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FASFIN

All Eps Dividend Board Agm Q1 Q2 Q3

FASFIN 14-Nov-2021

(Continuation news of FASFIN): 10. The interest on FDR 3.08 crore out of which TK. 2.84 (two point eight four) crore respectively was just charged and accrued to the receivable of FDR interest, which has been shown as receipt in the statement of cash flows. On the other hand, interest paid shown in statement of cash flows is overstated by Tk. 8.94 (eight point nine four) crore as this interest is just accrued and charged in Books of accounts and no impact was in the company's cash flows. (cont.12)

FASFIN 14-Nov-2021

(Continuation news of FASFIN): instead of disclosed NAV per share of Tk. (2.47) (two point four seven). However, the Bangladesh Securities and Exchanges Commission directive no. BSEC/CMRRCD/2009-193/196 is required to make provision five equal quarterly instalment starting from December 31, 2020. So, the company is required to maintain provision of TK. 29.89 crore (twenty-nine point eight nine). (cont.11)

FASFIN 14-Nov-2021

(Continuation news of FASFIN): (margin loan with negative equity), which is not recoverable. The company has just maintained of TK. 8.97 (eight point nine seven) crore as provision for margin loan. The short fall of required margin loan provision is TK. 149.44 crore (one forty-nine point four four). If the whole impairment loss is adjusted in financial statements, then Net Asset Value (NAV) would be Tk. 62.25 (Taka sixty-two point two five) (cont.10)

FASFIN 14-Nov-2021

(Continuation news of FASFIN): The market value of portfolio of negative equity holders is just of TK. 77 crore. There is a significant doubt regarding collectability of said margin loans. As such, the company is required to make provision or written off the long outstanding unsecured loan, which is not less than of TK. 158.41 crore as of December 31, 2020. The paragraph 5.4.4 of IFRS 9: Financial Instrument requires to written off the entire or part of the financial assets (cont.9)

FASFIN 14-Nov-2021

(Continuation news of FASFIN): negative Gross Profit Margin and Net Profit Margin, recurring huge loss, shortage of fund and negative equity expose a concern about its (company's) going concern assumption. Subsidiary Qualified Opinion: 9. The margin loan balance with negative equity of the company is Tk. 159.18 crore as of December 31, 2020. The company has no other security over this margin loan except margin loan holders' share portfolio. (cont.8)

FASFIN 14-Nov-2021

(Continuation news of FASFIN): the directors and sponsor of the listed security must hold jointly 30% of paid up capital. But the directors and sponsor of the company has not hold any share of the company. 8. The accompanying financial statements have been prepared under going concern basis assuming that the company will continue its existence for foreseeable future. However, significant amount of non-performing loan and loan loss provision, (cont.7)

FASFIN 14-Nov-2021

(Continuation news of FASFIN): "Term or Fixed Deposit", but company didn't maintain such provision, which is the violation of required rules and regulations. 6. During our audit we did not obtain third party confirmation in all respect. Though we sent the letter of request to third party through the entity but third-party didn't respond on our request. 7. In reference to the BSEC directive no. SEC/CMRRCD/2009-193/120/Admin/34 dated November 22, 2011, (cont.6)

FASFIN 14-Nov-2021

(Continuation news of FASFIN): Consequently, the asset and profit for the year are overstated. 4. At the year end, the current account balance with subsidiary company (FAS Capital Management Ltd.) does not agree due to unrecognized liability of TK. 35 lakh by the company. 5. According to Financial Institution Regulations 1994 and FID Circular No. 06 dated 06 November, 2003 and DFIM Circular No. 03 dated 21 June 2020, the company should maintain Cash Reserve ratio at the rate of 1.5% on (cont.5)

FASFIN 14-Nov-2021

(Continuation news of FASFIN): No disposal yet taken place since then due to not receiving of minimum offer price as mentioned in the financial statements. The IFRS 05 Non-current Assets Held for Sale and Discontinued Operations requires to sold out the noncurrent asset within one year form the date of classification as "Non-current asset held for sales". Moreover, the poor price of that is sign of impairment as per IAS 36 Impairment of Assets. But no such impairment test was taken place. (cont.4)

FASFIN 14-Nov-2021

(Continuation news of FASFIN): 2. As a result of over crediting interest income on loan advance and lease the Retained earnings/Net asset value of the company overstated by TK. 110.325 crore. If this correction is made in the Financial Statements, then net asset per share would further be reduced by TK. 7.37. 3. The Financial statements exhibit of TK. 44,665,893 as "Non-current asset held for sales" which was classified as non-current asset held for sale in the year 2010 (Ten year ago). (cont.3)

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