National Tea Company Limited announcements
286 Dhaka Stock Exchange announcements for National Tea Company Limited (NTC) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2022 (40).
- Category Change
The Company will be placed in 'B' category from existing 'A' category with effect from December 29, 2022 as the Company has approved 7.50% cash dividend for the year ended June 30, 2022.
- Credit Rating Information and Services Limited (CRISL) has rated the Company as \"A-\" in the long term and \"ST-3\" in
Credit Rating Information and Services Limited (CRISL) has rated the Company as \"A-\" in the long term and \"ST-3\" in the short term along with a stable outlook in consideration of its audited financials up to June 30, 2022; un-audited financial up to September 30, 2022 and other relevant quantitative as well as qualitative information up to the date of rating declaration.
- Resumption after record date
Trading of the shares of the Company will resume on 20.11.2022 after record date.
- Suspension for Record date
Trading of the shares of the Company will remain suspended on record date i.e., 17.11.2022
- 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 15.11.2022 to 16.11.2022. Trading of the shares of the Company will remain suspended on record date i.e., 17.11.2022.
- (Q1 Un-audited): EPS was Tk. 1.54 for July-September 2022 as against Tk. 3.45 for July-September 2021; NOCFPS was Tk. (9
(Q1 Un-audited): EPS was Tk. 1.54 for July-September 2022 as against Tk. 3.45 for July-September 2021; NOCFPS was Tk. (9.11) for July-September 2022 as against Tk. 0.16 for July-September 2021. NAV per share was Tk. 50.33 as on September 30, 2022 and Tk. 48.79 as on June 30, 2022. (cont.)
- Q1 Financials
(Continuation news of NTC): Reasons for significant deviation: EPS has been decreased by Tk. 1.91 per share because of decreasing both sale volume by 5.29 lac kgs and average selling price of tea by Tk. 2.44 per kg compared with same period of last year. (end)
The first part of this announcement is missing from the archive. - 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 3:00 PM to consider, among others, un-audited financial statements of the company for the First Quarter (Q1) period ended September 30, 2022.
- The auditor of the National Tea Company Ltd. has given the \"Qualified Opinion & Emphasis of Matter\" paragraphs in the
The auditor of the National Tea Company Ltd. has given the \"Qualified Opinion & Emphasis of Matter\" paragraphs in the auditor\'s report for the year ended June 30, 2022. Basis for qualified opinion: We refer to note 6.01 and 5A (iii), property, plant and equipment which include \"bearer plants\" presented under \"Plantation\" for the amount of Taka 2,160,743,287. Bearer plants has a finite life and must be depreciated under IAS 16 Paragraph 6. However, the Company does not have any (cont. 1)
- (Continuation news of NTC): policy to value such asset either at cost or revaluation model as per IFRS requirement and d
(Continuation news of NTC): policy to value such asset either at cost or revaluation model as per IFRS requirement and depreciate accordingly over the asset\'s useful life. As a result, since the asset is gradually losing its finite life and ability to generate cash flow in the future, the financial statements are not reflecting the outcome of appropriate valuation and required depreciation which is resulting in overstatement of property, plant and equipment, (cont. 2)
The first part of this announcement is missing from the archive. - (Continuation news of NTC): profit for the year and cumulative retained earnings. Although the Company has made a provis
(Continuation news of NTC): profit for the year and cumulative retained earnings. Although the Company has made a provision for the lump sum amount of Taka 27,060,250 for depreciation on bearer plants on straight line basis this year, neither the life of such assets is clearly defined and recorded nor any adjustments with retained earnings for prior year depreciations are reflected in the financial statements. (cont. 3)
The first part of this announcement is missing from the archive. - (Continuation news of NTC): The management of the Company could not quantify the impact of such under-provision of depre
(Continuation news of NTC): The management of the Company could not quantify the impact of such under-provision of depreciation. In the absence of bearer plants capitalization and deprecation policy, neither we could calculate accumulated depreciation and depreciation charge for the year, nor we could find any basis for the lump sum provision. Immature bearer plants have also been capitalized directly as asset as opposed to booking such cost as capital-work-in-progress which resulted (cont. 4)
The first part of this announcement is missing from the archive. - (Continuation news of NTC): in overstatement of the property, plant and equipment. Emphasis of matters: Without qualifyi
(Continuation news of NTC): in overstatement of the property, plant and equipment. Emphasis of matters: Without qualifying our report, we draw attention to the following facts that- 1. Liquidity risk: We refer to note 38.03 to the accompanying financial statements where the management has explained how they will overcome liquidity crisis. The Company\'s reliance on loan is increasing and the total balance of long and short term loans stood at Taka 2,077,728,205 as at 30 June 2022. (cont. 5)
The first part of this announcement is missing from the archive. - (Continuation news of NTC): During the year, the Company has shown provision for gratuity amounting to Taka 283,259,959
(Continuation news of NTC): During the year, the Company has shown provision for gratuity amounting to Taka 283,259,959 which is calculated based on last drawn basic pay multiplied by number of service years as per the Company\'s policy. However, according to the Paragraph 67 of IAS 19: \'Employee Benefits\' \"an entity shall use the projected unit credit method to determine the present value of its defined benefit obligations and the related current service cost and, (cont. 7)
The first part of this announcement is missing from the archive. - (Continuation news of NTC): where applicable, past service cost\". The Company has not performed any actuarial valuation
(Continuation news of NTC): where applicable, past service cost\". The Company has not performed any actuarial valuation as per IAS 19. Furthermore, the Company transferred only Taka 6,000,000 to the recognized gratuity fund during the year considering the financial performance. So far, the accumulated balance at the funded gratuity fund stands at Taka 2,706,953 on the close of business as at 30 June 2022. There exists a shortfall of Taka 280,553,006 and as a result, (cont. 8)
The first part of this announcement is missing from the archive. - (Continuation news of NTC): the gratuity has not been funded to that extent. 3. Provision for arrear wages: We refer to
(Continuation news of NTC): the gratuity has not been funded to that extent. 3. Provision for arrear wages: We refer to note 26.02.01 to the accompanying financial statements where the management explained that no provision has been made for arrear wages amounting to Taka 330,890,715 from 01 January 2021 to 30 June 2022 as the decision to yet to be taken by Board or Directors based on a consensus to be arrived at between Bangladesh Cha Sramik Union and Bangladeshiyo Cha Sangsad (BCS). (cont. 9)
The first part of this announcement is missing from the archive. - (Continuation news of NTC): However, we noted that if the Company provision for arrear wages, then the net loss during t
(Continuation news of NTC): However, we noted that if the Company provision for arrear wages, then the net loss during the year would have been Taka 558,418,048. 4. Accumulated loss adjustment with reserve and surplus: We draw attention to note 17 of the accompanying financial statements where the Company has explained the adjusted made in accumulated loss amounting to Taka 434,640,364 as of 30 June 2021 with general reserve (Taka 158,900,000) and development reserve (cont. 10)
The first part of this announcement is missing from the archive. - (Continuation news of NTC): (Taka 275,740,365) as approved by the Board of Directors. However, the Company build up the
(Continuation news of NTC): (Taka 275,740,365) as approved by the Board of Directors. However, the Company build up the development reserve with a different purpose development gardens and related works but now these are being adjusted from accumulated loss deviating from its original purpose. 5. Workers\' Profit Participation Fund (WPPF) and Welfare Fund (WF) (cont. 11)
The first part of this announcement is missing from the archive. - (Continuation news of NTC): We refer to note 51 (i) to the accompanying financial statements that no provision has been
(Continuation news of NTC): We refer to note 51 (i) to the accompanying financial statements that no provision has been made in previous years for Workers\' Profit Participation Fund (WPPF) and Welfare Fund (WF). However, during the years under audit, the Company could not make profit and as such no provision for WPPF and WF required to be made. (end)
The first part of this announcement is missing from the archive. - Qualified Opinion & Emphasis of Matter
(Continuation news of NTC): Subsequently, on 18 October 2022, the Company has rescheduled short term loan of Taka 283,471,378 to long term as well. Moreover, during the last three years, the Company has failed to generate positive cash flow from operations. If this situation continues for a longer period, the Company is unlikely to meet its financial obligations including bank loans. 2. Provision for gratuity: The Company has maintained and presented defined benefits plan (gratuity). (cont. 6)
The first part of this announcement is missing from the archive. - The Board of Directors has recommended 7.50\% cash dividend for the year ended June 30, 2022. Date of AGM: 28.12.2022, T
The Board of Directors has recommended 7.50\% cash dividend for the year ended June 30, 2022. Date of AGM: 28.12.2022, Time: 11:00 AM, Venue: Digital Platform. Record date: 17.11.2022. The Company has also reported EPS of Tk. (34.47), NAV per share of Tk. 48.79 and NOCFPS of Tk. (23.52) for the year ended June 30, 2022 as against Tk. (31.68), Tk. 84.27 and Tk. (10.58) respectively for the same period of the previous year. (cont.)
- Dividend Declaration
(Continuation news of NTC): The Company has informed that EPS has been decreased this year due to increased production and other costs & decreased miscellaneous income. (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.
- 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 27, 2022 at 3:30 PM to consider, among others, audited financial statements of the Company for the year ended June 30, 2022.
- Resumption after record date
Trading of the shares of the company will resume on 27.09.2022 after record date.
- Suspension for Record date
Trading of the shares of the company will remain suspended on record date i.e., 26.09.2022 for EGM.
- Spot for EGM
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 from 22.09.2022 to 25.09.2022 and trading of the shares will remain suspended on record date i.e., 26.09.2022 for EGM.
- In response to a DSE query dated September 07, 2022, regarding clarification on recent news published in the newspaper n
In response to a DSE query dated September 07, 2022, regarding clarification on recent news published in the newspaper namely \"Prothom Alo\" containing Price Sensitive Information regarding Capital Issue. The Company informed that they have already disclosed the information to the regulatory authorities regarding increase of Share Capital. The published news in the newspaper is different from the news disclosed by NTC. The Company also informed that they have no connection with the said published news.
- (Continuation news of NTC): issuance of proposed shares. To increase of the said Authorized and Paid-up Capital, the Boa
(Continuation news of NTC): issuance of proposed shares. To increase of the said Authorized and Paid-up Capital, the Board of Directors has decided to hold an EGM for approval of the shareholders Date of EGM: 20.10.2022, Time: 11:00 AM, Venue: Digital Platform. Record Date for EGM: 26.09.2022. The Company will apply to Bangladesh Securities and Exchange Commission for approval of the same subject (cont.5)
The first part of this announcement is missing from the archive. - Decision to hold EGM to increase of Authorized & Paid-up Capital (Revised)
(Continuation news of NTC): to the approval of the shareholders in the EGM. After getting approval from BSEC, the Company will take necessary steps to increase Paid-up Capital in compliance with the respective rules and regulations. (end)
The first part of this announcement is missing from the archive. - Decision to hold an EGM to increase of Authorized and Paid-up Capital
(Continuation news of NTC): Bangladesh Government, Investment Corporation of Bangladesh and Shadharon Bima Corporation will hold 51% of paid-up capital & the remaining 49% shares will be distributed among existing other directors and shareholders proportionately. The company decided to pay bank loan of the company, generating working capital and development of tea garden and factories with the raised money from issuance of proposed shares.(end)
The first part of this announcement is missing from the archive. - Query Response
In response to a DSE query dated August 31, 2022, 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.
- Dividend Disbursement
The Company has informed that it has disbursed the cash dividend for the year ended June 30, 2021 to the respective shareholders.
- Regarding Dividend Compliance Report
The Company did not send Dividend Compliance Report as per Regulation-29 of the DSE (Listing) Regulations, 2015 in connection with disbursement of the declared dividend. However, DSE has issued query letter to the company for sending the dividend compliance report accordingly.
- Q3 Financials
(Continuation news of NTC): The main reason for decreasing in EPS due to decrease in price per kg resulting incremental cost of goods sold compared to last year same period. (end)
The first part of this announcement is missing from the archive. - 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, 2022 at 2:30 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended March 31, 2022.
- Response to DSE's Query
In response to a DSE query dated February 22, 2022 regarding clarification on recent news published in the online newspapers referring increase of paid up capital of NTC, the Company has informed that it has no connection with the said news.
- Q2 Financials
(Continuation news of NTC): EPS is increased due to increase in turnover decrease in COGS as more quantity unsold compared to last year same period cost of which is deferred to next period. NOCFPS is decreased because of increasing cash expenses and more payment to creditors by Tk. 14.74 crore compared to last year same period. During the period cash sale is increased by Tk. 4.80 crore compared to last year same period. (end)
The first part of this announcement is missing from the archive. - 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 31, 2022 at 3:30 PM to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended December 31, 2021.
- Query Response
In response to a DSE query dated January 24, 2022, 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.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.