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PROGRESLIF

All Eps Dividend Board Agm Q1 Q2 Q3

PROGRESLIF 02-Sep-2019

(Continuation news of PROGRESLIF): v) The Company has paid loan to Galaxy Capital Limited on various dates in order to expedite the operational work. But they could not provide us any approval from relevant authority indicating violation of Insurance Act 2010 Section 44 (3) or agreement related to this loan payment except a resolution of board meeting held on 24 December 2012. Apart from this, accrued interest of loan provided to Galaxy Capital Limited has not been considered for 2015. (cont. 6)

PROGRESLIF 02-Sep-2019

(Continuation news of PROGRESLIF): invested amounting Taka 129,500,000 in Alpha Capital Management Ltd in 2009 but in respect of Alpha Capital Management Limited, we have seen a letter of the Company dated 24th March 2010 seeking approval but no response could be seen. Further, the consolidated financial statements have not been prepared for Galaxy Capital Ltd. as per BFRS10-'Consolidated Financial Statements' resulting in violation of that particular BFRS. (cont. 5)

PROGRESLIF 02-Sep-2019

(Continuation news of PROGRESLIF): and building deviating the principle of capitalization as per BAS-1 6; iv) The Company has 51% shareholding in its subsidiary companies namely Galaxy Capital Ltd. The investments in shares of this company was Taka 30,855,000. Further, the Company could not provide us any document with respect to approval from regulatory body as required in the Insurance Act 2010 for the aforementioned Company. However, the Company also (cont. 4)

PROGRESLIF 02-Sep-2019

(Continuation news of PROGRESLIF): ii) We were not provided with cash certificates in support of cash in hand for branch offices except a list of such branch names and amounts. As a result, we could not verify these balances satisfactorily; iii) The Company has a flat in Chittagong at a cost price of Taka 34,689,801 ownership of which is disputed and legal proceeding is in process. The Company could not take over any possession as yet but included in land (cont. 3)

PROGRESLIF 02-Sep-2019

(Continuation news of PROGRESLIF): appears 1,023. We were not given the list of total 1,106 bank accounts but this bank account number is incorporated in the financial statements of 2012. The management of the Company could not provide us any satisfactory explanation regarding the additional bank account whether these are at all in existence or not. As such, amount lying in those rest of the 83 accounts could not be verified by us; (cont. 2)

PROGRESLIF 02-Sep-2019

(Basis for Qualified Opinion): The auditor of the company has given the following "Basis for Qualified Opinion" in the audited annual report of the company prepared for the year ended on 31 December 2015. Basis for Qualified Opinion: i) There appear differences for total number of bank accounts between reported accounts and source documents maintained by the company. As per audited report of 2012, total number of bank accounts is 1,106 whereas as per records number of bank accounts (cont. 1)

PROGRESLIF 02-Sep-2019

(Continuation news of PROGRESLIF): basis as a result, the amount of under provision could not be worked out and the profit is overstated to the extent of under provision; vii) Our control test and review reveals that internal control and compliance are far from being satisfactory. In addition, the company's internal audit functions appear to be ineffective. As a result, company is exposed to high operational risks. (end)

PROGRESLIF 02-Sep-2019

(Continuation news of PROGRESLIF): Apart from this, accrued interest of loan provided to Galaxy Capital Limited has not been considered for 2014. Further, accrued interest of loan from Galaxy Capital Limited up to 2012 has not yet been recovered and balance has been carried forward till the date of this audit; vi) As disclosed in note 9.01 in the accompanying financial statements, no computation has been made for provision for taxes. Income taxes provision has been made on lump sum (cont. 7)

PROGRESLIF 02-Sep-2019

(Continuation news of PROGRESLIF): BFRS 10-'Consolidated Financial Statements' resulting in violation of that particular BFRS. v) The Company has paid loan to Galaxy Capital Limited on various dates in order to expedite the operational work. But they could not provide us any approval from relevant authority indicating violation of Insurance Act 2010 Section 44 (3) or agreement related to this loan payment except a resolution of board meeting held on 24 December 2012. (cont. 6)

PROGRESLIF 02-Sep-2019

(Continuation news of PROGRESLIF): Further, the Company could not provide us any document with respect to approval from regulatory body as required in the Insurance Act 2010 for Galaxy Capital Limited. However, in respect of Alpha Capital Management Limited, we have seen a letter of the Company dated 24th March 2010 seeking approval but no response could be seen. Further, the consolidated financial statements have not been prepared as per (cont. 5)

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