DOCSLIB.ORG

Annual Report 2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2018 TRANSFORMATION AN ERA UNFOLDING Sri Lanka Insurance Corporation Ltd. Annual Report 2018 SLIC is moving along a trajectory of change and transformation anchored by a comprehensive three-year strategic plan. Across policy, process and infrastructure, we are evolving in step with the times and customer expectations, continuing to lay claim to our leadership positioning in the insurance industry. Sri Lanka Insurance Corporation Ltd. Annual Report 2018 1 CONTENTS SRI LANKA INSURANCE CORPORATION FINANCIAL REPORTS 4 – About this Report 104 – Annual Report of the Board of Directors of the Company 5 – About Sri Lanka Insurance Corporation 108 – Statement of Directors’ Responsibility 8 – Highlights 109 – Chief Financial Officer’s Statement of Responsibility 10 – Message from the Chairman 110 – Certificate of Actuary of the Insurer 12 – Managing Director’s Review 111 – Liability Adequacy Test 16 – Chief Executive Officer‘s Review 112 – Certificate of Incurred But Not (Enough) Reported Claims 113 – Independent Auditors’ Report STRATEGIC REPORT 116 – Statement of Financial Position 20 – Operating Environment 118 – Statement of Profit or Loss and Other Comprehensive Income 22 – Strategy 120 – Statement of Changes in Equity 24 – Business Model 126 – Statement of Cash Flows 26 – Stakeholders 128 – Segmental Review: Statement of Income 28 – Materiality 130 – Segmental Review: Statement of Financial Position 132 – Notes to the Financial Statements MANAGEMENT DISCUSSION AND ANALYSIS – Financial Capital 30 SUPPLEMENTARY INFORMATION 39 – Institutional Capital – Statement of Financial Position of the Life Insurance 44 – Customer Capital 252 – Notes to The Financial Statements – Life Insurance Fund 51 – Business Partner Capital 253 – Ten Year Summary 52 – Employee Capital 264 – Branch Network 60 – Social and Environmental Capital 268 274 – GRI Content Index 278 – Notice of Annual General Meeting GOVERNANCE AND INTERNAL CONTROLS 64 – Board of Directors Enclosed – Form of Proxy 67 – Leadership Team Inner Back Cover – Corporate Information 81 – Corporate Governance Report 85 – Audit and Compliance Committee Report 87 – Statement of Internal Control 89 – Investment Committee Report 91 – Risk Management Sri Lanka Insurance Corporation Ltd. Annual Report 2018 SRI LANKA INSURANCE CORPORATION 4 – About this Report 5 – About Sri Lanka Insurance Corporation 8 – Highlights 10 – Message from the Chairman 12 – Managing Director’s Review 16 – Chief Executive Officer‘s Review Sri Lanka Insurance Corporation Ltd. Annual Report 2018 3 SRI LANKA INSURANCE CORPORATION ABOUT THIS REPORT This Integrated Annual Report serves as a disclosure of the PRECAUTIONARY PRINCIPLE strategies, governance, performance, and prospects for SLIC applies a stringent precautionary principle with regards Sri Lanka Insurance Corporation and how they help to create to social and environmental sustainability. We recognise sustainable value within our operating environment. the impact that our operations can have on the society and environment we operate in, and take all necessary actions REPORT BOUNDARY AND COMPLIANCE and precautions to address and minimise such risks. This Annual Report for Sri Lanka Insurance Corporation covers the 12-month period from 1 January 2018 to 31 December QUERIES 2018. The overall boundary of this Annual Report comprises We welcome your comments and questions about this Report. Sri Lanka Insurance Corporation and its subsidiaries, identified as “SLIC” or “Company” individually and “Group” collectively. B A Ruwani Dharmawardana, Respective entities are identified where applicable. Company Secretary/DGM – Compliance SLIC’s business is comprised two principal segments: Sri Lanka Insurance Corporation Ltd. General Insurance and Life Insurance. The two segments “Rakshana Mandiraya”, are treated and identified separately or as part of the No. 21, Vauxhall Street, Colombo 02. overall business where appropriate and identified as such. Phone: +94 11 235 7741 The information contained herein is in compliance with all applicable laws, regulations, and standards. In preparing this Report, we have drawn on concepts, principles, and guidance given in the following where applicable: y Global Reporting Initiative (GRI) Sustainability Reporting Guidelines GRI Standards y International Integrated Reporting Framework (IIRC) y Smart Integrated Reporting Methodology™ 4 Sri Lanka Insurance Corporation Ltd. Annual Report 2018 ABOUT SRI LANKA ABOUT SRI LANKA INSURANCE Corporation INSURANCE CORPORATION Sri Lanka Insurance Corporation (SLIC) is the pioneering insurer in Sri Lanka, boasting the most experienced technical knowledge base in the country. The financial stability and strong reinsurance arrangements have led to many SRI LANKA INSURANCE CORPORATION historical milestones being achieved in the Sri Lankan insurance sector, such as the largest claim ever paid of LKR 39.5 Bn. and the largest bonus ever declared to its policyholders of LKR 7.6 Bn. SLIC’s total assets are worth LKR 199 Bn. and in the Sri Lankan insurance sector, accounts for the largest Shareholders’ Fund of LKR 61.0 Bn. and the highest Life Fund of LKR 105 Bn. Today, SLIC serves the people of Sri Lanka with expertise and several decades of trust. What do we aspire to be? Why are we in business? Our Vision Our Mission y To be the Nation’s first choice y We provide risk protection and for Risk Protection and life investment optimisation, Life Investment Optimisation that will deliver value to our customers y Through a team of committed professionals, whose contribution we recognise and value y Leading to superior shareholder value, whilst being a responsible corporate citizen Sri Lanka Insurance Corporation Ltd. Annual Report 2018 5 ABOUT SRI LANKA INSURANCE Corporation SLIC GROUP As at the end of December 2018, the Government of Sri Lanka was the majority stakeholder of SLIC, holding 99.97% of shares of the Company vested with the Secretary to the Treasury, SRI LANKA INSURANCE CORPORATION on behalf of the Government of Sri Lanka. THE SLIC GROUP STRUCTURE Sri Lanka Insurance Corporation Ltd. The Lanka Hospitals Litro Gas Lanka Ltd. Litro Gas Terminal Corporation PLC Lanka (Pvt) Ltd. 54.61% 99.94% 100% SLIC is the largest SLIC is the primary Litro Gas Terminal is a shareholder of Lanka shareholder of Litro fully-owned subsidiary Hospitals with 54.61% Gas Lanka with of SLIC and is involved of shares. Lanka 99.94% shareholding. in storing LP Gas for Hospitals is a public Litro Gas Lanka domestic, commercial quoted company is the leading LP and bulk customers. involved in providing Gas importer and healthcare services to distributor in Sri Lanka. the public. Lanka Hospitals Diagnostics (Pvt) Ltd. 100% 6 Sri Lanka Insurance Corporation Ltd. Annual Report 2018 ABOUT SRI LANKA INSURANCE Corporation The SLIC Group encompasses three fully-owned subsidiaries and three partially-owned subsidiaries. The fully-owned subsidiaries of the Group are Litro Gas Terminal Lanka (Pvt) Ltd., Canowin Hotels and Spas (Pvt) Ltd., and Management Services Rakshana (Pvt) Ltd. The SRI LANKA INSURANCE CORPORATION partially-owned subsidiaries are Litro Gas Lanka Ltd. (99.94% ownership), The Lanka Hospitals Corporation PLC (54.61% ownership), and Canwill Holdings (Pvt) Ltd. (45.95% shareholding). Canowin Hotels and Canwill Holdings Management Services Spas (Pvt) Ltd. (Pvt) Ltd. Rakshana (Pvt) Ltd. 100% 45.95% 100% A fully-owned SLIC has a 45.95% Management subsidiary of SLIC, stake in Canwill Services Rakshana was the Company owns Holdings (Pvt) Ltd., set up as a fully-owned and manages the which is in the subsidiary to provide rest-stop facility on the business of managing/ payroll management Southern Expressway investing in hotel services for SLIC and that provides projects. is not involved in miscellaneous services the provision of any to commuters who use services or products the Expressway. for the external market or external parties. Sinolanka Hotels & Helanco Hotels & Spa (Pvt) Ltd. Spa (Pvt) Ltd. 100% 100% Sri Lanka Insurance Corporation Ltd. Annual Report 2018 7 HIGHLIGHTS 2018 2017 LKR Mn. LKR Mn. Results for the year Total revenue 44,380 39,399 Gross written premium 31,738 31,437 Net earned premiums 28,004 25,937 SRI LANKA INSURANCE CORPORATION Investment and other income 16,375 13,462 Profit before tax (PBT) 7,150 5,890 Profit after tax (PAT) 5,245 4,569 Benefits/Claims, operating, admin and other expenses 29,147 25,835 General Insurance General Insurance Fund 17,806 17,128 Net claim ratio 66 66.9 Expense ratio 30 28.3 Life Insurance Life Insurance Fund 105,459 98,580 Expense ratio 51 46 Face value bonus 7,697 6,830 TOTAL ASSETS 2018 2017 LKR 199,272 Mn. LKR 190,543 Mn. FITCH RATING TOTAL REVENUE 2018 2017 2018 2017 AA+(lka) AA+(lka) LKR 44,380 Mn. LKR 39,399 Mn. PBT GWP 2018 2017 2018 2017 LKR 7,150 Mn. LKR 5,890 Mn. LKR 31,738 Mn. LKR 31,437 Mn. BONUS DECLARED LIFE FUND 2018 2017 2018 2017 LKR 7,697 Mn. LKR 6,830 Mn. LKR 105,459 Mn. LKR 98,580 Mn. 8 Sri Lanka Insurance Corporation Ltd. Annual Report 2018 HIGHLIGHTS SRI LANKA INSURANCE CORPORATION Three year strategy plan will help to position SLIC for future success SLIC serves over 1.7 million policyholders and growing SLIC launched a fresh new corporate identity in late 2018 Awarded Commendation Certificate for second consecutive year at National Quality Awards New B-Connect app connects SLIC advisors across all channels Ranked among Top and departments to better Five Most Loved serve customers Brands in Sri Lanka in 2018 Brands Annual LKR 24.3 Mn. invested in staff training and development Redesigned SLIC Web Portal puts SLIC's services at customers' fingertips Sri Lanka Insurance Corporation Ltd. Annual Report 2018 9 MESSAGE FROM THE CHAIRMAN MESSAGE SRI LANKA INSURANCE CORPORATION FROM THE CHAIRMAN 10 Sri Lanka Insurance Corporation Ltd. Annual Report 2018 MESSAGE FROM THE CHAIRMAN It gives me immense pleasure to assume duties as Chairman of Sri Lanka Insurance Corporation. I am aware of the onerous We have all the elements in responsibilities that come along with the appointment for place to be a true market providing leadership to the Board in setting the Company’s direction and strategy.
Load more

Recommended publications
  • ABS-Members-Book-2012.Pdf
    Mission The mission of ABS is to serve the public interest as well as the needs of our clients by promoting the security of life and property and preserving the natural environment. ABS serves the marine, offshore and related industries as a self-regulatory organization for promoting the safety of life and property and protecting the environment at sea. Appropriate to this function, general management of ABS is vested in a membership comprising individuals eminent in these industries. From this membership a Council and special purpose committees are formed to provide the society with guidance and direction. The Board of Directors sets ABS policies and rule-making procedures. All committee members serve without remuneration. Administration of ABS CORPORatE OFFICERS Robert D. Somerville Linwood A. Pendexter Mark A. McGrath CHAIRMAN SENIOR VICE PRESIDENT & CHIEF SURVEYOR VICE PRESIDENT Christopher J. Wiernicki Peter Tang-Jensen Adam W. Moilanen PRESIDENT & CHIEF EXECUTIVE OFFICER SENIOR VICE PRESIDENT VICE PRESIDENT Tony Nassif T. Ray Bennett Richard D. Pride EXECUTIVE VICE PRESIDENT & CHIEF OPERATING OFFICER VICE PRESIDENT VICE PRESIDENT & GREATER CHINA DIVISION PRESIDENT Jeffrey J. Weiner Robert W. Gilman Kenneth L. Richardson EXECUTIVE VICE PRESIDENT & CHIEF FINANCIAL OFFICER VICE PRESIDENT & AMERICAS DIVISION PRESIDENT VICE PRESIDENT Robert A. Giuffra Jean C. Gould William J. Sember SENIOR VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT Todd W. Grove Eric C. Kleess Kirsi Tikka SENIOR VICE PRESIDENT & CHIEF TECHNOLOGY OFFICER VICE PRESIDENT & PACIFIC DIVISION PRESIDENT VICE PRESIDENT & EUROPE DIVISION PRESIDENT Thomas A. Miller John P. McDonald SENIOR VICE PRESIDENT, GENERAL COUNSEL & CORPORATE SECRETARY VICE PRESIDENT BOARD OF DIRECTORS Michael L. Carthew Dr.
    [Show full text]
  • The Lanka Hospitals Corporation Plc Annual Report 2012
    THE LANKA HOSPITALS CORPORATION PLC ANNUAL REPORT 2012 PLC ANNUAL REPORT CORPORATION THE LANKA HOSPITALS WINNER OF THE NATIONAL QUALITY AWARDS 2012 THE LANKA HOSPITALS CORPORATION PLC ANNUAL REPORT 2012 CORPORATE INFORMATION Name of the Company Auditors The Lanka Hospitals Corporation PLC M/s PricewaterhouseCoopers (Chartered Accountants) P. O. Box 918 Company Registration No. 100, Braybrooke Place, PQ 180 Colombo 02. Tel: +94 11 7719838 Registered Office No.578, Elvitigala Mawatha, Registrars to Shares Narahenpita, Colombo 05, Sri Lanka M/s National Asset Management Limited Tel: +94 11 5430000 Union Bank Building, Lanka Hospitals was awarded ‘Winner’ in the Large Scale Fax: +94 11 4511199 7th Floor, Healthcare category at the Sri Lanka National Quality Awards E-mail: [email protected] 64, Galle Road, 2012, hosted by the Sri Lanka Standards Institution (SLSI). The Colombo 03. award criteria is based on the Malcolm Baldridge National Quality Board of Directors Tel : +94 11 2445911 Awards criteria used in the USA: Mr. Gotabhaya Rajapaksa Mrs. R. S. Cabraal Bankers • Leadership Dr. Nalaka Godahewa Bank of Ceylon • Strategic planning Prof. Dayasiri Fernando Hatton National Bank PLC • Customer focus Mr. A. M. Mohan De Alwis • Measurement, analysis and knowledge management Dr. G. W. K. Wickramasinghe • Workforce focus Mr. P. A. Lionel Mr. Malvinder Mohan Singh • Operations focus (Alternate Director Mr. Vishal Bali) • Results Mr. Shivinder Mohan Singh (Alternate Director Mr. Balinder Singh Dhillon) Mr. Sunil Godhwani Accreditations/Certifications: (Alternate Director Mr. G. Ramesh Krishnan) Full Lab Accreditation - ISO 15189 : 2007 standard Dr. N.N.A.P.Bandula ISO 22000 : 2005 standard for food safty Management Chandranath Wijesiriwardena A+/P1 (Stable)” by RAM Ratings for two consecutive years Dr.
    [Show full text]
  • Ship Repairs Shipbuilding Heavy Engineering
    SHIPBUILDING SHIP REPAIrs HEAVY ENGINEERING StrategicallyStrategically LocatedLocated @@ THETHE HUBHUB OFOF THETHE INDIANINDIAN OCEANOCEAN Sri Lanka Japan The truly international Dockyard in South Asia with principal equity alliance with Onomichi Dockyard Co. Ltd, Japan Our Core Values Quality Timeliness Safety Reliability Green Ethics Corporate Information Key Strengths Name : Colombo Dockyard PLC Strategic Location: Lying Operates 4 drydocks up to Combined Blasting and at the hub of Shipping lanes 125,000 DWT Painting Workshops with Legal Form : Public quoted company with limited liability joining West and East controlled conditions for A licensed enterprise of the Board of Investment of Sri Lanka Workforce of over 3,000 application of specialised Ship Repairs: Over 150 Sri Lankans protective coatings Registered Address & location : Port of Colombo, Sri Lanka vessels per annum generating US$ 30-40 million Average annual turnover over Certified to ISO 9001:2008 Established : 1974 US$ 150 million by Lloyds Register Quality Shipbuilding: 4 specialised Assurance State of the art Machinery and Partnership : Collaboration with Onomichi Dockyard Co., vessels per annum generating over US$ 100 million Equipment LRQA assessment assessors Ltd of Japan since 1993 have recommended the Heavy lifting capability up to Heavy Engineering: Heavy shipyard for OHSAS Major Shareholder : 51% by Onomichi Dockyard Co., Ltd, 160 Tons steel fabrication over US$ 10 18001:2007 & ISO 14001:2015 million per annum 500 Ton Steel Press certifications Over 40 years experience
    [Show full text]
  • Excellence 40Years Of
    Visit us at SMM - COLDOCK Stall Number B3.EG.205 T I M E S “...an Odyssey of Excellence” VOLUME 08 I SEPTEMBER 2014 www.cdl.lk 40CYearselebrating of Excellence The truly international Dockyard in South Asia with principal equity alliance with Onomichi Dockyard Co. Ltd, Japan. Colombo Dockyard was established in 1974 August 1, with the prime objective of providing ship repair facilities to the local industry requirements. The shipyard had evolved over the last four decades from a small time repair work shop to a full service ship repair facility acclaimed as an International shipyard competing with the best in the world. HIGHLIGHTSHIGHLIGHTS COLDOCK T I M E S INSIDE THIS ISSUE ... CHAIRMAN’S MESSAGE 03 MANAGING DIRECTOR/CEO’S MESSAGE 04 CELEBRATING 40TH ANNIVERSARY OF COLOMBO DOCKYARD PLC 05 CONTAINER CARRIER “NIARA” MANAGED BY SEACHANGE MARITIME (S) PTE LTD REPAIRS COMPLETED SUCCESSFULLY 09 A HIGHLY COMPLEX MULTIPURPOSE PLATFORM COLOMBO DOCKYARD BUILT MV CORALS, SUPPLY VESSEL WAS RECENTLY DELIVERED TO HER THE FIRST OF TWO 400 PASSENGER VESSELS SINGAPOREAN OWNER FOR THE UNION TERRITORIES OF LAKSHADWEEP ADMINISTRATION OF THE GOVERNMENT OF INDIA 10 PRODUCT CARRIER “INTREPID REPUBLIC” MANAGED BY BERNHARD SCHULTE SHIPMANAGEMENT (CYPRUS) CO. LTD IN FOR DRYDOCK REPAIRS 12 MCLARENS SHIPPING LIMITED 13 A HIGHLY COMPLEX MULTIPURPOSE PLATFORM SUPPLY VESSEL WAS RECENTLY DELIVERED TO HER SINGAPOREAN OWNER 14 WARTSILA IN SRI LANKA 16 “PANGAEA” SUPER LUXURY YACHT CALLS COLOMBO FOR HER LAY UP REPAIRS JAPANESE COAST GUARD DELEGATION VISITS COLOMBO DOCKYARD 17 BULK CARRIER “JAL VAHINI” OWNED BY GLOBAL UNITED SHIPPING INDIA REPAIRS COMPLETED SUCCESSFULLY 18 “PANGAEA” SUPER LUXURY YACHT CALLS COLOMBO FOR HER LAY UP REPAIRS 19 PACIFIC INTERNATIONAL LINES (PIL), LOOKS TO COLOMBO AS A REPAIR HUB FOR THEIR VESSELS OPERATING IN THE REGION 20 DOCKYARD GENERAL ENGINEERING SERVICES 21 COLOMBO DOCKYARD BUILT MV CORALS, THE FIRST OF TWO COLOMBO ATTRACTS MULTIPURPOSE AND DIVING 400 PASSENGER VESSELS FOR THE UNION TERRITORIES OF SUPPORT VESSELS FOR MAJOR LAY UP REPAIRS.
    [Show full text]
  • Democratic Socialist Republic of Sri Lanka: National Port Master Plan
    Technical Assistance Consultant’s Report Project Number: 50184-001 February 2020 Democratic Socialist Republic of Sri Lanka: National Port Master Plan (Financed by the Japan Fund for Poverty Reduction) The National Port Directions – Volume 1 (Part 7) Prepared by Maritime & Transport Business Solutions B.V. (MTBS) Rotterdam, The Netherlands For Sri Lanka Ports Authority This consultant’s report does not necessarily reflect the views of ADB or the Government concerned, and ADB and the Government cannot be held liable for its contents. (For project preparatory technical assistance: All the views expressed herein may not be incorporated into the proposed project’s design. Page left intentionally blank confidential National Port Directions | March 2019 Page 350 12 Navy 12.1 Introduction In this chapter the Navy is described in short. The Navy secures the nation by performing coast guard and providing port security. The following approach has been used for this chapter: • Paragraph 12.2 describes the current situation in Sri Lanka; • Paragraph 12.3 provides the recommendations. 12.2 Current situation The Navy has a presence in the port of Colombo, Galle and just outside of the port of Trincomalee. The de- facto functioning of the Sri Lankan Navy as coast guard make them important for the nation’s and port security. The navy actively performs the role for port security and is present at the gates of the port and with surveillance boats on the waters. Thus, close coordination with the Port Authority is essential. The navy reported shortage of mooring places in the port of Colombo especially in view of the ordered new larger vessels.
    [Show full text]
  • Ship Repairs Shipbuilding Heavy
    SHIPBUILDING SHIP REPAIRS HEAVY ENGINEERING StrategicallyStrategically LocatedLocated @@ THETHE HUBHUB OFOF THETHE INDIANINDIAN OCEANOCEAN Sri Lanka Japan The truly international Dockyard in South Asia with principal equity alliance with Onomichi Dockyard Co. Ltd, Japan Our Core Values Quality Timeliness Safety Reliability Green Ethics Corporate Information Key Strengths Name : Colombo Dockyard PLC Strategic Location: Lying Operates 4 drydocks up to Combined Blasting and at the hub of Shipping lanes 125,000 DWT Painting Workshops with Legal Form : Public quoted company with limited liability joining West and East controlled conditions for A licensed enterprise of the Board of Investment of Sri Lanka Workforce of over 3,000 application of specialised Ship Repairs: Over 150 Sri Lankans protective coatings Registered Address & location : Port of Colombo, Sri Lanka vessels per annum generating US$ 30-40 million Average annual turnover over Certified to ISO 9001:2015 Established : 1974 US$ 150 million by Lloyds Register Quality Shipbuilding: 4 specialised Assurance State of the art Machinery and Partnership : Collaboration with Onomichi Dockyard Co., vessels per annum generating over US$ 100 million Equipment LRQA Certification for OHSAS Ltd of Japan since 1993 18001:2007 & ISO 14001:2015 Heavy Engineering: Heavy Heavy lifting capability up to Major Shareholder : 51% by Onomichi Dockyard Co., Ltd, steel fabrication over US$ 10 160 Tons 150 Ton Self Propelled million per annum Transporter 500 Ton Steel Press Over 44 years experience in Aerial working platforms CNC Plasma Cutting Machines Ship Repair, Shipbuilding and Heavy Engineering Sectors The truly international Dockyard in South Asia with The Company principal equity alliance with Onomichi Dockyard Co. Ltd, Japan Colombo Dockyard PLC Colombo Dockyard PLC “...an Odyssey of Excellence” “...an Odyssey of Excellence” With over 4 decades of experience to our credit Colombo Dockyard has evolved into a formidable force in the regional shipbuilding arena.
    [Show full text]
  • Distilleries Company of Sri Lanka Plc
    Distilleries Company of sri lanka plC annual report 2008/09 nature’s nectar : arrack, the world’s only naturally fermented liquor Contents 2 About Us 4 Story of Arrack 5 Accolades 6 Our Brands 8 Chairman’s Message 12 Board of Directors 16 DCSL Management Team 19 Group Management Team 20 Corporate Governance 23 Board Committee Reports 25 Enterprise Risk Management 27 Financial Highlights 28 Management Discussion and Analysis 32 Annual Report of the Board of Directors Financial Reports 38 Statement of Director’s Responsibility 39 Report of the Auditors 40 Income Statements 41 Balance Sheets 42 Statements of Changes in Equity 43 Cash Flow Statements 44 Accounting Policies 50 Notes to the Financial Statements General Information 81 Statements of Value Added 82 Shareholder Information 84 Value of Real Estate 85 Ten Year Summary 86 Group Directory 88 Glossary 89 Notice of Meeting 90 Attendance Slip 91 Form of Proxy Standing on a glorious past, breathing a vibrant present and pledging a resplendent future The ‘past’ is the favoured territory of a historian. Things past are rarely assumed to be alive, capable of transformation and growth - and yet, who we are and what we have become is linked to what we were. The Distilleries Company of Sri Lanka PLC (DCSL) is a company that can reference a history that is close to a century. What this inscribes on our corporate DNA is experi - ence, maturity, innovation, fortitude and the will to succeed. Our origin can be traced as far back as the year 1923, when the Excise Department of Ceylon which was initially created as the enforcement authority and to distribute and sell liquor products in Sri Lanka, branched out into the distillation and manufacture of liquor products.
    [Show full text]
  • Rated with Confidence
    1 RATED WITH CONFIDENCE Sri Lanka Insurance Corporation Ltd. Annual Report 2017 Sri Lanka Insurance Corporation Ltd. Annual Report 2017 About SLIC | Performance Reviews 2017 | Governance and Internal Controls | Financial Statements | Additional Information 2 Sri Lanka Insurance Corporation Ltd. Annual Report 2017 Rated with Confidence Trust is something that we pride ourselves upon. Whether it’s the value that has been given by our stakeholders, and our customers or the assurance that we have in a job well done, we have always taken care to maintain the quality that we offer along with transparency, accessibility and complete protection. This year has been a proactive testament to that fact with ratings that reflected our strength and solidity as well as the launch of Suraksha, which provides Sri Lankan students the extra cover that they need. As we head into another year of exceptional leadership, we are proud to be rated with confidence. AA+(Ika) Fitch Ratings Fitch Ratings Lanka has upgraded SLIC’s National Long Term Rating and National Insurer Financial Strength rating to AA+(lka) from AA(lka) with a stable outlook. ISO Quality Certificate SLIC was awarded the ISO 9001:2015 certification for its quality management, endorsing Sri Lanka Insurance’s commitment to correct governing procedures, accurate and efficient operational processors on par with international standards. CONTENTS ABOUT SLIC FINANCIAL STATEMENTS Company History 4 Annual Report of the Board of Directors of the Company 83 Vision and Mission 5 Statement of Directors’
    [Show full text]
  • A Local Effort a Global Product
    A LOCAL Annual Report EFFORT 2016 A GLOBAL PRODUCT 1 A LOCAL EFFORT A GLOBAL PRODUCT Not many companies can boast that their product makes a global impact but here at Colombo Dockyard, we create vessels that circle the world in more ways than one. Our hard work and attention to detail is on par with international standards and that’s why we remain at top of mind for many of our repeat as well as prospective clients. This year, we bring attention to our craftsmanship and ingenuity par excellence and highlight how our local effort creates an exceptional global product. “Yard No. NC-0230 a 450 Passenger ship built by Colombo Dockyard PLC for Government of India” Colombo Dockyard PLC 2 Annual Report 2016 Colombo Dockyard PLC Annual Report 2016 01 Contents Vision, Mission 03 Corporate Profile 04 Quality Policy, Environment Policy, Safety Policy 05 Financial Highlights 06 Chairman’s Review 07 Managing Director / CEO’s Review 09 Board of Directors 14 Key Management Profile 16 Financial Review 18 Corporate Governance 22 Risk Management 27 Shareholder Information 31 Financial Reports Financial Calender 2016/2017 35 Annual Report of the Board of Directors on the affairs of the Company 36 Related Party Transactions Review Committee Report 42 Statement of Directors’ Responsibilities 43 Chief Executive Officer’s and Chief Financial Officer’s Responsibility Statement 44 Independent Auditors’ Report 45 Statement of Profit or Loss and Other Comprehensive Income 46 Statement of Financial Position 47 Statement of Changes in Equity 48 Statement of Cash Flows 50 Notes to the Financial Statements 52 Ten Years Financial Summary 96 Notice of Annual General Meeting 97 Form of Proxy 99 Corporate Information Inner Back Cover Colombo Dockyard PLC 02 Annual Report 2016 Vision We pursue excellence and superior performance in all what we do to enhance the long-term interests of all our stakeholders in a socially responsible manner.
    [Show full text]
  • Aitken Spence PLC | Annual Report 2014 - 2015
    Annual Report 2014 - 2015 Aitken Spence PLC | Annual Report 2014 - 2015 Aitken Spence PLC is one of Sri Lanka’s oldest and most successful diversified conglomerates with a history going back for over 150 years. Today we have expanded our reach and influence to become a model of corporate excellence, combining the strength of our heritage with our solid commitment to organic expansion, to deliver our promise of increasing returns each year. There are many reasons for the myriad accomplishments we record here today, yet chief among them is our unrivalled passion for innovation; the ground-breaking ideas and pioneering enterprises that add such distinctive value to the diverse industry sectors we now operate in. In this integrated annual report, we analyse in detail all that we have achieved in the year under review as we navigate the fast changing business environment we operate in today; the strategies and philosophies we rely on to keep your company strong, relevant and progressive. We are strengthened by our proven ability to chart a steady course through stormy waters and the years that we have spent confidently piloting your company through the challenges we have encountered on the way to becoming the icon of stability and resilience we are today. Annual Report 2014 - 2015 1 Contents An Introduction to the Contents of this Report 12 Chairman’s Statement 4 12 15 15 Managing Director’s Review Group Overview Chairman’s Statement Managing Director’s 22 Management Discussion and Analysis 142 Financial Statements Review We are pleased to present to our stakeholders the integrated annual 22 118 142 report for the year ended 31st March 2015.
    [Show full text]
  • Sailing Ahead with Quality and Efficacy
    Sailing Ahead with Quality and Efficacy Colombo Dockyard PLC | Annual Report - 2014 Vision We pursue excellence and superior performance in all what we do to enhance the long-term interests of all our stakeholders in a socially responsible manner. Mission We strive: To be the most competitive and viable business entity in South in Shipbuilding, Ship Repairs, Heavy Engineering and allied activities. To efficiently and effectively manage all our resources. To achieve sustainable growth. To enhance the interests of our Stakeholders, and thereby contribute to the pursuit of our vision. Contents Quality Policy 2 Environment Policy 2 Safety Policy 3 Corporate Profile4 Financial Highlights 6 Integrated Reporting Summary 7 Chairman’s Statement 8 Managing Director / CEO’s Review 12 Board of Directors 18 Key Management Profile20 Management Reports Management Discussion and Analysis 24 Financial Review 39 Corporate Governance 46 Risk Management 52 Corporate Milestones 56 The Operational Impact of 365 days 58 Shareholder Information 59 Sustainability Report 63 Financial Reports Annual Report of the Board of Directors on the Affairs of the Company 78 Statement of Directors’ Responsibilities 83 Chief Executive Officer’s and Chief Financial Officer’s Responsibility Statement84 Independent Auditor’s Report 85 Statement of Profit or Loss and Statement of Other Comprehensive Income86 Statement of Financial Position 87 Statement of Changes in Equity 88 Statement of Cash Flows 90 Notes to the Financial Statements 92 Ten Years Financial Summary 137 Notice of Annual General Meeting 138 Form of Proxy 139 Corporate Information Inner Back Cover Sailing Ahead with Quality and Efficacy For a period spanning 4 decades Colombo Dockyard PLC (CDPLC) has stood as a symbol and moniker of astounding quality and unparalleled excellence.
    [Show full text]
  • 1. Sri Lanka Has Maintained the Export-Oriented Development Strategy That Allowed It to Develop Some Dynamic Manufacturing Export Industries Over the Past Decades
    Sri Lanka WT/TPR/S/237/Rev.1 Page 91 IV. TRADE POLICIES BY SECTOR (1) INTRODUCTION 1. Sri Lanka has maintained the export-oriented development strategy that allowed it to develop some dynamic manufacturing export industries over the past decades. No major trade liberalization or privatization measures have been introduced since its last Review. Likewise, the structure of the economy has not changed significantly since 2004. The services sector continues to be the largest contributor to GDP and employment; the share of the manufacturing sector in GDP has seen a slight decline, and that of agriculture has remained virtually unchanged, ending a long period of progressive decline. 2. Although its share in GDP stagnated during the review period (12.6% in 2009, at current prices), agriculture continues to play an important role in Sri Lanka's economy, as it provides the livelihood of a high percentage of the population, is an important foreign exchange earner, as well as a source of raw materials. Government intervention in agriculture, including border protection and domestic support, remains significant. Despite the provision of subsidies (e.g. subsidized inputs, price support, concessionary credit) and other types of assistance, productivity in domestic food crops has stagnated, and the country continues to be a net food importer. Tariff protection for agricultural products increased during the review period, and frequent changes in tariffs and ad hoc duty waivers have sometimes resulted in distortions in agricultural commodity markets and domestic production. The underlying structural factors that hold back the sector's growth include low levels of investment and credit, lack of quality inputs, inadequate transportation and marketing systems, lack of storage facilities, insufficient technological development, and land-use restrictions.
    [Show full text]