According to an auditor, Sonali Aansh Industries Limited exaggerated its net profit by failing to account for depreciation of fixed assets. It currently has a yearly turnover of 9,000 tonnes. In fiscal 2006-07, the revaluation of fixed assets such as land, plant, and machinery was Tk50.43 crore.
The Bangladesh Securities and Exchange Commission (BSEC) recently became aware of the situation and requested clarifications from the company.
The company reported a Tk87.67 lakh debt from 24 consumers that had been unpaid for more than five years. It’s extremely improbable that these funds will be recovered in whole. It would have had a negative impact on the company’s EPS and NAV.
As of June 2021, the company had kept Tk66 lakh in the “Workers Profit Participation Fund and Welfare Fund.”
However, the funds have not yet been disbursed in accordance with the labor law’s stated allocation.