Date: 24th April, 2024

K.M. Alam & Co.

Chartered Accountants
Paramount Heights 4th Floor
65/2/1, D-2 Box culvert Road,
Purana Paltan, Dhaka -1000.

SUBJECT: LETTER OF REPRESENTATION

Dear Sir,

We acknowledge as management of Blue Planet Fashionwear Limited (hereinafter referred as entity) our
responsibility for ensuring:

(a) The accuracy of the accounting records of the entity and the Financial Statements prepared from
them; and

(b) That the financial statements, prepared in accordance with International Accounting Standard (IAS),
give a true and fair view of the state of affairs of the entity as at June 30, 2023, of the Statement of
Comprehensive Income for the period from July 01, 2022 to June 30, 2023.

We confirm to the best of our knowledge and belief and having made appropriate inquiries of officials of
the entity, the following representations given to you in-connection with the audit of the entity’s aforesaid
financial statements.

Financial Statements
1. We have fulfilled our responsibilities, as set out in the terms of the audit engagement for the
preparation of financial statements that give a true and fair view in accordance with IFRSs.
2. Measurement methods and significant assumptions used by us in making accounting estimates,
including those measured at fair value are reasonable.
3. All events subsequent to the date of the financial statements and for which IFRSs require adjustment
or disclosure have been adjusted or disclosed.

Information Provided
4. We have provided you with:

5. All transactions have been recorded in the accounting records and are reflected in the financial
statements.
6. We confirm the following:

i) We have disclosed to you the results of our assessment of the risk that the financial
statements may be materially misstated as a result of fraud.

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 Included in the Appendix to this letter are the definitions of fraud, including misstatements arising
from fraudulent financial reporting and from misappropriation of assets.

a) Allegations of fraud, or suspected fraud, affecting the organization’s financial statements

communicated by employees, former employees, analysts, regulators or others.

In respect of the above, we acknowledge our responsibility for such internal control as we determine
necessary for the preparation of financial statements that are free from material misstatement,
whether due to fraud or error. In particular, we acknowledge our responsibility for the design,
implementation and maintenance of internal control to prevent and detect fraud and error.

7. We have disclosed to you all known instances of non-compliance or suspected non-compliance with
laws and regulations whose effects should be considered when preparing the financial statements.
Further, we have disclosed to you and have appropriately accounted for and/or disclosed in the
financial statements in accordance with IFRSs all known actual or possible litigation and claims whose
effects should be considered when preparing the financial statements.

8. We have disclosed to you the identity of the organization’s related parties and all the related party
relationships and transactions of which we are aware and all related party relationships and
transactions have been appropriately accounted for and disclosed in accordance with IFRSs.

9. Accounting record and transactions

All the accounting records have been prepared and made available to you for the purpose of your
audit and all the transactions undertaken have been properly reflected and recorded in the accounting
records. All other records and related information which might affect the truth and fairness of or
necessary disclosure in the financial statements, including minutes and off all relevant management
meeting have been made available to you and no such information has been withheld.

10. Accounting estimates and related disclosures

The accounting estimates and associated assumptions are based on historical experience and various
other factors that are believed to be reasonable under the circumstances, the results of which form
the basis of making the judgments about carrying values of assets and liabilities that are not readily
apparent from other sources.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimate is revised and in any future periods
affected. In particular, information about significant areas of estimation uncertainty and critical
judgments in applying accounting policies that have the most significant effect on the amounts
recognized in the Financial Statements are reflected in measuring fair value of Land and Building,
liabilities and gratuity provision.

11. Laws and Regulations

The Financial Statements have been prepared in accordance with International Accounting Standards
(IAS) / International Financial Reporting Standards (IFRS), income Tax ordinance 1984, VAT Act 1991
and comply with other applicable laws and regulations.

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12. Going Concern
The organization has adequate resources to continue in operation for foreseeable future. For this reason,
the management continued to adopt going concern basis in preparing the Financial Statements. The
current financial facilities and resources of the organization provide sufficient fund to meet the present
requirements of its existing operations.

13. Contingent Liabilities

The company did not recognize any L/C acceptance contingent liabilities as at June 30, 2023.

14. Litigations and claims

The company has no litigation and claims except pending assessment of Return under the Income Taxes
Act 2023

15. Assets TK 2,307,733,485.00

▪ We have disclosed all information and recognition criteria of Property, Plant and Equipment’s as
reported in note no-04 and is consistent with the requirements of IAS-16.

▪ We have disclosed all information of Inventories and valuation process of Tk. 1,249,785,987.00 as
reported in note no-05 and is consistent with the requirements of IAS-2.

▪ We have disclosed all information of Cash and cash Equivalents of Tk. 144,820,507.00 as reported
in note no-10 and there is no other Cash and cash Equivalents of the entity during the year.

the current assets in the Statement of Financial Position are expected to produce not less than the net
book amounts at which they are stated. All assets included in the Statement of Financial Position are viable
at the date and remain free from any lien, encumbrance or charge.

16. Liabilities TK. 2,006,225,646.00

Full provision has been made for all liabilities at the closing date, including guarantees, commitments and
contingencies including:

▪ All information of Long-term loan of Tk. 705,630,045.00 as mentioned in note no-13.00 and Short-
Term Loan of Tk 1,243,534,433 as mentioned in note no-14.00 there is no other Long-term loan
and short-term loan of the entity with any other banks.

▪ All information of Accounts & Others Payable has disclosed as mentioned in note no: 15, there
are no other Accounts & Others Payable of the entity with any other parties.

▪ The amount reported as Provision for Expenses is true and correct, there are other provision for
the income year 2022-2023 as mentioned note no-17.

17. Income Tk. 2,156,435,509

Total income TK. 2,156,435,509 (which Including Other and Non-operating income) achieved during the
period under audit has been shown correctly in the Financial Statements. To the best of our knowledge
and belief that no income proceeds have been kept without recording.

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 18. Cost of Goods Sold Tk. 1,889,929,294.00

Total Cost of Goods Sold TK. 1,889,929,294.00 incurred during the period under audit has been shown
correctly in the Financial Statements. To the best of our knowledge and belief that no expenses have been
kept without recording.

19. Operating Expenditure:

▪ Administrative Expenses Tk. 13,864,444.00:

Administrative Expenses TK. 13,864,444.00 incurred during the period has been shown correctly in the
Financial Statements. To the best of our knowledge and belief that no expenses have been kept without
recording as mentioned in note no-20.

▪ Financial Expenses TK 122,399,433

Financial expenses TK 122,399,433 are solely incurred for the entity’s affairs incurred during the period
has been shown correctly in the Financial Statements. To the best of our knowledge and belief that no
expenses have been kept without recording as mentioned in note no-22.
Other matters

Fraud
We are not aware of any irregularities, including fraud and error, involving management or employees of
the entity, nor are we aware of any breaches or possible breaches of statute, regulations, contracts,
agreements which might prejudice the entity’s going concern status or that might result it suffering
significant penalties or other loss. No allegations of such irregularities or such breaches have come to our
notice.
Uncorrected Misstatements:
The Financial statements are free from materials misstatements, including omissions.

Bank accounts and Loans with Banks:

Blue Planet Fashionwear Limited. has banking transactions with Islami Bank Bangladesh Ltd, NRB
Commercial Bank Ltd, Trust Bank Ltd, The Premier Bank Ltd, Dhaka Bank Ltd, Dutch Bangla Bank
Limited, Standard Chartered Bank, match with the account numbers mentioned in note number
10.00, there were no other bank account and loan account operated by us during the financial
year ended 30th June 2023.

Closing Inventory:
The quantity and value of the closing inventory of the entity has been correct and true information was
provided us in the financial statement ended 30th June 2023.

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Thanking you

Sincerely,

……………………….

Managing Director
Blue Planet Fashionwear Limited.