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BDWELDING

All Eps Dividend Board Agm Q1 Q2 Q3

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): company estimates that the resource available adequate to meet its fund requirement in the foreseeable period. Thus the management deemed it appropriate to prepare the financial statements on going concern basis. Note 22.04 - Provision for Obsolete Inventories: Balance of Provision for Obsolete Inventories was Tk. 0 & 0 as at 30.06.2019 and as at 30.06.2018 respectively. The Company had to maintain the stock of flood damaged goods (cont. 7)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): 13 June 2017 sold land 2.49 Acre and RCC structure of factory building at Tk. 398,465,000. The company received Tk. 327,125,445 against agreed value. Out of the fund, the company paid the bank loan in full and a part of other liabilities. The balance amount of Tk. 71,339,555 remained outstanding with the buyer of the land. This amount has been earmarked for utilizing for shifting and erecting the factory shed. The management of the (cont. 6)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): receivable and registration & mutation purpose. c) Notes # 6.00 to the financial statements, which describe that due to limited operation for applicable year the wastage of raw materials has caused significant deterioration in the company's financial performance during the year. d) The production facilities of the company is not operative. Note 2.04 - Going Concern: During the year the company through an agreement of sale and power of attorney dated (cont. 5)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): of prior year adjustment. Emphasis of Matter: Without qualifying our opinion, we draw attention to a) Note # 2.04 to the financial statements in which the management of the company explained its position as to why the financial statements have been prepared on going concern basis. b) Note # 22.04, 22.05 & 22.06 to the financial statements in which the management of the company explained the reasons as to why provisions have been made for inventories, (cont. 4)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): accounted for in the financial statements without taking into consideration the temporary difference amount. e) We could not verify the challan for payment of VAT amounting to Tk. 143,755. f) Unclaimed dividend as per financial statements is Tk. 32,68,007 but no fund exists as such in the financial statements to meet this liability. We could not verify the detailed as the list for this item were not provided. g) We could not verify the item (cont. 3)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): As a result, physical existence of inventory and value thereof could not be verified. b) We could not verify the addition to the fixed assets amount as the proper detail vouchers have not been provided except the value of the land. c) We could not verify the pending legal matters as the information was not provided to us and opinion from the legal adviser were also not available. d) Deferred tax has been calculated only on revaluation surplus and (cont. 2)

BDWELDING 07-Sep-2020

The auditor of Bangladesh Welding Electrodes Ltd. has given the following "Qualified Opinion & Emphasis of Matter" in the audit report of the Company prepared for the year ended on June 30, 2019. Qualified Opinion: a) The evidence with respect to inventory having a carrying amount of Tk. 15,50,30,865 was limited because we could not observe the counting of physical inventory as of 30 June, 2019 as well as no proper inventory record was provided to us during audit. (cont. 1)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): produced using wrong materials. Company had to pay compensation to some users whose ship got cracked using the welding rod supplied by the previous management. (end)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): and as at 30.06.2017 respectively. Note 6.05 - Stores & Spares: Balance of Stores & Spares was Tk. 0 & 7,644,911 as at 30.06.2018 and as at 30.06.2017 respectively. Provision has been made on damaged work in process and finished goods received at the early stage of takeover of the Industry from Govt. of Bangladesh. These products have no sale value as these were (cont. 13)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): & 175,540,744 as at 30.06.2018 and as at 30.06.2017 respectively. Note 6.02 - Packing Materials: Balance of Packing Materials was Tk. 0 & 1,845,210 as at 30.06.2018 and as at 30.06.2017 respectively. Note 6.03- Work-in-process: Balance of Work-in-process was Tk. 0 & 2,844,780 as at 30.06.2018 and as at 30.06.2017 respectively. Note 6.04- Finished Goods: Balance of Finished Goods was Tk. 10,163,316 & 17,962,612 as at 30.06.2018 (cont. 12)

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