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AZIZPIPES

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AZIZPIPES 18-Nov-2020

(Continuation news of AZIZPIPES): of the lower court the Bank had submitted a Appeal to the High Court. Now the appeal is under litigation in the High Court. After the litigation of High Court, the favour/disfavour of the company the amount would be adjusted from the Block Loan Account. Vide company application no. APL/DBBL/08:19/186 Dated 27.08.2019 for amicable settlement of Bank loan. Bank approved the matter to be settled vide a compromise (cont.10)

AZIZPIPES 18-Nov-2020

(Continuation news of AZIZPIPES): submitted a suit against Aziz Pipes Limited no. 16/2007 to the 3rd Artha Rin Adalat in 2007. After a prolong period hearing the Court had Verdicted/Pronounced on 29 November 2012 to repay the amount of Tk. 15,431,341 to the Bank and the company has decided to state Tk. 15,431,342 as the Short Term Loan from Dutch Bangla Bank Limited and the rest amount Tk. 100,019,426 will be transfered to Block Loan Account. Against the verdiced (cont.9)

AZIZPIPES 18-Nov-2020

(Continuation news of AZIZPIPES): file contempt through writ no. -84/2019 and other hand companies apply to Bangladesh Bank for instruction to Uttara Bank Limited for adjustment Bank Liability. Companies also file a suit writ no-186/2020 where honorable court issue rule for consideration of our application which submitted to Bangladesh Bank and Uttara Bank Limited. The above both of writ is now waiting for Hearing. Dutch Bangla Bank: Dutch Bangla Bank Limited had (cont.8)

AZIZPIPES 18-Nov-2020

(Continuation news of AZIZPIPES): company has decided to state Tk. 6,688,500 as Short Term Loan from Uttara Bank Limited and the rest amount will be transferred to Block Loan Account Tk. 167,575,954. Now this suit is under litigation on the Judge Court and after the litigation of the court this liability would be adjusted from the Block Loan Account. Uttara bank Limited Case no. -219/2005 and 145/2018 against both of case companies (cont.7)

AZIZPIPES 18-Nov-2020

(Continuation news of AZIZPIPES): then a petition was submitted by the company to the High Court no. 9724/2014. After the prolong time hearing on 14 March 2017, Uttara Bank Limited were required to submit the actual statement of the accounts of Aziz Pipes Limited. After that the Bank had submitted a revised statement where the Bank stated the companys CC (Hypo.) account no. 21 and Tk. 6,688,500. On the basis of the submitted the statement of the Bank the (cont.6)

AZIZPIPES 18-Nov-2020

(Continuation news of AZIZPIPES): accounts for the said period and the expression of the Company about the Block Loan Account are as follows: Uttara Bank: The Management of the company decided on the basis of the verdict/pronouncement of the 4th Artha Rin Adalat that was suited by Uttara Bank Limited no. 219/05. At the time of hearing of the lower court the company had tabled a objection against the bank statement that were submitted by the Bank and (cont.5)

AZIZPIPES 18-Nov-2020

(Continuation news of AZIZPIPES): of consideration of Sub-Judice Court. Note 14.00- Short Term Loan: Balance of Short Term Loan as at 30 June, 2020 was BDT 1,019,842 and as at 30 June, 2019 was BDT 1,019,842. Since filling of the cases against the company, the Banks neither charged any interest nor sent any demand from note/statement of interest from the period 01 July 2016 to 30 June 2017 to the company. In view of the above, interest has not been shown in the companys (cont.4)

AZIZPIPES 18-Nov-2020

(Continuation news of AZIZPIPES): financial statements. Emphasis of Matter: We refer to the note no. 13 (Term Loan), 14 (Short Term Loan) and 16 (Block Loan Account) of the financial statements regarding court cases of those loans. Note 13.00- Term Loan: Balance of Term Loan as at 30 June, 2020 was BDT 57,200,000 and as at 30 June, 2019 was BDT 57,200,000. The Company Tabled an objection against the statements of Uttara Bank Ltd. Term Loan and which is matter (cont.3)

AZIZPIPES 18-Nov-2020

(Continuation news of AZIZPIPES): amount Tk. 612,878. 2. Inventories Tk. 114,336,835 of the company could not be verified as the stock register is not available (Details are disclosed in note no. 04). 3.The Equity of the company is negative consecutively and Debt service & Interest service ratio is low. Hence the company has doubt about its ability to continue as going concern. 4. Purchases amount differs with VAT return which is disclosed in note no. 23.02 of the (cont.2)

AZIZPIPES 18-Nov-2020

The auditor of the Aziz Pipes Ltd has given the "Qualified Opinion"& "Emphasis of Matter" paragraphs in the Auditor's Report for the year ended on 30 June 2020. In this regard, we may disseminate the following news through our online trading system: Qualified Opinion: 1. Payment of worker's profit participation fund (WPPF) has not made as per sec 240 (3), of Bangladesh labor act, 2006 (Amended 2013) and moreover interest was not charged against such unpaid (cont.1)

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