Miura Bangladesh Co. LTD Audited Financials Statements Period ended 31st March 2023.

AUDITORS' REPORT OF MIURA BANGLADESH CO. LTD ahamed shamim &co. www.asccabd.com chartered accountants FOR THE YEAR ENDED 31 MARCH 2023 House -1/B, Flat- 1A, Road - 8, BIock - I, Banani, Dhaka-1213 Phone : +88 02 222270289, Cell: +88 01974007447, Webmail: mail@asccabd.com, E-mail :ahamedshamimnco@gmail.com AUDITORS' REPORT OF MIURA BANGLADESH CO. LTD FOR THE YEAR ENDED 31 MARCH 2023 ahamed shamim &co. Chartered Accountants Report on the Audit of the Financial Statements Opinion Independent Auditor's Report To the Shareholders of Miura Bangladesh Co. LBd. We have audited the financlal statements of Miurca Bangladesh Co. Ltd. (the Company), which comprise the Statement of Financial Position as at 31 March 2023. Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the period then ended, and notes to the tinancial statements, including a summary of significant accounting policies and other explanatory information disclosed in notes. In our opinion, the accompanying financial statements present fairly, the financial position of the Company as at 31 March 2023, and of its financial performance and its cash flows for the period then ended in accordance with International Financial Reporting Standards (FRSs) except for the application of the IFRS-16: Lease in preparation of Financial Statements. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (1SAs). Our responsibilites 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 ethical requirements that are relevant to our audit of the financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements. WNe believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with IFRSs, 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 Company'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 Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company'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. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in gccordance with ISAs will 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 toinflvence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with lSAs, 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 qudit 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, misrepresentations, or the override of internalcontrol. House- 1/B, Flat- 1A, Road -8, Block- I, Banani, Dhaka-1213 +88 02 222270289, Cell: +88 01974007447, E-mail : mail@aSccabd.com, ahamedshamimnco@gmail.com www.asccabd.com ahamed shaminm & co. Chartered Accountants Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate 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 esTIMares and related disclosures made by management. Conclude on the appropriateness of management's use of the going concern basis of accounting anc, based on the audit evidence obtgined, whether a material uncertainty exists related to events or conaiTIOns that may cast significant doubt on the Entity's ability to continue as a going concern. It we concivde That d material uncertainty exists, we are reguired to draw attention in our auditor's report to the related disclosures in the financial statements or. if such disclosures are ingdeguate, 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 Entity 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. Report on other Legal &Regulatory Requirements We also report that: a) We have obtained required information and explanation which to the best of our knowledge and belief were necessary for the purposes of our audit and made due verification thereof; b) In our opinion, proper books of accounts as required by law have been kept adequately by the Company so far as it appeared from our examination; c) The statement of financial position and statement of profit or loss and other comprehensive income dealt with by the report are in agreement with the books of account they maintained; d) The expenditure incurred and payments made were for the purpose of the Company's business year: Dated: Dhaka 12October 2023 Ahamed Shamim & Co. Chartered Accountants Registration Number: 702 Signature of Auditor www.asccabd.com Md. Shamim Ahamed FCA Principal ICAB Enrolment #947 DVC: 2310120947AS158192 House - 1/B, Flat 1A, Road- 8, Block -I, Banani, Dhaka-1213 +88 02 222270289.Cell: +88 01974007447, E-mail : mail@asccabd.com, ahamedshamimnco@gmail.com ASSETS Non-Current Assets Property, Plant & Equipment Current Assets Advance, Deposit and Prepayments Accounts Receivable Inventory Cash and Cash Equivalents Total Assets EQUITY AND LIABILITIES Shareholders' Equity Share Capital Share Money Deposit Retained Earnings Current Liabilities Liabilities for Expenses Total Equity and Liabilities Managing Director Dated: Dhaka October 03, 2023 Miura Bangladesh Co., Ltd. Statement of Financial Position As at 31 March 2023 Particulars ahamed shamim & co. chartered accountants Signed as per Our Separate Report of Same Date. Notes 4.00 5.00 6.00 7.00 8.00 9.00 The Accompanying Notes form an Integral Parts of These Financial Statements 10.00 31 March 2023 Amount in BDT 2,716,149 2,716,149 27,414,069 1,742,880 461,016 1,067,858 24,142,315 Director 30,130,218 30,020,968 30,000,000 Signature of Auditor 164,301 (143,333)| 30,130,218 109,250 109,250 Ahamed Shamim & Co. Chartered Accountants Registration Number: 702 Md. Shamim Ahamed FCA Principal ICAB Enrolment #947 DVC: 23|oj2094ASIS S192 Revenue Less : Cost of Goods Sold Gross Profit Net Profit/(Loss) before Tax Statement of Profit or Loss and Other Comprehensive Incomne For the period ended 31 March 2023 Less: Operating and Administrative Expenses Add: Non-Operating Income Less: Financial Expenses Net profit/(Loss) before tax Less: Provision for Income Tax Net Profit/(Loss) After Tax Dated: Dhaka Miura Bangladesh Co., Ltd. Managing Director October 03, 2023 Particulars Notes Signed as per Our Separate Report of Same Date. 11.00 The Accompanying Notes form an Integral Parts of These Financial Statements ahamed shamim & co. chartered accountants 31 March 2023 Amount in BDT Director Principal Signatufe of uditor 143,333 (143,333) (143,333) Ahamed Shamimn & Co. Chartered Accountants Registration Number: 702 (143,333) Md. Shamim Ahamed FCA ICAB Enrolment # 947 DVC: 23|0120g47AS1S S192 Net Profit/(Loss) After Tax A) Cash Flows from Operating Activities Amortization Depreciation Increase/ (Decrease) in Advance, Deposit and Prepayments Increase/ (Decrease) in Accounts Recivable Increase/ (Decrease) in Inventory Miura Bangladesh Co., Ltd. Statement of Cash Flows For the period ended 31 March 2023 Particulars Increase/ (Decrease) in Liability For Expenses Net Cash Generated by/(used in) Operating Activities B) Cash Flows from Investing Activities Disposal of Fixed Asset Acquisition of Property, Plant and Equipment Net Cash (used in)/Generated by Investing Activities Change in Share Capital C) Cash Flows from Financing Activities Change in Share Money Deposit Net Cash Provided by /(Used in) Financing Activities D) Net Increase/(Decrease) in Cash and Cash Equivalent (A+B+C) E) Opening Cash and Cash Equivalents F) Closing Cash and Cash Equivalents Managing Director ahamed shamim &co. chartered accountants The Accompanying Notes form an Integral Parts of These Financial Statements Signed as per Our Separate Report of Same Date. 31 March 2023 Amount in BDT (143,333) (1,742,880) (461,016) (1,067,858) 109,250 (3,305,837) (2,716,149) (2,716,149) 30,000,000 164,301 30,164,301 24,142,315 Director 24,142,315 1.00 The Reporting Entity: 1.01 Logal form of Entorpriso : 1.02 Nature of tho Businoss Miura Bangladesh Co., Ltd. Notos to tho Financial Statoments For tho poriod ondod 31 March 2023 Miura Bingaldesh Co., Lic. Is a Non-lListed Privite Limited Comppany domiciled in Bangaldesh which was registered (Reg: C-186171/2023). 01.To corry on the business of trading, buying, sell, exporters, importers, Marketing,indenters, commission igents, selling agents, distributors, brokers, stockiest, merchants, wholesalers, retailers, buyers, manutacturers, general order suppliers.and dealers of boiler. boiler parts, boiler chemical, water treatment equipment, and garments related machinery. 02.To set up the business and maintain industries for maintain of steam boiler, al! kinds of boiler-related parts, boiler chemicals, and water treatment equipment. Research and development of all kinds of boiler related products, boiler chemicals, nd water treatment equipment. 03.To do the business of assembling, installing, repairing, and maintenance of all kinds of boilers, boiler parts, boiler chemicals, water treatment equipment, ancd garmentsrelated machinery all over Bangladesh. technology in the boiler industry. 04.To carry out the business of analyzing, inspecting, and reviewing, testing the water quality of the factory and the water treatment plants and water treatment equipment of the garment factory. 05. To carry the business of Boiler Water Treatment Chemicals production and to ensure the boiler systems are correctly maintained and operate at optimum efficiency. scientifically formulated to improve the operation and maintenance of industrial boiler systems and steam generation plants by proactively managing the problems associated with the Use of water including scale foml ation, metallic corrosion, boiler water carryover, and sludge deposition etc. ahamed shamim & co. 06.To carry out the business of boiler-related consultancy and advisory order to reduce the energy consumption is being used in boilers and to improve the boiler efficiency by providing guidelines for proper management of boilers. Bring new chartered accountants 07, To attain the business objectives company may enter into Partnership, Jointventure, take over or Amalgamate with any other company and also to take Loans from Bank/other Financial Institutions in suuch a manner as may company thinks fit. 09. The company didn't generate any revenue upto the reporting audit period. 08.To mortgage the property and assets of the company as securities for loans and/or any credit facilities to be aiven to any associate company or companies or third party and also to give guarantee securing liabilities of such associate company or companies and/or third party. 1.03 Components of the financial statements The financial statement comprises of : (i) Statement of Financial Position as at 31 March 2023; (ii) Statement of changes in equity; for the Period ended 31 March 2023: (iv) Statement of cash flows; for the Period ended 31 March 2023: (ti) Statement of Profit or Loss and Other Comprehensive Income; for the year ended 31 March 2023. (v) Accounting policies and explanatory notes to the financial Statement. ahas 2.00 Basis of Preparation, Presontation and Disclosures of Financial Statements 2.01 Basis of Preparation he tnncial statements have becn propared on a aoin concern basis following accruo bos cconing except for statement of cush flow: in tccordance with the lnterngtional Accounting Standdrcs (IAS:) ond lntenatlonal Financlal Reporting Stondards (IFRS:). 2.02 Functional and Presentational Currency These financial statements are proparcd in Bonlacdeshi Taka (Toka/Tk), which is the compony s tunctional currency, All financial information prosented in Toke hos been rounded off to the neoies integer. Figures in brackets lndicate deductions. 2.03 Use of Estimates and Judgments The preparation of finncial statements requires management to make judgments, estimoee aSsUmptions that affect the application of accounting poliies and the reported amounts of oSsers, habtieS, income and expenses. Actual results may differ from these estimates. Estimates and underlying aSsUmptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognizeo in me period in which the estimate is revised and in any future periods affected. 2.04 Going Concern Ihe company has adequcate resources to continue its operation for foreseeable future. For this reoson the directos continue to adopt goina concern basis in preparing the financial statements. The current creoiT tacilities and resources of thc company provide sufficient fund to meet the present requirements oT its existing businesses and operations. 2.05 Reporting Period ahamed shamim &co chartered accountants The finoncial year of the company has been determined to be from l:t April to 31st March each yeor. This financial statement covers a financial period from 05th January 2023 to 31st March 2023. 3.00 Summary of Significant Accounting Policies: The specific accounting policies selected and applied by the company': directors for significant transactions and events that have material effect within the framework of IAS-1 "Presentotion of Financial Statements", in preparation and presentation of financial statements have been consistently applied throughout the year and were also consistent with those used in earlier years. For a proper understanding of the financial statements, these accounting policies are set out below in one place as prescribed by the IAS-1 "Presentation of Financial Statements". The recommendations of IAS-1 relating the format of financial statements were also taken into full consideration for fair presentation. The accounting policies set out below have been applied consistently to all periods presented in these financial statements. 3.01 Property, Plant & Equipment's 3.1.1 Recognition & Measurements Property, plant & equipments are stated at cost less accumulated depreciation and impairment losses. The costof acquisition comprises of purchase price, including import duties and non-refundable taxes and any directly attributable cost of bringing the assets to its working condition for its intended Use. 3.1.2 Subsequent Costs The cost of replacing 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 to the Companyand its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognized in the profit and loss account as incurred. ham 3.1.3 Depreciation Particulars Computer Equipment Depreciation has been charged on Straight Line Method on all assets. Depreciation on addition of dl assets charged for whole year of acquisition of assets. Followina Depreciation Rate has been tollowed: Furniture & Fittings Office Equipment 3.02 Cash and Cash Equivalents Rate of 30% 10% 3.04 General 10% 3.03 Responsibility for Presentation and Preparation of Financial Statements ahamed shamim &co. Cash and Cash Equivalents include cash in hand and cosh at bank on current and deposit accounts, whicn were held and available for readily use by company without any restriction.There is insignitican risk o changes in value of the same. acco chartered accountants The Board of Directors is responsible for the preparation and presentation of Financial Statements under section 183 of the Companies Act 1994 and as per provision of the International Accounting Standards Committee (|ASB). Figures in this note and annexed financial statements have been rounded off to the nearest integer. Notes 4.00 5.00 6.00 7.00 8.00 9.00 Property plant &equipment The break up of the said amount is as under: Add: Addition during the year Less: Accumulated depreciation Closing Balance Advances, Deposits and Prepayments The break up of the said amount is as under: Office Rent- Security Deposit House Rent- Security Deposit Total Accounts Receivable The break up of the said amount is as under: Others Receivable Total Inventory The break up of the said amount is as under: Spare Parts & Chemicals Total Cash and Cash Equivalents: The break up of the said amount is as under: Cash in Hand Cash at Bank : Prime Bank Limited Gulshan Branch Account Number 2132111025836 Total Share Capital The break up of the said amount is as under: Authorized: 600,000 Ordinary Shares of BDT 100 Particulars Issued, Subscribed & Called Up: 300,000 Ordinary Shares of BDT 100 Paid Up: 300,00O Ordinary Shares of BDT 100 Shareholding Position: Name of Shareholders |01. Miura South East Asia Holdings Pet.Ltd. Total Representative: Mr. Keiichi Murakami |02. Miura Industries (Thailand) Co., Ltd. Representative: Mr. Yuji Kido Percentage of Share (%) 99% 1% 100% Number of Shares 297,000 3,000 300,000 ahamed shamim & co Taka chartered accountants Amount in 29,700,000 300,000 30,000,000 31 March 2023 Amount in BDT 2,716,149 2,716,149 1,385,680 357,200 1,742,880 461,016 461,016 1,067,858 1,067,858 24,142,315 24,142,315 60,000,000 30,000,000 30,000,000 Amount in Taka 29,700,000 300,000 30,000,000 10.00 11.00 Liabilities for Expenses Advisory & Consulting Fees Payable Audit Fee Payable Consultancy Fees Payable TDS Pay able VDS Payble Total Operating and Administrative Expenses Bank Charges Audit Fees Consultcancy Fees Total ed ahamed shamim & co. chartered accountants 51,1|| 58,139 109,250 34,083 51,111 58,139 143,333 Miura Bangladesh Co., Ltd. Schedule of property, plant & equipment As at 31 March 2023 Annexure-A Depreciation Writen Down Assets at Cost Valve 3 March 2023 Closing Balance 31 March 2023 Adjustment during the period Charge during the Opening Balance 05 January 2023 Closing Balance Rate period 31 March 2023 Adjustment during the Addition during the Particular SL period 111,1 26 Opening Balance 05 January 2023 period 1,349,819 30% 111,126 111,126 01|Computer Equipments 1,349,8 19 10% 1,255,204 1,349,819 02\Office Equipments 1,255,204 10% 2,716,149 1,255,204 03|Furniture & Fittings 2,716,149 2,716,149 Closing balance aca