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AMANFEED

All Eps Dividend Board Agm Q1 Q2 Q3

AMANFEED 03-Feb-2021

(Continuation news of AMANFEED): statements, the Company's inventories comprising finished goods of Tk. 105,845,025. Management has not stated finished goods at the lower of cost and net realizable value instead stated them solely at saleable value, which constitutes a departure from IAS 2 Inventories. The Company's records suggest that had management stated inventories at the lower of cost and net realizable value, an amount of Tk. 3,330,625 would have been required to be (cont.8)

AMANFEED 03-Feb-2021

(Continuation news of AMANFEED): statements, advances, deposits and prepayments includes inter-company current account balance of Tk. 317,506,858. The Company carried out transactions with related parties without obtaining necessary Consent from the Bangladesh Securities and Exchange Commission (BSEC) according to BSEC notification no-BSEC/CMRRCD/2009-132/2/Admin/103 Dated 5 February, 2020. 5. As presented in Note # 5 to the financial (cont.7)

AMANFEED 03-Feb-2021

(Continuation news of AMANFEED): uncertainty regarding their collectivity thus increasing the risk of default at the reporting date. The Company has not made any provision against the expected credit losses according to IFRS 9 Financial Instruments. Consequently, net profit and net assets reported in the statement of profit or loss and other comprehensive income and statement of financial position were overstated to that extent. 4. As disclosed in Note # 7.03 to the financial (cont.6)

AMANFEED 03-Feb-2021

(Continuation news of AMANFEED): supporting evidence against the said balances. 3.As disclosed in Note # 6 to the financial statements, trade and other receivables amounting to Tk. 2,770,656,345 were reported by the Company at the reporting date in the statement of financial position. Out of those balances, the amount of Tk. 294,358,191 there were balances as observed from the records of the Company which remained overdue for a long period of time raising significant (cont.5)

AMANFEED 03-Feb-2021

(Continuation news of AMANFEED): outstanding balances and amounts were not confirmed. We also referred to Note # 14 litigation against Aman Feed Limited filed by AB Bank Limited to recover outstanding balances. 2. As referred to Note # 7.0 in the financial statements, the Company recorded advances, deposits and prepayments of Tk. 1,577,710,076 which includes advance for store purchase of Tk. 1,242,006,302. During the audit, the Company did not provide complete set of (cont.4)

AMANFEED 03-Feb-2021

(Continuation news of AMANFEED): As per ISA 505 "External Confirmation" during the auditing we sent balance confirmation letter to all the Bank and financial institutions to confirm the above balances. However as of our date of auditors' report, we have yet to receive response to confirm the above outstanding balance including financial expenses reported by the Company. Through alternative audit procedures performed, the existence, accuracy, occurrence and completeness of those (cont.3)

AMANFEED 03-Feb-2021

(Continuation news of AMANFEED):and current portion under the Note # 14, lease obligations of Tk. 29,436,409 in Note # 15 and short-term loans of Tk. 1,608,561,920 under the Note # 16 in the statement of financial position as at 30 June 2020. The Company provided loan statements excluding statements from Social Islami Bank Limited and National Finance Limited to verify the above balances without appropriate authorization from the concerned bank and financial institution. (cont.2)

AMANFEED 03-Feb-2021

The auditor of Aman Feed Limited has given the following "Qualified Opinion" paragraph in the audit report of the Company prepared for the year ended on June 30, 2020. Qualified Opinion: 1. As disclosed in Note # 25 to the financial statements, as of year ended 30 June 2020, the Company has recognized financial expenses of Tk. 425,516,999 in the statement of profit or loss and other comprehensive income and long-term loans of Tk. 1,873,806,885 including both non-current (cont.1)

AMANFEED 01-Feb-2021

The Company has informed that they have already filed a case in the Supreme Court of Bangladesh High Court Division (Statutory Original Jurisdiction) dated 27.01.2021. They will conduct Annual General Meeting (AGM) within short time after receiving approval from the Supreme Court of Bangladesh High Court Division.

AMANFEED 30-Dec-2020

The Company has further informed that due to unavoidable circumstances, the 15th AGM of the Company has been postponed. The new date and time of the AGM will be notified later.

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