Emerald Oil Industries Limited announcements
208 Dhaka Stock Exchange announcements for Emerald Oil Industries Limited (EMERALDOIL) since 2014: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2023 (101).
- Trading of the shares of the company will resume on 30.11.2023.
Trading of the shares of the company will resume on 30.11.2023.
- Trading of the shares of the company will remain suspended on record date i.e., 29.11.2023.
Trading of the shares of the company will remain suspended on record date i.e., 29.11.2023.
- Spot News
Trading of the shares of the company will be allowed only in the Spot Market and Block transaction will also be settled as per spot settlement cycle with cum benefit from 27.11.2023 to 28.11.2023 and trading of the shares will remain suspended on record date i.e., 29.11.2023.
- The auditor of the company has given the \"Qualified Opinion, Emphasis of Matters and Other Matter\" paragraph in the Au
The auditor of the company has given the \"Qualified Opinion, Emphasis of Matters and Other Matter\" paragraph in the Auditor\'s Report of the company for the year ended June 30, 2023. To view the details, please visit: https://www.dsebd.org/assets/pdf/4.EMERALDOIL.pdf
- Refer to their earlier news disseminated by DSE on 16.11.2023 regarding raising paid up capital of the company, the comp
Refer to their earlier news disseminated by DSE on 16.11.2023 regarding raising paid up capital of the company, the company has further informed that the purpose and utilization of paid-up capital will be as follows: Tk. 21,150,000.00 for repayment of Bank Liabilities (BASIC Bank, Bank Asia and Midas Finance), Tk. 200,024,597.00 for Working Capital (Raw Material (Bran), Chemical and Packing Material Purchases), (cont.)
- Regarding utilization of paid-up capital
(Continuation news of EMERALDOIL): Tk. 55,224,319.00 for Previous Due Payment (Payment to Old Suppliers, Previous Gas Bill Paid, BAPLC Certificate Fee and DSE Listing fee), Tk. 10,162,358.00 for Capital Expenditure (Property, Plant and Equipment) and Tk. 29,023,766.00 for Pre-Operating Expenses (Factory Repair and Maintenance, HO and Factory Daily Expenses, Board Meeting Attendance Fee, Directors Remuneration and Salary and Wages). (end)
The first part of this announcement is missing from the archive. - The company has informed that it has received the consent letter from Bangladesh Securities and Exchange Commission for
The company has informed that it has received the consent letter from Bangladesh Securities and Exchange Commission for raising paid up capital of the Company from existing BDT 59,71,35,000 to BDT 91,27,20,040 only through issuance of 3,15,58,504 ordinary shares of Tk. 10 each totaling Tk. 31,55,85,040 only to Minori Bangladesh Limited in cash consideration against share money deposit as invested by Minori Bangladesh Ltd. (cont.)
- BSEC consent for raising paid up capital of the Company
(Continuation news of EMERALDOIL): time to time as per instruction of the Commission through its letter no. BSEC/SRMIC/47/2014/453 dated 23 December 2021 issued from Supervision & Regulation of Markets and Issuer Companies (SRMIC) Department subject to lock in period for 3 (three) years and compliance of other conditions mentioned in the consent letter. (end)
The first part of this announcement is missing from the archive. - The Board of Directors has recommended final 10\% Cash dividend (including 5\% interim cash dividend) except previous di
The Board of Directors has recommended final 10\% Cash dividend (including 5\% interim cash dividend) except previous directors holding 29.92\% shares for the year ended June 30, 2023. Date of AGM: 27.12.2023, Time of AGM: 11:00 AM, Venue: Digital Platform. Record Date: 29.11.2023. The Company has also reported EPS of Tk. 0.73, NAV per share of Tk. (10.37) and NOCFPS of Tk. (0.03) for the year ended June 30, 2023 as against Tk. 0.17, Tk. (12.85) and Tk. (2.40) respectively (cont.)
- Dividend Declaration
(Continuation news of EMERALDOIL): for the year ended June 30, 2022. Reason for Significant Deviation: After long time shut down, the company restarted the commercial production on 09 January 2022 upon successful completion of trial production. Therefore, the company could utilize only 23% of the Production Capacity in 2021-2022 whereas the company utilized 50% of the Production Capacity in 2022-2023. (end)
The first part of this announcement is missing from the archive. - Price Limit Open
There will be no price limit on the trading of the shares of the Company on today (02.11.2023) following its corporate declaration. However, the floor price shall be applicable accordingly.
- Q1 Financials
(Q1 Un-audited): EPS was Tk. 1.47 for July-September 2023 as against Tk. 0.22 for July-September 2022. NOCFPS was Tk. (0.21) for July-September 2023 as against Tk. (0.77) for July-September 2022. NAV per share was Tk. (8.90) as on September 30, 2023 and Tk. (10.56) as on September 30, 2022. Reason for significant deviation: 100% Production capacity has been utilized during July-September 2023.
- Reschedule of Board Meeting under LR 16(1)
The Company has further informed that due to unavoidable circumstances a meeting of the Board of Directors of the Company as per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, will be held on November 01, 2023 at 6:30 PM instead of October 26, 2023 at 5:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended September 30, 2023.
- Reschedule of Board Meeting under LR 19(1)
The Company has further informed that, due to unavoidable circumstances, the Board meeting under LR 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, will be held on November 01, 2023 at 5:00 PM instead of October 26, 2023 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended June 30, 2023.
- 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, 2023 at 5:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended September 30, 2023.
- 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, 2023 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended June 30, 2023.
- Regarding increase of production capacity of the company
Refer to their earlier news disseminated by DSE on 25.09.2023 regarding agreement with Jamuna Edible Oil Industries Ltd., the company has further informed that after successful execution of the agreement, the production capacity will be increased by 600 MT per day, the total Sales volume of the company would be BDT 900 Crore (Approx.) per year and subsequently the Profit will be increased by BDT 30 Crore (Approx.) per year as per agreed profit-sharing ratio with Jamuna Edible Oil Industries Ltd.
- Agreement with Jamuna Edible Oil Industries Ltd.
The company has informed that the Board of Directors of the company has signed an agreement with Jamuna Edible Oil Industries Ltd. to operate the production and market/export its finished Rice Bran Oil and Crude oil in local market and Japan market.
- Resignation and Appointment of Company Secretary
The Company has informed that the Board of Directors has accepted the resignation of Ms. Sadia Afrin and appointed Md. Emran Hossain, Public Relations and Media Officer as the Acting Company Secretary of the company.
- Dividend Disbursement
The Company has informed that it has disbursed the cash dividend for the year ended June 30, 2022 to the respective shareholders.
- Category Change
The Company will be placed in 'B' category from existing 'Z' category with effect from July 25, 2023 as the Company has reported disbursement of 2% Cash Dividend for the year ended June 30, 2022.
- Prohibition on providing loan facilities to purchase securities
DSE NEWS: The Stock Brokers and Merchant Bankers are requested to abstain from providing loan facilities to purchase the securities of Emerald Oil Industries Ltd. in between 1st to 7th trading days following the change of categorization, with effect from July 25, 2023 as per BSEC Directive No. BSEC/CMRRCD/2009-193/32 dated December 26, 2021.
- The company has informed that it has signed a MoU with Be Born Co. Ltd., a private limited company incorporated under th
The company has informed that it has signed a MoU with Be Born Co. Ltd., a private limited company incorporated under the laws of Japan. Under this MoU the Japanese Company agreed to buy 3,000 (Three Thousand) MT Crude Rice Bran Oil in the first year and gradually it will be increased in the next year. The key points of the MOU are as follows: (cont.1)
- (Continuation news of EMERALDOIL): a) Emerald Oil Industries Ltd will export initially for first year 3,000 (Three Thous
(Continuation news of EMERALDOIL): a) Emerald Oil Industries Ltd will export initially for first year 3,000 (Three Thousand) MT Crude Rice Bran Oil to Be Born Co. Ltd. or its assigned nominee. b) After successful supply in first year, the quantity will be increased gradually for the next years as per mutual understandings of the both parties. c) The Seller shall deliver to the shipping company designated by the purchaser. Distribution costs, etc. shall be borne by the purchaser. (cont.2)
The first part of this announcement is missing from the archive. - Signing MoU with Be Born Co. Ltd. for Rice Bran Oil Export
(Continuation news of EMERALDOIL): d) When the purchaser places an order for this product with the seller, the purchaser shall issue LC to the financial institution designated by the seller. Payment shall be made after the product arrives and the inspection is completed. The company has also informed that the estimated export of the company will be BDT 600.00 million in the first year and accordingly the profit of the company will also be increased. (end)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): and sales made during the year 2016-17 Taka 940,414,264 debited to ex-MD, Mr. Syed Ha
(Continuation news of EMERALDOIL): and sales made during the year 2016-17 Taka 940,414,264 debited to ex-MD, Mr. Syed Hasibul Gani Galib, reportedly for non submission of credit parties\' details (names, addresses, etc) to the present management. However, provision for doubtful debt provided Taka 1,556,653,675 (100\% of receivable amount) during the year 2016-17 because ex-MD is not present in Bangladesh for long period and his return to Bangladesh is uncertain. (cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): 4. Long-term loans as on 30 June 2019 Taka 1,357,800,880 (Ref Note # 13.00) in compar
(Continuation news of EMERALDOIL): 4. Long-term loans as on 30 June 2019 Taka 1,357,800,880 (Ref Note # 13.00) in compare to previous year Taka 1,337,344,393. Balance confirmation letters were sent to the loan givers but we have not received any response. 5. Trade and other payables as on 30 June 2019 Taka 276,543,925 (Ref Note # 14.00) in compare to previous year Taka 276,005,504. (cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): 7. No gratuity policy is maintained by the Company for its permanent employees, a non
(Continuation news of EMERALDOIL): 7. No gratuity policy is maintained by the Company for its permanent employees, a non-compliance of section 27(4) of the Bangladesh Labour Act 2006 as amended. 8.Contingent liabilities for pending tax cases remains unverified due to non-availability of required documents. Also, no disclosure is given in the financial statements in this regard. (cont.7)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): 9. Amount due for Gas bill as on 30 June 2019 is Taka 16,376,447 (Ref Note # 16.00) s
(Continuation news of EMERALDOIL): 9. Amount due for Gas bill as on 30 June 2019 is Taka 16,376,447 (Ref Note # 16.00) same carried from last year. No settlement or adjustment made of the bills carried from last years.\" (end)
The first part of this announcement is missing from the archive. - The auditor of Emerald Oil Industries Ltd. has given the \"Qualified Opinion\" and \"Emphasis of Matter\" paragraphs in
The auditor of Emerald Oil Industries Ltd. has given the \"Qualified Opinion\" and \"Emphasis of Matter\" paragraphs in the Auditor\'s Report for the year ended June 30, 2018. \"Basis for Qualified Opinion: Deferred tax of Taka 66,575,703.00 (Ref Note # 24.01), the liability amount could not be confirmed due to non-availability of details of tax base. The deferred tax charged to the statement of profit or loss & other comprehensive for the year is Taka 6,546,084.00.\" (cont.1)
- (Continuation news of EMERALDOIL): \"Emphasis of Matter: 1. Property, Plant & Equipment (PPE): The company did not maint
(Continuation news of EMERALDOIL): \"Emphasis of Matter: 1. Property, Plant & Equipment (PPE): The company did not maintain fixed assets registers/ details properly, with details containing information such as identification number of assets held, date of acquisition, cost of purchase, category of assets, accumulated depreciation, etc. Due to lack of such update records, existence, completeness and accuracy of the said fixed assets were not identifiable. (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): 2. We sent balance confirmation requests to concerned bank branches maintaining accou
(Continuation news of EMERALDOIL): 2. We sent balance confirmation requests to concerned bank branches maintaining accounts by the company. We received only two account\'s balance confirmations from IBBL and Padma Bank Ltd. 3. Trade & Other Receivables as on 30 June 2017 was Taka 1,556,653,675.00 (Ref Note # 7.00) for credit sales. Opening balance of trade receivable on 01 July 2016 Taka 725,753,933.00 and sales made during the year 2016-17 (cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): Taka 940,414,264.00 debited to ex-MD, Mr. Syed Hasibul Gani Galib, reportedly for non
(Continuation news of EMERALDOIL): Taka 940,414,264.00 debited to ex-MD, Mr. Syed Hasibul Gani Galib, reportedly for non submission of credit parties\' details (names, addresses, etc) to the present management. However, provision for doubtful debt provided Taka 1,556,653,675.00 (100\% of receivable amount) during the year 2016-17 because ex-MD is not present in Bangladesh for long period and his return to Bangladesh is uncertain. (cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): 4. Long-term loans as on 30 June 2018 Taka 1,337,344,393.00 (Ref Note # 14.00) in com
(Continuation news of EMERALDOIL): 4. Long-term loans as on 30 June 2018 Taka 1,337,344,393.00 (Ref Note # 14.00) in compare to previous year Taka 1,288,494,215.00. Balance confirmation letters were sent to the loan givers but we have not received any response. 5. Trade and other payables as on 30 June 2018 Taka 276,005,504.00 (Ref Note # 15.00) in compare to previous year Taka 274,757,115.00. (cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): Balance confirmation letters are sent to the parties but we have received only five c
(Continuation news of EMERALDOIL): Balance confirmation letters are sent to the parties but we have received only five confirmations. 6. Workers\' Profit Participation & Welfare Fund (WPP&WF): No amount paid on account of WPP&WF during the year under audit from the due amount of Taka 33,573,634.00 (Ref Note # 17.01) as at 30.06.2016 to the outstanding employees. 7. No gratuity policy is maintained by the Company for its permanent employees, (cont.6)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): a non-compliance of section 27(4) of the Bangladesh Labour Act 2006 as amended. 8. Co
(Continuation news of EMERALDOIL): a non-compliance of section 27(4) of the Bangladesh Labour Act 2006 as amended. 8. Contingent liabilities for pending tax cases remains unverified due to non-availability of required documents. Also, no disclosure is given in the financial statements in this regard. (cont.7)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): 9. Amount due for Gas bill as on 30 June 2018 is Taka 16,376,447.00 (Ref Note # 17.00
(Continuation news of EMERALDOIL): 9. Amount due for Gas bill as on 30 June 2018 is Taka 16,376,447.00 (Ref Note # 17.00) increased from Taka 16,172,131.00 as at 30 June 2017. No settlement or adjustment made of the bills carried from last years.\" (end)
The first part of this announcement is missing from the archive. - The auditor of Emerald Oil Industries Ltd. has given the \"Qualified Opinion\" and \"Emphasis of Matter\" paragraphs in
The auditor of Emerald Oil Industries Ltd. has given the \"Qualified Opinion\" and \"Emphasis of Matter\" paragraphs in the Auditor\'s Report for the year ended June 30, 2017. \"Basis for Qualified Opinion: Tax deducted at source and VAT deducted at source was not at all complied with when making payment for expenditures. Total expenditures included the purchase of raw materials, factory overhead, administrative, selling & distribution expense. (cont.1)
- (Continuation news of EMERALDOIL): A non- compliance with the Income Tax Ordinance 1984 and VAT Act 2012. Deferred tax o
(Continuation news of EMERALDOIL): A non- compliance with the Income Tax Ordinance 1984 and VAT Act 2012. Deferred tax of Taka 60,029,619 (Ref Note # 14), the liability amount could not be confirmed due to non-availability of details of tax base. The deferred tax charged to statement of profit or loss & other Comprehensive Income for the year is Taka 32,728,258 (Ref Note # 27.01). Supporting documents of expenses made during the year were not fully verified (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): due to non-availability with present management custody.\" \"Emphasis of Matter: 1. P
(Continuation news of EMERALDOIL): due to non-availability with present management custody.\" \"Emphasis of Matter: 1. Property, Plant & Equipment (PPE): The company did not maintain fixed assets registers/ details properly, with details containing information such as identification number of assets held, date of acquisition, cost of purchase, category of assets, accumulated depreciation, etc. Due to lack of such update records, existence, (cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): completeness and accuracy of the said fixed assets were not identifiable. 2. Gross lo
(Continuation news of EMERALDOIL): completeness and accuracy of the said fixed assets were not identifiable. 2. Gross loss: Reason of gross loss could not be ascertained due to the non availability of related documents and information. 3. Closing stock of finished goods Taka 127,738,964 (Ref Note #23.00) as on 30 June 2017 was, reportedly, missing from the factory. The value of finished goods written off during the year. (cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): We did not receive any information of case/GD filed regarding this issue. 4. We sent
(Continuation news of EMERALDOIL): We did not receive any information of case/GD filed regarding this issue. 4. We sent balance confirmation requests to concerned bank branches maintaining accounts by the company. We received only two account\'s balance confirmations from IBBL and Padma Bank Ltd. 5. The management has written off Tk 19,874,390 (Ref Note # 13.01) for non existence of some security deposits, advances and PPE (Vehicles, office decoration). (cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): Reportedly previous management did not handover documents and/or physical items to th
(Continuation news of EMERALDOIL): Reportedly previous management did not handover documents and/or physical items to the present management. 6. Trade & Other Receivables as on 30 June 2017 was Taka 1,556,653,675 (Ref Note#8.00) for credit sales. Opening balance of trade receivable Taka 725,753,933 and sales made during the year Taka 940,414,264 debited to ex-MD, Mr. Syed Hasibul Gani Galib, (cont.6)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): reportedly for non submission of credit parties\' details (names, addresses, etc) to
(Continuation news of EMERALDOIL): reportedly for non submission of credit parties\' details (names, addresses, etc) to the present management. However, provision for doubtful debt provided Taka 1,556,653,675 (100\% of receivable amount) during the year because ex-MD is not present in Bangladesh for long period and his return to Bangladesh is uncertain. 7. Long-term loans as on 30 June 2017 Taka 1,288,494,215 (Ref Note #15.00) (cont.7)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): in compare to previous year Taka 906,514,424 which is more than 42\% higher than prev
(Continuation news of EMERALDOIL): in compare to previous year Taka 906,514,424 which is more than 42\% higher than previous year. Balance confirmation letters were sent to the loan givers but we have not received any response. 8. Trade and other payables as on 30 June 2017 Taka 274,757,115 (Ref Note #17.00) in compare to previous year Taka 12,867,952 which is more than 21 times than previous year. Balance confirmation letters were sent to the parties but (cont.8)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): we have received only five confirmations. 9. Workers\' Profit Participation & Welfare
(Continuation news of EMERALDOIL): we have received only five confirmations. 9. Workers\' Profit Participation & Welfare Fund (WPP &WF): No amount paid on account of WPP &WF during the year under audit from the due amount of Taka 33,573,634 (Ref Note #20.01) as at 30.06.2016 to the outstanding employees. 10. No gratuity policy is maintained by the Company for its permanent employees, a non-compliance of section 27(4) (cont.9)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): of the Bangladesh Labour Act 2006 as amended. 11. Contingent liabilities for pending
(Continuation news of EMERALDOIL): of the Bangladesh Labour Act 2006 as amended. 11. Contingent liabilities for pending tax cases remains unverified due to non-availability of required documents. Also, no disclosure is given in the financial statements in this regard. 12. Amount due for Gas bill as on 30 June 2016 is Taka 16,172,131 (Ref Note # 20.00) in compare to previous year Taka 6,056,720 which is more than 2.67 times than previous year.\"(end)
The first part of this announcement is missing from the archive. - Resumption after record date
Trading of the shares of the company will resume on 02.07.2023.
- Suspension for Record date
Trading of the shares of the company will be suspended on record date i.e., 26.06.2023.
- (Continuation news of EMERALDOIL): Taka 2,080.00. However, this amount was not included in the financial statements. ii.
(Continuation news of EMERALDOIL): Taka 2,080.00. However, this amount was not included in the financial statements. ii. Bank statements of Jamuna Bank Ltd., Sherpur Branch, A/C No. 0069-0210000639 were not provided to us for verification. The balance of the said account was Taka 29,277.00. 7. As per financial statements, Minori Bangladesh Limited invested Taka 232,735,044.00 as a share money deposit as on 30 June 2022. During the year 2021-2022, (cont.8)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): the company received Taka 199,864,944.00 from Minori Bangladesh Limited as Share Mone
(Continuation news of EMERALDOIL): the company received Taka 199,864,944.00 from Minori Bangladesh Limited as Share Money Deposit. While examining the share money deposit we found that no amount was transferred to the company\'s bank account from \"Minori Bangladesh Limited\" as per instruction of BSEC vide letter no. BSEC/SRMIC/47/2014/453 Dated 23 December 2021. (cont.9)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): However, the management informed us of the reason for the non-depositing of share mon
(Continuation news of EMERALDOIL): However, the management informed us of the reason for the non-depositing of share money deposit in a separate bank account of Emerald Oil Industries Limited as per the instruction of BSEC which is as follows: \"Banks were not cooperating with us for the previous management misconduct. We could not able to operate any bank account which was opened by previous management. (cont.10)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): All bank accounts remained in dormant mode. Therefore, there was no other way to main
(Continuation news of EMERALDOIL): All bank accounts remained in dormant mode. Therefore, there was no other way to maintain a separate bank account in the name of Emerald Oil Industries Limited. Furthermore, we tried to activate the bank account by changing the previous signatories in this context. However, this process was delayed as we have not been able to update Form-XII from the Registrar of Joint Stock Companies and Firms (\'RJSC\') (cont.11)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): as a permanent board has not yet been formed. In addition to that, we could not open
(Continuation news of EMERALDOIL): as a permanent board has not yet been formed. In addition to that, we could not open a bank account in the name of Emerald Oil Industries Limited due to the above-mentioned issues. It is to be noted that the company has taken a variety of initiatives in the abovementioned subject. Accordingly, we are able to open a separate bank account under the name Emerald Oil Industries Limited, (cont.12)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): subsequently Minori Bangladesh Limited deposited BDT 8,28,50,000.00 in AB Bank Limite
(Continuation news of EMERALDOIL): subsequently Minori Bangladesh Limited deposited BDT 8,28,50,000.00 in AB Bank Limited as a share money deposit\" Furthermore, Emerald Oil Industries Limited maintained a ledger to record the transactions made by \"Minori Bangladesh Limited\" on behalf of the company. 8. As disclosed in note no. 13 in the year 2021-2022 an amount of Taka 65,135,923.00 was shown as deferred (cont.13)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): tax liability in the statement of financial position and Taka 108,821.00 as deferred
(Continuation news of EMERALDOIL): tax liability in the statement of financial position and Taka 108,821.00 as deferred tax expense in the statement of profit or loss and other comprehensive income. The accuracy of the calculation of the said deferred tax liability and expense could not be confirmed due to the non-availability of the latest tax assessment order. 9. As disclosed in note no. 14 Long Term Loan (Secured) Taka 1,304,464,534.00, (cont.14)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): to confirm this amount we sent balance confirmation letters to the respective bank br
(Continuation news of EMERALDOIL): to confirm this amount we sent balance confirmation letters to the respective bank branches maintaining accounts by the company. Out of which we have not received some balance confirmation certificates from the concerned bank branches. Details are given below: 1. Basic Bank Ltd., A/C No. 1502-04-0000016, Amount: 197,338,045.00. 2. Basic Bank Ltd., A/C No. 1502-01-0000901, Amount: 89,014,251.00. (cont.15)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): 3. Basic Bank Ltd., A/C No. 1502-01-0000917, Amount: 102,280,237.00. 4. Basic Bank Lt
(Continuation news of EMERALDOIL): 3. Basic Bank Ltd., A/C No. 1502-01-0000917, Amount: 102,280,237.00. 4. Basic Bank Ltd., A/C No. 1502-01-0000959, Amount: 200,650,071.00. 5. Basic Bank Ltd., A/C No. 1502-04-000042, Amount: 76,689,913.00. 6. Basic Bank Ltd., A/C No. 1560-01-0000579, Amount: 58,611,910.00. 7. Midas Financing Ltd., A/C No. S00098 and L00937, Amount: 243,654,888.00. (cont.16)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): Total Amount: 968,239,315. Further, we received balance confirmation Certificates fro
(Continuation news of EMERALDOIL): Total Amount: 968,239,315. Further, we received balance confirmation Certificates from the following Bank and NBFI and found that there was a difference between the amount of the Company\'s Books and Financial Statements and the Balance Confirmation Certificate/Statements of Banks and NBFI. Details are given below as (Bank Name - Account No. - Amount as per Financial Statements - Amount as per Balance Confirmation - Difference): (cont.17)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): 1. Bank Asia Ltd. - 2335000430 - 62,846,059.00 -- (62,846,059.00.00) 2. Bank Asia Ltd
(Continuation news of EMERALDOIL): 1. Bank Asia Ltd. - 2335000430 - 62,846,059.00 -- (62,846,059.00.00) 2. Bank Asia Ltd. - 2335000491 - 200,065,000.00 -- (200,065,000.00) 3. Prime Finance and Investment Ltd. - LAD no. 2013/015 - 73,314,160.00 - 99,306,882.00 - (25,992,722.00) Total: 336,225,219.00 - 99,306,882.00 - 236,918,337.00. (cont.18)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): 10. The company did not show any financial expenses in the financial statements again
(Continuation news of EMERALDOIL): 10. The company did not show any financial expenses in the financial statements against interest on Long Term loans from Banks and NBFIs in 2021-2022. If the company would have charged interest on Long Term Loan, the loss and the loan liability of the company would have been increased to that extent. The matter of non-charging of interest has been disclosed in note-14 of the financial statements. (cont.19)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): 11. As disclosed in note no. 16 Trade and Other Payables of Taka 260,951,139.00 as of
(Continuation news of EMERALDOIL): 11. As disclosed in note no. 16 Trade and Other Payables of Taka 260,951,139.00 as of 30 June 2022 in comparison to the previous year\'s Taka 288,794,833.00. To confirm the above amount, we sent balance confirmation letters to various parties but no confirmation letters have been received from the parties. 12. The company paid salary and allowance of Taka 8,828,756.00 and Taka 2,232,855.00 (cont.20)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): respectively in cash instead of A/C Payee cheque or Bank transfer to its employees wh
(Continuation news of EMERALDOIL): respectively in cash instead of A/C Payee cheque or Bank transfer to its employees which are disclosed in notes no. 21.05 and 22.00 (Salary and Allowance). Moreover, we also noticed various noncompliances with ITO 1984 and Rules as follows: a. In applicable cases, salary tax was not deducted at source and not deposited to the govt. treasury; b. The statement of \'Information regarding payment of salary\' (cont.21)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): the tax authority may disallow the salary and allowance expenses and subsequently imp
(Continuation news of EMERALDOIL): the tax authority may disallow the salary and allowance expenses and subsequently impose a tax on the amount of salary and allowance expenses as per tax rate. \"Emphasis of Matters: Without qualifying our opinion, we draw attention to this following: 1. As per Section 81 of The Companies Act 1994, every company shall hold an AGM each year. As per Section 82 if the default is (cont.23)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): made in holding a meeting of the Company, the company and every officer of the compan
(Continuation news of EMERALDOIL): made in holding a meeting of the Company, the company and every officer of the company who is in default shall be punishable......\". But the company could not hold its Annual General Meeting (AGM) since December 2016. 2. As per Section 36 of The Companies Act 1994 \"Annual Summary of Share Capital and List of Shareholders and Directors to be filed within 21 days of an Annual General Meeting (AGM) to RJSC.\" (cont.24)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): But the company management did not comply with the aforesaid section of the Companies
(Continuation news of EMERALDOIL): But the company management did not comply with the aforesaid section of the Companies Act 1984. 3. The company management could not provide us with the latest Tax Assessment Status of the company for our verification, so we could not determine the actual tax liability of the company. The company did not submit the Income Tax Return of the company since the income year 2014-2015 as per (cont.25)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): section 75 (1) of the Income Tax Ordinance 1984. Further, the company provided us wit
(Continuation news of EMERALDOIL): section 75 (1) of the Income Tax Ordinance 1984. Further, the company provided us with a Tax Assessment Certificate of the company U/S 82BB of Income Tax Ordinance 1984 for the Assessment Year 2014-2015 (The income year 2013-2014). 4. According to Section 232 of the Labour Law 2006 of Bangladesh, it is obligatory for companies or establishments in Bangladesh to establish a Workers (cont.26)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): Profit Participation Fund (WPPF). The law mandates that a company must allocate five
(Continuation news of EMERALDOIL): Profit Participation Fund (WPPF). The law mandates that a company must allocate five percent (5\%) of its Net Profit to the Workers Profit Participation Fund, Welfare Fund, and Bangladesh Worker\'s Welfare Foundation Fund, with a distribution ratio of 80:10:10. The payment should be made within nine (9) months after the end of each fiscal year. (cont.27)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): The company did not make any payment within the stipulated time since the year 2015-2
(Continuation news of EMERALDOIL): The company did not make any payment within the stipulated time since the year 2015-2016 in accordance with the abovementioned Law. 5. As per Income Tax Ordinance, 1984 Section 52 Rule 16 and VAT and SD Act, 2012 SRO no.240/Dated 29.06.2021. VAT and TAX should be deducted at source in applicable cases. We observed that in no cases VAT and TAX was deducted at source where applicable. (cont.28)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): 6. According to Section 232 of the Labour Law 2006 of Bangladesh, it is obligatory fo
(Continuation news of EMERALDOIL): 6. According to Section 232 of the Labour Law 2006 of Bangladesh, it is obligatory for companies or establishments in Bangladesh to establish a Workers Profit Participation Fund (WPPF). The law mandates that a company must allocate five percent (5\%) of its Net Profit to the Workers Profit Participation Fund, Welfare Fund, and Bangladesh Worker\'s Welfare Foundation Fund, with a distribution ratio of 80:10:10. (cont.29)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): The payment should be made within nine (9) months after the end of each fiscal year.
(Continuation news of EMERALDOIL): The payment should be made within nine (9) months after the end of each fiscal year. In accordance with the abovementioned Law, the company made provision for Workers Profit Participation Fund (WPPF) in the financial statements. But no payment was made within the stipulated time since the year 2015-2016. 7. The company\'s failure to provide gratuity to its permanent employees as per Section 27(4) (cont.30)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): of the Bangladesh Labour Act 2006, as amended, which mandates employers to grant grat
(Continuation news of EMERALDOIL): of the Bangladesh Labour Act 2006, as amended, which mandates employers to grant gratuity payments to permanent employees after one year of continuous service. This was reported in the \"Emphasis of Matter\" Paragraph of last year\'s audit report. 8. Due to the unavailability of required documents the verification of potential liability for pending tax cases which is dependent on the outcomes of such cases, (cont.31)
The first part of this announcement is missing from the archive. - (Continuation news of EMERALDOIL): could not be ascertained. Furthermore, there has been no disclosure in the financial
(Continuation news of EMERALDOIL): could not be ascertained. Furthermore, there has been no disclosure in the financial statements regarding this issue. 9. No information was provided to the audit team regarding action taken by the company to recover the receivables from Mr. Syed Hasibul Gani Galib (Ex. Managing Director of the company).\" (end)
The first part of this announcement is missing from the archive. - Qualified Opinion and Emphasis of Matters
(Continuation news of EMERALDOIL): was not furnished to DCT in accordance with Section 108 of Income Tax Ordinance 1984 as per the prescribed Form. c. The statement of 'Information regarding the filing of return by employees' was not furnished to DCT in accordance with Section 108A Income Tax Ordinance 1984 as per the prescribed Form. Due to non-deduction of salary tax and the non-furnish of aforesaid statements, (cont.22)
The first part of this announcement is missing from the archive. - Spot for dividend entitlement including interim dividend
Trading of the shares of the company will be allowed only in the Spot Market and Block transaction will also be settled as per spot settlement cycle with cum benefit from 21.06.2023 to 25.06.2023. Trading of the shares will be suspended on record date i.e., 26.06.2023.
- Qualified Opinion & Emphasis of Matters
(Continuation news of EMERALDOIL): could not be ascertained. Furthermore, there has been no disclosure in the financial statements regarding this issue. 7. No information was provided to the audit team regarding action taken by the company to recover the receivables from Mr. Syed Hasibul Gani Galib (Ex. Managing Director of the company). (end)
The first part of this announcement is missing from the archive. - Qualified Opinion & Emphasis of Matters
(Continuation news of EMERALDOIL): The matter of non-charging of interest has been disclosed in note-14 of the financial statements. 10. As disclosed in note # 15 Trade and Other Payables of Taka 287,149,925.00 as on 30 June 2020 in comparison to the previous year's Taka 276,543,925.00. To confirm the above amount we sent balance confirmation letters to various parties but no confirmation letters have been received from the parties. (cont.15)
The first part of this announcement is missing from the archive. - Q3 Financials (Revised)
(Continuation news of EMERALDOIL): NOCFPS was Tk. (0.87) for July 2022-March 2023 as against Tk. (2.14) for July 2021-March 2022. NAV per share was Tk. (10.20) as on March 31, 2023 and Tk. (12.85) as on June 30, 2022. Reason for significant deviation: Production was closed during July 01, 2021 to January 08, 2022. All figures of Q3 financials are disseminated again for the clarity of the investors. (end)
The first part of this announcement is missing from the archive. - Q2 Financials (Revised)
(Continuation news of EMERALDOIL): NOCFPS was Tk. (0.78) for July-December 2022 as against Tk. (0.78) for July-December 2021. NAV per share was Tk. (10.37) as on December 31, 2022 and Tk. (12.85) as on June 30, 2022. Reason for significant deviation: Production was closed during October 2021 to December 2021. All figures of Q2 financials are disseminated again for the clarity of the investors. (end)
The first part of this announcement is missing from the archive. - Q3 Financials
(Q3 Un-audited): EPS was Tk. 0.19 for January-March 2023 as against Tk. (0.14) for January-March 2022. NOCFPS was Tk. (0.87) for July 2022-March 2023 as against Tk. (2.14) for July 2021-March 2022. NAV per share was Tk. (10.20) as on March 31, 2023 and Tk. (12.85) as on March 31, 2022.
- Q1 Financials
(Q1 Un-audited): EPS was Tk. 0.22 for July-September 2022 as against Tk. (0.16) for July-September 2021. NOCFPS was Tk. (0.77) for July-September 2022 as against Tk. (0.09) for July-September 2021. NAV per share was Tk. (10.56) as on September 30, 2022 and Tk. (20.05) as on September 30, 2021.
- Interim Dividend Declaration
The Board of Directors has recommended 5% Interim Cash Dividend for the period ended March 31, 2023 except the previous sponsors and directors of the company holding 30.45% shares. Record Date for Interim Cash Dividend: 26.06.2023.
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (08.06.2023) following its corporate declaration. However, the floor price shall be applicable accordingly.
- Q2 Financials
(Q2 Un-audited): EPS was Tk. 0.21 for October-December 2022 as against Tk. (0.11) for October-December 2021. NOCFPS was Tk. (0.84) for July-December 2022 as against Tk. (0.78) for July-December 2021. NAV per share was Tk. (10.37) as on December 31, 2022 and Tk. (17.58) as on December 31, 2021.
- 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 June 07, 2023 at 4:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1), Second Quarter (Q2) and Third Quarter (Q3) period ended September 30, 2022, December 31, 2022 and March 31, 2023 respectively.
- Announcement of AGM Date
Refer to their earlier news disseminated by DSE on February 26, 2023 regarding dividend declaration, the company has further informed that the AGM date for the year ended 30 June, 2017, 2018 and 2019 will be on July 12, 2023 at 11:00 AM, 12:00 PM and 12:30 PM respectively through digital platform.
- Dividend Declaration
The Board of Directors has recommended 2% Cash dividend except previous sponsors and directors holding 30.45% shares for the year ended June 30, 2022. Date of AGM: 12.07.2023, Time of AGM: 3:00 PM, Venue: Digital Platform. Record Date: 26.06.2023. The Company has also reported EPS of Tk. 0.17, NAV per share of Tk. (12.85) and NOCFPS of Tk. (2.40) for the year ended June 30, 2022 as against Tk. (0.58), Tk. (20.29) and Tk. (0.054) respectively for the year ended June 30, 2021.
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (04.06.2023) following its corporate declaration. However, the floor price shall be applicable accordingly.
- Board Meeting schedule under LR 19(1) and Court Approval to hold AGM
(Continuation news of EMERALDOIL): 2017, 2018, 2019, 2020, 2021 and 2022. However, the Company did not notify any board meeting schedule regarding adoption of quarterly financial statements for the 1st quarter to 3rd quarter of FY 2020, FY2021 and FY 2022 as per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015. (end)
The first part of this announcement is missing from the archive. - Commencement of a new Husk Boiler and Extension of Refine Capacity
The company has informed that the Board of Directors of the company has decided that a new Husk Boiler will commence from 11.05.2023 and the Refine capacity will extend from 30 MT per day to 70 MT per day. The company has further informed that after commencement of the new Husk Boiler, the company will continue its daily production for 24 Hours without any interruption.
- 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 and increase in volume of shares.
- Resumption after record date
Trading of the shares of the company will resume on 27.03.2023.
- Suspension for Record date
Trading of the shares of the company will be suspended on record date i.e., 23.03.2023.
- Spot News
Trading of the shares of the company will be allowed only in the Spot Market and Block transaction will also be settled as per spot settlement cycle from 20.03.2023 to 22.03.2023 and trading of the shares will remain suspended on record date i.e., 23.03.2023.
- Announcement of Record Date
Refer to their earlier news disseminated by DSE on February 26, 2023 regarding dividend declaration, the company has further informed that the Record Date for corporate declarations of the year ended 30 June, 2017, 2018 and 2019 is on March 23, 2023. The company has also informed that they have applied to the Honorable Supreme Court of Bangladesh (High Court Division) for permission to conduct AGM. When the Honorable Court provides its approval, they will notify the date of the AGM.
- Dividend Declaration (Additional Information)
(Continuation news of EMERALDOIL): parties from 1st July 2017 to till date, the full amount of receivables (Tk. 155,66,53,675.00) is shown as Bad and Doubtful Debts as on 30.06.2017. Furthermore, the company's operations were shut down due to severe irregularities from April 2017. (end)
The first part of this announcement is missing from the archive. - Dividend Declaration
The Board of Directors has recommended No dividend for the year ended June 30, 2018. The Company has also reported EPS of Tk. (1.97), NAV per share of Tk. (19.43) and NOCFPS of Tk. 0.00 for the year ended June 30, 2018 as against Tk. (34.34), Tk. (17.46) and Tk. 1.86 respectively for the same period of the previous year. Record date and date, time & venue of AGM will be notified later.
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (26.02.2023) following its corporate declaration for the year ended June 30, 2017, 2018 and 2019.
- Query letter for non-submission of PSI within stipulated time
Refer to their news disseminated by DSE regarding dividend declaration for the year ended 30 June, 2017, 2018 and 2019, this is information for all concerned that DSE sent a query letter to the company as they did not comply the securities laws in connection with submission of PSI to the Exchange within stipulated time.
- Board Meeting schedule under LR 19(1)
(Continuation news of EMERALDOIL): However, the Company did not notify any board meeting schedule regarding adoption of quarterly financial statements for the 1st quarter to 3rd quarter of FY 2018 and FY 2019 as per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015. (end)
The first part of this announcement is missing from the archive. - Inclusion of Shareholder Directors
The Company has informed that the Board of Directors of the Company adopted the decision to include Shareholder Directors to the Board of the Company as nominated by Minori Bangladesh Limited namely: Mr. Md. Nasir Sikder, Mr. Mohammad Murad Hossain and Mr. Md. Rubel Sardar.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.