Bangladesh Industrial Finance Company Limited announcements
298 Dhaka Stock Exchange announcements for Bangladesh Industrial Finance Company Limited (BIFC) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2022 (41).
- Q1 Financials
(Q1 Un-audited): EPS was Tk. (2.25) for January-March, 2021 as against Tk. (0.93) for January-March, 2020; NOCFPS was Tk. (0.83) for January-March, 2021 as against Tk. (0.93) for January-March, 2020. NAV per share was Tk. (104.62) as on March 31, 2021 and Tk. (95.20) as on March 31, 2020.
- Q2 Financials
(Q2 Un-audited): EPS was Tk. (2.24) for April-June 2021 as against Tk. (0.77) for April-June 2020; EPS was Tk. (4.49) for January-June 2021 as against Tk. (1.70) for January-June 2020. NOCFPS was Tk. (1.63) for January-June 2021 as against Tk. (1.54) for January-June 2020. NAV per share was Tk. (106.86) as on June 30, 2021 and Tk. (95.97) as on June 30, 2020.
- Q3 Financials
(Q3 Un-audited): EPS was Tk. (1.88) for July-September, 2021 as against Tk. (1.89) for July-September, 2020; EPS was Tk. (6.37) for January-September, 2021 as against Tk. (3.59) for January-September, 2020. NOCFPS was Tk. (2.28) for January-September, 2021 as against Tk. (2.13) for January-September, 2020. NAV per share was Tk. (108.74) as on September 30, 2021 and Tk. (97.87) as on September 30, 2020.
- Board Meeting schedule under LR 16(1)
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 October 31, 2022 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended March 31, 2021, the Second Quarter (Q2) period ended June 30, 2021 and the Third Quarter (Q3) period ended September 30, 2021.
- Resumption after record date
Trading of the shares of the Company will resume on 23.10.2022 after record date.
- Suspension for Record date
Trading of the shares of the company will remain suspended on record date i.e., 20.10.2022
- Spot News
Trading of the shares of the company will be allowed only in the Spot Market and Block transaction will also be settled as per spot settlement cycle from 17.10.2022 to 19.10.2022 and trading of the shares will remain suspended on record date i.e., 20.10.2022.
- The auditor of the Bangladesh Industrial Fin. Co. Ltd. has given the \"Qualified Opinion\" & \"Emphasis of matter\" para
The auditor of the Bangladesh Industrial Fin. Co. Ltd. has given the \"Qualified Opinion\" & \"Emphasis of matter\" paragraphs in the auditor\'s report for the year ended December 31, 2020. Qualified Opinion: 1. In absence of mutation, demarcation and khazna receipts, we could not ascertain whether the entity retains control over its Land amounting BDT 440,000,000 situated in Motijheel (note 9). 2. In absence of statement and/or confirmation from the respective banks, (cont.1)
- (Continuation news of BIFC): we could not confirm actual liability position of Term Loan from Banks amounting BDT 2,928,
(Continuation news of BIFC): we could not confirm actual liability position of Term Loan from Banks amounting BDT 2,928,611,235 (note 11.1.2). Emphasis of Matter: Without qualifying our opinion, we draw attention to the following matters. 1. As disclosed in note 45.3 of the financial statements, as at 31 December 2020, the total outstanding of Loans, Lease and Advances against various concerns of Sunman Group was BDT 6,223,884,398 equivalent to 78\% of total outstanding balance of (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of BIFC): BDT 7,955,455,093. All of these loans/ leases are classified and also disclosed in the note
(Continuation news of BIFC): BDT 7,955,455,093. All of these loans/ leases are classified and also disclosed in the note (45.3) about the noncompliance of section 14 of the Financial Institutions Act 1993 in regard to loans, advances and leases disbursed to Sunman Group. 2. Contingent liabilities with regard to the tax demand made by the tax authorities have been disclosed in note 13.4.2 of the financial statements. (cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of BIFC): 3. Matters related to the non-implementation of IFRS-16 have been discussed in note 3.1 of
(Continuation news of BIFC): 3. Matters related to the non-implementation of IFRS-16 have been discussed in note 3.1 of the financial statements. 4. The Company has a shortfall in capital adequacy amounting BDT 12,093,484,053 at the year-end as disclosed in note 14.6 of the financial statements. 5. The Company has failed to meet CLR and SLR requirements throughout the year as disclosed in note 4.3.4 of the financial statements. (cont.4)
The first part of this announcement is missing from the archive. - Qualified Opinion & Emphasis of matter
(Continuation news of BIFC): Further discussed in the note is the consequent contingent Liability amounting BDT 779,432,750 that has arisen with the regulators at the year-end in respect of penalty charged on the deficit. 6. As disclosed in note 3.25, policies for financial risk management have been implemented in a very limited manner. (end)
The first part of this announcement is missing from the archive. - Dividend Declaration
The Board of Directors has recommended No dividend for the year ended December 31, 2020. Date of AGM: 29.11.2022, Time: 2:00 PM, Venue: Digital Platform. Record date: 20.10.2022. The Company has also reported EPS of Tk. (8.10), NAV per share of Tk. (102.37) and NOCFPS of Tk. (2.78) for the year ended December 31, 2020 as against Tk. (12.20), Tk. (94.27) and Tk. (4.26) respectively for the same period of the previous year.
- Price Limit Open
There will be no price limit on the trading of the shares of the company today (14.09.2022) following its corporate declaration.
- Q2 Financials
(Q2 Un-audited): EPS was Tk. (0.77) for April-June 2020 as against Tk. (2.07) for April-June 2019; EPS was Tk. (1.70) for January-June 2020 as against Tk. (3.78) for January-June 2019. NOCFPS was Tk. (1.54) for January-June 2020 as against Tk. (2.03) for January-June 2019. NAV per share was Tk. (95.97) as on June 30, 2020 and Tk. (83.23) as on June 30, 2019.
- Q3 Financials
(Q3 Un-audited): EPS was Tk. (1.89) for July-September, 2020 as against Tk. (1.01) for July-September, 2019; EPS was Tk. (3.59) for January-September, 2020 as against Tk. (4.79) for January-September, 2019. NOCFPS was Tk. (2.13) for January-September, 2020 as against Tk. (1.07) for January-September, 2019. NAV per share was Tk. (97.87) as on September 30, 2020 and Tk. (84.24) as on September 30, 2019.
- Decision to hold pending AGM for the year 2019
The Company has informed that pursuant to the Order passed by the Honorable High Court Division, Supreme Court of Bangladesh, the Board of Directors of the Company decided to hold 24th Annual General Meeting (pending AGM for the year 2019) of the Company on November 29, 2022 at 12:00 Noon through Digital Platform (Link will be communicated in due course).
- Q1 Financials
(Q1 Un-audited): EPS was Tk. (0.93) for January-March, 2020 as against Tk. (1.71) for January-March, 2019; NOCFPS was Tk. (0.93) for January-March, 2020 as against Tk. (0.27) for January-March, 2019. NAV per share was Tk. (95.20) as on March 31, 2020 and Tk. (81.16) as on March 31, 2019.
- Board Meeting schedule under LR 16(1)
(Continuation news of BIFC): un-audited financial statements of the Company for the First Quarter (Q1) period ended March 31, 2020, the Second Quarter (Q2) period ended June 30, 2020 and the Third Quarter (Q3) period ended September 30, 2020. (end)
The first part of this announcement is missing from the archive. - Board Meeting schedule under LR 19(1)
Pursuant to the Order of the Honorable Company Bench of the High Court Division, Supreme Court of Bangladesh, the Company has informed that a meeting of the Board of Directors as per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015 will be held on September 13, 2022 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended December 31, 2020.
- Query Response
In response to a DSE query dated August 03, 2022, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike and increase in volume of shares.
- Resumption after record date
Trading of the shares of the company will resume on 26.07.2022 after record date.
- Suspension for Record date
Trading of the shares will remain suspended on record date i.e., 25.07.2022.
- Spot News
Trading of the shares of the company will be allowed only in the Spot Market and Block transaction will also be settled as per spot settlement cycle from 20.07.2022 to 24.07.2022 and trading of the shares will remain suspended on record date i.e., 25.07.2022.
- The auditor of the Bangladesh Industrial Fin. Co. Ltd has given the \"Qualified Opinion\", \"Material Uncertainty Relate
The auditor of the Bangladesh Industrial Fin. Co. Ltd has given the \"Qualified Opinion\", \"Material Uncertainty Related to Going Concern\" and \"Emphasis of Matter\" paragraphs on the audited financial statements for the year ended December 31, 2019. Qualified Opinion: 1. In absence of mutation, demarcation and khazna receipts, we could not ascertain whether the entity retains control over its Land amounting BDT 440,000,000 situated in Motijheel (note 9). (cont.1)
- (Continuation news of BIFC): 2. Term loan from banks include BDT 1,365,458,959 being loan balance with 6 (six) banks car
(Continuation news of BIFC): 2. Term loan from banks include BDT 1,365,458,959 being loan balance with 6 (six) banks carried forward from earlier years in support of which loan statements and confirmations from banks were not available. Material Uncertainty Related to Going Concern: We draw attention to Note 2.2 in the financial statements, which shows that the Company has an accumulated loss of BDT 11,049,071,330 for the year ended 31 December 2019; (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of BIFC): Negative equity of BDT 9,491,367,450 as at 31 December 2019; Capital adequacy ratio of (105
(Continuation news of BIFC): Negative equity of BDT 9,491,367,450 as at 31 December 2019; Capital adequacy ratio of (105.71\%) as against minimum of 10\%; 95\% of investment of the Company is classified, CRR and SLR requirements could not be met throughout the year and investment disbursement is very poor. As stated in Note 2.2, these events or conditions, along with other matters as set forth in Note 2.2, indicate that a material uncertainty exists that may cast significant doubt (cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of BIFC): on the Company\'s ability to continue as a going concern. Our opinion is not modified in re
(Continuation news of BIFC): on the Company\'s ability to continue as a going concern. Our opinion is not modified in respect of this matter. Emphasis of Matters: Without qualifying our opinion, we draw attention to the following matters: 1. As disclosed in note 45.3 of the financial statements, as at 31 December 2019, the total outstanding of Loans, Lease and Advances against various concerns of Sunman Group was BDT 6,223,626,232 equivalent to 78\% (cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of BIFC): of total outstanding balance of BDT 7,999,318,392. Since long there has been no recovery on
(Continuation news of BIFC): of total outstanding balance of BDT 7,999,318,392. Since long there has been no recovery on account of the said outstanding amounts during the year. All of these loans/ leases are classified and disclosed in the note (45.3) about the noncompliance of section 14 of the Financial Institutions Act 1993 in regard to loans, advances and leases disbursed to Sunman Group. 2.Contingent liabilities with regard to the tax demand made by the tax authorities (cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of BIFC): have been disclosed in note 13.4.2 of the financial statements. 3. Matters related to the n
(Continuation news of BIFC): have been disclosed in note 13.4.2 of the financial statements. 3. Matters related to the non-implementation of IFRS 16 have been discussed in note 3.1 of the financial statements. 4. Reasons for which comparative information has not been restated when correcting prior period errors have been disclosed in note 3.2 of the financial statements. 5. The Company has a shortfall in capital adequacy amounting BDT 11,297,256,976 at the year-end as disclosed (cont.6)
The first part of this announcement is missing from the archive. - (Continuation news of BIFC): in note 14.6 of the financial Statements. 6. The Company has failed to meet CRR and SLR req
(Continuation news of BIFC): in note 14.6 of the financial Statements. 6. The Company has failed to meet CRR and SLR requirements throughout the year as disclosed in note 4.3.4 of the financial statements. Further discussed in the note is the consequent contingent liability amounting BDT 447,645,823 that has arisen with the regulators at the year-end in respect of penalty charged on the deficit. 7. As disclosed in note 3.24, policies for financial risk management have been (cont.7)
The first part of this announcement is missing from the archive. - (Continuation news of BIFC): implemented in a very limited manner. Note 2.2 Going Concern Assumption: The Company has an
(Continuation news of BIFC): implemented in a very limited manner. Note 2.2 Going Concern Assumption: The Company has an accumulated loss of BDT 11,049,071,330 as on 31 December 2019; Negative equity of BDT 9,491,367,450 as at 31 December 2019; Capital adequacy ratio of (105.71\%) as against minimum of 10\%; 95\% of investment of the Company is classified, CRR and SLR requirements could not be met throughout the year and investment disbursement is very poor. (cont.8)
The first part of this announcement is missing from the archive. - (Continuation news of BIFC): These financial statements have been prepared on the basis of assessment of the BIFC\'s abi
(Continuation news of BIFC): These financial statements have been prepared on the basis of assessment of the BIFC\'s ability to continue as a going concern. BIFC has neither any intention to cease the operation nor any legal or regulatory compulsion to liquidate or curtail materially its operations. The Honorable Company Bench of the High Court Division, Supreme Court of Bangladesh by the Order no. 8 and 12 dated December 17, 2020 and September 27, 2021 respectively in the Company (cont.9)
The first part of this announcement is missing from the archive. - (Continuation news of BIFC): Matter no. 32/2020, reconstituted the Board of BIFC. Since the reconstitution of the new Bo
(Continuation news of BIFC): Matter no. 32/2020, reconstituted the Board of BIFC. Since the reconstitution of the new Board, the Board of Directors have instructed the management to gear up the recovery from the defaulted borrowers. As per the guidance of the newly constituted Board, the management of BIFC has taken massive efforts to collect from the borrowers and some borrowers have already settled their Liability and some are in pipeline to settle their full liability. (cont.10)
The first part of this announcement is missing from the archive. - (Continuation news of BIFC): Management arranges regular meeting with the regular and defaulted borrowers to guide and t
(Continuation news of BIFC): Management arranges regular meeting with the regular and defaulted borrowers to guide and tries to collect the installments on regular basis. So, management believes that preparation of Financial Statements for the year ended on 31 December, 2019 on going concern basis is appropriate for BIFC. Note 13.4.2: On 20 January 2021, the Tax Audit Wing of the National Board of Revenue has presented a claim of BDT 1,110,507,971 (See Annexure D) (cont.11)
The first part of this announcement is missing from the archive. - Q.O, Material Uncertainty Related to Going Concern & Emphasis of matters
(Continuation news of BIFC): to the Company in respect of the assessment years 2007 to 2018. However, Management is confident that once these appeals are finally disposed of, there should not be any additional tax demand against the Company and hence no further provision is required except those that have been made during the year. (end)
The first part of this announcement is missing from the archive. - Dividend Declaration
The Board of Directors has recommended No dividend for the year ended December 31, 2019. Date and time of AGM: To be notified later, Venue: Digital Platform. Record Date: 25.07.2022. The Company has also reported EPS of Tk. (12.20), NAV per share of Tk. (94.27) and NOCFPS of Tk. (4.26) for the year ended December 31, 2019 as against Tk. (13.05), Tk. (79.45) and Tk. (3.39) respectively for the same period of the previous year.
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (15.06.2022) following its corporate declaration.
- BIFC : Board Meeting schedule under LR 19(1)
Pursuant to the Order of the Honorable Company Bench of the High Court Division, Supreme Court of Bangladesh, the Company has informed that a meeting of the Board of Directors as per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015 will be held on June 14, 2022 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended December 31, 2019.
- Postponement of 23rd AGM
The Company has further informed that due to unavoidable circumstances, the meeting scheduled of pending AGM to be held on May 17, 2022 at 11:00 AM has been postponed. New date, venue and time of the meeting will be notified later on.
- Decision to hold pending AGM
The Company has informed that as per the Order of the Honorable Company Bench of the High Court Division, Supreme Court of Bangladesh, the Board of Directors of the company has decided their pending AGM for the year 2018 will be held on May 17, 2022 at 11:00 AM through Digital Platform.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.