1686631262.0230346 - RINGSHINE 2020-2021 Annual

Annual Report
2020-2021
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CONTENTS
Letter of Transmittal 02
Notice of the 24th Annual General Meeting 03
Corporate Directory 04-05
Our Vision & Our Mission 06
The Company at a Glance 07
Various Events 08-09
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Message from the Chairman 10
Message from the Managing Director 11
Directors’ Profiles 12-16

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Directors’ Report to the Shareholders 17-21
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Management’s Discussion & Analysis 22-23
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Declaration by Managing Director & Chief Financial Officer 24
Compliance Certificate 25
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Status of Corporate Governance Compliance 26-38
Independent Auditor’s Report 39-43

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Statement of Financial Position 44
Statement of Profit or Loss and Other Comprehensive Income 45
Statement of Changes In Equity 46
Statement of Cash Flows 47
Notes to the Financial Statements 48-79
Proxy Form 80
Ring Shine Textiles Limited 2020-2021
LETTER OF TRANSMITTAL
May 20, 2023
All Shareholders,
Bangladesh Securities and Exchange Commission (BSEC)
Dhaka Stock Exchange Limited
Chittagong Stock Exchange Limited and
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Register of Joint Stock Companies and Firms
Subject: Annual Report for the financial year ended June 30, 2021.
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Dear Sir(s),
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We forward herewith the Annual Report 2020-2021 which includes the Audited Financial Statements for the
year ended on June 30, 2021 of Ring Shine Textiles Limited and its subsidiary companies. This report also
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contains all documents, regulatory requirements, Directors’ Report and other information is essential for all
the stakeholders.
Sincerely yours,
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Auniruddho P. Chowdhury
Company Secretary
Annual Report 02
Ring Shine Textiles Limited

House # 05, Road # 06, Block # K, Baridhara Model Town Gulshan, Dhaka-1212, Bangladesh
Tel: +88 02 9885580, 8855808, Fax: +88 02 8811328,
E-mail: [email protected], [email protected], [email protected], www.ringshine.com
Notice of the 24th Annual General Meeting

Notice is hereby given that the 24th Annual General Meeting of the Shareholders of Ring Shine Textiles Limited will be
held on June 20, 2023, Tuesday at 11:30 am through Digital Platform at the link https://ringshine24th.digitalagmbd.net
To transact the following business;
 To consider and adopt the Audited Financial Statements of the Company for the year ended on June 30, 2021
together with the reports of Directors and the Auditors thereon.
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 To declare dividend as recommended by the Board of Directors.
 To elect/ appoint Director/Independent Directors of the Company.
 To appoint External Auditor of the Company to audit the Financial Statements for the year 2021-2022 and fix their
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remuneration.
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 To appoint/confirm Independent Director.
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Date: 23.05.2023 For and on behalf of the Board

Auniruddho P. Chowdhury
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Company Secretary
Notes:
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 Annual Report-2020-21 is available in the Company Website.
 Record date is May 10, 2023. The shareholders whose names would appear in the Register as members of the
Company on the Record Date will be entitled for Dividend and eligible to attend and vote at the 24th AGM.
 A member entitled to attend and vote at the Annual General Meeting may appoint a Proxy to attend and vote in
his/her behalf. Proxy form must be affixed with requisite revenue stamp and must be submitted at the Head office
of the Company not later than 48 hours before the time fixed for the meeting.
 Shareholders are requested to update their BO account with ETIN in their respective Brokerage House to avoid
deduction of Tax @ 15% instead of 10% for individual as per section 54 of the amended income Tax Ordinance
1984.
03 Annual Report
CORPORATE DIRECTORY
Audit Committee
01. Dr. Md. Foroz Ali (Independent Director), Chairman
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02. Prof Dr. Mohammad Sogir Hossain Khandoker (Independent Director)
03. Dr. Mohammad Moniruzzaman (Independent Director)
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04. Enamul Haque Khan (Company Secretary), Secretary
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Nomination and Remuneration Committee

01. Prof Dr. Mohammed Mizanur Rahman (Independent Director), Chairman
02. Eng. Adur Razzak (Independent Director)
03. Sung Jye Min (Director)
Annual Report 04
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Compliance and Progress Committee
01. Dr. Mohammad Moniruzzaman, FCA, ACMA, AFHEA (Independent Director), Convenor
02. Prof. Dr. Mohammed Mizanur Rahman (Independent Director)
03. Prof. Dr. Mohammad Sogir Hossain Khandoker (Independent Director)
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04. Eng. Abdur Razzak (Independent Director)
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Company Secretary, CFO and HIAC
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01. Enamul Haque Khan (Company Secretary)

02. Md. Muzahidul Islam FCMA (CFO)
03. Nakib Sabbir Hossain (HIAC)
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Management Committee
01. Sung Wey Min (Managing Director)
02. Sung Wen Li Angela (Executive Director)
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03. Enamul Haque Khan (Company Secretary)

04 Md. Muzahidul Islam FCMA (CFO)
05. Nakib Sabbir Hossain (HIAC)
06. Md.Yousuf Ali Howlader (GM- Fabric).
07. Md. Faruk Hossain (GM- Yarn).
08. Md Tofayel Ahmed Tanu (Sr. Manager- HR/Admin)
09. Delowar Hossain ( Sr.Manager-Accounts & Finance)
Statutory Auditors
Kazi Zahir Khan & Co.
Home Town Apartments (Flat-C, Level-15)
87, New Eskaton Road, Dhaka-1000
Tel:02-48319757, Mobile: 01713013955
e-mail:[email protected], [email protected]
05 Annual Report
OUR VISION
Our conception of business germinated from our vision which sees it as a means to the well-being of the inves-
tors, employees, customers, other stakeholders, and finally the society at large by creating new wealth in the
form of goods and services that go to satisfy the wants of all of them without distributing or damaging the socio-
ecological balance of the mother earth and the process of human civilization leading to peaceful Co-existence
of all the living beings.
OUR MISSION
Our Mission for the wellbeing of all the stakeholders by producing and delivering high quality yarn and fabric for
making comfortable, durable, stylish outfits for men & women on ethical and moral standards at a minimum cost
to the society ensuring optimum benefits to the consumers, the shareholders and other stakeholders.
OUR SPIRIT
We undertake our quest with the enthusiasm of entrepreneurs, excited by the constantly search for innovation.
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We value performance achieved with integrity. We attain success as world-class leader with each and every one
of our people contributing with passion and an unmatched senses of urgency.
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OUR OBJECTIVES
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To promote the use of scientific knowledge in textiles, from fibers to garments.
To satisfy and meet customer's expectation by developing and providing products and services on
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time, which offer value in terms of Quality, Price, Safety & Environmental impact.
To promote the development and best use of human talent & equal opportunity employment.
To procure the most advanced & sophisticated technology suitable for producing desired product.
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To attain highest level of competence through continuous development of the professional manage-
ment system and to ensure complete transparency in all aspects of business.
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OUR STRATEGIES
Our strategy is to build long term partnership with the customers. With their support, we aim to maximize the
potential of our business through a combination of enhanced quality of product and service, curative marketing,
competitive pricing and cost efficiency. We always are striving for delivering value beyond customers' expecta-
tion.
Annual Report 06
THE COMPANY AT A GLANCE

Ring Shine Textiles Ltd. is a public company limited by shares. The Company was incorporated in Bangladesh on 28
December 1997 vide registration No. C-34597(1343)/97 as a private company limited by shares under the Companies
Act, 1994. The company converted to public limited company on 8th June, 2017. As a listed company, equity securities
of the Company being quoted in the Dhaka Stock Exchange and Chittagong Stock Exchange from 12 December 2019.
The Registered office of the Company is situated in Plot No: 224-260, DEPZ Extension area, Ganakbari, Savar, Dhaka.
The factory of the Company is located at Dhaka Export Processing Zone (DPEZ), New Extension Area.
Ring Shine Textiles Limited started its commercial operation in Dhaka Export Processing Zone in August 1998. Since
its inception, Ring Shine Textiles Limited has been growing steadily in every aspects of its business operation. RSTL
now the name of a trusted business partner to its customers as well as to its suppliers by employing value driven
management approach within the organization. To diversify its operation and capitalize on the reputation it has earned,
RSTL is going to expand its operation by raising capital through initial public offering (IPO).
The Principal activity of this Company is engaged in Spinning of Acrylic based yarn, manufacturing and marketing of
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gray and finished fleece fabrics of various qualities and different types and qualities of Dyed yarn to 100% export
oriented Garment industry in Bangladesh.
In accomplishing the decision of the Board of the directors, Managing Director oversee day to day's activities to run the
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company efficiently and to achieve the goal of maximizing wealth of the company for the well-being of shareholders,
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society at large.
Bangladesh has huge potential global market opportunities to market its product. A diverse team of professionals
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involved in developing new products in implementing Company's marketing strategies to retain existing customers and
creating new customer base for its products by innovative ideas. A group of highly skilled marketing personnel handles
the whole marketing system of the company.
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07 Annual Report
VARIOUS EVENTS
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Annual Report 08
VARIOUS EVENTS
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09 Annual Report
MESSAGE FROM THE CHAIRMAN
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Dear Shareholders, Colleagues, Ladies and Gentleman
On Behalf of the Board of Directors of the Company, it is my pleasure to present you the Directors’ Reports together
with the Financial Statements and Auditors’ Report thereon for the year ended on 30 June 2021 in this 24th Annual
General Meeting of Ring Shine Textiles Ltd.
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It is also my great honor to introduce you the Reconstituted Board of Directors which is formed on 7 February 2021 of
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12 (twelve) members, including 7 (seven) Independent Directors and 5 (five) Shareholding Directors. We are indeed
privileged to have 7 (seven) renowned highly experienced professionals from academic, financial and corporate fields
in our Board.
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As the Reconstituted Board Chairman, on behalf of the Board, we endeavor to contribute in setting up strategic
initiatives to secure the quality of the company’s growth, implementation of supervisory functions and duties in oversee-
ing the commitment to improve the quality of corporate governance and monitoring of the formulation of the Company’s
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business prospects.
I would like to express my sincere thanks to our respected shareholders for extending continuous support and confidence
on the Board of Directors of the Company. I would also like to place on record my appreciation of thanks to our bankers
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and financial institutions, BEPZA, BSEC, DSE, CSE, RJSC, Suppliers, Customers and other stakeholders with whom we
have been interacted in course of business for their continuous support throughout these challenging times. The success
we have achieved so far was only possible because of the collective efforts of all concerned. Once again, I convey my
heartiest thanks to all our stakeholders and look forward your continued support and co-operation in future.
Finally, my gratitude goes out to each and every loyal staff and management team member of the Company for their
efforts despite adverse external factors, to sustain high service levels and support to the Company with their hard work,
dedication and loyalty.
Thanking you all with wishes of healthy and prosperous life.
Mejbah Uddin
Chairman
Ring Shine Textiles Ltd.
10 Annual Report
MESSAGE FROM THE MANAGING DIRECTOR
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Dear Shareholders, Colleagues, Ladies and Gentlemen
It is my pleasure to humbly present the Annual Report before you for the financial year ended on 30 June 2021 at the
24th Annual General Meeting.
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In the year ended 30 June 2021, the operating results has declined significantly which is explained in this Annual
Report. The Company’s sales and profitability have decreased due to the overall impact of the global pandemic,
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decline in order demand and increase in production cost. Details are given in this Annual Report. I summarize
herewith our business outcome for year ended 30 June 2021 where Sales were Tk.90.81 Crore; Gross Profit/(Loss)
stood at Tk.(69.05) Crore and Net Profit/(Loss) Tk.(88.67) Crore.
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The negative operational performance is primarily due to insufficient order demand impacted by the economic down-
turn from the worldwide Covid-19 pandemic. As such, the Company has taken measures to declare layoff from 15 April
2020 to 13 June 2020, and 26 September 2020 to 12 June 2021 and restructure its existing labor to address the excess
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manpower.
Going into 2021-22, we are hopeful that the Company can achieve better financial and operational performance after
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succeeded in overcoming the difficult times in the past year, with the support and enthusiasm in the work place by its
employees and every levels of management.
We are grateful to the Board of Directors for their trust, and to the shareholders, the creditors, the customers and the
business associates for their support. We express our appreciation to the employees for their commitment and dedica-
tion.
We thank and express our appreciation to the Board of Directors, the management and all employees for carrying out
their work and duties during the difficult times in 2020-21 and to our shareholders, creditors, customers and partners
for their support and trust.
Sung Wey Min

Managing Director
Ring Shine Textiles Ltd
11 Annual Report
DIRECTORS’ PROFILES
Mr. Mejbah Uddin
Chairman
Mr. Mejbah Uddin has taken over the position of the Chairman of Ring Shine
Textile Ltd on 7th February 2021. The Chairman was born on 1st June,1961 in
a reputed muslim family. He joined Bangladesh Police as an Assistant Superin-
tendent of Police in the 8th BCS securing 2nd position in the Bangladesh
Public Service Commission merit List. He obtained his M.Sc. in Railway
Engineering from Moscow Railway Institute with 1st Division Marks.
In his professional endeavor, he served in various capacities and responsibilities
of Bangladesh Police. He worked as ASP (Sardah, Khagrachari, Noakhali,
Jhenaidah), AddI SP (Faridpur, Noakhali), SP (Sherpur, SB, Bagerhat,
Lalmonirhat, KMP), AddI DIG (RAB), DIG (Khulna Range, Police Head
Quarters, NSI), AddI IG (NSI).
In his distinguished professional career, he has been adorned with too many
highest awards of Bangladesh Police, in Recognition of his gallantry and excep-
tional services in controlling crime. Currently he is appointed (contractually)
serving as Chief Disciplinary Officer (CDO) at Dhaka WASA since Feb/2021.
Mr. Sung Wey Min

Managing Director
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Sung Wey Min is a visionary entrepreneur investor and philanthropist. He is
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vastly experienced in the textile and dying sector. He is an Indonesian
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national with dynamic leadership quality. Under the leadership of Sung Wey
Min, Ring Shine Textiles Limited enjoyed huge business growth. Mr. Min's
innovative business idea and ability to respond promptly to the con- tempo-
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rary changes in modern era's fashion and tastes are the keys to the success
of Ring Shine Textiles Limited. He is energetic and dynamic.
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Mr. Sung Jye Min

Director
Mr. Sung Jye Min is a Singapore national. He is vastly experienced in Textile
Industry and Leading RSTL with his innovative idea. He is well-reputed
Businessman and highly qualified professional with proven record of success
in marketing and project management. He visited many countries in connec-
tion with business and has gathered sufficient knowledge required to run a
business smoothly and profitably.
Mr. Sung Jye Min is a Singapore national. He is vastly experienced in Textile

Industry and Leading RSTL with his innovative idea. He is well-reputed
Businessman and highly qualified professional with proven record of success
in marketing and project management. He visited many countries in connec-
tion with business and has gathered sufficient knowledge required to run a
business smoothly and profitably.
12 Annual Report
Ms. Sung Wen Li Angela

Executive Director
Ms. Sung Wen Li Angela is an Indonesian national. After completion of Gradu-
ation she has been working in Ring Shine Textiles Limited for many years.
During the period, she gained business techniques in Yarn Dyeing, Spinning
& Garments.
Professor Dr. Mohammed Mizanur Rahman

Independent Director &
Chairman of NRC
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Professor Mohammed Mizanur Rahman, PH.D has been associated as an
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Independent Director of Social Islami Bank Limited since long. He
completed his BSE & MSE in Applied Chemistry and Chemical Engineering
from the University of Dhaka in the year-1995 and 1996 respectively. Having
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an immense knowledge and experience in diversified fields, he discharged

his responsibilities as a Member and CEO (from July 2015 to date) of differ-
ent Institutions under Ministry of Textile and Jute. He is serving as standing
committee and project implementation of the Skill for Employment invest-
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ment project (SEIP-BTMA) from July 2015 to continue financed by ADB and
Ministry of Finance Govt. Dr. Rahman is a member of the National Science
and Technology fellowship Committee since January 2014 under the Minis-
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try of Science and Technology GoB. He also augmented his qualifications from the different International Universities
of Japan and Germany. He is vastly known Professor of Department of Applied Chemistry and Chemical Engineering,
University of Dhaka. He is also discharging his duty as a Syndicate Member and Academic Council Member of the
University of Dhaka, Member of the Governing body of the Enam Medical College, Savar, Dhaka and Shymoli Textile
Engineering College.
Dr. Rahman is a Gold Medalist Recipient in Physical Science awarded by the Bangladesh Academy of Science in the
year of 2009 and Young Scientist Award Winner of Third World Academy of Science (TWAS), Triste, Italy. He is also
awarded with, Primary Scholarship Award of Ministry of Education, Bangladesh, Younger Researcher Award-2005,
Kumamoto University, Dr. Rahman is Japan Society for the promotion of Science (JSPS), Japan and Alexandar von
Humboldt (Germany) fellow these are the two prestigious fellowships in the World. He is also discharging his responsi-
bilities as a member of the Executive Committee (EC) of the Bank. He is also an Independent Director of SIBL Securi-
ties Ltd. (a subsidiary company of the bank).
Annual Report 13
Professor Dr. Mohammad Sogir Hossain Khandoker

Independent Director
Mohammad Sogir Hossain Khandoker, PhD is one of the foremost illustrious
Professor of Finance at the Jagannath University, Dhaka, Bangladesh. As an
erudite scholar, he, in his credit, has over 25 high quality research works
including research books, journal articles, and thought-provoking papers for
national and international conferences on financial institutions (specially on
Stock Market) and Accounting issues.
Dr. Sogir Khandoker was the Chairman of Business Studies Group, National
University and the Director (EMBA program) of Department of Finance,
Jagannath University.
Dr. Sogir Khandoker has participated in numerous seminars, training and
conferences in different developed and developing countries, like, USA, UK,
Japan, India and Bangladesh. He has worked remarkably as a study team
leader/member in the studies with UNICEF, USAID, Police Staff College and WaterAid.
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Some milestone publications (including conference papers) of Dr. Sogir Khandoker on Stock Market and Financial
Institutions issues are –
o The Effects of Behavioral Factors on Individual Investors’ Decision Making: An Empirical Study on Dhaka
Stock Exchange; Dhaka University Journal of Business Studies, Vol 39, No. 2, August 2018.
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o Stock Market Trade Timing in Managing Implementation Shortfall; The Management Accountant, The
Institute of Cost Accountants of India, Vol 53, No. 4, April 2018, Pages 76-84.
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o Dynamics of Earnings, Dividends, and Stock Prices: A Study on Dhaka Stock Exchange; Dhaka University
Journal of Business Studies, Vol. XXXVIII, No. 3, December 2017.
o Hidden Cost of Trading and Portfolio Performance: A Short Note on Implementation Shortfall; Journal of
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Investing, Institutional Investor LLC, New York, Vol 27, No. 3, Fall 2018.
o Implementation Shortfall in Transaction Cost Analysis: A Further Extension, Journal of Trading, Institutional
Investor LLC, New York, Vol 12, No. 1, Winter 2017, Pages 5-21.
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Dr. Sogir Khandoker also attended a Conference on ‘Big Data and Machine Learning in Econometrics, Finance, and
Statistics’. The conference was held at the University of Chicago from October 3 to October 5, 2019 and organized by
Stevanovich Center for Financial Mathematics at the University of Chicago, Chicago, United States of America.
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Dr. Sogir Khandoker completed his B. Com (Hons) and M. Com (Finance) from Department of Finance, University
of Dhaka. He completed his PhD in Business Administration from Assam University, India under the supervision of
Dr. Ranjit Singh. His PhD title was ‘Performance Appraisal of Stock Trade using Transaction Cost Analysis: A Study
on S & P 500’. In the PhD, his research field mainly deals with the US stock market. In his research one of his
findings is that sophisticated investors, mutual fund managers, and hedge fund managers, who have superior
analytical ability in stock selection and follow optimal asset allocation techniques, also must pay close attention to
IS (Implementation Shortfall) which is pertinent especially for short-term traders (or day traders) and dynamic
traders because these traders engage in trading quite frequently in a short period of time. The study can be highly
useful for the small traders of the US market. The trader in developing country like India, Japan, China, and Bangla-
desh can also take advantage from the study.
He is the Independent Director of Ring Shine Textiles Limited and the Chairman & Independent Director of Imam
Button Industries Limited.
Dr Sogir started his teaching career in University of Chittagong, Chattogram, in 1998 as Lecturer and now Chairman
and Professor at Department of Finance, Jagannath University, Dhaka.
14 Annual Report
Dr. Mohammad Moniruzzaman, FCA, ACMA, AFHEA, PhD

Dr. Mohammad Moniruzzaman is an Associate Professor of Accounting in the
Department of Accounting & Information Systems, University of Dhaka. He
has earned his PhD from the University of Essex, UK. The title of his thesis is
“Enterprise Risk Management (ERM) in the Banking Sector: Evidence from
Bangladesh”. Before that, he completed the BBA and MBA degrees from the
same department. Mr Moniruzzaman is a chartered accountant and a cost
and management accountant. Besides, he is an associate fellow of the Higher
Education Academy of the UK, which is an international recognition of a
commitment to professionalism in teaching and learning in higher education.
Mr Moniruzzaman has presented several research papers at various UK
conferences and is experienced in teaching both home and abroad. He is also
a trainer at the DSE Training Academy, Bangladesh Petroleum Institute,
Teachers Training Program under the National University. Moreover, being a professional accountant, Mr Moniruz-
zaman has practical experience for more than 12 years in audit, advisory, tax, secretarial affairs, management
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consultancy, IPO consultancy, project consultancy, ERP consultancy, business takeover, outsourcing and many
more. His research interest focuses on enterprise risk management, financial regulation, organizational change,
management control and corporate governance. He has published articles in both national and international
journals.
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Dr. Md. Foroz Ali

Independent Director &
Chairman of Audit Committee
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Dr. Md. Foroz Ali is one of the Independent Directors of Ring Shine Textiles
Ltd., authorized by Bangladesh Securities & Exchange Commission since
2021. Dr. Ali son of Late Reazuddin Sarker and Late Halima Khatun was
born on 01 January, 1958 in the district of Sirajganj. He obtained BA (Hons)
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MA in English Literature from the University of Rajshahi, MBA in Manage-

ment (HRM) from the University of Dhaka, LLB from Prime University and
PhD from Preston University (United States). He is also awarded profes-
sional diploma, DAIBB (Diplomaed Associate, Institute of Bankers Bangla-
desh) & PGDCM (Post Graduate Diploma in Capital Market). Dr. Ali started
his career in Banking and retired as Deputy managing Director from a state
owned Commercial Bank. Later on, he was a Director in the board of Agrani
Bank Ltd and Chairman in the board of Familytex BD Ltd., a listed company in the capital market. Presently, he is a
Director of a full-fledged foreign owned Merchant Bank, CBC Capital & Equity Management Ltd and an Advisor of a
reputed group of companies in the Textile Sector. While he was the Director of Agrani Bank Ltd. the Ministry of
Finance (Banking Division) hired his expertise for reviewing The Bank Company Act-1991 and was assigned for
structuring “Somobay Bank Ain-2020” by the Law Commission. He is a heroic freedom fighter, trained in India and
took part in the liberation war of Bangladesh. For his heroic deed and contribution in banking sector, he is awarded
Victory Day Sonmannona-2017, Indira Gandhi Sonmannona-2017 and Bir Srestro Motiur Rahman Srity
Sonmannona-2020.
Annual Report 15
Eng. Abdul Razzak

Eng. Abdul Razzak is one of the Independent Directors of Ring Shine Textiles
Ltd., authorized by Bangladesh Securities & Exchange Commission since
2021.
He obtained B.Sc & M.Sc Engineering from Mosco Power Engineering

Institute securing First class in the both academic Degrees. He is also
awarded many professional Tanning Courses. For 20 years he worked as
Chief Executive Officer in two multinational companies, BSI Inspectorate, a
UK based company and Cotecna Inspector S.A. Switzerland. Presently he is
working as Principal Officer at Human Development Research Centre (HDRC)
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Mr. Auniruddho P. Chowdhury

Company Secretary
Mr. Chowdhury is the Head of HR-Admin, Operations & Company Secretary at Ring Shine Textiles Ltd. Besides being
the secretary to the Board , Board Audit Committee, Board Compliance Committee, Board Nomination and Remunera-
tion Committee Mr. Chowdhury also acts as secretary to the Board Executive Committee. Mr. Chowdhury has 11 years
of experience in Textiles, legal services & company matters. Mr. Chowdhury has expertise in Bank and Financial Institu-
tion laws, Company and Commercial Matters, Security Exchange Commission and Stock Exchange Laws, Property &
Land Law, Foreign Exchange laws, Cross-border transactions, IP Laws, Arbitration and Mediation matters, etc.
Before joining Ring Shine Textiles Ltd. Mr. Chowdhury worked as Adviser (Head of Legal Affairs and Recovery) at
Minister-MyOne Group. Mr. Chowdhury also lead Chowdhury Garments Ltd. as CEO. Among others, Mr. Chowdhury
completed his bachelor degree in Law from United Kingdom. He has completed his LLM from Bangladesh University of
Professionals with remarkable marks. Mr. Chowdhury is an accredited commercial mediator.
16 Annual Report
DIRECTORS’ REPORT
to the Shareholders
Year Ended June 30, 2021
The Board of Directors of the Company is pleased to Actual Production in Kg

present its Report for the financial year ended 30 June, Product 2020-21 2019-20
2021 before the honorable Shareholders.
Dyed Yarn 1,591,717 8,012,868
Dyed Fabric 1,142,666 4,575,199
The Directors’ Report is presented in accordance with the
Total 2,734,383 12,588,067
provision of Section 184 of the Companies Act 1994, Rule
12 (and the schedule there under) of the Bangladesh Capacity Utilization in %
Securities and Exchange Rules 2020, Corporate Gover-
Product 2020-21 2019-20
nance Code 2018 of Bangladesh Securities and
Exchange Commission and International Accounting Dyed Yarn 8.95% 45.61%
Standard-1 as adopted by The Financial Reporting Coun- Dyed Fabric 12.85% 52.08%
cil, Bangladesh. Average 10.25% 47.76%
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COST OF PRODUCTION
COMPANY’S OPERATIONS
The cost of production has increased compared to prior
Ring Shine Textiles Ltd is one of the long established
year primarily due to inefficiencies in energy, power and
textile manufacturers in operation for 23 years, producing
fixed overhead costs, impacted by the decline in sales
worsted spun Acrylic and Acrylic Wool blended yarns and
orders and under-utilization of production capacity.
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supplies dyed yarns composing of Acrylic, Cotton,
Viscose, Nylon, Cotton blends, Wool blends, Polyester
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The level of costs and their incidence are given below:
blends, as well as, various Fancy Yarns and Space-Dyed
yarns for 100% export oriented sweater manufacturing in Ton
industry. Particulars 2020-21 2019-20
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Yarn Production 1,592 8,013

The company also manufactures and supplies dyed knit Fabric Production 1,143 4,575
fabrics, such as, Polar Fleece, Micro Fleece,
Total Production 2,734 12,588
CVC/TC/Cotton Fleece, Terry Fabric, Single Jersey,
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Interlock Fabrics with peached, brushed, anti-piling and Cost of Major Items in Tk. '000
functional finishing to the ready-made-garments textile
Particulars 2020-21 2019-20
industry.
Raw Material 593,522 4,909,242
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In addition to the comprehensive range of yarn and fabric, Utilities 219,677 363,070
the company also supplies sustainable and eco-friendly Depreciation 262,839 444,563
products, namely, BCI, Organic, Re-cycle (Cotton and Other Overhead 534,541 536,823.49
Polyester) etc. which have higher value-added export Total Cost 1,610,579 6,253,698
value.
Unit Cost/Kg. in Tk.
CAPACITY/PRODUCTION Particulars 2020-21 2019-20
Raw Material 217.06 389.99
Product Capacity Installed in Kg Utilities 80.34 28.84
Product 2020-21 2019-20 Depreciation 96.12 35.32
# working days 254 251 Other Overhead 195.49 42.65
Dyed Yarn 17,780,000 17,570,000 Total Unit Cost 589.01 496.80
Dyed Fabric 8,890,000 8,785,000 Raw Material Cost %
36.85% 78.50%
Total 26,670,000 26,355,000 of Total Cost
Annual Report 17
The above figures reveals that the total unit cost Unit Selling Prices Attained in Tk./Kg
increased by 18.56% in year 2020-21 over year 2019-20
Product 2020-21 2019-20
despite the decrease in raw material cost per unit by
Yarn Export 386 544
44.34% because unit cost has increased for utilities cost
Fabric Export 342 369
by 178.57%, depreciation by 172.14% and other
Average 368 483
overhead cost by 358.36% due to insufficient orders in
2020-21. As indicated above, selling price decreased by 23.77% in
year 2020-21 compared to year 2019-20 due to sales
MARKETING OPERATIONS incline for conventional yarn with lower price value.
Sales quantity decreased by 81.33% and sales revenue
decreased by 85.77% in year 2020-21 in comparison to CAPITAL EXPENDITURES
year 2019-20, as depicted below: During the financial year of 2020-21, the Company made
no investment.
Quantity Sold in Kg. '000
Particulars 2020-21 2019-20 LOANS AND GUARANTEES
Yarn Export 1,475 8,588 Details of loans granted and guarantees given during the
Fabric Export 990 4,619 year under review are depicted in Note No. 5 and 20.
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Total Export 2,466 13,206
RELATED PARTY TRANSACTION
Sales Revenue in Tk. '000 Ring Shine Textiles Ltd has not engaged in any related
party transactions for the year 2020-21.
Product 2020-21 2019-20
c
Yarn Export 569,187 4,675,419 FOREIGN EXCHANGE GAIN/LOSS
Fabric Export 338,897 1,705,216 The Company has incurred Loss in Foreign Exchange
d.
Total Export 908,084 6,380,635 amounting to Tk.4.221 million in the year 2020-21.
Unit Selling Prices Attained Exchange Gain/(Loss) in Tk. '000

ab
The selling prices (Taka/kg) have changed over the years, Product 2020-21 2019-20
as shown below: Exchange Gain/(Loss) 4,221 0
FINANCIAL RESULTS
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The Company’s operating financial results, as compared to the previous year are summarized below:
in Tk.
Particulars 2020-21 2019-20 in %
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Sales Revenue 908,083,726 6,380,635,155 -85.77%

Cost of Goods Sold (1,598,565,593) (5,813,831,017) -72.50%
Gross Profit (690,481,867) 566,804,138 -221.82%
Administrative Expenses (94,950,081) (129,394,754) -26.62%
Selling & Dist. Expenses (8,989,055) (4,607,942) 95.08%
Operating Income (794,421,003) 432,801,442 -283.55%
Financial Expenses (283,570,001) (283,347,812) 0.08%
Non-Operating Income 22,813,389 11,636,053 96.06%
Profit Before Tax (1,055,177,615) 161,089,683 -755.02%
Provision for Tax (Current) (10,399,661) (24,177,537) -56.99%
Deferred Tax (Expenses)/Income 178,917,653 (2,313,086) 7835.02%
Profit After Tax (886,659,623) 134,599,060 -758.74%
Gross Profit Margin -76.04% 8.88% -955.97%
Net Profit Margin -97.64% 2.11% -4728.63%
Earnings Per Share (EPS) (1.75) 0.29 -705.06%
18 Annual Report
The Sales Revenue decreased by 85.77% along with APPOINTMENT OF COMPLIANCE AUDITORS
Gross Profit and Profit After Tax by 221.82% and 758.74% MAK & Co. at this Annual General Meeting is on comple-
respectively during the year 2020-21 in comparison with tion of 1 (one) year, and being eligible, offered themselves
previous year. Gross Profit Margin and Net Profit Margin for reappointment as Compliance Auditor of the Company
decreased by 955.97% and 4,728.63% respectively. for the year 2021-22.
SIGNIFICANT DEVIATION The Board of Directors has confirmed their re-appointment.

During the global Covid pandemic outbreak, the factory
DIRECTORS’ DECLARATION ON THE FINANCIAL
was in layoff from 15 April 2020 to 12 June 2021 due to
STATEMENTS
insufficient orders. Besides, assets and liabilities have
As part of corporate good governance, the Board is
been restated. As such, Net Asset Value per share (NAV),
accountable for providing a true and fair view of the
Earnings per share (EPS) are all negative due to the
company’s financial performance and status. To that end,
losses in non-operation.
the Directors affirm to the best of their knowledge that:
The figures for the year ended on 30 June 2020 were  The Financial Statements of the Company present a
restated due to the misstatement of assets and liabilities. true and fair view of the Company’s state of affairs, a
DIVIDEND result of it operation, cash flows and changes in equity.
As the Company is incurring loss, the Board of Directors  Proper books of accounts as required by the prevailing
has decided no Cash and Stock Dividend shall be recom- laws have been maintained.
om
mended.  Appropriate accounting policies have been constantly
Similarly, due to the incurring loss, the 1% Stock Dividend applied in the preparation of the financial statements
declared for year 2019-20 which has not been approved and the accounting estimates basis are on reason-
in the 23rd Annual General Meeting is being held in the able and prudent.
current year 2020-21 by decision taken in the Board of
c  The financial statements were prepared in accordance
Directors’ meeting. with IAS/IFRS as applicable in Bangladesh.
d.
RISK & CONCERN  The internal control system is sound in design and is
The Covid-19 pandemic in 2020 has caused global and effectively implemented and monitored.
domestic economic slowdown. The extent of such impact  There is no significant doubt about the company’s
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will depend on certain future development which cannot ability to continue as a going concern.
be predicted at this moment, including the duration of the
spread of the outbreak, economic and social measures  There is no significant deviation from the operating
that are being taken by the government authorities to result of the last year.
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eradicate Covid-19 thread. The management is closely MANAGEMENT APPRECIATION

monitoring the Company’s operation, liquidity and The Board of Directors records with deep appreciation for the
resources, and is actively working to minimize the current performance of the management, officers, staff and workers
and future impact of this unprecedented situation. The whose relentless efforts helped to increase productivity as
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financial statements do not include any adjustment that well as the turnover despite the natural and unnatural adverse
might result from the outcome of the aforementioned factors of production and marketing throughout the country
uncertainty. and the world. It is expected the employees and manage-
MANAGEMENT’S DISCUSSION & ANALYSIS ment will continue to improve the results in the interest of
A Management’s Discussion and Analysis signed by the shareholders, whose unswerving trust in management has
Managing Director and presenting a detailed analysis of always been an inspiration to the Board of Directors.
the company’s position and operations, along with a brief The Directors humbly express their gratitude and
discussion of changes in the financial statements and acknowledge with keen interest the cooperation and
other requirements of the Corporate Governance Code, is unflinching support they have received from various agen-
disclosed in Annexure-II of this report. cies, including the Bangladesh Securities and Exchange
Commission, the Stock Exchanges, Bangladesh Export
APPOINTMENT OF STATUTORY AUDITORS Processing Zones Authority, Bank/Financial Institutions
Kazi Zahir Khan & Co. Chartered Accountants at this and other agencies of the public and private sector. We
Annual General Meeting is on completion of 1 (one) year, look forward to a brighter future for all of us.
and being eligible, offered themselves for re-appointment
as Statutory Auditor.
The Board of Directors has confirmed their re-appointment. Mejbah Uddin

Chairman
Annual Report 19
Annexure-I
To the Directors’ Report
THE DIRECTORS ALSO REPORT THAT:

Board of Directors
The Reconstituted Board of Directors is formed on 7 February 2021 consisting of 12 (twelve) members, including 7
(seven) Independent Directors and 5 (five) Shareholding Directors.
With the resignation of Mr. Istak Ahmmed Shimul, Independent Director, on 25 May 2021, the Board of Directors
thereafter consists of 11 (eleven) members, including 6 (six) Independent Directors and 5 (five) Shareholding Direc-
tors.
During the year 2020-21, 26 (twenty six) Board of Directors Meetings were held.
The Board Structure and Attendance of Directors were as follows:
SL Member Name Position Total Attended
om
1 Mr. Mejbah Uddin Chairman, Independent Director 26
2 Mr. Sung Wey Min Managing Director 26
3 Ms. Sung Wen Li Angela Executive Director 26
4 Mr. Sung Jye Min Shareholder Director 0
5 Mr. Sung Chung Yao
c Shareholder Director 0
6 Mdm. Sheao Yen Shin Shareholder Director 0
d.
7 Prof. Dr. Mohammed Mizanur Rahman Independent Director 26
8 Prof. Dr. Mohammad Sogir Hossain Khandoker Independent Director 24
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9 Dr. Mohammad Moniruzzaman Independent Director 26

10 Dr. Md. Foroz Ali Independent Director 26
11 Mr. Istak Ahmmed Shimul Independent Director 19
12 Eng. Abdur Razzak Independent Director 26
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Audit Committee
The Reconstituted Board of Directors has formed the Audit Committee on 7 February 2021 consisting of 4 (four)
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Independent Directors as members.
With the resignation of Mr. Istak Ahmmed Shimul, Independent Director, on 25 May 2021, the Audit Committee there-
after consists of 3 (three) Independent Directors as members.
During the year 2020-21, 1 (one) Audit Committee Meetings was held.
The Committee Structure and the Attendance of Directors were as follows:

SL Member Name Position Total Attended
1 Dr. Md. Foroz Ali Chairman, Independent Director 1
2 Dr. Mohammad Moniruzzaman Independent Director 1
3 Prof. Dr. Mohammad Sogir Hossain Khandoker Independent Director 1
4 Mr. Istak Ahmmed Shimul Independent Director 1
Annual Report 20
o Pattern and Number of Shareholdings as on 30 June 2021

The pattern of shareholding as on 30 June 2021 are as follows:
Shareholding Range No. of Shareholders Shares Held Holding %
1-499 12,235 1,163,565 0.23 %
500-5,000 29,952 28,767,976 5.75 %
5,001-10,000 1,513 12,436,989 2.49 %
10,001-20,000 1,131 17,547,774 3.51 %
20,001-30,000 468 12,010,521 2.40 %
30,001-40,000 257 9,179,730 1.83 %
40,001-50,000 265 12,521,243 2.50 %
50,001-100,000 393 30,543,556 6.10 %
100,001-1,000,000 364 93,598,128 18.71 %
1,000,001-Above 38 282,543,561 56.47 %
Total 46,616 500,313,043 100.00 %
Shareholding Pattern
SL BO Type Shares Held Holding %
om
1 Sponsor Directors 106,686,246 21.32 %
2 Government 0 0.00 %
3 Institutes 90,768,558 18.41 %
4 Foreigners 34,118,120 6.82 %
c
5 Public 268,740,119 53.72 %
d.
Total 500,313,043 100.00 %
SL Name of Shareholders Position Shares Held Holding %

ab
1 Parent/Subsidiary/Associated Companies and

other related parties No such Holding
2 Directors, CEO, CS, CFO, HIAC and their
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spouses and minor children

Mr. Sung Wey Min Managing Director 21,380,397 4.27 %
Ms. Sung Wen Li Angela Executive Director 17,179,217 3.43 %
Mr. Sung Jye Min Sponsor Director 17,127,812 3.42 %
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Mdm. Hang Siew Lai Sponsor Director 17,008,500 3.40 %

Mr. Sung Chung Yao Sponsor Director 17,002,750 3.40 %
Mdm. Sheao Yen Shin Sponsor Director 16,987,570 3.40 %
3 Executives No such Holding
21 Annual Report
Annexure-II
MANAGEMENT’S DISCUSSION & ANALYSIS

MANAGEMENT’S DISCUSSION & ANALYSIS
Pursuant to Condition No. 1(5)(xxv) of the Corporate Governance Code 2018 of Bangladesh Securities and Exchange
Commission, the Management’s Discussion & Analysis for the year ended 30 June 2021 are presented below:
ACCOUNTING POLICIES AND ESTIMATION FOR PREPARATION OF FINANCIAL STATEMENTS:

Ring Shine Textiles Ltd follows International Financial Report Standards (IFRS) and International Accounting Standards
(IAS) along with prevailing local rules and regulations applicable for preparation of financial statements. Detail descrip-
tion of accounting policies and estimation used for preparation of the financial statements of the Company are disclosed
in the Notes No. 2 and 3 to the financial statements.
CHANGES IN ACCOUNTING POLICIES AND ESTIMATION:

Ring Shine Textiles Ltd has been following consistent policies and estimation and there is no such changes in account-
om
ing policies or estimation which has material impact on financial statements.
COMPARATIVE ANALYSIS OF FINANCIAL AND OEPRATIONAL PERFORMCE:

The Directors’ Report provides the analysis of financial performance and position during the year under review and also
a detail comparison of financial performance and position as well as cash flows are presented as part of the financial
c
statements including notes.
d.
However, major areas of financial performance, financial position as well as cash flows with immediate preceding year
are depicted below:
ab
Amount in Tk.
Financial Performance
nk
Sales Revenue 908,083,726 6,380,635,155

Cost of Goods Sold (1,598,565,593) (5,813,831,017)
Profit Before Tax (1,055,177,615) 161,089,683
la
Profit After Tax (886,659,623) 134,599,060

Financial Position
Shares Outstanding 505,316,173 500,313,043
Shareholders' Equity (738,666,707) 3,362,111,241
Total Assets 4,533,573,199 9,125,308,757
Total Liability 5,272,239,906 5,763,197,516
Current Assets 2,252,964,185 3,421,706,480
Current Liabilities 4,849,852,152 5,215,519,639
Annual Report 22
Amount in Tk.
Cash Flow
Net Cash Generated from Operating Activities 157,359,526 (379,852,548)
Net Cash Used in Investing Activities (2,544,849) (118,292,321)
Net Cash Used in Financing Activities (457,592,650) 1,523,102,363
Financial Ratio
Current Ratio 0.46 0.66
Debt to Equity (7.14) 1.71
Gross Profit Margin (in %) -76.04% 8.88%
Net Profit Margin (in %) -97.64% 2.11%
Return on Equity (in %) 120.04% 4.00%
Return on Assets (in %) -19.56% 1.48%
Ordinary Share Information
Shares Outstanding 505,316,173 500,313,043
Face Value per Share 10.00 10.00
Dividend-Cash (in %) 0 0
Dividend-Stock (in %) 1 0
om
Dividend Payout (Cash+Stock) in '000 50,031 0
Net Assets Value per Share (NAV) (1.46) 6.72
Net Operating Cash Flow per Share (NOCFPS) 0.31 (0.76)
Earning per Share (EPS) (1.75) 0.29
INDUSTRY OUTLOOK
c
The view of the Company is that the business prospects for 2022 will be better than in 2021, with the Government’s
d.
efforts to move the economy forward through both fiscal and monetary policies that are deemed helpful to the
businesses and in handling the Covid-19 pandemic through extensive vaccination and socialization of the application
of health protocols. The global economic conditions are also expected to turn around for the better with the similar
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policies implemented by countries worldwide.
Going into year 2022, the demand of textile products gradually shows the sign of improving, even though still facing with
a tight business competition. A higher inflation rate looms over 2022, marked by rising prices for raw materials and
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energy since the start of the first quarter of this year.
FUTURE PLAN
The Company makes the effort to improve its sales revenue, to make good in paying the operational costs, including
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labor costs and salaries of employees, and timely payment of obligations to suppliers and creditors.
In the midst of an uncertain economic situation, the Company continues in heightening its effort in overseeing the
expenses in order to face fierce market competition.
With the expectation that market conditions will improve, the Company sets a sales target of US$30 million for year
2021-22 and to achieve profit from the sales of those products with better margins.
We all hope that the Company can achieve better financial and operational performance after succeeded in getting
through the difficult times in the past year, with the support and enthusiasm in the work place by its employees and
every levels of management, continue their work spirit and up keep their health and maintain cleanliness in their respec-
tive work environments.
We are grateful to the shareholders, the creditors, the customers and the business associates for their trust and
support. We express our appreciation to the employees for their commitment and dedication.
Sung Wey Min

Managing Director
23 Annual Report
Annexure-III
DECLARATION BY MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER

Under Condition # 1(5)(xxvi) of CGC
The Board of Directors
Ring Shine Textiles Ltd Date : 31 August 2022
Plot No. 224-260, Extension Area,
Dhaka EPZ, Ganakbari, Savar, Dhaka-1349,
Bangladesh.
Subject: Declaration on Financial Statements for the year ended on 30th June 2021.
Dear Sirs,
Pursuant to condition No. 1(5)(xxvi) imposed vide the Commission’s Notification No. BSEC/CMRRCD/2006-
158/207/Admin/80 dated 3 June 2018 under section 2CC of the Securities and Exchange Ordinance, 1969, we do
hereby declare that:
om
1. The Financial Statements of Ring Shine Textiles Ltd for the year ended on 30th June 2021 have been prepared in
compliance with International Accounting Standards (IAS) or International Financial Report Standards (IFRS), as
applicable in Bangladesh and any departure therefrom has been adequately disclosed;
2. The estimates and judgments related to the financial statements were made on a prudent and reasonable basis, in
c
order for the financial statements to reveal a true and fair view;
3. The form and substance of transactions and the Company’s state of affairs have been reasonably and fairly
d.
presented in its financial statements;
4. To ensure the above, the Company has taken proper and adequate care in installing a system of internal control
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and maintenance of accounting records;

5. Our internal auditors have conducted periodic audits to provide reasonable assurance that the established policies
and procedures of the Company were consistently followed; and
6. The management’s use of the going concern basis of accounting in preparing the financial statements is appropri-
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ate and there exists no material uncertainty related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern.
la
In this regards, we also certify that:-

i. We have reviewed the financial statements for the year ended 30th June 2021 and to the best of our knowledge and belief:
(a) These statements do not contain any materially untrue statement or omit any material fact or contain state-
ments that might be misleading;
(b) These statements collectively present a true and fair view of the Company’s affairs and are in compliance with
existing accounting standards and applicable laws.
ii. There are, to the best of knowledge and belief, no transactions entered into by the Company during the year which
is fraudulent, illegal or in violation of the code of conduct of the Company’s Board of Directors or its members.
Sincerely yours,
Sung Wey Min Sung Wen Li Angela

Managing Director Chief Financial Officer (Acting)
Annual Report 24
Mak & Co.

Chartered Accountants
Certificate on Compliance on the Corporate Governance Code

[Issued under condition # 1(5) (xxvii) of Corporate Governance Code of BSEC vide
Notification No. BSEC/CMRRCD/2006-158/207/Admin/80 dated 03 June, 2018]
We have examined the compliance status to the Corporate Governance Code by “RING SHINE TEXTILES LIM-
ITED” for the year ended on 30 June 2021. This Code relates to the Notification No. BSEC/CMRRCD/2006-
158/207/Admin/80 dated 03 June, 2018 of the Bangladesh Securities and Exchange Commission.
Such compliance with the Corporate Governance Code is the responsibility of the Company. Our examination was
limited to the procedures and implementation thereof as adopted by the Management in ensuring compliance to the
conditions of the Corporate Governance Code.
om
This is a scrutiny and verification and an independent audit on compliance of the conditions of the Corporate Gover-
nance Code as well as the provisions of relevant Bangladesh Secretarial Standards (BSS) as adopted by Institutes of
Chartered Secretaries of Bangladesh (ICSB) in so far as those standards are not inconsistent with any condition of this
Corporate Governance Code.
c
We state that we have obtained all the information and explanations, which we have required, and after due scrutiny
and verification thereof, we report that, in our opinion:
d.
(a) The Company has complied with the conditions of the Corporate Governance Code as stipulated in the above
mentioned Corporate Governance Code issued by the Commission except for statutory auditor’s qualified
ab
opinions mentioned in the audit report and the explanations are absent in the directors report and others specify
in compliance status checklist;
(b) The Company has complied with the provisions of the relevant Bangladesh Secretarial Standards (BSS) as
adopted by the Institute of Chartered Secretaries of Bangladesh (ICSB) as required by this code;
nk
(c) Proper books and records have been kept by the company as required under the Companies Act, 1994, the securi-
ties laws and other relevant laws; and
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(d) The Governance of the company is satisfactory.
Place : Dhaka Mr. Mohammad Ali Kawsar, FCA

Date : 20 May 2023 Partner,
Mak & Co.
BSEC Bhaban (Level - 11) +88 02 55013647 www.maknco.net

102, Kazi Nazrul Islam Avenue, +88 01764484444
Karwan Bazar, Dhaka 1215. +88 01612265265 [email protected] Member Firm of SFA, USA
25 Annual Report
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Annual Report 26
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27 Annual Report
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Annual Report 28
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29 Annual Report
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31 Annual Report
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33 Annual Report
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37 Annual Report
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Annual Report 38
KvRx Rwni Lvb GÛ †Kvs

KAZI ZAHIR KHAN & CO.
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 (the Company), which
comprise the statement of financial position as at June 30, 2021 and the statement of profit or loss and other comprehensive
income, statement of changes in shareholder's equity and statement of cash flows for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies.
om
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the
accompanying financial statements present fairly, in all material respects, the financial position of the Company as at June
30, 2021, its financial performance and its cash flows for the year then ended in accordance with International Financial
Reporting Standards (IFRSS).
Basis for Qualified Opinion

c
a) Audited sum of total assets and total liabilities as on June 30, 2020 was Tk. 13,409,604,384 which has been reduced to Tk.
d.
9,125,308,757 resulting total assets and liabilities restated by Tk. 4,284,295,627 which has not been certified by any auditor.
However, the board has duly approved this restatement.
b) The company reported in Note-8 Trade and Other Receivables Tk. 400,177,859 with a restatement of Tk. 1,198,677,947.
ab
Therefore, this overstated amount has been adjusted with the opening balance of the previous year;
c) The company has restated Property, Plant & Equipment by Tk. 3,200,475,863 (Note-4), Cash & cash equivalents by Tk.
7,466,089 (Note-6), Inventory by Tk. 3,010,508,348 (Note- 9), Retained earnings by Tk. 5,338,716,444 (Note-12),
nk
Outstanding Liabilities and Accounts Payable by Tk. 101,457,056 (Note-14). However, the board has duly approved these
restatements;
d) Refer to the Annexure-01, where the company reported Property, Plant and Equipment Tk. 2,185,549,495. Except Build-
la
ing and Plant & Machinery, we are unable to verify the "other assets" total amount in written down value Tk. 102,468,468
due to the lack of proper books of register;
e) During the year, management of the Company has kept Tk. 21 Crore as Provident Fund Liability through restatement of
the retained earnings of the Company for non-payment of monthly contributions to the Provident Fund in previous years;
f) During the year, management of the Company has kept Tk. 24 Crore as Gratuity Fund Liability through restatement of the
retained earnings of the Company for non-keeping of gratuity liability in previous years.
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those
standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements 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), Bangladesh Securities and Exchange Commission (BSEC) and
Bangladesh Bank, and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code and the
Institute of Chartered Accountants of Bangladesh (ICAB) Bye Laws. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our qualified opinion.
Head Office: Home Town Apartments (Level-15), 87 New Eskaton Road, Dhaka-1000.
Tel: 57160824, Mob: +88 01713-013955, e-mail: [email protected], [email protected]
Branch Office: 281/3, Jafrabad (Sankor), Ground Floor, West Dhanmondi, Dhaka-1207. Tel: 9124642. e-mail: [email protected]
39 Annual Report
Other Information
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.
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 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 no material misstatement of this other information we are required to report that fact.
Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Description of key audit matters Our response to key audit matters
Revenue recognition
At year end the company reported total revenue of Tk. We have tested the design and operating effectiveness of
908,083,726. The company generates revenue from sale of key controls focusing on the following:
goods. The timing of the revenue recognized and realized - Obtaining an understanding of and assessing the design
increases the risk of exposure of revenue to foreign
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and operating effectiveness of controls designed to ensure
exchange fluctuations. that revenue is recognized in the appropriate accounting
period;
There is also a risk that revenue may be
overstated/understated due to the timing differences - Segregation of duties in invoice creation and modification
between L/C opening and goods exported. and timing of revenue recognition;
c Assessing the appropriateness of the Company's accounting
We identified revenue recognition as a key audit matter as policies for revenue recognition and compliance of those
d.
it is one of the key performance indicators of the Company, policies with applicable accounting standards;
which give risk to an inherent risk of the existence and - Obtain supporting documentation for sale transaction
accuracy of the revenue. recorded either side of year end to determine whether
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revenue was recognized in the current period;

- Comparing a sample of revenue transactions recognized
during the year with the sale invoices and other relevant
underlying documentation;
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- Critically assessing manual journals posted to revenue to

identify unusual or irregular and finally assessed items,
the appropriateness and presentation of disclosures against
relevant accounting standards.
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[See note number 21 for details]

Valuation of Property, Plant and Equipment
The carrying value of the PPE amounted to Tk. Our audit included the following procedures: We reviewed
2,185,549,495 as at 30 June 2021. The valuation of PPE and assessed the addition of PPE during the year, checked
was identified as a key audit matter due to the significance the related accounting treatment.
of this balance to the financial statements. We assessed whether the accounting policies in relation to
Expenditures are capitalized if they create new or enhance the capitalization of expenditures are in compliance with
the existing assets, and expensed if they relate to repair or IAS-16; We obtained a listing of capital expenditures
maintenance of the assets. Classification of expenditures incurred during the year and, on a sample basis, checked
whether the items were procured based on internal
involves judgment. The useful lives of PPE items are based
purchase order that had been properly approved by the
on management's estimates regarding the period during responsible individuals;
which the asset or its significant components will be used.
The estimates are based on historical experience and We checked whether the depreciation of PPE items was
market practice and take into consideration the physical commenced timely, by comparing the date of the classifi-
cation from capital in progress to ready for use, with the
condition of the
date of the act of completion of the work.
assets.
[See Annexure-01 for details]
Annual Report 40
Withholding Tax, Value added Tax & Policy MatterRevenue recognition

In our audit period management could not provide any As per Sec- 75A, Challan of quarterly advance Tax,
Return of Withholding Tax. Minutes of the last year board meeting, Minutes of the last
year Annual General meeting and Policy against Procurement
and Advance adjustment;
In our audit period we observed that the company did not
deposit the TDS and VDS on many applicable sector which
is non- compliance of Income Tax Ordinance 1984 and
Value Added Tax and Supplementary Duty Act-2012 and
Value Added Tax and Supplementary Duty Rules-2016;
Account Receivable & Account Payable
The company reported the Accounts Payables Tk. Management complies the alternative procedure to confirm
471,891,399 and Note-8 Trade and other receivables Tk. the account receivables and account payable;
400,177,859 where we sent balance confirmation letter on [See Note: 15 for details]
a sample basis but did not get any reply.
Complying Income Tax Ordinance 1984
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As per Section-30(m), Income Income Tax Ordinance The company is not Complying the Tax Ordinance 1984
1984 any payment by a person exceeding taka fifty and salary and remuneration paid in cash more than Tk.
thousand or more, otherwise than by bank transfer excluding 50,000/- including the supplier's payment in many cases.
(i) salary or remuneration made to any employee, without
prejudice to an obligation referred to in clause;
c
(ii) any payment for government obligation;
(iii) any payment on account of purchase of raw materials.
d.
Audit Report 2020
Previous year financial statements were audited by Shiraz The new Board of Directors opined to restate the accounts
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Khan Basak & Co., Chartered Accountants; 2021 because the property, plant, equipment, inventory,
account receivables, and account payables were restated
because the audited accounts 2020 were not reflecting true
and fair view of the aforementioned items.
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Establish a Workers Profit Participation Fund (WPPF) and As per section 234 of Bangladesh Labor Act 2006 as
Workers' Welfare Fund (WWF). amended up to 2013 every company should Profit establish
a Workers Participation Fund (WPPF) and Workers'
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Welfare Fund (WWF)
We have nothing to report on going concern

We are required to report if we have concluded that the use of the going concern basis of accounting is inappropriate or there
is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least twelve
months from the date of the financial statements. We have nothing to report in these respects.
Other Matters
a) In our audit period, management could not provide any Return of Withholding Tax as per Sec- 75A, Challan of quarterly
advance Tax, Minutes of the last year board meeting, Minutes of the last year Annual General meeting and Policy against
Procurement and Advance adjustment.
b) The company reported in Note-15 as Accounts Payables Tk. 471,891,399 and Note-8 Trade and others receivables Tk.
400,177,859. We sent balance confirmation letter to the third parties on a sample basis but did not get any reply. However,
we conducted the alternative procedure to confirm these figures.
c) As per Section-30(m) of the Income Tax Ordinance 1984, a Company has to pay exceeding taka fifty thousand or more
through bank transfer or cross cheque, excluding: (i) Salary or remuneration made to any employee, without prejudice to an
obligation referred to in clause;
41 Annual Report
(ii) Any payment for government obligation;

(iii) Any payment on account of purchase of raw materials.
The company did not make most of the payments as described in the said provision.
d) The company did not deposit the TDS and VDS on many applicable heads, which is a non- compliance of Income Tax
Ordinance 1984 and Value Added Tax and Supplementary Duty Act-2012 and Value Added Tax and Supplementary Duty
Rules-2016.
e) Previous year's financial statements were audited by Shiraz Khan Basak & Co., Chartered Accountants.
f) As per section 234 of Bangladesh Labor Act 2006 as amended up to 2013 every company should establish a Workers Profit
Participation Fund (WPPF) and Workers' Welfare Fund (WWF) within one month of being this chapter applicable if:
(i) The paid-up capital of the company as on the last day of its accounting year is one crore taka or more; and
(ii) The value of the fixed assets of the company at cost on last day of the accounting year is two crore or more.
The company did not do the same as described in the said provision.
g) The company may face contingent liabilities for the following matters:
(i) A claim from Customs Bond Commissionerate Tk. 257,376,294.25 vide reference letter number
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5(13)18/Cus.Bond/Reg/98/Part-01/2007/5901 dated: May 31, 2021;
(ii) A claim from Customs, Excise and VAT Commissionerate, Dhaka (West) Tk. 58,209,977 vide reference letter
number 4/VAT/West.Com.-8(1120) Ring Shine/CA AUDIT/Justice/2021/603dated: February 10, 2022;
(iii) Income Tax Return of the company has not been submitted to NBR since 2017- 18 income year.
c
h) The Bangladesh Securities and Exchange Commission (BSEC) deployed Hoda Vasi Chowdhury & Co., Chartered
Accountants to conduct a special audit following the financial anomalies revealed by the BSEC after IPO. However, we did
d.
not receive the report of the said special audit.
i) The company did not submit the income tax return to the NBR since the income year 2017- 2018. A liability may arise
from this non-compliance.
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Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSS,
the Companies Act, 1994 and other applicable laws and regulations and for such internal control as management determines
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is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going
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concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company'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 judgments 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
Annual Report 42
provide a basis for our opinion. The risk of not detecting a material 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 disclo-
sures 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 manner that achieves fair presentation.
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We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit. We also provide those charged with governance with a statement that we have complied with relevant ethical require-
ments 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.
c
From the matters communicated with those charged with governance, we determine those matters that were of most signifi-
cance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these
d.
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 because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
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Report on Other Legal and Regulatory Requirements

In accordance with the Companies Act, 1994, the Securities and Exchange Rule 1987 and relevant notifications issues by,
we also report the following:
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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
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Company so far as it appeared from our examinations of those books;

c) The statement of financial position, statement of profit or loss and other comprehensive income, statement of
changes in equity and statement of cash flows of the Company together with the annexed notes dealt with by the report
are in agreement with the books of account; and
d) The expenditure incurred was for the purpose of the Company's business.
Nuru Hosan Khan FCA

Auditor
Place: Dhaka Enrollment No: 240
Dated: August 31, 2022 Kazi Zahir Khan & Co.
DVC: 2208310240AS832709
43 Annual Report
RING SHINE TEXTILES LIMITED

DEPZ, Extension Area, Plot 224-260 Ganakbari, Savar, Dhaka.
Statement of Fianancial Position
As at June 30, 2021
**Audit
*Restated
Reported
30-06-2021 30-06-2020 30-06-2020 01-07-2019
Particulars Note
Taka Taka Taka Taka
ASSETS
Non Current Assets 2,280,609,014 5,703,602,277 5,703,602,277 6,034,363,784
Property, Plant and Equipments* 4 2,185,549,495 5,651,072,675 5,651,072,675 5,959,103,314
Investment-FDR 5 55,074,451 52,529,602 52,529,602 75,260,470
Right of Use Asset 40 39,985,068
Current Assets 2,252,964,185 3,421,706,480 7,706,002,107 6,528,023,891
Cash & Cash Equivalents* 6 814,273,653 1,105,364,354 1,112,830,443 87,735,764
Advances, Deposits & Prepayments 7 36,158,416 53,797,413 53,797,413 51,997,709
Trade & Others Receivable* 8 400,177,858 1,265,970,954 2,464,648,901 3,197,542,944
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Inventories* 9 844,660,911 849,280,074 3,927,431,665 3,079,459,679
Advance Income Tax 10 157,693,346 147,293,685 147,293,685 111,287,795
TOTAL ASSETS 4,533,573,199 9,125,308,757 13,409,604,384 12,562,387,675

c
SHAREHOLDERS' EQUITY AND LIABILITEIS
Shareholders' Equity (738,666,707) 3,362,111,241 8,700,827,685 7,091,045,271
d.
Share Capital 11 5,053,161,734 5,003,130,430 5,003,130,430 2,850,548,200
Retained Earnings* 12 (5,791,828,441) (1,641,019,189) 3,697,697,255 4,240,497,071
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Non-Current Liabilities 422,387,754 547,677,877 547,677,877 545,364,791

Deferred Tax Liability 13 368,760,224 547,677,877 547,677,877 545,364,791
Lease Liabilities 41 53,627,531
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Current Liabilities & Provisions 4,849,852,152 5,215,519,639 4,161,098,822 4,925,977,614

Outstanding Liabilities for Expenses* 14 455,930,885 311,764,481 161,815,533 107,448,585
Accounts Payable* 15 471,891,399 555,212,319 105,948,886 983,291,172
Bank Overdraft 16 751,603,950 700,318,948 700,318,948 725,419,164
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Payable for Provident Fund* 17 475,888,454 455,208,436

Provision for Income Tax 18 155,851,852 145,452,191 145,452,191 139,654,015
Bill Discounted 19 249,947,213 893,637,131 893,637,131 1,668,640,797
Short Term Loan 20 2,288,738,399 2,153,926,133 2,153,926,133 1,301,523,881
Total Equity and Liabilities 4,533,573,199 9,125,308,757 13,409,604,384 12,562,387,675

Net Assets Value per share 27 (1.46) 6.72 17.39 24.88
Chairman Managing Director Director Director
Company Secretary Chief Financial Officer

Md. Nurul Hossain Khan FCA
Signed in terms of our report of even date. Enrolment No: 0240
Place: Dhaka Managing Partner
Dated: Aug 31, 2022 KAZI ZAHIR KHAN & CO.
DVC: 2208310240AS832709 CHARTERED ACCOUNTANTS
Annual Report 44

Statement of Profit or Loss and Other Comprehensive Income
For the year ended June 30, 2021
Particulars Note 30-06-2021 30-06-2020

Taka Taka
Sales Revenue 21 908,083,726 6,380,635,155
Less: Cost of Goods Sold 22 1,598,565,593 5,813,831,017
Gross Profit/(Loss) (690,481,866) 566,804,138
Administrative and Selling Expenses 23 103,939,136 134,002,696
Profit/(Loss) from Operations (794,421,002) 432,801,442
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Financial Overhead 24 283,570,002 284,768,330
Foreign Exchange gain(loss) - 1,420,518

Other Income 29 22,813,389 11,636,053
Profit Before Tax

c (1,055,177,614) 161,089,683
Provision for Tax(Current) 10,399,661 24,177,537
d.
Deferred Tax Expense/(Income) 28.2 (178,917,653) 2,313,086
(886,659,622) 134,599,060
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Earnigs per Share-EPS 25 (1.75) 0.29

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Signed in terms of our report of even date.

Enrolment No: 0240
45 Annual Report

Statement of Changes in Equity
**Reported
Retained Retained
Particulars Share Capital Total Total
Earnings Earnings
Balance as at July 01,2020 5,003,130,430 (1,641,019,189) 3,362,111,241 3,697,697,255 8,700,827,685
Issue during the period-Bonus 50,031,304 (50,031,304) - - 50,031,304
Asset Revaluation Adjustment (3,200,475,863) (3,200,475,863) -
IFRS-16 adjustment (13,642,463) (13,642,463) (13,642,463) (13,642,463)
Net Profit after tax for the period-2021 - (886,659,622) (886,659,622) (886,659,622) (886,659,622)
Total 5,053,161,734 (5,791,828,441) (738,666,707) 2,797,395,170 7,850,556,904
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Statement of Changes in Equity
**Reported
c *Restated
Ordinary Share Retained Retained

d.
Particulars Total Total
Capital Earnings Earnings
As at July 01,2019 2,850,548,200 4,240,497,071 7,091,045,271 4,240,497,071 7,091,045,271

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Issue during the period-IPO 1,500,000,000 - 1,500,000,000 - 1,500,000,000

Issue during the period-Bonus 652,582,230 (652,582,230) - (652,582,230) -
IPO Expenses - (29,196,007) (29,196,007) (29,196,007) (29,196,007)
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Tax benefit of Expenses 4,379,361 4,379,361 4,379,361 4,379,361

Prior years adjustment* (5,338,716,444) (5,338,716,444) -
Net Profit after tax for the period 134,599,060 134,599,060 134,599,060 134,599,060
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Total 5,003,130,430 (1,641,019,189) 3,362,111,241 3,697,697,255 8,700,827,685
Signed in terms of our report of even date.

Enrolment No: 0240
Annual Report 46

Statement of Cash Flows
Amount in Tk.
Particulars Notes July to June July to June
2020-21 2019-20
Cash Flows from Operating Activities:
Collection from Customers 32 1,773,876,822 7,116,069,336

Collection from Others 29.01 22,813,389 11,636,053
Total Receipts 1,796,690,211 7,127,705,389
Payment to Suppliers, Employees & others 33 (1,243,955,050) (7,097,638,507)

Payment for operating Expenses 34 (101,405,973) (75,145,210)
Income Tax Deducted at source 35 (10,399,661) (50,005,890)
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Payment for Financial expenses 24 (283,570,002) (284,768,330)
Total Payments (1,639,330,686) (7,507,557,937)
Net cash Generated(Used in) from Operating Activities. 157,359,525 (379,852,548)

Cash Flows from Investing Activities:
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Acquisition of Property, Plant & Equipment - (141,023,189)
d.
Interest on Investment 36 (2,544,849) 22,730,868
Net cash Generated(Used in) from Investing Activities. (2,544,849) (118,292,321)
Cash Flows from Financing Activities:
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Bank overdraft Increased 37 51,285,002

Short term Bank Loan Received/(Repaid) 38 134,812,266 52,298,370
IPO Expenses (29,196,007)
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Received from Share Capital 1,500,000,000

Inecrease/(Decrease) in Bill Discounted 39 (643,689,918)
Net cash Generated(Used in) from Financing Activities. (457,592,650) 1,523,102,363

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Net cash Increase/(Decrease) in cash & cash Equivalents (302,777,974) 1,024,957,494

Foreign Exchange gain/(loss) 4,221,184 137,185
Opening Cash and cash equivalents 1,112,830,443 87,735,764
Closing Cash and cash equivalents 814,273,653 1,112,830,443
Net Operating Cash Flows Per Share (NOCFPS) 31 0.31 (0.76)

Signed in terms of our report of even date. Enrolment No: 0240
Managing Partner
Place: Dhaka KAZI ZAHIR KHAN & CO.
Dated: Aug 31, 2022 CHARTERED ACCOUNTANTS
DVC: 2208310240AS832709
47 Annual Report

Notes to the Financial Statements
For the year ended of June 30, 2021
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-34597 as a private company limited by share under the
Companies Act 1994. The Registered office of the company is situated in Plot No: 224-260, DEPZ Extension area,
Ganakbari, Savar, Dhaka. The factory of the company is located at Dhaka Export Processing Zone (DEPZ), New
Extension Area at Plot No: 224- 260. The Company converted into public limited company on 8th June, 2017.
1.2 Nature of Business:
The principal activity of this Company is engaged in manufacturing and marketing of greige and finished fleece fabrics
of various qualities and dyed yarn to garment industry in Bangladesh and International market.
2. Basics of Preparation and Presentation of Financial Statements:
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2.1 Statements of Compliance
The financial statements of the company have been prepared in accordance with the International Accounting
Standards(IASS) and International Financial Reporting Standards (IFRSS) as adopted by ICAB as International
Accounting Standards(IASs) and International Financial Reporting Standards(IFRSS)
2.2 Other Regulatory Compliances
c
The company is also complying among others the following rules and regulations,
The Companies Act, 1994
d.
The Income Tax Ordinance, 1984
The Income Tax Rules, 1984
The Value Added Tax& Supplementary Duty Act, 2012
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The Value Added Tax Rules& Supplementary duty Rules, 2016

The Customs Act, 1969
Bangladesh Labor Law 2006(Amended)
The Securities and Exchange Rules, 1987 and
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Bangladesh EPZ related rules & regulations.

2.3 Measurement basis used in preparing the Financial Statements
The financial statements have been prepared on a Going Concern basis. The financial statements have been prepared
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on "Historical Cost" convention basis, which is one of the most commonly adopted base provided in "the framework
for the preparation and presentation of financial statements" issued by the International Accounting Standard
Committee(IASC)
2.4 Going Concern
The management of the company believes that the company has adequate resources to continue in operation for
foreseeable future. For this reason, the directors thought to adopt going concern basis in preparing the Financial
Statements. The Management of the company also believes that the current credit facilities and resources of the
company will be capable to provide sufficient fund to meet present requirements of its existing businesses and opera-
tions. On the other hand, due to worldwide impact of prevailing COVID-19 pandemic, the company faces declining
orders from foreign buyers, scarcity in import which collectively impacted on revenue, working capital, business
expansion etc. The company faces some financial difficulties to meet up its working capital requirement and continue
in smooth operation thereafter the reporting period. In that consequence, from 26 September 2020, the company has
declared Lay off of the factory that extended up to 24 November 2020 and if the situations continue that may impact
on the sustainability of the company business. However, the company management is trying to overcome the adverse
situation and to recover the lost affairs.
Annual Report 48
2.5 Use of Estimates and Judgments

The preparation of financial statements requires the management to make judgments, estimates and assumptions that
affects the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to reasonable under the circumstances, the results of which form
the basis of making the judgments about carrying values of assets and liabilities that is not readily apparent from other
sources. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates and recognized in the period in which the estimate is revised and in any future periods affected. In particular,
information about significant areas of estimation uncertainty and critical judgments in applying accounting policies
that have the most significant effect on the amounts recognized in the financial statements are reflected in calculation
of deferred tax liabilities.
2.6 Functional and Presentational Currency and Level of Precision
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 indicted otherwise.
2.7 Reporting Period
2.7.A) The financial period of the company covers one year from July 01, 2020 to June 30, 2021 and Comparative Statement
of financial position for the year ended June 30, 2020 cover one-year period from July 01, 2019 to June 30, 2020.
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2.7.B) "Restated means the closing balance as on 30th June 2020 has been changed to reflect the correct view of the Accounts.
**Audited means the closing balance that has been shown in the Accounts for 2019-20 income year after audit.
2.8 Changes in Accounting Policy
During the year the company has not changed its policy to record at "Historical Cost" conversion basis, which is one
of the most commonly adopted base provided in "the Framework for the preparation and presentation of financial
c
statements" instead of measured at fair value. As no accounting policy has been in the current accounting year and had
no other material impact on earnings per share for comprehensive income for earlier period.
d.
2.9 Components of the Financial Statements
According to the International Accounting Standard(IAS) I as adopted by ICAB "Presentation of Financial
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Statements" the complete set of financial statements includes the following components:
I) Statement of Financial Position as at June 30, 2021
II) Statement of the Profit or Loss and Other Comprehensive Income for the year ended June 30, 2021
III) Statement of Changes in Equity for the Year ended June 30, 2021
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IV) Statement of Cash Flows for the year ended June 30, 2021
V) Notes to the financial Statements
2.10 Compliance with the Requirements of Notification of the Securities and Exchange Commission dated 04.06.2008
under ref.# SEC/CMMRPC/2008-181/53/Admin /03/28
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The financial statements have been prepared in compliance with requirement of IAS as adopted and applicable in
Bangladesh. The following IASS are applicable for the financial statements for the year under review:
SI No. Name of the IAS’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
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
49 Annual Report
SI No. 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
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
Property, plant and equipment are measured at 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 when that cost is
incurred if it is probable that the future economic benefits embodied within the item will flow to the equity and the cost
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of the 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
On disposal of fixed assets, the cost and accumulated depreciation are eliminated and gain or loss on such disposal is
reflected in the income statement, which is determined with reference to the net book value of the assets and net sales
proceeds.
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3.1.3 Depreciation on Fixed Assets
d.
Depreciation on fixed assets is charged on reducing balance method. Depreciation continue to be to be charged on each
item of fixed assets until the written down value of such fixed assets is reduced to Taka one. Depreciation on addition
to fixed assets is charged for the period after available for utilization, and depreciation has been charged on fixed assets
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respective of their date of disposal. Rates of depreciation on various classes of fixed assets are as under:
Category of Fixed Asset Rate (%)
Leasehold Land Development 3.33
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Building 10
Plant and Machinery 15
Transport & Vehicles 20
Office Equipment 15
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Furniture & Fixture 10

Electrical Equipment 15
Telephone Line Installation 15
Gas Line Installation 15
Electrical Line Installation 15
Water Line & Tank 15
Fire Extinguisher 15
Lab Equipment 15
3.1.4 Subsequent Costs
The cost of replacing 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.
Annual Report 50
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. Intangi-
ble asset is recognized when all the conditions for recognition as per IAS 38Intangible 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 the Cost basis, Subsequent to initial recognition, the asset is
accounted for in accordance with the accounting policy applicable to that asset,
om
The company has renewable land lease arrangements for 33 years with Bangladesh Export Processing Zone Authority
(BEPZA) for industrial plots in Dhaka EPZ, Savar. Since inception to the last year, the lease has classified as operating
lease as per IAS-17. Leases in considering the tax implications and discussion natters with tax authority thereon and
recognized the lease payment as expenses in the Profit and Loss and other comprehensive income without considering
c
the lease in the context of the application of IFRS 16, right-of-use assets and lease liabilities. The Company will
consider the IFRS 16 while preparing the next year's financial statements by understanding the implications thereof.
d.
3.4 Investment in FDR
Investment in FDR includes fixed deposits held with different bank. The fixed deposits are renewed upon maturity at
the option of the company.
ab
3.5 Inventories
Inventories are stated at the lower of cost and net realizable value in accordance with IAS 2 "Inventories". The cost of
inventories is based on weighted average principle and includes expenditure incurred in acquiring the inventories and
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bringing them to their existing location and condition. Net 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.
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3.6 Accounts Receivable/Trade Debtors

Account receivable has been stated at its original invoiced amount supported by L/C. 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. No amount was by the
Director (including Managing Director), Managing Agent, Manager & Other Officers of the Company and any of them
severally or jointly with any other person.
3.7 Advance, Deposits and Prepayments
Advances are initially measured at cost. After initial recognition advances are carried at cost less deductions, adjust-
ments or charges to other account heads such as PPE or inventory etc. 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.
3.8 Cash and Cash Equivalents
Cash and cash equivalents comprise of cash balances and all deposits. Bank overdrafts that are repayable on demand
and form an integral part of equity's cash management are included as a component of cash and cash equivalents for
the purpose of the statement of the cash flows. Amount of Cash and Cash Equivalent under USD has been reflected in
BDT and exchange rate fluctuation has been recognized accordingly.
51 Annual Report
3.9 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.
3.10 Trade Creditors and Accruals & Provision
Trade and other payables are stated at cost. 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 material, 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 been presented in BDT.
3.11 Loans and Borrowings
Principal amounts of loans and borrowings are stated at their outstanding amount. Borrowings 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
3.12 Revenue Recognition
Revenue is recognized to depict the transfer of promised goods or services to the customer in an amount that reflects the
consideration to which the entity expects to be entitled in exchange for those goods or services as provided in IFRS 15
"Revenue from contracts with customers".
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The following five steps are applied to recognize revenue:
• Identify the performance obligations in the contract. Performance obligations are promises in a contract to transfer
to a customer goods or services that are distinct.
• Determine the transaction price. The transaction price is the amount of consideration to which an entity expects to
c
be entitled in exchange for transferring promised goods or services to a customer. If the consideration promised
in a contract includes a variable amount, an entity must estimate the amount of consideration to which it expects
d.
to be entitled in exchange for transferring the promised goods or services to a customer.
• Allocate the transaction price to each performance obligation on the relative stand-alone selling prices of each
distinct good or service promised in the contract.
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• Recognize revenue when a performance obligation is satisfied by transferring a promised good or service to a customer
3.13 Financial Instruments
Non-derivative financial instruments comprise trade receivables, trade payables, cash and cash equivalents and
share capital.
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3.13.1 Trade Receivables

Trade receivables are recognized initially at invoice value and subsequently measured at the remaining amount less
allowance for doubtful receivable at the year end, if any. Receivables from foreign currency transactions are recognized
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in Bangladeshi Taka using exchange rates prevailing on the date of

transaction.
3.13.2 Trade Payables
Liabilities are recorded at the amount payable for settlement in respect of goods and services received by the
company.
3.13.3 Cash and Cash Equivalents
Cash and cash equivalents consist of cash in hand and with banks on current and deposit accounts and short term
investments which are held and available for use by the company without any restriction. There is insignificant risk
of change in value of the same.
3.13.4 Share Capital
Ordinary shares are classified as equity
3.14 Foreign Exchange
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to Bangladeshi
Taka at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognized
in the income statement in accordance with IAS 21 "The effects of Changes in Foreign Exchange Rates".
Annual Report 52
3.15 Employee Benefits

3.15.1 Worker's Profit Participation
In accordance with the requirement of section 234 of Labor Act, 2006(Amended), the company should contribute
5% of net profit before charging the amount to the aforementioned fund. But the company is established in Dhaka
Export Processing Zone and have to comply only BEPZA rules relating to services matter concerning workers and
officers employed in the company operating in the Export Processing Zone Bangladesh. There is no provision for
Worker's Profit Participation Fund in company's loss.
3.15.2 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 of the policy shall together hold absolute measure to take
any decision for implementation of the provident fund.
3.15.3 Workers Welfare Fund
The company has been paying against "Workers Welfare Fund" to BEPZA since 1st February 2013 in compliance
to the requirement of BEPZA rules. The management of the fund is maintained by BEPZA according to the rules &
guidelines imposed under the style of "Constitution and Operation Procedure of EPZ Worker's Welfare Fund 2012".
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3.16 Employee Retirement Benefits
Defined Contribution Plan
Obligations for the Company's contribution to define contribution plans are recognized as an expense incurred in the
income statement.
c
3.17 Finance Income and Expenses
Finance income comprises of interest income on funds invested. Interest income is recognized on maturity. Finance
d.
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"
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3.18 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
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related notes.
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
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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.
53 Annual Report
3.19 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) of IAS -7 which provides that "Enterprises are encouraged
to report Cash Flow from Operating Activities using the Direct Method".
3.20 Responsibility for Preparation and Presentation 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 preparation and presentation of
Financial Statements" issued by the International Accounting Standard Board (IASB) as adopted by ICAB.
3.21 Risk and uncertainties for the use of estimates in preparing financial statements
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 of the financial statement and revenues and
expenses during the period reported. Actual result could differ from those estimates. Estimates are used for account-
ing of certain items such as depreciation and amortization
3.22 Segment Reporting
No segment wise report is required because the company only engages in textiles industry and situated geographi-
om
cally in the same location at Dhaka Export Processing Zone, Dhaka, Bangladesh.
3.23 Taxation
3.23.1 Income Tax
Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognized in the
c
income statement except to the extent that it relates to items recognized directly in equity, in which case it is enacted
or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Provision
d.
for corporate income tax is made @ 15% on estimated taxable profit in accordance with the income tax laws.
3.23.2 Deferred Tax
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the
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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 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
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rates enacted or substantially 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.
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3.24 Comparative Amounts

Certain comparative amounts have been re-classified & rearranged to confirm with the current year's presentation.
3.25 Events after the Reporting Period
Events after the reporting period that provide additional information about the company's positions at the balance
sheet date are reflected in the financial statements if any. The company faces some financial difficulties to meet up
its working capital requirement and continue the smooth operation thereafter the reporting period. In that conse-
quence, from 26 September 2020, the company has declared Lay off of the factory up to November 24, 2020 due to
worldwide impact of prevailing COVID-19 pandemic, declining orders from foreign buyers, and scarcity of import.
3.26 Related Party Transaction
The objective of Related Party Disclosure IAS 24 is to ensure that an entity's financial statements contain the disclo-
sures 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.
Annual Report 54
3.27 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.
3.28 Impact of COVID-19 and its consequences
COVID-19 has impacted on the business of the company as the parties involved with the company are almost
overseas. The revenues of the company are 100% exported by impact of raw materials. Export- Import has also been
impacted worldwide in the reporting year and thereafter. Due to worldwide impact of prevailing COVID-19
pandemic, the company faces declining orders from foreign buyers, scarcity of import which collectively impacted
by declining revenue, working capital crisis and business expansion. However, the company management is trying
to overcome the adverse situation and to recover the lost affairs.
3.29 Reason of Significant deviation
Due to worldwide impact of prevailing COVID-19 pandemic, the company faces declining orders from foreign
buyers, scarcity of import which collectively impacted by declining revenue, working capital crisis and business
expansion. Therefore, NAV, EPS, NOCFPS, revenue, other operational results and performance have been
adversely affected.
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3.30 Date of Authorization and Proposed Dividend
The financial statements were authorized for issue by the Board of Directors of the company on August 27, 2022.
c
d.
ab
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55 Annual Report
30.06.2021 30-06-2020 30-06-2020

Tk. Tk. Tk.
Note-4 Property, Plant and Equipments* *Restated **Reporetd
A. Cost:
Opening Balance * 11,795,272,493 11,654,249,304 11,654,249,304
Addition during the year - 141,023,189 141,023,189
11,795,272,493 11,795,272,493 11,795,272,493
Disposal/Adjust during the year (9,609,722,998) - -
- -
A Total = 2,185,549,495 11,795,272,493 11,795,272,493
B. Accumulated depreciation
Opening Balance * 6,144,199,818 5,695,145,990 5,695,145,990
Charged during the year 265,047,317 449,053,828 449,053,828
6,409,247,135 6,144,199,818 6,144,199,818
Disposal/Adjust during the year 6,409,247,135 - -
B Total = - 6,144,199,818 6,144,199,818
Written down value (A-B) 2,185,549,495 5,651,072,675 5,651,072,675
om
Details of Property, Plant and Eqipments are shown in Annexure-01
Note-5 Investment of FDR

DBBL FDR A/C 0167 3,558,934 3,393,400 3,393,400
DBBL FDR A/C 0250
c 1,530,528 1,459,000 1,459,000
DBBL FDR A/C 1049 909,136 867,700 867,700
d.
DBBL FDR A/C 1211 305,568 296,166 296,166
DBBL FDR A/C 1384 3,164,217 3,014,340 3,014,340
DBBL FDR A/C 2989 1,631,580 1,571,471 1,571,471
ab
DBBL FDR A/C 3050 8,844,723 8,518,876 8,518,876

DBBL FDR A/C 3353 19,100,312 18,099,530 18,099,530
DBBL FDR A/C 3534 7,264,880 6,929,600 6,929,600
DBBL FDR A/C 3627 4,685,881 4,452,030 4,452,030
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DBBL FDR A/C 4123 311,122 300,000 300,000

PBL FDR A/C 2124419003045 328,899 309,200 309,200
PBL FDR A/C 2124416005472 3,438,671 3,318,289 3,318,289
Investment in FDR 55,074,451 52,529,602 52,529,602
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Note-6 Cash & Cash Equivalent:(Note 6.01+6.02)

Tk. 814,273,653 *Restated **Reported
30.06.2021 30-06-2020 30-06-2020
This amount consists of the followings: Tk. Tk. Tk.
6.01 Cash & Cash Equivalent

Cash Account 780,711 873,043 873,043
Woori BDT A/C 923 00 4306 28,043 205,100 205,100
Woori USD A/C CDA 923 004 281 133,180 133,180 133,180
Woori OBU A/C 923 004 475 16,131 27,923,622 27,923,622
Woori MOB A/C 74 - -
UBL BDT A/C 21-985 - 222,513 222,513
UBL USD A/C 81-10 - 208,897 208,897
DBBL BDT A/C 122-110-1038 23,921,043 700,198 700,198
DBBL USD A/C 103-111-0496 57,858 57,858 57,858
Annual Report 56
*Restated **Reported
30.06.2021 30-06-2020 30-06-2020
Tk. Tk. Tk.
Prime bank OBU A/C 11000141/4601119000003 18,142 18,982 18,982
Dhaka Bank BDT 212.100.4555 60,074,501 87,570 87,570
Dhaka Bank BDT 212.100.5287 2,470 3,160 3,160
Dhaka Bank USD 9911250001796 4,141,667 61,256,728 61,256,728
Dhaka Bank USD 9911250001719 63,755 18,290,573 18,290,573
Dhaka Bank USD 0991125000001082 116,028 770,363 770,363
One Bank BDT 0051020004937 315,196 316,501 316,501
Premier Bank BDT A/C No.0011100015501 97,440,246 51,916 51,916
Premier Bank USD A/C No. 0102 15200000889 1,876,185 28,266,958 28,266,958
Premier Bank USD A/C No. 010212800000215 42,000,000 - -
The City Bank BDT a/c 1101902764001 215,424 216,264 216,264
The City Bank USD 5121902764001 29,553 30,905 30,905
BRAC BDT A/C 11,000 11,000 11,000
Brac OBU A/C 1599202739426001 1,234 1,234 1,234
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Brac Bank * - - 7,466,089.00
EBL BDT A/C 1231060027991 185 21,017 21,017
EBL USD 1043050227415 419,703 420,000 420,000
EBL Margin 391,891
Closing Balance
c 232,054,221 140,087,582 147,553,671
d.
6.02 Cash & Cash Equivalent Account freeze
Brac Bank BDT IPO 430,538,704 821,055,822 821,055,822
Brac Bank USD IPO 150,092,273 142,579,439 142,579,439
ab
Brac Bank GBP IPO 738,084 738,084 738,084

Brac Bank EUR 255,303 255,303 255,303
SBAC 595,069 648,124 648,124
Total 582,219,432 965,276,772 965,276,772
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Note-7 Advances, Deposits & Prepayments:

Tk. 36,158,416
The above balance has been made up as under:
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Opening Balance 53,797,413 51,997,709 51,997,709

Add: Payment during this year 12,507,992 1,799,704 1,799,704
66,305,405 53,797,413 53,797,413
Less: Expenses during this year 30,146,989 0 0
Closing Balance 36,158,416 53,797,413 53,797,413
Details of Advances, Deposits & Prepayments are shown in Annexure-02
Note-8 Trade & Others Receivables:(Note 8.01+8.02)
Tk. 400,177,858 *Restated **Reported
8.01 Trade Receivables
Opening Balance 1,265,970,954 3,197,542,944 3,197,542,944
Add: Sales 908,083,726 6,380,635,155 6,380,635,155
Less: Adjustment* - (1,198,677,947)
Less: Proceed realized during the year (1,791,787,619) (7,113,529,198) (7,113,529,198)
382,267,061 1,265,970,954 2,464,648,901
Details of Accounts Receivables are shown in Annexure-03
57 Annual Report
30.06.2021 30-06-2020 30-06-2020
Tk. Tk. Tk.
Aging analysis of Trade Receivable
Witinin Three Months 264,451,958
Three to Six Months 20,499,095
More than Six Months 97,316,008
Total 382,267,061
8.02 Other receivable

Accrued Interest-IPO Fund 17,910,797 - -
Accounts Receivables were overstated by Tk. 1,1986,77,947/- in previous year. Thus this amount has been adjusted with
retained earnings of previous year to rflect the true and fair view of the Accounts
*Restated Reported
Note-9 Closing Stock Tk. 844,660,911 30.06.2021 30-06-2020 30-06-2020
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Tk. Tk. Tk.

Raw Yarn* 540,494,340 488,090,111 2,563,935,841
Top Dyed Yarn 70,280,562 82,115,370
c
Acrylic Tow 38,137,638 7,344,948 247,185,618
Dye Stuff* 34,177,454 38,842,467 117,652,418
d.
Chemicals* 33,204,878 25,614,471 208,516,982
Work in Process* 9.1 19,338,704 22,163,983 398,241,637
Finished Goods* 9.2 72,643,222 104,472,883 378,716,352
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Material in Transit 36,384,113 80,635,841

Others 13,182,817
Closing Balance 844,660,911 849,280,074 3,927,431,665
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Inventory Balance as on 30.06.2020 3,927,431,665

Less: Material in transit 67,643,245
Less: Invenotry Aadjustment 3,010,508,346
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Inventory Balance as on 30.06.2021 849,280,074
Closing inventory was overstated by Tk. 3,010,508,346/- in previous years which has been adjusted with the retained
earnings in previous year to give correct view of the accounts
9.01 Work in Process

This is made up as follows:
WIP Yarn 6,679,642 11,941,253
WIP Fabric 12,659,062 10,222,730
Total 19,338,704 22,163,983 -
9.02 Finished Goods

Finished Goods Yarn 44,091,845 60,601,828
Finished Goods Fabric 28,551,377 43,871,055
Total 72,643,222 104,472,883 -
Annual Report 58
30.06.2021 30-06-2020 30-06-2020
Tk. Tk. Tk.
Notes-10
Advance Income Tax Tk. 157,693,346
Income tax at source-Opening Balance 147,293,685 111,287,795 111,287,795
Add: Tax deduct at source during this year-From Export 8,126,811 34,962,803 34,962,803
Add: Tax deduct at source during this year-From FDR 282,761 270,701 270,701
Add: Tax deduct at source during this year-From IPO Fund 1,990,089 772,386 772,386
157,693,346 147,293,685 147,293,685
Less: Paid during the year - - -
Closing Balance 157,693,346 147,293,685 147,293,685
Note-11 Share Capital:

11.01 Authorized Share Capital 5,400,000,000 5,400,000,000 5,400,000,000
540,000,000 Ordinary Share of Taka 10/- each Total 5,400,000,000 5,400,000,000 5,400,000,000
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11.02 Issued, Subscribed and paid up Share capital
Name of Shareholder No. of Share Percentage Amount
Mr. Sung Jye Min 17,299,090 3.42% 172,990,901
Mdm Hang Siew Lai 17,178,585 3.40% 171,785,850
Mr. Hsiao Hai He 17,018,182 3.37% 170,181,819
c
Ms Sung Wen LI Angela 17,351,009 3.43% 173,510,092
Mr. Sung Chung Yao 17,172,778 3.40% 171,727,775
d.
Mdm Sheao Yen Shin 17,157,446 3.40% 171,574,457
Mr. Sung Wey Min 21,594,201 4.27% 215,942,010
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Mrs. Hsiao Liu Yi Chi 17,287,418 3.42% 172,874,176

Mdm Chuk Kwan 17,338,837 3.43% 173,388,367
Others Shareholders 345,918,629 68.46% 3,459,186,289
Total 505,316,173 100.00% 5,053,161,734
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11.03 Issued, subscribed and paid-up share

Opening share 500,313,043 285,054,820 285,054,820
la
Issue during the period-IPO 0 150,000,000 150,000,000

Bonus Share 1% proposed in 2019-20, Issued 15% in 2018-19 5,003,130 65,258,223 65,258,223
Total 505,316,173 500,313,043 500,313,043
The company has issued 284,054,820 shares as pre IPO placement against which no money has been received from the
shareholders. After issuing bonus shares 15% in 2019 and proposed 1% in 2020 the total number of unpaid shares has
become 329,929,673. The company has to collect the face value of the said issued shares from all those shareholders other-
wise BSEC will forfeit all those shares after following necesary SEC guidelines.
Reported Actual Difference
Opening No. of Shares before IPO 285,054,820 1,000,000 284,054,820
Add: IPO 150,000,000 150,000,000 -
Total No. of Issued Shares 435,054,820 151,000,000 284,054,820
Add: Bonus share @ 15% in 2019 65,258,223 22,650,000 42,608,223
Add: Proposed Bonus @ 1% in 2020 5,003,130 1,736,500 3,266,630
Closing No. of Shares 505,316,173 175,386,500 329,929,673
59 Annual Report
30.06.2021 30-06-2020 30-06-2020
Tk. Tk. Tk.
Note-12 Retained Earnings
This is made up as follows
Opening Balance (1,641,019,189) 4,240,497,071 4,240,497,071
Less: IPO Expenses (29,196,007) (29,196,007)
Less: Bonus Issue (50,031,304) (652,582,230) (652,582,230)
Add: Net Profit after tax for the year (886,659,622) 134,599,060 134,599,060
Add: Tax benefit on IPO expenses 4,379,361 4,379,361
Prior years adjustment* (3,214,118,326) (5,338,716,444)
Total (5,791,828,441) (1,641,019,189) 3,697,697,255
Retained Earnings Adjustment in 2020-21
Total Fixed Asset(WDV) shown in 2019-20 5,651,072,675
Less Depreciation for current year 265,047,317
Total Fixed Asset(WDV) 2020-21 5,386,025,358
Total Fixed Asset after Valuation 2,185,549,495
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Fixed Asset Restatment adjuwment with Retained Earnings 3,200,475,863
IFRS-16 adjustment with Retained Earnings 13,642,463
Total Adjustment with Retained Earnings(2020-21) 3,214,118,326
Detail of the Retained Earnings adjustment for 2019-20 has been shown in Annexure-06
c
Note-13 Deferred Tax+
d.
Opening Balance 547,677,877 545,364,791 545,364,791
Provision for Current year 28.02 (178,917,653) 2,313,086 2,313,086
ab
Total 368,760,224 547,677,877 547,677,877
Fixed Assets were overstated by Tk. 320,0475,863/- in previous years which have been restated this year resulting reversal
of Deferred tax in current year although the Tax rate has been increased to 22.5% from 15%
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Note-14 Outstanding Liabilities for Expenses Tk. 455,930,885

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Opening Balance 263,272,609 161,815,533 161,815,533

Add: Addition during this year 455,930,885 - -
719,203,494 161,815,533 161,815,533
Less: Paid during this year 263,272,609 - -
Less: Adjustment* - 101,457,076
Closing Balance 455,930,885 263,272,609 161,815,533
Details of Outstanding Liabilities are shown in Annexure-05.
Note-15 Trade Payables: Tk. 471,891,399

Opening Balance 555,212,319 105,948,886 105,948,886
1,027,103,718 105,948,886 105,948,886
Less: Paid during this year 555,212,319 - -
Prior year adjustment* 449,263,433
Closing Balance 471,891,399 555,212,319 105,948,886
Details of Accounts Payables are shown in Annexure-04.
Annual Report 60
30.06.2021 30-06-2020 30-06-2020
Tk. Tk. Tk.
Trade payable was understated by Tk. 449,263,433/- in 2019-20 which has been restated and necessary adjustment was done
in Retained earnings to rflect the true and fair view of Trade Payable.
Note-16 Bank Overdraft Tk. 751,603,950
HSBC OBU A/C 050-000397-005 -
Premier ObU A/C 341,467,159 314,055,480 314,055,480
One Bank A/C 95,995,531 91,326,603 91,326,603
Dhaka Bank OBU 283,755,748 266,060,012 266,060,012
EBL OBU A/C 1231060027991 30,385,512 28,876,853 28,876,853
Brac OBU A/C - - -
Closing Balance 751,603,950 700,318,948 700,318,948
Note-17 Employee Benefit Payable:(Note 17.01+17.02)

Tk. 475,888,454
om
17.01 Providend fund
Opening Balance 208,826,94 261,170,304
Add: Addition during this year 17,931,170
208,826,941 279,101,474 -
Less: Paid during this year 8,024,222 70,274,533
c
Closing Balance 200,802,719 208,826,941 -
d.
17.02 Gratuity fund
Opening Balance 246,381,495 318,610,320
ab
269,877,455 318,610,320 -
Closing Balance 264,862,860 246,381,495 -
nk
17.03 Leave encashment 10,222,875 - -
Note-18 Provision For Tax Tk. 155,851,852

la
Opening Balance 145,452,191 139,654,015 139,654,015

Add: Addition during this year 10,399,661 24,177,537 24,177,537
155,851,852 163,831,552 163,831,552
Less: Tax benefit of IPO Expenses - 4,379,361 4,379,361
Closing Balance 155,851,852 145,452,191 145,452,191
Yearwise breakdown 2017-18 2018-19 2019-20 2020-21

Opening Balance 69,383,349 81,144,589 139,654,015 145,452,191
Addition during the year
Tax on Export Income 81,144,589 75,431,926 24,177,537 8,126,811
Tax on Others Income - - - 2,272,850
150,527,938 156,576,515 163,831,552 155,851,852
Less: Paid/Adjustment during the year 69,383,349 16,000,000 14,000,000
Less: Tax benefit on IPO expenses 922,500 4,379,361
Total 81,144,589 139,654,015 145,452,191 155,851,852
61 Annual Report
30.06.2021 30-06-2020 30-06-2020
Tk. Tk. Tk.
Note-19 Bills Discounted: Tk. 249,947,213
Bill Discounted-Woori 61,361,412 206,661,401 206,661,401
Bill Discounted-Premier 163,769,155 322,490,623 322,490,623
Bill Discounted-Dhaka 24,816,646 364,485,107 364,485,107
Closing Balance 249,947,213 893,637,131 893,637,131
Note-20 Short Term Loans:(Note 20.01+20.02) Tk. 2,288,738,399

Trust Receipt (Note - 20.1) 1,313,895,193 1,385,357,625 1,385,357,625
Short Term Loans (Note - 20.2) 974,843,206 768,568,508 768,568,508
Closing Balance 2,288,738,399 2,153,926,133 2,153,926,133
20.01 Trust Receipt Tk. 1,313,895,193
om
Loan Against At Sight LC Woori 302,498,165 442,019,252 442,019,252
Loan Against At Sight LC Dhaka 821,364,980 758,000,200 758,000,200
Loan Against At Sight LC EBL 190,032,048 185,338,173 185,338,173
1,313,895,193 1,385,357,625 1,385,357,625
c
20.02 Short Term Loan Tk. 974,843,206
Short Term Loan (Dhaka) - 81,941,960 81,941,960
d.
Short Term Loan (Premier) 500,361,108 52,455,380 52,455,380
Demand Loan (Premier) 474,482,097 452,872,325 452,872,325
IBDA Loan (Premier) - 181,298,843 181,298,843
ab
974,843,206 768,568,508 768,568,508
Note-21 Revenue from Export: Tk. 908,083,726

nk
Yarn Export 569,186,526 4,675,418,761 4,675,418,761

Polar Fleece Fabric Export 338,897,200 1,705,216,394 1,705,216,394
908,083,726 6,380,635,155 6,380,635,155
la
Annual Report 62
Note-22 Cost of Goods Sold Statement: Tk. 1,598,565,593

For the year ended of June 30, 2021
PARTICULARS Tk. Tk.

Opening Stock of Raw Materials:
Raw Yarn 488,090,111
Top Dyed Yarn 82,115,370
Acrylic Tow 7,344,948
Chemicals 25,614,471
Dye Stuff 38,842,467
Packing Materials
Material in Transit 80,635,841
Total of Opening Stock 722,643,208
Add : Cost of Materials Purchase
Raw Yarn 385,831,934
Top Dyed Yarn -
om
Packing Materials 6,778,378
Add :
c
Bank Charge (Import) 4,460,151
d.
Carriage Inward 1,366,437
Import Clearing Expenses 55,769,304
Marine Insurance 42,871
ab
Total Material Purchased 623,557,824

Total Cost of Raw Materials available for use 1,346,201,032
Less : Closing Stock of Raw Materials
Raw Yarn 540,494,340
nk
Top Dyed Yarn 70,280,562

la
Packing Materials
Material in Transit 36,384,113
Total Closing Stock of Raw Materials 752,678,985
Raw Material Consumped 593,522,047
Add: Direct Labour Note-30 435,364,612
Prime Cost: 1,028,886,659
Add: Factory Overhead Note - 22.01 535,023,995
Total Manufacturing Cost 1,563,910,653
Add : Opening Stock, WIP 22,163,983
1,586,074,636
Less : Closing Stock, WIP Note-9.01 19,338,704
Total Cost of Goods Manufactured 1,566,735,932
Add : Opening stock of Finished goods 104,472,883
1,671,208,815
Less : Closing stock of Finished Goods Note-9.02 72,643,222
Cost of Goods Sold 1,598,565,593
63 Annual Report
30.06.2021 30-06-2020 30-06-2020
Tk. Tk. Tk.
Note- 22.01 Factory Overhead Tk. 535,023,995
This amount consists of the followings:
Factory Maintenance 3,153,580 23,786,203 16,398,246

Titas Gas Bill 66,320,719 186,026,011 186,026,011
DEPZ Land Rent 29,575,785 26,408,271 26,408,271
DEPZ Electric Bill 102,442,971 95,462,782 95,462,782
DEPZ Gas Service Charge 9,889,168 20,189,208 20,189,208
DEPZ Water Bill 41,023,925 61,391,584 61,391,584
DEPZ Medical Bill 1,462,440 1,501,920 1,501,920
DEPZ Workers welfare 743,400 625,968 625,968
DEPZ Water Testing Fee 207,434
Insurance For Factory 6,905,623 17,242,808 17,242,808
om
Licence & Renewal 44,440 360,350 360,350
Stationery 363,405 2,684,265 2,684,265
Fuel For Forklift 786,778 932,051 932,051
Fuel For Generator 43,935,546 43,935,546
c
Tiffin Bill 2,084,462 5,563,947 5,563,947
Medical Expenses - 1,784,168 1,784,168
d.
Postage & Courier - 101,425 101,425
Rates and Taxes 206,987 1,182,413 1,182,413
ab
Factory Entertainment 33,933

Workers Group Insurance Premium 25,000 50,000 50,000
Service benefit for Retrenched worker 5,872,017
Conveyance - 1,169,827 1,169,827
nk
Vehicle maintenance - 901,728 901,728

LNG - 542,106 542,106
Other Expenses - 841,274 841,274
la
Store & Spare consumed 1,042,774 41,781,507 41,781,507

Sundry Expenses - 3,250,417 3,250,417
Depreciations 262,839,154 444,563,290 444,563,290
Tk. 535,023,995 982,279,069 974,891,112
Annual Report 64
30.06.2021 30-06-2020 30-06-2020
Tk. Tk. Tk.
Note-23 Administrative and Selling Expenses: Tk. 103,939,136
Staff Salary 43,603,878 55,090,452 47,606,821
Staff Bonus 7,227,758 6,786,412 6,786,412
Earn Leave 1,351,770
Staff Welfare - 376,421 376,421
Staff Fooding 1,070,141 2,481,634 2,481,634
Security Bill 4,527,481 6,644,569 6,550,000
Office Expenses 6,654,561 5,901,728 5,901,728
Office Maintenance 7,300 773,051 773,051
Travelling 40,460 5,781,428
Baridhara Gas Bill 48,722 16,496 16,496
Baridhara Electricity 129,000 144,100 144,100
Baridhara Water Bill 97,025 25,362 25,362
Baridhara House Rent 3,006,900 2,305,500 1,218,000
Conveyance Bill 661,455 2,751,481 2,084,671
om
Printing 272,013 1,765,319 1,765,319
Computer Maintenance 121,302
CNG For Vehicle 3,785,985 13,210,379 810,652
Vehicle Maintenance 633,427 4,911,098 751,846
Mobile Accessories 2,500
Entertainment
c 97,543 718,642 718,642
Local Welfare 97,000
d.
License & Renewal Fee 16,796 1,463,972 1,463,972
Telephone Bill 290,740 210,526 210,526
Mobile Bill 740,396 817,241 817,241
Internet Expenses 791,651 617,051 617,051
ab
Legal & Consultency Fee 470,524 470,524

Audit Fee 255,556 255,556 550,000
Membership fee 10,000 360,000 360,000
Insurance For Vehicle 268,118
nk
Repair & Maintainance 320,640 635,241 635,241

Inspection & Testing Charge 1,954,502 3,863,510 3,863,510
Directors Remuneration MD,ED 6,365,730 4,338,140 4,338,140
Garage Rent 839,800 590,000 180,000
la
DSE Fee 2,440,873

RJSC Charge 284,865
Staff Service benefit 440,309
Gratuity Staff 2,139,867
Postage & Courier 322,354 610,352 610,352
Board Honararium 1,728,000
Baridhara Society service charge 85,000
Other Expenses - 327,236
Carriage Outward 10,500 7,125,279
BTMA expensed - 162,341 162,341
Depreciations 2,208,163 4,490,538 2,694,323
Selling Expenses:
Customer claim 8,396,522 3,162,058
Export Clearance Expenses 244,970 263,415 263,415

C & F Bill (Delivery) 100,000 1,182,469 1,182,469
EP/IP/ Local Automation 247,563
103,939,136 140,629,521 96,430,260
65 Annual Report
Note- 24 Financial Expenses: Tk. 283,570,002 *Restated **Reported

This consists of as follows:
Bank Charges 2,601,848 31,871,419 31,871,419
Bank Interest 281,363,903 252,896,911 252,896,911
Exchange Gain/Loss (Gain) (4,221,184) - -
FCC 799,242 - -
Bank Charges (Export) 3,026,193 - -
283,570,002 284,768,330 284,768,330
30.06.2021 30-06-2020 30-06-2020

Tk. Tk. Tk.
Note-25 Earnings per share (EPS):
Ner profit after tax (886,659,622) 134,599,060 134,599,060
No. of share 505,316,173 462,915,783 462,915,783
Earnings per share (1.75) 0.29 0.29
Note-26 Weighted average No of Shares:

A) Opening Share for the year
Multiply weight
c om500,313,043
1
285,054,820
1
285,054,820
1
d.
Weighted average No of opening Shares 500,313,043 285,054,820 285,054,820
B) i. Share issued during the year-Bonus Share 5,003,130 43,085,133 43,085,133
Multiply weight 1 1 1
ab
Weighted average No of Issue Shares 5,003,130 43,085,133 43,085,133

ii) Share issued during the year-IPO 0 150,000,000 150,000,000
Multiply weight 1.00 0.75 0.75
nk
Weighted average No of Issue Shares 0 112,602,740 112,602,740

Total (i+ii) 5,003,130 155,687,873 155,687,873
C) Total weighted average No of Shares (A+B) 505,316,173 440,742,693 440,742,693
la
Note-27 Net Asset Value per share (NAV):

The above balance is made up as follows:
Net Asset Value 738,666,707 3,362,111,241 8,700,827,685
No. of Share Outstanding(Weighted average) 505,316,173 500,313,043 500,313,043
Net Asset Value per share (NAV) (1.46) 6.72 17.39
Note-28 Income tax Expenses:(Note 28.01+28.02)

Current Tax 28.1 (207,196,127.87) 24,177,537 24,177,537
Drferred Tax 28.2 (178,917,653.15) 2,313,086 2,313,086
Total (386,113,781) 26,490,623 26,490,623
Annual Report 66
30.06.2021 30-06-2020 30-06-2020
Tk. Tk. Tk.
28.01 Current Tax Expenses
Net Profit before tax (1,055,177,614) 161,089,683 161,089,683
Less: Other Income (22,813,389) (11,636,053) (11,636,053)
Less: IPO Expenses 0 (29,196,007) (29,196,007)
Add: Depreciation-Accounting base 265,047,317 449,053,828 449,053,828
Less: Depreciation-Tax base (130,741,382) (464,474,404) (464,474,404)
(943,685,069) 104,837,047 104,837,047
Tax rate 22.5% 15.0% 15.0%
Current tax on operating income as per tax rate (212,329,140) 15,725,557 15,725,557
Current tax on Non-operating income as per tax rate (A-1) 5,133,013 4,072,619 4,072,619
(207,196,128) 19,798,176 19,798,176
Add: Tax benefit of IPO Expenses 0 4,379,361 4,379,361
(207,196,128) 24,177,537 24,177,537
30.06.2021 30-06-2020 30-06-2020

A-1 Tk. Tk. Tk.
Non Operating income 22,813,389 11,636,053 11,636,053
om
22.5% 35% 35%
Current tax on Non-operating income 5,133,013 4,072,619 4,072,619
28.02 Deferred Tax

Property, Plant & Equipment:
c
Carrying amount as Accounting base 2,185,549,495 5,651,072,675 5,651,072,675
Carrying amount as Tax base 546,615,166 1,999,886,827 1,999,886,827
d.
Difference 1,638,934,329 3,651,185,848 3,651,185,848
Tax rate 22.5% 15% 15%
Total deferred tax liability at the end of the year 368,760,224 547,677,877 547,677,877
Total deferred tax liability beginning of the year 547,677,877 545,364,791 545,364,791
ab
Deferred Tax for the Year Total (178,917,653) 2,313,086 2,313,086
Fixed Assets were overstated by Tk. 320,0475,863/- in previous years which have been restated this year resulting reversal
of Deferred tax in current year although the Tax rate has been increased to 22.5% from 15%
nk
Note-29 Other Income:

Sample Sales 84,892 1,205,176 1,205,176
Interest Income-FDR 2,827,612 2,707,014 2,707,014
la
Interest Income IPO Fund 29.01 19,900,886 7,723,863 7,723,863

Total 22,813,389 11,636,053 11,636,053
29.01 Interest income from IPO Fund 17,910,797

Interest from-IPO Fund 19,900,886 7,723,863 7,723,863
Less: Tax deduct at source 1,990,089 772,386 772,386
Advacne interest from IPO fund Total 17,910,797 6,951,477 6,951,477
Note-30 Direct Labour 435,364,612

Workers Wages 361,776,476 332,113,289 332,113,289

Workers Bonus 44,199,341 37,451,968 37,451,968
Earn Leave 8,032,702
Gratuity 21,356,093
Total 435,364,612 369,565,257 369,565,257
67 Annual Report
30.06.2021 30-06-2020 30-06-2020
Note-31 Net Operating Cash flows per share Tk. Tk. Tk.
Net Operating Cash flows 157,359,525 (379,852,548) (379,852,548)
No. of Share Outstandings 505,316,173 500,313,043 500,313,043
Net Operating Cash flows per share 0.31 (0.76) (0.76)
Note-32 Cash Received from Customers
Sales 908,083,726 6,380,635,155 6,380,635,155
Add: Account receivable Opening Balance 1,265,970,954 3,197,542,944 3,197,542,944
Less:Account receivable Closing Balance (400,177,858) (2,462,108,763) (2,462,108,763)
Less:Written off
1,773,876,822 7,116,069,336 7,116,069,336
30.06.2021
Note 33 Payment to Suppliers, Employees & others Tk.
Cash paid to suppliers
om
Cost of goods sold 1,598,565,593
Add: Incresae/(Decrease) in inventory (4,619,163)
Add: Incresae/(Decrease) in Accounts payable (83,320,921)
Less: Depreciation (262,839,154)
Less: Others (3,831,305)
Total Cash outflows 1,243,955,050
c
Note 34 Payment for operating Expenses
d.
Addministrative, selling & Distribution expenses 103,939,136
Add: Marketing expenses
Add: Increase in liabilities for expenses 144,166,404
ab
Add: WPPF
Less: Restatement of expenses with retained earnings (144,491,404)
Less: Depreciation (2,208,163)
Total 101,405,972
nk
Note 35 Income Tax Deducted at source

Provision for Income Tax Closing Balance 155,851,852
Provision for Income Tax Opening Balance 145,452,191
Add: Income Tax Deducted at source 10,399,661
la
Note 36 Interest on Investment

Investment-FDR Closing Balance 55,074,451
Investment-FDR Opening Balance 52,529,602
Interest on Investment 2,544,849
Note 37 Increase on Bank overdraft

Bank Overdraft Closing Balance 751,603,950
Bank Overdraft Opening Balance 700,318,948
Interest on Bank Overdraft 51,285,002
Note 38 Increase/(Decrease) Short term Loan
Short Term Loan Closing Balance 2,288,738,399
Short Term Loan Opening Balance 2,153,926,133
Increase/(Decrease) Short term Loan 134,812,266
Note 39 Inecrease/(Decrease) in Bill Discounted
Bill Discounted Closing Balance 249,947,213
Bill Discounted Opening Balance 893,637,131
Inecrease/(Decrease) in Bill Discounted (643,689,918)
Annual Report 68
Amount (TK)
Note 40 Right of Use Asset:

Balance as on 30.06.2020 45,894,186
Less: Depreciation 5,909,118
Balance as on 30.06.2021 39,985,068
Note 41 Lease Liabilities:

Balance as on 30.06.2020 60,765,808
Less: Lease Liability reduction 7,138,279
Balance as on 30.06.2021 53,627,529
com
d.
ab
nk
la
69 Annual Report

Annual Report
DEPZ, Extension Area, Plot 224~260
Ganakbari, Savar, Dhaka.
Property, Plant and Equipment Schedule
As at June 30, 2021.
*Restated Annexure-01
Cost Accumulated Depreciation Written Down
Particulars Adjustment of Acc. Balance as on

70
Balance as on Balance as on Balance as on For The Balance as on

Addition Adjustment Rate Period Dep for
01.07.2020 30.06.2021 01.07.2020 Revaluation 30.06.2021 30.06.2021
om
1 2 3 4 5=(2+3+4) 6 7 8=5 X 7 9 10=(6+8+9) 11=(5-10)
Building * 4,694,426,957 - (3,602,126,957) 1,092,300,000 1,746,386,756 10% 109,230,000 (1,855,616,756) - 1,092,300,000

Plant & Machinery * 6,544,255,550 - (5,553,474,523) 990,781,027 4,071,193,189 15% 148,617,154 (4,219,810,343) - 990,781,027
.c
Transport & Vehicles * 63,564,007 - (60,698,833) 2,865,174 46,369,291 20% 573,035 (46,942,326) - 2,865,174
Office Equipments * 37,445,920 - (33,267,289) 4,178,631 20,729,246 15% 626,795 (21,356,041) - 4,178,631
bd
Furniture & Fixtures * 14,718,886 - (12,510,806) 2,208,080 12,510,806 10% 220,808 (12,731,614) - 2,208,080
Electrical Equipments * 116,680,146 - (98,614,719) 18,065,427 81,956,075 15% 2,709,814 (84,665,889) - 18,065,427
Telephone Line & Installation* 2,185,666 - (1,937,539) 248,127 1,345,850 15% 37,219 (1,383,069) - 248,127
a
Gas Line Installation * 38,994,105 - (37,298,835) 1,695,270 25,436,619 15% 254,291 (25,690,910) - 1,695,270
Electric Line Installation * 84,180,978 - (82,453,463) 1,727,515 37,203,862 15% 259,127 (37,462,989) - 1,727,515
Water Line & Tank * 42,599,327 -
nk (41,817,347) 781,980 23,176,112 15% 117,297 (23,293,409) - 781,980
Fire Estinguisher * 11,757,347 - (11,703,683) 53,664 7,813,846 15% 8,050 (7,821,896) - 53,664
Lab Equipment * 26,188,824 - (25,835,242) 353,582 22,094,404 15% 53,037 (22,147,441) - 353,582
la
Leasehold Land Development* 118,274,780 - (47,983,762) 70,291,018 47,983,762 3.33% 2,340,691 (50,324,453) - 70,291,018
For the Year Ended 30.06.2021 11,795,272,493 - (9,609,722,998) 2,185,549,495 6,144,199,818 265,047,317 (6,409,247,135) - 2,185,549,495
For the Year Ended 30.06.2020 11,654,249,304 141,023,189 - 11,795,272,493 5,695,145,990 449,053,828 - 6,144,199,818 5,651,072,675
For the Year Ended 30.06.2019 11,300,468,228 353,781,076 11,654,249,304 5,232,799,030 462,346,960 5,695,145,990 5,959,103,314

Schedule of Advances, Deposits & Prepayments
As at June 30, 2021
Annexure-02
Utilized
SL. Balance as on Payment During Balance as on
Particulars During the
No. 01.07.2020 the Year 30.06.2021
Year
1 Advance for Factory expense 1,282,716 - 1,282,716 -
2 Advance to DEPZ 2,455,916 - - 2,455,916
3 Security Deposit for DEPZ Land 6,758,557 - 6,758,557
4 Security For PDB 501,111 - 501,111
5 Security Deposit for DEPZ Electricity 4,940,781 - 4,940,781
6 Security Deposits for Tel & Mobile 774,975 - 774,975
7
om
Security Deposits for Titas Gas 34,873,684 - 21,958,650 12,915,034
8 Prepaid Insurance For Factory 1,737,253 6,198,870 6,905,623 1,030,500
9 Advance to Unique Logistics - 2,700,000 - 2,700,000
10 CNF Advance payment 3,609,122 3,609,122
c
11 Security for BGIC 440,420 440,420
d.
12 Security for BOC Gas 32,000 32,000
Total Advances & Security Deposits 53,797,413 12,507,992 30,146,989 36,158,416
ab
nk
la
71 Annual Report

Details of Accounts Receivables
As at June 30, 2021. Annexure-03
Particulars
Yarn (Annexure-03-A) 254,351,403 973,041,292
Polar Fleece (Annexure-03-B) 127,915,659 292,929,662
382,267,061 1,265,970,954 2,464,648,901
30.06.2021 30.06.2020 30.06.2020
Yarn Annexure-03-A
SL. No. Buyers' Name Amount (TK) Amount (TK)
1 AMS INTERNATIONAL (SWEATER) LTD 2,573,130
2 ANZIR APPARELS LIMITED (UNIT-2). 2,354,940 24,072,749
3 A-ONE (BD) LTD. 3,749,256 3,749,256
4 AVANT GARDE FASHION LTD. 61,361,412 329,499,736
5 BLP WARM FASHION LTD 4,503,752
6 BKC SWEATERS LTD 976,857
om
7 BEST WOOL SWEATERS LTD 413,763
8 BHUYAN WARMTEX LTD 2,100,995
9 BODY FASHION (PVT) LTD 2,198,902 32,071,078
10 C AND R SWEATER LTD. 3,994,242 10,097,703
11 COLD ASIA SWEATER LTD 2,651,292
c
12 COSMIC SWEATERS LTD 6,906,695
13 D AND S PRETTY SWEATERS LTD 425,040
d.
14 DESH SWEATER LTD 8,828,687
15 DIGANTA SWEATERS LTD 17,319,015
ab
16 DISHANG SWEATER LTD 3,275,328

17 DISNEY SWEATER LTD 3,263,068
18 DK. SWEATER LTD. 390,600 14,254,926
19 DYNESTY SWEATER LTD 216,720
nk
20 EKRAM SWEATERS LTD 2,267,370

21 ENRICH LIMITED 4,032,000 2,342,676
22 EVERBRIGHT SWEATER LTD. 7,431,392 6,122,340
23 FB FASHION (PVT) LTD 1,662,570
la
24 FYNE SWEATERS LTD 187,526

25 GARIB & GARIB CO. LTD. UNIT-2 2,805,600 13,561,443
26 GLOBAL MERCHANTS LTD 1,683,360
27 IXORA APPARELS LTD 3,902,934
28 JFK FASHION LTD 4,645,116
29 J.L SWEATERS LTD. 1,177,294 17,447,690
30 JAZZ SWEATER LTD 3,143,293
31 JOVIAN SWEATER LTD 674,730
32 KNIT STUDIO LTD 10,337,800
33 KONABARI FASHION LTD 2,268,000
34 L USINE FASHION LTD. 1,527,876 25,046,511
35 LABIB DYEING LTD 4,805,892
36 MT SWEATER LTD 7,171,651
37 MAGPIE KNITWEAR LTD 22,952,442 89,536,595
38 MAHDEEN SWEATERS LTD 720,720
Annual Report 72
39 MASIHATA SWEATER'S LTD. 3,528,000 10,964,520

40 MIM DESIGN LTD 398,601
41 MOHAMMADI FASHION SWEATER LTD 1,731,131

42 NAR SWEATERS LTD. 51,726,708
43 NATURAL SWEATER VILLAGE LTD. 3,080,994
44 OASIS FASHION LTD 253,890
45 OCEAN SWEATER IND.(PVT) LTD 30,545,340 46,438,430

46 ORCHID SWEATER LTD 289,170
47 PANDORA FASHION LTD 5,602,569
48 PERFACT SWEATERS LTD. 5,626,320
49 PIONEER KNITWEARS (BD) LTD 2,095,867 18,997,865
50 POSMI SWEATERS LTD 45,360 1,806,000
51 PRINCE JACQUARD SWEATER LTD 4,783,027
52 PROBRIDHI APPARELS LTD. 582,120 1,967,532
53 PT. MATAHARI SENTOSA JAYA 27,493,360 30,430,100
54 RAHMAT SWEATERS LTD. 5,468,400
om
55 ROAR FASHION LIMITED. 7,623,420 4,728,662
56 S R P SWEATERS LIMITED. 3,726,933
57 S.S SWEATER LTD. 3,097,038 2,225,370
58 SAKOATEX LIMITED. 2,859,024 17,146,197
59 SAVAR SWEATERS LTD 5,105,134
c
60 SHOMAHAR SWEATERS LTD 1,794,106
d.
61 SPRING TRADE LTD 18,693,906
62 SQ CELSIUS LTD 332,518
64 SAMAD SWEATERS LTD. 874,944
65 SINHA KNIT INDUSTRIES LTD
ab
6,137,208
66 SMH NEW GENERATION APPARELS LTD. 429,097
67 SMUG SWEATER LTD. 2,146,452 3,413,340
68 SWEATERTECH LTD. 8,117,123 24,097,544
69 SYNERGY FASHIONS LTD. 5,117,532 1,402,439
nk
70 T. J. SWEATERS LTD. 9,596,790 18,517,976

71 TARGET FINE KNIT IND'S LTD. 6,025,488
72 T-DESIGN KNITWEAR LTD. 17,231,340
la
73 WINTER DRESS LTD 8,256,965

74 WOOLEN AND WOOL LTD 2,449,939
75 TOP TEX SWEATER LIMITED. 10,493,322
76 UNICORN SWEATERS LTD 771,649 725,172
77 ZA SWEATERS LTD. 1,696,800
total 254,351,403 973,041,292
73 Annual Report

Details of Accounts Receivables
*Restated
30.06.2021 30.06.2020
Polar Fleece Annexure-03-B
SL. No. Buyers' Name Amount (TK) Amount (TK)
1 AHSAN COMPOSITE LTD 21,971,746 2,646,386
2 AKH STITCH ART LTD. 13,823,080 21,525,422
3 B L P WARM FASHION LTD. 558,222
4 BLUE PLANET KNITWEAR LTD 13,728,782
5 DIPS APPAREL LIMITED 5,991,594
6 FABRICA KNIT COMPOSITE LTD 43,909,997
7 ASKO KNITWEARS LTD. 2,955,397
8 BARAKA FASHIONS LTD 4,532,371
9 BASE FASHION LTD. 4,425,960
om
10 ENTRUST FASHIONS LTD 3,198,552
11 FLORESCENT APPARELS LTD 3,708,865 765,240
12 KC BOTTOM AND SHIRT WEAR COMPANY. 7,197,624
13 KNIT BAZAR(PVT) LTD 1,144,685
14 LIZ APPARELS LTD
c 214,200
15 MAC TEX INDUSTRIES LIMITED 4,600,462 2,820,325
d.
16 MAGPIE COMPOSITE TEXTILE LTD 5,281,920
17 MANEL FASHION LIMITED. 27,058,121 7,740,942
18 MAX CLOTHING BD LTD. 126,874
ab
19 NT APPARELS LTD 293,328

20 NASSA KNIT LTD. 31,525,045
21 NATURAL SWEATER VILLAGE LTD 352,800
nk
22 PATRIOT ECO APPAREL LTD. 5,427,744

23 PRETTY SWEATERS LTD 3,295,908
24 PT. MATAHARI SENTOSA JAYA 2,357,039 2,357,039
la
25 ROWA FASHIONS LIMITED. 661,177

26 SHINE FASHION CO. (PVT) LTD 135,506,498
27 SIJI GARMENTS CO. LTD. 2,251,049
28 SAYEM FASHIONS LTD 2,270,835
29 SIDKO APPARELS LTD 1,147,717
30 TOKIO MODE LTD 2,592,416 722,694
31 TOY WOODS (BD) CO. LTD.
32 Z-3 COMPOSITE KNITWEAR LTD. 18,759,997 11,397,267
Total 127,915,659 292,929,662
Annual Report 74

Details of Accounts Payable Annexure-04
30.06.2021 30.06.2020 30.06.2020
SL. No. Suppliers' Name Amount (TK) Amount (TK) Amount (TK)
01 ASM CHEMICAL INDUSTRIES LTD. 2,226,000 2,226,000
02 BSL LIMITED 20,784,721 -
03 DAEYU BANGLADESH LTD. 6,048,000 20,664,000
04 DAMODAR INDUSTRIES LTD. 4,884,328 21,390,687
05 DYSIN INTERNATIONAL LIMITED 6,331,819 -
06 E.ASTRO CO LTD 144,850,494 156,171,184
07 Groz-Beckert Singapore Pte Ltd. 1,212,669 -
08 HWA TAI INDUSTRY CO., LTD. 11,348,939 8,945,370
09 ISRAQ ROTOR SPINNING MILLS LTD 2,641,800 17,085,600
10 JIANGSU GTIG ESEN CO LTD. 13,117,578 13,117,578
11 JINDO CHEMICAL SOLUTIONS PVT LTD 5,827,290 -
om
12 KEWALRAM TEXTILES PVT LTD. 17,139,876 -
13 LAHOTI OVERSEAS LIMITED 11,606,372 -
14 LE MERITE EXPORTS PVT. LT. 11,673,446 -
15 NADEEM TEXTILES MILLS LTD. 38,635,834 -
16 NYTEX PTE LTD.
c 12,236,717 -
17 PT Indorama Polychem Indonesia 7,969,329 -
d.
SAMINFOOD& BEVERAGE IND'S & TEXTILE LTD
18 46,200,000 68,880,000
19 SINSIN POLY LIMITED 1,560,300 -
ab
20 SPECTRA DYE CHEM (PVT) LTD. 1,272,600 1,272,600

21 SRI CHERAN SYNTHETICS INDIA PRIVATE LIMITED 12,420,230 -
22 SRI SALASAR BALAJI AGRO TECH (P) LTD. 12,025,880 -
nk
23 SUEZ WATER TECHNOLOGIES 3,175,200 2,940,000

24 SUNFLAG (THILAND) LTD. 10,496,640 -
25 THAI ACRYLIC FIBRE CO., LTD. 60,309,378 -
26 TRADEASIA INTERNATIONAL PTE. LTD. 5,895,960 4,595,774
la
27 AA SYNTHETIC FIBRES LIMITED - 11,564,179

28 AKBAR TEXTILES LTD. - 22,260,000
29 CHINA MAYLALA LIMITED - 788,168
30 D.H.EURO HI-TECH CO LIMITED - 151,656,656
31 FENATEX CO., LTD. - 5,758,553
32 ISRAQ TEXTILE MILLS LTD - 5,166,000
JIANGSU PENGXIANG NEW MATERIAL POLYTRON
33 TECH. INC - 4,122,250
34 JIAXING TIBAI IMPORT & EXPORT CO LTD. - 4,032,000
35 S.F TEXTILE IND'S LTD. - 24,948,000
36 SAMUDA CHEMICAL COMPLEX LTD. - 2,578,800
37 SO FNC INTERNATIONALes Co Ltd - 1,516,838
38 TAIWAN SURFACTANT CORP. - 3,532,082
Total Accounts Payables 471,891,399 555,212,319 105,948,886
75 Annual Report

Details of Outstanding Liabilities
As at June 30, 2021. Annexure-05
30.06.2021 30.06.2020 30.06.2020
SL. No. Particulars Amount (TK) Amount (TK) Amount (TK)

1 Staff Salary 9,772,822 3,744,580 3,236,355
2 Worker's Salary 27,104,474 42,613,645 42,613,645
3 Security Bill 1,006,583 1,723,039 1,628,470
4 DEPZ Medical Bill 2,338,560 876,120 876,120
5 DEPZ Electric Bill 125,448,787 40,227,583 40,227,583
6 DEPZ Water Bill 50,124,332 24,864,708 24,864,708
7 DEPZ Service Charge 13,954,274 11,923,132 11,923,132
8 DEPZ Land Rent 41,069,280 13,399,260 13,399,260
om
9 Titas Gas Bill* 42,413,200 99,107,154 15,591,278
10 Outstanding gen standby ch. 6,297
11 Worker's welfare fund 1,117,368 373,968 373,968
12 Gas Bill-Baridhara Office 40,124 8,598 8,598
c
13 Water Bill-Baridhara Office 97,025 12,659 12,659
14 Electricity Bill-Baridhara Office 67,000 25,876 25,876
d.
15 Baridhara House Rent 1,103,000 1,087,500
16 Telephone Bill 297,711 6,971 6,971
ab
17 Mobile Bill 84,958 90,441 90,441

18 EP/IR/Sub Con bill 247,563
19 CNG Bill 2,770,405 2,752,882
20 Office expenses 197,841
nk
21 Internet bill 64,797

22 Staff Service benefit 265,986
23 Workers Service benefit 3,553,059
24 Tiffin Bill 4,164,688 4,054,800
la
25 Postage & Courier 1,775

26 Conveyance Bill 666,810 666,810
27 Stationary 198,993
28 Concord C&F 2,941,908 2,319,800
29 Unique C&F 4,539,300
30 Popular C & F 7,677,449
31 MS Islam C & F 7,330,600 3,858,300
32 Mother C & F 6,811,700 1,549,300
33 NoVo Cargo C & F 1,385,500
34 Fedarel C & F 1,547,100 1,547,100
35 Fusion C & F 381,700
36 Others CnF Payment 14,324,060
37 Baridhara Society 87,700
38 Staff Fooding 317,263
39 Staff Resign salary 1,224,941
Annual Report 76
40 Bhuiyan Sewing 635,250

41 IT Fair Trade 74,970
42 Tahsin Abid 1,282,126 938,400
43 Share Biz 18,975
44 Vehicle Maintenacne 388,929
45 Entertainment 33,686
46 Local welfare 22,000
47 Repairing 7,300
48 Computer Maintenace 16,832
49 Outstanding Alo Bitan 672,086 672,086
50 Outstanding SMA Engineering 528,067 528,067
51 Outstanding Kaltimex Energies 1,362,004 1,362,004
52 Outstanding SS Trade Link 424,000 424,000
53 Outstanding FF Trade Corp 132,000 132,000
54 Outstanding Ejab Distribution 828,000 828,000
55 Outstanding New Razia Motor 518,600 518,600
56 Outstanding MH Engineer 2,255,200 2,255,200
57 Outstanding Benevolent 282,500 282,500
om
58 Outstanding Bangladesh Bearing 338,300 338,300
59 Outstanding Ecotec Energy 47,200 47,200
60 Outstanding ARG Trading 174,287
61 Outstanding Khan Engineers 303,700 353,700
62 Outstanding Khan Enterprise 2,844,000 2,701,000
63 Outstanding Rupsha Chemical
c 13,262,170 13,262,170
64 Outstanding Alpha Corp. 12,000
d.
65 Outstanding NP Chemical 232,000
66 Outstanding Impetial Allied 465,700
67 Outstanding Dysin Int'l 2,062,220 2,062,220
ab
68 Outstanding Texchem Int'l 237,600

69 Outstanding Silkflex Bangladesh 91,700
70 Outstanding Kopothakko 2,184,000 2,184,000
71 Outstanding ITS Labtex 19,245
nk
72 Outstanding Bureau Veritas 2,520

73 Outstanding Bangladesh General 351,600
74 Outstanding Multicolor 313,405
75 Outstanding Moni Enterprise 17,600
la
76 Earn Leave Staff 1,674,160

77 Earn Leave Workers -
78 Garage Rent 1,231,200 746,944
79 BRTA for Vehicle 565,618 1,106,839
80 Probal Engineers 17,405,500 17,405,500
81 RJSC Fee 284,865
82 DSE Fee 2,440,873
83 Wastage water bill 262,858
84 Audit Fee 255,556 255,556 592,500
85 Directors Remuneration 3,659,789 1,223,400 1,223,400
86 Vat & Tax 1,187,533
87 Workers Resign Benefit 17,757,530
88 Partex cables 16,700
89 Sundry Expenses - 5,120,569 5,120,569
90 Shakil Engineering - 182,000
Total Outstanding Liabilities 455,930,885 311,764,481 161,815,533
77 Annual Report
Prior Years Adjustment

List of Restated Items
Annexure-06
S
Reported in
L Financial Statement Overstated/
Description Audited Period
N 2021: Note No/Item (Understated)
FS_2019-20
o.
1 Inventory Note-9 3,927,431,665 3,010,508,348 2019-20
2 Trade Receivable Note-8 2,464,648,901 1,198,677,947 2019-20
3 Outstanding Liabilties for Expenses Note-14 161,815,533 101,457,056 2019-20
4 Trade Payable Note-15 105,948,886 449,263,433 2019-20
5 Provident fund Note-17 - 330,241,882 2019-20
6 Gratuity Note-17 - 119,646,850 2019-20
7 Brac bank balance Cash Equivalent 7,466,089 7,466,089 2019-20
8 House Rent Administrative Expenses - 1,087,500 2019-20
9 Garage Rent Administrative Expenses - 410,000 2019-20
10 Factory Maintenance Factory Overhead - 2,701,000 2019-20
om
11 Rupsha Chemical Chemical purchase - 13,262,170 2019-20
12 Dysin International Chemical purchase - 2,062,220 2019-20
13 Kopotakko Chemical purchase - 2,184,000 2019-20
14 Tiffin Bill Factory expenses - 4,054,800 2019-20
15 ENI Security Bill Administrative Expenses 1,628,470 94,569 2019-20
c
16 Kaltimex Energy Factory expenses - 1,362,004 2019-20
d.
17 MH Engineers Factory expenses - 2,255,200 2019-20
18 Conveyance Bill Administrative Expenses - 666,810 2019-20
19 Opening Good in Transit Cost of goods sold - (81,609,252) 2019-20
ab
20 CNF Bill Cost of goods sold - 9,274,500 2019-20

22 CNG Bill Administrative Expenses - 346,490 2019-20
23 CNG Bill Administrative Expenses - 2,406,392 2019-20
24 Vehicle Maintenance Administrative Expenses - 1,106,839 2019-20
nk
25 Factory Maintenance Factory Overhead - 3,770,753 2019-20

26 Staff salary Administrative Expenses 3,236,355 508,225 2019-20
27 Packing Material Purchase - 938,400 2019-20
28 PF/Gratuity Note-17 - 154,572,219 2019-20
la
Total 6,672,175,899 5,338,716,444
Total Liabilities 267,764,419 550,720,489 2019-20

Total Expenses 4,864,825 652,952,823 2019-20
Total Assets 6,399,546,655 4,135,043,132 2019-20
Grand Total 6,672,175,899 5,338,716,444
Retained Earnings Adjustment 2020-21:

Total Fixed Asset(WDV) shown in 2019-20 5,651,072,675
Less Deprecia�on for current year 265,047,317
Total Fixed Asset(WDV) 2020-21 5,386,025,358
Total Fixed Asset a�er Valua�on 2,185,549,495
Fixed Asset Restatment adjustment with Retained Earnings 3,200,475,863

IFRS-16 adjustment with Retained Earnings 13,642,463
Total Adjustment with Retained Earnings(2020-21) 3,214,118,326
Annual Report 78

Allocation Base of Depreciation
Annexure-06
Basis of Factory Selling & Total
Particulars
Apportion Amount (TK) Amount (TK) Amount (TK)
Building 100:00 109,230,000 - 109,230,000
Plant & Machinery (Imported) 100:00 148,617,154 - 148,617,154
Transport & Vehicles 50:50 286,517 286,517 573,035
Office Equipments 00:100 - 626,795 626,795
Furniture & Fixtures 25:75 55,202 165,606 220,808
Electrical Equipments 80:20 2,167,851 541,963 2,709,814
om
Telephone Line & Installation 80:20 29,775 7,444 37,219
Gas Line Installation 100:00 254,291 - 254,291
Electric Line Installation 75:25 194,345 64,782 259,127
Water Line & Tank 60:40 70,378 46,919 117,297
c
Fire Estinguisher 100:00 8,050 - 8,050
d.
Lab Equipment 100:00 53,037 - 53,037
Leasehold Land Development 80:20 1,872,553 468,138 2,340,691
Total 262,839,154 2,208,163 265,047,317
ab
nk
la
79 Annual Report
Corporate Office: House # 05, Road # 06, Block # K, Baridhara
Model Town, Gulshan-1, Dhaka-1212, Bangladesh
Proxy Form
I/We.............................................................................................................................................................................of
............................................................................................................................................................................. being a
shareholder of Ring Shine Textiles Limited and entitled to vote hereby appoint Mr./Ms as my/our proxy to attend and
vote for me/us on my/our behalf at the 24th Annual General Meeting of the Company to be held on Tuesday, the 20
June, 2023 at 11:30 a.m. in digital platform and at any adjournment thereof. link https://ringshine24th.digitalagmbd.net
As witness my/our hand this..........................................................day of.............................................................2023
Affix Twenty
Taka Revenue
Stamp
Signature of the Shareholder(s) (Signature of the Proxy)
Folio No/ BOID No:
om
No. of shares held.............................................................. Dated: .................................................
Note:
01. A member entitled to attend and vote at the Annual General Meeting may appoint a Proxy to attend and vote
in his/her behalf.
c
d.
02. The Proxy Form, duly stamped, must reach at the share office Located at House # 05, Road # 06, Block # K,
Baridhara Model Town, Gulshan, Dhaka-1212 of the company not less than 48 hours before of the meeting.
ab

nk
Corporate Office: House # 05, Road # 06, Block # K, Baridhara

Model Town, Gulshan-1, Dhaka-1212, Bangladesh
SEAL
ATTENDENCE SLIP
la
I/We hereby record my/our attendance at the 24th Annual General Meeting of the company being held on Tuesday, the
20 June, 2023 at 11:30 a.m. in digital platform and at any adjournment thereof. link ttps://ringshine24th.digitalagmbd.net
Name of the shareholder /Proxy....................................................................................................................
Folio No/ BOID No:
No of Shares held..................................................................
(Signature of the Proxy) Signature of the Shareholder(s)
N.B: Please present this slip duly signed at the entrance of the Meeting Hall or, please login to the designated link
filling up the required field.
m
co
d.
ab
nk
la
Tel: +880-2-996688980, Fax: +880-2-996688960, 996688961

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Annual Report

Notice of the 24th Annual General Meeting 03

Corporate Directory 04-05

Our Vision & Our Mission 06

The Company at a Glance 07

Various Events 08-09

Message from the Managing Director 11

Directors’ Profiles 12-16

Declaration by Managing Director & Chief Financial Officer 24

Status of Corporate Governance Compliance 26-38

Independent Auditor’s Report 39-43

Statement of Financial Position 44

Statement of Profit or Loss and Other Comprehensive Income 45

Statement of Changes In Equity 46

Statement of Cash Flows 47

Notes to the Financial Statements 48-79

May 20, 2023

Ring Shine Textiles Limited

Notice of the 24th Annual General Meeting

 To elect/ appoint Director/Independent Directors of the Company.

Date: 23.05.2023 For and on behalf of the Board

 Annual Report-2020-21 is available in the Company Website.

Nomination and Remuneration Committee

01. Enamul Haque Khan (Company Secretary)

03. Enamul Haque Khan (Company Secretary)

THE COMPANY AT A GLANCE

MESSAGE FROM THE CHAIRMAN

Thanking you all with wishes of healthy and prosperous life.

MESSAGE FROM THE MANAGING DIRECTOR

Sung Wey Min

Mr. Sung Wey Min

Mr. Sung Jye Min

Mr. Sung Jye Min is a Singapore national. He is vastly experienced in Textile

Ms. Sung Wen Li Angela

Professor Dr. Mohammed Mizanur Rahman

an immense knowledge and experience in diversified fields, he discharged

Professor Dr. Mohammad Sogir Hossain Khandoker

Dr. Mohammad Moniruzzaman, FCA, ACMA, AFHEA, PhD

Dr. Md. Foroz Ali

MA in English Literature from the University of Rajshahi, MBA in Manage-

Eng. Abdul Razzak

He obtained B.Sc & M.Sc Engineering from Mosco Power Engineering

Mr. Auniruddho P. Chowdhury

The Board of Directors of the Company is pleased to Actual Production in Kg

Yarn Production 1,592 8,013

Unit Selling Prices Attained Exchange Gain/(Loss) in Tk. '000

Sales Revenue 908,083,726 6,380,635,155 -85.77%

SIGNIFICANT DEVIATION The Board of Directors has confirmed their re-appointment.

eradicate Covid-19 thread. The management is closely MANAGEMENT APPRECIATION

The Board of Directors has confirmed their re-appointment. Mejbah Uddin

THE DIRECTORS ALSO REPORT THAT:

SL Member Name Position Total Attended

9 Dr. Mohammad Moniruzzaman Independent Director 26

Independent Directors as members.

The Committee Structure and the Attendance of Directors were as follows:

o Pattern and Number of Shareholdings as on 30 June 2021

SL Name of Shareholders Position Shares Held Holding %

1 Parent/Subsidiary/Associated Companies and

spouses and minor children