Dear Valued Shareholders-
On behalf of the Board of Directors of Generation Next Fashions Limited, I have the pleasure to welcome you all to the 17th
Annual General Meeting of the company. We are pleased to submit before you the operational activities and Audited Financial
Statements for the year ending 30 June 2021 as approved by the Board of Directors.
Business Condition: As you are aware, the global economy has plunged into worst recession due to second wave of Covid 19.
This has caused a huge impact on the business of ready-made garments suppliers all over the world. We are no exception to this.
Implications of COVID-19 on our business:
COVID-19 pandemic has developed very rapidly in 2021, and the resulting impact of it on our operations has been little negative. But the timely measures taken by the Government of Bangladesh
had very positive impact on the overall RMG business in the country.
COVID-19 is not expected to have a longtime significant impact on the entity. Management has determined that, there is no material uncertainty that casts doubt on the entity's ability to continue as a growing concern. It expects that COVID-19 might have some impact,
though not significant, for example, in relation to expected future performance.
The currently known impacts of COVID-19 on the company are: 1. 8.21% decline in total revenues for the year ended 30th June,
2021 compared with the year ended 30th June, 2020.
2. Frequent closure of the group's production facilities and export activities from Chittagong port in the reporting period.3. Redundancy cost of temporary workforce.
In response to these matters, the entity has taken the following actions: I. Downsizing the workforce to cut down cost to a tolerable level. II. Renegotiating with the customers to rearrange the export schedule and took confirmation for delivery of "Call on Hold" orders.
Renegotiating with the customers to rearrange the export schedule and took confirmation for delivery of "Call on Hold" orders.
Human Resources: Nothing is possible without the dedication and selfless commitment of the employees who are the backbone of our company.
Conclusion: Here I would like to take this opportunity on behalf of the Board of Directors to express our deepest appreciation to all of our valued customers for their confidence in our products. I also like convey our sincere thanks and gratitude to all the employees for their tireless efforts, to the suppliers for their quality goods and to the esteemed shareholders for their continuous support and interest for the welfare of the company. I also hope that the same support from all
stakeholders will continue in the coming years.
May Allah bless us.
Thanking you all,
Tauhidul I. Chaudhury
Chairman of the Board