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AFCAGRO

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AFCAGRO 10-Dec-2020

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 from 13.12.2020 to 14.12.2020. Trading of the shares of the Company will remain suspended on record date i.e., 15.12.2020.

AFCAGRO 09-Dec-2020

(Q1 Un-audited): EPS was Tk. 0.07 for July-September 2020 as against Tk. 0.50 for July-September 2019; NOCFPS was Tk. 0.57 for July-September 2020 as against Tk. 1.60 for July-September 2019. NAV per share was Tk. 17.92 as on September 30, 2020 and Tk. 17.85 as on June 30, 2020.

AFCAGRO 06-Dec-2020

(Continuation news of AFCAGRO): for the same period of the previous year registering 89.08% decrease in current year as compared to the previous year. This was mainly significant fall in the business income due to COVID-19 impact on business in last quarter. b)No expected credit loss has been recognized following IFRS-15. (end)

AFCAGRO 06-Dec-2020

(Continuation news of AFCAGRO): No. SEC/CMRRCD/2006-159/Admin/02-10 dated September 10, 2006. & SEC/CMRRCD/2008-183/Admin/03-30 dated June 1, 2009. Emphasis of Matter: Without further qualifying our opinion, we draw attention to the following issues: a) Significant deviation in Earning per Share (EPS): EPS for the year ended on 30 June 2020 is Tk. 0.32 whereas it was Tk. 2.93(cont.07)

AFCAGRO 06-Dec-2020

(Continuation news of AFCAGRO): Section 242 of the Bangladesh Labour Act- 2006 (as amended up to 2013). 4. As per DCT's notice order dated: 04.03.2020 total tax liability comes to Tk. 205,497,337. But no provision has been made in the financial statements therefore profit and EPS has been overstated to that extent. 5. The Company has made significant related party transactions without complying BSEC Notification (cont.06)

AFCAGRO 06-Dec-2020

(Continuation news of AFCAGRO): in accordance with the provisions to all beneficiaries". As per Note# 17.01, of notes to the financial statements that the company has kept provision for Workers' Profit Participation amounting Tk. 1,829,052 and Tk. 17,018,098 for the year ended on 30 June 2020 and 2019 respectively. But the company has not distributed any amount of WPPF to its beneficiaries with in the stipulated time period, which is non-compliance with the(cont.05)

AFCAGRO 06-Dec-2020

(Continuation news of AFCAGRO): of the asset. But the company did not provide any information regarding the assessment of any indication of impairment. 3. As per the Section 242 (Utilization of participation fund) of the Bangladesh Labour Act-2006 (Amendment-2013), "Of the total amount deposited/transferred in the participation fund every year, two-thirds shall be distributed in equal proportion to all beneficiaries in cash and one-third shall be invested(cont.04)

AFCAGRO 06-Dec-2020

(Continuation news of AFCAGRO): applicable VAT & Tax related provision/section of ITO ordinance 1984 and VAT & SD Act-2012 including compliance of IAS-12 by virtue of above gazette notification of commerce ministry. 2.According to Para-9 of IAS-36, An Entity shall assess at the end of each reporting period whether there is any indication that an asset may be impaired. If any such indication exists, the entity shall estimate the recoverable amount(cont.03)

AFCAGRO 06-Dec-2020

(Continuation news of AFCAGRO): captioned "National Active Pharmaceutical Ingredients (API) & Laboratory Reagents Production and Export Policy" regarding tax exemption against which SRO from National Board of Revenue (NBR) was not obtained. Therefore, profit, EPS & related Equity has been overstated to that extent. No proper disclosure has been made in accordance with Para 46 & Para 81(c) of IAS-12. Further the company also did not comply with (cont.02)

AFCAGRO 06-Dec-2020

The auditor of the AFC Agro Biotech Ltd has given the "Qualified Opinion" & "Emphasis of Matter" paragraphs in the Auditor's Report for the year ended on 30 June 2020. Qualified Opinion: 1.Provision for current income tax and deferred tax required as per Para 12 & 15 of IAS 12 has not been made except for other income, as disclosed in note # 14 & 16, based on gazette No- 26.00.0000.100.42.008.17-54 dated 14-05-2018 by Commerce Ministry under the (cont.01)

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