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Biman Bangladesh Airlines Limited

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Biman Bangladesh Airlines Limited Biman Bangladesh Airlines Limited Independent auditors' report along with audited consolidated and separate financial statements for the year ended June 2017 Syful Shamsul Alam & Co. ACNABIN Chartered Accountants V. Chartered Accountants Table of Content Particulars Independent auditors'report Statennentof Consolidated Financial Position Statement of Consolidated Profit or Loss and Other Comprehensive income Statement of Consolidated Cash Flows Statement of Consolidked Changes In Equity Statement of Financial Position ' Statement of Profit or Loss and Other Comprehensive Income Statement of Cash Flows Statement of Changes In Equity Notes to the Consolidated Financial Statements Annexure:A- Statement of Consolidated Profit or Loss and other Comprehensive Income Annexure:B- Details of Consolidated Total Assets AnnexureiC- Statement of Profit and Loss and Other Comprehensive Income Annexure:D- Details of Total Assets Annexure:E- Elimination statement of Debtors and CreditorszyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA .j^ Annexure:F- Details of Consolidated Equities & Liabilities Annexure:G- Details of Equities & Liabilities Annexure:H- Summary schedule of Property, Plant and Equipment Annexure:l- Summary schedule of Intangible Assets AnnexureJ- Summary schedule of non- current assets held for sale and discontinued operations Annexure;K- Summary Schedule of Property, Plant and Equipment (BPC) Annexure:L- Summary Schedule of Property, Plant and Equipment (BFCC) Annexure:M- Schedule Of Property, Plant and Equipment (Sabre) Annexure:N- Summary of Related Party Transactions Annexure:0- Summary schedule of Deferred Tax Annexure:P- Disclosure under section 186(6) of the Companies Act 1994 Syful Shamsul Alam & Co. ACNABIN Chartered Accountants . Chartered Accountants Independent Auditors' Report to the shareholders of Biman Bangladesh Airlines Limited Report on Financial Statements We have audited the accompanying consolidated financial statements of Biman Bangladesh Airlines Limited and its subsidiaries (the Group) as well as separate financial statements of Biman Bangladesh Airlines Limited (the Company) which comprise the consolidated and separate statements of financial position as at 30 June 2017 and consolidated and separate statements of profit or loss and other comprehensive income, consolidated and separate statements of changes in equity and consolidated and separate statements of cash flows for the year then ended and a summary of significant accounting policies and other explanatory information disclosed in notes- 1 to 34 of the financial statements. Management's Responsibility for the Financial Statements Management of the Company is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors' 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 (BSA). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about 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 auditors'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 Company'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 Qualified audit opinion. Syful Shamsul Alam & Co. ACNABIN Chartered Accountants . Chartered Accountants Basis for Qualified Opinion 1. As disclosed in the note # 7 of the financial statements, two Airbuses classified as Assets Held for Sale (Airbus 310- 300 S- 2 ADF 11- FS- OOl & S- 2 ADK ll- FS- 002) have been shown at their carrying amount (written down value) of Tk. 585,623,044. This is a non- compliance of para 15 of BFRS 5: Non- current Assets Held for Sale and Discontinued Operations which requires these Airbuses to be valued at the lower of carrying amount and fair value less costs to sell. As a result, the Assets Held for Sale have been overstated. 2. As disclosed in note # 19 to the financial statements, the Company has recognized deferred tax expense amounting Tk. 685,062,367. But, in the light of BAS 12: Taxation, deferred tax expenditure would amount to Tk. 2,485,620,536. Thus, profit for the year of the Company as well as of the Group have been overstated by Tk. 1,800,558,169 with a consequential overstatement of equity by the same amount. Qualified Opinion In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion paragraph, the financial statements present fairly. In all material respects, the financial positions of the Company and the Group as at 30 June 2017, and of its and Group's financial performances and cash r flows for the year then ended, and these financial statements have been drawn up in accordance with t the requirements of the Bangladesh Financial Reporting Standards as disclosed in note # 2.01. Emphasis of Matters Without further qualifying our opinion, we draw attention to the following matters: 1. As disclosed in note # 6 to the financial statements, the Company has shown the landing rights at a value of Tk. 5,072,851,401. This is the value of 41 routes estimated as of 23 July 2007, the date at which the Company was incorporated and take over took place. Currently 15 routes are operative and 26 routes are non- operative. No impairment test, as required by BAS 36: Impairment of Assets, has been conducted. This is a non- compliance of BAS 38: Intangible Assets, which requires the value of these routes to be shown at fair value by applying the required impairment test. 2. As disclosed in note # 8.1 to the financial statements, the year- end ledger balance of Stores and Spares amount to Tk. 5,337,907,189 against which there Is a provision for store obsolesce n =D{ Dhaka •- r Syful Shamsul Alam & Co. ACNABIN Chartered Accountants . Chartered Accountants amounting to Tl< . 2,636,818,173, resulting in a net amount ofTlc. 2,701,089,016 as Stores and Spares. Whereas, the physical inventory report of Stores and Spares shows an amount of Tk. 2,603,423,660 (General inventory Tk. 2,336,933,302 and Airbus inventory Tk. 266,490,358) as the year- end balance. A firm of Chartered Accountants has been reportedly appointed to reconcile the Inventory figures of the inventory ledgers with those in the general ledger. Further, as per Para 9 of BAS 2: Inventories, the inventory should be valued at lower of cost and Net Realizable Value (NRV) which has not been followed in this case resulting In the possibility of more amount of write- off directly. 3. As disclosed In thezyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA note # 9.1 of the financial statements, Biman has long outstanding receivables from different parties amounting to Tk. 588,973,329 (receivables being outstanding from 1970 to 2015) against which provision of Tk. 390,229,417 has been made previously, requiring additional provision of Tk. 198,743,912 to be made In the financial statements. This additional provision includes inter alia Tk. 143,796,060 receivable from GMG Airlines which fully closed its business in 2012 and Its menibership has been cancelled by lATA Clearing House with a declaration of non- receivable of such amount. 4. As disclosed In note # 17 (i) to the financial statements, the Company has a loan liability to the Government of People's Republic of Bangladesh amounting to Tk. 1,912,543,075 for three DC-10-30 aircrafts, but there is no written contract or agreement In this regard. 5. As disclosed In note # 18 to the financial statements, according to BAS 19: Employee Benefits, actuarial valuation Is required for the defined beneficiary scheme. The Company Is maintaining provision for Pension and Gratuity without actuarial valuation from 2011. Moreover, disclosure as per para 57 of BAS 19 was not given In the financial statements. 6. As disclosed In note # 20.1 (ii) to the financial statements, the Company has shown liability payable to Padma Oil Company Limited amounting to Tk. 11,526,470,851, whereas Padma Oil Company Limited claims an additional amount of Tk. 5,046,718,922 as Interest receivable due to delayed payments. The Company disagrees with the additional claim and shows the additional claim as a Contingent Liability in note # 34 to the financial statements. Moreover, no written agreement exists between Padma Oil Company Limited and Biman Bangladesh Airlines Limited for any transaction. 7. As disclosed In note # 20.1 (iv) to the financial statements, the Company has shown an amount of Tk. 6,892,193,460 as payable to Civil Aviation Authority of Bangladesh (CAAB). iii Syful Shamsul Alam & Co. ACNABIN Chartered Accountants Chartered Accountants However, we have not received any confirmation from CAAB about the balance of Rajshahi and Chittagong airports which totals Tk. 1,607,392,258 and included in the above amount. In addition, the Company disagrees on a portion of claim by CAAB amounting to Tk. 14,506,170,020. This is an amount of surcharge (claimed by CAAB) which has been disclosed inzyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA note # 34 to the financial statements as a contingent liability.
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