Bimputh Finance : Interim Financial Statements as at 31.12.2023

BIMPUTH FINANCE PLC

INTERIM FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 31ST DECEMBER 2023.

If undelivered please return to:

BIMPUTH FINANCE PLC No.25/1,

S de S Jayasinghe Mawatha, Kalubowila,

Bimputh Finance PLC
Year ened 31st December 2023
STATEMENT OF COMPREHENSIVE INCOME
		QUARTER ENDED		NINE MONTHS ENDED
		31ST DECEMBER		31ST DECEMBER
		Unaudited	Unaudited		Unaudited	Unaudited
Note	2023	2022	2023	2022
		Rs.	Rs.		Rs.	Rs.
Interest income(Note:-11)	-860,664	22,522,430	11,814,501	72,749,885
Interest expense		-691,977	-177,208,304		-261,380,345	-530,537,694
Net interest income	-1,552,641	-154,685,874	-249,565,844	-457,787,809
Fee and commission income	400	98,914	51,455	2,474,214
			-	-	-
Other income	2,717,675	25,629,910	27,162,892	120,994,625
Change in fair value of investment properties
		1,165,434	-128,957,050	-222,351,497	-334,318,970
Impairment loss on financial assets	-51,164,634	-175,762,200	-274,305,799	-460,203,127
Net loss from financial instruments at fair value	-
through profit or Loss		-1,362,479	-705,511	262,629
			-
Personnel costs	-18,656,182	-21,148,429	-50,743,879	-71,563,470
Administration expenses	-18,172,016	-68,214,956	-106,568,725	-221,325,529
Loss on derecognition of financial assets	-	-	-	-
Finance expenses		-	-2,600,204		-36,656	-9,800,948
Profit from operations	-86,827,398	-398,045,318	-654,712,066	-1,096,949,415
		-	-	-
VAT on financial services
		-	-		-	-
Profit before income tax	-86,827,398	-398,045,318	-654,712,066	-1,096,949,415
		-	-
Income tax expense		-	-		-	-
Profit for the period	-86,827,398	-398,045,318	-654,712,066	-1,096,949,415
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		-	-			-
Total comprehensive income for the period	-86,827,398	-398,045,318	-654,712,066	-1,096,949,415
		-	-	-	-
Profit attributable to:		-	-		-	-
Equity holders of the company		-86,827,398	-398,045,318		-654,712,066	-1,096,949,415
Earnings per share-basic/diluted	(0.81)	(3.69)	(6.08)	(10.18)
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 31st december 2023
		Unaudited	Unaudited
		31ST DECEMBER 2023		31ST MARCH 2023
		RS.		RS.
Assets		Un-Audited		Un Audited
Cash in hand and at bank		78,326,551		63,544,819
Placements with bank and other financial institutions		72,753,537		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		619,655,459		995,625,525
Current tax liability / (receivable)		110,629,825		110,629,825
Other receivables		44,263,696		64,639,693
Inventories		-		-
Investment properties		1,070,797,426		1,070,797,426
Property and equipment		447,301,777		476,757,273
Right of use assets		29,130,529		29,130,529
Intangible assets		3,006,278		6,677,252
Deferred tax assets		-		-
Total assets		2,485,382,003		3,011,933,589
Liabilities
Borrowings		4,239,753,717		4,023,240,670
Due to customers		65,059,779		135,371,920
Other payables		191,748,352		207,033,097
Lease Liability		59,458,011		59,458,011
Retirement benefit obligations		11,433,331		14,189,012
Deferred tax liability		-		-
Total liabilities		4,567,453,190		4,439,292,709
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		(2,821,404,356)		(2,166,692,289)
		(2,082,071,187)		(1,427,359,121)
Total liabilities and equity		2,485,382,003		3,011,933,589
Net Assets per share	-	19.36	-	13.25

Note: All values are in rupees

The above figures are subject to audit

Figures in brackets indicate deductions

We certify that the financial statements comply with the requirements of the Companies Act No.7 of 2007.

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

………………………………	………………………………
Director	Director
P.M.K.Gamage	U.Hettiarachchi

Bimputh Finance PLC

STATEMENT OF CHANGES IN EQUITY

As at 31st December 2023

Balance as at 1st April 2023

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)

Profit for the nine month ended	-	-	-	(654,712,066)	(654,712,066)
Other comprehensive income, net of tax	-	-	-	-	-
Transfers during the nine month ended	-	-	-	-	-
Balance as at 31st December 2023
616,100,061	71,842,325	51,390,783	(2,821,404,356)	(2,082,071,187)

Balance as at 1st April 2022	616,100,061	71,842,325	51,390,783		(852,316,202)	(112,983,033)
Profit for the year ended	-	-	-	-	1,096,949,416.00	(1,096,949,416)
Other comprehensive income, net of tax	-	-	-		-	-
Transfers during the year ended	-	-	-		-	-
Balance as at 31st December 2022
616,100,061	71,842,325	51,390,783		(1,949,265,618)	(1,209,932,449)

Bimputh Finance PLC
STATEMENT OF CASH FLOW	Period Ended		Period Ended
Period Ended 31st December 2023	31st Dec 2023		31st Dec 2022
	Unaudited		Unaudited
Cash flow from operating activities	Rs.		Rs.
			Un Audited
Loss before Tax	(654,712,066)	(1,096,949,416)
		-
Interest expenses	261,380,345	530,537,694
Depreciation	167,728,934	170,783,703
Amortization of intangible assets	3,670,974	4,245,467
Impairment loss on financial assets	274,305,799	460,203,127
Provision for Gratuity	12,475,918	-
(Profit)/loss on deposal of Assets	(4,033,097)		(20,330,584)
	715,528,873		1,145,439,407
Operating profit before working capital changes	60,816,807	48,489,991
(Increase)/Decrease in placements with bank and other financial institutions	111,336,493	262,262,928
(Increase)/Decrease in Fair value through profit or loss	705,511	(262,629)
(Increase)/Decrease in Debt instruments at amortised cost	181,220	(112,343,780)
(Increase)/Decrease in Loans and advances and Lease receivables	(77,057,258)	647,898,711
(Increase)/Decrease in Other receivables and inventory	20,375,997	28,890,665
Increase/(Decrease) in Due to customers	(57,007,575)	(691,612,126)
Increase/(Decrease) in Other payables	(15,284,745)		132,123,082
	(16,750,357)		266,956,851
Cash generated from operating activities	44,066,450	315,446,842
Interest expense paid	420,690,739	(189,454,482)
Gratuity paid	-	-
Income Tax paid	-		-
Net cash flow from operating activities	464,757,189	125,992,360
Cash flows from investing activities
Purchase of property and equipment	28,552,551	18,058,347
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	28,552,551		18,058,347
Net cash inflow/(outflow) before financing activities	493,309,740	144,050,707
Cash flows from financing activities
Proceeds from Loans	-	-
Repayments of Loans	(460,002,412)	(70,287,193)
Repayment of principal portion of lease liabilities
Net cash inflow/ (outflow) from financing activities	(460,002,412)		(70,287,193)
Net increase/ (decrease) in cash & cash equivalent	33,307,327	73,763,514
Cash and cash equivalent at the beginning of the year	(298,237,347)		(336,121,990)
Cash and cash equivalent at the end of the year	(264,930,020)	(262,358,476)
Analysis of cash and cash equivalents
Cash in hand and at bank	78,326,551	85,265,615
Bank overdrafts	(343,256,571)		(347,624,090)
Cash and cash equivalent at the end of the year	(264,930,020)	(262,358,475)

0

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 31st December 2023 were authorized for issue by the directors on 11th of March 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 31st December 2023 was 16.67% (31st December 2022 was 16.67%).

	31st December 2023	31st December 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 31st December 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 31st December 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
	31-Dec-23	31-Dec-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 31 December 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 31st December 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 2021. 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 07th 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

11

The interest income for quarter ended 31st December 2023 is negetive due to sharp decline in debt collection subsequent to cancellation of our Finance licence on 1st September 2023. Interest reversal due to charge of impairment continued resulting the net figure being negative.

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