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FIRSTFIN

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FIRSTFIN 30-Nov-2021

Trading of the shares of the Company will be allowed only in the Spot Market and Block transactions will also be settled as per Spot settlement cycle from 01.12.2021 to 05.12.2021. Trading of the shares of the Company will remain suspended on record date i.e., 06.12.2021.

FIRSTFIN 29-Nov-2021

As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on December 2, 2021 at 4:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on March 31, 2021 and Second Quarter (Q2) period ended on June 30, 2021 and Third Quarter (Q3) period ended on September 30, 2021.

FIRSTFIN 24-Nov-2021

(Continuation news of FIRSTFIN): and International Leasing and Financial Services Limited. The Company has obtained permission from Bangladesh Bank to record no provision against these investments up to the year ended 31 December 2022. Our audit opinion is not qualified on this matter. 2) We draw your attention to Note 2.01 which states the difference between IFRS and accounting guidelines set out by Bangladesh Bank. Our audit opinion is not qualified on this matter. (end)

FIRSTFIN 24-Nov-2021

(Continuation news of FIRSTFIN): leases, loans and advances is understated by BDT 740,181,212. 9) The Company has a Capital Adequacy Ratio of 6.12% which is below the minimum 10% threshold as set by Bangladesh Bank. Details of the calculations are provided in Note 15.06 to the financial statements. Emphasis of Matters: 1) We draw your attention to Note 4.01 which lists the Company's investment in Fixed Deposits with People's Leasing and Financial Services Limited (cont.11)

FIRSTFIN 24-Nov-2021

(Continuation news of FIRSTFIN): provision shortfall against leases, loans and advances. The provision recorded by the Company as at 31 December 2020 has a shortfall of BDT 984,100,000 which the Company has obtained permission from Bangladesh Bank (through letter no DFIM(c) 1054/142/2021-2396 dated 02 November 2021) to adjustment over a period of 7 years from 2020-2026. After making the necessary adjustments for the current year, the current provision against (cont.10)

FIRSTFIN 24-Nov-2021

(Continuation news of FIRSTFIN): recognized on the Balance Sheet includes two (2) loans for which the Company has overstated the Eligible Security amount on their books by BDT 19,739,860. Due to this overstatement, the overall required provision recognized by the Company is understated and the net income recognized for the period has been overstated by the same said amount. 8) We draw your attention to Note 7.08 to the financial statements which describe the effect of a (cont.9)

FIRSTFIN 24-Nov-2021

(Continuation news of FIRSTFIN): financial statements as 31 December 2018 for which the Company obtained permission from Bangladesh Bank (through letter no FIID/I-10/20181/1182 dated November 13, 2018) to adjust over three (3) years starting from March 2019. During the year, the Company adjusted an amount of BDT 68,600,000 leading to a final difference between their FICL statement and the financial statements of BDT 68,604,139. 7) The leases, loans and advances balance (cont.8)

FIRSTFIN 24-Nov-2021

(Continuation news of FIRSTFIN): liabilities for the Company present on the Balance Sheet as at 31 December 2020 is understated by BDT 5,299,936. 6) We draw your attention to Note 07 to the financial statements which describe the effect of a difference in the balance of leases, loans and advances between the FICL statement and the amount reported on the financial statements. A difference of BDT 205,804,139 existed in the leases, loans and advances balance between the FICL and (cont.7)

FIRSTFIN 24-Nov-2021

(Continuation news of FIRSTFIN): to calculate the recoverable amount which is a violation of paragraph 9 of FAS 36. It is not possible to quantify the financial impact on this regard based on the information available on hand. 5) Based on the Company's internal records which we audited, the total Term Deposit liability as at 31 December 2020 was BDT 6,057,308,657 white the liability presented on the Balance Sheet as at 31 December 2020 is BDT 6,052,008,721. Therefore, the total (cont.6)

FIRSTFIN 24-Nov-2021

(Continuation news of FIRSTFIN): has not recognized this reduction in recoverable amount as an impairment loss which is a violation of paragraph 59 of IAS 36. b) The Company has four properties worth BDT 16,074,661 for which the Company is currently going through a litigation process. The legal proceedings have been going on for a significant number of years and there are significant indications that these assets have been impaired. The Company has not performed an estimate (cont.5)

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