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 2018 (15).
- Audit Observations
(Adverse Opinion): The auditor of the company has given the following Adverse Audit Opinion in the audit report of the company for the year ended on 30 June 2018. 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 IAS 16: Property, Plant & Equipment since financial year 2006-2007. In consequence the net assets value of the Company remained (cont.1) (Continuation news of SONALIANSH): against the loan facility of Taka 250,000,000 only, allowed to Veloxo Trading Limited (Note-41) without any power given by the Memorandum and Articles of Association of the Company. (end) (Continuation news of SONALIANSH): 11. The effects of foreign exchange transactions (gain/loss) have not been shown in respect of sales (foreign) and trade receivables (foreign) as at 30 June 2018 in the financial statements as per IAS 21 "The Effects of Changes in Foreign Exchange Rates". 12. The Company has issued a corporate guarantee as per decision of the Board of Directors held on 08 June 2017 to Brac Bank Limited (cont.9) (Continuation news of SONALIANSH): 10. Provision for salary & wages (Note: 21) included debit balance of Taka 9,077,512 against provision for salary. No satisfactory explanation for such debit balance could be obtained from the management. Further, the offsetting of this debit balance against credit balance of provision for wages and other items is not permitted by Para 32 of IAS 1 "Presentation of Financial Statements". (cont.8) (Continuation news of SONALIANSH): with the IFRS 15 "Revenue from Contracts with Customers". 9. Sales quantity reconciliation (Note: 24.2) included process loss of 229.47 metric ton. This process loss comes to 4.52% of the production during the year, although there was no process loss in the previous years. We could not obtain any satisfactory explanation and appropriate audit evidences in this respect. (cont.7) (Continuation news of SONALIANSH): 8. As per the accounting policy adopted by the Company, revenue is recognized when deliveries are made and risk of ownership has been transferred to the customer. But while making the actual transactions, the Company has recognized sales revenue (Note: 24) at the time of realization of receivables from the respective customers which is inconsistent with the policy adopted by the Company and also inconsistent (cont.6) (Continuation news of SONALIANSH): 242(1) of the Labour 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. 7. The assessments of financial year 1995-96 was finalized (Note: 36) but no accounting treatment has been given in the books of account for creation of additional tax provision of Taka 866,750 and adjustment of advance taxes thereof. (cont.5) (Continuation news of SONALIANSH): 5. Included in the trade receivables (local) (Note: 8.2) an amount of Taka 7,575,115 receivable from Saiful Enterprise since 2016 is being doubtful of recovery but no provision has been made in the financial statements. 6. WPP & Welfare fund of Taka 5,214,827 (Note: 22.3) from the financial year 2005-2006 to 2016-2017 has not been distributed by the Company as per Sections 234(1) and (cont.4) (Continuation news of SONALIANSH): 3. Deferred tax liabilities have not been shown in the financial statements on the revaluation surplus of property, plant & equipment from the year 2006-07 as prescribed by Para 20 of IAS 12: Income Taxes (Note-15). 4. Intangible addition of Taka 55,975,624 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. (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 that extent. 2. The Company has not done any impairment review on the revalued fixed assets (Note: 13) as required by IAS 36: Impairment of Assets. In consequence the net assets value of the Company remained overstated to the extent of chargeable impairment, if any. (cont.2)
- Dividend Declaration
The Board of Directors has recommended 10% cash dividend for the year ended on June 30, 2018. Date of AGM: 31.12.2018, 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: 26.12.2018. The Company has also reported EPS of Tk. 1.71, NAV per share of Tk. 225.90 and NOCFPS of Tk. (51.64) for the year ended on June 30, 2018 as against Tk. 1.65, Tk. 225.19 and Tk. 31.06 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 (04.12.2018) following its corporate declaration.
- Special Resolutions for AGM
The Board of Directors has further informed that they will add two object clauses (provision to issue Corporate Guarantee & all types of jute diversified product/leather product items to be added) & all Articles of Association of the Company as per Companies Act, 1994 as under to be changed which will be placed before the AGM to be held on 31.12.2018 for approval of the shareholders of the Company. Clause-1: To set up and establish Jute Yarn manufacturing industries, for manufacture Jute Yarn (cont. 1) (Continuation news of SONALIANSH): starting from Article 1 to Article 150 (Page 1 to 26) be and are hereby amended to the extent as aforesaid and a new Articles of Association comprising Articles 1 to Articles 261 (Page 1 to 33) be and are hereby adopted to give effect to the provisions of the Companies Act, 1994. (end) (Continuation news of SONALIANSH): as security for loans and/or any credit facilities to be given to any associate company or companies or third party and also to give guarantee securing liabilities of such associate company or companies and/or third party. Articles of Association: All objects of the existing Articles of Association of the Company (cont. 4) (Continuation news of SONALIANSH): other products made of jute, Cotton, Leather and similar items. Jute Stick, Charcoal, Jute plastic thermo bonding materials and products and jute plastic and so, Eco friendly material & products. Clause-40: To stand as surety for third party and/or associate units, to give guarantee in appropriate situation as the Company seems fit for securing liabilities of such party and/or associate units and if need to be mortgaged the property and assets of the company (cont. 3) (Continuation news of SONALIANSH): & Twine, Fabric, Jute Wall Covering, Shoe Sole, Jute Tape, Jute Rope and other type of products made out of Jute, Flax, Hemp, Cotton, Wool and other fibrous materials and blend with jute, recycled & natural material like water Hyacinth, Hougla, grass & so, various Leather Products, Laminated Jute Fabrics and products, Chemically treated Jute, Jute blend & Union, Cloth/Sheet, various types of Jute/Cotton bags, Shoe and Shoe related items made of Jute and any (cont. 2)
- 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 December 03, 2018 at 5:00 PM to consider, among others, audited financial statements of the Company for the year ended on June 30, 2018.
- Query Response
In response to a DSE query dated November 13, 2018, 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.
- Query Response
In response to a DSE query dated October 07, 2018, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike of shares.
- Query Response
In response to a DSE query, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike.
- Q3 Financials
(Q3 Un-audited): EPS was Tk. 0.62 for January-March 2018 as against Tk. 0.53 for January-March 2017; EPS was Tk. 1.37 for July 2017-March 2018 as against Tk. 1.19 for July 2016-March 2017. NOCFPS was Tk. (57.13) for July 2017-March 2018 as against Tk. 10.93 for July 2016-March 2017. NAV per share was Tk. 226.56 as on March 31, 2018 and Tk. 225.19 as on March 31, 2017.
- Query Response (Repeat News)
(Repeat News): In response to a DSE query dated April 12, 2018, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike of shares.
- Query Response
In response to a DSE query dated April 12, 2018, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike of shares.
- Q2 Financials
(Q2 Un-audited): EPS was Tk. 0.52 for October-December, 2017 as against Tk. 0.37 for October-December, 2016; EPS was Tk. 0.76 for July-December, 2017 as against Tk. 0.66 for July-December, 2016. NOCFPS was Tk. (41.16) for July-December, 2017 as against Tk. 0.68 for July-December, 2016. NAV per share was Tk. 225.94 as on December 31, 2017 and Tk. 225.19 as on June 30, 2017. It is to be noted that NOCFPS comes negative due to decrease in Turnover in comparison with preceeding quarter.
- Dividend Disbursement
The Company has informed that it has disbursed the Cash dividend warrants for the year ended on June 30, 2017 to the respective shareholders' address.
- Q1 Financials
(Q1 Un-audited): EPS was Tk. 0.23 for July-September, 2017 as against Tk. 0.29 for July-September, 2016; NOCFPS was Tk. (15.41) for July-September, 2017 as against Tk. 0.32 for July-September, 2016. NAV per share was Tk. 225.42 as on September 30, 2017 and Tk. 225.19 as on June 30, 2017.
- Credit Rating Result
National Credit Ratings Limited (NCR) has announced the surveillance entity rating of the Company as "A+" in the long term, "ST-2" in the short term along with a developing outlook based on audited financial statements of the Company as on June 30, 2017.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.