ORION PHARMA LIMITED AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

AS AT AND FOR THREE MONTH PERIOD ENDED 3O SEPTEMBEER 2020

(1ST QUARTER)
 ORION PHARMA LIMITED AND ITS SUBSIDIARIES
Condensed Consolidated Statement of Financial Position (Unaudited)
As at 30 September 2020

Amount In BDT
Particulars
30-Sep-20 30-Jun-20
Assets
Non-Current Assets 19,188,495,657 19,094,525,507
Property, Plant and Equipment 6 14,702,323,081 14,930,942,237
Right of use Assets 7 43,107,140 50,347,853
Construction Work in Progress 8 1,931,646,330 1,651,460,156
Investment in Associates 10 364,146,000 319,403,000
Other Investments 11 2,147,273,105 2,142,372,262

Current Assets 20,910,099,250 17,746,581,258

Inventories 12 1,221,430,415 1,277,620,688
Trade and Other Receivables 13 13,615,330,387 11,648,659,127
Advances, Deposits & Prepayments 14 4,062,460,272 3,766,540,017
Fixed Deposit with Banks 15 19,841,242 19,583,098
Cash and Cash Equivalents 16 1,991,036,934 1,034,178,328

Total Assets 40,098,594,907 36,841,106,765

Shareholders' Equity and Liabilities

Shareholders' Equity 18,207,808,426 17,963,721,397
Share Capital 17 2,340,000,000 2,340,000,000
Share Premium 8,016,892,026 8,016,892,026
Reserves 18 1,983,164,571 1,936,593,119
Retained Earnings 19 5,867,751,830 5,670,236,252
Non - Controlling Interest 20 1,243,445,404 1,225,990,411
Total Equity 19,451,253,830 19,189,711,809

Non-Current Liabilities 15,159,828,002 13,204,077,061

Provision for Decommissioning of Assets 143,405,563 143,405,563
Long Term Loan 21 14,837,835,113 12,871,151,380
Lease Obligation 22 35,918,019 46,909,046
Deferred Tax Liability 23 142,669,308 142,611,072

Current Liabilities 5,487,513,075 4,447,317,896

Current portion of Long Term loan 21.1 200,608,614 201,882,832
Current Portion of Lease Obligation 22.1 38,955,205 38,345,934
Short term loans 24 564,228,482 565,995,722
Trade and Other Payables 25 3,983,464,887 3,185,123,864
Employee Benefits 26 63,458,916 51,864,239
Accrued Expenses 636,796,971 404,105,305

Total Equity & Liabilities 40,098,594,907 36,841,106,765

Number of Shares Used to Compute NAV 234,000,000 234,000,000

Net Asset Value (NAV) Including Revaluation Surplus 31 77.81 76.77

Net Asset Value (NAV) Excluding Revaluation Surplus 69.76 68.69

Sd/- Sd/- Sd/- Sd/- Sd/-

Chairman Managing Director Director Chief Financial Officer Company Secretary
2
 ORION PHARMA LIMITED
Condensed Statement of Financial Position (Unaudited)
As at 30 September 2020

Amount In BDT
Particulars
30-Sep-20 30-Jun-20
Assets
Non-Current Assets 13,285,565,972 13,041,155,930
Property, Plant and Equipment 6a 7,782,393,396 7,860,572,660
Right of use Assets 7 43,107,140 50,347,853
Construction Work in Progress 8 1,931,646,330 1,651,460,156
Investment in Subsidiaries 9 1,017,000,000 1,017,000,000
Investment in Associate 10 364,146,000 319,403,000
Other Investments 11 2,147,273,105 2,142,372,262

Current Assets 10,539,898,128 8,207,699,634

Inventories 12a 371,691,420 345,170,358
Trade and Other Receivables 13a 6,589,384,170 5,920,737,952
Advances, Deposits & Prepayments 14a 1,649,094,004 1,291,850,015
Fixed Deposit with Banks 15 19,841,242 19,583,098
Cash and Cash Equivalents 16a 1,909,887,292 630,358,211
Total Assets 23,825,464,100 21,248,855,564

Shareholders' Equity and Liabilities

Shareholders' Equity 12,494,108,011 12,367,122,098
Share Capital 17 2,340,000,000 2,340,000,000
Share Premium 8,016,892,026 8,016,892,026
Reserves 18a 1,603,217,356 1,552,679,134
Retained Earnings 19a 533,998,630 457,550,939

Non-current Liabilities 9,619,591,734 7,176,991,063

Long term loan 21a 9,441,004,408 6,987,470,945
Lease obligation 22 35,918,019 46,909,046
Deferred tax liability 23 142,669,308 142,611,072

Current Liabilities 1,711,764,355 1,704,742,403

Current portion long term loan 21a.1 200,608,614 201,882,832
Current portion of finance lease obligation 22.1 38,955,205 38,345,934
Short term loans 24 564,228,482 565,995,722
Trade and other payables 25a 589,589,391 603,503,932
Employee benefits 26a 29,595,730 24,728,858
Accrued expenses 288,786,932 270,285,125

Total Equity & Liabilities 23,825,464,100 21,248,855,564

Number of Shares Used to Compute NAV 234,000,000 234,000,000

Net Asset Value (NAV) Including Revaluation Surplus 31a 53.39 52.85

Net Asset Value (NAV) Excluding Revaluation Surplus 47.48 46.92

Sd/- Sd/- Sd/- Sd/- Sd/-

Chairman Managing Director Director Chief Financial Officer Company Secretary
3
 ORION PHARMA LIMITED AND ITS SUBSIDIARIES
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income ( Unaudited)
For Three Month Period Ended 30 September 2020
Amount In BDT
Particulars 1 July to 30 1 July to 30
September 2020 September 2019

Revenue from Net Sales 27 2,929,003,440 2,226,555,422

Cost of Goods Sold (285,335,228) (279,214,069)
Cost of Power Generation (2,100,047,466) (1,264,375,954)
Gross Profit 543,620,747 682,965,399
Operating Expenses (222,646,994) (219,113,877)
General & Administrative Expenses (89,382,980) (84,339,107)
Selling & Distribution Expenses (133,264,013) (134,774,770)
Profit from Operation 320,973,753 463,851,522
Financial Expenses 28 (78,025,428) (141,679,330)
Non Operating Income/ (Loss) 539,912 365,583
Net Profit from Operation 243,488,238 322,537,775
Workers Profit Participation Fund (11,594,678) (4,316,235)
Net Profit before Tax 231,893,560 318,221,540

Income Tax (25,427,598) (21,380,482)

Current Tax (Expenses)/Income 29 (26,108,190) (20,732,505)
Deferred Tax (Expenses)/Income 680,592 (647,977)

Net Profit after Tax 206,465,963 296,841,058

Share of Profit from Associate 2,082,100 3,721,200
Net Profit 208,548,063 300,562,259
Less: Non Controlling Interest (share of operating profit) (17,454,993) (27,114,977)
Net Profit after Tax before Other Comprehensive Income 191,093,070 273,447,281
Other Comprehensive Income 46,734,965 (7,586,166)
Fair Value Gain of Marketable Securities 4,812,893 (4,757,331)
Fair Value Gain on Investment in Associate 42,305,291 (3,586,601)
Share of Other Comprehensive Income 355,609 (134,599)
Deferrred tax Income (Expenses) on Revaluation Surplus of PPE & Fair
(738,828) 892,365
Value Changes of Mkt. securities

Total Comprehensive Income Attributable to Ordinary Shareholders 237,828,034 265,861,116

Number of Shares Used to Compute EPS 234,000,000 234,000,000

-

Earnings Per Share (EPS) 30 0.82 1.17

Sd/- Sd/- Sd/- Sd/- Sd/-

Chairman Managing Director Director Chief Financial Officer Company Secretary
4
 ORION PHARMA LIMITED
Condensed Statement of Profit or Loss and Other Comprehensive Income ( Unaudited)
For Three Month Period Ended 30 September 2020

Amount In BDT
Particulars 1 July to 30 1 July to 30
September 2020 September 2019

Revenue from Net Sales 27a 606,349,902 591,617,902

Cost of Goods Sold (285,335,228) (279,214,069)
Gross Profit 321,014,675 312,403,833

Operating Expenses (206,459,671) (201,459,108)

General & Administrative Expenses (73,195,657) (66,684,338)
Selling & Distribution Expenses (133,264,013) (134,774,770)
Profit from Operation 114,555,004 110,944,726
Financial Expenses 28.a (12,890,595) (20,669,375)
Non Operating Income/ (Loss) 539,912 365,583
Net Profit from Operation 102,204,322 90,640,934
Workers Profit Participation Fund (4,866,872) (4,316,235)
Net Profit before Tax 97,337,449 86,324,699

Income Tax (25,427,598) (21,380,482)

Current Tax (Expenses)/Income 29 (26,108,190) (20,732,505)
Deferred Tax (Expenses)/Income 680,592 (647,977)

Net Profit after Tax 71,909,852 64,944,216

Share of Profit from Associates 2,082,100 3,721,200
Net Profit after Tax before Other Comprehensive Income 73,991,952 68,665,416
-
Other Comprehensive Income 46,734,965 (7,586,166)
Fair Value Gain of Marketable Securities 4,812,893 (4,757,331)
Fair Value Gain on Investment in Associate 42,305,291 (3,586,601)
Share of Other Comprehensive Income 355,609 (134,599)
Deferrred tax Income (Expenses) on Revaluation Surplus of PPE & Fair Value
(738,828) 892,365
Changes of Mkt. securities

Total Comprehensive Income attribute to Ordinary Shareholders 120,726,916 61,079,251

Number of Shares Used to Compute EPS 234,000,000 234,000,000

Earnings Per Share (EPS) 30a 0.32 0.29

Sd/- Sd/- Sd/- Sd/- Sd/-

Chairman Managing Director Director Chief Financial Officer Company Secretary
5
 ORION PHARMA LIMITED AND ITS SUBSIDIARIES
Condensed Consolidated Statement of Changes in Equity (Unaudited)
For Three Month Period Ended 30 September 2020
Amount in BDT
Non
Ordinary Share Retained
Particulars Reserves Total controlling Total
Share Capital Premium Earnings
Interest
Balance at 01 July 2020 2,340,000,000 8,016,892,026 1,936,593,119 5,670,236,252 17,963,721,397 1,225,990,411 19,189,711,809
Net Profit after Tax - - - 191,093,070 191,093,070 17,454,993 208,548,063
Fair Value Gain /(Loss)on Investment in Associate 42,305,291 - 42,305,291 - 42,305,291
Fair Value (Loss)/Gain on Marketable Securities 4,812,893 - 4,812,893 - 4,812,893
Adjustment for sale of Mkt. Securities 6,258,996 - 6,258,996 - 6,258,996
Share of Other Comprehensive Income 355,609 - 355,609 - 355,609
Adjustment of Deferred tax on Revaluation Surplus (738,828) - (738,828) - (738,828)
Depreciation on Revaluation Surplus (6,422,509) 6,422,509 - - -
Balance at 30 September 2020 2,340,000,000 8,016,892,026 1,983,164,571 5,867,751,830 18,207,808,426 1,243,445,404 19,451,253,830

For Three Month Period Ended 30 September 2019

Amount in BDT
Non
Ordinary Share Retained
Particulars Reserves Total controlling Total
Share Capital Premium Earnings
Interest
Balance at 01 July 2019 2,340,000,000 8,016,892,026 1,908,891,010 5,328,568,962 17,594,351,997 1,154,626,813 18,748,978,810
Net Profit after Tax - - - 273,447,281 273,447,281 27,114,977 300,562,259
Fair Value Gain /(Loss)on Investment in Associate (3,586,601) - (3,586,601) - (3,586,601)
Fair Value (Loss)/Gain on Marketable Securities (4,757,331) - (4,757,331) - (4,757,331)
Adjustment for sale of Mkt. Securities 1,450 - 1,450 - 1,450
Share of Other Comprehensive Income (134,599) - (134,599) - (134,599)
Adjustment of Deferred tax on Revaluation Surplus 892,365 - 892,365 - 892,365
Depreciation on Revaluation Surplus (6,745,283) 6,745,283 - - -
Balance at 30 September 2019 2,340,000,000 8,016,892,026 1,894,561,012 5,608,761,523 17,860,214,561 1,181,741,791 19,041,956,352

Chairman Managing Director Director Chief Financial Officer Company Secretary

6
 ORION PHARMA LIMITED
Condensed Statement of Changes in Equity (Unaudited)
For Three Month Period Ended 30 September 2020
Amount in BDT

Particulars Ordinary Share Capital Share Premium Reserves Retained Earnings Total

Balance at 01 July 2020 2,340,000,000 8,016,892,026 1,552,679,134 457,550,939 12,367,122,098

Net Profit after Tax - - - 73,991,952 73,991,952
Fair Value Gain /(Loss)on Investment in Associate - - 42,305,291 - 42,305,291
Fair Value (Loss)/Gain on Marketable Securities - - 4,812,893 - 4,812,893
Adjustment for sale of Mkt. Securities - - 6,258,996 - 6,258,996
Share of Other Comprehensive Income - - 355,609 - 355,609
Adjustment of Deferred tax on Revaluation Surplus - - (738,828) - - 738,828
Depreciation on Revaluation Surplus - - (2,455,739) 2,455,739 -
Balance at 30 September 2020 2,340,000,000 8,016,892,026 1,603,217,356 533,998,630 12,494,108,011

For Three Month Period Ended 30 September 2019

Amount in BDT

Particulars Ordinary Share Capital Share Premium Reserves Retained Earnings Total

Balance at 01 July 2019 2,340,000,000 8,016,892,026 1,509,109,946 603,094,738 12,469,096,710

Net Profit after Tax - - - 68,665,416 68,665,416
Fair Value Gain /(Loss)on Investment in Associate - - (3,586,601) - (3,586,601)
Fair Value (Loss)/Gain on Marketable Securities - - (4,757,331) - (4,757,331)
Adjustment for sale of Mkt. Securities - - 1,450 - 1,450
Share of Other Comprehensive Income - - (134,599) - (134,599)
Adjustment of Deferred tax on Revaluation Surplus - - 892,365 - 892,365
Depreciation on Revaluation Surplus - - (2,778,513) 2,778,513 -
Balance at 30 September 2019 2,340,000,000 8,016,892,026 1,498,746,718 674,538,667 12,530,177,411

Chairman Managing Director Director Chief Financial Officer Company Secretary

7
 ORION PHARMA LIMITED AND ITS SUBSIDIARIES
Condensed Consolidated Statement of Cash Flows ( Unaudited)
For Three Month Period Ended 30 September 2020

Amount In BDT
Particulars 1 July to 30 1 July to 30
September 2020 September 2019

A. Cash Flows from Operating Activities :

Cash Received from Customers 1,450,293,743 1,777,877,903
Cash Paid to Suppliers (864,244,904) (1,197,874,505)
Cash Payment for Operating Expenses (237,700,901) (113,697,406)
Cash Generated from Operation 348,347,938 466,305,992
Income Taxes Paid (6,903,290) (6,736,669)
Net Cash Generated/(Used) from Operating Activities 341,444,648 459,569,323

B. Cash Flows from Investing Activities :

Acquisition of Property, Plant & Equipment (27,443,148) (90,074,033)

Capital Work in Progress (280,186,175) (193,437,721)
Investment in Subsidiaries, Associate & Securities (940,841,522) (86,134,766)
Interest, Dividend & Other Income 539,912 365,583
Net Cash Received/(Used) from Investing Activities (1,247,930,932) (369,280,937)

C. Cash Flows from Financing Activities :

Long Term Loan Received/ (Repaid) 1,965,409,513 83,689,182

Short Term Loan Received/ (Repaid) (2,011,981) 6,355
Lease obligation (10,381,756) (1,879,403)
Financial expenses paid (80,332,958) (56,491,535)
Dividend paid (9,337,930) (48,228,537)
Net Cash Received/(Used) from Financing Activities 1,863,344,889 (22,903,938)

Net Increase /(Decrease) in Cash & Cash

956,858,606 67,384,449
Equivalents (A+B+C)
Cash & Cash Equivalents at the beginning of the period 1,034,178,329 92,187,429
Cash & Cash Equivalents at the end of the period 1,991,036,934 159,571,879

Number of Shares Used to Compute NOCFPS 234,000,000 234,000,000

Operating Cash Flow Per Share 32.1 1.46 1.96

Chairman Managing Director Director Chief Financial Officer Company Secretary

8
 ORION PHARMA LIMITED
Condensed Statement of Cash Flows ( Unaudited)
For Three Month Period Ended 30 September 2020

Amount In BDT
Particulars 1 July to 30 1 July to 30
September 2020 September 2019

A. Cash Flows from Operating Activities :

Cash Received from Customers 584,458,107 565,061,550

Cash paid to Suppliers (230,346,227) (205,668,396)
Cash Payment for Operating Expenses (237,700,901) (113,697,405)
Cash Generated from Operation 116,410,979 245,695,749
Income Taxes Paid (6,903,290) (6,736,669)
Net Cash Generated/(Used) from Operating Activities 109,507,689 238,959,080

B. Cash Flows from Investing Activities :

Acquisition of Property, Plant & Equipment (27,372,548) (89,879,033)

Capital Work in Progress (280,186,175) (193,437,721)
Investment in Subsidiaries, Associate, Securities & Others (940,841,522) (86,134,766)
Interest, Dividend & Other Income 539,912 365,583
Net Cash Received/(Used) from Investing Activities (1,247,860,332) (369,085,937)

C. Cash Flows from Financing Activities :

Long Term Loan Received/ (Repaid) 2,452,259,244 194,194,476

Short Term Loan Received/ (Repaid) (1,767,240) 357,756
Lease obligation (10,381,756) (1,879,403)
Dividend paid (9,337,930) (48,228,537)
Interest Paid (12,890,595) (20,669,375)
Net Cash Received/(Used) from Financing Activities 2,417,881,724 123,774,917

Net Increase /(Decrease) in Cash & Cash Equivalents

1,279,529,081 (6,351,941)
(A+B+C)
Cash & Cash Equivalents at the beginning of the period 630,358,211 30,728,806
Cash & Cash Equivalents at the end of the period 1,909,887,292 24,376,865

Number of Shares Used to Compute NOCFPS 234,000,000 234,000,000

Operating Cash Flow Per Share 32a.1 0.47 1.02

Chairman Managing Director Director Chief Financial Officer Company Secretary

9
9
 ORION PHARMA LIMITED AND ITS SUBSIDIARIES
Selected Explanatory Notes to the Condensed Consolidated Financial Statements
For Three Month Period Ended 30 September 2020 (1st Quarter)

1 Reporting Entity
1.1 Background of the Entity

Orion Pharma Limited, earlier called Orion Laboratories Limited was incorporated in 1965 as a
private limited company. The Company was converted into a public limited company on 24 July
2010. The registered office of the company is at 153-154, Tejgaon I/A, Dhaka-1208, Bangladesh.

The Company is listed both with Dhaka Stock Exchange Limited (DSE) and Chittagong Stock
Exchange Limited (CSE) on 20 March 2013.

1.2 Nature of Business

Orion Pharma Limited is engaged in the creation and discovery, development, manufacturing
and marketing of pharmaceutical products including vaccines and health- related consumer
products.
1.3 Subsidiary Companies

1.3.1 Orion Power Meghnaghat Limited

Orion Power Meghnaghat Ltd. was incorporated on 30 June 2010 as a public limited company
under the Companies Act, 1994 with authorized share capital of Tk. 4,000,000,000 divided into
400,000,000 Ordinary shares of Tk. 10 each. The company implemented a 100 MW HFO Power
based Plant on quick rental basis in Meghnaghat, Dhaka with machineries and equipment
supplied by Wartsila OY, Finland. The generated output of 105 MW electricity is being regularly
supplied to national grid. Orion Pharma Ltd. holds 95% of equity share of this company directly.

1.3.2 Dutch Bangla Power & Associates Limited

Dutch Bangla Power & Associates Ltd. was incorporated on 1 July 2010 as a public limited
company under the Companies Act, 1994 with authorized share capital of Tk. 1,000,000,000
divided into 100,000,000 ordinary shares of Tk. 10 each. The Company was awarded by the
Government of Bangladesh and BPDB to implement 100 MW HFO Power Plant on quick rental
basis in Siddhirganj, Narayanganj with machineries and equipment supplied by Wartsila OY,
Finland. The generated output of 105 MW electricity is being regularly supplied to national grid.
Orion Pharma Ltd. holds 67% of equity share of this Company.

1.4 Associate Company

Orion Infusion Limited

Orion Infusion Limited is a public limited company incorporated in Bangladesh on May 05, 1983
and is now operating under the banner of Orion Group. Other shareholders of the company are
sponsor shareholders, foreign investors, financial institutions and general public.

The Company was listed with Dhaka Stock Exchange Limited (DSE) on 05 October 1994 and
Chittagong Stock Exchange Limited (CSE) on 22 September 1996. Orion Pharma Ltd. holds 21.76 %
of equity share of this company directly.

10
 2 Basis of Preparation

2.1 Statement of Compliance

These Condensed Interim Financial Statements of the company comprised the company’s and its
subsidiaries (together referred to as the 'Group' and individually as 'Group entities') and the
Group’s interest in associates have been prepared in accordance with International Financial
Reporting Standards (IFRSs) adopted by the Institute of Chartered Accountants of Bangladesh
(ICAB), in particular International Accounting Standard (IAS) 34: Interim Financial Reporting , the
Companies Act 1994, Securities and Exchange Rules 1987 and other applicable laws and
regulations.

2.2 Components of the Condensed Financial Statements

According to IAS-34 'Interim Financial Reporting,', these interim financial statements include the
following components-
i. Condensed Consolidated Statement of Financial Position
ii. Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
iii. Condensed Consolidated Statement of Changes in Equity
iv. Condensed Consolidated Statement of Cash Flows
v. Selected Explanatory Notes to the Condensed Consolidated Financial Statements

2.3 Basis of Measurement

The financial statements have been prepared on historical cost basis except for certain assets which
are stated either at revalued amount or fair market value.
2.4 Functional and Presentation Currency
The financial statements are prepared and presented in Bangladesh Taka (Taka/Tk./BDT), which
is the company’s functional and presentation currency. All amounts have been rounded off to the
nearest integer.
2.5 Reporting Period

These Condensed Interim Financial Statements of the company cover three month period from 1
July 2020 to 30 September 2020.
3 Accounting Policies and Methods of Computations
The accounting policies and methods of computations followed in preparing these financial
statements are same as those used in the annual financial statements prepared and published for
the year ended 30 June 2020.

4 Subsequent Events

No material events occurred after the reporting date, non-disclosure of which could affect the
ability of the users of the financial statements to make proper evaluation and decision.

Discloser as per BSEC Notification No. BSEC/CMRRCD/2006-158/208/Admin/81, Dated: 20 June 2018.

11
 Amount in Taka
30 Sep 2020
5 Acquisition of Property, Plant & Equipments of Orion Pharma Ltd. and its subsidiaries during
three month Period

SL. NO Particulars Amount in Taka

1 Land & Land Development 7,356,900

2 Factory & Office Building 5,218,137
3 Plant & Machinery 10,781,791
4 Furniture & Fixtures 155,000
5 Office Equipment 3,931,320
Total 27443147.68

6. Property, plant and equipment

Opening balance 14,930,942,237

Add: Addition during the year 27,443,148
Less: Sale /disposal during the year -
14,958,385,384
Less: Depreciation charged during the year (256,062,304)
Written down value 14,702,323,081

6a. Property, plant and equipment

Opening balance 7,860,572,660
Add: Addition during the year 27,372,548
Less: Sale /disposal during the year -
7,887,945,208
Less: Depreciation charged during the year (105,551,811)
Written down value 7,782,393,396

7. Right of use Assets

Opening Balance 50,347,853
Add: Addition During the Year -
50,347,853
Less: Depreciation charged during the year (7,240,713)
43,107,140
8. Construction work in progress
Opening balance 1,651,460,156
Add: Addition during the year 280,186,175
Closing balance 1,931,646,330

9. Investment in subsidiaries
30 Sep 2020
Name of the subsidiary company Number of shares Share holding
Amount in Taka
(%)
Orion Power Meghnaghat Ltd. 95,000,000 95.00 950,000,000
Dutch Bangla Power & Associates Ltd. 6,700,000 67.00 67,000,000
Total 1,017,000,000

Investment in subsidiaries are stated at cost. 12

 Amount in Taka
30 Sep 2020

10. Investment in associate

Orion Infusion Limited
Opening balance 319,403,000
Add: Share of profit during the year 2,082,100
Add: Share of other comprehensive income 355,609
Add: Fair value adjustment 42,305,291
364,146,000

11. Other investment

Investment in marketable securities (Note 11.1) 28,817,429
Investment in non-Quoted Shares (Note 11.2) 2,118,455,676
2,147,273,105
11.1 Investment in marketable securities
AB Investment Limited. 15,638,804
Bank Asia Securities Limited. 5,779,366
LankaBangla Securities Ltd. 7,399,260
28,817,429

11.2 Investment in non-quoted shares

Orion Power Khulna Limited. 500,000
Orion Power Dhaka Limited. 500,000
ICB Islami Bank Limited 246,000
Orion Infrastructure Limited. 2,117,209,676
2,118,455,676
12. Inventories
Raw materials 139,483,392
Packing materials 83,011,249
Work-in-process 27,539,781
Finished goods 103,508,365
Printing Stationeries 3,850,127
Promotional materials 1,876,086
Goods in transit 181,342,790
Mobil & Chemical 159,096,558
Spare parts 521,722,066
1,221,430,415
12.a Inventories

Raw materials 139,483,392

Packing materials 83,011,249
Work-in-process 27,539,781
Finished goods 103,508,365
Printing Stationeries 3,850,127
Promotional materials 1,876,086
Goods in transit 12,422,420
371,691,420

13
 Amount in Taka
30 Sep 2020
13. Trade & other receivables
Trade receivables 4,140,538,518
Other receivables (Note-13.1) 9,474,791,868
13,615,330,387

Trade receivables are unsecured, considered good and recoverable within one year. Classification schedules as req
1994 are as follows:

Ageing of the above balance is as follows:

Below 180 days 4,140,538,518
Above 180 days -
4,140,538,518

Amount in Taka
SL. No. Particulars
30 Sep 2020
I Trade receivables considered good in respect of which the company is fully secured 4,140,538,518
II Trade receivables considered good in respect of which the company holds no
security other than the debtor personal security -

III Trade receivables considered doubtful or bad -

IV Trade receivables due by any director or other officer of the company -
V Trade receivables due by common management -
VI The maximum amount of receivable due by any director or other officer of the -
company Total 4,140,538,518

13.1 Other receivables

Claim receivables, insurance & others 3,112,671
Divided receivable 4,430,000
Interest on FDR 293,140
Other receivables 855,919,008
Current account with other related companies (Note. 13.1.1) 8,611,037,050
9,474,791,868

13.1.1 Current account with other related companies

Noakhali Gold Food Ltd. 33,129,928

Orion Properties Ltd. 33,871,089
Orion Gas Limited 49,200,000
Orion Power Khulna Ltd 1,029,967,694
Orion Power Dhaka Ltd 2,431,298,916
Jafflong Tea Company 2,408,371
Orion Agro Product 240,118,758
Interior Accom Consortium Limited 155,495,459
Digital Power & Associate Ltd. 579,225,814
Orion Footwear Ltd. 108,662,162
Orion Oil & Shipping Ltd. 270,364,869
Panbo Bangla Mashroom Ltd. 115,006,570
Orion Power Unit 2 Dhaka Ltd. 14 1,871,294,223
 Amount in Taka
30 Sep 2020
Orion Home Appliance Ltd. 7,848,000
Orion Knit Textiles Ltd. 220,544,115
Orion Hospitals Ltd. 17,100,000
Orion Power Rupsha Ltd. 305,033,401
Orion Power Sonargaon Ltd. 998,967,681
Energon Renewable (BD) Ltd. 1,500,000
Orion Quaderia Textiles Limited 130,000,000
Horizon Media & Publications Limited 10,000,000
8,611,037,050

13.a Trade & other receivables

Trade receivables 177,543,912
Other receivables (Note - 13a.1) 6,411,840,258
6,589,384,170

Trade receivables are unsecured, considered good and recoverable within one year. Classification schedules as req
1994 are as follows:

Ageing of the above balance is as follows:

Below 180 days 177,543,912
Above 180 days -
177,543,912

Amount in Tk
SL No Particulars
30 Sep 2020
I Trade receivables considered good in respect of which the company is fully secured 177,543,912
II Trade receivables considered good in respect of which the company holds no
security other than the debtor personal security
III Trade receivables considered doubtful or bad
IV Trade receivables due by any director or other officer of the company
V Trade receivables due by common management
VI The maximum amount of receivable due by any director or other officer of the
company Total 177,543,912

13a.1 Other receivables

Claim receivables, insurance & others 3,112,671

Divided receivable 4,430,000
Interest on FDR 293,140
Other receivables 855,919,008
Current account with subsidiaries (13a.1.1) 369,626,217
Current account with other related companies (13a.1.2) 5,178,459,222
6,411,840,258

13a.1.1 Current account with subsidiaries

Dutch Bangla Power & Associates Limited. 369,626,217
369,626,217

15
 Amount in Taka
30 Sep 2020
13a.1.2 Current account with other related companies
Orion Properties Ltd. 20,331,532
Orion Power Khulna Ltd. 986,021,913
Orion Power Dhaka Ltd. 2,176,293,707
Interior Accom Consortium Ltd. 107,995,459
Orion Agro Product Ltd. 232,265,920
Orion Power Unit -2 Dhaka Ltd. 1,358,708,776
Orion Power Rupsha Ltd. 186,800,000
Digital Power & Associates Ltd. 97,341,915
Orion Hospitals Ltd. 12,700,000
5,178,459,222

14. Advances, deposits and prepayments

Advances:
Advance income tax (Note-14.1) 139,984,725
Advance imprest money 72,500
Advance motor cycle 12,474,086
Advance - car loan 2,976,934
Collection advance 3,786,135
Advance to C&F agents 14,761,427
Advance to Supplier 349,698,041
Advance against land purchase 325,000,000
Advance against material loan 2,381,414
Advance office rent 6,367,376
Advance to employee 2,870,965
Other advance 2,025,216,922
Advance for Impoted machinery 640,756,566
Advance for Machinery CFIS-SBLC 202,963,526
3,729,310,617
Deposits:
Earnest money 415,000
Security deposit 34,911,306
Bank guarantee 79,712,449
L/C margin 177,092,403
VAT current account -
Lease deposit 14,740,834
306,871,992
Prepayments:
Insurance premium 1,208,452
Bank guranttee,commission & charge 24,961,462
Deferred expenses 107,750
26,277,664

4,062,460,273
14.1 Advance income tax

Opening balance 133,033,785

Add: Addition during the year 6,950,939
139,984,725
Less: Adjustment of assessment for previous -
Closing balance 139,984,725
16
 Amount in Taka
30 Sep 2020
14.a Advances, deposits & prepayments
Advances:
Advance income tax (Note -14a.1) 138,619,775
Advance imprest money 72,500
Motor cycle advance 12,474,086
Advance - car loan 2,976,934
Collection advance 3,786,135
Advance to C&F agents 14,761,427
Advance against material loan 2,381,414
Advance office rent 6,367,376
Advance against land purchase 325,000,000
Machinery & equipment 159,005,474
Electrical equipment 5,135,603
Construction 41,691,713
Advance for machinery - BHF Bank 640,756,566
Advance for Machinery CFIS-SBLC 202,963,526
Advance paid to Suppliers & Others 29,274,103
1,585,266,630
Deposits
Earnest money 415,000
Security deposit 34,911,306
Bank guarantee 14,217,634
VAT current account -
Lease deposit 14,283,434
63,827,374
1,649,094,004
14a.1 Advance income tax
Opening balance 131,716,484
Addition during the year 6,903,290
Less: Adjustment of assessment for previous -
Closing balance 138,619,775

15. Fixed deposit with banks

Social Islami Bank Limited., Principal Branch, Dhaka. 8,627,353
Agrani Bank Ltd. 11,213,889
19,841,242
16. Cash & cash equivalents

Cash in hand (Note -16.1) 7,279,559

Cash at B/O account (Note -16.2) 2,277
7,281,836
Balance with banks on account
Current account 97,095,976
Short term deposit account 1,886,659,123
1,983,755,099

1,991,036,934
16.1 Cash in hand
Head office 5,359,559
Depot office 1,920,000
17 7,279,559
 Amount in Taka
30 Sep 2020
16.2 Cash at B/O account
Bank Asia Securities Limited. (2,201)
Jahan Securities Limited. 2,874
LankaBangla Securities Ltd. 1,604
2,277

16.a Cash and cash equivalents

Cash in hand (Note -16a.1) 5,494,232
Cash at B/O account (Note -16a.2) 2,277
5,496,509
Cash at Bank:
Current account 17,731,661
Short term deposit account 1,886,659,123
1,904,390,784

1,909,887,292

16a.1 Cash in hand

Head office - central cash & main cash 3,574,232
Depot office - petty cash 1,920,000
5,494,232

16a.2 Cash at B/O account

Bank Asia Securities Limited (2,201)
Jahan Securities Limited 2,874
LankaBangla Securities Ltd. 1,604
2,277

17. Share capital

Authorized capital
500,000,000 ordinary shares of Tk. 10 each 5,000,000,000

Issued, subscribed and paid-up capital

234,000,000 ordinary shares of Tk. 10 each 2,340,000,000

Shareholding position of the company

30 Sep 2020
Number of
Range of Shareholding
Shareholders Number of
% of holding
Shares
Up to 500 Shares 26,884 3,082,065 1.32%
501 to 5,000 Shares 5,770 11,290,340 4.82%
5001 to 10,000 Shares 1,113 8,153,117 3.48%
10,001 to 20,000 Shares 598 8,749,513 3.74%
20,001 to above 564 202,724,965 86.63%
Total 34,929 234000000.00 1.00
18
 Amount in Taka
30 Sep 2020

30 Sep 2020
Number of
Categories of shareholders Number of
Shareholders % of holding
Shares
Sponsors 5 74,841,600 31.98%
Foreign Investor 154 3,303,469 1.41%
Financial institutions 343 91,920,270 39.28%
General public 34,427 63,934,661 27.32%
Total 34,929 234000000.00 100.00

Number of 30 Sep 2020

Orion Power Meghnaghat Limited
Shares Face Value % of holding
Orion Pharma Limited 95,000,000 950,000,000 95.00%
Integral Energy Limited 3,000,000 30,000,000 3.00%
Jafflong Tea Company Limited 500,000 5,000,000 0.50%
Mr. Mohammad Obaidul Karim 500,000 5,000,000 0.50%
Mr. Salman Obaidul Karim 600,000 6,000,000 0.60%
Mrs. Arzuda Karim 350,000 3,500,000 0.35%
Haarhuis Generation B.V. 50,000 500,000 0.05%
Total 100,000,000 1,000,000,000 100%

Dutch Bangla Power & Associates Number of 30 Sep 2020

Limited Shares Face Value % of holding
Orion Pharma Limited 6,700,000 67,000,000 67.00%
Shenzhen Nanshan Power Co. Ltd. 50,000 500,000 0.50%
Mohammad Obaidul Karim 100,000 1,000,000 1.00%
Salman Obaidul Karim 3,087,500 30,875,000 30.88%
Orion Tea Company Ltd. 50,000 500,000 0.50%
Jafflong Tea Co. Ltd. 2,500 25,000 0.03%
Mrs. Arzuda Karim 10,000 100,000 0.10%
Total 10,000,000 100,000,000 100%

18. Reserves

Fair value gain/(loss) on investment in associate (Note -18.1) 279,481,232

Fair value gain /(loss) on marketable securities (Note -18.2) (12,125,359)
Share of other comprehensive income of associate (Note - 18.3) 6,103,738
Revaluation surplus on property, plant and equipment (Note -18.4) 1,709,704,959
1,983,164,571

18.1 Fair value gain on investment in associate

Opening balance 237,175,941

Fair value gain/ (loss) during the year 42,305,291
279,481,232
19
 Amount in Taka
30 Sep 2020
18.2 Fair value gain/(loss) on marketable securities
Opening balance (22,090,059)
Adjustment of sale of marketable securities 6,258,996
Fair value gain/(loss) on marketable securities (Note - 18.2.1) 4,812,893
Transferred to deferred tax assets/(liabilities) (1,107,189)
(12,125,359)

18.2.1 Fair value gain/(loss) on marketable securities during the year

Unrealized gain/(loss) position (closing) (13,472,620)
Unrealized gain/(loss) position (opening) (24,544,509)
Total change during the year 11,071,889
Fair value adjustment for sale of securities (realized loss) (6,258,996)
Unrealized gain/(loss) during the year 4,812,893

18.3 Share of other comprehensive income

Opening balance 5,748,129
Add: Addition during the year 355,609
6,103,738

18.4 Revaluation surplus on property, plant & equipment

Opening balance 1,715,759,107

Adjustment during the year to retained earnings for depreciation (6,422,509)
Adjustment of deferred tax on revaluation surplus 368,361
1,709,704,959

18.a Reserve

Fair value gain on investment in associates (Note - 18a.1) 279,481,232

Fair value gain/(loss) on marketable securities (Note - 18a.2) (12,125,358)
Share of other comprehensive income (Note - 18a.3) 6,103,737
Revaluation surplus on property, plant & equipment (Note - 18a.4) 1,329,757,744
1,603,217,356

18a.1 Fair value gain on investment in associates

Opening balance 237,175,941
Fair value gain/(loss) during the year 42,305,291
279,481,232

18a.2 Fair value gain/(loss) on marketable securities

Opening balance (22,090,058)
Adjustment of sale of marketable securities 6,258,996
Fair value gain/(loss) on marketable securities D/Y (Note - 18a.2.1) 4,812,893
Transferred to deferred tax assets/(liabilities) (1,107,189)
(12,125,358)

20
 Amount in Taka
30 Sep 2020
18a.2.1 Fair value gain/(loss) on marketable securities during the year
Unrealized gain/(loss) position (closing) (13,472,620)
Unrealized gain/(loss) position (opening) (24,544,509)
Fair value adjustment for sale of securities realized gain/(loss) (6,258,996)
Unrealized gain/(loss) during the year 4,812,893

18a.3 Share of other comprehensive income

Opening balance 5,748,128
Add: Addition during the year 355,609
6,103,737

18a.4 Revaluation surplus on property, plant & equipment

Opening balance 1,331,845,122
Adjustment during the year to retained earnings for depreciation (2,455,739)
Adjustment of deferred tax on revaluation surplus 368,361
1,329,757,744

19. Retained earnings

Opening balance 5,670,236,252
Net profit after tax 191,093,070
Dividend for the year -
Adjustment for depreciation on revaluation surplus 6,422,509
5,867,751,829

19.a Retained Earnings

Opening balance 457,550,939
Net profit after tax 73,991,952
Dividend for the year -
Adjustment for depreciation on revaluation surplus 2,455,739
533,998,630

20. Non-controlling interest

Opening balance 1,225,990,411
Share of operating profit 17,454,993
Closing balance 1,243,445,404

21 Syndicated loan and other long term loans

Phoenix Finance & Investment Ltd. 197,016,088
Mashreq bank PSC 5,396,830,705
Meridian finance & Investment Ltd. 10,844,966
Agrani Bank Ltd. -BMRE 3,390,309,725
Social Islami Bank Ltd 961,322,068
AL-Arafa Islami Bank Ltd. 1,808,489,624
ODDO BHF AG Finance 576,109,548
21
 Amount in Taka
30 Sep 2020
Rupali Bank Ltd. 632,343,453
SBLC-Cargill Financial Services International(CFSI) 2,065,177,550
15,038,443,727
Less: Current portion of long term loan (Note 21.1) (200,608,614)
14,837,835,113

21.1 Current portion of long term loan

Meridian Finance & Investment Ltd. 10,844,966

Phoenix Finance & Investment Ltd. 61,739,304
ODDO BHF AG Finance 128,024,344
200,608,614

21.a Long term loan

Meridian Finance & Investment Ltd. 10,844,966
Phoenix Finance & Investment Ltd. 197,016,088
Agrani Bank Ltd. -BMRE 3,390,309,725
Social Islami Bank Ltd 961,322,068
AL-Arafa Islami Bank Ltd. 1,808,489,624
ODDO BHF AG Finance 576,109,548
Rupali Bank Ltd. 632,343,453
SBLC-Cargill Financial Services International(CFSI) 2,065,177,550
9,641,613,022
Less: Current portion of long term loan (Note 21.a.1) (200,608,614)
9,441,004,408

21.a.1 Current portion long term loan

Meridian Finance & Investment Ltd. 10,844,966

Phoenix Finance & Investment Ltd. 61,739,304
ODDO BHF AG Finance 128,024,344
200,608,614

22 Lease obligation
Phoenix Finance & Investment Ltd. 29,909,698
Lease obligation (Office rent) 44,963,526
74,873,224
Current portion of lease obligation (22.1) (38,955,205)
35,918,019

22.1 Current portion of lease obligation

Phoenix Finance & Investment Ltd. 14,452,138
Lease obligation (Office rent) 24,503,067
38,955,205
22
 Amount in Taka
30 Sep 2020
23 Deferred tax liability

Opening balance 142,611,072

Adjustment for deferred tax expenses /(income) (Note-23.1) (680,592)
Adjustment for deferred tax on revaluation surplus (Note-23.2) 738,828
142,669,308

23.1 Adjustment during the year on deferred tax on PPE

Deferred tax liability on PPE (closing) 92,215,986
Deferred tax liability on PPE (opening) 92,896,578
Deferred tax expenses/(income) (680,592)

WDV as at 30.09.2020
Deferred tax liability
Particular Accounting
Tax Base as on 30.09.2020
Base

Written down value of property, plant and

3,424,630,245 3,793,494,188 (92,215,986)
equipment

23.2 Adjustment of deferred tax on revaluation Surplus

Deferred tax liability on revaluation surplus (Closing) (Note-23.2.1) 50,453,322
Deferred tax liability on revaluation surplus (Opening) 49,714,494
Deferred tax expenses/(income) 738,828

23.2.1 Adjustment of deferred tax on revaluation surplus

WDV as at 30.09.2020
Deferred Tax
Particulars Accounting Liability as on
Tax Base 30.09.2020
Base

Revaluation reserved on land & land

- (1,298,728,729) 38,961,862
development
Revaluation reserved
- (65,990,453) 9,898,568
factory & office building
Revaluation reserved plant & machinery - (19,601,026) 2,940,154
Revaluation reserve on marketable
- 13,472,620 (1,347,262)
securities
Total - (1,370,847,588) 50,453,322

24. Shot term loans

Cash credit (Hypo) Agrani Bank Ltd.,WASA Corp. Branch 357,947,310
LTR Agrani Bank Ltd.,WASA Corporate Branch 142,092,855
Loan against marketable securities 64,188,317
564,228,482

23
 Amount in Taka
30 Sep 2020
25 Trade and other payables
Goods suppliers & manufacturer 3,552,964,238
Other payable 320,712,317
Current account with inter companies (Note -25.1) 109,788,332
3,983,464,887

25.1 Current account with inter companies

Interior Accom Consortium Limited 33,157,000
Orion Capital Ltd. 18,420,000
Orion Power Rupsha Ltd. 58,211,332
109,788,332
These are unsecured and payable within one year.

25.a Trade and other payables

Goods suppliers & manufacturer 268,877,075
Other payables 320,712,317
589,589,391
26 Employee benefits

Employee welfare fund (Note -26.1) 7,727,434

Bangladesh workers welfare foundation (Note -26.2) 10,051,585
Workers profit participation fund (Note -26.3) 45,679,896
63,458,916

26.1 Employee welfare fund

Opening balance 6,567,966
Add: Addition for the year 1,159,468
7,727,434

26.2 Bangladesh workers welfare foundation

Opening balance 8,892,118
Add: Addition for the year 1,159,468
10,051,585

26.3 Workers profit participation fund

Opening balance 36,404,154
Add: Addition for the year 9,275,742
45,679,896
26.a Employee benefits
Employee welfare fund (Note -26.a.1) 4,341,115
Bangladesh workers welfare foundation (Note -26.a.2) 6,665,267
Workers profit participation fund (Note -26.a.3) 18,589,347
29,595,730

24
 Amount in Taka
30 Sep 2020
26.a.1 Employee welfare fund
Opening balance 3,854,428
Add: Addition for the year 486,687
4,341,115

26.a.2 Bangladesh workers welfare foundation

Opening balance 6,178,580
Add: Addition for the year 486,687
6,665,267

26.a.3 Workers profit participation fund

Opening balance 14,695,849
Add: Addition for the year 3,893,498
18,589,347

WPPF is charged @ 5% of net profit before tax as per labour law Act 2006 (Amended in 2018 ), whereas
80% is allocated to "Workers profit participation fund", 10% to "Employee welfare fund" and 10% to
"Bangladesh workers welfare foundation''.
27. Revenue from net sales
Local sales 540,025,788
Export sales 66,324,114
Revenue from power generation (Note-27.1) 2,322,653,538
2,929,003,440

27.1 Revenue from power generation

Reference rental price 661,533,600
Reference energy price (variable - O&M) 69,768,203
HFO received from OOSL 1,592,710,510
Foreign exchange gain /(loss) (1,358,775)
2,322,653,538

27.a Revenue from net sales

Local sales 540,025,788
Export sales 66,324,114
606,349,902

28 Financial expense
Agrani Bank Limited, Cash Credit ( H ) - 48. 7,982,695
Agrani Bank Limited, LTR 2,317,081
Phoenix Finance & Investments Ltd. 1,063,981
Meridian Finance & Investment Ltd. 472,788
Finance cost on lease obligation (Office rent) 1,117,255
Interest on Long Term Borrowing 46,207,161
Bank Charge ,commission & Fees 18,864,467
78,025,428

25
 Amount in Taka
30 Sep 2020
28a Financial expenses
Agrani Bank Limited, Cash Credit ( H ) - 48. 7,982,695
Agrani Bank Limited, LTR 2,317,081
Phoenix Finance & Investments Ltd. 1,000,776
Meridian Finance & Investment Ltd. 472,788
Finance cost on lease obligation (Office rent) 1,117,255
12,890,595

29. Current tax

Profit before tax 97,337,449
Add: Accounting depreciation 112,792,524
Less: Tax depreciation (100,373,704)
Taxable income 109,756,269
Income tax provision
30 Sep 2020
Particulars
Taxable Income Taxable Amount
25% income tax on taxable profit 99,109,248 24,777,312
Half of 25% Income tax on export net profit 10,647,021 1,330,878
20% income tax on dividend received - -
Total 109,756,269 26,108,190

30 Earnings per share (EPS)

The computation is given below:
Net profit after tax 191,093,070
Ordinary shares outstanding during the year 234,000,000
Earning per share 0.82

30a Earnings per share

The computation is given below:
Net profit after tax 73,991,952
Ordinary shares outstanding during the year 234,000,000
Earnings per share 0.32

31. Net Assets Value (NAV) Per Share

Total Assets 40,098,594,907
Total Liabilities 21,890,786,481
Net Assets 18,207,808,426
No of shares 234,000,000
Net Assets Value (NAV) Per Share 77.81

31a Net Assets Value (NAV) Per Share

Total Assets 23,825,464,100
Total Liabilities 11,331,356,089
Net Assets 12,494,108,011
No of shares 234,000,000
Net Assets Value (NAV) Per Share 53.39
26
 Amount in Taka
30 Sep 2020
32. Clause No. 5 (2) (e) of Notification No. BSEC/CMRRCD/2006-158/208/Admin/81, Dated: 20 June
2018: Reconciliation of Net operating cash flow under Indirect Method:
Particulars 30-Sep-20
Net profit before tax 231,893,558
Workers profit participation fund 11,594,677
Interest & other income (539,912)
Financial expenses 78,025,428
Depreciation 263,303,017
Increase/(Decrease) in inventory 56,190,273
Increase/(Decrease) in receivables (1,323,732,082)
Increase/(Decrease) in advance deposit & prepayments 10,983,036
Increase/(Decrease) in employee benefit (11,594,677)
Increase/(Decrease) in payable 936,496,937
Increase/(Decrease) in accrued expenses 97,086,458
Income taxes paid (6,903,290)
Foreign exchange gain/(loss) (1,358,775)
Net cash flow from operating Activities 341,444,648

32.1 Net operating cash flow per share 1.46

32.a Clause No. 5 (2) (e) of Notification No. BSEC/CMRRCD/2006-158/208/Admin/81, Dated: 20 June
2018: Reconciliation of Net operating cash flow under Indirect Method:
Particulars 30-Sep-20
Net profit before tax 97,337,449
Workers profit participation fund 4,866,872
Interest & other income (539,912)
Financial expenses 12,890,595
Depreciation 112,792,524
Increase/(Decrease) in inventory (26,521,062)
Increase/(Decrease) in receivables (21,891,795)
Increase/(Decrease) in advance, deposit & prepayments (50,340,698)
Increase/(Decrease) in employee benefit (4,866,872)
Increase/(Decrease) in payable (4,576,611)
Increase/(Decrease) in accrued expenses (2,739,510)
Income taxes paid (6,903,290)
Foreign Exchange Gain/(Loss)
Net cash flow from operating activities 109,507,689

32a.1 Net operating cash flow per share 0.47

Sd/- Sd/- Sd/- Sd/- Sd/-

Chairman Managing Director Director Chief Financial Officer Company Secretary

27