m

Auditor's Report & Financial Statements

of
co
Ring Shine Textiles Limited
d.
For the Year Ended June 30, 2023
ab
nk
la

-,
 ~~~~~
KAZI ZAHIR KHAN & Co.
Chartered Accountants
In Practice Since 1980

Independent Auditor's Report

To The Shareholders of Ring Shine Textiles Limited
Report on the Audit of the Financial Statements

Qualified Opinion
We have audited the accompanying Financial Statements of Ring Shine Textiles Limited, which comprise the
Statement of Financial Position as of 30 June 2023, Statement of Profit or Loss and Other Comprehensive Income,
Statement of Changes in Equity, and Statement of Cash Flows for the year then ended 30 June 2023 and a summary
of significant accounting policies and other explanatory information.

In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion and Material
Uncertainty Related to Going Concern sections of our report, the accompanying Financial Statements present fairly,
in all material respects, the financial position of the Company as of 30 June 2023, its financial performance and its
cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the
Companies Act 1994 and the Securities and Exchange Rules 2020 and other applicable laws and regulations ..

Basis for Qualified Opinion

m
a) Property, plant, and equipment under Note-04 of the financial Statements represent the amount of Taka
1,691,688,219 as carrying value, out of which we observed that the total machinery cost is Taka 993,374,587.
Out of the total machinery cost, 26.62% of machinery cost of Taka 264,435,368 was manufactured within 1-10
years range, 32.10% of the machinery cost of Taka 318,858,780 was manufactured within 11-20 years range,
co
28.35% of machinery cost of Taka 281,609,502 was manufactured within 21-30 years range, 8.54% of
machinery cost of Taka 84,827,154 was manufactured within 31-40 years range, and 4.39% of machinery cost
of Taka 43643783 was manufactured above 40 years range. After serving around 15 years, those machineries
were brought into the Company's factory. Those machineries were revalued on 30 June 2021 with an amount
d.
of Taka 990,781,027. The Company followed reducing balance method for calculation of depreciation. On
physical verification of "Plant & Machinery" on a sample basis amounting to Taka 70,542,744 (carrying value),
it is evident to us that some machinery was not in use or in good condition for production as a reason of
ab

obsolescence which demands impairment test in accordance with para 12 (e) ofIAS 36. We also note that most
of the machinery of the Company was not in use due to technical problems arising from the time lag in
maintenance due to shortage of funds, as well as insufficient order. However, management did not perform the
impairment test of plant and machinery as of the cut-off date.
nk

b) Inventories under Note-07 of the Financial Statements represent the amount of Taka 1,513,101,755. We did not
observe the physical counting of inventories at the year-end date. People charged with inventory management
provided related certificates for inventory balance as of the cut-off date. Subsequently, during the audit of the
la

financial statements, we observed the process of maintaining physical inventory and consumptions. The
inventory's amount is verified and counted by internal management. The Company has non-moving inventories
amounting to Taka 53,084,923 and slow-moving inventories amounting to Taka 122,654,857 which is subject
to impairment. We observed that inventories of the entity were measured at cost value rather than lower of cost
and net realizable value as per section 9 of IAS 2.

c) Under Note-25.1 represents the amount of Taka 501,317,822 of the Financial Statements, the details of the
exchange loss are given. As per para 21 of the IAS 21, a foreign currency transaction shall be recorded, on initial
recognition in the functional currency, by applying to the foreign currency amount the spot exchange rate
between the functional currency and the foreign currency at the date of the transaction. It is observed that
management used an average exchange rate at "Asset and Liabilities" Taka 107.10 and at "Revenue and
Expenses" Taka 100.91 in recording initial transactions with the US dollar. However, we could not confirm the
actual foreign currency loss made for the financial year.

d) The Company did not conduct an audit for IPO fund utilization in line with condition number 4, Part C of the
Consent letter number BSEC/CI/IPO-283/20 18/456, dated 29 July 2019 of BSEC as well as approval of
shareholders on 22nd AGM, dated 26 December 2019 for revised utilization of IPO fund for loan repayment
since August 2020.

Head Office: Branch Office:

Home Town Apartments (Flat-C Level-I 5 & Flat-B, Level-13) Sultana Tower (Level-l 2), 2 No. Kalabagan, Mirpur Road
87, New Eskaton Road, Dhaka-lOOO.
Dhanmondi, Dhaka-l 205, Mobile: 01726-339892
Tel: 02-41032557, Mobile: +8801713-013955
e-mail: [email protected][email protected] e-mail: [email protected]@gmai.com
 ~~~~~ Associated Firm of
KAZI ZAHIR KHAN & Co.
Chartered Accountants'
In Practice Since 1980

e) The Company did not perform any actuarial valuation for its gratuity fund as per para 58 and 59 of the
International Accounting Standard (IAS) 19.

f) The Company has not complied with the following sections of the Companies Act, 1994. Like, the annual list
of members and summary has not been submitted after 2019 as per section 36, Copy of balance-sheet, etc. has
not been filed with the registrar after 2019 as per section 190. The above-mentioned events shall lead to financial
penalties. Though, in the financial statements, Share capital represent amount to Taka 500.31 where in DSC
web site shows Share Capital amount to Taka 495.96 crore and RJSC latest return shows 435.05 crore.

Matter of Empbasis
We draw attention to the following matters, though our opinion is not qualified in respect of the same:

a) Contingent Liabilities may occur in the following cases.

i. As per Custom Bond Commissionerate vide reference letter no. 5(13) 18/Cus.BondlReg/98IPart-
0112007/590 I, dated 31 May 2021, "Custom Bond Commissionerate has a claim amount to Taka
257,376,294".

m
11. As per reference letter no- 4NAT/Wesr.com-8(1120) Ring Shine/CA AUDIT/Justice/20211603, dated 10
February 2022, "Excise and VAT Commissionerate has a claim amount to Taka 58,209,977."

co
b) We sent balance confirmation letters to all banks, 35 receivable parties, and 10 payable parties on a sample basis
through the management of the Company. However, the management of the Company has sent only 20
confirmations to the receivable parties out of which only one confirmation has been obtained and five payable
confirmations have been obtained. On the other hand, all the confirmation has been obtained from the bank.
d.
~ c) In reference to Note-06, Right of use (ROU) assets represent an amount of Taka 120,693,844 where the
Company calculates ROU asset and liability, the Company is calculated as per monthly basis where in some
ab

cases payment is made in advance on a quarterly basis. We also observe that the Company considered a single
maturity date for all leases instead of different maturity dates as per the agreement and considered a monthly
discount rate instead of a quarterly discount rate.
nk

d) The Company did not submit a Return of Withholding Tax as per Section 75A of the ITa 1984 from 1 July
2022 to 31 December 2022.

e) Provident Fund audit has not been conducted since 2019-2020, which is a non-compliance with the provision
la

of the Financial Reporting Council (FRC).

f) We draw attention for information to Note-08.2 of the Financial Statements where the management of the
Company kept the total provision amount to Taka 39,559,249.

g) Sales revenue and import purchase shown in accounts (Note-21 and 22.1) do not agree with the VAT Return
(Mushak-9.1) as per the provisions of Value Added Tax and Supplementary Duty Act, 2012 by Taka
245,503,691 and Taka 175,10 I,203 respectively, due to the exchange rate used for Sales revenue and import
purchase by Taka 92 (as per previous year's exchange rate used in the audited financial statements) in the VAT
Return (Mushak-9.1) and by Taka 100.91 in the financial statements i.e. a short exchange rate used for Sales
revenue Taka 8.91 in the submission of the monthly VAT Returns (Mushak-9.1), and do not agree with the
EPZ website report and the difference amount is Taka 175,758,978 and Taka (30,795,496). Subsequently, the
Management of the Company has provided a reconciliation of the Sales revenue and import purchase.

h) Annual Salary Return was not filed and is not in compliance with 108 of the ITa 1984.

We conduct our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements

Head Office: Branch Office:

Home Town Apartments (Flat-C Level-l 5 & Flat-B, Level-13) Sultana Tower (Level-12), 2 No. Kalabagan, Mirpur Road
87, New Eskaton Road, Dhaka-lOOO.
Dhanmondi, Dhaka-1205, Mobile: 01726-339892
Tel: 02-41032557, Mobile: +8801713-013955
e-rnail : [email protected][email protected] e-mail: [email protected]@gmai.com
::.
~.~~~
KAzI ZAHIR KHAN & Co.
Chartered Accountants
In Practice Since 1980
Associated Firm of

Etll{Q!!'!Y.~~t~9

section of our report. We are independent of the Company in accordance with the International Ethics Standards
Board for Accountants Code of Ethics for Professional Accountants (IESBA Code) and we have fulfilled our other
ethical responsibilities in accordance with the IESBA Code and the Institute of Chartered Accountants of
Bangladesh (ICAB) By-Laws. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our qualified opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note-12 of the Financial Statements where negative Retained Earnings represent the amount
of Taka 7,488,820,184 and negative operating cash flows represent the amount of Taka 537,652,790. On the other
hand, the Company's liabilities increased by the amount of Taka 1,086,830,238 during the year due to an increase
in payables and exchange loss/(gain) in loans. We further note that the Company's gross profit for the years 2023
and 2022 is negative amounting to Taka 325,740,598 and Taka 167,687,809 respectively. We also note that most
of the machinery of the Company was not in use due to technical problems arising from the time lag in maintenance
due to shortage of funds, as well as insufficient order. Therefore, there is a material uncertainty related to going
concern of the Company and we qualified our report based on material uncertainty related to going concern.

Other Information

m
Management is responsible for the other information. The other information comprises the information included in
the Annual Report but does not include the financial statements and our auditor's report thereon. Our opinion on
the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
co
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements, or our
d.
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information we are required to report that
fact.
ab

We also draw our attention to Note-I 2 of the financial statements where relevant disclosure has been duly disclosed
regarding retained earnings.

Key Audit Matters

nk

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements for the current period. These matters were addressed in the context of our audit of the financial
statement as a whole, and in forming our opinion thereon, and we do not provide a separate opini?n on these matters.
la

Description of Key Audit Matters Our response to Key Audit Matters

Property, Plant and Equipment (PPE)
The carrying value of the PPE was Taka Our audit procedures included the following.
1,691,688,219 as of 30 June 2023.
We have tested the design and operating effectiveness of
The valuation of Property, plant and equipment key controls over PPE. Our audit procedures included,
(PPE) was identified as a key audit matter due to among others, considering the impairment risk of the assets.
the significance of this balance to the Financial The following are our audit procedures on the carrying
Statements. value and impairment risk of PPE:

EXpenditures are capitalized if they create new or • Reviewing the basis of recognition, measurement, and
enhance the existing assets, and expensed if they valuation of assets;
are related to the repair or maintenance of the • Reviewing of procedures of assets acquisition,
assets. Classifications of expenditure involve depreciation, and disposal;
judgments on the useful life of Property, plant, and

Head Office: Branch Office:

Home Town Apartments (Flat-C Level-I 5 & Flat-B, Level-13) Sultana Tower (Level-12), 2 No. Kalabagan, Mirpur Road
87, New Eskaton Road, Dhaka-lOOO.
Dharunondi, Dhaka-I 205, Mobile: 01726-339892
Tel: 02-41032557, Mobile: +8801713-013955
e-mail: [email protected][email protected] e-mail: [email protected]@gmai.com
 d-~~~~ Associated Firm of

KAzI ZAHIR KHAN & Co.

Chartered Accountants'
E111(Q.!!'!.!I.~~t,!9
In Practice Since 1980

Description of Key Audit Matters Our response to Key Audit Matters

equipment (PPE) items based on management's • Checking ownership of the major assets;
estimates regarding the period during which the • Performing due verification on a sample basis;
assets or its significant components will be used. • Evaluating the item's assumptions to identify if there
The estimates are based on historical experience is any requirement of recognition of impairment;
and market practices and take into consideration • Checking the fixed asset register of the Company,
the physical conditions of the assets. performing test checks of depreciation calculation,
checking fixed assets schedule and books of accounts
maintained by the Company;
• Assessing the appropriateness and presentation of
disclosures in line with relevant accounting standards.

Our testing did not identify any issues with regard to PPE
and related depreciation other than the issues mentioned in
this report.

Lone-term and Short-term loan ("Loans")

At the reporting date, the position ofloans and bank We obtained an understanding, evaluated the design and

m
overdraft remained amounting to Taka tested the operational effectiveness of the Company's key
4,456,508,476 for the Company. In other words, controls over the loans.
approximately 59% of total liabilities for the
Company are represented by long-term and short-
term loans.

Evidently, the Company is using loans to operate

Our audit
following:

•
co procedures included, among

Obtained loan statements and facility offer letters to

others, the
d.
the business and also, to acquire non-current assets. review terms, debt covenants, interest rates, and other
:. Therefore, it has been considered as key audit area. conditions associated with the loans;
• Obtained external confirmation from the banks to
ab

ensure the accuracy of the figures reported;

• Checked interest calculation on a test basis;
• Checked whether there is any overdue payments and
penal interests;
nk

• Checked the adjustments or repayments of loans

through bank statements as per the repayment
schedule.
la

Our testing did not identify any issues with regard to Long-
term and Short-term loans ("Loans") other than the issues
mentioned in this report.

Revenue Recognition
At year end, the Company reported total revenue of Our audit procedures in relation to the revenue recognition
Taka 2,779,971,060. comprises the following:

Revenue is recognized when the performance • Observing and evaluating whether proper segregation
obligation is satisfied by transferring goods or of duties is in place;
services to a customer, either at a point in time or • Preparing workflow of the sales process for the
overtime. different business units;
• Obtaining month-wise breakdown of sales per
Goods or services are ''transferred'' when the business unit;
customer obtains control of it. Furthermore, • Selecting Months on random basis and obtaining a
revenue is measured net of trade discounts, General Ledger on selective transactions for
markdown adjustments, returns, and allowances. substantive testing;

Head Office:
Home Town Apartments (Flat-C Level-15 & Flat-B, Level-13)
87, Ne.w Eskaton Road, Dhaka-IOOO.
Tel: 02-41032557, Mobile: +8801713-013955
e-mail: [email protected][email protected] •
••.••

~~:::
r·

'.-
.~ -'.' Branch Office:
Sultana Tower (Level-l 2), 2 No. Kalabagan, Mirpur Road
Dhanmondi, Dhaka-1205, Mobile: 01726-339892
e-mail: [email protected]@gmai.com
 ~~~~~ Associated Firm of
KAzI ZAHIR KHAN & Co.
Chartered Accountants
EIII{ Q.!!'!..~~~t~9
In Practice Since 1980

Description of Key Audit Matters Our response to Key Audit Matters

It is a matter of concern that revenue may be • Comparing prices and terms on samples of sales
misstated due to the recognition of sales invoices to the price list;
transactions before performance obligation being • Checking invoice raised at the year end and delivery
satisfied. of goods with acknowledgement of customer to ensure
that cut off principle has been properly applied;
• Assessing revenue recognition accounting policies by
comparison with IFRS 15;
• Testing the effectiveness of the controls over the
calculation of discounts;
• Assessing manual journals made to revenue to identify
unusual or irregular items;
• Assessing the appropriateness and presentation of
disclosures against relevant accounting standards.

Our testing did not identify any issues with regard to

Revenue Recognition other than the issues mentioned in
this report.

m
Valuation of Inventory
The Company had inventory amount to Taka We challenged the appropriateness of management's
1,513,101,755 on 30 June 2023, held in
warehouses and across multiple product lines.

Inventories are carried at the cost value. Therefore,

co
assumption applied in calculating the value of the inventory
provisions by:

• Evaluating the design and implementation of key

d.
it has been considered as key audit area. inventory controls operating across the Company,
:.
including those at a sample basis of warehouses;
• Comparing the net realizable value, obtained through
ab

a detailed review of sales subsequent to the year-end,

to the cost price of a sample of inventories,
Challenging the appropriateness of management's
judgement regarding valuation of inventories.
nk

Our testing did not identify any issues with regards to

valuation of inventory other than the issues mentioned in
this report.
la

Trade Receivable and Trade Payable

The Company reported Trade Receivable and We challenged the appropriateness of managements
Trade Payable amount to Taka 1,013,708,531 and assumption applied in calculating the value of the Accounts
Taka 1,257,505,628 respectively on 30 June 2023. Receivable and Accounts Payable provisions by:

Therefore, it has been considered as key audit area. • Evaluating the design and implementation of key
Accounts Receivable and Accounts Payable controls
of the Company;
• Sending balance confirmation letters;
• Applying alternative procedure to confirm the balance
oftrade receivable and trade payable as complied with
by the Management.

Our testing did not identify any issues with regard to

accounts receivable and accounts payable other than the
issues mentioned in this report.

Head Office: Branch Office:

Home Town Apartments (Flat-C Level-IS & Flat-B, Level-13) Sultana Tower (Level-12), 2 No. Kalabagan, Mirpur Road
87, New Eskaton Road, Dhaka-lOOO.
Dhanrnondi, Dhaka-1205, Mobile: 01726-339892
Tel: 02-41032557, Mobile: +8801713-013955
e-mail: [email protected][email protected] e-mail: [email protected]@gmai.com
 ~*~~~
KAZI ZAHIR KHAN & Co.
Chartered Accountants
Associated Firm of

E'11(Q!Y"!..!/.~~l,!9
In Practice Since 1980

Description of Key Audit Matters Our response to Key Audit Matters

Withholdine: Tax, Value Added Tax & Policy Matter
In our audit period, management could not provide As per section 75A, challan of quarterly advance tax,
any return of withholding Tax. minutes of the last year's board meeting, and policy against
procurement and advance adjustment.

Our testing did not identify any issues with regard to

Withholding Tax, Value Added Tax & Policy Matter other
than the issues mentioned in this report.

Deferred Tax
The Company recognizes deferred taxes relating to Our audit procedures in this area included, among others,
property, plant and equipment, investment in the following:
quoted share, employee benefits, shipping unit etc.
which are very complex in nature. • Assessed the design, implementation and operating
effectiveness of key controls in respect of the
As such accounting for deferred taxes involves Company and the process of recognition of deferred
management judgement in developing estimates of taxes;

m
tax exposures and contingencies in order to assess • -Assessed the accuracy and completeness of deferred
the adequacy of tax provision. Hence, we tax;
considered this to be a key audit matter. • Evaluating the adequacy of the financial statement's

co
disclosures, including disclosures of assumptions,
judgments and sensitivities.
d.
Responsibilities of Management and Those Charged with Governance for the Financial Statements and
~ Internal Controls
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
ab

IFRSs, other applicable laws and regulations and for such internal control as management determines is necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
nk

In preparing the financial statements, management is responsible for assessing the entity's ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the entity or to cease operations, or has no realistic
alternative but to do so.
la

Those charged with governance are responsible for overseeing the entity's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material

Head Office: Branch Office:

Home Town Apartments (Flat-C Level-I 5 & Flat-B, Level-B) Sultana Tower (Level-12), 2 No. Kalabagan, Mirpur Road
87, New Eskaton Road, Dhaka-lOOO.
Dhanmondi, Dhaka-1205, Mobile: 01726-339892
Tel: 02-41032557, Mobile: +8801713-013955
e-mail : [email protected][email protected] e-mail: [email protected]@gmai.com
 ~~~~~ Associated Firm of

KAZI ZAHIR KHAN & Co.

Chartered Accountants
Etll(Q!!'!~~~l,!9
In Practice Since 1980

• misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures
in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor's report. However, future events or
conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure, and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a

m
manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing

during our audit. co

of the audit and significant audit findings, including any significant deficiencies in internal control that we identify

We also provide those charged with governance with a statement that we have complied with relevant ethical
d.
requirements regarding independence, and to communicate with them all relationships and other matters that may
:, reasonably be thought to bear on our independence, and where applicable, related safeguards.
ab

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters. We
describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
nk

because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits
of such communication.

Report on other Legal and Regulatory Requirements

la

In accordance with the Companies Act, 1994 and the Securities and Exchange Rules 2020, we also report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit and made due verification thereof;
b) in our opinion, proper books of accounts, records, and other statutory books as required by law have been kept
by the Company so far as it appeared from our examinations of these books;
c) the financial statements of the Company together with the annexed notes dealt with by the report are in
agreement with the books of account and returns) the expenditure incurred was for the purposes of the
Company's business.

Md. 1~llIInlll,H.ll
Enrol n
. Place; Dhaka Managing
Date: November 27,2023 Kazi Zahir an & Co.
DVC: 2312030240AS460288 Chartered Accountants

Head Office: Branch Office:

HOJ;I1eTown Apartments (Flat-C Level-I 5 & Flat-B, Level-13) Sultana Tower (Level-12), 2 No. Kalabagan, Mirpur Road
87, ew Eskaton Road, Dhaka-1000.
Dhanmondi, Dhaka-l205, Mobile: 01726-339892
Tel: 02-41032557, Mobile: +8801713-013955
e-mail: [email protected][email protected] e-mail: [email protected]@gmai.com
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS
RING SHINE TEXTILES LIMITED
ST ATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

I
~~~~
.
ASSETS
P_a_rt_ic_u_la_r_s ~ .
IBNotes
Amount in Taka
~~--~~~~~~~~~~~
June 30, 2023 June 30, 2022

Non-current assets
Property, plant and equipment 04 1,691,688,219 1,922,323,540
Investment in FDR 05 72,129,737 67,200,741
Right of use (ROU) assets 06 120,693,844 143,171,045
Total non-current assets 1,884,511,800 2,132,695,326
Current assets
Inventories 07 1,513,101,755 1,442,669,734
Trade and other receivables 08 1,023,470,867 884,873,092
Advances, deposits and prepayments 09 312,857,979 279,029,360
Cash and cash equivalents 10 380,123,401 521,294,422
Total current assets 3,229,554,002 3,127,866,608
TOT AL ASSETS 5,114,065,802 5,260,561,934
EQUITY AND LIABILITIES
Equity
Share capital 11 5,003,130,430 5,003,130,430
Retained earnings 12 7,488,820,184 6,253,507,459

m
Total equity attributable to owners of the Company (2,485,689,754) (1,250,377,029)
Non-current liabilities
Loans and borrowings - net off current maturity 13 2,497,001,054 968,854,510
Deferred tax
Lease liabilities
Total non-current liabilities
co 14
15
199,841,705
128,821,582
2,825,664,341
221,837,263
148,923,054
1,339,614,827
Current liabilities
d.
Loans and borrowings - current maturity 16 447,639,016 478,961,631
Short term bank loans 17 1,511,868,407 2,105,204,748
Trade and other payables 2,318,748,199 1,987,887,032
ab

18
Employee benefit obligation 19 309,380,950 429,051,972
Current tax liabilities 20 186,454,644 170,218,753
Total current liabilities 4,774,091,215 5,171,324,136
Total liabilities 7,599,755,556 6,510,938,963
nk

TOTAL EQUITY AND LIABILITIES 5,114,065,802 5,260,561,934

Net asset value per share 30 (4.97) (2.50)
la

The accompanying notes are an mtegra~part ofthese financial statements. ~

Mejbah Uddin Sung Wen Angela Prof. Dr. Md. Sogir Hossain K.
Chairman & Managing irector Independent Director &
Inde dent . ector
r: Chairman, Audit Committee

A iruddho P. Ciiow~ury
Company Secretary

As per our report on the same date.

Md.Nu u
Enrolme t 0
Place: Dhaka. Managing Pa
Dated: November 27,2023 Kazi Zahir Khan & Co.
DVe: 2312030240AS460288 Chartered Accountants
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

RING SHINE TEXTILES LIMITED

ST ATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

Revenue
Pa rticula rs
______________________________________ ~
IEJ
N otes
Amount in Taka
I--::--~~'-:-::'-::'-rr---=---=-=--::-::-=---t
June 30, 2023

2,779,971,060
June 30, 2022

2,859,185,447
21
Cost of sales 22 (3,105,711,658) (3,026,873,256)
Gross profit/(Ioss) (325,740,598) (167,687,809)
Administrative expenses 23 (111,126,586) (108,125,844)
Selling and distribution expenses 24 (42,227,712) __ ~(4~6:...:.0.<...:.,0.:....31:..L...)
Profit/(Ioss) from operations (479,094,896) (276,273,684)
Financial expenses 25 (823,850,368) (519,692,381)
Non-operating income/( expenses) 26 32,304,310 13,711,516
Profit/(Ioss) before tax (1,270,640,954) (782,254,549)
Current tax expense 27 (16,235,891) (14,366,901)
Deferred tax income 28 21,995,558 24,002,886

m
Income tax income/(expense) 5,759,667 9,635,985
Profit/(Ioss) for the year (1,264,881,287) (772,618,564)
Earnings per share 29 (2.53) (1.54)

The accompanying
co
notes are an integral part of these financial statements.
d.
~
ab

ejbah Uddin Prof. Dr. Md. Sogir Hossain K.

Chairman & Independent Director &
Independent Director Chairman, Audit Committee
nk

,.
, cth~ r
la

Auniruddho P. Chowd ury Md. Alamgir Ho in

Company Secretary Chief Financial Of icer

As per our report on the same date.

Md. Nu.r'pI~'fJ.~~
Enrolm
Place: Dhaka. Managing Pa er
Dated: November 27,2023 Kazi Zahir Khan & Co.
DVe: 2312030240AS460288 Chartered Accountants
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

RING SHINE TEXTILES LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Attributable to owners of the Company

Particulars
Share capital Retained earnings Total equity
Balance at 1 July 2021
Expense adjustment
5,053,161,734
-
-
" (5,791,828,441 )
101,336,689 " (738,666,707)
101,336,689

om
Payable adjustment (7,921,267) (7,921,267)
Issued bonus shares adjustment (50,031,304) 50,031,304 -
IFRS-16 adjustment - (6,082,750) (6,082,750)
Tax implication adjustment - 163,434,731 163,434,731
Woori Bank FDR adjustment - 10,140,839 10,140,839
Profitl(loss) for the year - (772,618,564) (772,618,564)

.c
Balance at 30 June 2022 5,003,130,430 (6,253,507,459) (1,250,377,029)

(1,250,377,029)

bd
Balance at 1 July 2022 5,003,130,430 (6,253,507,459)
IFRS-16 Adjustment - 29,568,562 29,568,562
Profitl(loss) for the year .- (1,264,881,287) (l ,264,881 ,287)
Balance at 30 June 2023 5,003,130,430 (7,488,820,184) (2,485,689,754)

a
The accompanying notes are an integral part of these fmancial statements.
nk
la
~
ejbah Uddin Sung Wen L' Angela Prof. Dr. Md. Sogir Hossain K.
Chairman & Managing Director Independent Director &
Independent Director Chairman, Audit Committee

Auniruddho P. Chowdhury Md. Alamgir ossain

Company Secretary Chief Financial Officer
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS
RING SHINE TEXTILES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

Particulars
IE] Amount
June 30, 2023
in Taka
June 30,2022

Cash flows from operating activities

Collection from customers 31 2,641,373,285 2,374,490,213
Collection from other 26 32,304,310 13,711,516
Payment to suppliers, employee, and others 32 (2,232,227,446) (2,086,256,196)
Payment for operating expenses 33 (151,417,344) (106,364,265)
Cash generated from operating activities 290,032,805 195,581,268

Income tax deducted at source 34 (16,235,891) (14,366,901)

Payment for fmancial expenses 25.1 (811,449,704) (506,123,862)
Net cash used in operating activities (537,652,790) (324,909,495)

Cash flows from investing activities

Acquisition of property, plant, and equipment Anx-Ol (759,000) (2,142,780)
Increase/(decrease) in FDR investment 35 (4,928,996) (12,126,290)
(14,269,070)

m
Net cash used in investing activities (5,687,996)

Cash flow from financing activities

Increase/( decrease) in bank overdraft
Decrease in short-term bank loan
Increase in Loans and borrowings
Increase in bill discount
co 36
37
38
39
151,983,978
(1,009,044,761 )
1,496,823,929
263,724,442
(143,866,982)
(1,142,217,556)
1,447,816,141
100,999,724
d.
Net cash generated from financing activities 903,487,587 262,731,327

Increase/(decrease) in cash and cash equivalents 360,146,801 (76,447,238)

ab

Net effect of foreign currency translation (501,317,822) (216,531,993)

Cash and cash equivalents at 1 July 521,294,422 814,273,653
Cash and cash equivalents at 30 June 380,123,401 521,294,422
nk

Net operating cash flows per share 40 (1.07) (0.65)

The accompanying notes are an integral part of these fmancial statements.

la

~
ejbah Uddin Sung Wen L' Angela Prof. Dr. Md. Sogir Hossain K.
Chairman & Managing Director Independent Director &
Independent Director Chairman, Audit Committee

Aunlruddho P. Chowdhury
. .Company Secretary
 RING SHINE TEXTILES LIMITED
Notes to the financial statements
For the year ended 30 June 2023

Significant accounting policies and other material information

1. Status of the Reporting Entity

1.1 Legal Status:
Ring Shine Textiles Ltd (the "Company") is a public company limited by shares. The company was
incorporated in Bangladesh on 28 December 1997 vide registration No. C-34S97 as a private company
limited by share under the Companies Act 1994 and was listed with the Dhaka Stock Exchange Ltd and
Chittagong Stock Exchange Ltd on 8th June 2017.

The Registered Office and the Factory ofthe company are situated in Plot No. 224-260, Extension Area,
DEPZ, Ganakbari, Savar, Dhaka.

1.2 Nature of Business:

The Company consists of comprehensive units of worsted spinning, circular knitting, and dyeing
facilities for both yarn and fabrics. Its activities and operations are related to the manufacturing and
marketing of dyed yarn and knit fabrics of various qualities to export-oriented sweater and garment
industries in Bangladesh and the International market.

m
2. Basis of Preparation and Presentation of Financial Statements
2.1 Statement of Compliance:
co
The financial statements have been prepared in conformity with the provisions of the International
Accounting Standards (lASs) and International Financial Reporting Standards (IFRSs) as adopted by
ICAB.
d.
2.2 Other Regulatory Compliances:
The company is also complying among others the following rules and regulations.
• The Companies Act, 1994
ab

• The Income Tax Ordinance, 1984

• The Income Tax Rules, 1984
• The Value Added Tax& Supplementary Duty Act, 2012
• The Value Added Tax Rules& Supplementary duty Rules, 2016
nk

• The Customs Act, 1969

• Bangladesh Labor Law 2006(Amended)
• The Securities and Exchange Rules, 1987
• Bangladesh EPZ related rules & regulations
la

2.3 Statement on Compliance of International Accounting Standards:

The following lASs and IFRSs are applicable for the financial statements for the year under review:

SIN Name of the IAS lAS's No.

1 Presentation of Financial Statements 1
2 Inventories 2
3 Statement of Cash Flows 7
4 Accounting policies, Changes in accounting Estimates & Errors 8
5 Events after the Reporting Period 10
6 Income Taxes 12
7 Property, Plant and Equipment 16
8 Leases 17
9 Employees Benefits 19
10 The Effects of Changes in Foreign Exchange Rates 21
11 Borrowing Cost 23
12 Related Party Disclosure 24
 SIN Name of the IAS lAS's No.
13 Accounting and Reporting by Retirement Benefit Plans 26
14 Earnings Per Share 33
15 Interim Financial Reporting 34
16 Impairment of Assets 36
17 Provision, Contingent Liabilities and Contingent Assets 37
18 Financial Instruments: Recognition & Measurement 39

SIN Name of the IFRS IFRS No.

1 Financial Instruments: Disclosures 7
2 Operating Segments 8
3 Financial Instruments 9
4 Fair Value Measurement 13
5 Revenue from Contracts with Customers 15

2.4 Measurement Basis used in preparing the Financial Statements:

The financial statements have been prepared in accordance with the going concern principle and
historical cost convention, one of the most commonly adopted bases provided in "the framework for
the preparation and presentation of financial statements" issued by the International Accounting
Standard Committee (lASC).

m
2.5 Going Concern
As per IAS- 1 a company is required to make assessment at the end of each year to assess its capability
to continue as going concern. The management of the Company makes such assessment each year.
co
The company has adequate resources to continue in operation for the foreseeable future and has wide
coverage ofits liabilities. For this reason, the Directors continue to adopt the going concern assumption
while the financial statements have been prepared.
d.
2.6 Use of Estimates and Judgments:
The preparation of financial statements in conformity with IFRSs requires management to make
judgments, estimates and assumptions that affect the application of accounting policies and the reported
ab

amounts of assets, liabilities, income and expenses. Estimates and assumptions are reviewed on an
ongoing basis.

The estimates and underlying assumptions are based on past experiences and various other factors that
nk

are believed to be reasonable under the circumstances, the result of which form the basis of making
judgments about the carrying values of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates.
la

Revisions to accounting estimates are recognized in the period in which the estimate is revised if the
revision affects only that period or in the period of revision, and future periods if the revision affects
both current and future periods.

In particular, significant areas of estimation uncertainty and critical judgments in applying accounting
policies that has the most significant effect on the amount recognized in the financial statements are
income tax provision (both current and deferred tax).

2.7 Foreign Currency:

The financial statements are prepared and presented in Bangladesh Currency (Taka), which is the
company's functional currency. All financial information presented has been rounded off to the nearest
Taka except where otherwise indicated, at the exchange rate conversion of USD 1 : BDT 107.10 for
Assets and Liabilities; and USD I: BDT 100.91 for Revenue and Expenses.
 2.9 Components of the Financial Statements:
According to the International Accounting Standard (IAS) as adopted by ICAB, "Presentation of
Financial Statements" consists of the complete set of the following components:
• Statement of Financial Position as at June 30, 2023
• Statement of the Profit or Loss and Other Comprehensive Income for the year ended June 30,
2023
• Statement of Changes in Equity for the Year ended June 30, 2023
• Statement of Cash Flows for the year ended June 30, 2023
• Notes to the Financial Statements

3. Principal Accounting Policies

The accounting policies set out below have been applied in preparations of these financial statements.

3.1 Property, Plant and Equipment:

3.1.1 Recognition and Measurement:
As per IAS-16, Property, Plant and Equipment are stated at their historical cost less accumulated
depreciation and impairment losses, if any. The cost of an item of property, plant and equipment
comprises its purchase price and any directly attributable inward freight, duties and non-refundable
taxes. Where parts of an item of Property, Plant and Equipment have different useful lives, they are
accounted for as separate items of property, plant and equipment. The company recognizes in the
carrying amount of an item of property, plant and equipment the cost replacing part of such an item

om
when that cost is incurred if it is probable thatthe future economic benefits embodied within the item
will flow to the equity and the cost ofthe item can be measured reliably. All other costs are recognized
in the income statement as an expense as incurred.

3.1.2 Disposal of Fixed Assets:

.c
On disposal of fixed assets, the cost and accumulated depreciation are eliminated and gain or loss on
such disposal is reflected in the Statement of Profit or Loss, which is determined with reference to the
net book value of the assets and net sales proceeds.
bd

3.1.3 Depreciation on Fixed Assets:

Depreciation on fixed assets is charged on reducing balance method. Depreciation continues to be to be
charged on each item of fixed assets until the written down value of such fixed assets is reduced to Taka
a

one. Depreciation on addition to fixed assets is charged for the period after available for utilization, and
depreciation has been charged on fixed assets respective of their date of disposal. Rates of depreciation
nk

on various categories of fixed assets are as follows.

Catezorv of Fixed Asset Depreciation Rate %

Leasehold Land Development 3.33
la

Building 5
Plant and Machinery 10
Transport & Vehicles 10
Office Equipment 10
Furniture & Fixture 10
Electrical Equipment 10
Telephone Line Installation 10
Gas Line Installation 15
Electrical Line Installation 10
Water Line & Tank 10
Fire Extinguisher 20
Lab Equipment 20
. 3;1.4 Subsequent Costs:
The cost of replacing or upgrading part of an item of property, plant and equipment is recognized in the
carrying amount of the item if it is probable that the future economic benefits embodied within the part
will flow and its cost can be measured reliably. The costs of the day-to-day servicing of the property,
plant and equipment are recognized in the profit and loss account as incurred.

~<#

~8j
~
~~ - ,i,
~~~~
$
3.1.5 Impairment of Assets:
No fact and circumstances indicate that company's assets including property, plant and equipment may
be impaired. Hence no evaluation of recoverability of assets was performed.

3.2 Intangible Assets:

3.2.1 Recognition and Measurement:
Intangible assets are measured at cost less accumulated depreciation and accumulated impairment loss,
if any. Intangible asset is recognized when all the conditions for recognition as per IAS 38 Intangible
Assets are met. The cost of an intangible asset comprises its purchase price, import duties and non-
refundable taxes and any directly attributable cost of preparing the asset for its intended use.

3.2.2 Subsequent Expenditure:

Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in
the specific asset to which it relates. All other expenditures are recognized in the profit and loss account
when incurred.

3.3 Leased Assets:

Leases in terms of which the company assumes substantially all the risks and rewards of ownership
are classified as operating leases. Land lease agreement with BEPZA executed to construct building
on the land and operation thereof for the lease period 33 years as well as renewal of agreement after
expired of agreement. Upon initial recognition these leased assets are measured at an amount equal to

m
the cost basis, subsequent to initial recognition-the asset is accounted for in accordance with the
accounting policy applicable to that asset.

3.4
co
In accordance to IFRS-16, application have been considered for the lease in recognizing the lease
payment as expenses, right-of-use assets and lease liabilities.

Inventories:
d.
Inventories are stated at the lower of cost and net realizable value in accordance with IAS-2
"Inventories". The cost ofinventories is based on weighted average principle and includes expenditure
incurred in acquiring the inventories and bringing them to their existing location and condition. Net
ab

realizable value is the estimated selling price in the ordinary course of business, less the estimated costs
of completion and selling expenses. Adequate allowance is made for obsolete, damage and slow-
moving inventories.
nk

3.5 Advance, Deposits & Prepayments:

Advances are initially measured at cost. After initial recognition advances are carried at cost less
deductions, adjustments or charges to other account heads such as PPE or inventory etc.
la

Deposits are measured at payment value.

Prepayments are initially measured at cost. After initial recognition prepayments are carried at cost less
charges to profit and loss account.

3.6 Other Current Assets:

Other current assets have a value on realization in the ordinary course of the company's business which
is at least equal to the amount at which they are stated in the balance sheet.

3.7 Revenue Recognition:

As per IFRS-15, Revenue is recognized as control is passed, either over time or at a point in time an
entity recognizes revenue over time if one of the following criteria is met: the customer simultaneously
receives and consumes all of the benefits provided by the entity as the entity performs; the entity's
performance creates or enhances an asset that the customer controls as the asset is created; or the entity's
performance does not create an asset with an alternative use to the entity and the entity has an
enforceable right to payment for performance completed to date.
Income refers to increases in economic benefits during the accounting period in the form of inflows or
enhancements of assets or decreases of liabilities that result in an increase in equity, other than those

~B~
relating to contributions from equity participants. ~~

* ..-
~? ~
,~
~/'~dAccO~<;;;
3.8 Financial Instruments:
Non-derivative financial instruments comprise trade receivables, trade payables, cash and cash
equivalents and share capital.

Trade Receivable:
Trade receivable has been stated at its original invoiced amount supported by LlC. This is considered
good and is falling due within one year. Related party transactions relating to sales/purchase are made
on arm length basis. Rate of sales/purchase of related party transactions are fixed as applicable to other
outsider parties.

There is no amount due from the Director (including Managing Director), Managing Agent, Manager
& Other Officers of the Company and any of them severally or jointly with any other person.

Creditors & Other Payables:

Trade Payable and Outstanding Liabilities for Expenses are stated at cost, recorded at the amount
payable for settlement in respect of goods and services received by the company. A provision is
recognized in the balance sheet when the Company has a present legal or constructive obligation as a
result of a past event, and it is probable that an outflow of economic benefits will be required to settle
the obligation. If the effect is materialized, provisions are determined by discounting the expected
future cash flows at a pre-tax rate that reflects current market assessments of the time value of money
and, where appropriate, the risks specific to the liability. Trade Creditors under foreign currency has

m
been presented in BDT. .

Investment in FDR:

upon maturity at the option ofthe company.

Cash & Cash Equivalents:

co
Investment in FDR includes fixed deposits held with different banks. The fixed deposits are renewed
d.
Cash and cash equivalents comprise of cash in hand, bank current accounts and margin on bill.

Share Capital:
ab

Ordinary shares are classified as equity.

Loans and Borrowings:

Principal amounts of loans and borrowings are stated at their outstanding amount. Borrowings
nk

repayable after twelve months from the reporting date are classified as non-current liabilities whereas
the portion payable within twelve months, unpaid interest and other charges are classified as current
liabilities.
la

3.9 Employees' Benefit Scheme:

Worker's Profit Participation:
As per the provision of Labor Law 2006 chapter-I 5, the company is required to allocate 5% of net profit
before tax in contribution to the aforementioned fund. However, as the company is established in Dhaka
Export Processing Zone, the company is only required to comply with the rules imposed by BEPZA
relating to matters in services concerning workers and officers employed by entities operating within
the Export Processing Zone. As the company is in operating loss, no provision for Worker's Profit
Participation Fund is being considered.

Provident Fund:
The Company has established and maintaining Contributory Provident Fund in accordance to the
requirement of "The EPZ employees (Contributory) Provident Fund Policy-2012". The fund is
administered by the 6 members Board of Trustees of which 3 members are nominated from employer's
side and remaining 3 members fulfilled from the representative from Workers Welfare Association. All
members of trustee shall hold their position for three years. The members of the trustee board within
the limit ofthe policy shall together hold absolute measure to take any decision for implementation of
the provident fund.
 Workers Welfare Fund:
The company has been paying against "Workers Welfare Fund" to BEPZA since 1February 2013 in
compliance to the requirement ofBEPZA rules. The management of the fund is maintained by BEPZA
according to the rules & guidelines imposed under the style of "Constitution and Operation Procedure
ofEPZ Worker's Welfare Fund 2012".

Gratuity Fund:
The Company's contribution for Gratuity Fund is recognized as an expense incurred in the income
statement.

3.10 Finance Income and Expenses:

Finance income comprises of interest income on funds invested. Interest income is recognized on
maturity. Finance expenses comprise of interest expenses on loan, overdraft and bank charges. All
borrowing costs are recognized in the profit and loss account using effective interest method except to
the extent that they are capitalized during constructions period of the plants in accordance with IAS-23
"Borrowing Cost".

3.11 Taxation:
Income Tax:
Income Tax expense comprises current and deferred tax. Income tax is recognized in the income
statement except to the extent that it relates to items recognized directly in equity, in which case it is

m
enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of
previous years. Provision for corporate income tax is made at 15% on estimated taxable profit in
accordance with the income tax laws.
Deferred Tax: co
Deferred tax is provided using the balance sheet liability method, providing for temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts
used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or
d.
liabilities in a transaction that is not a business contribution and that affects neither accounting nor
taxable profit. The amount of deferred tax provided is based on the expected manner of realization or
settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially
ab

enacted at the reporting date. A deferred tax asset is recognized only to the extent that it is probable that
future taxable profits will be available against which the asset can be utilized. Deferred tax assets are
reduced to the extent that it is no longer probable that the related tax benefit will be realized.
nk

3.12 Earnings Per Share (EPS):

The company calculates Earnings per Share (EPS) in accordance with IAS 33. Earnings per Share,
which has been shown on the face of the Statement of Comprehensive Income account, and the
computation of EPS is stated in related notes. '
la

Basic Earnings:
This represents earnings for the year attributable to ordinary shareholders. As there was no preference
dividend, minority or extra ordinary items, the net profit after tax for the year has been considered as
fully attributable to the ordinary shareholder.

Weighted Average Number of Ordinary Shares Outstanding during the year:

This represents the number of ordinary shares outstanding at the beginning of the year plus the number
of shares issued during the year multiplied by a time-weighting factor. The time weighting factor is the
numbers of days the specific shares are outstanding as a proportion of the total number of days in the
year.

Basic Earnings Per Share:

This has been calculated by dividing the basic earnings by the weighted average number of ordinary
shares outstanding for the year.

Diluted Earnings Per Share:

No diluted earnings per share are required to be calculated per year as there was no scope for dilution
during the year.
3.13 Cash Flows Statement:
Cash Flow Statement is prepared in accordance with IAS-7 "Statement of Cash Flows". The cash flow
from the operating activities have been presented under Direct Method as prescribed by the Securities
and Exchange Rules 1987 and considering the provisions of Paragraph 18(a) oflAS -7 which provides
that "Enterprises are encouraged to report Cash Flow from Operating Activities using the Direct
Method".

3.14 Contingent Liabilities and Assets:

Contingent liabilities and assets are current or possible obligations or assets, arising from past events
and whose existence is due to the occurrence or non-occurrence of one or more uncertain future events
which are not within the control of the company.

3.15 Related Party Transaction:

The objective of Related Party Disclosure IAS-24 is to ensure that an entity's financial statements
contain the disclosures necessary to draw attention to the possibility that its financial position and profit
or loss may have been affected by the existence of related parties and by transactions and outstanding
balances with such parties.

Parties are considered to be related if one party has the ability to control the other party or to exercise
significant influence or joint control over the other party in making financial and operating decisions.

m
3.16 Responsibility for Preparation and Presentati~n of Financial Statements:
The Management is responsible for the preparation and presentation of Financial Statements under
section 183 of the Companies Act 1994 and as per the Provision of the "The Framework for the

3.17
Board (lASB) as adopted by ICAB. co
preparation and presentation of Financial Statements" issued by the International Accounting Standard

Risk and Uncertainties for the Use of Estimates in Preparing Financial Statements:
d.
Preparation of Financial Statements in conformity with the International Accounting Standards, taxes,
reserves and contingencies requires management to make estimates and assumption that effect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date
ab

of the financial statement and revenues and expenses during the period reported. Actual result could
differ from those estimates. Estimates are used for accounting of certain items such as depreciation and
amortization.
nk

3.18 Segment Reporting:

As per IFRS-8, no segment reporting is necessary because the company only engages in operation
situated geographically in the same location at Dhaka Export Processing Zone, Dhaka, Bangladesh.
la

3.19 Comparative Figure:

Comparative information has been disclosed in respect of the previous year for all numerical
information in the current financial statement. Narrative and descriptive information for comparative
information have also been disclosed whenever it is relevant for understanding of current year's
financial statements.

3.20 Events after the Reporting Period:

As per IAS-IO "Events after the Reporting Period" are those events favorable and unfavorable, that
occur between the end of the reporting period and the date when the financial statements are authorized
for issue.
3.21 Reason of Significant Deviation:
Due to the economic downturn of the global recession and the impact ofthe extended Ukraine war, the
company faces declining orders from foreign buyers, scarcity of imports which is collectively impacted
by declining revenue, working capital crisis, and business expansion. Therefore, NA V, EPS, NOCFPS,
revenue, other operational results, and performance have been adversely affected.
 KAZI ZAHIR KHAN & CO.
CHARTEREDACCOUNTANTS

04 Property, plant and equipment

Details of property, plant, and equipment and depreciation thereon at 30 June 2023 are shown in
Annexure-O1. Depreciation charged to the factory overhead (Note-22.3). The break-up of the balances
are depicted below.
Amount in Taka
1..- p_a_r_t_ic_u_la_r_s 11 Reference June 30, 2023 June 30, 2022

Property, plant and equipment at cost Annexure-O1

Opening balance 2,187,692,275 2,185,549,495
Addition during the year 759,000 2,142,780
Sale during the year
Closing balance 2,188,451,275 2,187,692,275

Accumulated depreciation
Opening balance 265,368,735
Charged during the year 231,394,321 265,368,735
Closing balance 496,763,056 265,368,735

Balance at 1,691,688,219 1,922,323,540

om
05 Investment in FDR
Bank Guarantees were issued against FDR: Annexure-02
Dutch-Bangia Bank Ltd 54,801,414 53,207,086
Prime Bank Ltd 3,975,058 3,852,816
Woori Bank 13,353,265 10,140,839
.c
Balance at 72,129,737 67,200,741
The FDR balances have been increased due to addition of interest thereon, and kept as Margin for Bank
bd
Guarantee against Titas Gas Transmission & Distribution Co Ltd.

06 Right of use (ROU) assets Annexure-03

Cost Note-06.1 159,781,098 162,226,308
Less: Accumulated depreciation Note-06.2 (39,087,254) (19,055,263)
a

Balance at 120,693,844 143,171,045

nk

06.1 Cost
Opening balance 162,226,308 39,985,068
Addition during the year 162,226,308
Adjustments during the year (2,445,210) ) (39,985,068)
la

Closing balance 159,781,098 162,226,308

06.2 Accumulated depreciation

Opening balance 19,055,263 5,909,118
Charged during the year 19,543,627 19,055,263
Adjustments during the year for recalculation error 488,364 (5,909,118)
Closing balance 39,087,254 19,055,263
07 Inventories
Raw materials Note-22.1
Raw yam 1,098,609,420 921,045,959
Acrylic tow 20,118,246 44,225,095
Dyestuff 66,036,280 61,055,399
Chemicals 64,883,005 66,333,520
Material-in-transit 76,628,619 95,461,338
" ..' 1,326,275,570 1,188,121,311
Work-in-process 42,834,075 69,903,522
Finished goods 143,992,110 184,644,901
Balance at 1,513,101,755 1,442,669,734
 KAZI ZAHIR KHAN & co.
CHARTERED ACCOUNTANTS

Amount in Taka
______ P_a_r_b_·c_u_Ia_r_s 11 Reference June 30, 2023 June 30, 2022

08 Trade and other receivables Annexure-04

Trade receivables Note-08.1 1,013,708,531 862,261,049
Other receivables 49,321,585 22,612,043
Allowances for expected credit losses: Note-08.2 (39,559,249)
Balance at 1,023,470,867 884,873,092

08.1 Trade receivables

Aging of trade receivables are as follows:
Below 90 days 740,612,930 724,029,153
Within 91-180 days 203,369,704 92,538,938
Above 180 days 69,725,897 45,692,958
Balance at 1,013,708,531 862,261,049

08.2 Allowances for exptected credit losses:

Opening balance
Addition during the year 39,559,249
Write off during the year
Closing balance 39,559,249

m
The Company maintain allowances for expected credit losses on Trade Receivables for defunct

09 Advances, deposits and prepayments Annexure-05

Advances
Income tax
Salary
co 201,506,490 170,837,393
25,000
Departmental/employees for goods and services 3,206,303
d.
DEPZ 2,455,916 2,455,916
207,168,709 173,318,309
Deposits
ab

Security deposit for BEPZA and utility 65,482,428 65,482,428

Margin on bank guarantee for Titas gas 38,892,000 38,892,000
104,374,428 104,374,428
Prepayments
nk

Prepaid insurance 1,314,842 1,336,623

1,314,842 1,336,623

Balance at 312,857,979 ; 279,029,360

la

10 Cash and cash equivalents Annexure-06

Cash in hand 87,635 3,900,212
Cash at bank Note-IO.I 49,758,769 44,660,016
Account freeze at bank Note-l0.2 330,276,997 472,734,194
Balance at 380,123,401 521,294,422

10.1 Cash at bank

BRAC Bank Ltd 12,573 12,234
Dhaka Bank Ltd 1,407,236 29,297,605
Dutch-Bangla Bank Ltd 3,042,420 5,795,711
Eastern Bank Ltd 1,944,242 1,785,306
One Bank Ltd 7,425 5,012,951
Prime Bank Ltd 23,131 18,142
The City Bank Ltd 247,975 242,784
The Premier Bank Ltd 42,610,502 2,272,750
Woori Bank 463,265 222,533
Balance at 49,758,769 44,660,016
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

Amount in Taka
______ P_a_r_ti_c_u_Ia_r_s 11 Reference June 30, 2023 June 30, 2022
10.2 Account freeze at bank
BRAC Bank Ltd 329,681,928 472,139,125
South Bangla Agriculture & Commerce Bank Ltd 595,069 595,069
Balance at 330,276,997 472,734,194
BRAC Bank Ltd balance decreased by BDT 14.20 crore, with the release ofBDT 18.40 crore IPO Funds

for the utilization of employees benefit obligation vide BSEC Consent Letter Ref. BSEC/SMRICI153-

20191108 dated April 18, 2023, and addition ofBDT 4.15 crore due to exchange rate increase.

11 Share capital
This is made up ofthe following:
Authorized:
540,000,000 ordinary shares ofBDT 10.00 each 5,400,000,000 5,400,000,000
Issued, subscribed and paid up :
(500,313,043 ordinary shares ofBDT 10.00 each fully paid
up)
5,003,130,430 5,003,130,430
Opening number of ordinary shares 500,313,043 505,316,173

om
Adjustment for 1% bonus issue declared in year 2.0Z0-21 (5,003,130)
500,313,043 500,313,043

12 Retained earnings
Opening balance (6,253,507,459) (5,791,828,441)
Expense adjustment 101,336,689
.c
Payable adjustment (7,921,267)
Issued bonus shares adjustment 50,031,304
IFRS-16 adjustment Note-12.l
bd
29,568,562 (6,082,750)
Tax implication adjustment 163,434,731
Woori bank FDR adjustment 10,140,839
Add: Net profit after tax for the year (1,264,881 ,287) _~(7,...:,72'="-:.,61:-:8"",,5-:-:64~)
Balance at (7,488,820,184) (6,253,507,459)
a

12.1 IFRS-16 adjustment

nk

Lease adjustment 5,740,913 (330,741)

Less: ROU cost adjustment (2,445,210)
Less: ROU depreciation adjustment (488,364) ) (19,055,263)
Add: Lease principal 26,761,223 13,303,254
la

Balance at 29,568,562 (6,082,750)

13 Loans and borrowings - net off current maturity

Long term loans not repayable within twelve months from the balance sheet date.
Dhaka Bank Ltd 813,410,785 593,600,778
Eastern Bank Ltd 214,786,822 162,481,963
One Bank Ltd 122,667,285 10,029,516
The Premier Bank Ltd 1,083,546,347
Woori Bank 262,589,815 202,742,252
Balance at 2,497,001,054 968,854,510
The Long Term Loan of The Premier Bank Ltd is rescheduled from Short Term Loan.

14 Deferred tax
Opening balance 221,837,263 368,760,224
Prior Year adjustment (122,920,075)
Defered tax expenses / (income) Note-14.1 (21 ,995,55 8) _--:::(~247"'0~0==2",='
8.:;.:86;.'-)
Balance at 199,841,705 221,837,263
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

Amount in Taka
______ P_a_r_ti_c_u_Ia_r_s 11 Reference June 30, 2023 June 30, 2022

14.1 Deferred tax expenses / (income)

Property, plant & equipment:
Carrying amount as accounting base 1,691,688,219 1,922,323,540
Carrying amount as tax base (359,410, 186) _~( 4;.:4~3
'-;;.:40~8~,4~53=,-)
Difference 1,332,278,033 1,478,915,087
Tax rate 15.00% 15.00%
Total Deferred Tax Liability at the end ofthe year 199,841,705 221,837,263
Total Deferred Tax Liability at the beginning of the year (221,837,263) (368,760,224)
Prior year adjustment 122,920,075
Balance at (21 ,995,558) ==(~2~4',;;,;00;,;2=,8,;;,;86;f;)

15 Lease liabilities
Opening balance 148,923,054 53,627,530
Addition during the year 162,226,308
Add: Lease Interest 12,400,664
Less: Adjustment (5,740,913) (53,627,530)
Less: Lease liability reduction (26,761 ,223) _---:(!...713~,::-:3
0:-=3~,2-=-54~)
Closing balance 128,821,582 148,923,054

om
16 Loans and borrowings - current maturity
Long term loans repayable within twelve months from the balance sheet date.
Dhaka Bank Ltd 237,762,000 203,529,600
Eastern Bank Ltd 109,086,491 93,380,481
One BankLtd 95,772,603
.c
The Premier Bank Ltd
Woori Bank 100,790,525 86,278,948
Balance at 447,639,016 478,961,631
a bd
nk
la
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

Amount in Taka
1=----.,._---.,. __
p""'a_r..."ti-=c,.....ul_a....,rs 11 Reference June 30, 2023 June 30, 2022
19 Employee benefit obligation
Provident fund Note-19.1 109,787,077 177,066,393
Gratuity fund Note-19.2 199,593,873 245,097,493
Leave encashment 6,888,086
Balance at 309,380,950 429,051,972
19.1 Provident fund
Opening balance 177,066,393 200,802,719
Addition during the year
Payment during the year (67,279,316) (23,736,326)
109,787,077 177 ,066,393
19.2 Gratuity fund
Opening balance 245,097,493 264,862,860
Addition during the year 46,380,585 10,740,438
Payment during the year (91,884,205) (30,505,805)
199,593,873 245,097,493
20 Current tax liabilities
Opening balance 170,218,753 155,851,852
Provision made for the year Note-27 16,235,891 14,366,901
Closing balance 186,454,644 170,218,753

om
21 Revenue
Export sale of yarn 1,989,477,732 1,854,677,639
Export sale offabric 790,493,328 1,004,507,808
Balance at 2,779,971,060 2,859,185,447
VAT Exemption for Revenue vide Circular No. S.R.O. 1666/96/Customs dated 27 June 1996.
22 Cost of sales
.c
This is derived as follows:
Raw material consumed Note-22.1 1,888,098,905 2,120,224,363
bd
Direct labor Note-22.2 333,686,284 283,969,233
Factory overhead Note-22.3 816,204,231 785,246,157
Manufacturing Cost 3,037,989,420 3,189,439,753
Work-in-process (Opening) 69,903,522 19,338,704
a

Work-in-process (Closing) (42,834,075) (69,903,522)

Cost of Goods Manufactured 3,065,058,867 3,138,874,935
nk

Finished goods (Opening) 184,644,901 72,643,222

Finished goods (Closing) (143,992,110) (184,644,901)
Cost of Goods Sold 3,105,711,658 3,026,873,256
22.1 Raw material consumed
la

Opening Stock
Raw yam 921,045,959 610,774,902
Acrylic tow 44,225,095 38,137,638
Dyestuff 61,055,399 34,177,454
Chemicals 66,333,520 33,204,878
Materials in transit 95,461,338 36,384,113
1,188,121,311 752,678,985
Add: Purchase during the period
Raw yam 1,625,886,012 1,906,295,041
Acrylic tow 116,834,547 264,353,736
Dyestuff 81,060,222 125,394,673
Chemicals 123,159,606 180,983,882
Packing materials 14,498,436 12,149,422
Add:
Bank charge (Import) 13,982,834 15,429,614
Carriage inward 33,820 15,640
Import clearing expenses 48,699,872 47,114,296
Marine insurance 2,097,815 3,930,385
2,026,253,164 2,555,666,689
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

Amount in Taka
______ p_a_r_ti_c_ul_a_rs 11 Reference June 30, 2023 June 30, 2022

Raw material available for consumption 3,214,374,475 3,308,345,674

Closing stock
Raw yarn 1,098,609,420 921,045,959
Acrylic tow 20,118,246 44,225,095
Dyestuff 66,036,280 61,055,399
Chemicals 64,883,005 66,333,520
Materials in transit 76,628,619 95,461,338
1,326,275,570 1,188,121,311

Raw material consumed 1,888,098,905 2,120,224,363

VA T Exemption for Purchases vide Circular No. S.R.O. 1666196/Customs dated 27 June 1996.

22.2 Direct Labor

Workers wages 264,933,115 238,111,546
Workers bonus 21,231,235 28,996,771
Workers earn leave 7,816,785 7,234,039

m
Workers gratuity 39,705,149 9,626,877
Balance at 333,686,284 283,969,233

22.3 Factory overhead

Factory maintenance
Titas gas bill
DEPZ land rent
DEPZ electricity bill
co 16,769,794
208,039,718
58,648,992
199,249,125
30,941,226
112,741,460
39,548,543
230,927,962
d.
DEPZ gas service charge 25,412,119 16,061,352
DEPZ water bill 67,396,372 79,194,695
DEPZ medical bill 1,157,942 1,028,160
ab

DEPZ generator service charge 484 909,458

DEPZ workers welfare 827,308 730,296
DEPZ water testing fee 310,725 253,632
Insurance for factory 5,038,839 4,523,858
nk

Licence and renewal 146,034 151,408

Stationery 894,817 1,115,890
Fuel for forklift 1,114,400 1,841,140
Vehicle maintainance 124,200 296,568
la

BOC for gas 1,800

Medical expenses 28,363 18,617
Rates and taxes 106,332 129,024
Tiffm bill 421,163 546,343
Subcontract expenses 231,237 380,072
Sundry expenses 828,900 757,528
Depreciation 229,457,367 263,147,125
Balance at 816,204,231 785,246,157

23 Administrative expenses
Staff salary 29,270,403 29,901,803
Staff bonus 4,695,333 7,139,241
Staff earn leave 1,329,950 953,610
Staff gratuity 6,675,436 1,113,561
Staff extra duty 65,421 24,616
Staff fooding 1,824,112 1,160,915
Security bill 3,180,770 3,616,750
Office expenses 4,934,796 5,831,692
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

Amount in Taka
'-- p_a_r_ti_cu_l_a_rs 11 Reference June 30, 2023 June 30, 2022

Office maintenance 7,013 2,460

Office gas bill 36,432 34,562
Office electricity bill 201,210 222,936
Office water bill 70,182 57,878
Office rent 1,512,000 1,738,800
Conveyance bill 1,583,805 1,292,177
Stationery 2,369,319 320,950
Computer maintenance 178,300 153,620
CNG for vehicle 5,369,345 3,692,750
Vehicle maintenance 1,844,591 1,024,920
Entertainment 538,985 420,788
Local welfare 92,300 46,400
DSE fee 1,149,000 2,878,873
CSE fee 600,000 897,000
Miscellaneous expenses 1,511,200
Telephone bill 64,356 64,356
Mobile bill 619,011 685,098
Internet bill 605,364 695,019

m
Legal and consultency fee 594,000 57,500
Audit fee 345,000 490,000
Membership fee 399,600 177,957
Repair and maintainance 487,143
Inspection and testing charge
Executive and managing directors' remuneration
Garage rent
co 229,880
2,988,833
14,377,419
209,000
2,342,126
15,000,000
186,875
Postage and courier 154,825
d.
71,272
Board honorarium 1,232,000 2,377,700
Baridhara society bill 60,000 60,000
Licence renewal 285,513 18,630
ab

Parking fee 8,720 14,240

Travel expenses 20,974
Business promotion 6,360
Depreciation 1,936,954 2,221,610
nk

Depreciation for leasehold assets 19,543,627 19,055,263

Balance at 111,126,586 108,125,844
24 Selling and distribution expenses
Export clearance expenses 2,429,451 245,900
la

Expected credit losses 39,559,249

DEPZ automation service charge 239,012 214,131
Balance at 42,227,712 460,031
25 Financial expenses
Payment for fmancial expenses Note-25.1 811,449,704 506,123,862
Lease interest 12,400,664 13,568,519
Balance at 823,850,368 519,692,381
25.1 Payment for financial expenses
Bank charges 1,988,974 1,822,926
Bank interest 299,547,926 276,808,896
Exchange loss/(gain) * 501,317,822 216,531,993
Foreign charges & commission 5,250,102 7,170,978
Bank charges (export) 3,344,880 3,789,069
Balance at 811,449,704 506,123,862
* Closing Rate of Exchange loss/(gain) is based on the exchange rate of The Premier Bank Ltd.
As the Company's Bank Loans are mainly in USD foreign currency, the increase in exchange rate from
BDT 91.68 in previous year to BDT 107.10 in current year has resulted in the substantial increase in
Exchange loss.
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

Amount in Taka
______ p_a_r_ti_c_ul_a_rs .....J11 Reference June 30, 2023 June 30, 2022

26 Non-operating income/(expenses)
Sample sales 1,484,902
Garbage sales 4,791,234
Miscellaneous revenue 252,785 5,715
Interest income from FDR 2,271,697 2,206,058
Interest income from IPO fund 29,779,828 5,223,607
Balance at 32,304,310 13,711,516

27 Current tax expense

Net profit before tax (1,270,640,954) (782,254,549)
Less: other income (32,304,310) (13,711,516)
Add: depreciation-accounting base 231,394,321 265,368,735
Less: depreciation-tax base 84,757,267 105,349,494
(986,793,676) (425,247,836)
Tax rate 15.00% 15.00%
Current tax on operating income (148,019,051) (63,787,175)
Current tax on non-operating income Note-27.1 7,268,470 1,413,416
Balance at (140,750,581) =====(~62=,3=7=3=,7=59=)
Minimum tax at 0.6%

m
Receipts from customers and others 2,673,677,595 2,388,201,729
Interest income 32,304,310 6,281,851
Gross receipts 2,705,981,905 2,394,483,580
Minimum tax
Balance at

27.1 Current tax on non-operating income

co 0.60%
16,235,891
0.60%
14,366,901
d.
Non-operating income 32,304,310 6,281,851
Current tax on non-operating income 22.50% 22.50%
Balance at 7,268,470 1,413,416
ab

28 Deferred tax income

Property, plant and equipment:
Carrying amount as accounting base 1,691,688,219 1,922,323,540
Carrying amount as tax base (359,410,186) (443,408,453)
nk

Difference 1,332,278,033 1,478,915,087

Tax rate 15.00% 15.00%
Total deferred tax liability at the end of the year 199,841,705 221,837,263
Total deferred tax liability at the beginning of the year (221,837,263) {368,760,224)
la

Prior year adjustment 122,920,075

Balance at (21,995,558) (24,002,886)
29 Earnings per share
Net profit after tax (1,264,881,287) (772,618,564)
Number of ordinary shares 500,313,043 500,313,043
Balance at
======(2=.=53=) ======(=1.=54=)
Weighted average no. of shares
This consists of as follows:
Opening shares for the period 500,313,043 500,313,043
Multiply weight 1 1
A) Weighted average no. of opening shares 500,313,043 500,313,043
Shares issued during the year-bonus share
Multiply weight
(i) Weighted average no. of issued shares-bonus share
Shares issued during the year-IPO
Multiply weight
(ii) Weighted average no. of issue shares-IPO
B) Total (i+ii)
C) Total weighted average no. of shares (A+B) 500,313,043
 .,

KAZI ZAHIR KHAN & CO.

CHARTERED ACCOUNTANTS

Amount in Taka
°1'-- p_a_r_t_ic_u_Ia_r_s 11 Reference June 30, 2023 June 30, 2022

30 Net asset value per share

Equity attributable to the owners of the company (2,485,689,754) (1,250,377,029)
Number of ordinary shares 500,313,043 500,313,043
Balance at (4.97) (2.50)

31 Collection from customers

Sales revenue 2,779,971,060 2,859,185,447
Add: trade & other receivable opening balance 884,873,092 400,177 ,858
Less: trade & other receivable closing balance (1,023,470,867) (884,873,092)
Less: written off
Balance at 2,641,373,285 2,374,490,213

32 Payment to suppliers, employee, and others

Cost of goods sold 3,105,711,658 3,026,873,256
Add: (increase)/decrease in inventory (70,432,021 ) (598,008,823)
Add: increase/(decrease) in creditors & other payable 330,861,167 1,060,064,748
Less: depreciation (229,457,367) (263,147,125)
Less: Others (904,455,991 ) (1,139,525,860)

m
Balance at 2,232,227,446 2,086,256,196

33 Payment for operating expenses

Administrative expenses
Selling & distribution expenses
Less: Depreciation
Balance at
co 111,126,586
42,227,712
(1,936,954)
151,417,344
108,125,844
460,031
(2,221,610)
106,364,265
d.
34 Income tax deducted at source
Provision for income tax closing balance 186,454,644 170,218,753
ab

Provision for income tax opening balance 170,218,753 155,851,852

Balance at (16,235,891) (14,366,901)

35 Increase/(decrease) in FDR investment

nk

Investment-FOR closing balance 72,129,737 67,200,741

Investment-FOR opening balance 67,200,741 55,074,451
Balance at (4,928,996) (12,126,290)
la

36 Increase/(decrease) in bank overdraft

Bank overdraft closing balance 759,720,946 607,736,968
Bank overdraft opening balance 607,736,968 751,603,950
Balance at 151,983,978 (143,866,982)

37 Decrease in short-term bank loan

Short term bank loan closing balance 137,476,082 1,146,520,843
Short term bank loan opening balance 1,146,520,843 2,288,738,399
Balance at (1,009,044,761) (1,142,217,556)

38 Increase in Loans and borrowings

Loans and borrowings closing balance - net off current
maturity 2,497,001,054 968,854,510

Loans and borrowings closing balance - current maturity 447,639,016 478,961,631

Loans and borrowings opening balance - net off current

~8~~q"
maturity (968,854,510)
Loans and borrowings opening balance - current maturity (478,961,631)
1,447,816,141
Balance at 1;496,823,929

~ S
*o, - *
~I

,;~ ~~1.
0"1: ~,,~
~edAcco~~
~- ..-'-
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

Amount in Taka
______ p_a_rt_ic_u_l_a_rs 11 Reference June 30,2023 June 30,2022
39 Increase in bill discount
Bill discount closing balance 614,671,379 350,946,937
Bill discount opening balance 350,946,937 249,947,213
Balance at 263,724,442 100,999,724

40. Net operating cash flows per share

Net cash generated (used in) from operating activities (537,652,790) (324,909,495)
Number of ordinary shares 500,313,043 500,313,043
Balance at (1.07) (0.65)

m
co
d.
ab
nk
la
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

RING SHINE TEXTILES LIMITED

SCHEDULE OF PROPERTY, PLANT & EQUIPMENT
AS AT JUNE 30, 2023
Annexure-Ol
Amount in Taka
Cost Depreciation
W.D.V. as at
Particulars During the Year At 30 June At 1 July During the Year At 30 June
At 1 July 2022 Rate 30 June 2023
Addition Sale 2023 2022 Charged Adjustment 2023
Building 1,092,300,000 - - 1,092,300,000 10.00% 109,230,000 98,307,000 - 207,537,000 884,763,000
Plant & Machinery 992,615,587 759,000 - 993,374,587 15.00% 148,892,338 126,672,337 - 275,564,675 717,809,912

om
Transport & Vehicles 2,865,174 - - 2,865,174 20.00% 573,035 458,428 - 1,031,463 1,833,711
Office Equipment 4,213,631 - - 4,213,631 15.00% 632,045 537,238 - 1,169,283 3,044,348
Furniture & Fixtures 2,208,080 - - 2,208,080 10.00% 220,808 198,727 - 419,535 1,788,545
Electrical Equipment 18,338,647 - - 18,338,647 15.00% 2,750,797 2,338,178 - 5,088,975 13,249,672

.c
Telephone Line &
Installation
248,127 - - 248,127 15.00% 37,219 31,636 - 68,855 179,272
Gas Line Installation 1,695,270 - - 1,695,270 15.00% 254,291 216,147 - 470,438 1,224,832

bd
Electric Line
Installation 1,727,515 - - 1,727,515 15.00% 259,127. 220,258 - 479,385 1,248,130
Water Line & Tank 781,980 - - 781,980 15.00% 117,297 99,702 - 216,999 564,981
Fire Extinguisher 53,664 - - 53,664 15.00% 8,050 6,842 - 14,892 38,772

a
Lab Equipment 353,582 - - 353,582 15.00% 53,037 45,082 - 98,119 255,463
Leasehold Land
nk
Development 70,291,018 - - 70,291,018 3.33% 2,340,691 2,262,746 - 4,603,437 65,687,581
As at June 30,2023 2,187,692,275 759,000 - 2,188,451,275 265,368,735 231,394,321 - 496,763,056 1,691,688,219
As at June 30,2022 2,185,549,495 2,142,780 - 2,187,692,275 - 265,368,735 - 265,368,735 1,922,323,540
la
 KAZI ZAHIR KHAN 8f CO.
CHARTERED ACCOUNTANTS

RING SHINE TEXTILES LIMITED

DETAILS OF INVESTMENT IN FDR
AS AT JUNE 30, 2023
Annexure-02
Amount in Taka

Bank Account No. At 30 June 2023 Account No. At 30 June 2022

om
FDR AlC 122529000056 3,803,144 FDRAIC 0167 3,695,064
FDR AlC 122529000014 1,635,551 FDRAIC 0250 1,589,071
FDR A/C 122529000105 967,296 FDRAIC 1049 941,865
FDR AlC 122528000019 319,158 FDRAIC 1211 312,482
FDR AlC 122529000126 3,381,342· FDRAIC 1384 3,285,249

c
Dutch-Bangia Bank Ltd FDR A/C 122529000147 1,728,423 54,801,414 FDRAlC2989 1,679,303 53,207,086
FDR AlC 122529000152 9,369,706 FDRAlC3050 9,103,431

d.
FDR AlC 122529000'027 20,499,901 FDRAIC 3353 19,873,874
FDR AlC 122529000168 7,763,388 FDRAIC 3534 7,542,762
FDR AlC 122529000173 5,007,421 FDRAIC 3627 4,865,116

ab
FDR A/C 122528000033 326,084 FDRAlC4123 318,869
FDR AlC 2124419003045 347,012 FDR AlC 2124419003045 336,340
Prime Bank Ltd 3,975,058 3,852,816
FDR A/C 2124416005472 3,628,046 FDR AlC 2124416005472 3,516,476
Woori Bank FDR AlC 9230015449 13,353,265 13353,265 FDR AlC 15449 10,140,839 10 140,839
Total Investment of FDR 72,129,737 67,200,741
nk
All FDR balances are kept as Margin for Bank Guarantee against Titas Gas Transmission & Distribution Co Ltd.
la

IJ~~O'.S~~.
l: g \\~
<>1

~~'.G!~.~'
~
 KAZI ZAIllR KHAN & CO.
CHARTERED ACCOUNTANTS

RING SHINE TEXTILES LIMITED

SCHEDULE'OF RIGHT OF USE (ROU) ASSETS
AS AT JUNE 30, 2023
Annexure-03
Amount in Taka
Cost Deoreciation
W.D.V.
SL Particulars During the Year At 30 June At 1 July During the Year At30June
At 1 July 2022 At 30 June 2023
Addition Adjustment 2023 2022 Charzed Adjustment 2023
1 DEPZ PLOT 79-82 12,550,084 - (177,155 12,372,929 1,129,508 1,098,611 (27,255) 2,200,864 10.172.065
2 DEPZ PLOT 83-84 6,494,588 - 358,452 6,853,040 519,567 533,624

om
183,947 1,237,138 5.615.902
3 DEPZ PLOT 157-163 27,168,294 - (190,716 26,977,578 1,901,781 1,811,908 7,299 3,720,988 23256.590
4 DEPZ PLOT 224-249 58,399,861 - (91,101 58,308,760 8,759,979 8,957,339 334,195 18,051,513 40257.247
5 DEPZ PLOT 250-260 45,039,036 - (2,254,559 42,784,477 4,954,294 5,188,284 028,684) 10,013,894 32770583
6 DEPZ-ETP Plant 8,875,633 - (90,131 8,785,502 532,538 566,807 3,274 1,102,619 7.682883
7 Baridhara Office 3,698,812 - - 3,698,812 1,257,596 1,387,054 115,588 2,760,238 938.574

.c
As at June 30, 2023 162,226.308 - (2445,210) 159.781098 19.055.263 19.543.627 488.364 39.087.254 120.693.844
As at June 30,2022 39.985.068 162.226.308 (39.985.068) 162226308 5.909.118 19.055.263 (5.909.118) 19055.263 143.171.045

d
LEASE LIABILITIES

ab
Restated . At30 June
SL Particulars At 1 July 2022 Adjustment Interest Principal
at 1 Julv 2022 2023
1 BEPZA PLOT 224-249
51,798,831 50,505,330 (1,293,501) 4,312,441 11,347,734 43,470,037
nk
2 BEPZA PLOT 250-260
41,758,463 41,032,577 (725,886 3,571,059 7,250,317 37,353,319
3 BEPZA PLOT 79-82 11,917,122 11,456,365 (460,757 1,008,225 1,698,000 10,766,590
4 BEPZA PLOT 83-84 6,198,543 5,967,434 (231,109 526,383 849,000 5,644,817
la
5 BEPZA PLOT 157-163
26,178,407 23,449,703 (2,728,704 2,077,314 3,078,368 22,448,649
6 ETP Plant 8,613,677 8,331,019 (282,658 740,336 1,025,804 8,045,551
7 Baridhara 2,458,011 2,439,713 (18,298 164,906 .1,512,000 1,092,619
As at June 30, 2023 148,923,054 143,182,141 (5,740,913) 12,400,664 26,761,223 128,821,582
As at June 30, 2022 162,226,308 - - 13,568,519 13,303,254 148,923,054
~ -=-- ~.
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

RING SHINE TEXTILES LIMITED

DET AILS OF TRADE AND OTHER RECEIVABLES
AS AT JUNE 30, 2023
Annexure-04
Amount in Taka

SL Buyer Name At 30 June 2023 At 30 June 2022

1 A Plus Sweater Ltd 1,750,014 -

2 AB Sweater Industries (BD) Ltd - 771,487
3 Ahsan Knitting Ltd 19,832,723 37,807,613
4 AKH Stitch Art Ltd 21,301,281 77,537,193
5 AMS International (Sweaters) Ltd - 18,550,715
6 Anzir Apparels Ltd (Unit-2) 8,108,006 6,940,634
7 A-One (BD) Ltd 4,780,301 4,092,045
8 Atashi Fashion Ltd 82,014,997 -
9 Banga Fashion Ltd 8,796,552 -
10 Bhuyan Wanntex (Pvt) Ltd 13,380,057 12,995,640

m
11 Body Fashion (Pvt) Ltd 44,716,682 15,011,629
12 Body Link Sweater Ltd 280,131 -
-
13
14
15
Chittagong Knitwears (PVT) Ltd
Cold Asia Sweater Ltd
Colour and Fashion Industries Ltd
co 218,900
10,923,590
10,833,165
5,658,416
2,904,560
-
d.
16 Corus Knit Composite Ltd 9,112,992
17 Cotton Club (BD) Ltd - 7,412,328
18 Crown Knit Wear Ltd - 1,776,071
ab

19 Dibbo Fashions Ltd 7,791,749 -

20 Diganta Sweaters Ltd 121,987 554,343
21 Disney Sweater Ltd - 1,909,809
nk

22 DK Sweater Ltd 8,371,579 -

23 Dynamic Sweater Industries Ltd 4,498,200 -
24 Echoknits Ltd - 5,265,274
la

25 Enrich Ltd - 7,701,120

26 Everbright Sweater Ltd 11,315,630 8,097,851
27 F.B. Fashion (Pvt) Ltd - 269,814
28 Fabrica Knit Composite Ltd - 22,279,247
29 Fabulous Fashions Ltd - 824,982
30 Fardar Fashions Ltd 3,020,220 -
31 Feiyue Fashions Ltd - 18,021,552
32 Florescent Apparels Ltd 3,304,628 7,657,554
33 FNF Trend Fashion Ltd - 701,352
34 Garib and Garib Co Ltd (Unit-2) - 2,092,367
35 Green Arrow Sweater Ind Ltd - 4,208,639
36 Hejaz Sweaters Ltd 17,445,884 -
37 Hi-Tech Apparels Ltd 29,858,013 -
38 Tmpress-Newtex Composite Textiles Ltd 1,753,878 -
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

Annexure-04
Amount in Taka

SL Buyer Name At 30 June 2023 At 30 June 2022

39 Iris Fashions Ltd 622,679 -

40 J.L. Fashions Ltd 14,330,955 -
41 J.F.K. Fashion Ltd 15,947,276 12,997,290
42 Jams Sweaters (PVT) Ltd 1,224,581 -
43 Kaptex Sweater Ltd 1,630,598 -
44 KC Jacket Wear Company - 9,016,203
45 Keya Cosmetic Ltd (Knit Composite Division) 381,362 -
46 Knit Studio Ltd 40,741,966 -
47 Kores (Bangladesh) Ltd - 7,645,892
48 L Usine Fashion Ltd 5,862,119 -
49 Laws Knitting Ltd 5,759,849 -
50 M.T. Sweaters Ltd 32,850,217 10,930,548
51 Mac- Tex Industries Ltd 13,094,374 1,407,141

m
52 Magpie Knitwear Ltd - 2,517,029
53 Manel Fashion Ltd 15,881,827 32,822,434
54
55
56
Mark Sweater Ltd
Max Sweater (BD) Ltd
MG Knit Flair Ltd
co -
7,108,763
2,942,305
3,341,805
1,555,351
-
d.
57 MIM Design Ltd 11,587,171 12,573,749
58 MNR Design Ltd 16,561,864 10,806,734
-
ab

59 MNR Sweaters Ltd 3,356,514

60 Moms Touch Sweater Garden Ltd 3,317,637 -
61 Murad Apparels Ltd 905,680 -
nk

62 N.T. Apparels Ltd 2,163,420 812,101

63 Natural Wool Wears Ltd 6,234,506 -
64 Neptune Style Ltd 1,005,728 -
65 Nexus Sweater Ind (Pvt) Ltd -
la

10,679,359
66 Ocean Sweater lnd (Pvt) Ltd 47,369,538 41,017,486
67 Oishi Fashion (Pvt) Ltd 27,391,790 -
68 One Up Sweaters Ltd 8,054,991 4,729,771
69 Optimum Fashions Wear Ltd 376,050 -
70 Pioneer Knitwears (BD) Ltd 27,441,709 2,349,644
71 Pretty Sweaters Ltd - 907,999
72 Prince Jacquard Sweater Ltd 42,808,059 8,253,145
73 Priyam Garments Ltd - 16,625,187
74 Pro Makers Sweater Ind Ltd - 358,927
75 Probridhi Apparels Ltd - 128,581
76 PT Matahari Sentosa Jaya 33,960,008 29,070,527
77 R.A Accessories - 464,061
78 R. S. Sweater (Pvt) Ltd 24,675,487 -
79 Radiant Sweater Ind Ltd 2,245,630 30,034,368
L?
~<P
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

Annexure-04
Amount in Taka

SL Buyer Name At 30 June 2023 At 30 June 2022

80 Rahmat Sweaters (BD) Ltd - 3,253,723

81 Riverside Sweaters Ltd 852,034 352,051
82 Riviera Composite Ind Ltd - 1,901,145
83 RMM Knit Clothing Ltd - 11,981,480
84 Roar Fashion Ltd 14,657,384 25,621,718
85 Rupa Knitwear (Pvt) Ltd - 405,455
86 S.S. Sweater Ltd 6,387,445 35,416,493
87 Saadatia Sweaters Ltd 1,228,223 -
88 Sayem Fashions Ltd 6,185,025 5,142,148
89 Shafi Knit Ltd - 6,835,444
90 Sinha Knit Industries Ltd - 1,081,953
91 SMH New Generation Apparels Ltd - 255,787
92 Sonali Fabrics and Textile Mills (Pvt) Ltd - 5,082,739

om
93 Southern Clothing Ltd 18,573,282 11,933,298
94 Spring Trade Ltd 30,716,388 23,026,349
95 Sung K wang Apparels Ltd 7,844,218 -
96 Sweatertech Ltd 37,684,785 8,264,718
.c
97 Synergy Fashions Ltd 1,178,957 4,290,624
98 T.J. Sweaters Ltd 19,086,993 8,189,843
bd
99 Target Fine Knit Ind Ltd 22,705,200 101,437,296
100 Tokio Mode Ltd 5,566,833 4,824,949
101 Top Tex Sweater Ltd 64,307,660 79,696,966
a

102 Tosy Knit Fabrics Ltd 10,172,715 -

103 Unicorn Sweaters Ltd 2,698,920 2,044,639
nk

104 West-Line Fashion Pvt Ltd 818,940 701,031

105 Winter Dress Ltd 11,376,418 -
106 Y.K. Knitwear Ltd 8,734,932 -
la

Total 1,013,708,531 862,261,049

Azine of Trade Receivable

Below 90 days 740,612,930 724,029,153
Within 91-180 days 203,369,704 92,538,938
Above 180 days 69,725,897 45,692,958
1,013,708,531 862,261,049
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

RING SHINE TEXTILES LIMITED

SCHEDULE OF ADVANCES, DEPOSITS AND PREP A YMENTS
AS AT JUNE 30, 2023
Annexure-OS

Amount in Taka During the Year Amount in Taka

Particulars
At 1 July 2022 Addition Utilized At 30 June 2023
Advances

om
Tax Deduct at Source from Export 27,526,013
Income Tax Tax Deduct at Source from FDR 170,837,393 170,837,393 175,357 20 I,506,490 201,506,490
Tax Deduct at Source from IPO Fund 2,967,727
Salary Advance Staff Salary 25,000 25,000 - 25,000 - -
DEPZ Advance to DEPZ 2,455,916 2,455,916 - - 2,455,916 2,455,916

.c
173,318,309 173,318,309 30,669,097 25,000 203,962,406 203,962,406
Del os its
Security Deposit for DEPZ Land 6,758,557 - - 6,758,557

bd
Security Deposits for Tel & Mobile 774,975 - - 774,975
Security For PDB 501,111 - - 501,111
Security Deposit Security Deposit for DEPZ Electricity 65,482,428 4,94Q,781 - - 4,940,781 65,482,428
Security Deposits for Titas Gas 52,034,584 - - 52,034,584

a
Security for BGIC 440,420 - - 440,420
Security for BOC Gas 32,000 - - 32,000
nk
Margin on Bank Guarantee Bank Guarantee to Titas Gas 38,892,000 38,892,000 - - 38,892,000 38,892,000
104,374,428 104,374,428 - - 104,374,428 104,374,428
Prepayments
Prepaid Insurance Prepaid Insurance 1 336,623 1,336,623 5,016,558 5,038,339 1,314,842 1,314,842
la
1336623 1336623 5.016.558 5.038.339 1314.842 1.314.842
Total 279,029,360 279,029,360 35,685,655 5,063,339 309,651,676 309,651,676
 KAZI ZAHm KHAN & CO.
CHARTERED ACCOUNTANTS

RING SHINE TEXTILES LIMITED

DETAILS OF CASH AND CASH EQUIVALENTS
AS AT JUNE 30, 2023
Annexure-06
Amount in Taka
Bank Account No.
At 30 June 2023 I At 30 June 2022
Cash in Hand 3,293,938 3,293,938 3,900,212 3,900,212

om
BDT NC 923 00 4306 206,298 7,958
Margin on Bill 94 74
Woori Bank 463,265 1------,,8-1,-,-32.,-1-1 222,533
OBU NC 923 004475 87,068
USD NC CDA 923 004 281 169,805 133,180
BDT NC 122-110-1038 2,968,651 3042420 5,737,853
Dutch-Bangia Bank Ltd , , 1---~5~7,785=8~ 5,795,711
USD NC 103-111-0496 73,769

.c
Prime Bank Ltd OBU NC 1100014114601119000003 23,131 23,131 18,142 18,142
BDT NC 212.100.4555 53,688 304,713
BDT NC 212.100.5287 1,090 1,780

d
USD NC 9911250001082 567,882 362,841
Dhaka Bank Ltd 1,407,236 t-------c =--=6:::'8,'-::-95-=-=2o-J
29,297,605

- USD NC 9911250001719 470,414 3

ab
ell USD NC 9911250001796 313,799 551
.c USD DFC NC 2121300000065 363 28,258,768
'"ell One Bank Ltd BDT NC 0051020004937 7,425 7,425 5,012,951 5,012,951
U
BDT NC 0011100015501 1,004,831 42,610,502 1-_-----,:-2:-2~7 ',-::-4
3.,-5:-1
The Premier Bank Ltd 2,272,750
nk
USD NC 0102 15200000889 41,605,671 2,045,315
BDT NC 1101902764001 213,744 247,975 1- 2_1~4,"-58_'_4-1
The City Bank Ltd 242,784
USD NC 5121902764001 34,231 28,200
BDT NC 1501202739426001 11,000 12,573 1- l~I,700=-0:-l
BRAC Bank Ltd 12,234
la
OBU NC 1599202739426001 1,573 1,234
BDT NC 1231060027991 910,166 973,859
Eastern Bank Ltd Margin on Bill 499,661 1,944,242 1- __ .....:3...:..9~1
,,-,-89,-1-1 1,785,306
USD NC 1043050227415 534,415 419,556
Total Cash at Bank 49,758,769 44,660,016

BDT IPO NC 1501202739426003 137,053,350 321,053,465

USD IPO NC 1501202739426004 191,367,648 329,681 ,928 1- __ l_50-,-:,0=9-=-,2'727::-3~
BRAC Bank Ltd 472,139,125
GBP IPO NC 1501202739426005 941,276 738,084
EUR IPO NC 1501202739426006 319,654 255,303
South Bangia Agriculture & Commerce Bank Ltd
Total Account Freeze at Bank

~~~,
E~
595,069
~co=;~,,~===3=30=,2=7=6=,9=97=
595,069 595,069
472,734,194
595,069

~.~.
 KAZI ZAHffi KHAN & CO.
CHARTERED ACCOUNTANTS
RING SHINE TEXTILES LIMITED
DET AILS OF TRADE AND OTHER PA YABLES
AS AT JUNE 30, 2023
Annexure-07

SL Supplier Name During the Year Amount in Taka

At 1 July 2022
Addition Pavment At 30 June 2023
1 Able Advanced Chemicals Co Ltd 1,732,972 291,475 - 2,024,447
2 Absolute Alpha Ltd 19,502,445 - 19,502,445 -
3 Al-Razi Chemical Complex Ltd 531,744 1,834,626 1,863,000 503,370
4 ASM Chemical Industries Ltd 2,429,520 408,630 - 2,838,150
5 Be Fuwell Enterprise Co Ltd 6,927,341 - 6,927,341 -
6 Bengal Plastics Ltd Unit-3 - 2,367,084 - 2,367,084
7 China Texmatech Co Ltd - 4,412,520 - 4,412,520
8 Daeyu Bangladesh Ltd - 4,692,000 4,692,000 -
9 Damodar Industries Ltd 16,374,506 - 16,374,506 -
10 Dysin International Ltd 1,285,936 19,990,421 12,432,896 8,843,461
11 E.Astro Co Ltd 838,978,455 481,051,791 863,460,718 456,569,528
12 Gimatex Industries Pvt Ltd 14,321,382 47,161,579 36,195,808 25,287,153
13 Huge Master Int'l Ltd 7,678,620 - 7,678,620
14 Indo Phil Acrylic Mfg Corp 16,414,937 - 16,414,937 -
15 liangsu GTIG Esen Co Ltd 14,316,899. -

m
2,408,013 16,724,912
16 lindo Chemical Solutoins Pvt Ltd 9,471,034 25,552,940 24,652,785 10,371,189
17 Kimia Internation Pte Ltd - 9,277,538 - 9,277,538
18 Kingpro Trading Ltd
19 Le Merite Exports Pvt Ltd
20 Masood Fabrics Ltd
21 Nytex Pte Ltd
-
9,530,483
-
co
300,752,152
101,964,659
19,687,645
6,739,767
62,836,084
-
294,012,385
48,659,058
19,687,645
55,942,674 - 55,942,674 -
d.
22 PT Kahatex 38,624,232 - 38,624,232 -
23 PT Tradeasia Int'I Indonesia - 1,484,406 - 1,484,406
24 Queen South Textile Mills Ltd - 19,631,835 12,855,618 6,776,217
ab

25 Queenproduct Enterprise Co Ltd - 201,823,814 - 201,823,814

26 Queensin Ltd - 96,500,533 63,836,886 32,663,647
27 Rossari Biotech Ltd 1,881,319 - 80,240 1,801,079
nk

28 Samin Food & Beverage Ind & Text' 50,424,000 8,481,000 - 58,905,000
29 Sangam (India) Ltd 14,080,360 - 14,080,360 -
30 SO FNC International - 1,482,710 - 1,482,710
31 Spectra Dye Chern (Pvt) Ltd 1,388,952 233,613 - 1,622,565
la

32 Synergy Exim Pvt Ltd - 13,160,474 - 13,160,474

33 Suez Water Technologies 3,208,800 539,700 - 3,748,500
34 Taiwan Surfactant Corp 4,983,794 17,463,781 15,061,316 7,386,259
35 Thai Acrylic Fibre Co Ltd 40,055,686 - 40,055,686 -
36 Tradeasia International DMCC 30,356,495 - 30,356,495 -
37 Tradeasia International Pte Ltd 9,433,726 19,905,395 11,945,224 17,393,897
Total 1,202,197,692 1,410,238,954 1,354,931,018 1,257,505,628
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

RING SHINE TEXTILES LIMITED

DETAILS OF OUTSTANDING LIABILITIES FOR EXPENSES
AS AT JUNE 30, 2023
Annexure-OS
Amount in Taka

SL Particulars During the Year

At 1 July 2022 At 30 June 2023
Addition Payment
1 Audit Fees 555,556 345,000 555,556 345,000
2 DEPZ Electricity Bill 343,753,698 218,164,198 57,433,771 504,484,125
3 DEPZ Water Bill 123,577,159 73,214,761 19,088,278 177,703,642
4 Titas Gas Bill 17,653,273 208,039,718 169,127,738 56,565,253
5 Office Electricity Bill 67,000 - - 67,000
6 Office Water Bill 63,703 70,182 68,916 64,969
7 Office Gas Bill 23,098 36,432 36,432 23,098
8 Staff Salary 4,380,801 30,765,487 35,146,288 -
9 Worker Wages 26,516,266 267,146,062 293,662,328 -
10 Worker Bonus 83,864 - 83,864 -
11 Staff Earn Leave 819,060 1,329,950 1,364,689 784,321
12 Worker Earn Leave - 4,935,556 - 4,935,556

m
13 Staff Service Benefit 199,144 - 199,144 -
14 Workers Service Benefit 2,157,511 - 2,157,511 -
15 Staff Resign Benefit 245,362 - 245,362 -
16
17

18
Worker Resign Benefit
Daily Labour
DEPZ Gas Service
Charge
8,490,154
2,154,000

26,449,489
co -
25,687,317
8,490,154
2,154,000

8,290,465 43,846,341
-
-
d.
DEPZ Generator Service
19 797,130 76,358 - 873,488
Charge
DEPZ Automation
20 461,694 269,656
ab

71,746 659,604
Service Charge
21 DEPZ Water Testing Fee 480,112 329,014 89,450 719,676
22 DEPZ Medical Bill 3,366,720 1,376,340 625,600 4,117,460
nk

23 DEPZ Workers Welfare 1,847,664 924,578 228,950 2,543,292

24 DEPZ Land Rent 72,656,964 60,390,202 7,565,391 125,481,775
25 Office Rent 359,100 1,436,400 1,675,800 119,700
26 Garage Rent 1,231,200 - - 1,231,200
la

27 Telephone Bill 362,067 64,356 - 426,423

28 Mobile Bill 52,090 65,004 70,944 46,150
29 Internet Bill 12,600 605,364 605,364 12,600
30 Security Bill 307,729 2,837,558 3,030,520 114,767
31 CNG for Vehicle 2,770,405 5,369,345 5,369,345 2,770,405
32 BRTA for Vehicle 277,242 - - 277,242
Vehicle Maintenance
33 388,929 - - 388,929
34 Conveyance Bill 666,810 - - 666,810
35 Stationery 198,993 - - 198,993
36 Postage & Courier 1,775 - - 1,775
37 Staff Fooding 240,701 - - 240,701
38 Tiffm Bill 4,054,888 - - 4,054,888
Entertainment
39 33,686 - - 33,686
Local Welfare
40 22,000 - - 22,000
41 Office Expenses 197,841 - - 197,841
42 Repair & Maintenance 7,300 - - 7,300
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

SL Particulars During the Year

At 1 July 2022 At 30 June 2023
Addition Payment
43 Computer Maintenance 16,832 - - 16,832

44 Director Remuneration 3,659,789 12,290,543 13,028,211 2,922,121

45 Baridhara Society 27,700 60,000 60,000 27,700
46 Vat & TDS 9,130,557 819,479 1,884,509 8,065,527
47 RJSC Fee 284,865 - - 284,865
48 DSE Fee 3,337,873 1,149,000 - 4,486,873
49 CSE Fee 2,878,873 600,000 - 3,478,873
50 Share BIZ 3,135 - - 3,135
51 Probal Engineers 17,405,500 - - 17,405,500
52 Concord Express 2,493,608 2,237,000 2,092,000 2,638,608
Federal Freight System
53
Ltd
1,547,100 - 400,000 1,147,100
54 Fusion World 381,700 - - 381,700
Islam Chowdhury & Co.
55
(BD) Ltd
7,330,600 - - 7,330,600
56 Mother Trading 6,811,700 - - 6,811,700
57 N az Overseas Ltd 1,969,147 6,998,000 7,587,000 1,380,147
58 Novo Cargo Services Ltd 1,385,500 - - 1,385,500

m
59 Popular Agencies (BD) 12,340,673 20,151,000 19,330,500 13,161,173
60 Shahriar & Brothers Ltd 422,191 - - 422,191
61 Unique Logistics Ltd 6,146,071 6,442,000 7,403,000 5,185,071
62
63
64
Zafrid Enterprise
Other CNF Bill
A.K. Azad & Co.
14,324,060
-
-
co2,328,451
-
54,000
1,950,451
14,324,060
54,000
378,000
-
-
65 Alobitan 672,086 - - 672,086
d.
66 Alpha Corp. 12,000 - - 12,000
67 ARG Trading 3,859 - - 3,859
68 B. Tex Colour Touch 157,392 10,080 157,392 10,080
ab

Bangladesh Bearing
69 338,300 - - 338,300
Bangladesh General
70
Insurance Co Ltd
351,600 - - 351,600
nk

71 BD Jobs 6,018 20,808 20,808 6,018

72 Benevolent Textiles Ltd 282,500 - - 282,500
73 Bhuiyan Sewing 13,882 - - 13,882
74 BTMA 127,200 169,600 - 296,800
la

Bureau Veritas
75 Consumer Products 2,520 - - 2,520
Services (BD) Ltd
76 D K Traders - 4,484,400 - 4,484,400
Dysin International Ltd
77 2,140,595 - 78,375 2,062,220
Ecotec Energy Ltd
78 47,200 - - 47,200
79 Ecotec Power Ltd - 282,000 282,000 -
Ejab Distribution Ltd
80 828,000 - - 828,000
81 F F Trade Corporation 132,000 - - 132,000
82 Fucolor BD ltd 2,360,225 1,323,346 - 3,683,571
83 GMA Enterprise - 159,000 36,000 123,000
84 Hemel Chemicals - 63,250 63,250 -
85 Hwa Tai Ind Co Ltd 3,524,972 - 1,185,938 2,339,034
86 Imperial Allied 465,700 - - 465,700
Chemicals Ltd
-
 KAZI ZAHIR KHAN & CO.
CHARTERED ACCOUNTANTS

-- SL Particulars At 1 July 2022

During the Year
Addition Payment
At 30 June 2023
87 Islam Traders 175,000 - 175,000 -
88 IT Fair Trade Corp 17,150 33,700 28,850 22,000
ITS Labtest Bangladesh
89 Ltd 19,245 - - 19,245

90
Kaltimex Energy BD 1,362,004 - - 1,362,004
(Pvt) Ltd
Khan Engineers &
91
Fabricators
303,700 - - 303,700
92 Khan Enterprise 2,958,144 1,734,000 1,673,286 3,018,858
Kopothakko Trading
93 Corporation 2,184,000 - 500,000 1,684,000

94 KT Corporation 767,580 - 744,553 23,027

95 Lubricants Asia Ltd - 903,999 903,999 -
96 MH Chemical Works - 1,278,040 1,208,740 69,300
MH Energies &
97 Distribution Co Ltd 2,255,200 - - 2,255,200

m
98 Moni Enterprise Ltd 17,600 - - 17,600
99 New Razia Motors-2 518,600 - - 518,600
100
101
N P Chemicals
Quality Office Machines
Ltd
232,000
-
co -
55,000
-
55,000
232,000
-
102 R.M. Enterprise - 741,600 228,900 512,700
d.
103 Rupsha Chemical 13,262,170 - - 13,262,170
Work"
104 Shakil Engineering - 150,000 150,000
ab

Silkflex Bangladesh Ltd

105 91,700 - - 91,700

SMA Engineering
nk

106 Company 528,067 - - 528,067

SS Trade Link
107 424,000 180,000 - 604,000
la

108 Star Printtouch 159,491 789,056 908,103 40,444

109 Suntex BD Chemical - 758,050 758,050 -
Tahsin Abid Enterprise &
110 1,204,323 1,245,803 1,134,628 1,315,498
Accessories
Texchem International
III 237,600 - - 237,600
The Dhaka Auxiliaries
112
Ltd - 257,397 - 257,397
113 IPO Fund Refund 7623,465 - - 7,623,465
Total 785,689,340 971,247,440 695,694,209 1,061,242,571

SL During the Year

Total Provision At 1 July 2022 At 30 June 2023
Addition Payment
1 Audit Fees 555,556 345,000 555,556 345,000
·2 to 7 Utility Bill 485,137,931 499,525,291 245,755,135 738,908,087
8 to 17 Salary & Allowances 45,046,162 304,177,055 343,503,340 5,719,877
18tol13 Other Expenses 254,949,691 167,200,094 105,880,178 316,269,607
785,689,340 971,247,440 695,694,209 1,061,242,571