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SIMTEX

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SIMTEX 25-Nov-2020

Trading of the shares of the Company will resume on 26.11.2020 after record date.

SIMTEX 24-Nov-2020

Trading of the shares of the Company will remain suspended on record date i.e., 25.11.2020.

SIMTEX 22-Nov-2020

(Continuation news of SIMTEX): 4. During the audit at the company, we noted that the company made some payments against purchase and expenses in cash mode instead of A/C payee cheque or bank transfer which indicates violation of Income tax ordinance 1984 guideline. (end)

SIMTEX 22-Nov-2020

(Continuation news of SIMTEX): the reporting period. A portion of the amount remained unreconciled as of the reporting period. 3. At the end of the year dividend payable A/C shows Tk. 14,497,908 against which Tk. 734,329 is available in Trust Bank ltd A/C and remaining amount has been maintaining in Trust Bank ltd as fixed deposit. (cont.6)

SIMTEX 22-Nov-2020

(Continuation news of SIMTEX): items of inventories, closing inventories reported in the financial statements were overstated. 2. As disclosed in Note # 5.00, The company reported trade receivables of BDT 681,752,440 in the statement of financial position as on 30 June 2020. The above balances remained outstanding against letters of credit (LCs) denominated in USD and is subject to realization upon receipt of supporting documents from the banks following (cont.5)

SIMTEX 22-Nov-2020

(Continuation news of SIMTEX): Emphasis of Matter: 1. During the year ended 30 June 2020 the company reported closing inventory of BDT 402,863,335 in the financial statements. At the attendance of year end physical inventory count of the company we noted that there were some raw materials which were obsolete and damaged nature held at the premises of the company for a long period of time. Due to non-consideration of writing off required against the cost of those (cont.4)

SIMTEX 22-Nov-2020

(Continuation news of SIMTEX): BDT 300,000,000 from the International Leasing and Financial Services Limited against which BDT 185,800,000 was disbursed during the year 2017. The said amount of loan and interest left unrecognized in the financial statements from year ended June 30, 2017 onwards. However, the company recognized the above amount of loan along with corresponding assets bought, during the current financial year ended 30 June 2020. (cont.3)

SIMTEX 22-Nov-2020

(Continuation news of SIMTEX): did not maintain fixed assets register properly with details containing information such as identification number of assets held, date of acquisition, cost of purchase, category of assets, accumulated depreciation, etc. Due to lack of such update records, completeness and accuracy of the said fixed assets was not traceable. 2. As disclosed in Note # 17.00, during the year 2016 the company was granted short-term loan facilities of (cont.2)

SIMTEX 22-Nov-2020

The auditor of the Simtex Industries Limited has given the "Qualified Opinion" & "Emphasis of Matter" paragraphs in the Auditor's Report for the year ended on 30 June 2020. Qualified Opinion: 1. As disclosed in Note # 3.00 to the financial statements, the company recognized property, plant and equipment of BDT 1,331,884,307 in the statement of financial position. The company (cont.1)

SIMTEX 22-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 with cum benefit from 23.11.2020 to 24.11.2020. Trading of the shares of the Company will remain suspended on record date i.e., 25.11.2020.

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