Sonali Aansh Industries Limited announcements
300 Dhaka Stock Exchange announcements for Sonali Aansh Industries Limited (SONALIANSH) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2017 (13).
- Resumption after record date
Trading of the shares of the Company will resume on 21.12.2017 after record date.
- Suspension for Record Date
Trading of the shares of the Company will remain suspended on record date i.e., 20.12.2017.
- 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 18.12.2017 to 19.12.2017. Trading of the shares of the Company will remain suspended on record date i.e., 20.12.2017.
- Basis for Adverse Opinion
(Basis for Adverse Opinion): The auditor of the company has given the following 'Basis for Adverse Opinion' paragraph in the audit report of the company prepared for the year ended on 30 June 2017. Basis for Adverse Opinion: 1. The company has not been charging depreciation on the additional value resulting from revaluation of fixed assets (Note: 13) as required by BAS 16: Property, Plant and Equipment since financial year 2006-2007. In consequence the net assets value of the company remained (cont.1) (Continuation news of SONALIANSH): and except the matters as discussed in the Basis for Adverse Opinion Paragraph, comply with the Companies Act 1994, the Securities and Exchange Rules 1987 (as amended) and other applicable laws and regulations. In this regard, the issuer is requested to clarify its position on the Adverse Opinion. (end) (Continuation news of SONALIANSH): in the Basis for Adverse Opinion Paragraph, the financial statements do not present fairly (or do not give a true and fair view) of the financial position of the Company as at 30 June 2017, and its financial performance and its cash flows for the year then ended in accordance with Bangladesh Financial Reporting Standards (BFRSs) (cont.8) (Continuation news of SONALIANSH): and depreciation charged during the year could not be verified by us during the course of the audit. 9. Intangible addition of Taka 55,975,624.00 in the account (Note: 05) deviates the principle of accounting practice and have resulted in journal entries for invisible assets and corresponding unearned income, which has inflated the accumulated profit. Adverse Opinion: In our Opinion, because of the significance of the matters discussed (cont.7) (Continuation news of SONALIANSH): Veloxo Trading Limited (Note: 35) without any power given by the Memorandum and Articles of Association of the Company. 8. The Company has not kept property, plant and equipment register as per requirement of Section 181(1) of the Companies Act, 1994 and Articles of Association of the Company. In consequence item-wise cost, WDV, accumulated depreciation (cont.6) (Continuation news of SONALIANSH): adjustment of advance taxes. 6. Deferred Tax Liabilities has not been shown in the financial statements on the revaluation surplus of property, plant and equipment from the year 2006-07 as prescribed by Paragraph 20 of BAS 12: Income Taxes (Note: 15). 7. The Company has issued a corporate guarantee as per decision of the Board of Directors held on 08 June 2017 to BRAC Bank Limited against the loan facility of Taka 250,000,000.00 only, allowed to (cont.5) (Continuation news of SONALIANSH): Act 2006 (as amended in 2013). Furthermore, the above fund is being utilised by the Company but no interest has been credited to the fund at applicable rate as per Section 242(1) of the said Act. 5. The assessment of financial year 1992-93 to 2000-01 and 2006-07 and 2012-13 to 2013-14 have been finalized (Note: 30) but no accounting treatment has been given in the books of account for creation of additional tax provision of Taka 30,096,492.00 and (cont.4) (Continuation news of SONALIANSH): each employee who has completed five years of service is eligible to one month gratuity for each completed year but the Company without taking consideration of the year of service and last basic pay made a provision of Taka 3,061,932.00 on lump sum basis (Note: 22.2). 4. WPP and Welfare fund of Taka 4,966,877.00 from the financial year 2005-2006 to 2015-2016 has not been distributed by the Company as per Sections 234(1) an d242(1) of the Labour (cont.3) (Continuation news of SONALIANSH): overstated to the extent of chargeable depreciation. The net profit after tax and earnings per share are also being shown overstated to the extent. 2. The company has not done any impairment review on revalued fixed assets (Note: 13) as required by BAS 36: Impairment of Assets. In consequence the net assets value of the Company remained overstated to the extent of chargeable impairment, if any. 3. The Company operates an unfunded gratuity scheme. As per scheme (cont.2)
- Dividend Declaration
The Board of Directors has recommended 10% cash dividend for the year ended on June 30, 2017. Date of AGM: 31.12.2017, Time: 11:30 AM, Venue: House No. 71, Bir Uttam M.A. Rab Sharak (Old House No. 38, Road No. 02) Dhanmondi R/A, Dhaka- 1205. Record Date: 20.12.2017. The Company has also reported EPS of Tk. 1.65, NAV per share of Tk. 225.19 and NOCFPS of Tk. 31.06 for the year ended on June 30, 2017 as against Tk. 1.59, Tk. 224.54 and Tk. (35.33) 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 (03.12.2017) following its corporate declaration.
- Approval of audited accounts in the Board Meeting
The Company has informed that in their Board Meeting held on November 14, 2017 at 4:00 PM where the Board of Directors approved the Audited financial statements of the Company for the year ended on June 30, 2017. No other Price Sensitive Decision including dividend declaration was discussed in that meeting. Decision regarding declaration of dividend will be discussed in the next Board meeting, schedule of which will be informed later. DSE is yet to receive the audited accounts from the Company.
- 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 14, 2017 at 4:00 PM to consider, among others, audited financial statements of the Company for the year ended on June 30, 2017.
- Q3 Financials
(Q3 Un-audited): EPS was Tk. 0.53 for January-March, 2017 as against Tk. 0.40 for January-March, 2016; EPS was Tk. 1.19 for July, 2016-March, 2017 as against Tk. 0.90 for July,15-March,16. NOCFPS was Tk. 10.93 for July, 2016-March, 2017 as against Tk. (34.08) for July, 2015-March, 2016. NAV per share was Tk. 225.73 as of March 31, 2017 and Tk. 224.54 as of June 30, 2016.
- Sale confirmation of a Sponsor
Mr. Md. Shamsul Huda Patway, one of the Sponsors of the Company, has further reported that he has completed his sale of 13,680 shares of the Company at prevailing market price through Stock Exchange, as announced earlier.
- Sale declaration of a Sponsor
Mr. Md. Shamsul Huda Patwary, one of the Sponsors of the Company, has expressed his intention to sell 13,680 shares out of his total holding of 28,680 shares of the Company at prevailing market price (In the Public Market) through Stock Exchange within April 30, 2017.
- Confirmation of transfer by a Director
Mr. Jafar Ahmed Patwari, one of the Directors of the Company, has further reported that he has completed his transfer of 55,000 shares of the Company to his wife Mrs. Moneesha Ahmed by way of gift outside the trading system of the Exchange as announced earlier.
- Declaration of transfer by a Director
Mr. Jafar Ahmed Patwari, one of the Directors of the Company, has expressed his intention to transfer 55,000 shares out of his total holding of 5,32,428 shares of the Company to his wife Mrs. Moneesha Ahmed, by way of gift outside the trading system of the Exchange within next 30 working days.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.