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DULAMIACOT

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DULAMIACOT 31-Oct-2021

(Continuation news of DULAMIACOT): There is a risk that the company's liabilities might be higher than those that have been shown. we could not confirm the balances directly from parties due to lack of contact information of the parties and thus were unable to determine the obligation in respect to these liabilities reported in the financial statements due to absence of information. (cont.13)

DULAMIACOT 31-Oct-2021

(Continuation news of DULAMIACOT): few heads of creditors for expenses & Other Finance (note 11.00, 12.00 & 13.00) total amounting Tk. 35,802,418 has not been adjusted for long period of time and some adjustments could not be explained. No proper evidence could be provided for the existence of these amounts as liability to be paid in future or that these amounts are under/over provisioned. No information is also available of any disputes or litigation with the parties. (cont.12)

DULAMIACOT 31-Oct-2021

(Continuation news of DULAMIACOT): Separate bank account was not maintained by the company and there is a shortfall in cash to pay off the unpaid amount. The amount of unclaimed dividend of Tk. 3,899,256 is not segregated year wise and with details claimants BO accounts as per BSEC directive no. BSEC/CMRRCD/2021-386/03 dated 14 January 2021. 7. Creditors for Goods, Expenses & Other Finance Creditors for Goods, (cont.11)

DULAMIACOT 31-Oct-2021

(Continuation news of DULAMIACOT): As per section 234 (b) of labor Act, 2006 the company should pay the amount to the WPPF & WWF not later than nine months from the end of the respective year. Further the company did not make any interest provision for the utilization of fund balance as per section 240 (2) of the said Act. 6. Unclaimed Dividend: As disclosed in note no. 14 the Company has shown an amount of Tk. 3,899,256 as Unclaimed Dividend. (cont.10)

DULAMIACOT 31-Oct-2021

(Continuation news of DULAMIACOT): 4. Accounts Receivable and Others Receivable: Accounts Receivable (note 5.00) amounting Tk. 14,24,642 carried forward for more than one year whose realization is doubtful and no provision has been made for doubtful debts. 5. Workers Profit Participation Fund: As disclosed in note # 15, the company has shown an amount of Tk. 694,010 as liabilities for WPPF & WWF which is carried forward that has not been paid by the company to the fund. (cont.9)

DULAMIACOT 31-Oct-2021

(Continuation news of DULAMIACOT): The company has sold inventory during the year as wastage for which no proper explanation for quantity & valuation could be provided that confirms the sale as wastage (note 23.00). No provision has been made for writing off the value of inventories due to its obsolescence or non-existence. Consequently, inventory is overstated or asset of the company and loss /retained earnings is understated. (cont.8)

DULAMIACOT 31-Oct-2021

(Continuation news of DULAMIACOT): statements which led us to believe that the financial statements contain material misstatement. 3. Inventory: No technical status report as on 30 June, 2021 on the quantity, quality, movement and value of inventories has been provided to us by the management (note 4.00). Since the factory was closed down for last 2 years, physical existence of the inventories is completely doubtful as no valid evidence was provided to us confirming the existence of the stock. (cont.7)

DULAMIACOT 31-Oct-2021

(Continuation news of DULAMIACOT): obligations could not be confirmed or assessed with reported figure. The Property Plant and Equipment of the company were carried at cost and no information related to any revaluation of the assets has been provided till the date of reporting so it is not understandable whether the Property, Plant and Equipment is presented at fair value. The value of the assets may have significantly changed, the reflection of which was not demonstrated in the financial (cont.6)

DULAMIACOT 31-Oct-2021

(Continuation news of DULAMIACOT): nature or the current condition of the assets. The company has not reviewed any assets that could be impaired at the end of the year so this constitutes a departure from relevant IFRS. As the company is not in operation for more than 2 years, reporting assets without any impairment review shall overstate/understate the fixed assets value as of reporting date. Without proper documents/information/evidence, the physical existence and then rights and (cont.5)

DULAMIACOT 31-Oct-2021

(Continuation news of DULAMIACOT): this event or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern and that the financial statements do not adequately disclose this matter. 2. Property, Plant and Equipment: The carrying amount of property, plant and equipment (PPE) stands at Tk. 74,478,668. We were not provided with assets register/any document or information regarding the type of assets, (cont.4)

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