Apoloispat 2015 Annual

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4th
E-mail: info@appollo-ispat.com, rani@appollo@-ispat.com, Web : www.appollo-ispat.com
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CONTENTS
01. Performance at a Glance: 2014-15 03
02. Letter of Transmittal 04
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03. Notice of the 21st Annual General Meeting 05
04. Our Mission & Our Vision 06
05. Company Profile 07
06.
07.
Nature of Business
Important Date co 08
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08. Corporate And Contact Information 09
09. AICL Values 10
10. Code of Conduct 11
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11. Key Financial Highlights 12

12. Value Added Statements 13
13. Production Flow 14
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14. Product & Markets 15

15. Organization Structure 21
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16. Board of Directors 22

17. Chairman’s Address 26
18. From the desk of Managing Director 27
19. Shareholders 28
20. Director’s Report 30
21. Annexure 36
22. Certificate on Compliance of Corporate Governance 49
23. Certificate on Financial Statements 50
24. Audit Committee Report 51
25. Corporate Social Responsibility 58
26. Events and Images 59
27. Financial Statements 61
28. Share Holder’s Information 89
29. Glossary of Terms 90
30. From of Proxy & Attendance Slip 91
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TRANSMITTAL
LETTER
Dated: 4th November 2015
All Shareholders
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Bangladesh Securities and Exchange Commission’s
Register of Joint Stock Companies &Firm
Dhaka Stock exchange Ltd.
Chittagong stock exchange Ltd.
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Dear Sir(s)
Annual Report for the year ended June 30, 2015

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We are pleased to enclose a copy of the annual report of Appollo Ispat Complex Ltd. together with
the Audited Financial Statements, Report of the Board of Directors and Auditor’s report thereon for
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the year ended June 30, 2015 for your information and records.
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Yours sincerely
Sk. Abul Hassan

(Company Secretary)
04 ANNUAL REPORT 2014-15

NOTICE OF THE 21st ANNUAL
GENERAL MEETING
Notice is hereby given that the 21st annual General Meeting of shareholder of Appollo Ispat Com-
plex Ltd. will held on November 19, 2015 at 12:00 Noon at Army Golf Club, Dhaka Cantonment,
Dhaka to transact the following business and to adopt necessary resolutions:
A G E N D A
1. To receive consider and adopt the Audited Financial Statements of the company for
the year ended 30 June 2015 together with the Director’s Report and the Auditor’s
report on the Financial Statements.
2. To elect/re-elect the Director’s of the company.
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3. To appoint Auditors for the year 2015 -2016 and fix their remuneration.
4. To declare Dividend for the year ended 30 June, 2015.
5. To transact any other business with the permission of the chair.
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By order of the Board
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Dhaka
4th November 2015 Sk. Abul Hassan
(Company Secretary)
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Notes:
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 Record date was October 14, 2015.

 Shareholders whose name appears in the share register of the company or in the deposi-
tory register on the record date will be entitled to attend the AGM and receive the
dividend.
 A shareholder entitled to attend and vote at the meeting may appoint a proxy or proxies in
his/her stead and forms of proxy must be lodged at the company’s registered office at
407, Tejgoan Industrial Area. Dhaka not later than 72 hours before the AGM.
Special Note: In compliance with the Bangladesh Securities and Exchange Commission’s
circular No. SEC/CMRRCD/2009/193/154 dated October 24, 2013 no gift/food
box will be distributed at the 21st Annual General Meeting (AGM).
APPOLLO ISPAT COMPLEX LTD. 05

Vision
Is to become the market leader by providing
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customer satisfaction in terms of product,
quality, economic price, and services.
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Mission
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Our mission is to escalate the standard of living

by providing shelter for all in the country with
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innovative business

COMPANY PROFILE
A ppollo Ispat Complex Limited (hereinafter referred to as AICL) was
incorporated on December 31, 1994 as a Private Limited Company
vide certificate no C-27547(1393)/94 under the Companies Act 1994.
Thereafter, the Company has been converted into a Public Limited
Company on March 30, 2010. The registered office of the Company is
located at 407 Tejgaon Industrial Area, Dhaka - 1208. Its factory is
situated at Shimrail, Siddhirgonj, Narayangonj, only 14km, away from
Dhaka. The project area is comprised of 14.614 acres of land. The
Company went into commercial production in its 1st CGL in early July
1997 and 2nd CGL in early 2002 and Cold Rolled Manufacturing unit in
January 2005.
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Initially the Authorized Capital of the Company was Tk. 1,000,000,000/-
divided into 10,000,000 ordinary shares of Tk. 100/- each. Subse-
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quently, the Company changed the face value of shares from Tk.100/-
to Tk.10/- each and increased its Authorized Capital to Tk.
5,000,000,000/- divided into 500,000,000 ordinary shares of Tk. 10/-
each on March 30, 2010.
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Appollo is the pioneer in CI sheet business in Bangladesh. It started its
journey by establishing modern and sophisticated Continuous Galva-
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nizing Line (CGL). Today, Appollo is much ahead by producing its own
raw materials at its own art-of-the-state Cold Rolling Mill and estab-
lished itself as one of the largest CI Sheet manufacturing of the coun-
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try. The entire production facilities are highly sophisticated, operated

by a group of skilled technician and managed by a resourceful
management team. With the best precession Japanese technology,
sincere and skilled human resources, the company is proudly produc-
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ing the best quality CI sheets for the country. The company maintains
high standard in its manufacturing process and ensures quality as per
international standards such as ASTM, JIS, SI & BS. The reputed trading
base and quality product helps the company to achieve a large
marketing network around the country. The products are primarily
marketed in C.I. Sheet form in rural and semi-urban areas of Bangla-
desh under its popular brand “Rani Marka Dheutin”.
Appollo is going to start a high quality NOF (RTF technology) Galvaniz-

ing plant. NOF plant produces environment friendly shiner CI sheets
that looks better and catch consumer attention from the distant.
Shiner roof views are still used as symbol of aristocracy in rural areas.
NOF products can command a premium price over regular CI sheets.
Moreover, as no Acid and led is used in the manufacturing process, the
products is environment friendly.
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Date of IMPORTANT DATE

incorporation
30.12.1994
Listed with
Converted into
Dhaka
Public Limited Stock Exchange Ltd.
Company
15.11.2013
Authorized 30.03.2010 Certified Share
Capital ISO 9001-2008 Trading Start
Increased 07.03.2011 24.12.2013
30.03.2010 Split the Face Listed with
value form Chittagong
Tk.100/-toTk.10/- Stock Exchange Ltd.
30.03.2010 17.12.2013

CORPORATE AND
CONTACT
INFORMATION
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AICL VALUES
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an any ner ctio s he bu

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CODE
OF CONDUCT
CO D E
OF CONDUCT
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AICL is committed to operating its
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business in a socially responsible
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manner while complying with all
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relevant laws and regulations. We

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strive to continually improve our

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CSR Management System to ad-

vance social and environmental re-
sponsibility and business ethics.

KEY FINANCIAL HIGHLIGHTS
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VALUE ADDED STATEMENTS
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PRODUCTION
FLOW
Uncoiling The HR Coil

Pickling
(Washing)
Rolling in 6HI Mill
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(To Get Various Reduced Thicknesses)
Rewinding
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Galvanizing
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Recoiling
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Shearing
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Corrugation
Finished Goods
(CI Sheet)

PRODUCTS
AND
MARKETS
CI Sheets are galvanized sheet iron or steel which are primarily as roofing
side and peripheral fencing materials.
The sheets are usually corrugated to give it added strength in construction.
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The manufacturing process of such sheets starts from lifting Iron Ore from mine and processing it to Slab through
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series of process and treatments and then hot rolled & pressed to convert it into Hot Rolled Coil undergoing a
variety of treatments. HR coils are then ‘cold rolled’ into) coils before it is hot dipped, galvanized and corrugated
(at a Continuous Galvanizing Line- CGL or Non –Oxidizing Furnace –NOF) into what we know as Corrugated
Iron (CI) sheets.
VARIOUS USES OF CI SHEET

• Residential use: CI sheets are used for roofing, side and peripheral fencing purposes. It is the preferred
product for residential construction in villages and shanty towns in Bangladesh due to their cheaper price
compared to traditional bricks and brick tiles. For roofing and side fencing for homes in villages accumu-
late more than 90% of total CI sheet sales. Villagers tend to purchase it during the January-April period
as villagers prefer to build or repair their houses during harvesting season. Urban and Semi Urban dwell-
ers (shanty towns) use CI sheets for roofing for homes. A house made using CI sheets in rural areas and
shanty towns used to signify affluence and that mode of thinking still exists today.
• Industrial use: Industry owners use CI sheets for roofing of new factories, warehouses and sheds. CI
sheets are also used for fencing factory area. Industrial users prefer it due to cheaper price.

• Agricultural use: CI sheets are used for roofing cow sheds, roofing and side fencing of poultry farms
and fencing of agricultural projects.
• Construction use: CI sheets are used for fencing around construction area.
• Shopkeepers/Traders use it for roofing of small shops, shutters etc.
Panchagarh
Thakurgaon Nilphamari Lalmonirhat
Kurigram
Gaibandha
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Joypur
hat Sherpur
Naogaon
Nawabganj
Sirajganj
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Tangail
Pabna
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Meherur Kushtia Manik

ganj
Chua
danga
Munshi
Jhenaidah ganj
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Faridpur
Magura
Sharia
tpur Chandpur Khagra
Narail Madaripur Chari
Gopalganj
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Laxmipur Feni
Noakhali
Sa
Peroj Rangamati
tkhira pur
Bagerhat Jhalo
kati
Bhola
Patua
khali
Barguna
Bandar
ban

APPOLLO “RANI” BRAND C.I. SHEET
Appollo Ispat Complex Ltd. marketing its product in the brand name of “Appollo Rani”. At present it is producing C.I.
Sheet of “Appollo Rani” brand of following sizes & thickness.
THICKNESS SIZES (feet)
0.120 mm 6x3 7x3 8x3 9x3 10 x 3
0.130 mm 6x3 7x3 8x3 9x3 10 x 3
0.140 mm 6x3 7x3 8x3 9x3 10 x 3
0.150 mm 6x3 7x3 8x3 9x3 10 x 3
0.160 mm 6x3 7x3 8x3 9x3 10 x 3
0.170 mm 6x3 7x3 8x3 9x3 10 x 3
0.180 mm 6x3 7x3 8x3 9x3 10 x 3
0.200 mm 6x3 7x3 8x3 9x3 10 x 3
0.220 mm 6x3 7x3 8x3 9x3 10 x 3
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0.240 mm 6x3 7x3 8x3 9x3 10 x 3
0.250 mm 6x3 7x3 8x3 9x3 10 x 3
0.260 mm
0.280 mm
0.340 mm
6x3
6x3
6x3
co7x3
7x3
7x3
8x3 9x3
8x3 9x3
8x3 9x3
10 x 3
10 x 3
10 x 3
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0.360 mm 6x3 7x3 8x3 9x3 10 x 3
0.380 mm 6x3 7x3 8x3 9x3 10 x 3
0.400 mm 6x3 7x3 8x3 9x3 10 x 3
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0.420 mm 6x3 7x3 8x3 9x3 10 x 3

0.450 mm 6x3 7x3 8x3 9x3 10 x 3
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Other than Corrugated Iron Sheet, Appollo Ispat Complex Ltd. also produces Ridges of above thick nesses.
By dint of superior quality products and total team work of its human resources, Appollo Ispat Complex Ltd. is
experiencing remarkable growth of share in its market. Its products are mainly purchased by rural people for their
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shelter purpose while many NGOs, foreign missions/embassies, international organizations and urban people are
also the regular customers. Appollo Ispat Complex Ltd. has a countrywide network of sales.
Plant at Shimrail
Agent Dealer
Wholeseller Wholeseller
Retailer Retailer
Institutional Customers Customer Customer Export

The company sells is product to Agent / Dealer on ex-factory basis. The Dealer / Agent through their nominated
logistics provider lift the C.I. Sheet from factory and store in their own warehouse in their respective areas for
onward distribution. The Wholesaler / retailers collect the C.I. Sheets from their respective Agent / Dealers on
ex-warehouse basis and bring those to their shops/outlets wherefrom they sell it to final consumers. Other than
above customers, the institutional customers buy the product directly from Company’s sales office. Sometimes,
Appollo also participates in tender for supply of C.I. Sheet to various government, non-government and interna-
tional agencies. Besides serving in the local market, Appollo Ispat Complex Ltd. is trying to export its product in the
international market which is in progress. The types of customers can be classified as follows :
 Rural People for roofing of their houses through wholesalers or retailers

 Urban people for roofing of house through wholesalers or retailers
 New and old industries for roofing of their industries
 Shop owners / trading concern for roofing their shops
 NGO, international agencies, embassies/ foreign missions for their development programme / distributing
among poor.

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Government Concerns for their own set-ups
Quality Control :
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Appollo Ispat is committed to supply best quantity steel in domestic as well international market as per internation-
ally accepted quality norms. Appollo has got ISO 9509002 and maintains following quality standards:
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 Procure Hot rolled Coils form reputed suppliers in world
 Test each and every Coil for its Chemical Composition and random checking of Physical and microscope Structure to
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recon firm the specification. The Coils which dose not fall within specification will not be taken for further production.
 Proper record keeping at every stage of production
 Proper Zinc Coating as per Bangladesh Standard Testing Institute (BSTI)

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Employ trained personnel for different process

 Training programme for existing manpower so that can adopt the modern practice to maintain consistent quality
of product.
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NOF-Non Oxide Furnace

Due to the increased demand of NOF products, Appollo is going to start NOF based Galvanizing Plant at its
existing plant site where required land area and Machineries has been purchased and installing work is being
started. This will make Appollo’s product more popular in the market. It will be an environmental friendly project.
Further added by 60,000 MT by the upcoming RTF Technology based NOF C.I. Sheet manufacturing facility by
mid of 2014 Appollo is confident to further increase its market share. The technology and plant & machinery for
expansion (NOF)vproject will be brought from Esmech India Ltd. which is a joint venture company with SMS
Germany. Since the NOF project will be based on the technology of SMS Germany who are well prominent strip
processing solution, the product quality will be certainly better than existing mills in Bangladesh as their produc-
tion technology are mostly based on Indian technology. One very important factor associated with RTF based
NOF project is that, the NOF (Non Oxide Furnace) is technologically designed for producing environment friendly
products since in this system there will be no use of acid or lead. Due improved shininess and product quality
consumers are now more and more shifting from conventional Galvanized product to NOF Products.

To meet the export demand, if future Appollo has also plan to install the 2nd line of CRM. Since 90% of the Civil Works
Block Diagram/Flow Chart of the NOF-CGL Project
were completed during the installation of 1st CRM Line the 2nd line can be installed at a comparatively minimal time
& cost.
Cold PayToimprove the Seamproduct qualityEntry
and the production
RTF Noncapacity, Appollo
Zinc Pot intends to install one set of Annealing Line
Quenching
Rolling Welding Accumul Oxidising
offwhich will facilitate the existing manufacturing system to horizontally diversify its existing product line.
Mill
In order to minimize
To keep
the production To cost and achieve
Heat economy of scale
Galvanize to Appollo intends to establish one Power
Quenching
Cold Rolled To Uncoil the compensate treatment drastically
Generation Plant which
continuity of will facilitate uninterrupted power supply at a comparatively low cost in comparison to the
make zinc
Coil coil the length of to remove coatingon reduce
present source.theThe
process
intended size theof
coilthe Power Plant
residualproject is 25 MW while company’s
the steel temperature own consumption is around
15 MW and the balance power will be sold to the National Grid which is very much viable from economic point of
view.
Chromic
Shearing Recoiler Exit Hot Air
Corrugation Acid
m/c Accumul Dryer
m/c Tank
To Chromic acid treatment to

Corrugated Produce CI Cuts the GP To recoil the compensate To ensure make passivation which
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Sheet Sheet Sheet coil the length of proper does not allow to get ruston
the coil passivity the galvanized steel
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Therefore, when Appollo will market its NOF products under the current brand name of ‘Appollo Rani”, certainly
due to brand reputation, geographical advantage, strong channel of distribution and better quality it will be advan-
tageous for Appollo to get a brand-edge over the other brands in the market which will provide the best platform
to leverage the growing demand of CI sheets. All these favorable factors make the company the right choice to
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further expand the CI sheet market of Bangladesh through its most modern NOF Project.
In view of the increasing demand of steel products in Bangladesh Appollo has a plan to include the Colour
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Coating Sheet in its existing product line which is becoming popular all over the country and has good potentials
for export to southeast Asian countries. For this purpose a modern Colour Coating plant & equipments will be
incorporated in future to be installed in the existing plant site which will be capable of manufacturing high quality
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corrugated steel sheets of Flat & Round wave and also Colour Quoted Flat Sheets.
To meet the export demand, if future Appollo has also plan to install the 2nd line of CRM. Since 90% of the Civil
Works were completed during the installation of 1st CRM Line the 2nd line can be installed at a comparatively
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minimal time & cost.

To improve the product quality and the production capacity, Appollo intends to install one set of Annealing Line
which will facilitate the existing manufacturing system to horizontally diversify its existing product line.
In order to minimize the production cost and achieve economy of scale Appollo intends to establish one Power
Generation Plant which will facilitate uninterrupted power supply at a comparatively low cost in comparison to the
present source. The intended size of the Power Plant project is 25 MW while company’s own consumption is
around 15 MW and the balance power will be sold to the National Grid which is very much viable from economic
point of view.
18 APPOLLO ISPAT COMPLEX LTD. APPOLLO ISPAT COMPLEX LTD. 19

6HI REVERSIBLE
MILL The main function of cold
rolling mill is to reduce the
thickness of Steel Sheet
through flat rolling to get
desired thickness. That is
conversion of hot rolled
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coil to cold rolled coil
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Appollo Ispat Complex Limited
KEY MANAGEMENT
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APPOLLO ISPAT COMPLEX LTD.

21
BOARD
OF
DIRECTORS
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Mr. Deen Mohammad
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Chairman
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r. Deen Mohammad, son of Late Hazi Noor Mohammad, was born in 1938, is the founder
Chairman of Appollo Ispat Complex Limited. He started his business career in 1960 with trading
business and established himself firmly in the Industrial arena in Bangladesh. Having vast
experience in the field of management of industry and finance, he established many Industries,
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financial and charitable Institutions. He is the main founder of Phoenix Group of Industries which
comprises of Phoenix Textile Mills Ltd., Phoenix Spinning Mills Limited, Phoenix Fabrics
Limited, Rangdhanu Spinning Mills Limited, Eastern Dyeing & Calendering Works Limited,
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Palash Spinning Mills Limited.

He is the founding Chairman of The City Bank Limited, a leading commercial bank in the private
sector, Phoenix Finance and Investment Ltd, a leading Leasing Company in the private sector,
Phoenix Insurance Company Limited, a leading Insurance Company in the private sector and
Phoenix Securities Limited, a member of Dhaka Stock Exchange and Chittagong Stock
Exchange. He is also the founder Chairman of Phoenix Holdings Limited, a real estate develop-
ment company.
Mr. Deen Mohammad has earned name and fame in business community for his honesty,
integrity, dedication, hard work and high degree of sense of responsibility. He was awarded
Moulana Akram Kha Gold Medal in 1991 for his outstanding contribution towards the industriali-
zation of the country. He was a member of the Executive Committee of Dhaka Chamber of
Commerce and Industry, Consultative Committee for the Ministry of Energy and Mineral
Resources and Committee of the Ministry of Industries for formation of Industrial Policy in 1997.
He traveled most of the countries of the world for business purpose.

BOARD OF DIRECTORS
Mr. Md. Shoeb Mr. Md. Ansar Ali

Director & Vice Chairman Director and Managing Director
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Mr. Md. Shoeb, son of Mr. Deen Mohammad Mr. Md Ansar Ali, son of Late Abdul Alim, Direc-
born in 09-02-1968, is a renowned Industrialist
and an IT specialist in the country. After comple-
tion of his studies in U.K., returned to Bangla- co
tor and Managing Director of Appollo Ispat
Complex Limited, was born in 01-01-1938 in a
respectable Muslim family. He is a renowned
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desh in 1990 and was appointed as Director of businessman of the country. He started his
The City Bank Ltd. For leading personality in business career in 1959 in trading by importing
finance sector, he was elected the Vice- and marketing CI Sheets and GP Sheets from
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Chairman of the said bank for the period 2001- United States, Japan and Australia and gradu-
2002 and is the Chairman of Phoenix Insur- ally established himself as a major importer of
ance Company Limited, a private sector the Country. Due to his extensive experience,
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general insurance company and is the Vice- Mr. Ali was able to play a significant role in
Chairman of Phoenix Finance & Investments establishing Appollo Ispat Complex Limited.
Limited, a leading Leasing Company in the He has been involved with every step of CI
private sector. Besides, he is the Director of the Sheet Industry evolution since inception and
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Phoenix Securities Limited, Phoenix Holdings succeeded in establishing the famous brand of
Limited, Phoenix Spinning Mills Limited, Phoe- C.I. Sheet of the country “Rani Marka Dheau
nix Fabrics Limited, Phoenix Textile Mills Tin” within a very short span of time. His vision
Limited, Rangdhanu Spinning Mills Limited, helped Appollo become the first CI Sheets
Eastern Dyeing & Calendering Works Limited manufacturing company to install a Continuous
and Palash Spinning Mills Limited. Galvanizing Line. He is also the founder Chair-
man of Tejgaon Textile Industries Ltd. and
He is well qualified in Information & Communi-
Director of Eastern Dyeing & Calendaring
cation Technology from abroad and has vast
Works Limited.
experiences in this field. He enthusiastically
takes part and contributes to social and sports
activities.

BOARD OF DIRECTORS
Mr. Abdur Rahman Mr. M. A. Majid

Director & Deputy Managing Director Director
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Mr. M. A. Majid, son of Late Abdus Sattar, born
in 01-01-1940, 72 years of age, Director of
Appollo Ispat Complex Limited, is an estab-
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lished business personality. He started
business career in 1960 with trading business.
He entered into Industries in 1962 and estab-
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lished himself firmly in the business arena in

Mr. Abdur Rahman, son of Late Abdus Sattar, Bangladesh and is pioneering in Industrializa-
Director & Deputy Managing Director of tion of the country. Having vast experience in
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Appollo Ispat Complex Limited, was born in the field of management of industry and
31-12-1950. He started his business career in finance, he became the founder Director of
1979 as a partner of Hoque Brothers, a trading Phoenix Group of Industries which comprises
of Phoenix Textile Mills Limited, Phoenix
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house of CI/GP Sheet, immediately after

Spinning Mills Limited, Phoenix Fabrics
coming back from Sweden completing studies
Limited, Rangdhanu Spinning Mills Limited
there. He actively participated in the formation
and Palash Spinning Mills Limited.Mr. Majid
of Phoenix Insurance Company Ltd. and at actively participated in the formation of Phoe-
present is a Director of the company. He is also nix Insurance Company Limited, a leading
Director of Rangdhanu Spinning Mills Ltd. General Insurance Company in the Private
Sector and also played vital role establishing
Phoenix Finance & Investments Limited, one
of the reputed Leasing Companies of the
country, of which he is a founder Director. He is
also the founder Managing Director of Phoenix
Holdings Limited, a reputed real estate devel-
opment company.

BOARD OF DIRECTORS
Mr. Md. Rafique Abdur Rouf

Director Director
(Nominated by M/S Crystal construction
& Engineering Limited)
Mr. Abdur Rouf, son of Late Manik Mollah, was

born in 04-05-1952. He is an established
business personality. He was an young
freedom fighter who actively participated in the
great liberation war of Bangladesh and was the
chief organizer of dohar and assistant to Capt.
Abdul Halim Chowhury (Commander of Dhaka
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West Sub-sector.)
Mr. Md. Rafique, son of Mr. Md. Ansar Ali, was

born in 12-07-1971. He started his career as
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young Industrialist in 1995. With the passage Mosfequr Rahman
of time, he was able to establish himself firmly
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in the business sphere. He is also the Manag-

Director
(Nominated by Jupiter Business Ltd.)
ing Director of Tejgaon Textile Industries Ltd. a
composite Knit Garments Project.
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Mostafequr Rahman, son of Late Masudur

Rahman, was born in 10-10-1973. He is an
established young and energetic business
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personality.
Momtazur Rahman
Director
(Nominated by M/S Art Int.Ltd)
Momtazur Rahman, son of Late Masudur
Rahman, was born in 06-08-1983. He is an
established young and energetic business
personality.

Chairman’s Address
Dear Shareholders,
Assla-mu-alaikum
It is of great pleasure for me to welcome you all, on behalf of
the Board of Directors of the Company in the 21st Annual Gen-
eral Meeting of the Company.
Bangladesh experienced a prolonged national political turmoil
in early 2015. For that the overall supply chain, production and
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consumption was affected. Yet during the fiscal year 2014-
2015, Bangladesh achieved GDP growth of 6.5%. No major
natural calamity, robust foreign currency remittance and record
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foreign currency reserves, put the economy on a strong
foothold. Further improvement in poverty level increased
demand for quality steel products like CI sheet in the domestic
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market.
In these scenario the performance of your company can be
termed satisfactory during the year under report. The revenue
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income for the year Tk. 513,69,30,803 which is 3.84% more

than that of previous year, yet net profit to sale ratio increased
by 36.11% compared to previous year. This is mainly because
reduction in financial expense and tax rate.
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The implementation of RTF NOF CGL Plant is processing fast.

Major Civil Works are completed and erection of Pre fabricated
factory shed is complete, installation of machinery have started
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and the project is expected to go into commercial production

from January 2016.
Your Directors have recommended 15% dividend, 12% stock
(Bonus Share) and 3% cash subject to the approval in the 21st
Annual General Meeting. Except this there is no event affecting
the values after the balance sheet date.
To conclude I take this opportunity to express my heartfelt
thanks to all of you for your confidence in the performance of
the company and your continued support.
Allah Hafez
DEEN MOHAMMAD
Chairman

FORM THE DESK OF
MANAGING DIRECTOR
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My Dear Shareholders,
Assla-mu-alaikum co
d.
On behalf of the Board of Directors of the Company and on my own behalf, I welcome you all to the
21st Annual General Meeting of the company. At the same time I express my heartfelt thanks and
gratitude to you all for the continued support to the company and confidence on your Board of Direc-
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tors.
It is my pleasure to inform you that, your company has been able to achieve stable growth in spite of
the political turmoil in the middle of the financial year.
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The implementation of RTF NOF CGL Plant is progressing fast Major Civil Works and erection of
Pre-fabricated factory shed is complete and installation of machinery has started and the project is
expected to go into commercial production from January 2016.
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To conclude I on behalf of my team assure you that, we will devote ourselves to achieve sustainable
growth of the company to provide handsome return to our valued shareholders and to safe guard their
interest.
Allah Hafez
MD. ANSAR ALI

Managing Director

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28 34
ANNUAL REPORT 2014-15
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d.
Market Price Information of DSE
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Market Price Information of CSE

Dear Shareholders,
Dear Shareholders,
This gives immense
This gives
pleasure and privilege
immense pleasuretoand
welcome youtoallwelcome
privilege on behalf
youof all
theon behalf of the
Board of Director of Appollo
Board IspatofComplex
of Director Limited
Appollo Ispat to the 21st
Complex Annual
Limited General
to the 21st Annual General
Meeting of the Meeting
companyofand to place before you the Directors’ Report together
the company and to place before you the Directors’ Report together
with the Auditedwith
Financial Statements andStatements
the Audited Financial the Auditorsand
Report for the year
the Auditors ended
Report for the year ended
30th June 201530th
for your consideration and approval.
June 2015 for your consideration and approval.
1. Industry1.outlook
Industryand possible
outlook andfuture developments
possible in the industry
future developments in the industry
The prospect ofThe Bangladeh
prospect Economy
of Bangladehmaintained
Economy themaintained
growth momentum
the growth in spite of prolonged
momentum in spitenational political
of prolonged national political
turmoil in last part of 2014
turmoil and
in last early
part 2015.and
of 2014 Overall
earlyproduction, consumption,
2015. Overall production,supply chain, investment,
consumption, supply chain,export and
investment, export and
import all wereimport
affected by theaffected
all were politicalbyturbulence. Theturbulence.
the political strong domestic
The strongdemand base, demand
domestic graduallybase,
improving
gradually improving
investment climate, decreasing uncertainty and reduced inflation are expected to lead to better
investment climate, decreasing uncertainty and reduced inflation are expected to lead to better economic economic
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performance. The investmentThe
performance. climate suffered
investment due tosuffered
climate a seriesdueof to
politically
a seriesinspired strikesinspired
of politically and consequent
strikes and consequent
disruptions to the
disruptions to the supply chan. In the past decade, the economy has grown at nearly 6.5%poverty
supply chan. In the past decade, the economy has grown at nearly 6.5% per year and per year and poverty
dropped by nearly a third,
dropped
aspires to be a aspires
bycoupled
middle income
fiscal year 2014-2015,
nearly awith
to be a country
increased
third, coupled life
by 2021.Thise
middle income
Bangladesh
fiscal year 2014-2015, Bangladesh
country will
co
withexpectancy, literacy
increased life
require increasing
by 2021.Thise
and perliteracy
expectancy, capita food
GDPincreasing
will require growth to GDP
intake.
and per
7- 8 percent.
Bangladesh
capita food intake. Bangladesh
During
growth to the
7- 8 percent. During the
d.
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30 302014-15
ANNUAL REPORT ANNUAL REPORT 2014-15
DIRECTOR’SDIRECTOR’S
REPORT REPORT
achieved the GDP growth
achieved 6.5%.
the GDPBumper production
growth 6.5%. of crop,
Bumper no major
production natural
of crop, nocalamity, robustcalamity,
major natural foreign currency
robust foreign currency
remittance and remittance
record breaking foreignbreaking
and record currencyforeign
reserves, put the
currency economy
reserves, putonthea strong
economyfooton
hold. Both foot
a strong in public
hold. Both in public
and private sectors a number
and private of development
sectors a number ofworks have been
development initiated
works havewhich
been ultimately increase
initiated which the demand
ultimately for the demand for
increase
quality steel products.
quality steel products.
Corrugated IronCorrugated
Sheet market
IronofSheet
Bangladesh
market is
of growing.
BangladeshShifting poverty,Shifting
is growing. changing lifestyle,
poverty, increased
changing per capita
lifestyle, increased per capita
income, living standard have standard
income, living led to changing
have led toconsumption
changing ofconsumption
CI sheet both in rural
of CI sheetandbothurban area.
in rural andThe
urban area. The
diversified use diversified
of CI sheetuse
tends to increase
of CI in future
sheet tends because
to increase agro based
in future becauseroofing
agro materials (straw,
based roofing rice straws,
materials (straw, rice straws,
and palm leaves ect.)
and palmareleaves
being replaced by CI replaced
ect.) are being Sheet. by CI Sheet.
The CI sheet Industry’s environment

The CI sheet is environment
Industry’s changing rapidly and more
is changing drastically
rapidly thandrastically
and more ever. In facing
than this
ever.challenge,
In facing this challenge,
we are workingwe with our
are core corporate
working values
with our core of sustainable
corporate valuesgrowth. Some major
of sustainable competitors
growth. Some major have also entered
competitors have also entered
into the market.into
Nowthepeople are
market. alsopeople
Now qualityare
conscious. In this
also quality back drop,
conscious. we back
In this are expanding
drop, we arerapidly to makerapidly to make
expanding
ourselves self reliant.
ourselves self reliant.
2. Production Capacity Capacity

2. Production
a) Existing Capacity
a) Existing Capacity
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Annual Production capacity
Annual of Cold
Production Rolled of
capacity Manufacturing (CRM) Unit is 120,000.00
Cold Rolled Manufacturing (CRM) Unit MTON and production
is 120,000.00 MTON and production
capacity of Continuous
capacityGalvanizing Line
of Continuous Unit-I and Line
Galvanizing Unit-II are consecutively
Unit-I and Unit-II are60,000 MT and60,000
consecutively 80,000MT
MTON.
and 80,000 MTON.
b) Expansion Unit
b) Expansion Unit
The company’sThe production
technology of Radiant
capacity
company’s
Tube
technology ofFurnace
will increase
production
Radiant RTF
TubeNOF
bywill
capacity another
Galvanizing
Furnace
60,000.00
increase
RTF NOF Line.
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MTON
by another with the MTON
60,000.00
Eighty percent
Galvanizing
introduction
utilization
Line. Eighty
of world
with the best of world best
introduction
of expansion
percent utilizationunit
of expansion unit
d.
capacity will contribute
capacitytowill
overall turnover
contribute at around
to overall 52,320.00
turnover million.
at around 52,320.00 million.
3. Risks &
3.Concerns
Risks & Concerns
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The major risk factor and concerns

The major risk factorfor
andtheconcerns Annexure-2.
companyforinthe company in Annexure-2.
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APPOLLO ISPAT COMPLEX 31 COMPLEX LTD.

LTD.ISPAT
APPOLLO 31
DIRECTOR’S REPORT
4. Financial Performance
The details of operational key performance indicator for the period of last two years from July 2013 to June 2015
are appended below for your kind information and consideration:
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5. Management Discussion
Board of Directors periodically discusses on the increase/decrease of cost of goods sold, gross and net profit
margin and takes immediate measure on the analysis as required. A detailed report on discussion is included in
Annexure-1.
6. Dividend
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d.
The boards of directors are pleased to recommend 12% Stock dividend and 3% cash dividend 3 (Three)
Paisa per share of Tk. 10 each equity shares for the year ended 30th June 2015 for consideration and
approval by the shareholders in this annual general meeting. The dividend on equity shares, if approved,
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would be paid to those members whose name appear on the register of members as on record date.
7. Credit Rating
Credit Rating Association of Bangladesh (CRAB) assigned rating as below:
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Date of Rating : 23 April 2015

Validity: Entity rating is valid till December 15, 2015. Loan Rating are valid upto limit expiry date of
respective credit facilities or 15th December, 2015 whichever is earlier.
8. Internal control system

Internal control Systems sets the tone of our company. The board is concerned with their role and
responsibilities for establishing an effective system of internal control. Companies internal control
environment encompasses a set of rules, policies and procedures to ensure the financial statements are
reliable, operations are effective and efficient and all activities comply with applicable laws and
regulations.
The adopted Standard Operating Procedures (SOP) for the betterment of internal control system to
ensure effective internal control, safe guard assets of the company, ensure compliance, promote efficient
and effective operations.
The company constitute an internal audit department by a professional team of 5 (five) members to
oversee the transaction and to ensure effective internal control system.

DIRECTOR’S REPORT
Audit committees regularly monitor and review the reports generated by the internal audit department and
takes corrective measure to ensure effective internal control system.
9. Extra-Ordinary Gain or Loss

There is no extra-ordinary gain or loss during the year.
10. Corporate Social Responsibilities

Appollo Ispat Complex Limited Commitment to connect business decisions to ethical, social and
environmental concerns remains to be one of the strongest foundations of the company. During
2014-2015, your company has been contributing to the welfare of the community, research &
development and protection of environment.
11. Reserve and Surplus

Retained earnings during the financial year 2014-2015 of the company arrived at Taka 1,790.57 mm
against Taka 1,510.96 mm in financial year 2013-2014.
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12. Board of Directors
(i) Composition and size of the board :
(ii)
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As on 30th June 2015 there were 9 (nine) members on the board. The board comprises Chairman,
Vice Chairman, Managing Director, Deputy Managing Director and five Directors.
Board Meeting and attendance :
d.
There are 8 (nine) board meeting held during the financial year. Following table shows the
attendance of Directors in the meeting:
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The member who could not attend the meeting was granted leave or was outside the country.
13. Appointment of Auditors

According to Companies Act 1994, the company at each annual General Meeting shall appoint an Auditor
being Chartered Accountants to hold the office until the next Annual General Meeting.
M/S MABS & J Partners Chartered Accountants, Corporate Office: Park Plaza, Suite No. 9, 31, Road No. 17,
Banani C/A, Dhaka-1213 was appointed as external auditors for the financial year 2014-15.
The Board of Directors of the company in its Board Meeting also recommended for re-appointment of M/S
MABS & J Partners for the financial year 2015-2016. Remuneration of the auditor’s will be fixed by the
shareholders at this Annual General Meeting.

33 33
DIRECTOR’S REPORT
14. Reporting and Compliance of Corporate Governance
Status of compliance with the requirements/conditions of Bangladesh Securities and Exchange Commission
(BSEC) Notification no. BSEC/CMRRCD/ 2006-158/134/Admin/44 dated 07 August 2012 on corporate
governance has been included in the report.
15. Information and Communication Technology (ICT)

Information and communication Technology (ICT) plays an important role towards management of bulk
amount of data, facts and figures, production of real time information and help to operate and manage our
business and to connect our customer faster.ICT helps us to excel our expected growth in achieving the
company’s objectives. We have established a separate ICT department staffed with experienced computer
professionals who are responsible for the overall management of ICT within the company and to explore ideas
in IT base operation.
16. Human Resource Management

Appollo Ispat Complex Limited performs its functional activities by a team of experienced professionals, well
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educated, highly qualified and trained management. Our human capital is our strength as well as our core
competence. We believe in empowering our employees. Empowered employees care more about the success
of our company. They want to do a good job; they have a sense of ownership in our goals. In fact many of our
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goals become their goals. Empowered employees require less supervision, develop outstanding business
ideas, work smarter and more efficiently and are happy-which means they are extremely loyal.
The company’s compensation package including salary and allowance, festival bonus, performance bonus
d.
and leave fare assistance are attractive and alluring and motivates the employees to work enthusiastically and
dedicatedly. The company also have contributory provident fund, Workers profit participation fund and
Gratuity fund. There is a wide spectrum of health and safety measures for our employees.
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Effective corporate organizational structure , specification of job, employees job satisfaction, prudent
performance evaluation system ,sound promotion and remuneration system and focus on nursing talent make
Appollo unique and unparallel to its stakeholders.
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17. Related party Transaction

Basic of the related party transaction with the company has been elaborated in the audited financial
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statements in note 31 in accordance with relevance Bangladesh Financial Reporting Standards.
18. Remuneration of Directors

Directors were remunerated as per the decision of the board and a detailed report of the directors
Remuneration is included in note 24 of Financial Statements.
19. Contribution to national Exchequer

Appollo Ispat Complex Ltd is paying and facilitating collection of Governments revenue. During the financial
year 2014-2015,the company paid and collected & deposited significant amount of income tax, VAT &
Duties. All due and applicable taxes were paid, collected and deposited in time. During the financial year
2014-15 Appollo Ispat Complex Limited contributed to the government exchequer along with utility about a
sum of taka 557.94 Million
20. Code of Conduct

All the employees are bound by our written code of business conduct which is an agreement signed as part
of their written contract of employment. The signatory is responsible to comply with the code and also
ensure employees reporting to him/her also comply with the code.

DIRECTOR’S REPORT
21. Subsequent Events
There is no subsequent event after the date of financial position and till the date of this report which could
affect the ability of the user of these financial statements to make an appropriate evaluation.
22. Director’s Responsibilities statements

Pursuant to the BSEC notification NO. BSEC/CMRRCD/2006-158/134/Admin/44 dated: 07 August 2012 the
Director’s conform that:
a) The financial statements have been prepared by the management of Appollo Ispat Complex Ltd. Fairly
present its state of affairs, the result of it operation, cash flows and changes in equity.
b) Proper books of accounts of the company have been maintained.
c) Appropriate accounting policies have been consistently applied in preparation of the financial
statements and that the accounting estimates are based on reasonable and prudent judgment.
d) International Accounting Standards (IAS) / Bangladesh Accounting Standards (BAS) / International
Financial Reporting Standards (IFRS), as applicable in Bangladesh, have been followed in
preparation of the financial statements and any departure there fro, has been adequately disclosed.
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e) The system of internal control of sound in design and has been effectively implemented and
monitored.
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f) There are no doubts upon the company’s ability to continue as a going concern and the annual
accounts have been prepared on going concern basic.
g) The deviation from last year in the operating result of the company has been highlighted in the report
d.
and reasons therefore have been explained.
h) The key operating and financial data for the last five years is disclosed in Annexure-5.
i) The pattern of shareholding is disclosed in Annexure-6.
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j) A compliance status report with requirements of corporate governance as required by BSEC has
been disclosed in Regulatory Compliance Report segment.
k) Director’s profile and their Directorship and business interest in other organizations have been
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disclosed in Board of Directors segment in Annexure-4.

Appreciation:
The Board of Directors would like to express their deep appreciation to the management and employees for their
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unrelenting commitment through the year. We would like to place on record our gratitude to our valued business
partner for their support and loyalty. We belief all our achievements are the result of the commitment and diligence
of all our employees and business partners.
In addition also express their gratitude to the shareholders of the company, Bangladesh Securities and Exchange
Commission, Dhaka Stock Exchange Limited, Chittagong Stock Exchange Limited, National Board of Revenue,
RJSC, various government authorities, trade bodies and all bankers financial institution for their continuous
support, co-operation and guidance, as we continue to take Appollo Ispat Complex Limited forward faster and
further as a leading player within business community and steel sectors in Bangladesh.
We are moving further to the next edge of growth and excellence; we seek your continuous support and
encouragement as we are used to get from you since beginning of our journey.
On behalf of the Board of Directors,
Deen Mohammad
Chairman
Annexure-1
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis are design to provide readers with an over view of the business and an
analysis on Cost of Goods Sold, Gross and Net Profit margin.
Financial performance
Cost of goods sold (COGS)

Cost of goods sold is the expense a company incurred in order to manufacture and sell a product. It includes the
purchase price of the raw material as well as the expenses of turning it into a product.
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COGS vary directly with sales and production; the more items we sell or make, the more stock or components
we need to buy.
Gross profit margin ratio

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Cost of Goods sold in 2014-15 has been increased by 1.13% than 2013-14 due to Increase in total turnover.
Gross profit is the difference between Net Turnover and the cost of goods sold.
d.
Gross profit = Net Turnover – Cost of Goods Sold
The gross profit margin is one indicator of the financial health of a business. Larger gross profit margins are better
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for business, the higher the percentage, the more the business retains of each Taka of sales for other expenses
and net profit.
Gross Profit Margin % = (Gross Profit / Net Turnover) X 100
During year 2014-15, Gross Profit Margin was increased by 14.65% due to Raw materials cost was decreased by
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10% Due to decreased the HR Coil price as well as price of other Direct Materials in international markets as well
as local markets.
Net profit margin ratio
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Net profit is calculated by subtracting expenses including tax and WPPF from the gross profit, showing what the
business has earned (or lost) in a given period of time.
Net Profit = Gross Profit – Expenses with Tax & WPPF
Net Profit of the company in the year 2014-15 has increased by 36.11% compared to 2013-14 due to reduction
in finance expense and tax rate.

Annexure-2
RRISK FACTORS AND CONCERNS
4. Risk associated with labor unrest
Business Risks: Smooth production is dependent on good
relationship with the factory workers and their ability
1. Risk of sourcing of Raw Materials to provide high- quality services. In the event of
disagreements with the workers, the company may
The basic raw materials of CI sheet are Hot Rolled
experience adverse impact.
Coil (HR) is fully dependent on imported raw
materials. Non-availability of raw materials due to 5. Risk Related to Sources of Power
increasing trend of home consumption and policy of Production is mainly dependent on sources. The
the respective exporting countries will directly affect present power crisis in the country leads inttermiter
the production of AICL. power interruption, which hampers production.
Management Concerns Management Concerns
The main raw material of the project is adequately AICL has a gas generation having 1050 KVA
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available in different countries and more countries capacity which covers entire CGL Plant and pickling
are coming in this industry as a raw material and re-winding line of C.R. Mill. Further Company
supplier. Moreover, the Company has already built for its NOF Project will procure another generator of
up good business relationship with big foreign
suppliers like POSCO and Hyundai of South Korea,
Nippon Steel and JFE of Japan, China Steel of
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the same. So power interruption will not have much
impact on production.
Market Risks:
d.
Taiwan and Marrubeni of Japan. Simultaneously
company keeps in hand bulk stock of raw materials.
1. Interest rate risks
2. Distribution risks
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Interest rate risk is concerned with borrowed funds

For any company, the most crucial wing is the of short term and long-term maturity. Volatility in
distribution channel. Wide distribution network and money market and increased demand for
control over the network is essential to make the loans/investment funds raise the rate of interest.
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quality product available to the consumer at right High rate of interest enhances the cost of fund of a
time and price. company and could adversely affect the business
and future financial performance.
Management Concerns
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Management Concerns
AICL has strong presence in all over the country,
both in rural and in urban areas, especially in the Management of the company believes that rise in
interest rate will not substantially affect the
north zone of Bangladesh. The Company has
company. Moreover, management of AICL is
strong distribution networks in a well planned
planning to pay off its Long Term Loans & Short
manner.
Term Loans from the IPO proceeds. After paying off
3. Bad debt risks the loans exposure of AICL, the interest rate risk will
Transaction on credit is a normal phenomenon in reduce to a great extent.
the business world. Company may incur loss due to 2. Exchange rate risks
the default as well as the failure to pay timely by the Exchange rate risk relates to the core business of
customers. AICL, since it mostly imports materials from abroad
Management Concerns in foreign currency. The Company imports raw
materials against payment of foreign currency and
Credit sales are covered by securities from the the price of raw material in the international market
Agents/Dealers in the form of Bank Guarantee, is relatively volatile. Unfavorable volatility or
Post dated cheques, etc. hence the chance of currency fluctuation may affect the profitability of
non-recovery of dues is negligible. the Company.

Management Concerns Management Concerns
Volatility of Taka against Dollar and recent trend of As stated above, there is a huge gap between demand
local currency devaluation may expose foreign and supply of CI Sheets in our country. Proper
currency risk. However, Appollo Ispat Complex implementation of the marketing tools as well as
Limited can significantly reduce the foreign identifying new clients will ensure the success of the
currency risk and price escalation risk through company. On the other hand, new entry is difficult in
forward bookings if it is justifiable in terms of cost this sector. The Company has gained a sound brand
benefit analysis. The company also maintains image of its product till date but AICL has long way to
Economic Order Quantity (EOQ) for its material built its corporate image. AICL already has taken
imports, which provides considerable cushion initiatives for corporate branding which is in developing
against adverse movement of exchange rate and phase. Again, AICL will try to export its product to
price in international market. Furthermore, the reduce its dependency on domestic market.
company, due to its strong brand equity, enjoys low 5. Technology-related risks
price sensitivity of its produces in the domestic
market. This provides the company with greater Technology always plays a vital role for the existence
ability for frequent and favorable adjustment of of any industrial concern, ensuring better services to
prices in case of adverse exchange rate the customers and minimizing the cost in various
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fluctuations and international price movements, and aspects. The production facilities of the company are
inflationary circumstances. based on currently available technology. Any
invention of new and more cost-effective technology
3. Industry risks
The Company is operating in an industry where
there is a gap between demand and supply.
Although CI sheets business is a highly demanding
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may cause technological obsolescence and negative
operational efficiency. Any serious defects in the
plant and machinery may affect production and
profitability calling for additional investment for
d.
in our country, chances are there that excessive replacement.
competition may hamper the company’s business. Management Concerns
Increasing competition may force AICL to reduce
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prices of their products which may cause dropping Company owns modern technology with R&D
of their revenue and margin, and/or decrease its infrastructure and shall be able to adapt to any new
market share, either of which could have an inventions with moderate investments. The Company
has access to international/multinational companies
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adverse effect on their business, financial condition

and results of operation. for supplying appropriate technology and technical
management support for operation of new projects.
Management Concerns The selected/installed plant and machinery have
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Currently there is a gap between demand and been manufactured by reputed manufacturer with
supply of CI Sheets in our country. On the other proper warranty to take care of any defects or
hand demand for CI Sheets is increasing drastically confirmation of supplying of adequate spare parts. A
day by day. In this situation chance of excessive significant portion of the entire production process is
competition is almost zero. Moreover the accomplished through contract manufacturing. This
company’s brand “Rani Marka” is well accepted in arrangement provides the company with greater
the market for its quality and its factory is situated at leeway to adjust with any changed technological
Dhaka but other competitors’ factory is situated at atmosphere.
Chittagong. As a result, the Company takes 6. Changes in potential or existing
geographical advantages. government regulations
4. Customers Demand related risks The Company operates under Company's Act 1994
AICL's income is derived from sales to Bangladeshi and other related regulations, Income Tax Ordinance
customers mainly due to the persistent focus on the 1984, Income Tax Rules 1984, Value Added Tax
domestic market. Any adverse developments within (VAT) Act 1991 and Value Added Tax (VAT) Rules
Bangladesh or Bangladeshi customers, could lead 1991. Any abrupt changes of the policies made by the
to reduced demand from them resulting in adverse regulatory authorities may adversely affect the
performance of the company. business of the Company.

Management Concerns 1. Political unrest and terrorism risks
Unless any policy change that may negatively and AICL's results may be affected by factors outside its
materially affect the industry as a whole, the control such as political unrest, hartals, civil commo-
business of the Company is expected not to be tion and acts of terrorism either in Bangladesh or
affected. CI Sheet industry in Bangladesh is an outside Bangladesh. Disruptions and acts of terrorism
emerging sector with large local demand. Presently, across the world post 9/11 have significantly affected
it is considered as one of the large sector in the the crude oil market, Iron Ore and Coal prices of
economy. Therefore, it is highly unlikely that the which impacts, directly or indirectly, on the
Government will frustrate the growth of the industry company's raw material prices. The continuation of
with adverse policy measures. such events including natural disasters could
7. Potential changes in global or national interrupt AICL's business for protracted periods.
policies Management Concerns
The Company's product lines are primarily based on AICL's plants are located at a good place, distant from
imported raw materials. Any scarcity due to changes the city area. The work-force is well remunerated and
in policy in the international market might dent the most of them live in the surrounding areas of the
production level and profitability. The performance of respective plants. Therefore, management believes
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the company may be affected due to unavoidable that political unrest will have little impact upon the
circumstances both in Bangladesh and worldwide, key operations of the company. AICL has taken
as such political turmoil and disturbance in the comprehensive insurance coverage for all assets to
country may adversely affect the economy in
general.
Management Concerns co
mitigate the losses due to any probable or possible
disaster.
2. Natural calamity risks
d.
The management of the company is always Any natural calamity may cause disruption in produc-
concerned about the prevailing and future changes tivity of the company.
in the global and national policy and shall response Management Concerns
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appropriately and timely to safeguard its interest.

Any natural calamity is beyond human control.
AICL's brand image and wide distribution network However company’s all assets have a comprehensive
amongst its customer group will always enable it to Industrial All Risk coverage by a renowned insurer.
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withstand any such potential threats. The company's

3. Changes in Environmental Laws and
supply chain is robust in accommodating large
Regulations:
number of suppliers with proper contingency plan in
place. The company can prosper in situation of AICL is subject to environmental laws and regulation
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political stability and a congenial business which limits the discharge of pollutants into the air
water and established standards for the treatment,
environment. Political turmoil and the disturbance
storage and disposal of solid and hazardous wastes.
are bad for the economy and so also for the
These laws and regulations require investment of
company.
capital and other expenditure for ensuring compli-
ance. The operation of plant entail inherent risk of
environmental damages and the company may incur
Operational risks liabilities in the future arising from the discharge of
pollutants into the environment or waste disposal or
Operational risk covers the ability of the project to hazardous material handling practices.storage and
achieve the performance as envisaged. Technology disposal of solid and hazardous wastes. These laws
used, fuel supply arrangement, raw materials and regulations require investment of capital and
arrangement, operation & maintenance (O&M) other expenditure for ensuring compliance. The
arrangement and political condition are major operation of plant entail inherent risk of environmen-
sources of operational risk for the company. These tal damages and the company may incur liabilities in
risks can broadly divide in two category; Internal and the future arising from the discharge of pollutants
External factors. into the environment or waste disposal or hazardous
material handling practices.

Annexure-3
Remuneration paid to Directors in 2014-15
Members of the board of directors were entitled and paid monthly as follows:
Each Directors Sitting Fee 5000/Meeting
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DIRECTORS’ INVOLVEMENT IN OTHER ORGANIZATION
Annexure-4
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Certificate of Compliance to the Shareholders of
Appollo Ispat Complex Limited
(As required under the BSEC Guidelines)
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CERTIFICATE ON FINANCIAL STATEMENTS
by the Managing Director (CEO) & Chief Financial Officer (CFO).

(vide Condition # 6 of the Corporate Governance Guidelines of the BSEC notification:
-SEC/CMRRCD/2006-158/134/Admin/144 dated August 07, 2012)
September 19, 2015
The Board of Directors

Appollo Ispat Complex Ltd.
407, Tejgaon Industrial Area, (4th Floor),
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Dhaka- 1208
We certify that:-
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I. We have reviewed financial statements for the year ended June 30, 2015 and to the best of our
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knowledge and belief:
a) these financial statements do not contain any materially untrue statement or omit any
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material fact or contain statements that might be misleading;
b) these financial statements together present a true and fair view of the company’s affairs and
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are in compliance with existing accounting standards and applicable laws.
II. To the best of our knowledge and belief, the company did not enter in to any transactions which are
contrary to the laws of the land or the ethical standards which the company adheres to.
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MD. RAZIB HOSSAIN, ACA MD. ANSAR ALI

Chief Financial Officer Managing Director

REPORT OF THE
AUDIT T he Audit Committee Reports presented under condition #
3.5 of the BSEC Guidelines provides an insight on the
functions of the Audit Committee during 2014-15.
COMMITTEE As mentioned in the compliance Statements, the Board has

formed an Audit Committee, reburied under the codes of
Corporate Governance of BSEC, with some specific
assignment under its Terms of Reference. The Committee is
comprised of Mr. Md. Abu Kaiser, FCA an independent
Director as part of good governance, the Board has decided for rotation of the position of the Chairman of the
Audit Committee. Accordingly, Mr. Md. Abu Kaiser, FCA was appointed Chairman of the Audit Committee
with effect from 10th September 2014. Earlier, he was appointed as an independent Director under the BSEC
guidelines. Mr. SK. Abul Hassan Company Secretary performs as Secretary to the Audit Committee.
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As required, all members of the Audit Committee are ‘financially literate’ and are able to analyses and
interpret financial statements to effectively discharge their duties and responsibilities as member of the Audit
Committee.
Purpose of Audit Committee

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The role of the Audit Committee is to monitor the integrity of the financial statement of the Company and
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review and, when appropriate, make recommendations to the Board on business ricks, internal controls are
compliance. The Committee satisfies itself, by means of suitable steps and appropriate information, that
proper and satisfactory internal control systems are in place to identify and contain business risk and that the
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Company’s business is conducted in a proper and financially sound manner. The Audit Committee assists
the Board of Directors to ensure that the financial statements reflect a true and fair view of the state of affair
of the company an in ensuring a good monitoring system whiting business. The duties of the Audit Committee
are clearly set forth in writing.
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Responsibilities and Duties
The responsibilities and duties of the Audit Committee are:

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Financial Reporting
• To review the quarterly and annual financial statements of the Company, focusing particularly on:
- Any significant changes to accounting policies and practices;
- Significant adjustments arising from the audits;
- Compliance with applicable Financial Reporting Standards and other legal and regulatory
requirements; and
- The going concern assumption.
Related Party Transaction
• To review any related party transactions and conflict of interest situation that may arise within the
Company, including any transaction, procedure or course of conduct that may raise questions of
management integrity.

Audit Reports
• To prepare the annual Audit Committee report and submit to the Board which includes the
compositions of the Audit Committee, its terms of reference, number of meetings held, a summary of
its activities and the existence of internal audit service and summary of the activities for inclusion in
Annual Report; and
• To review the Boards statements on compliance with the BSEC Codes of Corporate Governance for
inclusion in the annual report.
Internal Control
To consider annually the risk Management Frame work adopted within the Company and to be satisfied that
the methodology deployed allows the identification, analysis, assessment, monitoring and communication of
risks in a regular and timely manner that will allow the Company to minimize losses and maximize
opportunities;
To ensure that the system of internal system of internal control is soundly conceived and in place, effectively
administered and regularly monitored;
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To cause reviews to be made of that extent of the extent of compliance with established internal policies,
standards, plans and procedures including, for example, the company’s Standers of business conduct;
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To obtain assurance that proper plans for control have been devolved prior to the commencement of major
areas of change within the company; and
d.
To recommend to the Board steps to improve the system of internal control derived from the findings of the
internal and external auditors and from the consultation of the Audit Committee itself
Internal Audit
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To be satisfied that the strategies, plans, manning and organization for internal auditing are communicated
down thought the Company. Specifically:
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To review the internal Audit plans and to be satisfied as to their consistency with the risk Management
Framework used and adequacy and coverage;
To be satisfied that the internal audit has the competency and qualifications to completes its mandates and
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approved audit plans;
To review status report from the internal audit and ensure that appropriate action have been taken to
implement the audit recommendations;
To recommend any broader reviews deemed necessary as a consequence of the issues or concerns
identified;
To ensure that internal audit has full, free and unrestricted access to all activities, records, property and
personal necessary to perform its duties; and
To request and review any special audit which its deem necessary.
External Audit
To review the external auditor’s audit plan nature and scope of internal controls and coordination of the
external auditor. The audit committee will consider a consolidate opinion on the quality of external audit at
one of its meeting.

To review with the external auditors the statement on risk Management and internal Control of the Company
for inclusion in the Annual Report;
To review any matters concerning the appointment and re-appointment, audit fee and resignation or
dismissal of the external auditor;
To review and evaluate factors related to the independence of the external auditor and assist them in
preserving their independence;
To be advised f and decide to or not to make significant use of the external auditor in performing non-audit
service within the company, considering both the types of service rendered and the fees, so that its position
as auditor is not deemed to be compromised; and
To review the external auditors finding arising from audits, particularly any comments and responses in
management letters as well as the assistance given by the employees of the Company in order to be satisfied
that appropriate action is begin taken.
Other Matters
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To act on any other matters as may be directed by the Board.
Reporting of the Audit Committee

Reporting to the Board of Directors
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The Audit Committee reports on it activities to the Board of Directors. The Audit Committee immediately
reports to the Board of Directors on the following findings; if any:
d.
• Report on conflicts of interest;
• Suspected or presumed fraud or irregularity or material defect in the internal control system;
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• Suspected infringement of laws, including securities related laws, rules and regulations;
• Any other matter that it deems necessary.
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In compliance with condition no. 6 of the Corporate Governance Guideline of Bangladesh Securities and
Exchange Commission Notification No.SEC/CMRRCD/2006-158/134/Admin/44 dated 07 August 2012, the
Managing Director and Chief Financial Officer (CFO) respectively of Appollo Ispat Complex Ltd. Have
certified before the Board that they have thoroughly reviewed the financial statements of the Company for the
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year ended 30st June 2015, and state that:

- These statements do not contain any materially untrue statement or omit any material fact or
contain statements that might be misleading,
- These statements together present a true and fair view of the Company’s affairs and are in
compliance with existing accounting standers and applicable laws, and
- To the best of their knowledge and belief, the Company has not entered into any transaction
during the year which are fraudulent, illegal or in violation of the Company’s codes of conducts.
This certificate has been reviewing by the Audit Committee before submitting to the Board.
Reporting to the Authorities

If the Audit committee reports to the Boards of Directors about anything which has material impact on the
financial condition and result of operation and discuss with the Board of Directors and the management that
any rectification is necessary and if the audit Committee finds that such rectification has been unreasonably

ignored, the Audit Committee reports such finding to the Bangladesh Securities & Exchange Commission,
upon reporting to such matters to the Board of Directors for three times or completion of a period of 6 (six)
months from the date of first reporting to the Board of Directors, whichever is earlier.
Reporting to the Shareholder and General Investor
Report on activities carried out by the audit Committee, including any report made to the Board of Directors
under condition 3.4.1(ii) of the BSEC Corporate Governance Notification above during the year, shall be
signed by the Chairman of the Audit Committee and disclosed in the Annual Report of the Company.
Authority
The Audit Committee is authorized by the Board to review any activity within the business as per its terms
of reference. It is authorized to seek any information or attendance it requires from any director or member
of management at any of it meetings. All employees are expected to corporate with any request made by
the Committee. The Committee is also authorized to have information and advice from the Company legal
Advisor, Tax Consultant and Statutory Auditor if required. The terms of reference of Audit Committee may
be amended from time to time as required for the business in line with BSEC notifications subject to
approval by the Board.
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Meeting Attendance
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The Audit Committee met four times during the year 2014-15. The entire member was present in all
meetings of the Committee. The details of attendance of each member at the Audit Committee meetings
during 2014-15 are as follows:
The Managing Directors, CFO, Internal Auditors of Appollo Ispat Complex Ltd. Representatives of the
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external auditors had attended the meetings upon invitation by the audit Committee. From time to time,
other senior member of management has also been invited by the audit Committee to attend Audit
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Committee meetings.
The Audit Committee met with the external auditors separately, and with the internal auditors, on an annual
basis without any Executive Director begins present. The Company Secretary is the Secretary of the Audit
Committee, who facilities the Chairman and other member for effective function of the Committee as per it
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terms of reference as well as corporate governance notification of BSEC.

Meeting and attendance
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The committee held four meeting. The attendance of the members at these meeting is as under:

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Summary of Activities during the Year
In 2014-15 the audit Committee reviewed its terms of reference in line with requirements of BSEC notification on
corporate governance. The Committee carried out its duties in accordance with the terms of reference of the
Audit Committee. Moreover, an Audit Committee effectiveness survey has been carried out for the year 2014-15
which reflected full compliance to the effectiveness guidelines. However, the Committee emphasized on
continuation of the tenure of service of the internal audit manager for a reasonable time. The Committee carried
out its responsibilities and duties in accordance with the terms of reference and carried out the following activities
in 2014-15:
Financial Reporting
• Reviewed the quarterly and annual financial statements of the Company with the Financial Director and
Managing Director, focusing particularly on significant change to accounting policies and practices,
adjustments arising from the audit compliance with accounting standards and other legal requirement
before recommending them to the Board of Director for approval, and concluded that the financial
statements presented a true and fair view of the Company’s financial performance.
Internal Control
• Reviewed the Company’s Risk Management program, including deep drive into the key function risk for
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the company and Risk management Program work plan.
• Reviewed and recommended to the Board steps to improve the company’s changes to accounting
policies and practices, adjustments arising from the audits.
•
External Audit
•
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Received updates on breaches of the Standards of Business Conduct and whistle blowing incidents.
Reviewed with the external auditor the Company’s quarterly and annual financial statements with the
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Finance Director focusing on findings arising from audits, particularly comments and responses in the
management letter as well as assistance give by the employees of the company before recommending
them to the Board of Directors for approval.
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• Reviewed the external auditors audit plan, nature and scope of the audit plan, audit report, evaluation of
internal controls and coordination of the external auditor.
• Reviewed the external auditor’s findings arising from audits, particularly comments and responses in
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management letters as well as the assistance given by the employees of the Group in order to be
satisfied that appropriate action is being taken.
• Exercised its right to hold meetings with the external auditor (private audience with statutory auditor)
without the presence of the Executive Directors or management. These private sessions help to reinforce
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the independence of the external audit function of the Company.

• Reviewed the overall performance of the external auditor for the year 2014-15. However the Board
recommended appointing a new auditor for the year 2015-16 as per standing order of BSEC.
• Reviewed the estimated recurrent related party transaction mandate for the ensuing year and
recommended to the Board to seek shareholders Mandated at the upcoming Annual General Meeting of
the Company.
Ethical and Integrity Areas
• Deliberated on reports in whistle Blowing and Standards of f Business Conduct Breach incidents.
• Deliberated on the security and safety matters and loss reports.
• Deliberated on the Environmental Health and safety review reports.
Annual Reporting
• Reviewed disclosures required the statement in corporate Governance, Audit Committee Report,
Standards of Business Conducts, Statement on Risk Management and internal control for the financial
year ended 30June 2015 for the inclusion in the Annual Report 2014-15 and recommended their
adoption by the Board.

Internal Audit
The role of Internal Audit for the Company is designed in line with local laws. This approach ensured a high level
of independence and gives access to more skilled and specialized resources than would otherwise be available
within the Company. The Internal Audit Manager is a professional accountant and Master of Business
Administration who has cross functional work experience in the Company. Within the Company’s Internal Audit,
three types of audits exist: Entity audits, process Audit and Project and Programmers Audit. Entity audits are
focused on one entity or business unit with a scope of more than one process. Based on the history of a sound
control environment, the Company is in scope for a full entity audit periodically. Process audit has scope of one
process covered over one or more entities or business unites (potentially including the Global and Regional
management of the process). Programmers Audit is focused on an ongoing project or programmer. If required,
Appollo Ispat Complex Ltd. assist the audit Committee in reviewing the effectiveness of the Company committee
in control systems whilst ensuring that there is an appropriate balance of controls and risks throughout the
Company in achieving its business objectives. Any inappropriate restrictions on audit scope are to be reported to
the Audit Committee. Internal Audit provides an independent assessment on the effectiveness and efficiency of
internal controls utilizing robust audit methodology and tool to support the Company and the effectiveness and
efficiency of inter-efficient and effective risk management framework to provide assurance over the Company’s
strategy delivery and change management initiatives. The annual audit planning cycle takes direct input from both
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the risk register and the Audit Committee. In turn, the Audit Committee formally approves the internal audit plan
during the first Audit Committee meeting each year and reviews the plan on a quarterly basis. Any subsequent
changes to the internal audit plan are approved by the Audit Committee. The scope of Internal Audit covers the
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audits to all units and operations. Internal Audit adopts a risk-based approach towards the planning and conduct of
audits which is consistent with the Company’s established framework in designing, implementing and monitoring
its control systems. Other main activities performed by the Internal Audit are as follows:
d.
• Review of the approval procedures in respect of recurrent related party transactions.
• Review the revisions to the credit policy and procedures for trade debtors and intercompany balances.
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• Undertake special reviews request by the Audit Committee and/or management.

• Review the findings and action plans resulting from internal audits.
During the financial year, the audits conducted by Internal Audit are as follows
• Procurement Processing & Supplier Management
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• Health & Safety (Factory)

• Stock taking
• Construction work-in process
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Reporting of the committee

On discharging its responsibilities, the audit committee has ensured the following:
• Financial statements have been prepared and presented in compliance with all laws, regulations &
standards as applicable.
• Adequate controls and procedures are in place to provide reasonable assurance that the company’s
assets are safeguarded and that the financial activities of the company is adequately managed.
• Observation, findings and suggestions of the committee were communicated to the Board of directors
where necessary and the Board of Directors had taken appropriate measures on the report.
On behalf of the Audit Committee
Sk. Abul Hassan Md. Abu Kaiser, FCA

Secretary, Audit Committee Chairman, Audit Committee

CORPORATE SOCIAL
RESPONSIBILITY
Appollo Ispat Complex Limited, the pioneer in

manufacturing CI sheets, has been contribut-
ing in nation building activities by providing
necessary support to poor and vulnerable
people.
With its motto of ‘not only making profits, but
standing beside the people with needs’ the
company has remained sincere in providing
all sorts of supports to disaster-hit people
also.
Appollo Ispat provides financial help to Swap-
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napuri School, situated at a slum in Dhaka.
A total of 72 students are studying in the
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school. Appollo Ispat authority provides financial support to the school for paying salaries of teachers, pay
rent of the school building, buy books and other study materials, school-time food and also rice and flour to
the families of the students.
d.
Besides, Appollo Ispat actively took part in relief programmes during natural calamities like Aila, SIDR. It
stood beside the flood-hit people of the country’s south-western region supporting them with funds and
other relief materials.
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The role of Appollo Ispat in the development of the country’s sports and culture is commendable. Appollo
Ispat arranges various festivals like fruit festival, theatre festival, film festival etc. Appollo Ispat also spon-
sored some cricket tournament events.
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Appollo Ispat donates CI sheet free of cost in schools, colleges, and religious institutions like Masjid, Madra-
sha etc. Sometime Appollo Ispat also sale C.I. sheet as cost price for schools and colleges.
By manufacturing C.I. sheet of high standard and marketing those at affordable rates, the company has
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been relentlessly working to meet the demands for houses for the people of the country.
During early 60s, the company started to manufacture CI sheet by importing GP sheet from America and
Japan. Later, in 1987, they re-launched as Appollo Steel Mills to produce CI sheet by setting up factory
utilizing Japanese technology. The CI sheet knows as ‘Rani Brand’ got huge popularity in the country.
Following high demand, the company set up a environment-friendly factory at Shimrail in Narayanganj by
installing an ultra modern factory utilizing Japanese technology and turned the company as Appollo Ispat
Complex Limited.
In 2004, the company set up an ultra modern CR mill, where it started producing the raw material CR coil
instead of importing those.
The company has been marketing ‘Rani Brand’ CI sheet across the country for last 40 years. A number of
400 workers have been employed here and so 400 families are engaged with Appllo Ispat,
The venture has been successful with dynamic and visionary leadership and hard work of the entrepre-
neurs. Their relentless efforts have made it possible to make the brand popular among the people of the
country.

EVENTS AND IMAGES
Get together with bankers at AICL factory premises
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Monthly sales conference Appollo ispat corporate cricket team

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Inauguration of Share Trading at DSE

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Health awareness seminar with- ICDDRB Sponsor of Dhaka Press Club fruit festival
Appollo Ispat Corporate Cricket Team Sponsor of Dhaka Press Club Fruits Festival
AICL factory visited by journalists Wining ceremony corporate cricket league -2015

20TH AGM -2014
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For the year ended 30 June 2015

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AUDITORS’ REPORT
TO THE SHAREHOLDERS OF APPOLLO ISPAT COMPLEX LIMITED
We have audited the accompanying financial statements of APPOLLO ISPAT COMPLEX LIMITED (AICL)
which comprise the Statement of Financial Position as at 30 June 2015, Statement of Profit and Loss and Other
Comprehensive Income, Statement of Cash Flows and Statement of Changes in Equity for the year ended 30
June 2015 and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with Bangladesh Financial Reporting Standards, and for such internal control as management
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determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Auditors’ Responsibility
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Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with Bangladesh Standards on Auditing. Those standards require that we comply with
d.
ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
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An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation
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of the financial statements in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
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estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Basis for Qualified Opinion
01. Reference to Note # 03 & 04
We observed weak control over fixed assets of the company as they did not maintain any fixed asset
register. The supporting documents and papers against additions to fixed assets and capital work in
process of Taka 317,692,557 (Fixed Assets for Taka 11,455,808 and Capital work in process of Taka
306,236,749) could not be made available to us for our verification out of total additions of Taka
800,456,904 during the year.

02. Reference to Note # 13
Closing balance of retained earnings as on 30 June 2014 has been increased by Taka 146,166,484 by
adding back tax on unabsorbed depreciation of previous years. No disclosure was made in notes to the
Financial Statements in support to this adjustment and the basis on which this adjustment was made.
Qualified Opinion
In our opinion, except for the effect of the matter described in the Basis for Qualified Opinion paragraphs
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the financial statements present fairly, in all material respects, (or give a true and fair view of) the financial
position of APPOLLO ISPAT COMPLEX LIMITED as at 30 June 2015 and (of) its financial performance and
its cash flows for the year then ended in accordance with Bangladesh Financial Reporting Standards (BFRS),
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comply with the Companies Act 1994 and other applicable Laws and Regulations.
We also report that:
d.
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
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it appeared from our examination of those books;

c) The Company’s Statement of financial position, dealt with by the report are in agreement with the
books of accounts; and
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d) The expenditure incurred was for the purpose of the company’s business.
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Dated: Dhaka MABS & J Partners

Chartered Accountants

STATEMENT OF FINANCIAL POSITION

As on 30 June 2015
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Dated : 19 September 2015

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Apoloispat 2015 Annual

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E-mail: info@appollo-ispat.com, rani@appollo@-ispat.com, Web : www.appollo-ispat.com

Design & Print :

11. Key Financial Highlights 12

14. Product & Markets 15

16. Board of Directors 22

Dated: 4th November 2015

Annual Report for the year ended June 30, 2015

Sk. Abul Hassan

04 ANNUAL REPORT 2014-15

 Record date was October 14, 2015.

APPOLLO ISPAT COMPLEX LTD. 05

Our mission is to escalate the standard of living

06 ANNUAL REPORT 2014-15

try. The entire production facilities are highly sophisticated, operated

Appollo is going to start a high quality NOF (RTF technology) Galvaniz-

Date of IMPORTANT DATE

08 ANNUAL REPORT 2014-15

APPOLLO ISPAT COMPLEX LTD. 09

an any ner ctio s he bu

10 ANNUAL REPORT 2014-15

relevant laws and regulations. We

strive to continually improve our

CSR Management System to ad-

APPOLLO ISPAT COMPLEX LTD. 11

12 ANNUAL REPORT 2014-15

APPOLLO ISPAT COMPLEX LTD. 13

Uncoiling The HR Coil

14 ANNUAL REPORT 2014-15

VARIOUS USES OF CI SHEET

APPOLLO ISPAT COMPLEX LTD. 15

Thakurgaon Nilphamari Lalmonirhat

Meherur Kushtia Manik

16 ANNUAL REPORT 2014-15

0.420 mm 6x3 7x3 8x3 9x3 10 x 3

Institutional Customers Customer Customer Export

APPOLLO ISPAT COMPLEX LTD. 17

 Rural People for rooﬁng of their houses through wholesalers or retailers

Employ trained personnel for diﬀerent process

NOF-Non Oxide Furnace

18 ANNUAL REPORT 2014-15

To Chromic acid treatment to

minimal time & cost.

18 APPOLLO ISPAT COMPLEX LTD. APPOLLO ISPAT COMPLEX LTD. 19

20 ANNUAL REPORT 2014-15

APPOLLO ISPAT COMPLEX LTD.

Palash Spinning Mills Limited.

22 ANNUAL REPORT 2014-15

Mr. Md. Shoeb Mr. Md. Ansar Ali

APPOLLO ISPAT COMPLEX LTD. 23

Mr. Abdur Rahman Mr. M. A. Majid

lished himself ﬁrmly in the business arena in

house of CI/GP Sheet, immediately after

24 ANNUAL REPORT 2014-15

Mr. Md. Rafique Abdur Rouf

Mr. Abdur Rouf, son of Late Manik Mollah, was

Mr. Md. Raﬁque, son of Mr. Md. Ansar Ali, was

in the business sphere. He is also the Manag-

Mostafequr Rahman, son of Late Masudur

APPOLLO ISPAT COMPLEX LTD. 25

income for the year Tk. 513,69,30,803 which is 3.84% more

The implementation of RTF NOF CGL Plant is processing fast.

and the project is expected to go into commercial production

26 ANNUAL REPORT 2014-15