Bimputh Finance : Interim Financial Statements as at 30.09.2023

BIMPUTH FINANCE PLC

INTERIM FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 30TH SEPTEMBER 2023.

If undelivered please return to:

BIMPUTH FINANCE PLC No.25/1,

S de S Jayasinghe Mawatha, Kalubowila,

Bimputh Finance PLC

STATEMENT OF COMPREHENSIVE INCOME

		QUARTER ENDED		SIX MONTHS ENDED
FOR THE YEAR ENDED 31ST MARCH 2021		30TH SEPTEMBER		30TH SEPTEMBER
		Unaudited	Unaudited		Unaudited	Unaudited
		2023	2022	2023	2022
		Cumulative	Cumulative		Cumulative	Cumulative
		Rs.	Rs.		Rs.
		Rs.	Rs.		Rs.	Rs.
Interest income		3,199,334	20,991,846	12,675,165	50,227,455
Interest expense		(124,351,353)	(198,573,589)		(260,688,368)	(353,329,391)
Net interest income		(121,152,019)	(177,581,743)	(248,013,203)	(303,101,935)
		-	-	-	-
Fee and commission income		23,643	332,747	51,055	2,375,300
			-	-	-
Other income		11,881,691	51,357,353	24,445,217	95,364,715
Change in fair value of investment properties		-	-			-
		(109,246,685)	(125,891,643)	(223,516,931)	(205,361,920)
		-	-	-	-
Impairment loss on financial assets		(28,732,734)	(162,951,029)	(223,141,165)	(284,440,928)
Net loss from financial instruments at fair value
through profit or Loss		-	2,281,550	(705,511)	1,625,108
			-
Personnel costs		(16,450,865)	(24,404,466)	(32,087,696)	(50,415,041)
Administration expenses		(38,114,729)	(75,685,873)	(88,396,709)	(153,110,573)
Loss on derecognition of financial assets		-	-	-	-
Finance expenses		(4,750)	(4,969,516)		(36,656)	(7,200,743)
Profit from operations		(192,549,764)	(391,620,978)	(567,884,668)	(698,904,097)
		-	-	-
VAT on financial services		-	-	-	-
		-	-		-	-
Profit before income tax		(192,549,764)	(391,620,978)	(567,884,668)	(698,904,097)
		-	-
Income tax expense		-	-
		-	-
Profit for the period		(192,549,764)	(391,620,978)	(567,884,668)	(698,904,097)
Other comprehensive income, net of income tax				-
Actuarial losses on defined benefit plans		-	-			-
Deferred tax on actuarial loss on retirement benefit		-	-	-	-
Changes in revaluation surplus		-	-			-
Deferred tax on land revaluation		-	-
Total comprehensive income for the period		(192,549,764)	(391,620,978)	(567,884,668)	(698,904,097)
		-	-	-	-
Profit attributable to:		-	-	-	-
Equity holders of the company		(192,549,764)	(391,620,978)		(567,884,668)	(698,904,097)
Earnings per share-basic/diluted	-	1.79	-3.64		-5.27	-6.49

Note : All values are in rupees

The above figures are subject to audit

Figures in brackets indicates deductions

Bimputh Finance PLC
STATEMENT OF FINANCIAL POSITION
As at 30th September 2023
	Unaudited	Unaudited
	30TH SEPTEMBER 2023	31ST MARCH 2023
	RS.	RS.
Assets	Rs.	Rs.
Cash in hand and at bank	67,855,259	63,544,819
Placements with bank and other financial institutions	122,700,237	184,090,031
Financial investments - fair value through profit or loss	6,828,584	7,534,095
Financial investments - Loans and receivables		-
Financial investments -held to maturity		-
Debt instruments at amortised Cost	2,494,440	2,313,220
Financial investments - available for sale	193,900	193,900
Loans and advances	686,119,862	995,625,524
Tax receivable	110,629,825	110,629,825
Other receivables	44,652,617	64,639,693
Inventories		-
Investment properties	1,070,797,426	1,070,797,426
Property and equipment	455,413,838	476,757,273
Right of use assets	29,130,529	29,130,529
Intangible assets	4,119,500	6,677,252
Deferred tax assets	-	-
Total assets	2,600,936,016	3,011,933,588
Liabilities
Borrowings	4,276,074,628	4,023,240,670
Due to customers	64,459,883	135,371,920
Other payables	184,753,953	207,033,097
Lease Liability	59,458,011	59,458,011
Retirement benefit obligations	11,433,331	14,189,011
Deferred tax liability	-	-
Total liabilities	4,596,179,806	4,439,292,708
Equity
Stated capital	616,100,061	616,100,061
Statutory reserve	71,842,325	71,842,325
Revaluation reserve	51,390,783	51,390,783
Retained earnings Audited	(2,734,576,958)	(2,166,692,289)
	(1,995,243,789)	(1,427,359,121)
Total liabilities and equity	2,600,936,017	3,011,933,588
Net Assets per share	-18.53	-13.25

Note: All values are in rupees

The above figures are subject to audit

Figures in brackets indicate deductions

The Board of Directors is responsible for the preparation and presentation of these financial statements.

(Sgd.)	(Sgd.)
………………………………	…
Director	Director
U.Hettiarachchi	P.M.K.Gamage

Bimputh Finance PLC

STATEMENT OF CHANGES IN EQUITY

AS AT 30th SEPTEMBER 2023.

Balance as at 1st April 2023

Profit for the three month ended

Other comprehensive income, net of tax

Transfers during the three month ended

Changes in Equity cumilativly for the current financila year todate(As at 30th september 2023)

Balance as at 1st April 2022

Profit for the year

Other comprehensive income, net of tax

Transfers during the year

Comparative Statement of changes in Equity for the comparable September period of the immediately preceding FY(As at 30th September 2022)

Capital	Statutory	Revaluation	Retained	Total
	reserve	reserve	earnings
Rs	Rs		Rs	Rs
616,100,061	71,842,325	51,390,783	(2,166,692,289)	(1,427,359,121)
-	-	-	(567,884,668)	(567,884,668)
-	-	-	-	-
-		-	-	-
616,100,061	71,842,325	51,390,783	(2,734,576,958)	(1,995,243,789)
616,100,061	71,842,325	51,390,783	(853,926,360)	(114,593,191)
-	-	-	(698,904,097)	(698,904,097)
-	-	-	-	-
	-
-	-	-	-	-
	-
616,100,061	71,842,325	51,390,783	(1,552,830,457)	(813,497,288)

Bimputh Finance PLC

STATEMENT OF CASH FLOW

Period ended 30th September 2023

Cash flow from operating activities

Loss before Tax

Interest expenses Depreciation

Amortization of intangible assets Impairment loss on financial assets Provision for Gratuity (Profit)/loss on deposal of Assets

Operating profit before working capital changes

(Increase)/Decrease in placements with bank and other financial institutions (Increase)/Decrease in Fair value through profit or loss (Increase)/Decrease in Debt instruments at amortised cost (Increase)/Decrease in Loans and advances and Lease receivables (Increase)/Decrease in Other receivables and inventory Increase/(Decrease) in Due to customers

Increase/(Decrease) in Other payables

Cash generated from operating activities

Interest expense paid

Gratuity paid

Income Tax paid

Net cash flow from operating activities

Cash flows from investing activities

Purchase of property and equipment Purchase of intangible assets

Proceeds from Disposals of property plant and equipment Purchase/addition of Investment property

Lease Advance paid

Net cash inflow/(outflow) from investing activities

Net cash inflow/(outflow) before financing activities

Cash flows from financing activities

Proceeds from Loans

Repayments of Loans

Repayment of principal portion of lease liabilities

Net cash inflow/ (outflow) from financing activities

Net increase/ (decrease) in cash & cash equivalent

Cash and cash equivalent at the beginning of the year

Cash and cash equivalent at the end of the year

Analysis of cash and cash equivalents

Cash in hand and at bank

Bank overdrafts

Cash and cash equivalent at the end of the year

Period Ended	Period Ended
30th Sep 2023	30th Sep 2022
Unaudited	Unaudited
Rs.	Rs.
(567,884,668)	(698,904,097)
260,688,368	353,329,391
159,616,874	152,657,125
2,557,752	2,839,420
223,141,165	284,440,928
2,953,580	-
(4,033,097)	(9,836,106)
644,924,642	783,430,758
77,039,974	84,526,660
61,389,793	251,444,427
705,511	(1,625,108)
181,220	(57,637,943)
(75,405,377)	498,687,293
19,987,076	10,645,343
(57,554,598)	(460,853,659)
(22,279,143)	(35,291,351)
(72,975,518)	205,369,003
4,064,456	289,895,664
421,329,842	(121,769,576)
	-
	-
425,394,298	168,126,087
28,552,551	6,359,900
	-
	-
28,552,551	6,359,900
453,946,849	174,485,987
	-
(460,002,412)	(118,104,755)
(460,002,412)	(118,104,755)
(6,055,563)	56,381,232
(305,666,659)	(362,047,892)
(311,722,223)	(305,666,659)
67,855,259	73,571,019
(379,577,482)	(379,237,678)
(311,722,223)	(305,666,659)

BIMPUTH FINANCE PLC

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. Corporate Information
   Bimputh Finance PLC, (the Company) is a quoted public limited liability company, incorporated and domiciled in Sri Lanka. The Company was incorporated in Sri Lanka on 27th July 2007 under the Companies Act No 07 of 2007.
2. Principal Activities
   The Company is mainly engaged in the business of micro finance ,SME,Personal loans,Leasing, Gold Loan advances along with term and savings mobilisation activities. The Company provides finance for cultivation of cash/ other crops, micro, MSME and SME , self employed individuals and groups.
3. Date of Authorization for Issue
   The financial statements of the Company for the year ended 30th September 2023 were authorized for issue by the directors on 2nd of February 2024.
4. Basis of Preparation
   The interim financial statements of the Company have been presented on the basis of the same accounting policies and methods applied for the year ended 31st March 2021 and are in compliance with Sri Lanka Financial Reporting Standards (SLFRS/LKAS) 34 - Interim Financial Reporting
5. Public share holdings
   The percentage of shares held by public as at 30th September 2023 was 16.67% (30th September 2022 was 16.67%).

	30th September 2023	30th September 2022
No of public shareholders as at	1,205	1,206

5.1 Director's share holding

Share holding by the Board of Directors As at 30th September 2023

	No of Shares
Mr. C.K. Gamage	3,697,865
Ms. P.M.K.Gamage	7,951,200
Mr. S. A. S.Jayasundara	Nil
Mr.K.P.C.S. Piyatillake	Nil
Mr.U.Hettiarachchi	Nil

Boralesgamuwa

BIMPUTH FINANCE PLC
	NOTES TO THE INTERIM FINANCIAL STATEMENTS
5.2	Share holders of the Company As at 30th September 2023
		No of Shares	%
1	DAYA GROUP (PRIVATE) LIMITED	13,987,901	12.98%
2	MRS. A. GAMAGE	13,093,336	12.15%
3	MR. D.K. GAMAGE	13,093,336	12.15%
4	OLYMPUS CONSTRUCTION (PRIVATE) LIMITED	12,928,532	12.00%
5	DAYA APPAREL EXPORT (PVT) LTD	9,245,066	8.58%
6	MISS. P.M.K. GAMAGE	7,951,200	7.38%
7	COMMERCIAL BANK OF CEYLON PLC/DAYA APPAREL EXPORT (PVT) LTD	5,000,000	4.64%
8	PEOPLE'S LEASING & FINANCE PLC/OLYMPUS CONSTRUCTION (PVT) LTD	4,964,266	4.61%
9	PEOPLE'S LEASING & FINANCE PLC/DAYA APPAREL EXPORT (PVT) LTD	4,343,866	4.03%
10	MR. C.K. GAMAGE	3,697,865	3.43%
11	SEYLAN BANK PLC./JANASHAKTHI PLC	3,200,000	2.97%
12	MR. U.W.J.P.A. SUMATHIPALA	2,693,335	2.50%
13	COMMERCIAL BANK OF CEYLON PLC/JANASHAKTHI LIMITED	1,511,818	1.40%
14	PEOPLE'S LEASING & FINANCE PLC/DAYA GROUP (PVT) LTD	1,464,001	1.36%
15	SEYLAN BANK PLC/KARAGODA LOKU GAMAGE UDAYANANDA	551,982	0.51%
16	MR. D.N. SENANAYAKE	520,000	0.48%
17	MR. A. HOSHAN	500,000	0.46%
18	MR. W.A.S.P. DE SARAM	381,626	0.35%
19	PEOPLE'S LEASING & FINANCE PLC/K.L.UDAYANANDA	379,910	0.35%
20	CITIZENS DEVELOPMENT BUSINESS FINANCE PLC/K.D.C. SOMALATHA AND K. NANDASIRI	303,192	0.28%
	Shares held by others	7,922,112	7.35%
		107,733,344	100.00%

5.3 Stated Capital

Stated Capital is represented by number of shares in issue as given below:

	No of Shares as at
	30-Sep-23	30-Sep-22
Ordinary Shares (@ Rs.5/-)	107,733,344	107,733,344

1. Earnings per share
   Earning per share has been calculated, for all periods, based on the number of shares in issue as at 30 September 2023
2. Market price per share

Highest	-
Lowest	-
Last traded	-

Trading of the company shares has been suspended on 7th January 2022
5.6 Market Capitalization
Market Capitalization (Rs.)	775,680,077
Float Adjusted Market Capitalization (Rs.)	129,305,869

The Float adjusted market capitalization as at 30th September 2023 - Rs.129,305,869/- and the company falls under the option 2 Rule 7.13.1(b) of the listing rules of the Colombo Stock Exchange and the company has complied with the minimum public holding requirement applicable under the said option.

1. Events occuring after the Balance Sheet Date
   Subsequent to the Balance Sheet date, no circumstances have been arisen which require adjustments to the interim Financial Statements.
2. Comparative Figures
   Previous period's figures and phrases have been re-arranged wherever necessary to conform to the current year presentation.

1. Segment Reporting
   As per the SLFRS 8, the Company does not have any operating segment that engages in business activities from which it may earn revenues, and on which expenses incurred whose operating results are regularly reviewed by the entity's management to determine the resources to be allocated to the segment and assess its performance for which discrete financial information is available.
2. Contingencies, Capital and other commitments
   There has been no significant changes in the nature of the capital commitments, which were disclosed in the Annual Report for the year ended 31 March 2020. CBSL has issued a freezing order against accepting of New Deposit with effect from 15th October 2021 and on lending with effect from 26th May 2022.The Trading of shares was suspended by CSE on 7th January 2022.

9.1 Licence Cancellation

CBSL has cancelled the licence issued to Bimputh Finance PLC under the Finance Business Act No.42 of 2011 to carry on Finance Bussiness with effect from 1st September 2023

10 Credit Rating

CC(lka) Rating watch negative by FITCH rating Lanka Ltd

BIMPUTH FINANCE PLC

CORPORATE INFORMATION

Name of the Company

Bimputh Finance PLC

Legal Form

Public Quoted Limited Liability Company Incorpotated in Sri Lanka on 27th July 2007

Stock Exchange Listing

The issued shares of Bimputh Finance PLC

are listed on the Colombo Stock Exchange

Company Registration No

PB 3259 PQ

Central Bank Registration

Licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Companies Act No, 42 of 2011 and Finance Leasing Act No. 56 of 2000. Registration No RFC- 033

Directors

Mr. S. A. S.Jayasundara

Mr. Chamindra Gamage

Ms. P.M.K.Gamage

Mr.U.Hettiarachchi

Bankers

Bank Of Ceylon

Commercial Bank

NDB Bank

People's Bank

Sampath Bank

Seylan Bank

Cargills bank

Indian Bank

Indian Overseas Bank

Head Office & Registered Office of the Company

No.25/1,

S de S Jayasinghe Mawatha,

Kalubowila, Dehiwala

Telephone - (94) 0114491491

Fax - (94) 0112582452

Company Secretary

Mrs. Kashmi Kapuwella

No.25/1,

S de S Jayasinghe Mawatha,

Kalubowila, Dehiwala

Company Registrars

S.S.P Corporate Services (Private) Limited

No - 101, Inner Flower Road,

Colombo - 03

Auditors

SJMS Associates

No- 11, Castle Lane,

Colombo-04