Date: 01 October, 2023

Ahmed Zaker & Co.

Chartered Accountants
Green City Edge (Level-10)
89, Kakrail, Dhaka-1000
Bangladesh

Subject: Declaration Letter regarding the External Audit of the Financial Statements of
Balaka Stitch (Pvt.) Ltd. for the year ended June 30, 2022.

Dear Sir,
With reference to our appointment letter dated October 11, 2022 we would like to confirm that
your Audit Team has successfully completed the External Audit of the Financial Statements of
Balaka Stitch (Pvt.) Ltd. (hereinafter referred to as “the Company”) for the year ended June 30,
2022 on Test/Reasonable assurance basis in accordance with the International Standards on
Auditing (ISAs).

We further confirm that during the course of the Audit, your Audit Team visited our Office Premises.

Furthermore, we assure and confirm the following information:

1. The Financial Statements have been prepared by the Company in accordance with
IFRSs/IASs, Companies Act 1994, and other applicable Laws and Regulations pertaining to
the preparation of financial statements in Bangladesh.
2. We also confirm that Information regarding all the Company’s Bank Accounts have been
incorporated in the Financial Statements and all information regarding the Company’s cash
and bank balances incorporated in the Financial Statements are True, Correct and Complete.

3. In relation to this, we further reiterate that we have no other Bank Accounts except all those
mentioned and incorporated in the Financial Statements.
Furthermore, we confirm that we have disclosed all relevant Bank Information pertaining to
other bank assets/liabilities such as FDRs, Loans etc. properly and accurately. If any hidden
Bank information is found by any regulatory body, the Company will be fully responsible for
such Fraudulent activities.

4. We further Confirm that we maintained all the Books of Accounts as required by the
companis Act 1994.

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 5. If any Regulatory Body or other relevant Authority could find any fraud and misstatement in
the financial statement and any other documents, the Company Management will be solely
liable for such activities.
6. We confirm that we have provided your Audit Team with the full and complete information
regarding the Company, Related Party/Parties and the Company will be solely reliable for any
omissions or misrepresentations made to your Audit Team.

7. In the Financial Statements, if any Transaction is found which connects to Money Laundering
Activity, Fraudulence & Falsification by the Company, the Company Management will be
liable for such Occurrences.
8. In our opinion, relevant Local Regulatory Bodies or Authorities should not ask the Auditor for
any explanations in this regard, with the exception of The Institute of Chartered Accountants
of Bangladesh (ICAB).
9. We Confirm that the Auditor has performed the relevant duties at work, and we have given
them the Full Independence to ask and discuss any Observations on the basis of their
performed Audit procedures for the Subsequent Development of the Company.

10. In our opinion, the Auditor should not be responsible for any Queries by any Authority. The
Company will submit all the Clarifications in all respects to all Authorities.
11. We Confirm that we didn’t hide any transaction in respect of Import, Export, Buy, Sale, Asset,
liability and Intercompany affairs with Company Shareholders, Directors, Related Parties and
Authorities. If any such transactions are found, or relevant Regulatory Bodies or Authorities
have questions regarding any transactions, the Company will be solely responsible for this.

This is our Confirmation and Assurance regarding the Audited Financial Statements of Balaka
Stitch (Pvt.) Ltd. for the year ended June 30, 2022.

Yours Sincerely,

……………………………….
Managing Director
Balaka Stitch (Pvt.) Ltd.