FAS Finance & Investment Limited announcements
337 Dhaka Stock Exchange announcements for FAS Finance & Investment Limited (FASFIN) since 2008: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2021 (32).
- (Cont. news of FASFIN): Consolidated NAV per share was Tk. (20.59) as on September 30, 2021 and Tk. (13.40) as on Decemb
(Cont. news of FASFIN): Consolidated NAV per share was Tk. (20.59) as on September 30, 2021 and Tk. (13.40) as on December 31, 2020. NAV have been decreased as compare to the last year mainly due to increase of non-performing loan (end)
The first part of this announcement is missing from the archive. - Q3 Financials
(Q3 Un-audited): Consolidated EPS was Tk. (2.45) for July-September 2021 as against Tk. (2.66) for July-September 2020; Consolidated EPS was Tk. (7.20) for January-September 2021 as against Tk. (8.54) for January-September 2020. Consolidated NOCFPS was Tk. 1.45 for January-September 2021 as against Tk. (0.02) for January-September 2020. (Cont.)
- 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 November 30, 2021 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended on September 30, 2021.
- The auditor of the FAS Finance & Investment Limited has given the \"Qualified Opinion\" & \"Emphasis of matters\" paragr
The auditor of the FAS Finance & Investment Limited has given the \"Qualified Opinion\" & \"Emphasis of matters\" paragraphs in the Auditor\'s Report for the year ended on 31 December, 2020. Basis for Qualified Opinion: 1. At the year ended, the company\'s non-performing (classified) loan stood of TK. 1,703 crore which is 88 \% of loan advance and lease investment. As a result, the required loan provision of loan advance and lease at the year was TK. 898 crore. (cont.1)
- (Continuation news of FASFIN): One which, TK. 164 crore has been accounted for as loan provision. So, shortfall of loan
(Continuation news of FASFIN): One which, TK. 164 crore has been accounted for as loan provision. So, shortfall of loan loss provision for classified loan of company is TK. 734 crore. If whole required provision is charged to the profit or loss statement, then loss for the year would be TK. (937) crore. And EPS (negative) would be Tk. 63 consequently, NAV per share at the year ended will also be reduced to Tk. 60.61. (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): 2. As a result of over crediting interest income on loan advance and lease the Retained e
(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)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): No disposal yet taken place since then due to not receiving of minimum offer price as men
(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)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): Consequently, the asset and profit for the year are overstated. 4. At the year end, the c
(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)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): \"Term or Fixed Deposit\", but company didn\'t maintain such provision, which is the viol
(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)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): the directors and sponsor of the listed security must hold jointly 30\% of paid up capita
(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)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): negative Gross Profit Margin and Net Profit Margin, recurring huge loss, shortage of fund
(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)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): The market value of portfolio of negative equity holders is just of TK. 77 crore. There i
(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)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): (margin loan with negative equity), which is not recoverable. The company has just mainta
(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)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): instead of disclosed NAV per share of Tk. (2.47) (two point four seven). However, the Ban
(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)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): 10. The interest on FDR 3.08 crore out of which TK. 2.84 (two point eight four) crore res
(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)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): The corresponding error may be in borrowing from other bank & financial institution and p
(Continuation news of FASFIN): The corresponding error may be in borrowing from other bank & financial institution and provision for expenses in statement of cash flows. 11. The accompanying financial statements have been prepared under going concern basis assuming that the company will continue its existence for foreseeable future. However, significant impairment of margin loan, recurring huge loss, negative equity balance and poor current ratio 0.49 expose concern (cont.13)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): about it\'s (company\'s) going concern assumptions. Emphasis of Matter: 1. According to I
(Continuation news of FASFIN): about it\'s (company\'s) going concern assumptions. Emphasis of Matter: 1. According to IAS 24 (Related Party Disclosures) company should disclose all the related party transaction in the related party disclosure. However, the company has not disclosed all the related party transaction. 2. According to BSEC directive dated January 14, 2021 if any dividend remains unpaid or unclaimed for a period of three years then this fund should be transferred to the (cont.14)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): BSEC prescribe fund, no such transaction is taken place. 3. Bangladesh Bank (letter # DFI
(Continuation news of FASFIN): BSEC prescribe fund, no such transaction is taken place. 3. Bangladesh Bank (letter # DFIM @/1054/10/2020 dated November 12, 2020) has made an order to the company for accruing interest income only on realization basis some of loan, advance and lease investment. 4. During the year under review, loan of TK. 17 crore has partially been received of TK. 3 crore selling eligible securities. (cont.15)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): However, such eligible securities were revalued of TK. 4.73 core (in last year it was val
(Continuation news of FASFIN): However, such eligible securities were revalued of TK. 4.73 core (in last year it was valued at TK. 19 crore at the time loan guaranty). This is the sign of over valuation of eligible securities of other loan and advances also. So, the company shall carry out re-evaluation all the eligible securities taken against the loan & advance and required loan loss provision. (cont.16)
The first part of this announcement is missing from the archive. - (Continuation news of FASFIN): 5. During our audit we were not able to check and confirm the Statement of cash flows, wh
(Continuation news of FASFIN): 5. During our audit we were not able to check and confirm the Statement of cash flows, which is limitation of our audit work. Emphasis of Matter Paragraph: We draw your attention to the policy note no. 1(f) where it has been disclosed by company that they record their investment in shares at cost and provision is made for the diminishing in value of investment (cont.17)
The first part of this announcement is missing from the archive. - Resumption after record date
Trading of the shares of the Company will resume on 15.11.2021 after record date.
- Qualified Opinion & Emphasis of matters
(Continuation news of FASFIN): which is a common local practice in Bangladesh for all banks and merchant bank. Although IFRS 9: Financial Instrument requires the investment to be presented at market value after adjusting provision for diminution losses. (end)
The first part of this announcement is missing from the archive. - Suspension for Record date
Trading of the shares of the Company will remain suspended on record date i.e., 14.11.2021.
- Spot News
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 10.11.2021 to 11.11.2021. Trading of the shares of the Company will remain suspended on record date i.e., 14.11.2021.
- Q2 Financials
(Q2 Un-audited): Consolidated EPS was Tk. (2.44) for April-June 2021 as against Tk. (2.62) for April-June 2020; Consolidated EPS was Tk. (4.75) for January-June 2021 as against Tk. (5.88) for January-June 2020. Consolidated NOCFPS was Tk. 1.28 for January-June 2021 as against Tk. (0.08) for January-June 2020. Consolidated NAV per share was Tk. (18.15) as on June 30, 2021 and Tk. (13.40) as on Dec. 31, 2020. NAV has been decreased as compared to the last year mainly due to increase of non-performing loan.
- Q1 Financials
(Q1 Un-audited): Consolidated EPS was Tk. (2.31) for January-March 2021 as against Tk. (3.26) for January-March 2020. Consolidated NOCFPS was Tk. 0.58 for January-March 2021 as against Tk. (0.32) for January-March 2020. Consolidated NAV per share was Tk. (15.70) as on March 31, 2021 and Tk. (13.40) as on December 31, 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 November 06, 2021 at 3:00 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.
- Dividend Declaration
The Board of Directors has recommended No dividend for the year ended on December 31, 2020. Date of AGM: 30.11.2021, Time: 11:00 AM, Venue: Digital Platform. Record date: 14.11.2021. The Company has also reported EPS of Tk. (14.61), NAV per share of Tk. (13.40) and NOCFPS of Tk. 0.36 for the year ended on June 30, 2021 as against Tk. (10.12), Tk. 1.21 and Tk. (8.49) 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 (24.10.2021) following its corporate declaration.
- Board Meeting schedule under LR 19(1)
As per Regulation 19(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 21, 2021 at 6:30 PM to consider, among others, audited financial statements of the Company for the year ended on December 31, 2020.
- Query Response
In response to a DSE query dated September 07, 2021, 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.
- Query Response
In response to a DSE query dated July 14, 2021, 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.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.