Professional Documents
Culture Documents
C O N T E N T S
4 Vision
6 Transmittal Letter
7 Notice of the 24th Annual General Meeting
8 Corporate Directory
9 Company at a Glance
10 Products and Services
13
The Pattern of Shareholding by the
Directors & Executives
14 Range of Shareholding
15 Last fve Years Financial Summary
16 Board of Directors
17 List of Senior Management
18 Chairmans Message
22 Managing Director and CEOs Message
26 Directors Report
42 Corporate Governance
45 Report of the Audit Committee
46 Picture Gallery
52 Auditors Report and Financial Statements
58 Notes to the Financial Statements
90 Notes
91 Proxy Form
VISION
Recognizing the fundamental need for efective systems
integration is what distinguishes the companies of aamra.
Our vision is to empower companies and individuals to
access personalized solutions, products and services when,
where and how they may choose. We integrate all elements
of a system, new and existing, into a single solution that
addresses strategic growth, outstanding service, and
community involvement.
4
aamra technologies limited I ANNUAL REPORT 2013
5
Performance is our passion
The motivation that drives us in all business area emerges delivering higher performance
products and services to our customers. Combining technological, economic and personal
aspects of performance make the diference at aamra.
Creating value with
aamra recognizes the power that partnership and cooperation have in achieving any goal.
We believe that by harnessing the strength of togetherness with all our stakeholders,
we will be able to surmount any obstacle in our path and scale new height. Accordingly
our products and services are meant to create value of unity in relations to our business
partners, shareholders as well as to our employees and society in general.
hhhh
that partnership and cooperatio
6
aamra technologies limited I ANNUAL REPORT 2013
Date: November 26, 2013
To
The shareholders,
Bangladesh Securities and Exchange Commission,
Registrar of Joint Stock Companies & Firms,
Dhaka Stock Exchange Limited
Chittagong Stock Exchange Limited
Sub: Annual Report for the year ended June 30, 2013
Dear Sir:
We are pleased to enclose a copy of the Annual Report together with the Audited Financial Statements for
the year ended June 30, 2013 for your record/necessary action.
Sincerely Yours
Md. Anamul Haque
Company Secretary
TRNSMITAL
LETER
7
NOTICE OF THE 24
th
ANNUAL GENERL MEETING
Notice is hereby given that the 24
th
Annual General Meeting of aamra technologies limited will be held
at Bashundhara Convention Center 2, Bashundhara, Dhaka, on Sunday, December 22, 2013 at 10:00 a.m.
to transact the following business:
1. To receive, consider and adopt the Audited Financial Statements of the Company for the year ended
June 30, 2013 together with the Reports of the Directors and Auditors thereon.
2. To declare dividend for the year ended June 30, 2013.
3. To elect Directors of the Company as per its Articles of Association.
4. To appoint Auditors for the Financial Year 2014 and fx their renumeration.
5. To transact any other business with the permission of the Chair.
By order of the Board
Md. Anamul Haque
Company Secretary
Dated: November 24, 2013
Notes:
1. November 7, 2013 is scheduled as Record Date. Shareholders whose names will appear on the Register
of Members or in the Depository Register on the Record Date will be eligible to attend the meeting and
qualify for dividend.
2. A member entitled to attend and vote at the general meeting is also entitled to appoint a proxy to
attend the meeting and vote on his/her behalf. The proxy form duly completed, must be af xed with a
revenue stamp of Tk. 10/- and deposited at the registered of ce no later than 48 hours before the time
of holding the meeting.
3. Admission into the meeting room will be allowed upon presenting the attendance slip duly signed by
the member/proxy/attorney/representative, as the case may be.
4. Annual Report 2013 is available in the Company Website.
5. No gift or beneft in cash or kind shall be paid to the holder of equity securities at the AGM as
per Bangladesh Securities and Exchange Commission notifcation No. SEC/SRMI/2000-953/1950
dates 24
th
October 2000 (c).
8
aamra technologies limited I ANNUAL REPORT 2013
CORPORTE
DIRECTORY
Registered Of ce
BTA Tower (10
th
Floor),
29 Kemal Ataturk Avenue
Banani C/A, Dhaka-1213
Business Address
F.R Tower (9
th
Floor),
32 Kemal Ataturk Avenue
Banani C/A, Dhaka-1213
Chittagong Of ce
SSFA Estate
132 Panchlaish R/A
Chittagong
Auditors
Masih Muhith Haque & Co.
Chartered Accountants
Level # 13, UTC Building
8 Panthopoth
Dhaka-1215
Legal Adviser
Syed Ishtiaq Ahmed & Associates
Concord Ovilash (1
st
Floor)
House 62, Road 11A
Dhanmondi, Dhaka-1205
Bankers
Bank Asia Ltd
ONE Bank Ltd
The City Bank Ltd
Dutch Bangla Bank Ltd
Dhaka Bank Ltd
Insurer
Green Delta Insurance Co. Ltd
9
COMPANY
AT A GLANCE
Company Name : aamra technologies limited
Registered Of ce :
BTA Tower (10
th
Floor)
29 Kemal Ataturk Avenue, Banani C/A,
Dhaka-1213
Business Address :
F.R Tower (9
th
Floor), 32 Kemal Ataturk
Avenue Banani C/A, Dhaka-1213
Date of Incorporation : On March 14, 1990
Date of Commercial Operation : On March 14, 1990
Legal Status : Public Limited Company
Authorized Share Capital : BDT 1000 million
Paid-Up Share Capital : BDT 503 million
Number of Shareholder : 16,568 (as on 7 November, 2013)
Line of Business :
ATL provides high-tech and customized
solutions to address a broad range of IT
Business needs. As a complete service
solutions company, we address all aspects
of a product/project development life
cycle, ranging from preliminary analysis and
design to programming, hardware and soft
ware specifcation, project implementation,
and training. Our team members have
extensive experience in the Financial
Industry, Manufacturing, and Internet based
application services.
Number of Employee : 109 (One Hundred & Nine)
10
aamra technologies limited I ANNUAL REPORT 2013
PRODUCTS AND SERVICES
We are the authorized distributor of the world renowned brands that cater to the Financial Services Industry,
Telecommunications Industry, Network Equipment Provider, Internet Service Provider, Independent Software
Vendor and Small & Medium Business in Bangladesh. Not only we sell the products but also provide services
and our Product & Service Portfolio is given below:
Brand Products Company Origin
Oracle
Servers, Soft ware &
Storage Solution
Oracle Corporation U.S.A
VeriFone
POS Terminals & NAC VeriFone U.S.A
Finacle
Core Banking Solution Infosys Technologies Ltd. India
NBS
Card Personalization
Solutions
NBS Technologies Inc. U.S.A
Thales Host Security Module Thales E-Security Inc. U.S.A
Cisco Network Product Cisco Systems Inc. U.S.A
Juniper
Network Product Juniper Networks U.S.A
Microsoft
Software Microsoft Corporation U.S.A
CA
Network Management
Software
CA Technologies Ltd. U.S.A
11
Some of our Clients
(by Products)
Diebold:
Bank Asia Limited
BRAC Bank Limited
Cynergon IntelliSys Limited
Commercial Bank of Ceylon
Dutch Bangla Bank Limited
Electronic Transactions Network (ETN) Limited
Islami Bank Bangladesh Limited
Mutual Trust Bank Limited
Networld BD Limited
Premier Bank Limited
Prime Bank Limited
Southeast Bank Limited
The City Bank Limited
Oracle-Sun Systems:
Telecommunications Industry:
Axiata Limited (Robi)
Getco Communication
Grameenphone Limited
MIR Telecom
MnH Telecom
National Telecom
Pacifc Bangladesh Telecom Limited (Citycell)
Banglalink Telecom Ventures Limited
(Previously Orascom Telecom Ventures Limited)
S A Telecommunication System Limited
Warid Telecom (Pvt.) Limited
Network Equipment Provider (NEP):
Alcatel-Lucent
Ericsson AB
HUAWEI
Motorola Inc,
Nokia Siemens Networks (NSN)
Independent Software Vendor (ISV):
Comviva
Fundamo
Interblocks
Roamware
Sysbase 365
Ushacomm
Financial Service Industry (FSI):
Bank Alfalah Limited
Bank Asia Limited
BRAC Bank Limited
Dhaka Bank Limited
Dutch Bangla Bank Limited
Islami Bank Bangladesh Limited
National Bank Limited
Southeast Bank Limited
Standard Chartered Bank
The City Bank Limited
United Commercial Bank Limited
Internet Service Provider (ISP):
aamra Networks Limited
BRAC BD Mail Network Limited
Delta Soft Limited
Delta Network
Dominox Technologies Limited
Global Access Limited
Grameen Cyber Net Limited
Grameen IT Park Limited
System Limited
Education Industry:
Independent University of Bangladesh
North South University
Other Industries:
Alliance TG-Supply
Army Head Quarter
Bangladesh Bureau of Statistics
Bangladesh Petroleum Institute
Bangladesh Space Research and Remote
Sensing Organization (SPARRSO)
Berger Paints Bangladesh Limited
OTOBI Limited
Proshika Computer System
SAARC Meteorological Research Centre
Shakti Foundation
Shell Bangladesh Exploration and
Development B.V.
Network Solution (Cisco, Juniper, CA):
AB Bank Limited
Axiata Limited (Robi)
BELST (Alap Communication Limited)
Berger Paints Bangladesh Limited
Citi Bank N.A
Grameenphone Limited
LankaBangla Securities Limited
National Bank Limited
Otto International Limited
Banglalink Telecom Ventures Limited
(Previously Orascom Telecom Ventures Limited)
Pacifc Bangladesh Telecom Limited (Citycell)
Prime Bank Limited
Reckitt Benckiser
Roamware
Shahjalal Islami Bank Limited
Southeast Bank Limited
Transparency International Bangladesh (TIB)
UNDP Bangladesh
Unilever Bangladesh
12
aamra technologies limited I ANNUAL REPORT 2013
Finacle Core Banking Solution:
BRAC Bank Limited
The City Bank Limited
Interblocks Switching Solution:
Islami Bank Bangladesh Limited
United Commercial Bank Limited
Remittance Solution:
BRAC Bank Limited (EL Dorado)
Payment Gateway Solution:
BRAC Bank Limited (iPay and iMobile Solution)
Credit Card Management System:
Dhaka Bank Limited
Islami Bank Bangladesh Limited
Hypercom Point of Sale (POS):
American Express Bank
BRAC Bank Limited
Dutch Bangla Bank Limited
EXIM Bank Limited
Islami Bank Bangladesh Limited
LankaBangla Finance Limited
Mutual Trust Bank Limited
National Bank Limited
Premier Bank Limited
Prime Bank Limited
The City Bank Limited
Network Access Control (NAC):
American Express Bank Limited
Bank Alfalah Limited
BRAC Bank Limited
Dutch Bangla Bank Limited
ITCL
LankaBangla Finance Limited
National Bank Limited
Premier Bank Limited
Prime Bank Limited
Thales:
Bank Alfalah Limited
BRAC Bank Limited
Electronic Transactions Network
Islami Bank Bangladesh Limited
LankaBangla Finance Limited
Mutual Trust Bank Limited
Premier Bank Limited
Prime Bank Limited
Standard Chartered Bank Limited
The City Bank Limited
United Commercial Bank Limited
NBS:
BRAC Bank Limited
Dhaka Bank Limited
Dutch Bangla Bank Limited
Electronic Transactions Network
IFIC Bank Limited.
Islami Bank Bangladesh Limited
LankaBangla Finance Limited
Mutual Trust Bank Limited
Southeast Bank Limited
The City Bank Limited
United Commercial Bank Limited
Oracle (Software):
Islami Bank Bangladesh Limited
National Bank Limited
Novotel Limited
Banglalink Telecom Ventures Limited
(Previously Orascom Telecom Ventures Limited)
The City Bank Limited
Microsoft:
A.B.S. Safdar & Co. Limited
Harpoon Securities Limited
SGS Bangladesh Limited
IIG:
Accesstel
Aftab IT Limited
Angel Drops Limited
Bangla Phone Limited
Bangladesh Internet Exchange Ltd
Chittagong Online Limited
CTG TEL
GramBangla Systems Limited
IDS Bangladesh
Information Services Network Limited
New Generation Graphics Ltd
Radiant Communication Ltd
Royal Green Online Limited
Sadiatec Limited
Spark Systems Limited
Teletalk Bangladesh Limited
ZxOnline Limited
aamra Networks Limited
13
THE PATERN OF SHARE HOLDING BY
THE DIRECTORS & EXECUTIVES
Sl No Shareholding Pattern
Number of shares held
as on 30.06.2013
i) Directors
1 Syed Faruque Ahmed 4,646,074
2 Syed Farhad Ahmed 4,646,074
3 Syeda Amina Ahmed 2,788,780
4 Syeda Farida Ahmed 1,008,201
5 Syeda Munia Ahmed 1,008,201
6 Fahmida Ahmed 1,008,201
7 K.M. Hasan (Independent Director) Nil
ii) Shareholding of Executives Nil
iii) Shareholders who are holding 10% or above shares: Nil
14
aamra technologies limited I ANNUAL REPORT 2013
RNGE OF
SHAREHOLDING
Summary of Shareholders
The distribution schedule of shareholding of aamra technologies limited as on 7
th
November, 2013 was as
presented below.
On the Basis of Share Holders Type:
Group Name No. of Shareholders No. of Shares Ownership (%)
All Investors A/C 4 571,200 1.135%
Company 91 4,870,773 9.677%
General Public 16,064 29,578,960 58.763%
NRB [Non-Resident Bangladeshi] 403 209,350 0.416%
Sponsor/Director 6 15,105,531 30.010%
Total: 16,568 50,335,814 100%
On the Basis of Share Holding:
Share Holding Range No. of Shareholders No. of Shares Ownership (%)
0000000001-0000000499 9,847 2,351,697 4.672%
0000000500-0000005000 5,599 9,346,926 18.569%
0000005001-0000010000 576 4,426,510 8.794%
0000010001-0000020000 321 4,655,500 9.249%
0000020001-0000030000 91 2,311,500 4.592%
0000030001-0000040000 49 1,751,500 3.480%
0000040001-0000050000 17 795,300 1.580%
0000050001-0000100000 37 2,727,750 5.419%
0000100001-0001000000 24 5,820,350 11.563%
0001000001-1000000000 7 16,148,781 32.082%
Total: 16,568 50,335,814 100%
15
Particulars 2013 2012 2011 2010 2009
Revenue (BDT) 717,863,483 668,400,734 512,566,960 690,846,042 643,449,490
Gross Proft (BDT) 184,010,024 145,205,125 108,819,947 96,570,216 64,809,048
Net Proft Before Tax (BDT) 86,294,991 70,825,211 58,577,479 57,859,325 36,079,790
Net Proft After Tax (BDT) 73,593,961 58,854,779 48,622,772 48,432,759 25,484,808
Total Assets (BDT) 1,634,199,221 2,176,995,594 1,162,131,213 1,018,242,722 652,980,023
Capital & Reserve (BDT) 1,102,557,653 1,028,963,691 487,042,182 461,254,190 128,376,998
No. of Shares 50,335,814 41,946,512 18,522,284 18,522,284 4,779,402
Face Value (BDT) 10 10 10 10 10
EPS (BDT) 1.46 2.46 2.39 2.61 5.33
LAST FIVE YEARS
FINANCIAL SUMMARY
Revenue
Millions
2009 2010 2011 2012 2013
643.45
690.85
512.50
668.40
717.86
Gross Profit
Millions
2009 2010 2011 2012 2013
64.81
96.57
108.80
145.20
184.01
Net Profit after Tax
Millions
2009 2010 2011 2012 2013
25.48
48.43
48.64
58.85
73.59
Five Years at a Glance
Millions
0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
800.00
2009 2010 2011 2012 2013
Revenue Gross Proft
Net Proft before Tax Net Proft after Tax
16
aamra technologies limited I ANNUAL REPORT 2013
Syed Faruque Ahmed
Chairman
K.M. Hasan, FCA
Independent Director
Md. Anamul Haque
Company Secretary
Syed Farhad Ahmed
Managing Director & CEO
Syeda Munia Ahmed
Director
Fahmida Ahmed
Director
BOARD OF
DIRECTORS
17
LIST OF SENIOR
MANAGEMENT
Name of Employees Designation Wing
Sharful Alam Chief Operating Of cer Administration
Zahrul Syed Bakht Group Chief Financial Of cer Finance & Accounts
Md. Mosiur Rahman General Manager Operation
Md. Anamul Haque Company Secretary Finance & Accounts
Md. Mostofa Kamal Chowdhury Assistant General Manager Services
Serajul Alam Khan Assistant General Manager Sun Sales
Md. Mohiuddin Khan Senior Manager, Credit Recovery Finance & Accounts
Kazi Roman Ahmed Senior Manager Sales
Mashih-ul-Huq Manager Enterprise Solutions
Shariful Islam Manager Finance & Accounts
Sougata Karmakar Manager Financial Service Industries
Md. Alamgir Hossain Manager Oracle Sales
Abdullah Al Hossain Manager RnD & Pre-Sales
Mohammed Ziaul Hoque Zilani Manager RnD & Pre-Sales
Md. Monsur Rahman Chowdhury Deputy Manager Diebold Service
Rajib Uddin Khan Deputy Manager Diebold Service
Abu Hena Mostafa Kamal Deputy Manager Administration & Commercial
T.M. Abdullah-Al-Amin Deputy Manager Oracle Sun Service
Utpal Basak Deputy Manager Oracle Sales
Nazim Chowdhury Deputy Manager Share
Syed Akmal Hossain Assistant Manager Administration & Logistics
Waf Aziz Sattar Assistant Manager Communication
Md. Abdul Wahed Assistant Manager Enterprise Solutions
Md. Ashikur Rahman Assistant Manager FSI Sales
A.S.M. Nasher Assistant Manager POS Service
18
aamra technologies limited I ANNUAL REPORT 2013
As-salmu `alaykum
The projected rate for global growth estimate is
that it will stay passive at a little over 3% in 2013.
This is mostly due to the considerably frailer
domestic demand in a number of key emerging
market economies and the tenacious recession in
the euro area.
T
he economy of Bangladesh has had the misfortune of experiencing a
fuctuating economy in FY 2013 with the economy heading towards a
descending equipoise in the course of the ongoing fscal year. While
macroeconomic stability and rising infationary trends have been
CHAIRMANS
MESSAGE
19
somewhat balanced, for a second consecutive
year the economic growth has slowed down.
Events such as the Shahbag Movement, the
extremely tragic and unfortunate Savar Tragedy,
and the ongoing political rifts and tension have a
lot to do with this as well.
Despite all this, aamra technologies limited (ATL),
a trusted IT solutions provider to various sectors
of the economy, especially the fnancial sector for
over two decades, not only saw the expansion of
business, but witnessed the value propositions
for our clients grow stronger. During this time
of Bangladesh rebuilding, ATLs performance
for the FY 2013 remained sound and resilient, a
noteworthy achievement given the continuing
market turbulence.
As an established corporate all-rounder, ATL
implements the best practices in technology
and organizational transformation, process
design and re-engineering, human resource
management, strategic and business planning,
supply chain management, globalization
strategy, customer relationship management and
corporate governance. ATLs vision and striving
towards being rated as a top company which sets
the benchmark to be rivalled in this segment is
slowly coming to fruition for the best processes
and practices it has continuously shown over the
years.
2014 will be a time of great change with the
national election coming up. As such, there will
be many new obstacles and challenges that
Bangladesh will have to face. While the future
maybe unpredictable, ATL is prepared to aptly
tackle any uncertain situations, whether economic
or regulatory, as the organizations structure has
been formed to draw on deep capacity to adapt
and readjust as necessary to reallocate resources
rapidly. As like every year since our inception, ATL
is even better prepared than ever before to face
such challenges and capitalize on new market
opportunities.
Not only is ATL striving to enhance the fortunes of
ATL stakeholders and end users, but also putting
its absolute efort to make the company a better
place for both the employees at work and its
customers to ensure everyone associated with
ATL reaps rich dividends.
As always, I wish the very best for all of our
stakeholders and hope for continued Blessings
of The Almighty so we could meet and exceed
the ambitious targets and programs set by the
company for the upcoming years.
Syed Faruque Ahmed
Chairman
20
aamra technologies limited I ANNUAL REPORT 2013
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22
aamra technologies limited I ANNUAL REPORT 2013
Together with our customers we have
continued to demonstrate thought
leadership and have established ourselves as
a trusted partner to defne their agenda for
transformation of their business processes. For
over the past two decades, aamra technologies
limited has been fostering the profciency...
W
e are delighted to announce that the FY 2012-2013 was yet another
outstanding year for aamra technologies limited (ATL). Together
with our customers we have continued to demonstrate thought
leadership and have established ourselves as a trusted partner to
defne their agenda for transformation of their business processes. For over the
MANAGING DIRECTOR &
CEOS MESSAGE
23
past two decades, aamra technologies limited
has been fostering the profciency, expertise and
acumen to become a strong, efective and trusted
partner to our customers in the FSI, Telco and
other industries. Our continuing investments in
enriching and synergizing our wide portfolios of
services have created strong value propositions
for our clients, who are now leveraging our skill
sets to drive their own transformation programs.
As we have witnessed a tremendous growth in
consulting, engineering services and package
implementation of projects, services such as
infrastructure management, business process
management and managed services are now set
to grow steadily in the years to come.
You will be pleased to know that the IIG project of
the company is doing excellently and generating
good revenue for us. The IIG license has generated
proftable business opportunity for the company
which will have a great impact on the revenue of
the Company for years to come. Team leadership
of the highest standards is always the major pillar
to our success, and it is amongst our highest
priorities to ensure its continuity. Amongst the
aamra team leaders, we have a wealth of talent,
vision and far-sight, which enable us to ensure a
long-term succession plan and allow us to plan for
our next stage of growth.
With sincere gratitude and very best wishes to all
of our investors, team members,customers and
stakeholders, we look forward to your continuous
support and prayers for aamra technologies
limited (ATL), into the future.
Syed Farhad Ahmed
Managing Director & CEO
24
aamra technologies limited I ANNUAL REPORT 2013
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26
aamra technologies limited I ANNUAL REPORT 2013
Dear Shareholders,
As-salmu `alaykum
On behalf of the Board of Directors of aamra technologies limited (ATL), I take this opportunity to welcome
you to the 24
th
Annual General Meeting of the company and take the privilege of presenting the Annual
Report along with the Audited Financial Statements for the year ended June 30, 2013.
Global Economy
As like in 2012, the projected rate for the global growth is estimated to stay subdued at a little over 3%
in 2013 mostly due to app substantially feebler domestic demand and slow growth in a number of key
emerging market economies as well as a lingering recession in the euro area.
Downside risks to global growth prospects still dominate. While old risks remain, new risks have emerged,
including the possibility of a slowing growth, slowing credit, and possibly tighter fnancial conditions if
the anticipated unwinding of monetary policy stimulus in the United States leads to sustained capital fow
reversals. Additional policy action is required for stronger global growth.
The one way to counter this would be for the advanced economic states to maintain a supportive
macroeconomic policy mix in conjunction with credible plans in order to achieve some sustainability and
reforms to restore ledgers and credit channels. This is required primarily due to the fact that a good number
of emerging markets and developing economies are facing a trade-of between macroeconomic policies
to support weak activity and those to contain capital outfows. Macroprudential and structural reforms can
also help lessen the harshness of this trade-of.
Financial market volatility has increased globally in May and June after a period of calm since last summer.
Financial market instability and long-term interest have also risen in advanced economies. Peripheral euro
area sovereign spreads have widened again after a period of sustained declines. However, the emerging
market economies have taken the hardest hit as they have had decline in equity price, rising local yields,
currency depreciation and some capital outfows due to weaker domestic activity, interest rates and price
volatility in advanced economies.
Global growth has increased very slightly from an annualized rate of 2.5% in the second half of 2012 to only
2.75% in the frst quarter of 2013 (ref. Figure 1). This under performance was due to 3 vital factors:
1. Less growth in emerging markets:
Capacity restrictions
Slow external growth demand
Logjams in infrastructural development
Lower commodity prices
DIRECTORS
REPORT
27
Concerns over fnancial stability
Weaker policy support
2. Profound recession in the euro area:
Weak balance sheets
Afected growth
Impacted tight fscal and fnancial conditions
Low demand
3. Slow expansion of the U.S. economy:
Due to stronger fscal contraction weighed on improving private demand.
In stark contrast to all this, Japan had a robust growth primarily driven by net exports and consumption and
later by the 20% depreciation of the Yen since 2012.
In terms of forecasts, the growth in United States
is estimated to rise by only 1% from 1.75% to
2.75% in 2014, assuming the sequestration will
stay in place until 2014, despite the pace of fscal
consolidation being still slow.
Growth in Japan will average to about 2% in
2013, largely due to the positive efects of recent
accommodative policies, confdence and private
demand, thus nullifying the previously projected
growth. However, owing to the somewhat softer
forecast for 2014 due to the weaker global
environment, the growth is moderated to about
1.25% in 2014 for the region.
Recession will remain prevalent for the euro area
in the remainder of 2013 with activity contracting by over 0.5%. Due to persistent efects of the constraints
and expected delays in policy implementation in key areas and also due to base efect from the delayed
recovery in 2013, growth will only rise by under 1% in 2014, which is weaker than was previously projected
for the region.
At 5% in 2013 and about 5.5% in 2014, growth in the emerging market and developing economies is now
expected to evolve at a more upbeat pace, approximately 0.25% slower than it was in April 2013 (according
to IMFs World Economic Outlook), thus representing the weaker prospects across all regions.
In terms of forecasts, the growth in United States is estimated
to rise by only 1% from 1.75% to 2.75% in 2014, assuming the
sequestration will stay in place until 2014...
8
7
6
5
4
3
2
1
0
-1
-2
13:
Q4
2011 12
Advanced economies
World
Emerging market and
developing economies
Figure 1. Global GDP Growth
(Percent; quaeter over quarter, annualized
28
aamra technologies limited I ANNUAL REPORT 2013
Growth in China will average 7.75% in 2013/2014, 0.25% lower in 2013 and 0.5% lower in 2014, contrary
to the forecast originally made in April 2013. Forecast for the remaining BRICS have been revised down by
0.25% to 0.75% as well. The outlook has also deteriorated to lower commodity prices for many commodity
exporters, including those among BRICS.
In Sub-Saharan Africa, growth will be weaker due to Nigeria and South Africa (some of their largest
economies) struggling with weaker external demand and domestic problems.
Some economies in North Africa and the Middle East still remains weak in their growth because of dif cult
economic transitions and political situations.
All in all, global growth, though about 0.25% weaker than estimated projections in April 2013, is estimated
to recover from slightly above 3% in 2013 to 3.75% in 2014,
The outlook is still dominated by disadvantageous risks. Despite diminished tail risks in advanced
economies, to keep it at bay additional measures are required which include timely increase in the U.S.
debt ceiling and further action by authorities in the euro area to do whatever is required to avoid a sharp
deterioration in fnancial conditions.
In contrast, risk for a longer growth slowdown in emerging market economies have now increased due to
the prolonged efects of domestic capacity constraints, slowing credit growth and weak external conditions.
The forecasts assumes that the recent rise in fnancial market volatility and the associated yield increases
will partly reverse, as they largely refect a one-of reprising of risk due to the changing growth outlook for
emerging market economies and temporary uncertainty about the exit from monetary policy stimulus in
the United States. However, if underlying vulnerabilities lead to additional portfolio shifts, further yield
increases, and continued higher volatility, the result could be sustained capital fow reversals and lower
growth in emerging economies.
Policies to Generate Strong Growth
New challengers are brought to the table to global growth, global rebalancing and employment due to
weaker growth prospect and new risks, therefore policy makers around the globe have to increase eforts
to ensure robust growth.
Key advanced economies urgently need to pursue a mixed strategy that will support a short-term growth,
secured by credible plans for medium-term public debt sustainability. This will allow for a steadier near-
term fscal adjustment that will lead to low infation and sizable economic slack, and monetary policy
stimulus which will continue until the recovery is well established.
Additionally, potential adverse side-efects should be contained with regulatory and macroprudential
policies. Clear communication on the eventual exit from monetary stimulus will help reduce volatility in
global fnancial markets. Further progress in fnancial sector restructuring and reform is also required to
recapitalize and restructure bank balance sheets and improve monetary policy transmission.
In the euro area, a bank asset review should identify problem assets and quantify capital needs, supported
by European Stability Mechanism direct recapitalization where appropriate. Building on recent agreements,
policy makers should also make progress to a fuller banking union, including through a strong Single
Resolution Mechanism. Policies to reduce fnancial market fragmentation, support demand, and reform
product and labor markets are also crucial for stronger growth and job creation.
29
Cyclical positions and vulnerabilities vary across emerging market and developing economies, but
prospects of monetary policy normalization in the United States and a potential capital fow reversal have
heightened some policy trade-ofs. Risks of lower-than-expected potential output in some economies
suggest that there may be less fscal policy space than previously estimated.
Monetary easing can be the frst line of defense against downside risks, as infation is generally expected
to moderate in most economies. However, real policy rates are low already, and capital outfows and price
efects from exchange rate depreciation may also constrain further easing. With weaker growth prospects
and potential legacy problems from a prolonged period of rapid credit growth, the policy framework must
be ready to handle possible increases in fnancial stability risks. While macroeconomic policies can support
these eforts, the main instruments should be regulatory oversight and macro prudential policies.
Finally, the above measures need to be supported by structural reforms across all major economies to
lift global growth and support global rebalancing. As before, this implies measures to sustainably raise
consumption (China) and investment (Germany) in surplus economies, as well as measures that improve
competitiveness in defcit economies.
Bangladesh Economy
Bangladesh economy experienced fuctuating fortunes in FY 2013 with the economy moving towards a
lower level equilibrium in the course of the ongoing fscal year. On the one hand, the macroeconomic
stability was partially restored and rising infationary trends somewhat tamed, while on the other, economic
growth slowed down for a second consecutive year to remain below the target set out in Sixth Five Year
Plan (SFYP).
The prevailing stagnation in private investment was further aggravated by uncertainties emanating from
the ongoing violence and confrontational politics. Although both remittances and exports have posted
robust performance inspite of adverse global scenario, it was the domestic factors which had impacted
in an overriding manner on the macroeconomic performance in FY 2013. A number of weaknesses with
regard to macroeconomic management including governance of the banking sector and the debate
surrounding fnancing options for the Padma Multipurpose Bridge Project (PMBP) were on the policy radar
screen throughout the year.
The economic governance of the countrys power sector was also under the spotlight as the incumbent
government approached towards the fnishing line of its tenure. The external sector of the country also
faces formidable challenges in the backdrop of global uncertainty and faltering image of countrys ready-
made garments (RMG) sector. In the backdrop of these challenges, it appears that confrontational and
uncertain political environment had direct and indirect implications for economic performance in FY 2013,
particularly true for the second half of the fscal year.
One is apprehensive that the ongoing political impasse and the resultant adverse implications will leave an
unfavorable footprint for economic performance also over the upcoming fscal year. Overall, Bangladesh
economy is likely to remain in a dif cult terrain in FY 2014. As it is, the forthcoming budget will be the last
one to be presented by the present government. In the run up to the forthcoming national elections, the
government may like to revisit its pledges in the manifesto and in the SFYP, but in view of the past record,
the continuing fragility of the institutions and the looming political uncertainties, many of the objectives
and the indicators will likely remain unattained.
Monetary easing can be the first line of defense against
downside risks, as inflation is generally expected to moderate in
most economies...
30
aamra technologies limited I ANNUAL REPORT 2013
The macroeconomic performance in FY 2014 will critically hinge on the state of both economic and
political governance. For the second consecutive year, GDP growth rate in FY 2013 has failed to attain the
target. This is certainly a setback for the present governments plan to move the economy towards a higher
growth trajectory which is a necessary factor for attaining the middle income status by 2021. According
to the provisional estimates from Bangladesh Bureau of Statistics (BBS), GDP growth for the current fscal
year is expected to be 6.0 per cent; i.e. 1.2% points lower than the target (7.2%) and 0.2% point lower
from fnal GDP growth estimate for FY 2012.1 One may recall that, early projections by analysts were in
agreement that the growth rate in FY 2013 would remain below 6.0 per cent. 2 The SFYP planned to elevate
the average GDP growth rate during FY 2011-FY 2015 period to 7.2%; thus, GDP growth rate was expected
to be 8.0 per cent by FY 2015.
Indeed, successive failure to meet the target for GDP growth has made it dif cult to attain the objectives of
the medium term plan. For example, GDP growth rate would require to be 8.0 per cent in FY 2013 to meet
SFYP target. To cover the present gap between SFYP target and record of GDP growth performance, it will
be required to attain a 9.6 per cent GDP growth in FY 2014. This is a highly unlikely scenario. Consequently,
the SFYP targets have by now lost their relevance in view of the track record. Setting a high target of 7.2%
for FY 2014 is also not going to align trends with the SFYP targets.
FY 2013 has been one of worst years for private investment. The provisional estimate by BBS for FY 2013
anticipates a distinctive fall in the share of the private investment in GDP. It shows that private investment
is expected to decline as a share of GDP to 19.0 per cent in FY 2013 from 20.0 per cent in FY 2012. This is an
outlier because such a fall in private sectors share has never been experienced in the history of Bangladesh
(since FY 1981). This would mean that level of private investment would now move back to the level of FY
2007. This would also mean that, private investment in FY 2013 will be 3.7% points lower than the SFYP
target. This will surely have a dampening consequence from the perspective of the expected acceleration
of growth rates.
In contrast to the depressed private investment, public investment has increased steadily since FY 2009
and surpassed the SFYP target in FY 2013 (6.9 per cent of GDP) by about 1% point. According to provisional
estimates of BBS, public investment is expected to be about 7.9% of GDP in FY 2013. This implies that public
investment (as a share of GDP) will improve by 1.4% points in a single fscal year such an improvement
had never happened before!
Indeed, public investment as a share of GDP will also be the highest in the history. 7 Public investment in FY
2013 increased by 36.6 per cent compared to the previous fscal year. One may reckon that the provisional
estimate of public investment has considered a fuller utilization of original ADP (to the tune of Tk. 55,000
crore). ADP was later downsized (revised ADP (RADP)) and hence, the fnal expenditure fgure should be
lower. Nevertheless, it appears that public investment beyond ADP has also experienced a considerable
rise. It appears that, the estimate for public investment in FY 2013 is somewhat on the high side.
The banking sector in Bangladesh has come under criticism in the recent past due to increased number
of fnancial scams and the rising size of loan default. Undoubtedly, the size of the industry has expanded
in terms of total banks and their branches, deposits and credits which in turn have contributed to the
economic development of the country. The performance of the banking sector has also improved over
the years according to various indications such as capital to risk weighted asset, rate of non-performing
31
loan (NPL) to total loan, expenditure income ratio, return on asset, return on equity, and liquidity. This
has been possible due to various reform measures and policy support of the consecutive governments.
Unfortunately, the health check fails to conceal the problems sufered by the sector from time to time. The
current situation of large fnancial frauds and high NPL of banks calls for a close scrutiny of the sector and
necessitates taking required measures.
The power sector has undergone signifcant changes over the last four years with a view to raising
generation and supply capacities taking cognizance of the emerging urgency. As is known, the country
sufered from signifcant power defcit when the present government came to power in 2009 - total
generation of electricity was only 3268 MW at the time with a per capita access to electricity being only
183KWh. In this backdrop, the government undertook short, medium and long term programs based on
the national plan for power sector development. The major target of the plan was to ensure a moderate
rise in access to electricity in the shortest possible time. This target has partly been attained over the last
four years.
Bangladeshs export earnings stood at USD 21.78 billion, registering a moderate growth rate of 10.14 per
cent during July-April period of FY 2013 compared to the corresponding months of FY 2012. Indeed, whilst
this growth performance was notable by any measure, exports would need to grow by 37.8 per cent over
the remaining two months of the current fscal to attain the growth target of 15.3 per cent set for FY 2013.
It would thus be justifed to project that targets will remain unattained this year.
While Knit (8.9 per cent), woven (14.0 per cent), leather (19.6 per cent) experienced relatively high growth,
raw jute (-11.4 per cent), home textile (-11.8 per cent) and frozen food (-14.4 per cent) posted negative
growth rates during the July-April period of FY 2013 compared to the corresponding period of FY 2012.
During the same period of FY 2013, non-RMG sector did not exhibit a promising trend for export earnings.
As Table 6.3 shows, as a group export performance of RMG was better compared to that of non-RMG,
although both the groups are likely to fail in attaining the respective growth targets.
Business Performance
The year 2013 is projected to be alike 2012 in that the global growth will remain subdued, slightly above
3%. The prime reason for this is the slow growth and considerably weaker domestic demand in most of the
key emerging market economies as well as a more prolonged recession in the euro area.
Instability in the fnancial market has increased globally in May and June after a dormant period since
last summer. In advanced economies, long-term interest rate and fnancial market volatility have risen.
Fluctuating fortunes have plagued Bangladesh in the FY 2013 with the economy moving towards a lower
level equipoise in the course of the ongoing fscal year.
Despite both remittances and exports having posted strong performances in spite of adverse global
scenario, the superseding manner on the macroeconomic performance in FY 2013 was completely due to
domestic factors. Throughout the year the policy screen was plagued with a number of weaknesses with
regards to macroeconomic management most of which include governance of the banking sector, and
the debate surrounding fnancing options for the Padma Multipurpose Bridge Project (PMBP). Irrespective
of the political instability and economic recovery, aamra technologies limited (ATL) has posted a strong
operational and fnancial performance.
Bangladeshs export earnings stood at USD 21.78 billion, registering
a moderate growth rate of 10.14 per cent during July-April period of
FY 2013 compared to the corresponding months of FY 2012...
32
aamra technologies limited I ANNUAL REPORT 2013
ATLs performance for FY 2013 remained sound and strong, a remarkable achievement given the market
turbulence. This is due to the proper implementation of our focused and transparent strategy which
realizes predictable business performance over time and in turn, helps create value for our shareholders,
customers, employees and most importantly, the communities in which we operate. During the fnancial
year the company generated gross revenue of approximately BDT 717 million compared to last years
BDT 668 million. Gross proft was approximately BDT 186 million compared to BDT 145 million in last
year. Our prudent and ef cient teams are always a step ahead in adopting to the ever changing business
environment and are ever ready to accommodate the current need of the fnancial and telecom sectors
in Bangladesh. This along with our strong belief in the power of WE, have directly contributed to this
excellent performance. ATL recorded an underlying net proft after tax of BDT 73.3 million, up from BDT
62.5 million last year. Ef cient management and quick adoption of change environment have contributed
to this great achievement.
The highlight of ATLs business performance for the FY 2013 is most defnitely the business expansion in
the bandwidth market for which ATL acquired International Internet Gateway (IIG) license from Bangladesh
Telecommunication Regulatory Commission (BTRC) and has started commercial operation on September
15, 2012. The IIG license has generated proftable business opportunities for the company which clearly
had an impact on the revenue of ATL for the FY ended on June 30, 2013.
Along with being purpose driven, ATL considers itself as a socially responsive, respectful and an abiding
company. Our innovative strategy enables us to invest in high quality assets and to construct disaster
recovery services and other managed services for fnancial institutions and for telecommunication
industry. And we achieve this by implementing our strategy with integrity, strong moral ethics and in an
environmentally sound manner. Through committed leadership and disciplined operations, we see our
self-growing and thriving.
ATLs focused driven business strategy remained constant during the past year and as a leading provider of
high-tech and customized solutions to address a broad range of business IT needs in Bangladesh, we at ATL
are confdent in achieving continued success in the upcoming year.
Election/Re-election of Directors
As per Articles of Association, one third of the Directors shall retire from the of ce every year and they are
eligible for re-election by the shareholders of the company. As per Clause no. 91 of Article of Association of
the Company, Syed Faruque Ahmed and Syeda Farida Ahmed are due to retire. They are however, eligible
for re-election in the Annual General Meeting.
Audit Committee
The Audit Committee of the Company met four (4) times during the year and reviewed the following:
Audit and Inspection Report of the Internal Audit Team and External Auditor.
The Financial Statements of the Company audited by the External Auditors.
Stressing on the importance of the Compliance Culture within the Company.
33
Dividend
aamra technologies limited (ATL) has posted after tax proft of BDT 73.59 million for the year 2013. Basic EPS
stood at BDT 1.46, compared to the last years EPS of BDT 2.46 (reported) where restated EPS is BDT 1.17.
Considering overall market, current fnancial strength of the company and the prospect of further growth,
the Board of ATL has recommended 5% cash and 10% stock dividend for the year 2013.
Auditors
M/s. Masih Muhith Hoque & Co., Chartered Accountants, have carried out the audit of the company for
the fscal year ending on June 30, 2013. As M/s. Masih Muhith Hoque & Co., Chartered Accountants are
not eligible anymore, therefore as per eligible applications the Directors endorse recommendation for the
appointment of Malek Siddiqui Wali & Co., Chartered Accountants, as the auditors of the company for the
fnancial year 2014. The recommendation will be placed in the 24
th
Annual General Meeting for approval.
Acknowledgement
We take this opportunity, on behalf of the Board of Directors, to express my heartfelt gratitude to, all of
our valued clients, shareholders and well-wishers at home and aboard for their wholehearted cooperation
and active support in discharging the responsibilities reposed on me and the Board during the year under
review. We would like to express our sincere gratitude to the Registrar of Joint Stock Companies and Firms,
Bangladesh Securities and Exchange Commission, Dhaka Stock Exchange Limited, Chittagong Stock
Exchange Limited and all the scheduled banks and Leasing Companies for their sincere support and whole
hearted cooperation. We would also put on record my deep appreciation for the services and loyalty of the
executives, of cers and employees of the company at all levels without which we could not have achieved
this result.
We would like to thank and express gratitude on behalf of the Board of Directors to Mr. Syed Farhad Ahmed
Managing Director & CEO for his hard work, commitment and dedication to the welfare of our company.
The Board also acknowledges with thanks, the contribution made by the honorable Directors by guiding
and giving proper directions from time to time which has made ATL a Hallmark in Hi-Tech IT solution
provider in Bangladesh. Last but not the least certainly, we express our sincerest gratitude to all our clients
for their loyalty and patronage over the period. With our very best regards to all our valuable shareholders,
we promise to continue the growth with your support.
Thank you all.
On behalf of the Board
Syed Faruque Ahmed
Chairman
We would like to express our sincere gratitude to the Registrar of Joint
Stock Companies and Firms, Bangladesh Securities and Exchange
Commission, Dhaka Stock Exchange Ltd., Chittagong Stock Exchange Ltd...
34
aamra technologies limited I ANNUAL REPORT 2013
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Advanced economies
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Emerging market and
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Figure 1. Global GDP Growth
(Percent; quaeter over quarter, annualized
36
aamra technologies limited I ANNUAL REPORT 2013
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- |||< |||<+|+< ||+ <| < || =< =+| |< <
<|-< | || |+ || |<< < < | +< ||...
38
aamra technologies limited I ANNUAL REPORT 2013
|| <<< ||| <|< -|< -:: << +< < - =| < <| <+|<<
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39
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:.:- + , = <|< | | +| |
<||< | | :-.- <| ||...
40
aamra technologies limited I ANNUAL REPORT 2013
<<<|| +||| <||-| |+| | -:- || | | +< | |< << <||-| |+|
::- ||< || =<< | | - <||-| |+| | :-: || | << | <||-|
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| +|||< |< < : -::- |< <
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41
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|-< |< < ...
42
aamra technologies limited I ANNUAL REPORT 2013
Fairness, Transparency, Accountability and Responsibility are the minimum standards of acceptable
corporate behavior today. At aamra technologies limited, corporate governance means increasing the
shareholders value by being ef cient, transparent, professional and accountable to the organization,
society and to the environment.
Board of Directors
There are 5 members in the Board of Directors. Out of the 5 members, one member is an Independent Director.
All our board members include persons of high caliber, with academic and professional qualifcation in the
feld of business and professionals. This gives strength for efective discharge of duties and responsibilities
by the Board. The Board approves the companys budget and business plan and reviews those on a regular
basis so as to give directions as per changing economic and market environment. The Board reviews the
policies and manuals of the various segments of businesses in order to establish efective risk management
in credit and other key areas of operations. The management operates within the policies, guidelines and
limits approved by the Board.
COMPLIANCE REPORT ON CORPORATE GOVERNANCE
Status of compliance of the conditions described in SECs Notifcation No. SEC/CMRRCD/2006-158/
Admin/02-08 dated February 20, 2006 issued under Section 2CC of the Securities and Exchange Ordinance,
1969 (XVII of 1969) regarding Corporate Governance is given below in pursuance of condition No. 5.00 of
the said notifcation:
Condition
no.
Title
Compliance Status
Explanation Non
compliance with
the condition
Compiled
Not
Compiled
1.00 BOARD OF DIRECTORS
1.1 Board Size
1.2 Appointment of Independent Director
1.3
Chairman of the Board and Chief
Executive
1.4
The Directors' Report to the
Shareholders
1.4 ( c)
Application of proper accounting
policies in preparation of fnancial
statements
1.4 (d)
Adherence to International Accounting
Standards
CORPORTE
GOVERNANCE
43
Condition
no.
Title
Compliance Status
Explanation Non
compliance with
the condition
Compiled
Not
Compiled
1.4 (e) Sound Internal Control
1.4 (f ) Ability to continue as a going concern
1.4 (g)
Deviations from operation of the
previous year
1.4 (h)
Presentation of key operating and
fnancial data of the last three years
2.2
Requirement of CFO and Company
Secretary to attend Board Meeting
3.2 (ii)
Qualifcation of the Chairman of the
Audit Committee
4.00 (ii)
Financial information systems design
and implementation
4.00 (iii)
Book keeping or other services related to
the accounting records