KYCR Coil Industries Ltd. - Dhaka Stock Exchange

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KYCR COIL INDUSTRIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2010 1 THE COMPANY & IT'S OPERATIONS The Company was incorporated in Bangladesh on 04 th November 1995 as a Private Company registered under the Companies Act, 1994 bearing registration number CHC - �� Hajji Amir Ali Chowdhury Road, Khatungonj - Chittagong with factory office at Jouramtall, Bara kumira, Sitakunda. The main objectives of the company is to own and establish mills, factories and workshop for manufacturing CR Coil, CI Sheet, Galvanizing Sheet, Plates etc. of all kinds and descriptions and to purchase or import raw materials to manufacture the same and its by-products and marketing the products and by-products locally and internationally. The Company started commercial production on 1 st February 2002. Subsequently the Company was converted into Public Limited Company, along with the subdivision of face value of shares from Tk 100 to Tk 10 each and enhancement of Authorized Capital from Tk 1,000,000,000 to Tk 5,000,000,000 as per special resolution passed in the Board of Directors meeting held on 31 July 2010. 2 SUMMARY OF SIGNIFICANT ACCOUNTING AND VALUATION POLICIES 2.1 Basis of preparation and presentation of the financial statements The financial statements have been prepared and the disclosures of information made in accordance with the requirements of the Companies Act 1994 and in compliance with the International Accounting Standards (IASs) adopted by the Institute of Chartered Accountants of Bangladesh (ICAB), Bangladesh Accounting Standard (BAS) & Bangladesh Financial Reporting Standard (BFRS). The balance sheet and profit & loss account have been prepared accordin�� following going concern assumption under Generally Accepted Accounting Principles (GAAP) in Bangladesh and �� 2.2 Accounting convention and assumption The financial statements are prepared in accordance with the historical cost convention. 2.3 Principal accounting policies The specific accounting policies have been selected and applied by the Company�� significant transactions and events that have a material effect within the Framework for the Preparation and Presentation of Financial Statements. Financial Statements have been prepared and presented in compliance with BAS 1 Preparation of Financial Statements. The previous years figures were prepared according to the same accounting principles. Compared to the previous period/year, there were no significant changes in the accounting and valuation policies affecting the financial position and performance of the company. However, changes made to the presentation are explained in the note for each respective item. 2.4 Application of Standards The following BASs are applied to the financial statements for the year under review: BAS 1 Presentation of Financial Statements BAS 2 Inventories BAS 7 Cash Flow Statements BAS 8 Accounting policies, changes in accounting estimates and errors BAS 10 Events after the Balance Sheet date BAS 12 Taxation BAS 16 Property, Plant & Equipment BAS 18 Revenue BAS 24 Related Party Disclosures BAS 33 Earnings Per Share BAS 34 Interim Financial Reporting BAS 37 Provisions, Contingent Liabilities and Contingent Assets
2.5 Property, Plant and Equipment 2.6 Inventories Property, Plant and Equipment are shown at historical cost less depreciation thereon. Depreciation is charged on diminishing balance method on all Property, Plant & Equipment �� irrespective of the date(s) of acquisition. Revalued amount was incorporated on 31 st August 2010 and depreciation will be charged from that date. Depreciation on revalued amount for two months has been adjusted with revaluation surplus. Rates of depreciation on various categories of Property, Plant and Equipment are as follows: Particulars Rate of Depreciation Factory Building 15% Plant & Machinery 10% Equipment & Appliance 10% Furniture & Fixtures 10% Motor Vehicles 10% Inventories are stated at the lower of cost or net estimated realizable value in compliance with the requirements of para 21 and 25 of BAS 2. Category of Inventories Basis of valuation Stores and Spares Weighted average (moving average) cost Inventories-in-Trade: Raw Materials Weighted average cost Finished Products At lower of cost or net estimated realizable value Stores and Spares Cost value Materials-in-Transit At cost 2.7 Trade Receivables Trade Receivables are recognized at cost which is the fair value of the consideration given. 2.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, cash at banks, term deposit, government Treasury bill which are available for use by the company without any restrictions. 2.9 Foreign currency transaction Foreign currency transactions are recorded at the applicable rates of exchange ruling at the transaction date in accordance with BAS 21 the effect of changes in Foreign Exchange rates. Foreign currency transactions are translated at the exchange rate ruling on the date of transaction. 2.10 Creditors and Accrued Expenses 2.10.1 Trade and other payables Liabilities are recorded at the amount payable for settlement in respect of goods and services received by the company.
Page 3 and 4:
INFORMATION MEMORANDUM OF KYCR COIL
Page 5 and 6: TABLE OF CONTENTS Family relationsh
Page 7 and 8: Term Description means a method of
Page 9 and 10: SECTION II CAPITAL STRUCTURE & USE
Page 11 and 12: SECTION III DESCRIPTION OF BUSINESS
Page 13 and 14: 4 Galvanized Plain and Corrugated S
Page 15 and 16: It is a similar process as CRCA pro
Page 17 and 18: Galvanization is done by platting a
Page 19 and 20: capital expenditures on brand new m
Page 21 and 22: Corporate Social Responsibility, Ph
Page 23 and 24: 3 4 5 6 NIPPON STEEL JAPAN/Marubeni
Page 25 and 26: SECTION IV DESCRIPTION OF PROPERTY
Page 27 and 28: Graphical Presentation of KYCR�
Page 29 and 30: Future capital expenditure No futur
Page 31 and 32: Sl Name of Parties Relationship 1 K
Page 33 and 34: Family relationship among Directors
Page 35 and 36: Section VII Involvement of Director
Page 37 and 38: OPTIONS GRANTED TO DIRECTORS, OFFIC
Page 39 and 40: Section VIII DETERMINATION OF OFFER
Page 41 and 42: CALCULATIONS OF METHODOLOGIES Metho
Page 43 and 44: Determining price under Book Buildi
Page 45 and 46: Section IX Allotment, Subscription
Page 47 and 48: Section X RISK FACTORS & MANAGEMENT
Page 49 and 50: Management perception The company h
Page 51 and 52: Section XII ��
Page 53 and 54: KYCR COIL INDUSTRIES LIMITED INCOME
Page 55: KYCR COIL INDUSTRIES LIMITED STATEM
Page 59 and 60: 2.15 Earning per share The Company
Page 61 and 62: 3.4 Revaluation Reserve Cost (Amoun
Page 63 and 64: 6.4 Finished Goods - note 6 Finishe
Page 65 and 66: EXIM Bank Ltd., Agrabad Branch 56,0
Page 67 and 68: 12 GENERAL RESERVE 31-Oct-10 31-Dec
Page 69 and 70: South East Bank Ltd., Khatungonj Br
Page 71 and 72: 19.1.2 Indirect Materials note - 19
Page 73 and 74: Director's Remuneration paid to Mrs
Page 75 and 76: (a) Operating Cash Inflow/(Outflow)
Page 77 and 78: 30 Saleh Engineering Works,Ctg (C09
Page 79 and 80: 136 Saidur Rahaman-Kishoregonj(CD04
Page 81 and 82: KYCR COIL INDUSTRIES LIMITED Audito
Page 83 and 84: Provision for Income Tax (185,538,2
Page 85 and 86: D. Dividend Declared: 31.12.200 5 3
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KYCR Coil Industries Ltd. - Dhaka Stock Exchange

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