Acuity Stockbrokers Research | Sri Lanka Equities
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Annual Report 2019/20
ANNUAL BROWN AND COMPANY PLC BROWN AND COMPANY REPORT 2019/20 ANNUAL REPORT 2019/20 REPORT ANNUAL www.brownsgroup.com CORPORATE INFORMATION COMPANY NAME REGISTERED OFFICE BROWN AND COMPANY PLC No. 481, T. B. Jayah Mawatha (Darley Road), P. O. Box 200, Colombo 10. LEGAL FORM Tel: 011 5063000 A Public Limited Liability Company incorporated in Sri Lanka on Fax: 011 2307380 17th August 1892 under the Joint Stock Companies Ordinance Website: www.brownsgroup.com 1861 and re-registered under the Companies Act No. 07 of 2007. The Company was listed on the Colombo Stock Exchange on BUSINESS OFFICE 25th April 1991. No. 34, Sir Mohamed Macan Markar Mawatha, Colombo 3. CONTENT COMPANY REGISTRATION NO. Tel: 011 5063000. PQ 25 Fax: 011 2307380. Website: www.brownsgroup.com. Our Vision and Our Mission Inner Cover DIRECTORS Ishara Nanayakkara AUDITORS Financial Highlights 1 Executive Chairman Messrs PricewaterhouseCoopers, Board of Directors 2 Chartered Accountants, Kapila Jayawardena Management Discussion & Analysis 4 No. 100, Braybrooke Place, Colombo 02. Non-Executive Director Corporate Governance Report 13 Tel: 011 7719838 Audit Committee Report 38 Kalsha Amarasinghe Fax: 011 2303197 Website: www.pwc.com Remuneration Committee Report 41 Non-Executive Director The Related Party Transactions Review Committee Report 42 Janaka de Silva Business Operations Committee Report 43 Independent Non-Executive Director BANKERS Bank of Ceylon FINANCIAL INFORMATION Tissa Bandaranayake Commercial Bank of Ceylon PLC Independent Non-Executive Director Cargills Bank Ltd. Annual Report of the Board of Directors 46 OUR VISION DFCC Bank PLC Statement of Directors’ Responsibility 51 To be a leading Sri Lankan SECRETARIES Hatton National Bank PLC Independent Auditor’s Report 52 ICICI Bank Ltd. -
Expolanka Holdings Plc Integrated Annual Report
EXPOLANKA HOLDINGS PLC INTEGRATED ANNUAL REPORT 2020/21 EXPOLANKA HOLDINGS PLC | INTEGRATED REPORT 2020/21 2 fruitionEXPOLANKA HOLDINGS PLC | INTEGRATED ANNUAL REPORT 2020/21 At Expolanka, we remain fully committed to our promise made several years ago, to drive long term sustainable value, by adapting a focused, constant and consistent strategy. Even though the year under review post several challenges, we were able to pursue our said strategies and bring to fruition our plans for progress which was fueled by our innate resilience and strength. The seeds we planted have taken root and we keep our focus upward, expanding in our focused direction in order to adapt to the current environment. We remain fruitful in our optimism, our can-do attitude and endurance, a recipe for success that will carry us through to more opportunity. Overview EXPOLANKA HOLDINGS PLC | INTEGRATED ANNUAL REPORT 2020/21 2 CONTENTS Chairman’s Overview Compliance Reports 12 About Us 3 Corporate Governance 71 Message About this Report 4 Risk Management Report 93 Group Milestones 5 Related Party Transactions Financial Highlights 6 Review Committee Report 101 15 Group CEO’s Highlights of the Year 7 Remuneration Committee Report 103 Review Chairman’s Message 12 Group CEO’s Review 15 Financial Reports Board of Directors 18 Annual Report of the Board of Directors Group Senior Management Team 20 on the Affairs of the Company 108 23 Financial Indicators 22 The Statement of Directors’ Responsibility 112 Performance Group Performance 23 Audit Committee Report 113 Overcoming -
Lankaclear (Private) Limited Annual Report 2020/21 Annual Report 2020/21 Lankaclear (Private) Limited 1 Lankaclear (Private) Limited Annual Report 2020/21 2
LankaClear (Private) Limited Annual Report 2020/21 Annual Report 2020/21 LankaClear (Private) Limited 1 LankaClear (Private) Limited Annual Report 2020/21 2 To revolutionize the transport sector in the country, we unveiled the 2in1 payment card technology to enable ‘Tap and Go’ payment capability in public transport. Ensuring a Quantum Leap in the Transport Sector, this is a pioneering effort to introduce an innovative technology of a single payment card with online and offline capabilities to provide convenience to commuters of public transport. You may get a glimpse of the Sri Lanka Transit Card experience by enabling NFC access in your Smart Phone and tapping the phone on the LankaPay card on the cover page of this year’s annual report. LankaClear has always been in the forefront of understanding consumer needs to make their lives and work seamless by providing real-time and secure transactions. In fact, we are well on our way to integrate THEďLATESTďȶNANCIALďSERVICEďINNOVATIONďTHATďWILLďPOSITIVELYď impact the lives of a majority of Sri Lankans via our 2 INďď0AYMENTď#ARDď7ITHďAďDYNAMICďSHIȺďINďCONSUMERď behaviour and how companies analyse the metrics of online engagement, our services have become indispensable. Our enviable track record shows that we have always strived to bring world-class technology, speed and convenience to a new breed of digital consumers to meet THEIRďDEMANDINGďEXPECTATIONSďINďACCESSINGďȶNANCIALď services. Similarly, we are making traditional brick mortar business a piece of history by bringing the future ever -
Sri Lanka Equity Marketwatch: Daily 15-Oct-20 Focus : ASPI up by 30 Points
Sri Lanka Equity MarketWatch: Daily 15-Oct-20 Focus : ASPI up by 30 points. Transportation sector contributed mostly to the market turnover while the sector index Index Performance was up by 7.89%. ASPI 5,920 0.51% S&P SL 20 2,366 0.82% Foreign investors were in a selling sentiment, while the net foreign outflows amounted to LKR 30 Mn. Key Statistics Turnover(LKR '000) 3,465,371 -37.06% Focus Volume ('000) 211,320 -54.58% During the day, ASPI was up by 30 points and S&P SL20 was up by 19 points. PER (source: Bloomberg) 15.10 Foreign Pur.(LKR '000) 50,334 Bourse closed in green while turnover surpassed 3.4 Bn due to retail activities. On counters such as JKH, EXPO and HAYL lifted the main index by 17.76 points. Foreign Sales (LKR '000) 79,930 Dom. Pur.(LKR '000) 3,414,826 Dom. Sales (LKR '000) 3,385,230 EXPO topped the turnover list while there were no crossings recorded for the day. Market Cap (LKR Mn) 2,576,914 Foreign investors continued to be the net sellers while the net foreign outflow amounted to LKR 30 Gainers/ Losers 108/64 Mn. YTD Net Foreign Inflow LKR Bn -43.24 Meanwhile, ASPI started daily operations at 5890 level and increased during the day to reached 5920. During the day gainers surpassed losers by 108 to 64. Sector Performance 2.78% Intraday ASPI Performance Automobiles & Components 2.78% Banks 1.90% Capital Goods 3.58% Commercial & Professional Services 0.00% Consumer Durables & Apparel 2.41% Consumer Services Industry -0.47% Diversified Financials 0.47% 11:15 11:30 11:45 12:00 12:15 12:30 12:45 13:00 13:15 13:30 13:45 14:00 14:15 14:45 Energy 1.90% News Highlight: Food & Staples Retailing 1.19% Food, Beverage & Tobacco 0.88% Sri Lanka stocks closed 0.51 per cent higher on Thursday pushed by index heavy stocks, Colombo Stock Exchange data showed. -
Acuity Stockbrokers Research | Sri Lanka Equities
ACUITY STOCKBROKERS RESEARCH | SRI LANKA EQUITIES Weekly Market Review 22 May 2020 ASPI Gains 361 Points amid Heavy Local Buying Indices vs. Turnover (18th May – 22nd May) Interest… S&P Downgrades Credit Rating to 'B- Stable' 5,000 ASPI 2,300 ASPI ^ 8.13% | S&P SL20 ^ 15.89% S&P SL20 4,900 2,200 S&P SL20 S&P 4,800 2,100 ASPI The Bourse ended the week… Cont. P2 4,700 2,000 4,600 1,900 Foreign investors closed the week... Cont. P3 4,500 1,800 18-Mar19-Mar20-Mar21-Mar22-Mar 2.50 Sri Lankan equities reversed ….… Cont. P4 2.00 1.50 1.00 LKR Bn) LKR (Turnover 0.50 Economic Snapshot………… P5 0.00 18-Mar 19-Mar 20-Mar 21-Mar 22-Mar KEY STATISTICS Week ending 22-May 15-May +/- ASPI 4,799.89 4,439.04 8.13% S&P SL20 2,034.38 1,755.51 15.89% Banks 507.01 435.44 16.44% Capital Goods 613.52 528.92 15.99% Food, Beverage & Tobacco 704.89 667.23 5.64% Consumer Durables & Apparel 649.76 583.51 11.35% Materials 514.33 483.50 6.38% Diversified Financials 711.04 654.33 8.67% Turnover (LKR Bn) 8.05 9.61 -16.24% Foreign Buying (LKR Mn) 593.11 1,588.91 -62.67% Foreign Selling (LKR Mn) 3,996.15 5,098.28 -21.62% Daily Average Turnover (LKR Bn) 1.61 1.92 -16.24% Daily Average Foreign Buying (LKR Mn) 118.62 317.78 -62.67% Daily Average Foreign Selling (LKR Mn) 799.23 1,019.66 -21.62% TOP 10 GAINERS TOP 10 LOSERS Opening Closing WoW % Opening Closing WoW % Company Code Company Code Price Price Change Price Price Change TEA SMALLHOLDER TSMLN 20.0 32.5 62.5% INDUSTRIAL ASPH.* ASPHNN 388.4 0.2 -99.9% BROWNS INVSTMNTS BIL N 2.1 3.2 52.4% BLUE DIAMONDS[NV] BLUEX 0.3 0.2 -
C H a P T E R - 2
+ + C h a p t e r - 2 LITUREATURE REVIEW 2.1 Introduction The literature appearing in this chapter is mostly a collection from articles, research papers of various scholars and textbooks. During the survey, a few researches relevant to the Sri Lankan context were gathered; others were mostly from web sites and international magazines, journals and forums. A wider collection of literature in resource based view, resource complementaries and competitiveness of IT was required for the study and it helped to explain the research problem and suggest solutions. A separate analysis was carried out for the banking industry in Sri Lanka, pointing out the different types of banking sectors namely, licensed commercial banks (LCB) and licensed specialized banks (LSB). 2.2 Information technology in banking sector James (2002) defined Information Technology as ‘Hardware, software, telecommunications, database management, and other information processing technologies used in computer-based information systems.’ Information Systems is defined as ‘Systems that use hardware, software, the internet, other telecommunications networks, computer-based data resource management techniques, and other information technology to transform data resources into an endless variety of information products for consumers and business users.’ In the banking industry, IT applications vary from IT devices, IT systems, IT driven communication technologies and to IT driven marketing technologies. The different usages of such IT applications are numerous; for example in banking sector IT is used as + 8 + + + IT devices, IT systems, IT based communication technologies and IT based marketing technologies. 2.2.1 IT devices IT device is a general term that refers to the physical artifacts of a technology. -
Assessment of Auction Mechanism
Additional Financing of Small and Medium-Sized Enterprises Line of Credit Project (RRP SRI 49273-002) ASSESSMENT OF AUCTION MECHANISM A. Introduction 1. The original project introduced an auction to allocate the funds among the participating banks. The auctions created a framework where banks made a disbursement commitment and incurred a financial penalty if that disbursement was not achieved. 2. The project conducted two auctions. In the first, National Development Bank (NDB) won the entire $12.5 million available. In the second, the funds were evenly divided among three institutions. 3. The project had planned to review the auction mechanism after the second auction, at which time Asian Development Bank (ADB) and the government would decide whether to continue with the auction or to introduce a more conventional allocation system. Following this review, the government requested the latter so that more banks could participate. 4. Although appreciating the government’s reasons for requesting the cancellation, the project team was overall pleased with the auction’s performance, and the objective of this appendix is to capture any lessons that could be applied to future auction systems. B. Lessons 1. Dominance by a Subset of Banks 5. The government was correct that the auction limited participation. After NDB won all the funds during the first auction, ADB and the government agreed to cap the amount any bank could win to a third of available funds. 6. Despite these changes, the bidding pattern of the first two auctions suggested that a subset of banks would dominate the auctions. Indeed, the same four banks finished in the top five of both rounds (Table 1). -
Pn/Pmt/2020-1 08.04.2020
PN/PMT/2020-1 08.04.2020 INLAND REVENUE DEPARTMENT Notice to Taxpayers Alternative Tax Payment System (ATPS) through Online Fund Transfer Facility Taking in to account of the Covid -19 Endemic situation currently prevailing in the country, the Inland Revenue Department (IRD) has introduced an Alternative Tax Payment System (ATPS) for making tax payments through Online Fund Transfer Facility, with the collaboration of specific banks, with effect from 08-04-2020. Hence, all taxpayers are hereby informed to adhere to the following instructions in making tax payments until further notice. The ATPS is available only with the online banking facilities of the banks designated in the below Table 01. The respective banks will provide to include relevant information for making online fund transfers for tax payments. Therefore, taxpayers are kindly requested to refrain from making online fund transfers in respect of tax payments through any other bank other than those listed below. In case you attempt to make online tax payments through any other bank, such payments will not be posted to your ledger in IRD’s RAMIS. Table – 01 - Banks providing Online Banking Facility for ATPS 01. Bank of Ceylon (BOC) 02. People’s Bank 03. Commercial Bank of Ceylon PLC 04. Nations Trust Bank PLC (NTB) 05. Sampath Bank PLC 06. HSBC 07. Cargills Bank Limited 08. National Development Bank (NDB) 09. Standard Chartered Bank (SCB) 10. Seylan Bank PLC 11. Hatton National Bank PLC (HNB) 12. Citibank 13. Deutsche Bank 14. Pan Asia Bank PLC 15. DFCC Bank PLC 1 Steps to follow in making online fund transfers in respect of tax payments 1. -
Acuity Stockbrokers Research | Sri Lanka Equities
ACUITY STOCKBROKERS RESEARCH | SRI LANKA EQUITIES Weekly Market Review 16 Nov 2018 th th Markets Remain Volatile Amid Political Stalemate… Indices vs. Turnover (12 Nov – 16 Nov) CBSL Raises Policy Rates Amid LKR… 6,300 3,200 ASPI DepreciationIncreases 6,200 S&P SL20 3,160 S&P SL20 S&P ASPI ˅ 0.39% | S&P SL20 ^ 0.49% 6,100 3,120 ASPI 6,000 3,080 The Bourse ended the week… Cont. P2 5,900 3,040 5,800 3,000 Foreign investors closed the week... Cont. P3 12-Nov13-Nov14-Nov15-Nov16-Nov 1.00 0.80 Political drama continued ….… Cont. P4 0.60 0.40 LKR Bn) LKR (Turnover 0.20 Economic Snapshot………… P5 0.00 12-Nov13-Nov*14-Nov 15-Nov 16-Nov *Turnover of Rs.6.68Bn on 13th November not displayed KEY STATISTICS Week ending 16-Nov 09-Nov +/- ASPI 5,955.43 5,978.63 -0.39% S&P SL20 3,109.50 3,094.21 0.49% Banking & Finance 15,732.11 15,807.90 -0.48% Food & Beverage 24,161.61 24,413.03 -1.03% Diversified 1,557.07 1,537.10 1.30% Hotel & Travel 2,640.32 2,644.00 -0.14% Plantations 720.37 744.24 -3.21% Manufacturing 2,865.45 2,874.97 -0.33% Turnover (LKR Bn) 8.32 7.80 6.60% Foreign Buying (LKR Mn) 787.02 1,450.20 -45.73% Foreign Selling (LKR Mn) 657.36 5,370.52 -87.76% Daily Average Turnover (LKR Bn) 1.66 1.95 -14.72% Daily Average Foreign Buying (LKR Mn) 157.40 362.55 -56.58% Daily Average Foreign Selling (LKR Mn) 131.47 1,342.63 -90.21% TOP 10 GAINERS TOP 10 LOSERS Opening Closing WoW % Opening Closing WoW % Company Code Company Code Price Price Change Price Price Change LANKA CERAMIC CERAN 132.5 158.8 19.8% S M B LEASING[NV] SEMBX 0.3 0.2 -33.3% BIMPUTH FINANCE BLI N 31.0 35.9 15.8% TESS AGRO[NV] TESSX 0.5 0.4 -20.0% KOTMALE HOLDINGS LAMBN 151.9 174.9 15.1% RADIANT GEMS RGEM 25.0 21.0 -16.0% MERC. -
Sanasa Development Bank PLC: Ratings Reaffirmed August 30, 2019
Sanasa Development Bank PLC: Ratings reaffirmed August 30, 2019 Summary of rated instruments Rated Amount Instrument Rating Action (LKR Mn) Issuer rating N/A [SL]BBB- (Stable); reaffirmed Guaranteed Redeemable Debentures, type B, 403 [SL]A+(SO) (Stable); reaffirmed guaranteed by Sampath Bank PLC Guaranteed Redeemable Debentures, type D, 562 [SL]A-(SO) (Stable); reaffirmed guaranteed by Seylan Bank PLC Rating action ICRA Lanka Limited, subsidiary of ICRA Limited, a group company of Moody‟s Investors Service, has reaffirmed the issuer rating of Sanasa Development Bank (SDB or the Bank) at [SL]BBB- (Pronounced SL triple B minus) with Stable outlook. ICRA Lanka has also reaffirmed the [SL]A+(SO) (pronounced SL A Plus Structured Obligation) rating with Stable outlook for the type B redeemable guaranteed debentures of SDB amounting to LKR 403 Mn, which are guaranteed by Sampath Bank PLC (Sampath). ICRA Lanka has also reaffirmed the [SL]A-(SO) (pronounced SL A minus Structured Obligation) rating with Stable outlook for the type D redeemable guaranteed debentures of SDB amounting to LKR 562 Mn, which are guaranteed by Seylan Bank PLC (Seylan). The letters SO in parenthesis suffixed to a rating symbol stand for Structured Obligation. A SO rating is specific to the rated issue, its terms, and its structure. The SO ratings do not represent ICRA Lanka‟s opinion on the general credit quality of the issuer concerned. The ratings for the redeemable guaranteed debentures are based on the strength of the unconditional and irrevocable guarantees from Sampath Bank PLC (Sampath) for type B redeemable guaranteed debentures and from Seylan Bank PLC (Seylan) for the type D redeemable guaranteed debentures covering the principal and two interest instalments (Semi Annual). -
Guardian Acuity Equity Fund Open Ended Growth Fund June 2021 Tel: +94 112039377 E-Mail: [email protected]
Guardian Acuity Equity Fund Open Ended Growth Fund June 2021 Tel: +94 112039377 E-mail: [email protected] HIGHLIGHT Crishani Perera The fund recorded a 1.29% return for the month and 2.52% return for 3 Months. The Fund Manager Accelerated vaccine rollouts and generally strong economic data in developed YTD return of the fund was 2.19% vs.benchmark ASPI return of 15.70%. economies led to strong gains in equities with S&P 500 leading with an 8.5% RETURNS* gain during 2Q whilst European stocks followed closely with a 7.1% return. The vaccination programs in rest of the Europe is now catching up with the BENCHMARK PERIOD* FUND S&P SL 20 ASTRI ASPI UK & US. The reopening of economies and a fast rebound in activity has fueled 2021 June 1.29% 5.87% -0.35% 5.88% inflation in some of the developed economies which is expected to contribute 3 Months 2.52% 10.06% 4.15% 10.12% to market jitters in the 2H. The emerging equities lagged with a 5.1% gain Year To Date (YTD 2021) 2.19% 15.70% 12.52% 15.84% during 2Q amidst slow vaccination rollout in most economies, policy Since Inception Cum. 85.21% 43.11% 0.43% 58.15% tightening and regulatory concerns in China. 3.91% 0.05% 5.03% Since Inception CAGR 6.82% Note : All Share Price Index (ASPI) ,All Share Total Return Index(ASTRI) & S&P Srilanka 20 Index (S&P SL 20) are based on CSE data as of 30th June 2021 Retail activity continued to dominate the local equities as notable price gains * Performances are based on month end prices as of 30th June 2021. -
HAYLEYS EXPORTS PLC___Interim Report
_____________HAYLEYS EXPORTS PLC_____________ Interim Report Fourth Quarter Twelve months ended 31st March , 2012 HAYLEYS EXPORTS PLC 2 HAYLEYS EXPORTS PLC 3 HAYLEYS EXPORTS PLC 4 HAYLEYS EXPORTS PLC 5 HAYLEYS EXPORTS PLC 6 HAYLEYS EXPORTS PLC 7 HAYLEYS EXPORTS PLC 8 HAYLEYS EXPORTS PLC 9 CORPORATE INFORMATION LEGAL FORM BANKERS A PUBLIC LIMITED COMPANY Hatton National Bank PLC Incorporated in Sri Lanka in 1987 Hongkong & Shanghai Bank Corporation Ltd Company Registration No PQ 21 Standard Chartered Bank Seylan Bank PLC Peoples Bank Commercial Bank of Ceylon PLC STOCK EXCHANGE LISTING Sampath Bank PLC The ordinary shares of the company are listed with the Colombo Stock Exchange of Sri Lanka. AUDITORS DIRECTORS Ernst & Young Chartered Accountants, A.M.Pandithage- Chairman 201, De Saram Place G.M.P.De Silva – Managing Director (Appointed W.E.F 02.08.2011) F.R.Alles P.O.Box 101 , Colombo 10, L. K. B. Godamunne- (Retired W.E.F 24/06/2011) Sri Lanka. I.Piyasena – (Resigned W.E.F 15/02/2012) H.C.S.Mendis LEGAL ADVISORS Dr. S. A. B. Ekanayake M.M.M.De Silva Corporate Legal Department S.C.Ganegoda Julius & Creasy –Attorney At Law T.G.Thoradeniya B.D.A.Perera ( Appointed W.E.F 06.12.2011) N.Udagae ( Appointed W.E.F 06.12.2011) J.A.W.M. Jayasekera – CEO ( Appointed W.E.F 02.08.2011) AUDIT COMMITTEE SECRETARIES F.R.Alles – Chairman L.K.B.Godamunne- (Retired W.E.F 24/06/2011) Hayleys Group Services (Pvt) Limited Dr.S.A.B.Ekanayake No.