Wata Chemicals Limited announcements
195 Dhaka Stock Exchange announcements for Wata Chemicals Limited (WATACHEM) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2018 (17).
- Qualified Opinion
(Qualified Opinion): The auditor of the company has given the following "Qualified Opinion" paragraph in the audit report of the company prepared for the year ended on 30 June 2018. Basis for Qualified Opinion: 1. No depreciation was charged on LABSA plant and BCP plant. The management reported that these plants are not in use since long. According to IAS 16 (paragraph 55), a company should not cease the depreciation when the asset becomes idle or is retired from (cont.1) (Continuation news of WATACHEM): and V) Share based payment. However, the company did not disclose details information as per IAS-24 para-17. 9. We observed that difference of tax provision on final assessment of previous years has been treated as deduction from Reserve & Surplus as per note no. 21. (end) (Continuation news of WATACHEM): after the payment of Tk. 4,142,790 equals to 10% of claimed amount. Appeal is still pending in Appellate Tribunal. 8. According to para-17 of IAS-24, an entity shall disclose key management personnel compensation in total and for each of the following categories: i) Short term employee benefits ii) Post-employment benefits iii) Other long term benefits iv) Termination benefits (cont.8) (Continuation news of WATACHEM): under the head of 'Workers Profit Participation Fund' as current liabilities. However, no amount has been disbursed as employees' benefits to the workers. This indicates the violation of the provision of Labor Act 2006 section 242(1) as amendment up to 2013. 7. Commissioner of Customs Excise and VAT Directorate has raised claim an amount of Tk. 41,427,896 against the Company because of their audit objection. The Company has filed an appeal to Appellate Tribunal (cont.7) (Continuation news of WATACHEM): against past directors are still pending with the court as reported by management. 5. The company has utilized WPPF fund in its operation as internal source of financing but did not provide interest for such usage as per section 240 (3) of Labor Law Act 2006 as amended in 2013. Moreover, the company to manage WPPF has not constituted Board of Trustees, which is a violation of Section 235 of the said ACT. 6. An amount of Tk. 17,295,212 has been shown (cont.6) (Continuation news of WATACHEM): However, reporting assets without any impairment review shall overstate/understate the fixed assets of the organization. 4. Raw material stock amounting to Tk. 178,087,010 finished goods stock Tk. 119,565,813 and store & spares Tk. 2,789,878 were taken into accounts as certified by management. Moreover, Inventories included old stock value of Tk. 32,557,959 recoverable value of which is nil. No adjustment was made against old stock as legal cases (cont.5) (Continuation news of WATACHEM): whether there is an indication that asset may be impaired (if any) such indication exists the entity shall estimate the recoverable amount of the assets and compute impairment and reports to the statements of profit or loss and other comprehensive income as impairment loss. WATA Chemicals Limited has not reviewed any assets that could be impaired at the end of the year so this constitutes a departure of International Accounting Standards (IAS). (cont.4) (Continuation news of WATACHEM): adjustments till year 2012. However, an adjustment of Tk. 66,213,471 was made with revaluation reserve for charging excess depreciation on revalued amount for the year 2012,2013,2014,2015, 2016 (6 months), 2017 & 2018 as per IAS 16 paragraph 41. Frequency of revaluation was not maintained as per Para 34 of BAS-16. Moreover, the Company does not maintain fixed assets register properly. 3. As per IAS -36, Para -9 an entity shall at the end of each reporting period (cont.3) (Continuation news of WATACHEM): active use unless the asset is fully depreciated. As a result, depreciation was understated by Tk. 9,187,946 for this year. 2. Revaluation reserve of Tk. 491,429,573 had arisen on revaluation done by one consultant firm, namely DR. Engr. Khorshed-ul-Islam, PhD, Industrial and Process Engineering (Germany) of Bangladesh and taken into accounts in the year 2008 as per decision of the Board of Directors. Revaluation reserve had been carried on accounts without any (cont.2)
- Change of venue for AGM
The Company has further informed that their 36th AGM will now be held on December 20, 2018 at 10:00 AM in FARS HOTEL & RESORT 212, Shaheed Syed Nazrul Islam Sarani, Purana Polton, Dhaka. Other information will remain unchanged.
- Resumption after record date
Trading of the shares of the Company will resume on 22.11.2018 after record date.
- Suspension for Record date
Trading of the shares of the Company will remain suspended on record date i.e., 20.11.2018.
- Q1 Financials
(Q1 Un-audited): EPS was Tk. 3.53 for July-September, 2018 as against Tk. 1.17 for July-September, 2017; NOCFPS was Tk. (0.97) for July-September, 2018 as against Tk. (2.83) for July-September, 2017. NAV per share was Tk. 80.08 as on September 30, 2018 and Tk. 76.55 as on June 30, 2018.
- Date, Time and Venue of the AGM
The Company has further informed that their 36th AGM will be held on December 20, 2018 at 10:00 AM in Hotel-71, 176 Shaheed Syed Nazrul Islam Sarani (Old 47, Bijoy Nagor), Dhaka. Other information will remain unchanged.
- 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 18.11.2018 to 19.11.2018. Trading of the shares of the Company will remain suspended on record date i.e., 20.11.2018.
- 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 14, 2018 at 4:30 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on September 30, 2018.
- Dividend Declaration
The Board of Directors has recommended 10% cash & 30% stock dividend for the year ended on June 30, 2018. Record Date: 20.11.2018. Date, Time and Venue of the AGM will be notified later. The Company has also reported EPS of Tk. 5.51, NAV per share of Tk. 76.55 and NOCFPS of Tk. 5.49 for the year ended on June 30, 2018 as against Tk. 3.93 (restated), Tk. 73.95 (restated) and Tk. 8.71 (restated) 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 (30.10.2018) following its corporate declaration.
- 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 29, 2018 at 5:15 PM to consider, among others, audited financial statements of the Company for the year ended on June 30, 2018.
- Credit Rating Result
Emerging Credit Rating Limited (ECRL) has assigned the surveillance rating of the Company as "BBB" in the long term and "ECRL-3" in the short term along with a stable outlook based on the audited financial statements for FY2014 Â 2015, audited financials for 6 months (Jan 2016 to June 2016) of 2016, audited financials of FY2017 and unaudited financial statements of the Company for 9 months of FY2018 and other relevant qualitative and quantitative information up to the date of rating.
- Q3 Financials
(Q3 Un-audited): EPS was Tk. 1.12 for January-March 2018 as against Tk. 1.06 for January-March 2017; EPS was Tk. 2.98 for July 2017-March 2018 as against Tk. 3.12 for July 2016-March 2017. NOCFPS was Tk. (1.15) for July 2017-March 2018 as against Tk. 4.13 for July 2016-March 2017. NAV per share was Tk. 75.98 as on March 31, 2018 and Tk. 74.63 as on March 31, 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 24, 2018 at 5:00 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended on March 31, 2018.
- Query Response
In response to a DSE query dated March 25, 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. 0.64 for October-December, 2017 as against Tk. 0.96 for October-December, 2016; EPS was Tk. 1.71 for July-December, 2017 as against Tk. 2.06 for July-December, 2016. NOCFPS was Tk. 2.28 for July-December, 2017 as against Tk. (3.07) for July-December, 2016. NAV per share was Tk. 74.70 as on December 31, 2017 and Tk. 73.57 as on December 31, 2016.
- 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 30, 2018 at 4:30 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.