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Brac Lanka Finance PLC 2013 Cover CHANGING LIVES ANNUAL REPORT 2013/14 OUR VISION To be a customer centric, innovative and broad based financial solutions partner. OUR MISSION Operate and expand aggressively, efficiently and Setup the ‘best-in-the-breed’ operational platform to profitably; with special focus on the Micro, Small and support growth aspirations Medium Enterprise segments Offer a challenging and rewarding work environment that Develop and offer high quality, innovative products and provides opportunities for growth services Contribute to the quality of life in our communities Seek and grow business and markets with significant potential growth Transform the company into a trusted household financial brand Make products easily accessible to the target consumer by investing in distribution channels CONTENTS MANAGEMENT INFORMATION FINANCIAL INFORMATION Chairman’s Review 04 Independent Auditors’ Report 66 CEO’s Report 06 Statement of Comprehensive Income 67 Board of Directors 08 Statement of Financial Position 68 Management Discussion & Analysis 12 Statement of Changes in Equity 69 Operational Review 14 Cash Flow Statement 70 Financial Review 16 Notes to the Financial Statements 71 Risk Management 18 Shareholders’ Information 98 Branch Network 100 SUSTAINABILITY REPORT Notice of Meeting 101 Sustainability Report 24 Notes 102 Our Events 27 Brac Lanka Finance PLC Form of Proxy Corporate Governance Report 29 Corporate Information - Inner Back Cover Report of the Directors 55 Director’s Statement on Internal Controls Over Financial Reporting 60 Report of the Audit Committee 61 Report of the Integrated Risk Management Committee 61 Report of The Remuneration Committee 62 Directors‘ Responsibility For Financial Reporting 63 CHANGING LIVES BRAC Lanka Finance PLC was established with a passion and tenaciousness to support and sustain the emerging lives of Sri Lankans. We used the platform of Microfinance and Financial solutions to setup a regulated finance company imbued with decades of experience of BRAC partnered with LOLC. BRAC is the World’s largest development organization inured with poverty reduction and empowerment of women with its specialist knowledge in Microfinance and Lanka ORIX Leasing Company PLC is one of the most successful and well-respected group of companies in Sri Lanka. Our combination of expertise in international Microfinance applications and domestic market knowledge will ensure innovative solutions and constitute a long term relationship pushing the boundaries of financial inclusion to empower and create wealth for people across the country. Annual Report 2013/14 | 1 MANAGEMENT INFORMATION 2 | BRAC Lanka Finance PLC Annual Report 2013/14 | 3 CHAIRMAN’S REVIEW Muhammad A. (Rumee) Ali Chairman Since its inception in 1972 in Bangladesh, BRAC has In Bangladesh, BRAC is one of the strongest non been driven by its founder Sir Fazle Hasan Abed’s government providers of health and education services vision of a world free from all forms of exploitation and and is a prominent advocate to women and children’s discrimination, where everyone has the opportunity to rights. Our poverty alleviation programmes are funded realise their potential ability. This further emanates from not only through donor funds but also through our own Sir Abed’s philosophy that poverty is not an act of God, enterprises and investments. BRAC’s objective was not but is a result of societal attitudes and social systems that to generate profit, but to build a genuine strong social disempower some communities. As noted by Sir Abed, impact and this differentiates BRAC’s social enterprises the root cause of poverty is exclusion and denial of that are aimed at creating livelihoods towards poverty access to the three basic rights of finance, education and alleviation. This unique model of self financing has health. Therefore, BRAC was designed with a mission been the key to BRAC’s long term sustainability. Today, of empowering people in situations of poverty and BRAC Bank is a recognised bank in Bangladesh which exclusion, through economic and social programmes also play’s a vital role in reaching out to undeserved that intervene in the three areas of health, education populations at the bottom of the pyramid. BRAC EPL and finance. We believe in the old adage that health is Investments Limited (BEIL), is an investment bank, wealth, which is particularly true for people with little or which is the only institution in Bangladesh certified no access to resources. We believe education is a key tool for consultancy services for environmental and social of empowerment, by paving the way for people to help impact assessment, by the United Nations Framework themselves. Education is a stepping stone to financial Convention for Climate Change. literacy and economic empowerment that in turn, facilitate autonomy and self determination. Finally BRAC supports BRAC Lanka Finance PLC in Sri Lanka, which is a joint financial development for the poorest of poor through venture with the local financial giant Lanka ORIX Leasing Micro Credit Programmes that help the under privileged Company PLC, is yet another international venture by families overcome poverty. Today, as the world’s largest BRAC. As the world’s most successful Microfinance Non Governmental Organisation, BRAC has made it its Organisation, we strive to introduce our tried and tested business to combat poverty across 14 countries in the poverty alleviation model in Sri Lanka. Our aim is to world through a range of interventions that support the replicate the BRAC Microfinance model in Sri Lanka, to BRAC philosophy of people empowerment. empower rural Sri Lankan populations who do not have 4 | BRAC Lanka Finance PLC “BRAC Lanka Finance PLC in Sri Lanka, which is a joint venture with the local financial giant Lanka ORIX Leasing Company PLC, is yet another international venture by BRAC. As the world’s most successful Microfinance Organisation, we strive to introduce our tried and tested poverty alleviation model in Sri Lanka.” access to formal financial services. However, due to Sri Lanka’s plans for financial sector consolidation, BRAC Lanka Finance PLC, like all other financial institutions in Sri Lanka, is in the process of evaluating its strategic direction for the future. Nevertheless, as an Organisation that believes in human values, the best interests of all stakeholders will be upheld in our final decision, with regards to our plans for Sri Lanka. I wish to thank the regulators, our business partners LOLC, the Board, Management and staff of BRAC Lanka Finance PLC, for their contributions rendered during the current year. I also extend my warm appreciations to our customers in Sri Lanka. Sincerely Muhammad A. (Rumee) Ali Chairman Annual Report 2013/14 | 5 CEO’S REVIEW Abedur Rahman Sikder Chief Executive Officer I would like to thank all our shareholders for gracing this and then to enter a higher growth path of over 8% in the second Annual General Meeting of BRAC Lanka Finance medium term. This expansion is expected to be broad PLC. I am most privileged to present the performance based with all major sectors, contributing positively in of the Company for the first year of its operations, since the coming years. its acquisition by BRAC Bangladesh and Lanka ORIX Leasing Company PLC (LOLC) of Sri Lanka. The even more encouraging fact is that Sri Lanka’s National Development Policy places special emphasis on BRAC Lanka’s entry into the Sri Lankan financial Small and Medium Enterprise (SME) for women focused markets took place against a backdrop of many positive growth, as outlined in the Central Bank Road Map for developments in the Sri Lankan economy. Although 2014. This policy framework opens a clear window for global economic conditions continued to remain weak, BRAC Lanka Finance PLC involvement in Sri Lanka’s future with global GDP growth contracting from 3.1% in 2012 growth, and in this positive backdrop we look forward to to 3% in 2013. The Sri Lankan economy improved from a introducing the tried and tested BRAC poverty alleviation 6.3% rate of growth in 2012 to a GDP growth rate of 7.3% model in Sri Lanka. In our first phase of operations, we will by the end of 2013. The industrial sector expanded by focus on strengthening Sri Lanka’s grassroots economy 9.9% during the year. The agriculture sector recorded a through Microfinance that will empower rural, female growth rate of 4.7%, compared the 5.2% growth in 2012, populations. Under our second phase of growth we will and the services sector saw a robust growth of 6.4%, target Small and Medium Enterprise sector development compared to the 4.6% rate of growth in 2012. In spite through a range of specialised products. Even at this early of significant rising adjustments to the domestic energy stage of operations, BRAC Lanka Finance PLC is a true prices, the rate of inflation was stable and remained example of rural and women focused development, as at single digit level. Headline inflation was 4.7% year- our client base comprises about 40,000 who are women on-year and 6.9% on an annual average basis. With Microfinance recipients, served by a workforce which is exports recording a growth of 6.4% in 2013 and import about 90% women. Through our operations we have not expenditure declining by 6.2%, a significant improvement only opened up avenues of economic empowerment for was seen in the trade balance, and the overall balance of women by way of entrepreneurial activities for women, the BOP recording a surplus of US$ 985 million in 2013, we also create employment and growth opportunities in comparison to a surplus of US$ 151 million recorded in within the company, for women. 2012. Economic growth is expected to reach 7.8% in 2014 6 | BRAC Lanka Finance PLC “The current Financial year was a challenging one for BRAC Lanka Finance PLC due to the need of consolidating market position, while shifting to the Microfinance business model.
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