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Swarnamahal Financial Services PLC Annual Report 2011/12 Growth

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Swarnamahal Financial Services PLC Annual Report 2011/12 Growth Swarnamahal Financial Services PLC I Annual Report 2011/12 FINANCIAL SERVICES PLC Together in No 654, Galle Road, Colombo 03, Sri Lanka. Swarnamahal Financial Services PLC Tel.011 2556160-4, 2595061 Fax: 011 2589823, 2595062 Annual Report 2011/12 E-mail:[email protected] Web.www.sfs.lk Growth Contents ABOUT US CORPORATE INFORMATION Swarnamahal Financial Services PLC is a Public Limited Liability Company Incorporated in Sri Lanka 14th January 2004, under the Companies Name of the Company VAT Registration No. Financial Highlights 2 Act No.17 of 1982, and re-registered 16th September 2008 under the Swarnamahal Financial Services PLC 114363510 – 7000 Chairman’s Message 4 Companies Act No.7 of 2007. The Company is licensed by the Monetary Director/Chief Executive Officer’s Message 8 Board of Directors 11 Board of the Central Bank of Sri Lanka under the Finance Business Act Legal Form Credit Ratings Senior Management Team 16 No.42 of 2011. A Public limited liability Company incorporated 14th January BB+/NP RAM Ratings (Lanka) Limited Management Discussion and Analysis 18 2004, under the Companies Act No.17 of 1982 and Financial Review 22 re-registered 16th September 2008 under the Companies Act Number of employees Sustainability Report 27 VISION No.7 of 2007, registered as a finance Company under the 207 Risk Management 32 To be the Premier Financial Services Provider in LFC market. Finance Business Act No. 42 of 2011 by the Monetary Board of Corporate Governance 37 Annual Report of the Board of Directors the Central Bank of Sri Lanka. Company Secretary on the Affairs of the Company 63 MISSION SSP Corporate Services (Pvt) Ltd Directors’ Statement on Internal Control 69 To create superior long - term value to our shareholders, customers and Registered Office No. 101, Inner Flower Road, Colombo 03 Auditor’s Report on Internal Control 71 employees above the industry standard. No.676, Galle Road, Colombo 03. Statement of Directors’ Responsibilities Auditors to the Company - Financial Year 2011/12 in Relation to Financial Statements 72 Business Office Messrs BDO Partners Chief Executive Officer’s and Senior Finance Manager’s Statement of Responsibility 74 VALUES No. 654, Galle Road, Colombo 03 Chartered Accountants Board Audit Committee Report 75 Highest standards of ethics and integrity Te.l. 011 2556160-4 Fax: 011 2595062 65/2, Sir Chiththampalam A Gardiner Board Integrated Risk Management Always do the right thing and keep commitments. Mawatha, Committee Report (BIRMC) 77 Engage others to build trust and encourage strong communication. Board of Directors Colombo 02. Board Human Resources and Listen and share as a team Mr. J. H. Edirisinghe Remuneration Committee Report 78 Mr. N. P. Edirisinghe Bankers to the Company Independent Auditor’s Report 81 Respect Income Statement 82 Mrs. A. D. Edirisinghe Commercial Bank of Ceylon PLC Respect all through trust, courtesy and open communication Balance Sheet 83 Mr. A. S. Edirisinghe Sampath Bank PLC Statement of Changes in Equity 84 Innovation and continuous improvements Mr. D. S. Abayaratne Seylan Bank PLC Cash Flow Statement 85 Anticipate customer needs and work to exceed their expectations Mr. S. M. Ganegoda Hatton National Bank PLC Significant Accounting Policies 86 Mr. J. F. G. De Silva Notes to the Financial Statements 93 Service Excellence Mr. S. A. Weerasinha Six Years at a Glance 114 Commitment to achieve the highest standard of services quality with Share Information 116 Mr. N. G. M. De Silva personalized services. Glossary of Financial Terms 118 Our Network 121 Learning focused Company Registration No. Notice of Meeting 122 Search new knowledge for innovations PB 594 PQ Form of Proxy 123 Together in Growth is never achieved singularly and it is by working shoulder to shoulder that visions are created and targets achieved and at the end of another year we have seen results. Here at Swarnamahal Financial Services PLC, we are proudGrowth to work together towards a common goal of development and progress. regardless of differences. The teamwork displayed by our company can be summed up in a few words, “We believe in each other and likewise in the potential of a company whose trust is etched in gold”. Swarnamahal Financial Services PLC Annual Report 2011/2012 2 Swarnamahal Financial Services PLC Annual Report 2011/2012 Financial Highlights 2011/12 2010/11 Change % Financial Performance for the year (Rs. Mn) Gross Income 1,069 713 49.93 Net Profit Before Tax (PBT) 247 112 120.54 Tax Expense 106 49 116.33 Net Profit After Tax (PAT) 141 63 123.81 Net Profit per Employee 1. 19 0.57 108.77 Financial Position at the year end (Rs. Mn) Total Assets 5,315 4,079 30.30 Pawning Advances 3,155 2,434 29.62 Other Loans and Advances 473 538 -12.08 Deposits 4,399 3,470 26.77 Shareholders’ Funds 435 294 47.96 Information per Ordinary Share (Rs.) Earnings 0.28 0.13 115.38 Net Asset Value 0.87 0.58 50.00 Key Indicators Return on Average Shareholders’ Funds (%) 38.7% 24.0% 61.18 Return on Average Assets(%) 5.3% 3.5% 51.43 Cost to Income Ratio (%) 54.3% 65.4% -16.99 Capital Adequacy Ratios Core Capital Ratio-Tier I (%) 21.1% 15.7% 34.22 Total Risk weighted Capital Ratio -Tier II (%) 25.1% 21.6% 16.23 Statutory Ratios Shareholders’ Funds to Deposits (%) 9.89% 8.47% 16.71 Liquid Assets Ratio (%) 11.4% 8.47% 34.42 3 Swarnamahal Financial Services PLC Annual Report 2011/2012 Total Assets Gross Income Net Profit (PAT) Rs.Mn 6000 5,315 Rs.1,069 mn Rs. mn 5000 141 4,079 4000 3000 2,419 Total Assets Deposits 2000 1000 0 Rs. 5,315mn Rs. 4,399mn 10 11 12 Year Profit Before Taxation Profit After Taxation Cost to Income Rs.Mn Rs.Mn % 300 160 100 141 247 140 80.10 250 80 120 65.40 200 100 60 54.26 150 80 63 112 40 60 100 40 20 50 17 26 20 0 0 0 10 11 12 10 11 12 10 11 12 Year Year Year Total Deposits Pawning Advances Shareholders’ Fund Rs.Mn Rs.Mn Rs.Mn 4,399 4500 3500 500 4000 3,155 450 435 3,470 3000 400 3500 2,434 3000 2500 350 294 300 2500 1,944 2000 231 250 2000 1500 200 1500 864 150 1000 1000 100 500 500 50 0 0 0 10 11 12 10 11 12 10 11 12 Year Year Year 4 Swarnamahal Financial Services PLC Annual Report 2011/2012 Chairman’s Message “Given your company’s highly respected reputation in the gold loan services market, we will continue to sustain our growth momentum through strategic market expansion of our core business of gold loans in the ensuing year.” 5 Swarnamahal Financial Services PLC Annual Report 2011/2012 It gives me a great pleasure to welcome you all to the 7th Annual During the year, the regulatory and prudential framework of General Meeting and to present the performance of your the financial sector focused on capital enhancements and company for the financial year 2011/12, that evidences a year improvements to corporate governance and risk management of commendable growth, with high returns for all stakeholders. infrastructure. Economic Overview The performance of the non-bank financial institution sector Globally, financial markets remained sluggish due to rising (LFCs and specialized leasing companies) improved due sovereign debt problems in the European Union and increased to expansion of business activities. There were notable uncertainty about the prospects of the global economy. As a improvements in asset quality, profitability and capital result, investors adopted a cautious approach and prices of adequacy. safe haven assets, such as gold, rose significantly in 2011. The new Finance Business Act was effected in November 2011, Domestically, 2011 was a year of growth for Sri Lanka, with the introducing a stronger system to regulate finance companies. economy recording the highest post independence growth In addition, LFCs were required to list on the Colombo Stock of 8.3%. Inflation remained at single digit levels with annual Exchange by June 2011. average inflation at 6.7%, while year-on-year inflation was 4.9% in December 2011. In the favourable economic climate, imports In 2011, the Central Bank also implemented a mandatory and credit demand continued to grow and in February 2012, deposit insurance scheme under the provisions of the Monetary the Central Bank raised interest rates and capped bank lending Law Act, to safeguard interests of small depositors and maintain to 18% with an additional 5% allowed for foreign funds, to public confidence in the financial system. rein in possible demand fuelled inflation and to contain import related credit to safeguard national foreign exchange reserves. During 2011, the total asset base of the non bank financial To further strengthen external stability, in February 2012, the sector grew by 26% to Rs. 490 billion, compared with a growth Central Bank allowed greater flexibility in the exchange rate of 30% in 2010. The main contributory factor in the expansion by limiting its interventions in the domestic foreign exchange of the asset base was the growth of the accommodations market. Taxes on imported motor vehicles were raised in March portfolio. Accommodations grew by 46% to Rs. 388 billion as 2012 to control vehicle imports and save foreign exchange. at end 2011, compared to a growth rate of 35% during 2010. Finance leases, hire purchases and other secured advances During the first quarter of 2012, despite rising concerns of an were the major sources of the increase in accommodations, Euro zone crisis and a global slowdown, Sri Lanka’s economic accounting for 43%, 30% and 15%, respectively of total growth continued to remain strong.
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