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 2022 (46).
- 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 28.11.2022 after record date.
- Suspension for Record date
Trading of the shares of the Company will remain suspended on record date i.e., 27.11.2022.
- The auditor of the Jute Spinners Ltd. has given the \"Adverse Opinion\" & \"Emphasis of Matters\" paragraphs in the Audi
The auditor of the Jute Spinners Ltd. has given the \"Adverse Opinion\" & \"Emphasis of Matters\" paragraphs in the Auditor\'s Report for the year ended 30 June 2022. Basis for Adverse Opinion: 1) Material Uncertainty Related to Going Concern: a) The Company incurred a net loss of Tk. 76,233,295 during the year ended 30 June, 2022 and the accumulated loss of the company as on 30 June, 2022 stands at Tk. 762,308,573. As of that date, (cont.1)
- (Continuation news of JUTESPINN): the Company\'s current liabilities stood Tk. 773,235,866 which exceeded its total asse
(Continuation news of JUTESPINN): the Company\'s current liabilities stood Tk. 773,235,866 which exceeded its total assets of Tk. 296,972,612 by Tk. 476,263,254. b) Janata Bank Ltd. local branch has initiated legal proceedings against the company on of overdue cash credit and long-term loan. The company\'s outstanding liabilities in accord to the Artha Rin Suit No. 125/2018 filed by the Janata Bank Ltd. stands at an amount Tk. 479,973,910. (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): The company has made a down payment of Tk. 10,000,000 by 30 June 2022 for rescheduling
(Continuation news of JUTESPINN): The company has made a down payment of Tk. 10,000,000 by 30 June 2022 for rescheduling of the loans which has not yet been approved by the Bank. c) We also draw attention to the labor unrest, inability to pay creditors timely, significant adverse key financial ratios, discontinuance of paying dividends for a longer period, inability to obtain financing for essential new product development, discontinuance of production or other essential investments, (cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): inability to comply with terms of loan agreements, decrease of market and customers, i
(Continuation news of JUTESPINN): inability to comply with terms of loan agreements, decrease of market and customers, inefficiency of key management resources and progressively increasing negative net asset value and operating cash flows as evident from the financial statements of the company. The aforesaid events and conditions indicate that a material uncertainty exists in the company which may cast significant doubt on the Company\'s ability to continue as a going concern and (cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): that the financial statements do not adequately disclose these concerns and matters. 2
(Continuation news of JUTESPINN): that the financial statements do not adequately disclose these concerns and matters. 2) Property, Plant and Equipment: The carrying amount of property, plant, and equipment (PPE) stands at Tk. 16,524,624. We were provided with asset register regarding the type of assets which at the time of physical verification were mostly found, however, the assets were not in functional condition and some were obsolete. (cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): The company has not reviewed any assets to compute the loss for impairment at the end
(Continuation news of JUTESPINN): The company has not reviewed any assets to compute the loss for impairment at the end of the year and that resulted in departure from relevant IFRS. Since the company has not been in operation for more than 5 years, reporting on assets without impairment review shall overstate/understate the fixed assets value significantly as of reporting date. Moreover, obsolete assets whether has any resale value were not determined. (cont.6)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): In the fixed asset depreciation calculation schedule, some assets were found fully dep
(Continuation news of JUTESPINN): In the fixed asset depreciation calculation schedule, some assets were found fully depreciated and nominal value of these assets arrived at Tk. 1 (notional value) and values of those assets are also included in depreciable asset. Due to lack of proper presentation of assets values, we are unable to identify the said assets properly and also unable to verify the accuracy of depreciation calculation. (cont.7)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): The Property Plant and Equipment of the company were carried at cost and no informatio
(Continuation news of JUTESPINN): The Property Plant and Equipment of the company were carried at cost and no information related to any revaluation of the assets has been provided till the date of reporting. Thus, we are not in a position on to ensure that whether the Property, Plant and Equipment is presented at fair value or not. The value of the assets may have significantly changed, the reflection of which was not properly given in the financial statements which led us to believe that (cont.8)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): the financial statements contain material misstatement. 3) Inventory: Inventories are
(Continuation news of JUTESPINN): the financial statements contain material misstatement. 3) Inventory: Inventories are being carried forward for the last four years at the same value at cost without considering the net realizable value. We were unable to determine the value of inventories reported in the financial statements in lack of information related to the value of inventories. The company\'s policy of valuation of inventories as noted in the disclosure (note-3.5) (cont.9)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): indicates that management has stated the value of inventories at lower of cost or net
(Continuation news of JUTESPINN): indicates that management has stated the value of inventories at lower of cost or net realizable value, however, the company has not disclosed any fair market value except the cost value of inventory amounting Tk. 243,791 ,989 which represents 82\% of its total assets of the company. No technical status report as on 30 June, 2022 on the quantity, quality and value of inventories has been provided to us by the management to identify the valuation method. (cont.10)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): At the time of our physical verification no inventories, other than spare parts, were
(Continuation news of JUTESPINN): At the time of our physical verification no inventories, other than spare parts, were found available for our verification which were reported on 30 June 2022. Physical existence of the inventories was found non-existent and no relevant evidence/record evidence was provided to us confirm the existence of the stock other than store spare parts as on that date. The company has not disclosed write down policy of inventories in the notes to the financial statements (cont.11)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): about the quality of the inventories whether it is obsolete or in unusable condition (
(Continuation news of JUTESPINN): about the quality of the inventories whether it is obsolete or in unusable condition (Raw Jute, Finished Goods, Work in Progress & Stores and Spares). No provision has been made for writing off the value of inventories due to its obsolescence or non-existence. Consequently, loss/retained earnings are understated by the current inventory is overstated. The company has started its operation after 30 June 2022 and trial production from 15th September (cont.12)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): 2022. Inventories were reported in subsequent period that did not include any stock in
(Continuation news of JUTESPINN): 2022. Inventories were reported in subsequent period that did not include any stock information of 30 June 2022 as carried forward balance. Details are in the emphasis of matter-subsequent event section of this report. 4) Related Party Transactions and Disclosure: a) A loan amounting Tk. 73,424,832 was taken from the Managing Director of the company. (cont.13)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): But no agreement was made between the Managing Director and the Company, which is a ma
(Continuation news of JUTESPINN): But no agreement was made between the Managing Director and the Company, which is a material misstatement by quality/nature. However, in a board meeting, the board approved any transaction with the Managing Director & CEO and any Directors as and when required for the interest of the company subject to the loan will be refunded without any interest when the company become solvent. (cont.14)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): Therefore, no interest was charged by the company against the loan amount. b) Some tra
(Continuation news of JUTESPINN): Therefore, no interest was charged by the company against the loan amount. b) Some transactions with directors have been made by cash which is a violation of Companies Act 1994 and Income Tax Ordinance 1984. 5) Accounts Receivable and Advance, Deposits & Prepayments: Advance, Deposits & Prepayments (note 8.00) amounting Tk. 18,479,139 and Accounts Receivable (note 9.00) amounting Tk. 307,716 have not been adjusted for (cont.15)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): long period of time. No proper relevant evidence could be provided for the existence o
(Continuation news of JUTESPINN): long period of time. No proper relevant evidence could be provided for the existence of these amounts or possibility of realization of these amounts. As a result, these current assets might be subject to credit loss for which the company did not make any provisions. It appears from Note # 8.00, and 9.00 of the financial statements that the disclosure requirement (Ageing Schedule i.e., analysis of the age of financial assets) for Debtors and Advances, (cont.16)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): Deposits & Prepayments have not been made. During the year, advances were made for pur
(Continuation news of JUTESPINN): Deposits & Prepayments have not been made. During the year, advances were made for purchase and office rent that were made in cash which should have been paid through bank. 6) Cash & Cash Equivalents: The company had Tk. 3,516,812 as cash in hand. As we were appointed after the year end, the cash balance could not be physically verified. As per cash ledger book of factory cash balance was Tk. 1,30,55,618 but cash in hand balance as per financial (cont.17)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): statement was Tk. 3,399,108 of which no proper reconciliation could be provided. Rathe
(Continuation news of JUTESPINN): statement was Tk. 3,399,108 of which no proper reconciliation could be provided. Rather the management have certified cash balance of tk. 3,399,108 as per financial statements. This disagreement of tk. 9,656,510 remains unsettled as a schedule of salary advance amounting Tk. 11,622,626 was provided that was not adjusted in factory cash book. However, here also a difference of Tk. 1,966,116 remains unexplained by the management. (cont.18)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): The company provided bank reconciliation with cheques that were subsequently outdated
(Continuation news of JUTESPINN): The company provided bank reconciliation with cheques that were subsequently outdated and were not replaced due to which the bank balance was overstated by an amount Tk. 500,000. 7) Non-payment of Worker\'s Profit Participation Fund (WPPF) and Welfare Fund (WF): a) Constitution of Management Board and management of the fund regarding Workers Profit Participation Fund (WPPF) & Welfare Fund (WF) has not been maintained in (cont.19)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): accordance with the provision made in section 232 to 235 of the Bangladesh Labour Act,
(Continuation news of JUTESPINN): accordance with the provision made in section 232 to 235 of the Bangladesh Labour Act, 2006 as amended 2013. It also appears that the Company has not distributed or utilized the Workers\' Profit Participation Fund of Tk. 13,744,387 of WPPF for a long period of time which is violation the Section 242 of the Bangladesh Labour Act, 2006 as amended 2013. b) The company did not form any Gratuity Fund (GF) and Provident Fund (PF) during the year or (cont.20)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): made any provision for the year. This is also non-compliance of the Bangladesh Labor A
(Continuation news of JUTESPINN): made any provision for the year. This is also non-compliance of the Bangladesh Labor Act, 2006 as amended 2013 as well as Employee Benefits (IAS-19). 8) Liability for Goods & Advance Against Sales: Liability for Goods (note 19.00) amounting Tk. 57,860,978 and Advance against Sales (note 16.00) amounting Tk. 75,190 have not been adjusted for a long period of time. No proper evidence could be provided for the existence of these amounts as (cont.21)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): liability to be paid in future or that these amounts are under/over provisioned. No in
(Continuation news of JUTESPINN): liability to be paid in future or that these amounts are under/over provisioned. No information is also available of any disputes or litigation with the parties. There is a risk that the company\'s liabilities might be higher than those that have been shown. We could not confirm the balances directly from parties due to lack of contact information of the parties and thus were unable to determine the obligation in respect to these liabilities reported in the (cont.22)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN):financial statements due to absence of information. 9) Financial Expenses: In note no.
(Continuation news of JUTESPINN):financial statements due to absence of information. 9) Financial Expenses: In note no. 24.00 of notes to the financial statements, financial expenses of Tk. 57,590,542 out of which Tk. 57,320,785 has been provisioned from year to year for same amount. The company did not provide any updated information related to the blocked interest with Janata Bank Ltd. Loans which are not yet rescheduled. the amount of interest to be charged by bank could not be confirmed. (cont.23)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): Confirmation from bank not found due to dispute. 10) Income taxes: a) Current tax: Dis
(Continuation news of JUTESPINN): Confirmation from bank not found due to dispute. 10) Income taxes: a) Current tax: Disclosure regarding calculation of income Tax Expenses: The production of the company was discontinued in 2016-2017 and no revenue has been generated since 2016-2017. Thus, no current tax was charged from 2017-2018 in the financial statements. It has been observed that the company has not provided required adequate disclosure regarding income (cont.24)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): Tax Expenses in the financial statements for the year ended on 30 June 2022 which is n
(Continuation news of JUTESPINN): Tax Expenses in the financial statements for the year ended on 30 June 2022 which is non-compliance with the Paragraph 46 and 81(C) of IAS 12 \"Income Taxes\". b) Deferred Tax: Wrong recognition of deferred tax: As per paragraph 24 of IAS 12: \"Income Tax\"-\"A deferred tax asset shall be recognized for all deductible temporary difference to the extent that it is probable that taxable profit will be available against which the deductible temporary (cont.25)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): difference can be utilized, unless the deferred tax asset arises from the initial reco
(Continuation news of JUTESPINN): difference can be utilized, unless the deferred tax asset arises from the initial recognition of an asset or liability in a transaction that: (a) is not a business combination; and (b) at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss)\". But the company has recognized deferred tax assets though the company has no taxable profit which is not in line with paragraph 24 of IAS 12: \"Income Tax\". (cont.26)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): 11) Liabilities for Other Finance and Liabilities for Expenses: Balances are carried f
(Continuation news of JUTESPINN): 11) Liabilities for Other Finance and Liabilities for Expenses: Balances are carried forward from year to year that is remaining unadjusted in the financial statements for a long time. Expenses are charged and added with carried forwarded balances under Liabilities for expenses from year to year. Non-payment of expenses under several heads i.e., salary & wages, rents, utilities, repair maintenance, travelling conveyance and other general (cont.27)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): expenses, for a long time are unusual and doubtful. Whether the expenditures charged a
(Continuation news of JUTESPINN): expenses, for a long time are unusual and doubtful. Whether the expenditures charged and provisioned for having any authenticity could not be justified by the company. Also, most of the expenditures were made in cash. Emphasis of Matters-Subsequent Event: 1) The company\'s shares are traded in the Dhaka Stock Exchange (DSE). As at 30 June, 2022, the last trading price was at Tk. 143.70 per share. (cont.28)
The first part of this announcement is missing from the archive. - (Continuation news of JUTESPINN): A hike in share price was reported during mid of September, 2022 which was unusual con
(Continuation news of JUTESPINN): A hike in share price was reported during mid of September, 2022 which was unusual considering the current status of the company. 2) The company started repairment and maintenance of its machineries and factory building after the year ended 30 June 2022 and started trial production on 15th September 2022 at 16\% of its total existing capacity. At the time of physical verification on 20.10.2022, it was found that inventories were purchased (cont.29)
The first part of this announcement is missing from the archive. - 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 22.11.2022 to 24.11.2022. Trading of the shares of the Company will remain suspended on record date i.e., 27.11.2022.
- Adverse Opinion & Emphasis of Matters
(Continuation news of JUTESPINN): (raw materials) after 30 June 2022 and these were processed to manufacture finished goods during trial. However, during subsequent period no information as to whether any sales were recorded was provided till signing of the report. (end)
The first part of this announcement is missing from the archive. - Q1 Financials
(Q1 Un-audited): EPS was Tk. (12.45) for July-September 2022 as against Tk. (10.83) for July-September 2021; NOCFPS was Tk. (48.49) for July-September 2022 as against Tk. (0.03) for July-September 2021. NAV per share was Tk. (450.87) as on September 30, 2022 and Tk. (404.41) as on September 30, 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 November 12, 2022 at 11:00 AM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended September 30, 2022.
- (Continuation news of JUTESPINN): respectively for the same period of the previous year. (end)
(Continuation news of JUTESPINN): respectively for the same period of the previous year. (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 today (30.10.2022) following its corporate declaration. However, as per the BSEC Order No. BSEC/CMRRCD/2001-07/39 dated July 28, 2022, the floor price shall be applicable accordingly.
- Dividend Declaration
The Board of Directors has recommended No dividend for the year ended June 30, 2022 due to the fact that the company was not in operation. Record Date: 27.11.2022. Date, Time and Venue of the AGM will be notified later on after receipt of permission from the High Court for 38th, 39th, 40th 41st and 42nd AGM. The Company has also reported EPS of Tk. (44.84), NAV per share of Tk. (438.42) and NOCFPS of Tk. (17.05) for the year ended June 30, 2022 as against Tk. (44.59), Tk. (393.57) and Tk. (0.39) (Restated
- 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 29, 2022 at 11:00 AM to consider, among others, audited financial statements of the Company for the year ended June 30, 2022.
- The Company informed that the Board of Directors has decided to re-start the mill by \"Trial Production\" w.e.f. 15th Se
The Company informed that the Board of Directors has decided to re-start the mill by \"Trial Production\" w.e.f. 15th September, 2022 after successful completion of renovation of 2 Raw Jute Godowns out of 3 and maintenance of machineries. The Company also informed that the date of \"Commercial Production\" will be notified in due time after satisfaction and acceptable quality of trial production.
- 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.
- Q3 Financials
(Q3 Un-audited): EPS was Tk. (10.83) for January-March 2022 as against Tk. (11.51) for January-March 2021; EPS was Tk. (32.50) for July 2021-March 2022 as against Tk. (33.83) for July 2020-March 2021. NOCFPS was Tk. 0.00 for July 2021-March 2022 as against Tk. 0.00 for July 2020-March 2021. NAV per share was Tk. (426.07) as on March 31, 2022 and Tk. (393.57) as on June 30, 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 April 16, 2022 at 11:00 AM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended March 31, 2022.
- Q2 Financials
(Q2 Un-audited): EPS was Tk. (10.83) for October-December 2021 as against Tk. (11.16) for October-December 2020; EPS was Tk. (21.67) for July-December 2021 as against Tk. (22.32) for July-December 2020. NOCFPS was Tk. (0.13) for July- December 2020. NAV per share was Tk. (415.24) as on December 31, 2021 and Tk. (371.30) as on December 31, 2020.
- 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 29, 2022 at 11:00 AM to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended December 31, 2021.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.