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JUTESPINN

All Eps Dividend Board Agm Q1 Q2 Q3

JUTESPINN 30-Jul-2020

(Continuation news of JUTESPINN): the inventories at lower of cost and net realizable value. And company has not disclosed any fair market value except cost of inventory Tk. 243,791,989. We were unable to determine the value and quantity of inventories to be reported in the financial statements as our appointment of statutory audit was post dated on 10 September 2019. Consequently, inventory might be overstated so as to profit or asset of the organization. (cont. 6)

JUTESPINN 30-Jul-2020

(Continuation news of JUTESPINN): so this constitutes a departure of International Accounting Standards (IAS). However, reporting assets without any impairment shall overstate /understate the fixed assets of the organization. 4. Inventory: i. The company's inventories value are carried forward from previous year in the statement of financial position as at 30 June 2019. The Company's policy note no. 3.5 valuation of inventories indicates that management stated (cont. 5)

JUTESPINN 30-Jul-2020

(Continuation news of JUTESPINN): 3. As per IAS-36 Para-9, An entity shall at the end of each reporting period assess whether there is an indication that assets may be impaired (If any) such indication exists the entity shall estimate the recoverable amount of the asset and compute impairment and reports to the statement of Profit or Loss and Other Comprehensive Income as impairment loss. Jute Spinners Limited has not reviewed any assets that could be impaired at the end of the year (cont. 4)

JUTESPINN 30-Jul-2020

(Continuation news of JUTESPINN): 2. Revaluation of Property, Plant and Equipment: The revaluation of Property Plant and Equipment of Jute Spinners Limited were affected in 1990 and subsequently no other revaluation has been commensurate till the date of reporting. As directed by IAS - 16, Para - 31, revaluation shall be made with subsequent regularity i.e. 3 to 5 years that carrying amount does not differs materiality from the fair value at the end of the reporting period. (cont. 3)

JUTESPINN 30-Jul-2020

(Continuation news of JUTESPINN): inefficiency of key management and negative operating cash flows indicated by financial statements of the Company. And also loan holders (Janata Bank Ltd.) initiated legal proceedings against the company. These events 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. (cont. 2)

JUTESPINN 30-Jul-2020

Qualified Opinion: 1. Material Uncertainty Related to Going Concern: The company incurred a net loss of Tk. 78,528,333 during the year ended 30 June 2019 and the accumulated loss of the company as on June 30, 2019 stands at Tk. 533,045,616. As of that date, the Company's current liabilities stood Tk. 542,399,765 which exceeded its total assets Tk. 295,899,468 by Tk. 246,500,297. We also draw attention to the labour difficulties, inability to pay creditors on due dates, (cont. 1)

JUTESPINN 28-Jun-2020

(Q3 Un-audited): EPS was Tk. (10.95) for January-March 2020 as against Tk. (14.41) for January-March 2019; EPS was Tk. (32.20) for July 2019-March 2020 as against Tk. (43.15) for July 2018-March 2019. NOCFPS was Tk. (0.72) for July 2019-March 2020 as against Tk. (2.10) for July 2018-March 2019. NAV per share was Tk. (335.76) as on March 31, 2020 and Tk. (303.56) as on June 30, 2019.

JUTESPINN 23-Jun-2020

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 June 27, 2020 at 11:00 AM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended on March 31, 2020. .

JUTESPINN 26-Jan-2020

(Q2 Un-audited): EPS was Tk. (11.01) for October-December 2019 as against Tk. (14.14) for October-December 2018; EPS was Tk. (21.25) for July-December 2019 as against Tk. (28.64) for July-December 2018. NOCFPS was Tk. (0.72) for July- December 2019 as against Tk. (3.02) for July- December 2018. NAV per share was Tk. (324.81) as on December 31, 2019 and Tk. (286.00) as on December 31, 2018.

JUTESPINN 21-Jan-2020

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 January 25, 2020 at 11:00 AM to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended on December 31, 2019.

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