Monobaton Audit Report_30th June 2025

Independent Auditor’ s Report on the Financial Statements of Monobaton Bangladesh Limited For the year ended 30 June 2025 Submitted by: Zoha Zaman Kabir Rashid & Co., Chartered Accountants 04 December 2025 Table of Contents Pages 1. Independent Auditor’s Report on the Financial Statements 1-3 2. Statement of Financial Positions 4-4 3. Statement of Profit or Loss and Other Comprehensive Income. 5-5 4. Statement of Changes in Equity 6-6 5. Statement of Cash Flows 7-7 6. Notes to the Financial Statements 8-13 7. Schedule of Fixed Assets 14-14 Independent Auditor’s Report Monobaton Bangladesh Limited Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Monobaton Bangladesh Limited [the “company”], which comprise the statement of financial position as at 30 June 2025, and the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of material accounting policies. In our opinion, the accompanying financial statements give a true and fair view, in all material respects, of the financial position of the Company as at 30 June 2025, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), and other applicable laws and regulations. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing [ISAs]. Our responsibilities under those standards are further described in the Auditors’ 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] together with the ethical requirements that are relevant to our audit of the financial statements in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We 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 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 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 accordance 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 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 judgement 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, misrepresentations, or the override of internal control. • 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 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 uncertainty 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. Report on other Legal and Regulatory Requirements In accordance with the Companies Act 1994, we also report the following: a] we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and made do verification thereof; b] in our opinion, proper books of accounts as required by law have been kept by the Company so far as it appeared from our examination of those books; and c] the statements 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. Muhammad Rezaul Islam FCA Partner, Enrolment No. 1750 Zoha Zaman Kabir Rashid & Co., Chartered Accountants Firm Registration Number: [N/A] Dated: Dhaka DVC No.: 2512041750AS505945 04 December 2025 Amount in Taka 30-Jun-25 Assets: Non-Current Assets Property, Plant and Equipment 5.00 1,205,775 Total Non-Current Assets 1,205,775 Current Assets Advances, Deposits and Pre-payments 6.00 330,000 Cash and Cash Equivalents 7.00 4,238,333 Calls in Arrear (Sicilia Co. Ltd.) 8.00 1,815,000 Total Current Assets 6,383,333 Total Assets 7,589,108 Equity and Liabilities Shareholders’ Equity Share Capital 9.00 6,050,000 Retained Earnings (2,591,131) 3,458,870 Current Liabilities Short Term Loan 10.00 2,816,112 Liabilities for Expenses 11.00 1,314,126 Total liabilities 4,130,238 Total Equity and Liabilities 7,589,108 ___________________________ Chairman Muhammad Rezaul Islam FCA Partner, Enrolment No.: 1750 Zoha Zaman Kabir Rashid & Co., Chartered Accountants Dated: Dhaka Firm Registration Number: [N/A] 4 December 2025 DVC No.: 2512041750AS505945 Signed as per our separate report of same date Particulars ______________ MONOBATON BANGLADESH LIMITED Statement of Financial Position As at 30 June 2025 The Accompanying Notes 01 to 14 form an Integral Parts of These Financial Statements Notes Managing Director 4 09 April 2025 to 30 June 2025 Amount in Taka Revenue - Less: Cost of Service 12.00 926,382 Gross Profit (926,382) Less: Administrative and General Expenses 13.00 1,568,600 Less: Selling and Marketing Expenses 14.00 96,149 Income from Operation (2,591,131) Add: Other Income - Profit before income tax (2,591,131) Less: Income Tax - Profit after income tax (2,591,131) ____________________ ___________________ Chairman Managing Director Muhammad Rezaul Islam FCA Partner, Enrolment No.: 1750 Zoha Zaman Kabir Rashid & Co., Chartered Accountants Dated: Dhaka Firm Registration Number: [N/A] 4 December 2025 DVC No.: 2512041750AS505945 Signed as per our separate report of same date MONOBATON BANGLADESH LIMITED Statement Profit or Loss and Other Comprehensive Income The Accompanying Notes 01 to 14 form an Integral Parts of These Financial Statements For the period ended of 30 June 2025 Particulars Notes 5 Share Capital Opening Balance - - - - Adjustments +/(-) during the period 6,050,000 - - 6,050,000 Profit/(loss) during the period - - (2,591,131) (2,591,131) Balance as at 30 June 2025 6,050,000 - (2,591,131) 3,458,870 _____________________ __________________ Chairman Managing Director Retained Earnings Total Equity Statement of Changes in Equity MONOBATON BANGLADESH LIMITED For the period ended of 30 June 2025 Particulars Share Money Deposit 6 Amount in Taka 30-Jun-25 A) Cash flows from operating activities (2,591,131) Depreciation 23,675 (Increase)/ Decrease in Advances, deposits and prepayments (330,000) (Increase)/ Decrease in Calls in Arrears (Sicilia Co. Ltd.) (1,815,000) (Increase)/ Decrease in Short term Loan 2,816,112 (Increase)/ Decrease in Liabilities for Expenses 1,314,126 Net cash generated by/(used in) operating activities (582,218) B) Cash flows from investing activities Acquisition of property, plant and equipment (1,229,450) Sale of property, plant and equipment - Adjustments of property, plant and equipment - Net cash (used in)/generated by investing activities (1,229,450) C) Cash flows from financing activities Changes in Share Capital 6,050,000 Net cash provided by /(used in) financing activities 6,050,000 D) Net increase/(decrease) in cash and cash equivalents (A+B+C) 4,238,333 E) Opening cash and cash equivalents - F) Closing cash and cash equivalents 4,238,333 _________________ _________________ Chairman Managing Director MONOBATON BANGLADESH LIMITED Profit/ (Loss) during the period Statement of Cash Flows For the period ended of 30 June 2025 Particulars 7 1.00 2.00 3.00 The presentation of this financial statements are in accordance with the guidelines provided by IAS-1: Presentation of financial statements. 2.02 Components of the financial statements 2.03 Basis of accounting 2.04 Reporting currency and others 2.05 Use of estimates and judgment The preparation of the financial statements requires management to make judgments, estimates and assumption that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The financial year of the company has been determined to be from 01 July to 30 June each year consistently. These financial statements cover period from 09 April 2025 to 30 June 2025. The financial statements have been prepared using the historical cost basis under accrual basis of accounting. The entity has adequate resources to continue its operation for the foreseeable future. For this reason all business actives have been presented in the financial statements on going concern basis. The figures in the financial statements represents Bangladeshi Taka, except where indicates otherwise. The amount has been rounded off to the nearest integer. 2.06 Reporting period Recognition and measurement 3.01 Property, plant & equipment Tangible fixed assets are accounted for in accordance with IAS-16 "Property, plant & equipment" at historical cost. (iv) Statement of Cash Flow for the period ended 30 June 2025 (v) Notes to the Financial Statement as at and for the period ended 30 June 2025. MONOBATON BANGLADESH LIMITED Notes to the Financial Statement For the period ended 30 June 2025 MONOBATON BANGLADESH LIMITED is a private limited company, incorporated in Bangladesh under the Companies Act, 1994 (Act XVIII of 1994), on 09 April 2025 vide registration No. C-201521/2025. The registered office of the company is situated at 2nd Floor 372, K.B Bazar (Targach), Gacha, Joydebpur-1704, Gazipur. 1.01 Legal status 1.02 Nature of activities Basis for preparation 2.01 Statement of compliance (i) Statement of Financial Position As at 30 June 2025 (iii) Statement of Changes in Equity for the period ended 30 June 2025. (ii) Statement of Profit or Loss and Other Comprehensive Income for the period ended 30 June 2025. To carry out the bussiness of buying house, garments products and all related export, import and trading. The accounts have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS). 8 Particular of assets Depreciation 10% 25% 10 3.07 Provisions 3.09 Compliance with local laws 3.04 Depreciation Depreciation has been charged on Reducing method at the rate of given below. Full year’s depreciation to be charged in the year of acquisition where as depreciation will not be charged in the year of disposal. 3.05 Disposal of property, plant and equipment Computer and IT Equipment An item of Property, plant and equipment is removed from the statement of financial position when it is disposed of or when no future economic benefits are expected from its use or disposal. The gain or loss on the disposal of an item of Property, plant and equipment is included in the statement of profit or loss and other comprehensive income of the period in which the de-recognition occurs. The carrying amounts of assets are reviewed at each reporting date to determine whether there is any indication of impairment loss. If any such indication exists, recoverable amount is estimated in order to determine the extent of the impairment loss, if any. Impairment loss is recorded on judgmental basis, for which provision may differ in the future years based on the actual experience. An impairment loss is recognized whenever the carrying amount of the asset exceeds its recoverable amount. Impairment losses, if any, are recognized in the statement of profit and loss and other comprehensive income. Office Equipment 3.06 Impairment 3.02 Recognition 3.03 Measurement The cost of an item of property, plant and equipment shall be recognized as an asset if, and only if: - it is probable that future economic benefits will flow to the entity; and -the cost of the item can be measured reliably. Items of property, plant and equipment except land are measured at cost less accumulated depreciation and impairment losses, if any. Property, plant and equipment are recognized when all the conditions for recognition as per IAS 16: Property, Plant and Equipment are met. The cost of an item of property, plant and equipment comprises its purchase price, import duties and non refundable taxes, after deducting trade discounts and rebates and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the intended manner. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. Provision is recognized if, as a result of a past event, the entity has a present legal on constructive obligation that can be estimated reliable and it is provable that an outflow of economic benefit would be required to settle the obligation in accordance with IAS-37 "Provision, contingent liabilities and contingent assets". Cash and cash equivalents comprise cash in hand and demand deposits, together with short-term, highly liquid investments that are readily convertible to a known amount of cash, and that are subject to an insignificant risk of changes in value. An investment normally meets the definition of a cash equivalent when it has a maturity of three months or less from the date of acquisition. 3.08 Cash and cash equivalent Furniture & Fixtures 9 Sl. No Name of the Party Relationship Nature of Transaction Balance As at 30.06.2025 1 Sicilia Co. Ltd. Parent Company (Control) Loan 2,723,762 2 K2 Logistics Bangladesh Ltd. Normal Investors Loan 92,350 3.15 Going concern 3.16 Related party disclosures Following are the related party of the entity as on reporting period 3.14 Comparative figures ii) VAT & SD Act 2012. iii) Customs Act 2023. When preparing financial statements, management makes an assessment of the entity’s ability to continue as a going concern. The Company prepares its financial statements on a going concern basis as the company has adequate resources to continue it's operation for the foreseeable future and management does not intend to liquidate the entity or to cease trading, or has no realistic alternative but to do so. As per IAS 24: Related Party Disclosures , parties are considered to be related if one of the parties has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. The Company carried out transactions in the ordinary course of business on an arm’s length basis at commercial rates with its related parties. This is the first year of the entity hence no comparative figues were presented. However in upcoming years comparative figures will be regrouped/reclassified wherever found necessary to confirm to the presentation adopted in these financial statements. iv) The Companies Act, 1994. 3.10 Cash flow statement 3.11 Statement of changes in equity 3.12 Event after reporting period All material events after the reporting period that provide additional information about the entity position at the closing date are reflected in the Financial Statements as per IAS-10 "Events after the reporting period". The cost of replacing component of an item of Property, plant & equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits will flow to the entity. 3.13 Subsequent cost The financial statements have been prepared in compliance with the requirements applicable laws in Bangladesh. Such as: Cash flow statement is prepared in accordance with IAS-7 ''Statement of Cash Flows'' presented under the indirect method. Statement of changes in equity prepared in accordance with IAS-01 "Presentation of Financial Statements". i) Income Tax Act. 2023. 10 30-Jun-25 Amount in Taka 5.00 Property, plant & equipment A.Cost: Opening Balance - Add: Addition during this period 1,229,450 1,229,450 Less: Transfer/ Disposal during this period - Total 1,229,450 B.Accumulated Depreciation Opening Balance - Add:Depreciation Charge During the year 23,675 23,675 Less: Transfer/ Disposal during this period - Closing Balance 23,675 C.Written Down Value (A-B) 1,205,775 Schedule of Property, Plant & Equipment is provided in Annexure-A. 6.00 Advances, deposits and prepayments Advance for Office Rent 330,000 330,000 7.00 Cash and cash equivalents: Cash in hand - Cash at bank: Premier Bank PLC A/C: 0104-11100083189 4,238,333 4,238,333 8.00 Calls in Arrear (Sicilia Co. Ltd.) Paid-up Capital receivable (Sicilia Co. Ltd.) 1,815,000 1,815,000 9.00 Share capital Authorized : 1,00,000 ordinary shares of BDT 100 each 10,000,000 Issued, subscribed & called up : 60,500 ordinary shares of BDT 100 each 6,050,000 Paid-up Capital: Paid-up Capital Receipts 42,350 ordinary shares of BDT 100 each 4,235,000 Calls in Arrear (Sicilia Co. Ltd.) 18,150 ordinary shares of BDT 100 each 1,815,000 6,050,000 Name of shareholders % of Holding Amount KJ Co. Ltd 24,200 ordinary shares of BDT 100 each 40% 2,420,000 Particulars Note 11 30-Jun-25 Amount in Taka Particulars Note Sicilia Co. Ltd. 36,300 ordinary shares of BDT 100 each 60% 3,630,000 100% 6,050,000 10.00 Short Term Loan Loan From Sicilia Co. Ltd. 10.01 2,723,762 Loan From K2 Logistics BD Ltd. 10.02 92,350 2,816,112 10.01 Loan From Sicilia Co. Ltd. Opening balance - Addition during the period 2,723,762 Adjust during the period - Closing balance 2,723,762 10.02 Loan From K2 Logistics BD Ltd. Opening balance - Addition during the period 92,350 Adjust during the period - Closing balance 92,350 11.00 Liabilities for Expenses Audit Fees payable 24,865 Professional Fee payable 67,135 Car Rent 115,425 Postage & Courier Bill- OCS 86,793 Legal Fees 5,000 Salary & Allowances payable 461,801 House Rent payable 170,000 Utilities Payable 47,166 TDS Payable 104,994 VDS Payable 230,947 1,314,126 12.00 Cost of Service Salary & Allowances 849,452 Mobile bill 10,400 Conveyance (Outside) 66,530 926,382 13.00 Administrative and General Expenses Advertainment Expenses 10,325 Audit Fees 24,865 Professional Fee 67,135 Bank Charge 1,668 Car Rent Expenses 242,105 Conveyance 1,290 Depreciation 23,675 12 30-Jun-25 Amount in Taka Particulars Note Electric Accessories Expenses 15,544 Entertainment 101,046 Fuel Expenses 142,313 House Rent 178,947 Internet Expenses 9,333 Mobile Bill Expenses 1,000 Office Maintenance 53,542 Office Rent 532,632 Printing & Stationery 19,794 Toll & Parking 10,590 Tour & Travelling (Local) 53,930 Utilities Expenses 78,866 1,568,600 14.00 Selling and Marketing Expenses Postage & Courier 96,149 96,149 13 (Annexure-A) Opening Balance as on 09/04/2025 Addition during the period Adjustment during the period Closing Balance as on 30/06/2025 Opening Balance as on 09/04/2025 Charge during the period Adjustment during the period Closing Balance as on 30/06/2025 1 Furniture and Fixtures - 600,322 - 600,322 10% - 10,005 - 10,005 590,317 2 Computer and IT Equipment - 127,368 - 127,368 25% - 5,307 - 5,307 122,061 3 Office Equipment - 501,760 - 501,760 10% - 8,363 - 8,363 493,397 - 1,229,450 - 1,229,450 - 23,675 - 23,675 1,205,775 Total MONOBATON BANGLADESH LIMITED Schedule of Property, Plant & Equipment As at 30 June 2025 SL Assets Assets at Cost Rate of Depreciation Depreciation W.D.V. as on 30/06/2025 14