Aman Feed Limited 12.05.2015

“If you have any query about this document, you may consult issuer, issue manager and
underwriter”
PROSPECTUS
FOR
PUBLIC OFFER OF 20,000,000ORDINARY SHARES OF TK. 10/- EACH AT AN ISSUE PRICE OF TK. 36/-
EACH INCLUDING A PREMIUM OF TK. 26/- PER SHARETOTALING TO TK. 720,000,000/-
OF
AMAN FEED LIMITED (AFL)
Opening Date for Subscription: May 25, 2015
Closing Date for Subscription (Cut-off date): June 04, 2015
MANAGER TO THE ISSUE
LANKABANGLA INVESTMENTS LIMITED

Eunoos Trade Center (Level - 21),
52-53, Dilkusha C/A, Dhaka - 1000, Bangladesh
Phone: +88 02 711 35 85, 956 12 38; Fax: +88 02 711 57 56;
e-mail: [email protected]; Website: www.lankabangla-investments.com
UNDERWRITERS
COSMOPOLITAN FINANCE LIMITED UNICAP INVESTMENTS LIMITED
Summit Centre (6th Floor) , A-A Bhaban (9 th Floor),
18, Karwan Bazar, Dhaka-1215 23, Motijheel C/A, Dhaka-1000
IDLC INVESTMENTS LIMITED CONTINENTAL INSURANCE LIMITED
Eunoos Trade Center (Level-21), Ideal Trade Centre (7th Floor),102,
52-53, Dilkusha C/A, Dhaka-1000 ShahidTajuddin Ahmed Sarani, Tejgaon, Dhaka - 1208
PRIME BANK INVESTMENT LIMITED GREEN DELTA INSURANCE COMPANY LIMITED
Peoples Insurance Bhaban (11th Floor), Green Delta AIMS Tower (6th Floor) ,
36, Dilkusha C/A, Dhaka-1000 51-52, Mohakhali, Dhaka-1212
SWADESH INVESTMENT MANAGEMENT LIMITED RUPALI LIFE INSURANCE COMPANY LIMITED
Suite -01, Level-11, Unique Trade Centre (UTC), RupaliBimaBhaban (9th Floor), 7, Rajuk Avenue,
8, Panthapath, Dhaka-1215 Motijheel C/A, Dhaka -1000
LANKABANGLA INVESTMENTS LIMITED
Eunoos Trade Center (Level-21), 52-53, Dilkusha C/A, Dhaka-1000
CREDIT RATING STATUS

Particulars Long Term Short Term
Entity Rating A3 ST-3
Rating Date December 24, 2014
Expiry date of respective credit facilities or
Validity of the Rating December 31, 2015
December 31, 2015 whichever is earlier
Outlook Stable
Rating by Credit Rating Agency of Bangladesh Limited (CRAB)
The Issue shall be placed in “N” Category

Date of Publication of Abridged Version of Prospectus: April 29, 2015
AMAN FEED LIMITED

2 Ishakha Avenue, Sector - 6, Uttara, Dhaka - 1230
Tel: +88 02 791 16 91-3; Fax: +88 02 892 05 10
e-mail: [email protected]; Website: www.amanfeed.com
“CONSENT OF THE BANGLADESH SECURITIES AND EXCHANGE COMMISSION HAS BEEN OBTAINED TO THE ISSUE/OFFER OF
THESE SECURITIES UNDER THE SECURITIES AND EXCHANGE ORDINANCE, 1969, AND THE SECURITIES AND EXCHANGE
COMMISSION (PUBLIC ISSUE) RULES, 2006. IT MUST BE DISTINCTLY UNDERSTOOD THAT IN GIVING THIS CONSENT THE
COMMISSION DOES NOT TAKE ANY RESPONSIBILITY FOR THE FINANCIAL SOUNDNESS OF THE ISSUER COMPANY, ANY OF ITS
PROJECTS OR THE ISSUE PRICE OF ITS SECURITIES OR FOR THE CORRECTNESS OF ANY OF THE STATEMENTS MADE OR
OPINION EXPRESSED WITH REGARD TO THEM. SUCH RESPONSIBILITY LIES WITH THE ISSUER, ITS DIRECTORS, CHIEF
EXECUTIVE OFFICER/CHIEF FINANCIAL OFFICER, ISSUE MANAGER, UNDERWRITER AND/OR AUDITOR.”
AMAN FEED LIMITED
AVAILABILITY OF PROSPECTUS
Prospectus of Aman Feed Limited may be obtained from the Issuer Company, the Issue Manager, the Underwriters and
the Stock Exchanges as follows:
ISSUER COMPANY CONTACT PERSON CONTACT NUMBER

Aman Feed Limited Tel: +88 02 791 16 91-3
Mr. Nandan Chandra Dey, FCMA
2, Ishakha Avenue, Sector - 6, Fax: +88 02 892 05 10
Company Secretary
Uttara, Dhaka - 1230 e-mail: [email protected]
MANAGER TO THE ISSUE CONTACT PERSON CONTACT NUMBER

Tel: +88 02 712 25 95, 956 12 38
LankaBangla Investments Limited
Mr. Khandakar Kayes Hasan, CFA Fax: +88 02 711 35 85
Chief Executive Officer e-mail: kayes@lankabangla-
52-53, Dilkusha C/A, Dhaka - 1000
investments.com
UNDERWRITERS CONTACT PERSON CONTACT NUMBER

Tel: +88 02 712 25 95, 956 12 38
Mr. Khandakar Kayes Hasan, CFA Fax: +88 02 711 35 85
Eunoos Trade Center (Level - 21)
Chief Executive Officer e-mail: kayes@lankabangla-
investments.com
Cosmopolitan Finance Limited Tel: +88 02 818 98 40-41
th Mr. Ehsanul Kabir
Summit Centre (6 Floor), Fax: +88 02 818 98 43;
Head of Operations
18, Karwan Bazar, Dhaka - 1215 e-mail: ehsan.kabir@ cosmopolitanbd.com
IDLC Investments Limited Tel: +88 02 957 11 70
Mr. Md. Moniruzzaman, CFA
Eunoos Trade Center (Level - 21), Fax: +88 02 957 11 71
Managing Director
52-53, Dilkusha C/A, Dhaka - 1000 e-mail: [email protected]
Prime Bank Investment Limited Tel: +88 01730 031 810
th Mr. KhandokerRaihan Ali, ACA
Peoples Insurance Bhaban (11 Floor), Fax: +88 02 955 92 57
Assistant Vice President
36, Dilkusha C/A, Dhaka - 1000 e-mail: [email protected]
Swadesh Investment Management Limited Tel: +88 01713 400 500
Mr. Mamun Ahmed
Suite - 01, Level - 11, Unique Trade Centre (UTC) Fax: +88 02 815 83 44
Managing Director
8, Panthapath, Dhaka - 1215 e-mail: [email protected]
UniCap Investments Limited Tel: +88 02 966 28 88
th Mr. Tauhidul Ashraf, FCS
A-A Bhaban (9 Floor), Fax: +88 02 861 68 78
Managing Director (C.C.)
23, Motijheel C/A, Dhaka-1000 e-mail: [email protected]
Continental Insurance Limited Tel: +88 01713 370 171,
th Mr. Md. Motaher Hossain
Ideal Trade Centre (7 Floor),102, ShahidTajuddin Fax: +88 02 914 71 87
AVP (Investment Department)
Ahmed Sarani, Tejgaon, Dhaka - 1208 e-mail: [email protected]
Green Delta Insurance Company Limited Tel: 88 02 985 19 02
th Mr. Syed Moinuddin Ahmed
Green Delta Aims Tower (6 Floor) Fax: 88 02 985 11 24
Company Sectretary
51-52, Mohakhali, Dhaka - 1212 e-mail: [email protected]
Rupali Life Insurance Company Limited Tel: +88 02 712 00 81
th Mr. Md. Golam Kibria
RupaliBimaBhaban (9 Floor), 7, Rajuk Avenue, Fax: +88 02 957 05 60
Managing Director (C.C.)
Motijheel C/A, Dhaka - 1000 e-mail: [email protected]
STOCK EXCHANGES AVAILABLE AT CONTACT NUMBER

Dhaka Stock Exchange Limited (DSE) Tel: +88 02 956 46 01‐7
DSE Library
9/F Motijheel C/A, Dhaka - 1000 +88 02 717 57 03-11
Chittagong Stock Exchange Limited (CSE) Tel: +88 031 714 632‐3
CSE Building, 1080, Sheikh Mujib Road, CSE Library +88 031 720 871
Chittagong - 4100 +88 02 951 39 11‐15
Prospectus is also available on the websites of Aman Feed Limited (www.amanfeed.com), LankaBangla Investments Limited
(www.lankabangla-investments.com), BSEC (www.sec.gov.bd), DSE (www.dsebd.org), CSE (www.csebd.com) and Public Reference
room of the Bangladesh Securities and Exchange Commission (BSEC) for reading and study.
NAME AND ADDRESS OF THE AUDITOR

TABLE OFZAKER
AHMED CONTENTS
& CO.
Chartered Accountants
Particulars
45, Shaheed Syed Nazrul Islam Sarani, Bijoynagar, Saiham Tower (2 Floor). Dhaka- 1000, Bangladesh Page
nd
Tel: +88 02 8391440-3; Fax: +88 02 8391011; e-mail: [email protected]; Website: www.ahmed-zaker.com
SECTION I: STATUTORY CONDITIONS 07-15
PROSPECTUS |2
AMAN FEED LIMITED
Disclosure in respect of issuance of security in demat form 07

Conditions under 2CC of the Securities and Exchange Ordinance, 1969 07
General Information 15
SECTION II: DECLARATIONS AND DUE DILIGENCE CERTIFICATES 16-19

Declaration about the responsibility of the Director(s), including the CEO of the Company “Aman 16
Feed Limited” in respect of the Prospectus
Consent of Director (s) to serve as Director(s) 17
Declaration about filing of Prospectus with the Registrar of Joint Stock Companies & Firms 17
Declaration by the Issuer about the approval from Bangladesh Securities and Exchange Commission 17
for any material changes
Declaration by the Issue Manager about the approval from Bangladesh Securities and Exchange 18
Commission for any material changes
Due Diligence Certificate of the Manager to the Issue 18
Due Diligence Certificate of the Underwriter(s) 19
SECTION III: RISK FACTORS AND MANAGEMENT PERCEPTIONS 20-23
SECTION IV: ISSUE SIZE & PURPOSE OF THE PUBLIC OFFERING 24-25
Financial Structure of the Company 24
Use of IPO Proceeds 24
Schedule of Implementation 25
SECTION V: INFORMATION ABOUT THE COMPANY 28-33

Company Profile 28
Nature of Business 28
Principle Products and Services 28
Products/Services that account for more than 10% of the Company’s total revenue 28
Associates, Subsidiary/Related Holding Company and their core areas of business 28
Distribution of Products/Services 29
Competitive Condition of Business 29
Sources and availability of Raw Materials and Principal Suppliers 31
Sources of and requirement for Power, Gas and Water or any other utilities 32
Customer Providing 10% or more Revenues 32
Description of Contract with Principal Suppliers/Customers 32
Description of any Material Patents, Trademarks, Licenses or Royalty Agreements 32
Number of Employees 33
Production Capacity and Current Capacity Utilization 33
SECTION VI: DESCRIPTION OF PROPERTY 34-35

Location of the Principal Plants and other Property of the Company and their condition 34
Particulars Page
SECTION VII: PLAN OF OPERATION AND DISCUSSION OF FINANCIAL CONDITION 36-42

Internal and External Sources of Cash 36
Material commitments for Capital Expenditure 36
PROSPECTUS |3
AMAN FEED LIMITED
Causes for Material Changes from period to period 37

Seasonal aspects of the Company’s business 37
Known trends, events or uncertainties 37
Change in the assets of the Company used to pay-off liabilities 38
Loan taken from or given to Holding/Parent Company or subsidiary Company 38
Future Contractual Liabilities 38
Future Capital Expenditure 38
Vat, Income Tax, Customs duty or other tax liability 38
Operating Lease Agreements during the last five years 38
Financial lease commitments during the last five years 39
Personnel related Scheme 39
Breakdown of estimated expenses for IPO 40
Revaluation of Company’s assets and summary thereof 41
Transaction between Subsidiary/Associate/Holding Company and the Issuer 42
Auditors’ Certificate regarding any allotment of shares to the Directors and Subscribers to the 42
Memorandum of Association and Articles of Association for any consideration otherwise than for cash
Declaration regarding Suppression of Material Information 42
SECTION VIII: INFORMATION ABOUT DIRECTORS AND OFFICERS 43-53

Directors of the Company 43
Information regarding Directors and Directorship 43
Directors’ Involvement in other Organizations 43
Family relationship among Directors and top five Officials 44
Short bio-data of directors 44
Credit Information Bureau (CIB) report 46
Description of Top Executives and Departmental Heads 47
Involvement of Directors and Officers in Certain Legal Proceedings 47
Certain relationships and Related Transactions 48
Executive Compensation 49
Options granted to Directors, Officers and Employees 50
Transaction with the Directors and Subscribers to the Memorandum 50
Tangible Assets per Share 51
Ownership of Company’s Securities 52
Shareholding Structure 52
Shareholder shareholding of 5% or more of the Company’s Securities 53
Securities of the Company owned by the Officers 53
Securities of the Company owned by the Directors 53
Securities of the Company owned by Top Ten Salaried Officers 53
SECTION IX: FEATURES OF IPO 54-57

Determination of Offering Price 54
Market for the Securities being Offered 56
Declaration about Listing of Shares with Stock Exchange(s) 56
Particulars Page
Trading and Settlement 56
Description of Securities outstanding or being offered 56
Dividend, Voting, Preemption Rights 56
Conversion and Liquidation Rights 56
PROSPECTUS |4
AMAN FEED LIMITED
Dividend Policy 57
Other Rights of Shareholders 57
Debt securities 57
SECTION X: SUBSCRIPTION AND MARKET 58-60

Lock-in Provision 58
Subscription by and refund to Non-Resident Bangladeshi (NRB) 58
Availability of Securities 59
Application for Subscription 59
SECTION XI: PLAN OF DISTRIBUTION 61-62

Underwriting of Shares 61
Principal terms and conditions of Underwriting Agreement 61
Commission for the Underwriters 62
Right of Underwriters on Company’s Board 62
Officer or Director of the Underwriter(s) acting as Director of the Company 62
Allotment 62
SECTION XII: MATERIAL CONTRACTS AND OTHERS 63-63

Material Contracts 63
Manager to the Issue 63
SECTION XIII: CORPORATE DIRECTORY 64-64
SECTION XIV: AUDITORS’ REPORT AND RELATED CERTIFICATES 65-93

Auditors’ Report to the Shareholders 65
Auditors’ Report in pursuance of Section-135(1) under Para-24(1) of Part II of the Third Schedule of the 88
Companies Act, 1994
Auditors’ Certificate regarding Statement of Ratio Analysis 92
Auditors’ Certificate regarding Plant and Machinery 93
SECTION XV: MANAGEMENT DISCLOSURE 99-99
SECTION XVI: CREDIT RATING REPORT 100-112
SECTION XVII: IPO APPLICATION PROCESS 113-117
PROSPECTUS |5
AMAN FEED LIMITED
DEFINITION AND ELABORATION OF THE ABBREVIATED WORDS

AND TECHNICAL TERMS USED IN THE PROSPECTUS
Term Description
Allotment : Letter of Allotment for Shares
BAS : Bangladesh Accounting Standards
BB : Bangladesh Bank
BFRSs : Bangladesh Financial Reporting Standards
BSA : Bangladesh Standard of Auditing
BO A/C : Beneficiary Owner Account or Depository Account
BMRE : Balancing, Modernization, Rehabilitation and Expansion
CDBL : Central Depository Bangladesh Limited
Certificate : Share Certificate
CIB : Credit Information Bureau
Commission/BSEC : Bangladesh Securities and Exchange Commission
Companies Act : Companies Act, 1994 (Act No. XVIII of 1994)
CSE : Chittagong Stock Exchange Limited
Depository Act : Depository Act, 1999
DSE : Dhaka Stock Exchange Limited
EPS : Earning Per Share
FC Account : Foreign Currency Account
FI : Financial Institution
GDP : Gross Domestic Product
GOB : The Government of People’s Republic of Bangladesh
IAS : International Accounting Standards
IPO : Initial Public Offering
Issue : Public Issue of Shares of Aman Feed Limited
Issuer / The Company : Aman Feed Limited
MT : Metric Ton
NAV : Net Asset Value
NBR : National Board of Revenue
NRB : Non-Resident Bangladeshi
Offering Price : The Price of the Share of Aman Feed Limited being Offered
Ordinance : Securities and Exchange Ordinance, 1969
Registered Office : Head Office of the Company
RJSC : Registrar of Joint Stock Companies & Firms
Rules : Securities and Exchange Commission (Public Issue) Rules, 2006
Securities / Shares : Shares of Aman Feed Limited
Sponsors : The Sponsor Shareholders of Aman Feed Limited
SND Account : Short Notice Deposit Account
Stockholders : Shareholders
Subscription : Application Money
PROSPECTUS |6
AMAN FEED LIMITED
STATUTORY CONDITIONS Section: I

DISCLOSURE IN RESPECT OF ISSUANCE OF SECURITY IN DEMAT FORM
As per provision of the Depository Act, 1999 and regulation made there under, shares will be issued in dematerialized
condition. All transfer/transmission/splitting will take place in the Central Depository Bangladesh Ltd. (CDBL) system
and any further issuance of shares (rights/bonus) will be issued in dematerialized form only.
CONDITIONS UNDER 2CC OF THE SECURITIES AND EXCHANGE ORDINANCE, 1969
PART–A
1. The company shall go for Initial Public Offer (IPO) for 20,000,000 Ordinary Shares of Tk. 10.00 each at an issue price
of Tk. 36.00 each including a premium of Tk. 26.00 per share worth Tk. 720,000,000.00 (Tk. Seventy Two Crore)
only following the Securities and Exchange Commission (Public Issue) Rules, 2006, the Depository Act, 1999 and
regulations made there under.
2. The abridged version of the prospectus, as approved by the Commission, shall be published by the issuer in 4
(Four) national daily newspapers (two in Bangla and two in English), within 5 (Five) working days of issuance of
the consent letter. The issuer shall post the full prospectus, vetted by the Bangladesh Securities and Exchange
Commission (BSEC), in the issuer’s website and shall also put on the websites of the Commission, stock
exchanges, and the Issue Manager, within 5 (Five) working days from the date of issuance of this letter and shall
remain posted till the closure of the subscription list. The issuer shall submit to BSEC, the stock exchanges and
the Issue Manager a diskette containing the text of the vetted prospectus in “MS -Word” format.
3. Sufficient copies of prospectus shall be made available by the issuer so that any person requesting a copy may
receive one. A notice shall be placed on the front of the application form distributed in connection with the
offering, informing that interested persons are entitled to a prospectus, if they so desire, and that copies of
prospectus may be obtained from the Issuer and the Issue Manager. The subscription application shall indicate in
bold type that no sale of securities shall be made, nor shall any money be taken from any person, in connection
with such sale until twenty five days after the prospectus has been published.
4. The company shall submit 40 (Forty) copies of the printed prospectus to the Bangladesh Securities and Exchange
Commission for official record within 5 (Five) working days from the date of publication of the abridged version of
the prospectus in the newspaper.
5. The Issuer company and the Issue Manager shall ensure transmission of the prospectus, abridged version of the
prospectus and relevant application for NRBs through email, simultaneously with publication of the abridged
version of the prospectus, to the Bangladesh Embassies and Missions abroad and shall also ensure sending of the
printed copies of abridged version of the prospectus to the said Embassies and Missions within 5 (Five) working
days of the publication date by Express Mail Service (EMS) of the postal department. A compliance report shall be
submitted in this respect to the BSEC jointly by the Issuer and the Issue Manager within 2 (Two) working days from
the date of said dispatch of the prospectus.
6. The paper clipping of the published abridged version of the prospectus, as mentioned at condition no. 2 above,
shall be submitted to the Commission within 24 (twenty four) hours of the publication thereof.
7. The company shall maintain separate bank account(s) for collecting proceeds of the Initial Public Offering and shall
also open Foreign Currency (FC) account(s) to deposit the application money of the Non Resident Bangladeshis
(NRBs) for IPO purpose, and shall incorporate full particulars of said FC account(s) in the prospectus. The company
shall open the above-mentioned accounts for IPO purpose, and close these accounts after refund of over-
subscription money. Non-Resident Bangladeshi (NRB) means Bangladeshi citizens staying abroad including all those
who have dual citizenship (provided they have a valid Bangladeshi passport) or those, whose foreign passport bear
a stamp from the concerned Bangladesh Embassy to the effect that no visa is required for traveling to Bangladesh.
PROSPECTUS |7
AMAN FEED LIMITED
8. The issuer company shall apply to all the stock exchanges in Bangladesh for listing within 7 (Seven) working days
from the date of issuance of this letter and shall simultaneously submit the vetted prospectus with all exhibits, as
submitted to BSEC, to the stock exchanges.
9. The following declaration shall be made by the company in the prospectus, namely: -
“Declaration about Listing of Shares with the stock exchange (s):

None of the stock exchange(s), if for any reason, grants listing within 75 (Seventy Five) days from the closure of
subscription, any allotment in terms of this prospectus shall be void and the company shall refund the subscription
money within 15 (Fifteen) days from the date of refusal for listing by the stock exchanges, or from the date of
expiry of the said 75 (Seventy Five) days, as the case may be.
In case of non-refund of the subscription money within the aforesaid 15 (Fifteen) days, the Directors of the
company, in addition to the issuer company, shall be collectively and severally liable for refund of the subscription
money, with interest at the rate of 2% (Two Percent) per month above the bank rate, to the subscribers concerned.
The Issue Manager, in addition to the Issuer company, shall ensure due compliance of the above mentioned
conditions and shall submit compliance report thereon to the Commission within 7 (seven) days of expiry of the
aforesaid 15 (Fifteen) days time period allowed for refund of the subscription money.
10. The subscription list shall be opened and the sale of securities commenced after 25 (Twenty Five) days of the
th
publication of the abridged version of the prospectus and shall remain open up to 25 (twenty fifth) working day
from the date of publication of abridged version of prospectus.
11. The IPO shall stand cancelled and the Issuer shall inform the stock exchanges within 2 (two) working days of
receiving the subscription information to release the application money, if any of the following events occur:
a) Upon closing of the subscription list it is found that the total number of valid applications (in case of under
subscription including the number of the underwriter) is less than the minimum requirement as specified in the
listing regulations of the stock exchange(s) concerned; or
b) At least 50% of the IPO is not subscribed.
12. 20% of total public offering shall be reserved for , 10% of total public offering shall be
reserved for non-resident Bangladeshi (NRB) and 10% for mutual funds and collective investment schemes
registered with the Commission, and the remaining 60% shall be opened for subscription by the general public.
In case of under-subscription under any of the 20% and 10% categories mentioned above, the unsubscribed
portion shall be added to the general public category and, if after such addition, there is over subscription in the
general public category, the Issuer and the Manager to the Issue shall jointly conduct an open lottery of all the
applicants added together.
13. All the applicants shall first be treated as applied for one minimum market lot of 200 shares worth Taka 7,200/-
(Taka Seven thousand two hundred only) If, on this basis, there is over subscription, then lottery shall be held
amongst the applicants allocating one identification number for each application, irrespective of the application
money. In case of over-subscription under any of the categories mentioned hereinabove, the Issuer and the Issue
Manager shall jointly conduct an open lottery of all the applications received under each category separately in
presence of representatives from the Issuer, the stock exchanges and the applicants, if there be any.
14. An applicant cannot submit more than two applications, one in his/her own name and the other jointly with
another person. In case an applicant makes more than two applications, all applications will be treated as invalid
and will not be considered for allotment purpose. In addition, 15% (fifteen) of the application money will be
forfeited by the Commission and the balance amount will be refunded to the applicant.
15. The applicants who have applied for more than two applications using same bank account, their application will
not be considered for lottery and the Commission will forfeit 15% of their subscription money too.
16. Making of any false statement in the application or supplying of incorrect information therein or suppressing any
relevant information in the application shall make the application liable to rejection and subject to forfeiture of
PROSPECTUS |8
AMAN FEED LIMITED
25% of the application money and/or forfeiture of share (unit) before or after issuance of the same by the issuer.
The said forfeited application money or share (unit) will be deposited in account of the Bangladesh
Securities and Exchange Commission (BSEC). This is in addition to any other penalties as may be provided for by
the law.
17. The company shall furnish the List of Allotees to the Commission and the Stock Exchange(s) simultaneously in
which the shares will be listed, within 24 (Twenty Four) hours of allotment.
18. In the event of under-subscription of the public offering, the unsubscribed portion of securities shall be taken up by
the underwriter(s) (subject to Para -10 above). The issuer must notify the underwriters to take up the underwritten
shares within 10 (Ten) days of the closing of subscription on full payment of the share money within 15 (Fifteen)
days of the issuer’s notice. The underwriter shall not share any underwriting fee with the Issue Manager, other
underwriters, issuer or the sponsor group.
19. All issued shares of the issuer at the time of according this consent shall be subject to a lock-in period of 3 (Three)
years from the date of issuance of prospectus or commercial operation, whichever comes later.
Provided that the persons (other than Directors and those who hold 5% or more shares in the company), who have
subscribed to the shares of the company within immediately preceding two years of according consent shall be
subject to a lock-in period of 1 (One) year from the date of issuance of prospectus or commercial operation,
whichever comes later.
20. If any existing sponsor or director of any company transfers any share to any person, other than existing
shareholders, within preceding 12 (twelve) months of submitting any application for raising of capital or initial
public offering (IPO), all shares held by those transferee shareholders shall be subject to a lock-in period of 3
(three) years from the date of issuance of prospectus for IPO.
21. In respect of shares of Sponsors/Directors/Promoters (if in paper format) shall be handed over to security
custodian bank registered with BSEC and shall remain till completion of lock in and the name and branch of the
bank shall be furnished to the Commission jointly by the Issuer and Issue Manager, along with a confirmation
thereof from the custodian bank, within one week of listing of the shares with the stock exchange(s).Or they
(shares of Sponsors/ Directors/ Promoters) can be demated and will remain in lock-in under CDBL system and
issuer will submit a dematerialization confirmation report generated by CDBL and attested by Managing Director
of the company along with lock-in confirmation with BSEC within one week of listing of the shares with the stock
exchange(s). In respect of shares other than Sponsors/Directors/Promoters the issuer will ensure their lock-in of
those shares and submit a statement to this effect to BSEC.
22. The Company shall apply to the stock exchanges for listing within 7 (Seven) working days of issuance of this letter
and shall simultaneously submit to the Commission attested copies of the application filed with the stock
exchanges.
23. The Company shall not declare any benefit/dividend based on the financial statements for the year ended on
June 30, 2014 before listing of its securities with Stock Exchange(s).
24. A compliance report on Corporate Governance Guideline as per the provision of the Bangladesh Securities and
Exchange Commission Notification no. SEC/CMRRCD/ 2006-158/134/Admin/44 Dated 7 August 2012 shall be
submitted to the Commission before 07 (seven) working days of the IPO subscription opening.
PART–B
Application Process
Step-1 (Applicant)
1. An applicant for public issue of securities shall submit application/buy instruction to the Stockbroker/
Merchant Banker where the applicant maintains customer account, within the cut-off date (i.e. The
th
subscription closing date), which shall be the 25 (twenty fifth) working day from the date of publication of
abridged version of prospectus.
PROSPECTUS |9
AMAN FEED LIMITED
2. The application/buy instruction may be submitted in prescribed paper or electronic form, which shall contain the
Customer ID, Name, BO Account Number, Number of Securities applied for, Total Amount and Category of the
Applicant. At the same time:
a. Other than non-resident Bangladeshi (NRB) and Foreign applicants shall make the application money and
service charge available in respective customer account maintained with the Stockbroker/Merchant Banker.
No margin facility, advance or deferred payment is permissible for this purpose. In case the application is made
through a margin account, the application money shall be deposited separately and the
Stockbroker/Merchant Banker shall keep the amount segregated from the margin account, which shall be
refundable to the applicant, if become unsuccessful.
b. Non-resident Bangladeshi (NRB) and Foreign applicants shall submit bank drafts (FDD), issued in favor of the
Issuerfor an amount equivalent to the application money, with their application to concerned
Stockbroker/Merchant Banker. The draft (FDD) shall be issued by the Bank where the applicant maintains
NITA/Foreign Currency account debiting the same account. No banker shall issue more than two drafts from
any NITA/Foreign Currency account for any public issue. At the same time, the applicant shall make the service
charge available in respective customer account maintained with the Stockbroker/Merchant Banker.
Step-2 (Intermediary)
3. The Stockbroker/Merchant Banker shall maintain a separate bank account only for this purpose namely “Public
Issue Application Account”. The Stockbroker/Merchant Banker shall:
a. post the amount separately in the customer account (other than NRB and Foreign applicants), and upon
availability of fund, block the amount equivalent to the application money;
b. accumulate all the application/buy instructions received up to the cut-off date, deposit the amount in the
“Public Issue Application Account” maintained with its bank within the first banking hour of next working
day of the cut-off date. In case of application submitted by the Stock-dealer or the Merchant Banker’s own
portfolio, the application amount should also be transferred to the “Public Issue Application Account”;
c. instruct the banker to block the account for an amount equivalent to the aggregate application money and to
issue a certificate in this regard.
4. Banker of the Stockbroker/Merchant Banker shall block the account as requested for, issue a certificate confirming
the same and handover it to the respective Stockbroker/Merchant Banker.
5. For Non-resident Bangladeshi (NRB) and Foreign applicants, the Stockbroker/Merchant Banker shall hold the bank
drafts (FDD) submitted by the applicants in their custody with a list containing the draft information against the
respective applicant’s particulars.
6. The Stockbroker/Merchant Banker shall prepare category wise lists of the applicants containing Customer ID,
Name, BO Account Number and Number of Securities applied for, and within 03 (three) working days from the cut-
off date, send it to the respective Stock Exchange in electronic (text format with tilde ‘~’ separator ) format and the
certificate(s) issued by its banker.
7. On the next working day, the stock exchanges shall provide the Issuer with the information received from the
Stockbroker/Merchant Bankers. Stock Exchanges shall verify and preserve the bankers’ certificates in their custody.
8. The application/buy instructions shall be preserved by the Stockbroker/Merchant Bankers up to 6 months

from listing of the securities with exchange.
Step-3 (Issuer)
9. The Issuer shall prepare consolidated list of the applications and send the applicants’ BOIDs in electronic (text)
format in a CDROM to CDBL for verification. The Issuer shall post the consolidated list of applicants on its website.
CDBL shall verify the BOIDs as to whether the BO accounts of the applicants are active or not.
P R O S P E C T U S | 10
AMAN FEED LIMITED
10. On the next working day, CDBL shall provide the Issuer with an updated database of the applicants containing BO
Account Number, Name, Addresses, Parents’ Name, Joint Account and Bank Account Information along with the
verification report.
11. After receiving verification report and information from CDBL, the Issuer shall scrutinize the applications, prepare
category wise consolidated lists of valid and invalid applications and submit report of final status of subscription to
the Commission and the stock exchanges within 10 (ten) working days from the date of receiving information from
the stock exchanges.
12. The Issuer and the issue manager shall conduct category wise lottery with the valid applications within 03 (three)
working days from the date of reporting to the Commission and the Stock Exchanges, if do not receive any
observation from the Commission or the Stock Exchanges.
13. The Issuer and issue manager shall arrange posting the lottery result on their websites within 06 (six) hours and on
the websites of the Commission and Stock Exchanges within 12 (twelve) hours of lottery.
14. Within 02 (two) working days of conducting lottery, the Issuer shall:
a. Send category wise lists of the successful and unsuccessful applicants in electronic (text format with tilde ‘~’
separator) format to the respective Stock Exchange.
b. send category wise lists of unsuccessful applicants who are subject to penal provisions as per conditions of
the Consent Letter issued by the Commission in electronic (text format with tilde ‘~’ separator) format to
the respective Stock Exchange mentioning the penalty amount against each applicant.
c. issue allotment letters in the names of successful applicants in electronic format with digital signatures
and send those to respective Stock Exchange in electronic form.
d. send consolidated allotment data (BOID and number of securities) in electronic text format in a CDROM
to CDBL to credit the allotted shares to the respective BO accounts.
15. On the next working day, Stock Exchanges shall distribute the information and allotment letters to the
Stockbroker/Merchant Bankers concerned in electronic format and instruct them to:
a. remit the amount of successful (other than NRB and Foreign) applicants to the Issuer’s respective Escrow
account opened for subscription purpose and unblock the amount of unsuccessful applicants;
b. send the bank drafts (FDD) submitted by successful NRB and Foreign applicants to the Stock Exchange
and return the drafts submitted by unsuccessful applicants;
c. send the penalty amount of other than NRB and Foreign applicants who are subject to penal provisions
to the Issuer’s respective Escrow Accounts along with a list and unblock the balance application money;
d. send the drafts (FDD) submitted by unsuccessful NRB and Foreign applicants who are subject to penal
provisions, to the respective Stock Exchange, along with a list.
16. On the next working day of receiving the documents from the Stock Exchanges, the Stockbrokers/Merchant
Bankers shall request its banker to:
a. release the amount blocked for unsuccessful (other than NRB and Foreign) applicants;
b. remit the aggregate amount of successful applicants and the penalty amount of unsuccessful (other than
NRB and foreign) applicants who are subject to penal provisions to the respective ‘Escrow’ account of the
Issuer opened for subscription purpose.
17. On the same day the Stockbrokers/Merchant Bankers shall:
a. send the drafts (FDD) submitted by successful NRB and Foreign applicants to the Stock Exchange concerned
and return the drafts submitted by unsuccessful NRB and Foreign applicants;
AMAN FEED LIMITED
b. send the drafts (FDD) submitted by unsuccessful NRB and Foreign applicants who are subject to penal
provisions to the respective Stock Exchange separately along with a list of the applicants.
18. On the next working day of receiving request from the Stockbrokers/Merchant Bankers, their bankers shall
unblock the amount blocked in the account(s) and remit the amount as requested for to the Issuer’s ‘Escrow’
account.
19. Simultaneously, the Stockbrokers/Merchant Bankers shall release the application money in the customer accounts;
inform the successful applicants about allotment of securities and the unsuccessful applicants about releasing their
blocked amounts. The unblocked amounts of unsuccessful applicants shall be placed as per their instructions.
The Stockbroker/Merchant Banker shall be entitled to recover the withdrawal charges, if any, from the applicant
who wants to withdraw the application money, up to an amount of Tk. 5.00 (five) per withdrawal.
20. On the same day, Stock Exchanges shall send the drafts submitted by successful NRB and Foreign
applicants and also by unsuccessful NRB and Foreign applicants who are subject to penal provisions, to the
Issuer.
21. In case of drafts (FDD) submitted by successful NRB or Foreign applicant for any amount excess to the value of
securities to be allotted or by unsuccessful NRB and Foreign applicants who are subject to penal provisions, refund
of the balance amount shall be made by the Issuer to the applicant through bank drafts issued in the same
currency within 7 (seven) working days of receiving the drafts from Stock Exchange.
Miscellaneous:
22. The Issuer and Issue Manager(s) shall jointly ensure compliance of the above.
23. The bank draft (FDD) shall be issued considering TT Clean exchange rate of Sonali Bank Ltd. on the date of
publication of abridged version of prospectus.
24. Amount deposited and blocked in the “Public Issue Application Account” shall not be withdrawn or transferred
during the blocking period. Amount deposited by the applicants shall not be used by the Stockbrokers/Merchant
Bankers for any purpose other than public issue application.
25. The Issuer shall pay the costs related to data transmission, if claimed by the Stock Exchange concerned.
26. The Stockbrokers/Merchant Bankers shall be entitled to a service charge of 5.00 (taka five) only per application
irrespective of the amount or category. The service charge shall be paid by the applicant at the time of submitting
application.
27. The Stockbroker/Merchant Banker shall provide the Issuer with a statement of the remittance and drafts sent.
28. The Issuer shall accumulate the penalty amount recovered and send it to the Commission through a bank
draft/payment order issued in favor of the Bangladesh Securities and Exchange Commission.
PART–C
1. The Issuer and the Issue Manager shall ensure that the abridged version of the prospectus and the full prospectus
is published correctly and in strict conformity with the conditions of this letter without any error/omission, as
vetted by the Bangladesh Securities and Exchange Commission.
2. The Issue Manager shall carefully examine and compare the published abridged version of the prospectus on the
date of publication with the copy vetted by BSEC. If any discrepancy/ inconsistency is found, both the Issuer and
the Issue Manager shall jointly publish a corrigendum immediately in the same newspapers concerned,
simultaneously endorsing copies thereof to BSEC and the Stock Exchange(s) concerned, correcting the
discrepancy/inconsistency as required under ‘Due Diligence Certificates’ provided with BSEC.
AMAN FEED LIMITED
3. Both the Issuer Company and the Issue Manager shall, immediately after publication of the prospectus and its
abridged version, jointly inform the Commission in writing that the published prospectus and its abridged version
are verbatim copies of the same as vetted by the Commission.
4. The fund collected through Public Offering shall not be utilized prior to listing with Stock Exchanges and that
utilization of the said fund shall be effected through banking channel, i.e. through account payee cheque, pay order
or bank drafts etc.
rd
5. No issuer of a listed security shall utilize more than 1/3 (one-third) of the fund raised through IPO for the
purpose of loan repayment.
6. The company shall furnish status report on utilization of Public Offering proceeds audited by foreign affiliated
auditors and authenticated by the board of directors to the Commission and the stock exchanges within 15
(Fifteen) days of the closing of each month until such fund is fully utilized, as mentioned in the schedule
contained in the prospectus, and in the event of any irregularity or inconsistency, the Commission may
employ or engage any person, at issuer’s cost, to examine whether the issuer has utilized the proceeds for the
purpose disclosed in the prospectus.
7. While auditing the utilization of IPO proceeds, the auditors’ shall perform their jobs under the followings terms of
references (TOR) and confirm the same in their report/certificate:
a. Whether IPO proceeds have been utilized for the purposes/heads as specified in the prospectus;
b. Whether IPO proceeds have been utilized in line with the conditions (if any) of the Commission’s consent
letter;
c. Whether utilization of IPO proceeds have been completed within the time schedule/ implementation
schedule as specified in the prospectus;
d. Whether utilization of IPO proceeds is accurate and for the purpose of the company as mentioned/ specified
in the prospectus/ and
e. The auditors should also confirmed that: (i) assets have been procured/imported/ constructed maintaining
proper/ required procedure as well as at a reasonable price; and (ii) auditors’ report has been made on
verification of all necessary documents/papers/vouchers in support of utilization of IPO proceeds making
reconciliation with Bank Statement.
8. All transactions, excluding petty cash expenses, shall be effected through the Company’s bank account(s).
9. Proceeds of the Public Offering shall not be used for any purpose other than those specified in the prospectus. Any
deviation in this respect must have prior approval of the shareholders in the shareholders meeting under
intimation to BSEC and Stock Exchanges.
10. Directors on the Company’s Board will be in accordance with applicable laws, rules and regulations.
11. The financial statements should be prepared in accordance with Bangladesh Accounting Standards (BAS) and
Bangladesh Financial Reporting Standards (BFRS) as required by the Securities and Exchange Rules, 1987.
12. If any quarter or half-year of the financial year ends after publication of the abridged version of
prospectus and before listing of its securities with any exchange, the company shall
disseminate/transmit/submit the said quarterly/half yearly financial statements in accordance with the
Commission’s Notification SEC/CMRRCD/2008-183/admin/03-34 dated September 27, 2009 and the section 13 of
the Securities and Exchange Rules, 1987.
13. In the event of arising issues concerning Price Sensitive Information as defined under the
after publication of the abridged version of prospectus and before listing of its
securities with any exchange, the company shall disseminate/transmit/submit the information as price sensitive in
accordance with the Commission’s Notification No. SEC/SRMI/200-953/1950 dated October 24, 2000.
AMAN FEED LIMITED
PART-D
1. All the above conditions imposed under section 2CC of the Securities and Exchange Ordinance, 1969 shall be
incorporated in the prospectus immediately after the page of the table of contents, with a reference in the table of
contents, prior to its publication.
2. The Commission may impose further conditions/restrictions etc. from time to time as and when considered
necessary which shall also be binding upon the Issuer company.
PART-E
1. As per provision of the Depository Act, 1999 & regulations made there under, shares will only be issued in
dematerialized condition. All transfer/ transmission/ splitting will take place in the Central Depository Bangladesh
Ltd. (CDBL) system and any further issuance of shares (including rights/ bonus) will be made in dematerialized form
only.
An applicant (including NRB) shall not be able to apply for allotment of shares without Beneficial Owners (BO)
account.
2. The company and the Issue Manager shall ensure due compliance of all the above conditions and the Securities
and Exchange Commission (Public Issue) Rules, 2006.
AMAN FEED LIMITED
GENERAL INFORMATION
LankaBangla Investments Limited, the Issue Manager, has prepared this prospectus based on information provided by
Aman Feed Limited(the Issuer) and also several discussions with Chairman, Managing Director, Directors and concerned
executives of the Company all of which are publicly available. The Board of Directors of Aman Feed Limited hereby
confirm that to the best of their knowledge and belief, the information contained herein is true and correct in all
material respects and that there are no other material facts, the omission of which, would make any statement herein
misleading.
No person is authorized to give any information or to make any representation not contained in this Prospectus and if
given or made, any such information or representation must not be relied upon as having been authorized by the
Company or the Issue Manager.
The issue, as contemplated in this Prospectus is made in Bangladesh and is subject to the exclusive jurisdiction of the
Courts of Bangladesh. Forwarding this Prospectus to any person resident outside Bangladesh in no way implies that the
issue is made in accordance with the laws of that country or is subject to the jurisdiction of the laws of that country.
A copy of this Prospectus may be obtained from the Corporate Office of Aman Feed Limited, LankaBangla Investments
Limited, the Underwriters and the Stock Exchanges where the securities will be traded.
AMAN FEED LIMITED
DECLARATIONS AND DUE DILIGENCE CERTIFICATES Section: II

DECLARATION ABOUT THE RESPONSIBILITY OF THE DIRECTOR(S), INCLUDING THE CEO
OF THE COMPANY “AMAN FEED LIMITED” IN RESPECT OF THE PROSPECTUS
This prospectus has been prepared, seen and approved by us, and we, individually and collectively, accept full
responsibility for the authenticity and accuracy of the statements made, information given in the prospectus,
documents, financial statements, exhibits, annexes, papers submitted to the Commission in support thereof, and
confirm, after making all reasonable inquiries that all conditions concerning this public issue and prospectus have been
met and that there are no other information or documents the omission of which make any information or statements
therein misleading for which the Commission may take any civil, criminal or administrative action against any or all of
us as it may deem fit.
We also confirm that full and fair disclosure has been made in this prospectus to enable the investors to make a well
informed decision for investment.
Sd/- Sd/-
Md. Rafiqul Islam Md. Toufiqul Islam
Chairman Director
Sd/- Sd/-
Md. Toriqul Islam Md. Azizul Haque
Director Nominated Director
Representing Aman Agro Industries Limited
Sd/-
Md. Shofiqul Islam
Managing Director
AMAN FEED LIMITED
CONSENT OF DIRECTOR(S) TO SERVE AS DIRECTOR(S)
We hereby agree that we have been serving as Director(s) of Aman Feed Limited and continue to act as Director(s) of
the Company.
Sd/- Sd/-
Md. Rafiqul Islam Md. Toufiqul Islam
Chairman Director
Sd/- Sd/-
Md. Toriqul Islam Md. Azizul Haque
Director Nominated Director
Representing Aman Agro Industries Limited
Sd/-
Md. Shofiqul Islam
Managing Director
DECLARATION ABOUT FILING OF PROSPECTUS WITH THE REGISTRAR OF JOINT STOCK

COMPANIES AND FIRMS
A dated and signed copy of the Prospectus has been filed for registration with the Registrar of Joint Stock Companies
and Firms, Government of Peoples’ Republic of Bangladesh, as required under Section 138(1) of the Companies Act,
1994 on or before the date of publication of the prospectus.
DECLARATION BY THE ISSUER ABOUT THE APPROVAL FROM BANGLADESH SECURITIES

AND EXCHANGE COMMISSION FOR ANY MATERIAL CHANGES
In case of any material changes in any agreement, contract, instrument, facts and figures, operational circumstances
and statement made in the Prospectus subsequent to the preparation of the Prospectus and prior to its publication
shall be incorporated in the Prospectus and the said Prospectus should be published with the approval of the
Commission.
For Issuer
Sd/-
Md. Shofiqul Islam
ManagingDirector
Aman Feed Limited
AMAN FEED LIMITED
DECLARATION BY THE ISSUE MANAGER ABOUT THE APPROVAL FROM BANGLADESH

SECURITIES AND EXCHANGE COMMISSION FOR ANY MATERIAL CHANGES
In case of any material changes in any agreement, contract, instrument, facts and figures operational circumstances
and statements made in the Prospectus subsequent to the preparation of the Prospectus and prior to its publication,
shall be incorporated in the Prospectus and the said Prospectus should be published with the approval of the
Commission.
For Manager to the Issue
Sd/-
Mr. Khandakar Kayes Hasan, CFA
Chief Executive Officer
DUE DILIGENCE CERTIFICATE OF MANAGER TO THE ISSUE
Subject:Public offer of 20,000,000 Ordinary Shares of Tk. 10/- each at an issue price of Tk. 36/- each including a
premium of Tk. 26/- per sharetotaling to Tk. 720,000,000/-of Aman Feed Limited
We, the under-noted Manager to the Issue to the above-mentioned forthcoming issue, state as follows:
1. We, while finalizing the draft prospectus pertaining to the said issue, have examined various documents and other
materials as relevant for adequate disclosures to the investors; and
2. On the basis of such examination and the discussions with the issuer company, it’s directors and officers, and other
agencies, independent verification of the statements concerning objects of the issue and the contents of the
documents and other materials furnished by the issuer company.
WE CONFIRM THAT:
a) the draft prospectus forwarded to the Commission is in conformity with the documents, materials and papers
relevant to the issue;
b) all the legal requirements connected with the said issue have been duly complied with; and
c) the disclosures made in the draft prospectus are true, fair and adequate to enable the investors to make a well
informed decision for investment in the proposed issue.
For Manager to the Issue
Sd/-
Mr. Khandakar Kayes Hasan, CFA
Chief Executive Officer
AMAN FEED LIMITED
DUE DILIGENCE CERTIFICATE OF THE UNDERWRITER(S)
Subject:Public offer of 20,000,000 Ordinary Shares of Tk. 10/- each at an issue price of Tk. 36/- each including a
premium of Tk. 26/- per sharetotaling to Tk. 720,000,000/- of Aman Feed Limited
We, the under-noted Underwriter(s) to the above-mentioned forthcoming issue, state individually and collectively as
follows:
1. We, while underwriting the abovementioned issue on a firm commitment basis, have examined the draft
prospectus, other documents and materials as relevant to our underwriting decision; and
2. On the basis of such examination and the discussions with the issuer company, it’s directors and officers, and other
agencies, independent verification of the statements concerning objects of the issue and the contents of the
documents and other materials furnished by the issuer company.
WE CONFIRM THAT:
a) all information as are relevant to our underwriting decision have been received by us and the draft prospectus
forwarded to the Commission has been approved by us;
b) we shall subscribe and take up the un-subscribed securities against the above-mentioned public issue within 15
(fifteen) days of calling up thereof by the issuer; and
c) this underwriting commitment is unequivocal and irrevocable.
For Underwriter(s)
Sd/-
Managing Director/Chief Executive Officer
Prime Bank Investment Limited
UniCap Investments Limited
Swadesh Investment Management Limited
Continental Insurance Limited
Green Delta Insurance Company Limited
Rupali Life Insurance Company Limited
Cosmopolitan Finance Limited
IDLC Investments Limited
AMAN FEED LIMITED
RISK FACTORS & MANAGEMENT PERCEPTIONS Section: III

The factors described below may conceivably materially affect investors’ decisions as investment in equity shares
involves a high degree of risk. Aman Feed Limited (AFL) is operating in a locally competitive industry involving both
external and internal factors having direct as well as indirect effects on the investments. Investors should carefully
consider all of the information in this prospectus, including the risk factors, both external and internal, and
management perceptions enumerated hereunder before making investment decision. If any of the following risks
actually occur, their business, results of operations and financial condition could suffer, the trading price of their equity
share could decline, and investors may lose all or part of their investment.
INTEREST RATE RISKS

Interest rate risk refers to the likely changes in the cash flows or future value of a firm because of changes in the
interest rates in the market. Increase in interest rate increases the cost of borrowed funds for a company in case of
floating rate loans. Increase in the interest rate burdens the company with additional financial charges and squeezes
the profit of the company.
Management Perception
Interest rate risk is the risk where changes in interest rates of borrowed fund might adversely affect the financial
condition of the Company. Interest/financial charges are to be paid against any kind of borrowed fund. Therefore, the
fluctuation in the interest/profit rate obviously has an effect on the profitability of the Company.
The Management of the Company is well aware of the volatility in the money market of our country. The Company has a
very strong equity base with comparatively minimum dependence on bank loan, particularly on short-term fund from
the Bank/Financial Institution. We monitor interest rates regularly and borrow money from the Bank/NBFI for the long
term when interest rates are low. We keep the borrowings short-term during periods of high interest rates, and then
lock in long-term loans when rates go back down. On the other hand, the Management of the Company is emphasizing
on reducing our dependence on bank borrowing. Since AFL borrows for long term from Banks with fixed interest rate
and has a strong equity base, the management perceives that fluctuation of interest rate on borrowing would have little
impact upon the performance of the company.
EXCHANGE RATE RISKS

Exchange rate risk mainly affects the operating results of those companies mainly dependent on import of raw
materials whereas major portion of sales are local. Unfavorable volatility or currency fluctuation may affect the
profitability of the Company. In case of export, sales increase of exchange rate will enhance the profitability of the
Company.
Measuring and managing exchange rate risk exposure is important for reducing a ﬁrm’s vulnerabilities from major
exchange rate movements, which could adversely affect profit margins and the value of assets. An exchange rate
change in the currency of denomination of any such contract will result in a direct transaction exchange rate risk to the
firm.
It is the risk that the Company may suffer losses because of adverse exchange rate movements during a period in which
it has an open position in an individual foreign currency. The entire amount of foreign L/C for payments of raw materials
is made in foreign currency. If the USD appreciates or Bangladeshi Taka depreciates then the company has to pay
additional charge for L/C amount. AFL has minimum dependency on the foreign market for procurement of raw
materials. AFL is to import some of its raw materials from foreign market, but those raw materials are also available in
local market. Depending on the price of raw materials in foreign and local market, foreign currency rate, lead time,
foreign currency rate movement etc we make our decision for procurement of raw materials. However, as a highly
profitable company the foreign exchange fluctuation risk is not vital in case of LC retirement.
AMAN FEED LIMITED
INDUSTRY AND MARKET RISKS

Industry risks refer to the impact that the country's industrial policy can have on the performance of a specific industry.
Market risks are un-diversifiable risks that refer to the risks to an institution resulting from movements in market prices,
in particular, changes in interest rates, foreign exchange rates, and equity and commodity prices.
Any industry is dependent on the policy of government and the international business scenario. AFL’s business operation
is not exposed to cross border risks very much. Here are some inherent risk in the poultry and related business in terms
of sudden disease outbreaks, fragmented nature of industry with low entry barriers and intense competition from
unorganized players. We need to import some raw materials from abroad and we sell our products in the local market.
Apart from government policy, some problems such as wars, embargoes, trade ban have significant effect on a
company’s operations. Due to a rapid development in the poultry & fish farming and maintaining of strict product
quality, efficient management of ingredient of production, utilization of developed technology, timely decision for
expansion of production capacity, development of strong marketing network with skilled human resources etc, the
future of AFL is expected to be bright. Since the feed market is gradually expanding with the demand for protein for the
increasing population, there are chances of further occupying the market share.
TECHNOLOGY RELATED RISKS

These are the risks associated with the use of modern technology in processing food in an efficient manner.
Sophisticated technologies define modern food production, including agricultural machinery, biotechnology, computer
technology etc.
At present, the world is going through technological revolution. Technology always plays a vital role for any business
particularly for the enterprise engaged in production activities to ensuring better product quality, providing better
services to the customers and minimizing costs of production of the Company. Feed Mill is a technology-based industry
and continuous technological improvement is an integral part of this business. Obsolete technology or machineries will
make it difficult for any feed company to sustain in such a competitive industry.
The factory of AFL established with modern machineries imported from Germany. AFL is well aware of the need for
regular up-gradation and maintenance of machinery and equipments. Moreover, a portion of the fund raised through
issuance of shares will used to procure new machineries that will increase the productivity and efficiency of AFL.
However, the Company has been using the latest technology and has the provision to cope with the modern
technological requirement in future.
CHANGES IN POTENTIAL OR EXISTING GOVERNMENT REGULATIONS

Government regulations are broadly defined as imposition of rules by government, backed by the use of penalties that
are intended to modify the economic behavior of firms in the private sector. There are various regulatory instruments
in Bangladesh like taxation, quality assurance, price ceilings, rates of return, disclosure of information, standards and
ownership ceilings etc.
The Company operates under Companies Act, government’s fiscal policy, Bangladesh Securities and Exchange
Commission rules and rules adopted by other regulatory bodies. Any abrupt changes of the policies formed by those
bodies may impact the business of the company adversely. However, the Government has been emphasizing on the
growth of agriculture industry by providing tax facility and arranging awareness program.
POTENTIAL CHANGES IN THE GLOBAL OR NATIONAL POLICIES

Global and national policies have huge impact on the performance of business in any sector. Food sector is heavily
dependent on the political situation, both nationally and globally. Any change in these policies may have adverse
effects on the profitability of the business.
AMAN FEED LIMITED
Performance of AFL may be affected by the political and economical instability both in Bangladesh and worldwide. Any
instance of political turmoil and disturbance in the country may adversely affect the economy in general. The company
can prosper in a situation of political stability and a congenial business environment. Political turmoil and disturbance
has a negative impact on the economy as well as the profitability of our company.
HISTORY OF NON OPERATION

Is there any history for the Company to become non-operative from its commercial operation?
AFL does not have any history of non-operation. It has very experienced Directors and Management team to make the
Company more efficient and stronger. So, the chance of becoming non-operative for the Company is a minimum.
OPERATIONAL RISKS
Operational risk arises from improper execution of company’s business. This risk can also be summarized as human risk,
which occurs due to human error.
Operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems
or from external events. This includes legal risk but excludes strategic and reputation risk. It is inherent in every business
organization and covers a wide spectrum of issues. The Company manages this risk through a control-based
environment. This is supported by an independent program of periodic reviews undertaken by internal audit, and by
monitoring external operational risk events, which ensure that the Company stays in line which industry best practice
and takes account or lessons learned from publicized operational failures within the Feed manufacturing industry.
The major operational risks are as follows:
 Internal fraud
 External fraud
 Employment practices and workplace safety
 Client, products and business practices
 Damage to physical assets
 Business disruption and system failure
 Execution, delivery and process management
The Management with a long experience in this trade identified and measured in the following manner:
 Risks are identified with reference to the relevant policy manuals, processes, procedures and practices;
 Accounts are evaluated as per Departmental Control function Check List
 Incident reporting and analysis of causes and actions taken on losses from fraud and control lapses;
 Review of safety and control measures of premises.
 Thus, the entrepreneurs and managers, through their insight and knowledge of the market help the
company to avoid any such risks.
RISK ASSOCIATED WITH INCREASING COST OF MATERIAL FOR EXPANSION OF BUSINESS

Increasing cost of materials for construction of floating feed plant and other civil works may affect the expansion of
business plan of the Company.
The material cost used for the construction purpose varies during the year. Average material cost for the construction of
floating feed plant and other civil works, e.g. construction of silo for the preservation of raw materials and inventories
will remain almost the same. The cost of materials regarding construction is expected to remain close to the cost shown
in the IPO Proceeds.
AMAN FEED LIMITED
RISK ASSOCIATED WITH HIGH ACCOUNTS RECEIVABLE

Accounts Receivable of the Company has increased significantly from Tk. 99.58 to Tk. 124.30 crores considering sales
from Tk. 253.63 to Tk. 264.16 crores during FY June 30, 2013 to 2014. As such, receivable turnover has been reduced
from 2.55 to 2.13 over the year, which indicating deterioration of receivable management of the Company.
Due to increase in market competition, the Company had to sale a significant amount of product in credit. Moreover,
due to penetrate in new market areas, the Company had to give credit to the new customers. Thus,sales have increased
significantly in the subsequent periods as well as the accounts receivable. However, AFL has developed aggressive
recovery plan for efficient receivable management.
AMAN FEED LIMITED
ISSUE SIZE AND PURPOSE OF THE PUBLIC OFFERING Section: IV

FINANCIAL STRUCTURE OF THE COMPANY
Particulars No. of Shares Amount (BDT)
Authorized Capital 150,000,000 1,500,000,000.00
Paid-up Capital as per audited accounts (as on June 30, 2014) 60,000,000 600,000,000.00
Pre-IPO Paid-up Capital 60,000,000 600,000,000.00
1
Capital to be issued as IPO 20,000,000 200,000,000.00
Post-IPO Paid-up Capital 80,000,000 800,000,000.00
1
The Company is issuing 20,000,000 ordinary shares of BDT 10.00 each through Initial Public Offering (IPO) at an issue price of BDT
36.00 each including a premium of BDT 26.00 per share totaling to BDT 720,000,000.00.
USE OF IPO PROCEEDS

Aman Feed Limited will raise the capital through Initial Public Offering (IPO) in order to meet increasing need for fund
for the purpose of expansion and repayment of its debt. Increase in turnover and saving in financial cost will lead to
higher profitability.The Company will utilize the total proceeds of BDT 720,000,000 as per following schedule:
Sl. No. Particulars Amount in BDT
2
1. Expansion of business 350,000,000.00
3
2. Repayment of long-term loan 50,538,633.00
4
3. Working Capital 299,176,867.00
4. IPO Expenses 20,284,500.00
Total 720,000,000.00
2
Expansion of Business:The business will be expanded through construction of floating feed plant, purchase new land for construction
of Silo’s,construction cost of Silo’s for storage of raw materials and purchase plant and machineriesrequired for enhancement of
production capacity from 10 MT/per hour to 35 MT/per hour. The details of expansion of business are as follows:
Sl. No. Particulars Estimated Cost (Amount in BDT)
1. Purchase new land for construction of Silo’s 40,000,000.00
2. Construction of Floating Feed plant 50,000,000.00
3. Construction cost of Silo’s 85,000,000.00
4. Purchase of Plant and Machineries 175,000,000.00
Total 350,000,000.00
3
Repayment of long-term loan:For payment of long-term loan with AB Bank Limited for the implementation of the project.
4
Working Capital: Due to the Nature of the Business, the Company requires a huge stock of raw materials like – wheat, maize, soya
bean etc. since the price of the Raw Materials varies in seasons. It is cheaper when it is harvested. So piled up of raw materials during
these seasons is beneficiary for the Company when it is at bottom price. Moreover, the raw materials are collected partly from local
market and partly through import. Again, for further expansion, it requires to establish some silos in different district of Northern
Bangladesh and a floating feed plant to increase the production capacity. Considering the above mentioned reasons, the Company
requires around Tk. 1,635,307,000Crore of Working Capital of which Tk. 299,176,867.00 will be invested from IPO proceeds and the
rest amount will be invested from Company’s cash flows and banking finance. If a part of IPO proceeds can be used as working capital
then the Company may save a significant amount of financial expenses and thereby will increase theprofitability.The item-
wisebreakdown of working capital requirement is as follows:
Sl. No. Particulars Estimated Cost (Amount in BDT)

1. Raw materials 926,351,000.00
2. Work in process 11,696,000.00
3. Finished goods 126,500,000.00
4. Receivables 569,249,000.00
5. Store and spares 1,512,000.00
Total Working Capital Requirement 1,635,307,000.00
AMAN FEED LIMITED
IMPLEMENTATIONSCHEDULE
Sl. No. Particulars Implementation Schedule
1. Expansion of business Within 15 months of receiving the IPO proceeds
(a) Purchase new land for construction of Silo’s Within 2 months of receiving the IPO proceeds
(b) Construction of Floating Feed plant Within 12 months of receiving the IPO proceeds
(c) Construction cost of Silo’s Within 12 months of receiving the IPO proceeds
(d) Purchase of Plant and Machineries Within 9months of receiving the IPO proceeds
2. Repayment of long-term loan As soon as the IPO Proceeds are available
3. Working Capital including enhanced capacity As soon as the IPO Proceeds are available
4. IPO Expenses As or when required
Sd/- Sd/-
A.N.M. Ashiqur Rahman, ACMA Md. Shofiqul Islam
Chief Financial Officer Managing Director
Aman Feed Limited Aman Feed Limited
TERMS OF CONTRACT
As per rule 8B-4(C) of Securities and Exchange Commission (Public Issue) Rules, 2006 there is no contract covering any
of the activities of the Issuer Company for which the proceeds of sale of securities from IPO is to be used.
AMAN FEED LIMITED
SUMMARY OF THE FEASIBILITY REPORT
Name of the Project : AMAN FEED LIMITED

Registered Office : 9, Rajuk Avenue, Motijheel, Dhaka-1000
Location : Ratankawak, Ullahpara, Sirajgonj
Constitution of the Firm : Public Limited Company
DESCRIPTION OF THE PROJECT:

Aman Feed Limited is an existing poultry and fish feed manufacturing industry established in 2006. Now considering the
growing demand of the poultry and fish feed, the sponsors of the Company are going to increase the production
capacity of the project up to 800 Metric Ton per day, i.e. 240,000 per year at a total cost of BDT 483,173,000. The
proposed machinery for the proposed expansion of the project will be imported from Europe/USA/Denmark/Taiwan/
Germany and some local machinery will be procured from the local market or local supplier.
COMMUNICATION:
The project location is facilitated with an excellent communication network with different parts of the country. As such,
the project will not face any problem in procuring of Raw Materials or sell the finished products.
COST OF THE PROJECT:

Total estimated expansion cost of the project has been estimated at BDT 483,173,000. The details are as follows:
Cost Already Incurred Estimated Cost to be Total Cost

Particulars
(Amount in BDT) Incurred (Amount in BDT) (Amount in BDT)
Land 39,240,000 75,000,000 114,240,000
Building & Other Construction 288,980,000 144,000,000 432,980,000
Machinery & Equipment's 191,661,000 262,023,000 453,684,000
Other Assets 2,724,000 - 2,724,000
Other Costs - 2,150,000 2,150,000
Fixed Cost of the Project 522,605,000 483,173,000 1,005,778,000
DEBT-SERVICE COVERAGE RATIO:

The Project on its completion of BMRE is expected to generate such amount of revenue so that the Debt-Service
Coverage ratio will be-
Year of Operation Debt-Service Coverage Ratio

st
1 Year 4.20
nd
2 Year 4.43
rd
3 Year 4.49
PAY-BACK PERIOD:
The Pay-back period of the project will be 1.40 years.
MARKET ASPECT:
The product of the proposed project will be used by the poultry farmers and commercial poultry & fishery firms
throughout the country. There is a huge gap between production & supply of the feed items. As a result, Bangladesh
has to incur a huge amount of foreign currencies every year to import poultry feed from abroad.
BUILDING & CIVIL CONSTRUCTION:

The cost of Building & other civil works for the proposed expansion of the project has been estimated at BDT
14.40 Crore.
AMAN FEED LIMITED
MACHINERY & EQUIPEMENT:

The entire machinery for the proposed expansion of the project will be imported from Europe/USA/Denmark/Taiwan/
Germany at a total cost of BDT 25.20 Crore. In addition, BDT 1.00 Crorehas been considered for procurement of one
unit Diesel Generator.
SAFETY PROVISION:
To fight against the fire, the project will be equipped with all necessary fire-fighting equipments. Further, all personal
working in the factory will be provided with appropriate training on safety measures and risk involved in handling the
machineries.
ERECTION & INSTALLATION:

The machinery of the proposed expansion of the project will be installed under direct supervision of the foreign experts
deputed by the machinery supplier. A team of local technical staff will assist them.
UTILITIES:
Water
The project will require 75,000 liters of water per day for chilling, human sanitation and another purpose. The required
water for the proposed project will be available by sinking a deep-tube well.
Power
For smooth operation of the project, after BMRE the project will require a maximum of 1,300 KW of electricity per day
while the annual consumption would be estimated at 375,000KW. The required power will be obtained from PDB/REB.
Fuel & Lubricant
Fuel & lubricants will be required to operate the project machineries and that will be purchase from local suppliers.
ENVIRONMENT & POLLUTION CONTROL:

The project will have its own dust collection system all over the project. This will enable the project to be of
environment friendly and will pose no threat to pollute the adjacent environment.
WORK FORCE REQUIREMENT:

On implementation of the proposed expansion of the project, it will generate employment for different categories of
people: direct labor, technical personnel of different types, marketing & administrative personnel. The total number of
personnel required for the project is 256 nos.
OPERATIVE LIFE OF THE PROJECT:

The proposed feed mill Project being setup with brand-new machinery of Europe/USA/Denmark/Taiwan/Germany
Origin and expected to be in economic operation for at least 15 years without any major replacement.
CONCLUSION:
The feasibility study of the proposed project has been conducted& analyzed from the viewpoint of marketing, technical,
management and financial aspects and found the project viable in all respects. The project after implementation of the
BMRE will generate direct employment to 256 persons and cost per job to be created would be BDT 39.29 Lac.
For Issuer,
Sd/-
Md. Shofiqul Islam
ManagingDirector
Aman Feed Limited
AMAN FEED LIMITED
INFORMATION ABOUT THE COMPANY Section: V

COMPANY PROFILE
Aman Feed Limited (AFL) was incorporated on February 07, 2005 as a Private Limited Company vide the registration
number C-55783(2466)/05 under the Companies Act, 1994. The Company commenced its commercial production on
July 12, 2006 with relatively small size of operation and subsequently, expanded its production capacity on regular basis
over the years to meet the increased demand by installing mash unit and modifying Silo, dumping point and others
machinery. Subsequently the shareholders in their Extra-Ordinary General Meeting held on February 22, 2012 approved
conversion of status of the Company from Private Limited Company to Public Limited Company.
The Registered office of the Company is situated at 9,Rajuk Avenue, Motijheel C/A, Dhaka -1000 and the factory is
located at RatanKawak, Ullapara, Sirajgonj on a total land area of 284.00 decimals of its own. The factory was
established with modern machineries imported from Germany. The Corporate Office of the Company is located at
2,Ishakha Avenue, Sector - 6, Uttara, Dhaka - 1230.
NATURE OF BUSINESS
The Company is primarily engaged in manufacturing and distribution of high quality Poultry Feed, Fish Feed, Shrimp
Feed and Cattle Feed. At present, the production capacity of the Company is 105,000 MT per year.The Company
reaches its customers or consumers throughout the country byits more than 200 (two hundred) dealers. AFL is
managed in such a way that complies with the international standard of management. This is reflected in the
attainment of ISO 9001:2008 Certificate and HACCP (Hazard Analysis and Critical Control Point) certificates conferred
for fulfilling the norms of required standard in the year 2007 and has been continuing till date.
PRINCIPAL PRODUCTS AND SERVICES

Aman Feed Limited produces and distributes feeds that are used for broiler chicken and layer chicken.The Company
also producesfish feed, shrimp feed and cattle feed with its existing production setup.
PRODUCT/SERVICES THAT ACCOUNTS FOR MORE THAN 10% OF THE COMPANY’S TOTAL
REVENUE
The Company produces 38 (thirty eight) category of feed for fish, poultry, shrimp and cattle where product mix is
flexible and is determined by the management of AFL based on the demand of the market. 2 (two) products have 10
(ten) percent or more contribution towards the revenue of the Company. Among the total sales, the following feed
products contribute largely:
(As per Audited Accounts)
Product Name Percentage (%)
Broiler Feed 51.09%
Layer Feed 39.87%
ASSOCIATES, SUBSIDIARY/RELATED HOLDING COMPANY AND THEIR CORE AREAS OF BUSINESS

At present, Aman Feed Limited does not have any associates, subsidiary/related holding company except the following
companies under common management-
Sl. No. Name of Concerns Nature of Business

1. Aman Cotton FibrousLimited Cotton Spinning
2. Aman Cotton Fibrous Unit-2 Limited Cotton Spinning
3. Amam Feed Limited Poultry Feed Mill
4. Aman Cement Mills Limited Cement Mills
5. Aman Cement Mills Unit - 2 Limited Cement Mills
6. Aman Tex Limited Knit Composite
7. Aman Tex Unit-2 Limited Knit Composite
8. AnwaraMannan Textile Mills Limited Cotton Spinning Mill
9. Aman Plant Tissue Culture Limited Potato Tissue Culture & Seeds Storage
AMAN FEED LIMITED
Sl. No. Name of Concerns Nature of Business

10. Aman Agro Industries Limited Cold Storage
11. Milan Cold Storage Limited Cold Storage
12 Aman Cold Storage Limited Cold Storage
13. A. M. Cold Storage Limited Cold Storage
14. Aman Seeds Storage Limited Cold Storage
15. Aman Breeders Limited Poultry & Hatchery
16. Aman Poultry & Hatchery Limited Poultry & Hatchery
17. Aman Jute Fibrous Limited Jute Mills
18. Aman Associates Limited Import/Trading
19. Juvenile Trade International Limited Import/Trading
20. Islam Brothers & Co. Import/Trading
21. Aman Trading Corporation Import/Trading
22. R S & T International Import/Trading
DISTRIBUTION OF PRODUCTS/SERVICES
The Company distributes its products through more than 200 (two hundred) outlets of dealers throughout the Country
in the local market.
COMPETITIVE CONDITION OF BUSINESS

Current State of the Industry in Bangladesh
The role of Fisheries and Livestock sectors in the development of agro-based economy of Bangladesh is very important
and promising. They contribute around 8% to national income, which also is 32% of the total agricultural income. About
80% of animal protein in our diet comes from fish and livestock. The poultry industry in Bangladesh plays a crucial role
in economic growth and simultaneously creates numerous employment opportunities. The poultry industry, as a
fundamental part of animal production, is committed to supplying the nation with a cheap source of good quality
nutritious animal protein in terms of meat and eggs. Approximately 20% of the protein consumed in Bangladesh
originates from poultry. A gap still exists between the requirement and supply of poultry meat and eggs.
Among poultry species, the chicken population is dominant over others, at almost 90%, followed by ducks (8%) and a
small number of quail, pigeons and geese. Free range ‘backyard’ and scavenging poultry, that are traditionally reared by
rural women and children, still play an important role in generating family income, in addition to improving the family's
diet with eggs and meat.
Commercial poultry production in Bangladesh is conducted on an industrial scale and is growing tremendously in spite
of recent difficulties but is expected to make a significant contribution to the economic development of the country. A
national poultry policy has been approved by the government, which will improve the organization of production and
marketing, allowing increased stability and security of output throughout the year.
The sector shows significant development over the last 20 (twenty) years. While there was no use of industrial feed in
1990, currently broiler industry use 100% industrial feed while layer and fish industry use 50% industrial feed and the
market size is increasing every year. The government declared poultry and fish farming as a thrust sector and classified
as agro based industry. Government also liberalized its policies by introducing easier loan procedure, lower interest
rate, tax holiday etc. National nutrition surveys of Bangladesh indicated the average fish intake was 11.7-13.5
kg/capita/yr for rural and urban populations, with a national average of 12 kg/capita/yr. The availability of non-cereal
protein food in Bangladesh has reportedly increased significantly and has had a sustained growth rate of over 8% (eight
percent) per annum in the fishery and livestock sectors in recent years.
Market Size and Growth Rate

There is a huge gap between production & supply of the feed items. Current annual turnover in feed industry is over
BDT 10 thousand crore and increasing at a rate of 10% every year. As our consumption is very low compare to other
country, our internal growth scope is immense. Since 2000, exports from Asian nations have more than doubled from
204,000 tons to 418,000 tonsas a result of increased shipments from Turkey, Malaysia, China, India and, to a lesser
extent, Thailand. A picture of average chicken meat consumption per person per year of different Countries is depicted
below:
AMAN FEED LIMITED
Name of the Country Per person/KG/year Name of the Country Per person/KG/year
USA 86 Pakistan 38
Australia 86 India 16
UK 56 Srilanka 12
Malaysia 38 Bangladesh 4.5
Thailand 26
As per the standard of World Health Organization (WHO), a matured person should intake 22 Kg of protein per year;
whereas average intake of protein per person per year is 4.5 Kg in Bangladesh. A study shows that 6% GDP growth leads
to 11% growth in poultry industry. Since there is a huge gap between standard intake and actual intake of protein, it is
expected that the industry will grow very fast in future, if the present economic growth can be maintained at least.
Competitors
Aman Feed Limited has established its manufacturing facility with the state of the art machineries from Germany. AFL
has earned a good reputation in the field of business and as a result, their customer base is increasing strongly. To meet
up market demand for the feed industry, AFLis going to increase its production capacity from 10MT/per hour to 35/MT
per hour. Agro Industrial Trust, Rupsha Poultry Feeds Ltd., BRAC Poultry Feeds Ltd., Paragon Poultry Feeds Ltd., Surma
Poultry Feeds Ltd., Kazi Poultry Feeds Ltd., Provita Feeds Ltd., AftabBohumuki Farms Ltd., Narish Poultry Feeds Ltd.,
Saudi-Bangla Fish Feed Ltd., New Hope Feed Ltd. are the major competitors of the Company. These poultry feed Mills
are now in operation but the actual demand is higher than the real production because the feed mills are more capital
intensive than that of a poultry firm. As a result, the growth of feed production industry could not cope with the poultry
industry.
Seasonal Aspect
Demand for feed varies seasonally. Demand for fish feed and poultry feed decreases around thirty percent during the
period from November to February. But demand for the feed increases during the period from July to September by 50
percent. The product of the Company are used by the poultry farmers and commercial Fish firms throughout the
country.
Market Aspect
The products are used by the poultry farms and fish farms throughout the country. There is a huge gap between
production & supply of the feed items. Bangladesh is an Agro-based country. Its agricultural products are used as basic
raw materials of the industrial products such as Poultry feed, Fish Feed, Shrimp Feed and cattle feeds. With the growth
of the population and rapid increase in Poultry and Fish culture, these feed items have tremendous demand throughout
the country. The growth and stability of Poultry, Fishery & Dairy depends on the balanced protein diets that are to be
produced by maintaining international standard and quality. But the number of such types of industries so far in the
country is very few and they cannot meet-up the increasing demand of this sector. As a result, a significant amount of
gap is always prevailing. On the other hand, the feed industries established in the country, region wise, do not have a
minimum balance throughout the country. As such, some parts of the country have sufficient feed industry and the
supply is also higher than the actual demand but some parts of the country are suffering from short supply compared to
their demand. For this reason, the poultry industry could not grow to cope up with the increasing demand. Their
production cost is also high and as a result, they are in big trouble in continuing their business in a competitive market.
Challenges and Critical Issues

Inadequate policy and regulatory issue, low productivity, no database on production, insufficient training facilities,
inadequate diagnosis facilities, diseases like bird flu, many intermediaries in marketing channel, etc. are the challenges
and critical issues of this industrial sector.
Supply of Poultry, Fish & Cattle Feed

Nowadays, some modern poultry and fish feed Mill has established in our country. Some of these are -
 Agro Industrial Trust  Surma Poultry Feeds Limited
 C. P. Bangladesh Limited  Kazi Poultry Feeds Limited
 Quality Feed Limited  Provita Feeds Limited
 City Feeds Limited  Aftab Poultry Feed Inds. Limited
 Rupsha Poultry Feeds Limited  Narish Poultry Feeds Limited
 BRAC Agro Industries Limited  Soudi-Bangla Fish Feed Limited
 Paragon Poultry Feds Limited
AMAN FEED LIMITED
Distribution Channel
The product reaches to the final consumers through the following channel of distribution:
Commission
Company Paultry Firms
Agent
Process Flow-chart
The process flow of a feed mill is as shown below:
Grain Store Miling Mixing
Poultry Dozing
Pelleting
Feed
Packing Storing Marketing
SOURCES AND AVAILABILITY OF RAW MATERIALS AND PRINCIPAL SUPPLIERS

List of top five domestic supplier of raw material:
Name of the Party Name of the Raw Material

Sharuda Traders Soya Bean Oil
ASP Enterprise, Taherpur Maize
Rahman & Brothers, CTG Meat & Bone Meal
Ismail Enterprise Fishmeal & Dry Fish
Kustia Traders Rice Polish & Wheat Flour
Adorsho Enterprise Rice Polish
Details of top five import suppliers of raw material:
Name of Party Name of Raw Material

G. S Oil Ltd., India Maize & Soya Bean
Ruchi Soya Ind., India Soya Bean Meal
V.K. Udyog Ltd., India Soya Bean Meal
Phoenix Overseas , India Maize & Rapeseed
Krishna Traders, India Maize & Rapeseed
Cargil India Pvt. Ltd. Maize
AMAN FEED LIMITED
SOURCES OF AND REQUIREMENT FOR POWER, GAS AND WATER OR ANY OTHER UTILITIES
Particulars Sources & Requirement

Total requirement of power of the project is about 1,300 KW, which is met up from Rural
Electrification Board (REB). There is a backup gas generator of 1,950 KW imported from USA,
brand name, Caterpillar, purchased in the name of Aman Cement Mills Limited, another
enterprise under common Directorship. Both these organizations share the generated
POWER & GAS electricity from the backup generator.
For smooth, after expansion of the project, it will require a maximum of 1,300 KW of
electricity per day while the annual consumption is estimated to be 375,000 KW. The required
power will be obtained from PDB/REB.
The project requires 75,000 liters of water per day for chilling, human consumption,
WATER sanitation and other purpose. The required water for the project is supplied by company’s
own deep-tube well and water treatment plant.
CUSTOMERS PROVIDING 10% OR MORE REVENUES

No single customer of Aman Feed Limited contributed 10% or more of the company’s product/services.
DESCRIPTION OF CONTRACT WITH PRINCIPAL SUPPLIERS/CUSTOMERS

There is no contract with principal suppliers or customers other than the normal course of business.
DESCRIPTION OF ANY MATERIAL PATENTS, TRADEMARKS, LICENSES OR ROYALTY AGREEMENTS

Aman Feed Limited has several regulatory licenses and certificates in order to continue its operations. The table below
lists the licenses and certifications that the Company has -
License Issuer/ Registration/Certificat Current

Particular Issue Date
Issuing Authority e/License No. Status
Certificate of Registrar of Joint Stock
C-55783(2466)/05 07.02.2005 -
Incorporation Companies & Firms (RJSC)
National Board of Revenue,
TIN Certificate 002-202-1902 - -
Government of Bangladesh
Customs, Excise and VAT
VAT Registration
Commissionerate, Government 12191011937 03.10.2012 -
Certificate
of Bangladesh
Office of the Chief Controller of
Import Registration Valid up to
Imports & Exports, BA-0169974 19.03.2006
Certificate (IRC) 31.12.2015
Government of Bangladesh
Valid up to
Trade License Dhaka City Corporation 02009274 17.07.2013
31.12.2015
Municipality Trade Valid up to
UllaparaMunicipality, Sirajgonj 14/127 07.07.2013
License 30.06.2015
Fire Service and Civil Defense, Valid up to
Fire Brigade License Pabna/377/06-07 10.07.2006
Government of Bangladesh 30.06.2015
Environmental Clearance Environment Department, Poribesh/Rabi/(Feed Mill)- Valid up to
29.09.2014
Certificate Government of Bangladesh 5312/2006/1479 20.08.2015
Bangladesh Poultry Industries Valid up to
Certificate of Membership 210/2014/RNW/25 19.10.2014
Association 31.12.2015
Certificate of Registration United Registrar of Systems
56557/A/0001/UK/En 01.03.2013 29.02.2016
ISO 9001:2008 + HACCP Certification
AMAN FEED LIMITED
NUMBER OF EMPLOYEES
Officers & Staffs Worker
Salary Range (Monthly) Total
Head Office Factory (permanent)
Not Less than Taka 3,000/= 45 78 110 233
Less than taka 3,000/= - - - -
Total 45 78 110 233
PRODUCTION CAPACITY AND CURRENT CAPACITY UTILIZATION

The production capacity of the Company has been increased in the year 2014. Details of production capacity and
utilization are as follows:
Installed Capacity (MT) Actual Production (MT) Capacity Utilization5 (%)
Description of Products
June-14 June-13 June-14 June-13 June-14 June-13
Poultry , Fish & Cattle Feed 105,000 105,000 86,378 83,339 82.27% 79.37%
5
In Feed production process, idle time is more than any other production process as it requires to change the dices manually and
frequently, for changing the type of the product, proper combination of raw materials and other task. Consequently, 100%
utilization of capacity cannot be achieved in feed manufacturing company because a significant amount of time is required for the
change in the type of the product that is done manually and frequently. Therefore, capacity utilization of 70% is standard for this
type of business.
Considering the type of product, price level of the product and price of the cost components of the product will remain the same
throughout the year and also based on the information provided in the financial statements for the year ended on 30 June, 2014,
the breakeven of the production capacity of the Company is 52.04%.
AMAN FEED LIMITED
DESCRIPTION OF PROPERTYSection: VI
LOCATION OF THE PRINCIPAL PLANTS AND OTHER PROPERTY OF THE COMPANY AND THEIR
CONDITION
1. The Principal Plants and other Property of the Company mostly located at its factory at RatanKawak, Ullapara,
Sirajgonj. The corporate office is situated at 2 Ishakha Avenue, Sector # 6, Uttara, Dhaka, Bangladesh. The company
possesses the following fixed assets as on June 30, 2014:
Written Down Written Down
Opening Balance Accumulated
Name of the Asset Value as at Value as at
(Carrying Value) Depreciation
June 30, 2014 June 30, 2013
6
Land & Land Development 174,245,500 - 174,245,500 170,400,000
Building & Civil Construction 537,161,346 40,763,419 496,397,927 320,034,701
Plant & Machinery 289,930,966 144,621,036 145,309,930 170,952,859
Vehicle 15,698,401 11,797,334 3,901,067 4,589,491
Furniture & Fixture 1,625,393 765,285 860,108 955,676
Office Equipment 1,555,326 1,016,246 539,080 634,212
Computer & IT Equipment 1,027,420 563,168 464,252 580,315
Total 1,021,244,352 199,526,487 821,717,865 668,147,254
The above-mentioned properties are situated at Company’s factory premises and are in good condition.The plant and
machinery of Aman Feed Limited have been owned by the Company and were imported in brand new condition.
6
The Company has284.00 decimals of land located as under:
Khatian No. Purchased Area of

# Deed No. Date Mouza
CS SA RS land (Decimal)
1. 543 25.01.2005 RatanKawak 26 162 58.00
239 454
2. 544 25.01.2005 Shinghagati - 236 441 61.00
97 238
3. 545 25.01.2005 Shinghagati - 95 128 11.00
4. 546 25.01.2005 Shinghagati 189 252 352 24.00
5. 5285 03.10.2007 RatanKawak - 27 28 59.00
450
6. 848 24.01.2008 Shinghagati - 58.50
400
7. 8889 26.12.2011 Shinghagati - 95 379 12.50
Total Are of Land (Decimal) 284.00
2. All the above-mentioned properties are owned by the company.
AMAN FEED LIMITED
3. 271.50decimal of land of the company are under registered mortgaged to the lending bank namely AB Bank
Limited, Islami Banking Branch, Kakrail and also all the machinery as well as fixed assets are under mortgage with
the same bank.Details of land under mortgage is as under:
Purchased Area of land

SL. No. Deed No. Date Location
(Decimal)
1. 543 25/01/2005 58.00 RatanKawak, Sirajgonj
Total Area of Land (Decimal) under Mortgage 271.50
4. At present, no property is taken on lease of the Company.
PLAN OF OPERATION AND DISCUSSION OFFINANCIAL CONDITION

Section: VII
INTERNAL AND EXTERNAL SOURCES OF CASH
AMAN FEED LIMITED
The internal sources of the cash of the company are the share capital and retained earnings. The external sources of
cash are long-term and short-term loans.
As on June 30, 2014 As on June 30, 2013 As on June 30, 2012
Particulars
(Amount in Taka) (Amount in Taka) (Amount in Taka)
Internal Sources of Cash:
Share Capital 600,000,000 600,000,000 600,000,000

Retained Earnings 1,134,774,813 836,594,333 542,822,783
Sub-Total 1,734,774,813 1,436,594,333 1,142,822,783
External Sources of Cash:
Long term Loan 50,538,633 95,401,333 123,167,212

Short term Loan 1,198,281,812 1,150,314,382 773,221,901
Sub-Total 1,248,820,445 1,245,715,715 896,389,113
Grand Total 2,983,595,258 2,682,310,048 2,039,211,896
The company has been able to generate enough cash from both internal and external sources in order to meet its cash
payments and obligations.
MATERIAL COMMITMENTS OF CAPITAL EXPENDITURE

The company has no material commitment of capital expenditure other than as specified in ‘Utilization of IPO
Proceeds’ under the head of Issue Size and Purpose of the Public Offering of this Prospectus and the following:
Material Commitment Remaining Balance (BDT) Expected Sources of Fund

7
Purchase of Land 20,000,000.00 Own fund of the Company
7
The Company has made the baina deed agreements, Deed No.: 2271/12 on 29.03.2012 and Deed No.: 3433/14 on 14.05.2014 to
purchase a land measuring 142.00 Decimals in Ullapara, Sirajgonj (Mouza: RatanKawak, J.L No. 235) with an advance amount of
BDT 3,000,000 where the total value of land is BDT 23,000,000 as per audited financial statements of June 30, 2014.
AMAN FEED LIMITED
CAUSES FOR MATERIAL CHANGES FROM PERIOD TO PERIOD

The trend of the Company’s Net Profit after Tax, EPS and other business indicators are increasing due to the
management effort and strategic action taken to face competition in the industry. The following table shows the year-
to-year financial performance of Aman Feed Limited that is increasing due to the Company’s long term vision in this
sector, experienced top tier management, favorable economic and government rules and regulation, the commendable
repayment culture is contributing to the growth of the Company:
For the year ended on For the year ended on For the year ended on
Particulars June 30, 2014 June 30, 2013 June 30, 2012
(Amount in Taka) (Amount in Taka) (Amount in Taka)
Sales 2,641,647,263 2,536,309,939 2,032,447,735
Cost of Goods Sold (2,076,843,629) (1,949,547,245) (1,573,321,682)
Gross Profit 564,803,634 586,762,694 459,126,053
Administrative Expenses (32,020,353) (34,733,311) (20,738,713)
Selling and Distribution Exp. (52,019,984) (50,910,570) (28,193,393)
Total Operating Expenses (84,040,337) (85,643,881) (48,932,106)
Operating Profit 480,763,297 501,118,813 410,193,947
Financial Expenses (159,994,838) (177,040,251) (75,290,339)
Profit before other Income 320,768,460 324,078,562 334,903,608
Other Income 20,243 915,544 -
Profit Before Contribution to WPPF 320,788,703 324,994,106 334,903,608
Contribution to WPPF (15,275,653) (15,475,910) (15,947,791)
Profit before Tax 305,513,050 309,518,196 318,955,817
Provision for Taxation (7,332,571) (15,746,646) (20,560,276)
8
Net Profit After Tax 298,180,480 293,771,550 298,395,541
8
The Company increased its production capacity from 88,500 MT to 105,000 MT inFY 2012-2013 which required procurement of
huge quantity of raw materials, proportionate to the increased production capacity, for stock during the harvest time. As a result,
the Company required additional working capital that was financed by Banks. Subsequently, Company’s financial expenses have
increased. Moreover, due to instability in the money market, the interest rate has been raised upward by the lenders. Again, due
to increase in the cost of raw materials, the profit has been slightly decreased for the FY 2012-2013. However, the interest rate is
now reducing and it will have good impact through the IPO proceeds.
SEASONAL ASPECT OF THE COMPANY’S BUSINESS

Demand for feed varies seasonally. Demand for fish feed and poultry feed decreases around 30 (thirty)percent during
the period from November to February. But demand for the feed increases during the period from July to September by
50 (fifty) percent. The poultry farmers and commercial fish firms throughout the country use the products of the
Company. As a result, Bangladesh has to incur a huge amount of foreign currencies every year to import poultry feed
from abroad.
KNOWN TRENDS, EVENTS OR UNCERTAINTIES

The business operation of the Company may be affected by some known events as follows -
 Entrance of new technology
 Increased competition
 Political unrest
 Natural disaster
 Outbreak of diseases
 Increased production cost
AMAN FEED LIMITED
CHANGE IN THE ASSETS OF THE COMPANY USED TO PAY OFF ANY LIABILITIES
No assets of the Company have been used to pay off any liability.
LOAN TAKEN FROM OR GIVEN TO HOLDING/PARENT COMPANY OR SUBSIDIARY COMPANY

Aman Feed Limited does not have any Sister/Subsidiary/Associate/Holding Company according to the Companies Act,
1994. Therefore, there is no loan taken from or given to anySister/Subsidiary/Associate/Holding Company.
FUTURE CONTRACTUAL LIABILITIES

The Company has no plan to enter into any contractual liabilities other than normal course of business within next one
year.
FUTURE CAPITAL EXPENDITURE

The Company does not have any plan for capital expenditure in near future other than as specified in ‘Utilization of IPO
Proceeds’under the head of Issue Size and Purpose of the Public Offering and ‘Material Commitments of Capital
Expenditure’ under the head of Plan of Operation and Discussion of Financial Condition of this Prospectus.
VAT, INCOME TAX, CUSTOMS DUTY OR OTHER TAX LIABILITY
Value Added Tax (VAT)

VAT is not applicable for the Company for producing pelleted poultry feed under VAT Act, 1991.
Income Tax
The applicable income tax rate for the Company was 5% from the date of commercial operation as per SRO No. 238-
Ain-Income Tax/2011, dated July 01, 2011. The income tax rate on the core business has been reduced further to 3%
through SRO No. 208-Ain-Income Tax/2013 dated July 01, 2013 in effect from July 01, 2013.
Year wise income tax status of the Company is under:
Accounting Assessment
Status
Year Year
As per certificate given by DCT of Companies Tax Circle-2, Tax Zone-1, Dhaka
2008-2009 2009-2010
dated 25.01.2010, Income Tax is settled upto assessment year 2009-2010.
2009-2010 2010-2011
2010-2011 2011-2012
As per IT 15, IT 30 and IT 88, Assessment of Income Tax has been completed for
2011-2012 2012-2013
the assessment year 2012-2013.
2012-2013 2013-2014 dated 04.03.2014, Income Tax assessment is under process for the assessment
year 2013-2014.
Customs Duty or other Tax Liability

The Company does not have any outstanding custom duty or any other similar liabilities.
OPERATING LEASE AGREEMENT DURING LAST FIVE YEARS

The Company does not have any operating lease agreement during the last five years.
AMAN FEED LIMITED
FINANCIAL LEASE COMMITMENT DURING LAST FIVE YEARS

The Company entered into lease commitment to purchase motor vehicles in 2010 with United Leasing Company
Limited. The Company has paid off its lease obligation in full by June 30, 2014. Details are as follows:
Financial Lease from United Leasing Company:

Lease Rate of No. of Lease Outstanding Lease
Execution MonthlyInstallment Date of
Amount Interest Rental Amount (as on
Date (BDT) Expiry
(BDT) (%) (monthly basis) 30.06.2014) BDT
1,300,000.00 14.25 25.01.2010 35,688.00 48 25.01.2014 NIL
3,000,000.00 14.25 20.07.2010 82,356.00 48 20.07.2014 NIL
PERSONNEL RELATED SCHEME

The Company considers its human resources as the most valuable assets and the profitability of company largely
depends on the efficient & effective productivity of human resources. The Company provides facilities and incentives to
motivate employees for its continued profitability and prosperity. Besides,Aman Feed Limited has made ‘Workers Profit
Participation Fund (WPPF)’as per provision oflabour law.
AMAN FEED LIMITED
BREAKDOWN OF ESTIMATED EXPENSES FOR IPO
Amount in Tk.
Sl. No. Particulars Nature of Expenditure
(approx.)
Issue Management Fees
@ 1% of the total amount raised or Tk. 2 million
1. Manager to the Issue Fee 2,000,000.00
whichever is lower
2. VAT against Issue Management Fees @ 15% of Issue Management Fees 300,000.00
Listing Related Expenses
3. Application Fee for DSE Fixed 5,000.00
@ 0.25% on Tk. 100 million and 0.15% on the
4. Listing Fees for Stock Exchanges (DSE & CSE) rest amount of paid up capital; 2,600,000.00
maximum Tk. 2 million for each exchanges
5. Annual Fee for DSE & CSE Fixed 200,000.00
BSEC Fees
6. Application Fee Fixed 10,000.00
7. BSEC Consent Fee Fee @ 0.15% on the public offering amount 1,080,000.00
IPO Commission
8. Underwriting Commission Commission @ 0.50% on Underwritten Amount 1,800,000.00
9. Credit Rating Fees - 200,000.00
10. Auditor Certification Fees - 100,000.00
CDBL Fees and Expenses
11. Security Deposit - 500,000.00
12. Documentation Fee - 2,500.00
13. Annual Fee - 100,000.00
14. Connection Fee - 6,000.00
@0.0175% of issue size+0.0175% of
15. IPO Fees 231,000.00
Pre-IPO paid up capital
Printing and Post IPO Expenses
16. Publication of Prospectus Estimated (5,000 Copies) 700,000.00
Abridged version of Prospectus and Notice
17. Estimated 750,000.00
in 4 daily newspaper
Notice for Prospectus, Lottery, Refund etc.
18. Estimated 100,000.00
in 4 daily newspaper
19. Lottery Conducting Expenses & BUET Fee Estimated 1,000,000.00
20. Data Processing and Share Software Charge Estimated 8,200,000.00
21. Courier Expenses Estimated 200,000.00
22. Stationeries and Other Expenses Estimated 200,000.00
Grand Total 20,284,500.00
N.B.: Actual costs will vary if above mentioned estimates differ and will be adjusted accordingly.
AMAN FEED LIMITED
REVALUATION OF COMPANY’S ASSETS AND SUMMARY THEREOF

Since its inception, Aman Feed Limitedrevalued its fixed assets for the first time in the year 2012-2013. The
management of the company has decided to revalue only Land and Land Development among all the fixed assets
as it is observed that the difference between the carrying amount and market value (fair value) will be
insignificant except Land and Land Development. The revaluation was made according to BAS-16 on May 15, 2013
by the enlisted valuer named S. H. Khan & Co., (Chartered Accountants). The Board of Directors’ meeting on May
30, 2013 has decided to incorporate the revaluation in the financials of June 30, 2013 accounts. Details of th e
revaluation of the assets are given below:
Name of the Independent Valuer : S.H. Khan & Co.

st
Valuer’s Address : RazBhaban (1 Floor), 29, Dilkusha C/A, Dhaka - 1000
Date of Signing Revaluation Report : May 15, 2013
Nature of Revalued Assets : Land and Land Development
Methods and Significant : Location, size of the land, commercial importance and facilities available
Assumptions and likely future appreciation
Notable Valuation Work done by : 1. Rupali Bank Limited
the Valuer 34, Dilkusha C/A, Dhaka
2. Bangladesh Cable Shilpa Limited (BCSL)
Khulna
3. Telephone ShilpaSangstha Limited (TSS)
Tongi, Gazipur
4. Raz Textile Mills Limited- Jessore
RazBhaban, 29, Dilkusha C/A, Dhaka.
5. Khulna Hardboard Mills Ltd.
Town Khalishpur, Khulna, an enterprise of Bangladesh Chemical
Industries Corporation (BCIC).
6. Sonali Jute Mills Ltd.
Rob Sarani, Mirerdanga, Shiromoni, Khulna
7.Aman Cotton Fibrous Limited
2 Ishakha Avenue, Sector # 6, Uttara, Dhaka - 1230
Purpose of valuation:
The financial statements of the company have been prepared in accordance with Bangladesh Accounting Standard
(BAS) based on historical cost convention previously. However, the value of land has increased due to high inflationary
trend and devaluation of local currency. In this circumstance, the Management of the Company has decided to revalue
the land to incorporate the fair value of asset in the financial statements.

Summary of Revaluation:
(Amount in Tk.)
Related
Revaluation
Carrying amount Deferred
Fair Value as on Revaluation Reserve
Name of Asset as on Tax on
June 30, 2013 Surplus Transferred to
June 30, 2013 Revaluation
Equity
Surplus
Land & Land Development 170,400,000 39,240,321 131,159,679 19,673,952 111,485,727
Total 170,400,000 39,240,321 131,159,679 19,673,952 111,485,727
AMAN FEED LIMITED
TRANSACTION BETWEEN SUBSIDIARY/HOLDING/ASSOCIATE COMPANY AND THE ISSUER

Aman Feed Limited does not have any Sister/Subsidiary/Associate/Holding Company according to the Companies Act,
1994. Therefore, there is no transaction with Sister/Subsidiary/Associate/ Holding Company.
AUDITORS’ CERTIFICATE REGARDING ANY ALLOTMENT OF SHARES TO THE DIRECTORS AND

SUBSCRIBERS TO THE MEMORANDUM OF ASSOCIATION AND ARTICLES OF ASSOCIATION FOR
ANY CONSIDERATION OTHERWISE THAN FOR CASH
The paid-up capital of Aman Feed Limited as of 30 June, 2014 was Tk. 600,000,000 divided into 60,000,000
Ordinary shares of Tk. 10 each, made up as follows :
Number of shares issued Amount of

Date of
Particulars of Allotment Consideration Consideration share capital
Allotment
in Cash other than Cash (Taka)
First (subscription to the Memorandum &
Articles of Association at the time of 07.02.2005 200,000 - 2,000,000.00
incorporation)
Second Allotment (Bonus Share) 01.01.2012 - 9,800,000 98,000,000.00
Third Allotment (BonusShare) 28.06.2012 - 50,000,000 500,000,000.00
Total 200,000 59,800,000 600,000,000.00
The amounts shown against paid-up capital as cash consideration was deposited in the Company’s bank account.
The Company, demutualised the face value of its ordinary share from Taka 100/- to Taka 10/- duly approved by passing
a special resolution in its Extraordinary General Meeting held on December 30, 2011 and necessary amendments in the
capital clause of the Memorandum and Articles of Association were made accordingly. Hence, the paid up capital of the
Company represents to Tk. 600,000,000 divided into 60,000,000 ordinary shares of Tk. 10 each.
Sd/-
Place: Dhaka Ahmed Zaker& Co.
Date: October 21, 2014 Chartered Accountants
DECLARATION FOR NON-SUPPRESSION OF MATERIAL INFORMATION
This is to declare that, to the best of our knowledge and belief, no information, facts or circumstances, which should be
disclosed have been suppressed, which can change the terms and conditions under which the offer has been made to
the public.
For Issuer,
Sd/-
Md. Shofiqul Islam
Managing Director
Aman Feed Limited
AMAN FEED LIMITED
INFORMATION ABOUT DIRECTORS AND OFFICERS Section: VIII

DIRECTORS OF THE COMPANY
Age Experience
Name Designation Qualification
(Years) (Years)
Md. Rafiqul Islam Chairman B.Sc.(honors), M. Sc 52 29
Md. Shofiqul Islam Managing Director Bachelor of Arts 48 22
Md. Toufiqul Islam Director Bachelor of Arts 40 17
B. Sc major in Manufacturing
Md. Toriqul Islam Director 23 5
Engineering
Nominated
Md. Azizul Haque Director(RepresentingAman Bachelor of Commerce, CA(C.C) 61 32
Agro Industries Limited)
INFORMATION REGARDING DIRECTORS AND DIRECTORSHIP

Date of becoming Director for the Date of Expiration of
Name Designation
first time Current Term
Md. Rafiqul Islam Chairman 07.02.2005 In the AGM of 2016
Md. Shofiqul Islam Managing Director 07.02.2005 In the AGM of 2017
Md. Toufiqul Islam Director 07.02.2005 In the AGM of 2015
Md. Toriqul Islam Director 01.03.2008 In the AGM of 2015
Md. Azizul Haque Nominated Director 15.02.2012 In the AGM of 2016
DIRECTORS’ INVOLVEMENT WITH OTHER ORGANIZATIONS

Designation in Aman Directorship/Sponsorship/
Name Position
Feed Limited Ownership with Other Companies
Aman Cement Mills Unit-2 Ltd. Managing Director
Aman Tex Ltd. Managing Director
Aman Tex Unit-2 Ltd. Managing Director
AnwaraMannan Textile Mills Ltd. Managing Director
Aman Cotton Fibrous Ltd Managing Director
Aman Cotton Fibrous Unit-2 Ltd. Managing Director
Aman Cement Mills Ltd. Managing Director
Aman Jute Fibrous Ltd. Managing Director
Aman Cold Storage Ltd. Managing Director
MD. RAFIQUL ISLAM Chairman Milan Cold Storage Ltd. Managing Director
A. M. Cold Storage Ltd. Managing Director
Aman Agro Industries Ltd. Managing Director
Aman Seeds Storage Limited Managing Director
Aman Foods Limited Managing Director
Aman Breeders Limited Chairman
Aman Plant Tissue Culture Ltd. Managing Director
Aman Associates Ltd. Managing Director
Islam Brothers & Co. Proprietor
Aman Trading Corporation Managing Partner
Aman Plant Tissue Culture Ltd. Chairman

Aman Poultry & Hatchery Ltd. Director
MD. SHOFIQUL ISLAM Managing Director Juvenile Trade International Ltd. Director
Aman Cement Mills Unit-2 Ltd. Director
Aman Cotton Fibrous Ltd. Director
AMAN FEED LIMITED
Designation in Aman Directorship/Sponsorship/

Name Position
Feed Limited Ownership with Other Companies
Aman Cement Mills Ltd. Director
Aman Cold Storage Ltd. Director
Milan Cold Storage Ltd. Director
Aman Breeders Limited Director
Aman Seeds Storage Limited Director
Aman Agro Industries Ltd. Director
AnwaraMannan Textile Mills Ltd. Director
MD. SHOFIQUL ISLAM Managing Director Aman Associates Ltd. Director
A. M. Cold Storage Ltd. Director
Aman Jute Fibrous Ltd. Director
Aman Tex Ltd. Director
Aman Tex Unit-2 Ltd. Director
Aman Cotton Fibrous Unit-2 Ltd. Director
Aman Foods Limited Director
Aman Trading Corporation Partner
Juvenile Trade International Ltd. Managing Director

Aman Tex Unit-2 Ltd. Director
AnwaraMannan Textile Mills Ltd. Director
Aman Cotton Fibrous Unit-2 Ltd. Director
Aman Cold Storage Ltd. Director
Milan Cold Storage Ltd. Director
Aman Agro Industries Ltd. Director
MD. TOUFIQUL ISLAM Director Aman Seeds Storage Limited Director
Aman Breeders Limited Managing Director
Aman Plant Tissue Culture Ltd. Director
Aman Associates Ltd. Director
Aman Jute Fibrous Ltd. Director
Aman Poultry & Hatchery Ltd. Director
Aman Tex Ltd. Director
Aman Foods Ltd. Director
Aman Trading Corporation Partner
R S &T International Proprietor
Aman Poultry & Hatchery Ltd. Managing Director

MD. TORIQUL ISLAM Director AnwaraMannan Textile Mills Ltd. Director
Juvenile Trade International Ltd. Director
Aman Associates Ltd. Director
Aman Foods Ltd. Director
MD. AZIZUL HAQUE Nominated Director Aman Agro Industries Ltd. General Manager
AMAN FEED LIMITED
FAMILY RELATIONSHIP AMONG DIRECTORS AND TOP FIVE OFFICIALS

The relationships among the Directors and top five officers are stated below -
Name Position Relationship
Brother of Mr. Md. Shofiqul Islam & Mr. Md. Toufiqul Islam
Md. Rafiqul Islam Chairman
and Father of Mr. Md. Toriqul Islam
Brother of Mr. Md. Rafiqul Islam & Mr. Md. Toufiqul Islam and
Md. Shofiqul Islam Managing Director
Uncle of Mr. Md. Toriqul Islam
Brother of Mr. Md. Rafiqul Islam & Mr. Md. Shofiqul Islam and
Md. Toufiqul Islam Director
Uncle of Mr. Md. Toriqul Islam
Son of Mr. Md. Rafiqul Islam and Nephew of Mr. Md. Shofiqul
Md. Toriqul Islam Director
Islam and Mr. Md. Toufiqul Islam
Md. Azizul Haque Nominated Director There is no family relation
SHORT BIO-DATA OF THE DIRECTORS

MD. RAFIQUL ISLAM
Chairman, Aman Feed Limited
Md. Rafiqul Islam, aged 52 years, an Entrepreneur and businessman of distinction is the Chairman of the Company. He
is a Master’s of Science with honors from the University of Rajshahi. He started his business career in the year 1984 by
joining in family business concern named Aman Trading Corporation engaged in importing various consumer items and
marketing thereof. He became a successful business man within a short time of his business career by dint of his
sincerity, honesty, hard labor and dynamic leadership, he established a number of companies engaged in the field of
agriculture, research, cement, garments, textile, dying, feed mills etc.
He is the Managing Director of Amantex Ltd., Aman Cotton Fibrous Ltd., Aman Cement Mills Ltd., Aman Cold Storage
Ltd., Milan Cold Storage Ltd., Aman Agro Industries Ltd., Aman Tissue Culture Ltd., Aman Associates Ltd., Aman Jute
Fibrous Ltd., AnwaraMannan Textile Mills Ltd., Aman Plant Tissue Culture Ltd., Proprietor of Islam Brothers & Co. and
Managing Partner of Aman Trading Corporation.
He visited many countries on personal and business perspective. He is well renowned for his philanthropic work in the
locality. He is a Member of the Bangladesh Cement Manufacturers Association, Bangladesh Fertilizer Association,
Bangladesh Cold Storage Association, Rajshahi Chamber of Commerce & Industries and Uttara Club, Dhaka. He is also
associated with many religious, social and cultural activities.
MD. SHOFIQUL ISLAM

Managing Director, Aman Feed Limited
Md. Shofiqul Islam, aged 50 years, is the Managing Director of the Company. He is a graduate in Arts. He started his
business career in the year 1991 by joining in family business with a vision to contribute in the generation of
employments for the rural mass of the country through establishment of potential industrial units in different
disciplines.
He is the Director of Amantex Ltd, Aman Cotton Fibrous Ltd., Aman Cement Mills Ltd., Aman Cold Storage Ltd., Milan
Cold Storage Ltd., Aman Agro Industries Ltd., Aman Tissue Culture Ltd., Aman Associates Ltd., AnwaraMannan Textile
Mills Ltd., Proprietor of Juvenile Constructionand Partner of Aman Trading Corporation.
He is a Member of Rajshahi Chamber of Commerce & Industries and Uttara Club, Dhaka. He is also associated with
many religious, social and cultural activities.
AMAN FEED LIMITED
MD. TOUFIQUL ISLAM

Director, Aman Feed Limited
Md. Toufiqul Islam, aged 41 years, is the Director of the Company. He is a graduate in Arts. He started his business
career in the year 1996 by joining in family business with a vision to contribute in the generation of employments for
the rural mass of the country through establishment of potential industrial units in different disciplines.
He is the Director of Amantex Ltd, Aman Cotton Fibrous Ltd., Aman Cement Mills Ltd., Aman Cold Storage Ltd., Milan
Cold Storage Ltd., Aman Agro Industries Ltd., Aman Tissue Culture Ltd., Aman Associates Ltd., AnwaraMannan Textile
Mills Ltd., Proprietor of RS&T International, and Partner of Aman Trading Corporation.
He is well renowned for his philanthropic work in the locality. He is a Member of Rajshahi Chamber of Commerce &
Industries and Uttara Club, Dhaka. He is also associated with many religious, social and cultural activities.
MD. TORIQUL ISLAM

Director, Aman Feed Limited
Md. Toriqul Islam, aged 24 years, is the Director of the Company. He is a graduate in Science major in Manufacturing
Engineering. He completed his graduation from International Islamic University Malaysia. He started his business career
three years’ back. He is the Directors of Amantex Ltd., Aman Cotton Fibrous Ltd., Aman Cement Mills Ltd.,
AnwaraMannan Textile Mills Ltd. and Aman Associates Ltd.
MD. AZIZUL HAQUE

Nominated Director, Aman Feed Limited
Md. Azizul Haque, aged 62 years, is a Nominated Director of the Company representing Aman Agro Industries Limited.
He is a graduate of Commerce. He also completed Chartered Accountancy course under Khan WahhabShofiq Rahman &
Co. in the year 1980. Then he joined in the Government Service and retired in the year 2003. After retiring from
government services, he has been attached with Aman Agro Industries Limited and Aman Feed Limited. He has in his
credit more than thirty years of job experience in government and private service. Presently, he is the General Manager
of Aman Agro Industries Limited and Nominated Director of Aman Feed Limited.
CREDIT INFORMATION BUREAU (CIB) REPORT

Neither the Company nor any of its directors or shareholders who hold 5% or more shares in the paid-up capital of the
issuer is loan defaulter in terms of the CIB Report of the Bangladesh Bank.
AMAN FEED LIMITED
DESCRIPTION OF TOP EXECUTIVES AND DEPARTMENTAL HEADS

Date of Educational Duration Last Five Years
Name of the Executives Designation
Joining Qualification of services Experience
With Aman Feed Ltd.
Md. Shofiqul Islam Managing Director 07.02.2005 Bachelor of Arts 21 Years since its
incorporation
Index Agro Industries
M. Com, Diploma in
General Manager Ltd
G.H.N. Ershad 07.10.2013 Marketing Coordinator 12 Years
(Operation)
(Canada) Kazi Farms Group
Aman Group Ltd.
Md. Gaus Khan General Manager 02.05.2013 B.Sc A.H (Hons) 11 Years Kazi Farms Group
MBA in Finance, Provati Group

A.N.M. Ashiqur Rahman, Chief Financial Associate of Cost &
01.07.2012 10 Years
ACMA Officer Management AbulKhair Group
Accountant (ACMA)
Building Technology
M.Com (Management), & Ideas Limited (BTI)
Nandan ChabdraDey, FCMA Company Secretary 01.02.2014 16 Years
FCMA Ananda Group
Aman Group
Masters (Fisheries & Mono Feed Mills Ltd.
S.M. Masud Karim AGM - Factory 15.12.2009 Marine Resources 10 Years
Sunny Feeds Ltd.
Technology)
AGM - Sales & Bachelor of Science in Kazi Farms Group
Md. Homayun Kabir 12.02.2012 10 Years
Marketing (Eastern) Animal Husbandry CP Bangladesh
AGM - Marketing
M. A. Malek 20.08.2009 MBA (Marketing) 16 Years Index Group
(Central)
AGM - Sales & Bachelor of Science in
A.B.M NasimulHyder 12.02.2012 13 Years Kazi Farms Ltd.
Marketing (Southern) Animal Husbandry
AGM - Sales and Kazi Farms Group
Probir Kumar Dhar 12.02.2012 M. Com (Accounting) 11 Years
Marketing (Northern) Meghna Group
Manager - M.Com (Accounting), Partex Plastics Ltd.
Md. Abu Naser 01.04.2012 8 Years
Finance & Accounts CA Inter (Part-1) KDS Accessories Ltd.
Bachelor of Science
Nimai Chandra Chemist 05.06.08 10 Years Sunny Feed Ltd.
(B.Sc.)
INVOLVEMENT OF DIRECTORS AND OFFICERS IN CERTAIN LEGAL PROCEEDINGS

No director or officer of Aman Feed Limited was involved in any of the following types of legalproceedings in the last 10
(Ten) years:
a) Any bankruptcy petition filed by or against any company of which any officer or director of the issuer company
filing the prospectus was a director, officer or partner at the time of the bankruptcy.
b) Any conviction of director, officer in a criminal proceeding or any criminal proceeding pending against him.
c) Any order, judgment or decree of any court of competent jurisdiction against any director, officer permanently
or temporarily enjoining, barring, suspending or otherwise limiting the involvement of any director or officer in
any type of business, securities or banking activities.
d) Any order of the Bangladesh Securities and Exchange Commission, or other regulatory authority or foreign
financial regulatory authority, suspending or otherwise limiting the involvement of any director or officer in
any type of business, securities or banking activities.
AMAN FEED LIMITED
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The Company does not have any transaction during the last two years or any proposed transaction between the Issuer
and any of the following persons as under, except as mentioned in the following transactions. The details of related
party transactions during the period along with the relationship are illustrated below in accordance of BAS 24:
(As per Auditors’ Disclosure)

Transacted Transacted
Relationship with Nature of
Name of the Party Amount in BDT Amount in BDT
Company Transaction
June 30, 2014 June 30, 2013
Board Meeting Fee 40,000 45,000
Chairman &
Md. Rafiqul Islam Advance received for
Shareholder 750,000 -
land sale
Remuneration 2,400,000 2,400,000
Managing Director Board Meeting Fee 40,000 45,000
Md. Shofiqul Islam
& Shareholder Advance received for
375,000 -
land sale
Director &
Md. Toufiqul Islam Advance received for
Shareholder 375,000 -
land sale
Md. Toriqul Islam Director & Board Meeting Fee 40,000 40,000
Shareholder
Md. Azizul Haque Nominated Director Board Meeting Fee 40,000 45,000
Aman Cement Mills Limited Common Director Office Rent 120,000 120,000
Aman Group Limited Common Director Office Rent 1,200,000 1,200,000
Except from the above,The Company did not have any transaction during the last two years, or does not have
anyproposed transaction, between the issuer and any of the following persons:
a) Any director or executive officer of the issuer.

b) Any director or officer.
c) Any person owning 5% or more of the outstanding shares of the issuer.
d) Any member of the immediate family (including spouse, parents, brothers, sisters, children, and in-laws) of any
of the above persons.
e) Any transaction or arrangement entered into by the issuer or its subsidiary for a person who is currently a
Director or in any way connected with a Director of either the issuer company or any of its subsidiaries/holding
company or associate concerns, or who was a Director or connected in any way with a Director at any time
during the last three years prior to the issuance of the prospectus.
f) The company did not take or give any loan from or to any Director or any person connected with any Director
nor did any Director or any person connected with any Director.
g) Any Director holding any position, apart from being a Director in the issuer company, in any company, society,
trust, organization, or proprietorship or partnership firm is already disclosedin involvement of directors with
other organizations.
h) There were no interests and facilities whether pecuniary or non-pecuniary enjoyed by the Directors except as
specified in ‘Executive Compensation’ under the head of ‘Information about Directors and Officers’ of this
Prospectus.
AMAN FEED LIMITED
The Directors of Aman Feed Limited do not enjoy any other facilities except remuneration received by Mr. Md. Shofiqul
Islam, Managing Directorthatis as follows:
Benefit paid from Benefit paid from
Name of the Director Designation Type of Benefit 30.06.2013 to 30.06.2012 to
30.06.2014 30.06.2013
Md. Rafiqul Islam Chairman Board Meeting Fee 40,000 45,000
Remuneration 2,400,000 2,400,000
Md. Shofiqul Islam Managing Director
Md. Toufiqul Islam Director Board Meeting Fee 40,000 45,000
Md. Toriqul Islam Director Board Meeting Fee 40,000 40,000
Md. Azizul Haque Nominated Director Board Meeting Fee 40,000 45,000
Total 2,600,000 2,620,000
EXECUTIVE COMPENSATION
a) Remuneration paid to Top Five Salaried Officers During Last Accounting Year of FY 2013-2014
June 30, 2014 June 30, 2013
Name Designation
(Amount in BDT) (Amount in BDT)
Md. Shofiqul Islam Managing Director 2,400,000 2,400,000
NauroseZaheed Rahman Executive Director (Former) 710,000 3,210,000
Nandan Chandra Dey, FCMA Company Secretary 257,085 -
G.H.N Ershad GM - Operation 291,900 -
ANM Ashiqur Rahman, ACMA Chief Financial Officer 573,230 406,350
Touhidul Ashraf, FCS Company Secretary (Former) 167,485 1,254,000
Zakir Hossain GM - Research & Marketing 173,550 795,600
(Former)
Total 45,73,250 80,65,950
b) Aggregate amount of Remuneration paid to Directors and Officers

June 30,
June 30, 2013
Particulars Nature of Payment 2014(Amount in
(Amount in BDT)
BDT)
Directors Board Meeting Fee 200,000 220,000
Directors Remuneration (Managing Director) 2,400,000 2,400,000
Officers & Executives Salary, Bonus & Other Allowances 28,868,795 28,713,148
Total 31,468,795 31,333,148
c) Remuneration paid to any Director who was not an Officer of the Company
The company does not pay any remuneration to any director who was not an officer of the company during the last
accounting year.
d) Contract for payment of future compensation
The Company has no contract with any Director/Officer for providing the payment of future compensation.
e) Pay Increase Intention
There is no material commitment for increase in the pay structure of the employees. However, the company provides
annual increment to the employees considering business growth, rate of inflation, performance of the individual’s etc.
AMAN FEED LIMITED
OPTIONS GRANTED TO DIRECTORS, OFFICERS AND EMPLOYEES

The Company has not offered any option for issue of shares to any of the officers, directors and employees or to any
outsiders.
TRANSACTION WITH THE DIRECTORS AND SUBSCRIBERS TO THE MEMORANDUM
Benefits received or given by the Company or the Issuer Company

The Directors and subscribers to the memorandum of Association have not received any benefit except remuneration
and meeting fees directly or indirectly during the last five years. The issuer has not received any assets, services or
other consideration from its directors and subscribers to the memorandum except fund against allotment of shares.
Assets to be Acquired
Assets to be
Transferred Method of
Name of the Advance Amount Amounts to be
Determination Value in Tk.
Director (Area of Land in (Tk.) paid (Tk.)
of Price
Decimal)
Md. Rafiqul Islam

9 As per Mouza
Md. Shofiqul Islam 142.00 23,000,000.00 3,000,000.00 20,000,000.00
Value
Md. Toufiqul Islam
9
The Company has made the baina deed agreements, Deed No.: 2271/12 on 29.03.2012 and Deed No.: 3433/14 on 14.05.2014 to
purchase a land measuring 142.00 Decimals in Ullapara, Sirajgonj (Mouza: RatanKawak, J.L No. 235) with an advance amount of
BDT 3,000,000 where total value of land is BDT 23,000,000 as per audited financial statements of June 30, 2014.
Schedule of Assets to be Acquired
Dagh No. Khatian No. Area of land

Deed No. Date Mouza
RS SA RS (Decimal)
190 3 110 13.00

217 10 149 31.00
218 45 91 23.00
88 89
3433/14 14.05.2014 RatanKawak, J.L. No. 235 213 89 37 20.00
214 127 54 8.00
215 17 39 47.00
96 122
56 -
Total area of land 142.00
AMAN FEED LIMITED
TANGIBLE ASSETS PER SHARE

As at June 30, 2014
Particulars
(Amount in BDT)
ASSETS
Non-Current Assets:
Property, plant and Equipment 821,717,865
Total Non-Current Assets [A] 821,717,865
Current Assets:
Inventories 951,697,925
Accounts Receivables 1,242,960,176
Advance, Deposits and Prepayments 137,222,065
Cash & Cash Equivalents 44,646,319
Total Current Assets [B] 2,376,526,485
Total Assets excluding Intangible Assets [C=A+B] 3,198,244,350
LIABILITIES
Non-Current Liabilities:
Long Term Loan 50,538,633
Deferred Tax Liability 25,868,028
Total Non-Current Liabilities [D] 76,406,661
Current Liabilities
Short Term loan 1,198,281,812
Accounts Payable 24,325,664
Liabilities for Expenses & Provision 21,043,845
Provision for Current Tax 31,925,828
Total Current Liabilities [E] 1,275,577,148
Total Liabilities [F=D+E] 1,351,983,810
Net Tangible Assets [G=C-F] 1,846,260,540
No. of Ordinary Shares outstanding as on June 30, 2014 [H] 60,000,000
Net Tangible Asset Value per Share as at June 30, 2014 [I=G/H] 30.77
AMAN FEED LIMITED
OWNERSHIP OF THE COMPANY’S SECURITIES

Shareholding Structure
The shareholding position of the Company as on June 30, 2014 is as under:
No. of % of % of
Name of the Subscribed Shareholding Shareholding
# Address Status Shares
Shareholders Amount (Tk.)
Subscribed (at present) (after IPO)
Seroil,
Md. Rafiqul
1. Ghoramara, Chairman 8,700,000 87,000,000.00 14.50% 10.88%
Islam
Rajshahi
Seroil,
Md. Shofiqul Managing
2. Ghoramara, 13,650,000 136,500,000.00 22.75% 17.06%
Islam Director
Rajshahi
Seroil,
Md. Toufiqul
3. Ghoramara, Director 13,650,000 136,500,000.00 22.75% 17.06%
Islam
Rajshahi
Seroil,
Md. Toriqul
Islam
Rajshahi
Aman Agro
Industries
12-13 Rani
Limited Nominated
5. Bazar, 1,800,000 18,000,000.00 3.00% 2.25%
(Represented Director
Rajshahi
by Md. Azizul
Haque)
Aman Cold 12-13 Rani
6. Storage Bazar, Sponsor 1,800,000 18,000,000.00 3.00% 2.25%
Limited Rajshahi
Milan Cold 12-13 Rani
7. Storage Bazar, Sponsor 1,800,000 18,000,000.00 3.00% 2.25%
Limited Rajshahi
Total 60,000,000.00 600,000,000.00 100.00% 75.00%
AMAN FEED LIMITED
Shareholder shareholding of 5% or more of the Company’s Securities
There is no shareholders shareholding of 5% or more except the following Directors of the Company -
No. of % of % of
Name of the Subscribed
# Address Status Shares Shareholding Shareholding
Shareholders Amount (Tk.)
Subscribed (at present) (after IPO)
Seroil,
Md. Rafiqul
1. Ghoramara, Chairman 8,700,000 87,000,000.00 14.50% 10.88%
Islam
Rajshahi
Seroil,
Md. Shofiqul Managing
2. Ghoramara, 13,650,000 136,500,000.00 22.75% 17.06%
Islam Director
Rajshahi
Seroil,
Md. Toufiqul
Islam
Rajshahi
Seroil,
Md. Toriqul
Islam
Rajshahi
Total 54,600,000 546,000,000.00 91.00% 68.25%
Securities of the Company owned by the Officers
No officer/executive holds any share of the Company individually or as a group as at June 30, 2014.
Securities of the Company owned by the Directors

% of % of
# Name of the Shareholders Status No. of Shares Shareholding Shareholding
(at present) (after IPO)
1. Md. Rafiqul Islam Chairman 8,700,000 14.50% 10.88%
2. Md. Shofiqul Islam Managing Director 13,650,000 22.75% 17.06%
3. Md. Toufiqul Islam Director 13,650,000 22.75% 17.06%
4. Md. Toriqul Islam Director 18,600,000 31.00% 23.25%
Aman Agro Industries Limited
Nominated
5. (Represented by Md. Azizul 1,800,000 3.00% 2.25%
Director
Haque)
Total 56,400,000 94.00% 70.50%
Securities of the Company owned by Top Ten Salaried Officers
There are no salaried officers except the Managing Director who is a Director of Aman Feed Limited owns securitiesof
the Company.
AMAN FEED LIMITED
FEATURESOF IPO Section: IX
DETERMINATION OF OFFERING PRICE
Valuation under Different Methods as prescribed in Rule-8(B), sub-clause 16(1) (b) of Offer Price
Securities and Exchange Commission (Public Issue) Rules, 2006 (BDT)
Method 1 : Net Asset Value per shareat current costs 30.77
Method 2 : Earning-based-value per share 86.20
The detail calculation is illustrated below -
Method 1: Net Asset Value (NAV) per share

NAV per share is based on the information of the latest audited financial statements as on June 30, 2014. NAV per
share at current costs is BDT 30.77 that has been derived by dividing the net assets at the end of the period by the
number ofoutstanding shares before IPO as shown in the table below:
Particulars Amount in BDT

Share Capital 600,000,000
Retained Earnings 1,134,774,813
10
Revaluation Surplus 111,485,727
Total Shareholders' Equity [A] 1,846,260,540
No. of Ordinary Shares outstanding as on June 30, 2014 [B] 60,000,000
Net Asset Value (NAV) per share at current costs [A/B] 30.77
10
Aman Feed Limited made revaluation of land and land developments in year2013 by independent valuer to arrive at a fair
market value of assets under revaluation.
Method 2: Earning-based-value per share

Earning-based-value per share based on historical information sourced from audited financial statements and statistics
from Dhaka Stock Exchange Limited (DSE). The value was calculated by considering weighted net profit after tax for last
5 (five) years as per audited financial statements and market earnings multiple. The weighted average Earnings per
share (EPS) is BDT 4.94 and the three months average DSE Market P/E is 17.45.Therefore, Earning-based-value per
share has been derived as BDT 86.20.
Accounting Year Weight of No. of Net Profit After Weighted Net Profit
No. of Shares
(July - June) Shares Tax (BDT) After Tax (BDT)
2009-2010 200,000 0.0011 240,630,651 266,775
2010-2011 200,000 0.0011 270,282,358 299,648
2011-2012 60,000,000 0.3326 298,395,541 99,244,637
2012-2013 60,000,000 0.3326 293,771,550 97,706,724
2013-2014 60,000,000 0.3326 298,180,480 99,173,109
Weighted Net Profit After Tax during the period 2009-2010 to 2013-2014 [C] 296,690,892
No. of shares outstanding as on June 30, 2014 [D] 60,000,000
Weighted Average Earnings per Share (EPS) [E = C/D] 4.94
11
Average DSE Market P/E [F] 17.45
Earning-based-value per share (BDT) [E × F] 86.20
AMAN FEED LIMITED
11
Calculation of Relevant P/E Multiple:
Month Miscellaneous Sector P/E Market P/E

December 2014 46.24 17.77
January 2015 42.11 17.19
February 2015 43.93 17.39
Average P/E Multiple 44.09 17.45
Relevant P/E Multiple: Lower value of last three months average P/E of
17.45
Miscellaneous Sector and Market
Source: DSE Monthly Review, December 2014, January 2015 and February 2015
Offer Price:
Based on the above-mentioned valuation methodologies as per Securities and Exchange Commission (Public Issue)
Rules, 2006, the management of the Company in consultation with the Issue Manager has set the issue price at BDT
36.00each including a premium of BDT 26.00 per share.
AMAN FEED LIMITED
MARKET FOR THE SECURITIES BEING OFFERED
The issuer shall apply to
Dhaka Stock Exchange Limited (DSE) and Chittagong Stock Exchange Limited (CSE)
9/F, Motijheel C/A, CSE Building, 1080, Sheikh Mujib Road,
Dhaka - 1000 Chittagong - 4100
Within 7 (Seven) working days from the date of consent accorded by the Commission to issue Prospectus.
DECLARATION ABOUT LISTING OF SHARES WITH STOCK EXCHANGE(S)
None of the stock exchange(s), if for any reason, grants listing within seventy five (75) days from the closure of
subscription, any allotment in terms of this prospectus shall be void and the company shall refund the subscription
money within fifteen days from the date of refusal for listing by the stock exchanges, or from the date of expiry of the
said seventy five (75) days, as the case may be.
In case of non-refund of the subscription money within the aforesaid fifteen (15) days, the company’s directors, in
addition to the issuer company, shall be collectively and severally liable for refund of the subscription money, with
interest at the rate of 2% (Two Percent) per month above the bank rate, to the subscribers concerned.
The Issue Manager, in addition to the Issuer Company, shall ensure due compliance of the above mentioned conditions
and submit compliance report, thereon, to the Commission within seven (7) days of expiry of the aforesaid fifteen (15)
days time period allowed for refund of the subscription money.
TRADING AND SETTLEMENT
Trading and settlement regulation of the stock exchanges shall apply in respect of trading and settlement of the shares
of the Company.
The issue shall be placed in “N” Category with DSE and CSE.
DESCRIPTION OF SECURITIES OUTSTANDING OR BEING OFFERED
Dividend, Voting, Preemption Right

The share capital of the company is divided into Ordinary Shares, carrying equal rights to vote and receive dividend in
terms of the relevant provisions of the Companies Act 1994 and the Articles of Association of the company. All
Shareholders shall have the usual voting right in person or by proxy in connection with, among others, election of
Directors & Auditors and other usual agenda of General Meeting – Ordinary or Extra Ordinary. On a show of hand,
every shareholder present in person and every duly authorized representative of a shareholder present at a General
Meeting shall have one vote and on a poll every shareholder present in person or by proxy shall have one vote for every
share held by him or her.
In case of any additional issue of shares for raising further capital, the existing shareholders shall be entitled to Issue of
Right shares in terms of the guidelines issued by the BangladeshSecurities and Exchange Commission from time to time.
Conversion and Liquidation Rights

In terms of the provisions of the Companies Act 1994, Articles of Association of the Company and other relevant rules in
force, the shares of the Company are freely transferable. The Company shall not charge any fee for registering transfer
of shares. No transfer shall be made to a firm, an infant or person of unsound mind.
AMAN FEED LIMITED
Dividend Policy
a) The profit of the company, subject to any special right relating thereto created or authorized to be created by the
Memorandum of Association and subject to the provisions of the Articles of Association, shall be divisible among
the members in proportion to the capital paid-up on the shares held by them respectively.
b) No larger dividend shall be declared than is recommended by the Directors, but the Company in its General
Meeting may declare a smaller dividend. The declaration of Directors as to the amount of Net Profit of the
Company shall be conclusive.
c) No dividend shall be payable except out of profits of the Company or any other undistributed profits. Dividend
shall not carry interest as against the Company.
d) The Directors may from time to time pay the members such interim dividend as in their judgment the financial
position of the Company may justify.
e) A transfer of shares shall not pass the right to any dividend declared thereon before the registration of transfer.
f) There is no limitation on the payment of dividends to the common stockholders of the Company.
Other Rights of Stockholders

In terms of provisions of the Companies Act 1994, Articles of Association of the Company and other relevant rules in
force, the shares of the Company are transferable. The Company shall not charge any fee, other than Government
duties for registering transfer of shares. No transfer shall be made to a minor or person of unsound mind.
The Directors shall present the financial statements as required under the law & International Accounting Standard.
Financial statements will be prepared in accordance with the International Accounting Standards consistently applied
throughout the subsequent periods and present with the objects of providing maximum disclosure as per law and
International Accounting Standard to the shareholders regarding the financial and operational position of the company.
The shareholders shall have the right to receive all periodical statement and reports, audited as well as unaudited,
published by the company from time to time.
The shareholder holding minimum of 10% shares of paid-up capital of the company shall have the right to requisition
Extra-Ordinary General Meeting of the company as provided under Section 84 of the Companies Act, 1994.
.
DEBT SECURITIES
Aman Feed Limited has not issued or planning to issue any debt securities within 6 (six) months.
SUBSCRIPTION AND MARKET Section: X

AMAN FEED LIMITED
LOCK-IN PROVISION
All issued shares of the issuer at the time of according consent to public offering shall be subjectto a lock-in period of 3
(Three) years from the date of issuance of prospectus or commercial operation, whichever comes later.
Provided that the persons, other than directors and those who hold 5% or more, who have subscribed to the shares of
the Company within immediately preceding 2 (Two) years of according consent, shall be subject to a lock-in period of 1
(One) year from the date of issuance of prospectus or commercial operation, whichever comes later.
The following table indicates the lock-in status of the shareholders of Aman Feed Limited:
Lock-in Period
No. of
Name of the % of Date of from the Date
# Status Shares
Shareholders Shareholding Acquisition of Issuance of
Subscribed
Prospectus*
Subscriber to the
Memorandum of
1. Md. Rafiqul Islam Chairman 87,00,000 14.50% Association & 3 years
Articles of
Association
Managing
2. Md. Shofiqul Islam 1,36,50,000 22.75% Do 3 years
Director
3. Md. Toufiqul Islam Director 1,36,50,000 22.75% Do 3 years
4. Md. Toriqul Islam Director 1,86,00,000 31.00% March 01, 2008 3 years
Aman Agro Industries

5. Sponsor 18,00,000 3.00% December 01, 2011 3 years
Limited
Aman Cold Storage
Limited
Milan Cold Storage
Limited
Note: *Lock-in Period starts from the date of publication of Abridged Version of Prospectus i.e.April 29, 2015.
SUBSCRIPTION BY AND REFUND TO NON-RESIDENT BANGLADESHI (NRB)

1. Non-resident Bangladeshi (NRB) and Foreign applicants shall submit bank drafts (FDD), issued in favor of the Issuer
for an amount equivalent to the application money, with their application to concerned Stockbroker/Merchant
Banker. The draft (FDD) shall be issued by the Bank where the applicant maintains NITA/Foreign Currency account
debiting the same account. No banker shall issue more than two drafts from any NITA/Foreign Currency account
for any public issue. At the same time, the applicant shall make the service charge available in respective customer
account maintained with the Stockbroker/Merchant Banker.
3. Stockbrokers/Merchant Bankers shall send the bank drafts (FDD) submitted by successful NRB and Foreign
applicants to the Stock Exchange and return the drafts submitted by unsuccessful applicants.
4. Stockbrokers/Merchant Bankers shall send the drafts (FDD) submitted by unsuccessful NRB and Foreign
applicants who are subject to penal provisions, to the respective Stock Exchange, along with a list.
5. Stock Exchanges shall send the drafts submitted by successful NRB and Foreign applicants and also by
unsuccessful NRB and Foreign applicants who are subject to penal provisions, to the Issuer.
6. In case of drafts (FDD) submitted by successful NRB or Foreign applicant for any amount excess to the value of
securities to be allotted or by unsuccessful NRB and Foreign applicants who are subject to penal provisions, refund
of the balance amount shall be made by the Issuer to the applicant through bank drafts issued in the same
currency within 7 (seven) working days of receiving the drafts from Stock Exchange.
AMAN FEED LIMITED
AVAILABILITY OF SECURITIES
1. Securities:
Number of
Particulars Amount in BDT
Shares
20% of IPO of Ordinary Shares are reserved for affected small
A. 4,000,000 144,000,000.00
investors (¶wZMÖ¯— ¶z`ª wewb‡qvMKvix)
10% of IPO of Ordinary Shares shall be reserved for Non- Resident
B. 2,000,000 72,000,000.00
Bangladeshis (NRB)
10% of IPO of Ordinary Shares shall be reserved for mutual funds
C. 2,000,000 72,000,000.00
and Collective Investment schemes registered with the Commission
Remaining 60% of IPO of Ordinary Shares shall be opened for
D. 12,000,000 432,000,000.00
subscription by the General Public
Total (A+B+C+D) 20,000,000 720,000,000.00
2. All securities as stated in clause 1(A), 1(B), 1(C), and 1(D)shall be offered for subscription and subsequent allotment
by the issuer, subject to any restriction, which may be imposed, from time to time by the Bangladesh Securities and
Exchange Commission.
3. In case of over-subscription under any of the categories mentioned in the clause 1(A), 1(B), 1(C), and 1(D), the Issue
Manager shall conduct an open lottery of all the applications received under each category sedately in accordance
with the letter of consent issued by the Bangladesh Securities and Exchange Commission.
4. In case of under-subscription under any of the 20% and 10% category as mentioned in clause 1(A), 1(B) and 1(C),
the unsubscribed portion shall be added to the general public category, and, if after such addition there is
oversubscription in the general public category the issuer and the issue manager shall jointly conduct an open
lottery of all the applicants added together.
5. In case of under-subscription of the public offering, the unsubscribed portion of shares shall be taken up by the
underwriter(s).
6. The lottery as stated in clause (3) and (4) should be conducted in the presence of the representatives of Issuer,
Stock Exchange(s) and the applicants, if there be any.
APPLICATION FOR SUBSCRIPTION
1. Application/buy instruction for shares may be made for a minimum lot for 200 Ordinary shares to the value of
Taka7,200/- (Seven Thousand Two Hundred Only). Prospectus may be obtained from the registered office of the
Company, Issue Manager, Underwriters andStock Exchanges. Application/buy instruction must not be for less than
200 shares. Any application/buy instruction not meeting this criterion will not be considered for allotment purpose.
2. An applicant for public issue of securities shall submit application/buy instruction to the Stockbroker/
Merchant Banker where the applicant maintains customer account, within the cut-off date (i.e. subscription
closing date).
3. The application/buy instruction may be submitted in prescribed paper or electronic form, which shall contain the
Customer ID, Name, BO Account Number, Number of Securities applied for, Total Amount and Category of the
Applicant.
4. Application/buy instruction must be in full name of individuals or limited companies or trusts or societies and not in
the name of firms, minors or persons of unsound mind. Application/buy instruction from insurance, financial and
market intermediary companies and limited companies must be accompanied by Memorandum and Articles of
Association.
5. An applicant cannot submit more than two applications, one in his/her own name and the other jointly with
another person. In case an applicant makes more than two applications, all applicationswill be treated as invalid
and will not be considered for allotment purpose. In addition, 15% (fifteen) of the application money will be
forfeited by the Commission and the balance amount will be refunded to the applicant.
AMAN FEED LIMITED
6. The applicants who have applied for more than two applications using same bank account, their application will not
be considered for lottery and the Commission will forfeit 15% of their subscription money too.
7. Making of any false statement in the application or supplying of incorrect information therein or suppressing any
relevant information in the application shall make the application liable to rejection and subject to forfeiture of
25% of the application money and/or forfeiture of share (unit) before or after issuance of the same by the issuer.
The said forfeited application money or share (unit) will be deposited in account of the Bangladesh
Securities and Exchange Commission (BSEC). This is in addition to any other penalties as may be provided for by
the law.
8. An IPO applicant shall ensure his/her BO account remains operational till the process of IPO (including securities
allotment or refund of IPO application/buy instruction) is completed. If any BO account mentioned in the
application/buy instructionis found closed, the allotted security may be forfeited by BSEC.
9. Bangladeshi Nationals (including non-resident Bangladeshi Nationals working abroad) and Foreign Nationals shall
be entitled to apply for shares.
10. Non-resident Bangladeshi (NRB) and Foreign applicants shall submit bank drafts (FDD), issued in favor of the
Issuer/Mutual Fund for an amount equivalent to the application money, with their application to concerned
Stockbroker/Merchant Banker. The draft (FDD) shall be issued by the Bank where the applicant maintains
NITA/Foreign Currency account debiting the same account. No banker shall issue more than two drafts from any
NITA/Foreign Currency account for any public issue. At the same time, the applicant shall make the service charge
available in respective customer account maintained with the Stockbroker/Merchant Banker.
12. The IPO subscription money collected from successful applicants (other than NRB applicants) by the
Stockbrokers/Merchant Bankers will be remitted to the Company’s SND A/CNo. 10431070068089 withPrime Bank
Limited,Motijheel Branch,Dhaka,Bangladesh for this purpose.
13. The IPO subscription money collected from successful NRB applicants in US Dollar or UK Pound Sterling or EURO
shall be deposited to three FC accounts opened by the Company for IPO purpose are as follows:
# Name of the FC Accounts Currency Account No. Bank Branch
1. Aman Feed Limited US Dollar 10451160068088 Prime Bank Limited Motijheel Branch
2. Aman Feed Limited GB Pound 10451110068091 Prime Bank Limited Motijheel Branch
3. Aman Feed Limited EURO 10451120068090 Prime Bank Limited Motijheel Branch
14. ZvwjKvfz³ ¶wZMÖ¯Í ¶z`ª wewb‡qvMKvixMYmKjcvewjKBmy¨‡Z GKK A_ev †hŠ_ wnmv‡ei †h †KvbwUA_evDfqwUn‡ZmsiwÿZ 20%
†KvUvqAv‡e`bKi‡Zcvi‡eb| Z‡eZvivB”QvKi‡j¶wZMÖ¯ÍmsiwÿZ 20% †KvUvqAv‡e`bbvK‡imvaviYwewb‡qvMKvix‡`i Rb¨ wba©vwiZ
†KvUvqIAv‡e`bKi‡Zcvi‡eb|
APPLICATIONS NOT IN CONFORMITY WITH THE ABOVE REQUIREMENTS ARE LIABLE TO BE REJECTED.
AMAN FEED LIMITED
PLAN OF DISTRIBUTION Section: XI

UNDERWRITING OF SHARES
The Initial Public offering (IPO) is for 20,000,000 Ordinary Shares of TK.10/-each at an issue price of Tk. 36/- each
including a premium of Tk. 26/- per share totaling to Tk. 720,000,000/- of Aman Feed Limited. As per guideline of
Bangladesh Securities and Exchange Commission, 50% of the said amount i.e. 10,000,000 Ordinary Shares of Tk. 36/-
each totaling to Tk. 360,000,000/- has been underwritten on a firm commitment basis by the following underwriters:
No. of Shares Offer Underwriting % of Total

# Name of Underwriters
Underwritten Price (Tk.) Amount (Tk.) Underwriting
1. LankaBangla Investments Limited 2,680,000 36 96,480,000 26.80%
2. Prime Bank Investment Limited 2,670,000 36 96,120,000 26.70%
3. UniCap Investments Limited 1,300,000 36 46,800,000 13.00%
Swadesh Investment and Management
4. 670,000 36 24,120,000 6.70%
Limited
5. Continental Insurance Limited 670,000 36 24,120,000 6.70%
6. Green Delta Insurance Company Limited 670,000 36 24,120,000 6.70%
7. Rupali Life Insurance Company Limited 670,000 36 24,120,000 6.70%
8. Cosmopolitan Finance Limited 400,000 36 14,400,000 4.00%
9. IDLC Investments Limited 270,000 36 9,720,000 2.70%
Total 10,000,000 36 360,000,000 100.00%
PRINCIPAL TERMS AND CONDITIONS OF UNDERWRITING AGREEMENT
1. If and to the extent that the shares offered to the public by a Prospectus authorized hereunder shall not have been
subscribed and paid for in cash in full by the closing date, the Company shall within 10 (Ten) days of the closure of
subscription call upon the underwriter in writing with a copy of said writing to the Bangladesh Securities and
Exchange Commission, to subscribe for the shares not subscribed by the closing date and to pay for in cash in full
for such unsubscribed shares in cash in full within 15(Fifteen) days of the date of said notice and the said amount
shall have to be credited into shares subscription account within the said period.
2. If payment is made by Cheque/Bank Draft by the underwriter it will be deemed that the underwriter has not
fulfilled his obligation towards his underwriting commitment under the Agreement, until such time as the
Cheque/Bank Draft has been en-cashed and the Company’s account credited.
3. In any case within 7 (seven) days after the expiry of the aforesaid 15 (fifteen) days, the Company shall send proof of
subscription and payment by the underwriter to the Commission.
4. In the case of failure by the underwriter to pay for the shares under the terms mentioned above, the said
Underwriter will not be eligible to underwrite any issue, until such time as he fulfils his underwriting commitment
under the Agreement and also other penalties as may be determined by the Commission may be imposed on him.
5. In case of failure by any underwriter to pay for the shares within the stipulated time, the Company/Issuer will be
under no obligation to pay any underwriting commission under the Agreement.
6. In case of failure by the Company to call upon the underwriter for the aforementioned purpose within the
stipulated time, the Company and its Directors shall individually and collectively be held responsible for the
consequence and/or penalties as determined by the Bangladesh Securities and Exchange Commission under the
law may be imposed on them.
AMAN FEED LIMITED
COMMISSION FOR THE UNDERWRITERS

The Company shall pay to the underwriters an underwriting commission at the rate of 0.50% of 50% of the public
offering amount of the issue value of shares underwritten by them out of the public issue.
RIGHT OF UNDERWRITERS ON COMPANY’S BOARD

Underwriters have not acquired any right to have their representatives in the Board of Directors of the Company.
OFFICER OR DIRECTOR OF THE UNDERWRITER(S) ACTING AS DIRECTOR OF THE COMPANY

At present, no Officer or Director of the Underwriter(s) is engaged as the Director of the Company.
ALLOTMENT
The company reserves the right of accepting any application, either in whole, or in part. Within 02 (two) working days
of conducting lottery, the Issuer shallissue allotment letters in the names of successful applicants in electronic
format with digital signatures and send those to respective Stock Exchange in electronic form. On the next working
day, Stock Exchanges shall distribute the information and allotment letters to the Stockbroker/Merchant Bankers
concerned in electronic format. The Stockbrokers/Merchant Bankers shall inform the successful applicants about
allotment of securities.
AMAN FEED LIMITED
MATERIAL CONTRACTS AND OTHERS Section: XII
MATERIAL CONTRACTS
The following are material contracts in the ordinary course of business, which have been entered into by the Company:
a) Underwriting Agreements between the Company and the Underwriters;
b) Issue Management Agreement between the Company and LankaBangla Investments Limited;
c) Credit Rating Agreement between the Company and Credit Rating Agency of Bangladesh Limited (CRAB).
Copies of the aforementioned contracts and documents and a copy of Memorandum of Association and Articles of
Association of the Company and the Consent Letter from the Bangladesh Securities and Exchange Commission may be
inspected, on any working day during office hours at the Corporate Office of the Company and the Managers to the
Issue.
MANAGER TO THE ISSUE
LankaBangla Investments Limited, Eunoos Trade Center, Level - 21, 52-53, Dilkusha C/A, Dhaka-1000 is acting as the
Manager to the Issue.
The Issue Management Fee for the IPO shall be BDT 2,000,000.00.
AMAN FEED LIMITED
CORPORATE DIRECTORY Section: XIII

REGISTERED OFFICE : Aman Feed Limited
9, Rajuk Avenue
Motijheel C/A, Dhaka - 1000
CORPORATE OFFICE : Aman Feed Limited
2 Ishakha Avenue, Sector - 6,
Uttara, Dhaka - 1230
AUDITOR : Ahmed Zaker& Co.
45, Shaheed Syed Nazrul Islam Road, Bijoynagar,
nd
Saiham Tower (2 Floor), Dhaka - 1000
MANAGER TO THE ISSUE : LankaBangla Investments Limited
CORPORATE ADVISOR : Aziz HalimKhair Chowdhury,
House#79, Road #12A, Dhanmoni, Dhaka
LEGAL ADVISOR : Dr. Kamal Hossain & Associates
Chamber Building
2nd Floor
122-124 Motijheel C/A Dhaka 1000
Bangladesh
Hassan & Associates
DCCI Building (6th Floor),
65-66, Motijheel Commercial Area ,
Dhaka-1000, Bangladesh
TAX CONSULTANT : A. Hossain & Company
Paramount Height
65/2/1 Box Culvert Road
PuranaPaltan, Dhaka-1000
COMPANY SECRETARY : Nandan Chandra Dey, FCMA
Company Secretary
LEAD BANKER FOR IPO : Prime Bank Limited
All investors are hereby informed by the Company that the Company Secretary would be designated as Compliance
Officer who will monitor the compliance of the acts and rules, regulations, notification, guidelines, conditions,
orders/directions etc. issue by the Commission and/or Stock Exchange(s) applicable to the conduct of the business
activities of the Company so as to promote the interest of the investors in the security issued by the Company and for
redressing investors’ grievances.
AMAN FEED LIMITED
AUDITORS’ REPORT TO THE SHAREHOLDERSOF AMAN FEED LTD.

Section: XIV
We have audited the accompanying financial statements of Aman Feed Limited, which comprise the Statement of
Financial position as at June 30, 2014 along with Statement of Comprehensive Income, Statement of Changes in Equity
and Statement of Cash Flows for the year then ended, and a summary of significant accounting policies and other
explanatory notes.
Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with
Bangladesh Financial Reporting Standards, Companies Act 1994, Bangladesh Securities and Exchange Commission’s
Rules 1987 & other applicable rules & regulations. This responsibility includes designing, implementing and maintaining
internal control relevant to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with Bangladesh Standards on Auditing; those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of Aman Feed Limited as of
June 30, 2014 and of its financial performance for the year then ended in accordance with Bangladesh Financial
Reporting Standards, Bangladesh Securities and Exchange Commission’s rules 1987 and comply with the Companies
Act, 1994 and other applicable laws and regulations.
Report on Other Legal and Regulatory Requirements

We also report that;
a) we have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit and made due verification thereof;
b) in our opinion proper books of account as required by law have been kept by the company so far as it appeared
from our examination of those books;
c) the company’s Statement of Financial position, Statement of comprehensive Income and Statement of Cash flows
dealt with by the report are in agreement with the books of accounts;
d) the expenditure incurred and payments made were for the purposes of the company’s business for the year.
Place: Dhaka AHMED ZAKER & CO.

Dated: August 31, 2014 Chartered Accountants
AMAN FEED LIMITED
AMAN FEED LIMITED

Statement of Financial Position
As at 30June 2014
Amount in Taka
Particulars Notes
June 30,2014 June 30,2013
ASSETS:
Non Current Assets : 821,717,865 834,359,883
Property, Plant and Equipment 3.00 821,717,865 668,147,254
Capital Work in Progress 4.00 - 166,212,629
Current Assets : 2,376,526,485 2,071,087,821

Inventories 5.00 951,697,925 926,683,574
Accounts Receivable 6.00 1,242,960,176 995,760,213
Advances, Deposits & Pre-Payments 7.00 137,222,065 53,581,023
Cash & Cash Equivalents 8.00 44,646,319 95,063,011
Total Assets 3,198,244,350 2,905,447,704
SHAREHOLDER'S EQUITY & LIABILITIES

Shareholders' Equity : 1,846,260,540 1,548,080,060
Share Capital 9.00 600,000,000 600,000,000
Retained Earnings 10.00 1,134,774,813 836,594,333
Revaluation Surplus 11.00 111,485,727 111,485,727
Non Current Liabilities: 76,406,661 121,950,207

Long Term Loan 12.00 50,538,633 95,401,333
Lease Obligation 13.00 - 81,389
Deferred Tax Liability 24.02 25,868,028 26,467,485
Current Liabilities : 1,275,577,149 1,235,417,437

Short Term Loan 14.00 1,198,281,812 1,150,314,382
Accounts Payable 15.00 24,325,664 34,425,664
Liabilities for Expenses & provisions 16.00 21,043,845 18,848,791
Provision for Current Tax 24.01 A 31,925,828 31,828,601
Total Liabilities and Shareholders' Equity 3,198,244,350 2,905,447,704
NAV per share with revaluation 17.01 30.77 25.80

NAV per share without revaluation 17.02 28.91 23.94
The accompanying notes 1 to 28 form an integral part of these Financial Statements.
Sd/- Sd/- Sd/-

Nandan Chandra Dey Md. Shofiqul Islam Md. Rafiqul Islam
Company Secretary Managing Director Chairman
Signed as per our annexed report on even date.

Sd/-
Date: August 31, 2014 Chartered Accountants
AMAN FEED LIMITED
AMAN FEED LIMITED

Statement of Comprehensive Income
For the year ended June 30, 2014
Amount in Taka
Particulars Notes 01.07.13 to 01.07.12 to
30.06.2014 30.06.2013
Sales 18.00 2,641,647,263 2,536,309,939

Cost of Goods Sold 19.00 (2,076,843,629) (1,949,547,245)
Gross Profit 564,803,634 586,762,694
Operating Expenses: (84,040,337) (85,643,881)

Administrative Expenses 20.00 (32,020,353) (34,733,311)
Selling and Distribution Expenses 21.00 (52,019,984) (50,910,570)
Operating Profit 480,763,297 501,118,812
Financial Expenses 22.00 (159,994,838) (177,040,251)
Other Income 23.00 20,243 915,544
Profit Before Contribution to WPPF 320,788,703 324,994,105
Contribution to WPPF (15,275,653) (15,475,910)
Profit Before Tax 305,513,050 309,518,196
Tax Expenses : 24.00 (7,332,570) (15,746,646)
Current Tax 24.01 (7,932,027) (13,243,254)
Deferred Tax 24.02 599,456 (2,503,392)
Net Profit After Tax 298,180,480 293,771,550
Other comprehensive Income :
Gain on asset revaluation 11.00 - 131,159,679
Tax relating to revaluation 11.00 - (19,673,952)
- 111,485,727
Total Comprehensive Income 298,180,480 405,257,277
Basic Earning per Share 25.01 4.97 4.90

Diluted Earning per Share 25.02 4.97 4.90
The accompanying notes 1 to 28 form an integral part of these Financial Statements.
Sd/- Sd/- Sd/-

Sd/-
AMAN FEED LIMITED
AMAN FEED LIMITED

Statement of Cash Flows
Amount In Taka
Particulars 01.07.13 to 01.07.12 to
30.06.2014 30.06.2013
Cash Flows From Operating Activities :

Collection from Customers 2,394,447,300 2,149,874,989
Collection from Other Income 20,243 915,544
Cash paid to Suppliers, Employees & Others (2,277,560,636) (2,080,427,537)
Cash Generated from Operation 116,906,907 70,362,996
Income Tax Paid (5,016,603) (6,640,869)
Net Cash flow from Operating Activities 111,890,304 63,722,127
Cash Flows From Investing Activities:

Acquision of Property, Plant & Equipment (3,845,500) (53,928,979)
Advances against Land Purchase (1,500,000)
Invest for Capital Work in Progress - (166,212,629)
(Invest)/sale of Govt. Bond - 60,564,648
Net Cash Used in Investing Activities (5,345,500) (159,576,960)
Cash Flows From Financing Activities:

Interest Paid (159,984,838) (177,040,251)
Increase/(Decrease) Long Term Borrowings (44,862,700) (27,765,879)
Increase/(Decrease) Finance Lease (81,389) (1,143,647)
Increase/(Decrease) Short Term Borrowings 47,967,430 377,092,481
Net Cash Provided/(Used)From Financing Activities (156,961,497) 171,142,704
Net Increase/ (Decrease) in Cash and Cash Equivalents (50,416,692) 75,287,871
Cash and Cash Equivalents at the opening of the year 95,063,011 19,775,140
Cash and Cash Equivalents at the Closing of the year 44,646,319 95,063,011
Sd/- Sd/- Sd/-

Sd/-
AMAN FEED LIMITED
AMAN FEED LIMITED

Statement of Changes in Equity
Revaluation
Particulars Share Capital Retained Earnings Total
surplus
Balance as on July 01, 2013 600,000,000 836,594,333 111,485,727 1,548,080,060

Net Profit for the year - 298,180,480 - 298,180,480
Balance as on June 30, 2014 600,000,000 1,134,774,812 111,485,727 1,846,260,540
Statement of Changes in Equity

Retained Revaluation
Particulars Share Capital Total
Earnings surplus
Balance as on July 01, 2012 600,000,000 542,822,783 - 1,142,822,783

Net Profit for the year - 293,771,550 - 293,771,550
Revaluation Surplus on Land - - 111,485,727 111,485,727
Balance as on June 30, 2013 600,000,000 836,594,333 111,485,727 1,548,080,060
Sd/- Sd/- Sd/-

Sd/-
AMAN FEED LIMITED
AMAN FEED LIMITED

Notes to the Financial Statements
For the year ended 30 June 2014
1.00 Significant information of the Enterprise
1.01 Legal form of the Enterprise :
The Company namely Aman Feed Ltd. was incorporated as a Private Limited Company with the issuance of certificate of
incorporation bearing No-C-55783 (2466) /05 dated February 07, 2005 by the Registrar of Joint Stock Companies & Firms and
the Company commenced its commercial production on July 12,2006. Subsequently the shareholders in their Extra-Ordinary
General Meeting held on 22.02.2012 aprroved conversion of status of the company from private limited to public limited
company.
1.02 Registered and Corporate Office of the Company :

Registered office of the company is situated at 9 Rajuk Avenue, Rajuk, Motijheel , Dhaka-1000.
Corporate office of the company is situated at 2, Ishakha Avenue, Sector # 6, Uttara,Dhaka-1230.
1.03 Address of the Factory :

The factory of the Company located at Ratan Kawak, Ullahpara, Sirajgonj
1.04 Principal Activities and nature of the business :

The Principal activities and the nature of the business of the company is to manufacture high quality Pilatted Poultry Feed.
Apart from that, the company can continue at any time it's activities through production of Fish Feed and Cattle feed with the
existing set-up of Machineries, Manpower and Technical know-how. With a view to rendering highest level of services and
product quality in the contract of global scenario, the Company achieved ISO 9001 Certificate in the year 2008 and HACCP .
2.00 Significant Accounting Policies:
Basis of preparation of Financial Statements:
2.01 Statement of Compliance :
The financial statements of company under reporting have been prepared under historical cost convention on a going
concern concept and on accrual basis in accordance with generally accepted accounting principles and practice in Bangladesh
in compliance with the Companies Act 1994, Bangladesh Securities and Exchange Rules 1987, International Accounting
Standards (IAS) as adopted by the Institute of Chartered Accountants of Bangladesh (ICAB) as Bangladesh Accounting Standard
(BAS) and other applicable laws and regulations.
2.02 Going Concern :
This financial statement has been prepared on the assumption that the entity is a going concern and will continue its business
for the foreseeable future. Hence it is assumed that the entity has neither the intention nor the need to liquidate or curtail
materially the scale of its operation
2.03 Date of Authorization :
The Board of Directors of Aman Feed Ltd. approved these Financial Statements on August 30, 2014.
2.04 Reporting Period :

The Financial Statements of the Company cover a year from 01.07.2013 to 30.06.2014.
2.05 Cash Flow Statement :
Cash Flow Statement is prepared in accordance with BAS 7 " Cash Flow Statement" and the cash flow from the operating
activities are shown under the direct method as prescribed.
AMAN FEED LIMITED
2.06 Recognition of Property Plant & Equipments and Depreciation :

In accordance with the International Accounting Standard adopted by The Institute of Chartered Accountants of Bangladesh
(ICAB) as BAS 16 "Property Plant and Equipments. Property Plant & Equipments have been accounted for at cost less
accumulated depreciation. Cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation
on all Property Plant & Equipments has been applied consistenly year to year at the following rate:
Land & Land Development -

Building & Civil Construction 2.5%
Plant & Machinery 15%
Vehicle 15%
Furniture & Fixture 10%
Office Equipment 15%
Computer & IT Equipment 20%
Method : Depreciation on assets has been charged on reducing balance methods. Depreciation on assets begins when it is
avialable for use.
Allocation : Allocation of depreciation was made for Manufacturing unite 95% and for non-manufacturing unite 5% .
Revaluation of assets : The company has revaluated its Land on 15 may, 2013 and incorporated the revaluation
surplus in the Financial Statement this year under reference note # 11.00
2.07 Impairment :
In accordance with the provisions of BAS 36, the carrying amount of non-financial assets other than inventories of the
Company involved in the manufacturing of the products. If any such indication exists, then the asset's recoverable amount is
estimated and impairment losses are recognized in profit and loss account. No such indication of impairment has been
observed till the end of the year.
2.08 Revenue Recognition:
Revenue is recognized only when it is probable that the economic benefit of such transaction has been derived as per " BAS-
18".
Sales revenue is recognized when transactions related to sales are completed and the sales invoices are issued in favor of the
buyers.
2.09 Inventories:
In compliance with the requirements of BAS 2 "Inventories , the Inventories have been valued at weighted average method,
which is consistent in line with the previous year's practice
2.10 Financial Instruments:
Derivative:
According to BFRS 7: " Financial Instruments : Disclosures", the Company was not a Party to any derivative contract (financial
instruments) at the financial statement date, such as forward exchange contracts, currency swap agreement or contract to
hedge currency exposure related to import of capital machinery to be leased to lessees in future.
Non-Derivative:
Non-derivative financial instruments comprise of accounts and other receivable, borrowings and other payables and are
shown at transaction cost as per BAS 39 "Financial Instruments: Recognition and Measurement".
a) Accounts Receivable:
These are carried forward at their original invoiced value amount and represents net realizable value. Management
considered the entire bills receivable as good and is collectable and therefore, no amount was provided for as bad debt in the
current year's account.
2.11 Currency of Reporting and Foreign currency transactions:
Currency of Reporting
The financial statement of the Company has been prepared in the Bangladesh Taka as currency.
Foreign Currency Transactions
Foreign Currency Transactions in foreign currencies are converted into equivalent Taka applying the ruling rate at the date of
such transactions as per BAS-21 " The Effective of Changes in Foreign Exchange Rates".
2.12 Long Term Liabilities:
Long term liabilities comprises the amount borrowed from the bank and other concern for the long period of time and
accounted for and shown in the accounts at transaction cost as per BAS 39 "Financial Instruments: Recognition and
Measurement".
AMAN FEED LIMITED
2.13 Contingent Liabilities:
Contingent Liabilities are those which arise due to the past event which shall be setteled in the future on the occurrence or
non occurrence of some uncertain event, cost of which can be measured reliably as per BAS-37 " Provision and Contingent
Assets and Liabilities". In the year under review there is no such contingent liabilities as well as no commitment is made,that
would be settled in the future.
2.14 Taxation:
Current Tax
Provision for Current income tax has been made at the applicable rate of 3% as per SRO No. 208-Ain-Income Tax/2013, dated
1st July 2013 on the accounting profit made by the Company after making some adjustment with the profit as per ITO 1984 in
compliance with BAS-12 " Income Taxes".
Deferred Taxation
Deferred tax liabilities are the amount of income taxes payable in future years in respect of taxable temporary differences.
Deffered tax assets are the amount of income taxes recoverable in future years in respect of deductible temporary
differences. Deffered tax assets and liabilities are recognized for the future tax consequences of timing differences arising
between the carrying values of assets, liabilities, income and expenditure and their respective tax bases. Deferred tax assets
and liabilities are measured using tax rates and tax laws that have been enacted or subsequently enacted at the reporting
date. The impact on the account of changes in the deferred tax assets and liabilities for the year ended June 30,2014 has been
recognized in the statement of comprehensive income as per BAS-12 "Income Taxes"
2.15 Benefits to the employees:

The Company is operating Workers Profit Participation Fund(WPPF) according to Bangladesh Labour Law 2006 and accounted
for paying benefits to the employees in accordance with the provisions of Bangladesh Accounting Standard-19, " Employee
Benefit"
2.16 Borrowing cost:
The borrowing cost is capitalized unless active developments of related assets are interrupted or cease when the borrowing
cost directly transferred to the profit and loss account as per BAS-23 " Borrowing Cost".
2.17 Earning Per Share:
The Company calculates Earning Per Share (EPS) in accordance with BAS-33 " Earning Per Share" which has been shown on the
face of the Statement of Comprehensive Income and details are shown in Note-25
Basic Earnings Per Share
This represents earnings for the year attributable to ordinary shareholders. As there was no preference dividend, minority
interest or any extra other ordinary items, the net profit after tax for the year has been considered as fully attributable to the
ordinary shareholders.
Particulars June30,2014
a) Net Profit after tax 298,167,322
b) Weighted Average Number of Shares 60,000,000
c) Earning Per Share (EPS) 4.97
Weighted average number of ordinary shares outstanding during the year:

This represents the number of ordinary shares outstanding at the beginning of the year plus the number of shares issued
during the year multiplied by a time weighted factor is the number of months the specific shares outstanding as a proportion
of the total number of months in the year.Details calculation shown in Note # 25.03
Diluted earnings per share:
As there is no prospective Dilutive Securities according to BAS-33, Diluted EPS has been calculated as per SEC Public Issue
Rules 2006 in Rule 8, Clause B, sub clause (20), requirement (e) with total existing number of share basis.
2.18 Events after the Reporting date:
As per BAS -10 " Event after the Balance Sheet Date" are those event favorable and unfavorable, that occur between the end
of the reporting year and the date when the financial statement are authorized for issue. Two types of event can be identified:
Those that provide evidence of conditions that existed at the end of the reporting year ( adjusting events after reporting date);
and
Those that are indicative of conditions that arose after the reporting year (Non-adjusting events after balance sheet date).
No events after the expiry of the Balance Sheet date and the reporting period has been occurred and found to be reportable.
AMAN FEED LIMITED
2.19 Risk Perception :

There are some internal and external factors that may conceivably materially affect the company's operation of business. The
Company Management perceives investment risk within the national and international economic perspectives in relation to
legal, financial, economic, and moral requirements involving inter alia, foreign currency fluctuation, interest rate risk, scientific
invention, monetary and fiscal investment policies and has prepared its production, financial and marketing strategies to meet
the challenges from these risks.
2.20 Related Parties Transactions:
The party is related to the company if the party cast significant influence over the subject matters and also holding the
controlling power of the management affairs of the company and any transaction made during the year with the party related
therewith is termed as related party transaction as per BAS-24 " Related Party Disclousure". During the year under audit there
is no such related party transactions made that has influenced the company's business. Related parties are fully disclosed in
Note-26.
2.21 Application of Bangladesh Accounting Standards (BASs) :
The Financial statements have been prepared in compliance with requirement of BAS as adopted by The Institute of Chartered
Accountants of Bangladesh (ICAB) and applicable in Bangladesh. The following BASs are applicable for the financial statements
for the period under review :
BAS-1 Presentation of Financial Statements
BAS-2 Inventories
BAS-7 Statement of Cash Flows
BAS-8 Accounting Policies,Changes in Accounting Estimates and Errors
BAS-10 Events after the Reporting Period
BAS-12 Income Taxes
BAS-16 Property, Plant & Equipment (PPE)
BAS-17 Leases
BAS-18 Revenue
BAS-21 The effects of changes in Foreign Exchange Rate
BAS-23 Borrowing Cost
BAS-24 Related Party Disclosures
BAS- 32 Financial Instruments Presentation
BAS-33 Earnings Per Share (EPS)
BAS-39 Financial Instruments : Recognition and Measurement
BFRS- 7 Financial Instruments : Disclosures
2.22 Information on Financial Statements:
Responsibility for preparation and presentation of financial statements:
The Company's management and the Board of Directors are resposible for the preparation and presentation of Financial
Statements as per section 183 of the companies Act 1994
Components of the Financial Statements:
Following are the component of the financial statements :
a) Statement of Financial Position as at June 30,2014
b) Statement of Comprehensive Income for the year ended June 30,2014
c) Statement of Changes in Equity for the year ended June 30,2014
d) Statement of Cash Flows for the year ended June 30,2014
e) Explanatory notes to the financial statements.
Comparative:
Comparative information have been disclosed in respect of the previous year for all numerical information in the financial
statements including narrative and descriptive information when it is relevant for understanding of the current year's financial
statements.
Previous year's figure has been re-arranged whenever considered necessary to ensure comparability with the current year's
presentation as per BAS-8 " Accounting Policies, Changes in Accounting Estimates and Errors".
AMAN FEED LIMITED
Amount In Taka
June 30, 2014 June 30, 2013
3.00 Property, Plant and Equipment [WDV]
Land & Land Development 174,245,500 170,400,000
Building & Civil Construction 496,397,927 320,034,701
Plant & Machinery 145,309,930 170,952,859
Vehicles 3,901,067 4,589,491
Furniture & Fixtures 860,108 955,676
Office Equipments 539,080 634,212
Computer & IT Equipments 464,252 580,315
821,717,865 668,147,254
3.01 Movement of Property Plant & Equipment

Property Plant & Equipment at cost
Opening Balance (Cost) 828,307,474 643,218,816
Add: Addition during the year (Note- 04,07 & Annexure- A) 192,936,878 53,928,979
Add: Revaluation made during the year - 131,159,679
Closing Balance (Cost) 1,021,244,352 828,307,474
Less: Accumulated Deprecation (199,526,487) (160,160,220)
Written Down Value (WDV) 821,717,865 668,147,254
Please refer to Annexure-'A'
4.00 Capital Work in Progress

After full completion of the assets booked in the WIP the entire amount has been transfered to PP&E during the year and as
per accounting policy depreciation charged accordingly.
Opening balance 166,212,629 -
Less. Capitalize to building & civil construction during the year (166,212,629) 166,212,629
- 166,212,629
5.00 Inventories
Finished Goods [Note-5.01] 32,946,696 33,617,118

Raw Materials in hand [Note-5.02] 898,259,079 878,946,664
Packing Materials-in hand [Note-5.03] 7,446,013 7,294,886
Goods in Transit [Note - 5.04] 8,033,651 844,053
Spare Parts 5,012,486 5,980,854
951,697,925 926,683,574
Details of quantity movement of inventories are shown in Annexure - B
5.01 Finished Goods
Value of Inventories
Broiler Feed 13,441,029 18,258,318
Layer Feed 8,831,133 9,430,800
Fish Feed 9,179,387 5,047,680
Cattle Feed 1,495,147 880,320
32,946,695 33,617,118
Quantity of Inventories [MT]
Broiler Feed 480 702
Layer Feed 318 348
Fish Feed 340 192
Cattle Feed 71 42
1,209 1,284
AMAN FEED LIMITED
Amount In Taka
June 30, 2014 June 30, 2013
5.02 Raw Materials
Value of Inventories [ Taka]
Maize 247,358,391 191,083,353
Wheat & Wheat Flour 21,625,551 20,306,376
Rice Polish & Bran 41,060,542 29,470,451
Meat & Bone Meal 43,829,724 45,143,388
Fishmeal & Dry Fish 38,045,471 36,240,813
Oilcake & Soyabean Meal 489,504,552 540,567,949
Medicine & Chemicals 16,834,848 16,134,333
898,259,079 878,946,664
In view of the possible price hike in the international market , the Soyabean extraction is imported and kept a large amount of
stock to meet the extension of production capacity.
Quantity of Inventories [MT]
Maize 16,903 15,424
Wheat & Wheat Flour 1,285 1,243
Rice Polish & Bran 3,040 2,243
Meat & Bone Meal 1,675 1,461
Fishmeal & Dry Fish 1,393 1,147
Oilcake & Soyabean Meal 18,679 20,462
Medicine & Chemicals - -
42,976 41,980
5.03 Packing Materials
Value of Inventories [ Taka]
WPP Bag 7,446,013 7,294,886
Quantity of Inventories [PCS]

WPP Bag 409,514 403,124
5.04 Goods in Transit

AB Bank Ltd. L/C- 11692 (Soyabean Ext.) - 371,685
AB Bank Ltd. L/C- 1201 (Soyabean Ext.) - 378,601
AB Bank Ltd. L/C- 7012 (Spare Parts) - 21,099
AB Bank Ltd. L/C- 11250 (Spare Parts) 26,041 -
AB Bank Ltd. L/C- 11253 (Spare Parts) 29,332 -
AB Bank Ltd. L/C- 13599 (Rape seed Ext.) 224,193 -
AB Bank Ltd. L/C- 23836 (Rape seed Ext.) 2,385,394 -
AB Bank Ltd. L/C- 6336 (Soyabean Ext) 4,643,743 -
AB Bank Ltd. L/C- 20012 (Soyabean Ext) 724,948 -
8,033,651 844,053
The above Inventories are as per physical Inventory undertaken and valued by the Inventory Team consists of management
staff and auditors. Inventories in hand have been valued at lower of cost and net realizable value. Inventories are
hypothecated against the fund received as working capital facilities from the relevant Banks.
6.00 Accounts Receivable

Opening Balance 995,760,213 609,325,263
Add:Sales during the year 2,641,647,263 2,536,309,939
Available for Received 3,637,407,476 3,145,635,202
Less: Realized during the year (2,394,447,300) (2,149,874,989)
1,242,960,176 995,760,213
AMAN FEED LIMITED
Amount In Taka
June 30, 2014 June 30, 2013
6.01 Disclosure as per Schedule-XI, Part -I, of The Companies Act, 1994
Maturity less than 6 months 1,242,960,176 995,760,213
Maturity more than 6 months Nil Nil
Total 1,242,960,176 995,760,213
Debts considered Good & Secured 1,242,960,176 995,760,213
Debts considered Good without security - -
Debts considered doubtful & bad - -
Debts due by directors or other officers & staffs - -
Debts due from companies under same management - -
Maximum debt due by directors or offocers & staffs at any time - -
7.00 Advances, Deposits & Pre-Payments

Security Deposit- Paschimanchal Gas Co. Ltd. 72,138 70,038
Security Deposit- Sirajgonj Palli Bidyut Samity. 2,112,800 1,442,392
2,184,938 1,512,430
Advance against Land Purchase (Note-7.01) 3,000,000 1,500,000

Advance for Store Purchase (Note-7.02) 99,839,708 -
Advance for civil work ( Note-3.01) - 22,878,749
Advance against depo Office 1,031,500 200,000
M/S Shahab Trading (Against Barishal Sales Office) 30,000 30,000
Advance Against Marketing Exp. 997,209 184,829
Advance Salary 1,208,592 721,000
L/C Margin 28,907,000 23,712,700
Advance Income Tax (AIT) (Note-7.03) 23,118 2,841,315
135,037,127 52,068,593
137,222,065 53,581,023
7.01 Advance against Land Purchase :
Details information of advance against Land is given below :
Deed No. : 2271/12 (29.03.2012), 3433/2014 (14.05.14) Total area of land : 142 decimal
Total value of land : Tk. 230,00,000, Advance amount : Tk. 3,000,000
Mouza : Ratan Kawak, Plot No. : 213,214,215,217,218 & 190
Plot No.: 213,214,215,217,218 &190 Khatian No.: 89,37, 54,39,122, 91,149 & 110
Registration Status : Registration pending due to mutation work which is under process and registrtion will be done after
compleation of the mutation work.
7.02 Advance against Store Purchase :
Advance against store purchase represents amount paid to various parties for purchase of RM, Spare parts, constuction
materials & other consumable materials
7.03 Advance Income Tax (AIT)
Opening Balance 2,841,315 2,834,800
Add: Addition during the year 16,603 6,515
2,857,918 2,841,315
Less: Adjustment during the year (Note-24.01.A) (2,834,800) -
23,118 2,841,315
7.04 Disclosure as per Schedule-XI, Part -I, of The Companies Act, 1994
Advance exceeding 6 months 6,216,438 3,012,430

Advance not exceeding 6 months 131,005,627 50,568,593
137,222,065 53,581,023
Advance, deposits & prepayments considered good & secured 137,222,065 53,581,023
Advance, deposit & prepayments considered Good without security - -
Advance,deposit & prepayments considered doubtful & bad - -
Advance, deposit & prepayments due by directors or other officers & staffs 4,208,592 2,221,000
Advance, deposit & prepayments due from companies under same management - -
Maximum advance due by directors or offocers & staffs at any time - -
AMAN FEED LIMITED
Amount In Taka
June 30, 2014 June 30, 2013
8.00 Cash and Cash Equivalents
Cash in Hand 1,854,394 2,492,054
Cash at Banks: (Note- 9.01) 42,791,925 92,570,957
44,646,319 95,063,011
8.01 Details Break-up of Cash at Banks are as follows:
i. AB Bank Ltd. Islami Banking Branch Kakrail AWCA-0623 12,097 32,780
ii. Agrani Bank Ltd. Forex Branch, Dhaka CD - 0040262 1,047,343 2,358,697
iii. Agrani Bank Ltd. Uttara Branch, Dhaka CD - 6882 4,378,457 -
iv. Al- Arafah Islami Bank Ltd. A/C No. 6777, Dilkusha Br. 373,314 334,285
v. Al- Arafah Islami Bank Ltd. Uttara Branch, A/C No. 62639 637,476 -
vi. Dutch Bangla Bank Ltd. Local Office, Dhaka CD - 101 110 30394 3,705,384 235,382
vii. Exim Bank Ltd. Rajuk Avenue Branch A/C No. AWCA -4708 875,892 884,490
viii. Jamuna Bank Ltd., Forex Branch, Dhaka CD-0018-0210008598 2,405,542 276,190
ix. Shahjalal Islami Bank Ltd. Dhaka Main Branch A/C No. AWCD -8936 2,978,310 1,472,214
x. Social Islami Bank Ltd., Principal Branch, Dhaka AWCD-21330057421 721,026 769,206
xi. Standard Bank Ltd. Progati Sarani Br., Dhaka CD-03833000069 452,163 313,765
xii. Standard Bank Ltd. Principal Br., Dhaka A/C No. 11853 45 3,775
xiii. Prime Bank Ltd., Dilkusha Br., AWCD-10811050000737 721,931 1,801,871
xiv. Prime Bank Ltd., Uttara Branch, AWCD-16440 440,776 5,370
xv. Sonali Bank Ltd., Forex Corporate Br., Dhaka CD-160833033647 5,413 56,731,231
xvi. Sonali Bank Ltd., Uttara Branch, CD-17764 3,729,216 -
xvii. Sonali Bank Ltd. Ullah para Branch A/C No.2962 34,405 36,555
xviii. Bangladesh Krishi Bank , Local Principal, Motijheel CD-35907 - 786,985
xix. Bangladesh Krishi Bank , Uttara Branch, CD-503 1,022,845 -
xx. BD. Commerce Bank, Principal Br. Dhaka CD -2654 205,058 206,558
xxi. Pubali Bank Ltd.,Dhaka Stadium Branch CD-0939901041533 3,407,907 6,347,610
xxii. Mercantile Bank Ltd.Main Br., Dilkusha, Dhaka CD-80543 352,915 128,557
xxiii. Mercantile Bank Ltd. Uttara Branch, CD-14261 645,737 -
xxiv. National Bank Ltd. Dilkusha Br.,Dhaka CD-0002-33147897 662,422 1,456,396
xxv. National Bank Ltd. Uttara Branch, CD-21648 2,086,964 -
xxvi. Islami Bank BD. Ltd. Uttara Branch AWCA-322205 5,980,913 12,264,293
xxvii. Trust Bank Ltd., Uttara Branch,Dhaka CD-0023-0210008000 703,100 258,915
xxviii. Trust Bank Ltd., Dilkusha Branch,Dhaka CD-2000811 11,473 -
xxix. Uttara Bank Ltd., Local Office, Dhaka CD- 21-16568 108,250 2,175,411
xxx. Uttara Bank Ltd., Uttara Branch, CD- 1859 3,025,300 -
xxxii. Janata Bank Ltd., Uttara, Dhaka CD-24227 1,099,997 1,388,361
xxxiii. Islami Bank BD. Ltd. Rajshahi Branch AWCA-257713 229 786
xxxiv. Islami Bank BD. Ltd. Ullahpara Branch A/C No. 1020 6,211 4,017
xxxv. BRAC Bank Ltd., Uttara, Dhaka CD -39001 945,410 2,099,646
xxxvi. Standard Chartered Bank, Gulshan Branch, CD-01111116801 8,405 189,905
xxxvii. The HSBC Ltd., Dhaka Main Office CD-288011 - 7,706
42,791,925 92,570,957
9.00 Share Capital
This represents the followings:
Authorised Capital :
150,000,000.Ordinary Shares of Taka. 10/= each 1,500,000,000 1,500,000,000
Issued Subscribed and Paid up capital: 600,000,000 600,000,000

60,000,000.Ordinary Shares of Taka. 10/= each
9.01 Share Holdings Position:
Particulars of shareholders and their share holding position is as under:
Number of Shares
Name of the Shareholders %
30 June, 2014 30 June, 2013
Md. Rafiqul Islam 8,700,000 8,700,000 14.50% 87,000,000 87,000,000
Md. Shofiqul Islam 13,650,000 13,650,000 22.75% 136,500,000 136,500,000
Md. Toufiqul Islam 13,650,000 13,650,000 22.75% 136,500,000 136,500,000
Md. Toriqul Islam 18,600,000 18,600,000 31.00% 186,000,000 186,000,000
Aman Agro Industries Ltd. 1,800,000 1,800,000 3.00% 18,000,000 18,000,000
Aman Cold Storage Ltd. 1,800,000 1,800,000 3.00% 18,000,000 18,000,000
Milan Cold Storage Ltd. 1,800,000 1,800,000 3.00% 18,000,000 18,000,000
Total 60,000,000 60,000,000 100.00% 600,000,000 600,000,000
AMAN FEED LIMITED
Amount In Taka
June 30, 2014 June 30, 2013
9.02 Classification of Shares by holding :
Slabs by number of shares Number of Shareholders No. of Shares Holdings %
Less than 500 - - -
From 501 to 5,000 - - -
From 5001 to 10000 - - -
From 10,001 to 20,000 - - -
From 20001 to 30000 - - -
From 30,001 to 40,000 - - -
From 40001 to 50000 - - -
From 50,001 to 100,000 - - -
From 100,001 to 1,000,000 - - -
Above 1,000,000 7 60,000,000 100%
Total 7 60,000,000 100%
10.00 Retained Earnings

Opening Balance 836,594,333 542,822,783
Add : Profit for the year 298,180,480 293,771,550
Closing Balance 1,134,774,813 836,594,333
11.00 Revaluation Surplus

Fair Value of Land and Land Development 170,400,000
Less: Book Value of Land and Land 39,240,321
Revaluation Surplus - 131,159,679
Less : Tax on revaluation Surplus @ 15% (Note # 24.02) (19,673,952)
Net Balance of Revaluation surplus 111,485,727 111,485,727
Name of the Valuer : S.H. KHAN & CO. Address: Raz Bhaban ( 1st floor), 29 Dilkusha C/A, Dhaka-1000
Qualification-Chartered Accountants Firm, Enlisting: Panel 'A' auditors of Bangladesh Bank's List.
Date of Revaluation: 15 May, 2013
12.00 Long Term Loan
This represents loan from AB Bank Ltd. Islami Bank Br.,Kakrail Branch, Dhaka for the implementation of the Project.
Opening Balance 126,674,897 163,660,875

Add: Received during the year - 10,500,000
Add: Profit /Interest for the year 16,826,209 20,914,759
Less: Paid during the year 143,501,106 195,075,634
Principal (39,863,791) (47,485,978)
Interest (16,826,209) (20,914,759)
Closing Balance 86,811,106 126,674,897
Less: Current Maturity (36,272,473) (31,273,564)
Balance after current maturity 50,538,633 95,401,333
Bank : AB Bank Ltd.
Sanction Limit : Tk. 159,870,000
Sanction Date: 09.03.2011
Tenure : 20.05.2012 to 20.08.2016
Rate of Interest / Profit : @ 14% -15%
Security : Land , Building & Machineries
13.00 Lease Obligation
Opening Balance 1,225,035 2,376,216
Add: Interest for the year 94,442 265,347
1,319,477 2,641,563
Less: Payments made during the year (1,238,088) (1,416,528)
Closing Balance 81,389 1,225,035
Less : Current Maturity (81,389) (1,143,646)
Balance net off current maturity - 81,389
Lease Company : United Leasing Company Ltd.

Sanction Date : 25.01.2010 & 20.07.2010
Maturity Date : 25.01.2014 & 20.07.2014
Monthly Instalment Amount : Tk. 118,044
Lease Assets : 2 Cars ( Toyota Corolla X -2004 , Toyota Premio F -2009)
Type of Lease : Finance Lease
Agreement No. 53011000015-01 & 53011000236-01
AMAN FEED LIMITED
Amount In Taka
14.00 Short Term Loan June 30, 2014 June 30, 2013
This represents amount sanctioned and disbursed by the following banks as loan against working capital requirements of the
company which are fully secured by hypothecation of stock:
TR for BIM -ABBL , Kakrail, Dhaka 729,687,133 1,017,697,027
LTR/TR/BIAM- AIBL Bank 50,000,000 88,096,200
Bai - Muajjal - Trust Bank Ltd.Dilkusha, Dhaka 370,000,000 -
Standard Bank Ltd. CC (Hypo)- 519 12,240,817 12,103,945
Balance as on 30 June 1,161,927,950 1,117,897,172
Add : Current maturity of long term borrowing 36,272,473 31,273,564
Add : Current maturity of lease finance 81,389 1,143,646
Balance including current maturity 1,198,281,812 1,150,314,382
Sanctioned Limit :
AB Bank Limited ( Sanction Date : 07.08.2013) 1,100,000,000 1,100,000,000
Trust Bank Ltd. ( Sanction Date: 27.03.2014) 370,000,000 -
Al arafa Islami Bank Ltd.(Sanction date :27.11.2012) 50,000,000 95,000,000
Standard Bank Ltd.( Sanction Date : 03.08.2011) 20,000,000 20,000,000
Rate of Interest/ Profit : 15%-17 % 15%-16.5%

Tenure : Below 1 Year ( L/C Period )
Security : Inventory Hypothecation
15.00 Accounts Payable
Opening balance 34,425,664 30,933,488

Add: Puchased During the year 1,994,565,042 1,898,456,380
2,028,990,706 1,929,389,868
Less: Paid During the year 2,004,665,042 1,894,964,204
24,325,664 34,425,664
There is no related party transaction.
16.00 Liabilities for Expenses

This represent amount provided for the following which has not been paid during the year as per accural concept of
accounting & these will be considered in the subsequent years.
Salary & Allowances 2,789,515 2,980,430
TA/DA Payable (Sales Staff) 46,850 46,715
Audit Fee & VAT 69,000 57,500
Gas Bill 320,026 -
Payable WPPF (Note - 16.01) 16,823,244 15,475,910
VAT Payable 148,800 -
TDS Payable 846,410 288,236
21,043,845 18,848,791
16.01 Payable to WPPF

Opening Balance 15,475,910 1,474,092
Add. Current year provision 15,275,653 15,475,910
Less. Paid during the year (13,928,319) (1,474,092)
Closing WPPF 16,823,244 15,475,910
17.00 Net Asset Value Per Share
17.01 NAV per Share with revaluation :

Shareholders' Equity including revaluation surplus 1,846,260,540 1,548,080,060
Number of ordinary Shares Outstanding [Note-25.03] 60,000,000 60,000,000
Net Asset Value - NAV 30.77 25.80
17.02 NAV per Share without revaluation :

Shareholders' Equity except revaluation surplus 1,734,774,813 1,436,594,333
Number of ordinary Shares Outstanding [Note-25.03] 60,000,000 60,000,000
Net Asset Value - NAV 28.91 23.94
Par value of share (taka) 10 10
AMAN FEED LIMITED
Amount In Taka
June 30, 2014 June 30, 2013
18.00 Sales
Sales Value in Taka
Broiler Feed 1,349,719,550 1,327,170,150
Layer Feed 1,053,303,005 961,485,560
Fish Feed 155,159,210 211,823,850
Cattle Feed 83,465,498 35,830,379
2,641,647,263 2,536,309,939
Sales Quantity in MT
Broiler Feed 43,371 42,743
Layer Feed 34,625 31,832
Fish Feed 5,129 7,035
Cattle Feed 3,327 1,469
86,453 83,079
Percentage of Sales
Broiler Feed 51.09% 52.33%
Layer Feed 39.87% 37.91%
Fish Feed 5.87% 8.35%
Cattle Feed 3.16% 1.41%
100.00% 100.00%
19.00 Cost of Goods Sold
Raw materials consumption (Note-19.01) 1,938,790,656 1,819,245,299

Packing materials consumption (Note-19.02) 36,310,844 34,866,212
Factory Overhead (Note-19.03) 101,071,707 103,952,002
Cost of Production 2,076,173,207 1,958,063,513
Opening Finished Goods 33,617,118 25,100,850
Cost of Goods Available for Sale 2,109,790,325 1,983,164,363
Closing Finished Goods [Note-5.01] (32,946,696) (33,617,118)
Cost of Goods Sold 2,076,843,629 1,949,547,245
19.01 Raw Materials Consumed :
Opening Raw Materials 878,946,664 837,967,616

Purchased during the year [ Note-19.01.A] 1,958,103,071 1,860,224,347
Available for Use 2,837,049,735 2,698,191,963
Closing Raw Materials [Note-5.02] (898,259,079) (878,946,664)
1,938,790,656 1,819,245,299
19.01.A Raw Materials Purchased during the year

Value in Taka :
Maize 789,361,687 669,922,680
Wheat & Wheat Flour 98,036,715 90,113,975
Rice Polish & Bran 166,589,820 146,518,450
Meat & Bone Meal 206,164,474 251,564,832
Fishmeal & Dry Fish 98,727,742 129,753,990
Oilcake & Soyabean Meal 539,203,777 506,621,476
Medicine & Chemicals 60,018,856 65,728,944
1,958,103,071 1,860,224,347
Quantity in MT:
Maize 51,575 55,734
Wheat & Wheat Flour 5,789 5,585
Rice Polish & Bran 12,272 11,206
Meat & Bone Meal 8,143 7,856
Fishmeal & Dry Fish 3,796 4,005
Oilcake & Soyabean Meal 20,741 18,082
102,317 102,468
AMAN FEED LIMITED
Amount in Taka
Jul'13 to Jun'14 Jul'12 to Jun'13
19.02 Packing Materials Consumed
Opening Packing Materials 7,294,886 3,929,065
Purchased during the year [ Note- 19.02.A ] 36,461,971 38,232,033
Available for Use 43,756,857 42,161,098
Closing Packing Materials [Note-5.03] (7,446,013) (7,294,886)
36,310,844 34,866,212
19.02.A Packing Materials Purchased During the period

Value in Taka :
WPP Bag 36,461,971 38,232,033
36,461,971 38,232,033
Quantity in PCS.
WPP Bag 2,003,405 2,112,267
2,003,405 2,112,267
19.03 Factory Overhead
Wages & Allowances Note-27.02 13,411,761 12,888,340

Factory Salary & Allowances 3,824,451 3,642,334
Overtime 1,087,727 1,045,276
Daily Labour 6,789,124 9,407,084
Spare Parts 3,859,933 3,709,291
Oil & Lubricants 8,535,515 8,202,400
Carriage Inward 1,180,643 1,399,351
Loading & Unloading Charges 8,126,002 9,631,304
Factory Repair & Maintenance 4,267,243 4,100,705
Laboratory Expenses 590,755 567,700
Gas Bill 4,541,766 4,328,286
Electricity Bill 7,458,834 7,460,030
Depreciation on Manufacturing Assets 37,397,953 37,569,901
101,071,707 103,952,002
20.00 Administrative Expenses

Salaries & Allowances Note-27.02 11,813,760 11,664,071
Director's Remuneration Note-27.02 2,400,000 2,400,000
Board Meeting Attendance Fee Note-27.02 200,000 220,000
Stationeries 491,214 529,577
Postage, Telephone & Internet 342,115 387,713
Entertainment 608,929 588,301
Crockeries & Utensil 7,659 6,164
Office Rent Note-26.00 1,320,000 1,320,000
General Repair & Maintenance 1,189,680 1,687,689
Fuel & Lubricants 1,564,768 2,449,632
Vehicle Maintenance 1,841,584 2,929,468
Environmental Clearance Expenses - 32,400
Insurance Premium 3,693,080 641,070
Staff Fooding Expenses 856,510 888,650
Medical Expenses 34,578 963,970
Licenses & Others 50,540 151,000
Issue management Expenses - 513,508
Audit Fees & VAT 69,000 57,500
Rent, Rates & Taxes 27,817 81,532
Travelling & Conveyance 2,309,410 4,362,720
Newspaper & Periodicals 5,114 2,686
VAT on Office rent 118,800 -
Bank Charges 1,099,114 825,789
Cleaning & Gardening Expenses 8,369 52,508
Depreciation on Non Manufacturing Assets 1,968,313 1,977,363
32,020,353 34,733,311
AMAN FEED LIMITED
Amount in Taka
21.00 Selling and Distribution Expenses
Salaries & Allowances Note-27.02 10,725,874 11,000,896
Target Incentive Bonus Note-27.02 2,504,711 2,405,847
Godown expenses 1,923,471 1,886,431
Advertisement 96,400 242,000
Travelling & Conveyance 2,208,029 3,334,253
Marketing Expenses 2,754,308 2,953,492
Seminar Expenses 1,725,083 3,496,390
Free Sample 7,439,215 -
Dealer Sale Target Award Expenses 1,266,535 2,177,072
Carriage Outward 11,750,207 14,167,996
Loading & Unloading Charges 9,626,151 9,246,193
52,019,984 50,910,570
22.00 Financial Expenses

Profit / Rent(Interest) on HPSM A/C -ABBL, Kakrail,Dhaka 16,826,209 20,914,759
Profit(Interest) on Bai Muajjal & TR A/C -ABBL, Kakrail, Dhaka 126,863,797 103,815,105
Profit (Interest)on LTR A/C -BD. Commerce Bank, Dhaka - 945,287
Profit (Interest) on TR & MPI A/C - Social Islami Bank Ltd., Dhaka - 13,774,586
Profit(Interest) on Bai Muajjal -AIBL, Dilkusha, Dhaka 15,026,001 8,237,089
Profit(Interest) on TR on Shahajalal Islami Bank - 15,887,952
Profit(Interest) on TR on Standard Chartered Bank - 11,701,985
Interest on CC(Hypo) Loan - Standard Bank Ltd., Dhaka. 1,184,389 1,498,141
Interest on Lease Obligation - ULC Ltd., Dhaka. 94,442 265,347
159,994,838 177,040,251
23.00 Other Income
Interest Income on Bank Deposits. 20,243 43,433
Interest on Govt. bond -
Sale of bond (Net) - 53,220,648
Add- Interest received - 7,344,000
Less - Purchase of bond - (57,600,000)
Less : Up front Int. & Tax - (2,092,537)
Income on Govt. bond - 872,111
Total Other Income (on bank deposit+ on Govt. bond) 20,243 915,544
24.00 Liabilities for Taxation

24.01 Current Tax -
Profit Before Tax except Other Income 305,492,807 308,602,652
Add: Accounting Depreciation 39,366,267 39,547,264
Less: Tax Depreciation (109,964,827) (90,151,416)
Taxable Income for the year 234,894,247 257,998,500
Rate of Tax 3% 5%
Tax on business 7,046,827 12,899,925
Tax under Sec 16 CCC (Turnover Tax @ 0.30% 7,924,942
Add: Tax on Other Income ( Tk. 20,243 @ 35% ) 7,085 343,329
Total Provision for the year 7,932,027 13,243,254
24.01.A Net Tax Liability :

Opening Balance 31,828,601 25,219,701
Add: Provision made for the year 7,932,027 13,243,254
Total Payable 39,760,628 38,462,955
Less : Tax Paid during the year-
Tax Liability paid (5,000,000) (6,634,354)
Adjustment of Tax Liability Note-7.03 (2,834,800)
Total tax paid during the year (7,834,800) (6,634,354)
Total tax liability 31,925,828 31,828,601
AIT paid Note-7.03 16,603 6,515
Net Tax Liability as at Closing 31,942,431 31,835,116
Provision of tax made @ 3% as per SRO No. 208-Ain-Income Tax/2013. Dated 1st July 2013.
AMAN FEED LIMITED
Amount in Taka
24.02 Deferred Tax
Carrying Amount of the PPE (Except Land) 647,472,365 497,747,254
Tax Base of the PPE (Except Land) 441,003,147 361,876,596
Taxable Temporary Difference 1,088,475,512 859,623,850
Tax Rate 3% 5%
Deferred Tax Liability (except revaluation) 6,194,077 6,793,533
Add : Tax on revaluation surplus (Note # 11.00) - 19,673,952
Total deferred tax liability 6,194,077 26,467,485
Opening Deffered Tax Liability 26,467,485 4,290,141

Add : Tax on revaluation surplus (Note # 11.00) 19,673,952
Add.Provision (599,456) 2,503,392
Total deferred tax liability as at 30 June 25,868,028 26,467,485
Deferred Tax Liability as at 30 June (except revaluation) 6,194,077 6,793,533

Deferred Tax Liability at opening balance 6,793,533 4,290,141
Deferred Tax Expenses /Income (599,456) 2,503,392
25.00 Earning Per Share( EPS)
25.01 Basic Earning Per Share : 4.97 4.90
Net Profit from the Core Business 298,167,322 293,199,335

Weighted average no. of shares outstanding (Note - 25.03) 60,000,000 60,000,000
Basic EPS on Core Business 4.97 4.89
Extra Ordinary Income (Other Income net off Tax ) 13,158 572,215
Weighted average no. of shares outstanding (Note - 25.03) 60,000,000 60,000,000
Basic EPS on Extra Ordinary Income 0.0002 0.0095
25.02 Diluted Earning per Share :
Net profit after tax 298,180,480 293,771,550

Total existing number of shares (Note - 25.03) 60,000,000 60,000,000
Diluted Earning per Share 4.97 4.90
25.03 Weighted average /Total existing number of shares :

Opening number of shares outstanding [considered FV Tk.10 each] 60,000,000 60,000,000
Add - Issued during the year : -
60,000,000 60,000,000
AMAN FEED LIMITED
26.00 Related Party Disclosures:

The details of related party transactions during the year alongwith the relationship is illustrated
below in accordance with BAS 24 :
Particulars Jul'13-June'14 Jul'12-June'13
Relationship with Nature of Transacted Transacted
Name of the Party
Company Transaction Amount in BDT Amount in BDT
Remuneration - -
Chairman &
Md. Rafiqul Islam Board Meeting Fee
Shareholder 40,000 45,000
Remuneration 2,400,000 2,400,000
Managing Director Board Meeting Fee 40,000 45,000
Md. Shofiqul Islam
& Shareholder
- -
Director &
Md. Toufiqul Islam
Shareholder - -
Director &
Md. Toriqul Islam Board Meeting Fee 40,000 40,000
Shareholder
Md. Azizul Haque Nominee Director Board Meeting Fee 40,000 45,000
Aman Cement Mills Ltd. Common Director Office Rent 120,000 120,000
Aman Group LTD. Common Director Office Rent 1,200,000 1,200,000
27.00 Disclosure of Managerial Remuneration :
27.01 The total amount of remuneration paid to the top five salaried Officers of the company during the year is
as follows :
Name Designation Jul'13-June'14 Jul'12-June'13

Md. Shofiqul Islam Managing Director 2,400,000 2,400,000
Naurose Zaheed Rahman Executive Director (Former) 710,000 3,210,000
Nandan Chandra Dey, FCMA Company Secretary 257,085 -
G.H.N Ershad GM - Operation 291,900 -
ANM Ashiqur Rahman, ACMA Chief Financial Officer 573,230 406,350
Touhidul Ashraf , FCS Company Secretary (Former) 167,485 1,254,000
Zakir Hossain GM - Research & Marketing (Former) 173,550 795,600
27.02 Aggregate amount of remuneration paid to all Officers during the accounting year is as follows :
Particulars Nature of Payment Jul'13-June'14 Jul'12-June'13

Directors Board meeting fee 200,000 220,000
Directors Remuneration 2,400,000 2,400,000
Officers & Executives Salary, Bonus & Other allowances 28,868,795 28,713,148
28.00 General :
a) Audit Fee : Audit fee of Tk. 69,000 represents only the audit fee inclusive of VAT.
b) PF & Gratuity :The company has no PF & Gratuity Fund scheme as such no provision has been
made in the Financial statements as at 30.6.2014.
C) The figure has been rounded off to the nearest Taka.
AMAN FEED LIMITED
d) Capacity of production :
Capacity Utilization during the year is as under :
The Actual production incresed from the last year.Details of prouduction capacity and utilization are as follows:
Installed Capacity (MT) Actual Production Capacity Utilization

Description of Products
Jun-14 Jun-13 Jun-14 Jun-13 Jun-14 Jun-13
Poultry , Fish & Cattle Feed 105,000 105,000 86,378 83,339 82.27% 79.37%
The production is 79.37% of the installed capacity as detailed below:
2014 2013
1) Capacity 105,000 MT from July 2013 to June 2014 = 12 month 105,000 105,000
Weighted average capacity of production 105,000 105,000
Actual production 86,378 83,339
Percentage of actual production to weighted average capacity 82.27% 79.37%
e) No. of Employees:
Officers & Staffs
Worker
Salary Range (Monthly) Total
Head Office Factory (permanent)
Not Less than Taka 3,000/= 45 78 110 233

Less than taka 3,000/= - - -
Total 45 78 110 233
f) Events after the Balance Sheet Date : No material events had occurred after the balance sheet date to the date
of issue of these finanacial statements, which could effect the values stated in the financial statements.
g) Capital Expenditure Contract : There is no capital Expenditure contract executed during the year except, land
purchase agreement ( Baina Contract) of Tk. 23,000,000 out of which advance paid Tk. 3,000,000 only as shown in
note # 7.
h) WPPF: The company considered and operating WPPF @ 5% on it's profit according to Bangladesh Labour Law
2006.
i) Contingent Liabilities & Capital Commitments :
There is no claim against the company not acknowledged as debt and no un-availed credit facilities, other than
those in the normal course of business, available to the company on 30 June, 2014.
AMAN FEED LIMITED
AMAN FEED LIMITED

Property Plant & Equipments
As at June 30, 2014
(a) COST : Annexure - A
C O S T D E P R E C I A T I O N
Rate of Written down
P A R T I C U L A R S Opening Deprecia Opening Charged value as at
Addition Total as at Total as at
Balance as at tion Balance as at During the 30.06.2014
During the year 30.06.2014 30.06.2014
30.06.2013 01.07.2013 Year
Land & Land Development 170,400,000 3,845,500 174,245,500 - - - - 174,245,500
Building & Civil Construction 348,069,968 189,091,378 537,161,346 2.5% 28,035,267 12,728,152 40,763,419 496,397,927
Plant & Machinery 289,930,966 289,930,966 15% 118,978,107 25,642,929 144,621,036 145,309,930
Vehicle 15,698,401 15,698,401 15% 11,108,910 688,424 11,797,334 3,901,067
Furniture & Fixture 1,625,393 1,625,393 10% 669,717 95,568 765,285 860,108
Office Equipment 1,555,326 1,555,326 15% 921,114 95,132 1,016,246 539,080
Computer & IT Equipment 1,027,420 1,027,420 20% 447,105 116,063 563,168 464,252
Balance as on 30.06.2014 828,307,474 192,936,878 1,021,244,352 160,160,220 39,366,267 199,526,487 821,717,865
Balance as on 30.06.2013 643,218,816 185,088,658 828,307,474 120,612,956 39,547,264 160,160,220 668,147,254
Allocation of Depreciation : 2013-2014 2012-2013

Manufacturing 95% 37,397,953 37,569,901
Other than Manufacturing 5% 1,968,313 1,977,363
39,366,267 39,547,264
AMAN FEED LIMITED
AMAN FEED LIMITED

Statement of Inventory Movement
For the year ended 30 June 2014
Annexure - B
FINISHED GOODS : Quantity in MT
Opening Balance Production Sales during Closing Balance

Items
as on 01.07.2013 during the year the year as at 30.06.2014
Broiler Feed 702 43,149 43,371 480
Layer Feed 348 34,595 34,625 318
Fish Feed 192 5,277 5,129 340
Cattle Feed 42 3,357 3,327 71
Total Quantity (MT) 1,284 86,378 86,453 1,209
RAW MATERIALS : Quantity in MT
Opening Balance Purchased Consumption Closing Balance

Items
as on 01.07.2013 during the year during the year as at 31.06.2014
Maize 15,424 51,575 50,096 16,903
Wheat & Wheat Flour 1,243 5,789 5,747 1,285
Rice Polish & Bran 2,243 12,272 11,475 3,040
Meat & Bone Meal 1,461 8,143 7,929 1,675
Fishmeal & Dry Fish 1,147 3,796 3,550 1,393
Oilcake &Soya
20,462 20,741 22,524 18,679
beanExtract.
Medicine & Chemicals - - - -
Total Quantity (MT) 41,980 102,317 101,321 42,976
PACKING MATERIALS : Quantity in Pcs.
Items Opening Balance Purchase during Consumption Closing Balance

as on 01.07.2013 the year during the year as at 31.06.2014
WPP Bag 403,124 2,003,405 1,997,015 409,514
Total Quantity (Pcs.) 403,124 2,003,405 1,997,015 409,514
AMAN FEED LIMITED
AMAN FEED LIMITED

Auditors’ Report in pursuance of Section-135(1) under Para-24(1) of
Part II of the Third Schedule of the Companies Act, 1994
We have examined the financial statements of Aman Feed Limited for the years ended June 30, 2014, 2013, 2012 and
2011 audited by Ahmed Zaker& Co., Chartered Accountants and for the year ended June 30, 2010 audited by Atik
Khaled & Co., Chartered Accountants in pursuance of section 135 (I) under para 24 (1) of part II of the Third Schedule of
the Companies Act 1994.
We, accordingly, confirm the following information has been correctly extracted from the relevant audited financial
statements. We report that;
A. Statement of Financial Position

Amount in Taka
Particulars
30-Jun-14 30-Jun-13 30-Jun-12 30-Jun-11 30-Jun-10
A. Non Current Assets : 821,717,865 834,359,883 580,205,860 398,587,477 230,832,990
Property, Plant and Equipments 821,717,865 668,147,254 522,605,860 198,187,477 197,532,990
Capital Work in Progress - 166,212,629 - 143,000,000 -
Investment - - 57,600,000 57,400,000 33,300,000
B. Current Assets : 2,376,526,485 2,071,087,821 1,538,978,004 1,119,485,665 903,468,811

Inventories 951,697,925 926,683,574 874,354,543 503,561,139 357,493,020
Accounts Receivable 1,242,960,176 995,760,213 609,325,263 569,372,903 541,677,007
Advance, Deposits & Pre-Payments 137,222,065 53,581,023 35,523,059 35,506,048 537,913
Cash & Cash Equivalents 44,646,319 95,063,011 19,775,140 11,045,575 3,760,871
C.Total Assets (A+B) 3,198,244,350 2,905,447,704 2,119,183,864 1,518,073,142 1,134,301,801
D. Shareholders' Equity and Liabilities:

Shareholders' Equity : 1,846,260,540 1,548,080,060 1,142,822,783 844,427,242 574,144,884
Share Capital 600,000,000 600,000,000 600,000,000 2,000,000 2,000,000
Retained Earnings 1,134,774,813 836,594,333 542,822,783 842,427,242 572,144,884
Revaluation Surplus 111,485,727 111,485,727 - - -
E.Non Current Liabilities: 76,406,661 121,950,207 128,682,389 3,018,677 13,175,347

Long Term Loan 50,538,633 95,401,333 123,167,212 - 13,175,347
Lease Obligation - 81,389 1,225,036 2,410,980 -
Deferred Tax Liability 25,868,028 26,467,485 4,290,141 607,697 -
F. Current Liabilities & Provisions : 1,275,577,149 1,235,417,438 847,678,692 670,627,222 546,981,570

Short Term Loan 1,198,281,812 1,150,314,382 773,221,901 591,624,939 522,064,415
Accounts Payable 24,325,664 34,425,664 30,933,488 63,639,285 23,262,591
Liabilities for Expenses & Provisions 21,043,845 18,848,791 18,303,602 1,745,308 1,654,564
Provision for current Tax 31,925,828 31,828,601 25,219,701 13,617,690 -
G. Total Liabilities and Shareholders'

3,198,244,350 2,905,447,704 2,119,183,864 1,518,073,142 1,134,301,801
Equity (D+E+F)
Sd/-
AMAN FEED LIMITED
POINTS TO BE NOTED:
A. The Company was incorporated on February 07, 2005 and converted to public limited company on February
22, 2012.
B. Dividend Declared (Additional disclosure as per requirement from the Bangladesh Securities and Exchange
Commission):
Accounting Year/Period Cash Dividend Stock Dividend
2008-2009 0% 0%
2009-2010 0% 0%
2010-2011 0% 4900%
2010-2011 0% 500%
2011-2012 0% 0%
2012-2013 0% 0%
2013-2014 0% 0%
C. The Statement of Assets and Liabilities (Statement of Financial Position) as at 30 June 2014, 2013, 2012, 2011,
and 2010 of the Company has been duly certified by us.
D. The Statement of Operating Result (Statement of Comprehensive Income) as at 30 June 2014, 2013, 2012,
2011, and 2010 of the Company has been duly certified by us.
E. The Statement of Cash Flows for the Company for the period/year ended30 June 2014, 2013, 2012, 2011 and
2010 of the Company are enclosed and certified by us.
F. The Company has no subsidiaries.
G. No proceeds or part of proceeds of the issue of shares were applied directly or indirectly by the company in
the purchase of any other business.
H. Figures related to previous years have been rearranged wherever considered necessary.
Sd/-
AMAN FEED LIMITED
B. The Statement of Operating Results of Aman Feed Limited is as under:
Particulars 30-Jun-14 30-Jun-13 30-Jun-12 30-Jun-11 30-Jun-10

Re-stated * Re-stated *
Sales 2,641,647,263 2,536,309,939 2,032,447,735 1,738,682,784 1,481,362,296
Cost of Goods Sold (2,076,843,629) (1,949,547,245) (1,573,321,682) (1,336,426,897) (1,141,275,281)
Gross Profit 564,803,634 586,762,694 459,126,053 402,255,887 340,087,015
Operating Expenses: (84,040,337) (85,643,881) (48,932,106) (41,076,013) (37,796,929)

Administrative Expenses (32,020,353) (34,733,311) (20,738,713) (14,916,323) (13,563,562)
Selling and Distribution Expenses (52,019,984) (50,910,570) (28,193,393) (26,159,690) (24,233,367)
Operating Profit/Loss 480,763,297 501,118,813 410,193,947 361,179,874 302,290,086

Financial Expenses (159,994,838) (177,040,251) (75,290,339) (61,948,615) (61,776,935)
Add-Other Income 20,243 915,544 - 250,578 117,500
Profit Before contribution to WPPF 320,788,703 324,994,106 334,903,608 299,481,837 240,630,651
Contribution to WPPF (15,275,653) (15,475,910) (15,947,791) (14,974,092) -
Profit Before Tax 305,513,050 309,518,196 318,955,817 284,507,745 240,630,651
Tax Expenses (7,332,570) (15,746,646) (20,560,276) (14,225,387) -

Current Tax (7,932,027) (13,243,254) (16,877,832) (13,617,690) -
Deferred Tax 599,456 (2,503,392) (3,682,444) (607,697) -
Net Profit After Tax 298,180,480 293,771,550 298,395,541 270,282,358 240,630,651
Earning Per Share 4.97 4.90 4.97 4.50 4.01
Note- The Company changed in the denomination of face value of share from Tk. 100 to Tk. 10 on December 30 , 2011.
Sd/-
AMAN FEED LIMITED
C. The Statement of Cash Flows of Aman Feed Limited is as under :
Particulars
Cash Flows From Operating Activities :

Collection from Customers 2,394,447,300 2,149,874,989 1,992,495,375 1,710,986,888 1,297,805,608
Other Income 20,243 915,544 - 250,578 117,500
Cash paid to Suppliers, Employees & Others (2,277,560,636) (2,080,427,537) (1,973,201,415) (1,512,626,485) (1,209,931,966)
Cash Generated from Operation 116,906,907 70,362,996 19,293,960 198,610,981 87,991,142
Income Tax Paid (5,016,603) (6,640,869) (5,275,821) (401,160) -
Net Cash Provided From Operating Activities 111,890,304 63,722,127 14,018,139 198,209,821 87,991,142
Cash Flows From Investing Activities:

Acquision of Property, Plant & Equipment (3,845,500) (53,928,979) (233,376,465) (15,309,400) (1,738,775)
Advances against Land Purchase (1,500,000) - - - -
Invest for Capital Work in Progress - (166,212,629) - (143,000,000) -
(Invest)/Sale of Govt. Bond - 60,564,648 (200,000) (24,100,000) (12,000,000)
Net Cash Used in Investing Activities (5,345,500) (159,576,960) (233,576,465) (182,409,400) (13,738,775)
Cash Flows From Financing Activities:

Interest/Financial Expenses Paid (159,984,838) (177,040,251) (75,290,339) (61,948,615) (61,776,935)
Increase / (decrease) Long Term Borrowing (44,862,700) (27,765,879) 123,167,212 (18,538,606) (11,427,908)
Increase / (decrease) Financial Lease (81,389) (1,143,647) (1,185,944) 3,375,342 -
Increase / (decrease) of short Term Borrowing 47,967,430 377,092,481 181,596,962 68,596,162 -
Net Cash provided/(used) in Financing Activities (156,961,497) 171,142,704 228,287,891 (8,515,717) (73,204,843)
Net Cash Increase/ (Decrease) in cash & cash
(50,416,692) 75,287,871 8,729,565 7,284,704 1,047,524
equivalents
Cash and Cash Equivalents at the Opening of the year 95,063,011 19,775,140 11,045,575 3,760,871 2,713,347
Cash and Cash Equivalents at the Closing of the year 44,646,319 95,063,011 19,775,140 11,045,575 3,760,871
Sd/-
AMAN FEED LIMITED
AMAN FEED LIMITED

Statement of Ratio Analysis
We have examined the following accounting ratios of Aman Feed Limited for the years ended June 30 ,2014, 2013,
2012, 2011 and 2010 as submitted by its management. The preparation of these ratios is the responsibility of the
company's management and our responsibility is to review them and certify as to whether they have been properly
prepared using acceptable principles on the basis of audited financial statements.
Based on our review, we hereby certify that the Company has properly prepared the following ratios for the period/
years as stated below:
Sl. No. Financial Ratio Formula

Re-stated *
Liquidity Ratio:
Current Assets
1 Current Ratio 1.86 1.68 1.82 1.67 1.65
Current Liability
Current Assets-Inventory
2 Quick Ratio 1.12 0.93 0.78 0.90 1.00
Current Liability
Earning Before Interest and Tax(EBIT)

3 Interest Earned Ratio (Times) 2.91 2.75 5.23 5.59 4.90
Interest Charged
Total Liabilities
4 Debt Equity Ratio (In Times) 0.73 0.88 0.85 0.80 0.98
Total Equity
Operating Ratio:
Sales
5 Accounts Receivable Turnover 2.13 2.55 3.33 3.05 2.73
Receivable
Cost of Goods Sold

6 Inventory Turnover 2.18 2.10 1.80 2.65 3.19
Inventory
Total Revenue
7 Asset Turnover 0.83 0.87 0.93 1.10 1.27
Total Assets
Profitability Ratios:
(Sales-Cost of Goods Sold)x100
8 Gross Margin Ratio 21.38 23.13 22.59 23.14 22.96
Sales
Operating Profit X 100

9 Operating Income Ratio 18.20 19.76 20.18 20.77 16.24
Total Operating Revenue
Profit After Tax X 100

10 Net Income Ratio 11.29 11.58 14.68 15.55 16.24
Total Operating Revenue
Net Profit After Tax X 100

11 Return on Assets 9.77 11.69 16.41 20.38 23.38
Average Total Assets
Profit After Tax X 100
12 Return on Equity 17.57 21.83 30.03 38.11 53.02
Average Shareholders Equity
Earning Per Share (EPS) Profit After Tax

13 4.97 4.90 4.97 4.50 4.01
(Previous years Restated) Weighted Average No. of Shares
Sd/-
AMAN FEED LIMITED
Auditors’ Certificate regarding Plant and Machinery of

Aman Feed Limited
According to the available records & documents maintained by the Aman Feed Limited, it appears that all Plant &
Machineries of the company were imported in brand new condition. The details of Plant and machineries are as
follows:
List of plant and machinery of Aman Feed Limited

Capacity: 10 MT per hour
Description Quantity Country of Amount in USD Estimated Life
Origin Time
Raw material intake hopper with grid 01
Electronic weighing device, comprising 01
Slide valve, ladder type 01
Awila Trough chain Conveyor 01
Awila Bucket Elevator 01
Cascat magnet with flap for easy cleaning 01
Rotary pre-cleaner sieve machine, model-50 01
AWILA Bucket Elevator 01
Electro-pneumatically operated two way valve 01
AWILA Trough chain conveyor 01
AWILA Trough Chain Conveyor 01
Slide Valve 08
AWILA Feed Silo 08
Grain Silo 01
Temperature monitoring system for stored grain 01 Germany USD 660,950.00 15 Years
Aeration system for flat bottom grain bins 01
Sweep Auger 01
Hopper Bin 02
Level indicator switches 24
Auger boxes for hopper bin with connector 10
AWILA dosing screw conveyor tubular type 8
AWILA Dosing screw conveyor 3
Container scale 1
Load cell 1
AWILA frequency changer 1
AWILA Dosing computer 1
Extra Infeed Hopper 1
AWILA Bucket elevator 1
Prebin for sieve machine for 1 ton batch with empty indicator 1
switch
AWILA through screw conveyor 1
Rotary sieve machine before hammer mill 1
Service Bin 1
Hammer mill in feed device 1
AWILA Hammer mill 1
Hammer mill aspiration filter 1
Service bin 1
Empty indicator sensor 2
AWILA Horizontal speed mixer 1
Micro Mixer 1
Mixer Dup Bin 1
Empty Indicator Sensor 1
AWILA Trough screw conveyor 1
AWILA Bucket Elevator 2
Service bin for pellet press 1
AMAN FEED LIMITED
Full indicator Sensor Switch 1

Pellet press feeding screw 2
AWILA Pellet Press 1
Pellet Press die 1
Awila – counter stream Pellet Cooler 1
Cyclone, Type 250 1
Air lock 1
Suction fan 1
Pellet Crumbler 1
Pellet Sieve Machine 1
Electro-pneumatically operated two way Valve 3
Triple bagging prebin 1
Full indicator sensor 3
Discharge transition 1
Switching and control panel 1
Air Compressor 1
Set of installation material 1
Spare parts 1
Fat/Oil addition system 1
Note: The above mentioned machineries were imported in brand new condition form Germany. Total Value of the said machineries
are USD 660,950.00. The said amount is excluding insurance premium, carrying cost, installation cost and other costs.
List of plant and machinery of Aman Feed Limited

Capacity: 5 MT per hour
Description Quantity Country of Amount in BDT Estimated Life

Origin Time
Intake hopper with grip 02
Screw conveyor tubular type 01
Permanent magnet separator with casting 01
Hammer mill 01
Discharge transition between hammer mill 01
BDT
Bucket elevator 01 Locally
15.00 lac
Mixer prebin 01 Assembled
(including 15 Years
Discharge slide valve 01 Clone
installation and
Horizontal speed mixer 01 Machine
supervision)
Mixer dump bin 01
Switching & Control Panel 01
Air Compressor 01
Cable & material for electric installation 01
Machine Tower 01
Note : The said amount is excluding insurance premium, carrying cost, installation cost and other costs.
List of plant and machinery

Capacity: 20 Tons
Description Quantity Country of Amount in EURO Estimated Life

Origin Time
1.) RAW MATERIAL INTAKE & DISTRIBUTION

Grid for raw material intake pit 2 set 1500x2000mm 8
Intake part for TKF 200, roof hood with guide rail 6
EURO
AWILA Trough chain conveyor, TKF 200 2 Germany 15 years
14,10,000.00
Discharge transition TKF 200-E280 1
AWILA Bucket Elevator , E280 1
Down piping system from bucket elevator E280 1
AMAN FEED LIMITED
1
CLEANING SECTION 1
Cascat Magnet with flap for easy cleaning 1
Shaking-Sieve machine 1500x2000mm
Down piping system from sieve machine to EI 280
1
STORAGE 1
AWILA Bucket Elevator , E280-40 2
Elector-pneumatically operated two way valve, 200 2
Down piping system from bucket elevator E280-TKF 8
AWILA Trough chain conveyor , TKF 200 10
Pn-Slide Valve 10
Set pipes and transitions slides to bins 10
AWILA Hopper bin for feedstuff and grain, 40tons 10
Level indicator switches, wing type (Full indication) 10
Level indicator switches, wing type (Empty indication)
Auger boxes for hopper bins with connector 210
6
PROPORTIONING PLANT 4
AWILA Screw conveyor tubular type S 210, 2,5m 10
AWILA Screw conveyor tubular type S 210, 2,6m 1
Set pipes and transitions s210 to scale 4
Container scale for 2 ton batches 1
Load cells , set of 4 cells 1,7 to each 1
Inverter speed control, Model 4,0kW/400, Danfoss 1
Proportioning and control, system MULTIBATCH 10
AWILA Trough chain conveyor, TKF 300 1
Intermediate Floor for TKF 300 1
Set level slide, Trough extension and outlet flange
Extra infeed hopper for additives or bypass of scale
MILLING & MIXING SECTION

AWILA Bucket Elevator, E 400-100 1
Electro-pneumatically operated two way valve, 300 1
Down piping system from bucket elevator E280-Bin 2
Prebin for sieve machine for 2 ton batch 2
Empty indicator Sensor/Switch 2
AWILA Trough screw conveyor model K 260 2
Inverter speed control, Model 2,2kW/400 2
Set pipes and transitions K260-Sieve 2
Shaking-Sieve machine 1500x2000mm 2
Service bin H.Mill (Prefab but assembled at site) 2
Empty indicator Screw/Switch 2
Hammer mill screw feeder, Model K 2
AWILA Hammer mill, Model AWSK 360 N, 90 KW 2
Spare hammer blocs on common shaft
Hammer mill aspiration filter model 20, 3 kW 2
Service bin Mixer (Prefab but locally assembled) 2
AWILA Horizontal Speed Mixer , 4000L-2to 2
Gear Motor 18,5 kW, n2=app.18 rpm, 2
Large trough shaped discharge gate 2
Micro Mixer 250 L (on ground assembled) 2
Mixer dump bin (locally assembled) 2
AWILA Trough chain conveyor TKF 200 2
AMAN FEED LIMITED
PELLETING PLANT
AWILA Bucket Elevator E 350-50 2
AWILA hopper bin for mash feed, 10 to 2
Full indicator Sensor/Switch 2
Pellet press feeding screw conveyor, 3kW 2
Pellet press Meal Conditioner, 7,5 kW 2
AWILA Pellet Press Model 520 2
Electric motor 75 kW/6pole/1000rpm 4
Pellet press die for pellet press model 520,2,5mm 2
AWILA – Counter stream Pellet cooler APG 11000 2
Cyclone, Type 1600 2
Air-Lock, Type 250, 0,55kW 2
Suction fan, 18,5 kW 2
Set suction/exhaust pipes, transitions etc. 2
AWILA Bucket Elevator , E250-50 2
AWILA hopper bin for ready feed pellets,10 to 3
Pn-Slide Valve 3
Pellet Crumbler, Model 10 , 11KW 1
Vibro-Sieve machine 1000 x 1500mm 2
Sieve machine – classifier 4 fractions 1
BAGGING PLANT
AWILA hopper bin for mash feed,4 to 5
Pn-Slide Valve 5
Discharge transition/ collecting hopper under 3 bins 2
Bagging machine, gross type, PN operated 2
UTILITIES
Switching & Control Panel 1
Set of material for mechanical installation 1
AMAN FEED LIMITED
Spare parts
Pellet Press die 520C,3,5/45mm
Pellet Press die 520C,2,5/40mm 4
Complete Roller, assembled (3 set is 6pcs) 520 1
Pellet cutting knife 520/178 6
Shear pin for 520 6
12
For Hammer mill AWSK 630
Screen 2,5mm (1set =2 pcs)
Screen 3,0mm (1set =2 pcs) 2
Doing screw S210 2
Wear Ring AWILA Pellet Press 520/178 5
Stiffener Ring for AWILA Pellet press 520/178 2
Roller Support Plate for AWILA press 520/178 2
Feed cutting hammers on spindle (1set=6pcs) 1
Hammer mill rotor AWSK 630 1
2 Fat/Oil addition systems with pump and automatic flow 1
control meters for two mixers 1
1 oil tank( 5000 Liters) with heating unit for oil
Note: The above mentioned machineries were imported in brand new condition form Germany. Total Value of the said machineries
are EURO 14,10,000.00. The said amount is excluding insurance premium, carrying cost, installation cost and other costs.
Sd/-
AMAN FEED LIMITED
AUDITOR’S ADDITIONAL DISCLOSURE ON

REVALUATION OF LAND AND LAND DEVELOPMENT OF AMAN FEED LIMITED
Revaluation of Land and Land Development of Aman Feed Limited as at May 2013 was carried out by an independent
valuer namely S. H. Khan & Co., Chartered Accountants and apparently report has been prepared in accordance with
Bangladesh Accounting Standards (BAS) and Bangladesh Financial Reporting Standards (BFRSs) and following other
applicable laws, rules, regulations and guidelines. We also observed that proper accounting effects, including
provisions, tax and other liabilities has been made and revaluation reserve has been created considering the valuation
of Land and Land Development in the financial statements.
Sd/-
AMAN FEED LIMITED
MANAGEMENT DISCLOSURE Section: XV
During 2012 paid up capital of the Company has been increased from Tk. 2,000,000 to 6,000,00,000 through issuance
of bonus shares. Thus, surplus earnings of the Company have been distributed to the existing Shareholders as such,
there is no significant retained earnings remaining for the incoming shareholders to declare dividend in future;
Management Disclosure:
As per the statement of financial position as on 30 June 2014, retained earnings shown Tk. 1,134,774,813 after issuance
of bonus shares to the existing shareholders. As per previous performance, the Company earned net profit after tax and
Management of the Company will be able to declare sufficient dividend to all its shareholders in future from its existing
retained earnings. It may be also mentionable that the Company has more reserve than its paid-up capital.
th
From the valuation report and the statement of financial position as on 30 June 2013 it appears that value of all
land and its development have been revalued and created revaluation surplus of Tk. 111,485,727 although at the
time of application for IPO on 24.07.2012 it was not revalued;
Management Disclosure:
The Board of Directors of the Company had decided to revalue the fixed assets. As per Company’s Act, 1994, if any
company wants to revalue its fixed assets, prior approval from board is necessary. As such, our Company had given
approval from its Board on 27 February 2013. As per Board approval, the Company has revalued its land by expert
valuer listed with Bangladesh Bank & with Bangladesh Securities and Exchange Commission. After getting revaluation
report, we have given revaluation effect in the Financial Statements for the year ended on 30 June 2013 so that the
Financial Statements should reflect the actual and fair value of the lands.
Sd/-
Md. Shofiqul Islam
ManagingDirector
Aman Feed Limited
AMAN FEED LIMITED
CREDIT RATING REPORT OF AMAN FEED LIMITED Section: XVI

Credit Rating Report [Surveillance]
Aman Feed Limited
Particulars Ratings Remarks
Aman Feed Limited A3
AGRO INPUT
BDT 80.7 million Long Term Outstanding (LTO) A3(Lr)
BDT 20.0 million Cash Credit (Hypo) * A3(Lr) Please see Appendix-1 for
BDT 1,000.0 million Biam&Biam -TR * A3(Lr) details
BDT 1,100.0 million aggregate non fund based limit ST-3
Outlook Stable
Particulars Ratings Remarks
Lr - Loan Rating; ST – Short Term
(Refer Appendix – 2 for rating history)
* Due to its revolving nature CRAB views Cash Credit and Biam as long term facility
Date of Rating: 24 December 2014
Validity: The entity rating is valid up to 31 December 2015 and the loan ratings are valid up to limit expiry date of respective
credit facilities or 31 December 2015 whichever is earlier.
Rating Based on: Audited and Management prepared financial statements up to 30 June 2014 and other relevant quantitative
& qualitative information up to the date of rating declaration.
Methodology: CRAB’s Corporate Rating Methodology (www.crab.com.bd)
Analysts: RATIONALE
NurElaheeMolla Credit Rating Agency of Bangladesh Limited (CRAB) has
[email protected] retained A3 (Pronounced Single A Three) rating of Aman
Razib Ahmed Feed Ltd (hereafter also referred to as AFL or the
[email protected] Company), A3(Lr)rating of BDT 80.7 million Long Term
Outstanding (LTO), BDT 20.0 million Cash Credit (Hypo)
and BDT 1,000.0 Biam&Biam -TR in the Long Term. CRAB

Financial Highlights
has also retained ST-3 rating of BDT 1,100.0 million non
Year ended June 30
fund based limit in the Short Term.
(Mil. BDT) 2014 2013 2012
Net Sales 2,641.6 2,536.3 2,032.4
CRAB affirmed the A3Long-Term Rating of AFL largely
EBITDA 504.9 526.1 446.2 because of benefits from the investment in new
EBITDA Margin (%) 19.1 20.7 22.0 technology used at its feed mill, resulting in larger
Net Profit Margin (%) 11.3 11.6 14.7 volumes and the milling of quality feed varieties at
CRAB Rating Report

ROAA (%) 9.8 11.7 16.4 competitive costs. This should support the promotion of
Quick Ratio (×) 1.1 0.9 0.8 its brands of feed varieties and maintaining operating
Operating Cycle (Days) 321 285 266 margins. The company has a strong marketing network
Debt to Equity (×) 0.7 0.8 0.8 in the Northern area, as reflected by its high market
Borrowed Fund to EBITDA (×) 2.5 2.4 2.0 share; but a low presence in other divisions, thereby
Cash Flow from Operation (26.1) (96.7) (81.1) exposing it to geographical concentration risk. AFL has
Free Cash Flow (219.1) (281.8) (457.5) comfortable credit metrics; with interest coverageabove
EBIT/Interest (x) 2.9 2.7 5.2 2.5x, and leverage- debt to equity below 1.0 x over the
last four years and Borrowed Fund to EBITDA below 3.0x.

PROFILE
AmanFeed Limited, one of the concerns of Aman Group, a AFL and its founders have been in the commodity trading
public limited Company, started its commercial operation in and diverse manufacturing industry for long time. The
July 2006. Presently the Company hasthe facility of producing Company had a network of over 250dealers in 2014
poultry feed, fish feed and cattle feed having annual production across northern, western and southern Bangladesh and
capacity of 105,000 MT. The factory of the Company is located the northern region of the country constitute major
at Ullapara, Sirajgonj. markets for the company.
CRAB I CRAB Ratings on Corporate Credit Digest I 24 December 2014 Page 1 of 13
AMAN FEED LIMITED
With relatively comfortable EBITDA margins maintaining around 20% over the last 4 years-which provide a cushion in the
event of adverse price movements, and mitigates its risk to some extent relative to other players. Moreover, business risk is
partly mitigated by AFL’s entry into diversified products such as fish feed (5.9%) and cattle feed (3.2%).
The ratings reflect the company’s exposure to currency risk, although it has attempted to mitigate these risks by covering
most exposure. CRAB notes that AFL has no major derivative exposure or significant marked-to-market losses on account of
adverse currency movements.
The ratings are also constrained by the working capital-intensive nature of the feed mill industry, and by government
policies (import duties and inflation related measures) which can have a significant impact on the market.
The feed industry is subject to risks such as intense competition, adverse agro-climatic conditions, change in the
consumption preference and regulatory risks pertaining to the successful roll-out of the transgenic technology in food
crops. These risks can affect revenue and the overall profitability of feed companies. The industry is a mix of multinational,
national, regional and local feed manufacturers. The largest feed millers are present across the country and there are also a
number of strong regional and local manufacturers. The vast majority of commercial feed is sold to the commercial grower
via dealer. The dealer facilitates these transactions through the supply of credit to the grower. As a consequence of this
structure feed company representatives have less contact with the end user of the feed and this contact is left to the dealer.
Apart from industry risks, the ratings are constrained by high working capital needs led by high inventory levels and credit
sale. As a result, despite strong Fund Flow from Operation, the company reported negative operating cash flow of BDT 26.1
million in 2014 (2013: negative BDT 96.7million).
AFL has favourable credit risk with around 0.75x debt ratio during the last four years and its liquidity is in pressure with
negative free cash flow (FCF) in three out of the last four financial years, with negative FCF of BDT 219.1 million only in
2014. Other factors in FCF remaining stress are the high inventory and debtor-holding period. Meanwhile, debt/EBITDA
slightly changed to 2.5x in 2014 (2013: 2.4x) due to marginal drop in EBIDTA margin. The funds from operations’ (FFO)
remain strong over the last 4 years indicating its scope to enhance working capital management efficiency.
Key Rating Drivers
• Maintenance of EBIDTA margins above 20.0%, along with leverage- debt to equity below 1.0 x and Borrowed Fund to
EBITDA below 2.0x on a sustained basis, could act as a positive ratings trigger.
• Conversely, any large debt-funded capex or margin erosion leading to increased leverage- debt to equity above 1.5x and
Borrowed Fund to EBITDA above 3.0x for a sustained period, could act as a negative ratings trigger.
• Consolidated view: The Aman Group has 40 years experience in business starting with trading, later in agro input
including feed mill, cement, textile and garments sector. AFL shares the group’s marketing network and other business
resources. For the purpose of this rating, CRAB has combined the business and financial risk profiles of the group.
What Could Trigger a Rating Action
Rising Profitability and Coverage: The ratings could be upgraded if there is an improvement in AFL's EBITDA margins and
cash-conversion cycle, leading to interest coverage (EBIT/interest: 2.9x in 2014) of above 2.5x on a sustained basis. Lower-
Than-Expected Revenue: Interest coverage of below 2.0x on a sustained basis due to lower-than-expected revenue growth,
fall in margins and/or an adverse change in the cash conversion cycle may result in a ratings downgrade.
Significant Revenue Increase: The ratings may benefit from any significant increase in revenue due to a better
product/revenue mix, from stable operating margins and from a sustained financial leverage (Borrowed Fund to EBITDA) of
less than 2.0x. Deterioration in Leverage: The ratings may come under pressure from any deterioration in operating margins
and/or working capital pressures resulting in an drop in coverage and financial leverage on a sustained basis.
www.crab.com.bd;www.crabrating.com Page 2 of 13
AMAN FEED LIMITED
 COMPANY PROFILE
Aman Feed Limited, one of the concerns of Aman Group, a public limited Company, started its commercial operation in July
2006. Presently the Company has the facility of producing poultry feed, fish feed and cattle feed having annual production
capacity of 105,000 MT. The factory of the company is located at Ullapara, Sirajgonj. Total land area is 284 decimals.
Additional 142 decimals land in the same area is yet to be registered in the Company name which is expected to be
completed after the mutation work. The factory was established with modern machineries imported from Germany. The
Company procures raw materials from both local market and international market. The Company achieved ISO: 9001:2000
Certificate and HACCP Certificate.
GROUP STRENGTH
Aman Group is one of the largest industrial and business concerns in the northern Bangladesh. Mr. Rafiqul Islam is the
founder of the Group. All the Companies belong to the Group have four common directors from the same family. The Group
has sound presence in trading business, agro input industry, cement, textile and garments industries. Recently the Group has
started commercial operation of Aman Jute Fibrous Ltd and undertaken three new projects which will increase leverage
position of the Group in initial years but improve financial strength after three to five years. The Group has several branch
offices in different districts for operating the business smoothly under control of the Corporate Office namely Chittagong,
Narayanganj, ChapaiNawabgonj (Sonamasjid), Jessore (Noapara), Sirajgonj (Ullapara), Pabna (Nagarbari), Dinajpur (Hili) and
Panchagarh (Bangla bandha). In 2007 the sponsors transferred the Group’s Corporate Office to Uttara Model Town for
controlling the entire activities of the business and industrial units including Registered and Regional office. In 2011, the
Group shifted its corporate office to its own premises located at Uttara. The practices of controlling system and transparency
along with detailed plan and policy of Corporate Governance assist the sponsors of the group to effectively control all the
Companies scattered in different location especially in North Bengal. However the IT infrastructure along with easy and quick
flow of information assists the management to effectively control all the companies and making quick decision. Aman Group
has its own website and top management of the group and its concerns have their own email access which helps to
communicate quickly. However the practice of daily exchange of necessary documents through mailing system also assists the
group to bring efficiency in business operation. Aman Group is in the process to implementing customized web based ERP
solution, Database Business Applications and Distributed Client Server Application. After implementation of the planned MIS
backbone of the group, the efficiency in business operation and internal control system are expected to become more
effective.
Several companies in similar industries along with synchronization between trading units and manufacturing companies
eventually help the Group to get backward linkage & forward linkage facility and economies of scales from large size of
operation. The strong presence of the business units in the northern Bengal area also supports the company to ensure
optimum utilization of facilities and operational flexibility.
AMAN FEED LIMITED
Table 1
Financial Highlights of Aman Group (Mil. BDT)
Reporting Profit Total Borrowed
Name of the Concern Revenue Equity
Year after tax Assets fund BF to E (x)
Aman Cement Mills Ltd 30 Jun 2014 808.1 110.5 2,021.5 1,514.0 314.4 0.2
Aman Feed Ltd 30 Jun 2014 2,641.6 298.2 3,198.2 1,846.3 1,248.8 0.7
Aman Cotton Fibrous Ltd 30 Jun 2014 1,968.8 295.2 3,722.8 2,294.8 1,208.6 0.5
Islam Brothers & Co. 30 Jun 2014 5,589.8 207.4 6,244.0 2,280.7 3,933.6 1.7
Aman Trading Corporation 30 Jun 2014 2,114.5 89.3 2,685.3 1,008.9 1,661.0 1.6
Aman Associates Ltd 30 Jun 2014 4,012.8 128.4 3,930.7 1,267.6 2,659.2 2.1
Juvenile Construction 30 Jun 2014 935.9 73.4 1,119.1 585.8 517.9 0.9
RS & T International 30 Jun 2014 928.9 80.1 1,622.5 787.7 832.4 1.1
Juvenile Trade Int. Ltd 30 Jun 2014 1,120.0 67.2 2,092.7 648.6 1,419.7 2.2
Aman Tex Ltd 30 Jun 2014 3,298.3 366.6 4,346.7 1,832.9 2,001.8 1.1
AnwaraMannan Textile Mills Ltd 30 Jun 2014 3,451.7 229.4 5,646.2 1,278.6 4,223.5 3.3
Aman Cold Storage Ltd 31 Dec. 2013 188.3 33.2 230.0 230.0 0.0 n.a.
Milan Cold Storage Ltd 31 Dec. 2013 217.9 38.4 609.3 487.1 113.9 0.2
Aman Agro Industries Ltd 31 Dec. 2013 211.0 37.1 506.0 293.8 199.4 0.7
A M Cold Storage Ltd 31 Dec. 2013 132.7 14.6 439.0 167.3 271.1 1.6
Aman Seed Storage Ltd 31 Dec. 2013 104.0 8.9 469.5 220.7 245.0 1.1
Aman Poultry & Hatchery Ltd 30 Jun 2014 309.7 60.2 625.0 263.1 205.1 0.8
Aman Plant Tissue Culture Ltd 30 Jun 2013 198.7 59.8 392.5 283.7 33.0 0.1
Aman Jute Fibrous Ltd 30 Jun 2014 819.9 401.0 394.6 1.0
Aman Food Ltd 30 Jun 2013 323.8 10.0 313.6 31.4
Total assets and equity base of the all the Companies belonging to Aman Group revealed the financial strength of the Group
and sponsors. Total unused limit of funded and non funded loan also ensures the financial flexibility of the Group to raise the
fund if necessary. The Group as a whole collectively earned substantial amount of revenue in previous year having increasing
trend and sound profitability position.
AMAN FEED LIMITED

Table 2
Bank Liability Position of Aman Group as of 30 November 2014 (Mil. BDT)
Short term funded Short term non funded Long term
Name of the Concern Bank Name
Limit Outstanding Limit Outstanding Outstanding
Islami Bank Bd Ltd. 400.0 233.9 400.0 29.7
Aman Cement Mills Ltd
Standard Bank Ltd. 30.0 28.8
AB Bank Ltd. 1,000.0 584.1 1,100.0 127.9 68.4
Aman Feed Ltd
Islami Bank Bd Ltd. 1,100.0 1,040.5 1,100.0 - 187.7
Aman Cotton Fibrous Ltd
Bd Commerce Bank Ltd. 250.0 247.0 350.0 73.8
Bank Asia Ltd. 1,140.0 1,140.0 1,290.0 603.1
AB Bank Ltd. 1,211.4 1,053.4 900.0 96.6

Islam Brothers & Co. Al-ArafahIslami Bank Ltd. 640.0 536.7 750.0 -
Standard Bank Ltd. 330.0 309.7 400.0 308.0
Social Islami Bank Ltd. 850.0 842.8 1,000.0 316.2

United Commercial Bank Ltd. 450.0 433.0 450.0 77.7
Prime Bank Ltd. 1,060.1 988.7 -
Aman Trading Corporation
Brac Bank Ltd. 715.3 581.6 280.0 -
Aman Associates Ltd Islami Bank Bd Ltd. 2,544.0 2,366.5 2,544.0 1,044.0
Social Islami Bank Ltd. 1,000.0 365.6 1,000.0 -
Juvenile Trade International Ltd. The City Bank Ltd. 617.2 575.5
Trust Bank Ltd 700.0 623.7 700.0 -
Juvenile Construction Exim Bank Ltd. 852.7 812.2 1,052.7 302.7
Jamuna Bank Ltd. 862.3 842.6
RS & T International
Hajj Finance Company Ltd. 50.0 48.5 50.0
Aman Tex Ltd Al-ArafahIslami Bank Ltd. 136.0 104.0 1,030.0 686.6 1,364.6
First Lease Finance & Investment

49.9
Ltd.
AnwaraMannan Textile Mills Ltd
Union Capital Ltd. 125.0
IIDFC (Syndicated Finance) 2,945.0 2,611.6 3,110.0 964.0 1,920.0
Aman Poultry & Hatchery Ltd. EXIM Bank Ltd. 300.0 171.8 250.0 - 400.0
Aman Jute Fibrous Ltd. One Bank Ltd 460.0 100.0 414.4
Aman Cold Storge Ltd Islami Bank Bd Ltd. 125.0 125.0
Milan Cold Storge Ltd Islami Bank Bd Ltd. 125.0 125.0
Aman Agro Industries Ltd EXIM Bank Ltd. 110.0 110.0 72.2
A M Cold Storage Ltd Bank Asia Ltd. 100.0 100.0 137.0
Aman Seeds Storage Ltd Islami Bank Bd Ltd. 70.0 70.0 - - 160.2
Total 20,213.9 17,198.7 17,756.7 4,600.7 4,929.2



AMAN FEED LIMITED
 OPERATION, BUSINESS & FINANCIAL RISK PROFILE

Aman Feed Limited started its commercial operation in July 2006. Due to small size of
operation total sales were comparatively low during the initial years. The Company
regularly expanded its production capacity over the years upto 2010 and then in 2012 by
installing & modifying silo, dumping point, mush unit & others machinery etc. From
January 2012 the Company has annual production capacity of 105,500 MT. The Company
produced 86,378 MT of feed registering capacity utilization of 82.3% in 2014 which was
79.4% in 2013. Although there is a possibility of further increase in production, the
recent challenging situation in the poultry sector and overall market eventually may
lessen the growth of demand for poultry feed hence the sale revenue may not
substantially increase in the upcoming year. Considering the demand of cattle feed and
fish feed the Company produced these two categories of feeds apart from poultry feeds
during the last two years. The diversified product mix eventually lessens the business
risk of the Company. In 2014 the Company sold BDT 2,641.6 million comprising BDT
2,403.0 million poultry feed (77,997 MT), BDT 155.2 million fish feed (5,129 MT) and
BDT 83.5 million cattle feed (3,327 MT). The long experience of the management of the
Group in related sector including agriculture & trading, quality of factory set up along
with equipped laboratory and forward linkage facility will help the Company to mitigate
business risk.
Table 3
Performance of the Business
2014 2013 2012
Net Sales (Mil. BDT) 2,641.6 2,536.3 2,032.4
EBITDA (Mil. BDT) 504.87 526.11 446.2
EBITDA Margin (%) 19.1 20.7 22.0
Installed Capacity (MT) 105,000 105,000 88,500*
Total Production (MT) 86,378 83,339 64,173
Capacity Utilization (%) 82.3 79.4 72.5
Sales (MT) 86,453 83,079 64,177
* Production capacity in December 2011 was 72,000 MT which increased to 105,000 MT from January 2012.
88,500 MT is weighted average production capacity.
The Company is exposed to volatility of both product price derived from demand and raw
materials price. The principal sponsors and management of the Company have long
experience in trading business which may support to mitigate business risk derived from
price volatility of raw materials. Location of the factory at Sirajgonj is suitable to transport
the raw materials and finished goods as almost all the customers belong to greater North
Bengal. Moreover substantial volume of raw material storing facilities in different location
having a strategy of keeping inventory for around three months eventually helps the
Company in efficient inventory management.
The technological risk of the Company is comparatively low as the factory is almost newly
established with German machineries having PLC system and sufficient power supply. The
management is also well experienced with the technology and operation of a feed mill.
The Company purchases almost entire required raw materials from abroad to ensure the
quality of products which are also ensured through equipped laboratory. The facilities of
quality control and the practices of assessment eventually support the Company to
produce quality products.
The Company sold the feeds giving priority to greater Rajshahi although it also sells in
different areas including Gazipur, Tangail and Mymensingh, mainly through dealers. M/s
Shohug Poultry, Chandina, is the largest customer (BDT 228.6 million in 2014) followed by
M/s. Talukder Traders, Sagordighi (BDT 190.3 million). The Company has around 250
dealers apart from few individual customers having on average 45 to 60 days credit
facility. An associated company, Aman Poultry & Hatchery Ltd, having annual production
capacity of 8.5 million pcs DOC may support as a backward linkage facility for the
Company at distress situation. Although customer diversification and geographical
diversification may eventually lessen the business risk, significant affect of Influenza may
reduce the growth by affecting the poultry sector.
AMAN FEED LIMITED
The poultry and fish industry is an important sub-sector contributing significantly to

our national economy and food security. The poultry industry, in particular, is one of the
fastest growing and most promising industries in Bangladesh. Since 1995, a significant
annual average growth rate in the commercial poultry is achieved, and the growth rate
in backward poultry farming is not high but country’s commercial poultry sector gained
15-20% annual average growth rate during this period. Its steady growth results in
attaining country’s economic growth which also contributes to improve the nutritional
status.
Feed mill plays an important role in the supply of commercial feed to poultry, livestock
and fish farming. Feed mills generally distribute their products as “complete feed” to
poultry, fish and livestock industry. In the immediate past, commercial poultry, livestock
and fish farming expanded at a faster rate in Bangladesh resulting in a large scale
demand for commercial feed round the year. However in recent period due to natural
calamities and disease the poultry sector are facing challenges to ensure sustainable
growth which was also reflected in the price trend of both chicken and eggs due to huge
demand in the market with the growth of population, rapid urbanization, changed life
style and food habits. Though the feed industry is increasing but it is unable to meet the
demand of feed supplies which the poultry farms presently require.
For a poultry farm, at least 65% to 70% of the total expenditure goes for the
procurement of poultry feed. Poultry feed is prepared with the mixture of different
micro-nutrients apart from wheat, maize and others where most of the ingredients are
imported which eventually causes increase in price of feeds manufactured by the local
companies. Apart from conventional materials like fish meal and rice bran are in short of
supply. However in most of the cases the feeds are still prepared in an unscientific
manner in the country. Quality assurance keeping the price competitive is a vital
challenge for the local feed manufacturing companies. Few large companies are playing
vital role in meeting the demand of quality feed requirement in the poultry sector.
Considering the growth of industry and huge market vacuum the dependency on
imported feed and establishment of foreign companies have been increasing over the
years increasing challenge for the local feed manufacturing companies.
The Company is owned by four individual shareholders and three institutional

shareholders. All the four individual shareholders belong to the same family and the
three institutions are also owned by the members belong to the same family. Mr. Rafiqul
Islam, key promoter of the Aman Group and head of the overall management of the
Group, is presently holding 14.5% shares of the Company. The shareholding position of
the Company largely changed during the last two years. The Company was converted
from private limited company into public limited company in February 2012. Mr. Toriqul
Islam is holding highest number of shares (18.6 million) among four individual share
holders and three companies belong to the same Group are equally holding 1.8 million
share each. A group of senior experienced executives assist the Managing Director to
look after all the Companies of the Group. The financial control and strategic decision are
done from Head Office. The overall activities of the factory are monitored by General
Manager. Most of the senior officers in the factory have been changed during the last
three years and experienced professional personnel having long experience have been
appointed at the factory level. The Company has improved its reporting structure and
system during the last year which is reflected in the quick flow of information . The sales
and marketing activities are done through dealers all over the country which is also
looked after by the sales team of the Company.
CRAB I CRAB Ratings on Corporate Credit Digest I 24 December 2014

Page 7 of 13
AMAN FEED LIMITED
The revenue sources of the Company are the sale of feeds of different categories. Total
sales of the Company marginally increased to BDT 2,641.6 million in 2014 by 4.2% after
substantial sales growth of 24.8% in 2013. Sales growth was very high in 2013 due to
capacity expansion. Sales growth in 2014 was comparatively low which was mainly
derived from increase in sales quantity when the average price was almost same. The
revenue growth will continue in the upcoming year although the growth rate may not
bounce back to its previous trend as there was no capacity expansion during the last year
and overall market condition. Due to the stable selling price the gross profit margin
marginally declined to 21.4% in 2014 from 23.1% in 2013 although overall profitability
position (net profit margin in 2014 was 11.3% and 11.6% in 2013) remained almost same
following the improved operational efficiency and decline in financial expense.
The operating cycle became prolonged for long inventory processing period to support
expanded capacity and delay in receivable collection period to enhance the credit terms;
hence the liquidity position of the Company was quite stringent which was further
affected by negative cash flow position. Due to the above mentioned reasons and
capacity expansion the borrowed fund increased during the last two years although
following the repayment of term loan borrowed fund remained almost stable. The equity
of the Company increased to BDT 1,846.3 million in 2014 from BDT 1,548.1 million
resulted in slight improved debt ratio of 0.7x in 2014 from 0.8x in 2014. Following the
stable revenue growth and profitability position along with stable borrowed fund the
coverage indicators also remain stable during the last two years.
Aman Feed Ltd has a plan to raise its capital by issuing 20 million ordinary shares
through Initial Public Offering (IPO) subject to approval from regulatory authority. AFL
expects to raise fund by issuing 20 million ordinary shares with premium against face
value of BDT 10.0 per shares. The Company has a plan to repay long term loan with
interest, to enhance production capacity and to meet increased working capital
requirement among others.
Presently Aman Feed Limited has banking relationship with three banks. During the last
two years the Company increased its borrowed fund to support the capacity expansion.
The Company has satisfactory track record of honoring debt obligation. Details bank
liability position of the Company is given in appendix – 1.
Collateral given to AB Bank Ltd covers, among others, registered mortgage along with
RIGPA of 271.5 decimals project land located at Ullapar, Sirajgonj, 1 st charge created with
RJSC on entire fixed assets of the company including capital machinery and equipment,
furniture and fixture, and floating assets like raw materials, work in process, finished
goods held on the company go-down favoring AB Bank Ltd.
AMAN FEED LIMITED
APPENDIX – 1: CREDIT FACILITIES OF AMAN FEED LTD.
Details of Credit Facilities of Aman Feed Ltd as of 30 November 2014 (Mil. BDT)
Funded/Non
Loan Type Funded Bank Nature of Facility Limit Outstanding Limit Expiry
Long Term Funded AB Bank Ltd HPSM 73.4 20.08.2016
AB Bank Ltd HPSM 7.3 30.09.2017
Total Long Term 80.7
Short Term Funded Biam TR 900.0 484.1 31.07.2015

AB Bank Ltd
Biam 100.0 100.0 31.07.2015
Standard Bank Ltd. Cash Credit (Hypo) 20.0 16.0 31.08.2015
Total Short Term Funded 1,020.0 600.1
Short Term Non Funded AB Bank Ltd LC 1,100.0 240.0 31.07.2015
Total Short Term Non Funded 1,100.0 240.0
APPENDIX – 2: RATING HISTORY
Particulars Ratings
BDT 20.0 million Cash Credit (Hypo) * A3(Lr)
BDT 1,050.0 million Biam&Biam -TR * A3(Lr)
BDT 600.0 million Aggregate fund based limit ST-3
BDT 2,000.0 million aggregate non fund based limit ST-3
Outlook Stable
Lr - Loan Rating; ST – Short Term
* Due to its revolving nature CRAB views Cash Credit and Biam as long term facility
Particulars Ratings
BDT 20.0 million Cash Credit (Hypo) * A3(Lr)
BDT 500.0 million Biam&Biam -TR * A3(Lr)
BDT 322.0 million Aggregate fund based limit ST-3
BDT 750.0 million aggregate non fund based limit ST-3
Outlook Stable
Lr- Loan rating; ST-Short Term
* Due to revolving nature CRAB views CC (Hypo) as Long Term Facility
AMAN FEED LIMITED
APPENDIX – 3: FINANCIAL HIGHLIGHTS OF AMAN FEED LIMITED
Financial Highlights of Aman Feed Ltd

--Year ended June 30--
(Mil. BDT) 2014 2013 2012 2011
Net Sales 2,641.6 2,536.3 2,032.4 1,738.7
Sales Growth (%) 4.2 24.8 16.9 17.4
Earnings & Stability
CoGS as % of Sales 78.6 76.9 77.4 76.9

EBITDA 504.9 526.1 446.2 361.1
EBITDA Growth (%) (4.0) 17.9 23.6 14.1
EBITDA Margin (%) 19.1 20.7 22.0 20.8
Net Profit after tax 298.2 293.8 298.4 270.3
Net profit after tax growth (%) 1.5 (1.5) 10.4 12.3
Gross Profit Margin (%) 21.4 23.1 22.6 23.1
Profitability
Operating Profit Margin (%) 18.2 19.8 20.2 20.8

Net Profit Margin (%) 11.3 11.6 14.7 15.5
Return on Average Asset (%) 9.8 11.7 16.4 20.4
Return on Average Equity (%) 17.6 21.8 30.0 38.1
Current Ratio (x) 1.9 1.7 1.8 1.7
Quick Ratio (x) 1.1 0.9 0.8 0.9
Inventory +AR to TA (%) 68.6 66.2 70.0 70.7
Net Working Capital to TA (%) 70.5 65.1 68.2 67.8
Inventory Turnover Ratio (x) 2.2 2.2 2.3 3.1
Liquidity
Average Inventory Processing Period (Days) 166 169 160 118

Receivable Turnover Ratio (x) 2.4 3.2 3.4 3.1
Average Receivable Collection Period (Days) 155 116 106 117
Payable Turnover Ratio (x) 70.7 59.7 33.3 30.8
Average Payable Payment Period (Days) 6 7 11 12
Operating Cycle (Days) 321 285 266 235
Cash Conversion Cycle (Days) 315 278 255 223
Equity Capital 1,846.3 1,548.1 1,142.8 844.4
Total Borrowed Fund 1,248.8 1,245.8 897.6 594.0
Total Long Term Debt 50.5 95.5 124.4 2.4
Leverage & Capital Structure
EBITDA 504.9 526.1 446.2 361.1

Fund Flow from Operation (FFO) 337.5 333.3 350.4 284.9
Cash Flow from Operation (CFO) (26.1) (96.7) (81.1) 130.3
Retained Cash Flow (RCF) (26.1) (96.7) (81.1) 130.3
Free Cash Flow (FCF) (219.1) (281.8) (457.5) 115.0
Debt to Equity (×) 0.7 0.8 0.8 0.7
Borrowed Fund/EBITDA (×) 2.5 2.4 2.0 1.6
FFO/Debt (%) 27.0 26.8 39.0 48.0
CFO/Debt (%) (2.1) (7.8) (9.0) 21.9
RCF/Debt (%) (2.1) (7.8) (9.0) 21.9
FCF/Debt (%) (17.5) (22.6) (51.0) 19.4
AMAN FEED LIMITED
CRAB RATING SCALES AND DEFINITIONS –Long Term (Corporate)
Long Term Rating Definition

AAA Companies rated in this category have extremely strong capacity to meet financial commitments.
Triple A These companies are judged to be of the highest quality, with minimal credit risk.
AA1, AA2, AA3* Companies rated in this category have very strong capacity to meet financial commitments. These
Double A companies are judged to be of very high quality, subject to very low credit risk.
Companies rated in this category have strong capacity to meet financial commitments, but are
A1, A2, A3
susceptible to the adverse effects of changes in circumstances and economic conditions. These
Single A
companies are judged to be of high quality, subject to low credit risk.
Companies rated in this category have adequate capacity to meet financial commitments but more
BBB1, BBB2, BBB3
susceptible to adverse economic conditions or changing circumstances. These companies are
Triple B
subject to moderate credit risk. Such companies possess certain speculative characteristics.
Companies rated in this category have inadequate capacity to meet financial commitments. Have
BB1, BB2, BB3
major ongoing uncertainties and exposure to adverse business, financial, or economic conditions.
Double B
These companies have speculative elements, subject to substantial credit risk.
B1, B2, B3 Companies rated in this category have weak capacity to meet financial commitments. These
Single B companies have speculative elements, subject to high credit risk.
CCC1, CCC2, CCC3 Companies rated in this category have very weak capacity to meet financial obligations. These
Triple C companies have very weak standing and are subject to very high credit risk.
Companies rated in this category have extremely weak capacity to meet financial obligations.
CC
These companies are highly speculative and are likely in, or very near, default, with some prospect
Double C
of recovery of principal and interest.
Companies rated in this category are highly vulnerable to non-payment, have payment arrearages
allowed by the terms of the documents, or subject of bankruptcy petition, but have not
C
experienced a payment default. Payments may have been suspended in accordance with the
Single C
instrument's terms. These companies are typically in default, with little prospect for recovery of
principal or interest.
D D rating will also be used upon the filing of a bankruptcy petition or similar action if payments on
(Default) an obligation are jeopardized.
*Note: CRAB appends numerical modifiers 1, 2, and 3 to each generic rating classification from AA through CCC. The modifier 1
indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and
the modifier 3 indicates a ranking in the lower end of that generic rating category.
AMAN FEED LIMITED
CRAB RATING SCALES AND DEFINITIONS

LONG-TERM RATING: LOANS/FACILITIES FROM BANKS/FIS
(All loans/facilities with original maturity exceeding one year)
RATINGS DEFINITION
AAA (Lr) Loans/facilities rated AAA (Lr) are judged to offer the highest degree of safety, with regard to
(Triple A) Highest timely payment of financial obligations. Any adverse changes in circumstances are unlikely to
Safety affect the payments on the loan facility.
AA (Lr)* Loans/facilities rated AA (Lr) are judged to offer a high degree of safety, with regard to timely
(Double A) High Safety payment of financial obligations. They differ only marginally in safety from AAA (Lr) rated
facilities.
A (Lr) Loan/facilities rated A (Lr) are judged to offer an adequate degree of safety, with regard to timely
Adequate Safety payment of financial obligations. However, changes in circumstances can adversely affect such
issues more than those in the higher rating categories.
BBB (Lr) Loans/facilities rated BBB (Lr) are judged to offer moderate safety, with regard to timely payment
(Triple B) Moderate of financial obligations for the present; however, changing circumstances are more likely to lead
Safety to a weakened capacity to pay interest and repay principal than for issues in higher rating
categories.
BB (Lr) Loans/facilities rated BB (Lr) are judged to carry inadequate safety, with regard to timely payment
(Double B) Inadequate of financial obligations; they are less likely to default in the immediate future than instruments in
Safety lower rating categories, but an adverse change in circumstances could lead to inadequate
capacity to make payment on financial obligations.
B (Lr) Loans/facilities rated B (Lr) are judged to have high risk of default; while currently financial
High Risk obligations are met, adverse business or economic conditions would lead to lack of ability or
willingness to pay interest or principal.
CCC (Lr) Loans/facilities rated CCC (Lr) are judged to have factors present that make them very highly
Very High Risk vulnerable to default; timely payment of financial obligations is possible only if favourable
circumstances continue.
CC (Lr) Loans/facilities rated CC (Lr) are judged to be extremely vulnerable to default; timely payment of
Extremely High Risk financial obligations is possible only through external support.
C (Lr) Loans/facilities rated C (Lr) are currently highly vulnerable to non-payment, having obligations
Near to Default with payment arrearages allowed by the terms of the documents, or obligations that are subject
of a bankruptcy petition or similar action but have not experienced a payment default. C is
typically in default, with little prospect for recovery of principal or interest. C (Lr) are typically in
default, with little prospect for recovery of principal or interest.
D (Lr) Loans/facilities rated D (Lr) are in default or are expected to default on scheduled payment
Default dates.
*Note: CRAB appends numerical modifiers 1, 2, and 3 to each generic rating classification from AA through CCC. The modifier 1
indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and
the modifier 3 indicates a ranking in the lower end of that generic rating category.
AMAN FEED LIMITED
SHORT-TERM CREDIT RATING: LOANS/FACILITIES OF BANKS/FIS

(All loans/facilities with original maturity within one year)
RATING DEFINITION
ST-1 This rating indicates that the degree of safety regarding timely payment on the loans/facilities
Highest Grade is very strong.
ST-2 This rating indicates that the degree of safety regarding timely payment on the loans/facilities
High Grade is strong; however, the relative degree of safety is lower than that for issues rated higher.
This rating indicates that the degree of safety regarding timely payment on the loans/facilities
ST-3
is adequate; however, the issues are more vulnerable to the adverse effects of changing
Adequate Grade
circumstances than issues rated in the two higher categories.
ST-4
is marginal; and the issues are quite vulnerable to the adverse effects of changing
Marginal
circumstances.
ST-5
is minimal, and it is likely to be adversely affected by short-term adversity or less favorable
Inadequate Grade
conditions.
ST-6 This rating indicates that the loans/facilities are expected to be in default on maturity or is in
Lowest Grade default.
© Copyright 2013, CREDIT RATING AGENCY OF BANGLADESH LIMITED ("CRAB"). All rights reserved. ALL INFORMATION CONTAINED
HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED,
REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE
FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON
WITHOUT CRAB’S PRIOR WRITTEN CONSENT. All information contained herein is obtained by CRAB from sources believed by it to be
accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, such information is
provided “as is” without warranty of any kind and CRAB, in particular, makes no representation or warranty, express or implied, as to
the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such information. Under no
circumstances shall CRAB have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting
from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of CRAB or
any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation,
communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or
incidental damages whatsoever (including without limitation, lost profits), even if CRAB is advised in advance of the possibility of such
damages, resulting from the use of or inability to use, any such information. The credit ratings and financial reporting analysis
observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion
and not statements of fact or recommendations to purchase, sell or hold any securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO
THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING
OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY CRAB IN ANY FORM OR MANNER WHATSOEVER. Each rating or other
opinion must be weighed solely as one factor in any investment decision made by or on behalf of any user of the information
contained herein, and each such user must accordingly make its own study and evaluation of each security and of each issuer and
guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding or selling.
AMAN FEED LIMITED
IPO APPLICATION PROCESS Section: XVII

Step-1 (Applicant)
1. An applicant for public issue of securities shall submit application/buy instruction to the Stockbroker/ Merchant Banker where the
applicant maintains customer account, within the cut-off date (i.e. The subscription closing date), which shall be the 25th (twenty
fifth) working day from the date of publication of abridged version of prospectus.
2. The application/buy instruction may be submitted in prescribed paper or electronic form, which shall contain the Customer ID, Name, BO
Account Number, Number of Securities applied for, Total Amount and Category of the Applicant. At the same time:
a. Other than non-resident Bangladeshi (NRB) and Foreign applicants shall make the application money and service charge available in
respective customer account maintained with the Stockbroker/Merchant Banker. No margin facility, advance or deferred payment is
permissible for this purpose. In case the application is made through a margin account, the application money shall be deposited
separately and the Stockbroker/Merchant Banker shall keep the amount segregated from the margin account, which shall be
refundable to the applicant, if become unsuccessful.
b. Non-resident Bangladeshi (NRB) and Foreign applicants shall submit bank drafts (FDD), issued in favor of the Issuer for an amount
equivalent to the application money, with their application to concerned Stockbroker/Merchant Banker. The draft (FDD) shall be issued
by the Bank where the applicant maintains NITA/Foreign Currency account debiting the same account. No banker shall issue more than
two drafts from any NITA/Foreign Currency account for any public issue. At the same time, the applicant shall make the service charge
available in respective customer account maintained with the Stockbroker/Merchant Banker.
3. The Stockbroker/Merchant Banker shall maintain a separate bank account only for this purpose namely “Public Issue Application Account”.
The Stockbroker/Merchant Banker shall:
a. post the amount separately in the customer account (other than NRB and Foreign applicants), and upon availability of fund, block the
amount equivalent to the application money;
b. accumulate all the application/buy instructions received up to the cut-off date, deposit the amount in the “Public Issue Application
Account” maintained with its bank within the first banking hour of next working day of the cut-off date. In case of application
submitted by the Stock-dealer or the Merchant Banker‟s own portfolio, the application amount should also be transferred to the “Public
Issue Application Account”;
c. instruct the banker to block the account for an amount equivalent to the aggregate application money and to issue a certificate in this
regard.
4. Banker of the Stockbroker/Merchant Banker shall block the account as requested for, issue a certificate confirming the same and handover it
to the respective Stockbroker/Merchant Banker.
5. For Non-resident Bangladeshi (NRB) and Foreign applicants, the Stockbroker/Merchant Banker shall hold the bank drafts (FDD) submitted by
the applicants in their custody with a list containing the draft information against the respective applicant‟s particulars.
6. The Stockbroker/Merchant Banker shall prepare category wise lists of the applicants containing Customer ID, Name, BO Account Number and
Number of Securities applied for, and within 03 (three) working days from the cut-off date, send it to the respective Stock Exchange in
electronic (text format with tilde „~‟ separator ) format and the certificate(s) issued by its banker.
7. On the next working day, the stock exchanges shall provide the Issuer with the information received from the Stockbroker/Merchant
Bankers. Stock Exchanges shall verify and preserve the bankers‟ certificates in their custody.
8. The application/buy instructions shall be preserved by the Stockbroker/Merchant Bankers up to 6 months from listing of the
securities with exchange.
Step-3 (Issuer)
9. The Issuer shall prepare consolidated list of the applications and send the applicants‟ BOIDs in electronic (text) format in a CDROM to CDBL
for verification. The Issuer shall post the consolidated list of applicants on its website. CDBL shall verify the BOIDs as to whether the BO
accounts of the applicants are active or not.
10. On the next working day, CDBL shall provide the Issuer with an updated database of the applicants containing BO Account Number,
Name, Addresses, Parents‟ Name, Joint Account and Bank Account Information along with the verification report.
11. After receiving verification report and information from CDBL, the Issuer shall scrutinize the applications, prepare category wise consolidated
lists of valid and invalid applications and submit report of final status of subscription to the Commission and the stock exchanges within 10
(ten) working days from the date of receiving information from the stock exchanges.
12. The Issuer and the issue manager shall conduct category wise lottery with the valid applications within 03 (three) working days from the
date of reporting to the Commission and the Stock Exchanges, if do not receive any observation from the Commission or the Stock
Exchanges.
13. The Issuer and issue manager shall arrange posting the lottery result on their websites within 06 (six) hours and on the websites of the
Commission and Stock Exchanges within 12 (twelve) hours of lottery.
14. Within 02 (two) working days of conducting lottery, the Issuer shall:
AMAN FEED LIMITED
a. Send category wise lists of the successful and unsuccessful applicants in electronic (text format with tilde „~‟ separator) format to the
respective Stock Exchange.
b. send category wise lists of unsuccessful applicants who are subject to penal provisions as per conditions of the Consent Letter issued
by the Commission in electronic (text format with tilde „~‟ separator) format to the respective Stock Exchange mentioning the
penalty amount against each applicant.
c. issue allotment letters in the names of successful applicants in electronic format with digital signatures and send those to
respective Stock Exchange in electronic form.
d. send consolidated allotment data (BOID and number of securities) in electronic text format in a CDROM to CDBL to credit the
allotted shares to the respective BO accounts.
15. On the next working day, Stock Exchanges shall distribute the information and allotment letters to the Stockbroker/Merchant Bankers
concerned in electronic format and instruct them to:
a. remit the amount of successful (other than NRB and Foreign) applicants to the Issuer‟s respective Escrow account opened for
subscription purpose and unblock the amount of unsuccessful applicants;
b. send the bank drafts (FDD) submitted by successful NRB and Foreign applicants to the Stock Exchange and return the drafts
submitted by unsuccessful applicants;
c. send the penalty amount of other than NRB and Foreign applicants who are subject to penal provisions to the Issuer‟s respective
Escrow Accounts along with a list and unblock the balance application money;
d. send the drafts (FDD) submitted by unsuccessful NRB and Foreign applicants who are subject to penal provisions, to the
respective Stock Exchange, along with a list.
16. On the next working day of receiving the documents from the Stock Exchanges, the Stockbrokers/Merchant Bankers shall request its
banker to:
a. release the amount blocked for unsuccessful (other than NRB and Foreign) applicants;
b. remit the aggregate amount of successful applicants and the penalty amount of unsuccessful (other than NRB and foreign)
applicants who are subject to penal provisions to the respective „Escrow‟ account of the Issuer opened for subscription purpose.
17. On the same day the Stockbrokers/Merchant Bankers shall:
a. send the drafts (FDD) submitted by successful NRB and Foreign applicants to the Stock Exchange concerned and return the drafts
submitted by unsuccessful NRB and Foreign applicants;
b. send the drafts (FDD) submitted by unsuccessful NRB and Foreign applicants who are subject to penal provisions to the
respective Stock Exchange separately along with a list of the applicants.
18. On the next working day of receiving request from the Stockbrokers/Merchant Bankers, their bankers shall unblock the amount blocked in
the account(s) and remit the amount as requested for to the Issuer‟s „Escrow‟ account.
19. Simultaneously, the Stockbrokers/Merchant Bankers shall release the application money in the customer accounts; inform the successful
applicants about allotment of securities and the unsuccessful applicants about releasing their blocked amounts. The unblocked amounts of
unsuccessful applicants shall be placed as per their instructions. The Stockbroker/Merchant Banker shall be entitled to recover the
withdrawal charges, if any, from the applicant who wants to withdraw the application money, up to an amount of Tk. 5.00 (five) per
withdrawal.
20. On the same day, Stock Exchanges shall send the drafts submitted by successful NRB and Foreign applicants and also by
unsuccessful NRB and Foreign applicants who are subject to penal provisions, to the Issuer.
21. In case of drafts (FDD) submitted by successful NRB or Foreign applicant for any amount excess to the value of securities to be allotted or
by unsuccessful NRB and Foreign applicants who are subject to penal provisions, refund of the balance amount shall be made by the
Issuer to the applicant through bank drafts issued in the same currency within 7 (seven) working days of receiving the drafts
from Stock Exchange.
Miscellaneous:
22. The Issuer and Issue Manager(s) shall jointly ensure compliance of the above.
23. The bank draft (FDD) shall be issued considering TT Clean exchange rate of Sonali Bank Ltd. on the date of publication of abridged version
of prospectus.
24. Amount deposited and blocked in the “Public Issue Application Account” shall not be withdrawn or transferred during the blocking period.
Amount deposited by the applicants shall not be used by the Stockbrokers/Merchant Bankers for any purpose other than public issue
application.
25. The Issuer shall pay the costs related to data transmission, if claimed by the Stock Exchange concerned.
26. The Stockbrokers/Merchant Bankers shall be entitled to a service charge of 5.00 (taka five) only per application irrespective of the amount or
category. The service charge shall be paid by the applicant at the time of submitting application.
27. The Stockbroker/Merchant Banker shall provide the Issuer with a statement of the remittance and drafts sent.
28. The Issuer shall accumulate the penalty amount recovered and send it to the Commission through a bank draft/payment order issued in
favor of the Bangladesh Securities and Exchange Commission.
AMAN FEED LIMITED
LIST OF THE STOCKBROKERS / MERCHANT BANKERS TO RECEIVE IPO APPLICATION

DSE STOCKBROKERS DSE STOCKBROKERS DSE STOCKBROKERS
Sl. TREC Sl. TREC Sl. TREC
Name of TREC Holder Companies Name of TREC Holder Companies Name of TREC Holder Companies
No. No. No. No. No. No.
1 A B Ispahani Securities Ltd. 1 80 Al-Haj Securities & Stocks Ltd. 93 159 Habibur Rahman Securities Ltd. 187
2 S & H Equities Ltd. 2 81 SIBL Securities Ltd 94 160 Globe Securities Limited. 189
3 Shyamol Equity Management Ltd. 3 82 Salta Capital Ltd. 95 161 Eminent Securities Limited 191
4 Phoenix Securities Limited 4 83 Jamal Ahmed Securities Ltd. 97 162 IFIC Securities Ltd. 192
5 Harun Securities Ltd. 5 84 Dhanmondi Securities Ltd. 98 163 DBL Securities Limited 193
6 A. K. Khan Securities Ltd. 6 85 Country Stock (Bangladesh) Ltd. 99 164 Parkway Securities Limited 194
7 Apex Investment Limited 7 86 ARC Securities Ltd. 100 165 Jahan Securities Ltd. 195
8 Crest Securities Ltd. 8 87 Dayton Holdings Ltd. 101 166 M & Z Securities Ltd. 196
9 International Leasing Securities Limited 9 88 Howlader Equity Services Ltd. 102 167 MTB Securities Ltd. 197
10 Khwaja Equity Services Limited 10 89 Prime Islami Securities Ltd. 104 168 Coast To Coast Securities Ltd. 198
11 BRAC EPL Stock Brokerage Ltd. 11 90 Ali Securities Co. Ltd. 105 169 Stock & Bond Limited. 199
12 Pasha Capital Ltd. 12 91 Island Securities Ltd. 106 170 Total Communication Ltd. 200
13 MAH Securities Ltd. 13 92 Islami Bank Securities Ltd. 107 171 AB Securities Ltd. 201
14 DMR Securities Services Ltd. 14 93 Remons Investment & Securities Ltd. 108 172 Prilink Securities Ltd. 202
15 ACE Capital Management Services Ltd. 16 94 Unique Share Management Ltd. 109 173 NBL Securities Limited 203
16 Adil Securities Limited 17 95 Ettihad Securities Ltd. 110 174 Synthia Securities Ltd. 204
17 Greenland Equities Ltd. 18 96 Surma Securities Holding Co. Ltd. 111 175 Modern Equity Limited 206
18 Azam Securities Limited 19 97 Nouvelle Securities Ltd. 112 176 United Enterprises & Co. Ltd. 207
19 BDBL Securities Ltd. 20 98 CMSL Securities Limited. 113 177 Oshadhi Securities Ltd. 208
20 Royal Capital Ltd. 21 99 Ahmed Iqbal Hasan Securities Ltd. 114 178 Mondol Securities Ltd. 209
21 A. R. Chowdhury Securities Ltd. 22 100 NabiulKarim Securities Ltd. 115 179 Wifang Securities Ltd. 210
22 Ershad Securities Ltd. 23 101 Murshed Securities Ltd. 116 180 AD Holdings Limited 213
23 Vision Capital Management Ltd. 24 102 A N F Management Company Ltd. 117 181 Pubali Bank Securities Limited. 214
24 Arena Securities Ltd. 25 103 Saad Securities Ltd. 118 182 Mika Securities Ltd. 215
25 EBL Securities Limited. 26 104 Dragon Securities Ltd. 119 183 Sharp Securities Limited 216
26 SAR Securities Ltd. 27 105 Sheltech Brokerage Limited 120 184 Rasti Securities Consultant Ltd. 217
27 Sadeque Finance Management Ltd 28 106 SCL Securities Limited. 121 185 BRB Securities Ltd. 220
28 Kazi Firoz Rashid Securities Ltd. 29 107 K-Securities and consultants ltd 122 186 A. L. Securities Ltd. 222
29 BD Finance Securities Ltd. 30 108 Shahed Securities Limited 123 187 Mercantile Bank Securities Limited 224
30 ETBL Securities & Exchange Ltd. 31 109 Rose Securities Ltd. 125 188 Shohrab Securities & Trade Ltd. 225
31 Bulbul Securities Ltd. 32 110 Dynamic Securities Consultants Ltd. 126 189 Fareast Stocks & Bonds Ltd. 226
32 Ibrahim Securities Ltd. 33 111 R N I Securities Ltd. 128 190 United Financial Trading Co. Ltd 227
33 B & B Enterprise Limited 34 112 ICB Securities Trading Company Limited 129 191 Modern Securities Ltd. 229
34 Rashid Investment Services Ltd. 35 113 Thea Securities Ltd. 130 192 Expo Traders Ltd. 230
35 Daulatunnessa Equities Limited. 37 114 Harpoon Securities Ltd. 131 193 Akij Securities Ltd. 231
36 Quayum Securities Ltd. 38 115 LankaBangla Securities Ltd. 132 194 Popular Life Insurance Company Ltd. 232
37 Haji Ahmad Brothers Securities Ltd. 41 116 DSFM Securities Ltd 133 195 ShahjalalIslami Bank Securities Ltd. 233
38 Rapid Securities Ltd. 42 117 Moshihor Securities Ltd. 134 196 AIBL Capital Market Services Ltd. 234
39 AB & Co. Ltd. 43 118 Kazi Equities Limited 135 197 PHP Stocks & Securities Ltd. 235
40 M-Securities Ltd. 44 119 Securities Broking & Management Services Ltd. 136 198 Premier Bank Securities Ltd. 236
41 Federal Securities And Investment Ltd 45 120 Alliance Securities & Management Ltd. 137 199 Bank Asia Securities Limited 237
42 SAHCO Securities Ltd. 46 121 Al-HajaJahanara Securities Ltd. 138 200 IIDFC Securities Limited 238
43 Khurshid Securities Ltd. 47 122 ALOCO Securities Ltd. 139 201 Dhaka Securities Ltd 239
44 Aries Securities Ltd. 48 123 Midway Securities Ltd. 142 202 A N W Securities Ltd. 240
45 Al-Muntaha Trading Co. Ltd. 49 124 K.H.B. Securities Ltd. 143 203 One Securities Ltd. 241
46 Imtiyaz Husain Securities Ltd. 50 125 City Brokerage Limited 145 204 Trust Bank Securities Ltd. 242
47 S B Securities Ltd. 51 126 Cosmopolitan Traders (Pvt) Ltd. 146 205 DLIC Securities Ltd. 243
48 M. Zubair Securities Ltd. 52 127 Joytun Securities Intl. Ltd. 148 206 NLI Securities Ltd. 244
49 Mian Abdur Rashid Securities Limited 53 128 ShakilRizvi Stock Limited 149 207 BD Sunlife Securities Ltd. 248
50 UGC SECURITIES LTD. 54 129 Bali Securities Ltd. 153 208 Sterling Stocks & Securities Ltd. 249
51 Alpha Equities Ltd. 56 130 Indicate Securities Consultants Ltd. 154
52 Hasan Securities Ltd. 57 131 EMES Securities Ltd. 155
53 IDLC Secuirities Ltd. 58 132 Standard Bank Securities Ltd. 156
54 Green Delta Securities Ltd. 59 133 Gateway Equity Resources Ltd. 157
55 Global Securities Ltd. 60 134 Investment Promotion Service Ltd. 158
56 NCCB Securities and Financial Services Ltd 61 135 Peace Securities Ltd 159
57 Reliance Brokerage Services Ltd. 62 136 Anwar Securities Ltd. 160
58 Shahjahan Securities Ltd. 64 137 Trustee Securities Ltd. 162
59 ASENZ Securities Ltd. 65 138 SES Company Limited. 163
60 E- Securities Ltd. 66 139 Mona Financial Consultancy & Securities Ltd. 164
61 Sinha Securities Ltd. 67 140 Haji Mohammad Ali Securities Ltd. 165
62 Popular Equities Limited 68 141 Times Securities Limited 166
63 Mohammad Talha& Co. Ltd. 69 142 Subvalley Securities Ltd. 168
64 First Capital Securities Ltd. 70 143 Merchant Securities Limited 169
65 SBC Securities & Investment Ltd. 71 144 Shah Mohammad Sagir& Co. Ltd 171
66 H R Securities & Investment Ltd. 72 145 Tobarrak Securities Ltd. 172
67 HAC Securities Ltd. 74 146 HazratAmanat Shah Securities Ltd. 173
68 Multi Securities & Services Limited 75 147 T .A . Khan Securities Co. Ltd. 174
69 Square Securities Management Ltd. 76 148 BLI Securities Limited. 175
70 R. N. Trading Limited. 78 149 Peoples Equities Ltd. 176
71 PFI Securities Limited. 79 150 Anchor Securities Limited 177
72 Tamha Securities Limited 81 151 JKC Securities Ltd. 179
73 Desa Securities Limited 85 152 Commerce Bank Securities and Investment Ltd. 180
74 MAM Securities Ltd. 86 153 UCB Capital Management Limited 181
75 Farida Raquib Securities Ltd. 87 154 Nur-E-Alam Siddique & Company Ltd. 182
76 Asia Securities Ltd. 88 155 C-Maart Securities Limited. 183
77 Uniroyal Securities Ltd. 89 156 Razzak Securities Ltd. 184
78 Md. Fakhrul Islam Securities Ltd. 90 157 Delta Capital Limited. 185
79 Shahidullah Securities Ltd. 91 158 G M F Securities Ltd. 186
AMAN FEED LIMITED
CSE STOCKBROKERS CSE STOCKBROKERS MERCHANT BANKERS

Sl. TREC TREC Sl. M. Bank
Name of TREC Holder Companies Sl. No. Name of TREC Holder Companies Merchant Banker Name
No. No. No. No. Sl. No.
1 Alpha Securities Ltd. 001 80 Moharam Securities Ltd. 108 1 AAA Finance & Investment Limited. 001
2 ISPI Securities Ltd. 002 81 Sanmar Capital Management Ltd. 109 2 AB Investment Limited 002
3 Meenhar Securities Ltd. 003 82 Starport Securities Ltd. 110 3 AFC Capital Ltd. 003
4 South Asia Securities Ltd. 004 83 Lotus Shares & Securities Ltd. 112 4 AIBL Capital Management Ltd. 004
5 Island Securities Ltd. 005 84 Cordial Securities Ltd. 113 5 Alpha Capital Management Ltd. 005
6 Chittagong Capital Ltd. 006 85 Hassan Shares & Securities Ltd. 114 6 BD Finance Capital Holdings Limited 006
7 British Bengal Securities Ltd. 008 86 Vantage Securities Ltd. 115 7 BLI Capital Limited 007
8 Saya Securities Ltd. 010 87 Megacity Securities Ltd. 116 8 BMSL Investment Ltd. 008
9 First Capital Securities Ltd. 011 88 Hallmark Securities Ltd. 117 9 BRAC EPL Investments Limited 009
10 BRAC EPL Stock Brokerage Ltd. 013 89 IDLC Securities Ltd. 119 10 City Bank Capital Resources Ltd. 010
11 Stock & Security Linkway Ltd. 014 90 Western Security Investment Mgt. Ltd. 120 11 EBL Investments Ltd. 011
12 UCB Capital Management Ltd 015 91 Firstlead Securities Ltd. 122 12 EC Securities Limited 012
13 Adams Securities Ltd. 016 92 Far East Shares & Securities Ltd. 123 13 EXIM Islami Investment Ltd. 013
14 North West Securities Ltd. 019 93 S. N. Securities Ltd. 125 14 FAS Capital Management Ltd. 014
15 EBL Securities Ltd. 021 94 Amin Securities & Consultants Ltd. 128 15 First Securities Services Ltd. 015
16 Salta Capital Ltd. 022 95 Muntaha Shares & Capital Ltd. 129 16 First Security Islami Capital & Investments Ltd. 016
17 Azim Securities Ltd. 023 96 Green Delta Securities Ltd. 130 17 Grameen Capital Management Ltd. 017
18 Uttara Exchange & Securities Ltd. 024 97 Phoenix Securities Ltd. 131 18 Green Delta Capital Ltd. 018
19 Sylhet Metro City Securities Ltd. 025 98 NCCB Securities and Financial Services Ltd. 132 19 ICB Capital Management Ltd. 019
20 Be Rich Ltd. 027 99 City Brokerage Ltd. 133 20 IDLC Investments Ltd. 020
21 RAK Capital Ltd. 028 100 ShahjalalIslami Bank Securities Ltd. 134 21 IIDFC Capital Ltd. 021
22 Nizam‟s Shares & Securities Ltd. 029 101 Popular Life Insurance Company Ltd. 135 22 IL Capital Ltd. 022
23 PHP Stocks & Securities Ltd. 031 102 Premier Leasing Securities Ltd. 136 23 Imperial Capital Limited 023
24 A.A. Securities Ltd. 032 103 Fareast Stocks & Bonds Ltd. 138 24 Jamuna Bank Capital Management Ltd. 024
25 Sylnet Securities Ltd. 033 104 AIBL Capital Market Services Ltd. 139 25 Janata Capital and Investment Ltd. 025
26 Pioneer Shares & Securities Ltd. 034 105 SIBL Securities Ltd. 142 26 LankaBangla Investments Ltd. 026
27 Vanguard Shares & Securities Ltd. 036 106 Prime Islami Securities Ltd. 145 27 MTB Capital Ltd. 027
28 Hillcity Securities Ltd. 037 107 Islami Bank Securities Ltd. 146 28 PLFS Investments Ltd. 028
29 S.R. Capital Ltd. 038 108 Jamuna Bank Securities Ltd. 147 29 Prime Bank Investment Ltd. 029
30 Base Capital Ltd. 040 109 One Securities Ltd. 148 30 Prime Finance Capital Management Ltd. 030
31 Remons Investment & Securities Ltd. 042 31 Rupali Investment Ltd. 031
32 United Financial Trading Co. Ltd. 043 32 SBL Capital Management Ltd. 032
33 3A & Company Ltd. 044 33 Sonali Investment Ltd. 033
34 ZATL Securities Ltd. 045 34 Southeast Bank Capital Services Ltd. 034
35 Hefazatur Rahman & Co. Ltd. 046 35 Swadesh Investment Management Limited 035
36 Kishwar Security Investment Ltd. 047 36 Trust Bank Investment Limited 036
37 Impel Shares & Securities Ltd. 049 37 UniCap Investments Limited 037
38 Mirpur Securities Ltd. 050 38 Uttara Finance and Investment Ltd. 038
39 E-Securities Ltd. 052 39 Agrani Equity & Investment Limited 039
40 Royal Capital Ltd. 053 40 Banco Finance and Investment Limited 040
41 Prime Financial Consultants & Equities Ltd. 055 41 BetaOne Investments Limited 041
42 Kabir Securities Ltd. 056 42 CAPM Advisory Limited 042
43 Eastern Shares & Securities Ltd. 058 43 GSP Investments Limited 043
44 Reliance Securities Consultant Ltd. 059 44 RACE Portfolio & Issue Management Limited 044
45 Chittagong Shares & Securities Ltd. 060 45 Royal Green Capital Market Limited 045
46 CMSL Securities Ltd. 061
47 Prudential Capital Ltd. 062
48 Associated Capital Securities Ltd. 063
49 Platinum Securities Ltd. 064
50 Finvest Services Ltd. 066
51 Super Shares & Securities Ltd. 067
52 T.K. Shares & Securities Ltd. 069
53 Ahmed Securities Services Ltd. 070
54 Chowdhury Securities Ltd. 073
55 Raja Securities Ltd. 074
56 Sohel Securities Ltd. 076
57 Century Securities Ltd. 079
58 International Leasing Securities Limited 080
59 DBL Securities Ltd. 081
60 UniCap Securities Limited 082
61 Abacus Securities Ltd. 083
62 Skys Securities Ltd. 084
63 Galaxy Capital Ltd 085
64 A M Securities and Financial Services Ltd. 086
65 Purabi Securities Ltd. 087
66 Reliance Brokerage Services Ltd. 088
67 D.N. Securities Ltd. 089
68 LankaBangla Securities Ltd. 091
69 Square Securities Management Ltd. 092
70 Holy City Securities Ltd. 093
71 Inter-Continental Securities Ltd. 094
72 PFI Securities Ltd. 095
73 International Securities Co. Ltd. 096
74 Multi Securities & Services Ltd. 097
75 EIC Securities Ltd. 098
76 Ten Stars (Pvt.) Ltd. 100
77 Mona Financial Consultancy & Securities Ltd. 103
78 Pubali Bank Securities Ltd. 105
79 N.C. Securities Ltd. 107
AMAN FEED LIMITED
শেয়ারবাজারর বববিরয়াগ ঝুঁবিপূ র্,ণ শজরি ও বরঝ বববিরয়াগ িরুি।
APPLICATION FOR PUBLIC ISSUE

Date:
Name of applicant :
Client Code :
BO ID No. :
Category of applicant :
Name of the Company :
Number of Shares : …………………………. Shares of Tk. …………………… each
Total amount in Tk. :
Amount in word :
Applicants Authorized Officer

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“If you have any query about this document, you may consult issuer, issue manager and

MANAGER TO THE ISSUE

LANKABANGLA INVESTMENTS LIMITED

CREDIT RATING STATUS

The Issue shall be placed in “N” Category

AMAN FEED LIMITED

ISSUER COMPANY CONTACT PERSON CONTACT NUMBER

MANAGER TO THE ISSUE CONTACT PERSON CONTACT NUMBER

UNDERWRITERS CONTACT PERSON CONTACT NUMBER

STOCK EXCHANGES AVAILABLE AT CONTACT NUMBER

NAME AND ADDRESS OF THE AUDITOR

Disclosure in respect of issuance of security in demat form 07

SECTION II: DECLARATIONS AND DUE DILIGENCE CERTIFICATES 16-19

SECTION III: RISK FACTORS AND MANAGEMENT PERCEPTIONS 20-23

SECTION V: INFORMATION ABOUT THE COMPANY 28-33

SECTION VI: DESCRIPTION OF PROPERTY 34-35

SECTION VII: PLAN OF OPERATION AND DISCUSSION OF FINANCIAL CONDITION 36-42

Causes for Material Changes from period to period 37

SECTION VIII: INFORMATION ABOUT DIRECTORS AND OFFICERS 43-53

SECTION IX: FEATURES OF IPO 54-57

SECTION X: SUBSCRIPTION AND MARKET 58-60

SECTION XI: PLAN OF DISTRIBUTION 61-62

SECTION XII: MATERIAL CONTRACTS AND OTHERS 63-63

SECTION XIII: CORPORATE DIRECTORY 64-64

SECTION XIV: AUDITORS’ REPORT AND RELATED CERTIFICATES 65-93

SECTION XV: MANAGEMENT DISCLOSURE 99-99

SECTION XVI: CREDIT RATING REPORT 100-112

SECTION XVII: IPO APPLICATION PROCESS 113-117

DEFINITION AND ELABORATION OF THE ABBREVIATED WORDS

STATUTORY CONDITIONS Section: I

CONDITIONS UNDER 2CC OF THE SECURITIES AND EXCHANGE ORDINANCE, 1969

“Declaration about Listing of Shares with the stock exchange (s):

8. The application/buy instructions shall be preserved by the Stockbroker/Merchant Bankers up to 6 months

17. On the same day the Stockbrokers/Merchant Bankers shall:

DECLARATIONS AND DUE DILIGENCE CERTIFICATES Section: II

CONSENT OF DIRECTOR(S) TO SERVE AS DIRECTOR(S)

DECLARATION ABOUT FILING OF PROSPECTUS WITH THE REGISTRAR OF JOINT STOCK

DECLARATION BY THE ISSUER ABOUT THE APPROVAL FROM BANGLADESH SECURITIES

DECLARATION BY THE ISSUE MANAGER ABOUT THE APPROVAL FROM BANGLADESH

For Manager to the Issue

DUE DILIGENCE CERTIFICATE OF MANAGER TO THE ISSUE

For Manager to the Issue

DUE DILIGENCE CERTIFICATE OF THE UNDERWRITER(S)

RISK FACTORS & MANAGEMENT PERCEPTIONS Section: III

INTEREST RATE RISKS

EXCHANGE RATE RISKS

INDUSTRY AND MARKET RISKS

TECHNOLOGY RELATED RISKS

CHANGES IN POTENTIAL OR EXISTING GOVERNMENT REGULATIONS

POTENTIAL CHANGES IN THE GLOBAL OR NATIONAL POLICIES

HISTORY OF NON OPERATION

RISK ASSOCIATED WITH INCREASING COST OF MATERIAL FOR EXPANSION OF BUSINESS

RISK ASSOCIATED WITH HIGH ACCOUNTS RECEIVABLE

ISSUE SIZE AND PURPOSE OF THE PUBLIC OFFERING Section: IV

USE OF IPO PROCEEDS

Sl. No. Particulars Estimated Cost (Amount in BDT)

SUMMARY OF THE FEASIBILITY REPORT

Name of the Project : AMAN FEED LIMITED

DESCRIPTION OF THE PROJECT:

COST OF THE PROJECT: