The Securities and Exchange Commission of Pakistan (SECP) has been informed that the financial statements of Beema Pakistan Company Limited for the year ended December 31, 2006 do not reflect true and fair view of the affairs of the company.
In a letter sent to the SECP, Khalid Majid Rahman Sarfaraz Rahim Iqbal Rafiq Chartered Accountants said that the management of the company had not to date responded to their letter dated April 27, 2007, nor issued quarterly financial statements for the period ended March 31, 2007.
"Moreover, further information that has now come to our knowledge revealed material inconsistency contradicting disclosures made as well as owing to non-disclosure of material information by the company in the audited financial statements for the year ended December 31, 2007", the Chartered Accountants said.
They added the financial statements, therefore, did not reflect true and fair view of the affairs of the company. "Essentially, as per the International Standard on Auditing 560 (ISA 560) we have brought to the attention of the subject company the facts coming to the knowledge of the auditors after issuance of the financial statements and called upon them to make appropriate disclosures in the quarterly financial statements of the company for the period ended March 31, 2007", they said.
"In view of the above, we state that no reliance may, therefore, be placed on our report on the subject financial statements of Beema Pakistan Company Limited", they added.
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