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 2018 (16).
- Qualified Opinion
(Qualified Opinion): The auditor of the company has given the following "Qualified Opinion" Paragraphs in the audit report of the company for the year ended on 30 June 2018. Basis for Qualified Opinion: 1. As disclosed in Note # 4, the carrying amount of property, plant and equipment (PPE) was reported at BDT 115,120,606,842. No fixed asset register with the required information was available. Some items of PPE have been received from Bangladesh Power Development Board (BPDB) (cont. 1) (Continuation news of POWERGRID): 5. The Company has reported an amount of BDT 2,791,709,375 including addition during the year amounting to BDT 909,116,456 as provision for gratuity (Note # 16). The Company carries an unfunded gratuity scheme for its employees and provision is being made as per the Company's gratuity policy for which no actuarial valuation was done as required by BAS 19. (end) (Continuation news of POWERGRID): As per Para 28 of BAS 21: Effects of Changes in Foreign Exchange Rates, the said amount should be recognized as a loss in the Statement of Profit or Loss and Other Comprehensive Income. However, this exchange loss is capitalized with the relevant assets in line with the Companies Act, 1994 as the said loan was obtained for those assets. (cont. 8) (Continuation news of POWERGRID): If provisions were made for the above, the earnings per share (EPS) and net asset value (NAV) for the year 2017-2018 would have adversely been affected to that extent. 4. As disclosed in Note # 2.1, the Company has reported an amount of BDT 2,027,402,595 as addition to PPE resulted from exchange rate fluctuation related with the outstanding principal amount of loan for the year ended 30 June 2018. (cont. 7) (Continuation news of POWERGRID): The above stated amounts are increasing year by year till to date. It includes disputed amounts with DPDC, RPC, DESCO, PBS - Munshigonj, PBS Gazipur, M/S Abul Khair Steel Products, PBS - I Natore and BWDB GK Project (Bheramara, Kushtia) amounting to BDT 531,785,735; 5,439,000; 3,106,230; 1,282,548; 4,172,361; 6,433,733; 3,755,757 and 1,560,621 respectively. In our opinion, the Company is very unlikely to recover the amounts in full. (cont. 6) (Continuation news of POWERGRID): from transmission/wheeling and optical fiber charges. It includes receivables from DPDC, DESCO, RPC, PBS Munshigonj, PBS Gazipur, M/S Abul Khair Steel Products, PBS- 1, Natore and BWDB GK Project (Bheramara, Kushtia) amounting to BDT 744,404,649, 276,067,172, 5,439,000, 1,282,548, 4,172,361, 6,433,733, 3,755,757 and 1,560,621 respectively. The amount of BDT 5,439,000 receivable from RPC is being carried forward since FY 2004-05. (cont. 5) (Continuation news of POWERGRID): where we found that inventories amounting to BDT 579,682,808 were not recorded in the books of account, which indicated incomplete reporting in the financial statements. We also found that inventory register was not maintained properly. As a result, we are unable to confirm the physical existence of the items of inventories and its value as on 30 June 2018. 3. As disclosed in Note # 8, the Company has reported an amount of BDT 3,235,740,095 as receivable (cont. 4) (Continuation news of POWERGRID): PPE is 57.52% which remained unverified as to its quantity. Moreover, the Company has never performed impairment test of its PPE which is also a non-compliance with BAS 36 paragraph 9. 2. As disclosed in Note # 7, the Company has reported an amount of BDT 1,011,360,681.00 as inventories. There are 31 offices and we have visited 20 Grid Maintenance Division (GMD) offices involving inventories amounting to BDT 1,591,043,489 (cont. 3) (Continuation news of POWERGRID): and Dhaka Power Distribution Company (DPDC) by Power Grid Company of Bangladesh Ltd. (PGCB) without conducting physical verification and valuation thereon. It is also noted that, no physical verification of PPE was conducted either at the year-end or any time during the period under audit, as we are unable to confirm the authenticity of the physical existence of PPE as of 30 June 2018. Out of total assets of the Company, (cont. 2)
- Board decision to increase Authorized Capital of the Company
The Board of Directors of the Company has decided to increase the Authorized Capital of the Company from Tk. 1,000.00 crore to Tk. 10,000.00 crore by amending Memorandums of Association and Articles of Association as special resolutions in the general meeting of the shareholders.
- Resumption after record date
Trading of the shares of the Company will resume on 27.11.2018 after record date.
- Suspension for Record date
Trading of the shares of the Company will remain suspended on record date i.e., 26.11.2018.
- 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 with cum benefit from 22.11.2018 to 25.11.2018. Trading of the shares of the Company will remain suspended on record date i.e., 26.11.2018.
- Dividend Declaration
The Board of Directors has recommended 17% cash dividend for the year ended on June 30, 2018. Date of AGM: 19.01.2019, Time: 10:00 AM, Venue: Mukti Hall, Biddyut Bhaban, 1 Abdulgani Road, Dhaka-1000. Record Date: 26.11.2018. The Company has also reported EPS of Tk. 4.73, NAV per share of Tk. 108.12 and NOCFPS of Tk. 27.51 for the year ended on June 30, 2018 as against Tk. 4.33, Tk. 89.79 and Tk. 21.62 respectively for the same period of the previous year.
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (05.11.2018) following its corporate declaration.
- Q1 Financials
(Q1 Un-audited): EPS was Tk. 2.43 for July-September 2018 as against Tk. 1.69 for July-September 2017; NOCFPS was Tk. 3.14 for July-September 2018 as against Tk. 2.80 for July-September 2017. NAV per share was Tk. 114.21 as on September 30, 2018 and Tk. 94.20 as on September 30, 2017.
- 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 04, 2018 at 6:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on September 30, 2018.
- 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 04, 2018 at 6:00 PM to consider, among others, audited financial statements of the Company for the year ended on June 30, 2018.
- Q3 Financials
(Q3 Un-audited): EPS was Tk. 0.88 for January-March 2018 as against Tk. 0.67 for January-March 2017; EPS was Tk. 3.52 for July 2017-March 2018 as against Tk. 2.40 for July 2016-March 2017. NOCFPS was Tk. 15.68 for July 2017-March 2018 as against Tk. 11.14 for July 2016-March 2017. NAV per share was Tk. 100.11 as on March 31, 2018 and Tk. 83.25 as on June 30, 2017.
- 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 25, 2018 at 5:30 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended on March 31, 2018.
- Qualified Opinion
Qualified Opinion: The auditor of the company has given the following "Qualified Opinion" Paragraph in the audit report of the company for the year ended on 30 June 2017: Basis for Qualified Opinion: 1. As disclosed in Note # 4, the carrying amount of property, plant and equipment (PPE) was reported at BDT 113,398,236,005. No register has been found by us for PPE, which in need to be implemented by PGCB incorporating detailed information like, original cost, accumulated depreciation; (Cont. 1) (Continuation news of POWERGRID): addition during the year amounting to BDT 302,446,437 as provision for gratuity. The Company carries an unfunded gratuity scheme for its employees and provision was made as per Company's gratuity policy for which no actuarial valuation was performed which is required to be done as per BAS 19. (end) (Continuation news of POWERGRID): from BPDB directly nor supported with the account statement of BPDB. Therefore, we are not in a position to confirm the said current account balance with the relevant party records. 6. As disclosed in Note # 15, the Company has reported an amount of BDT 1,963,994,600 including (Cont. 9) (Continuation news of POWERGRID): However, this exchange loss is capitalized with relevant assets in line with Companies Act 1994 as the said loan was obtain for those assets. 5. As disclosed in Note # 20.4, current account with corporation and other offices includes BDT 114,745,358 and BDT (2,422,567) on account of BPDB and project-1 respectively as on 30 June 2017. Also as per Note # 13.3(A), the Company owes BDT 1,705,943,235 to BPDB. These amounts could neither be confirmed (Cont. 8) (Continuation news of POWERGRID): 4. As disclosed in Note #2.1, the Company has reported an amount of BDT 739,548,754 as addition to PPE resulted from exchange rate fluctuation related to the outstanding principal amount of loan for the year ended 30 June 2017. As per Paragraph 28 of BAS 21: Effects of Changes in Foreign Exchange Rates, the said amount should be recognized as a loss in Statement of Profit or Loss and Other Comprehensive Income. (Cont. 7) (Continuation news of POWERGRID): year by year till to date. It includes disputed amounts with DPDC BDT 414,877,218, DSECO BDT 3,106,230, M/S Abul Khair Steel Products BDT 6,433,733 and BWDB GK Project Bheramara, Kushtia, BDT 1,560,621. In our opinion, the Company is very unlikely to recover the amounts in full. If provisions were made for the above, the earnings per share (EPS) and net asset value (NAV) for the year 2016-2017 would have adversely been affected to that extent. (Cont. 6) (Continuation news of POWERGRID): 3. As disclosed in Note # 8, the Company has reported an amount of BDT 2,708,645,728 as receivable from transmission/wheeling and optical fiber charges. It includes receivable from DPDC and DESCO, M/S Abul Khair Steel Products and BWDB GK Project, Bheramara, Kushtia amounting to BDT 615,833,849, 279,084,538, 6,433,733 and 1,560,621 respectively. The above stated amounts are carried forward from FY 2005 and increasing (Cont. 5) (Continuation news of POWERGRID): We have visited 20 Grid Maintenance Division (GMD) offices involving the inventories value amounting to BDT 900,510,759 resulting unrecorded inventories of Tk. 93,162,943, which indicates incomplete reporting in the financial statements. We also found that inventory register was not maintained properly. As a result, we are unable to confirm the physical existence of the items of inventories and thereby its value as on 30 June 2017. (Cont. 4) (Continuation news of POWERGRID): the period under audit, as we are unable to confirm the authenticity of the physical existence of PPE as of 30 June 2017. This item represents 71.74% of total assets which remained unverified as to its quantity. Moreover, the Company has never performed impairment test of its PPE which is also a non-compliance with the BAS 36 Paragraph 9. 2. As disclosed in Note # 7, the Company has reported an amount of BDT 807,347,816 as inventories. (Cont. 3) (Continuation news of POWERGRID): rate of depreciation, year of acquisition, identification number etc. Some items of PPE have been transferred from Bangladesh Power Development Board (BPDB) and Dhaka Power Distribution Company (DPDC) to Power Grid Company of Bangladesh Limited (PGCB) without conducting physical verification and valuation thereon. It is also noted that, no physical verification of PPE was conducted either at the year-end or any time during (Cont. 2)
- Dividend Disbursement
The Company has informed that it has disbursed the Cash dividend for the year ended on June 30, 2017 to the respective shareholders' Bank Accounts through BEFTN System.
- Q2 Financials
(Q2 Un-audited): EPS was Tk. 0.95 for October-December, 2017 as against Tk. 0.71 for October-December, 2016; EPS was Tk. 2.64 for July-December, 2017 as against Tk. 1.73 for July-December, 2016. NOCFPS was Tk. 8.59 for July-December, 2017 as against Tk. 7.42 for July-December, 2016. NAV per share was Tk. 99.43 as on December 31, 2017 and Tk. 82.47 as on June 30, 2017.
- 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 28, 2018 at 6:00 PM to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended on December 31, 2017.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.