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JUTESPINN

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JUTESPINN 25-Nov-2021

Trading of the shares of the Company will resume on 28.11.2021 after record date.

JUTESPINN 24-Nov-2021

Trading of the shares of the Company will remain suspended on record date i.e., 25.11.2021.

JUTESPINN 21-Nov-2021

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 22.11.2021 to 24.11.2021. Trading of the shares of the Company will remain suspended on record date i.e., 25.11.2021.

JUTESPINN 16-Nov-2021

(Continuation news of JUTESPINN): 3) The company's shares are traded in the Dhaka Stock Exchange (DSE). As at 30 June, 2021, the last trading price was at Tk. 121.90 per share. A hike in share price was reported during mid of September, 2021 which was unusual in comparison to the current status of the company. The management could not provide us any information related to price sensitive information during the period of our audit that could indicate the hike in share price. (end)

JUTESPINN 16-Nov-2021

(Continuation news of JUTESPINN): It has a big impact on imports, other procurement, production, export, and other activities of the Global business. As a result, all business and economic activities are adversely affected. The company has not given any disclosures related to the impact of the Covid-19 Pandemic and as the company has no operation during the period under audit, we have insufficient information to assess the impact of COVID-19 on the company. (cont.26)

JUTESPINN 16-Nov-2021

(Continuation news of JUTESPINN): Other Matters: 1) The financial statements of the company for the year ended June 30, 2020 were audited by another auditor, who through their report dated October 28, 2020 expressed qualified opinion on those statements and we observed that those points have remained unattended. 2) World Health Organization (WHO) declared a global pandemic due to Corona Virus called as COVID-19. (cont.25)

JUTESPINN 16-Nov-2021

(Continuation news of JUTESPINN): for a long time. Expenses are charged and added with carried forwarded balances under Liabilities for expenses from year to year. Non-payment of expenses under several heads i.e. salary & wages, rents, utilities, repair maintenance, travelling conveyance and other general expenses, for a long time are unusual and doubtful. Whether the expenditures charged and provisioned for have any authenticity could not be justified by the company. (cont.24)

JUTESPINN 16-Nov-2021

(Continuation news of JUTESPINN): (a) is not a business combination; and (b) at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss)". But the company has recognized deferred tax assets though the company has no taxable profit which is not in line with paragraph 24 of IAS 12: "Income Tax". 10. Liabilities for Other Finance and Liabilities for Expenses: Balances are carried forward from year to year that is remaining unadjusted in the financial statements (cont.23)

JUTESPINN 16-Nov-2021

(Continuation news of JUTESPINN): b) Deferred Tax: Wrong recognition of deferred tax: As per paragraph 24 of IAS 12: "Income Tax" - "A deferred tax asset shall be recognized for all deductible temporary difference to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized, unless the deferred tax asset arises from the initial recognition of an asset or liability in a transaction that: (cont.22)

JUTESPINN 16-Nov-2021

(Continuation news of JUTESPINN): The production of the company has been discontinued since 2016-2017 & no revenue were generated from 2016-2017. Therefore, no current tax was charged from 2017-2018 in the financial statements. It has been observed that the company has not provided required adequate disclosure regarding income Tax Expenses in the financial statements for the year ended on 30 June 2021 which is non-compliance with the Paragraph 46 and 81(C) of IAS 12 "Income Taxes". (cont.21)

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