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ALLTEX

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ALLTEX 10-Nov-2021

(Continuation news of ALLTEX): To ensure safety of lives and properties company management decided to conduct major repair and overhauling of boiler as well as all other machineries. For this purpose, manufacturing activities have been temporarily postponed from 21 September 2021. However, to ensure timely delivery of goods to the valued customers, the company has kept continuing the production in other production in other factories on subcontract basis. (end)

ALLTEX 10-Nov-2021

(Continuation news of ALLTEX): Machinery to be imported after the pandemic situation get normal in European and American countries. Major Repair and Overhauling of Machineries of Home Textile: Considerable number machineries of the company were installed in the year 1985-86. These machines have been too old and require major repair and overhauling to run the production efficiently. Boiler condition was considered risky by the technical expert of the company. (cont.9)

ALLTEX 10-Nov-2021

(Continuation news of ALLTEX): All material events occurring after the statement of financial position date have been considered and where necessary adjusted for or disclosed. Progress of Footwear Project: Production floor consisting an area of 80,080 square feet has been prepared by the company. Some machineries are being installing on trial basis though major machineries import has been postponed by company management keeping in mind the negative impact in international market. (cont.8)

ALLTEX 10-Nov-2021

(Continuation news of ALLTEX): as a consequence of pandemic Coronavirus. 2. Regarding temporary discontinuation of production as disclosed in note no. 39.00. 39.00 Events after the reporting period: Events after the reporting period that provide additional information about the company's position at the statement of financial position date are reflected in the financial statements as per International Accounting Standards IAS 10 "Events after the Reporting Period". (cont.7)

ALLTEX 10-Nov-2021

(Continuation news of ALLTEX): Machinery suppliers have already been selected by the company. Upon receipt of the bond license the company will open L/C for importing machinery. The company has carried out major refurbishment work of its gas line to ensure workers' safety. Company management is hopeful about its continuing operation as well as its product diversification and expansion of businesses although all the matters have been slowed down (cont.6)

ALLTEX 10-Nov-2021

(Continuation news of ALLTEX): Subsequently the company obtained permission from Honorable High Court Division of the Supreme Court of Bangladesh to establish a footwear manufacturing project. Pursuant to the said order the company amended the objects clause of the Memorandum of Association as well as the trade license. The company also obtained requisite registration from Bangladesh Investment Development Authority (BIDA) and hope to obtain bond license very soon. (cont.5)

ALLTEX 10-Nov-2021

(Continuation news of ALLTEX): there is some adverse results reflected in various indications of financial position and performance of the company. It is pertinent to mention here that during the year 2018-2019 the company management decided to establish a footwear manufacturing unit to increase revenue. Accordingly an Extraordinary General Meeting (EGM) was called to amend Memorandum of Association of the company by inserting new objects clause. (cont.4)

ALLTEX 10-Nov-2021

(Continuation news of ALLTEX): 1. Regarding going concern assumption as disclosed in note no. 2.01.01. 02.01.01 Going concern assumption: The financial statements have been prepared on the basis of going concern assumption as per IAS 1 "Presentation of Financial Statements". As per management assessment there is no material uncertainties related to events or conditions which may cast significant doubt upon the Company's ability to continue as a going concern though(cont.3)

ALLTEX 10-Nov-2021

(Continuation news of ALLTEX): 3. The company did not calculate deferred tax as per IAS-12. 4. The company did not submit Mushak-9.1 as a result, a penalty may be imposed as per section 85(f) of VAT & SD Act, 2012 for which provision has not been made. Quantification of the penalty could not be made due to the period of non-submission is not known to us. Matter of Emphasis: Without qualifying our opinion, we draw attention to the following facts: (cont.2)

ALLTEX 10-Nov-2021

The auditor of the Alltex Industries Ltd has given the "Qualified Opinion" & "Emphasis of matters" paragraphs in the Auditor's Report for the year ended on 30 June, 2021. Basis for Qualified Opinion: 1. Due to scope limitation, we were unable to verify inventories amounting Tk. 339,453,924. 2. The entity made revaluation of land on 2015, but as per IAS-16, Para 31, 34 revaluations should be made with a frequency of 3 to 5 years, which is non-compliance of the said standards. (cont.1)

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