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SHYAMPSUG

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SHYAMPSUG 17-Nov-2020

Trading of the shares of the Company will remain suspended on record date i.e., 18.11.2020.

SHYAMPSUG 12-Nov-2020

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 15.11.2020 to 17.11.2020. Trading of the shares of the Company will remain suspended on record date i.e., 18.11.2020.

SHYAMPSUG 05-Nov-2020

(Continuation news of SHYAMPSUG): government support, of the survival of the company as going for foreseeable future. 8. The Company has not yet introduced deferred tax, which is non-compliance of IAS 12. (end)

SHYAMPSUG 05-Nov-2020

(Continuation news of SHYAMPSUG): 6. Fixed Asset Register was not updated for along period of time leading to incompleteness of records and poor control over Fixed Assets. 7. The accompanying financial statements have been prepared assuming that the company will continue as going concern but considering the recurring loss, high production cost net capital deficiency by TK. 495crore and classified loan has exposed significant doubt, without (cont.6)

SHYAMPSUG 05-Nov-2020

(Continuation news of SHYAMPSUG): creates net loss of Tk. 215,068 per M.Ton. 5. According to the company published policy in respect of depreciation of PPE. The company is charging depreciation a rate of 2.5% to 25%. However, the charging of depreciation for year was the same of previous year without making reference to the rate or useful life of each asset. The IAS 16(Para 43) require to depreciate each item separately based on useful life. (cont.5)

SHYAMPSUG 05-Nov-2020

(Continuation news of SHYAMPSUG): provided the third party confirmation in relation to the loan balances. 3. Due to the company has been suffering recurring loss from operation that effectively made net capital deficiency of Tk. (4,946,839,960) in total and Tk. (989.37) per share at the year end. 4. The company is only able to earn Tk. 60,000 (average) per M.Ton by selling of sugar though cost of production of sugar per M.Ton is Tk. 275,068 which effectively (cont.4)

SHYAMPSUG 05-Nov-2020

(Continuation news of SHYAMPSUG): 2 to 8 under the basis for qualification paragraph. 2. At the year end, the loan balance of the company stood of Tk. 256,077,175 and Tk.1, 644,917,745 as long term loan and short term loan respectively. Both loan was classified by the lending bank due to non-payment of loan when they fall due. Furthermore, the company didn't split the long term loan into current portion and non-current portion. In addition to that, we have not been (cont.3)

SHYAMPSUG 05-Nov-2020

(Continuation news of SHYAMPSUG): Due to the shortage of source documents/evidence, we were unable to obtain reasonable assurance in respect of rest of balance/transaction, except sales, bank loan, salary expenses, cash and bank balances, stated in financial statements, which should be treated as limitation of scope of our assignment. Apart from this, based on this limited audit, and inquiry of management, we have further observed the following stated SL. (cont.2)

SHYAMPSUG 05-Nov-2020

The auditor of Shyampur Sugar Mills Ltd has given the following "Qualified Opinion" paragraph in the audit report of the Company prepared for the year ended on June 30, 2020. Qualified Opinion: 1. During the course of our audit, we have been provided ledgers and some schedules related to the Financial Statements, whereas the management of the company has provided source documents in relation to sales, bank loan, salary expenses, cash and bank balances only. (cont.1)

SHYAMPSUG 29-Oct-2020

There will be no price limit on the trading of the shares of the Company today (29.10.2020) following its corporate declaration, however, as per the BSEC Order No. BSEC/CMRRCD/2001-07/04 dated March 19, 2020, the floor price shall be applicable accordingly.

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