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Creating SYNERGY Swarnamahal Financial Services PLC | Annual Report 2012/2013 creating SYNERGY No 654, Galle Road, Colombo 03, Sri Lanka. Tel.011 2556160-4, 2595061 Fax: 011 2589823, 2595062 Swarnamahal Financial Services PLC E-mail:[email protected] Web.www.sfs.lk Annual Report 2012/13 About us Swarnamahal Financial Services PLC is a Public Limited Liability Company Incorporated in Sri Lanka on 14th January 2004, under the Companies Act No.17 of 1982, and re-registered on 16th September 2008 under the Companies Act No.7 of 2007. The Company is licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No.42 of 2011 and listed on the Corporate Information Colombo Stock Exchange. Name of the Company Number of employees Contents. Vision Swarnamahal Financial Services PLC 137 To be the Premier Financial Services Provider in the LFC market. Legal Form Company Secretary Financial Highlights 2 A Public Limited liability Company SSP Corporate Services (Pvt) Ltd th Chairman’s Message 4 incorporated 14 January 2004, under No. 101, Inner Flower Road, Colombo 03 the Companies Act No.17 of 1982 and Director/Chief Executive Officer’s Message8 re-registered 16th September 2008 under Auditors Board of Directors 12 Mission the Companies Act No.7 of 2007, registered Messrs KPMG Senior Management Team 14 To create superior long - term value to our shareholders, as a finance Company under the Finance Chartered Accountants Management Discussion and Analysis 16 customers and employees above the industry standard. Business Act No. 42 of 2011 by the 32A, Sir Mohamed Macan Markar Mawatha, Sustainability Report 19 Monetary Board of the Central Bank of Sri Colombo 3. Risk Management 21 Lanka. Corporate Governance 26 Bankers Annual Report of the Board of Directors 52 Registered Office Commercial Bank of Ceylon PLC Directors’ Statement on Internal Control 57 Values No.676, Galle Road, Colombo 03. Sampath Bank PLC Seylan Bank PLC Statement of Directors’ Responsibilities in Relation Highest standards of ethics and integrity Business Office Hatton National Bank PLC to Financial Statements 58 • Always do the right thing and keep commitments. No. 654, Galle Road, Colombo 03 Chief Executive Officer’s and Senior Finance • Engage others to build trust and encourage strong Tel : 011 2556160-4 Fax: 011 2595062 Manager’s Statement of Responsibility 60 E-mail : [email protected] web: www.sfs.lk communication. Board Audit Committee Report 61 • Listen and share as a team Board Integrated Risk Management Committee Board of Directors Report 63 Respect Mr. J.H. Edirisinghe Board Human Resources and Remuneration Mr. N.P. Edirisinghe • Respect all through trust, courtesy and open communication Committee Report 65 Mrs. A.D. Edirisinghe Mr. A.S. Edirisinghe Independent Auditor’s Report 67 Innovation and continuous improvements Statement of Comprehensive Income 68 Mr. S. Kariyawasam • Anticipate customer needs and work to exceed their Mr. S.D.Jayawardhana Statement of Financial Position 69 expectations Mr. B.G. Wimalaratna Banda Statement of Cash Flow 70 Mr. S.M. Ganegoda Statement of Changes in Equity 71 Service Excellence Notes to the Financial Statements 72 • Commitment to achieve the highest standard of services Company Registration No. Seven Years at a Glance 116 quality with personalized services. PB 594 PQ Share Information 117 Glossary of Financial Terms 119 Learning focused VAT Registration No. Our Network 122 • Search new knowledge for innovations. 114363510 – 7000 Notice of Meeting 123 Credit Ratings Form of Proxy 127 BB+/NP RAM Ratings (Lanka) Limited creating SYNERGY Teamwork is equal parts commitment, a shared vision and the enthusiasm to reach goals as one unit and this year we are celebrating the unity we have created within the company and the group in achieving our objectives. With a team that is dedicated to delivering value and the right leadership to steer its course we are creating synergies that are guaranteed to lead to our future success. Swarnamahal Financial Services PLC Annual Report 2012/13 2 Financial Highlights 2012/13 2011/12 Change % Financial Performance for the year (Rs. Mn) Gross Income 1,340 1,079 24.2 Net Profit before Tax (PBT) 220 262 (16.0) Income Tax Expense 98 102 (3.9) Net Profit after Tax (PAT) 122 159 (23.3) Financial Position at the year end (Rs. Mn) Total Assets 6,103 5,194 17.5 Pawning Advances 4,610 3,694 24.8 Other loans and advances 498 450 10.7 Deposits 5,400 4,506 19.8 Shareholders’ Funds 433 309 40.3 Information per Ordinary Share (Rs.) Earnings 0.24 0.32 (25.0) Net Asset Value 0.87 0.62 40.3 Key Indicators Return on Average Shareholders’ Funds (%) 33.5 65.7 (49.0) Return on Average Assets(%) 2.2 3.3 (33.3) Cost to Income Ratio (%) 59.3 49.8 19.1 Capital Adequacy Ratios Core Capital Ratio-Tier I (%) 22.3 17.4 28.2 Total Risk weighted Capital Ratio -Tier II (%) 25.3 21.8 16.1 Statutory Ratios Shareholders’ Funds to Deposits (%) 8.01 6.9 15.9 Liquid Assets Ratio (%) 9.0 11.2 (19.6) Swarnamahal Financial Services PLC 3 Annual Report 2012/13 Gross Income Total Assets Rs. mn Rs. Mn. 1,340 7,000 6,000 5,000 6,103 Rs. mn Net Profit (PAT) 4,000 5,194 3,000 122 3,948 2,000 1,000 0 Rs. mn Total Assets 11 12 13 6,103 Year Profit Before Taxation Profit After Taxation Cost to Income Ratio Rs. Mn. Rs. Mn. % 300 200 80 70 250 150 262 160 60 69.5 200 220 100 122 50 59.5 150 57.3 50 40 100 30 0 50 20 -50 0 10 -74 -25 -50 -100 0 11 12 13 11 12 13 11 12 13 Year Year Year Total Deposits Pawning Advance Shareholder’s Funds Rs. Mn. Rs. Mn. Rs. Mn. 6,000 5,000 500 4,500 450 5,000 400 4,000 4,610 433 5,400 350 4,000 3,500 4,506 300 3,000 3,694 3,000 250 309 3,552 2,500 200 2,714 2,000 2,000 150 1,000 100 156 1,000 500 50 0 0 0 11 12 13 11 12 13 11 12 13 Year Year Year Swarnamahal Financial Services PLC Annual Report 2012/13 4 Chairman’s Message Supported by the synergies of the group’s restructuring, we would be able to secure a significant cost advantage for the company, while ensuring a higher standard of oversight and controls, in relation to all aspects of the company’s operations. J.H. Edirisinghe Chairman Swarnamahal Financial Services PLC 5 Annual Report 2012/13 A new phase of growth Dear Shareholders, It gives me a great pleasure to welcome you to the 08th Annual General Meeting has been mapped out of Swarnamahal Financial Services PLC and to present you the Audited Financial Statements and the Annual Report for the year ended 31st March 2013. for the company in line I am happy to announce that we were able to achieve a commendable with the far reaching profit for the year, as a result of taking prompt actions in line with a sudden, vision of the sharp downturn in gold prices in the global market and the hard work of the management team and of the Board. I also take this opportunity to announce EAP Group, to ensure structural changes have been placed in the company, in line with overall Group strategy, and a diversification plan aimed at ensuring strong and sustainable greater value for all growth into the future. Therefore, the new financial year is named as the “Year of Consolidation” for the Group and the Company, where the Company will also stakeholders of the realign its operational strategies and strengthen its presence in new and existing Company. This includes markets. structural changes Global developments The most significant global development that affected our operations was the in encompassing the continuous drop in gold prices during the financial year 2012/13, after years of strong gains, gold prices started decreasing towards the end of 2012 and entire Group that will continued to remain on a declining trend at the end of the current financial modernise internal year, by March 31, 2013. This downward trend in gold prices was due to a number of reasons. During the global commodity bubble, gold prices peaked at operations and the around US$ 1,900 per ounce, in international markets in 2011. The uncertainty surrounding the global economic situation after the global financial crisis in 2008, Group synergies will and the sovereign debt problems in the Eurozone, fuelled this strong increase in gold prices, as Investors turned to gold as a safe haven. At the same time, the enhance the growth slowdown in the global economy, prompted central banks across the world to opportunities of the lower interest rates in an attempt to boost economic growth. Last year,according to the World Gold Council, central banks’ gold purchases rose to 48 percent and Company through a represented 12% of global demand. This situation too, increased the demand for gold, as a higher return investment, which also contributed towards pushing clear strategic direction. up gold prices. However, this situation reversed at the end of the year 2012, when the US economy indicating slow but steady signs of recovery and the policy change by the US Federal Reserve. The risks surrounding the Euro zone too, started to abate, increasing investor confidence in these two major markets. These developments lifted pressure on international gold prices and the impact was felt in the form of tumbling gold prices as investors started to shed their gold holdings.
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