L L L Government of the Peoples Republic of Bangladesh Ministry of Communications Bridges Division L Bangladesh Bridge Authority (BBA) Setu Bhaban, New Airport Boad L Banani, Dhaka-1212. Ii Auditors' Report on Financial Statements For The Financial Year 2017-20L8 L i L L t L L L rl, * L 1*q- L *. *t*. i.kriilidFs+.i:i I ni.ti,r,iilril,:i: L L M A Faza,l & Co. Rahman Mostafa Alam & Co. Chartered Accowttants Chartered Accotmtaflts L 29, Bangabandhu Avenue Paramount Heights (7th Floor: A, CI A D2) (/d floor), Dhatu-1000. 65/2/1, Box Culvert Road Phone: Ofrt 9551991 Purana Paltan, Dhalu- I 000. L Fm No: 88-02-9571824 Phone: +880-2-9553449 E -Mail : s hami ma49 9 @gmail. c om E-mail : rmadhaka@gmail. com $ M Fazal&Co. A Rahman Mostafa Alam & Co. Chaftered Accountants Chaftered Accountants 29 Bangabandu Ayenue (2nd Floor; Paramount Heiohts Dhaka-1 000. 1lh Floor:A, C1i D2) 651211, Box Culvert Road Purana Paltan, Dhaka-1000 Auditors'Report To The Bangladesh Bridge Authority (BBA) We have audited the accompanying financial statements of BanEladesh Bridge Authority {BBA), which comprise the $tatement of Financial Position as at June 30, 2019 and related $tatement of Profit or Loss and Other Comprehensive lncome, Statement of Changes in Authority's Equity and $tatement of Cash Flows for the year then ended, and a surnmhry of significant accounting policies and other explanatory infonnation disclosed in note 1 to 36 and Annexure A & B. Management's Respons ibility for the Financia I Statements Management is responsible for the preparation and fair representation of these financial statements that gives a true & fair view of the entity in accsrdance with government rules and policies, and for such internal control as management determines is neCessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or enor. Aud itors' Respons ibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Bangladesh Standads on Auditing (BSA). Those standards require that we comply with ethical requirements and plan and perfinir the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An audit involves performing the audit procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. !n making those risk assessments, the auditor considers intemal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but nat for the purpose of expressing an opinion on the effectiveness of the entity's internal eontrol. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, of the entity as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufiicient and appropriate to provide a basis for our qualified audit opinion. Basis of Qualified Opinion i) Accounts Receivable of Tk. 49,917,000 of JOMAC {Note no 6) is under suit filed of high court. Provision against both amounts have not made as per IAS 37 para 16. 1 :l DHAKA M A Fazal&Go. Rahman Mostafa Alam & Co. Chartered Accountants Chaftered Accountants 29 Bangabandu Avenue 12nd Floor) Paramount Heiohts Dhaka-1000. (7th Floor:A, C1i D2) 651211, Box Culvert Road Purana Paltan, Dhaka-1000 ii) Th9 entity recognized biological assets of Tk. 15,187,000 (Note no 4) at cost price but as per IAS 41 Para 40 this biological assets should be shown in fair value. iii) Bangladesh Bank DOSA account halance of Tk. 7,867,540 (Note no. 8.2.2) is remain unadjusted for the long period of time which we are unable to verify the same. iv) As per IAS 16 Para 55 depreciation of an asset begins when it is available for use, but the entity charges depreciation only for 6 months on addition of fixed assets. v) There are five ongcing projects ai padma Multipupose tsridge project; b) Dhaka Elevated Expressway PPP Project; c) Greater Dhaka Sustainable Urban iransport project (BRT Gazipur-Airport); d) Karnaphuli Multi Lane Road Tunnel Projeet but capital work-in-progress have not been incorporated in the financial statements and e) South Asian Sub'regional Eeonomic Cooperation. vi) Advance against expenses amounting to Tk. 261,473,000 could not be verified for want of relating papers and documents. (ref: note no. 2.1) Qualified Opinion ln our opinion, except for the effect on the Financial Statements of the matters descnibed the basis for qualified opinion paragraph, the financial statement as at June 30, 2018 give a true and fair view of the state of affairs of the Bangladesh Bridge Authorig (BBA) as of Jun6 30, 201g and of the results of its operations and its cash flows for the year ihen ended and comply with the significant accounting policies disclosed in note 2 of the financial statements, govemment rutes and policies, and other applicable rules and regulations. R-'-^r,1 lrt MAF Co. Rhhman Mostafa Alam-A,.,/{ & Go. Chartered Accauntants Chartered Accountants Dated: Dhaka December 31, 201 I DHAKA 2 MAFazal&Co. Rahman Mostafa Alam & Co. Chartered Accountants Chartered Accountants Bangladesh Bridge Authority (BBA) $tatement of Financial Position As at June 30, 2018 in'0OO BDT Particulars Notes June 2418 June 30, 2017 Assets: Non Current Assets 11 076 Property, Plant & Equipment 3 24,098,889 24,546, Biological Assets 4 1 187 1 187 lnvestment: 5 15,753,799 14,004,690 Current Assets 555 Accounts & Other Receivable 6 561,571 Advances, Deposits & Prepayments 7 1,379,261 5, Cash & cash Equivalents 8 1 731 Total Assets 42,420,141 44,997,966 Equity and Liabilities Equity Authoritv's Fund o 1s,629,46911 15,629,469 Bridge Repair & Maintenance Reserve 10 2055 $7ll 1,772,335 Approach Roads Reserve 11 gzs sssll 782,404 Guide Bond /Flood Embankment Reserye 12 z,gog,aaoll 1,956,008 Retained Earnings 13 8.352,32e11 8,598,372 Non Current Liabilities 11 715 1 Bonowings {Bangabandhu Bridge) 14 Current Liabilities & Provisions 1 Deposits 15 91,258 54,213 Withheld VAT & Tax Payable 16 9,976 16,783 Liabilities for Expenses 17 285,207 273,561 Provision for lncome Tax 18 954,909 2,833,663 Total Equiff & Liabilities 42,420,141 44,997,966 The accompanying notes 1 to 36 and Annexure A & B form an integral part of these Financial Statements. Director {Finance & Accounts} =,."ffi, rEctor Signed in terms of our separate report of even date annexed. MA & Co. [\Iostafa ryl Chartered Accounlants Chartered Accountants Dated, Dhaka December31,2018 3 OHAKh d MAFazal&Co. Rahman Mostafa Alam & Co. Chartered Accountants Chartered Accountants Bangladesh Bridge Authority (BBA) Statement of Profit or Loss and Other Comprehensive lncome For the year ended June 30, 2018 Figurcs in'A00 8DT Particulars Notes June 30, 2018 June 30, 2017 Reyenue 7,077,559 6,674,378 Operating Revenue 5,632,410 5,060,009 .{o Bangabandhu Bridge Toll 5,438,413 4,865,899 Mukterpur Bridge Toll & Lease 2A 168,482 174,406 Rail Tariff 21 5,000 L- Tele-Communication Tariff Electricity Tariff 1,725 Gas Tariff 6,227 3,722 t Others Operaling Income 17,563 14.981 Other Revenue 1,445,149 1,614,370 Eank lnterest: I a) BBAFUndFDR 274,?68 L b) sTDAlc 25,791 c) Depreciation Fund FDR 653,011 d) Project Bank A/c 341 47S,09't Retained Revenue 1 L lncome From BBA Area 22 101,01 lncome From Mukterpur Area 23 1,627 lncome From Padma Bridge Area 24 L lnterest Received on Personal Loan 25 151 Other lncome 26 Expenses 3,318,464 3,046,125 L Operatina Earenses 547,511 Bridge Operating Cost 27 240,805 Repair & Maintenance-Bridge & Associates 28 306.706 Other Expenses t_ 2,914,62A 2,498,614 VAT on Toll 723,758 643,840 Salary and Allowances 29 97,57s 122,539 lnterest on Borrowing 30 230,572 234,293 t_ Difference in Exchange Rate for Borrowing 31 845,854 724,781 Repair & Maintenance-General 32 50,497 28,307 aa Granb in aids 905 50 Eupply & Services 34 32?,567 104,S't9 t_ Depreciation of Properg, Plant & Equipment 641 _A92 639.885 Net Surplus/ {Deficit} during the Year beforc Tax 3,759,095 Provision 3,628,253 L Less: lncome Tax expense ,E 954,909 925,913 Net $urplusl (Deficit) during the Year after Tax 2,844J87 Provision 2,702,341 t_ The accompanying notes 1 to 36 and Annexure A & B form an integral part of these Financial Statements. Qw\"hD t Director {Finance & Accounts} .*"ffi#.-Io. Slgned in terms of our separate report of even date annexed. I L AMe ra arlzi)s co. Rahman Mostafa & Co. Chartered Accountants Chartered Accountants L Dated, Dhaka December 31, 2018 L 4 DHAKA MAFazal&Co. Rahman Mostafa Alam & Co. Chartered Accountants Chartered Accountants Bangladesh Bridge Authority {BBA} Statement of Changes in Authority's Equity For the year ended June 30, 201 8 Figures in'000 BDT Bridge Guide Bund I Approach Authority's Repair & Flood Retained Particulars Roads Total Fund Maintenance Embankment Earnings Reserve Reserve Reserve Authority's Equity as at July I , 2016 15,629,469 1 ,505,360 648,916 1 ,622,289 6,680,213 26,486,247 Prior Year Adjustment: i)Dividend Paid to Govemment (s0,000) (s0,000) Changes during the year: Net Surplusi(Deficit) before 2,702,341 2,702,341 Provision/Reserve Provision/Reserve 266,975 133,488 333,719 Q34,182) Authority's Equity as at June 30,2A17 15,629,469 *__1_Jl2;35-___J82&!- 1,956,008 **_*_edg!Jza 28l'38,588 Authority's Equity as at July 1,2017 15,629,469 1,772,335 782,4A4 1,956,008 8,598,372 28,738,588 Prior Year Adjustment: i)Dividend Paid to Govemment (s0,000) (50,000) ii) Adjustment for previous years tax L (2,221,699) (2,221,699) expenses Changes during the year: I LI Net $urplus/(Deficit) before Reserve 2,844,',t87 2,804,187 Reserve - ,ur,ro i ,or,uu, 3s3,s7; o78,531) Authority's Equity as at June 30, 2,055,437 I 2018 18,629,469 _-_ggd$_ 2-309,886 8,352,329 ,076 L l L <#\\rtr { tcR r, L Director (Finance & Accounts) Exec'utive Dlrector lL DilAKA I t_ ll I I I L 5 MAFazal&Co.