Chittagong Stock Exchange (CSE) Today's News 25.11.2021

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2021-11-25: Cont-5 Qualified Opinion & Emphasis of matters


WATACHEM: (Cont-5) However, the company has not introduced yet group insurance for permanent employees despite being employed more than 100 permanent employees. This indicates non-compliance of the provision of the section 99 of the Labor Act 2006 as amended in 2013.(end)


2021-11-25: Cont-4 Qualified Opinion & Emphasis of matters


WATACHEM: (Cont-4) ''Advances, Prepayments and Deposits'' include Taka 268,433,846 as advance against capital expenditures payment to suppliers for BMRE works in respect of new Plant & Equipment. However, a portion of such expenditure was financed by short term loan instead of long term loan. 5. Reference to Note # 02 to the financial statements, the company has disclosed the policy of impairment testing as per IAS 36 in respect to its non-current assets. 6. As per Section 99 of the Labor Act 2006 as amended in 2013, it is required that "In the establishments wherein minimum of 100 permanent workers are employed, must introduce group insurance in the manner prescribed by rules". (Cont-5)


2021-11-25: Cont-3 Qualified Opinion & Emphasis of matters


WATACHEM:(Cont-3) of Taka 41,427,896 against the claim from Commissioner of Customs Excise and VAT Directorate. The Company has filed an appeal to the Appellate Tribunal which is still pending. 2. Reference to Note # 33 "Earning per Share" of its financial statements, the management of the Company has explained the reasons for decrease in EPS from Taka 8.05 in the previous year to Taka 6.14 this year. 3. Reference to Note # 06 to the financial statements, the Company has explained the reason for not making any loss allowance against Trade Receivable for Expected Credit Loss (ECL) in accordance with the requirements of IFRS 9. 4. As disclosed in Note # 8.02 to the financial statements (Cont-4)


2021-11-25: Cont-2 Qualified Opinion & Emphasis of matters


WATACHEM: (Cont-2) as current liabilities in the financial statements as on 30 June 2021. However, the amount has not been distributed yet with a proportion of 80:10:10 to the Participatory Fund, Welfare Fund and Workers' Welfare Foundation Fund respectively as per the Labor Act 2006 as amended in 2013 although the company has executed Trust Deeds this year. Moreover, the fund amount has been used by the company in its operation as internal source of financing without providing any interest for such usage as per section 240 (3) of the said Act. Emphasis of Matters: Without modifying our opinion, we report as follows: 1. Reference to Note # 51 to the financial statements, the company has disclosed the "Contingent Liabilities"(Cont-3)


2021-11-25: Cont-1 Qualified Opinion & Emphasis of matters


WATACHEM: (Cont-1) 2. Reference to Note # 12 to the financial statements, the Company has revalued its Property, Plant and Equipment in 2008 but the amount of surplus between depreciation based on the revalued carrying amount of the assets and depreciation based on the asset's original cost was not transferred from Revaluation Surplus to Retained Earnings for a total of 04 (Four) years from 2008-2011 as per Para 41 of IAS 16. Moreover, the Company has not maintained fixed assets register properly. 3. Reference to Note # 23 to the financial statements, provision for WPPF of Taka 40,073,872 has been provided by the company and the same is shown under the head of ''Workers Profit Participation Fund and Welfare Fund'' (Cont-2)


2021-11-25: Qualified Opinion & Emphasis of matters


WATACHEM: The auditor of the Wata Chemicals Limited has given the ''Qualified Opinion'' & ''Emphasis of matters'' paragraphs in the Auditor's Report for the year ended on 30 June, 2021. Basis for Qualified Opinion: 1. Reference to Note # 02 to the financial statements, no depreciation has been charged on LABSA plant and BCP plant of the company on the ground that these plants are not in use since 2008. However, as per Para 55 of IAS 16, a company should not cease the depreciation when the assets become idle or is retired from active use unless the assets are fully depreciated. As a result, depreciation for the current year has been undercharged by Taka 6,729,166. (Cont-1)


2021-11-25: Today's Trade


CSE NEWS: Today's (25 November 2021) Total Trades: 11,662, Volume: 15,828,727 and Turnover: Tk. 355.46 million.


2021-11-25: Record Date on 28.11.2021


SONARGAON: Trading of the shares of Sonargaon Textiles Ltd. will remain suspended on its record date i.e., 28.11.2021. Trading of the shares of the Company will resume on 29.11.2021.


2021-11-25: Record Date on 28.11.2021


HFL: Trading of the shares of Hamid Fabrics Ltd. will remain suspended on its record date i.e., 28.11.2021. Trading of the shares of the Company will resume on 29.11.2021.


2021-11-25: Record Date on 28.11.2021


BDTHAI: Trading of the shares of Bangladesh Thai Aluminium Limited will remain suspended on its record date i.e., 28.11.2021. Trading of the shares of the Company will resume on 29.11.2021.


2021-11-25: Record Date on 28.11.2021


BANGAS: Trading of the shares of Bangas Ltd. will remain suspended on its record date i.e., 28.11.2021. Trading of the shares of the Company will resume on 29.11.2021.


2021-11-25: Record Date on 28.11.2021


ACTIVEFINE: Trading of the shares of Active Fine Chemicals Limited will remain suspended on its record date i.e., 28.11.2021. Trading of the shares of the Company will resume on 29.11.2021.


2021-11-25: Record Date on 28.11.2021


AFCAGRO: Trading of the shares of AFC Agro Biotech Ltd. will remain suspended on its record date i.e., 28.11.2021. Trading of the shares of the Company will resume on 29.11.2021.


2021-11-25: Spot trade from 28.11.2021


SINOBANGLA: Trading of the shares of Sinobangla Industries Limited will be allowed only in the Spot Market from 28.11.2021 to 29.11.2021 as the record date of the Company is on 30.11.2021.


2021-11-25: Spot trade from 28.11.2021


NEWLINE: Trading of the shares of New Line Clothings Limited will be allowed only in the Spot Market from 28.11.2021 to 29.11.2021 as the record date of the Company is on 30.11.2021.


2021-11-25: Spot trade from 28.11.2021


LEGACYFOOT: Trading of the shares of Legacy Footwear Limited will be allowed only in the Spot Market from 28.11.2021 to 29.11.2021 as the record date of the Company is on 30.11.2021.


2021-11-25: Spot trade from 28.11.2021


GQBALLPEN: Trading of the shares of GQ Ball Pen Industries Ltd. will be allowed only in the Spot Market from 28.11.2021 to 29.11.2021 as the record date of the Company is on 30.11.2021.


2021-11-25: Spot trade from 28.11.2021


BPML: Trading of the shares of Bashundhara Paper Mills Limited will be allowed only in the Spot Market from 28.11.2021 to 29.11.2021 as the record date of the Company is on 30.11.2021.


2021-11-25: Spot trade from 28.11.2021


AIL: Trading of the shares of Alif Industries Limited will be allowed only in the Spot Market from 28.11.2021 to 29.11.2021 as the record date of the Company is on 30.11.2021.


2021-11-25: BSEC's Time Extension


GOLDENSON: BSEC has extended time to Golden Son Limited up to November 29, 2021 for submission of the un-audited first quarter financial statements for the quarter ended on September 30, 2021.


2021-11-25: BSEC's Time Extension


LRBDL: BSEC has extended time to Lub-rref (Bangladesh) Ltd. up to November 30, 2021 for submission of the first quarter financial statements for the quarter ended on September 30, 2021.


2021-11-25: BSEC's Time Extension


FUWANGFOOD: BSEC has extended time to Fu-Wang Foods Limited up to November 30, 2021 for submission of the first quarter financial statements for the quarter ended on September 30, 2021.


2021-11-25: BSEC's Time Extension


MPETROLEUM: BSEC has extended time to Meghna Petroleum Ltd. up to December 31, 2021 for submission of the first quarter financial statements for the quarter ended on September 30, 2021.


2021-11-25: Cont2-Auditor's Opinion


GQBALLPEN(cont2): which was Tk. 19,348,868 in 2020 has been restated to Tk. 15,632,750 due to prior year adjustment of Tk. 3,716,118 regarding dividend payable (note-24.02), For the calculation of Deferred tax, the carrying value of Property, Plant and Equipment on tax basis for the year ended 2020 has been restated because of change in tax rate by government authority on the assessment and thus it has impacted current year's tax computation. Deferred tax Liabilities (note-19.00) which was presented as Tk. 222,246,335 in 2020 has been restated to Tk. 218,442,283 and provision for deferred tax (note 37.01) which was Tk. 3,294,628 in 2020 has been restated to Tk. (509,424) in the financial statements."(end)


2021-11-25: Cont1-Auditor's Opinion


GQBALLPEN(cont1): These inventories were included under current asset in the previous year which is presented in note 7.01. The dead stocks were reported at cost divergent to lower of cost and net realizable value. Emphasis of matter: The investment in share and share money deposits to other entities which is presenting under investment head in statement of financial position amounting to TK. 95,552,380 (note-6.00) is being carried forward for a number of years. There has been no return on investments from these entities. Retained earnings (note 18.00) which was Tk. 262,683,246 in 2020 has been restated to Tk. 270,203,416 and other liabilities (note-24.00)(cont2)


2021-11-25: Auditor's Opinion


GQBALLPEN: The auditor of GQ Ball Pen Industries Ltd has given the "Qualified Opinion" & "Emphasis of matter" in the audit report for the year ended on 30 June, 2021. "Basis for Qualified Opinion: a) We draw attention to note 24.02. Dividend amounting to Tk. 3,716,118 was payable for the year 2009-2010 was eventually paid in 2011. However, this was not recorded in the financial statements of 2010-2011. This amount is included in the previous year by restating other liabilities in contrast to applied retrospectively. b) The company has reported Tk.47,656,658 as loss on sales of dead stock in note 36.02 which is presented under the head of other income/(loss) to the statement of profit or loss and other comprehensive income.(cont1)


2021-11-25: Auditor's Opinion


ETL: The auditor of Evince Textiles Limited has given the "Emphasis of Matter" in the audit report for the year ended on 30 June, 2021. "Emphasis of Matter: 1. The Bangladesh Labor (amended) act 2013 requires the company to contribute 5% of its net profit to WPPF. The management has ascertained the amount and made necessary provision but not made any payment since financial year 2017 which is apparent as noncompliance of the said act."


2021-11-25: Auditor's Opinion


ICB: The auditor of Investment Corporation of Bangladesh has given the "Emphasis of Matter" in the audit report for the year ended on 30 June, 2021. "Emphasis of Matter: We draw attention to Note: 5.7 of the financial statements, which described that the provision shortfall on marketable securities stood at TK. 8,272,196,696 as on the date of statement of financial position. The Bangladesh Securities and Exchange Commission (BSEC) vide its letter no. BSEC/SRMID/94-27/138 dated 15 October 2020, has extended the time limit up to 31 December 2021 to provide the shortfall of the provision for marketable securities. Our opinion is not qualified in respect of this matter."


2021-11-25: Cont-Decision on development works and extension of operations (Additional Information)


OLYMPIC(cont): The remaining balance of Tk. 6,49,00,000/ will be spent to set up Cup Cake making line. At full capacity utilization, which we anticipate will take 3 to 4 years, Cup Cake Line will generate approximately Tk. 76.02 crore of annual turnover. On the basis of existing average net profit rate of 11.30%, as per June 30, 2021 audited financial statements, at full capacity utilization, it is estimated that this line will generate approximately Tk. 8.59 crore of annual net profit.(end)


2021-11-25: Decision on development works and extension of operations (Additional Information)


OLYMPIC: Reference to the Company's news dated on 23.11.2021, Olympic Industries Ltd. has further informed that out of total investment of Tk. 25,65,50,000/, a total of Tk. 17,50,00,000/- is for construction related works. The investment on this BMRE will also increase its safety and future value. Another Tk. 1,66,50,000/- will be used for enhancement of Carton Production which is our packing material and not sold externally.(cont)


2021-11-25: CB Free


SSSTEEL: Please note that there will be no price limit today 25.11.2021 on the trading of the shares of the company following its corporate declaration.


2021-11-25: Cont-2 Recommendation of Dividend


SSSTEEL: (Cont-2) The Company also informed that reasons for declaration of stock dividend: i) Bonus shares have been recommended in view to utilize its retained amount as capital for business expansion; ii) Bonus shares are declared out of accumulated profit; and iii) Bonus shares are not declared from Capital reserve or revaluation reserve or any unrealized gain or out of profit earned prior to incorporation of the Company or through reducing paid up capital or through doing anything. So that the post dividend retained earnings become negative or a debit balance.(end)


2021-11-25: Cont-1 Recommendation of Dividend


SSSTEEL:(Cont-1) Another Record date for entitlement of Stock Dividend will be notified later after getting approval from BSEC as per BSEC Notification No. BSEC/CMRRCD/2009-193/23/Admin /123; Dated June 30, 2021. The Company has also reported Consolidated EPS of Tk. 2.31, Consolidated NAV per share (with revaluation) of Tk. 23.58, Consolidated NAV per share (without revaluation) of Tk. 20.95 and Consolidated NOCFPS of Tk. 2.01 for the year ended on June 30, 2021 as against Tk. 1.55 (Solo), Tk. 17.48 (Solo), Tk. 14.98 (Solo) and Tk. 2.46 (Solo) respectively for the same period of the previous year. The Board has also approved Tk. 20.00 crore for purchasing Land, Building and Capital Machineries for business expansion. (Cont-2)


2021-11-25: Recommendation of Dividend


SSSTEEL: The Board of Directors recommended 2% cash dividend for General Shareholders other than Sponsors and Directors and 8% stock dividend for all shareholders for the year ended on 30 June, 2021. The Sponsors & Directors hold 9,67,34,978 shares out of total 30,42,90,000 shares of the Company and the cash dividend to be payable to the General shareholders is Tk. 4,15,11,004.40. Date of AGM: 31.12.2021, Time: 11:00 AM, Venue: Digital Platform. Record Date: 15.12.2021. The Stock Dividend is subject to approval of shareholders in the AGM and subsequent approval of the BSEC.(Cont-1)


2021-11-25: Sale Intention


KDSALTD: Mr. Khalilur Rahman one of the Sponsor Directors of KDS Accessories Ltd., has reported his intention to sell 20,00,000 (Bonus) shares out of his total holding of 3,69,38,452 shares of the Company at prevailing market price (in the Public Market) through Stock Exchange (DSE) within next 30 working days.


2021-11-25: Change of Close Price


PRIMELIFE: Please note that the close price of the shares of PRIMELIFE has been reset at current market price prevailing in other exchange. New close price of PRIMELIFE=Tk. 59.30.


2021-11-25: Spot Trade Continuing Today (25.11.2021)


SPOT TRADE: Please find SPOT Trade is continuing today on the trading of the shares of HFL, ACTIVEFINE, AFCAGRO, SONARGAON, BDTHAI, BANGAS, HRTEX, ONEBANKLTD, ORININFU, ORINPHARM & RDFOOD.


2021-11-25: Cont-Commencement of ES of SJIBL Mudaraba Perpetual Bond by GP


CSENEWS(cont): and make the full payment to DSE through Mercantile Bank Limited (A/C Name: Dhaka Stock Exchange Limited, A/C No.: 135413134079404) from November 21, 2021 to December 02, 2021 (during banking hour) from their consolidated customers' Account based on total submitted application. Please visit the following website for subscription related updates: https://www.essbangladesh.com.(end)


2021-11-25: Commencement of ES of SJIBL Mudaraba Perpetual Bond by GP


CSENEWS: Commencement of electronic subscription of SJIBL Mudaraba Perpetual Bond by General Public: The subscription of SJIBL Mudaraba Perpetual Bond for General Public has been started from November 21, 2021 and continued till December 02, 2021. Minimum subscription amount is BDT 5,000 (or its multiples) and there is no maximum bar. The registered TREC Holders/merchant bankers have to upload the IPO file of General Public in the Electronic Subscription System (ESS) from 10:00 AM of December 05, 2021 to 5:00 PM of December 07, 2021(cont)


2021-11-25: Cont-Commencement of ES of SJIBL Mudaraba Perpetual Bond


CSENEWS(cont): Participating EIs will be required to pay full subscription amount (100%) and subscription fee of Tk. 3,000.00 (three thousand only) through Mercantile Bank Limited (A/C Name: Dhaka Stock Exchange Limited, A/C No.: 135413134079404) in between 10:00 a.m. of November 21, 2021 to 2:00 p.m. of December 02, 2021 (during banking hour). Please visit the following website for subscription related updates: https://www.essbangladesh.com.(end)


2021-11-25: Commencement of ES of SJIBL Mudaraba Perpetual Bond


CSENEWS: Commencement of electronic subscription of SJIBL Mudaraba Perpetual Bond for EIs through electronic subscription system: The subscription of SJIBL Mudaraba Perpetual Bond by the eligible investors (EIs) through electronic subscription system of the stock exchanges has start from 10:00 a.m. of November 21, 2021 and will be continued till 5.00 p.m. of December 02, 2021. Minimum subscription amount is BDT 5,000 (or its multiples) and there is no maximum bar. (cont)


2021-11-25: Cont-Commencement of ES of IBBL 2nd Mudaraba Perpetual Bond by GP


CSENEWS(cont): make the full payment to DSE through United Commercial Bank Limited (A/C Name: Dhaka Stock Exchange Limited, A/C No.: 1511308000000010) from November 21, 2021 to December 02, 2021 (during banking hour) from their consolidated customers' Account based on total submitted application. Please visit the following website for subscription related updates: https://www.essbangladesh.com.(end)


2021-11-25: Commencement of ES of IBBL 2nd Mudaraba Perpetual Bond by GP


CSENEWS: Commencement of electronic subscription of IBBL 2nd Mudaraba Perpetual Bond by General Public: The subscription of IBBL 2nd Mudaraba Perpetual Bond for General Public has been started from November 21, 2021 and continued till December 02, 2021. Minimum subscription amount is BDT 5,000 (or its multiples) and there is no maximum bar. The registered TREC Holders/ merchant bankers have to upload the IPO file of General Public in the Electronic Subscription System (ESS) from 10:00 AM of December 05, 2021 to 5:00 PM of December 07, 2021 and(cont)


2021-11-25: Cont-Commencement of ES of IBBL 2nd Mudaraba Perpetual Bond


CSENEWS(cont): Participating EIs will be required to pay full subscription amount (100%) and subscription fee Tk. 3,000.00 (three thousand only) through United Commercial Bank Limited (A/C Name: Dhaka Stock Exchange Limited, A/C No.: 1511308000000010) in between 10:00 a.m. of November 21, 2021 to 2:00 p.m. of December 02, 2021 (during banking hour). Please visit the following website for subscription related updates: https://www.essbangladesh.com.(end)


2021-11-25: Commencement of ES of IBBL 2nd Mudaraba Perpetual Bond


CSENEWS: Commencement of electronic subscription of IBBL 2nd Mudaraba Perpetual Bond for EIs through electronic subscription system: The subscription of IBBL 2nd Mudaraba Perpetual Bond by the eligible investors (EIs) through electronic subscription system of the stock exchanges has start from 10:00 a.m. of November 21, 2021 and will be continued till 5.00 p.m. of December 02, 2021. Minimum subscription amount is BDT 5,000 (or its multiples) and there is no maximum bar. (cont)


2021-11-25: Cont-Compliances and Awareness for Alert to COVID-19


CSENEWS: (cont) (7) Arrangement of mask to provide to employees and clients in the brokerage house, (8) Discourage visitors to enter into the office, (9) Arrangement of virtual office for part of employees on rotation basis and (10) Avoid face to face meetings in the office and encourage telephone/video conference among the employees and clients. (end)


2021-11-25: Compliances and Awareness for Alert to COVID-19


CSENEWS: All concerned are hereby requested to comply the following to reduce the spread of COVID-19: (1) Discourage clients for rushing in the brokerage house and encourage more for trading through mobile apps and other internet based devices, (2) No hand shake, (3) No hugging; (4) Maintain reasonable social distance (at least one meter), (4) Identifying employees and clients who is coughing or sneezing or with any suspicious symptoms, (5) Avoid touching eyes, nose, ears and mouth, (6) Arrangement of hand sanitizer every time to enter office premise (employees, clients and visitors), (cont)


2021-11-25: Investor Awareness


BSEC's Message (Repeat): 1) It is not wise to invest in the capital market without having proper information, detail knowledge and experience regarding different aspects and nitty-gritty of the capital market. 2) It is to be kept in mind that the profit or loss whatever you make from investment is belong to you only. Therefore, prudent investment decision based on knowledge and fundamentals can be your real assistance. 3) Don't pay heed to rumors at the time of buying and selling of shares. Buying and selling of shares based on rumor can be harmful. Even spreading of rumor is legally prohibited. (BSEC vide its letter no. SEC/SRMIC/2010/726 dated 23 November 2010).


2021-11-25: Continue- Important news


BSEC (continue) (Repeat): In this situation, in the greater and long term interest of the growing capital market and investors, all related to Stock Exchange and market intermediaries i.e. stock broker/dealer, asset manager, merchant banker, issuer company including their officials are requested to abstain from giving opinion/comment on investment which may create enthusiasm or confusion among the investors. (end)


2021-11-25: Important news


BSEC (Repeat): It is observed that in the context of the present condition of the capital market, many small and new investors are involved which is undoubtedly encouraging. But it is a matter of concern that a portion of these investors without having proper, timely and detail knowledge and reviewing/analyzing the information of the different aspects of the capital market are being attracted in investing on the basis of rumor, hearsay and different comments from different quarters, which may make their hard earned capital risky, as a result, it will not only hamper the confidence of these investors but may also create hindrance of the continuity and firm growth of the capital market. (continue)


2021-11-25: CSE NEWS


Message: All investors are requested to make their investment decision on the basis of financial strength of the companies not on the basis of rumor.

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