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Present Board of Directors.................................................................03

Important Information..........................................................................04

Process Flow Diagram and Products.................................................10

Company profile..................................................................................11

Notice of the Annual General Meeting................................................12

Report of Board of Directors...............................................................14

Actual Production, Sales, Profit & Loss A/C, of last 5 years...............20

Contribution on National Exchequer of last 5 years............................21

Value Addition and its Application for 2012-2013................................22

Auditor's Report to the Shareholders..................................................23

Statement of Financial Position..........................................................24

Statement of Comprehensive Income.................................................26

Cash-Flow Statement.........................................................................27

Statement of Changes in Equity.........................................................28

Notes to the Accounts........................................................................29

Ratio Analysis.....................................................................................55

Five years at a Glance.......................................................................56

C o n t e n t s

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Md. Rezaul Karim

BOARD OF DIRECTORS

COMPANY SECRETARY

Md. Khalilur Rahman Siddiqui Md. Imam Hossain Khizir Hayat Dr. Md. Amirul Momin

Md. Mazibur Rahman Khan Md. Saiful Islam Pirjada Torab Hossain Umma Kulsum

Md. Ataur Rahman, ndc

Chairman


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NATIONAL TUBES LIMITED131-142, Tongi Industrial Area

Tongi, Gazipur.

Managing Director : Dr. Md. Amirul Momin

Company Secretary : Md. Rezaul Karim

Chief Financial Officer : Sanjay Kumar Datta

Registered Office : BSEC Bhaban102, Kazi Nazrul Islam AvenueDhaka-1215.

Auditor : M/s. Khan Wahab Shafiq Rahman & Co.Chartered AccountantsRupali Bima Bhaban7, Rajuk Avenue(5thfloor)Motijheel, Dhaka-1000.

Tel. 9565136, 9551663Fax. 880-2-9551821

Bankers : - BASIC Bank LimitedMirpur Branch, Pallabi Dhaka-1221.- Dutch Bangla Bank Ltd.

Uttara Model Town Branch.- Agrani Bank, Uttara Branch, Dhaka.- Agrani Bank, Tongi Branch, Gazipur.- National Bank Ltd.

Dilkusha Commercial AreaDhaka-1000.

Share Office : National Tubes Ltd.131-142, Tongi Industrial Area

Tongi, Gazipur-1710.

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erti ied omp

Our Prstigious Achievement

API Spec Q1Registered

AMERICAN PE TROLEUM INSTITUTE

The American Petroleum Institute certifies that the quality management system of

has been assessed by the American Petroleum Institute and found to be in conformance

The scope of the registration and the approved quality management systems applies to the:

Manager of Operations, APIQR

with the following:

energy


Tongi, GazipurBangladesh


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NATIONAL TUBES LIMITED

32ndANNUAL GENERAL MEETING

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Members of the Board of Directors at the 32ndAnnual General Meeting held on December 22, 2012

Members of the Board of Directors and Shareholders at the 32ndAnnual General Meeting held on December 22, 2012

Members of the Board of Directors and Officers


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32ndANNUAL GENERAL MEETING

A partial View of the Shareholders Present at the 32ndAnnual General Meeting held on December 22, 2012

A partial View of National Tubes Limited

Shareholders registration Booth


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Sl.No. Description Size Wall Thickness(mm)

Sl.No. Description Size Wall Thickness(mm)

A) G.I. Pipe M.S. Pipe

1. /2" 2.00 7. 2- /2" 3.25

2. /4" 2.35 8. 3" 3.253. 1" 2.65 9. 4" 3.654. 1- /4" 2.65 10. 6" 4.855. 1-1/2" 2.906. 2" 2.90 C) A.P.I. Pipe7. 2- /2" 3.25 1. /4" 2.908. 3" 3.25

3/4" 3.90

9. 4" 3.65 2. 1" 3.4010. 6" 4.85 1" 4.5011. 8" 4.78 3. 2- /8" 3.9012. 8" 6.35 4. 3- /2" 4.00

3- /2" 5.50B) M.S. Pipe 5. 4-1/2" 4.80

1. 1/2" 2.00 4-1/2" 6.00

2. /4" 2.35 6. 6- /8" 5.603. 1" 2.65 6- /8" 7.104. 1-1/4" 2.65 7. 8-

5/8" 6.405. 1- /2" 2.90 8- /8" 7.006. 2" 2.90

PRODUCTS

PROCESS FLOW DIAGRAM


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National Tubes Limited was established in the private sector in 1964. It was nationalised and placedunder BSEC in 1972. The enterprise was transformed into a public limited company in 1989 by off-loading 49 percent shares to the general public. The company is now managed by a Board of Directors.

LOCATION:

COMPANY STRUCTURE:

The factory is situated on the Dhaka-Mymenshing highway on 14.31 acre land at 131-142 Tongi

Industrial Area-20 km north of the capital city. The total manpower is 309.

THE PL ANT:

Consists of 3 units. The first unit with 6000 metric tons per year welding capacity was established in

1964 and abandoned in 1993 due to exhaustion of its useful life. The second unit with product range-1/2 inch. to 4 inch. dia was established in 1980 has welding capacity of 9000 metric tons.

The third unit with product range-4 inch. to 8 inch. dia was established in 1982. The welding capacityof this unit is 30000 metric tons per year and the total WELDING capacity of both the operative unitsis 39000 metric tons per year.

PRODUCTS :

National Tubes produces two types of steel pipes:

1. GENERAL PURPOSE MS AND GI PIPES (1/2 inch. to 8 inch. dia) are produced according

to the British Standard BS-1387 and Bangladesh Standard BDS-1031:2006. Galvanizing isdone according to the British Standard BS-729 which is equivalent to DIN-2444 and IS-4736.THE GI PIPES ARE USED FOR WATER SUPPLY AND IRRIGATION.

2. THE API PIPES (3/4 API to 8-5/8 API) are produced under the license from American

Petroleum Institute (API). These pipes are produced strictly according to the requirements ofAPI Spec. Q1 & 5L which correspond to the Grade A-53B of the ASTM (American Societyfor Testing and Materials) specification. The Major Buyer of the Entire Quantity of API Pipesare Gas Transmission & Distribution Companies of Petrobangla- i.e. Titas Gas, BakhrabadGas, J alalabad Gas, Pashchimanchal Gas, Sundarban Gas and Karnafhuli Gas CompanyLimited. API Pipes are used for Transmission & Distribution of Natural Gas & Oil.

3. ISO 9001 : 2008 Certificate :NTL has acquired ISO 9001 : 2008 Certificate for its quality system for MS, GI and API LinePipes in 2004.

COMPANY PROFILE


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Condition

No.Title

Compliance status(put in the

appropriate column

Explanation fornon-compliance

with the condition

Complied

Not

complied3.00 Audit Committee3.1(i) Constitution of Committee Under process

3.1(ii) Constitution of Committee withBoard members including oneIndependent Director

Under process

3.1(iii) Filling of Casual Vacancy inCommittee

Linked to Condition

3.00

3.2(i) Chairman of the Committee Linked to Condition 3.00

3.2(ii) Professional Qualification andexperience of the Chairman of

the Committee

Linked to Condition3.00

3.3.1(i) Reporting of the activities of theAudit Committee

Linked to Condition

3.00

3.3.1(ii)(a) Reporting of Conflict of interestto the Board of Directors


3.3.1(ii)(b) Reporting of any fraud or irregularityto the Board of Directors

Linked to Condition 3.00

3.3.1(ii)(c) Reporting of violation of lawsto the Board of Directors


3.3.1(ii)(d) Reporting of any other matterto the Board of Directors


3.3.2 Reporting of Qualified pointto Commission


3.4 Reporting of activities to theShareholders and General Investors


4.0 External / Statutory Auditors4.00(i) Non-engagement in appraisal

or valuation4.00(ii) Non-engagement in designing

of Financial Information System4.00(iii) Non-engagement in Book-Keeping4.00(iv) Non-engagement in Broker-dealer

service4.00(v) Non-engagement in Actuarial Service4.00(vi) Non-engagement in Internal Audit4.00(vii) Non-engagement in other service

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ANNEXURE-II:

ANNEXURE-III:

The number of Board Meeting and the attendance of directors during the year 2012-2013were as follows:

Name of Directors Position Meeting Held Attended

Md. Ataur Rahman, ndc Chairman 10 10Md.Khalilur Rahman Siddiqui Director 10 10Md. Imam Hossain Director 10 10Khizir Hayat Director 10 10Dr. Md. Amirul Momin Managing Director 10 10Md.Mazibur Rahman Khan Director 10 8Md.Saiful Islam Director 10 4Pirjada Torab Hossain Director 10 10Umma Kulsum Director 10 4

Pattern of shareholding as on June 30, 2013.

PARTICULARS2012-2013 2011-2012

No ofshare

%No ofshare

%

Bangladesh Steel & Engineering Corporation(Group-A) 9,18,9180 51.00 9,18,9180 51.00Investment Corporation of Bangladesh(Group-B-1) 17,94,554 9.96 18,44,650 10.24Financial Institution (Group-B-1) 19,04,826 10.57 1,31,8928 7.32

General Public (Group B-1) 50,41,504 27.99 55,77,306 30.96Workers, Staff & Officers of the Company(Group B-2) 87,936 0.48 87,936 0.48Total: 1,80,18,000 100.00 1,80,18,000 100.00

Name of Directors Position Nos.of Share

holdingPercentage Remarks

Md. Ataur Rahman, ndc Chairman - -Md.Khalilur Rahman Siddiqui Director - -

Md. Imam Hossain Director - -Khizir Hayat Director - -Dr. Md. Amirul Momin Managing Director - -Md.Mazibur Rahman Khan Director 36,000 0.20%Md.Saiful Islam Director 36,036 0.20%Pirjada Torab Hossain Director 8,112 0.05%Umma Kulsum Director 42,672 0.24%


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AUDITOR'S REPORT TO THE SHAREHOLDERS

The Shareholders

National Tubes Limited

Tongi, Gazipur.

Dear Sirs,

We have audited the accompanying Statement of Financial Position of National Tubes Limited as on

30th June 2013 and the related Statement of Comprehensive Income and Statement of Cash-Flows

for the year ended. The preparation of these Financial Statements are the responsibility of the

Company's Management. Our responsibility is to express an independent opinion of these Financial

Statements based on our audit.

We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). These

standards require that we plan and perform the audit to obtain reasonable assurance about whetherthe Financial Statements are free of material misstatement. An audit includes examining on a test

basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also

includes assessing the accounting principles used and significant estimates made by Management, as

well as evaluating the overall Financial Statement Presentation. We believe that our audit provides a

reasonable basis for our opinion.

In our opinion, the Financial Statements prepared in accordance with Bangladesh Accounting

Standards, give a true and fair view of the state of the company's affairs as on 30th June, 2013 and

of the results of its operations and its Cash-Flows for the year then ended and comply with the

Companies Act 1994; the Securities and Exchange Rules 1987 and other applicable laws and

regulations.

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 re-quired by law have been kept by the company so

far as it appeared from our examination of these books;

c) The Company's Statement of Financial Position and Statement of Comprehensive Income dealt

with by the report are in agreement with the books of account; and

d) The expenditure incurred was for the purposes of the company's business.

Dated, Dhaka03-11-2013

Khan Wahab Shafique Rahman & Co.

Chartered Accountants


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STATEMENT OF FINANCIAL POSITION AS ON 30TH J UNE 2013

PROPERTY AND ASSETS NOTE

30-06-2013

TAKA

30-06-2012

TAKA

FIXED ASSETS: 3 532,04,16,371 534, 57,20,557

At Cost & Revalued price 566,00,19,867 566,00,19,867

Accumulated Depreciation (33,96,03,497) (31,42,99,310)

CURRENT ASSETS : 85,64,71,209 74,57,07,208

Inventories : 31,45,21,858 37,09,92,373

Raw Materials & Chemicals 4 1,29,88,772 7,84,95,490

Stores & spares 5 3,65,05,237 3,67,88,343

Work -in-process 6 2,06,34,000 2,18,86,710

Finished Goods 7 24,32,48,675 22,89,68,251

Stores-in-Transit 8 11,45,174 48,53,579

Trade Debtors 9 16,35,54,169 2,38,04,311

BSEC Current Accounts 10 14,01,521 10,49,099

Inter Project current Account 11 82,22,755 81,87,255

Current Account with Disinvested BSEC Mills 12 88,46,778 88.47,462

13 66,94,981 69,93,393

14 34,11,03,154 31,46,14,411Cash and Bank Balances 15 1,21,25,993 1,12,18,904

Total Taka : 617,68,87,579 609,14,27,765

Dated, Dhaka

03-11-2013



Advances, Deposits & Pre-paymentsAdvance Income tax payments


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PROPERTY AND ASSETS NOTE

30-06-2013

TAKA

30-06-2012

TAKA

FIXED ASSETS: 3 532,04,16,371 534, 57,20,557

At Cost & Revalued price 566,00,19,867 566,00,19,867

Accumulated Depreciation (33,96,03,497) (31,42,99,310)

CURRENT ASSETS : 85,64,71,209 74,57,07,208

Inventories : 31,45,21,858 37,09,92,373

Raw Materials & Chemicals 4 1,29,88,772 7,84,95,490

Stores & spares 5 3,65,05,237 3,67,88,343

Work -in-process 6 2,06,34,000 2,18,86,710

Finished Goods 7 24,32,48,675 22,89,68,251

Stores-in-Transit 8 11,45,174 48,53,579

Trade Debtors 9 16,35,54,169 2,38,04,311

BSEC Current Accounts 10 14,01,521 10,49,099

Inter Project current Account 11 82,22,755 81,87,255

Current Account with Disinvested BSEC Mills 12 88,46,778 88.47,462

13 66,94,981 69,93,393

14 34,11,03,154 31,46,14,411Cash and Bank Balances 15 1,21,25,993 1,12,18,904

Total Taka : 617,68,87,579 609,14,27,765

Dated, Dhaka

03-11-2013



Advances, Deposits & Pre-paymentsAdvance Income tax payments


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CAPITAL AND LIABILITIES NOTE

30-06-2013

TAKA

30-06-2012

TAKA

AUTHORISED CAPITAL: 100,00,00,000 100,00,00,000

(10,00,00,000 Ordinary Shares of Taka 10 each)

ISSUED, SUBSCRIBED AND PAID-UP CAPITAL 16 18,01,80,000 18,01,80,000CUMULATIVE PROFIT 17 16,27,51,743 14,57,30,826REVALUATION RESERVE OF FIXED ASSETS 18 5,27,42,82,605 529,75,11,498

LONG-TERM LOANS 19 6,32,28,876 6,52,28,876CURRENT LIABIL ITI ES: 49,64,44,355 40,27,76,565

Bank Loan 20 23,46,17,025 15,21,03,534

Leave pay & Gratuity 21 61,242 12,72,012

Inter Project-Current Account 22 2,35,387 1,83,987

Liabilities For Goods Supplied 23 - 6,881

Liabilities For Expenses 24 2,69,93,377 2,06,92,720

Liabilities For Other Finance 25 80,74,288 1,36,81,822

Deposits 26 35,88,282 34,97,032

Advance Against Sales 27 58,60,104 77,17,319

Unpaid Dividends 28 3,64,58,040 2,85,48,567

Workers Participation Fund 29 7,04,761 -

Workers Welfare Fund 29 1,76,190 -

Provision for Income Tax 30 17,96,75,659 17,50,72,689

Total Taka: 6,17,68,87,579 6,09,14,27,765

Dated, Dhaka

03-11-2013

Khan Wahab ShafiqueRahman & Co.




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Khan Wahab ShafiqueRahman & Co.Chartered Accountants

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30TH J UNE, 2013.

PARTICULARS NOTE

2012-2013TAKA

2011-2012TAKA

Net Sales 53,98,11,893 25,57,93,496

Gross Sales 31 62,20,51,325 29,43,01,251

Less: Value Added Tax (8,12,08,765) (3,85,07,754)

Dealer Commission (10,30,667) -

Less: Cost of Goods Sold 32 (43,75,16,514) (23,40,90,909)

Gross profit 10,22,95,379 2,17,02,587

Less: Operating Expenses (5,26,15,383) (5,08,62,612)

Salary and Perquisites of Managing Director 33 8,47,695 8,37,020

Administrative Expenses 34 4,47,70,598 4,50,43,270Selling Expenses 35 62,39,990 39,33,447

Legal Expenses - 60,000

Auditors Fees 36 55,000 55,000

Directors Fee 5,39,600 8,30,700

Committee Meeting Fee 1,62,500 1,03,175

Operating Profit 4,96,79,996 (2,91,60,025)

Financial Expenses 37 (3,25,86,419) (1,57,07,781)

Other Income 38 5,25,447 7,48,632

Net profit before WPPF 1,76,19,024 (4,41,19,174)

Less: Contribution to WPPF 8,80,951 -

Workers Profit Participation Fund 7,04,761 -Workers Welfare Fund 1,76,190 -

Net profit/(Loss) before Tax 1,67,38,073 (4,41,19,174)

Income Tax provision (46,02,970) (12,82,351)

Net profit /(Loss) after Ta x 1,21,35,103 (4,54,01,525)

Earning per Share 39 0.67 (2.52 )


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STATEMENT OF CASH-FLOW FOR THE YEAR 2012-2013.

PARTICULARS Note 2012 -2013

( TAK A )

2011 -2012

( TAKA )

1) CASH FLOW FROM OPERATING ACTIVITIES :

Cash receipt from customer 40.00 48,08,80,973 29,20,02,000

Cash paid to supplier, officers Employees & Workers 41.00 (41 ,00,94,919) (39,99,99,157)

Interest paid (3,25,86,419) (1,57,07,781)

Income Tax paid 42.00 (10,76,97,508) (2,20,06,880)

Net Cash From Operating Activities (A) : (6,94,97,873) (14,57,11,818)

2) CASH FLOW FROM INVESTING ACTIVITIES:Acquisitio n of Fixed Assets - -

Disposal of Fixed Assets - -

Interest receipt - -

Net Cash From Investing Activities (B): - -

3) CASH-FLOW FROM FINANCING ACTIVITIES:

Bank Loan 43.00 8,25,13,489 15,21,03,534

Installment paid on Long Term Loan 44.00 (20,00,000) (20,00,000)

Dividend Paid 45.00 (1,01 ,08,527 ) (20,00,000)

Net Cash from financing activities (C) 7,04,04,962 14,81,03,534Net Cash & Bank Balances during the year

(Decrease)/Increase (1+2+3)9,07,089 23,91,716

Cash & Bank Balances at the beginning of

the year

1,12,18,904 88,27,188

Cash & Bank Balances at the end of the year 1,21,25,993 1,12,18,904


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02.04 FIXED ASSETS:(a) Fixed Assets are stated on Statement of Financial Position at revalued price less

accumulated depreciation.

(b)

Revaluation :Fixed Assets & Liabilities was revaluated by Chartered Accounts Firm onon the basis of Statement of Financial Position as on 30thJune 2011 and revaluationwas taken into accounts after approval in 437thboard meeting held on 17-04-2012.

(c) Depreciation Principles :

Depreciation on Fixed Assets is charged on reducing balance method at the following rates.

ASSETS DEPRECIATION RATE

Furniture and Fixtures 10%

Plant & Machinery, Road & Culverts , OfficeEquipments, Electric Installation and Arms 15%

Building, Vehicles and Pipe yard 20%

02.05 EMPLOYEES LEAVE PAY AND GRATUITY FUND :

Opening liability to NTL Employees Leave Pay & Gratuity Fund was Tk.12,72,012. Duringthe year Tk.1,34,96,311has been provided in the Accounts and Tk. 1,47,07,081hasbeen transferred to the Fund. As a result, Fund liability stands at Tk. 61,242 payable tothe Fund upto 30-06-2013.

02.06 PROVISION FOR EXPENSES :

Recurring expenses are provided on estimate if the bills are not received and are adjustedsubsequently payments are made as per actual bills.

02.07 OVERHEAD EXPENSES:Overhead expenses are accounted to factory and administrative expenses on the basisof actual cost.

02.08 Figures in the accounts have been rounded off to the nearest taka.

02.09 Last years figures have been rearranged, wherever considered necessary to conform tocurrent years presentation.

03.00 FIXED ASSSETS : TK .5,32,04,16,371(a) The above represents written down value of fixed assets as on 30-06-2013. It is made

up as follws :Cost (including revaluation) 566,00,19,867Less : Accumulated Depreciation (33,96,03,497)Balance as on 01-07-2012 31,42,99,310For the year 2,53,04,187Written down value as on 30-06-2013 5,32,04,16,371


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(b) Following Fixed Assets & Liabilities had been revaluted on the basis of statement offinancial position as on 30thJune 2011. As per revaluation report showing Assets as wellas Liabilities had been taken into accounts as on 30thJune 2012.

PARTICULARS

Total Price Afterrevaluation

Actual Priceas on 30-06-2011 Revaluation Reserve

Land & Land Development 519,35,27,258 3,46,88,000 515,88,39,258Building 6,03,15,777 8,86,500 5,94,29,277Plant & Machinery 10,64,87,695 72,65,906 9,92,21,789Vehicles 36,75,000 16,31,386 20,43,614Furniture & Fixtures 18,76,440 11,90,685 6,85,755Office Equipments 7,03,731 6,50,511 53,220Electrical Installation 80,84,815 41,03,287 39,81,528Road & Culvert 15,61,267 2,56,924 13,04,343Total Value of Assets: 537,62,31,983 5,06,73,199 532,55,58,784

Current Assets :

Adamjee Jute Mills Current Assets - 63,59,268 (63,59,268)Store in transit 2,64,489 50,63,706 (47,99,217)Advance Deposit & pre-payment 1,16,28,964 567,63,828 (451,34,864)

Total Current Assets adjustment 1,18,93,453 681,86,802 (562,93,349)

Current Liabilities :

Advance Against Sales 81,83,005 93,73,709 11,90,704Liabilities for Goods supplied - 41,899 41,899

Total Current liabilities adjustment 81,83,005 94,15,608 12,32,603Grand Total Taka. 537,99,42,431 10,94,44,393 527,04,98,038

(c)

(d) Details of fixed assets, accumulated depreciation and written down value of each groupof assets have been shown inSchedule-A.

(e) Deprecition on cost (including revaluation) has been charged following the reducing

balance method which has been shown inSchedule-A.

Total area of National Tubes Ltd. occupies 14.31 acres, which has been divided in to12 plots ranging from 131-142 at Tongi Industrial Area. After liberation of Bangladesh,National Tubes had been nationalised. The land had been recorded in R.S records

in the name of National Tubes accordingly Land revenue receipts as well as and itsParcha was issued in the name of National Tubes by the Tahashil Office.


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Note-04.00: RAW MATERIALS AND CHEMICALS: TK. 1,29,88,772

PARTICULARS30-06-2013 30-06-2012

WEIGHT

(M.TON)

TAKA WEIGHT

(M.TON)

TAKA

Steel strips(API Grade) 43 30,71,032 287 2,03,90,154Steel strips(A Class) - - 636 4,01,43,924Zinc Ingot - - 37 80,28,365Chemicals 3 1,18,610 7 1,33,917Zinc Ingot (Deptt.Stocks) 126 97,11,631 126 97,11,631Lead Ingot (Deptt.Stocks) 3 87,499 3 87,499Total: 175 1,29,88,772 1096 7,84,95,490

(a) Mode of valuation has been referred in Note 02.03

(b) Physical verification has been carried out at the end of the year by inventory committee formedby management. Quantity and valuation of the raw materials has been taken into accounts as perinventory valuation.

NOTE-05.00: STORES AND SPARES: TK. 3,65,05,237

PARTICULARS30-06-2013

TAKA

30-06-2012

TAKA

Construction Materials 1,00,260 1,03,283Iron, Steel & other Metal 4,15,177 4,15,857Refractory 7,30,858 82,709Fuel and Lubricants 3,71,120 3,87,656Paint and Varnish 19,843 8,514General Iron Materials 47,454 37,450Loose Tools 11,98,632 14,56,223Household Equipments 60,202 61,499Furniture 3,000 3,000Ropes and Chains 4,36,759 3,90,600Binding, Gasket and similar Other Materials 32,568 32,568Equipments 6,810 6,959Laboratory Equipments 1,01,431 1,05,910Stationery 45,000 1,00,000Mechanical Spare Parts 188,01,601 1,81,47,845Electrical Spare Parts 139,71,974 1,22,34,266

Socket and Fittings 90,282 1,00,486Miscellanies 72,266 31,13,518

Total Taka: 365,05,237 3,67,88,343

(a)

Mode of valuation has been referred in Note 02.03

(b)

Physical verification has been carried out at the end of the year by inventory committee formedby management. Quantity and valuation of the stores and spares has been taken into accounts

as per inventory valuation.

This is made up as follows:



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Note-06.00: WORK-IN-PROCESS: TK. 2,06,34,000

PARTICULRAS30-06-2013 30-06-2012

WEIGHT(M.TON)

TAKA WEIGHT(M.TON)

TAKA

G.I.Pipe 143 25,74,000 144 25,90,740M.S.Pipe 612 91,80,000 707 1,06,05,000

A.P.I.Pipe 592 88,80,000 579 86,90,970

Total: 1347 2,06,34,000 1430 2,18,86,710

(a) Mode of valuation has been




referred in Note 02.03

(b) Quantity and valuation of the has been taken into accounts as per inventory valuation.

Note-07.00: FINISHED GOODS: TK. 24,32,48,675

PARTICULARS30-06-2013 30-06-2012

WEIGHT(M.TON) TAKA

WEIGHT(M.TON) TAKA

Pipe : 3,619 23,35,11,325 3,433 22,00,82,798G.I.Pipe 73 60,58,815 124 1,02,91,686M.S.Pipe 590 3,77,21,650 276 1,75,91,452API Pipe 2,956 18,97,30,860 3,033 19,21,99,660

By-Product 287 97,37,350 228 88,85,453Total: 3,906 24,32,48,675 3,661 22,89,68,251

(a) Mode of valuation has been referred in Note 02.03

(b) Quantity and valuation of the has been taken into accounts as per inventory valuation.

Note-08.00: STORES-IN-TRANSIT: TK . 11,45,173

Sl.No. CONTRACT NO DATE PARTICULARS TAKA

01 CT- 04 13-03-2013 Spare Parts 11,45,174


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TK. 16,35,54,169




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Less: Provision for Bad Debts 2,90,805 (2,90,805)

Deposits:

Security Advances 12,47,315 10,47,315

Pre-Payments

Value Added Tax 32,13,960 42,38,367

Total Taka : 66,94,981 69,93,393

(a)

Included in above sum of Taka 4,93,329 recoverable from 7(seven) employees hasbeen carried into the accounts over year after year without any recovery.




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17,96,75,659 whichhave been shown as "provision for tax" under current tax liability.


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Add: Current years profit/(Loss)



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Prior Year's Income/Expense

Adjustment of workers wages

Current years Depreciation


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-

-

-

-

-

-

-

-

-

-

-


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Note-24.02: L IABIL ITIES FOR MISCELLANEOUS EXP. : TK. 8,662,706


TAK A

30-06-2012

TAKA

Conveyance and Traveling Allowances 45,767 12,530Entertainment 20,000 3,539Newspaper 3,420 -Vehicles Rent 1,32,628 53,706

Contract Labour 1,82,340 1,37,549Insurance 19,798 4,010Car Repair 66,233 27,074Gratuity Fund Audit Fee 80,000 29,000BSEC Office Expenses 81,00,000 45,00,000Revenue Stamp 12,520 4,725Total Taka: 86,62,706 47,72,133

Note-25.00: L IABIL ITIES FOR OTHER FINANCE: TK . 80,74,288


TAK A

30-06-2012

TAKACredit Balance Against Misc.Advances 5,808 20,099Contractors/Suppliers Advance - -Advance against Expenses 4,152 3,049Advance against purchase - -Advance against TA/DA 1,656 17,050

Jamuna Development Surcharge - 8,75,000Excise Duty & Development Surcharge 78,20,000 1,21,80,000Income Tax from Suppliers 43,276 -VAT from Suppliers 1,81,960 1,45,734Income Tax (Dealer) 2,130 4,00,129

Refund Warrant - 60,600Store Clearing Accounts 17,952 260Trade Union subscription 2,410 -

Welfare Fund 752 -

Total Taka: 80,74,288 1,36,81,822

Note-26.00: SECURITY DEPOSIT FOR DEALER AND CUSTOMERS : TK . 3,588,282


TAK A

30-06-2012

TAKA

Dealers Deposits 27,57,468 26,57,468Suppliers/Contractors Deposits 8,30,814 8,39,564

35,88,282 34,97,032

List/ Schedule in above deposit has been provided to us and verified into respectivesubsidiary ledgers. Individual balance were found in order.

Total Taka:


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Note-27.00: ADVANCE AGAINST SALE : TK. 58,60,104

(a) We are provided with a schedule of advance against sales containing advances receivedfrom various coustomers against sales. Details are as under:

(In taka)

Dealers 11,41,016Institutes 47,06,817

Individuals 12,270

58,60,103

We have verified with individual accounts appearing in subsidiary ledger and balance ofeach account was found in order.

(b) These advances are usually adjusted after delivery of goods.

Note-28.00: DIVIDENDS PAYABLE : TK. 3,64,58,040

30-06-2013TAKA

30-06-2012TAKA

Opening Balance as on 01-07-2012 28548,567 3,08,92,252Add: Appropriation for dividend for 2011-12 18018,000

46,566,567 3,08,92,252

Less: Paid during the year (1,01,08,527) 23,43,685

Closing Balance as on 30-06-2013 3,64,58,040 2,85,48,567

Break-up are as under:

Sl.No.

PARTICULARS30-06-2013TAKA

30-06-2012TAKA

1. Un-paid Dividend of B.S.E.C 3,03,23,190 2,29,71,8462. Un-paid Dividend of General Public 61,34,850 55,76,721

Total Taka: 3,64,58,040 2,85,48,567

Note-29.00: WPPF AND WELFARE FUND : TK. 880,951

This represents provision on net profit of Tk.1,76,19,025 @ 5% for 2012-2013 whichhas been distributed in the ratio of 80:20 as under:

(In taka)Workers profit participation fund 7,04,761Workers welfare fund 1,76,190

8,80,951

Movement of dividend payable is as under:

Amount

Amount


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Note-32.03 : FACTORY OVERHEAD: TK. 1,49,22,590

PARTICULARS2012-2013

TAK A

2011-2012

TAKA

Repairs & Maintenance 2,92,680 94,141

Insurance Premium (Factory) 71,212 75,287

Daily wages base labour 22,99,558 16,57,999Consumable Goods 82,87,516 29,43,053

Fuel & Oil 5,40,415 6,71,253

Entertainment Expenses 13,143 17,281

Medical Expenses 1,01,991 73,835

Training 19,000 61,380

Nutrition Expenses 3,65,130 3,54,307

Uniform 11,53,608 12,64,462

Cleaning 5,000 12,473

Stationery & Printing29,134 15,627

Postage, Telegram & Telephone 8,717 6,162

Carrying and forwarding 64,596 53,172

Rent, Rates & Tax 1,78,875 1,78,875

License Fee 3,500 40,176

Group Insurance 4,74,749 3,71,713

Recharge & Development 25,000 70,860

Conveyance & Travelling Expenses 48,474 79,273

API License and ISO (9001 certification) Fee 8,82,602 10,21,346

Worker compensation- 8,750

Customs Expenses 57,250 -

Total Taka: 1,49,22,590 90,71,425

Note-33.00 : MANAGI NG DI RECTORS SAL ARY & OTHER ALLOWANCES : TK . 8,47,695


TAK A

2011-2012

TAKA

Salaries & Other Allowances 5,66,015 6,20,000

Bonus 1,33,600 70,000

Providend Fund 40,080 42,000

Gratuity & Leave Encashment 1,08,000 1,05,020

Total Taka: 8,47,695 8,37,020


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Note-34.00 : ADMINISTRATIVE EXPENSES: TK. 4,47,70,598


TAKA

2011-2012

TAKA

Salaries & Other Allowances(Note 34.01) 2,79,37,491 2,86,52,204

Overtime Allowance 13,36,959 12,58,674

Uniform 2,60,215 2,75,372Entertainment 7,74,810 6,52,382

Recreation & Sports 6,49,957 8,67,970

Postage, Telegram & Telephone 3,27,813 2,40,693

Gas 2,36,944 2,24,262

Training 18,893 50,300

Rent & Rates 8,45,543 6,71,869

Oil & Fuel (Vehicle) 16,47,159 16,24,97 8Stationery & Printing 4,35,634 3,70,058

Papers & Periodicals 29,892 32,532

Conveyance Traveling Exp. 4,81,816 3,49,334

Advertisement 1,72,655 1,96,610Cleaning 64,554 97,550

Group & Other Insurance 8,89,162 7,48,974

Depreciation 8,46,606 5,42,923

Repairs & Maintenance 5,29,432 4,47,970

BSEC Office Management Expenses 54,00,000 54,00,000

Expenses of A.G.M. 10,00,000 10,00,000

Gratuity Audit Fee 25,000 95,000

Honorarium Allowances 2,15,521 1,56,772

Subscription & Donation 20,000 20,000

Merit Scholarship 3,01,800 4,05,600

Salary Income Tax - 4,01,235

Trade License Fee & Vehicle Tax 80,972 1,22,200

CDBL Expenses & Dhaka Stock Exchange Fee 2,41,770 1,37,808

Total Taka: 4,47,70,598 4,50,43,270

Note-34.01 : SALARIES AND OTHER ALLOWANCES : TK. 2,79,37,491


TAKA

2011-2012

TAKA

Salaries & Allowances 1,84,78 ,283 215,22,050

Bonus 38,31,595 24,87,105

Provident Fund 10,77,340 11,20,426

Gratuity and Leave Encashment 45,50,273 35,22,623

Total Taka: 2,79,37,491 2,86,52,204


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Note-35.00 : SELLING EXPENSES : TK . 62,39,990

PARTICULARS

2012-2013

TAKA

2011-2012

TAKA

Salaries & Other Allowances(Note-35.01) 39,24,615 29,92,572

Overtime Allowance 21,378 30,911

Transportation Charges 14,51,804 1,86,730

Advertisement 1,90,665 2,76,696

Entertainment Expenses 1,59,462 98,367

Traveling & Conveyance 76,926 84,113

Diary & Calendar 2,06,250 -

Sales & Development Exp. 2,08,890 2,64,058

Total Taka: 62,39,990 39,33,447

Note-35.01 : SALARIES AND OTHER ALLOWANCES: TK . 39,24,615

PARTICULARS

2012-2013

TAKA

2011-2012

TAKA

Salaries & Other Allowances 27,37,740 22,97,711Bonus 6,12,674 2,04,945

Provident Fund 1,71,311 1,39,994

Gratuity & Leave Encashment 4,02,890 3,49,922

Total Taka: 39,24,615 29,92,572

Note-36.00 : AUDIT FEES : TK. 55,000

PARTICULARS

2012-2013

TAKA

2011-2012

TAKA

External Audit Fees 55,000 55,000

Total Taka: 55,000 55,000

Note-37.00: FINANCIAL EXPENSES : TK. 3,25,86,419

PARTICULARS

2012-2013

TAKA

2011-2012

TAKA

Interest on Bank Loan 3,23,40,762 1,53,22,428

Bank Charges 2,45,657 3,85,353

Total Taka: 3,25,86,419 1,57,07,781

Note-38.00: OTHER INCOME : TK. 5,25,446

PARTICULARS

2012-2013

TAKA

2011-2012

TAKA

Renewal Fees of Dealership 17,800 18,000

Sale of Tender Forms 58,200 2,69,696

Seat Rent of Bachelor Quarter 3,67,981 4,14,761

Deduction of Vehicle Rent 78,465 19,112

Others 3,000 27,063

Total Taka: 5,25,446 7,48,632


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Note-39.00: EARNING PER SHARE:

PARTICULARS 2012-2013TAKA

2011-2012TAKA

Net Profit/(Loss) after Tax 1,21,35,103 (4,54,01,525)No. of Share 1,80,18,000 1,80,18,000

Earning per Share 0.67 (2.52)

Note-40.00: COLLECTION FOR SALES & DEBTORS: TK. 48,08,80,973

Gross Sales 62,20,51,325Misc. Sales/Income 5,25,547Trade debtors :Increase (13,97,49,858)Advance against Sale: Decrease (18,57,215)Advance & Deposits : Decrease 2,98,412BSEC C/A Increase (3,52,422)Inter Project Accounts: Increase (35,500)Disinvested Accounts: Decrease 684

48,08,80,973

Note-41.00: CASH FLOWS FROM OPERATING ACTIVITIES: TK . 41,00,94,919

Amount(In Taka)

Material in transit Increase

27,40,89,240RawMaterial Purchase(Note-41.01)42,96,034Consumable Goods Purchased(Note-41.02)

9,20,08,905Wages, Salaries & Allowances(Note-41.03)69,97,647Electricity & Gas Bill paid (Note-41.04)

3,04,85,218Overheads :66,35,145Factory overheads (except consumable goods)

2,24,94,327Administrative & Selling overheads (operating exp)(Net of salaries OT & Depreciation) 10,30,667Commission on Sale

3,25,079Prior years adjustment : Debit22,17,875Change in Creditors Accounts: Decrease12,10,770

Liabilities for goods : decreaseProvision for Leave pay & Gratuity: Decrease

6,881Liabilities for Expenses: Increase(Except Electricity &Gas bill payable and Salaris & Wages payable) (44,64,660)

LiabilitiesforOther Finance: Decrease 56,07,534

Inter Project Accounts : Increase (51,400)Deposits Accounts : Increase (91,250)

41,00,94,919

This amount is made up as follows:

Amount (In Taka)


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Note-41.01: Raw Materials Purchased: TK. 27,40,89,240

Amount (In Taka)Raw Materials Consumed 33,95,95,958Add: Closing stock of Raw Materials & chemicals 1,29,88,772

35,25,84,730Less: Opening stock of Raw Materials (7,84,95,490)

27,40,89,240

Note-41.02: Consumable Goods Purchased: TK. 42,96,034

Amount (In Taka)Consumable goods used 82,87,516Add: Closing stock : stores & spares 3,65,05,237Add: Closing stock in transit 11,45,173

4,59,37,926Less: Opening stock : Store & Spares (3,67,88,343)Less: Opening stock in transit (48,53,579)

42,96,034

Note-41.03: Wages & Salaries and Allowances: TK. 9,20,08,905

Amount (In Taka)Wages & Salaries and Allowances(Factory) 6,38,97,706Salaries & Allowances (Office) 2,92,74,450Sub Total 9,31,42,156Change in liabilities for expenses: Salaries & wages payable(Increase)

(11,33,251)

Opening Salaries & wages payable 90,83,582Closing Salaries & Wages payable (1,02,16,833)

9,20,08,905

Note-41.04: Payment for Electricity and Gas: TK. 69,97,647

Electricity & Gas Expenses 6,38,97,706Change in liabilities for expenses: Electricity & Gas payable(Increase)

(7,02,746)

Opening Electricity & Gas payable 5,46,644Closing Electricity & Gas Expenses payable (12,49,390)

69,97,647

Amount (In Taka)


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Note-42.00: INCOME TAX & VAT PAID: TK. 10,76,97,508

Amount (In Taka)VAT payable on Sale (as per Income statement) 8,12,08,765Advance Income Tax : Increase 2,64,88,743

10,76,97,508

Note-43.00: LOAN RECEIVED: TK. 82,513,489

Amount (In Taka)Bank Loan : Increase 8,25,13,489

8,25,13,489

Note-44.00: LOAN REPAID: TK. 20,00,000

Amount (In Taka)Long Terms loan repaid (Note-19.02) 20,00,000

20,00,000

Note-45.00: Dividend Paid: TK. 1,01,08,527

Amount (In Taka)Dividend : 2011-2012 1,80,18,000Unpaid dividend: Increase (79,09,473)Closing Balance 3,64,58,040Opening Balance (2,85,48,567)

1,01,08,527

Note-46.00: PRODUCTION CAPACITY :

Note47.00: NOS. OF OFFICERS, STAFF & WORKERS INCLUDING SALARIES & WAGES:

Sl.No.

Particulars Nos.Above Salaries & Wages(Taka in lac)

Nos.below Wages(Taka in lac)

Total Manpoweras on 30-6-2012

1. Officers 62 322.92 - - 622. Staff 92 332.62 - - 923. Workers 155 324.53 - - 155

Total: 309 980.07 - - 309

The Installed Capacity of 3(Three) Units of the Mill was 45,000 M.Ton. But due todeclaration the 1st Unit as abandoned, the Installed capacity stood at 39,000 M.ton of whichattainable capacity is 10,000 M.Ton. Actual Production during the year is 5139 M.T. asagainst the target of 6,500 M.Ton. Which equivalent production is 6122 M.Ton.

The details of number of Officers, Staff & Workers receiving annual Basic Salaries &Wages exceeding and below Taka 36,000 are given as follows:-

This is made up as under:




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Note 48.00 : PERQUISITES TO DIRECTORS & OFFICERS(Manager & Above) :


TAKA IN LAC2011-2012

TAKA IN LAC

Board Meeting Attendance Fees 5.39 8.30Managing Directors Salary & Allowances(Note-33) 8.48 8.37Managerial Remuneration (Salaries & Allowances) 185.00 188.00

Companys Contribution to Providend Fund 13.70 14.60Bonus 98.50 51.02Gratuity 41.00 39.50Total Taka: 352.07 309.79

Note-49.00 : USE OF CREDIT FACILITIES :

All credit facilities are used with bank loan.

Note-50.00 : CLAIM AGAINST COMPANY :There is no claim against the company which has not been acknowledged as debt.

Note-51.00 :STATUS OF CAPITAL EXPENDITURE:There is no capital expenditure commitment which has not been provided.

Note-52.00 : EXPENSE OF FOREIGN CURRENCY .

US Dollars 10721 equivalent to Tk.8,46,960 was spent during the year for the payment ofAPI License Fee, APIQR Audit Fee & ISO & APIQ-1 Registration fee of the companyrespectively. Excepting the above, no other foreign currency was spent for Technical Fee,Professional Advisory Fee, Interest, etc.

Note-53.00: EXPENSE OF FOREIGN CURRENCY FOR IMPORTED MATERIALS :

Particulars ofMaterials

Quantity of Materials C&F PriceForeign Currency

Local Currency(Taka)

M.Ton Piece K.G U.S.Dollar J apani Yen Uro

(a) Steel Strips 4,506 - - 30,64,080 - - 24,35,94,360(b) Zinc Ingot - - - - - - -

Total : 4,506 - - 30,64,080 - - 24,35,94,360

No other foreign currency was spent excepting the above amount.

Note-54.00: DIVIDEND IN FOREIGN CURRENCY :The company has seven (7) non-resident shareholders but no Dividend was paid in

foreign exchange.

Note-55.00 : FOREIGN CURRENCY EARNI NG :The company has not earned any foreign currency on account of export on the basis ofF.O.B., Royalty, Technology, technique Professional and Advisory Fees, Interest,Dividend and other Income.


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Note-56.00: DISCOUNT:

Without traditional rules there is no amount of brokerage or discount other thanconventional trade discount on sales.

Note-57.00: CONTRIBUTION TO NATIONAL EXCHEQUER :

PARTICULARS TAK A (In Lac)Import duty 122.93Value Added Tax 812.09Income Tax 264.89Total Taka: 1199.91

Note-58.00: WORK ERS PROFIT PARTICI PATION & WELFARE FUND :

Note-59.00: CONTI NGENT L IABILITY:

There are no contingent liabilities to the company except some negligible letter ofcredits in the ordinary course of business.

Note-60.00: SUBSEQUENT EVENTS AFTER THE FINANCIAL STATEMENTS DATE:

There is no major change of companys business policy after 30thJune, 2013 upto theAuditing Period.

Note-61.00: PROPOSED CASH DIVI DEND :

The Board of Directors in its 454th Board Meeting recommended Cash Dividend @10%on Paid-up Capital of 18.02 crore (each share of Tk.10.00 fully paid-up) shares out of thecumulative profit up to 30-06-2013. Thus the total amount for cash dividend stand atTk.1,80,18,000.00(One crore eighty lac eighteen thousand) only subject to approval ofthe shareholders. Last year dividend was @ 10% Cash Dividend.

Contribution to workers profit participation fund & well fare fund has been calculated

@ 5% on the Net profit of Tk.1,76,19,025 and distributed on the basis of 80:20 ratio

which comes to Tk.7,04,761 & Tk.1,76,190 respectively after publication in theBangladesh Gazette on 11 October, 2006.


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NATIONALTUBES

LIMITED

S

cheduleofIncomeTaxpaymen

t,provisionforIncomeTaxand

DemandofIncomeTax.

Schedule-B


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Gross Profit 1022.95Sales 5398.12

(Current Assets-Stock of Goods) 5410.49Current Liabilities 4964.93

Use of Raw Materials 3395.96Average Stock of Raw Materials 457.42

Debtors 1635.54Sales 5398.12

Current Assets 8555.71Current Liabilities 4964.93

Sales 5398.12Average Stock of Finished Goods 2361.08

Net Profit After Tax 121.35Sales 5398.12

Loans 632.29Capital 1801.80

Net Profit After Tax 1,21,35,103Nos. of Shares 1,80,18,000

Net assets 561,72,14,348Total number ofShares 1,80,18,000

Net operating cash flow (6,94,97,873)Total number of shares 1,80,18,000

Annexture -1

(Taka in Lac)

(a) LIQUIDITY RATIO :

1.00 Current Ratio = = =1.72 : 1

2.00 Acid Test Ratio = = =1.09 : 1

3.00 Ratio of Loans of Capital = = =0.35 : 1

(b) ACTIVITY RATIO :

1.00 Ratio of Stocks to Sales = = =2.29: 1

How many months are in stock of Finished Goods = =5.24 Months

2.00 Ratio of Raw Materials used to

Average Stock Raw-Materials = = =7.42 : 1

How many months are in stock of Raw Materials = =1.62Months

3.00 Ratio of Debtors to Sales = = =0.30 : 1

4.00 Rate of Gross Profit = 100 = 100

=18.95%

5.00 Rate of Net Profit After Tax = 100 = 100=2.25%

6.00 Earning per Share = = =Tk.0.67

7.00 Net asset value per share = = =Tk.311.75

8.00 Net Operating cash flow per share= = =Tk. (3.86)

122.29

12

7.42

RATIO ANALYSIS


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Five Years at a Glance

SL .No.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

Particulars

Authorised Capital

Paid-up Capital

Retained Earnings

Shareholders Equity

Total Assets

Fixed Assets(W.D.V.)

Long-term Liabilities

Gross Sales

Total Expenses

Operating Profit/(Loss)

Net Profit/(Loss) before Tax

Net Profit/(Loss) After Tax

Number of Shares

Book Value per Share(Taka)

Earning per Share

Cash Dividend

Bonus Share

Number of Employees

Number of Shareholders

Net asset value per share

2008-09

2500.00

1365.00

2839.59

4341.09

8785.58

535.88

805.13

9895.00

8716.56

1348.74

1178.44

854.37

1083274

100.00

78.87

30.00%

10.00%

340

3642

348.03

2009-10

2500.00

1501.50

2970.82

4472.32

8964.97

511.36

702.29

5954.85

5252.67

656.14

702.18

509.08

1425958

100.00

35.70

25.00%

-

324.00

5029.00

322.85

2010-11

10000.00

1501.50

2540.52

4342.32

9191.84

506.74

672.29

3808.03

3897.91

(195.18)

(89.87)

(107.36)

1501500

100.00

(7.16)

-

20%

328

5526

289.00

2011-12

10000.00

1801.80

1457.31

56234.22

60914.27

5345.72

652.29

2943.01

3234.61

(291.60)

(441.19)

(454.01)

18018000

10.00

(2.52)

10.00%

-

316

5327

312.10

2012-13

10000.00

1801.80

1627.52

56172.14

61768.87

5320.42

632.29

6220.51

5723.71

496.80

167.38

121.35

18018000

10.00

0.67

10.00%

-

309

5706

311.75


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NATIONAL TUBES LIMITED131-142, Tongi Industrial Area, Tongi, Gazipur

Phone No: 9802303, 9812782, PABX: 9801123, 9801225Fax No. 88-02-9802756, Website: www.ntl.gov.bd

E-mail : [email protected]

ANNUAL REPORT 2012-2013

APILicenseed

ISO 9001: 200

CertifiedCompa


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Anualreport.12.13 National Tubes