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SHYAMPSUG

All Eps Dividend Board Agm Q1 Q2 Q3

SHYAMPSUG 22-Jan-2020

As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on January 28, 2020 at 3:15 PM to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended on December 31, 2019.

SHYAMPSUG 21-Nov-2019

Trading of the Shares of the Company will resume on 24.11.2019 after record date.

SHYAMPSUG 20-Nov-2019

(Continuation news of SHYAMPSUG): 10. The collateral detail interest rate and other qualitative information of long-term loan were not disclosed in the notes of the financial statements. The security exchange rules 1987 (Para 9 and 10) states that the loan balance must contain some non-financial information e.g. interest rate, class of liability, security arrangement and so on. (end)

SHYAMPSUG 20-Nov-2019

(Continuation news of SHYAMPSUG): continue as going concern but considering the recurring loss, high production cost net capital deficiency by TK. 434 crore has exposed significant doubt, without government support, of the survival of the company as going for foreseeable future. 9. The Company has not yet introduced deferred tax, which is non-compliance of IAS 12. (cont. 8)

SHYAMPSUG 20-Nov-2019

(Continuation news of SHYAMPSUG): Sometimes this amount is than more 56 crore. 7. The company does not maintain separate ledger for each head of Accounts based on the daily basis transaction except cash and bank book leading to difficulties in audit. 8. The accompanying financial statements have been prepared assuming that the company will (cont. 7)

SHYAMPSUG 20-Nov-2019

(Continuation news of SHYAMPSUG): 5. Fixed Asset Register was not updated for a long period of time leading to incompleteness of records and poor control over Fixed Assets. 6. The Transaction should be maintained and recorded in daily basis. But, during the course of our audit, we observed that the recording of transaction was made at certain interval possibly monthly or yearly basis. As such that the value of voucher is so high. (cont. 6)

SHYAMPSUG 20-Nov-2019

(Continuation news of SHYAMPSUG): 4. 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 assets. The IAS 16(Para- 43) require to depreciate each item separately based on useful life. (cont. 5)

SHYAMPSUG 20-Nov-2019

(Continuation news of SHYAMPSUG): If the financial statements were correctly dealt with the discount then the loss for the year would increase by the same amount. The management was unable to provide proper approval in this adjustment. (cont. 4)

SHYAMPSUG 20-Nov-2019

(Continuation news of SHYAMPSUG): The discount was given to increase the cash flow of the company to maintain the daily operating expenses. In view of management response in this respect, the management informed us that TK. 6,479,101 has been reimbursed from employees as per consent of Employees Union. However, no copy of such agreement with Employees' Union or head office approval document has been presented to us in respect of such arrangement. (cont. 3)

SHYAMPSUG 20-Nov-2019

(Continuation news of SHYAMPSUG): which effectively creates net loss of Tk. 176,579.28 per M.Ton. 3. During the course of our audit, we observed that the company allowed TK. 15,441,850 as trade discount on sales. Such amount has been adjusted against PF liability and Welfare Fund liability without deducting sales revenue. (cont. 2)

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