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JUTESPINN

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JUTESPINN 04-Dec-2018

(Continuation news of JUTESPINN): (Raw Jute, Finished Goods, Work in Progress & Stores and Spares). 4. The company has taken loan Tk. 13,924,798 from the Managing Director. But no Board resolution or agreement was made between the Managing Director and the Company. Therefore, no interest was charged by the Company against the loan amount. 5. The company has taken loan from Mrs. Ayesha Kadir amounting to Tk. 3,500,000 which remained unpaid and (cont. 6)

JUTESPINN 04-Dec-2018

(Continuation news of JUTESPINN): reported in the financial statements as our appointment of statutory audit was post dated on 18 October 2018. So, consequently inventory might be overstated or understated so as to profit or asset of the organization. ii) The company has not disclosed write down policy of inventories in the notes to the financial statements since the factory was closed down from 2016, either the quality of the inventories is obsolete or unusable condition (cont. 5)

JUTESPINN 04-Dec-2018

(Continuation news of JUTESPINN): 3. Inventory: i) The company's inventories value are carried forward from previous year in the statement of financial position as at 30 June 2018. The Company's policy note no. 3.5 valuation of inventories indicates that management stated 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 (cont. 4)

JUTESPINN 04-Dec-2018

(Continuation news of JUTESPINN): 2. Revolution of Property, Plant and Equipment: The revolution of Property Plant and Equipment of Jute Spinners Limited were affected in 1990 and subsequently no other revolution has been commensurated 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 differ materiality from the fair value at the end of the reporting period. (cont. 3)

JUTESPINN 04-Dec-2018

(Continuation news of JUTESPINN): stood Tk. 468,483,731 which exceeded its total assets Tk. 300,486,767 by Tk. 167,996,964. We also draw attention to the labor difficulties, inability to pay creditors on due dates, inefficiency of key management and negative operating cash flows indicated by financial statements of 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. (cont. 2)

JUTESPINN 04-Dec-2018

(Basis for Qualified Opinion): The auditor of the company has given the following 'Basis for Qualified Opinion' paragraph in the audit report of the company prepared for the year ended on 30 June 2018. Basis for Qualified Opinion: 1. Material Uncertainty Related to Going Concern: The Company incurred a net loss of Tk. 102,903,622 during the year ended 30 June 2018 and the accumulated loss of the company as on June 30, 2018 stands at Tk. 454,517,283. As of that date, the Company?s liabilities (cont. 1)

JUTESPINN 29-Nov-2018

In response to a DSE query dated November 27, 2018, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike of shares.

JUTESPINN 27-Nov-2018

(Repeat News): (Q1 Un-audited): EPS was Tk. (14.32) for July-September 2018 as against Tk. (4.05) for July-September 2017; NOCFPS was Tk. (2.05) for July-September 2018 as against Tk. (0.09) for July-September 2017. NAV per share was Tk. (271.69) as on September 30, 2018 and Tk. (200.88) as on September 30, 2017.

JUTESPINN 22-Nov-2018

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 from 25.11.2018 to 05.12.2018. Trading of the shares of the Company will remain suspended on record date i.e., 06.12.2018.

JUTESPINN 18-Nov-2018

(Q1 Un-audited): EPS was Tk. (14.32) for July-September 2018 as against Tk. (4.05) for July-September 2017; NOCFPS was Tk. (2.05) for July-September 2018 as against Tk. (0.09) for July-September 2017. NAV per share was Tk. (271.69) as on September 30, 2018 and Tk. (200.88) as on September 30, 2017.

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