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GEMINISEA

All Eps Dividend Board Agm Q1 Q2 Q3

GEMINISEA 15-Nov-2021

(Q1 Un-audited): EPS was Tk. 1.56 for July-September 2021 as against Tk. (4.67) for July-September 2020. NOCFPS was Tk. (4.44) for July-September 2021 as against Tk. (0.75) for July-September 2020. NAV per share was Tk. 2.49 as on September 30, 2021 and Tk. 0.93 as on June 30, 2021

GEMINISEA 10-Nov-2021

As per Regulation 16(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 November 14, 2021 at 4:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on September 30, 2021.

GEMINISEA 31-Oct-2021

(Continuation news of GEMINISEA): and indebted to the extent of Tk. 483,092,418 consisting of bank loan and lease finance, which represents 93.65% of the Equity & Liabilities of the Company. All these facts indicate highly uncertainty to be a going concern. (end)

GEMINISEA 31-Oct-2021

(Continuation news of GEMINISEA): situation and shortage of working capital. In our opinion, production capacity must be utilized at the optimum level to strengthen the financial position of the Company. Further, it is mentioned that as of 30 June, 2021 the cumulative balance of retained earning stands on negative balance amounting to Tk. (42,576,942) (cont.6)

GEMINISEA 31-Oct-2021

(Continuation news of GEMINISEA): iv) Utilization of Production Capacity and ability of the Company to pay Debt: The production capacity position of the Company is very poor which decreased than the last year by 4.96%. Total utilization of attainable capacity of the Company is only 14.45%, which was 19.41% at the previous year. The management of the Company opined that the shortfall was made due to reduce demand emanated from general economic downturn at COVID-19 (cont.5)

GEMINISEA 31-Oct-2021

(Continuation news of GEMINISEA): at the same time, debt of the Company will increase significantly. iii) Cash & Cash Equivalents: Cash & cash equivalent includes cash in hand amounting to Tk. 36,850,644 which is quite excessive in comparison with sales and purchase. Cash in hand has been verified by the Management at the close of the year and a cash custody certificate was furnished to us. We could not verified the same due to pandemic situation of COVID-19. (cont.4)

GEMINISEA 31-Oct-2021

(Continuation news of GEMINISEA): increasingly years to year. The Advances, Deposits & Pre-payments of the Company is amounting to Tk. 125,831,039 out of which Tk. 118,312,147 represents the advance to suppliers that increase year to year. In our opinion, in spite of huge quantity of existing inventories, there is no justification of the said advances to the suppliers to procure inventories. Therefore, unnecessary blockage of the working capital affect the earnings of the Company and (cont.3)

GEMINISEA 31-Oct-2021

(Continuation news of GEMINISEA): 2021 on the quantity, quality and value of inventories has been provided to us. We could not also be able to verify the inventories physically as on 30 June, 2021 due to pandemic of COVID-19. No provision for written off value of unsaleable and long outstanding portion of inventories has been accounted for during the year. ii) Advances, Deposits & Pre-Payments: The balance of Advances, Deposits & Pre-payments has been(cont.2)

GEMINISEA 31-Oct-2021

The auditor of the Gemini Sea Food Ltd has given the "Qualified Opinion" paragraphs in the Auditor's Report for the year ended on 30 June, 2021. Qualified Opinion: i) Inventories: The volume of inventories is too high in comparison to purchase, production capacity, cost of goods sold and turnover as a whole and has been increasing years to year. Total inventories of the Company is Tk. 261,064,633, which is 50.61% of the total assets. So far, no technical status report as on 30 June, (cont.1)

GEMINISEA 31-Oct-2021

There will be no price limit on the trading of the shares of the Company today (31.10.2021) following its corporate declaration.

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