B Mirror Report: The auditor has uncovered severe irregularities and inconsistencies in the financial statements of Sonali Ansh Industries Limited, a jute-sector company listed on the stock market, for the fiscal year 2024–25. In the report for the year ended 30 June 2025, the auditor issued a “Qualified Opinion,” meaning that no reliable evidence or documentation could be obtained to verify the accuracy of many of the disclosures made by the company.
According to the auditor’s report, a short-term loan of BDT 2 crore and 20 lakh taken from an associate company has remained unpaid for a long period, yet the company management was unable to provide any satisfactory explanation.
More alarming is the fact that Sonali Ansh failed to produce any valid documentation to support foreign trade receivables amounting to BDT 24 crore and 48 lakh and purchase-related claims of BDT 117 crore and 89 lakh. Even advances totaling BDT 25 crore and 25 lakh paid to raw jute suppliers were not backed by any contracts, board approvals, or written acknowledgements from the suppliers.
A similar situation was found in the case of advances exceeding BDT 13 crore paid to employees and various store suppliers, which have remained outstanding for a long time without any reliable supporting documents.
Lack of transparency was also detected in the company’s internal transactions. Although inter-company receivables of BDT 6 crore and 58 lakh were shown, no provision was made against BDT 4 crore and 25 lakh of this amount, and no evidence could be found to support the remaining balance. The auditor was also unable to verify the actual quantity of inventory valued at BDT 23 crore and 76 lakh, as the goods were stored in a disorganized and inconsistent manner.
Under regulations, contributions to the provident fund for 1,577 permanent employees should have been made at a rate of 8.33 percent, but the company failed to do so, placing employees’ future financial security at risk.
In addition to harming workers’ interests, the company has also been accused of violating the law. Although BDT 1 crore and 9 lakh was allocated for the Workers’ Welfare Fund, a significant portion of it was not distributed among workers and was instead illegally used for the company’s business and management operations
Furthermore, while the report mentioned unclaimed dividends amounting to BDT 69 lakh, the company failed to maintain records identifying the relevant financial years to which these amounts relate. The auditor clearly stated that the “Qualified Opinion” was issued due to concealment of information and the absence of proper documentation, serving as a major warning signal for general investors in the stock market.
