List of Companies having 'Going Concern Threat' as on
Sl Company List Trading Code Auditor's Opinion Remarks
Life Insurance
1 Padma Islami Life Insurance Limited PADMALIFE Going Concern The company's ability to continue as going concern is significantly doubtful due to a huge negative life insurance fund. Substantial outstanding claims, non-compliance with regulatory requirements and lack of actuarial valuation further indicates serious financial and operational concerns.
2 Sunlife Insurance Company Ltd. SUNLIFEINS Going Concern The company's accounting basis is inappropriate or there is an undisclosed material uncertainty that may cost sinificant doubt over the use of that basis for a period of at least twelve months from the date of the financial statements.
Textiles & Clothing
3 Prime Textile Spinning Mills Ltd PRIMETEX Going Concern The qualified opinion aries from inadequate audit evidence and documentation over key financial balances, including bank accounts, inventories, receivables and advances. Auditors also noted unexplained bank deposits, unapproveddirectors'remuneration, impaired investments and non-compliance regarding unpaid dividends. ( As per AR-2023)
4 Pacific Denims Limited PDL Going Concern The company faces material going concern uncertainty due to defaults on long term borrowings and short term loans, along with capacity utilization.
5 Alltex Industries Limited ALLTEX Going Concern Not Readable
6 Dulamia Cotton Spinning Mills Ltd. DULAMIACOT Going Concern The company has significant going-concern uncertainty due to accumulated losses, excess current liabilities and prolonged closure of operations.
7 Sonargaon Textiles Ltd SONARGAON Going Concern The company has negative retained earnings. It also generated negative returns for its shareholders during the year.
8 Tung Hai Knitting & Dyeing Limited TUNGHAI Going Concern The company incurred a net loss during the year along with other matters, indicate that the material uncertainty exits that may cast significant doubt on the company's ability to continue as a going cocern. (As per AR-2021)
9 Anlima Yarn Dyeing Limited ANLIMAYARN Going Concern Material uncertainty exists regarding the company's ability to continue as a going concern, as current liabilities exceeded current assets.
10 Safko Spinning Mills Ltd. SAFKOSPINN Going Concern The company incurred accumulated loss and upain bank loan. Selling of inventory at nominal and shut down of operation are the events that may cast doubt on the company's ability to as continue concern.
11 Tallu/Toyo Spinning Mills Ltd. TALLUSPIN Going Concern The company has incurred net loss for the year. The financial performance may result an inability of the company to pay its debt when they fall due.
12 Zaheen Spinning PLC. ZAHEENSPIN Going Concern The company has remained non-operational due to the prolonged closure of its factory, raising potential going concern. The audit also identified weaknesses in receivables verification, tax and VAT compiance and insurance claims documentation.
13 The Dacca Dyeing & Manufacturing Co. Ltd. DACCADYE Going Concern The qualification mainly relates to the absence of a comprehensive fixed asset register, limiting proper verification of non-current assets. The company also has significant non-compliance with Income Tax and VAT regulations, including failures in Tax and VAT deductions.
14 Ring Shine Textiles Ltd. RINGSHINE Going Concern The company's financial indicators show negative retained earnings and negative operating cash flow. The company's liabilities also increased due to increased payables and exchange losses.
15 Metro Spinning Ltd METROSPIN Going Concern A net loss during the year and substantial negative retained earnings have raised significant concerns about the company's financial sustainability.
16 Mithun Knitting and Dyeing Ltd MITHUNKNIT Going Concern The company's operations have been discontinued with no clear indication of resumption, while its equity has turned negative due to materially misstated advances and prepayments.
Pharmaceuticals & Chemicals
17 Global Heavy Chemicals Ltd. GHCL Going Concern The company faces significant going-concern uncertainty due to financial insolvency, with current liabilities substantially exceeding current asstes. Declining sales and partial operations further raise concerns over its ability.
18 Central Pharmaceuticals Ltd. CENTRALPHL Going Concern The company received an adverse audit opinion due to significant financial and operational uncertainties, including negative retained earnings, insufficient operating cash flows, outstanding bank loans and tax demands.
19 Indo-Bangla Pharmaceuticals Ltd. IBP Going Concern The company faces material uncertainty regarding its ability to continue as going concern due to recurring losses, weaknesses in internal controls and record keeping, and inadequate financial stability and liquidity.
Foods & Allied Products
20 National Tea Company Limited NTC Going Concern The company is under severe financial stress, with substantial accumulated losses, negative equity, heavy reliance on borrowings and persistent negative operating cash flows.
21 BD Thai Food & Beverage Limited BDTHAIFOOD Going Concern The company is in the threat of going concern due to huge amount of loans, liabilities, decreasing revenue, stuck of inventories, uncertainty of advance realization, receivable collectability and current year's loss.
Cement
22 Aramit Cement Limited ARAMITCEM Going Concern The auditor highlighted several matters, including non-compliance with BSEC requirements regarding unclaimed dividends and concern over related party transactions. It also facing risk due to negative shareholders' equity, profit after tax, NAVPS, EPS and NOCFPS. (As per AR- 2024)
23 Meghna Cement Mills PLC. MEGHNACEM Going Concern The qualification mainly relates to a significant decline in turnover and restricted operations due to financial and prodection constraints, creating material uncertainty over going concern.
Engineering & Electrical Products
24 Aziz Pipes Ltd. AZIZPIPES Going Concern The qualification mainly relates to the inability to verify certain property, plant and equipment, slow-moving inventories and long-outstanding receivables and advances. The auditors also could not verify certain bank loan liabilities due to ongoing litigation.
25 Ratanpur Steel Re-Rolling Mills Limited RSRMSTEEL Going Concern The Company has outstanding loan due. The company also faces gross loss due to excessive cost of production and net negative operating cash flow. ( As per AR- 20201)
Papers & Printing
26 Khulna Printing & Packaging Limited KPPL Going Concern The company incurred asubsatntial net loss, has accumulated retained losses, negative shareholder's equity, negative net asset value per share, and negative retained earnings per share. ( As per AR- 2022)
Fuel & Power
27 GBB Power Ltd GBBPOWER Going Concern The company faces significant uncertainty regarding its ability to continue as a going concern due to the expiry of its joint venture agreement.
28 Doreen Power Generations and Systems Ltd DOREENPWR Going Concern The company faces going concern uncertainly following the expiry and shutdown of its power plants. However, its operational subsidiaries with valid PPAs are expected to generate dividend income tosupport the company's ongoing operations, supplemented by temporary loans from subsidiaries.
29 Khulna Power Company Limited KPCL Going Concern The company faces significant going concern uncertainty following the expiry of its electricity supply contrancts and suspension of plant operations.
30 Baraka Power Limited BARKAPOWER Going Concern The accompanying financial statements have been prepared assuming that the company will continue as a going concern due to continuous loss, which is more than 200% of it's paid-up capital.
Banking
31 Social Islami Bank PLC. SIBL Going Concern The bank is facing significant financial uncertainty due to a severe capital shortfall and prolonged non-compliance with regulatory capital and liquidity requirements. Rising non-performing investments and declining customer deposits further indicate financial stress. ( As per AR- 2024)
32 First Security Islami Bank PLC FIRSTSBANK Going Concern The auditor highlighted significant capital inadequacy, severe liquidity constraints and deterioration in asset quality. The bank's capital and liquidity ratios remained below regulatory requirements while a substantial portion of its investments was classified as imparied. ( As per AR- 2024)
33 Union Bank PLC. UNIONBANK Going Concern The bank is significantly non-compliant with regulatory capital requirements, with a substantial capital shortfall under the Basel III framework. Its heavy concentration of investments in a single borrower group also breaches regulatory limits, while required related party disclousers were not adequately made. ( As per AR- 2024)
Ceramics
34 Standard Ceramic Industries Ltd STANCERAM Going Concern The company indicates several material uncertainty which may cast significant doubt on the company's ability to continue as a going concern. (As per AR-2024)
ICT
35 Intech Limited INTECH Going Concern The company's going-concern position is under pressure due to negative shareholders' equity, accumulated losses and negative EPS.
Leasing & Finance
36 First Finance PLC. FIRSTFIN Going Concern The company represents negative net interest income since 2017. It also represents negative operating income since 2020. Besides these, deposit of the company has been decreased due to current market reputational damage of the company. (As per AR- 2024)
37 People's Leasing and Financial Services Ltd. PLFSL Going Concern The company is facing continuous loss including negative equity, negative capital adequacy ratio and negative operating cashflow.
38 Prime Finance & Investment Ltd. PRIMEFIN Going Concern The company is currently facing liquidity challenges and has reported negative retained earnings since 2015. (As per AR-2023)
39 Premier Leasing & Finance Limited PREMIERLEA Going Concern The qualification mainly relates to significant shortfalls in requried provisions against loans, advances and other asstes. The company also has substantial FDR investments without adequate impairment provisions, creating uncertainty over their recoverability and potential future losses.
40 Bay Leasing & Investment Limited BAYLEASING Going Concern The company faces substantial doubt regarding its ability to continue as a going concern, as its liabilities exceeded assets due to accumulated negative retained earnings and operating cashflow.
41 Islamic Finance and Investment PLC. ISLAMICFIN Going Concern The auditor highlighted significant financial weaknesses, including inadequate significant provisioning against investments and a high level of classified loans, leases and advances. The company has also failed to maintain a minimum regulatory capital requirement prescribed by Bangladesh Bank. (As per AR- 2024)
42 Bangladesh Industrial Finance Co. Ltd. BIFC Going Concern The auditor highlights significant accumulated losses and excess liabilities over asstes, creating material uncertainty over the company's ability to continue as going concern. The company also has deficiencies in maintaining required regulatory reserves and capital related requirements. (As per AR- 2024)
43 Union Capital Ltd. UNIONCAP Going Concern The company has incurred significant accumulated losses and its liabilities exceeded its total assets.
44 International Leasing and Financial Services Ltd. ILFSL Going Concern The report shows significant continuing financial difficulties that includes accumulated losses, substantial overdue invetments and advances, and significant exposure to financially distressed entitites. (As per AR- 2024)
45 Phoenix Finance & Investments Limited PHOENIXFIN Going Concern The company is facing severe financial pressure, reporting a substantial net loss and negative assets. A significant net liquidity gap also indicates a material funding deficit, raising serious doubt about its ability to continue as a going concern.
46 FAS Finance & Investment Ltd. FASFIN Going Concern The company faces significant going-concern uncertainty due to prolonged financial distress, liquidity shortages and regulatory intervention. Bangladesh Bank has initiated the liquidation process, making continuation of operations highly uncertain.
47 GSP Finance Company(Bangladesh) Limited GSPFINANCE Going Concern The company's financial indicators show significant amount of non-performing loan and loan loss provision, negative gross profit margin and net profit margin, shortage of fund and negative equity exposure. (As per AR- 2024)
48 Fareast Finance & Investment Ltd FAREASTFIN Going Concern The company bears a huge accumulated loss during the year and an overall negative equity. The capital adequacy ratio also stands negative. (As per AR- 2024)
Miscellaneous
49 Usmania Glass Sheet Factory Limited USMANIAGL Going Concern The company has been unable to resume production for an extended period and generated no revenue during the year. Severe liquidity constraints and reliance on shareholder funding create material uncertainty over its ability to continue as going concern.
50 Khan Brothers PP Woven Bag Industries Ltd. KBPPWBIL Going Concern The audit qualificationmainly relates tounverifiable inventories, long-outstanding export receivables and doubtful fixed deposits. The absence of adequate supporting records and impairment provisions creates uncertaintyover the recoverability and accuracy of these balances.