SOFTLOGIC FINANCE PLC
INTERIM FINANCIAL STATEMENTS
For the Quarter ended 30th September 2024
( Company Registration No: PB641PQ )
JFI Tower III, Zone B&C, No 75, Piyadasa Sirisena Mawatha, Colombo 10.
SOFTLOGIC FINANCE PLC | Page 2 | |||||
STATEMENT OF COMPREHENSIVE INCOME | ||||||
06 MONTHS PERIOD ENDED | ||||||
Rs. | ||||||
03 Months Period ended | 06 Months Period ended | |||||
30th September | 30th September | |||||
2024 | 2023 | 2024 | 2023 | |||
Unaudited | Unaudited | Unaudited | Unaudited | |||
Income | 557,582,637 | 661,893,382 | 940,007,088 | 1,634,426,400 | ||
Interest income | 306,849,611 | 634,075,384 | 675,289,551 | 1,550,657,200 | ||
Interest expenses | (198,563,318) | (797,552,657) | (490,540,354) | (1,825,784,759) | ||
Net interest income | 108,286,292 | (163,477,272) | 184,749,197 | (275,127,560) | ||
Fee and commission income | 26,189,879 | 14,372,621 | 40,667,112 | 29,911,845 | ||
Profit /(loss) from derecognition of financial assets | 207,629,087 | - | 207,629,087 | - | ||
Other operating income | 16,914,060 | 13,445,377 | 16,421,338 | 53,857,355 | ||
Total operating income | 359,019,319 | (135,659,274) | 449,466,734 | (191,358,359) | ||
Impairment (charge)/ reversal for loans and other losses | 92,836,495 | 55,462,575 | 56,894,373 | (84,203,248) | ||
Net Operating Income | 451,855,813 | (80,196,699) | 506,361,107 | (275,561,607) | ||
Operating expenses | ||||||
Personnel costs | (71,964,327) | (104,109,884) | (146,628,946) | (215,616,268) | ||
Depreciation of property, plant and equipment | (3,537,162) | (7,434,525) | (6,931,033) | (15,078,928) | ||
Amortization of intangible assets | (4,827,220) | (4,745,994) | (9,589,313) | (9,485,238) | ||
Other operating expenses | (137,189,318) | (188,825,466) | (259,425,035) | (402,677,319) | ||
Operating profit / (Loss) before Value Added Tax on financial services | 234,337,787 | (385,312,568) | 83,786,779 | (918,419,360) | ||
VAT on financial services & SSCL | (45,849,878) | - | (45,849,878) | - | ||
Profit / (Loss) before income tax | 188,487,909 | (385,312,568) | 37,936,901 | (918,419,360) | ||
Income tax Reversal/ (expense) | - | - | - | - | ||
Profit / (Loss) for the period | 188,487,909 | (385,312,568) | 37,936,901 | (918,419,360) | ||
Other comprehensive income/ (expenses) | ||||||
Other comprehensive income not to be reclassified to profit or loss | ||||||
Net gain / (loss) on equity instruments at fair value through other comprehensive | ||||||
income | - | - | - | - | ||
Other comprehensive income for the Period , net of tax | - | - | - | - | ||
Total comprehensive income/(expenses) for the Period | 188,487,909 | (385,312,568) | 37,936,901 | (918,419,360) | ||
Basic earnings per Share(Rs.) - Annualised | 0.78 | (2.53) | 0.08 | (3.02) | ||
SOFTLOGIC FINANCE PLC | Page 4 | ||||||
STATEMENT OF CHANGES IN EQUITY | |||||||
PERIOD ENDED 30TH SEPTEMBER | |||||||
Rs. | |||||||
Stated | Statutory Reserve | Non-Distributable | Revaluation | Retained | |||
Regulatory Loss | Total | ||||||
Capital | Fund | Reserve | Earnings | ||||
Allowance Reserve | |||||||
Balance as at 1 April 2023 | 7,597,925,039 | 260,448,732 | 1,748,974,244 | 172,788,382 | (7,544,089,315) | 2,236,047,083 | |
Profit/(Loss) for the 6 month period | - | - | - | - | (918,419,360) | (918,419,360) | |
Other comprehensive income,net of tax | - | - | - | - | - | - | |
Transfer to Statutory Reserve Fund | - | - | - | - | - | - | |
Balance as at 30 September 2023 | 7,597,925,039 | 260,448,732 | 1,748,974,244 | 172,788,382 | (8,462,508,675) | 1,317,627,723 | |
Balance as at 1 April 2024 | 9,930,116,800 | 260,448,732 | 1,736,237,951 | - | (9,137,904,468) | 2,788,899,016 | |
Profit/(Loss) for the 6 month period | - | - | - | - | 37,936,901 | 37,936,901 | |
Transfer Out from Regulatory Loss | - | - | (924,684,147) | - | 924,684,147 | ||
Allowance Reserve | |||||||
Other comprehensive income,net of tax | - | - | - | - | - | - | |
Transfer to Statutory Reserve Fund | - | 1,896,845 | - | - | (1,896,845) | - | |
Balance as at 30 September 2024 | 9,930,116,800 | 262,345,577 | 811,553,804 | - | (8,177,180,265) | 2,826,835,916 | |
SOFTLOGIC FINANCE PLC | Page 5 | ||
STATEMENT OF CASH FLOWS | |||
FOR THE PERIOD ENDED | |||
Rs. | |||
30/09/2024 | 30/09/2023 | ||
Unaudited | Unaudited | ||
Cash flows from operating activities | |||
Net profit/(Loss) before taxation | 37,936,901 | (918,419,360) | |
Adjustments for , | |||
Depreciation | 6,931,033 | 15,078,928 | |
Amortization of intangible assets | 9,589,313 | 9,485,238 | |
Profit on disposal of property, plant and equipment | (4,267,011) | (167,266) | |
Amortisation expenses on right-of-use assets | 27,094,099 | 28,614,039 | |
Impairment charge on bad and doubtful debts | (56,894,373) | 84,203,248 | |
Provision for defined benefit plans | 6,391,000 | 9,087,417 | |
Interest expenses | 490,540,354 | 1,825,784,759 | |
Operating profit before working capital changes | 517,321,316 | 1,053,667,004 | |
(Increase)/Decrease in Financial Assets at Amortised Cost - Lease & HP rental Receivables | 1,603,987,858 | 1,694,466,553 | |
(Increase)/Decrease in Financial Assets at Amortised Cost - Loans and Receivables | 1,316,443,515 | 3,436,539,586 | |
(Increase)/Decrease in Financial Assets Measured at Fair Value Through Profit or Loss (FVTPL) | 378,632,877 | 316,466,799 | |
(Increase)/Decrease in Placements with Banks and Other Finance Companies | (272,258,713) | 1,023,468,607 | |
(Increase)/Decrease in other assets | (61,947,570) | 129,736,370 | |
(Decrease)/Increase in amounts due to customers | (2,868,835,744) | (3,936,680,838) | |
Increase/(Decrease) in other payables | 237,114,851 | (4,513,746) | |
Cash generated from operations | 850,458,388 | 3,713,150,337 | |
Interest paid | (490,540,354) | (1,825,784,759) | |
Taxes paid | - | - | |
Defined benefit plan costs paid | (3,694,285) | (13,162,770) | |
Net cash generated from operating activities | 356,223,750 | 1,874,202,807 | |
Cash flows from investing activities | |||
Purchase of property, plant and equipment & Intangible Assets | (15,167,674) | (5,501,970) | |
Proceeds from disposal of property, plant and equipment | 5,104,900 | 185,000 | |
Net cash used in investing activities | (10,062,774) | (5,316,970) | |
Cash flows from financing activities | |||
Proceed from long term borrowings-Bank Loan | 245,664,263 | 1,664,397,034 | |
Repayment of long term borrowings- Bank Loan | (458,866,154) | (607,308,253) | |
Proceeds from commercial papers | 82,645,576 | 5,736,815,889 | |
Repayment of commercial papers | (330,693,243) | (8,806,673,039) | |
Repayment of principal portion of lease liabilities | (41,737,555) | (18,024,511) | |
Net cash (used in) / generated from financing activities | (502,987,113) | (2,030,792,879) | |
Net Increase/ (decrease) in cash and cash equivalents | (156,826,137) | (161,907,042) | |
Cash and cash equivalents at the beginning of the year | 311,315,871 | 458,407,425 | |
Cash and cash equivalents at the end of the period | 154,489,734 | 296,500,384 | |
Reconciliation of cash and cash equivalents | |||
Cash, bank balance | 232,175,207 | 397,905,415 | |
Bank overdrafts | (77,685,473) | (101,405,031) | |
Cash and cash equivalents at the end of the period | 154,489,734 | 296,500,384 | |
Page 6
SOFTLOGIC FINANCE PLC
ANALYSIS OF FINANCIAL INSTRUMENTS BY MEASUREMENT BASIS
Rs.
Financial Assets recognised through | Financial Assets at Fair Value | Financial Assets at Amortised | ||||||||
through Other Comprehensive | Total | |||||||||
Profit or Loss (FVTPL) | Income (FVTOCI) | Cost (AC) | ||||||||
As at | 30.09.2024 | 31.03.2024 | 30.09.2024 | 31.03.2024 | 30.09.2024 | 31.03.2024 | 30.09.2024 | 31.03.2024 | ||
Assets | ||||||||||
Cash and Cash Equivalents | - | - | - | - | 232,175,207 | 333,866,263 | 232,175,207 | 333,866,263 | ||
Placements with Banks and Other Finance Companies | - | - | - | - | - | - | - | - | ||
Securities purchased under repurchase agreements | - | - | - | - | 875,753,511 | 603,494,798 | 875,753,511 | 603,494,798 | ||
Financial Assets Measured at Fair Value Through Profit or Loss (FVTPL) | - | 378,632,877 | - | - | - | - | - | 378,632,877 | ||
Financial Assets at Amortised Cost - Loans and Receivables to Other Customers | - | - | - | - | 2,502,272,429 | 3,840,154,976 | 2,502,272,429 | 3,840,154,976 | ||
Financial Assets at Amortised Cost - Lease Rental and Hire Purchase Receivables | - | - | - | - | 2,472,885,173 | 3,998,539,625 | 2,472,885,173 | 3,998,539,625 | ||
Investment in Dealing Securities | - | - | 30,600 | 30,600 | - | - | 30,600 | 30,600 | ||
Financial Assets at Amortised Cost - Other Financial Assets | - | - | - | - | 1,252,825,136 | 1,355,458,491 | 1,252,825,136 | 1,355,458,491 | ||
Total Financial Assets | - | 378,632,877 | 30,600 | 30,600 | 7,335,911,456 | 10,131,514,153 | 7,335,942,056 | 10,510,177,630 | ||
Rs. | ||||||||||
Financial Liabilities at | Total | |||||||||
Amortised Cost (AC) | ||||||||||
As at | 30.09.2024 | 31.03.2024 | 30.09.2024 | 31.03.2024 | ||||||
Liabilities | ||||||||||
Bank Overdrafts | 77,685,473 | 22,550,392 | 77,685,473 | 22,550,392 | ||||||
Financial Liabilities at Amortised Cost - Interest bearing Borrowings to Banks | - | - | - | - | ||||||
Financial Liabilities at Amortised Cost - Deposits due to Customers | 4,612,881,806 | 7,481,717,550 | 4,612,881,806 | 7,481,717,550 | ||||||
Financial Liabilities at Amortised Cost - Other Borrowed Funds | 96,636,034 | 557,885,592 | 96,636,034 | 557,885,592 | ||||||
Lease Liabilities | 215,870,975 | 75,979,132 | 215,870,975 | 75,979,132 | ||||||
Total Financial Liabilities | 5,003,074,288 | 8,138,132,666 | 5,003,074,288 | 8,138,132,666 |
SOFTLOGIC FINANCE PLC | Page 7 | ||
EXPLANATORY NOTES | |||
1. The above figures are provisional and subject to audit. | |||
2. Information on shares for the quarter ended September 30, 2024 as given below. | |||
Market Price per Share (Rs.) | CRL.N0000 | CRL.R0000 | |
Highest | 7.00 | - | |
Lowest | 4.90 | - | |
Closing | 6.10 | - | |
Ratios | |||
Debt to equity ratio (Times) | 1.92 | ||
Liquid assets ratio (%) - Statutory Minimum 10% | 23.53 |
3. There are no changes in the accounting policies and methods of computations since the publication of Annual report for the year ended March 31, 2024.
4. The Interim Financial Statements are in compliance with Sri Lanka Accounting Standards LKAS 34 - Interim Financial Reporting and provide the information required by the Colombo Stock Exchange.
5. The presentation and classification of figures for the corresponding period of the previous year have been amended, where relevant, for better presentation and to be comparable with those of the current year.
6. There has been no significant change in the nature of the contingent liabilities, which were disclosed in the Annual report for the year ended March 31, 2024.
7. No circumstances have arisen since the statement of financial position date, which would require adjustments to or disclosure in the financial statements
8. Capital Adequacy Ratio
The Company engaged its independent auditor to provide a special purpose audit opinion on the Statement of Profit or Loss and the Statement of Changes in Equity for the six months period ended September 30, 2024.
This special purpose audit report was prepared specifically for submission to the Central Bank of Sri Lanka. Its purpose is to include the profits after tax and the reversal of the Regulatory Loss Allowance Reserve (RLAR) of the Company for the six- month period ending September 30, 2024, as part of Tier 1 capital and in calculating the Capital Adequacy Ratios. The Company has submitted this report to the Central Bank for regulatory capital adequacy purposes.
SOFTLOGIC FINANCE PLC | Page 8 | ||
EXPLANATORY NOTES (Cont;) | |||
9. Twenty Major Shareholders as at 30 September 2024 | |||
Name | No. of Shares | (%) | |
SOFTLOGIC CAPITAL PLC, PAN ASIA BANKING CORPORATION PLC/SOFTLOGIC CAPITAL PLC | 918,701,788 | 95.44% | |
SOFTLOGIC LIFE INSURANCE PLC-A/C NO. 04 (PARTICIPATING FUND) | 15,688,030 | 1.63% | |
SOFTLOGIC HOLDINGS PLC | 5,657,598 | 0.59% | |
VANIK INCORPORATION LTD | 5,376,068 | 0.56% | |
MR. KULAPPUARACHCHIGE DON DAMMIKA PERERA | 3,154,253 | 0.33% | |
L.B. FINANCE LIMITED. | 2,090,000 | 0.22% | |
PEOPLES BANK/ASOKA KARIYAWASAM PATHIRAGE | 1,653,822 | 0.17% | |
HATTON NATIONAL BANK PLC/SUBRAMANIAM VASUDEVAN | 1,079,585 | 0.11% | |
MERCHANT BANK OF SRI LANKA & FINANCE PLC/B. JANEGAN | 714,564 | 0.07% | |
PEOPLE'S LEASING & FINANCE PLC/L.P.HAPANGAMA | 608,959 | 0.06% | |
HATTON NATIONAL BANK PLC/ARUNASALAM SITHAMPALAM | 274,303 | 0.03% | |
DIALOG FINANCE PLC/P.B.C. KURERA | 213,116 | 0.02% | |
SAMPATH BANK PLC/MR. ABISHEK SITHAMPALAM | 159,782 | 0.02% | |
MRS. PAMELA CHRISTINE COORAY | 132,444 | 0.01% | |
MR. THARMALINGAM LOGANATHAN | 117,966 | 0.01% | |
MERCHANT BANK OF SRI LANKA & FINANCE PLC 01 | 112,056 | 0.01% | |
MR. KADADSAM SATHEESWARAN | 110,000 | 0.01% | |
PEOPLE'S LEASING & FINANCE PLC/L.H.L.M.P.HARADASA | 107,850 | 0.01% | |
SEYLAN BANK LIMITED/JAMES HENRY PAUL RATNAYAKE | 106,646 | 0.01% | |
MR. ADDARA PATHIRANAGE SOMASIRI | 100,000 | 0.01% | |
PEOPLE'S LEASING & FINANCE PLC/DR.H.S.D.SOYSA & MRS.G.SOYSA | 100,000 | 0.01% | |
956,258,830 | 99.34% | ||
Others | 6,314,361 | 0.66% | |
Total | 962,573,191 | 100.00% | |
10. Directors' Shareholding as at 30 September 2024
Names of Directors | No. of Shares | (%) | |
1. Mr. A. K. Pathirage (Appointed w.e.f. 01 August 2024) | 1,653,822 | 0.17% | |
2. | Mr. H. K. Kaimal | Nil | Nil |
3. | Mr. C. Kalupahana | Nil | Nil |
4. Mr. Viresh Binomal Nanayakkara | Nil | Nil | |
5. Mr. H.S. Samantha Dabare | Nil | Nil | |
6. | Mr. R.J.Perera. | 9,600 | 0.00% |
11. Public shareholding as at 30 September 2024
Public holding | 20,862,353 | 2.17% |
Number of public shareholders | 2,035 |
12. Float adjusted market Capitalization as at 30 September 2024
Threshold | Compliance (Y/N) | Value | |
Float adjusted market Capitalization (Rs) | Less than 1 Bn | Yes | 127,415,813.29 |
Minimum Public Holding (%) | Minimum 10% | No | 2.17% |
In terms of Rule 7.14.1(b) of the Listing Rules of Colombo Stock Exchange, Softlogic Finance PLC is hereby announced that the Company is non-compliant with the Public Holding percentage as specified in Rule 7.14.(b) of the Listing Rules.
SOFTLOGIC FINANCE PLC | Page 9 |
EXPLANATORY NOTES (Contd.) |
13 RELATED PARTY TRANSACTIONS
Details of significant related party disclosures are as follows:
13.1 Transactions with Key Managerial Personnel (KMPs)
Key Managerial Personnel includes Members of the Board of Directors of the Company and of it's Holding Company.
Short-term employee benefits for the period | Rs. | 4,036,169 |
13.2 Transactions, arrangements and agreements involving KMPs and their close members of the family
The following provides the total amount of transactions which have been entered in to with Key Managerial Personnel and their close family members.
Time Deposits | Rs. | 2,015,534 |
Savings Deposits | Rs. | 1,261 |
13.3 Transactions with Group Companies
The Company enters into transactions with group companies and the following tables shows the outstanding balances and corresponding transactions during the period ended September 30, 2024
Rs. | |||||||
Company | Relationship | (Receivables) | Loans, Advances, | Borrowings / | Income Earned | Cost Incurred | Plant & Equip. |
/Payables | Investments & SPV | Deposits | Purchased / (sold) | ||||
Softlogic Capital PLC | Parent Company | - | - | 2,768,167 | - | 4,811,436 | - |
Softlogic Corporate Services (Pvt) Ltd | Affiliated Company | - | - | - | - | 3,190,141 | - |
Softlogic Brands (Pvt) Ltd | Group Company | - | - | 350,643 | - | 5,230 | - |
Softlogic Retail (Pvt) Ltd | Affiliated Company | (126,938) | - | 315 | - | 2 | - |
S R One (Pvt) Ltd | Affiliated Company | 933,843 | 1,100,266,157 | - | - | 2,930 | - |
Softlogic Computers (Pvt) Ltd | Affiliated Company | - | - | - | - | 41,300 | - |
Softlogic BPO Services (Pvt) Ltd | Affiliated Company | - | 719,653 | - | 64,968 | 29,729,720 | - |
Softlogic Life PLC | Affiliated Company | - | - | - | - | 11,424,124 | - |
The Company entered into agreements with S R One (Pvt) Ltd, a fully owned subsidiary of Softlogic Capital PLC, and carried out two transfers of the beneficial ownership of a part of the Company's loan portfolio for cash. The rationale for entering into these transactions is pursuant to an alternative Capital Augmentation Plan of the Company.
This plan is designed to enhance the Company's balance sheet and meet its capital adequacy requirements. The aggregate value of these transactions carried out amounted to LKR 1.1 billion. The Company has disclosed these transactions to the Colombo Stock Exchange via its announcements dated 01st August 2024, 06th September 2024 and 10th September 2024.
Page 10
SOFTLOGIC FINANCE PLC
EXPLANATORY NOTES (Contd.)
14 Utilisation of funds raised via capital market.
The company has raised funds via the capital market through a rights issue on 20th December 2019. The progress of uitlisation of the capital raised as per the objectives stated in the
14.1 right issue circular is given below.
% of utilisation | Clarification if not fully | |||||||
Objective | Amount allocated as | Proposed date of | % of total | Amount utilised in Rs. | utilised including if not | |||
Objective as per Circular | Amount allocated from | against allocation | ||||||
number | per Circular in Rs. | utilisation as per Circular | proceeds | (B) | utilized where are the funds | |||
(B/A) | ||||||||
proceeds in Rs. (A) | invested | |||||||
To Settle the utilized overdraft facilities | Within 2 monhs from | |||||||
(a) | 474,880,432 | the completion of the | 474,880,432 | 79% | 474,880,432 | 100% | N/A | |
of the company | ||||||||
Rights Issue | ||||||||
To expand the lending activities of the | Within 2 monhs from | |||||||
(b) | 127,614,800 | the completion of the | 127,614,800 | 21% | 127,614,800 | 100% | N/A | |
company | ||||||||
Rights Issue | ||||||||
602,495,232 | 602,495,232 | 100% | 602,495,232 |
14.2
The company has raised funds further via the capital market through a rights issue on 15th December 2020. The progress of uitlisation of the capital raised as per the objectives stated in the right issue circular is given below.
% of utilisation | Clarification if not fully | ||||||
Objective | Amount allocated as | Proposed date of | % of total | Amount utilised in Rs. | utilised including if not | ||
Objective as per Circular | against allocation | ||||||
number | per Circular in Rs. | utilisation as per Circular Amount allocated from | proceeds | (B) | utilized where are the funds | ||
(B/A) | |||||||
proceeds in Rs. (A) | invested | ||||||
- To repay maturity liabilities
To increase the secured lending portfolio | Within 6 months from | |||||||
(b) | to the required regulatory levels | 1,901,994,752 | the completion of the | 1,901,994,752 | 100% | 1,901,994,752 | 100% | N/A |
(i) Leasing | Rights issue | |||||||
(ii) Other lending | ||||||||
1,901,994,752 | 1,901,994,752 | 100% | 1,901,994,752 |
The company has raised funds further via the capital market through a rights issue on 26th August 2021. The progress of uitlisation of the capital raised as per the objectives stated in the
14.3 right issue circular is given below.
% of utilisation | Clarification if not fully | |||||||
Objective | Amount allocated as | Proposed date of | % of total | Amount utilised in Rs. | utilised including if not | |||
Objective as per Circular | against allocation | |||||||
number | per Circular in Rs. | utilisation as per Circular Amount allocated from | proceeds | (B) | utilized where are the funds | |||
(B/A) | ||||||||
proceeds in Rs. (A) | invested | |||||||
(a) | To improve the Capital adequacy ratio | - | Immediate | - | 0% | - | 0% | N/A |
To repay maturity liabilities,
- utilize in the lending and other business operations.
Within 6 months from | |||||||||
To increase the secured lending portfolio | 2,239,667,740 the completion of the | 2,239,667,740 | 100% | 2,239,667,740 | 100% | N/A | |||
Rights issue | |||||||||
(c) | to the required regulatory levels | ||||||||
(i) Leasing | |||||||||
(ii) Other lending * | |||||||||
2,239,667,740 | 2,239,667,740 | 100% | 2,239,667,740 | ||||||
- The maturity liabilities mentioned above under objective (c), include forecasted outflow of fixed deposits. If the outflow is less than expected and as a result if any proceeds from the rights remain unutilized, such amount will be utilized in lending and other business operations.
14.4 The company has raised funds further via the capital market through a rights issue on 08 December 2022. The progress of uitlisation of the capital raised as per the objectives stated in the right issue circular is given below.
% of utilisation | Clarification if not fully | |||||||
Objective | Amount allocated as | Proposed date of | % of total | Amount utilised in Rs. | utilised including if not | |||
Objective as per Circular | Amount allocated from | against allocation | ||||||
number | per Circular in Rs. | utilisation as per Circular | proceeds | (B) | utilized where are the funds | |||
(B/A) | ||||||||
proceeds in Rs. (A) | invested | |||||||
(a) | To improve the Capital adequacy ratio | - | Immediate | - | 0% | - | 0% | N/A |
(b) | To settle the working capital loan | 851,497,316 | Immediate | 851,497,316 | 100% | 851,497,316 | 100% | N/A |
borrowed from Softlogic Capital PLC. | ||||||||
851,497,316 | 851,497,316 | 100% | 851,497,316 |
14.5 The company has raised funds further via the capital market through a rights issue on 27 March 2024. The progress of uitlisation of the capital raised as per the objectives stated in the right issue circular is given below.
% of utilisation | Clarification if not fully | ||||||||||||
Objective | Amount allocated as | Proposed date of | % of total | Amount utilised in Rs. | utilised including if not | ||||||||
Objective as per Circular | Amount allocated from | against allocation | |||||||||||
number | per Circular in Rs. | utilisation as per Circular | proceeds | (B) | utilized where are the funds | ||||||||
(B/A) | |||||||||||||
proceeds in Rs. (A) | invested | ||||||||||||
To improve the Capital adequacy ratio as | |||||||||||||
(a) | per the Finance Business Act Direction | - | Immediate | - | 0% | - | 0% | N/A | |||||
No. 03 of 2018 | |||||||||||||
To address the serious loss of capital | |||||||||||||
(b) | situation as per S220 of the Companies | - | Immediate | - | 0% | - | 0% | N/A | |||||
Act No. 07 of 2007 | |||||||||||||
To | improve | the | Core | Capital | |||||||||
( c ) | Requirement, | as stipulated | by | the | - | Immediate | - | 0% | - | 0% | N/A | ||
Finance Business Act Direction No.2 of | |||||||||||||
2017 | |||||||||||||
(d) | To settle Subordinated Debt of Rs. 900 | 1,049,966,135 | Immediate | 1,049,966,135 | 45% | 1,049,966,135 | 100% | N/A | |||||
Mn obtained from Softlogic Capital PLC | |||||||||||||
To settle multiple short term loans of Rs. | |||||||||||||
(e) | 920 Mn obtained from Softlogic Capital | 1,090,382,066 | Immediate | 1,090,382,066 | 47% | 1,090,382,066 | 100% | N/A | |||||
PLC | |||||||||||||
(f) | To | settle the | Securitization | loan | & | 191,843,560 | Immediate | 191,843,560 | 8% | 191,843,560 | 100% | N/A | |
Commercial papers as per the maturities | |||||||||||||
2,332,191,761 | 2,332,191,761 | 100% | 2,332,191,761 |
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