FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post



Poll

Can there be another Covid-19 wave in Sri Lanka?

 
 
 

View results

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» LOFC LOFC LOFC
by stockchaser Today at 1:00 pm

» The stock market can be a great place to make money; it can also be a great place to lose money. Stock market for beginners
by D.G.Dayaratne Today at 7:33 am

» BROWNS INVESTMENTS PLC (BIL.N0000)
by MoneyLover Yesterday at 7:16 pm

» What is "Introductions" in Upcoming listing in CSE?
by Nandun Yesterday at 1:46 pm

» Glove stocks fall after Top Glove posts weaker 4Q results
by ResearchMan Yesterday at 1:37 pm

» KOTAGALA PLANTATION
by stockchaser Yesterday at 8:03 am

» LOFC AND CLC Target Price??
by Captain Fri Sep 17, 2021 9:17 pm

» Top Foreign Trading today
by SAGA Fri Sep 17, 2021 6:32 pm

» Top crossings today
by SAGA Fri Sep 17, 2021 5:01 pm

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by Sunimal Fri Sep 17, 2021 12:52 pm

» Amana Takaful ATL & ATLL
by kanishkaecomm Fri Sep 17, 2021 12:17 pm

» Best Time to Collect Cic X
by Value Pick Fri Sep 17, 2021 8:15 am

» Why is First Capital Holdings being dumped?
by Berryfund Fri Sep 17, 2021 6:29 am

» AGST can move
by Zayden River Thu Sep 16, 2021 11:58 pm

» COMMERCIAL CREDIT AND FINANCE PLC (COCR.N0000)
by newone Thu Sep 16, 2021 11:57 pm

» AGSTAR PLC (AGST.N0000)
by Zayden River Thu Sep 16, 2021 11:57 pm

» RAIGAM WAYAMBA SALTERNS PLC (RWSL.N0000)
by Bakkabwoi Thu Sep 16, 2021 8:10 pm

» Twitter accounts related to the stock market
by Bakkabwoi Thu Sep 16, 2021 8:09 pm

» TOKYO CEMENT COMPANY (LANKA) PLC
by xhunter Thu Sep 16, 2021 7:55 pm

» LOFC LOFC LOFC
by madukp Thu Sep 16, 2021 6:49 pm

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Is The LOLC Cheating or Doing In Justice to Minority share Holders

Is The LOLC Cheating or Doing In Justice to Minority share Holders

+4
jaya
ishan.mindika@gmail.com
dayandacool
Miss-Sangeetha
8 posters

Go down  Message [Page 1 of 1]

Miss-Sangeetha

Miss-Sangeetha
Moderator
Moderator
On 6th January 2020, LOLC Sri Lanka the parent company in their disclosure clearly mentioned that their Singaporean subsidiary The LOLC International Private Limited of Singapore which holds 70% stake in Cambodian PRASAC Micro Finance Institution Limited, entre into sale agreement for the consideration of USD 603 Million.

The LOLC International Private Limited of Singapore is functioning as separate entity in Singapore, they are maintaining separate books of Accounts under Singaporean accounting practice and taxation rules.

The Singaporean accounting practice and taxation rules are well developed than Sri Lanka. 


The sale proceeds of Cambodian PRASAC Micro Finance Institution Limited, USD 603 Million will go to The LOLC International Private Limited of Singapore entity's books of Accounts under Singaporean accounting practice and taxation rules,


Further, when The LOLC International Private Limited of Singapore invest in Cambodia year 2007, it has book value of investment in their financial Statement in Singapore, that amount should be deducted from Cambodian Sales proceeds and after paying Cambodian sales tax if any.to arrive profit on sale, that is totally entitle to The LOLC International Private Limited of Singapore that too subject to Singaporean taxation, can't cheat / evade tax payment like Sri Lanka.   

The sale of Cambodian PRASAC Micro Finance Institution Limited profit will be in The LOLC International Private Limited of Singapore entity's books of Accounts  as under listed Other income in income statement.

Finally net off their all the running expense of  The LOLC International Private Limited of Singapore as usual in the income statement the net profit of Singapore LOLC will be subject to Singaporean taxation then attributed to Sri Lankan Parent company in due course, but they could make use that profit to develop The LOLC International Private Limited of Singapore.

As conclusion. sale proceed of  The Cambodian PRASAC Micro Finance Institution Limited will go to The LOLC International Private Limited of Singapore, Functioning as entity in Singapore. will be reflected in their income statement with listed other income, after meeting their expenses net profit subject to Singapore taxation, final profit may be shared to Singaporean share holders if they listed there or totally attributed to Sri Lankan parent company   

But some of the our forum's great experts are saying

1. When the ship from Cambodia with USD 603 Million arrive at Colombo harbor  LOLC price would be sky rocketed at CSE. Very Happy Very Happy Very Happy Very Happy Very Happy
2.some are directly adding this USD 603 Million to Sri Lankan parent LOLC'S income statement and dividing the net profit by number of issued shares, claiming EPS should be Rs.170 .

3.Some are wailing for cheating.
4. Some are wailing for injustice to the the minority share holders
 
5. Some are after running behind these experts, wailing for action in this forum against the one and a quarter experts of this forum, for sell, buy or hold advices

6. Some are saying new moderators needed for forum to tackle the quarter experts. 

J-CAT, CSE VIJAY, dayandacool, Kipling, Junior investor, priyangatks, Gunther and ishan.mindika@gmail.com like this post

Lawa dislikes this post

dayandacool

dayandacool
Moderator
Moderator
@Miss-Sangeetha wrote:On 6th January 2020, LOLC Sri Lanka the parent company in their disclosure clearly mentioned that their Singaporean subsidiary The LOLC International Private Limited of Singapore which holds 70% stake in Cambodian PRASAC Micro Finance Institution Limited, entre into sale agreement for the consideration of USD 603 Million.

The LOLC International Private Limited of Singapore is functioning as separate entity in Singapore, they are maintaining separate books of Accounts under Singaporean accounting practice and taxation rules.

The Singaporean accounting practice and taxation rules are well developed than Sri Lanka. 


The sale proceeds of Cambodian PRASAC Micro Finance Institution Limited, USD 603 Million will go to The LOLC International Private Limited of Singapore entity's books of Accounts under Singaporean accounting practice and taxation rules,


Further, when The LOLC International Private Limited of Singapore invest in Cambodia year 2007, it has book value of investment in their financial Statement in Singapore, that amount should be deducted from Cambodian Sales proceeds and after paying Cambodian sales tax if any.to arrive profit on sale, that is totally entitle to The LOLC International Private Limited of Singapore that too subject to Singaporean taxation, can't cheat / evade tax payment like Sri Lanka.   

The sale of Cambodian PRASAC Micro Finance Institution Limited profit will be in The LOLC International Private Limited of Singapore entity's books of Accounts  as under listed Other income in income statement.

Finally net off their all the running expense of  The LOLC International Private Limited of Singapore as usual in the income statement the net profit of Singapore LOLC will be subject to Singaporean taxation then attributed to Sri Lankan Parent company in due course, but they could make use that profit to develop The LOLC International Private Limited of Singapore.

As conclusion. sale proceed of  The Cambodian PRASAC Micro Finance Institution Limited will go to The LOLC International Private Limited of Singapore, Functioning as entity in Singapore. will be reflected in their income statement with listed other income, after meeting their expenses net profit subject to Singapore taxation, final profit may be shared to Singaporean share holders if they listed there or totally attributed to Sri Lankan parent company   

But some of the our forum's great experts are saying

1. When the ship from Cambodia with USD 603 Million arrive at Colombo harbor  LOLC price would be sky rocketed at CSE. Very Happy Very Happy Very Happy Very Happy Very Happy
2.some are directly adding this USD 603 Million to Sri Lankan parent LOLC'S income statement and dividing the net profit by number of issued shares, claiming EPS should be Rs.170 .

3.Some are wailing for cheating.
4. Some are wailing for injustice to the the minority share holders
 
5. Some are after running behind these experts, wailing for action in this forum against the one and a quarter experts of this forum, for sell, buy or hold advices

6. Some are saying new moderators needed for forum to tackle the quarter experts. 

Properly and eloquently summarized.  Smile

ishan.mindika@gmail.com


Stock Trader
Finally the whole story. Thanks.

1. When the ship from Cambodia with USD 603 Million arrive at Colombo harbor  LOLC price would be sky rocketed at CSE.


Laughing Laughing Laughing Laughing Laughing Laughing  so hilarious. So when is this so called ship is expected? Very Happy

jaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Where it shows in interim statement assets of Singapore unit? It has to be increase either, isn’t it?

npgslnawa


Manager - Equity Analytics
Manager - Equity Analytics
දැන් 110 මේ share එක අරගෙන 155 ට විකුණලා තියෙන්නේ හොරුද? 30% වලටත් වඩා ගේන් එකක් එද්දී එකේම එල්ලිලා ඉඳලා උපරිම ලාභ ගන්න බැරි උන් ඒකට වැලලෙන්න හදනවා. දැන් වැටෙයි දැන් වැටෙයි කියල 110 ඉඳන්ම අර ගන්නෙ නැතුව හිටපු අය දැන් පොඩි ආතල් එකක් ගන්නවා. JKH 80 ඇවිත් CMB 50 ගියපු මාකට් එකේ හොරු කවුද කියලා හොයන්න බෑ . සාධාරණ ලාභයක් ආවනං අයින් වෙන එක තමයි කරන්න ඕනේ. 
"තණ්හාය ජායතී සෝකෝ" 
ඕක බුදුහාමුදුරුවෝ කිව්වේ warren buffett ට කලින්.

chathura123


Manager - Equity Analytics
Manager - Equity Analytics
@ishan.mindika@gmail.com wrote:Finally the whole story. Thanks.

1. When the ship from Cambodia with USD 603 Million arrive at Colombo harbor  LOLC price would be sky rocketed at CSE.


Laughing Laughing Laughing Laughing Laughing Laughing  so hilarious. So when is this so called ship is expected? Very Happy

Received only 422 mn for 49% stake .
They made gain of 42 bn .as per information LOLC owned 74% of LOLC international . So these financial are wrin somewhere. Deliberately or genuine ???

Eugine Fernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Miss-Sangeetha wrote:On 6th January 2020, LOLC Sri Lanka the parent company in their disclosure clearly mentioned that their Singaporean subsidiary The LOLC International Private Limited of Singapore which holds 70% stake in Cambodian PRASAC Micro Finance Institution Limited, entre into sale agreement for the consideration of USD 603 Million.

The LOLC International Private Limited of Singapore is functioning as separate entity in Singapore, they are maintaining separate books of Accounts under Singaporean accounting practice and taxation rules.

The Singaporean accounting practice and taxation rules are well developed than Sri Lanka. 


The sale proceeds of Cambodian PRASAC Micro Finance Institution Limited, USD 603 Million will go to The LOLC International Private Limited of Singapore entity's books of Accounts under Singaporean accounting practice and taxation rules,


Further, when The LOLC International Private Limited of Singapore invest in Cambodia year 2007, it has book value of investment in their financial Statement in Singapore, that amount should be deducted from Cambodian Sales proceeds and after paying Cambodian sales tax if any.to arrive profit on sale, that is totally entitle to The LOLC International Private Limited of Singapore that too subject to Singaporean taxation, can't cheat / evade tax payment like Sri Lanka.   

The sale of Cambodian PRASAC Micro Finance Institution Limited profit will be in The LOLC International Private Limited of Singapore entity's books of Accounts  as under listed Other income in income statement.

Finally net off their all the running expense of  The LOLC International Private Limited of Singapore as usual in the income statement the net profit of Singapore LOLC will be subject to Singaporean taxation then attributed to Sri Lankan Parent company in due course, but they could make use that profit to develop The LOLC International Private Limited of Singapore.

As conclusion. sale proceed of  The Cambodian PRASAC Micro Finance Institution Limited will go to The LOLC International Private Limited of Singapore, Functioning as entity in Singapore. will be reflected in their income statement with listed other income, after meeting their expenses net profit subject to Singapore taxation, final profit may be shared to Singaporean share holders if they listed there or totally attributed to Sri Lankan parent company   

But some of the our forum's great experts are saying

1. When the ship from Cambodia with USD 603 Million arrive at Colombo harbor  LOLC price would be sky rocketed at CSE. Very Happy Very Happy Very Happy Very Happy Very Happy
2.some are directly adding this USD 603 Million to Sri Lankan parent LOLC'S income statement and dividing the net profit by number of issued shares, claiming EPS should be Rs.170 .

3.Some are wailing for cheating.
4. Some are wailing for injustice to the the minority share holders
 
5. Some are after running behind these experts, wailing for action in this forum against the one and a quarter experts of this forum, for sell, buy or hold advices

6. Some are saying new moderators needed for forum to tackle the quarter experts. 
100% Correct explanation Miss Sangeetha

judecroos likes this post

Berryfund


Equity Analytic
Equity Analytic
I reviewed LOLC Holding financial statements. It seems that they have cooked it. I have many concerns. These financials are not reviewed by the statutory auditors as per IAS 34/ SLAS 34. LOLC Holding is a well-managed business. It is highly unlikely they need 10 billion ad-hoc type provision for impairment. Further I don't think that non-controlling interest calculation is correct but there is no detailed working under notes to the FS.

LOLC management has done good effort to hide the profits. LOLC should publish explain how they arrive non-controlling interest. Without a detailed working I cannot comment it's accuracy.

CSE VIJAY dislikes this post

Miss-Sangeetha

Miss-Sangeetha
Moderator
Moderator
Mr.Nanayyakara predicted the present situation in Sri Lanka well before in year 2000'S. He invested in Cambodia Micro Finance Institution Limited, through his Singaporean wing.

If he invested directly from Sri Lanka, he has to bring the Cambodian sales proceeds to Sri Lanka and shown in the parent Sri Lankan LOLC'S books of accounts.


At the time government is struggling in for foreign exchange reserve, imposing restriction on foreign investments, vehicles import and some groceries items import, where as in Singapore Mr.Nanayyakara could do reinvestment at liberty.   

Sponsored content


Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum