Rahman Rahman Huq (Charterer Accountants) have audited the accompanying financial statements of BSRM Steels Limited Company which comprise the statement of financial position as at 30 June 2016, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the period (six months) then ended, and a summary of significant accounting policies.
BSRM Steels Limited has acquired 95% equity interest in the company (104,500,000 Ordinary Shares of Tk. 10 each) on 10 November 2010 in exchange of 104,500,000 Ordinary Shares of Tk. 10 each in BSRM Steels Limited. An amount of Tk. 1,045,000,000 is the face value of shares issued against the acquisition of this subsidiary has been shown as an investment in the subsidiary at cost as per BAS 27. BSRM Steels Limited and Iron & Steel Co. Ltd. are being operated under common control. BSRM Steels Limited has 25.35% equity interest in BSRM Steel Mills Limited (BSML) i.e. 100,000,000 Ordinary Shares of Tk- 10 each. This company has been considered as the equity accounted invests in the company and has been accounted for according to BAS 28: Investments in Associates and Joint Ventures.
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