The auditor has raised several concerns in a qualified opinion on the financial statements of Sonali Aansh Industries Limited for the year ended 30 June 2025.
A qualified opinion means the auditor did not reject the entire set of accounts but could not confirm the accuracy of certain figures due to a lack of information or supporting evidence.
The auditor said a short-term loan of Tk2.20 crore taken from a sister concern has remained unpaid for a long period, but the company failed to provide a satisfactory explanation regarding its recoverability.
Foreign trade receivables amounting to Tk24.48 crore could not be verified due to the absence of proper documents, while only Tk3.69 crore was kept as a provision against the outstanding amount.
Advances of Tk25.25 crore paid to raw jute suppliers were also questioned, as no contracts, board approvals or written confirmations from suppliers were available to support the payments.
Advances to employees and others amounting to Tk6.72 crore, advances to store suppliers of Tk6.61 crore, and salary and wage advances of Tk40 lakh have remained outstanding for a long time without reliable supporting documents.
The company also reported inter-company receivables of Tk6.58 crore, of which Tk4.25 crore has been outstanding for a prolonged period without any provision, while the remaining balance could not be verified due to missing documentation.
Inventories worth Tk23.76 crore as of 30 June 2025 could not be confirmed, as goods were stored in a disorganised and haphazard manner, according to the audit report.
Purchases amounting to Tk117.89 crore were also left unverified due to the absence of proper supporting papers.
The auditor said the company failed to make full provisions for provident fund contributions at the prescribed rate of 8.33 per cent of basic salary for all 1,577 permanent employees, which could expose workers to future financial risk.
The actual liability related to the gratuity scheme could not be determined either, as the company does not have a fully approved and funded gratuity arrangement, despite showing a provision of Tk79 lakh.
Although Tk1.09 crore was set aside for the Workers’ Profit Participation and Welfare Fund, a significant portion was not distributed and was instead used in the company’s operations, which is not in line with labour law provisions.
Unclaimed dividends stood at Tk69 lakh, but the auditor said it could not determine the financial years to which the unpaid dividends relate due to the absence of proper records.
The auditor said these limitations formed the basis for issuing the qualified opinion on Sonali Aansh Industries’ financial statements for the year.
