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Swarnamahal Financial Services PLC Annual Report 2013/14

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Swarnamahal Financial Services PLC Annual Report 2013/14 Swarnamahal Financial Services PLC Annual Report 2013/14 PLC Contents About Us Swarnamahal Financial Services PLC is a Public Limited Financial Highlights ....................................... 01 Liability Company incorporated in Sri Lanka on 14th Board of Directors ......................................... 02 January 2004, under the Companies Act No.17 of 1982, and re-registered on 16th September 2008 Senior Management Team ............................. 03 under the Companies Act No.7 of 2007. The Company is licensed by the Monetary Board of the Central Bank Risk Management.......................................... 04 of Sri Lanka under the Finance Business Act No.42 of Corporate Governance.................................. 07 2011 and listed on the Colombo Stock Exchange. Annual Report of the Board of Directors on the Affairs of the Company.................................. 11 Vision Directors’ Statement on Internal Control .......... 14 To be the Premier Financial Services Provider in the LFC Statement of Directors’ Responsibilities in market. Relation to Financial Statements...................... 15 Chief Executive Officer’s and Senior Finance Manager’s Statement of Responsibility............. 16 Mission Board Audit Committee Report ....................... 17 To create superior long - term value to our shareholders, customers and employees above the Board Integrated Risk Management Committee industry standard. Report .......................................................... 19 Board Remuneration Committee Report........... 20 Independent Auditors’ Report ......................... 22 Values Highest standards of ethics and integrity Statement of Comprehensive Income .............. 23 Statement of Financial Position ....................... 24 • Always do the right thing and keep commitments. Statement of Changes in Equity ...................... 25 • Engage others to build trust and encourage strong communication Statement of Cash Flow ................................. 26 • Listen and share as a team Significant Accounting Policies ........................ 27 Respect Respect all through trust, courtesy and open Notes to the Financial Statements ................... 43 communication Eight Years at a Glance.................................. 62 Innovation and continuous improvements Share Information.......................................... 64 Anticipate customer needs and work to exceed their expectations Our Network ................................................ 66 Service Excellence Notice of Meeting ......................................... 67 Commitment to achieve the highest standard of services quality with personalized services. Form of Proxy................................................ 69 Learning focused Search new knowledge for innovations. Swarnamahal Financial Services PLC Annual Report 2013/2014 Financial Highlights 2013/14 2012/13 Financial Performance for the year (Rs. Mn) Gross Income 216 1,340 Net Profit before Tax (PBT) (1,228) 220 Income Tax Expense 17 98 Net Profit after Tax (PAT) (1,245) 122 Financial Position at the year end (Rs. Mn) Total Assets 4,494 6,103 Pawning Advances 2,261 4,610 Other loans and advances 1,121 498 Deposits 5,133 5,400 Shareholders’ Funds (805) 432 Information per Ordinary Share (Rs.) Earnings -2.49 0.24 Net Asset Value -1.61 0.86 Key Indicators Return on Average Shareholders’ Funds (%) -200 33.2 Return on Average Assets(%) -23.5 2.2 Cost to Income Ratio (%) 458.6 60.6 Capital Adequacy Ratios Core Capital Ratio-Tier I (%) -42.99 22.07 Total Risk weighted Capital Ratio -Tier II (%) -40.86 25.13 Statutory Ratios Shareholders’ Funds to Deposits (%) -15.69 8.00 Liquid Assets Ratio (%) 13.3 9.0 1 Swarnamahal Financial Services PLC Annual Report 2013/2014 Board of Directors 1. Mr. J.H. Edirisinghe - Chairman 6. Mr. S.D.Jayawardhana - Non - Executive Director Managing Director of EAP Group of Companies. He counts Director Finance of EAP Holdings Limited and he holds over 25 years of extensive experience in the fields of Gold, directorships with Swarna Mahal Jewellers (Pvt.) Ltd, EAP Jewellery, Finance, Electronic Media and Management. Broadcasting Company Ltd, EAP Films & Theaters (Pvt) Ltd and Swarna Solutions Limited. 2. Mrs. A.D. Edirisinghe - Executive Director He counts over 25 years of experience in finance & Director of EAP Group of Companies, she counts over management (12 years overseas) in the fields of in 20 years of experience in the fields of Management and manufacturing, constructions, trading and finance. He is an Finance. Associate Member of the Institute of Chartered Accountants of Sri Lanka (ACA) and a Fellow Member of the Society of 3. Mr. N.P. Edirisinghe - Executive Director Certified Management Accountants of Sri Lanka (FSCMA). Director of EAP Group of Companies, he has an expert He has worked as a Management Consultant (2007-2011), knowledge in Gold and other precious metals and stones Finance Director / Head Finance to Hemas FMCG (2006- and counts over 20 years of extensive experience in 2007), Rasasi Perfume Industry LLC, UAE (1998-2006), The the fields of Gold, Information Technology, Finance and Blantyre Netting Co. Ltd. Malawi (1995-1998) & CDE Group Management. (1990-1994) and trained at KPMG (1985 -1990). 4. Mr. A.S. Edirisinghe - Executive Director 7. Mr. B.G. Wimalarathna Banda - Independent Director of EAP Group of Companies, he is a Finalist of the Non-Executive Director Chartered Institute of Management Accountants (UK) and He counts over 37 years of experience in the banking field a Member of the Film Association. and holds the Bachelor of Science (Business Administration) He counts over 20 years of experience in the fields of Film Sp. Degree, Vidyodaya University of Sri Lanka, Master of Industry, Gold, Information Technology and Finance. Arts (Buddhist Studies), University of Kelaniya and Diploma in Credit Management. He is an associate of the Institute of 5. Mr. S. Kariyawasam - Non- Executive Director Bankers of Sri Lanka and a Fellow of the Institute of Credit Management of Sri Lanka. Executive Director/CEO of EAP Holdings Limited and he holds Directorships with Swarna Mahal Jewellers (Pvt.) Ltd, EAP He is a professional banker, primarily served at People’s Broadcasting Company Ltd, EAP Films & Theaters (Pvt) Ltd Bank and retired as the Assistant General Manager- and Swarna Solutions Limited. Operation Coordinator- Core Banking Project and was the Operation Manager from 2005 to May 2007, at PABC Bank. He counts over 32 years of experience in the Banking He was the Advisor-Banking from May 2007 to November and Financial sector and holds the Bachelor of Arts 2012, at National Savings Bank. Degree, University of Ceylon, Peradeniya, LLB Degree, Open University of Sri Lanka, Post Graduate Diploma in 8. Mr. S.M. Ganegoda - Non- Executive Director Management, University of Sri Jayawardanapura. He is a He is the Chief Executive Officer of ETI Finance Limited and member of Association of Bankers of Sri Lanka (A.I.B.) and was the Director/Chief Executive Officer of the Company FBA (Sri Lanka) Professional Banker’s Association of Sri from January 2009 to September 2013. He counts over Lanka. 15 years of experience in the fields of Finance and Audit He is a professional banker, primarily served at People’s and holds the Business Management Degree from the Bank and retired as the Deputy General Manager-Branch University of Kelaniya. He is an Associate Member of the Operations and was the CEO/General Manager-CFL-TAFE Institute of Chartered Accountants of Sri Lanka and Institute Sri Lanka from May 2007 to May 2010. of Certified Management Accountants of Sri Lanka. 2 Swarnamahal Financial Services PLC Annual Report 2013/2014 Senior Management Team 1. Mr. Sanjaya Fernando 4. Mr. R.M.G. Ratnayake Chief Executive Officer Senior Manager – Finance He counts over 09 years of experience in the field of He counts over 10 years of experience in Financial Banking of which over 5 years in UK banking sector. He Sector and holds the Degree of B.Sc. Accountancy & holds a MBA from the University of Wales Institute, Cardiff, Financial Management (Special), from the University of a Post Graduate Diploma in Business Management, from Sri Jayawardenapura. He holds a Diploma in Treasury London School of Commerce, London and a Diploma Management, Institute of Bankers of Sri Lanka. in Information Technology from Australian College for Business and Technology. 5. Mr. Newton Fernando Manager – Credit 2. Mr. George Samantha He counts over 15 years of experience in the field of Credit Senior Manager – Corporate Relations and holds the B.Sc Business Administration (Special) Degree He counts over 10 years of experience in the fields of from the University of Sri Jayawardenapura. Banking and Finance and holds the B.Sc Marketing Management (Special) Hons. Degree, from the University 6. Mrs. Subhani Edirisinghe of Sri Jayawardenapura. He is a Member of the Chartered Manager – Kollupitiya Branch Institute of Marketing (MCIM) and Sri Lanka Institute of She counts over 13 years of experience in the field of deposit Marketing (MSLIM). mobilization. She holds the B.Sc Business Administration (Marketing Special) Degree from the University of Sri 3. Mr. Dhanuka Perera Jayawardenapura. Senior Manager - Pawning & Gold Sales He counts over 13 years of experience in the fields of Pawning and Gold Sales and holds a Diploma in Business Management. 3 Swarnamahal Financial Services PLC Annual Report 2013/2014 Risk Management Overview The established policies, procedures and decision making process
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