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BIFC

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BIFC 18-Jul-2019

(Continuation news of BIFC): (3) Bangladesh Industrial Finance Company Limited (BIFC) invested an amount of Tk. 117,500,000 for unquoted shares at the Banglalion Communication Limited and GMG Airlines Limited and BIFC made 100% provision against those investments. (End)

BIFC 18-Jul-2019

(Continuation news of BIFC): continue as a going concern and therefore the company may be unable to realize its assets and repay its liabilities in the normal course of business. (2) Total outstanding amount Tk. 8,414,821,757 an amount of Tk. 8,096,801,865 has been classified as Bad and Loss as on December 31, 2018 which comprises 96.22% of the total outstanding amount. As a result, all the related financial indicators of this company suffered a serious setback. (cont. 19)

BIFC 18-Jul-2019

(Continuation news of BIFC): Emphasis of Matter: (1) The company has been facing net loss for last three years as a result Returned Earning of Tk. (9,573,969,690), total Shareholder Equity of Tk. (7,998,665,811), Net Liquidity Gap of Tk. (7,998,665,811) are negative balance. Likewise, the investment disbursement amount is very poor. As a result, those circumstances indicate uncertainties that may cast significant doubt on the Company's ability to (cont. 18)

BIFC 18-Jul-2019

(Continuation news of BIFC): (9) Unable to provide Loan Statement: Management of BIFC was unable to provide us 14 Loan statements from different bank as a result, we could not confirm actual liability position of those the loan balance amount of Tk. 2,329,800,264. (10) Unable to provide us Income Tax Refundable Assessment Order: Management of BIFC was unable to provide us the assessment order in support of tax refund (Note-10.04.01) for an amount of Tk. 5,309,867. (cont. 17)

BIFC 18-Jul-2019

(Continuation news of BIFC): Name of the Month: December 2018; Required Balance (5% of total liabilities): Tk. 112,463,547; BIFC Maintained: Tk. 96,965,676; Shortfall: Tk. 105,497,871; Remarks: Deficit of SLR. (8) Unable to Provide Bank Statement: Management of BIFC was unable to provide us 4 Bank statements from different bank and bank reconciliation as a result, we could not verify below mentions bank statement transactions and bank balance amount of Tk.1,901,966,64. (cont. 16)

BIFC 18-Jul-2019

(Continuation news of BIFC): Shortfall: Tk. 100,126,226; Remarks: Deficit of SLR. Name of the Month: September 2018; Required Balance (5% of total liabilities): Tk. 114,029,643; BIFC Maintained: Tk. 104,777,438; Shortfall: Tk. 9,252,205; Remarks: Deficit of SLR. Name of the Month: November 2018; Required Balance (5% of total liabilities): Tk. 121,900,299; BIFC Maintained: Tk. 98,893,353; Shortfall: Tk. 23,006,945; Remarks: Deficit of SLR. (cont. 15)

BIFC 18-Jul-2019

(Continuation news of BIFC): Balance (5% of total liabilities): Tk. 122,361,258; BIFC Maintained: Tk. 105,908,368; Shortfall: Tk. 16,452,890; Remarks: Deficit of SLR. Name of the Month: July 2018; Required Balance (5% of total liabilities): Tk. 116,398,709; BIFC Maintained: Tk. 105,409,834; Shortfall: Tk.10,988,875; Remarks: Deficit of SLR. Name of the Month: August 2018; Required Balance (5% of total liabilities): Tk. 111,349,707; BIFC Maintained: Tk. 11,223,480; (cont. 14)

BIFC 18-Jul-2019

(Continuation news of BIFC): Bangladesh Bank circular. Details are as follows: Name of the Month: March 2018; Required Balance (5% of total liabilities): Tk. 116, 185,608; BIFC Maintained: 113,220,259; Shortfall: 2,965,348; Remarks: Deficit of SLR. Name of the Month: April 2018; Required Balance (5% of total liabilities): Tk. 116,950,386; BIFC Maintained: Tk.105,155,195; Shortfall: Tk. 11,795,190; Remarks: Deficit of SLR. Name of the Month: June 2018; Required (cont. 13)

BIFC 18-Jul-2019

(Continuation news of BIFC): (7) Deficit of Statutory Liquidity Requirement (SLR): As per FID circular No.-6, November-06, 2003 and FID Circular -2, Dated: November-10, 2004 every Financial Institutions of Bangladesh has to maintain 5% SLR on balance on average of total liability as prescribed by Bangladesh Bank circular from time to time, but in course of our audit for the year ended December 31, 2018, we observed that BIFC failed to maintain sufficient balance as per (cont. 12)

BIFC 18-Jul-2019

(Continuation news of BIFC): Name of the month: December 2018 (1st 2 weeks); Required amount of the weekly average (2.5%): Tk. 45,539,559; BIFC maintained on weekly average: Tk. 74,243; Shortfall on weekly average: Tk. 45,465,315. Name of the month: December 2018 (2nd 2 weeks); Required amount of the weekly average (2.5%): Tk. 45,539,559; BIFC maintained on weekly average: Tk. 106,774; Shortfall on weekly average: Tk. 45,432,784. (cont. 11)

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