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PRIMELIFE

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PRIMELIFE 04-Oct-2020

(Continuation news of PRIMELIFE): Note 9- SUNDRY CREDITORS: Balance of Gratuity Expense Payable was BDT 10,964,195 and BDT 1,889,098 as on 31.12.2019 and as on 31-12-2018. Note 13.9- Short term Investment (PISL): Balance of Short term Investment (PISL) was BDT 825,653,815 and BDT 551,649,391 as on 31.12.2019 and as on 31.12.2018 respectively. (cont. 21)

PRIMELIFE 04-Oct-2020

(Continuation news of PRIMELIFE): with payment starting from the 3rd year with 7 (seven) years maturity. Repayment against the instrument is scheduled to commence from 2016 @Tk. 19,726,000. The company is in the process of realising the investment through communicating with Banglalion and the underwriter, Industrial and Infrastructure Development Finance Company Limited (IIDFC). (cont. 20)

PRIMELIFE 04-Oct-2020

(Continuation news of PRIMELIFE): and as on 31.12.2018 respectively. Note 18.1.2- Starling Group: PILIL has made a short-term investment with the Sterling group which comprise of Sterling Denims Ltd, Sterling creations ltd, Tech Max Ltd. and Blue Creations Ltd. Note 13.6.1 Banglalion Zero Coupon Bond: Included in the investments is a sum of Tk. 49,999,706 as Zero Coupon Bonds in Banglalion. The Bond agreement was agreed upon during 2012 (cont. 19)

PRIMELIFE 04-Oct-2020

(Continuation news of PRIMELIFE): and BDT 153,733,148 as on 31.12.2019 and as on 31.12.2018 respectively. Note 17.1- PFI Securities Ltd.: PILIL had invested in BO accounts of PFI securities Ltd which has been long outstanding. During this year PILIL has sent a legal notice to PFI Securities Ltd in this regard. Note 18.1- FIXED DEPOSIT WITH BANKS: Balance of Starling Group was BDT 150,000,000 and BDT 150,000,000 as on 31.12.2019 (cont. 18)

PRIMELIFE 04-Oct-2020

(Continuation news of PRIMELIFE): represents converted investment from MTDRs maintained with various banks and financial institutions which were provided as collateral by the Company in favour of PFI Securities Limited. Due to long outstanding as well as no return has been made of this investment, the company has sent legal notice to PFI securities as dated 19.12.2019. Note 17- SUNDRY DEBTORS: Balance of PFI Securities Ltd. was BDT 153,732,698 (cont. 17)

PRIMELIFE 04-Oct-2020

(Continuation news of PRIMELIFE): This issue was qualified by the subsidiary auditor for the financial year ended 31 December 2019. Note 13.8-Short term Investment (PFI): Balance of Short term Investment (PFI) was BDT 1,678,045,201 and BDT 1,579,142,826 as at 31.12.2019 and 31.12.2018 respectively. Prime Islami Life Insurance Limited has generated a healthy Life Insurance Fund which is invested in various forms of instruments. The above amount (cont. 16)

PRIMELIFE 04-Oct-2020

(Continuation news of PRIMELIFE): by violating the circular of Bangladesh BSEC derivative no. BSEC/CMRRCD/2009-193/203 Dated December 28, 2017. Also, for margin loan of BDT 62,912,383 and BDT 396,656,912 there is doubtfulness over the recoverability as there is no collateral equity share against the receivable amount from the clients. The company has not made any provision against the any possible credit losses according to IFRS- 9 para- 5.5.1 and 5.4.4. (cont. 15)

PRIMELIFE 04-Oct-2020

(Continuation news of PRIMELIFE): share transfer amounting to BDT 5,215,236 carried forward from previous years and there is doubtfulness over the recoverability of this amount. This issue was qualified by the subsidiary auditor for the financial year ended 31 December 2019. 6. As disclosed in note #11 of the separate financial statement of Prime Islami Securities Limited (the "Subsidiary"), audited by Ahmed Zaker & Co., the company declared dividend for the year 2018 (cont. 14)

PRIMELIFE 04-Oct-2020

(Continuation news of PRIMELIFE): from others. However the management has not confirmed the probability of getting benefit out the receivable amount in the near future. This issue was qualified by the subsidiary auditor for the financial year ended 31 December 2019. 5. As disclosed in the separate financial statement of Prime Islami Securities Limited (the "Subsidiary"), audited by Ahmed Zaker & Co., the financial statement included an amount of stamp duty for (cont. 13)

PRIMELIFE 04-Oct-2020

(Continuation news of PRIMELIFE): of the leases, the carrying amount of right-of-use assets at the end of the reporting period by class of underlying asset, which is a non-compliance of para-47 & 53 of IFRS-16. 4. As disclosed in note #6 of the separate financial statement of Prime Islami Securities Limited (the "Subsidiary"), audited by Ahmed Zaker & Co., the financial statements included an amount of BDT 45,555,000 carried from previous years as receivable (cont. 12)

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