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DULAMIACOT

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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)

DULAMIACOT 31-Oct-2021

(Continuation news of DULAMIACOT): discontinuance of dividends, inability to obtain financing for essential new product development, discontinuance of production or other essential investments, inability to comply with terms of loan agreements, loss of market & customers, inefficiency of key management and negative net assets value and operation cash flows indicated by financial statements of the company. (cont.3)

DULAMIACOT 31-Oct-2021

(Continuation news of DULAMIACOT): The company's current liabilities stood Tk. 307,652,686 which exceeded its total assets of Tk. 95,501,108 by Tk. 212,151,578. Long term loan with the Bangladesh Development Bank Ltd. which is blocked and not rescheduled is also remain outstanding at Tk. 70,587,036 as at 30 June 2021. we also draw attention to the labor difficulties, inability to pay creditors on due dates, adverse key financial ratios, (cont.2)

DULAMIACOT 31-Oct-2021

The auditor of the Dulamia Cotton Spinning Mills Ltd. has given the "Qualified Opinion" & "Emphasis of matters" paragraphs in the Auditor's Report for the year ended on 30 June, 2021. Qualified Opinion: Basis for qualified opinion: 1. Material Uncertainty Related to Going Concern: a) The company incurred a net loss of Tk. 10,352,539 during the year ended 30 June, 2021 and the accumulated loss of the company as on 30 June 2021 stands at Tk. 358,484,760. As of that date, (cont.1)

DULAMIACOT 28-Oct-2021

There will be no price limit on the trading of the shares of the Company today (28.10.2021) following its corporate declaration.

DULAMIACOT 28-Oct-2021

The Board of Directors has recommended No Dividend for the year ended on June 30, 2021. Date of AGM: 20.12.2021, Time: 11:00 AM, Venue: Digital Platform. Record Date for AGM: 21.11.2021. The Company has reported EPS of Tk. (1.37), NAV per share of Tk. (37.42) and NOCFPS of Tk. (1.42) for the year ended on June 30, 2021 as against Tk. (1.28), Tk. (36.25) and Tk.0.33 respectively for the same period of the previous year. NOCFPS has become negative due to payment of gas bill dues.

DULAMIACOT 21-Oct-2021

As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on October 27, 2021 at 3:35 PM to consider, among others, audited financial statements of the Company for the year ended on June 30, 2021.

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