BSEC probing alleged anomalies by Wonderland Toys

Bangladesh Securities and Exchange Commission (BSEC) on Sunday formed an inquiry committee to investigate several allegations regarding the financial statements of Wonderland Toys Limited listed on SME platform of the Dhaka stock exchange.

A three-member inquiry committee was formed to look into the reasons for the continual losses of the company. The committee has been given 30 days to submit the probe report.

Mohammad Ratan Miah, Deputy Director of BSEC, will lead the three-member committee, while the other two members are Md Rayhan Kabir, Assistant Director of BSEC; and Syed Foysal Abdullah, senior manager of the DSE. .

The stock market regulators’ officials said the commission is of the opinion that it is necessary to conduct an inquiry relating to the complaints lodged to the commission against Wonderland Toys that allegedly committed irregularities.

Wonderland Toys was incorporated in 1991. For the past 24 years, the company has been engaged in the manufacture of fully export-oriented plastic goods.

Last year, four SMEs, including Wonderland Toys, were shifted from the OTC market to the SME platform as they had been struggling to improve their financial performances.

Earnings per share (EPS) were Tk 0.02 for January-March 2020 as against Tk 0.02 for the same period. EPS was Tk 0.09 for July 2019-March 2020 as against Tk 0.07 for Jul’18-Mar’19.

Wonderland Toys’ NAV per share with a revaluation surplus was Tk 20.32 as on 31 March 2020.

The company’s paid-up capital is Tk 10 crore and its authorised capital is Tk 25 crore.

Each share of Wonderland Toys, which was listed on the Dhaka Bourse in 2021, closed at 49.70 on Sunday on the Dhaka Stock Exchange.

Sponsor-directors own 31.07 per cent stake in the company, while institutional investors own 7.87 per cent and the general public 61.06 per cent as of June 2022.

The company’s factory is located at Rajendrapur in Gazipur, while its products are Plastic Hanger, Optic Connector, Battery Container, Industrial Crate, Plastic Disposeable Cutlery, SC Adapter Inner Clip, Duplex Adapter, Container for Chemical, and Textile Cone.