KATHMANDU, MAY 09, 2012
Ten finance companies have been tardy in holding their annual general meetings (AGMs) and nine have not submitted their audited balance sheets to Nepal Rastra Bank (NRB) for its approval.
As per the Bank and Financial Institutions Act (BAFIA), BFIs are required to submit their audited balance sheets to the central bank within five months of the end of the fiscal year. Only after they get the okay from NRB can they present their balance sheets to the AGM.
Crystal, Kuber, Arun, Himalaya, Lumbini, Progressive, World Merchant and Finance, Nepal Share Market and Finance, People’s Finance and Capital Merchant and Finance are the finance companies that have missed the deadline to hold their AGMs.
The central bank has declared Nepal Share Market and Finance a crisis-ridden financial institution while People’s and Capital are facing action under prompt corrective action as they got into trouble due to bad governance.
“Almost all the finance companies that have failed to hold their AGMs are not performing well, and they are weak institutions in terms of paid-up capital too,” said a senior NRB official.
Raj Kumar Shrestha, chief executive officer of Kuber Finance, said they failed to prepare the balance sheet due to a liquidity crunch it suffered last year and delays on the part of the auditor. “We will submit our audited balance sheet to the central bank within two-three days.”
Crystal has also been facing liquidity pressure which is evident from its negative credit-to-deposit ratio. Its credit far exceeds deposits with credit amounting to Rs 904 million while deposits stand at Rs 605 million.
Arun Finance also has loans exceeding its deposit collection leading to tight liquidity. Its loans and advance amount to Rs 210 million while its deposit collection is Rs 157 million. Similarly, Himalaya Finance has issued loans worth Rs 676 million while it has collected deposits valued at Rs 508 million.
Lumbini’s deposit collection is Rs 1.32 billion while its loan exposure stands at Rs 1.53 billion. Regarding Progressive Finance, its deposits amount to Rs 180 million while its credit is worth Rs 225 million. World Merch-ant Banking and Finance has issued loans worth Rs 861 million while its depo-sits stand at Rs 634 million.KATHMANDU, MAY 09 -
Ten finance companies have been tardy in holding their annual general meetings (AGMs) and nine have not submitted their audited balance sheets to Nepal Rastra Bank (NRB) for its approval.
As per the Bank and Financial Institutions Act (BAFIA), BFIs are required to submit their audited balance sheets to the central bank within five months of the end of the fiscal year. Only after they get the okay from NRB can they present their balance sheets to the AGM.
Crystal, Kuber, Arun, Himalaya, Lumbini, Progressive, World Merchant and Finance, Nepal Share Market and Finance, People’s Finance and Capital Merchant and Finance are the finance companies that have missed the deadline to hold their AGMs.
The central bank has declared Nepal Share Market and Finance a crisis-ridden financial institution while People’s and Capital are facing action under prompt corrective action as they got into trouble due to bad governance.
“Almost all the finance companies that have failed to hold their AGMs are not performing well, and they are weak institutions in terms of paid-up capital too,” said a senior NRB official.
Raj Kumar Shrestha, chief executive officer of Kuber Finance, said they failed to prepare the balance sheet due to a liquidity crunch it suffered last year and delays on the part of the auditor. “We will submit our audited balance sheet to the central bank within two-three days.”
Crystal has also been facing liquidity pressure which is evident from its negative credit-to-deposit ratio. Its credit far exceeds deposits with credit amounting to Rs 904 million while deposits stand at Rs 605 million.
Arun Finance also has loans exceeding its deposit collection leading to tight liquidity. Its loans and advance amount to Rs 210 million while its deposit collection is Rs 157 million. Similarly, Himalaya Finance has issued loans worth Rs 676 million while it has collected deposits valued at Rs 508 million.
Lumbini’s deposit collection is Rs 1.32 billion while its loan exposure stands at Rs 1.53 billion. Regarding Progressive Finance, its deposits amount to Rs 180 million while its credit is worth Rs 225 million. World Merch-ant Banking and Finance has issued loans worth Rs 861 million while its depo-sits stand at Rs 634 million.
Source: The Kathmandu Post
Ten finance companies have been tardy in holding their annual general meetings (AGMs) and nine have not submitted their audited balance sheets to Nepal Rastra Bank (NRB) for its approval.
As per the Bank and Financial Institutions Act (BAFIA), BFIs are required to submit their audited balance sheets to the central bank within five months of the end of the fiscal year. Only after they get the okay from NRB can they present their balance sheets to the AGM.
Crystal, Kuber, Arun, Himalaya, Lumbini, Progressive, World Merchant and Finance, Nepal Share Market and Finance, People’s Finance and Capital Merchant and Finance are the finance companies that have missed the deadline to hold their AGMs.
The central bank has declared Nepal Share Market and Finance a crisis-ridden financial institution while People’s and Capital are facing action under prompt corrective action as they got into trouble due to bad governance.
“Almost all the finance companies that have failed to hold their AGMs are not performing well, and they are weak institutions in terms of paid-up capital too,” said a senior NRB official.
Raj Kumar Shrestha, chief executive officer of Kuber Finance, said they failed to prepare the balance sheet due to a liquidity crunch it suffered last year and delays on the part of the auditor. “We will submit our audited balance sheet to the central bank within two-three days.”
Crystal has also been facing liquidity pressure which is evident from its negative credit-to-deposit ratio. Its credit far exceeds deposits with credit amounting to Rs 904 million while deposits stand at Rs 605 million.
Arun Finance also has loans exceeding its deposit collection leading to tight liquidity. Its loans and advance amount to Rs 210 million while its deposit collection is Rs 157 million. Similarly, Himalaya Finance has issued loans worth Rs 676 million while it has collected deposits valued at Rs 508 million.
Lumbini’s deposit collection is Rs 1.32 billion while its loan exposure stands at Rs 1.53 billion. Regarding Progressive Finance, its deposits amount to Rs 180 million while its credit is worth Rs 225 million. World Merch-ant Banking and Finance has issued loans worth Rs 861 million while its depo-sits stand at Rs 634 million.KATHMANDU, MAY 09 -
Ten finance companies have been tardy in holding their annual general meetings (AGMs) and nine have not submitted their audited balance sheets to Nepal Rastra Bank (NRB) for its approval.
As per the Bank and Financial Institutions Act (BAFIA), BFIs are required to submit their audited balance sheets to the central bank within five months of the end of the fiscal year. Only after they get the okay from NRB can they present their balance sheets to the AGM.
Crystal, Kuber, Arun, Himalaya, Lumbini, Progressive, World Merchant and Finance, Nepal Share Market and Finance, People’s Finance and Capital Merchant and Finance are the finance companies that have missed the deadline to hold their AGMs.
The central bank has declared Nepal Share Market and Finance a crisis-ridden financial institution while People’s and Capital are facing action under prompt corrective action as they got into trouble due to bad governance.
“Almost all the finance companies that have failed to hold their AGMs are not performing well, and they are weak institutions in terms of paid-up capital too,” said a senior NRB official.
Raj Kumar Shrestha, chief executive officer of Kuber Finance, said they failed to prepare the balance sheet due to a liquidity crunch it suffered last year and delays on the part of the auditor. “We will submit our audited balance sheet to the central bank within two-three days.”
Crystal has also been facing liquidity pressure which is evident from its negative credit-to-deposit ratio. Its credit far exceeds deposits with credit amounting to Rs 904 million while deposits stand at Rs 605 million.
Arun Finance also has loans exceeding its deposit collection leading to tight liquidity. Its loans and advance amount to Rs 210 million while its deposit collection is Rs 157 million. Similarly, Himalaya Finance has issued loans worth Rs 676 million while it has collected deposits valued at Rs 508 million.
Lumbini’s deposit collection is Rs 1.32 billion while its loan exposure stands at Rs 1.53 billion. Regarding Progressive Finance, its deposits amount to Rs 180 million while its credit is worth Rs 225 million. World Merch-ant Banking and Finance has issued loans worth Rs 861 million while its depo-sits stand at Rs 634 million.
Source: The Kathmandu Post
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