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BDWELDING

All Eps Dividend Board Agm Q1 Q2 Q3

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): mutation and cost was Tk. 26,106,500 & 26,106,500 as at 30.06.2018 and as at 30.06.2017 respectively. Above amount represents CDA Permission fee and other expenses related to non Muted land .26 Decemial with CDA. Note 6.00 - Inventories: Balance of Inventories was Tk. 155,030,865 & 205,838,257 as at 30.06.2018 and as at 30.06.2017 respectively. Note 6.01 - Raw Materials: Balance of Raw Materials was Tk. 144,867,549 (cont. 11)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): carrying the same to the new-factory becoming meaningless. The liability of the bank against damaged goods has been adjusted, hence this provision was made. Note 22.05- Provision for Bad and Doubtful Debts: Balance of Provision for Bad and Doubtful Debts was Tk. 0 & 94,806,662 as at 30.06.2018 and as at 30.06.2017 respectively. Note 22.06- Provision for registration, mutation and cost: Balance of Provision for registration, (cont. 10)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): Note 22.04- Provision for Obsolete Inventories: Balance of Provision for Obsolete Inventories was Tk. 0 & 50,807,392 as at 30.06.2018 and as at 30.06.2017 respectively. The Company had to maintain the stock of flood damaged goods in the absence of getting insurance claim and not being able to adjust the liability of the bank against goods under LTR/pledge. Since the factory shifting continuing, retaining of the damaged goods and (cont. 9)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): in full and a part of other liabilities. The balance amount of Tk. 77,326,000 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 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. (cont. 8)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): in line with the increase in net loss as occurred 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 13 June 2017 sold land 2.49 Acre and RCC structure of factory building at Tk. 398,465,000. The company received Tk. 321,139,000 against agreed value. Out of the fund, the company paid the bank loan (cont. 7)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): 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 as evidenced by the increase in its net loss from Tk. 83,860,131 to Tk. (1,54,16,735) as compared with the last year. In addition, operating cash flows were also deteriorated (cont. 6)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): 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, receivable (cont. 5)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): 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 of prior year adjustment. (cont. 4)

BDWELDING 07-Sep-2020

(Continuation news of BDWELDING): 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 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. 40,551. (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. (cont. 2)

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