People's Leasing and Financial Services Limited announcements
453 Dhaka Stock Exchange announcements for People's Leasing and Financial Services Limited (PLFSL) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2018 (13).
- Basis for Qualified Opinion
Basis for Qualified Opinion: The auditor of the company has given the following "Basis of Qualification" and Matter of "Emphasis" Paragraphs in the audit report of the Company for the year ended on 31 December 2017: Basis for Qualification: 1. The entity has shortfall of provision of Tk. 1,510,199,816.00 against classified loans and advance Tk. 1,504,814.00 for margin loan which was shown in Loan Classification Statement as unclassified. 2. The company has deferred its interest (cont. 1) (Continuation news of PLFSL): should maintain capital adequacy ratio minimum 10% of its risk weighted assets (RWA). Though the PLFSL shows Tk. 1,854,405,970.00 excess against required regulatory capital of Tk. 100.00 crore but considering the shortfall of provision and previous years loss capital adequacy ratio stands on (71.31%). (end) (Continuation news of PLFSL): and 1,854,405,970.00 respectively. As per DFIM circular no. 14 dated 28 December 2011 and article no. 2.6 and 2.7 of Prudential Guidelines on Capital Adequacy and Market Discipline (CAMD) for financial institutions issued by Bangladesh Bank, the company as a financial institution (cont. 9) (Continuation news of PLFSL): ratio-based nor risk-based. The regulatory authority requires a non-banking financial institution to have minimum paid up capital of Tk. 1,000.00 million. Paid up capital was Tk. 2,854,405,970.00 and 2,854,405,970.00 respectively as on December 31, 2017 and December 31, 2016 whereas required capital as per Bangladesh Bank for the above periods was Tk. 1,000,000,000.00. As a result, Excess capital for those periods came to Tk. 1,854,405,970.00 (cont. 8) (Continuation news of PLFSL): were to be transferred to its subsidiary and the subsidiary to be so formed is to deal with the margin loan and share business. Matter of Emphasis: Without qualifying our opinion, we draw attention to the fact disclosed in note 14.1: Note 14.1: The company is subject to the regulatory capital requirement as stipulated in DFIM circular no. 05 dated 24 July 2011 of Bangladesh Bank. The capital requirement for non-banking financial institution is neither (cont. 7) (Continuation news of PLFSL): of total equity. ii) The amount of Tk. 1,141,478,361.00 paid as loan to Mr. Motiur Raman is 36.53 percent of total equity. 7. We observed that the company has been dealing with the margin loan amounting to Tk. 1,520,014,328.00 without transferring the margin loan to subsidiary. The company did not comply with the policy directives of Bangladesh Securities and Exchange Commission (BSEC), margin loan accounts of the leasing companies (cont. 6) (Continuation news of PLFSL): shown as advance against land purchase but the land has not yet been registered in the name of Peoples Leasing and Financial Services Limited in the absence of regulatory approval. No provision has been made against the said advance. 6. Single borrower exposure exceeds the limit as per Financial Institutions Act 1993 Section-14 (C). The details are given below: i) The amount of Tk. 1,260,556,214.00 paid as Loan to PLFS Investment Limited is 40.34 percent (cont. 5) (Continuation news of PLFSL): against this unrecoverable asset. 5. The company entered into an agreement with Paramount Properties Limited (Zenith Holding Limited and Zephyr Holdings Limited-owned by previous directors of the company) to purchase a land measuring total 66.5 katha at green road at a cost of Tk. 1,236,640,000.00. The same amount was adjusted earlier against Directors' Loan in 2015 but in the absence of regulatory approval. The said amount has (cont. 4) (Continuation news of PLFSL): dated 20 August 2006. 4. The Company disclosed previous years loss of Tk. 15,686,553,599.00 (Margin Loan Tk. 3,073,729,000.00 and Other than Margin Loan 12,612,824,599.00) in note no. 09 under other assets and related note no. 2.3, detailed disclosure note regarding the reason for the such loss was not given and re-statement was not done adjusting profit or loss as per BAS-8. Moreover, as the asset is not recoverable, no provision has been made (cont. 3) (Continuation news of PLFSL): expenses of Tk. 1,566,430,505.00 and shown as other assets under note no. 09 but said expenditure cannot be deferred as per IAS 38: Intangible assets. 3. The cost value of the subsidiary company PLFS investment was Tk. 200,445,000.00. The equity of this subsidiary as on 31.12.2017 was Tk. 186,050,282.00 and as a result investment was reduced by Tk. 14,394,718.00. Provision against these investment was not made as per FID circular no. 06, (cont. 2)
- Q3 Financials
(Q3 Un-audited): Consolidated EPS was Tk. (0.20) for July-September 2018 as against Tk. 0.16 for July-September 2017; Consolidated EPS was Tk. (0.69) for January-September 2018 as against Tk. 0.42 for January-September 2017. Consolidated NOCFPS was Tk. (1.12) for January-September 2018 as against Tk. 2.74 for January-September, 2017. Consolidated NAV per share was Tk. 10.20 as on September 30, 2018 and Tk. 11.31 as on September 30, 2017.
- 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 22, 2018 at 4:00 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended on September 30, 2018.
- Resumption after record date
Trading of the shares of the Company will resume on 08.08.2018 after record date.
- Suspension for Record Date
Trading of the shares of the Company will remain suspended on record date i.e., 07.08.2018.
- 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 25.07.2018 to 06.08.2018. Trading of the shares of the Company will remain suspended on record date i.e., 07.08.2018.
- Q2 Financials
(Q2 Un-audited): Consolidated EPS was Tk. (0.43) for April-June, 2018 as against Tk. 0.10 for April-June, 2017; Consolidated EPS was Tk. (0.49) for January-June, 2018 as against Tk. 0.31 for January-June, 2017. Consolidated NOCFPS was Tk. (1.03) for January-June, 2018 as against Tk. 1.55 for January-June, 2017. Consolidated NAV per share was Tk. 10.40 as on June 30, 2018 and Tk. 11.15 as on June 30, 2017.
- 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 July 12, 2018 at 4:00 PM to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended on June 30, 2018.
- Dividend Declaration
The Board of Directors has recommended No dividend for the year ended on December 31, 2017. Date of AGM: 18.09.2018, Time: 9:30 AM, Venue: RAOWA Convention Center (Anchor Hall), 3rd Floor, Mohakhali, Dhaka. Record Date: 07.08.2018. The Company has also reported Consolidated EPS of Tk. 0.10, Consolidated NAV per share of Tk. 10.90 and Consolidated NOCFPS of Tk. 5.76 for the year ended on December 31, 2017 as against Tk. (1.73), Tk. 10.88 and Tk. (4.30) 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 (02.07.2018) following its corporate declaration.
- Q1 Financials
(Q1 Un-audited): Consolidated EPS was Tk. (0.06) for January-March, 2018 as against Tk. 0.21 for January-March, 2017. Consolidated NOCFPS was Tk. (0.14) for January-March, 2018 as against Tk. 1.15 for January-March, 2017. Consolidated NAV per share was Tk. 10.83 as on March 31, 2018 and Tk. 11.06 as on March 31, 2017.
- 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 June 28, 2018 at 2:35 PM to consider, among others, audited financial statements of the Company for the year ended on December 31, 2017.
- 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 June 28, 2018 at 2:35 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on March 31, 2018.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.