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Download 260.26 KB ASIAN DEVELOPMENT BANK PCR: SRI 27009 PROJECT COMPLETION REPORT ON THE FOURTH DEVELOPMENT FINANCE LOAN PROJECT (Loan 1302-SRI[SF]) IN SRI LANKA October 2002 CURRENCY EQUIVALENTS (as of 26 February 1999) Currency Unit – Sri Lanka rupees (SLRs) At Appraisal At Project Completion 30 April 1994 26 February 1999 SLRs1.00 = $0.0205 $0.0144 $1.00 = SLRs48.79 SLRs69.53 ABBREVIATIONS ADB – Asian Development Bank CBOC – Commercial Bank of Ceylon Ltd. CBSL – Central Bank of Sri Lanka CLCL – Commercial Leasing Company Ltd. CRIB – Credit Information Bureau of Sri Lanka DFCC – Development Finance Corporation of Ceylon DFI – development finance institution DFL – Development Finance Loan DFL III – Third Development Finance Loan Project DFL IV – Fourth Development Finance Loan Project EIRR – economic internal rate of return EPF – Employees Provident Fund ETF – Employees Trust Fund FIRR – financial internal rate of return HNB – Hatton National Bank Ltd. HRD – human resource development LOLC – Lanka Orix Leasing Company Ltd. MFI – multilateral financing institution MIS – management information systems MLL – Mercantile Leasing Ltd. NDBSL – National Development Bank of Sri Lanka NIC – National Insurance Corporation NSB – National Savings Bank Orix – Orient Leasing Company of Japan PCR – project completion report PDCB – private domestic commercial bank PFI – participating financial institution PLC – private leasing company QEs – qualified enterprises QPs – qualified projects RRP – report and recommendation of the President Sampath – Sampath Bank Ltd. Seylan – Seylan Bank Ltd. SLIC – Sri Lanka Insurance Corporation SMEs – small and medium-sized enterprises TA – technical assistance NOTES (i) The fiscal year (FY) of the Government and all PFIs (except DFCC, LOLC, and MLL) corresponds to the calendar year. The FY of DFCC, LOLC, and MLL runs from 1 April to 31 March. “FY” used in this report denotes the year in which the FY ends, e.g., FY2002 ended on 31 March 2002. (ii) In this report, "$" refers to US dollars. The Sri Lankan rupee is allowed to float against a weighted average basket of Sri Lanka’s major trading partners. CONTENTS Page BASIC DATA i I. PROJECT DESCRIPTION 1 A. History 1 B. Scope of Operations 2 C. Asian Development Bank’s Relationship with Other Lenders and 3 Participating Financial Institutions D. Relevance of Design and Formulation 3 E. Related Technical Assistance 4 II. IMPLEMENTATION 5 A. Lending Policies 5 B. Characteristics of Subloans and Leases 5 C. Implementation and Internal Operations of Subprojects 5 D. Operational Performance of Participating Financial Institutions 6 E. Financial Performance of Participating Financial Institutions 7 F. Financial Statements and Ratios 7 G. Covenants 8 H. Performance of the Asian Development Bank 10 III. EVALUATION 10 A. Loan Appraisal 10 B. Implementation 11 IV. ASSESSMENT AND RECOMMENDATIONS 12 A. Relevance 12 B. Efficacy in Achievement of Purpose 12 C. Efficiency in Achievements of Outputs and Purpose 12 D. Preliminary Assessment of Sustainability 12 E. Other Impacts 13 F. Overall Assessment 13 G. Lessons Learned and Recommendations 13 APPENDIXES 16 1. Development Finance Corporation of Ceylon 16 2. National Development Bank of Sri Lanka 25 3. Commercial Bank of Ceylon Ltd. 34 4. Hatton National Bank Ltd. 38 5. Sampath Bank Ltd. 47 6. Seylan Bank Ltd. 56 7. Commercial Leasing Company Ltd. 65 8. Lanka Orix Leasing Company Ltd. 73 9. Mercantile Leasing Company Ltd. 81 10. Technical Assistance Completion Report for TA 2111: Institutional Strengthening 89 of National Savings Bank 11. Technical Assistance Completion Report for TA 2112: Development of an 91 Institutional and Regulatory Framework for the Leasing Industry in Sri Lanka 12. Implementation Status of Policy Reform Measures Under the Fourth 93 Development Finance Loan Project 13. Compliance with Principal Loan Covenants: Fourth Development Finance Loan 94 Project 14. Assessment of Overall Project Performance 97 BASIC DATA A. Loan Identification 1. Country Sri Lanka 2. Loan Number 1302-SRI(SF) 3. Project Title Fourth Development Finance Loan Project 4. Borrower Government of Sri Lanka 5. Participating Financial Institutions Development Finance Corporation of Ceylon National Development Bank of Sri Lanka Commercial Bank of Ceylon Ltd. Hatton National Bank Ltd. Sampath Bank Ltd. Seylan Bank Ltd. Commercial Leasing Company Ltd. Lanka Orix Leasing Company Ltd. Mercantile Leasing Ltd. 6. Amount of Loan SDR53.312 million ($75 million) 7. Project Completion Report Number PCR: SRI 27009 B. Loan Data 1. Appraisal – Date Started 21 February 1994 – Date Completed 8 March 1994 2. Loan Negotiations – Date Started 18 May 1994 – Date Completed 19 May 1994 3. Date of Board Approval 28 June 1994 4. Date of Loan Agreement 17 August 1994 5. Date of Loan Effectiveness – In Loan Agreement 15 September 1994 – Actual 28 November 1994 – Number of Extensions 1 6. Terminal Date for Commitments – In Loan Agreement 28 November 1996 – Actual 28 May 1997 – Number of Extensions 1 7. Closing Date – In Loan Agreement 28 November 1996 – Actual 28 May 1997 – Number of Extensions 1 8. Terms to the Borrower – Interest Rate 1% per annum – Maturity (number of years) 40 – Grace Period (number of years) 10 – Free Limit development finance institutions: $1 million; private domestic commercial banks: $300,000; private leasing companies: $100,000 (after evaluation of the first three leases). ii 9. Terms of Relending (if any) 15 year, including a 3-year grace period, if any, with interest at variable rates equal to the average weighted deposit rate of commercial banks 10. Interest Rate for Subloans/Leases – Original variable at market rates – Revised 11. Disbursements a. Dates Initial Disbursement Final Disbursement Time Interval 12 April 1995 3 August 1999 51.5 months Effective Date Original Closing Date Time Interval 28 November 1994 28 November 1998 48 months b. Amount $73,410,165.69 C. Implementation Data 1. Number of Subloans and Leases 262 2. Sectoral Distribution of Subloans and Leases Amount Sector ($million) Percentage Agriculture, Forestry, and Fishing 1.37 1.9 Food and Beverages 12.87 17.5 Textiles, Wearing Apparel, and Leather 9.40 12.8 Wood and Wood Products 0.95 1.3 Paper, Printing, and Publications 2.57 3.5 Chemicals, Petroleum, Coal, Rubber, and Plastics 14.43 19.7 Basic Metals 0.00 0.0 Nonmetallic Minerals 0.07 0.1 Fabricated Metals, Machinery, and Equipment 3.04 4.1 Construction 1.41 1.9 Wholesale, Retail, Restaurants, and Hotels 6.54 8.9 Transport, Storage, and Communication 14.95 20.4 Financing and Business Services 0.65 0.9 Community, Social, and Personal Services 0.89 1.2 Other Industries 4.27 5.8 Total 73.41 100.0 iii 3. Size of Subloans and Leases (actual) ($73,410,165.69) Aggregate Amount Range Number % ($million) % Up to $50,000 78 29.8 16.03 21.8 From $50,000–$100,000 57 21.8 8.21 11.2 From $100,001–$300,000 54 20.6 9.10 12.4 From $300,001–$500,000 38 14.5 12.70 17.3 From $500,001–$1,000,000 16 6.1 6.70 9.1 Over $1,000,000 19 7.2 20.67 28.2 Total 262 100.0 73.41 100.0 4. Other Breakdown of Subloans and Leases Amount Criteria Number % ($million) % I. Purpose New 44 16.8 17.51 23.9 Expansion 198 75.6 53.26 72.5 Balancing, modernization and 20 7.6 2.64 3.6 replacement Total 262 100.0 73.41 100.0 II. Maturity Up to 5 years 230 87.8 56.13 76.5 Over 5–10 32 12.2 17.28 23.5 Over 10–15 0 0.0 0.00 0.0 Total 262 100.0 73.41 100.0 III. Region Western 220 84.0 59.54 81.1 Central 8 3.0 3.91 5.3 Northwestern 7 2.7 0.95 1.3 Southern 20 7.6 7.83 10.7 Sabaragamuwa 6 2.3 1.08 1.5 Northern 0 0.0 0.00 0.0 Uva 0 0.0 0.00 0.0 Eastern 1 0.4 0.10 0.1 Total 262 100.0 73.41 100.0 IV. Procurement Procedures Reasonable 197 75.2 55.90 76.1 International Shopping 16 6.1 4.61 6.3 Proprietary Basis 49 18.7 12.90 17.6 Total 262 100.0 73.41 100.0 iv Amount Criteria Number % ($million) % V. Procurement by Country Austria 0.95 1.3 Belgium 0.19 0.3 Canada 0.33 0.5 People’s Republic of China 0.25 0.3 Denmark 0.98 1.3 Finland 0.55 0.8 France 1.19 1.6 Germany 8.69 11.8 Hong Kong, China 0.36 0.5 India 5.32 7.2 Italy 4.64 6.3 Japan 5.78 7.9 Republic of Korea 0.74 1.0 Malaysia 1.47 2.0 Netherlands 0.31 0.4 Spain 0.07 0.1 Singapore 7.21 9.8 Sri Lanka 21.11 28.8 Sweden 0.49 0.7 Switzerland 0.26 0.4 Taipei,China 3.13 4.3 Thailand 0.18 0.2 United Kingdom 2.95 4.0 United States 6.26 8.5 Total 73.41 100.0 5. Subloans and/or Leases Above Free Limit ($36,336,254.17) Subloans and/or Leases Number Amount ($) National Development Bank of Sri Lanka 47 11,256,588.25 Development Finance Corporation of Ceylon 9 17,266,053.62 Hatton National Bank Ltd. 5 3,556,313.37 Seylan Bank Ltd. 4 1,801,864.73 Sampath Bank Ltd. 1 564,418.67 Commercial Leasing Company Ltd. 0 0.00 Lanka Orix Leasing Company Ltd. 1 460,290.00 Mercantile Leasing Company 6 1,430,725.53 Commercial Bank of Ceylon Ltd. 0 0.00 Total 73 36,336,254.17 v D.
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