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BSRMSteelsLimited
BalanceSheet(Unaudited)

As on 30.09.2010 As on 31i2'2009
Sourcesof Funds
Shareholders'
Funds:
Ordinary
ShareCapital 1,667,500,000 1,450,000.000
Accumulated
ProfiU(Loss)fromPreviousyears (1,325,010,389) (1,899,094,620)
BonusShareissued (217,500,000)
ProfiU(Loss)for CurrentPeriods 602,84 574.084.231
RetainedEarnings (939,664,834) ( 1, 3 2 5 , 0 1 0 , 3 8 9 )
727,835,166 124,989,61 I
LoanFunds:
Syndicated
TermLoan 1,264,041
,213 1,606,256,485
TermLoan(ForBMRE) 224
1,320,265,213 1,606,256,485
TotalFunds 2,048,100,379 1,731,246.096
Application
of Funds:

FixedAssets-At Cost 3,969,770,635 3,884,923,821

Less:Accumulated
Depreciation 7,704 316,42
3,520,942,931 3,568,495,598
CapitalWork-in-Progress 9,135,491 1, 6 5 5 , 1 5 0
CurrentAssets

Inventories 3,748,333,028 3,303,134,020

Accountsreceivables 713,384,694 762,047,139
Duefrom affiliated
company 666,1
64,484 893,362,894
Advances, and pre-payments
deposits 698,460,653 1,178,434,542
Cashandbankbalances 105.893.877 188.235.147
5,932,236,736 6,325,213,742
Less:CurrentLiabilities
Shorttermliabilities 5,840,046,108 7,272,573,290
Liabilities
for expenses 853,038,967 67,127,022
Provision for IncomeTax 5,000
Advanceagainstsales 219,028,245 348,124,235
Currentportionof Syndicated
TermLoan 446,568,644 415,346,724
Provision
for WPPFandWWF 31,728,713 30,2't5,223
Provision
for PF 525,016
Liability
against ShareApplication
Money 8,056,815 8,581,826
Otherliabilities 15.222.271 22.145.074
7,414,214,779 1 6 4 ,118 , 3 9 4
Net CurrentAssets (1,481,978,043) (1,838,904,652)
2,048,100,379 1,731,246,096

AameirAlihussain ShekharRanjanKar, FCA

Managing Director

Chittagong, 28th October, 201 0 CompanySecretary

BSRMSteelsLimited
1113/1201, SadarghatRoad, Chittagong,Bangladesh
Phone: - 1 0 ,i i 1 3 7 5 9 , , 6 3 7 1 5 8 , F a x : + B B 0 - 3 1 - 60' 1' 10 1 , E - m a i l: m a i l @ b s r m . c o mW, e b s i t e w
: ww.bsrm,c6?ii
Factory: Plot No. 4(P),FouzderhatlndustrialEstate,Chittagong,Bangladesh.
P h o n e :+ 8 8 0 - 3 1- 2 7 7 0 1 9 2 ,2 1 1 0 1 9 3F a x : + B B 0 - 3 -115 1 4 5 2
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Pn*fita:rd Loss .{ccaurit{Unauditerl}
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For the periodfrom 1st January'10to 30th September'10

Fortheperiodfrom'1st Fortheperiodfrom1sl Fortheperiodfrom1st

For the periodfrom 1st
January'10to 30th January'o9to 30th July'09
to 30th
J u l y ' 1 0t o 3 0 t hS e p t e m b e r ' 1 0 qantamhar'nq
September'10 September'09

Turnover 10,937,172,215 5,022,305,178 3,535,727,030

L e s s .C o s to f g o o d ss o l d 14.516.425.002 9,699,809,404 4,843,631,888 3,124,993,695

't,237,362,811 178,673,290 410,733,335
Gross profit/ (Loss) 1,257138391

Less: Sellingand distribution

cosl 118,202,881 76,778,545 41,302,312 29,459,348

cost
Generaland administrative 100,094,248 58,042,629 3 5 , 10 8 , 18 2 2 2 . 5 6.1 7 2

218.297.129 134.821.174 76,410,494 52,020,520

TradingProfiU(loss) 1,038,841,262 1,102,541,637 102,262,796 358,712,815

2,266,475 2.844.621 201,668 '1

O t h e ri n c o m e ,189,034

1 , 0 4 ,11 0 7, 7 3 7 1, 1 0 5 , 3 8 6 , 2 5 8 102,464,464 359,901,849

L e s s : F i n a n c i aelx p e n s e s 406,533,469 6 0 1 , 9 5 ,' 6

176 46,730,073 2 0 0 ,113 , 0 2 9

406,533,469 601,951,676 46,730,073 2 0 0 ,113 , 0 2 9

beforetax and WPPF

Net ProfiU(loss) 634,574,268 503,434,582 55,734,392 159,788,820

to Workers'Profit Participation
Less:Contribr-rtion

Fund(WWF)
Fund(WPPF)& Workers'Welfare 3 1, 7 2 8 , 7 1 3 25.171.729 2.786.719 7.989.441

Net ProfiU(loss)before tax 602,845,555 478,262,853 52,947,673 151,799,379

Provisionfor incometax

Net ProfiU(loss)after tax for the period 602,845,555 478,262,853 52,947,673 ____1_91J99,129_

E a r n i n gP e r S h a r e( E P S ) 1fr.1# 2&.68 3.18 o 4n

Earning per Share (EPS)of comparative Financial Statements of previous year have been re stated to comply with the requirementsof
BAS 33. Stock dividend@15% per share was creditedon 1SthJune'10which was approvedby the shareholdersin 8th AnnualGeneralMeeting.
The No. of ordinaryshareshave been increasedto 1.6675crores from 1,45crores due to this stock dividend.

ShekharRanjanKar,FCA
Head of Finance& Accounts
And
CompanySecretary
Chittagong,28th October,2010

BSRMSteelsLimited
CorporateOffice: Ali lvansion,111311201, SadarghatRoad,Chittagong,Bangladesh.
com website:
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D:\Assisned-RdfNtseRfrF&Ebrgffig$t@sidfth$ com
www.bsrm
Factory: PlotNo. 4(P),Fouzderhat Estate,Chittagong,Bangladesh.
Industrial
Phone:+BB0-31-2110192,2110193 Fax : +BBO-31 '151452E-mailI bsrmsteels@b,srmcom
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BSRMSteelsLimited
Statementof Changesin Equity(Unaudited)
For the periodfrom 1st January'10to 30th September'10

Share Capital RetainedEarnings Total

BD TK BDTK BDTK

1,450,000,000 (1,899,094,620) (449,094,620)

Balanceas on 1st January'09

Netprofitduringthe Period
478,262,853 478,262,853

Balanceas on 30th SePtember'O9 1,450,000,000 (1,420,831,7671 29,168,233

1,450,000,000 ( 1, 3 2 5 , 0 1 0 , 3 8 9 ) 124,989,611
Balanceas on 1st January'l0
2'17,500,000 (217,500,000)
BonusShareissued
602,845,555 602,845,555
NetProfitduringthe Period
1,667,500,000 (939,664,834) 727,835,166
Balanceas on 30th SePtember'l0

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AameirAlihussain MFC^ & Accounts
Finance
ManagingDirector Headof
And
SecretarY
Company

Chittagong,28th October,2010

BSRMSteelsLimited Bangladesh
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BSRM Steels Limited

Cash Flow Statement (Unaudited)

For the periodfrom 1st January'10to 30thSeptember'10

For the period Forthe

from 1st January'1
0 to 30th periodfrom 1st January'Og
September'10 to 3oth September'09

BD TK BD TK

Cashflow from operatingactivities

Cashcollection
fromcustomers 15,695,396,323 9,698,024,119
Cashpaymentfor costand expenses 14.224.185.275 561,714)
Cashgeneratedfrom operation 1,471,211,049 (205,537,595)

Cashflow from investingactivities:

Acquisition
of fixedassets (86,728,152) (49,388,708)
Disposal
of Fixedassets 1,279,310
Capitalworkin progress 7,480,341 13,793,
Cash in/(out)flow from investingactivities (92,929,183) (63,182,296)

Cashflow from financingactivities:

ShareApplication
Moneyreturned (525,011) (951
,159,085
TermLoan(ForBMRE) 56,224,000
Affiliated
Company's
Transaction 227,198,410 360,034,823
Re Payment
of ShortTermLoan (1,432,527,182) (147,772,045
Re payment
of Syndicated
TermLoan 10 12.312
Cashin/(out)flow from financingactivities: (1,460,623,135) (998,308,619)
Total Cash In/ (Out)flow (82,341,270l. (1,267,029,510)

Opening
CashandBankbalances 188,235,147 1,439,025,844
ClosingCashandBankbalances 105,893.877 171,997
182341'2?0l -I-'262q?g'5191-
N\ \

VC^ AameirAlihussain ShekharRanjanKar,FCA

ManagingDirector Headof Finance
& Accounts
And
Company Secretary
Chittagong,28thOctober,2010
BSRMSteelsLimited
Corporate Office: AliMansion, 117311201 , Sadarghat Road,Chittagong, Bangladesh.
P h o n e+: 8 8 0 - 3 1 - 2 8 5 4 9- 1001, 6 13 7 5 9 , 6 1 3 2 8 2 , 6 3 7 7 5F8a,x : + 8 8 0 - 3-'611 0 1 0,1E - m a i:lm a i l @ b s r m . c oW
me. b s i t ew: w w . b s r m . c o m
Factory: PlotNo. 4(P),Fouzderhat Industrial Estate,Chittagong, Bangladesh,
Phone:+BB0-3 1-2770192, 2110193 Fax: +BBO-3 1-151452