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MEGCONMILK

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MEGCONMILK 18-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 21.11.2021 to 23.11.2021. Trading of the shares of the Company will remain suspended on record date i.e., 24.11.2021.

MEGCONMILK 04-Nov-2021

(Continuation news of MEGCONMILK): We are required to report if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least twelve months from the date of the financial statements. We have disclosed the issue on basis for qualified paragraph. (end)

MEGCONMILK 04-Nov-2021

(Continuation news of MEGCONMILK): out of which taka 90,274,498.00 which is against Sonali Bank Ltd. Loan A /C. We did not find any bank statement to confirm the amount due to those loan accounts was classified. 12. As referred note no. 13 of financial statements "Worker's Profit Participation Fund" Taka 960,089 which amount still now unpaid. Going Concern: (cont.8)

MEGCONMILK 04-Nov-2021

(Continuation news of MEGCONMILK): bank statement to confirm the amount as those loan accounts were classified. 10. As referred note no. 12 of financial statements "Liabilities for Expenses & Other Finance" Taka 457,681,906.00 out of which Taka 451,372,490.00 is provision of bank interest included in the amount but that amount not confirmed from bank statement. 11. As referred note no. 18 of financial statements "Financial Expenses" shows taka 99,550,682.00 (cont.7)

MEGCONMILK 04-Nov-2021

(Continuation news of MEGCONMILK): "Dividend payable" amount taka 1,673,604 has been presented which were declared and approved earlier year, as per regulation 28 of Dhaka Stock Exchange (Listing Regulation 2015) declared dividend are supposed to be paid within 30 days of approval. Till now that amount is unpaid. 9. As referred note no. 11 of financial statements "Cash Credit & Overdrafts" shows taka 362,692,229.00 out of which taka 227,790,731.00 for which we did not find any (cont.6)

MEGCONMILK 04-Nov-2021

(Continuation news of MEGCONMILK): "Income Taxes". 6. The company has not provided required disclosure regarding compensation package of key management personnel, who is the related parties of the company which is non-compliance of paragraph 17 of IAS-24 "Related Party Disclosures". 7. As referred note no. 4 of financial statements "Inventories" shown Taka 80,187,800.00 which was fully certified by management. 8. As referred note no. 14 of financial statements(cont.5)

MEGCONMILK 04-Nov-2021

(Continuation news of MEGCONMILK): 4. As per paragraph 58 of IAS-12 "Income Taxes" the company has not recognized deferred tax expense/income in the statement of profit or loss and other comprehensive income. 5. The company has transferred the depreciation on revaluation surplus of asset from revaluation reserve to retained earnings without adjustment of deferred tax on depreciation on revaluation surplus which is non-compliance of paragraph 20 and 64 of IAS-12 (cont.4)

MEGCONMILK 04-Nov-2021

(Continuation news of MEGCONMILK): shows taka 642,775,645.00. We did not find update bank statement to confirm the amount as those loan accounts were classified. And also that the management did not present current portion of long term loan as per IAS-1 para 60 and 61. 3. According to clause 5(2)(e) of the BSEC notification (No. BSEC/CMRRCD/2006-158/208/Admin/81-dated 20 June 2018 the management did not present any disclosures on reconciliation of the statement of cash flows. (cont.3)

MEGCONMILK 04-Nov-2021

(Continuation news of MEGCONMILK): by tk. 442,136,666.00 and several years the company recurring net loss and also shown negative shareholder's equity, negative retained earnings, negative net asset value per share, negative net profit after tax and negative earnings per share that indicate a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. 2. As referred note no. 10 of financial statements "Bank Loan" (cont.2)

MEGCONMILK 04-Nov-2021

The auditor of the Meghna Condensed Milk Industries Ltd. has given the "Going Concern" & "Qualified Opinion" paragraphs in the Auditor's Report for the year ended on 30 June, 2021. Basis for Qualified Opinion: 1. We draw attention to "Statement of Profit or Loss and other Comprehensive Income" which indicates that the company incurred a net loss of Tk. 132,176,049.00 during the year ended June 30, 2021 and as of the date the company's current liabilities exceeded its total assets (cont.1)

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