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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » නිසි අධීක්ෂණයක් නොමැති වීම මූල්‍ය ආයතන කඩාවැටීමට හේතුවක් - තැන්පත්කරුවෝ

නිසි අධීක්ෂණයක් නොමැති වීම මූල්‍ය ආයතන කඩාවැටීමට හේතුවක් - තැන්පත්කරුවෝ

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K.Haputantri

K.Haputantri
Co-Admin
නිසි අධීක්ෂණයක් නොමැති වීම මූල්‍ය ආයතන කඩාවැටීමට හේතුවක් - තැන්පත්කරුවෝ
අවසාන යාවත්කාලීන කිරීම :  2013 සැප්තැම්බර් 13 සිකුරාදා - 13:39 GMT
BBC Sandeshaya


නිසි අධීක්ෂණයක් නොමැති වීම මූල්‍ය ආයතන කඩාවැටීමට හේතුවක් - තැන්පත්කරුවෝ  120126174101_srilanka_rupee_304x171_gosl_nocredit
ශ්‍රී ලංකා මහා බැංකුවේ නිසි අධීක්ෂණයක් නොමැති වීම මෙරට මූල්‍ය ආයතන කඩාවැටීමට ප්‍රධානතම හේතුවක් බව කඩා වැටුණු සෙන්ට්‍රල් ඉන්වෙස්ට්මන්ට් ඇන්ඩ් ෆිනෑන්ස් ආයතනයේ තැන්පත්කරුවන්ගේ සංගමය පවසයි.
සෙන්ට්‍රල් ඉන්වෙස්ට්න්ට්මන්ට් ඇන්ඩ් ෆිනෑන්ස් ආයතනය (CIFL) බංකොලොත් වීම නිසා එහි රුපියල් බිලියන 3.4 ක් පමන මුදල් ආයෝජනය කල 6000 කට අධික පිරිසක් අද අසරණ වී සිටිති.
පසුගිය දෙසැම්බර් මාසයේ සිට පොලි මුදල් ලබා දීමද අත්හිටුවා ඇති එම ආයතනය ශ්‍රී ලංකා මහා බැංකුවේ මුදල් මණ්ඩලයේ බලපත්‍ර ලාභී මුල්‍ය සමාගමක් ලෙස ලියාපදිංචි ඇති මූල්‍ය ආයතනයකි.
ප්‍රතිව්‍යුහගත කිරීම
මේ සම්බන්ධයෙන් කළ විමසුමකට, මහ බැංකු ප්‍රකාශකයකු සංදේශයට පැවසුවේ සෙන්ට්‍රල් ඉන්වෙස්ට්මන්ට් ඇන්ඩ් ෆිනෑන්ස් ආයතනය (CIFL) ප්‍රතිව්‍යුහගත කිරීමට මේවන විට අවශ්‍ය පියවර ගනිමින් තිබෙන බවයි.

dhanurrox


Vice President - Equity Analytics
Vice President - Equity Analytics
If you were in alert you could have exit in time.

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I can't under stand why political do not leaders understand this.



Last edited by D.G.Dayaratne on Sun Sep 15, 2013 6:34 am; edited 1 time in total

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
මාගේ පුද්ගලික අදහස නම් මූල්‍ය ආයතන යනු වෙන කරුවත් බලා කියා ගත යුතු මොන්ටිසෝරි නොවන බවයි.

මහජන මුදල් ලබාගැනීමට තරම් ඉහල වත්කමක් හා සුදුසුකමක් ලැබූ ආයතනයක් යනු එසේ මෙසේ එකක් නොවේ. එය පරිපාලනය කල යුත්තේ දෙශයේ ඉහලම පලපුරුද්ද සුදුසුකම් හා දැනුම ඇති අය යි. එසේ නොමැතිනම් එයට මහජන මුදල් ලබා ගැනීමට ඉඩ දිය යුතු නොවේ.
මෙසේ බිහිවන මූල්‍ය ආයතන වල කටයුතු සඳහා තව කාගෙවත් නිරතුරු අධීක්ශනය අවශ්‍ය වේනම් ඉන් අදහස් වන්නෙ ඔවුන් මුල්‍ය කටයුතු පරිපාලනය සඳහා සුදුසු මට්ටමක නැති බවයි. නැතහොත් මෙම මුල්‍යායතන වල නියමුවන් අවස්ථාව ලැබෙනවිට හොරකමේ යෙදෙන්නට බලා සිටින හොරුන් බවයි.

වෙන​=ත් වෘත්තීන් වල යෙදෙන,  සාමන්‍ය වානිජ අවබොධයක් ඇති අපටත් මෙම ආයතන වල මූල්‍ය වාර්තා පිරික්සීමේදී ඔවුන් ගේ ගමන කුමන දිශාවකට දැයි කලින්ම පෙනේ නම්  තම ආයතන පිලිබඳ  පුර්ණ  දැනුමක් හා වගකීමක් ඇති අද්‍යක්‍ෂ වරුන්ට එය නොපෙනේ යයි කිසිසේත් කිව නොහැක​.
අමාරුවේ වට්ටවා ඇති මෙම සියලුම ආයතන එම මට්ටමට වැටුනා නොව මෝඩ හා අදූරදර්ශී පාලනය නිසා හෝ දැන දැනම  ඇස් පනාපිට පෙනි පෙනී හෝ එම මට්ටමට ලඟා කර වූ ඒවාය​.

මෙම තත්ත්වය වැලැක්වීමට නම් කල යුතු එකම දේ අද්‍යක්ශ වරුන් ගේ වගකිය යුතු බව වැඩි කිරීම හා නිවැරදි මූල්‍ය විනයක් සඳහා ස්ථිර නිර්නායක  සැපයීම හා ඒවා පිලි නොපදින ආයතන වහාම මහජන මුදල් වලින් ඉවත් කිරීමය .
එමෙන්ම ඇස් පනා පිට හොරකමේ යෙදුන පුද්ගලයන් ට නිසි දඬුවම් පැමිණවීමය​.

එසේ නොමැතිව හැම එකා කරන හැම දේම රජයෙන් බලා සිටින්න සිදු වේනම් එම ආයතන රජයෙන්ම පාලනය කිරීම වඩා පහසුය​.

එ මෙන්ම කවුරුන් හෝ අසාමන්‍ය ප්‍රතිලාභයක් දෙනවා යැයු කිව් පමනින් තමන් සතු ධනය ඔවුනට පූජා කරන අය එහි ඇති අවදානම ද තමන් ම බාර ගත යුතුය​.

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Yes, Finance companies should not be primary level businesses but they are components of entire financial system in the country.
Every private sector business has a initial objective of earning profit as well as persons' in that firm.

You have said government should impose much suitable and stable criteria and stop business which do not comply with them.
However, as I stated before in one of my previous post, governing finance system of a country in a binary methodology can firmly reason to a great failure because survival of financial system of a country mainly depends on people's confidence.

Therefore, must require to monitor the performance of finance companies and prevent them from being bankrupt or any other condition which may influence on faith badly. It's a national requirement to introduce a new frame to this, which allows 'customers' to perform a major role.

I got to know a large finance company in our country had done an abnormal quantity of frauds which is totally material. (Don't ask. I never expose it.) but regulators were unable to capture them before auditors.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@K.Haputantri wrote:
පසුගිය දෙසැම්බර් මාසයේ සිට පොලි මුදල් ලබා දීමද අත්හිටුවා ඇති එම ආයතනය ශ්‍රී ලංකා මහා බැංකුවේ මුදල් මණ්ඩලයේ බලපත්‍ර ලාභී මුල්‍ය සමාගමක් ලෙස ලියාපදිංචි ඇති මූල්‍ය ආයතනයකි.
I agree with Chinwi.. If central bank has to micro manage all these banks, then there'll not be a time for them for any other business. CIFL directors need to know that they're dealing with the money of common man and for all these mess they should be punished at max for others to learn the aftermath of a fraud at a large magnitude..
However, I want to add this too.. As a responsible and trusted entity Central Banks could at least audit the financial reports and predict this down fall. There should be many intelligent guys in there rite? Or Mr. Nivadu Kabroll is the only one?Twisted Evil 

This is a fiasco.. But as a responsible forum we educated our members not to even invest in this IPO.. I remember many members started exposing the frauds and broken promises of this company with facts. It was like a pyramid scheme... They wanted more and more depositors so they could pay the earlier ones.. As the norm, the last to get in were give a sorry face..

Then again.. Haven't we seen the Auditors reports of CIFL? Now u guys need to find out the auditors of this company and what other companies they audit too.. I hope u get my point Laughing 

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I you continue Chinwi's argument you can say Police Dept is also nor necessary people should know how to behave in society

As far as i know supervisory authorities indirectly support malpractices of financial institutions
This country still not used to modern commercial activities.Most of the people who live in urban areas also actually villagers

We need more govt supervision and strict actions against culprits

balapas


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
CBSL could introduce tough rules with punishment for misuse of funds with finance companies. That will help since I dont think in SL some companies follow code of ethics just like the neighboring countries.

Also like once I suggested my broker, brokering firms can introduce a product to look at quality of earnings of companies. If you look in to few annual reports and quarterly reports of companies many things can be found. Whether you adopt IFRS locally does not mean its going to change. Accounting tactics will less difficult but there will be room to do some under provisioning, aggressive recognition of income etc and still pass the auditors test since it was within limits. Anyways an senior auditor for many years told me that since they want to keep the account with clients even most reputed audit firms ignore certain issues and not dont even add a note until it gets worse. For audit of a large organisation, auditors get more than Rs2mn a year. So companies that are bordering the accounting standard limits should be looked at carefully. There are potential loopholes in standards and thats why they change from time to time.  

Looking at quality of earnings of companies is important. Foreigners look in to this and my last job in this industry in 2008 was when I worked for a hedge fund. (now dont ask me accounting stuff dont remember much now! ) They looked in to quality of earnings of Asian companies that had adopted IFRS so will help in the investing decisions. They looked in to qualitative factors like management background, corporate governance as well not just the accounts. This could be a separate product or separate part of the equity research report. Thats why most foreigners go for companies like JKH since they have transparency and adherence of ethics. Well if you look in to all this will narrow down your options but if you are an investor need to do it.



Last edited by balapas on Sun Sep 15, 2013 8:32 am; edited 1 time in total (Reason for editing : Add new information)

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Access Engineering holding 1 Million Shares since beginning till 30.06.2013.

From 10Rs to 1Rs and still counting...the LOSSES

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
For Me Government (CBSL) Has to take Full responsibility for the gross negligence on their part for allowing this to happen.
After all past financial companies collapses, CBSL has been putting up various news article educating the public to invest in CBSL registered finance companies.
I am sure CBSL new these issue long time ago, and did not act for some reason we do not know.
What is the supervision and compliance unit of CBSL doing. Those in that seat should be pulled up for not doing their job professionally.
I question their strength and integrity which is the motto of CIFL.
With this people will loose the trust and certification CBSL has on all Banks and Finance companies.

Foe those thinking to BUY CIFL or TWOD shares ......

Danagena giyoth Kataragama Netinam Ataramaga.....

TAH

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@dhanurrox wrote:If you were in alert you could have exit in time.
Now who is the Next Finance Company on the brink of a collapse...

Rolling Eyes 

balapas


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I'm going to put my FDs and family members ones when they mature with private banks in the future. Lot of friends and family got issues with these finance companies in the past and present and dont want to be another victim. The issues with Finance companies is like a business cycle, once in few years they are in trouble and loosely regulated. A recently appointed top guy at a finance company was personally known to me he is someone who got fired by a company for failing a drug test sometime back.



Last edited by balapas on Sun Sep 15, 2013 1:17 pm; edited 1 time in total

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Fiance companies also like Insurance companies before establishment

of insurance corporation in 1960s

I do not say these finance companies should be nationalize

CBSL should take action

If present laws not sufficient CBSL must take
action to introduce new laws

K.Haputantri

K.Haputantri
Co-Admin
@balapas wrote:CBSL could introduce tough rules with punishment for misuse of funds with finance companies. That will help since I dont think in SL some companies follow code of ethics just like the neighboring countries.

Also like once I suggested my broker, brokering firms can introduce a product to look at quality of earnings of companies. If you look in to few annual reports and quarterly reports of companies many things can be found. Whether you adopt IFRS locally does not mean its going to change. Accounting tactics will less difficult but there will be room to do some under provisioning, aggressive recognition of income etc and still pass the auditors test since it was within limits. Anyways an senior auditor for many years told me that since they want to keep the account with clients even most reputed audit firms ignore certain issues and not dont even add a note until it gets worse. For audit of a large organisation, auditors get more than Rs2mn a year. So companies that are bordering the accounting standard limits should be looked at carefully. There are potential loopholes in standards and thats why they change from time to time.  

Looking at quality of earnings of companies is important. Foreigners look in to this and my last job in this industry in 2008 was when I worked for a hedge fund. (now dont ask me accounting stuff dont remember much now! ) They looked in to quality of earnings of Asian companies that had adopted IFRS so will help in the investing decisions. They looked in to qualitative factors like management background, corporate governance as well not just the accounts. This could be a separate product or separate part of the equity research report. Thats why most foreigners go for companies like JKH since they have transparency and adherence of ethics. Well if you look in to all this will narrow down your options but if you are an investor need to do it.
Your comments are very usefull for the members.

However, as for the regulators responsibility for strict action against these companies, I have my doubts that any serious action would be taken by them to check this issue. The reasosns are obvious. See what happenned to Indrani and Dr. Karunaratne for trying to fulfill their responsibility fearlessly. The incumbant publickly stated his friendly policy of regulation, akin to cabba's policy of dealing with finance companies. Both are doing all other irrelavant things other than regulation. What a shame.

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I agree with Hapu

She (IS) has taken correct action But she never thought the sensitiveness of stock market . Being a  SLAS officer  she thought anything can be control
by issuing a Circulars
Purpose of appointing her may be to give control of SEC to Politically powerful person Who do not know any thing about
stock market. Because her husband  specifically told he do not know any thing about her appointment
But after appointment she learn the subject and took correct action in wrong way. Dr karunaratne  also followed her

Both were  not able to satisfy real appointing authority

Who was real appointment Authority  ?

Hupu must be knowing better than me.

This the history  i think behind the present problem in the share market


Any one can correct me if i am wrong

Basic problem is  authorities of this govt do not understand "STOCK MARKET CONCEPT" PROPERLY

This is high time to understand and take action

Hapu can give a lecture  on this in Sinhala and English



Last edited by D.G.Dayaratne on Sun Sep 15, 2013 4:14 pm; edited 4 times in total (Reason for editing : typing mistake)

K.Haputantri

K.Haputantri
Co-Admin
Auditors of the CIFL is L.G.Damboragama & Company. They have given a qualified certificate in the latest report. Relavant portion is reproduced below;

"CENTRAL INVESTMENTS & FINANCE PLC
Annual Report
2011-12

( 1 ) Report on the Financial Statements
We have audited the accompanying financial statements of Central Investments & Finance Plc, which comprise the balance sheet as at 31st March 2012, and the income statement, statement of changes in equity and cash flow statement for the period then ended, and a summary of significant accounting  policies and other explanatory notes.

( 2 ) Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with Sri lanka Accounting Standards. This responsibility includes:
designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and aking accounting estimates that are reasonable in the circumstances.

( 3 ) Scope of Audit and Basis of Opinion Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Sri Lanka Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of financial statement. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit other than matters described in paragraph 4 bellow. We therefore believe that our audit provides a reasonable basis for our opinion.

( 4 ) The company has not been able to comply with the directions issued by the Central Bank of Sri Lanka under the provision of the Finance Companies Act No. 78 of 1988 as disclosed in note No. 24 to these financial statements.

( 5 ) Opinion Except for the effects of such adjustment if any as might have been determined to be necessary had we been able to satisfy ourselves for the matters referred to in paragraphs 4, in our opinion, so far as appears form our examination, the Company maintained proper accounting records for the year ended 31st March 2012 and the financial statements give a true and fair view of the Company’s state of affairs as at 31st March 2012 and its
profit and cash flows for the year then ended, in accordance with Sri Lanka Accounting Standards."



Last edited by K.Haputantri on Sun Sep 15, 2013 7:09 pm; edited 1 time in total

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Next KPMG. We will be able to see a rare and much faithful report. Smile

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