Discrepancies have been identified in the financial statements of Sonali Ansh PLC, which is listed on the stock exchange. While the company’s accounts indicate that Tk 7.46 crore is owed to raw material suppliers and other creditors, the auditors were unable to confirm its validity due to insufficient evidence.
Unclear accounting of LC margin
The LC margin for the fiscal year ending June 30, 2024, has been reported as zero. In contrast, during the same period last year, it was recorded at Tk 7.6 lakh. The auditors stated that they could not verify the legitimacy of this adjustment due to the absence of required documentation.
IFRS-16 violation
The auditors also pointed out that the company did not comply with the International Financial Reporting Standards (IFRS-16) regarding lease accounting practices.
Tax and savings complexities
Despite the tax assessment for the fiscal year 1995-96 being finalized, the financial statements do not reflect any savings or advance income tax adjustments for the additional 9 lakh taka.
Ambiguity in dividend distribution
As of June 30, 2024, the company’s unallocated dividend was recorded at 1 crore 7 lakh taka. Out of this, 54 lakh taka was designated as the dividend for the fiscal year 2022-23, yet only 1 taka has been distributed. The authorities have not provided any details regarding the year or the individuals entitled to the remaining 53 lakh taka.
Irregularities in the gratuity fund
The financial statements indicate that a gratuity fund is established annually for employees who have served for five years, amounting to one month’s salary. However, the auditors could not locate the board of trustees, relevant documents, or regulations. Additionally, this fund was not established for all eligible employees.
Sonali Ansh, which has been listed on the stock market since 1985, currently possesses a paid-up capital of Tk 108.5 crore. Of this total, entrepreneur-managers own 31.02 percent, institutional investors hold 7.68 percent, and general investors account for 68.98 percent.
