22:07:03 (BST) 22:07:03 (BST)
CSE news on EMERALDOIL
2025-04-22: Appointment of Chairman and Managing Director
EMERALDOIL: The company has informed that the Board of Directors has appointed Major Khaled Saifullah (Retd.) as the Chairman of the Board of Directors and Mr. Md. Abu Hurayra, FCA, ACS as the Acting Managing Director of the company.
2025-04-17: Appointment of Company Secretary
EMERALDOIL: The company has informed that the Board of Directors has appointed Mr. Mohammad Zaman, ACS, LL.M as the Acting Company Secretary of the company.
2025-02-26: Cont-Clarification on recent news published in online newspaper
EMERALDOIL(cont):sale of the property until the loan is fully repaid besides the properties pledged against the bank's loans will be auctioned as per the court order etc'' but matter of sorrow that we did not received any such letter from ''BASIC BANK'' or not received any court order/notice from the court decision as yet. Now at this moment, without any clue, we could not mention any information in this regard. As such, if we get any information/ letter from the Basic Bank or court order, we will inform the matter as part of the regulatory information in due course.''(end)
2025-02-26: Clarification on recent news published in online newspaper
EMERALDOIL: In response to a CSE query dated February 16, 2025 based on a recent news published in the online newspapers titled "BASIC Bank moves to auction Emerald Oil's assets again" on February 15, 2025, the company has informed CSE the following: "The lender is now pursuing a new auction, having received authorization under section 33(5) of the Money Loan Court Act, 2003,on 30 July last year to seize and sell property until the loan is fully repaid and the Money Loan Court has authorized the seizure and(cont)
2024-12-03: Category Change
EMERALDOIL: The Company has been placed in 'Z' category from existing 'A' category with effect from today December 03, 2024 as the company is not in production continuously for a period of minimum 6 (six) months according to provision 1(c) of BSEC Directive No. BSEC/CMRRCD/2009-193/77 dated May 20, 2024. The Stock Brokers and Merchant Bankers are requested to abstain from providing loan facilities to purchase securities of EMERALDOIL with effect from December 03, 2024 as per BSEC Directive No. BSEC/CMRRCD/2009-193/32 dated December 26, 2021.
2024-11-21: Closure of operational activities of the company
EMERALDOIL: Chittagong Stock Exchange PLC has sent a query to the company dated November 20, 2024 asking a clarification regarding news published in the newspaper about operational activities of the company. Subsequently, the company has informed that operational activities is currently stopped due to insufficient gas supply in factory. In the meantime, the company has imported a 12 M.T. Capacity, 17.50 high pressure Husk Boiler to continue their production in full swing. The company will come back in production after completing the installation of Husk Boiler in factory very soon. On the other hand, though the company's production is currently stopped, they did not retrenchment any employee from their company.
2024-04-30: Category Change
EMERALDOIL: The Company will be placed in 'A' category from existing 'B' category with effect from May 02, 2024 as the Company has reported disbursement of final 10% Cash dividend (including 5% interim cash dividend) except previous directors for the year ended June 30, 2023.
2024-04-30: Cash Dividend Disbursement
EMERALDOIL: The Company has informed that it has disbursed the Cash Dividend for the year ended June 30, 2023 to the respective shareholders.
2024-04-30: Interim Dividend Disbursement
EMERALDOIL: The Company has informed that it has disbursed the Interim Cash Dividend for the period ended March 31, 2023 to the respective shareholder
2024-04-16: Sale confirmation
EMERALDOIL: Minori Bangladesh Ltd., a Corporate Director of the Company, has further informed that it has completed its sale of 36,66,500 shares at prevailing market price through Dhaka Stock Exchange PLC. as per declaration disseminated on 25.03.2024.
2024-04-02: Appointment of new Company Secretary
EMERALDOIL: The Company has informed that the Board of Directors has approved the appointment of Mr. Mohammad Jaidul Islam as Company Secretary of the Company with effect from April 01, 2024.
2024-03-31: Un-audited HY A/Cs
EMERALDOIL: (Quarter 2) As per un-audited half yearly accounts of the Company, EPS was Tk. 0.20 for October-December 2023 as against Tk. 0.19 for October-December 2022. EPS was Tk. 1.67 for July-December 2023 as against Tk. 0.41 for July-December 2022. NOCFPS was Tk. (0.14) for July-December 2023 as against Tk. (0.78) for July-December 2022. NAV per share was Tk. (8.70) as on December 31, 2023 and Tk. (10.37) as on June 30, 2023. Reasons for significant deviation: 75% production capacity has been utilized during July 2023 to December 2023 where 50% production capacity was utilized during July 2022 to December 2022.
2024-03-25: Sale Intention
EMERALDOIL: Minori Bangladesh Ltd., a Corporate Director of the Company, has reported its intention to sell 36,66,500 shares out of its holding of 3,52,25,004 shares of the Company at prevailing market price (In the Block Market) through Dhaka Stock Exchange PLC. (DSE) within April 30, 2024.
2024-03-25: Sale Confirmation
EMERALDOIL: Minori Bangladesh Ltd., a Corporate Director of the Company, has further informed that it has completed its sale of 10,00,000 shares of the Company at prevailing market price through Dhaka Stock Exchange PLC. as per declaration disseminated by CSE on 18.03.2024.
2024-03-24: Board Meeting
EMERALDOIL: Emerald Oil Industries Ltd. has informed that the Board Meeting of the Company will be held on March 28, 2023 at 2:30 PM to consider, among others, un-audited financial statements of the Company for the 2nd Quarter (Q2) period ended December 31, 2023.
2024-03-18: Sale Intention
EMERALDOIL: Minori Bangladesh Ltd., a Corporate Director of the Company, has reported its intention to sell 10,00,000 shares out of its holding of 3,62,25,004 shares of the Company at prevailing market price (In the Block Market) through Dhaka Stock Exchange PLC. (DSE) within April 30, 2024.
2024-02-14: Cont-Clarification on recent news published in newspaper
EMERALDOIL(cont):It may be noted that Minori Bangladesh Ltd. is one of the significant shareholder of Emerald Oil Industries Limited and holding 39.69% shares of the company. Further, Emerald Oil Industries Limited not entered in any agreement with any local or international institution / fund provider and our Board of Directors is not aware bout this matter.''(end)
2024-02-14: Clarification on recent news published in newspaper
EMERALDOIL: In response to a CSE query dated 06.02.2024 regarding clarification on recent news published in online newspaper regarding Minori inks deal with Dubai's Safa to sell Emerald Oil shares worth Tk. 400 crore, the company has informed as follows: ''we, the company, are unaware about the authenticity of the news which is published in the online newspaper ''The Business Standard'' (https://www.tbsnews.net)'' on 04 February 2024.(cont)
2023-11-28: Record Date tomorrow (29.11.2023)
EMERALDOIL: Trading of the shares of Emerald Oil Industries Ltd. will remain suspended on its record date i.e., 29.11.2023. Trading of the shares of the Company will resume on 30.11.2023.
2023-11-26: Spot trade from tomorrow (27.11.2023)
EMERALDOIL: Trading of the shares of Emerald Oil Industries Ltd. will be allowed only in the Spot Market from 27.11.2023 to 28.11.2023 as the record date of the Company is on 29.11.2023.
2023-11-22: Qualified Opinion, Emphasis of Matters and Other Matter
EMERALDOIL: The auditor of the company has given the "Qualified Opinion, Emphasis of Matters and Other Matter" paragraph in the Auditor's Report of the company for the year ended June 30, 2023. To view the details, please visit: https://www.cse.com.bd/upload_media/EMERALDOIL.pdf
2023-11-20: Cont-Regarding utilization of paid-up capital
EMERALDOIL: (Cont) Previous Gas Bill Paid, BAPLC Certificate Fee and DSE Listing fee), Tk. 10,162,358.00 for Capital Expenditure (Property, Plant and Equipment) and Tk. 29,023,766.00 for Pre-Operating Expenses (Factory Repair and Maintenance, HO and Factory Daily Expenses, Board Meeting Attendance Fee, Directors Remuneration and Salary and Wages).(end)
2023-11-20: Regarding utilization of paid-up capital
EMERALDOIL: Refer to their earlier news disseminated by CSE on 16.11.2023 regardingBSEC consent for raising paid up capital of the Company, Emerald Oil Industries Ltd. has further informed that the purpose and utilization of paid-up capital will be as follows: Tk. 21,150,000.00 for repayment of Bank Liabilities (BASIC Bank, Bank Asia and Midas Finance), Tk. 200,024,597.00 for Working Capital (Raw Material (Bran), Chemical and Packing Material Purchases), Tk. 55,224,319.00 for Previous Due Payment (Payment to Old Suppliers, (Cont)
2023-11-16: Cont-BSEC consent for raising paid up capital of the Company
EMERALDOIL: (cont) against share money deposit as invested by Minori Bangladesh Ltd. time to time as per instruction of the Commission through its letter no. BSEC/SRMIC/47/2014/453 dated 23 December 2021 issued from Supervision & Regulation of Markets and Issuer Companies (SRMIC) Department subject to lock in period for 3 (three) years and compliance of other conditions mentioned in the consent letter.(end)
2023-11-16: BSEC consent for raising paid up capital of the Company
EMERALDOIL: Emerald Oil Industries Ltd. company has informed that it has received the consent letter from Bangladesh Securities and Exchange Commission for raising paid up capital of the Company from existing BDT 59,71,35,000 to BDT 91,27,20,040 only through issuance of 3,15,58,504 ordinary shares of Tk. 10 each totaling Tk. 31,55,85,040 only to Minori Bangladesh Limited in cash consideration (cont)
2023-11-02: Un-audited Financial Statements
EMERALDOIL: (Quarter 1) As per un-audited financial statements of the Company, EPS was Tk. 1.47 for July-September 2023 as against Tk. 0.22 for July-September 2022. NOCFPS was Tk. (0.21) for July-September 2023 as against Tk. (0.77) for July-September 2022. NAV per share was Tk. (8.90) as on September 30, 2023 and Tk. (10.56) as on September 30, 2022. Reason for significant deviation: 100% Production capacity has been utilized during July-September 2023.
2023-11-02: CB Free
EMERALDOIL: Please note that there will be no price limit today 02.11.2023 on the trading of the shares of the company following its corporate declaration. However, the floor price shall be applicable accordingly.
2023-11-02: Cont-Recommendation of Dividend
EMERALDOIL:(cont) Reason for Significant Deviation: After long time shut down, the company restarted the commercial production on 09 January 2022 upon successful completion of trial production. Therefore, the company could utilize only 23% of the Production Capacity in 2021-2022 whereas the company utilized 50% of the Production Capacity in 2022-2023.(end)
2023-11-02: Recommendation of Dividend
EMERALDOIL: The Board of Directors has recommended final 10% Cash dividend (including 5% interim cash dividend) except previous directors holding 29.92% shares for the year ended June 30, 2023. Date of AGM: 27.12.2023, Time of AGM: 11:00 AM, Venue: Digital Platform. Record Date: 29.11.2023. The Company has also reported EPS of Tk. 0.73, NAV per share of Tk. (10.37) and NOCFPS of Tk. (0.03) for the year ended June 30, 2023 as against Tk. 0.17, Tk. (12.85) and Tk. (2.40) respectively for the year ended June 30, 2022. (cont)
2023-10-29: Reschedule of Board Meeting
EMERALDOIL: Emerald Oil Industries Ltd. has further informed that, due to unavoidable circumstances, the Board Meeting of the Company will be held on November 01, 2023 at 6:30 PM instead of October 26, 2023 at 5:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended September 30, 2023.
2023-10-29: Reschedule of Board Meeting
EMERALDOIL: Emerald Oil Industries Ltd. has further informed that, due to unavoidable circumstances, the Board Meeting of the Company will be held on November 01, 2023 at 5:00 PM instead of October 26, 2023 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended June 30, 2023.
2023-10-19: Board Meeting
EMERALDOIL: Emerald Oil Industries Ltd. has informed that the Board Meeting of the Company will be held on October 26, 2023 at 5:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended September 30, 2023.
2023-10-19: Board Meeting
EMERALDOIL: Emerald Oil Industries Ltd. has informed that the Board Meeting of the Company will be held on October 26, 2023 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended June 30, 2023.
2023-09-25: Agreement with Jamuna Edible Oil Industries Ltd.
EMERALDOIL: Emerald Oil Industries Ltd. has informed that the Board of Directors of the company has signed an agreement with Jamuna Edible Oil Industries Ltd. to operate the production and market/export its finished Rice Bran Oil and Crude oil in local market and Japan market. The Company has also informed that after successful execution of the agreement, the Production Capacity will be increased by 600 MT per day, the total Sales volume of Emerald Oil Industries Ltd. would be BDT 900 Crore (Approx.) per year and subsequently the Profit will be increased by 30 Crore (Approx.) per year as per agreed profit-sharing ratio with Jamuna Edible Oil Industries Ltd.
2023-09-11: Resignation and Appointment of Company Secretary
EMERALDOIL: Emerald Oil Industries Ltd. has informed that the Board of Directors has accepted the resignation of Ms. Sadia Afrin and appointed Md. Emran Hossain, Public Relations and Media Officer as the Acting Company Secretary of the Company.
2023-07-25: Cont3-Clarification of News Article
EMERALDOIL(cont3):We hope that we are able to play a leading role to solve the current edible oil crisis in the country very shortly. d) At present there are 105 regular employees and 300 contractual labors are working in the factory and the operation of the factory runs 16 to 18 hours per day. e) It may be mentioned that we have no enlisted supplier at Gazipur and we never procured Rice Bran from any party from Gazipur. Further we would like to mentioned that we never exported/sold any finished products to any party in India as well as no advance amount received from any Indian Party.''(end)
2023-07-25: Cont2-Clarification of News Article
EMERALDOIL(cont2):We have already started the commercial production of the Company and declared 2% cash dividend for the year ended 30th June 2022 which have also been disbursed. Meantime the Company also declared 5% interim dividend (cash) for the year 2022-23. It is privileged and honored to state that the New Board emphasized to smooth continuation of the production for the betterment of the shareholders interest and accordingly the operation is continuing successfully. It is worth mentioning that we will start supplying our refined oil (Spondon Rice Bran Oil) to the market to overcome the crisis of edible oil in the domestic market. (cont3)
2023-07-25: Cont1-Clarification of News Article
EMERALDOIL(cont1):We have been communicating with all respective Bank's and NBFI's since our involvement to the Company to pay the loan's and in this regard, we made correspondences several times with BASIC Bank Ltd. b) BASIC Bank Ltd. filed cases with "Artho Rin Adalat" against the previous directors of the Company and Duduk also filed a case against the previous directors and respective bank officials. These cases are under process. c) New Board of the Company formed by the BSEC are trying to do the better for the Company and already completed 6 years pending AGMs of the Company.(cont2)
2023-07-25: Clarification of News Article
EMERALDOIL: In response to CSE's query dated 23 July 2023, regarding the news article published in the online newspaper ''sharenews24.com'' on 19 July 2023, Emerald Oil Industries Ltd. has provided clarifications which are mentioned below: ''a) We did not receive any letter from BASIC Bank Ltd regarding the auction of Assets of the Company and also not informed any other process or arrangement in respect of the Auction. It may be noted that we informed, the BASIC Bank arranged Auction procedures of Assets of the Company for a couple of times in the period of previous Board of Directors and then no buyer felt any interest to buy the assets. Auction is the legal process of the Bank.(cont1)
2023-07-24: Category Change
EMERALDOIL: Emerald Oil Industries Ltd. will be placed in 'B' category from existing 'Z' category with effect from July 25, 2023 as the Company has reported disbursement of 2% Cash dividend except previous sponsors and directors for the year ended June 30, 2022. As per BSEC Directive No. BSEC/CMRRCD/2009-193/32 dated 26 December 2021; the stock brokers & merchant bankers are requested not to provide loan facilities to their clients against trading of the shares of EMERALDOIL up to 7 trading days from July 25, 2023.
2023-07-24: Cont6-Qualified Opinion & Emphasis of Matter
EMERALDOIL(cont6):11. Contingent liabilities for pending tax cases remains unverified due to non-availability of required documents. Also, no disclosure is given in the financial statements in this regard. 12. Amount due for Gas bill as on 30 June 2016 is Taka 16,172,131 (Ref Note # 20.00) in compare to previous year Taka 6,056,720 which is more than 2.67 times than previous year."(end)
2023-07-24: Cont5-Qualified Opinion & Emphasis of Matter
EMERALDOIL(cont5):9. Workers' Profit Participation & Welfare Fund (WPP &WF): No amount paid on account of WPP &WF during the year under audit from the due amount of Taka 33,573,634 (Ref Note #20.01) as at 30.06.2016 to the outstanding employees. 10. No gratuity policy is maintained by the Company for its permanent employees, a non-compliance of section 27(4) of the Bangladesh Labour Act 2006 as amended.(cont6)
2023-07-24: Cont4-Qualified Opinion & Emphasis of Matter
EMERALDOIL(cont4):in Bangladesh for long period and his return to Bangladesh is uncertain. 7. Long-term loans as on 30 June 2017 Taka 1,288,494,215 (Ref Note #15.00) in compare to previous year Taka 906,514,424 which is more than 42% higher than previous year. Balance confirmation letters were sent to the loan givers but we have not received any response. 8. Trade and other payables as on 30 June 2017 Taka 274,757,115 (Ref Note #17.00) in compare to previous year Taka 12,867,952 which is more than 21 times than previous year. Balance confirmation letters were sent to the parties but we have received only five confirmations.(cont5)
2023-07-24: Cont3-Qualified Opinion & Emphasis of Matter
EMERALDOIL(cont3): for non existence of some security deposits, advances and PPE (Vehicles, office decoration). Reportedly previous management did not handover documents and/or physical items to the present management. 6. Trade & Other Receivables as on 30 June 2017 was Taka 1,556,653,675 (Ref Note#8.00) for credit sales. Opening balance of trade receivable Taka 725,753,933 and sales made during the year Taka 940,414,264 debited to ex-MD, Mr. Syed Hasibul Gani Galib, reportedly for non submission of credit parties' details (names, addresses, etc) to the present management. However, provision for doubtful debt provided Taka 1,556,653,675 (100% of receivable amount) during the year because ex-MD is not present (cont4)
2023-07-24: Cont2-Qualified Opinion & Emphasis of Matter
EMERALDOIL(cont2): completeness and accuracy of the said fixed assets were not identifiable. 2. Gross loss: Reason of gross loss could not be ascertained due to the non availability of related documents and information. 3. Closing stock of finished goods Taka 127,738,964 (Ref Note #23.00) as on 30 June 2017 was, reportedly, missing from the factory. The value of finished goods written off during the year. We did not receive any information of case/GD filed regarding this issue. 4. We sent balance confirmation requests to concerned bank branches maintaining accounts by the company. We received only two account's balance confirmations from IBBL and Padma Bank Ltd. 5. The management has written off Tk 19,874,390 (Ref Note # 13.01) (cont3)
2023-07-24: Cont1-Qualified Opinion & Emphasis of Matter
EMERALDOIL(cont1): The deferred tax charged to statement of profit or loss & other Comprehensive Income for the year is Taka 32,728,258 (Ref Note # 27.01). Supporting documents of expenses made during the year were not fully verified due to non-availability with present management custody." "Emphasis of Matter: 1. Property, Plant & Equipment (PPE): The company did not maintain fixed assets registers/ details properly, with details containing information such as identification number of assets held, date of acquisition, cost of purchase, category of assets, accumulated depreciation, etc. Due to lack of such update records, existence,(cont2)
2023-07-24: Qualified Opinion & Emphasis of Matter
EMERALDOIL: The auditor of Emerald Oil Industries Ltd. has given the "Qualified Opinion" and "Emphasis of Matter" paragraphs in the Auditor's Report for the year ended June 30, 2017. "Basis for Qualified Opinion: Tax deducted at source and VAT deducted at source was not at all complied with when making payment for expenditures. Total expenditures included the purchase of raw materials, factory overhead, administrative, selling & distribution expense. A non- compliance with the Income Tax Ordinance 1984 and VAT Act 2012. Deferred tax of Taka 60,029,619 (Ref Note # 14), the liability amount could not be confirmed due to non-availability of details of tax base.(cont1)
2023-07-24: Cash Dividend Disbursement
EMERALDOIL: Emerald Oil Industries Ltd. has informed that it has disbursed the cash dividend for the year ended on June 30, 2022 to the respective shareholders.
2023-07-23: Cont-Signing MoU with Be Born Co. Ltd. for Rice Bran Oil Export
EMERALDOIL: (Cont) c) The Seller shall deliver to the shipping company designated by the purchaser. Distribution costs, etc. shall be borne by the purchaser. d) When the purchaser places an order for this product with the seller, the purchaser shall issue LC to the financial institution designated by the seller. Payment shall be made after the product arrives and the inspection is completed. The company has also informed that the estimated export of the company will be BDT 600.00 million in the first year and accordingly the profit of the company will also be increased.(end)
2023-07-23: Signing MoU with Be Born Co. Ltd. for Rice Bran Oil Export
EMERALDOIL: Emerald Oil Industries Ltd. has informed that it has signed a MoU with Be Born Co. Ltd., a private limited company incorporated under the laws of Japan. Under this MoU the Japanese Company agreed to buy 3,000 (Three Thousand) MT Crude Rice Bran Oil in the first year and gradually it will be increased in the next year. The key points of the MOU are as follows: a) Emerald Oil Industries Ltd will export initially for first year 3,000 (Three Thousand) MT Crude Rice Bran Oil to Be Born Co. Ltd. or its assigned nominee. b) After successful supply in first year, the quantity will be increased gradually for the next years as per mutual understandings of the both parties. (Cont)
2023-07-03: Cont4-Qualified Opinion & Emphasis of Matter
EMERALDOIL(cont4):8. Contingent liabilities for pending tax cases remains unverified due to non-availability of required documents. Also, no disclosure is given in the financial statements in this regard. 9. Amount due for Gas bill as on 30 June 2018 is Taka 16,376,447.00 (Ref Note # 17.00) increased from Taka 16,172,131.00 as at 30 June 2017. No settlement or adjustment made of the bills carried from last years."(end)
2023-07-03: Cont3-Qualified Opinion & Emphasis of Matter
EMERALDOIL(cont3):Balance confirmation letters are sent to the parties but we have received only five confirmations. 6. Workers' Profit Participation & Welfare Fund (WPP&WF): No amount paid on account of WPP&WF during the year under audit from the due amount of Taka 33,573,634.00 (Ref Note # 17.01) as at 30.06.2016 to the outstanding employees. 7. No gratuity policy is maintained by the Company for its permanent employees, a non-compliance of section 27(4) of the Bangladesh Labour Act 2006 as amended.(cont4)
2023-07-03: Cont2-Qualified Opinion & Emphasis of Matter
EMERALDOIL(cont2): reportedly for non submission of credit parties' details (names, addresses, etc) to the present management. However, provision for doubtful debt provided Taka 1,556,653,675.00 (100% of receivable amount) during the year 2016-17 because ex-MD is not present in Bangladesh for long period and his return to Bangladesh is uncertain. 4. Long-term loans as on 30 June 2018 Taka 1,337,344,393.00 (Ref Note # 14.00) in compare to previous year Taka 1,288,494,215.00. Balance confirmation letters were sent to the loan givers but we have not received any response. 5. Trade and other payables as on 30 June 2018 Taka 276,005,504.00 (Ref Note # 15.00) in compare to previous year Taka 274,757,115.00.(cont3)
2023-07-03: Cont1-Qualified Opinion & Emphasis of Matter
EMERALDOIL(cont1): date of acquisition, cost of purchase, category of assets, accumulated depreciation, etc. Due to lack of such update records, existence, completeness and accuracy of the said fixed assets were not identifiable. 2. We sent balance confirmation requests to concerned bank branches maintaining accounts by the company. We received only two account's balance confirmations from IBBL and Padma Bank Ltd. 3. Trade & Other Receivables as on 30 June 2017 was Taka 1,556,653,675.00 (Ref Note # 7.00) for credit sales. Opening balance of trade receivable on 01 July 2016 Taka 725,753,933.00 and sales made during the year 2016-17 Taka 940,414,264.00 debited to ex-MD, Mr. Syed Hasibul Gani Galib,(cont2)
2023-07-03: Qualified Opinion & Emphasis of Matter
EMERALDOIL: The auditor of Emerald Oil Industries Ltd. has given the "Qualified Opinion" and "Emphasis of Matter" paragraphs in the Auditor's Report for the year ended June 30, 2018. "Basis for Qualified Opinion: Deferred tax of Taka 66,575,703.00 (Ref Note # 24.01), the liability amount could not be confirmed due to non-availability of details of tax base. The deferred tax charged to the statement of profit or loss & other comprehensive for the year is Taka 6,546,084.00." "Emphasis of Matter: 1. Property, Plant & Equipment (PPE): The company did not maintain fixed assets registers/ details properly, with details containing information such as identification number of assets held,(cont1)
2023-07-02: Cont4-Qualified Opinion & Emphasis of Matter
EMERALDOIL(cont4):8.Contingent liabilities for pending tax cases remains unverified due to non-availability of required documents. Also, no disclosure is given in the financial statements in this regard. 9. Amount due for Gas bill as on 30 June 2019 is Taka 16,376,447 (Ref Note # 16.00) same carried from last year. No settlement or adjustment made of the bills carried from last years."(end)
2023-07-02: Cont3-Qualified Opinion & Emphasis of Matter
EMERALDOIL(cont3):Balance confirmation letters are sent to the parties but we have received only five confirmations. 6. Workers' Profit Participation & Welfare Fund (WPP&WF): No amount paid on account of WPP&WF during the year under audit from the due amount of Taka 33,573,634 (Ref Note # 16.01) as at 30.06.2016 to the outstanding employees. 7. No gratuity policy is maintained by the Company for its permanent employees, a non-compliance of section 27(4) of the Bangladesh Labour Act 2006 as amended.(cont4)
2023-07-02: Cont2-Qualified Opinion & Emphasis of Matter
EMERALDOIL(cont2): reportedly for non submission of credit parties' details (names, addresses, etc) to the present management. However, provision for doubtful debt provided Taka 1,556,653,675 (100% of receivable amount) during the year 2016-17 because ex-MD is not present in Bangladesh for long period and his return to Bangladesh is uncertain. 4. Long-term loans as on 30 June 2019 Taka 1,357,800,880 (Ref Note # 13.00) in compare to previous year Taka 1,337,344,393. Balance confirmation letters were sent to the loan givers but we have not received any response. 5. Trade and other payables as on 30 June 2019 Taka 276,543,925 (Ref Note # 14.00) in compare to previous year Taka 276,005,504.(cont3)
2023-07-02: Cont1-Qualified Opinion & Emphasis of Matter
EMERALDOIL(cont1): date of acquisition, cost of purchase, category of assets, accumulated depreciation, etc. Due to lack of such update records, existence, completeness and accuracy of the said fixed assets were not identifiable. 2. We sent balance confirmation requests to concerned bank branches maintaining accounts by the company. We received only two account's balance confirmations from IBBL and Padma Bank Ltd. 3. Trade & Other Receivables as on 30 June 2017 was Taka 1,556,653,675 (Ref Note # 7.00) for credit sales. Opening balance of trade receivable on 01 July 2016 Taka 725,753,933 and sales made during the year 2016-17 Taka 940,414,264 debited to ex-MD, Mr. Syed Hasibul Gani Galib, (cont2)
2023-07-02: Qualified Opinion & Emphasis of Matter
EMERALDOIL: The auditor of Emerald Oil Industries Ltd. has given the "Qualified Opinion" and "Emphasis of Matter" paragraphs in the Auditor's Report for the year ended June 30, 2019. "Basis for Qualified Opinion: Deferred tax of Taka 70,498,495 (Ref Note # 22.01), the liability amount could not be confirmed due to non-availability of details of tax base. The deferred tax charged to statement of profit or loss & other comprehensive income for the year is Taka 3,922,793. Emphasis of Matter: 1. Property, Plant & Equipment (PPE): The company did not maintain fixed assets registers/ details properly, with details containing information such as identification number of assets held,(cont1)
2023-06-25: Record Date tomorrow (26.06.2023)
EMERALDOIL: Trading of the shares of Emerald Oil Industries Ltd. will remain suspended on its record date i.e., 26.06.2023 for AGMs & also interim dividend. Trading of the shares of the Company will resume on 02.07.2023.
2023-06-21: Cont18-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont18):This was reported in the "Emphasis of Matter" Paragraph of last year's audit report. 8. Due to the unavailability of required documents the verification of potential liability for pending tax cases which is dependent on the outcomes of such cases, could not be ascertained. Furthermore, there has been no disclosure in the financial statements regarding this issue. 9. No information was provided to the audit team regarding action taken by the company to recover the receivables from Mr. Syed Hasibul Gani Galib (Ex. Managing Director of the company)."(end)
2023-06-21: Cont17-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont17):In accordance with the abovementioned Law, the company made provision for Workers Profit Participation Fund (WPPF) in the financial statements. But no payment was made within the stipulated time since the year 2015-2016. 7. The company's failure to provide gratuity to its permanent employees as per Section 27(4) of the Bangladesh Labour Act 2006, as amended, which mandates employers to grant gratuity payments to permanent employees after one year of continuous service.(cont18)
2023-06-21: Cont16-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont16):2012 SRO no.240/Dated 29.06.2021. VAT and TAX should be deducted at source in applicable cases. We observed that in no cases VAT and TAX was deducted at source where applicable. 6. According to Section 232 of the Labour Law 2006 of Bangladesh, it is obligatory for companies or establishments in Bangladesh to establish a Workers Profit Participation Fund (WPPF). The law mandates that a company must allocate five percent (5%) of its Net Profit to the Workers Profit Participation Fund, Welfare Fund, and Bangladesh Worker's Welfare Foundation Fund, with a distribution ratio of 80:10:10. The payment should be made within nine (9) months after the end of each fiscal year.(cont17)
2023-06-21: Cont15-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont15):4. According to Section 232 of the Labour Law 2006 of Bangladesh, it is obligatory for companies or establishments in Bangladesh to establish a Workers Profit Participation Fund (WPPF). The law mandates that a company must allocate five percent (5%) of its Net Profit to the Workers Profit Participation Fund, Welfare Fund, and Bangladesh Worker's Welfare Foundation Fund, with a distribution ratio of 80:10:10. The payment should be made within nine (9) months after the end of each fiscal year. The company did not make any payment within the stipulated time since the year 2015-2016 in accordance with the abovementioned Law. 5. As per Income Tax Ordinance, 1984 Section 52 Rule 16 and VAT and SD Act, (cont16)
2023-06-21: Cont14-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont14):But the company management did not comply with the aforesaid section of the Companies Act 1984. 3. The company management could not provide us with the latest Tax Assessment Status of the company for our verification, so we could not determine the actual tax liability of the company. The company did not submit the Income Tax Return of the company since the income year 2014-2015 as per section 75 (1) of the Income Tax Ordinance 1984. Further, the company provided us with a Tax Assessment Certificate of the company U/S 82BB of Income Tax Ordinance 1984 for the Assessment Year 2014-2015 (The income year 2013-2014).(cont15)
2023-06-21: Cont13-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont13):"Emphasis of Matters: Without qualifying our opinion, we draw attention to this following: 1. As per Section 81 of The Companies Act 1994, every company shall hold an AGM each year. As per Section 82 if the default is made in holding a meeting of the Company, the company and every officer of the company who is in default shall be punishable......". But the company could not hold its Annual General Meeting (AGM) since December 2016. 2. As per Section 36 of The Companies Act 1994 "Annual Summary of Share Capital and List of Shareholders and Directors to be filed within 21 days of an Annual General Meeting (AGM) to RJSC."(cont14)
2023-06-21: Cont12-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont12):a. In applicable cases, salary tax was not deducted at source and not deposited to the govt. treasury; b. The statement of 'Information regarding payment of salary' was not furnished to DCT in accordance with Section 108 of Income Tax Ordinance 1984 as per the prescribed Form. c. The statement of 'Information regarding the filing of return by employees' was not furnished to DCT in accordance with Section 108A Income Tax Ordinance 1984 as per the prescribed Form. Due to non-deduction of salary tax and the non-furnish of aforesaid statements, the tax authority may disallow the salary and allowance expenses and subsequently impose a tax on the amount of salary and allowance expenses as per tax rate.(cont13)
2023-06-21: Cont11-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont11):11. As disclosed in note no. 16 Trade and Other Payables of Taka 260,951,139.00 as of 30 June 2022 in comparison to the previous year's Taka 288,794,833.00. To confirm the above amount, we sent balance confirmation letters to various parties but no confirmation letters have been received from the parties. 12. The company paid salary and allowance of Taka 8,828,756.00 and Taka 2,232,855.00 respectively in cash instead of A/C Payee cheque or Bank transfer to its employees which are disclosed in notes no. 21.05 and 22.00 (Salary and Allowance). Moreover, we also noticed various noncompliances with ITO 1984 and Rules as follows:(cont12)
2023-06-21: Cont10-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont10):1. Bank Asia Ltd. - 2335000430 - 62,846,059.00 - (62,846,059.00) 2. Bank Asia Ltd. - 2335000491 - 200,065,000.00 - (200,065,000.00) 3. Prime Finance and Investment Ltd. - LAD no. 2013/015 - 73,314,160.00 - 99,306,882.00 - (25,992,722.00) Total: 336,225,219.00 - 99,306,882.00 - 236,918,337.00. 10. The company did not show any financial expenses in the financial statements against interest on Long Term loans from Banks and NBFIs in 2021-2022. If the company would have charged interest on Long Term Loan, the loss and the loan liability of the company would have been increased to that extent. The matter of non-charging of interest has been disclosed in note-14 of the financial statements.(cont11)
2023-06-21: Cont9-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont9):5. Basic Bank Ltd., A/C No. 1502-04-000042, Amount: 76,689,913.00. 6. Basic Bank Ltd., A/C No. 1560-01-0000579, Amount: 58,611,910.00. 7. Midas Financing Ltd., A/C No. S00098 and L00937, Amount: 243,654,888.00. Total Amount: 968,239,315. Further, we received balance confirmation Certificates from the following Bank and NBFI and found that there was a difference between the amount of the Company's Books and Financial Statements and the Balance Confirmation Certificate/Statements of Banks and NBFI. Details are given below as (Bank Name - Account No. - Amount as per Financial Statements - Amount as per Balance Confirmation - Difference):(cont10)
2023-06-21: Cont8-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont8):expense could not be confirmed due to the non-availability of the latest tax assessment order. 9. As disclosed in note no. 14 Long Term Loan (Secured) Taka 1,304,464,534.00, to confirm this amount we sent balance confirmation letters to the respective bank branches maintaining accounts by the company. Out of which we have not received some balance confirmation certificates from the concerned bank branches. Details are given below: 1. Basic Bank Ltd., A/C No. 1502-04-0000016, Amount: 197,338,045.00. 2. Basic Bank Ltd., A/C No. 1502-01-0000901, Amount: 89,014,251.00. 3. Basic Bank Ltd., A/C No. 1502-01-0000917, Amount: 102,280,237.00. 4. Basic Bank Ltd., A/C No. 1502-01-0000959, Amount: 200,650,071.00.(cont9)
2023-06-21: Cont7-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont7):Accordingly, we are able to open a separate bank account under the name Emerald Oil Industries Limited, subsequently Minori Bangladesh Limited deposited BDT 8,28,50,000.00 in AB Bank Limited as a share money deposit" Furthermore, Emerald Oil Industries Limited maintained a ledger to record the transactions made by "Minori Bangladesh Limited" on behalf of the company. 8. As disclosed in note no. 13 in the year 2021-2022 an amount of Taka 65,135,923.00 was shown as deferred tax liability in the statement of financial position and Taka 108,821.00 as deferred tax expense in the statement of profit or loss and other comprehensive income. The accuracy of the calculation of the said deferred tax liability and (cont8)
2023-06-21: Cont6-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont6):All bank accounts remained in dormant mode. Therefore, there was no other way to maintain a separate bank account in the name of Emerald Oil Industries Limited. Furthermore, we tried to activate the bank account by changing the previous signatories in this context. However, this process was delayed as we have not been able to update Form-XII from the Registrar of Joint Stock Companies and Firms ('RJSC') as a permanent board has not yet been formed. In addition to that, we could not open a bank account in the name of Emerald Oil Industries Limited due to the above-mentioned issues. It is to be noted that the company has taken a variety of initiatives in the abovementioned subject.(cont7)
2023-06-21: Cont5-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont5):While examining the share money deposit we found that no amount was transferred to the company's bank account from "Minori Bangladesh Limited" as per instruction of BSEC vide letter no. BSEC/SRMIC/47/2014/453 Dated 23 December 2021. However, the management informed us of the reason for the non-depositing of share money deposit in a separate bank account of Emerald Oil Industries Limited as per the instruction of BSEC which is as follows: "Banks were not cooperating with us for the previous management misconduct. We could not able to operate any bank account which was opened by previous management.(cont6)
2023-06-21: Cont4-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont4): Further, i. We obtained a balance confirmation from National Bank Limited, Jamalpur Branch for A/C No. 007533014231. The balance as per the confirmation was Taka 2,080.00. However, this amount was not included in the financial statements. ii. Bank statements of Jamuna Bank Ltd., Sherpur Branch, A/C No. 0069-0210000639 were not provided to us for verification. The balance of the said account was Taka 29,277.00. 7. As per financial statements, Minori Bangladesh Limited invested Taka 232,735,044.00 as a share money deposit as on 30 June 2022. During the year 2021-2022, the company received Taka 199,864,944.00 from Minori Bangladesh Limited as Share Money Deposit.(cont5)
2023-06-21: Cont3-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont3): To confirm this amount, we sent balance confirmation letters to the respective bank branches maintaining accounts by the company. We did not receive the following balance confirmation certificates from the concerned bank branches: 1. National Bank of Pakistan, A/C No. 000111100008392, Amount: 26,831.00. 2. Bank Asia Ltd., A/C No. 02336000081, Amount: 726,151.00. 3. Basic Bank Ltd., A/C No. 1510-01-0004855, Amount: 31,992.00. 4. Dutch Bangla Bank Ltd., A/C No. 2061100009548, Amount: 3,310.00. 5. Jamuna Bank Ltd., A/C No. 0069-0210000639, Amount: 29,277.00. 6.Mutual Trust Bank Ltd., A/C No. 30260000721, Amount: 386,597.00.7. Mutual Trust Bank Ltd., A/C No. 30260000730, Amount: 27,637.00. Total Amount: 1,231,795.00.(cont4)
2023-06-21: Cont2-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont2): However, 100% provision for doubtful debt is provided by the company against the aforesaid receivable on the ground of uncertainty of recovery. 5. We could not confirm the authenticity, existence, aging, etc. of carry forward balances of Tax deducted at the source of Taka 1,000,856.00 and a Bank Guarantee Margin of Tk. 358,600.00 (Note-08.00) due to the non-availability of sufficient/appropriate audit evidence like bank guarantee agreement, correspondence with the bank, bank statements or confirmations from the bank, and any other supporting documentation, etc. 6. As disclosed in note no. 9.00 Cash and Cash Equivalents Taka 10,227,296.00 as on 30 June 2022.(cont3)
2023-06-21: Cont1-Qualified Opinion and Emphasis of Matters
EMERALDOIL(cont1): 3. The evidence with respect to inventory having a carrying amount of Taka 70,375,466.00 was limited as we could not observe the physical inventory count as of 30 June 2022. As a result, the accuracy of the physical existence of the inventory on 30 June 2022 could not be ascertained. 4. Trade and Other Receivables of Taka 1,556,653,675.00 (Ref. note no. 7.00) were shown as receivable from Mr. Syed Hasibul Gani Galib, Ex-Managing Director of the Company for the credit sales that were made during his tenure. Because the company could not collect the said receivables from the parties due to the unavailability of the parties' details (name, address, etc.).(cont2)
2023-06-21: Qualified Opinion and Emphasis of Matters
EMERALDOIL: The auditor of Emerald Oil Industries Limited has given the "Qualified Opinion" and "Emphasis of Matters" paragraphs in the Auditor's Report for the year ended on 30 June 2022. "Basis for Qualified Opinion: 1. As disclosed in note no. 5 Property, plant and equipment are at a written down value (WDV) of Taka 487,332,169.00 as on 30 June 2022. The authenticity and existence of property, plant and equipment could not be verified due to the non-availability of the fixed assets register (Soft or hard copy). 2. No revaluation of Property, Plant and Equipment was carried out till 30th June 2022 to determine the fair value as per IAS-16.(cont1)
2023-06-20: Spot trade from tomorrow (21.06.2023)
EMERALDOIL: Trading of the shares of Emerald Oil Industries Ltd. will be allowed only in the Spot Market from 21.06.2023 to 25.06.2023 as the record date of the Company is on 26.06.2023 for AGMs & also interim dividend.
2023-06-20: Cont16-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont16):6. Due to the unavailability of required documents the verification of potential liability for pending tax cases which is dependent on the outcomes of such cases, could not be ascertained. Furthermore, there has been no disclosure in the financial statements regarding this issue. 7. No information was provided to the audit team regarding action taken by the company to recover the receivables from Mr. Syed Hasibul Gani Galib (Ex. Managing Director of the company)."(end)
2023-06-20: Cont15-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont15):The payment should be made within nine (9) months after the end of each fiscal year. The company did not make any payment within the stipulated time since the year 2015-2016 in accordance with the abovementioned Law. 5. The company's failure to provide gratuity to its permanent employees as per Section 27(4) of the Bangladesh Labour Act 2006, as amended, which mandates employers to grant gratuity payments to permanent employees after one year of continuous service. This was reported in the "Emphasis of Matter" Paragraph of last year's audit report.(cont16)
2023-06-20: Cont14-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont14):since the income year 2014-2015 as per section 75 (1) of the Income Tax Ordinance 1984. Further, the company provided us with a Tax Assessment Certificate of the company U/S 82BB of Income Tax Ordinance 1984 for the Assessment Year 2014-2015 (The income year 2013-2014). 4. According to Section 232 of the Labour Law 2006 of Bangladesh, it is obligatory for companies or establishments in Bangladesh to establish a Workers Profit Participation Fund (WPPF). The law mandates that a company must allocate five percent (5%) of its Net Profit to the Workers Profit Participation Fund, Welfare Fund, and Bangladesh Worker's Welfare Foundation Fund, with a distribution ratio of 80:10:10. (cont15)
2023-06-20: Cont13-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont13):the company and every officer of the company who is in default shall be punishable". But the company could not hold its Annual General Meeting (AGM) since December 2016. 2. As per Section 36 of The Companies Act 1994 "Annual Summary of Share Capital and List of Shareholders and Directors to be filed within 21 days of an Annual General Meeting (AGM) to RJSC." But the company management did not comply with the aforesaid section of the Companies Act 1984. 3. The company management could not provide us with the latest Tax Assessment Status of the company for our verification, so we could not determine the actual tax liability of the company. The company did not submit the Income Tax Return of the company (cont14)
2023-06-20: Cont12-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont12):c. The statement of 'Information regarding the filing of return by employees' was not furnished to DCT in accordance with Section 108A Income Tax Ordinance 1984 as per the prescribed Form. Due to non-deduction of salary tax and the non-furnish of aforesaid statements, the tax authority may disallow the salary & allowance expenses and subsequently impose a tax on the amount of salary & allowance expenses as per tax rate. Emphasis of Matters: Without qualifying our opinion, we draw attention to this following: 1. As per Section 81 of The Companies Act 1994, every company shall hold an AGM each year. As per Section 82 if the default is made in holding a meeting of the Company,(cont13)
2023-06-20: Cont11-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont11):11. The company paid salary & allowance of Taka 2,534,500 and Taka 880,259 respectively in cash instead of A/C Payee cheque or Bank transfer to its employees which are disclosed in notes # 20.01 & 21.00 (Salary & Allowance). Moreover, we also noticed various noncompliance's with ITO 1984 & Rules as follows: a. In applicable cases, salary tax was not deducted at source and not deposited to the govt. treasury; b. The statement of 'Information regarding payment of salary' was not furnished to DCT in accordance with Section 108 of Income Tax Ordinance 1984 as per the prescribed Form.(cont12)
2023-06-20: Cont10-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont10):9. The company did not show any financial expenses in the financial statements against interest on Long Term loans from Banks and NBFIs in 2020-2021. If the company would have charged interest on Long Term Loan, the loss and the loan liability of the company would have been increased to that extent. The matter of non-charging of interest has been disclosed in note-14 of the financial statements. 10. As disclosed in note #15 Trade and Other Payables of Taka 288,794,833 as on 30 June 2021 in comparison to the previous year's Taka 287,149,925. To confirm the above amount we sent balance confirmation letters to various parties but no confirmation letters have been received from the parties.(cont11)
2023-06-20: Cont9-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont9):Bank Asia Ltd, AC/ No.: 2335000491, Amount as per Financial Statements Taka 200,065,000.00, Amount as per Balance Confirmation Taka 222,997,345.00, Difference Taka (22,932,345.00); Prime Finance & LAD #, AC/ No.: 2013/015, Amount as per Financial Statements Taka 73,314,160.00, Amount as per Balance Confirmation Taka 90,817,139.00, Difference Taka (17,502,979.00) Investment Ltd. Total Amount as per Financial Statements Taka 336,225,219.00, Amount as per Balance Confirmation Taka 379,224,070.00, Difference Taka (42,998,851.00).(cont10)
2023-06-20: Cont8-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont8):Taka 58,611,910.00; United Leasing Co. Ltd., AC/No.: 67011400194, Taka 686,250.00; Midas Financing Ltd., AC/No.: S00098 & L00937, Taka 243,654,888.00. Total Taka 968,925,565.00. Further, we received balance confirmation Certificates from the following Bank & NBFI and found that there was a difference between the amount of the Company's Books & Financial Statements and the Balance Confirmation Certificate/Statements of Banks & NBFI. Details are given below: Bank Name: Bank Asia Ltd., AC/ No.: 2335000430, Amount as per Financial Statements Taka 62,846,059.00, Amount as per Balance Confirmation Taka 65,409,586.00, Difference Taka (2,563,527.00);(cont9)
2023-06-20: Cont7-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont7):we sent balance confirmation letters to the respective bank branches maintaining accounts by the company. Out of which we have not received some balance confirmation certificates from the concerned bank branches. Details are given below: Bank Name: Basic Bank Ltd, AC/No.: 1502-04-0000016, Taka 197,338,045.00; Basic Bank Ltd, AC/No.: 1502-01-0000901, Taka 89,014,251.00; Basic Bank Ltd, AC/No.: 1502-01-0000917, Taka 102,280,237.00; Basic Bank Ltd, AC/No.: 1502-01-0000959, Taka 200,650,071.00; Basic Bank Ltd, AC/No.: 1502-04-000042, Taka 76,689,913.00; Basic Bank Ltd, AC/No.:1560-01-0000579,(cont8)
2023-06-20: Cont6-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont6):However, Emerald Oil Industries Limited maintained a ledger to record the transactions made by "Minori Bangladesh Limited" on behalf of the company. 7. As disclosed in note # 13 in the year 2020-2021 an amount of Taka 65,027,102 was shown as deferred tax liability in the statement of financial position and Taka 7,460,511 as deferred tax expense in the statement of profit or loss and other comprehensive income. The accuracy of the calculation of the said deferred tax liability and expense could not be confirmed due to the non-availability of the latest tax assessment order. 8. As disclosed in note # 14 Long Term Loan (Secured) Taka 1,305,150,784, to confirm this amount(cont7)
2023-06-20: Cont5-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont5):Taka 29,277.00; Janata Bank Ltd, AC/No.: 010233068969, Taka 392.00; Mutual Trust Bank Ltd., AC/No.: 30260000721 Taka 350,813.00; Mutual Trust Bank Ltd., AC/No.: 30260000730, Taka 28,577.00; Total Taka 531,567. 6. As per financial statements, Minori Bangladesh Limited invested Taka 32,870,100 as a share money deposit as on 30 June 2021. During the year 2020-2021, the company received Taka 5,770,100.00 from Minori Bangladesh Limited as Share Money Deposit. While examining the aforesaid share money deposit we found that the company had received the share money deposit in cash instead of the Bank account.(cont6)
2023-06-20: Cont4-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont4):bank statements or confirmations from the bank, and any other supporting documentation, etc. 5. As disclosed in note # 9.00 Cash & Cash Equivalents Taka 9,586,010 as on 30 June 2021. To confirm this amount we sent balance confirmation letters to the respective bank branches maintaining accounts by the company. We did not receive the following balance confirmation certificates from the concerned bank branches: Name of the Bank: National Bank of Pakistan, AC/No.: 000111100008392, Taka 27,521.00; Basic Bank Ltd., AC/No.: 1510-01-0004855, Taka 91,677.00; Dutch Bangla Bank Ltd., AC/No.: 2061100009548, Taka 3,310.00; Jamuna Bank Ltd., AC/No.: 0069-0210000639,(cont5)
2023-06-20: Cont3-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont3): Because the company could not collect the said receivables from the parties due to the unavailability of the parties' details (name, address, etc.). However, 100% provision for doubtful debt is provided by the company against the aforesaid receivable on the ground of uncertainty of recovery. 4. We could not confirm the authenticity, existence, aging, etc. of carry forward balances of Tax deducted at the source of Taka 1,000,856 and a Bank Guarantee Margin of Tk. 358,600 (Note-08.00) due to the non-availability of sufficient/appropriate audit evidence like bank guarantee agreement, correspondence with the bank,(cont4)
2023-06-20: Cont2-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont2): and information like a detailed list of disposed of assets, original cost value, accumulated depreciation, board approval, auctioned process & auctioned documents, gate pass, etc. The company could not make any accumulated depreciation adjustments in the financial statements for the sale of the assets. 2. No revaluation of Property, Plant & Equipment was carried out till 30th June 2021 to determine the fair value as per IAS-16. 3. Trade and Other Receivables of Taka 1,556,653,675 (Ref. note # 7.00) were shown as receivable from Mr. Syed Hasibul Gani Galib, Ex-Managing Director of the Company for the credit sales that were made during his tenure.(cont3)
2023-06-20: Cont1-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont1): goods receipts notes, challan, VAT & Tax deduction documents, contract, money receipts of parties, work completion certification, etc. for the verification. As a result, the genuineness and correctness of the addition to Property, Plant & Equipment could not be confirmed. Further, it was observed that in the year 2020-2021, Bank Asia sold a flat of the company at Taka 20,400,000 through auction and adjust this money against their Loan. When we verified the sale of property, plant, and Equipment of the company we observed that the company could not able to give the effect of gain or loss on the sale of fixed assets in the financial statements due to the non-availability of appropriate and sufficient documents and (cont2)
2023-06-20: Qualified Opinion & Emphasis of Matters
EMERALDOIL: The auditor of Emerald Oil Industries Ltd. has given the "Qualified Opinion" & "Emphasis of Matters" paragraphs in the Auditor's Report for the year ended June 30, 2021. "Basis for Qualified Opinion: 1. As disclosed in note# 5 Property, plant & equipment are at a written down value (WDV) of Taka 478,746,658 as on 30 June 2021. The authenticity and existence of property, plant & equipment could not be verified due to the non-availability of the fixed assets register (Soft or hard copy). Moreover, during the year 2020-2021 the company has shown addition to Property, Plant & Equipment Tk. 1,511,200 against which they could not provide us with sufficient/appropriate audit evidence like original bills/invoice,(cont1)
2023-06-18: Cont17-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont17):which mandates employers to grant gratuity payments to permanent employees after one year of continuous service. This was reported in the "Emphasis of Matter" Paragraph of last year's audit report. 6. Due to the unavailability of required documents the verification of potential liability for pending tax cases which is dependent on the outcomes of such cases, could not be ascertained. Furthermore, there has been no disclosure in the financial statements regarding this issue. 7. No information was provided to the audit team regarding action taken by the company to recover the receivables from Mr. Syed Hasibul Gani Galib (Ex. Managing Director of the company)."(end)
2023-06-18: Cont16-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont16):The law mandates that a company must allocate five percent (5%) of its Net Profit to the Workers Profit Participation Fund, Welfare Fund, and Bangladesh Worker's Welfare Foundation Fund, with a distribution ratio of 80:10:10. The payment should be made within nine (9) months after the end of each fiscal year. The company did not make any payment within the stipulated time since the year 2015-2016 in accordance with the abovementioned Law. 5. The company's failure to provide gratuity to its permanent employees as per Section 27(4) of the Bangladesh Labour Act 2006, as amended,(cont17)
2023-06-18: Cont15-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont15):so we could not determine the actual tax liability of the company. The company did not submit the Income Tax Return of the company since the income year 2014-2015 as per section 75 (1) of the Income Tax Ordinance 1984. Further, the company provided us with a Tax Assessment Certificate of the company U/S 82BB of Income Tax Ordinance 1984 for the Assessment Year 2014-2015 (The income year 2013-2014). 4. According to Section 232 of the Labour Law 2006 of Bangladesh, it is obligatory for companies or establishments in Bangladesh to establish a Workers Profit Participation Fund (WPPF).(cont16)
2023-06-18: Cont14-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont14):As per Section 82 if the default is made in holding a meeting of the Company, the company and every officer of the company who is in default shall be punishable......". But the company could not hold its Annual General Meeting (AGM) since December 2016. 2. As per Section 36 of The Companies Act 1994 "Annual Summary of Share Capital and List of Shareholders and Directors to be filed within 21 days of an Annual General Meeting (AGM) to RJSC." But the company management did not comply with the aforesaid section of the Companies Act 1984. 3. The company management could not provide us with the latest Tax Assessment Status of the company for our verification,(cont15)
2023-06-18: Cont13-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont13):and Selling & Distribution Expenses due to the non-availability of sufficient and appropriate audit evidence like original invoices/bills, challans, rent agreements, service agreements/contracts, payment acknowledgment, Tax Challan, other related supporting, etc.: Internet & Server Expenses, Taka 72,600.00; Office Maintenance, Taka 911,092.00; Office Service Charge, Taka 18,000.00; Registration & Renewals, Taka 703,136.00". "Emphasis of Matters: Without qualifying our opinion, we draw attention to this following: 1. As per Section 81 of The Companies Act 1994, every company shall hold an AGM each year.(cont14)
2023-06-18: Cont12-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont12):b. The statement of 'Information regarding payment of salary' was not furnished to DCT in accordance with Section 108 of Income Tax Ordinance 1984 as per the prescribed Form. c. The statement of 'Information regarding the filing of return by employees' was not furnished to DCT in accordance with Section 108A Income Tax Ordinance 1984 as per the prescribed Form. Due to non-deduction of salary tax and the non-furnish of aforesaid statements, the tax authority may disallow the salary & allowance expenses and subsequently impose a tax on the amount of salary & allowance expenses as per tax rate. 12. We could not confirm the authenticity of the following Factory Overhead, General Administrative Expenses,(cont13)
2023-06-18: Cont11-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont11):To confirm the above amount we sent balance confirmation letters to various parties but no confirmation letters have been received from the parties. 11. The company paid salary & allowance of Taka 2,400,000.00 and Taka 720,000.00 respectively in cash instead of A/C Payee cheque or Bank transfer to its employees which are disclosed in notes # 20.01 & 21.00 (Salary & Allowance). Moreover, we also noticed various noncompliance's with ITO 1984 & Rules as follows: a. In applicable cases, salary tax was not deducted at source and not deposited to the govt. treasury;(cont12)
2023-06-18: Cont10-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont10):Amount as per Balance Confirmation Taka 375,098,931.00, Difference (18,553,712.00). 9. The company did not show any financial expenses in the financial statements against interest on Long Term loans from Banks and NBFls in 2019-2020. If the company would have charged interest on Long Term Loan, the loss and the loan liability of the company would have been increased to that extent. The matter of non-charging of interest has been disclosed in note-14 of the financial statements. 10. As disclosed in note # 15 Trade and Other Payables of Taka 287,149,925.00 as on 30 June 2020 in comparison to the previous year's Taka 276,543,925.00.(cont11)
2023-06-18: Cont9-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont9):A/C No.: 2335000430, Amount as per Financial Statement Taka 62,806,059.00, Amount as per Balance Confirmation Taka 65,369,424.00, Difference Taka (2,563,365.00); A/C No.: 2335000491, Amount as per Financial Statement Taka 220,425,000.00, Amount as per Balance Confirmation Taka 227,902,345.00, Difference Taka (7,477,345.00); Prime Finance & LAD # 2013/015, Amount as per Financial Statement Taka 73,314,160.00, Amount as per Balance Confirmation Taka 81,827,162.00, Difference (8,513,002.00); Investment Ltd., Amount as per Financial Statement Taka 356,545,219.00,(cont10)
2023-06-18: Cont8-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont8):A/C No.: 1502-04-000042, Taka 76,689,913.00; A/C No.: 1560-01-0000579, Taka 58,611,910.00; United Leasing Co. Ltd., A/C No.: 67011400194, Taka 1,435,000.00; Midas Financing Ltd., A/C No.: S00098 & L00937, Taka 243,654,888.00; Total Taka 969,674,315.00. Further, we received balance confirmation Certificates from the following Bank & NBFI and found that there was a difference between the amount of the Company's Books & Financial Statements and the Balance Confirmation Certificate/Statements of Banks & NBFI. Details are given below: Bank Asia Ltd, (cont9)
2023-06-18: Cont7-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont7):8. As disclosed in note # 14 Long Term Loan (Secured) Taka 1,326,219,534.00 to confirm this amount we sent balance confirmation letters to the respective bank branches maintaining accounts by the company. Out of which we have not received some balance confirmation certificates from the concerned bank branches. Details are given below: Basic Bank Ltd, A/C No.: 1502-04-0000016, Taka 197,338,045.00; A/C No.: 1502-01-0000901, Taka 89,014,251.00, A/C No.: 1502-01-0000917, Taka 102,280,237.00; A/C No.: 1502-01-0000959, Taka 200,650,071.00;(cont8)
2023-06-18: Cont6-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont6):However, Emerald Oil Industries Limited maintained a ledger to record the transactions made by "Minori Bangladesh Limited" on behalf of the company. 7. As disclosed in note # 13 in the year 2019-2020 an amount of Taka 72,487,614.00 was shown as deferred tax liability in the statement of financial position and Taka 1,989,118.00 as deferred tax expense in the statement of profit or loss and other comprehensive income. The accuracy of the calculation of the said deferred tax liability and expense could not be confirmed due to the non-availability of the latest tax assessment order.(cont7)
2023-06-18: Cont5-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont5):6. As per financial statements "Minori Bangladesh Limited" invested Taka 27,100,000.00 as a share money deposit in 2019-2020. While examining the share money deposit we found that out of the above amount, Taka 21,150,000.00 was paid against the down payment of the loan from Basic Bank (A/C: 4855), Bank Asia (A/C: 1211) and Midas Financing Ltd (A/C: 00934) by Minori Bangladesh Limited. The rest of Taka 5,950,000.00 was paid in cash against the various expenses of the company by Minori Bangladesh Limited. (cont6)
2023-06-18: Cont4-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont4):We did not receive the following balance confirmation certificates from the concerned bank branches: National Bank of Pakistan, A/C No.: 000111100008392, Taka 28,441.00; Basic Bank Ltd., A/C No.: 1510-01-0004855, Taka 92,367.00; Jamuna Bank Ltd., A/C No.: 0069-0210000639, Taka 29,277.00; Janata Bank Ltd, A/C No.: 010233068969, Taka 1,082.00; A/C No.: 0510-0210021183; Mutual Trust Bank Ltd., A/C No.: 30260000721, Taka 351,369.00; A/C No.: 30260000730, Taka 27,352.00; Total Taka 529,888.00.(cont5)
2023-06-18: Cont3-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont3):existence, aging, etc. of carry forward balances of Tax deducted at the source of Taka 1,000,856.00 and a Bank Guarantee Margin of Tk. 358,600.00 (Note-08.00) due to the non-availability of sufficient/appropriate audit evidence like bank guarantee agreement, correspondence with the bank, bank statements or confirmations from the bank, and any other supporting documentation, etc. 5. As disclosed in note # 9.00 Cash & Cash Equivalents Taka 9,486,868.00 as on 30 June 2020. To confirm this amount we sent balance confirmation letters to the respective bank branches maintaining accounts by the company. (cont4)
2023-06-18: Cont2-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont2):3. Trade and Other Receivables of Taka 1,556,653,675.00 (Ref. note # 7.00) were shown as receivable from Mr. Syed Hasibul Gani Galib, Ex-Managing Director of the Company for the credit sales that were made during his tenure. Because the company could not collect the said receivables from the parties due to the unavailability of the parties' details (name, address, etc.). However, 100% provision for doubtful debt is provided by the company against the aforesaid receivable on the ground of uncertainty of recovery. 4. We could not confirm the authenticity, (cont3)
2023-06-18: Cont1-Qualified Opinion & Emphasis of Matters
EMERALDOIL(cont1):which they could not provide us with sufficient/appropriate audit evidence like original bills/invoice, goods receipts notes, challan, VAT & Tax deduction documents, contract, money receipts of parties, work completion certification, etc. for the verification. As a result, the genuineness and correctness of the addition to Property, Plant & Equipment could not be confirmed. 2. No revaluation of Property, Plant & Equipment was carried out till 30th June 2020 to determine the fair value as per IAS-16.(cont2)
2023-06-18: Qualified Opinion & Emphasis of Matters
EMERALDOIL: The auditor of Emerald Oil Industries Ltd. has given the "Qualified Opinion" and "Emphasis of Matters" paragraphs in the Auditor's Report for the year ended June 30, 2020. "Basis for Qualified Opinion: 1. As disclosed in note # 5 Property, plant & equipment are at a written down value (WDV) of Taka 532,512,569.00 as on 30 June 2020. The authenticity and existence of property, plant & equipment could not be verified due to the non-availability of the fixed assets register (Soft or hard copy). Moreover, during the year 2019-2020, the company has shown addition to Property, Plant & Equipment Tk. 1,588,308.00 against(cont1)
2023-06-12: Un-audited Financial Statements (Revised)
EMERALDOIL: (Quarter 3) Emerald Oil Industries Ltd. has informed that they previously submitted wrong EPS, NAVPS and NOCFPS figures of Quarter 3 financials. Revised financials are as follows: EPS was Tk. 0.17 for January-March 2023 as against Tk. (0.14) for January-March 2022. EPS was Tk. 0.58 for July 2022-March 2023 as against Tk. (0.36) for July 2021-March 2022. NOCFPS was Tk. (0.87) for July 2022-March 2023 as against Tk. (2.14) for July 2021-March 2022. NAV per share was Tk. (10.20) as on March 31, 2023 and Tk. (15.13) as on March 31, 2022. Reason for significant deviation: Production was closed during July 01, 2021 to January 08, 2022.
2023-06-12: Un-audited HY A/Cs (Revised)
EMERALDOIL: (Quarter 2) ((Revised)) Emerald Oil Industries Ltd. has further informed that they previously submitted wrong EPS and NOCFPS of Quarter 2 financials. Revised financials are as follows: EPS was Tk. 0.19 for October-December 2022 as against Tk. (0.11) for October-December 2021. EPS was Tk. 0.41 for July-December 2022 as against Tk. (0.26) for July-December 2021. NOCFPS was Tk. (0.78) for July-December 2022 as against Tk. (0.78) for July-December 2021. NAV per share was Tk. (10.37) as on December 31, 2022 and Tk. (17.58) as on December 31, 2021. Reason for significant deviation: Production was closed during October 2021 to December 2021.
2023-06-08: Un-audited Financial Statements
EMERALDOIL: (Quarter 3) As per un-audited financial statements of Emerald Oil Industries Ltd., EPS was Tk. 0.19 for January-March 2023 as against Tk. (0.14) for January-March 2022. NOCFPS was Tk. (0.87) for July 2022-March 2023 as against Tk. (2.14) for July 2021-March 2022. NAV per share was Tk. (10.20) as on March 31, 2023 and Tk. (12.85) as on March 31, 2022.
2023-06-08: Un-audited HY A/Cs
EMERALDOIL: (Quarter 2) As per un-audited half yearly accounts of Emerald Oil Industries Ltd., EPS was Tk. 0.21 for October-December 2022 as against Tk. (0.11) for October-December 2021. NOCFPS was Tk. (0.84) for July-December 2022 as against Tk. (0.78) for July-December 2021. NAV per share was Tk. (10.37) as on December 31, 2022 and Tk. (17.58) as on December 31, 2021.
2023-06-08: Un-audited Financial Statements
EMERALDOIL: (Quarter 1) As per un-audited financial statements of Emerald Oil Industries Ltd., EPS was Tk. 0.22 for July-September 2022 as against Tk. (0.16) for July-September 2021. NOCFPS was Tk. (0.77) for July-September 2022 as against Tk. (0.09) for July-September 2021. NAV per share was Tk. (10.56) as on September 30, 2022 and Tk. (20.05) as on September 30, 2021.
2023-06-08: CB Free
EMERALDOIL: Please note that there will be no price limit today 08.06.2023 on the trading of the shares of the company following its corporate declaration, however, as per the BSEC Order No. BSEC/CMRRCD/2001-07/39 dated July 28, 2022, the floor price shall be applicable accordingly.
2023-06-08: Recommendation of Interim Dividend
EMERALDOIL: The Board of Directors has recommended 5% Interim Cash Dividend for the period ended March 31, 2023 except the previous sponsors and directors of the company holding 30.45% shares. Record Date for Interim Cash Dividend: 26.06.2023.
2023-06-04: Board Meeting
EMERALDOIL: Emerald Oil Industries Ltd. has informed that the Board Meeting of the Company will be held on June 07, 2023 at 4:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1), Second Quarter (Q2) and Third Quarter (Q3) period ended September 30, 2022, December 31, 2022 and March 31, 2023 respectively.
2023-06-04: Announcement of AGM Date
EMERALDOIL: Refer to their earlier news disseminated by CSE on February 26, 2023 regarding recommendation of dividend, the Company has further informed that the AGM date for the year ended 30 June, 2017, 2018 and 2019 will be on July 12, 2023 at 11:00 AM, 12:00 PM and 12:30 PM respectively through digital platform.
2023-06-04: CB Free
EMERALDOIL: Please note that there will be no price limit today 04.06.2023 on the trading of the shares of the Company following its corporate declaration, however, as per the BSEC Order No. BSEC/CMRRCD/2001-07/39 dated July 28, 2022, the floor price shall be applicable accordingly.
2023-06-04: Recommendation of Dividend for 2022
EMERALDOIL: The Board of Directors has recommended 2% Cash dividend except previous sponsors and directors holding 30.45% shares for the year ended June 30, 2022. Date of AGM: 12.07.2023, Time of AGM: 3:00 PM, Venue: Digital Platform. Record Date: 26.06.2023. The Company has also reported EPS of Tk. 0.17, NAV per share of Tk. (12.85) and NOCFPS of Tk. (2.40) for the year ended June 30, 2022 as against Tk. (0.58), Tk. (20.29) and Tk. (0.054) respectively for the same period of the previous year.
2023-06-04: Recommendation of No Dividend for 2021
EMERALDOIL: The Board of Directors has recommended No dividend for the year ended June 30, 2021. Date of AGM: 12.07.2023, Time of AGM: 2:30 PM, Venue: Digital Platform. Record Date: 26.06.2023. The Company has also reported EPS of Tk. (0.58), NAV per share of Tk. (20.29) and NOCFPS of Tk. (0.054) for the year ended June 30, 2021 as against Tk. (0.76), Tk. (19.99) and Tk. 0.106 respectively for the same period of the previous year.
2023-06-04: Recommendation of No Dividend for 2020
EMERALDOIL: The Board of Directors has recommended No dividend for the year ended June 30, 2020. Date of AGM: 12.07.2023, Time of AGM: 1:00 PM, Venue: Digital Platform. Record Date: 26.06.2023. The Company has also reported EPS of Tk. (0.76), NAV per share of Tk. (19.99) and NOCFPS of Tk. 0.106 for the year ended June 30, 2020 as against Tk. (1.14), Tk. (20.57) and Tk. 0.003 respectively for the same period of the previous year.
2023-05-29: Board Meeting and Court Approval to hold AGM
EMERALDOIL: Emerald Oil Industries Ltd. has informed that the Board Meeting of the Company will be held on June 01, 2023 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended June 30 of 2020, 2021 and 2022. The company has also informed that it has obtained permission from the Supreme Court of Bangladesh (High Court Division) to hold AGM for the year ended June 30 of 2017, 2018, 2019, 2020, 2021 and 2022. However, the Company did not notify any board meeting schedule regarding adoption of quarterly financial statements for the 1st quarter to 3rd quarter of FY 2020, FY2021 and FY 2022 as per Regulation 16(1) of the Chittagong Stock Exchange (Listing) Regulations, 2015.
2023-05-09: Commencement of a new Husk Boiler and Extension of Refine Capacity
EMERALDOIL: Emerald Oil Industries Ltd. has informed that the Board of Directors of the company has decided that a new Husk Boiler will commence from 11.05.2023 and the Refine capacity will extend from 30 MT per day to 70 MT per day. The company has further informed that after commencement of the new Husk Boiler, the company will continue its daily production for 24 Hours without any interruption.
2023-04-25: Query Response
EMERALDOIL: In response to a DSE query dated April 18, 2023, Emerald Oil Industries Ltd. has informed that there was no undisclosed price sensitive information of the company for recent unusual price hike and increase in volume of shares.
2023-03-22: Record Date tomorrow (23.03.2023)
EMERALDOIL: Trading of the shares of Emerald Oil Industries Ltd. will remain suspended on its record date i.e., 23.03.2023. Trading of the shares of the Company will resume on 27.03.2023.
2023-03-19: Spot trade from tomorrow (20.03.2023)
EMERALDOIL: Trading of the shares of Emerald Oil Industries Ltd. will be allowed only in the Spot Market from 20.03.2023 to 22.03.2023 as the record date of the Company is on 23.03.2023.
2023-03-02: Announcement of Record Date
EMERALDOIL: Refer to their earlier news disseminated by CSE on February 26, 2023 regarding Recommendation of No Dividend, Emerald Oil Industries Ltd. has further informed that the Record Date for corporate declarations of the year ended 30 June, 2017, 2018 and 2019 is on March 23, 2023. The company has also informed that they have applied to the Honorable Supreme Court of Bangladesh (High Court Division) for permission to conduct AGM. When the Honorable Court provides its approval, they will notify the date of the AGM.
2023-02-28: Change of Close Price
EMERALDOIL: Please note that the close price of the shares of EMERALDOIL has been reset at current market price prevailing in other exchange. New close price of EMERALDOIL =Tk. 28.50.
2023-02-26: Cont- Recommendation of No Dividend (Additional Information)
EMERALDOIL: (cont) Also, since no collection has been received from Mr. Syed Hasibul Gani Galib or any other parties from 1st July 2017 to till date, the full amount of receivables (Tk. 155,66,53,675.00) is shown as Bad and Doubtful Debts as on 30.06.2017. Furthermore, the company's operations were shut down due to severe irregularities from April 2017. '' (end)
2023-02-26: Recommendation of No Dividend (Additional Information)
EMERALDOIL: Emerald Oil Industries Ltd. has further informed Reasons for Significant Deviation for the year ended 30 June, 2017, 2018 and 2019: ''Since there is no physical existence of Office Decoration (Tk. 32,80,636.00), Vehicles (Tk. 1,48,92,684.00), Security Deposits-Godown (Tk. 8,00,000.00), Security Deposits-Office Space (Tk. 9,01,070.00) and Inventories (Tk. 12,77,38,964.00) and these have been written off as on 30.06.2017. (cont)
2023-02-26: CB Free
EMERALDOIL: Please note that there will be no price limit today 26.02.2023 on the trading of the shares of the Company following its corporate declaration for the year ended June 30, 2017, 2018 and 2019.
2023-02-26: Recommendation of No Dividend for 2019
EMERALDOIL: The Board of Directors has recommended No dividend for the year ended June 30, 2019. The Company has also reported EPS of Tk. (1.14), NAV per share of Tk. (20.57) and NOCFPS of Tk. 0.00 for the year ended June 30, 2019 as against Tk. (1.97), Tk. (19.43) and Tk. 0.00 respectively for the same period of the previous year. Record Date and Date, Time & Venue of AGM will be notified later on.
2023-02-26: Recommendation of No Dividend for 2018
EMERALDOIL: The Board of Directors Board of Directors has recommended No dividend for the year ended June 30, 2018. The Company has also reported EPS of Tk. (1.97), NAV per share of Tk. (19.43) and NOCFPS of Tk. 0.00 for the year ended June 30, 2018 as against Tk. (34.34), Tk. (17.46) and Tk. 1.86 respectively for the same period of the previous year. Record date and date, time & venue of AGM will be notified later.
2023-02-26: Recommendation of No Dividend for 2017
EMERALDOIL: The Board of Directors has recommended No dividend for the year ended June 30, 2017. The Company has also reported EPS of Tk. (34.34), NAV per share of Tk. (17.46) and NOCFPS of Tk. 1.86 for the year ended June 30, 2017 as against Tk. 3.33, Tk. 17.23 and Tk. 1.32 respectively for the same period of the previous year. Record date and date, time & venue of AGM will be notified later.
2023-02-16: Board Meeting
EMERALDOIL: Emerald Oil Industries Ltd. has informed that the Board Meeting of the Company will be held on February 23, 2023 at 5:00 PM to consider, among others, audited financial statements of the Company for the year ended 30 June 2017, 2018 and 2019. However, the Company did not notify any board meeting schedule regarding adoption of quarterly financial statements for the 1st quarter to 3rd quarter of FY 2018 and FY 2019 as per Regulation 16(1) of the Chittagong Stock Exchange (Listing) Regulations, 2015.
2023-01-29: Change of Close Price
EMERALDOIL: Please note that the close price of the shares of EMERALDOIL has been reset at current market price prevailing in other exchange. New close price of EMERALDOIL =Tk. 29.40.
2023-01-18: Inclusion of Shareholder Directors
EMERALDOIL: Emerald Oil Industries Ltd. has informed that the Board of Directors of the Company adopted the decision to include Shareholder Directors to the Board of the Company as nominated by Minori Bangladesh Limited namely: Mr. Md. Nasir Sikder, Mr. Mohammad Murad Hossain and Mr. Md. Rubel Sardar.
2023-01-10: Change of Close Price
EMERALDOIL: Please note that the close price of the shares of EMERALDOIL has been reset at current market price prevailing in other exchange. New close price of EMERALDOIL=Tk. 33.10.
2022-12-14: Record Date tomorrow (15.12.2022)
EMERALDOIL: Trading of the shares of Emerald Oil Industries Ltd. will remain suspended on its record date i.e., 15.12.2022 for EGM. Trading of the shares of the Company will resume on 18.12.2022.
2022-12-11: Spot trade from tomorrow (12.12.2022)
EMERALDOIL: Trading of the shares of Emerald Oil Industries Ltd. will be allowed only in the Spot Market from 12.12.2022 to 14.12.2022 as the record date of the Company is on 15.12.2022 for EGM.
2022-11-27: EGM Notice
EMERALDOIL: Emerald Oil Industries Ltd. has informed that the Board of Directors of the Company has decided that the Extra Ordinary General Meeting (EGM) of the Shareholders of Emerald Oil Industries Limited shall be held on 08 January 2023 at 10:00 A.M. for obtaining approval of shareholders for raising paid-up capital of the Company by way of allotting shares in favor of Minori Bangladesh Limited against the investment in Emerald Oil Industries Limited. The Record Date for EGM is on 15 December 2022.
2022-10-06: Establishment of a Branch in Japan
EMERALDOIL: Emerald Oil Industries Ltd. has informed that they have established a new branch in Japan on September 20, 2022 having an address at II-202 Floral Higashikasai 6-13-13 Higashikasai, Edogawa-ku, Tokyo, Japan.
2022-09-08: Response to DSE's Query
EMERALDOIL: In response to a DSE query dated September 05, 2022, regarding clarification on recent news published in an online newspaper titled ''After resolving the crisis of Gas Supply, Spondon will be back in full production'', Emerald Oil Industries Ltd. has informed that the quoted information in the said online newspaper referring the completion of maintenance and trial production was true. In this respect, they authenticated the said news of the commercial production of the company started on 09 January 2022.
2022-01-09: Starting of Commercial Operation
EMERALDOIL: Emerald Oil Industries Ltd. has informed that the Board of Directors has decided to start the commercial production from 09 January, 2022 upon successful completion of the trial production.
2021-09-28: Query Response
EMERALDOIL: In response to a DSE query dated September 23, 2021, regarding clarification on recent news published in the newspaper, Emerald Oil Industries Ltd. has informed that ''We would like to draw your kind attention that without communication and consent the aforesaid news was published in newspaper. We ensure you there is no authentication/viability regarding the news title ''BASIC, Bank Asia extend hands to receive Emerald Oil'' published on September 22, 2021 in daily newspaper namely The Business Standard. ''
2021-09-06: Regarding request to reconstitute the Board by substitution
EMERALDOIL: The Commission does hereby nominate Mr. Md. Safiqul Islam (Former Additional Secretary) as independent Director in lieu of Mr. Mohammad Shahidul Haque (Former Senior Secretary) of the reconstituted Board of the Company. The Board of Directors of the Company is also advised to select Mr. Md. Safiqul Islam as the Chairman of the Board.
2021-08-26: Cont-Regarding Starting of Commercial Operation of the Company
EMERALDOIL: (cont) Thus, the Company require more time to resolve the aforesaid issues. In this situation, the Board of Directors has decided that the Company is not in a position to go into full-fledged commercial operation from 1st September, 2021. However, the Company will notify the production date after solving the aforesaid issues.(end)
2021-08-26: Regarding Starting of Commercial Operation of the Company
EMERALDOIL: Referring to the earlier news disseminated on 12.07.2021 regarding starting of its commercial operation, Emerald Oil Industries Ltd. has further informed that due to strict lockdown all offices were closed from 23 July, 2021 to 10 August, 2021. As a result, the Company could not renew/obtain most of the required licenses till to date. Accordingly, rescheduling of Bank/NBFIs liabilities and share transfer activities of the Company are also delaying due to that reason.(cont)
2021-07-12: Appointment of the Managing Director
EMERALDOIL: Emerald Oil Industries Ltd. has informed that Md. Afzal Hossain, Director of Minori Bangladesh Ltd. has been appointed as the Managing Director of the Company.
2021-07-12: Starting of its commercial operation
EMERALDOIL: Emerald Oil Industries Ltd. has informed that the board has decided to go into full-fledged commercial production from 1st September, 2021 with an input capacity of 330 MT rice bran per day, and daily output capacity of 48 MT rice bran oil and 282 MT DORB.
2021-04-18: Query Response
EMERALDOIL: In response to a DSE query April 15, 2021, Emerald Oil Industries Ltd. has informed that there is no undisclosed material decision or information relating to the company business operation or profitability for recent unusual price hike of shares of their company.
2021-03-04: Appointment of Independent Directors
EMERALDOIL: Bangladesh Securities and Exchange Commission has nominated or appointed 05 (five) distinguished individuals/persons as Independent Directors of the company namely 1. Mr. Mohammad Shahidul Haque, Ex, Senior Secretary 2. Mr. Prashanta Kumar Banerjee, PhD (BIBM) 3. Mr. Mohammad Golam Sarwar, Assistant Professor, DU, 4. Mr. Sajib Hossain, CFA, Assistant Professor, DU 5. Dr. Santus Kumar Deb, (Associate Professor of Marketing, DU, in accordance with condition under 2 of the commission's Notification dated September 01, 2020. Mr. Mohammad Shahidul Haque, Ex, Senior Secretary is proposed to be selected as the chairman of the Board of Directors of the company.
2019-10-27: Query Response
EMERALDOIL: In response to a DSE query dated October 24, 2019, Emerald Oil Industries Ltd. has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike and increase in volume of shares.
2019-01-06: Query Response
EMERALDOIL: In response to a DSE query dated January 03, 2019, Emerald Oil Industries Ltd. has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike of shares.
2018-12-20: Query Response
EMERALDOIL: In response to a DSE query dated December 19, 2018, Emerald Oil Industries Ltd. has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike of shares.
2018-10-22: Query Response
EMERALDOIL: In response to a DSE query dated October 21, 2018, Emerald Oil Industries Ltd. has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike of shares.
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