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AZIZPIPES

All Eps Dividend Board Agm Q1 Q2 Q3

AZIZPIPES 15-Jan-2017

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 18, 2017 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended on December 31, 2016.

AZIZPIPES 08-Jan-2017

(continuation news of AZIZPIPES): money to local suppliers due to loss of AIT/ATV cost exemption benefits normally availed from imported procurement. Moreover, due to acute shortage of working capital the money is surviving at present at lower level of production. (end)

AZIZPIPES 08-Jan-2017

(continuation news of AZIZPIPES):three bankers of the company, Aziz Pipes Limited is critically suffering from paucity of working capital and total stoppage of imported raw material from foreign suppliers. Absence of imported raw material against LC, company is paying excess amount of around 10% (cont. 7)

AZIZPIPES 08-Jan-2017

(continuation news of AZIZPIPES):have gone into litigation to mitigate their respective grievances and such no interest has been charged during the year against those loans. However, the company management should take pragmatic actions to negotiate the matter as early as possible. 5. Gross Profit: The Company is constantly running at a loss. Its profitability of the company is negative and gross profit rate is only 5%. Due to existing court cases against and consequent non-cooperation from (cont. 6)

AZIZPIPES 08-Jan-2017

(continuation news of AZIZPIPES): written off immediately. 4. Loan Fund: The Company has continuously been defaulting in payment of installments against short-term loan and cash credit from Uttara Bank Limited, Dutch Bangla Bank Limited and National Bank Limited, which included in Note-12 & 14. The company is under process of negotiation for restructuring with those financial institutions. Both, the company and Uttara Bank Limited, Dutch Bangla Bank Limited, and National Bank Limited (cont. 5)

AZIZPIPES 08-Jan-2017

(continuation news of AZIZPIPES): All raw materials have been purchased from local market at higher price to avail local credit facilities. In our opinion for steady profit of the company the cost of goods sold ratio to turnover should be reduced as much as possible and also sales price of the product should be re-fixed. 3. Pre-production Expenses: During the year the company has been amortized Tk. 1,000,000.00 against pre-production expenses. We feel that entire rest of the amount should be (cont. 4)

AZIZPIPES 08-Jan-2017

(continuation news of AZIZPIPES): of retained earning stands on negative balance Tk. 473,531,424.00 and indebted to the extent of Tk. 578,126,505.00 consisting of loan fund and current liabilities. All these facts indicate uncertainty to be a going concern. 2. Cost of Goods Sold (COGS): The cost of Goods Sold represents 94.83% of the total turnover, which is the higher side and it was also 94.61% in the last year. The management opined that due to un-availability of the banking facilities. (cont. 3)

AZIZPIPES 08-Jan-2017

(continuation news of AZIZPIPES): The management of the company opined that the shortfall was made due to reduce demand emanated from general economic downturn, shortage of working capital and no-availability of banking support due to sub-judice matter. In our opinion, production capacity must be utilized at the optimum level to strengthen the financial position of the company. Further, it is mentioned that as of 31 December, 2015 the cumulative balance (cont. 2)

AZIZPIPES 08-Jan-2017

The auditor of the company has given the following observations in the audit report of the company for the period from 01 January 2016 to 30 June 2016: Observations: 1. Utilization of Production Capacity and ability of the company to pay debt: The production capacity position of the company is very poor which was decreased than the last year by 3.58%. Total utilization of attainable capacity of the company is only 28.92% which was 32.50% at previous year. (cont. 1)

AZIZPIPES 14-Nov-2016

(Q1 Un-audited): EPS was Tk. 0.14 for July-September, 2016 as against Tk. (0.77) for July-September, 2015. NOCFPS was Tk. 2.60 for July-September, 2016 as against Tk. 0.31 for July-September, 2015. NAV per share was Tk. (54.13) as of September 30, 2016 and Tk. 54.27 as of June 30, 2016.

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