DOCSLIB.ORG

DFCC Vardhana Bank Limited Debenture Issue 2011/16 INTRODUCTORY DOCUMENT

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
DFCC Vardhana Bank Limited Debenture Issue 2011/16 INTRODUCTORY DOCUMENT DFCC Vardhana Bank Limited Debenture Issue 2011/16 INTRODUCTORY DOCUMENT Managers to the Introduction Acuity Partners (Private) Limited FOR OBTAINING A LISTING OF 10,000,000 UNSECURED SUBORDINATED REDEEMABLE FIVE YEAR RATED AND TRANSFERABLE DEBENTURES ON THE MAIN BOARD OF THE DEBT SECURITIES TRADING SYSTEM OF THE COLOMBO STOCK EXCHANGE Managers to the Introduction Acuity Partners (Private) Limited No. 53, Dharmapala Mawatha Colombo 07, Sri Lanka Tel: 2 206206 2 DFCC Vardhana Bank Limited – Debenture Issue 2011/16 – Introductory Document INTRODUCTORY DOCUMENT The Colombo Stock Exchange (“CSE’) has taken reasonable care to ensure full and fair disclosure of information in this Introductory Document. However, CSE assumes no responsibility for the accuracy of the statements made, opinions expressed or reports included in this Introductory Document. This Introductory Document is dated 21st November 2011. This Introductory Document has been prepared by Acuity Partners (Pvt) Limited (hereinafter referred to as “Acuity”) on behalf of DFCC Vardhana Bank Limited. DFCC Vardhana Bank Limited (hereinafter referred to as “DVB” or “the Bank”) and its Directors confirm that to the best of their knowledge and belief, the information contained herein is true and correct in all material respects and that there are no other material facts, the omission of which would make any statement herein misleading. While DVB has taken reasonable care to ensure full and fair disclosure of pertinent information, it does not assume responsibility for any investment decisions made by the investors based on the information contained herein. In making such investment decisions, prospective investors must rely on their own knowledge, examination and assessments on DVB and the terms of the Debentures Issued (knowledge, perception together with their own examination and assessment on DVB and the terms and conditions of the Debentures issued) including the risks associated. Investors are further advised to obtain clarifications in this regard from their tax advisors. DFCC Vardhana Bank Limited – Debenture Issue 2011/16 – Introductory Document 3 Representation No dealer, sales person, individual or any other outside party has been authorized to give out any information or to make any representation in regard to this Introduction other than the information and representations contained in this Introductory Document and if given or made such information or representations must not be relied upon as having been authorized by the Company. The delivery of this Introductory Document shall not under any circumstance constitute a representation or create any implication or suggestion that there has been no material change in the affairs of the Company since the date of this Introductory Document. If you are in any doubt regarding the contents of this document or if you require any clarification or advice in this regard, you should consult your Stock Broker, Lawyer or any other Professional Advisor. 4 DFCC Vardhana Bank Limited – Debenture Issue 2011/16 – Introductory Document TABLE OF CONTENTS 1.0 CORPORATE INFORMATION 7 2.0 SALIENT FEATURES AT A GLANCE AND PARTIES TO THE INTRODUCTION 8 3.0 DEFINITIONS/ABBREVIATIONS AND INTERPRETATIONS 10 4.0 INFORMATION RELATING TO THE INTRODUCTION 13 4.1 Issue of Debentures under Prospectus 13 4.2 Subscription List and Allotment 13 4.3 Introduction 14 4.4 Debenture Types and Number of Debentures to be Listed 14 4.5 Interest 14 4.6 Interest Period 15 4.7 Interest Payment Date 15 4.8 Interest Repricing Date 16 4.9 Objectives of the Issue 16 4.10 Payment of the Principal Sum and Interest 16 4.11 Withholding Tax 17 4.12 Redemption 18 4.13 Trustee to the Issue 18 4.14 Rights of the Debenture Holders 18 4.15 Risk Factors Specifically Associated with the Debentures 18 4.16 Benefit of Investing in the Debentures 19 4.17 Transfer of the Debentures 19 4.18 Rating of the Instrument 20 5.0 OVERVIEW OF DFCC VARDHANA BANK LIMITED 21 5.1 Historical Overview 21 5.2 Significant Milestones 21 5.3 Performance Overview during 2010 22 5.4 Principal Activities 23 5.5 Outlook for 2011 and beyond and Assumptions and Risks Related to Future Plans 24 5.6 Degree of Dependence on key Customers and Suppliers 25 5.7 Employees and Labour Union Details 25 5.8 Major Shareholdings as at 30 September 2011 25 6.0 CAPITAL STRUCTURE 26 6.1 Stated Capital 26 6.2 Transferability of Shares 26 6.3 Details of Debt Securities 26 6.4 Details of Share and Debenture Allotments 26 6.5 Details of Share Redemption and Reduction in Share Capital 26 6.6 Details of Outstanding Convertible Debt Securities 26 DFCC Vardhana Bank Limited – Debenture Issue 2011/16 – Introductory Document 5 7.0 THE BOARD OF DIRECTORS 27 7.1 Board of Directors of DVB 27 7.2 Directors’ Remuneration 31 8.0 CORPORATE MANAGEMENT AND SENIOR MANAGEMENT TEAM 32 9.0 CORPORATE GOVERNANCE PRACTICES 35 9.1 Overview 35 9.2 Audit Committee 36 9.3 Board Human Resource and Remuneration Committee 36 9.4 Nomination Committee 37 9.5 Integrated Risk Management Committee 37 10.0 STATUTORY AND OTHER GENERAL INFORMATION 39 10.1 Hosting of Documents 39 10.2 Copies of the Introductory Document 39 10.3 Details of Legal, Arbitration or Mediation Proceedings 39 10.4 Details of Penalties Imposed by Regulatory and State Authorities 39 10.5 Details of Contingent Liabilities 39 10.6 Financial Statements 40 10.7 Conflict of Interest Between DVB and Trustee 40 10.8 Key Ratios 40 10.9 Assets Pledged as Security 40 10.10 Non Resident Investors 40 11.0 DECLARATION BY THE DIRECTORS 41 ANNEX A: DFCC VARDHANA BANK LIMITED, AUDITORS REPORT TO THE BOARD OF DIRECTORS AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDING 31 DECEMBER 2010 43 ANNEX B: DFCC VARDHANA BANK LIMITED, AUDITORS REPORT TO THE BOARD OF DIRECTORS AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDING 31 DECEMBER 2009 79 ANNEX C: DFCC VARDHANA BANK LIMITED, AUDITORS REPORT TO THE BOARD OF DIRECTORS AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDING 31 DECEMBER 2008 115 ANNEX D: DFCC VARDHANA BANK LIMITED, UNAUDITED INTERIM FINANCIAL STATEMENTS AS AT 30 JUNE 2011 149 ANNEX E: CREDIT RATINGS REPORT BY FITCH RATINGS LANKA LTD 157 ANNEX F: COLLECTION POINTS 161 6 DFCC Vardhana Bank Limited – Debenture Issue 2011/16 – Introductory Document 1.0 CORPORATE INFORMATION Name of Company DFCC Vardhana Bank Limited Legal Form A limited liability company incorporated in Colombo on 25 August 1995 under the Companies Act No 17 of 1982. The Company was re- registered under the Companies Act No 07 of 2007 on 16 September 2008 bearing registration number PB 633. It is a Licensed Commercial Bank under the Banking Act No 30 of 1988. Registered Office & Head Office DFCC Vardhana Bank Limited No. 73, W A D Ramanayake Mawatha Colombo 02, Sri Lanka. Tel: +94- 11 -2371371 Fax: +94-11-2371372 Board of Directors Mr. J M S Brito (Chairman) Mr. L H A Lakshman Silva (CEO) Mr. L N de S Wijeyeratne (Senior Director) Mr. T Dharmarajah Mr. A N Fonseka Mr. R S Jayawardena Mr. S Nagarajah Ms R A P Withana Auditors KPMG Ford, Rhodes, Thornton & Co. Chartered Accountants No. 32 A, Mohamed Macan Markar Mawatha Colombo 03, Sri Lanka. Tel:+94-11- 2426426 Fax:+ 94-11-2445872 Company Secretary Mr. W A Mendis DFCC Vardhana Bank Limited – Debenture Issue 2011/16 – Introductory Document 7 2.0 SALIENT FEATURES AT A GLANCE AND PARTIES TO THE INTRODUCTION Instrument and Rate of Interest (Yield) Unsecured Subordinated Redeemable Five (05) year Rated and Transferable Debentures, categorized as Debentures of Type A and Type B as described below. Type A Fixed Interest rate of eleven point five per centum (11.50%) p.a. payable semi-annually each year on 30th June and 31st December from Date of Allotment until the Date of Redemption on the principal sum of the Debentures. The tenor of the Debenture is Five (05) years. Type B Variable interest rate of weighted average six month (182 day) Treasury Bill after tax interest rate (grossed up for notional Withholding Tax) plus one point five per centum (1.50%) p.a. payable semi-annually each year on 30th June and 31st December from Date of Allotment until the Date of Redemption on the principal sum of the Debentures. The tenor of Debenture is Five (05) years. Face Value of each Debenture Type A and Type B - LKR 100 Issue Price Both Type A and Type B Debentures were issued at LKR 100 each Amount raised LKR 1,000 million Date of Maturity On completion of Five (05) years from the Date of Allotment of the Debentures Debenture Issue Rating Fitch Ratings Lanka has assigned a National Rating of ‘A+(lka)’ Date of Allotment 07th September 2011 Lawyers to the Introduction Nithya Partners Attorneys-at-Law No. 97A, Galle Road Colombo 03, Sri Lanka Tel: +94-11- 4712625 Fax:+94-11-2328817 Trustees Deutsche Bank AG, Colombo Branch No 86 Galle Road Colombo 03 Tel: +94-11-4791137 Fax: +94-11-2343336 8 DFCC Vardhana Bank Limited – Debenture Issue 2011/16 – Introductory Document Managers to the Introduction Acuity Partners (Private) Limited 7th Floor, Acuity House No. 53, Dharmapala Mawatha Colombo 03, Sri Lanka Tel: +94-11-2206206 (G), +94-11-2206212 (D) Fax: +94-11-2437149 Continuing Registrars DFCC Group Treasury No. 73/5, Galle Road Colombo 03, Sri Lanka. Tel: +94-11-2442442 Fax: +94-11-2344434 DFCC Vardhana Bank Limited – Debenture Issue 2011/16 – Introductory Document 9 3.0 DEFINITIONS/ABBREVIATIONS AND INTERPRETATIONS In this Introductory Document the following definitions/abbreviations and interpretations apply unless the subject or context otherwise requires.
Load more

Recommended publications
  • Annual Report 2012, Financial Intelligence Unit of Sri Lanka (Central Bank of Sri Lanka)
    Annual Report 2012, Financial Intelligence Unit of Sri Lanka (Central Bank of Sri Lanka) 1 Annual Report 2012 Financial Intelligence Unit of Sri Lanka Central Bank of Sri Lanka ISBN 978 - 955 - 575 - 228 - 2 Printed at the Central Bank of Sri Lanka Printing Press 58, Sri Jayewardenepura Mawatha, Rajagiriya, Sri Lanka Governor’s Message Sri Lanka is committed to prevent money laundering and combat financing of terrorism. As a country that suffered nearly three decades from terrorism, Sri Lanka has a stronger commitment not to allow the ugly head of terrorism to resurge in the country. Terrorism is supported by the availability of financing through various activities such as drug trafficking, human trafficking, smuggling, extortions etc., through such activities may not exclusively be for terrorism financing. Money laundering promotes such criminal activities as it allows their illegal proceeds to be used to acquire any legal property. The Central Bank of Sri Lanka with a mandate to safeguard the stability of its financial system is committed to ensure that proceeds of no such criminal activity are rooted through its financial system. Sri Lanka is well equipped with a legal framework to fight against money laundering and terrorist financing. When the Asia Pacific Group on Money Laundering, in its mutual evaluation in 2006, encouraged Sri Lanka to establish a FIU, necessary legislations were already enacted in 2005 and 2006. However, we were ready to introduce necessary amendments to address deficiencies identified through experiences and in order to be compatible with international recommendations on money laundering and terrorist financing. Accordingly, two major enactments i.e.
    [Show full text]
  • Annual Report 2016
    Credit Information Bureau of Sri Lanka / Annual Report 2016 / Annual Report of Sri Lanka Bureau Information Credit “TOWARDS CREATING A CULTURE OF HIGH CREDIT QUALITY AND DISCIPLINE THAT PROMOTES WIDER FINANCIAL INCLUSION AMONG ALL SEGMENTS OF THE ECONOMY AND STRENGTHENS THE FINANCIAL SYSTEM STABILITY OF THE COUNTRy” Credit Information Bureau of Sri Lanka (CRIB) / Annual Report 2016 Contents Chairman’s Review 2 Key Performance Indicators 5 Historical Milestones 8 Who We Are Our Vital Statistics 12 CRIB Products & Services 14 Governance System Board of Directors 17 Board of Directors (Retired) 24 Our Team 25 Ethics and Anti -Corruption 28 Governance and Internal Controls 32 Audit Committee Report 37 Remuneration Committee Report 39 Chairman’s Message Management Discussion & Analysis “...the total number Managing Risk 41 of credit reports Operations Review 44 issued during the year Financial Review 47 increased by 15%, Economic Contributions 50 to 8 million, from 6.9 IT System 51 million in the previous Our Customers 53 financial year.” Our Team 55 Financial Reports Statement of Directors’ Responsibilities for Financial Statements 58 Credit Report Usage No. Reports Mn Annual Report of the Board of Directors on the Affairs of the Bureau 59 5.0 Independent Auditor’s Report to the Shareholders of Credit Information 4.0 Bureau of Sri Lanka 61 Statement of Comprehensive Income 62 3.0 Statement of Financial Position 63 2.0 Statements of Changes in Equity 65 1.0 Cash Flow Statements 66 0 Notes to the Financial Statements 67 2012 2013 2014 2015 2016 Notes 84 Commercial Banks Finance Companies Corporate Information 87 Specialised Banks Leasing Companies ABOUT US The Credit Information Bureau of Sri Lanka (CRIB), which is the first credit bureau in the South Asian region, was established by the Credit Information Bureau of Sri Lanka Act No.
    [Show full text]
  • Press Release
    Communications Department 30, Janadhipathi Mawatha, Colombo 01, Sri Lanka. Tel : 2477424, 2477423, 2477311 Fax: 2346257, 2477739 E-mail: [email protected], [email protected] Web: www.cbsl.gov.lk Press Release Issued By Communications Department Date 29 August 2014 Financial Sector Consolidation Update - August 2014 During August 2014, many banks and finance and leasing companies (NBFI) were actively involved in the consolidation process having understood the importance of meeting the set timelines. Several banks and NBFIs, viz., Asian Finance Ltd and TKS Finance Ltd., Capital Alliance Finance PLC and Cargills Bank Ltd., Commercial Credit and Finance PLC and Trade Finance and Investments PLC, Bartleet Finance PLC and Orient Finance PLC, Prime Grameen Micro Finance Ltd and Hatton National Bank PLC, and Senkadagala Finance PLC & Newest Capital Ltd, made public announcements of agreed consolidation arrangements. The Monetary Board approved, in-principle, another 10 consolidation proposals submitted by banks and NBFIs, and the respective entities were proceeding with the merger/acquisition processes. Hitherto, 29 proposals of 7 banks and 22 NBFI have been approved by the Central Bank. Further, consolidation plans of 7 NBFIs and one bank are being finalised and will be announced in the coming days. TPG Global LLC, US - based global private investment firm through their subsidiary has committed a significant capital infusion to Union Bank of 1 Colombo PLC. Considering the importance of having strong strategic partners to drive the consolidation process, the Monetary Board approved this investment. Mergers of DFCC Bank, DFCC Vardhana Bank PLC and the National Development Bank PLC, as well as Merchant Bank of Sri Lanka PLC, MBSL Savings Bank Ltd., and MCSL Financial Services Ltd., continued to progress during the month with a view to completing the transactions by last quarter of this year.
    [Show full text]
  • Ringing in the Cash
    Sri Lanka | Banks, Finance and Insurance EQUITY RESEARCH Initiation of coverage 25 July 2014 Sampath Bank PLC (SAMP.N0000) Pawning woes nearing end: Focus on 2015 We expect the overhang on Sampath Bank (SAMP) shares to recede further on the Key statistics easing of concerns regarding its pawning portfolio and its ability to derive growth CSE/Bloomberg tickers SAMP.N0000/SAMP SL from alternative credit lines. SAMP is trimming its pawning portfolio to below 15% Share price (24 July 2014) LKR213 of total loans by 2Q14E (from 25% in December 2012). The significant increase in No. of issued shares (m) 168 customer contact following the near doubling of the number of branches (of which Market cap (USDm) 275 95% are now profitable) should enable SAMP to derive greater revenue growth. We Free float (%) 85% expect 2015E and 2016E to be turnaround years for SAMP, with double-digit credit 52-week range (H/L) LKR218/162 and income growth, and a recovery in ROE. As the third-largest private Avg. daily vol. (shares, 144,218 commercial bank, with an asset base of LKR388bn and market cap of LKR36bn, 1yr) SAMP should be a beneficiary of the low interest rate regime-driven recovery in Avg. daily turnover 199 credit growth. Tailwinds from improving macroeconomic fundamentals, favorable (USD’000) policies such as the Central Bank of Sri Lanka’s (CBSL’s) guarantee for gold Source: CSE, Bloomberg loans, and benign inflation should provide further impetus. Our P/B- and P/E- Note: USD/LKR=131.0 (average for the year ended 24 July based analyses suggest a valuation range of LKR210-243.
    [Show full text]
  • DFCC Bank PLC Annual Report 2016.Pdf
    Going beyond conventional reporting, we have implemented a About this Report more current format for reporting and have upgraded our corporate website with a focus on investor relations, supplemented by an investor relations app for smart phones and other devices. This is an integrated annual report and is a compact Reporting Period disclosure on how our strategy, governance, performance and prospects have resulted in the The DFCC Bank Annual Report for 2016 covers the 12 month period from 01 January 2016 to 31 December 2016 and is reflective of the creation of sustainable value within our operating change in the financial year-end implemented in 2015. The previous environment. annual report covered the nine month period from 01 April 2015 to 31 December 2015 and is available on the company website Value Creation and Capital Formation (www.dfcc.lk). Some of the Group entities have a 31 March financial year-end and they are consolidated with DFCC Bank’s reporting The ability of an organisation to create sustainable value for itself period with a three month time lag. A summary of the accounting depends on the value it creates for its stakeholders, making value periods covered by the Statement of Profit and Loss and Other creation essentially a two-way process. In fact, the more value an Comprehensive Income in the Bank and the Group columns is given organisation creates, the more value it is able to create for itself. in the Financial Report (page 136). Therefore firms spend substantial resources on creating and maintaining relationships with their stakeholders. Value creation leads to capital formation.
    [Show full text]
  • Payments Bulletin - First Q U a R T E R 2019 Page 1
    SECONDQ3 First Quarter 2019 Payments and Settlements Department Central Bank of Sri Lanka Payments Bulletin - First Q u a r t e r 2019 Page 1 Contents Topic Page 1 Currency in Circulation 3 2 Non-Cash Payments 4 2.1 Real Time Gross Settlement (RTGS) System 5 2.2 Cheques 8 2.3 Sri Lanka Interbank Payment (SLIP) System 12 2.4 Payment Cards and Mobile Phone based Payment Mechanisms 14 2.4.1 Payment Cards 14 (a) Credit Cards 15 (b) Debit Cards 17 2.4.2 Payment Card Infrastructure 18 (a) Automated Teller Machines (ATMs) 18 (b) Point of Sale (POS) Terminals 19 2.4.3 Mobile Phone based Payment Mechanisms 20 (a) Customer Account based Mobile Payment Systems 20 (b) Mobile Phone based e-money Systems 20 2.5 Internet based Payment Systems 21 2.6 Tele banking 22 2.7 Postal Instruments 22 2.8 Other 23 2.9 Common Card and Payment Switch (CCAPS) 23 (a) Common ATM Switch (CAS) 23 (b) Common Electronic Fund Transfer Switch (CEFTS) 24 (c) Shared ATM Switch (SAS) 25 3 Asian Clearing Union (ACU) 26 4 Society for Worldwide Interbank Financial Telecommunication (SWIFT) 27 5 Transactions through Payment Systems/Instruments 28 6 Key Indicators 29 7 Licensed Service Providers of Payment Cards and Mobile 30 Payment Systems 8 Regulatory Framework of Payment and Settlement Systems in Sri Lanka 32 9 Chronology of Major Events in the Payment and Settlement Systems in 33 Sri Lanka Payments Bulletin - First Q u a r t e r 2019 Page 2 1 Currency in Circulation The Central Bank of Sri Lanka (CBSL) has the sole authority to issue currency notes and coins on behalf of the Government of Sri Lanka.
    [Show full text]
  • Annual Report 2012
    Credit Information Bureau of Sri Lanka Credit Information Bureau of Sri Lanka OUR VISION “Building a customer - friendly reservoir of credit information” OUR COLLECTIVE CRUSADE To collect and collate, credit and financial information on borrowers and prospective borrowers of lending Credit Information Bureau of Sri Lanka institutions; To provide credit information on request to shareholder lending institutions and simultaneously to borrowers to whom such information relate and to instil credit discipline in the financial sector; To establish a credit-rating system in Sri Lanka; to undertake credit rating and to sell such credit ratings to any foreign and local agencies, or to any person making a request for such ratings; To undertake research and training projects for shareholder lending institutions; To operate a filing office of secured transactions to register the security interest of movables with a view of facilitating the distribution of credit to all sectors of the Designs of success economy and to the informal sector in particular; Inspired by time-honored traditions of Sri Lankan craftmenship we present a story of resourcefulness, perseverance OUR RESPONSIBILITY and refreshing creativity that inspires economic development. Each Provide an efficient and effective credit information service and other value added services to the members individual charters his own course and by using state –of-the-art technology. collectively a whole society weaves a design of success. We propose to Enable easy and fast access to credit while minimising employ this process of artistry to non-performing loan levels. highlight the journey of CRIB. Increase the confidence of investors in the banking and finance sector which is vital for the development of the economy and for the well-being of society.
    [Show full text]
  • Performance Report of the Department of Development Finance for the Year 2018
    PERFORMANCE REPORT - 2018 DEPARTMENT OF DEVELOPMENT FINANCE Content Page Numbers 1. Organization Structure 1.1 Vision and Mission of the Department 2 1.2 Introduction 3 1.3 Functions of the Department 4 1.4 Organizational Chart 5 2. Performance During 2017 2.1 Overview 6 2.2 Enterprise Sri Lanka 6 – 18 2.3 Gampareliya 19 2.4 Microfinance 20 – 23 2.5 Support to Agricultural Development 24 – 32 2.6 Assistance to Plantation Sector 33 – 34 2.7 Food Security 34 – 38 2.8 Livestock Sector Development 38 – 41 2.9 Special Incentives for Targeted Groups 41 – 42 3. Administrations and Financial Performance 3.1 Administration Sector 43 - 48 3.2 Financial Sector 49 3.3 Audit Queries 50 DEPARTMENT OF DEVELOPMENT FINANCE – PERFORMANCE REPORT – 2018 1 1. Organization Structure 1.1 Vision and Mission of the Department Vision “To become the key government agency as facilitator for development financing.” Mission “Facilitate to formulate appropriate policies and strategies and mobilize financial resources for the development of SMEs, financing primary sectors through necessary intervention with the relevant stakeholders ’’ DEPARTMENT OF DEVELOPMENT FINANCE – PERFORMANCE REPORT – 2018 2 1.2 Introduction The Department of Development Finance was established on 01st January 2005 with the objective of development of small and medium scale entrepreneurship and revitalizing microfinance sector. The staff of the department consists of 34 members include 13 staff officers in overall. Main activities of the department can be shown under four sectors as follows; 1.2.1 Primary Sector Development Directing of, implementing Government development subsidy programmes, enhancing primary sector economic development and preparation of policies relevant to emerging sectors.
    [Show full text]
  • Institutions Licensed by the Central Bank of Sri Lanka to Take Deposits from the Public (As at 10.05.2012 , in Alphabetical Order) Licensed Commercial Banks 1
    NOTICE TO THE PUBLIC Institutions Licensed by the Central Bank of Sri Lanka to take Deposits from the Public (As at 10.05.2012 , in Alphabetical Order) Licensed Commercial Banks 1. Amana Bank Ltd. 14. National Development Bank PLC 2. Axis Bank Ltd. 15. Nations Trust Bank PLC 3. Bank of Ceylon 16. Pan Asia Banking Corporation PLC 4. Citibank, N.A. 17. People’s Bank 5. Commercial Bank of Ceylon PLC 18. Public Bank Berhad 6. Deutsche Bank AG 19. Sampath Bank PLC 7. DFCC Vardhana Bank PLC 20. Seylan Bank PLC 8. Habib Bank Ltd. 21. Standard Chartered Bank 9. Hatton National Bank PLC 22. State Bank of India 10. ICICI Bank Ltd. 23. The Hongkong & Shanghai 11. Indian Bank Banking Corporation Ltd. 12. Indian Overseas Bank 24. Union Bank of Colombo PLC 13. MCB Bank Ltd. Licensed Specialised Banks 1. DFCC Bank 5. National Savings Bank 2. Housing Development Finance 6. Pradeshiya Sanwardhana Bank Corporation Bank of Sri Lanka 7. Sanasa Development Bank Ltd. 3. Lankaputhra Development Bank Ltd. 8. Sri Lanka Savings Bank Ltd. 4. MBSL Savings Bank Ltd. 9. State Mortgage and Investment Bank Licensed Finance Companies 1. Abans Finance PLC 23. L B Finance PLC 2. Alliance Finance Co. PLC 24. Melsta Regal Finance Ltd. 3. AMW Capital Leasing PLC 25. Mercantile Investments and Finance PLC 4. Arpico Finance Co. PLC 26. Merchant Credit of Sri Lanka Ltd. 5. Asia Asset Finance PLC 27. Multi Finance PLC 6. Asian Finance Ltd. 28. Nanda Investments and Finance PLC 7. Associated Motor Finance Co. PLC 29.
    [Show full text]
  • PART II Public Disclosure Authorized Public Disclosure Authorized
    Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized PART II PART PART II ACCOUNTS AND OPERATIONS OF THE CENTRAL BANK OF SRI LANKA 1. Accounts and Finance 1 2. Bank Supervision 71 3. Centre for Banking Studies 76 4. Communications 76 5. Currency 78 6. Domestic Operations 81 7. Economic Research 84 8. Employees’ Provident Fund 87 9. Facilities Management 91 10. Finance 91 11. Financial Intelligence Unit 92 12. Foreign Exchange 94 13. Human Resources 98 14. Information Technology 101 15. Internal Audit 103 16. International Operations 103 17. Legal and Compliance 105 18. Macroprudential Surveillance 106 19. Payments and Settlements 108 20. Policy Review and Monitoring 110 21. Public Debt 111 22. Regional Development 113 23. Regional Office Management 117 24. Resolution and Enforcement 118 25. Risk Management 119 26. Secretariat 120 27. Security Services 121 28. Staff Services Management 122 29. Statistics 122 30. Supervision of Non-Bank Financial Institutions 125 31. Training and Development 129 Part II Accounts and Operations of the Central Bank of Sri Lanka 1. ACCOUNTS AND FINANCE Activity Report of the Monetary Board Advisory Audit Committee during and relating to the Financial Year 2019 1. Introduction Monetary Board Advisory Audit Committee (AAC) is a sub-committee of the Monetary Board. AAC advises the Monetary Board on policies and matters relating to financial reporting, internal controls, internal audit, external audit and any other matter assigned by the Monetary Board. The AAC reported its performance and recommendations to the Monetary Board on a quarterly basis. 2. Composition of AAC The AAC is chaired by an appointed member of the Monetary Board and is comprised of two other external audit professionals.
    [Show full text]
  • Annual Report 2015 - 2016 Annual Report
    TESS AGRO PLC Annual Report 2015 - 2016 Annual Report Our Vision To achieve the country's best practice in the efficient and effective provision of service to Sri Lanka's Agricultural and Fisheries Sector. Our Mission To perform as a vital link to our rural economy and exploit state of the art technology to ensure consistency and quality of products & services. Contents Annual Report Page Corporate information 01 Notice of the Meeting 03 Chairperson’s Report 04 Board of Directors 05 Corporate Governance 06 Statements of Compliance 09 Directors' Report 11 Directors' Responsibility for Financial Reporting 13 Audit Committee Report 14 Independent Auditors' Report 15 Statement of Comprehensive Income 16 Statement of Financial Position 18 Statement of Cash Flow 19 Statement of Changes in Equity 20 Accounting Policies 21 Notes to the Accounts 32 Financial Review 54 Investor Information 58 Proxy Form 63 Corporate Information Annual Report NAME OF COMPANY : TESS AGRO PLC REGISTERED OFFICE : 87, New Nuge Road, Kelaniya. TELEPHONE NO : 2910859 FAX NO. : 2910615 E.MAIL ADDRESS : [email protected] WEB ADDRESS : www.tess.lk DATE, PLACE AND THE AUTHORITY : 20th May 1992, Colombo OF INCORPORATION Companies Act. No. 07 of 2007 PB 689 PQ BOARD OF DIRECTORS : Mrs. S.F. Fernando Prof. Arthur H.De O. Bamunuarachchi Mr. Shiran Fernando Mr. Roshan Fernando Mr. Dilshan Fernando Mr. A.R. Peiris SECRETARIES TO THE COMPANY : United Corporate Consultants & Secretaries (Pvt) Limited 211, T.B. Jaya Mawatha, Colombo 10. AUDITORS : Sarma & Co., Chartered Accountants 60 2/2, Pradeepa Mawatha, Colombo 10. 1 Corporate Information Annual Report LAWYERS : F J & G De Saram Corporate Law Office 210 De Saram Road Colombo 10.
    [Show full text]
  • Annual Report 2015
    Vision “To be the leading financial solutions provider sustainably developing individuals and businesses”and businesses” Mission “To provide innovative and responsible solutions true to our Values with the expertise of our multidisciplinary team of professionals and synergies of our financial services group” Our Values Innovative Customer Centric Professional Ethical Accountable Team Oriented Socially Responsible “The stylised ‘ V ’ in our new logo represents Vardhana, but it also stands for many other things. It stands for our values, our vision, our past and the future victories and in a slight marketing twist, a small ‘tick’ to remind people that DFCC Bank is always their right choice.” About this Reporting Period Consequent to the change of the financial year-end to 31 December Report from 31 March following the amalgamation with DFCC Vardhana Bank PLC and obtaining the commercial banking license, this DFCC Bank Annual Report 2015 covers the nine month period from This is our fourth consecutive Integrated 1 April 2015 to 31 December 2015 (period under review) and is Annual Report, one which also builds further different from our usual annual reporting cycle for financial and on the triple bottom line reporting we had adopted sustainability reporting adopted up to 31 March 2015. The previous a few years earlier. As an integrated report, it is a concise Annual Report covered the period 1 April 2014 to 31 March 2015 communication about how our strategy, governance, performance (previous year), and is available on our website (www.dfcc.lk) and prospects, in the context of the external environment, lead to along with quarterly filings and older Annual Reports.
    [Show full text]