DSE:JUTESPINN

Jute Spinners Limited announcements

281 Dhaka Stock Exchange announcements for Jute Spinners Limited (JUTESPINN) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2018 (26).

  1. Query Response

    In response to a DSE query dated December 10, 2018, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike of shares.

  2. Resumption after record date

    Trading of the shares of the Company will resume on 09.12.2018 after record date.

  3. Suspension for Record date

    Trading of the shares of the Company will remain suspended on record date i.e., 06.12.2018.

  4. Basis for Qualified Opinion

    (Basis for Qualified Opinion): The auditor of the company has given the following 'Basis for Qualified Opinion' paragraph in the audit report of the company prepared for the year ended on 30 June 2018. Basis for Qualified Opinion: 1. Material Uncertainty Related to Going Concern: The Company incurred a net loss of Tk. 102,903,622 during the year ended 30 June 2018 and the accumulated loss of the company as on June 30, 2018 stands at Tk. 454,517,283. As of that date, the Companys liabilities (cont. 1) (Continuation news of JUTESPINN): 10. Major portion of transaction with directors have been made by cash. 11. In note no. 14:00 Short Term Loan P.C. A/c Tk. 40,252,040 was not confirmed because the company did not provide us bank statements. In addition, the company charged bank interest of around 13% amount Tk. 4,630,766 against this loan. (end) (Continuation news of JUTESPINN): provision made in section 232 to 235 of the Bangladesh Labor Act, 2006 as amended 2013. 8. The company did not provide for Gratuity Fund (GF) and Provident Fund (PF) during the year. 9. Production of the company has been stopped for more than 2 years but the related expenses e.g. factory and administrative expenses has been provided in the accounts which only increased the loss of the company. (cont. 8) (Continuation news of JUTESPINN):no interest has been provided in the accounts resulting understatement of liability. 6. The carrying amount of property, plant, and equipment (PPE) comes to Tk. 29,789,964. We were not provided with any document regarding checking of physical existence as a part of internal control as of balance sheet date. 7. Constitution of management board and management of the fund regarding Workers Profit Participation Fund (WPPF) has not been maintained in accordance with the (cont.7) (Continuation news of JUTESPINN): (Raw Jute, Finished Goods, Work in Progress & Stores and Spares). 4. The company has taken loan Tk. 13,924,798 from the Managing Director. But no Board resolution or agreement was made between the Managing Director and the Company. Therefore, no interest was charged by the Company against the loan amount. 5. The company has taken loan from Mrs. Ayesha Kadir amounting to Tk. 3,500,000 which remained unpaid and (cont. 6) (Continuation news of JUTESPINN): reported in the financial statements as our appointment of statutory audit was post dated on 18 October 2018. So, consequently inventory might be overstated or understated so as to profit or asset of the organization. ii) The company has not disclosed write down policy of inventories in the notes to the financial statements since the factory was closed down from 2016, either the quality of the inventories is obsolete or unusable condition (cont. 5) (Continuation news of JUTESPINN): 3. Inventory: i) The company's inventories value are carried forward from previous year in the statement of financial position as at 30 June 2018. The Company's policy note no. 3.5 valuation of inventories indicates that management stated the inventories at lower of cost and net realizable value. And company has not disclosed any fair market value except cost of inventory Tk. 243,791,989. We were unable to determine the value and quantity of inventories to be (cont. 4) (Continuation news of JUTESPINN): 2. Revolution of Property, Plant and Equipment: The revolution of Property Plant and Equipment of Jute Spinners Limited were affected in 1990 and subsequently no other revolution has been commensurated till the date of reporting. As directed by IAS -16, Para -31, revaluation shall be made with subsequent regularity i.e. 3 to 5 years that carrying amount does not differ materiality from the fair value at the end of the reporting period. (cont. 3) (Continuation news of JUTESPINN): stood Tk. 468,483,731 which exceeded its total assets Tk. 300,486,767 by Tk. 167,996,964. We also draw attention to the labor difficulties, inability to pay creditors on due dates, inefficiency of key management and negative operating cash flows indicated by financial statements of the Company. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. (cont. 2)

  5. Query Response

    In response to a DSE query dated November 27, 2018, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike of shares.

  6. Q1 Financials (Repeat News)

    (Repeat News): (Q1 Un-audited): EPS was Tk. (14.32) for July-September 2018 as against Tk. (4.05) for July-September 2017; NOCFPS was Tk. (2.05) for July-September 2018 as against Tk. (0.09) for July-September 2017. NAV per share was Tk. (271.69) as on September 30, 2018 and Tk. (200.88) as on September 30, 2017.

  7. 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 25.11.2018 to 05.12.2018. Trading of the shares of the Company will remain suspended on record date i.e., 06.12.2018.

  8. Q1 Financials

    (Q1 Un-audited): EPS was Tk. (14.32) for July-September 2018 as against Tk. (4.05) for July-September 2017; NOCFPS was Tk. (2.05) for July-September 2018 as against Tk. (0.09) for July-September 2017. NAV per share was Tk. (271.69) as on September 30, 2018 and Tk. (200.88) as on September 30, 2017.

  9. 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 November 17, 2018 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, 2018.

  10. Dividend Declaration

    The Board of Directors has recommended No dividend for the year ended on June 30, 2018. Record Date: 06.12.2018. Date, Time and Venue of the AGM will be notified later. The Company has also reported EPS of Tk. (60.53), NAV per share of Tk. (257.36) and NOCFPS of Tk. (8.11) for the year ended on June 30, 2018 as against Tk. (49.39), Tk. (196.83) and Tk. 13.12 respectively for the same period of the previous year.

  11. Price Limit Open

    There will be no price limit on the trading of the shares of the Company today (13.11.2018) following its corporate declaration.

  12. 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 November 12, 2018 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended on June 30, 2018.

  13. Query Response (Repeat News)

    (Repeat News): In response to a DSE query dated October 04, 2018,, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike of shares.

  14. 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 of shares.

  15. Query Response

    In response to a DSE query dated August 29, 2018, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike of shares.

  16. Message for the investors on their Share Price Hike

    Regarding their unusual price hike of shares the Company has conveyed the following message: "We are surprised seeing the unusual price hike of Shares and the volume of trade in the market. In this respect we would like to mention here that our mill is closed since June, 2016 and we have no undisclosed decision/information relating to our Company's operation/profitability regarding unusual price hike in the market and the reason behind the unusual price of shares of our Company is fully unknown to us."

  17. Revised information on the operational status of mill of the Company

    With reference to their earlier news disseminated on 03.07.2018 regarding their response on a query sent by DSE, the company has further informed that in their query response they have mistakenly mentioned that their mill has been closed since June, 2006 which actually would be June, 2016.

  18. Query Response

    In response to a DSE query dated July 02, 2018, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike of shares. The Company has also informed that the production of the company is closed since June, 2006 and the management could not resume its production and any business activities.

  19. Q3 Financials

    (Q3 Un-audited): EPS was Tk. (3.90) for January-March 2018 as against Tk. (12.68) for January-March 2017; EPS was Tk. (12.43) for July 2017-March 2018 as against Tk. (36.10) for July 2016-March 2017. NOCFPS was Tk. (7.34) for July 2017-March 2018 as against Tk. 2.56 for July 2016-March 2017. NAV per share was Tk. (209.26) as on March 31, 2018 and Tk. (196.83) as on June 30, 2017.

  20. Query Response

    In response to a DSE query dated April 23, 2018, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike of shares.

  21. 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 28, 2018 at 11:00 AM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended on March 31, 2018.

  22. Q2 Financials

    (Q2 Un-audited): EPS was Tk. (4.49) for October-December, 2017 as against Tk. (13.26) for October-December, 2016; EPS was Tk. (8.54) for July-December, 2017 as against Tk. (23.43) for July-December, 2016. NOCFPS was Tk. (0.09) for July- December, 2017 as against Tk. (7.54) for July- December, 2016. NAV per share was Tk. (205.37) as on December 31, 2017 and Tk. (196.83) as on June 30, 2017.

  23. 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 January 30, 2018 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, 2017.

  24. Query Response

    In response to a DSE query dated January 10, 2018, the Company, has further informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike of shares. The Company has mentioned that their mill has been closed since June 2016.

  25. Company's message to its shareholders (Repeat News)

    (Repeat News): The Company has informed the following: "We are surprised seeing the unusual price hike of Shares and the volume of trade in the market. In this respect we would like to mention here that our mill is closed since June, 2016 and we have no undisclosed decision/information relating to our Company's operation/profitability regarding unusual price hike in the market and the reason behind the unusual price of shares of our Company is fully unknown to us."

  26. Company's message to its shareholders

    The Company has informed the following: "We are surprised seeing the unusual price hike of Shares and the volume of trade in the market. In this respect we would like to mention here that our mill is closed since June, 2016 and we have no undisclosed decision/information relating to our Company's operation/profitability regarding unusual price hike in the market and the reason behind the unusual price of shares of our Company is fully unknown to us."

Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.