Power Grid Bangladesh PLC. announcements
330 Dhaka Stock Exchange announcements for Power Grid Bangladesh PLC. (POWERGRID) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2013 (30).
- (Qualified Opinion): Auditor of the company, has given the following Qualified Opinion in the audit report of the compan
(Qualified Opinion): Auditor of the company, has given the following Qualified Opinion in the audit report of the company for the year ended on 30 June 2013: "1. The carrying amount of property, plant and equipment as reported in the Balance Sheet is Tk. 42,116,295,135. Proper register for property, plant and equipment is not maintained by the company. Valuation of plant and machinery transferred from Bangladesh Power Development Board (BPDB) and Dhaka Power Distribution Company (DPDC, previously DESA) was not done properly. No physical verification of its property, plant and equipment as at 30 June 2013 or any time during the period under audit was done. (cont. 1)
- (Continuation of news of POWERGRID): We had no other practical alternative auditing procedure that we could apply to aut
(Continuation of news of POWERGRID): We had no other practical alternative auditing procedure that we could apply to authenticate the physical existence as well as the value thereof as on 30 June 2013. Bangladesh Accounting Standard (BAS) 36 requires impairment test of property, plant and equipment and necessary disclosure in this regard. The Company has no laid down policy and procedure in regard to impairment test, and no such test was carried out. However, the company has hired the services of a firm of Chartered Accountants for the valuation in September 2011 which is still in progress. And as disclosed in Note # 5 to the financial statements, the Company has reported an amount of Tk. 48,513,303,442 as Capital work-in-progress which (cont. 2)
The first part of this announcement is missing from the archive. - (Continuation of news of POWERGRID): includes five completed projects amounting Tk. 847,632,179. The projects have been
(Continuation of news of POWERGRID): includes five completed projects amounting Tk. 847,632,179. The projects have been completed and are already in operation and generating revenue but have not been transferred to Property, Plant and Equipment; as a result the company has understated depreciation expenses by Tk. 14,833,563 in relation to the projects. For which EPS for the year 2012-13 has been overstated. 2) As disclosed in Note # 6 to the financial statements, the Company has reported an amount of Tk. 1,658,585,163 as inventories. Movement of inventories is not properly recorded in the accounts maintained at the cost centers we visited. (cont. 3)
The first part of this announcement is missing from the archive. - (Continuation of news of POWERGRID): As a result, physical existence of inventory could not be verified. We had no other
(Continuation of news of POWERGRID): As a result, physical existence of inventory could not be verified. We had no other practical alternative auditing procedure that we could apply to authenticate the physical existence as well as the value thereof as on 30 June 2013. However, the company has hired the services of a firm of Chartered Accountants for the valuation in September 2011 which is still in progress. 3. Exchange rate fluctuation gain amounting to Tk. 645,808,508 relating to the outstanding principal amount of loan for the year ended 30 June 2013 of the completed projects that are now in operation has been deducted from Property, plant and equipment instead of recognizing such gain in Profit and Loss Account. (cont. 4)
The first part of this announcement is missing from the archive. - (Continuation of news of POWERGRID): Para-28 of Bangladesh Accounting Standard (BAS-21) requires that the said exchange
(Continuation of news of POWERGRID): Para-28 of Bangladesh Accounting Standard (BAS-21) requires that the said exchange rate fluctuation gain shall be recognized in Profit and Loss account. The company has been following the policy of capitalizing or deducting such exchange rate fluctuation loss /gain from Property, plant and equipment from the year 2010-2011 which is a non-compliance of the above provision of BAS-21. (cont. 5)
The first part of this announcement is missing from the archive. - (Continuation of news of POWERGRID): 4. As disclosed in Note # 7 to the financial statements, the Company has reported a
(Continuation of news of POWERGRID): 4. As disclosed in Note # 7 to the financial statements, the Company has reported an amount of Tk. 1,278,732,152 as receivable from transmission/wheeling and optical fiber charge. It includes receivables from DPDC, DESCO and WZPDCL Tk. 296,231,062, 173,596,648 and Tk. 88,402,498 respectively. Receivable from DPDC includes Tk. 136,848,400 being carried forward from June 2008 due to fewer amounts received against wheeling charge bills over the years. Receivable from DESA Tk. 15,700,698 due to fewer amounts received against wheeling charge bills from DPDC subsequent to June 2008. Receivable from DESCO includes Tk. 3,106,230 being carried forward from 2007. (cont. 6)
The first part of this announcement is missing from the archive. - (Continuation of news of POWERGRID): And receivable from WZPDCL includes Tk. 968,010 being carried forward from the year
(Continuation of news of POWERGRID): And receivable from WZPDCL includes Tk. 968,010 being carried forward from the year 2007. Repair and maintenance charge receivable from DESA is Tk. 104,722,014 which is being carried forward from 2010. Ernst & Young India has produced a report in reference to the repair and maintenance charge receivable from DESA but the company is yet to provide provisions for the disputed amounts according to the report. As for the other disputed amounts, in our opinion the company is very unlikely to receive the amounts in full. If provisions were provided for the abovementioned amounts the EPS for the year 2012-13 would have adversely been affected. (cont. 7)
The first part of this announcement is missing from the archive. - (Continuation of news of POWERGRID): 5. As disclosed in Note# 19 to the financial statements, liabilities for other fina
(Continuation of news of POWERGRID): 5. As disclosed in Note# 19 to the financial statements, liabilities for other finance include an amount of Tk. 3,765,000 owed to BPDB, and as disclosed in Note # 19.4, liabilities for other finance include account current with corporations and other offices amounting to Tk. 104,032,421 comprising Tk. 106,454,988 and Tk. (2,422,567) on account of BPDB and Project-1 respectively as on 30 June 2013. As disclosed in Note # 12.3, Note # 12.4(A) and Note # 16 PGCBL owes to BPDB Tk. 8,003,670, Tk. 9,855,673,033 and Tk. 881,647,500 respectively. The balances could not be confirmed from BPDB. (cont. 8)
The first part of this announcement is missing from the archive. - (Continuation of news of POWERGRID): 6. As disclosed in Note # 14 to the financial statements, the gratuity scheme opera
(Continuation of news of POWERGRID): 6. As disclosed in Note # 14 to the financial statements, the gratuity scheme operated by the company is unfunded and provision is provided as per Company policy. But no actuarial valuation has been done as per BAS 19. (end)
The first part of this announcement is missing from the archive. - The Company has informed that it has started transmission of full 500 Megawatt electricity import from India from 04 Dec
The Company has informed that it has started transmission of full 500 Megawatt electricity import from India from 04 December 2013.
- Normal trading of the shares of the Company will resume on 02.12.2013 after record date.
Normal trading of the shares of the Company will resume on 02.12.2013 after record date.
- Trading of the shares of the Company will remain suspended on record date i.e., 01.12.2013.
Trading of the shares of the Company will remain suspended on record date i.e., 01.12.2013.
- Trading of the shares of the Company will be allowed only in the Spot Market and Block/Odd lot transactions will also be
Trading of the shares of the Company will be allowed only in the Spot Market and Block/Odd lot transactions will also be settled as per Spot settlement cycle with cum benefit from 26.11.2013 to 28.11.2013. Trading of the shares of the Company will remain suspended on record date i.e., 01.12.2013.
- (Q1): As per un-audited quarterly accounts for the 1st quarter ended on 30th September 2013 (July'13 to Sep'13), the Com
(Q1): As per un-audited quarterly accounts for the 1st quarter ended on 30th September 2013 (July'13 to Sep'13), the Company has reported net profit after tax of Tk. 488.11 million with EPS of Tk. 1.06 as against Tk. 475.26 million and Tk. 1.03 respectively for the same period of the previous year.
- The Board of Directors has recommended cash dividend @ 15% for the year ended on June 30, 2013. Date of AGM: 18.01.2014,
The Board of Directors has recommended cash dividend @ 15% for the year ended on June 30, 2013. Date of AGM: 18.01.2014, Time: 10:00 AM. Record Date: 01.12.2013. Venue of the AGM will be notified later. The Company has also reported EPS of Tk. 2.19, NAV per share of Tk. 63.69 and NOCFPS of Tk. 11.68 for the year ended on June 30, 2013.
- There will be no price limit on the trading of the shares of the Company today (11.11.2013) following its corporate decl
There will be no price limit on the trading of the shares of the Company today (11.11.2013) following its corporate declaration.
- As per Regulation 30 of DSE Listing Regulations, the Company has informed that a meeting of the Board of Directors will
As per Regulation 30 of DSE Listing Regulations, the Company has informed that a meeting of the Board of Directors will be held on November 10, 2013 at 6:00 PM to consider, among others, audited financial statements of the Company for the year ended on June 30, 2013.
- The Company has informed that the Company has made an agreement with Joint Venture of Desh Unnayan Ltd. and The Builders
The Company has informed that the Company has made an agreement with Joint Venture of Desh Unnayan Ltd. and The Builders Engineers for construction of Power Grid Company Ltd's (PGCB) head office building in its own land at Aftab nagar, Dhaka Metropolises at a cost of total Tk. 130,52,77,238.00 only in first phase. The building will be constructed with twenty storied base, two underground basement and eight stories within three years in first phase.
- (Q3): As per un-audited quarterly accounts for the 3rd quarter ended on 31st March 2013 (Jan'13 to March'13), the Compan
(Q3): As per un-audited quarterly accounts for the 3rd quarter ended on 31st March 2013 (Jan'13 to March'13), the Company has reported profit after tax of Tk. 97.35 million with EPS of Tk. 0.21 as against Tk. 285.69 million and Tk. 0.62 (restated) respectively for the same period of the previous year. Whereas profit after tax was Tk. 837.68 million with EPS of Tk. 1.82 for the period of nine months (July'12 to March'13) ended on 31.03.2013 as against Tk. 914.65 million and Tk. 1.98 (restated) respectively for the same period of the previous year.
- H/Y Accounts
As per un-audited half yearly accounts as on 31.12.2012 (July'12 to Dec'12), the Company has reported profit after tax of Tk. 740.32 million with basic EPS of Tk. 1.77 as against Tk. 628.98 million and Tk. 1.50 respectively for the same period of the previous year. However considering bonus share @ 10% for the year 2012, restated basic EPS is Tk. 1.61 as on 31.12.2012 (July'12 to Dec'12) and Tk. 1.37 as on 31.12.2011 (July'11 to Dec'11). Whereas profit after tax was Tk. 265.06 million with basic EPS of Tk. 0.63 for the period of 3 months (Oct'12 to Dec'12) ended on 31.12.2012 as against Tk. 200.43 million and Tk. 0.48 respectively for the same period of the previous year. However considering bonus share @ 10% for the year 2012, restated basic EPS is Tk. 0.58 as on 31.12.2012 (Oct'12 to Dec'12) and Tk. 0.44 as on 31.12.2011 (Oct'11 to Dec'11).
- (H/Y): As per un-audited half yearly accounts as on 31.12.2012 (July'12 to Dec'12), the Company has reported profit afte
(H/Y): As per un-audited half yearly accounts as on 31.12.2012 (July'12 to Dec'12), the Company has reported profit after tax of Tk. 740.32 million with basic EPS of Tk. 1.77 as against Tk. 628.98 million and Tk. 1.50 respectively for the same period of the previous year. However considering bonus share @ 10% for the year 2012, restated basic EPS is Tk. 1.61 as on 31.12.2012 (July'12 to Dec'12) and Tk. 1.37 as on 31.12.2011 (July'11 to Dec'11). (cont.)
- (continuation of news of POWERGRID - H/Y): Whereas profit after tax was Tk. 265.06 million with basic EPS of Tk. 0.63 fo
(continuation of news of POWERGRID - H/Y): Whereas profit after tax was Tk. 265.06 million with basic EPS of Tk. 0.63 for the period of 3 months (Oct'12 to Dec'12) ended on 31.12.2012 as against Tk. 200.43 million and Tk. 0.48 respectively for the same period of the previous year. However considering bonus share @ 10% for the year 2012, restated basic EPS is Tk. 0.58 as on 31.12.2012 (Oct'12 to Dec'12) and Tk. 0.44 as on 31.12.2011 (Oct'11 to Dec'11). (end)
The first part of this announcement is missing from the archive. - (Continuation of news of POWERGRID): which in our opinion the Company is very unlikely to receive. Receivable from DESCO
(Continuation of news of POWERGRID): which in our opinion the Company is very unlikely to receive. Receivable from DESCO includes inter alia Tk. 3,106,230 being carried forward from 2007 which in our opinion the Company is very unlikely to receive. And receivable from WZPDCL includes inter alia Tk. 659,458 being carried forward from the year 2007 which in our opinion the Company is very unlikely to receive."(End)
The first part of this announcement is missing from the archive. - (Continuation of news of POWERGRID): The management could not explain satisfactorily as to why the Company has a balance
(Continuation of news of POWERGRID): The management could not explain satisfactorily as to why the Company has a balance with project-1 instead of Zero. 6) As disclosed in Note# 7 to the financial statements, the Company has reported an amount of Tk. 1,180,881,283 as receivable from transmission/wheeling and optical fiber charge. It includes inter alia receivables from DPDC, DESCO and WZPDCL Tk. 280,986,023, 155,861,978 and Tk. 87,893,886 respectively. Receivable from DPDC includes Tk. 134,418,862 being carried forward form June 2008 due to less amount received against wheeling charge bills over the years and receivable from DESA Tk.15,700,698 due to less amount received against wheeling charge bills from DPDC subsequent to June 2008 (Cont.-7)
The first part of this announcement is missing from the archive. - (Continuation of news of POWERGRID): financial statements, liabilities for other finance include inter alia an amount of
(Continuation of news of POWERGRID): financial statements, liabilities for other finance include inter alia an amount of Tk. 3,765,000 owed to BPDB, and as disclosed in Note#19.4, liabilities for other finance include account current with corporations and other offices amounting to Tk. 104,032,421 comprising inter alia debit balances of Tk. 106,454,988 and Tk. 2,422,567 on account of BPDP and Project -1 respectively as on 30 June 2012. As disclosed in Note# 12.3, Note# 12.4(A) and Note#16 PGCBL owes to BPDB Tk. 8,003,670, Tk. 9,481,643,070 and Tk. 881,647,500 respectively. No balance confirmation has been received from BPDB with respect to above. We could not apply any other practical alternative auditing procedures to confirm the balances with BPDB. (Cont.-6)
The first part of this announcement is missing from the archive. - (Continuation of news of POWERGRID): as inventories. Movement of inventories is not properly recorded in the accounts ma
(Continuation of news of POWERGRID): as inventories. Movement of inventories is not properly recorded in the accounts maintained at the cost centres we visited. As a result, physical existence of inventory could not be verified. We had no other practical alternative auditing procedure that we could apply to authenticate the physical existence as well as the value thereof as on 30 June 2012. However, the Company have recently hired the services of a firm of Chartered Accountants for the valuation which is in progress now. 4.) As disclosed in Note#14 to the financial statements, the Company operates an unfunded gratuity scheme and makes provision as per Company policy. But no actuarial valuation has been done as per BAS-19. 5) As disclosed in Note#19 to the (Cont.-5)
The first part of this announcement is missing from the archive. - (Continuation of news of POWERGRID): and equipment as at 30 June 2012 or any time during the period under audit. We had
(Continuation of news of POWERGRID): and equipment as at 30 June 2012 or any time during the period under audit. We had no other practical alternative auditing procedure that we could apply to authenticate the physical existence as well as the value thereof as on 30 June 2012. Bangladesh Accounting Standard (BAS) 36 requires impairment test of Property, Plant and Equipment and necessary disclosure in this regard. The Company has no laid down policy and procedure in regard to impairment test, and no such test was carried out. However, the company has recently hired the services of a firm of Chartered Accountants for the valuation which is in progress now. 3) As disclosed in Note#6 to the financial statements, the Company has reported an amount of Tk. 1,471,182,090 (Cont.-4)
The first part of this announcement is missing from the archive. - (Qualified Opinion): "ACNABIN" Auditor of the company, has given the following Qualified Opinion in the audit report of
(Qualified Opinion): "ACNABIN" Auditor of the company, has given the following Qualified Opinion in the audit report of the company for the year ended on 30 June 2012: "Basis for Qualified Opinion: 1) Exchange rate fluctuation loss amounting to Tk. 954,864,739 relating to the outstanding principal amount of loan as on 30 June 2012 of the completed projects that are now in operation has been capitalized and included in Property, Plant and Equipment as addition instead of recognizing such loss in Profit and Loss Account. Para-28 of BAS-21 requires that the said exchange rate fluctuation loss shall be recognized in Profit and Loss account, and accordingly the Company had been consistently charging such exchange rate fluctuation loss (gain) in Profit and Loss account (Cont.-1)
- (Continuation of news of POWERGRID): in the years up to 30 June 2010. The company however changed the policy of recogniz
(Continuation of news of POWERGRID): in the years up to 30 June 2010. The company however changed the policy of recognizing exchange rate fluctuation relating to outstanding principal amount of loan from the year 2010-2011 which is a non-compliance of the above provision of BAS-21. Had the said exchange rate fluctuation loss been charged to Profit and Loss account of the current year, the finance expenses would have been increased by Tk. 954,864,739 and depreciation expense, contribution to WPPF, net profit after tax, carrying value of fixed assets and shareholders equity would have been reduced by Tk. 16,710,133, Tk. 44,674,029, Tk. 893,480,577, Tk. 938,154,606 and Tk. 893,480,577 respectively in the current year. Moreover, because of the change of policy in the (Cont.-2)
The first part of this announcement is missing from the archive. - (Continuation of news of POWERGRID): last year, the retained earnings at the beginning of the year 2011-2012 have been i
(Continuation of news of POWERGRID): last year, the retained earnings at the beginning of the year 2011-2012 have been increased by an amount of Tk. 2,727,122,176 with a consequential related decreases in the depreciation expenses, contribution to WPPF, carrying value of fixed assets and shareholder's equity. 2) The carrying amount of property, plant and equipment as reported in the Balance Sheet is Tk. 41,849,896,138. The Company does not maintain proper register for property, plant and equipment. Valuation of plant and machinery transferred from Bangladesh Power Development Board (BPDB, previously PDB) and Dhaka Power Development Company (DPDC, previously DESA) was not done properly. The Company did not conduct any physical verification of its property, plant (Cont.-3)
The first part of this announcement is missing from the archive.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.