Independent Auditor's Report To he ShaCho det of nfrastuCtUre in our opinion, proper books of account as required by law DeveI opment Corpany Limited have been kept by the company so far as it appeared from our examination of those books; We have audited the accompanying financial statements of the Company's statement of financial position and statement Infrastructure Development Company Limited ("IDCOL" or of comprehensive income dealt with by the report are in the "Company"), which comprise the balance sheet as at 31 December 2017 and the profit and loss account, statement of changes in equity, cash flow statement for the year then the expenditure incurred and payments made were for the ended, and a summary of significant accounting policies purpose of the company's business; and other explanatory information. the financial statements have been drawn up in conformity with the Financial Institutions Act 1993 and in accordance M nement's Responsibiiity for the Financia with the accounting rules and regulations issued by the Saterment Bangladesh Bank to the extent applicable to the Company; Management of IDCOL is responsible for the preparation the financial statements of the Company conform to the of financial statements that give a true and fair view in prescribed standards set in the accounting regulations accordance with Bangladesh Financial Reporting Standards which were issued by Bangladesh Bank after consultation (BFRSs) as explained in note 2, and for such internal control with the professional accounting bodies of Bangladesh; as management determines is necessary to enable the the records and statements which were submitted by the preparation of financial statements that are free from Company/branches has/have been properly maintained and material misstatement, whether due to fraud or error. recorded in the financial statements; Auditor's Responsibdi iy statements sent to Bangladesh Bank have been checked on Our responsibility is to express an opinion on these financial sample basis and no inaccuracy has come to our attention; statements based on our audit. We conducted our audit in taxes and other duties were collected and deposited in the accordance with Bangladesh Standards on Auditing. Those Government treasury by the Company as per Government standards require that we comply with ethical requirements instructions found satisfactory based on test checking; and plan and perform the audit to obtain reasonable nothing has come to our attention that the Company has assurance about whether the financial statements are free adopted any unethical means i.e. 'window dressing' to from material misstatement. inflate the profit and mismatch between the maturity of An audit involves performing procedures to obtain audit assets and liabilities; evidence about the amounts and disclosures in the financial proper measures have been taken to eliminate the statements. The procedures selected depend on our irregularities mentioned in the inspection report of judgment, including the assessment of the risks of material Bangladesh Bank and the instructions which were issued misstatement of the financial statements, whether due to by Bangladesh Bank and other regulatory authorities have fraud orerror. In making those riskassessments,weconsider been complied properly as disclosed to us by management; internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design based on our work as mentioned above under the audit procedures that are appropriate in the circumstances, auditor's responsibility section, the internal control and the but not for the purpose of expressing an opinion on the compliance of the Company is satisfactory, and effective effectiveness of the entity's internal control. An audit also measures have been taken to prevent possible material includes evaluating the appropriateness of accounting fraud, forgery and internal policies are being followed policies used and the reasonableness of accounting appropriately; estimates made by management, as well as evaluating the the Company has complied with relevant laws pertaining overall presentation of the financial statements. to capital, reserve and net worth, cash and liquid assets We believe that the audit evidence we have obtained is and procedure for sanctioning and disbursing loans found sufficient and appropriate to provide a basis for our audit satisfactory; opinion. the Company has complied with the 'First Schedule' of Bank Companies Act, 1991 in preparing these financial statements; and In our opinion, the financial statements give a true and fair view we have reviewed over 80% of the risk weighted assets of of the financial position of the Company as at 31 December 2017, the Company and we have spent around 1,200 person hours and of its financial performance and its cash flows for the year for the audit of the books and accounts of the Company; and then ended in accordance with Bangladesh Financial Reporting Standards (BFRSs), as explained in Note 2. all other issues which are important for the stakeholders of the Company have been disclosed in the audit report Report on Other Legal and Regulatory adequately. ReqtUiremvents We also report that: we have obtained all the information and explanations Sd/- which to the best of our knowledge and belief were Dhaka, 28 March 2018 Hoda Vasi Chowdhury & Co necessary for the purposes of our audit and made due Chartered Accountants verification thereof; Annual Rlepord - 4 Infrastructure Development Company Limited as at December 31, 2017 PROPERTY AND ASSETS Restated Cash 3 834,646,574 186,829,878 Cash in Hand 302 5,617 Balance with Bangladesh Bank and its agent bank 834,646,272 186,824,261 Balance with other banks and financial institutions 4 31,121,535,366 29,177,573,149 In Bangladesh 31,121,535,366 29,177,573,149 Outside Bangladesh - Money at call and short notice 5 Investments 6 Government securities Others Loans and advances 42,036,663,720 41,016,574,846 Loans, cash credit, overdraft etc. 7 42,036,663,720 41,016,574,846 Bill purchased and discounted - Fixed assets including land, building, furniture and fixtures 8 92,850,674 70,565,667 Other assets 9 2,550,289,304 2,572,972,289 Non-banking assets Total assets 76,635,985,638 73,024,515,827 LIABILITIES & CAPITAL Liabilities: Borrowings from other banks and financial institutions 10 63,563,786,163 61,790,494,782 Deposit and other accounts - Other liabilities 11 6,773,831,590 5,266,448,272 Total liabilities 70,337,617,754 67,056,943,055 Capital/Shareholders' equity: Paid-up Capital 12 5,500,000,000 5,000,000,000 Statutory reserve Retained earnings 798,367,884 967,572,772 Total shareholders' equity 6,298,367,884 5,967,572,772 Total liabilities and shareholders' equity 76,635,985,638 73,024,515,827 Infrastructure Development Company Limited Off Ba ance Sheet ems as at December 31, 2017 Contingent Liabilities: Acceptances and Endorsements Letters of Guarantee Irrevocable Letters of Credit Bills for Collection Other Contingent Liabilities Other Commitments: Documentary credit and short term trade-related transactions Forward assets purchased and forward deposits placed Undrawn note issuance and revolving underwriting facilities Undrawn formal standby facilities, credit lines and other commitments Total Off-Balance Sheet Items Net Asset Value (NAV) per share 115 119 The annexed notes 1-33 form an intregal part of these statements. Sd/- Sd/- Sd/- Sd/- Sd/- Kazi Shofiqul Azam Dr. Ahmed Kaikaus Abdul Haque Mahmood Malik M. Maftun Ahmed Chairman Director Director Executive Director & CEO Company Secretary As per our report of even date. Sd/- Dhaka, 28 March 2018 Hoda Vasi Chowdhury & Co Chartered Accountants Infrastructure DCve opment Company Limited Proffi and Loss Accout for the year ended December 31, 2017 Operating income Interest income 14 4,317,041,264 4,126,765,790 less: Interest on deposits, borrowings etc 15 1,664,608,320 1,538,747,109 Net interest income 2,652,432,943 2,588,018,681 Investment income 16 Fees, Commission & brokerage 17 105,666,726 203,918,130 Other operating income 18 307,788,616 178,332,691 Total operating income (A) 3,065,888,285 2,970,269,502 Operating expenses Salaries and allowances 19 79,517,094 73,922,684 Rent, taxes, insurance, electricity etc. 20 6,434,433 5,564,417 Legal expenses 21 8,922,399 3,508,043 Postage, stamp, telecommunication etc. 22 1,149,921 925,320 Stationery, printing, advertisement etc. 23 9,068,278 13,496,365 Chief Executive's salary and fees 24 12,507,565 11,038,781 Directors' fees 25 1,239,432 1,153,213 Auditors' fees 26 310,500 304,750 Depreciation and repair of Company's assets 27 16,121,793 13,804,452 Other operating expenses 28 98,647,482 85,264,176 Charges on loan losses 29 - - Total operating expenses (B) 233,918,897 208,982,201 Profit/(Loss) before provision & Tax (C) = (A - B) 2,831,969,389 2,761,287,301 Provision for loans and advances 30 1,254,957,855 1,221,486,568 Total provision (D) 1,254,957,855 1,221,486,568 Net profit/(loss) before Tax (E)= (C -D) 1,577,011,533 1,539,800,733 Tax expenses 31 1,046,216,421 1,141,929,498 Net profit/(loss) after tax 530,795,112 397,871,235 Appropriation: Statutory reserve General reserve Retained surplus 530,795,112 397,871,235 Earnings Per Share (EPS) 32 9.65 7.96 The annexed notes 1-33 form an integral part of these financial statements. Sd/- Sd/- Sd/- Sd/- Sd/- Kazi Shofiqul Azam Dr. Ahmed Kaikaus Abdul Haque Mahmood Malik M. Maftun Ahmed Chairman Director Director Executive Director & CEO Company Secretary As per our report of even date. Sd/- Dhaka, 28 March 2018 Hoda Vasi Chowdhury & Co Chartered Accountants 152 Annual Repoi Infrastructure Development Company Limited for the year ended December 31, 2017 A. Cash flows from operating activities Interest received 4,317,041,264 4,126,765,790 Interest paid (1,664,608,320) (1,538,747,109) Fees and commission received 105,666,726 203,918,130 Paid to employees and suppliers (217,345,067) (193,621,511) Receipts from other operating activities 297,885,777 169,182,874 Cash generated from operating activities before changes 2,838,640,380 2,767,498,174 in operating assets and liabilities (Increase)/decrease in operating assets and liabilities Decrease/(Increase) advances, deposits and prepayments (66,541,482) 21,576,577 Decrease/(Oncrease) advances income tax (901,348,995) (1,144,202,528) Decrease/(Increase) accounts receivables (147,665,654) (228,792,324) Decrease/(Oncrease) Loans and advances (1,020,088,874) (4,164,496,657) Increase/(Decrease) interest suspense account 184,519,701 49,018,866 Increase/(Decrease) payables and accrued expenses (60,492,512) 171,521,094 Increase/(Decrease) Unearned Revenue- Monitoring Fees 3,015,139 (237,361) Increase/(Decrease) employees' gratuity fund 10,040,700 12,139,909 (1,998,561,978) (5,283,472,423) Net cash flows from operating activities 840,078,401 (2,515,974,249) B. Cash flows from investing activities Acquisition of fixed assets (22,546,372) (1,359,341) Proceeds from sale of assets 955,500 - Net cash flows from investing activities (B) (21,590,872) (1,359,341) C. Cash flows from financing activities Loan from Government of Bangladesh 1,773,291,382 5,878,659,660 Dividend paid - (440,000,000) Net cash flows from financing activities 1,773,291,382 5,438,659,660 D Net increase in cash and cash equivalents (A + B + C) 2,591,778,913 2,921,326,073 E Cash and cash equivalents at the beginning of the year 29,364,403,027 26,443,076,960 F Cash and cash equivalents at the end of the year (D+E) 31,956,181,940 29,364,403,027 Cash and cash equivalents at end of the year Cash in hand (including foreign currencies) 302 5,617 Money at call and short notice - - Balance with Bangladesh Bank and its agent banks 834,646,272 186,824,261 Balance with other banks and financial institutions 31,121,535,366 29,177,573,149 31,956,181,940 29,364,403,027 Infrastructure Development Company Limited Sttent of Changes in Equty for the year ended December 31, 2017 Amount in Taka Balance as at 01 January 2017 5,000,000,000 -967,572,772 5,967,572,772 Changes in accounting policy Balance 5,000,000,000 - 967,572,772 5,967,572,772 Increase/Decrease of revaluation of properties Increase/Decrease of revaluation of investment - - Currency transaction differences Net gains and losses not recognized in the income - - statement Net profit for the year - - 530,795,112 530,795,112 Bonus shares 500,000,000 - (500,000,000) Cash dividend - - (200,000,000) (200,000,000) Statutory Reserve - Balance as at 31 December 2017 5,500,000,000 - 798,367,884 6,298,367,884 Balance as at 01 January 2016 5,000,000,000 -673,083,410 5,673,083,410 Adjustment in Receivables -- (3,381,875) (3,381,875) Balance 5,000,000,000 - 669,701,535 5,669,701,535 Increase/Decrease of revaluation of properties - - - Increase/Decrease of revaluation of investment - - Currency transaction differences - - Net gains and losses not recognized in the income - - . statement Net profit for the year - - 397,871,235 397,871,235 Bonus shares Cash dividend - - (100,000,000) (100,000,000) Statutory Reserve Balance as at 31 December 2016 5,000,000,000 - 967,572,772 5,967,572,770 1,5~4 Anu ~~ infrastructure DeveLpment Company Limited (Asset and Liability Maturity Analysis) as at December 31, 2017 Assets: Cash in hand (including balance with Bangladesh Bank) 834,646,574 ---- 834,646,574 Balance with other banks and financial institutions 4,235,054,909 3,085,000,000 20,546,480,457 3,255,000,000 31,121,535,366 Money at call and short notice Investments - Loans and advances 255,661,314 1,982,295,504 7,790,114,266 23,005,518,058 9,003,074,578 42,036,663,720 Fixed assets - - - 92,850,674 92,850,674 Other assets 354,159 105,394,090 1,922,093,125 493,567,227 28,880,704 2,550,289,305 Non-banking assets - - - - Total assets 5,325,716,956 5,172,689,594 30,258,687,848 26,754,085,285 9,124,805,957 76,635,985,638 Liabilities: Borrowings from Government of Bangladesh - 586,892,915 4,534,192,908 18,969,911,434 39,472,788,906 63,563,786,163 Deposits - - Other Accounts - - - Provision and other liabilities - 137,528,446 2,161,758,383 458,885,362 4,015,659,399 6,773,831,589 Total liabilities - 724,421,361 6,695,951,291 19,428,796,796 43,488,448,305 70,337,617,753 Net Liquidity Gap 5,325,716,956 4,448,268,232 23,562,736,557 7,325,288,489 (34,363,642,348) 6,298,367,886 Infrastructure Development Company Limited for the year ended December 31, 2017 1.1 Legal Status and nature of the company: The Infrastructure Development Company Limited (IDCOL), a non-bank financial institution, was incorporated in Bangladesh on May 14, 1997 as a government owned public limited company under the Companies Act 1994. The Company was licensed by Bangladesh Bank as a non-bank financial institution (NBFI) on January 5, 1998. The registered office of the Company is located at UTC Building, Level-1 6, 8 Panthapath, Kawranbazar, Dhaka-1 215. 1.2 Principal activities: Since inception, IDCOL is playing a major role in bridging the financing gap for developing medium and large-scale infrastructure and renewable energy projects in Bangladesh. The company now stands as the market leader in private sector energy and infrastructure financing in Bangladesh. The primary objective of the company is to promote significant participation of the private sector in investment and operation, ownership and maintenance of new infrastructure facilities. Infrastructure Projects IDCOL provides long-term debt financing to viable privately-owned and operated infrastructure projects. To be eligible for IDCOL funding, projects must be included in the GoB's priority sector and use proven technology. Infrastructure sectors in the current priority sector include power generation telecommunications, information and communication technology, ports, social infrastructure, gas and gas related infrastructure, water supply, toll roads and bridges, shipyards and shipbuilding, hotel and tourism, mass transportation systems, urban environmental services etc. Renewable Energy Projects Under renewable energy program, IDCOL is implementing projects in four major areas- solar home systems (SHS), domestic biogas plants, improved cook stoves (ICS), and small-scaled renewable energy based power plants. IDCOL started its SHS Program in 2003 with an initial target to finance 50,000 SHSs with financial assistance from the World Bank and GEF. Subsequently, a number of development partners participated in the program by providing refinancing and grant support. IDCOL provides soft loans and channels grants for the development of rural infrastructure, i.e. renewable energy. IDCOL's SHS Program is one of the fastest growing off-grid renewable energy program in the world. It has brought significant change in lives in remote rural areas of Bangladesh through providing access to electricity. IDCOL has been implementing Biogas Program in Bangladesh since 2006. Initially, the program started as National Domestic Biogas and Manure Program (NDBMP) with the support from SNV, Netherlands Development Organization and KFW, German Development Bank. In 2012, the World Bank also joined to support the program under its Household Energy Initiatives. With the support from KFW and the World Bank, IDCOL restructured the Program in 2013. Under this program, IDCOL has a revised target to install 100,000 domestic size biogas plants in Bangladesh by 2021. IDCOL launched the 'Improved Cook Stove (ICS) Program' in May 2013 with the initial target to install 1 million ICSs across the country by 2018. Under the program, IDCOL provides institutional development grant and technical assistance to its partner organizations (POs). IDCOL's principal objective is commercialization of ICS, which would allow the ICS market to develop and flourish after the completion of the Program. IDCOL has already achieved the target of 1 million within 2017 and has a target to finance additional 4 million ICSs in the second phase by 2021. Besides, IDCOL has been financing various small-scaled renewable energy projects including solar PV based irrigation pumps, solar PV based micro-grid projects, biomass gasification based power projects, biogas based power plants, solar powered solution for telecom BTS etc. IDCOL has a target to finance 50,000 solar irrigation pumps and 200 solar based mini-grid projects by 2025. In addition, IDCOL is exploring the financing of more Biogas and Biomas based power projects in near future. Corporate Advisory Services IDCOL has established an advisory wing to provide knowledge support to various local/foreign institutions on infrastructure projects, renewable energy projects, public private partnership, etc. IDCOL has already provided advisory services to delegates from Ethiopia, Ghana, Sudan, Guinea and Uganda on renewable 156 Annual Repod energy. In addition, IDCOL signed two different Memorandums of Understanding (MoU) with the Bangladesh Infrastructure Finance Fund Limited (BIFFL) and IDLC Finance Limited to provide necessary support in project due diligence and another one with to provide advisory services to design and launch new financial products for the suppliers under IDCOL Solar Home System (SHS) Program, respectively. Till date, IDCOL trained more than 1,500 professionals from local banks and businesses in twenty three training courses on project finance, nineteen courses on financial modelling, and seven special courses for capacity building. 1.3 Resources IDCOL has access to resources provided by the World Bank (WB), Asian Development Bank (ADB), Japan International Cooperation Agency (JICA), German Development Bank (KFW), Department for International Development (DFID), Islamic Development Bank (IDB), German Development Cooperation (GIZ), United States Agency for International Development (USAID), SNV-Netherlands Development Organization, and the Government of Bangladesh (GoB) to place in projects across a range of infrastructure and renewable energy projects. 2. Significant Accounting Po icies and Basis of PreparaMton 2.1 Basis of accounting The financial statements of the Company have been prepared under historical cost convention in accordance with generally accepted accounting principles as laid down in the International Financial Reporting Standards (IFRS) applicable to the company as adopted by the Institute of Chartered Accountants of Bangladesh as Bangladesh Financial Reporting Standards (BFRS). The reported financial statements, i.e. Balance Sheet, Profit and Loss Account, Statement of Changes in Shareholder's Equity and Cash Flow Statement were prepared by capturing the transactions of Infrastructure Development Company Limited. The financial statements of projects accounts are being maintained and prepared separately showing movement of funds, i.e. loans and grants received from various donors, lenders, etc., realization of principal and interest from borrowers, loan and grants disbursed to borrowers, repayment of loans to donors, lenders, etc. These projects accounts are being audited and reported separately. The consolidated movement of funds of these projects are shown in note # 33. 2.2 Statement of compliance The financial statements of IDCOL are prepared in accordance with Bangladesh Financial Reporting Standards (BFRS) and the requirements of the Financial Institution Act 1993, the rules and regulations issued by Bangladesh Bank and the Companies Act 1994. In case any requirement of the Financial Institution Act 1993, and provisions and circulars issued by Bangladesh Bank differ with those of BFRS, the requirements of the Financial Institution Act 1993, and provisions and circulars issued by Bangladesh Bank shall prevail. 2.3 Other comprehensive income BFRS: As per BAS 1 elements of Other Comprehensive Income (OCI) can be presented in a separate statement i.e. Other Comprehensive Income or can be included in a single Statement of Comprehensive Income. Bangladesh Bank: The scheduled banks and financial institutions in Bangladesh have been using certain prescribed templates of financial statements (including names of those financial statements) issued by Bangladesh Bank. Those templates do not include 'Other Comprehensive Income' nor are the elements of OCI allowed to be included in a Single Comprehensive Income Statement (Profit & Loss Account, as per BB format). As such the banks and financial institutions does not prepare a separate OCI Statement. However elements of OCI, if any, are shown in the statements of changes in equity. 2.4 Cash flow statement BFRS: The Cash Flow Statement can be prepared using either the direct method or the indirect method. The presentation is selected to present these cash flows in a manner that is most appropriate for the business or industry. The method selected is applied consistently. Bangladesh Bank: As per DFM circular no. 11 of 23 December 2009, cash flow is the mixture of direct and indirect methods. Money at call on short notice presented on the face of the balance sheet, and treasury bills, prize bonds are shown in investments. 2.5 Provision for loans and advances BFRS: As per BAS 39 an entity should start the impairment assessment by considering whether objective evidence of impairment exist for financial assets that are individually significant. For financial assets which are not individually significant, the assessment can be performed on an individual or collective (portfolio) basis Bangladesh Bank: As per Bangladesh Bank circular (FID Circular no. 08 dated 03 August 2002 and FID Circular no. 03 dated 03 March 2006), a general provision at 10% for standard loan and 5% for SMA loans, should be maintained regardless of objective evidence of impairment. And, specific provision for sub-standard loan, doubtful loans and bad/losses should be provided at 20%, 50% and 100% respectively for loans and advances AnnualReport 1 -57 depending on the duration of overdue. Also a general provision at 10% should be provided for all off balance sheet exposure. Such provision policies are not specifically in line with those prescribed by BAS 39. 2.6 Cash and cash equivalent BFRS: Cash and cash equivalent items should be reported as cash item as per BAS 7. Bangladesh Bank: Some cash and cash equivalent items which includes 'money at call and short notice', is not shown as cash and cash equivalents. 2.7 Recognition of interest in suspense BFRS: Loans and advances to customers are generally classified as 'loans and receivables' as per BAS 39 and interest income is recognized through effective interest rate method over the term of the loan. Once a loan is impaired, interest income is recognized in profit and loss account on the same basis based on revised carrying amount. Bangladesh Bank: As per FID circular no. 08 dated 03 August 2002, once a loan is classified, interest on such loans are not allowed to be recognized as income, rather the corresponding amount needs to be credited to an interest in suspense account, which is presented as liability in the balance sheet. 2.8 Financial instruments: presentation and disclosure In several cases Bangladesh Bank guidelines categorize, recognize, measure and present financial instruments differently from those prescribed in BAS 39. As such full disclosure and presentation requirements of BFRS 7 and BAS 32 cannot be made in the financial statements. 2.9 Presentation of intangible asset BFRS: An intangible asset must be identified and recognized, and the disclosure must be given as per BAS 38. Bangladesh Bank: There is no regulation for intangible assets in DFIM circular no. 11 of 23 December 2009. .2.10 Off-balance sheet items BFRS: There is no concept of off-balance sheet items in any BFRS; hence there is no requirement for disclosure of off-balance sheet items on the face of the balance sheet. Bangladesh Bank: As per DFIM circular no. 11 of 23 December 2009, off balance sheet items (e.g. Letter of credit, Letter of guarantee etc.) must be disclosed separately on the face of the balance sheet. 2.11 Use of estimate and judgements The preparation of these financial statements in conformity with Bangladesh Accounting Standards (BAS), Bangladesh Financial Reporting Standards (BFRS) and Bangladesh Bank guidelines requires management to make judgement, estimates and assumptions that affect the application of accounting policies. Estimates and underlying assumptions are reviewed on an ongoing basis. 2.12 Functional and Presentation Currency These financial statements are using the currency of the primary economic environment in which the company operates (the functional currency) and presentation currency is Bangladesh Taka which is also the functional currency of the company. 2.13 Revenue Recognition Interest income from loans and other sources is recognized on an accrual basis of accounting on effective interest method. Income on investment is recognized on an accrual basis. Investment income includes interest on bonds. Fees & commission income is recognized on an accrual basis which includes fees received from borrowers of infrastructure financing and administering monitoring activities under renewable energy program. 2.14 Property, plant and equipment Property, plant and equipment are stated at cost less depreciation. Depreciation is charged on reducing balance method. Depreciation on additions to fixed assets is charged in full for the year and no depreciation is charged for the year in which an asset is disposed, irrespective of the date of acquisition, on reducing balance method. The rates of depreciation are as follows: Office space 10% Furniture, fixture and decoration 10% Computer and computer equipment 30% Office equipment 10% Vehicle 20% Software 30% Annual~d Repod 2.15 Accounting for grant Accounting for grant has been made in accordance with Bangladesh Accounting Standards (BAS) - 20 "Accounting for Government Grants and Disclosure of Government Assistance". Grant has been recognized as income to the extent of depreciation on grant funded assets. 2.16 Foreign Currency transactions (Exchange fluctuations and gains or losses) Transactions in foreign currencies are recorded in the books at the exchange rate prevailing on the date of the transaction. Monetary assets and liabilities in foreign currencies at the date of statement of financial position are translated into taka at the exchange rate prevailing at that date. Exchange differences arising on the settlement of monetary items or on translating monetary items at the end of the reporting period are recognized in profit and loss account as per ISA/BAS 21: the effects of changes in foreign exchange rates. 2.17 Write-off A loan write off - as it applies to individual borrowers -simply meaning taking off the amount from the Balance Sheet against which provision has already been made for a reduction in the value of an asset or earnings by the amount of an expense or loss. When businesses file their income tax return, they are able to write off expenses incurred to run the business and subtract them from their revenue to determine their taxable income. Recovery of debts written off provided for its credited revenue. Income are recognized where amounts are either recovered and/or adjusted against securities/properties or advances. 2.18 Earning per Share (EPS) As per BAS - 33, the company presents its basic earnings per share (EPS) for its ordinary shares. EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the company by the weighted average number of ordinary shares outstanding during the year. 2.19 Related party disclosure As per Bangladesh Accounting Standards (BAS 24) , parties to be related if one of the party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. All transactions were carried out in the ordinary course of business on an arm's length basis, no related party transactions were incurred during this financial year. 2.20 Employee benefits: Defined contribution plan(provident fund) The company operates a contributory provident fund scheme where employees contribute 10% of their basic salary with equal contribution by the company. The provident fund is considered as defined contribution plan being managed by a Board of Trustees. Defined benefit plan(gratuity) The company operates an unfunded gratuity scheme, provision in respect of which is made annually covering all permanent employees. The employees gratuity fund is being considered as defined benefit plan. 2.21 Internal Audit Internal Audit function plays a crucial role in ongoing assessment and maintenance of internal control, risk management and governance in the organization. Internal audit team conducts audit in all partner NGO's and IDCOL regional offices. Internal audit use standard approach to determine their respective work plan and actions. 2.22 Fraud and Forgeries To prevent fraud and forgeries internal audit team acts independently as the first contact point/information unit. As a counteractive course of action, preventive and corrective measures are recommended to the operation unit to take necessary action. All fraud related issues are recorded in the fraud register in a systematic manner for future reference. 2.23 Disclosure for BAS & BFRS Compliance: 1 Presentation of Financial Statements 1 Applied 2 Inventories 2 N/A 3 Statements of Cash Flow 7 Applied* 4 Accounting Policies, Changes in Accounting Estimates and 8 Applied Errors 5 Events after the Balance Sheet Period 10 Applied Annual RepoUrl 5 6 Construction Contracts 11 N/A 7 Income Taxes 12 Applied 8 Property, Plant and Equipment 16 Applied 9 Leases 17 N/A 10 Revenue 18 Applied 11 Employee Benefits 19 Applied Accounting for Government Grants and Disclosure of 12 Government Assistance 20 Applied 13 The Effects of Changes in Foreign Exchange Rates 21 Applied 14 Borrowing Costs 23 Applied 15 Related Party Disclosures 24 Applied 16 Accounting and Reporting by Retirement Benefit Plans 26 N/A 17 Separate Financial Statements 27 Applied 18 Investment in Associates and Joint Ventures 28 N/A 19 Financial Reporting in Hyperinflationary Economies 29 N/A 20 Financial Instruments: Presentation 32 Applied * 21 Earnings per share 33 Applied 22 Interim Financial Reporting 34 Applied 23 Impairment of Assets 36 Applied 24 Provisions, Contingent Liabilities and Contingent Assets 37 Applied 25 Intangible Assets 38 Applied 26 Financial Instruments: Recognition and Measurement 39 Applied * 27 Investment Property 40 N/A 28 Agriculture 41 N/A 1 First-time Adoption of IFRS 1 N/A 2 Share Base payment 2 N/A 3 Business combination 3 N/A 4 Insurance Contracts 4 N/A 5 Non-current assets held for sale and discontinued operation 5 N/A 6 Exploration for and Evaluation of Mineral Resources 6 N/A 7 Financial Instruments: Disclosures 7 Applied * 8 Operating Segments 8 Applied 9 Financial Instruments 9 N/A 10 Consolidated Financial Statements 10 Applied 11 Joint Arrangement 11 N/A 12 Disclosure of Interest in Other Entities 12 N/A 13 Fair Value Measurement 13 Applied * As the regulatory requirements differ with the standards, relevant disclosures are made in accordance with Bangladesh Bank's requirements 160 AndRpr 2.24 Basis of measurement The financial statements have been prepared in accordance with Bangladesh Accounting Standards (BAS) and Bangladesh Financial Reporting Standards (BFRS). The accounting policies, unless otherwise stated, have been consistently applied by the company and are consistent with those of the previous year. 2.25 Risk Management In IDCOL, a well-structured and proactive risk management system is working within the company to address and manage the risks relating to credit, market, liquidity and operations along with the guidelines for managing core risks of financial institutions issued by the Bangladesh Bank (Central Bank), vide FID circular No. 10 dated September 18, 2005. 2.25.1 Credit Risk: Credit risk is being managed through a framework set by policies and procedures developed by the management and approved by the IDCOL board. The approval process contributes in mitigating credit risk. Every proposal is reviewed by Credit Risk Management Unit, Credit Risk Management Committee, Credit Committee and Board of Directors as a part of risk governance in IDCOL. Moreover, IDCOL has a Credit Risk Manual implemented in accordance with guideline provided by Bangladesh Bank. The responsibility is clearly segregated between origination of business and approval of the transaction in order to maintain the independence and integrity of the credit decision-making process. The project appraisal team after completing their detailed due diligence of the project submits the completed project appraisal report to Credit Risk Management (CRM) department. After the risk assessment of CRM, the project is submitted to CRM committee headed by CEO and comprising of functional unit heads. Once approved by the CRM Committee, it goes to Credit Committee for their review and approval and final approval obtained from the IDCOL Board. 2.25.2 Market Risk Market risk arises from the fluctuation of returns caused by the macroeconomic factors that affect the overall performance of the financial market and organization as well. The Asset Liability Management Committee reviews the market trend of interest rates and matches the interest risks of the assets so that it can meet its obligations without making any losses, It also ensures that IDCOL has appropriate capital to cover potential losses from exposures to changes in interest rates. IDCOL management makes sure that lending and borrowing currency will always be same so that company does not have to bear any foreign currency risk. 2.25.3 Liquidity Risk IDCOL has established strategies, policies and practices to manage liquidity risk in accordance with the risk tolerance and to ensure sufficient liquidity. The Asset Liability Management Committee (ALCO) of IDCOL actively monitors and controls liquidity risk exposures. 2.25.4 Operational Risk Managing operational risks requires timely and accurate information as well as a strong control culture. To do so, IDCOL has established an internal control & compliance unit to address operational risks and to frame and implement policies to encounter such risks. IDCOL also provides training for capacity building of the employees, ensures active participation of the senior management in identifying and mitigating key operational risks, maintains proactive communication between our revenue-producing units and our independent control and support functions and has built a network of systems throughout the firm to facilitate the collection of data used in analyzing and assessing our operational risk exposure. 2.25.5 Money Laundering Risk A separate Central Compliance Unit (CCU) of IDCOL has been established which is responsible for managing money laundering risks following guidance notes on Prevention of Money Laundering and Terrorist Financing issued by Bangladesh Bank. 2.25.6 Information Technology and Communication Risk IDCOL has a full-fledged department which ensures adequate IT and MIS infrastructure and its security. It streamlines the management information systems with the strategic direction of the Company while mitigating the risks associated with incorrect deployment and use of Information-Technology. Annuanl Repodi I 6 1 1;0 CASH Cash in hand 3.1 302 5,617 Balance with Bangladesh Bank and its agent bank 3.2 834,646,272 186,824,261 834,646,574 186,829,878 3.1 Cash in Hand Local Currency 302 5,617 Foreign Currencies - - 302 5,617 3.2 Balance with Bangladesh Bank and its agent bank Bangladesh Bank balance in local currency 7,646,272 62,293,743 Bangladesh Bank balance in foreign currency 827,000,000 124,530,518 834,646,272 186,824,261 3.3 Cash Reserve Ratio (CRR) Required reserve @ 2.5% of average balance of term deposit - - Actual reserve Surplus -_ _ 3.4 Statutory Liquidity Ratio (SLR) Required reserve @ 5% of average liabilities excluding funds - - from banks/FIs Actual Reserve held Surplus -_ _ Total Surplus - - * As per Bangladesh Bank # FID (L) 1053/69/4, maintenance of CRR and SLR is exempted for IDCOL. 4.0 Baiance with other banks and financial institutions Inside Bangladesh 31,121,535,366 29,177,573,149 Local currency Current and short-term deposits in local currency 4.1 2,508,493,058 1,642,272,191 Fixed deposits in local currency 4.2 24,761,000,000 24,313,500,000 Foreign currency Current and short-term deposits in foreign currency 4.3 1,726,561,850 466,279,875 Fixed deposits in foreign currency 4.4 2,125,480,457 2,755,521,083 Outside Bangladesh -_ _ 31,121,535,366 29,177,573,149 4.1 Current and short-term deposits in local currency Janata Bank Ltd. 4.1.a 2,386,697,797 1,338,277,771 The City Bank Ltd. 4.1.b 8,011,732 16,694,220 Prime Bank Ltd. 4.1.c 2,376,411 1,158,821 National Credit and Commerce Bank Ltd. 4.1.d 21,128,275 11,071,501 National Bank Ltd. 4.1.e 72,355 35,443 Islami Bank Bd. Ltd. 4.1.f 189,053 129,092 Agrani Bank Ltd. 4.1.g 81,938,292 261,996,143 Eastern Bank Ltd. 4.1.h 1,586,202 909,351 Standard Chartered Bank 4.1.i 6,492,942 11,999,850 2,508,493,058 1,642,272,191 f62 Anim Repoi 4.1 .a Janata Bank Limited Accounts under donor funded projecs IDA -5158-BD REREDP-ll 162,937,651 87,134,417 IDA -5514-BD Additional Financing REREDP-ll 206,096,032 323,736,960 IDB -1 51-BD 7,663,267 7,595,344 PPIDF-II (SF) 5,515,598 6,105,517 JICA BD P-90 1,045,234,618 - STD Account 959,250,631 913,705,532 2,386,697,797 1,338,277,771 4.1.b The City Bank Limited Accounts under donor funded projects KfW - 2006.65.612 -NDBMP 3,674,522 14,814,107 Company accounts Imprest account 4,337,210 1,880,113 8,011,732 16,694,220 4.1.c Prime Bank Limited Company accounts Salary account 495 495 Accounts for Regional Offices Barisal 163,682 131,212 Bogra 376,956 180,449 Chittagong 216,781 221,034 Dhaka 847,666 313,454 Faridpur 187,742 29,963 Rangpur 211,562 81,986 Khulna 195,246 117,549 Mymensingh 176,280 82,679 2,376,411 1,158,821 4.1.d National Credit and Commerce Bank Limited Revolving fund account under projects PPIDF: ADB 2453-BAN (SF) 20,858,363 10,967,536 Accounts for Regional Offices Brahmanbaria 196,633 66,845 Laxmipur 73,279 37,120 21,128,275 11,071,501 4.1.e National Bank Limited Accounts for Regional Office Sylhet 72,355 35,443 72,355 35,443 4.1.f Islami Bank Bangladesh Limited Accounts for Regional Office Borguna 189,053 129,092 189,053 129,092 4.1.g Agrani Bank Limited Accounts under donor funded projects P-075 : JICA 81,938,292 261,996,143 81,938,292 261,996,143 4.1.h Eastern Bank Limited Revolving fund account under projects P-075 : JICA 1,586,202 909,351 1,586,202 909,351 Annumal Repot 163 4.1 .i Standard Chartered Bank Company Account Salary Account 6,492,942 11,999,850 6,492,942 11,999,850 4.2 Fixed deposits in local currency Fixed deposit receipt (three months' term) with: Dhaka Bank Ltd. - 888,500,000 EXIM Bank Ltd. 965,000,000 1,150,000,000 Fas Finance Ltd. 100,000,000 IFIC Bank Ltd. 480,000,000 1,400,000,000 Jamuna Bank Ltd. - 895,000,000 One Bank Ltd. 220,000,000 500,000,000 Premier Bank Ltd. 820,000,000 310,000,000 Shahjalal Islamic Bank Ltd. - 540,000,000 Standard Bank Ltd. - 200,000,000 The City Bank Ltd. 500,000,000 - Fixed deposit receipt (six months' term) with: DBH Fin Corp. Ltd. 520,000,000 300,000,000 Dhaka Bank Ltd. 550,000,000 - EXIM Bank Ltd. 200,000,000 - First Lease & Finance - 100,000,000 First Security Islami Bank Ltd. 1,000,000,000 1,000,000,000 IDLC Finance Ltd. 150,000,000 300,000,000 Lanka-Bangla Finance Ltd. 560,000,000 200,000,000 Peoples Leasing - 100,000,000 Premier Bank Ltd. 1,180,000,000 380,000,000 Premier Leasing & Finance Ltd. 400,000,000 150,000,000 Prime Finance & Investment Ltd. 300,000,000 100,000,000 Union Capital Ltd. 510,000,000 200,000,000 AB Bank Ltd. 405,000,000 595,000,000 Al-Arafah Islami Bank Ltd. 1,800,000,000 1,250,000,000 IPDC of Bangladesh Ltd. 350,000,000 150,000,000 Mercantile Bank Ltd. 195,000,000 - National Bank Ltd. 815,000,000 1,250,000,000 NCC Bank Ltd. 1,135,000,000 1,550,000,000 NCC Bank Ltd. (PPIDF-1 revolving fund) 1,985,000,000 3,370,000,000 One Bank Ltd. 600,000,000 - IFIC Bank Ltd. 50,000,000 - Habib Bank Ltd 650,000,000 Standard Bank Ltd. 853,000,000 1,200,000,000 Uttara Finance Ltd. 300,000,000 200,000,000 The City Bank Ltd. - 780,000,000 Jamuna Bank Ltd. 820,000,000 380,000,000 Trust Bank Ltd. - 150,000,000 Shahjalal Islami Bank Ltd. 928,000,000 710,000,000 Union Bank Ltd. 200,000,000 200,000,000 Southeast Bank Ltd. 875,000,000 580,000,000 Social Islami Bank 50,000,000 - Fas Finance Ltd. 100,000,000 50,000,000 South Bangla Agri Bank 50,000,000 - Islami Bank Ltd. 100,000,000 - 16(4 AmmaSl Repol BD Finance 400,000,000 100,000,000 Bay Leasing & Investment Ltd. 100,000,000 - First Finance Ltd 300,000,000 - International Leasing 400,000,000 - National Finance Ltd. 240,000,000 - Fixed deposit receipt (1 year term) with: - - AB Bank Ltd. 400,000,000 Eastern Bank Ltd.(JICA revolving fund account) - 760,000,000 Eastern Bank Ltd. - 1,205,000,000 Mercantile Bank Ltd. 570,000,000 National Bank Ltd. 1,035,000,000 - The City Bank Ltd 1,250,000,000 470,000,000 24,761,000,000 24,313,500,000 4.3 Current and short-term deposits in foreign currency Janata Bank Ltd. 1,586,808,040 465,440,055 Commercial Bank of Ceylon (PPIDF-1 revolv. USD) 139,753,810 839,820 1,726,561,850 466,279,875 4.4 Fixed deposits in foreign currency Fixed deposit receipt (One/six months' term) with: Janata Bank Ltd. - 1,089,509,910 Commercial Bank of Ceylon 1,436,399,191 1,466,404,533 Jamuna Bank Ltd. 206,750,000 Southeast Bank Ltd. 264,640,000 - Dhaka Bank Ltd. 217,691,266 199,606,640 2,125,480,457 2,755,521,083 4.5 Maturity grouping of Balance Up to one month 4,235,054,909 2,108,552,066 More than one month but less than three months 3,085,000,000 5,883,500,000 More than three months but less than one year 20,546,480,457 18,750,521,083 More than one year but less than five years 3,255,000,000 2,435,000,000 More than five years - - 31,121,535,366 29,177,573,149 5.0 Money at call and short notice 6.0 nvestments 7,0 Loans and advances Inside Bangladesh Long-term finance 7.1 41,260,905,483 40,356,306,290 Short term financing 7.2 5,400,697 5,332,553 Interest receivable on loans and advances 7.3 770,357,540 654,936,003 42,036,663,720 41,016,574,846 Outside Bangladesh - - 42,036,663,720 41,016,574,846 -\nnlrn I 1 6 1 5 7.1 Long-term finance: Balance at January 01, 2017 40,356,306,290 36,491,017,196 Add: Disbursement made during the year 4,119,331,684 8,507,755,650 Add: Interest Capitalization during the year 24,206,965 32,927,183 44,499,844,939 45,031,700,030 Less: Realization during the year (3,946,764,169) (4,702,659,963) Add: Forex gain/ (Loss) 707,824,713 27,266,226 Balance at December 31, 2017 41,260,905,483 40,356,306,290 7.1.1 Sector wise disclosure of long term finance Infrastructure loan 19,512,642,837 16,455,702,119 Renewable energy project 7.1.1a 21,700,206,761 23,851,639,368 Employee car loan 20,393,571 18,746,093 Employee home loan 27,662,314 30,218,710 41,260,905,483 40,356,306,290 7.1.1a Renewable energy project Solar home system 20,278,665,606 22,663,412,756 Biogas program 268,147,609 331,401,466 Other renewable energy project 1,153,393,546 856,825,146 21,700,206,761 23,851,639,368 7.2 Short term financing Balance at January 01, 2017 5,332,553 5,926,028 Add: Disbursement made during the year 8,955,000 6,303,600 14,287,553 12,229,628 Less: Realization during the year (8,886,856) (6,897,075) Balance at December 31, 2017 5,400,697 5,332,553 7.3 Interest on loan and advance Interest receivable on infrastructure loan 426,439,783 269,726,009 Interest receivable on renewable energy loan 7.3.1 343,917,757 385,209,994 770,357,540 654,936,003 7.3.1 Interest receivable on renewable energy loan Solar Home System project 308,658,921 349,845,925 Biogas project 3,256,001 6,707,459 Other renewable energy project 32,002,835 28,656,610 343,917,757 385,209,994 7.4 Large Loan Disclosure Grameen Shakti 6,300,059,767 6,620,937,345 Regent Energy and Power Ltd. 3,437,705,133 3,549,077,912 Rural Services Foundation 3,249,461,143 2,361,000,000 Summit Barisal Power Ltd. 2,488,224,090 1,962,227,100 Summit Meghnaghat Power Company Ltd. 1,907,933,902 1,963,171,500 Quantum Power Systems Ltd. 1,824,117,640 1,855,071,209 Energypac Confidence Power Venture Chittagong Ltd. 1,713,071,121 1,499,668,879 Doreen Hotels and Resorts Ltd. 1,660,694,737 1,574,000,000 Summit Narayanganj Power Unit 11 Limited 1,244,111,838 1,180,500,000 23,825,379,371 22,565,653,945 166(~ntIRp 7.5 Particulars of Loans, Advances and leases a) Loan considered good in respect of which the FI is fully secured 7,106,518,340 7,432,468,025 b) Loan considered good in respect of which the FI is partially secured 34,930,145,380 33,584,106,821 c) Loan considered good for which the FI holds no other security than - the debtor's personal security. d) Loan considered good for which the FI holds no other security than - the debtor's personal security. e) Loan considered good and secured by the personal security of one - of more parties in addition to the personal security of the debtors. f) Loan adversely classified for which no provision is created. - 42,036,663,720 41,016,574,846 g) Loan due by directors or officers of the Fl or any of them either 48,055,885 48,964,803 separately of jointly with any other persons. h) Loan due by companies and firms in which the directors of the FI - have interest as directors, partners or managing agent or in case of private companies as members. i) Maximum total amount of advances including temporary advances made at any time during the year to directors and managers or officers of the Fl or any of them either severally or jointly with any other persons. j) Maximum total amount of advances including temporary advances made at any time during the year to the companies or firms in which the directors of the Fl have interest as directors partners r managing agents or in case of private companies as members. k) Due from other Bank/Fl companies. 1) Classified loans advances and leases i) Classified loans, advances and leases on which interest has not been 3,426,065,085 1,479,242,638 charged ii) Provision on doubtful loans, advances and leases 1,137,606,293 109,847,514 Provision on bad loans, advances and leases 1,434,826,163 1,112,567,682 Total provisions charged during the year 2,572,432,456 1,222,415,197 iii) Amount written off loans, advances and leases - Total amount realized against loans and leases previously written off iv) Provision kept against loans and advances classified as bad debts - _ v) Interest credited to Interest Suspense Account 568,400,899 376,181,954 vi) Cumulative amount of written off loans, advances and leases Opening Balance - Amount written off during the year - 111,510,936 - 111,510,936 7.6 Maturity grouping of loans and advances Upto one month 255,661,315 487,742,250 More than one month but less than three months 1,982,295,504 1,737,791,081 More than three months but less than one year 7,790,114,265 7,425,372,828 More than one year but less than five years 23,005,518,058 24,490,157,855 More than five years 9,003,074,578 6,875,510,831 42,036,663,720 41,016,574,846 ntual Rqort , , 167 7.7 Disclosure for significant concentration a) Advances to allied concerns of Directors b) Advances to Chief Executive and other executives 48,055,885 48,964,803 c) Advances to customers' group i) Power 13,766,353,106 12,319,973,171 ii) Ports 733,368,016 844,255,889 iii) Telecommunication 95,959,353 91,777,673 iv) IT and services 262,109,698 349,657,828 v) Renewable energy 22,274,509,006 24,490,121,939 d) Industrial loans e) Hotel & Resorts 1,660,694,737 1,601,903,345 f Healthcare 84,634,609 79,946,966 g) Other loans 3,110,979,310 1,189,973,232 42,036,663,720 41,016,574,846 7.8 Geographical Location - wise Loans and Advances Inside Bangladesh 42,036,663,720 41,016,574,846 Dhaka Region 15,689,472,322 15,345,973,051 Chittagong Region 7,881,061,077 9,003,705,596 Khulna Region 4,543,493,428 3,989,936,253 Rajshahi Region 1,629,545,610 1,597,767,478 Barisal Region 5,987,838,217 6,013,021,164 Rangpur Region 1,783,306,329 1,682,903,884 Sylhet Region 2,728,417,624 3,383,267,420 Mymensingh Region 1,793,529,113 Outside Bangladesh - - 42,036,663,720 41,016,574,846 7.9 Classification of loans and advances Unclassified: Standard 32,883,168,324 35,553,188,146 Special Mention Account 4,565,224,487 1,587,244,500 37,448,392,811 37,140,432,646 Classified: Sub-Standard 1,162,205,824 2,396,899,562 Doubtful 1,851,540,593 238,471,197 Bad or loss 1,574,524,492 1,240,771,441 4,588,270,909 3,876,142,200 42,036,663,720 41,016,574,846 7.9.1 Particulars of required provision for loans and advances Status Base for provision Rate (%) General provision 37,385,404,996 Standard loans/ advances* 32,706,023,593 1 % 327,060,236 353,065,604 Interest receivable on standard loan 177,144,731 10% 1,771,447 2,466,278 Special mention account(SMA) 4,502,236,672 5% 225,111,834 77,141,710 553,943,517 432,673,592 Specific provision 4,058,541,530 Sub-standard 1,098,337,221 20% 219,667,444 435,996,773 Doubtful 1,525,378,146 50% 1,137,606,293 109,847,514 Bad/loss 1,434,826,163 100% 1,434,826,163 1,112,567,682 2,792,099,900 1,658,411,970 Total provision required at December 31, 2017 3,346,043,417 2,091,085,562 168 Annual Repor Movement of provision of loans and advances Balance at January 01, 2017 2,091,085,562 981,109,929 Provision made during the year 1,254,957,855 1,221,486,568 Adjustment during the year - (111,510,935) Balance at December 31, 2017 3,346,043,417 2,091,085,562 7.10 Net Loans and advances Closing outstanding balance 42,036,663,720 41,016,574,846 Less: Interest suspense (Note 11.3) (592,718,096) (408,198,395) Provision for loans and advances (Note 7.9.1, 30) (3,346,043,417) (2,091,085,562) Net loans and advances 38,097,902,207 38,517,290,889 7.11 Disclosure of disbursement of loan from donor funded projects during the year A. PSIDP and REREDP funded by IDA Annex-A Loan extended from reflows under PSIDP (Credit No. 2995-BD) - 498,391,724 Loan extended from reflows under REREDP (Credit No. 3679-BD) 530,000,000 273,974,322 Sub Total 530,000,000 772,366,046 B. REREDP-1l funded by IDA (Credit # 5158) Annex-B a) Refinancing to Partner Organizations (POs) - - b) Loan to other renewable projects 68,677,759 148,157,378 Sub Total 68,677,759 148,157,378 C. Additional REREDP-ll funded by IDA (Credit # 5514) Annex-C Refinancing to Participating Organizations (POs) 24,409,371 1,688,997,828 Loan to other renewable energy projects - Sub Total 24,409,371 1,688,997,828 D. PPIDF funded by ADB (Loan No. 3045-BAN) Annex-D Loan to large infrastructure projects (LIP) - 3,546,000,000 Sub Total - 3,546,000,000 PPIDF funded by ADB (Loan No. 3046-BAN) Annex-D Refinancing to POs under Renewable Energy Project (REP) 115,245,544 73,707,291 Sub Total 115,245,544 73,707,291 E. REDP funded by JICA ( Loan# BD-P75) Annex-E Refinancing to Participating Organizations (POs) - 28,496,838 Loan to other renewable energy projects 311,379,338 117,267,241 Sub Total 311,379,338 145,764,079 Grand Total 1,049,712,012 6,374,992,622 8 Fixed assets including land, building, furniture and fixtures Cost Balance at January 01, 2017 150,837,307 132,186,694 Add: Purchased during the year 39,814,337 18,650,613 Less: Disposal during the year (7,270,338) - Balance at December 31, 2017 183,381,306 150,837,307 Annual Repo 169 Depreciation Balance at January 01, 2017 80,271,640 66,467,188 Add: Charged during the year 16,121,793 13,804,452 Less: Adjustment during the year (5,862,802) - Accumulated balance at December 31, 2017 90,530,632 80,271,640 Written Down Value 92,850,674 70,565,667 Details of fixed assets are given in Annexure -G Advances, deposits and prepayments 9.1 157,841,032 91,299,550 Advance income tax 9.2 1,535,853,511 1,776,719,649 Accounts receivables 9.3 846,015,857 698,350,203 Deferred Tax Asset 9.4 10,578,904 6,602,887 2,550,289,304 2,572,972,289 9.1 Advances, deposits and prepayments Advance: Advance for SHS project 6,026,364 5,129,502 Advance NDBMP project expense 4,075,787 4,126,072 Advance under PUREP 98,169,449 177,220 Advance under GPOBA 11 5,763,175 5,763,175 Advance for other RE projects 437,784 125,118 Advance for training 1,693,524 809,615 Advance for travelling 7,469,257 5,499,742 Advance subsidy- NDBMP 1,843,754 22,640,558 Advance for Land 18,301,800 18,301,800 Book for project finance course 685,365 685,365 Corporate advisory advance 135,800 147,000 Directors remuneration - 140,000 Rental advance 4,666,437 6,518,437 Salary advance - 17,333 Advance against training /travelling expenses 7,160,431 20,080,291 Advance for ICS Program 686,061 412,278 Others 726,044 726,044 157,841,032 91,299,550 9.2 Advance income tax Balance at January 01, 2017 1,776,719,649 2,919,328,618 Add: Advance tax (Including TDS) paid during the year 901,348,995 1,144,202,528 Less: Adjustment with Provision for Tax (FY-2013-14) (1,142,215,133) (2,286,811,497) Balance at December 31, 2017 1,535,853,511 1,776,719,649 9.3 Accounts receivables Administration fees under renewable energy projects 465,545 31,819,465 Fees and other receivable from infra. Project 253,069 7,496 Fees and other receivable from advisory services 32,500 32,500 Interest receivable on fixed deposit (FDR) 668,293,726 393,869,844 Other receivables 21,602,383 16,896,677 Receivable under RE projects 145,790,621 255,709,221 IDCOL SPF 2,137,619 - Gratuity Fund 1,019,633 - Training fees receivable 15,000 15,000 Receivable under REP-RO 9.3.1 6,405,762 - 846,015,857 698,350,203 '170 Annual RepotI 9.3.1 Receivable under REP -Regional Office (RO) Receivable under REP-Barguna 396,257 Receivable under REP-Brahmanbaria 575,931 Receivable under REP-Bogra 572,395 Receivable under REP- Barisal 407,629 Receivable under REP-Chittagong 728,208 Receivable under REP-Dhaka 773,369 Receivable under REP-Faridpur 484,613 Receivable under REP-Khulna 568,769 Receivable under REP-Laxmipur 397,059 Receivable under REP-Mymensingh 493,101 Receivable under REP-Rangpur 545,034 Receivable under REP-Sunamgonj 463,397 - 6,405,762 - 9.4 Deferred tax Balance at January 01, 2017 6,602,887 2,327,393 Provision/(reversal) during the year 3,976,017 4,275,494 Balance at December 31, 2017 Annex-F 10,578,904 6,602,887 10 Borrowings fron other banks, financia! ',it-tions and agents Inside Bangladesh Unsecured long-term loans from the Government of Bangladesh IDA financing under PSIDP- (Credit# 2995) 10.1 6,133,953,587 6,133,953,587 IDA financing under REREDP 10.2 29,120,663,918 29,431,252,048 ADB financing under PPIDF (Loan # 2453, 2454, 3045 & 3046) 10.3 9,032,578,050 18,037,217,497 IDB financing under REP ( Credit # 151) 10.4 967,406,924 1,051,419,574 KfW financing under NDBMP (Credit # 2006.65.612) 10.5 259,879,471 259,879,471 JICA financing under REDP (Credit # P 75) 10.6 8,049,304,214 6,876,772,605 63,563,786,163 61,790,494,782 Outside Bangladesh - _ 63,563,786,163 61,790,494,782 Abbreviations IDA: International Development Association (The World Bank) PSIDP : Private Sector Infrastructure Development Project REREDP : Rural Electrification and Renewable Energy Development Project ADB : Asian Development Bank PPIDF : Public-Private Infrastructure Development Facility IDB : Islamic Development Bank KfW: German Development Bank NDBMP : National Domestic Biogas and Manure Programme 10.1 IDA financing under PSIDP ( Credit # 2995) Balance at January 01, 2017 6,133,953,587 5,635,561,863 Add: Drawdown made during the year - 498,391,724 6,133,953,587 6,133,953,587 Less: Repayment made during the year - - Balance at December 31, 2017 6,133,953,587 6,133,953,587 Ai)taii Rqmxr( '! /7 10.2 IDA financing under REREDP IDA credit # 4643 10.2a 4,597,128,613 4,979,743,917 IDA credit # 3679 10.2b 2,641,132,700 2,111,132,700 IDA credit # 5013 10.2c 8,652,456,805 9,270,489,433 IDA credit # 5158 10.2d 8,415,141,515 8,279,491,084 IDA credit # 5514 10.2e 4,814,804,285 4,790,394,914 29,120,663,918 29,431,252,048 10.2a IDA credit # 4643 Balance at January 01, 2017 4,979,743,917 5,362,359,221 Add: Drawdown made during the year 4,979,743,917 5,362,359,221 Less: Repayment made during the year (382,615,304) (382,615,304) Balance at December 31, 2017 4,597,128,613 4,979,743,917 10.2b IDA credit # 3679 Balance at January 01, 2017 2,111,132,700 1,837,158,378 Add: Drawdown made during the year 530,000,000 273,974,322 2,641,132,700 2,111,132,700 Less: Repayment made during the year Balance at December 31, 2017 2,641,132,700 2,111,132,700 10.2c IDA credit# 5013 Balance at January 01, 2017 9,270,489,433 9,270,489,433 Add: Drawdown made during the year 9,270,489,433 9,270,489,433 Less: Repayment made during the year (618,032,628) - Balance at December 31, 2017 8,652,456,805 9,270,489,433 10.2d IDA credit # 5158 Balance at January 01, 2017 8,279,491,084 8,198,306,377 Add: Drawdown made during the year 135,650,431 81,184,707 8,415,141,515 8,279,491,084 Less: Repayment made during the year Balance at December 31, 2017 8,415,141,515 8,279,491,084 10.2e GoB Loan RERED-1l (AF) - IDA 5514 Balance at January 01, 2017 4,790,394,914 3,101,397,086 Add: Drawdown made during the year 24,409,371 1,688,997,828 4,814,804,285 4,790,394,914 Less: Repayment made during the year (adjustment) Balance at December 31, 2017 4,814,804,285 4,790,394,914 10.3 ADB financing under PPIDF (Loan # 2453 & 2454) ADB credit # 2453 -REP 10.3a 5,469,130,783 5,733,442,481 ADB credit # 2453 -SMIP 10.3b 329,333,179 345,249,165 ADB credit # 2454 -LIP 10.3c 5,910,370,520 5,891,670,880 ADB credit # 3045 -OCR 10.3d 6,616,000,000 5,509,000,000 ADB credit # 3046 -SF 10.3e 707,743,568 557,854,971 19,032,578,050 18,037,217,497 '172 Annual RepoI 10.3a ADB credit # 2453 -REP Balance at January 01, 2017 5,733,442,481 5,733,442,481 Add: Drawdown made during the year - - 5,733,442,481 5,733,442,481 Less: Repayment made during the year (264,311,698) - Balance at December 31, 2017 5,469,130,783 5,733,442,481 10.3b ADB credit # 2453 -SMIP Balance at January 01, 2017 345,249,165 345,249,165 Add: Drawdown made during the year - - 345,249,165 345,249,165 Less: Repayment made during the year (15,915,986) - Balance at December 31, 2017 329,333,179 345,249,165 1 0.3c ADB credit # 2454 -LIP Balance at January 01, 2017 5,891,670,880 6,118,085,900 Add: Drawdown made during the year - - 5,891,670,880 6,118,085,900 Less: Repayment made during the year (273,421,784) (240,561,924) Add: Fair value adjustment (exchange loss) 292,121,424 14,146,904 Balance at December 31, 2017 5,910,370,520 5,891,670,880 1 0.3d ADB credit # 3045 -OCR Balance at January 01, 2017 5,509,000,000 1,962,500,000 Add: Drawdown made during the year 827,000,000 3,546,000,000 6,336,000,000 5,508,500,000 Less: Repayment made during the year - - Add: Fair value adjustment (exchange loss) 280,000,000 500,000 Balance at December 31, 2017 6,616,000,000 5,509,000,000 1 0.3e ADB credit # 3046 -SF Balance at January 01, 2017 557,854,971 557,854,971 Add: Drawdown made during the year 149,888,597 - 707,743,568 557,854,971 Less: Repayment made during the year - - Balance at December 31, 2017 707,743,568 557,854,971 10.4 IDB financing under REP ( Credit # 151) Balance at January 01, 2017 1,051,419,574 1,135,432,224 Add: Drawdown made during the year - - 1,051,419,574 1,135,432,224 Less: Repayment made during the year (84,012,650) (84,012,650) Less: Fair value adjustment - Balance at December 31, 2017 967,406,924 1,051,419,574 10.5 KfW financing under NDBMP (Credit # 2006.65.612) Balance at January 01, 2017 259,879,471 259,879,471 Add: Drawdown made during the year - - 259,879,471 259,879,471 Less: Repayment made during the year - - Balance at December 31, 2017 259,879,471 259,879,471 Anmil Report 0 173 10.6 JICA financing under REDP (Credit # P 75 & P 90) JICA credit # P 75 10.6a 6,880,186,225 6,876,772,605 JICA credit # P 90 10.6b 1,169,117,989 - 8,049,304,214 6,876,772,605 10.6a JICA financing under REDP (Credit # P 75) Balance at January 01, 2017 6,876,772,605 6,394,118,552 Add: Drawdown made during the year 3,413,620 482,654,053 6,880,186,225 6,876,772,605 Less: Repayment made during the year Add: Fair value adjustment Balance at December 31, 2017 6,880,186,225 6,876,772,605 10.6b JICA financing under REDP (Credit # P 90) Balance at January 01, 2017 Add: Drawdown made during the year 1,169,117,989 1,169,117,989 - Less: Repayment made during the year Add: Fair value adjustment _ _. Balance at December 31, 2017 1,169,117,989 - 10.7 Maturity-wise grouping Upto one month More than one month but less than three months 586,892,915 264,318,529 More than three months but less than six months 1,373,087,377 816,283,185 More than six months but less than one year 3,161,105,531 2,459,743,478 More than one year but less than five years 18,969,911,434 17,413,937,940 More than five years but less than ten years 29,455,380,548 30,860,487,477 More than ten years 10,017,408,358 9,975,724,173 63,563,786,163 61,790,494,781 11 OTHER LIABILUTIES Payable and accrued expenses 11.1 953,329,304 992,049,579 Provision for income tax 31 1,601,142,383 1,714,937,327 Employees' gratuity fund 11.2 24,891,539 14,850,839 Interest suspense account 11.3 592,718,096 408,198,395 Provision for loans and advances 30 3,346,043,417 2,091,085,562 Grant assets received from donors 11.4 52,006,347 44,641,224 Unearned Revenue- Monitoring Fees- MPL 3,015,139 - Provisions other than loans 685,365 685,365 Dividend payable 200,000,000 - 6,773,831,590 5,266,448,272 11.1 Payable and accrued expenses Interest payable to GoB I1.1a 376,907,293 348,573,964 REREDP PO's deposit (Loan # 3679) 137,380,244 127,298,358 Initial deposit under REREDP (Loan # IDA - 5158) 161,267,480 153,493,602 Security deposit from POs under NDBMP project 20,082,899 19,508,899 Other payables 48,032,459 17,822,534 174 Annual Repo SHS maintenance expenses -Disaster 560,020 3,852,610 Income tax and VAT payable 105,002 1,615,509 Initial deposit under REREDP (Loan # IDA 5514) 205,531,906 319,139,598 Penalty for ICS 2,407,000 - Payable under corporate advisory service 25,049 25,048 Payable to IDCOL Staffs 148,202 148,207 Audit fee 569,250 258,750 Credit Rating fee 312,500 312,500 953,329,304 992,049,579 11.1a Interest payable to GoB Interest payable to GoB - PPIDF (Credit# 2453 & 2454) 11.1a.1 122,023,328 118,169,724 Interest payable to GoB - REREDP 11.1a.2 134,036,618 138,809,637 Interest payable to GoB - IDB (Credit # 151) 1,209,261 1,489,513 Interest payable to GoB - JICA (Credit # P 75 & P 90) 60,747,652 59,025,630 Interest payable to GoB - OCR & SF ( Credit # 3045 & 3046) 49,859,932 18,364,077 Commitment Charge payable and others 9,030,502 12,715,383 376,907,293 348,573,964 11.1a.1 Interest payable to GoB - PPIDF (Credit # 2453 & 2454) Payable against Credit # 2453 -SMIP 4,846,253 5,178,739 Payable against Credit # 2453 -REP 74,172,753 79,224,488 Payable against Credit # 2454 -LIP 43,004,322 33,766,497 122,023,328 118,169,724 11.1a.2 Interest payable to GoB - REREDP Payable against Credit # 4643 18,005,427 19,504,003 Payable against Credit #5013 33,888,787 36,309,415 Payable against Credit # 5158 75,758,246 75,733,141 Payable against Credit # 5514 6,384,158 7,263,078 134,036,618 138,809,637 11.2 Employees' gratuity fund Balance at January 01, 2017 14,850,839 2,710,930 Add: Provision made during the year 10,040,700 14,850,839 24,891,539 17,561,769 Less: Settlement made during the year Transfer to BoT - 2,710,930 - 2,710,930 Balance at December 31, 2017 24,891,539 14,850,839 11.3 Interest suspense account Balance at January 01, 2017 408,198,395 359,179,529 Add: Amount transferred to "Interest Suspense" A/c during the year 568,400,899 376,181,954 976,599,294 735,361,483 Less: Transferred to Income during the year (383,881,198) (327,163,088) Amount waived/written off during the year _ _ 592,718,096 408,198,395 11.4 Grant assets received from donors Balance at January 01, 2017 (Written Down Value) 44,641,224 36,499,769 Add: Assets received during the year 17,267,964 17,291,272 61,909,187 53,791,041 Less: Amortization/disposal made during the year (9,902,840) (9,149,817) Balance at December 31, 2017 (Written Down Value) 52,006,347 44,641,224 Annid A,uI Donor Wise disclosures of cumulative grant assets Grant assets received from: The World Bank 89,361,624 75,303,125 KFW-NDBMP 1,162,823 4,125,239 SNV - Netherlands Development Organization 3,864,919 1,221,623 Total value at cost (a) 94,389,365 80,649,987 Accumulated amortization: The World Bank 38,638,271 32,231,280 KfW-NDBMP 832,687 3,012,019 SNV - Netherlands Development Organization 2,912,060 765,463 Total amortization (b) 42,383,018 36,008,762 Written down value (a - b) 52,006,347 44,641,225 12 Paid-up Capta Authorized capital: 100,000,000 Ordinary shares @ Tk. 100 each 10,000,000,000 5,000,000,000 Issued, subscribed and paid-up capital 55,000,000 shares @ Taka 100 each 5,500,000,000 5,000,000,000 Detail of shareholding position of the company I I1, 'A Economic Relations Division 54,999,000 49,999,000 5,499,900,000 4,999,900,000 (ERD), Ministry of Finance, Government of the People's Republic of Bangladesh Kazi Shofiqul Azam 500 - 50,000 - Mohammad Mejbahuddin - 550 - 55,000 Md Nojibur Rahman 50 - 5,000 - Dr. Nasiruddin Ahmed - 50 - 5,000 Suraiya Begum ndc 50 - 5,000 - Dr. Mozammel Haque Khan 50 50 5,000 5,000 Mohammad Muslim Chowdhury 50 - 5,000 - Ghulam Hussain - 50 - 5,000 Dr. Ahmad Kaikaus 50 - 5,000 - Nazrul Islam Khan - 50 - 5,000 Md. Shah Kamal 50 - 5,000 Shubhashish Bose 50 - 5,000 - Nihad Kabir 50 50 5,000 5,000 Monowar Islam ndc - 50 - 5,000 Abdul Haque 50 50 5,000 5,000 Waliur Rahman Bhuiyan 10 10 1,000 1,000 Mahmood Malik 40 40 4,000 4,000 Mahbub Ahmed - 50 - 5,000 55,000,000 50,000,000 5,500,000,000 5,000,000,000 '176 Ainnuial Repoi '13 Income Statement Income Interest and similar income (Note-14) 14 4,317,041,264 4,126,765,790 Investment income (Note-16) 16 - - Fees and commission (Note-1 7) 17 105,666,726 203,918,130 Other Operating income (Note-18) 18 307,788,616 178,332,691 4,730,496,606 4,509,016,611 Expenses Interest on deposits and borrowings (Note-1 5) 15 1,664,608,320 1,538,747,109 Administrative expenses (Note-19-26) 19-26 119,149,622 109,913,573 Other Operating expenses (Note-28) 28 98,647,482 85,264,176 Depreciation on Assets (Note-27) 27 16,121,793 13,804,452 1,898,527,217 1,747,729,310 2,831,969,389 2,761,287,301 4 Interest ncome Interest on loans and advances 14.1 2,443,985,098 2,396,694,352 Interest on balance with other banks & financial institutes 14.2 1,873,056,165 1,730,071,438 4,317,041,264 4,126,765,790 14.1 Interest Income on loans and advances Interest on Infrastructure loan 14.1.1 1,080,197,892 738,100,526 Interest on Renewable Energy Project loan 14.1.2 1,361,282,033 1,656,652,191 Interest on bridge financing - 406,549 Interest on employee car loan & home loan 2,505,173 1,535,086 2,443,985,098 2,396,694,352 14.1.1 Interest Income on Infrastructure loan Interest income-Infra-LIP 812,457,114 644,710,748 Interest income-Infra-SMIP 260,067,881 90,152,571 Interest income-Infra-PPP 7,672,896 3,237,207 1,080,197,892 738,100,526 14.1.2 Interest Income on Renewable Energy Project loan Interest on SHS project 1,288,316,448 1,597,722,624 Interest on Biogas project 17,079,300 19,897,509 Interest on Other renewable energy project 55,886,285 39,032,058 1,361,282,033 1,656,652,191 14.2 Interest on balance with other bank & Fis Interest on short term bank deposit 8,563,377 10,802,890 Interest on fixed deposit 1,863,651,330 1,718,791,777 Interest on call money lending 841,458 476,771 1,873,056,165 1,730,071,438 15 Interest on deposits, borrowings etc. Borrowing cost under REREDP 15.1 836,710,755 835,664,098 Borrowing cost under PPIDF 15.2 585,704,449 462,252,538 Borrowing cost under IDB (Credit # 151) 31,228,065 33,871,071 Borrowing cost under JICA (Credit # P 75) 15.3 210,965,051 206,959,402 1,664,608,320 1,538,747,109 Anintal Report 1 77 15.1 Borrowing cost under REREDP Interest against Credit # 4643 147,035,250 159,119,995 Interest against Credit #5013 274,818,508 282,749,927 Interest against Credit # 5158 259,347,849 255,835,165 Interest against Credit # 5514 155,509,148 137,959,011 836,710,755 835,664,098 15.2 Borrowing cost under PPIDF Borrowing cost under PPIDF (Credit # 2453 & 2454) 15.2.1 421,873,898 397,976,322 Borrowing cost under PPIDF 11 (Credit # 3045 & 3046) 15.2.2 163,830,551 64,276,216 585,704,449 462,252,538 15.2.1 Borrowing cost under PPIDF (Credit # 2453 & 2454) Interest against Credit # 2453 -SMIP 17,064,955 17,550,162 Interest against Credit # 2453 -REP 261,094,821 268,482,948 Interest against Credit # 2454 -LIP 143,714,122 111,943,212 421,873,898 397,976,322 15.2.2 Borrowing cost under PPIDF II (Credit # 3045 & 3046) Interest against Credit # 3045 - OCR 139,328,979 38,445,112 Interest against Credit # 3046 -SF 20,867,354 17,014,573 Commitment charge against Credit # 3045 - OCR 3,634,218 8,816,531 163,830,551 64,276,216 15.3 Borrowing cost under JICA (Credit # P 75 & P 90) Interest against Credit # P 75 209,272,331 206,959,402 Interest against Credit # P 90 1,692,720 - 210,965,051 206,959,402 16 Investment income 17 Fees, Com ission & Brokerage Fees income from renewable energy project 17.1 46,203,733 102,701,058 Fees income from Infra project 17.2 56,366,288 98,845,239 Income from advisory services 3,096,705 2,371,833 105,666,726 203,918,130 17.1 Fees income from renewable energy project Fees for administering SHS program - CDM 29,803,850 39,727,940 Fees for administering SHS program - GIZ - - Fees for administering SHS program - DFID 11,429,663 25,848,518 Fees for administering SHS program - REREDP II - - NDBMP administration fees - SNV and KfW 3,485,220 5,987,120 Fees for administering ICS-World Bank - 30,342,480 Enlistment of RE equipment 1,485,000 795,000 46,203,733 102,701,058 17.2 Fees income from Infra project Participation & arrangement fees 5,500,000 3,362,500 Loan application, processing & documentation fees 2,134,444 2,561,250 Due diligence fees 8,434,000 12,442,448 Commission income 3,696,480 482,586 Commitment charges 933,019 2,454,663 Waiver, cancellation & prepayment fees 2,957,000 3,677,700 Upfront fees 8,369,170 54,219,398 Agency & monitoring Fees 24,342,175 19,644,694 56,366,288 98,845,239 178 Annual Report 18 Other operating income Exchange gain 280,435,141 23,231,502 Deferred Income (Grant Income) 9,902,839 9,149,817 Others 17,450,636 145,951,372 307,788,616 178,332,691 9 Salary and allowances Salary and allowances 75,264,007 67,545,915 Gratuity 4,253,087 6,376,769 79,51_7,094 73,922,684 20 Rent, taxes, insurance and electricily Rent 3,684,671 3,368,472 Insurance premium 1,781,810 933,242 Electricity & Utilities 729,585 708,168 Holding tax 238,367 554,535 6,434,433 5,564,417 21 Legal expenses Professional and legal fees 8,922,399 3,508,043 8,922,399 3,508,043 22 Postage, stamp, teleco- munication, etc. Postage and courier 9,766 34,108 Telephone, Fax and E-mail 1,140,155 891,212 1,149,921 925,320 23 Stationery, printing, advertisements, etc. Printing and stationeries 3,286,867 2,922,208 Marketing, promotion & Business dev. Exp. 2,846,933 9,340,888 Advertisement 2,934,478 1,233,269 9,068,278 13,496,365 24 Chief Executive's salary and benefits Salary 6,827,487 6,380,829 Allowances 3,891,666 2,625,895 Bonus 1,105,666 1,393,974 Company's contribution to provident fund 682,746 638,083 12,507,565 11,038,781 25 Directors' fees Honorarium for attending board meetings 1,081,100 998,881 Incidental expenses for attending meeting 158,332 154,332 1,239,432 1,153,213 26 Auditors' fees 310,500 304,750 310,500 304,750 Annual Repol 179 27 Dered n and repair of Company' assets Office space 422,072 468,969 Furniture, fixture and decoration 3,024,464 663,868 Interior decoration at UTC building 1,542,151 1,713,501 Computer & computer equipment 3,407,828 3,787,919 Other office equipment 1,973,158 822,636 Software 459,603 656,576 Vehicle 5,292,517 5,690,983 16,121,793 13,804,452 28 Other operting expens Repair and maintenance 2,081,644 1,511,259 Maintenance and utility of UTC building 2,957,760 866,851 Training and exposure visit 2,080,434 1,288,477 Bank and other charge 4,749,503 4,157,322 AGM and Other Meeting expenses 2,044,879 614,681 Office supplies and maintenance 896,439 924,411 Conveyance and travelling expense 509,516 358,022 Seminar, workshop & roadshows 909,499 495,912 Entertainment 1,302,502 870,592 Books and periodicals 32,711 23,575 Vehicle fuel & Maintenance expense 9,143,511 6,315,249 Recruitment cost 263,300 30,000 Operations and logistics 715,950 708,500 Tuition fee reimbursement 285,510 523,541 Credit rating expenses - 631,945 Loss on disposal of fixed assets 452,037 - Corporate advisory service expense 18,597 - Leave Fare Assistance 4,422,597 3,985,761 Fees to regulatory authorities 164,431 4,624,319 Stamps and duties 1,500 3,210 IT & Automation expense 507,632 346,325 Pmt to Intern & Adhoc Employees 26,333 40,000 Receivables & Principle of loan written off - - Expense for annual review program 4,527,491 4,572,016 CSR activities expenses 2,352,469 1,000,000 Other office expenses 423,838 500,000 Provision other than loans - 1,556,238 Amortization expense - - IDCOL contribution under renewable energy Programme 28.1 57,777,400 49,315,970 98,647,482 85,264,176 28.1 IDCOL contribution under renewable energy programme Salary and allowances 28.3.1 26,179,091 28,850,965 Monitoring expenditure 28.3.2 16,368,125 589,567 Insurance, fees & marketing expenses 28.3.3 3,939,254 2,572,699 Postage, stamp & telecommunication 28.3.4 1,025,116 934,233 Stationery, supplies & printing 28.3.5 549,621 449,582 Other operating expenses 28.3.6 9,716,193 15,918,924 57,777,400 49,315,970 180 Annual Repor 28.3.1 Salaries and allowances: Salaries and allowances 20,391,478 20,376,895 Gratuity 5,787,613 8,474,070 26,179,091 28,850,965 28.3.2 Monitoring expenditure: Physical Verification Exp. (Technical)-REP 16,368,125 589,567 Collection Efficiency Monitoring Exp-REP - - 16,368,125 589,567 28.3.3 Insurance, fees & marketing expenses: Insurance 1,206,883 1,811,460 Advertisement & promotion 2,732,371 761,239 3,939,254 2,572,699 28.3.4 Postage, stamp & telecommunication: Postage and courier 49,890 37,964 Telephone, Fax and Internet 975,226 896,269 1,025,116 934,233 28.3.5 Stationery, supplies & printing: Stationeries & supplies 394,495 425,722 Printing 155,126 23,860 549,621 449,582 28.3.6 Other operating expenses: Travelling & Conveyance 1,192,175 356,942 Entertainment 550,317 458,735 Meeting Expenses 191,479 170,507 Repair & Maintenance 209,230 84,265 Training, workshop & exposure visits 1,195,208 1,393,263 Legal and professional fees 4,639,757 5,196,016 Operations and logistics 98,200 86,800 Other Expenses - 1,418,326 Recruitment Cost - REP - 340,586 Books, Periodicals & Newspaper - REP 12,527 12,480 Exp for special events under REP - 3,398,948 Research & Development - REP 32,413 - SHS maintenance expenses -Disaster 560,020 1,847,080 Pmt to Interns & Ad hoc employees 38,999 IT & automation Expense - 120,750 Leave Fair Assistance - REP 995,868 1,034,226 9,716,193 15,918,924 29 Charges on loan oc 30 Provision for loans and advances Balance at January 01, 2017 2,091,085,562 981,109,929 Add: Recoveries of amount previously written off - Provision required and made for the year 1,254,957,855 1,221,486,568 3,346,043,417 2,202,596,497 Less. Written off/waived - 111,510,935 Balance at December 31, 2017 3,346,043,417 2,091,085,562 \nnudfl Rp, 30.1 Provision for loans and advances General provision 553,943,517 432,673,592 Specific provision 2,792,099,900 1,658,411,970 3,346,043,417 2,091,085,562 31 rovisio for om [ax Balance at January 01, 2017 1,714,937,327 2,855,543,832 Add: Provision made during the year 1,049,803,020 1,146,204,992 2,764,740,346 4,001,748,824 Less: Settlement of previous year's tax liabilities 1,163,597,963 2,286,811,497 Balance at December 31, 2017 1,601,142,383 1,714,937,327 Deferred tax expense 9.4 (3,976,017) (4,275,494) Current tax expense 1,049,803,020 1,097,042,816 Prior year tax 389,418 49,162,176 Tax expenses 1,046,216,421 1,141,929,498 32 Earnings Per Share (EPS) Profit attributable to ordinary shareholders Net profit for the year 530,795,112 397,871,235 Ordinary shares at January 01, 2017 50,000,000 50,000,000 Bonus shares issued 5,000,000 - Total number of shares at December 31, 2017 55,000,000 50,000,000 Earnings per share 9.65 7.96 33 Consoidaed movement of funds under projects Fund inflow Long term loans: Loan from IDA under PSIDP 6,210,400,000 6,210,400,000 Loan from IDA under REREDP 3,715,076,936 3,715,076,936 Loan from KfW under solar program 5,230,801 5,230,801 Loan from KfW under NDBMP 259,879,471 259,879,471 10,190,587,208 10,190,587,208 Grants received for project implementation: Grant from World Bank (GEF, IDA, GPOBA) under REREDP 3,202,408,914 2,902,369,144 Grant from KfW under solar program 1,178,943,726 1,178,943,726 Grant from GIZ under solar program 1,075,300,229 1,075,300,229 Grant provided under JICA-REDP 206,812,236 193,538,048 Grant provided under ADB-PPIDF 256,712,856 256,712,856 Grant provided WB under USAID 351,587,763 334,997,762 Grant provided WB under BCCRF 787,321,789 392,175,142 Grant provided by DFID 1,833,171,163 1,597,995,429 Grant provided by SREPGen 9,229,200 9,229,200 Grant received under IDA 5158 (HE) 475,752,606 209,296,764 Grant received under IDA 5158 (AE) 382,416,445 382,416,445 Grant received under IDA 5514 (AE) 165,295,421 76,097,101 Grant from KfW under NDBMP 520,094,670 460,110,439 10,445,047,018 9,069,182,285 A ~ niumlRpo t Principal repayment and interest received from projects: Principal repaid by the projects financed under PSIDP 4,746,215,152 4,426,086,099 Principal repaid by the projects financed under REREDP 3,499,831,648 3,370,486,334 Interest paid by the projects financed under PSIDP 6,753,127,767 6,553,371,626 Interest paid by the projects financed under REREDP 1,323,693,881 1,308,686,863 16,322,868,449 15,658,630,921 Interest from bank accounts 45,745,663 38,968,893 37,004,248,337 34,957,369,307 Fund outflow Loans and advances: Projects financed under PSIDP 6,210,400,000 6,210,400,000 Loan to POs under REREDP 3,715,065,945 3,715,065,945 Loan to POs under KfW funded solar program 5,230,801 5,230,801 Loan to POs under KfW funded NDBMP 227,578,344 227,578,344 10,158,275,090 10,158,275,090 Grants utilized for project implementation: World Bank (GEF, GPOBA & IDA) grants provided to POs under REREDP 2,311,771,584 2,217,019,702 World Bank (GEF, GPOBA & IDA) grants used for project under REREDP 711,369,585 541,434,573 KfW grants provided to POs under solar program 954,587,290 954,587,290 KfW grants used for project under solar program 210,758,222 210,758,222 GIZ grants provided to POs under solar program 898,001,844 898,001,844 GIZ grants used for project under solar program 147,676,979 147,676,979 ADB grants provided to POs under PPIDF 201,917,025 201,917,025 ADB grants used for project under PPIDF 54,845,950 54,845,950 JICA grants used for project under REDP 204,923,701 192,417,052 USAID grants provided to POs under REREDP 289,570,025 283,774,520 USAID grants used for project under REREDP 18,014,845 1,963,290 BCCRF grants provided to sponsors under REREDP 708,195,019 299,914,151 BCCRF grants used for project under REREDP 79,126,771 47,106,928 DFID grants provided to POs under RE 1,630,972,846 1,406,020,882 DFID grants used for project under RE 91,745,684 80,378,774 Grants provided to POs under IDA 5158 (HE) 535,920,348 347,451,517 Grants used for project under IDA 5158 (HE) 217,277,884 82,420,758 Grants used for project under IDA 5158 (AE) 382,416,445 382,416,445 Grants used for project under IDA 5514 (AE) 165,295,421 76,097,101 Grants provided to POs under SREPGen 1,389,432 1,389,432 Grants used for project under SREPGen - - KfW grants provided to POs under NDBMP 356,556,300 330,698,800 KfW grants used for project under NDBMP 146,484,845 130,659,025 10,318,818,045 8,888,950,260 On lending by IDCOL from reflows: Projects financed from reflows under PSIDP 6,780,796,118 6,780,796,118 Projects financed from reflows under REREDP 2,554,449,654 2,111,132,700 9,335,245,772 8,891,928,818 Debt service of IDA loans 3,117,885,423 2,796,571,174 Refund, tax and charges 55,988,459 52,173,843 Balance at bank 4,018,035,547 4,169,470,120 37,004,248,337 34,957,369,307 Am)~ual Report 1 83 33.1 The World Bank (IDA) and KfW have provided the amount as loan under the project agreements signed among the GoB, donors and IDCOL. This loan is being used for providing refinance to Participating Organizations (POs) under IDCOL solar programme. 33.2 The donors provide two grants, for purchase of SHS: the buy-down grant to lower initial investment cost of SHS (Grant A), and the institutional development grant for institutional development of POs (Grant B). Both the components of grants decline as market expands and becomes commercially viable. In addition to grants for POs, donors also provides grants for project implementation cost which includes; monitoring, supervision, marketing, physical verification of SHS, technical audit, capacity building of POs, consultants' fees, etc. 33.3 Disclosure for balance at bank accounts maintained under projects Bd. Bank Repayment account in USD under IDA Credit# 2995-BD 2,412,965,413 2,054,776,113 Bd. Bank Repayment account in BDT under IDA Credit# 2995-BD 20,523 20,523 Janata Bank CONTASA account # 36002116 under GPOBA grants Bd. Bank Repayment A/c in BDT under IDA Credit# 3679-BD 1,284,491,021 1,782,996,159 Janata Bank EURO account # 208 under KfW fund for solar program City Bank BDT account # 31001069 under KfW fund for solar program City Bank BDT account # 31001038 under GIZ fund for solar program 1,001 1,001 Janata Bank CONTASA account # 36002256 under IDA 5158 (HE) 43,579,468 13,858,303 Janata Bank CONTASA account # 36002264 under ADB Grant (SF) Agrani Bank CONTASA account # 373 under JICA-REDP 1,888,514 1,414,584 Ruplai Bank CONTASA account # 240000416 under USAID 44,532,465 49,586,921 Agrani Bank CONTASA account # 3791 under DFID 120,366,616 117,343,177 Agrani Bank CONTASA account # 0200002715167 under BCCRF - 45,425,826 City Bank BDT account # 3101001984003 under NDBMP - 29,504,719 Commercial Bank of Ceylon PLC, STD Account# 2809007305 8,050,536 7,905,940 Commercial Bank of Ceylon PLC, STD A/C no-2809005803 3,528,045 3,465,547 Trust Bank SND A/C # 0030-0320000426 33,340,178 32,612,574 Janata Bank Ltd.-STD A/C # 010236002347 50,282,245 17,083,342 Janata Bank Ltd.-STD A/C # 010236002355 14,989,523 13,475,392 Janata Bank CONTASA account # 36002272 under ADB Grant (EF) - _ 4,018,035,547 4,169,470,120 33.4 In consolidated movement of funds, amounts are cumulative and foreign currencies (USD and EURO) are converted into equivalent Bangladesh Taka applying exchange rates of BDT 82.70/USD and BDT 99.2400/EURO prevailing at December 31, 2017 and BDT 78.70/USD and BDT 82.7373/EURO prevailing at December 31, 2016. 33.5 General a) Figures in these notes and the accompanying financial statements have been rounded off to the nearest Taka. b) Previous year's figures have been rearranged, where necessary, to conform to current year's presentation. c) Cash flow statement rearranged, due to reclassification of loans and advances to operating activities from investing activities. For Infrastructure Development Company Limited Sd/- Sd/- Sd/- Sd/- Sd/- Kazi Shofiqul Azam Dr. Ahmed Kaikaus Abdul Haque Mahmood Malik M. Maftun Ahmed Chairman Director Director Executive Director & CEO Company Secretary As per our report of even date. Sd/- Dhaka, 28 March 2018 Hoda Vasi Chowdhury & Co Chartered Accountants Annexure-A Infrastructure Development Company Limited Scheduk of Loan disbursement from reflows under PS DP and REREDP pro ect for the year ended December 31, 2017 Loan extended from reflows under PSIDP (IDA- Credit No. 2995-BD) Samuda Power Ltd. Power Plant - 35,831,724 Doreen Hotels and Resorts Ltd. Hotels and Resorts - 462,560,000 Sub Total (a) - 498,391,724 Loan extended from reflows under REREDP (IDA- Credit No. 3679-BD) SQ Celsius Limited Auto Bricks 530,000,000 Pretty Autobricks Ltd. Auto Bricks - 83,974,322 Electro Group Battery, Solar & Led & Lights - 150,000,000 Makhrail Auto Green Bricks Ltd. Auto Bricks - 40,000,000 Sub Total (b) 530,000,000 273,974,322 Grand Total (a +b) 530,000,000 772,366,046 AnnualI RqpwiI 15 Annexure-B Infrastructure Development Company Limited Schedu e of Loan disbursement 1rom REREDP- project unded by IDA (Credit # 5158) for the year ended December 31, 2017 (A) Loan under SHS Program (Cat-1) Sub Total (A) (B) Loan to other RE Projects (Cat-1) 3 ARS Bangladesh 7 5,948,215 - 4 AVA Solar Minigrid - 4,425,217 5 BGEF Irrigation - - 13 21,466,741 6 GHEL Minigrid - - - 1,540,166 8 Global Resource Augmentation and Management - - 1 2,336,232 9 GRAM Er Alo - 3,799,453 11 Kazi & Kazi Tea Estate Ltd. - - - 3,378,520 13 Rahimafrooz Renewable Energy Ltd. (RREL) - 4 4,088,454 14 RDF solar irrigation 9 14,691,497 39 74,237,767 15 RHECO - 4 6,186,698 18 Solar Electro Bangladesh Ltd. (SEBL) - 47,241,971 - 19 Solargao Ltd. - - 14 6,499,137 20 Souro Bangla Ltd. - - - 1,806,238 21 United Integrated Agro Ltd (UIAL) - 796,076 1 15,125,449 22 UKAL - - 1 2,521,704 23 Zubaida Poultry Ltd - - - 745,602 Sub Total (B) 16 68,677,759 77 148,157,378 Grand Total (A+ B) 68,677,759 148,157,378 Refinancing to Participating Organizations (POs) IDCOL has extended refinancing facility to the POs to the extent of 70%-80% of outstanding loans provided by the PO to the customers/households against installation of SHS. These POs, selected by IDCOL in due process, were found eligible during the audit to receive the refinancing facility as per the project agreements. Loan to other renewable projects This represents the amount extended under for financing of Solar PV based small scaled power plants and irrigation pumps under Remote Area Power Supply System. 186 Annual ReporI Annexure-C Infrastructure Development Company Limited Schedule of Loan dsbursenient from Additional REREDP- proet Funded by IDA (Credit # 5514) for the year ended December 31, 2017 (A) Loan under SHS Program (Cat-1) 1 Atmabiswas Souro Shakti Ltd 48 365,692 374 3,823,216 2 AVA Development Society - - 9,247 79,333,402 3 Bright Green Energy Foundation 148 1,283,367 5,049 47,101,856 4 Bengal Renewable Energy Limited 31 201,395 1,153 9,413,694 5 Clean Energy Foundation 193 1,775,918 1,006 9,791,731 6 Center for Development Innovation and Practices 82 809,600 1,067 11,040,160 7 Centre For Mass Education in Science 15 187,720 417 5,213,708 8 DESHA 4 24,276 1,384 12,792,760 9 ECO-Social Development Organisation 12 192,928 442 5,713,803 10 Friends in Village Development 57 570,880 913 9,022,834 11 Green Housing & Energy Limited - - 555 5,746,186 12 Grameen Shakti - - 65,381 663,684,790 13 Hamko Corporation Limited 56 610,332 1,609 16,579,299 14 Integrated Development Foundation - - 8,068 70,058,269 15 Ingen Technology Ltd. - - 1,233 14,648,984 16 Jagorani Chakra Foundation - - 753 7,769,564 17 Padakhep Manbik Unnayan Kendra - - 476 5,871,021 18 PAGE Development Center - - 624 6,911,126 19 Patakuri Society - - 1,005 8,421,249 20 Pally Bikash Kendra - - 908 9,540,869 21 Palli Daridra Bimochan Foundation - - 1,186 13,514,573 22 Polli Shakti Foundation Limited - - 785 7,310,752 23 Panna Rural Development Foundation 211 1,715,180 7,823 68,172,426 AmI1,1 Repuri 187 24 Resource Development Foundation 5,605 45,791,899 25 Rural Development Sangstha - - 823 6,679,715 26 Rural Energy and Development Initiative 91 717,948 1,713 16,155,713 27 Rimso Foundation 211 1,667,820 5,929 57,213,341 28 RISDA Bangladesh - - 3,029 25,872,283 29 Rural Services Foundation 743 5,768,405 23,676 209,298,025 30 SAIF Powertec Limited 200 1,619,527 9,684 80,984,508 31 Sancred Welfare Foundation 92 1,010,144 2,000 24,322,897 32 Samaj Unnayon Palli Sangstha 48 463,748 2,291 26,033,512 33 SKS Foundation 72 659,664 1,701 18,196,812 34 Sun Home Energy Limited 23 174,392 1,929 18,406,144 35 SunRim Energy Limited 20 164,070 1,095 10,080,892 36 Thengamara Mahila Shabuj Shangha - - 503 4,350,700 37 United Development Initiatives for Programmed 352 3,519,777 861 37,016,389 Actions 38 Upakulio Biddutayan 0 Mohila Unnayan Samity - - 3,466 10,175,984 39 WAVE Foundation 75 906,588 464 6,942,742 Sub Total (A) 2,784 24,409,371 176,227 1,688,997,828 Refinancing to Participating Organizations (POs) IDCOL has extended refinancing facility to the POs to the extent of 70%-80% of outstanding loans provided by the PO to the customers/households against installation of SHS. These POs, selected by IDCOL in due process, were found eligible during the audit to receive the refinancing facility as per the project agreements. '188 Annual Rport Annexure-D Infrastructure Development Company Limited Schedule of Loan disbursement from PP F project Funded by ADB (Loan # 3045 & 3046) for the year ended December 31, 2017 Refinancing to POs under Renewable Energy Project (Loan # 3046 -Special Operation) 1 RISDA Bangladesh -- 2,130 17,888,423.00 2 Padakhep Manbik Unnayan Kendra - - 36 591,192.00 3 Bengal Renewable Energy Limited (Xenegeia) 70 472,486 43 295,547.00 4 Panna Rural Development Foundation 317 2,752,396 397 3,337,594.00 5 Bright Green Energy Foundation 358 3,000,597 498 4,587,929.00 6 AFAUS 43 466,393 93 651,032.00 7 Rural Services Foundation - - 1,159 8,775,650.00 8 AVA Development Society 472 3,351,725 - 9 Rural Services Foundation 1,951 14,974,835 - 10 Grameen Shakti 4,233 38,904,755 1,806 16,480,904.00 11 Center for Development Innovation and Practices 271 2,856,000 100 1,052,000.00 12 Centre For Mass Education in Science 10 102,720 18 211,920.00 13 Clean Energy Foundation 64 625,712 14 DESHA 74 593,729 105 874,241.00 15 ECO-Social Development Organisation 53 730,852 30 426,104.00 16 Friends in Village Development 172 1,696,960 61 558,960.00 17 Hamko Corporation Limited 189 1,910,372 18 Integrated Development Foundation 2,762 24,834,936 710 6,267,851.00 19 Polli Shakti Foundation Limited 47 322,728 20 Rural Development Sangstha 72 356,320 29 149,200.00 21 Rural Energy and Development Initiative 118 991,673 131 1,113,877.00 22 Resource Development Foundation 75 696,041 23 Rimso Foundation 384 3,240,656 450 3,965,226.00 24 SAIF Powertec Limited 287 2,391,754 362 3,043,832.00 Annual Report 189 25 Samaj Unnayon Palli Sangstha 51 590,339 95 964,245.00 26 United Development Initiatives for Programmed 14 179,061 - - Actions 27 SKS Foundation 236 2,276,058 78 835,844.00 28 Sun Horne Energy Limited 70 580,862 48 427,682.00 29 SunRim Energy Limited 56 519,435 42 372,072.00 30 Sancred Welfare Foundation 213 2,363,170 - 31 Upakulio Biddutayan 0 Mohila Unnayan Samity 86 868,613 - - 32 WAVE Foundation 208 2,594,366 60 835,966.00 Sub Total (a) 12,956 115,245,544 8,481 73,707,291 Loan to Large infrastructure projects (Loan # 3045 -Ordinary Operation) 1 Summit Barisal Power Limited --2,364,000,000 2 Summit Narayanganj Power Unit 11 Limited - - 1,182,000,000 Sub Total (b) - - 3,546,000,000 190 Annual Repoi Annexure-E Infrastructure Development Company Limited Schedule of Loan disbursement from RED Project Funded by )ICA (Loan # BD-P75) for the year ended December 31, 2017 Refrnancdng to Participat ng Organizations (POs) 1 Green Housing & Energy limited --401 4,265,901 2 Network for Universal Servicesand Rural Advancement -- 1,605 16,467,417 3 Resource Development Foundation - - 567 7,763,520 Sub Total (A) - - 2,573 28,496,838 Refinancing to Participating Organizations (POs) IDCOL has extended refinancing facility to the POs to the extent of 70%-80% of outstanding loans provided by the PO to the customers/households against installation of SHS. These POs, selected by IDCOL in due process, were found eligible during the audit to receive the refinancing facility as per the project agreements, during the audit. () Disbirsement detail under Solar rrigation program 1 Solargao Limited 28 16,902,512 13 7,621,772 2 RDF-2 - 1,918,938 2 3,538,887 3 GREL 1 2,077,798 28 13,291,442 4 AID-3 - - 7 12,277,097 5 Grameen Shakti 6 10,516,604 - - 6 GREL-2 166 145,467,958 - - 7 Salek Solar Power Ltd. 4 6,578,855 - - 8 SDRS 2 2,166,112 - - 9 UDDIPAN 11 18,672,705 - - Sub-total (B) 218 204,301,482 50 36,729,198 This represents the amount extended under for financing of solar irrigation pumps under Remote Area Power Supply System. IDCOL has extended refinancing facility to the POs to the extent of 30% of outstanding loans provided by the PO to the customers against installation of Irrigation Plant. These POs, selected by IDCOL in due process, were found eligible during the audit to receive the refinancing facility as per the project agreements. A~nimal Report ' 1 91 (0 Disburserent detai under Solar Minigrid progran 1 Solargao Limited - 5,952,791 1 7,874,299 2 GHEL - - 2 22,452,593 3 Parasol - 1,403,721 1 21,457,980 4 Baraka - 9,908,263 1 9,366,366 5 Blue Marine Energy Ltd. 1 14,701,350 - 6 Brit Bangla Trade Initiatives Ltd. 1 12,000,000 - 7 Eastec Ltd. 1 13,451,314 - 8 Envis Energy Limited 1 10,735,745 - 9 UDDIPAN 2 12,527,610 - 10 Vincen Gtech Ltd. 1 21,150,830 - 11 SSREL - 5,246,232 1 19,386,805 Sub-total (C) 7 107,077,856 6 80,538,043 Total under Other Renewable Energy program (B+ C) 311,379,338 117,267,241 Grand Total (A+ B+ C) 311,379,338 145,764,079 1 92 na QU Annexure-F Infrastructure Development Company Lim ited Deferred tax aissAS Year: 2017 Fixed assets including land, building, furniture and 92,850,674 92,850,674 fixtures Gratuity provision 24,891,539 - (24,891,539) General provision other than loans - - Total temporary difference 117,742,213 92,850,674 (24,891,539) Applicable tax rate 42.5% Deferred Tax Asset (see note: 9.4) (10,578,904) Year: 2016 Fixed assets including land, building, furniture and 70,565,667 70,565,667 fixtures Gratuity provision 14,850,839 - (14,850,839) General provision other than loans 685,365 - (685,365) Total temporary difference 86,101,871 70,565,667 (15,536,204) Applicable tax rate 42.5% Deferred Tax Asset (see note: 9.4) (6,602,887) Annual R pml 193 Annexure-G Infrastructure Development Company Limited S-ch e of Fixed Assets as at December 31, 2017 Furniture, fixture and decoration 8,977,105 24,269,821 - 33,246,926 10% 3,002,289 3,024,464 - 6,026,753 - 27,220,173 Interior decoration 23,977,634 - - 23,977,634 10% 8,556,123 1,542,151 - 10,098,274 - 13,879,360 Computer & computer equipment 28,230,037 3,136,487 3,624,500 27,742,025 30% 19,391,561 3,407,828 3,008,963 19,174,890 615,538 7,951,597 Other office equipment 17,524,464 8,202,458 1,471,511 24,255,411 10% 5,710,262 1,973,1 58 1,186,432 6,211,909 285,079 17,758,423 Software 6,191,420 - - 6,191,420 30% 4,659,409 459,603 - 5,119,012 - 1,072,408 Vehic\e 46,524,335 4,205,570 2,174,327 48,555,578 20% 23,760,401 5,292,517 1,667,407 26,878,591 506,920 21,170,067 Land - - - - 0% - - - - Balance as on 31 Dec 2017 150,837,306 39,814,336 7,270,338 183,381,304 80,271,638 16,121,793 5,862,802 89,123,093 1,407,537, 92,850,674 Balance as on 31 Dec 2016 13,8,9 86063- 150,837,306 66,467,186 13,804,452 - 80,271,638 - 70,565,66 *Donor funded Grant assets disclosure The Worid Bank Furniture, fixture & decoration 3,836,901 9,840,049 - 13,676,950 10% 1,033,820 1,264,313 - 2,298,133 - 11,378,817 Interior decoration 12,175,237 - - 12,175,237 10% 4,105,765 806,947 - 4,912,712 - 7,262,525 Computer & computer equipment 21,558,464 1,036,450 2,640,347 19,954,567 30% 14,769,171 2,230,565 2,249,822 14,359,389 390,525 5,204,653 Other office equipment 11,853,894 6,391,465 569,117 17,676,242 10% 1,983,967 1,619,260 500,322 3,034,110 68,795 14,573,337 Software 3,674,893 - - 3,674,893 30% 2,394,539 384,106 - 2,778,645 - 896,248 Vehicie 22,203,736 - - 22,203,736 20% 7,944,018 2,851,944 - 10,795,962 - 11,407,774 Balance as on 31 Dec 2017 75,303,125 17,267,96 3,260,464 83,361,34 32,231,3280 9,157,135 2,750,144 38,178,951 459,320 50,723,354 Balance as on 31 Dec 2016 58,011,853 17,291,272 - 75,303,125 23,393,264 8,838,016 - 32,231,280 - 43,071,845 SNV-Netherlands Development Organisation Furniture, fixture & decoration 2,186,670 - - 2,186,670 10% 1,299,628 88,704 - 1,388,332 - 798,338 Computer & computer equipment 851,224 - 186,568 664,656 30% 774,534 18,168 170,438 606,134 16,130 42,392 Other office equipment 688,567 - 73,752 614,815 10% 578,958 9,357 57,714 514,563 16,038 84,214 Software 398,778 - - 398,778 30% 358,899 11,964 - 370,863 - 27,915 Balance as on 31 Dec 2017 4,125,239 - 260,320 3,864,919 3,012,019 128,193 228,152 2,879,892 32,168 952,859 Balance as an 31 Dec 2016 4,125,239 - - 4,125,239 2,851,322 160,697 - 3,012,019 - 1,113,220 kfw Computer & computer equipment 1,032,216 - 58,800 973,416 30% 715,894 87,550 34,310 744,644 24,490 204,282 Other office equipment 189,407 - - 189,407 10% 49,569 13,984 - 63,553 - 125,854 Balance as on 31 Dec 2017 1,221,623 - 58,800 1,162,823 765,463 101,533 34,310 808,196 24,490 330,136 Balance as on 31 Dec 2016 1,221,623 - - 1,221,623 614,359 151,104 - 765,463 - 456,160 Balance as on 31 Dec 2017 80,649,987 17,267,964 3,528,584 94,389,367 36,008,762 9,386,861 3,012,606 41,867,039 515,978 52,006,349 Balance as on 31 Dec 2016 63,358,715 17,291,272 - 80,649,987 26,858,945 9,149,817 - 36,008,762 - 44,641,225