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PROGRESLIF

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PROGRESLIF 06-Dec-2020

(Continuation news of PROGRESLIF): Chartered Accountants. During the course of our external audit we were not provided with the Financial Statements of the Fund; e) The Company has a documented IT policy for media device, internet, spam mail and related support, but it doesn't cover overall IT security functions viz. password policy, network security policy, disposal of IT equipment; (cont.22)

PROGRESLIF 06-Dec-2020

(Continuation news of PROGRESLIF): Tk. 3,738,464 (Thirty-seven lac thirty-eight thousand four hundred and sixty-four taka only). The dividend income includes an amount of Tk. 1,427,952 (Fourteen lac twenty-seven lac nine hundred and seventy-two taka only) as dividend income of CDBL for the year ended June 30, 2018. The AGM of CDBL held on December 19, 2018; d) The company has recognized Provident Fund which is required to be audited by a firm of(cont.21)

PROGRESLIF 06-Dec-2020

(Continuation news of PROGRESLIF): proceeding about ownership is under process in the Joint 2nd District Judge, Chattogram vide case no. 62/12; b) The Company has filed Schedule - X: "annual list of members and summary", Form Xll and Form XV to the Registrar from 2014 to 2019 on 14 October 2020 which was not in line with section 36 of the Companies Act, 1994; c)The note 23 to the financial statements includes dividend income amounting (cont.20)

PROGRESLIF 06-Dec-2020

(Continuation news of PROGRESLIF): Company has paid TK. 4,500,000 (Forty five lac taka only) as advance against the software. As per our review, the software is still yet to be implemented; Emphasis of Matter: a) In Annexure A of note 14 of the financial statements, management has disclosed that, the flat in Chattogram, address # Zahura Tower, 1401 Sheikh Mujib Road, Agrabad C/A, Chattogram purchased at a price of Tk. 34,707,416 for which legal(cont.19)

PROGRESLIF 06-Dec-2020

(Continuation news of PROGRESLIF): Service amounting Tk. 10,000,000 (One crore taka only) against which the recovery of the amount is in question due to the liquidation threat. The company doesn't have made any provision regarding the investment; 15.The company have entered into an agreement on June 26, 2014 with Leadsoft Bangladesh Limited for the implementation of the InsurSoft and as per agreement the software will be implemented within twelve months and the(cont.18)

PROGRESLIF 06-Dec-2020

(Continuation news of PROGRESLIF): 13.According to the Labor Act 2006 the company should have Gratuity Fund for the employees. The company does not have any recognized gratuity fund; 14. The note 19.01 of the Financial Statements includes an amount of Tk. 1,005,563,375 (One hundred crore fifty- five lac sixty-three thousand three hundred and seventy-five taka only) as Investment in FDR. The company have investment in the People's Leasing and Financial (cont.17)

PROGRESLIF 06-Dec-2020

(Continuation news of PROGRESLIF): Company was negative and as a result of the excess cash outflows pace of disbursement of maturity claim in due time is not up to the mark; 12.According to the directions of the IDRA, the premium received cannot be adjusted with the expenses (i.e.- Commission and allowance etc.) and the commission and allowance etc. should be paid through banking channel. IDRA's directions in this regard is not complied with; (cont.16)

PROGRESLIF 06-Dec-2020

(Continuation news of PROGRESLIF): February 02, 2020, the company has declared and approved 12% stock dividend for the year ended December 31, 2018 amounting Tk. 16,210,870 (One crore sixty two lac ten thousand eight hundred and seventy taka only) to its shareholders. The company have made provision for the dividend declared in the year 2019; 11.As per our review of the statement of cash flows of the financial statements, the operating cash flows of the(cont.15)

PROGRESLIF 06-Dec-2020

(Continuation news of PROGRESLIF): Schedule 1, in case of registered company in Bangladesh shall maintain minimum thirty crores taka out of which 60 % shall be subscribed by the sponsor and remaining 40 % shall be subscribed by the general public. The company has not maintained the paid-up capital as per schedule 1 of the insurance Act 2010; 10. According to the 157th Board of Directors meeting, dated December 02, 2019 and 19th Annual General Meeting dated(cont.14)

PROGRESLIF 06-Dec-2020

(Continuation news of PROGRESLIF): the policyholder was paid for the claim on January 02, 2019. The policy of Mst. Jahanara Begum (Policy no- 00267087) was commenced on April 30, 2003 and matured on April 30, 2018 but subsequently the policy claim was settled on January 02, 2019. From the above instance it is evident that the claims were not settled as per condition of the policy contract. 9. According to the Insurance Act 2010 Section 21 and (cont.13)

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