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NTC

All Eps Dividend Board Agm Q1 Q2 Q3

NTC 14-Nov-2021

(Q1 Un-audited): EPS was Tk. 3.45 for July-September 2021 as against Tk. 2.11 for July-September 2020; NOCFPS was Tk. 0.16 for July-September 2021 as against Tk. 13.97 for July-September 2020. NAV per share was Tk. 87.72 as on September 30, 2021 and Tk. 84.27 as on June 30, 2021.

NTC 02-Nov-2021

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 11, 2021 at 3:30 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on September 30, 2021.

NTC 31-Oct-2021

(Continuation news of NTC): the Company transferred only Taka 10,260,229 to the recognized gratuity fund during the year considering the financial performance. So far, the accumulated balance at the funded gratuity fund stands at Taka 14,742,570 on the close of business as at 30 June 2021. There exists a shortfall of Taka 251,934,581 and as a result, the gratuity has not been funded to that extent. (end)

NTC 31-Oct-2021

(Continuation news of NTC): "an entity shall use the projected unit credit method to determine the present value of its defined benefit obligations and the related current service cost and, where applicable, past service cost". The Company has not performed any actuarial valuation that is a noncompliance as per IAS 19. Furthermore, (cont.9)

NTC 31-Oct-2021

(Continuation news of NTC): 3. Provision for gratuity: The Company has maintained and presented defined benefits plan (gratuity). During the year, the Company has shown gratuity amounting to Taka 266,677,151 which is calculated based on last drawn basic pay multiplied by number of service years as per the Company's policy. However, according to the Paragraph 67 of IAS 19: 'Employee Benefits' (cont.8)

NTC 31-Oct-2021

(Continuation news of NTC): short term loan stood at Taka 2,005,000,429 as at 30 June 2021. During the year, the Company took new loan and converted short term loan of Taka 480,186,717 to long term as well. Moreover, last two years the Company has failed to generate positive cash flow from operation and accumulated loss stood at Taka 434,640,364. If this situation continues for a longer period, the Company is unlikely to meet its financial obligations including bank loans. (cont.7)

NTC 31-Oct-2021

(Continuation news of NTC): However, during the year under audit the Company could not make profit and as such no provision for WPPF and WF required to be made. 2. Liquidity risk: We draw attention to note 38.03 to the accompanying financial statements where the management has explained how they will overcome liquidity crisis. The Company's reliance on loan is increasing and the total balance of long and (cont.6)

NTC 31-Oct-2021

(Continuation news of NTC): capital-work-in-progress which overstated the properly, plant and equipment even further. Emphasis of matters: Without qualifying our report, 1. Workers' Profit Participation Fund (WPPF) and Welfare Fund (WF): We draw attention to note 5I(i) to the accompanying financial statements that no provision has been made in previous years for Workers' Profit Participation and Welfare Fund (WF). (cont.5)

NTC 31-Oct-2021

(Continuation news of NTC): The management of the Company could not quantity the impact of such under provision of depreciation. In the absence of bearer plants capitalization and deprecation policy neither we could calculate accumulated depreciation and depreciation charge for the year, nor we could find any basis for the lump sum provision. Immature bearer plants for which no valuation is available either have also been capitalized as asset rather than (cont.4)

NTC 31-Oct-2021

(Continuation news of NTC): plant and equipment, profit for the year and cumulative retained earnings. Although the Company has made a provision for the lump sum amount of Taka 27,060,250 for depreciation on bearer plants on straight line basis this year, the life of such assets is not clearly defined and recorded nor are any adjustments with retained earnings for prior year depreciations reflected in the financial statements. (cont.3)

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