Ring Shine Textiles Limited announcements
102 Dhaka Stock Exchange announcements for Ring Shine Textiles Limited (RINGSHINE) since 2021: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2023 (52).
- WASO Credit Rating Company (BD) Ltd. has assigned the surveillance entity rating of the Company as \"BBB+\" for long ter
WASO Credit Rating Company (BD) Ltd. has assigned the surveillance entity rating of the Company as \"BBB+\" for long term and \"ST 4\" for short term along with Stable outlook based on audited financial statements of FY2023 (30.06.2023) and other relevant qualitative and quantitative information.
- The auditor of the company has given the \"Basis for Qualified Opinion, Matter of Emphasis and Material Uncertainty Rela
The auditor of the company has given the \"Basis for Qualified Opinion, Matter of Emphasis and Material Uncertainty Related to Going Concern\" paragraphs in the Auditor\'s Report of the company for the year ended June 30, 2023. To view the details, please visit: https://www.dsebd.org/Auditors_opinion/2023/dec/RingShineTextilesLimited-30June2023.pdf
- Trading of the shares of the company will resume on 18.12.2023.
Trading of the shares of the company will resume on 18.12.2023.
- Trading of the shares of the company will remain suspended on record date i.e., 17.12.2023.
Trading of the shares of the company will remain suspended on record date i.e., 17.12.2023.
- Trading of the shares of the company will be allowed only in the Spot Market and Block transaction will also be settled
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 13.12.2023 to 14.12.2023 and trading of the shares will remain suspended on record date i.e., 17.12.2023.
- The Board of Directors has recommended No Dividend for the year ended on June 30, 2023. Date of AGM: 20.01.2024, Time: 1
The Board of Directors has recommended No Dividend for the year ended on June 30, 2023. Date of AGM: 20.01.2024, Time: 10:30 AM, Venue: Digital Platform. Record Date: 17.12.2023. The Company has also reported EPS of Tk. (2.53), NAV per share of Tk. (4.97) and NOCFPS of Tk. (1.07) for the year ended on June 30, 2023 as against Tk. (1.54), Tk. (2.50) and Tk. (0.65) respectively for the year ended on June 30, 2022. (cont.)
- (Continuation news of RINGSHINE): Reasons for deviation in NAVPS and EPS: The production was running at an average of 22
(Continuation news of RINGSHINE): Reasons for deviation in NAVPS and EPS: The production was running at an average of 22\% capacity utilization and incurring loss as a result of insufficient orders, high utility and financial costs, and exchange rate loss. As such, NAVPS and EPS are all negative due to losses from operation. (end)
The first part of this announcement is missing from the archive. - There will be no price limit on the trading of the shares of the Company today (28.11.2023) following its corporate decl
There will be no price limit on the trading of the shares of the Company today (28.11.2023) following its corporate declaration. However, the floor price shall be applicable accordingly.
- Reschedule of Board Meeting under LR 19(1)
The Company has further informed that, the Board meeting under LR 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, will be held on November 27, 2023 at 4:00 PM to consider, among others, audited financial statements of the Company for the year ended June 30, 2023.
- Postponement of Board Meeting under LR 19(1)
The Company has further informed that due to unavoidable circumstances, the meeting scheduled to be held on October 26, 2023 at 4:00 PM as per LR 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, to consider, among others, audited financial statements of the Company for the year ended June 30, 2023, has been postponed. New date and time of the meeting will be notified later.
- 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 26, 2023 at 4:00 PM to consider, among others, audited financial statements of the Company for the year ended June 30, 2023.
- BSEC has issued letter No. BSEC/SRMIC/153-2019/278, dated 26 September 2023, which reads as follows: \"This refers to yo
BSEC has issued letter No. BSEC/SRMIC/153-2019/278, dated 26 September 2023, which reads as follows: \"This refers to your letter No. WS/RS/BSEC/2023-04-0,1 dated 1st April 2023; WS/RS/BSEC/2023/05/010, dated 23 May 2023 and WS/RS/BSEC/2023/06/011 dated 03 June 2023 respectively concerning the above-mentioned subject. In this regard, the undersigned is directed to inform you that the Commission (cont.1)
- (Continuation news of RINGSHINE): has accorded its consent along with following affirmations, in principle, to the propo
(Continuation news of RINGSHINE): has accorded its consent along with following affirmations, in principle, to the proposal of Wise Star Textile Mills Ltd. for acquiring 19,00,33,881 shares of Ring Shine Textile Mills Ltd. held by Sponsors and Directors through transfer/transmission by the proposed 6 (six) companies subject to the following conditions: 1. The proposed transfer of these shares will be held outside the trading system of the stock exchanges (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of RINGSHINE): in compliance with securities laws. To execute the proposed transfer/transmission thes
(Continuation news of RINGSHINE): in compliance with securities laws. To execute the proposed transfer/transmission these shares will be un-blocked and re-blocked and the status of these share will be changed from existing sponsors shares to public shares; 2. Since the proposed companies will take over the existing whole liabilities including bank liabilities and assets of Ring Shine Textile Mills Ltd. along with huge negative net worth resulting from fictitious assets (cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of RINGSHINE): in balance sheet, the proposed transfer/transmission of shares may be held at negotiat
(Continuation news of RINGSHINE): in balance sheet, the proposed transfer/transmission of shares may be held at negotiated price as per Share Purchase Agreement (SPA) among the buyers and sellers; 3. The Wise Star Textile Mills Ltd. will assure to regularize or arrange to regularize whole banks liabilities of Ring Shine Textiles Ltd.; 4. After execution of this transfer/transmission, the reconstituted Board will initiate to the process of capital reduction or cancellation of unsubscribed (cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of RINGSHINE): shares subject to the Commission\'s approval; 5. No Enforcement and Legal actions will
(Continuation news of RINGSHINE): shares subject to the Commission\'s approval; 5. No Enforcement and Legal actions will be initiated against new proposed companies and its directors with regard to irregularities non-compliance and offence committed by previous sponsor shareholders and directors; 6. After execution of these transfer/transmission, the Commission (cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of RINGSHINE): may release IPO fund for smooth operation of the company and ensuring the payment of B
(Continuation news of RINGSHINE): may release IPO fund for smooth operation of the company and ensuring the payment of BEPAZ and other dues; 7. Existing Board of Directors will be reconstituted incorporating new Independents Directors and the proposed shareholder directors from buyers; and 8. Any relevant rules/regulations as suggested by BSEC be complied.\" (end)
The first part of this announcement is missing from the archive. - Appointment of Managing Director
The Company has informed that the Board of Directors of the company has confirmed the appointment of Sung Wen Li Angela as the new Managing Director of the Company with effect from August 28, 2023.
- Referring to their earlier news disseminated by DSE on 29.10.2020 regarding dividend declaration, the Board of Directors
Referring to their earlier news disseminated by DSE on 29.10.2020 regarding dividend declaration, the Board of Directors recommended 1\% Cash and 1\% Stock dividend for the year ended on June 30, 2020. However, the company vide its minutes of the 23rd AGM held on June 20, 2023, has informed that owing to the deviation ascertained upon the re-valuation of assets and liabilities, a restatement of assets and liabilities for the year 2019-2020 was made (cont.)
- Cancellation of dividend for the year June 30, 2020 by the company
(Continuation news of RINGSHINE): in the following year's 2020-2021 audited financial statements, which reflects an incurring loss by the company instead. The Board of Directors has, thus, decided no Cash and Stock dividend shall be recommended. As such, this has been resolved that the 1% Cash and 1% Stock dividend declared previously for the year 2019-2020 has not been approved in AGM and shall be revoked. There shall be no Cash and Stock dividend recommended for the year 2019-2020. (end)
The first part of this announcement is missing from the archive. - Resumption after record date
Trading of the shares of the company will resume on 12.06.2023.
- Suspension for Record date
Trading of the shares of the company will be suspended on record date i.e., 11.06.2023 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 from 07.06.2023 to 08.06.2023 and trading of the shares will remain suspend on record date i.e., 11.06.2023 for EGM.
- (Q3 Un-audited): EPS was Tk. (0.73) for January-March 2023 as against Tk. (0.59) for January-March 2022; EPS was Tk. (1.
(Q3 Un-audited): EPS was Tk. (0.73) for January-March 2023 as against Tk. (0.59) for January-March 2022; EPS was Tk. (1.49) for July 2022-March 2023 as against Tk. (0.94) for July 2021-March 2022. NOCFPS was Tk. (0.13) for July 2022-March 2023 as against Tk. (0.83) for July 2021-March 2022. NAV per share was Tk. (3.94) as on March 31, 2023 and Tk. (2.50) as on June 30, 2022. (cont.)
- Q3 Financials
(Continuation news of RINGSHINE): During the 3rd Quarter period, NAV per share has declined due to the increase in liabilities. EPS also declined because of the increases in net loss, highly impacted by the increase in Utility Overhead and Financial Expenses. NOCFPS has improved because more Trade Receivables were realized during the 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 June 04, 2023 at 5:00 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended March 31, 2023.
- Record date for EGM
Refer to their earlier news disseminated by DSE on 28.05.2023 regarding decision to hold an EGM, the Company has further informed that the record for the EGM is June 11, 2023. Moreover, the company has applied to BSEC to consider record date and EGM date which have not been fixed in line with Regulations 23 and 25 of the Dhaka Stock Exchange (Listing) Regulations, 2015.
- Decision to hold an EGM
The Company has informed that the Board of Directors has decided to hold an EGM to consider the proposed takeover of sponsor directors' shares of the company by Wise Star Textile Mills Ltd and its nominees. Date of EGM: 20.06.2023, Time: 12:30 PM, Venue: Digital Platform at the link https://ringshine25th.digitalagmbd.net.
- Appointment of Managing Director
The company has informed that the Board of Directors has appointed Brigadier General A.H.M. Mokbul Hossain, ndc, psc (retd) as Managing Director of the company with effect from May 24, 2023.
- Resignation of Managing Director
The Company has informed that the Board of Directors has accepted the resignation of Mr. Sung Wey Min as the Managing Director of the company.
- Resumption after record date
Trading of the shares of the company will resume on 11.05.2023.
- Suspension for record date
Trading of the shares of the company will be suspended on record date i.e., 10.05.2023.
- 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 08.05.2023 to 09.05.2023 and trading of the shares will remain suspended on record date i.e., 10.05.2023.
- The auditor of the Ring Shine Textiles Limited has given the \"Qualified Opinion\", \"Emphasis of Matter\" paragraph & \
The auditor of the Ring Shine Textiles Limited has given the \"Qualified Opinion\", \"Emphasis of Matter\" paragraph & \"Material Uncertainty related to Going Concern\" paragraph in the Auditor\'s Report for the year ended on June 30, 2022. Basis for Qualified Opinion: a) Property, Plant & Equipment under Note-4 of the Financial Statements represents amount of Taka 1,922,323,540 as carrying value. On physical versification of \"Plant & Machinery\" on sample basis amount (cont.1)
- (Continuation news of RINGSHINE): to Taka 68,624,254 (carrying value), it is evident to us that some machineries were no
(Continuation news of RINGSHINE): to Taka 68,624,254 (carrying value), it is evident to us that some machineries were not in use or in good condition for production as a reason of obsolescence which demands impairment test in accordance with para 12 (e) of IAS 36. However, management did not test the impairment of plant & machinery as of the cut-off date. b) Inventories under Note-7 of the Financial Statements represents amount of Taka 1,442,669,734. (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of RINGSHINE): The company has non-moving inventories amount to Taka 31,809,840 and slow-moving inven
(Continuation news of RINGSHINE): The company has non-moving inventories amount to Taka 31,809,840 and slow-moving inventories amount to Taka 73,497,919 which is subject to impairment. We observed that inventories of the entity were measured at cost value rather lower of cost and net realizable value as per section 9 of IAS 2. c) Under Note-24 of the Financial Statements, the detail of the exchange loss is given. As per para 21 of the IAS 21, (cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of RINGSHINE): a foreign currency transaction shall be recorded, on initial recognition in the functi
(Continuation news of RINGSHINE): a foreign currency transaction shall be recorded, on initial recognition in the functional currency, by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. It is observed that management used an average exchange rate Tk 84 in recording initial transactions with US dollar. (cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of RINGSHINE): However, monetary items at the closing date are translated using the closing exchange
(Continuation news of RINGSHINE): However, monetary items at the closing date are translated using the closing exchange rate (Tk 91.68). d) Following non-compliances are found during our audit: i. The Company did not submit Return of Withholding Tax as per Section 75A of the ITO 1984. ii. The Company did not perform any actuarial valuation for its gratuity fund as per para 58 and 59 of International Accounting Standard (IAS) 19. Moreover, (cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of RINGSHINE): the gratuity accounts have not been duly prepared and audited for the year 2022. Empha
(Continuation news of RINGSHINE): the gratuity accounts have not been duly prepared and audited for the year 2022. Emphasis of Matter: We draw attention to the following matters, though our opinion is not qualified in respect of the same: a) Contingent Liabilities may occur in the following cases: i. As per Custom Bond Commissionerate vide reference letter no. 5(13)18/Cus.Bond/Reg/98/Part-01/2007/5901, dated- 31 May 2021, (cont.6)
The first part of this announcement is missing from the archive. - (Continuation news of RINGSHINE): \"Custom Bond Commissionerate has a claim amount to Taka 257,376,294.25\". ii. As per
(Continuation news of RINGSHINE): \"Custom Bond Commissionerate has a claim amount to Taka 257,376,294.25\". ii. As per vide reference letter no- 4/VAT/Wesr.com-8(1120) Ring Shine/CA AUDIT/Justice/2021/ 603, dated-10 February 2022, \"Excise and VAT Commissionerate has a claim amount to Taka 58,209,977.\" iii. The management of the company were not followed the provision of section 234 of Bangladesh Labour Act 2006, (cont.7)
The first part of this announcement is missing from the archive. - (Continuation news of RINGSHINE): regarding Workers\' Profit Participation Fund (WPPF) and Workers\' Welfare Fund (WWF)
(Continuation news of RINGSHINE): regarding Workers\' Profit Participation Fund (WPPF) and Workers\' Welfare Fund (WWF) up to 2019 where the company made adequate profit. b) The last AGM was held for the financial year 2018-2019. Non-holding of AGM may create regulatory obligations. c) We sent balance confirmation letter to banks, receivables & payables through the management of the Company. (cont.8)
The first part of this announcement is missing from the archive. - (Continuation news of RINGSHINE): However, we did not receive any third-party balance confirmation except One Bank Limit
(Continuation news of RINGSHINE): However, we did not receive any third-party balance confirmation except One Bank Limited, although we performed alternative audit procedure to achieve the balance related audit objectives. d) Provident Fund audit was not conducted since 2019-2020, which is a non-compliance with the provision of the Financial Reporting Council (FRC). e) Sales revenue and import purchase shown in accounts (Note 20 and 21.1) (cont.9)
The first part of this announcement is missing from the archive. - (Continuation news of RINGSHINE): do not agree with the VAT Return (Mushak -9.1) as per the provisions of Value Added Ta
(Continuation news of RINGSHINE): do not agree with the VAT Return (Mushak -9.1) as per the provisions of Value Added Tax and Supplementary Duty Act, 2012 by Tk 74 and Tk 4,114,155 respectively. Material Uncertainty Related to Going Concern: We draw attention to Note-12 of the Financial Statements where negative Retained Earnings represent amount to Taka 6,253,507,459 and negative operating cash flows represent amount to Taka 324,909,495. (cont.10)
The first part of this announcement is missing from the archive. - (Continuation news of RINGSHINE): On the other hand, the company\'s liabilities were increasing amount to Taka 1,238,699
(Continuation news of RINGSHINE): On the other hand, the company\'s liabilities were increasing amount to Taka 1,238,699,057 during the year due to non-payment of expenses and loan. We further note that the company\'s gross profit for the year 2022 and 2021 is negative amounting to Taka 167,687,809 and Taka 690,481,866 respectively. We also note that most of the machineries of the company were not in use due to technical problem arising from time lag of (cont.11)
The first part of this announcement is missing from the archive. - Qualified Opinion, Emphasis of Matter & Going Concern
(Continuation news of RINGSHINE): maintenance due to shortage of funds, as well as insufficient order. Therefore, there is a material uncertainty related to going concern of the Company and we qualified our report based on material uncertainty related to going concern. (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 (13.04.2023) following its corporate declaration. However, the floor price shall be applicable accordingly.
- Dividend Declaration
(Continuation news of RINGSHINE): Reasons for significant deviation in EPS and NAVPS: During the global Covid pandemic outbreak, the factory was in layoff from 15 April 2020 to 12 June 2021 due to insufficient orders. Besides, assets and liabilities have been restated. As such, EPS and NAVPS are all negative due to the losses in non-operation. (end)
The first part of this announcement is missing from the archive. - 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 April 12, 2023 at 4:00 PM to consider, among others, audited financial statements of the Company for the year ended June 30, 2021 and June 30, 2022.
- Q1 Financials
(Q1 Un-audited): EPS was Tk. (0.37) for July-September 2022 as against Tk. (0.35) for July-September 2021. NOCFPS was Tk. 0.15 for July-September 2022 as against Tk. (0.21) for July-September 2021. NAV per share was Tk. (2.84) as on September 30, 2022 and Tk. (2.50) as on June 30, 2022.
- Q2 Financials
(Q2 Un-audited): EPS was Tk. (0.38) for October-December 2022 as against Tk. 0.01 for October-December 2021; EPS was Tk. (0.76) for July-December 2022 as against Tk. (0.34) for July-December 2021.NOCFPS was Tk. 0.30 for July-December 2022 as against Tk. (0.70) for July-December 2021. NAV per share was Tk. (3.23) as on December 31, 2022 and Tk. (2.50) as on June 30, 2022.
- Q1 and Q2 Financials of FY 2022-23 (Additional Information)
(Q1 and Q2 Un-Audited): The Company has further informed that during both quarters, NAV per share has decreased due to the incurring loss as the company is in operation with 17-25% capacity and yet to reach its breakeven point. EPS is negative because of the incurring loss, highly impacted by the increase in Financial Expenses.
- Board Meeting schedule under LR 16(1)
(Continuation news of RINGSHINE): However, DSE sent query to the company as they did not notify and submit quarterly as well as annual audited financial statements for the year ended June 30, 2021 and 2022 as per Regulation 16(1) and 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015. (end)
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.