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Renata Agro Industries LimitedNOTES TO THE FINANCIAL STATEMENTSAS AT AND FOR THE YEAR ENDED 31 DECEMBER 201211. STRUCTURE OF THE COMPANY:1.1 Renata Agro Industries Limited is a private company limited by shares incorporated on 07 September 1997 in Bangladeshunder the Companies Act. 1994.The shares of the company shall be under the control of the Directors of the company.1.2 Registered Office and Principal Place of Business:The registered office of the Company is situated at Plot No. 01, Section - 07, Milk Vita Road, Mirpur, Dhaka-1216. The farm islocated at Barakashar, Bhaluka, Mymensingh.2. NATURE OF BUSINESS ACTIVITIES:The principal activities of the company are to carry on business for producing and sale of various agro based products,and poultry breeding & hatching and sale of poultry products. The company commenced its commercial operation fromOctober 1998.3. PRINCIPAL ACCOUNTING POLICIES:3.1 Basis of Accounting:The financial statements have been prepared under historical cost convention in accordance with Bangladesh FinancialReporting Standards (BFRS).3.2 Compliance with Local Laws:The financial statements have been prepared in compliance withrelevant local laws and rules.requirements of the Companies Act, 1994 and other3.3 Component of the Financial Statements:According to the Bangladesh Accounting Standards "BAS-1", "Presentation of Financial Statements" to complete set ofFinancial Statements include the following components:(a) Statement of Financial Position as at 31 December 2012.(b) Statement of Comprehensive Income for the year ended 31 December 2012(c) Statement of Changes in Equity for the year ended 31 December 2012.(d) Statement of Cash Flows for the year ended 31 December 2012(e) Notes to the Financial Statements.3.4 Risk and uncertainties for use of estimates in preparation of Financial Statements:The preparation of financial statements in conformity with the Bangladesh Accounting Standards (BASs) require managementto make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingentassets and liabilities at the date of financial statements, and revenues and expenses during the reported period. Actualresults could differ from those estimates. Estimates are used for accounting of certain items such as provision for doubtfulaccounts, depreciation, taxes, reserves and contingencies.•90
3.5 Transactions with related parties:The Company has carried on transactions with related parties in the normal course of business.3.6 Reporting Period:Financial statements of the Company cover 1 (one) year from 01 January 2012 to 31 December 2012.3.7 Recognition of Property, Plant & Equipment and Depreciation:Property, Plant & Equipment are stated at cost less accumulated depreciation in accordance with BAS 16 "Property, Plant andEquipment." Cost represents cost of acquisition.No depreciation is charged on land and land development. Depreciation on all other fixed assets is charged on straight linemethod in amount sufficient to write off depreciable assets over their estimated useful life. Depreciation is charged for the fullyear on assets acquisitioned during the first half of the year while half year depreciation is charged on assets acquired duringthe second half of the year. The rates of depreciation are indicated in Note-5.Depreciation has been charged on farm overhead and administrative, marketing and distribution expenses proportionately.3.8 Inventories:Inventories comprise of parent stock, feed stock, medicine, feed ingredient, litter, generator fuel, and LP gas. All these arestated at cost and considered as realisable value. No due allowance for any obsolete or slow moving items have beenaccounted for.3.9 Trade and other Receivables:These are carried at original invoice amount. This is considered good and collectible.3.10 Current Account with Associates :These represent day-to-day transaction with Associates concerns. These are not long-term transaction. However, interestincome is earned from such transactions.3.11 Cash and Cash Equivalents:According to BAS-7 " Statement of Cash Flows ", Cash comprises cash in hand and demand deposits and, cash equivalentsare short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to aninsignificant risk of changes in value. BAS-1 "Presentation of Financial Statements" provides that Cash and Cash equivalentsare not restricted in use. Considering the provisions of BAS-I & BAS-7, cash in hand and bank balance have been consideredas cash and cash equivalents.Statement of Cash Flows is prepared principally in accordance with BAS-7 "Statement of Cash Flows" and the cash flow fromoperating activities has been presented under direct method.3.12 Trade and other Payables:Liabilities are recognised for amounts to be paid in future for goods and services received, whether or not billed by thesuppliers and service provider.3.13 Foreign Currency Translation:Transactions denominated in foreign currencies are translated into Bangladesh Taka and recorded at the exchange ratesruling on the date of transaction in accordance with BAS-21 "The Effects of Changes in Foreign Currency Rates."3.14 Turnover from Net Sales:Net sales comprise the invoice value of goods supplied by the company and consists of local sales of products.3.15 Revenue Recognition:91 •renata annual report 12
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Renata LimitedAnnual Report 2012
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ANNUAL GENERALMEETING 2011
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12361015173132333539Company Profile
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Year of Incorporation1972 as Pfizer
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OurMissionTo provide maximumvalue t
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“Due to adverse developments onth
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FIGURE NO. 3Weekly Production of Da
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9 •renata annual report 12
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Dr. Sarwar Ali, DirectorCurrent Res
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Md. Fayekuzzaman, DirectorCurrent R
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MANAGEMENT TEAMGeneral ManagerOpera
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Directors’Report17 •renata annu
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CAPITAL EXPENDITUREThe following ca
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ANNEXURE-I21 •renata annual repor
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ANNEXURE-IIIStatus of compliance wi
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ConditionNo.TitleCompliance StatusN
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ANNEXURE-VRENATA LIMITED FINANCIAL
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STATEMENT OF VALUE ADDITION2012 % 2
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At Renata, corporate social respons
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Photo: Granulation Suite PPF-2 •3
Page 46 and 47: PHARMACEUTICAL PRODUCTS:ANTIMICROBI
Page 48 and 49: Trade Name Generic Name Formulation
Page 58 and 59: Report on the Financial StatementsW
Page 60 and 61: RENATA LIMITEDSTATEMENT OF COMPREHE
Page 62 and 63: RENATA LIMITEDCASH FLOW STATEMENTFO
Page 64 and 65: expressed in terms of percentage of
Page 66 and 67: 2.10 Borrowing costThe company capi
Page 68 and 69: 3.9 Statement of Cash FlowsThe Stat
Page 70 and 71: 5.3 Depreciation for the year has b
Page 72 and 73: 10. Inventories2012 2011Taka TakaFi
Page 74 and 75: Classification of shareholders by h
Page 76 and 77: 18. Deferred tax liabilities2012 20
Page 78 and 79: 21. Short term bank loanBank overdr
Page 80 and 81: 25. Cost of salesAmount in Taka2012
Page 82 and 83: Purchase of raw materials involve 4
Page 84 and 85: 29. Payments to directors and offic
Page 86 and 87: 36. Related party disclosure:During
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Page 90 and 91: Directors’ReportThe year 2012 was
Page 92 and 93: Renata Agro Industries LimitedSTATE
Page 94 and 95: Renata Agro Industries LimitedSTATE
Page 98 and 99: The revenues are recognised under s
Page 100 and 101: 7. INVENTORIESStocks:Parent stock-B
Page 102 and 103: 14. BANK OVERDRAFTEastern bank ltd.
Page 104 and 105: 18.2 Omega-3 ProjectSalaries & over
Page 106 and 107: •100
Page 108 and 109: Directors’ReportWhile Purnava’s
Page 110 and 111: Purnava LimitedSTATEMENT OF FINANCI
Page 112 and 113: Purnava LimitedSTATEMENT OF CHANGES
Page 114 and 115: Purnava LimitedNOTES TO THE FINANCI
Page 116 and 117: 3. PROPERTY, PLANT AND EQUIPMENTFig
Page 118 and 119: Purnava LimitedSCHEDULE OF PURCHASE
Page 120 and 121: ConsolidatedFinancial Statements of
Page 122 and 123: RENATA LIMITED AND ITS SUBSIDIARIES
Page 124 and 125: RENATA LIMITED AND ITS SUBSIDIARIES
Page 126 and 127: 6.a Consolidated capital work in-pr
Page 128 and 129: 16.a Consolidated trade & other pay
Page 130 and 131: CORPORATE HEADQUARTERSPlot # 1, Mil
Page 132: RENATA LIMITEDPROXY FORMRevenueStam
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