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Message from MD
BismillahirRahmanir Rahim

Distinguished shareholders, guests of honour, ladies and gentlemen,

AssalamuAlaikumWaRahmatullah.

I welcome you to the 19th Annual General Meeting of MIDAS Financing Limited (MFL) on behalf of the Management.

I express my deep concern to the fact that your organization is yet to get rid of the back log that was created by firstly, effect of devastating capital market, secondly, construction of "MIDAS Centre" using huge own source of fund but unsatisfactry return and thirdly, keeping huge provisions against classified loans and advances due to increase of non-performing loan. Some regulatory non-compliances like-enhancement of paid-up capital to 100.00 crore and keeping the value of immovable asset within the prescribed limit were some additional challenges in front of us but we overcomed those. It is a very painful statement for the Management of the company as well as the members of Board. I would like to make you remember that in the previous year your company made profit.That was a sign of our relentless effort to pull back the company from the hole. However, neither the outcomes are always the same nor it always works like mathematics.

You are aware that MFL is different from other financial institutions existing in Bangladesh. Since inception MFL focused on micro, small and medium enterprises. SME plays the vital role in the overall economic growth of the country. During the global economic downturn and consecutive political turmoil many of these SME along with few of the corporate clients were affected and fall behind of the repayment schedule. As a result recovery position got busted and NPL rise got boosted.This circumstances exerted shakiness among the management towards approval and disbursement of new loan. Consequently, organization's portfolio growth fall behind of NPL growth rate and provision hacked the profitability of the organization. It's true that this situation is unexpected to all of us; but it is also true that in business it happens.

Nonetheless, we are not here to bow to the circumstances; we, the management and the board, with your auspicious support should definitely be able to come out of the situation.You would be happy to know that, we already have raised the paid-up capital by issuing 1:1 right share which helped us to increase liquidity and reduce cost of fund to a great extent. As a result, a room for improving profitability has been created.Value of immovable property has been brought down to the prescribed limit. Portfolio correction process has already been attempted by intensifying investment in security backed assets, new products are being introduced to match with demand.To reduce NPL external recovery agents have been deployed and legal proceedings has been augmented. Organization re-structuring is underway to ensure accountability and smoothness of work in every stage. Recruitment of manpower as per new organogram has already been started.

To mitigate the risks of the company including credit risk we have formed Risk Management Forum (RMF) and Risk Analysis Unit (MU) as per guideline of Bangladesh Bank. Monthly Risk Management paper is being prepared to analyze the identified risks and course of actions are taken to minimize those risks. Credit Risk Management (CRM) has been working hard to minimize the credit risk at an acceptable level. We hope that continuous effort to analyze risks and taking necessary steps will make our portfolio worth.

Dear patrons, we, the management team, are well aware of the present scenario of the company. We have taken necessary steps with full of confidence to overcome the current situation.The effect of the steps is already found by this time and it will be continued in the future. We will be able to give dividend to the shareholders in near future. I nternal control and compliance department has been engaged in ensuring all compliances to make the company compliant. We hope that you would see a better scenario of the company in near future.

Finally, I would like to thank our valued customers, shareholders, regulators, service providers for their continuous support and cooperation.

I would also like to thank our Chairman and Honorable Board of Directors for their valuable directives, guidelines and suggestions to run the company time to time. I express my heartfelt appreciation to all the employees for their sincere and dedicated services to bring back the company in growth trend.

Allah Hafez



Shafique-ul-Azam
Managing Director
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