Aziz Pipes Limited announcements
320 Dhaka Stock Exchange announcements for Aziz Pipes Limited (AZIZPIPES) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2017 (18).
- Resumption after record date
Trading of the shares of the Company will resume on 26.11.2017 after record date.
- Suspension for record date
Trading of the shares of the Company will remain suspended on record date i.e., 23.11.2017.
- Spot News
Trading of the shares of the Company will be allowed only in the Spot Market and Block transactions will also be settled as per Spot settlement cycle from 12.11.2017 to 22.11.2017. Trading of the shares of the Company will remain suspended on record date i.e., 23.11.2017.
- Spot News (Correction)
(Correction): Trading of the shares of the Company will be allowed only in the Spot Market and Block transactions will also be settled as per Spot settlement cycle with cum benefit from 12.11.2017 to 22.11.2017. Trading of the shares of the Company will remain suspended on record date i.e., 23.11.2017.
- To purchase a new Production Line from India as part of BMRE
The Company has informed that the Board of Directors has decided to purchase a new Production Line from India at an estimated cost of Tk. 1.60 crore only as part of BMRE. This will increase the production capacity of pvc pipe. The payment will be made under the lease finance of Haj Finance Company Limited.
- Dividend Declaration
The Board of Directors has recommended 5% stock dividend for the year ended on June 30, 2017. Date of AGM: 24.12.2017, Time: 10:00 AM, Venue: Institution of Diploma Engineers Bangladesh (IDEB), 160/A, Kakrail, Dhaka. Record Date: 23.11.2017. The Company has also reported EPS of Tk. 0.57, NAV per share of Tk. (53.71) and NOCFPS of Tk. 9.44 for the year ended on June 30, 2017 as against Tk. (2.35), Tk. (54.27) and Tk. 4.49 respectively for the same period of the previous year.
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (29.10.2017) following its corporate declaration.
- Q1 Financials
(Q1 Un-audited): EPS was Tk. 0.11 for July-September, 2017 as against Tk. 0.14 for July-September, 2016. NOCFPS was Tk. 1.68 for July-September, 2017 as against Tk. 2.60 for July-September, 2016. NAV per share was Tk. (53.59) as on September 30, 2017 and Tk. (53.71) as on June 30, 2017.
- Board Meeting schedule under LR 16(1)
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on October 26, 2017 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on September 30, 2017.
- Board Meeting schedule under LR 19(1)
As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on October 26, 2017 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended on June 30, 2017.
- Enquiry Committee formed by BSEC
BSEC NEWS: Bangladesh Securities and Exchange Commission (BSEC) has formed an enquiry committee to investigate into unusual movement of price and volume of shares of Aziz Pipes Ltd. in the Stock Exchanges (BSEC Order No. BSEC/Surveillance/2017-0895/813 dated July 24, 2017).
- Query Response
In response to a DSE query, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike.
- Q3 Financials
(Q3 Un-audited): EPS was Tk. 0.06 for January-March, 2017 as against Tk. 0.03 for January-March, 2016; EPS was Tk. 0.37 for July, 2016-March, 2017 as against Tk. (0.72) for July, 2015-March, 2016. NOCFPS was Tk. 9.30 for July, 2016-March, 2017 as against Tk. 2.25 for July, 2015-March, 2016. NAV per share was Tk. (53.90) as of March 31, 2017 and Tk. (54.27) as of June 30, 2016.
- Appointment of Chairman
The Company has informed that Mr. Md. Kamal Hossen Gazi (nominated Director from ICB) has been appointed as the Chairman of the Company with effect from April 27, 2017.
- Board Meeting schedule under LR 16(1)
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on April 26, 2017 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended on March 31, 2017.
- Q2 Financials
EPS was Tk. 0.17 for October-December, 2016 as against Tk. 0.02 for October-December, 2015; EPS was Tk. 0.31 for July-December, 2016 as against Tk. (0.75) for July-December, 2015. NOCFPS was Tk. 4.96 for July-December, 2016 as against Tk. 1.49 for July-December, 2015. NAV per share was Tk. (53.96) as of December 31, 2016 and Tk. (54.27) as of June 30, 2016.
- Board Meeting
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on January 18, 2017 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended on December 31, 2016.
- Audit Observations
The auditor of the company has given the following observations in the audit report of the company for the period from 01 January 2016 to 30 June 2016: Observations: 1. Utilization of Production Capacity and ability of the company to pay debt: The production capacity position of the company is very poor which was decreased than the last year by 3.58%. Total utilization of attainable capacity of the company is only 28.92% which was 32.50% at previous year. The management of the company opined that the shortfall was made due to reduce demand emanated from general economic downturn, shortage of working capital and no-availability of banking support due to sub-judice matter. In our opinion, production capacity must be utilized at the optimum level to strengthen the financial position of the company. Further, it is mentioned that as of 31 December, 2015 the cumulative balance of retained earning stands on negative balance Tk. 473,531,424.00 and indebted to the extent of Tk. 578,126,505.00 consisting of loan fund and current liabilities. All these facts indicate uncertainty to be a going concern. 2. Cost of Goods Sold (COGS): The cost of Goods Sold represents 94.83% of the total turnover, which is the higher side and it was also 94.61% in the last year. The management opined that due to un-availability of the banking facilities. All raw materials have been purchased from local market at higher price to avail local credit facilities. In our opinion for steady profit of the company the cost of goods sold ratio to turnover should be reduced as much as possible and also sales price of the product should be re-fixed. 3. Pre-production Expenses: During the year the company has been amortized Tk. 1,000,000.00 against pre-production expenses. We feel that entire rest of the amount should be written off immediately. 4. Loan Fund: The Company has continuously been defaulting in payment of installments against short-term loan and cash credit from Uttara Bank Limited, Dutch Bangla Bank Limited and National Bank Limited, which included in Note-12 & 14. The company is under process of negotiation for restructuring with those financial institutions. Both, the company and Uttara Bank Limited, Dutch Bangla Bank Limited, and National Bank Limited have gone into litigation to mitigate their respective grievances and such no interest has been charged during the year against those loans. However, the company management should take pragmatic actions to negotiate the matter as early as possible. 5. Gross Profit: The Company is constantly running at a loss. Its profitability of the company is negative and gross profit rate is only 5%. Due to existing court cases against and consequent non-cooperation from three bankers of the company, Aziz Pipes Limited is critically suffering from paucity of working capital and total stoppage of imported raw material from foreign suppliers. Absence of imported raw material against LC, company is paying excess amount of around 10% money to local suppliers due to loss of AIT/ATV cost exemption benefits normally availed from imported procurement. Moreover, due to acute shortage of working capital the money is surviving at present at lower level of production.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.