International Leasing and Financial Services Limited announcements
368 Dhaka Stock Exchange announcements for International Leasing and Financial Services Limited (ILFSL) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2022 (44).
- Revised Consolidated NAVPS (Q2 Un-audited)
(Q2 Un-audited): Refer to their earlier news disseminated by DSE on 02.10.2022 regarding Q2 Financials, the Company has further informed that Consolidated NAV per share as on June 30, 2022 would be Tk. (157.40) instead of Tk. 157.40 and as on December 31, 2021 would be Tk. (154.19) instead of Tk. 154.19. Other information of the earlier disclosure will remain unchanged.
- (Q1 Un-audited): Consolidated EPS was Tk. (2.11) for January-March 2022 as against Tk. (2.33) for January-March 2021. Co
(Q1 Un-audited): Consolidated EPS was Tk. (2.11) for January-March 2022 as against Tk. (2.33) for January-March 2021. Consolidated NOCFPS was Tk. (0.48) for January-March 2022 as against Tk. (0.00) for January-March 2021. Consolidated NAV per share was Tk. (155.31) as on March 31, 2022 and Tk. (154.19) as on March 31, 2021. The Company has also informed that NPAT has been increased by BDT 5.03 crore compared to last year. Reasons are as follows: (cont.)
- (Q2 Un-audited): Consolidated EPS was Tk. (02.67) for January-June 2022 as against Tk. (04.59) for January-June 2021; Co
(Q2 Un-audited): Consolidated EPS was Tk. (02.67) for January-June 2022 as against Tk. (04.59) for January-June 2021; Consolidated NOCFPS was Tk. 0.31 for January-June 2022 as against Tk. 0.44 for January-June 2021. Consolidated NAV per share was Tk. 157.40 as on June 30, 2022 and Tk. 154.19 as on December 31, 2021.The Company has also informed that NPAT has been increased by BDT 165 crore compared to last year. Reasons are as follows: i) Interest income has been decreased by BDT 18.23 crore. (cont.)
- The auditor of the International Leasing and Financial Services Limited (ILFSL) has given the Adverse Opinion, Other Mat
The auditor of the International Leasing and Financial Services Limited (ILFSL) has given the Adverse Opinion, Other Matters & Report on Going Concern paragraphs in the Consolidated Auditor?s Report for the year ended on 31 December 2021. Basis for Adverse Opinion: 1.The following cumulative matters have significant effect on Financial Statements of ILFSL: (i)The High court Division of Bangladesh Supreme Court issued some show-cause notices, (cont.1)
- (Continuation news of ILFSL): Ref # Company Matter No. 51, 68, 73, 75, 76, 78 & 144 of 2020 to ILFSL regarding winding u
(Continuation news of ILFSL): Ref # Company Matter No. 51, 68, 73, 75, 76, 78 & 144 of 2020 to ILFSL regarding winding up the application by the 07 (seven) depositors as the company failed several times to honor the demands. However, in previous year, to run the business and regain faith of the depositors, the court had appointed an Independent Director playing the role of Chairman. Moreover, as per Order No.12 dated March 10, 2020 of High Court Division of Bangladesh Supreme Court, (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): the Anti-Corporation Commission (ACC) is in the process of carrying out investigation and
(Continuation news of ILFSL): the Anti-Corporation Commission (ACC) is in the process of carrying out investigation and enquiry against all the Directors, Managing Director and others Related Parties. (ii) Reference to the Note # 3.3, an amount of 174,728 has been shown as Cash Reverse maintained with Bangladesh Bank as per FID circular no. 06 of Bangladesh Bank dated November 06, 2003, 1.5\% of total term deposit should be kept as reserve with Bangladesh Bank as Cash Reserve Ratio (CRR) (cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): which comes to BDT 230,767,788 (1.5\% of term deposits of BDT 15,384,519,200). But managem
(Continuation news of ILFSL): which comes to BDT 230,767,788 (1.5\% of term deposits of BDT 15,384,519,200). But management has kept CRR amounting to BDT 174,728 based on average term deposit of November 2021. The actual CRR is thus 99.92\% lower than the required amount as at December 31, 2021. (iii)Reference to the note # 12.3, Regulatory capital (core capital and supplementary capital) should have been maintained at Taka 2,767,885,446 as per section 4 (Gha) of the Financial (cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): Institutions Regulations 1994 (as amended) and Bangladesh Bank circular no. 05 and 08 date
(Continuation news of ILFSL): Institutions Regulations 1994 (as amended) and Bangladesh Bank circular no. 05 and 08 dated 24 July 2011 and 02 August 2010 respectively of The Department of Financial Institutions and Markets (DFIM). However, the capital of the company is Taka (30,815,415,517). The shortfall in regulatory capital of Taka 33,583,300,963 stands 1,213.32\% lower than the minimum requirement. (iv) The carry forward loss up-to December 31, 2021 (cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): has been provisionally arrived Taka 36,870,292,012 as against the paid-up capital and Stat
(Continuation news of ILFSL): has been provisionally arrived Taka 36,870,292,012 as against the paid-up capital and Statutory Reserve of the company is Taka 2,218,102,460 and BDT 456,184,825 respectively. Hence, the provisional carry forward loss is therefore 13.79 times of total capital amount. Return on Investment (ROI) and Return on Assets (ROA) are adversely showing (4.49\%) and (4.35\%) respectively. Leases, loans and advances to Deposits is 1.02:1. The main source of (cont.6)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): cash inflows is the interest on lease, loan and advances. However, total 76.74\% of leases
(Continuation news of ILFSL): cash inflows is the interest on lease, loan and advances. However, total 76.74\% of leases, loans and advances are classified. So, the company is under liquidity crisis to meet up their depositor?s demand. As well as, dependency increase on the short-term borrowing. In connection with, the net negative Operating Cash Flows is also showing Taka 404,999,071 (Per share TK. -1.83). (v) Reference to Note # 11.5 (b), the company has yet to make payment an (cont.7)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): amount of Taka 968,791,888 to the Government Treasury collected from the suppliers and oth
(Continuation news of ILFSL): amount of Taka 968,791,888 to the Government Treasury collected from the suppliers and other similar parties. Whereas the previous year balance was Taka 751,399,496 which is 22.44\% higher than the previous year. It is a serious non-compliance of relevant sections and rules to Income Tax Rules, 1984, Income Tax Ordinance & Rules, 1984 and Value Added Tax and Supplementary Duty Act 2012 and Value Added Tax and Supplementary Duty Rules 2016. (cont.8)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): 2. Reference to Note # 06, the Financial Statements of the company has been presented by l
(Continuation news of ILFSL): 2. Reference to Note # 06, the Financial Statements of the company has been presented by leases, loans and advances for Taka 2,087,038,458 as follows; (i)As per December 31, 2019 Leases, loans and advances included Taka 1,550,442,830 as Term Loan under one party namely Zenith (TL # 1762395-0-0, TK. 1,550,442,830). Apparently, this amount was recorded deliberately under one party in FICL 3A of the company through Creation of false (cont.9)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): Term Loan Accounts during the year 2019. It was unearthed that out of the abovementioned t
(Continuation news of ILFSL): Term Loan Accounts during the year 2019. It was unearthed that out of the abovementioned total amounts, an amount of Taka 1,219,941,897 originally disbursed to the account off other different companies through 20 (twenty) Account payee Cheques/Bank Transfers during the accounting year 2017 (Tk. 795,541,897) and 2019 (Tk. 424,400,000) and interest thereon is Taka 330,501,829 as per 2019. (cont.10)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): In previous year, we unearthed that from above mentioned total disbursement an amount of T
(Continuation news of ILFSL): In previous year, we unearthed that from above mentioned total disbursement an amount of Taka 3,500,000,000 was claimed by two parties namely Padma Weaving Limited, and Hall Enterprise. Now Zenith (Lipro International) actually liable to pay total Tk. 1260,772,436 (Principal Tk. 875,541,897 and Interest Tk. 385,230,539). There were no formal arrangements or Board approval against these disbursements. (cont.11)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): However, in our audit period December 31, 2021, we observed that the company is trying to
(Continuation news of ILFSL): However, in our audit period December 31, 2021, we observed that the company is trying to recover Padma Weaving Limited?s loan amount and already rescheduled it by taking down payment as per Bangladesh Bank guidelines. (ii) Leases, loans and advances also included Taka 104,500,000 as Term Loan under an existing borrower namely Design & Source Limited (TL # 11812513-0-0). Apparently, the amount was recorded deliberately under the borrower in FICL (cont.12)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): 3A of the company through creation of false Term Loan Account during the year 2018. It was
(Continuation news of ILFSL): 3A of the company through creation of false Term Loan Account during the year 2018. It was unearthed that this total amount of Taka 10,45,00,000 originally disbursed to the account of three other different companies through 06 (six) Account Payee Cheques during the accounting year 2018 and interest thereon is recorded Taka 31,130,556. Reasons for such disbursements or bank transfers to these three companies? accounts without any formal arrangements (cont.13)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): or Board approval are unknown. However, in our audit period December 31, 2021, we observed
(Continuation news of ILFSL): or Board approval are unknown. However, in our audit period December 31, 2021, we observed that the company is trying to recover the said loan amount and already rescheduled it by taking down payment as per Bangladesh Bank guidelines. 3.Lease, loans and advances included Taka 3,875,501,107 as Lease Finance and Term Loan since long 25 (Twenty-Five) borrowers in FICL 2A, FICL 2B, FICL 3A, FICL 3B and FICL 4B which were (cont.14)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): disbursed before December 31, 2020. Apparently these loans sanctioned showing eligible sec
(Continuation news of ILFSL): disbursed before December 31, 2020. Apparently these loans sanctioned showing eligible security (means mortgage of land, Lien of Share) but no mortgage were received. 4.The management of the International Leasing and Financial Services Limited (ILFSL) has taken many personal and corporate guaranty as collateral security whenever they sanctioned the Leases, loans and advances before December 31, 2019. The said personal and corporate guaranty (cont.15)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): were considered whenever they calculate the base value for provision. By considering the o
(Continuation news of ILFSL): were considered whenever they calculate the base value for provision. By considering the overall circumstances, we observed that the guarantors were not so co-operative with the management of International Leasing and Financial Services Limited and considering the said circumstances we have enough doubt to recover the said collateral amount. 5. Reference Note # 4.1 (c), IFRS 09 requires that the company measures loss allowances for financial assets at (cont.16)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): SEC/CMRRCD/2006-158/207/Admin/80 dated June 3, 2018 issued under section 2CC of the Securi
(Continuation news of ILFSL): SEC/CMRRCD/2006-158/207/Admin/80 dated June 3, 2018 issued under section 2CC of the Securities and Exchange Ordinance, 1969, the Audit Committee shall immediately report to the Board on any suspected or presumed fraud or irregularity or material defect identified in the internal audit and compliance process or in the financial statements. However, the audit committee was not informed any irregularities which needed to be reported to the Board for the (cont.18)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL):disclosing also the basis on which the applicable tax rate (s) is (are)computed; or (ii) A
(Continuation news of ILFSL):disclosing also the basis on which the applicable tax rate (s) is (are)computed; or (ii) A numerical reconciliation between the average effective tax rate and the applicable tax rate, disclosing also the basis on which the applicable tax rate is computed. However, ILFSL did not provide any detailed disclosure regarding this issue. It is a non-compliance of the IAS 12. 8. ICT Security Policy, January 2015, version 3.1 formulates the ICT security policy of International (cont.20)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): Leasing and Financial Services Limited (ILFSL) which covers all computing and communicatio
(Continuation news of ILFSL): Leasing and Financial Services Limited (ILFSL) which covers all computing and communications facilities. This policy is in line with the ICT guideline issued by Bangladesh Bank. During our audit we observed following non-compliance regarding Information & Communication Technology (ICT) System of International Leasing and Financial Services Limited (ILFSL). Details are as follows: A. No ICT Steering and Risk Management Committee yet (cont. 21)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): not approved by the board but they are under process; B. No basis for IT risk coverage fun
(Continuation news of ILFSL): not approved by the board but they are under process; B. No basis for IT risk coverage fund calculation; C. No insurance Coverage for loss of Data and Assets; and D. Audit of internal information system was not conducted by the management. E. Disaster Recovery center not available but they are under process. Other Matters 1. As per section 232 & 234 of Bangladesh Labor Act 2006 as amended up to 2013 every company should establish a Workers Profit (cont.22)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): Participation Fund (WPPF) and Workers? Welfare Fund (WWF) within one month of being this c
(Continuation news of ILFSL): Participation Fund (WPPF) and Workers? Welfare Fund (WWF) within one month of being this chapter applicable if (i) The paid-up capital of the company as on the last day of its accounting year is one crore taka or more; and (ii) The value of the fixed assets of the company at cost as on last day of the accounting year is two crore or more. The Company is required to establish the WPPF and WWF to comply with the Bangladesh Labor Act 2006 and as amended. (cont.23)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): 2. Reference Note # 8.4, no provision has been maintained to comply with the requirement o
(Continuation news of ILFSL): 2. Reference Note # 8.4, no provision has been maintained to comply with the requirement of the FID circular no. 08 dated 03 August 2002 for the amount of BDT 13,500,001 paid as advances to a software provider which has been unadjusted for more than a year. This is non-compliance with the respective circular. Anyway, in our audit period we observed that the internal audit committee arranged their 69th and 70th audit committee meeting at (cont.24)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): August 25, 2021 and October 28, 2021 respectively. In their both meeting they raised voice
(Continuation news of ILFSL): August 25, 2021 and October 28, 2021 respectively. In their both meeting they raised voice about software implementation and the management also invited the concern person from software company to their audit committee meeting. The said concern persons were attended in the 69th audit committee meeting and they explained the previous limitation and simultaneously ensured that if they get proper support from International Leasing and Financial (cont.25)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): Services Limited (ILFSL) it will possible to implement the Bank Ultimas software by Octobe
(Continuation news of ILFSL): Services Limited (ILFSL) it will possible to implement the Bank Ultimas software by October 31, 2021. We also observed that the audit software is under process in the subsequent audit period. 3. In our audit period December 31, 2021, we observed that the management of the International Leasing and Financial Services Limited consider the fraction digit whenever they calculating the time of equivalents which are making mismatch the Leases, loans (cont.26)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): and advances status with auditor. If we consider the fraction digit in full integer the Le
(Continuation news of ILFSL): and advances status with auditor. If we consider the fraction digit in full integer the Leases, loans and advances status will become change and the provision amount on Leases, loans and advances will dramatically change. We found total 107 number of Leases, loans and advances account where the fraction digits were considered by the management and the provision on the said Leases, loans and advances account by the management and auditor are Taka (cont.27)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): 541,055,174 and 1,560,548,472 respectively and the difference amount is Taka 1,019,493,298
(Continuation news of ILFSL): 541,055,174 and 1,560,548,472 respectively and the difference amount is Taka 1,019,493,298 which refers 188.43\% higher than the management calculation. The management of the International Leasing and Financial Services Limited (ILFSL) has calculated provision quarterly and the Bangladesh Bank has already accepted this calculation. Report on going concern: We are required to report if we have concluded that the use of the going concern (cont.28)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): basis of accounting is inappropriate or there is an undisclosed material uncertainty that
(Continuation news of ILFSL): basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least twelve months from the date of the financial statements. Though note no. 1 to the Auditor?s Report as on December 31, 2020 described the events or matters that may cast significant doubt on the company?s ability to continue as going concern, in reference of the Notes to the accounts no-40, (cont.29)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): Disclosure relating to Going Concern, indicates that a competent board of directors has be
(Continuation news of ILFSL): Disclosure relating to Going Concern, indicates that a competent board of directors has been formed by the Company Bench of the Honorable High Court Division of the Supreme Court of Bangladesh on 16-6-2021 and the company is in the expectation of being rebuilding under this competent Board?s supervision and thus the chance of uncertainty of going concern is being reduced significantly. Moreover, Bangladesh Bank has approved International (cont.30)
The first part of this announcement is missing from the archive. - (Continuation news of ILFSL): Leasing and Financial Services Limited (ILFSL)?s to convert outstanding liabilities to sha
(Continuation news of ILFSL): Leasing and Financial Services Limited (ILFSL)?s to convert outstanding liabilities to share from different banks vide reference number DFIM(S)1055/59(ILFSL)/2022-1510 dated: June 01, 2022 on the basis of ILFSL?s proposal to Bangladesh Bank vide reference number IL/MD/2022/987dated: March 21, 2022. Here the proposed outstanding liabilities was Taka 2,491.28 crore. (end)
The first part of this announcement is missing from the archive. - Q1 Financials
(Continuation news of ILFSL): i) Interest income has been increased by BDT 19.21 crore. ii) Interest expense has been increased by BDT 0.18 crore. iii) Operating expenses has been decreased by BDT 1.08 crore. (end)
The first part of this announcement is missing from the archive. - Q2 Financials
(Continuation news of ILFSL): ii) Interest expense has been decreased by BDT 61.55 crore in comparison to the same period of last year due to decrease of the cost of fund of the company. iii) Operating expenses has been decreased by BDT 0.14 crore in comparison to the same period of last year due to decrease of legal expenses. (end)
The first part of this announcement is missing from the archive. - Adverse Opinion, Other Matters & Report on Going Concern
(Continuation news of ILFSL): an amount equal to Lifetime Expected Credit Loss (ECL) when the credit risk of financial asset has increased significantly. However, no provision for loss allowance has been maintained in the financial statements of ILFSL for the year 2021 for its Fixed Deposit amounting to Taka 1,316,385,443 with FAS Finance Investment Limited. There is enough doubt to recover this amount from the FAS Finance and Investment Limited. 6.As per BSEC Notification # (cont.17)
The first part of this announcement is missing from the archive. - Adverse Opinion, Other Matters & Report on Going Con
(Continuation news of ILFSL): year ended December 31, 2021 but in subsequent period the management of ILFSL has started the said compliances. 7. As per paragraph 81 (c) of IAS 12, a company should disclose separately an explanation of the relationship between tax expense (income) and accounting profit in either or both of the following forms: (i) A numerical reconciliation between tax expense (income) and the product of accounting profit multiplied by the applicable tax rate (s), (cont.19)
The first part of this announcement is missing from the archive. - 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 September 29, 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, 2022 and the Second Quarter (Q2) period ended June 30, 2022.
- Approval to sign agreement for issuance of share
The Company has informed that the Board of Directors has approved to sign agreement for issuance of share out of existing liability in the form of deposit and loan with the company subject to approval of all relevant regulatory authorities.
- Resumption after record date
Trading of the shares of the company will resume on 18.09.2022 after record date.
- Suspension for Record date
Trading of the shares of the company will remain suspended on record date i.e., 15.09.2022.
- 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 13.09.2022 to 14.09.2022 and trading of the shares will remain suspended on record date i.e., 15.09.2022
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (28.08.2022) following its corporate declaration.
- Dividend Declaration
(Continuation news of ILFSL): iii) Provision for leases, loans and advances has been decreased to BDT 404.99 crore. (end)
The first part of this announcement is missing from the archive. - 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 August 25, 2022 at 4:00 PM to consider, among others, audited financial statements of the company for the year ended December 31, 2021.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.