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"n'""'G*i't in ii1,iila;-,*;a;;i;;;:'-.-"-.ff;;;;;;;l;a;i"k"Th;;;;;i;;;;;;A-r;,"4i;-.;;; the ProsPectus and risk factors carefully, assess their own financial conditions and risk taking ability before making their investment decisions." L
'{k rNrTrAL PUBLTC OFFERTNG (IpO) OF 16,000,000 ORDTNARY SHARES OF TK. 10.00 (TEN) EACH AT pAR TOTALING TK. 160000,000 Issue Date of Prospectus rI Opening Date of Subscription E rI Closing Date of Subscription rI Draft Prospectus of Sena kalyan lnsurance Company Ltd. ri,F{r F61l161 E;{rfr--{ [6.]Eqitr Srffis Your Trusted Risk Manager SKS Tower (12th Floor), 7, VIP Road, Mohakhali Dhaka-l206, Bangladesh AAA F I TUANCE& * I uvrsrmENT LTD. 9 A i T N I R S H I P O F I B U ST C{ Amin Court, 4th Floor (Suite # 403-405), c 31, Bir Uttam Shahid Ashfaqus Samad Road G (Previous 62-63, Motiiheel C/A), Dhaka-l000 CL<' CD <\l a$' Brig Gen Molrtrcd Otrydu, R!iq!. fGi anv&E Shafiiiire sc (Retd), Cll(cert, Akte r Nos= Manag i{l!8fmg Diroctor & CIO Larnlin ,r & CEO SecIetarY Sena (alyan lr A,4A FiDanci & Ilvcrhotrt Ld comoanY ciil Officer (CtO) cn)pany I (alyan tnruran€e comeenY l-'jnrt::ll Sene rance ComPenY Limltec PRELIMINARY INFORMATION AND DECLARATIONS GXzXa) (i) Name(s), address(s), telephone number(s), web address(s), e-mail(s), fax number(s) and contact persons of the issuer, issue manager(s), underwriter(s), auditors, credit rating company and valuer, where applicable; ISSUER Name & Address Contact Contact Person Sena Kalyan Insulance Company Tel 88 02 9885686, 9885604 Brig Gen Md Ltd. 9885606 Shafique Shamim, SKS Tower (12th Floor), 7, VIP Road, Fax: 88 02 9885631 psc (Retd), CII (Cert) Mohakhali, Dhaka-l206, Bangladesh E-mail : inf [email protected] Managing Director & Website; www.senakalyanicl.com CEO ISSUE MANAGER(S) Name & Address Contact Contact Person AAA Finance & Investment Limited Tel: 88 02 9559602, Mohammad Amin Court, 4th Floor (Suite#403-405) 88 02 9s6n26 Obaydur Rahman 31, Bir Uttam Shahid Ashfaqueus Fax: 88 02 9558330 FCS, FCGA Samad Road (Previous 62-63, E-mail; [email protected] Managing Director & Motijheel C/A), Dhaka-1000 Website: www.aaafinancebd.com CEO UNDERWRITERS Name & Address Contact Contact Percon AAA Finance & Investment Limited Tel: 88 02 9559602, Mohammad Amin Courl 4th Floor (Suite#403- 88 02 956n26 Obaydur Rahman 405) 31, Bir Uttam Shahid Ashfaqueus Fax: 88 02 9558330 FCS, FCGA Sarnad Road (Previous 62-63, E-rnail: [email protected] Managing Director & Motijheel C/A), Dhaka-1000 Website: www.aaafi nancebd.com CEO IIDFC Capital Limited Tel: 88 02 9511637 -9, Mohammad Saleh PFI Tower, 3.r Floor Fax:88 02 9514641 Ahmed 56-57 Dilkusha C/A, Dhaka-1000 E-mail: [email protected] Chief Executive Website: www.iidfc.com Officer Southeast Bank Capital Services Tel: 88 02 41031845-6, Air Cdre (Retd) Md Limited 88 02 4'1032192, 41302796-7 Abu Bakar, FCA Rupayan Trade Center (10th Floor) Fax: 88 02 9558330 Managing Dilector 114 Kazi Nazrul lslam Avenue E-mail : [email protected] Banglamotor, Dhaka-1000 Website; [email protected] ICB Capital Management Limited Tel: 88 02 8300555 Shukla Das Green City Edge (5th & 6th Floor) 88 02 8300367 Chief Executive -c\a 89 Kakrail, Dhaka-1000 Fax: 88 02 8300396 Officer & E-mail: [email protected] o-L Website: www.icnJ.com.bd a ,,NJE' d \vP$- psc (netdl, Cll(Cert) Mollnmd 0brydu R!ina!, lqi La iA kter Malov Kumar Saha tcr & CEO It{rnrgiq Diroctor & CBo c Se Compary Limited AAA Fimnce & Iuverhenr Lfi. Sena Kalti il'"lill*,*gp,1gg:'J[Hi:l'J**. AUDITOR(S) Name & Address Contact Contact Person Mahfel Huq & Co. Tel: 88 02 9553143 Chartered Accountants 88 02 9587786 Howlader Mahfel BGIC Tower (4th Floor), 34 Topkhana Fax: 88 02 9571005 Huq FCA Road, Dhaka-1000 E-mail: [email protected] Managing Partner Website: www.mahfelhuq.com CREDIT RATING COMPANY Credit rating is not required for the issuer <\l -tc1 Go- 4 cl, cia ;oa,tt d (Cert) N.o-s- l), cll MohDmd obrydE Ri[nai, fcs alol ldrorgilg Dir€clor & CEo 1 rF AAAFioonce & lNestme Ltd. (ii) Any person interested to get a prospectus may obtain from the issuer, and the issue manager(s); (iii) If you have any query about this document, you may consult the issuer, issue manager and underwriter; (iv) "CoNSENT oF THE BANGLADESH SECURITIES AND EXCHANGE COMMTSSIoN HAS BEEN OBTAINED TO THE ISSUE OR OFFER OF THESE SECURITIES UNDER THE SECURITIES AND EXCHANGE ORDINANCE, 1969, AND THE BANGLADESH SECURITIES AND EXCHANGE COMMISSION (PUBLIC ISSUE) RULES, 2015. IT MUST BE DISTINCTLY UNDERSTOOD THAT IN GIVING THIS CONSENT THE COMMISSION DOES NOT TAKE ANY RESPONSIBILITY FOR THE FINANCIAL SOUNDNESS OF THE ISSUER COMPANY, ANY OF ITS PROJECTS OR TI{E ISSUE PRICE OF ITS SECURITIES OR FOR THE CORRECTNESS OF ANY OF THE STATEMENTS MADE OR OPINION EXPRESSED WITH REGARD TO THEM. SUCH RESPONSIBILITY LIES WITH THE ISSUER, ITS DIRECTORS, CHIEF EXECUTIVE OFFICER, MANAGING DIRECTOR, CHIEF FINANCIAL OFFICER, COMPANY SECRETARY, ISSUE MANAGE& ISSUE MANAGER'S CHIEF EXECUTIVE OFFICE& UNDERWRITERS, AUDITOR(S), VALUER AND/OR CREDIT RATING COMPANY F ANY).' ln re on e rs lssue "This being the first issue of the issuer, there has been no formal market for the securities of the issuer. The face value of the securities is Tk. L0.00 (ten) and the issue price is Tk. 10, i.e. face value. The issue price has been determined and justified by the issuer and the issue managei as stated under the paragraph on "Justification of Issue price,, should not be taken to be indicative of the market price of the securities after listing. No assurance can be given re rdin an active or sustained tradin of the securities or the ce after listin (Vl) 'General Risk' "Investment in securities involves a degree of risk and investors should not invest any funds in this offer unless they can afford to take the risk of losing their investment. Investors are advised to read the risk factors carefully before taking an investment decision in this offer. For taking an investment decision, investors must rely on their own examination of the issuer and the offer including the risks involved. The securities have not been recommended by the Bangladesh Securities and Exchange Commission (BSEC) nor does BSEC guarantee the accuracy or adequacy of this document. specific attention of investors is invited to the statement of 'risk factors' ven on number(s) ^l9l to 2O4- n a a va n suran ce omP anv s s o u pon ty The rss uer h nc ma de all I easonab l1 qu rl s acceptS resPon 5ibi1 ty for and confirms th this prospectus contains all material information with regard to the issuer and the issue, that the information contained in the prospectus are true, fair and correct in all material aspects and are r.rot misleading in any respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, tie omission of which make this document as a whole or any of such information or the expression of any such opinions or intentions rnisleading in any material res - G CL<' a-, C.!a ;n)*r N N6&- (Retd), Clt{Cert} Mohomd 0beydur lrinaq fCS Lasmin Akter cEo l,lrosginS Diector & CEO €9n:oany secretary rance Company Limited A.qA lins$r & InvestBent Ltd AVAII.A,BILITY OF PROSPECTUS (BX2)(b) (i) Names, addresses, telephone numbers, fax numbers, website addresses and e-mail addresses and names of contact persons of the institutions where the prospectus and abridged version of prospectus are available in hard and soft forms; ISSUER Name & Address Contact Contact Person Sena Kalyan Insurance Company Tel; 88 02 9885686, 9885604 Brig Gen Md Lrd. 9885606 Shafique Shamim, SKS Tower (12th Floor), 7, VIP Road, Fax: 88 02 9885631 psc (Retd), CII (Cert) Mohakhali, Dhaka-1206, Bargladesh E-mail: [email protected] Managing Director & Website: www.senakalyanicl.com CEO ISSUE MANAGER(S) Name & Address Contact Contact Person AAA Finance & Inveetment Limited Tel: 88 02 9559602, Mohammad Amin Court, 4th FIoor (Suite#403-405) 88 02 9567726 Obaydur Rahman 31, Bir Uttam Shahid Ashfaqueus Fax: 88 02 9558330 FCS, FCGA Samad Road (Previous 62-63, E-mail: [email protected] Managing Dtector & Motijheel C/A), Dhaka-1000 Website: www.aaafinancebd.com CEO UNDERWRITERS Name & Address Contact Contact Person AAA Finance & Investment Limited Tel: 88 02 9559602, Mohammad Amin Court, 4th Floor (Suite#403-405) 88 0?956n26 Obaydur Rahman 31, Bir Uttam Shahid Ashfaqueus Fax: 88 02 9558330 FCS, FCGA Samad Road (Previous 62-63, E-mail; info@aaafi nancebd.com Managing Director & Motijheel C/A), Dhaka-1000 Website: www.aaafinancebd.com CEO IIDFC Capital Limited "lel:88 02 951.4637-9, Mohammad Saleh PFI Tower, 3'a Floor Fax: 88 02 9514641 Ahmed 5G57 Dilkusha C/A, Dhaka-1000 E-mail: [email protected] Chief Executive Website: www.iid fc-com Officer Southeast Bank Capital Services Tel: 88 02 41031&15-5, Air Cdre (Retd) Md Limited 88 0Z 4782192, 41302'195-7 Abu Bakar, FCA Rupayan Trade Center (10tt' Ftoor) Fax: 88 02 9558330 Managing Director 114 Kazi Nazrul lslam Avenue E-mail: [email protected] Banglamotor, Dhaka-1000 Website: [email protected] ICB Capital Management Limited Tel: 88 02 8300555 Shukla Das c$-, Creen City Edge (5th & 6tr Floor) 88 02 8300367 Chief Executive c! 89 Kakrail, Dhaka-1000 Fax: 88 02 8300396 Officer G CL E-mail: [email protected] Website: www.icml.com.bd € \ Lasmin Akter \"0-s- l,toirnnrd 0brydu R nau, fC8 Company Secretary Malov (umar Saha [Retd), cll (Certl t cEo I,lrlsgilg Director & ClO r Limitcdchief Financi6l Officer (CfOl paEy Urntted AAA Piolncs^I & lnvestuetrt Ltl Sena l(alyan tns!raoc? Ccmpafly timited STOCK EXCHANGES Name & Address Contact Contact Person Tel 88 02 9564607, 88 02 957 621,0-78 Dhaka Stock Exchange Limited F ax: 88 02 9564727 Mrs. DSE Tower, Road: 21, House: 46 Souzia Afrin 88 02 9s69755 Nikunja, Dhaka-1229 Librarian E-mail: [email protected] Website: www.dsebd.org Tel: 88 031 714632-3 Chittagong Stock Exchange Limited Mohaammad Fax: 88 031 714101 Habib CSE Building, 1080, Sheikh Mujib E-mail: [email protected] Ullah Road Agrabad, Chittagong- 4100 Deputy Manager Website: www.cse.com-bd Prospectus is also available on the websites of Sena Kalyan lnsurance Company Ltd. (www.senakalyanicl.com), AAA Finance & Investment Limited (www.aaafinurr."bd."o-;. lt would also be available at the DSE (www.dsebd.org), CSE (www.csebd.com) and public Reference room of the Bangladesh securities and Exchange Commission (BSEC) for reading and studying upon approval. (ii) Names and dates of the newspapers where abtidged version of prospe€tus was published. BENGALI NEWSPAPERS Sl. No. Name Date 1, rI rI 2 rI t,-1 ENGLISH NEWSPAPERS Sl. No. Name Date 1 rI r1 2 rI n B G CL<' @ \\ ;^.1*E AdJ Br is 6en !1,6ri{re Shir;;rf Lasmin Akter Nv+ . p!. (RetC), cfi {Cert) Kumar saha N secretarY M.loY NtrnaE,ng Dir{ttn. & CEo EQrrDanY MohmEd oblydu Rrhom, ICg qhief (CFO) 5cnr l(,tlI,nn tn,iuaance riR ln!utance Compan ,/ rimited Flnan.ial Officer Compiny Lrmrt(d M&8ging Dil€clor & CEo lene lGlyan ln:uranre companv limited tu\A Finenco & litvertme lJd iii' Definitions and Acronymy'Elaborations of the abbreviated words and technical terms used in the prospectus: ACRONYMS/ELABORATIONS A AAAFIL AAA Finance ard Investment Ltd AGM Arurual General Meeting Allotment Allotment of Shares to respective B/O A/C B BAS Bangladesh Accou nting Standards BB Bangladesh Banl< BDT Bangladeshi Taka BMRE Balancing, Moclernization, Rehabilitation & Expansion BO Account Beneficial Owners Account BSEC Bangladesh Securities and Exchange Commission BSA Bangladesh Standards on Auditing C CDBL Central Depository Bangladesh Limited CIB Credit Information Bureau CFO Chief Financial Officer Commission Bangladesh Securities and Exchange Commission Company Sena Kalyan Insurance Company Limited Companies Act Companies Act, 1994 (Act. No. XVIII of 1994) Corporate Office Head Office of the Company CSE Chittagong Stock Exchange Ltd D DSE Dhaka Stock Exchange Ltd. E EPS Earnings Per Share EIs Eligible Investors EGM Extraordinary General Meeting F C' C\. FC Account Foreign Currency Account G FY Financial Year CL<. G @ L,'*, ci" Aktet NFo'+ Mot&nrd Ohytu firtru, FCti Lasmln Secretary Maloy (umar Saha Brig Gen Shaf Retd), Cll{cert) Murgiry Diroaor & cBo EgmPanY ,Er,lmunole ComganY Ltm toC cto 4AA Fimn, .t l Ltd lsena Kal/an lo€ S. ln5uaalce Co any Ulrlited GBP Great Britain Pound CDP Cross Domestic Product I IPO Initial Public Offering Issuer Sena Kalyan Insurance Company Limited Issue Manager AAA Finance & Investnent Ltd. IFRS Intemational Financial Reporting Standards IDRA Insurance Development and Regulatory Autho ty IAS International Accounting Standards N NAV Net Asset Value NBR National Board of Revenue NRB Non-Resident Bangladeshi NOC No Ob,ection Certificate o Offering Price Price of the securities of SKICL P P/E Price Earnings Ratio R RJSC Registrar of Joint Stock Companies and Firms Registered Office Head office of the Company Bangladesh Securities and Exchange Rules Commission (Qualified lnvestor Offer Small Ca tal C arues Rules,2018 S STD A,/C Short Term Deposit Account sKs Sena Kalyan Sangstha SKICL Sena Kalyan lnsurance Company Limited Sponsor The sponsor shareholders of SKICL Subscription Application Money U USD United States Dollar 6 c! G,o- OD t. N /.,,,,"ro \ssq loirorsd 0bsydu Rainan, !C! tl{rarging Dtector & CEO i 4AA Fio0lac & lnvestoe Lld. TABLEOFCONTENTS (BX2)c) Section i Particulars Page No. EXECUTIVE SUMMARY 01-09 (u) About the Industrv 02-03 (b) About the Issuer 04 (c) Financial lnJormahon 05 sEcTroN (r) (d) Features of the issue and its objects 06 (B)(2Xd) (e) Legal and other information 06 (0 Promoters'back ground 06-08 (e) Capital structure and history of capital raising 09 (h) Surnmary of the Valuation Report of securities 09 (D Others 10-11 CONDITIONS IMPOSED BY THE COMMISSION 12-22 Disclosure in respect of issuance of security in Demat SECTTON (rr) (B)(2)(e) form Conditions imposed by the Commission in the consent letter DECLARATION AND DUE DILIGENCE CERTIFICATES 23-34 SECTION (III) Amexure-A 24 (B)(2Xf) Anrtexure-B 25-26 Annexure-C 27-34 ABOUT THE ISSUER 35-39 Name of the issuer, dates of incorporation and commencement of its commercial operations, its logo, (u) addresses of its registered office, other offices and 36 plants, telephone number, FAX number, contact persor! sECrroN (rv) website address and e-mail address (BX3) (b) The names of the sponsors and directors of the issuer 37-38 The name, logo and address of the auditors, along with (.) their telephone numbers, FAX numbers, contact persons, website and e-mail addtesses The name(s) of the stock exchange(s) where the (d) 39 specified securities are proposed to be listed SECTION (V) CORPORATE DIRECTORY OF THE ISSUER B 4 40 DESCRIPTION OF THE ISSUER 41,-42 (u) Summary 44-45 (b) General Information 46-54 SECTTON (VI) (c) Capital Shucture 55-61 (BX5) (d) Description of Business (e) Descdption of Property 72-79 Plan of Operation and Discussion of Financial (0 80-100 <\l Condition - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF 101-106 d,o- SECTION (VID OPERATIONS <. (BX6) (a) Overview of business and strategies 102-103 c0 Strengths, Weaknesses, Opportunities, and Threats (b) 103 (SWOT) analysis qs /-r-,,r-lnE tl6h"a.d Oblydu prhftrn Fff sD^+ It{u1iog Dhcror & cEo c A.AA FiDrnor & lnvartoctrf Lb 4 (c) Anal sis of the financial statements of last five years 104-105 Known trends demands, commitrnents, events or (d) uncertainties that are likely to have an effect on the 105 company's business (e) Trends or expected fluctuations in liquidity 706 Off-balance sheet arangements those have or likely to (0 106 have a curent or future effect on financial condition DIRECTORS AND OFFICERS 707-724 Nan1e, fatlrer's name, age, residentiai address, educational qualification, experience and position of (a) 108-109 each of the directors of the company and any person nominated or r resented to be a director The date on which he first became a dtector and the (b) 110 date on which his current term of office shall explre Directors having any type of interest in other (.) businesses, names and types of business of such 110 organi zations Statement of the directors of the issuet if any of them are (d) 111 associated with the securities market in any mannet Family relationship (father, mother, spouse, brother, sister, son, daughter, spouse's father, spouse's mother, (e) 111 spouse's brother, spouse' sistet) anong the directols and top five officers I A very brief description of other businesses of the ,o 111 \'/ | directors (g) Short bio-data of each director 772-716 Loan status of the issuer, its directors and shareholders who hold 10% or more shares in the paid-up capital of (h) 777 the issuer in terms of the CIB Report of Bangladesh sECrroN (vlx) Bank; (BX7) Name with position, educational qualification, age, date of ,oining in the company, overall experience (in yea-r), previous employment, salary paid for the financial year (0 118-119 of the Chief Executive Officer, Managing Director, Chief Financial Officer, Company Secretary, Advisers, Consultants and all Departmental Heads Changes in the key management persons during the last (i) 119 three years A profile of the sponsors including their names, father's names, aqe, personal addresses, educational (k) qualifications, and experiences in the business, 120 positions/posts held in the past, directorship held, other ventures of each sponsor and present position If the present directors are not the sponsors and control of the issuer was acquired within five years immediately preceding the date of filing prospectus 727 0) details regarding the acquisition of control, date of acquisition, terEs of acquisition, consideration paid for :\' such acquisition etc a:w If the sponsors or directors do nothave experience in t}te 'z (-) proposed line of business, the fact explaining how the 727 ]. proposed activities would be carried out or managed O (.) Interest of the key management persons 1,21 c\a 7)o"or 6$ Erig 6en Shaflque Shrmlnr, ,{oiron d obaydu P.iixmq fcf r.4min Akter is ManaBing Dlrertor MrMSiog Diractff & cEo { )err KalYan ln5uran€c Ca AAA Fiorncc & Invcheal IId. 1,, All interests and facilities (o) enioyed by a director, whether pecuaiary or non-pecuniary 1,22 Number of shares held and percentage share (p) of holding (pre issue) 1,23 (q) Change in board of directors during last three years 723-1,24 (r) Director's engagement with similar business 724 CERTAIN RELATIONSHIP AND RELATED TRANSACTIONS 125-129 Description of any hansaction during the last five years, (a) 1,26-128 or any proposed transactions certified bv the auditors Any transaction or arrangement entered into by the issuer or its subsidiary or associate or entity owned or sigaificantly influenced by a person who is currently a director or in any way connected with a director of (b) either the issuer company ot any of its subsidiaries or 129 sECrroN (rx) holding company ot associate concerns, or who was a (BX8) director or connected in any way with a director at any time during the last three years pdor to the issuance of the prospectus Any loans either taken or given from or to any director or any person connected with the director, clearly specifying details of such loan in the prospectus, and if any loan has been taken from any such person who (c) did not have any stake in the issuer, its holding company or 1,29 its associate concerns prior to such loar! rate of interest applicable, date of loan taken, date of maturity of loan, and present outstandin g of such loan EXECUTIVE COMPENSATION 130 The total amount of remureration/salary/perquisites paid to the top five salaried officers of the issuer in the (a) 131 last accounting year and the name and designation of each such officer Aggregate amount of remuaeration paid to all Directors (b) 131 and officers as a group during the last accounting year If any shareholder Dtector received any monthly salary/perquisite/benefit it must be mentioned along (c) 131 with date of approval in AGM/EGM, terms thereof and sECrroN (x) p4yments made during the last accounting year (B)(e) The board meethg attendance fees received by the (d) dtector including the managing director along with date 132 of approval in AGM/EGM Any contract with any Director officer (") or providing for "132 the Pal,rnent of future compensation If the issuer intends to substantially increase the (0 renuneration paid to its Directors and officers in the 1,32 current year, approp ate information regarding thereto Any other benefit/facility provided to the above persons 732 G) dur the last accountin I ,l SECTION (XJ) OPTIONS GRANTED TO DIRECTORS, OFFICERS AND !) 133 (BX10) EMPLOYEES / sEcrroN (xrD TRANSACTIONS WITH THE DIRECTORS AND 134-737 2 B 1 SUBSCRIBERS TO THE MEMORANDUM a q)" '^-dr a\-'\ N Iilke,- \Lv-e-- 'ro^,P MotlliEld Obrydur Rdsro, fS (umar saha 'l'l ldroagug Dtodor & CgO t ci:l 0fficer (CfO! U A.r{A Fioance & lavermenr I ta --." ..rnranv LimiteC sEcTroN (xxrr) USE OF PROCEEDS 208-2t4 SECTION (XXIII) LOCK-IN 215-277 SECTTON (XXIV) INFORMATION REGARDING MARKETS FOR THE SECURITIES BEING OFFERED INCLUDED 21,8-219 SECTTON (XXV) DESCRIPTION OF SECURITIES OUTSTANDING OR BEING OFFERED 220-222 SECTTON (XXVr) FINANCIAL STATEMENTS 223-322 SECTTON (XXvrr) CREDIT RATING REPORT 323 SECTION (XXVIII) APPLICATION PROCEDURE 324-329 OTHERS 330 SECTTON ()O(IX) (a) Additional Disclosure bv the Auditor (8X28) (b) Additional Disclosure by the Management (c) Miscellaneous -l 6l &*2. @ hy ',lomr'"lo 96y6, Xr6*n pO Lasmin Akter MilagirS Dir.oor & CEO €amElnv secretary AAA comPan"'''tlln, Pimmr & lnvesb.ot Lids?,rJ ntilhlurmce Page l1 sECrroN (r) (B)(2Xd) EXECUTIVE SUMMARY SECTION CONTENTS (a) About the Industry (b) About the Issuer (c) Financial Information (d) Features of the issue and its obiects (") Legal and other information (0 Promoters' background G) Capital structure and history of capital raising (h) Sununary of the Valuation Report of securities (i) Others a & o-L ap ry Mobntud 0bltd',t fdil!' PCs /, \aaDAS- ^inl$-n Aktar 9tl: Shafique & CBo- ' Sla rD, psc (netd,, Mlllliag Dl&clor / secretarY '' c[ lce. ManaEing D Fioroco & hvcrhoenl Ltd tor & CEO AA A ' rfiJ' n:r Kalyan lniurance ' ' Comp.nV llmited Page l2 About the Indus @)(z)(d)(a) The role of insurance in managing risks in an economy cannot be overstated. At a micro level, insurance safeguards households and companies from a myriad of risks. From a macro perspective, it reduces the financial burden on a government and creates a stable environment in which businesses can thrive and succeed. V/hile Bangladesh has taken gigantic strides on the path to economic prosperity, its insurance sector is a vital area that requires considerable attention and car benefit significantly from regulatory reforms. Currently, Bangladesh's insurance sector comprises 46 general insurance companies and 32 life insurance companies. In addition, there are two state-owned insurance corporations--one in the general segment and the other in the life segment. According to a sigma report of the Figure l Growth ol Bangladesh's insurance sector Swiss Re Institute, as of 2012 the gross volume life lnsurance qroMh Premium of insurance in Bangladesh stands at Jq 20 \ USD 974 million and that of non-life t0 stands at USD 371 million.3 Figure 1 depicts the year-on-year growth. Life 0 2010 2011 2012 2013 2014 2015 2016 20r 7 insurance constifutes 73.5'/. of -10 Bangladesh's and E insurance market Growli rn non-lif6 Growth in life nonJife insuranc e, 26.5Y, - OveraB groMh - (, Micro-insurance and Islamic Source: Bonglddesh lnsurcnce Associotion 2O17 Annudl Report insurance (takaful) are also a part of Bangladesh's insurance sector. In 2017, 2.20 million new life and 2.36 million and new nonJife insurance policies were issued. Further, the number of active life insurance policies was 10.78 million in 2017. The assets of all insurance companies in Bangladesh stood at USD 5,810.61 million by the end of 2012 with an average growth rate of 73.83% from 2009. lnvestments in both life and non-life irsurance companies have grown at an average rate of 14.95% dwing2}09-2017, with retums increasing from 8% to 11.5% during the same period. The life insurance sector has a competitive landscape, with market share being closely distributed among multiple players. 1 t- a 6il *"r*rHn,t'*lo L,nirLAtL. & CE0- ' a:l Ms[s8l!E Dilcclor Brig Gen shafique shami pic (Retd), cll (cer' Fiosoc8 & lnv€stmo Lul AAA -,rr.l.imited timiGrl Managing Direator & cEo "v Se nr Kalyan lnsurance company limited Page l3 In the next decade, Bangladesh will continue to witness the rise of Figure 2: Bangladesh's insurance sector is propcledto grow by 7.04% by 2020 terms oI premiums) the middle and wealthy class in {in major cities. This could easily translate into a higher demand :l for insurance products as r58 15 1,16 individuals and companies 1.3r become increasingly risk aware. 't .l l 't.13 As shown in Figure 2, insurance penehation in Bangladesh is 05 expected to grow at 7.04% and be I I worth approximately USD 2.2 I 2011 2012 2013 2014 2015 2020 billion (in terms of insurance premiums) by the year 2020. Despite various challenges, Bangladesh's insurance sector has tremendous potential for growth, especially given the country's favorable macroeconomic picture. Regulatory reforms and the introduction of bancassurance, health, expatriate, agriculture, education, coastal, and public pension insurance products along with deep distribution channels can catalyze growth in the insurance sector- Regulations that focus on reducing the risk of insolvency can help build trust in the market at a global level, which in tum will increase the flow of funds into the economy. With adequate capital requirements in place, insurance companies will serve as a safeguard for investrnents in infrashucture bonds, thereby boosting infrastructure development. Shong regulations can also help strengthen the reinsurance market, which will ease the financial burden on the govemment arising from catastrophic events, thus directly contributing towards development opporfunities for the country. Further, well-defined regulations can drive competition, enabling companies to provide the best solutions and offer more options to customers. Regulatory frameworks, ideally framed with reference to international standards and principles, will go a long way towards creating a resilient insurance sector. A resilient insurance sector can, in turn, have far-reaching economic, commercial, and social benefits for Bangladesh. Thriving against odds, it could also, in the long ru& encourage entrepreneurship and irmovation while facilitating risk transfer. SLlurce: PuC I Pottntitl g owth: Transfonning Bdnsladesh's insurance sectot for 4 <{ 6 cl-1, oa ,A^'^lW ,*-".rHt*"rt* ! NsrE i,ftormr Dtrtchl & CEo ud AAA Pi;; & lqvcstDerl - ::*::$limlffii#;:i::' Page l4 About the Issuer (BX2Xd)(b) Sena Kalyan Insurance Company Limited (SKICL) is the most vibrant concem of Sena Kalyan Sangstha (SKS) of Bangladesh Armed Forces. It has come into existence in 2013 with a view to provide irmovative producb and customer friendly services through a highly motivated team of dedicated professionals. Within a short span of time, SKICL has gained the confidence of partners and been able to establish a strong foothold in Bangladesh Insurance Industry and thereby securing a considerable market share in nonJife/general insurance sector. Sena Kalyan Insurance Company Limited was incorporated as a Public Limited Company by shares under the Companies Acl, 7994 having registered office in Bangladesh on 3'a September 2013 and obtained permission for commencement of insurance business from the lnsurance Development & Regulatory Authority (IDRA), Govemmentof the Peoples Republic of Bangladesh, with effect from 10'h September 2073 for carrying out general insurance business. The Head office and the registered office of the Company is at SKS Tower (12th Floor), 7, VIP Road, Mohakhali, Dhaka-1206, Bangladesh. Sena Kalyan Insurance Company Limited is a subsidiary Company of Sena Kalyan Sangstha (SKS) that holds 23,999,994 shares out of 24,000,000 shares of the Company and the balance 6 (Six) shares are held by 6 (six) individuals, each holding 1 (one) share of taka 10 each fully paid up. A short profile of the Company is presented below: Date of Incorporation 3d September, 2013 Date of getting licerpe for Commencement of 3'd September, 2013 Business Date of getting permission of Insurance 10'h September, 2013 Business & starts operation Authorized capital 100 Crore Paid up capital 24 Crore SKS Tower (12th Floor), 7, VIP Road, Head Office Address Mohakhali, Dhaka-1206, Bangladesh SKS Tower (12th Floor), 7, VIP Road, Registered Office Address Mohakhali, Dhala-1206, Bangladesh (i) Fire & its allied perils Business (ii) Marhe Business (iii) EngineeringBusiness Maior services (iv) Motor Business (") Aviation Business (vi) M iscellaneous Insurance Business - d 6- L 6t a$' ,(.^n&,r Motromd Ohydlr R tslq 8Cg \ENN Brig 6en Shafique shamim, c (Retd), Cll {Certl ltlrlrg'rg & C80 Dirchr !c l:ly Man.Eing Directcr & CEO 4AA PiDsncc & luvestDeot l,rd lrftt Hlltrft1 .- rllmiled Stna Kalyan lnsurance companY Limitad Page l5 Financial Information @)(z)(d)(c) Particular 31 Dec m I 3lDec19 131 Dec 18 31 Dec 17 r 31 Dec 16 Authorized Capital 1,000,000,000 1,000,000,000 1,000,000,000 1,000,000,000 1,000,000,000 Paid Up Capital 240,000,000 240,000,000 240,000,000 240,000,000 240,000,000 Profit & Loss Appropriation 68,007,616 55,n8,209 27,103,426 32,7276U 79,622,217 Account Total Reserve Furld 197,792,882 739,740,659 82,737,107 56,660,478 30,378,238 Investment 64.266.647 30,555,654 30,209,955 26,500,000 26,500,000 Cash & Cash 793,496,960 631,300,820 478,233,v7 386,677,267 345,913,044 Equivalents Total Assets 978,292,139 747,002,325 520,578,1,09 476,436,789 427,760,628 Total Liabilities 472,088,71,6 312,591,858 '171,343,276 "t50,048,627 137,760,773 Cross Premium 580,522,n3 576,092,576 363,870,416 262,822,402 203,969,657 Reinsurance 282,U4,062 322,703,832 276,424,780 130,772,576 66,475,992 Prerniunr Net Premium 297,678,777 253,388,684 747,446,n6 732,709,826 137,493,665 Interest, Dividend 58,22i,649 47,24,807 33,810,696 27,889,768 23,492,347 & Other lncome Net Profit/(Loss) 714,324,833 118,578,090 39,293487 57.574.495 44,453336 Before Tax Net Profit/(Loss) 94,335,775 98,279,725 37,846,671 5t,387,907 36,406,9n after Tax Earnings per Share 3.93 4.10 1.58 2.1,4 1,.52 (EPS) Diluted E15 3.93 4.10 1.58 2.14 7.52 Dividend per Share 1.00 0.50 0.75 0.50 0.30 Dividend Payout 25.7"17. ^t2.387. 4934% 2538% 19.87% Ratio Net Asset Value 506,799,733 434,470,467 349,2i4,833 329,388,762 290,000,455 (NAV) NAV per Share 2] .09 18.10 14.55 73.72 12.08 c\t ac{ G CL<' € ay ,4,^AA \o+"F- Cll (Cclt) Moirmrd 0hydr Rrhou, FCS c (R.td), min Aktet 0tig 6en Shaflque.S Mmlgirg Dire{tor & CBO Oirec r&CtO rny Secletary l{a nagln I timrted A.AA Fiorn6 & lnvatocol Ltd c-ornPant lrrnce Conpany fmit Serr. f\attao ln5 Page l6 Featues of the Issue and its Ob ects (B)(2Xd)(d) Public Offering Price 10 Number of Shares To be offered 16,000,000 Total Isgue Size 160,000,000/- Issue Manager AAA Finance & Invesknent Limited l.lnvestment in Capital Market: - Covernment Treasury Bonds - Investment in Capital Market of Bangladesh The obiective of the I6sue 2. Land/Real Estate Assets 3. lnvestment in FDR with Scheduled Commercial Banks 4. IPO ES Implementation Period Within 45 days to 6 montls Legal and Other Information (n)(zXdXe) Sena Kalyan lnsurance Compzrny Limited was incorporated as a Public Limited Company by shares under the Companies Act,7994 bearing registration number C-111100/13 and having registered office in Bangladesh on 3rd September 2013 and obtained permission for commencement of insurance business from the Insurance Development & Regulatory Authority (IDRA), Govemment of the Peoples Republic of Bangladesh, with effect ftom 10th September, 2013 for carrying out general insurance business. The Head office and the registered office of the Company is atsKsTower (12th Floor), 7, MP Road, Mohakhali, Dhaka- 1206, Bangladesh. The Company obtained all required licenses from the respective regulatory authorities. Details of licenses are given in "Description of the Issuer" under SECTION - VI of this Prospecfus. Promoters' Background (B)(2Xd)(0 Sena Kalyan Sangstha (SKS) Sponsor, Director & Shareholder Sena Kalyan Sangstha (SKS) started its ,oumey as Post War Services Reconstruction Fund. It is raised out of funds built up during World War-II by the Govemment contributing taka two for each Combatant Soldier per month. The money was to be spent on their rehabilitation in c\l civil life when they would be demobilized after the War. After the Indo-Pak partition it was c!et s 52.22 Out renamed as Fauji Foundation. The then East Pakistan share amounted to Tk. lac. G, of this amount the Govemment spent Tk. 3.50 lacs on a building in Motijheel Commercial o Area in Dhaka and sum of Tk. 1.50 lacs was given to Headquarters 14 Division for spending .D on the rehabilitation of Ex-servicemen. Instead of keeping the remaining fund in banks and in 6r ay (Cert) Molmd 0brydr \ar"S' lm' 5a (Retd), Cll Rrtm!,IS '^/tb Brir Gen shafique sha tlamgllg Diroctor & CBO Managing Direc r&CiO CoNpanY Limited AAA Fioancc & lnvertDetrt Ltd nited Sena Kalyan lnrulance Page l7 Government Securities it was decided to invest the money in industry, which promised higher retums. Fauji Foundation, East Pakistan made a modest start in the industrial field in mid- sixties. In 1967-68 its indushial inveshnent stood at Tk. 24.00 lacs and in 1969-70 it grew to Tk. 2.,10 crores. In 1971 Fauji Foundation investment was limited to Fauii Cha&al at Ghorashal, Dhaka, Fauji Flour Mill at Chittagong, a three storied building on 1.3 bigas of land in Motijheel Commercial Area where the present Sena Kalyan Bhaban has been constructed and shares in Bangladesh Lamps Limited, Bangladesh Electric Industries (Philips) and Bri[sh American Tobacco (Bangladesh) Company Limited. After the independence of Bangladesh Fauji Foundation emerged as Sena Kalyan Sangstha (SI(S). It was officially renamed as Sena Kalyan Sangstha on 01July 1972. It is a trust devoted to the Welfare ofreleased, retired and discharged personnel of Armed Forces and their dependents who are the citizen of the People's Republic of Bangladesh. Sena Kalyan Sangstha holds 23,999,994 number of share of Sena Kalyan Irsurance Company Limited since its incorporation on 3rd September, 2013 and is represented by- Maj Gen Mohammed Saidul lslam, ndc, psc (Chairman, Nominated by SKS) Air Cdre M Moyeenuddiry ndc, afwc, psc (Director, Nominated by SKS) Brig Gen Mirza Md Enamul Haque, ndc (Director, Nominated by SKS) Brig Gen M A Mohy, psc, PEng (Director, Nomirated by SKS) Brig Gen Md Mustafa Kamal, SGP (Director, Nominated by SKS) Brig Gen Md lamal Hossaio ndc, afwc, psc (Director, Nominated by SKS) Brig Gen Md Shaheen Iqbal, afwc, psc (Director, Nominated by SKS) Col Abu Nayeem Md ]obat Kamal Sponsor Col Abu Nayeem lobair Kamal was born on 1st ]uly 1963. He comes from a respectable Muslim family of Chittagong. Mr Kamal completed BSC Engineering in Civil from Bangladesh University if Engineering Technology (BUET) in 1995. At present, Col Abu Nayeem Jobair Kamal is engaged in Military Services. Col Md Zakir Hossai& psc Sponsor Col Md Zakir Hossain, psc was bom on 166 August 1965. He comes from a respectable Muslim family of Barisal. Mr Hossain completed BSc in Bangla, English, Physics, Chemistry & Military from BMA Bhatiary (Chittagong University) in 1987. Subsequendy, he cleared MSc o<\l in Defence Services from Defence Services Command and Staff College in 1999. ct G, d € qs{ /^ ,ni4alb \a!e.-N 1f,5 shahi pi( (Retd), Cll lcerr Mohrmrd oborda Rlhoan, Maloy l(um ar Sehe BriS Gen Shafiqoe Itlllrgmg Ditcdot & CEo (cFo) l-i.:,'{ chief Finan(ialoffic€r ConlPallY Umlted AAA Fiuncc & loYestm€ot Lr. [imite 0... . Sana Vtttan Lmutaole C.o$9mY Page l8 Wing Cdr Mostaque Helalur Rahman Sponsor Wing Cdr Mostaque Helalur Rahman was bom on 1sr October 1965. He comes from a respectable Muslim family of Gaibandha. Mr Rahman completed B. Com and M. Com from Dhaka University in 1993 and 1995, respectively. At present Wing Cdr Mostaque Helalur Rahman is engaged in Military Services. Lt Col Sufian Murad Rabban (Retd) Sponsor LtCol Sufian Murad Rabban (Retd) was born on 9s January 1961. He comes from a respectable Muslim family of Dhaka. Mr Rabban completed B.A. (Honors). He has diverse experience gained through his mititary career of 29 years in Bangladesh Army. Mr. Rabban retired as Lieutenant Colonel discharging all important appoinknents including GSO-2 (ops) and intelligence. Besides, he served as Commanding officer in Bangladesh Rifles. He travelled several countries including, Dubai, Kuwait, USA, Libya, Rwanda, Singapore, India, Ivory Coast, Saudi Arabia. Lt Col Saeed Ahmed (Retd) Sponsor Lt Col Saeed Ahmed (Retd) was bom on l October 1 961 . He comes from a respectable Muslim family of Dhaka. Mr Ahmed studied in renowned institutions like Notre Dame College, Bangladesh Military Academy and Northem University of Bangladesh. At present Lt Col Saeed Ahmed (Retd) is engaged in Private Services- Lt Cp Mustafizur Rahman (Retd) Sponsor Lt Cp Mustafizur Rahman (Retd) was bom on 23rd July 1958. He comes from a respectable Muslim family of Dhaka. Mr Rahman achieved several degrees, i.e., LLB (South East University), LLM (ASA University), MBA (Royal Road University), Diploma in Social Compliance (Bangladesh Institute of Management). He is also a Certified Supply Chain Manager (CSCM) from lntemational Supply Chain Education Alliance, USA. At present Lt Cp Mustafizur Rahman (Retd) is engaged in Private Services. (SKS), of Note: Other than Sena Kalyan Sangstha none of the sponsors hold any shares as q,c! today. c\l CE CL Q Motmad s0hrydn Rrhnm, hJkE \q\A- f6 tt{rnagir8 Dinctor & CEO m, ps. (Reid), Cll (c€r AAA Piornc€ €ctcr & CEO & hvalhrc[t I .rr l:d :u"l:"*xt1,",,:;';:::iHfi rurance companY Umited Page l9 Ca ital Structure and History of Capital Raising (s)(z)(a)G) CAPITAL STRUCTURE Types of Number of Amount in Particulars Securities Securities Taka Authorized Capital Ordinary 100,000,000 1,000,000,000 Issued, Subscribed and Paid-up Capitai Ordinary 24,000,000 240,000,000 Total Paid-Up Capital Before IPO Ordinary 24,000,000 240,000,000 Proposed Initial Public Offering (IPO) Ordinary 16,000,000 160,000,000 through fixed price method Total Paid-Up Capital After IPO Ordinary 40,000,000 400,000,000 HISTORY OF CAPITAL RAISING Mode of Allotment (No. of Shares) Issue Amount of Particulars of Allotment Other Bonus Price Sharc Capital Allotment Date Cash Than Cash I6sue (rk.) (rk.) l.r Allotment 03/@/ 2073 24,000,000 10 240,000,000 Memorandum Total 24,000,000 240,000,000 Note: The Company has not issued any shares in any form since its 1't allotment. Summary of the Valuation Report of Securities (BX2XdXh) Calculated Fair Reference Valuation Method Value (BDT) Method - 1 (A) Net Asset Value (NAV) Per Share without 2L.09 Revaluation Reserve Method - 1 (B) Net Asset Value (NAV) Per Share with 21.09 Revaluation Reserve Method - 2 Eaming Based Value Per Share (Considering 35.04 Iower of Market and Sector P/E) Method - 3 Average market price of similar stock based 32.82 valuation Based on Audited Financial Statement for the year ended December 31, 2020 a,c\a The detail ualualion report is gioen al the clapter titled "Vuluatiot report of searities" undzr chapter -XV € Others (B)(2)(d)(i) 1. Disclosure regarding material change Rule:3(2)(c) DECLARATION REGARDING MATERIAL CHANGE This is to declare that Sena Kalyan Insurance Company Limited has not made any material change including raising of paid-up capital after the date of audited financial statements as included in the prospectus. sd/- Brig Gen Md Shafique Shamim, psc (Retd), C[ (Cert) Managing Director & CEO Place: Dhaka Date: April 25, 2021 2. Disclosure regarding no connection between the issue manager and the issuer RuIe:3(2)(d) DECLARATION ABOUT NOT HOLDING SECURITIES OF THE ISSUER BY THE MANAGERTO THE ISSUE This is to declare thatAAA Finance & lnvestrnent Limited, Maaager to the Issue for upcoming IPO of Sena Kalyan Insurance Company Limited; is in no way connected with the issuer and does not hold any of its securities. sd/- Brig Gen Md Shafique Shamim, psc (Retd), CII (Cert) Managing Drector & CEO Place: Dhaka Date: April 25, 2021 DECLARATION ABOUT NOT HOLDING SECURITIES OF THE ISSUER BY THE MANAGER TO THE ISSUE This is to declare that AAA Finance & Invesbnent Limited, Manager to the Issue for upcoming IPO of Sena Kalyan Insurance Company Limited is in no way cormected with the issuer and does not hold any of its securities. sd/ - Mohammad Obaydur Rahman FCS, FCGA c\r Managing Drector & CEO R AAA Finance & lnvestrnent Limited o-CE Place: Dhaka Gl Date: Apil26,2021 sr /^^ i0&E B,lt Gen Sh afiqu e shEmi ps. (Retd), Cll lcert) MoteEd otrydu a.r'qo, lC8 Nc/-N (rr ManaSrng Dire cr & CEo Muqiog Diroaor & C80 Malo'v mar Saha Sanr Kalyan lnsurance ConipanY Umated AAA Fiorrlcr & IBya.tDant Lro i '-irnlted Page 111 3. Disclosure regarding non-applicability of cost audit Rule:3(2)(f) DECLARATION REGARDING COST AUDIT This is to declare that Sena Kalyan lnsurance Company Limited did not make any cost audit as it is not applicable for this type of company as per the latest rules/regulations/directives in this regard. sd/- Brig Gen Md Shafique Shamim, psc (Retd), CII (Cert) Managing Director & CEO Place: Dhaka Date: April 25, 2021 4. Disclosure regarding paid-up capital requirement for fixed price method Rule: 3(3)(c) DECLARATION REGARDING PAID.UP CAPITAL REQUIREMENT The Commission has exempted Sena Kalyan Insurance Company Limited for filing applications for initial public offer under 6xed price method from the provisions of clause (c) of sub-rule (3) of rule 3 of the Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015, vide Notification No: BSEC/CMRRCD /2020-381/13/Admin/110, dated: 29 November 2020. Hence, the aforesaid provision is not applicable for SKICL. sd/- Brig Cen Md Shafique Shamim, psc (Retd), CII (Cert) Managing Drector & CEO Place: Dhaka Date: Apnl25,2021. ql a-CE q0 hv 0hetdr ldrtaq FCS ?s" Moiranrd /,^"JhE $EaN- ir8[rgror Dt.ctot & CEo AAA Fioroce & lnv.ltocot Lt(l " sr- ll". -:',,*i t**[i$:#i,:,:::" Page 112 SECTTON (rr) @)(z)(e) CONDITIONS IMPOSED BY THE COMMISSION SECTION CONTENTS Disclosure in respect of issuance of security in Demat form Conditions imposed by the Commission in the consent letter This part will be revised after gettint the consent letter from BSEC according to the condition imposed by the commission on consent letter. c\r R o-CE € sv OltrY&t nfulro,lOt Mohrm d A"il,rr Cll (cenl sh c lRetd), Murpg Dtccts & CEO 8di Gen shallque 1.r.' i, i., Sahe Directo & cEO AAA Pior@ & hY€shcqt Lm Managing unrlt€d cer (CfOl tance compaoY Sana K'lYan lntu irgany umlted Page 113 DISCLOSURE IN RESPECT OF ISSUANCE OF SECURITY IN DEMAT FORM As per provision of the Depository Act, 1,999 and regulation made there under, shares will be issued in dematerialized condition. All transfer/ transrnission/ splitting will take place in the Central Depository Bangladesh Ltd. (CDBL) systern and any further issuance of shares (rights/bonus) will be issued in dematerialized form only. CONDITIONS UNDER 2CC OF THE SECURITIES AND EXCHANGE ORDINANCE. 1959: PAR'I'-A 1. The Company shall go for Initial Public Offer (lPO) for 16,000,000 ordinary shares of Tk. 10.00 each at par totaling to Tk. 150,00Q$0.00 (Taka sixteen crore only) following the S€cuiities and Exchange Ordinance, 1969, the Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015, the Depository AcL 1999 and rules made there under. 2. The abridged version of the prospectus, as approved by the Commissioo shall be published by the issuer in 4 (Four) national daily newspapers (two in Bangla and two in English), within 02 (two) working days from the date of issuance of this consent letter. The issuer shall post the full prospectus, vetted by Comrnission, in the issue/s website and shall also put on the websites of the Commission, stock exchanges, and the issue m.rnager, within 5 (five) working days from the date of issuance of this letter and shall remain posted till the closure of the subscription list. The issuer shall submit to the Commission, the stock exchanges, and the issue manager a diskette containing the text of dre vetted prospectus in "MS -Word" forrnat. 3. The company shall submit 40 (Forty) copies of the printed prospectus to the Commission for official record within 5 (Five) working days from the date of publication of the abridged version of the prospectus in the newspaper. 4. The issuer company and the issue manager shall ensure transmission of the prospecfus and its abridged version for NRBs through email to the Bangladesh Embassies and Missions abroad within 5 (Five) working days from the date of publication of the abridged version of the prospectus in the newspaper. A compliance report shall be submitted in this respect to the Commission joindy by the issuer and the Issue Manager within 02 (Two) working days from the date of said transmission of the prospectus. 5. The following declaration shall be made by the company in the prospectus, namely: - c\o "Declaration about Listing of Shares with the stock exchange (s): CE and the company shall refund the subscription money within 15 (Fifteen) days from the date of refusal for listing by the stock exchanges, or from the date of expiry of the said 30 (thirty) days, as the case may be. In case of non-refund of the subscription money within the aforesaid 15 (Fifteen) days, the Directors of the company/ in addition to the issuer company, shall be collectively and severally liable for refund of the subscription money, with interest at the rate of 2% (two percent) above the bank rate, to the subscribers concemed. The issue manager, in addition to the issuer company, shall ensure due compliance of the above-mentioned condihons and shall submit compliance report thereon to the Commission within 07 (Seven) days of expiry of the aforesaid 15 (Fifteen) days' time perior,l allowed for refund of d're subscription money." 6. All applicants shall apply for a minimum lot of 500 shares worth Taka 5,000/- (Taka five thousand only) or its multiples. 7. The IPO shali stand cancelled in case of under-subscription collectively above 35%. In such an event, the issuer and issue manger shall inJorm the Commission within 2 (two) working days and release the subscription money within 10 (ten) working days after receiving verification report from CDBL and the information from exchanges regarding subscription. 8. 20(2, of the securities reserved for general public excluding NRB shall be reserved for mF9q{ TE FFcflrrdA. In case of under-subscription under any of sub{ategories of eligible investors category or general public category, the unsubscribed portion shall be added to other sub-category of the same category. In case of over subscription in the general public category, the issuer and the issue manager shall iointly conduct an open lottery. In case of over subscription in the eligible investors' category, securities shall be allofted on pro-rata basis. No eligible investor shall apply for more than 2(% (two percent) of the total securities reserved for the eligible investors. 9. An applicant cannot submit more than two applications, one in hiyher own name and the other lointly with another person, In case, an applicant submits more than two applications, all applications shall be treated as invalid and shall not be considered for allotment purpose, In additioru 15% (fifteen) of the application money shall be forfeited and deposited to the Commission, The balance amount shall be refunded to the applicant. 10. The applicants who have applied for more than two applications using same bank c\J account, their applications shall not be considered for lottery. ln additioru 15% of their a subscription money shall be forfeited and deposited to the Commission. The balance e amount shall be refunded to the applicants. A- cE 11. Making of any false statement in the application or supplying of incorrect information therein or suppressing any relevant information in the application shall make the application liable to rejection and subiect to forfeiture ol 25% of the application money and/or forfeiture of share (unit) before or after issuance of the same by the issuer. The said forfeited application money or sell proceeds of the forfeited share (unit) shall be deposited to the Commission. This is in addition to any other penalties as may be provided for by the law. 12. The company shall fumish the list of allotees to the Commission and the stock exchange(s) simultaneously in which the shares will be listed, within 24 (Twenty-Four) hours of allobnent. 13. Shares not allotted at the time of according this consent, but allotted after listing, in favor of sporsors, directors or shareholders having 10% or more shares tfuough stock dividends, shall be subject to a lock-in period of 02 (two) years from the date of issuance of the prospectus. 14. If any share of Sponsory'DirectoryPromoters is in paper format, it shall be handed over to securities custodian registered with the Commission and shall remain held till completion of lock-in period and the name of the securities custodian shall be furnished to the Commission jointly by the issuer and issue manager, along with a confirmation thereof from the custodian, within one week of listing of the shares with the stock exchange(s). Or they (shares of Sponsors/ Directors/ Promoters) can be demated and shall remain in lock-in under CDBL system and issuer shall submit a dematerialization confirmation report generated by CDBL and attested by Managing Director of the company along with the lock-in confirmation to the Commission within one week of listing of the shares with the stock exchange(s), In respect of shares other than Sponsors/Director/Promoters the issuer will ensure their lock-in of those shares and submit a statement to this effect to the Commission. 15. The company shall not declare any dividend,/bonus shares before listing of its capital with any Exchange from the date of this consent for raising of capital. 16. The company shall not engage itself into any merger/amalgamation or acquisition activities without taking "No Obiection" from the Commission, on the scheme of the said merger/amalgamation or acquisition, as recommended by the Board of Directors, before approval by the shareholders in General Meeting. 17. The trading of securities in the plat form of the exchanges shall be started within 10 (ten) working days of Iisting approval. oc\r 18. The issuer has been granted waiver from the requirements of Rule 3(3)(c) of the c\ Bangladesh Securities and Exchange Commission (Public Issue) Rules 2015 as CY C amended vide Notification No. BSEQCMRRCD/2020-38Yr3lAdmia,/f 10, dated: 29 <. @ 6a \v ,bn,'nAuE Mo[rmnrd 0haydur Rrhmrn, ICB L-.. .i i', akt.t.f cll{Cert) i\,lau8u8 Director & CBO \a$A6- shamlm, 5c (Retd), ., . ;1' :::-Crt-t-jry (umat Irig Gen Shafiqre Mrlov ssh! oirec AAA Fiosoc! & lnvestoc Ltd : i ..: ManaEinB r-: I - t. [omp]iy Linitec el Financial Officer (CFOI Lo[,nrnY Llrrrried S!na (alYan lnsurance I Page 115 November 2020 and published in the official g.vette on 5 January 2021 for issuance of 15,000,0ffi Ordinary Shares of Tk. 10.00 each at par through Initial Public Offer (IPO). 19. Each Eligible Investor (El) who intends to submit application through the Electronic Subscription System (ESS) of the exchange(s) shall maintain a minimum investment of Tk. 1,00,00000/- (one crore only) at market price in listed securities as on the end of a working day which is immediately preceded by 5 (five) working days from the first day of starting subscription as per clause (e) of sub-rule (1) of rule 2 of the Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015. The Central Depository Bangladesh Limited (CDBL) shatl send a report to the exchange regarding holding of Els in listed securities and the exchange shall ensute the compliance in this regard. 20. The company shall invest at least 20yo of the capital raised through IPO in the listed securities complying with the provisions of "tfl (a<-aRr ffii qqq FFcfi.r € clrF.t) {F{r{ffi, tosb', PART-B Application Process Step-1 (Applicant) 1. An applicant for public issue of securities shall submit application/buy instruction to the Stockbroker/ Merchant Banker where the applicant maintains customer account, within the cut-off date (i.e. the subscription closing date), which shall be the 25th (twenty fifth) working day from the date of publication of abridged version of prospectus. 2. The application/buy instruction may be submitted in prescribed paper or electronic form, which shall contain the Customer ID, Name, BO Account Number, Number of Securities applied for, Total Amount and Category of the Appiicant. At the same time: (a) Other than non-resident Banglacleshi (NRB) and Foreign applicants shall make the application money and service charge available in respective customer account maintained with the Stock broker/Merchant Ban] Mo!&uLas ohydur RrinaD, 8CX ,1,-,,ra,O (Retdi, Cll (Cert) itl&eguf Diedor & \olD^A shadlm' sc C80 Brlt 6en shafique AAA FinrDo6 urreL & cLo & Irva3tEe Ltq. :,t r -l {cfo) ManaBing Lilnitcd lnsurance Co mPanY anv timited SGnl KalYan Page 117 the applicant maintains Foreign Currency account debiting the same account and provide the customer with a certificate mentioning the FC account number which has been debited to issue the FDD. The applicant shall also submit the certificate with hiy'her application. No banker shall issue more than two drafts from any Foreign Currency account for any public issue. At the same time, the applicant shall make the service charge available in respective customer account maintained with the Stock broker/ Merchant Barker. (c) Eligible investors shall submit application though the electronic subscription system of the exchange(s) and deposit the full amount intended to subscribe by the method as determined by the exchange(s). Step-2 (Intermediary) 3. The Stock broker/ Merchant Banker shall maintain a separate bank account only for this purpose namely "Public Issue Application Account". The Stock broker/Merchant Ban-ker shall: (a) post the amount separately in the customer account (other than NRB and Foreign applicants), and upon availability of fund, block the amount equivalent to the application money; (b) accumulate all the applications/buy instructions received up to the cut-off date, deposit the anount in the "Public Issue Application Account" maintained with its bank within the first banking hour of next working day of the cut-off date; (c) instruct the banker to block the account for an amount equivalent to the aggregate application money and to issue a certificate in this regard. 4. Banker of the Stock broker/Metchant Banker shall block the account as requested for, issue a certificate confirming the same and handover it to the respective Stock broker/ Merchant Banker. 5. For Non-resident Bangladeshi (NRB) and Foreign applicants, the Stock-broker/Merchant Banker shall prepare a list containing the balk draft (FDD) information against the respective applicant's particulars. 6. The Stock broker/Merchant Banker shall prepare category wise lists of the applicants containing Customer ID, Name, BO Account Number ard Number of Securities applied for, and within 03 (ttuee) working days from the cut-off date, send to the respective Exchange, the lists of applicanls in eleckonic (text format with tilde separator) format, the certificate(s) issued by its banker, the drafts and certificates received from Non-resident Bangladeshi (NRB) and Foreign applicants and a copy of the list containing the bank draft (FDD) information. On the next working day, the Exchanges shall provide the Issuer with o6t the information received from the Stock broker/Merchant Bankers, the bark drafts (FDD) c\r d and certificates submitted by Non-resident Bangladeshi (NRB) and Foreign applicants EL and the list containing (FDD) < the bank draft in{ormation. e, clt (ce'tl Mohotrlgds otryd[' Ralnaq FCS shar'i'n p5. {Retd), ,h"^*P Gen Shifique N\r\l-N Erig C'ro Maosgrtrg Director & CEO l-asmln Ak!o? utle' 8^ ar saha ManagioS' rr,iaff' umited AAAFitrs[r.€ & Investment Lh corrPanY secretarY rfficer (CtOl xalYan llEulance timitetl Sena !gr+ rdl 'str lrtrsurlxe CoNPary compary Limit€d Page 118 7. On the next working day, the Exchanges shall provide the Issuer with the information received from the Stock broker/Merchant Bankers, ttre bank drafts (FDD) and certificates submifted by Non-resident Bangladeshi (NRB) and Foreign applicants and the list containing the bank draft (FDD) information. Exchanges shall veri-$r and preserve the bankers' certificates in their custody. 8. The applications/buy instructions shall be preserved by the Stock broker/Merchant Bankers up to 6 months from listing of the securities with the Exchanges. Step-3 (Issuet) 9. The Issuer shall prepare consolidated list of the applications and send the applicants' BOIDs in electronic (text) format in a CDROM to CDBL for verification. The Issuer shall post the consolidated list of applicants on its r /ebsite and websites of the Exchanges. CDBL shall verify the BOIDs as to whether the BO accounts of the applicanB are active or not. 10. On the next working day, CDBL shall provide the Issuer with an updated database of the applicants containing BO Account Number, Name, Atldresses, Parents' Name, Joint Account and Banl Account information along with the verification report. 11. After receiving verification report and information from CDBL, the Issuer shall scrutinize the applications, prepare category wise consolidated lists ofvalid and invalid applications and submit report of final status of subscription to the Commission and the Exchanges within 10 (ten) working days from the date of receiving information from the Exchanges. 12. The Issuer and the issue manager shall conduct category wise lottery with the valid applications within 03 (three) working days from the date of reporting to the Commission and the Exchanges, if they do not receive any observation from the Commission or the Exchartges. 13. The lssuer and issue mzrnager shall arrange posting the lottery result on their websites within 06 (six) hours and on the websites of the Commission and the Exchanges within 12 (twelve) hours of lotlery. 14. Within 02 (two) working days of conducting lottery, the Issuer shall: (a) send category wise lists of the successful and unsuccessful applicants in electronic (text format with tilde separator) format to the respective Exchange. (b) send category wise lists of unsuccessful applicants who are subject to pena.l provisions as per conditions of the Consent letter issued by the Commission in eleckonic (text c! format with tilde separator) format to the Commission and the Exchanges mentioning o6\a the penalty amount against each applicant. G, CL< - w /,- Cll(Cert) Mfirmnsn, rirFnr m, psc (Retd), [t@, ml rig 6en shafique sh\n CEO Mr$Bli,6 Jt?rtor & CD /snl*-&Ea- Di ctor & ,,i nktcl Managing rted AAAPilmoo& ltrrtuII. .,, r! I.'. / dstnl KalYan lniulance _ .. - r,,,iried Page 119 (c) issue allotrnent letters in the names of successful applicants in electronic format with digital signatures and send those to the respective Exchange in electronic form. (d) send consolidated allotrnent data (BOIDs and numbet of securities) in electronic text format in a CDROM to CDBL to credit the allotted shares to the respective BO accounts. Step-4 (Intermediary) 15. On the next working day, the Exchanges shall dishibute the information and allotment letters to the Stock broker/ Merchant Bankers concerned in electronic format and inshuct them to: (a) rernit the amount of successful (other than NRB and Foreign) applicants to the Issuer's respective Escrow Account opened for subscription purpose, and unblock the amount of unsuccessful applicants; (b) send the penalty amount of other than NRB and Foreign applicants, who are subject to penal provisions, to t1-re Issuer's respective Escrow Accounts along with a list and unblock the balance application money; 16. On the next working day of receiving the documents from the Exchanges, the Stock brokers/ Merchant Banker shall request its banker to: (a) release the amount blocked for unsuccessful (other than NRB and foreign) applicarts; (b) remit the aggregate amount of successful applicants and the penalty amourt of unsuccessful applicants (other than NRB and foreign), who are subject to penal provisions, to the respective 'Escrow' accounts of the Issuer opened for subscription PurPose. 17. On the next working day of receiving request from the Stockbrokers/Merchant Bankers, their bankers shall unblock the amor:nt blocked in the account(s) and remit the amount as requested for to the Issuer's 'Escrow' account. 18. Simultaneously, the stock brokers/ Merchant Bankers shall release the application money blocked in the customer accounts, irrform the successful applicants about allotnent of securities and the unsuccessful applicants about releasing their blocked amounts and send documents to the Exchange evidencing details of the remittances made to the respective 'Escrow' accounts of the Issuer. The unblocked amounts of unsuccessful applicants shall be placed as per their instructions. The Stock broker/Merchant Banker shall be entitled to recover the withdrawal charges, if any, from the applicant who wants to withdraw the <\t application money, up to an amount of Tk. 5.00 (five) per withdrawal. cact (LE, 19. All bank drafts (FDD) submitted by NRB or Foreign applicants shall be deposited in the < Issuer's respective 'Escrow' accounts and refund shall be made by the Issuer by refund co qN Moha$rrad 0haydu trCS /.,, UJvqF {Rerd), cll {Cert} Rdoao, \qrrs$ Brig Gen shafique shantm, Pt {,latsgn* Diro{tor & CEo ha Managiog Directo & cEo pany L:mited .'ra Fioance & Iovestme Ltd. lblVan losurance com : e.J iltor PaBe 120 warrants through concemed stockbroker or merchant banker or transfer to the applicanfs bank account (FC account which ha6 been debited to apply by NRB or foreign applicants) through banking channel within 10 (ten) working days from the date of Iottery. Miscellaneous: 20. The Issuer, Issue Manager(s), Stock brokers, Merchant Bankers and the Exchanges shall ensure compliance of the above. 21. The bank drafts (FDD) shall be issued considering 'lT Clean exchange rate of Sonali Bank Ltd. on the date of publication of abridged version of prospectus. 22. Amount deposited and blocked in the "Public Issue Application Accoun(' shall not be withdrawn or transferred during the blocking period. Amount deposited by the applicants shall not be used by the Stock brokers/ Merchant Bankers for any purpose other than public issue application. 23. The Issuer shall pay the costs related to data transmission, if claimed by the Exchange concemed up to an amount of Tk.2,00,000.00 (taka two lac) for a public issue. 24. The Stock broker/ Merchant Bankers shall be entitled to a service charge of Tk.5.00 (taka five) only per application irrespective of the amount or category. The service charge shall be paid by the applicant at the time of submitting application. 25. The Stock broker/ Merchant Banker shall provide the Issuer with a statement of the remittance and bank drafts (FDD) sent. 26. The Issuer shall accumulate the penalty amount recovered and send it to the CommGsion through a bank draft/ payment order issued in favor of the Bangladesh Securities and Exchange Commission. 27. The concemed Exchange are authorized to settle any complaints and take necessary actiors against any Stockbroker/ Merchant Banker in case of violation of any provision of the public issue application process with intimation to the Commission. PART.C 1. The issue manager shall carefully examine and compare the published prospectus and its c{ abridged version on the date of publication with the copies vetted by the Commission. If et c\a any discrepancy is fould, both the issuer and the issue manager shall jointly publish a corrigendum immediately in the same newspapers concemed, simultaneously endorsing CE manager shall submit a compliance report to the Commission within 5 working days from the date of such publications. 2. The fund collected through Initial Public Offer (IPO) shall not be utilized prior to listing with the Exchange(s) and that utilization of the said fund shall be affected through banking chamel, i.e. tfuough account payee cheque, pay order or bank drafts etc. 3. The company shall furnish status report on utilization of Public Offering proceeds audited by foreign affiliated auditors and authenticated by the board of directors to the Commission and the Exchanges within 15 (Fifteen) days of the closing of each month until such fund is fully utilized, as mentioned in the schedule contained in the prospectus. The issuer shall simultaneously post the status report in its tvebsite and Exchanges shall also post the same in company information contained in websites of the Exchanges. In the event of any irregularity or inconsistency, the Commission may employ or engage any person to examine whether the issuer has utilized the proceeds for the purpose disclosed in the prospectus. 4. While auditing the utilization of IPO proceeds, the auditors will perform their iobs under the following terms of reference (TOR) and confirm the same in their re p orl;/certificate: (a) Whether IPO proceeds have been utilized for the purposey'heads as specified in the prospectus; (b) Whether IPO proceeds have been utilized in line $rith the condition (if any) of the Commission's consent letter; (c) Whether utilization of IPO proceeds have been completed within the time schedule/implementation schedule as specified in the published prospectusi (cl) Whether utilization of IPO proceeds is accurate and for the purpose of the company as mentioned/specified in the published prospectus; and (e) The auditors should also confirm that: (i) assets have been procured/imported/constructed maintaining propey'required procedure as well as at reasonable price; and (ii) auditors' report has been made on vedfication of all ne€essary documenty'paper*ouchers in support of IPO proceeds making reconciliation with Bank Statement. 5. All transactions, excluding petty cash expenses, shall be affected by crossed cheques or bank kansfers. 6. Proceeds of the Initial Public Offer (IPO) shall not be transferred to any other bank account before listing with the Exchange(s). The proceeds shall not be used for any F purpose other than those specified in the prospectus without any valid ground. Any c\rQI deviation in respect of purpose and time must have prior approval of at least 51Yu of CY cL the public shareholders, other than sponsors and directors, in a general meeting < through a Board approved agenda thereon and due notification to the shareholders. aE c\a N" MohrDrud OhsydDr RailrJso, 8Cl /.r,tZrrr Maugurg Dtector & CEO AAA Fimnoo & hvatneot Ltd . , i,t LttC Page 122 Before the said general meeting, such deviation as recommended by the board of directors shall be published as price-sensitive information with detailed description and reasons for such deviation. If approved by the shareholders, the meeting resolution shall be submitted to the Commission along with reasonable explanations and the decision shall be published as price-sensitive information. 7. lf any qu.rter or half-year of the financial year ends after publication of the abridged version of prospectus and before listing of its securities with any Exchange, the company shall disseminate/ transmit/submit the said quarterly/half yearly financial statements in accordance wifi the Commission's Notification SEC/CMRRCD/2008-183/admin/03-3a dated September 27, 2009 and Rules 13 of the Securities and Exchange Rules, 1987. 8. In the event of arising issues conceming Price Sensitive Information as defined under the AFsBEEq € arrr.q +fr.a (lFclc\,1fr r,<{r FFrd<.t) Fftqrqt :sc after publication of the abridged version of prospectus and before listing of its securities with any Exchange, the company shall disserninate/ transmit/ submit the information as price sensitive in accordance with the Commission's Notification No. SEC/SRMI/200-953/ 1950 dated October 24, 2000. PART-D 1. As per provision of the Depository Acf 1999 & Regulations made thereunder, shares will only be issued in dematerialized condition. All transfer/ transmission/ splitting will take place in the depository system of Central Depository Bangladesh Limited (CDBL) and any further issuance of shares (including rights/bonus) will be made in dematerialized form only. 2. The issuer and the issue manager shall ensure due compliance of all the above conditions, the 'Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015' and the listing regulations of the Exchanges. 3. The Commission may impose further conditions/restrictions etc. from time to time as and when considered necessary which shall also be binding upon the issuer company. :! C1- G CLI co C\t ,{r"*rlrl^ Mo[ronrds 0hayfu Puhnrl, 8Cr prc (Retdl, , Cll(Certl M"'rong Dir€ctu & Cto \uo6-N tcr & CEO AAA Finruce & Iavestaent Ltr, ' .:j ) tan. l(ilyan lnsu,ance Comparry Umitcd .rlteC Page 123 SECTTON (rrr) (BX2)(f) DECLARATION AND DUE DILIGENCE CERTIFICATES SECTION CONTENTS Annexure-A Amexure-B Annexure-C c\l c\l AN L,,w&tr- Fsc (Retd), cll(ce,tl Uoisnl]tlt ohrydu, Rrbnu" BCb rln Akter \mDAN ry secletary Slhr Mriront Diroctor & CEO .. lrlov l(umrr Sena Kaiyan ttrlu(ancc Illpany Lurrtttd mrrcq (CFOI A.A.A Fioauco & Iavcstoent Ltd cht.f rinancial Officer tcd SittYalYai i turanre CcmPanY Limi Page 124 Annexure-A Declaration about the responsibilit.v of the directors, including the CEO of the issuer in respect of the prosDectus [Rule a (r) (d)] This prospectus has been prepared, seen and approved by us, and we, individually and collectively, accept full tesponsibility for the authenticity, accuracy and adequacy of the statements made, information given in the prospecfus, documents, financial statements, exhibits, annexes, papers submitted to the Commission in support thereof, and confirm, after making all reasonable inquiries that all conditions conceming this public issue ard prospectus have been met and that there are no other in{ormation or documents, the omission of wfuch make any information or statements therein misleading for which the Commission may tale any civil, criminal or adminiskative actions against any or all of us as it may deem fit. We also confirm that full and fair disclosures have been made in this prospectus to enable the investors to make a well-informed decision for investment. sd/ - sd/ - sd/ - Mai Gen Mohammed Saidul Brig Gen Md Shafique Air Cdre M Moyeenuddin, Islam, ndc, psc Shamim, psc (Retd), CII ndc, afwc, psc (Cert) Chairman Managing Director & CEO Director (Represented by SKS) (Represented by SKS) sd/ - sd/ - sd/ - Brig Gen Mirza Md Enamul Brig Gen M A Mohy, psc, Brig Gen Md Mustafa Kamal, Haque, ndc PEng SGP Director Director Director (Represented by SKS) (Represented by SKS) (Represented by SKS) sd/- sd/- sd/ - Brig Gen Md Jamal Hossain, Brig Gen Md Shaheen Iqbal, M.M Mostafa Bilal ndc, afwc, psc afwc, psc Director Director Independent Director (Represented by SKS) (Represented by SKS) sd/ - Aharned Ihteyaz Thannid Independent Director 5 Place: Dhaka o Date: April 25, 2021 E o.4, CE' \$" Mollnnrd ohiydrl Rahnsr, fCS /*r,,rrlrt,- \ce.6_ (R€td), Cll(Certl Maug:ng Dircctor & CEO lasmln Akter li )fiil ful3naging Ditecto & cEo . pairY Limlted AAAFhatrcx&I catne Ltd r:irany Secretary t-t..) 5!nt XalYan lnturan'e Co ";u;:n:e Company timltrd& ,.i .it"d Page 125 Annexure-B Due diligence certificate to be furnished by issue manager(s) in the prospectus [Rule a (1) (d)l To The Bangladesh Securities and Exchange Commission Sub: Public Issue of 1,5Q0Q000 Ordinary Shares of Tk. 16,00,00,000 by Sena Ka1yan Insurance Company Limited Dear Sir, We, the issue manager(s) to the above-mentioned forthcoming issue, state and confirm as follows: ( l) We have examined all the documents submitted with the application for the above mentioned public issue, visited the premises of the issuer and interviewed the Chairperson, Directors and key management persormel of the issuer in connection with the finalization of the red-herring prospectus/ prospectus/information memorandum pertaining to the said issue; (Z) On the basis of such examination and the discussions with the directors, officers and auditors of the issuer, other agencies, independent verification of the statements conceming objects of the issue and the contents of the documents and other materials fumished by the issuer. WECONFIRMTHAT: (a) The red-herring prospectus/ prospectus/information memorandum filed with the Commission is in conformity with the documents, materials and papers relevant to the issue; (tr) All the legal requirements relating to the issue as also in the rules, notificatiory guidelines, instructions, etc. framed/issued by the Commission, other competent authorities in this behalf and the Govemment have been duly complied with; (c) The disclosures made in red-herring prospectus/ prospectus/ information memorandum are true, fair and adequate to enable the investors to make a well informed decision for investrnent in the proposed issue and such disclosures are in accordance with the requirements of the Companies Act 1994, the Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015 and other applicable laws; -{ (d) Besides ourselves, all the intermediaries named in the red-herring prospectus/ a.r- prospectus/ information memorandum are registered with the Commission and that Gcl- till date such regiskations are valid; 4. &, (e) We have satisfied ourselves about the capability of the underwriters to fulfill their \v Moiannan,)hcvdrr lanoeq, 8CS \h$a-N Brig 6er Shalique S , p5c (Retd), Cll{C€r' tanagri6 uli.ctff,! CEo thAtT- Miloy Xumar S!h. Managin ctor & CEO AAA Fitraace & lnyeshe[t Ef tinancial officer (CFOI Lt|t Kalyao lniurante comDar1 Umited ran lnslrance CamPanY timitedsllna '',1 Page 126 underwriting commitrnents; (0 The proposed activities of the issuet for which the funds are being raised in the present issue fall within the 'main objects' listed in the object clause of the Memorandum of Association or other charter of the issuer and that the activities which have been carried out till now are valid in terms of the object clause of its Memorandum of Association; (g) Necessary arrangements have been made to ensure that the moneys to be received pursuant to the issue shall be kept in a separate bank account and shall be used for the purposes disclosed in the use of proceeds section of the red-herring prospectus/ prospectus/ information memorandum; (h) All the applicabie disclosures mandated in the Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015 have been made in addition to other disclosures whiclu in our view, are fair and adequate to enable the investor to make a well informed decision; (i) We enclose a note explaining how the process of due diligence has been exercised by us in view of the nafure of current business background or the issuer, situation at which the proposed business stands, the risk factors, sponsors experiences etc. We also confirm that the due diligence related process, documents and approval memos shall be kept in record by us for the next 5 (five) years after the IPO for any further inspection by the Commission; (j) We enclose a checklist confirming rule-wise compliance with the applicable provisiors of the Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015 containing details such as the rule number, its text, the status of compliance, page numbers of the red- herring prospectus/ prospectus/ information memorandum where the rules have been complied with and our comments, if any; (k) We also declare that we have managed the pubiic issue of following issuers in the last 05 (five) years: Issue Dividend Payment History (Year Wise) sl. Name of the Issue Issue Date Price No. 2017 2018 2019 2020 (rk.) 2076 -l Bashundhara Paper 20t/r 15.J/. 10'J/. 28-03-2018 80 Mills Ltd. Cash Cash Cash s% 2 Express Insurance Ltd, 10-03-2020 10 (Interim) Walton Hi-Tech 200,k 3 08-07-2020 252 Industries Cash NB. 'B' inclicates Bonus share or Stock Dividend and 'C' indicates Cash Dividend sd/- Place : Dhaka Mohammad Obaydur Rahman FCS, FCGA Date : 28 April,2D2l Managing Director & CEO (\a o6i G d-<. @ s)" /""toltr \hs$- (Cert) MoIlnDld 0hrydEr Ramsq fG re? Seha etd), cl, MsraSrlf Ditectff & CBo B'ie cEO lffi.er {CtoI - Managl AAA Fimocc & lnvcstnent Lld €d sulance Co ar{ limited' r :,1 sena KalYan to Page 127 Annexure-C Due diligence certificate by the underwriter [See Rule a (1)(d)] To The Bangladesh Securities and Exchange Commission Sub: Public offer of 16,00Q000 Ordinary Shares of BDT. 1,60,00Qffi0/- of SENA KALYAN INSURANCE COMPANIY LIMITED Dear Sir, We, the under-noted Underwriter to the above-mentioned forthcoming issue, state individually and collectively as follows: (l ) We, while underwriting the above mentioned issue on a firm commitrnent basis, have examined the draft prospectus, other documents and materials as relevant to our underwriting decision; and (2) On the basis of such examination and the discussions with the issuer company, its directors and officers, and other agencies, independent verification of the statements concerning objects of the issue and the contents of the documents and other materials furnished by the issuer company. WE CONFIRM THAT: (a) We are registered with the Bangladesh Securities and Exchange Commission as a merchant banker and eligible to carry out the underwriting activities. Our present paid-up capital stands atTk.25.00 Crore (Twenty five crore) and we have the capacity to underwrite a total amount ofTk. 125.00 Crore (One hundred twenty five crore) only as per relevant legal requirements. We have committed to underwrite for up to Tk. 14,000,000.00 (One crore forty lac) for the upcoming issue. (b) At present, the following underwriting obligations are pending for us: st. Name of Company Nature of Issue Amount Underwritten (in Tk.) 1 Baraka Potenga Power Ltd. IPO 11,885,215.00 Total 11,885,215.00 (c) All information as are relevant to our underwriting decision have been received by us and the draft prospectus forwarded to the Commission has been approved by us; (d) We shal1 subscribe and take up the un-subscribed securities against the above- mentioned public issue within 15 (fifteen) days of calling up thereof by the issuer; and c{ C'a{ (e) This underwriting commihnent is unequivocal and irrevocable G o-<' c9 e{ e). /-r,,'rr*r h!s^6 Erig Gen Shalique ShaniiE, s. {Retd), cll(Certl MoiaBnad Ohsydj, Pdraq, fCS . ik ter Man3grnC Direr Managily t)iroctor & CEo ..r!:-!,,-retJiY Scnc l(alyan Insurance AAA Fioroc€ & lnvestxoent Ltd . ..,,:i t.'1:\;air In' l'_ Page 128 For AAA Finance & Investment Ltd. sd/- Mohammad Obaydur Rahman FCS, FCGA Managing Director & CEO Place : Dhaka Date : April 01, 2021 -n :\tf d o-<' c'r C\I \u\$se /e^il,a\ s. I'lr Mohson d ObrydE R hDao, ICS " t" 'f l{ert} i/ , ,] -,,.II '' ' L r' '(,''rrlrrl'' I : I{&rging Dir€ctor & CBo Lrmrtcd '"'-,t''''I/' r"'"l rr l)r '). Ltd K.)lYaIr lr!ul'inc' L(rlirpirny Llrirtea AAA Filanoe & IovestoeDt f,cn.r Page 129 Annexure-C Due diligence certificate by the underwriter [Rute a (1)(d)] To The Bangladesh Securities and Exchange Commission Sub: Public Offer of 16,000,000 Ordinary Shares of Tk. 160,000,000.00 by Sena Kalyan Irsurance Company Limited. Dear Sir, We, the under-noted Underwriter(s) to the above-mentioned forthcoming issue, state individually and collectively as follows: (1) We, while underwriting the above mentioned issue on a firm comrrritment basis, have examined the draft prospectus, other documents and materials as relevant to our underwriting decision; and (2) On the basis of such examination and the discussions with the issuer company. its directors and officers, and other agencies, independent verification of the statements conceming objects of the issue and the contents of the documents and other materials fumished by the issuer company. WECONFIRMTHAT: o) We are registered with the Bangladesh Securities and Exchange Commission as a merchant banker and eligible to carry out the underwriting activities. Our present paid- up capital stands at Tk. 600,000,000 (Taka Sixty Crore Only) and we have the capacity to underwrite a total amount of Tk. 3,000,000,000 (Taka Three Hundred Crore Only) as per relevant legal requirements. We have committed to underwrite for up to BDT 14,0fi),000 (Taka One Crore Forty Lac only) for the upcoming issue. b) At present, the following underwriting obligatiors are pending for us: Amount SI, Name of The Company Underwritten No. (Taka) 1 lnfinity Technology Intemational Limited 35,000,000.00 2 Ratanpur Steel Re-Rolling Mills Limited. (Rights Share Offer) 11,390,880.00 3 Onetex Limited 20,000,000.00 l MedRx Life Science Ltd 10,000,000.00 5 Subra Systems Ltd. 50,000,000.00 Total 126,390,880.00 c\c, c; All information as are relevant to our underwriting decision have been received by us c! and the draft prospectus forwarded to the Commission has been approved by us; G CL4 d) We shall subscribe and take up the un-subscribed securities against the above-mentioned public issue within 15 (fifteen) days of calling up thereof by the issuer; and <\r Nl)ryffi Mohrrlnsd Rrnoao, 16 ,(",r*f N\M$ 6 (netd), Cll(C'rtl i,fiaag4 Diretror & CEO Dire o. & cEo AAA PiDaucr & Inv€stn€nt l,td MinaEing ried rltlC slnl blt'n lnsulanc' Page 130 e1 This underwriting commitment is unequivocal and irrevocable. For the Underwriter: sd/ - Mohammad Saleh Ahmed Chief Executive Officer IIDFC Capital Limited Place: Dhaka; Date: April 01, 2021 c{ 6l6 G o.-<' 6 cl /^ fi-ekE &)l, w (Retd)' Cll {cert} \Nes Er;s 6an 5h al;q':" Sh-rrjnr, dc Motr$n8d ohsyt, Rrmrn, fC|) M,rnJHrr,!: tlrre'tllr & CEU Mrtr8gu8 ilirector & CEo Sena KalYan tns[raoce CumpanY Limtted AAA Rilllce & lnvcsl:oetrt Ltd . .{ Page 131 Annexure C Due diligence certificate by the underwriter [Rule a (1)(d)] To The Bangladesh Securities and Exchange Commission Sub: Public offer of 16,00O,m0 ordinary shares of BDT. 150,000,00ry- of Sena Kalyan Insurance Company Limited Dear Sir, We, the under-noted Underwriter(s) to the above-mentioned forthcoming issue, state individually and collectively as follows: L. We, while underwriting the above mentioned issue on a firm commiknent basis, have examined the draft prospectus, other documents and materials as relevant to our underwriting decisiory and 2. On the basis of such examination and the discussions with the issuer company, its directors and of6cers, and other agencies, independent verification of the statements concerning o$ects of the issue and the contents of the documents and other materials fumished by fte issuer company. WE CONFIRM THAT: a) We are registered with the Bangladesh Securities and Exchange Commission as a merchant banker and eligible. to carry out the underwriting activities. Our present paid-up capital stands at Ik. 550,00,00,000.00 (Taka five hundred and fifty crore) only and we have the capacity to underwrite a total amount ofTk. 2750,00,00,000.00 (Taka two thousand seven hundred and fifty crore) only as per relevant legal requirements. b) At present, the following underwriting obligations are pending for us: SI Name of the Company Amount of Underwritten No. (in BDT) 01 Dragon Sweater ancl Spinning Ltd 2,00,00,000 02 Three Angle Mariner Limited 2,00,00,000 03 Mohammad Elias Brothers POY Manufacturing 35,00,000 Plant I-td. 0.1 Achia Sea Foods Limited 1,40,00,000 05 Onetex Limited 1,00,00,000 Total 6,75,00,000 ctc! G CL<. @ C:' q$' iliarfti ,bJ*L tlomrnnsr, R nDsq 16 NF4- l$rsgurb Director .9 CBo lter sc (Retd), Cll(Cert) AAA Finmco & ItrY$hell Ltd cletal Collr9a nv Limited ' ter gene Kalyan lnsurance Compatry Limltgd Page 132 c) All information as are relevant to our underwriting decision have been received by us and the dra(t prospectus forwarded to the Commission has been approved by us; d) We shall subscribe and take up the un-subscribed securities against the above- mentioned public issue within 15 (fifGen) days of calling up thereof by the issuer; and e) This underwriting commiknent is unequivocal and irrevocable. For the Underwriter: Air Cdre (Retd) Md Abu Bakar, FCA Managing Director Soudreast Bank Capital Services Limited sd/- Place: Dhaka Date: April 4, 2021 <\t c\l-, g r<' CE +)" Mohunnm oheydjr hbm&0, FCI ,1*rr-r* Mmr$lg DhMor & CEo AAA Pinrnc€ & lnv€rtuetr| Ltd PaBe 133 Annexure-C Due diligence certificate by the underwriter See rule 4 (1) (d) To The Bangladesh Securities and Exchange Commission Sub: Public offer of 16000,000 Ordinary Shares of Tk. 160,000,000.fi) of Sena Kalyan Insurance Company Limited. Dear Sir, We, the under-noted Underwriter(s) to the above-mentioned forthcoming issue, state individually and collectively as follows: (1) We, wh.ile underwriting the above mentioned issue on a firm commitment basis, have examined the draft prospectus, other documents and materials as relevant to our underwriting decision; and (2) On the basis of such examination and the discussions with the issuer company, its directors and officers, and other agencies, independent verification of the statements conceming objects of the issue and the contents of the documents and other materials fumished by the issuer company. WE CONFIRM THAT: (a) We are registered with the Bangladesh Securities and Exchange Commission as a merchant banker and eligible to carry out the underwriting activities. Our present paid- up capital stands at Tk. 329.65 (Three hundred twenty nine point six five) crore and we have the capacity to underwrite a total amount of Tk. 2,181,.3-I,. (Taka two thousand one hundred eighty one point three one) crore as per relevant legal requirements. We have committed to underwrite for up to Tk. 14,000,000.00 flaka one crore forty lac only) for the upcoming issue. (b) At present, the following underwriting obligations are pending for us: Sl. No. Name of the Company Amount Underwritten (in Tk.) 1 Ratanpur Steel Re-Rolling Mills Ltd 37,500,000.00 2 lMi Hospital Requisite Manufacturing Limited 51,250,000.00 3 Sonali Life Insurance Company Limited 66,500,000.00 I Omera Pekoleum Limited 4't,726,036.00 South Bangla Agriculture & Commerce Bank 5 Ltd. 210,000,000.00 Total= 406,976,036.00 6l a (d) We shall subscribe and take up the un-subscribed securities against the above- mentioned public issue within 15 (fifteen) days of calling up thereof by the issuer; and (e) This underwriting commitrnent is unequivocal and irrevocable. For the Underwriter: sd/ - Shukla Das Chief Executive Officer ICB Capital Management Limited Place: Dhaka Date: 01 April 2021. 6{ o<\a Go- co \y Motmnld oboyfit Rlbtraq FCS Megug Dtrcrot & CBo, Llo A-AA Fiolorc & lnY€stnr Page 135 sECTroN (rv) (BX3) ABOUT THE ISSUER SECTION CONTENTS Name of the issuer, dates of hcorporation and commencement of its commercial operations, (u) its logo, addresses of its registered office, other offices and plants, telephone nurrrber, FAX number, contact person, website address and e-mail address (b) The names of the sponsors and directors of the issuet The name, logo and address of the auditors, along with their telephone numbers, FAX (c) numbers, contact persons, website and e-mail addresses (,1) The name(s) of the stock exchange(s) where the specified securities are proposed to be listed C' <_.4 G CL<, F GI tnl*E ND-N N. taslllln Akt€t obaYdlt Rahneo, FCf, psc (Retd), Mohrmnad r''r!oy Secfetary rr1, cll Ma$gitr8 Dilector & CEo €€tor & CEO ._ , .rn.e Company Umttld AAA Fiosoce & lnvesheot 1.rr j Page 135 Name of the iseuer, dates of incorporation and commencement of its commercial operations, its logo, addresseg of its registered office, other offices and plants, telephone number, fax number, contact persory website @)(s)(a) address and e-mail address; Name of the issuer Sena Kalyan Insurance Company Limited Date of Incorporation 3d September, 2013 Date of getting licenee for Commencement of 3"t Septenber, 2013 Business Date of getting permission of Insurance 10th September, 2013 Business & starts operation Logo SI(S Tower (12th Floor), 7, VIP Road, Registered Office Address Mohakhali, Dhaka-1206, 1. Motliheel Branch Sena Kalyan Bhaban, 195, Motijheel C/A 20th Floor, Room No-2004, Dhaka-1000 2. Cantonment Branch SI(S Tower (12th Floor), Z VIP Road, Mohalhali, Dhaka-1206 3. Mirpur Branch Plot no: 1244, 2"d Floor (Eastern Side), Road: 9, Old 60 Feet Road, Mirpur DOHS, Dhaka Other Offices Address (Branches) Cantonment 4. Karwan Bazar Branch 93, Kazi Nazml Islam Avenue (4th Floor) Dhaka-1215 5. Chattogram Branch Sena Kalyan Trade Center, Level-4 29, Agrabad Commercial Area, Chattogram 6. Khulna Branch r07 130, Sir I bal Road, Khulna Telephone Number 88 02 9885686, 9885 604, 9885606 Fax Number 88 02 9885631 Lasmin Akter Contact Person Company Secretary Website Address www.senakalyanicl.com F-mail Address [email protected] The names of the sponsors and directors of the issuer; (B)(3)(b) SPONSORS Sl. No Name Address SKS Tower (10& Floor), 7, VIP Road, 1 Sena Kalyan Sangstha (SKS) Mohakhali, Dhaka-l206, Bangladesh Sena kalyan Sangstha, 195 Motilheel 2 Col Abu Nayeem Md Jobair Kamal Chowdhury C/A, Dhaka-1000 Sena kalyan Sangstha, 195 Motijheel 3 Col Md Zakir Hossain, psc C/A, Dhaka-1000 Sena kalyan Sangstha, 195 Motiiheel .l Wing Cdr Mostaque Helalur Rahman C/A, Dhaka-1000 f, Lt Col Sufian Murad Rabban (Retd) Road-45, Mirpur DOIIS, Dhaka-1216 6 Lt Col Saeed Ahmed (Retd) 26/C, Road-4, Dhaka Cantonment Sena kalyan Sangstha, 195 Motiiheel 7 Lt Col Mustafizur Rahman (Retd) C/A, Dhaka-1000 Note: Other than Sena Kalyan Sangstha (SKS), none of the sponsors hold any shares as of today. DIRECTORS sl. Name Address No, Chairman SKS Tower (10th Floor), 7, VIP (Represented by Maj 1 Sena Kalyan Sangstha (SKS) Road, Mohakhali, Dhaka-1206, Gen Mohamrned Bangladesh Saidul Islam, ndc, psc) 504, Neel Abanee, BAF Officers Air Cdre M Moyeenuddiru ndc, Nominated director by ) Quarter, Old Airport Road, afwc, psc SKS Tejgaon, Dhaka. Brig Gen Mirza Md Enarnul Nominated director by Vill : Baliadungi, P.O: Dublia, 3 Haque, ndc SKS P.S: Pabna Sadar, Dist Pabna Vill- Kancher Kole, P.O- Nominated director by I Brig Gen M A Mohy, psc. PEng Kancher Kole, P.S -Shoilokupa, SKS Dist - Jinaidha Brig Gen Md Mustafa Kamal, Nominated director by Vill: Khararia West Para, Post 6 SCP SKS Khararia Bazar, Kalia, Narail Brig Gen Md Jamal Hossain, Nominated director by Sonaimuri, Sonaimuri Bazar, ndc, afwc, psc SKS Barura, Cornilla c\l c\tet G CL< co N l^,irJrt- sc (R!tdr, Cll UobrEfl, ol,rydE R hDen, fCS lccrt rr & CEo l'0!tgr[g Direclo, & CEO ., d AAA Pimm€^)" & lnvestoeot Ltd Page 138 DIRECTORS (INDEPENDENT) Sl. No. Name Address Flat # NE-2, House # 1, Abbas 1 M.M Mostafa Bilal Carden, Dhaka Cantonment, T ry Dhaka, B ladesh House-18, Road-3, Sector-6, Uttara 2 Ahamed Ihtevaz Thamid Dhaka-1230, B ladesh MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER Sl. No. Name Address SKS Tower (1Oth Floor), 7, VIP Road, 1 Brig Cen Md Shafique Shamim, psc (Retd) Mohakhali, Dhaka-1206, B desh The name, logo and address of the auditoro and registrar to the issue, along with their telephone numbert, firx numbets, contact persons, website and n)(s)(c) e-mail addresses; AUDITOR Name Mahfel Huq & Co. Chartered Accountants Mahfel Huq & Co Logo Address BCIC Tower (4th Floor), 34 Topkhana Road, Dhaka-1000 Telephone 88 02 9553143, 88 029581786 Fax 88 02 9571005 Howlader Mahfel Huq FCA Contact Person Managing Partner Website www.mahfelhuq.com F-Mail [email protected] REGISTRAR TO THE ISSUE Not Required for this issue as per Rule 3(3) of Bangladesh Securities & Exchange Commission (Public Issue) Rules, 2015 c\l CI€ G, CL< co ct a$" ,(*,'rrlr, Motrulrd obrydE n tEEo, FCS ilov l(umar Sehr ic {Retdl, Cll(Certl Mriq'in8 Direetor & CEO !tn!nrial officer (cto) r&CEO A,AA Fiorao€ & ltrvcrlmetrt Ltd ."m:A0f 3?nl vrlvlri lni!rr' -.r'1-!ii I ' ena l(alyao losulanie c mp.rry tjl red Page 139 The name(s) of the stock exchanges where the epecified eecurities are BX3)(d) proposed to be listed, STOCK EXCHANGES Dhaka Stock Exchange Ltd. DHAKA STOCK EXCHANGE DSE Tower, Road: 21, House: 46 Nikunja, Dhaka-1229 Tel: 88 02 9564601, 9576210-"18 F ax: 88 02 9564727 , 88 02 9569755 Email: [email protected] Web: www.dsebd.or Chittagong Stock Exchange Limited CHITTAGONG STOCK EXCHANGE CSE Building, 1080, Sk. Mujib Road Agrabad, Chittagong, Bangladesh CHITTAGONG Tel 88 03^L 71.4632-3, 88 037 720871,-3 STOCK Fax: 88 031 714101 EXCHANGE Email: [email protected] f Web: www.cse.com.bd :\l c\= 4 SECTTON (v) (BX4) CORPORATE DIRECTORY OF THE ISSUER c\ q!o CE o-< (D N /*,t'^rlrr Uo!&rnrd 0tlrdu Rrtns!, FCI| \wN Shaflque thanln, isc td), cll{c.rt} Bril 6en Valagiog Director & CBO I ' \ fifrlov li, r:e: ':" :, Managing Dire(tor AAA Ffumfr & Inv€stoe ,1 Llo . 4tf,l , Sana irlyan lnsurance comPaol ' Page 141 Name of the issuer Sena Kalyan Insurance Company Limited Legal Status Public Limited Company Nature of Business Non-life Insurance Date of Incorporation 3.d September, 2013 Date of getting license for 3d Septemb€r, 2013 Commencement of Business Date of getting permission of Insurance 10th September, 2013 Businese & starts olrcration Logo Registration No c-111100/13 SKS Tower (12th Floor), 7, VIP Road, Registered Office Address Mohakhali, Dhaka-1206, Bangladesh 1. Motilheel Branch Sena Kalyan Bhaban, 195, Motijheel C/A 20s Floor, Room No-20M, Dhaka-1000 2. Cantonment Branch SKS Tower (12th Floor), 7, VIP Road, Mohakhali, Dhaka-1206 3, Mirpur Branch Plot no: 1244, 2,a Floor (Eastem Side), Road 9, Old 50 Feet Road, Mirpur DOHS, Dhaka Other Offices Address (Branches) Cantonment 4- Karwan Bazar Branch 93, Kazi Nazrul Islam Avenue (4th Floor) Dhaka-1215 5. Chattogram Branch Sena Kalyan Trade Center, Level-4 29, Agrabad Commercial Area, Chattogram 6. Khulna Branch "t07 C{ 130, Sir bal Road, Khulna c\a Company Secretary Lasmin Akter G, Compliance Officer Lasmin Akter Auditors Mahfel Huq & Co. Chartered Accountants Manager to the Issue AAA Finance & Investment Limited Trust Bank Limited Lead Banker for IPO Millermium Corporate Brach (i) Fire & its allied perils Business (ii) Marine Business (iii) EngineeringBusiness Products (iv) Motor Business (") Aviation Business (vi) MiscellaneouslnsuranceBusiness Net Asset Value Per Share 21.09 Earnings Per Shue (EPS) 3.93 Size of the Board of Directors 10 (Ten) TltenhonlNumber 88 02 9885686, 9885604, 9885506 Fax Number 88 02 9885631 Website Address www.senakalyanicl.com Email Address [email protected] c{ c\lo G. \)" lhalor ,(","1n MoIfinnso ' Ramal, fCtr \ass"$- (Retd), Cll (Certl Matragur oire.tor 3 CBo t{, ,,. . AAA FitrstrcE & hvesto€ Ltd nip-{rI Limitcd Page 143 SECTTON (vr) (B)(s) DESCRIPTION OF THE ISSUER SECTION CONTENTS (a) Summary; (b) Ceneral Information; (c) Capital Structure; (d) Description of Business; (e) Description of Property; (D Plan of Operation and Discussion of Financial Condition; c\ 6ia e, Summary; @)(s)(a) (i) The summary of the industry and business environment of the issuer. The summary shall not be one-sided or biased to highlight the issuer or the issue; The role of insurance in managing risks in an economy cannot be overstated. At a micro level, insurance safeguards households and companies from a myriad of risks. From a macro perspective, it reduces the financial burden on a government and creates a stable environment in which businesses can thrive and succeed. While Bangladesh has taken gigantic strides on the path to economic prosperity, its insurance sector is a vital area that requires considerable attention and can benefit significantly from regulatory reforms. Currently, BangladesKs insurance sector comprises 46 general irsurance companies and 32 life insurance companies. In additioru there are two state-owned insurance corporations---one in the general segment and the other in the life segment. According to a sigma report of the Figure l Growth of Eangladesh's insurance seclor Swiss Re Institute, as of 2017, the gross premium volume of life lnsurance gro$1h insurance in Bangladesh stands at * 20 USD 974 million and that of non-life 10 stands at USD 371 million. Figure 1 depicts the year-on-year growth. Life 0 201n 2011 2012 2013 20 t 4 2015 2016 201 7 insurance constitutes 73.57o of -10 Bangladesh's insurance market and Growth in nonJi$ Growh in ltrb non-life insuranc e, 26.5'/". Overa! gror,rlh - Micro-insurance and Islamic insurance (takaful) are also a part of source: Bonqlodesh tnsurcnce Associotioh 2077 Annuol Repott Bangladesh's insurance sector. [n 2017, 2.20 million new Life and 2.36 million and new non-life insurance policies were issued. Further, the number of active life insurance policies was 10.78 million in 2017. The assets of all insurance companies in Bangladesh stood at USD 5,810.61 million by the end of 2017, with an average growth rate of 13.83% from 2009. Investments in both life and non-life insurance companies have grown at an average rate of 14.95% during 2009-2017, with retums increasing from 8% to 11.5% during the same period. The liIe insurance sector has a competitive landscape, with market share being closely distributed among multiple players. c\lCf, GE In the next decade, Bangladesh will continue to witness the Figure 2: Bangladesh's insurance sector is proFcledto grow by 7.04% by 2020 (in terms of premiums) rise of the middle and wealthy 2.5 class in major cities. This could 2.22 easily translate into a higher demand for insurance 1S 146 products as individuals and t5 '1.1I 1 3r companies become 1.13 I increasingly risk aware. As shown in Figure 2, insurance 0.5 penetration in Bangladesh is expected to grow at 7.M% and 2011 2012 2013 An14 201s 2020 be worth approximately USD 2.2 billion (in terms of insurance premiums) by the year 2020. Despite various challenges, Bangladesh's insurance sector has Eemendous potential for growth, especially given the countlr's favorable macroeconomic Picture. Regulatory reforms and the introduction of bancassurance, health, expatriate, agriculture, education, coastal, and public pension insurance products along with deep distribution charurels can catalyze growth in the insurance sector. Regulations that focus on reducing the risk of insolvenry can help build trust in the malket at a global level, which in tum will increase the flow of funds into the economy. With adequate capital requirements in place, insurance companies will serve as a safeguard for investrnents in infrastructure bonds, thereby boosting inftastructure development. Strong regulations can also help strengthen the reinsurance market, which will ease the financial burden on the govemment arising from catastrophic events, thus dtecdy contributing towards development opportunities for the country. Further, well-defined regulations can drive competitio& enabling companies to provide the best solutions and offer more options to customers. Regulatory frameworks, ideally framed with reference to international standards and principles, will go a long way towards creating a resilient insurance sector. A resilient insurance sector can, in tum, have far-reaching economic, commercial, and social benefits for Bangladesh. Thriving against odds, it could also, in the long run, encourage entrepreneurship and irmovation while facilitating risk transfer. Source: PutC I Potential for grousth: Transforming Bangludesh's insurance sector q)c\ (ii) Summary of consolidated financial, operating and other information. CE CL SKICL has neither any subsidiary nor it is oPerated under any holding company. < Therefore, this information is not applicable here. Q N ,Zr,ilnr Mobrnmd olEydr n hElA tU \N#s M&agu8 Dircclor & CBo lfsfrli-akur I eornpany secrctrrl itrrloy t(urnar sata 4AA Filamc & lnvertoeot Lld Slna l(llydr ln5uatncc Coopany tyiu.4ttel Fh.nciat offrcer (CFOI Itfi l(ilveh lni,ufrnce Co'l12iny lllrrr-,1 Page 145 General Informationi (BXs)(b) (i) Name and address, telephone and fax numbers of the registered office, corporate head office, other offices, factory, business premises and outlets of the issuer; Name of the issuer Sena Kalyan Insurance Company Limited SKS Tower (12th Floor), 7, VIP Road, Regist€rcd Office Address Mohakhali, Dhaka-1206, Bangladesh Telephone Number 88 02 9885686, 9885604, 9885606 Far Number 88 02 9885631 1. Motiiheel Branch Sena Kalyan Bhabao 195, Motiiheel C/A 20th Floor, Room No-2004, Dhaka-1000 2. Cantonment Branch SKS Tower (12th Floor), 7, VIP Road, Mohakhali, Dhaka-1206 3. Mirpur Branch Plot no: 1244, 2*r Floor (Eastern Side), Road: 9, OId 60 Feet Road, Mirpur DOHS, Dhaka Other Office6 Address (Branches) Cantonment 4. Karwan Bazar Branch 93, Kazi Nazrul Islam Avenue (4th Floor) Dhaka-1215 5. Chattogram Branch Sena Kalyan Trade Center, I-evel-4 29, Agrabad Commercial Area, Chattogram 6. Khulna Branch 107/130, Sir lqbal Road, Khulna (ii) The board of directors of the issuer; Sl. No. Name of the Directore Position the Company .l Maj Gen Mohammed Saidul Islam, ndc, psc Chairman (Norninated by SKS) 2. Brig Gen Md Shafique Shamim, psc (Retd) Managhg Dtector & CEO 3 Air Cdre M Moyeenudclin, ndc, afwc, psc Director (Nominated by SKS) -1. Brig Cen Mirza Md Enamul Haque, ndc Director Nominated SKS 5 Brig Gen M A Mohy, psc, PEng Director Nominated b SKS b Brig Cen Md Mustafa Kamal, SC P Director Nominated SKS 7 Brig Gen Md Jamal Hossair! ndc, afwc, psc Director Nominated S 8 Brig Gen Mci Shaheen Iqbal, afwc, psc Director Nonrinated S 9. M.M Mostafa Bilal Inde endent Director 10 Ahamed lhteyaz Thamid lnd endent Director er<\ .Le € <\a h,&E Nv$ w fn Alt t {otaDmd otsrtu Rrimq Maloy Krrna lcl y SecretarY Brlt Gen shatlque shan,m tlmagiog Director CBO !ll?t Finrn':iit .t nce ComEriY limlll J .f Menating Direr { AA Fioance & lnveshed Ltd trna ldyan lntuaoc€ Page 147 iii) Names, addresses, telephone numbers, fax numbers and e-mail addresses ofthe chairman, managing director, whole time directors, etc. of the issuer; Name Maj Gen Mohammed Saidul Islam, ndc, ominated SKS Addresses SKS Tower (12th Floor), 7, VIP Road, Chairman Mohakhali, Dhaka-l206, Telephone +88 02 9885686, 9885604, 9885606 Fax +88 02 9885631 [-Mail info@senakal anicl.com Name Brig Gen Shafique Shamim, psc (Retd), CII C Addresses SKS Tower (12th Floor), 7, VIP Road, Managing Director & CEO Mohakhali, Dhaka-1206, Bangladesh Telephone +88 02 9885686, 9885604, 9885606 Fax r88 02 9885631 E-Mail shamim@senakal Lcom Note: SKICL does not have any whole-time directors. (iv) Names, addresses, telephone numbers, far numbers and e-mail addresses of the CFO, company secretary, legal advisor, auditors and comPliance officer; Name \1al Kumar Saha Addresses SKS Towe! (12th Floor), 7, VIP Road, Mohakhali, Dhaka-1206, B desh CFO Telephone +88 02 9885686, 9885604, 9885606 Fax +88 02 9885631 E-Mail mal kal anicl.com Name Lasmin Akter Addresses SKS Tower (12th Floor), Z VIP Road, Mohakhali, Dhaka-1206, esh Company Secretary Telephone r 88 02 9885686, 9885604, 9885606 Fax +88 02 9885631 E-Mail info@senakal anicl.com Name Mahfel H &Co Addresses Chartered Accountants, BGIC Tower (4th Floor), 34 To khana Road, Dhaka-l000 l.egal Advieor Telephone +88 02 9553143, 9581786 Fax +88 02 9571005 g\.5 E-Mail info@mahfelhu .com CE CL< € N. ,h,',rlrf Nsa.s Moilrmod ouytr,r Ronaq FCS M8nsgug Dtoctor & CBo ,j AAA Finsmc & lnvertoed Ltd Sene (elyan d Page 148 Name Mahfel H & Co. Addresses Chartered Accountants, BGIC Tower (4th Road, Dhaka-1000 Auditor Floor), 34 khana Telephone +88 02 9553143, 9581786 Fax +88 02 9571005 E-Mail info@mahfelh com Narne Lasmin Akter Addresses SKS Tower (12th Floor), 7, VIP Road, Mohakhali, Dhaka-1206, esh Compliance Officer Telephone + 88 02 9885686, 9885604, 9885606 Fax +88 02 9885631 E-Mail info@senakal anicl.conr (v) Names, addresses, telephone numbers, fax numbers, contact persory website addresses and e-mail addresses of the issue manater(s), registrar to the issue etc.; AAA INANCE& Name I TNVESTMENT LTD. Addresses Suite 403- 405, Amin Court (4s floor), 62-63, Moti C/A, Dhala-1000, adesh. Telephone 88 02 9559602, 88 02956n26 Manager lssue Fax 88 02 9558330 Contact Person Mohammad Obaydur Rahman FCS, FCGA Mana Dilector & CEO Website www-aaafinancebd.com E-Mail [email protected] Registrar to the issue is not applicable for this issuer ae per Rule 3(3) of Bangladesh securities & Exchange Commission (Public Issue) Rules, 2015 (vi) The following details of credit ratin& where applicable: a) The names of all the credit rating agencies from which credit rating has been obtained; Not required for this company as per Rule 3(3) of Bangladesh Securities & Exchange Commission (Public Issue) Rules, 2015. b) The details of dl the credit ratings obtained for the issue and the issuer; Not required for this company as per Rule 3(3) of Bangladesh Securities & Exchange Commission (Public lssue) Rules, 2015.. c) The rationale or description of the ratings (s) so obtained, as furnished by the credit & rating a8ency(s); c\rct Not required for this company as per Rule 3(3) of Bangladesh Securities & Exchange o-e Commission (Public Issue) Rules, 2015. < 6 io,&F <\l N" ? SC5 \oatr'-N MoM@rdowa RrhD! ' & CIO- lled Mlloy Kumrr S!h! MrorgilB Dilector Brl!I 6ci Shaflguo sha sc {netdl, cll {c.rtl Lld Chlel tlnrntlal ofilcer (cFo, AAA Fitrrocr & ltrY!.tr€ , tildrratin! I r&CEO Company l.imited tahs lt.l,trfl lnlu.an(€ I sena ie lyln lmur: r;oF3tq' Un{tcd Page 149 d) Observations and risk factors as stated in the credit rating report. Not required for this company as per Rule 3(3) of Bangladesh Securities & Exchange Commission (Public Issue) Rules, 2015. (vii) Following details of underwriting: a) The names, addresses, telephone numbers, fax numbers, contact persons and e- mail addresses of the underwriters and the amount underwritten by them; Amount Underwritey's Underwritten (BDT) AAA Finance & Investment Ltd. Contact Person: Moharmad Obaydur Rahman FCS, FCGA Amin Court, 4th Floor (Suite 403- Managing Director & CEO 405) 31, Bir Uftam Shahid Tel: 88 02 9559602, 9567726,9564304 Ashfaqueus Samad Road, Motiiheel 14,000,000 c/A, Fax: 88 02 9558330 Dhaka-1000 Email: info@aaafi nancebd.com Web: www.aaafinancebd.com IIDFC Capital Limited Tel'.88 02 95"14637-9, PFI Tower, 3ir Floor 56-57 Dilkusha C/A, Dhaka-l000 Fax: 88 02 9514641 Southeast Bank Capital Services Limited E-mail: [email protected] 14,000,000 Rupayan Trade Center (1Oth Floor) 114 Kazi Nazrul lslam Avenue Website: www.iidfc.com Banglamotor, Dhaka-1000 Tel: 88 02 4103184S5, 88 02 47U32192, 47302796-7 Fax: 88 02 9558330 ICB Capital Management Limited Creen City Edge (5th & 6th Floor) E-mail : [email protected] 89 Kakrail, Dhaka-l000 Website: [email protected] 14,000,000 Tel: 88 02 8300555 88 02 8300367 Fax: 88 02 8300396 E-mail: [email protected] IIDFC Capital Limited PFI Tower, 3d Floor Website: www.icml.com.bd 56-57 Dilkusha C/A, Dhaka-l000 Tel:88 029514637-9, 14,000,000 Fax:88 02 9514641 E-mail: [email protected] 6rC) CE o-< @ c\ .4r,'*/,,rP ,-r \ N, \eDp^N 'dAdJ tas rn lE-Attar j Mot Dnod 0bay&, R furao, rcS Maloy Kumarsahe I 'l 'roany Secretarv Managhg Director ,! CEO d Ar4A Fioa[ce & Investm€ot Ltd Page 150 b) Declaration by the underwriters that they have sufficient resources as per the regulatory requirements to dischatge their respective obligations; DECLARATION BY AAA FINANCE & INVESTMENT LTD. We are one of the underwriters of the Initial Public Offering (IPO) of Sena Kalyan Insumnce Company Limited, we will underwrite BDT. 14,000,000 of total public offer BDT 160,000,000 for the upcoming issue on a firm commitrnent basis. In this cormectiory we hereby declare thah we have sufficient resources as Per the regulatory requirements to discharge our respective obligations. For the AAA Finance & Investment Limited sd/- Mohammad Obaydur Rahman FCS, FCGA Managing Drector & CEO AAA Finance & lnvestrnent Ltd. Place: Dhaka Date: April 21, 2021 DECLARATION BY SOUTHEAST BANK CAPITAL SERVICES LIMITED we are one of the underwritets of the Initial Public offering (IPo) of sena Kalyan lnsurance Company Limited, we will underwrite BDT. 14,000,000 of total public offer BDT 160,000,000 for the upcoming issue on a firm commihnent basis. In this connectiory we hereby declare thaL we have sufficient resources as Per the regulatory requirements to discharge our respective obligations. For the Underwriter sd/- Air Cdre (Retd) Md. Abu Bakar FCA Managing Director southeast Bank Capital Services Limited Place: Dhaka Date: April 04, 2021 c\l <'\fC' G DECLARATION BY ICB CAPITAL MANAGEMENT LIMITED We are one of the underwriters of the Initial Public Offering (lPO) of Sena Kalyan Insurance Company Limited, we will underwrite BDT 14,000,000 (One crore forty lac only) of total public offer BDT 160,000,000 (Sixteen crore) for the upcoming issue on a firm commitment basis. In this connectiory we hereby declare that we have sufficient resources as Per the regulatory requirements to discharge our respective obligations. For the Underwriter sd/- Shukla Das Chief Executive Officer ICB Capital Management Limited Place: Dhaka Date: April 01, 2021 DECLARATION BY IIDFC CAPITAL LIMITED we are one of the underwriters of the Initial Public offering (IPo) of sena Kalyan Insurance Company Limited, we will underwrite BDT 14,000,000 for the upcoming issue on a firm commitrnent basis. In this corurection, we hereby declare that we have sufficient resoutces as per the regulatory requirements to discharge our respective obligations. For the Underwriter sd/- Mohammad Saleh Ahmed Chief Executive Officer IIDFC Capital Umited Place: Dhaka Date: April 01, 2021 qt CEI \\ ?^ap \)" h':^^<r- r'r '' ;l' ' '\{'r '' '! . 'r I \ol.E"-N " Mobrmld ohlydtr, Ilrlll]s!' ICB It{tugog Direito, & C8O I AAAPiIloc! &hvt toed tld Page 152 c) Maior terms and conditions of the underwriting agreements. As per guideline of the Bangladesh Securities and Exchange Commission, 35% of the IPO (i.e.- for Tk. 56,000,000.00) shall have to be underwritten by the underwriters, sub,ect to the terms stated as follows: The IPO shall stand cancelled and the application money shall be refunded immediately (but not later than 5 (Five) weeks ftom the date of subscription closer), if any of the following events occur : a) Uponclosing of the subscription list it is found that the total number of valid applications (in case of under subscription including the number of the underwriter) is less than the minimum requirement as specified in the listng regulations of the Stock Exchange(s) concemed; or b) Atleast65% of the IPO is not subscribed ARTICLE.I UNDERWRITING 1.01 The Conrpany shall make the Public Offering of 16,000,000 Ordinary Shares of Tk.10.00 each share as provided in this Agreement. 1.02 The Underwriter shall underwrite 5,6000,000 Ordinary Shares of Tk.10.00 each share amounting to Tk. 56,000,000.00 out of the Public Offering on a fum commitment basis. This commibnent is irrevocable and unequivocal. ARTICLE-II THE PUBLIC OFFERING 2.01. The Company shall issue 16,000,000 Ordinary Shales of Tk.10.00 each share in accordance with the corsent of the Bangladesh Securities and Exchange Commission and the provisions of this Agreement. The said total issue of 16,000,000 Ordinary Shares at Tk.10.00 each share shall be offered to the public for subscription through a prospectus duly approved by the Bangladesh Securities and Exchange Commission (BSEC). 2.02.1. Prior to publication of the prospectus the Company shall have to obtain a consent from the Bangladesh Securities and Exchange Commission permitting the issue as described in Article 2.01 and providing for payment of underwriting commission not exceeding 0.40'/' (zero point four zero percent) on the amount underwritten and no additional commission will be paid on the amount of shares required to be subscribed by the Underwriter. el C\T 2.02.2 The Company shall comply with any other formalities required under the laws of the CLe land for raising fund tfuough Public Offering < E st S. ta (Retdl, Cll (cert Moismflro Ohlyftr NseaN [rmr!, fcl & cEO \lanaguq Diletu & CDo '.-,. r?ant UlRat€d 4 AAA Fi[sms & lnv€sturd Ltr Page 153 2.02.3 If and to the extent that the shares offered to the public by a prospectus authorized hereunder shall not have been subscribed and paid for in cash in full by the closing date, the Company shall within 10 (ten) days of the closure of subscription call uPon the Underwriter in writing with a copy of the said writing to the Bangladesh Securities and Exchange Commission, to subscribe or procure subscriber to subscribe the shares not so subscribed within the closing date and to pay for in cash in full, inclusive of any premium if appticable, for such unsubscribed shares within 15 (fifteen) days after being called upon to do so. The amount so received shall be credited in the share subscription account of the Company within the said period. If payment is made by Pay order/Cheque by the underwriter it will be deemed that the underwriter has not fulfilled its obligation towards its underwriting commibnent under this Agreement until such time as the Pay order/Cheque has been encashed and the Company's share subscription account credited. In any case within 7 (Seven) days after the expiry of the aforesaid 15 (fifteen) days, the Company shall send proof of subscription and payment by the underwriters, to the Commission. 2.02.4. ln the case of failure by the Underwriter to Pay for the shares under the terms mentioned above, the said underwriter will not be eligible to underwrite any issue, until such time as it fulfills its underwriting commitment under this Agreement and also other penalties as may be determined by the BSEC. 2.02.5. In the case of failure by the Underwriter to Pay for the shares within the stiPulated time, the Company /Issuer will be under no obligation to pay any underwriting commission under this Agreement. 2.02.6. In case of failure by the Company to call upon the underwriter for the aforementioned purpose within the stipulated time, the Company and iE directors shall individually and collectively be held responsible for the consequences and/or penalties as determined by the Bangladesh Securities and Exchange Commission under the law. 2.02.7. That the signatories to this Agreement have duly been authorized by the Board of Directors of both the Company and the Underwriter to execute and give effect to this Agreement from the date written herein above. 2.02.8 The liability of the underwriter under this clause shall be in proportion to but not exceecling the shares agreed to be underwritten by i! PROVIDED that the aforementioned request of the Company shall be supported by official certificates and other documents of subscription obtained from the Bankers to the Issue and a declaration of the Company as to the final result of the Public subscription. 2.03. The Company shall pay to the Underwriter an underwriting commission at the rate of 0.40% (zero point four zero percent), as mentioned in Article 2.02.1 of the agreement of the value at issue amount of the shares hereby agreed to be underwritten by it. c! = q-G < ar c\l /*,r,r* ,l Motrolmos t ll'ly&r Lrmrn, ECg tlru$lt DiredG & C80 Mrlov xumat Sahe ,'-".thicf' (Cto) I AeA Fimum & IavcOcat I$ ftnin.rut otficer . uml .c ftie ttrlyaa lnlrrance company Page 154 ARTICLE.III DISCLOSURE 3.01. In the event the Underwriter subscribes the unsubscribed shares after the closing date in accordance with section 2.02.3, the Company shall fumish to the Underwriter : I. As soon as practicable, and in any event within 120 days after the close ofeach fiscal year of the Company two copies of the Balance Sheet of the comPany as of the end of such fiscal year and/or its Financial statements and AccounE for such fiscal year together with the Audit report thereon, each of the foregoing to be in reasonable detail and certilied by a firm or an independent public accountant I. Copies of all such financial statements and returns as it shall be sending to its other shareholders; and III. Such other data as the Underwriter may reasonably request. 3.02. The Company shall: I, Not change its financial plan or take stePs to increase or decrease its paid up capital to the disadvantage of the Company; II Notify the Underwriter in respect of any material change in its management, service or financial skucture and furnish information relating to its management and performance as may be requested by the Underwriter; III. Promptly advise the Underwriter of all amendments and changes requfued to be made in the prospectus by the Bangladesh Securities and Exchange Commission and/or the Stock Exchanges and fumish amended copies of prospectus to the Underwriter and continue to inform of all materials facts relating to Public offering; IV Cause the assets of the Company to be insured against all risks. .-:! CY CL< e, .(\ h.)" /*,^1,* MotrnDad \ss6- ?), obaydr R hrrq ICX Manrging Dtrctor & CBo I' AAA PiDroca & hv€8hert Ltd I Page 155 Capital Structue; (BXsXc) (i) Authorized, issued, subscribed and paid-up capital (number and class of securities, allotment dates, nominal price, issue price and form of consideration); Class of Number of Nominal Amount in Particulars Securities Securities Price Taka Authorized Capital Ordinarv 100,000,000 10 1.000.000.000 Issued, Subscribed and Paid-up Ordinary 24,000,000 10 240,000,000 Capital Total Paid-Up Capital Before IPO Ordinary 24,000,000 10 240,000,000 Proposed Initial Public Offering Oldinary 16,000,000 10 160,000,000 (lPO) through fixed price method Total Paid-Up Capital After IPO Ordinary 40,000,000 10 400,000,000 ALLOTMENT HISTORY OF SECURITIES Mode of Allotment (No. of Shares) Issue Amount of Particulars of Allotment Other Bonus Price Share Capital Allotment Date Cash Than Cash Issue (rk.) (rk.) l"iAllotment 03/09 / 2073 24,000,000 10 240,000,000 Memorandum Total 24.000,000 240,000,000 Note: The Compa.ny has not issued any shares in any form since its 1st allotment. (ii) Size of the present issue, with break-up (number of securities, description, nominal value and issue amount); Number of Nominal Issue Particulars Percentage Description securities Value Amount EI excluding Ordinary Mutual Funds 30% 4,800,000 10.00 48,000,000 Eligible Share Investor & CISs (EI) Mutual Funds Ordinary 1,07" 1,600,000 10.00 16,000,000 & CISs Share CP excluding Ordinary General 50% 8,000,000 10.00 80,000,000 NRB Share Public Ordinary (GP) NRB 10% 1,600,000 10.00 16,000,000 Share Total 100,,/, 15,000,000 160,000,000 c\l c!o G, (iii) Paid up capital before and after the present issue, after conversion of convertible instruments (if any) and share prernium account (before and after the issue); Particulars Before the Present issue After the Present Issue Paid Up Capital 240,000,000 400,000,000 Convertible Instrument N/A N/A Share Premium N/A N/A (iv) Category wise shareholding structure with percentage before and after the Present issue and after convetsion of convertible instruments (if any); Before Present Issue After Pr€sent lssue SL Category of Shareholders Ordinary Ordinary No. Percentage Percentage Shares shares 1 Directors & Sponsors 24,000,000 100% 24,000,000 60% Shareholders other than Directors & Sponsors 3 El excluding Mutual Funds and CISs 4,800,000 { Mutual Funds and CISs 1,600,000 :) GP excluding NRB 8,000,000 207" 6 NRB 1,600,000 (v) Where shares have been issued for consideration in other than cash at any point of time, details in a separate table, indicating the date of issue, Persons to whom those are issued, relationship with the issuer, issue price, consideration and valuation thereot reasons for the issue and whether any benefits have been accrued to the issuer out of the issue; No shares issued for consideration in other than cash. (vi) Where shares have been allotted in terms of any merger, amalgamation or acquisition scheme, details of such scheme and shares allotted; No shares have been allotted in terms of .rny merger, amalgamation or acquisition scheme, details of such scheme and shares allotted. (vii) Whete the issuer has issued equity shares under one or more employee stock option schemes, date-wise details of equity shares issued under the schemes, including the price at which such equity shares were issued; Sena Kalyan lnsurance Company Limited has not issued equity shares under one or more employee stock option schemes. c! CYa d o-< co ,ilE $ \s,ra ft$ MotlEfisd l)brydff f,rhDro, 8Cl Mamgrrg Diroctor & CBO ,' rri'[." AAA Fi[8trcr & hvcrhetrt Ltd Page 157 - (viii) If the issuer has made any issue of specified securities at a price lower than the issue price during the preceding two years, specific details of the names of the Persons to whom such specified securities have been issued, relation with the issuer, reasons for such issue and the price thereof; The issuer has not made any issue of specified securities at a price lower than the issue price during the preceding two years. (ix) The decision or intention, negotiation and consideration ofthe issuer to alter the capital structure by way of issue of specified securities in any manner within a period of one year from the date of listing of the present issue; 'Ihere is no such decision or intention, negotiation and consideration of the issuer to alter the capital structure by way of issue of specified securities in any manner within a period of one year from the date of listing of the present issue. c\l c\let G \.$ ,(^r,'nll,E i,fonemd rltryd! Rrtnu, fC6 ,l Mrargug Ditctor & CBO \"e Brig Ge AAAFioanE & tnveshr Ltd Ird anle Co,nDlnl !u\rt€rt @ ra oJ6QC :E. :_boh z z z z oDr'5o) 2Et, lllll E! I.EEE€* 5&a-gt z z z 'c, e. U^,F o A FE 0{ Z 2 2 v. E: EO -o rx .i: q/ o E 5>.^. Fr A. Z z ,,i .y 9 16"d l= >\ ,E aBg' .! q .! + al N 6 N q E€+EE n sx -- R i'! hnYDqJ trE U U U U -(loJ E U ;- oJ 328. Ebo 3FH -338 .,9- -,5 o .EaE ,EIg .EE q; E 26i z z z sFcc e+ EElo::>> j- o !, '! 9n rr E'd 'iI .EEa ,XH? .!H: .r ..! ,' q EoH E€gE N N q O!, !, tsE teZ tsE n .,.2 X ! h- q7JE9; E9 e>E EA n.t ET €j: oO a.J - z o'' 6(, c9oJ F t\+'! _E -q) il o 2 Ei g E :\ TOU a N= E> zHi N. dE:: ?rz= ! (, o-G, o-6.2 E v^; <:lE 'e- 9r ?i89 3 @.q Q FEO. a /^ hltE N NF6'- R hrlr!' fcl Moh.Mrd ob8Ydltr .t Ualoy xumar saha Ma$gi!8 Director & cEo AAA Fiornc€ & Ilvesheot Ltd Ol ra z z z. z z z z z q z z z 9 z z 8 ? 3 a! z z 2 a q .1 f! .t n N e N rt .., ri (, U U U U U U U 'z -t_ =]' Z oRa .r ..! ..j q ,hN .:N 6 i iEA 'r5 q q 9,1 tBa i8E {8e .?) i^ n& nt :) (, ! rJl o"' o-' o o"' F F F 2e {'u a >; z >rz >2 zc e a= C':\ 9 CE 0, z z z z z z z z a z z z -i z z z Z N z z U z z z z 2 Z z z z z z z z z z z oR ,!N z z z 2 h- z z z 6- E,I .dr NI 4: > oz ES cw5 5-e s rr = E $! t -=,- 4{ G ;38 z :s -r=s o \)" /^ tLlt& Uotrnmd (lhrydu Rdnao, fCS Murgr$!, Dirertor & CEo \to"N-- grli Gen Shaflque Shanln, (Retd,, Cll (C.rtl AAA Piaruco & lnveshflt Ltd. rted & cEo L;mile C 'p.ny Page 161 (xi) The details of the aggregate shareholding of the sponsors and directors, the aggregate number of specified securities purchased or sold or otherwise transferred by the sponsor and/or by the directors of the issuer and their related parties within six months immediate preceding the date of filing the prospectus; Number of face value Late6t Natrte of the Sponsor/)ireclor Position ordinary & Ehareholdiltg shares held lssue prlce percentrte Chairman (Represented by Mai Gen Sena Kalyan Sangstha (SKS) 23,999,994 10.00 99.999975% Mohammed Saidul Islam, ndc, psc) Director Air Cdre M Moyeenuddin, ndc, afwc, psc (Nominated by I 10.00 0 000004% sKs) Director Brig Gen Mirza Md Enamul Haque, ndc (Nominated b], I 10.00 0.000004% sKs) Director Brig Gen M A Mohy, psc, PEng (Nominated by I 10.00 0.000004 % sKs) Dilector Brig Gen Md MuslaJa Kamal, SGP (Nominated by 1 10.00 0.000004 % sKs) DLector Brig Gen Md Jamal Hossain, ndc, afwc, psc (Nominated by 1 10.00 0.000001% sKS) Dircctor Brig Gen Md Shaheen lqbal, afwc, psc (Nominated by 1 10.00 0.000004 % sKs) Note: There rr'ere no securities of SKICL which were purchased or sold or otherwise transferred by the sponsor and/or by the directors of the issuer and their related Parties within six months immediate Preceding the date of filing the prospectus. c\l c\lo CE CL co ca N. l^vtry Nv'N Moilmd0hrydd R hBro, FCS Cot 1{nrgin8 Dteoor & CBO AAA Pioroc. & hYcstoe Ln4 Page 162 Description of Business; (BXs)(d) (i) The date on which the issuer company was incorporated and the date on which it commenced operations and the nature of the business which the company and its subsidiaries are engaged in or propose to engage in; Date of Incorporation 3.d September, 2013 Date of getting license for Commencement of 3d September, 2013 Business bate of getting permission of Insurance 10th September, 2013 Business & starB operation Nature of Business General Insurance/Non-Life Insurance Business (i) Fire & its allied perils Business (ii) Marine Business (iii) EngineeringBusiness Major services (iv) Motor Business (") Aviation Business (\ i) Viscellancous Insurance Busiress Subsidiary The company has no subsidiaries (ii) Location of the project; The Company operates through the Head Office which is situated at SKS Tower (12th Floor), 7, VIP Road, Mohakhali, Dhaka-1206, Bangladesh and 6 branches tfuoughout the country with the professional staff/ executives. (iii) Plant machinery, technology, process, etc. Not applicable to this type of business. ._{ a\l- o-o< Q <\,t r Akter N Secietrrv \so"-N Mohimsd Ohayd0I Rr[Eao, TCS 4 ' lr{aragitg Dteclor & CEo rr AAA FiDmcE & Iovestneot Ltd Page 163 (iv) Details of the maior events in the history of the issuer, including details of capacity or facility creation, launching of plant, products, marketing, change in ownership and/or key management personnel etc,; 3'd September, 2013- lncorporation and got license for CoDrnencement of Business History of the issuer 10th September, 2013- Cot permission of lnsurance Business & started operation No. of Date of Name Shares acquisition Maj Cen Mohammed 23999994 MOA Saidul Islarn, ndc, psc Air Cdre M Moyeenuddin, ndc, 1 10-07-2019 afwc, psc Brig Gen Mirza Md 1 75-07-2020 (hange in ownership Enamul Haque, ndc BrigCenMAMohy, 1 1,5-07-2020 psc, PEng Brig Cen Md Mustafa 1 1,5-07-2020 Kamal, SGP Bdg Gen Md Jamal 1 23-08-2020 Hossairq ndc, afwc, psc Brig Cen Mcl Shaheen 1 15-07-2020 Iqbal, afwc, psc Retirement Current Name Joining Date Date Position Maj Gen Firoz 05-04-2017 0949-2AO Hasan, ndu, Psc Major General Change in key nanagement perconnel Chairman Mohammed 09-09-2020 (sKs & Saidul SKICL) IslarLndc,p sc Head of Md. Firoz n1 1, )A.)n - Intemal Sarker Audir & <.!o -----qg-Ir,.p1Bls-u,- G (") Principal products or services of the issuer and markets for such products or services. Past trends and future prospects regarding exports (if applicable) and local matket, demand and supply forecasts for the sector in which the product is included with source of data; Principal products or setyices of the SKICL sl. Insurance Products Description 1 Ffue & its allied perils Business I Fire and its allied perils lnsurancer Riot, Strike & Damage, Flood, Cyclone, Earthquake (Fire & Shock), Malicious Damage, Explosiorq Aircraft Damage, Impact Damage and Bursting of pipes etc. 2. Industrial All Risks Insurance (IAR) 3. Property AU Risks lrsurance (PAR) 4. HotelOwners' All Risks lnsurance, Business Interruption, Liability & Excess Liabilitv Insurance (HAR) 5. Power Plant Operational Package Insurance (PPOPD 2 Marine Business 1. Marine Cargo Import (Steamer,/Powered Vessel, Rail/Lorry/Truck, Air) 2. Marine Cargo Export (Steamer/ Powered Vessel, Rail/l.orrylTruck, Air) 3. lnland Transit lnsurance (Rail/Road, Water Bome),/Goods in Transit Insurance 4, Marine Hull (Comprehensive, Total Loss On.[y (fLO, Sue & Labour, Salvage) 5. Shipbuilders' Insurance Policy 3 Engineering Business 1. Boiler ard Pressure Vessel Iruurance (BPV) 2 Cold Storage Comprehensive Insurance 3 Corstruction/Contractors' All Risks Insurance (CAR)/Erection All Risk Insurance (EAR) 4. Machinery Breakdown lnsurance (MBD) 5. Eleckonic Equipment Insurance (EEI) 6. Deterioration of Stock (DOS) 4 Motor Business 1. Private Vehicle/ Ev) 2. Conrmercial Vehicle/ (CV) 3. Motorcycle (MC) 5 Aviation Business l. Hull, Spares & Equipnent lnsurance (CSL) 2. Liability,rExcess Liability Insurance (TPL, PLL, CLL & CPA) 3. Hull War & Hutl deductible lnsurance 6 MiscellaneouslnsuranceBusiness 1. Overseas Mediclaim (Business & Holidays; Studies & Employmene OMP) 2. Burgtary & House Breaking lnsurance (BG) 3. Money Insurance (Cash-in-Business premises in strong room vault/safe, A.T.M. Booth and/or on oc\l counter & Cash in Transit) for scheduled BanlG. 4. Personal Accident Insurance (lndividual & Croup) G, CL (PA) @ -a\ c\r /" t1t'\LJE .\l ,^ o/6t4rp **,*$**,"* N\"P+ rl .t M&rgirg Directo, & CBO AAA Fitr8trcc & Ilvedn€ol Ud tr" Page 165 5. Peoples' Personal Accident (lndividual & Group) (PPA) 6. Fidelity Guarantee Insurance (FG), Professional Indemnity Insurance (PIl) 7. Commercial General Liability & Excess Liability Insurance (CGL) 8. Automobile Liability Insurance, Public & Product Liability lnsurance 9. Workmen's Cornpensation Insurance 10. Cash in Safe, Cash on Counter & Cash in l'ransit for other than scheduled Banks 11. Safe Deposit Box (Bank Lockers) All Risks Insurance (SDB) 12. Directors' & officers' liability Insurance 13. Banlers' Blanlet Bond Electronic & Computer Crime lnsurance 14. Livestock/ Cattle Insurarce Policy Markets for such products or services: The Company's services are rendered through the Head Office and 5 branches around the country. SKICL provides non-life Insurance service only in Bangladesh and it has no Plan to provide insurance service globally in near future. Past trends in local market: Particular 3l-Dec-Z) I 31-Dec-19 I 31-Dec-18 I 31-Dec-17 | 31-Dec-16 Gross Premium 580,522,233 576,092,576 363,870,41,6 262,822,402 203,969,657 (Revenue) Future Drospects in local market Bangladesh sustained an impressive affiual GDP growth rate of 5.24% in FY2020 according to the Bangladesh Bureau of Statistics (BBS). Bangladesh's GDP growth rate has been increasing steadily for the last five years, with slight deterioration due to pandemic in 2020. Shong consumption and public investrnent, recovery of readymade garments (RMG) exports and high remittance growth were the main ProPellers of economic growth, bolstering the rise in income per capita and growth of the middle-class poPulation. Macroeconornic trends indicate potenhal growth in the counfy's insurance sector, esPecially given Asia's unprecedented growth. The region is set to rePresent a large share of overall life insurance premiums between 2016 and 2025, rising from17.6% to 21.7%. Bangladesh is poised to capture some of this growth. The country's economic growth has been - <\CI on an upward trend, which bodes well for the insurance sector. e. CL CE' <\a ^a\ N- 4,,.m , dfu\)l Motlsllsd okyd!, Rlhna& FCI \sraq j I{rnrgfug Direttor & CBO Mrloy l(umar saha ArAA FioaDcc & Itrvestoed Lto 1l Flarnrtrt Officer (CFOI Page 166 Demand and SuDD I Fotecasts If we consider the insurable property of huge population and corporations, most of them are not under insurance coverage. So, the sector is huge potentiality for the expansion with the awareness of mass people, development of industrialization, trade and commerce, import- export etc. The govemment has given more attention to this sector and working to bring this sector from traditional trend to modemization through taking different reformative programs and rules-regulation to regularize this sector of the economy. As a part of that, lnsurance Development and Regulatory Authority (IDRA) has been strengthening more at present by the Government. So, there is good prospect of this sector. The outlook is highly positive as more as more individual and corporate clients are becoming interested in insurance coverage. Moreover, the govemment's continuous effort to develop the sector, such as reducing the commission and motivating PeoPle to get insurance will bring more revenue in this sector. Considering the number of non-life insurance comPanies, it is not enough for a country with 16 crore population. Cleady, the market is huge and mostly untapped. Thus, assuming intense competition arnong 46 nonlife insurance companies, SKICL will still have a huge opportunity of business in this large market. Source: PwC I Potential for growth: Transforming Bangladesh's insurunce sector; SKCL's outn rese arch. (vi) If the issuer has more than one product or service, the relative contribution to sales and income of each product or service that accounts for more than 10%r of the company's total revenues; sl. Desc ption 31- Dec -20 Percentage (Yd 1 Fire 725,269,399 27.58.k 2 Marine Cargo u,097,831 14.49% 3 Marine Hull 9,969,O45 7.72% I Motor 52,933,570 9.17% 5 Miscellaneous 308,252,388 53.10% Total 580,522,233 100.00% Note: As descibed in XL-Form in the audited accounts ofDecember 31,2020 total amount of Temium collected is Tk. 580,522,23i. (vii) Description of associates, subsidiary and holding company of the issuer and core areas of business thereof; SKICL has neither associate nor subsidiary company and it is not operated under any holding company. s E Q \\" domnnso , triir@ lbrDaq FCS A,a,,r^ {rn,,strt Dtedor & CBO \q\orN I raA Fiaaoce & tlaloY Kurner Sahe hve@&t (cFo} tdi gl Flnrnclal cf{icer I Sen. (atlln ll 'ted 5, Page 157 (viii) How the products or services are distributed with details of the distribution channel. Export possibilities and export obligations, if any; The Company conducts the business operations under the supervision of Board of Directors and the legal framework of the Insurance Act 2010 and Insurance Rules 1958, as amended from time to time. The Company operates through the Head Office at Dhaka and 7 branches throughout the country with the professional staff/executives. The Company also engages the services of research, experts and surveyors for professiona.l assistance wherever necessary. Accounting and technical staffs provide the back-office support in issuance of "Policy-Covers" arrd "Clairn-Setdements". There are no export possibilities or obligations for such type of business. (ix) Competitive conditions in business with names, percentate and volume of matket shares of maior competitors; In Bangladesh, several listed companies are engaged in insurance sector. Major competitors are: sl. Competitor SI. Competitor 1 Express Insurance Limited 6 Reliance Ir$urance Limited Desh General Insurance Company 2 7 Islami Insurance Bangladesh Limited Limited 3 Prime Insurance Company Limited 8 Bangladesh Ceneral Insurance Company Ltd .t Continental Insurance Ltd 9 Pragati Insurance Ltd Green Delta Insurance Company ) 10 Dhaka lnsurance Limited Limited Apart from this, the revenue amounts of some representative listed securities and Sena kalyan Insurance Compaay Limited, as per annual report for the year 2019 are presented below: Revenue sl. Name of the Company Percentage (Vo) (Gross Premium) 1 Sena Kalyan Insurance Company Limited 576,092,51,6 42.73% 2 Express lnsurance Limited 73,304,575 5.447" 3 Desh Ceneral lnsurance Company Limited 308,190,000 22.867" l Prime Insurance Company Limited 263,130,000 19.52% 5 Continental lnsurance Ltd. 127,415,075 9.45'/. Total Revenue of above representative companies of Non-Life Insurance Sector: TK. 1,348 million during year of 2019. Source: lndiuidual annual reports 2019 of abooe companies. c\t c\= G, CL<. € /*,'^l* \)" N{&& Moirnmd oht d!, [rlnaD, FCt I [aloy Iumar stha I Maurgug Dinctor & CEO AAA Finance & lavesffil Lh Page 168 (x) Sources and availability of raw materials, names and addresses of the principal suppliers and contingency plan in case of any distuption; The Company, being a service provider, operates based on professional expertise relevant to insurance industry. Its' product is a service, and its raw materials are human resources. The general insurance industry has since developed and expanded fast to meet the growing need of the economy. The company has procured the services of experienced professional persornel. The company has also set up training Programs for Eaining fresh graduates for development of its growing need of human resources. Contingency Plan in case of any disruption: ln our country there is huge supply of educated manpower and different institutions have been providing higher degree in insurance at present days. Therefore, there is no possibility of disruption of service. (xi) Sources of and requirement for, power, gas and rvater; or any other utilities and contingency plan in case of any disruption; The Company does not need any power, gas and water except for ordinary uses in office work. Contingency Plan in case of any disruption: There is an arrangement of high capacity generator in the office building of each branches to ensure altemative power supply to tackle any power disruptions. (xii) Names, address(s), telephone number, web address, e-mail and fax number of the customers who account for 10%, or more of the company's products /services with amount and percentage thereofi There is no such customer of the company who provides 10% or more of its revenues. (xiii) Names, address(s), telephone number, web address, e-mail and fax number of the suppliers from whom the issuer purchases 107u or more of its raw material or finished goods with amount and percentage thereof; Not applicable in this type of business. o6r d. CL< @ <\l \). MoDrnm{i /*r* Ohry{t, RlnErn, f6 \usr$ rtalrgug Dir€ctor & CgO laloy Xunar Sahr rAA Fio8oce & hvostneof ltd rl rlnrncial Offlcer (CfO) Page 159 (xiv) Description of any contract which the issuer has with its principal suppliers or customers showing the total amount and quantity of transaction for which the conkact is made and the duration of the contract. If there is not any of such conkact, a declaration is to be disclosed duly signed by CEO or MD, CFO and Chairman on behalf of Board of Directors; The Company has no such contract with principal suppliers or Customers. DECLARATION REGARDING CONTRACT WITH PRINCIPAL SUPPLIERS OR CUSTOMERS We, on behalf of the Board of Directors certify that Sena Kalyan Insurance Company Ltd. did not enter into any contract with its principal suppliers or customers. sd/- sd/ - sd/- Maj Gen Mohammed Brig Gen Md Shafique Maloy Kumar Saha Saidul Islam, ndc, psc Shamim, psc (Retd) Chairman Managing Director & CEO Chief Financial Officer Date: April 25, 2021 Place: Dhaka (xv) Description of licenses, registrations, NOC and permissions obtained by the issuer with issue, renewal and expiry dates; Certificate/ SL Certificate/Licen6e Is6uing Authority lssue Dat€ Explry I License No. Insurance Non-life 02l2013 (Insuran.e Development I Insurance Business Development 19/0r/2027 3-t /12/202-l and Regulatory License and Regulatory Authority Authonty) Cantonment Board, 2 Tlade License 73/m79-2020 16/07 /2079 30/ 06/202r Dhaka Cantonment National Board of l TIN Certificate 833679619109 06/17/2073 N/A Revenue Customs, Excise & VAT VAT Regist!ation BIN: 001108614 ,l Commissionemte, 27/A3/2018 N/A Ce ificate 0101 Dhaka (NoIth) Memb€rship of the Bangladesh lnsurance RtA-7(34)/2079- Bangladesh lnsurance 26/11.2020 31,/12/202-l Associiation 29 Association \l l! o-G, @ C\J aJ. ,Lr,^r,,o \'s$4 Moi|[nd Ohydlf lrtrm4 f(5 lRetdl, Cll(C.rt Mmagrng Dirc.tor & CEO iir AAA Fioancc & Ioveshent lJrr Page 170 Name of Trade l66uing sl. Address l6sue Date Expiry Branch Licenge No. Authority I SKS Tower (12th Cantonment Floor), Z VIP Road, -t6/07 1 Head oIIice 13/2019-2Om Board, Dhaka /2019 30/M/202l. Mohakhali Dhaka- Cantonment 1206, Bangladesh Sena Kalyan Bhaban, Dhaka North Payment is Motijheel 195, Motifteel C/A 1 City made for Branch 20th Floor, Room No- Corporation 2004, Dhaka-1000 SKS Tower (12th Cantonment Cantonment Floor), Z VIP Road, 197 /2020- l Board, Dhaka D]17/2020 30/06/202-l Branch Mohakhali, Dhata- 2021 Cantonmenl 7206 Plot no: 12,14, 2nd Floor (Eastem Side), Cantonment It{tpur 2N/2020- -l Road: 9, Old 50 feet Board, Dhaka D]77/2020 30/M/2027 Branch 2021 Road, Mirpur DOHS, Cantonment Dhaka Cantonment 93, Kazi Nazrul Islam Dhaka North Karwan Avenue (4th Floor) 2E853{ City 29/70/2020 30/M/202-1 Bazar Branch Dhala-1215 Colporation Sena Kalyan Trade Centet Level-4 Chattogram Chattogram 6 29, Agabad 116000 City r/17/2020 30/06/202-t Branch Commercial Area, Corporation Chattogram 107l13O S Iqbar Khulna Khulna City 7 Road v/73n 9/07 /2078 30/M/2On Branch Corporation Khulna * The company has made payment for trade license renewal of Motiiheel branch. The payment Chalan photocopy was submitted during the application. And the copy of the hade license shall be submrtted upon receiving from the authority. (xvi) Description of any material patents, trademarks, licenses or royalty agreements; The Company neither obtained any Patent Right/Trademarks nor signed any royalty agreement with any Party. (xvii) Number of total employees and number of full-time emPloyees; Particulars 31.' December 2020 31"t December 2m9 No. of employees 108 100 *As per latest audited fnancial statement fot the year ended 31* December 2020 Q'lote ref: 2.33) *All employees are hired on basis. full-time <\l c!o d. (xviii) A brief description of business skategyi The company emphasizes on creating a quality administrative, organizational and operational platform to practice good insurance business. Every personnel has a good idea of the decisions and actions for which he or she is responsible. Important information about the competitive envfuonment gets to head office quickly. Following flow-chart illushates the company's core business strategy. Emphasize eervice and SKICL concentrats account selling which gready ongoing client retention. support enhances SKICL concentntes on building a long telm relationship with our Build an customers and male the Insurance dient and stalf appreciate Partnership the value of a long-term relatioNhip. SKICL focuses on pelsonal and Focus on business customers that are Target identified and selected to be Markets insured, instead of waiting for potential ostomeE. Additionally, SKICL has integrated following supplementary sEategies to maximize the service delivery: (i) Emphasize service and support (ii) Build a partnership business based on account selling (iii)Target small, non-franchise business that does not have access to grouP insurance plans. The regular business operation is done complying regulator's guidelines and compliances, Information flows freely across organizational boundaries. SKICL strives for making clients permanent c\r c\C) G, 1*r,,,rll,r nloDrmruo\v r )iEydE lbnD!4 fi6 (auglng Dircdor & CEo , ,]l] Konat sth! AAA FiDrur6 & IlrEstocol frd. oy "^$ 5e:; PaBe 172 (xix) A table containing the existing installed capacities for each product or service, capacity utilization for these products or services in the previous years, projected capacities for existing as well as proposed products or services and the assumptions for future capacity utilization for the next three years in respect of existing as well as proposed products or services. If the proiected €apacity utilization is higher than the actual average capacity utilizatio4 rationale to achieve the proiected levels. The Company is licerued to conduct all types of general insurance business and in practice they carry on following types of insurance services in their normal source of business: sl. Services 1 Fire 2 Marine Cargo 3 Marine HuIl { Motor 5 Aviation Business 6 Miscellaneous As SKICL is a service-oriented concem, therefore, it is not possible to determine the actual capacity and its utilization like manufacturing and other concem. Description of Propertyi (s)(s)(e) (il Location and area of the land, building, principal plants and other property of the company and the condition thereof; The company has its own floor sp ace of 7,069 sft. at SKS Tower (12th Floor), Z VIP Road, Mohakhali, Dhaka-1206, Bangladesh and 6 branch offices at different district/city areas of Bangladesh. It is to be noted here that all the branch offices including the head office are situated in rented premises under lease agreement. Most of the assets as mentioned above are located at its head office. Some other assets are located its six branch offices around the country. All properties as mentioned in fixed assets schedule are owned by the company. (ii) Whether the property is owned by the company or taken on leasel All the office spaces are taken on lease as disclosed in page no. 268 & 259 , all properties mentioned in fixed assets schedule in page no. 268 &269 are owned by the company. c\l c!et (iii) Dates of purchase, last payment date of current rent ({rsFr[) and mutation date of lands, CE deed value and other costs including details of land development cost, if any and The company does not own any land properties ,L^,h,trlL \). \bo^N Molro[l|d ':-' otrrdrRdnlE, f6 I' -t ,':r r Mulgiog Dinctor & CEO A]{A PiDncr & Investnent Lld Page 173 (iv) The names of the persons from whom the lands has been acquired or proposed to be acquired along with the cost of acquisition and relatiory if any, of such persons to the issuer or any sponsor or director thereof; The company does not own any land properties. So, this is not applicable (v) Details of whether the issuer has received all the approvals pertaining to use of the land if required; The company does not own any land properties. So, this is not applicable. (vi) If the property is owned by the issuer, whether there is a mortgage or other type of charge on the property, with name of the mortgageei There is no mortgaged or any type of charge on the property of SKICL. (vii) If the property is taken on lease, the expiration dates of the lease with name of the lessor, principal terms and conditions of the lease agreements and details of paymenq No property of SKICL is taken on lease except the following operating lease commitment for its following branches: Rent Monthly Area Period of Sl. i Name of Branch Address per Sft Amount (sft Lease ) (BDT) (BDT) 01.03.2019 SKS Tower (12th Floor), 7, VIP to 1 Head office Road, Mohakhali, Dhaka-1206, 7,069 100.00 7,00,000 28.02.2024 Bangladesh (5 Years) Sena Kalyan Bhaban, 195, 01.08.2020 Motiiheel C/A to 2 Motiiheel Branch 927 80.00 73,680 20th Floor, Room No-2004, 3L.07.2022 Dhala-1000 (2 Years) 01.08.2020 Cantonment SKS Tower (12th Floor), Z VIP to 3 750 100.00 60,000 Branch Road, Mohakhali, Dhaka-1206 30.09.2025 (5 Years) PIot no: 12,14, 2nd Floor 01.12.2020 (Eastem Side), Road: 9, Old 60 to l Mirpur Branch 1,100 18.18 20,000 Feet Road, Mipu! DOHS, 0t.12.2022 Dhaka Cantonment (2 Years) 07.03.2027 93, Kazi Nazrul lslam Avenue Karwan Bazar to J (4th Floor) 906 38.63 35,000 Brarch 31.03.2024 Dhaka-1215 (3 Years) Ar Sena Kalyan Trade Center, 07.04.2079 Chattogram Level-4 to CE 6 1,,074 45.00 48,330 Branch 29, Agrabad Commercial Area, 3"1.03.2021, EL< Chattogram (2 Years) et GI Z"ntuc aJ' \$soee_ 2e"')) t o[rnDld Oblrdn I!tD& I ,t, fC* h Ur"re,"g Dilcto, & CEo A,CA Fitr8m! & hvostoed Ld. Page 174 01.06.2018 1071130, SiI Iqbal Road to Khulna Branch 500 27.60 13,800 Khulna 31.05.2071 (3 Years) (viii) Dates of purchase of plant and machineries along with sellers name, address, years of sale, condition when purchased, country of origiry useful economic life at purchase and remaining economic life, purchase price and written down value; As SKICL is a service-oriented company, it has no plant and machineries and hence this information is not applicable here. (ix) Details of the machineries required to be boutht by the issuer, cost of the machineries, name of the suppliers, date of placement of order and the date or expected date of supply, etc.; As SKICL is a service-oriented company, it has no requirement of buying machineries and hence this information is not applicable here. (x) In case the machineries are yet to be delivered, the date of quotations relied upon for the cost estimates given shall also be mentioned; As SKICL is a service-oriented company, it has no machineries which are yet to be delivered and hence this information is not applicable here. (xi) If plant is purchased in brand new condition then it should be mentioned; As SKICL is a service-oriented company, it has no plant and hmce this information is not applicable here. (xii) Details of the second hand or reconditioned machineries bought or proposed to be bought, if any, including the age of the machineries, balance estimated useful life, etc. as per PSI certificates of the said machineries as submitted to the Commission; As SKICL is a service-oriented company, it has no plant and hence this inJormation is not applicable here. c! c!a & CL< ca c\r N. Z,*t^ Oblydlr ^ro[sErtd RltEu. lcs Vaugbg \$oeN E DLecror& CEO Y L'rnrls{ [irloy l(umar saha ') 4AA Financ€ & lnvrtfuetrt Lh Page 175 (xiii) A physical verification report by the issue manager(s) regarding the properties as submitted to the Commission; PHYSICALVERIFICATION REPORT BY THE ISSUE MANAGER OF SENA KALYAN INSURANCE COMPANY LIMITED Company Overview: Sena Kalyan Insurance Company Limited (SKICL) is the most vibrant concern of Sena Kalyan Sangstha (SKS) of Bangladesh Armed Forces. lt has come into existence in 2013 with a view to provide innovative products and customer friendly services through a highly motivated team of dedicated professionals. Within a short span of time, SKICL has gained the confidence of partners and been able to establish a sEong foothold in Bangladesh Insurance lndustry and thereby securing a considerable market share in non-life/general insurance sector. Nature of Business: Sena Kalyan Insurance Company Limited was incorporated as a Public Limited Company by shares under the Companies Ac! 1994 bearing registration number C-111100/13 and having registered office in Bangladesh on 3rd Septembec 2013 and obtained permission for commencement of insurance business from the Insurance Development & Regulatory Authority (IDRA), Covemment of the Peoples Republic of Bangladesh, with effect ftom 10th September, 2013 for carrying out general insurance business. Since its establishment, SKICL has been a key player in the general insurance sector. The Company has established itself as one of the most reputed and trustworthy insurance companies in the country within a short span of [me. Selective underwriting and prompt settlement of clairns have contributed towards building up a very respectable image of the Company within the business community. The Company has 6 branches tfuoughout the country. Process of the Verification: AAA is working with Sena Kalyan lnsurance Company Limited (SKICL) for about one year. During the period different teams of AAA visited the Company on several times. The process comprises of five different teams in the verification process for the IPO of SKICL as under: Particulars Team Profile Mohammad Obaydur Rahman FCS, FCGA Mana 11 Director & CEO Strategic Management Team Mohammad Ferdous Mazid Chief cra Officer a;n Ahmed Ashikur Rahman, CFA Financial Statements Analysis Team o-G Emran Khan Janin < Mana Assistant @ hv ,(r,rlra MollEnM l)brydrr tiirneo, 8Cl \aEFS , :) !,tmrgbg Dimtu & CEO I 3T, AAA Finane & hvednent Irc Page 176 Md. Oliur Rahman ACS ACM & an Secreta Corporate Compliance Review Team Ahmed Ashikur Rahman, CFA M Emran Khan Janin Assistant Mana Prospectus Preparation and Design Team Md. Al-Mamun Azad Officer Md. Khalid Hossain u Ceneral Mana Prospectus Review Team Md. Oliur Rahman ACS ACM & Co The teams examined all the necessary documents provided by Sena Kalyan Lrsurance Limited. This verification is related to the Bangladesh Securities and Exchange Commission (Public lssue) Rules, 2015. Such compliance with the Public Issue Rules, 2015 is the responsibility of the Company. AAA's examination was limited to the procedures and implementation thereof as adopted by the Management in ensuring compliance with the conditions of the BSEC (Public Issue) Rules, 2015. In the process of the verification as compliance of Public Issue Rules, 2015, AAA Finance & Investment Ltd. has visited the head office of Sena Kalyan Insurance Limited as the issue manager on l5rt February 2021. The sole purpose of the visit was to verify the business of SKICL for preparing this verification report. Visiting Team: Particulars I Representative Mohammad Obaydur Rahman FCS, FCGA Director & CEO Mohammad Ferdous Mazid Visited By; Chief era Officer AAA Finance & Investment Ltd. Md. Khalid Hossain Ceneral Emran Khan fanin Assistant Mana Brig Gen Md Shafique Shamim, psc (Retd) Mana n Director & CEO Pronab Kumar Saha visited By: EVP, Head of Underwriti Sena Kalyan Insurance Company Limited Maloy Kumar Saha Chief Financial Officer Lasmin Akter Com an Secre Registered & Corporate Office: c\l c!-, Visiting team has found the Registered & Corporate Office of SKICL is at SKS Tower (12th cta Floor),7, VIP Road, Mohakhali, Dhaka-1206, Bangladesh. o- € N Z,r^lrc c! qo[amrao I lhaydu inran, lCIj \br+= 'tletd), Cll (C.rtl Msos$lg Diredor & CEo cEo AAA Fioauce & hvestned I,d. i l.rll Um{ted Page 177 Sign Board: The signboard of the company is well displayed at the registered office no other signboard of any other office was seen with in the said office areas. We also verified the trade license and lease deed agreements oI other branches of Sena Kalyan Insurance Company Limited which are well equipped with manpower and other logistic supports. Description of Property: As per the tearn's observation, the head office of SKICL is located at SKS Tower (12th Floor), 7, VIP Road, Mohakhali, Dhaka-1206, Bangladesh. The company does not own any land and building. All SKICL's offices/branches are taken on lease. 1. Detail of Office/Branches: Apart from physical visit of the Head Office, our team has verified the lease agreements of all the rented offices of SKICL. Detail of the offices are presented in the following table: Rent Monthly Area Period of Sl. I Name of Branch Address per Sft, Amount (sft.) Lease (BDT) (BDT) 01.03.2019 SI(S Tower (12th !loor), 7, VIP to l Head office Road, Mohakhali Dhaka-1206, 7,069 100.00 7,00,000 28.02.2024 Bangladesh (5 Years) S€na Kalyan Bhaban, 195, 01.08.2020 Motijheet C/A to Motiiheel Branch 927 80.00 73,680 20th Floor, Room No-2004, 37.07.2022 Dhaka-1000 (2 Years) 01.08.2020 Cantoflment SKS Tower (12th Floor), Z VIP to 750 100.00 60,000 Branch Road, Mohakhali, Dhaka-1206 30.o9.201s (5 Years) Plot no: 1244, znd Floor 0"1,."12.2020 (Eastern Side), Road: 9, Old 60 to I Milpur Branch 1,100 18.18 20,000 Feet Road, Mtpur DOHI 07.12.2022 Dhaka Cantonment (2 Years) 01.03.2021 93, Kazi Nazrul Islam Avenue Karwan Baza! to ) (4th Floor) 906 38.63 35,000 Branch 37.03.2024 Dhaka-1215 (3 Years) Sena Kalyan Trade Center, 07.04.2079 Chattogram Level-4 to 6 7,074 45.00 48,330 Brarrch 29, Agrabad Commercial Area, 31.03.2021 Chattogram (2 Years) 01.05.2018 1071130, St Iqbal Road, to Khulna Branch 500 27.60 13,800 Khulna 31.05.2021 (3 Years) :\ c!(- 4G, 2. Vehicles: The company owns several vehicles for its employees. A list of vehicles provided as follows: Vehicle Name & Model Vehicle Number Purchase Value (BDT) To ta Allion-2011 Veh:35-6929 2,927,000 T Allion-2011 Veh:35-8519 2,927,000 To ota Axio-201.0 Veh:35-6928 2,018,000 To ta Axio-2008 Veh:37-1325 1,733,500 T ta Axio-2009 Veh:37-5310 1,869,000 To ota Fielder-2009 Yeh:37-5917 1,853,000 T ota Fielder-2009 I Yeh:37-7637 1,853,000 T ota Ha 2008 Veh:53-7958 "t,983 000 To ta Ha 2009 Veh:53-8251 1,983,000 To ota Allion-20].1 Veh:39-8355 2,475,000 To ota Axio-2014 Yeh:43-5673 1.,875,000 To ota Axi0-2014 Yeh:43-5674 1,825,000 T ota A ua-2014 Veh:43-9187 1,350,000 I ua-2014 Veh:45-5085 1,476,748 Nissan Civilian Bus Coaster) | Veh:11-1340 3,816,081 3. Other Assets: Apart from the above-mentioned assets fumiture & fixtures, office equipment, crockeries & cutleries, office decoration, software installation, computer and IT equipmen(s and many other assets. Around 50 officers and staffs were present during our visit in the registered & head office of the Company. sd/- sd/- Mohammad Obaydur Rahman FCS, FCGA Md. Khalid Hossain Managing Drector & CEO Deputy General Manager AAA Finance & Investment Ltd. AAA Finance & lnvestment Ltd Place: Dhaka Date: February 15, 2021 c{ c!o G CL< CD c! ai^ ,/*"llr Motlonad obsyda Rrhnao, fct \'ur.rs-h- l'. 5 Maaagiog Direclor & Ctso i AAA Fioance & lnvcstncat Ltt Page 179 (xiv) If the issuer is entitled to any intellectual property right or intangible asset, full description of the property, whether the same are legally held by the issuer and whether all formalities in this regard have been complied with; The Company has no intellectual property right or intangible asset. (w) Full description of other properties ofthe issuer. There is no other property except those mentioned in the fixed asset schedule in page no. 268 & 269 c! c!ct CE CL € a /-\ zrd6\p l\ \$ , [roDssrnad \s$-N , t,,;:. I ]brrGr RNXrna[. fcl t' Vaugrng Director & CEd ,d l),I e.qA Fiaance & hvesh€trt LtI Paee 180 Plan of Operation and Discussion of Financial Condition; (BX5X4 (i) If the issuer has not started its commercia.l operation, the company's plan of operations for the period which would be required to start commercial operation which shall, among others, include: - Sena Kalyan Insurance Company Limited (SKICL) has started its commercial operation on September 03, 2013. Hence, such information would not be applicable for the company. (ii) If the issuer had been in operation, the issuer's revenue and results from operatio4 financial position and changes in financial position and cash flows for the last five years or from commercial operation, which is shorter, shall be furnished in tabular form which shall, among others, include the following information: The revenue of the company, results from the last five years, financial position of the last five years, and cash flow of the last five years is given in the following tables: REVENUE AND RESULTS FROM OPERATIONS For the period or ye.u ended Particulars 31 Dec 20 31 Dec 19 31 Dec 18 3"1 Dec "17 31 Dec 16 Revenue 580,522,233 576,092,51,6 363,870,416 262,822,402 203,969,657 (Premium Income) Cross Profit 66,824,517 75,490,878 1,0,871,916 36,074,578 27,940,203 (Underwriting Profit) Net Profit before Tax 114,225,641 71,8,578,090 39,293,487 57,574,495 M,493,336 Net Profit after Tax 94,275,660 98,2U,035 37,U6,67"1 57,387,907 36,406,9n Earnings per share (Basic) 3.93 4.10 1.58 2.11 7.52 Earnings per share 3.93 4.10 1.58 2."t4 1,.52 (Diluted) FINANCIAL TIOSITION As at Particulars 31 Dec 20 31 Dec 19 31 Dec 18 31 Dec 17 31 Dec 16 Current Assets 82,322,207 62,504,387 53,599,503 42,558,920 26,351,259 Non-cuIrent Assets 102,472,972 53,797,178 48,745,059 50,200,602 49,496,325 Cash & Cash Equivalents 793,496,960 631,300,820 418,233,U7 386,677,267 345,913,044 Total Assets 978,292,739 747,002,325 520,578,709 476,436,789 421,,760,628 Current Liabilities 441,870,395 286,078,235 471,369,314 428,990,107 372,024,620 fotal Liabilities 472,088,71,6 31,2,59't ,858 177,343,276 750,048,627 737,760,773 Total Shareholder's Equity 506,203A22 434,474,777 349,234,833 329,388,762 290,000155 c{ NAV per share 21.09 18.10 14.55 73.72 12.08 O G CLL @ c{ \\. ,4^,rl* @td), Cll(Cert, Motrrnnod l)blydEr R!DD&, fcl Mrugiag Dircctor & CEO AAA Fiume & hvesheDt Ltd Page 181 CHANGES IN EQUITY As at Particulars 31 Dec 20 31 Dec 19 31 Dec 18 31 Dec 17 31 Dec 16 Paid-up Capital 240,000,000 240,000,000 240,000,000 240,000,000 240,000,000 Reserve f or Exceptional 797,792,882 739,740,659 82,13"t,407 56,660,478 30,378,238 Losses Investment Fluctuation 408,894 ( 1 ,1 0.1,091 Fund ) Retained Earnings 68,001,U6 55,n8,209 27,703,426 32,727,6U 19,622,217 Total Shareholder's Equity 506,203A22 131,11,1,777 349,234,833 329,388,162 290,000,455 CASH FLOWS As at Particulars 31 Dec 20 31 Dec 19 3l Dec 18 31 Dec 17 31 Dec 16 Net Cash flow from 221,,775,530 232,450,624 53,470,326 53,829,9t3 63,465,175 operathg activities (CFO) Net Cash flow from (36,228,399\ (7 ,383,35^r\ (3,914,046\ (377,305\ ('286,27e) investing activities (CFl) Net Cash flow ftom (24,000,000) (12,000,000) (18.000,000) ('t2,748,38s) (9,065,276) fi nancing activities (CFF) CFO per Share 9.21 9.69 2.23 { :\t) d.*1 @ ra \$,^ l^',W Molannid obrydu, Rdns!, fC5 $$-h' Bri.l r.1. Vroagiog Dircrior & CBO AAA Financc & Inverhent Ltd. Page 182 (a) Internal and external sources of cash; INTERNAL SOURCES OF CASH Particulars 31 De. 20 31 Dec 19 31 Dec 18 31 Dec 17 31 Dec 16 Paid-up Capital 240,000,000 240,000,000 240,000,000 240,000,000 240,000,000 Reserve for Exceptional 197,792,882 739,740,659 82,137,407 56,660,478 30,378,238 Losses Investment Fluctuation ,108,894 (1,104,0e1) Fund Profit and Loss 68,007,646 55,n8,209 27,703,426 32,727,6U '19,622,217 Appropdation Account Sub-Total 506,203,422 434,4-14,777 349,2U,833 329,388,'t 62 290,000,455 EXTERNAL SOURCES OF CASH Particulars 31 Dec 20 31 Dec 19 31 Dec 18 31 Dec 17 31 Dec 16 Long term Loan Current portion of Long - term Loan Finance lease Current portion of Finance lease Short term loan Sub-Total Crand Total 506,203,422 43441.4,n7 349,234,833 329,388,762 290,000,455 (b) Any material commitments for capital expenditure and expected sources of funds for such expenditure; The company has no material commitrnents for capital expenditure apart from its regular business operations. However, the proceeds of tnitial Public Offering (lPO) that detail information is available in the "Use of Proceeds & Implementation Schedule". (c) Causes for any material changes from period to period in revenues, cost of goods sol4 other operating expenses and net income; Particular 31 Dec Z) i31 Dec19 , 31 Dec 18 i 3l Dec77 31 D€c16 Revenue 580,522,233 576,092,51,6 363,870,416 262,822,402 203,969,657 (Premium Income) Management/ 83,752,829 77,070,307 64,102,996 69,3U,015 67,089,22"1 Operating Expense Net Profit after Tax 91,275,660 98,284035 37,846,671 57,387,907 36,106,9n c\t The company's revenue and other income as rn ell as operating expenses and net income €,<\ have continued to change or increase due to business promotion efforts of the Directors e.o- and Management staffs. cpr \\" /r^tt dr [,for&lnso |]iar@ R DEaL fG \asgr+-- Ilugrng Direuor & cBO AAA Pinaoce & Iaverheat Lt- Page 183 (d) Any seasonal aspects of the issuer's business; There are no seasonal aspects of the issuer's business (e) Any known kends, events or uncertainties that may have material effect on the issuer's fu ture business; There are no such known trends, events or uncertainties that may affect company's business. However, the business may have following uncertainties- natual disaster, and political uruesl increased competition etc. (f) Any assets ofthe company used to pay off any liabilities; None of the assets of the company was used to pay off any liabilities of the company. (g) Any loan taken from or given to any related party or connected person of the issuer with details of the same; The company did not give or leceive any loan to any related party ot connected person of the issuer. (h) Any future conkactual liabilities the issuer may enter into within next one year, and the impacl if any, on the financial fundamentals of the issuer; The Company has no plan to enter any contract creating future liabilities for the Company except for those that are created in the normal course of business activities. (i) The estimated amount, where applicable, of future capital expenditure; The Company has no plan for capital expenditure in near future. c\ c\tG' G, 6-<. oo c\J ,(*^,'rtlrr \)" \us,,o-N- Motmrd 0hydnr tulru, FCS Mr!8ii!8 Dirorlor & CBo AAA Fiorlc! & Invattoc Ltd q/ @ 9t)-( .n -C o ^1 B E E'6.i i€EE E'i in "FEESE EE F E'.EE-Et,r ooP ta ;BEr.6E E *ii:rg;:rEr;EE ef,".9aPEF€E$H U ,iiErE[€-*]qeceF EEEi.sE F o t- A E*fEEEE;*€$c iFEgf;5 i € E \o o, f, o= co. h0L (n \o N \o o1 o\ 6 o N or .{ F \o .6 o fo 6 ct a .:6 N .o. @. .! Eq, ..1 bO (! ..1 \o o\ o' N A'TE E !-tr 'd cll,=e $,asg O E r.s.E o.. r- '6 i E !.o t.9 .s .s 'SE.EI -' 5rd )i':o 6r b>c o, *t9a, u.= c.l ;!i r ^lN o o, E€ N z, a\ >,6't! E \.c) 01 o\ >;: 9!Eg c.i >g 6o $rg{ E E.$.8 o-i L iri ai =B ?.PS.Lo= d;. a- 'E.=Eu.= caJ N cP !t N o. l-' c.l 5U 5* - a cd \o t9 x.6aE ,o. N ,! =.^ iE g E c..i EiD .9! E E E d b! 7 _a, € cE.E !-o e E.l iio bog o 3 e5 ,o-s.! E 5o. ig ".E 9rJ o., o\ Ets o. EE o=o.i qJ o- o) o- !'= \c \o oN N G OJ cl. (, O F ! \o 01 E o o O <1, 3s \o .l (, \o a-: N o, o. o N a1 o, \o. \o \o e I o. @ 'El i. ,o o. r!aic 6E a- o o. r- \o \o ri o n \o \o Fr a- o =. -- O .i o, EX =i: a.l al 6 .C, Ocn o.i od qo5o dE ac cJ 0l -o 3!) er O o\ a- \D =ar ZA z>6E oN o o o o F o. al z'E6I; -el' -o xy o ^t C\l c.l (l O O O l-I; F(! N c c\ (,, q|E # o o' a- IF Eg CE O o ;aJthE .L \b,t Zr,'nlrr [4ohrEDad obayftr Rah0s[, lcl Nga-,N Marsgilg Director & CEO AAA Filanc€ & Itrvestne Ltd Page 185 (k) Any financial commitment, including lease commitment, the company had entered into during the past five years or from commercial operation, which is shorter, giving details as to how the liquidation was or is to be effected; Financial Commitments: There are no such financial commiknents for the company during the past five years. Lease Commitments: Rent Monthly Area Period of Sl. L Name of Branch Address per Sft. Amount (sft Lease ) (BDT) (BDT) 01.03.2019 SKS Towei (12th Flooi), VIP Z to 1 Head office Road, Mohakhali, Dhala-1206, 7,069 100.00 200,000 28.02.2024 Bangladesh (5 Years) Sena Kalyan Bhaban, 195, 01.08.2020 Motijheel C/A to ) Motiiheel Branch 921 80.00 73,680 20th Floor, Room No-20O1, 31,.07.2022 Dhaka-1000 (2 Years) 01.08.2020 Cantonment SKS Tower (12th Floor), 7, VIP to 3 750 100.00 60,000 Branch Road, Mohakhali, Dhaka-1206 30.09.2025 (5 Years) Plot no: 1244, 2nd Floor 01.72.2020 (Eastern Sicte), Road: 9, Old 60 to 4 Mtpur Branch 1,100 18.18 20,000 Feet Road, Mipur DOHS, 01.72.2022 Dhala Cantonment (2 Years) 01,.03.2021 93, Kazi Nazrul l6lam Avenue Karwan Bazar to 5 (4& Floor) 906 38.63 35,000 Branch Dhaka-1215 37.03.2024 (3 Years) Sena Kalyan Trade Center, 0"1.04.2019 Chattogram Level-4 to 6 1",074 45.00 48,330 Branch 29, Agrabad Commercial Area, 31,.03.2021, Chattogram (2 Years) 01.06.2018 107/130, Sir Iqbal Road to 7 Khulna Branch 500 27.60 13,800 I(hulna 37.05.2027 (3 Years) c! c{ (l) Details of all personnel related schemes for which the company has to make provision for in future years; Sena Kalyan Insurance Company Limited considers its human resources as the most valuable assets of the company a,d has been continuing to train, equip and groom fresh recruits for building a strong foundation. To enhance and advance the professional ability and. knowledge of the employees, regular haining programs are organized at different professional institutions. SKICL provides standard monthly salary package to its employee. In addition to that there is an arrangement of following benefits for its e-mployee: a. Group Insurance Benefit The Company has arranged a group insurance poliry with Astha Life Insurance Company Limited for its permanent employees. b. Provident Fund & Gratuity: The Company operates a Contributory provident Fund for its permanent employees, provision for which are being made monthly as rules administered by a Board of rrustee in which eligible employees contributo @ 10% of Basic Salary. The company also makes equal contribution to the said provident Fund. Gratuity Scheme is eligible for the permanent employees. c Bonus: In Each Eid, employees are given festival Bonus equivalent to one month,s basic salary. d. Maternity Leave: Female employees are eligible for matemity leave as per Government Rules. e Annual Best Officer Prize: For encouraging the employees to be good and efficient officers the company gives Annual Best Officer's prize. f cash Incentives to the successful Marketing officers: SKICL holds Annual Business Conference where company provides cash incentives to the successful Marketing Officers in the conference. g. workers' Profit Participation & welfare Fund: In accordance with the section 234(1)(b) of Bangladesh Labor Act 2006 (Amendment in 2013) and Bangladesh Labor Rules (Amendment in 2015), within 9 (Nine) months of the close of every financial year, 5% of profit before tax of the financial year/period shall be transferred to Participation Fund, welfare Fund and workers welfare Foundation F,nd established under section 14 of the Bangladesh workers welfare Foundation Act 2006 at the proportion of 80: 10: 10 respectively. To establish this f,nd, the Company set up a Trust by creating a Deed ofTrust. It was established on 1* January 2020 under the Trust Act 1882. The management of rrustee Board prepares separate books of accounts for the Workers, participation Fund and Workers' Weifare Fund as per requirements of the Deed of Trust and Rules. nr R G 1CL cE> *a \)" lrttLlkL \usr=N_ Motrmnrd O[rydur Rrlnro, lCS ll (Retd), cl, (certl Managilg Dtector & CBO r[- 4AA FiDanoe & lnvestrcnt t,t(l ,', Page 188 (m) Break down of all expenses related to the public issue; Particulars Basis of Calculation Amount in BDT A. Bangladesh Securities & Exchange Commission (BSEC) Fees: 690,000 lication Fee Fixed 50,000 Consent Fee 0.40% on the IPO amount 640,000 B. Fees related to with the Stock Exch 2,30O000 Prospectus Submission Fee to DSE & CSE BDT 50,000 each 100,000 lnitial Listing Fee to DSE & CSE 0.25% wp to BDT 10 crore Paid- 500,000 LIp Capital 0..15% on the rest of Paid-up 900.000 Capital (Fees will be minimum BDT 50,000 and maximum BDT 10,000,000 for each exchanges) Annual Listing Fee for DSE & CSE 0.05% on BDT 100 Crore 400,000 0.02% on the rest of Paid-up Capitd (fotal listing fee shall be minimum BDT 50,000 and maximum BDT 500,000 for each of the exchanges) Data Transmission Fee for DSE & CSE Fixed 400,000 C. CDBL Fees and Expenses: 668,500 Security Fee Fixed 500,000 Documentation Fee Fixer.l 2,500 Annual Fee Fixed 100,000 Connection Fee (1 year) Tk. 500 Per Month 6,000 Initial Public Offering Fee 0.015% of issue size + 0.015% of 60,000 PrelI'O paid up capital D. Manager to the Issue Fees: 1,150,000 Issue Mana Bement Fee Lump-Sun-r 1,000,000 VAT on Issue Management Fee 75% on the totat lssue 150,000 Managenrent Fee E. IPO related Fees: 577,600 U trcl erwri ti n g Comnriss i on Conrmission 0-501" on 224,000 underwritten amount VAT on Underwriting Comrnission 15% on the total Underwriting 33,600 Commission Auditor Certification Fees Negotiable 300,000 F. Printing & Post-IPO Expenses: 5,633,900 Publication of Prospectus Estinrated 3000+ coPles 800,000 (To be paid at actual) Publicahon of Abridged Version of (Estimated; to be paid at actual) 900,000 Prospectus and Notice in 4 National dailies Notice for prospectus, Lottery, Refund etc (Estimated; to be paid at actual) 300,000 in 4 National dafies Lottery Conduction Expenses including (Estimated; to be paid at actual) 1,000,000 BUET Fee Data Processing and Share Software (Estimated; to be paid at actual) 2,000,000 CharEe Courier Expense (Estimated; to be paid at actual) 300,000 Stationery and Other Expenses (Estimated; to be paid at actual) 333,900 6 C\r Grand Total 11,000,000 NB: Actual costs may vary if above mentioned estimates differ and will be adiusted G, accordingly. CL< CO C\T nln-lktC \ss(A- Mobsmnrds oblYdur R iDan, lC$ 8r;t. MarlgiiS Dircctot & CBo llaloy Xomer S!ht qAA Fin8nce & lnv€st$nt Lt{t ,,,&rid lin.!.i.i Officet (Cfol Page 189 (n) If the issuer has revalued any of its assets, the name, qualification and experiences of the valuer and thereason for the revaluatiory showing the value of the assets prior to the revaluation separately fot each asset revalued in a manner which shall facilitate comparison between the historical value and the amount after revaluation and giving a summary of the valuation report along with basis of pricing and certificates required under the revaluation guideline of the Commission; SKICL has not revalued any asset thus far. As such it is not applicable for the company. (o) Where the issuer is a holding/subsidiary company, full disclosure about the transactions, including its nature and amount, between the issuer and its subsidiary or holding company, including transactions which had taken place within the last five years of the issuance of the prospectus or since the date of incorporation of the issuer, whichever is later, clearly indicating whether the issuer is a debtor or a creditor; Not applicable in case of Sena Kalyan lnsurance Company Limited, as the company is neither a holding nor a subsidiary company. (p) Financial Information of Group Companies under common ownership by more than 50%: following information for the last three years based on the audited financial statements, in respect of all the group companies of the issuer, wherever applicable, along with significant notes of auditors: The issuer company is not a concem of any Group of Companies. sic\ e. 'r-l,tL Motsmlds otartu Pd[Es!, ICI \e$LA- Mlorging Dimtor & CBo ltralov (umar Srha AAA Finance & Itrvesh€ot Lt( ,l ll Fln.nci.l offirer (CfO, Page 190 (q) Where the issuer is a banking company, insurance company, non-banking financial institution or any other company which is regulated and licensed by another primary regulator, a declatation by the board of dLectors shall be included in the prospectus stating that all requfuements of the relevant laws and regulatory requirements of its primary regulator have been adhered to by the issuer; Declaration for Insurance Company We hereby declare that all requirements of the lnsutance Act, 2010 as amended and all regulatory requiements by IDRA (Insurance Development and Regulatory Authority) have been adhered by the Sena Kalyan lnsurance Company Limited. sd/ - sd/ - sd/ - Maj Gen Mohammed Saidul Brig Gen Md Shafique Air Cdre M Moyeenuddin, Islam, ndc, psc Shamim, psc (Retd), CII ndc, afwc, psc (Cert) Chaiman Managing Director & CEO Director (Represented by SKS) (Represented by SKS) sd/ - sd/ - sd/ - Brig Gen Mirza Md Enamul Brig Gen M A Mohy, psc, Brig Gen Md Mustafa Kamal, Haque, ndc PEng SGP Director Director Director (Represented by SKS) (Represented by SKS) (Represented by SI(S) sd/ - sd/ - sd/ - Brig Gen Md |amal Hossain, Brig Gen Md Shaheen Iqbal, M.M Mostafa Bilal ndc, afwc, psc afwc, psc Director Director lndepen<.lent Director (Represented by SKS) (Represented by SKS) sd/ - Ahamed Ihteyaz Thamid lndependent Director Place: Dhaka Date: April 25, 2021 c\l c\C5l CE Q$)" \.N0 (r) A report from the auditors regarding any allotment of shares to any person for any consideration otherwise than cash along with relationship of that person with the issuer and rationale of issue price of the shares; Auditor's certificate regarding any allotment of shares to any person for any consideration otherwise than cash along with relationship of that person with the Issuer and rationale of issue plice of the shates This is to certify that the paid-up capital of Sena Kalyan lnsurance Company Limited as on 31 December 2020 was Tk. 240,000,000 divided into 24,000,000 Ordinary Shares of BDT 10.00 each. Details are as follows: Particulars of Allotment The Capital structure of Sena Kalyan lnsurance Company Limited as on 31 December 2020 was as follows: Particulars Number of Shares Face Value Amount in BDT Authorized Capital 100,000,000 10 1,000,000,000 Issued, Subscribed and Paid up Capital No. of Shares Face Date of Consideration Value of Paid-up Allotments Consideration Bonus Allotment other than in Share Capital in Cash Shares cash (rk.) First (As per Memorand um& Articles of 03 Association September 24,000,000 10 240,000,000 at the time 2013 on lncorporatio n) Total 240,000,000 The above information is based on books and records provided us by the management. sd/- Place: Dhaka Mahfel Huq & Co., Date: 24 April 2021 Chartered Accoultants s o-CE € Cy Moh&o$sd obsydur llrhmaq fcl L 'n)*.tE* N$A-& Mmrgin8 Dirc{tu & CEO [asmin Akter n pany secretarY B. AAA Fhaocc & Investn8trl Lld q {', Page 192 (s) Any material information, which is likely to have an impact on the offering or change the terms and conditions under which the offer has been made to the public; There is no material information, which is likely to have an impact on the offering or change the terms and conditions under which this offer has been made to the public. (t) Business strategies and future plans - projected financial statements shall be required only for companies not started commercial operation yet and authenticated by Chairman, two Directors, Managing Director, CFO, and Company Secretaryi Business Shategies: The company emphasizes on creating a quality administrative, organizational, and operational pladorm to practice good insurance business. Every persormel have a good idea of the decisions and actions for which he or she is responsible. Important information about the competitive environment gets to head office quickly. Additionally, SKICL has integrated following supplementary strategies to maximize the service delivery: - Emphasize service and support - Build a partnership business based on account selling - Target small, non-franchise business that does not have access to group insurance plans. The regular business operation is done complying regulator's guidelines and compliances, Information flows freely across organizational boundaries. SKICL strives for making clients permanent. Future Plans: - Striving for making clients (policy holders) permanent; - Setting up of work program for sustainable development of the Company; - To be trusted ilsurer in insurance business; - To acquire large market share in insurance business; Prolected Financial Statements: The company has started its commercial operations on September 03, 2013; therefore, such information is not applicable for Sena Kalyan Insura:rce Company Limited. (u) Discussion on the results of operations shall inter-alia contain the following: (1) A summary ofthe past financial results after adjustments as given in the auditor/s report containing significant items of income and expenditure; Particular 31 Dec 20 31 Dec 19 I 31 Dec 18 31 Dec 17 I 31 Dec 15 Current Assets 82,322,207 62,504,387 53,599,503 42,558,920 26,351,,259 c{ c{6 Current Liabilities 444,870,395 286,078,235 471,,369,314 428,990,107 372,024,620 d. Non- Cu[ent Assets 102,472,972 53,197,118 48,745,059 50,200,602 49,496,325 CL Revenue < 580,522,233 576,092,51.6 363,870,416 262,822,402 203,969,657 cct (Cross Premium) c\a \$" Ar,r* Motrnrad 0baydur eahmaq fCt \uv4_ i. Murgilg Dtector & CBo AAA Fioaoce & Investm€ot Lln ,,,.t t: Ser: Page 193 Gross Profit (Underwriting 66,824,577 75,490,878 70,871,,916 36,01,4,578 27,940,203 Profit) Net Profit Before 174,225,641 118,578,090 39,293,487 57,574,495 11,493,336 Tax Net Profit after Tax 94,275,660 98,2W,035 37,846,677 51.,387,907 36,406,977 NAV per share 27.09 18.10 14.55 73.72 12.08 Earnings per Share 3.93 4."10 1.58 2.14 7.52 (2) A summary of major items of income and expenditure; Major items of income: Particular 31 Dec 20 | 31 Dec 19 31 Dec 18 i 31 Dec 77 31 Dec 16 Revenue 580,522,233 576,092,576 363,870,41,6 262,822,402 203,969,657 (Cross Premium) Gross Profit (Underwriting 66,824,51,7 75,490,878 1,0,871,,91,6 36,01,4,578 27,940,203 Profit) Other Income 58,223,649 47,244,807 33,870,696 27,889,768 23,492,347 Maior items of Expenditure: Particular 31 Dec 20 131 Dec 19 i31 Dec 18 i31 Decl7 31 Dec 15 Management/ 83,752,829 77,070,30.1, 64,102,996 69,384,015 67,089,221, Operating Expense Ceneral & Adminishative 5,1,11,,243 4,157,595 5,389,124 6,329,857 6,939,274 Expenses (3) The income and sales on account of maior products or services; Particular 31 Dec 20 i31 Dec19 31 Dec18 i31 Dec17 31 Dec 15 Fire 1,25,269,399 11.6,389,91,4 76,324,787 58,509,397 45,229,545 Marine Cargo 84,097,837 54,629,033 63,685,925 47,905,197 52,51,5,793 Marine Hull 9,969,045 5,787,657 6,778,"r82 5,637,060 3,737,868 Motor 52,933,570 56,430,973 21,,87"t ,986 21,,225,131 79,270,M2 Miscellaneous 308,252,388 343,454,945 195,21.0,1.42 "t35,545,617 83,276,409 (4) In case, other income constitutes more than 10yo of the total income, the breakup of the a same along with the nature of the income, i.e., recuring or non-recurringi d, The other income of SKICL do not constitutes more than 10% of the total income of the (5) If a material part of the income is dependent upon a single customer or a few maior customers, disclosure of this fact along with relevant data, Similarly if any foreign customer constitutes a significant portion of the issue/s business, disclosure of the fact along with its impact on the business considering exchange tate flucfuations; The material part of the income of SKICL is not dependent upon a single customer or a few major customers. Moreover, the foreign customer of SKICL do not constitute a significant portion of the company's business. (6) In case the issuer has followed any unorthodox procedure for recording sales and revenues, its impact shall be analyzed and disclosed. The issuer has not {ollowed any unorthodox procedure for recording sales and revenues. Jn -\r q A,tr Nlsa-N sr ,.} lotsontd otrrrdff ['hmsr, F6 Msmgirg Director & CEo cAA Fiornrc & Itrv€sheot Ltd 1,1 CD N N N N \o o a\ 'o- c.l o\ 'r') 'r,) o, 01 o o\.i o.' o\ o\ n o\ o\ o r.a t: r.i c.l R .n a r.l o o 50 e q N n a\ n .l c{ c.j oi d 0l ..1 N crj od (..1 ;.5 (J (/,3 N o !. N N o 'tr ,.r q N o, ci o\ N .i o N a o i! bo c.l N o, F-' c'l .] ll) ..1 \o \o \o n N c,2 :Q 9p I q o\ (,\ .i N c.i ..i ..1 c.i .\d \o ..1 r.l .,.g EI kc .o \D o N 6 o' o\ N ul ul 'a o\ Ol o, .o- o-i o\ N N o\ ca- a o o\ ri !nQ N ;Q bD a t\ ..1 \ \o ..1 UC o. q\ 6 -.E o. a..l o oi t ..1 U N o N o o\ o\ o, o (Jlo o f.' 5rD o\ o, N N OE N IJ \o n t-' 0J.-> .lv N N f.- o' !r rJ. c at ;s ae -S 4,, t\ 4., !D N q N N 01 o.l i ."j N o N D\ :bo .\ cl ..j di dt E !'; U o\ .lo\ o o q q c,lo ct). .o- .n oi j q,, c.l ..1 t\ ul oo- N a cd \ ri rO o, aq QE o. o. gl *E d-o tr a E: A x; x q< g] UE MY ,gs U Causes for Changes in Revenue (Gross Premium): As it can be observed from the above table, Premium income has increased due to better management of business and other operations during the year. Also, the company could employ efficient marketing shategy to increase its premium income. Causes for Changes in Gross Profit (Underwriting Profit): Underwriting Profit is showing a decreasing trend due to arrival of some new general insurance companies in the market and macro-economic scenario of Bangladesh. Causes for Changes in Interest, Dividend & Other Income: The trend in this segment of income is overall positive due to efficient management of investrnent. Causes for Changes in expenses: Management/Operating Expense: The operating expense of the company increased in 2019 than previous years because of increase of salary & other allowalces and other administrative expenses in line with the increase of sales. Depreciation and Amortization expense: The Depreciation and Amortization expense of the company is in decreasing hend as it has not made significant capital expenditure over the years.. General & Administrative Expenses: The General & Administrative expense of the company increased in 2020 than previous years because of increase in administrative expenses in line with the increase of sales. Financial Expenses: The company has no debt. As a result, there is no financial exPenses. Causes for Changes in Profit before Tax & Net Profit after Tax: Although the insurance premium of the company has increased but the marketing and others expenditures have increased in order to cope up with the market. The market developing expenses of the conpany have increased as well. Moreover, there is a significant impact of the inflation on the expenses can be observed as well. However, the management has taken all steps to increase its premium income this year. New marketing peoples have been recruited and new motivation package has also been declared for increase of premium income. Causes for Changes in EPS: EI5 is slightly decreased compared to previous years. Yet it is satisfactory relative to the indusky benchmarks. (1) Unusual or infrequent events or transactions including unusual kends on account of business activity, unusual items of income, change of accounting policies and discretionary reduction of expenses etc. There is no unusual or infrequent events or transactions including unusual trends on account of business activity, unusual items of income, change of accounting policies and discretionary rerluction of expenses etc. c\ <\cf, e CL @ S\r h)- hvkL r,toiemrsn I )brydur Ratns!, Sqi hls^-6_ il llalsgug gEO Diroctor & Maloy (unar Saha aAA Fiuaoce & lnv!.toed Ltl ,f,cer(Cfol se Coitpry Uttutld Page 197 (2) Significant economic changes that materially affect or are likely to affect income from continuing operations; There have been no significant economic changes that materially affect or ate likely to affect income from continuing operations. (3) Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations; Other than the matters as described in the "Risk Factors" and "Plan of operation and discussion of Financial Conditions" of this prospectus; there are no known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from contiluing operations. (4) Future changes in relationship between costs and revenues/ in case of events such as future increase in labor or material costs or prices that will cause a material change are known; Any event such as future increase in labor or material cosB or prices will not cause material changes as the revenue is also expected to increase in the normal course of business. (5) The extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or services or increased sales prices; Apart from normal course of operation in SKICL's insurance business; there are no material increases in net sales or revenue are due to increased sales volume, introduction of new products or services or increased sales prices. (6) Total turnover of each major industry segment in which the issuer operated; SKICL conducts business in Non-life Insurance Industry. The turnover of this sector is Gross Premium income. According to Bangladesh ksurance Association the total fumover of non-life private insurance companies is as follows: Total Turnover of Non-life lnsurance Industry Gross Premium Year (BDT in Billion) 2019 30.81 2018 20.33 2017 29.61, 2016 2015 24.70 c\r cI6 Source: uttnt,. bi a-bd.cont e ,("*,'rarrr ( ^^a)^,,]r \$()haydur rl4onaensd Rr[Ean, FCI \qls-$- 'I tl' I Managing Director & CBO . ..1 " :; I ( AAA Finarce & Investoent Ltd ,)' Page I98 (7) Status of any publicly announced new products or business segmen! There are no publicly armounced new products of business segment of SICCL. (8) The extent to which the business is seasonal. The business of SKICL does not depend on any seasonal aspects. (w) Defaults or rescheduling of borrowings with financial situationy' banks, conversion of loans into equity along with reasons thereof, lock out, strikes and reasons for the same etc. dudng the history of operation of the company; The company neithcr rescheduling its borrowings with financial institutions/ banks nor converted any loan into equity. Moreover, the company never experienced with any lock- out and strike, from its inception. (x) Details regarding the changes in the activities of the issuer during the last five years which may had a material effect on the profits/oss, including discontinuance of lines of business, loss of agencies or markets and similar factors; There were no changes in the activities of the Company during the last five years by which material effect on the profits/loss, including discontinuance oI lines of business, loss of agencies or markets and similar factors. (y) Injunction or restraining order, if any, with possible implications; There was no iniunction or restraining order. (z) Technology, market, managerial competence and capacity built-up; The company maintains up to date technology at their head office and branch offices. It thrives to improve the managerial competence and capacity in line with the market demand. (aa) Changes in accounting policies in the last three years; There were no such changes in accountinS policies in the last tfuee years for SKICL. 6i<= CE (bb) Significant developments subsequent to the last financial year: A statement by the directors whether in their opinion there have arisen any circumstances since the date of the last financial statements as disclosed in the red-herring prospectus or prospectus or information memorandum and which materially and adversely affect or is likely to affect the trading or profitability of the issuer, or the value of its assets, or its ability to pay its liabilities within the next twelve months; There were no significant developments subsequent to the last financial year. DECLARATION REGARDING SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL YEAR DECEMBER 31,2020 This is to declare that there were no circumst rnces arisen since the date of the last financial statements as disclosed in the prospectus and which materially and adversely affect or is likely to affect the trading or profitability of the issuer or the value of its assets, or its ability to pay it liabilities within the next twelve months. sd/ - sd/- 5d/ - Mai Gen Mohamrned Saidul Brig Gen Md Shafique Air Cdre M Moyeenuddin, Islam, ndc, psc Shamim, psc (Retd), CII ndc, afwc, psc (Cert) Chairman Managing Director & CEO Director (Represented by SKS) (Represented by SKS) sd/ - sd/ - sd/ - Brig Gen Mirza Md Enamul Brig Gen M A Mohn psc, Brig Gen Md Mustafa Kamal, Haque, ndc PEng SGP Director Director Director (Represented by SKS) (Represented by SKS) (Represented by SKS) sd/ - sd/- sd/- Brig Gen Md Jamal Hossain, Brig Gen Md Shaheen lqbal, M.M Mostafa Bilal ndc, afwc, psc afwc, psc Director Directot Independent Director (Represented by SKS) (Represented by SKS) sd/ - Ahamed Ihteyaz Thamid lndependent Director Place: Dhaka Date: Aprll24, 202\ ac\ o-CE co <\l \)" lntrt[,- 4;s, Mohmmd obiydw PdhDsn, FCS h \a$oa-.6- Cll icerl B-: '' ' "' .-',, "'l-'{-'-' Mroagrng Diroctor & CEO Saha (CFO! AAAFilouce & lavestmeni Ltdsl..r,, j cer Page 1100 (cc) If any quarter of the financial year of the issuer ends after the period ended in the audited financial statements as disclosed in the prospectus or information memorandum, unaudited financial statements for each of the said quarters duly authenticated by the CEO and CFO of the issuer or information memorandum, unaudited financial statements for each of the said quarters duly authenticated by the CEO and CFO of the issuer; There is no required at the moment. (dd) Factors that may affect the results of operations. There is no such factor that may affect the results of operations. C{ c\et d SECTTON (Vrr) (BX6) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS SECTION CONTENTS (u) Overview of business and shategiesi (b) Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis; (c) Analysis of the financial statements of last five years; Known trends demands, commitments, events or uncertainties that are likely to have an Gt) effect on the company's business; (e) Trends or expected fluctuations in liquidity; Off-balance sheet arrangements those have or likely to have a current or future effect on (0 financial condition; cv R o-e e' ev '^x/r k).. No.6 etdl, Clt (Crrtl Nloiamnad {)lrrydu nlMrrD, fCS . lr. r (lrnirssl Mamgr[8 Diroclot & CEo '/trmitad\6i*tin.ncialOfiicel(CFOI genr l(alYen lnlutancc !rt't'!a' AAA Fio8nco & Invcltment Ltd geoc x.h6 talurtnce Conrgrny LrmitUC Page 1102 Overview of business and strategies; @)(o)(a) Overview of Business: Sena Kalyan Insurance Company Limited (SKICL) is the most vibrant concem of Sena Kalyan Sangstha (SKS) of Bangladesh Armed Forces. It has come into existence in 2013 with a view to provide innovative products and customer friendly services tfuough a highly motivated team of dedicated professionals. Within a short span of time, SKICL has gained the confidence of partners and been able to establish a strong foothold in Bangladesh Insurance lndustry and thereby securing a considerable market share in nonJife/ general insurance sector. Sena Kalyar Insurance Company Limited was incorporated as a Public Limited Company by -1994 shares under the Companies Act, having registered office in Bangladesh on 3'a September, 2013 and obtained permission for commencement of insurance business from the Insurance Development & Regulatory Authority (IDRA), Govemment of the Peoples Republic of Bangladesh, with effect from 10tl September, 2013 for carrying out general insurance business. The Head office and the registered office of the Company is at SKS Tower (12th Floor), 7, VIP Road, Mohakhali, Dhaka-1206, Bangladesh. Sena Kalyan Insurance Company Limited is a subsidiary Company of Sena Kalyan Sangstha (SKS) that holds 23,999,994 shares out of 24,000,000 shares of the Company and the balance 6 (Six) shares are held by 6 (six) individuals, each holding 1 (one) share of taka 10 each fully paid up. Overview of Strategies: The company emphasizes on creating a quality adminishative, organizational, and operational platform to practice good insurance business. Every personnel have a good idea of the decisions and actions for which he or she is responsible. Important information about the competitive environment gets to head office quickly. Following flow-chart illuskates the company's core business strategy. Bmphastze ssvi sKICL co..at€t s on bunddt . lont te@ rcLtioshr? q'ith od Brdld aa dstoas ed ilk the Insuranae .beal lnd stsJf 'pAiEi'te Padnersh,lp th. r.lu. of ! ,o.Ftera r.lntioBhip. (5C{ SKICL Io6s.r 6 p.rso.,r dd c{ Foar& on busin.ss.u.tm.rs th.t,r. largd irrhtili.d ,nd eL.t.d ro 6. CE M.rter. iEur€d, ist .d o{ wljtin8 fd CL poleatinl onoads, < co Mohanred sObrydu Rrhnar, fCS Mrorghg Dtedor ^+,. & CEo AAA Fimucr & InvestDeut Ltd Page 1103 Additionally, SKICL has integmted following suPPlementary shategies to maximize the service delivery: (i) Emphasize service and support (ii) Build a partnership business based on account selling (iii)Target small, non-franchise business that does not have access to group insurance plaru. The regular business operation is done complying regulator's guidelines and compliances, lnformation flows freely across organizational boundaries. SKICL strives for making clients permanent Strengths, Weaknesses, Opportunities, and Tkeats (SWOT) analysis; (BX6Xb) Skengths Weaknesses Highly efficient management team . Weak marketing Skilled and dedicated sta{fs . Availability of public information is not Various ranges of services sufficient Operates business tfuough complying . Low market share regulator's guiclelines and compliances . Slim profit margin properly o ortunities Threats Expansion and development of the ' Highly competitive market market . Threats of new enbanls Diversifi cation of services . Growing competitive pressure Utilizing lT-driven practices . Changrng of stake holders needs and Adoption of reforming measures by the demand of services regulator for the development. . Lack of public confidence on this sector c! G' e, O "-9o o, \ N -! n c.l c.l I cd ..j 9 01 d (\l N E U GI o N lt !.. o N N o, E LO- N @- o, ..i c.i o' o,' o, N c..l N I-: N \o N oi o o o o bo (t 6'Q o c.l \o \o \o \o o'1 q q cl !p od o\ .-l'i N ..i .3 n ..1 ol n :RH& \o N .] b U a a) Er a,r x a, 4,, \o \o N q, o q o, o N u] a bo 01 o, E o o\ N N Ol GI qr' a o\ F.: Ei t tu xr o !J t\ !r ...1 .\l .n e hD e N N o. j o. rri 6 o -.E o, Ol (! s c.l N U qd o E .o !o N o o € (t <) o o o\ o, CA co. o, N 3 t oi d F-' o, E a, q o. N N N tr cl o t\ ..1 t! a n N N N o e N6 N t- o\ o IE (, t,] qJ 0i N trl N \o q f.. N o, d r bo \ oq N N IJ x o n rrj od N 9 di E IE N U o 0,r (ua 6, t! a o\ o. o o, Ei 4 .l \o q q GI a) (\a .\ .4. .l \o \o i .i al 5 ll, (-l c.l N ro. .J N (u IJ 6 o \o .ri r; s' (, al ! rd tu .5 t! E r o "d E o tl) c F c\ t a 50 -dcty '\ O. F o a. E c\a o o < d:i -co.y :i OE ioo ,r.l o qr' o .!Nd) slvl E ,o o CL E a Cr oc n-E ;.: d o < d o (u - a A erqE tr6 +tr o- o lr) oo c a a 5t $ c c- E.z >o di d O \)- ,hhAkE t.b€^N Molrmnrd O[rfiur Prlrmro, PC$ ,l ?,' Mauging Dirqctor & CEO , .,,,' l,ir'ltOd A AA FiDmco & lnvcsrne Ltd Page 1105 Causes for Changes in Revenue (Gross Premium): As it can be observed from the above table, Premium income has increased due to better management of business and other operations during the year. Also, the company could employ efficient marketing strategy to increase its premium income. Causes for Changes in Gross Profit (Underwriting Profit): Underwriting Profit is showing a decreasing trend due to arrival of some new general irsurance companies in the market and macro-economic scenario of Bangladesh. Causes for Changes in Interest, Dividend & Other Income: The Eend in this segment of income is overall positive due to efficient management of investment. Causes for Changes in expenses: Management/Operating Expense: The operating expense of the company increased in 2019 than previous years because of increase of salary & other allowances and other administrative expenses in line with the increase of sa1es. Depreciation and Amortization expense: The Depreciation and Amortization expense of the company is in decreasing tre:nd as it has not made significant capital expenditure over the years.. General & Adminiskative Expenses: The General & Administrative expense of the company increased in 2020 than previous years because of increase in administrative expenses in line with the increase ,lf sales. Financial Expenses: The company has no debt. As a resul! there is no financial exPenses. Causes for Changes in Profit before Tax & Net Profit aftet Tax: Although the insurance premium of the company has increased but the marketing and others expenditures have increased in order to cope up with lhe market. The market developing expenses of the company have increased as well. Moreover, there is a significant impact of the inflation on the expenses can be observed as r.r'ell. However, the management has taken all steps to increase its premium income this year. New marketing peoples have been recruited and new motivation package has also been declared for increase of premium income. Causes for Changes in EPS: EPS is sl.ightly decreased compared to previous years. Yet it is satisfactory relative to the industry benchmarks. Known kends, demands, commitments, events or uncertainties that are (BX6Xd) Iikely to have an effect on the companS/s business; There is no such known trends, demalds, commihnents, events, or uncertainties that are likely to have an effect on the company's business. However, the business may have following uncertainties- nafural disaster, and political uruesL increased competition etc. c{ 6ral CE Trends ot expected fluctuations in liqrfidity; (s)(o)(e) There are no such trends or expected fluctuations in liquidity for SKICL Off-balance sheet arrangements those have or likely to have a current or (BX6X4 future effect on financial condition; There are no off-balance sheet arrangements those have or likely to have a current or fufure effect on financial condition. c\r 6 CE CL E \F ,/*r,,*l,,rr donssnod ohsYdu fuhm!, fcl Mlotgiog Dtett$ & CEo f,etdl, Cll {CPrt) AAA Rimuce & Investnul Ltl PaBe 1107 SECTION (VIID (BX7) DIRECTORS AND OFFICERS SECT1ION CONTENTS Name, father's name, age, residential address, educational qualification, experience and (a) position of each of the directors of the company and any person nominated or represented to be a director The date on which he first became a director and the date on which his current term of office (b) shall expire Directors having any type ofinterest in other businesses, names and types ofbusiness ofsuch (c) organizations Statement of the directors of tle issu,:r if any of them are associated with the securities market (d) in any manner. Family relationship (Iather, rnother, spouse, brother, sister, sory daughter, sPouse's father, (") spouse's mother, spouse's brother, spouse' sister) anrong the directors and top five officers (0 A very brief description of other bur;inesses of the directors (e) Short bio-data of each director Loan status of the issuer, its dilectors and shareholders who hold 10% or more shares in the (h) paid-up capital of the issuer in terms of the CIB Report of Bangladesh Bank; Name with position, educational qualification, age, date of joining in the company, overall experience (in year), previous employment, salary paid for the financial year of the Chief (i) Executive Officer, Managing Director, Chief Financial Officer, Company Secretary, Advisers, Consultants and all Departmental Fleads (i) Changes in the key management persons during the last three years A profile of the sponsors includinll their names, father's names, age, personal addresses, (k) educational qualifications, and expe,riences in the bushess, positions/posts held in the past, directorship held, other ventures of each sponsor and present Position If the present directors are not the sponsors and control of the issuer was acquired within five years immediately precediag the date of fiIing prospectus details regardin8 the 0) acquisition of control, date of acqujsition, terms of acquisition, consideration paid fol such acquisition etc. If the sponsors or dtectors do not have expedence in the proposed line of business, the fact (^) explaining how the proposed activifies would be carried out or managed (n) Interest of the key management persons (o) A11 interests and facilities enjoyed by a director, whether pecuniary or non-pecuniary (p) Number of shares held and percentage of share holding (pre issue) ar (q) Change in board of directors durinpj last three years ct-G (r) Director''s engagelnent wiLh similar business < € c\r N ,/^",r^l* c Molaxnnao 0bsyftr Rama& fC\ l.\D.-N Director & CEO Maaaghg ,t Seha !, Ilvestm€d lnd AAA Pinmce & 't licer (CFol 3n9lnl ttI @ .lo e -o € IJ 'E E h.s,= L -g^ ! -g^ E -g^ E -g^ i\ o Q r!(^ i tu tQ (v6(rl o a2b' xEa c_ Qz- 0) Ei .o o) tu 0. E] o ., (, 2_ d o = : 6O *o -i_ L-l F Ocr A2 ', U E E.9 o ql -q ul o E. Li;'J q h'd :'d s):co 'tf ^.9 z. r sro= I >,q Et .-. co n, 2 AJ jj e !a 4,, o !. O.'-a (u .E r 6) o -o v i:d ox E 'cI a 6 ro N o-i o =.( .== ! .dE r' o'< >V 6 o dza sz; A s-Ei; E &.2 'iN t! OJ E o o\ t- o^ qn rn ) ..i - (I) 0?tO* JO (a 0J= E E E 9 JE E,q a >!9 id2\r: r-#q) e^q : >.E >3.= (ljUaO.Y=bO o bti L '< q* ! u i oEg!I '1 E d ! i.A ;:>. .c;6 ;c^ f zk Y U _-l-i.rL.u o- o, A :/a a.) t1 D! ! oJJ t=l Etr>d= e. .2, v,:.= -a L ',1) -o t a t) -= E .a- a 'tr ?e >E 'o 'g 'd9s! Lri o. gv J o J J EU di 9 L^ i; ng to !P. 2a 20- E ac\ -ci o c\r (1 i! \J d? E 60q E> CL lo(D= The date on which he first became a dlrector and the date on which his (B)(7)(b) Date of Date of becoming Name Position Expiration of Director for Curent Teim the firct time Maj Gen Mohammed Saidul Islam, ndc, Chairman 09 /09 /2020 Next ACM Psc (Nominated by SKS) Brig Gen Md Shafique Shamim, psc Managing Dtector & 05 2017 Next AGM (Retd) CEO /04/ Air Cdre M Moyeenuddin, ndc, afwc, Director L0/07 /20^19 Next ACM psc (Nominated by SKS) Director r Brig Cen Mirza Md Enamul Haque, ndc 23/08/2020 Next AGM (Norninated by SKS) Director Brig Cen M A Mohy, psc, PEng 23 Next ACM (Nominated by SKS) /08/2020 Director Brig Cen Md Mustafa Kamal, SCP 15 /07 /2020 Next ACM (Nominated by SKS) Brig Gen Md Jamal HossairL ndc, afwc, Director 23/08 /2020 Next ACM Psc (Nominated by SKS) Director , Brig Gen Md Shaheen Iqbal, afwc, psc "15/ 07 /2020 Next ACM (Nominated by SKS) M.M Mostafa Bilal Intlependent Director 09 /09 /2020 NextACM , Ahamed lhteyaz Thamid Independent Directar 09 /09 /2020 Next AGM If any Directors having any type of interest in other businesses, names (s)(4(c) and types of business of such organizations Name of the Director Businesses Type Maj Cen Mohamrned Saidul Sena Kalyan Sangstha (SKS) - Chairman Welfare Trust Islam, ndc, SC Air Cdre M Moyeenuddin, Sena Kalyan Sangstha (SKS) - Vice Welfare Trust ndc, afwc, psc Chairman & DC, Welfare Division Brig Cen Mirza Md Enamul Sena Kalyirn Sangstha (SKS) - Dtector & Welfare Trust Haque, ndc DG, HR Division Sena Kalyrrn Sangstha (SKS) - Director & Brig Cen M A Mohy, psc, DG, Business Division, Real Estate Welfare Trust PEng Division Brig Gen Md Mustafa Kamal, Sena Kaly,rn Sangstha (SKS) - Director & Welfare Trust SGP DG, Business Division-1 Brig Cen Md Hossain, Sena Kaly,an Sangstha (SKS) - Director & Jamal Welfare Trust ndc, afwc, c DG, Business Division-6 Brig Gen Md Shaheen Iqbal, Sena Kalyrn Sangstha (SKS) - Director & c\t Welfare Trust a afwc, psc DC, Business Division-5 oa G The UAE-Bangladesh Investment Finance & Investment M.M Mostafa Bilal Company Limited - Deputy Managing Company Director Legal Edge - Associate Law Fiim Ahamed Ihteyaz Thamid H & H Eastern Agro Fisheries Limited - Agro Business Chairman and Managing Director Statement of the directors of the issuer if any of them are associated with the securities market in any manner. If any director of the Issuer Company is also a director of any issuer of other listed securities during last three (BX4(d) years then dividend payment history and market performance of that issuer; No directors of SKICL are associated with the securities market in any manner Family telationship (father, mother, spouse, brothet, sister, Eon, daughter, spouse's father, spouse's mother, 6pouse's brother, spousd sister) among (rX4(e) the directors and top five officers There are no family relationships among the directors. Likewise, there are no family relationships between the directors and top five officers. A very brief description of other bueinesses of the directors (BX4(0 Name of the Year of st. Name of the Concern Nature of Business Directors Establishment Ahamed H & H Eastern Agro Fisheries Finance & 1 Ihteyaz Limited - Chairman and Managing Investment 7995 Thamid Director Company The UAE-Bangladesh Investment M. M. Mostafa 2 Company Limited - Deputy Agro Business 2004 Bilal Managing Director & (!_ ,2. d- co a\t \l \$. l^^lt E ,vlolssnad (]baydur lrimn, fcl \ur" tL ec'uD .t,',I t Managug Dtector & CBO ! :.ha E:i- \ ,uA Finance & hvestocnl Lld. .. l.-_f Dl :'" 'r'l]ll ' Page 1112 Short bio-data of each director (nx4G) Sena Kalyan Sangstha (SKS) Sponsor, Diector & Shareholder Sena Kalyan Sangsttra (SKS) started its joumey as Post War Services Reconstruction Fund. It is raised out of funds built up during World War-ll by the Government contributing taka two for each Combatant Soldier per month. The money was to be spent on dreir rehabilitation in civil life when they would be demobilized after the War. After the Indo-Pak partition it was renamed as Fauji Foundation. The then East Pakistal's share amounted to Tk. 52.22 lac. Out of this amount the Govemment spent Tk. 3.50 lacs on a building in Motijheel Commercial Area in Dhaka and sum of Tk. 1.50 lacs was given to Headquarters 14 Division for spending on the rehabilitation of Ex-servicemen. lnstead of keeping the remaining fund in banks and in Government Securities itwas decided to invest the money in industry, which promised higher returns. Fauji Foundation, East Pakistan made a modest start in the industrial fie1d in mid- sixties. In 1967-68 its industrial invesunent stood at Tk. 24.00 lacs and in 1969-70 it grew to Tk. 2.40 crores. In 1971 Fauji Foundation investment was limited to Fauii Cha&al at Ghorashal, Dhaka, Fauji Flour Mill at Chittagong, a three storied building on 1.3 bigas of land in Motiiheel Commercial Area where the present Sena Kalyan Bhaban has been constructed and shares in Bangladesh Lamps Limited, Bangladesh Elechic Industries (Philips) and British American Tobacco (Bangladesh) Company Limited. After the inc{ependence of Bargladesh Fauji Foundation emerged as Sena Kalyan Sangstha (SKS). It was officially renamed as Sena Kalyan Sangstha on 01luly 1972. It is a trust devoted to the Welfare ofreleased, retired and discharged personnel of Armed Forces and their dependents who are the citizen of the People's Republic of Bangladesh. Sena Kalyan Sangstha holds 23,999,994 ntmber of share of Sena Kalyan Insurance Company Limited since its incorporation on 3,a September, 2013 and is represented by- Maj Gen Mohammed Saidul Islam, ndc, psc (Chairman, Nominated by SKS) Air Cdre M Moyeenuddin, ndc, afwc, psc (Director, Nominated by SKS) Brig Gen Mirza Md Enamul Haque, ndc (Director, Nominated by SKS) Brig Gen M A Mohy, psc, Peng (Director, Nominated by SKS) Brig Gen Md Mustafa Kamal, SGP (Director, Nominated by SKS) Brig Gen Md Jamal Hossain, ndc, afwc, psc (Director, Nominated by SKS) Brig Gen Md Shaheen Iqbal, afwc, psc (Director, Nominated by SKS) c\r c\tC' G \)" {loiamflao ( )brydu Rrtulrq lCS A,,rl,or N,aa fL MrDagirg Director & CEo i, mar saha itif 6an : l AAA Fitrstrcs & hv€shEot Lt[ .J ial Officer (CfO) Ince Company llmil!dSena il Page 1113 Mai Gen Mohammed Saidul Islam, ndc, psc Chairman (Nominated by SKS) Maj Gen Mohammed Saidul Islam, nde, pse was commissioned in Bangladesh Army on 22 December 1989 in the Corps of Engineers. During his wide range of military carrier, he attended number of courses at home ald abroad and achieved outstanding results. Besides military courses, he completed Turkish Language Course and possesses good corrmand over "Turkish Language". He held various command and staff appointments both at home and abroad. Notably, Staff Officer in Military Secretariat Branch in Army Headquarters, Commanding Officer of 11 Border Guard, Project Director in Sena Kalyan Sangstha and Sena Kalyan Construction Development. He also served as Project Director of Identification System for EnJrancing Access to Services (IDEA) and Director General National ldentity Registration Wing (NIDW) in Bangladesh Election Commission. Presently, he is holding the appoinhnent of Chairman, Sena Kalyan Sangstha/Sena Kalyan Insurance Co Ltd. He is a graduate of National Defence College (NDC), Defence Service Command and Staff College (DSCSC) and graduate from Bangladesh University of Engineering and Technology (BUET) in Civil Engineering. He participated at United Nations Peace Keeping Operation as Deputy Commander of BANENGR (UNMIL) at Liberia. He also commanded OKP-1 (Operation Kuwait Punorgathon) in Kuwait. Beside Liberia and Kuwait he also visited number of countries including Turkey, Dubai, China, Egypl, Frarce, Italy, Switzerland, Germany, USA, Saudi Arabia, Malaysia, Thailand, India etc. In personal life, Maj Gen Saidul Islam, nde, psc, is happily married to Shammy Akter and blessed with three daughters. Brig Gen Md Shafique Shamim, psc (Retd), CII (Cert) Managing Director & Brig Gen Shafique Shamim, psc (Retd), CII (cert), ABIA is the Managing Director/CEO of Sena Kalyan Insurance Co Ltd. After having 27 yearc of commissioned service in the Army, He retired as a Brigadier General. Brig Shamim Commanded an Infantry Brigade and an Infantry battalion and held important staff appointrnents at Army and Division Headquarters. He held instructional assignments in significant training and research institutions of the Army including Defence Services Command and Staff College, Mirpur, Dhaka. He has 3 years o{ experience with the UN in Mozambique, Liberia and West Africa including the appoinhnent of Senior Military Advisor in West Africa. Joined Sena Kalyan Insurance Company Limited as the Deputy Managing Director and Head of Operations on 01 August 2013 and took over the responsibility of the Managing Director and CEO on 10 March 20'17. Have acquired required qualifications on Non-Life Insurance including Certificate and Post Graduate c\t Diploma from Bangladesh Insurance Academy and certificate fiom Chartered Insurance Bankers and Aviation insurarce from Malaysia. He has achieved success with his impressive strategies and oudook towards insurance sector. Apart from these, Brig Gen Shamim is passionate in his social and communal responsibilities. He is a member of Kurmitola Golf Club, Army Golf Club, Savar and Ma1-namoti Golf and country club, Dhaka Ciub, Cadet College Club and RAOWA club. Air Cdre M Moyeenuddin, ndc, afiec, ps€ Director (Nominated by SKS) Air Commodore M Moyeenuddin, ndc, afwc, psc is the Vice Chairman of Sena Kalyan Insurance Company Ltd., He was commissioned in Bangladesh Air Force in 1985. He held various command and staff appointrnents both in the field level and at Air Headquarters. He also served as Senior Inshuctor in Defence Servises Command and Staff College, Mirpur. Air Commodore worked as Staff Officer in United Nations Mission Headquarters at Sieerra Leone. He also commanded two Air Force contingents respectively in DR Congo and Republic of Mali. Presently, he is holding the appointment of Director General and Head of Welfare Division at Sena Kallyan Sangstha. Air Commodore Moyeen is graduate from National Defence College and Defence Services Command and Staff College, Mirpur. He is a Masters of Defense Studies (MDS). He visited many countries for training and on private ground; like, Turkey, USSR, Sieerra Leone, Pakistan, China, Vietnam, KSA, DR Congo, Sreelanka, Ezypt, Germany, Kuawit, Republic of Mali. In personal life, Air Commodore Moyeen is happily married to Mrs Dilruba Nazneen and blessed with two sons- Brig Gen Mirza Md Enamul Haque, ndc Director (Nominated by SKS) Brig Gen Mirza Md Enamul Haque, ndc was commissioned on 26 June 1987 in Corps of Infantry. He commanded an infantry Batbalion, a Mechanize Brigade and Station Headquarters. As stafl he served in Brigade Headquarter and Army Headquarter. He was Instructor at Special Warfare Wing of School of Infantry and Tactics. He also served as Additional Proiect Director of Machine Readable Passport and Director, BMTF. Presently he is serving as Director General, Sena Kalyan Sangstha and also one of the Directors of Sena Kalyan Insurance Company Ltd. He is a Masters of Business Administration (Major in HRM). He participated United NaLons Operations in Mozambique and United Nations lraq-Kuwait Observation Mission. Brig Gen M A Mohy, psc, PEng Director (Nominated by SKS) Brigadier General M A Mohy, psc, PEng was commissioned on 29 1986 in Corps of June at Engineers from Bangladesh Military Academy. He has taken over the charge as DG Real al Estate Division of SKS on 31 2021. He obtained B.Scin Civil Engineering and M.ft in Jan CE Geotechnical Engineering both from BUET. He is also registered as Professional Engineer <4 a <\ hJ" ,/*rr,/nAr,E Mohrmid ObliYdw P'thruq FCS \as^B+ Mlugilg Director & CEO LE (Retd), cll (certl AAA Pimnce & lnt$tmelt ,t Page 1115 (PEng) from Bangladesh Professional Engineers Registration Board (BPERB). He served as Additional Director General, Special Works Organization-West, Station Commander, Rangpur and Ramu Station and Proiect Director of Bangabandhu Complex BMA Bhatiary and Chief Engineer of Health Engineering Department under Ministry of Health and Family Welfare. He was Project Director of Utility Shifting of Dhaka Elevated Expressway; He was also Project Director of Radisson Blu Bay View Hotel Chittagong and Radisson Blu Water Garden Hotel Extension Project Dhaka. He is happily married to Sharifa Islam and the couple is blessed with a son and a daughter. Brig Gen Md Mustafa Kamal, SGP Director (Nominated by SKS) Brig Gen Md Mustafa Kalam was commissioned in Bangladesh Army on 21 December 1990 in the Corps of Signals. Being a telecommunication and cyber security expert, he has worked more than tfuee decades in wide variety of professional capacities at home and abroad including three years at United Nations. As Dtector General (DG) of Bangladesh Telecommunication Regulatory Commission (BTRC), he had significant contribution in shaping telecom and ICT sector of the country. Presently he is working as director general (DG) of a business division and member of board of director at Sena Kalyan Sanstha ( SKS). He is a graduate in Electrical and Electronic Engineering (EEE) from BUET and hold mastels degree in ICT from BUP. He is an alumni of Harvard X and Digital Frontiers Institute on 'cvber security' and 'mobile money' respectively. Brig Gen Md Jamal Hossain, ndc, afwc, psc Director (Nominated by SKS) Brigadier General Md Jamal Hossain, ndc, afwc, psc is one of the Directors of the company and also the DG, Business Division-6, SKS. He is one of the finest professional officers in Bangladesh Army, with the blend of command, instructional and staff appointments. He possesses strong academic attainments and has undergone many kaining courses at home and abroad. He served twice under United Nations Banner in Sudan and Congo. His basic military domain is supply chain. Apart from the military domain, he possesses special neck on education. His interests in the field of education are- Moral Education, Communication Skill, Educational Leadership and Research Methodology. He is undergoing PhD on Moral Education under BUP. He is a seasoned orator and has number of publications in his credit. He is happily married and father of two daughters. 5n .- CL € sF \-$E |tlobaDmo I )baydu Rnlllat !-C5 \tel+ Managi4 Direoor & CDO AAA [iDamc & ItrY€stueot Lh I 1.1 ,i Page 1116 Brig Gen Md Shaheen Iqbal, afwc, psc Director (Nominated by SKS) Brig Gen Md Shaheen Iqbal, afwc, psc, was commissioned in the Bangladesh Army in 1992. He held various command and s-taff appoinknents both at home and abroad. Notably, CO of ST Bn and BSD;Staff Officer as ADST and GSO-2 in AHQ, ARTDOC and DGFI. He also served as CI at ASCC&S. Presently; he is holding the appoinhnent of DG and head of a Business Division at Sena Kalyan Sangstha and also one of the Directors of Sena Kalyan Irsurance Company. He is graduate of NDC, DSCSC and Chittagong University. He participated in UN Peace Keeping Operation as Staff Officer in Force Headquarters of UNAMSIL, UNMIS and MONUSCO. He attended number of courses at home and abroad. He also visited number of countries. In personal life, Brig Gen Shaheen is happily married to Israt Zahan and blessed with two sons. M.M Mostafa Bilal Independent Director M.M Mostafa Bilal is an Lrdependent Director of the company and also the Deputy Managing Director of the UAE-Bangladesh Invesknent Company Ltd. He completed his Masters in Business Adminishation (Major in Finance) from the Institute of Business Administration from Dhaka University. He has 25 years of working experience and previously worked as Managing Director of Bangladesh IndusEial Finance Co Ltd & Bengal lrvesbnents Ltd. He has completed training on Branch Management, Credit Risk Management, Venture Financing & Factoring, and Lending Risk Analysis. Apart from these, M.M Mostafa Bilal has obtained the membership of IBA Almuni Association, MBA CIub, JEXCA flhenidah Ex-cadet's Association). Ahamed Ihteyaz Thamid Independent Director Ahamed Ihteyaz Thamid is an Independent Dtector of the company and also an associate at the Legal Edge. He completed his Bachelor of Law LLB (Honours) from University of London. After obtaining the LLB (Honours) from the School of Oriental and African Studies (SOAS), he started Bar Professional Training course at the City University, London urder Professor Stuart Sime. He was called to the Bar of England and Wales by the Honorable Society of Lincoln's Inn on the Trinity Term (2018). Thereafter he retumed to Bangladesh and started working as an associate. He mainiy deals with d're affairs of banking, insurance, corPorate legal affairs etc. He has already established himself as a specialized Corporate Law i Practitioner. ) G CL1, @ /^^,*lrr N ttrln,n Akter \hso.5 l'hlruiuddhr&r Bgft r[i, rc8 Company Se(,eta.v lnr, pl{ {Retdl, cll (Cert} (qli?n Maloy l(umar Sah a I\e!agi!8 Dirldd & CBo llni tnrurrnce co,npa; rector & C€O Y t'm'tedhief lin.nclal otficer ( AAA Piolsc! & ,nvfitoetrt Ltd ce Comparry limited Sena Xalyin Iniurance Compi ny Limited Page ll17 Loan status of the issuer, its directors and shareholders who hold 10% or more shares in the paid-up capital of the issuer in terms of the CIB Report (BX4(h) of Bangladesh Bank; Neither the issuer nor its any of the directors or shareholders holding 10% or more share in the paid-up capital are loan de(aulters. <\r --c{ & o-4- @ (\, N. Z-,ilm MohrDrird 0b6ydu R ina[' FCg Larmin Akt€r a '" Iltsmging DiEctot & CIo forro:ny 5?cretary \sss alov (umar sah a 4AA liErcs & Ln,.rh€nt Ud. 3;;i f:rl? '.- , -.1. CompJnyl"i ited f chi€f tilancial Otficer { cfc) a (ilyrn lnlurarse Compa @ r-l - t\ o o rE ah o o o \O. o. l0 d> \o o.e c.i g€ U 2\J {,,HP' >r = E: a >r: .9 -< a 9E 0., I ti -.= 6 s 6;qq -i .! trr r ao! !L.,] d i' J 9.5 o Ed,\ -,+i ac '60 9;N gf;E AF Eo E tr ,. 1 \J a.Y Z@E s dp .g'^ >o cZ e Y"-0 d'. E E6. Q1c E!U a 9z d!!Ei "U d, E .ii IE boo xdAl ooE rEE Z= E-ll us 3 0J oJ rr oF. o:,'1 ot! (, d t-t - t bo= N >E:: c.l o 'FD E ca)bo *, !l 'c ..1 Q .EA o, ...t 3.q'E u o, 1'- .) o o oJ iil E .dt bD r.. H E3 3E EE; Eliol .EsE 5l lpfr E cl 3.8 60 .9 A c:{d alr l YB c !- & Fl or! <'= :i,E E o .E.9 s;0 9,;Urc<-q Erd E- EE.E 9= 9.,rer9a7a-= UU (u-t ct tr tl! >: ta EE E (! o. o. EEE 6 'd q 0, F< ta 6 o x E E .rdicE x*. ,r5 '6?t oe a) d E 2. .: N E E.. B x z ?q 6 E z t t tt) E V v o/ 'o c!o t! E.6 2 .o c{ 'rF? E v a o- ; eB_ o o d. l) lr c- CL (gEoEEE .10 t ; i OJ c6 ,J J3 lz dt) =- ;N @ c{ N nt:^)tF. Uohmfiad 0bayd!, Plkirn PG lasmln Altet \csAN Saha \,lrrndrf Dirmtor & CBO egm0any Secrstary MaloY Xumar .. r'.! otficer (CfOl ,e shrmim, p.c lRe ), cll{cert) aAA a,0an e & lnwrh€ot Iff !14t Kql\it. . --. colicr:r!' uroitgoriet ftra ncial .., l,.jlir4 lflruralle coclqanY Liflite{ :rng Ditect,rr & C tE''. r:d ah Fl o F. a J o.l la -'u o5*.s o.l N o E(n Z 6 .., 2 Or '6 "5 rr;g: 0Jd UV &E I(!,) x7d I E o ! EA (! a,, (l g EE CJ .d ! o o 0. E J 3 do: o o &a g"E g.i 5S CU > !v (u E! Otr gP dULr: E.E qq. d(] >, llt E.z <.= E f ! "5; >< d 3 a Eh !-( I ;slEg sa o. o: =o I FEo >'d E U I .Ev .2Cea *ro 5 x 0) !! 60 ct (n< o E t! d s;oJo ! I .EE E 0) 0) ..1 N I Et E r, G' a ol A o oN o E ..l id o, E (, E o,l g $i" T' o\ ue o o bD E3 a F h> EI 0, If the present directors are not the sponsors and control of the issuer was acquired within five years immediately preceding the date of filing (8X40) prospectus details regarding the acquisition of control, date of acquisition, terms of acquisitiorl consideration paid for such acquisition etc. All existing directors except Sena Kalyan Sangstha acquired shares within 5 years immediately preceding the date of filling of Prospectus is given below: Details of Consideration Date of Terms of Name acquisition paid for such acquisition acquisition (No. of Shares) acquisition 1 2. Air Cdre M Moyeenuddi+ 1 70-07-2079 ndc, afwc, psc 2. 3. Brig Gen Mirza Md Enamul 1 15-07-2020 Haque, ndc 3. 4. Brig Cen M A Mohy, psc, 1 1,5-07-2020 Ordinary Cash 4. 5. Brig Gen Md Mustafa Share 1 1,5-07-2020 Kamal, SGP 5. 6. Brig Cen Md Jamal Hossain, 1 23-08-2020 ndc, afwc, psc 6. 7. Brig Cen Md Shaheen Iqbai. 1 1,5-07-2020 afwc, psc If the sponsors or directors do not have expetience in the proposed line of business, the fact explaining how the proposed activities would be carried (nX4(m) out or managed All the directors of the issuer are knowledgeable and skilled at rururing the proposed line of business. Intetest of the key miuragement perEotrs (s)(4(n) Name Desi ation I Detail of Interest Major General Mohammed Saidul Chairman Islam,ndc, c Bri Cen Shafi ue Shamim, 5C Retd Managing Director & CEO Sal Mr. Mal Kumar Saha Chief Financial Officer Salary I asnrin Akter Company Secretary Sal Lt Col AKM Nazinul Islam, c Retd Head of Marketing Dept Salary Mr. Pronab Kumar Saha Head of Underwriting Dept. uadron Leader Md Mostafa Zaman Retd Head of HR & Admin Dept. Salary Head of Claims & Re- Mr Tajul Islam Salary B Insurance Dept. a.l Shakhawat Hossain Head of IT Dept Salarv Md GL Head of lnternal Audit & 4 Md. Firoz Sarker Salary Compliance c0 N <\a itlohDrd OhFu futEtG lG Zr,,,"lrr \o$>-S a,r8[$r$ ld3mln Aktet (umar Saha Srlg Goi Slafrfle Shrrnrn, p.rc nqoclor& ctso - f\./loloV I etd), Cll {Cert} a AA Fiosncc EEFE!ny Secretary & lnvtrtD!trt IJd SEna Kailzn Intqren(t ComFa:1 ,,,.59.. ill;lilllitii3lllillil?k,'". Page 1122 facilities enjoyed by a director, whether pecuniary or non- All interests and (n)(4(o) pecuniary Interest and 3l-Dec-2020 Designation Name Facilities (rk.) Remuneration Maj Cen Mohammed Saidul lslam, ndc, Chairman Meeting attended fee psc Dividend Paid Managing Remuneration 38,05,000 i Brig Gen Md Shafique Shamim, psc Director & Meeting attended fee r (Retd), CII (Cert) CEO Dividend Paid Renuneration Air Cdre M Moyeenuddin, ndc, afwc, psc Dtector Meeting attended fee 21,000 Dividend Paid Remuleration Brig Gen Mirza Md Enamul Haque, ndc Director Meeting attended fee 9,000 Dividend Paid Remuneration Brig Gen M A Mohy, psc, PEng Director Meeting attended fee 9,000 /- Dividend Paid Remuneration Brig Gen Md Mustafa Kamal, SGP Director Meeting attended fee 77,000 Dividen,.l Paid Remuneration Brig Gen Md Hossain, ndc, afwc, Jamal Director Meeting attended fee 9,000 Psc Dividend Paid Remuneration Brig Gen Md Shaheen lqbal, afwc, psc Director Meeting attended fee 17,000 Dividend Paid Remuneration lndependent M.M Mostafa Bilal Meeting attended fee 5,000/ - Director Diwidend Paid Remuneration Independent Ahamed Ihtevaz Thamid Meeting attended fee 5,000 - Director / Dividend Paid <{ <)c{ G, CL<' co ca /- qN, ,/^^rL&I*- ^ hrmfn Akter \ure(F 1lEt1eet) E?frErny Secretary Malov l(umar Saha eill cen lhafioue slai]l'f'!n .:ffiffi; Sana 1",,-r: ,.iL,iihat Co!;;:. / Lrrnlteth:ef officer (CFO) fi:r.ncial ComPanY !umite4.-.,. Str,3 YaI{an Lr,!.{nqce Page 1123 Number of shares held and percentage of share holding (pre issue) (rX4(p) No. of Pre-IFO sl. Name Position Shares Percentage Chairman (Represented by Maj oqq qq 1 Sena Kalyan Sangstha ,? w.999975% Gen Mohammed Saidul lslam, ndc, psc) Brig Gen Md Shafique Shamim, psc Managing Director & 2. (Retd) CEO Air Cdre M Moyeenuddin, ndc, Director 3. 1 0.0000047" afwc, psc (Nominated by sKS) Brig Gen Mirza Md Enamul Haque, Director .1. 1 0.000004% ndc (Nominated by SI€) Director "I 5 Brig Gen M A Mohy, psc, PEng 0.000004% (Nominated by SKS) Director 6 Brig Cen Md Mustafa Kamal, SGP 1 0.000004% (Nominated by SKS) Brig Gen Md Jamal Hossain, ndc, Director 7 1 0,000004% afwc, psc (Nominated by SKS) Brig Gen Md Shaheen Iqbal, afwc, Directo! 8 1 0.000004% Psc (Nominated by SKS) 9 M.M Mostafa Bilal Independent Director 10 Ahamed Ihteyaz Thamid lndependent Director Change in board of directors during last three years (r)(4(q) Present Status SL. Date of Name of Director Date of Joining as on 31-Dec- No. Retfuement 20m Mai Gen Firoz Hasan, ndu, 1 05-04-2017 09-09-2020 psc Brig Md Shafique Gen Managirg ) Shamim, psc (Retd), CII 05-04-2017 Director & CEO (Cert) Brig Cen Nurul Azim, ndc, 3. 10-06-2015 23-08-2020 PSC Brig Cen Md Siddiqul AIam .1 25-09-2013 70-07-2019 Sikder, BSP, ndc, psc Cdre S M Kamrul Haque (L), 5 15-11-2015 23-08-2020 ndu, psc, BN a<\l B g Gen Golam Faruque, 6 10-01-2016 23-08-2020 G Psc o-<. @ <\a aN/ An'rLlkJC uotrnnrd t)bry6r p.han \s$a$ [asmli.akter Kumar Saha q_*,gDfuOr&dffi Malov 8ri8 Gen !hallqu. Sh.mlfi;Prc n.td), Cll(Cert) f6trE!ny secretary officer (cFOl 1AA r, Frianrial ManaBinB Director cEo FioloE! & ,lvorfumt I'imiteqcna Lld Vrn riii{a re ComPanY Kalyan lnsurance ComPanY Umited Page 1124 AirCdrSMShahnewaz, 7. 10-01-2016 1,0-07-2019 BPP, ndc, psc Brig Gen Md Omar Faruque, 8 22-03-2017 "t0-07-2019 afwc, psc Air Cdr M Moyeenuddin, Director 9 ndc, afwc, psc 70-07-2079 (Nominated by sKS) Brig Gen Md Nurul Alam, 10 70-07-2079 75-07-2020 BAM, ndc, psc Brig Gen Md Monirul Gani, 11 70-07-2079 1,5-07-2020 SUP, C Chairman Maj Gen Mohamrned Saidul 12. 09 / 09 /2020 Next ACM (Nominated by lslam, ndc, psc sKS) Director Brig Cen Mirza Md Enamul 13. 23/ 08/2020 Next AGM (Nominated by Haque, ndc sKS) Director Brig Gen M A Mohy, psc, 14 23/08 /2020 Next AGM (Nominated by PEng SKS) Director Brig Gen Md Mustafa 15 L5/07 /2020 Next ACM (Nominated by Kamal, SCP sKS) Director Brig Gen Md Jamal Hossain, 76. 23 /08/2020 Next AGM (Nominated by ndc, afwc, psc sKS) Director Brig Gen Md Shaheen lqbal, 18 75 /07 /2020 Next ACM (Nominated by afwc, psc sKS) Independent i 19 M.M Mostafa Bilal 0e /09 /2020 Next ACM Director : Independent 20. Ahamed Ihteyaz Thamid 0e Next AGM /0e /2020 Director Directols engagement with similar business (BX7)(r) None of the Directors of the issuer is involved in any similar tyPe of businesses c\l c\al d, SECTTON (rx) (BX8) CERTAIN RELATIONSHIP AND RELATED TRANSACTIONS SECTION CONTENTS Desc ption of any transaction during the last five years, or any ptoposed tlansactions (a) certified by the auditors Any hansaction or arrangement entered into by the issuer or its subsidiary or associate or entity owned or significantly influenced by a person who is currently a director or in any (b) way cornected with a director of either the issuet company or any of its subsidiaries or holding company or associate concerns, or who was a director or connected in any way with a director at any time during the last three years Prior to the issuance of the ProsPectus Any loans either tal <\l c\lC' Go- co C! v'Jttr- ay , tasmin Alter Motr Dfird 0lerEE Erhnril, lS G?fiiEEny Secreta.v \Nr$ Erlg 6en thafi{ue Shamlm,'Psc Retd), cll (ced) l&ostb8 (umat Saha Dinrtor & CBO :n:iro,t-7r:! MaloV AAA Fioracs & lnvortaent Ltn :'rancial Officer (CfOl $ia ;;i1an rnrurance ComPanY timited .Es -! oN (o N I Fl l! 3 t-: t: at' CD N R tr ,9 oi r! o- I d bN N rd UN o N N o) E N N F: n o o a.l .i E, (,5 o [|# {J 153 E"o N &>' F N. -. rll..o 'do CE inO 'E trr |! N' tu o9 E UH o c> G dc E Eo r! =oo) .i .= ,Y.-r ;i N € - c!ilE ox F] tu >.tEa'!llqO o I t6 i0 E or v;or.,r N E6 (\ R. N r !1 ! ar:O cx (,)'dd4? ri I -toct r!l drl iX .c. >l E > bs H 6Jl : e .9 ?= i:o-Ec,u I N l-- Oord E t\ .:N Fl '!. N. cl EU .E: b .J al' ,E dgt;o. bo ;ox9g e;9tr!,i Er E* .d\ E- ;6lflrYUC,UO! cu E q 89, a Ge ae t il 8 za 66 u .-.r [_J r-] ao UtJ dE UTJ E *'6':3 Rtr A.^ I'. ;h Y)4oordt-X tE b E i; c ot -.! = = e r! s tre : i n F.9 3 i6 -.r 0 c .o -E t 6i:=t! z- E t E *g E E # :" E 6 r'!.J -d o. x > u o : 5-'E - 7 , ! .a ac! '!Esr??3i'x!! h.; < < < € t -Et c\l tso. E E :F -j 6i -i; F. U 2E r =e.:H id o o 6JorJ;0J < -s: d99 .T tu cJ(l zy, co c, x 0.? t-l FiIAfl=. N Es. a-' un N N N .ri Eo a{' N F o^, .o' f.. ..{ (-.i E N i N N N N ci c{ Eo. .l on I E .1i ..; .I '= ri N 'ea oE R I c! .:N N ..i 6 .i 4- !. q! Ex E- E. q. Eti EE- Eg ,!j x.: Zu urr (_) r-l ULT 35 luo U L.] Oa UL uLl Ll r-,1 U I,J lJo I f- I tr c a a ,4 Zl- ,E lE E v ! n l o o c,4 -1 U F G, U 1 'Eg o- ql; a <' .E F .l cE z!, z .Ei 2 e, av U ql o *a o < r-i L!2 U c! Mohsliod obts firrdE:t,mi tesnrln Aktor \uDAN "nltL oy Xumar Saha Cll(cert) Maaairy Dbooor & CBO f.a|tonny S.cretary Retd). officet (cFo) 4AA Fi[Nnt,f & InYfiD€nt l,tr ient (: ,"'. ,.:,, i:..! -_ -r !!,'.'r:ttleCl chief tinancial lllanaBioB Dlrcctor fnlyan tnlulance Company timit$"a xalya( ln5utanie c,mpanY Limrted - E.D N .Y .i IO1 g: 6 N N o o N N a.l c-.t , c!-U r-.1 E N \3U .i ..1' O c.l 6 <0J.6E o (! zi U t\ N Es. 00 O LO UE o\ O! N 6l .!o N t\ N o .o. ..i ro |! TD JI .:l ..E d a F F N o @ LO E"o O1 o a OJ F a-l N oE = a o N .d bo o O o o. cr\ o1 N Eo, o N a.l o. 00 O co o ;F O \o (.) o\ O o a o O N t\ c.l N , ..1 c.l a o U^, rB o a o gi o ,a o o .o o e9, dd 4 ;4 (, r-t t-l o 0) 36 ao u u 0.) o c) a,) 5 E5e .! d E p 4 a) 'ri 0) N zt E bo O F cl CJ -i (nd 50 c! c o '-tr ir .\ o, c\ G q, OJ +r 0,) .ooJ E l! z >E c.l .l- Frd V 'E oo < (! -oQ zy, o i! 6 ;F l! Liu (n a (w -.1 Fco DNd Z^,'nJ,,rE Mohmnd o[rydn RrtEoo, F6 l.rmin Akt€r \us o Maolgiq Dimaor & CBo ^ Maloy Xumar Saha 4 AA FI0qp6 rrm 6 hyglh€tr1 16 u,,!,ifr iilLi""ijffi ,,",," Chiet f;!rancial Officer (CFO) t.nr (.lyrn lnlllr.nce Company Limi ted Page 1129 Any transaction or .rrangement entered into by the issuer or its subsidiaxy or associate or entity owned or significantly inlluenced by a person who is currently a director or in any way connected with a director of either the (BX8Xb) issuer company or any of its subsidiaries or holding company or associate concerns, or who was a director or connected in any way with a director at any time during the last three years priot to the issuance of the prospectus There was no transaction or arrangement entered by the issuer or its subsidiary or associate or entity owned or significantly influenced by a person who is currently a director or in any way connected with a director of either the issuer company or any of its subsidiaries/holding company or associate concerns, or who was a director or cornected in any way with a director at any time during the last tfuee years prior to the issuance of the prospectus except mentioned in the above table. (Page #) Any loans either taken or given from or to any director or any person connected with the director, clearly specifying details of such loan in the prospectus, and if any loan has been taken from any such person who did (rXaXc) not have any stake in the issuer, its holding company or its associate concerns prior to such loan, rate of interest applicable, date of loan taken, date of maturity of loan, and present outstanding of such loan. There are no such loans taken or given from or to any director or any person connected with the director of the company. c! c{CI d. 6- @ a! ,/*,rJrE d \C\,v--h\ McbE[rd 0blydt R,hi!,), Fqi \-'!" -t' Managing Direaor & CEo .: l 4Ar{ Finsnc€ & Inv$hent Ir! a.l Page 1130 SECTTON (x) (B)(e) EXECUTIVE COMPENSATION SECTION CONTENTS The total amount of remuneration/salary/perquisites paid to the top five salaried officers of (u) the issuer in the last accounting year and the name and designation of each such officer Aggregate amount of remuneration paid to all Directors and officers as a group during the last (b) accouating year If any shareholder Director received any monthly salary/perquisite/benefit it must be k) mentioned along with date of approval in AGM/EGM, terms tlereof and payments made during the last accounting year The board meeting attendance fees received by the director including the maraging director (d) along with date of approval in ACM/EGM (e) Any contract with any Director or officer providing for the payment of future compensation If the issuer intends to substantially increase the rernuneration paid to its Directors and officers (0 in the current year, approp ate information regarding thereto G) Any other benefit/facility provided to the above persons dr.uing the last accountirg year C!= 4.G, a a\r qJ ,/^,'r^lrrc Motrnfiad ohy([, g![no, fB tasmin Aktet NDa-N ItftlsgitS Eerpony 5ecretary DIr!'-' Dhector& CBO Malov ltumar Saha ed 4AA FiDero & Iovcrheol Ltt chiel F;lancial officer (cFo) 5th' $u x.tv"n tniut.nru compir,y t imited Page 1131 The total amount of remuneratiory'salary/perquisites paid to the top five salaried officers of the issuer in the last accounting year and the name and @)(r)(a) desigrration of each such officer srl Name Designation Remuneration No. I 1 Brig Gen Shafique Shamim, psc (Retd) Managing Director & CEO 38,05,000/- 2 Lt Col AKM Nazimul lslam, psc (Retd) - Head of Marketing Dept. 12,59,400 3 Mr. Pronab Kumar Saha Heacl of Underw,riting Dept 11,64000 Squadron Leader Md Mostafa Zaman l Head of HR & Admin Dept. L0,68,500 (Retd) / 5 Mr. Maloy Kumar Saha Chief Financial Officer 9,33,600 Note: As r lastest Audited Financial Statement for the year ended 31"t December 2020 as a Aggregate amount of remuneration Paid to all Directors and officers (BXeXb) group durin the last accountin ear sLl Particulars Remuneration No. I 1 Directors Remuneration ,,) Salary Paid to Chief Executive Officer 4,302,650 3 Salary Paid to Executives and Employees 53,745,369 -: Note: As r lastest Audited Financial Statement for the ear ended 31"t December 2020 If any shareholder Director received any monthly salary/perquisite/benefit it must be mentioned along with date of approval in AGI\,I/EGM, terms @)(e)(c) thereof and a ents made durin the last accounting year No shareholder Director of SKICL has received any monthly salary/perquisite/benefit during the last accounting year c! <\a o-G, co 'ftac lasmin Akter Motrnrrd Otry fees including the The board meeting attendance received by the director (BXeXd) managing director alon with date of a roval in AGI\4/EGM sl Amount Date of approval Name of Directors Designation No. (Tk.) in AG\iVEGM Maj Gen Mohammed Chairman 1 Saidul Islam, ndc, psc (Nominated by sKS) ) Brig Cen Md Shafique Managing Director & Shamin, psc (Retd) CEO Air Cdre M Moyeenuddin, Director 3 27,000 ndc, afwc, psc (Nominated by sKS) /- Brig Gen Mirza Md Director 4. 9,000/ - Enamul Haque, ndc (Nominated by SKS) Brig Gen M A Mohy, psc, Director 5 9,000/ - 24Sept 2020 PEng (Nominated by SKS) Brig Gen Md Mustafa Dtector 6 17,000/ - Kamal, SGP (Nominated by SKS) Brig Gen Md Jamal Director 7 9,000/ - Hossain, ndc, afwc, psc (Nominated by SKS) Brig Cen Md Shaheen Dfuector 8. 17,000/ - Iqbal, afwc, psc (Nominated by SKS) 9. M.M Mostafa Bilal Independent Director s,000/- 10 Ahamed Ihteyaz Thamid lndependent Director 5,000 / - Any contract with any Director or officer providing for the payment of PXsXe) future compensation There are no contracts available between the company and any directors or officers to provide any fufure compensation. If the issuer intends to substantially increase the remuneration paid to its Directors and officers in the current year, approPriate information (B)(exo regarding thereto The issuer does not have any intention to substantially increase the remuneration paid to its directors and officers in the current year, excePt annual increment. the last Any other benefitfacility Provided to the above Persons during (nXsXc) accounting year No other benefits or facility were provided to any of the directors or officers during the last a5t accounting year except the ones that were disclosed above. G G c9 Aa,n,"J*E a{ L::rTri;:,41':irt' N Con:pany Sect Cr \sv-4 (netd). Cll MotoDrd obaydn R!hr$, fCS MaloY Kumar Saha c { ttht fi\rt\ tNurr $!e C! irpaiy Limited Mrnaging Dindor & CEo Ch;ei I iaan.ial Oftrcer (CfO) r&c€o Companl Limiteu AAA liornce & lnveitme Ltd Saqa kiyan lh5urame Companv Limited Page 1133 sECTroN (xI) (B)(10) OPTIONS GRANTED TO DIRECTORS, OFFICERS AND EMPLOYEES SECTION CONTENTS information in respect of any option held by each director, the salaried officers, and all other (1) officers as a group If such optioru are held by any person other than the diectors, and the officers of the issuer (2) company, the information shall be given in the ProsPectus Sena Kalyan lnsurance Company Limited did not grant any options to its director, salaried officers aIld all other employees as a gfouP and any person other than directors and officers of the Company for the purpose of issuing shares. c\l c\o G, CL 6 cN' /^",,ra.f C\r Mo[r0E!d obrydE RrbEri, Bc[ \a.os$ Maugior Direclor & cEo U.,]ited it3loy l({mar saha 'l AAA Financa & Invfftmetrt tJlt chie{ Finro.i,rlofficer {cFo) Ma !g!a xrly.n ti\slraice C.o*pany iiritad 3tn"x"t'' Page 1134 SECTTON (xrr) (8X11) TRANSACTIONS WITH THE DIRECTORS AND SUBSCRIBERS TO THE MEMORANDUM SECTION CONTENTS The names of the directors and subscribers to the memorandum, t}re nature and amount of anything of value received or to be received by the issuer from the above persors, or by the (a) said persoru, directly or indirectly, from the issuer during the last five years along with the description of assets, services or other consideration received or to be received Any assets which were acquired or to be acquired fuom the aforesaid persons, the amount (b) paid for such assets and the method used to determine the Price 5e) C\r G o- : c.\a N" ,/ar^lal*E n^ Mdmriad 0bqdu Rabr:q l0i tismin Aftter eddJ i\{rnaging Dimaor & Ctso \bo&S ' ,.- t',. sh.r rDrttrsc:" a AA [isrncc & lNestB€ot Ltl 1,1rlo7 i1ri:ar Sahf, lrig C:n ir ,,' C irlI::r:r cs:.riaio) \'. .. l"-I ' Stlr '.:1,:n lrsrr a: Cinirrny Limited Sr'.. . r , lrt (ll F. o t-{ cl (: oO cl E otl,, o- ar) b.. N E E.g (u .'r6O A lrt ar) H'! s U 6 ,Y GI (o a OJ Q o O i E.g E N @ (,J d a o bD o B'f ; E tr) (n O O EEE oa oO oo9 el \o o ?-b5 N (l (u 5H. e EEE ao O O o O o O EEE o,) a a o a O o oN o O o O O O N o\ o\ N c\ ts- gEe c..l Er i a) OJ n :.8 E - ql ra' (r) a siE !J (u a) o OJ OJ o (, o) o qJ ! lr' 4) .q) o (, .c c) o IJr Fi gr a gr 91 E u: bD bo bo bo hD bo bo bo bo c 9 ta' c ,IJ 'E '! 'D EEO q) q) q) o o o 'rl o (J st€tE 2 z 2 2 !oBE E.A e .9 l.-o3! o EcJ (! ( d o o o o o U,!E o EE b E -o q, 5 (! OJ .9d e 6 (! >6 ! o a a n o -tE3 * E'o U U U U E.E P 6 't, !r O a I tr I '.l E I i! 5" -"1 q 0Jt U E" -6 13 -t _"1 G 0rl 9C .dl s GO .al"l E3E !t E AO d '= !, o ltE x (G ., zc ,, dtr E N;. i 2 40lE -E ,! xg E N ss -o f).l 11 9.= UbF "d! 4C E 2t t\ 2t zn 2ii 2 2l) >9 tf .-l\ da tr,Ja .r n' OJ crtsb OJ\ .Z OJ ia !Jd !Es, t'1 rqH c{ O ari E rl ()E = O \J'! U; C' E€ = boE bD boE boQ c\ E EI (! .r .:o3 OJ 2'.' E .ov coI 6g E-e OJ 2a >; 2cl G 6 CL<' ie.E c, IJ !-l q, \o c.- 5 F Ol' qJ thz O - - - O @ <\ s. ,/n*rr,nJaf, iloitfrfid otsrdE n [rr& 16 [rsmtn Atte? Mlltiog Dirccff & CTo Ccrxpanv Secreta Xu mat saha AAA Fioloce & lnveitEent Ltr, Sl[tt lrlrrl trsur: ^.. r . tr/iit{lief ^- Fri;n.ial officeI (cro} sena Kaly ltall (tly.n lnsu!!nce comPany I'imltoC lD O O c o a a O a O o o O O o o O c O o a O o a O a a O co q) i! qO .J o o O O o o o O o O a (l O o O o O a tri O o O O O o .I c.l ..1 N .-.1 al AJ aO 6 O a O a c !! O o o O- (,= oO - o- O O c O c O a a o N N N N N c.t ! z tr rt tl o O e, O a o O E (u qJ U e o ! U q) q.) OJ ql q./ o,) o a) a,) 0, o(!) q) !, .J o 0) 0,) q) .q gi Q far rri trr Irr rrr lr< gi trr Ili bo bD bo bo bo bo bo bo bo bo !rE ! '!I .E '! q) (,) o,) q) oq) E. !J I q)o 0r- U o OJ Q o 6 (JE 2 z 2 2 !a (nE"N 6 o {J o o-d c c o o o c o c la q,, o q) q, a) OJ o a o a a a n a o 0,) a ! 0) r! (rl D{ o.= co a U rJ d .o .= d N a a z '6 U) o d LN .ri a o Any ass€ts which were acquired or to be acquired from the aforesaid per6ons, the amount paid for such assets and the method used to determine the price shall be mentioned in the Prospectus, and if the assets were (BX11Xb) acquired by the said persons within five years prior to transfer those to the issuer, the ac uisition cost thereof paid by them No assets were acquired by the issuer from its directot or subscribers to the memorandum. <\l c\ta G, CL< ccr N h-JkE- trihin Akte, Motmrad 0blydEr P,rhru, 16 famhlny^ \\et$ netd), Cll (C6rt) (. Secretarv tltaloy xumar Saha It{snsging Direcror & cEo *na X.ttro l(t$rfta4,e C,:i.;a; Iimite(hi.t (CFO! AAA llnlmo & lnve8tm€nt Lh ; fixan.ial Officer S8oa ,(riyail lnsurance compiny timi Page 1138 SECTTON (xrD (8Xl2) OWNERSHIP OF THE COMPANY'S SECURITIES SECTION CONTENTS The names, addresses, BO ID Number of all shareholders of the company before lPO, (u) indicating the amount of securities owned and the Pelcentage of tie securities rePresented by such ownership, in tabular form Table showing the name and address, age, experience, BO ID Number, TIN number, numbels (b) of shares held including percentage, Position held in other comPanies of all the directors before the public issue (c) The average cost of acquisition of equity shares by the directors certified by the auditors A detail descriphon of capital built up in resPect of shareholding (name-wise) of the issuer's (d) sponsors/ directors (e) Detail of shares issued by the company at a Pdce lower than the issue price (0 History of signi ficant (5% or more) changes in ownership of secudties from inception' :\, -_\l G, co c\,1 N Z*,',rJ*c Bs tr{ohsrod obaYdn Prb:i' [asmin Akt€? & CfO \ws MrsSirg Diftchr Seiretary Malov (umar Saha lnv€stm€ol tfd 4AA Pidmc & 5 :e C:n:;nv LimiteAiof F:lancial Officer (CtOl o'l 6 F{ ;e ae 69 6a o o o bo o. o 6. o o o o la q o <) d d -i ci d d (a ;e a9 N a o !i o' o s o, o a o qo, qo o d d o a o, o E G (lJ E o. o\ E bp o\ bo +G o, a Ei E6 ol (..1 nl 2 E e t\ N N E t\ \o N o. \o 6 c N N o o, o a Ol N o, N A 2 ..1 F. N \o N N o d o o o o o o \o \D o ..oo' o, \o (, ,a s ! o o O o a o o x IE t r..l A o l! ul r *'q i a'= E 9 &- d. x nae bts E€K o ._- bo )4 53h 'to ,f * 06 c\J lu EESE 9 9; ;: d_E d.(- E tu i h &'o 16 ,. 5 VaJg E 3E q :: d !r t E -c- ='tso tEsi N;H {,, d.: !: t^6vj .iio )ZH ir;E ! q, 7) .E .. F c..t l!2 9.tr Et O =iN r ;o.co tu \r) 2. =LJCD >u (nad 'F 3> o (, tsv< tri co -& tu q, tl ! o^ o^ o^ ! o^ tb )-. th .iLD -r: u) IU) 1J ti4 UV UV UY E9 6 0) o .h ql .! ul .h(n .b(n .!(n EJ o>. ox rJ o e ;o .D -o 5 -o 6\ & .5E "5! g,o g.o oZ! {6 'o !u (a; be ! o o (lJ k.o :E e o ?- v7 6X +tr or^ z E o q, o- az az e2 E!ez o (n U) U] (/) (t, o r tr 4,, a .o E d 0, o. cl g] e a, ! 'E s '80 € bo o E a E o .J t3 a! 6 t E o 3 N a o 2 2n !- d G d, -o.2- z-d 2\) aa CL E a,l aa i(n 6 gi .q Fi 6F 5Z (J co IE ef oo -- oE o: lc, o.- bod .Cbotr ooE ho9 sl IE E] 'i rE IF (,l dE @I aa c. ao \Z laI d MotloDrd obrYdut R lo[]' lS lasmin Akt€r NDF6 npany Secretary Ll ,lcV S u r:1rr Sil)a MDrgi!8 Ditsdor & cIo ud AAA fi[!![o & lnvestoetrr :, 0 + ;e .l I o a N bo 9r a Ff t s o E q lo o_ o) t) o { o o' a qo, q a q o. ci d, I b0 o\ OJ E6 I 2Z o ..1 th N R (u q \o qJ h I , q P t 2 N q N $ N a z O E t. N N (u ! R E (u 3 N No. o z N z o o N oN z o 3 F u o I I \c t' ! o) R R ! o E (u 2 z € E (U & a, o t! ta IE (u bo oE a, a t! o jj (]') r .( ;:i d; 'i^. (^.. I x E E qAL,] (u --= q 6^ q ! E :.! OJ :r.tEi 4zE; i#"-;6 ED (u *H,Et=-E !-o!'6 (l H !,r i i ! ?lOgEi V o,' L : E 3 3 v 6 o' iE>.t ? < j E g 2* c f F" a Ect> ='g? YZ,7 =v'i 6' vtr E"- 9.i 5 +dot d t ro..U >c-{ V E =A r! .a E' a o s a d Ee -o1?,9^ o 60 {d E 9.9- I o c< -c i.!= 6E g;ur a qr' >9 6" 5 b0 E(u o a bo !, E o a\ o 3 4p) =:\ o T !i b0 F >-o . F gEi c?, L ! q E- I io OJ z "-E U o. F 3; < s ir co 6 trE E r4 E E c ro2 F <2 c\t ey ,'rJfE GN}' tilohffild Ctbt d[r B!br:i' It$ Lasmir Aktet \.bra-.5 Secrctary t(urrrar Saha .\ l,lorgilt Dittctot & CBO np!ny t*:icy I. ted Chief tinanEial officer AAA Piuoac & Ilvistrc€nt Ltl {CFO} i ti 5o I _a qo qO qo o 4 o_ ;! (n .l & E] a U ? trr trr o zo cn o o1 N \o N ,!f) \o t\ & \D o. o\ a cn or N N o' x 6 d) 6,) O N N o. N F. I N o \o \ \ I z Ba t;2rii ttE sbo e9 N gE -C9i ol .au(a> 'l^- -..ii - otr .:- ul .9 +a>oo o . N=is ea o ip ii E ( EA ( 9 aJ .b EA E e as t E 7- z z o e q, o € z z z z o oEi .! ..j i? E?g q N r. e -E" & o di .' -; q, T a a Ea, U U U U U a U ? 6J E d 3FH E o,9E E rEa Eo tu td E=: z z 7 o zq o >> j- {,, E 8€"E eE:E? .EEa .t .l .?' EH"l :r!, .1 .! .! AigE Nq N tBa teZ t8a i <., > R o i^" t. ! !/9 h- F?, ci 5!J E3 l.E !(n r z 6(n 6o o'' cl F F F o & ! cEi & aro q.: ta o- Z z I .'s n q! z z 8 8 = Z a E 3 z z z 4 8 a .! .l n .! ..1 N q N F. qN N N .r ,.i (, U Q (, U U U U z z z oR oR oR :- .:N ,:N .1 c.l .Efa q .:N .:N o e8o z ,4> teE i= ir ir h. h. h. ,], E! e? !-< = !.8 :(,,) 6' 6(,l 6(/) o-- F F F ! €tr Hi 2r 9q a 2.: >+e >2 2. (1 > !,' z a{ oE Eca! c*i -ta! 6:i odt G, .:oJ.! ,=: ,: .epg .! o- : ct- -* Er-ia i 8"6 ;io 6go < CE' c\, c l^,*lrf, Udrooldot r{IrP.r![:i,86 Lasmln Akter Moagiog Dittdor & clo Con:PanY 5ec{etatY (citPnB't AAA lioanco i Inrcrtmed Lrn Jana lllfll ursur.rl(e Lirdtto -.1 z z z Z z z z z z z z z z z z z Z z z z z z z z z z z z z z z z 2 z z z z z 9o. E,I ';t NP c\l .Ed x {: g- c! Detail of shares issued by the com an ata rice lower than the issue price (B)[2)(e) All the shares of the company are issued at face value ofTk. 10.00 before this issue. (57o from History of significant or more) changes in ownership of securities (8Xl2)(0 inception. There has been no significant (5% or more) changes in ownership of securities ftom inception of SKICL. c\t na::t o-G co <\, Rlr /^,'oluF- Mobrlomd obsgdlx ltJbri4 ECs Lasmln Atte, \uBAS Erig Gen Sh.tique Sh.mim, Clt (Cert) Managing Diftcbr & CBo Comoalty Secretarv MeloY (umar Saha irc { ), (!lyan & EO 4AA Fiomtr & lnverh€nt Ifi f0nE toiun::* i_ r.r:r 'l''r'ied dliel F'rei::iai offrcer {CFo) Manating Director Limltcd sena l(alvan lnrurahce comp any Llmited S"-nailiv." tt"t"to" comganY Page 1147 SECTTON (xrv) (BXl3) CORPORATE GOVERNANCE SECTION CONTENTS A disclosure to the effect that the issuer has complied with the requirements of CorPorate (a) Governance Cuidelines of the Commission (b) A compliance report ofCorporate Governance requirements certified by comPetent authority Detuil" i.lati"g to the issuer's audit committee and remuneration committee, inclu ding the (c) names of committee membrs and a summary of the terms of reference under which the committees opelate c{ etc\. G, CL<' CE' C! A,-arr rd), Cll lc.rll d 8C[ P.rbr-n' Mohnlrd obqlfi tesmln Altet \qE#6 EO lJlaloY Kumat Saha l,{rssi!8 Ditt ff&$0 f 1,ny Sr.retlty 1t Llmitc( .r Chiel firaDcEl offi.er (ctol \ A A Fiolnrs & Int @l l'ld 'drna xilvrn trscran'-e cqmPanY timited Page 1148 disclosure the effect that the issuer has complied with the A to @)(ra)(a) requirements of Cqlporate Governance Guidelines of the Commission MANAGEMENTDIScLosUREREGARDTNGcoMPLIANcEWITHTHEREQUIREMENTSoF CORPORATE GOVERNANCE CODE OF BANGLADESH SECURITIES AND EXCHANGE COMMISSION The Company declares that it is in compliance with the requirements of the applicable regulations of Corporate Govemance Code of Bangladesh securities and Exchange Commission in respect of corporate govemance including constitution of the Board and committees thereof. sd/- Brig Gen Md Shafique Shamim, psc (Retd), CII (Cert) Managing Director & CEO Place: Dhaka Date: April 25, 2021 ct6a G, CL CE d /,,4Ps- lrsrnlrt Aktet Mo load 0bry& Ilrkq PG SecletarY tros$ ComPanY traaloy Kumnr Saha Brig Gen quc Mr$siDs Dhdor & c80 Shr,i Shrmld, ps. { St lolyen ksrlrctr Com4*:x [tto'*r{ qAA FioSncA & Inritttlcnt fu( M.natint Oirecto. & alyan ln!ulance C-ompany Urnrted Page 1149 by h co^piiance report of Corporate Governance requirements certified (B)(13Xb) competent authorit [Certificate as per condition No.1(5)(xxvii)] Report to the Shareholders of Sena Kalyan Insurance Company Limited on compliance on the corporate governance code We have examined the compliance status to the CorPorate Governance Code by Sena Kalyan Insurance Company Limited for the year ended December 31, 2020. This code relates to the notification no. BSEC/ CMRRCD / 2006-158/207l Admin/ 80 dated June 03, 2018 of the Bangladesh Securities & Exchange Commission. Such compliance with the Corporate Govemance Code is the responsibility of the Company. Our examination was limited to the procedures and implementation thereof as adopted by the Management in ensuring compliance to the conditions of the Corporate Govemance Code. This is a scrutiny and verification and an independent audit on compliance of the conditions of the Corporate Govemance Code as well as the provision of relevant Bangladesh Secretarial Standards (BSS) as adopted by the Institute of Chartered Secretaries of Bangladesh (ICSB) in so far as those standards are not inconsistent with any condition of this Corporate Govemance Code. We state that we have obtained all the information and explanations, which we have required, and after due scrutiny and verification thereof, we report that, in our oPinion: (a) The Company has complied with the conditions of the Corporate Govemance Code as stipulated in the above-mentioned Corporate Govemance Code issued by the Commission. (b) The Company has complied with the provisions of the relevant Bangladesh Secretarial Standards (BSS) as adopted by the Institute of Chartered Secretaries of Bangladesh (ICSB) as required by this Code. (c) Proper books and records have been kept by the company as required under the Companies Act, 1994, the securities laws and other relevant laws; and (d) The Governance of the company is highly satisfactory sd/ - Date: Dhaka Ahmed Zaker & Co, 26 Aprl,2021 Chartered Accountants (Z A Mirdha FCA) :{a :1 Partner 1 I @ a\r ay Moimr,rd OBdljr RriDr]' fcb /"-,'**r \bs$ & CBo [€iInrn (Retd), Cll Mmagiog Dindor Aktrt t.taloy Xumar Sahs lcfitl FiDus! & lnieltm€ot Ltt Cc.iDany Secretert Jlanaging Directa t cEo AAA (3ly:r,lr,-,jrttEc orlrf tlnan irl officer (CtO) 3!n! Ca: :_. a L'nitrL p.ny Umitsd Page 1150 Sena Kalyan Insurance Company Limited Status of Compliance with the Corporate Governance Code (CGC) as on 31st December 2020 status of compliance with the conditions imposed by the commission s Notification No. SEC/CMRRCD/ 20OG75S/207 / Admin/8o dated 3 lune 2018 issued under section 2CC of the Securities and Exchange Ordinance, 1969: (Report under Condition No. 9) Compliance status (Put in the appropriate Remarks (If Condition column) Title any) No. Not Compli Compli ed ed 1.0 BOARD OF DIRECTORS: 1(1) Board's Size: The number of the board members shall not be less than S(five) and more than 20 (twentY). 1(2) I ndent Directors: 2 1 (2)(a) At least one fifth (1/5) of the total number of directors in the company's Independent board shall be independent directors. Directors have been appointed as Per lnsurance Act 2010 1(2Xb) For the purpose of this clause Does not "independent director" means a hold any director- share of the company 1(2XbXi) who does not hold any share in the The company or holds less than one Percent Independent (1%) shares of the total paid-up shares directors of the company; have declared their compliances 1(2XbXii) who is not a sponsor of the company or is not connected with the comPany's any sponsor or director or nominated C! director or shareholder of the company O or any of its associates, sister concems, C\I subsidiaries and parents or holding o-G, entities who holds one percent (1%) or < more shares of the total aid-u shares co c\r q$" ohue, lriErr' K] Z-,rJrF- MohEErd & c8o !a5min Aktet w$ (Retd), M!o!8i!8ltrrGd cll {c.tt} Coftpany Secretary AAA Fiois li lava hlol Lto & cEo tana xal.js i, l0i,uit sco comgaF ri.d .. roanv Llnltteg PaBe 1151 of the company on the basis of family relationship and his or her family members also shall not hold above mentioned shares in the company: Provided that spouse, son, daughter, father, mother, brother, sister, son-in- law and daughter-in-law shall Le considered as family members; 1(2)(bXiii) who has not been an executive o[ the company in immediately preceding 2 (two) financial years; 1(2)(b)(iv) who does not have any other relationship, whether pecuniary or otherwise, with the company or its subsidiary or associated companies; t(z)(b)(v) who is not a member or TREC (Trading Right Entitlement Certificate) holder, director or officer of any stock exchange; 1(2)(b)(vi) who is not a shareholder, director excepting independent director or officer of any member or TREC holder of stock exchange or an intermediary of the capital marke! 1(2XbXvii) who is not a parhler or an executive or was not a partner or an executive during the preceding 3 (three) years of the concemed company's statutory audit firm or audit firm engaged in intemal audit services or audit firm conducting special audit or professional certifying compliance of this Code; 1(2)(b)(viii) who is not independent director in more than 5 (five) listed companies; 1(2)(b)(lx) who has not been convicted by a court of competent jurisdiction as a defaulter in payment of any loan or any advance to a bank or a Non-Bank Fhancial Institution (NBFI); and I (7) (b) (X) who has not been convicted for a criminal offence involving moral turpitude; 1 (2)(c) The independent director(s) shall be appointed by ttre Board and approved by the shareholders in the Armual C\I General Meeting (AGM); €) 1(2Xd) The post of independent director(s) G, carurot remain vacant for more than 90 a- (ninety) days; and cc, <\l q>x ,(rr,'r-lrE- oDld c)hcYet P.dcu' 16 \odP$ Mot I l.;,-13i|". i ::r S irha M!!s8ios Di$dor a CBO 3 ri3 C lnrccraeot tll aAA Fiornm & : Page 1152 1(2)(e) The tenure of office of an independent director shall be for a period of3 (three) years, which may be extended for 1 (one) tenure only. 1(3) Qualification of Independent Director (lD) 1(3) (a) Independent director shall be a knowledgeable individual with integrity who is able to ensure compliance with financial laws, regulatory requirements and corporate laws and can make meaningful contribution to the business; 1(3) (b) Independent director shall have following qualifications: 1(3Xb)(i) Business Leader who is or was a promoter or director of an unlisted company having minimum paid-up capital of Tk. 100.00 million or any listed company or a member of any national or international chamber of commerce or business association, or 1(3Xb)(ii) Corporate l-eader who is or was a top- level executive not lower than Chief Executive Officer or Managing Director or Deputy Managing Director or Chief Financial Officer or Head of Finance or Accounts or Company Secretary or Head of Intemal Audit and Compliance or Head of Legal Service or a candidate with equivalent position of an unlisted company havrng minimum paid-up capital of Tk. 100.00 million or of a listed comp.rny; or 1(3)(bXiii) Former official of government or statutory or autonomous or regulatory body in the position not below 5th Grade of the national pay scale/ who has at least educational background of bachelor degree in economics or commerce or business or Law; or 1(3)(b)(lv) University Teacher who has educational background in Economics or Commerce or Business Sfudies or Law; or r(a)(b)(v) Professional who is or was an advocate practicing at least in the High Court Division of Bangladesh Supreme Court 6l or a Chartered Accountant or Cost and -6{ Management Accountant or Chartered Financial Anaiyst or Chartered &a- L Certified Accountant or Certified @ c\a at /^^,u&xrF nioiloud rbry& ArDrq 16 N$..$ Lrlov Kumar Saha ldl, cll (cartl Mmrgiog Dktdu & c80 srrr Gen sha {AA Financ ft lnte|tr.rnt tld *,"d d;il;i';i'lii,#'iiror EO t.Ila vaty..r t tsl..1se comganv timited g-. *|i Page 1153 Public Accourtant or Chartered Management Accountant or Chartered Secretary or equivalent qualification; r(3)(c) The independent directot shall have at least 10 (ten) years of experiences in any field mentioned in clause (b); 1(3Xd) In special cases, the above N/A ( qualifications or experiences may be special cases) relaxed subject to prior approval of the Commission. 1(4) Duality of Chairperson of the Board of Directors and Managing Director or Chief Executive Officer.- r(+)(a) The positions of the Chairperson of the Board and the Managing Director (MD) ard/or Chief Executive Officer (CEO) of the company shall be filled by dif ferent inclividuals; 1(1Xb) The Managing Director (MD) and/or Chief Executive Officer (CEO) of a listed company shall not hold the same position in another listed company; r(a)(c) The Chairperson of the Board shall be elected from among the non-executive directors of the company; 1(4Xd) The Board shall clearly define respective roles and responsibilities of the Chairperson and the Managing Dfuector and/or Chief Executive Officer; I ({)(C ) In the absence of the Chairperson of the Board, the remaining members may elect one of themselves from nonexecutive directors as Chairperson for that particular Board's meetinp the reason of absence of the regular Chairperson shall be duly recorded in the minutes. 1(5) The Directors' Report to Shareholders The Board of the company shall include the following additional statements or disclosures in the Directors' Report prepared under section 184 of the Companies Ac! 1994 (Act No. XMII of 1994):- 1(s) (i) An industry outlook and possible future developments in the industry; 1(5) (ii) The segment-wise or product-rvise performance; 1(s) (iii) Risks and concerrs including internal and external risk factors, tfueat to c{C' c\a sustainability and negative impact on environment, if any; G cl-1, @ a..a R}v n,h/*F- Motrolrd obrydE R tcEr, 86 Fre$ (Retdl, cll (("r llruging Dirtu & ClO Ealoy l(umar Saha I (CFOI {AAFI@& ltllcttmrol h sr., ,, - O,ia, ltlancial Officer Eft xalyao tnrurance company r,imiterl Page 1154 1(s) (iv) A discussion on Cost of Goods sold, Cross Profit Margin and Net Profit Margin, where applicable; 1(s) (v) A discussion on continuity of any extraordinary activities and their implications (gain or loss); 1(s) (vl) A detailed discussion on related party transactions along with a statement showing amount, nature of related party, nature of transactions and basis of transactions of all related party transactions; 1(s) (vii) A statement of utilization of proceeds N/A raised through public issues, rights issues and/or any other instruments; 1(s) (viii) An explanation if the financial results N/A deteriorate after the company goes for Initial Public Offering (lPO), Repeat Public Offering (RPO), Rights Share Offer, Direct Listing, etc.; t(5) (rx) An explanation on any significant No Such variance that occurs between Quarterly event arose Financial performances and Annual Financial Statements; t(5) (x) A statement of remuneration paid to the directors including independent dtectors; 1(s) (xi) A statement that the financial statements prepared by the management of the issuer company present fairly its state of affairs, the result of its operations, cash flows and changes in equity; 1(5) (xii) A statement that proper books of account of the issuer company have been maintained; 1(s) (xiii) A statement that appropriate accounting policies have been consistendy applied in preparation of the financial statements and that the accounting estimates are based on reasonable and prudent judgmeng 'I (s) (xiv) A statement that lntemational Accounting Standards (IAS) or International Financial Reporting Standards (IFRS), as applicable in Bangladesh, have been followed in 6$o preparation of the financial statements G and any departure there from has been o-<. adequately disclosed; co c\a N ,nl^-lt1G ildeardCIM!! ndnEr'PG [asmin Akt€l \sS s( (Rerd], cll '/ Mls&8 Ditldor & CEo _ toFDnfly Secretary llalov Kumar Saha Managing Direct r&Cto Coi:\9any .dSal I AAA liufto8 & lnr$tfJfd uil Sin tol,i?fl lnigrlnce LirBitr{ f nr;cial Cfficer (CtO} lal Ialyel tnruance ComPsny timitoC Page 1155 1(5) (xv) A statement that the system of internal control is sound in design and has been effectively implemented and monitored; 1(s) (xvi) A statement that minority shareholders have been protected from abusive actions by, or in the interest ot controlling shareholders acting either directly or indirectly and have effective means of redress; 1(5) (xvii) A statement that there is no significant doubt upon the issuer company's ability to continue as a going concem, if the issuer company is notconsidered to be a going concem, tl're fact along with reasons there of shall be disclosed; 1(s) (xviii) An explanation that significant deviations from the last yeals operating results of the issuer company shall be highlighted and the reasons thereof shall be explained; 1(s) (xix) A statement where key operating and financial data of at least preceding 5 (five) years shall be summarized; 1(5) (xx) An explanation on the reasons if the issuer company has not declared dividend (cash or stock) for the year; 1(s) (xxi) Board's statement to the effect that no bonus share or stock dividend has been or shall be declared as interim dividend; 1(s) (xxii) The total number of Board meetings held during the year and attendance by each director; 1(s) (xxiii) The pattern of shareholding disclosing the aggregate number of shares (along with name wise details) held by- 1(s) Parent or Subsidiary or Associated (xxiii)(a) Companies anc{ other related parties (name-wise details); 1(5) Directors, Chief Executive Officer, N/A (xxiii)(b) Company Secretary, Chief Financial Officer, Head of lntemal Audit and Compliance and their spouses and minor children (name-wise details); 1(5) Executives; and N/A (xxiii)(c) a 1(s) Shareholders holding ten percent (10%) a\l more interest the t (xxiii)(d) or voting in company 3- (name wise details); 4 @ c{ d /^,'-Jor- MdlE dotqrdllRlit[r,Kll Atte' N\P'$ [asmin MaloY Kumar Saha Srlg Ger shatlquo Shsmlm. P! It&nrgirS Dircctor & CEo Con:oa tttd lhief Financial officer (CFo) AAA Fim.s & Invcrmeu llt l,elY:n \lr'r 3im lrn l*I.l lssurlnce Com PanY Limitcd sena k Page 1155 1(5) (xxiv) In case of the appointment or reappointment of a director, a disclosure on the following information to the shareholdersr 1(s)(xxiv)(a) a brief resume of the director; 1(5)(xxiv)(b) nature of his or her expertise in specific functional areas; and 1(s)(xxiv)(c) names of companies in which the person also holds the directorship and the membership of committees of the Board; 1(s)(xxv) A Management's Discussion and Analysis signed by CEO or MD presenting detailed analysis of the company's position and operations along with a brief discussion of changes in the financial statements, others, focusing on: 1(s)(xxv)(a) accounting policies and estimation for preparation of financial statements; 1(s)(xxv)(b) changes in accounting policies and estimatio& i{ any, clearly descdbing the effect on financial performance or results and financial position as well as cash flows in absolute figure for such changes; 1(s)(xxv)(c) comparative analysis (including effects of inflation) of financial performance or results and financial position as well as casl.t flows for current financial year with immediate preceding five years explaining reasons thereof; 1(5)(xxv)(d) compare such financial performance or results and financial position as well as cash flows with the peer industry scen,rrio; 1(s)(xxv)(e) briefly explain the financial and economic scenario of the country and the globe; 1(s)(xxv)(f) risks and concems issues related to the financial statements, explaining such risk and concems mitigation plan of the company; and 1(s)(xxv)(g) future plan or proiection or forecast for company's operation, perfornrance and financial position, with justification thereoi i.e., actual position shall be explained to the shareholders in the next AGM; 1(s)(xxvi) Declaration or certification by the CEO c{ -3{ and the CFO to the Board as required d, under condition No. 3(3) shall be CL<, disclosed as per Annexure-A; and cEr 1(5)(xxvii) The report as well as certificate regarding compliance of conditions of <\a N /*,,,,nm- \DPaN-- Motr@ld Clbtydr tuhnr1F6 i,]ii.',, ii- : ri::iL) Mugiog Dbcaor & CBO AAA Finlnc. & lnrerln€{lt Lo Page 1157 this Code as requied under condition No. 9 shall be disclosed as per Armexure-B and Armexure-C. 1(6) Meetings of the Board of Directors The company shall conduct its Board meetings and record the minutes of the meetings as well as keep required books and records in line with the provisions of the relevant Bangladesh Secretarial Standards (BSS) as adopted by the Institute ofChartered Secretaries of Bangladesh (ICSB) in so far as those standards are not inconsistent with any condition of this Code. "t(7) Code of Conduct for the Chairpersoq other Board members and Chief Executive Officer r(4(u) The Board shall lay down a code of Under conduct based on the recommendation Process of the Nomination and Remuneration Committee (NRC) at condition No. 6, for the Chairperson of the Board, other board members and Chief Executive Officer of the company; 1(7Xb) The code of conduct as determined by Under the NRC shall be posted on the website Process of the company including, among others, prudent conduct and behavior; confidentiality; conflict of interesf compliance with laws, rules and regulations; prohibition of insider trading; relationship with environment employees, customers and suppliers; and independency. 2. Goaemance of Board ofDirectors of Sabsidiary Cornpany.:-( SKICL has flo such subsidiary C ornp any ) 2(") Provisions relating to the composition N/A of the Board of the holding company shall be made applicable to the composition of the Board of the subsidiary company; 2(b) At least 1 (one) independent director on N/A the Board of the holding company shall be a director on the Board of the subsicliary compimy; ,J 2(.) 'Ihe minutes of the Board meeting of N/A \D the subsidiary company shall be placed z for review at the following Board I)- meeting of the holding company; @ 2(d) The minutes of the respective Board N/A <\a meeting of the holding company shall N MohDmd {)brydrx I'oic+ 8r0'\ /^^,^lE MsorSilg Dimhr & CBo I rnir Alt", StrS (on:Pa6Y AAA $!$o & hv€tEetrt uo 5s61q16tt fatvar. Enr h;qji:.rr icmDall| UtE& 1p Page 1158 state that they have reviewed the affairs of the subsidiary company also; 2(") The Audit Commiftee of the holding N/A company shall also review the financial statements, in particular the investrnents made by the subsidiary comparny. ., Managing Director (MD) or Chief Executiae Officet (CEO), Chief Einancial Officer (CFO), Heail of lnternal Auilit anil Compliance(HlAC) anil Conpa y SecretaU GS)t 3(1) Appointment 3(r)(a) The Board shall appoint a Managing Director (MD) or Chief Executive Officer (CEO), a Company Secretary (CS), a Chief Financial Officer (CFO) and a Head of Intemal Audit and Compliance (HIAC); 3(1)(b) The positions of the Managing Director (MD) or Chief Executive Officer (CEO), Company Secretary (CS), Chief Financial Officer (CFO) and Head of Internal Audit and Compliance (HIAC) shall be filled by different individuals; 3( I ) ( C) The MD or CEO, CS, CFO and HIAC of a listed company shall not hold any executive position in any other company at the same time; 3(1Xd) The Board shall clearly define respective roles, responsibilities and duties of the CFO the HIAC and the CS; 3(1 ) (e) The MD or CEO, C9 CFO and HIAC shall not be removed from their position without approval of the Board as well as immediate dissemination to the Commission and stock exchange(s). 3(2) Requirement to attend Board of Directors' Meetings The MD or CEO, CS, CFO and HIAC of the company shall attend the meetings of the Board: Provided that the CS, CFO and/or the HIAC shall not attend such part of a meeting of the Board which involves consideration of an agenda item relating to their personal matters. a\ a\ 3(3) Duties of Managing Director (MD) or Chief Executive Officer (CEO) and = Chief Financial Officer (CFO) o-G, 3(3)(a) The MD or CEO and CFO shall certify to the Board that they have reviewed e, C\. sv i{o[eD!d 0b6rdtl R hC],8q' h)tr It{rnrgi!8 Dittdo, & CBo lrd wf AAA litrloc€ & loyn6ed Page 1159 financial statements for the year and that to the best of theil knowledge and belief: :(a)(a)(i) these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading; and 3(3)(a)(ii) these statements together present a bue and fair view of the comparry's affairs and are in compliance with existing accounting standards and applicable laws; 3(3Xb) The MD or CEO and CFO shall also certify that there are, to the best of knowledge and beliel no transactions entered into by the company during the year which are fraudulent, illegal or in violation of the code of conduct for the company's Board or its members; 3(3)(c) The certification of the MD or CEO and CFO shall be disclosed in the Arurual Report. 4. Boail of Diectors' Commiltee:- For ensuring good govemance in the company, the Board shall have at least f ollowing sub-committees: 4(i) Audit Committee; and 4(ii) Nomination and Remuneration Committee. 5.0 Audit Corn nittee:- s(1) Responsibility to the Board of Directors. s(t)(a) The company shall have an Audit Committee as a subcommittee of the Board; s(1)(b) The Audit Committee shall assist the Board in ensuring that the financial statements reflect true and fair view of the state of affairs of the company and in ensuring a good monitoring system within the business; s(t)(c) The Audit Committee shall be responsible to the Board; the duties of the Audit Committee shall be clearly c\l set forth in writing. C' s(2) Constitution of the Audit Committee c! G s(2)(a) The Audit Committee shall be CL composed of at least 3 (three) <, members; 6 c{ \). ,^JE- Moheold oq[u ilrDrri' 8Cl , I' & CEO wN Mroogiq DL*tor Bdg Gen 9t AAAFiorm & Investtr€ot Lto ited sra. K: ^? Page 1160 s(2)(b) The Board shall appoint members of the Audit Committee who shall be non- executive directors of the company excepting Chairperson of the Board and shall include at least 1 (one) independent director; s(2)(c) All members of the audit committee should be "financially literate" and at least 1 (one) member shall have accounting or related financial management background and 10 (ten) years of such experience; s(2)(d) When the term of service of any Committee member expires or there is any circumstance causing any Committee memhr to b€ unable to hold office before expiration of the term of service, thus making the number of the Committee members to be lower than the prescribed number of 3 (three) persons, the Board shall appoint the new Committee member to fill up the vacancy immediately or not later than 1 (one) month from the date of vacanry in the Committee to ensure continuity of the performance of work of the Audit Committee; s(2)(e) The company secretary shall act as the secretary of the Committee; s(2)(0 The quorum of the Audit Committee meeting shall not constitute without at least 1 (one) independent director. 5(3) Chairperson of the Audit Committee 5(3)(a) The Board shall select 1 (one) member of the Audit Committee to be Chairperson of the Audit Committee, who shall be an independent directo4 s(3xb) In the absence of the Chairperson of the Audit Committee, the remaining members may elect one of themselves as Chairperson for that particular meetin& in that case there shall be no problem of constituting a quorum as required under condition No. 5(a)@) and the reason of absence of the regular c\l Chairperson shall be duly recorded in <\CI the minutes. r= o- € <\a ail ,a, t!*lkF tlotmrd ohydn lrln .rr, 8Oi \bea+ lftlsgiry DL€dr & CBO aAAfim!&l irtmtolIX ,t Page 1161 s(3)(c) Chairperson of the Audit Committee shall remain present in the Annual General Meeting (AGM): Provided that in absence of Chairperson of the Audit Committee, any other member from the Audit Committee shall be selected to be present in the arurual general meeting (AGM) and reason for absence of the Chairperson of the Audit Committee shall be recorded in the minutes of the AGM. s(4) Meeting of the Audit Committee )(4)(a) The Audit Committee shall conduct at least its four meetings in a financial year: Provided that any emergency meeting in addition to regular meeting may be convened at the request of any one of the members of the Committee; s(4)(b) The quorum of the meeting of the Audit Committee shall be constituted in presence of either two members or two-third of the members of the Audit Committee, whichever is highel where presence of an independent director is a must. s(s) Role of Audit Committee The Audit Committee shall:- 5(s)(a) Oversee the financial reporting process; 5(sxb) monitor choice of accounting policies and principles; s(5)(c) monitor Intemal Audit and Compliance process to ensure that it is adequately resourced, including approval of the Intemal Audit and Compliance Plan and review of the InternaI Audit and Compliance Repor! s(5)(d) oversee hiring and performance of external auditors; s(s)(e) hold meeting with the extemal or statutory auditors for review of the armual financial statements before submission to the Board for approval or adoption; a s(5)(0 review along with the management, the annual financial statements before a-d, submission to the Board for approval; 5())(c) review along with the managemenl @ the quarterly and half yearly financial \y /^*,rlrrr MotroEd 0E0l&r ndEr_L SC\ \srs- ifiHsils Diretu e c80 Maloy Kumor Saha I ,lhief tinanci.l offiler (CFOI 4AA 8iunoo I hr(.te€ot Lnr !a Lrra liilpq l8:uran.e Campany l"iml!ed Page 1152 statements before submission to the Board for approva.l; 5(5)(h) review the adequacy of intemal audit functiory s(5xi) review the Managemenf s Discussion and Analysis before disclosing in the Arurual Reporf 5(s)(,) review statement of all related party transac tions submitted by the managemenU s(s)(k) review Management I-etters or Letter of Internal Control weakness issued by statutory auditors; s(s)0) oversee the determination of audit fees based on scope and magnitude, level of expertise deployed and time requted for ef{ective audit and evaluate the performance of extemal auditors; and 5(s)(m) oversee whether the proceeds raised through Initial Public Offering (IPO) or Repeat Public Offering (RPO) or Rights Share Offer have been utilized as per the purposes stated in relevant offer document or prospectus approved by the Commission: Provided that the management shall disclose to the Audit Committee about the uses or applications of the proceeds by major category (capital expenditure, sales and marketing expenses, working capital, etc.), on a quarterly basis, as a part of their quarterly declaration of financial results: Provided further that on an annual basis, the company shall prepare a statement of the proceeds utilized for the purposes other than those stated in the offer document or prospectus for publication in the Annual Report along with the comments of the Audit Committee. s (6) Reporting of the Audit Committee s(6)(a) Reporting to the Board of Directors 5(6) (al) (i) The Audit Committee shall report on its activities to the Board. c\l oc! s(6)(a)(ii) The Audit Committee shall G, immediately report to the Board on the CL following findings, if any:- < co c! / as /,a,n,'n-J)cl,- I r,:;rtirr,4l lrr ,r4u!rr.ra obtyiu flrlnEtr, lCB tar^ts-(u uulsing DiFdor & cBo J, Maioy mar Saha 4AA Finuuo ,9 lnrnltm€at lrd q*ef Financial officer (CiO) glrr f\slyr8 tlaura$e &flgany timited Page 1163 5(6)(a)(ii)(a) report on conflicts of interestsi No such incidence arose 5(0)(a)(ii)(b) suspected or presumed fraud or No such irregularity or material defect incidence identified in the intemal audit and arose compliance process or in the financial statements; )(6)( )( lt) (C ) suspected infringement of laws, N/A regulatory compliances including securities related laws, rules and regulations; and 5(6)(a)(ii)(d) any other matter which the Audit Committee deems necessary shall be disclosed to the Board immediately; s(6)(b) Reporting to the Authorities No such If the Audit Committee has reported to incidence the Board about anything which has arose material impact on the financial condition and results of operation and has discussed with the Board and the management that any rectification is necessary and if the Audit Committee finds that such rectification has been unreasonably ignored, the Audit Committee shall report such finding to the Commission, upon reporting of such matters to the Board for three times or completion of a period of 6 (six) months from the date o( first reporting to the Board, whichever is eadier. s(7) Reporting to the Shareholders and General Investors Report on activities carried out by the Audit Conr:rrittee, including any report made to the Board under condition No. 5(6)(a)(ii) above during the year, shall be signed by the Chairperson of the Audit Committee and disclosed in the annual report of dre issuer company. 6. Nomination and Remuneration Coflt rrittee (NRC).:- 6(1) Responsibility to the Board of Directors a6\l 6(1)(a) The company shall have a Nomination <\ and Remuneration Commiftee (NRC) o-G, as a sub-committee of the Board; < 6(1)(b) The NRC shall assist the Board in a formulation of the nomination criteria ca ,/r*,;r-An-u ail irlrrht Athi Motuad 0t{,*, nrilq f0t Go]Ipany 5i.rFr- ,St$ i{llEfiq Dirair & cBo lmtilvlrsi-,r, ,r. AAA lium & lnvflooat l,ln Pase l164 or policy for determining qualificatioru, positive attributes, experiences and independence of directors and top-level executive as well as a potcy for formal process of considering remuneration of directors, top level executive; 6(1)(c) The Terms of Reference (ToR) of the NRC shall be clearly set forth in writing covering the areas stated at the condition No.6(5)(b). 6(2) Constitution of the NRC 6(z)(a) The Committee shall comprise of at least three members including an independent director; 6(2Xb) All members of the Committee shall be non-executive directors; e(z)(c) Members of the Committee shall be nominated and appointed by the Board; 6(2Xd) The Board shall have authority to remove and appoint any member of the Committee; 6(2)(e) In case of death, resignatiory disqualification, or removal of any member of the Com-mittee or in any other cases ofvacancies, the board shall filI the vacancy within 180 (one hundred eighty) days of occurring such vacancy in the Committee; 6(2)(0 The Chairperson of the Committee may appoint or co-opt any extemal expert and,/or member(s) of staff to the Committee as advisor who shall be non-voting member, if the Chairperson feels that advice or suggestion from such external expert and/or member(s) of staff shall be required or valuable for the Committee; o(z)(s) The company secretary shall act as the secretary of the Committee; 6(2)(h) The quorum of the NRC meeting shall not constifute without attendance of at least an independent director; oc\ 6(2Xi) No member of the NRC shall receive, c{ either directly or indirecdy, any G, remuneration for any advisory or o- consultancy role or otherwise, other a than Director's fees or honorarium c\a from the company. /^-,'ud,rrE- sy \o,e+ Itldat!!.d ohdtx tubEtr, fi, Brig Gen Shafique Shanim, psr {R tdJ, Cll lCett) Mr$gbl Diltctol & CEo Managing Director & to ltYartmcot U.; I tu\rl Fimnm & . :u r:.y i i.,i,.J Page 1165 6(3) Chairperson of the NRC 6(3) (il ) The Board shall select 1 (one) member of the NRC to be Chairperson of the Conmittee, who shall be an independent director; 6(3Xb) In the absence of the Chairperson of the NRC, the remaining members may elect one of themselves as Chairperson for that particular meeting, the reason of absence of the regular Chairperson shall be duly recorded in the minutes; 6(3)(c) The Chairperson of the NRC shall attend the arnual general meeting (AGM) to answer the queries of the shareholders: Provided that in absence of Chairperson of the NRC, any other member from the NIIC shall be selected to be present in the annual general meeting (AGM) for answering the shareholder's queries and reason for absence of the Chairperson of the NRC shall be recorded in the minutes of the AGM. 6(4) Meeting of the NRC 6(4) (a) The NRC shall conduct at least one meeting in a financial year; 6(4)(b) The Chairperson of the NRC may convene any emergency meeting upon request by any member of the NRC; 6(+)(c) The quorum of the meeting of the NRC shall be constituted in presence of either hvo members or two third of dre members of the Committee, whichever is higher, where presence of an independent director is must as required under condition No. 6(2)(h); 6(4)(d) The proceedings of each meeting of the NRC shall duly be recorded in the minutes and such minutes shall be confirmed in the next meeting of the NRC. 6(s) Role of the NRC 6(5) (a) NRC shall be independent and responsible or accountable to the Board a\t and to the shareholders; c\|- oversee, G, 6(s)(b) NRC shall among others, the CL following matters and make report with recommendation to the Board: co c\l N ,l^,'"eF \stt a Moilfidd GiltrndBEr, 8c$ q Mr$8is8 Dl$dor & cEo AAA Finmas & hYqrtomt Ird Page 1166 6(5XbXi) formulating the criteria for determining qualifications, positive attributes and independence of a director and recommend a policy to the Board, relating to the remuneration of the directors, top level executive, considering the following: e(s)(t)(i)(a) the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate suitable directors to nrn the company successfully; 6(5)(b)(ixb) the relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and 0(s)(b)(i)(c) remuneration to directors, top level executive involves a balance between fixed and incentive pay reflecting short and long-term performance obiectives appropriate to the working of the company and its goals; 6(s)(bxii) devising a policy on Board's diversity taking into consideration age, gender, experience/ ethnicity, educational background and nationality; 6(5)(b)(ii, identifying persons who are qualified to become directors and who may be appointed in top level executive position in accordance with the criteria laid dowry and recommend their appointment and removal to dre Board; o(s)(b)(iv) formulating the criteria for evaluation of performance of independent directors and the Board; 0(s)(b)(v) identifying the cornpaly's needs for employees at different levels and determine their selection, transfer or replacement and promotion criteria; and 0(s)(b)(vi) developing, recommending and reviewing annually the company's human resources and training policies; 0(s)(c) The company shall disclose the q,c{ nomination and remrmeration policy c\t and the evaluation criteria and G, activities of NRC during the year at a CL glance in its annual report. < @ 7 External or Statrtory Auilitors.. st ay /"-l*&6 \h$aN Md@!d ohYdnl RdnEr' 8S Btli G€n Shntique Sharnim, & CBo lR€r,ll rrl ,' tr{&sgiog Diticbr - u(' Managing Oirectoi CI ri AAABlouoG & lnieshced 56Da lh\yas )-.ed losulaoce Co rnt Lrmttdd Page 1167 7(1) The issuer company shall notengage its extemal or statutory auditors to perform the following services of the company, namely:- 7(1Xi) appraisal or valuation services or faimess opinions; 7(1)(ii) financial information systems design and implementation; 7(1Xiii) book-keeping or other services related to the accounting records or financial statements; 7(r)(iv) broker-dealer services; 7(r)(v) actuarial services; 7(1)(vi) intemal audit services or special audit services; 7(1)(vii) any service that the Audit Committee determines; 7(1)(viii) audit or certification services on compliance of corporate govemance as required under condition No. 9(1); una 7(1)(ix) any other service that creates conflict of interest. 7(2) No partner or employees of the extemal audit firms shall possess any share of the company they audit at least during the tenure of their audit assignment of that company; his or her family members also shall nothold any shares in the said company: Provided that spouse, son, daughter, father, mother, brother, sister, son-in- law and daughter-in-law shall be considered as family members. 7(3) Representative of extemal or stafutory auditors shall remain present in the Shareholders' Meeting (Annual General Meeting or Extraordinary Ceneral Meeting) to answer the queries of the shareholders. 8. Maintaining a uebsite by the Company :- 8(1) The company shall have an official website linked with the website of the stock exchange. c! <\ta 8(2) The company shall keep the website G functional from the date of listing. G 8(3) The company shall make available the < detailed disclosures on its website as @ C\J N l*U4E ktrcAO6Ae.r'n96 lrrmin, At&r Ns4s secretary Urulbt Dhdlr& Cm EefiiErnY Kiilar-lr . :'r",rl.-ar+_.tt!-l A.AAFiDE!6&lffidh ;ena ,j H Page I168 required under the listing regulations of the concemed stock exchange(s). 9 Reporting and Cottpliance of Cotpotate Goaernaflce:- e(1) The company shall obtain a certificate from a practicing Professional Accountant or Secretary (Chartered Accountant or Cost and Management Accountant or Chartered Secretary) other than its statutory auditors or audit firm on yearly basis regarding compliance of conditions of Corporate Govemance Code of the Commission and shall such certificate shall be disclosed in the Annual Report. e(2) The professional who will provide the certificate on compliance of this Corporate Governance Code shall be appointed by the shareholders in the arurual general meeting. e(3) The directors of the company shall state, in accordance with the Annexure-C attached, in the directors' report whether the company has complied with these conditions or not. (:f5l c\ G, CL co c\a N ,raxr nrteEq RCs \.N!trS-- It6l@rd 0[rytu ^ lrrmin Akiar Mirsbs Di$ohr & CBo f6mEFny secretary Brig 6en Shallque shanim, ps AAAliorDor & lnYorln€ot Lt( :l't,L c C(l Page 1169 Details relating to the issuer's audit committee and remuneration committee, including the names of committee members and a sum,mary of @)(rs)(c) the terms of reference under which the committees operate AUDIT COMMITTEE Position in the Name of the Members Designation Committee M. M. Mostafa Bilal Independent D ector Chairman Air Cdre M Moyeenudrlin, ndc, afwc, psc Director Men-lber Bri Cen Md Mustafa Kamal, SCP Director Member Brig Cen Md Shaheen lqbal, afwc, psc Director Member NOMINATION & REMUNERATION COMMITTEI Position in the Name of the Members Designation Committee Ahamed Ih z Thamid Independent Director Chairman Brig Cen M A Mohy, psc, PEng Director Member Cen Md Jamal Hossain, ndc, afwc, Director Member Brig Gen Miza Md Enamul Haque, ndc Director Member The terms of reference of the audit committee are as follows: . Oversee the financial reporting process; o Monitor choice of accounting policies and principles; . Monitor Internal Control Risk management processi . Oversee hiring and performance of extemal auditors; . Review along with the management, the annual financial statements before submission to the board for approval; o Review along with the managemenL the quarterly and half yearly financial statements before submission to the board for approval; . Review the adequacy of intemal audit function; . Review statement of significant related party Eansactions submitted by the managemenc . Review Management l,etters/ [,etter of Lntemal Control weakness issued by statutory auditors. The terms of reference of the remuneration committee are as follows: . To assist the Board in developing and administering a fair and traruparent procedure for setting policy on the remuneration of directors and senior management of the Company; qla\t . Determining the remuneration packages; . Review the Arurual Confidential Report (ACR) of senior management of the company; o-G . Review and oversee the Company's overall human resources strategy. < a (. N h,lE IC5 [email protected] tOnlr Lasmin Akter \aos+, ') Mogir'8 Di$'tor & cgo- Conipany Secr€tarY .r.t ing Dire':tor MA II llc!& hv!ffilud SrrD tdiFr!"kia ur.n@ ComPaoY Page 1170 SECTION (XV) (B)(14) VALUATION REPORT OF SECURITIES PREPARED BY THE ISSUE MANAGER SECTION CONTENTS The valuation report of securities to be offered shall be prepared and justified by the issue (a) manager on the basis of the financial and all other information pertinent to the issue To prepare the valuation repot, the issue manager may consider all qualitative and (b) quantitative factors which shall be explained in details with rationale to consider such factors, the valuation methods used, sources of information and authenticity of such information While preparing the valuation report, the issue manager shall avoid exaggeration and (.) biasness and shall exercise independence and due diligence The issue manager(s) shall, among otlrers, consider the following methods for valuation of (d) the securities c{ c\aa G, CL co <\l N. LhE- Mo[ra!d0[r$u nrbnsi, 8Cs lasmin Akter \\F'-N €o?tipdny Mo$ir8 Dinctor & C80 . Secretarv Seor taly.r, I1.llrtnce AAAFlnsnon & lnvatto,ot Utl Company Um,1s * Page 1171 The valuation report of securities to be offered shall be pripared and iustified by the issue manager on the basis of the financial and all other @)(rn)(a) information ertinent to the issuei The valuation report of securities to be offered by Sena Kalyan Insurance Company Limited is prepared and justified on the basis of on the Audited Financial Statement for the year ended December 31, 2020, and ail other information pertinent to the issue. To prepare the valuation report, the issue manager may consider all qualitative and quantitative factors which shall be explained in details (BX14)(b) with rationale to consider such factors, the valuation methods used sources of information and authenticity of such information; While preparing the valuation repor! several qualitative factors are measured to ensure the optimum fair value of the securities. Apart from that, the probable impact of these mentioned qualitative factors is reflected in the valuation. Qualitative Factors: . The management body of the company is highly experienced in managing the operations of the company. Additionally, financial management history reveals that the firm has an impressive track record of eamings management. . Favorable govemment policies for insurance sector. . No default history in past . Profitabfity track record . Operational efficienry Quantitative Valuation: In valuation of SKICL we have followed the guidhg principles of clause no. (B)Qa)(d) of Annexure- E of Bangladesh Securities & Exchange Commission (Public Issue) Rules, 2015. Additionally, we have also followed the BSEC Directive, vide ref. no. BSEC/CMRRCD/2021- 389/ 04, dated 1"t February 2021 . The following table represents a summary of the quantitative valuation. Calculated Fair Reference Valuation Method Value (BDT) Method - 1 (A) Net Asset Value (NA! Per Share without 21..09 Revaluation Reserve Method - 1 (B) Net Asset Value (NA$ Per Share with 21..09 Revaluation Reserve Method - 2 Eaming Based Value Per Share (Considering 35.04 lower of Market and Sector P/E) Method - 3 Average market price of similar stock based ):.\t 32.82 :1 valuation G o- Based on Audited Financial Statement for the year ended December 31, 2020 4 @ c\a \N ,,JLtr MollElld0hdulR [I]rqBC6 Issrniir Alter Mlllgilg N!$LS- Ditlctor & CBo €orrpany SecretarY ht AAA lnY.Somt limm,! A Lh h.{Nl,Stl.urance ComF.nY. I'kttiEd rd ) P a ge ll72 While preparing the valuation report, the issue manager shall avoid exaggeration and biasness and shall exercise independence and due P)(re)(c) dili ei The valuation report is prepared solely based on the qualitative and quanfitative information of the company; and is free from exaggeration and biasness. Also, reasonable independence and due diligence were excursed during the valuation. The issue manager(s) shall, among others, consider the following methods (8X14)(d) for valuation of the securities: Method-1(A):NetAs set Value (NAV) Per Share without Revaluation Reserve The Net Asset Value (NAV) is calculated using the information from the most recently published audited financial statements on December 31, 2020.To calculate the NAV the net assets of the company is divided by the total number of outstanding shares. Thetefore, the NAV of the company is found 21.09 Taka per share. Detail calculation of the valuation is given in the following table: Particulars Note Amount (BDT) Paid-u Ca tal A 240,000,000 Reserve for Ex Losses B ^t97,792,882 Investrnent Fluctuation Fund C 408,894 Re tained D 68,001.,646 Total u1 A+B+C+D=E 506,203,422 Number of Shares Outstan F 24,000,000 Net Asset Value (NAV) per share without revaluation E/F 2L.09 Based on Audited Financial Statement for the ear ended December 31, 2020 Method-1(B):NetAsset Value (NA Per Share with Revaluation Reserve Since the company has not conducted any revaluation till date, Net Asset Value (NAV) per share with revaluation reserve will be 21.09 Taka. Method-2:Earni ng Based Value Per Share To calculate the fair value per share, the profit of five years' (201,6 to 2020). Especially, the historical net income after tax was used along with the number of outstanding shares of the company in the respective year. Using the cumulative shares, a weighted average earning per year is calculated, which is then used to calculate the weighted average net profit tax. <{ after c{et The weighted average EPS is calculated to be 2.65 Taka. Monthly Market and Sector P/E from CE March 2020 to February 2021, are sourced from DSE Monthly review. After calculating 12- Weighted Weight on Total No. of Net Profit aflter Tax Average Net Sl Year Number of Shares (BDr) Profit after Tax Shares BDT) 30-Dec-2020 24,000,000 0.20 94,275,660 18,855,132 B 30-Dec-2019 24,000,000 0.20 98,284,035 19,656,807 C 30-Dec-2018 2,1,000,000 0.20 37,U6,671. 7,569,334 D 30-Dec-2017 24,000,000 0.20 57,387,907 70,277 ,58-l E 30-Dec-2015 24,000,000 0.20 36,406,9n 7,287,395 F Total 120,000,000 1.00 318,20'1,,250 63,640,250 G Number of Shares before IPO 24,000,000 H Weighted Average Earning Per Share [F/G] 2.65 Sector P/E Multipie (12 Months Average from March I 18.82 2020 to February 2021) Market P/E Multiple (12 Months Average from "13.22 l March 2020 to February 2021) K Lower of Market and Sector P/E 't3.22 L Histori cal Earning Based Value Per Share [H"K] 35.M Market and Sector P/E Calculation: Sena Kalyan Insurance Company Limited is categorized as a "lnsurance Company" company based on the nature of the business. The monthly market and sector P/E for last 12 months (March 2020 to February 2021) were collected from the monthly reviews of DSE, and then the average P/E of both the market and sectors are calculated. The details of the market P/E calculation ate given in the following table: Month Sector P/E Market P/E Mar-20 12.08 10.58 Apr-20 12.08 10.58 May-20 12.08 10.58 Jun-20 72.23 "t0.78 Jul-20 L6.77 "t't.37 Aug-20 17.63 13.06 Sep-20 21.48 13.51 Oct-20 24.30 13.27 Nov-20 26.38 "12.98 Dec-20 25.96 16.53 Jan-Z'l 22.6"1 18.00 Feb-21 22.23 17.41 Average 18.82 L3.22 6l a6t G, Source: DSE lt4onthly Rnieu f'om March 2020 to February 2021. CL c.io CY 4,,*tasmin Aktet \N"+ hT ConranY SecretarY Maloy Kumar saha y Limite{;1.1 p;n.n"1.1 (CtO) .rr lntullnqe ComFan Ofiicer - -ffi; S(ri lh!,]an ltsqrance CompanyLimited Page 1174 Method - 3: Average market price of similar stock based valuation Closing daily price data of the following 05 closest competitors of SKICL from March 2020 to February 2020 are taken to compute average market price of similar stocks. A{ter computing the average of respective companies, average of their calculated market price, namely 32.82 is considered as fair value. Month Avera Market Price Crystal Insurance Company Limited* 38.70 Prime Insurance y Ltd. 30.83 Desh General lnsurance Company Limited* Continental Insurance Ltd. 32."t6 Express lnsurance Limited* 29.96 Average 32.82 *These companies are notlisted as of March 2020. Therefore, for these companies, market price up to April 2021 are considered. From the above analysis, we can state that the fair value of SKICL under different method seems to be reasonable and fair. Considering all qualitative and quantitative factors along with indushy and market of Insurance industry, past track record of performance and fufure growth prospective of the issuer, we assume that the valuation of share price of SKICL is justified and shall be reasonable to the investors. .4, lahoaq PCS G Mohmd 0brdG o- ltaorguftecror & CEO < AAA Fimtrce & lDvestDeDl Ltd .E ay hltE, N'r$- hry Mohasurd 0brydu R hmri, FCS Lasmin Akter Malov Kumar saha Managug Dircctor & CBO cornPanY Secretary -t v trmrqfr.l 1;n.n,,u, officer (cfo) AAA Fitrrfte & ltrvestBed Ltd. Klltan lnsutlnle comP'n t/- taia !tna lGlym lnslllallEe compaoy Limited Page 1175 SECTTON (xvr) (BXls) DEBT SECURITIES SECTION CONTENTS The temrs and conditions of any debt securities that the issuer company may have issued or is planning to issue within next six months, including their date of redemption or conversion, (u) conversion or redemption features and sinking fund requirements, rate of interest payable, Yield to Maturity, encumbrance of any assets of the issuer against such securities and arty other dghts the holders of such secwities may have All other material provisions giving or limiting the rights of holders of each class of debt securities outstanding or being offered, for example subordination provisions,limitations on (b) the declaration of dividends, restdctions on the issuance of additional debt or maintenance of asset ratios Name of the trustee(s) designated by the indenture for each class of debt securities (.) outstanding or being offered and describe the circumstances under which the trustee must act on behalf of the debt holders (d) Repayment/ redemption/ conversion status of such securities Sena Kalyan Insurance Company Limited did not issue any debt securities, and the company does not have any plan to issue any debt securities in the forthcoming six months of the publication of this prospectus. c\l c.{o o-G, co Gt r,ltt,AE Lasmin Akter \sJ&E n*,**s**** Secretarv (umarsaha Mulgio8 Dirccff & CBO Corroany .-, Malov [ !r.ci ] (rlyir'\ ln5urance con'Pnnv Limrtec (CfOl 1AA Fioroca & Iarerh€ot Ltl srnl cr,r"iitianci.f otticer !tnl irlvrn ln:ulanrs clmp'ny timitE! Page 1176 SECTTON (xVrD (BX16) PARTIES INVOLVED AND THEIR RESPONSIBILITIES SECTION CONTENTS (u) Issue manager(s) (b) Underwriters (.) Auclitors (d) Cost and Management Accountants (") Valuer (0 Credit rating Company <.' C\t-, 4 co N. t{ohrnnrd 0hydu Rdnen, FC6 /,,^d* tat$4-N MamSinS Dirccror& CEo Maloy (umar Saha 6en Shalique 4AA Fimnce & lovelb€ot Ld. 0i! shanim ,t1 {Retd l. rlr ' Maoaging Directo ilyan tnsutance CompaDt Llrtltq,l P a ge lL77 Parties Involved with Sena Kalyan Insurance SL Responsibilities Company Limited The issue manager will manage the public issue of SKICL securities (a) Issue Manager AAA Finance & lnvestment Ltd complying the Bangladesh Securities & Exchange Commission (Public Issue) Rules, 2015. AAA Finance & Investment Ltd The urderwriters are responsible for Southeast Bank Capital Services underwriting the mentioned amount Lirnited of stocks of SKICL. Furthermore, the (b) Underwriters' ICB Capital Mana t Limited underwriters shall carry out all the activities specified in the Bangladesh IIDFC Capital Limited Secudties & Exchange Coqrmission (Public lssue) Rules, 2015. To express an opinion on the financial statements based on their Statutory Mahfel Huq & Co., (") audit. Auditor will conduct the audit Auditors Chartered Accountants in accordance with International Standards on Auditing (ISA). (d) Cost Auditor N/A N/A (") Valuers N/A N/A Credit Ratirg (0 N/A Company N/A C' a! G, 6L € N- I MolmEd eudt, ndErq lS Lesmlrr Akter"&/tr hrs-e Mao$iq Dlrldil & CBo (umar tdl rlr r C0mpany Se:titary Maloy Saha I 't, 4AA Pinm(. lnYalb6ot & Ltr tlilK:rrdninrrir1.. . .: ,1u6 Chief Financial Officer (CFO) ";.h, Smr \elYan lnrurenee Conpant tir.lited Page 1178 SECTION (xvrrr) (8Xl4 MATERIAL CONTRACTS SECTION CONTENTS (a) Major agreements entered into by the issuer (b) Material parts of the agreements (c) Fees payable to different parties c{ c'{.) a @ a\a N ,n-Jfu- Moirmnd 0ilrdn R!hr$, !6 Aklet Nns It rnrgiof Dinchr A CEo lrsmtn €SmEEnY sectetarY Maloy l(umar saha a AA Fidinc! & laYiltEc[t Ltd limitoC (CFOI ls$i {ti1;, * t:iruence cco2r:t / Chl€f Flnanci.lOfficer tcnt Xrlyan tnsurali.e Cc!'npany Li$[ted Page lu9 Ma or ents entered into the issuer @)[7)(a) Issue Management Agreement between the Company and the Managers to the Issue AAA Finance and Inveshnent Limited. u_ Underwriting Agreement between the Company and the Underwriters, namely- AAA Finance and Investment Limited, Southeast Bank Capital Services Limited, ICB Capital Management Limited, IIDFC Capital Limited. Material arts of the a ments (B)(17Xb) Agreement Material Parts of the Agreements 1, Issue Management Agreement Signing Datei 24th October 2019 with: Tenure; This Agreement shall automatically stand invalid upon completion of IPO Procedure and unless this Agreement is extended or AAA Finance & Inveshnent Limited earlier terminated in accordance with the terms of this Agreement. Maior Terms SCOPE OF SERVICES: & Conditions The scope of services to be rendered by the MANAGER to the COMPANY of the PUBLIC ISSUE under Fixed Price method shall be as follows (including and not limited to the compilation and preparation of the documents, papers, studies hereundet). Financial Consultancy Services: - Issue analysis - Financing strategy - Regulatory guidance Issue Management Services: - Regulatory compliance (Al1 formalities to be done urrder Fixed Price Method) - UnderwritingArrangement - Issue arrartgements Post Issue Supervision; - Advise and assist for Printing of Prospectus; - Advise and assist for Publication of Prospectus in national daily as prescritre by Bangladesh - Securities and Exchange Comrnission; - Distribution of prospectus to DSE, CSE and BSEC; c{o - Monitoring of holding of lottery; G, - Monitoring for distribution mechanism CL< of secudties; co <\l *. .\ Moi!(llrd fisydE [ahe!, f6 /n,r*r Mr[lgiog Dtorchr & clo N'e-N e"ed/-,,1," I aAA Biosoo€ & Ixvestm€nt lJd Maloy l(umat Saha , | ..'.- ' iBited Chlel Financiat Officer (CfO) t l?'t. haiydn tn5ura:r.e companY l"imited 1- Page 1180 Monitoring of post issue and subscription procedure; Compliances after subscription. REPRESENTATION: The MANAGER wa ants and represents to the COMPANY that. - The MANAGER is a valid and legally constituted company and has obtained all necessary and requisite licences, approvals and permits (as the case may be) from the Bangladesh Securities and Exchange Commission (BSEC) and any other authorities/agencies concerned to carry on the business as Manager to Issue with regard to the Issue Management. - The MANACER will provide all the Services in accordance to the requirement of the law, especially in strict compliance to the Bangladesh Securities and Exchange laws, regulations, notifications and directions issued fuom time to time prior to and on the date of the PUBLIC ISSUE, the Companies Act, the Listing Rules etc. - The MANAGER shall issue a Due Diligence Certificate in favour of The COMPANY to execute IPO in compliance with the "Bangladesh Securities and Exchange Commission (Public lssue) Rules, 2015" only upon the MANAGER's satisfaction on independent verification of different papers, reports, documents and other material facts and disclosures to evaluate authenticity and integrity of the Company tfuough several discussions with the officials and D ectors of the COMPANY. - The MANAGER will take all possible precautions, care and exert the best of its expertise, skills and services for the PUBLIC ISSUE. - The MANAGER shall keep record for next 5 (five) year:s after IPO approval for any hspection or queries by the :\l Comrnission as per guideline of <, "Bangladesh Securities and Exchange G. Comrnissiol'r (Public Issue Rules,2015". G € s fuLJ)(E ift 616ild dhrd! n!ha!' 8Cg t!!6rrAl't''f \ssN Mrogirg U$clor & cBo E0mEanY secretary i:- 4AA FinMc. & lnnrtm€nt ttl li-ni x"',1,. . 1,,'u' :*--" Page 1181 The MANACER shall have the power to engage/ appoint any co-Issue Manager without any additional cost burden and with the written consent of the COMPANY. The MANAGER shall ensure its competence for approval but extent any guarantee from the regulator which is ond its control 2. U nderwriting Agreements with: Signing Date: 31s March 2021 Tenure: This Agreement shall be valid urtil the - AAA Finance & Investment completion of subscription of shares and Limited unless this Agreement is extended or earlier - Southeast Bank Capital Services terminated in accordance with the terms of Limited this Agreement. Maior Terms As per guideline of the Bangladesh - ICB Capital Maragement & Conditions Secu ties and Exchange Commission,35% Limited of the IPO (i.e.- for Tk. 56,000,000.00) shall - IIDFC Capital Limited have to be underwritten by the underw ters, subiect to the terms stated as follows: The IPO shall stand cancelled and the application money shall be refunded imrnediately (but not later than 5 (Five) weeks from the date of subsc ption closer), if any of the following events occur : Upon closing ofthe subscription listitis found that the total number of valid applications (ir, case of ulder subscription including the number of the ulderwriter) is less than the minimum requirement as specified in the listing regulations of the Stock Exchange(s) concerned; or At least 65% of the IPO is not subscribed. UNDERWRITING: The Company shall make the Public Offering of 16,000,000 Ordinary Shares of Tk.10.00 each share as provided in this Agreement. The Underwriter shall underwrite 5,60O000 Ordinary Shares of Tk.10.00 each share arltounting to Tk. 56,000,000.00 out of the Public Offerirg on a firm commitment basis. This e,c\l commitment is irrevocable and <\l unequivocal. G, CL co ay /^^,olrt c\l MoheErd otofdn PJbr"-l' R5 tasmin Akt6t \\sBNf \ Direttor & CBO ,tdl, Mrolgi4 ConPanY Secleta Maloy Kumar saha shamlmLP rcl etl lre lov€th6ot lrd er shaflque AAA Fiosoco & !.ttt YglYeo ksurance ConP { Chiet Financial officsr (cfo) :EO Sar3 X.lyaq (olu(a(ce Comgaiy Lirnite ny LrnrltS$ Page 1182 THE PUBLI FERING: The Company shall comply with any other formalities required under the Iaws of the land for raising fund ttuough Public Offering. If and to the extent that the shares offered to the public by a prospectus authorized hereunder shall not have been subscribed and paid for in cash in full by the closing date, the Company shall within 10 (ten) days of the closule of subscription call upon the Underwriter in writing with a copy of the said writing to the Bangladesh Securities and Exchange Commission, to subscribe or procure subscriber to subscribe the shares not so subscribed within the closing date and to pay for in cash in full, inclusive of any premium if applicable, for such unsubscribed shares within 15 (fifteen) days after being called upon to do so. The amount soreceived shall be credited in tle share subscription account of the Company within the said period. If payment is made by Pay order/Cheque by the underw ter it will be deemed that the underwriter has not fulfitled is obligation towards its underwdting commibrent under this Agreement until such time as the Puy order/Cheque has been encashed and the Company's shate subscription account credited. In any case within 7 (Seven) days after the expiry of the aforesaid 15 (fifteen) days, the Company shall send proof of subscription and payment by the underwriters, to tle Commission. In the case of failue by the Underwriter to pay for the shares under the terms mentioned above, the said underwdter wiil not be eligrble to underw te any issue, until such time as it fulfills its underwriting commitment under this Agreement and also other penalties as may be determined by the BSEC. ln the case of failure by the Underwriter to pay for the shares within the stipulated time, the Company /lssuer CJ will be under no obligation to pay any <\la, underwdting commission under this G, Agreement. CL4, In case of failure the Corrr to call @ C\J N /^',rarr Mol&fild 0M$ Prbrzr, Fcs \se$- Ir{&rgi[8 Dhochr & CEo Malov Kumar Saha Brig 6en AAA Fioamo & lnwrtment trn Sharique Shamim t"{s Chief finanrial officer (CFO) trnagi etd), CI lC..t) X.llin lngttonce Ccinpany Limited ng Director CEO Sena Kalyal! lB eqra4r. Co mpaof limjtall Page 1183 upon the underwriter for the aforementioned purpose within the stipulated time, the Company and its directors shall individually and collectively be held responsible for the consequences and/or penalties as determined by the Bangladesh Securifies and Exchange Commission under the law. That the signatories to this Agreement have duly been authorized by the Board of Directors of both the Company and the Underwriter [o execute ard give effect to this Agreement from the date wdtten herein above. The liability of the underwriter ulrder this clause shall be in proportion to but not exceeding the shares agreed to be underwritten by it; PROVIDED that the aforementioned request of the Company shall be supported by official certificates and other documents of subscription obtained from the Banl Fees a able to different arties (n)04(c) Name of Parties Role Fees payable Lump-sum: Tk. 1,000,000/- Maximum 2.00% cn thc public AAA Finance & Investment Limited Issue Manager ofer amount as per BSEC (Publk IssrLe) Rules, 2075 AAA Finance & lnvestment Linlited 0.40% on the underwritten amount by the underw ters, Southeast Bank Capital Services Limited i.e.- Tk. 224,000 - Underwriter / ICB Capital Managenent Linited Maximrrm 1 .00'l otl the underuitten amount rc per BSEC IIDFC Capital Limited (Public lssue) Rules, 20L5 c$S € CL a N MotlEnrd oh'drl RdrL1 lf,S ^,Yr)hF \Ns-N M&rgirg Dirrhr & CEO nar saha I Linited Offrcer (CFOI Dt 6r!t Shafiqui Sr,dai,- {AA FiDsEca & Ixv$tii€nt Lt( )i 3ma r Ccffoanv timited Managing Dire( &na l(ahaIt toqrtr rre Compaoy llriIted Page 1184 SECTTON (xrx) (BX18) OUTSTANDING LITIGATIONS, FINE OR PENALTY SECTION CONTENTS The outstanding litigations against the issuer or any of its directors and fine or penalty (u) imposed by any authority (b) Outstanding cases filed by the Company or any of its directors l\t :\5 G, o-< @ hN /,,-,^r* Mo[rlrDld obiydu Rttr:!, 86 lasmin Altter Mroaghg nirntor & C80 Nso"$-- u"'"n Saha ,; aAA Fioloco & hYestm€trt Ltd llH'.1"'"lXll,""lill', Maloy Kumat ii (CtO) Chlcf f;nancial Officer S'nr (.ltm lnrur.,n:e ComPanv Lir$ite{ Page 1185 The outstanding litigations against the issuer or any of its directors and fine or penalty im osed b an authority @)(rt)(a) The issuer or directors of SKICL was not involved in any of the following types of legal proceedings except as disclosed below: (i) Litigation involving Civil Laws; There is r.ro litigation involving Civil Laws. (ii) Litigation involving Criminal Laws; There is no litigation involving Criminal Laws. (iii) Litigation involving Securities, Finance and Economic Laws; There is no litigation involving Securities, Finance and Economic Laws. (i") Litigation involving Labor Laws; There is no litigation involving Labor Laws. (") Litigation involving Taxation (Income tax, VAT, Customs Duty and any other taxes or duties)i There is no conviction of the Issuer or any of its director(s) in connection to taxation (Income tax, VAT, Customs Duty and any other taxes/duties) except disclosed as below: Income Tax: The TIN number of the Company is 8336 7967 9\09.\ear wise income tax status of the Company is depicted below as per the audited accounts of December 31, 2020 Tax liability Advance As6e6sment Income Income Tax as per income Income Current Status Year Year Paid by PO tax retum Tax Paid Return submission date l5 2021-2022 2020 September, 2021 Retum submitted as per clause : 82B8. Advance Tax adjusted of 2020-2021 2019 21 ,507 ,294 3.394,610 18,002,149 tk. I,10,535 against lncome aEta year 2018 * Return submitted as per clause a- 2019-2020 20r8 2.822.678 2,933.213 <, 82BB. € (\a N ,/^^,'^r* Mot mld 0brYdr Rrbnrx' ftl tasmln Akte, \o.trS SecrctarY Ma$gilg Dir.dor & CEo €Bfnpany .A Maloy Xumar Saha & lov€rtmetrl Lh AAA Fiornao Chief tinra6;;l 9;1;g61 16661 yqlvao 5tm lnrurance Company tirnited ,r",,-,|'. ,.. Page 1185 Retum submitted as per clause: 82BB. Tax provision higher in 2018-2019 20t7 10,240,665 2,687,600 6,9t3,024 accounts due to 40olo but as per retum 37.50% Retum submitted as per clause 82BB. Tax provision higher in 20t7 -20)8 20t6 8,t39,467 1 ,602.286 6,058,3 89 accounts due to 425Yo but as per retun 40% VAT: The VAT registration number of the Company is BIN No. 001108614-0101 under area Dhaka (South). Year wise VAT status of the Company is depicted below as per the audited accounts of December 31, 2020: VAT on VAT on Commission on R€- VAT on Agency Agency Commission as Insurance Ceded as Commission as per per audit Year per audit audit intelligence Current Status intelligence intelligence and and inveetigation and investigation demanded investigation demanded demanded 2020 Custom Excise & VAT Commissioner per 2079 as audit report of director of 2018 audit intelligence and 2077 investigation demanded 2016 7,647,671 2,620,725 2,620,725 BDT 10,?62,320. ,f.ffa'lod inlitqn niFrrc. 2015 2,031,512 1,965,332 1,965,332 qrg_a+{ ,,,,r,i foElr 6rrl 201,1 583,197 1,913,853 1,913,853 rrir qlf{+E {ir rs{rfr dd. :rur.F dfar :r lrh. ba:q .rrr/nr I{ roro lnltq. qlt{/toto/noc-{ra i cclt Customs Duty: Not applicable for SKICL. Any other taxes or duties: Not applicable for SKICL. ("i) Litigation involving any other Laws, There is no litigation involving any other Laws- cl c\lc, cr- cct N l^d,G <\J lohrnrrd ObrydE P,rlcex, 8S So+ Marlgi!8 Diredor & CBo Maloy Kumar Saha AAA Fiornce & livtstctrt Lld 3",. fl i,'i,lllL:ii"Tj;I j,.f h*o Senat-, Page 1188 Outstandin cases filed b the Com an or an of its directors (BX18Xb) There are no outstanding cases filed by the issuer ot any of its dfuectors to any of the following types of legal proceedings except as disclosed below: (i) Litigation involving Civil Laws; There is no litigation involving Civil Laws. (i0 Litigation involving Criminal Laws; There is no litigation involving Criminal Laws. (iii) Litigation involving Securities, Finance and Economic Laws; There is no litigation involving Securities, Finance and Economic Laws (i") Litigation involving Labor Laws; There is no litigation involving Labor Laws. (") Litigation involving Taxation (Income tax, VAT, Customs Duty and any other taxes or duties); There is no litigation involving Taxation (Income tax, VAT, Customs Duty and any other taxes or duties). ("i) Litigation involving any other Laws. There is no litigation involving any other Laws a\t -:\a d, o-< e, <\l hl. ,n,'^Jhl'- Molmnrd ,?.0, 0brydr: Rrtrra lCt smfi-Aktar M&lgirg Direchr t NtP., & Cfo EoftDtnY secletilY _. Brl! Gen Sha.fique Shalhtln, psc ,(=1; AAA . -r {qet,j[, Clr Firaoco & lnvestBoot Lh s ' ' ,,"" *I,'Jifllii,3l::'::;",;i? ,,,,,"0 Page 1189 sECrroN (xx) (BXle) RISK FACTORS AND MANAGEMENT PERCEPTIONS ABOUT THE RISKS SECTION CONTENTS All risk factors and management's perception about how to address the risks are to be clearly (a) stated (b) Risk factors shall be disclosed in descending order of materiality Perceptions to address risks shall not contain any speculative statement positive (c) on t}le outcome of any litigation, etc. (.1) The disclosures of Risk factor r{ oc{ CE CL @ c{ N rNhE t{ohrrrErd ohydE Rrhnn, FC6 lftooginS Dfutctor & CEO MaloY l(l r saha q aAA fiDrm Invcstn€0t Lld & . Litrid drief Finan;i f!(er (CFOI r' npa[y Limited Sent l'dtan lns{ra Page 1190 All risk factorc and management's perception about how to address the risks are to be clearly stated. All risk factors which are specific to the project and hternal to the fusuer and those which are external and beyond the (n)(re)(a) conhol of the issuer and all qualitative or quantitative risks those may not be material at present but may have a material impact in future shall be included; All risk factors and managemen(s perception of SKICL clearly stated along with intemal and external risks which may not be material at present but may have a material impact in futue. Risk factore shall be disclosed in dexending order of materiality. Wheretrer risks about material impact are state4 the financial and other implications of the same shall be disclosed. If it cannot be quantified a (BXlexb) statemmt shall be furnished about the fact that the implications cannot be quantified; All risk factors are disclosed in descending order of materiality along with material impacts, financial and other implications wherever applicable. Perceptions to ad&ess riskg shall not contain any speculative statement on the poeitive outcome of any litigatio& etc. and shall not be given for any (r)(re)(c) matter that is sub-iudice before any Court or Tribunal; No management perceptions of the disclosed risks contain any speculative statement on the positive outcome of any litigation, etc. nor does it give for any matter that is sub-judice before any Court or Tribunal. (=, a!= e CL< oo s{ ,,I,,C Motlnlrd ohydu RrDnal 86 NP-N i{rn$i!S Dir.cff & CfO a AA PioErE! & lnycstmc Lrd l!G Page 1191 The disclosures of Risk factors shall include, whete applicable, the followi (BX1e)(d) Any inveshnent always associates with both intemal and external risk factors having both direct and indirect effect on the investrnents made by the investot. Among those risks some can be averted, others are beyond control, which may cause loss. Before making any inveshnent decision, investors need to consider the associated risk factors, the risk premium and management perception. lf any of the following risks happens in the business, operational results and financial conditions could suffer and investors could lose their inveshnents partly or fully. The management of Sena Kalyan Insurance Company Umited perceives the following risk factors, both external and intemal, which are enumerated hereunder: (i) Internal risk factors; (i) External risk factors. 6r c\lo CE CL € *" i{0hmrdobrrd!, Rdtlo,lct lrsmin Akt€r NscLN- r-r.r: MEf,ho llfo6 & C80 Ccn irri ::'7 s.m (r:!r'\ i1s! i -: - " ,''rr:i":]d .Aiffi;ficrtm.ot [ft : i (r'... j '-ti Page 1192 (i) Internal risk factors may include, among others: (a) Credit Risk; This is the risk of default on a debt that may arise because of default by the borrower to pay the loan. In operating any business there is always credit risk lies in the business. As there is always lending and borrowing between parties in the form of money and goods. Management Perception: Credit Risk mainly lies with Finanaal lnstitutions and the manufactuing company which sells its prod.ucts in credit. Since is Sena Knlyan lnsurance Company Limited inztolzted in insurance business, there is no such credit isk. (b) Liquidity Risk; The risk that a company may be unable to meet short term financial demands. This usually occurs due to the inability to convert its current assets to cash without a loss of capital or income. Liquidity is a common phenomenon of the business. Managemert Pnception: SKCL conducts liquidity management in a manner that maintains stability and flexibility in day-to- day funding actiaities. The Company manages its working cnpital in effcient rnay to maintain rcquired liquidity. lt also controls regular payment of chzques, ush inflow snd outJloto, matui\ of deposits and our access to othzr funding sources as and when rcquired. (c) Risk associated with the issuer's interest in subsidiaries, joint ventures and associates; If the subsidiaries make loss, it affects parent company's balance sheet. hr case of associate, there is chance of decline value of investrnent in associate company. As for ioint venture, a joint venture (fV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. in a joint venture (J$, each of the participants is responsible for profits, losses and costs associated with it. Management Perception: There arc no such isks as Sena Kalyan lnsurance Company Limited has no subsidiary and associate - (d) Significant revenue generated from limited number of customers, losing any one or more of which would have a material adverse effect on the issuer; There is risk involved in having limited number of customer and losing of that customer has negative impact on compaly's sales and cash flow as well. c\t o<1 Maflageffieflt Perception: G6- The Company is not dependent on any particular or limited number of customers to operate L business and the management is alttays ken to fnd out neu castomers which boost up the @ R( ,L*^l* Motmrd 0hydu Rrbnal lf,l tesmin Akter BrlE G.n ltatique sh.mtm, It{,lsgiig Director & CBo fgnaanv 5.!:retary frsc {p l), cx,"".t) I Mrnaging AAA Fiolnce & lflveitmcot Ltd Direct o rt Kalyat \Dsuraarc co$9aoy LrnitoC Page 1193 sales. SKCL mnintain a good relahonship with customerc and take feedback about *ruias. There is less chance to lose castoters and losing anyone will not ffict company's proftability for its demand, high quality, and competitioe seruie. (e) Dependency on a single or few suppliers of raw materials, failure of which may aff ect production adversely; There is also risk involved in having limited number of suppliers as well. Single or few suppliers may exploit the company by price hike, untimely delivery, and low quality of product. Managemmt Perception: By the nature of business, Sena lQlyan lnsurance Company Limited has no such type of nsk. (f) More than 20% revenue of the issuer comes from sister concern or associate or subsidiary; Having 20% revenue generation from sister concem or associate or subsidiary makes issuer dependent on other companies. Hence, there is dependenry risk. M arl agernmt P erception: There are no such isks as Sena Kalyan lnsurance Company Limited has no sister conctm or subsidiary or associate. (g) Negative earnings, negative cash flows from operating activities, declining turnover or profitability, during last five years, if any; Negative earning and negative operating cash flow are risk under the going concem risk for the entity. M an a gem e nt P er c ept i o n: SFJCL has no negatttte earnings and negatiae cashJlow. The company has bem operating business effcieatly. As such the tummnr and proftability are inoeasing at a steady pae wer the last fae years. (h) Loss making associate or subsidiary or group companies of the issuer; When associate, subsidiary, group companies of the issuer are loss making, it affects the issuer ard there is negative impact on cash flow and the balance sheet of the issuer as well. Managemmt Perceptiott Therc are no sucJt isks as Sena Kalyan lnsurance Conpany limiteil has no associate or subsidiary or group companies. (i) Financial weakness and poor performance of the issuer or any of its subsidiary or s associates; ct Financial weakness and poor performance of the issuer have negative impact on the CEa company. As a result, it will be tough to pay loan interest, debt service and dividend. < cr Future growth will be hampered. 6a DUs tarmln'Lllf Akt6t Ne+ Mo[rolrd (]rbcyd[, Rrhffl, 1c8 gsrpany Ma,oy }(umar Saha SeEIetarY prc cll M!!!8iot Dindol & CBo Lirrf.d Chief f,nsm;al Officer (CFOI I {Rstd). 1c..1 or & CEO A AA fiomcc & laY€8tmt l.tt Sa Llfan tn5uian.e ComDaiv [imited | 'lLL Page 1194 Managemmt Perception: The Company is fnancially sound. and. has fuen operating with good performance. Besides, there are no sa& isks as Seta Kalyan lnsurance Company Limited has no subsidinry or associates. (i) Decline in value of any investmen! If investrnent value decline, it will reduce the profit and assets as well. Management Perceptiotx SKCL ltas inaestments in the following: - Treasury Bonds issued by Bangladesh Gooenlfient - Inaest nent in Shares (Capital Market) - FDR in commercial banks Apart from inoestment in shares, aboue int:estmsnts are hekl to matuity with fxed rute Thus, the aalue shall not decline. Howwer, aalue of inaestment in capital market may fluctuate due to notmal market trend. SKCL manages the inuestment tlith caution to aooid any signifcant decreax in portfilio aalue. Besides, the fund allouted in caVital market is marginal compared to inoestnmt in othet segments. (k) Risk associated with useful economic life of plant and machinery, if purchased in second hand or reconditioned; There is obsolescence risk relating to plant and machinery. If the machinery is purchased in second hand or reconditioned, there high risk of repat and maintenance which has impact on profitability of the company. Maflagemeflt Perce?tion: By the nature of business, Sena Kalyan lnswance Company Limited has no such type of isk. (l) Adverse effect on future cash flow if interest free loan given to related pa.rty or such loans taken from directors may recalled; It is loan given and taken kom related party and directors as well. If company gives such loan without interest to related party, there is interest burden for the company if the money was taken as loan. On the other hand, if such loan is taken from directors, it will have an impact on the cash flow to pay off the loan to the Directors. M anagem ent P ercepti on: Thzre is no such loan giuen to related party or loan taken from directors (m)Potential conflict of interest, if the sponsors or directors of the issuer are involved with one or more ventures which are in the same line of activity or business as that of the issuer and if any supplier of raw materials or major customer is related to the <\l same sponsors or directors; ct<\l ln these cases, there is high chance of compromise among the related companies e, CL because of conflict of Interest. € a\r ,/,^,nl^E N ia!mi Aktet \$"94-+ MoblDod tlrydr Rrhmr,16 | , Egmpany SecletarY Bdt 6e!t Shanq 'l Maaahg DirDdor& CBo Man 1AA Fimnc€ & Invertrc€st Il(! . Saaa rralla! Page 1195 Management Perception: There is no potential conflict oJ lnterest as we do not haae any aenfure which is in the same line of actiuity. (n) Related party transactions entered into by the company those may adversely affect competitive edge; Related party transaction of the issuer creates conflict of interest which reduces the competitive advantage of the issuer. M an agement P er c epti on: There is no as such transaction which may afu;ersely afect competitioe edge. (o) Any restrictive covenants in any shareholders' agreement, sponsors' agreement or any agreement for debt or preference shares or any restrictive covenants of banks in respect of the loan or credit limit and other banking facilities; All ilformation must be known to the potential investor so that investor's interest may not be hampered in future. So, any restrictive covenants if it goes against potential investors, will make investors in ieopardy. M anageffi ent P ercef,ti on: The company has no debt or preference shares that may contain such rcstictiae cooenants in its shareholders' agreement, sponsors' agreement. Also, SKCLhas not taken any loan or uedit limit and other banking facilities whichmight contain such restictiae cooenants. (p) Business operations may be adversely affected by strikes, work stoppages or increase in wage demands by employees; In such case, compaly's business operation will be hampered. Management Perception: By the nature of business, Sena Kalyan lnsurance Company Limited has no such tyye of isk. Moreorser, SKJCL offers a competitioe salary structure for our employee for their job satisfaction which preoent such possibilities. (q) Seasonality of the business of the issuer; It is the risk involving that company is not doing business round the year. M an agem ent P ercepti on: Br1 the nature of bttsiness, Senc Kalyan lnsurance Company Limited has no such type of isk. (r) Expiry of any revenue generating conkact that may adversely affect the business; This is the risk of losing customers affecting future sales. 6l C! <\ Management Perception: G, SKCL has no such reaenue generating contracts tlut may adaersely affect the business EL<, oE GI Ns Z*,,&n ilrolrarud ohydtrR tn',,16 tlrmii Akter \qlor-N MsDrgirS DiEchr & CEo Malov Kumar Saha 4AA tinorco & lnv€3hmt Lh rtrd Chlrf Finan.ial officer (CFO) : * timl!cq 3c:ri xrlYrn lns,rlsi:e ccniani Page 1196 (s) Excessive dependence on debt financing which may adversely affect the cash flow; Excessive dependence on debt causes huge interest burden of the company and high risk of insolvenry that may result in bankruptcy. Managemmt Perception: SKCL is not dependent on any fubt fnancing. Therefore, there is no possibilig of isk in this respect- (t) Excessive dependence on any key management personnel absence of whom may hdve adverse effect on the issuer's business performance; Excessive dependence on key management affects the business if the management is changed in future, which will create vacuum. Besides, if the key management personnel are of bad intentiory excessive dependence will also affect the business. M anagement P er c epti on: Corporate Gcnemance is well practiced in SKCL. Thz company has well-structured organogram. Hence, any change in the key management un be replaced with suitable person. (u) Enforcement of contingent liabilities which may adversely affect financial condition; It is the future burden of liabilities that the investors will take on their shoulders. Contingent liabilities reduced the assets or create obligation to pay the liabilities. M an agelnent P ercepti on: SKCL does not haae any contingent liabilities which may adaersely afect fnancial condition. (v) Insurance coverage not adequately protect against certain risks of damages; Insurance ensures and protects to deal with uncertainty of fufure material loss or damage. So, insurance coverage is importalt for the business. Managemen t P e r ception : The company maintain re-insurane to meet up claims. Additionally, there are no such assets of SKICL thnt require insurance cooerage. (w)Absence of assurance that ditectots will continue its engagement with Company after expiry of lock in period; Directors run the company with the accumulated fund from public and other financing source. If directors discontinue to run the business, there will be negative impact on business ald share price as well. M anagernent P ercepti on: All the directors, ccept the independent directors of the company are nominated by Sena Kalyan Shnngstha (SKS). such, As regardless of clunge in representatiue directors (if etc\l necessary); Sena Kalyan Sangstlw shall continue to hold its position as Director; toen after c! expiry of lock G, in peiod. EL oE <\ s /**',rarf Mohrmad Lasmin Aktet -S- 0brydu Rrtnzl FCb \s.a qtrrpnnY SecretcrY Maugiqg Diro.tor & _:i Maloy l(umat Saha CBO r- L l tteg u (t n'-e Cr Jl '_" , n1, ih-l i (CFol aAA Pioanc,! & lnvalhot Lh thitl t,'rancial ofiiccr E paflY Limited Sena ti.ly-rn lnrutancc Co Page 1197 (x) Ability to pay any dividends in future will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditure; Dividend payment is highly dependent on company's ability to generate profit. If company cannot earn good amount of profit from operation, it is unlikely to pay dividend. Manageflttnt P er cepti orl: SKICL is a fnnncially sound company and eoery year generates sound proft. The fiafll.gefiefit belieoes that SKICL will be able to pay dir:ide rcgulnrly from future earnings consideing fnancial condition, cash Jlows, working upital requirements, capital exrynditure as unll as gooemment's initiatiaes taken for the dnelopment of this sector at present. (y) History of non-operation, if any and short operational history of the issuer and lack of adequate background and experience of the sponsors; If there is any history of non-operation of the company, it creates negative inpression. Apart from this, short operation history indicates company is gathering knowledge and expertise to be competitive in the market. Management Pnception: Tfure is no such case that hooe occtrred in the history of SKICL. (z) Risks related to engagement in new type of business, if any; If it is new business, there is a risk of viability of the new business. M atagemant P *ceptiott: There is no as sudt isk as SKCL has not engaged in any new type of business nm it plans to do so. (aa) Risk in investing the securities being offered with comparison to other available investment options; If the issue price goes down after floating, there is investment risk for the potential investors. Managemefit P erceptiorr: SKICL is a proftable entity and its business growth will continue in future. Moreooer, the company is issuing shares at par to the inuestors. Thus, it is not isky in imtesting seatities of this cornpany compared to otlur aoailable inaestment options. Hmtax4 lilce other secuities, tht share pncc of SKCL may be fficted by macro+conomic lactors like inJlation, business cycles, calital fiarket etc. (bb) Any penalty or action taken by any regulatory authorities fot non-compliance with c\ c\rC' provisions of any law; G, A company may be exposed to risk of loosing brand value and substantial cash flow M anagement P ercepti ott: Insurance Druelopment and Regulatory Authonty QDRA) imposed penalty on SKlCLfor not floating public share through IPO as non-mmpliance of rule 4 (a) of the Insurancz Act, 2010. It should he mentioned that the abwe rule requires eoery insurance company to raise capital through IPO ttithin tlree years of incotToration. Howeuer, SKCL has failed to comply tuith the same tuithin the stipulated time. As a result, IDRA lus imposed penalty of (amount) for non-compliance of aforesaid condition. Subsequently, (auount) of the total penalty has been paid and the rest (amount) shall be paid. in due time. The managemut of SKCL addresses the matter utth utmost seiousness. And as per rule 3 (D of Adl {qS4 g c-lW W,l frfidtfr ao)\b the company has applied for raising capital through IPO of BDT 16 Crore, which shatt be 40% of tht poslIPO paid.-up capttal of BDT 40 Crore (subject to the approoal of the Commission) . Other than aboue SKICL has not faced any penalty or action from any rcgulatory authoities. (cc)Litigations against the issuer for Tax and VAT related matters and other government claims, along with the disclosures of amount, period for which such demands or claims are outstanding, financial implications and the status of the case; Any litigation in terms of unsettled tax, VAT or any other Government claim may hamper business operation of the company and may create future potentiai financial losses. Management Perception: There is no such litigahon against SKCL for Tax and VAT related matters and other gmtemment claint. lnformation regarding tlte matter is disclosed below: Income Tax: The TIN number of the Compaay is 833679619109. Year wise income tax status of the Company is depicted below as per the audited accounts of December 31, 2020 Tax liabitity Advance A6Ees8ment Income Income Tax as pet income Income Current Stafus Year Yeai Paid by PO tax return Tax Paid Retum submission date 15 2021-2022 2020 September, 2021 Return submitted as per clause 82B8. Advance Tax adjusted of 2020-2021 2019 2\,507 .294 3,394,6t0 18,002,149 tk. 1,10,535 against lncome year 2018 Retum submitted as per clause 20t9-2.020 2018 2.822,6',78 2,933,213 82BB. Return submitted as per clause: qfrc\r 82BB. Tax provision higher in c\r 2018-20r 9 2017 10,240.665 2,687 .600 6,913,024 accounts due to 400 but as per e. CL return 37.5002 co -n c\a \N e64, Molrtlmd 0brydu Rrhr$, ru, lasmln^,+vJE Akter N>cr-S Itft$gilg Diroclor & CBo Crn:t,aov SecretarY \ AAA Fiosffr lnveNtmed IJil & ' Ii _ Page 1199 Return submitted as per clause 82BB. Tax provision higher in 2017-2018 20t6 8.t39,467 |,602,286 6,05 8,3 89 accounts due to 42.5% but as per return 40oZ vAT: The vAT registration number of the Company is BIN No. 001108614-0101 under area Dhaka (south). Year wise vAT status of the Company is depicted below as per the audited accounts of December 31, 2020: VAT on VAT on Commission on VAT on Agency Agency Commission ag Re-Insurance Commission as per per audit Year Ceded as per audit audit intelligence Current Status intelligence intelligence and and investigation and investigation demanded inve6tigation demanded demanded 2020 Custom Excise & VAT 2079 Commissioner as per audit rcport of director of 2018 audit intelligmce and 2077 investigation demanded 2076 7,647,671, 2,620,725 2,620,725 BDT 10,762320. rrl. ,i.t:fsflEi qtl-{/tot o/bod-{ra e 5Ei' {{sl{lr A{l ral|'rn dE . sltfu -f{.rd ifa!,{f{6 "EE q'{ts ffi6 q r:,rlrsrn ar. F6i fn&{ rl-.It{fu a6.rr {r!tE r rrlilrl aarg - aroiq.oo 1!). 'Ila Fa{, -li,rF{ ffiE rc% €\.I qii nl!:{rw{ rrr qlfi{ scttlcd which G pending , for the d€(ision of thc Commissioner of Custom Excise & VAT (South). (dd) Registered office or factory building or place of operation is not owned by the a issuer; c! e. Factory building should be owned by the company. Otherwise, there is risk of hike in CL factory rent in the years to come and threat of shifting the factory as well. < a a\a L lht Molund s d+F 0baydn Ibtnea F6 Na$a$- Mallgiog Direcrff & CEO AAA Fioance i & ,ivertaent Li1 ^t Page 1200 Management Perception: SKICL is operating its business through corporate head offce and branch offccs on a rental basis since the inception. 'Iltre was no history of hamper ol operation in this premise. lt is also mentionable that therc is rcasonable time allowed to SKCL to aacate the phce. So, there is no scope of aising any isk in this respect. (ee) Lack of renewal of existing regulatory permissions or licenses; ln case whether the company is following the law to renewing its all licenses or not. Managenefit Perce?tiofl: All licenses of SKCL are aalid and up to date. The management of thc Company alumys takes timely steps to rcnew all its regulatory licenses. So, scope of aising any isk in this respect is lul. (ff) Failure in holding AGM or declaring dividend or payment of interest by any listed securities of the issuer or any of its subsidiaries or associates; Failure in holding AGM or declaring dividend indicates the lack of compliance tc the regulatory rules. Failure of payment of interest indicate the poor cash generation to the company to pay interest and debt service. The overall impression will be negative for the company. Managenent Perception: The company does not haoe any subsidiary or associate or listed secuities and thus no such nsk is applicable. (gg) Issuances of securities at lower than the IPO offer price within one yeari lf the Issuer issues share at lower than the IPO offer price within one year, there will have possibilities to arise misperception about IPO price. Managemmt Perception: The company has not issued any secuities at louxr than the IPO offer price within the lqst one year or fufore. (hh)Refusal of application for public issue of any securities of the issuer or any of its subsidiaries or associates at any time by the Commission. If any refusal happened in the above cases, it would create negative impression to the issuer. M an agernent P erception: SKCL has frst opplied t'or raising of Capital ttuough IPO in the year of 2021. So, tlure is no mateial impact of past application. (ii) External risk factors may include among others: O exposure several types of risks. Sena Kalyan InvesEnent in capital market involves to & Insurance Company Limited operates in an industry that is exposed to several extemal risk CL<' has following includes some of the factors over which the Company little or no conkol. The GI ar f'-,,,rrlrg' \\€^N- tloioald Otdyd', RlhE?q ro ihugilS Dirccor& CBo 'r{ 4AA Siu[l(! & lnvtlfocot L$ Page 1201 significant risk factors that may affect the value of the Company's shares. Hence, a rational investor should carefully consider all the information contained in this prospectus including the risk factors elaborated below. (a) Interest rate risks; Interest rate risk is associated with the fluctuations in market interest rates which cause a company's cost of debt to increase. Changes in the Govemment's monetary policy also tend to increase the interest rates. High rate of interest may adversely affect the operating results and financial performance of the Company with additional financial charges and squeezes the profit of the company. Managemett Perception: SKCL cunently d@s not enjoy any loan facility, thcrefore there is no interest rate isk associated zuith the Cotnpany. (b) Exchange rate risks; Unfavorable volatility or fluctuations of foreigrr currency to BDT exchange rate may have an impact on the cost skucture and profitability of the company. Management Perception: By the nature of business SKICL has no exposute to foreign currency risk because it operates in local market and deals with local currenry only. (c) Industry risks; Industry risk arises due to risk associated with business and macro-economic factors of the industry such as labor unrest, shortage of power, rising of raw material cost or shortage of raw material supply etc. If risk factor pertaining to industry is high, the growth of the industry shall be lower or may be eroded the entire potentiality of that industry. M an agen ent p e r c epti o ru SKCL has no exposure to seoeral industry isks, i.e.- production, pdwer, tdw fiateial etc. Howeuer, the company is operating in a highly competitiae industry. As such the SKJCL faces stiff compehtion aising from the existing 46 genelal insuruna companie* Det?ite the exfiefie competition, SKCL's business opelation shm)s satisfactory Wrfonnance. (d) Economic and political risks; Economic risks: The growth and profitability ofThe Company could be eroded by various factors such as political or regulatory action, including adverse impacts of globalizatiory liberalization policies, social disturbances, terrorist attacks and other acts of violence or war, natural calamities, commodity and energy prices and various other factors. c, Any significant changes may adversely affect our business and financials. Ga- M an a g em ent p er cept i on: <, @ Bangladesh economy is booming for last few years. Consistent industrial growth along utith increased agicultural production has made the per capita income higher than that of recent $' MotlnE do4dR [E!,, fc5 \us'$- ih!!d!s Dindff & CtsO 4*#(.."" " "" 4AA Piorm, & lnv€rtdar lLr I Page 1202 years. Eoen consideing the reunt Cooid-19 pandemic, the Economy and businesses in Bangladesh has performed. far better compared to other nations. ln addition, faaorable gooemment policies and industry f'riendly policies by other regulatory bodies haae prrned to be congenial to the economy of thz country. The management of The Company is aware of such isks. Political risks: The risk that an investrnent retums could suffer due to political changes or instability in a country. Instability affecting investment returns could stem from a change in govemment legislative bodies, other foreign poliry makers, or military control etc. M an a gem e nt p er c epti o n: After the independence , Bangladesh has gone through a uaiety of political situations. But since the last decade, a stable political atmosplvre is preuailing in the country. Both the ruling and oryositionparties are committed to the bettement of the country. Political parties are thinking for growth of the country. Thus, the management assumes minimal isk in this regard. (e) Market and technology-related risks; Market risks; Market risk relates to the volatility of the market price of assets. It involves exposure to movements in the level of financial vadables, such as stock prices, interest rates, exchange rates or commodity prices. M an a g em e nt p er cept t on: Insurance business globally is increasing. Industialization and other infrastrucfure of the country are rentarkably dneloping, as such the general insurance business is increasing dty hy day. T'lu market is expanding as people are realizing th importance ofinsurance. As SKCL has a strong presence in tht corporate sector Trith renouned brand image, healthy fundamental indicators shall prez.;ail in future which will create significant retum to the shareholders suen consideing the market isks. Technology-related risks; Technology always plays a vital role for every business. Innovation of new and cost- effective technology can increase productivity and reduce costs of service. On the other hand, obsolete technology may have a negative impact on the business. Managemmt perception: As ooerall insurance industry is not technology diaen, the Company belieoes that there is aery low probability that the technology change may adoersely impact on the Companies Business operation. Yet, SKCL always applies thz latest technology in the insurance managetnent process. (f) Potential or existing government regulations; c\l <\o The Company operates under primary regulator Insurance Development Regulatory E Authority (IDRA). Besides, it is incorporated under Registrar ofJointStock Companies CL< & Firms (RJSC). Thus, SKICL must comply with all applicable rules and regulation of @ the above regulators along with compliances adopted by NBR, Bangladesh Securities c! A,ulrE \r$eAS- ar 4dtu AA Finmor e hvrtucor Lkl "T Page 1203 and Exchange Commission (BSEC) and other regulatory bodies. Any abrupt changes of the policies formed by those bodies will impact the business of The Company adversely. Managemmt perception: Economy of Banglad.esh has been der:eloping otser the decades because of business-friendly rules and rcgulations ad.opted by the oaious regulatory bodies of thz counry. Llnless any adaerse policies arc taken, which may ,nateially affect the zohole industry, the business of SKICL will not be affected. Gooernment ernphasizes on the growth of local industry to meet the loctl need. Yet the promoters and the sponsors hnzte endeaoor to conuince the policy makers for adopting faooruble terms and conditions, which toill ntentually help the industry to compete trith the lmt-cost locations in the global arena and to saae foreign afirency . The management of SKICL hts been playng an actiue role by discussing, commenting, and recommending lnith IDRA to improoe the Insurance sector. (g) Potential or existing chantes in global or national policiesi Changes in the existing global or national policies can have either positive or negative impacts for the company. Any scarcity or price hike or global or national policy change may hamper the profitability. M afl a I erfl ent p er cept i o n: Polihcal turmoil and the disturbance are bad for both the economy and company. The Company can prosper in situation of politiul sta.bility and a congenial business enuironment. The management of SKICL is always concerned about the preaailing and upcoming futwe changes in the global or national policy and. shtll response aryropiately and timely to safeguard its interc,st. (h) Statutory clearances and approvals those are yet to be received by the issuer; Statutory clearance and approval are imperative for any business to start off. There are many statutory clearances and approvals need by the regulatory authority to be monitored, controlled, and guided. M atagement P ercepti on: SKICL has been in the business ooer I yeals. The company has collected all the statutory clearaflce to opetate our business. Hence, there are no as such isk for the Campany. (i) Competitive condition of the business; As Bangladesh has a free market economy, the Company might have to face hard competition from its competitors. Availability of different types of insurance service adds to the competition, challenging the profitability of the business. etc\l M an agement p er cepti on: 6l Bangladesh is tlt prime source of cluapest labor in the utorld, gaining comparatiL,e adltantages G. ct- for its industries a.)er their global conrpetitors. Othir ouerluad costs are also low in Bangladesh. < As a rcsult, Tht Company lus been able to maintain its cost of seruice effciently. Moreooer, @ *" /- ,r.J,rtr Molrnard ohydr nrhner. FCs Ne'.+ i&!rgi!g Dteoor & CBO tasmin Aktet AAA Pimmc aemFanY ss.rct!rY & Iny€stmetrr Lrd I l Page 1204 tlu Company has built a trustuortlly relationship with its castomers which erable it to compete in the market at a sustainable pace. (j) Complementary and supplementary products or services which may have an impact on business of the issuer Complementary goods are paired goods. Two goods (A and B) are complementary when using more of goods A requires the use of more of goods B. For example, the demand for one good (printers) generates demand for the other (ink cartridges). Supplementary goods are two goods that are used together. For example, if we have a car, we also need petrol to run the car. Suppiementary goods have a negative cross elasticity of demand. For instance, when price of pehol goes up, demand for petrol and cars goes down. M anagern ett P ercepti on: Due to the nature of business, the Company has not faced any challenges relating to supplementary and complementary products. c! c\ra e SECTTON (xxr) (8X20) DESCRIPTION OF THE ISSUE (=c{ c\l e (a) Issue Size; Total fund to be raised 160,000,000 (BDT Sixteen Crore) (b) Number of securities to be issued; Public Issue of ordinary shares 16,000,000 (One Crore Sixty Lac) (c) Authorized capital and paid-up capital; Authorized Capital of SKICL 1,000,000,000 (BDT One Hundred Crore) Paid-up Capital of SKICL 240000,000 (BDT Twenty-four Crore) (d) Face value, premium and offer price per unit of securities; Face Value 10.00 (BDT Ten) Premium 0.00 (BDT Zero) Offer Price per unit of securities for EI 10.00 (BDT Ten) Offer Price per unit of securities GP & NRB 10.0 (BDT Ten) (e) Number of securities to be entitled for each category of applicants; Eligible Investors (EI) - a0% EI excludi l\'Iutual Funds & CISs Mutual Funds & CISs Percenta Number of securities Percentage Number of securities 30y. 4,800,000 't0% 1,600,000 General Public (GP)- 50"/o GP excl NRB NRB Number of securities Percentage Number of securities 8,000,000 10% 1,600,000 (f) Holding structure of different classes of securities before and after the issue; Before Present Issue After Present Issue SL Category of Shareholders Ordinary Ordinary No. Percentage Percentage Shares shares t Directors & Sponsors 24,000,000 100% 24,000,000 607. Shareholders other than Dilectors & 2 Sponsors 3 EI excluding Mutual Furtds and ClSs 4,800,000 72% 4 Mutual Funds and CISs 1,600,000 c\r c\lo 5 GP excluding NRB 8,000,000 20% 6 NRB 1,600,000 o-CE Total 24,00o000 100"/o 40,000,000 100,,/,, a MotrEltd s OhrfuXriEr!. SCs ha,r Uroryi!8 Akter Dirldo, A CBO tismin \$p+_. a,4^ Piuncc & ln*rrbcat ttr l. q Page 1207 (g) Objective of the issue including financing requirements and feasibility in respect of enhanced paid-up capital. Objective of the issue: The Proceeds from IPO tfuough issuance of 16,000,000 number of ordinary shares at an issue price ofTk. 10.00 each at par totaling Tk. 160,000,000 will be used as disclosed below: sl. Area of Utilization of IPO Amount in BDT Time of Implementation Fund Investment in Capital Market Government Treasury Bonds 30,000,000/- 3 months ftom receiving 62,000,000/ - Investment in Capital IPO tund 32,000,000 - Market of Bangladesh / 5 months from receiving B Land/ Real Estate Assets 25,000,000/ - IPO tund Investment in FDR with Scheduled 3 months from receiving C 62,000,000/ - Commercial Banks IPO tund 45 days from receiving D IPO Expenses 11,000,000/- IPO tund Total 160,000,000/- Feasibility: As SKICL is not plaruring to expand its business or acquire amy asseb from IPO proceeds hence, feasibility study is not applicable. ct a-CE CD N" a\a Monlotld ()hrE p.hh,r gC[ A:,Jkf- i&ord!8 Dircml & CBO [a!min Aktat ,d{A Ns,fl+ liuoc.o & Ioveghoat l^6 !flioanv Secretary ry Page 1208 SECTTON (xxrr) (B)(21) USE OF PROCEEDS SECTION CONTENTS Use of net proceeds of the offer indicating the amount to be used for each purpose with head- (u) wise break-up Utilization of the total amount of paid-up capital and share ptemium, if any, including the (b) sponsors' contribution and capital raised of the issuer at t}te time of submission of prospectus, in details with indication of use of such funds in the financial statements lf one of the objects is an investment in a ioint venture, a subsidiary, an associate or any (c) acquisition, details of ttre form of investment, nature of benefit exp€cted to accrle to the issuer as a result of the investment, brief description of business and financials of such venture If IPO proceeds are not sufficient to complete the proiect, then source of additional fund must be (d) mentioned A schedule mentioning the stages of implementation and utilization of funds received through public offer in a tabular form, progress made so far, giving details of land acquisition, civil works, installation of plant and machinery, the approximate date of completion of the project and the (e) projected date of full commercial operation etc. The schedule shall be signed by the Chief Executive Officer or Managing Director, Chief Financial Officer and Chairman on behalf of Board of Directors of the issuer If there are contracts covering any of the activities of the issuer for which the proceeds of sale of securities are to be use4 such as contracts for the purchase of land or contlacts for the (0 construction of buildings, the issuer shall disclose the terms of such contracts, and coPies of the contracts shall be enclosed as annexure to the prospectus lf one of the objects of the issue is utilization of the issue proceeds for working caPital, basis of estimation of working capital requirement along with the relevant assumPtions, reasons for (g) raising additional working capital substantiating tlte same with relevant facts and figules and also tfie reasons for financing short with long term invesknents and ar item-wise break-up of last three years working capital and next two years projection Where the issuerproposes to undertake one or more activities like diversification, modemizatiory (h) expansion, etc., the total project cost activity-wise or project-wise, as the case may be Where the issuer is implementing the project in a phased marmer, the cost of each phase, (i) including the phases, if any, which have already been implemented The details of all existing or anticipat€d material transactions in relation to utilization of the issue (i) proceeds or project cost with sponsors, directors, key management personnel, associates and group companies Summary of the project appraisal or feasibility report by the relevant professionals not connected (k) with the issuer, issue manager and registrar to the issue with cost of the project and means of finance, weaknesses and threats, if any, as given in the appraisal or feasibility report Use of net proceeds of the offer indicating the amount to be used for each (r)(zr)(a) u e with head-wise break-u Use of net proceeds: sl. Area of Utilizatlon of IPO Amount in BDT Time of lmplementation Fund I Investment in Capital Market Covernment Treasurv Bonds 30,000,000/- 3 months from receiving 62,000,000 / - lnvestment in Capital IPO fund 32,000,000 / - Market of Bangladesh 6 months from receiving B Land/ Real Estate Assets 25,000,000/ - If'O fulrd Investment in FDR with Scheduled 3 months from receiving C 62,000,000 - Commercial Banks / IPO tund 45 days from receiving D IPO Expenses 11,000,000/- IPO turd Total 160,000,000/- head-wise break-up: A. Investment in Capital Market- 38.75% of total IPO proceed. Covernment Tleasurv Bonds 30,000,000/- 62,000,000/- 3 months ftom receiving Investment in Capital Market of 32,000,000/- IPO fund Bangladesh B. Investment in Capital Market- 15.63% of total IPO proceed. 6 months ftom receiving Land/ Real Estate Assets 25,000,000/- IPO tund C. Investment in FDR with Scheduled Commercial Banks- 38.75%, of total IFO proceed. Investment in FDR with Scheduled Commercial 3 months from receiving 62,000 ,000 / - Banls II,,O tund D. IPO Expenses - 06.870/' of total IPO proceed, 45 days from receiving IPO Expenses 11,000,000/ IPO fund c\l c{a G, CL € 6l N 'r-W' MotlEad ohydu Rihrr, FCI \b#-6-- Mutsiog Dincu& CBO AAA urnlts{ Mrl G:n q Pinrncc & lavctaeat Lt r Dttt Saa. Page 1210 Break down of IPO Expenses: Particulars Basis of Calculation Amount in BDT A. Bangladesh Securities & Exchange Commission (BSEC) Fees: 690,000 Application Fee Fixed 50,000 Consent Fee 0.40% on the IPO amount 640,000 B. Fees related to listing with the Stock Exchanges: 2,300,000 Prospectus Submission Fee to DSE & CSE BDT 50,000 each 100,000 Initial ListinS Fee to DSE & CSE 0.25% up to BDT 10 crore Paid- 500,000 up Capital 0.15% on the rest of Paid-up 900,000 Capital (Fees will be minimum BDT 50,000 and maximum BDT 10,000,000 for each exchanges) Arrnual Listing Fee for DSE & CSE 0.05% on BDT 100 Crore 400,000 0.02% on the rest of Paid-up Capital Ootal listing fee shall be minirnum BDT 50,000 and maximum BDT 500,000 for each of the exchanges) Data Transmission Fee for DSE & CSE Fixed 400,000 I C. CDBL Fees and Expenses: 668,500 Security Fee Fixed 500,000 Documentation Fee Fixed 2,500 Alnual Fee Fixed 100,000 Connection Fee (1 year) Tk. 500 Per Month 6,000 In itial Public Offering Fee 0.015% of issue size + 0.015% of 60,000 Pre-lIrO paid up capital D. Manager to the Issue Fees: 1,15O000 Issue Management Fee Lunrp-Sum 1,000,000 VA f on lssue Management Fee 75"/. on the total lssue 150,000 Managenlent Fee E. IPO related Fees: 577,600 Underwriting Comrnission Commission O.50Y" on 224,000 underwritten amount -15% VAT on Underwriting Comrnission on the total Underwriting 33,600 Comrnission Auditor Certification Fees Negotiable 300,000 F. Printing & Post-IPO Expenses: 5,633,900 Publication of Prospectus Estimated 3000+ copres 800,000 (To be paid at actual) Publication of Abrictged Version of (Estimated; to be paid at actual) 900,000 Prospectus and Notice in 4 National dailies Notice for prospectus, Lottery, Refund etc. (Estimated; to be paid at actual) 300,000 in 4 National dailies Lottery Conduction Expenses including (Estimated; to be paid at actual) 1,000,000 BUET Fee Data Processing and Share Software (Estirnated; to be paid at actual) 2,000,000 Charqe Courier Expense (Estirnated; to be paid at actual) 300,000 o Statione and Other Ex eIlSes Estirnated; to be aid at actual 333,900 6r= Grand Total 11,000,000 G, NB: Actual costs may vary if above mentioned estimates differ and will be adjusted accordingly. J Page 1211 Utilization of the total amount of paid-up capital and share premium, if any, including the sponsors' contribution and capital raised of the issuer at (BX21Xb) the time of submission of prospectus, in details with indication of use of such funds in the financial statements i Mode of Allotment (No. of Shares) Issue Amount of Particulars of Allotment Other Bonus Price Share Capital Allotment Date Cash Than Cash Issue (rk.) (rk) 1s' Allotment 03 24,000,000 10 240,000,000 Memorandum /09 /2013 Total 24,000,000 240,000,000 Note: The Company has not issued any shares in any form since its 1"t allohnent. Auditor's Certificate Regarding Utilization of Capital Raised This is to certify that Seru Kalyan Insurance Company Limited raised their paid up capital at incorporation of the company and utilized the fund as under: No. of Paid up Date of Face Utilization Shares Consideration Capital Allotment Value of Fund Issued (Tk) To meet preliminary exPenses, 03 September 24,000,000 Cash 10 240,000,000 FDR and 2013 other statutory requirements Total 24,000,000 240,000,000 sd/- Dhaka, 24 April 2021 Mahfel Huq & Co. Chartered Accountants .-l <\o G If one of the obiects is an investment in a ioint venture, a subsidiary, an associate or any acquisition, details of the form of investment, nature of benefit expected to accrue to the issuer as a result of the investment, brief @)(zr)(c) descri tion of business and financials of such venture The Company has no objective to investment in such type of ventures by using the II0 proceeds. If IPIO proceeds are not sufficient to complete the project, then source of (BX21Xd) additional fund must be mentioned Not applicable for SKICL. c\, C' <\a CE A schedule mentioning the stages of implementation and utilization of funds received through public offer in a tabular form, progress made so far, giving details of land acquisitio& civil works, installation of plant and machinery, the apptoximate date of completion of the proiect and the proiected date of full commercial operation etc. The schedule shall be @)(2r)(e) signed by the Chief Executive Officer or Managing Director, Chief Financial Officer and Chairman on behalf of Board of Directors of the issuer USE OF PROCEEDS FROM IPO AND IMPLEMENTATION SCHEDULE The Proceeds from iPO through issuance of 1, 60, 00,000 nos. of ordinary shares at an issue price of Tk. 10.00 each at par totaling Tk. 16,00,00,000 wiil be used as projected below: Area of Utilization of IPO Amount Time of Fund (BDT) Implementation Investment in Capital Market: 6,20,00,000/ - 3 months from Govemment Treasury Bonds 3,00,00,000/- receiving IPO fund Investrnent in Capital 3,20,00,0m/- Market of Bangladesh Land/ Real Estate Assets 2,50,00,0C0/- 5 months from receiving IPO fund Investment in FDR with Scheduled 6,20,00,000/- 3 months from Commercial Banks receiving IPO fund IPO Expenses 1,10,00,000/- 45 days from receiving IPO fund Total 16,00,00,000/- sd/ - sd/- sd/- Mai Gen Mohammed Brig Gen Md Shafique Maloy Kumar Saha Saidul Islam, ndc, psc Shamim, psc (Retd) Chief Financial Officer Chairman Managing Director & CEO Place: Dhaka Date: April 25, 2021 a\ra e. If there are contracts covering any of the activities of the issuer for which the proceeds of sale of securities are to be used, such as contracb for the purchase of land or contracts for the construction of buildings, the issuer (B)(21X0 shall disclose the terms of such contracts, and copies of the contracts shall be enclosed as annexure to the rospectus The Company has not made any type of such contact If one of the obiects of the issue is utilization of the issue proceeds for working capital, basis of estimation of working capital requirement along with the relevant assurrptions, reasons for raising additional working (Bxzr)G) capital substantiating the eame with relevant facts and figures and also the reasons for financing short with long term investments and an item-wise break-u of last tfuee years working ca ital and next two years proiection There are no objectives of the issue to utilize the proceeds for working capital Where the iseuer proposes to undertake one or more activities like diversificatioq modernization, expaneion, etc., the total proiect cost (BX21Xh) activity-wise or proiect-wfue, as the case may be The Company does not propose to undertake one or more activities like diversification, modemization, expansion, etc. Where the issuer is implementing the ptoiect in a phased manner, the cost of each phase, induding the phases, if any, which have already been (BX21Xi) implemented Described under the title Use of Proceeds and Implementation Schedule at page no. 213 in the prospectus. The details of all existing or anticipated material transactions in relation to utilization of the issue proceeds or proied cost with gponsors, directors, (B)(21Xi) k management personnel, associates and group companies There are no existing or anticipated material Eansactions in relation to utilization of the issue proceeds or proiect cost with sponsors, directors, key management personnel, associates and grouP comPanies. Summary of the proiect appraisal or feasibility report by the relevant professionale not coflnected with the issuer, issue manager and registrar to (BX21)(k) the issue with cost of the proiect and means of finance, weaknesses and threats, if any, as given in the appraisal or feasibility report R Not applicable for SKICL. E a q\.. s fu1rtlflt*'/ l{dl6Drd0h,6r n'h'''m, lC[ tasmin Aktet NrS llrugiry Dircctor & ctsO eom!anv Secret?rv AIA Flnmac & ,nvcrt €ot 6r it-r'. Page 1215 SECTTON (xxrrr) (B\(22) LOCK.IN - SECTION CONTENTS (u) Provisions for lock in as per these Rules; (b) Whetler a statement regarding lock-in on existing shares furnished in the prospectus; q,- c! CE CL Q cr s ,(^^,,u,r li Molrmnad Ohydr pubnal f(] Nvoa$-- Managirg DirE6lor & CBo t AAA Fioam€ & hy$tmentlfi: - j ,, Cll{CErtl ct) Page 1216 Ptovisions for lock in as er these Rules (B)(zz)(a) ordinary shares of the issuer, at the time of according consent to the public issue, shall be subject to lock-in, from the fust trading day at the exchange in the following manner: (a) shares held by sponsors, directors and shareholders holding 10% (ten percent) or more, for 03 (three) years; (b) In case, any existing sponsor or director of the issuer transfers any share to any pelso& those transferred shares, for 03 (tfuee) years; (c) Shares allotted to any persorL before 4 (four) years or more of according consent to the public issue, other than the persons mentioned in clause (a) and (b), (or 01 (one) year; (d) Shares held by alternative investrnent funds, for 01 (one) yea4 (e) Shares held by any persor! other than the shares mentioned in clause (a), (b), (c) and (d) above, for 02 (two) years: Provided that ordinary shares converted from any other type of securities shall also be subject to lock-in as mentioned above. .\ :\- at .* O1 o og Ol z6 oro1 I s E N N a N N \!) N t\ F e _l o N t-- t\ o rt qo o o E 3 bo q oE 'U. G (r'l 6- 6. (rl ( (, v v V v v o (n (rr (n o or !q) Ud 8U 6qr 8U r.{ .: ,6 ,:; .=,8 ,:; ,=; u 6(n oi '7 '7 E E e o o o o o o Z z z z tE 1 IU =c o o a Ec c- O .Ed a a tE til o, EI E .o .oo .d ct oo E 'd o. v o +.S F] E ! ; E o U) E !i o (n 'E 'ts E t rD6 s 2 z z c,u a ,-r- -trq ,E -t o6 v \J5 "; (, (, U: (, oo c- Ets .i:" 3 .Eo " G <'E cor EO 6t aoQ CL EE <( a v)e ch aN. Z-uJrr lalmin Akter N-SL& MohEEld obiydu n tE!r. fc[ Cempany 5:cr:tarY Maargilg 0irccmr a CfO I 4AA Finrnce & tnvcrtment t,ro Page 1218 SECTTON (XXIV) (B)(23) MARKETS FOR THE SECURITIES BEING OFFERED INCLUDED scw e Stock Exchanges: The issuer shall apply to the following bourses for listing shares within 7 (seven) working days from the date of consent accorded by the Commission to issue the prospectus: Dhaka Stock Exchange Limited (DSE) DSE Tower, Road: 21, House: 46 Nikunja, Dhaka-1229 Chittagong Stock Exchange Limited (CSE) CSE Building, 1080 Sk. Moiib Road, f Agrabad, Chittagong Declaration about Listing of Shares with Stock Exchanges: None of the Stock Exchanges, if for any reason, grant listing within 75 days from the closure of subscription, any allotrnent in terms of this prospectus shall be void and the Company shall refund the subscription money within fifteen days from the date of refusal for listing by the stock exchange, or from the date of expiry of the said 75 (seventy-five) days, as the case may be. In case of non-refund of the subscription money within the aforesaid fifteen days, the Company directors, in addition to the issuer company, shall be collectively and severally liable for refrurd of the subscription money, with interest at the rate of 2% (two percent) per month above the bank rate, to the subscribers concerned. The issue manager, in addition to the issuer Company, shall ensure due compliance of the above-mentioned conditions and shail submit compliance report thereon to the Commission within seven days of expiry of the aforesaid fifteen days' time allowed for refund of the subscription money. Trading and Settlement: Trading and Setdement Regulation of the stock exchanges will apply in respect of ftading and settlement of the shares of the Company. THE ISSUE SHALL BE PLACED IN "N" CATEGORY s qe =. A' N ,btvLlF Motmfld 0brydn Rdnu. ftl NrA"N lft&gil8 'I *E" DirDcrot& CtsO A.A1{ '1 Sinancc&, crtEeot Lrd 1 Page 1220 sECrroN (xxv) (BX24) DESCRIPTION OF SECURITIES OUTSTANDING OR BEING OFFERED SECTION CONTENTS (u) Dividend, voting and preemption rights (b) Conversion and liquidation dghts (c) Dividend policy (d) Other dghts of the securities holders s qe q ry hLJkh Motorrd Obrydu Rrhnex, fCS \u$a& l,lraagiog ,1lrr Saha Dircctor & CBo Erig i. ' AAA Fi[aDce & lnvestlreot Ltd 1 I officer {Cfo} 1 CcfiganY limlt i Page l22l Dividend voting and reem on rights @)(ze)(a) The Share Capital of the company is divided into Ordinary Shares, carrying equal rights to vote and receive dividend in terms of the relevant provisions of the Companies Acf 1994 and the Articles of Association of the company. All Shareholders shall have the usual voting rights in person or by proxy in connection with, among others, election of Drectors & Auditors and other usual agenda of General Meeting - Ordinary or Extra-ordinary. On a show of hand, every shareholder presents in person and every duly authorized representative of a shareholder present ata General Meeting shall have one vote and on a poll every shareholder present or by proxy shall have one vote for every share held by him or her. In case of any additional issue of shares for raising further capital, the existing shareholders shall be entitled to Right Issue of shares in terms of the guidelines issued by the BSEC from time to time. Conversion and liquidation rights (BX24)(b) In terms of provisions of the Companies Act,1994, Articles of Association of the Company and other relevant rules in force, the shares of the Company are freely Eansferable. The Company shall not charge any fee for registering hansfer of shares. No transfer shall be made to a firm, an infant or person of unsound mind. Dividend policy (r)(zl)(c) The profit of the Company, subiect to any special right relating thereto created or authorized to be created by the Memorandum and subject to the provisions of the Articles of Association, shall be divisible among the members in proportion to the amount of capital paid-up on the shares held by them, respectively. lt Dividend shall be recommended by the Board of Directors from time to time for distributing the accumulated profi t. u1 No dividend shall be payable except out of the profits of the Company or any other undistributed profits. Dividend shall not carry interest as against the Company. iv. The Directors may from time to time pay the members such interim dividend as in their judgment, the financial position of the Company may justify. A transfer of shares shall not pass the right to any dividend declared thereon before the re8istration of transfer. vl No limitation in payment of diviclend is stipulated in any debt instrument or otherwise. s a-e er qN( .r-? illolrolli 0brydE R tr$, 801 \'04 [esmin^tulilE Akaer mrt saha & M&rgiry Dtlctor C80 eomDrnv Secreta r n,-;i.ar (CfO') 4AA Fiunc. & lllv€rhcal L& P aBe | 222 Other rights of the securities holders (BX24Xd) In terms of the provisions of the Companies Act, 1994, Articles of Association of the Company and other relevant rules in force, the shares of the Company are Earsferable. The Company shall not charge any fee, other than Govemment duties for registering transfer of shares. No transfer shall be made to a minor or person of unsound mind. The Directors shall present the financial statements as required under the law, Intemational Financial reporting Standard Intemational (IFRS) and Intemational Accounting Standard (lAS). Financial statements will be prepared in accordance with the IFRS and IAS consistently applied throughout the subsequent periods and present with the objective of providing maximum disclosure as par law, IFRS and IAS to the shareholders regarding the financial and operational position of the company. The shareholders shall have the right to receive all periodical statement and reports, audited as well as un-audited, published by the company from time to time. The shareholder holding minimum of 10% shares of paid-up capital of the company shall have the right to requisition of Extra-ordinary General Meeting (ECM) of the company as provided for the section 84 of the Companies Act,7994. s e *|ir /r,*,.^llE MotroErd 0hydu Rliner, f(h $,04--- MluSirg Dirlcror & CBo AAA Pio[rsr & lavtut Ltn t Page 1223 SECTTON (XXVr) (BX2s) FINANCIAL STATEMENTS SECTION CONTENTS The latest financial statements prepared and audited by any of the Commission's panel of auditors in adherence to the provisions of the Securities and Exchange Rules, 1982 the (a) Companies Act, 1994, Intemational Financial Reporting and Auditing Standards as adopted in Bangladesh from time to time and any other law as applicable Information as is required under section 186 of the Cornpanies Act, 1994 relating to holding (b) comPany G) Selected ratios as specified in Annexue-D Comparative income statements and balance sheet and aforementioned ratios for immediate (d) preceding five accounting years of the issuer as per Auditors report under Section 135(1), Para 24(1) of Part lI of Schedule III of the Companies Act 1994 (e) Financial spread sheet analysis for the latest audited financial statements Earnings Per Share (EI5) on fully diluted basis (with the total existing number of shares) in (0 addition to the weighted average number of shares basis. Future proiected Net lncome should not be considered while calculating the weighted average EPS All exEa-ordinary income or non-recurring income coming from other than core operations G) should be shown separately while showing the Net Profit as well as the Eamings Per Share included (h) Quarterly or Half yearly EPS should not be annualized while calculating the EI5 Net asset value (with and without considering revaluation surplus or reserve) per unit of the (i) securities being offered at the date of the latest audited statement of financial position The Commission may require the issuer to re-audit the audited financial statements, if any (,) deficiency/anomaly is found in the financial statements. ln such a case, cost of audit should be borne by the concerned issuer Statements for the last five years or any shorter period of commercial operation certified by (k) the auditors q, & a'_ € c\a N ,'tlto.- %N I Mo[mrd 0hydn n*nm, !Q5 N\pS- Eris c I Murgiot Dirocror ,... & CBO , [''",,, AAA tiomc. & lnyortmr Ix ' :rrtec c i P a Ee | 224 The latest financial statements prepared and audited by any of the Commiseion:s panel of auditors in adherence to the provisions of the Securitiee and Exchange Rules, 1982 the Companies Ad, 1y,,4, (n)(5)(a) Intemational Financial Reporting and Auditing Standards as adopted in Bangladesh from time to time and any other law as applicable s o-CE a N ,'*ltuld i{oboard 0bcydr Rdo{, 16 L N{B+- :t ihlsirg Dirldor a cBo tary AA.{ Pi!$ci & lnlred [s nFany tr|!iL{ :ro! t t Page 1225 Mahfef Huq & Co. ElU, . a9n I ndcpcndcn t Au(litor's Report 'l o the Shareholders of Scna Kalvan Insurance Company Ltd. Repon oo tit Audit ol ttr Fisrnchl StraclrG[at ()pinitrr We harc audited the finurcial srarenrents of Serra Kalyan tniurancc Company Ltd. lthe '( t{$prn}- t. tvhich compri:ic rhc Belrnff SlEel (Statcn}cnl ot Fin$cial position} r! ar jtl lktrctntEr l0l{,1 l'ruiit and l,o$$ Ac€$urB (Statcmcd of ttolit or Loss 6.rkl othcr Comrrchcnsirc Incomsl, slatrnrenl of Pnrfit rrd Los Appropriarion a.tounl Coffolidar.d Rey€nue Al.cou,lts, Relarr,rl Rt-rcnut, Accouttts, Sr*t6*Eot of ChanEsi in L:quir;* rrd Staerrre of Csh Flo*s for thc lcer thcn cndcrl. snd notss to *E fitrslrcirl idcrnents, irchtdilg I nmunry of iignifi€ant J..{}!nrinS policic!. lrt our oprnrr'rn. the acaxnpenying Enancial xatdrtcrrts prcserrr feirly. in dl raurial rcspccrg, 0r linln\ ixl F).'iiri.rn ol' thc c{mpant- as nt I I D!.e cmbcr l0l(1. xnd iLr fioorcial pcrlixmarrc and rrs r.i.h tl, r.. t,rr tl|c \.ar lhen cndcd iu .rcconlarrcc tvith lntemari,rmt Finaocial Rcponrng Standards rllR\.). ih. ( l,mpdnrr.s Act l.i().|. thc lnsurancc.Acr lg.iE {n! amcndcd in 2OlOl. the llrlur.tl}cr l(ul$ l.)ili. rhc Scrunries lJrd Exctungc Rulcs 1987 lnd ork'r applir,able Inws and rcgularionr,. li:rrrr ltr' ()Iirritrr Lc\ \urlil \lr.tl(r]. Krr uudrt nuttr'rs ar.- tlro:r(' rnrttcrs lhrt. in our pnrfessiorurl iudgcment. wert of most significamc rr ,,rr! .r,rJr1 (,: Il:( .r,nr{rlrdJt(J :llrJ scF ctc titutnctJl stJlrrn(nts ol- tllc currant pen Rirl Otrr t(r the riik l',,1,r,,,,rr llr(,,r,,i With tlspcct to Prtmirm iEE i! rr+ocr of thc wholc oul .n c\,-5 e Mahfel Huq & Co. * Itr.l Orr rrrpoDlc to lhc rbl the follouring proerdurcr: . The dcslgn ad o?.?din8 eff€divclEss of kc.v conuuls sor.tad FErriurn imom? rccognitioo pucrs. . Csnicd orn Erulyticd poccdtr=r ad sensitivil! ef rhe rrem *c tulieYc this area I tffrlculdcat prcrrriu& incw fsr thc pcri)d. pt>sc high ler el ofrisl. I o Cantcd o{n ctd tt*bg o rert dr cnd ol the 1-car 2020, llE btal gmss Emd S..aiu! irDo* b d b6 p.snium irrtr$e uras BDT 5[{rJ2?,2l3 HudtdktupadunIre t:tile BI) f 576.091.516). r Ost*tdr Itria*dpticy rcaetr" rye.qd*e FeEst d.stp !*E dnxld ro &. cqrrd ed thg rnc has bccn rellcctod ir thc prltfiir6 rqirar. o EnaEd o[ r rrylc bir tlrd tlE Fcttlit.En ii$ort€ *e bciq degwncd in thc dmigndd t d. ffi. . fcncd oo r {EoFlc tEir to : ltd lplmpdd" vAT hu tcing colbclcd rad deFxitcd !o bs|l through Trwlsury (lallrn. r For g lorlrPlc of in$utame t$llracts lesld to rec if apprujriat lgvcl sf rcin$rarx rrrs dorE Ed $tc$rcr tht r insursr! pn:mitm E do&$tod froo &c gtrc pcotiuat. ju$lgtt ' AlPlYk ry.dh 6crrld if ealt b ay @imml cf ltc tliffirtt . Fidly rcs*d 0E lpFrFidffi !ild prtssnrdoo of dilcloaws agrinst rlcvan accounling gandards. lnsr,rancc ,\d lq]8 ({!i lnrct|ded in l0l0). lnsurance Rules. l95s srd otl|c' rylicabk rules and I :,1 i lo\ (\lDr( nl I ltrclu:rtion l' und l.',:r'.r.1 , r.'.'r. ilr\crtnl. t\ l|l th.'lirled irxl ullistc,J clpttal ,.,1 lcr errnln'ls anrtu nr(rnil.Triolt. vrrlu-'rtion arld n].111,91 ,,rrth rcquinrl rcgtrluun f^-.ntlr\\rtlrl rrJriatrrrg r,l ntrlc! lrl thc Jx,.itlorn hclJ b! thc it!!i,,r|J !(rl(rrtdJ liom lI*i tn\r'slmanl! aofirPJll) lrirnl lnl\lcJ v'urccs lJJltlonall). rre trlalr/.J .rnrn .rnd .hr trlcrtd r.'cctl trl ) is F-ni'nncJ lhc Iolirr$ing ..1 .j..i l. .li:...r.. r'.,i r'.i : r,,.rrI l <\r R CE ry L,'r,A/(E- [,toi!6Erd ohydrr SrtDex. FCs \w-6- Ir{rorgil8 Dimcln& CEO t ALA Piuuco & lnvorrrnmt I"6 P a ge | 227 Mahfel Huq & Co. ') aglL":". l{isL ( )ur- lo tltc ritk th. cornpldcn{s\ oi the I'und subrrrlucnt[ (]r &( tEr rhc Fllicr ofth€ rcporl. cumtun\ rhc Itii ircm h&i signilican imgrr on lhe Asen itEd vCudoa of thc loH IFRS amiogs perfotrranoc r:f rtrc wpany aod F Il. rdum ro the *brcholdqr rad nltt tc proac RcYi.tld sDd ctrllqucd it t8lmprlG h Eircportias E li[tr trrrg*ad fa in lbc nrpd fc ilc vrluaion moddr for lry rdc of my boldry ,tr, wipa ou rhc rraloc nrCrrLdsritier" of ttc poa6!}o od hmpcr &c dirihdcr cepdility of fu coryy. R*druhod trcr.lid S&tr b6 r lh. !e a.l Crfiioa oan 9t otr tediry lo cnsrc un.!&d 1&c lm ru ru3niacd h coGEct Pqbit Ohrird fu CmL trporr rd {rre pstblio aod cm.! t&Eld qgainsl crdr ottrr to rrrdrn r#:d grin (r 1o3* (ta:cl thc Fdticiog of rhii un cdiad Eogdb{ryct crrd. Firlly scscd thc ry,opriueness ad pr*ntaisa of di*haBras E8linrt r.lc\rtrl! rcoounti{ !*al&tdt hanrs EG Acr l93t (a! racldcd in 20lOI lnsrancc Rulcs l95t ad o{trcr .rplirablc rules ard I!rop(rtr, li t rlxipntrnl i :: .(.1..:- to aslcss drc cfrriry rt|ta crmrlIry's (Bdacc fut) roa of d'Fprrry-. pld Ed GCuir6, hh* &c linuxial positioc. Thrr: k I rfut of hl!*iag coomk HiaS .d Dercrmiaing *hich ds mccr &c crilcito fo sr$satiw pmooducr: r:qit'liz.tion. Dctcrminiug ttrc d*c oo l+lrch thc lJsct3 ir rccognized B gmFry. o Asscssing the dcdg[ in&ncataion ard Fhfl rrd c$dF Lltr Ed Siccittioa opcrad4 e&crhtno of fly iltrrd ll.ffinclrr!. lhir c*iogitr of ecommis controls orcr Ur coqkgtr, clirtcrs utcful livcs ad Eridusl vElrr .rsigrad to rrd *currcy of msrty. dd rrd fixcd ais.!t. oquipncm imluding rl: L., in fil crrotrolr otlfr fu c*inuioo of usfrl \\ c irjr.rrtilicd ccummic liru md reridrnl whns: thc can),ing \ rlnc ot nnrfrrt\ . pl.rllt .rnJ tnrrrpnl.rrt &,t a lc\ auJtl orolt{r txi.,ru:c Ul thc htgh lrrel r)l ntroagdmcnt tr]d8ncnt tnr,,lr,erl old tt\ \rgniririrri(c to lhc lia^:rocrnl \totcolcqts --v-- R o-a= G N" 'n-&E ,oi.rnn.0 tlbr@ Idt,.tfl m Nsq M!0lgrag Dlruor & CtsO tl .. AAA Fluncc & lov€sh€tr1Ltr 4 Sana Xalyao lfirurance ! Page 1228 Mahfel Huq & Co. asf* k irL ()ur l0 thc ritk f rtc ycer 0lc rEported vahr qf prqatf., ptaru A FrE{Esc rytcrtcrtt .[d iEt/oics! 3|d r!ise!,'ing rf,h€dE rhe cosrs capitdiecd nocl thc releranr crileri.r for crpiulizalion. lcsting 0lc key conrmls orfl OE rEnageD|enl'J judgtrlent in rclioqo ro tta rcordr;48 estin t6 of rhc d*gcirDlc lires and rtei.lu.l rrrlrrc of prop*y, ph &d cquiprncnt Rooorihooa rd brirrhM crdro coar f€r tic yca o th urdcdrt hrr*H ad $fpddry &)ctttEh, lf,c r:viculd Eiehs dtc co ?ay's c+el$zdio6 & e. clrryli** yirh IAS 16 od b-.r dE .rFrdihE sf*;fc0 adu fu.Triliil{xt policy. 9atllE t! ro s,t4Pstiog . \\ e;r..r'-scd tlrs l!l...l .lf\ ,,, thf dr{-1.r,:)r(, l)ctcrrrrl tar liir l,rIit\ ' Lt '. r : .1'. Ll,L r. , , thc follonrng. Wc obdncd aa udcladirqg cttturod 6c dcdgn ud lErd rhc opq*irul cf Ectirt'r'' of fu Cmpq.r try At and of rtE ycr 2{I2O. lk ltfqrld tml ffitob orrr the rcoXd&l gd nEralrrocgr of tlcfrrrd Tu Asrar LLbilitl'i , , i!r) .. ' i.i ,- ;i:)l rd d 6. lsnryioa! uod ia oeinrrlag lhc nettc loobk cxpensc ofthc corapary. Wc dni osscsscd ec complcrcs grd rccuac-v of thc dcr wed for thc c*ircions of future uxable expotsc, W. rcccd rhc nr:rtcmeticrl gurxv in c{lculalron lrf dcl-crrcd tsx. I t: {t E o-<' CEI 4,,*n- c\a +- N$a+-- M0tlda&ftrdlrR tner. K) *t, MiolgioS Dirlcb& (80 AIA lhrDc€ & lnvertmed Ln SoDalalyan ln5urance Comp.oy Lxnll,.o Page 1229 Mahfel Huq & Co. agtI-_ l{irk Our loac erny fo.w.idf rtsoSrfii{E 6d mqtcnsfHtaLidl$t. Wc rs*r*d &l daqurcy of tto cryoy'r dbdGc r.rbr qr &e brcr of dc&rtd ur liobilny.. bslrs sd thc lcvd of r.-stimation inrolrcd o \\ t ;rl*, .l\\t.tcil in cr uluatrng thr: tal rnlplrtj.rlrrrtt\. thc rr'.rxnah lerx':+s ol cstimstxutr antj culculatiors detcrmiorrj br meltlgcmtot. r Wc dro btr{ved ur intcrnal cxgcn: fro:n $e Er lrE* in thc aulysis of thc reassrablcncr* cf tho ra:r lstrmtrtoos 8l the bcis of thc rylkr#c legisl*irm. e lrimlly asscsscd tlr dsprcpndetrtrs snd presenktion of disclo*,urcs againsl l;lS 12 I nr phari. r,f \l:rtttr ( )thtr Infurrnation Mrtrycrcrn is rr+nsibk tur tt: ot!:: i&rrl*kn Tb otls i*fsarrioo oqris Cl of rbt infonrutioo in &R Aand rqort oltcr lt* thc fiamlrl t r!'nsrs ed ol' ffi.r' Eporf &afi on. Tbc suruel rcDon ir oryetod rc bc mdc av*Slc to rr dc? th dfG of ttb rfrB'r GSm. Ou olnioo on thr fucid stitrm 3 &c! Dd eovcr thc oia ioftrnairn ad w do mr crgrr iny lirmr oFarwranec omclsio thd&l ln crrnnecrion $'itb our xrdh of Or 6tmid ruarnt* our nnrpdHllg i, to nrd $G orh.r inl,rrm.rtien i&rrtilis$ abare rrybcn il ltsdlcs &eailsbL ad in abirry so, corirkr wtrtter ttr: oft* information ir nrearirlly irsrfisirtcd yilh dre fimdal td€mcr s or our tnqrlEdgc obtrinc{ ir *r ardit s orlsri* +pc*r to bc E*6hlb miselrcd Whcn rt rurd the ed oG lf rit comlr& $r otrc h r nrgirl mirganca &sci[ u,r u! mq{itEd to c@miea.'l fu E [cr to thos: ctnrscd $ifi govcnroacc ofdr ormpury. c\t e,c{ G o-< oo st a/ /nr,'^.ur- 'lonrnara Obrr(tr&too, 8Q \t$o,-S illllgrlS DMd & CEo AAA fiolDc6 & Invc$o.ol lrd . Page 1230 Mahfel Huq & Co. .l agL.: R.rp+mlblliiilr Mrrr.f,Grmt -et rnd Ttlrr Charged rit! Govtrrra a ,or &r fhudal St ttEetrrs *rd tDtsamt CoDamk \larygemrnr i:i resprmihL- rirr tlw ptep,,r*ios enJ f*ir purcntation .f *x lin*,cial $$emo,lrs in ,riwrdi*rtc rrirh ll:RSr, rllf (irynl)onrli g1).1, ,\.t i tll(- i*iuranur ,\cr :0ltr. thr, ln$ulani? Rulcs lgilt. ll1! S..L:ntici aft, lix'lhuge llulri lilET iind ntlrr applicshle ls1{$ s&{, r*gul&tianr tnd for \rr!h rll1ert*'rl cont.$l ar nranu!:cmcm r.lrrermilcs is ncccss.rr!, to slallc thc preparstion of iinaneial i-tatem(nls thitl arc lrilt l-rom fi:gtrrrql mi{,:lBlem$nl. lvhelher duc to frdurl or err(}t- ir prcplring rhL ticafti:rl lt&1ffrrcnt!, managerrcnt is rcqx*siblr for assssing the Comlnny,s ,rhiiit! r.r as ',rvrtil,c i $oing com.,rn. dii{:lffJire. as r}plic.ble. rutr.ni.eld{d to going cor}cefii uring rhe c.nccm hcsis 'ttiJ rrrinr: rrf .n*ciunting u,,r.1i!'rnanfgefierx cirhcr intcnds k-, riquid{t( thr ( l:rrJurrr .'r ld ('t^..ratirlrs, a(.t.r. or has no rr,alistic ultc(utive trtt to d{r \.) Inr*'.fi1.y-"1 ul ! golrnr&tcc rlr r--sgxlnsib* lirr ,-r r critcilg the Comfreor.5 li'or)1,lgl &pJdros Fr(vac\: .lrdiror'r Rcipsn ibl$rtg lor $* Audlt al &r fhrlcll SlNt Ers tli" ohjslrircf nrE t{r aba{n rcasona}rr asarance rbd.lt t*ctlE rbe firgHnl turru*s a a *,trok irgr f:rrnr m$rrirj 'rre nrlstdaad, €xtt'' &r! ro 6rd ar srry. rr*r Ijo is e sn ardits's lrparr tint rntlrrder .,ur r}trinioo. R6s{xra}h o3flneqg is hig}r ltwl of asuraace, = kE is ret , grE eBtee 1*rt .ln .'r;rl)r i,:ndrrcterl ifl areordnnec \ridt lli.,\,r will daetr a ma*fial misstEleft:eat i\ien * (\rilr \{ }!$riiren,.'nlr qrisc 'l*qs ran rrrrnr fraud w *nnr arr,J s" fi}dridqcd mo&tiel if, irdir irlualy or rfi lh( ir{grir*rte. the-1, trrutd rcaxnublr- hs txp(ttgd tp inl}ucncc thc rxcaornir r,lccrsrr,rns ol u*_r, iakelr ri:r rht' trurs o{ {rese fisrcfuI $$ernents- '\r p:n l:rn a$rJh in #cordanee $ridl lSAe urc eiercisc gofrxsiud judX=mcnr srd mairuin profil5i6nr; rtcprir-ilm rhtuiighotrl thr u.*dit. \#r dto: . iJ!1xill lnrl il'lcrs th( risk nl matcrial nns.italelncnt oflhc ,intlciill jtstemvflLr, *hsther .;L:. 1.. lr.rl\1 ,,r irr(,r J.jign *ld lxrlirrm olriit Jrrrxt"durc< rc\farnsrlC tir thrr€ rit!\, .md .,h: !r| .rrnlri tr:.ic*.i. rit.rt r- .rlTi(irll:lBJ lp1;,1rr.rit:.r prorr.lc.r ba.rr lirr,,ur llptt]rot I lrr ri.ii. r,: (lilartlll-- r('l I nr:ti.rrel ttii:.t;r.crc[j tr\lrlti|It: li(Ui lnrlrLi rs hiphcr i..irltlo! thar tirr on3 lrrEt crrr,r. l:, tirurj urrt ;lrolrc cirllusr.u. lirrgcn. intcntional .Jmirir'irrn-r. rni!l(ly(\eolalion!, 9r the orcrri& (,l ir*r,rirel irntrtll . irh{ain dr $rda.nit*xling of intem*l c$l.ol q:lcl.&trt ta tln} ardir iir order & dasig[ 6udit prr&'r{urcs r}!al sre ap}?oFiEt. iD lk cireirrl\rirEri_ . l.!rlu:r!c thc appnllriircnes{ of artouniflg policiu rl:.d sxt thc nasnsbls$rs of ita(,,itlitr,4r cstimates nnd rrlofcd disclCsures madr by nranagtmcnt_ . ( i!$(iuti€ on thf 3Fpn priati''$,. rrf rt:rnagemrlr,s ust of thr g iag corKlfo b:rsis oi .,aa',u ,flr d.rd- ha$erl rrfi $c lrdit qrrdefr.t ('bt{ir]rd. $h{rher a r'arsritrl umevtainl. err:itr r.lil.d ti, cv(nlr rrr corxlirions tltd mr1 casl iigti$cltit douh ru dx Lonip*ny.s abilirl t0 i,.nli:r'1r:!r c{rffjeln. l4rltrg lf tr( c.txltl(le dtat a material unced inly.*ists, t!? arB :\l c{- G CL (I' /^, h)E L MoLltEld s0brydsr lrtau, FC$ gecretarY Ccri:anY MaloY Kumar Saha Menngin8 Dinctor & CEO ComFanv ttmrted l !uranae (CtOl AAA Fi[ancc & lnvert0€[t Ltd Sena KalYan chief tinancial otficer Sena lGlyan lniuranre ComPany timlted PaBe 1231 Mahfel Huq & Co. a9L: R\uirEd k, ,l.** attention ia our nxtit*,x rcpon rD Ihe Elarrxt dixlosu*i is thc lilarEirl r"ffi i##ffi ,f,trffi ffi ;?ffi l##tHffi* future ergnlr or crxrditiuffi ttlry c&r* tlro Crmpony lo cer ro *nui* o gniry *""ro Eloruu* tk olrffilr " ' F,.s.nistior.'tn&trrrc snd fi| tc$of$c ffra*iar satwn*. incr,su'* rhc dixlo$nls. and ,taneilEr 0E llnatxid d.cl€mcnri ,.p"ernr lin urdetlying $snsdi,.rtg and rt'elt: ir a nanner thal t*chif!.q$ fair Frr(fiatiort. \l'e r.ommgnicttt riith thcx chargel with govcmancr. reganling. urrong rnlrer maucs, the plarmcd sropc anrl riming.of -rny rtrc audit ard significert 6u{tir findingr. ,nltuarng significant deficicreiei in inicnral ronrr,rl thJl \rt id{ntrt} rluring our audit. 11.' rlv' prrrr i& th$ic charged *irh goxrnonur trirh n flslfllE that iee hsve corrflid leih riltr rnr c! hiral rcquirementr rrgrdkq indrpe*ikr*..e, . a*! lo r!orl[[unir&r. *ith thcm ali tclirt,urltllin\ .$tJ other ,r1$tters thal &nl rcns.)nnbh 1,,,, tholghl lo bell on our indaIrefidL.r!.c, irnd \lhrrd .,plli(lhl., rd*ted sefe3u*ds. lnr;b rhr ori(rrrs co'municared *ith rhir:e charged r,ith gdrenu*re, *e dd.*$i&e thosr E.un€.s llut \rrre (', nrost signilicnrtc.e irl fhe nlrlit olthe firurrcial:tatcmsmr af thc qll.t,ll pcriod ord ,rc thcr€ltrR. dr. kel mdit rVE m$ref*. de*$ih* lh{je lr's$p.r! i'} o|r. aldilor,* rrporr rIltqs larr or rc*rdd,.xr prerl,des prtdic 6tc1o*n' &( *e rwdr or *rr!i! ra eaao*& *c rirc cisre .Ic*rmin: rhal a mAtd sbuld no{ be cornonnicard in ow rcpcr'ba*,* ,ha;; cunlquerce s of doirg :s *rx# r*rryxlrly bc exp"cd !o o{rstigb &jpflie imacsr Uarnrrof sueh ccmm un icatloq Rrport on orber t.e*d rad RcAuktorJ R.$rilslrtsatr 11 scuxduyr with rlx Caqprii!$ Acr l9e{, rhe lrqraacc A.t 201& lhr lnsufErffi fU&5 195E, thr Sciurities ard Lxehange Rures 1987 arxt r+revdnr nofificad.tu i'surs h $*ngkds* s,.$urities iloJ l r{hargc ( orllmissiot, $e trlso rrron dul: ,ri l,, s h;*g 1rf61p1.il*ll rhc inti,m*ri.ln ind erplanations nhilh ar the bcsl of o{, knr:*bdge and l\'ir{i l\rtt ricaa\$r\ ,'or rhc frtrf}lre oft!(}r iluilit ,rn,l rnadc Jue \rriljcalii}n lhelt)f: 5l:r,'rrr,,f:rrr.,l_prl!f{rir!)l\\,1 ilt(oilllt\. rc.L,rtl!,rrrJ olhrr \r:rtlrloD trUlS rfS frfluirt l bV l $ h; ..'lrr'C'icpt l,r thr (.rrrrpanl \r, .t_s r lJr ! itf lrirrJ tiom r rur r,lirtrirxtr.ns ot.tkrsc t{)ot!: Tl}T I c) r;mFan! ms{x.g(rrcd har lirllorrd rc}evant prurisions of la$s arsl nrles io maxging lhu {tfui6 of the Compny and praperhrols of s{couets. ,ecer.ls fid ortrer $t$.x} bor:G h{r'c he"o proplyly (what mairiraincd ar* rylicablc) p{afq ,errtrs d{qu&c for nE ;ryc! ofour sxdit hste be.n rrceital liom btane&r= rot visitr*by tg .{} {ti lrr sc{tl{rn ti(:t ofth( lnsurunce Act ?t}lo, in our opinicu k, tlx ba$ afou, krxlrhdge -nd i,.!iet-ao ircco.ding [o drt ififormation wxl cxpknation giltrr ro u!. aU sxFrsar of nla,l!i{(.n1lrrt \r herel,{ incursl and rrhcrter ioaurcd Jire{th rrr indirertly. in rc$rocr ol r'r;utilt:(c brl5incJs $f tlx comp:rnr lrdflsirctcd in tlonglaicsh dunng the le3r unde, rep"td ll;llc g o-€ ar qs Mola8rad rhrydE Rrhnaq l0s L",,l,r Ua$${ Dtrctor & Ctso Nv-s- AAA FiosDce & Iny€stmeof Ird , Limited Malov Kurflar Saha ch Sera xa Page 1232 Mahfel Huq & Co. agL: ol' Coa9tdrclsir< becn dul,v a!.hited to the firlrted R$ctrrd Aocs$ds srtd *te SH'*t€til lhrnar irf tbc Compqrr!; bml(r' compuv' c) $€ rcp()lt thd ro de bcst e{ qr inf lllq. lCA,l F-nroltxent N,l l0: !lrileEhg l'sn'l.r t{rhfq'l lluq & fo' Charcrr{ iccounuors trrim lteg No. : l'-{6lll nv(' :,rH:{0ltjiAs:.li50I c! c{et G o-< a N l\lohaund Olnydm futneo. lCB .(,u>^lt*E tfrnaging DiEctor& CBo !t AAA Fiosnce & lDyestm€nt Lto Ns$r-A- ):) 7z-:. llaiJi(-i: ''':- :1ef i ' ''i , : ,: - ..., :,i,rii.d . .:a.'/. Page 1233 Sena tr&Iyaa larunne Compa*y Llaild A.hBit SlG?l (srrlfEc*r oa Fll|rctrt podrio!) Ar a{ fxcembcr I l. -,0:r, .\moort in Trl(l { ntnlrl rr,l L.thrlrrlt, ,lt.l:.]lr:tl -t L t2.lol9 0t.0r-!0lq (Rf,!Lt.d) (R6rrrrd) 1.fi)4.(fr0.[00 t.0o0-0o0-0o0 I-fi]o0trtxx) l,.rrrrl. rul,,errhrd .rnr! l,xid"utr ( rlirlil 't. li,',,1. , ( ,r,r,,,..1i',,\ \,r,,unl. 4.00 tq?,:tE,tf;l I r9,r,t{1,65t t.tt {6-a}* ( I, toa.+rl 4.03 I i, t;,I rtrrfl',,ltl.r\ (qurr\ ..J{,{t{.1?, --- Vi:i'.-!l- ,{9J}.t3tl .I li., .,,i.. 1,,:!,1, r,, I \\ 1,.,r1,r, ! r iir l'5.:0t l"l- a, t. ' l7 l9 6.00 ,l,'3l,ra J6.0 ,,ur ,r,r*{,5:6 fliehrdhrldrB I kiE*d laelili*.. !' lr'lxt oflierd4 ..: !ri clrirmg *tals ** or ktin*Ed l: Afisr.rlrs&E loslldrsa BchEan t.7lt.6dl {aryiry a insr,ruDa" h$lttaia Pisvilis.t 6a kagtlartai ,. .l al,;- ll.67l lfuI*iti.liltl} ?ll.1s.l Itan Liitili.;' Pfttt flirsr fr. WPP' Sirr.JD CiElito 5 1l forrl tirbalidrr ._,f l.0lJl{,'lt, Jt !,s11-r:ul lrl L,ril \hrr.lr.,l,ll.l( l.,lur nnri I rrtlilt!i.. _ llrJ9?,13e ?lr,ootJ:s t0-srE,loe -.i.-. 'r: a\t R G-e <€ q <\a w / r,'*arE Mohrmnrd Ohrydn Brtr6, FCS ta!min Akter Vanagi[g Dinaor & CEO Ccriiaiy Secretarv \q.Pt - (Retd), cll(cert] sena K.lyai tn5uraire \i.r 1. \ l, a A A Firisoc€ & InYetEn€ot Ll( Compaiy trmifd Brig Page 1234 Senn Xelyan Insumncc Compa y Limited 8alrrrt Sb."r lsblla.at of Flttr.hl ?*trira, & n D.c€!nb.r l l, le3t Alqlrl h T.tr .\\.rr\ nnd lrr,rp!'r rir. 3r.r?.r{r, 01.01-101.) 3 t.12.:o20 (n atslrrt) {Rt'rri.d} !*o..Crrrcl Ar.ad Prof.nr. HaB &rd l.{$ifrncrr lnerancnt rr B{i i l! RrShr ol Ljlc i F.ot'l Asr€g l:kl'I-{rileis e3"r.r Aqr*r tin*rr{ ir !ir6 l?.01 AEcalad IntEla 11.00 13,?69,7ry' lfro.fl A* tb dcr Fas a tod.t rrryil3oairetuiq[ 6:5.0{7 3€n*r- 06*r (h$& ra*x. d.Dorb' rd grgr.marr; .:,,,...t:l 3?.an4.9t{ ]{.cto.96* *rdorq !.d forru ia lud 234,611 I?J00 Steepr tn lqrrl I C:rf red eJ* Eqirrb& Fircd DBo.h!; {F[rf,3] r5.0r 7l t,flo,,r7r tl Irq{oa,& $YD A+tqa$ 66-9{9,3J9 {}s87,76. ?rprr,fix Cgtrrg Aa.crrr t 5.ol l4.t{4. t?d {r.006-}29 r t r,gojal C!6i in liad tJ.0! :s,:t: .ll,4rE 39.t[? 8n*crr*c 9rlanc.r :.s0: I Je.]09 2:r{ Chequ(r hn d "r t5 L,txl \\\'t\ nr!i l'.',lrJtrr\ 91tJ9:,1J9 111 \.r \\\.r I rtrL (\ I \hxrr \\ I,(r I l ll') I lt. to ,/r-,*l*-* &!c-e- /1tt^l', -l- ( ontFnt !l.cr.trr-r' ( hief Filrn(trl Orfi(lt ( hitf n'lcoer{om*t @.v-6 Dtra+r lrlrrttl'r ('hrirnrn .' !+f oua ra0qtd lqdrt oflrct, daL" lluq, Sa: *rlyn lrrarrs: CoaD.gf IJEbd fldrrrdl fmt (9..d ra ttlalr t. a.-..a d.r C.+.ffE k r.) fa 6. r6d.d t .cqi}.r 1l, :lr:1, '{ :010 :4l9 r R.!lrr.ilr l r*rlLr*F-}r. fkB l&.l'l\:. latsl. Afltr tl t.'a. bct re Afi irdq hEr.a na* a Aoffia l&E.L.rFldrd!*g t-ri. qrfra d I- oad irtc.ll. b !t ila 6 .l .r, litarlla r!.!irid .,i Dilira.d lft.rr m !r.t0t.9.1 OrLrlffi \ fi, .l, t t4.i0t Trl ltt.ll,raa t: t._.11.6t1 tt'crr..l- 0{.r +Id. E r} Ftr&haaffit AAltiiGla hrHlelq t62,Jr7 r ! l:9i Irhan&a r0l.a lt9,,r& D-rt-rdifsida t3l.dro IOm A*k :-!0,00 ?,tF tri,ffi*-daalfr ICIJ@ ll!J50 f.aiErhrafffiJfE 7:2,{,fl att{51 O.rrc-b -d ArEieJq ft*a.t.trlaI??t noiar * ry'?f l} l LafiT.r ..t:-.r lec TB Er{.EGr :l D.&i.C lll lh.(rBlif,t@ 8.h... kr G. trrr ..rr{.d L r.da d l- rF.rffiaf- rr..-l f+ftiaaa rulaIJS T..rr -----!ry- /n;^*z- br0L,t- en, ('['c, *..,.ot h*, (- ll"q, f,rB gr,!h.i lao. 10, r.hrirrk ll.HlbtaC.. Ct .rlaAse Fer r.f. !io: t-$3fl Dv(l: 2loal{OlalAS.laJJol GI c\E' CE Sena lklyen lucorrccs Co*lpany Lhnltcd frofif rrd Lar A?$ry{rsoo Ac.t{nr for tb. !-c.r cqdrd Dc.aEber 3 I , ,lrl0 .aslli ke. 6.ouih Fs.ldd 6m pvha g &E trsfai.d ltfit p& fr., bl, Fsd Td r lt;iE?,* I It.rl.rr.r rr.rnrlrrr(rl l, l,r 1.rtr.( \hr.r 55,?:li.:09 ldral I Su,033"t69 I lsJttr,t6 t l.'rtr,{! l\, \lrr. tl l}\r {.10 N)tr-& Ciirf flara ,rd our $ncx.d ltrryt of c.r;cn *t. c- Hsq. l({l} tnntkn lis. loi l''lsrrqi!ts Prrrr*r ,rbrtu fir{ a fir CnqdAcdr'tras fim R€f. Nc: t-arl!z3 Orrl; e I Oa}Bl(E,{*trS, qr e!et e, Stl nl Krll:rn Insuruncr ('onlplo,r l_imlasd slrtcmcrl of Chroge! itl [:qrirr lir the :ani.ftldl lki.xrtt l9_,-e:,rt: ,101i,89{ 6t.0OI,f {, 30610J.{t: Ecd clDiracr pgoral lC{CId rhd 6. nr yrr & rdl.d E +urd af *!aold.'t ori. rry ia ix &rtoomi4 ttb Annd G.o.rd -Ifa.& frt tq -ad Dr.d.r 3lr ,al9 l!rgtrraat n.hirti flo.ra.rlon f o|,!l fr*d 1:.rnlrp I- t,.10.1.091I 5S._'t.:0,, {J,t,.t I .t.?77 IfiG E .rl <\ c\€t c= Sena Kalyan Insurrnce Company l,imited Sartrmeot ofCasb Flor}s I-r\. rhc !!.ar (n.1.1, Dcccnrhrr I t. :0:u I'articuhr! .{mount io T! kn :0!0 1019 (R"!trted) ,t. Cd lbr f}s- q.rrdl'.#ib Cdb.Il'l Soor ,tqdrEr rtd oabr ircot!. 24.01 t.218-179 ft/'tl!'r fu ruaglrft.r* crstosa* n!-i ruca! ChftH ard ao rrislion 24.o2 Ilt!.!re Tlr Prk, t{.ot lltt.dbGlr6@'r,t/& 2:1,715.5J0 lJ:.{50.6:1 & Crd ooY lt[r irvrrltrgr(drldtr A.{ullitixr of Fhcd Atlct l|.0t (5.6?0,19Il (6.148,561) S.L of Pixc{ A$.tt 19.0t t.640.000 ,ll r,0O0 llllgttrgr :1.03 (l:, r c8.008) ( I ,,t49,790) X.{.6t .nGd Dt br.rdrs .ctfrda, (J6.r2tJee) (?JEl,]s1) ( ( .r\h ll N. li,)nl fiI:rntini r(lrr ilrr\ ,t \,t,tt\lt |\(J ht li ,tn,i t: tlttitnir\ ) l:,&xJ.000) \el incrclrc ae c.th .rd ..Jt rqlilrLll! dorint tlc I 61.196,I ,t0 2lJS57J73 r-tlr OFt('oinB c&il and coih cqLri!€lcnls during lhe yent 5l r.l00.Em 4t&231.r{? Clorihg (rsi .ud .l'h .quivtlors.t .od oftia Iltr 701,{16,960 6rr J00.810 \(l ,,prrntin* ( xth fk'!$ Prr Sharc 2t,m 9.21 9.69 /,-"t*- kDoq_N= 4"S, (,,nr|lxnr \(r.ltn ( l,icr rindncirl Offi.rr cri.r er*rr"i &n... fu-e' Iri rcctrr w a:\l <\a d clr<, c9 N 6J i,lohrc,.:rad 0ttrtdd R [e!,mi lntu"lkE \,hnagio8 l)itccts & CBo Lasmin Aktel Ns-+ 4AA FiDsEoo & Iovcltoent Ltd. C a'!rDanv S!ctetnl Malov Kumar Saha 5cnr.-,. Urnlted Page 1239 Scua Xrlyrn lnrlnncc Conpcny Llnitcd Couolldrrrd RroEr Arsua F6 d|c !B.rr!d Dc€.mbc, 3 t. ?Ol0 \ rtouol\ rn I rl\l !o!0 :0t9 I ('ril .46:tJJ.a60 ,rt:-ta|.!r(, CL-*terfrtlbr.r ?da Ari*dr!s Td .drd.d li.blliry in E+..4 o{orfraJfi a&o r 6. Clrd d{dE}rtdrdE *! a mllad l-.!4 orr'l-di'{.t dE crd of tk prttlm yor l Arrrr, ftedsio. FJqacd--irdtd f6rt ft{ ra.lpttr, rtt ltkl afi CAr3. fadr Crt . lrh.o. & tfllc. tld t0lltt d lrdr l{rdl t Avhhn PrE riurn larsi. oftta y6t atCk T.r# to ?rollt rrd L- *.oarl b6.J:.1-( I 'r Ioa.l .ll'l.l.l.l.{ou l{:-rst.:e(, Z*rrr-- F$a+- 4;.fl, ( h'ct l'n.rr('rl ()ffic.r crrrr Erccrarrc d{Errt ,6t.-@ 3t .drFqrdttgardtiad-. lF lluq. t'cAs E r.o&rEtl No. tof Mr gi'it Pvm llrld lfuq I Cc, t'hana'td Aa{olr|raantt firm R4. No: Pa532J DvCr r l0{2a0l otAsl'rJJol --) :-| &*<. @ A. nJ*F Mdrmnrd 0hrrdE' BJinr!, 16 Mrnrging Dhtctor & CEO irif C.n : ' t) AAA Fitrloce & lnYeltorsr ud No(Q- -,] Maloy (uma. 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L?, z - --i -Ex !1kts i EAEt ;ii, n -el 'i li -aF P2 r t, r-? z> ,.! >e r.6 ..8 7 EF a .9 I N .{! c\tet e $IRECTOR'S CNRTI FICATE 4t pt tcgd.{tons eorrd&,Id rr rfrpd &h& gtb l*wa* ta JLl{ @ tg}g a The rdmt ofiawxn*d ia isu l* &|rltssg tw *n *a A ,wU F* *r*xed lw* bcea jl, &ly r.tic**d,u d *ct,lrbr 2g20 ad tfi oti. bs d ttr, rald eelrrs trrr lt"*tt xt !*th in tlw flraneid &arnaar d &*t*d, td cxo.r&E tr*b *,d@s q ,w*t ,d,*s tuder tlx stt*rol r*addwag .,wtadb thco,x*'d,nfu?. r€try.t .t{ h.c,. \tariw, *tedar anl Mi }urarcr }grirrc.'f iaua ,"cn & &Urd ,o rfr rrl,]t,'rl R(rvn*" ,lc.ouus .rnal Prufit & Lott''tta,F,ou .1ccoufi .''\- /**e- lrele-& dq4J Cd*prry S.trltry Cirlcf Fllrneid Olhecr Chief Ertcudvc Ofliccr ffi,--e llircctor c\et CLe a c*r Mohomd obrydE Rrin:n, fcf 'nJ4E Itlaugbg Dirctor & CEO [asrnin Akter NE'+ AAA Fitrrnos & InverfxoeDt L6 Eqtiptny Secretary Maloy (umar Saha 3iia r"-.,,.r i:r"-uQn..r C,.nFrr/ (imited Chief traancial Officer (CFOI 6Qna krlten lo!uranc. Co.p"ny iirleA P aEe 1274 lnformation as is required under section 186 of the Companies Act, 1994 (B)(2sXb) relatin to holdin com any Not applicable to SKICL since the company has no subsidiary. --\t- 6r= oa Selected ratios as s cified in Annexure-D (r)(zs)(c) (1) Among others, the following ratios of the issuer for the last 05 (five) years of shorter period from commercial operation certified by the Auditor; Auditors report under Section 135(l), Para 24(l) ofPart II ofSchedule III ofthe Companies Act - 1994 As required under Section-135(l), Para 24 (l), of Part -ll of Schedule III to rhe Companies Act 1994, ,'Company,') management ofSena Kalyan Insurance Company Limited (the has prepared the following statements of its assets and liabilities, protit and loss accounts, Profit and Loss Appropriation Account, Statement of Cash Flows and Consolidated Revenue Account as at and for the years ended 3l December 2020, 2019,2018,2017 and 2016 and submitted those to us for examination and issuance of our confirmation thereon. We, as the auditors ofthe Company, having examined the financial statements ofthe Company as at and for the years ended 31 December 2020, 2019,2018, 2017 and 2016, hereby confirm thar the following information has been correctly extracted from those audited financial statements. 01. The Company was incorporated on 3'd September, 2013 as a public limited company under the Companies Act - 1994 with the object of carrying all kinds of Insurance business other than Life Insurance. 02. The annexed statements ofAssels and Liabilities (Balance Sheet) ofthe Company forthe years ended December 3 1,2016 to 2020 has been duly certified by us. of,. The annexed statements of operating results (profits and loss) of the Company for the years ended December 31,2016 to 2020 has been duly certified by us. 04. The annexed Cash flow statements ofthe Company for the years ended December 31, 2016 to 2020 has been duly certified by us. 05, The Company has declared dividend for the years from2016 to 2020 as follows: Particulars 31-Dec-20 31-Dec-19 31-Dec-18 31-Dec-17 31-Dec-16 Cash dividend 10.00% 10.00% 5.00% 7 .5o/o 5% Stock dividend (Bonus Share) Nil Nil Nil Nil Nil 06. The Company has no subsidiaries. 07, No proceeds or part of proceeds of the issue of shares were applied directly or indirectly by the Company in purchase ofany other business. 08. The Company did not prepare any financial statements for any period subsequent to December 3t,2020. 09. Figures appearing previous year's column have been restated / reaffanged, wherever necessary to ensure comparison and better presentation. 10, We examined the above mentioned financial statements and found correct. sd/- o Dhaka, 24 April 2021 Mahfel Huq & Co, e Chartered Accountarts <(o- A' N MohsEmd oblYdtr RrhBm, fLl n Musging Dicctor & CBo '+)tt ,\) 4AA Fiosotr & INestlreat Lnt lasmin Altet NLIN- EEmPanY SecretarY ol tGi\dr, 1i'-ur!nre company I'imll0(. r :.r L,,,,rt(l 3!i! I imlted FtD ! N 'i i lel m r a o- lE EIII c ; t : E i 5 { el l.i!irl :3 lEt t^'t El l?! Iil{ E^ ^: 6l*_ E: ,V 2: =; S: =-: - e !{ , T ; €s zE :5i2 s : l3 T r ! -E;ja EE -l 1 s ^ I : : -*( t iE: i, Ei E od ; ij : i?. Ei i g ?= a,it i i ;! ; f = I iEf iaE^i . 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'"=-. . -c a 7 : t :_ -- : , a 'jEtZ o i,il !::i"=''=1i = Ei;-': i;:i -.Y-1 1=?: i \t- ir i t.ilt; !i I I7 i= i l .\l L_l IE:5i i Ei ot i: ;; i !i ;Eiit i e 3- - E kl e, N' N^tr- 'lt Mohomd 0hydur Rr[na!, A,t*r- I FCI tssnln Akt6r ttlaloy (smar Saha q MturgrnS Dircoor & CEo Canipn y Secretrry Chie, Finanriat Ofricer (CfO) AAA Pinancc & Invertnent Lta i1t.iGiu.:n(e i ; r :. ix., LinatllJ?a t\or r{ i la-\ : cll IE EggsEE. ht ..i 1q l-l l-.t JI ii t9t ;l fl l"l I q ilil q ; ,al i:l - :- ffi it1t ffi I _Et i I .- I' I , i .. t:g: a :r It :i ir !.;ie. ra i; III! E?r* i "EEiU! E . I tx ()c, i;iii: Es I {{ r i Ii !i oa E+,44iE : Ir. IEi Ii (, ii i{ri Egi tt f tEsiEir f rri i;;EE:!! .;& !; I 3;jsr;! igEE-!r!E:Er!i :l r a-a 0) iisili! iiil:E$fiEIii IEi iT c o <\r ac\l G CL 6 Q" [.rolannrd Oluydu Ritnen, F6 /u* \qs#e- Managiry Dileclor & CBO .{AA Fitr8me Inyertuoent C & tud I o @ t\ '; {/ r!EN I t I ilq *ir ffi E ! H tii I T ,_ ii E E v I E I a* 8 E al it EEI= I; FE T9 ()c, I rl I€- r {: od tTE E iE {i} i vE & t II I*. i a q) dd (U :: c\r c\ra e. GL IEl c\, w / Motmnad obaydn Ratre!, fct *u^l,tlu- \G€= M6!a8irg Dirccmr & CEO AAA Finsnoe & InvatDed kr € 6l :; ..p Ctl 5.h flq{ {5 1 TI 1E .1 S d t' g I iI il 1 H * l*l LI 8lF: gJ t'&e 1 I - t- d qq 47. {! E v : E i 9i ai at " 'a;rI i iiE; I , ^ :E I E Ce RT ir 2z : o6, {rc t t€ Ep'. ;:I i ;3 ll E .l r !9 I lel s i ,i ,EF.i I fl r 8i la t-'* r, lf,E iit I ;s i 6, i la.5 & ! .{l :t r, E. ;g!li E { (! E:e_.( tE!"tr !E E{! ia c\l TTEiE r=eiE; t E u I! t al :? r.i-t LT E c\r : E# i,; ::3!!i c'- t- o-e -c 6 N /^ '-l,E Moi6mrrd o@tt R her,lC$ '46h-}/ Lasmin Aktet N"sN-- Mamgilg Dicclot & CBo " E,on:gnnY se cretary lttral ', Ltd t AAA Fiutro€ & INestne company LtmitE( eht.r rl, . ,1 r\l 6 N cn (! a l* .i l.i I t- qlr TE *l* :a r ll -l= p lr t t; I'i, i I I I .: i a -! : o O :a 06 g 3 :i;," I !! !:; 6 (E & C!a G !-.. lr.rtd lrdr..r C'.!ar(| t& .a ,.l'Il&nd t.rffrrr rrlx{r*ad.d.ffa laflt rJ!,Lrr adaa \tr irs.rars.d ?bE hds*iE$.di..t jr.. XC,E kirt c ttoc?.ri U.rid ($.,f sddtrrt IhgEig Sr1 rrja t+aadl, Ste,llxt ;nl? *dl*16 r..{ o. &! !!ri*, h..dt 6a & tr fa6 ia fratr pq*d tc tkiq EfX 5li: .+.t .s'i!: 't !5 rr;fi, Fir*ir,Iir lr! tk h& {a.E&.d {r*ol*gd td rad .t* lkeirl iia;r; * . ra h 6r-FE, Jnkl ll ltldn}{ :n:,i;!nt9 Xrrt, 1gr-r ritf:*tG Rra.r ;E !rsr: r. a* Itllr, 1 ln1! i :otr ,ot I I' ,r.$ l ff^ l.t(,r{ I ,n.d {rl& It,l ro I lt38 LrrE i {.&t o{t I ., ,, r,,r,i,, t1r,n" ,,,: t.g ,-!r \l!,!,, lrrrL tt .1. i r,Lr r.,: ri . i\, i 1,. ri. r, ] ll lJt c\t AN Uoifirnt o@R!her,FG ;J,tr \wtr- Brig G€ Muagog Dirccor & CEO . 'il ;iAA Fimnoi & lnvestlred Ltd ,-;! Page 1284 Mahfel Hug,& Co. a$l:";2 t,t, ltlt " a. :,' rl' ,r ]J !,$ I :., l\l t:l r ,.la I .:,r l,l I t.at , .]; 3ta I ,"-'-W N R e I Page 1285 (2) If the issuer is not in commercial operatiory projected ratios shall be furnished; SKICL has been in operation since last 8 years. Hence, projected ratios are not applicable (3) Any other ratio as may be pertinent to the issuer and the issue or required by the Commission shall also be furnished; There is no such requirement received from the commission yef but SKICL understand and agree drat the commission may require other ratio which shall be fumished accordingly. (4) All the ratios shall be explained and compared with the industry or sector average ratios of the same periods along with sources of the information, To compare ratio between Sena Kalyan Insurance Company limited and industry, we consider five companies among insurance sector. Green Delta Insurance Company ltd, Reliance lnsurance Limited, Pioneer lnsurance Company Ltd., Islami Insurance Bangladesh Ltd. and Bangladesh General Insurance Company Ltd. all are nonlife homogeneous insurance companies. All the data for calculating ratios are collected from each cornpany's Audited Financial Staternents published on their respective websites. However, due to unavailability of Audited financial Statements for the year ended 2020, we are unable to calculate and compare the financial performance for the year 2020. s cvat q o 7t st o! o\ al 6's o, lr) o\ i6 .i ? n o, I oc .2 o .i N \ .i o ;< (l 11 a ae as ae ^ N N \o c.l N ..,1 \o q N Y,s ..i r..i c.j .i N c.i c.l o d o o o o c p o ! F. o o o E cl '! E1 (!bo -a o & a a E. o o a a .E o o I o bo U 'Ic C o tr,l F bc c- t! cl bD tr tr c. a z .o a o o F c\t .E tr tr o F c bo o o p c- o C\r a .t F .o a a o o e. lo o G ! U o (, o z a t! g] (n n t-.J N :to N ol .! o\ q o, q n o z o\ ..i YS o o ..i a & o c. o o 3 ! o FI a F o N o o o 't ,i o & .o o ,F al o U i; Lll Aa o o a o 6! i! a a o i. d '! '60 o o F o A d bo cl t! 3 ,'n c , 60 C a z a I o A ! tr t: F '! o <\ r c. q, o U , c\r -o E o 5 or o o o. o F U z z I U o t, o z e ie -io N N 9 N N o. N a c.i a o. N z v^9 o o a o o c- o o co o tr & 3 o o 0. o F F! -d bo o & d o & 'q cl .o 9 o o o & t4 o U (rl o o bo i. U 60 t!c. rl] o o E] F A 2 o o. 3 & o o F L! tr o (/) z i' c\! bo o o p. c- u o et a tr o tr a a F F o U a E o a a z E FI l! E] o n F o U z z tJ o o, aa o, .1 N n e dl a n a1 \ ut ri o ae o\ N \o \ ..1 e c.l ..1 ..1 a q o o\ ci rj 6i d o] .-i (Ir o 0 A. o cD ! o o 0- & o o E ho c rI'] o oe,j o / d 'n E I o & o t t4 o U o U bo !. a d b' F] o Ci d E] o bo E c. o d 3 .\ 5 ,o o o F t! o Ln a F o bo o o o. c. a o U) c. o U o a E t F .o .o , .o O= o o. o o o_ A U o z & & E] E] o o F o U z z < z € cy [,tonaorad obardE R [neq fq5 lr$ \js'o.6- Ma$gitrg Ditcc{or& CEo h Maloy xurnar saia rAA Financ,e & Iovestuent Ld , 1"1.:, . I .iffic.r .'.i F;,1;r\.t,rl (Cf0) :t I ".,.ii:r(.n:p.nyiimii.iC o o1 N 5o ! oo J I o o U c A tl:' V (/) 9 o b! a 3 ho d .o o o E E 3 o bo o .9 a o tr o o o o o o 6 rD ho -' c. o t! i: a bo oo bo 60 o tr ! I o I 6 E I o o a ! ! = A ) d I .6 B 5 il .da o E A ..E d 3 E] 'o I o .6 tr o .9 i i o o tr '! -q E d & 'o -a i. - -( .:+ g .< o o. lnJ 60 3 bo bo oo 3 t9 & o c 3 o .o E o -o E 3 a o o o o o1: o o o* o o \o a.- 5 E 9r 5 g r!- qaEL f oz 'E bo CZ ,! o J J -r'.E (, J a J J .l J J e U \JI U o€ UE rr= U U U U v v vo, vi V( v V ar) u1 .: ulo qio u)o v v z o g4,, c,] bD N i9 q q o ..1 c] o \ N a a] a ci ri o. \D c.i c .\l r''i o o;Q Et o\ O (\ ..,1 Lri q \ \o u2 q v.5 ..j rrj N N .i oc z o o a ,!a a o o F o o 0- tl o o 5 d 1i l! o .o o .q & '! 0,) o / o o tl o 'fo o FI El o I o a (n ;r,l d c\r o IJ,] F o bo c. t! o) o & ! !o bo tr tr c. a d c\ z a o o F rll a o 60 a t tr A r a< ) o o- 'e o e_ d o ! a F -o .o a a o. o < l.] U o o A o o z & & ,r.l E] q o o F a s Motmd Obaydu Pu[naq 8S ,l"olE N#-+ Mulgilg Direclor & CEO Laemin Ak$r AAA FiDmoe & lnv€sBert Lto Con:pany Secretarv Sane KelyBn lnsur.nce Company Limia{ r{o a o o q.o o o "d o a. .o o o I 60 .o .E E I o r E .6 o) o 0. o bD 4 ! t a ,n o E a & .q 3 bo o .o o 5 3 ) J o U '.,] .1E U U .q (,)v ,E v (/) \ o\ d oc D\ o.i j (nE o o- 3 o ,.c E o U U bo c- E! o 3 o (/l €,s o c- (r') L o U q .o o o- o U z z < € a' Mohamnad 0baydur Rahne!, 8CS /^""ru Maugiog Dircctor & CBo Lasmin Akter ?qfriPanv 4AA Finance & lnverftaeot Ltrt secretarv l!fli rEllan lnrurance company Limrt P aBe | 292 Comparative income statements and balance sheet and aforementioned ratios for immediate preceding five accounting years of the issuer as per (B)(2s)(d) Auditors report under Section 135(1), Para 2a(1) of part II of Schedule IIi of the Companies Act, 1994 Auditors report under Section 135 (1), Para Za$l of part II of Schedule III of the Companies Act - 1994 As required under section-135(l), Para 24 (l), of Part -II of schedule III to the companies Act ,,Company,,) 1994, management of Sena Kalyan Insurance Company Limited (the has prepared the following statements of its assets and liabilities, profit and loss accounts, profit and Loss Appropriation Accoun! statement of Cash Flows and Consolidated Revenue Account as at and for the years ended 31 December 2020, 2079, 20L8, 2017 and 2016 and submitted those to us for examination and issuance of our confirmation thereon. we, as the auditors of the Company, having examined the financial statements of the Company as at and for the years ended 31 December 2020,2019,2018,2017 and 201.6, hereby confirm that the following information has been correctly extracted from those audited financial statements. 01. The Company was incorporated on 3.a September, 2013 as a public limited company under the Companies Act - 1,994 with the object of carrying all kinds of Insurance business other than Life Insurance. 02. The arurexed statements of Assets and Liabilities (Balance Sheet) of the Company for the years ended December 37,2016 to 2020 has been duly certified by us. 03. The annexed statements of operating results (profits and loss) of the Company for the years ended December 31, 2016 to 2020 has been duly certified by us. 04. The annexed Cash flow statements of the Company for the years ended December 31, 2016 to 2020 has been duly certified by us. 05. The Company has declared dividend for the years from 2016 to 2020 as follows: 31-Dec- 31-Dec- 31-Dec- 31-Dec- Particulars 31-Dec-20 t9 18 77 't6 Cash dividend 10.00% 10.00% 5.00% 7.5% 5% Stock dividend (Bonus Nil Share) Nil Nil Nil Nil 06, The Company has no subsidiaries. 07. No proceeds or part of proceeds of the issue of shares were applied directly or c! indirectly by the Company in purchase of any other business. c!€t E 08. The Company did not prepare any financial statements for any period subsequent to o_ December 31, 2020. < GI 09. Figures appearing previous year's column have been restated / rearranged, wherever necessary to ensure comparison and better ptesentation. w ,{0nmn Oh.y&,Rrtu.lrn,8qi l{8[aguf i]ireclor & Cm tasmin Akt€ /rAA FimDcc & Itrr€&€[t llo N\"$ q Eg.r:pany secrej 'iiir lR:uran.E Cori Page 1293 10. We examined the above mentioned financial statements and found correct. sd/- Dhaka, 24 Aprii 2021 Mahfe1 Huq & Co. Chartered Accountants ql c\i a-e G /- ry Ahnt,L-&J^-- Motrnnd 0hydur &Inao, fcs at-, Mrmgrng .:. \NDo--h--_ Dirtctor& CEO ,l"l AAA Fiosncs & lnverheal IJd. t> o) N t-! i?l r'} E rqt rg l l-- I iI c't EF q I - a*t:t ;t si 3H ?l ;:'.i qhl EI : E C IE.I i = l'l sfi += .B= E r EB qqEE U E !a !7 Za $lq ;r ! -'j / e !4 Ye E. i! :! . E =:Ei. + I r; -=1 i! !i;i ,I - E t.r d;E= i g5' c o j *-I a. ii E od :{n; EZ Ei I f, ;iiEr:: i s i; ; :E :i;:jiac! ",-E ,*i ; 6 c! (o, c\a if if. it;ffEiEg;Ei=gi,eis *E (f_G a ;i ii ii,:: ii:;Sriiiii!if si < c ri a E lu cv R" ohorld /r,,*tr rtr- otsydu R [n!0, trCl lssmin Akt€r Murgir8 Direclff & CEO Cgn:Dinv Secret.:rv $+,-e AAA Finuce & lnvestmmt lxr (lrira t4.,u.,nr. ccn:pr:ry llni trmited g1 t\lC'1 * ,'' : -{ ET lFl .{ a! vE,r: $i l-l i{ EigE. . !E S iig:( f,gd l3l J i-r a i:.i; st :. "- III-.t i.:; ( i-: ; 3 .t f+ E I^ta nl ,L!;. t .gi{? e.B o )9 O ,\E od (t a Eia I 1 :, E i! E t! o a==:t i itiT i= i z c a=rel eizi+ii-f. E i: i ac! 7! i t t i= Ei .i=iiiEii;ii i * G t _{; .:::3 Z qt!,8 3e i,: d L!a7 O ,,,:L ?-: oo ;! (r_ ! :). fa o a -c (g -. :\l >: :\l I ]- ;i:tu*frifuitus,ss i 7 - !j o E d, N lasmin^n&vE Akter \n'f^$--- MotrmDtd ODlrdm tutDeo" f6 Cor:pany Secretary Kumat Saha Maugtrg DLectn & CBO .i rial Dfflc.r (Cfol AAA Fimnce & InvestEetrt Lil iince compinv Umllrd F ol 11 i ,,.'\ ] j: Ei o_ cn IU :l it q ! i,lll q *iq =38883===5-11s-cl-iv!.tee $1q d $flfl - i- t-l -t .,, 1. ':" 3:lil -l I t3 /= iaEE -I I' T! l 2 i,_ r! I T?!! TI se9l li ai Itr Ei9* !! lr 3 z_E t.! 8, 1 .i 14 !l e $ ri !E (_) E5 iraE 2i iit7 e , .5 E :? i.E I lI"5 .|.. od d :E: l4i: ;l:: .. t:tEa-t 3-e i-i- rEi tl f !Ei!"i!:lr.!!g :ii i* T ^EE ; :=;iEi -.aa<:ia:aii\Ei;i;iE;:i caE iri !5 t. .' (!: g, z. -. ]-c -4. @ E CN Z,l,LA*E tasmrn Motrmod Oblyor Akter Nse, Rrtnau fCt Con:pany Secretary Retd), Cll(Cert) Malagrlg Dtrichr& CBO *B tlyar\ llls urn n" e comJ;,r,, Lrmrt3{ AAA Pimoce & lnvestEe lrt lmrany !imiled r_ril - € at) N i /:Pl, i .!cr I H il{ I F lil t,1 ! a I I IE c lil l*l It l_! I o t!t o. il eE 5:Ei od E ; FE< * i If itil o) Li i i.t -. : o-, a >, C\T & -4 @ ry ,/^,,* MotrnErd oblyd[' tulEu, FCt L;.'... 'j - N),oa$ q| tl{anagtug Direoor & CEO 4AA Fiuance & lnvertnent I-a ''"' qro! N ,/a*E! , a EN s a[ .: qq 7 : {q E------t el s i i; I gl $ E t-' I I- i si 's L___l I s.e - a :. flq r tl ;. ,i I E t tJ q a tl a c ,a 2 o T:?;l 2 (J , .t E !E i od E*I Etr Ei fr q rn ! 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EE $ggg66 E 4Eo.loo16oo E E € a Rdidcrci6j 8 €8 c a.{s.qa R8 a 8fr ? fr- B a 9F +ei Bh€}E ra ZP. & t! 4....*..." 3h a 8I86 i!9f;888 E dflciorooo f:6iooo :l a e 6 E. I t 6 0. .ti E .E u' 5 5 E Xrs! -Ss t Ee a z-3 b ol : ia U 6t ilEag ! 8"9 t _ +E € !g -t i?i I E IezIE *le! itilrii e. ,IiAEE 1E'l !O;ZE!! G- 5iD I < i si FE e ESTIFF UIl 6s * o R853 .t o. i.a {Ee.aeRE Ei H:fi E: f: .t q : ep r; :.r a - 5r d ooooo;..ciri F 8-qeE NP { .!q,nfiaa+88888riA qq8.( I 6 ca lr. i 4 a ..t..i.dra.a.t 588$ 68 I15 t {9rq E; cioei 6E .idiN-J .l a.Rs.r.aa{i.s. E! .i t E' ?F 'it33 6 :'. a 3 UP .r6 ooooooe6.i .ld F 3888A I :I I io'6.idiai N. 9F AO T. E.E : e; (r l1 gtba8fr8t3 t 7r ju! 9di 8 L 1 E I aReqf;s. .t q 9 2 a. : i. ., z-.- 2a IEEBE t - e Pl z! 'E ! t& C rg:{i &, F "-:Aai X , ) iiEEi ;', f; tt":" , i i( J E^ r S:e E ;JAE :ga !e2 -_$ rt I i u E:! i" Er&g etISt ;EErj Slils d €!s e i {e Eg cr- \9.:'',! ;:;'l. 1, E; I b EtE:I iEEE iAiligiBEir d, <\a Za"a,r \bsd+- Mohffrd s0b6ydr Rtbrq fC$ , Mlllgilg Dirtctr & CBo AAA Fiosnce & Inr('tD€ot Ltd "_? o lrl 3E! s .:6 s , d E ro R n R a E4 I q. E' J .JE a I E s!iiJ a a I & 2 LT k { gF,{ g a E f; 3E .i:a dt E.g i 6', a a I q q a E -Y*FrS a t a .E * E3 a x d I 2ZL E 'ns a s .E a- 9 $ d a E* e. i* E R ,E E E ns!E Eid.. .t T rEg,': --3 E. .l ts yl E fr ts F ;E =.rf,A !E E,i J F=N Ig bT * E :! b!: F+ 92 i{CE. E =)- EEE :9 'J!> 4 E* t.t 4' =F <\a N Zr"*r MoirfiDrd Obrrtu R!hrs!, g6 ,aV ta imi; Akter {&!gr!g Dircdor & CBO w qAA Fiornc€ & lnvrshrot I,!d. { Page 1305 Earnings Per Share (EPS) on fully diluted basis (with the total existing number of shares) in addition to the weighted average number of shares (BX2sX0 basis. Future proiected Net Income should not be considered while calculatin the wei hted average EPS Particulars Note Fi ute Net ofit after tax A 94,275,660 No. of Shares B 24,000,000 EI€ on full diluted basis A/B 3.92 Weighled rtverage no. of shares C 24,000,000 EPS on wei ted avera methocl A/C 3.92 Based on Audited Financial Statement for the year ended December 31, 2020 Note: Since there is no declaration of stock dividend and no dilutive instruments as at the end of 31. December 2020; the fully diluted number of shares and weighted average numhr of shares are the same. All extra-ordinary income or non-recurring income coming from other than core operations should be shown separately while showing the Net Profit (n)(zs)(s) as well as the Earnin Per Share SKICL has no extra-ordinary income from other than the core operations. lt has some interest income which is generated from the statutory FDR maintained with banks on regular basis. or Half yearly EPS should not be annualized while Quarterly calculating (BX5Xh) the EPS SKICL has not armualized its quarterly or half-yearly EPS, the issuer has reported the actual E[5 found from the calculation. c{ ,(,,*OE- .-., !\ 8r \$r+- ',/Q"tN Uoumma Ohyfu Rrtruo FCB armag Dircuor & clt) {AA I Fiolnc€ & InvGa&qlt Ltt Page 1306 Net asset value (with and without considering revaluation surplus or reserve) pel unit of the securities being offered at the date of the latest (BX2s)(i) audited statement of financial osition NAV without the Revaluation Surplus Particulars Note Amount (BDT) Paid-u Ca tal A 240,000,000 Reserve for onal Losses B 197,792,U2 Investrnent Fluctuation Fund C 408,894 Retained s D 68,00'r,646 Total E ui A+B+C+D=E 506,203,422 Number of Shares Outstandin F 24,000,000 Net Asset Value (NAV) per share without E/F 21_.09 revaluation Based on Audited Financial Statement for the ended December 31, 2020 NAV with the Revaluation Surplus Particulars Note Amount (BDT) Paid-u Ca ital A 240,000,000 Reserve for Exce tional Losses B 797,792,882 Investrnent Fluctuation Fund CI 408,894 Retained S D 68,001,646 Total E ul A+B+C+D=E 506,203,422 Revaluation Reserve Number of Shares Outstan F 24,000,000 Net Asset Value (NA! per share without E/F 2L.09 revaluation Based on Audited Financial Statement for the year ended December 31, 2020 oc\l G, EL< G' Uommnra sI lDaydElt gGi maD, m;^-/A"-- tlmrgtrS Dicdor & CtO N'p+- l, all lc€rt) AA]{ lilroce & Invesheot L6. Page 1307 The Commission may require the issuer to re-audit the audited financial statements, if any deficiency/anomaly is found in the financial statements. (BX2sXi) In such a case, cost of audit should be borne b the concerned issuer There is no such request received from the commission yet; but SKICL understand and agree that the comnission may require the issuer to re-audit the audited financial statements, if any deficienry or anomaly is found in the financial statements. In that case, SKICL has no obligation for bearing the cost of such audit. Statements for the last five years or any shorter period of commercial (B)(25)(k) o ation certified by the auditors (D Statement of long term and short term borrowings including borrowing from related party or connected persons with rate of interest and interest paid ot accrued; ( ii) Statement of principal terms of secured loans and assets on which charge have been created against those loans with names of lenders, purpose, sanctioned arnount, rate of interest, primary security, collateral or other security, re-payment schedule and s tatus; (iiD Statement of unsecured loans with terms and conditions; (iv) Statement of inventories showing amount of raw material, packing material, stock-in- process and finished goods, consumable items, store and spares parts, inventory of trading goods etc.; (v) Statement of trade receivables showing receivable from related party and connected Persons; (vi) Statement of any loan given by the issuer including loans to telated party or connected persons with rate of interest and interest realized or accrued; (vii) Statement of other income showing interest income, dividend income, discount received, other non-operating income; (viii) Statement of tumover showing separately in cash and through banking channel; (ix) Statement of related party hansaction; (x) Reconciliation of business income shown in tax return with net income shown in audited f inancial statements; (xi) Confirmation thatall receipts and payments of the issuer above Tk.5,00,000/ - (five lac) were made through banking channel; (xii) Confirmation that Bank StatemenE of the issuer are in conformity with its books of accounts; (xiii) Statement of payment status of TAX VAT and other taxes or duties; and (xiv) Any other statement as may be required by the Commission. :w a!- G CL<, @ c! ry Mot@d otttE ;ft&tL R lm!,6 La3min Aktet Mlorglo8 Dtcdor& c8O CoriPanY Secretary AtA Fin!$r tr & loy€rhe LE Page 1308 (ii) Certification on statement of long term and short term bonowings including borrowing from related party or connected persons with rate of interest and interest paid or accrued of Sena Kalyan Insurance Company Limited After due verification, we certify that there is no long term and short term borrowings including borrowing from related party or connected persons except the following loans of Sena Kalyan lnsurance Company Limited as at 31 December 2020. Outstanding Balance as at Nature of Rate of Interest Accrued Name of the Party Relationship 31 the Loan Interest Paid Interest December 2020 Related Party Long Sena Kalyan Sangstha (Common Term 27,21.8,321. Director) Total 27,278,32L sd/- Dhaka, 24 April 2021 Mahfel Huq & Co. Chartered Accountants c{-, CE CL< @ N 2,,*lE MohnDrd {thaydt:I RrtDt!. fct tlsmln Aktsr \,sg0- Mrnagug Director r - ir:t nl & CEti eonPanY SecretarY AAA Finance ., , r') & lnvertnent Ir !t*!a lialton lorurr nce c'$P !n Page 1309 (iii) Certification on statement of principal terms of secured loans and assets on which charge have been created against those loans with names of lenders, purpose, sanctioned amount, rate of interest, primary security, collateral or other security, re- payment schedule and status of Sena Kalyan Insurance Company Limited After due verification, we certify that there is no secured loan and no charge have been created any of the assets of Sena Kalyan Insurance Company Limited and there is no collateral or other security as at 31 December 2020. sd/- Mahfel Huq & Co. Dhaka, 24 April 2021 Chartered Accountants .n R {,e - Gr ar /*,,,,drf Mobmld OhytuR tE!!. !6 Nsr+- It{ruguS Diccro, a C?0 B A.Ar{ liDrnce & Inv€rtloed Lt(l I Sena lt ar, ^T Page 1310 (iv) Certificate on unsecured loans with terms & conditions of sena Kalyan Insurance Company Limited for the last five years This is to certify that sena Kalyan Insurance company Limited has following unsecured loan from January 01, 2016 to December 31,2020. Outstanding Balance as at Name of the Party 31 December 31 December 31 December 31 December 31 December 2020 2019 2018 2017 20-t 6 Sena Kalyan 27,218,321. 26,509,3-r2 26,509,312 26,509,372 Sangstha 26,509,372 This loan amount is interest free and reftrndable within 03 September 2023. sd/- Dhaka, 24 Aprr12021, Mahfel Huq & Co. Chartered Accountants -_\l a!et Ga e, N A,*r^ Moirnna NDA+- 0brydr:r Ratnrn fC[ f&f,ItArter Mrugi[8 Diroclor & CEO - SecrPtarv s6, - tBRDqnY AAA Piuuc, & lnv€ttE€trt L6 Senal:ltr1.:r:r.. Page 1311 (v) Certification on statement of inventories of raw material, packing material, stock-in process and finished goods, consumable items, store & spare parts, inventory of trading goods etc, of Sena Kalyan Insurance Company Limited for the last five yearsi After due verification, we certify that the statement of inventories of includes Stationery and forms in hand and Stamps in hand. Statement of inventories of Sena Kalyan Insurance Company Limited For the last five years (from 01 January 2016 to 31 December 2020) were as follows: Particulars 31-Dec-20 31-Dec-19 31-Dec-18 31-Dec-17 31-Dec-16 Stationery and forms in 206,3s8 234,672 317,200 "t42,678 hand 209,740 Stamps in hand 126,220 28,030 "146,536 36,340 97,005 Total 332,578 262,702 463,736 246,080 239,683 Except Stationery and forms in hand and stamps in hand there was no inventories of raw material, packing material, stock-in process and finished goods, consumable items, store & spare parts, inventory of trading goods etc. of Sena Kalyan lnsurance Company Limited for the last five years (from 01 lanuary 2016 to 31 December 2020). sd/- Dhaka, 24 April 2021 Mahfel Huq & Co. Chartered Accountants \ \f _= ! o. ar /,"r;*l*E *}, lrollglDld Oit dt&ri'm,, tE t.. Vrugirg Dircstor & CEO Nca-S- mA Flomce & lnwrmem Ltd" ) Page 1312 (vi) certification on statement of trade receivables showing receivable from related party and connected persons of Sena Kalyan Inaurance Company Lirrited for the last five ye,us After due verification, we certify that there is no hade receivables from related party and cornected persons of Sena Kalyan Insurance Company Umited for the last five years (ftom 01 January 2016 to 31 December 2020). sd/- Dhaka, 24 April 2021 Mahfel Huq & Co. Chartered Accountants q,c! 6a e o-< € d Molrfinrd 0Drrd[I R itr!tr, fcf M0rging \us$1 Drig Gei shatique Shanim,'psc ), rll lCPrt) DirEcmr & CBO Managing Director CEO AAA Finrooc & lnvGrtneot Lil na (alyan lnsusanre Co rn9ary Uertcc Page 1313 (vii) Certification on statement of any loan given by the Issuer including loans to related party or connected persons with rate of interest and interest realized/ accrued by sena Kalyan Insurance Company Limited for the last five years This is to certify that Sena Kalyan Insurance Company umited did not give any loan to any related party or connected persons during the period from 01 January 2076 ro z'll" December 2020. sd/- Dhaka,24 April2027 Mahfel Huq & Co. Chartered Accountants s ..\.J E (viii) Certification on statement of other income showint interest income, dividend income, discount received, other non-operating income of Sena Kalyan Insurance Company Limited for the last five years This is to certify that the other income showing interest income, dividend income, trustees fees, sales ofpaper and wastage goods, service charges (co-insurance), miscellaneous income (others), forfeiture amor.mt of ptovident fund, profit on sale of fixed assets, profit on sale of primary shares (lnveshnent in Shares) of Sena Kalyan Insurance Company Limited for the last five years were as follows: Particulars 31-Dec-20 31-Dec-19 31-Dec-18 31-Dec-17 31-Dec-16 lnterest lncome 54,007,742 43,907,623 33,031.,079 27,772,567 23486,347 Dividend lncome 1.0t,199 39,306 39,306 Trustees Fees 1,320,000 1,695,000 697,500 Sales of Paper and Wastage 7,700 13,140 "12,400 717,207 Goods 6,000 Service Charges (Co- 394,274 832 30,4'tL Insurance) Miscellaneous Income 917,730 (Others) Received from SKICLEPF Capital Reserve Ftrnd 7,560,6"t6 (forfeiture amount of Provident Fund) Profit on sale of Fixed Assets 654,"t09 Profit on sale of primary 1.78,009 67"t,176 shares Total Other Income 58,223,649 47,244,807 33,810,696 27,889,768 23,492,347 sd/- Dhaka, 24 April 2021 Mahfel Huq & Co. Chartered Accountants c\l <\lc, G, o-< CE' *" m 'lLlE Mo!&a!d oblydn R t[!a!, 8C$ Melov (umar S!ha !Au8i!g Direrlor & CBO tlLt \1.1p1 p;131sial Officrr (GfOl AAA Finaoc.€ & hv€stmed Ltd hl{rn tmg,rn cotnpsrY trnlli{ hln " PaBe 1315 (ir) certification on statement of turnover showing separately in cash and through banking channel of Sena Kalyan Insurance Company Limited for the last five years After due verification, we certify that the turnover showing separately in cash and through banking channel of Sena Kalyan lnsurance Company Limited during last 6ve years (from January 01, 2016 to December 31, 2020) were as follows: Amount in BDT Particulars 31-Dec-20 31-Dec-l9 31-Dec-18 3l-Dec-77 31-Dec-l6 In Cash Nil Nil Nil Nit Nil Through Banking 494,273,303 529,632,38^r 299,0^t1.,013 z-r"t,338,423 Charmel 1.67,743,083 Total 494,2L3,303 529 ,632,381. 299,071,0L3 2L1.,338,423 't_67,743,083 sd/- Dhaka, 24 April2021 Mahfel Huq & Co. Chartered Accountanb a\l3 x N OJ N N vt N. .ii al q) N o .l .l '6q,, lE EP lux I li N F N d !l.xo .ioefr E N r! N ra o. Ed o rrt ttvd c 0r OJF !du'!tr C.l =oor ol ot '=.!g-=2= (l]g0rotrF -bE E g t'l E N I E; EB. .i ,r E .. I I 1i N N N (/)tdE.E6= 9 H R oX-boY otraEP.Ed E?l = .;A q> bEE N E3. g3E N FtrOqtC EI F9Y! N r.l N ct .iE bo s N EY b ,o_ EFoiu20.,gi gEE al' t3orrlk nr-= E- l,CUOE ez aE c<-!-ok a! av. *i 3 il U 4 = za ur! ULJ u r-l (J LJ u t-l ULJ U! L/ r-l >, b .E & ; i3 B5 EEt )2=r CJ ,!- I o- F] Es N !b ;.r \ N '= ii d I ..i (\ i:x N N ]T[Il t..l tl N t.. .l t\ '=i N t\ a .i .I ci N at' t- ';r U.r s .i ri .i : N an t ';! oE ! ! N N '= ..1 r.I N. ..i fi E- E' i- Ei ci Ei, hi- 49, Eg 49, za Ull U! UIJ u t-l UIJ UIJ UQ u i-l ULI L) r-l ut! UTJ utl U I.J v,7e , ZF a v ll -o .s z o o --'- (l) .sE ., a.g .9 F !1- o .l.B x hnu o --'ij ?B G, -ra F ,-l !o e o- 14E v 8= !Z E2 .*B < qrz !F a d a,) Jt Jr! O € F F t\ o @ LO a I F N N 4,, o;i E E o F. 'ai bD O O r Oi p. Ol o1 N , r-r o q., a..t N a u'r o 0', G ! g\ O u o O 3 OJ oo\ o ci e,t N oc.t N al c{ o oe (g E o,) '=& OJ a I! ,o bo o Q (,/ 6 E- E. z ,o Eti 0) a2 d Zri U L.I Ulr ULJ o, la {, Ci o .E tr E3e GI '5 tr" c. € !, ZN u l! ..1 bo a OJ a.l (n bo J:N o. c\l ! OJ .o o.) "rz c\G' x2 I vl! 2 >bor4 a.l r! O o.i d CE l! !U o- iJ o a < diu cn to OJQ Fl IJ o a ()MF[Iw uoIlDnM Ri!Irs!,86 /^,'*l,E Itftugug Diredor & CtO pleJN-- 'l AAA Fimore & lnwstme kl .) Page 1319 (xi) Certification regarding reconciliation of business income shown in tax return with net income shown in audited financial statements of Sena Kalyan Insurance Company Limited for the last five years This is to certify that the income of Sena Kalyan lnsurance Company Limited as per audited financial statements and income shown in tax retum are reconciled as follows: Particulars Amount in BDT Assessment Year 202G27 2019-20 20M9 20'17-1,8 2016-17 lncome Year 201,9 201,8 201,7 2076 2013 * Profit Before Tax 178,679,O74 36,2'1,4,1,N 55,090403 42,763,937 42,722,176 Less: Reserve for Exceptional (57,609,2s2) (25,470,929) (26,282,240\ (20,396,965) (9,987,273\ Losses Less: lnterest on National p,n6,499\ (3,197,176) (3,206,500) (3,27s,n4) (3,157,71.6\ Investment Bond Less: Realized gain on lnvestrnent (671,,176) in Shares Less: Dividend Income (39,306) (3e,306) Less: Carry Forward Loss of (76 Previous Years ,342,96^L\ Business Income Shown in Tax 57,752,U7 Return 7,506,719 25,60"1,663 19,151,688 13,200.226 * Note: Due to restatement of financial statements profit before tax as shown in the financial statements are different from what is presented here. **lncome Lax return for the income year 2020 has not submitted yet. sd/- Dhaka, 24 April 2021 Mahfel Huq & Co. Chartered Accountanb \l .\J ! a q+' /-,,,,l*lr Motrnnrd Ohydu Ratna!, t6 tasmln AIter Ns#$= iullugug . Diecror & CEo CcftDanv secretary aAi{ Fiurnce & Invameoila $t*l ($!atr \arurD:! corti" "q, Pase 1320 (xii) Certification on receipts and payments above Tk.500,000 (Five lac) were made through banking channel of Sena Kalyan Insurance Company Limited This is to certify that all receipts and payments of sena Kalyan Insurance Company Limited above BDT. 5,00,000 (five lac) were made through banking charurel from 01 January, 2016 to 31 December, 2020. sd/- Dhaka, 24 Aprll2027 Mahfel Huq & Co. Chartered Accountants i\t :v> =\- a Moilmn (r albeyd[l R bnao, F6 /*,^-d',f- Murgrlg Direclor & CBO - lermln'Afrer N$"-h-- AAA Pinrnco & Investneal L6. L$EPlnv secrnta -Sena."". xalyrr. t:,':r_' ;'-- .,i Lrmite{ t Page 1321 (xiii) Certification on books of accounts of Sena Kalyan Insurance Company Limited are in conformity with bank statements for the last five years This is to certify that the books of accounts of Sena Kalyan Insurance Company Limited from 01 ianuary, 201,6 to 3'1, December, 2020 are in conformity with bank statements. sd/- Dhaka, 24 April 2021 Mahfel Huq & Co. Chartered Accountants c\t c\|G' G, (xiv) Certification on status of payment of Tax, VAT and other taxey' duties of Sena Kalyan Insurance Company Limited for the last five years After due verification of books of account, we certify that the status of Tax, VAT and other taxes/ duties payment of Sena Kalyan Insurance Company Limited for the last five years were as follows: Particulars Payment Status 2020 2019 2018 2077 20L6 Tax 25,256,345 3,394,6"t0 9,U6,237 8,745,989 3,2t5,286 VAT 79,794,193 25,175,757 2L,913,1.29 "t7,727,478 't 4,440,396 Other taxes/ duties* * Other tax /duties refer to customs tax. sd/- Dhaka, 24 April 2021 Mahfel Huq & Co. Chartered Accountants :wJ <\ q w Mot EDd 0hrdr nrhnu. FB /--,*tr \u{r-6- 4"), iftujiog Dincto' & CBO A.AA trluncr e lnrrnheat t lo Sen: Page 1323 SECTTON (xxvD (BX26) CREDIT RATING REPORT Credit Rating is not required as per Rule 3. (3) of Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015 .12 .4!= CED N A,,lr \a\sa+- l I Itlolmrd Ohrtu l.trrl,ll f6 Lasn:in Akter"'- iloryi!8 Diector & c80 ! "" ''1r/ '"'r ":il r.le riaincr e tn Gi6 !""", Page 1324 sECrroN (xxvrrD @ten APPLICATION PROCEDURE This part will be revised after getting the consent letter from BSEC according to the condition imposed by the commission on consent letter. fs :\a e, SteD-l (Applicant) 1. An applicant for public issue of securities shall submit application/ buy instruction to the Stockbroker/ Merchant Banker where the applicant maintains customer accoun! within the cut-off date (i.e. the subscription closing date), which shall be the 25th (twenty fifth) working day from the date of publication of abridged version of prospecfus. 2. The application/ buy instruction may be submitted in prescribed paper or eleckonic form, which shall contain the Customer ID, Name, BO Account Number, Number of Securities applied for, Total Amount and Category of the Applicant. At the same time: .l Other than non-resident Bangladeshi (NRB) and Foreign applicants shail make the application money and service charge available in respective customer account maintained with the Stock broker/Merchant Banker. No margin facility, advance or deferred payment is permissible for this purpose. In case the application is made through a margin account, the application money shall be deposited separately and the Stock broker/Merchant Banker shall keep the amount segregated from the margin account, which shall be refundable to the applicant, if become unsuccessful. b Non-resident Bangladeshi (NRB) and Foreign applicans shall submit bank drafts (FDD), issued in favor of the Issuer for an amount equivalent to the application money, with their application to the concemed Stock broker/Merchant Banker. A Non-resident Bangladeshi (NRB) and Foreign applicant may also submit a single draft against 02 (two) applications made by him/her, i.e. one in his/her own name and the other iointly with another person. The draft (FDD) shall be issued by the Bank where the appticant maintains Foreign Currency account debiting the same account and provide the customer with a certificate mentioning the FC account number which has been debited to issue the FDD. The applicant shall also submit the certificate with his/her application. No banker shall issue more than two drafts from any Foreign Currenry account for any public issue. At the same time, the applicant shall make the service charge available in respective customer account maintained with the Stock broker/Merchant Banker. c Eligible investors shall submit application through the eleckonic subscription system of the exchange(s) and deposit the full amount intended to subscribe by the method as determined by the exchange(s). Step-2 (Intermedia{v) 3. The Stock broker/Merchant Banker shall maintain a separate bank account only for this purpose narnely "Public Issue Application Account". The Stock broker/Merchant Banker shall: a. post the amount separately in the customer accoult (other than NRB and Foreign applicarts), and upon availability of fund, block the amount equivalent to the application J money; f Y b. accumulate all the applications/buy instructions received up to the cut-off date, deposit the amount in the "Public Issue Application Accounfl' maintained with its bank within the L= first banking hour of next working day of the cut-off date; e9 d hL-ilE Itldro nd Ohrto f!im!. FC 4.$, lU1ryiry b$r$- Dirlclor& CEO l: i All Flnrnce & hv.stre lrd Page 1326 c instruct the banker to block the account for an amount equivalent to the aggregate application money and to issue a certificate in this regard. 4. Banker of the Stock broker/Merchant Banker shall block the account as requested for, issue a certificate confirming the same and handover it to the respective Stock broker/ Merchant Banker. 5. For Non-resident Bangladeshi (NRB) and Foreign applicants, the Stock-broker/Merchant Banker shall prepare a list containing the bank draft (FDD) information against the respective applican(s particulars. 6. The Stock broker/ Merchant Banker shall prepare category wise lists of the applicants containing Customer ID, Name, BO Account Number and Numbet of Securities applied for, and within 03 (three) working days from the cut-off date, send to the respective Exchange, the lists of applicants in electronic (text format r rith tilde sepatator) format, the certificate(s) issued by its banker, the drafb and certificates received from Non-resident Bangladeshi (NRB) and Foreign applicants and a copy of the list containing the bank draft (FDD) information. On the next working day, the Exchanges shall provide the Issuer with the information received from the Stock broker/Merchant Bankers, the bank drafts (FDD) and certificates submitted by Non-resident Bangladeshi (NRB) and Foreign applicants and the list containing the bank draft (FDD) information. 7. On the next working day, the Exchanges shall provide the Issuer with the information received from the Stock broker/Merchant Bankers, the bank drafts (FDD) and certificates submitted by Non-resident Bangladeshi (NRB) and Foreign applicants and the list containing the bank dtaft (FDD) information. Exchanges shall verify and preserve the bankers' certificates in their custody. 8. The applications/buy instructions shall be preserved by the Stock broker/Merchant Bankers up to 6 months from listing of the securities with the Exchanges. Step-3 (Issuer) 9. The Issuer shall prepare consolidated list of the applications and send the applicants BOIDs in electronic (text) format in a CDROM to CDBL for verification. The Issuer shall post the consolidated list of applicants on its website and websites of the Exchanges. CDBL shall verify the BOIDs as to whether the BO accounts of the applicants are active or not 10. On the next working day, CDBL shall provide the Issuer with an updated database of the applicants containing BO Account Number, Name, Addr.esses, Parents' Name, Joint Account and Bank Account information along with the verification report. 11. After receiving verification report and information from CDBL, the Issuer shall scrutinize \l l the applications, prepare category wise coruolidated lists of valid and invalid applicatons \ and submit report of final status of subscription to the Commission and the Exchanges r-= within 10 (ten) working days from the date of receiving information from the Exchanges. CE' a' q\a MohnEld otlydr RrtEar SCf It rlrglg t\F+- Dinctor & CEO Lasmln Alle? AAA Pi[s!.n & hvortDc Lh ,RpBny SecIetarY + PaBe 1327 12. The Issuer and the issue manager shall conduct category wise lottery with the valid applications within 03 (tfuee) working days from the date of reporting to the Commission and the Exchanges, if they do not receive any observation from the Commission or the Exchanges. 13. The Issuer and issue manager shall arrange posting the lottery result on their websites within 06 (six) hours and on the websites of the Commission and the Exchanges within 12 (twelve) hours of lottery. 14. Within 02 (two) working days of conducting lottery, the Issuer shall a. send category wise lists of the successful and unsuccessful applicants in electronic (text format with tilde separator) format to the respective Exchange. b. send category wise lists of unsuccessful applicants who are subject to penal provisions as per conditions of the Consent [rtter issued by the Commission in electronic (text format with tilde separator) format to the Commission and the Exchanges mentioning the penalty amount against each applicant. c. issue allotrnent letters in the names of successful applicants in electronic format with digital signatures and send those to the respective Exchange in electronic form. d. send consolidated allohnent data (BOIDs and number of securities) in eleckonic text format in a CDROM to CDBL to credit the allotted shares to the respective BO accounts. Step-4 (Intermediarv) 15. On the next working day, the Exchanges shall distribute the information and allotrrent letters to the Stock broker/Merchant Bankers concerned in electronic format and instruct them to: a. remit the amount of successful (other than NRB and Foreign) applicants to the Issuer's respective Escrow Account opened for subscription purpose, and unblock the amount of unsuccessful applicants; b. send the penalty amount of other than NRB and Foreign applicants, who are subject to penal provisions, to the Issuer's respective Escrow Accounts along with a list and unblock the balance application money; 16. On the next working day of receiving the documents from the Exchanges, the Stock brokers/ Merchant Banker shall request its banker to: a. release the amount blocked for unsuccessful (other than NRB and foreign) applicants; b. remit the aggregate amount of successful applicants and the penalty amount of unsuccessful applicane (other than NRB and foreign), who are subject to penal provisions, to the respective 'Escror/ accounts of the Issuer opened for subscription purpose. I {) 17. On the next working day of receiving request from the Stockbrokers/ Merchant Bankers, a their bankers shall unblock the amount blocked in the account(s) and remit the amount as L requested for to the Issuer's 'Escrow' account. q, s. /,,r*,*rlrrtr- ttoumo$ oboydE PatDa!, fcr No-$- MrDlgiog Dirertor & CBo r s!hr , . ':) AAA PiDlocE & lnv€th€ol LE fic.r (Cfol y L ,,/i(rl PaBe 1328 18. simultaneously, the stock brokers/ Merchant Bankers shall release the application money blocked in the customer accounts, inform the successful applicants about allotment of securities and the uruuccessful applicants aboutreleasing their blocked amounts and send documents to the Exchange evidencing details of the remittances made to the respective 'Escrow' accounts of the Issuer. The unblocked amounts of unsuccessful applicants shall be placed as per their instructions. The Stock broker/Merchant Banker shall be entitled to recover the withdrawal charges, if any, from the applicant who wants to withdraw the application money, up to an amount of Tk. 5.00 (five) per withdtawal. 19. All banl drafts (FDD) submifted by NRB or Foreign applicants shall be deposited in the Issuer's respective 'Escrow' accounts and refund shall be made by the Issuer by refund warrants tfuough concemed stockbroker or merchant banker or transfer to the applicant's bank account (FC account which has been debited to apply by NRB or foreign applicants) through banking channel within 10 (ten) working days from the date of loftery. Miscellaneous: 20. The Issuer, Issue Manager(s), Stock brokers, Merchant Bankers and the Exchanges shall ensure compliance of the above. 21. The bank drafts (FDD) shall be issued considering TT Clean exchange rate of Sonali Bank Ltd. on the date of publication of abridged version of prospectus. 22. Amount deposited and blocked in the "Public Issue Application Account" shall not be withdrawn or transferred during the blocking period. Amount deposited by the applicants shail not be used by the Stock brokers/ Merchant Bankers for any purpose othet than public issue application. 23. The Issuer shall pay the costs related to data transmission, if claimed by the Exchange concemed up to an amount of Tk.2,00,000.00 (taka two lac) for a public issue. 24. The Stock broker/Merchant Bankers shall be entitled to a service charge of Tk.5.00 (taka five) only per application irrespective of the amount or category. The service charge shall be paid by the applicant at the time of submitting application. 25. The Stock broker/Merchant Banker shall provide the Issuer with a statement of the remittance and bank drafts (FDD) sent. 26. The Issuer shall accumulate the penalty amount recovered and send it to the Commission through a bank draft/payment order issued in favor of the Bangladesh Securities and Exchange Commission. 27. The concemed Exchange are authorized to settle any complaints and take necessary :{ actions against any Stockbroker/ Merchant Banker in case of violation of any provision of i the public issue application process with intirnation to the Commission. All eligible Stockbrokers and Merchant Bankers shall receive the IpO subscription Others: The IPo subscription money collected from investors will be remitted in following bank accounts with Trust Bank Limited, Millennium Corporate Brach (Routing Number: 240262958): For Resident Bangladeshis sl. Account bearing Account title Currency number 01 0022-021002-t675 Sena Kalyan Insurance Company Limited (IPO) BDT For Non-resident Bangladeshis sl. Account bearing Account title Currency number 01 0022-5802000027 Sena Kalyan Insurance Company Limited (lPO) USD 02 0022-5803000025 Sena Kalyan Irsurance Company Limited (lPO) GBP 03 0022-5804000023 Sena Kalyan Insurance Company Limited (lPO) EUR "{O-osrn-l ARcptet ifr$r 6qGr e Ir< frfrcsn zeFrr APPLICATION FOR PUBLIC ISSUE Date: Name of applicant Client Cocle BO lD No Category of applicant Name of the Company Number of Shares Total amount in Tk. Amount in word Applicant Authorized Officer ==l- -, N /,*l*lE Uoirmnrd gcs $d$- ob!y&, RairlD, Brit Qn shaflquc lhrr1lfif tasBtln Aktel 6 lFilCl. €ll lr',tl Murgi4 Direaor & CEo Man.glnt Oirerlo &(l,r GOFnany Secretary A.AA Piornca & lnveeh€at Ltt nlrl!{ SCta lnlyaa hsurartoa Coopany tlrrl(..J Page 1330 SECTION (xxx) (8X28) OTHERS SECTION CONTENTS h) Additional Disclosure by the Auditor (b) Additional Disclosure by the Maragement (c) Miscellaneous This part will be revised as per the requirement of the BSEC. \J L E t\9-$- N .- , j firotluE d ",, Ohrdr IrtE !. ECs Ul[Egiog Dfulctor & CXn ^lE f.CA fiarnce a hveshloith- >, o F .6 :\l r .E G a -1= .:-L-.di *g i i i r tso E o a :1r :E +;.ri :0r U 9E x 1.1 ts t ; j E t ;!! 9.9 G 0Jrr9:aJ SZE X}: )2,;a,- < !1 s zy SE 699 co '.et-C';1 i q, FYtlrz i6uo 9Z 6i