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Adobe SystemsWe have audited the accompanying balance sheet of the Prime Finance & Investment Limited as of December 31, 2005 and the related profit and loss accounts, cash flow statement, statement of changes in shareholders' equity together with the notes 1 to 50 for the year ended December 31, 2005. The preparation of these financial statements is the responsibility of the Company's management. Our responsibility is to express an independent opinion on these financial statements based on our audit.

We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant accounting estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements prepared in accordance with Bangladesh Accounting Standards (BAS), give a true and fair view of the state of the company's affairs as of December 31, 2005 and of the results of its operations and its cash flows for the year then ended and comply with the Financial Institutions Act, 1993, the Companies Act, 1994, the Securities and Exchange Rules 1987, the rules and regulations issued by the Bangladesh Bank, and other applicable laws and regulations.

We also report that:

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 due 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 proper returns adequate for the purposes of our audit have been received from branch not visited by us ;
c)
the Company's balance sheet and profit and loss accounts dealt with by the report are in agreement with the books of accounts;
d)
the financial statements have been drawn up in conformity with the rules and regulations issued by Bangladesh Bank to the extent applicable to the Company;
e)
the expenditure incurred and payments made were for the purpose of the company's business;
f)
the information and explanations required by us have been received and found satisfactory;
g)
adequate provision has been made for leases and advances considered to be doubtful;
h)

the records and statement submitted by the branch have been properly maintained and consolidated in the financial statement;
i)
the Company has followed the instructions issued by Bangladesh Bank in matters of lease/advance classification, provisioning and suspension of interest; and
j)

the company has complied with the relevant laws pertaining to reserves and maintenance of liquid assets.

 

Dhaka, March 14, 2006

 

A. Qasem & Co.
Chartered Accountants