The authorities of listed Miracle Industries did not cooperate with the auditor in verifying the facts of the fixed assets shown as financial. However, the auditor could not find the authenticity of the assets shown in the financial statements even after going on-site.
The auditor provided this information in the audit of the company’s financial statements for the 2023-24 fiscal year.
The auditor said that they were not provided with the information on the register of fixed assets, purchase date, purchase price, depreciation rate and asset value after depreciation (retained down value). As a result, it was not possible to verify the actual value or authenticity of the fixed assets shown in the financial statements. Even after going on-site, the auditor could not confirm the authenticity of the fixed assets.
Miracle Industries has not transferred the distributed dividend to the Capital Market Stabilization Fund as per the directives of the Bangladesh Securities and Exchange Commission (BSEC). The company has undistributed dividends of Tk 24 lakh.
It is to be noted that the paid-up capital of Miracle Industries, which was listed on the stock market in 2000, is Tk 352.2 crore. Of this, investors from various classes of the stock market (excluding entrepreneurs/directors) own 69.74 percent. The company’s share price stood at Tk 29.20 on Monday (January 13).
