IDLC Annual Report 2007

committed to you
www.idlc.com
annual
report
2007
Notice of the 23rd Annual General Meeting 04
Vision, Mission and Corporate Philosophy 05
Strategic Objectives 06
IDLC Core Values 07
IDLC Code of Conduct and Ethical Principles 08
History - Key Milestones 09
Corporate Structure 10
Brief Profile of the Directors 11
Committees 14
Company Information 15
Management and Executives 16
Head Office, Branches and Centre 18
Shareholding Structure 20
IDLC at a Glance 21
Risk Management 23
Statement on Corporate Governance 27
Report of the Audit Committee 32
Awards and Recognitions 33
Corporate Social Responsibility (CSR) 34
Event Highlights 36
Consolidated Performance of IDLC at a Glance 38
Value Added Statement 39
Performance Indicators 40
Chairman's Review 42
Directors' Report 44
Auditors' Report and Audited Financial Statements 70
Auditors' Report and Audited Financial Statements of IDLC Securities Ltd. 113
Auditors' Report and Audited Financial Statements of I.Cons Ltd. 126
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Notice is hereby given that the 23rd Annual General Meeting of the shareholders of the Company
will be held on March 30, 2007 (Sunday) at 10:30 a.m. at the Bangladesh China Friendship
Conference Centre, Agargaon, Dhaka, to transact the following business:
A0823-01 Adoption of Directors' Report, Auditors' Report and Audited Financial Statements for the
year ended December 31, 2007
A0823-02 Declaration of cash dividend @ Tk. 15 per share (15%) and stock dividend @ 1:4 (one
share for every four shares held) for the year ended December 31, 2007
A0823-03 Election of Directors in place of those who shall retire by rotation in accordance with the
provision of Articles of Association of the Company.
A0823-04 Appointment of Auditors of the Company and fixation of their remuneration.

By order of the Board

H. M. Ziaul Hoque Khan
Dated: February 19, 2008 Company Secretary
NOTES:
1. March 6, 2008 is the Record Date.
2. A shareholder may appoint a proxy to attend and vote in his place by filling proxy form as per
Article 103 of the Articles of Association. The proxy form, duly completed and stamped, must be
deposited at the office not later than 48 hours before the time scheduled for holding the meeting.
3. Pursuant to Article 81 of the Articles of Association, a corporate member of the Company, by
resolution of the Board of Directors or other Governing body of such body corporate, may
authorise such person as it thinks fit, to act as representative at any meeting of the members of
the Company.
IDLC Finance Limited
Bay's Galleria (1st Floor), 57 Gulshan Avenue, Gulshan-1, Dhaka-1212
Tel: 8834990, Fax: 8834377, E-mail: mailbox@idlc.com
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Our Vision
Become the best performing and most innovative financial solutions provider in the country
Our Mission
Create maximum possible value for all our stakeholders by adhering to the highest ethical standards
For our Customers
Relentless pursuit of customer satisfaction through delivery of top quality services
For our Shareholders
Maximize shareholders' wealth through a sustained return on their investments
For our Employees
Provi de j ob sati sfacti on by maki ng I DLC a centre of excel l ence wi th opportuni ty for career
development
For the Society
Contribute to the well being of the society, in general, by acting as a responsible corporate citizen
Our Goal
Long term maximisation of Stakeholders' value
Our Corporate Philosophy
Discharge our functions with proper accountability for all our actions and results and bind ourselves
to the highest ethical standards
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Create synergy by combining high quality and strategically balanced portfolios
Provide a range of financial products and services to our customers under one roof
Strengthening our position in capital market operation
Balanced diversification of funding sources
Maximize corporate value through sustained high quality growth
Strengthening corporate governance practices
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IDLC always places highest priority to the national interest. Utmost importance is always
attached to country's growth and prosperity.
IDLC employees are trained with the object of developing good leaders rather than good
managers
IDLC places emphasis on creativity and innovation to achieve organisational excellence
IDLC believes in adherence to the highest ethical standards.
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In accordance with approved and agreed Code of Conduct, IDLC employees shall:
- act with integrity, competence, dignity and in an ethical manner when dealing with
customers, prospects, colleagues, agencies and public
- act and encourage others to behave in a professional and ethical manner that will
reflect positively on IDLC employees, their profession and on IDLC, at large.
- strive to maintain and improve the competence of all in the business
- use reasonable care and exercise independent professional judgement
- not restrain others from performing their professional obligations
- maintain knowledge of and comply with all applicable laws, rules and regulations
- disclose all conflicts of interest
- del i ver professi onal servi ces i n accordance wi th I DLC pol i ci es and rel evant
technical and professional standards
- respect the confidentiality and privacy of customers, people and others with
whom they do business
- not engage in any professional conduct involving dishonesty, fraud, deceit or
misrepresentation or commit any act that reflects adversely on their honesty,
trustworthiness or professional competence
IDLC employees have an obligation to know and understand not only the guidance
contained in the Code of Conduct, but also the spirit on which it is based.
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May 23, 1985 Incorporation of the Company
February 22, 1986 Commencement of Leasing business
May 18, 1986 Signing of first lease agreement
October 01, 1990 Establishment of branch in Chittagong, the main port city
March 20, 1993 Listed on the Dhaka Stock Exchange
September 10, 1994 Licensed by Bangladesh Bank for deposit taking
February 07, 1995 Licensed as a Non-Banking Financial Institution under the Financial Institutions
Act, 1993
July 02, 1995 Licensed by Bangladesh Bank as an off-shore financier in the Export
Processing Zones
November 25, 1996 Listed on the Chittagong Stock Exchange
May 27, 1997 Commencement of Home Finance and Short Term Finance operations
January 22, 1998 Licensed as a Merchant Banker by the Securities and Exchange Commission
January 15, 1999 Commencement of Corporate Financing and Merchant Banking operations
January 29, 2004 Opening of the first retail focused branch at Dhanmondi
June 29, 2004 Opening of Gulshan Branch
November 22, 2004 Launching of Investment Management Services "Cap Invest"
February 7, 2005 Issuance of First Securitised Zero Coupon Bonds by IDLC Securitisation Trust 2005
February 27, 2005 Signing of a MoU for strategic alliance between IDLC and SBI Capital Markets
Limited, India
September 18, 2005 Launching of Local Enterprise Investment Centre (LEIC), a centre established
for the development of SMEs with the contribution of the Canadian
International Development Agency (CIDA) of the Government of Canada
January 2, 2006 Opening of SME focused branch at Bogra
April6, 2006 Opening of Branch at Uttara
May 18, 2006 Opening Merchant Banking branch in the port city Chittagong
July 1, 2006 Relocation of Company's Registered and Corporate Head Office at own
premises at 57, Gulshan Avenue
September 18, 2006 Commencement of operation of IDLC Securities Limited, a wholly owned
subsidiary of IDLC
March 14, 2007 Launching of Discretionary Portfolio Management Services "Managed Cap Invest"
August 5, 2007 Company name changed to IDLC Finance Limited from Industrial
Development Leasing Company of Bangladesh Limited
December 3, 2007 IDLC Securities Limited Chittagong Branch commenced operation
December 18, 2007 IDLC Securities Limited DOHS Dhaka Branch opened
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Board of Directors
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Chairman
Anwarul Huq, Deputy Chairman, Reliance Insurance Limited.
- Nominated by Reliance Insurance Limited
Directors
Ahmed Rajeeb Samdani, Director, The City Bank Limited
- Nominated by the City Bank Limited
Rubel Aziz, Director, The City Bank Limited.
- Nominated by the City Bank Limited
Md. Habibur Rahman Mollah, FCA, General Manager, Transcom Electronics Limited.
- Nominated by Transcom Group
Md. Shafiqul Azam, Managing Director, Sadharan Bima Corporation (SBC)
- Nominated by SBC
A. K. M. Shahidul Haque, Additional Managing Director, Mercantile Bank Limited
- Nominated by Mercantile Bank Limited
Lee Dong Jue, Deputy CEO, Korea Development Financing Corporation
- Nominated by Korea Development Financing Corporation
Yongbok Jo, Deputy Managing Director, IDLC Finance Limited
- Nominated by Korea Development Financing Corporation
Choong-Sun Park, General Manager, Investment Banking Division, Kookmin Bank
- Nominated by Kookmin Bank
Monoweruddin Ahmed, Lead Consultant, Monower Associates
-Independent Director
CEO & Managing Director
Anis A. Khan
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Mr. Anwarul Huq
Chairman of the Board, nominated by Reliance Insurance Limited
Mr. Anwarul Huq is the Deputy Chairman and Board Member of Reliance Insurance
Limited. Mr. Huq is also the Chairman and Chief Executive Officer of Tyser Risk
Management (Bangladesh) Limited. He carries vast experience in the insurance
business, and is widely known in the insurance industry and business circles. He is
also the Honorary Consul General of Greece and Vice-President of Bangladesh
Squash Rackets Federation.
Mr. Ahmed Rajeeb Samdani
Director nominated by The City Bank Limited
Mr. Ahmed Rajeeb Samdani is the Managing Director of Golden Harvest Sea Food
and Fish Processing Limited, Golden Harvest Agro Industries Limited, Golden
harvest Info Tech Limited, Golden Harvest Commodities Limited, Golden Harvest
Organic Aquaculture Holdings Limited, Golden Harvest Scankort GIS Limited and
Golden Harvest Logistics Limited. He is also a Director of The City Bank Limited. Mr.
Samdani is the founder of TAC Charitable Hospital and TACM Trust.
Mr. Rubel Aziz
Director nominated by The City Bank Limited
An industrial entrepreneur, Mr. Rubel Aziz has been in the business for more than a
decade and has set up and successfully executed a good number of industrial
undertakings. He is a Managing Director of Partex Beverage Ltd., a franchise of
Royal Crown Cola International (RC Cola), Partex Plastics Ltd., Plastic Accessories
Ltd., a licensee of BRAIFORM, incorporating Plasti-form and Braitrim and Partex
Properties Ltd. He is a Director of The City Bank Ltd. and also Director of a number of
companies of Partex Holdings, Janata Insurance Company Ltd. and IBAIS University.
Mr Habibur Rahman Mollah, FCA
Director nominated by Transcom Group
Mr. Md. Habibur Rahman Mollah is a Chartered Accountant with twenty four years of
experience in key positions of Finance and Accounts with multi-disciplinary business
organisations. He started his career in 1983 and, at present, is working in Transcom
Group, one of the largest business conglomerates in the country, as a General
Manager.
Brief Profile of the Directors
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Mr. A. K. M. Shahidul Haque
Director nominated by Mercantile Bank Limited
Mr. A. K. M. Shahidul Haque is the Additional Managing Director of Mercantile Bank
Limited. He completed his B. A (Hons) and M. A. from the University of Dhaka and
started his banking career as a Probationary Officer with Rupali Bank Limited in
1977. During his banking career, he held important positions with challenging
assignments. Prior to joining Mercantile Bank in 1999, Mr. Haque served Prime Bank
Limited and National Bank Limited in different capacities. He attended a number of
t r ai ni ng pr ogr ams and wor kshops, bot h at home and abr oad. He act i vel y
participated in the Liberation War of Bangladesh in 1971.
Mr. Md. Shafiqul Azam
Director nominated by Sadharan Bima Corporation (SBC)
Mr. Md. Shafiqul Azam is an Additional Secretary of the Govt. of the People's Republic
of Bangladesh on deputation as Managing Director of Sadharan Bima Corporation
(SBC). He joined Bangladesh Civil Service Audit and Accounts Cadre in 1981 as an
Assistant Controller of Military Accounts. He is an MSS in Public Administration with
Honours from University of Dhaka. Mr. Azam is also a nominated Director of Investment
Corporation of Bangladesh (ICB), National Housing Finance and Investments Limited
(NHFIL), Central Depository Bangladesh Limited (CDBL), Bangladesh Commerce Bank
Limited and Dhaka Electric Supply Company Limited (DESCO).
Mr. Yongbok Jo
Director nominated by Korea Development Financing Corporation (KDFC)
An MBA from Gorge Washington University, USA, Mr. Yongbok Jo joined KDFC in
1985. Mr. Jo completed his B. A. from Seoul National University. During his career in
KDFC Mr. Jo hel d i mportant posi ti ons i n fund management, l ease marketi ng,
marketing planning, business strategy, credit analysis and asset management team.
Mr. Lee Dong Jue
Director nominated by Korea Development Financing Corporation
Mr. Lee Dong Jue completed his MBA from Aju University, Seoul. He is the Chief
Executive Officer of Fine Capital Corporation, Seoul and Deputy Chief Executive
Officer of Korea Development Financing Corporation (KDFC)
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Mr. Choong-Sun Park
Director nominated by Kookmin Bank, South Korea
Mr. Choong-Sun Park is the General Manager of Investment Banking Department of
Kookmin Bank of South Korea. He is an MBA from Seoul National University and
compl eted I nternati onal Career Associ ates Program (I RPS) from Uni versi ty of
California.
Mr. Monoweruddin Ahmed
Independent Director
Mr. Monoweruddin Ahmed, having finished his university education, joined the
Central Government in 50's as Assistant Central Labour Commissioner, for a stint.
Thereafter, he moved to Carew and Company, as Head of Labour Relations, on to
Gl axoSmi thKl i ne as Head of Personnel . Before reti ri ng from Bri ti sh Ameri can
Tobacco Company (BAT), he was serving as Member of the Company's Board. Mr.
Ahmed, on r et i r ement f r om BAT, set up Monower Associ at es, an HR and
Management Consulting house, which he currently manages as Lead Consultant.
He represented the Bangl adesh empl oyers i n qui te a few I LO conferences i n
Europe, North Africa, Southeast and South Asian countries.
Mr. Anis A. Khan
Ex Officio
Mr. Anis A. Khan joined the former Grindlays Bank p.l.c. in 1982 and went on to
acquire extensive experience in the financial services industry. Prior to joining IDLC in
April 2003, he was serving with Standard Chartered Bank (SCB) in a regional role
based in Dubai, United Arab Emirates. He qualified for joining the Bangladesh Civil
Service (BCS) after passing the BCS Examination in 1982. Mr. Khan is the Chairman
of the Bangladesh Leasing & Finance Companies Association. He serves on the
Board of the Credit Rating Agency of Bangladesh Limited as a Director nominated
by IDLC and on the Board of Chittagong Exchange as a Director nominated by the
Government of Bangladesh. He is also a member of the Advisory Committee of the
Securities and Exchange Commission, Bangladesh.
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Audit Committee
Md. Habibur Rahman Mollah, FCA
Chairman
Anwarul Huq
Member
Ahmed Rajeeb Samdani
Member
Md. Shafiqul Azam
Member
Monoweruddin Ahmed
Member
Credit Evaluation Committee
Anis A. Khan
Yongbok Jo
Deputy Managing Director
Arif Khan
General Manager
H M Ziaul Hoque Khan
Chief Financial Officer
M. Zamal Uddin
Head of Corporate Division
Ariful Alam Chowdhury
Head of Credit Risk Management Department
HR and Compensation Committee
Anis A. Khan
Yongbok Jo
Arif Khan
General Manager
M. Jamal Uddin
Head of Corporate Division
Bilquis Jahan
Head of Human Resources
Asset Liability Management
Committee (ALCO)
Anis A. Khan
Yongbok Jo
Arif Khan
General Manager
Head of business units
Management Committee
Anwarul Huq
Chairman
Anis A. Khan
Member
Yongbok Jo
Member
Operation Risk Management Committee (ORMC)
Anis A. Khan
Yongbok Jo
Arif Khan
General Manager
Head of business units
Head of Treasury
Core Management Committee (MANCOM)
Anis A. Khan
Yongbok Jo
Arif Khan
General Manager
Deputy General Managers
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Registered Name of the Company
Legal Form
A public limited company incorporated in Bangladesh on May 23, 1985 under the Companies Act
1913 and listed with Dhaka and Chittagong Stock Exchanges on March 20, 1993 and November
25, 1996, respectively.
Licensed as Financial Institution under Financial Institutions Act, 1993 on February 7, 1995.
Company Registration No.
C 14218/1992 of 1984-1985
Bangladesh Bank License No.
BCD(Non-banking)/Dhaka/2/1995
Auditors
M/s A. Qasem & Co.
Chartered Accountants, AQC Tower, 57, Dilkusha Commercial Area, Dhaka 1000
Registered Office
Bay's Galleria (1st Floor), 57 Gulshan Avenue, GPO Box No. 3160, Dhaka 1212
Tel: +880 (2) 883 4990 (Auto Hunting), Facsimile: +880 (2) 883 4377, E-mail: mailbox@idlc.com
Corporate Web Site
www.idlc.com
Legal Advisor
Lee Khan and Partners, City Heart, Suite No. 5/8, 67, Naya Paltan, Dhaka 1000
Principal Bankers
The City Bank Limited, Standard Chartered Bank, Citibank NA
Stock Brokers
Lanka Bangla Securities Limited, SES Securities Limited, IDLC Securities Limited
Memberships
Associations
Bangladesh Leasing & Finance Companies Association
Asian Leasing and Finance Companies Association
Bangladesh Merchant Bankers Association
Bangladesh Association of Publicly Listed Companies
Institute
The Institute of Bankers, Bangladesh
Chambers of Commerce & Industry
International Chamber of Commerce - Bangladesh
Foreign Investors Chamber of Commerce & Industry
Metropolitan Chamber of Commerce & Industry
Dhaka Chamber of Commerce & Industry
Bangladesh German Chamber of Commerce & Industry
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Yongbok Jo
Arifur Rahman
Deputy General Manager
Indrajit Mallick
Assistant General Manager
Anis A. Khan
Bilquis Jahan
Meer Sajed-ul-Baser, ACA
Mohammad Monir Uddin
Senior Manager
Mir Tariquzzaman
DGM & Chief Technology Officer
Irteza A. Khan
Md. Saifuddin
Senior Manager
Ifham Siddiqui
Senior Manager
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Shafayet Hossain
Senior Manager
Shaikh Kamruzzaman
Iqbal Mahmud
AGM & Chief Risk & Compliance Officer
A H M Monjur Morshed
Senior Manager
M. Jamal Uddin
Kh. Asadul Islam
Shamim Reza
Senior Manager
H M Ziaul Hoque Khan, FCA
General Manager & CFO
Mahmudul Bari
Maksudul Hoque
Senior Manager
Ziaul Huq
Senior Manager
Arif Khan, CFA, FCMA
General Manager
Bidyut Kumar Saha
Ariful Alam Chowdhury, CFA
Kazi Mahmood Hossain
Senior Manager
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Corporate Head Office
Bay's Galleria (1st Floor), 57 Gulshan Avenue, GPO Box No. 3160, Dhaka 1212
Telephone: +880 (2) 883 4990 (Auto Hunting), Facsimile: +880 (2) 883 4377
E-mail: mailbox@idlc.com
Dilkusha Branch
Hadi Mansion (7th Floor), 2 Dilkusha Commercial Area, Dhaka 1000
Telephone: +880 (2) 956 0111 (Auto Hunting), Facsimile: +880 (2) 956 3620
E-mail: mailbox@idlc.com
Merchant Banking Divison
36 Dilkusha C/A (13th Floor), Dhaka 1000, Telephone: +880 (2) 957 1842 (Auto Hunting)
Facsimile: +880 (2) 957 1243, E-mail: divisionm@idlc.com
Dhanmondi Branch
SEL Centre (5th Floor), 29 West Panthapath, Dhanmondi, Dhaka 1205
Telephone: +880 (2) 815 7632, Facsimile: +880 (2) 811 2146, E-mail: idlcdhn@idlc.com
Gulshan Branch
Taj Marriot (1st Floor), 25 Gulshan Avenue, Dhaka 1212, Telephone: +880 (2) 988 7196,
986 3252, 883 4152, Facsimile: +880 (2) 988 6837, E-mail: idlcgln@idlc.com
Uttara Branch
Monsur Complex (3rd Floor), Plot No. 59/A, Road No. 7, Sector # 4,
Uttara Model Town, Dhaka 1230, Telephone: +880 (2) 893 2487, 893 2683, 893 2340
Facsimile: +880 (2) 893 2487, E-mail: idlcuttara@idlc.com
Chittagong Branch
Jahan Building 4 (Ground Floor), 76/77 Agrabad Commercial Area, Chittagong 4100
Telephone: +880 (31) 711 034, 713 742, 251 0117-8, Facsimile: +880 (31) 715 895
E-mail: idlcctg@idlc.com
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Bogra Branch
Sairul Complex (2nd Floor), Sherpur Road, Sutrapur, Bogra 5800
Telephone: +880 (51) 699 17, 69 838, Facsimile: +880 (51) 698 39, E-mail: idlcbog@idlc.com
Local Enterprise Investment Centre (LEIC) - for Small & Medium Enterprises (SMEs)
Managed by IDLC with the contribution of the Canadian International Development Agency (CIDA)
Taj Casilina (1st Floor), 25 Gulshan Avenue, Dhaka 1212, Telephone: +880 (2) 883 5369-70
Facsimile: +880 (2) 883 4148, E-mail: info@bangladeshinc.com
IDLC Subsidiaries
IDLC Securities Limited: (A wholly owned subsidiary)
36 Dilkusha C/A (13th Floor), Dhaka 1000, Telephone: +880 (2) 957 1842 (Auto Hunting)
Facsimile: +880 (2) 9571243, E-mail: securities@idlc.com
I.Cons Limited: (A wholly owned subsidiary)
SEL Centre (5th Floor), 29 West Panthapath, Dhanmondi, Dhaka 1205
Telephone: +880 (2) 815 7632, Facsimile: +880 (2) 811 2146, E-mail: sysadmin@idlc.com

Dhaka
IDLC Corporate Head Office
IDLC Branch offices
IDLC Subsidiaries
Dilkusha
Dhanmondi
Gulshan
CHO
Uttara
I.Cons Ltd.
IDLC Securities Ltd.
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52.7%
30%
17.3%
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Foreign Sponsors - 30%
Korea Development Financing Corporation (KDFC), South Korea - 20%
Kookmin Bank, South Korea - 10%
Domestic Sponsors - 17.3%
The City Bank Limited - 9.7%
Sadharan Bima Corporation - 7.6%
General - 52.7%
Mercantile Bank Limited - 7.5%
Eskayef Bangladesh Limited - 8.0%
Reliance Insurance Limited - 7.0%
Other Institutions - 13.5%
Individuals - 16.7%
CAPITAL
Authorised : Tk. 1,000,000,000 (10,000,000 ordinary shares of Tk.100 each)
Paid-up : Tk. 200,000,000 (2,000,000 ordinary shares of Tk.100 each)
Foreign Sponsors - 30%
Domestic Sponsors - 17.3%
General - 52.7%
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IDLC Finance Limited started its journey in 1985, as the first ever leasing company of the country.
In 1995, IDLC was licensed as a Financial Institution by the country's central bank, Bangladesh
Bank, following the enactment of the Financial Institution Act 1993. Over the last two decades,
IDLC has grown in tandem with the country's transition into a developing country and has emerged
as Bangladesh's leading multiproduct financial institution. To encapsulate the evolving nature of the
company, IDLC has changed its name to IDLC Finance Limited from earlier Industrial Development
Leasing Company of Bangladesh Limited in August 2007.
Since 1985, when IDLC was formed as the pioneering leasing company in Bangladesh, the
company continues to evolve as an innovative financial solutions provider. We are now able to offer
our customers, integrated and customized financial solutions - all under one roof. Our wide array of
products and services range from retail products, such as home and car loans, corporate and
SME products i ncl udi ng l ease and term l oans, structured fi nance servi ces rangi ng from
syndications to capital restructuring and a complete suite of merchant banking and capital market
services.
IDLC's product and service offerings include:
Debt Products:
Lease Finance
Term Finance
Domestic Factoring of Accounts Receivable
Bill/Invoice Discounting
Work Order Finance
Corporate Real Estate Finance
Real Estate Developer Finance
Home Loans with Home Loan Shield
Home Equity Loans
Car Loans for Individuals
Business Loan
Machinery Loan
Double Loan
Festival Loan
Investment Products:
Common Equity investments
Preferred Equity Investments
Bonds
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Liability Products:
Term Deposit Schemes
Debentures
Securitised Bonds
Corporate Services:
Project Finance Appraisal
Project Loan Syndication
Working Capital Arrangement
Syndication Agency services
Refinancing arrangements
Corporate Financial Advisory
Securitisation of Receivables
Trusteeship Management
Professional supports to the SMEs
Merchant Banking and Portfolio Management Services
Investor Discretionary/Non-discretionary Portfolio Management Services
"Cap Invest" and "Managed Cap Invest"
IPO Advisory
Issue Management
Underwriting
Investment Advisory
Placement of Equity, Debentures and Bonds
Custodial Services
IDLC's unique institutional shareholding structure, comprising mostly of financial institutions, helps the company to
constantly develop through sharing of experience and professional approach at the highest policy making level.
International Partnerships/ Affiliations
As Manager of the Local Enterprise Investment Center (LEIC), with contribution of the Canadian International
Development Agency (CIDA) of the Government of Canada, IDLC plays an active role in the development of the
country's private sector by providing financial and professional support to the Small and Medium Enterprises
(SMEs), who wish to expand and improve their products and services. This is the first direct partnership by CIDA
with a local private sector entity in a developing country.
IDLC has made strategic alliance with the State Bank of India Capital Markets Ltd. (SBICAP) which allows the
Company to provide project advisory, infrastructure advisory, privatization advisory, merger and acquisition
valuations, deal structuring etc.
Subsidiaries
IDLC Securities Limited, a fully owned subsidiary of IDLC, offers full-fledged international standard brokerage
service for retail and institutional clients. It has seats on both the Dhaka and Chittagong Stock Exchanges. It is
also a Depository Participant (DP) of Central Depository Bangladesh Limited (CDBL).
I .Cons Li mi ted, a ful l y owned subsi di ary of I DLC provi des worl d cl ass I T sol uti ons starti ng from fi nanci al
applications to IT infrastructure development and consultancy services.
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tRisk is the element of uncertainty or possibility of loss that prevail in any business transaction in any
pl ace, i n any mode and at any t i me. Ri sk i s an i nt egral part of f i nanci ng busi ness. Ri sk
management entails the adoption of several measures to strengthen the ability of an organization to
cope with the vagaries of the complex business environment in which it operates.
IDLC always concentrates on delivering high value to its stakeholders through appropriate trade off
between risk and return. A well structured and proactive risk management system is in place within
the Company to address risks relating to credit, market, liquidity and operations. Risk grading is
assigned at the inception of lending considering the industry, business, financial and management
risk associated with the financing. The Company has different committees for risk management
and appropriate internal control measures are also in place to mitigate risk.
In addition to the industry best practices for assessing, identifying and measuring risks, IDLC also
considers guidelines for managing core risks of financial institutions issued by the Country's Central
Bank, Bangladesh Bank, vide FID Circular No. 10 dated September 18, 2005 for management of
risks.
Credit Risk
Credit risk is the possibility that a borrower or counter party will fail to meet agreed obligations. Thus
managing credit risk for efficient management of a financial institution (FI) has become the most
crucial task. Given the fast changing, dynamic global economy and the increasing pressure of
gl obal i zati on, l i beral i zati on, and consol i dati on i t i s essenti al that FI s have robust credi t ri sk
management policies and procedures that are sensitive and responsive to these changes. At IDLC,
credit risk may arise in the following forms:
Default risk
Exposure risk
Recovery risk
Counter party risk
Related party risk
Legal risk
Political risk
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To encounter and mitigate credit risk the following control measures are in place at IDLC:
Multilayer approval process
Policy for maximum sector and group exposure limit
Policy for customers maximum asset exposure limit
Mandatory search for credit report from Credit Information Bureau
Looking into payment performance of customer before financing
Annual review of clients
Adequate insurance coverage for funded assets
Vigorous monitoring and follow up by Special Assets Management Team
Strong follow up of compliance of credit policies by Operational Risk Management Department
Taking collateral
Seeking external legal opinion
Maintaining neutrality in politics and following arm's length approach in related party transactions
Regular review of market situation and industry exposure
The Credit Evaluation Committee (CEC) regularly meets to review the market and credit risk related to lending and
recommend and implement appropriate measures to counter associated risks.
An independent Credit Risk Management Department is in place, at IDLC, to scrutinize projects from a risk-
weighted point of view and assist the management in creating a high quality credit portfolio and maximize returns
from risk assets.
Market Risk
Market risk refers to the risk of fluctuation in a variety of markets such as interest rates, prices of securities where
the values of assets and liabilities can change and there exists the risk of incurring losses.
The Asset Liability Committee (ALCO) of the Company regularly meets to assess the changes in interest rate,
market conditions, carry out asset liability maturity gap analysis, re-pricing of products and thereby takes effective
measures to monitor and control interest rate risk. To encounter market risk we are negotiating for facilities that
matches the maturity structure with ideal interest rate, maintaining a balanced diversification in investments and
prudent provisioning policies. IDLC has also strong access to money market and credit lines at a competitive rate
through good reputation, strong earnings, financial strength and credit rating.
However, in order to mitigate any adverse effect that results from fluctuating interest rate in future, we are planning
to carry out some securitizations of receivables and fixed rate long term loans to raise funds.
Credit Evaluation Commitee (CEC) meeting in Progress A view of Asset Liability Management Committee (ALCO) meeting
Risk Management
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Liquidity Risk
Liquidity risk arises when a company is unable to meet the short term obligation to its lenders and stakeholders.
This arises from the adverse mismatch of maturities of assets and liabilities.
Liquidity requirements are managed on a day-to-day basis by the Treasury Division which is responsible for
ensuring that sufficient funds are available to meet short term obligations, even in a crisis scenario, and for
maintaining a diversity of funding sources. The Asset Liability Committee also oversee the asset liability maturity
position and recommend and implement appropriate measures to encounter liquidity risk.
Operational Risk
Operational risk is the potential loss arising from a breakdown in company's systems and procedures, internal
control, compliance requirements or corporate governance practices, that results in human error, fraud, failure,
damage of reputations, delay to perform or compromise of the company's interests by employees. Operational
risk may also arise from the following:
Turnover of trained staff
Risk of insider dealings
Leakage of sensitive information
Shortcomings of organizational structure
Risk of falling in credit ratings
Money laundering
Changes in statutory requirements
Technological obsolescence
Appropriate internal control measures are in place, at IDLC, to address operational risks. IDLC has also
established an Operational Risk Management Department (ORMD) to address operational risk and to frame and
implement policies to encounter such risks. ORMD assesses operational risk across the Company as a whole
and ensures that an appropriate framework exists to identify, assess and mange operational risk. The function of
ORMD is to constant vigilance against leakage of Shareholders value by identifying, assessing, measuring,
managing and transfer operational risk resulting from inadequate or failed internal processes, people and system
or from external events.
ORMD also develops policies, processes and procedures for managing operational risk in all of the company
products, activities, processes and systems by identifying and assessing the operational risk inherent in all our
products, activities, processes and systems.
Operation Risk Management Committee (ORM) meeting
Risk Management
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In particular, the following risk management measures are present at IDLC to address operational risk:
Effective internal audit function throughout the organisation with direct access of Chief Internal Auditor to the
Audit Committee and Board
Suitable delegated authority level
Awareness throughout the organisation on "Know Your Customer" policy
Maintenance of assets through maintenance agreement with vendor
Proper risk transfer measure by taking insurance coverage for all assets of the Company
Infusing organisational values and ethics in employees
Strict compliance of Employees Code of Conducts
Regular compliance audit in relation to reporting requirements to regulatory bodies and other stakeholders
Creating conducive working environment for the staff
Implementation of computer based MIS system
Implementation of proper back up system
Regular upgrading of hardware and software to keep it up to state of the art level
Business volume risks
At IDLC, business volume risk may arise in the form of risk of falling business volumes and market share, risk of
being overtaken and losing leadership position and risk of over trading which may affect profitability due to volatile
revenues and reduced spread earnings, credit rating and reputation. Risk of over trading may lead to insufficient
capital. To encounter and mitigate business volume risk the follwing risk mitigation measures are in place, at IDLC:
Innovative and convenient financial products and services
Taking prompt action on customer complaints
Frequent assessment of clients satisfaction
Regular review of performance against budget and targets
Review and analysis of competitors performance
Assessment of the riskiness of the operation
We estimate our risk exposure based on our own assessment of the operations as well as the market perception
to be as follows:
Type of Risk Rating
Credit Risk Moderate
Market Risk Moderate
Liquidity risk Moderate
Operational risk Low
Business volume risk Low
Risk Management
Current Ratio
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Corporate governance is the system by which companies are directed and controlled by the
management in the best interest of all the stakeholders, thereby ensuring greater transparency and
better and timely financial reporting.
The platform on which corporate governance principles are structured is that the Board of Directors
is responsible for the proper governance which includes setting out of the Company's strategic
aims, providing the necessary leadership to implement such aims, supervising the management of
the business and reporting to the shareholders on their stewardship.
The maintenance of effective corporate governance remains a key priority of the Board of IDLC of
Bangladesh Limited. To exercise clarity about directors' responsibilities towards the shareholders,
corporate governance must be dynamic and remain focused on the business objectives of the
Company and create a cul ture of openness and accountabi l i ty. Keepi ng thi s i n mi nd, cl ear
structure and accountabilities supported by well understood policies and procedures to guide the
activities of the Company's management have been instituted.
IDLC considers that its corporate governance practices comply with all aspects of the SEC
Notification No. SEC/CMMRRCD/2006-158/Admin/02-08 date February 20, 2006 and almost all
aspects of Bangladesh Bank's DFIM Circular No. 7 dated September 25, 2007. In addition, to
establish high standards of corporate governance, IDLC also considers best governance practices
in its activities. The independent role of Board of Directors, separate and independent roles of
Chairman and Chief Executive Officer, distinct role of Company Secretary, Chief Financial Officer
and Chief Compliance Officer, different Board committees helps IDLC achieve excellence in best
corporate governance practices.
This statement outlines the Company's main corporate governance practices as on December 31,
2007.
Board of Directors
Composition
The Board of IDLC considers that its membership should comprise directors with an appropriate
mix of skills, experience and personal attributes, that allow the directors, individually, and the Board,
collectively, to discharge their responsibilities and duties under the law efficiently and effectively,
understand the business of the Company and assess the performance of the management.
Statement on Corporate Governance
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The Board of IDLC comprises of ten directors including one independent director with voting power, who
possess a wide range of skills and experience over a range of professions, businesses and services. All the
directors are nominated directors. Each of our Directors brings in independent judgement and considerable
knowledge to perform their roles effectively. The Board of Directors ensures that the activities of the Company are
always conducted with adherence to strict and highest possible ethical standards and in the best interests of the
stakeholders.
The Directors are appointed by the shareholders in Annual General Meeting (AGM). Casual vacancy in the
Board, if any, is filled up by the Board as per Companies Act, 1994 and Articles of the Company. In addition, one
third of the Directors retire from the Board every year in AGM, who are then eligible for re election.
Role and Responsibilities of the Board
The Board is committed to the Company seeking to achieve superior financial performance and long term
prosperity, while meeting stakeholders' expectations of sound corporate governance practices. The Board
determines the corporate governance arrangements for the Company. As with all its business activities, the Board
is proactive in respect of corporate governances and puts in place those arrangements which it considers are in
the best i nterest of the Company and i ts sharehol ders, and consi stent wi th i ts responsi bi l i ti es to other
stakeholders.
The Board duly complies with the guidelines issued by Bangladesh Bank regarding the responsibility and
accountability of the Board, its Chairman and Chief Executive/Managing Director, vide DFIM Circular No. 7 dated
September 25, 2007.
The Board of Directors is in full control of the Company's affairs and is also fully accountable to the shareholders.
They firmly believe that the success of the Company largely depends on the credible corporate governance
practices adopted by the Company. Taking this into consideration, the Board of Directors of IDLC sets out its
strategic focus and oversees the business and related affairs of the Company. The Board also formulates the
strategic objectives and policy framework for the Company. In discharging the above responsibilities the Board
caries out, inter alia, the following functions as per the charter of the Board and Bangladesh Bank's DFIM Circular
No. 7, dated September 25, 2007:
Determine, monitor and evaluate strategies, policies, management performance criteria and business plan
Periodic and timely reporting to the shareholders on the affairs, progress and performance of the Company
Ensuring proper decision-making and accountability structure throughout the Company so that the staff down
the line is fully accountable to the corporate management
Monitoring of significant business risks and reviewing how they are managed as per Bangladesh Bank's "Core
Risk Guidelines"
Delegation to Board Committees and management and approval of transactions in excess of delegated level
Approval of annual budgets including major capital expenditure proposals
Critical evaluation of all proposals which require Board's approval and/or directives
Regular review of financial performance and overdue situation
Appointment and evaluation of the performance of CEO & Managing Director and Deputy Managing Director
and senior executives
Ensuring that the senior management team has the necessary skills and experience to perform their functions
effectively in the best interests of the Company
Monitoring the adequacy and appropriateness and operation of internal controls
Ensure that technology and information systems used in the organisation are sufficient to operate the
organisation effectively and maintain competitiveness
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Role of the Chairman
The Chai rman of the Board i s not the Chi ef Executi ve of the Company. The rol e of Chai rman and CEO &
Managing Director are independent and separate. The Chairman runs the Board while the CEO & Managing
Director takes all executive decisions.
Board Meetings
The Company Secretary, after approval by the Board's Management Committee, prepares the detailed agenda
for the meeting. The Board papers comprising the agenda, explanatory notes and proposed resolutions are
circulated to the directors, in advance, for their review. The members of the Board have complete access to all
information of the Company, enabling them to work efficiently. The members of the Board are also free to
recommend inclusion of any matter in the agenda for discussions. The Company Secretary and Chief Financial
Officer always attend the Board Meeting and other senior management are invited to attend Board Meetings to
provide additional inputs to the items being discussed by the Board and make business presentations.
There are procedures, at IDLC, for keeping the Board up-to-date with the Company's activities and relevant
external developments. These includes senior management presenting significant matters to the Board and Board
being able to seek further information, on any issue, relating to performance, strategy, outlook etc,.
During the year ended on December 31, 2007, a total six (6) Board Meetings were held and attendance by the
Directors are shown in the Annexure I of the Directors' Report to the Shareholders.
Internal Control
The Board is responsible for ensuring that the Company has an adequate and effective control system in place.
Although, no system of internal financial control can provide absolute assurance against material mis-statement or
loss, the Company's internal control systems have been designed to provide the directors with reasonable
assurance, that assets are safeguarded against unauthorised use by the employees and/or management and/or
third parties, transactions are authorised and properly recorded and material error and irregularities are either
prevented, or detected, within a reasonable period of time.
Properly designed management structure, clearly defined responsibilities, delegation of authority, establishment of
accountability at each level and system of periodic reporting and monitoring performance are the key elements of
the internal control framework employed in IDLC.
Audit Committee
The Audit Committee comprises of five Directors. The Company Secretary is the Secretary of the Committee. The
Committee is headed by a director who has professional background in accounting and finance. The rules of the
Audit Committee clearly lay down its authority, responsibility and specific duties.
The Committee is empowered, among other things, to examine any matter relating to the financial affairs of the
Company and to review all audit and inspection programs, internal control systems and procedures, accounting
policies and adherence to compliance requirements, etc. This ensures that a sound financial reporting system is
in place, which is well managed, providing accurate, appropriate and timely information to the Board of Directors
and stakeholders.
The Chief Risk & Compliance Officer has direct access to the Committee and the Committee is directly reportable
to the Board.
During the year under review, four Audit Committee meetings were held.
Functions and responsibilities of the Committee
To assist the Board in fulfilling its oversight responsibilities including implementation of the objectives,
strategies and overall business plans set by the Board for effective functioning of the Company
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To review the financial reporting process, the system of internal control and management of financial risks and
the Company's processes for monitoring compliance with laws and regulations and its own code of business
conduct
To ensure that Company has adequate process in place, to safeguard the assets of the Company against
unauthorized use by the employees/third parties, and to ensure that expenses incurred by the Company are
for the purposes of the Company
To evaluate whether management is setting the appropriate compliance culture by communicating the
importance of internal control, the management of risk and ensure that all employees have understanding of
their roles and responsibilities
To review the arrangements made by the management for building a suitable Management Information System
(MIS) including information technology system and its applications
To review the corrective measures taken by the management, as regard the reports relating to fraud and
forgery, deficiency in internal control or other similar issues detected by internal and external auditors and
inspectors of the regulatory authorities
To review the activities and organizational structure of internal audit functions and ensure that no unjustified
restrictions or limitations are made
To do any other functions as the Board may require from time to time
Management Committee
A four member Management Committee headed by a Director is responsible for strategic and operational plans of
the business. The matter related to ordinary business operations of the Company and the matters that the Board
of Directors from time to time authorise are vested to this Committee in accordance with the Statement of General
and Operational Policies established and made by the Board of Directors. This Committee assists IDLC in taking
prompt decisions and react swiftly to changes in the market-place as they occur. The Rules of the Management
Committee is framed by the Board.
During the year under review thirteen Management Committee meetings were held.
Credit Evaluation Committee (CEC)
CEC eval uates al l proj ects/proposal s of fi nanci ng acti vi ti es of the Company from ri sk poi nt of vi ew. The
Commi ttee i s headed by CEO & Managi ng Di rector and consi sts of si x members. The members of the
Committee are CEO & Managing Director, Deputy Managing Director, Head of Credit Risk Management
Department, CFO and Business Heads.
Human Resources (HR) and Compensation Committee
A six member HR & Compensation Committee headed by CEO & Managing Director is in place, at IDLC, to
ensure the companywide equal opportunity in terms of recruitment, compensation, training, promotion and other
issues. The role of the Committee is detailed below:
Reviewing existing HR policies and formulating new policies
Review the training need assessments of senior management and staff members of the Company
To review the overall compensation package of the company and make adjustments, if required, based on the
market analysis
Communications and Relationship with Shareholders
It is the Company's policy that all external communications by the Company will :
- be factual and subject to internal vetting and authorisation before issue,
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- not omit material information and
- be timely and expressed in a clear and objective manner ,
IDLC strongly believes that all stakeholders should have access to complete information on its activities,
performance and product initiatives. The Company's web site www.idlc.com displays, interalia, company's annual
report, half yearly report, product offerings, recent announcements, presentations and event updates.
The Company reports to shareholders twice a year through half yearly report and detailed annual report. Every
shareholder has the right to attend the annual general meeting, where they can meet and communicate with the
directors and express their views regarding the Company's business, its future prospects and other matters of
interest. Shareholders are always encouraged to attend the meeting or, if unable to attend, then may appoint
proxies.
Al l di scl osures requi red by the Securi ti es and Exchange Commi ssi on, Li sti ng Regul ati ons of Dhaka and
Chittagong Stock Exchanges and Bangladesh Bank are made adequately and promptly. In addition to ensuring
timely compliance, this also enables dissemination of information to all stakeholders and the public.
Preparation and Presentation of the Financial Statements and
Directors' Responsibility
The Companies Act 1994 requires the directors to prepare financial statements for each accounting year. The
Board of Directors accepts the responsibility for preparation of financial statement, maintaining adequate records
for safeguarding the assets of the Company, preventing and detecting fraud and/or other irregularities, selecting
suitable accounting policies and apply those policies, consistently, and making reasonable and prudent
judgements and estimates where necessary.
The Board of Directors accepts responsibility for the integrity and objectivity of the financial statements. The
estimates and judgements relating to the financial statements were made on a prudent and reasonable basis, in
order that the financial statements reflect in a true and fair manner, the form and substance of transactions and
reasonably present the Company's state of affairs. To ensure this, the Company has taken proper and sufficient
care in installing a system of internal control, which is reviewed, evaluated and updated on an ongoing basis. The
Operational Risk and Internal Audit Department of the Company conducts periodic audits to provide reasonable
assurance, that the established policies and procedures of the Company were consistently followed.
The Board of Directors confirms that the International Accounting Standards, as adopted in Bangladesh by the
Institute of Chartered Accountants of Bangladesh, have been adhered to, subject to any material departure being
disclosed and explained in the notes to the accounts. The Board also confirms that the Company keeps
accounting records, which disclose with reasonable accuracy the financial position of the Company and enables
them to ensure that the financial statements comply with the requirements of the Companies Act, 1994,
Securities and Exchange Rules 1987, Financial Institution Act 1993 and Listing Regulations of Dhaka and
Chittagong Stock Exchanges and amendments thereto.
The Board welcomes Independent Director, Mr. Monoweruddin Ahmed Audit Committee Meeting in progress
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IDLC Audit Committee, formed in 2004, comprises of five Directors, nominated by the Board of
Directors. The Committee, headed by a director with professional background in Accounting and
Finance, operates according to the charter of the Committee approved by the Board. The CEO &
Managing Director attends the meeting by invitation. The Chief Risk & Compliance Officer has direct
access to the Committee and the Committee is directly reportable to the Board.
The objectives of the Committee are to ensure that proper and adequate internal controls are in
place, to facilitate the smooth functioning of the company's operations, and assist the Board in
discharging its responsibilities toward the stakeholders of the Company.
The Committee ensures that a sound financial reporting system is in place, which is well managed,
providing accurate, appropriate and timely information to the Board of Directors, management,
regulatory bodies and shareholders. The Committee is empowered to examine any matter relating to
the financials and other affairs of the Company, review all internal and external audit and inspection
programs, internal control system, procedures and adherence to compliance requirements.
The Committee meets once in every quarter of the calendar. During 2007, four audit committee
meetings were held to carry out the following tasks:
1. Revi ewed and di scussed the Report of the Statutory Audi tors and acti ons taken by the
management on various observations and queries made and raised by the External Statutory
Auditors.
2. Reports and the recommendations of the Bangladesh Bank's Inspection team were reviewed and
responses of the management on various observations are discussed, in detail, for taking
corrective measures.
3. Reviewed various reports of Operational Risk Management Department on operational, financial
procedures and branch activities.
4. The Audit Plan for 2007 and its progress report was reviewed by the Committee.
5. Reviewed the report on Operational Risk Diagnosis of IDLC prepared by Ernst & Young covering
major business functions of the company as part of our drive to achieve operational excellence.
The Audit Committee is of the view that internal controls and procedures are adequate to present a
true and fair view of the activities and financial status of the Company and that its assets are
safeguarded.
Md Habibur Rahman Mollah, FCA
Chairman,
Audit Committee
Dhaka, February 04, 2008
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IDLC bagged SAFA Best Presented Accounts Award for 2006
IDLC is awarded for Best Published Accounts and
Annual Report for 2006 by ICAB
IDLC receives First ICMAB National Best Corporate Award 2007
Credit Rating
IDLC has been assigned "AA2" (Double A Two)) rating
in the long term and ST- 3 rating in the short term by
Credit Rating Agency of Bangladesh Limited (CRAB).
This has been done in consideration of IDLC's strong
owner shi p st r uct ur e and cor por at e gover nance
practices, experienced management team, improving
income mix and strong retail deposit base.
Financial Institutions rated in this category are considered
strong, characterized by very good financials, healthy
and sustai nabl e franchi se and a fi rst rate operati ng
environment.
ICAB National Award and SAFA Merit Award
IDLC Finance Limited was awarded the second prize of
the Institute of Chartered Accountants of Bangladesh
(ICAB) National Award and South Asian Federation of
Accountants (SAFA) Merit Award for the Best Published
Annual Accounts and Reports for 2006 awarded by
ICAB and SAFA, respectively.
These awar ds r ef l ect pr act i ci ng good cor por at e
governance, compliance with the rules and regulations,
preparation and presentation of financial statements
and disclosure of information following International
Accounting Standards and best practice set by the
Institute of Chartered Accountants of Bangladesh and
the South Asian Federation of Accountants (SAFA).
ICMAB Best Corporate Award for 2006
IDLC Finance Limited received the first ICMAB National
Best Corporate Award 2007 given by the Institute of
Cost and Management Accountants of Bangladesh
(ICMAB).
IDLC got the second prize in the financial institution
category of the Best National Corporate Award 2007.
The assessment cr i t er i a f or t he awar d i ncl ude
corporate governance practices, capital adequacy,
liquidity, asset quality and profitability.
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An institution is only as good as community it grows up in. IDLC's policy is to constantly harness our
social capital and provide opportunities for this to grow. IDLC believes that CSR does not mean just
doling out largesse. Rather it means the strategic use of money and other resources to empower
communities and to help people help themselves. We have made it a point to inculcate a deeper sense
of responsibility and a stronger awareness among our staff on this issue. We have created a strong
culture of corporate social responsibility at all levels and laboured the point that IDLC has a significant role
to play as a leading corporate citizen.
Our branch network and increased SME focused operation, enabled us not only to reach remote areas
and many more lives, but also provide the small entrepreneurs with new lease of life which will also help in
sustainable economic and social development.
Wi th a vi ew to contri buti ng to poverty reducti on and sustai nabl e devel opment i n Bangl adesh by
supporting the development of SMEs, that are close to being ready to invest and/or export that will benefit
the poor through the creation of more better jobs, and ultimately sustainable livelihood, IDLC established
Local Enterprise Investment Centre (LEIC) in 2005. The LEIC is managed by IDLC and funded by
Canadian International Development Agency (CIDA).
During the year, LEIC made initial contacts with four hundred local SMEs across a range of sectors and
worked closely with fifty one new SMEs, as prospective clients, for the Centre's support. During 2007,
LEIC undertook a process improvement initiative (implementation of CMMI - an international process
standard) in some local software companies. LEIC also took a delegation of leading furniture companies
of Bangl adesh to Canada to expl ore l ong-term partnershi p opportuni ti es wi th Canadi an furni ture
companies. A good number of seminars, workshops and focus group discussions were also organized
on different topics jointly with trade bodies and Board of Investment. We are expecting that through LEIC
contribution, SMEs will be developed, new long-term business-to-business partnerships will be formed
and a good number of jobs will be created, which will help in community development, as a whole.
Half of our total population are female and we believe that they have the potential to contribute to the
society and economy. Keeping this in mind, we have started Women Entrepreneur Loan Scheme at a
very low rate, in 2007, to support women to develop which will help them to be self dependent.
Environmental Issues
IDLC believes in development that meets the needs of our present generation, without compromising the
possi bi l i ti es of f uture generati ons to meet thei r needs. I DLC' s products and servi ces are not
environmentally harmful. However as the Company is committed to the society, environmental issues
related with projects are dealt with regularly in the process of project appraisal. Our relationship managers
investigate all related environmental issues at the appraisal stage of projects. Extra efforts are given in
analyzing the implications of environmental issues for projects, which may have critical environment
implications. We, generally, avoid investments where environmental risks are considered high. In all the
i nvestment proj ects, our apprai sal team al ways checks whether the cl i ent i s compl yi ng wi th the
Environmental Conservation Act 1995 and Environmental Conservation Rules 1997.
We remain ever conscious of our social responsibilities, as an integral element of our corporate culture.
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a. IDLC donates Tk 1.00 Million to Chief Adviser's Relief And Welfare Fund for the victims of Cyclone SIDR
b. IDLC donates Tk 1.00 Million to Chief Adviser's Relief And Welfare Fund for the flood victims
c. IDLC donates employees one day's salary to BRAC for the flood victims
d. IDLC makes contribution to Bangladesh Thalassaemia Hospital
e. IDLC provides support to SEID Trust for underprivileged children with intellectual and multiples disabilities
f. IDLC donates to Centre for the Rehabilitation of the Paralysed (CRP) for providing services to the poor disabled patients for
treatment and rehabilitation to spinal injury
g. Distribution of blankets to Centre for the Rehabilitation of the Paralysed
h. Distribution of blankets by IDLC's Bogra Branch
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a. Contribution Agreement between Modern Erection Limited (MEL) and IDLC, on behalf of LEIC, to facilitate the
pre-investment feasibility of an industrial water and effluent treatment plant.
b. IDLC Launches Discretionary Portfolio
Management Service
c. A view of the IDLC 5th Extra-Ordinary General
Meeting
d. A partial view of the 22nd Annual General
Meeting
e. Directors at 22nd Annual General Meeting
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i. IDLC participates in BRAC Bank Five A side soccer tournament
j. 1st IDLC Victory Day Cup Cricket Tournament
K. IDLC Picnic 2008
f. LEIC signs agreement with five leading Bangladeshi furniture companies for arranging and funding a match-making mission to
Canada
g. IDLC Securities Limited Inaugurates it's first branch in Chittagong
h. IDLC Securities Limited opens DOHS Mohakhali, Dhaka Branch
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Financial Performance
Lease and term loans executed 1,882 2,030 2,564 2,875 2,977 3.5
Housing finance disbursement 300 519 898 1,205 1,255 4.1
Short term finance portfolio 500 420 355 326 213 -34.6
Lease finance portfolio 4,160 4,174 4,711 5,001 4,571 -8.6
Housing finance assets 727 1,064 1,643 2,441 3,065 25.5
Total assets 5,920 6,788 8,800 11,170 14,424 29.1
Long term liabilities 4,283 4,274 6,605 8,099 11,076 36.7
Term deposit balance 1,737 2,760 4,487 5,610 8,092 44.2
Net current assets 391 365 (238) (192) 1,401 830.7

Operational Performance
Operational revenue 702 859 1,008 1,291 2,000 54.9
Operational expenses 489 612 747 1,059 1,535 44.8
Financial expenses 388 418 536 816 1,126 37.9
General and administrative expenses 79 95 135 170 225 32.3
Profit before tax 213 247 265 236 475 100.9
Net profit after tax 113 134 153 157 303 92.9
Average effective tax rate 46.95 45.75 42.31 33.41 36.08 7.9

Financial Ratios
Debt equity ratio 7.50 7.60 8.00 9.28 9.04 -2.6
Financial expenses coverage ratio 1.50 1.60 1.50 1.29 1.42 10.2
Current ratio (Times) 1.2:1 1.1:1 1.6:1 0.96:1 1.2:1 27.6
Return on total assets (%) 2.08 2.11 1.96 1.57 2.37 27.6
Non performing loan ratio 6.44 5.93 5.00 4.74 4.62 -2.5
Return on shareholders equity 17.80 18.80 19.00 17.45 27.59 58.1
Earnings per share* 56.50 67.00 76.30 78.63 151.66 92.9
Dividend per share (%) 30.00 35.00 37.50 38.33 40.00 4.4
Price earnings ratio (Times) 8.30 13.90 9.90 7.60 10.02 31.8
Dividend yield (%) 4.80 2.81 3.72 4.89 2.63 -46.1
Dividend payout ratio (%) 53.10 52.24 49.15 48.75 26.37 -45.9

Equity Statistics
Number of shares 1,500,000 1,500,000 1,500,000 1,500,000 2,000,000 33.3
Year end market price per share (Tk) 625 1,245 1,007 784 1,519 93.7
Net asset value per share (Tk)* 334 378 426 476 624 31.1
Market capitalization (million) 937 1,867 1,510 1,176 3,038 158.3
Market value addition per share (Tk) 180 741 440 150 896 497.3
Shareholders equity (million) 667 756 851 952 1,247 30.1
*Prior years' number of shares has been adjusted to reflect bonus share issued in 2006
(Tk. in Million)
39

Value added

Operating revenue
Cost of borrowing

Other income

Provisions
Operating expenses excluding staff costs and depreciation.
Value added

Distribution of value addition

To Employees as remuneration

To Government as taxes

To Shareholders as dividend (both cash and stock)

Retained in the business for reinvestment :
- as capital and revenue reserve
- as depreciation
Value Added Statement
for the year ended December 31, 2007
The Value Added Statement shows the total worth created and how it was distributed to meet certain obligations
and the portion retained for the continued operation and expansion of the Company.

%
100%
30%
21%
16%
33%
27%
6%
100%
2006
Taka
1,238,104,292
(777,928,067)
460,176,225
3,336,210
463,512,435
(45,834,038)
(52,711,167)
364,967,230
2006
Taka

108,933,040

78,458,854
57,500,000
120,075,336
97,655,834
22,419,502
364,967,230
154
2,369,917
2007
Taka
1,922,061,541
(1,112,894,874
809,166,667
3,430,014
812,596,681
(136,418,203)
(90,379,941)
585,798,537
2007
Taka
134,756,910

168,132,848
80,000,000
202,908,779
172,437,371
30,471,408
585,798,537
168
3,486,896
%
100%
%
23%
29%
14%
34%
29%
5%
100%
Employees Government Shareholders Retained in the business
2007 2006
Number of employees
Value added per employee
40
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Market price per share Asset value per share
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42
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R
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Anwarul Huq
Chairman
Dear Valued Shareholders,
I am delighted to welcome you all to the 23rd Annual General Meeting (AGM) of your Company, IDLC
Finance Limited. This is the first AGM after the change of name from Industrial Development Leasing
Company of Bangladesh Limited to IDLC Finance Limited. The new name now reflects the changed
nature of your financial institution. IDLC has successfully completed 22 years of uninterrupted
operations and I thank you for reposing so much trust and confidence in the Board and Management
Team within this highly competitive financial services industry.
43
You are well aware that the leasing industry is facing tremendous competition, challenges and regulatory changes
are affecting adversely on the business, Thus, we believe that continued diversification is the only way to survive,
grow, be sustainable and become the best performing and most innovative financial solutions provider in the
country while maintaining high quality growth of shareholders wealth. Taking this into consideration, IDLC, in 2007,
has concentrated more on diversified investments. Accordingly, the financial institution's diversified business, real
estate finance, term finance, car loans and merchant banking operation posted a substantial growth during the
year under review. IDLC's fully owned subsidiary, IDLC Securities Limited witnessed its first full year of operations
in 2007 and opened branches in the port city of Chittagong and at DOHS, Mohakhali, Dhaka. We plan to open at
least two more branches in 2008. Formation of another fully owned subsidiary - asset management company, is
in process.
The capital market in Bangladesh, is in no way mature, and has a lot of potential to develop and grow. In order to
embody and realize such potential, we shall coordinate our forces, and hope that our merchant banking and
securities brokerage operation will continue to contribute, substantially, to our profitability and growth in the
forthcoming years.
I believe that success could be mapped out, if we venture into niche areas, pursuing untapped opportunities that
are available, which would in effect give us a strategic advantage over our major competitors.
Steady growth and development of business has placed your Company in a strong position. The asset size of the
Company at the year-end stands at Taka 14.4 billion, marking a healthy growth of 29.1% over the previous year.
We continue to recieve encouraging response to our deposit mobilization efforts, and, at year-end, the balance of
term deposits held by the Company was Taka 8.1 billion which is 44.2% higher over the previous year's balance.
With a view to reduce funding cost and improve asset liability mismatch, issuance of Zero Coupon Bonds and
Mortgage Backed Securities are well in progress.
During 2007, IDLC earned a consolidated net profit of Taka 303.3 million compared to previous year's Taka 157.3
million showing a tremendous growth of 92.9%. Earnings per share during the year under review were Taka
151.66 compared to previous year's Taka 78.63.
Your Company continues its prudential policy of building adequate provisions for doubtful accounts and future
losses. We believe that this conservative provisioning policy will result in lower provisioning expectations for the
future.
I would like to thank all our valued shareholders for the confidence and trust reposed in the Company. On behalf
of the Board of Directors, I wish to pledge that through prudent and carefully planned strategies, we will continue
to add value to shareholders' wealth and achieve our vision and mission and reinforce the values.
My thanks to our loyal customers, who continued to be with us despite strong pressure from our competitors.
Finally, I would like to convey my appreciation to the fellow directors for their generous cooperation and support
during the year. I appreciate the hard work, dedication, sincerity and commitment the Company's human
resources have shown for its development by launching innovative ideas, products and services.
Thank you, dear valued shareholders for your support and encouragement.
Anwarul Huq
Chairman
44
D
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R
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Anwarul Huq
Chairman
Anis A Khan
Dear Shareholders,
The Board of Di rectors of I DLC Fi nance Li mi ted i s pl eased to present the audi ted fi nanci al
statements of the Company for the year ended December 31, 2007, Auditors' Report thereon along
with economic overview, market status, Company's performance, and other matters in terms of
Companies Act, 1994, Guidelines issued by Securities and Exchange Commission and Bangladesh
Bank and Bangladesh Accounting Standards:
45
Directors' Report
GLOBAL ECONOMY
Global economic growth slowed modestly in 2007, coming in at 5.2% after a strong 5.4% in 2006. Most of the
slowdown was attributable to weaker growth in high-income countries. Growth in developing economies was a
robust 7.8%, broadly unchanged from 2006. This strong performance in the developing countries has offset
somewhat, the slowdown in U.S domestic demand, which started with the unwinding of the housing bubble early
i n 2006. Duri ng 2007, devel opi ng countri es accounted for more than hal f the growth i n worl d i mports,
contributing along with the depreciation of the dollar to strong net export for the United States and furthering the
reduction in global imbalances.
In Asia, growth remains buoyant. Emerging countries including China, India, Brazil, Turkey and Russia played an
important role in contributing to world growth in 2007. Developing Asia foresees an annual growth of 9.6 % in
2007, with particular contribution from China and India, which are expected to grow at 11.4% and 8.4%,
respectively.
Global growth is projected at 4.8% in 2008, down from 5.2% in 2007. The growth projection of 2008 is subject to
a number of potential destabilizing factors including the likelihood of oil prices continuing high, heightened volatility
of international financial markets and exchange rate of major economies, high global food inflation, downturn in
the housing market in major economies, especially in the US, and depressed growth outlook for Japan and the
Euro area.
The projection for advanced economies has been reduced significantly. Projected growth in the United States in
2008 has been lowered to 1.5%, on a year to year basis, down from 2.2% in 2007. Growth in emerging market
and developing economies is also expected to ease, moderating from 7.8% in 2007 to 6.9% in 2008. In China,
growth is projected to decelerate from 11.4% to 10%.
STATE OF BANGLADESH ECONOMY
Bangladesh economy grew on an average at above 6.0%, in the
last four years, up to fiscal 2006-2007. According to the estimate
of the Bangladesh Bureau of Statistics, real GDP recorded a
strong growth of 6.5% in 2006-2007, which is marginally lower
than 6.6% recorded in 2005-2006. The growth is underpinned
mainly by robust growth in services, strong remittance inflows,
reasonable growth in exports and notable expansion in
manufacturing activities, despite a challenging environment marked by high and volatile oil prices, phasing out of
the MFA quota, labour unrest in the garments industry and confrontational political situation of the country in the
first half of 2006-2007.
The industrial sector, which contributed about 29.8% of GDP, attained robust growth of 9.5% in 2006-2007
slightly lower than 9.7% in 2005-2006. The growth was mainly
due to a continued improved performance in manufacturing sub
sector, faci l i tated by strong and sustai ned growth i n export
ori ented manufacturi ng acti vi ty and expansi on i n domesti c
demand. Overall services sector saw a growth of 6.7% in 2006-
2007, hi gher t han 6. 4% r ecor ded i n 2005-2006, l ar gel y
propelled by growth in the telecommunication sector, emergence
of new TV channels and networks, increase in industrial output
and trade related activities.
46
Directors' Report
The agricultural sector achieved a moderate growth of 3.2% in 2006-2007 following the post flood high growth of
4.9% in 2005-2006. The decline in growth is attributable to the set back in agricultural production due to shortage
of electricity, higher diesel prices, short supply of fertilizer and inefficient distribution system of agricultural inputs.
The rate of CPI inflation has been on the rise, and, on a point to point basis, hit a record 11.2% and for the first
time since independence. Inflation was on an uptrend during 2007, primarily due to rising import prices of metal,
food grains and some other essentials in the international market. This was accentuated by problems in the
domestic supply chain, political turmoil in the first half of 2006-2007, dislocation of market structure created by
anti-hoarding drive, crackdown on corrupt business houses and lower growth of crop production. Moreover,
increased domestic demand induced by high monetary and credit growth added to the uptrend in consumer
prices.
The country's foreign exchange reserves as at the end of 2007, shot up to US$ 5.5 billion, for the first time in the
nation's history, compared to US$ 3.9 billion, in the previous year, mainly due to robust growth of remittances
from Non Resident Bangladeshis (NRBs). The remittances surpassed all previous records with US$ 6.5 billion
coming in during 2007 compared to US$ 5.4 billion in 2006, showing an impressive growth of 20.4%.
In the National Budget 2007, the target GDP growth rate for 2007-2008 was set at 7.0%, sustaining at or above
7.0% through 2010. This is to be aided by improved macro economic stability and intrinsic resilience, buoyancy in
the overal l agri cul tural sector growth, steady growth i n the manufacturi ng sector, competi ti ve busi ness
environment, sustained improvements in the investment climate and ongoing implementation of economic reform
programs. However, the Central Bank revi sed the proj ecti on downwards to 6.0% to 6.2% i n 2007-2008
considering recent global and domestic developments including natural calamities, temporary disruption in
domestic production and adverse price developments in the international market, which have negatively affected
the growth performance of the economy.
Despite the adverse impact of the floods, Cyclone "Sidr" and the risk of rising inflation currently existing in the
economy, the near term economic outlook of Bangladesh remains favourable mainly because of the potential of
strong recovery by all economic sectors.
However, rising inflationary pressure, sustained high global oil and commodity prices, underpricing of energy
products, infrastructural constraints such as power, port and transportation, probable adverse effect in the ready-
made garments sector from 2008, onwards, due to the expiry of restrictions on China, are major concerns for the
country. , Restoring business confidence for strengthening private sector investment activities, political
developments and outcome of the next general election and possible slow progress in the structural reforms are
other concerns and pose downside risk for the coming years.
FINANCIAL SECTOR SCENARIO
Bangladesh Bank announced the new monetary policy for the January-June period of the current fiscal year
2007-2008, aiming to achieve maximum growth through expansion of credit to real sectors and by keeping
inflationary pressure under control. The new policy aims at bringing about a quantitative change and a perceptible
strategic shift in monetary policy formulation, and conduct to allow a greater scope for supporting growth-
enhancing policies in line with the emerging developments and requirements of the economy.
Despite a number of measures taken by the Government to reduce classified loans, the default loans in the
banking sector showed an upward trend as classified loans stood higher at the end of June 2007, compared to
December 2006. Classified loans as at the end of June, 2007 stood at Tk. 223.02 billion, which is 10.96% of the
total outstanding loans. Classified loans as at the end of December were Tk. 200.98 billion.
47
Directors' Report
However, bad debts of around Tk. 120.31 billion in the country's banking sector have been written off from
regular books of accounts of the banks, up to June 2007, with NCBs taking the lead by writing off Tk. 42.8 billion.
Outstanding bank credit during 2006-2007 rose by 14.7% to Tk. 1,651 billion as against an increase of 20.2% in
2005-2006. However, bank deposits during the same period increased by 16.5% to Tk. 1,970 billion against
18.5% increase in 2005-2006.
With a view to strengthening the capital base of banks and prepare them for the implementation of Basel II
Accord, it has been decided by the Central Bank that banks shall maintain capital to risk weighted assets ration at
10% at the mi ni mum wi th core capi tal not l ess than 5%. Moreover, Bangl adesh Bank has i nstructed the
commercial banks to raise minimum core capital to TK 2.0 billion from the existing minimum of Tk. 1.0 billion by
June 2009. The banks will have to make up for 50% of any capital shortfall by June 2008 and the rest by June
2009.
In the budget for fiscal year 2007-2008, amendment has been made to the Third Schedule of Income Tax
Ordinance, 1984 withdrawing depreciation allowance for the leasing industry, which it has been enjoying for the
last twenty two years ever since its inception. This withdrawal of depreciation allowance is going to affect the cash
flow as well as profitability of the financial institutions, which has so far been growing at a steady clip of 30% over
the past few years.
CAPITAL MARKET SCENARIO
After a slow market, mixed with both bullish and bearish trend in 2006, the capital market experienced upward
trend in 2007. The year 2007 was most hectic
for the country's stock market since the 'stock
market bubble' in 1996. All the indicators such
as, general index, market capitalization and
turnover significantly improved in 2007.
The DSE General Index rose to record levels,
propelled by regained investors' confidence after
the Caretaker Government assumed power in
January 2007. Calm political atmosphere and
promising corporate performance contributed to
the restoration of investor confidence. Starting
from 1583 in January 2007, DSE General Index
reached ten year's high of 3,093 by November
07. 15 companies including 14 new one floated
IPO worth Tk. 4.96 billion in 2007. Market
capitalization increased from Tk 311 billion to Tk. 742 billion, a 138% growth, which makes it 16% of GDP from
that of 6% in 2006. Average daily turnover increased from Tk. 0.45 billion in 2006 to Tk. 1.4 billion in 2007.
However, market has gone through short and medium term recession quite a few times, largely due to withdrawal
of netting facility and restriction on loan disbursement of merchant banks by the Securities and Exchange
Commission.
Though this market surge seems undue, overall market Price Earning ratio (P/E) should be much lower in
December 31, 2007 if equity return of 2007 is considered. Identification of Bangladesh as next investment frontier
by world-renowned investment banks and prospects of higher equity return both in South Asia and Bangladesh,
keeps the hope for sustainable growth in coming years.
48
Directors' Report
BUSINESS ACTIVITY
We believe that proper and balanced diversification of
products and services among different sectors is the only
way to achieve our vision and ensure sustained and
balanced growth. Keeping this in view, we have, in 2007,
concentrated our investment in diversified products and
services.
Your Company's total investment portfolio as on
December 31, 2007 stood at Tk. 12,144 million, which is
18% higher than previous year. Out of the total portfolio,
lease, term loan, real estate finance and margin loan
respectively represent 34%, 18%, 25%, and 11.4% of the total portfolio.
IDLC also maintains a well diversified investment portfolio in the major sectors with highest allocation to services
sector at 10.29%, followed by food and beverages sector at 9.75%, textiles at 8.59%, financial services at
8.43%, transport at 7.18%, apparel and accessories at 6.88%, building and construction at 5.41%, packaging
5.25%, agro based industry 5.17%, and so on. Our balanced diversification of investment portfolio helps us
mitigate economic and sectoral risks.
OPERATIONAL PERFORMANCE OF IDLC DURING 2007
Your financial institution has completed its most successful year in 2007, despite an initial setback due to political
uncertainty and overall economic slowdown. There was a marked increase in business confidence among
customers during the year.
As a part of business expansion, during 2007, IDLC's fully owned subsidiary, IDLC Securities Ltd. has opened
branches in Chittagong and DOHS Mohakhali, in Dhaka, and we plan to open at least two more branches in
2008. The Company's diversified operations and subsidiaries saw a hefty growth during the year.
SMEs in Bangladesh have been making a significant contribution to the country's economy. However, there is
large gap between their needs and access to reasonably priced funds. Under this backdrop, we have taken an
initiative to increase investment in this segment, in a structured manner, and created a focused and separate SME
Division to cater to the financing needs to small and medium sized business enterprises. IDLC's SME focused
branch at Bogra has strengthened its financing activities in this growing sector in the northern region of the country.
Sectoral Exposure 2007
49
Directors' Report
IDLC's consolidated operating result during 2007 is summarized below:
(Tk. in million)
2006 2007 Growth %
Operating revenue 1,238 1,764 42.5
Operating expenses 1,013 1,351 33.4
Operating profit from merchant banking operation 6.7 51.4 667.2
Total operating profit 231.6 464.9 100.7
Profit before income tax 236.1 474.5 101.0
Net profit after income tax 157.3 303.3 92.8
Earnings per share 78.63 151.66 92.9
During the year under report, the Company has deposited Tk. 232 million to the Government Exchequer as
corporate income tax, withholding tax and VAT.
Lease and Term Loan
Amid intense and increasing competition amongst the financial institutions as well as the commercial banks, IDLC
maintained its leadership position in the market. During 2007, your Company executed Tk. 2,977 million in leases
and term loans, compared to previous year's Tk. 2,875 million. The lease and term loans portfolio at the end of
the year saw a marginal growth of 4.08% over previous year. This year we have concentrated more on quality
portfolio rather than volume achievement. With the creation of a separate SME Division, the financial institution
expects to continue its drive to diversify its client base, maintain portfolio quality and improve service quality,
which, we believe, will enable us to maintain a sustainable growth in this operation.
Real Estate Finance
Although the real estate and housing industry experienced a setback in 2007, with drastic fall in sales, IDLC's
housing finance operation witnessed a marginal growth of 4.0% in disbursements. However, revenue saw a hefty
growth of 42.7%. The housing finance assets as at the close of the year stood at Tk. 3,065 million, 25.5% higher
than the previous year. We believe that this operation will continue to grow with increasing retail customer base in
the years ahead.
Taka in million
Taka in million
50
Directors' Report
Car Loans
During the year under report, your Company disbursed
Tk. 177 million, a marginal 3.5% higher than the previous
year's disbursement of Tk. 171 million. This operation
has, however, earned revenue of Tk. 44.3 million during
the period, which is 79.3% higher than previous year.
This operation is facing enormous competitions, with
commercial banks offering lower rates and showing
aggressive operation, in this market with strong
marketing team and branch network. However, we have
mounted a strong campaign and are optimistic that this operation will disburse expected volumes and earn
reasonable revenue in the future.
Capital Market Operation
During 2007, IDLC's Merchant Banking Operation earned Tk 235 million revenue which is a robust 342% higher
than the previous year. The operation has earned an operating profit of Tk. 51.4 million, compared to last year's
Tk. 6.7 mi l l i on. We hope that thi s operati on wi l l earn
i ncreasi ng revenue i n the years ahead and wi l l take a
stronger position in the market. At the end of December
2007, total portfolio value at cost was Tk. 3,320 million and
balance of margin loan was Tk. 1,387 million.
Moreover, Merchant banking Operation earned BDT 134
mi l l i on i n capi tal gai ns duri ng 2007 through tradi ng of
securities in the secondary market.
Operation of Local Enterprise Investment Centre (LEIC)
The Local Enterprise Investment Centre (LEIC) is a pilot project of the Canadian Government, which is managed
by IDLC Finance Ltd and funded by Canadian International Development Agency (CIDA). The Centre is working
for the development of local enterprises, particularly the small and medium enterprises (SME), through creating
joint ventures or other form of long-term partnerships, which would allow the SMEs to have access to capital, new
technology, new products or processes and international market.
In 2007, LEIC made initial contacts with four hundred local SMEs across a range of sectors and worked closely
with fifty-one new SMEs as prospective clients for the Centre's support. Eleven seminars, workshops, and focus
group discussions were organised on different topics, jointly, with trade bodies and the Board of Investment. Four
foreign companies and two large local companies signed Memoranda of Understanding (for developing long-term
alliance) with their local SME counterparts - where LEIC is helping the SMEs to conduct feasibility studies and
would intervene in the implementation phase. Through LEIC contribution, it is expected that at least fourteen
SMEs will be developed, six new long-term business-to-business partnerships will be formed and about fifteen
hundred jobs will be created.
TREASURY OPERATIONS
Our drive to reduce funding costs, diversify funding sources and diminish reliance on conventional sources
continued to witness significant progress in 2007. IDLC's deposit base saw significant growth, both in the
institutional and retail segments with the products proving to be very popular and attractive to the customers.
Taka in million
Taka in million
51
Directors' Report
In 2007, IDLC's deposit base has achieved substantial growth. As on December 31, 2007, IDLC's aggregate
term deposit amount was Tk. 8,092 million which is 44% higher than that of the previous year. These deposits
have contributed to 73% of IDLC's funding portfolio and 44% of
the deposits are from retail sources. This growth in deposits
has helped us to achieve further disintermediation.
The substantial growth in deposits has contributed to reduction
in cost of funds, while asset-liability mismatch has increased.
To address this mismatch, your Company has intensified its
efforts for raising sizable amount of funds through issuance of
privately placed bonds of longer tenor. We have already floated
Asset-backed Securitized Zero Coupon Bonds of BDT 275.0
million. Further issuances are in the pipeline, which we believe,
will boost our efforts to lessen asset-liability mismatch, diversify
our funding basket and reduce overall funding cost. We have
also negotiated fresh credit lines with a number of major banks.
IDLC is actively participating in the Small Enterprise Refinancing Schemes and Women Entrepreneurs Schemes of
Bangladesh Bank, funded by IDA and ADB. We are regularly submitting projects against these schemes and
receiving reimbursements. IDLC has also become eligible to participate in 'Refinance Scheme in Housing Sector'
of Bangladesh Bank. The Scheme caters to the housing finance needs of the middle-income group of our
country.
SUBSIDIARY OPERATIONS
I.Cons Limited
I.Cons Limited, a wholly owned subsidiary Company of IDLC, has been providing IT services to its sister concerns
and affiliates as well as other financial institutions in the industry. The IT services provided by the company
includes: Software Application Development, Web Solutions, and, Advisory Services. The company earned a
profit of Tk. 1.6 million during the year ended on December 31, 2007
IDLC Securities Limited
IDLC Securities Limited (IDLCSL), another wholly owned subsidiary of IDLC, started its operation in September
2006. The main object of the company is to act as member of stock exchanges, the central depository system
(CDS) and carry out the business of broker, jobbers or dealers in stocks, shares, securities, etc,.
IDLCSL is a corporate member of both the Dhaka Stock Exchange Limited and Chittagong Stock Exchange
Limited and a full service Depository Participant of Central Depository of Bangladesh.
This is the second year of operation of the Company and during 2007; the company earned a net profit of Tk.
49.32 million. We expect that these companies will take strong position in the market, in the future, and continue
to contribute significantly to the profitability of your company.
HUMAN RESOURCES MANAGEMENT
IDLC continued to implement appropriate human resource management policies and practices to develop its
employees, and to ensure their optimum contribution towards the achievement of corporate goals. At IDLC, we
bel i eve that our Human Resources (HR) gi ve the organi zati on a si gni fi cant competi ti ve edge, i n terms of
knowl edge and experi ence. Keepi ng thi s i n mi nd, we conti nued our pol i cy of recrui ti ng best peopl e and
implementing programs to develop and retain high quality human resources.
Funding mix
52
Directors' Report
Ethical Standards
At IDLC, we believe in the importance of adherence to the highest standards of ethical conduct as a key to
business success and make every effort to maintain full compliance with laws, rules and regulations that governs
our business. We have a set of Code of Ethics and Business Conduct for our employees, who are required to
read and sign it every year.
Training
While maintaining high recruitment standards, IDLC also provides need based internal and external training to its
staff, with a view to encouraging human resources development, as well as meet organizational needs to face
future challenges. As part of IDLC's Human Resource development program, a large number of employees were
sent to different training programs, which included both managerial development and technical modules. During
the year 2007, one hundred fifty (150) employees were trained locally while thirty four (34) employees were sent
to overseas programs.
Employee Health & Safety
Employee health and safety are our main priorities. Keeping this in mind, IDLC regularly arranges routine health
check-up for employees. The Company provides hospitalization insurance coverage to ensure medical security of
its staff. In addition, the Company has group life insurance scheme for its permanent staff to cover the unforeseen
risk of death.
Staff Strength
The staff strength of the Company as on December 31, 2007 and for the previous two years is summarized
below:
2007 2006 2005
Core management staff 10 4 5
Management staff 32 31 30
Executive officers 48 43 22
Support staff 78 76 70
Total 168 154 127
53
Directors' Report
Non-Discriminatory Policy And Equal Opportunities Employer
IDLC always respects employee's right and dignity. We always practice equal treatment to all existing and
potential employees irrespective of their race, religion, age and gender. It is your Company's policy to ensure
equal opportunity in recruitment, selection, promotion, development, training and rewards.
INFORMATION TECHNOLOGY
IDLC has highly experienced and trained professionals working on maintaining and developing the Company's IT
infrastructure. The software professionals are constantly innovating and writing in-house programs to meet the
needs of the company's ever increasing and diversified product and services industry. The Company's branch
and office network now embraces eleven locations, and the IT Division has successfully implemented a Wide
Area Network (WAN) to connect all of the premises on real-time basis, thereby, providing seamless connectivity
and prompt customer services.
Information & Communication technology (ICT) has become indispensable for financial institutions in ensuring
smooth operation and providing efficient service. Your Company has recognized this fact and the Board of
Directors have adopted a comprehensive ICT Policy for your Company. IDLC is one of the very few organizations
that have embraced ICT as the key to achieving excellence in its various aspects of operations.
RISK MANAGEMENT
Ri sk i s an i ntegral part of fi nanci ng busi ness. I DLC al ways concentrates on del i veri ng hi gh val ue to i ts
stakeholders through appropriate trade off between risk and return. A well structured and proactive risk
management system is in place within the Company to address risks relating to credit, market, liquidity and
operations. The Company has different committees for risk management. The Credit Evaluation Committee (CEC)
and Asset and Liability Committee (ALCO) regularly meet to review the market, credit and liquidity related factors
and recommend and implement appropriate measures to counter associated risks. Appropriate internal control
measures are also in place to address operational risks.
An independent Credit Risk Department is in place, at IDLC, to scrutinize projects from a risk-weighted point of
view and assist the management in creating a high quality credit portfolio and maximize returns from risk assets.
IDLC has also established an Operational Risk Management Department to address operational risk and to frame
and implement policies to encounter such risks.
A summary of business risks facing the Company and steps taken to effectively manage and mitigate such risks
are stated in a separate statement on risk management in page no. 23.
FUTURE PROSPECTS
Despite constantly increasing competition in the market with opening of leasing divisions by commercial banks,
we will put in strenuous efforts to achieve the business volumes targeted by all the departments, as well as realise
our corporate objectives. Innovative and relentless marketing drive will continue to attain quality asset growth,
while maintaining and improving existing portfolio quality.
IDLC has succeeded immensely in its diversification efforts resulting in growth in income steams from an array of
business segments. Our focus in 2008, and in the near future, will be in further growing our SME business
through expansion of branch network across the country and opening dedicated SME desk in all existing
branches. We shall also take extra efforts to offer loans to women entrepreneurs.
The Corporate Division has been affected somewhat by the change in depreciation policy by the Government.
The Division is now concentrating in offering term loans to its customers. Plans are afoot to introduce operating
lease as a new product to counter the loss of business in the financial lease segment, our mainstay since
inception of the company.
The Personal Finance Division will build on its successes, until date, which have been in mortgages, auto loans
and deposit mobilization. Consumer loans have just been launched to offer IDLC customers one-stop services
under one roof. We have plans to open a branch each in Old Dhaka and Sylhet in 2008 to cater to the ever
increasing needs of our personal segment customers.
54
Directors' Report
IDLC's Merchant Banking Division has performed very well in 2007. We shall continue our efforts to increase the
customer base, both in the individual and institutional segments. We shall endeavour to encourage our customers
to get themselves listed on the bourses, thereby bringing in quality scrips into our burgeoning capital market. As
the financial institutions are facing immense competition, the Company will try to concentrate more on capital
market operation and fee generating activity and diversify its mode of investment.
With all these expansion and diversification efforts, IDLC aims to be a truly specialized financial institution focusing
on SME financing and investment banking operation, while maintaining its business share in corporate financing.
CREDIT RATING
Your Company has been assigned "AA2" (Double A Two)) rating in the long term and ST- 3 rating in the short
term by Credit Rating Agency of Bangladesh Limited (CRAB). This has been done in consideration of IDLC's
strong ownership structure and corporate governance practice, experienced management team, improving
income mix and strong retail deposit base.
Financial Institutions rated in this category are considered to be very strong, characterized by very good financials,
healthy and sustainable franchise and a first rate operating environment. The level, growth and quality of earnings,
over the medium term, are of very high grade and changes in business/economic circumstances, as may be
envisaged, may very slightly impair the underlying fundamentals.
CORPORATE AND FINANCIAL REPORTING FRAMEWORK
The Directors, in accordance with SEC Notification No. SEC/CMRRCD/2006-158/Admin/02-08 dated February
20, 2006; confirm compliance with the financial reporting framework for the following:
a) The financial statements prepared by the management of IDLC, present fairly its state of affairs, the results of
its operations, cash flows and changes in equity;
b) Proper books and accounts of the Company have been maintained;
c) Appropriate accounting policies have been consistently applied, except for the changes disclosed in the
financial statements in preparation of financial statements and accounting estimates are based on reasonable
and prudent judgement
d) International Accounting Standards, as applicable in Bangladesh, have been followed in preparation of financial
statements and any departure therefrom has been adequately disclosed
e) The system of internal control is sound in design and has been effectively implemented and monitored;
f) There are no significant doubts upon the Company's ability to continue as a going concern;
KEY OPERATING AND FINANCIAL DATA
Key operating and financial information of last five years and reasons of significant deviations, if any, as per
requirement of SEC Notification No. SEC/CMRRCD/2006-158/Admin/02-08 dated February 20, 2006, are
presented in the page no. 38 as Key Operating and Financial highlights.
Taka in million
T
a
k
a

i
n

m
i
l
l
i
o
n
55
Directors' Report
SHAREHOLDING PATTERN
Shareholding patterns of the Company as at the end of the year 2007 is shown in Annexure I of this report.
BOARD MEETINGS AND ATTENDANCE BY THE DIRTECTORS
During the year ended on December 31, 2007 at total of six (6) Board Meetings were held and attendance by the
Directors are summarized in Annexure II of this report.
PROPOSED DIVIDEND AND APPROPRIATION OF PROFIT
The financial results of and recommended appropriations for the year 2007 are summarized below:

2007
Taka in million
Profit after tax 252.44
Retained earnings brought forward 19.52
Profit available for appropriation 271.96
Directors' recommendation for appropriation:
Cash Dividend @ 15% (Tk. 15 per share) 30.00
Stock dividend @25% (one share for every four shares held) 50.00
Transfer to General Reserve 175.00
Balance profit carried forward 16.96

DIRECTORS
As per Article 116 of the Articles of Association of the Company, the following three Directors will retire from the
office of the Company in the 23rd Annual General Meeting:
- Mr. Yongbok Jo, nominated by Korea Development Financing Company
- Mr. Habibur Rahman Mollah, nominated by Transcom Group
- Mr. A.K.M. Shahidul Haque, nominated by Mercantile Bank Limited
They are also eligible for re-election.
AUDITORS
The Auditors of the Company, M/S A. Qasem & Co., Chartered Accountants, will retire in the 23rd Annual General
Meeting and is not eligible for reappointment as they are the Auditors of the Company for last consecutive three
years, as per stipulation under the Financial Institutions Act, 1993. On the basis of the proposal of the Board's
Audit Committee, the Board recommends to appoint Rahman Rahman Huq, Chartered Accountants, a member
firm of KPMG, as the Auditor of the Company for the year 2008 at a remuneration of Tk. 200,000.
STATUS OF COMPLIANCE
Status of compliance with the conditions imposed by the Securities and Exchange Commission's Notification No.
SEC/CMRRCD/2006-158/Admin/02-08 dated February 20, 2006 is enclosed as Annexure III.
On behalf of the Board of Directors,
Anwarul Huq Anis A Khan
Chairman CEO & Managing Director
56
Annexure-I
Pattern of Shareholdings as on December 31, 2007
Particulars
Shares Held By :
Subsidiaries and other related parties
Directors, their spouses and minor children
Chief Executive Officer (CEO) and his spouse and
minor children
Chief Financial Officer (CFO) and his spouse and
minor children
Company Secretary (CS) and hi s spouse and
minor children
Head of Internal Audit (HIA) and his spouse and
minor children
Executives (Top five person other than CEO,
CFO, CS, HIA):
1. Arif Khan
2. M. Jamal Uddin
3. Shaikh Kamruzzaman
4. Mir Tariquzzaman
5. Bilquis Jahan
Shareholders Holding 10% or more voting right:
Korea Development Financing Corporation (KDFC)
Kookmin Bank of South Korea
Total
No. Share holding
Nil
Nil
133
Nil
Nil
Nil
Nil
Nil
Nil
Nil
53
400,000
200,000
600,186
Percentage
0.0067%
0.0027%
20.0%
10.0%
30.01%
Remark
Directors' Report
Name of Director
Mr. Anwarul Huq
Mr. Habibur Rahman Mollah
Mr. Rubel Aziz
Mr. Ahmed Rajeeb Samdani
Mr. Elias Ahmed
Mr. Shah Md. Nurul Alam
Mr. A.K.M. Shahidul Haque
Mr. Yongbok Jo
Mr. Lee Dong Jue
(Ms. Jeong Won Byun acts as
Alternate Director)
Mr. Choong-Sun Park
(Ms. Jeong Won Byun acts as
Alternate Director)
Mr. Monoweruddin Ahmed
Nominated by
Reliance Insurance Ltd.
Transcom Group
The City Bank Ltd.
The City Bank Ltd.
Sadharan Bima
Corporation (SBC)
Mercantile Bank Ltd.
Mercantile Bank Ltd.
Korea Development
FinancingCorporation
(KDFC)
Korea Development
Financing Corporation
(KDFC)
Kookmin Bank, South
Korea
Independent Director
Total Meetings
06
06
06
06
06
04*
02**
06
06

06
06
Attended
06
06
01
04
06
03
02
06
05
05
05
%
100
100
17
67
100
75
100
100
83
83
83
Annexure-ll
Attendance by the Directors at the
Board Meetings during the year 2007
* Mr. Shah Md. Nurul Alam resigned on November 13, 2007
** Mr. A.K.M. Shahidul Haque was appointed as Director in place of Mr. Shah Md. Nurul Alam on
November 13, 2007
Leave of absence was granted to directors who could not attend some of the Board Meetings, due to business
preoccupations both at home and abroad.
Ms. Jeong Won Byun acts as Alternate Director for Mr. Lee Dong Jue and Mr. Choong-Sun Park as per Articles
of Association of the Company
57
Directors' Report
58
Directors' Report
Condition No.
1.1
1.2(i)
1.3
1.4
1.4(a)
1.4(b)
1.4(c)
1.4(d)
1.4(e)
1.4(f)
1.4(g)
1.4(h)
1.4(i)
1.4(j)
1.4(k)
2.1
Title
Board's Size: Board members should not
be less than 5 (Five) and more than 20
(Twenty)
Appointment of Independent Director: At
least 1/10th
Chairman and Chief Executive be
different persons
Directors report to Shareholders to
include declarations on:
Fairness of financial Statements
Maintenance of proper books of
accounts
Adaptation and consistent application of
appropriate accounting policies and
estimates
Compliance with Bangladesh Accounting
Standards (BAS)
Soundness and efficiency of Internal
Control System
Ability of the company to continue as
Going Concern
Significant deviation in operating results
from last year
Presentation of key operating and
financial data for at least last three years
Declaration of Dividend
Details of Board Meeting and attendance
by Directors
Shareholding Pattern
Appointment of CFO, Head of Internal
Audit and Company Secretary and
defining of their respective roles,
responsibilities and duties
Compliance Status
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Explanation for non
compliance with the condition
Annexure-lll
Status of compliance with the conditions imposed by the Securities and Exchange Commission's Notification No.
SEC/CMRRCD/2006-158/Admin/02-08 dated February 20, 2006
59
Directors' Report
Condition No.
2.2
3.00
3.1(i)
3.1(ii)
3.1(iii)
3.2(i)
3.2(ii)
3.3.1(i)
3.3.1(ii)(a)
3.3.1(ii)(b)
3.3.1(ii)(c)
3.3.1(ii)(d)
3.3.2
3.4
4.00
4.00(i)
4.00(ii)
4.00(iii)
4.00(iv)
4.00(v)
4.00(vi)
4.00(vii)
Title
Attendance of CFO and the company
Secretary at Board of Directors meeting
Audit Committee:
Formation of Committee
Constitution of Committee with Board
members including one Independent
Director
Filling of Casual Vacancy in the Audit
Committee
Selection of the Chairman of the Audit
Committee
Professional Qualification and experience
of the Chairman of the Audit Committee
Reporting on the activities of the Audit
Committee to the Board
Reporting of Conflict of Interest to the
Board of Directors
Reporting of any fraud or irregularity or
material defect in the internal control
system to the Board of Directors
Reporting of non-compliance of laws to
the Board of Directors
Reporting of any other matter to the
Board of Directors
Reporting to the SEC by the Committee
Reporting of activities to the Shareholders
and General Investors
External/Statutory Auditors:
Non-engagement in appraisal or valuation
Non-engagement in designing of
Financial Information System
Non-engagement in Book-Keeping
Non-engagement in Broker-dealer
service
Non-engagement in Actuarial Services
Non-engagement in Internal Audit
Non-engagement in any other services
Compliance Status
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Not applicable
Complied
Not applicable
Not applicable
Not applicable
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Complied
Explanation for non
compliance with the condition
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3,093-G| 2007 mvj 14wU bZzb Kvvbx mn gvU 15wU Kvvbx 4.96 wewjqb UvKv gji AvBwcI evRvi QoQ| 311
wewjqb UvKv _K 138% eo gvKU KvwcUvjvBRkb ùvwoqQ 742 wewjqb UvKvq hv wRwWwc-Gi 16% Ges GwU 2006
mvj wQj 6%| 2007-G Mo `wbK UvbIfvi 0.45 wewjqb UvKv _K eo ùvwoqQ 1.4 wewjqb UvKvq| Ze, QvU I
gvSvwi gqvì ek KqKwU g`vi ga w`q MQ evRvi| wmwKDwiwUR Gv GP Kwgkb KZK gvPU evsKjvi KvQ
_K bwUs myweav Zzj bqv Ges FY c`vb mxwgZ Ki `qv Gi gj KviY|
63 cwiPvjKì cwZe`b
hwÌ gb nQ h evRvii GB KgeZv GmQ Amgq, Ze 2007-Gi BKzBwU wiUvb hw` weePbv Kiv nq Zvnj 31
wWmî 2007-G mvweK evRvi cvBm Avwbs iwkI (wc/B) ek KgB nIqv DwPZ| wekLvZ wewbqvM evsKmgni cieZx
wewbqvM wnme evsjv`kK eQ bqv Ges `wY Gwkqv I evsjv`k `yRvqMvZB DPZi BKzBwU wiUvb-Gi mvebv
wRBq iLQ AvMvgx eQijvZ AevnZ cew ARb Kivi Avkv|
eemvwqK KgKv
Avgiv wekvm Kwi h AevnZ Ges fvimvgcY cew eRvq ivLvi GKgv c_ nj wewfb LvZi gvS cY I mevi mwVK I
fvimvgcY egyLxKiY| GB `wfx gv_vq iLB Avgiv 2007 mvj Avgvì wewbqvMmgn egyLxKiY KgKvi Dci
K`xfZ KiwQ|
31 wWmî 2007-G Avcbvi Kvvbxi gvU wewbqvM cvUdvwjI ùvwoqQ 12,144 wgwjqb UvKvq hv weMZ eQii Zzjbvq
18% ewk| gvU cvUdvwjI-Gi 34%, 18%, 25%, Ges 11.4% nj h_vg wjR, Uvg jvb, wiqj GU wdbv Ges
gvwRb jvb|
enr LvZjvi gvS evcKfve egyLxKZ GKwU cvUdvwjI eRvq ivL Avcbvi Kvvbx hLvb mevP 10.29% wewbqvM
KiQ mev LvZ, GiciB 9.75% wewbqvM KiQ Lv` I cvbxq LvZ, 8.59% UUvBj LvZ, 8.43% Avw_K LvZ,
7.18% cwienb LvZ, 6.88% cvkvK I AvbylwK LvZ, 5.41% feb I wbgvY LvZ, 5.25% cvKwRs LvZ, 5.17%
Kwl-wfwK wkmgn BZvw`| wewbqvM cvUdvwjI-i GB fvimvgcY egyLxKiY Avgvì mvnvh Ki A_bwZK I LvZ
msv SzuwK KgvZ|
2007 mvji AvBwWGjwmi eemvwqK Kvhg
Avcbvi Kvvbx 2007 mvj AviI GKwU mdj eQi mb Kijv, hwÌ ivRbwZK AwbqZv Ges mvweK A_bwZK
k^yKMwZi KviY eemv wKQyUv evavM iqQ| eQi Ryo MvnKì gvS AvZwekvmi DjLhvM DbwZ NUQ|
2007 Ryo eemvwqK cmvii Ask wnme, AvBwWGjwm-Gi cYv gvwjKvbvaxb mnKvix cwZvb AvBwWGjwm wmwKDwiwUR wjt
Zvì bZzb kvLv LyjQ eìbMix PMvg I XvKvi gnvLvjxi wWIGBPGm-G Ges 2008-G Avgiv AviI `ywU kvLv Lvjvi
Avkv KiwQ| GeQi Kvvbxi egyLx KgKvjv Ges mnhvMx cwZvbjvZ ek eo AvKvii cew cwijwZ nqQ|
evsjv`ki z` I gvSvwi wk `ki A_bxwZZ iZcY Ae`vb ivLQ| wK Zvì gj FYi Pvwn`v Ges FY cvwi ga
eo aibi eeavb iqQ| G cwZ Avgiv G LvZ AwaKZi wewbqvMi Pv Pvwjq hvwQ Ges G cPvq Avgiv c_K z`
I gvSvwi wk wefvM cwZv KiwQ| Avcbvì Kvvbx z` I gvSvwi wk FY c`vbi Rb eovZ GKwU kvLv cwZv
KiQ, hv `ki Divj z` I gvSvwi wk eemvqxì FY MnY mnvqZv Kie|
AvBwWGjwm-i A_vqb cwZwZ GKwU cvKwRs cwZvb AvBwWGjwm-i A_vqb Avg`vwbKZ gwkbvwi
cwiPvjKì cwZe`b 64
2007 mvji Rb Kvvbx Ges Gi mnhvMxì KbmwjWUW AcviwUs iRv-Gi GKwU mvimsc wbP `qv nj:
wgwjqb UvKv
2006 2007 cew %
cwiPvjbMZ Avq 1,238 1,764 42.5
cwiPvjbMZ eq 1,013 1,351 33.4
gvPU evswKs Kvhg _K Avq 6.7 51.4 667.2
gvU cwiPvjbMZ gybvdv 231.6 464.9 100.7
AvqKi `qvi cei gybvdv 236.1 474.5 101.0
AvqKi `qvi ci wbU gybvdv 157.3 303.3 92.8
kqvi cwZ Avq 78.63 151.66 92.9
2007 mvj Kvvbx AvqKi, Drm KZbKZ Ki Ges fvU eve` gvU 232 wgwjqb UvKv miKvwi KvlvMvi Rgv w`qQ|
wjR I Uvg jvb
evwYwRK evsK Ges A_ msv cwZvbjvi gvS cej I geagvb cwZhvwMZvi gaI Avcbvi Kvvbx wbRi kxl
Aevb eRvq iLQ| MZ eQii 2,875 wgwjqb UvKvi Zzjbvq 2007 mvj Avcbvi Kvvbx wjR I Uvg jvb-G gvU
2,977 wgwjqb UvKv wewbqvM KiQ| MZ eQii Zzjbvq GeQii kl bvMv` wjR I Uvg jvb cvUdvwjI-Z 4.08% cew
j Kiv MQ| GeQi Avgiv wewbqvM evovbvi Pq ewk bRi w`qwQ gvbmb cvUdvwjI-Gi Dci| ^Z GmGgB
wefvM mwi mv_ mv_ Avcbvi Kvvbx Avkv Ki h wbRi MvnK wfwK egyLxKiY, cvUdvwjI-Gi gvb eRvq ivLv Ges
mevi gvb ew Pvwjq hZ mg ne, hvi KviY Avgiv wekvm Kwi h GB Kvhg Avgiv AevnZ cew eRvq ivLZ mg
ne|
wiqj GU LvZ A_vqb
hwÌ 2007 mvj weq evcKfve Kg hvIqvq wiqj GU I Avevmb wk wcwQq cov j Kiv MQ, ZeyI weZiYi
w`K _K Kvvbxi Avevmb A_vqb Kvhg 4.0% cvwK cew j Kiv MQ| Ze, cwiPvjbMZ Avqi 42.7%
cew AwRZ nqQ| eQii kl ch Avevmb A_vqb-G gvU mì cwigvY ùvwoqQ 3,065 wgwjqb UvKv, hv weMZ eQii
Zzjbvq 25.5% ewk| Avgiv wekvm Kwi h geagvb LyPiv MvnK wbq GB Kvhg AvMvgx eQijvZ gvMZ cmvwiZ nZ
_vKe|
Kvi jvb
2007 mvj Avcbvì Kvvbx gvU 177 wgwjqb UvKv weZiY KiQ hv MZ eQii 171 wgwjqb UvKvi Zzjbvq 3.5% ewk|
Ze GB KvhgwU GB mgq Avq KiQ 44.3 wgwjqb UvKv hv MZ eQii Zzjbvq 79.3% ewk| evwYwRK evsKjvi wb
myì nvii KviY Kvi jvbi cP cwZhvwMZvi myLxb nZ nQ| kwkvjx gvKwUs wUg I ev bUIqvKi gvag
evsKmgn Kvi jvb eemvq cvavb wevi Ki AvQ| Ze AvgivI `p Kvhg i KiwQ Ges Avgiv Avkvev`x h GB
Kvhg _K Avkvbyic cwigvY UvKv weZiY Kiv hve Ges GLvb _K fwelZ DjLhvM gybvdv Kiv hve|
cyuwR evRvi Kvhg
2007 mvj gvPU evswKs Kvhg _K Avcbvi Kvvbx gvU 235 wgwjqb UvKv Avq KiQ hv MZ eQii Zzjbvq 342%
ewk| GB Kvhg _K gvU 51.4 wgwjqb UvKvi cwiPvjbMZ gybvdv AwRZ nqQ hv MZ eQi wQj gv 6.7 wgwjqb UvKv|
Avgiv Avkv Kwi h GB Kvhg _K fwelZ AviI ewk gybvdv Kiv hve Ges evRvi GKwU `pZi Aevb cuQ hve|
2007 mvji wWmîi kl bvMv` Kbv `vg gvU cvUdvwjI-Gi gj wQj 3,320 wgwjqb UvKv Ges gvwRb jvbi wwZ
wQj 1,387 wgwjqb UvKv|
GQvovI, 2007 mvj mKvwi gvKU wmwKDwiwU eemvi gvag gvPU evswKs wefvM 134 wgwjqb UvKvi gjabx jvf ARb
KiQ|
cwiPvjKì cwZe`b 65
jvKvj GUvicvBR BbfgU mUvi (GjBAvBwm)-Gi Kvhg
jvKvj GUvicvBR BbfgU mUvi (GjBAvBwm) KvbvwWqvb miKvii GKwU cvBjU cK hvi eevcbvq wbqvwRZ AvQ
AvBwWGjwm wdbv wjt Ges Gi A_vqb iqQ KvbvwWqvb BUvibvkbvj WfjcgU GRx (wmAvBwWG)| BKzBwU ev
Abvb aibi `xNgqv`x Askx`vwiZ mwi gvag GB mUviwU vbxq D`vvì Dbqbi j KvR KiQ wekl Ki z`
Ges gvSvwi D`vvì (GmGgB) Rb, hv GmGgBjvK mvnvh Kie cyuwR, bZzb chyw, bZzb cY ev cwqv Ges
AvRvwZK evRvi cekvwaKvi cZ|
2007 mvj wewfb LvZ GjBAvBwm gvU 400 vbxq GmGgB-Gi mv_ cv_wgK mshvM NwUqQ Ges mUvi-Gi mnvqZvi
Rb bZzb 51wU GmGgBK mve gj wnme wbaviY KiQ| evwYwRK Mvxmgn Ges wewbqvM evWi mv_ GK wewfb
welqi Dci 11wU mwgbvi, Kgkvjv I dvKvm Mc AvjvPbvi AvqvRb Kiv nqQ| PviwU we`wk Kvvbx Ges `ywU enr
`wk Kvvbx mgSvZv Pzw ^vi KiQ (`xNgqv`x mnhvwMZvi Rb) Zvì vbxq GmGgB mnhvMxì mv_ - hLvb
GjBAvBwm GmGgBjvK mvnvh KiQ mvebv Rwic Pvjbvi Ges evevqbi | GjBAvBwm-Gi Ae`vbi
gvag Avkv Kiv nQ h AZ 14wU GmGgB-Gi Dbqb ne, 6wU bZzb `xNgqv`x eemv Askx`vwiZ Zwi ne Ges cvq
1500 bZzb KvRi myhvM mw ne|
URvwi Kvhg
A_vqb eq Kgvbv, A_vqbi Drm egyLxKiY Ges A_vqbi MZvbyMwZK Drmmgni Dci wbfiZv Kgvbvi Rb Avgvì
cPv DjLhvM AMMwZi gyL `LQ 2007 mvj| cvwZvwbK Ges LyPiv - GB `yB AskB AvBwWGjwm-Gi wWcvwRU
eBR-G nqQ DjLhvM cew Ges Gi cYjv wQj AvKlYxq Ges Zvì KvQ cqQ wecyj RbwcqZv|
2007-G AvBwWGjwm-Gi wWcvwRU eBR ARb KiQ DjLhvM cew| 31 wWmî 2007-G AvBwWGjwm-Gi gvU Uvg
wWcvwRU jvb-Gi cwigvY wQj 8.092 wgwjqb UvKv hv MZ eQii Zzjbvq 44% ewk| GB Uvg wWcvwRU AvBwWGjwm-Gi
dvws cvUdvwjI-Z 73% Ae`vb iLQ Ges GB wWcvwRUjvi 44%-B GmQ wiUBj Drmmgn _K| wWcvwRU-Gi
GB cew Avgvì AviI ewk mvkq ARb mvnvh KiQ|
Znweji eq KgvZ hLb wWcvwRU-Gi GB DjLhvM cew Ae`vb iLQ ZLb m` I `vqi Amvgm eo
MQ| GB Amvgm KgvZ `xNZi gqvì Rb e Qvovi gvag Znwej MVbi Rb Avcbvi Kvvbx cPv Rvi`vi
KiQ| Avgiv BZvgaB 275 wgwjqb UvKvi GvmU-evKW wmwKDwiUvBRW wRiv Kzcb em evRvi QowQ| cieZx Bmyi
cwqvI PjQ, hvi viv Avgiv wekvm Kwi h m` I `vqi ga Amvgm KgvZ, Avgvì A_vqb egyLx KiZ Ges
mvweK A_vqb eq KgvZ Avgvì cPvjv AviI msnZ ne| ek KqKwU enr evsKi mv_ Avgiv bZzb FY MnYi
welq ìKlvKwl KiwQ|
Avcbvì Kvvbx mwqfve evsjv`k evsKi z` wki cybtwewbqvM wgi AvIZvq FY MnY Ki AvmQ hvi Znweji
hvMvb`vZv nQ AvBwWG Ges GwWwe| G wgi AvIZvq wbqwgZfve cK Dcvcb KiwQ Ges Gi wecixZ FY MnY Ki
AvmwQ| evsjv`k evsK-Gi widvBbv wg Bb nvDwRs mi-G AskMnY Kivi hvMZvI ARb KiQ AvBwWGjwm|
Avgvì `ki gaAvqi gvbylì Avevmb Pvwn`v gUve GB wg|
KvMR Drcv`b wk A_vqb cvwK wk A_vqb
66 cwiPvjKì cwZe`b
|<||||< +|-
||=|-=< |* ||+||<| |<||||< +||| |.+ || ||=| =< =< -|| |^|-+
=< | ||+ |^|-+ || || -| +< | = +|||| -- | :.: || |+| +<-<<|
|| +<
||=|-=< =+| |<||||< +|||, ||=| ||+|<| || | +||| | :>>- || =|
:>, -: ||< =+| | || +||| |-< |+| +< +|||| < -: + =< +| <<
+< = +||| |+| =< 1| + =+< +<|< |< =< |||<=-=< | ||| ||| =|
+||||< +|< || << =< -- | +||||< | |< |<| | ->.:- || |+|
|<| || +|< = +|||| ||| |-| ||| <| <| <| |<< =< ||-< +|||< ||
<| | <-| <| |<<
|< -
||-< +||| < +< =< +|< <-| <||< | |< - <<|| || =<
+| <|<| +< | |<| |<| +|< , ||=|'< |< - | =< || | +|||<
||||< |<|< |<<|+ <| | = +| < ||-< || - <|+ < || +<| =< |
| | |< -< | =< | << <||< +| <|<| +< ||
|+ |
||=|- |<| |<| +|< <<||+ |< < - <| |< |+ |<< | | =<
| |-+| ||-< <<| | +< | |< || + | | +|||< <<
||-< < +| =|+ =| < | ||-< + +|+ | << |< +< -
| +|
<|+ < ||< |||| |<| < |- =< |^|< ||--|< |-+ < < | |
||-< ++| +|<|-< <| |||+ | +| |||< < +< || ||=|< |<
- < |-|< -- | :c ++| +|<|+ |||< | -| - =|$| :- +
|<- |< ||| -
|<| =< |<||
+|<|-< |<| |<|| |<<| ||-< <| -|| =+| < ||-< +||| ++| +|<|-<
|||< | <||< <<| +< |+ ++| +|<|-< | |<|| |<<| |<| | <||< <<| +<
||+ ||$| +||| |< <|| ||< || |+< |<<| <|| |<<| -| +< |+
|
:: |< -- =< <<| - <<< +|||< +||< =+| |< | -| -
-- -: -c
+|< | | : - c
| | :- :: :
=|+|+| ||< -- -: --
|| | -- -: -
| ::- :c- :--
| | ||++<
||=| <-| +|-< |<+|< |<||+ '| +< <, <, < =< |* ||<< |<| + <| |<
+|< | =+ <<-|< ||+ +<|< | +|< ||, <||, -||, , | =< <|<< <|< |
| ||+ +<|| ||< +|||< ||
67 cwiPvjKì cwZe`b
AvBwWGjwm-i Avw_K mnvqZvq cwZwZ GKwU Zwi cvkvK wk z` I gvSvwi wk A_vqb
Z_ chyw
Kvvbxi Z_ chywi AeKvVvgv wbgvY I Dbqbi Rb Awf Rbej iqQ| Kvvbxi geagvb Pvwn`vi w`K j iL
Avgvì ckv`vi Rbej gvMZfve wewfb mdUIqvi AfixYfve Zwi Ki hvQb| geagvb Kvvbxi 11wU Awdm I
kvLv, IqvBW Gwiqv bUIqvKi gvag mshvM vcb KiQ, hv AbjvBb wiqj UvBg Z_ cvwZ mvnvh Ki| Z_ I
hvMvhvM chyw (AvBwmwU) Avw_K cwZvbjvZ h_vh_fve KvR Kivi Ges KvhKix mev c`vbi Rb Acwinvh|
Avcbvì Kvvbx G mZwU ^xKvi Ki Kvvbxi cwiPvjbv cl` GKwU AvBwmwU bxwZgvjv cYqb Ki| AvBwWGjwm nQ
`ki KqKwU cwZvbi ga GKwU, hv wewfb Kvhg mvdji mv_ mv`b KiQ AvBwmwU cwjwm eenvi Ki|
SzuwK eevcbv
A_FY eemvq SzuwK Avxfve RwoZ| AvBwWGjwm memgq SzuwK Ges gybvdvi ga mg^qi gvag kqvinvviì gybvdv
ewZ mP _vK| evRvi FY Ges cwiPvjbv msv SzuwK gvKvejvq Kvvbxi mywbw` I evemZ SzuwK eevcbv cwZ
iqQ| KvvbxZ SzuwK eevcbvi Rb wewfb KwgwUI iqQ| FY gjvqb KwgwU Ges m` I `vq KwgwU wbqwgZfve
evRvi Ges FY c`vb msv SzuwK Kgvbvi Rb Kkj wbaviY Ki| cwiPvjbv msv SzuwK Kgvbvi Rb Kvvbxi h_v_
AfixY wbqY eevI iqQ|
AvBwWGjwmZ GKwU ^Z FY SzuwK wefvM iqQ, hv SzuwK weePbv Ki cK evQvB KiZ Ges SzuwK Kg Ggb cK FY
weZiY eevcbv KZcK mnvqZv Ki| mnKvwi gnveevcKi c`ghv`vmb Pxd wi Awdmvi-Gi Aaxb cwiPvjbv
msv SzuwK gvKvejvi Rb AvBwWGjwmZ cwiPvjbvMZ SzuwK eevcbv wefvMI iqQ| G aibi SzuwK cwZiva G wefvM
MVbMZ I KvhKix bxwZ wbaviY Ki _vK| Kvvbx eemv msv h SzuwK gvKvejv KiQ Zvi GKwU mvimsc Ges
KvhKifve SzuwK Kgvbvi Rb hme c`c MnY Kiv nqQ, Zv SzuwK eevcbvi Dci GKwU weeiYxi gvag weeZ Kiv
nqQ 23 cvq|
fwelr mvebv
cwZwbqZ evwYwRK evsKwj KZK jxwRs eemv i Kivi dj jxwRs wk cwZhvwMZv Aviv ew cvQ, hv wKbv jxwRs
eemvq Pvc mw KiQ| Zv mI Avgiv wekvm Kwi wewfb wefvMK `qv eemvi jgvv Ges Kvvbxi mvweK jgvv
ARb Avgiv mg ne| Kvvbxi gvU m`K GKwU mvbRbK Aevb cuQ `qv, mB m eZgvb cvUdvwjIi gvb
ai ivLvi cvkvcvwk Gi DbwZ weavb KiZ Avgvì wbZbZzb Ges wbiewQb gvKwUs cPv AevnZ _vKe|
AvBwWGjwm eemv eavKiYi gvag Avq ewZ AvkvZxZ mdjZv ARb KiQ| 2008 mvj Ges Aì fwelZ `kevcx
kvLv mcmviY Ges eZgvb kvLvjvZ GmGgB W vcbi gvag Avgvì z` I gvSvwi wkwfwK eemv Aviv cew
ARb Kie| Avgiv gwnjv D`vvìI FY c`vbi Rb h_ mP _vKe|
miKvii jxR GmUi Dci AePq bxwZi cwieZbi KviY Avgvì KcviU wWwfkb wKQzUv wZM nqQ| KcviU
wWwfkb eZgvb Zvì MvnKì gqv`x FY c`vbi cPv KiQ| AePq fvZv cZvnvii dj Kvvbxi cavb eemv Avw_K
jxRi eemvi wZ cywlq wbZ eZgvb bZzb cWv wnmve AcviwUs jxR Pvjy Kivi cwiKbv Kiv nQ|
cvimvbvj dvBbv wWwfkb G ch Zvì gUMR, Kvi jvb Ges wWcvwRUi Dci wbfi KiB GwMq hvQ| AvBwWGjwm
Zvi MvnKì Iqvb c mvwfm `qvi Rb mcwZ KbwRDgvi jvb Pvjy KiQ| ew kYxi MvnKmsLv ewi K_v weePbv
Ki 2008 mvj cyivZb XvKv Ges wmjU kvLv Lvjvi cwiKbv Avgvì iqQ|

cwiPvjKì cwZe`b 68
AvBwWGjwmi gvPU evswKs wWwfkb 2007 mvj DjLhvM mvdj ARb KiQ| Avgiv G LvZ ew kYx Ges cvwZvwbK
MvnK wfw ewi Rb Avgvì cPv AevnZ ivLe| Avgiv Avgvì MvnKì cyuwRevRvi ZvwjKvfz nZ Drmvn èvi
cPv AevnZ ivLe hvZ Avgvì mvebvgq cyuwRevRvi gvbmZ cwZvbi AskMnY wbwZ Kiv hvq| hnZz Avw_K
cwZvbmgn cP cwZwZvi myLxb nQ, Kvvbx cyuwRevRvi Kvhg Ges wd-LvZ Avqi Dci AwZ iZ Avivc Kie
Ges wfb LvZi eemvq wewbqvMi Pv Kie|
G mKj eemv mcmviY Ges eavKiYi gvag AvBwWGjwmi mwZKvi j njv z` I gvSvwi wk Ges BbfgU
evswKs LvZ A_vqbKvix GKwU weklvwqZ Avw_K cwZvb wnmve cwZv cvIqv hv cvkvcvwk KcviU LvZI Zvi eemvwqK
Askx`vwiZ eRvq ivLZ mP _vKe|
wWU iwUs
wWU iwUs GRx Ad evsjv`k (wmAviGwe) Avcbvi KvvbxK `xN gqvì Rb w`qQ GGUz (Wvej G Uz) iwUs Ges
^ gqvì Rb w`qQ GmwU-3 iwUs| AvBwWGjwmi ewZgagx kqvi nvws KvVvgv, Dchy gjab, mvlRbK
KicviU mykvmb, kqvievRvi Dchy gj, MnYhvM mì gvb Ges chv gybvdv BZvw` KviY Kvvbx GB iwUs ARb
KiQ| Avgiv fwelZ AviI fvjv iwUs cvevi Rb Avgvì cPv AevnZ ivLe|
GB kYxi iwUsmb Kiv A_msv cwZvbjvK LyeB kwkvjx cwZvb wnme aiv nq, Ges Gì ewk nj PgrKvi
wdbvbwkqvjm, ^vKi Ges AevnZ dvvBR Ges DbZ KvRi cwiek|
KcviU Ges Avw_K cwZe`b KvVvgv
GmBwm bvwUwdKkb bs GmBwm / wmGgAviAviwmwW/ 2006/158/ GWwgb/ 02-08, ZvwiL deqvwi 20, 2006 Abymvi
cwiPvjKMY Avw_K cwZe`b cYqbi wbwjwLZ welqmgn h_vh_fve cwicvjb Ki _vKb :
K) AvBwWGjwmi eevcbv KZc cZKZ Avw_K cwZe`b ^QZv eRvq iL Gi Kvhgi djvdj, A_i cevn Ges
BKzwqwUi cwieZb Zzj aiv / Dcvcb Kiv
L) Kvvbxi wnmve-wbKvk h_vh_fve msiY Kiv
M) cKvwkZ Avw_K cwZe`b h_vchyfve wnmvei bxwZgvjvi mv_ mwZ iL wePYZv I ì`wkZvi mv_ Kiv nqQ|
wnmvei MnYhvM bxwZgvjv gvbv bv nj Zv cKvk Kiv nqQ|
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2007
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vbvwiZ gybvdv 16.96
cwiPvjKe`
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70
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Auditors Report to the Shareholders of
We have audited the accompanying consolidated Balance Sheet of IDLC Finance Limited and its
subsidiaries as of December 31, 2007 and the related consolidated Profit and Loss Account,
consolidated Cash Flow Statement, consolidated Statement of Changes in Shareholders' Equity
and notes to the consolidated Financial Statements for the year then ended. The preparation of
these consolidated financial statements is the responsibility of the Companys management. Our
responsibility is to express an independent opinion on these consolidated financial statements
based on our audit. The financial statements of its subsidiaries have been audited by another
auditors. In addition, we have performed audit procedure for consolidation purpose, based on the
financial statements of the subsidiaries.
Scope:
We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the consolidated financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated
fi nanci al statements. An audi t al so i ncl udes assessi ng the accounti ng pri nci pl es used and
significant estimates made by management, as well as evaluating the overall consolidated financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.

Opinion:

I n our opi ni on, the consol i dated fi nanci al statements al ong wi th notes thereon prepared i n
accordance with Bangladesh Accounting Standards (BAS), give a true and fair view of the state of
the companys affairs as at December 31, 2007 and of the results of its operations and its cash
flows for the year then ended and comply with the Companies Act 1994, the Financial Institutions
Act 1993, the Securities and Exchange Rules 1987, the rules and regulations issued by the
Bangladesh Bank, and other applicable laws and regulations.
We also report that:
a) we have obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit and made due verification thereof;
71
b) in our opinion, proper books of accounts as required by law have been kept by the Company so far as it
appeared from our examination of those books and proper returns adequate for the purposes of our audit have
been received from branches not visited by us ;
c) the Companys balance sheet and profit and loss account dealt with by the report are in agreement with the
books of account and returns;
d) the expenditure incurred was for the purpose of Company's operation;
e) the financial position of the Company at December 31, 2007 and the profit for the year then ended have been
properly reflected in the consolidated financial statements and the consolidated financial statements have
been prepared in accordance with generally accepted accounting principles;
f) the consolidated financial statements have been drawn up in conformity with the rules and regulations issued by
Bangladesh Bank to the extent applicable to the Company;
g) adequate provisions have been made for leases and advances which are, in our opinion, doubtful of recovery;
h) the Company has fol l owed the i nstructi ons i ssued by Bangl adesh Bank i n matters of l ease/advance
classification, provisioning and suspension of interest;
i) the records and statements submitted by branches have been properly maintained and consolidated in the
financial statements;
j) the information and explanations required by us have been received and found satisfactory; and
k) the Company has complied with the relevant laws pertaining to reserves and maintenance of liquid assets.
(A. Qasem & Co.)
Dated: February 19, 2008 Chartered Accountants
72
IDLC Finance Limited and its Subsidiaries
Consolidated Balance Sheet
As at December 31, 2007

SOURCES OF FUNDS

Shareholders' fund
Share capital
Share premium
Reserves and surplus
General reserves
Dividend equalisation reserves
Proposed dividend:
Stock dividend
Cash dividend
Retained earnings

Shareholders' equity

Minority interest

Long term loans - net of current maturity
Secured long term loans
Unsecured long term loans

Long term liability-net of current maturity
Refundable deposits
Term deposits
Liabilities under finance lease

Deferred liability-employee gratuity
Deferred tax liability/(asset)
Portfolio investors' fund
Fund from CIDA for LEIC project
Interest suspense account

APPLICATION OF FUNDS

Property, plant and equipment (at cost less depreciation)

Intangible assets (at cost less amortisation)

Investment in non marketable shares
Membership of stock exchanges
Notes
3
4
5
6
7
8
9
10
11
12
13
14 (a)
15(a)
17
18
2007
200,000,000
3,750,000
1,043,689,454
847,500,000
46,500,000
50,000,000
42,499,975
57,189,479
1,247,439,454
550
1,585,071,264
737,261,320
847,809,944
5,171,502,569
309,874,627
4,855,272,911
6,355,031
27,522,973
(17,867,152)
39,230,069
54,971,540
44,635,963
8,152,507,230
176,531,034
2,543,680
143,076,500
18,676,000
2006
150,000,000
3,750,000
797,864,318
672,500,000
46,500,000
50,000,000
7,500,000
21,364,318
951,614,318
291
1,412,978,180
821,051,175
591,927,005
3,624,574,978
255,275,228
3,366,054,353
3,245,397
16,253,399
-
7,721,764
18,933,213
55,268,720
6,087,344,863
169,486,777
3,214,166
92,175,000
18,676,000
Amounts in Taka
73

Lease receivables
Gross lease rentals receivable - net of current maturity
Unearned lease income - net of current maturity
Advance for leases

Direct finance-net of current maturity
Long term finance
Real estate finance
Car loans

Provision for doubtful accounts and future losses

Current assets
Accounts receivable
Advances, deposits and prepayments
Investment in marketable securities
Margin loan to portfolio investors
Short term finance
Current maturity of gross lease receivables
Current maturity of unearned lease income
Current maturity of direct finance
Cash and cash equivalents

Less: Current liabilities and provisions
Current maturity of long term loans, deposits and advances
Short term loans
Payable and accrued expenses
Provision for current taxation
Unpaid dividend

Net surplus/(deficit) in current assets
Notes
19
20
21
22
23
24
25
26(a)
27(a)
28
11
30
19
31
32(a)
33
34
35(a)
36
2007
2,743,920,183
3,378,961,115
(657,187,697)
22,146,765
4,279,971,531
1,356,014,263
2,674,309,427
249,647,841
(613,457,344)
7,673,003,574
689,910,165
272,095,307
242,966,768
1,387,355,680
213,114,268
2,384,106,173
(556,703,525)
1,356,297,410
1,683,861,328
6,271,757,928
4,224,858,577
292,846,083
1,017,735,377
734,902,820
1,415,071
1,401,245,646
8,152,507,230
2006
3,115,454,290
3,878,428,938
(820,957,606)
57,982,958
3,390,123,848
1,091,177,101
2,114,873,194
184,073,553
(510,031,098)
4,890,771,762
422,785,222
126,417,183
132,035,741
568,761,889
325,550,498
2,437,781,418
(551,823,032)
830,397,992
598,864,851
5,082,525,882
3,034,922,695
758,361,920
743,563,901
544,293,215
1,384,151
(191,754,120)
6,087,344,863
Amounts in Taka
Chairman CEO & Managing Director Company Secretary
Signed in terms of our separate report of even date annexed

(A. Qasem & Co.)
The annexed notes 1 to 53 form an integral part of these financial statements.
74
Balance Sheet
SOURCES OF FUNDS

Shareholders' fund
Share capital
Share premium
Reserves and surplus
General reserves
Dividend equalisation reserves
Proposed dividend:
Stock dividend
Cash dividend
Retained earnings

Shareholders' equity

Long term loans - net of current maturity
Secured long term loans
Unsecured long term loans

Long term liability-net of current maturity
Refundable deposits
Term deposits
Liabilities under finance lease

Deferred liability-employee gratuity
Deferred tax liability/(asset)
Portfolio investors' fund
Interest suspense account


Property, plant and equipment (at cost less depreciation)

Intangible assets (at cost less amortisation)

Investment in subsidiary companies

Lease receivables
Gross lease rentals receivable - net of current maturity
Unearned lease income - net of current maturity
Advance for leases

Notes
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
19
20
21
2007
200,000,000
3,750,000
990,957,226
847,500,000
46,500,000
50,000,000
30,000,000
16,957,226
1,194,707,226
1,585,071,264
737,261,320
847,809,944
5,171,502,569
309,874,627
4,855,272,911
6,355,031
27,522,973
(17,867,152)
39,230,069
54,971,540
44,635,963
8,099,774,452
163,996,885
2,325,334
50,999,800
143,076,500
2,743,920,183
3,378,961,115
(657,187,697)
22,146,765
2006
150,000,000
3,750,000
796,019,855
672,500,000
46,500,000
50,000,000
7,500,000
19,519,855
949,769,855
1,412,978,180
821,051,175
591,927,005
3,624,574,978
255,275,228
3,366,054,353
3,245,397
16,253,399
-
7,721,764
18,933,213
55,268,720
6,085,500,109
166,428,103
2,947,496
50,999,800
92,175,000
3,115,454,290
3,878,428,938
(820,957,606)
57,982,958
Amounts in Taka
75

Direct Finance-net of current maturity
Long term finance
Real estate finance
Car loans

Provision for doubtful accounts and future losses

Current assets
Accounts receivable
Advances, deposits and prepayments
Inter-company receivables
Short term finance
Current maturity of gross lease receivables
Current maturity of unearned lease income
Current maturity of direct finance
Cash and cash equivalents

Less: Current liabilities and provisions
Current maturity of long term loans, deposits and advances
Short term loans
Payable and accrued expenses
Provision for current taxation
Inter-company payables
Unpaid dividend

Net surplus/(deficit) in current assets

Notes
22
23
24
25
26
27
28
29
11
30
19
20
31
32
33
34
35
36
37
2007
4,279,971,531
1,356,014,263
2,674,309,427
249,647,841
(613,457,344)
7,360,051,247
550,139,592
268,861,018
242,966,768
4,440,676
1,387,355,680
213,114,268
2,384,106,173
(556,703,525)
1,356,297,410
1,509,473,187
6,031,109,684
4,224,858,577
292,846,083
776,519,153
734,902,820
567,980
1,415,071
1,328,941,563
8,099,774,452
2006
3,390,123,848
1,091,177,101
2,114,873,194
184,073,553
(510,031,098)
4,824,168,848
421,166,193
126,233,552
132,035,741
2,201,064
568,761,889
325,550,498
2,437,781,418
(551,823,032)
830,397,992
531,863,533
5,046,766,178
3,034,922,695
758,361,920
707,804,197
544,293,215
-
1,384,151
(222,597,330)
6,085,500,109
Amounts in Taka

(A. Qasem & Co.)
76
Consolidated Profit and Loss Account
For the year ended December 31, 2007

Operational revenue
Income from lease finance
Income from real estate finance
Income from term finance
Income from short term finance
Income from car loans
Income from investment in securities
Income form structured finance
Income from IT operations
Income from securities brokerage operation
Fees for management of LEIC

Less : Operational expenses
Financial expenses
General and administrative expenses
Depreciation on property, plant and equipments
Amortisation of intangible assets
Allowances for doubtful accounts and future losses
Other operational expenses
Profit on merchant banking operation
as per separate profit and loss account enclosed
Operating profit

Non-operational income
Profit before taxation
Less: Tax expenses
Current tax
Deferred tax
Profit after taxation
Minority interest
Net profit for the year
Earning Per Share (EPS)
Notes
38
39
40
41
42
43(a)
44
46
47
48(a)
49.1(a)
14.1(a)
15(a)
25
50(a)
10
2007
1,764,258,849
698,728,072
434,080,675
312,455,425
36,778,958
44,350,635
154,599,911
13,451,786
8,793,000
56,715,677
4,304,710
1,350,793,830
977,522,983
217,840,553
28,412,475
1,920,736
122,544,646
2,552,437
51,394,659
464,859,678
9,642,525
474,502,203
171,176,807
189,043,959
(17,867,152)
303,325,396
260
303,325,136
151.66
2006
1,237,916,373
622,292,160
304,232,278
165,735,704
32,006,390
24,732,112
70,385,123
8,250,962
1,893,635
4,583,372
3,804,637
1,012,888,016
778,785,744
164,796,624
20,987,754
1,641,155
45,834,038
842,701
6,664,926
231,693,283
4,452,187
236,145,470
78,895,299
78,895,299
-
157,250,171
116
157,250,055
78.63
Amounts in Taka

(A. Qasem & Co.)
77
Profit and Loss Account

Operational revenue
Income from lease finance
Income from real estate finance
Income from term finance
Income from short term finance
Income from car loans
Income from investment in securities
Income form structured finance
Fees for management of LEIC

Financial expenses
Amortisation of intangible assets
Allowances for doubtful accounts and future losses

Profit on merchant banking operation
as per separate profit and loss account enclosed
Operating profit

Profit before taxation
Less: Tax expenses
Current tax
Deferred tax
Profit after taxation
Earning Per Share (EPS)
Notes
38
39
40
41
42
43
44
48
49.1
14.1
15
25
50
36
10
2007
1,686,754,576
698,728,072
434,080,675
312,455,425
36,778,958
44,350,635
142,604,315
13,451,786
4,304,710
1,321,009,030
964,175,436
202,592,282
27,331,817
1,812,412
122,544,646
2,552,437
51,394,659
417,140,205
3,430,014
420,570,219
168,132,848
186,000,000
(17,867,152)
252,437,371
126.22
2006
1,231,439,366
622,292,160
304,232,278
165,735,704
32,006,390
24,732,112
70,385,123
8,250,962
3,804,637
1,007,825,814
777,928,067
160,801,506
20,811,677
1,607,825
45,834,038
842,701
6,664,926
230,278,478
3,336,210
233,614,688
78,458,854
78,458,854
-
155,155,834
77.58
Amounts in Taka

(A. Qasem & Co.)
78
(for Merchant Banking Operation)

Operational revenue
Underwriting commission
Advisory fees
Issue management fee
Income from portfolio management services

Financial expenses
Provision for margin loan
Profit from operations transferred
to profit and loss account
Notes
45
48.1
49.1
14.1
25.1
2007
235,306,965
615,750
-
-
234,691,215
183,912,306
148,719,438
7,544,516
1,327,179
13,873,557
12,447,616
51,394,659
2006
53,212,508
323,497
806,675
434,783
51,647,553
46,547,582
37,570,060
5,496,350
888,478
-
2,592,694
6,664,926
Amounts in Taka

(A. Qasem & Co.)
79
Consolidated Cash Flow Statement

Cash flows from operating activities:
Receipts from operational revenue
Interest payments
Cash payments to employees and suppliers
Operating profit before change in operating assets/liabilities
(Increase)/decrease in operating assets:
Lease receivables
Long term finance
Real estate finance
Car loans
Accounts receivable and advances

Increase/(decrease) in operating liabilities:
Accounts payable
Increase in lease advance & term deposits

Net cash from operating activities before income tax
Income tax paid
Net cash from operating activities

Cash flows from investing activities:
Purchase of property, plant and equipments
Disposal of property, plant and equipments
Membership cost
Acquisition of intangible assets
Net cash from investing activities

Cash flows from financing activities:
Drawdown of long term loans
Repayment of long term loans
Term deposits
Net drawdown of short term loans
Dividend paid
Net cash from financing activities

Effects of exchange rate changes on cash and cash equivalents

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
2007
628,633,561
1,995,261,104
(1,126,242,421)
(240,385,122)
(2,117,009,299)
397,097,888
(697,177,898)
(623,276,909)
(95,292,294)
(50,901,500)
(110,931,027)
(818,593,791)
(153,972,095)
36,038,327
390,320,689
307,882,241
82,438,448
(1,098,055,049)
12,179,337
(146,394,742)
(1,232,270,454)
(38,532,311)
3,516,298
-
(1,250,250)
(36,266,263)
1,124,229,128
(779,741,947)
2,482,030,930
(465,515,837)
(7,469,080)
2,353,533,194
-
1,084,996,477
598,864,851
1,683,861,328
2006
301,044,708
1,291,128,881
(816,355,804)
(173,728,369)
(2,194,448,583)
(317,305,439)
(585,181,132)
(798,558,109)
(136,193,860)
(41,675,000)
(59,270,144)
(333,582,425)
58,384,313
18,933,213
83,278,905
127,207,383
(43,928,478)
(1,810,124,970)
2,643,555
(43,958,806)
(1,851,440,221)
(55,227,102)
3,620,989
(18,676,000)
(1,100,000)
(71,382,113)
930,941,629
(543,300,315)
1,123,471,508
577,844,034
(56,019,009)
2,032,937,847
839,961
110,955,474
487,909,377
598,864,851
Amounts in Taka

(A. Qasem & Co.)
80
Cash Flow Statement

Cash flows from operating activities:
Receipts from operational revenue
Interest payments
Cash payments to employees and suppliers
Operating profit before change in operating assets/liabilities
(Increase)/decrease in operating assets:
Lease receivables
Long term finance
Real estate finance
Car loans
Investment in subsidiary companies
Accounts receivable and advances

Increase/(decrease) in operating liabilities:
Accounts payable
Increase in lease advance & term deposits

Net cash from operating activities before income tax
Income tax paid
Net cash from operating activities

Cash flows from investing activities:
Purchase of property, plant and equipments
Disposal of property, plant and equipments
Acquisition of intangible assets
Net cash from investing activities

Cash flows from financing activities:
Drawdown of long term loans
Repayment of long term loans
Term deposits
Net drawdown of short term loans
Dividend paid
Net cash from financing activities

Effects of exchange rate changes on cash and cash equivalents

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
2007
579,725,106
1,917,756,831
(1,112,894,874)
(225,136,851)
(1,978,046,709)
397,097,888
(697,177,898)
(623,276,909)
(95,292,294)
(50,901,500)
(110,931,027)
(818,593,791)
-
(15,009,505)
36,038,327
188,476,109
106,037,661
82,438,448
(1,209,845,494)
5,966,826
(146,394,742)
(1,350,273,410)
(27,976,178)
3,516,298
(1,190,250)
(25,650,130)
1,124,229,128
(779,741,947)
2,482,030,930
(465,515,837)
(7,469,080)
2,353,533,194
-
977,609,654
531,863,533
1,509,473,187
2006
299,420,496
1,284,651,874
(815,498,127)
(169,733,251)
(2,244,782,505)
(317,305,439)
(585,181,132)
(798,558,109)
(136,193,860)
(41,675,000)
(59,270,144)
(333,582,425)
(49,999,900)
58,050,291
18,933,213
48,097,546
92,081,024
(43,983,478)
(1,897,264,463)
1,527,578
(43,958,806)
(1,939,695,691)
(52,844,621)
3,620,989
(800,000)
(50,023,632)
930,941,629
(543,300,315)
1,123,471,508
577,844,034
(56,019,009)
2,032,937,847
839,961
44,058,485
487,805,048
531,863,533
Amounts in Taka

(A. Qasem & Co.)
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5
0
0
,
0
0
0
)

--
1
,
1
9
4
,
7
0
7
,
2
2
6
83

Notes to the consolidated accounts

1. Company and its activities

1.1 Legal status and nature of the Company

IDLC Finance Limited (IDLC) was incorporated in Bangladesh as a public limited Company on 23 May 1985
under Companies Act 1913 having its registered office at Bay's Galleria (1st floor), 57 Gulshan Avenue, Gulshan
1, Dhaka. The Company changed its name to IDLC Finance Limited from the earlier Industrial Development
Leasing Company of Bangladesh Limited in August, 2007. The Company registered itself as a financial institution
under the Financial Institutions Act. 1993. The Company also registered itself as a merchant bank in 1998 with
the Securities and Exchange Commission. The Company went for public issue of shares in 1993, which are listed
in the stock exchanges of Bangladesh.

1.2 Principal activities and nature of operation

The Company extends lease financing, as its core business, for all types of machinery and equipment including
vehicles for industrial and commercial purposes. It expanded its activities into 'Short-Term Finance' (factoring of
accounts receivable and work order financing) and 'Real Estate Finance' operations in 1997 and merchant
banking and corporate finance in 1999. It also started portfolio management services and car loan for individuals
in 2004.
1.3 Local Enterprise Investment Centre (LEIC)
The Company established a Local Enterprise Investment Centre (LEIC) with the contribution of Canadian
International Development Agency (CIDA) and signed an agreement in this regard on August 31, 2005. The
objective of the LEIC is to develop the local private sector by helping small and medium enterprises (SME's) have
access to capital, innovative knowledge, technologies and practices that will allow them to produce more and
better goods and services. LEIC assists local enterprises in Bangladesh to identify potential investment partners
interested in joint ventures, or other long term partnership agreements offering good investments and technology
transfer opportunities.
Set up costs, salaries, operating expenses and all expenses directly related to the implementation of and carry
out the project are reimbursed by CIDA. Fees received by the Company for the management of the centre are
accounted for as income while balance of contribution fund received from CIDA as at the end of the year is
shown as Funds received from CIDA for LEIC Project. The Centre maintains separate books of accounts for
recording its transactions.
1.4 Subsidiary companies

1.4.1 I.Cons Limited

I.Cons Limited, a wholly owned subsidiary company of IDLC Finance Limited was incorporated on March 9,
2004 as a private limited company under Companies Act 1994 with authorised share capital of Tk. 100,000,000.
The main object of the Company is to carry on business of information and communication technology services
related to system integration, process engineering, reengineering as well as to develop, design, create computer
programs and software and to sell, trade, import and export of such programs and software. The Company went
into operation from July 01, 2006.
84 Notes to the Accounts
1.4.2 IDLC Securities Limited

IDLC Securities Limited, another wholly owned subsidiary company of IDLC Finance Limited was incorporated on
April 19, 2006 as a private limited company under Companies Act 1994 with authorised share capital of Tk. 25
crore. The Company has started its operation from September 2006. The main object of the Company is to act
as member of stock exchanges, the central depository system (CDS) companies and to carry on the business of
broker, jobbers or dealers in stocks, shares, securities, commodities, commercial paper, bonds, obligations,
debentures etc. The Company is also authorised to buy, sell, hold or otherwise acquire or invest the capital of the
company in shares, stocks and fixed income securities.
2. Significant accounting policies

2.1 Basis of preparation

This financial statement has been prepared based on historical cost basis on generally accepted accounting
principles (GAAP) in Bangladesh and no adjustment has been made for inflationary factors affecting the financial
statements. The accounting policies, unless otherwise stated, have been consistently applied by the Company
and are consistent with those of the previous year.

2.2 Statement of Compliance

The financial statements have been prepared on a going concern basis following accrual basis of accounting
except for cash flow statement and in accordance with the Companies Act, 1994, the Financial Institutions Act
1993, Securities and Exchange Rules 1987, the Listing Rules of Dhaka and Chittagong Stock Exchanges and
I nternati onal Accounti ng Standards adopted i n Bangl adesh by the I nsti tute of Chartered Accountants of
Bangladesh (Bangladesh Accounting Standards) and other applicable laws and regulations.
2.3 Consolidation of operations of subsidiaries

The financial statements of the Company and its subsidiaries, as mentioned in Note No. 1.4, have been
consolidated in accordance with Bangladesh Accounting Standard No. 27 "Consolidated and Separate Financial
Statements" The consolidation of the financial statement has been made after eliminating all material intra group
transactions.
The total profits of the Company and its subsidiaries are shown in the consolidated profit and loss account, with
the proportion of profit after taxation pertaining to minority shareholders being deducted as 'Minority Interest'.
All assets and liabilities of the Company and of its subsidiaries are shown in the consolidated balance sheet. The
interest of minority shareholders of the subsidiaries are shown separately in the consolidated balance sheet under
the heading 'Minority Interest'.
2.4 Directors' Responsibility Statement
The Board of Directors takes the responsibility for the preparation and presentation of these financial statements.

2.5 Branch accounting

The Company has six branches, with no overseas branch as on December 31, 2007. Accounts of the branches
are maintained at the head office from which these accounts are drawn up.
2.6 Accounting for leases

As per Bangladesh Accounting Standard (BAS) No. 17 Leases, all leases are treated as finance lease since
assets leased to customers under agreements transfer substantially all the risks and rewards associated with
ownership, other than legal title, to the customers and all leases are full payout leases.

85
In accordance with the said standard, the aggregate lease receivables including un-guaranteed residual value
throughout the primary lease term are recorded as gross lease receivables while the excess of gross lease
receivables over the total acquisition cost including interest during the period of acquiring the lease equipment
constitutes the unearned lease income.
At the execution of each lease, a portion of the unearned lease is recognised as revenue income representing
initial direct cost. The balance of the unearned lease income is amortised to revenue on a monthly basis over the
primary lease term yielding a constant rate of return over the period.
2.7 Accounting for direct finance

Books of accounts for direct finance operation are maintained based on the accrual method of accounting.
Outstanding loans, along with the accrued interest thereon, for short-term finance, and unrealised principal for
long-term finance, real estate finance, car loans and other finances are accounted for as direct finance assets of
the Company. Interest earnings are recognised as operational revenue periodically.

2.8 Merchant banking operation

As per Securities and Exchange Commission (Merchant Banker and Portfolio Manager) Rules 1996, the services
of issue management, portfolio management, underwriting of shares and securities advisory services fall under
the purview of merchant banking operation. Accordingly, profit and loss account of merchant banking operation
includes revenue from issue management, underwriting and portfolio management services and the Company
maintains separate books of accounts for the merchant banking operation as required under the regulations of
Securities and Exchange Commission.

2.9 Property, plant and equipment

Owned assets

Own property, plant and equipment are stated at cost, less accumulated depreciation, and any accumulated
impairment losses. The cost of an asset comprises its purchase price and any directly attributable costs of
bringing the assets to its working condition for its intended use as per Bangladesh Accounting Standard (BAS)
No. 16 ''Property, Plant and Equipment''.
Leasehold assets

Leasehold assets are accounted for as finance leases and capitalised at the inception of the lease at fair value of
the leased property or at the present value of the minimum lease payment, which ever is lower as per Bangladesh
Accounting Standard (BAS) no. 17 "Leases". The corresponding obligation under the lease is accounted for as
liability.

Subsequent expenditure on property, plant and equipment

Subsequent expenditure is capitalised only when it increases the future economic benefit from the assets. All
other expenditures are recognised as an expense as and when they are incurred.

Depreciation

Depreciation is charged to amortise the cost of assets, over their estimated useful lives, using the straight-line
method in accordance with BAS-16. Full month's depreciation is charged on additions irrespective of date when
the related assets are put into use and no depreciation is charged for the month of disposal. The depreciation
rates used to write off the amount of assets are as follows:

Notes to the Accounts Notes to the Accounts
86
Rates
Furniture and fixtures 12.50%
Building 2.00%
Electrical equipment 20.00%
Curtain and carpets 33.33%
Office equipment 20.00%
Office decoration 20.00%
Telephone and telex 33.33%
Motor vehicles 25.00%
Leasehold motor vehicles 25.00%

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale
proceeds and the carrying amount of the asset and is recognised in the profit and loss account.

2.10 Intangible assets and amortisation of intangible assets

Intangible assets include the value of computer software. Intangible assets acquired separately are measured on
initial recognition at cost and are carried at cost less amortisation and impairment losses. Amortisation is
calculated using the straight line method to write down the cost of intangible assets to their residual values over
their estimated useful lives based on the management's best estimates.
2.11 Revenue recognition

Interest income from loans and other sources is recognised on an accrual basis of accounting.

Lease income:

The excess of aggregate rentals receivable over the cost of the leased asset constitutes the total unearned lease
income. The unearned lease income is recognised as revenue on an accrual basis over the terms of the lease.
However, lease income is not recognised if capital or interest is in arrears for more than three months.
Interest on real estate finance:

Interest on real estate finance is recognised as revenue on an accrual basis and no interest on real estate finance
is accounted for as revenue where any portion of capital or interest is in arrear for more than six months.
Dividend income and profit or loss on sale of securities:

Dividend income is recognised on an accrual basis in the period in which the dividend is declared whereas profit
or loss arising from the sale of securities is accounted for only when the securities are sold in the market.
Interest on term loans and short term finance:

Interest on term loan and short term finance are recognised as revenue on an accrual basis and interest income
on term loan is not recognised where any portion of interest is in arrear more than three months.
Fee based revenues:

Fee based revenues are recognised as income on a cash basis.
2.12 Interest suspense account

Lease income earned, interest on term finance and car loan overdue beyond three months period and interest
on real estate finance overdue beyond six months period are not recognised as revenue and credited to interest
suspense account.
Notes to the Accounts
87
2.13 Borrowing cost

Borrowing cost is capitalised for the period from the dates of respective disbursements to the date of execution of
lease. On execution of lease, advance including capitalised borrowing cost is transferred to the gross lease
receivables.
All other borrowing costs are recognised as expenses in the year in which they are incurred unless capitalisation
is permitted under Bangladesh Accounting Standard (BAS) 23 "Borrowing Costs".
2.14 Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
revenue and expenses. It also requires disclosures of contingent assets and liabilities at the date of the financial
statements.
Provi si ons and accrued expenses are recogni sed i n the fi nanci al statement i n l i ne wi th the Bangl adesh
Accounting Standard (BAS) No. 37 "Provisions, Contingent Liabilities and Contingent Assets" when

- The Company has a legal or constructive obligation as a result of past event.
- It is probable that an outflow of economic benefit will be required to settle the obligation.
- A reliable estimate can be made of the amount of the obligation.

The estimates and associated assumptions are based on historical experience and various other factors that are
believed to be reasonable under the circumstances, the result of which form the basis of making the judgments
about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may
differ from these estimates. However, the estimates and underlying assumptions are reviewed on an ongoing
basis and the revision is recognised in the period in which the estimates are revised.
2.15 Cash flow Statements
The cash flow statement is prepared using the direct method as stipulated in Bangladesh Accounting Standard
(BAS) No. 7 "Cash Flow Statements".
2.16 Conversion of foreign currency transactions
Foreign currency transactions are translated into Taka at rates prevailing at the respective dates of transactions,
while foreign currency monetary assets at the end of the year are reported at the rates prevailing on the balance
sheet date. Exchange gains or losses arising out of the said conversions are recognised as income or expense
for the year.
2.17 Investment in securities
Investment in marketable ordinary shares has been shown at cost or market price, whichever is lower, on an
aggregate portfolio basis under Bangladesh Accounting Standard (BAS) No. 25 "Accounting for Investment".
Investment in non-marketable shares has been valued at cost. Full provision for diminution in value of shares as
on closing of the year, if required, has been taken into account.
2.18 Provision for doubtful accounts and future losses

2.18.1 Provision has been made at estimated rates on outstanding exposures, based on aging and continuous
review of the receivables, as per guideline of the Company. In addition, a general provision is also made by the
Company to cover unforeseen losses on all leases, loans and investments excluding those for which a specific
provision has been made. The provision is considered adequate to meet probable future losses.
88
2.19 Employees benefit obligation
2.19.1 Defined contribution plan

The Company operates a contributory provident fund scheme for its permanent employees. Provident fund is
administered by a Board of Trustees and is funded by contributions partly from the employees and partly from
company at a predetermined rate. The contributions are invested separately from the Company's asset.
2.19.2 Defined benefit plan
The Company also operates an unfunded gratuity scheme. Employees are entitled to gratuity benefit after
completion of minimum five years of service in the Company. The gratuity is calculated on the last basic pay and
is payable at the rate of one month's basic pay for every completed year of service. Actuarial valuation of the
gratuity scheme was made in 2004 to assess the adequacy of the liability provided for the scheme as per
Bangladesh Accounting Standard No. 19: "Employee Benefit".
2.19.3 Other employees benefit obligation

The Company operates a group insurance scheme for its permanent employees.

The Company has also a real estate loan scheme for its permanent employees. Employees are entitled to take
real estate loan and car loan under this scheme after completion of minimum five years and three years of service
in the Company respectively.
2.20 Taxation

2.20.1 Deferred tax
The Company accounts for deferred tax as per Bangladesh Accounting Standard (BAS) No. 12 "Income Taxes".
Deferred tax is provided using the liability method for all temporary timing differences arising between the tax base
of assets and liabilities and their carrying value for financial reporting purposes. Tax rate prevailing at the balance
sheet date is used to determine deferred tax.
2.20.2 Current tax
Provision for current tax is made on the basis on the profit for the year as adjusted for taxation purpose in
accordance with the provision of Income Tax Ordinance, 1984 and amendments made thereto.
2.21 Impairment of long-lived assets
The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate
that the book value of the assets may not be recovered. Accordingly, the Company estimates the recoverable
amount of the assets. Impairment losses, if any, is recognised in the profit and loss account while the recoverable
amount is less than the carrying amount of the asset group.
2.22 Cash and cash equivalent
Cash and cash equivalents comprise cash in hand, cash at bank, term deposits and investments in call loan that
are readily convertible to a known amount of cash and that are subject to an insignificant risk of change in value.
2.23 Earning Per Share (EPS)
The Company calculates Earning per share in accordance with Bangladesh Accounting Standards (BAS) No. 33
"Earnings Per Share" which has been shown in the face of the Profit and Loss Account and the computation is
stated in Note 52.
89
2.24 Related party disclosure
As per Bangladesh Accounting Standards (BAS) No. 24 "Related Party Disclosures", parties are considered 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. The Company carried out transactions in the ordinary course of
business on an arms length basis at commercial rates with related parties. Related party disclosures have been
given in Note 53.1.

2.25 Events after the balance sheet date

All material events occurring after the balance sheet date are considered and where necessary, adjusted for or
disclosed in Note- 53.9.
2.26 Segment reporting
In compliance with the statutory (SEC regulations) requirements, the Company has prepared separate profit and
loss account for its separate segment, 'Merchant Banking Operations'. Profit and loss accounts of merchant
banking operation has been prepared in accordance with generally accepted accounting principles and results of
its operation has been combined with the financial results of the Company. The performance of the segment is
evaluated primarily on profit before tax.
2.27 Off balance sheet items
Off balance sheet items have been disclosed under "Business Commitment and Contingencies" under Note-
53.3.

2.28 Proposed dividend
Proposed dividend has not been recognised as a liability in the balance sheet in accordance with Bangladesh
Accounting Standards (BAS) No. 10 "Event After the Balance Sheet Date".
2.29 Reporting currency

The financial statements are expressed in Taka currency.

90

3 Share capital

Authorised
10,000,000 ordinary shares of Taka 100 each

Issued, subscribed and paid-up
2,000,000 ordinary shares of Taka 100 each
(2006: 1,500,000 ordinary shares of Taka 100 each)

Paid-up share capital as on December 31, 2007 comprises the following :

Composition of shareholdings:

Sponsors shareholders
Foreign :
Korea Development Financing Corporation (KDFC)
Kookmin Bank, South Korea
Aga Khan Fund for Economic Dev. (AKFED)

Domestic :
The City Bank Limited (CBL)
Sadharan Bima Corporation (SBC)
Industrial Promotion and Development Company of
Bangladesh Ltd. (IPDC)

General shareholders :
Mercantile Bank Limited
Eskayef Bangladesh Limited
Reliance Insurance co. Ltd.
Other Institution/Corporate
Individual

Total:
Distribution of shareholders:
Classification of shareholders by holding as required by Regulation 37 of the listing Regulations of Dhaka Stock
Exchange Limited are as follows:
20.00%
10.00%
-
30.00%
9.70%
7.62%
0.13%
17.45%
47.45%
7.50%
8.00%
7.00%
13.33%
16.71%
52.55%
100%
500
5,000
10,000
20,000
30,000
40,000
50,000
100,000
300,000

Less than
501 to
5,001 to
10,001 to
20,001 to
30,001 to
40,001 to
50,001 to
100,001 to
2007
1,000,000,000
200,000,000
40,000,000
20,000,000
-
60,000,000
19,405,300
15,238,000
266,600
34,909,900
94,909,900
15,000,000
16,000,000
14,000,000
26,661,400
33,428,700
105,090,100
200,000,000
Number of
Shareholders
2,088
107
4
4
2
-
-
2
7
2,214
2006
1,000,000,000
150,000,000
30,000,000
15,000,000
3,606,000
48,606,000
14,556,000
11,430,000
200,000
26,186,000
74,792,000
15,000,000
12,000,000
10,500,000
22,734,000
14,974,000
75,208,000
150,000,000
Percentage of
Holdings
6.89%
7.80%
1.40%
3.80%
2.69%
-
-
7.60%
69.82%
100.00%
Amounts in Taka
Number of Share
91
The shares were listed in Dhaka Stock Exchange Ltd. on March 20, 1993, and in Chittagong Stock Exchange
Ltd. on November 25, 1996, and traded at Taka 1,519 and Taka 1,530 at Dhaka Stock Exchange Ltd. and
Chittagong Stock Exchange Ltd. respectively at the end of the year under reporting.
4 Share premium

This represents premium amount over par value of shares received against issue of 75,000 shares in 1993
@Taka 50 per share.

5 General reserve

Balance at 01 January 672,500,000 572,500,000
Add : Transferred from appropriation of profit 175,000,000 100,000,000
Balance at 31 December 847,500,000 672,500,000

6 Long-term loans
Secured loans are covered by first equitable mortgage of all present and future immovable properties and by
floating charges on movable assets of the Company ranking pari-passu among the lenders. The Company has a
Pari-Passu Security Sharing Agreement (PPSSA) among the secured lenders stipulating the procedure in the
sharing of the security provided by the Company. Loans repayable within one year have been placed under
current liabilities. Details of these loans are as under :
Secured long term loan :
Debenture
BRAC 10,000,000 100,000,000
Delta Life Insurance Company Ltd. - 25,000,000
ICB AMCL First Mutual Fund 10,000,000 10,000,000
ICB AMCL Unit Fund 5,000,000 5,000,000
ICB Asset Management Co. Ltd. 5,000,000 5,000,000
The City Bank Ltd. 100,000,000 100,000,000
Sadharan Bima Corporation 20,000,000 80,000,000
Long-term loans
Islami Bank Bangladesh Ltd. 187,150,896 246,464,601
Mercantile Bank Ltd. 34,999,999 58,333,333
Prime Bank Ltd. 125,833,336 66,666,668
Standard Chartered Bank - 277,093
United Commercial Bank Ltd. 60,000,000 120,000,000
Pubali Bank Ltd. 160,000,000 90,000,000
Commercial Bank of Ceylon Limited 65,000,000 85,000,000
Bank Alfalah Ltd. 69,999,998 41,666,666
BRAC Bank Ltd. 232,500,000 114,000,000
Uttara Bank Ltd. 191,447,739 208,481,099
Dhaka Bank Ltd. 47,500,000 -
One Bank Ltd. 50,000,000 -
1,374,431,968 1,355,889,460
Less : Transfer to current liabilities being current maturity(Note-33) 637,170,648 534,838,285
737,261,320 821,051,175
2007 2006
Amounts in Taka
2007 2006
Amounts in Taka
Amounts in Taka
92
Unsecured long-term loan :
Arab Bangladesh Bank Ltd. 11,505,927 21,658,592
Commercial Bank of Ceylon Ltd. 8,721,758 16,431,150
International Development Association (IDA) 34,718,380 88,135,471
Kreditanstalt fr Wiederaufbau (KfW) 194,106,401 206,296,369
The Hong Kong & Shanghai Banking Corporation Ltd. 8,381,595 1,199,319
Standard Chartered Bank 47,421,486 65,565,271
Prime Bank Limited 214,299 2,453,959
Eastern Bank Ltd. 22,135,264 42,172,378
Bangladesh Bank (Small Enterprise Refinancing Program) 309,438,000 62,438,000
Sadharan Bima Corporation 200,000,000 80,000,000
Mercantile Bank Ltd. 66,666,667 100,000,000
Bank Asia Ltd. 207,456,748 98,471,345
1,110,766,525 784,821,854
Less : Transfer to current liabilities being current maturity (Note-33) 262,956,581 192,894,849
847,809,944 591,927,005
Balance of long-term portion at 31 December 1,585,071,264 1,412,978,180

Long-term loans outstanding at 31 December are repayable as follows :
Years
2007 - 727,733,134
2008 900,127,229 663,987,070
2009 627,962,139 371,714,367
2010 510,116,932 161,944,569
2011 211,696,760 215,332,174
2012 and above 235,295,433 -
2,485,198,493 2,140,711,314

7 Refundable deposits

The Company takes deposits from the clients of lease and loan on signing of agreement, refundable at the end of
the contract period. Balance at 31 December stands as under:

Deposits against loan and lease rental 259,011,570 239,297,500
Deposits against financing as per term of agreements (Security deposits) 135,928,699 76,665,358
394,940,269 315,962,858
Less : Transfer to current liabilities being current maturity (Note-33) 85,065,642 60,687,630
309,874,627 255,275,228

Security deposits are interest bearing while deposits against loan and lease are non interest bearing.

2007 2006
93
8 Term deposits

This represents deposits received from institutions and individuals for a period not less than six months and one
year respectively. Considering the past trend of renewals of deposits, management is in the opinion that around
60% of the deposi ts wi l l be renewed for futher peri od. Moreover, al l deposi ts taken by the Company are
renewable. Based on this assumption, 40%, of the total deposits have been considered as current liability.

Balance at 1 January 5,801,626,675 4,547,317,746
Add: Deposits received during the year 5,263,191,264 3,430,422,678
11,064,817,939 7,977,740,424
Less: Matured/ Encashed during the year 2,807,957,871 2,176,113,749
8,256,860,068 5,801,626,675
Less: Adjustment of loans against deposits 164,738,550 191,536,087
Balance at 31 December 8,092,121,518 5,610,090,588
Less: Transfer to current liability being current maturity (Note-33) 3,236,848,607 2,244,036,235
4,855,272,911 3,366,054,353

Deposits under term borrowing scheme include Tk. 3,532.60 million (Tk. 3,435.70 million in 2006) received as
deposits from individuals.

Rate of interest
Rate of interest on term deposit receipts ranges from 12% to 14%

9 Liabilities under finance lease
Liabilities under finance lease represents liability against certain motor vehicles taken under finance lease, details
of which are given below :
Add: Addition during the year 6,500,000 -
12,211,093 9,248,075
Less: Repayment during the year 3,038,963 3,536,982
9,172,130 5,711,093
Transferred to current liabilities being current maturity(Note-33) 2,817,099 2,465,696

9.1 Aging analysis of liabilities under finance lease

Up to one year 2,817,099 2,465,696
Above one year to three years 4,033,451 3,245,397
Above three years to five years 2,321,580 -
9,172,130 5,711,093

The average lease term of the vehicles taken under finance lease is 48 months and all leases are on fixed
repayment basis. The Company's obligations under finance lease are secured by the lessor's charge over the
lease assets.
2007 2006
Amounts in Taka
94
10 Deferred tax liability/(asset)
Deferred tax has been calculated based on taxable temporary differences arising due to difference in the carrying
amount of the assets and its tax base in accordance with the provision of Bangladesh Accounting Standards
(BAS) No. 12 "Income Taxes".

10.1 Deferred tax liability
Restated
Balance at 1 January - 368,000,000
Provision during the year - 48,458,854
Balance at 31 December - 416,458,854
Transfer to current tax liability - (416,458,854)
Restated balance at 31 December - -
In accordance with the Finance Ordinance 2007, leasing companies will not be allowed to claim depreciation on
machineries, plant, vehicles and furniture given to any lessee on finance lease. Accordingly, the Company has
submitted income tax return for the accounting year 2006, without claiming initial and normal depreciation, and no
deferred tax liability arises, as there is no timing difference in the book value of lease assets between tax base and
accounting base. Accordingly, the balance of deferred tax liability has been transferred to current tax liability and
balance as at December 31, 2006 has been restated.
10.2 Deferred tax asset:

Deferred tax asset was arrived at as follows:
Carrying amount at Tax base Taxable/(deductible)
balance sheet temporary difference
Taka Taka Taka
Assets:
Fixed assets net of depreciation 163,996,885 176,178,694 (12,181,809)
Liabilities:
Employee gratuity 27,522,973 - (27,522,973)
Total 191,519,858 176,178,694 (39,704,782)
Applicable tax rate 45%
Deferred tax asset as on December 31, 2007 (17,867,152)
Deferred tax asset as on December 31, 2006 -
Deferred tax accounted for during the year (17,867,152)

11 Portfolio investors' fund

This represents the balance of deposits made by the portfolio investors to take margin loan and buy marketable
securities. The balance of fund has been arrived at as follows:
Deposit made by the portfolio investors for purchase of securities 1,263,805,134 579,209,198
Margin loan extended for purchase of securities 1,387,355,680 568,761,889
2,651,160,814 1,147,971,087

Less: Investment in securities 2,182,676,478 1,029,309,168
Interest and other charges 429,254,267 110,940,155
2,611,930,745 1,140,249,323
Balance of fund 39,230,069 7,721,764
2007 2006
Amounts in Taka
95
12 Fund from CIDA for LEIC Project

The Company has launched the Local Enterprise Investment Centre (LEIC) in 2005 with the contribution of the
Canadian International Development Agency (CIDA). The balance of fund as at the end of the year has been
arrived at as follows:
Client deposit 1,297,609 -
Fund received from CIDA 98,082,652 33,132,638
Interest from short term deposits 1,724,941 185,149
Payable to IDLC Finance Limited 2,088,432 -
103,193,634 33,317,787
Expenses made from the fund

Acquisition of fixed assets 5,369,303 5,431,161
Salary and allowance 8,624,591 2,065,390
Administrative expenses 7,113,539 2,501,937
Management fees 8,109,336 1,840,788
Medical and welfare 29,782 29,782
Members' honorarium 111,000 33,000
Motor vehicle expenses 1,391,130 717,668
Office maintenance 3,194,022 1,713,813
Professional fees 15,285 51,035
Bank charges 12,596 -
Project cost 14,251,510 -
48,222,094 14,384,574

Fund as at December 31, 2007 represent cash at bank Tk. 54,826,753 and advance and deposits Tk. 144,787

13 Interest suspense accounts

Lease income earned and interest on term finance, and car loans overdue beyond three months period and
interest on real estate finance overdue beyond six months period are not recognised as revenue and credited to
interest suspense account. Product wise details are given below:
On lease finance 35,406,763 45,238,147
On real-estate finance 4,613,186 2,236,387
On term finance 2,777,737 7,449,046
On Car loan 1,838,277 345,140
44,635,963 55,268,720
2007 2006
Amounts in Taka
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This represents cost of IT software and its development, the details of which are given below:
Cost:
Opening balance at 1 January 5,908,385 5,108,385
Addition during the year 1,190,250 800,000
7,098,635 5,908,385
Amortisation:
Addition during the year 1,812,412 1,607,825
4,773,301 2,960,889

15(a) Consolidated intangible assets

This represents cost of IT software and its development, the details of which are given below:
Cost:
7,458,635 6,208,385
Amortisation:
4,914,955 2,994,219

16 Investment in subsidiary companies

IDLC Securities Limited (Note 16.1) 49,999,900 49,999,900
I.Cons Limited (Note 16.2) 999,900 999,900
50,999,800 50,999,800

16.1 Out of total 500,000 issued and paid up share capital, IDLC subscribed 499,999 ordinary shares of Tk. 100 each.
16.2 Out of total 10,000 issued and paid up share capital, IDLC subscribed 9,999 ordinary shares of Tk. 100 each.

17 Investment in non marketable shares

Investment in non marketable ordinary shares (Note 17.1) 500,000 500,000
Investment in preference shares (Note 17.2) 142,576,500 91,675,000
143,076,500 92,175,000
17.1 Non-marketable shares
No. of Shares Cost price Cost price
Credit Rating Agency of Bangladesh Ltd. 5,000 500,000 500,000

17.2 Investment in preference shares

This consists of following:
17.5% cumulative redeemable preference shares of Basic Dredging Company Ltd. 20,000,000 20,000,000
9% cumulative redeemable preference shares of BRAC Bank Ltd. 50,000,000 50,000,000
10% cumulative redeemable preference shares of PHP Power Company 17,340,000 21,675,000
12% cumulative redeemable preference shares of STS Holdings Ltd. 55,236,500 -
142,576,500 91,675,000

Adequate provisions for future losses have been made as per Bangladesh Bank Guidelines.
2007 2006
Amounts in Taka
15 Intangible assets
99
18 Membership of stock exchanges

This represents the amount paid for purchasing membership of Dhaka Stock Exchange Ltd. (DSE) and Chittagong
Stock Exchange Ltd. (CSE) including stamp duty for transferring shares in the name of IDLC Securities Ltd.

DSE
Purchase of DSE membership from Mehnaz Mannan & Co. 15,000,000 15,000,000
Share transfer stamp duty 225,000 225,000
15,225,000 15,225,000
CSE
Purchase of CSE membership from Technohaven Securities Ltd. 3,400,000 3,400,000
3,451,000 3,451,000
18,676,000 18,676,000
19 Gross lease rentals receivable- net of current maturity

Add : Addition during the year 1,867,487,433 2,926,448,089
8,183,697,789 8,584,319,297
Less: Realisation during the year 2,513,255,388 2,360,889,873
5,670,442,401 6,223,429,424
Add: Net receivable on terminated leases 92,624,887 92,780,932
5,763,067,288 6,316,210,356
Less: Transferred to current assets being current maturity 2,384,106,173 2,437,781,418

19.1 Aging analysis of gross lease receivable
Amount in Tk. % of total
Up to one year 2,384,106,173 41.37
Above one year to three years 2,554,989,345 44.33
Above three years to five years 569,242,157 9.88
More than five years 254,729,613 4.42
5,763,067,288 100

20 Unearned lease income

The excess of aggregate rentals receivable over the cost of the leased asset constitutes the total unearned lease
income. The unearned lease income is recognised as revenue on an accrual basis over the terms of the lease.
Add: Addition during the year 516,191,836 826,871,090
1,888,972,474 1,967,802,159
Less: lease income earned during the year 675,081,252 595,021,521
1,213,891,222 1,372,780,638
Less: Transferred to current liabilities being current maturity 556,703,525 551,823,032
657,187,697 820,957,606
2007 2006
Amounts in Taka
100
2007 2006
Amounts in Taka
21 Advance for leases

This represents disbursements for procurement of leased assets and capitalised cost of funds for the period from
the dates of respective disbursements to the balance sheet date. On execution of lease, advance will be
transferred to gross lease receivables.
22 Long-term finance - net of current maturity

Balance at 1 January 1,542,068,226 956,887,094
Add: Disbursement made during the year 1,266,254,832 985,126,889
2,808,323,058 1,942,013,983
Less: Received during the year 569,076,934 399,945,757
Less: Transfer to current liability being current maturity (Note-31) 883,231,861 450,891,125
1,356,014,263 1,091,177,101

23 Real estate finance- net of current maturity

This represents loans to individuals, employees under company's real estate loan scheme and corporate bodies
for purchase and construction of apartments in urban areas for periods ranging from 5 to 20 years. Loans
receivable within one year have been placed under current assets, details are as under :

Add : Disbursement during the year 1,254,220,576 1,234,493,956
3,695,544,619 2,877,259,890
Less : Realisation during the year 630,943,667 435,935,847
2,674,309,427 2,114,873,194
23.1 Aging analysis of real estate finance
Amount in Tk. % of total
Up to one year 382,912,953 12.49
Above one year to three years 716,197,610 23.37
Above three years to five years 686,719,605 22.41
More than five years 1,278,770,784 41.73
3,064,600,952 100

24 Car loan- net of current maturity

Add : Disbursement during the year 166,489,552 173,533,752
403,619,123 274,469,464
Less : Realisation during the year 71,197,258 37,339,893
249,647,841 184,073,553
101
25 Provision for doubtful accounts and future losses


Provision required for the year 265,362,694 197,419,782
Provision released during the year (128,944,491) (151,585,744)
Provision charged for the year 136,418,203 45,834,038
Write off during the year (Note 25.3) (32,991,957) (26,432,910)
25.1 Allocation:
Merchant bank 13,873,557 -
Other than merchant bank 122,544,646 45,834,038
136,418,203 45,834,038
25.2 Product wise break up of provision:
Lease 438,098,959 351,002,992
Long term finance 58,256,372 47,784,941
Real estate finance 37,513,819 27,662,128
Car loan 10,293,003 5,057,658
Investment in shares 36,304,103 21,520,357
Short term finance 32,991,088 57,003,022
613,457,344 510,031,098

25.3 During the year 2007, the Company had written off it's receivables of eight contracts as per write off policy
of the Bangladesh Bank.

26 Accounts receivable
Lease 133,681,274 279,747,608
Car loan 4,867,618 3,672,029
Other receivables 343,574,990 68,176,046
550,139,592 421,166,193

26(a) Consolidated accounts receivable
Lease 133,681,274 279,747,608
Car loan 4,867,618 3,672,029
Receivable from CSE & DSE 86,089,697 979,029
Receivable from sale of shares 52,762,876 -
Interest receivable - 640,000
Other receivables 344,492,990 68,176,046
689,910,165 422,785,222

27 Advances, deposits and prepayments
Deposits and prepayments 784,159 726,579
Advance against expenses 6,626,540 7,437,764
Suspense payment 2,934,367 5,947,998
Advance corporate tax 258,515,952 112,121,211
268,861,018 126,233,552
Advances, deposits and prepayments are considered good but not secured by collateral.
2007 2006
Amounts in Taka
102
27(a) Consolidated advances, deposits and prepayments

Deposits and prepayments 2,815,833 862,613
Advance against expenses 7,071,807 7,437,764
Suspense payment 2,934,367 5,947,998
Advance corporate tax 259,273,300 112,168,808
272,095,307 126,417,183

28 Investment in marketable securities 242,966,768 132,035,741

Details of marketable securities are given below:

Market price at the
Name of Company No. of Shares Cost price Taka end of the year (Taka)

Standard Bank Ltd. 151 15,900 51,000
One Bank Ltd. 40,746 12,696,898 23,327,085
Islami Bank Bangladesh Ltd. 4,179 17,515,496 27,715,128
United Leasing Co. Ltd. 20 9,574 12,705
Eastern Cables Ltd. 10 6,240 6,050
Eastland Insurance Ltd. 190 20,583 76,997
Berger Paints BD Ltd. 30,500 4,639,926 8,347,850
Mutual Trust Bank Ltd. 7 2,604 4,176
Square Pharmaceuticals Ltd. 9,527 17,279,657 35,078,414
Square Textiles Ltd. 35,815 2,152,934 4,562,831
BATBC 106,100 8,114,605 15,766,460
Power Grid Company Limited 20,250 11,819,043 13,820,625
Dhaka Electric Supply Company (DESCO) 71,000 69,434,138 75,916,750
Southeast Bank Limited 30,304 14,897,521 17,371,768
Prime Bank Ltd. 48,000 37,892,539 44,340,000
Shahjalal Bank Ltd. 74,750 20,429,038 27,358,500
Apex Adelchi Footwear Ltd. 1,280 911,437 2,778,880
Lanka Bangla Finance Limited 250,000 11,268,649 25,025,000
National Bank Ltd. 13,480 11,373,380 20,142,490
BOC Ltd. 15,050 2,486,606 4,831,050
242,966,768 346,533,759

All investments in marketable securities are valued on an aggregate portfolio basis, at the lower of cost and
market value, at the balance sheet date.

As on December 31, 2007 there was Tk. 103,566,991 gross unrealised gain on investments in marketable listed
securities.

29 Inter- company receivables

This represents receivables from subsidiary companies.

IDLC Securities Limited 3,776,587 1,476,261
I.Cons Limited 664,089 724,803
4,440,676 2,201,064
2007 2006
Amounts in Taka
103
30 Short term finance

Factoring and account receivable 120,921,721 132,391,523
Work order financing 12,390,451 24,490,944
Inter Corporate Deposits (ICD) 79,802,096 168,668,031
213,114,268 325,550,498

31 Current maturity of direct finance

Car loan 82,774,024 53,056,018
1,356,297,410 830,397,992
32 Cash and cash equivalents

Cash in hand 36,000 38,000
Cash at bank:
Current deposit
Arab Bangladesh Bank Ltd. 6,865,799 2,784,379
Bangladesh Bank 143,836,691 127,472,506
Bank Asia Ltd. (2,409,414) (1,225,235)
Citi Bank N.A 33,132,807 38,254,703
Commercial Bank of Ceylon 3,027,219 4,692,438
Eastern Bank Ltd. 69,090 (1,965,544)
Islami Bank Foreign Ex. Br. 302,962 309,211
Prime Bank Ltd. - 202,570
Standard Chartered Bank (76,345,444) 11,697,566
State Bank of India 285,914 41,407
The City Bank Ltd. 4,797 258,797
HSBC 3,569,503 (203,748)
Dhaka Bank Ltd. 9,318,944 -
Uttara Bank Limited 300 4,900
121,659,168 182,323,950
Short term deposit
Pubali Bank Ltd. 23,344 33,175
Southeast Bank Ltd. 187,286 (31,156)
Citi Bank N.A 61,239,395 49,634,300
Commercial Bank of Ceylon - 38,727
Exim Bank Ltd. 835,002 41,284
Prime Bank Ltd. 208,528 206,291
The City Bank Ltd. 2,262,807 3,194,357
BRAC Bank Limited 20,842,000 -
Investment on call loan - 85,000,000
Fixed deposits 1,230,000,000 180,000,000
Funds received from CIDA for LEIC 54,971,540 18,933,213
1,387,778,019 349,501,583
1,509,473,187 531,863,533
2007 2006
Amounts in Taka
104
32(a) Consolidated cash and cash equivalents

Cash in hand 56,000 48,000
Cash at bank 1,683,805,328 598,816,851
1,683,861,328 598,864,851

33 Current maturity of long term loans, deposits and advances

Long term loans
Secured long term loan 637,170,648 534,838,285
Unsecured long term loan 262,956,581 192,894,849
Term deposits 3,236,848,607 2,244,036,235
Lease & loan advances 85,065,642 60,687,630
Liabilities under finance lease 2,817,099 2,465,696
4,224,858,577 3,034,922,695

34 Short term loans

This consists of as follows:
Bank overdraft (Note 34.1) 7,846,083 348,361,920
Short term loan (Note 34.2) 285,000,000 410,000,000
292,846,083 758,361,920
34.1 Bank overdraft
Dhaka Bank Ltd. - 101,435,469
BRAC Bank Ltd. 4,855,788 48,176,715
One Bank Limited 2,990,295 198,749,736
7,846,083 348,361,920

Total limit of overdraft is Tk. 210,000,000 which is secured under pari pasu security sharing agreement with other
lenders .

34.2 Short term loan
Commercial Bank of Ceylon Limited 85,000,000 100,000,000
Mutual Trust Bank Ltd. 50,000,000 -
Citi Bank N.A. 50,000,000 210,000,000
285,000,000 410,000,000

35 Payable and accrued expenses

Receipt against leases 155,543,081 181,105,881
Liabilities for expenses 541,350,756 447,559,292
Liabilities for other finance 79,625,316 79,139,024
776,519,153 707,804,197

2007 2006
Amounts in Taka
105
35(a) Consolidated payable and accrued expenses

Receipt against leases 155,543,081 181,105,881
Liabilities for expenses 545,114,433 448,074,737
Liabilities for other finance 80,105,851 79,139,024
Payable to clients 236,917,012 33,515,645
Other liabilities 55,000 1,728,614
1,017,735,377 743,563,901

36 Provision for current taxation

Opening balance 544,293,215 97,834,361
Add: Transferred from deferred tax - 368,000,000
Add: Provision made during the year 186,000,000 78,458,854
730,293,215 544,293,215
Less: Adjustments made during the year (4,609,605) -
734,902,820 544,293,215

37 Inter-company payable - Tk. 567,980

The above amount has been pai d by I DLC Securi ti es Li mi ted to meet expendi ture, such as fi xed assets
purchase, CDBL charges and training expenses on behalf of IDLC Finance Limited.
38 Income from lease finance

Lease income earned 675,081,252 595,021,521
Realisation of interest accrued upto lease execution 1,677,108 7,629,120
Realisation of late payment interest & others 16,059,319 10,653,741
Transfer price/ gain at the time of expiry of lease 5,910,393 8,987,778
698,728,072 622,292,160

39 Income from real estate finance

Interest income 412,366,206 288,917,934
Application and documentation fees 21,714,469 15,314,344
434,080,675 304,232,278

40 Income from term loan

Interest on loan 304,497,775 162,072,179
Commitment fees, service charges and documentation fees 3,941,310 2,717,739
Realisation of late payment interest 4,016,340 945,786
312,455,425 165,735,704
2007 2006
Amounts in Taka
106
41 Income from short term finance

Interest income 30,836,736 27,874,983
Service charges 5,942,222 4,131,407
36,778,958 32,006,390

42 Income from car loan

Interest income 42,565,508 23,762,399
Application and processing fees 1,785,127 969,713
44,350,635 24,732,112

43 Income from investment in securities

Gain on sale of marketable securities 133,793,376 58,092,276
Dividend income 8,810,939 12,292,847
142,604,315 70,385,123
43 (a) Consolidated Income from investment in securities

Gain on sale of marketable securities 145,788,972 58,092,276
Dividend income 8,810,939 12,292,847
154,599,911 70,385,123
44 Income form structured finance

Agency fees 109,739 1,093,793
Arrangement fees 12,365,121 6,113,673
Advisory fees 976,926 1,000,000
Syndication commission - 43,496
13,451,786 8,250,962

45 Income from portfolio management services

Documentation fees 636,000 90,500
Portfolio management fees 32,033,271 6,936,462
Trading commission 37,599,493 5,003,889
Interest on margin loans to portfolio investors 164,422,451 39,616,702
234,691,215 51,647,553

46 Income form IT operations

Web designing 540,000 295,635
Support service 3,343,000 7,200
Software development 4,910,000 1,590,800
8,793,000 1,893,635

47 Income from securities brokerage operation

Brokerage commission 55,173,445 4,559,512
Service charges 397,900 12,800
Transaction fees 903,942 10,438
Custody fees 129,690 622
BO account maintenance fees 110,700 -
56,715,677 4,583,372
2007 2006
Amounts in Taka
107
48 Financial expenses

Interest and charges on loans and debentures 1,241,930,971 909,659,266
Interest capitalisation (9,023,494) (40,390,246)
Legal fee for Loans 71,510 59,500
Earnings from liquid funds (120,084,113) (53,830,393)
Transferred to merchant bank operation (Note 48.1) (148,719,438) (37,570,060)
964,175,436 777,928,067
48.1 Transferred to merchant bank operation

Allocation has been made on the basis of average investment portfolio.
48(a) Consolidated financial expenses

Interest on loans and debentures 1,244,304,309 909,843,156
Interest capitalisation (9,023,494) (40,390,246)
Legal fee for loans 71,510 59,500
Earnings from liquid funds (120,084,113) (53,830,393)
Howla and laga charges 6,205,005 309,064
CDBL fees 1,181,642 138,165
Tax expenses 3,101,876 155,498
Connectivity charges 485,686 71,060
Transferred to merchant bank operation (Note 48.1) (148,719,438) (37,570,060)
977,522,983 778,785,744

49 General and administrative expenses

Salary and allowances (Note 49.3) 128,501,158 103,688,317
Medical and welfare expenses 2,932,753 2,023,782
House expenses 3,322,999 3,220,941
Training expenses 1,254,591 1,251,274
Professional fees
Audit fees 224,675 155,625
Other professional fees 2,081,464 1,610,076
Directors' remuneration (Note 49.4) 311,000 220,700
Travel and conveyance 2,955,661 2,240,146
Motor vehicle expenses 6,748,884 5,729,707
Printing and stationery 6,160,822 6,039,474
Books and periodicals 154,772 118,065
Communication 7,185,770 6,420,778
Renewal and registration 1,393,955 344,937
Bank charges 738,930 679,262
Advertisement and publicity 6,758,322 7,131,025
Promotional expenses 1,050,174 216,537
Donations and subscriptions 4,136,377 543,009
Entertainment 2,480,085 2,352,504
Public relations 1,193,242 460,689
210,136,798 166,297,856
2007 2006
Amounts in Taka
108
49.1 Allocation:

Merchant bank (Note 49.5) 7,544,516 5,496,350
210,136,798 166,297,856
49.2 Management emoluments

Remuneration 25,082,167 15,535,695
Benefits 3,626,772 4,363,670
28,708,939 19,899,365

Management emoluments include an aggregate amount of Tk. 8,594,870 (Tk.8,200,785 in 2006) paid to the
Managing Director of the Company as remuneration and benefits.

49.3 Salary and allowances

Salary and allowances include annual contribution of Tk. 4,146,028 to provident fund and provision of Tk.
11,269,574 for gratuity fund.
49.4 Directors remuneration

Directors remuneration for attending each board meeting during the year was Tk. 4,000. No director has been
paid any remuneration for any special services rendered.
49.5 Allocation to merchant banking operation

Indirect expenses have been allocated based on number of employees working in the Merchant Banking Unit.

49(a) Consolidated general and administrative expenses

Salary and allowances 139,511,934 105,518,068
Medical and welfare expenses 2,932,753 2,023,782
House expenses 3,322,999 3,638,951
Training expenses 1,387,226 1,272,774
Professional fees
Audit fees 287,375 195,625
Other professional fees 2,192,814 1,718,736
Directors' remuneration 311,000 220,700
Travel and conveyance 3,163,615 2,240,146
Motor vehicle expenses 6,748,884 5,801,766
Printing and stationery 6,590,125 6,220,235
Books and periodicals 159,675 118,315
Communication 7,435,538 6,439,541
Renewal and registration 1,447,010 412,482
Bank charges 740,105 680,362
Advertisement and publicity 6,881,772 7,570,913
Promotional expenses 1,050,174 216,537
Donations and subscriptions 4,579,624 1,123,200
Entertainment 2,620,426 2,379,875
Government fees and stamp duty 2,630 65,025
Public relations 1,193,242 460,689
225,385,069 170,292,974
2007 2006
Amounts in Taka
109
49.1(a) Allocation:
Merchant bank 7,544,516 5,496,350
225,385,069 170,292,974

50 Non operating income

Foreign exchange gain - 839,961
Gain/(Loss) on disposal of fixed assets 1,767,898 968,671
Miscellaneous income 1,662,116 1,527,578
3,430,014 3,336,210

50(a) Consolidated non operating income
Foreign exchange gain - 839,961
Gain/(Loss) on disposal of fixed assets 1,767,898 968,671
Miscellaneous income 2,112,116 1,527,578
Bank interest 5,762,511 1,115,977
9,642,525 4,452,187
51 Tax expenses

51.1 Current tax

Provisions for current tax has been made on the basis of the profit for the year as, adjusted for taxation purposes
in accordance with the provisions of Income Tax Ordinance, 1984 and amendments thereto. The current tax rate
for the Company is 45% on taxable income.

51.2 Deferred tax

Deferred tax is provided using the liability method for all temporary differences arising between the tax base of
assets and liabilities and their carrying values for financial reporting purposes as per Bangladesh Accounting
Stansdard No. 12.
51.3 Average effective tax rate

The average effective tax rate is calculated below as per Bangladesh Accounting Standards 12:

Tax expenses 168,132,848 78,458,854
Accounting profit before tax 420,570,219 233,614,688
Average effective tax rate 39.98% 33.58%

51.3(a) Consolidated average effective tax rate

The average effective tax rate is calculated below as per Bangladesh Accounting Standards 12 :

Tax expenses 171,176,807 78,895,299
Accounting profit before tax 474,502,203 236,145,470
Average effective tax rate 36.08% 33.41%
2007 2006
Amounts in Taka
110
52 Earnings Per Share (EPS)

Earni ngs per share as shown i n the face of the profi t and l oss account i s cal cul ated i n accordance wi th
Bangladesh Accounting Standards No-33: "Earnings Per Share".

Basic earnings per share has been calculated as follows:

Earnings attributable to ordinary shareholders (Net profit after tax) 252,437,371 155,155,834
Weighted average number of ordinary shares outstanding during the year 2,000,000 2,000,000
Basic earnings per share 126.22 77.58

No diluted earnings per share is required to be calculated for the year, as there was no convertible securities for
dilution during the year.

52(a) Consolidated Earnings Per Share (EPS)

Earnings per share, as shown in the face of the consolidated profit and loss account, is calculated in accordance
with Bangladesh Accounting Standards no.-33: "Earnings Per Share".

Basic earnings per share has been calculated as follows:

Earnings attributable to ordinary shareholders
(Profit after tax and minority interest) 303,325,136 157,250,055
Weighted average number of ordinary shares outstanding during the year 2,000,000 2,000,000
Basic earnings per share 151.66 78.63
53 Others

53.1 Related party transactions

Parties are considered to be related, if one party has the ability to control the other party, or exercises significant
influence over the other party, in making financial and operational decisions and include associated companies
with or without common directors and key management positions. The Company has entered into transactions
with other entities in the normal course of business that fall within the definition of related party as per Bangladesh
Accounting Standards No. - 24: "Related Party Disclosures. "Transactions with related parties are executed on
the same terms, including interest rate and collateral, as those prevailing at the time for comparable transactions
with other customers of similar credentials and do not involve more than normal risk.
Details of transactions with related parties and balances with them as at December 31, 2007 were as follows:

Balance at year end
Name of the related party Transaction nature Relationship receivable/ (payable)
Taka
The City Bank Ltd. Debenture placement Sponsor shareholder (100,000,000)
Sadharan Bima Corporation Debenture placement Sponsor shareholder (20,000,000)
Sadharan Bima Corporation Debenture placement Sponsor shareholder (200,000,000)
Mercantile Bank Ltd. Long-term loan General shareholder (101,666,666)
Partex Group Lease financing/Loan Common Directorship 73,629,056
Transcom Group Lease financing/Loan Shareholder 96,627,917
2007 2006
Amounts in Taka
111
53.2 Receivable from Directors

The Company does not have any receivable from any of the Directors of the Company as at the end of the year.
53.3 Business commitments and contingencies

In the normal course of business, the Company makes various commitments and incurs certain contingent
liabilities. No material losses are anticipated as a result of these transactions. These business commitments are
quantified below:

Tk. in million Tk. in million
Guarantees 9.00 2.58
Commitments on account of letter of credit 63.20 25.66
Indemnity Bonds 14.59 21.75
Lease and term finance commitments outstanding at December 31, 2007 161.00 223.95
Real estate finance commitments outstanding at December 31, 2007 271.00 217.82
Car loan commitments outstanding at December 31, 2007 19.00 20.83

53.4 Capital expenditure commitments

There was no capital expenditure contracted but not incurred or provided for, at December 31, 2007. There was
no material capital expenditures, authorised by the Board but not contracted for at December 31, 2007.

53.5 Unacknowledged debt

The Company had no claim, legal and other against it which has not been acknowledged as debt at the balance
sheet date.
53.6 Disbursements

During the year, the Company contracted and disbursed the following amounts :
2007 2006
Contracts / Sanction Execution / Contracts / Sanction Execution /
Disbursement Disbursement
Tk. in million Tk. in million Tk. in million Tk. in million
Lease and term finance 3,138 2,977 2,846 2,875
Real estate finance 1,526 1,255 1,422 1,205
Car loans 196 177 192 171
4,860 4,409 4,460 4,251

53.7 Foreign remittances

The Company remitted the following amounts of foreign currencies during the year:

Currency Amount
Dividend to two foreign shareholders for the year 2006 US$ 29,208

53.8 Number of employees

The Company paid an aggregate amount more than Taka 36,000 to 119 employees and more than Tk. 3,000
per month to 84 employees who were in employment, for full year, and part of the year respectively.
112
53.9 Subsequent events

The Board of Directors, at is 154th metting held on February 19, 2008, has recommended stock dividend @
1:4, i e. one share for every four shares held and 15% cash dividend for the year ended December 31, 2007,
for placement before shareholders at 23rd Annual General Meeting of the Company scheduled to be held on
March 30, 2008.

53.10 Reclassifications

To facilitate comparisons, relevant balances pertaining to the pervious year have been rearranged/restated/reclassified,
wherever considered necessary, to conform to current period's presentation.

53.11 General

53.11.1 The Company publishes half yearly accounts within the following month of half year ended at June 30 of
each year.

53.11.2 The Company does not have any restrictions on distribution and payment of dividends.

53.11.3 During the year under report, no matters were submitted to a vote of shareholders of the Company.

53.11.4 Figures in these notes and financial statements have been rounded off to the nearest taka.

113
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We have audited the accompanying Balance Sheet of IDLC Securities Ltd. for the year ended
December 31, 2007 and the related Income Statement, Statement of Changes in Equity and Cash
Flow Statement for the year then ended. The preparation of these financial statements are the
responsibility of the management of IDLC Securities Ltd. Our responsibility is to express an
independent opinion on these financial statements based on our audit.
We conducted our audit in accordance with Bangladesh Standard on Auditing (BSA). Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of materials misstatement. An audit includes examining on
a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit
al so i ncl udes assessi ng the accounti ng pri nci pl es used and si gni fi cant esti mates made by
management, as well as evaluation of the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements, prepared in accordance with Bangladesh Accounting
Standards (BAS) give a true and fair view of the state of the Companys affairs as of 31 December
2007 and of the results of its operations and its cash flow for the year then ended and comply with
the Companys Act, 1994, the Securities and Exchange rules 1987 and other applicable laws and
regulations.
a) We have obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit and made due verification thereof;
b) In our opinion, proper books of account as required by law have been kept by the Company so
far as it appeared from our examination of those books;
c) The Companys Balance Sheet and Income Statement dealt with by the report are in agreement
with the books of accounts.
Dated: Dhaka (Masih Muhith Haque & Co.)
February 18, 2008 Chartered Accountants.
Auditors' Report
To the shareholders of IDLC Securities Ltd.
114
Balance Sheet

Amounts in Taka
Notes 2007 2006

SOURCES OF FUNDS
Share capital 3 50,000,000 50,000,000
Proposed dividend 12,500,000 -
Retained earnings 4 37,733,682 912,228
100,233,682 50,912,228
Fixed assets (at cost less accumulated depreciation) 5 11,913,662 2,282,308
Intangible assets 6 218,347 266,670
Membership at cost 7 18,676,000 18,676,000
DSE 15,225,000 15,225,000
CSE 3,451,000 3,451,000

Current assets 351,509,228 67,115,414
Security deposits 8 125,000 125,000
Advance Income Tax (AIT) 9 743,898 45,111
Advances and Prepayments 10 2,245,640 -
Inter company receivable 11 567,980 -
Receivable from DSE 12 93,283,487 1,061,058
Receivable from CSE 13 29,410,994 160,170
Receivable from Clients 14 355,960 -
Receivable from sale of shares 15 52,762,876 -
Interest receivable 16 - 640,000
Cash & cash equivalents 17 172,013,393 65,084,075

Current liabilities 282,083,555 37,428,164
Payable to clients 18 237,272,973 33,515,645
Payable to DSE 19 34,375,772 82,029
Payable to CSE 20 2,229,012 1,658,784
Inter company payable 21 3,951,587 1,476,261
Accounts payable 22 480,535 175,000
Security deposits 23 55,000 55,000
Provision for expenses 24 3,718,676 465,445

Net current assets 69,425,673 29,687,250

100,233,682 50,912,228
Attached notes form part of these accounts. As per our annexed report of even date.

Chairman / Director CEO (Masih Muhith Haque & Co.)
Chartered Accountants
115
Income Statement

Amounts in Taka
Particulars Notes 2007 2006

Operating income 25 68,711,273 4,583,372

Less : Operating expenses 26 11,586,570 753,889

Net income from operation 57,124,703 3,829,483

Add : Other income 27 6,102,867 1,091,112

Total income 63,227,570 4,920,595

Less : Office & administrative expenses 28 8,488,818 3,388,032

Profit before financial expenses 54,738,752 1,532,563

Less : Financial expenses 29 2,373,339 183,890

Net profit/ (loss) before income tax 52,365,413 1,348,673

Income tax 3,043,959 436,445

Net profit/(loss) after tax 49,321,454 912,228

116
Statement of Changes in Equity

Particulars Share Proposed Retained Total
capital dividend earnings
Amount (Tk.) Amount (Tk.) Amount (Tk.) Amount (Tk.)

Issue of share capital 50,000,000 - - 50,000,000

Net profit during the period
(Sep 18, 2006 to Dec 31, 2006) - - 912,228 912,228

Balance as on December 31, 2006 50,000,000 - 912,228 50,912,228

Net profit during the year
(Jan 01, 2007 to Dec 31, 2007) - - 49,321,454 49,321,454
Proposed dividend (25% cash) - 12,500,000 (12,500,000) -

Balance as on December 31, 2007 50,000,000 12,500,000 37,733,682 100,233,682

117
Cash Flow Statement
Amounts in Taka
Particulars 2007 2006
A. Cash flow from operating activities
Net profit during the year/period 49,321,454 912,228
Add: Amount considered as non cash items:
Depreciation & amortization charged 1,020,602 133,503
Provision for income tax 3,043,959 436,445
Provision for CDBL charges 75,829 9,000
Provision for audit fee 6,125 20,000
Sub total of non cash items 4,146,515 598,948

Change in current liabilities & assets
Receivable from DSE (92,222,429) (1,061,059)
Receivable from CSE (29,250,824) (160,170)
Receivable from Clients (355,960) -
Receivable from sale of shares (52,762,876) -
Interest receivable 640,000 (640,000)
Other Receivable (567,980) -
Advances and Prepayments (2,245,640) -
Advance Income Tax (AIT) (698,787) (45,111)
Payable to clients 203,757,328 33,515,645
Payable to DSE 34,293,743 82,029
Payable to CSE 570,228 1,658,784
Accounts payable 305,535 175,000
Provision for expenses 127,318 -
Net cash flows from operating activities 115,057,625 35,036,295
B. Cash flow from investing activities
Acquisition of membership
DSE - (15,225,000)
CSE - (3,451,000)
Security deposits - (125,000)
Security deposits - 55,000
Fixed assets acquisition (10,603,633) (2,682,481)
Net cash flows from investing activities (10,603,633) (21,428,481)
C. Cash flows from financing activities
Share capital - 50,000,000
Loan from IDLC Finance Limited 2,475,326 1,476,261
Net cash used in financing activities 2,475,326 51,476,261
D. Net cash increase/ (decrease) (A+B+C) 106,929,318 65,084,075
E. Cash and cash equivalents at the beginning of the year 65,084,075 -
F. Cash and cash equivalents at the end of the year 172,013,393 65,084,075

Closing balance represents
Cash in hand 20,000 10,000
Cash at bank 171,993,393 40,074,075
Fixed deposits - 25,000,000
172,013,393 65,084,075

118
1.00 Company and its activities

1.01 Legal status of the Company

IDLC Securities Limited was incorporated as a private limited company in Bangladesh under The Companies Act,
1994 on April 19, 2006 vide registration No. C-61319 (3328)/06. The Company started its operation from
September 18, 2006.
1.02 Nature of business activities

The Company is a securities company and a member of Dhaka Stock Exchange Limited (DSE) (Membership No.
58) and Chittagong Stock Exchange Limited (CSE) (Membership No. 119) and is engaged in brokerage in the
capital market.
2.00 Significant accounting policies
2.01 Basis of accounting

The financial statements have been prepared under the historical cost convention on a going concern basis and
in accordance with Companies Act,1994 and Bangladesh Accounting Standards (BAS).
2.02 Revenue recognition

Operating income:

Revenue is recognized based on share transactions amount which comprises of brokerage commissions, service
charges, transaction fees and custody fees and capital gain.
Interest on bank accounts and fixed deposit:
Revenue is recognized as the interest accrues unless collectibility is in doubt.

2.03 Taxation

Income tax charges for the year:

Under the Income Tax Ordinance 1984, IDLC Securities Limited is subject to tax on income derived from share
transaction amount of its trading activities.
2.04 Provision for taxation

Provision for income tax has been calculated on the other income of the Company. The Company's trading
income is subject to deduction of tax at source on brokerage commission as final settlement.
2.05 Provision for expenses

Provisions for expenses are recognised when the Company has a present obligation as a result of a past event
and it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate of the amount can be made.
119
2.06 Fixed assets and depreciation

Fixed assets

Fixed assets are stated at cost less accumulated depreciation.

Depreciation

Depreciation is charged on fixed assets on a straight line method at the rates varying from 12.50% to 33.33% in
order to write them off over their useful economic life.

Amortization

ntangible assets are amortized over a period of three years.

Depreciation and amortization have been allocated to operating and office & administrative expenses as 60% &
40% proportionately.

2.07 Cash and cash equivalents:

Cash and cash equivalents includes cash in hand, cash at banks and fixed deposits which are held and available
for use by the Company without any restriction. There is insignificant risk of change in value of the same.

2.08 Currency

The amounts of these financial statements have been rounded off to the nearest figure in Bangladesh Taka.
Amounts in Taka
2007 2006
3 Share capital
Authorised capital
2,500,000 shares of Tk. 100 each 250,000,000 250,000,000

Issued, subscribed & paid up capital :
499,999 shares of Tk. 100 each fully paid up in cash 49,999,900 49,999,900

Mr. Arif Khan
1 share of Tk. 100 each fully paid up in cash 100 100
50,000,000 50,000,000

4 Retained earnings

Opening balance 912,228 -
Add : Net profit during the year 49,321,454 912,228
Less : Proposed dividend 12,500,000 -
37,733,682 912,228
120
5.01 Allocation of depreciation charged
Amounts in Taka
2007 2006
Depreciation charged during the year has been allocated as follows :
Operating expenses (60%) 547,367 60,104
Office & administrative expenses (40%) 364,912 40,069

912,279 100,173

6 Intangible assets
This represents cost of IT Software & development,
the details of which are given below :
360,000 300,000
Purchase during the year 60,000 300,000
Less : 141,653 33,330
Opening amortisation 33,330 -
Amortization during the year (Note: 6.01) 108,323 33,330
218,347 266,670
6.01 Allocation of amortization charged
Amortization charged during the year has been allocated as follows :
Operating expenses (60%) 64,994 19,998
Office & admin. expenses (40%) 43,329 13,332
108,323 33,330
5 Fixed assets (at cost less depreciation)

Particulars

Computer peripherals

Office equipments

Electrical equipment

Office decoration

Furniture & fixtures

Telephone and telex

Total

Year 2006
Balance
as on
01.01.07
1,234,000
828,994
-
-
319,487
-
2,382,481
-
Purchase
during the
year
2,238,420
1,862,418
2,703,117
2,222,766
1,433,652
83,260
10,543,633
2,382,481
Balance
as on
31.12.07
3,472,420
2,691,412
2,703,117
2,222,766
1,753,139
83,260
12,926,114
2,382,481
Balance
as on
01.01.07
56,367
37,150
-
-
6,656
-
100,173
-
Charged
during the
year
372,585
241,012
140,761
74,355
75,830
7,736
912,279
100,173
Balance
as on
31.12.07
428,952
278,162
140,761
74,355
82,486
7,736
1,012,452
100,173
W.D.V
as on
31.12.07
3,043,468
2,413,250
2,562,356
2,148,411
1,670,653
75,524
11,913,662
2,282,308
Rate
of
Dep.
%
20.00
20.00
20.00
20.00
12.50
33.33
Cost Depreciation
121
7 Membership at cost
This represents the amount paid for purchasing membership of Dhaka Stock Exchange Ltd. (DSE) and
Chittagong Stock Exchange Ltd. (CSE) Including stamp duty for transferring shares.
Amounts in Taka
2007 2006
DSE
Purchase of DSE membership from Mehnaz Mannan & Co. 15,000,000 15,000,000
15,225,000 15,225,000
CSE
Purchase of CSE membership from Technohaven Securities Ltd. 3,400,000 3,400,000
3,451,000 3,451,000
18,676,000 18,676,000
8 Security deposits

Security deposit at CDBL 100,000 100,000
Security deposit at CSE 25,000 25,000

Total 125,000 125,000

9 Advance income tax

Addition during the year 698,787 45,111
743,898 45,111
The amount has been deducted at source on Bank Interest, FDR Interest and Dividend Income.
10 Advances and Prepayments

Advance: 350,000 -
Advance to Dhaka Stock Exchange Limited 350,000 -

Prepayments: 1,895,640 -
Chittagong branch rent 1,655,640 -
DOHS branch rent 240,000 -
2,245,640 -

11 Inter company receivable

The amount represents receivable from IDLC Finance Ltd. for the following expenses bared by IDLC Securities Ltd.
Staff training 25,885 -
Furniture and Fixtures 176,900 -
Computer peripherals 241,500 -
CDBL Charges 123,695 -
567,980 -
122
12 Receivable from DSE

This balance has been resulted from sale of shares through Dhaka Stock Exchange Ltd. (DSE).

Amounts in Taka
2007 2006
Total Sales 93,283,487 1,061,058
93,283,487 1,061,058
13 Receivable from CSE

This balance has been resulted from sale of shares through Chittagong Stock Exchange Ltd. (CSE).
Total Sales 29,410,994 160,170
29,410,994 160,170
14 Receivable from Clients. Tk. 355,960
This balance represents the clients' purchase of shares on 30 December 2007 and CDBL charge incurred
against trading during December 2007.
15 Receivable from sale of shares: Tk. 52,762,876
This balance has been resulted from the sale of marketable securities during the year.
16 Interest receivable
The interest has been accrued from FDR amount with IDLC and calculated on daily basis at the range of interest
@ 13.00% to 13.50% .
Interest receivable - 640,000
- 640,000
17 Cash & cash equivalents
Cash in hand 17.1 20,000 10,000
Cash at bank 17.2 171,993,393 40,074,075
FDR - 25,000,000
172,013,393 65,084,075

17.1 Cash in hand : Tk. 20,000
The amount is lying with the accountant's custody as on December 31, 2007.
17.2 Cash at bank
Name of the Bank Branch A/c no. A/c type Amount (Tk.)
Standard Chartered Bank Ltd. Dhaka Main Br. 02-3066347-01 Call deposit 3,458,754
Standard Chartered Bank Ltd. Dhaka Main Br. 02-3066347-02 Call deposit 168,534,639
CitiBank N.A. Dhaka 010000200553004 Current A/C -
HSBC Dhaka Main 001-247642-011 Current A/C -
171,993,393
18 Payable to clients: Tk. 237,272,973

This balance represents the clients' sale proceeds of shares and deposits against share purchase which is
currently lying with the Company's bank A/C.
123
19 Payable to DSE

This balance has been resulted from purchase of shares through Dhaka Stock Exchange Ltd (DSE).

Amounts in Taka
2007 2006
Total Purchase 34,375,772 82,029
34,375,772 82,029
20 Payable to CSE

This balance has been resulted from purchase of shares through Chittagong Stock Exchange Ltd (CSE).
Total purchase 2,229,012 1,658,784
2,229,012 1,658,784
21 Inter company payables
This represents payable to IDLC Finance Limited for the following expenses incurred by IDLC Securities Limited
and I.Cons Limited for getting IT services:
IDLC Finance Limited:
Opening balance 1,476,261 -
Legal and professional fee - 87,860
Office equipment - 234,000
Salaries and remuneration 1,170,379 541,439
Telephone expenses 72,617 18,763
Office rent 691,000 351,000
Utilities 246,257 124,244
Postage and courier 5,668 -
Company registration - 43,930
Government fees & stamp duty - 65,025
Internet connectivity charge 13,512 -
Traveling and conveyance 97,060 -
Donation 3,833 -
Memorandum drafting fee - 10,000
3,776,587 1,476,261
I.cons Limited
For IT services 175,000 -
Total 3,951,587 1,476,261

22 Accounts payable

Payable to MSOFT Technologies - 175,000
Payable to Grameen Bitek Limited 45,000 -
Payable to M/S Selection 282,550 -
Payable to IDLC Securities Employees' Provident Fund 151,766 -
Other payable 1,219 -
480,535 175,000

23 Security deposits

The amount deposited by clients as security money against their respective Beneficiary Owners A/c (BO)

Foreign individual 1,000 1,000
Local individual 47,000 47,000
Local institution 7,000 7,000
55,000 55,000
124
24 Provision for expenses Amounts in Taka
2007 2006
Audit fee 26,125 20,000
Office rent 69,500 -
Utilities 57,818 -
Income tax 3,480,404 436,445
CDBL charges 84,829 9,000
3,718,676 465,445
25 Operating income

Brokerage commission 55,173,446 4,559,512
Service charges 397,900 12,800
Transaction fees 903,941 10,438
Custody fees 129,690 622
BO account maintenance fees 110,700 -
Gain on sale of marketable securities 12,030,796 -
Loss on trading (35,200) -
68,711,273 4,583,372
Capital gain has generated from own portfolio of IDLC Securities Limited during the year 2007. As such the
Company has informed the Stock Exchanges regarding its own transactions through Form 'D' to comply with
rules 8(3) of Securities and Exchange Commission Rules 1987.
26 Operating expenses

Howla charges 1,035,213 49,899
DSE 926,913 42,573
CSE 108,300 7,326

Laga charges 5,169,793 259,165
DSE 4,724,944 139,950
CSE 444,849 119,215

CDBL transaction fees 1,011,858 136,370
CDBL custody fees 169,784 1,795
Tax Deducted at Source (TDS) (Note: 26.1) 3,101,876 155,498
Internet connectivity charges 485,685 71,060
Depreciation & amortization 612,361 80,102
11,586,570 753,889

26.1 Tax Deducted at Source (TDS)

The amount has been deducted by Dhaka Stock Exchange Ltd. (DSE) & Chittagong Stock Exchange Ltd. (CSE)
from the transaction amount as per section 53BBB of the Income Tax Ordinance 1984.
TDS deducted by:
Dhaka Stock Exchange Ltd. 2,834,966 83,970
Chittagong Stock Exchange Ltd. 266,910 71,528
3,101,876 155,498

125
27 Other Income
Amounts in Taka
2007 2006
Interest on FDR 2,710,000 640,000
Bank interest 2,942,867 451,112
Dividend income 450,000 -
6,102,867 1,091,112
28 Office & administrative expenses

Salaries & remuneration 4,190,899 1,270,989
Staff training 132,635 21,500
Legal charges & professional fee 111,350 108,660
Advertisement & promotion 123,450 439,888
Subscription & fee 329,414 580,191
Company registration - 43,930
Government fees & stamp duty 2,630 65,025
Memorandum drafting fee - 10,000
Renewal & registration 45,450 -
Office rent 1,413,540 351,000
Utilities 321,866 124,244
Repair & maintenance 269,910 72,059
Entertainment 140,341 27,371
Telephone expenses 137,520 18,763
Printing & stationeries 429,302 180,761
Newspaper & periodicals 4,903 250
Audit fee 42,700 20,000
Postage and courier 13,715 -
Traveling and conveyance 207,954 -
Donations 113,833
Other office expenses 49,165 -
Depreciation & amortization 408,241 53,401

Total 8,488,818 3,388,032

29 Financial expenses

Bank charges 26,311 6,112
Interest on short term loan 2,144,250 -
Interest on overdraft facilities 202,778 177,778
2,373,339 183,890
30 Net worth

Share capital 50,000,000 50,000,000
Proposed dividend 12,500,000 -
Retained earnings 37,733,682 912,228
100,233,682 50,912,228

This represents 200.47% of the paid up capital of the Company.
126
A
u
d
i
t
o
r
s
'

R
e
p
o
r
t

a
n
d
A
u
d
i
t
e
d

F
i
n
a
n
c
i
a
l

S
t
a
t
e
m
e
n
t
s
We have audited the accompanying Balance Sheet of I.Cons Limited as of 31 December 2007
and the related Profit & Loss Account and Cash Flow Statement for the year ended on that date.
The preparation of the financial statements is the responsibility of the Companys management. Our
responsibility is to express an independent opinion on these financial statements based on our
audit.
We conducted our audit in accordance with Bangladesh Standard on Auditing (BSA). Those
standards require that we plan and perform the audit to obtain reasonable assurance that the
financial statements are free of material misstatement. Our audit includes examining on a test basis,
evidence supporting the amounts and disclosures in the financial statements. Our audit also
i ncl udes assessi ng t he account i ng pri nci pl es used and si gni f i cant est i mat es made by
management, as well as evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements, prepared in accordance with Bangladesh Accounting
Standards (BAS) give a true and fair view of the state of the companys affairs as of 31 December
2007 and of the results of its operation for the year then ended and comply with the Companys
Act, 1994 and other applicable laws and regulations.

a) We have obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit and made due verification thereof;
b) In our opinion, proper books of account as required by law have been kept by the company so
far as it appeared from our examination of those books;
c) The Companys Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by
the report are in agreement with the books of accounts.
Dated: 23 January 2008 Shahadat Hossain & Co.
Place: Dhaka Chartered Accountants.
Auditors' Report to the Shareholders
I.Cons Limited
127

Amounts in Taka

Property, plant & equipment 3 620,486 730,649

Current assets
Advance, deposit & prepayments 4 119,751 13,520
Accounts receivable 5 918,000 -
Inter-company receivable 6 175,000 -
Cash and cash equivalents 7 2,374,748 1,917,243
3,587,499 1,930,763
Current liabilities
Liabilities for expenses 8 45,000 50,000
Inter-company payable 9 664,089 724,803
709,089 774,803

Net current assets 2,878,410 1,155,960
Total 3,498,896 1,886,609
Financed by:

Authorised share capital:
1,000,000 Ordinary shares of Tk.100 each 100,000,000 100,000,000

Paid up share capital:
10,000 Ordinary shares of Tk.100 each 10 1,000,000 1,000,000
Retained earnings 11 2,498,896 886,609

Total 3,498,896 1,886,609

Chairman Managing Director
Signed in terms of our separate report of even date annexed.
I.Cons Limited
Balance Sheet
I.Cons Limited
128

Amounts in Taka

Operational revenue 12 8,793,000 1,893,635

Operational expenses:
Staff salary 6,819,877 558,762
Office rent & maintenance 201,783 67,010
License fees 2,605 13,615
Bank charge & commission 1,175 1,100
Audit and professional fees 20,000 20,000
Communication expenses 98,533 -
Membership fees 5,000 -
Insurance expenses 8,221 -
Repair and maintenance 10,500 -
Depreciation 122,663 121,621
7,290,357 782,108

Operating profit 1,502,643 1,111,527
Non-operating income (Bank Interest) 109,644 24,865
Net profit for the year 1,612,287 1,136,392


I.Cons Limited
I.Cons Limited
129
I.Cons Limited
Cash Flow Statement
Amounts in Taka
Particulars 2007 2006
A. Cash flows from operating activities:

Net profit as per profit and loss account 1,612,287 1,136,392
Less: Adjustments
Depreciation 122,663 121,621
122,663 121,621

Advance, deposit & prepayments (106,231) (115,520)
Increase of accounts receivable (918,000) -
Increase of Inter company receivable (175,000) -
Decrease of liabilities for expenses (5,000) 10,000
Decrease of inter-company payable (60,714) 660,421
Total cash flows from operating activities: 470,005 1,812,914

B. Cash flow from investing activities:
Acquisition of fixed assets (12,500) -
(12,500) -

C. Cash flow from financing activities:
- -
Net cash flow (A+B+C) 457,505 1,812,914
Opening cash and cash equivalents 1,917,243 104,329
Closing cash and cash equivalents 2,374,748 1,917,243
I.Cons Limited
130
I.Cons Limited
Statement of Changes in Equity
Particulars Share Capital Retained earnings Total
Taka Taka Taka

Balance at January 1, 2006 1,000,000 (249,783) 750,217

Net profit for the year 2006 - 1,136,392 1,136,392

Balance at December 31, 2006 1,000,000 886,609 1,886,609

Net profit for the year 2007 - 1,612,287 1,612,287

Balance at December 31, 2007 1,000,000 2,498,896 3,498,896

I.Cons Limited
131
I.Cons Limited
Notes to the Financial Statements
Forming an integral part of the financial statements
1 Legal status and nature of the Company
I.Cons Limited was incorporated on 19 March 2004 as a Private Limited Company in Bangladesh under the
Companies Act. 1994 having its registered office at SEL Centre (5th Floor) West Panthapath, Dhanmondi, Dhaka-
1205. The company started operation from 1 July 2006.
Principal activities

The principal activities of the Company are to carry out the business of IT products and services which includes
among other things to develop, design and create computer programs and software and to sell, trade, import and
export of such programs and software.
2 Significant accounting policies
2.a Basis of financial statements preparation
The financial statements are prepared on historical cost basis on generally accepted accounting principals in
Bangladesh including Bangladesh Accounting Standard.
2.b Property, plant & equipment
Property, plant & equipments are stated at cost less accumulated depreciation. Details of fixed assets are shown
in Note - 3
2.c Depreciation
Depreciation is calculated to write off the cost of property, plant & equipment by the straight line method over their
estimated useful lives as follows:
Electrical equipment 20.00%
Furniture and fixtures 12.50%
Office decoration 10.00%

2.d Revenue recognition
Revenue is recognised when it is probable that the economic benefit of the product sold and services rendered
will flow to the company and the revenue and costs associated with it can be measured reliably.
I.Cons Limited
132
4 Advance, deposit & prepayments
Amounts in Taka
2007 2006

House rent 11,034 11,034
Advance income tax 13,450 2,486
Web hosting expenditure 95,267 -
119,751 13,520
5 Accounts receivable
This represents amount receivable from the customer for providing software.

United Leasing Company Limited 870,000 -
LankaBangla Finance Limited 48,000 -
918,000 -
6 Inter-company receivable

This represents amount receivable from sister concern for providing IT maintenance service to the Company.

IDLC Securities Limited 175,000 -
175,000 -
7 Cash and bank balance
This represents bank balance at the end of the period with The City Bank Limited, Principal Office, Dhaka.

8 Liabilities for expenses
Audit & professional fees:
Balance as on 1 January 50,000 40,000
Addition during the year 20,000 20,000
70,000 60,000
Less: Payment during the year 25,000 10,000
Balance as on 31 December 45,000 50,000
3. Property, plant & equipment
Sl
No.
1
2
3
Particulars
Electrical equipment
Furniture and fixture
Office decoration
Total
Total -2006
Balance
as on
01.01.2007
278,342
342,400
231,528
852,270
852,270
Addition
during the
year
12,500
-
-
12,500
-
Total
as on
31.12.2007
290,842
342,400
231,528
864,770
852,270
Rate
20%
12.5%
10%
Balance
as on
01.01.2007
55,668
42,800
23,153
121,621
-
Total
as on
31.12.2007
112,378
85,600
46,306
244,284
121,621
Written
down
value as on
31.12.2007
178,464
256,800
185,222
620,486
730,649
Charged
for
year
56,710
42,800
23,153
122,663
121,621
Cost Depreciation
I.Cons Limited
133
9 Inter-company payable
Amounts in Taka
2007 2006
Various expenses paid by Holding Company 664,089 724,803
664,089 724,803

The above amount has been paid by IDLC Finance Limited to meet the various expenses such as office rent and
maintenance, staff salary, licence fees and audit and professional fees.

10 Share capital
Authorised:
1,000,000 ordinary shares of Tk 100 each 100,000,000 100,000,000
Issued, subscribed and paid up:
10,000 Ordinary shares of Tk 100 each 1,000,000 1,000,000

Shareholding position at December 31, 2007 was as follows:

Sl No. Name of shareholder

1 IDLC Finance Limited 999,900 999,900
2 Mr. Anis A. Khan 100 100
1,000,000 1,000,000

11 Retained earnings

Previous balance 886,609 (249,783)
Current year balance 1,612,287 1,136,392
2,498,896 886,609

12 Operational Revenue

Web designing 540,000 295,635
Service support 3,343,000 7,200
Softwear development 4,910,000 1,590,800
8,793,000 1,893,635

13 Income tax

I. Cons Ltd. has been enjoying the tax exemption benefit up to 30 June 2008 as per SRO No. 216-AIN/IT/2005
dated July 17, 2005.

14 Related party transaction

During the year under review, the Company does not have any transactions with related party, except as
mentioned in Note No- 6 and 9.
15 Post balance sheet events
No material events had occurred after the balance sheet date to the date of issue of these financial statements,
which could affect the values stated in the financial statements.
I.Cons Limited
134
16 Number of employee
The number of permanent employees engaged for the whole year who received a total annual remuneration of
Tk. 36,000 and above was 8 and below Tk. 36,000 was nil.
17 Contingent liability
As at the end of the year there were no liabilities which were contingent or off Balance Sheet.
18 General

(a) Previous year's figures have been re-arranged where necessary to conform to current period's presentation.

(b) Figures have been rounded off to the nearest Taka.

I.Cons Limited
I/We of
being a member
of IDLC Finance Limited and a holder of shares hereby appoint Mr./Ms.
of as my/our proxy to vote for me/us and on my/our behalf at the 23
rd
Annual General Meeting
of the Company to be held on March 30, 2008 (Sunday) and at any adjournment thereof.
Bay's Galleria (1st Floor), 57 Gulshan Avenue, Gulshan-1, Dhaka-1212 Tel: 8834990, Fax: 8834377, E-mail: mailbox@idlc.com
I hereby record my attendance at the 23
rd
Annual General Meeting of IDLC Finance Limited as a holder of
shares of the Company.
Signed this day of March 2008
Signature Signature
Name
Folio/BO ID No. Folio/BO ID No.
(Member)
Signature
Name
Folio/BO ID No.
(Member/Proxy)
(Proxy)
Name
Bay's Galleria (1st Floor), 57 Gulshan Avenue, Gulshan-1, Dhaka-1212 Tel: 8834990, Fax: 8834377, E-mail: mailbox@idlc.com
IDLC FINANCE LIMITED

IDLC Annual Report 2007

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