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POSITIONED for GROWTH… Cargills Bank Limited POSITIONED FOR GROWTH… Cargills Bank Limited Annual Report 2015 Cargills Bank Limited Annual Report 2015 Cargills Bank Limited No. 696, Galle Road, Colombo 03. CorporAte InforMAtion NAME OF THE COMPANY AUDITORS Board Integrated Risk Cargills Bank Limited KPMG Management Committee POSITIONED FOR GROWTH… Chartered Accountants, E M M Boyagoda- Chairman LEGAL FORM No. 31 A, Sir Mohammed Macan Markar Mw, M O F Salieh Growth and evolution is pivotal to a company’s progress. That A public limited liability incorporated in Colombo 03. R A Ebell progress is equivalent to the prowess of an athlete setting a trailblazing Sri Lanka on 3 November 2011 under the Prem Kumar - Managing Director Companies Act No. 07 of 2007. LAWYERS P S Mathavan - Deputy Managing trajectory and improving with every performance, be it on familiar Julius & Creasy Director/ Chief Financial Officer terrain or a fresh track. A licensed Commercial Bank under the No. 41, Janadhipathi Mawatha, Udana Fernando - Secretary Banking Act No. 30 of 1988. Colombo 01. Board Nomination Committee Cargills Bank led by a dynamic management team is on a journey of REGISTRATION NUMBER COMPLIANCE OFFICER M O F Saleih - Chairman PB 4847 R M P Rathnayake V R Page excellence having embarked on business expansion through 8 new Prem Kumar - Managing Director branches opened within 4 months. Its dedication to its clients and AccOUNTING YEAR-END COMPANY SECRETARY W K F De Silva (Ms.) commitment to remain on course towards its Vision has ensured the December 31 S M Dunuwille (Ms.) S M Dunuwille (Ms.) - Secretary endurance of Cargills Bank on the most difficult of terrains. HEAD OFFICE & BOARD OF DIRECTORS Board Audit Committee REGISTERED OFFICE Louis R Page - Chairman R A Ebell -Chairman No. 696, Galle Road, Colombo 03. V R Page - Deputy Chairman V R Page A business legacy that is in the making… Prem Kumar - Managing Director E M M Boyagoda TELEPHONE P S Mathavan - Deputy Managing R Amarasinghe - Secretary 011-76 40 000 Director/ Chief Financial Officer Positioned for growth….Your Company is on the Right Track. E M M Boyagoda- Senior Director Board Credit Committee FACSIMILE W K F De Silva (Ms.) V R Page - Chairman 011-76 40 606 M O F Salieh E M M Boyagoda R A Ebell M O F Salieh SWIFT CODE Prem Kumar - Managing Director CGRBLKLX BOARD SUB-COMMITTEES P S Mathavan - Deputy Managing Board Human Resources & Director/ Chief Financial Officer E-MAIL Remuneration Committee P Rajanathan - Secretary [email protected] V R Page - Chairman M O F Salieh Board Strategic Planning WEB PAGE R A Ebell Committee www.cargillsbank.com Prem Kumar - Managing Director V R Page - Chairman P S Mathavan - Deputy Managing Prem Kumar - Managing Director TAX PAYER IDENTIFICATION Director/ Chief Financial Officer P S Mathavan - Deputy Managing NUMBER (TIN) S M Dunuwille (Ms.) - Secretary Director/ Chief Financial Officer 134 048 476 E M M Boyagoda- Senior Director M O F Salieh SUBSIDIARY COMPANIES R A Ebell Name of the Company S M Dunuwille (Ms.) - Secretary Colombo Trust Finance PLC Holding : 76.51% Nature of Business Finance Company Produced by Copyline (Pvt) Ltd Printed by Gunaratne Offset Ltd Annual Report 2015 | Cargills Bank Limited 1 Annual Report 2015 2 | Cargills Bank Limited CONTENTS Vision & Mission 3 VISION Financial Highlights 4 Chairman’s Message 7 To be the most inclusive bank harnessing the CEOs Review 11 spirit of progress in every Sri Lankan. Board of Directors 18 Management Discussion and Analysis 22 Corporate Governance 34 Risk Management 56 Board Integrated Risk Management Committee Report 63 Board Nomination Committee Report 64 MISSION Board Human Resources & Remuneration Committee Report 65 We aim to directly engage every customer at their convenience by a unique and far reaching network, through efficient and FINANCIAL REPORTS innovative technology. Audit Committee Report 68 Annual Report of the Board of Directors’ on the Affairs of the Bank 69 Directors’ Responsibility for Financial Reporting 73 To facilitate and empower small and medium Directors’ Statement on Internal Controls over Financial Reporting 75 entrepreneurs, enhance industry standards Independent Assurance Report to the Board of Directors of Cargills Bank Limited 77 through a highly motivated team of CEO’s and CFO’s Responsibility for Financial Reporting 78 innovative bankers. Independent Auditors’ Report 79 Income Statement 80 Statement of Profit or Loss and Other Comprehensive Income 81 Statement of Financial Position 82 Statement of Changes in Equity 83 Statement of Cash Flows 85 Notes to the Financial Statements 86 Investor Relations 143 Notice of Annual General Meeting 144 Notes 145 Form of Proxy 147 Corporate Information Inner Back Cover FinAnciAL HIGHLIGhts Bank Group 2015 2014 Change 2015 2014 Change Rs. ‘000 Rs. ‘000 % Rs. ‘000 Rs. ‘000 % Operating Results Gross Income 604,478 362,941 67 770,443 434,779 77 Total Operating Income 386,748 330,865 17 489,945 370,157 32 Loss Before Tax (316,208) (235,054) (35) (323,781) (229,063) (41) Taxation - (116,000) (100) (8,074) (115,851) (93) Loss After Tax (316,208) (119,054) (166) (315,707) (113,212) (179) Assets and Liabilities Customer Deposits 3,870,200 1,265,615 206 4,587,188 1,919,132 139 Loans and Receivables to Other Customers 7,206,375 2,230,418 223 8,084,912 3,085,835 162 Total Assets 13,448,391 6,751,280 99 14,253,284 7,503,029 90 Total Liabilities 8,605,146 2,203,447 291 9,336,033 2,881,778 224 Shareholders’ Funds 4,843,245 4,547,833 6 4,839,516 4,543,654 7 Key Indicators Loss per Share (Rs.) (0.72) (0.27) (167) (0.72) (0.26) (177) Net Assets Value per Share (Rs.) 10.03 10.34 (3) 10.02 10.33 (3) Return on Assets (Rs.) (13.13) (1.76) (646) (2.98) (1.51) (97) Return on Equity (Rs.) (5.01) (2.62) (91) (6.67) (2.49) (168) Liquid Assets Ratio 93.27% 237.10% (61) 80.61% 154.59% (48) Capital Adequacy Tier 1 47.62% 90.40% (47) 41.52% 74.80% (44) Tier 1 & 2 45.31% 85.44% (47) 41.86% 75.20% (44) Annual Report 2015 | Cargills Bank Limited 5 rman’s Messag Chairman’san’s’ MessageMessage Chairman’s’s MMessageessage Chairman’s Message Chairman’srman’s ’s Messagesage rman’s MessagChAIRMAN’S MEssAGE Chairman’san’s’ MessageMessage INTRODUCTION We are pleased to present to you, the second Annual Report of Cargills Bank Limited. “We are This has also been the first full year of operations for Cargills Bank since our official confident launch of operations in June 2014 and while our inception has not been easy, I am pleased to report that we have surmounted every challenge set before us and now that the Bank, stand ready to embark upon a journey of growth and prosperity. Chairman’s’s MessageMessabackedge by the The formation of a new bank was never expected to be an easy feat, particularly when against the backdrop of a strictly regulated and highly competitive market place which reputation and Chairman’s Message is home to several well-established players. standing of the Despite this Cargills Bank has been able to lay a firm and stable foundation for future growth. We are confident that the Bank, backed by the reputation and standing of CT Holdings/ the CT Holdings/ Cargills Group together with a dynamic and dedicated team of Cargills Group employees, supportive shareholders and stakeholders, will be able to carve out a meaningful space in the Sri Lankan financial markets. together with THE SRI LANKAN ECONOMY a dynamic and At the national level, 2015 saw the people exercise their democratic rights and the nation elected a new President at a peaceful General elections. The composition and dedicated team demographic distribution of the population and the national economic development played a key role in the outcome of last year’s electoral outcome. We believe that of employees, this emphasis on economic matters from the electorate is symptomatic of the urgent supportive need to improve on Sri Lanka’s development trajectory through a process of strategic Chairman’srmreform of both Government policy and institutions.a In that context it was commendablen’s shareholders & that the incoming Government was keen to reassure its citizens that values of transparency and good governance would form the foundation of the decision stakeholders” making processes moving forward whilst working towards economic development and inclusion of the people of Sri Lanka. Cargills Bank with its ethos of banking on the human spirit and inclusive banking to service the community at large is poised to be ’s Messagesapart to this momentum.ge 8 Chairman’s Message Contd. While this focus on reform did result in other hand started the year at 56.3% rmtemporary delays in certain projects and ofa GDP (7.5% growth), before showingn “The Bank’ s Messag infrastructure development initiatives rapid improvements in the second Annual Report 2015 at the start of 2015, many of these quarter, up to 7.9% before falling to just would | projects have since been resumed and 3.4% in the third quarter. Similarly, the continue to it is anticipated that Sri Lanka’s demand industrial sector contributionChairman’s fell to just ’ Message for further development will continue as 2% in the second quarter of 2015 before we move into 2016 with several large- rebounding to 6.2% in the third quarter. establish itself scale projects – including the Megapolis While the agricultural sector tends to be and Port City projects – having been affected by weather conditions, it was physically announced. disconcerting to see volatile fluctuations Cargills Bank Limited through an in the industrial and services sector.
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