Jamuna Bank Securities Limited

Statement of Financial Position

As on 31 December 2012
ASSETS Non-Current Assets Membership of CSE Preliminary Expenses Office Equipments Furniture & Fixtures Total Non-Current Assets Current Assets Cash in Hand and Bank Investment (FDR) Other Current Assets Total Current Assets Total Assets EQUITIES AND LIABILITIES Equities Share Capital Retained Earnings Total Equity Liabilities Non-Current Liabilities Current Liabilities Provision for Taxation Other Liabilities Total Current Liabilities Total Liabilities Total Equities and Liabilities
The annexed notes form an integral part of the statement of financial position.

Notes

31.12.2012 Taka 280,000,000 743,640 14,000 528,960 281,286,600

31.12.2011 Taka 280,000,000 733,640 280,733,640

4 5

312,999 139,714,823 2,640,092 142,667,914 423,954,514

4,201,289 121,682,440 768,604 126,652,333 407,385,973

6 7

400,000,000 933,446 400,933,446

400,000,000 4,606,858 404,606,858

8 9

8,960,068 14,061,000 23,021,068 23,021,068 423,954,514

2,764,115 15,000 2,779,115 2,779,115 407,385,973

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Jamuna Bank Securities Limited

Statement of Comprehensive Income
For the year ended 31 December 2012
Notes Income from Investment Fees & Charges Other Operating Income Total Operating Income (A) Less: Operating Expenses Auditor's Fee Other Expenses Total Operating Expenses (B) Profit/(loss) before Provisions C=(A-B) Provision for Taxation for the period Net Profit after Taxation Retained Earnings brought forward from prior year Total Earnings available for distribution Less: Interim Dividend (@3.50%) Retained Earnings 11 12 17,250 175,080 192,330 16,522,541 6,195,953 10,326,588 4,606,858 14,933,446 (14,000,000) 933,446 15,000 50,071 65,071 7,370,973 2,764,115 4,606,858 4,606,858 4,606,858 10 2012 Taka 16,714,871 16,714,871 2011 Taka 7,436,044 7,436,044

7.1

The annexed notes form an integral part of the Statement of Comprehensive Income.

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Jamuna Bank Securities Limited

Statement of Changes in Equity
For the year ended 31 December 2012
Particulars Balance as on January 01, 2012 Paid up Capital Interim Dividend Net Profit for the period Balance as on 31st December 2012 Balance as on January 01, 2011 Paid up Capital Net Profit for the period Balance as on 31st December 2011 Paid up Capital 400,000,000 400,000,000 400,000,000 400,000,000 Retained Earnings 4,606,858 (14,000,000) 10,326,588 933,446 4,606,858 4,606,858 Total 404,606,858 (14,000,000) 10,326,588 400,933,446 400,000,000 4,606,858 404,606,858

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Jamuna Bank Securities Limited

Statement of Cash Flow
For the year ended 31 December 2012
2012 Taka Cash Flows from Operating Activities Income from Investment Fees & Charges Other Operating Income Operating Expenses Paid in Cash (i) Cash Generated from Operating Activities before Changes in Operating Assets and Liabilities Increase / (decrease) in Operating Assets & Liabilities Other Liabilities Other Current Assets (ii) Cash (used in) Operating Assets and Liabilities Net Cash Flow from Operating Activities (A) = (i+ii) Cash Flow from Investing Activities Non-Current Assets Preliminary Expenses Investment Net Cash used in Investing Activities (B) Cash Flow from Financing Activities Proceeds from Issue of Share Capital Net Cash Flows from Financing Activities (C) Net Surplus/(use) in Cash & Bank Balances for the Year (A+B+C) Cash & Bank Balance at beginning of the period Cash & Bank Balance at the end of the period (*) (*) Closing Cash & Bank Balance: Cash in Hand Balance with Jamuna Bank Ltd. 312,999 312,999 4,201,289
4,201,289

2011 Taka
7,436,044 (65,071) 7,370,973

16,714,871 (192,330) 16,522,541 46,000 (1,871,488) (1,825,488) 14,697,053 (542,960) (10,000) (18,032,383) (18,585,343)

15,000 (768,604) (753,604) 6,617,369 (280,000,000) (733,640) (121,682,440) (402,416,080) 400,000,000 400,000,000 4,201,289 4,201,289

(3,888,290) 4,201,289 312,999

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Jamuna Bank Securities Limited

Notes to the Financial Statements
For the year ended 31 December 2012
1. Background of the company Jamuna Bank Limited is one of the leading private commercial Banks in the country. The Bank has been carrying out its banking business efficiently since its incorporation in 2001. The Bank is offering various banking services to the customers through its wide branch network at different locations of the country. The Board of Directors of the Bank felt necessary to make its presence in the growing capital market of our country and decided to form a fully owned subsidiary company in the name of Jamuna Bank Securities Limited to provide state of the art brokerage services to the investors. Jamuna Bank Securities Limited has been incorporated as a private limited Company with Registrar of Joint Stock Companies & Firms, Dhaka on 07 February, 2011 bearing number-C-90274/11. The authorized capital and paid up capital of the company is Tk.100.00 crore (Tk. one hundred crore) and Tk.40.00 crore (Tk. forty crore) respectively. The Company applied to Chittagong Stock Exchange (CSE) for a membership of the Exchange to start its brokerage business and accordingly CSE issued membership certificate no.147 to the company. The company applied for Stock -Broker and Stock -Dealer license from the Securities and Exchange Commission (SEC) and subsequently received it from SEC on June13, 2012. Now the Company is expected to start its operation at the earliest. 2. Significant Accounting Policies

2.1 Basis of Presentation of Financial Statements The financial statements of the company have been prepared applying accrual basis of accounting under the historical cost convention in accordance with Bangladesh Financial Reporting Standards. 2.2 Revenue Recognition The revenue during the period under audit is recognized satisfying the conditions as specified in Bangladesh Accounting Standards (BAS) 18 "Revenue Recognition". 2.3 Statement of Cash Flows The statement of cash flows is prepared in accordance with Bangladesh Accounting Standard (BAS) 7 "Cash Flow Statement" and the cash flow from the operating activities has been presented under direct method. 2.4 Investment and Provision Investment values and classification are assessed under the Bangladesh Accounting Standard (BAS) 25 "Accounting for Investments" which is shown bellow: Items Investment in Shares Investment in FDR 2.5 Preliminary Expense Expenses incurred for incorporation of the company i,e. preliminary expenses have been deferred and will be amortized/written off over a period of five years upon commencement of operation of the company. Assessment of Accounting
Cost or market price whichever is lower

Cost Price

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2.6 Taxation Provision for tax has been made @37.5% as prescribed in the Finance Act. 2012 of the profit made by the Jamuna Bank Securities Limited considering major taxable allowances and disallowances. 2.7 General Figures in the financial statements have been rounded off to the nearest Taka. 31.12.2012 Taka 31.12.2011 Taka

3.

Preliminary Expenses Registration cost with RJSC Purchase of tender schedule Trade license fee TIN certificate Charges of SEC Stock-Bbroker & Stock -Dealer license fees

531,500 15,000 18,100 4,040 135,000 40,000 743,640

531,500 15,000 18,100 4,040 125,000 40,000 733,640

4.

Cash in Hand and Bank Cash in Hand Cash at Bank (Jamuna Bank Ltd. CD A/C-0006-0210016350) 312,999 312,999 4,201,289 4,201,289

5.

Other Current Assets Advance Income Tax Advance Deposit (Note: 5.1) 2,415,092 225,000 2,640,092 743,604 25,000 768,604

5.1 Advance Income Tax Tax deducted at source from FDR interest (0006-0330060521) Tax deducted at source from FDR interest (0006-0330070743) 2,396,078 19,014 2,415,092 743,604 743,604

6.

Share Capital Authorized Capital 10,000,000 Ordinary Shares of Tk.100 each Issued, Subscribed and Paid Up Capital 4,000,000 Ordinary Shares of Tk.100 each fully paid Details of Shareholdings are as under: Sl. # Name of the Shareholders 1 2 3 4 5 6 Jamuna Bank Ltd. Mr. Md. Motior Rahman Mr. Md. Abul Shahjahan Mirza Elias Uddin Ahmed Mr. A.K.M. Rashiduzzaman Mr. Md. Yunus Ali % of Holdings 99.9999% 0.00003% 0.00003% 0.00003% 0.00003% 0.00003% No. of Share 3,999,995 1 1 1 1 1 4,000,000 Amount in Tk. 399,999,500 100 100 100 100 100 400,000,000 400,000,000 400,000,000 1,000,000,000 1,000,000,000

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7.

Retained Earnings Opening Balance Add: Net Profit during the period Less: Interim Dividend 4,606,858 10,326,588 (14,000,000) 933,446 4,606,858 4,606,858

(Note:7.1)

7.1 The Board of Directors in its 9th meeting held on 12-11-2012 declared an Interim Cash Dividend 3.50% for the year 2012 to the Shareholders of the Company. 8. Provision for Taxation Opening Balance Add: Provision made for the period Less: Income tax Adjustment 2,764,115 6,195,953 8,960,068 8,960,068 2,764,115 2,764,115 2,764,115

9.

Other Liabilities Auditor's Fee Payable Other Professional Fees Payable Salary Payable Interim Dividend Payable VAT Payable (Deducted at source) Tax Payable (Deducted at source) PF & ESSS 17,250 11,500 22,222 14,000,000 6,750 1,500 1,778 14,061,000 2012 Taka 15,000 15,000 2011 Taka

10. Income from Investment Income from Investment in Shares Interest on FDR 16,714,871 16,714,871 17,250 7,436,044 7,436,044 15,000

11. Auditor's Fees (Including 15% VAT) 12. Other Expenses Entertainment Conveyance Bank Charges Annual Subscription & Fees to CSE Directors' Fees Rates & Taxes CDBL Charges & Fees Stationery Salary Expenses Other Professional Fees Miscellaneous

10,608 960 12,000 6,100 34,500 60,870 2,500 10,254 24,000 11,500 1,788 175,080

8,841 20,230 5,000 16,000 50,071

13. Others 13.1 Board Meeting and Directors' Remuneration Each Director is entitled to draw Taka 3,000 for attending each Board Meeting No special payment was paid to the Directors for attending board meetings or otherwise during the year 2012. Nothing is due from any Director of the Company as on the date of closing the accounts.
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13.2 Directors interest in contracts with the Company There was no transaction resulting in Directors interest with the company. 13.3 Foreign Remittances No remittances was made in foreign currency on account of dividend, royalty, technical experts, professional advisor fees, interest, etc. 13.4 Contingent Liabilities There have been no reportable material contracts, capital commitments, subsequent events or contingent liabilities.

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