanding (MoU) for joining SMW-6 Consortium : 15 September 2019
Construction & Maintenance Agreement (C&MA) signing with the SMW-6 Consortium : 23 September 2021
Annual Report 2021

Five Year’s Financial Summary

Operational Results in Thousands BDT 2020-21 2019-20 2018-19 2017-18 2016-17
Restated
Revenue 3,448,527 2,463,769 1,955,666 1,405,036 1,036,725
Gross Profit 2,848,614 1,843,859 1,334,911 792,267 682,677
Operating Profit 2,429,801 1,267,110 849,362 395,404 364,641
Profit before tax 2,399,828 1,201,352 778,962 293,868 389,513
Net Profit after tax 1,907,332 905,370 585,758 73,260 318,231
Financial Position in Thousands BDT
Paid-up Capital 1,649,055 1,649,055 1,649,055 1,649,055 1,649,055
Shareholders' equity 8,656,671 7,329,255 6,387,677 5,884,372 6,008,998
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Total assets 13,906,622 12,840,176 11,412,267 10,433,680 9,963,016
Total liabilities 5,249,951 5,510,922 5,024,590 4,549,309 3,954,018
Current assets
Current liabilities
Non currents assets
Non current liabilities
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7,086,118
2,084,957
6,820,504
3,164,994
5,616,806
2,236,893
7,223,370
3,274,029
4,547,383
1,747,313
6,864,884
3,277,277
3,166,318
1,277,641
7,267,362
3,271,668
2,712,755
778,385
7,250,261
3,175,634
d.
Financial Ratios
Current Asset to Current Liability 3.40 2.51 2.60 2.48 3.49
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Debt to Equity 61% 75% 79% 77% 66%

Gross Profit Margin 82.60% 74.84% 68.26% 56.39% 65.85%
Operating Profit Margin 70.46% 51.43% 43.43% 28.14% 35.17%
Net Profit Margin 55.31% 36.75% 29.95% 5.21% 30.70%
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Return on Average Equity After Tax 23.86% 13.20% 9.55% 1.23% 5.48%
Return on Average Total Assets 14.26% 7.47% 5.36% 0.72% 3.36%
Ordinary Shares Information
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Ordinary Shares outstanding (in Thousands) 164,906 164,906 164,906 164,906 164,906
Face Value per share Tk.10 Tk.10 Tk.10 Tk.10 Tk.10
Dividend (Cash) 37% 20% 16% 5% 12%
Cash Dividend on paid up capital 610,150 329,811 263,849 82,453 197,887
Dividend payout (Cash) 31.99% 36.43% 45.04% 112.55% 62.18%
NAV per Share** 52.49 44.45 38.74 35.68 36.44
Net Operating Cash Flow per Share 15.18 6.87 7.30 4.07 1.20
Earnings Per Share* 11.57 5.49 3.55 0.44 1.93
* EPS has been calculated using weighted average no. of shares and not Restated
** NAV has been calculated using no of shares outstanding at the end of period
ANNUAL REPORT 2021

BOARD OF DIRECTORS OF BSCCL
Mr. Md. Khalilur Rahman

Secretary, Posts & Telecommunications Division, Ministry of Posts,
Telecommunications & Information Technology (MoPT & IT)
and Chairman of BSCCL
m
co
d.
Ms. Kulsum Begum Mr. Khandker Md. Abdul Hye, PhD Mr. Md. Abdul Momin
Joint Secretary Joint Secretary Joint Secretary
Finance Division, Ministry of Finance Posts & Telecommunications Division, Ministry of Science & Technology
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Ministry of Posts, Telecommunications

& Information Technology (MoPT & IT)
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Dr. Md. Mahbubul Alam Joarder Colonel Ekram Ahmed Bhuyan, afwc, psc Mr. NKA Mobin, FCS, FCA
Professor Army Headquarters, Council Member & Vice President, ICAB
Institute of Information Technology Dhaka Cantonment, Dhaka (Independent Director)
University of Dhaka
Mr. Syed Mamnun Quader Mr. Mashiur Rahman

Former Director, Managing Director
Dhaka Chamber of Commerce and Industry BSCCL
(Independent Director)
Annual Report 2021

BOARD’S COMMITTEE
Audit Committee
Chairman
Mr. NKA Mobin, FCS, FCA
Council Member & Vice President, ICAB
& Independent Director, BSCCL
Members
Mr. Md. Abdul Momin Mr. Syed Mamnun Quader
Joint Secretary Former Director, DCCI
Ministry of Science & Technology & Director, BSCCL & Independent Director, BSCCL
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Nomination and Remuneration Committee (NRC)
Chairman
co
d.
Members
Ms. Kulsum Begum Mr. Khandker Md. Abdul Hye, PhD
Joint Secretary Joint Secretary, Posts & Telecommunications Division,
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Finance Division, Ministry of Finance & Director, BSCCL Ministry of Posts, Telecommunications &
Information Technology (MoPT & IT) & Director, BSCCL
Dr. Md. Mahbubul Alam Joarder Colonel Ekram Ahmed Bhuyan, afwc, psc
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Professor, Institute of Information Technology, Army Headquarters, Dhaka Cantonment

University of Dhaka & Director, BSCCL & Director, BSCCL
Mr. Syed Mamnun Quader

Former Director, DCCI
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Tariff Committee
Chairman
Dr. Md. Mahbubul Alam Joarder
Professor, Institute of Information Technology, University of Dhaka
& Director, BSCCL
Members
Mr. Md. Abdul Momin Mr. NKA Mobin, FCS, FCA
Joint Secretary Council Member & Vice President, ICAB
Mr. Mashiur Rahman

Managing Director, BSCCL
ANNUAL REPORT 2021

Brief Description of Chairman
Since his joining in Bangladesh entrusted with the post of Director

Civil Service (Administration General (Administration) at Prime
Cadre) on April 1, 1993, he availed Minister's Office.
enormous fame and success in
every step of his service. He is an He received advanced training on
officer of BCS 11th Batch. He then Governance from the National
held the critical positions for the Center for Good Governance
land management as Assistant (NCGG) in India. He has also
Commissioner of Land in Dimla, participated in Professional
m
Nilphamari Sadar, Kotwali Revenue Development Program course of
Circle of Dhaka and Singair, Manik- Duke University, USA. He has
ganj. He also held the important successfully completed the training
Mr. Md. Khalilur Rahman joined as

the Secretary of the Posts and
co
posts of field administration as
Upazila Nirbahi Officer in Keshabpur
Upazila of Jessore and Charbhadrasan
Upazila of Faridpur. He then served
on Managing at the Top-2 (MATT-2)
in Singapore. He also received
trainings on Survey and Settlement,
Law and Administration, Land
d.
Telecommunications Division on as the Deputy Commissioner of Management. He also conducts
October 28, 2021. Prior to joining Gopalganj district for long 4 years. regular classes on Land Law, Land
this division, he served as He has also served as Deputy Management and Governance,
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Divisional Commissioner, Dhaka Secretary of Ministry of Housing Development Administration at

and before that he successfully and Public Works, Deputy Director, various training institutes.
performed his duty as Director RAJUK, Assistant Waqf Adminis-
General (Admin) of Prime trator, Waqf Administration. Later
Minister’s Office, Bangladesh. Md. Khalilur Rahman was
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Brief Description of Directors

Ms. Kulsm Begum, Joint Secretary, University of Chittagong and
Finance Division Joined Bangla- Masters in Library and Information
desh Civil Service (Administration) Science from The University of
Cadre in 1988. She has served in Dhaka. She Participated various
the field Administration in different trainings, workshops and confer-
capacities. Afterward she served in ences both in home & abroad. Ms.
the Ministry of Primary Mass Kulsum Begum was born on 1st
Education, Ministry of Information January 1963 in a noble Muslim
and Ministry of Health and Family family in the district of Brahman-
Welfare and then in the Finance baria.
Division. She obtained her Bachelors
of Science degree from The
Annual Report 2021

did his HSC course in Science from Public Works and also in the then
Government Edward College, Roads & Railways Division. Later
Pabna. he was Deputy Secretary in the
Ministry of Water Resources and
Mr. Hye obtained his Degree of also in the Cabinet Division at the
both Bachelor of Science with same position. After becoming
Honors and Masters of Science in Joint Secretary in 2016, he worked
Applied Physics & Electronics as Director of Bangladesh Land
from University of Dhaka. He Port Authority. Next he was Execu-
pursued his Masters of Philosophy tive Director of Power Grid Com-
and Doctor Philosophy from Public pany of Bangladesh (PGCB) Ltd.
Administration Department of
University of Dhaka. He also did Mr. Hye received training at various
Masters of Public Affairs (MPA) in institutions and universities in the
Mr. Khandker Md. Abdul Hye, PhD International Economic Relations country and abroad for different
m
became a Director of BSCCL as a from Civil Service College, Dhaka periods. Among these are Singa-
representative of Posts and (presently named as Bangladesh pore Civil Service College, National
Telecommunications Division on Institute of Governance & Manage- Institute of Public Administration
1st September 2020. He assumed
the post of Joint Secretary in the
Posts and Telecommunications
Division on 26 December 2019. He
Dhaka.
co
ment) affiliated with University of
Mr. Hye is an officer of Bangladesh

(INTAN) of Malaysia, Vietnam
National Academy of Public
Administration, University Putra
Malaysia, IHE (formerly UNESCO-
d.
has an outstanding service records Civil Service (Administration) IHE) Delft Institute for Water
with an excellent academic career. Cadre belonging to Eleven Batch. Education in the Netherlands,
He has been having more than 28 Macquarie University in Australia,
ab
Mr. Hye came of a respectable years of working experience with etc. Beside these, he also has
Muslim family of Sujanagar the Government of Bangladesh in travelled countries like the Philip-
upazila under Pabna district. His various capacities. He started his pines, Indonesia, Thailand, India,
father Khandker Md. Abdul Jalil is a career as an Assistant Commis- China, Japan and Canada. All these
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retired school teacher. Mr. Hye sioner and Magistrate. He was made him well conversant with
started his schooling from Magistrate of the 1st class in the knowledge of development
Sujanagar Govt. Primary School Gopalgonj and Tangail districts. He administration.
and completed SSC in Science worked as Senior Assistant Secre-
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from Sujanagar High School. He tary in the Ministry of Housing &
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ANNUAL REPORT 2021

starts his career as a civil servant he Secretary to the Government in

served as a Lecturer of ‘Barolekha December 2017 since then he has
Degree College’ of Moulvibazar for been working in the development
three years. wing of the Ministry of Science and
Technology, where the main respon-
He joined in the then BCS Economic sibilities are to monitor, coordinate
Cadre in 1994 as Research Officer. He and process of all development
was promoted to the post of Senior projects of science and technology
Assistant Chief and worked at sector.
different positions in Planning
Commission, Ministry of Posts and He studied on Human Resource
Telecommunications, Ministry of Management in Bailbrook College,
Cultural Affairs and Implementation Bath, UK; he also studied in The
Monitoring and Evaluation Division Republic of Korea on ‘Economic
Mr. Md. Abdul Momin, Joint Secretary, (IMED) of the Ministry of Planning. Mr. Development and Market Economy’.
Ministry of Science & Technology and Momin was promoted to the post of He took part in various international
Director of Bangladesh Submarine Deputy Chief in May 2009 and worked high profile trainings, workshops,
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Cable Company Limited (BSCCL) is a in different ministries/divisions in study tours and meetings in several
member of Bangladesh Civil Service equivalent positions. He worked as a countries of the globe and traveled
(BCS) Administration Cadre, born in a Director of IMED, Deputy Technological different areas/cities of more than
noble Muslim family in the district of
Habiganj. He did his Bachelor’s (BSS
Hon’s) and Master’s (MSS) Degree
from University of Chittagong in 1989
co
Adviser of the Ministry of Science and
Technology, Deputy Chief of Agriculture
Division of Planning Commission
and Ministry of Railway. He was
25 countries along with UK, USA,
Australia, China, Russia, Germany,
Spain, Belgium, New Zealand, South
Korea, Philippines, Argentina, Malaysia,
d.
and 1990 respectively. Before he promoted to the post of Joint Thailand, Cambodia and India.
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Dr. Md. Mahbubul Alam Joarder is a Institute, Institute of Information

Professor of the Institute of Technology (IIT), University of Dhaka
Information Technology (IIT), Univer- and another was Campus Network
sity of Dhaka and trustee member, for Dhaka University under the
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Rajshahi Science and Technology guidance of University Grants

University. He also served as Direc- Commission of Bangladesh funded by
tor of the Institute of Information the World Bank. As an independent
Technology (IIT) and as Provost, Sir consultant, he completed many
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Salimullah Muslim Hall, University of projects, two most successful

Dhaka. He received a B.Sc. in projects are Public Investment
Applied Physics & Electronics from Management (PIM) of Planning
Dhaka University in 1990, and an Commission’s (PC) Programming
M.Sc. from the same University in Division and making a report which
1991. He received his Ph.D. in is intended to provide objective
Computer Science & Engineering assessment of the current IT systems, recognition problems,
(Information Systems) from the Systems and Architecture, and to computer simulation of complex
University of Ibaraki, Japan in 2002. make concrete, practical recom- systems and risk factors in software
From 2005 to 2007, he was the PiL mendations for improvement funded engineering. He has already
(Partners in Learning) advisor of by the World Bank, SGL for windows published more than 33 research
Microsoft Bangladesh Ltd. funded by Ibaraki University, Japan. papers and 02 books in his field. He
Now, He is serving as Director of serves as a reviewer in many peer to
Last few years, he successfully Bangladesh submarine cable peer national and international
implemented some projects for the company limited. conferences and journals. He has
betterment of the Dhaka University. given numerous invited talks and
One is Remodeling of the two His research interests center on tutorials, and consultant to companies
modern computer lab with the improving the understanding, design, involved in Internet technologies
assistantship of KOICA in his and performance of non-linear home and abroad.
Annual Report 2021

Bachelor’s degree in Electrical, matters. Besides, he also served as

Electronics and Communication Platoon Commander in Bangladesh
Engineering (EECE) from Military Military Academy, General Staff
Institute of Science and Technology Officer Grade-2 (Operations) in
(MIST) and Masters of Science Army Headquarters and General
degree in Military Studies from Staff Officer Grade-1
Bangladesh University of Profes- (Communication and IT) in Prime
sionals (BUP). He also obtained Minister’s Office, Armed Forces
Masters of Business Administration Division.
(MBA), Executive degree from He participated in United Nations
Institute of Business Administration Mission as Operations Officer of
(IBA), Dhaka University. He Force Communication Contingent
completed Army Staff Course and in Ivory Coast (UNOCI) and as the
Armed Forces War Course from Chief of Communication & Information
Colonel Ekram Ahmed Bhuyan, Defence Services Command and Technology Branch at the Sector
afwc, psc was commissioned with Staff College and National Defence Headquarters in Democratic
35th Bangladesh Military Academy College respectively. Republic of Congo (MONUSCO).
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Long Course on 13 December 1996 in
the Corps of Signals. At present he In his 25 years of illustrious career, Colonel Ekram is a member of The
is serving as the Colonel Staff of he served in various regimental Institute of Engineers, Bangladesh.
Staff Duties Directorate in Army
Headquarters.
Colonel Ekram obtained his co
appointments including Command-
ing Officer of a Signal Battalion to
deal with communication and IT
In his personal life, he is happily
married to Ms. Jarin Farha Diba and
blessed with a son and a daughter.
d.
Mr. NKA Mobin FCS, FCA is the training and management program
Independent Director of in Stockholm Business School in
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Bangladesh Submarine Cable Sweden, National University of

Company Limited (BSCCL) Ltd. Singapore, INSEAD in France and
and also the Chairman of the Audit also AOTS/HIDA in Japan.
Committee of the Company. He
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Prior to Joining ECRL, he worked at

joins BSCCL Board on 25 June 2021. Grameenphone Ltd. for 11+ years in
He is one of the Sponsor Directors his various capacities as Director
of the Emerging Credit Rating Ltd. Finance, Director Administration,
(ECRL) and also the Managing
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Director Projects and Company

Director and Chief Executive Secretary. Before joining
Officer of the Company. Grameenphone in 1998, he worked
in the Swiss Pharmaceuticals Co.
He is a Chartered Accountant and
named Novartis Bangladesh Ltd. for Ltd, Shasha Denims Ltd, Unique
Chartered Secretary by profession
3 years as the Director Finance and Hotel & Resorts Limited and
and the fellow member of the
Company Secretary; in a Hidleberge Cement Bangladesh
Institute of Chartered Accountants
Multinational Fertilizer Company Limited. Mr. Mobin was the Govt.
of Bangladesh (ICAB) and the named Karnaphuli Fertilizer Co. Ltd. nominated Director in BIMAN
Institute of Chartered Secretaries (KAFCO) for 5 years as Manager Bangladesh Airlines Limited for
of Bangladesh (ICSB). He Finance & IT; and in Dhaka Match last 5 years till 2020. He is also the
completed BBA and MBA in Industries Co. Ltd. for 5 years as Senior Vice President of Dhaka
Finance from the University of Chief Accountant. He did his article Chamber of Commerce and
Dhaka during 1977-1982. ship from KPMG/Rahman Rahman Industry (DCCI) since January 2020
Mr. Mobin has vast experiences in Hug Chartered Accountants during and Council Member of Institute of
the field of Finance, Accounting, 1982-86. Chartered Accountants of
Taxation, System Design, ERP At present, Mr. Mobin is also the Bangladesh (ICAB) since 2019. He
System and Company Secretarial Independent Director in Mobil- is a golfer and bagged couple of
Practices. He has international Jamuna Lubricants Bangladesh trophies.
ANNUAL REPORT 2021

lished in early 1996. He spear- Important Person (CIP). South-

headed some of the largest and tech Limited was also a winner of
most transformational digital the “ICT Solution Provider of the
initiatives in the for-profit, non- Year – Local Market Focus”
profit and public sectors of awarded by the Daily Star Awards
Bangladesh and neighboring 2020.
countries. Under his guidance, his
company managed to develop and Prior to founding Southtech, he
deliver a number of Fintech, ERP, worked in the banking industry in
HR, e-commerce, accounting, and the UK, USA and Bahrain. His last
retail management software position was at Investcorp Bank
products to the market along with EC, where he was the Head of Risk
large customized solutions to a Management of the bank’s
number of government entities. proprietary trading business.
Mr. Syed Mamnun Quader joined
Bangladesh Submarine Cable He is a founding member and a Mr. Quader obtained his B.Sc.
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Company Limited (BSCCL) Board former Senior Vice President of (Hons) degree with major in
as an Independent Director in July Bangladesh Association of Statistics and minor in Computer
2021. He is the Founding Managing Software and Information Services Science from City, University of
Director & CEO of Southtech
Limited, a pioneering company in
the field of Information Technology
in Bangladesh, which was estab-
co
(BASIS). His contributions toward
software export was recognized by
the Government of Bangladesh by
designating him as a Commercially
London, UK and obtained his MBA
from Bayes Business School
(formally Cass), City, University of
London, UK.
d.
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Mr. Mashiur Rahman joined BSCCL Engineer, Divisional Engineer and

as Managing Director on 14th Director. Before joining BSCCL in
October, 2017 after being nomi- May 2016 as General Manager he
nated by the government and was serving in BTCL as Director
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subsequently approved by the BoD (International). Later, before

of BSCCL. Mr. Rahman earned the joining as Managing Director of
B.Sc in Electrical & Electronics BSCCL he was promoted as
Engineering degree in the year General Manager (Grade 3 in
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1988 from Bangladesh University National Pay Scale) of the Depart-

of Engineering and Technology ment of Telecom (DoT) in August
(BUET) and then earned the M.Sc in 2017. After completion of his two
Electrical & Electronics Engineer- years term of contractual service
ing degree from the same univer- Mr. Rahman was reappointed as
sity in the year 1990. He joined the Managing Director of BSCCL on
then Bangladesh Telegraph & deputation from 15 October 2019. and honesty. Mr. Rahman was born
Telephone Board (BTTB) in January He was awarded with the National in a respectable muslim family of
1991 after being qualified through Integrity Award for the year 2019- Barisal district. In his personal life
9th BCS examination in BCS 2020 by the Posts and Telecommu- he is married and father of one
(Telecom) cadre. In BTTB nications Division of the Ministry son. He visited many countries of
(presently BTCL) he served in of Posts, Telecommunications Asia, Europe, North America and
different positions as Assistant and Information Technology for Africa to attend various trainings,
Divisional Engineer, Sub-Divisional his integrity, sincerity, efficiency seminars and meetings.
Annual Report 2021

MANAGEMENT TEAM OF BSCCL

Mr. Mashiur Rahman
Managing Director
Mr. Mirza Kamal Ahmed Mr. Md. Shohidul Islam
m
GM (Admin & Finance) GM (Planning & Development)
Mr. Md. Abdus Salam Khan FCS Mr. Provash Chandra Bhattacharjee
Mr. Mohammad Zakirul Alam

DGM (Planning & Development)
co DGM (Procurement & Logistics)
Mr. Shukanta Kumar Debnath FCA

DGM (Finance & Accounts)
d.
Mr. Abdul Wahhab Mr. Engr. Md. Tariqul Islam
DGM (Operation &Maintenance, IIG) DGM (Operation & Maintenance, KKT LS)
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Mr. Md Ariful Huq Mr. Muhammad Shakawat Hussain

DGM (Marketing & Sales) Manager (HR & A)
Ms. Nazia Hassan Mr. Muhammad Tajul Islam

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Manager (Development) Manager (Finance & Accounts)
Mr. Muhammed Shoeb Ali Mr. Mohammad Shahadat Hossain

Manager (Bandwidth Planning) Manager (Internal Audit)
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Mr. Arifur Rahman Mr. Subram Kishor Das

Manager (Operation & Maintenance, IIG) Manager (Estate)
Mr. Md. Soriful Haque Mr. Mohammad Anisul Islam FCS

Manager (Customer Care) Manager (Share & Legal)
Mr. Kafil Uddin Mr. Md. Rakibul Hossain

Manager (Board & Corporate Affairs) Manager (Procurement & Logistics)
Mr. Uzzal Kumar Saha Mr. Khondker Hayat Mahmud

Manager(Marketing & Sales) Manager (Operation, Remote Location)
Engr. Jewel Miah Engr. Sifat Intiaz Hasan

Manager (Operation, COX LS) Manager (Maintenance, COX LS)
Mr. Md. Margoob Mahfuz

Manager (Operation, Kuakata LS)
ANNUAL REPORT 2021

Brief Description of Top Management

in the year 1988 from Bangladesh University of Engineering and
Technology (BUET) and then earned the M.Sc in Electrical &
Electronics Engineering degree from the same university in the
year 1990. He joined the then Bangladesh Telegraph &
Telephone Board (BTTB) in January 1991 after being qualified
through 9th BCS examination in BCS (Telecom) cadre. In BTTB
(presently BTCL) he served in different positions as Assistant
Divisional Engineer, Sub-Divisional Engineer, Divisional
Engineer and Director. Before joining BSCCL in May 2016 as
General Manager he was serving in BTCL as Director
(International). Later, before joining as Managing Director of
BSCCL he was promoted as General Manager (Grade 3 in
National Pay Scale) of the Department of Telecom (DoT) in
August 2017. After completion of his two years term of
m
contractual service Mr. Rahman was reappointed as Managing
Director of BSCCL on deputation from 15 October 2019. He was
awarded with the National Integrity Award for the year 2019-2020
Mr. Mashiur Rahman joined BSCCL as
Managing Director on 14th October, 2017
after being nominated by the government
co
by the Posts and Telecommunications Division of the Ministry
of Posts, Telecommunications and Information Technology
for his integrity, sincerity, efficiency and honesty. Mr. Rahman
was born in a respectable muslim family of Barisal district. In
d.
and subsequently approved by the BoD of his personal life he is married and father of one son. He
BSCCL. Mr. Rahman earned the B.Sc in visited many countries of Asia, Europe, North America and
Electrical & Electronics Engineering degree Africa to attend various trainings, seminars and meetings.
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Mirza Kamal Ahmed is a member of BCS Telecom Cadre. He is serving

in BSCCL since last five years from government. At present he is
entrusted with the post of Project Director, SEA-ME-WE 6 project of
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BSCCL. He is also in additional charge of General Manager (Admin &

Finance). Graduated from BUET in EEE in the year 1993, he also
attained MBA in 2008. He has a long extensive career of more than 27
years. He started his career in Rural Electrification Board in 1994. In
1995 he joined in Bangladesh Atomic Energy Commission and served
for near about three years. In 1998 he joined in erstwhile BTTB through
17th BCS. During his service in Telecom field he worked in different
field offices of BTTB and present BTCL as Asstt. Engineer, Sub
Divisional Engineer and Divisional Engineer with good performance
and well reputation. Since joining in BSCCL he is playing a key role
and contributing a lot to the progress and advancement of BSCCL. As
a part of his career Mr. Kamal has attended different seminars,
symposiums, meetings, workshops and trainings at home and abroad.
In personal life he is blessed with one son and one daughter.
Annual Report 2021

Mr. Md Shohidul Islam - a member of BCS Telecom Cadre, joined

BSCCL as General manager on 1st November 2020. Prior to joining
BSCCL, he was posted as the General Manager of BTCL. He obtained
his Engineering Degree in EEE from BUET in 1993. Md Shohidul Islam
had a long extensive career of more than 28 years in the various
communication fields, which started in BCC (Bangladesh Computer
Council), in 1993 shortly after he graduated and continued serving
for the next four years as an Apprentice Programmer.
Later on, in 1998, he joined Bangladesh Telecom Cadre service,
through the 17th BCS examination. He was then posted in several
fields, as an Assistant Divisional Engineer, a Sub-Divisional
Engineer, and as a Divisional Engineer, where he continued his work
with a good reputation. For the greater halve of his time in
BTTB/BTCL, he served in Transmission, Data & Internet wings.
Throughout his career he has attended different seminars,
symposiums, workshops, meetings & trainings at home & abroad.
m
co
Mr. Md. Abdus Salam Khan FCS is the Company Secretary (General
Manager) of BSCCL. He joined the company on 15 September 2008.
Before joining BSCCL, he was the Senior Deputy Company Secretary
in GSP Finance and he also worked in Sabinco, Prosika and Haque
d.
group of Industries. He has vast experience over 30 years in his
career. He obtained his M.Com in Accounting from Dhaka University
and MBA (Major in Finance) from Daffodil International University.
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He passed C.A. (Intermediate) examination from the Institute of

Chartered Accountants of Bangladesh. He is a Fellow Member of
Institute of Chartered Secretaries of Bangladesh. He is also a
Rotarian and held the position of President of Rotary Club of Dhaka
Mega City for the year 2016-17 and Assistant Governor for the year
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2019-2020. He has attended various meetings, seminars, training

program and workshops both at home and abroad.
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Mr. Provash Chandra Bhattacharjee, a member of BCS (Telecom)

Cadre, joined BSCCL as Deputy General Manager on deputation on
19th November, 2019. He obtained his B.Sc. Engg. Degree in EEE
from BUET in 1995 and MBA in finance in 2010 from Business
Faculty of DU. He has field oriented experience of more than 23
years. After passing from BUET, he served for few months in a
Japanese Company at CPEZ and for about 8 months in Padma
Textile Mills Ltd which was a sister company of BEXIMCO Group.
Then he joined in BPDB in 1998 and served for about 3 years as
Assistant Engineer. In 2001, he joined in Ex-BTTB as BCS(Telecom)
Cadre officer through 20th BCS examination and was posted in
different field offices of erstwhile BTTB and then BTCL as ADE, SDE,
DE and DGM. During his tenure in BTCL, he served with sincerity,
honesty, reputation and appreciation from BTCL’s high officials.
Currently he is now working in BSCCL as DGM (P&L) and GM (O&M)
in additional Charge with sincerity, honesty and enthusiasm.
Throughout his long career, he has attended different seminars,
factory visits and trainings in home and abroad.
ANNUAL REPORT 2021

Mr. Mohammad Zakirul Alam has been working with BSCCL since
June 4, 2009. He is currently posted as DGM (Planning & Development).
Previously he served the Company in various positions such as DGM
(Customer Care), DGM (Operations) and DGM (Bandwidth Planning).
Before joining BSCCL, he worked as Network Manager in Connect
BD Ltd and he also worked in Digitech Datalink. He has extensive
experience of 21 years in his career. He obtained his B.Sc. Engineering
degree from Bangladesh University of Engineering & Technology
(BUET). He also obtained his Executive MBA (Finance) degree from
North South University (NSU).
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co
Mr. Shukanta Kumar Debnath FCA was appointed as a DGM
(Finance & Accounts) since April 1, 2013. Before joining BSCCL, he
d.
was Senior Manager (Accounts) in Apex Textile Group and he also
worked in Otobi Ltd. He has extensive experience over 19 years in his
career considering the experience obtained during Articleship of
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Chartered Accountancy. He obtained his M.Com in Management

from National University and qualified as Chartered Accountant
from the Institute of Chartered Accountants of Bangladesh (ICAB).
He has obtained MBA, Major in Finance under Executive Program
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from Institute of Business Administration (IBA), University of

Dhaka.
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Mr. Abdul Wahhab has been working in BSCCL since 1st September,
2013. He was appointed against the post DGM (IIG Operation). He is
currently posted as DGM (O&M, IIG). Previously he also served the
company with additional responsibilities of DGM (IIG Marketing)
and DGM (Customer Care). He started his career from the ISP of Drik
Alokchitra Granthagar Limited, shortly called DRIKNET, the pioneer
ISP in Bangladesh, in January, 1999. Before joining BSCCL, he
worked at BDCOM Online Limited as Manager (NOC). He has about
twenty three years experience in telecommunication, specially in
the field of IP network and System Administration. He obtained his
B.Sc (Hons) and M.Sc in Applied Physics and Electronics from
Department of Applied Physics and Electronics, currently named
Electrical and Electronic Engineering, the University of Dhaka. He
also obtained MBA (Evening) Degree majer in Marketing from the
University of Dhaka.
Annual Report 2021

Engr. Md. Tariqul Islam, PEng joined BSCCL as Deputy General

Manager (O & M), SMW5, Kuakata Landing Station on 25th March 2020.
Prior to joining BSCCL, he worked as Country local representative in
Tianjin Research Institute of Water Transport Engineering, M.O.T.,
China. He worked as Head of IP, Core and Transmission in Augere
Wireless Broadband Bangladesh Ltd. and he also worked as Sr.
Solution Manager (SR) in Huawei Technologies Co. (Bangladesh) Ltd.
He obtained his B.Sc. Engg. degree in Computer Science &

Engineering from Dhaka University of Engineering & Technology,
Gazipur. He also obtained his Master of Engineering in Telecommu-
nication from American International University-Bangladesh
(AIUB). Mr. Islam has registered as a Professional Engineer from
Bangladesh Professional Engineers Registration Board. He is a
Fellow Life Member of The Institution of Engineers, Bangladesh. He
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has a long extensive career of more than 18 years in his career.
Throughout his long career, he has attended different seminars,
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symposiums, meetings and workshops in home and abroad.
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Mr. Md Ariful Huq was appointed as DGM (Marketing & Sales)
effective from 30th December 2020. Prior to joining BSCCL, Mr. Arif
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was working as Account Director at Nokia Networks. Prior to that,

he also worked as Product Manager of Optics at Huawei Technolo-
gies Limited. Mr. Arif brings in 16 years of Sales, Marketing and
Business management experience into the management team. He
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has MBA major in Finance from East west University and B.Sc. in
Electrical and Electronic Engineering from Khulna University of
Engineering and Technology (KUET). Mr. Arif is LEAD (Nokia Global
Leadership Program) Certified from Harvard Business Review and
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Nokia Certified Challenge 2 Win Sales Professional. He has own End

to End Deal of the Year'2018 from Nokia APJ President for winning
Telenor Cloud Core Contract and Asia Pacific “People Getting it
Right” Award’2012 from Alcatel-Lucent APJ President for breakthrough
in Teletalk Account. Throughout his career he has visited many
countries of Asia, Europe and North America to attend various
trainings, seminars and meetings.
CORONAVIRUS SAFETY
Follow thes easy steps to help prevent the spread of COVID-19.
ANNUAL REPORT 2021

HUMAN RESOURCE MANAGEMENT
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One of BSCCL’s principal strength is the quality and dedication of its employees and their shared sense of being
part of a team. Their diverse vantage points and unique abilities create a broad range of skills and knowledge
that underpin the Company’s work. In order for BSCCL to continue its steady growth, it is essential that it
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retains its key employees and provides attractive opportunities for new personnel.
A great part of success in the telecom services industry depends, more than anything else on the technical
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know-how, experience, talent and commitment of a Company’s human capital. For sustainable growth of
BSCCL, the Company must be able to get benefit from its strong business principles, its fast moving and
entrepreneurial spirit and the success of the individual and team.
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BSCCL places great emphasis on keeping employees informed about the Company’s vision, strategy and its
future plans. The Company keeps its employees informed about current-news of events and achievements of
the Company. Moreover, the Company arranges regular in service trainings at home and abroad to development
the skills of the employees.
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Recruitment
A career with BSCCL demands a high level of diligence and dedication. The work of the Company requires
individuals with uncommon ability, knowledge and commitment. BSCCL consistently seeks to recruit personnel
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who can fulfill these diverse requirements at the same time support the corporate culture of the company.
Gradual increase in the number of applications from highly qualified prospective candidates in response to
advertisements for recruitment indicates attraction of people to Company’s distinct position and ideology.
BSCCL believes that having a broad range of age and experience in its workforce, helps the Company meet the
varied needs of its clients. This is reflected in the structure of the workforce. BSCCL places a special emphasis
that new positions are filled by the most accomplished candidates, in the terms of their education, experience
and ability.
BSCCL’s recruitment strategy is based on attracting highly qualified candidates through employee networks,
selective head-hunting and advertisement. Two Sub-Committees, one for recruitment of officers and the other
for the staffs, are responsible for recruiting manpower with diverse talent. The Human Resource Department of
the company is an important partner in achieving this goal.
Career Development
BSCCL comprises of a league of enterprising women and men who are distinguished by their initiative,
diligence, imagination and ambition. The Company’s network is driven by a sense of teamwork and solidarity
that transcends Company’s hierarchy. The people of BSCCL are part of a culture of integrity and leadership.
Annual Report 2021

They have an active role to play in the Company. They form a community in which people’s potential and talents
are cultivated with the aim of establishing lifelong careers. High quality employees are trained and fostered
with the goal of developing the business of BSCCL and thus convert the Company to a successful and unique
one.
Job satisfaction and retention

BSCCL always tries not only to attract the most qualified personnel into the company but also to retain them
in the company by creating a superior working environment and through addressing their needs. To ensure
success for the Company as a whole, employees are encouraged to engage in synergetic teamwork, and every
effort is made to facilitate communication and flow of information. Employee initiative and responsibility are
promoted through challenging assignments where rewards are determined by results.
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Employee turnover at the Company was at a comparable level to the previous year. The total turnover rate for
the Company was around zero percent, which is largely dependent on various external factors.
Incentives
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By rewarding for good performance, BSCCL encourages its employees to invest their full potential for the
company and thus support the company to achieve the optimal performance. The forms of providing incentives
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are foreign trainings, special honoriums, incentive bonus etc. Also, the company shares a part of its profit on
regular basis with the employees through Workers Profit Participation Fund (WPPF). By aligning the interest of
employees and share holders, BSCCL enables its people to play an even more active role in bringing success
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for their own community.
Transport
Transport facilities are provided to the top level executives of the Company. Moreover, adequate allowances are
given to other employees for their transportation.
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Provident Fund
Both employees and company contribute @ 10% of basic salaries to employees’ Provident Fund.
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Gratuity Fund
Employees who have served in the company for more than five years are eligible to be entitled for gratuity
facilities.
Workers Profit Participation Fund

The company maintains a Workers Profit Participation Fund in accordance with the Labour Law of the country
by transferring 5% of the Net Profit Before Tax to fund. Trustees have been formed to maintain and mange the
distribution of profits to the beneficiaries as per the Labour Law.
Recent Awards
ICSB Award for Corporate Governance Excellence 2019.
ANNUAL REPORT 2021

FROM BSCCL ARCHIVE

Photos of 12th AGM of BSCCL
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Annual Report 2021

FROM BSCCL ARCHIVE
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Chairman of BSCCL and Secretary, Posts and Telecommunications The Managing Director of BSCCL is congratulating
Division Mr. Md. Afzal Hossain, is Signing C&MA Agreement of SMW-6 Mr. Md. Khalilur Rahman for being appointed as Secretary of
Submarine Cable in presence of Mr. Mustafa Jabbar, Honorable Minister,
Posts and Telecommunications Division, MoPT & IT.
Posts and Telecommunications Division, MoPT & IT.
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Receiving the 7th ICSB CGE Award 2019 & Certificate by the A moment of the zoom discussion meeting on the impact of
Chairman & the MD of BSCCL from the chief guest Honorable historic speech of Father of the nation delivered on
Minister & Special guest. 7th March 1971 .
MD of BSCCL is handing over the key of a House build under On the occasion of Annual Picnic 2021 the Managing
the CSR Program of the company to a Homeless citizen of Director is handing over a greeting gift to the Chairman
Bangladesh in presence of Ex-Chairman of BSCCL & Local UNO. of BSCCL.
ANNUAL REPORT 2021

COMMUNICATION WITH THE SHAREHOLDERS

We believe in good Corporate Governance through transparency and full cooperation amongst all stakeholders
of the Company, including the owners of the Company–the Shareholders. There is a continuous flow of Information
to the Shareholders regularly through a number of forums and publications. The Company has adopted a
detailed policy on information disclosure and communication. In compliance with continuous disclosure
requirements, the Company’s policy is that Shareholders will be informed in a routine manner about all major
developments that impact the business of the Company and also being able to make the shareholders
informed about all important decisions of the company.
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Information Disclosure
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In accordance with the disclosure requirements of BSEC, the Company follows the following three main forms
of information disclosure:
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Continuous disclosure – Continuous disclosures are the core disclosure and primary method of informing the
market and the Shareholders;
Periodic disclosure – in the form of quarterly, half yearly and yearly reporting of financial results and others
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issues; and
Event based disclosure – as and when required, regarding administrative and corporate developments, usually
through stock exchanges & press releases. All information provided to the BSEC and Stock Exchanges are
immediately made available to the Shareholders and the market in the Investor Relations window of the
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Company’s website: www.bsccl.com.

General Meeting
The General Meeting is the supreme body in BSCCL. The Company recognizes the rights of the Shareholders
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and their interests are primarily ensured through BSCCL’s Annual General Meeting (“AGM”). The Company
requires its Board and Auditors to attend each AGM so as to be available to answer the Shareholders’ queries
on the activities of the Company.
Website
All financial results, key performance indicators, other relevant financial and non-financial data, Price Sensitive
Disclosure etc. are posted on regular basis in the Investor Relations window of the Company’s website:
www.bsccl.com
Shareholders Queries
Whilst the Company aims to provide sufficient information to the Shareholders and to the prospective Inves-
tors about the Company and its activities, it also recognizes that the Shareholders may have specific queries
relating to their shareholding. To ensure that the Shareholders can obtain all relevant information to assist
them in exercising their rights as Shareholders, all kinds of queries may be directed to:
Rahmans’ Regnum Center (7th & 8th Floor)
191/B, Tejgaon-Gulshan Link Road , Dhaka-1208
Phone: 880-2-8879192 & 4
Fax: : 880-2-8879193
Annual Report 2021

DIRECTORS’ REPORT
DIRECTORS’ REPORT (2020-2021)

Dear Shareholders
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The Board of Directors of Bangladesh Submarine Cable Co. Ltd. (the “Company”) welcomes you at the 13th
Annual General Meeting of the Company. We take the pleasure of presenting the operational activities and the
audited financial statements for the year ended on 30 June 2021 along with the report of the auditors thereon.
Economic Scenario and Prospect of the Industry: co

The economy of Bangladesh is a developing market economy. It is the 37th largest economy of the world in
d.
terms of nominal GDP and 31st largest in terms purchasing power parity (PPP). The economy of Bangladesh is
classified among the Next Eleven emerging market middle income economies and a frontier market. Bangladesh
is achieving an average annual growth of GDP at the rate of around 7% for the last couple of years. Despite the
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adverse effect of COVID-19 pandemic on the economies of the countries worldwide since January 2020, the
economy of Bangladesh experienced a satisfactory annual growth rate of more than 5 % in the year 2020-2021.
Bangladesh is among the few countries in Asia who achieved a growth rate in GDP above 5% despite the global
pandemic situation. The economy of Bangladesh is gradually transforming from an agro-based economy to
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service and industry based economy for the last few decades. Now the service sector is the major contributing
sector into the GDP of the country. The industrial, manufacturing and service sectors are gaining importance in
the economy with time. Now Bangladesh is the second largest exporter of Readymade Garments (RMG) in the
world market. With a huge population of more than 160 million, the successes of agricultural researches,
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particularly in Rice, has made the country self-sufficient in food-grain. Bangladesh is the fourth largest
producer of fish in the world. Also, Bangladesh is self-sufficient in producing Medicine, Steel and Cement.
Having huge number of working force, Bangladesh has been supplying millions of skilled, semi-skilled and
unskilled manpower to the Middle East, East Asia, South Asia, Europe and North America. Readymade
Garments (RMG) export and the remittances of the overseas Bangladeshi workers are the two main sources of
foreign exchange earnings of the country. Economic growth is rather indigenous with remarkable growth of
foreign direct investment (FDI) in telecom, energy and power sectors.
Bangladesh in the recent years has earned special attention among the south-east Asian countries in terms of
poverty alleviation, decreasing child-mortality rate, use of hygienic sanitation, access to safe water, empowerment
of women, increase in per capita income and life expectancy of the people, reducing digital divide, higher
literacy rate, high foreign currency reserve and some other socio-economic indices. It has already achieved
most of the Millennium Development Goals (MDG) and actively working to achieve the Sustainable Development
Goals (SDG). The country is improving at a good pace in terms of infrastructure development such as road and
railway, telecommunications, power generation, water supply etc. Bangladesh is presently implementing
several mega projects such as Rooppur Atomic Power Plant, Padma multi-purpose bridge, Padma Bridge
Railway, Dhaka Metro Rail project, Rampal Power Plant, Paira Power Plant Matarbari Power Plant, Paira Sea
Port, Karnofuly Tunnel, Chittagong to Cox’s Bazar Railway Network, Bangabandhu Railway Bridge over Jamuna
River etc., completion of which will contribute a lot in the country’s GDP. Recently Bangladesh has achieved the
ANNUAL REPORT 2021 33

Directors’ Report
status of developing country from the least developed country. The main exports of the country are Readymade
Garments (RMG), Jute and Jute goods, Leather and Leather goods, Tea, Medicine, Software, Ocean Going Ships,
Frozen Fish and Sea-Food, Ceramics and Cement. Recently outsourcing and software development has been
added in the list of export products and is expected to grow faster in future. The main imports of the country are
capital machineries & equipment, industrial raw materials, chemicals, iron and steel, raw cotton, crude oil and
petroleum products. The country’s main endowments include its vast human resources base, rich agricultural
land, green forests, relatively abundant water and substantial reserves of natural gas and coal, resources in sea
and shore which are yet to be explored in full. In the last few years the country has experienced considerable
development in the Telecom & ICT sectors. The country has recently alleviated to the group lower middle
income countries from lower income group.
In this era of globalization, communication has become the most significant factor. In a densely populated
country like Bangladesh, telecommunication and Internet can play a vital role to boost the economy and life
style of the people. In recent years lots of foreign investment has come into the country in telecommunication
sector. Though the telecommunication industry in Bangladesh is growing rapidly, still it has a long way to go.
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Unfavorable growth conditions and lack of infrastructure in rural areas is hampering the growth of telecommu-
nication and broadband penetration in the suburban and rural areas of the country. However, the growth of
mobile telephone network is quite significant. Broadband internet services are spreading gradually in the rural
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area as the Government is implementing projects to spread the optical fiber cable network into rural level and
to bring all the schools and colleges of the country under broadband Internet services. Also, government has
taken different initiatives to reduce the price of Internet bandwidth to an affordable level for the common
people. In 2018, government has awarded 4G license to four mobile telecom operators in the country. All the
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four mobile operators are now expanding their 4G networks over the country. Government has decided to
introduce 5G services experimentally in some areas of Dhaka city by the end of 2021. Also, the implementation
of a project to connect the country with the 3rd Submarine Cable has been started by BSCCL, which will make
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a huge amount of international bandwidth available in the country. Fixed Internet Service Providers (ISP) are
now expanding their networks into the rural areas of the country. All of these activities are contributing to
increase the broadband penetration in the country.
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Business Operation and External Environment

Bangladesh Submarine Cable Company Limited (BSCCL) is the most important core telecommunication
infrastructure service provider in the country who provides the vital infrastructure for keeping the country
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connected with the International Information Superhighway. Through its two submarine cable systems, the
SEA-ME-WE-4 and the SEA-ME-WE-5, it provides submarine cable capacity (International Private Lease Circuit
or IPLC) to the IIG and IGW operators of the country. BSCCL provides high quality international bandwidth
through Submarine Cable systems between Bangladesh and several most desired destinations of the world.
BSCCL is an important member of two international submarine cable consortiums, the SEA-ME-WE-4 and the
SEA-ME-WE-5 (South East Asia-Middle East-Western Europe-4&5).
BSCCL is the unique provider of Submarine Cable services in the Telecommunications sector of the country
and is the major provider of international bulk bandwidth. It acquired the permit/license from the Government
of Bangladesh for providing services through submarine cables. The IIG and IGW operators of the country, the
main customers of BSCCL, are leasing international submarine cable capacity (IPLC) at reasonable rates based
on the license guidelines, terms & conditions and regulations of Bangladesh Telecom Regulatory Commission
(BTRC). Since 2013, BSCCL started to provide IP Transit service to different IIG and ISP operators from its own
IIG after acquiring a license from BTRC. BSCCL’s IP Transit service is ranked as one of the best services in the
country. In early 2021 the first overseas PoP of BSCCL’s IIG was established at Equinix SG3 data center in Singapore.
In the year 2012 Bangladesh Telecommunication Regulatory Commission (BTRC) issued International Terrestrial
Cable (ITC) licenses to six private operators of which four are now in active commercial operation. The ITC
34 Annual Report 2021

Directors’ Report
license holders offer IPLC service of the submarine cable systems from the neighboring country (India) through
International Terrestrial cables connecting the landing stations of India with Bangladesh. Hence, ITC license
holders are the main competitors of BSCCL till date and they sometimes offer lower tariff to attract customers.
To remain competitive in the market, BSCCL sometimes needs to revise its tariff of the IPLC and IP Transit
services downward, which impacts the revenue of the company. Despite tough competition from the ITC operators,
BSCCL still holds more than 60% market share of the international bandwidth market of the country.
Services provided by BSCCL

BSCCL is authorized to provide international submarine cable bandwidth (IPLC), IP Transit and Co-location
services to the following types of customers within the framework of the Licensing Guidelines and with the
approval of the Bangladesh Telecommunication Regulatory Commission.
1. IIG (International Internet Gateway) Companies- both IPLC and IP Transit services.
2. IGW (International Voice Gateway) Companies- IPLC service.
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3. ISP (Internet Service Provider) Companies- IP Transit service.
4. Any other corporate users (with approval from BTRC)- IPLC service.
5. Cross boarder lease of IPLC and Internet bandwidth (with the approval of government).
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6. IIG, IGW, ISP, NTTN and any other customer- Co-location services (Space, power, technical assistance etc.).
BSCCL
d.
IIG IGW
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ISP ICX
ANS
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SUBSCRIBERS
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Capacity, Utilization and light-up of new capacity in new SMW5 submarine cable
As a member of SMW-4 submarine cable consortium, Bangladesh started the submarine cable service with 7.5
Gbps bandwidth in the year 2006 under the then BTTB. The bandwidth capacity was enhanced to 44.60 Gbps
through upgradation 1 & 2 of SMW-4 system without any additional investment from Bangladesh. BSCCL
emerged after the abolition of BTTB on 1st July 2008 and the ownership of SMW-4 submarine cable system
including the Cox’s Bazar cable landing station was transferred to BSCCL. BSCCL participated in Upgrade#3 of
SEA-ME-WE-4 consortium in 2011 and achieved additional 6.8 million MIU*km capacity by investing BDT 48
crore from its own sources and the total bandwidth capacity of BSCCL in SMW-4 reached 300 Gbps. Later on
the capacity of SMW-4 submarine system was further enhanced and at present BSCCL can achieve around 600
Gbps capacity from the SMW-4 submarine cable. In 2014 BSCCL joined SMW-5 submarine cable consortium.
The SMW-5 submarine cable landed at Kuakata of Patuakhali district and was commissioned in Bangladesh in
early 2017. According to initial designed capacity, the total capacity of SMW-5 cable was 24 Tbps out of which
BSCCL could achieve 1500 Gbps. In the SMW5 cable system there is a provision of total capacity enhancement
through use of future advanced optical transmission technology. Recently, through implementation of light-up
#2 and light-up #2.1 using more advanced technology the ultimate achievable capacity of BSSCL in SMW 5
cable has been increased to around 2300.00 Gbps. The present lit up capacity of BSCCL in SMW-5 is 1300 Gbps
out of which 1200 Gbps is with Singapore and rest 100 Gbps is with France.

Directors’ Report
Presently, BSCCL’s two submarine cables, namely SMW-4 and SMW-5, have a combined design capacity of
around 2900 Gbps.
The amount of bandwidth used in the country in June 2021 from BSCCL’s Submarine Cable systems was around
1563.90 Gbps. The following table shows the year wise ultimate achievable capacity, the lit up capacity and
utilization of submarine cable bandwidth of BSCCL in last five years.
2016-17 2017-18 2018-19 2019-20 2020-21

Ultimate achievable Capacity (Gbps) 1800.00 1800.00 1900.00 2700.00 2900
Lit up Capacity (Gbps) 500.00 700.00 900.00 1500.00 1900
Utilization (Gbps) 246.98 446.48 686.00 1102.72 1564
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3000
2500
2000 co
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1500
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1000
500
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0
2016-17 2017-18 2018-19 2019-20 2020-21
Graph showing Bandwidth Capacity & Utilization (in Gbps) during last five financial years.
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Sector-wise Performance
The main services of BSCCL are International Private Lease Circuit (IPLC) and IP Transit services. The performances
of IPLC and IP Transit services in terms of capacity & revenue during last two years are presented below:
2019-20 2020-21 Growth Growth (%)

Capacity Capacity
Name of Service (As on Revenue (As on Revenue
30/06/2021) (Million BDT) 30/06/2021) (Million BDT) Capacity Revenue Capacity Revenue
(Gbps) (Gbps)
IPLC 949.34 1892.16 1290.60 2648.27 341.26 756.11 35.95 39.96
IP Transit Service 153.38 496.17 273.30 702.83 119.92 206.66 78.18 41.65
Circuit Activation Charge - 13.25 - 12.51 - (.74) - (5.56)
Co-Location Charges - 62.19 - 84.92 - 22.73 - 36.55
The details of the Sector-wise Performance of BSCCL have been presented in note number 26 to 30 of the
Audited financial statement of 2021.

Directors’ Report
Selling/Leasing Unutilized Capacity of SMW-5 Submarine Cable of BSCCL in International

Market:
Historically, submarine cable capacity utilization of BSCCL has been mostly towards the east in Singapore
direction, as Singapore is the data hub of South-East Asia region. At present, BSCCL’s bandwidth utilization
inside the country stands at around 1640 Gbps, of which around 95% is east bound towards Singapore. But, as a
member of SMW-5 consortium, BSCCL possess a big capacity in the SMW-5 submarine cable in the west direction
from Sri Lanka to France/Italy of which a very small portion is utilized till date. In this regard, BSCCL has been
always actively looking for opportunities to lease/transfer its huge amounts of mostly unused west bound
submarine cable capacity to willing international telecom operators. Consequently, BSCCL has recently
transferred 25.31% (equivalent to 6x100G Gbps at present, which will change with the change in design capacity
in the future) of its allocated capacity in the Yanbu (Saudi Arabia)-Marseille PoP (France) section of SMW-5 to
Saudi Telecom Company who is also a member of SMW-5 consortium.
Moreover, French telecom operator ‘Orange’ has signed an agreement with BSCCL on 30-Jun-2021 to take lease
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of 13 Gbps capacity from BSCCL in the Singapore-France route of the SMW-5 submarine cable.
Besides, few other international clients have also expressed their intents to take lease of BSCCL’s west bound
(towards France) capacity in SMW-5 submarine cable on long term basis, which BSCCL is actively considering
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and recently BSCCL has reached into an understanding with Telecom Malaysia (TM) for leasing 200 Gbps
capacity of SMW-5 cable in Djibouti-Yanbu-France route to TM for a period of ten years.
SWOT Analysis for BSCCL

d.
Strengths
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a. BSCCL is mostly a State owned Public Limited Company of which about 74% of the shares are owned by the
Government.
b. It has the sole ownership of two international submarine cable systems, the SMW-4 & SMW-5, in the country.
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c. After implementation of 2nd submarine cable, the SEA-ME-WE-5, BSCCL ensured redundancy for its
services and also added a huge amount in its bandwidth capacity for national consumption as well as for
export to the neighboring countries/International Market.
d. BSCCL has signed the Construction & Maintenance Agreement with the SEA-ME-WE-6 submarine cable
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consortium in order to get connected with the proposed SEA-ME-WE-6 submarine cable system which will
strengthen BSCCL further in terms of bandwidth capacity as well as redundancy and diversity.
e. It has already secured a very good reputation in the Telecommunication industry of Bangladesh and abroad
as well through its reliable and high quality of services.
f. The company has been using latest technology and providing high quality international bandwidth to its
customers.
g. BSCCL serves its customers on 24/7 basis.
h. BSCCL has been a profitable company since its incorporation and despite a huge investment for SMW-5,
BSCCL remained not only profitable but also gained satisfactory growth in profit.
Weaknesses
a. BSCCL is no longer the sole agency to supply Submarine Cable bandwidth to IGW, IIG and other corporate
users in the country. The competitors are the ITC License holders who already acquired a substantial market
share. Hence, BSCCL would require diversification of its business and would require exploring international
market for sustainable growth of the company.

Directors’ Report
b. BSCCL does not hold NTTN license. Hence, BSCCL needs to depend on NTTN operators for transportation of
the submarine cable bandwidth to different parts of the country, which means that BSCCL is not able to
offer complete solution for its customers using its own resources.
c. If the government decides to issue submarine cable license to any other operators having NTTN license
then BSCCL will face uneven competition which may jeopardize its business.
Opportunities
a. Per capita bandwidth use in Bangladesh is still much lower compared to many other countries in South-
East Asia. Hence, GoB is taking various measures to increase broadband penetration in the country. As a
result, the broadband penetration in the country is increasing rapidly. Also, more and more businesses are
going online which results in rapid growth in the demand of Internet bandwidth.
b. Government issued licenses for 4G services in 2018 to the mobile telephone operators and the operators are
expanding their 4G network throughout the country. As a result demand for bandwidth is increasing day by
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day. Also, Government has plan to introduce 5G services in the country within 2023, the implementation of
which will create much larger demand for international bandwidth.
c. Government has implemented several projects to connect all the government offices up to Upazila level
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through optic fiber cable network and introducing e-filing, e-tendering, e-commerce, e-health,
e-agriculture and many other online services. These services are creating huge demand for bandwidth in
public sector.
d.
d. Government has built several IT Villages in different parts of the country and several others are under
construction. Various IT industries to be established in these IT Villages and those will require high speed
bandwidth.
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e. Many small ISP are working all over the country to spread fixed broadband distribution network into domestic
households creating new demand for bandwidth every day.
f. BSCCL is actively looking to offer more Bandwidth to the international buyers from the unused capacity of
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BSCCL in the west side of the SMW-5 Submarine cable.

g. BSCCL is actively looking to offer more Bandwidth to the North-Eastern Indian states of India under the said
Agreement. BSCCL is in contact with Bhutan and Nepal to lease cross boarder bandwidth to them.
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h. Continuous technological development is going on to transport more bandwidth over an optic fiber pair and
thus the bandwidth carrying capacity of the submarine optic fiber cable is increasing gradually.
i. BSCCL might plan to provide NTTN service in future on joint collaboration with PGCB/BTCL.
j. To implement the Vision 2021, GoB will require huge bandwidth and BSCCL is public owned supplier of bulk
bandwidth.
Threats
a. The most crucial threat of the company is rapid technological change or damage to the current undersea
cable system that the consortium operates due to any natural disaster. Since the operation is highly capital
intensive, any basic change in technology will severely affect BSCCL’s business. Also, any serious damage
of undersea cable systems may affect the offered services and the revenue source of the company.
Industry Risk
Most of the times the customers prefer to avail the services at lower rate and the ITC operators provide the
services at lower rate than BSCCL. Hence, to hold major share in bandwidth market BSCCL sometimes needs
to reduce the tariff of its services which may have a negative impact on the revenue of the company.

Directors’ Report
Management Perception
Bandwidth demand is increasing day by day mostly for data related services. If the management of the
company reduces unit prices of the product then volume of sales will be higher. As the cost increase at a much
lower rate with the increase of sales volume hence, the increased sales volume directly contributes to the
profit of the company.
Technology Risk
The most crucial risk in IT sector is rapid technological change. At present the world is going through technological
revolution. However, the company has been using the latest technology and has the provision to upgrade the
system only through changing terminal equipment. Already the SMW-4 submarine cable system has been
upgraded four times which has enhanced the capacity and efficiency. It is expected that within the next couple
of years there will be no significant investment requirements for the existing infrastructure of the company. So
risk exposure for the company regarding technology remains at acceptable level.
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Market Risk
One of the major market risks for BSCCL is new competition. BSCCL is the sole owner of the submarine cable
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systems of Bangladesh. However, the government awarded licenses to six companies for International
Terrestrial Cable (ITC). As a result, the ITC operators are also offering similar services those offered by BSCCL
to its customers, sometimes at cheaper prices. Some of the ITC license holders also possess NTTN licenses
which are added advantage for them. However, it is expected that the ITC operators will not be able to offer
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quality services that BSCCL provides to the customers as their connectivity includes very long land transmission
path from Bangladesh to Mumbai or Chennai cable landing stations which is vulnerable to frequent cable cut.
The quality of bandwidth of BSCCL is also better because of lower latency. Thereafter the exposure of market
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risk remains low for the company.
Also, Government is planning to issue submarine cable operating license to private operators. If such Submarine
Cable Operating License is awarded to any NTTN operator, then BSCCL will face an uneven competition which
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may adversely affect business growth of the company. But the risk is not very imminent as construction of a
long distance new submarine cable connectivity needs at least three years.
Operational Risk
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If the submarine cable connectivity is disconnected accidentally or if there is a planned maintenance in the
submarine cable route, the country suffers adversely in terms of voice and data communication for at least 5-7
days till the cable gets repaired. Fortunately, BSCCL now has two submarine cable systems which considerably
reduces the risk of the said black-out. But if both the submarine cables get disconnected at the same time,
though the probability is very low, still the international data and voice communication will remain active at a
lower scale through ITC systems and satellite system operating in the country. However, the company can cope
with such a situation through diversion facilities availed through the new submarine cable system and therefore,
operational risk associated to the concern remains very low.
Pricing Risk
BSCCL is almost in a monopoly position in the submarine cable market; therefore, it has enough flexibility to
change the price of their services when required. However, BTRC and the Government are the bodies that
sometime control the price. Government and stakeholders are creating pressure to reduce IPLC charges which
might reduce the expected profit of the company. So, the pricing risk for the company is in place. Such reduction
impacts adversely over the revenue growth of the company. However, the company intends to adjust price
versus sales volume to address this risk and keeping exposure towards the risk at an acceptable level.

Directors’ Report
Extra Ordinary Gain (Loss)
There was no extra ordinary gain by the company during the year under report.
Related Party Transactions

The related party transactions entered by Company have been presented in Note no.57.1 of the audited financial
statements.
Change in Accounting Policy

There is a change in the recognition and measurement policy of Property, Plant and Equipment and depreciation
on Non-current assets. Up to the financial year 2019-20, after recognition, items of property, plant and equipment
are measured at cost less accumulated depreciation as per IAS 16: Property, Plant and Equipment.
According to the approval of the Board of Directors, BSCCL shall follow Revaluation model instead of Cost
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model regarding measurement after recognition of Assets from the year 2020-2021. As such, after recognition
as asset, items of property, plant and equipment whose fair value can be measured reliably shall be carried at
a revalued amount being its fair value at the date of the revaluation less any subsequent accumulated
Plant and Equipment.

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depreciation and subsequent accumulated impairment losses from the year 2020-2021 as per IAS 16: Property,
Depreciation is provided to amortize the cost of the assets after commissioning, over the period of their
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expected useful lives, in accordance with the provision of IAS 16 Property, Plant and Equipment. Depreciation is
charged on additions made during the year for the full year in which those assets are put into ready for use and
on which depreciation is charged on Straight line basis on all the non-current assets but up to the financial year
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2019-20 reducing balance method was applied on some non-current assets. Depreciation is charged on all the
fixed assets except land and land development cost at the rates according to the estimated life disclosed in the
valuation report.
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Significant Variance of Financial Statements

The net profit after tax has been increased significantly in the financial statements compared to that of last
year which is due to remarkable increase of sales revenue and also due to very small increase of the opera-
tional expenditure against the increased sales revenue.
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Remuneration to Directors
During the financial year 2020-21 BDT 22,83,473 .00 (including VAT& TAX) was paid as Directors Remuneration for
attending Board of Directors and various Board sub-committee Meetings.
Human Resources
Total approved manpower of the company is 187 according to the present organogram of the company and the
working staffs were 130 as on 30thJune, 2021. Among the employees, 53 are in officer level and rest 77 are
support staff. Compared to number of officers, the number of staff has been found to be on the higher side.
Again, the Company had 122 permanents, 4 contractual and 4 deputed (from government) employees as on 30th
June 2021. The Company has its own services regulations approved by the Board of Directors. During the year
2020-21, only one employee resigned from the Company. The Company provides festival bonus, profit sharing,
provident fund and gratuity to all employees. The performance of the employees is being evaluated on regular
basis which is the key basis for promotion into the next higher position.

Directors’ Report
IT and MIS
As an IT based telecom organization, BSCCL has been operating with a good IT infrastructure for the tasks
related with technology. BSCCL has System Surveillance Equipment and specialized software to communicate
with other landing stations in real time virtual online network. Submarine cable landing stations have data
management system called System Surveillance Equipment (SSE) which allows the operator to monitor and
control the entire submarine cable system. The Company has three Network Operation Centers (NOC) located
at its head office in Dhaka and at the two landing stations. The company provides 24/7 customer support from
these NOCs; the company also use Trouble Ticket for customers complain management. BSCCL use standard
software for Inventory Management, System Status, Restoration Status, Termination Station Module etc. Other
supporting tasks are less complicated.
The Directors report that

• The financial statements prepared by the management of the company present fairly its state of affairs, the
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result of its operations, cash flows and changes in equity.
• Proper books of account as required by the prevailing laws have been maintained.
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• Appropriate accounting policies have been consistently applied in preparing the financial statements and
the accounting estimates are based on reasonable and prudent judgment.
• International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS), as applicable
in Bangladesh, have been followed in preparation of the financial statements and any departure there from
d.
has been adequately disclosed.
• The system of internal control is sound in design and has been effectively implemented and monitored.
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• Minority shareholders have been protected from abusive actions by, or in the interest of, controlling
shareholders acting either directly or indirectly and have effective means of redress.
• There is no significant doubt about the Company's ability to continue as a going concern.
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Key operating and financial data

A statement where key operating and financial data of preceding 5 (five) years has been presented at page
number 15 of the Annual report.
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Board of Directors Meeting

During the financial year 2020-2021, eleven (11) meetings of the Board of Directors were held to discuss routine
business issues and policy matters of the Company. The Board Meeting attendance of the Directors has been
presented in ANNEXURE – E (page number 74).
Appointment / Re-appointment of Directors

Pursuant to the provision of article 120, 121 and 122 of the Articles of Association of the Company read in
conjunction with those of the Companies Act, 1994, at the 13th Annual General Meeting, one third of the directors
of Bangladesh Submarine Cable Co. Ltd. shall retire from office. Accordingly, the Directors of the company Mr.
Dr. Md. Mahbubul Alam Joarder, Professor, Institute of Information Technology, University of Dhaka and Colonel
Ekram Ahmed Bhuyan, afwc, psc, Army Headquarters, Dhaka Cantonment, Dhaka, BSCCL who are in the office
for long time shall retire at the 13th Annual General Meeting. Colonel Ekram Ahmed Bhuyan, afwc, psc has
expressed his interest to be reappointed and is eligible for re-election.

Directors’ Report
After completion of 12th AGM, the Board of Directors of BSCCL in its 189th BoD meeting held on 30 June, 2021
has appointed Mr. Syed Mamnun Quader, Former Director, Dhaka Chamber of Commerce and Industry as
Independent Director of the company in place of Mr. Hossain Khaled, Former President, Dhaka Chamber of
Commerce and Industry. Furthermore, the Board of Directors of BSCCL in its 193th BoD meeting held on 14
November, 2021 has appointed Mr. Md. Khalilur Rahman, Secretary, Posts & Telecommunications Division and as
Director & Chairman of the company in place of Mr. Md. Afzal Hossain, Former Secretary, Posts & Telecommuni-
cations Division. In the same meeting the Board of Directors of BSCCL has appointed Colonel Ekram Ahmed
Bhuyan, afwc, psc as Director of the company in place of Mr. Brigadier General Rakibul Karim Chowdhury, afwc,
psc.
The appointment/re-appointment of above mentioned Directors will be placed at the 13th AGM for the approval
of the shareholders. The brief resume of the Directors who are seeking appointment/re-appointment in the
upcoming 13th AGM of BSCCL are given in page number 18 to page number 22.
Board of Directors
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a Board Size
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The number of members of the Board of Directors stands at 9 (including Managing Director & two Independent
Directors) which are in compliance with the Notifications of BSEC in this regard.
b Brief Description of Independent Directors
d.
i. Mr. NKA Mobin FCS, FCA
In terms of the provision of Corporate Governance Guidelines of BSEC, the Board of Directors appointed Mr.
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NKA Mobin FCS, FCA as Independent Director of the Company on 25 June 2020. Mr. Mobin is the Council
member of the Institute of Chartered Accountants of Bangladesh (ICAB) and Managing Director & CEO
Emerging Credit Rating Ltd (ECRL). He has an illustrious 25 years’ professional career. Prior to Joining ECRL,
he worked at Grameenphone Ltd. for more than 11 years in various capacities as Director Finance, Director
Administration, Director Projects and Company Secretary. Before joining Grameenphone in 1998, he worked
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in the Swiss pharmaceuticals Co. named Novartis Bangladesh Limited for 3 years as Director Finance and
Company Secretary, in multinational fertilizer company named Karnaphuli Fertilizer Co. Ltd. (KAFCO) for 5
years as Manager Finance & IT and in Dhaka Match Industries Co. Ltd. for 5 years as Chief Accountant. He is
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member of various professional bodies both at home & abroad. He has participated and represented ICAB at
various professional events at home and abroad. He has served various organizations as
Director/Independent Director previously. At present, Mr. Mobin is also the Independent Director in
Mobil-Jamuna Lubricants Bangladesh Ltd, Shasha Denims Ltd, Unique Hotel & Resorts Limited and
Hidleberge Cement Bangladesh Limited. Mr. Mobin was the Govt. nominated Director in BIMAN Bangladesh
Airlines Limited for 5 years till 2020. He is also the Senior Vice President of Dhaka Chamber of Commerce and
Industry (DCCI) since January 2020 and Council Member of Institute of Chartered Accountants of Bangladesh
(ICAB) since 2019.

Directors’ Report
ii. Mr. Syed Mamnun Quader
In terms of the provision of Corporate Governance Guidelines of BSEC, the Board of Directors appointed Mr.
Syed Mamnun Quader as Independent Director of the Company on 30 June 2021. Mr. Quader is a highly
educated and is well known business personality. He is engaged in software businesses. He is the Founding
Managing Director & CEO of Southtech Limited, a pioneering company in the field of Information Technology
in Bangladesh, which was established in early 1996. He spearheaded some of the largest and most
transformational digital initiatives in the for-profit, non-profit and public sectors of Bangladesh and
neighboring countries. Under his guidance, his company managed to develop and deliver a number of
Fintech, ERP, HR, e-commerce, accounting, and retail management software products to the market along
with large customized solutions to a number of government entities.
He is a founding member and a former Senior Vice President of Bangladesh Association of Software and
Information Services (BASIS). He is also the former Director of DCCI. His contributions toward software
export was recognized by the Government of Bangladesh by designating him as a Commercially Important
Person (CIP). Mr. Quader’s company Southtech Limited was also a winner of the “ICT Solution Provider of
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the Year – Local Market Focus” awarded by the Daily Star Awards 2020.
c Qualification of Independent Directors
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Professionally Mr. N K A Mobin is a Chartered Accountant and the fellow member of the Institute of Chartered
Accountants of Bangladesh (ICAB). He is also the fellow member of the Institute of Chartered Secretaries
of Bangladesh (ICSB). He did complete his BBA and MBA in Finance from University of Dhaka during 1977-1982.
Mr. Mobin has vast experience in the field of Finance, Accounting, Taxation, System design, ERP system and
d.
Company Secretarial Practices. He has an illustrious 25 years’ professional career. He has international
training and management program in Stockholm Business School in Sweden, National University of
Singapore, INSEAD in France and also AOTS/HIDA in Japan.
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Mr. Syed Mamnun Quader is a renowned business leader. He is the Founding Managing Director & CEO of
Southtech Limited, a pioneering company in the field of Information Technology in Bangladesh, which was
established in early 1996. . Mr. Quader obtained his B.Sc. (Hons) degree with major in Statistics and minor in
Computer Science from City, University of London, UK and obtained his MBA from Bayes Business School
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(formally Cass), City, University of London, UK.
d Chairman of the Board and Chief Executive Officer

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The position of the Chairman of the Board and the Chief Executive Officer stand separated. The roles of the
Chairman and CEO/Managing Director are clearly defined in the Articles of Association of the Company.
e Directors Report to Shareholders that
i. Chief Financial Officer (CFO), Head of Internal Audit (HIA) and Company Secretary (CS).
The Company appointed Chief Financial Officer (CFO), Head of Internal Audit (HIA) and Company Secretary
(CS) as per Corporate Governance Guidelines of BSEC.
ii. Audit Committee

The Audit Committee, as a Sub-Committee of the Board, was constituted on 25 September, 2012. Recently
the Audit Committee has been reconstituted with two Independent Directors and one non-executive Director.
The Company Secretary acts as Secretary to the Committee. Role of the Audit Committee as per provision
of the BSEC regulation has been duly adopted by the Board. The report of the Audit Committee is included
in the Annual Report for 2020-2021.

Directors’ Report
iii. Nomination and Remuneration Committee (NRC)

The NRC, as a Sub-Committee of the Board, was constituted on 29 September, 2018. The NRC Committee
consists of two Independent Directors and four non-executives Directors. The Company Secretary acts as
Secretary to the Committee. Role of the NRC as per provision of the BSEC regulation has been duly adopted
by the Board. The report of the NRC is included in the Annual Report for 2020-2021.
iv. External Statutory Auditors

The BSEC guidelines are being strictly followed in engaging statutory Auditors.
v. Subsidiary Company
The company has no Subsidiary Company.
vi. Duties of CEO & CFO

The provision of BSEC regulations has been complied with.
Capital Structure
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The Company was incorporated with an authorized capital of BDT 1,000 crore divided into 100 crore ordinary
shares of BDT 10/- each, out of which the paid up capital is BDT 1,649,055,100 divided into 164,905,510 ordinary
shares of BDT 10/- each.
State of the Company's Affairs

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Generally, the company is formed for providing international bandwidth and to make the telecommunications
services easily accessible to the people. The main achievement during the year under review was to enhance
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the IPLC business, where the company has achieved a very good growth in bandwidth utilization which resulted
in considerable financial growth. The year under consideration, BSCCL has leased bandwidth to STC of
Kingdom of Saudi Arabia and Orange of France on IRU basis. In the upcoming year BSCCL is expecting to lease
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more bandwidth to TM of Malaysia, BSNL of India and other international clients. Through leasing the Internet
Bandwidth to KSA and France BSCCL was able to continue Bandwidth Export trend for the last five years.
Financial Results
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The Company has earned Net profit of BDT 1907.33 million, EPS of BDT 11.57, NAV per share of BDT 52.49 and
NOCFPS of BDT 15.18 for the year ended on June 30, 2021 against BDT 905.37 million (Restated), BDT 5.49
(Restated),BDT 44.45 (Restated) and BDT 6.87 respectively for the same period of the previous year. Restate-
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ment of last year's figures mainly related to impairment of fixed assets and adjustment of revenue for subse-
quent price reduction. The increase of total Net profit and EPS of this year is the result of increase in ordinary
course of business activities for the period under consideration. EPS of income year 2019-2020 was decreased
from BDT 5.80 to BDT 5.49 due to decrease in net profit after tax from BDT 955,998,006 to BDT 905,369,825 which
was resulted from restatement of last year's figures mainly related to impairment of fixed assets and adjust-
ment of revenue for subsequent price reduction. Total comprehensive income of the year 2019-20 has been
restated and increased due to inclusion of gain on revaluation (net-off deferred tax) of Property, Plant and
equipment on 30 June 2020.

Directors’ Report
A brief financial result is shown below:
Figures in million (BDT) Growth

Particulars
2019-20 2018-19 (%)
Restated
Revenue 3,448.53 2,463.77 39.97
Direct Operating Cost 599.91 619.91 (3.23)
Gross Profit 2,848.61 1,843.86 54.49
Operating Exp. 418.81 576.75 (27.38)
Operating Profit 2,429.80 1,267.11 91.76
Non Operating Income/Expenses 90.02 (3.16) 2949.46
Profit Before Tax 2,399.83 1201.35 99.76
Income Tax Expenses 492.50 295.98 66.39
Net Profit After Tax 1907.33 905.37 110.67
Tax Holiday Reserve 47.33 27.03 75.06
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Total Comprehensive Income 1907.33 1611.25 18.38
Proposed Dividend 610.15 329.81 85.00
Explanation Regarding the Qualified Opinion Expressed By the Statutory Auditor
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During the fiscal years 2015-2016 and 2016-17, Bangladesh Submarine Cable Company Limited (BSCCL)
received an amount of BDT 166,00,00,000.00 as Equity Money in six different installments from the Government
of the People’s Republic of Bangladesh for the purpose of implementing the "Regional Submarine
d.
Telecommunications Project, Bangladesh (Installation and Establishment of Second Submarine Cable System
(SMW5))"under a RDPP approved by ECNEC.
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If any development project is executed with an aid of GoB money, the project should be audited by the
Government Audit Department for finalization of the accounts. Accordingly said project expenditure was
audited by Foreign Aided Audit Directorate (FAPAD) of Audit Directorate of GoB and the audit report was issued
on 22 September 2019 with an objection of usage of GoB equity money titled " Excess GoB Fund of BDT 857.24
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Lakh was spent in excess of Ratio stated in the RADP". In their audit report, it was recommended to take proper
steps to deposit the said excess amount of GoB fund into Govt. account under intimation to audit.
BSCCL management replied to FAPAD on 13-02-2020 with adequate documents, reasoning and justifications
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for using the above mentioned amount spent in excess of Ratio stated in the RADP and applied to them for
withdrawing the audit objection raised in this regard. Considering the reply of BSCCL management after being
satisfied FAPAD has withdrawn the said Audit objection recently. During the period of process of resolution of
the audit objection, Financial Reporting Council (FRC) had issued a notification (Notification No.
146/FRC/Admin/Notification/2020/01) on 11 February 2020 regarding Accounting and Reporting on Share Money
Deposit. As per the said notification any amount received from investor as share capital or call by whatever
name that was considered as part of equity in the Financial Statements shall be converted to share capital
within six months. Further, till to date of conversion of share money deposit to share capital, the amount of
share money deposit shall be considered as potential share.
On the basis of the above notification, Statutory Auditor has expressed qualified opinion mentioning that as on
30 June 2021 BSCCL did not convert the amount of BDT 1,660,000,000 as equity money to Share capital and was
not considered as potential share to calculate the Net Assets Value (NAV) per share and Earning per Share
(EPS). For that reason, as on reporting date both Net Assets Value (NAV) per share and Earning per Share (EPS)
of the company is overstated.
But there are valid reasons for not complying the notification of FRC in due course and the major reasons are
explained below:

Directors’ Report
Immediately after issuing the circular of FRC, Pandemic situation for COVID-19 arose and to reduce the severity
of the affect of COVID-19 there was restriction of office timing. As such, there was an unintentional delay of
resolution of audit objection. To determine the final amount of GoB fund under the said project against which
the shares to be issued, BSCCL had to wait till the resolution of the audit objection.
BSCCL being a listed company has to follow the rules & regulations of BSEC, DSE & CSE in excess of following
the Companies Act 1994. BSCCL has to follow some process to issue shares to GoB like, taking approval of
Board, holding of EGM, taking permission from concerned Ministry and Finance Ministry regarding issue value,
taking permission from BSEC for issue of capital. On the other hand as nothing was stated about the issue
value in the RDDP an amount should be determined as the issue value of the shares. BSCCL being a responsible
listed company it is not reasonable to assume an issue price without the consent of appropriate authority and
consider that price for calculating the potential number of shares.
To get an impartial expert opinion about the probable fair issue value of the GoB shares, the Board of Directors
of BSCCL has appointed Government owned ICB Capital Management Limited (ICML) as Issue Manager.
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According to the requirement of ICML a BSEC approved valuation Firm has completed the valuation work of
fixed assets and issued a valuation report. BSCCL has also completed the financial audit for the year 2020-2021.
After finalization of Audit and final adoption by the BoD we will send the same to the Issue Manager to have an
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opinion regarding Fair Value of Share. After getting the opinion of Issue Manager regarding the Fair Value of
Share, the same will be placed to the BoD for their approval. Having approval of the BoD, BSCCL will communicate
the offered Share Issue price to the Government for acceptance. Upon getting the Approval of Govt. the same
will be placed to the EGM for Share Holder’s approval and subsequently for the approval of BSEC. With the
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approval of BSEC, BSCCL will issue shares in favour of Posts and Telecommunications Division against equity
money received from the Government of the People's Republic of Bangladesh of an amount of BDT 1,660,000,000.
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We are quite hopeful that BSCCL will receive the opinion of ICML about the fair issue value of shares shortly.
Considering the report of ICML, BSCCL will be able to offer and finalize a fair issue value of shares issuable to
GoB very soon.
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We would also like to mention that to comply with the said circular, BSCCL applied to FRC twice within the
stipulated time frame for time extension explaining the above and seek advice from FRC regarding fixation of
issue value as there was no issue value of shares in the RDPP to calculate the potential no of shares.
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Dividend
The net profit after tax of the Company stands at BDT 1,907,331,861 during the year ended on 30th June 2021. In
compliance of the Dividend Policy of BSCCL the Board of Directors recommends 37% Cash Dividend for the
year ended on 30thJune 2021. Please note that no bonus shares or stock dividend has been or shall be declared
as interim dividend.
Future Plan
In light of the election manifesto of the government, necessary measures have already been taken to connect
Bangladesh to its 3rd submarine cable. With the approval of the Posts and Telecommunications Division and
the BoD of BSCCL, BSCCL signed a Memorandum of Understanding (MoU) on 15-Sep-2019 with a new submarine
cable consortium titled “South East Asia-Middle East-Western Europe-6 (SEA-ME-WE-6 or SMW-6)”. It is worth
mentioning that the SMW-6 consortium has already completed the process of selecting the supplier for supply,
installation and commissioning of the SMW-6 submarine cable system and a US based company, SubCom has
already been selected as the supplier. Following through, BSCCL signed the Construction and Maintenance
Agreement (C&MA) with SMW-6 consortium members and agreements with the suppliers on 23-Sep-2021. It
may be expected that the 3rd submarine cable will be commissioned by the year 2024. The 3rd submarine cable

will help BSCCL achieving additional 6000 Gbps of submarine cable capacity towards Singapore in the east as
well as towards France in the west separately. Moreover, BSCCL is also actively working towards capacity
upgradation of its existing two submarine cables, SMW-4 and SMW-5. This is to be mentioned here that for
implementation of the mentioned 3rd submarine cable of BSCCL, the GoB has approved a development project
titled “Installation of 3rd Submarine Cable for expansion of International Telecommunications System of
Bangladesh” amounting BDT 693,16.71 Lac. Out of the estimated project cost BSCCL will provide BDT 300,83.04
Lak from own sources and the rest will be financed by GoB. Out of the total amount of GoB fund of BDT
392,33.67 Lac for the project, BDT 235,40.20 Lac will be provided as loan and BDT 156,93.47 Lac will be provided
as equity finance.
BSCCL is also planning to introduce some new services such as CDN (Content Delivery Network) and some
cloud based services in near future. Besides, the company is also trying to sell/lease some of its unutilized
capacity in SMW 5 submarine cable (core path), which cannot be terminated or used in Bangladesh, to other
SMW 5 consortium partners in order to get a part of the investment back and also to reduce the yearly O&M cost
for the core part of the cable. BSCCL also has a plan to connect the two cable landing stations of BSCCL
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through undersea cable by the year 2024 in order to facilitate its subscribers with better and easier redundancy
in using SMW-5 and SMW-6 submarine cables.
Change of Name of the Company

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To comply with the recently added section 11KHA of The Companies Act, 1994 the Board of Directors of BSCCL
has decided to change the registered name of the company from “Bangladesh Submarine Cable Company
d.
Limited” to “Bangladesh Submarine Cables PLC”. The Board of Directors of BSCCL has also decided to change
the short name of the company from BSCCL to BSCPLC. The above mentioned decision of the Board of Directors
shall be place to AGM for approval.
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Fairness of the Financial Statements and Accounting Policies

It is the responsibility of the Directors as per the provisions of the Companies Act, 1994 to prepare financial
statements for each year. The financial statements and other financial information included in this report fairly
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present all material respects, the financial conditions, results of operations, cash flow statements and the
changes in equity of the company for the year under review.
The company has used appropriate accounting policies in preparation of these financial statements supported
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by reasonable and prudent judgments and estimates as necessary. International Accounting Standards (IASs)
and International Financial Reporting Standards (IFRSs), as applicable in Bangladesh have been followed in
preparation of these financial statements in compliance with the relevant accounting policies.
Duties of the CEO and CFO

The CEO and CFO have certified that
• To the best of their knowledge and belief, they have reviewed the financial statements for the year ended on
30th June 2021.
• These statements did not contain any materially untrue statement or omit any material fact or did not
contain any misleading statements.
• These statements present a true and fair view of the Company's affairs and are in compliance with existing
accounting standards and applicable laws.
• There were no transactions entered into by the company during the year which are fraudulent, illegal, or
violation of the company's code of conduct.

Auditors
M/S S F Ahmed & Co., Chartered Accountants will ceased the office as the present Auditor with the completion
of 13th Annual General Meeting (AGM). Thay have been appointed as Auditor of the company for the last three
AGMs, thus they cannot be considered for further appointment as Statutory Auditor of BSCCL for the years
2021-2022. The Board of BSCCL has recommended M/S MABS & J Partners, Chartered Accountants for the
appointment as Statutory Auditor of BSCCL for the year 2021-22. On the other hand, Pursuant to rule 9(2) of the
Corporate Governance Code dated 03 June 2018 of BSEC, it is necessary to appoint a professional for BSCCL
who will provide the certificate on compliance of the said Corporate Governance Code. The Board has recom-
mended M/S M. Mohashin & Co. Practicing Chartered Secretaries, as the Corporate Governance Auditor for the
year 2021-22.
Compliance of Corporate Governance Code

BSCCL has complied with all the necessary guidelines of the BSEC Corporate Governance Code. The Compli-
ance report , Declaration and Certification by the CEO and the CFO to the Board, Pattern of Shareholding and
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Certificate of Compliance issued by M/S Suraiya Parveen & Associates under the Corporate Governance Code
are annexed in this report (page number 60 to 73).
Conclusion
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The Board of Directors would like to convey its heartiest gratitude to all the shareholders for their cooperation
and support towards development of the Company. The Board of Directors would like to express its sincere
d.
appreciation for the support and guideline received from the Posts and Telecommunications Division of the
Ministry of Posts, Telecommunications & Information Technology, Ministries of Finance, Commerce, Science &
Technology, Bangladesh Telecommunication Regulatory Commission (BTRC), Bangladesh Telecommunications
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Co. Ltd. (BTCL), BSEC, DSE, CSE, CDBL, RJSC, NBR and other Government Organizations.
The Directors wish to express their thanks and gratitude to the Management of BSCCL for good team spirit,
hard work, and dedicated services towards the growth and progress of the Company. The Directors also thank
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all the staff of the company, the valued customers of the company, the suppliers of goods and services, different
Banks and Financial Institutes for their kind supports. The Board of Directors expects that IT related services
would continuously flourish in the country and the country would achieve the goal of being a knowledge based
society in course of time. Thank you very much for your kind participation.
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For and on behalf of the Board of Directors
Mashiur Rahman N.K.A. Mobin FCS, FCA

MANAGING DIRECTOR, BSCCL INDEPENDENT DIRECTOR, BSCCL

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eënvi (wRwewcGm) 247.00 446.50 686.00 1103.00 1564.00
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Q) weGmwmwmGj MÖvnKMY‡K 24×7 wfwË‡Z cÖhyw³MZ mnvqZv cÖ`vb K‡i _v‡K|
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ANNEXURE - A
[ As per condition No. 1 (5) (xxvi)]
DECLARATION BY CEO AND CFO

Date: 21 October, 2021
The Board of Directors
Subject: Declaration on Financial Statements for the year ended on 30 June, 2021.
Dear Sirs,
Pursuant to the condition No. 1(5)(xxvi) imposed vide the Commission’s Notification No. BSEC/CMRRCD/
2006158/207/Admin/80 Dated 3 June 2018 under section 2CC of the Securities and Exchange Ordinance, 1969,
we do hereby declare that:
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(1) The Financial Statements of Bangladesh Submarine Cable Company Limited for the year ended on 30 June,
2021 have been prepared in compliance with International Accounting Standards (IAS) and/or International
Financial Reporting Standards (IFRS), as applicable in the Bangladesh and any departure there from has
been adequately disclosed;
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(2) The estimates and judgments related to the financial statements were made on a prudent and reasonable
basis, in order for the financial statements to reveal a true and fair view;
d.
(3) The form and substance of transactions and the Company’s state of affairs have been reasonably and fairly
presented in its financial statements;
(4) To ensure above, the Company has taken proper and adequate care in installing a system of internal control
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and maintenance of accounting records;

(5) Our internal auditors have conducted periodic audits to provide reasonable assurance that the established
policies and procedures of the Company were consistently followed; and
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(6) The management’s use of the going concern basis of accounting in preparing the financial statements is
appropriate and there exists no material uncertainty related to events or conditions that may cast significant
doubt on the Company’s ability to continue as a going concern.
In this regard, we also certify that: -
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(i) We have reviewed the financial statements for the year ended on 30 June, 2021 and that to the best of our
knowledge and belief:
(a) these statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading;
(b) these statements collectively present true and fair view of the Company’s affairs and are in compliance
with existing accounting standards and applicable laws.
(ii) There are, to the best of our knowledge and belief, no transactions entered into by the Company during the
year which are fraudulent, illegal or in violation of the code of conduct for the company’s Board of Directors
or its members.
Sincerely yours,
Shukanta Kumar Debnath, FCA Mashiur Rahman

Chief Financial Officer, BSCCL Managing Director & CEO, BSCCL

ANNEXURE - B
[As per condition No.1 (5) (XXVII)]
CORPORATE GOVERNANCE CODE COMPLIANCE REPORT
Suraiya Parveen & Associates

(Chartered Secretaries, Financial & Management Consultants)
Report to the Shareholders of

Bangladesh Submarine Cable Company Limited on compliance on the Corporate Governance Code
We have examined the compliance status to the Corporate Governance Code by Bangladesh Submarine
Cable Company Limited for the year ended on 30th June 2020. This Code relates to the Notification No.
BSEC/CMRRCD/2006-158/207/Admin/80 dated 3 June, 2018 of the Bangladesh Securities and Exchange
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Commission.
Such compliance with the Corporate Governance Code is the responsibility of the Company. Our examination was
the conditions of the Corporate Governance Code.

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limited to the procedures and implementation thereof as adopted by the Management in ensuring compliance to
This is a scrutiny and verification and an independent audit on compliance of the conditions of the Corporate
d.
Governance Code as well as the provisions of relevant Bangladesh Secretarial Standards (BSS) as adopted by
Institute of Chartered Secretaries of Bangladesh (ICSB) in so far as those standards are not inconsistent with
any condition of this Corporate Governance Code.
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We state that we have obtained all the information and explanations, which we have required, and after due
scrutiny and verification thereof, we report that, in our opinion:
(a) The Company has complied with the conditions of the Corporate Governance Code as stipulated in the
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above mentioned Corporate Governance Code issued by the Commission;

(b) The Company has complied with the provisions of the relevant Bangladesh Secretarial Standards
(BSS) as adopted by the Institute of Chartered Secretaries of Bangladesh (ICSB) as required by this
Code;
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(c) Proper books and records have been kept by the company as required under the Companies Act, 1994,
the securities laws and other relevant laws; and
(d) The Governance of the company is satisfactory.
Dhaka, Dated For Suraiya Parveen & Associates

November 07, 2021 Chartered Secretaries
Suraiya Parveen, FCS

Chief Executive Officer
Razzak Plaza (5th Floor), Suite 6C, 01, New Eskaton Road, Ramna, Dhaka-1000.
Phone : 48321398 (Off), Mob : 01735-835482
E-mail : [email protected], info@[email protected]
Web : www.suraiyaparveenandassociates.com

ANNEXURE - C
[As per condition No.9]
Compliance Report on BSEC’S Notification

Status of Compliance with the conditions imposed by the Bangladesh Securities and Exchange Commission’s
Notification No. BSEC/CMRRCD/2006-158/207/Admin/80 dated 3 June, 2018 issued under section 2CC of the
Securities and Exchange Ordinance, 1969:
(Report under Condition No. 9)
Compliance Status
Condition (Put √ in the Remarks
Title
No. appropriate column) (if any)
Complied Not complied
1.00 Board of Directors
Size of the Board of Directors:
1.1
The total number of members of a company’s Board of
Directors (herein after referred to as “Board”) shall not √
be less than 5 (five) and more than 20 (twenty)
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1.2 Independent Director
1.2(a)
At least one-fifth (1/5) of the total number of directors
in the company’s Board shall be independent directors √
Do not hold any share in the company or holds less than
1.2(b)(i)
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one percent (1%) shares of the total paid-up shares of
the company
Do not a sponsor of the company or is not connected
with the company’s any sponsor or director or
√
d.
nominated director or shareholder of the company or
any of its associates, sister concerns, subsidiaries and
1.2(b)(ii) parents or holding entities who hold sone percent (1%) √
or more shares of the total paid-up shares of the
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company on the basis of family relationship and his or

her family members also shall not hold above mentioned
shares in the company
1.2(b)(iii)
Who has not been an executive of the company in
immediately preceding 2 (two) financial years √
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Does not have any other relationship, whether

1.2(b)(iv) pecuniary or otherwise, with the company or it √
subsidiary or associated companies
Independent directors are not a member or TREC
1.2(b)(v) (Trading Right Entitlement Certificate) holder, director √
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or officer of any stock exchange

Independent director is not a shareholder, director
1.2(b)(vi)
excepting independent director or officer of any
member or TREC holder of stock exchange or an √
intermediary of the capital market
Independent director is not a partner or an executive or
was not a partner or an executive during the preceding
1.2(b)(vii)
3 (three) years of the concerned company’s statutory
audit firm or audit firm engaged in internal audit √
services or audit firm conducting special audit or
professional certifying compliance of this Code
1.2(b)(viii)
They are not the Independent directors in more than 5
(five) listed companies √
Who has not been convicted by a court of competent
1.2(b)(ix)
jurisdiction as a defaulter in payment of any loan or any
advance to a bank or a Non-Bank Financial Institution √
(NBFI)
1.2(b)(x)
Who has not been convicted for a criminal offence
involving moral turpitude; √
The independent director(s) shall be appointed by the
1.2(c) Board and approved by the shareholders in the Annual √
General Meeting (AGM)

Compliance Status
Title
1.2(d)
The post of independent director(s) cannot remain
vacant for more than 90 (ninety) days √ No vacancy
occurred
The tenure of office of an independent director shall be
for a period of 3 (three) years, which may be extended
for 1 (one) tenure only.
1.2(e) A former independent director may be considered for re - Not Applicable
appointment for tenure after a time gap of one tenure.
The independent director shall not be subject to
retirement by rotation as the Companies Act, 1994.
1.3 Qualification of Independent Director (ID)
Independent director shall be a knowledgeable
individual with integrity who is able to ensure
1.3(a) compliance with financial laws, regulatory √
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requirements and corporate laws and can make
meaningful contribution to the business.
1.3(b) Independent director shall have following qualifications:
Business Leader who is or was a promoter or director of
1.3(b)(i)
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an unlisted company having minimum paid-up capital of
Tk. 100.00 million or any listed company or a member of
any national or international chamber of commerce or
business association
Corporate leader who is or was a top level executive not
√
d.
lower than Chief Executive Officer or Managing Director
or Deputy Managing Director or Chief Financial Officer
1.3(b)(ii)
or Head of Finance or Accounts or Company Secretary
or Head of Internal Audit and Compliance or Head of - Not Applicable
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Legal Service or a candidate with equivalent position of

an unlisted company having minimum paid-up capital
of Tk. 100.00 million or of a listed company
Former official of government or statutory or
autonomous or regulatory body in the position not below
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1.3(b)(iii) 5th Grade of the national pay scale, who has at least - Not Applicable
educational background of bachelor degree in
economics or commerce or business or Law
1.3(b)(iv)
University Teacher who has educational background in
- Not Applicable
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Economics or Commerce or Business Studies or Law

Professional who is or was an advocate practicing at
least in the High Court Division of Bangladesh Supreme
Court or a Chartered Accountant or Cost and
1.3(b)(v)
Management Accountant or Chartered Financial
Analyst or Chartered Certified Accountant or Certified √
Public Accountant or Chartered Management
Accountant or Chartered Secretary or equivalent
qualification
1.3(c)
The independent director have at least 10 (ten) years of
experiences in any field mentioned in clause (b) √
In special cases, above qualifications or experiences
1.3(d) may be relaxed subject to prior approval of the - N/A
Commission.
1.4 Duality of Chairperson of the Board of Directors and Managing Director or Chief Executive Officer
The positions of the Chairperson of the Board and the
1.4 (a)
Managing Director (MD) and/or Chief Executive Officer
(CEO) of the company shall be filled by different √
individuals
The Managing Director (MD) and/or Chief Executive
1.4 (b) Officer (CEO) of a listed company shall not hold the √
same position in another listed company

Compliance Status
Title
1.4 (c)
The Chairperson of the Board shall be elected from
among the non-executive directors of the company √
The Board shall clearly define respective roles and
1.4 (d) responsibilities of the Chairperson and the Managing √
Director and/or Chief Executive Officer
In the absence of the Chairperson of the Board, the
remaining members may elect one of themselves from
1.4 (e)
non executive directors as Chairperson for that
particular Board’s meeting; the reason of absence of √
the regular Chairperson shall be duly recorded in the
minutes.
1.5 Directors report to shareholders
1.5(i)
Industry outlook and possible future developments in
√
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the industry
1.5(ii) Segment-wise or product-wise performance √
Risks and concerns including internal and external risk
√
1.5(iii)
1.5(iv) co
factors, threat to sustainability and negative impact on
environment, if any
Discussion on cost of goods sold, gross profit margin
and net profit margin
Discussion on continuity of any Extra-Ordinary gain or
-
-
Not Applicable
d.
1.5(v) Not Applicable
loss
A detailed discussion on related party transactions
1.5(vi)
along with a statement showing amount, nature of
related party, nature of transactions and basis of √
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transactions of all related party transactions

1.5(vii)
Utilization of proceeds from public issues, right issues
and/ or through any others instruments
- Not Applicable
An explanation if the financial results deteriorate after
- Not Applicable
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1.5(viii) the company goes for IPO, RPO, Rights Offer, Direct
Listing etc.
Explanation on significant variance occurs between
1.5(ix) Quarterly Financial performance and Annual Financial
Statements
√
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1.5(x)
Remuneration to directors including independent
directors
√
The financial statements prepared by the management
1.5(xi)
of the issuer company present fairly its state of affairs,
the result of its operations, cash flows and changes in √
equity
Proper books of account of the issuer company have
1.5(xii)
been maintained √
Appropriate accounting policies have been consistently
applied in preparation of the financial statements and
1.5(xiii)
that the accounting estimates are based on reasonable √
and prudent judgment
International Accounting Standards (IAS)
or International Financial Reporting Standards (IFRS),
1.5(xiv) as applicable in Bangladesh, have been followed in √
preparation of the financial statements and any
departure there from has been adequately disclosed
1.5(xv)
The system of internal control is sound in design and
has been effectively implemented and monitored
√
Minority shareholders have been protected
1.5(xvi)
from abusive actions by, or in the interest of, controlling
shareholders acting either directly or indirectly and √
have effective means of redress

Compliance Status
Title
There is no significant doubt upon the
issuer company’s ability to continue as a going concern,
1.5(xvii) if the issuer company is not considered to be a going √
concern, the fact along with reasons there of shall be
disclosed
Significant deviations from the last year’s operating
1.5(xviii) results of the issuer company shall be highlighted and
the reasons thereof shall be explained
√
Key operating and financial data of at least preceding 5
1.5(xix)
(five) years shall be summarized √
If the issuer company has not declared dividend (cash or
1.5(xx)
stock) for the year - Not Applicable
Board’s statement to the effect that no bonus share or
√
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1.5(xxi) stock dividend has been or shall be declared as interim
dividend
The total number of Board meetings held during the
1.5(xxii)
year and attendance by each director √
1.5 (xxiii)
1.5(xxiii)(a)
details where stated below) held by:
other related parties (name-wise details)

Directors, Chief Executive
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Report on the pattern of shareholding disclosing the aggregate number of shares (along with name-wise
Parent or Subsidiary or Associated Companies and
Officer, Company
√
d.
1.5(xxiii)(b)
Secretary, Chief Financial Officer, Head of Internal
Audit and Compliance and their spouses and minor √
children (name-wise details)
√
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1.5(xxiii)(c) Executives
1.5(xxiii)(d)
Shareholders holding ten percent (10%) or more voting
interest in the company (name-wise details) √
In case of the appointment or reappointment of a director, a disclosure on the following information to the
1.5(xxiv)
shareholders:
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1.5(xxiv)(a) A brief resume of the director √

1.5(xxiv)(b)
Nature of his or her expertise in specific functional
areas √
Names of companies in which the person also holds the
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1.5(xxiv)(c) directorship and the membership of committees of the √

Board
A Management’s Discussion and Analysis signed by CEO or MD presenting detailed analysis of the
1.5(xxv) company’s position and operations along with a brief discussion of changes in the financial statements,
among others, focusing on
1.5(xxv)(a)
Accounting policies and estimation for preparation of
financial statements
√
Changes in accounting policies and estimation, if any,
1.5(xxv)(b)
clearly describing the effect on financial performance
or results and financial position as well as cash flows in √
absolute figure for such changes
Comparative analysis (including effects of inflation) of
financial performance or results and financial position
1.5(xxv)(c) as well as cash flows for current financial year with
immediate preceding five years explaining reasons
√
thereof
Compare such financial performance or results and
1.5(xxv)(d) financial position as well as cash flows with the peer
industry scenario
- Not Applicable
1.5(xxv)(e)
Briefly explain the financial and economic scenario of
the country and the globe; √

Compliance Status
Title
Risks and concerns issues related to the financial
1.5(xxv)(f) statements, explaining such risk and concerns mitigation
plan of thecompany
√
Future plan or projection or forecast for company’s
1.5(xxv)(g)
operation, performance and financial position, with
√
justification thereof, i.e., actual position shall be explain
to the shareholders inthe next AGM
Declaration or certification by the CEO and the CFO to
1.5(xxvi) the Board as required under condition No. 3(3) shall be
disclosed as per Annexure-A
√
The report as well as certificate regarding compliance
1.5(xxvii)
of conditions of this Code as required under condition
No. 9 shall be disclosed as per Annexure-B and √
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Annexure-C
1.6 Meetings of the Board of Directors
The company shall conduct its Board meetings and
record the minutes of the meetings as well as keep
1.6
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required books and records in line with the provisions of
the relevant Bangladesh Secretarial Standards (BSS) as
adopted by the Institute of Chartered Secretaries of
Bangladesh (ICSB) in so far as those standards are not
inconsistent with any condition of this Code.
√
d.
1.7 Code of Conduct for the Chairperson, other Board members and Chief Executive Officer
The Board shall lay down a code of conduct, based on
the recommendation of the Nomination and
1.7(a) Remuneration Committee (NRC) at condition No. 6, for √
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the chairperson of the Board, other board members and

Chief Executive Officer of the company;
The code of conduct as determined by the NRC shall be
posted on the website of the company including, among
others, prudent conduct and behavior; confidentiality;
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1.7(b) conflict of interest; compliance with laws, rules and √

regulations; prohibition of insider trading; relationship
with environment, employees, customers and suppliers;
and independency
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2.00 Governance of Board of Directors of Subsidiary Company

Provisions relating to the composition of the Board of
2 (a) the holding company shall be made applicable to the - Not Applicable
composition of the Board of the subsidiary company
At least 1 (one) independent director on the Board of the
2 (b) holding company shall be a director on the Board of - Not Applicable
thesubsidiary company
The minutes of the Board meeting of the subsidiary
2 (c) company shall be placed for review at the following - Not Applicable
Board meeting ofthe holding company
The minutes of the respective Board meeting of the
2 (d) holding company shall state that they have reviewed - Not Applicable
the affairs of the subsidiary company also
The Audit Committee of the holding company shall also
2 (e) review the financial statements, in particular the - Not Applicable
investments made by the subsidiary company.
Managing Director (MD) or Chief Executive Officer (CEO), Chief Financial Officer (CFO), Head of Internal
3.00
Audit and Compliance(HIAC) and Company Secretary (CS)
3.1 Appointment
The Board shall appoint a Managing Director (MD) or
3.1 (a)
Chief Executive Officer (CEO), a Company Secretary
(CS), a Chief Financial Officer (CFO) and a Head of √
Internal Audit and Compliance (HIAC);

Compliance Status
Title
The positions of the Managing Director (MD) or Chief
Executive Officer (CEO), Company Secretary (CS), Chief
3.1 (b) Financial Officer (CFO) and Head of Internal Audit and √
Compliance (HIAC) shall be filled by different
individuals
The MD or CEO, CS, CFO and HIAC of a listed company
3.1 (c) shall not hold any executive position in any other √
company at the same time
The Board shall clearly define respective roles,
3.1 (d) responsibilities and duties of the CFO, the HIAC and the √
CS
The MD or CEO, CS, CFO and HIAC shall not be removed
3.1 (e)
from their position without approval of the Board as
√
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well as immediate dissemination to the Commission
and stock exchange(s)
3.2 Requirement to attend Board of Directors’ Meetings
3.2
The MD or CEO, CS, CFO and HIAC of the company shall
√
3.3
3.3(a)
attend the meetings of the Board:
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Duties of Managing Director (MD) or Chief Executive Officer(CEO) and Chief Financial Officer (CFO)
The MD or CEO and CFO shall certify to the board that they have reviewed financial statements for the year
and that to the best of their knowledge and belief
These statements do not contain any materially untrue
d.
3.3(a)(i) statement or omit any material fact or contain
statements that might be misleading
√
These statements together present a true and fair view
3.3(a)(ii) of the company’s affairs and are in compliance with √
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existing accounting standards and applicable laws;

The MD or CEO and CFO shall also certify that there are,
to the best of knowledge and belief, no transactions
3.3(b) entered into by the company during the year which are √
fraudulent, illegal or in violation of the code of conduct
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for the company’s Board or its members

The certification of the MD or CEO and CFO
3.3(c)
shall be disclosed in the Annual Report. √
Board of Directors’ Committee: For ensuring good governance in the company, the Board shall have at
4
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least following sub-committees:

4 (i) Audit Committee √
4 (ii) Nomination and Remuneration Committee. √
5 Audit Committee
5.1 Responsibility to the Board of Directors
The company shall have an Audit Committee as a
5.1 (a)
subcommittee of the Board √
The Audit Committee shall assist the Board in ensuring
5.1 (b)
that the financial statements reflect true and fair view
of the state of affairs of the company and in ensuring a √
good monitoring system within the business
The Audit Committee shall be responsible to the Board;
5.1 (c) the duties of the Audit Committee shall be clearly set
forth in writing
√
5.2 Constitution of the Audit Committee
The Audit Committee shall be composed of at least 3
5.2 (a)
(three) members; √
The Board shall appoint members of the Audit
5.2 (b)
committee who shall be non-executive directors of the
company excepting Chairperson of the Board and shall √
include at least 1 (one) independent director;

Compliance Status
Title
All members of the audit committee should be
5.2 (c)
“financially literate” and at least 1 (one) member shall
have accounting orrelated financial management √
background and 10 (ten) yearsof such experience;
When the term of service of any Committee member
expiresor there is any circumstance causing any
Committee memberto be unable to hold office before
expiration of the term ofservice, thus making the
5.2 (d)
number of the Committee membersto be lower than
the prescribed numberof 3 (three) persons,
√ Exempted by BSEC
due to lockdown
the Board shall appoint the new Committee member to declared by GoB
fill upthe vacancy immediately or not later than 1 (one)
month from the date of vacancy in the Committee to
ensure continuity of the performance of work of the
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Audit Committee
5.2 (e)
The company secretary shall act as the secretary of the
Committee
√
5.2 (f)
5.3
5.3 (a)
Chairperson of the Audit Committee
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The quorum of the Audit Committee meeting shall not
constitute without at least 1 (one) independent director.
The Board shall select 1 (one) member of the Audit

Committee to be Chairperson of the Audit Committee,
√
√
d.
who shall be an independent director;
In the absence of the Chairperson of the Audit
Committee, the remaining members may elect one of
themselves as Chairperson for that particular meeting,
√
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5.3 (b) in that case there shall be no problem of constituting a

quorum as required under condition No. 5(4)(b). And the
reason of absence of the regular Chairperson shall be
duly recorded in the minutes.
Chairperson of the Audit Committee shall remain
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present in the Annual General Meeting (AGM):

Provided that in absence of Chairperson of the Audit
5.3 (c)
Committee, any other member from the Audit √
Committee shall be selected to be present in the annual
general meeting (AGM) and reason for absence of the
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Chairperson of the Audit Committee shall be recorded

in the minutes of the AGM.
5.4 Meeting of the Audit Committee
The Audit Committee shall conduct at least its four
5.4 (a)
meetings in a financial year. √
The quorum of the meeting of the Audit Committee
shall be constituted in presence of either two members
5.4 (b) or two-third of the members of the Audit Committee, √
whichever is higher, where presence of an independent
director is a must.
5.5 Role of Audit Committee
5.5 (a) Oversee the financial reporting process; √
5.5 (b) Monitor choice of accounting policies and principles √
Monitor Internal Audit and Compliance process to
5.5 (c)
ensure that it is adequately resourced, including
approval of the Internal Audit and Compliance Plan and √
review of the Internal Audit and Compliance Report
5.5 (d) Oversee hiring and performance of external auditors; √

Compliance Status
Title
Hold meeting with the external or statutory auditors for
5.5 (e) review of the annual financial statements before
submission to the Board for approval or adoption
√
Review along with the management, the annual
5.5 (f) financial statements before submission to the Board
for approval
√
5.5 (g)
Review along with the management, the quarterly and
half yearly financial statements before submission to
√
the Board for approval
5.5 (h) Review the adequacy of internal audit function √
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Review the Management’s Discussion and Analysis
5.5 (i)
before disclosing in the Annual Report √
Review statement of all related party transactions
5.5 (j) √
5.5 (k)
submitted by the management
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Review Management Letters or Letter of Internal
Control weakness issued by statutory auditors;
Oversee the determination of audit fees based on scope
and magnitude, level of expertise deployed and time
√
√
d.
5.5 (l)
required for effective audit and evaluate the
performance of external auditors
Oversee whether the proceeds raised through Initial
Public Offering (IPO) or Repeat Public Offering (RPO) or
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5.5 (m) Rights Share Offer have been utilized as per the √
purposes stated in relevant offer document or
prospectus approved by the Commission
5.6 Reporting of the Audit Committee
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5.6(a) Reporting of the Board of Directors

5.6 (a)(i)
The Audit Committee shall report on its activities to the
Board.
√
The Audit Committee shall immediately report to the
5.6 (a)(ii)(a) Board on the following findings report on conflicts of - Not Applicable
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interests
Suspected or presumed fraud or irregularity or
5.6 (a)(ii)(b) material defect identified in the internal audit and - Not Applicable
compliance process or in the financial statements;
Suspected infringement of laws, regulatory
5.6 (a)(ii)(c) compliances including securities related laws, rules - Not Applicable
and regulations
5.6 (a)(ii)(d)
Any other matter which the Audit Committee
deems necessary shall be disclosed to the Board
- Not Applicable
immediately
Reporting to the Authorities: If the Audit Committee has
reported to the Board about anything which has
material impact on the financial condition and results
of operation and has discussed with the Board and the
5.6 (b)
management that any rectification is necessary and if
the Audit Committee finds that such rectification has
- Not Applicable
been unreasonably ignored, the Audit Committee shall
report such finding to the Commission, upon reporting
of such matters to the Board for three times or
completion of a period of 6 (six)months from the date of
first reporting to the Board, whichever is earlier

Compliance Status
Title
Reporting to the shareholders and General Investors :
Report on activities carried out by the Audit
Committee, including any report made to the Board
5.7 under condition No. 5(6)(a)(ii) above during the year, √
shall be signed by the Chairperson of the Audit
Committee and disclosed in the annual report of the
issuer company
6 Nomination and Remuneration Committee (NRC)
The company shall have a Nomination and
6.1 (a) Remuneration Committee (NRC) as a sub-committee of
the Board
√
The NRC shall assist the Board in formulation of the
nomination criteria or policy for determining
√
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qualifications, positive attributes, experiences and
6.1 (b)
independence of directors and top level executive as
well as a policy for formal process of considering
remuneration of directors, top level executive;
6.1 (c)
6.2
the condition No.6(5)(b).
Constitution of the NRC co
The Terms of Reference (ToR) of the NRC shall be
clearly set forth in writing covering the areas stated at
The Committee shall comprise of at least three

√
√
d.
6.2 (a)
members including an independent director;
All members of the Committee shall be non-executive
6.2 (b)
directors; √
Members of the Committee shall be nominated and
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6.2 (c)
appointed by the Board; √
The Board shall have authority to remove and appoint
6.2 (d)
any member of the Committee; √
In case of death, resignation, disqualification, or
removal of any member of the Committee or in any
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No such
6.2 (e) other cases of vacancies, the board shall fill the √ Vacancy Created
vacancy within 180 (one hundred eighty) days of
occurring such vacancy in the Committee;
The Chairperson of the Committee may appoint or co-
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opt any external expert and/or member(s) of staff to the

Committee as advisor who shall be non-voting member,
6.2 (f)
if the Chairperson feels that advice or suggestion from √
such external expert and/or member(s) of staff shall be
required or valuable for the Committee;
The company secretary shall act as the secretary of the
6.2 (g)
Committee; √
The quorum of the NRC meeting shall not constitute
6.2 (h)
without attendance of at least an independent director; √
No member of the NRC shall receive, either directly or
indirectly, any remuneration for any advisory or
6.2 (i)
consultancy role or otherwise, other than Director’s √
fees or honorarium from the company
6.3 Chairperson of the NRC
The Board shall select 1 (one) member of the NRC to be
6.3 (a) Chairperson of the Committee, who shall be an √
independent director
In the absence of the Chairperson of the NRC, the
remaining members may elect one of themselves as
6.3 (b) Chairperson for that particular meeting, the reason of √
absence of the regular Chairperson shall be duly
recorded in the minutes;

Compliance Status
Title
The Chairperson of the NRC shall attend the annual
general meeting (AGM) to answer the queries of the
shareholders: in absence of chairperson of the NRC, any
6.3 (c)
other member from the NRC shall be selected to be
present in the annual general meeting (AGM) for
√
answering the shareholders queries and reason for
absence of the chairperson of the NRC shall be
recorded in the minutes of the AGM
6.4 Meeting of the NRC
The NRC shall conduct at least one meeting in a
6.4 (a)
financial year; √
The Chairperson of the NRC may convene any
6.4 (b) emergencymeeting upon request by any member of the √
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NRC;
The quorum of the meeting of the NRC shall be
constituted in presence of either two members or two
6.4 (c) third of the members of the Committee, whichever is √
6.4 (d)
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higher, where presence of an independent director is
must as required under condition No. 6(2)(h);
The proceedings of each meeting of the NRC shall duly
be recorded in the minutes and such minutes shall be
confirmed in the next meeting of the NRC.
√
d.
6.5 Role of the NRC
6.5(a)
NRC shall be independent and responsible or
accountable to the Board and to the shareholders; √
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NRC shall oversee, among others, the following matters and make report with recommendation to the
6.5 (b)
Board:
formulating the criteria for determining qualifications, positive attributes and independence of a director
6.5(b)(i) and recommend a policy to the Board, relating to the remuneration of the directors, top level executive,
considering the following:
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The level and composition of remuneration is

6.5(b)(i)(a) reasonable and sufficient to attract retain and motivate
suitable directors to run the company successfully
√
The relationship of remuneration to performance is
6.5(b)(i)(b) clear and meets appropriate performance √
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benchmarks
Remuneration to directors, top level executive
involves a balance between fixed and incentive
6.5(b)(i)(c) pay reflecting short and long-term performance √
objectives appropriate to the working of the
company and its goals
Devising a policy on Board’s diversity taking into
6.5(b)(ii) consideration age, gender, experience, ethnicity,
educational background and nationality
√
Identifying persons who are qualified to become
directors and who may be appointed in top level
6.5(b)(iii) executive position in accordance with the criteria laid
down, and recommend their appointment and removal
√
to the Board
Formulating the criteria for evaluation of performance
6.5(b)(iv)
of independent directors and the Board √
Identifying the company’s needs for employees at
6.5(b)(v) different levels and determine their selection, transfer √
or replacement and promotion criteria
Developing, recommending and reviewing annually the
6.5(b)(vi)
company’s human resources and training policies; √

Compliance Status
Title
The company shall disclose the nomination and
6.5(c)
remuneration policy and the evaluation criteria and
activities of NRC during the year at a glance in its √
annual report.
7. External or Statutory Auditors
The issuer company shall not engage its external or statutory auditors to perform the following services of
7.1
the company, namely:-
7.1 (i) Appraisal or valuation services or fairness opinions; √
Financial information systems design and
7.1 (ii)
implementation; √
Book-keeping or other services related to the
7.1 (iii)
accounting records or financial statements; √
7.1 (iv) Broker-dealer services; √
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7.1 (v) Actuarial services; √
7.1 (vi) Internal audit services or special audit services; √
7.1 (vii)
7.1 (viii) co
Any service that the Audit Committee determines;
Audit or certification services on compliance of
corporate governance as required under condition No.
9(1)
√
√
√
d.
7.1 (ix) Any other service that creates conflict of interest.
No partner or employees of the external audit firms
shall possess any share of the company they audit at
√
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7.2 least during the tenure of their audit assignment of that

company; his or her family members also shall not hold
any shares in the said company:
Representative of external or statutory auditors shall
7.3
remain present in the Shareholders’ Meeting (Annual
√
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General Meeting or Extraordinary General Meeting) to

answer the queries of the shareholders.
8 Maintaining a website by the Company.
The company shall have an official website linked with
8.1
the website of the stock exchange √
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The company shall keep the website functional from

8.2
the date of listing √
The company shall make available the detailed
8.3 disclosures on its website as required under the listing
regulations of the concerned stock exchange(s).
√
9 Reporting and Compliance of Corporate Governance.
The company shall obtain a certificate from a
practicing Professional Accountant or Secretary
(Chartered Accountant or Cost and Management
Accountant or Chartered Secretary) other than its
9.1
statutory auditors or audit firm on yearly basis √
regarding compliance of conditions of Corporate
Governance Code of the Commission and shall such
certificate shall be disclosed in the Annual Report.
The professional who will provide the certificate on
9.2
compliance of this Corporate Governance Code shall be
appointed by the shareholders in the annual general √
meeting
The directors of the company shall state, in accordance
9.3
with the Annexure-C attached, in the directors’ report
whether the company has complied with these √
conditions or not.

ANNEXURE - D
THE PATTERN OF SHAREHOLDING
The pattern of shareholding as required by clause 1.5 (xxiii) of the Corporate Governance Code 2018 SEC
Notification dated 7thAugust 2012: As on 30 June 2021.
Sl
Name of Shareholder Status Shares held Percentage
No
i) Parent or Subsidiary or Associated Nil
Companies and other related parties
ii) Director, Chief Executive Officer, Chief
Financial Officer, Company
Secretary, Head of Internal Audit
and their spouses and minor children
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Mr. Md. Afzal Hossain * Chairman 0 0.00%
Mr. Khandker Md. Abdul Hye, PhD * Director 0 0.00%
Mrs. Kulsum Begum * Director 0 0.00%
Mr. Md. Abdul Momin *
Mr. Dr. Md. Mahbubul Alam Joarder*
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Mr. Brig Gen Rakibul Karim Chowdhury, afwc,
psc *
Director
Director
Director
0
0
0
0.00%
0.00%
0.00%
d.
Mr. NKA Mobin FCS, FCA * Independent Director 0 0.00%
Mr. Syed Mamnun Quader * Independent Director 0 0.00%
Mr. Mashiur Rahman* Managing Director 0 0.00%
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Mr. Md. Abdus Salam Khan FCS Company Secretary (GM) 44 0.00%
Mr. Shukanta Kumar Debnath FCA CFO& DGM(F&A) 0 0.00%
Mr. Mohammad Shahadat Hossain Head of Internal 0 0.00%
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*Nominated by Ministry of Posts, Telecommunications and Information Technology (MoPT & IT).
iii) Executives
Mr. Mirza Kamal Ahmed GM (A&F) 0 0.00%
Mr. Md. Shohidul Islam GM (P&D) 0 0.00%
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Mr. Mohammad Zakirul Alam DGM (Development) 44 0.00%

Mr. Abdul Wahhab DGM (O&M, IIG) 0 0.00%
Mr. Md. Shakawat Hussein Manager (HR&A) 0 0.00%
iv) Shareholders holding ten percent (10%)

or more voting interest in the company
Posts and Telecommunications Division under 12,17,68,814 73.84%
the Ministry of Posts, Telecommunications
and Information Technology (MoPT & IT)

ANNEXURE - E
Board Meeting Attendance
No. of
Tenure of the
Name of Directors Designation Meetings Attendance
relevant director
held
Mr. Md. Afzal Hossain, Chairman 08 08 From 22-10-2020
Mr. Md. Nur-Ur-Rahman Chairman 03 03 Up to 22-10-2020
Mr. Khandker Md. Abdul Hye, PhD, Director 10 10 From 01-09-2020
Mr. Md. Azizul Islam Director 1 1 Up to 01-09-2020
Mrs. Kulsum Begum Director 11 10 Full year
Mr. Md. Abdul Momin Director 6 6 From 06-12-2020
Mr. Md. Monzur Rahman, Director 5 5 Up to 06-12-2020
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Mr. Dr. Md. Mahbubul Alam Joarder Director 11 11 Full year
Mr. Brig Gen Rakibul Karim Chowdhury, Director 11 11 Full year
afwc, psc
Mr. NKA Mobin FCA,FCS,
Mr. Hossain Khaled
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Independent Director
11
1
10
11
1
4
Full year
From 30-06-2021
Up to 24-05-2021
d.
Mr. Mashiur Rahman Managing Director 11 11 Full year
Directors who could not attend meeting were granted leave of absence by the BoD.
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CORPORATE GOVERNANCE COMPLIANCE REPORT

Bangladesh Submarine Cable Company Limited (BSCCL) throughout its entire business operations puts
persistent efforts to ensure stakeholders' trust and confidence through good governance as good governance
and stakeholders' interests are very closely connected. In view of this principle, BSCCL has been providing and
maintaining innovative, transparent, user-friendly and best-valued telecom (submarine cable) and Internet
services to ensure sustainable stakeholders' interests. In order to reach these objectives, the Board of Directors
of the Company is dedicated to ensure the highest standards of Corporate Governance in the company to keep
its business integrity and performance on the right track. Being a responsible corporate entity, BSCCL maintains
adequate transparency and encourages sound business conduct both in in-house and in its external relationship
with the communities like the suppliers, customers and business partners. The Company, at the same time,
expects acts of honesty and integrity from its Directors, employees and business partners.
BSCCL being a listed public limited company, its Board of Directors plays a crucial role in upholding the interests
of all its stakeholders. The Board of Directors and the Management Team are also dedicated to maintaining a
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well-established culture of accountability, transparency, easy-to-understand policies and procedures to
ensure effective Corporate Governance at every level of its operations. The Board of Directors and the
Management Team also put their best efforts to comply with all the relevant laws of the country and all the
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internal regulations, policies and procedures to make BSCCL a thoroughly transparent company. Moreover,
recognizing the fact that compliance be the corner stone of good governance, the Company meticulously
undergoes through the process of statutory audit and compliance certification as required by laws of the land.
As a result, BSCCL has been able to maintain the highest level of integrity and accountability of national standards
d.
over the years and successively awarded with the prestigious ICMAB Best Corporate Award & ICSB National
Award on Corporate Governance Excellence.
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Board Organization & Structure

a) Role of the Board
The Directors of the Board are approved by the Shareholders at the Annual General Meeting (AGM) and are
accountable to the Shareholders. The Board is responsible for ensuring that the business activities are
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soundly administered and effectively controlled. The Directors keep themselves informed about the
Company's financial position and ensure that its activities, accounts and asset management are subject to
adequate control. The Board also ensures that BSCCL’s Policies , Procedures and Codes of Conduct are
implemented and maintained as well as the Company adheres to generally accepted principles for good
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governance and effective control for Company activities. In addition to other legal guidelines, the Board has
also adopted "Rules of Procedure for the Board of Directors" for ensuring better governance in the work and
the administration of the Board. The Board is also guided by a delegation of authority which spells out the
practices and processes in discharging its responsibilities.
b) Board Composition
The Board of BSCCL is comprised of nine (9) Directors, including the Managing Director. In compliance with
the Corporate Governance Guidelines issued by the Bangladesh Securities and Exchange Commission (BSEC),
the Board of Directors has appointed two (2) Independent Directors. It is believed that the Board Members
have the optimum level of knowledge, composure and technical understanding about the Company's
business which, combined with its diversity of culture and background, stands as the perfect platform to
perform and deliver.
c) Board Meetings
The Articles of Association of the Company requires the Board to meet at least four times a year or more when
duly called for in writing by a Board member. Dates for Board Meetings are decided in advance and notice of
each Board Meeting is served in writing well in advance. Such notice contains detailed statement of business
to be transacted at each meeting. The Board meets for both scheduled meetings and on other occasions to
deal with urgent and important matters that require attention.

Board Structure and its Operation

Size of the Board
The Board of BSCCL comprises of 9 Members including the Managing Director. As per BSEC notification, a
listed Company should have Independent Director of at least one-fifth of the Directors with a minimum of one.
As per Article of Association of the company the Managing Director is an Ex-officio Director.
Composition of the Board

The Board of BSCCL comprise of nine members. , 8 members of the Board (including 2 Independent Directors)
are Non-executive Director.
None Executive Directors

There are eight Non-executive Directors. None of these directors take part in the day to day operations of the
Company. They attend only in the Board/Board Committee meetings to discuss the agenda reserved for the
Board/Committee.
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Independent Directors
For being a Director to qualify as an Independent Director, the Board affirmatively determines that the Director
has no material relationship with BSCCL (either as a partner, shareholder or officer of an organization that has a
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relationship with BSCCL that would preclude that nominee from being an independent Director). For the
purpose of such determination, the directors consider that the Independent Director does not hold any share or
holds less than one percent shares of the total paid up capital of the Company and who is not a sponsor of the
company and is not connected with the company's any sponsor or director or shareholder who holds one percent
d.
(1%) or more shares of the total paid-up shares of the company on the basis of family relationship. His/her family
members also should not hold above mentioned shares in the company. He/she does not have any other
relationship, whether pecuniary or otherwise, with the Company or its subsidiary/associate companies, who is
not a member, Director or Officer of the Stock exchange and who is not a shareholder, director or officer of any
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stock exchange or an intermediary of the capital market. He/ she possess the required qualifications as stated
in the Corporate Governance Guideline issued by BSEC.
Tenure & Retirement

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The office of Non-executive Directors (except Independent Directors) is subject to retirement by rotation. At
least one-third of the non-executive Directors shall retire by rotation in every Annual General Meeting (AGM). The
Managing Director is appointed by the Board of Directors and the office of the Managing Director, being an
Ex-officio Director is not subject to retirement in Annual General Meeting (AGM). On the other hand the
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Independent Directors should retire at the end of their tenure of three years.
Directors Responsibility
Each Director devotes his or her best efforts to attend and contribute in all the meetings of the Board and the
Board committee to which such Director is appointed. The Directors are responsible for developing and upgrading
BSCCL’s Governance principles, Code of Business Conduct and the charter of each committee on which such
Director serves. For better decision making, materials are provided to the members in advance of the
Board/Committee meetings.
Role of the Board

The Board's main role is to define the company's strategic objectives, to provide entrepreneurial leadership for
the company, to create value for the shareholders and to ensure that the necessary financial and other resources
are available to enable the company and the Board to meet these objectives. The specific responsibilities
reserved to the board include the approval of all information supplied to the shareholders in the annual and
interim accounts, the setting of company strategy, approving annual budgets; reviewing operational and financial
performance; approving capital expenditure; setting of borrowing limits; reviewing the Company's systems of
financial control and risk management; ensuring that appropriate management development and succession
plans are in place; approving appointments to the Board and ensuring the satisfactory dialogue takes place with
shareholders over the Company and its aspiration for the future.

Delegation of Authorities
The company runs under the delegation of authority as approved by the Board. Bank accounts of the Company
are being operated by constituting two groups from management considering one from each group. The Board
has delegated certain responsibilities to the management on some matters within defined parameters. These
include development and recommendation of strategic plans for consideration of the Board reflecting the long
term objectives and priorities established by the Board; monitoring the operating and financial results against
plans and budgets; monitoring business operation against objectives; prioritizing the allocation of capital;
management and control of borrowing limits and implementing risk management systems.
Directors Independence
Majority of the Directors are non-executive directors. Only the Managing Directors is an executive director. The
Board considers that all the directors have independence in minds, strength of character and judgment. There
are no such relationships or circumstance relating to any of them not to be considered independent. The Board
considered constitution brings an appropriate balance of strategy, performance, resources, internal controls,
and corporate governance. Their wide-ranging experience and particular areas of knowledge and expertise
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continue to add value to the deliberations of the Board.
Separate Role of the Chairman & Managing Director
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The responsibilities of the Chairman and the Managing Director are separate, thereby preventing unfettered
powers of decision making on a single hand. The Chairman is a non-executive Director while the Managing
Director is an Executive Director.
d.
Role of the Chairman
The Chairman leads the Board in determination of its strategy and achievement of its objectives. The Chairman
is responsible for organizing the business of the Board, ensuring its effectiveness and setting its agenda. The
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Chairman is also responsible for ensuring that the Directors receive accurate, timely and clear information. The
Chairman has no engagement in the day-to- day business of the company. The Chairman facilitated the effec-
tive contribution of Non-Executive directors and ensures that constructive relation exits amongst the Direc-
tors. Minutes of the meeting are signed by the Chairman. He also signs the proposal for appointment of the
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Managing Director and for revision of MD's salaries and allowances.
Role or the Managing Director

The Managing Director is responsible for running the business and for formulating and implementing Board
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strategy and policy. He also has direct charge and overall control of the company on a day-to-day basis and is
accountable to the Board for the financial and operational performance of the Company. The Managing Director
is also responsible for imparting a dynamic leadership, evolution of diversification and expansion of business
and taking the Company to a good height of financial strength.
Role of the Company Secretary

The company secretary is responsible for ensuring proper information flow within the Board and its committees
and between the senior management and non-executive directors. He is also responsible for advising the Board
through the Chairman on all governance matters. He ensures that Board procedures are complied with. The
authority of both the appointment and removal of the Company Secretary is vested to the Board as a whole. The
company secretary is also responsible for implementation of the Board decisions. He is also responsible for
organizing the AGM/EGM.
Role of the Head of Internal Control & Compliance

The head of Internal Control & Compliance is responsible for reporting to the Board Audit Committee regarding
any deviation from accounting and internal control systems of the Company. He is also responsible for ensuring
regulatory compliance of the company. The authority of both appointment and removal of the head of Internal
Control & Compliance is vested to the Board as a whole.

Price Sensitive Information

Price Sensitive information means any such information if it is published may influence market price of the
concerned security. Every listed Issuer shall disseminate it's any or all price sensitive information within 30
minutes of the decision making or immediately upon getting such information to the BSEC and the Stock
Exchanges under the signature of its Chairman or the Chief Executive Officer or the Company Secretary
through Fax and by special messenger, and through courier service in special cases and at the same time cause
publishing the same in two widely circulated daily newspapers, one in Bangla and the other in English and in an
online newspaper. BSCCL always comply with the statutory requirements in this regards.
Appointment to the Board

Appointment of any new Director is made with the consent of the directors and his/her appointment is placed
for the shareholder's approval in the immediate next Annual General Meeting (AGM). The Managing Director
nominated by the Government is also appointed by the Board and his/her appointment is also placed for the
shareholder's approval in the immediate next Annual General Meeting (AGM). Any new appointment to the
Board requires intimation of the Posts and Telecom Division of MoPT&IT.
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Board Committees
There are several permanent Board Sub-Committees, each with a defined scope of works and terms of reference.
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These committees are responsible for providing independent and expert advice to the Board on the subjects
assigned. The Board is assisted by different Board Committees who discharge duties within the delegated and
prescribed job responsibilities. All the members of the Committee are Directors and members of the
Management. The permanent Board Committees are as under:
d.
• Audit Committee
• Nomination and Remuneration Committee (NRC)
• Tariff Committee
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Besides, Board Sub-Committees are formed by the BoD time to time to accomplish certain particular assignments
and are asked to submit their recommendations to the BoD.
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Appraisal of the Managing Director

The Managing Director is entrusted with the Management of the Company's operations and he is fully accountable
to the Board. Performance of the Managing Director including the Management is assessed by the Board annually.
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Directors’ Remuneration
The Directors do not get any performance based remuneration or incentive. The Board chairman & members get
only fees for attending Board/Committee meetings to the maximum of TK 9,000 & 8,000 (excluding AIT/VAT)
respectively per meeting. The remuneration package of the Managing Director is determined by the Board. The
remunerations of the Directors can be determined/changed by the Board as per the Article of Association.
Discloser of Directors’ remuneration

Directors of the Company are not eligible for any remuneration other than the meeting attendance fees as
prescribed by the Law. During the year under review, the chairman & members of the Board of Directors were
eligible for attendance fee of TK 9,000 & 8,000 (excluding VAT/AIT) respectively per meeting of Board, Executive
Committee/ Audit Committee and any other Board Sub-Committee.
Employees’ Remuneration
The objective of the Company's remuneration policy is to attract, motivate, reward and retain quality staff. The
Board ensures that the remuneration policies are in line with the strategic objectives and the corporate values
of the Company, and do not give rise to conflicts between the objectives of the Company and the interests of
the individual Directors and key executive. The company has separate Service Regulations and pay role structure
for each position which is approved by the Board of Directors.

Disclosers on the Performance and Prospect of the Company

BSCCL attaches high priority on timely publication of Quarterly, half-yearly and annual report with comprehensive
details in excess of regulatory requirements. Mediums of publication include printed materials, newspapers and
the website of the company. Price sensitive information released to the regulators is disseminated within half an
hour of decision making. The financial statements are prepared in accordance with IAS and IFRS as adopted by the
Institute of Chartered Accountants of Bangladesh (ICAB).
Internal Control
The Board has ultimate responsibility for establishing an effective system of Internal Control. It is designed to
manage rather than eliminate the risk of failure to achieve the business objectives and to provide reasonable
but not absolute assurance that the assets are safeguarded against unauthorized use or material loss and
those transactions are properly authorized and recorded. The internal control system embraces all business
risk, including financial, operational and strategic risks.
Accountability and Audit
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Board Audit Committee comprises of three non-executive Directors, including two independent Directors. The
Chief Financial Officers (CFO) and the head of Internal Audit attend the meeting by invitation. The Company
Secretary attends all the meetings to provide secretarial assistance to the committee. The full report of this
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committee including the terms of reference and specific task carried out during the period on the date of
accounts approval is given later on.
d.
Division of work for the Board and Chief Executive Officer
The roles of the Board and Chief Executive Officer are separate and delineation of their responsibilities is
clearly established, set out in writing and agreed by the Board to ensure transparency and better corporate
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governance. To that end, BSCCL has also adopted "Rules of Procedure for Chief Executive Officer". The CEO is
the authoritative head for day-to-day management of BSCCL. He acts to reasonably ensure that BSCCL
operates business as per the Articles of Association, decisions made by the Board and Shareholders, as well as
according to BSCCL’s Policies and Procedures and applicable regulatory legislations.
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Access to Information
The Board recognizes that the decision-making process is highly dependent on the quality of information
furnished. In furtherance to this, every Director has access to all information within the Company. Throughout
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their tenure in office, the Directors are continually updated on the Company's business and the regulatory and
industry specific environments in which it operates. These updates are by way of written briefings and meetings
with senior executives and, where appropriate, external sources.
Statutory Audit
Statutory Audit of the Company is governed by the Companies Act, 1994 and Securities and Exchange Rules 1987.
As per these regulations, auditors are appointed at each Annual General Meeting (AGM) and their remuneration
is also fixed by the Shareholders at the AGM. Appropriate structure is in place as per corporate governance best
practices to ensure independence of statutory auditors. In addition to the audit of annual financial statements,
the auditors also carry out interim audit and review the quarterly financials of the Company.
Internal Audit
Internal Audit supports the Company in achieving its objectives by bringing a systematic and disciplined
approach to evaluate and improve the effectiveness of its risk management, control and governance
processes. In order to ensure organizational independence of Internal Audit, the Head of Internal Audit reports
functionally to the Audit Committee and administratively to the Chief Executive Officer. BSCCL Internal Audit
is empowered to carry out its activities in the Company. Internal Audit activities are governed by the Internal
Audit Charter, which is approved by the Board.

BSCCL, Internal Audit department discharges its assurance and consulting activities through management of
three distinct audit streams: Finance, Technology and General Business processes. Additionally, a separate
team is responsible for quality assurance of internal audit activity. A risk-based annual audit plan is in place,
which takes into consideration the strategic imperatives and major risks surrounding BSCCL.
Internal Control
Corporate Governance is well-built in BSCCL and is reached to even greater height in terms of sound internal
control pursuits within the organization. In 2011, the practice has been shifted from passive to active as control
owner/performers are now getting more involved, aware and proactive to ensure internal control rather than
being enforced. The outcome of the effort is award winning and true fair representation of financial report. The
scope of Internal Control over Financial Reporting (ICFR) includes Company Level Control (CLC) along with
General Computer Control (GCC) as well to ascertain operational efficacy, consistent and dependable financial
reporting, information security and legal compliance. This reasonable assurance has become even more
crucial after being a listed company in the country's Stock Exchanges.
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A Director who has an interest in a transaction must abstain from deliberation and voting on the relevant
under Notes to the Financial Statements.
Risk Management & Risk Mitigation

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resolutions in respect of the transactions at the Board meetings. Details of these transactions are set out
d.
Risk Management at BSCCL is concerned with earning competitive returns from the Company's various
business activities at acceptable risk level. It supports the Company's competitiveness by developing a culture,
practice and structure that systematically recognizes and addresses future opportunities whilst managing
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adverse effects (i.e. threats) through recognizing risk and acting appropriately upon it. The Company has well
defined risk management policy, procedures and processes to mitigate strategic and enterprise level risks.
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Compliance with Rules & Regulations of the Country

Compliance builds stakeholders' trust. To have governance cascaded right through the whole Company, the
Management Team of BSCCL, the leaders of a compliant Company adopted ways that assure compliance to all
regulatory requirements and instill organizational trust amongst the Board Members, Shareholders and
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customers. The regulatory bodies maintain a close monitoring process on BSCCL and has heightened the focus
on transparency, as well as an increased need to provide accurate and periodic reporting of issues/events and
certifications. In this context, the Company provides complete set of financial statements and relevant
documents to the Bangladesh Securities and Exchange Commission (BSEC), Stock Exchanges, National Board
of Revenue (NBR), Registrar of Joint Stock Companies & Firms (RJSC), Bangladesh Telecommunication Regulatory
Commission (BTRC), the Board of Investment (BoI) and all other relevant bodies and authorities. In order to
conduct day to day business, BSCCL has been rendering its best efforts to comply with the existing applicable
laws of the country as well as with the directives/guidelines/ regulations of various Government Authorities.
The Company has also taken various initiatives to conduct various awareness sessions on existing and
proposed laws and regulations of the country within the Company to ensure compliance throughout the
Company as a whole. On the whole, BSCCL has always strived to remain a fully compliant Company accommodating
every possible ways and strategies to ensure the same.

Corporate Social Responsibility of BSCCL

Being mostly a Government owned Company under the Posts & Telecommunications Division of the Ministry of
Posts, Telecommunications, and Information Technology (MoPT&IT) Bangladesh Submarine Cable Company
Limited (BSCCL) has strategic responsibility for the welfare of other quarter of the society along with the IT
Sector of the Country. BSCCL revamped its CSR strategy in 2012-13 with the goal to ensure long-term sustainability
of the CSR initiatives. Under the refurbished strategy CSR initiatives were related to the Company's main
strength - communication technology. Besides, BSCCL may extend its hands to support the victims of any
natural disaster as and when required.
As a part of Corporate Social Responsibility for sustainable community development, BSCCL performed the
following activities during the year 2020-2021
Donation to Homeless Families for Settling on Their Own Land

Being inspired by the The Ashrayan Project initiated by the honorable Prime Minister Sheikh Hasina, on the
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occasion of Mujib 100 Years BSCCL donated total of Tk.26,53,440/-(twenty-six lac fifty-three thousand four
hundred and forty) only from the Corporate Social Responsibilities Fund(CSR) of the Company for settling 12
homeless families in their own land. To ensure transparency and proper utilization of fund, BSCCL transferred
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the donation amount to the account of the respective UNOs along with architectural design & estimates. All 12
homes were constructed under the supervision of the concern UNOs.
Granting Scholarship to Poor and Meritorious Female Students of Public Universities.

d.
On the occasion of Mujib 100 Years, BSCCL initiated “BSCCL Bangabondho” scholarship program from the
Corporate Social Responsibilities Fund(CSR) of the Company. Under the Scholarship program total of 100 poor
and meritorious female student studying in the public universities will receive a Monthly Stipend amounting
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Taka 1000 each. The Scholarship program has started on January, 2021 and will continue till December, 2021. To
ensure transparency and proper utilization of fund, BSCCL has collected the nomination through UGC and
transfer the Monthly Stipend to the personal bank account of the students.
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Donation for construction of Mosques

In response of application of the 4(four) Mosques Management Committee of the different places of the country,
BSCCL donated in total of Taka30,00,000/-(thirty lac) only from the Corporate Social Responsibilities Fund
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(CSR) of the Company. It is expected that the donated grant will contribute for ensuring ultimate betterment to
the locality.
Going Concern
While approving the financial statements, the Directors have made appropriate enquires and analyzed significant
operating and indicative financials which enabled them to understand the ability of the Company to continue
its operations for a foreseeable future. The Directors are convinced and have a reasonable expectation that the
Company has adequate resources and legal instruments to continue its operations without interruptions.
Therefore, the Company adopted the going concern basis in preparing the financial statements.

MANAGEMENT DISCUSSION & ANALYSIS

From Managing Director’s Desk
Basis of preparation of financial statements and Significant accounting policies:
The principal activities of the Company are to provide high capacity and high quality international telecom
connectivity for exchange of data (Internet) and voice traffic with overseas countries through its submarine
cable systems and to provide high quality Internet traffic to its IIG and ISP customers. Most of the revenue of
the company is earned from the mentioned activities. The major expenses of the company consist of the Operation
& Maintenance (O&M) charges paid the submarine cable consortiums, O&M expenses of the land stations,
administrative expenses, depreciation of assets, backhaul and IP Transit purchase expenses for the company’s
IIG, revenue sharing with the regulation, financial charges against the IDB loan and different tax expenses.
The financial statements have been prepared in accordance with International Financial Reporting Standards
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(IFRSs) and International Accounting Standards (IASs) adopted by the Institute of Chartered Accountants of
Bangladesh (ICAB), the Companies Act, 1994, Securities and Exchange Rules, 1987 and other relevant laws
applicable in Bangladesh.
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The financial statements for assets have been prepared on historical cost basis except for certain assets such
as Property, Plant & Equipment which are stated at revalued amount (fair market value) as explained in the
accompanying notes (Note- 3.1 of the Financial Statements) and equity instruments which are stated at fair
d.
value as explained in the accompanying notes (Note- 3.7 of the Financial Statements).
The preparation of financial statements is in conformity with International Financial Reporting Standards and
International Accounting Standards that requires management to make judgments, estimates and assumptions
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that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses and for contingent assets and liabilities that require disclosure, during and at the date of the financial
statements.
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Till the financial year 2019-20, after recognition, items of property, plant and equipment were measured at cost
less accumulated depreciation as per IAS 16: Property, Plant and Equipment.
According to the approval of the Board of Directors, BSCCL shall have to follow Revaluation model instead of
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Cost model regarding measurement after recognition of Assets from the year 2020-2021. As such, after
recognition as asset, items of property, plant and equipment whose fair value can be measured reliably shall be
carried at a revalued amount being its fair value at the date of the revaluation less any subsequent accumulated
depreciation and subsequent accumulated impairment losses from the year 2020-2021 as per IAS 16: Property,
Plant and Equipment.
Depreciation is provided to amortize the cost of the assets after commissioning, over the period of their expected
useful lives, in accordance with the provision of IAS 16 Property, Plant and Equipment. Depreciation is charged on
additions made during the year for the full year in which those assets are put into ready for use and on which
depreciation is charged on Straight line basis. Depreciation is charged on all the fixed assets except land and land
development cost at the following rates according to the estimated life disclosed in the valuation report.
To comply with the paragraph 34 of IAS 16: Property, Plant and Equipment, the Company made its first valuation
on 30 June 2011 and a further revaluation has been made considering cutoff date for valuation on 30 June 2020.
During the time of revaluation, it was evident that some assets have been impaired causing a devaluation of Tk.
16,118,611 recognized as impaired loss and hence the Statement of Profit or Loss and Other Comprehensive
Income has been restated.

Considering the five steps model as described in IFRS-15: Revenue from Contracts with Customers, the Com-
pany recognizes revenue when (or as) the Company satisfies a performance obligation by transferring a prom-
ised service to a customer.
In compliance with IFRS 16: Leases, BSCCL has elected not to recognize right of use assets and lease liabilities
for short term leases that have a lease term (non-cancellable period) of 12 months or less and leases of
low-value assets. The company recognizes the lease payments associated with these leases as an expense on
a straight-line basis over the lease term.
Diluted earnings per share is not calculated during the year as the number of potential shares could not be
calculated because the value of the issuable shares has not yet been fixed. But the company is actively working
on it and is hopeful to issue shares in favour of the Posts and Telecommunications Division of the Ministry of
Posts, Telecommunications and Information Technology (MoPT & IT) against the equity money as soon as possible.
Restatement of last year's figures mainly related to impairment of fixed assets and adjustment of revenue for
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subsequent price reduction.
The comparative financial and operating performance for the last five years is given below:
Particulars
Revenue*
2020-21
3,448,527
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Restated
2,463,769
2018-19
1,955,666
2017-18
1,405,036
2016-17
1,036,725
d.
Gross Profit* 2,848,614 1,843,859 1,334,911 792,267 682,677
Operating Profit* 2,429,801 1,267,110 849,362 395,404 364,641
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Profit before tax* 2,399,828 1,201,352 778,962 293,868 389,513

Net Profit after tax* 1,907,332 905,370 585,758 73,260 318,231
Gross Profit Margin 82.60% 74.84% 68.26% 56.39% 65.85%
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Operating Profit Margin 70.46% 51.43% 43.43% 28.14% 35.17%

Net Profit Margin 55.31% 36.75% 29.95% 5.21% 30.70%
Dividend C-37% C-20% C-16% C-5% C-12%
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Dividend payout (Cash) 31.99% 36.43% 45.04% 112.55% 62.18%

NAV per Share** 52.49 44.45 38.74 35.68 36.44
Net Operating Cash Flow per Share** 15.18 6.87 7.30 4.07 1.20
Earnings Per Share** 11.57 5.49 3.55 0.44 1.93
* Amount in thousand BDT, **Amount in BDT.
There is significant increase in revenue by 39.97 % due to substantial effort of BSCCL’s management, Govt.
policy of digitalization of govt. services and introduction of 4G services which contributed to increase in overall
IPLC and IP Transit Bandwidth consumption in the country. Because of COVID-19 situation more and more
activities are now conducted through on line using Internet Bandwidth, which also contributed to increase the
demand of the services provided by BSCCL. Consequently, BSCCL’s sales and services have been increased
which resulted in considerable increase of revenue.
EPS has been increased by 110.67% due to increase in Revenue and there was no significant additional
expenditure against the increased revenue. During this year, BSCCL management has decided to reverse a sum
of provision for bad and doubtful debts made in previous year or years due to realization of long pending
outstanding from BTCL and BSNL, India. As such there is a positive impact on EPS enhancement. There was no
significant Extraordinary Transactions during this year.

BSCCL has emphasized on revenue collection and took some stern steps for the realization which led to
significant increment of Cash Received from clients as disclosed in the Statement of Cash Flows. Moreover,
there is a positive impact on Cash flows due to realization of long pending outstanding from BTCL and BSNL,
India and from other parties also during the year. Consequently, Net Operating Cash Flow per Share of BSCCL
has been increased compared to that of the previous year. Please note that there was no significant cash flow
due to Extraordinary Transactions during the year.
Net Asset value per share has been increased significantly mainly due to revaluation of Fixed Assets of the
Company based on Audited Financial Statements as on 30 June, 2020 according to the valuation report which in
continuation with the previously published PSI dated 16 August 2021 and other appreciation of assets during the
year 2020-2021.
Economic Scenario and Prospect of the Industry:

The economy of Bangladesh is a developing market economy. It's the 37th largest in the world in terms of nominal
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GDP and 31st largest in terms purchasing power parity (PPP). The economy of Bangladesh is classified among
the Next Eleven emerging market middle income economies and a frontier market. The economy of Bangladesh
is enjoying an average annual growth of GDP at the rate of around 7% for the last couple of years. Despite the
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adverse effect of COVID-19 pandemic on the economies of the countries worldwide since January 2020, the
economy of Bangladesh experienced a satisfactory annual growth rate of more than 5 % in the year 2020-2021.
Bangladesh is among the few countries in Asia who achieved a growth rate in GDP above 5% despite the global
pandemic situation. The economy of Bangladesh is gradually transforming from an agro-based economy to
d.
service and industry based economy for the last few decades. Now the service sector is the major contributing
sector into the GDP of the country. The industrial, manufacturing and service sectors are gaining importance in
the economy with time. Now Bangladesh is the second largest exporter of Readymade Garments (RMG) in the
world market. With a huge population of more than 160 million, the successes of agricultural researches,
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particularly in Rice, has made the country self-sufficient in food-grain. Bangladesh is the fourth largest
producer of fish in the world. Also, Bangladesh is self-sufficient in producing Medicine, Steel and Cement.
Having huge number of working force, Bangladesh has been supplying millions of skilled, semi-skilled and
unskilled manpower to the Middle East, East Asia, South Asia, Europe and North America. Readymade
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Garments (RMG) export and the remittances of the overseas Bangladeshi workers are the two main sources of
foreign exchange earnings of the country. Economic growth is rather indigenous with remarkable growth of
foreign direct investment (FDI) in telecom, energy and power sectors.
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In this era of globalization, communication has become the most significant factor. In a densely populated
country like Bangladesh, telecommunication and Internet can play a vital role to boost the economy and life
style of the people. In recent years lots of foreign investment has come into the country in telecommunication
sector. Though the telecommunication industry in Bangladesh is growing rapidly, still it has a long way to go.
Unfavorable growth conditions and lack of infrastructure in rural areas is hampering the growth of telecommu-
nication and broadband penetration in the suburban and rural areas of the country. However, the growth of
mobile telephone network is quite significant. Broadband internet services are spreading gradually in the rural
area as the Government is implementing projects to spread the optical fiber cable network into rural level and
to bring all the schools and colleges of the country under broadband Internet services. Also, government has
taken different initiatives to reduce the price of Internet bandwidth to an affordable level for the common
people. In 2018, government has awarded 4G license to four mobile telecom operators in the country. All the
four mobile operators are now expanding their 4G networks over the country. Government has decided to
introduce 5G services experimentally in some areas of Dhaka city by the end of 2021. Also, the implementation
of a project to connect the country with the 3rd Submarine Cable has been started by BSCCL, which will make
a huge amount of international bandwidth available in the country. Fixed Internet Service Providers (ISP) are
now expanding their networks into the rural areas of the country. All of these activities are contributing to
increase the broadband penetration in the country.

Business Operation and External Environment

Bangladesh Submarine Cable Company Limited (BSCCL) is a core telecommunication infrastructure provider
in the country who provides the most vital infrastructure to connect the country with the International Information
Superhighway. Through its two submarine cable systems, the SEA-ME-WE-4 and the SEA-ME-WE-5, it provides
submarine cable capacity (International Private Lease Circuit or IPLC) to the IIG and IGW operators of the
country. The service provided by BSCCL represents the high quality Bandwidth through Submarine Cable
between Bangladesh and several most desired destinations of the world. BSCCL is an important member of
two international submarine cable consortiums, the SEA-ME-WE-4 and the SEA-ME-WE-5 (South East
Asia-Middle East-Western Europe-4&5).
BSCCL is the unique provider of the Submarine Cable services in Telecommunications sector and is the major
provider of international bulk bandwidth. It acquired the permit/license from the Government of Bangladesh
for providing services through submarine cables. The IIG and IGW operators of the country, the main customers
of BSCCL.
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BSCCL also acquired International Internet Gateway (IIG) service license from BTRC and started the commercial
operation of its IIG unit in 2013. The Company is earning handsome amount of revenue from the IP Transit
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services rendered to different IIG and ISP operators. Recently, BSCCL has installed and commissioned a PoP at
the Equinix SG3 data center in Singapore which helped to enhance the quality of the IP Transit service provided
by BSCCL’s IIG a lot. Hence, despite tough competition from the ITC operators, BSCCL still holds more than 60%
market share of the international bandwidth (IPLC & IP Transit) market of the country.
d.
Risk management relating to Financial Statements
The management of the company has overall responsibility for the establishment and oversight of the
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company's risk management framework. The company's risk management policies have been established to
identify and analyze the risks faced by the company, to set appropriate risk limits and controls, and to monitor
risks and adherence to limits. The company follows series of policies, practices to address the key financial
reporting risks arising from changes in business or accounting standards. Risk management policies, proce-
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dures and systems are reviewed regularly to reflect changes in market conditions and the company's activities
and reported to the Board of Directors through Audit Committee. BSCCL management is very keen to ensure
full disclosure required by applicable laws.
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The details of the related party transactions along with the nature of the transactions is reported in the Note:
57.1 (Related party disclosures) of the Financial Statements.
Mashiur Rahman
Managing Director

AUDIT COMMITTEE
Chairman

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Members
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d.
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Mr. Md. Abdul Momin Mr. Syed Mamnun Quader

Joint Secretary Former Director, DCCI
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AUDIT COMMITTEE REPORT

For the year ended on 30 June 2021
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The Audit Committee has been formed by the Board of Directors as per the requirements of Bangladesh
Securities and Exchange Commission (BSEC) notification. The Audit Committee consists of three members,
two of them are Independent Directors and headed by one of the Independent Directors. The Managing Director,
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General Manager (Fin & Admin), Chief Financial Officer and Head of Internal Auditor of the company regularly
attend Audit Committee meetings on invitation. The Company Secretary performs the secretarial function of
the Committee.
d.
The Audit Committee of Bangladesh Submarine Cable Co. Ltd. (BSCCL) is a sub-committee of the Board, to
support the Board in fulfillment of its oversight responsibilities. The Terms of Reference (ToR) of the Audit
Committee is set by the Board of Directors in line with BSEC notification.
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Composition of Audit Committee of BSCCL is as follows:

The Audit Committee consists of the following members of the Board of Directors:
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Chairman:
Mr. N.K.A Mobin FCS, FCA, Council Member -ICAB
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Member:
Mr. Md. Abdul Momin
Director

Authority:
The Audit Committee of Bangladesh Submarine Cable Co. Ltd. (BSCCL) is a sub-committee of the Board,
authorized by the Board to review any activity within the business operations of the company as per its Terms
of Reference (ToR). It is empowered to seek any information it requires from, and require the attendance at any
of its meetings of, any director or member of management, any other relevant officials and all of them are
expected to co-operate with any request made by the Committee.
The Committee is also authorized to have information and advice from the Legal Advisor of the Company, Tax
Consultant and Statutory Auditor, if required. The Terms of Reference of Audit Committee may be amended
from time to time as required for the business in line with BSEC notifications and regulations, subject to
approval by the Board.

Key Responsibilities of the Audit Committee:

The purpose, authority, composition, duties and responsibilities of the Audit Committee are delineated in its
Charter. Key responsibilities of the Audit Committee includes:
• Monitor the integrity of the financial reporting process ensuring compliance to accounting policies, standards
and principles.
• Monitor internal control and business risk management process.
• Review of the Budget of the company.
• Review of the Internal Audit Plan.
• Review of the Depreciation Method of the Company being followed and to advise any change thereto, if
appropriate.
• Review of the major Capital Nature expenditures of the company.
• Oversee appointment and performance of External Auditors.
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• Monitor and review of the effectiveness of Internal Audit function.
• Review of the annual, half-yearly and quarterly financial statements and other financial results, and upon its
satisfaction recommend the same to the Board for approval.
rules and regulations. co

• Review of non-audit services performed by statutory auditors to the extent permitted by the relevant law,
• Review of the audit findings and material weaknesses and monitor implementation of audit action plans.
d.
• Other matters as per Terms of Reference of the Audit Committee.
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The Audit Committee met 5(Five) times during the FinancialYear 2019-2020. The details of attendance of each
member at the Audit Committee meetings during 2019-20 are asfollows:
Number of Audit Remarks

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Committee Meeting held

Sl. Composition of Audit Committee
Held Attended %
1.(a) Mr. N.K.A Mobin FCS, FCA, Chairman 9 9 100%

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Total 9 9 100%
Appointed in place of Mr. Monzur Rahman
2.(a) Mr. Md. Abdul Momin, Member 4 4 100%
as on 06.12.2020
Appointed in place of Mr. Jalal Uddin as
2.(b) Mr. Monzur Rahman, Member 5 5 100% on 28.01.2020 and Replaced by Mr. Md.
Abdul Momin as on 06.12.2020
Total 9 9 100%
In Leave of absence from 53rd to 59th
3 Mr. Hossain Khaled, Member** 9 0 0%
meeting
Total 9 0 0%
** Replaced by Mr. Syed Mamnun Quader as on 30.06.2021
The Managing Director, General Manager (Admin and Finance), Chief Financial Officer, Head of Internal Audit of Bangladesh
Submarine Cable Company Limited, and representatives of the External Auditors attended meetings upon invitation
by the Audit Committee. From time to time, other senior members of the management were invited by the Audit
Committee to attend Audit Committee meetingsto discuss important financial and control related issues.

Major Activities of the Audit Committee in 2020-2021

Nine meetings of the Audit Committee were held during the financial year 2020-2021. The Managing Director,
General Manager (Admin and Finance), Chief Financial Officer and Head of Internal Audit attended meetings on
invitation. The major activities of the Audit Committee in 2020-2021 are stated below-
• Reviewed the quarterly financial statements for the year ended June 30, 2021.
• Reviewed the draft Independent auditors report and audited financial statements for the year ended June 30, 2021.
• Reviewed the outstanding position of the Trade Receivables of the Company time to time and instructed the
Company management to apply appropriate realization mechanism to collect the long outstanding.
• Reviewed the key Risk Factors of the Company like - Outstanding and its realization, VAT and AIT issues on
outstanding bills etc., Deferred tax liabilities etc.
• Prepared Report of the Audit Committee for the shareholders.
• Reviewed the Internal Control System of BSCCL.
• Approved the Internal Audit Plan for 2020-2021, monitored progress and advised revisions whenever necessary.
• Discussed Internal Audit reports and findings in detail with auditors and members of Management.
• Monitored the status of implementation of audit action plans and provided guidance to ensure timely
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completion of action plans.
• Reviewed and received report on the matters as per requirements from the Bangladesh Securities and
Exchange Commission (BSEC).
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• Reviewed queries from the regulatory bodies and helped drafting appropriate replies.
• Reviewed the time deposit investments (FDRs) of the Company at various banks and recommended to the Board
to approve the “Banking and Investment Policy of BSCCL” in relation to Investment and Banking Transactions.
• Reviewed the status of the Valuation of Assets of the Company.
d.
• Reviewed the offers of the Credit Rating Companies to perform Credit Rating.
• Reviewed the creditors position and advance status. The Committee recommended to adjust or recognize
the long pending creditors and advances.
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Internal Control and Risk Management System:

Based on review of the effectiveness of the internal controls and the procedures established for identifying,
assessing and managing risks, the Committee is of the view that adequate controls and procedures are in place to
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provide reasonable assurance that the company’s assets are safeguarded and that the financial position of the
Company is adequately managed. Committee always looks for avenues for further improvements in both the areas.
Recommendation:
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The Audit Committee recommended to the Board of Directors to appoint M/S MABS & J Partners, Chartered
Accountants as the Statutory Auditor for the financial year ending on 30 June, 2022 subject to the approval of
the shareholders at the 13th Annual General Meeting of the Company.
The Audit Committee also recommended to the Board of Directors to appoint M/S M. Mohashin & Co. Practicing
Chartered Secretaries as Corporate Governance Compliance Auditor for the financial year ending on 30 June,
2022 subject to the approval of the shareholders at the 13th Annual General Meeting of the Company.
The Audit Committee further recommended to appoint Husain Farhad & Co., Chartered Accountants to perform
the valuation of Assets and Liabilities of the Company.
The above matters are significant for continuous improvements and therefore duly noted and taken care of by
the Committee.
On behalf of the Audit Committee
N.K.A Mobin FCS, FCA

Chairman
Audit Committee

Nomination and Remuneration Committee (NRC)

Chairman

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Members
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d.
Ms. Kulsum Begum Mr. Khandker Md. Abdul Hye, PhD
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Joint Secretary Joint Secretary, Posts & Telecommunications Division,

Finance Division, Ministry of Finance & Director, BSCCL Ministry of Posts, Telecommunications &
Information Technology (MoPT & IT) & Director, BSCCL
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Dr. Md. Mahbubul Alam Joarder Colonel Ekram Ahmed Bhuyan, afwc, psc
Professor, Institute of Information Technology, Army Headquarters, Dhaka Cantonment
University of Dhaka & Director, BSCCL & Director, BSCCL

Former Director, DCCI

NOMINATION AND REMUNERATION COMMITTEE (NRC) REPORT

For the Year ended on 30 June 2021
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The Nomination and Remuneration Committee (NRC) has been formed by the Board of Directors as per the
requirements of Bangladesh Securities and Exchange Commission (BSEC) notification. The NRC consists of six
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members; two of them are Independent Directors and headed by one of the Independent Directors. The Company
Secretary performs the secretarial function of the Committee.
The NRC of Bangladesh Submarine Cable Co. Ltd. (BSCCL) is a sub-committee of the Board, to support the
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Board in fulfillment of its oversight responsibilities. The Terms of Reference (ToR) of the NRC is set by the Board
of Directors in line with BSEC notification.
Current Composition of NRC of BSCCL is as follows:

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The NRC consists of the following members of the Board of Directors:
Chairman:
Mr. N.K.A Mobin FCS, FCA
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Independent Director, BSCCL
Member:
Mrs Kulsum Begum
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Director
Mr. Khandker Md. Abdul Hye, PhD
Director
Dr. Md. Mahbubul Alam Joarder
Director
Brigadier General Rakibul Karim Chowdhury
Director
Authority:
The NRC of Bangladesh Submarine Cable Co. Ltd. (BSCCL) is a sub-committee of the Board, authorized by the
Board to review any activity within the business operations of the company as per its Terms of Reference (ToR).
It is empowered to seek any information it requires from, and require the attendance at any of its meetings of,
any director or member of management, any other relevant officials and all of them are expected to co-operate
with any request made by the Committee.

The Committee is also authorized to have information and advice from the Legal Advisor of the Company, Tax
Consultant and Statutory Auditor, if required. The Terms of Reference of NRC may be amended from time to time
as required for the business in line with BSEC notifications and regulations, subject to approval by the Board.
The NRC met 1(one) times during the Financial Year 2020-2021. The details of attendance of each member at the
NRC meetings during 2020-2021 are as follows:
Number of NRC Meeting held

Sl. Composition of NRC Remarks
Held Attended %
Appointed as Chairman of
1 Mr. N.K.A Mobin FCS, FCA, Chairman 1 1 100% NRC in place of Hossain
Khaled as on 24.05.2021
2. Mrs Kulsum Begum, Member 1 1 100%
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Appointed as menber of
3. Mr. Khandker Md. Abdul Hye, PhD, Member 100%
NRC as on 24.05.2021
4.
5.
Dr. Md. Mahbubul Alam Joarder, Member
Brigadier General Rakibul Karim Chowdhury,

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1
1
1
1
100%
100%
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Member
* Mr. Syed Mamnun Quader was appointed in the NRC after the above stated NRC Meeting.
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Major Activities of the NRC in 2020-2021

One meeting of the NRC was held during the financial year 2020-2021. The Managing Director and General
Manager (Admin and Finance) attended meetings on invitation. The major activities of the NRC in 2020-2021 are
stated below-
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• Reviewed the nomination criteria of Board of Directors of BSCCL as proposed by Posts & Telecommunications
Division, MoPT& IT, GoB.
• Recommended the necessary change in the proposed nomination criteria of Board of Directors as proposed
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by Posts & Telecommunications Division, MoPT& IT, GoB.

• Recommended the appointment of Independent Director of BSCCL.
• Reviewed the Meeting Attendance Fee, TA&DA and other benefits of Director.
• Reviewed the Fixed and Incentive based salary, allowances and other benefits of the top level executives of
BSCCL.
• Formulated and recommended criteria for performance evaluation of independent directors and the Board.
The above matters are significant for continuous improvements and therefore duly noted and taken care of by
the Committee.
On behalf of the NRC
N.K.A Mobin FCS, FCA

Chairman, NRC


Value Added Statement
Amount in Thousand BDT
2020-21 % 2019-20 %
Value Added
Revenue 3,448,527 2,463,769
Other income including interest income 220,939 178,535
VAT on revenue and other income 957,280 408,574
4,626,746 3,050,878
Less : Cost of Operation and Maintenance 407,928 488,301
Available for distribution 4,218,818 100% 2,562,577 100%
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Distributions
Employees 273,717 6.49% 190,612 7.44%
Government
Porviders of finance :
Shareholders
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610,150
33.72%
14.46%
648,607
329,811
25.31%
12.87%
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Lender 147,744 3.50% 158,328 6.18%
2,454,352 58.18% 1,327,358 51.80%
Value reinvested and retained
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Depreciation & Retention 1,764,465 41.82% 1,235,219 48.20%
4,218,818 100% 2,562,577 100%

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3.50%
2020-21 14.46%
Employees
Government
Shareholders
41.82%
Lender
Depreciation & Retention
6.49% 33.72%

DIVIDEND POLICY OF BSCCL

Introduction:
Bangladesh Submarine Cable Company Limited (the “Company”) intends to pay dividends to its shareholders
and will use the guidelines herein to determine and pay such dividend as is approved. The policy shall accordingly
be applied in determining any claim by any shareholder, individual or institution regarding the dividend payable
by the Company, subject to any provisions in the Company’s Articles of Association.
Definitions:
“Dividend(s)” refers to a Final Dividend.
“Share Registrar” means a company specifically appointed by the Company to undertake share registrar and
related services for the Company.
Declaration and Payment of Dividends:
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1. The dividend policy of the Company is to distribute to its shareholders surplus funds from its distributable
profits and/or general reserves, as may be determined by the Board of Directors, subject to:
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a) The recognition of profit and availability of cash for distribution;
b) Any banking or other funding requirements by which the Company is bound from time to time;
c) The operating and investment needs of the Company;
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d) The anticipated future growth and earnings of the Company;
e) Provisions of the Company’s Articles of Association;
f) Emerging trends in Dividend payouts in the industry; and
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g) Any relevant applicable laws.
2. The Company shall endeavor to maintain a dividend payout ratio of not less than the percentage of net
earnings of the respective year required to get relief from any excess tax obligation(s), subject to the above
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considerations.
3. The Company may, prior to declaration of any Dividend, transfer such percentage of its profit for that financial
year as it may consider appropriate, to the reserves of the Company.
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4. The Company’s Board of Directors shall be responsible for generating all proposed resolutions on the declaration
and payment of dividends.
5. The Company will not declare any Dividends where the law prevents such payment and if there are reason-
able grounds for believing that the Company is or would be, after a Dividend payment, unable to pay its
liabilities or discharge its obligations as and when they become due.
6. The decision to declare and pay Dividends shall be approved at the shareholders Annual General Meeting
(“AGM”), upon the recommendation of the Board of Directors. It shall be a separate agenda item at the AGM.
7. The list of persons entitled to receive Dividends at the Book Closure/ Record date shall be prepared by the
Service provider appointed for this purpose according to the Company’s instructions and prevailing legislation.
The time, place and procedure for payment of Dividends shall be publicly communicated to shareholders in
advance of the register closure date i.e. Record date and payment date.
8. Any unclaimed Dividends shall be dealt with in accordance with the circulars/directives of BSEC or other
regulatory authorities in this regard from time to time.

9. The Company shall continue to pay declared Dividends for shares on which accrued dividends have not been
received by any shareholder until the accrued dividends has been transferred to the Capital Market Stabilization
Fund in accordance with the directives of BSEC or any other regulatory authority from time to time.
10. No interest shall accrue on unclaimed Dividends held by the Company.
Policy Context:
This Dividend Policy Statement is formulated in accordance with the directive issued by BSEC, the Companies
Act 1994, tax legislation, and internationally recognized best practices and principles.
Amendment:
This Policy Statement shall be effective from the date of execution and may be amended from time to time with
the approval of the Board of Directors of the Company.
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Disclaimer:
The above Policy Statement does not represent a commitment on the future Dividends of the Company but
represents a general guidance on the Dividend Policy.
Policy Approval:
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This policy is approved by the Company’s Board on 21 October 2021.
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Summary of Unclaimed Dividend & IPO Subscription Money

Particulars Amount in Taka Remarks
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Unclaimed IPO Subscription Money 47,526.52 Transferred to CMSF

Dividend Payable for the FY 2011-2012 404,807.95 Transferred to CMSF
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Dividend Payable for the FY 2012-2013 1,136,722.13 Transferred to CMSF

Dividend Payable for the FY 2013-2014 1,087,733.56 Transferred to CMSF
Dividend Payable for the FY 2017-2018 401,664.23 Available for collection
Dividend Payable for the FY 2018-2019 1,926,705.44 Available for collection
Dividend Payable for the FY 2019-2020 2,105,601.30 Available for collection
Grand Total at 30-Sep-2021 8,941,928.55 -
• CMSF stands for Capital Market stabilization fund established by BSEC
• Details has been presented in the website of the company

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AUDITOR’S REPORT
&
FINANCIAL STATEMENTS
for the year ended 30 June 2021

Independent Auditor’s Report

to
The Shareholders of Bangladesh Submarine Cable Company Limited
Report on the Audit of the Financial Statements
Qualified Opinion
We have audited the financial statements of Bangladesh Submarine Cable Company Limited (BSCCL), which
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comprise the statement of financial position as at 30 June 2021 and 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 notes to financial statements, including a summary of significant accounting policies and other explanatory
information.
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In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our
report, the accompanying financial statements present fairly, in all material respect, the financial position of
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the Company as at 30 June 2021 and its financial performance and its cash flows for the year then ended in
accordance with International Financial Reporting Standards (IFRSs).
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Basis for Qualified Opinion

In the year 2015-2016 & 2016-2017, Bangladesh Submarine Cable Company Limited (BSCCL) received amounted
to Taka 1,660,000,000 in six different phases from the Government of the People’s Republic of Bangladesh for the
purpose of implementing the Regional Submarine Telecommunications Project, Bangladesh (Installation and
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Establishment of Second Submarine Cable System (SMW5)) as Equity Money with condition that the said
amount will be converted into Equity Capital in favour of Ministry of Posts, Telecommunications and Information
Technology (MoPT & IT) through issuing Share after implementing the project and getting proper approval from
the Concerned Authority of the Government of the People’s Republic of Bangladesh and in compliance with the
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guidelines and policies issued by Finance Division for issuing equity capital.
On 11 February 2020 Financial Reporting Council (FRC) has issued a notification (Notification No.
146/FRC/Admin/Notification/2020/01) regarding Accounting and Reporting on Share Money Deposit. As per the
said notification any amount received from investor as share capital or call by whatever name that was considered
as part of equity in the Financial Statements shall be converted to share capital within six months. Further, till to
date of conversion of share money deposit to share capital, the amount of share money deposit shall be considered
as potential share.
As on 30 June 2021 BSCCL did not convert the amount of Tk. 1,660,000,000 as equity money to Share capital and
was not considered as potential share to calculate the Net Assets Value (NAV) per share and Earning per Share
(EPS). For that reason, as on reporting date both Net Assets Value (NAV) per share and Earning per Share (EPS)
of the company is overstated.
As the potential share is not identified by the management of BSCCL, the value of overstatement of Net Assets
Value (NAV) per share and Earning per Share (EPS) could not be quantified.
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial

Statements section of our report. We are independent of the Company in accordance with the International
Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with the IESBA Code and the Institute of Chartered
Accountants of Bangladesh (ICAB) Bye Laws. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our qualified opinion.
Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the financial statements of the current period. These matters were addressed in the context of our audit of
the financial statements as a whole and in forming our opinion thereon and we do not provide a separate
opinion on these matters.
Key Audit Matters How our audit addressed the key audit matters
Revenue Recognition
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We considered revenue recognition as a key audit Our procedures included obtaining an understanding
matter because: of management’s revenue recognition policies and
process. We tested sample of transactions to verify
• Revenue is the most financially significant item
in the statement of profit and loss and other
comprehensive income.
• The company has reported revenue of Taka
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accordance with the revenue accounting policy as
disclosed in Note 3.5 and 26 to 30 of the financial
statements. In addition, we assessed whether the
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3,448,526,861 for the year ended 30 June 2021. disclosed revenue accounting policy was in
• The Company’s revenue is primarily generated accordance with relevant accounting standards.
from the provision of International Private Our audit approach consisted testing of the design
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Leased Circuit (IPLC) Service, Circuit activation and operating effectiveness of the internal
charge, Co-Location Service, IP Transit Service – controls and substantive testing as follows:
Local and Export. There is an inherent risk over
• Evaluated the design of internal controls relating
the accuracy and timing of revenue recognition
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to implementation of the revenue recognition

given the complexity of billing systems and
accounting standard.
processing various data which are impacted by
the prices models and rates including different • Selected a sample of continuing and new
rates based on service consumed, and discounts contracts, and tested the operating effectiveness
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arrangements. As a result, the application of of the internal control, relating to identification of

accounting standards is complex and involves, the distinct performance obligations and deter-
to a certain extent, a number of key judgments mination of transaction price. We carried out a
and estimates made by management. combination of procedures involving enquiry and
observation, reperformance and inspection of
Following the application of the new revenue
evidence in respect of operation of these controls.
recognition standard (IFRS 15, Revenue from
Contracts with Customers), the company adopted
Selected a sample of continuing and new
its accounting policies.
contracts and performed the following procedures:
Under IFRS 15 revenue is recognized when a • Read, analysed and identified the distinct perfor-
performance obligation is satisfied by transferring mance obligations in these contracts.
control over a promised good or service. In addition, • Compared these performance obligations with
the application of the new standard on revenue that identified and recorded by the Company.
recognition, IFRS 15 for the current financial year
immaterially impact on the financial statements. • Considered the terms of the contracts to determine
the transaction price including any variable

Details of the accounting policies for revenue consideration to verify the transaction price used
recognition are set out in Note 3.5 to the financial to compute revenue and to test the basis of
statements and the various revenue streams for estimation of the variable consideration.
the company have been disclosed in Note 26-30 • Sample of revenues disaggregated by type and
to the financial statements. service offerings was tested with the performance
obligations specified in the underlying contracts.
• Performed analytical procedures for reasonable-
ness of revenues disclosed by type and service
offerings.
• Testing the key controls over the calculation of the
amounts billed to customers and the capturing
and recording of the revenue transactions.
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• Testing the key controls over the authorisation of
the rate changes and the input of such rates to the
billing systems.
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and the respective revenue transactions recorded.
• Testing the appropriateness of the accounting
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treatment on a sample basis. In addition, we
verified the accuracy of IFRS 15 related disclo-
sures.
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• examining material journal entries and other

adjustments posted to revenue.
• performed enquiries with management to under-
stand their risk assessments and inspected meet-
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ing minutes to identify relevant changes in their

assessments and estimates.
We specifically put emphasis on those transactions
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occurring close before or after the financial position

date to obtain sufficient evidence over the accuracy
of cut-off.
Finally assessed the appropriateness and presenta-
tion of disclosures against relevant accounting
standards.
Based on our work, we noted no significant issues
regarding the accuracy of revenue reported for the year.
Property Plant and Equipment

The company incurred a significant level of capital Our audit procedures to assess the carrying value of
expenditure in connection with the expansion of PPE included the following:
its equipped capacity and improvements of Our audit procedures included controls testing and
bandwidth. The carrying value of Property Plant substantive procedures covering, in particular:
and Equipment aggregating to Tk. 6,816,455,730

represents a significant amount in the company’s • assessing the design, implementation and
statement of financial position as at 30 June 2021 operating effectiveness of key internal controls
and carries the risk of: over the completeness, existence and accuracy
of property, plant and equipment, including the
• There are a number of areas where management
key internal controls over the estimation of
judgement impacts the carrying value of PPE,
useful economic lives and residual values;
and the related depreciation profiles.
• assessing on a sample basis, costs capitalised
• determining which costs meet the criteria for
during the year by comparing the costs capitalised
capitalisation;
with the relevant underlying documentation,
• determining the date on which the assets is which included purchase agreements and
recognised to property, plant and equipment and invoices, and assessing whether the costs
depreciation commences; capitalised met the relevant criteria for
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• the estimation of economic useful lives and capitalization.
residual values assigned to property, plant and • Testing the key controls over the management’s
equipment. judgment in relation to the accounting
obsolescence.
The management reviews the estimated depreciable
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• useful lives of assets shortening and technological estimates of the depreciable lives and residual
values of property, plant and equipment.
• Reconcile on a sample basis the additional
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lives and the residual value of property, plant and capitalized costs for the year to the underlying
equipment annually. After conducting a review on invoices and supporting documents.
the depreciable lives of the property, plant and
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equipment of the company during this year, the

management resolved to change the accounting
estimates of the depreciable lives of certain
equipment.
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We identified the carrying value of property, plant

and equipment as a key audit matter because of
the high level of management judgement involved
and because of its significance to the financial
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statements.
See note no 3.1 and 4 to the financial statements
Revaluation of PPE
The financial statements contain material entries We considered the entity’s arrangements for
on the SOFP as well as material disclosure notes in ensuring that PPE values were reasonable and
relation to the entity’s holding of PPE by revaluating engaged our own expert to provide data to assist us
it’s all class of assets. The revaluation reserve in assessing the reasonableness of the valuations
amounting TK.1,037,294,938 as at 30 June, 2021. provided by the Professional valuer. We also
Although BSCCL employs a valuation expert to assessed the competence, skills and experience of
provide information on valuations, there remains a the valuer. We performed further audit procedures
high degree of estimation uncertainty associated on individual assets to ensure that the basis and
with the revaluation of PPE due to the significant level of revaluation was appropriate.
judgements and number of variables involved in
providing revaluations.
Disclosed in Note- 3.1, 4 and 14.

Measurement of deferred tax Liability
Company reported net deferred tax liability We obtained an understanding, evaluated the design and
totaling Tk. 606,110,821 as at 30 June 2021. tested the operational effectiveness of the Company’s key
controls over the recognition and measurement of Deferred
Significant judgment is required in relation to
Tax Assets and Liabilities and the assumptions used in
deferred tax liability as their liability is
estimating the future taxable expense of the company.
dependent on forecasts of future profitability
over a number of years. We also assessed the completeness and accuracy of the
data used for the estimations of future taxable expense.
See note no. 3.16 (b) and 16 to the financial
statements We evaluated the reasonableness of key assumptions,
timing of reversal of temporary differences and expiration
of tax loss carry forwards, recognition and measurement
of Deferred Tax Liability.
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We involved tax specialists to assess key assumptions,
controls, recognition and measurement of deferred tax
assets.
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We assessed the adequacy of the company’s disclosures
setting out the basis of deferred tax liability balances and
the level of estimation involved. We also assisted in
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evaluating the tax implications, the reasonableness of
estimates and calculations determined by management.
Finally assessed the appropriateness and presentation of
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disclosures against IAS 12 Income Tax.

Equity Money from GoB
In the year 2014-2015, BSCCL has received the To assess the implementation of the condition applied
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approval for the purpose of implementing the by the Inter-Ministerial Meeting under the Ministry of
Regional Submarine Telecommunications Finance for approval of this project, following audit
Project, Bangladesh (Installation and Establish- procedure has been followed:
ment of Second Submarine Cable System i) approval from ECNEC dated 11 June 2015 has been
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(SMW5) for International Telecommunications checked.

in Bangladesh for the amount of Taka
ii) approval from Ministry of Posts, Telecommunications
1,660,000,000 from the Government of the
and Information Technology (MoPT & IT), the Govern-
People’s Republic of Bangladesh (GoB) as
ment of the People’s Republic of Bangladesh dated
Equity Money with condition that the said
29 June 2015 for this project.
amount will be converted into Equity Capital in
favour of Ministry of Posts, Telecommunica- iii) approved amount of Taka 166 crore as GOB equity
tions and Information Technology ( MoPT & IT) money has been received through six installments
through issuing Share after implementing the from the year 2015-2016 to 2016-2017.
project and getting proper approval from the To evaluate the steps taken by management after
Concerned Authority of the Government of the considering the notification by FRC, following audit
People’s Republic of Bangladesh and in procedure has been followed.
compliance with the guidelines and policies i) analysis of the minutes of meetings of the Board of
issued by Finance Division for issuing equity Directors & has appointed ICB Capital Management
capital. Limited on 22 July 2020 as Issue Manager regarding
issue of shares against Equity money by TK
1,660,000,000 from -GOB to Share Capital.

On 11 February 2020 Financial Reporting Coun- ii) reviewed the notification (Notification No. 146/ FRC/
cil (FRC) has issued a notification Admin/Notification/2020/01) and related correspond-
(Notification No. 146/ FRC/ Admin/ Notification ence from management of BSCCL regarding the
/2020/ 01) regarding Accounting and Reporting guidance on limitation to comply the said notification.
on Share Money Deposit. As per the said iii) reviewed the appointment of Valuer for revaluation of
notification any amount received from investor assets and liabilities of BSCCL and
as share capital or call by whatever name that iv) communicated the issue of noncompliance of the
was considered as part of equity in the notification (Notification No. 146/ FRC/ Admin
Financial Statements shall be converted to /Notification/ 2020/ 01) to the Management who are
share capital within six months. Further, till to Charged with the Governance.
date of conversion of share money deposit to As on 30 June 2021, BSCCL did not convert the amount of
share capital, the amount of share money TK.1,660,000,000 received from Government as equity
deposit shall be considered as potential money to Share capital and was not considered as
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share. Disclosed in Note no .11. potential share to calculate the Net Assets Value (NAV)
per share and Earning per Share (EPS). As on reporting
date both Net Assets Value (NAV) per share and Earning
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per Share (EPS) of the company is overstated.
As the potential share is not identified by the management
of BSCCL, the value of overstatement of Net Assets
Value (NAV) per share and Earning per Share (EPS) could
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not be quantified.
Legal and regulatory matters
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The Company has aggregating claims of We obtained an understanding, evaluated the design and
TK.40,365,866 in respect of previous years. tested the operational effectiveness of the Company’s key
The Company has several tax claims from the controls over the legal provision and contingencies process.
previous assessment years. Other than this We enquired to those charged with governance to obtain
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there are no legal proceedings, claims and their view on the status of all significant litigation and
government investigations and inquiries regulatory matters.
pending that expose it to significant litigation We discussed material legal cases with the company’s
and similar risks arising from disputes and legal department for all significant litigation and regula-
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regulatory proceedings. Such matters are tory matters and inspected internal notes and reports.
subject to many uncertainties and the We also received formal confirmations from external
outcome may be difficult to predict. These counsel. We have analysed of responses in legal letters
uncertainties inherently affect the amount independently obtained from the external legal counsels
and timing of potential outflows with respect of the Company;
to the provisions which have been established We assessed the methodologies on which the provision
and other contingent liabilities. amounts are based, recalculated the provisions, and tested the
Overall, the legal provision represents the completeness and accuracy of the underlying information.
Company’s best estimate for existing legal We also assessed the Company’s provisions and contingent
matters that have a probable and estimable liabilities disclosures.
impact on the Company’s financial position. • Analysis of the minutes of meetings of the Board of
See note no. 21 and 55 to the financial Directors and the Board Audit Committee;
statements • Analysis of assessment of contingent liabilities and
changes in provisions for claims and litigations which
are updated on a quarterly basis;
• Assess disclosures in the financial statements which
are potentially of material contingent nature and
their measurement.

Other Information
Management is responsible for the other information. The other information comprises all the information in
the Annual Report other than the financial statements and our auditors’ report thereon. The Annual Report is
expected to be made available to us after the date of this auditor’s report.
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
identified above when it becomes available 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.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required
to communicate the matter to the board of directors of the company.
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Responsibilities of Management and Those Charged with Governance for the Financial
Statements and Internal Controls
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Management is responsible for the preparation and fair presentation of financial statements in accordance
with IFRSs as explained in note 02 and 03, 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. The Companies Act, 1994 require the Management to ensure effective internal audit, internal
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control and risk management functions of the Company.
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
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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.
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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
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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 judgement 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.
• 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.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the company to express an opinion on the financial statements. We are responsible for the
direction, supervision and performance of the company audit. We remain solely responsible for our audit
opinion.
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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.
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We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
d.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the financial statements of the current period and are therefore the key
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audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
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Report on other Legal and Regulatory Requirements

In accordance with the Companies Act 1994 and the Securities and Exchange Rules 1987, we also report the following:
a) we have obtained all the information and explanations which to the best of our knowledge and belief were
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necessary for the purposes of our audit and made due verification thereof;
b) in our opinion, proper books of accounts as required by law have been kept by the Company so far as it
appeared from our examination of these books;
c) the statements 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 accounts and returns; and
d) the expenditure incurred was for the purposes of the Company’s business for the year.
Firm’s Name : S. F. Ahmed & Co., Chartered Accountants

Firm’s Registration No. : 10898 E.P, under Partnership Act 1932
Signature :
Engagement Partner Name : Md. Enamul Haque Choudhury, FCA, Senior Partner/
Enrollment No. 471
DVC Number : 2110240471AS656005
Date : 24 October 2021


Statement of Financial Position
As at 30 June 2021
Amount in Taka Taka
Notes
30 June 2021 30 June 2020 30 July 2019
ASSETS Restated Restated
Non-Current Assets
Property, plant and equipment 4 6,816,455,730 7,223,369,901 6,863,725,510
Capital Work in Progress SMW-6 4.3 4,048,086 - -
Current Assets 7,086,118,261 5,616,806,424 4,533,604,047
Trade and other receivables 5 1,943,558,845 2,539,191,952 2,026,666,768
Advances and deposits 6 23,412,700 30,177,274 36,613,621
Advance income tax 7 1,169,718,384 603,695,577 412,835,551
Investment in shares 8 29,501,318 25,201,906 34,348,102
Cash and cash equivalents 9 3,919,927,014 2,418,539,714 2,023,140,004
TOTAL ASSETS 13,906,622,077 12,840,176,325 11,397,329,557
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EQUITY AND LIABILITIES
Shareholders' Equity 8,656,670,966 7,329,254,700 6,311,668,862
Share capital
Equity Money from GoB
Share premium
Tax holiday reserve
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10
11
12
13
1,649,055,100
1,660,000,000
723,293,759
788,905,267
1,649,055,100
1,660,000,000
723,293,759
741,577,846
1,649,055,100
1,660,000,000
723,293,759
714,543,556
d.
Revaluation reserve 14 1,037,294,938 1,042,041,533 336,165,684
Retained earnings 15 2,798,121,902 1,513,286,463 1,228,610,765
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Non Current Liabilities 3,164,993,865 3,274,029,040 3,277,289,654

Deferred tax liabilities 16 606,110,821 582,188,955 476,165,249
Security deposits received from clients 17 357,068,437 294,955,533 220,391,012
Employees' pension, gratuity & provident fund 18 15,394,307 18,215,001 20,850,482
Long Term loan-net off current portion 19 2,186,420,299 2,378,669,551 2,559,882,911
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Current Liabilities 2,084,957,244 2,236,892,584 1,808,371,041

Long Term loan-current portion 19 192,249,252 352,024,332 331,816,697
Sundry creditors 20 84,170,223 172,859,171 250,201,912
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Provision for income tax 21 1,037,421,348 633,906,543 393,874,301

Provision for WPPF and WF 22 119,991,410 62,599,014 38,948,113
VAT payable 23 (25,398,164) 519,641,147 563,736,566
Liabilities for expenses 24 57,437,162 129,988,194 224,919,059
Amount to be distributed as dividend (Proposed) 610,150,387 329,811,020 -
Unclaimed Dividend Account 25 8,935,626 36,063,164 4,874,395
Total Liabilities 5,249,951,110 5,510,921,625 5,085,660,696
TOTAL EQUITY AND LIABILITIES 13,906,622,077 12,840,176,325 11,397,329,557
Net Asset Value per share 47 52.49 44.45 38.27
The annexed notes form an integral part of these financial statements.
Chief Financial Officer Company Secretary Managing Director Director

Signed in terms of our report of even date annexed
Dated, Dhaka;
S. F. Ahmed & Co.
21 October 2021
Chartered Accountants
DVC No. : 2110240471AS656005


Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2021
Amount in Taka
Notes
30 June 2021 30 June 2020
Restated
Revenue
IPLC (International Private Leased Circuit) rent 26 2,648,270,439 1,892,161,217
Circuit activation charge 27 12,511,000 13,248,000
IP Transit service 28 702,829,030 459,323,412
Co-location charges 29 84,916,391 62,188,232
IP transit service-export 30 - 36,848,250
3,448,526,861 2,463,769,111
Direct cost of operation
Electricity and generator fuel 31 14,131,457 12,468,266
Landing station and cable route repair 32 2,508,967 931,600
Backhaul & data connectivity charge 33 83,673,754 115,833,714
IP transit cost 34 66,632,955 56,015,007
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Lease rent 35 345,912 339,768
Impairment Loss 36 - 16,118,611
Depreciation of core machinery 37 432,620,300 418,203,435
599,913,346 619,910,401
Gross profit
Operating expenses
Operation and maintenance expenses
General and administrative expenses
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39
2,848,613,515
189,551,850
221,717,519
1,843,858,710
198,326,554
192,923,284
d.
Provision for bad & doubtful debts 40 (26,721,604) 148,698,858
Depreciation on property, plant and equipment 41 34,350,344 36,807,642
Exchange fluctuation loss/(gain) (85,268) (7,902)
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418,812,841 576,748,436
Operating profit 2,429,800,674 1,267,110,274
Non-operating income/(Expenses)
Bank interest and other income 42 220,938,687 178,534,674
Financial and Other charges (147,743,711) (158,328,141)
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Gain/ (Loss) on sale of Property, plant & equipment 163,343 (14,219,491)

Gain /(Loss) on investment in shares 43 16,660,604 (9,146,197)
90,018,923 (3,159,155)
Profit before WPPF & WF 2,519,819,597 1,263,951,119
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Provision for contribution to WPPF & WF 119,991,409 62,599,014

Profit before taxation 2,399,828,187 1,201,352,105
Current tax expenses 44 465,461,372 240,032,242
Deferred tax (income)/expenses 45 27,034,955 55,950,039
492,496,326 295,982,281
Net profit after tax 1,907,331,861 905,369,825
Other Comprehensive Income, net of tax
Gain on revaluation of Property, Plant and equipment - 705,875,849
Total comprehensive income 1,907,331,861 1,611,245,673
Earnings Per Share (EPS) - Basic Restated 46 11.57 5.49

Dated, Dhaka;
S. F. Ahmed & Co.
21 October 2021
DVC No. : 2110240471AS656005

Statement of Changes in Equity
For the year ended 30 June 2021 (Amount in Taka)
Share Equity money Share Tax holiday Revaluation Retained Total
Particulars capital from GoB premium reserve reserve earnings equity

Balance as at 01 July 2020 1,649,055,100 1,660,000,000 723,293,759 741,577,846 1,042,041,533 1,513,286,463 7,329,254,701
Transactions with shareholders:
Net profit after tax for the year - - - - - 1,907,331,861 1,907,331,861
Amount to be distributed as dividend
- - - - - (610,150,387) (610,150,387)
(Proposed 2020-2021)
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Excess Depreciation of Revalued amount (7,859,683) 7,859,683 -
Adjustment for Deferred Tax - - - - 3,113,088 - 3,113,088
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Adjustment for previous years - - - - - 27,121,703 27,121,703
Tax holiday reserve - - - 47,327,421 - (47,327,421) -
Balance as at 30 June 2021 1,649,055,100 1,660,000,000 723,293,759 788,905,267 1,037,294,938 2,798,121,902 8,656,670,966
d.
Balance as at 01 July 2019 1,649,055,100 1,660,000,000 723,293,759 714,543,555 336,165,684 1,304,618,748 6,387,676,846
Transactions with shareholders: -
Adjustment due to restatement (Note:15.1) - - - - - (76,007,984) (76,007,984)
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Restated Balance as at 01 July 2019 1,649,055,100 1,660,000,000 723,293,759 714,543,555 336,165,684 1,228,610,765 6,311,668,863
Other Comprehensive Income 705,875,849 - 705,875,849
Dividend - - - - - (263,848,816) (263,848,816)
Net profit after tax for the period (Restated) - - - - - 905,369,825 905,369,825
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Amount to be distributed as dividend - - - - - (329,811,020) (329,811,020)
(Proposed 2019-2020)
Tax holiday reserve - - - 27,034,290 - (27,034,290) -
Balance as at 30 June 2020 1,649,055,100 1,660,000,000 723,293,759 741,577,845 1,042,041,533 1,513,286,463 7,329,254,700
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ANNUAL REPORT

2021

Dated, Dhaka; S. F. Ahmed & Co.
21 October 2021 Chartered Accountants
DVC No. : 2110240471AS656005
107

Statement of Cash Flows
Amount in Taka
Notes
30 June 2021 30 June 2020
A. Cash flows from operating activities
Cash received from clients 3,610,921,898 1,839,790,322
Cash paid to suppliers and others (505,440,162) (516,340,640)
Exchange fluctuation (loss)/ gain 85,268 110,728
Payment for WPPF (62,599,014) (38,948,114)
Payroll and other payments to employees (147,513,284) (131,345,491)
Income tax paid (600,847,671) (190,860,026)
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Interest received 165,065,315 167,638,914
Receipts from rest house rent and others 43,704,526 2,576,117
Net cash flow from operating activities 48.1 2,503,376,876 1,132,621,810
B. Cash flows from investing activities

Purchase of property, plant and equipment
co (60,937,449) (92,056,427)
d.
Investment in SMW-6 (4,048,086) -
Proceeds from disposal of Fixed assets 707,000 167,500
Dividend received 1,563,307 1,375,995
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Net cash flow from/ (used in) investing activities (62,715,228) (90,512,932)
C. Cash flows from financing activities
Dividend paid (356,938,558) (232,660,047)
Financial charges (230,311,460) (253,043,398)
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Loan repaid (352,024,332) (161,005,723)

Net cash flow from/(used in) financing activities (939,274,349) (646,709,168)
Net surplus/ deficit during the period (A+B+C) 1,501,387,300 395,399,710
Cash and cash equivalents at beginning of the year 2,418,539,714 2,023,140,004
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Cash and cash equivalents at end of the year 9 3,919,927,014 2,418,539,714

Net Operating Cash Flows Per Share (NOCFPS) 48 15.18 6.87

Dated, Dhaka;
S. F. Ahmed & Co.
21 October 2021
DVC No. : 2110240471AS656005


Notes to the Financial Statements
1. Reporting entity
1.1 The Company
Bangladesh Submarine Cable Company Limited (BSCCL) (hereinafter referred to as "the Company”) was
incorporated in Bangladesh as a public limited company on 24 June 2008 under the Companies Act 1994 with
an authorized capital of Taka 10,000,000,000 divided into 100,000,000 ordinary shares of Taka 100 each. In the
period 2010-2011, the Company converted denomination of its shares from Taka 100 to Taka 10 and accordingly,
present authorized capital is Taka 10,000,000,000 divided into 1,000,000,000 ordinary shares of Taka 10 each. The
Company obtained the Certificate of Commencement of Business from the Registrar of Joint Stock Companies
and Firms on 24 June 2008. The Company is substantially owned by the Government of the People's Republic
of Bangladesh and represented by various Ministries of the Government.
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The Company was originated after separating from Bangladesh Telecommunications Company Limited (BTCL)
(previously BTTB) with all assets situated at Zilonjha, Cox’s Bazar, the Landing Station. Before separation a
project namely “Establishment of International Telecommunication System through Submarine Cable” was
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undertaken by BTCL participating in an international agreement with an International Consortium namely
SEA-ME-WE 4 (South East Asia Middle East Western Europe). The Company has established 2nd Submarine
Cable system at Kuakata, Patuakhali, Bangladesh (SEA-ME-WE-5-South East Asia Middle East Western Europe).
1.2 Nature of business
d.
The principal activities of the Company are to provide high capacity voice and data bandwidth to all important
places in Bangladesh to get benefit of all the IT related services.
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2. Basis of preparation of financial statements

2.1 Statement on compliance
The financial statements have been prepared in accordance with International Financial Reporting Standards
(IFRSs) and International Accounting Standards (IASs) adopted by the Institute of Chartered Accountants of
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Bangladesh (ICAB), the Companies Act, 1994, Securities and Exchange Rules, 1987 and other relevant laws
applicable in Bangladesh.
2.2 Other regulatory compliances
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The Company is also required to comply with the following major legal provisions in addition to the Companies
Act 1994 and other applicable laws and regulations in Bangladesh:
- The Income Tax Ordinance, 1984
- The Income Tax Rules, 1984
- The Value Added Tax and Supplementary duty Act, 2012
- The Value Added Tax and Supplementary duty Rules, 2016
- The Customs Act, 1969
- The Stamp Act, 1899
- The Bangladesh Securities and Exchange Commission Act, 1993
- The Bangladesh Securities and Exchange Commission Rules, 1987
- DSE/CSE Rules
- Listing Regulations, 2015
- Bangladesh Labour Act, 2006 (as amended to 2013)
- Financial Reporting Act, 2015.
2.3 Basis of measurement
The financial statements have been prepared on historical cost basis except for certain assets such as Property,
Plant & Equipment which are stated at revalued amount (fair market value) as explained in the accompanying
notes (Note- 3.1) and equity instruments which are stated at fair value as explained in the accompanying notes
( Note- 3.7).

2.4 Accrual basis of accounting

Bangladesh Submarine Cable Company Limited (BSCCL) prepares its financial statements, except for cash flow
information, using the accrual basis of accounting. Since the accrual basis of accounting is used, the company
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 IAS or IFRS conceptual Framework.
2.5 Presentation of financial statements

The presentation of these financial statements is in accordance with the guidelines provided by IAS 1: Presentation
of Financial Statements. The financial statements comprise of:
(a) Statement of Financial Position as at 30 June 2021.
(b) Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2021.
(c) Statement of Changes in Equity for the year ended 30 June 2021.
(d) Statement of Cash Flows for the year ended 30 June 2021.
(e) Notes, comprising summary of significant accounting policies and other explanatory information.
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2.6 Functional and presentation currency
Functional and presentation currency items included in these financial statements are measured using the
currency of the primary economic environment in which the company operates (‘the functional currency’).
These financial statements are presented in Bangladesh Taka (“BDT”) which is also the functional currency of
otherwise indicated.
2.7 Use of estimates and judgments

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the company. The amounts in these financial statements have been rounded off to the nearest BDT except
d.
The preparation of financial statements in conformity with International Financial Reporting Standards and
International Accounting 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
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expenses and for contingent assets and liabilities that require disclosure, during and at the date of the financial
statements.
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
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IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors.
2.8 Materiality, aggregation and offsetting

Each material item as considered by management significant has been displayed separately in the financial
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statements. No amount has been set off unless the Company has legal right to set off the amounts and intends
to settle on net basis. Income and expenses are presented on a net basis only when permitted by the relevant
accounting standards. The values of assets or liabilities as shown in the statement of financial position are not
off-set by way of deduction from another liability or asset unless there exist a legal right therefore. No such
incident existed during the year.
2.9 Going concern assumption

As per IAS-1 para 25, a company is required to make assessment at the end of each year to assess its capability
to continue as a going concern. Management of the Company makes such assessment each year. As per
management assessment there is no material uncertainties related to events or conditions which may cast
significant doubt upon the Company's ability to continue as a going concern.
There is no indication of declining of economic activity in terms of demand for services those BSCCL provides
due to severity of COVID-19 which might have negative impact of future business and cash flows rather the
industry is booming because online activities using Internet bandwidth is growing rapidly.
2.10 Reporting period

The reporting period of the company covers 12 (twelve) months from 01 July 2020 to 30 June 2021.

2.11 Comparative information

Comparative information has been disclosed in respect of 01 July 2020 to 30 June 2021 in accordance with IAS
01: Presentation of Financial Statements for all numeric information in the financial statements and also the
narrative and descriptive information where it is relevant for understanding of the current periods of financial
statements. Prior year figure has been rearranged wherever considered necessary to ensure comparability
with the current year.
3. Significant accounting policies
3.1 Property, plant and equipment
Recognition and measurement

An item shall be recognized as property, plant and equipment if, and only it is probable that future economic
benefits associated with the item will flow to the entity, and the cost of the item can be measured reliably.
Up to the financial year 2019-20, after recognition, items of property, plant and equipment are measured at cost
less accumulated depreciation as per IAS 16: Property, Plant and Equipment.
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According to the approval of the Board of Directors, BSCCL shall follow Revaluation model instead of Cost model
regarding measurement after recognition of Assets from the year 2020-2021. As such, after recognition as asset,
items of property, plant and equipment whose fair value can be measured reliably shall be carried at a revalued
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amount being its fair value at the date of the revaluation less any subsequent accumulated depreciation and
subsequent accumulated impairment losses from the year 2020-2021 as per IAS 16: Property, Plant and Equipment.
The cost of an item of property, plant and equipment comprises its purchase price, import duties and non-refundable
taxes, after deducting trade discount and rebates, and any costs directly attributable to bringing the asset to the
d.
location and condition necessary for it to be capable of operating in the intended manner. The cost also includes the
cost of replacing part of the property, plant and equipment and borrowing costs for long-term debt availed for the
construction/ implementation of the Property, Plant and Equipment, if the recognition criteria are met.
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The cost of self-constructed assets includes the cost of material and direct labor and other costs directly
attributable to bringing the assets to a working condition inclusive of inward freight, duties and non-refundable
taxes for their intended use.
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Subsequent costs
The subsequent expenditure is only capitalized as part of assets when the useful life or economic benefit or
both of that asset is increased provided that it is probable that the future economic benefits embodied within
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the part will flow to the company and its cost can be measured reliably. The costs of day to day servicing of
property, plant and equipment are recognized in the Statement of Profit or loss and Other Comprehensive
Income as ‘Repair and Maintenance’ when it is incurred.
Depreciation on Non-current assets

Depreciation is provided to amortize the cost of the assets after commissioning, over the period of their expected
useful lives, in accordance with the provision of IAS 16 Property, Plant and Equipment. Depreciation is charged on
additions made during the year for the full year in which those assets are put into ready for use and on which
depreciation is charged on Straight line basis. Depreciation is charged on all the fixed assets except land and land
development cost at the following rates according to the estimated life disclosed in the valuation report.
Name of Assets Depreciation rate Basis

Core equipment-IPLC-SMW-4 10% Straight line
Core equipment-IIG 14.29% Straight line
Core equipment-IPLC-SMW-5 5.00% Straight line
Building -SMW-5 2.70% Straight line
Building-SMW-4 4.00% Straight line

Name of Assets Depreciation rate Basis

Building-Low cost Quarter 2.50% Straight line
Floor development 4.00% Straight line
Security barak & security wall 4.00% Straight line
Deep tube-well & pump house-SMW-4 - Straight line
Deep tube-well & pump house-SMW-5 - Straight line
500 KV sub-station-SMW-4 11.11% Straight line
500 KV sub-station-SMW-5 3.13% Straight line
Power system-SMW4 16.67% Straight line
Generator-500KVA(SMW#5) 8.33% Straight line
Power system-SMW5 5.88% Straight line
Boundary wall-SMW-4 3.85% Straight line
Boundary wall-SMW-5 2.70% Straight line
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Ducting from beach manhole-SMW-4 9.09% Straight line
Ducting from beach manhole-SMW-5 6.25% Straight line
Vehicles
Office equipment and furniture
Co-Location point-SMW-4
Co-Location point-SMW-5
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5-10%
25.00%
5.88%
Straight line
Straight line
Straight line
Straight line
d.
Office decoration 10% Straight line
Power System-IIG 33.33% Straight line
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Water Treatment Plant & Others 20% Straight line

Surveillance System 20% Straight line
Depreciation methods, useful lives and residual values are reviewed after each reporting period.
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Revaluation of property, plant and equipment

As per IAS 16: Property, Plant and Equipment paragraph 34,“the frequency of revaluations depends upon the
changes in fair values of the items of property, plant and equipment being revalued. When the fair value of a revalued
asset differs materially from its carrying amount, a further revaluation is required. Some items of property, plant
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and equipment experience significant and volatile changes in fair value, thus necessitating annual revaluation.
Such frequent revaluations are unnecessary for items of property, plant and equipment with only insignificant
changes in fair value. Instead, it may be necessary to revalue the item only every three or five periods”.
To comply with the above paragraph The Company made its first valuation of and at Cox's Bazar on 30 June 2011
by an independent valuer to reflect fair value (prevailing market price) thereof following “both Depreciated
Replacement Costs and Revaluation Method”.
Details of revaluation of property, plant and equipment:

Amount in Taka
Carrying Value of
Particulars of Name of Qualification Date of Revaluation
amount of Assets after
the assets the Valuer of the Valuer Revaluation Surplus
Assets revaluation
Land and Land A B SAHA Chartered
June 30, 2011 170,391,471 352,300,000 181,908,529
Development & CO. Accountants
Total: 170,391,471 352,300,000 181,908,529
Other Non-Current Assets were kept outside the scope of the revaluation works. These are expected to be
realizable at written down value (WDV) as mentioned in the Statement of Financial Position of the company

A further revaluation has been made by a profession valuer named Hussain Farhad & Co, Chartered Accountants.
Valuation work has been carried out by visiting, surveying, indentifying and verifying the assets physically of all
offices of BSCCL considering cutoff date for valuation on 30 June 2020.At the time of valuation the valuer firm
has considered the following guidelines:
a) Valuation Guideline for listed companies provided by Bangladesh Securities and Exchange Commission
(No. SEC/CMRRCD/2009-193/150/Admin dated August 18, 2013;
b) International Accounting Standard-16 (IAS-16). Property, Plant and Equipment.
c) International Financial Reporting Standard-13 (IFRS-13). Fair Value Measurement.
d) PWD's rates 2018.
e) Procurement Procedures of BSCCL; and
f) Relevant purchase documents of BSCCL.
The valuer firm has followed replacement value or fair value method for valuation of fixed assets and straight
line method has been followed for the computation of depreciation and to find out the estimated evaluated
value of respective fixed asset as on 30th June 2020.
Details of revaluation of property, plant and equipment:
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Amount in Taka
Carrying Value of
Particulars of Name of Qualification Date of Revaluation
amount of Assets after
the assets the Valuer of the Valuer Revaluation Surplus
Property Plant Hussain
and Equipment Farhad & Co
Chartered
Accountants co Assets revaluation
June 30, 2020 6,484,407,739 7,224,238,645
Total: (Net off revaluation loss) 6,484,407,739 7,224,238,645
739,830,906
739,830,906
d.
The increase in the carrying amount of revalued assets is recognized in the separate component of equity as
Revaluation Reserve.
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Impairment
The carrying amounts of property, plant and equipment are reviewed at each balance sheet date to determine
whether there is any indication of impairment loss. If any such indication exists, recoverable amount is
estimated to determine the extent of the impairment loss, if any. Impairment loss is recorded on judgmental
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basis, for which provision may differ in the future periods based on the actual experience.
Disposal of property, plant and equipment

An item of Property, Plant and Equipment is removed from the statement of financial position when it is dispose
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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 of the period in which
the de-recognition occurs.
3.2 Intangible assets and research and development expenditure

Intangible assets are stated at cost less provisions for amortization and impairments, if any. License, patents,
know-how and marketing rights acquired are amortized over their estimated useful lives, using the straight-line
basis, from the time they are available for use. The cost of acquiring and developing computer software for
internal use and internet sites for external use are capitalized as intangible assets where the software or site
supports a significant business system and the expenditure leads to the creation of a durable asset.
In compliance with the requirements of IAS 38: Intangible assets, research, development and experimental
costs are usually absorbed as revenue charges as and when incurred. However, the research and development
expenditures that is definite to yield benefit to the Company and is material in the Company's and/ local
context, are capitalized as per IAS 38: Intangible Assets.
3.3 Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily
takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of

the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest
and other costs that an entity incurs in connection with the borrowing of funds as per IAS 23: Borrowing Costs.
3.4 Authorization date for issuing financial statements
The financial statements were authorized by the Board of Directors on 21 October 2021 for issue after completion
of review.
3.5 Revenue from contract with customers

The Company recognizes as revenue the amount that reflects the consideration to which the Company expects
to be entitled in exchange of services when (or as) it transfers control to the customer. To achieve that core
principle, IFRS-15 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.
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Considering the five steps model, the Company recognizes revenue when (or as) the Company satisfies a
performance obligation by transferring a promised service to a customer. Service is considered as transferred
when (or as) the customer obtains control of that service. Revenue from sale of service is measured at the fair
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value of the consideration received or receivable net of returns and allowances, trade discounts, rebates and
Value Added Tax (VAT). Where the amounts received or receivable from customers exceeded the revenues
recognized for contracts, contract liabilities or advance billings are recognized in the statement of Financial
Position as Unearned Revenue. Contract liabilities or advance billings are recognized as revenue when services
d.
are provided to customers satisfying the performance obligation.
Revenues primarily comprise of:
1. IPLC Rent
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2. Circuit Activation Charge

3. IP Transit Service
4. Co-location Charges
5. IP Transit Service-Export
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3.5.1 Revenue from International Private Leased Circuit (IPLC) Rent

Revenue from IPLC rent are recognized over the period of time (i.e. monthly) through satisfying the performance
obligation as the customer simultaneously receives and consumes the services provided by BSCCL as it
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promises to perform in the contract.
3.5.2 Revenue from circuit activation charge

Circuit activation is non-recurring service mostly comprise of registration and installation services provided by
BSCCL. This charge imposed to clients for activation of new circuits in the form of Registration and Installation
charge through demand notes. Revenue from this charge are recognized at a certain point in time when the
services or benefits passed to its customers.
3.5.3 Revenue from IP Transit Service Fees

IP Transit service charges for providing internet bandwidth to IIGs and ISPs on a recurring basis. Invoice regard-
ing IP Transit service is generated at the beginning of each month but recognize the revenue over the period of
time (i.e. monthly) through satisfying the performance obligation as the customer simultaneously receives and
consumes the services provided by BSCCL as promise to perform in the contract.
3.5.4 Revenue from co-location charges

Revenue from Co-location charges arises for using BSCCL's resources by the customers on a recurring basis
at Cox's bazaar, Kuakata and Dhaka. Invoice regarding Co-location service is generated at the beginning of each
month but recognize the revenue over the period of time (i.e. monthly) through satisfying the performance
obligation as the customer simultaneously receives and consumes the services provided by BSCCL as promise
to perform in the contract.

3.5.5 Revenue from IP transit service – export

IP Transit Service - Export represents IP transit services provided to international customer Bharat Sanchar
Nigam Limited (BSNL) on a recurring basis. Invoice regarding IP Transit service is generated at the beginning of
each quarter in advance but recognize the revenue over the period of time (i.e. monthly) through satisfying the
performance obligation as the customer simultaneously receives and consumes the services provided by
BSCCL as promise to perform in the contract.
In case of revenue recognition, BSCCL Management applied their judgment that due to COVID-19 ,there is no
possibility of cancellation of orders and modification of contractual arrangement with customers regarding
return, discount and timing of transferring risk and reward due to supply chain disruption before recognizing
revenue as per IFRS-15.
3.5.6 Revenue from investment income

(a) Interest income
Interest on bank deposits have been accounted for on accrual basis.
(b) Dividends
Dividend Income is recognized when the company’s right to receive the payment is established or after
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received of dividend, which is generally when shareholders approve the dividend.
3.6 Leases
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Financial Reporting Principles IFRS 16: Leases effective from annual periods beginning on or after January 1,
2019 has significantly changed how the company accounts for its lease contracts. Before the adoption of IFRS
16, all lease contracts were classified as operating leases. IFRS 16 requires all contracts that contain a lease to
be recognized in the statement of financial position as a right-of-use asset and lease liability. Only certain
d.
short-term and low-value leases are exempt. In such cases the lease payments associated with those leases
as an expense on either a straight line basis over the lease term or another systematic basis in the statement
of profit or loss and other comprehensive income
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In compliance with the standard, BSCCL has elected not to recognise right of use assets and lease liabilities
for short term leases that have a lease term (non-cancellable period) of 12 months or less and leases of
low-value assets. The company recognises the lease payments associated with these leases as an expense on
a straight-line basis over the lease term.
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3.7 Financial instruments

IFRS 9 sets out requirements for recognizing and measuring financial assets, financial liabilities and some
contracts to buy or sell non-financial items. This standard replaces IAS 39 Financial Instruments: Recognition
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and Measurement.
The details of new significant accounting policies and the nature and effect of the changes to previous
accounting policies are set out below.
Classification and measurement of financial assets and financial liabilities

IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial
liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans
and receivables and available for sale.
The adoption of IFRS 9 has not had a significant effect on the company’s accounting policies related to financial
liabilities. The impact of IFRS 9 on the classification and measurement of financial assets is set out below.
Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost; Fair Value
through Other Comprehensive Income (FVOCI) – debt investment; Fair Value through Other Comprehensive
Income (FVOCI) – equity investment; or Fair Value Through Profit or Loss (FVTPL). The classification of financial
assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its
contractual cash flow characteristics. Derivatives embedded in contracts where the cost is a financial asset in
the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed
for classification.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated
as at FVTPL:
a. it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
b. its contractual terms give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as
at FVTPL:
a. it is held within a business model whose objective is achieved by both collecting contractual cash flows and
selling financial assets; and
b. its contractual terms give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the company may irrevocably elect to
present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-
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investment basis.
All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at
FVTPL. A financial asset (unless it is a trade receivable without a significant financing component that is
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initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL,
transaction costs that are directly attributable to its acquisition.
The following accounting policies apply to the subsequent measurement of financial assets.
d.
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend
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income, are recognized in profit or loss.
Financial assets at amortized cost

These assets are subsequently measured at amortized cost using the effective interest method. The amortized
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cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are
recognized in profit or loss. Any gain or loss on de-recognition is recognized in profit or loss. Trade receivables
are classified as financial assets measured at amortized cost.
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Debt investments at FVOCI

These assets are subsequently measured at fair value. Interest income calculated using the effective interest
method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and
losses are recognized in OCI. On de-recognition, gains and losses accumulated in OCI are reclassified to profit
or loss.
Equity investments at FVOCI

These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss
unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and
losses are recognized in OCI and are never reclassified to profit or loss.
Impairment of financial assets

IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected credit loss’ (ECL) model. The new impair-
ment model applies to financial assets measured at amortized cost, contract assets and debt investments at
FVOCI, but not to investments in equity instruments.
The financial assets at amortized cost consist of trade receivables, cash and cash equivalents, and corporate
debt securities. The company measures loss allowances at an amount equal to ECL from trade receivables.

When determining whether the credit risk of a financial asset has increased significantly since initial recogni-
tion and when estimating ECLs, the company considers reasonable and supportable information that is
relevant and available without undue cost or effort. This includes both quantitative and qualitative information
and analysis, based on the company’s historical experience and informed credit assessment and including
forward-looking information.
The company considers a financial asset to be in default when the debtor is unlikely to pay its credit obligations
to the company in full, without recourse by the company to actions such as realizing security (if any is held).
Presentation of impairment
Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount
of the assets. For debt securities at FVOCI, the loss allowance is recognized in OCI, instead of reducing the
carrying amount of the asset.
Impairment losses related to trade receivables and others, including contract assets, are presented separately
in the notes to the financial statement.
3.8 Cash and cash equivalents
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Cash and cash equivalents consists of cash on hand and with banks on current accounts, deposit accounts and
short-term investments which are held and available for use by the company without any restriction. There is
insignificant risk of change in value of the same.
3.9 Earnings Per Share(EPS)

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Earnings Per Share (EPS) are calculated in accordance with the International Accounting Standard IAS 33:
Earnings Per Share.
d.
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary equity holders of the
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entity by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share

For the purpose of calculating Diluted earnings per shares, an entity adjusts profit or loss attributable to each
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ordinary equity holders of the entity, and weighted average number of shares outstanding, for the effects of all
dilutive potential ordinary shares. Diluted EPS is only calculated where the company has commitment to issue
ordinary share in future at reporting date. There is a commitment to issue share to Ministry of Posts, Telecommu-
nication and Information Technology against equity money received for an amount of Tk. 1,660,000,000. However,
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number of potential shares to be issued is under process of negotiation with Ministry of Posts, Telecommunica-
tions and Information Technology (MoPT & IT), the Government of the People’s Republic of Bangladesh.
3.10 Foreign currency transactions

Foreign currency transactions are recorded, on initial recognition in the functional currency at the spot
exchange rate ruling at the transaction date.
At the end of each reporting period in compliance with the provision of IAS 21: The Effects of Changes in Foreign
Exchange Rates.
a) Foreign currency monetary items are translated using the closing rate.
b) Non-monetary items that are measured in terms of historical costs in a foreign currency are translated
using the exchange rate at the date of the transaction.
c) Non-monetary items that are measured at fair value in a foreign currency is translated using the exchange
rate at the date when the fair value is determined.
Exchange differences arising on the settlement of monetary items or on translating monetary items at rate
different from those at which they were translated on initial recognition during the period or in previous financial
statements is recognized in Profit or loss in the period in which they arise.

3.11 Employee benefits

The company maintains defined contribution plan for its eligible permanent employees. The eligibility is
determined according to the terms and conditions set forth in the respective trust deeds and rules. The plan is
funded and recognized/approved under Income Tax Ordinance 1984.
(a) Defined contribution plan (Provident fund)
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions
into a separate entity and has no legal or constructive obligation to pay further amounts. BSCCL has a separate
recognized provident fund scheme. All permanent employees of BSCCL contribute 10% of their basic salary to
the provident fund and the company makes matching contributions.
(b) Defined Benefit Plan (Gratuity)
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The employee
gratuity plan is considered as defined benefit plan as it meets the recognition criteria. The company’s obligation
is to provide the agreed benefits to current and former employees.
(c) Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the
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related service is provided.
3.12 Tax Holiday Reserve
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Tax holiday reserve has also been created using applicable exemption rate of income tax as prescribed by the
Income Tax Ordinance 1984 for IIG operation income (IP Transit service) as the Company has been granted tax
holiday by the National Board of Revenue (NBR) (Ref: Note No. 08.01.0000.035.01.0021.2013 dated 12 February
2014) for a period of 10 periods effective from 01 July 2013 to 30 June 2023 under section 46(c) of ITO 1984 in the
d.
following manner:
Period Tax exemption rate

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First two periods (1 July 2013 to 30 June 2015) 100%

Third period (1 July 2015 to 30 June 2016) 80%
Fourth period (1 July 2016 to 30 June 2017) 70%
Fifth period (1 July 2017 to 30 June 2018) 60%
Sixth period (1 July 2018 to 30 June 2019) 50%
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Seventh period (1 July 2019 to 30 June 2020) 40%

Eighth period (1 July 2020 to 30 June 2021) 30%
Ninth period (1 July 2021 to 30 June 2022) 20%
Tenth period (1 July 2022 to 30 June 2023) 10%
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3.13 Accruals, provisions and contingencies

(a) Accruals
Accruals are liabilities to pay for services that have been received or supplied but have not been paid, invoiced
or formally agreed with the supplier, including amounts due to employees. Accruals are reported as part of
Trade and other payables.
(b) Provisions
A provision is recognized in the statement of financial position when the company has a legal or constructive
obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to
settle the obligation and a reliable estimate can be made of the amount of the obligation. Provision is ordinarily
measured at the best estimate of the expenditure required to settle the present obligation at the reporting date.
Where the company expects some or all of a provision to be reimbursed, the reimbursement is recognized as a
separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is
presented in the income statement net of any reimbursement. If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the
liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a
finance cost. During the reporting period the company has made sufficient provisions where applicable.

(c) Contingencies
A contingent liability is a possible obligation that arises from past events and whose existence will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within
the control of the company; or a present obligation that arises from past events but is not recognized because
it is not probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; or the amount of the obligation cannot be measured with sufficient reliability.
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of
the company. At the reporting date the company does not have any contingent asset.
3.14 Statement of cashflows

The Statement of Cash Flows has been prepared in accordance with the requirements of IAS 7: Statement of Cash
Flows. The cash generating from operating activities has been reported using the Direct Method and Indirect
Method as prescribed by the Securities and Exchange Rules,1987 and as the benchmark treatment of IAS 7
whereby major classes of gross cash receipts and gross cash payments from operating activities are disclosed.
3.15 Related party disclosures
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As per Bangladesh Accounting Standards 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
3.16 Income tax co

length basis at commercial rates with its related parties. Related party disclosures have been given in Note 57.
Income tax expense comprises current and deferred taxes. Income tax expense is recognized in profit or loss
d.
except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity in
accordance with IAS 12: Income Tax.
(a) Current tax
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Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substan-
tively enacted at the reporting date, and any adjustment to tax payable in respect of previous periods. The tax rate
used for the reporting period was 22.5% as a publicly traded company.
(b) Deferred tax
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Deferred tax is recognized as income or an expense amount within the tax charge, and included in the net profit or loss for
the period. Deferred tax relating to items dealt with as Other Comprehensive income (such as a revaluation) is recognized
as tax relating to Other Comprehensive income within the statement of Profit or loss and Other Comprehensive income.
Taxable Temporary difference
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A deferred tax liability is recognized for all taxable temporary differences, except to the extent that the deferred
tax liability arises from the initial recognition of goodwill; or the initial recognition of an asset or liability in a trans-
action which is not a business combination; and at the time of the transaction, affects neither accounting profit
nor taxable profit (tax loss).
Revaluations to fair value – Property, Plant and Equipment
The revaluation does not affect taxable profits in the period of revaluation and consequently, the tax base of the
asset is not adjusted. Hence a temporary difference arises. This is provided for in full based on the difference
between carrying amount and tax base. An upward revaluation is therefore give rise to a deferred tax liability.
Deductible temporary difference
A deferred tax asset is recognized for all deductible temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible temporary difference can be utilised, unless the
deferred tax asset arises from the initial recognition of an asset or liability in a transaction that is not a business
combination; and at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).
3.17 Events after the Reporting period
Events after the reporting period that provide additional information about the company’s position at the
statement of financial position date are reflected in the financial statements as per International Accounting
Standards IAS 10: Events after the Reporting Period.

All material events occurring after the balance sheet date have been considered and where necessary, adjusted
for or disclosed.
Compliance with financial reporting standards as applicable in Bangladesh:

The Company as per Para-12 of Securities & Exchange Rule-1987, with the following International Accounting
Standards (IASs) and International Financial Reporting Standards (IFRSs) as adopted by The Institute of Chartered
Accountants of Bangladesh (ICAB) in preparing the financial statements.
IAS Compliance
IAS Title
No. Status
1 Presentation of Financial Statements Complied
2 Inventories Not applicable
7 Statement of Cash Flows Complied
8 Accounting Policies, Changes in Accounting Estimates and Errors Complied
10 Events after the Reporting Period Complied
12 Income Taxes Complied
16 Property, Plant & Equipment Complied
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19 Employee Benefits Complied
20 Accounting for Government Grants and Disclosure of Government Assistance Not applicable
21 The Effects of Changes in Foreign Exchange Rates Complied
23
24
26
27
Borrowing Costs
Related Party Disclosures
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Accounting and Reporting by Retirement Benefit Plans
Separate Financial Statements
Complied
Complied
Not applicable
Not applicable
d.
28 Investments in Associates and Joint Ventures Not applicable
29 Financial Reporting in Hyperinflationary Economics Not applicable
31 Interest in Joint Ventures Not applicable
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32 Financial Instruments: Presentation Complied

33 Earnings per Share Complied
34 Interim Financial Reporting Complied
36 Impairment of Assets Complied
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37 Provisions, Contingent Liabilities and Contingent Assets Complied

38 Intangible Assets Not applicable
IFRS Compliance
IFRS Title
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No. Status
1 First-time adoption of International Financial Reporting Standards Not applicable
2 Share-based Payment Not applicable
3 Business Combinations Not applicable
4 Insurance Contracts Not applicable
5 Non-current Assets Held for Sale and Discontinued Operations Not applicable
6 Exploration for and Evaluation of Mineral Resources Not applicable
7 Financial Instruments: Disclosures Complied
8 Operating Segments Not applicable
9 Financial Instruments Complied
10 Consolidated Financial Statements Not applicable
11 Joint Arrangements Not applicable
12 Disclosure of Interests in other Entities Not applicable
13 Fair Value Measurement Complied
14 Regulatory Deferral Accounts Not applicable
15 Revenue from Contracts with Customers Complied
16 Leases Complied
17 Insurance Contracts Not applicable

Amount in Taka
30 June 2021 30 June 2020 01 July 2019
Restated Restated
4 Property, plant and equipment
Cost/ revaluation (A)
Opening balance 10,321,328,540 9,547,954,628 9,499,133,939
Add: Addition during the year 60,600,130 89,044,054 53,510,993
Add: Adjustment due to Revaluation - 755,949,517 -
Note: 4.1
Less: Adjustment due to Impairment Loss - (16,118,611) -
Less: Adjustment due to Restatement Note: 4.2 - - (1,447,900)
Less: Adjustment during the year (6,329,000) (55,501,047) (3,242,404)
10,375,599,671 10,321,328,540 9,547,954,628
Accumulated Depreciation (B)
Opening balance as reported 3,097,958,639 2,684,229,118 2,231,771,972
Add: Charged during the year 466,970,644 455,011,077 455,044,662
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3,564,929,283 3,139,240,195 2,686,816,634
Less: Adjustment due to Restatement Note: 4.2 - - (289,580)
Written Down Value (A-B)

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6,816,455,730
3,097,958,639
7,223,369,901
2,684,229,118
6,863,725,510
A schedule of property, plant & equipment is given in Annexure-A. Adjustment in Cost and Accumulated Depreciation
d.
is for non-current asset property plant & equipment.
4.1 The revaluation for all the classes of assets of BSCCL has been done by a professional Valuer named Hussain Farhad
& Co., Chartered Accountants considering the cutoff date for valuation as of 30 June 2020. The reported valuation
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figure has been restated with the closing balance of the prior year (30 June 2020) because of the approval of the fixed
asset valuation report by its Board of directors on 16 August 2021 in its 190th Board meeting along with the subsequent
adjustment in the valuation report approved in its 192nd Board meeting held on 21 October 2021.
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4.2 During the year 2018-2019 an amount of Tk. 1,447,900 was recognised as Core Equipment -IIG in place of post installa-
tion service cost which to be recognised after providing service and subject to submission of bill. As a result the Core
Equipment -IIG along with the effect of two years depreciation of (Tk. 579,160) and sundry creditor which was over
reported during the year 2018-2019 by Tk. 1,447,900 have been rectified and restated accordingly. (Note: 20.1).
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4.3 Capital Work in Progress SMW-6 4,048,086 - -

During the year an amount of USD 47,664.38 equivalent Tk.4,048,086 has been paid as SMW6 Pre C&MA under MOU
cost. This amount will be recognised as asset after completion of the project.
5 Trade and other receivables
Trade receivables (Note: 5.1) 1,871,237,757 2,489,844,180 1,984,095,144
Other receivables (Note: 5.2) 72,321,088 49,347,772 42,571,624
1,943,558,845 2,539,191,952 2,026,666,768
Restated Restated
5.1 Trade receivables
Opening Balance 2,874,240,783 2,219,792,889 1,777,847,992
Adjustment due to restatement (Note: 5.1.1) - - (4,532,162)
2,874,240,783 2,219,792,889 1,773,315,830
Add: Addition during the year 3,836,827,477 3,034,185,895 2,356,317,211
Adjustment due to restatement (Note: 5.1.2) - (34,873,277) (8,036,103)
3,836,827,477 2,999,312,618 2,348,281,108

Amount in Taka
30 June 2021 30 June 2020 01 July 2019
Restated Restated
Less: Collection/Adjustment during the year (4,482,155,503) (2,344,864,725) (1,900,783,382)

Adjustment due to restatement (Note: 5.1.3) - - (1,020,667)
(4,482,155,503) (2,344,864,725) (1,901,804,049)
Closing Balance 2,228,912,756 2,874,240,783 2,219,792,889
Less: Provision for bad and doubtful debts
Opening Balance 384,396,603 235,697,745 159,439,126
Add: Addition during the year (26,721,604) 148,698,858 76,258,619
357,674,999 384,396,603 235,697,745
Trade receivables, net of provision 1,871,237,757 2,489,844,180 1,984,095,144
A detailed schedule of trade receivable is given in Annexure -B.
5.1.1 Due to rectification of error for cancellation of demand note/invoice, revenue and trade receivable was overstated by
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Tk. 4,532,162 which is adjusted in the opening balance as on 01 July 2019 of trade receivables and corresponding
revenue.
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5.1.2 There is a prior year adjustment of Tk. 8,036,103 in the addition relating to previous year/years' for rectification of error
due to non activation of circuit, subsequent reduction of bandwidth price, revision of bill. Due to price adjustment an
amount of Tk. 34,873,277 has been adjusted in the addition of receivables and corresponding revenue during the year
2019-2020.
d.
5.1.3 There is also a prior year adjustment of Tk. 1,020,667 in the collection relating to previous year/years' due to rectification
of error for reversal of collection.
Aging of Trade receivables
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The aging of gross trade receivables as at the statement of Financial Position date is as follows:
Past due 0-90 days 596,641,340 19,561,492 531,269,995

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Past due 91-180 days 367,900,422 576,220,638 380,486,985

Past due 181 -365 days 189,305,793 1,941,681,546 312,447,877
Past due more than 365 days 1,075,065,201 336,777,108 995,588,033
2,228,912,756 2,874,240,783 2,219,792,889
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To realise the long pending outstanding from disconnected parties different types of suits have been filed against
those parties. Details of litigation along with amount involved is given below:
Sl. Types of litigation No. of Amount

No. Parties involved
1 Money suit 4 47,067,718
2 Arbitration 2 16,865,660
3 Execution suit 2 168,175,538
4 Dissolution suit 5 50,650,787
5.2 Other receivables

Dividend 3,150 3,150 3,150
ICB Securities Trading Co. Ltd. 17,416,131 2,440 3,790
FDR Interest & Others 54,901,807 49,342,182 42,564,684
72,321,088 49,347,772 42,571,624

Amount in Taka
30 June 2021 30 June 2020 01 July 2019
Restated Restated
6 Advances and Deposits
Advances
Advance to:
Sony Chocolate Industries Ltd. (Note: 6.1) 6,872,000 12,872,000 18,872,000
Employees against Expenses 1,254,350 436,630 349,727
ACE Autos (Pvt) Ltd. 20,162 - -
Advance to Employee against Salary 1,187,554 1,617,270 2,140,520
Bangladesh Porjoton Corporation 343,631 - -
Deputy Commissioner Customs CTG 8,147,619 - -
James International 56,011 - -
ICB Capital Management Ltd. 287,500 - -
Milky & Associates - 12,000 12,000
BTCL - 10,000,000 10,000,000
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Mustafa Tariq Hossain & Associates 670,500 670,500 670,500
Others 279,874 279,874 279,874
19,119,200 25,888,274 32,324,621
Deposits
Security deposit - Duncan Products Limited
BTCL - for phone line
UCB-locker Service
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23,000
4,500
5,000
23,000
-
5,000
23,000
-
d.
CDBL - as security deposit 500,000 500,000 500,000
Security deposit - BTRC for International Internet Gateway 600,000 600,000 600,000
Security Deposit-Sikder Filing Station 100,000 100,000 100,000
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Kamal Trading Agency 50,000 50,000 50,000

Southern Automobiles Ltd. 250,000 250,000 250,000
Patuakhali Palli Bidyut Samity 2,761,000 2,761,000 2,761,000
4,293,500 4,289,000 4,289,000
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23,412,700 30,177,274 36,613,621

Due to access recognition of advance and deposit an amount of Tk. 189,833 and Tk. 209,833 was restated in the 01 July
2019 and 30 June 2020 respectably.
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6.1 Advance for Office Rent (Sony Chocolate Industries Ltd.)

Opening balance 12,872,000 18,872,000 23,750,000
Add: Paid during the year - - 1,122,000
6,872,000 12,872,000 18,872,000
6.2 Aging of Advances and Deposits
The aging of Advances, Deposits & Prepayments as at the statement of financial position date was as follows:
For 0-90 days 1,588,670 260,612 2,655,082
For 91-180 days 16,010,254 495,000 760,520
For 181 -365 days 574,402 1,106,270 65,500
For more than 365 days 5,239,374 28,315,392 33,132,519
23,412,700 30,177,274 36,613,621
7 Advance Income Tax
Opening balance 603,695,577 412,835,551 298,066,627
Add: Payment made during the year 601,298,510 190,982,526 115,005,606
1,204,994,087 603,818,077 413,072,233
Less: Settlement/Adjustment (35,275,703) (122,500) (236,682)
1,169,718,384 603,695,577 412,835,551

8 Investment in Shares
Sl. Ordinary shares of Quantity Cost price (Tk) Market value Market value Market value
1 AB Bank Limited 151,663 3,209,275 2,244,908 935,551 1,375,810
2 ACI Limited 4,719 764,725 1,244,400 876,018 1,024,906
3 BATASHOE 1,000 696,429 650,200 693,200 1,026,900
4 Beximco - - - 2,819,219 4,857,731
5 IFIC Bank Limited 156,384 1,765,186 1,986,077 1,164,431 1,408,150
6 Islami Bank BD Limited 39,091 951,084 1,161,003 684,093 922,548
7 Jamuna Oil Limited 23,716 4,392,440 3,851,478 3,277,551 4,121,841
8 M Petroleum 24,816 4,962,456 4,531,402 3,915,965 4,916,050
9 NCC Bank Limited 200,736 1,698,208 2,930,746 2,233,466 2,617,915
10 Padma Oil Limited 18,150 4,835,160 3,698,970 3,016,530 4,185,390
11 Square Pharma 26,847 2,633,566 5,785,529 4,410,653 6,315,977
12 Titas Gas 39,570 2,744,885 1,416,606 1,175,229 1,574,886
28,653,413 29,501,318 25,201,906 34,348,102
Investment in shares is recognised and measured according to IFRS 9 as stated in note 3.7
m
Amount in Taka
30 June 2021 30 June 2020 01 July 2019
9 Cash and cash equivalents
Cash in hand
Cash at bank co
(Note: 9.1)
(Note: 9.2)
609,248
3,919,317,766
3,919,927,014
942,069
2,417,597,645
2,418,539,714
604,146
2,022,535,858
2,023,140,004
d.
9.1 Cash in hand
Head Office-Dhaka 181,562 600,776 560,188
Landing Station-Kuakata 309,120 15,871 1,576
ab
Landing Station-Cox's Bazar 118,566 325,422 42,382

609,248 942,069 604,146
9.2 Cash at bank
Savings and current deposits with:
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Brac Bank Limited 676,318 690,469 685,244

IFIC Bank Limited 314,831 179,584 178,296
Mutual Trust Bank Limited 14,635,701 11,368,164 11,075,580
National Bank Limited 6,527,272 1,808,254 701,819
la
Sonali Bank Limited-Cox'sbazar 9,314,864 5,875,556 1,308,773

Sonali Bank Limited-Dhaka 28,301,421 7,466,187 11,748,931
The City Bank Limited 121,556,543 32,878,916 -
United Commercial Bank Limited 172,705,923 35,906,964 109,371,266
354,032,874 96,174,094 135,069,910
Fixed deposits (FDR) with:
Agrani Bank Limited 948,990,297 162,102,250 -
Bangladesh Development Bank Limited 239,317,303 110,000,000 -
Bank Asia Ltd. 10,807,501 104,944,501 72,056,000
BASIC Bank Limited 331,950,817 254,376,167 285,386,450
Brac Bank Limited 28,698,433 326,000,295 420,865,679
First Security Islami Bank Ltd. 50,516,250 -
IFIC Bank Limited 355,565,728 308,710,623 258,891,187
Jamuna Bank Limited 72,687,087 89,489,116 -
Janata Bank Limited 250,070,000 50,270,000 94,841,907
Prime Bank Limited - - 21,359,511
Meghna Bank Ltd. 30,000,000 - -

Amount in Taka
30 June 2021 30 June 2020 01 July 2019
Mercantile Bank Limited. 50,000,000 - -

Mutual Trust Bank Limited - 221,742,174 157,315,687
NRB Commercial Bank Ltd. 40,000,000 - -
One Bank Limited 126,829,188 86,622,949 73,379,241
Pubali Bank Limited 162,322,875 64,827,910 42,436,012
Social Islami Bank Ltd. 71,890,000 - -
Sonali Bank limited 71,750,732 30,000,000 -
Southeast Bank Ltd. 85,616,238 149,473,941 200,655,763
Standard Bank Limited 90,045,333 129,796,847 105,112,747
The City Bank Limited 86,470,000 55,000,000 -
Trust Bank Ltd. 40,000,000 - -
Union Bank Ltd. 301,757,111 - -
m
United Commercial Bank Limited 120,000,000 167,765,528 155,165,764
Uttara Bank Limited - 10,301,250 -
3,565,284,893 2,321,423,551 1,887,465,948
co 3,919,317,766 2,417,597,645
The fixed deposits will be matured within 3 (three)/6 (Six) months, 9 (nine) months, and yearly.
10 Share capital
Authorized:
2,022,535,858
d.
1,000,000,000 ordinary shares of Taka 10 each 10,000,000,000 10,000,000,000 10,000,000,000
Issued, subscribed and paid up capital:
ab
31,000,000 Ordinary Shares of Taka 10 each fully paid up in 310,000,000 310,000,000 310,000,000
140 Ordinary share of Taka 10 each fully paid up in cash to 1,400 1,400 1,400
67,314,640 ordinary shares of Tk.10 each fully paid up other 673,146,400 673,146,400 673,146,400
than cash to MoPT, GOB
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66,590,730 Ordinary shares of Tk. 10 each issued as Bonus 665,907,300 665,907,300 665,907,300
1,649,055,100 1,649,055,100 1,649,055,100
10.1 Percentage of shareholding
Shareholding position as at 30 June 2021
la
Percentage of No. of Value in

Name of shareholders shareholding shares Taka
Sponsor/Director 0.00% 189 1,890
Govt. 73.84% 121,768,814 1,217,688,140
Institute 14.34% 23,653,096 236,530,960
Foreign Investor 2.66% 4,392,777 43,927,770
Public 9.15% 15,090,634 150,906,340
100.00 164,905,510 1,649,055,100
Shareholding position as at 30 June 2020
Percentage of No. of Value in
Name of shareholders shareholding shares Taka
Posts & Telecommunications division, MoPT & IT 73.84% 121,768,814 1,217,688,140
Sponsor/Director 0.00% 189 1,890
Institute 11.34% 18,706,011 187,060,110
Public 11.88% 19,591,186 195,911,860
Foreign Investor 2.94% 4,839,310 48,393,100
100% 164,905,510 1,649,055,100

10.2 Classification of shareholders by range of number of shares held:
No. of share holders No. of shares

Slabs wise number of shares 30 June 30 June
30 June 2021 30 June 2020 01 July 2019
2021 2020
Less than 500 9,665 12,312 1,075,239 1,510,697 1,412,327
500-5,000 2,389 4,609 3,714,132 7,259,963 6,094,338
5,001-10,000 228 487 1,705,290 3,561,400 2,745,645
10,001-20,000 150 261 2,211,088 3,693,162 2,811,130
20,001-30,000 54 71 1,355,486 1,719,238 1,856,982
30,001-40,000 26 47 924,132 1,623,443 1,017,205
40,001-50,000 14 28 659,103 1,295,661 1,130,214
50,001-100,000 50 39 3,887,896 2,830,006 3,697,312
100,001-1,000,000 52 31 12,128,150 7,280,113 12,740,830
1,000,001-1,000,000,000 8 7 137,244,994 134,131,827 131,399,527
12,636 17,892 164,905,510 164,905,510 164,905,510
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Market Price:
Shares of the Company are listed in the Dhaka and Chittagong Stock Exchanges and quoted at Tk.171.90 per share as
11 Equity Money from GoB

co
(2020: Tk.86.70) and Tk 169.40 per share (2020: Tk. 86.40) in the Dhaka and Chittagong Stock Exchanges respectively
on 30 June 2021.
1,660,000,000 1,660,000,000 1,660,000,000

d.
The above amount has been received from Government for implementing the Regional Submarine Telecommunications
Project, Bangladesh (Installation and Establishment of Second Submarine Cable System (SMW5) for International
ab
Telecommunications in Bangladesh) as Equity Money which will be converted into shares after getting proper approval
from Concerned Authority.
The Board of Directors of BSCCL has approved the appointment of ICB Capital Management Limited as Issue
Manager and valuation of fixed assets has already been completed as a process to issue shares in favour of Ministry
nk
of Posts, Telecommunications and Information Technology ( MoPT & IT) against equity money received from the
Government of the People's Republic of Bangladesh for an amount of Tk 1,660,000,000.
12 Share premium 723,293,759 723,293,759 723,293,759

la
In the year 2011-2012, total amount of Tk. 775,000,000 was received as share premium in respect of shares issued to
shareholders. Net issue cost of Tk 51,706,241 was set off against share premium as per IAS 32: Financial Instruments:
Presentation.
Amount in Taka
30 June 2021 30 June 2020 01 July 2019
13 Tax holiday reserve
Opening balance 741,577,846 714,543,556 706,977,180
Add: Current year's reserve 47,327,421 27,034,290 7,566,376
788,905,267 741,577,846 714,543,556
Restated
14 Revaluation reserve
Opening balance 1,042,041,533 336,165,684 336,165,684
Add: Addition during the year - 755,949,517 -
Less: Adjustment for Excess Depreciation on Revalued Amount (7,859,683) - -
Less: Adjustment with deferred tax liability 3,113,088 (50,073,667) -
1,037,294,938 1,042,041,533 336,165,684

The opening balance as on 30 June 2020 represents the revalued amount of Land at Cox's Bazar. This revaluation has
been done by a Professional Valuer named A B SAHA & CO., Chartered Accountants in the financial year 2010-11. A
further revaluation for all class of assets has been made by a professional valuer named Hussain Farhad & Co,
Chartered Accountants. Valuation work has been carried out by visiting, surveying, identifying and verifying the assets
physically of all offices of BSCCL considering cut off date for valuation on 30 June 2020. At the time of valuation the
valuer firm has considered the following guidelines:
a) Valuation Guideline for listed companies provided by Bangladesh Securities and Exchange Commission (No.
SEC/CMRRCD/2009-193/150/Admin dated August 18, 2013;
b) International Accounting Standard-16 (IAS-16); Property, Plant and Equipment.
c) International Financial Reporting Standard-13 (IFRS-13); Fair Value Measurement.
d) Procurement Procedures of BSCCL ; and
e) Relevant purchase documents of BSCCL.
The valuer firm has followed replacement value or fair value method for valuation of fixed assets and straight line
method has been followed for the computation of depreciation and to find out the estimated evaluated value of
respective fixed asset as on 30th June 2020. Revaluation surplus of Tk. 705,875,849 net off deferred tax (Tk. 50,073,667)
has been arisen due to enhancement of value of Land, Other assets situated at Cox's Bazar and Kuakata.
m
Amount in Taka
30 June 2021 30 June 2020 01 July 2019
15 Retained Earnings
Opening balance
Add: Profit for the year
co 1,513,286,463
1,907,331,861
Restated
1,228,610,765
905,369,825
Restated
808,879,808
585,758,071
d.
Adjustment for Excess Depreciation on Revalued Amount 7,859,683 - -
Adjustment due to restatement (Note: 15.1) - - (76,007,984)
Adjustment for previous years Tax 27,121,703 - -
ab
3,455,599,710 2,133,980,589 1,318,629,895

Less: Dividend paid during the year - 263,848,816 82,452,755
Amount to be distributed as dividend (Proposed) 610,150,387 329,811,020 -
Transferred to Tax Holiday Reserve 47,327,421 27,034,290 7,566,376
nk
Adjustment for previous years - - -

657,477,808 620,694,126 90,019,131
2,798,121,902 1,513,286,463 1,228,610,765
la
15.1 Adjustment due to restatement

Restatement for price reduction and excess revenue recognition (14,922,601)
Restatement for wrong recognition as Income instead of payable (34,552,644)
Restatement for less/excess recognition as expenses (6,575,104)
Restatement for VAT Payable against Expenses (19,957,634)
(76,007,984)
16 Deferred tax liabilities
Deferred tax assets and liabilities have been recognized and measured in accordance with the provisions of IAS 12:
Income Taxes. Related deferred tax expense/(income) have been disclosed in Note: 45. Deferred tax assets and liabilities
are attributable to the following:
Restated
Deferred tax relating to statement of profit (Note: 16.1) 548,753,365 521,718,411 465,768,372
or loss
Deferred tax relating to other (Note: 16.2) 57,357,456 60,470,544
comprehensive income 10,396,877
606,110,821 582,188,955 476,165,249

Amount in Taka
30 June 2021 30 June 2020 01 July 2019
16.1 Deferred tax relating to Statement of Profit or Loss
Taxable/
(deductible)
Carrying Amount Tax base temporary
difference
As at 30 June 2021
Property, plant and equipment (excluding land) 5,713,620,812 2,901,647,660 2,811,973,152
Accounts receivable (Note: 5.1) 1,871,237,757 2,228,912,756 (357,674,999)
Provision for pension, gratuity fund and provident fund (15,394,307) - (15,394,307)
(Note: 18)
Net Taxable Temporary Difference 2,438,903,846
Applicable tax rate 22.50%
Deferred tax liability 548,753,365
Deferred tax relating to Statement of Profit or Loss Restated
m
Taxable/
(deductible)
As at 30 June 2020
Property, plant and equipment (excluding land)
Accounts receivable
co 6,015,233,699
2,538,306,389
3,525,748,454
2,922,702,992
difference
2,489,485,245
(384,396,603)
d.
Provision for pension, gratuity fund and provident fund (18,215,001) - (18,215,001)
Net Taxable Temporary Difference 2,086,873,640
Applicable tax rate 25%
ab

16.2 Deferred tax relating to other comprehensive income
Taxable/
(deductible)
Carrying Amount Tax base
nk
temporary
difference
As at 30 June 2021
Revaluation reserve on Land and Land Development 977,988,523 - 977,988,523
la

Add: Revaluation reserve on PPE other than land 124,523,554

Applicable tax rate 22.50%
Deferred tax liability on Other Assets 28,017,800
Total Deferred Tax relating to other comprehensive income 57,357,455
Taxable/
(deductible)
difference
Restated
As at 30 June 2020
Opening Revaluation reserve 346,562,561 - 346,562,561
Revaluation reserve on Land and Land Development 631,425,962
977,988,523
Deferred tax liability on Land and Land Development 29,339,656

Amount in Taka
30 June 2021 30 June 2020 01 July 2019
Add: Revaluation reserve on PPE other than land 124,523,554

Deferred tax liability on Other Assets 31,130,889
Total Deferred Tax relating to other comprehensive income 60,470,544
17 Security deposits received from clients Restated Restated

Opening Balance 294,955,533 220,391,012 164,005,987
Add: Addition during the year 107,225,439 89,059,592 84,652,148
402,180,971 309,450,604 248,658,135
357,068,437 294,955,533 220,391,012
Due to non activation of circuit, opening balance as on 01 July 2019 has been restated. A detailed schedule of security
m
deposit received from clients is given in Annexure -C.
18 Employees' pension, gratuity and provident fund

Employees' pension fund
Employees' gratuity fund
Employees' provident fund
co
(Note: 18.1)
(Note: 18.2)
(Note: 18.3)
13,808,952
1,592,234
(6,879)
15,394,307
13,808,952
3,611,732
794,317
18,215,001
13,808,952
4,901,587
2,139,943
20,850,482
d.
18.1 Employees' pension fund 13,808,952 13,808,952 13,808,952
ab
This represents amount payable to BTCL employees worked on deputation and the amount incorporated in the
vendor agreement. The above noted amount is adequate against the liabilities on account of the employees worked
for the Company as deputed from BTCL and therefore no additional provision has been made in the accompanying
financial statements. The Company however, does not have any pension fund.
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18.2 Employees' gratuity fund

Opening balance 3,611,732 4,901,587 8,019,892
Add: Provision made during the year 16,890,968 8,820,226 10,744,235
la
20,502,700 13,721,813 18,764,127

Less: Paid/Transferred during the year (18,910,466) (10,110,081) (13,862,540)
1,592,234 3,611,732 4,901,587
18.3 Employees' provident fund
Opening balance 794,317 2,139,943 1,926,571
Add: Employees' Contribution 5,176,665 4,694,286 4,081,974
Employer's Contribution 5,176,665 4,697,102 4,081,974
Less: Transferred to RCPF during the year (11,154,526) (10,737,014) (7,950,576)
(6,879) 794,317 2,139,943
19 Term Loan
Opening balance 2,730,693,883 2,891,699,606 2,968,702,678
Received during the year - - -
Total IDB Loan 2,730,693,883 2,891,699,606 2,968,702,678
Less: Payment during the year (352,024,332) (161,005,723) (77,003,072)
2,378,669,551 2,730,693,883 2,891,699,606
Current portion of Long Term Loan (192,249,252) (352,024,332) (331,816,695)
Non-current portion of Long Term Loan 2,186,420,299 2,378,669,551 2,559,882,911

Term Loan Particulars:

Islamic Development Bank (IDB)
Loan has been taken from IDB through Bangladesh Government for implementation of Regional Submarine
Telecommunications Project, Bangladesh (SMW-5) Project. An agreement named Installment Sale Agreement
between The Government of People's Republic of Bangladesh and IDB has been signed on 27 August 2014 with effect
from 24 November 2014 for loan amount of USD 44 million. Actual loan received by BSCCL in USD 38.048 million.
Subsequently Bangladesh Submarine Cable Company Limited signed a subsidiary loan agreement with The
Government of People's Republic of Bangladesh, Ministry of Finance, Finance Division on 15 February 2015. This
sub-loan is for a 13 years term with a gestation period of 3 years and the interest payable will be @ 6% per annum.
Amount in Taka
30 June 2021 30 June 2020 01 July 2019
Restated Restated
20 Sundry creditors
ACE Autos 83,237 116,828 -
Amader Somoy 32,601 186,299 -
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Anika Enterprise - 69,310 69,310
APOGEE IT - 137,063 -
Arthosuchak - 3,500 -
Arra Technologies Ltd.
Asia Pacific Communication Ltd.
Biz Bangla Media Ltd.
Bangladesh Parjatan Corporation
co 36,480
-
108,675
-
-
17,167
96,255
40,958
-
17,167
40,958
d.
Bangladesh Science House 100,000 100,000 -
Bank Bima Shilpa - 40,000 -
BD Jobs.Com 12,285 4,095 -
ab
BD Rein - - 3,800,000
BCS Forum (17th) - - 50,000
Capital Law Chamber 146,280 146,280 146,280
Caps Lock 13,500 - -
CDBL - 4,417 -
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Chittagong Stock Exchange Ltd. - 600,000 -

Cogent Communication Ltd 435,283 423,017 452,580
Corporate Sangbad .Com - 4,025 -
Cyber Link 1,225 47,880 58,645
la
Credit Rating Information & Services Ltd 80,625 - -

DE-ICX(IIG) 433,290 - -
Design Associates 47,899 78,599 -
Dream Energy - 99,426 -
Dynamic Travels - - 718,940
Equinix Singapore PTE Ltd. 2,570,521 1,436,985 1,322,185
Express Systems Ltd. 2,021,500 2,876,550 2,926,550
Expo Media Publication Ltd - - 7,000
Elias Enterprise 47,380 - -
Fames & R 264,025 - 174,225
Fiber@Home Ltd 6,898,833 3,017,952 10,654,560
Galpo Ghar - 40,000 -
Habib Intelligent Software Ltd. 518,743 322,875 322,875
Hatil Complex Ltd. - 348,990 -
Hurricane Electric Internet Service 2,405,538 297,704 -
Huawei Technologies Ltd. (BD) - - 93,649
Hussain Farhad & Co. 1,035,000 - -
H.S. Engineering 1,316,740 - -
ICAB Puza Uzzapan Parisad - - 20,000

Amount in Taka
30 June 2021 30 June 2020 01 July 2019
Restated Restated
ICB Securities Trading Company Limited 1,617,982 1,610,932 1,610,932

Innovative Technology & Engineering 300 24,188 -
International Computers Solution 33,300 - -
Jatir Alo - - 40,000
Kazi Mynul Hassan 107,875 71,875 -
Khondoker Advertisement 70,000 60,000 -
KK Enterprise 2,782,771 544,874 6,795,394
Legacy Legal Corporate - - 74,750
Manik Traders - - 38,812
M.M. Enterprise - 32,059 -
M.M.International - 817,317 509,998
M/S MS Power Engineering 36,400 36,400 -
m
M/S Syeed Automobiles - 6,750 -
M2M Communications - 16,200 -
Milky & Associates 104,602 116,602 116,602
Modern Erection Ltd
Murad Reza
Next Tech Ltd.
NRB Telecom Ltd.-IIG
NTT communications Ltd.
co -
143,750
5,600
10,000
5,384,457
-
143,750
22,400
10,000
4,013,867
220,500
-
5,600
5,463,914
-
d.
Pabna Automobiles 9,130 4,950 -
Padakkhep Bangladesh 60,000 50,000 -
Partex Furniture - - 120,909
ab
Payable to BTCL 18,950,735 77,866,108 148,441,496

Payable to BTRC 9,231,020 14,729,510 7,680,789
PCCW Global (Singapore) Pte. Ltd. 3,672,301 - -
Peshajibi Samonnoy Parishad - 25,000 25,000
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Prochito IMC Ltd. 123,140 - -

Rangpur Bivag Samity Dhaka - 50,000 -
Rich Digital Communications 2,370 - -
Royal Office Equipment 16,000 25,800 16,000
la
S.F.Ahmed & Co. 379,500 345,000 299,000

S.T. Enterprise 41,918 41,918 91,753
S.A. Basher & Co, Ltd. 207,656 - -
Sadhan Das & Co. 64,300 - -
SA Rashid & Associates 28,750 28,750 28,750
Shakil Motors - 43,142 -
Share biz Pvt. Ltd. - 42,946 -
Sharebazarnews.com 4,025 - -
Sikder Filling & Service Station - 79,242 126,305
Sony Chocolate Industries Ltd. 278,723 205,147 225,008
Southern Automobiles Ltd. 37,291 28,819 29,751
Spectrum Engineering Consortium Limited 589,492 2,209,492 184,492
Summit Communications Ltd. 1,676,004 6,405,870 11,314,629
Suraya Parveen & Associates 56,925 51,750 -
Telecom Italia Sparkle Ltd. 15,818,964 20,743,086 19,389,469
Telephone Shilpa Sangstha Ltd. 673,208 612,593 -
Telnet Communication Ltd. 3,675 11,025 3,675
Temporary Loan from Ex-Project Director # SMW5 1,000 1,000 1,000
The Daily Amader Orthonity - 43,200 -

Amount in Taka
30 June 2021 30 June 2020 01 July 2019
Restated Restated
The Daily Bangladesh Pratidin - 27,945 37,260

The Daily Janakantha - 74,520 -
The Daily Kaler Kantho 37,260 - -
The Daily Sun 16,860 - -
The Daily Observer 78,526 115,211 -
The Daily Vorer Kagoj 27,945 - -
The Daily Our Time 22,273 - -
The Detective - 30,000 -
The Financial Express 62,002 99,468 181
The Weekly Protimuhurto - 30,000 -
Unclaimed IPO subscription 109,101 109,101 109,101
Unearned Revenue 2,759,200 4,508,800 3,329,988
m
Withholding tax payable 224,232 26,098,437 22,920,030
Zetta Power - - 37,950
Zico Motors - 37,950 37,950
84,170,223 172,859,171 250,201,912
co
20.1 "During the year 2018-2019 an amount of Tk. 1,447,900 was recognised as Core Equipment -IIG in place of post installation
service cost which to be recognised after providing service and subject to submission of bill. As a result the Core
Equipment -IIG along with the effect of two years depreciation of (Tk. 579,160) and sundry creditor which was over
d.
reported during the year 2018-2019 by Tk. 1,447,900 have been rectified and restated accordingly. (Note: 4.2).
Payable for sundry creditors has been restated due to excess or less recognition of expenses and corresponding
payable amount in previous years."
ab
20.2 Aging of sundry creditors

The aging of Sundry creditors as at the statement of financial position date is as follows:
Past due 0-90 days 36,981,171 11,798,658 45,236,370
nk
Past due 91-180 days 2,451,360 22,831,976 18,749,357

Past due 181 -365 days 26,508,124 15,179,724 109,021,118
Past due more than 365 days 18,229,569 123,048,812 77,195,066
84,170,223 172,859,171 250,201,912
la
21 Provision for income tax

Opening balance 633,906,543 393,874,301 323,622,563
Add: Provision made during the year Annexure - E 459,812,378 240,032,242 70,251,738
Add: Provision for the year-2014-2015 5,648,994 - -
Less: Settlement for the year 2012-13 & 2014-15 (61,946,567) - -
1,037,421,348 633,906,543 393,874,301
Details Tax Status report is given in the Annexure-F
.
22 Provision for WPPF and WF
Opening balance 62,599,014 38,948,113 14,693,423
Add: Provision made during the year 119,991,410 62,599,014 38,948,113
182,590,424 101,547,126 53,641,536
Less: Settlement for previous year (62,599,014) (38,948,113) (14,693,423)
119,991,410 62,599,014 38,948,113
23 VAT Restated Restated
VAT payable against Receivable (45,356,439) 495,857,274 523,727,987
VAT payable against Deduction at source 19,958,276 23,783,873 40,008,579
(25,398,164) 519,641,147 563,736,566

The amount of Tk. (45,356,439) represents advance VAT paid to NBR which is adjustable against VAT receivable from
clients related to revenue receivable arising from International Private Leased Circuit (IPLC) rentals, IP transit
service, and Co-location charges. In addition to that the amount of Tk. 19,958,276 includes VAT deducted from other
parties and suppliers. VAT payable against deduction at source includes an amount of Tk. 19,957,634 has been
accounted for due to less payment of VAT mainly on O&M bill for the period from 2014-2015 to 2018-2019 as per
demand of Customs, Excise and VAT Commissionerate, Dhaka (South). (Note: 15.1)
Amount in Taka
30 June 2021 30 June 2020 01 July 2019
Restated Restated
24 Liabilities for expenses
Office rent 4,800,000 4,800,000 4,800,000
Audit & other fees 161,000 138,000 69,000
Provision for different expenses 428,447 168,240 875,457
Telephone bill 130,166 45,368 19,350
Electricity bill 290,831 642,119 236,164
Payable for Cable route shifting SMW4 10,000,000 - -
m
Donation - - 9,364
15,810,444 5,793,727 6,009,335
Accrued Interest on IDB loan 41,626,718 124,194,467 218,909,724
co 57,437,162 129,988,194 224,919,059

24.1 During the year 2019-20 Tk.3,535 in the year 2018-19 Tk.50,525 and in the year 2016-17 Tk. 1,905 were excessively
accounted for against Telephone bill, Salary and News paper and periodicals expenses respectively. These errors
d.
have been rectified by restating the accounts.
25 Unclaimed Dividend Account

ab
Year wise details of unclaimed dividend is given below:

Year Amount in Taka
2011-2012 404,808 404,808 404,808
2012-2013 188,133 188,133 188,133
nk
2013-2014 524,594 524,594 524,594

2014-2015 1,603,322 1,603,322 1,603,322
2015-2016 945,351 942,604 942,604
2016-2017 794,397 797,144 797,144
la
2017-2018 401,664 412,852 413,789

2018-2019 1,967,756 31,189,707
2019-2020 2,105,601 - -
8,935,626 36,063,164 4,874,395
Amount in Taka
2020-2021 2019-2020
Restated
26 IPLC (International Private Leased Circuit) Rent
SMW-4 858,246,885 676,613,270
SMW-5 1,790,023,554 1,215,547,947
2,648,270,439 1,892,161,217
IPLC (International Private Leased Circuit) rent is billed at the beginning of each month and recognized as income on
delivery of the bills to clients.
26.1 Due to price adjustment and excess recognition of revenue relating to previous year/ years, revenue from IPLC rent has
been restated.

Amount in Taka
27 Circuit activation charge 2020-2021 2019-2020
Circuit Activation Charge-IPLC-SMW-4 4,150,000 4,620,000

Circuit Activation Charge-IPLC-SMW-5 5,835,000 6,710,000
Circuit Activation Charge-IIG 930,000 332,000
Circuit Activation Charge-ISP(IIG) 30,000 3,000
Circuit Activation Charge-ITC - 120,000
Circuit Activation Charge-Co-location-IIG 49,000 3,000
Circuit Activation Charge-Co-location-SMW-4 653,000 860,000
Circuit Activation Charge-Co-location-SMW-5 864,000 600,000
12,511,000 13,248,000
This represents charges imposed to clients for activation of new circuits.
28 IP Transit Service 702,829,030 459,323,412
m
This represents the service charges for providing internet bandwidth to IIGs and ISPs.
29 Co-Location Charges
SMW-4
SMW-5
IP Transit -IIG
co 33,962,429
49,596,976
1,356,986
26,840,030
35,300,774
47,428
d.
84,916,391 62,188,232
This represents charges to customers for using BSCCL's resources at
Cox's Bazar, Kuakata and Dhaka.
ab
30 IP Transit Service -Export - 36,848,250
This represents charges to Bharat Sanchar Nigam Limited (BSNL) for IP transit service. Export to BSNL has been
discontinued from 8th February 2020.
nk
Referring to the note number 26 to 30 , Bangladesh Submarine Cable Company Limited (BSCCL)’s turnover is mainly
comprised of IPLC Rent, IP Transit Service and Co-location Service. In addition to that, substantial effort of BSCCL’s
management, Govt. policy of digitalization of govt. service and introduction of 4G services contributed to increase in
la
overall IPLC & IP transit consumption in the country. Consequently, BSCCL’s revenue also increased.
31 Electricity and generator fuel
Electricity bill 11,863,627 10,604,826
Fuel for generator 2,267,830 1,863,440
14,131,457 12,468,266
This cost is directly related to cost of operation.
32 Landing station and cable route repair 2,508,967 931,600
This cost is directly related to cable route and landing station maintenance for Cox's Bazar, Kuakata.
33 Backhaul & Data Connectivity Charge

Backhaul Charge 75,075,108 107,864,656
Data Connectivity & Fiber Core Charge 426,618 548,442
Revenue Sharing Cost 7,719,927 7,048,721
License & Membership fees 372,351 361,895
Co-location cost 79,750 10,000
83,673,754 115,833,714
This cost represents backhaul charges and for data connectivity & fiber core charge.

Amount in Taka
2020-2021 2019-2020
Restated
34 IP Transit Cost 66,632,955 56,015,007
This cost represents the cost of purchasing IP bandwidth from Telecom Italia Sparkle, NTT Communications Ltd,
Equinix Singapore Pte Ltd. and Cogent Communications Ltd, DE-ICX(IIG),PCCW Global (Singapore) Pte. Ltd.,
Hurricane Electric Internet Service.
34.1 Cost for IP Transit has been restated due to excess or less recognition of expenses and corresponding payable
amount in previous years.
35 Lease Rent 345,912 339,768
m
This rent represents rent of leasing land of beach manhole for Kuakata landing station from Bangladesh Parjaton
Corporation.
36 Impairment Loss
co - 16,118,611
A further revaluation has been made by a professional valuer named Hussain Farhad & Co, Chartered Accountants.
Valuation work has been carried out by visiting, surveying, identifying and verifying the assets physically of all
d.
offices of BSCCL considering cut off date for valuation on 30 June 2020. During the time of revaluation it was
evident that some assets has been impaired causing a devaluation of Tk. 16,118,611 recognised as impaired loss and
hence the Statement of Profit or Loss and Other Comprehensive Income has been restated.
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Restated
37 Depreciation of core machinery 432,620,300 418,203,435
nk
This represents the depreciation charged on core machinery which are directly related to IPLC and IP transit
revenue. There is an adjustment in depreciation due to correction of error relating to IIG Equipment.
38 Operation and maintenance expenses

la
This represents amount paid to SEA-ME-WE 4 & 5 during the period for expenses of cable operation and
maintenance purpose. The break-up of the expenses is as under:
SEA-ME-WE-4 29,428,862 27,881,127
SEA-ME-WE-5 160,122,988 170,445,427
189,551,850 198,326,554

Amount in Taka
2020-2021 2019-2020
Restated
39 General and administrative expenses
Advertisement and publicity expenses 2,707,635 2,800,355
AGM expenses 925,156 1,503,135
APA expenses 17,273 -
Audit fee 505,425 510,600
Bank charges and commission 3,126,295 1,699,279
Board and other meetings fees 5,252,432 4,022,198
Books & Periodicals 35,963 55,164
Business Development Expenses 2,765,884 4,124,794
Consortium meeting expenses - 3,843,784
Consultancy fees 2,444,475 1,024,600
CSR Expenses 5,361,328 2,234,002
Entertainment 2,356,056 1,517,779
m
Fees and Subscription 1,594,819 1,544,352
Festival bonus 9,466,590 8,137,452
Gratuity provision 16,890,968 8,820,226
Innovation Expenses
Internet Expenses
Insurance Premium
Legal Fees
Managing Director's remuneration
co 1,004,374
-
3,881
1,139,057
3,134,590
772,347
-
10,886
2,641,334
1,974,871
d.
Medical Expenses 101,201 210,786
National Integrity and Strategy Training Exp. 1,392,992 1,080,226
Newspaper & Periodicals 14,209 -
ab
Office Expenses 976,019 -

Office rent 19,609,800 19,609,800
Postage and courier expenses 47,336 36,582
Printing and Office stationery 1,644,479 2,268,225
nk
Reception & Dinner 1,704,939 1,472,443

Recruitment expenses 88,852 420,213
Rent, rates & taxes 414,951 381,580
Repair and maintenance 4,908,863 2,960,365
la
Salary and allowances 124,233,125 109,080,893

Telephone Bill 287,791 80,525
Training Expenses 1,205,530 2,679,126
Travelling & conveyance 2,059,610 1,462,634
Vehicles Maintenance 1,895,563 1,850,273
Vehicles running expenses 2,400,059 2,092,455
221,717,519 192,923,284
39.1 Due to less recognition of expenses relating to previous year/ years, General and Administrative expenses has been restated.
40 Provision for bad & doubtful debts

Closing balance of provision for bad & doubtful debts 357,674,999 384,396,603
Less: Opening balance of provision for bad & doubtful debts 384,396,603 (235,697,745)
(26,721,604) 148,698,858
BSCCL makes provision for bad and doubtful debts according to the company policy and following advice of the
Audit Committee. An amount of Tk.36,89,65,429 and an amount of Tk. 7,09,56,771 have been realised from BTCL and
BSNL, India respectively during this year. The total amount had been lying as outstanding since long. BSCCL
management has decided to release a sum of provision for bad and doubtful debts made earlier period or years due
to realisation of long pending outstanding.

Amount in Taka
2020-2021 2019-2020
41 Depreciation on property, plant and equipment 34,350,344 36,807,642
This represents the depreciation charged on other than core machinery. For further details Annexure-A is referred.
During the year 2020-2021 depreciation has been charged on Straight Line Basis in place of Reducing Balance
method on Office Equipment and Furniture, Office Decoration and Vehicles. Due to change of depreciation policy
additional depreciation of Tk.3,797,326 has been charged during the year 2020-2021.
42 Bank interest and other income

Rest house rent and others 863,812 2,742,267
Other Income 42,840,714 -
Gain on sale of share 5,045,913 -
Interest on FDR & Others 170,624,940 174,416,412
Dividend income 1,563,307 1,375,995
220,938,687 178,534,674
m
43 Gain /(Loss) on investment in shares
Opening market value of investment 25,201,905 34,348,102
Add: Investment during the period
Less: Market value of sales of share
Total cost of investment(B)
Closing Market Value of Investment (A)
co -
(12,361,191)
12,840,714
29,501,318
-
-
34,348,102
25,201,905
d.
Gain/(Loss)(A-B) 16,660,604 (9,146,197)
44 Current tax expense

ab
For the year-2020-21 459,812,378 240,032,242

For the year-2014-15 5,648,994 -
465,461,372 240,032,242
nk
Detail calculation of current tax expenses has presented in Annexure - E.

45 Deferred tax (income)/expense
Closing balance of deferred tax liability 548,753,365 521,718,411
Opening balance of deferred tax liability 521,718,411 465,768,372
la
Deferred tax (income)/expense 27,034,955 55,950,039

Restated
46 Basic Earnings Per Share (EPS)
Earnings attributable to the Ordinary Shareholders 1,907,331,861 905,369,825
Weighted average number of ordinary Shares outstanding during the year 164,905,510 164,905,510
Earnings Per Share (EPS) 11.57 5.49
The increase in EPS is the result of increase in revenue for the ordinary course of the business activities which has
been disclosed in the notes 26 to 30 in the Revenue Part of the Statement of Profit or Loss and Other Comprehensive
Income for the period under consideration. During this year, BSCCL management has decided to release a sum of
provision for bad and doubtful debts made earlier period or years due to realisation of long pending outstanding from
BTCL and from BSNL, India. As such there is a positive impact of EPS enhancement. There was no significant
Extraordinary Transactions during this year.
* EPS of income year 2019-2020 was decreased from 5.80 to 5.49 due to decrease in net profit after tax from Tk.
955,998,006 to Tk. 905,369,825 which was resulted from restatement of last year's figures mainly related to impairment
of fixed assets and adjustment of revenue for subsequent price reduction.

46.1 Diluted earnings per share is not calculated during the year as the number of potential shares could not be calculated
because the value of the issuable shares has not yet been fixed. However, after considering the notification of Financial
Reporting Council (FRC), in order to issue shares to the government against the investment of the government as
equity in SMW-5 project the Board of Directors of BSCCL has approved the appointment of ICB Capital Management
Limited as Issue Manager. According to the suggestion of the Issue Manager a Chartered Accountants Firm was
appointed as a valuer of assets & liabilities of BSCCL and they have issued a valuation report. After finalization of
Audit and final adoption by the BoD we will send the same to the Issue Manager to have an opinion regarding Fair
Value of Share. After getting the opinion of Issue Manager regarding the Fair Value of Share, the same will be placed
to the BoD for their approval. Having approval of the BoD, BSCCL will communicate the offered Share Issue price to
the Government for acceptance. Upon getting the Approval of Govt. the same will be placed to the EGM for Share
Holder's approval and subsequently for the approval of BSEC. With the approval of BSEC, BSCCL will issue shares in
favour of Ministry of Posts, Telecommunications and Information Technology (MoPT& IT) against equity money
received from the Government of the People's Republic of Bangladesh of an amount of Tk 1,660,000,000.
Amount in Taka
30 June 2021 30 June 2020 01 July 2019
m
47 Net Asset Value Restated Restated
Total Assets 13,906,622,077 12,840,176,325 11,397,329,557
Less: Total Liabilities 5,249,951,110 5,510,921,625 5,085,660,696
Number of Ordinary Shares of Tk. 10 each at Financial

Position date
co 8,656,670,967
164,905,510
7,329,254,701
164,905,510
6,311,668,861
164,905,510
d.
NAV-Per Share 52.49 44.45 38.27
ab
Amount in Taka
2020-2021 2019-2020
48 Net operating cash flows per share (NOCFPS)
Net cash flows from operating activities (A) 2,503,376,876 1,132,621,810
nk
Number of Ordinary Shares of Tk. 10 each at Financial

164,905,510 164,905,510
Position date (B)
Net operating cash flows per share (NOCFPS) (C=A/B) 15.18 6.87
la
BSCCL management has emphasized on revenue collection and took some stern steps for the realisation which led
to significant increment of cash received from clients as disclosed in the Statement of Cash Flows. More over, a
substantial amount of long pending outstanding has been realised during the year under consideration. Consequently,
Net Operating Cash Flows per share of BSCCL has been increased compared to last year. There was no significant
cash flows due to extraordinary transactions during the year.
48.1 Reconciliation of Net income or Net profit with cash flows from operating activities:
Net Profit Before Tax 2,399,828,187 1,251,980,287

Adjustment to reconcile profit to net cash provided by operating activities:
Depreciation 466,970,644 455,300,658
Financial Charges 147,743,711 158,328,141
Loss/(gain) on Investment in Share (16,660,604) 9,146,197
Loss /Gain on disposal of fixed assets (163,343) 14,051,991
Provision for Bad debts (26,721,604) 148,698,858
Exchange fluctuation gain - -

Amount in Taka
2020-2021 2019-2020
Other Income (220,938,687) (178,534,674)
(Increase)/Decrease in Provision for income tax (34,824,864) -
(Increase)/Decrease in Advance Income tax (566,022,807) (190,860,026)
(Increase)/ Decrease in other receivable 208,769,841 170,382,532
(Increase)/ Decrease in debtors 645,321,444 (689,321,171)
(Increase)/ Decrease in adv. & deposit 6,764,574 6,416,347
Increase/(Decrease) in sundry creditors (88,351,629) (74,239,781)
Increase/(Decrease) in Security Deposit 62,112,905 74,564,521
Increase/(Decrease) in Employees Pension, Gratuity and PF (2,820,694) (2,635,480)
Increase/(Decrease) in Provision for WPPF and WF 57,392,396 23,650,901
Increase/(Decrease) in VAT Payable (545,039,311) (44,095,418)
Increase/(Decrease) in Liability for Expenses 10,016,717 (212,073)
m
Net cash flows from operating activities 2,503,376,876 1,132,621,810
49 Financial risk management

The management of the company has overall responsibility for the establishment and oversight of the company's risk
co
management framework. The company's risk management policies have been established to identify and analyse the
risks faced by the company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits.
Risk management policies, procedures and systems are reviewed regularly to reflect changes in market conditions
and the company's activities. The company has exposure to the following risks from its use of financial instruments.
d.
* Credit risk
* Liquidity risk
* Market risk
ab
49.1 Credit risk

Credit risk is the risk of a financial loss to the company if a client or counterparty to a financial instrument fails to
nk
meet its contractual obligations, and arises principally from the company's receivables.
As per terms and conditions of agreement with the clients, sale of Bandwidth is on prepaid basis. But for some
unavoidable reasons a portion of sale remains outstanding and to make it acceptable management has made a credit
recovery committee and the exposure to credit risk is monitored on an ongoing basis. As at 30 June 2021, receivables
la
from Mango Teleservices Limited and other clients against whom litigations has been initiated are subject to significant
credit risk. Risk exposures from other financial assets, i.e. cash at bank and other external receivables are nominal.
The uncertain economic environment has resulted in increase in credit risk and liquidity risk for many companies and
BSCCL also faces some challenges in recovering the receivables due to COVID-19. But BSCCL management critically
observed the situation. It is found that the overall market demand is in upward trend despite COVID-19 pandemic and
hence it is expected that BSCCL could manage to minimize the dues to a reasonable extent in the near future. As
such BSCCL management assumes that there is no need to provide sensibility disclosure regarding Credit and
Liquidity Risk related to receivables.
(a) Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit
risk at the reporting date was:
Trade receivables, net (Note: 5.1) 1,871,237,757 2,489,844,180

Other receivables (Note: 5.2) 72,321,088 49,347,772
Financial assets - investment in shares (Note: 8) 29,501,318 25,201,906
Cash and cash equivalents (Note: 9) 3,919,927,014 2,418,539,714
5,892,987,177 4,982,933,572

Amount in Taka
2020-2021 2019-2020
The maximum exposure to credit risk for trade and other receivables as at the statement of financial position date
by geographic regions was:
Domestic 2,205,022,038 2,773,491,386

Foreign (Export to India) 23,890,718 100,749,398
2,228,912,756 2,874,240,784
b) Ageing of trade receivables
The aging of gross trade receivables as at the statement of financial
position date was:
Past due 0-90 days 596,641,340 19,561,492
Past due 91-180 days 367,900,422 576,220,638
Past due 181-365 days 189,305,793 1,941,681,546
m
Past due more than 365 days 1,075,065,201 336,777,108
2,228,912,756 2,874,240,784
c) Impairment losses
made by Audit Committee.
49.2 Liquidity risk

co
Impairment losses on the above receivables were recognised as per the company policy and recommendation
d.
Liquidity risk is the risk that the company will not be able to meet its financial obligations as they falls due. The
company's approach to managing liquidity (cash and cash equivalents) is to ensure, as far as possible, that it will
always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without
ab
incurring unacceptable losses or risking damage to the company's reputation. Typically, the company ensures that it
has sufficient cash and cash equivalents to meet expected operational expenses, including financial obligations
through preparation of the cash flow forecast, prepared based on time line of payment of the financial obligation and
accordingly arrange for sufficient liquidity/fund to make the expected payment within due date.
nk
The following are the contractual maturities of financial liabilities of the company:
As at 30 June 2021 Contractual 1 year or less More than 1 year

cash flows (Taka) Taka Taka
la
Security deposits received from clients 357,068,437 35,706,844 321,361,593

Employees' pension, gratuity and Provident fund 15,394,307 15,394,307 -
Sundry creditors and Unclaimed Dividend 93,105,850 93,105,850 -
VAT payable - - -
Provision for WPPF and WF 119,991,410 119,991,410 -
Liabilities for expenses 57,437,162 57,437,162 -
642,997,165 321,635,571 321,361,593
Contractual 1 year or less More than 1 year

cash flows (Taka) Taka Taka
As at 30 June 2020
Security deposits received from clients 294,955,533 29,495,553 265,459,979
Employees' pension and gratuity fund 18,215,001 18,215,001 -
Sundry creditors and Unclaimed Dividend 208,922,334 208,922,334 -
VAT payable 519,641,147 519,641,147 -
Provision for WPPF and WF 62,599,014 62,599,014 -
Liabilities for expenses 129,988,194 129,988,194 -
1,234,321,223 968,861,244 265,459,979

49.3 Market risk

Market risk is the risk that any change in market prices, such as foreign exchange rates and interest rates will affect
the company's income or the value of its holdings of financial instruments. The objective of market risk management
is to manage and control market risk exposures within acceptable parameters.
a) Currency risk
The company is exposed to currency risk on payment of operation and maintenance expense, its reimbursement to
and from consortium members and payment to foreign creditors against Upstream purchase . All of the company's
foreign currency transactions are denominated in USD.
i) Exposure to currency risk
The company's exposure to foreign currency risk was as follows based on notional amounts:
Foreign currency denominated liabilities

Payable against IP transit cost (30,720,353) (26,914,660)
Unclaimed IPO Fund (109,101) (109,101)
m
Net exposure (30,829,454) (27,023,761)
Taka Taka
The following rate has been applied:
US Dollar ($)
co
ii) Foreign exchange rate sensitivity analysis for foreign currency expenditures
84.90 84.71
d.
A change of 10 basis points in foreign currencies would have increased/(decreased) equity and profit or loss of the
company by the amounts shown below. This analysis assumes that all other variables, in particular interest rates
remain constant.
ab
Profit or loss Equity

Increase Decrease Increase Decrease
2020-2021
US Dollar (10% movement) 3,082,945 (3,082,945) - -
nk
2019-2020
US Dollar (10% movement) 2,702,376 (2,702,376) - -
la
b) Interest rate risk

Interest rate risk is the risk that arises due to changes in interest rates on borrowings. The company is not significantly
exposed to fluctuation in interest rates as it has neither floating interest rate bearing financial liabilities nor entered
into any type of derivative instrument in order to hedge interest rate risk as at 30 June 2021.
Profile
As at 30 June 2021, the interest rate profile of the company's interest bearing financial instruments was:
Fixed rate instruments

Financial assets (short term investments-FDR) 3,565,284,893 2,321,423,551
Financial liabilities 2,378,669,552 2,730,693,883
Fair value of financial assets and liabilities of the company together with carrying amount shown in the statement of
financial position are as follows:

As at 30 June 2021 As at 30 June 2020

Carrying amount Fair value Carrying amount Fair value
Taka Taka Taka Taka
Financial assets
Assets carried at fair value
through profit or loss
Investment in shares 29,501,318 29,501,318 25,201,905 25,201,905
Held to maturity assets

Short term investment-FDR 3,565,284,893 3,565,284,893 2,321,423,551 2,321,423,551
-
Loans and receivables -
Trade receivables, net 1,871,237,757 1,871,237,757 2,489,844,180 2,489,844,180
Other receivables 72,321,088 72,321,088 49,347,772 49,347,772
m
Financial assets for trading
- - - -
purpose
5,538,345,055 5,538,345,055 4,885,817,408 4,885,817,408
Financial Liabilities:
Liabilities carried at fair value
co
- - - -
d.
through profit or loss
Liabilities carried at
amortised costs
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Security deposits received

(357,068,437) (357,068,437) (294,955,533) (294,955,533)
from clients
Sundry creditors (93,105,850) (93,105,850) (136,796,007) (136,796,007)
VAT payable 25,398,164 25,398,164 (519,641,147) (519,641,147)
nk
Provision for WPPF and WF (119,991,410) (119,991,410) (62,599,014) (62,599,014)

Liabilities for expenses (57,437,162) (57,437,162) (129,988,194) (129,988,194)
(602,204,695) (602,204,695) (1,143,979,895) (1,143,979,895)
la
30 June 2021 30 June 2020

Gbps Gbps
50 Bandwidth capacity
Present Capacity 1,800 1,800
Utilization (Monthly Average) 1,406 908
Percentage of utilization 78.11% 50.44%
51 Capital management
Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and
to sustain future development of the business. Capital consists of total equity of the company. The Board of Directors
monitors the level of capital as well as the level of dividend to the ordinary shareholders. In order to maintain or adjust
the capital structure, the company may adjust the amount of dividend, return on capital to shareholders, issue new
shares or obtain long-term debt. The company is not subject to any externally imposed capital requirement.
52 Remittance of dividend
No amount has been remitted as dividend during the year.

53 Remittance of foreign currency to consortium and others

30 June 2021 30 June 2020
USD USD
Property, Plant and Equipment 223,850 809,616
Operation and maintenance expenses 2,030,397 2,104,221
IP Transit & Membership cost 2,670,508 540,893
4,924,756 3,454,730
54 Earnings in foreign Exchange

During the year, earnings in foreign exchange for export of IP Transit service,royalty,know-how,professional and
consultation fees, interest & dividend is nil .But the company received foreign exchange of US$ 5,02,716.29 equivalent
to Tk 4,23,28,711.62 on account of reimbursement of segment T & S cost from Telecom Malaysia Berhad (SMW#4).
55 Contingent liabilities and commitments
m
BSCCL is currently involved in a number of legal proceedings, including inquiries from, or discussions with,
governmental authorities that are incidental to its operations. However, the company is not currently involved in any
legal proceedings which may have a significant effect on the financial position or profitability of the company as such
provision has not been recognised in these financial statements.
co
(i) BTCL claim office rent:On 13 January 2013, BTCL claimed some office rent for using office space by BSCCL for the
period from 01 July 2008 to 30 June 2012. BTCL claimed total Tk. 11,538,320 excluding VAT regarding office rent. Due to
excess rent claimed by BTCL compare to market rate, BSCCL disagreed to pay the excess office rent and made a
d.
provision of Tk. 4,800,000 regarding this claim based on the market rent rate. As a result, a dispute of Tk. 6,738,320 was
arisen between BSCCL and BTCL and the decision is pending for the long time.
(ii) Income Tax:For the income year 2010-2011 an amount of Tk. 25,240,639 has been demanded by DCT against of which
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appeal is processed to High Court Division. Assessment Order of income year 2015-2016 was received in which DCT
demanded Tk.5,688,726 against which application was made to DCT for correction u/s 173. Return of the income year
2016-2017 was filed to DCT for assessment and DCT demanded Tk. 9,436,501 against which application was made to
DCT for correction u/s 173. Now assessment for the year 2015-2016 and 2016-2017 remains under process at DCT.
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56 Director's responsibility statement

The Board of Directors take the responsibility for the preparation and presentation of the financial statements.
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57 Related party disclosures

57.1 As per IAS 24 “Related Party Disclosures”, a related party is a person or entity that is related to the entity (i.e. BSCCL)
that is preparing its financial statements. Related party transaction is a transfer of resources, services, or obligations
between a reporting entity and a related party, regardless of whether a price is charged as per IAS 24.
Related parties include the company's directors, key management personnel, associates, companies under common
directorship etc. as per IAS 24 “Related Party Disclosures”. All transactions involving related parties arising in the
normal course of business are conducted at arm’s length at normal commercial rates on the same terms and conditions
as third party transactions using valuation modes, as admissible.

(a) Name of the Directors along with all related Firms/Companies/Institutions/Parties as at 30 June 2021.
Sl. Status with Name of the related
Name of the Directors Remarks
No. the company Ministries/ Companies/ Parties etc.
Secretary, Posts & Telecommunications
1 Mr. Md.Afzal Hossain Chairman Nominated by GOB
Division, MoPT & IT
Joint Secretary-Posts &
2 Mr. Khandker Md.Abdul Hye, Phd. Director Nominated by GOB
Telecommunications division, MoPT & IT
3 MS.Kulsum Begum Director Joint Secretary, Finance Division, MoF Nominated by GOB
4 Mr. Md.Abdul Momin Director Joint Secretary, MoST Nominated by GOB
5 Col Rakibul Karim Chowdhury, Col Staff, AHQ, GS Br (SD Dte),
Director Nominated by GOB
afwc, psc Dhaka Cantonment, Dhaka
Professor -Institute of Information
6 Dr. Md. Mahbubul Alam Joarder Director Nominated by GOB
Technology, University of Dhaka
Independent
7 Mr. Syed Mamnun Quader Former Director-DCCI Nominated by GOB
Director
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Independent
8 Mr. N.K.A Mobin FCS, FCA Council Member, ICAB Nominated by GOB
Director
9 Mr. Mashiur Rahman

Managing
Director
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BSCCL Nominated by GOB
d.
(b) Transactions with the following companies where the Directors of the company are related for the year ended 30 June 2021:
Relationship of
Sl Name of the company Type of Transactions
Name of the Director the Director with
(Related party)
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No. the company transaction during the Year
Bangladesh Telecommunications
1 Mr. Md.Afzal Hossain Bandwidth sale 535,540,475
Company Limited
Bangladesh Telecommunications Backhaul
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2 Mr. Md.Afzal Hossain 168,479,648

Company Limited Purchase
Bangladesh Telecommunications
3 Mr. Md.Afzal Hossain Port charge -
Company Limited Chairman
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Bangladesh Telecommunications Co-location

4 Mr. Md.Afzal Hossain -
Company Limited Service
Co-location
5 Teletalk Bangladesh Ltd. Mr. Md.Afzal Hossain 211,528
Service
6 Teletalk Bangladesh Ltd. Mr. Md.Afzal Hossain Bandwidth sale 29,134,469

(c) Outstanding balances at 30 June 2021
Relationship Amount of transaction

Name of the Opening during the year Closing
Sl. Name of the of the Director Type of 2020-2021
company balance balance
No. Director with the transaction
(Related party) 01.07.2020 Addition Adjustment/ 30.06.2021
company
Received
Bangladesh
Mr. Md.Afzal Bandwidth
1 Telecommunications 861,727,454 535,540,475 (1,047,568,798) 349,699,131
Hossain sale
Company Limited
Bangladesh
Mr. Md.Afzal Co-location
2 Telecommunications 21,463,462 - - 21,463,462
Hossain Sale
Company Limited
Bangladesh
Mr. Md.Afzal Backhaul
3 Telecommunications 73,876,157 167,585,994 (194,420,892) 47,041,260
Hossain Chairman Purchase
Company Limited
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Bangladesh Backhaul
Mr. Md.Afzal
4 Telecommunications (Co-location) 348,000 846,404 (1,048,004) 146,400
Hossain
Company Limited Purchase
6
Teletalk Bangladesh
Ltd.
Teletalk Bangladesh
Mr. Md.Afzal
Hossain
Mr. Md.Afzal
co Bandwidth
sale
Co-location
11,825,912
11,731
29,134,469
211,528
(12,813,786) 28,146,595
(130,197) 93,062
d.
Ltd. Hossain Sale
57.2 Key management personnel compensation

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Key management personnel are those persons having authority and responsibility for planning, directing and controlling
the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity.
(Para 9; IAS 24- Related Party Disclosure).
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Even though it is very difficult to differentiate and exact the key personnel management in the organization's hierar-
chy of the Company (BSCCL), generally, MD, CS, GM and DGM possess authority and responsibility for planning and
controlling the activities of the company, directly or indirectly.
The company's key management personnel compensation in total and for each of the following categories are stated
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below:
a) Short Term Employee Benefits - Employee benefits (other than termination benefits) which fall due wholly within
twelve months during the year in which the employees render service. Such as -
Amount in Taka
30 June 2021 30 June 2020
(i) MD's Remuneration
Salary 3,134,590 1,974,871
Bonuses 435,836 363,754
WPPF 298,091 185,000
3,868,517 2,523,625
ii) Other Key Management personnel remuneration and benefit

Salary 17,412,775 17,258,801
Bonuses 2,599,034 2,898,207
WPPF 1,788,543 1,376,630
Leave encashment 894,470 203,000
22,694,822 21,736,638

Amount in Taka
30 June 2021 30 June 2020
b) Post Employment Benefits - Employee benefits such as Gratuity, provident fund
Gratuity 16,890,968 13,158,195
Provident Fund 5,176,665 4,697,102
22,067,633 17,855,297
c) Other Long Term Employee Benefits
Employee benefits that is not due to be paid wholly within twelve months after the end of the period in which the
employees render the related service. Such as - long service benefits or sabbatical leave, jubilee or other long
service benefits, long term disability benefits.
No such benefits are available in the Company hence, it is not applicable.
d) Termination Benefits
Employee benefits payable as result of either: (i) an entity's decision to terminate an employee's employment before
normal retirement date; or (ii) an entity's decision to accept voluntary redundancy in exchange for those benefits.
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e) Share based payment
An entity shall recognize the goods or services received or acquired in a share based payment transaction when it
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obtains the goods or as the services are received. The entity shall recognize a corresponding increase in equity if the
goods or services were received in an equity settle share based payment transaction, or a liability if the goods or
services were acquired in a cash settled share based payment transaction.
No such benefits are available in the Company hence, it is not applicable.
d.
(f) Director's Board Meeting Attendance Fees 746,752 485,567
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(g) Other Disclosures

The Directors of the company did not take any benefit from the company other than the board meeting attendance
fees as disclosed above.
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1 Expense reimbursed to the managing agent –Nil

2 Commission or other remuneration payable separately to a managing agent or his associate –Nil
3 Commission received or receivable by the managing agent or his associate as selling or buying agent of
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other concerns in respect of contracts entered into such concerns with the company - Nil
4 The money value of the contracts for the sale or purchase of goods and materials or supply of services,
entered into by the company with the managing agent or his associate during the financial year.
5 Any other perquisites or benefit in cash or in kind stating – Nil
6 Other allowances and commission including guarantee commission - Nil.
7 i) Pensions-Nil ii) Gratuities-Nil iii) Payment from Provident Fund, in excess of own subscription and interest
thereon-Nil iv) Compensation for loss of office -Nil and v) Consideration in connection with retirement from office -Nil
58 Segment information
Business activities of BSCCL are not organized on the basis of differences in related services or differences in
geographical areas of operations. It essentially provides similar services to clients across the country.
59 Comparatives
Comparative information in the following major areas has been rearranged to conform to current year's presentation.

60 Number of employees
(a) The number of employees employed in the company throughout the year who received aggregate remuneration
not less than Tk.36,000 was Nil.
(b) The number of employees employed in the company for part of the year who received aggregate remuneration not
less than Tk.3,000 per month was Nil.
(c) As at 30 June 2021 the number of regular employees receiving remuneration of Tk.36,000 or above per annum was
130 (2020: 120).
61 Events after the reporting period

The Board of Directors of BSCCL, at its 192nd meeting held on 21 October 2021 proposed 37% Cash Dividend on the
paid-up capital equivalent to Taka 610,150,387 for the year 2020-2021. This dividend is subject to final approval by the
shareholders at the forthcoming Annual General Meeting (AGM) of the company.
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Chief Financial Officer
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Company Secretary Managing Director Director
d.
Date: 21 October 2021
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148
Bangladesh Submarine Cable Company Limited Annexure-A

Schedule of Property, Plant & Equipment
Annual Report 2021
As at 30 June 2021
(Amount in Taka)
Cost Accumulated depreciation
As at 01 July
As at 01 July Additions Adjustment As at 01 July Adjustment WDV as at
Name of assets Impairment as (Restated) As at Charged during As at
(Restated) during the during the Rate (Restated) during the 30 June 2021
on 30 June 2020 2020 after Effect 30 June 2021 the year 30 June 2021
2020 year year 2020 year
of Impairment
A. Freehold assets (cost less accumulated depreciation)
Land and land development 122,612,477 - 122,611,477 - - 122,611,477 - - - - - 122,611,477
Core equipment-IPLC-SMW-4 2,603,865,991 - 2,603,865,991 - - 2,603,865,991 10.00% 1,916,484,275 114,563,619 - 2,031,047,895 572,818,096
Core equipment-IPLC-SMW-5 5,617,236,063 - 5,617,236,063 19,009,011 - 5,636,245,073 5.00% 835,707,091 282,384,587 - 1,118,091,678 4,518,153,395
Core equipment-IIG 231,335,694 - 231,335,694 19,255,287 - 250,590,980 14.29% 143,574,699 35,672,094 - 179,246,793 71,344,188
m
Building 63,415,462 - 63,415,462 - - 63,415,462 4.00% 25,847,335 1,502,725 - 27,350,060 36,065,402
Building-Low cost Quarter-SMW4 - - - 5,242,135 - 5,242,135 2.50% - 131,053 - 131,053 5,111,081
Building-SMW-5 291,283,034 (2,364,660) 288,918,374 - - 288,918,374 2.70% 43,692,455 6,627,721 - 50,320,176 238,598,198
Floor development 2,654,065 (118,663) 2,535,402 - - 2,535,402 4.00% 2,014,173 20,849 - 2,035,022 500,380
Security barak & security wall 7,827,297 - 7,827,297 - - 7,827,297 4.00% 3,304,541 180,910 - 3,485,452 4,341,845
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Deep tube-well & pump house 2,343,837 (150,202) 2,193,635 - - 2,193,635 0.00% 1,792,622 - - 1,792,622 401,013
Deep tube-well & pump house-SMW-5 1,334,855 - 1,334,855 - - 1,334,855 0.00% 200,228 - - 200,228 1,134,627
Generator-500 KVA(SMW#5) 18,414,231 - 18,414,231 - - 18,414,231 8.33% 5,524,269 1,074,163 - 6,598,433 11,815,799
500 KV sub-station 3,284,000 - 3,284,000 - - 3,284,000 11.11% 2,896,834 43,018 - 2,939,852 344,148
500 KV sub-station-SMW-5 13,146,779 - 13,146,779 - - 13,146,779 3.13% 1,972,018 349,211 - 2,321,229 10,825,550
Power system 35,631,806 - 35,631,806 12,528,240 - 48,160,046 16.67% 27,966,599 3,365,573 - 31,332,172 16,827,874
d.
Power system-SMW-5 20,847,215 - 20,847,215 189,100 - 21,036,315 5.88% 3,127,082 1,053,063 - 4,180,145 16,856,170
Power system-IIG 387,555 - 387,555 - - 387,555 33.33% 155,022 77,511 - 232,533 155,022
Boundary wall 11,673,668 (1,727,339) 9,946,329 - - 9,946,329 3.85% 4,186,873 221,517 - 4,408,390 5,537,939
Boundary wall-SMW-5 38,218,321 38,218,321 - - 38,218,321 2.70% 5,732,748 877,988 - 6,610,736 31,607,586
Ducting from beach manhole 18,960,526 (190,738) 18,769,788 - - 18,769,788 9.09% 11,956,450 619,332 - 12,575,783 6,194,005
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Ducting from beach manhole-SMW-5 21,813,789 - 21,813,789 - - 21,813,789 6.25% 3,272,068 1,158,858 - 4,430,926 17,382,863
Vehicles 55,191,012 - 55,191,012 - (6,329,000) 48,862,012 10.00% 39,460,558 2,944,037 (5,785,343) 36,619,252 12,242,760
Office equipment and furniture 43,222,606 (11,207,391) 32,015,215 2,452,303 - 34,467,517 5-10% 15,608,616 4,941,336 - 20,549,952 13,917,565
Co-Location point 916,051 (74,726) 841,325 926,706 - 1,768,031 25.00% 427,954 335,019 - 762,973 1,005,058
Co-Location point-SMW-5 1,397,121 (16,427) 1,380,694 - - 1,380,694 5.88% 188,950 70,075 - 259,024 1,121,670
Office decoration 7,702,120 (234,085) 7,468,035 525,424 - 7,993,459 10.00% 2,776,977 765,092 - 3,542,068 4,451,390
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Water Treatment Plant & Others 220,500 (34,380) 186,120 - - 186,120 20.00% 88,200 37,224 - 125,424 60,696
Surveillance System - - - 471,925 - 471,925 20.00% - 94,385 94,385 377,540
Sub-total 9,234,936,073 (16,118,611) 9,218,816,463 60,600,130 (6,329,000) 9,273,087,594 3,097,958,639 459,110,961 (5,785,343) 3,551,284,258 5,721,803,336
Incremental value of revalued Freehold assets

(i) As per valuation based on Financial Statement as on 30 June 2020
Land and land development 631,425,962 - 631,425,962 - - 631,425,962 631,425,962
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Building 72,159,463 - 72,159,463 - - 72,159,463 4.00% - 2,886,379 - 2,886,379 69,273,085

Security barak & security wall 84,809 - 84,809 - - 84,809 4.00% - 3,392 - 3,392 81,417
Deep tube-well & pump house-SMW-5 95,589 - 95,589 - - 95,589 0.00% - - - - 95,589
Generator-500 KVA(SMW#5) 2,523,709 - 2,523,709 - - 2,523,709 8.33% - 210,309 - 210,309 2,313,400
500 KV sub-station 1,181,221 - 1,181,221 - - 1,181,221 11.11% - 131,247 - 131,247 1,049,974
500 KV sub-station-SMW-5 1,041,697 - 1,041,697 - - 1,041,697 3.13% - 32,553 - 32,553 1,009,144
Power system 15,612,099 - 15,612,099 - - 15,612,099 16.67% - 2,602,015 - 2,602,015 13,010,084
Power system-SMW-5 27,112,088 - 27,112,088 - - 27,112,088 5.88% - 1,594,191 - 1,594,191 25,517,897
Power system-IIG 9,301 - 9,301 - - 9,301 33.33% - 3,100 - 3,100 6,201
Boundary wall-SMW-5 1,012,168 - 1,012,168 - - 1,012,168 2.70% - 27,356 - 27,356 984,812
Vehicle 3,691,409 - 3,691,409 3,691,409 10.00% 369,141 369,141 3,322,269
Sub Total (i) 755,949,517 - 755,949,517 - - 755,949,515 7,859,683 7,859,683 748,089,832
(ii) As per previous valuation
Land and land development 346,562,561 - 346,562,561 - - 346,562,561 - - - - 346,562,561
Sub Total (ii) 346,562,561 - 346,562,561 - - 346,562,561 - - - - - 346,562,561
Grand Total 10,337,448,151 (16,118,611) 10,321,328,540 60,600,130 (6,329,000) 10,375,599,671 - 3,097,958,639 466,970,644 (5,785,343) 3,559,143,940 6,816,455,730

Schedule of Trade Receivable
As at 30 June 2021 Annexure-B
Amount in Tk.
Sl. Opening Addition Collection Closing
Name of Customer Balance
No. during during Balance
(Restated) the year the year
1 1 Asia Alliance Communication Ltd 4,544,709 - - 4,544,709
2 1 Asia Alliance Gateway Ltd 4,257,981 - - 4,257,981
3 Aamra Technologies Ltd 110,839,411 216,973,444 190,806,832 137,006,024
4 Aamra Technologies Ltd(SMW#5) 264,545,250 408,702,919 406,925,747 266,322,422
5 ADN International Gateway Ltd-SMW#4 6,313,002 14,922,452 10,514,193 10,721,261
6 ADN International Gateway Ltd-SMW#5 18,746,582 24,442,303 31,423,194 11,765,691
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7 ADN Telecom Ltd-IIG(ISP) 9,437,017 12,801,283 18,618,999 3,619,302
8 AKCEYCOM Ltd-IIG(ISP) 51,423 - - 51,423
9 Always On Network BD Ltd-IIG(ISP) 1,850,041 3,105,004 3,223,207 1,731,838
10
11
12
Apple Communication Ltd-IIG
Apple Global Tel Communications Ltd
Bangla Phone Ltd-IIG(ISP)
co
4,047,909
4,559,524
- 33,414,048
-
-
22,462,658
-
550,160
10,951,390
4,047,909
4,009,364
d.
13 Bangla Tel Ltd 2,875,511 4,433,782 5,751,404 1,557,890
14 Bangla Trac Communications Ltd. 1,238,550 - 1,012,977 225,573
15 Bangladesh Internet Exchange LtdIIG 762,142 - - 762,142
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16 Banglphone Ltd-Co-Location Charge#4 878,466 - 147,591 730,875

17 BD Hub Ltd-IIG 36,943,033 97,539,953 106,841,743 27,641,243
18 BD Link Communication LtdColoc-IIG - 35,395 21,000 14,395
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19 BD Link Communication Ltd 1,872,555 2,207,664 2,717,744 1,362,475

20 BD Link Communication Ltd D/N BTCL5 - 49,668 49,668 -
21 BD Link Communication Ltd-SMW#5 - 501,270 501,270 -
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22 BDREN/UGC-ISP 6,223,075 2,480,826 8,125,502 578,399

23 BESTEC Telecom Ltd 2,306,856 - 50,000 2,256,856
24 BG International Gateway Ltd 13,246,462 - - 13,246,462
25 Bharti Airtel Limited(Airtel) 761,701 - - 761,701
26 Brac Net Ltd-IIG(ISP) 1,511,925 3,973,252 4,199,454 1,285,722
27 BSNL 94,847,489 - 70,956,771 23,890,718
28 BTCL 659,801,601 179,071,234 580,335,132 258,537,703
29 BTCL IGW-SMW#5 - 5,464,200 3,864,701 1,599,499
30 BTCL-Co-Location(IPLC-SMW#4) 10,033,750 - - 10,033,750
31 BTCL-IGW - 16,081,800 11,579,400 4,502,400
32 BTCL-Power&Rack(IPLC-SMW#4) 11,429,712 - - 11,429,712
33 BTCL-SMW#5 160,360,414 330,790,668 406,091,552 85,059,529
34 BTRC for DC&DR 3,884,519 1,537,074 560,974 4,860,619
35 BTS Communication(BD) Ltd-ISP(IIG) 528,037 804,430 834,767 497,700
36 Chittagong Online Ltd-IIG(ISP) 1,490,620 5,701,606 6,868,225 324,001

Amount in Tk.
37 Cox Link IT-IIG(ISP) 43,107 805,091 657,126 191,072
38 Cybergate Ltd 32,414,678 60,312,150 85,716,363 7,010,465
39 Cybergate Ltd-SMW#5 54,605,202 88,041,240 127,488,013 15,158,430
40 Cybergate Ltd-Power&Rak-IIG - - - -
41 Delta Infocom Ltd 2,918,358 - 2,958,960 (40,602)
42 Earth Telecommunication Ltd-IIG 39,576,949 2,394,337 40,935,496 1,035,790
43 Earth Telecommunication Ltd-SMW#5 56,954,531 85,101,786 68,073,663 73,982,655
44 Earth Telecommunications Pvt.Ltd 38,660,490 83,882,125 57,851,530 64,691,085
45 Equitel Communication Ltd-IIG 347,542 866,100 945,929 267,713
46 Exabyte Ltd-IIG 226,771 - - 226,771
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47 Fiber @ Home Global Ltd(SMW#5) 24,767,139 73,668,652 70,472,584 27,963,206
48 Fiber@Home Global Ltd 75,381,566 79,981,374 104,009,974 51,352,966
49 Fiber@Home Global Ltd(ITC) 7,796,754 2,104,000 4,938,786 4,961,968
50
51
52
Fiber@Home Ltd -Power&Rack(SMW#5)
Fiber@Home Ltd(Power&Rack)-SMW#4
Fiber@Home Ltd-Colocation (SMW#5)
co 317,719
128,328
972,800
723,277
3,461,817 18,964,909
663,678
493,445
12,464,396
626,841
358,160
9,962,330
d.
53 Fiber@Home Ltd-Co-Location Charge#4 6,218,166 18,620,359 17,782,757 7,055,769
54 First Communication Ltd 3,258,547 - - 3,258,547
55 Global Fair Communication Ltd-IIG 70,101 - - 70,101
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56 Global Voice Telecom Ltd (292,489) 292,489 - -

57 HRC Technologies Ltd 8,868,143 5,467,138 6,413,313 7,921,969
58 Infocom Ltd-IIG(ISP) 486,960 279,581 675,764 90,777
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59 InterCloud Ltd 32,496 - - 32,496

60 I-Tel Ltd-IIG 65,550 - - 65,550
61 Kay Telecommunication Ltd 9,465,845 - - 9,465,845
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62 Kloud Technologies Ltd-IIG(ISP) - 620,972 384,457 236,515

63 Kloud Technologies Ltd-ISP-Colocati 32,566 123,571 115,589 40,548
64 KS Network Ltd-IIG(ISP) 8,631,965 12,572,673 16,178,789 5,025,850
65 Level 3 Carrier Ltd 51,237,752 90,495,367 101,051,752 40,681,368
66 Level3 Carrier Ltd(Power&Rack)-SMW5 - 105,010 32,760 72,251
67 Level-3 Carrier Ltd(SMW#5) 178,054,243 473,176,739 426,093,013 225,137,969
68 Managewell Communication Ltd(SMW#5) 6,205,728 - 6,205,728 -
69 Managewell Communications Ltd (291,337) 291,337 - -
70 Mango Tele Services Ltd. 154,928,896 - - 154,928,896
71 Maxnet Online 12,653,417 - - 12,653,417
72 Maxnet Online-IIG 6,792,447 - 321,677 6,470,770
73 Mir Telecom Ltd. 3,400,623 - - 3,400,623
74 NMS Technologies Ltd-IIG(ISP) 474,889 373,572 409,232 439,229
75 Novocom Ltd 10,211,414 - 8,606,702 1,604,712
76 Novocom Ltd(ITC) 10,721,016 12,943,750 18,726,516 4,938,250

Amount in Tk.
77 Novocom Ltd-IIG 592,264 10,179,684 8,167,160 2,604,787
78 Novotel 1,545,872 - 372,035 1,173,838
79 Optimax Communication Ltd-IIG - 5,043,827 4,127,878 915,949
80 Orange Communication Ltd-IIG(ISP) 39,210 - - 39,210
81 Peerex Network-IIG 111,324,170 258,999,052 189,645,881 180,677,340
82 Peerex Networks Ltd-(Power&Rack)-4 - 33,856 33,856 -
83 Peerex Networks Ltd-(Power&Rack)-5 - 33,856 33,856 -
84 Peerex Networks Ltd(SMW#5) - 24,270,716 14,593,916 9,676,800
85 PGCB-Colocation-SMW#5 - 399,000 359,100 39,900
86 Pioneer Services Ltd-IIG(ISP) 173,469 380,944 364,571 189,842
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87 Planet Satellite-IIG(ISP) 1,100,000 - 230,769 869,231
88 Premium Connectivity Ltd-IIG(ISP) 386,033 646,714 758,708 274,040
89 Radiant Communication Ltd 4,512,242 - 300,000 4,212,242
90 Ranks Telecom Ltd
91 Ratul Telecom Ltd
92 Fiber@Home Golbal Ltd-IIG
co 542,476
13,275,840
41,362,002
-
-
131,316,795 123,146,545
-
-
542,476
13,275,840
49,532,252
d.
93 BG Tel Ltd. 2,724,903 1,070,594 1,563,998 2,231,498
94 REGO Communication Ltd 1,189,008 - 200,000 989,008
95 Roots Communications Ltd 5,249,491 5,587,980 5,524,451 5,313,021
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96 Skytel Communications Ltd-IIG 22,996,559 26,216,449 32,187,998 17,025,009

97 SM Communication Ltd 1,344,610 - - 1,344,610
98 SS Online Ltd-IIG(ISP) 68,080 303,165 346,255 24,990
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99 SSD-Tech Ltd-IIG(ISP) 239,690 57,960 297,444 206

100 Summit Communication -Power&Rack(5) 796,450 1,649,665 1,836,516 609,599
101 Summit Communication Ltd(ITC) 8,182,988 7,405,000 12,512,321 3,075,666
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102 Summit Communication Ltd-Coloc-SMW5 16,876,998 33,183,684 41,153,960 8,906,723

103 Summit Communication Ltd-IIG 94,478,965 133,263,185 186,319,883 41,422,266
104 Summit Communication Ltd-IPLC(SMW#5) 162,191,523 460,987,944 510,507,018 112,672,449
105 Summit Communication Ltd-Power&Rack #4 1,217,570 1,669,120 2,333,368 553,322
106 Summit Communication-ADCN Terminati 103,140 - 120,000 (16,860)
107 Summit Communications Ltd 87,558,772 203,420,821 229,187,006 61,792,587
108 Summit Communications Ltd-Co-Loctio#4 9,010,620 16,575,997 21,555,364 4,031,253
109 Teletalk Banglades Ltd-IPLC(SMW#4) - 430,885 90,287 340,598
110 Teletalk Bangladesh Ltd-IIG(ISP) 11,825,912 28,703,584 12,723,499 27,805,996
111 Teletalk BD Ltd-Co-Location(SMW#5) 11,731 137,640 130,197 19,174
112 Teletalk BD Ltd-Power&Rack-SMW#5 - 73,888 - 73,888
113 Telex Ltd 18,880,608 - - 18,880,608
114 Vision Tel Ltd 5,422,425 - - 5,422,425
115 Windstream Communnication Ltd-IIG - 6,570,795 5,728,800 841,995
Grand Total 2,874,240,783 3,836,827,477 4,482,155,503 2,228,912,757


Schedule of Security Deposit received from Clients
As at 30 June 2021 Annexure-C
Amount in Tk.
SL Addition Adjustment Closing
No. Name of Customer Opening
during during Balance
Balance the year the year
1 Aamra Technologies Ltd 17,252,372 4,663,692 - 21,916,064
2 Aamra Technologies Ltd(SMW#5) 34,524,171 4,913,156 2,075,084 37,362,243
3 ADN International Gateway Ltd-SMW#4 - 2,317,626 - 2,317,626
4 ADN International Gateway Ltd-SMW#5 - 1,653,750 - 1,653,750
5 ADN Telecom Ltd-IIG(ISP) 1,891,290 280,606 - 2,171,896
6 AKCEYCOM Ltd-IIG(ISP) 39,388 - - 39,388
m
7 Always On Network BD LTD-IiG(ISP) 377,045 - - 377,045
8 Apple Communication Ltd-IIG - 6,426,000 - 6,426,000
9
10
11
Apple Network Ltd
Bangla Phone Ltd(IIG)
Bangla Tel Ltd co
1,012,390
147,591
688,608
-
-
-
-
147,591
-
1,012,390
-
688,608
d.
12 Bangla Trac 1,012,977 - 1,012,977 -
13 Bangladesh Internet ExchangeLtdIIG 62,100 - - 62,100
14 BanglaPhone Ltd-IIG(ISP) 550,160 - 550,160 -
ab
15 BD Hub Ltd-IIG 6,319,121 4,078,760 - 10,397,882

16 BD Link Communication LtdColoc-IIG - 8,925 - 8,925
17 BD Link Communication Ltd 2,299,712 - - 2,299,712
18 BD Link Communication Ltd-SMW#5 - 200,760 - 200,760
nk
19 BDREN/UGC-ISP 850,000 - - 850,000

20 BG Tel Ltd 2,328,497 - - 2,328,497
21 Brac Net Ltd-IIG(ISP) 349,110 - - 349,110
la
22 BTCL 5,235,557 - 5,235,557 -

23 BTCL Demand Note-ADN IIL(SMW#4) - - - -
24 BTCL(SMW#5)Aamra Technology Ltd - - - -
25 BTCL(SMW#5)Cybergate Ltd - - - -
26 BTCL(SMW#5)Level-3 Carrier Ltd - - - -
27 BTCL-5 -Managewell Com - - - -
28 BTRC(DC&DR) 195,500 - 195,500 -
29 BTS Communication(BD)Ltd-ISP 74,520 - - 74,520
30 Chittagong Online Ltd-IIG(ISP 428,145 54,290 - 482,435
31 Cox Link IT-IIG(ISP) 42,826 38,433 - 81,259
32 Cybergate Ltd 7,661,875 - 4,901,875 2,760,000
33 Cybergate Ltd-SMW#5 9,353,480 - 6,161,480 3,192,000
34 Cybergate Online Ltd(Power & Rack)IIG 23,601 1,887 - 25,489
35 Digicon Telecommunication Ltd. 1 - 1 -

Amount in Tk.
36 Earth Telecommunication Ltd-IIG 2,201,423 214,463 2,196,158 219,727
37 Earth Telecommunication Ltd-SMW#5 6,700,475 2,646,000 1,219,475 8,127,000
38 Earth Telecommunications Pvt.Ltd 7,357,010 3,549,656 1,766,390 9,140,276
39 Equitel Communication Ltd-IIG 362,916 - - 362,916
40 Fiber @ Home Global Ltd(SMW#5) 2,902,324 5,365,440 - 8,267,764
41 Fiber@Home Global Ltd(SMW#4) - 1,785,724 - 1,785,724
42 Fiber@Home Golbal Ltd-IIG 7,548,255 9,962,490 - 17,510,745
43 Fiber@Home Ltd 8,050,000 - - 8,050,000
44 Fiber@Home Ltd-(ITC) 968,559 - - 968,559
m
45 Fiber@Home Ltd-Co-Location 4,666,107 184,500 - 4,850,607
46 Fiber@Home Ltd-Colocation (SMW#5) 1,147,500 417,000 - 1,564,500
47 Fiber@Home Ltd-Power&Rack-(SMW#4) 15,525 - - 15,525
48
49
50
Managewell Communications Ltd
Global Voice Ltd
HRC Technologies Ltd
co
1,218,801
688,608
528,549
-
-
-
1,218,801
688,608
- 528,549
-
-
d.
51 Infocom Ltd-IIG(ISP) 86,573 - - 86,573
52 Kloud Technologies Ltd-IIG(ISP) - 51,750 - 51,750
ab
53 Kloud Technologies Ltd--ISP-Coloca 11,102 - - 11,102

54 KS Network Ltd-IIG(ISP) 1,128,127 - - 1,128,127
55 Level 3 Carrier Ltd 8,444,750 3,008,723 - 11,453,473
56 Level3 Carrer Ltd(Power&Rack)-IIG 9,929 - - 9,929
nk
57 Level3 Carrier Ltd(Power&Rack)-SMW5 - 14,805 - 14,805

58 Level-3 Carrier Ltd(SMW#5) 36,982,235 9,914,676 10,064,197 36,832,714
59 Managewell Communication Ltd(SMW#5) 2,185,823 - 2,185,823 -
la
60 Mir Telecom 5,412,537 - - 5,412,537

61 NMS Technologies Ltd-IIG(ISP) 56,350 - - 56,350
62 Novocom Ltd 5,294,702 - 5,294,702 -
63 Novocom Ltd(ITC) 1,541,736 - - 1,541,736
64 Novocom Ltd-IIG - 890,100 - 890,100
65 Optimax Communication Ltd-IIG - 1,615,950 - 1,615,950
66 Peerex Networks Ltd-(Power & Rack)-4 - 15,353 - 15,353
67 Peerex Networks Ltd-(Power&Rack)-5 - 15,353 - 15,353
68 Peerex Networks Ltd(SMW#5) - 3,225,600 - 3,225,600
69 Peerex Networks-IIG 20,786,911 5,076,855 - 25,863,766
70 Pioneer Services Ltd-IIG(ISP) 28,750 - - 28,750
71 Planet Satellite-IIG(ISP) 165,347 - - 165,347
72 Premium Connectivity Ltd-IIG(ISP) 55,000 - - 55,000
73 Roots Communication Ltd 896,153 - - 896,153

Amount in Tk.
74 Skytel Communications Ltd-IIG 3,103,478 - - 3,103,478
75 SS Online Ltd-IIG(ISP) 26,738 - - 26,738
76 SSD-Tech Ltd-IIG(ISP) 198,156 - 198,156 -
77 Summit Communication Ltd(ITC) 1,296,101 - - 1,296,101
78 Summit Communication Ltd-Coloc-SW#5 2,357,250 712,500 - 3,069,750
79 Summit Communication Ltd-IIG 14,276,314 - - 14,276,314
80 Summit Communication Ltd-Power&Rack-5 - 66,700 - 66,700
81 Summit Communication LtdSMW5 32,078,355 20,344,984 - 52,423,338
82 Summit Communications Ltd 19,164,264 10,177,281 - 29,341,545
m
83 Summit Communications Ltd-Colocati 1,696,710 525,000 - 2,221,710
84 Teletalk BD Ltd-IIG(ISP) 345,000 - - 345,000
85 Venus Telecom Ltd 251,057 - - 251,057
86 Windstream Communnication Ltd-IIG
Grand Total co
294,955,533
- 2,806,650
107,225,439
-
45,112,535
2,806,650
357,068,437
d.
ab
nk
la


Statement of Profit or Loss for IIG Unit
For the year ended 30 June 2021 Annexure-D
Amount in Taka
Notes
2020-2021 2019-2020
Restated
Revenue
Circuit Activation Charge 27 1,009,000 338,000
IP Transit Charges 28 702,829,030 459,323,412
Co-Location 29 1,356,986 47,428
IP Transit -Export 30 - 36,848,250
705,195,016 496,557,090
m
Direct cost of operation
Electricity and generator fuel 2,694,444 2,308,571
Backhaul & Data connectivity Charge 33 83,673,754 115,833,714
IP Transit Cost
Exchange Loss/ (Gain)
Impairment Loss
co 34
36
66,632,955
(85,268)
-
56,015,007
(7,902)
878,845
d.
Depreciation of core machinery (Schedule-A) 35,189,461 29,543,245
188,105,346 204,571,480
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Gross profit 517,089,670 291,985,610

Operating expenses
General and administrative expenses 38,132,149 38,210,156
Depreciation on property, plant and equipment 806,873 987,183
nk
Provision for Bad & Doubtful Debts (47,099,106) 52,883,071

(8,160,084) 92,080,410
Operating profit 525,249,754 199,905,200
la
Non-operating income
Bank interest and other income 932,970 466,233
Profit before WPPF & WF 526,182,724 200,371,433

Provision for contribution to WPPF & WF 25,056,320 9,579,272
Profit before taxation 501,126,404 190,792,161
Less: Current tax expense 62,327,158 25,463,180
Net profit after tax 438,799,246 165,328,981
Total comprehensive income 438,799,246 165,328,981

156
Bangladesh Submarine Cable Company Limited Annexure-E

Annual Report 2021
Calculation of Current Tax Provision

As at 30 June 2021
Amount in Taka
Total Exemption Exempted Chargeable Tax Tax
Particulars
Amount rate Amount Income Rate Liability
m
Profit Before Taxation 2,399,828,187
Add: Provision for bad debt (26,721,604)
CSR expense 5,361,328
co

Excess perquisite 6,007,629
Accounting depreciation 466,970,644
2,851,446,184
Less: Tax depreciation 684,157,267
d.
Total taxable income 2,167,288,918
Less: Non -operating Income 237,762,634
ab
Taxable profit including Tax holiday
1,929,526,284
exempted profit
Profit from IIG Exempted due to Tax
394,395,172
Holiday
nk
Taxable profit 1,535,131,112
Taxable Profit 1,535,131,112 0% - 1,535,131,112 22.50% 345,404,500

Profit-IIG as per Ratio of Sales 394,395,172 30% 118,318,552 276,076,621 22.50% 62,117,240
la
Tax on Other Income 231,153,413 22.50% 52,009,518

Gain on sale of share 5,045,913 10% 504,591
Tax on Dividend Income 1,563,307 20% 312,661
Total 118,318,552 2,048,970,366 460,348,511
CSR PM R Fund Total Rebate

Investment tax credit 5,361,328 - 5,361,328 10% 536,133
Net tax liability 459,812,378


Statement of Tax Status
For the year ended 30 June 2021 Annexure-F
Tax Tax paid (Tax

Tax Tax
provision as deduction at
Sl. Income Assessme determined Department's
per source & cash Assessment Status
No. year nt year by Tax Demand/
Financial paid and
Authority (Refund)
statements adjustment)
1 2008-2009 2009-2010 - - 5,000 - Minimum tax paid.
Assessment completed.
2 2009-2010 2010-2011 2,029,024 1,727,527 1,782,215 - Assessment completed.
m
3 2010-2011 2011-2012 39,000,000 71,398,127 44,018,384 25,240,639 Reference application
filed with High Court by
4 2011-2012
5 2012-2013
2012-2013
2013-2014
112,000,000
215,497,909
co
95,222,745
188,372,823
95,222,745
188,372,825
BSCCL.
- Assessment completed.
- Assessment completed.
d.
6 2013-2014 2014-2015 118,394,089 123,944,463 128,038,324 (2,016,320) Reference application
filed with High Court by
BSCCL.
ab
7 2014-2015 2015-2016 29,172,487 34,821,481 34,821,481 - Assessment completed.

8 2015-2016 2016-2017 30,033,089 35,407,408 30,902,291 5,688,726 Application submitted to
DCT u/s 173
9 2016-2017 2017-2018 79,419,651 68,127,676 62,223,548 9,436,501 Application submitted to
nk
DCT u/s 173

10 2017-2018 2018-2019 24,495,969 19,387,162 42,580,876 (23,245,907) Assessment completed.
11 2018-2019 2019-2020 70,251,738 122,485,355 110,650,940 7,716,431 Case pending with DCT
la
12 2019-2020 2020-2021 240,032,242 - 240,032,242 - Assessment completed.

13 2020-2021 2021-2022 465,461,372 - 601,298,510 - Return submission date
not yet due.


Calculation of Average Effective Tax Rate
For the year ended 30 June 2021 Annexure-G
Amount in Taka
Components of tax expense
Current tax expense (Note-44) 465,461,372

Deferred tax expense (Note-45) 27,034,955
Total income tax expense 492,496,326
m
Explanation of the relationship between tax expense & profit before tax
(i) A numerical reconciliation between tax expense & the profit before tax
Profit before tax
Current tax expense

co 2,399,828,187
d.
Tax expense on business income( applicable tax rate-22.5%) 407,521,740
Tax expense on other income (applicable tax rate-22.5%) 52,009,518
ab
Tax expense on dividend income(applicable tax rate-20%) 312,661

Gain on sale of share (applicable tax rate-10%) 504,591
Investment tax credit ( applicable tax rate-10%) (536,133)
Against assessed tax for the year-2014-15 5,648,994
nk
Total Current tax expense 465,461,372
Deferred tax expense

Closing balance of deferred tax liability 548,753,365
la
(Note-45)
Opening balance of deferred tax liability 521,718,411
Total deferred tax expense(B) 27,034,955
Total income tax expense(A+B) 492,496,326
(ii) A numerical reconciliation between the average effective

tax rate & applicable tax rate
Tax effect on business income 16.98%

Tax effect on other income 2.17%
Tax effect on deferred tax expense 1.13%
Tax effect on Dividend Income 0.01%
Tax effect on Investment tax credit -0.02%
Tax Effect against assessed tax for the year-2014-15 0.24%
Average effective tax rate 20.27%


Rahman’s Regnum Center (6th, 7th & 8th Floor) 191/B, Tejgaon-Gulshan Link Road
Dhaka-1208, Bangladesh, Tel: 88 02 8879192, 88 02 8879194, Web: www.bsccl.com
PROXY FORM
I/We
of being a shareholder
of Bangladesh Submarine Cable Company Limited do hereby appoint
Mr./Mrs
of
m
(or failing his/her)
Mr./Mrs
of
co as my/our proxy to attend
and vote on my/our behalf at the 13th Annual General Meeting of the Company to be held on 07 December,
2021 (Tuesday) at 11:00 A.M. through Virtual Platform or at any adjournment or any ballot to be taken in
consequence thereof.
d.
Signed this day of 2021.
ab
Signature of the proxy Signature of the Shareholder(s)

Revenue
nk
BO ID No. Stamp of
Tk. 20/=
No of shares being held
la
Notes:
I). This Form of Proxy, duly filled and stamped must be submitted at least 72 hours before the AGM at the
Registered Office of the Company.
II). Signature of the Shareholder must be in accordance with the specimen signature registered with the Company.
Wear Mask Stay Safe

Shareholders' Note :
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nk
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Designed by : < Color Max Creations > 01615 942838
evsjv‡`k mve‡gwib K¨vej †Kv¤úvbx wjwg‡UW (weGmwmwmGj)

Rahman’s Regnum Center (6th, 7th & 8th Floor) 191/1, Tejgaon-Gulshan Link Road
Dhaka-1208, Bangladesh, Tel : 88 02 8879192, 88 02 8879194, Web : www.bsccl.com

2020 2021

Uploaded by

2020 2021

Uploaded by

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Bangladesh Submarine Cable Company Limited (BSCCL)

Human Resource Management 28

Corporate Governance Code Compliance Report (Annexure-B) 61

Md. Abdus Salam Khan FCS

ANNUAL REPORT 2021

Notice of Annual General Meeting

Annual Report 2021

7. To approve the change of the existing registered name of the Company.

Md. Abdus Salam Khan FCS

be mailed to the respective Member’s email address available with us.

ANNUAL REPORT 2021

CONNECTING THE WORLD

• To keep Bangladesh connected uninterruptedly to

• To provide highest quality bandwidth for Internet

• To make the telecommunication and IT services

Annual Report 2021

†KŠkjMZ D‡Ïk¨ Strategic Objectives

I WvUv Uª¨vwdK cwien‡Y m¶g †mev wbwðZ Kiv|

ANNUAL REPORT 2021

BACKGROUND OF THE COMPANY

Annual Report 2021

I sincerely wish that the company will continue to

ANNUAL REPORT 2021

Annual Report 2021

Besides, several other international clients have also

ANNUAL REPORT 2021

House # 51 (2nd Floor), Road # 09

Suraiya Parveen and Associates,

Legal Adviser Bangladesh.

Tax Adviser Landing Stations

Annual Report 2021

Product and Services

IIG BSCCL’s IGW

Video Internet Call Mobile

ANNUAL REPORT 2021

Particulars 2016-17 2017-18 2018-19 2019-20 2020-21

Vendor’s Agreement with Government : 30 June 2008

Annual Report 2021

Five Year’s Financial Summary

Debt to Equity 61% 75% 79% 77% 66%

ANNUAL REPORT 2021

BOARD OF DIRECTORS OF BSCCL

Mr. Md. Khalilur Rahman

Ministry of Posts, Telecommunications

Mr. Syed Mamnun Quader Mr. Mashiur Rahman

Annual Report 2021

Professor, Institute of Information Technology, Army Headquarters, Dhaka Cantonment

Mr. Syed Mamnun Quader

& Independent Director, BSCCL

Mr. Mashiur Rahman

ANNUAL REPORT 2021

Brief Description of Chairman

Since his joining in Bangladesh entrusted with the post of Director

Mr. Md. Khalilur Rahman joined as

Divisional Commissioner, Dhaka Secretary of Ministry of Housing Development Administration at

Brief Description of Directors

Annual Report 2021

Mr. Hye is an officer of Bangladesh

from Sujanagar High School. He tary in the Ministry of Housing &

ANNUAL REPORT 2021

starts his career as a civil servant he Secretary to the Government in

Dr. Md. Mahbubul Alam Joarder is a Institute, Institute of Information

Rajshahi Science and Technology guidance of University Grants

Salimullah Muslim Hall, University of projects, two most successful

Annual Report 2021

Bachelor’s degree in Electrical, matters. Besides, he also served as

Bangladesh Submarine Cable Sweden, National University of

Prior to Joining ECRL, he worked at

Director Projects and Company

ANNUAL REPORT 2021

lished in early 1996. He spear- Important Person (CIP). South-

Mr. Mashiur Rahman joined BSCCL Engineer, Divisional Engineer and

subsequently approved by the BoD (International). Later, before

1988 from Bangladesh University National Pay Scale) of the Depart-

Annual Report 2021