ANNUAL

REPORT
2022-2023
INDEX

Declaration By Managing Director

Letter of Transmittal 02 35
& Chief Financial Officer
Notice of the 26th Annual General 03-04
Compliance Certificate 36
Meeting
Status of Corporate Governance
Key Financial Highlights 05-06 37-49
Compliance

Our Vision & Our Mission 07-08 Independent Auditor's Report 50-57

The Company at a Glance 09-10 Statement of Financial Position 58

Statement of Profit or Loss and

Message from the Chairman 11 59
Other Comprehensive Income

Message from the Managing Director 12 Statement of Changes In Equity 60

Directors’ Profiles 14-18 Statement of Cash Flows 61

Notes To The Financial

Steering Team of the Board of Directors 19-20 62-90
Statements

Directors’ Report to the Shareholders 21-26 Proxy Form 91

Management’s Discussion & Analysis 27-34

 Ring Shine Textiles Limited 2022-2023

LETTER OF TRANSMITTAL
November 25, 2024
All Shareholders,
Bangladesh Securities and Exchange Commission (BSEC)
Dhaka Stock Exchange Limited
Chittagong Stock Exchange Limited and
Register of Joint Stock Companies and Firms

Subject: Annual Report for the financial year ended June 30, 2023.

Dear Sir(s),
We forward herewith the Annual Report 2022-2023 which includes the Audited Financial State-
ments for the year ended on June 30, 2023 of Ring Shine Textiles Limited and its subsidiary
companies. This report also contains all documents, regulatory requirements, Directors’ Report
and other information is essential for all the stakeholders.

Sincerely yours,

Md. Moshihor Rahman, FCS

Company Secretary

02 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

Ring Shine Textiles Limited

House # 05, Road # 06, Block # K, Baridhara Model Town Gulshan, Dhaka-1212, Bangladesh
Tel: +88 02 9885580, 8855808, Fax: +88 02 8811328,
E-mail: [email protected], [email protected], [email protected], www.ringshine.com

Notice of the 26th Annual General Meeting

Notice is hereby given that pursuant to the order dated 01.09.2024 passed by The Honorable Company Bench of the
High Court Division, Supreme Court of Bangladesh in the Company Matter no. 684 of 2024, the Board of Directors of
Ring Shine Textiles Ltd in its 102nd Meeting held on 27 October at 3.30 PM. decided that the pending 26th Annual
General Meeting (AGM) for the year 2023 of the company will be held on Wednesday, 18 December 2024 at 10.30 AM.
through a Hybrid System in combination with a Physical Presence (Venue: Hotel Renaissance Dhaka 78 Gulshan
Avenue, Dhaka) and using a Digital Platform (Link: https://ringshine26th.digitalagmbd.net) to transact the following
businesses:
AGENDA
A. Ordinary Business:
1 : To receive, consider, and adopt the Company's Financial Statements for the year ended 30 June 2023, and
the Reports of the Directors and the Auditors thereon.
2 : To approve the dividend for the year ended June 30, 2023, as recommended by the Board of Directors of the
Company.
3 : To elect/re-elect Directors of the Company.
4 : To appoint Statutory Auditors of the Company for the year 2023-2024 and fix their remuneration.
5 : To appoint Corporate Governance Compliance Auditor of the Company for the year 2023-2024 and fix their remuneration.
B. Additional Business:
To consider and, if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution
The Bangladesh Securities and Exchange Commission accorded its approval to the company for withdrawing the IPO
Proceeds of Tk 40.00 crore from the BRAC Bank PLC for utilization in the following purposes under critical
circumstances of the company, allowing to change/amend the use of IPO Proceeds as mentioned in the approved IPO
Prospectus purposed as follows by giving the necessary waiver from the condition no. 6 of Part -C of IPO consent letter
no. BSEC/CI/IPO-283/2018/456, dated: 29 July 2019 imposed under section 2CC of the Securities and Exchange
Ordinance,1969 :
Particulars of
Sl. No Changed/ Amended Amount
Purposes
1 Worker retrenchment Tk. 15.00 crore
2 BEPZA Liabilities Tk. 3.00 crore
3 Titas Gas Liabilities Tk. 3.50 crore
4 Premier Bank PLC Liability Tk. 10.00 crore
5 Dhaka Bank PLC Liability Tk. 6.00 crore
6 Miscellaneous Tk. 2.50 crore
Total Tk. 40.00 crore
Whereas the Bangladesh Securities and Exchange Commission (BSEC) directed the company to obtain the post-facto
approval of 51% of total shareholders in the general meeting.
Therefore,
“RESOLVED THAT pursuant to the direction of the Bangladesh Securities and Exchange Commission (BSEC) vide a
reference no. BSEC /CFD/93/2019/540, Dated: 20 May 2021, the consent for withdrawal of IPO fund, for the purposes
mentioned in the said letter, of BDT 40.00 crore from BRAC Bank PLC and NOC for the proposed change /amendments
of the purpose of IPO fund utilization of the company under the letter issued by the Bangladesh Securities and
Exchange Commission (BSEC) vide a reference no. BSEC /CFD/93/2019/540, dated: 20 May 2021 is hereby consid-
ered and approved as post-facto.”
By Order of the Board,

Md. Moshihor Rahman, FCS Date: 25 November 2024

Company Secretary

ANNUAL REPORT 03
 Ring Shine Textiles Limited 2022-2023

Notes:
(i) The record date was fixed on 13 November 2024. The Members, whose names appeared in the Depository Register
on the ‘Record Date’ i.e. 13 November 2024 will be entitled to join/participate and vote in the 26th Annual General
Meeting physically or through the Digital Platform and to receive the Annual Report.
(ii) A member entitled to join/participate and vote in the Annual General Meeting may appoint a proxy to join and vote
on his/her behalf. The Proxy Form, duly completed and stamped with a revenue stamp of Tk. 20 must be deposited
at the Registered Office of the Company or a scanned copy of that proxy form must be sent to the email at
[email protected] not later than 48 hours before the time fixed for the Annual General Meeting.
(iii) Pursuant to the BSEC Notification No. BSEC/CMRRCD/2006-158/208/Admin/81: dated: 20 June 2018, the Annual
Report 2022-2023 will be distributed electronically to the Members and will also be available on the Company’s
website at: www.ringshine.com .
(iv) The link for joining the Digital Platform is (Link: https://ringshine26th.digitalagmbd.net) ) which will also be sent to
the Members’ respective email addresses and SMS to their mobile number as available with us in due course of
time. The Members need to put their 16-digit Beneficial Owner (BO) ID number/Folio for login to the system
(v) Full login/participation process to the Digital Platform meeting will be available on the Company’s website at
www.ringshine.com.
(vi) The Members will be able to submit their questions/comments and vote electronically before 48 hours of the
commencement of the AGM and during the AGM.
(vii) Members whose email addresses are updated/changed subsequently, are requested to email us at [email protected]
referring to their full name, BO ID, and email address to get the digital platform meeting invitation.
(viii) In compliance with the Bangladesh Securities and Exchange Commission’s Circular No.: SEC/CMRRCD/2009-
193/154; dated: 24 October 2013, No Gift/Gift Coupon/Food Box shall be distributed at the upcoming AGM of the
Company.

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 Ring Shine Textiles Limited 2022-2023

Financial Highlights

ANNUAL REPORT 05
 Ring Shine Textiles Limited 2022-2023

Key Financial Highlights for the year 2022-2023

Export Sales
(2.77%)
2022-2023 Gross Profit
BDT 2,779.97 million (94.25%)
2021-2022 2022-2023
BDT 2,859.19 million BDT (325.74) million
2021-2022
BDT (167.69) million
Profit after
Tax (63.71%)
2022-2023
BDT (1,264.88) million
2021-2022
BDT (772.62) million

Assets
(2.78%)
2022-2023
BDT 5,114.07 million
2021-2022
BDT 5,260.56 million

NAV Net Assets

Value (98.80%)
2022-2023
BDT (4.97) per share
2021-2022
BDT (2.50) per share

Earnings per Share

EPS (63.71%)
2022-2023
BDT (2.53) per share
2021-2022
BDT (1.54) per share
Shareholders’
Equity (98.80%)
2022-2023
BDT (2,485.69) million
2021-2022
BDT (1,250.38) million

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Ring Shine Textiles Limited 2022-2023

OUR MISSION OUR VISION

ANNUAL REPORT 07
 Ring Shine Textiles Limited 2022-2023

OUR VISION
Our conception of business germinated from our vision which sees it as a means to the well-being of the investors,
employees, customers, other stakeholders, and finally the society at large by creating new wealth in the form of goods
and services that go to satisfy the wants of all of them without distributing or damaging the socioecological balance of
the mother earth and the process of human civilization leading to peaceful Co-existence of all the living beings.

OUR MISSION
Our Mission for the wellbeing of all the stakeholders by producing and delivering high quality yarn and fabric for aking
comfortable, durable, stylish outfits for men & women on ethical and moral standards at a minimum cost to the society
ensuring optimum benefits to the consumers, the shareholders and other stakeholders.

OUR SPIRIT
We undertake our quest with the enthusiasm of entrepreneurs, excited by the constantly search for innovation. We
value performance achieved with integrity. We attain success as world-class leader with each and every one of our
people contributing with passion and an unmatched senses of urgency.

OUR OBJECTIVES
To promote the use of scientific knowledge in textiles, from fibers to garments.

To satisfy and meet customer's expectation by developing and providing products and services on time,
which offer value in terms of Quality, Price, Safety & Environmental impact.

To promote the development and best use of human talent & equal opportunity employment.

To procure the most advanced & sophisticated technology suitable for producing desired product.

To attain highest level of competence through continuous development of the professional management
system and to ensure complete transparency in all aspects of business.

OUR STRATEGIES
Our strategy is to build long term partnership with the customers. With their support, we aim to maximize the potential
of our business through a combination of enhanced quality of product and service, curative marketing, competitive
pricing and cost efficiency. We always are striving for delivering value beyond customers' expectation.

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 Ring Shine Textiles Limited 2022-2023

THE COMPANY
AT A GLANCE

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 Ring Shine Textiles Limited 2022-2023

THE COMPANY AT A GLANCE

Ring Shine Textiles Ltd. is a public company limited by shares. The Company was incorporated in Bangladesh on 28
December 1997 vide registration No. C-34597(1343)/97 as a private company limited by shares under the Companies
Act, 1994. The company converted to public limited company on 8th June, 2017. As a listed company, equity securities
of the Company being quoted in the Dhaka Stock Exchange and Chittagong Stock Exchange from 12 December 2019.

The Registered office of the Company is situated in Plot No: 224-260, DEPZ Extension area, Ganakbari, Savar, Dhaka.
The factory of the Company is located at Dhaka Export Processing Zone (DPEZ), New Extension Area.

Ring Shine Textiles Limited started its commercial operation in Dhaka Export Processing Zone in August 1998. Since
its inception, Ring Shine Textiles Limited has been growing steadily in every aspects of its business operation. RSTL
now the name of a trusted business partner to its customers as well as to its suppliers by employing value driven
management approach within the organization. To diversify its operation and capitalize on the reputation it has earned,
RSTL is going to expand its operation by raising capital through initial public offering (IPO).

The Principal activity of this Company is engaged in Spinning of Acrylic based yarn, manufacturing and marketing of
gray and finished fleece fabrics of various qualities and different types and qualities of Dyed yarn to 100% export
oriented Garment industry in Bangladesh.

In accomplishing the decision of the Board of the directors, Managing Director oversee day to day's activities to run the
company efficiently and to achieve the goal of maximizing wealth of the company for the well-being of shareholders,
society at large.

Bangladesh has huge potential global market opportunities to market its product. A diverse team of professionals
involved in developing new products in implementing Company's marketing strategies to retain existing customers and
creating new customer base for its products by innovative ideas. A group of highly skilled marketing personnel handles
the whole marketing system of the company.

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Ring Shine Textiles Limited 2022-2023

MESSAGE FROM THE CHAIRMAN

Dear Shareholders, Colleagues, Ladies and Gentleman

On Behalf of the Board of Directors of the Company, it is my pleasure to

present you the Directors’ Reports together with the Financial State-
ments and Auditors’ Report thereon for the year ended on 30 June 2023
in this 26th Annual General Meeting of Ring Shine Textiles Ltd.

Under the consensus resolved in the 12th Extra-Ordinary General Meet-

ing for the proposed takeover of sponsor shares to Wise Star Textile
Mills Ltd and its nominees, the Company has proceeded to obtain the
consent in principle from banks, Bangladesh Securities and Exchange
Commission (BSEC) and Bangladesh Export Processing Zones Author-
ity (BEPZA). For the major half of the financial year 2022-23, the
Company and its Management have undergone the transitional process
in facilitating the takeover along with the assistance and directives from
banks and BSEC.

I would like to express my sincere thanks to our respected shareholders

for extending continuous support and confidence to the Board of Direc-
tors of the Company. I would also like to place on record my apprecia-
tion of thanks to our bankers and financial institutions, BEPZA, BSEC,
DSE, CSE, RJSC, Suppliers, Customers, and other stakeholders with
whom we have interacted in the course of business for their continuous support throughout these challenging times.
The success we have achieved so far was only possible because of the collective efforts of all concerned. Once again,
I convey my heartiest thanks to all our stakeholders and look forward to your continued support and cooperation in the
future.

Finally, my gratitude goes out to every loyal staff and management team member of the Company for their efforts
despite adverse external factors, to sustain high service levels and support to the Company with their hard work,
dedication and loyalty.

Thanking you all with wishes of healthy and prosperous life.

Mejbah Uddin
Chairman
Ring Shine Textiles Ltd.

ANNUAL REPORT 11
 Ring Shine Textiles Limited 2022-2023

MESSAGE FROM THE MANAGING DIRECTOR

Dear Shareholders, Colleagues, Ladies and Gentlemen

It is my pleasure to humbly present the Annual Report before you for the
financial year ending on 30 June 2023 at the 26th Annual General Meet-
ing.

In the year ended 30 June 2023, amidst the takeover transition process,
the operating results regretfully have been impacted. The Company’s
sales and profitability have decreased due to fewer fabric orders as
cut-and-sewn-garments dipped in global demand, higher conversation
rate resulting in an exchange loss increase, incurring surcharge for
outstanding utilities and new adjustment for expected credit losses
against defunct companies in Trade Receivables. Details are given in
this Annual Report. I summarize herewith our business outcome for the
year ended 30 June 2023 where Sales were Tk.278 Crore; Gross
Profit/(Loss) stood at Tk.(32.57) Crore and Net Profit/(Loss) Tk.(126.49)
Crore.

Going into 2023-24, we are hopeful that the Company can achieve better
financial and operational performance after succeeding in overcoming
the difficult times in the past year, with the support and enthusiasm in the workplace by its employees and every level
of management.

We are grateful to the Board of Directors for their trust, and to the shareholders, the creditors, the customers, and the
business associates for their support. We express our appreciation to the employees for their commitment and dedica-
tion.

We thank and express our appreciation to the Board of Directors, the management, and all employees for carrying out
their work and duties during the difficult times in 2022-23 and to our shareholders, creditors, customers, and partners
for their support and trust.

Ms. Sung Wen Li Angela

Managing Director
Ring Shine Textiles Ltd

12 ANNUAL REPORT
LEADERSHIP BOARD OF
DIRECTORS’ PROFILES
 Ring Shine Textiles Limited 2022-2023

DIRECTORS’ PROFILES
Mr. Mejbah Uddin
Chairman
Mr. Mejbah Uddin has taken over the position of the Chairman of Ring Shine
Textile Ltd on 7th February 2021. The Chairman was born on 1st June,1961
in a reputed muslim family. He joined Bangladesh Police as an Assistant
Superin tendent of Police in the 8th BCS securing 2nd position in the Bangladesh
Public Service Commission merit List. He obtained his M.Sc. in Railway
Engineering from Moscow Railway Institute with 1st Division Marks.
In his professional endeavor, he served in various capacities and responsibil ties
of Bangladesh Police. He worked as ASP (Sardah, Khagrachari, Noakhali,
Jhenaidah), AddI SP (Faridpur, Noakhali), SP (Sherpur, SB, Bagerhat,
Lalmonirhat, KMP), AddI DIG (RAB), DIG (Khulna Range, Police Head
Quarters, NSI), AddI IG (NSI).
In his distinguished professional career, he has been adorned with too many
highest awards of Bangladesh Police, in Recognition of his gallantry and
exceptional services in controlling crime. Currently he is appointed
(contractually) serving as Chief Disciplinary Officer (CDO) at Dhaka WASA
since Feb/2021.

Mr. Sung Wey Min

Cheif Operating Officer & Sponsor Shareholder Director

Sung Wey Min is a visionary entrepreneur investor and philanthropist. He is

vastly experienced in the textile and dying sector. He is an Indonesian
national with dynamic leadership quality. Under the leadership of Sung Wey
Min, Ring Shine Textiles Limited enjoyed huge business growth. Mr. Min's
innovative business idea and ability to respond promptly to the con- temporary
changes in modern era's fashion and tastes are the keys to the success of
Ring Shine Textiles Limited. He is energetic and dynamic.

Mr. Sung Jye Min

Sponsor Shareholder Director

Mr. Sung Jye Min is a Singapore national. He is vastly experienced in Textile

Industry and Leading RSTL with his innovative idea. He is well-reputed
Businessman and highly qualified professional with proven record of success
in marketing and project management. He visited many countries in connection
with business and has gathered sufficient knowledge required to run a
business smoothly and profitably.

Mr. Sung Jye Min is a Singapore national. He is vastly experienced in Textile

Industry and Leading RSTL with his innovative idea. He is well-reputed
Businessman and highly qualified professional with proven record of success
in marketing and project management. He visited many countries in connec
tion with business and has gathered sufficient knowledge required to run a
business smoothly and profitably.

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 Ring Shine Textiles Limited 2022-2023

Ms. Sung Wen Li Angela

Managing Director & Sponsor Shareholder Director

Ms. Sung Wen Li Angela is an Indonesian national. After completion of

Graduation she has been working in Ring Shine Textiles Limited for many
years. During the period, she gained business techniques in Yarn Dyeing,
Spinning & Garments.

Sung Chung Yao

Sponsor Shareholder Director

Mr. Sung Chung Yao is an Indonesian national and Director of Ring Shine
Textiles Limited. He has vast knowledge in textiles industry which is about 55
years. He made significant contribution to the development of Ring Shine
Textiles Limited. He always hunts for better quality of products and maintain
strong relations with the customers. He is an expert in the dyeing industry.

Ms. Sheao Yen Shin,

Sponsor Shareholder Director

Ms. Sheao Yen Shin is an Indonesian national. She has been working in Ring
Shine Textiles Limited for many years where she is contributing for the devel-
opment of the company.

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 Ring Shine Textiles Limited 2022-2023

Professor Dr. Mohammad Sogir Hossain Khandoker

Independent Director

Mohammad Sogir Hossain Khandoker, PhD is one of the foremost illustrious

Professor of Finance at the Jagannath University, Dhaka, Bangladesh. As an
erudite scholar, he, in his credit, has over 25 high quality research works
including research books, journal articles, and thought-provoking papers for
national and international conferences on financial institutions (specially on
Stock Market) and Accounting issues.

Dr. Sogir Khandoker was the Chairman of Business Studies Group, National
University and the Director (EMBA program) of Department of Finance,
Jagannath University.

Dr. Sogir Khandoker has participated in numerous seminars, training and

conferences in different developed and developing countries, like, USA, UK,
Japan, India and Bangladesh. He has worked remarkably as a study team
leader/member in the studies with UNICEF, USAID, Police Staff College and WaterAid.

Some milestone publications (including conference papers) of Dr. Sogir Khandoker on Stock Market and Financial
Institutions issues are –
 The Effects of Behavioral Factors on Individual Investors’ Decision Making: An Empirical Study on Dhaka Stock
Exchange; Dhaka University Journal of Business Studies, Vol 39, No. 2, August 2018.
 Stock Market Trade Timing in Managing Implementation Shortfall; The Management Accountant, The
Institute of Cost Accountants of India, Vol 53, No. 4, April 2018, Pages 76-84.
 Dynamics of Earnings, Dividends, and Stock Prices: A Study on Dhaka Stock Exchange; Dhaka University
Journal of Business Studies, Vol. XXXVIII, No. 3, December 2017.
 Hidden Cost of Trading and Portfolio Performance: A Short Note on Implementation Shortfall; Journal of
Investing, Institutional Investor LLC, New York, Vol 27, No. 3, Fall 2018.
 Implementation Shortfall in Transaction Cost Analysis: A Further Extension, Journal of Trading, Institutional
Investor LLC, New York, Vol 12, No. 1, Winter 2017, Pages 5-21.

Dr. Sogir Khandoker also attended a Conference on ‘Big Data and Machine Learning in Econometrics, Finance, and
Statistics’. The conference was held at the University of Chicago from October 3 to October 5, 2019 and organized
by Stevanovich Center for Financial Mathematics at the University of Chicago, Chicago, United States of America.

Dr. Sogir Khandoker completed his B. Com (Hons) and M. Com (Finance) from Department of Finance, University
of Dhaka. He completed his PhD in Business Administration from Assam University, India under the supervision of
Dr. Ranjit Singh. His PhD title was ‘Performance Appraisal of Stock Trade using Transaction Cost Analysis: A Study
on S & P 500’. In the PhD, his research field mainly deals with the US stock market. In his research one of his
findings is that sophisticated investors, mutual fund managers, and hedge fund managers, who have superior
analytical ability in stock selection and follow optimal asset allocation techniques, also must pay close attention to
IS (Implementation Shortfall) which is pertinent especially for short-term traders (or day traders) and dynamic
traders because these traders engage in trading quite frequently in a short period of time. The study can be highly
useful for the small traders of the US market. The trader in developing country like India, Japan, China, and Bangla-
desh can also take advantage from the study.

He is the Independent Director of Ring Shine Textiles Limited and the Chairman & Independent Director of Imam
Button Industries Limited.

Dr Sogir started his teaching career in University of Chittagong, Chattogram, in 1998 as Lecturer and now Chairman
and Professor at Department of Finance, Jagannath University, Dhaka.

16 ANNUAL REPORT
 Ring Shine Textiles Limited 2022-2023

Dr. Mohammad Moniruzzaman, FCA, ACMA, AFHEA, PhD

Independent Director

Dr. Mohammad Moniruzzaman is an Associate Professor of Accounting in the

Department of Accounting & Information Systems, University of Dhaka. He
has earned his PhD from the University of Essex, UK. The title of his thesis is
“Enterprise Risk Management (ERM) in the Banking Sector: Evidence from
Bangladesh”. Before that, he completed the BBA and MBA degrees from the
same department. Mr Moniruzzaman is a chartered accountant and a cost and
management accountant. Besides, he is an associate fellow of the Higher
Education Academy of the UK, which is an international recognition of a
commitment to professionalism in teaching and learning in higher education.
Mr Moniruzzaman has presented several research papers at various UK
conferences and is experienced in teaching both home and abroad. He is also
a trainer at the DSE Training Academy, Bangladesh Petroleum Institute,
Teachers Training Program under the National University. Moreover, being a professional accountant, Mr
Moniruz-zaman has practical experience for more than 15 years in audit, advisory, tax, secretarial affairs,
management consultancy, IPO consultancy, project consultancy, ERP consultancy, business takeover, outsourcing
and many more. His research interest focuses on enterprise risk management, financial regulation, organizational
change, management control and corporate governance. He has published articles in both national and international
journals.

Dr. Md. Foroz Ali

Independent Director

Dr. Md. Foroz Ali is one of the Independent Directors of Ring Shine Textiles
Ltd., authorized by Bangladesh Securities & Exchange Commission since
2021. Dr. Ali son of Late Reazuddin Sarker and Late Halima Khatun was
born on 01 January, 1958 in the district of Sirajganj. He obtained BA (Hons)
MA in English Literature from the University of Rajshahi, MBA in Manage-ment
(HRM) from the University of Dhaka, LLB from Prime University and PhD
from Preston University (United States). He is also awarded profes-sional
diploma, DAIBB (Diplomaed Associate, Institute of Bankers Bangla-desh) &
PGDCM (Post Graduate Diploma in Capital Market). Dr. Ali started his
career in Banking and retired as Deputy managing Director from a state
owned Commercial Bank. Later on, he was a Director in the board of Agrani
Bank Ltd and Chairman in the board of Familytex BD Ltd., a listed company
in the capital market. Presently, he is a Director of a full-fledged foreign owned Merchant Bank, CBC Capital &
Equity Management Ltd and an Advisor of a reputed group of companies in the Textile Sector. While he was the
Director of Agrani Bank Ltd. the Ministry of Finance (Banking Division) hired his expertise for reviewing The Bank
Company Act-1991 and was assigned for structuring “Somobay Bank Ain-2020” by the Law Commission. He is a
heroic freedom fighter, trained in India and took part in the liberation war of Bangladesh. For his heroic deed and
contribution in banking sector, he is awarded Victory Day Sonmannona-2017, Indira Gandhi Sonmannona-2017
and Bir Srestro Motiur Rahman Srity Sonmannona-2020.

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 Ring Shine Textiles Limited 2022-2023

Eng. Abdul Razzak

Independent Director

Eng. Abdul Razzak is one of the Independent Directors of Ring Shine Textiles
Ltd., authorized by Bangladesh Securities & Exchange Commission since
2021.

He obtained B.Sc & M.Sc Engineering from Mosco Power Engineering

Institute securing First class in the both academic Degrees. He is also
awarded many professional Tanning Courses. For 20 years he worked as
Chief Executive Officer in two multinational companies, BSI Inspectorate, a
UK based company and Cotecna Inspector S.A. Switzerland. Presently he is
working as Principal Officer at Human Development Research Centre (HDRC)

Mr. Auniruddho P.Chowdhury

Company Secretary

Mr. Chowdhury is the Head of HR-Admin, Operations & Company Secretary at

Ring Shine Textiles Ltd. Besides being the secretary to the Board , Board Audit
Committee, Board Compliance Committee, Board Nomination and Remunera-
tion Committee Mr. Chowdhury also acts as secretary to the Board Executive
Committee. Mr. Chowdhury has 11 years of experience in Textiles, legal
services & company matters. Mr. Chowdhury has expertise in Bank and
Financial Institution laws, Company and Commercial Matters, Security
Exchange Commission and Stock Exchange Laws, Property & Land Law,
Foreign Exchange laws, Cross-border transactions, IP Laws, Arbitration and
Mediation matters, etc.

Before joining Ring Shine Textiles Ltd. Mr. Chowdhury worked as Adviser (Head of Legal Affairs and Recovery) at
Minister-MyOne Group. Mr. Chowdhury also lead Chowdhury Garments Ltd. as CEO. Among others, Mr. Chowd-
hury completed his bachelor degree in Law from United Kingdom. He has completed his LLM from Bangladesh Univer-
sity of Professionals with remarkable marks. Mr. Chowdhury is an accredited commercial mediator.

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 Ring Shine Textiles Limited 2022-2023

Steering team of the Board of Directors

Audit Committee
01. Prof Dr. Mohammad Sogir Hossain Khandoker (Independent Director), Chairman
02. Dr. Md. Foroz Ali (Independent Director)
03. Dr. Mohammad Moniruzzaman (Independent Director)
04. Auniruddho P. Chowdhury (Company Secretary), Secretary

Nomination and Remuneration Committee

01. Prof Dr. Mohammed Mizanur Rahman (Independent Director), Chairman
02. Dr. Md. Foroz Ali (Independent Director)
03. Eng. Adur Razzak (Independent Director)
04. Sung Jye Min (Director)
05. Auniruddho P. Chowdhury (Company Secretary), Secretary

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 Ring Shine Textiles Limited 2022-2023

Compliance and Progress Committee

01. Dr. Mohammad Moniruzzaman, FCA, ACMA, AFHEA (Independent Director), Convenor
02. Prof. Dr. Mohammed Mizanur Rahman (Independent Director)
03. Prof. Dr. Mohammad Sogir Hossain Khandoker (Independent Director)
04. Eng. Abdur Razzak (Independent Director)
05. Auniruddho P. Chowdhury (Company Secretary), Secretary

Company Secretary, CFO and HIAC

01. Auniruddho P. Chowdhury (Company Secretary)
02. Ms. Sung Wen Li Angela (Acting CFO)
03. Mahbubur Rahman (Acting HIAC)

Management Committee
01. Ms. Sung Wen Li Angela (Managing Director)
02. Mr. Sung Wey Min (Cheif Operating Officer)
03. Auniruddho P. Chowdhury (Company Secretary)
04 Mahbubur Rahman (Acting HIAC)
05. Md.Yousuf Ali Howlader (GM- Fabric).
06. Md. Faruk Hossain (GM- Yarn).
07. Md Tofayel Ahmed Tanu (Sr. Manager- HR/Admin)
08. Delowar Hossain ( Sr.Manager-Accounts & Finance)

Statutory Auditors
Kazi Zahir Khan & Co.
Home Town Apartments (Flat-C, Level-15)
87, New Eskaton Road, Dhaka-1000
Tel:02-48319757, Mobile: 01713013955

20 ANNUAL REPORT
BOARD
REPORT
Ring Shine Textiles Limited 2022-2023

DIRECTORS’ REPORT to the Shareholders

Year Ended June 30, 2023

The Board of Directors of the Company is pleased to In addition, the comprehensive range of yarn and fabric
present its Report for the financial year ended June 30, includes sustainable and eco-friendly products, namely,
2023 before the honorable Shareholders. BCI, Organic, Re-cycle (Cotton and Polyester) etc. which
are more value-added with higher export value.
The Directors’ Report is presented in accordance with the
provision of Section 184 of the Companies Act 1994, Rule CAPACITY/PRODUCTION
12 (and the schedule there under) of the Bangladesh
Product Capacity Installed in Kg
Securities and Exchange Rules 2020, Corporate Govern-
ance Code 2018 of Bangladesh Securities and Exchange Product 2022-23 2021-22
Commission and International Accounting Standard-1 as # working days 284 285
adopted by The Financial Reporting Council, Bangladesh. Dyed Yarn 19,880,000 19,950,000
Dyed Fabric 9,940,000 9,975,000
Total 29,820,000 29,925,000
INDUSTRY OUTLOOK
Actual Production
The Textile Industry in Bangladesh is a crucial component
of the country’s economy, generating over 80% of its total Product 2022-23 2021-22
exports and employing millions of workers. The industry Dyed Yarn 4,554,297 4,346,745
is well known for producing a wide range of textiles, Dyed Fabric 2,008,937 2,799,606
including cotton and synthetic yarns and fabrics, ready- Total 6,563,234 7,146,351
made garments, and home textiles. It is no surprise that
Bangladesh has become a significant player in the global Capacity Utilization
textile market and has emerged as the second largest Product 2022-23 2021-22
exporter of Ready-Made Garments (RMG) globally. Dyed Yarn 22.91% 21.79%
Dyed Fabric 20.21% 28.07%
There are a number of issues that Bangladesh has to Average 22.01% 23.88%
conquer in order to maintain its presence and advance in
this sector. We are all aware that natural gas, low-cost COST OF PRODUCTION
labor, and affordable energy are the pillars around which The cost of production has varied during the past years
this industry is built. In recent years, this topic has grown primarily due to wide fluctuations in the cost of energy and
contentious seeing a substantial increase in utility rates power which were beyond the control of the Management.
for natural gas and wage structure.
The level of costs and their incidence are given below:
However, policymakers are actively devising the required in Ton
reforms in order to safeguard this vital industry. And the Particulars 2021-23 2021-22
future prospect of the RMG Industry of Bangladesh Yarn Production 4,554 4,347
remains positive and continues to maintain its leading Fabric Production 2,009 2,800
position as the solid berth of RMG export hubs globally. Total Production 6,563 7,146

COMPANY’S OPERATIONS Cost of Major Items in Tk. '000

Product 2021-23 2021-22
Ring Shine Textiles Ltd is one of the long-established
Raw Material 1,888,099 2,120,224
textile manufacturers in operation for 26 years, which Utilities 500,097 438,925
manufactures worsted spun Acrylic and Acrylic Wool Depreciation 229,457 263,147
blended yarns and supplies dyed yarns for 100% export- Other Overhead 86,650 83,174
oriented sweater manufacturing industry composed of Total Cost 2,704,303 2,905,471
Acrylic, Cotton, Viscose, Nylon, Cotton blends, Wool
blends, Polyester blends, as well as, various Fancy Yarns Unit Cost/Kg.
and Space Dyed yarns. Product 2022-23 2021-22
Raw Material 287.68 296.69
Utilities 76.20 61.42
The company also manufactures and supplies dyed knit Depreciation 34.96 36.82
fabrics to the ready-made-garments textile industry, such Other Overhead 13.20 11.64
as, Polar Fleece, Micro Fleece, CVC/TC/Cotton Fleece, Total Unit Cost 412.04 406.57
Terry Fabric, Single Jersey, Interlock Fabrics with Raw Material Cost
69.82% 72.97%
peached, brushed, anti-piling and functional finishing. % of Total Cost

ANNUAL REPORT 22
 Ring Shine Textiles Limited 2022-2023

The above figures reveal that the total unit cost increased The above indicates that selling price increased by
by 1.35% in year 2022-23 over year 2021-22 despite the 11.25% in year 2022-23 over year 2021-22 due to the
decrease in raw material cost per unit by 3.04% and foreign currency exchange rate increase.
depreciation by 5.05% because unit cost has increased
for utilities cost by 24.06% and other overhead cost by CAPITAL EXPENDITURES
13.40% due to gas rate increase. During the financial year of 2022-23, the capital expendi-
tures in the adjustment of the Right of Use Assets is
MARKETING OPERATIONS depicted hereunder:
Sales quantity decreased by 10.11% and sales revenue in Tk. '000
decreased by 2.77% in year 2022-23 over year 2021-22, Particulars 2022-23 2021-22
as depicted hereunder: Plant & Machinery 759 1,835
Other Fixed Assets 308
Quantity Sold in Kg. '000
Right of Use (2,445) 122,241
Particulars 2022-23 2021-22
Total (1,686) 124,384
Yarn Export 4,356 4,174
Fabric Export 1,922 2,811 LOANS AND GUARANTEES
Total Export 6,278 6,984 Details of loans granted and guarantees given during the
year under review are depicted in Note No. 5, 13, 16 and 17.
Sales Revenue in Tk. '000
Product 2022-23 2021-22 RELATED PARTY TRANSACTION
Yarn Export 1,989,478 1,854,678 Ring Shine Textiles Ltd has not engaged in any related
party transactions for the year 2022-23.
Fabric Export 790,493 1,004,508
Total Export 2,779,971 2,859,185
FOREIGN EXCHANGE GAIN/LOSS
Unit Selling Prices Attained Owing to the substantial bank loans converted at a higher
The selling prices (Taka/kg) have changed over the years, exchange rate of 107.10 for year 2022-23 as compared
as shown below: with rate of 91.68 for year 2021-22, the Company has
Unit Selling Prices Attained in Tk./Kg incurred Loss in Foreign Exchange amounting to Tk.50.13
Product 2022-23 2021-22 crore in the year 2022-23.
Yarn Export 457 444 Exchange Gain/(Loss) in Tk. '000
Fabric Export 411 357 Particulars 2022-23 2021-22
Average 443 409 Exchange Gain/(Loss) (501,318) (216,532)

FINANCIAL RESULTS
The Company’s operating financial results, as compared to the previous year are summarized hereunder:

in Tk.
Particulars 2022-23 2021-22  in %
Sales Revenue 2,779,971,060 2,859,185,447 -2.77% 
Cost of Goods Sold (3,105,711,658) (3,026,873,256) 2.60% 
Gross Profit (325,740,598) (167,687,809) -94.25% 
Administrative Expenses (111,126,586) (108,125,844) 2.78% 
Selling & Dist. Expenses (42,227,712) (460,031) 9079.32% 
Operating Income (479,094,896) (276,273,684) -73.41% 
Financial Expenses (823,850,368) (519,692,381) 58.53% 
Non-Operating Income 32,304,310 13,711,516 135.60% 
Profit Before Tax (1,270,640,954) (782,254,549) -62.43% 
Provision for Tax (Current) (16,235,891) (14,366,901) 13.01% 
Deferred Tax (Expenses)/Income 21,995,558 24,002,886 -8.36% 
Profit After Tax (1,264,881,287) (772,618,564) -63.71% 
Gross Profit Margin -11.72% -5.86% -99.79% 
Net Profit Margin -45.50% -27.02% -68.38% 
Earnings Per Share (EPS) (2.53) (1.54) -63.71% 

23 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

There is significant increase in Selling & Distribution APPOINTMENT OF STATUTORY AUDITORS

Expenses due to the addition of Tk.3.96 crore of expected Kazi Zahir Khan & Co. Chartered Accountants retire at
credit losses adjustment for Trade Receivables against this Annual General Meeting on completion of consecu-
defunct companies. tive 3 (three) years. They are not eligible for reappoint-
ment as auditors of the company as per BSEC order.
The Sales Revenue decreased by 2.77% along with
Gross Profit and Profit After Tax by 94.25% and 63.71% Zoha Zaman Kabir Rashid & Chartered Accountants.
respectively during the year 2022-23 in comparison with expressed their interest in being appointed as Statutory
previous year. Gross Profit Margin and Net Profit Margin Auditor of the Company for the year 2023-24.
decreased by 99.79% and 68.38% respectively. The Board of Directors, in its 97th meeting held on
Monday 10th June 2024 recommended their appointment.
SIGNIFICANT DEVIATION
The production was running at an average of 22% capac- APPOINTMENT OF COMPLIANCE AUDITORS
ity utilization and incurring loss as a result of insufficient In lieu of Mak & Co. who was appointed the Compliance
orders, high utility and financial costs, and exchange rate Auditor in the 25th AGM but was unable to fulfill its assign-
loss. As such, Net Asset Value per share (NAV), Earnings ment due to unavoidable circumstances, Mahamud
per share (EPS) are all negative due to the losses from Sabuj & Co., Chartered Accountants has been
operation. appointed as the Compliance Auditor for the Company for
the year 2022-23 in the 86th Board Meeting held on
DIVIDEND November 27, 2023.
As the Company is incurring loss, the Board of Directors
has decided no Cash and Stock Dividend shall be recom- Mahamud Sabuj & Co., Chartered Accountants at this
mended. Annual General Meeting is on completion of 1 (one) year,
and however, the Board of Directors recommended M/S
RISK & CONCERN Jasmin and Associates Chartered Secretaries to
There are concerns about rising interest rates that could appoint as Compliance Auditor of the Company for the
lead to delinquency and debt default across several loan year 2023-24.
categories. Rising geopolitical risk as reflected in the
Russia-Ukraine conflict and the Israeli invasion of Gaza The Board of Directors, in its 97th meeting held on Monday
could push up oil prices, thus, inflation as well. Higher 10th June 2024 recommended their appointment.
inflation, debt crisis, severe commodity price offer the risk
DIRECTORS’ RE-ELECTION
of business and investment.
To comply the regulatory requirements, one-third of the
number of existing Directors shall resign by rotation and
It is, however, heartening to note that the Government
appoint the same numbers (new) or be reappointed by
recognizing the above-mentioned factors is taking various
same, in the Annual General Meeting.
measures as a result of which Bangladesh has begun to
step up its position in the “Doing Business” Index of the Mejbah Uddin (Independent Director), Prof. Dr. Moham-
World Bank Ranking Hall of Progress. med Mizanur Rahman (Independent Director), Prof. Dr.
Mohammad Sogir Hossain Khandoker (Independent
MINORITY INTERESTS Director), Dr. Mohammad Moniruzzaman (Independent
In Compliance with Condition No. 1(5)(xvi) of the Corpo- Director), Dr. Md. Foroz Ali (Independent Director), and
rate Governance Code of BSEC, the Board hereby Eng. Abdul Razzak (Independent Director), will retire on
confirms that the minority shareholders have been January 25, 2024.
protected from abusive actions by, or in the interest of
controlling shareholders acting either directly or indirectly Hence, Mejbah Uddin (Independent Director), Prof. Dr.
and have effective means of redress. Mohammed Mizanur Rahman (Independent Director),
Prof. Dr. Mohammad Sogir Hossain Khandoker
EXTRA-ORDINARY ACTIVITIES (Independent Director), Dr. Mohammad Moniruzzaman
The Company did not engage in or continue any extraor- (Independent Director), Dr. Md. Foroz Ali (Independent
dinary activities, and as result, there is no implications of Director), and Eng. Abdul Razzak (Independent Director),
gain or loss from such activities. will retire on January 25, 2024.

MANAGEMENT’S DISCUSSION & ANALYSIS DIRECTORS’ REMUNERATION

A Management Discussion and Analysis signed by the During the reporting year as disclosed in Notes No. 23,
Managing Director and presenting a detailed analysis of the Executive Directors received monthly remuneration
the company’s position and operations, along with a brief for their operational services in the Company at
discussion of changes in the financial statements and Tk.5,00,000 each for Sung Wey Min and Sung Wen Li
other requirements of the Corporate Governance Code, is Angela, and Tk.3,00,000 for Brig. Gen. A.H.M. Mokbul
disclosed in Annexure-II of this report. Hossain (retd.).

ANNUAL REPORT 24
 Ring Shine Textiles Limited 2022-2023

The Independent Directors received a Board Honorarium  The financial statements were prepared in accordance
at Tk.8,000 per person for their attendance in each Board with IAS/IFRS as applicable in Bangladesh, and any
and Committee meeting. departure there from has been adequately disclosed.
 The internal control system is sound in design and has
APPOINTMENT OF MANAGING DIRECTOR
been effectively implemented and monitored.
By order of BSEC, for the purpose of facilitating the takeo-  There is no significant doubt about the company’s
ver transition,
ability to continue as a going concern.
• Sung Wey Min, the founding Managing Director has
resigned on May 23, 2023, and was appointed as Chief  There is no significant deviation from the operating
Operating Officer on May 24, 2023; result of the last year.
• Brig. Gen. A.H.M. Mokbul Hossain (retd.) was appointed MANAGEMENT APPRECIATION
as the Managing Director on May 24, 2023 by nomination The Board of Directors records with deep appreciation for
from the takeover parties, but resigned on August 2, 2023. the performance of the management, officers, staff and
workers whose relentless efforts helped to increase
For the necessary role and responsibilities to be executed productivity as well as the turnover despite the natural and
for the position of Managing Director, Sung Wen Li Angela unnatural adverse factors of production and marketing
has been assigned the charge of Acting Managing Direc- throughout the country and the world. It is expected the
tor on August 2, 2023 and appointed the Managing Direc- employees and management will continue to improve the
tor since August 28, 2023, by the Board of Directors. results in the interest of shareholders, whose unswerving
trust in management has always been an inspiration to the
Being eligible, Sung Wen Li Angela will be appointed as
the Managing Director for the 1st term for next 5 years, Board of Directors.
taking approval from the shareholders in the 26th AGM The Directors humbly express their gratitude and acknowledge
held on January 20, 2024. with keen interest the cooperation and unflinching support
they have received from various agencies, including the
DIRECTORS’ DECLARATION ON THE FINANCIAL Bangladesh Securities and Exchange Commission, the
STATEMENTS Stock Exchanges, Bangladesh Export Processing Zones
As part of corporate good governance, the Board is Authority, Bank/Financial Institutions and other agencies
accountable for providing a true and fair view of the of the public and private sector. We look forward to a
company’s financial performance and status. To that end, brighter future for all of us.
the Directors affirm to the best of their knowledge that:
ddk The Financial Statements of the Company present a Ring Shine Textiles Limited
true and fair view of the Company’s state of affairs, a
result of it operation, cash flows and changes in equity.
 Proper books of accounts as required by the prevailing
laws have been maintained. Mejbah Uddin
Chirman
 Appropriate accounting policies have been constantly
applied in the preparation of the financial statements and
the accounting estimates basis are on reasonable and
prudent judgment.

25 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

Annexure-I
To the Directors’ Report
BOARD MEETING AND ATTENDANCE
Under Condition # 1(5)(xxii) of CGC
The Board of Directors consists of 11 (eleven) members, including 6 (six) Independent Directors. During the year
2022-23, 22 (twenty two) Board of Directors Meetings were held.

The Board Structure and Attendance of Directors were as follows:

SL Member Name Position Attended

1 Mejbah Uddin Chairman, Independent Director 22
2 Sung Wey Min Managing Director 21 *
3 Sung Wen Li Angela Executive Director 21
4 Sung Jye Min Shareholder Director 0
5 Sung Chung Yao Shareholder Director 0
6 Sheao Yen Shin Shareholder Director 0
7 Prof. Dr. Mohammed Mizanur Rahman Independent Director 21
8 Prof. Dr. Mohammad Sogir Hossain Khandoker Independent Director 21
9 Dr. Mohammad Moniruzzaman Independent Director 19
10 Dr. Md. Foroz Ali Independent Director 16
11 Eng. Abdur Razzak Independent Director 22

Brig. Gen. A.H.M. Mokbul Hossain (retd.) was briefly appointed as Managing Director from 24 May 2023 to 1 Aug 2023
and attended 2 (two) Board Meetings.

* resigned as Managing Director on 23 May 2023 and appointed as Chief Operating Officer on 24 May 2023.

PATTERN OF SHAREHOLDING as on June 30, 2023

Under Condition # 1(5)(xxiii) of CGC
Name of Shareholders Position Shares Held Holding
%
a. Parent/Subsidiary/Associated Companies and No such
other related parties Holding
b. Directors, CEO, CS, CFO, HIAC and their
spouses and minor children
Sung Wey Min Managing Director 21,380,397 4.27 %
Sung Wen Li Angela Executive Director 17,179,217 3.43 %
Sung Jye Min Sponsor Director 17,127,812 3.42 %
Hang Siew Lai Sponsor Director 17,008,500 3.40 %
Sung Chung Yao Sponsor Director 17,002,750 3.40 %
Sheao Yen Shin Sponsor Director 16,987,570 3.40 %
Mejbah Uddin Independent Director NIL NIL
Prof. Dr.Mohammed Mizanur Rahman Independent Director NIL NIL
Prof. Dr. Mohammad Sogir Hossain Khandoker Independent Director NIL NIL
Dr. Mohammad Moniruzzaman Independent Director NIL NIL
Dr. Md. Foroz Ali Independent Director NIL NIL
Eng. Abdur Razzak Independent Director NIL NIL
Auniruddho Piaal Company Secretary NIL NIL
Md. Alamgir Hossain Chief Financial Officer NIL NIL
Mahbubur Rahman Acting HIAC NIL NIL
Spouses and minor children of all the above NIL NIL
No such
c. Executives
Holding
d. Shareholders holding 10% or more voting No such
interest in the Company Holding

ANNUAL REPORT 26
MANAGEMENT'S DISCUSSION & ANALYSIS
 Ring Shine Textiles Limited 2022-2023

Annexure-II
To the Directors’ Report

MANAGEMENT'S DISCUSSION & ANALYSIS

MANAGEMENT'S DISCUSSION & ANALYSIS
Pursuant to Condition No. 1(5)(xxv) of the Corporate Governance Code 2018 of Bangladesh Securitites and Exchange
Commission,the Management's Discussion & Analysis for the year ended 30 June 2023 are presented below:

ACCOUNTING POLICIES AND EXTIMATION FOR PREPARATION OF FINANCIAL STATEMENTS:

Ring Shine Textiles Ltd follows International Financial Reporting Standards (IFRS) and International Accounting Standards
(IAS) along with prevalling local rules and regulations applicable of financial statements. Detail description of accounting
policies and estimation used for preparation of the financial statements of the Company are disclosed in the Notes No.
2 and 3 to the financial statements.

CHANGES IN ACCOUNTING POLICIES AND ESTIMATION:

Ring Shine Textiles Ltd has been following consistent policies and estimation and there is no such changes in account-
ing policies or estimation which has material impact on financial statements.

COMPATATIVE ANALYSIS OF FINANCIAL AND OPERATIONAL PERFORMANCE:

The Directors' Report provides the analysis of financial performance and position during the year under review and also
a detail comparison of financial performance and position as well as cash flows are presented as part of the financial
statements including notes.

However, major areas of financial performance, financial position as well as cash flows with immediate preceding five
years are depicted below:

Amount in Tk.
Particulars 2022-23 2021-22 2020-21 2019-20 2018-19

Financial Performance

Sales Revenue 2,779,971,060 2,859,185,447 908,083,726 6,380,635,155 9,823,699,295

Cost of Goods Sold (3,105,711,658) (3,026,873,256) (1,598,565,593) (5,813,831,017) (8,817,026,754)

Profit Before Tax (1,270,640,954) (782,254,549) (1,055,177,615) 161,089,683 579,596,328

Profit After Tax (1,264,881,287) (772,618,564) (886,659,623) 134,599,060 491,684,645

Financial Position

Shares Outstanding 500,313,043 500,313,043 505,316,173 500,313,043 285,054,820

Shareholders' Equity (2,485,689,754) (1,250,377,029) (738,666,707) 3,362,111,241 7,091,045,271

Total Assets 5,114,065,802 5,260,561,934 4,533,573,199 9,125,308,757 12,562,387,675

Total Liability 7,599,755,556 6,510,938,963 5,272,239,906 5,763,197,516 5,471,342,404

Current Assets 3,229,554,002 3,127,866,608 2,252,964,185 3,421,706,480 6,528,023,891

Current Liabilities 4,774,091,215 4,692,362,505 4,849,852,152 5,215,519,639 4,925,977,614

Cash Flow

Net Cash Generated from Operating Activities (537,652,790) (324,909,495) 157,359,526 (379,852,548) 522,187,264

Net Cash Used in Investing Activities (5,687,996) (14,269,070) (2,544,849) (118,292,321) (350,923,074)

Net Cash Used in Financing Activities 903,487,588 262,731,327 (457,592,650) 1,523,102,363 (108,090,906)

28 ANNUAL REPORT
 Ring Shine Textiles Limited 2022-2023

Amount in Tk.
Particulars 2022-23 2021-22 2020-21 2019-20 2018-19

Financial Ratio

Current Ratio 0.68 0.67 0.46 0.66 1.33

Debt to Equity (3.06) (5.21) (7.14) 1.71 0.77

Gross Profit Margin (in %) -11.72% -5.86% -76.04% 8.88% 10.25%

Net Profit Margin (in %) -45.50% -27.02% -97.64% 2.11% 5.01%

Return on Equity (in %) 50.89% 61.79% 120.04% 4.00% 6.93%

Return on Assets (in %) -24.73% -14.69% -19.56% 1.48% 3.91%

Ordinary Share Information

Shares Outstanding 500,313,043 500,313,043 505,316,173 500,313,043 285,054,820

Face Value per Share (Tk.) 10 10 10 10 10

Dividend-Cash (in %) 0 0 0 0 0

Dividend-Stock (in %) 0 -1 1 0 0

Dividend Payout (Cash+Stock) in '000 0 (50,031) 50,031 0 0

Net Assets Value per Share (NAV) (4.97) (2.50) (1.46) 6.72 24.88

Net Operating Cash Flow per Share (NOCFPS) (1.07) (0.65) 0.31 (0.76) 1.83

Earning per Share (EPS) (2.53) (1.54) (1.75) 0.29 1.72

FINANCIAL AND ECONOMIC SCENARIO OF BANGLADESH AND THE GLOBAL

Bangladesh:
Bangladesh has a strong track record of growth and development, even in times of elevated global uncertainty. A
robust demographic dividend, strong read-made garment (RMG) exports, resilient remittance inflows, and stable
macroeconomic conditions have supported rapid economic growth over the past two decades.

Bangladesh tells a remarkable story of poverty reduction and development. From being one of the poorest nations at
birth in 1971, Bangladesh reached lower-middle income status in 2015. It is on track to graduate from the UN’s Least
Developed Countries (LDC) list in 2016. Poverty declined from 11.8% in 2010 to 5.0% in 2022, based on the interna-
tional poverty line of $2.15 a day (using 2017 Purchasing Power Parity exchange rate). Moreover, human development
outcomes improved along many dimensions.

Despite these gains, inequality has slightly narrowed in rural areas and widened in urban areas. The country did make
a rapid recovery from Covid-19 pandemic supported by prudent macroeconomic policies with estimated GDP growth of
6.0% in FY23. However, the economy faces considerable challenges with rising inflationary pressure, energy short-
ages, a balance-of-payments deficit, and a revenue shortfall. While the trade deficit narrowed in FY23, a contraction in
financial account deficit resulted in a Balance of Payments (BoP) deficit and a decline in foreign exchange reserves.

Real GDP growth is expected to slow in FY24 as ongoing import suppression measures disrupt economic activity.
Growth is expected to re-accelerate over the medium term, as inflationary pressure eases, external conditions improve,
and reform implementation gain momentum. Over the medium term, the balance of payments is projected to return to
a surplus as financial inflows recover and remittance inflows rise, supported by strong demand for workers in the Gulf
region.

To achieve its vision of attaining upper middle-income status by 2031, Bangladesh needs to create jobs through a
competitive business environment, increase human capital and build a skilled labor force, build efficient infrastructure,
and establish a policy environment that attracts private investment.

29 ANNUAL REPORT
 Ring Shine Textiles Limited 2022-2023

Development priorities include diversifying exports beyond the RMG sector; resolving financial sector vulnerabilities;
making urbanization more sustainable and strengthening public institutions, including fiscal reforms to generate more
domestic revenue for development. Addressing infrastructure gaps would accelerate growth. Addressing vulnerability
to climate change and natural disasters will help Bangladesh to continue to build resilience to future shocks. Pivoting
towards green growth would support the sustainability of development outcomes for the next generation.

Bangladesh made a strong recovery from the Covid-19 pandemic, but the post-pandemic recovery was disrupted in
FY23 with rising inflation, financial sector vulnerabilities, external pressure, and global economic uncertainty.

The Global:
The global economy weathered the impact of sustained inflationary pressure and is continued to be weighed down by
the geopolitical conflict in Europe, which has contributed to the significant slowdown in global growth and adding to
inflation. Fuel and food prices have increased rapidly, hitting vulnerable populations in low-income countries hardest.
As per the International Monetary Fund (IMF), global growth is projected to slow down from an estimated 6.1% in 2021
to 3.6% in 2022 and 2023. This is 0.8% and 0.2% lower for 2022 and 2023 than projected in January. Beyond 2023,
global growth is forecast to decline to about 3.3% over the medium term.

War-induced commodity price increases and broadening price have led to inflation projections of 5.7% in advanced
economies and 8.7% in emerging market and developing economies -1.8% and 2.8% higher than projected last Janu-
ary.
Monetary policy should stay the course to restore price stability and fiscal policy should aim to alleviate the cost-of-living
pressures while maintaining a sufficiently tight stance aligned with monetary policy.

The implementation of structural reforms has the potential to provide further assistance in reducing inflation by enhanc-
ing productivity and alleviating limitations in the supply chain. Moreover, the promotion of multilateral cooperation is
crucial in expediting the transition towards green energy and mitigating the risk of fragmentation.

FUTURE PLAN
While the uncertainty is surrounding the business prospect, our management is still optimistic given the potential of
Bangladesh market. Board of Directors also continue to apply for the prudent business management with cost leader-
ship as priority measure and to implement the essential achievable plans and strategy in terms of sustainability in its
performance and financial position, and promises to continue operations for the foreseeable future.

Sung Wen Li Angela

Managing Director

30 ANNUAL REPORT
 Ring Shine Textiles Limited 2022-2023

Annexure-III
To the Directors’ Report
QUARTERLY FINANCIAL STATEMENTS
Under Condition # 1(5)(ix) of CGC

Amount in Tk.
Particulars 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22
Balance Sheet
Non-Current Assets 1,884,511,800 1,944,208,874 2,019,683,962 2,081,590,692
Current Assets 3,229,554,002 3,103,871,599 2,618,491,994 2,808,691,084
Total Assets 5,114,065,802 5,048,080,473 4,638,175,956 4,890,281,776
Equity (2,485,689,754) (1,971,414,161) (1,614,198,873) (1,419,527,290)
Non-Current Liabilities 2,825,664,341 2,910,034,548 2,891,222,521 1,833,877,374
Current Liabilities 4,774,091,215 4,109,460,086 3,361,152,308 4,475,931,692

Income Statement
Revenue 1,057,662,258 754,801,117 394,615,255 572,892,430
Less: Cost of Goods Sold (962,948,598) (1,016,300,029) (498,898,263) (627,564,768)
Gross Profit 94,713,660 (261,498,912) (104,283,008) (54,672,338)
Less: Administrative Expenses (38,341,519) (23,090,793) (24,795,313) (24,898,961)
Less: Selling & Distribution Expenses (40,724,086) (1,196,009) (182,459) (125,158)
Operating Profit 15,648,055 (285,785,714) (129,260,780) (79,696,457)
Financial expenses (552,656,893) (83,249,346) (64,764,168) (123,179,961)
Non-operating income/(expenses) 27,776,505 2,040,563 1,408,870 1,078,372
Profit/(Loss) before Tax (509,232,333) (366,994,497) (192,616,078) (201,798,046)
Current Tax Expense (4,519,245) (2,759,355) (4,401,802) (4,555,489)
Deferred Tax Income (7,969,832) 4,718,142 4,722,412 20,524,836
Net Profit after Tax (521,721,410) (365,035,710) (192,295,468) (185,828,699)
Earnings per Share (1.04) (0.73) (0.38) (0.37)
Exchange Rate USD : BDT
Balance Sheet 107.10 92.00 92.00 92.00
Income Statement 100.91 84.00 84.00 84.00

Significant Variance between Quarterly and Annual Financial Statements are observed for the following.
1. Increase in Selling & Distribution Expenses due to the addition of Tk.3.96 crore expected credit losses adjustment
for Trade Receivables against defunct companies;
2. Increase in Financial Expenses due to the Foreign Currency Exchange Loss resulting from the higher exchange
rate applied in the Annual Financials as compared with the Quarterly Financials.

31 ANNUAL REPORT
 Ring Shine Textiles Limited 2022-2023

Audit Committee Report 2022-23

Under Condition No. 5(7) of CGC

The Audit Committee, appointed by and responsible to the Board of Directors of Ring Shine Textiles Limited, is consti-
tuted as per the internal control framework of the Company Policy and conditions set by the Bangladesh Securities and
Exchange Commission (BSEC). The present committee comprises 3 (three) members of whom all are Independent
Directors. All members are financially literate and able to interpret financial statements and assess the adequacy of the
internal control process.

During the year 2022-23, 11 (eleven) Audit Committee Meetings were held.
The Committee Structure and the Attendance of Directors were as follows:
SL Member Name Position Attended
1 Prof. Dr. Mohammad Sogir Hossain Khandoker Chairman, Independent Director 11
2 Dr. Mohammad Moniruzzaman Independent Director 11
3 Dr. Md. Foroz Ali Independent Director 11

Role of the Committee

The Audit Committee’s authorities, duties, and responsibilities flow from the Board’s oversight function and terms of
reference. The major responsibilities of the Committee, among others, include:
• Reviewing of the quarterly, half-yearly, and annual financial statements, as well as, other financial results of the
Company and, upon its satisfaction of the review, recommend them to the Board for approval;
• Monitoring and reviewing the adequacy and effectiveness of the Company’s financial reporting process, internal
control and risk management system;
• Monitoring and reviewing the arrangements to ensure objectivity and effectiveness of the external and internal audit
functions. Examine audit findings and material weaknesses in the system and monitor implementation of audit
action plans;
• Recommending to the Board of appointment, re-appointment, or removal of external auditors;
• Reviewing and monitoring the Company’s ethical standards and procedures to ensure compliance with the regulatory
and financial reporting requirements.

Activities carried out by the Audit Committee during the reporting year 2022-23:
Following BSEC notifications on the Corporate Governance Code, the Audit Committee carried out its duties to work on
the areas that were raised in consideration and discussed to evaluate issues related to key events of financial reporting
cycles. During the reporting year, activities of the committee include, among others:
• Reviewing the quarterly and half-yearly financial statements and recommend to the Board for adoption and circulation
as per the requirement of BSEC;
• Assessing the report of the external auditors on critical accounting policies, significant judgments, and practices used
by the Company in preparation of the financial statements;
• Recommending Mahamud Sabuj & Co., Chartered Accountants to the Board for appointment as the statutory auditor
of the Company for the next financial year ending June 30, 2024;
• Recommending Ahsan Manzur & Co., Chartered Accountants to the Board for appointment as the Compliance
Auditor for the next financial year ending June 30, 2024;
• Reviewing the effectiveness of the internal financial control system and the internal audit processes;
• Reviewing of the external auditors’ findings arising from the audit, particularly comments and responses of the management;
• Reviewing of the matters of compliance as per requirements of BSEC to remain compliant, as appropriate.

The Committee thinks that adequate controls and procedures are in place to provide reasonable assurance in presenting
a true and fair view of the activities and financial status of the company in the areas of reporting, without any material
deviation or discrepancies.

Prof. Dr. Mohammad Sogir Hossain Khandoker

Chairman, Audit Committee

32 ANNUAL REPORT
 Ring Shine Textiles Limited 2022-2023

NOMNIATION AND REMUNERATION COMMITTEE REPORT

Under Condition 6(5)(c)

A. NOMINATION AND REMUNERATION POLICY

The Nomination and Remuneration Committee, appointed by and responsible to the Board of Directors of Ring Shine
Textiles Limited, is constituted as per the conditions set by the Bangladesh Securities and Exchange Commission
(BSEC). The present committee comprises of 4 (four) members of whom three are Independent Directors and one is
Shareholder Director.

During the year 2022-23, 6 (six) Nomination and Remuneration Committee Meetings were held.
The Committee Structure and the Attendance of Directors were as follows:
SL Member Name Position Attended
1 Prof. Dr. Mohammed Mizanur Rahman Chairman, Independent Director 6
2 Eng. Abdur Razzak Independent Director 6
3 Dr. Md. Foroz Ali Independent Director 3
4 Sung Jye Min Shareholder Director 0

Role of the Committee

The Committee’s authorities, duties and responsibilities flow from the Board’s oversight function and the terms of
reference.

The major roles and responsibilities of the Committee, among others, include:
• To be independent and responsible or accountable to the Board and to the shareholders;
• To assist the Board in formulation of the nomination criteria or policy for determining qualifications, positive attributes,
experiences and independence of directors and top-level executives, as well as, a policy for formal process of
considering remuneration of directors and top-level executives;
• To recommend to the Board regarding the level and composition of remuneration whether these are reasonable and
sufficient to attract, retain and motivate suitable directors to run the company successfully;
• To recommend to the Board regarding the relationship of remuneration to performance that is clear and meets
appropriate performance benchmarks;
• To recommend to the Board regarding remuneration to directors, top-level executives that involves a balance
between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of
the company and its goals;
• To recommend a policy on Board’s diversity taking into consideration age, gender, experience, education and nationality;
• To identify persons who are qualified to become Directors and Top-Level Executives and recommend their appointment
and removal;
• To formulate the criteria for evaluation of performance of Independent Directors and the Board
• To identify the Company’s needs for employees at different levels and determine their selection, transfer or replacement
and promotion criteria;
• To recommend and review annually the Company’s human resources and training policies;
• To recommend the Code of Conduct for the Chairperson, Board Members and Managing Director.

Nomination and Appointment of Directors and Top-Level Executives

The Committee is responsible to ensure that the procedures for nomination and appointment of Directors and Top Level
Executives are taken place in transparent, rigorous and non-discriminatory way. The committee also responsible to
identify and ascertain the combination of age, gender, educational background, experience, knowledge, ethnicity,
diversity, nationality and other relevant personal values and attributes for nomination and appointment of Director and
Top-Level Executives.

33 ANNUAL REPORT
 Ring Shine Textiles Limited 2022-2023

Remuneration for Directors and Top-Level Executives

The Committee shall oversee, review and make a report with a recommendation to the Board the level and composition
of remuneration is reasonable and sufficient to attract, motivate and retain suitable, dependable and skilled Director and
Top-Level Executive. They also consider and review the relationship of remuneration to performance is clear and meet
appropriate performance benchmarks, remuneration to Director and Top Level Executive involves a balance between
fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the
Company and its goals.

B. EVALUATION CRITERIA
Evaluation of performance of Directors and Top-Level Executive is carried out through completion of a present
confidential questionnaire and/or collective feedback or any other effective criteria adopted by the Board yearly or at
such intervals of its work, function and performance as may be considered necessary in order to ascertain the effective-
ness and to measure the contribution of the Directors as well as the Top-Level Executives of the Company.

C. ACTIVITIES CARRIED OUT BY THE NRC DURING THE REPORT YEAR 2022-23
• To recommend the appointment of Statutory Posts of Managing Director, Company Secretary and Chief Financial Officer
• Reviewed the Company’s existing Human Resource and Training Policies.

The Committee is of the opinion that appropriate policies and procedures are in place to form a well-function diversified
Board, and maintain Top-Level Executives with well-balanced remuneration packages between fixed and incentive
pay, reflecting short and long-term performance objectives appropriate to the working of the Company and its goals.

On Behalf of the Committee

Sd/--
Prof. Dr. Mohammed Mizanur Rahman
Chairman, Nomination and Remuneration Committee

34 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

Annexure-III
To the Directors’ Report

DECLARATION BY MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER

Under Condition # 1(5)(xxvi) of CGC
The Board of Directors
Ring Shine Textiles Ltd Date: 27 December 2023
Plot No. 224-260, Extension Area,
Dhaka EPZ, Ganakbari, Savar, Dhaka-1349,
Bangladesh.

Subject: Declaration on Financial Statements for the year ended on June 30, 2023.

Dear Sirs,
Pursuant to condition No. 1(5)(xxvi) imposed vide the Commission’s Notification No. BSEC/CMRRCD/2006-
158/207/Admin/80 dated 3 June 2018 under section 2CC of the Securities and Exchange Ordinance, 1969, we do
hereby declare that:
1. The Financial Statements of Ring Shine Textiles Ltd for the year ended on June 30, 2023 have been prepared in
compliance with International Accounting Standards (IAS) or International Financial Report Standards (IFRS), as
applicable in Bangladesh and any departure therefrom has been adequately disclosed;
2. The estimates and judgments related to the financial statements were made on a prudent and reasonable basis,
in order for the financial statements to reveal a true and fair view;
3. The form and substance of transactions and the Company’s state of affairs have been reasonably and fairly
presented in its financial statements;
4. To ensure the above, the Company has taken proper and adequate care in installing a system of internal control
and maintenance of accounting records;
5. Our internal auditors have conducted periodic audits to provide reasonable assurance that the established policies
and procedures of the Company were consistently followed; and
6. The management’s use of the going concern basis of accounting in preparing the financial statements is appropri-
ate and there exists no material uncertainty related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern.

In this regards, we also certify that:-i.

i. We have reviewed the financial statements for the year ended June 30, 2023 and to the best of our knowledge and belief:
(a) These statements do not contain any materially untrue statement or omit any material fact or contain state-
ments that might be misleading;
(b) These statements collectively present a true and fair view of the Company’s affairs and are in compliance with
existing accounting standards and applicable laws.

ii. There are, to the best of knowledge and belief, no transactions entered into by the Company during the year which
is fraudulent, illegal or in violation of the code of conduct of the Company’s Board of Directors or its members.

Sincerely yours,

ANNUAL REPORT 35
 Ring Shine Textiles Limited 2022-2023

Annexure-V
To the Directors’ Report

CERTIFICATE OF COMPLIANCE
Under Condition # 1(5)(xxvii) of CGC

Certificate on Compliance on the Corporate Governance Code

(Issued under condition no. 9.00 of Corporate Governance Guidelines of “BSEC” vide notification no. BSEC/ CMRRCD/
2006-158/207/Admin/80, dated 03 June 2018, and amendment notification No. BSEC/CMRRCD/2009-193/66/
PRD/148)

We have examined the compliance status to the Corporate Governance Code by Ring Shine Textiles Ltd. for the year
ended on 30th June 2023. This code relates to the gazette Notification No. BSEC/CMRRCD/2006-158/207/Admin/80,
dated 03 June 2018 issued under section 2CC of the Securities and Exchange Ordinance, 1969, of the Bangladesh
Securities and Exchange Commission.

Such compliance with the Corporate Governance Code is the responsibility of the Company. Our examination was
limited to the procedures and implementation thereof as adopted by the Management in ensuring compliance to the
conditions of the Corporate Governance Code.

This is a scrutiny and verification and an independent audit on compliance of the conditions of the Corporate Govern-
ance Code as well as the provisions of relevant Bangladesh Secretarial Standards (BSS) as adopted by Institute of
Chartered Secretaries of Bangladesh (ICSB) in so far as those standards are not inconsistent with any condition of this
Corporate Governance Code.

We state that we have obtained all the information and explanations, which we have required, and after due scrutiny
and verification thereof, we report that, in our opinion and subject to the remarks and observations as reported in the
connected compliance statement:
 The Company has complied with the conditions of the Corporate Governance Code as stipulated in the above-
mentioned Corporate Governance Code issued by the Commission;
 The Company has complied with the provisions of the relevant Bangladesh Secretarial Standards (BSS) as adopted
by the Institute of Chartered Secretaries of Bangladesh (ICSB) as required by this Code;
 Proper books and records have been kept by the company as required under the Companies Act, 1994, the securi-
ties laws and other relevant laws; and
 The Standard of Governance in the company is satisfactory, except for sections no. 1(2)(c); 1(5)(vii,viii,xix,xxi), 8(3), 9(2).

Place: Dhaka Sabuj Hossain Chowdhury FCA

Dated: 27 December 2023 Partner
Mahamud Sabuj & Co.,
Chartered Accountants
Enrolment no: 1119

36 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

Form-X & Form-Xii

was not updated.
We treat this code
 as complied as a
basis of signed copy
of Director Report.

All companies shall have effective representation of Independent Directors on their Boards, so that
the Board, as a group, includes core competencies considered relevant in the context of each
company; for this purpose, the companies shall comply with the following:

ANNUAL REPORT 37
 Ring Shine Textiles Limited 2022-2023


All Independent
Director were
 appointed by the
BSEC in the
formation of the
Reconstituted
Board

The tenure of office of an independent director shall

be for a period of 3 (three) years, which may be
extended for 1 (one) tenure only:Provided that a
former Independent Director may be considered for
reappointment for another tenure after a time gap of
one tenure, i.e. three years from his or her completion
of consecutive two tenures (i.e. six years)
Provided further that the Independent Director shall
not be subject to retirement by rotation as per the 
Provided that a former Independent Director may be
considered for reappointment for another tenure after
a time gap of one tenure, i.e. three years from his or
her completion of consecutive two tenures (i.e. six
years)
Provided further that the Independent Director shall
not be subject to retirement by rotation as per the
†Kv¤úvwb AvBi, 1994 (1994 m‡bi 18bs
AvBb)

38 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

Not Applicable

In special cases, the above qualifications or experi-

ences may be relaxed subject to prior approval of the Not Applicable
Commission.

Not Applicable

The Board of the company shall include the following additional statements or disclosures in the
Directors’ Report prepared under section 184 of the Companies Act, 1994 (Act. No. XVIII of 1994):-




ANNUAL REPORT 39
Ring Shine Textiles Limited 2022-2023

There are no updated

 documents that meet
this classification
available.
There are no updated
documents that
 meet this
classification
available.

The Director Report

 does not contain this
data.

40 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023


The Director Report
 does not contain this
data.


A report on the pattern of shareholding disclosing the aggregate number of shares (along with
name-wise details where stated below) held by:
Not Applicable

Executives (name-wise details); and 


In case of the appointment or reappointment of a director, a disclosure on the following information
to the shareholders:



A Management’s Discussion and Analysis signed by CEO or MD presenting detailed analysis of the
company’s position and operations along with a brief discussion of changes in the financial state-
ments, among others, focusing on:

ANNUAL REPORT 41
 Ring Shine Textiles Limited 2022-2023

Governance of Board of Directors of Subsidiary Company:-

Not Applicable

Not Applicable

Not Applicable

Not Applicable

Not Applicable

42 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

The positions of the Managing Director (MD) or Chief

Executive Officer (CEO), Company Secretary (CS),
Chief Financial Officer (CFO) and Head of Internal 
Audit and Compliance (HIAC) shall be filled by differ-
ent individuals;


Board of Directors’ Committee.- For ensuring good governance in the company, the Board
shall have at least following sub-committees:



ANNUAL REPORT 43
 Ring Shine Textiles Limited 2022-2023

Provided that in absence of Chairperson of the Audit

Committee, any other member from the Audit 
Committee shall be selected to be present in the
Annual General Meeting (AGM) and reason for
absence of the Chairperson of the Audit Committee
shall be recorded in the minutes of the AGM.


Provided that any emergency meeting in addition to
regular meeting may be convened at the request of
any one of the members of the Committee;

44 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023







Not Applicable

Oversee whether the proceeds raised through Initial

Public Offering (IPO) or Repeat Public Offering (RPO)
or Rights Share Offer have been utilized as per the
purposes stated in relevant offer document or
prospectus approved by the Commission:
Provided that the management shall disclose to the
Audit Committee about the uses or applications of the
proceeds by major category (capital expenditure,
sales and marketing expenses, working capital, etc.), 
on a quarterly basis, as a part of their quarterly decla-
ration of financial results;
Provided further that on an annual basis, the
company shall prepare a statement of the proceeds
utilized for the purposes other than those stated in the
offer document or prospectus for publication in the
Annual Report along with the comments of the Audit
Committee.

ANNUAL REPORT 45
Ring Shine Textiles Limited 2022-2023

46 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

Not Applicable

The Chairperson of the NRC shall attend the annual general meeting (AGM) to answer the queries of
the shareholders:


NRC shall oversee, among others, the following matters and make report with recommendation to the
Board:

ANNUAL REPORT 47
 Ring Shine Textiles Limited 2022-2023

Formulating the criteria for determining qualifications,

positive attributes and independence of a director and
recommend a policy to the Board, relating to the remu- 
neration of the directors, top level executive, consider-
ing the following:










48 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

No partner or employees of the external audit firms

shall possess any share of the company they audit at
least during the tenure of their audit assignment of
that company; his or her family members also shall 
not hold any shares in the said company:
Provided that spouse, son, daughter, father, mother,
brother, sister, son-in-law and daughter-in-law shall
be considered as family members.

The appoinment
was made at
 the Board
Meeting.

ANNUAL REPORT 49
Ring Shine Textiles Limited 2022-2023

INDEPENDENT
AUDITOR’S REPORT-2023

ANNUAL REPORT 39
Ring Shine Textiles Limited 2022-2023

Independent Auditor’s Report

To The Shareholders of Ring Shine Textiles Limited
Report on the Audit of the Financial Statements

Qualified Opinion
We have audited the accompanying Financial Statements of Ring Shine Textiles Limited, which comprise the Statement
of Financial Position as of 30 June 2023, Statement of Profit or Loss and Other Comprehensive Income, Statement of
Changes in Equity, and Statement of Cash Flows for the year then ended 30 June 2023 and a summary of significant
accounting policies and other explanatory information.
In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion and Material Uncertainty
Related to Going Concern sections of our report, the accompanying Financial Statements present fairly, in all material
respects, the financial position of the Company as of 30 June 2023, its financial performance and its cash flows for the
year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act 1994 and
the Securities and Exchange Rules 2020 and other applicable laws and regulations..

Basis for Qualified Opinion

a) Property, Plant and Equipment under Note-4 of the Financial Statements represent the amount of Taka
1,691,688,219 as carrying value. In addition, we observed that most of the machinery was manufactured around
40 years ago. After serving around 15 years, those machineries were brought into the Company’s factory. Those
machineries were revalued on 30 June 2021 with an amount of Taka 990,781,027 and the remaining useful life was
not available and the Company followed reducing balance methods for calculation of depreciation. On physical
verification of “Plant & Machinery” on a sample basis amounting to Taka 70,542,744 (carrying value), it is evident
to us that some machinery was not in use or in good condition for production as a reason of obsolescence which
demands impairment test in accordance with para 12 (e) of IAS 36. We also note that most of the machinery of the
Company was not in use due to technical problems arising from the time lag in maintenance due to shortage of
funds, as well as insufficient order. However, management did not perform the impairment test of plant and
machinery as of the cut-off date.
Property, plant, and equipment under Note-04 of the Financial Statements represents amount of Taka
1,691,688,219 as carrying value. On physical versification of "Plant & Machinery" on a sample basis amount to
Taka 58,357,14 (carrying value), it is evident to us that some machinery was not in use or in good condition for
production as a reason of obsolescence which demands impairment test in accordance with para 12 (e) of IAS 36.
We also note that most of the machinery of the Company was not in use due to technical problems arising from the
time lag in maintenance due to shortage of funds, as well as insufficient order. However, management did not
perform the impairment test of plant and machinery as of the cut-off date.
Property, plant, and equipment under Note-04 of the Financial Statements represent the amount of Taka
1,691,688,219 as carrying value. In addition, we observed that the total machinery cost of Taka 993,374,587. Out
of the total machinery cost, 26.62% of machinery cost of Taka 264,435,368 was manufactured within 1-10 years
range, 32.10% of the machinery cost of Taka 318,858,780 was manufactured within 11-20 years range, 28.35% of
machinery cost of Taka 281,609,502 was manufactured within 21-30 years range, 8.54% of machinery cost of Taka
84,827,154 was manufactured within 31-40 years range, and 4.39% of machinery cost of Taka 43643783 was
manufactured above 40 years range. After serving around 15 years, those machineries were brought into the
Company’s factory. Those machineries were revalued on 30 June 2021 with an amount of Taka 990,781,027 and
the remaining useful life was not available and the Company followed reducing balance methods for calculation of
depreciation. On physical verification of “Plant & Machinery” on a sample basis amounting to Taka 70,542,744
(carrying value), it is evident to us that some machinery was not in use or in good condition for production as a
reason of obsolescence which demands impairment test in accordance with para 12 (e) of IAS 36. We also note
that most of the machinery of the Company was not in use due to technical problems arising from the time lag in
maintenance due to shortage of funds, as well as insufficient order. However, management did not perform the
impairment test of plant and machinery as of the cut-off date.

ANNUAL REPORT 51
 Ring Shine Textiles Limited 2022-2023

b) Inventories under Note-07 of the Financial Statements represent the amount of Taka 1,513,101,755. We did not
observe the physical counting of inventories at the year-end date. People charged with inventory management
provided related certificates for inventory balance as of the cut-off date. Subsequently, during the audit of the finan-
cial statements, we observe the process of maintaining physical inventory and consumptions. The inventory’s
amount is verified and counted by internal management, However, the management of the Company did notpro-
vide date-wise inventory lists. The Company has non-moving inventories amounting to Taka 53,084,923 and slow-
moving inventories amounting to Taka 122,654,857 which is subject to impairment. We observed that inventories
of the entity were measured at cost value rather than lower of cost and net realizable value as per section 9 of IAS
2.
c) Under Note-25.1 represents the amount of Taka 501,317,822 of the Financial Statements, the details of the
exchange gain are given. As per para 21 of the IAS 21, a foreign currency transaction shall be recorded, on initial
recognition in the functional currency, by applying to the foreign currency amount the spot exchange rate between
the functional currency and the foreign currency at the date of the transaction. It is observed that management
used an average exchange rate at “Asset and Liabilities” Taka 107.10 and at “Revenue and Expenses” Taka
100.91 in recording initial transactions with the US dollar.
d) The Company did not conduct an audit for IPO fund utilization in line with condition number 4, Part C of the
Consent letter number BSEC/CI/IPO-283/2018/456, dated 29 July 2019 of BSEC as well as approval of sharehold-
ers on 22nd AGM, dated 26 December 2019 for revised utilization of IPO fund for loan repayment since August
2020.
e) The Company did not perform any actuarial valuation for its gratuity fund as per para 58 and 59 of the International
Accounting Standard (IAS) 19. Moreover, the gratuity accounts have not been duly prepared and audited for the
year 2023.
f) The Company has not complied with the following sections of the Companies Act, 1994. Like, the annual list of
members and summary has not been submitted after 2019 as per section 36, Copy of balance-sheet, etc. has not
been filed with the registrar after 2019 as per section 190. The above-mentioned events shall lead to financial
penalties.

Matter of Emphasis
We draw attention to the following matters, though our opinion is not qualified in respect of the same:
a) Contingent Liabilities may occur in the following cases.
i. As per Custom Bond Commissionerate vide reference letter no. 5(13) 18/Cus.Bond/Reg/98/Part-01/2007/5901,
dated 31 May 2021, “Custom Bond Commissionerate has a claim amount to Taka 257,376,294”.
ii. As per reference letter no- 4/VAT/Wesr.com-8(1120) Ring Shine/CA AUDIT/Justice/2021/603, dated 10 Febru-
ary 2022, “Excise and VAT Commissionerate has a claim amount to Taka 58,209,977.”
b) We sent balance confirmation letters to all banks, 35 receivable parties, and 10 payable parties on a sample basis
through the management of the Company. However, the management of the Company has sent only 20 confirma-
tions to the receivable parties out of which only one confirmation has been obtained and five payable confirmations
have been obtained. On the other hand, all the confirmation has been obtained from the bank. other than the
balance maintained with Dhaka Bank Ltd., City Bank Ltd., and Eastern Bank Ltd.
c) In reference to Note-06, Right of use (ROU) assets represent an amount of Taka 120,693,844 where the Company
calculates ROU asset and liability, the Company RSTL is calculated as per monthly basis where in some cases
payment is made in advance on a quarterly basis. We also observe that the Company considered a single maturity
date for all leases instead of different maturity dates as per the agreement and considered a monthly discount rate
instead of a quarterly discount rate.
d) The Company did not submit a Return of Withholding Tax as per Section 75A of the ITO 1984 from 1 July 2022 to
31 December 2022.
e) Provident Fund audit has not been conducted since 2019-2020, which is a non-compliance with the provision of
the Financial Reporting Council (FRC).
f) We draw attention for information to Note no-08.01 2 of the Financial Statements where the management of the
Company kept the total provision amount to Taka 39,559,249.
(Kindly allow to delete)

52 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

g) Sales revenue and import purchase shown in accounts (Note-21 and 22.1) do not agree with the VAT Return
(Mushak-9.1) as per the provisions of Value Added Tax and Supplementary Duty Act, 2012 by Taka 245,503,691
and Taka 806,899,526 respectively and do not agree with the EPZ website report and the difference amount is
Taka 175,758,978 and Taka (30,795,496). On the other hand, reviewing the bank certificate we observed that an
understatement has taken place with export sales amounting to Taka 54,682,814 from the Financial Statements.

Sales revenue and import purchase shown in accounts (Note-21 and 22.1) do not agree with the VAT Return
(Mushak-9.1) as per the provisions of Value Added Tax and Supplementary Duty Act, 2012 by Taka 245,503,691
and Taka 175,101,203 respectively, due to the exchange rate used for Sales revenue and import purchase by Taka
92 (as per previous year’s exchange rate used in the audited financial statements) in the VAT Return (Mushak-9.1)
and by Taka 100.91 in the financial statements i.e. a short exchange rate used for Sales revenue Taka 8.91 in the
submission of the monthly VAT Returns (Mushak-9.1), and do not agree with the EPZ website report and the differ-
ence amount is Taka 175,758,978 and Taka (30,795,496). On the other hand, reviewing the bank certificate we
observed that an understatement has taken place with export sales amounting to Taka 54,682,814 from the Finan-
cial Statements.
h) Annual Salary Return was not filed and is not in compliance with 108 of the ITO 1984.
i) Long-term and short-term loans shown in financial statements (Note-13, 16, and 17) we did not receive any Loan
Statements except One Bank Limited and Premier Bank Limited.
(Kindly allow to delete)

We conduct our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the International Ethics Standards
Board for Accountants Code of Ethics for Professional Accountants (IESBA Code) and we have fulfilled our other
ethical responsibilities in accordance with the IESBA Code and the Institute of Chartered Accountants of Bangla-
desh (ICAB) By-Laws. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our qualified opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note-12 of the Financial Statements where negative Retained Earnings represent the amount of
Taka 7,488,820,184 and negative operating cash flows represent the amount of Taka 537,652,790. On the other hand,
the Company’s liabilities increased by the amount of Taka 1,086,830,238 during the year due to an increase in payables
and exchange loss/(gain) in loans. We further note that the Company’s gross profit for the years 2023 and 2022 is
negative amounting to Taka 325,740,598 and Taka 167,687,809 respectively. We also note that most of the machinery
of the Company was not in use due to technical problems arising from the time lag in maintenance due to shortage of
funds, as well as insufficient order. Therefore, there is a material uncertainty related to going concern of the Company
and we qualified our report based on material uncertainty related to going concern.

Other Information
Management is responsible for the other information. The other information comprises the information included in the
Annual Report but does not include the financial statements and our auditor’s report thereon. Our opinion on the finan-
cial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information we are required to report that fact.

We also draw our attention to Note-12 of the financial statements where relevant disclosure has been duly disclosed
regarding retained earnings.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements for the current period. These matters were addressed in the context of our audit of the financial
statement as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

ANNUAL REPORT 53
 Ring Shine Textiles Limited 2022-2023

Description of Key Audit Matters Our response to Key Audit Matters

Property, Plant and Equipment (PPE)
The carrying value of the PPE was Taka Our audit procedures included the following.
1,691,688,219 as of 30 June 2023.
We have tested the design and operating effectiveness
The valuation of Property, plant and equipment (PPE) of key controls over PPE. Our audit procedures
was identified as a key audit matter due to the signifi- included, among others, considering the impairment risk
cance of this balance to the Financial Statements. of the assets. The following are our audit procedures on
the carrying value and impairment risk of PPE:
Expenditures are capitalized if they create new or • Reviewing the basis of recognition, measurement,
enhance the existing assets, and expensed if they are and valuation of assets;
related to the repair or maintenance of the assets.
Classifications of expenditure involve judgments on the • Reviewing of procedures of assets acquisition, depre-
useful life of Property, plant, and equipment (PPE) items ciation, and disposal;
based on management’s estimates regarding the period • Checking ownership of the major assets;
during which the assets or its significant components will
• Performing due verification on a sample basis;
be used. The estimates are based on historical experi-
ence and market practices and take into consideration • Evaluating the item’s assumptions to identify if there
the physical conditions of the assets. is any requirement of recognition of impairment;
• Checking the fixed asset register of the Company,
performing test checks of depreciation calculation,
checking fixed assets schedule and books of
accounts maintained by the Company;
• Assessing the appropriateness and presentation of
disclosures in line with relevant accounting stand-
ards.

Our testing did not identify any issues with regard to PPE
and related depreciation other than the issues
mentioned in this report.
Long-term and Short-term loan (“Loans”)
At the reporting date, the position of loans and bank We obtained an understanding, evaluated the design
overdraft remained amounting to Taka 4,456,508,476 for and tested the operational effectiveness of the
the Company. In other words, approximately 59% of total Company’s key controls over the loans.
liabilities for the Company are represented by long-term
and short-term loans. Our audit procedures included, among others, the
following:
Evidently, the Company is using loans to operate the • Obtained loan statements and facility offer letters to
business and also, to acquire non-current assets. There- review terms, debt covenants, interest rates, and
fore, it has been considered as key audit area. other conditions associated with the loans;
• Obtained external confirmation from the banks to
ensure the accuracy of the figures reported;
• Checked interest calculation on a test basis;
• Checked whether there is any overdue payments and
penal interests;
• Checked the adjustments or repayments of loans
through bank statements as per the repayment
schedule.

Our testing did not identify any issues with regard to

Long-term and Short-term loans (“Loans”) other than the
issues mentioned in this report.

54 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

Revenue Recognition
At year end, the Company reported total revenue of Taka Our audit procedures in relation to the revenue recogni-
2,779,971,060. tion comprises the following:
• Observing and evaluating whether proper segrega-
Revenue is recognized when the performance obligation tion of duties is in place;
is satisfied by transferring goods or services to a
• Preparing workflow of the sales process for the differ-
customer, either at a point in time or over time.
ent business units;
Goods or services are “transferred” when the customer • Obtaining month-wise breakdown of sales per business
obtains control of it. Furthermore, revenue is measured unit;
net of trade discounts, markdown adjustments, returns, • Selecting Months on random basis and obtaining a
and allowances. General Ledger on selective transactions for substan-
tive testing;
It is a matter of concern that revenue may be misstated
due to the recognition of sales transactions before • Comparing prices and terms on samples of sales
performance obligation being satisfied. invoices to the price list;
• Checking invoice raised at the year end and delivery
of goods with acknowledgement of customer to
ensure that cut off principle has been properly
applied;
• Assessing revenue recognition accounting policies by
comparison with IFRS 15;
• Testing the effectiveness of the controls over the
calculation of discounts;
• Assessing manual journals made to revenue to
identify unusual or irregular items;
• Assessing the appropriateness and presentation of
disclosures against relevant accounting standards.

Our testing did not identify any issues with regard to

Revenue Recognition other than the issues mentioned
in this report.
Valuation of Inventory
The Company had inventory amount to Taka We challenged the appropriateness of management’s
1,513,101,755 on 30 June 2023, held in warehouses assumption applied in calculating the value of the inven-
and across multiple product lines. tory provisions by:
• Evaluating the design and implementation of key
Inventories are carried at the cost value. Therefore, it inventory controls operating across the Company,
has been considered as key audit area. including those at a sample basis of warehouses;
• Comparing the net realizable value, obtained through
a detailed review of sales subsequent to the year-
end, to the cost price of a sample of inventories,
Challenging the appropriateness of management’s
judgement regarding valuation of inventories.

Our testing did not identify any issues with regards to

valuation of inventory other than the issues mentioned in
this report.

ANNUAL REPORT 55
 Ring Shine Textiles Limited 2022-2023

Trade Receivable and Trade Payable

The Company reported Trade Receivable and Trade We challenged the appropriateness of managements
Payable amount to Taka 1,013,708,531 and Taka assumption applied in calculating the value of the
1,257,505,628 respectively on 30 June 2023. Accounts Receivable and Accounts Payable provisions
by:
Therefore, it has been considered as key audit area. • Evaluating the design and implementation of key
Accounts Receivable and Accounts Payable controls
of the Company;
• Sending balance confirmation letters;
• Applying alternative procedure to confirm the balance
of trade receivable and trade payable as complied
with by the Management.

Our testing did not identify any issues with regard to

accounts receivable and accounts payable other than
the issues mentioned in this report.
Withholding Tax, Value Added Tax & Policy Matter
In our audit period, management could not provide any As per section 75A, challan of quarterly advance tax,
return of withholding Tax. minutes of the last year's board meeting, and policy
against procurement and advance adjustment.

Our testing did not identify any issues with regard to

Withholding Tax, Value Added Tax & Policy Matter other
than the issues mentioned in this report.
Deferred Tax
The Company recognizes deferred taxes relating to Our audit procedures in this area included, among
property, plant and equipment, investment in quoted others, the following:
share, employee benefits, shipping unit etc. which are • Assessed the design, implementation and operating
very complex in nature. effectiveness of key controls in respect of the
Company and the process of recognition of deferred
As such accounting for deferred taxes involves manage- taxes;
ment judgement in developing estimates of tax expo-
sures and contingencies in order to assess the • Assessed the accuracy and completeness of deferred tax;
adequacy of tax provision. Hence, we considered this to • Evaluating the adequacy of the financial statement’s
be a key audit matter. disclosures, including disclosures of assumptions,
judgments and sensitivities.

Responsibilities of Management and Those Charged with Governance for the Financial Statements and Inter-
nal Controls:
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
IFRSs, other applicable laws and regulations and for such internal control as management determines is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the entity’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the entity or to cease operations, or has no realistic alterna-
tive but to do so.

Those charged with governance are responsible for overseeing the entity’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements:

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reason-
able assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will

56 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepre-
sentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appro-
priate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncer-
tainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical require-
ments regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.

Report on other Legal and Regulatory Requirements:

In accordance with the Companies Act, 1994 and the Securities and Exchange Rules 2020, we also report that:
a) we have obtained all the information and explanations which to the best of our knowledge and belief were neces-
sary for the purpose of our audit and made due verification thereof;
b) in our opinion, proper books of accounts, records, and other statutory books as required by law have been kept by
the Company so far as it appeared from our examinations of these books;
c) the financial statements of the Company together with the annexed notes dealt with by the report are in agreement
with the books of account and returns) the expenditure incurred was for the purposes of the Company’s business.

Md. Nurul Hossain Khan FCA

Enrolment No: 0240
Place : Dhaka Managing Partner
Dated : November 27, 2023 Kazi Zahir Khan & Co.
DVC : 2312030240AS460288 Chartered Accountants

ANNUAL REPORT 57
 Ring Shine Textiles Limited 2022-2023

RING SHINE TEXTILES LIMITED

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
In BDT
30 June
Notes
2023 2022
ASSETS
Non-current assets
Property, plant and equipment 04 1,691,688,219 1,922,323,540
Investment in FDR 05 72,129,737 67,200,741
Right of use (ROU) assets 06 120,693,844 143,171,045
Total non-current assets 1,884,511,800 2,132,695,326
Current assets
Inventories 07 1,513,101,755 1,442,669,734
Trade and other receivables 08 1,023,470,867 884,873,092
Advances, deposits and prepayments 09 312,857,979 279,029,360
Cash and cash equivalents 10 380,123,401 521,294,422
Total current assets 3,229,554,002 3,127,866,608
TOTAL ASSETS 5,114,065,802 5,260,561,934
EQUITY AND LIABILITIES
Equity
Share capital 11 5,003,130,430 5,003,130,430
Retained earnings 12 (7,488,820,184) (6,253,507,459)
Total equity a�ributable to owners of the Company (2,485,689,754) (1,250,377,029)
Non-current liabili�es
Loans and borrowings - net off current maturity 13 2,497,001,054 968,854,510
Deferred tax 14 199,841,705 221,837,263
Lease liabili�es 15 128,821,582 148,923,054
Total non-current liabili�es 2,825,664,341 1,339,614,827
Current liabili�es
Loans and borrowings - current maturity 16 447,639,016 478,961,631
Short term bank loans 17 1,511,868,407 2,105,204,748
Trade and other payables 18 2,318,748,199 1,987,887,032
Employee benefit obliga�on 19 309,380,950 429,051,972
Current tax liabili�es 20 186,454,644 170,218,753
Total current liabili�es 4,774,091,215 5,171,324,136
Total liabili�es 7,599,755,556 6,510,938,963
TOTAL EQUITY AND LIABILITIES 5,114,065,802 5,260,561,934
Net asset value per share 30 (4.97) (2.50)

The accompanying notes are an integral part of these financial statements.

Mejbah Uddin Sung Wen Li Angela Prof. Dr. Md. Sogir Hossain K.
Chairman & Managing Director Independent Director &
Independent Director Chairman, Audit Committee
As per our report on the same date.

Auniruddho P. Chowdhury Md. Alamgir Hossain

Company Secretary Chief Financial Officer

Place : Dhaka Md. Nurul Hoossain Khan FCA

Dated : November 27, 2023 Enrolment No. 0240
DVC : 2312030240AS460288 Managing Partner
Kazi Zahir Khan & Co.
Chartered Accountants

58 ANNUAL REPORT
 Ring Shine Textiles Limited 2022-2023

RING SHINE TEXTILES LIMITED

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

30 June
Notes
2023 2022

Revenue 21 2,779,971,060 2,859,185,447

Cost of sales 22 (3,105,711,658) (3,026,873,256)
Gross profit/(loss) (325,740,598) (167,687,809)
Administrative expenses 23 (111,126,586) (108,125,844)
Selling and distribution expenses 24 (42,227,712) (460,031)
Profit/(loss) from operations (479,094,896) (276,273,684)
Financial expenses 25 (823,850,368) (519,692,381)
Non-operating income/(expenses) 26 32,304,310 13,711,516
Profit/(loss) before tax (1,270,640,954) (782,254,549)
Current tax expense 27 (16,235,891) (14,366,901)
Deferred tax income 28 21,995,558 24,002,886
Income tax income/(expense) 5,759,667 9,635,985
Profit/(loss) for the year (1,264,881,287) (772,618,564)
Earnings per share 29 (2.53) (1.54)

The accompanying notes are an integral part of these financial statements.

Mejbah Uddin Sung Wen Li Angela Prof. Dr. Md. Sogir Hossain K.
Chairman & Managing Director Independent Director &
Independent Director Chairman, Audit Committee
As per our report on the same date.

Auniruddho P. Chowdhury Md. Alamgir Hossain

Company Secretary Chief Financial Officer

Place : Dhaka Md. Nurul Hoossain Khan FCA

Dated : November 27, 2023 Enrolment No. 0240
DVC : 2312030240AS460288 Managing Partner
Kazi Zahir Khan & Co.
Chartered Accountants

59 ANNUAL REPORT
 Ring Shine Textiles Limited 2022-2023

RING SHINE TEXTILES LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

In BDT
Attributable to owners of the Company
Retained
Share capital Total equity
earnings
Balance at 1 July 2021 5,053,161,734 (5,791,828,441) (738,666,707)
Expense adjustment - 101,336,689 101,336,689
Payable adjustment - (7,921,267) (7,921,267)
Issued bonus shares adjustment (50,031,304) 50,031,304 -
IFRS-16 adjustment - (6,082,750) (6,082,750)
Tax implication adjustment - 163,434,731 163,434,731
Woori Bank FDR adjustment - 10,140,839 10,140,839
Profit/(loss) for the year - (772,618,564) (772,618,564)
Balance at 30 June 2022 5,003,130,430 (6,253,507,459) (1,250,377,029)

Balance at 1 July 2022 5,003,130,430 (6,253,507,459) (1,250,377,029)

IFRS-16 Adjustment - 29,568,562 29,568,562
Profit/(loss) for the year - (1,264,881,287) (1,264,881,287)
Balance at 30 June 2023 5,003,130,430 (7,488,820,184) (2,485,689,754)

The accompanying notes are an integral part of these financial statements.

Mejbah Uddin Sung Wen Li Angela Prof. Dr. Md. Sogir Hossain K.
Chairman & Managing Director Independent Director &
Independent Director Chairman, Audit Committee
As per our report on the same date.

Auniruddho P. Chowdhury Md. Alamgir Hossain

Company Secretary Chief Financial Officer

Place : Dhaka Md. Nurul Hoossain Khan FCA

Dated : November 27, 2023 Enrolment No. 0240
DVC : 2312030240AS460288 Managing Partner
Kazi Zahir Khan & Co.
Chartered Accountants

60 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

RING SHINE TEXTILES LIMITED

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

In BDT
30 June
Notes
2023 2022

Cash flows from operating activities

Collection from customers 31 2,641,373,285 2,374,490,213
Collection from other 26 32,304,310 13,711,516
Payment to suppliers, employee, and others 32 (2,231,896,703) (2,086,256,196)
Payment for operating expenses 33 (151,417,344) (106,364,265)
Cash generated from operating activities 290,363,548 195,581,268

Income tax deducted at source 34 (16,235,891) (14,366,901)

Payment for financial expenses 25.1 (811,449,704) (506,123,862)
Net cash used in operating activities (537,322,047) (324,909,495)

Cash flows from investing activities

Acquisition of property, plant, and equipment Anx-01 (759,000) (2,142,780)
Increase/(decrease) in FDR investment 35 (4,928,996) (12,126,290)
Net cash used in investing activities (5,687,996) (14,269,070)

Cash flow from financing activities

Increase/(decrease) in bank overdraft 36 151,983,978 (143,866,982)
Decrease in short-term bank loan 37 (1,009,044,761) (1,142,217,556)
Increase in Loans and borrowings 38 1,496,823,929 1,447,816,141
Increase in bill discount 39 263,724,442 100,999,724
Net cash generated from financing activities 903,487,587 262,731,327

Increase/(decrease) in cash and cash equivalents 360,477,544 (76,447,238)

Net effect of foreign currency translation (501,317,822) (216,531,993)
Cash and cash equivalents at 1 July 521,294,422 814,273,653
Cash and cash equivalents at 30 June 380,454,144 521,294,422

Net operating cash flows per share 40 (1.07) (0.65)

The accompanying notes are an integral part of these financial statements.

Mejbah Uddin Sung Wen Li Angela Prof. Dr. Md. Sogir Hossain K.
Chairman & Managing Director Independent Director &
Independent Director Chairman, Audit Committee
As per our report on the same date.

Auniruddho P. Chowdhury Md. Alamgir Hossain

Company Secretary Chief Financial Officer

ANNUAL REPORT 61
 Ring Shine Textiles Limited 2022-2023

RING SHINE TEXTILES LIMITED

Notes to the financial statements
For the year ended 30 June 2023

Significant accounting policies and other material information

1. Status of the Reporting Entity

1.1 Legal Status:
Ring Shine Textiles Ltd (the “Company”) is a public company limited by shares. The company was incorporated
in Bangladesh on 28 December 1997 vide registration No. C-34597 as a private company limited by share under
the Companies Act 1994 and was listed with the Dhaka Stock Exchange Ltd and Chittagong Stock Exchange Ltd
on 8th June 2017.

The Registered Office and the Factory of the company is situated in Plot No. 224-260, Extension Area, DEPZ,
Ganakbari, Savar, Dhaka.

1.2 Nature of Business:

The Company consists of comprehensive units of worsted spinning, circular knitting and dyeing facilities for both
yarn and fabrics. Its activities and operations are related with manufacturing and marketing of dyed yarn and knit
fabrics of various qualities to export-oriented sweater and garment industries in Bangladesh and International
market.

2. Basis of Preparation and Presentation of Financial Statements

2.1 Statement of Compliance:
The financial statements have been prepared in conformity with the provisions of the International Accounting
Standards (IASs) and International Financial Reporting Standards (IFRSs) as adopted by ICAB.

2.2 Other Regulatory Compliances:

The company is also complying among others the following rules and regulations.
• The Companies Act, 1994
• The Income Tax Ordinance, 1984
• The Income Tax Rules, 1984
• The Value Added Tax& Supplementary Duty Act, 2012
• The Value Added Tax Rules& Supplementary duty Rules, 2016
• The Customs Act, 1969
• Bangladesh Labor Law 2006(Amended)
• The Securities and Exchange Rules, 1987
• Bangladesh EPZ related rules & regulations

2.3 Statement on Compliance of International Accounting Standards:

The following IASs and IFRSs are applicable for the financial statements for the year under review:

S/N Name of the IAS IAS’s No.

1 Presentation of Financial Statements 1
2 Inventories 2
3 Statement of Cash Flows 7
4 Accounting policies, Changes in accounting Estimates & Errors 8
5 Events after the Reporting Period 10
6 Income Taxes 12
7 Property, Plant and Equipment 16
8 Leases 17
9 Employees Benefits 19

62 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

S/N Name of the IAS IAS’s No.

10 The Effects of Changes in Foreign Exchange Rates 21
11 Borrowing Cost 23
12 Related Party Disclosure 24
13 Accounting and Reporting by Retirement Benefit Plans 26
14 Earnings Per Share 33
15 Interim Financial Reporting 34
16 Impairment of Assets 36
17 Provision, Contingent Liabilities and Contingent Assets 37
18 Financial Instruments: Recognition & Measurement 39

S/N Name of the IFRS IFRS No.

1 Financial Instruments: Disclosures 7
2 Operating Segments 8
3 Financial Instruments 9
4 Fair Value Measurement 13
5 Revenue from Contracts with Customers 15

2.4 Measurement Basis used in preparing the Financial Statements:

The financial statements have been prepared in accordance with the going concern principle and historical cost
convention, one of the most commonly adopted base provided in “the framework for the preparation and presen-
tation of financial statements” issued by the International Accounting Standard Committee (IASC).

2.5 Going Concern

As per IAS-1 a company is required to make assessment at the end of each year to assess its capability to
continue as going concern. The management of the Company makes such assessment each year. The company
has adequate resources to continue in operation for the foreseeable future and has wide coverage of its liabilities.
For this reason, the Directors continue to adopt the going concern assumption while the financial statements have
been prepared.

2.6 Use of Estimates and Judgments:

The preparation of financial statements in conformity with IFRSs requires management to make judgments,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Estimates and assumptions are reviewed on an ongoing basis.

The estimates and underlying assumptions are based on past experiences and various other factors that are
believed to be reasonable under the circumstances, the result of which form the basis of making judgments about
the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may
differ from these estimates.

Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision
affects only that period or in the period of revision, and future periods if the revision affects both current and future
periods.

In particular, significant areas of estimation uncertainty and critical judgments in applying accounting policies that
has the most significant effect on the amount recognized in the financial statements are income tax provision
(both current and deferred tax).

2.7 Foreign Currency:

The financial statements are prepared and presented in Bangladesh Currency (Taka), which is the company’s
functional currency. All financial information presented has been rounded off to the nearest Taka except where
otherwise indicated, at the exchange rate conversion of USD 1 : BDT 107.10 for Assets and Liabilities; and USD
1: BDT 92.00 for Revenue and Expenses.

ANNUAL REPORT 63
 Ring Shine Textiles Limited 2022-2023

2.8 Reporting Period:

The current financial year covers the period from 1 July 2022 to 30 June 2023, whereas the Comparative State-
ment of financial position for the year ended June 30, 2022 covers one-year period from 1 July 2021 to 30 June
2022.
2.9 Components of the Financial Statements:
According to the International Accounting Standard (IAS) as adopted by ICAB, “Presentation of Financial State-
ments” consists of the complete set of the following components:
• Statement of Financial Position as at June 30, 2023
• Statement of the Profit or Loss and Other Comprehensive Income for the year ended June 30, 2023
• Statement of Changes in Equity for the Year ended June 30, 2023
• Statement of Cash Flows for the year ended June 30, 2023
• Notes to the Financial Statements

3. Principal Accounting Policies

The accounting policies set out below have been applied in preparations of these financial statements.

3.1 Property, Plant and Equipment:

3.1.1 Recognition and Measurement:
As per IAS-16, Property, Plant and Equipment are stated at their historical cost less accumulated depreciation
and impairment losses, if any. The cost of an item of property, plant and equipment comprises its purchase price
and any directly attributable inward freight, duties and non-refundable taxes. Where parts of an item of Property,
Plant and Equipment have different useful lives, they are accounted for as separate items of property, plant and
equipment. The company recognizes in the carrying amount of an item of property, plant and equipment the cost
replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embod-
ied within the item will flow to the equity and the cost of the item can be measured reliably. All other costs are
recognized in the income statement as an expense as incurred.

3.1.2 Disposal of Fixed Assets:

On disposal of fixed assets, the cost and accumulated depreciation are eliminated and gain or loss on such
disposal is reflected in the Statement of Profit or Loss, which is determined with reference to the net book value
of the assets and net sales proceeds.

3.1.3 Depreciation on Fixed Assets:

Depreciation on fixed assets is charged on reducing balance method. Depreciation continue to be to be charged
on each item of fixed assets until the written down value of such fixed assets is reduced to Taka one. Depreciation
on addition to fixed assets is charged for the period after available for utilization, and depreciation has been
charged on fixed assets respective of their date of disposal. Rates of depreciation on various categories of fixed
assets are as follows.
Category of Fixed Asset Depreciation Rate %
Leasehold Land Development 3.33
Building 5
Plant and Machinery 10
Transport & Vehicles 10
Office Equipment 10
Furniture & Fixture 10
Electrical Equipment 10
Telephone Line Installation 10
Gas Line Installation 15
Electrical Line Installation 10
Water Line & Tank 10
Fire Extinguisher 20
Lab Equipment 20

64 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

3.1.4 Subsequent Costs:

The cost of replacing or upgrading part of an item of property, plant and equipment is recognized in the carrying
amount of the item if it is probable that the future economic benefits embodied within the part will flow and its cost
can be measured reliably. The costs of the day-to-day servicing of the property, plant and equipment are recog-
nized in the profit and loss account as incurred.

3.1.5 Impairment of Assets:

No fact and circumstances indicate that company’s assets including property, plant and equipment may be
impaired. Hence no evaluation of recoverability of assets was performed.

3.2 Intangible Assets:

3.2.1 Recognition and Measurement:
Intangible assets are measured at cost less accumulated depreciation and accumulated impairment loss, if any.
Intangible asset is recognized when all the conditions for recognition as per IAS 38 Intangible Assets are met.
The cost of an intangible asset comprises its purchase price, import duties and non- refundable taxes and any
directly attributable cost of preparing the asset for its intended use.

3.2.2 Subsequent Expenditure:

Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the
specific asset to which it relates. All other expenditures are recognized in the profit and loss account when
incurred.

3.3 Leased Assets:

Leases in terms of which the company assumes substantially all the risks and rewards of ownership are classified
as operating leases. Land lease agreement with BEPZA executed to construct building on the land and operation
thereof for the lease period 33 years as well as renewal of agreement after expired of agreement. Upon initial
recognition these leased assets are measured at an amount equal to the cost basis, subsequent to initial recogni-
tion, the asset is accounted for in accordance with the accounting policy applicable to that asset.

In accordance to IFRS-16, application have been considered for the lease in recognizing the lease payment as
expenses, right-of-use assets and lease liabilities.

3.4 Inventories:
Inventories are stated at the lower of cost and net realizable value in accordance with IAS-2 “Inventories”. The
cost of inventories is based on weighted average principle and includes expenditure incurred in acquiring the
inventories and bringing them to their existing location and condition. Net realizable value is the estimated selling
price in the ordinary course of business, less the estimated costs of completion and selling expenses. Adequate
allowance is made for obsolete, damage and slow moving inventories.

3.5 Advance, Deposits & Prepayments:

Advances are initially measured at cost. After initial recognition advances are carried at cost less deductions,
adjustments or charges to other account heads such as PPE or inventory etc.

Deposits are measured at payment value.

Prepayments are initially measured at cost. After initial recognition prepayments are carried at cost less charges
to profit and loss account.

3.6 Other Current Assets:

Other current assets have a value on realization in the ordinary course of the company’s business which is at least
equal to the amount at which they are stated in the balance sheet.

3.7 Revenue Recognition:

As per IFRS-15, Revenue is recognized as control is passed, either over time or at a point in time an entity recog-
nizes revenue over time if one of the following criteria is met: the customer simultaneously receives and
consumes all of the benefits provided by the entity as the entity performs; the entity’s performance creates or
enhances an asset that the customer controls as the asset is created; or the entity’s performance does not create
an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance
completed to date.

ANNUAL REPORT 65
 Ring Shine Textiles Limited 2022-2023

Income refers to increases in economic benefits during the accounting period in the form of inflows or enhance-
ments of assets or decreases of liabilities that result in an increase in equity, other than those relating to contribu-
tions from equity participants.

3.8 Financial Instruments:

Non-derivative financial instruments comprise trade receivables, trade payables, cash and cash equivalents and
share capital.

Trade Receivable:
Trade receivable has been stated at its original invoiced amount supported by L/C. This is considered good and
is falling due within one year. Related party transactions relating to sales/purchase are made on arm length basis.
Rate of sales/purchase of related party transactions are fixed as applicable to other outsider parties.

There is no amount due from the Director (including Managing Director), Managing Agent, Manager & Other
Officers of the Company and any of them severally or jointly with any other person.

Creditors & Other Payables:

Trade Payable and Outstanding Liabilities for Expenses are stated at cost, recorded at the amount payable for
settlement in respect of goods and services received by the company. A provision is recognized in the balance
sheet when the Company has a present legal or constructive obligation as a result of a past event, and it is
probable that an outflow of economic benefits will be required to settle the obligation. If the effect is materialized,
provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and, where appropriate, the risks specific to the liability. Trade
Creditors under foreign currency has been presented in BDT.

Investment in FDR:
Investment in FDR includes fixed deposits held with different banks. The fixed deposits are renewed upon matu-
rity at the option of the company.

Cash & Cash Equivalents:

Cash and cash equivalents comprise of cash in hand, bank current accounts and margin on bill.

Share Capital:
Ordinary shares are classified as equity.

Loans and Borrowings:

Principal amounts of loans and borrowings are stated at their outstanding amount. Borrowings repayable after
twelve months from the reporting date are classified as non-current liabilities whereas the portion payable within
twelve months, unpaid interest and other charges are classified as current liabilities.

3.9 Employees’ Benefit Scheme:

Worker’s Profit Participation:
As per the provision of Labor Law 2006 chapter-15, the company is required to allocate 5% of net profit before tax
in contribution to the aforementioned fund. However, as the company is established in Dhaka Export Processing
Zone, the company is only required to comply with the rules imposed by BEPZA relating to matters in services
concerning workers and officers employed by entities operating within the Export Processing Zone. As the
company is in operating loss, no provision for Worker’s Profit Participation Fund is being considered.

Provident Fund:
The Company has established and maintaining Contributory Provident Fund in accordance to the requirement of
“The EPZ employees (Contributory) Provident Fund Policy-2012”. The fund is administered by the 6 members
Board of Trustees of which 3 members are nominated from employer’s side and remaining 3 members fulfilled
from the representative from Workers Welfare Association. All members of trustee shall hold their position for
three years. The members of the trustee board within the limit of the policy shall together hold absolute measure
to take any decision for implementation of the provident fund.

Workers Welfare Fund:

The company has been paying against “Workers Welfare Fund” to BEPZA since 1 February 2013 in compliance

66 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

to the requirement of BEPZA rules. The management of the fund is maintained by BEPZA according to the rules
& guidelines imposed under the style of “Constitution and Operation Procedure of EPZ Worker’s Welfare Fund
2012”.

Gratuity Fund:
The Company’s contribution for Gratuity Fund is recognized as an expense incurred in the income statement.

3.10 Finance Income and Expenses:

Finance income comprises of interest income on funds invested. Interest income is recognized on maturity.
Finance expenses comprise of interest expenses on loan, overdraft and bank charges. All borrowing costs are
recognized in the profit and loss account using effective interest method except to the extent that they are capital-
ized during constructions period of the plants in accordance with IAS-23 “Borrowing Cost”.

3.11 Taxation:
Income Tax:
Income Tax expense comprises current and deferred tax. Income tax is recognized in the income statement
except to the extent that it relates to items recognized directly in equity, in which case it is enacted or substantially
enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Provision for corpo-
rate income tax is made at 15% on estimated taxable profit in accordance with the income tax laws.

Deferred Tax:
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation
purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not
a business contribution and that affects neither accounting nor taxable profit. The amount of deferred tax provided
is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using
tax rates enacted or substantially enacted at the reporting date. A deferred tax asset is recognized only to the
extent that it is probable that future taxable profits will be available against which the asset can be utilized.
Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be
realized.

3.12 Earnings Per Share (EPS):

The company calculates Earnings per Share (EPS) in accordance with IAS 33. Earnings per Share, which has
been shown on the face of the Statement of Comprehensive Income account, and the computation of EPS is
stated in related notes.

Basic Earnings:
This represents earnings for the year attributable to ordinary shareholders. As there was no preference dividend,
minority or extra ordinary items, the net profit after tax for the year has been considered as fully attributable to the
ordinary shareholder.

Weighted Average Number of Ordinary Shares Outstanding during the year:

This represents the number of ordinary shares outstanding at the beginning of the year plus the number of shares
issued during the year multiplied by a time-weighting factor. The time weighting factor is the numbers of days the
specific shares are outstanding as a proportion of the total number of days in the year.

Basic Earnings Per Share:

This has been calculated by dividing the basic earnings by the weighted average number of ordinary shares
outstanding for the year.

Diluted Earnings Per Share:

No diluted earnings per share are required to be calculated per year as there was no scope for dilution during the year.

3.13 Cash Flows Statement:

Cash Flow Statement is prepared in accordance with IAS-7 “Statement of Cash Flows”. The cash flow from the
operating activities have been presented under Direct Method as prescribed by the Securities and Exchange
Rules 1987 and considering the provisions of Paragraph 18(a) of IAS -7 which provides that “Enterprises are
encouraged to report Cash Flow from Operating Activities using the Direct Method”.

ANNUAL REPORT 67
 Ring Shine Textiles Limited 2022-2023

3.14 Contingent Liabilities and Assets:

Contingent liabilities and assets are current or possible obligations or assets, arising from past events and whose
existence is due to the occurrence or non-occurrence of one or more uncertain future events which are not within
the control of the company.

3.15 Related Party Transaction:

The objective of Related Party Disclosure IAS-24 is to ensure that an entity’s financial statements contain the
disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have
been affected by the existence of related parties and by transactions and outstanding balances with such parties.

Parties are considered to be related if one party has the ability to control the other party or to exercise significant
influence or joint control over the other party in making financial and operating decisions.

3.16 Responsibility for Preparation and Presentation of Financial Statements:

The Management is responsible for the preparation and presentation of Financial Statements under section 183
of the Companies Act 1994 and as per the Provision of the “The Framework for the preparation and presentation
of Financial Statements” issued by the International Accounting Standard Board (IASB) as adopted by ICAB.

3.17 Risk and Uncertainties for the Use of Estimates in Preparing Financial Statements:
Preparation of Financial Statements in conformity with the International Accounting Standards, taxes, reserves
and contingencies requires management to make estimates and assumption that effect the reported amounts of
assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statement and
revenues and expenses during the period reported. Actual result could differ from those estimates. Estimates are
used for accounting of certain items such as depreciation and amortization.

3.18 Segment Reporting:

As per IFRS-8, no segment reporting is necessary because the company only engages in operation situated
geographically in the same location at Dhaka Export Processing Zone, Dhaka, Bangladesh.

3.19 Comparative Figure:

Comparative information has been disclosed in respect of the previous year for all numerical information in the
current financial statement. Narrative and descriptive information for comparative information have also been
disclosed whenever it is relevant for understanding of current year’s financial statements.

3.20 Events after the Reporting Period:

As per IAS-10 “Events after the Reporting Period” are those events favorable and unfavorable, that occur
between the end of the reporting period and the date when the financial statements are authorized for issue.

3.21 Reason of Significant Deviation:

Due to the economic downturn of global recession and impact of extended Ukraine war, the company faces
declining orders from foreign buyers, scarcity of import which collectively impacted by declining revenue, working
capital crisis and business expansion. Therefore, NAV, EPS, NOCFPS, revenue, other operational results and
performance have been adversely affected.

68 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

RING SHINE TEXTILES LIMITED

Notes to the financial statements
As at and for the year ended 30 June 2023

04 Property, plant and equipment

Details of property, plant, and equipment and depreciation thereon at 30 June 2023 are shown in Annexure-01.
Depreciation charged to the factory overhead (Note-22.3). The break-up of the balances are depicted below.
In BDT
For the year ended 30 June
Reference
2023 2022

Property, plant and equipment at cost Annexure-01

Opening balance 2,187,692,275 2,185,549,495
Addi�on during the year 759,000 2,142,780
Sale during the year - -
Balance at 2,188,451,275 2,187,692,275

Accumulated deprecia�on
Opening balance 265,368,735 -
Charged during the year 231,394,321 265,368,735
496,763,056 265,368,735

1,691,688,219 1,922,323,540

05 Investment in FDR
Bank Guarantees were issued against FDR: Annexure-02
Dutch-Bangla Bank Ltd 54,801,414 53,207,086
Prime Bank Ltd 3,975,058 3,852,816
Woori Bank 13,353,265 10,140,839
72,129,737 67,200,741
The FDR balances have been increased due to addi�on of interest thereon, and kept as Margin for Bank Guarantee against
Titas Gas Transmission & Distribu�on Co Ltd.

06 Right of use (ROU) assets Annexure-03

Cost Note-06.1 159,781,098 162,226,308
Less : Accumulated deprecia�on Note-06.2 (39,087,254) (19,055,263)
120,693,844 143,171,045

06.1 Cost
Opening balance 162,226,308 39,985,068
Addi�on during the year - 162,226,308
Adjustments during the year (2,445,210) (39,985,068)
Closing balance 159,781,098 162,226,308

06.2 Accumulated deprecia�on

Opening balance 19,055,263 5,909,118
Charged during the year 19,543,627 19,055,263
Adjustments during the year for recalcula�on error 488,364 (5,909,118)
Closing balance 39,087,254 19,055,263

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 Ring Shine Textiles Limited 2022-2023

In BDT
For the year ended 30 June
Reference
07 Inventories 2023 2022
Raw materials Note-22.1
Raw yarn 1,098,609,420 921,045,959
Acrylic tow 20,118,246 44,225,095
Dyestuff 66,036,280 61,055,399
Chemicals 64,883,005 66,333,520
Material-in-transit 76,628,619 95,461,338
1,326,275,570 1,188,121,311
Work-in-process 42,834,075 69,903,522
Finished goods 143,992,110 184,644,901
1,513,101,755 1,442,669,734

08 Trade and other receivables Annexure-04

Trade receivables Note-08.1 1,013,708,531 862,261,049
Other receivables 49,321,585 22,612,043
Allowances for expected credit losses: Note-08.2 (39,559,249) -
1,023,470,867 884,873,092
08.1 Trade receivables
Aging of trade receivables are as follows:
Below 90 days 740,612,930 724,029,153
Within 91-180 days 203,369,704 92,538,938
Above 180 days 69,725,897 45,692,958
1,013,708,531 862,261,049
08.2 Allowances for exptected credit losses:
Opening balance - -
Addition during the year 39,559,249 -
Write off during the year - -
Closing balance 39,559,249 -
The Company maintain allowances for expected credit losses on Trade Receivables for defunct companies.

09 Advances, deposits and prepayments Annexure-05

Advances
Income tax 201,506,490 170,837,393
Salary - 25,000
Departmental/employees for goods and services 3,206,303 -
DEPZ 2,455,916 2,455,916
207,168,709 173,318,309
Deposits
Security deposit for BEPZA and utility 65,482,428 65,482,428
Margin on bank guarantee for Titas gas 38,892,000 38,892,000
104,374,428 104,374,428
Prepayments
Prepaid insurance 1,314,842 1,336,623
1,314,842 1,336,623

312,857,979 279,029,360

10 Cash and cash equivalents Annexure-06

Cash in hand 87,635 3,900,212
Cash at bank Note-10.1 49,758,769 44,660,016
Account freeze at bank Note-10.2 330,276,997 472,734,194
380,123,401 521,294,422

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Ring Shine Textiles Limited 2022-2023

In BDT
For the year ended 30 June
Reference
2023 2022
10.1 Cash at bank
BRAC Bank Ltd 12,573 12,234
Dhaka Bank Ltd 1,407,236 29,297,605
Dutch-Bangla bank Ltd 3,042,420 5,795,711
Eastern Bank Ltd 1,944,242 1,785,306
One Bank Ltd 7,425 5,012,951
Prime Bank Ltd 23,131 18,142
The City Bank Ltd 247,975 242,784
The Premier Bank Ltd 42,610,502 2,272,750
Woori Bank 463,265 222,533
49,758,769 44,660,016
10.2 Account freeze at bank
BRAC Bank Ltd 329,681,928 472,139,125
South Bangla Agriculture & Commerce Bank Ltd 595,069 595,069
330,276,997 472,734,194
BRAC Bank Ltd balance decreased by BDT 14.20 crore, with the release of BDT 18.40 crore IPO
Funds for the utilization of employees benefit obligation vide BSEC Consent Letter Ref.
BSEC/SMRIC/153-2019/108 dated April 18, 2023, and addition of BDT 4.15 crore due to exchange
11 Share capital
This is made up of the following :
Authorized :
540,000,000 ordinary shares of BDT 10.00 each 5,400,000,000 5,400,000,000
Issued, subscribed and paid up :
(500,313,043 ordinary shares of BDT 10.00 each fully paid up) 5,003,130,430 5,003,130,430
Opening number of ordinary shares 500,313,043 505,316,173
Adjustment for 1% bonus issue declared in year 2020-21 - (5,003,130)
500,313,043 500,313,043
12 Retained earnings
Opening balance (6,253,507,459) (5,791,828,441)
Expense adjustment - 101,336,689
Payable adjustment - (7,921,267)
Issued bonus shares adjustment - 50,031,304
IFRS-16 adjustment 12.1 29,568,562 (6,082,750)
Tax implication adjustment - 163,434,731
Woori bank FDR adjustment - 10,140,839
Add : Net Profit After Tax for the year (1,264,881,287) (772,618,564)
(7,488,820,184) (6,253,507,459)
12.1 IFRS-16 adjustment
Lease adjustment 5,740,913 -
Less: ROU cost adjustment (2,445,210) -
Less: ROU depreciation adjustment (488,364) (19,386,006)
Add: Lease principal 26,761,223 13,303,254
29,568,562 (6,082,752)
Disclosure Why ???
13 Loans and borrowings - net off current maturity
Long term loans not repayable within twelve months from the balance sheet date.
Dhaka Bank Ltd 813,410,785 593,600,778
Eastern Bank Ltd 214,786,822 162,481,963
One Bank Ltd 122,667,285 10,029,516
The Premier Bank Ltd 1,083,546,347 -
Woori Bank 262,589,815 202,742,252
2,497,001,054 968,854,510
The Long Term Loan of The Premier Bank Ltd is rescheduled from Short Term Loan.

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 Ring Shine Textiles Limited 2022-2023

In BDT
For the year ended 30 June
Reference
2023 2022
14 Deferred tax
Opening balance 221,837,263 368,760,224
Prior Year adjustment - (122,920,075)
Defered tax expenses / (income) Note-14.1 (21,995,558) (24,002,886)
199,841,705 221,837,263
14.1 Deferred tax expenses / (income)
Property, plant & equipment:
Carrying amount as accounting base 1,691,688,219 1,922,323,540
Carrying amount as tax base (359,410,186) (443,408,453)
Difference 1,332,278,033 1,478,915,087
Tax rate 15.00% 15.00%
Total Deferred Tax Liability at the end of the year 199,841,705 221,837,263
Total Deferred Tax Liability at the beginning of the year (221,837,263) (368,760,224)
Prior year adjustment - 122,920,075
(21,995,558) (24,002,886)

15 Lease liabilities
Opening balance 148,923,054 53,627,530
Addition during the year 162,226,308
Add: Lease Interest 12,400,664 -
Less: Adjustment (5,740,913) (53,627,530)
Less: Lease liability reduction (26,761,223) (13,303,254)
128,821,582 148,923,054

16 Loans and borrowings - current maturity

Long term loans repayable within twelve months from the balance sheet date.
Dhaka Bank Ltd 237,762,000 203,529,600
Eastern Bank Ltd 109,086,491 93,380,481
One Bank Ltd - 95,772,603
The Premier Bank Ltd - -
Woori Bank 100,790,525 86,278,948
447,639,016 478,961,631

17 Short term bank loans

Trust Receipt
Dhaka Bank Ltd - 97,867,879
- 97,867,879
Short Term Loan
Dhaka Bank Ltd 122,476,082 -
The Premier Bank Ltd 15,000,000 1,048,652,964
137,476,082 1,048,652,964
Bank Overdraft
Dhaka Bank Ltd 419,621,316 327,795,100
The Premier Bank Ltd 340,099,630 279,941,868
759,720,946 607,736,968
Bill Discount
Dhaka Bank Ltd 8,693,748 -
The Premier Bank Ltd 605,977,631 350,946,937
614,671,379 350,946,937

1,511,868,407 2,105,204,748

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Ring Shine Textiles Limited 2022-2023

In BDT
For the year ended 30 June
Reference
2023 2022
18 Trade and other payables
Trade payable Annexure-07 1,257,505,628 1,202,197,692
Outstanding liabilities for expenses Note-18.1 1,061,242,571 785,689,340
2,318,748,199 1,987,887,032

18.1 Outstanding Liablities for Expenses Annexure-08

Audit fees payable 345,000 555,556
Utility bill payable 738,908,087 485,137,931
Salary & allowances payable 5,719,877 45,046,162
Other expenses payable 316,269,607 254,949,691
1,061,242,571 785,689,340

19 Employee benefit obligation

Provident fund Note-19.1 109,787,077 177,066,393
Gratuity Note-19.2 199,593,873 245,097,493
Leave encashment - 6,888,086
Others 309,380,950 429,051,972

19.1 Provident Fund

Opening balance 177,066,393 200,802,719
Addition during the year - -
Payment during the year (67,279,316) (23,736,326)
109,787,077 177,066,393
19.2 Gratuity
Opening balance 245,097,493 264,862,860
Addition during the year 46,380,585 10,740,438
Payment during the year (91,884,205) (30,505,805)
199,593,873 245,097,493
20 Current tax liabilities
Opening balance 170,218,753 155,851,852
Provision made for the year Note-27 16,235,891 14,366,901
Closing balance 186,454,644 170,218,753

21 Revenue
Export sale of Yarn 1,989,477,732 1,854,677,639
Export sale of Fabric 790,493,328 1,004,507,808
2,779,971,060 2,859,185,447
VAT Exemption for Revenue vide Circular No. S.R.O. 1666/96/Customs dated 27 June 1996.
22 Cost of sales
This is derived as follows:
Raw material consumed Note-22.1 1,888,098,905 2,120,224,363
Direct labor Note-22.2 333,686,284 283,969,233
Factory overhead Note-22.3 816,204,231 785,246,157
Manufacturing Cost 3,037,989,420 3,189,439,753
Work-in-process (Opening) 69,903,522 19,338,704
Work-in-process (Closing) (42,834,075) (69,903,522)
Cost of Goods Manufactured 3,065,058,867 3,138,874,935
Finished goods (Opening) 184,644,901 72,643,222
Finished goods (Closing) (143,992,110) (184,644,901)
Cost of Goods Sold 3,105,711,658 3,026,873,256

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 Ring Shine Textiles Limited 2022-2023

In BDT
For the year ended 30 June
Reference
2023 2022
22.1 Raw Material Consumed
Opening Stock
Raw yarn 921,045,959 610,774,902
Acrylic tow 44,225,095 38,137,638
Dyestuff 61,055,399 34,177,454
Chemicals 66,333,520 33,204,878
Materials in transit 95,461,338 36,384,113
1,188,121,311 752,678,985
Add : Purchase during the period
Raw yarn 1,625,886,012 1,906,295,041
Acrylic tow 116,834,547 264,353,736
Dyestuff 81,060,222 125,394,673
Chemicals 123,159,606 180,983,882
Packing materials 14,498,436 12,149,422
Add :
Bank charge (Import) 13,982,834 15,429,614
Carriage inward 33,820 15,640
Import clearing expenses 48,699,872 47,114,296
Marine insurance 2,097,815 3,930,385
2,026,253,164 2,555,666,689

Raw material available for consumption 3,214,374,475 3,308,345,674

Closing stock
Raw yarn 1,098,609,420 921,045,959
Acrylic tow 20,118,246 44,225,095
Dyestuff 66,036,280 61,055,399
Chemicals 64,883,005 66,333,520
Materials in transit 76,628,619 95,461,338
1,326,275,570 1,188,121,311

Raw material consumed 1,888,098,905 2,120,224,363

VAT Exemption for Purchases vide Circular No. S.R.O. 1666/96/Customs dated 27 June 1996.

22.2 Direct Labor

Workers wages 264,933,115 238,111,546
Workers bonus 21,231,235 28,996,771
Workers earn leave 7,816,785 7,234,039
Workers gratuity 39,705,149 9,626,877
333,686,284 283,969,233

22.3 Factory overhead

Factory maintenance 16,769,794 30,941,226
Titas gas bill 208,039,718 112,741,460
DEPZ land rent 58,648,992 39,548,543
DEPZ electricity bill 199,249,125 230,927,962
DEPZ gas service charge 25,412,119 16,061,352
DEPZ water bill 67,396,372 79,194,695
DEPZ medical bill 1,157,942 1,028,160
DEPZ generator service charge 484 909,458
DEPZ workers welfare 827,308 730,296
DEPZ water testing fee 310,725 253,632
Insurance for factory 5,038,839 4,523,858

74 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

In BDT
For the year ended 30 June
Reference
2023 2022
Licence and renewal 146,034 151,408
Stationery 894,817 1,115,890
Fuel for forklift 1,114,400 1,841,140
Vehicle maintainance 124,200 296,568
BOC for gas - 1,800
Medical expenses 28,363 18,617
Rates and taxes 106,332 129,024
Tiffin bill 421,163 546,343
Subcontract expenses 231,237 380,072
Sundry expenses 828,900 757,528
Depreciation 229,457,367 263,147,125
816,204,231 785,246,157
23 Administrative expenses
Staff salary 29,270,403 29,901,803
Staff bonus 4,695,333 7,139,241
Staff earn leave 1,329,950 953,610
Staff gratuity 6,675,436 1,113,561
Staff extra duty 65,421 24,616
Staff fooding 1,824,112 1,160,915
Security bill 3,180,770 3,616,750
Office expenses 4,934,796 5,831,692
Office maintenance 7,013 2,460
Office gas bill 36,432 34,562
Office electricity bill 201,210 222,936
Office water bill 70,182 57,878
Office rent 1,512,000 1,738,800
Conveyance bill 1,583,805 1,292,177
Stationery 2,369,319 320,950
Computer maintenance 178,300 153,620
CNG for vehicle 5,369,345 3,692,750
Vehicle maintenance 1,844,591 1,024,920
Entertainment 538,985 420,788
Local welfare 92,300 46,400
CSE fee 1,149,000 2,878,873
DSE fee 600,000 897,000
Miscellaneous expenses - 1,511,200
Telephone bill 64,356 64,356
Mobile bill 619,011 685,098
Internet bill 605,364 695,019
Legal and consultency fee 594,000 57,500
Audit fee 345,000 490,000
Membership fee 399,600 177,957
Repair and maintainance 229,880 487,143
Inspection and testing charge 2,988,833 2,342,126
Executive directors' remuneration 14,377,419 15,000,000
Garage rent 209,000 186,875
Postage and courier 71,272 154,825
Board honorarium 1,232,000 2,377,700
Baridhara society bill 60,000 60,000
Licence renewal 285,513 18,630
Parking fee 8,720 14,240
Travel expenses 20,974 -
Business promotion 6,360 -
Depreciation 1,936,954 2,221,610
Depreciation for leasehold assets 19,543,627 19,055,263
111,126,586 108,125,844

ANNUAL REPORT 75
 Ring Shine Textiles Limited 2022-2023

In BDT
For the year ended 30 June
Reference
2023 2022
24 Selling and distribution expenses
Export clearance expenses 2,429,451 245,900
Expected credit losses 39,559,249 -
DEPZ automation service charge 239,012 214,131
42,227,712 460,031
25 Financial expenses
Payment for financial expenses Note-25.1 811,449,704 506,123,862
Lease interest 12,400,664 13,568,519
823,850,368 519,692,381
25.1 Payment for Financial Expenses
Bank charges 1,988,974 1,822,926
Bank interest 299,547,926 276,808,896
Exchange loss/(gain) * 501,317,822 216,531,993
Foreign charges & commission 5,250,102 7,170,978
Bank charges (export) 3,344,880 3,789,069
811,449,704 506,123,862

* Closing Rate of Exchange loss/(gain) is based on the exchange rate of The Premier Bank Ltd.
As the Company's Bank Loans are mainly in USD foreign currency, the increase in exchanger atefrom Tk.91.68
in previous year to Tk.107.10 in current year has resulted in the substantial increase in Exchange loss.

26 Non-operating income/(expenses)
Sample sales - 1,484,902
Garbage sales - 4,791,234
Miscellaneous revenue 252,785 5,715
Interest income from FDR 2,271,697 2,206,058
Interest income from IPO fund 29,779,828 5,223,607
32,304,310 13,711,516
27 Current tax expense
Net profit before tax (1,270,640,954) (782,254,549)
Less: other income (32,304,310) (13,711,516)
Add: depreciation-accounting base 231,394,321 265,368,735
Less: depreciation-tax base 84,757,267 105,349,494
(986,793,676) (425,247,836)
Tax rate 15.00% 15.00%
Current tax on operating income (148,019,051) (63,787,175)
Current tax on non-operating income Note-27.1 7,268,470 1,413,416
(140,750,581) (62,373,759)
Minimum tax at 0.6%
Receipts from customers and others 2,673,677,595 2,388,201,729
Interest income 32,304,310 6,281,851
Gross receipts 2,705,981,905 2,394,483,580
Minimum tax 0.60% 0.60%
16,235,891 14,366,901
27.1 Current tax on non-operating income
Non-operating income 32,304,310 6,281,851
Current tax on non-operating income 22.50% 22.50%
7,268,470 1,413,416

28 Deferred tax income

Property, plant and equipment:
Carrying amount as accounting base 1,691,688,219 1,922,323,540
Carrying amount as tax base (359,410,186) (443,408,453)
Difference 1,332,278,033 1,478,915,087
Tax rate 15.00% 15.00%
Total deferred tax liability at the end of the year 199,841,705 221,837,263
Total deferred tax liability at the beginning of the year (221,837,263) (368,760,224)
Prior year adjustment 122,920,075
(21,995,558) (24,002,886)

76 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

In BDT
For the year ended 30 June
Reference
2023 2022
29 Earnings per share
Net profit after tax (1,264,881,287) (772,618,564)
Number of ordinary shares 500,313,043 500,313,043
(2.53) (1.54)
Weighted average no. of shares
This consists of as follows:
Opening shares for the period 500,313,043 500,313,043
Multiply weight 1 1
A) Weighted average no. of opening shares 500,313,043 500,313,043
Shares issued during the year-bonus share
Multiply weight 1 1
(i) Weighted average no. of issued shares-bonus share - -
Shares issued during the year-IPO - -
Multiply weight 1 1
(ii) Weighted average no. of issue shares-IPO - -
B) Total (i+ii) - -
C) Total weighted average no. of shares (A+B) 500,313,043 500,313,043

30 Net asset value per share

Equity attributable to the owners of the company (2,485,689,754) (1,250,377,029)
Number of ordinary shares 500,313,043 500,313,043
(4.97) (2.50)

31 Collection from customers

Sales revenue 2,779,971,060 2,859,185,447
Add: trade & other receivable opening balance 884,873,092 400,177,858
Less: trade & other receivable closing balance (1,023,470,867) (884,873,092)
Less: written off
2,641,373,285 2,374,490,213

32 Payment to suppliers, employee, and others

Cost of goods sold 3,105,711,658 3,026,873,256
Add: (increase)/decrease in inventory (70,432,021) (598,008,823)
Add: increase/(decrease) in creditors & other payable 330,861,167 1,060,064,748
Less: depreciation (229,457,367) (263,147,125)
Less: others (904,786,734) (1,139,525,860)
2,231,896,703 2,086,256,196
33 Payment for operating expenses
Administrative expenses 111,126,586 108,125,844
Selling & distribution expenses 42,227,712 460,031
Less: depreciation (1,936,954) (2,221,610)
151,417,344 106,364,265

34 Income tax deducted at source

Provision for income tax closing balance 186,454,644 170,218,753
Provision for income tax opening balance 170,218,753 155,851,852
(16,235,891) (14,366,901)

35 Increase/(decrease) in FDR investment

Investment-FDR closing balance 72,129,737 67,200,741
Investment-FDR opening balance 67,200,741 55,074,451
(4,928,996) (12,126,290)

36 Increase/(decrease) in bank overdraft

Bank overdraft closing balance 759,720,946 607,736,968
Bank overdraft opening balance 607,736,968 751,603,950
151,983,978 (143,866,982)

ANNUAL REPORT 77
 Ring Shine Textiles Limited 2022-2023

In BDT
For the year ended 30 June
Reference
2023 2022
37 Decrease in short-term bank loan
Short term bank loan closing balance 137,476,082 1,146,520,843
Short term bank loan opening balance 1,146,520,843 2,288,738,399
(1,009,044,761) (1,142,217,556)

38 Increase in Loans and borrowings

Loans and borrowings closing balance - net off current maturity 2,497,001,054 968,854,510
Loans and borrowings closing balance - current maturity 447,639,016 478,961,631
Loans and borrowings opening balance - net off current maturity (968,854,510) -
Loans and borrowings opening balance - current maturity (478,961,631) -
1,496,823,929 1,447,816,141

39 Increase in bill discount

Bill discount closing balance 614,671,379 350,946,937
Bill discount opening balance 350,946,937 249,947,213
263,724,442 100,999,724

40 Net operating cash flows per share

Net cash generated (used in) from operating activities (537,322,047) (324,909,495)
Number of ordinary shares 500,313,043 500,313,043
(1.07) (0.65)

78 ANNUAL REPORT
 RING SHINE TEXTILES LIMITED
SCHEDULE OF PROPERTY, PLANT & EQUIPMENT
AS AT JUNE 30, 2023
Annexure-01
Amount in Taka
Cost Depreciation
W.D.V. as at
Particulars During the Year During the Year
At 1 July 2022 At 30 June 2023 Rate At 1 July 2022 At 30 June 2023 30 June 2023
Addition Sale Charged Adjustment
Building 1,092,300,000 - - 1,092,300,000 10.00% 109,230,000 98,307,000 - 207,537,000 884,763,000
Plant & Machinery 992,615,587 759,000 - 993,374,587 15.00% 148,892,338 126,672,337 - 275,564,675 717,809,912

ANNUAL REPORT 79
Transport & Vehicles 2,865,174 - - 2,865,174 20.00% 573,035 458,428 - 1,031,463 1,833,711
Office Equipment 4,213,631 - - 4,213,631 15.00% 632,045 537,238 - 1,169,283 3,044,348
Furniture & Fixtures 2,208,080 - - 2,208,080 10.00% 220,808 198,727 - 419,535 1,788,545
Electrical Equipment 18,338,647 - - 18,338,647 15.00% 2,750,797 2,338,178 - 5,088,975 13,249,672
Telephone Line & Installation 248,127 - - 248,127 15.00% 37,219 31,636 - 68,855 179,272
Gas Line Installation 1,695,270 - - 1,695,270 15.00% 254,291 216,147 - 470,438 1,224,832
Electric Line Installation 1,727,515 - - 1,727,515 15.00% 259,127 220,258 - 479,385 1,248,130
Water Line & Tank 781,980 - - 781,980 15.00% 117,297 99,702 - 216,999 564,981
Ring Shine Textiles Limited 2022-2023

Fire Extinguisher 53,664 - - 53,664 15.00% 8,050 6,842 - 14,892 38,772

Lab Equipment 353,582 - - 353,582 15.00% 53,037 45,082 - 98,119 255,463
Leasehold Land Development 70,291,018 - - 70,291,018 3.33% 2,340,691 2,262,746 - 4,603,437 65,687,581

As at June 30, 2023 2,187,692,275 759,000 - 2,188,451,275 265,368,735 231,394,321 - 496,763,056 1,691,688,219
As at June 30, 2022 2,185,549,495 2,142,780 - 2,187,692,275 - 265,368,735 - 265,368,735 1,922,323,540

ALLOCATION BASE OF DEPRECIATION

Factory Administrative
Particulars Basis of Apportion Total
Overhead Expenses
Building 100:00 98,307,000 - 98,307,000
Plant & Machinery 100:00 126,672,337 - 126,672,337
Transport & Vehicles 50:50 229,214 229,214 458,428
Office Equipment 00:100 - 537,238 537,238
Furniture & Fixtures 25:75 49,682 149,045 198,727
Electrical Equipment 80:20 1,870,542 467,636 2,338,178
Telephone Line & Installation 80:20 25,309 6,327 31,636
Gas Line Installation 100:00 216,147 - 216,147
Electric Line Installation 75:25 165,194 55,064 220,258
Water Line & Tank 60:40 59,821 39,881 99,702
Fire Extinguisher 100:00 6,842 - 6,842
Lab Equipment 100:00 45,082 - 45,082
Leasehold Land Development 80:20 1,810,197 452,549 2,262,746
As at June 30, 2023 229,457,367 1,936,954 231,394,321
As at June 30, 2022 263,147,125 2,221,610 265,368,735
 RING SHINE TEXTILES LIMITED
DETAILS OF INVESTMENT OF FDR
AS AT JUNE 30, 2023
Annexure-02
Amount in Taka

Bank Account No. At 30 June 2023 Account No. At 30 June 2022

FDR A/C 122529000056 3,803,144 FDR A/C 0167 3,695,064

FDR A/C 122529000014 1,635,551 FDR A/C 0250 1,589,071
FDR A/C 122529000105 967,296 FDR A/C 1049 941,865
FDR A/C 122528000019 319,158 FDR A/C 1211 312,482
FDR A/C 122529000126 3,381,342 FDR A/C 1384 3,285,249
Dutch-Bangla Bank Ltd FDR A/C 122529000147 1,728,423 54,801,414 FDR A/C 2989 1,679,303 53,207,086
FDR A/C 122529000152 9,369,706 FDR A/C 3050 9,103,431
FDR A/C 122529000027 20,499,901 FDR A/C 3353 19,873,874
FDR A/C 122529000168 7,763,388 FDR A/C 3534 7,542,762
FDR A/C 122529000173 5,007,421 FDR A/C 3627 4,865,116
FDR A/C 122528000033 326,084 FDR A/C 4123 318,869
FDR A/C 2124419003045 347,012 FDR A/C 2124419003045 336,340
Prime Bank Ltd 3,975,058 3,852,816
FDR A/C 2124416005472 3,628,046 FDR A/C 2124416005472 3,516,476
Woori Bank FDR A/C 9230015449 13,353,265 13,353,265 FDR A/C 15449 10,140,839 10,140,839
Total Investment of FDR 72,129,737 67,200,741

All FDR balances are kept as Margin for Bank Guarantee against Titas Gas Transmission & Distribution Co Ltd.

80 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023
 RING SHINE TEXTILES LIMITED
SCHEDULE OF RIGHT TO USE ASSETS
AS AT JUNE 30, 2023 Annexure-03
Amount in Taka
Cost Depreciation W.D.V.
SL Particulars During the Year At 30 June During the Year At 30 June At 30 June
At 1 July 2022 At 1 July 2022
Addition Adjustment 2023 Charged Adjustment 2023 2023
1 DEPZ PLOT 79-82 12,550,084 - (177,155) 12,372,929 1,129,508 1,098,611 (27,255) 2,200,864 10,172,065
2 DEPZ PLOT 83-84 6,494,588 - 358,452 6,853,040 519,567 533,624 183,947 1,237,138 5,615,902
3 DEPZ PLOT 157-163 27,168,294 - (190,716) 26,977,578 1,901,781 1,811,908 7,299 3,720,988 23,256,590

ANNUAL REPORT 81
4 DEPZ PLOT 224-249 58,399,861 - (91,101) 58,308,760 8,759,979 8,957,339 334,195 18,051,513 40,257,247
5 DEPZ PLOT 250-260 45,039,036 - (2,254,559) 42,784,477 4,954,294 5,188,284 (128,684) 10,013,894 32,770,583
6 DEPZ-ETP Plant 8,875,633 - (90,131) 8,785,502 532,538 566,807 3,274 1,102,619 7,682,883
7 Baridhara Office 3,698,812 - - 3,698,812 1,257,596 1,387,054 115,588 2,760,238 938,574
As at June 30, 2023 162,226,308 - (2,445,210) 159,781,098 19,055,263 19,543,627 488,364 39,087,254 120,693,844
As at June 30, 2022 39,985,068 162,226,308 (39,985,068) 162,226,308 5,909,118 19,055,263 (5,909,118) 19,055,263 143,171,045
Ring Shine Textiles Limited 2022-2023

LEASE LIABILITIES
Restated At 30 June
SL Particulars At 1 July 2022 Adjustment Interest Principal
at 1 July 2022 2023
1 BEPZA PLOT 224-249 51,798,831 50,505,330 (1,293,501) 4,312,441 11,347,734 43,470,037
2 BEPZA PLOT 250-260 41,758,463 41,032,577 (725,886) 3,571,059 7,250,317 37,353,319
3 BEPZA PLOT 79-82 11,917,122 11,456,365 (460,757) 1,008,225 1,698,000 10,766,590
4 BEPZA PLOT 83-84 6,198,543 5,967,434 (231,109) 526,383 849,000 5,644,817
5 BEPZA PLOT 157-163 26,178,407 23,449,703 (2,728,704) 2,077,314 3,078,368 22,448,649
6 ETP Plant 8,613,677 8,331,019 (282,658) 740,336 1,025,804 8,045,551
7 Baridhara 2,458,011 2,439,713 (18,298) 164,906 1,512,000 1,092,619
As at June 30, 2023 148,923,054 143,182,141 (5,740,913) 12,400,664 26,761,223 128,821,582
As at June 30, 2022 162,226,308 13,568,519 13,303,254 148,923,054
 Ring Shine Textiles Limited 2022-2023

RING SHINE TEXTILES LIMITED

DETAILS OF TRADE RECEIVABLE
AS AT JUNE 30, 2023
Annexure-04
Amount in Taka

SL Buyer Name At 30 June 2023 At 30 June 2022

1 A Plus Sweater Ltd 1,750,014 -

2 AB Sweater Industries (BD) Ltd - 771,487
3 Ahsan Knitting Ltd 19,832,723 37,807,613
4 AKH Stitch Art Ltd 21,301,281 77,537,193
5 AMS International (Sweaters) Ltd - 18,550,715
6 Anzir Apparels Ltd (Unit-2) 8,108,006 6,940,634
7 A-One (BD) Ltd 4,780,301 4,092,045
8 Atashi Fashion Ltd 82,014,997 -
9 Banga Fashion Ltd 8,796,552 -
10 Bhuyan Warmtex (Pvt) Ltd 13,380,057 12,995,640
11 Body Fashion (Pvt) Ltd 44,716,682 15,011,629
12 Body Link Sweater Ltd 280,131 -
13 Chittagong Knitwears (PVT) Ltd 218,900 -
14 Cold Asia Sweater Ltd 10,923,590 5,658,416
15 Colour and Fashion Industries Ltd 10,833,165 2,904,560
16 Corus Knit Composite Ltd - 9,112,992
17 Cotton Club (BD) Ltd - 7,412,328
18 Crown Knit Wear Ltd - 1,776,071
19 Dibbo Fashions Ltd 7,791,749 -
20 Diganta Sweaters Ltd 121,987 554,343
21 Disney Sweater Ltd - 1,909,809
22 DK Sweater Ltd 8,371,579 -
23 Dynamic Sweater Industries Ltd 4,498,200 -
24 Echoknits Ltd - 5,265,274
25 Enrich Ltd - 7,701,120
26 Everbright Sweater Ltd 11,315,630 8,097,851
27 F.B. Fashion (Pvt) Ltd - 269,814
28 Fabrica Knit Composite Ltd - 22,279,247
29 Fabulous Fashions Ltd - 824,982
30 Fardar Fashions Ltd 3,020,220 -
31 Feiyue Fashions Ltd - 18,021,552
32 Florescent Apparels Ltd 3,304,628 7,657,554
33 FNF Trend Fashion Ltd - 701,352
34 Garib and Garib Co Ltd (Unit-2) - 2,092,367
35 Green Arrow Sweater Ind Ltd - 4,208,639
36 Hejaz Sweaters Ltd 17,445,884 -
37 Hi-Tech Apparels Ltd 29,858,013 -
38 Impress-Newtex Composite Textiles Ltd 1,753,878 -
39 Iris Fashions Ltd 622,679 -
40 J.L. Fashions Ltd 14,330,955 -
41 J.F.K. Fashion Ltd 15,947,276 12,997,290
42 Jams Sweaters (PVT) Ltd 1,224,581 -
43 Kaptex Sweater Ltd 1,630,598 -
44 KC Jacket Wear Company - 9,016,203
45 Keya Cosmetic Ltd (Knit Composite Division) 381,362 -
46 Knit Studio Ltd 40,741,966 -
47 Kores (Bangladesh) Ltd - 7,645,892

82 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

48 L Usine Fashion Ltd 5,862,119 -

49 Laws Knitting Ltd 5,759,849 -
50 M.T. Sweaters Ltd 32,850,217 10,930,548
51 Mac-Tex Industries Ltd 13,094,374 1,407,141
52 Magpie Knitwear Ltd - 2,517,029
53 Manel Fashion Ltd 15,881,827 32,822,434
54 Mark Sweater Ltd - 3,341,805
55 Max Sweater (BD) Ltd 7,108,763 1,555,351
56 MG Knit Flair Ltd 2,942,305 -
57 MIM Design Ltd 11,587,171 12,573,749
58 MNR Design Ltd 16,561,864 10,806,734
59 MNR Sweaters Ltd 3,356,514 -
60 Moms Touch Sweater Garden Ltd 3,317,637 -
61 Murad Apparels Ltd 905,680 -
62 N.T. Apparels Ltd 2,163,420 812,101
63 Natural Wool Wears Ltd 6,234,506 -
64 Neptune Style Ltd 1,005,728 -
65 Nexus Sweater Ind (Pvt) Ltd 10,679,359 -
66 Ocean Sweater Ind (Pvt) Ltd 47,369,538 41,017,486
67 Oishi Fashion (Pvt) Ltd 27,391,790 -
68 One Up Sweaters Ltd 8,054,991 4,729,771
69 Optimum Fashions Wear Ltd 376,050 -
70 Pioneer Knitwears (BD) Ltd 27,441,709 2,349,644
71 Pretty Sweaters Ltd - 907,999
72 Prince Jacquard Sweater Ltd 42,808,059 8,253,145
73 Priyam Garments Ltd - 16,625,187
74 Pro Makers Sweater Ind Ltd - 358,927
75 Probridhi Apparels Ltd - 128,581
76 PT Matahari Sentosa Jaya 33,960,008 29,070,527
77 R.A Accessories - 464,061
78 R. S. Sweater (Pvt) Ltd 24,675,487 -
79 Radiant Sweater Ind Ltd 2,245,630 30,034,368
80 Rahmat Sweaters (BD) Ltd - 3,253,723
81 Riverside Sweaters Ltd 852,034 352,051
82 Riviera Composite Ind Ltd - 1,901,145
83 RMM Knit Clothing Ltd - 11,981,480
84 Roar Fashion Ltd 14,657,384 25,621,718
85 Rupa Knitwear (Pvt) Ltd - 405,455
86 S.S. Sweater Ltd 6,387,445 35,416,493
87 Saadatia Sweaters Ltd 1,228,223 -
88 Sayem Fashions Ltd 6,185,025 5,142,148
89 Shafi Knit Ltd - 6,835,444
90 Sinha Knit Industries Ltd - 1,081,953
91 SMH New Generation Apparels Ltd - 255,787
92 Sonali Fabrics and Textile Mills (Pvt) Ltd - 5,082,739

ANNUAL REPORT 83
 Ring Shine Textiles Limited 2022-2023

93 Southern Clothing Ltd 18,573,282 11,933,298

94 Spring Trade Ltd 30,716,388 23,026,349
95 Sung Kwang Apparels Ltd 7,844,218 -
96 Sweatertech Ltd 37,684,785 8,264,718
97 Synergy Fashions Ltd 1,178,957 4,290,624
98 T.J. Sweaters Ltd 19,086,993 8,189,843
99 Target Fine Knit Ind Ltd 22,705,200 101,437,296
100 Tokio Mode Ltd 5,566,833 4,824,949
101 Top Tex Sweater Ltd 64,307,660 79,696,966
102 Tosy Knit Fabrics Ltd 10,172,715 -
103 Unicorn Sweaters Ltd 2,698,920 2,044,639
104 West-Line Fashion Pvt Ltd 818,940 701,031
105 Winter Dress Ltd 11,376,418 -
106 Y.K. Knitwear Ltd 8,734,932 -
Total 1,013,708,531 862,261,049

Aging of Trade Receivable

Below 90 days 740,612,930 724,029,153
Within 91-180 days 203,369,704 92,538,938
Above 180 days 69,725,897 45,692,958
1,013,708,531 862,261,049

84 ANNUAL REPORT
 RING SHINE TEXTILES LIMITED
SCHEDULE OF ADVANCES, DEPOSITS & PREPAYMENTS
AS AT JUNE 30, 2023
Annexure-05
Amount in Taka
During the Year
Particulars At 1 July 2022 At 30 June 2023
Addition Utilized
Advances
Tax Deduct at Source from Export 27,526,013

ANNUAL REPORT 85
Income Tax Tax Deduct at Source from FDR 170,837,393 170,837,393 175,357 201,506,490 201,506,490
Tax Deduct at Source from IPO Fund 2,967,727
Salary Advance Staff Salary 25,000 25,000 - 25,000 - -
DEPZ Advance to DEPZ 2,455,916 2,455,916 - - 2,455,916 2,455,916
173,318,309 173,318,309 30,669,097 25,000 203,962,406 203,962,406
Deposits
Ring Shine Textiles Limited 2022-2023

Security Deposit for DEPZ Land 6,758,557 - - 6,758,557

Security Deposits for Tel & Mobile 774,975 - - 774,975
Security For PDB 501,111 - - 501,111
Security Deposit Security Deposit for DEPZ Electricity 65,482,428 4,940,781 - - 4,940,781 65,482,428
Security Deposits for Titas Gas 52,034,584 - - 52,034,584
Security for BGIC 440,420 - - 440,420
Security for BOC Gas 32,000 - - 32,000
Margin on Bank Guarantee Bank Guarantee to Titas Gas 38,892,000 38,892,000 - - 38,892,000 38,892,000
104,374,428 104,374,428 - - 104,374,428 104,374,428
Prepayments
Prepaid Insurance Prepaid Insurance 1,336,623 1,336,623 5,016,558 5,038,339 1,314,842 1,314,842
1,336,623 1,336,623 5,016,558 5,038,339 1,314,842 1,314,842
Total 279,029,360 279,029,360 35,685,655 5,063,339 309,651,676 309,651,676
 Ring Shine Textiles Limited 2022-2023

RING SHINE TEXTILES LIMITED

DETAILS OF CASH & CASH EQUIVALENTS
AS AT JUNE 30, 2023
Annexure-06

Amount in Taka

Bank Account No. At 30 June 2023 At 30 June 2022

Cash in Hand 3,293,938 3,293,938 3,900,212 3,900,212

BDT A/C 923 00 4306 206,298 7,958
Margin on Bill 94 74
Woori Bank 463,265 222,533
OBU A/C 923 004 475 87,068 81,321
USD A/C CDA 923 004 281 169,805 133,180
BDT A/C 122-110-1038 2,968,651 5,737,853
Dutch-Bangla Bank Ltd 3,042,420 5,795,711
USD A/C 103-111-0496 73,769 57,858
Prime Bank Ltd OBU A/C 11000141/4601119000003 23,131 23,131 18,142 18,142
BDT A/C 212.100.4555 53,688 304,713
BDT A/C 212.100.5287 1,090 1,780
Cash at Bank

USD A/C 9911250001082 567,882 362,841

Dhaka Bank Ltd 1,407,236 29,297,605
USD A/C 9911250001719 470,414 368,952
USD A/C 9911250001796 313,799 551
USD DFC A/C 2121300000065 363 28,258,768
One Bank Ltd BDT A/C 0051020004937 7,425 7,425 5,012,951 5,012,951
BDT A/C 0011100015501 1,004,831 227,435
The Premier Bank Ltd 42,610,502 2,272,750
USD A/C 0102 15200000889 41,605,671 2,045,315
BDT A/C 1101902764001 213,744 214,584
The City Bank Ltd 247,975 242,784
USD A/C 5121902764001 34,231 28,200
BDT A/C 1501202739426001 11,000 11,000
BRAC Bank Ltd 12,573 12,234
OBU A/C 1599202739426001 1,573 1,234
BDT A/C 1231060027991 910,166 973,859
Eastern Bank Ltd Margin on Bill 499,661 1,944,242 391,891 1,785,306
USD A/C 1043050227415 534,415 419,556
Total Cash at Bank 49,758,769 44,660,016
BDT IPO A/C 1501202739426003 137,053,350 321,053,465
Account
Freeze

USD IPO A/C 1501202739426004 191,367,648 150,092,273

BRAC Bank Ltd 329,681,928 472,139,125
GBP IPO A/C 1501202739426005 941,276 738,084
EUR IPO A/C 1501202739426006 319,654 255,303
South Bangla Agriculture & Commerce Bank Ltd 595,069 595,069 595,069 595,069
Total Account Freeze at Bank 330,276,997 472,734,194

86 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

RING SHINE TEXTILES LIMITED

DETAILS OF TRADE PAYABLE
AS AT JUNE 30, 2023
Annexure-07
Amount in Taka
During the Year
SL Supplier Name At 1 July 2022 At 30 June 2023
Addition Payment
1 Able Advanced Chemicals Co Ltd 1,732,972 291,475 - 2,024,447
2 Absolute Alpha Ltd 19,502,445 - 19,502,445 -
3 Al-Razi Chemical Complex Ltd 531,744 1,834,626 1,863,000 503,370
4 ASM Chemical Industries Ltd 2,429,520 408,630 - 2,838,150
5 Be Fuwell Enterprise Co Ltd 6,927,341 - 6,927,341 -
6 Bengal Plastics Ltd Unit-3 - 2,367,084 - 2,367,084
7 China Texmatech Co Ltd - 4,412,520 - 4,412,520
8 Daeyu Bangladesh Ltd - 4,692,000 4,692,000 -
9 Damodar Industries Ltd 16,374,506 - 16,374,506 -
10 Dysin International Ltd 1,285,936 19,990,421 12,432,896 8,843,461
11 E.Astro Co Ltd 838,978,455 481,051,791 863,460,718 456,569,528
12 Gimatex Industries Pvt Ltd 14,321,382 47,161,579 36,195,808 25,287,153
13 Huge Master Int'l Ltd 7,678,620 - 7,678,620
14 Indo Phil Acrylic Mfg Corp 16,414,937 - 16,414,937 -
15 Jiangsu GTIG Esen Co Ltd 14,316,899 2,408,013 - 16,724,912
16 Jindo Chemical Solutoins Pvt Ltd 9,471,034 25,552,940 24,652,785 10,371,189
17 Kimia Internation Pte Ltd - 9,277,538 - 9,277,538
18 Kingpro Trading Ltd - 300,752,152 6,739,767 294,012,385
19 Le Merite Exports Pvt Ltd 9,530,483 101,964,659 62,836,084 48,659,058
20 Masood Fabrics Ltd - 19,687,645 - 19,687,645
21 Nytex Pte Ltd 55,942,674 - 55,942,674 -
22 PT Kahatex 38,624,232 - 38,624,232 -
23 PT Tradeasia Int'l Indonesia - 1,484,406 - 1,484,406
24 Queen South Textile Mills Ltd - 19,631,835 12,855,618 6,776,217
25 Queenproduct Enterprise Co Ltd - 201,823,814 - 201,823,814
26 Queensin Ltd - 96,500,533 63,836,886 32,663,647
27 Rossari Biotech Ltd 1,881,319 - 80,240 1,801,079
28 Samin Food & Beverage Ind & Textile Ltd 50,424,000 8,481,000 - 58,905,000
29 Sangam (India) Ltd 14,080,360 - 14,080,360 -
30 SO FNC International - 1,482,710 - 1,482,710
31 Spectra Dye Chem (Pvt) Ltd 1,388,952 233,613 - 1,622,565
32 Synergy Exim Pvt Ltd - 13,160,474 - 13,160,474
33 Suez Water Technologies 3,208,800 539,700 - 3,748,500
34 Taiwan Surfactant Corp 4,983,794 17,463,781 15,061,316 7,386,259
35 Thai Acrylic Fibre Co Ltd 40,055,686 - 40,055,686 -
36 Tradeasia International DMCC 30,356,495 - 30,356,495 -
37 Tradeasia International Pte Ltd 9,433,726 19,905,395 11,945,224 17,393,897
Total 1,202,197,692 1,410,238,954 1,354,931,018 1,257,505,628

ANNUAL REPORT 87
 Ring Shine Textiles Limited 2022-2023

RING SHINE TEXTILES LIMITED

DETAILS OF OUTSTANDING LIABILITIES FOR EXPENSES
AS AT JUNE 30, 2023

Annexure-08
Amount in Taka
During the Year
SL Particulars At 1 July 2022 At 30 June 2023
Addition Payment
1 Audit Fees 555,556 345,000 555,556 345,000
2 DEPZ Electricity Bill 343,753,698 218,164,198 57,433,771 504,484,125
3 DEPZ Water Bill 123,577,159 73,214,761 19,088,278 177,703,642
4 Titas Gas Bill 17,653,273 208,039,718 169,127,738 56,565,253
5 Office Electricity Bill 67,000 - - 67,000
6 Office Water Bill 63,703 70,182 68,916 64,969
7 Office Gas Bill 23,098 36,432 36,432 23,098
8 Staff Salary 4,380,801 30,765,487 35,146,288 -
9 Worker Wages 26,516,266 267,146,062 293,662,328 -
10 Worker Bonus 83,864 - 83,864 -
11 Staff Earn Leave 819,060 1,329,950 1,364,689 784,321
12 Worker Earn Leave - 4,935,556 - 4,935,556
13 Staff Service Benefit 199,144 - 199,144 -
14 Workers Service Benefit 2,157,511 - 2,157,511 -
15 Staff Resign Benefit 245,362 - 245,362 -
16 Worker Resign Benefit 8,490,154 - 8,490,154 -
17 Daily Labour 2,154,000 2,154,000 -
18 DEPZ Gas Service Charge 26,449,489 25,687,317 8,290,465 43,846,341
19 DEPZ Generator Service Charge 797,130 76,358 - 873,488
20 DEPZ Automation Service Charge 461,694 269,656 71,746 659,604
21 DEPZ Water Testing Fee 480,112 329,014 89,450 719,676
22 DEPZ Medical Bill 3,366,720 1,376,340 625,600 4,117,460
23 DEPZ Workers Welfare 1,847,664 924,578 228,950 2,543,292
24 DEPZ Land Rent 72,656,964 60,390,202 7,565,391 125,481,775
25 Office Rent 359,100 1,436,400 1,675,800 119,700
26 Garage Rent 1,231,200 - - 1,231,200
27 Telephone Bill 362,067 64,356 - 426,423
28 Mobile Bill 52,090 65,004 70,944 46,150
29 Internet Bill 12,600 605,364 605,364 12,600
30 Security Bill 307,729 2,837,558 3,030,520 114,767
31 CNG for Vehicle 2,770,405 5,369,345 5,369,345 2,770,405
32 BRTA for Vehicle 277,242 - - 277,242
33 Vehicle Maintenance 388,929 - - 388,929
34 Conveyance Bill 666,810 - - 666,810
35 Stationery 198,993 - - 198,993
36 Postage & Courier 1,775 - - 1,775
37 Staff Fooding 240,701 - - 240,701
38 Tiffin Bill 4,054,888 - - 4,054,888
39 Entertainment 33,686 - - 33,686
40 Local Welfare 22,000 - - 22,000

88 ANNUAL REPORT
Ring Shine Textiles Limited 2022-2023

During the Year

SL Particulars At 1 July 2022 At 30 June 2023
Addition Payment
41 Office Expenses 197,841 - - 197,841
42 Repair & Maintenance 7,300 - - 7,300
43 Computer Maintenance 16,832 - - 16,832
44 Director Remuneration 3,659,789 12,290,543 13,028,211 2,922,121
45 Baridhara Society 27,700 60,000 60,000 27,700
46 Vat & TDS 9,130,557 819,479 1,884,509 8,065,527
47 RJSC Fee 284,865 - - 284,865
48 DSE Fee 3,337,873 1,149,000 - 4,486,873
49 CSE Fee 2,878,873 600,000 - 3,478,873
50 Share BIZ 3,135 - - 3,135
51 Probal Engineers 17,405,500 - - 17,405,500
52 Concord Express 2,493,608 2,237,000 2,092,000 2,638,608
53 Federal Freight System Ltd 1,547,100 - 400,000 1,147,100
54 Fusion World 381,700 - - 381,700
55 Islam Chowdhury & Co. (BD) Ltd 7,330,600 - - 7,330,600
56 Mother Trading 6,811,700 - - 6,811,700
57 Naz Overseas Ltd 1,969,147 6,998,000 7,587,000 1,380,147
58 Novo Cargo Services Ltd 1,385,500 - - 1,385,500
59 Popular Agencies (BD) 12,340,673 20,151,000 19,330,500 13,161,173
60 Shahriar & Brothers Ltd 422,191 - - 422,191
61 Unique Logistics Ltd 6,146,071 6,442,000 7,403,000 5,185,071
62 Zafrid Enterprise - 2,328,451 1,950,451 378,000
63 Other CNF Bill 14,324,060 - 14,324,060 -
64 A.K. Azad & Co. - 54,000 54,000 -
65 Alobitan 672,086 - - 672,086
66 Alpha Corp. 12,000 - - 12,000
67 ARG Trading 3,859 - - 3,859
68 B. Tex Colour Touch 157,392 10,080 157,392 10,080
69 Bangladesh Bearing 338,300 - - 338,300
70 Bangladesh General Insurance Co Ltd 351,600 - - 351,600
71 BD Jobs 6,018 20,808 20,808 6,018
72 Benevolent Textiles Ltd 282,500 - - 282,500
73 Bhuiyan Sewing 13,882 - - 13,882
74 BTMA 127,200 169,600 - 296,800
75 Bureau Veritas Consumer Products Services (BD) Ltd 2,520 - - 2,520
76 D K Traders - 4,484,400 - 4,484,400
77 Dysin International Ltd 2,140,595 - 78,375 2,062,220
78 Ecotec Energy Ltd 47,200 - - 47,200
79 Ecotec Power Ltd - 282,000 282,000 -
80 Ejab Distribution Ltd 828,000 - - 828,000
81 F F Trade Corporation 132,000 - - 132,000
82 Fucolor BD Ltd 2,360,225 1,323,346 - 3,683,571
83 GMA Enterprise - 159,000 36,000 123,000
84 Hemel Chemicals - 63,250 63,250 -
85 Hwa Tai Ind Co Ltd 3,524,972 - 1,185,938 2,339,034

ANNUAL REPORT 89
 Ring Shine Textiles Limited 2022-2023

During the Year

SL Particulars At 1 July 2022 At 30 June 2023
Addition Payment
86 Imperial Allied Chemicals Ltd 465,700 - - 465,700
87 Islam Traders 175,000 - 175,000 -
88 IT Fair Trade Corp 17,150 33,700 28,850 22,000
89 ITS Labtest Bangladesh Ltd 19,245 - - 19,245
90 Kaltimex Energy BD (Pvt) Ltd 1,362,004 - - 1,362,004
91 Khan Engineers & Fabricators 303,700 - - 303,700
92 Khan Enterprise 2,958,144 1,734,000 1,673,286 3,018,858
93 Kopothakko Trading Corporation 2,184,000 - 500,000 1,684,000
94 KT Corporation 767,580 - 744,553 23,027
95 Lubricants Asia Ltd - 903,999 903,999 -
96 MH Chemical Works - 1,278,040 1,208,740 69,300
97 MH Energies & Distribution Co Ltd 2,255,200 - - 2,255,200
98 Moni Enterprise Ltd 17,600 - - 17,600
99 New Razia Motors-2 518,600 - - 518,600
100 N P Chemical 232,000 - - 232,000
101 s
Quality Office Machines Ltd - 55,000 55,000 -
102 R.M. Enterprise - 741,600 228,900 512,700
103 Rupsha Chemical Works 13,262,170 - - 13,262,170
104 Shakil Engineering - 150,000 150,000
105 Silkflex Bangladesh Ltd 91,700 - - 91,700
106 SMA Engineering Company 528,067 - - 528,067
107 SS Trade Link 424,000 180,000 - 604,000
108 Star Printtouch 159,491 789,056 908,103 40,444
109 Suntex BD Chemical - 758,050 758,050 -
110 Tahsin Abid Enterprise & Accessories 1,204,323 1,245,803 1,134,628 1,315,498
111 Texchem International 237,600 - - 237,600
112 The Dhaka Auxiliaries Ltd - 257,397 - 257,397
113 IPO Fund Refund 7,623,465 - - 7,623,465
Total 785,689,340 971,247,440 695,694,209 1,061,242,571

During the Year

SL Total Provision At 1 July 2022 At 30 June 2023
Addition Payment
1 Audit Fees 555,556 345,000 555,556 345,000
2 to 7 Utility Bill 485,137,931 499,525,291 245,755,135 738,908,087
8 to 17 Salary & Allowances 45,046,162 304,177,055 343,503,340 5,719,877
18 to 113Other Expenses 254,949,691 167,200,094 105,880,178 316,269,607
785,689,340 971,247,440 695,694,209 1,061,242,571

90 ANNUAL REPORT
 Ring Shine Textiles Ltd.
House # 05, Road # 06, Block # K,
Baridhara Model Town Gulshan, Dhaka-1212

PROXY FORM
I/We ………………….......................…………………………………………………………………………………
Of…………………………………………….being a member of Ring Shine Textiles Ltd. and entitled to vote,
hereby appoint Mr./Mrs./Miss…………………………………………………………………................................
of …………………………..………………………………………………………………………………. as my/our
proxy to attend and vote for me/us and on my/our behalf at the pending 26th Annual General Meeting
(AGM) for the year 2023 of the company will be held on Wednesday, 18 December 2024 at 10.30 AM.
through a Hybrid System in combination with a Physical Presence (Venue: Hotel Renaissance Dhaka 78
Gulshan Avenue, Dhaka) and using a Digital Platform (Link: https://ringshine26th.digitalagmbd.net)

Signature of Shareholder Revenue

Signature of proxy
Stamp
Dated............................2024 20.00

BO A/C No.

No. of Shares:

Note:
1) This Form of Proxy, duly completed and signed must be deposited at least 48 hours before the meeting
at the Company’s registered office. Proxy is invalid if not signed and stamped as explained above.
2) Signature of the Shareholder must be in accordance with Specimen Signature recorded with the Company.

Ring Shine Textiles Ltd.

House # 05, Road # 06, Block # K,
Baridhara Model Town Gulshan, Dhaka-1212

ATTENDANCE SLIP FOR HYBRID SYSTEM REGISTRATION

I do hereby record my/our attendance at the pending 26th Annual General Meeting (AGM) for the year
2023 of the company will be held on Wednesday, 18 December 2024 at 10.30 AM. through a Hybrid System
in combination with a Physical Presence (Venue: Hotel Renaissance Dhaka 78 Gulshan Avenue, Dhaka)
and using a Digital Platform (Link: https://ringshine26th.digitalagmbd.net) Name of the Member/

Shareholder/ Proxy……………………………………………………………………….............…………………..

BO ID:

Signature………………………... Date………………………………....
N.B.: Shareholders attending the Meeting in person or by Proxy under virtual platform are requested
to complete the Attendance Slip and deposit the same at the Registered Office of the Company before
the meeting.