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CENTRALINS

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CENTRALINS 20-Jul-2020

Trading of the shares of the Company will be allowed only in the Spot Market and Block transactions will also be settled as per Spot settlement cycle with cum benefit from 21.07.2020 to 22.07.2020. Trading of the shares of the Company will remain suspended on record date i.e., 23.07.2020.

CENTRALINS 09-Jul-2020

(Continuation news of CENTRALINS): financial statement date, Details of the fixed assets are shown in Schedule A. The company revalued Land and Building in 2009. As per para-34 of IAS 16 "Property, Plant and Equipment" the frequency of revaluation should not exceed three or five years. As of report date the company did not arrange revaluation of Land and Building." (end)

CENTRALINS 09-Jul-2020

(Continuation news of CENTRALINS): on 31 December 2018 was Tk. 412,184,443. Note 16 Plant, Of?ce Equipments & Other Fixed Assets: Balance of Plant, Of?ce Equipments & Other Fixed Assets as on 31 December 2019 was Tk. 29,758,986 and as on 31 December 2018 was Tk. 26,135,144. The above balance represents written down value of the Plant, Office Equipments & Other Fixed Assets as (cont.7)

CENTRALINS 09-Jul-2020

(Continuation news of CENTRALINS): Except Land, Building and Motor Vehicle we are unable to verify the whereabouts of other items as mentioned in said Notes and Schedule due to absence of appropriate Fixed Asset management system; Note 15 Property, Building & Land Development: Balance of Property, Building & Land Development as on 31 December 2019 was Tk. 459,884,581 and as (cont.6)

CENTRALINS 09-Jul-2020

Continuation news of CENTRALINS): Other Persons or Bodies Carrying on Insurance Business: Balance of Amount Due from Other Persons or Bodies Carrying on Insurance Business as on 31 December 2019 was Tk. 189,734,497 and as on 31 December 2018 was Tk. 176,776,831. We refer to the Note 15 and 16 reads with Schedule A, where the company reported Property, Plant and Office Equipment. (cont.5)

CENTRALINS 09-Jul-2020

(Continuation news of CENTRALINS): management needs to take proper action to settle the balance immediately; Note 7 Amount Due to Other Persons or Bodies carrying on Insurance Business: Balance of Amount Due to Other Persons or Bodies carrying on Insurance Business as on 31 December 2019 was Tk. 62,565,251 and as on 31 December 2018 was Tk. 61,809,930. Note 12 Amount Due from (cont.4)

CENTRALINS 09-Jul-2020

(Continuation news of CENTRALINS): As per BSEC Rules every listed company should establish a gratuity fund. However, we did not observe such establishment of Gratuity Fund. Which is a non-compliance of said Rules. Anyway, we observed that provision has been made for gratuity fund; As disclosed in note 7 and 12 regarding amount payable and receivable were carry forwarded since long ago, (cont.3)

CENTRALINS 09-Jul-2020

(Continuation news of CENTRALINS): did not disclose every related party transaction. As disclosed in note 8.01 the company has calculated deferred tax during the reporting period. However, computation needs to be complied with all aspects as per IAS-12; Note 8.01 Deferred Tax: Balance of Deferred Tax as on 31 December 2019 was Tk. (740,997) and as on 31 December 2018 was Tk. 1,686,559. (cont.2)

CENTRALINS 09-Jul-2020

The auditor of Central Insurance Company Ltd. has given the following "Emphasis of Matter" in the audit report of the company prepared for the year ended on 31 December 2019. Emphasis of Matter: We draw attention to the following matters, though our opinion is unqualified in respect of the same: As per IAS-24, every entity should disclose every related party transaction. However, the company (cont.1)

CENTRALINS 06-Jul-2020

(Continuation news of CENTRALINS): and iii) The bonus shares is not declared from capital reserve or revaluation reserve or any unrealized gain or out of profit earned prior to incorporation of the company or through reducing paid up capital or through doing anything so that the post-dividend retained earnings become negative or a debit balance. (end)

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